Blue Bird Corporation · NASDAQ:BLBD
Blue Bird — Merger or Acquisition (February 2026)
11 slides from Blue Bird's merger presentation, Feb 17, 2026
Slide 1: Blue Bird Acquisition of Micro Bird: Strategic Considerations and Deal Structure
Blue Bird Acquisition of Micro Bird: Strategic Considerations and Deal Structure February 17, 2026 1
Slide 2: 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 3: Important Disclaimers
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 4: Agenda
Agenda 1. Strategic Rationale 2. Transaction Overview 3. BLBD Current Long-Term Outlook 4. Micro Bird Outlook 5. Pro-Forma Combined Outlook 6. Sources & Uses and Estimated EPS Impact 4
Slide 5: Strategic Rationale
Strategic Rationale Scale and ▪ Enhances scale, increasing pro forma estimated FY26 Revenue and EBITDA from ~$1,500 million / Leadership ~$225 million to ~$1,900 million / ~$250 million ▪ Establishes Blue Bird as a comprehensive provider across Type A, C and D segments, significantly Improved expand
Slide 6: Transaction Overview
Transaction Overview ▪ Purchase price of US$198.2 million for the remaining 50% equity interest in the Micro Bird joint venture Purchase ▪ The transaction values Micro Bird at a total enterprise value of US$429.6 million, which implies a Price purchase multiple of 8.0x Micro Bird estimated FY26 Adju
Slide 7: Blue Bird Long-Term Outlook Pre-Transaction
Blue Bird Long-Term Outlook Pre-Transaction Revenue $M Diesel EV QTR Full YR 2024 2025 2026 Outlook Outlook Rev. Units Chassis Gas/Propane Units Actual Actual Updated Mid Term Long Term (’29-’30) US$M Guidance 3,000 500 15,000 13,500 3,000 2,466 2,467 2,517 12,000 1,500 2,130 2,295 2,135 10,500 1,00
Slide 8: 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 Guidance Mid Term Long Term (’29-’30) 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 $328 2,000 200 0 169 228 20
Slide 9: Blue Bird Long-Term Outlook Post-Transaction
Blue Bird Long-Term Outlook Post-Transaction Full YR 2024 2025 2026 Outlook Outlook Rev. Strategic Considerations Units Proforma Proforma Proforma Mid Term Long Term (’29-’30) US$M 20,000 20,000 Chassis Gas/Propane 18,000 1,500 3,000 16,000 ➢ The most comprehensive lineup of Type Diesel EV 14,500 1,
Slide 10: Sources & Uses and Estimated EPS Impact
Sources & Uses and Estimated EPS Impact Sources & Uses PF Capitalization ($ in millions) ($ in millions) Sources Amount ($M) % Total Pre-Transaction Pro-Forma New Equity (2.7M Shares) $138.8 47.4% Total Debt2 $89.2 $89.2 Cash 154.2 52.6% 2 Less: Cash 241.7 87.5 Total Sources $293.0 100.0% Net Debt (
Slide 11: Blue Bird
BLUE BIRD.