Federal Signal Corporation · NYSE:FSS
Federal Signal — Investor Presentation (September 2026)
29 slides from Federal Signal's investor presentation, September 2026
Slide 1: Investor Presentation: September 2026
Moves. Cleans. Protects. Investor Presentation: September 2026
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation contains unaudited financial information and forward-looking statements. Statements that are not historical are forward-looking statements and may contain words such as “may,” “will,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “project,” “estimate,”
Slide 3: Federal Signal at a Glance: Leading Safety Equipment & Specialty Vehicle OEM
Federal Signal at a Glance: Leading Safety Equipment & Specialty Vehicle OEM Environmental Solutions Group (“ESG”) 1901 Founded Downers Grove, IL 84% of Headquarters FY25 Net Sales2 ~5,800 Global Employees5 28 Manufacturing Locations5 17 Acquisitions Since 20165 102% 5-Year Cash Conversion1 Avg. Saf
Slide 4: Net Sales by Distribution Channel & End Market Exposure
Net Sales by Distribution Channel & End Market Exposure Net Sales by Category (FY 2025)1 Net Sales by End Market (FY 2025)1 Warning Systems Industrial Signaling 2% Aftermarket Oil & Gas Other Utility 2% 1% 3% 21% 3% Publicly Funded Public Safety 10% 57% Other Specialty Equipment(2) 26% Vacuum Trucks
Slide 5: Federal Signal Product & Service Offerings
Federal Signal Product & Service Offerings ESG (84% of 2025 Net Sales)1 SSG (16% of 2025 Net Sales)2 Dump Multi- Metal Public Vacuum Street Industrial Truck Refuse Purpose Road Warning Extraction Aftermarket Safety Signaling Trucks Sweepers Cleaning Bodies & Collection Maint. Marking Systems Support
Slide 6: Backlog Intensity by Federal Signal Product & Service Offerings
Backlog Intensity by Federal Signal Product & Service Offerings Federal Signal Product & Service Offerings Revenue Composition Evolution Vacuum Trucks (2025 vs. 2015) % of Annual Revenue Derived from Street Sweepers Backlog Intensive Product Lines: Backlog Intensive Metal & Mineral Target Lead Extra
Slide 7: Delivering on our Growth Strategy
Delivering on our Growth Strategy Key Financial Targets ➢ Low double-digit annual net sales growth ➢ Adjusted EBITDA margins: 16-22%1 $2,448 ➢ ROIC > Cost of Capital $2,181 Net Sales CAGR (’16A – ’25A) $1,861 Total: ~13% Organic: ~7% $1,723 $1,435 $1,213 (US$ in millions) $1,221 $1,090 $1,131 $899 $
Slide 8: ESG: Growing A Best-In-Class Specialty Vehicle Platform
ESG1: Growing A Best-In-Class Specialty Vehicle Platform Vehicle Product Market Share Rank2 Vacuum Trucks #1 Street Sweepers #1-2 Industrial Cleaning (Waterblasting Equipment) #2 Headquarters Dump Truck Bodies & Trailers #1 Manufacturing Facility (24)3 Aftermarket Site (41)3 Multi-Purpose Maintenanc
Slide 9: ESG: Resilient End-Market Characteristics
ESG: Resilient End-Market Characteristics Water Taxes1 Funding – United States CAGR (’10A – ’25A): ~4.6% Water taxes are a significant funding mechanism for sewer cleaners COVID: +3.7%YoY Industrial Recession: +1.7%YoY 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 L
Slide 10: SSG: Industry Leader in Audible & Visual Safety Equipment
SSG1: Industry Leader in Audible & Visual Safety Equipment Market Share Key Multi-Year Trends: Product Rank2 ➢ Strategically positioned in end-markets with high barriers to entry given stringent regulatory requirements for safety equipment Public Safety Equipment #2 ➢ The increase in natural and man
Slide 11: Strategic Pillars: Aftermarket Ecosystem Optimization
Strategic Pillars: Aftermarket Ecosystem Optimization Aftermarket Snapshot Parts & Services ➢ Size: ~25% of ESG Net Sales (FY 2025) ➢ Sale of parts/services/refurbishment ➢ 2015-2025 Net Sales CAGR: ~14% New Vehicle / ➢ ~40+ locations across US + Canada Equipment Sales ➢ Targeting all FSS customers
Slide 12: Strategic Pillars: "Safe Digging" Market Acceleration
Strategic Pillars: “Safe Digging” Market Acceleration Sewer Cleaners Ordered with a Hydro-Excavation Package1 Safe Digging Use Cases CAGR (’11A – ’25A): ~6% Airports Environmental Construction Data Centers Gas Industry Industrial Landscaping Military 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Slide 13: Strategic Pillars: Innovation & Product Development
