Blue Bird Corporation · NASDAQ:BLBD
Blue Bird — Q1 2026 Earnings Presentation
25 slides from Blue Bird's earnings presentation, Feb 4, 2026
Slide 1: FY2026 First Quarter Results
BLUE BIRD CORPORATION (NASDAQ: BLBD) FY2026 First Quarter Results February 4, 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 Q1 Takeaways
Key FY2026 Q1 Takeaways Beat Guidance on All Metrics Backlog remains seasonally strong at 3.4k units Continued Plant Operational Performance with More Stability Higher Bus Prices Compared with Last Year and Competitive with Market EV Overall Demand Strong with Record Backlog; Undisputed Leader in Al
Slide 7: FY2026 Q1 Financial Results and Key Business Highlights
FY2026 Q1 Financial Results and Key Business Highlights FY2026 Q1 Results BUSINESS HIGHLIGHTS First Commercial UNITS NET Chassis Order2 Alt. Power sales SOLD SALES mix of 48% HIGHLIGHTS 2,135 $333M Backlog of 3.4k Units1 EPA Funds flowing +5 vs.’25 +$19M vs.’25 ($602M in Rev.) for rounds 2 & 3; 121
Slide 8: Financial Results
FINANCIAL RESULTS Razvan Radulescu CFO 8
Slide 9: FY2026 Q1 Financial Results
FY2026 Q1 FINANCIAL RESULTS 2,135 $333M Units Sold Net Sales +5 vs.’25 +$19M vs.’25 $50M $31M Adj. EBITDA Adj. FCF +$4M vs.’25 +$9M vs.’25 QUARTERLY HIGHLIGHTS FY26-Q1 is another new Q1 record quarter for Blue Bird 9
Slide 10: Quarterly Income Statement
QUARTERLY INCOME STATEMENT ($ Millions) FY2026-Q1 FY2025-Q1 B/(W) Unit Volume 2,135 2,130 5 Backlog Units 3,367 4,395 (1,028) Net Revenue $333.1 $313.9 $19.2 Bus Rev./Unit ($000's) $144.1 $135.3 $8.8 Gross Margin 21.4% 19.2% 220 bps Adj. EBITDA1 $50.1 $45.8 $4.3 Adj. EBITDA Margin1 15.0% 14.6% 40 bp
Slide 11: FY25-Q1 to FY26-Q1 Adj. EBITDA Walk
FY25-Q1 to FY26-Q1 Adj. EBITDA Walk 1 Adj. EBITDA +4.3 ($M) 4.1 7.0 (0.2) 50.1 Unit Volumes Better FY25-Q1 2,130 45.8 Flat Parts (6.6) FY26-Q1 2,135 Efficiency Gross Profit SG&A and Delta +5 Net Pricing and Quality Labor Costs, EV credits t/o EV Volumes FY25-Q1 132 FY26-Q1 121 Delta (11) 14.6% 15.0%
Slide 12: Balance Sheet and Cash Flow
BALANCE SHEET AND CASH FLOW ($ Millions) FY2026-Q1 FY2025-Q1 B/(W) Cash $241.7 $136.1 $105.6 Debt $(89.1) $(93.8) $4.7 Liquidity $385.0 $279.4 $105.6 Operating Cash Flow $36.6 $26.4 $10.2 Adj. Free Cash Flow1 $31.1 $21.8 $9.3 Trade Working Capital2 $(20.6) $4.3 $(24.9) Very strong FCF in FY26-Q1 - E
Slide 13: FY2026 Guidance Updated – Raised to $225M and 15%
FY2026 Guidance Updated – Raised to $225M and 15% Rev. $333 ~$330 ~$400 ~$440 $1,450 - $1,550 $M 225 1 Adj. EBITDA 215 - 235 ✓ Growing EV sales, and Revenue in the $330M - $440M range ✓ Growing and seasonal Adj. EBITDA in the $45M - $75M range ✓ Consistent double-digit levels of 14% - 16% Adj. EBITD
Slide 14: FY2026 Guidance Updated – Raised to $225M and 15%
FY2026 Guidance Updated – Raised to $225M and 15% FY2025 FY2026 FY2026 B/(W) $ Millions Actuals Guidance Updated Vs. Prior Year (November 2025) Guidance Net Revenue $1,480 $1,450 - $1,550 $1,450 - $1,550 $(30) - $70 Adj. EBITDA1 $221 $210 - $230 $215 - $235 $(6) - $14 Adj. Free Cash Flow1 $153 $10 -
Slide 15: Blue Bird long term outlook confirmed
Blue Bird long term outlook confirmed 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) $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 1,000 2,500
Slide 16: Outlook
OUTLOOK John Wyskiel President & CEO 16
Slide 17: Strong Industry and Blue Bird Outlook
Strong Industry and Blue Bird Outlook NA School Bus Industry 41.7 Class 6-7* 38.9 39.5 2026 Guide: Record Year Mid- and Long- Term 36.8 36.7 35.8 36.1 32.6 31.7 Unit Sales 1%+ = 9,500 units 10,500 – 13,500 units 29.6 30.5 29.3 26.4 25.7 ~6% Revenue 1%+ = $1.5 Billion $1.6 – 2.0 Billion CAGR Adj. EBI
Slide 18: 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 18
Slide 19: 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 $333M in revenue and Adjusted EBITDA of $50M / 15% in Q1 • We continue to demonstrate credibility in our results • Our strategy positions the company for the future, and d
Slide 20: Q&A
Q&A 20
Slide 21: Appendix
APPENDIX 21
Slide 22: Adj. EBITDA Reconciliation
Adj. EBITDA Reconciliation 22
Slide 23: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation 23
Slide 24: Adjusted EPS Reconciliation
Adjusted EPS Reconciliation 24
Slide 25: Blue Bird
BLUE BIRD.