Slide 1: FY2026 Second Quarter Results
BLUE BIRD CORPORATION (NASDAQ: BLBD) FY2026 Second Quarter Results May 6, 2026 1
Slide 2: Agenda
Agenda Introductions & Mark Benfield Forward-Looking Statements Investor Relations Lead Key Results and Highlights John Wyskiel President & CEO Financial Results Razvan Radulescu CFO Outlook John Wyskiel President & CEO Q&A Group This presentation includes forward-looking statements, including state
Slide 3: Important Disclaimers
Important Disclaimers Forward Looking Statements This presentation includes forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to expectations for future financial performance,
Slide 4: Important Disclaimers: Non-GAAP Financial Measures
Important Disclaimers Non-GAAP Financial Measures This presentation may include the following non-GAAP financial measures: “Adjusted EBITDA,” "Adjusted EBITDA Margin," “Adjusted Net Income,” “Adjusted Diluted Earnings per Share,” “Free Cash Flow” and “Adjusted Free Cash Flow.” Additional information
Slide 5: Key Results & Highlights
KEY RESULTS & HIGHLIGHTS John Wyskiel President & CEO 5
Slide 6: Key FY2026 Q2 Takeaways
Key FY2026 Q2 Takeaways Beat Guidance on All Metrics Backlog growing to a solid 3.6k units Continued Plant Operational Performance with More Stability Higher Bus Price Compared with Last Year and Competitive with Market EV Overall Demand Strong with Record Backlog; Undisputed Leader in Alt. Power In
Slide 7: FY2026 Q2 Financial Results and Key Business Highlights
FY2026 Q2 Financial Results and Key Business Highlights FY2026 Q2 Results BUSINESS HIGHLIGHTS UNITS NET MESC Funding Alt. Power sales SOLD SALES Re-Confirmed by mix of 41% HIGHLIGHTS the DOE 2,148 $353M Backlog of 3.6k Units1 (147) vs.’25 $(6)M vs.’25 ($646M) EPA Round 4 and 5 201 EVs funding booked
Slide 8: Micro Bird Acquisition
Micro Bird Acquisition By The Numbers Strategic Value Proposition Buy America Commercial Shuttle Bus Growth • Established in 2009 • Future growth, expands Blue Bird TAM • Two facilities: • Market dominated by one player, entrance opportunities • Drummondville, Quebec • Plattsburgh, New York Technolo
Slide 9: Financial Results
FINANCIAL RESULTS Razvan Radulescu CFO 9
Slide 10: FY2026 Q2 and YTD Financial Results
FY2026 Q2 AND YTD FINANCIAL RESULTS 2,148 $353M 4,283 $686M Units Sold Net Sales Units Sold Net Sales (147) vs.’25 $(6)M vs.’25 (142) vs.’25 +$13M vs.’25 $51M $40M $101M $71M Adj. EBITDA Adj. FCF Adj. EBITDA Adj. FCF +$2M vs.’25 +$21M vs.’25 +$6M vs.’25 +$30M vs.’25 QUARTERLY HIGHLIGHTS YTD HIGHLIGH
Slide 11: Quarterly Income Statement
QUARTERLY INCOME STATEMENT ($ Millions) FY2026-Q2 FY2025-Q2 B/(W) Unit Volume 2,148 2,295 (147) Backlog Units 3,564 4,889 (1,325) Net Revenue $352.6 $358.9 $(6.3) Bus Rev./Unit ($000's) $151.3 $145.0 $6.3 Gross Margin 20.0% 19.7% 30 bps Adj. EBITDA1 $50.8 $49.2 $1.6 Adj. EBITDA Margin1 14.4% 13.7% 7
Slide 12: FY25-Q2 to FY26-Q2 Adj. EBITDA Walk
FY25-Q2 to FY26-Q2 Adj. EBITDA Walk 1 Adj. EBITDA +1.6 ($M) 4.3 0.1 50.8 49.2 Unit Volumes (2.6) (0.2) Flat Parts FY25-Q2 2,295 Lower EV Healthcare FY26-Q2 2,148 Gross Profit Flat SG&A and Volume, Costs, Delta (147) offset by OH absorption Net Pricing t/o EV Volumes FY25-Q2 265 FY26-Q2 201 Delta (64
Slide 13: Balance Sheet and Cash Flow
BALANCE SHEET AND CASH FLOW ($ Millions) FY2026-Q2 FY2025-Q2 B/(W) Cash $275.9 $130.7 $145.2 Debt $(88.0) $(92.7) $4.7 Liquidity $417.6 $274.0 $143.6 Operating Cash Flow $47.8 $27.8 $20.0 Adj. Free Cash Flow1 $40.2 $18.7 $21.5 Trade Working Capital2 $(2.1) $12.9 $(15.0) Very strong FCF and liquidity
Slide 14: Blue Bird Forecast Improved to $230M (Pre-transaction)