Strategic Pillars: Innovation & Product Development New Product Examples Select Product Development Highlights: ➢ Launched several product offerings across Vactor, Elgin, TRUVAC & New Way that allow operation without a CDL2 ➢ Scaling production for new RegenX (air sweeper) ➢ Introduced the Guzzler m
Slide 14: Strategic Pillars: Harnessing the Power of Our Specialty Vehicle Platform
Strategic Pillars: Harnessing the Power of Our Specialty Vehicle Platform s itie n tu r po O pe Op ra New Product th tio Procurement row Development nal ng G Exc ellence Unlocki Data & Market FS Operational Intelligence Specialty System Vehicle Platform Sales Channel Supply Chain Alignment Optimizat
Slide 15: Strategic Pillars: Executing on our M&A Pipeline
Strategic Pillars: Executing on our M&A Pipeline Specialty Vehicle Market – North America Safety and Security Systems Market Includes North America and Europe Surgically evaluating opportunities that meet our criteria Other Specialty Vehicles The broader safety and Refuse security Public Safety syst
Slide 16: Targeting Best in Class Growth & Continued Margin Expansion
Targeting Best in Class Growth & Continued Margin Expansion Source: Company Filings, Factset Specialty Vehicle & Industrial Consolidator Peers Included (Listed in alphabetical order): ALG, AME, DOV, GGG, IEX, IR, ITW, OSK, PLOW, SPXC, TEX, TTC and WAB, with information presented herein calculated us
Slide 17: Industry-Leading Margin Performance Through the Business Cycle
Industry-Leading Margin Performance Through the Business Cycle Margin Targets: $506 ➢ Consolidated EBITDA Margin Target: 16 – 22% ➢ ESG EBITDA Margin Target: 18 – 24% ➢ SSG EBITDA Margin Target: 22 – 28% (raised in Q2:26) $439 $351 $286 20.7% 20.1% 18.8% (US$ in millions) $215 $182 $191 $181 $159 16
Slide 18: Financial Performance
Financial Performance $2,448 Net Sales & Orders Free Cash Flow Generation1 $2,222 $2,373 $350 $339 Net Sales Orders $2,181 $1,870 $1,861 $300 $1,692 $1,723 $1,848 $1,539 $250 $227 $1,435 Facility investments & (US$ in millions) (US$ in millions) $1,269 supply chain $200 $191 $1,173 $1,131 $1,213 rel
Slide 19: 2026 Financial Outlook
2026 Financial Outlook1 ➢ Raised Full Year Adjusted EPS2 Outlook to a new range of $5.12 to $5.30 on Q2:26 earnings call ➢ Increased from prior range of $4.80 to $5.05 ➢ At midpoint, new range would represent another year of double-digit growth, and the highest adjusted EPS level in our history ➢ Ra
Slide 20: Appendix
Appendix I. Our Portfolio of Brands & Products II. Extensive Geographic Footprint Across North America III. Federal Signal Operating System IV. Sustainability Initiatives V. Non-GAAP Measures VI. Executive Compensation VII. Investor Information 20
Slide 21: Appendix I: Our Portfolio of Brands & Products
Appendix I: Our Portfolio of Brands & Products ESG SSG Source: Management 21
Slide 22: Appendix II: Extensive Geographic Footprint Across North America
Appendix II: Extensive Geographic Footprint Across North America Manufacturing Facility Aftermarket Site Dealers1 1) Defined as dealer-managed locations from dealers that sell Elgin, New Way, Truvac, and Vactor products 22
Slide 23: Appendix III: Federal Signal Operating System
Appendix III: Federal Signal Operating System Material Cost Reduction Manufacturing Efficiency ➢ Waste reduction ➢ Lean manufacturing focus ➢ SKU rationalization ➢ Throughput flexibility ➢ Savings through volume aggregation ➢ Labor pool management ➢ Sourcing optimization ➢ Flexible manufacturing mod
Slide 24: Appendix IV: Sustainability Initiatives
Appendix IV: Sustainability Initiatives ➢ Community Engagement ➢ Resource Consumption ➢ Sustainability Report o Active participation with local o Ongoing energy consumption assessments o Published 2026 Sustainability Report charities, promoting and and adopting energy efficient measures to in Q2 202
Slide 25: Appendix V: Non-GAAP Measures (Adjusted EBITDA)
Appendix V: Non-GAAP Measures (Adjusted EBITDA) