Blue Bird Corporation · NASDAQ:BLBD
Blue Bird — Q3 2026 Earnings Presentation
28 slides from Blue Bird's earnings presentation, Aug 5, 2026
Slide 1: FY2026 Third Quarter Results
BLUE BIRD CORPORATION (NASDAQ: BLBD) FY2026 Third Quarter Results August 5, 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: Forward Looking Statements
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 Q3 Takeaways
Key FY2026 Q3 Takeaways Beat Guidance on All Metrics Blue Bird backlog remains seasonally strong at 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; Undisputed Leader in Alt. Power In
Slide 7: FY26 Q3 Financial Results and Business Highlights
FY26 Q3 Financial Results and Business Highlights FY2026 Q3 Results BUSINESS HIGHLIGHTS UNITS NET BB Alt. Power sales SOLD SALES mix of 54%; Ford Pro Backlog of Incl. MB, 70% 3,525 $517M HIGHLIGHTS Partnership, 4.9k Units1 Detroit Chassis ($748M) Acquisition +1,058 vs.’25 +$119M vs.’25 355 EVs booke
Slide 8: Ford Collaboration / Detroit Chassis Acquisition
Ford Collaboration / Detroit Chassis Acquisition Agreement & Transaction Summary Strategic Value Proposition • Blue Bird will assume design, manufacturing and sales responsibility Expanded TAM Growth for the next generation medium duty • Future growth, expands TAM by $1.4B F53 /F59 chassis • Access
Slide 9: Financial Results
FINANCIAL RESULTS Razvan Radulescu CFO 9
Slide 10: FY2026 Q3 and YTD Financial Results
FY2026 Q3 AND YTD FINANCIAL RESULTS 3,525 $517M 7,808 $1,203M Units Sold Net Sales Units Sold Net Sales +1,058 vs.’25 +$119M vs.’25 +916 vs.’25 +$132M vs.’25 $71M $28M $172M $100M Adj. EBITDA Adj. FCF Adj. EBITDA Adj. FCF +$13M vs.’25 $(24)M vs.’25 +$19M vs.’25 +$7M vs.’25 QUARTERLY HIGHLIGHTS YTD H
Slide 11: Quarterly Income Statement
QUARTERLY INCOME STATEMENT ($ Millions) FY2026-Q3 FY2025-Q3 B/(W) Unit Volume 3,525 2,467 1,058 Backlog Units 4,854 3,900 954 Net Revenue $517.2 $398.0 $119.2 Bus Rev./Unit ($000's) $139.1 $150.9 $(11.8) Gross Margin 20.0% 21.6% (160) bps Adj. EBITDA1 $71.4 $58.5 $12.9 Adj. EBITDA Margin1 13.8% 14.7
Slide 12: FY25-Q3 to FY26-Q3 Adj. EBITDA Walk
FY25-Q3 to FY26-Q3 Adj. EBITDA Walk 1 Adj. EBITDA +12.9 ($M) 7.8 71.4 6.2 4.7 63.6 BB Unit Volumes 58.5 FY25-Q3 2,467 FY26-Q3 2,290 (5.5) (0.3) Micro Bird Delta (177) Lower Volume, MB JV YoY Consolidation offset by Healthcare Costs, Flat Parts Flat SG&A t/o BB EV Volumes Net Pricing and OH absorptio
Slide 13: Balance Sheet and Cash Flow
BALANCE SHEET AND CASH FLOW ($ Millions) FY2026-Q3 FY2025-Q3 B/(W) Cash $116.8 $173.1 $(56.3) Debt $(86.8) $(91.5) $4.7 Liquidity $258.5 $314.8 $(56.3) Operating Cash Flow $31.0 $56.9 $(25.9) Adj. Free Cash Flow1 $28.4 $52.3 $(23.9) Trade Working Capital2 $(20.4) $4.8 $(25.2) Strong cash flow and li
Slide 14: FY2026 Guidance Raised to $247M (Post-MB Consolidation)