Blue Bird Forecast Improved to $230M (Pre-transaction) Rev. $333 $353 ~$400 ~$450 $1,515 - $1,565 $M 230 1 Adj. EBITDA ✓ Growing EV sales, and H2 Revenue in the $400M+ range 220 - 240 ✓ Growing H2 Adj. EBITDA in the $55M - $75M range ✓ Consistent H2 double-digit levels of 15% - 16% Adj. EBITDA H2 Be
Slide 15: FY2026 Guidance Raised to $245M (Post-transaction)
FY2026 Guidance Raised to $245M (Post-transaction) Rev. $333 $353 ~$400 ~$450 $1,725 - $1,775 (~$95) (~$95) +$100 +$110 $M ~$500 ~$560 245 1 Adj. EBITDA 235 - 255 ➢ Micro Bird JV Unconsolidated ➢ Consolidating Micro Bird Revenue ➢ Includes 50% JV Adj. EBITDA ➢ Adding other 50% of Adj. EBITDA 75 - 85
Slide 16: FY2026 Guidance Updated – Raised to $245M
FY2026 Guidance Updated – Raised to $245M FY2025 FY2026 FY2026 B/(W) $ Millions Actuals Guidance Updated Vs. Prior Year (February 2026) Guidance Net Revenue $1,480 $1,450 - $1,550 $1,725 - $1,775 $245 - $295 Adj. EBITDA1 $221 $215 - $235 $235 - $255 $14 - $34 Adj. Free Cash Flow1 $153 $40 - $60 $100
Slide 17: Blue Bird Long-Term Outlook Pre-MB Transaction
Blue Bird Long-Term Outlook Pre-MB Transaction Revenue $M Diesel EV QTR Full YR 2024 2025 2026 Outlook Outlook Rev. Units Chassis Gas/Propane Units Actual Actual Forecast Mid Term Long Term US$M 3,000 500 15,000 13,500 3,000 2,467 2,517 12,000 1,500 2,130 2,295 2,135 2,148 10,500 1,000 2,500 $409 10
Slide 18: Micro Bird Well-Positioned for Long-Term Growth
Micro Bird Well-Positioned for Long-Term Growth Full YR 2024 2025 2026 Outlook Outlook Rev. Units Actual Actual Forecast Mid Term Long Term US$M 8,000 Rev $M Type A 1,000 ICE EV 6,500 6,000 800 6,000 5,000 5,500 3,855 $550 600 4,000 3,316 $450 $500 $400 400 $277 $328 2,000 200 0 169 228 150 0 2024 2
Slide 19: Blue Bird Long-Term Outlook Post-MB Transaction
Blue Bird Long-Term Outlook Post-MB Transaction Full YR 2024 2025 2026 Outlook Outlook Rev. Strategic Considerations Units Proforma Proforma Proforma Mid Term Long Term US$M 20,000 20,000 Chassis Gas/Prop//MB 18,000 1,500 3,000 16,000 ➢ The most comprehensive lineup of Type Diesel EV 14,500 1,000 $2
Slide 20: Outlook
OUTLOOK John Wyskiel President & CEO 20
Slide 21: Key Elements of Strategic Positioning
Key Elements of Strategic Positioning Business Putting the Profitable Margin Continuity & Long Balance Sheet to Growth Expansion Term Stability Work Positioning the Company for the Long-Term 21
Slide 22: Manufacturing Strategy
Manufacturing Strategy Fort Valley New Plant: Key Facts ▪ Approx. 90% of market; 80% Type C Direction BB sales & 70% of workforce ▪ Aligns cost reduction with the most competitive segment ▪ Just under one million sq ft manufacturing facility ▪ Lowest volume risk, & overall long-term cost, with the m
Slide 23: Strong Market Outlook
Strong Market Outlook Type C & D School Bus Growth New Segment TAM Expansion ~6% CAGR *ACT Retail Sales – as of April 2026 Market Growth, Consolidated Growth and New Segment TAM Expansion 23
Slide 24: Wrap Up – Key Messages From John Wyskiel
Wrap Up – Key Messages From John Wyskiel • An almost century old company, an iconic brand and a great American story • Delivered $353M in revenue and Adjusted EBITDA of $51M / 14.4% in Q2 • Completed acquisition of Micro Bird • We continue to demonstrate credibility in our results • Our strategy pos
Slide 25: Q&A
Q&A 25
Slide 26: Appendix
APPENDIX 26
Slide 27: Adj. EBITDA Reconciliation
Adj. EBITDA Reconciliation 27
Slide 28: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation 28
Slide 29: Adjusted EPS Reconciliation
Adjusted EPS Reconciliation 29
Slide 30: Blue Bird
BLUE BIRD.