FY2026 Guidance Raised to $247M (Post-MB Consolidation) Rev. $333 $353 $395 ~$440 $1,740 - $1,760 (~$95) (~$95) +$122 +$110 $M $517 ~$550 247 1 Adj. EBITDA 245 - 250 ➢ Micro Bird JV Unconsolidated ➢ Consolidating Micro Bird Revenue ➢ Includes 50% JV Adj. EBITDA ➢ Adding other 50% of Adj. EBITDA 75 -
Slide 15: FY2026 Guidance Updated – Raised to $247M
FY2026 Guidance Updated – Raised to $247M FY2025 FY2026 FY2026 B/(W) $ Millions Actuals Guidance Updated Vs. Prior Year (May 2026) Guidance Net Revenue $1,480 $1,725 - $1,775 $1,740 - $1,760 $260 - $280 Adj. EBITDA1 $221 $235 - $255 $245 - $250 $24 - $29 Adj. Free Cash Flow1 $153 $100 - $125 $125 -
Slide 16: Reminder: Blue Bird Long-Term Outlook (incl. Micro Bird)
REMINDER: Blue Bird Long-Term Outlook (incl. Micro Bird) Full YR 2024 2025 2026-27 Outlook Outlook Rev. Strategic Considerations Units Proforma Proforma Proforma Mid Term Long Term US$M 20,000 20,000 Chassis Gas/Prop//MB 18,000 1,500 3,000 Diesel EV 16,000 1,000 ➢ Full School Bus Type A/C/D lineup —
Slide 17: Blue Bird Expands Its Collaboration with Ford
Blue Bird Expands Its Collaboration with Ford Next Gen F53/F59 Commercial Full YR 2027 2028 2029 2030 Outlook Rev. Stripped Chassis by Blue Bird Units Invest SOP Ramp-up Full Year Longer Term US$M 15,000 Rev $M Chassis 1,000 12,500 ➢ From 2028: next-gen F53/F59 stripped chassis 11,500 800 10,000 $70
Slide 18: Updated Blue Bird Long-Term Outlook (incl. BB Gas Chassis)
Updated Blue Bird Long-Term Outlook (incl. BB Gas Chassis) Outlook Full YR 2024 2025 2026-27 2028-29 2030+ Rev. Strategic Considerations Units Proforma Proforma Proforma Mid Term Long Term US$M Chassis Gas/Prop//MB 30,000 30,000 6,000 ➢ Full School Bus Type A/C/D lineup — Diesel EV 24,500 20,500 11,
Slide 19: Outlook
OUTLOOK John Wyskiel President & CEO 19
Slide 20: Key Elements of Strategic Positioning
Key Elements of Strategic Positioning Business Putting the Continuity & Profitable Margin Balance Sheet to Long Term Growth Expansion Work Stability Positioning the Company for the Long-Term 20
Slide 21: Strong Outlook
Strong Outlook Type C & D School Bus Growth Continued New Segment TAM Expansion NA School Bus Industry 42.1 Class 6-7* 39.9 38.8 36.8 36.1 35.8 35.5 34.2 31.7 30.5 29.6 29.3 26.4 25.7 ~6% CAGR FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 ACT Class 6/7 School Bus Retail Sales
Slide 22: Wrap Up – Key Messages
Wrap Up – Key Messages From John Wyskiel • An almost century old company, an iconic brand and a great American story • Delivered $517M in revenue and Adjusted EBITDA of $71M / 13.8% in Q3 • Completed acquisition of Micro Bird ▪ Growth, Technology & Efficiencies • Announced a partnership with Ford, a
Slide 23: Q&A
Q&A 23
Slide 24: Appendix
APPENDIX 24
Slide 25: Adj. EBITDA Reconciliation
Adj. EBITDA Reconciliation 25
Slide 26: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation 26
Slide 27: Adjusted EPS Reconciliation
Adjusted EPS Reconciliation 27
Slide 28: Blue Bird
BLUE BIRD.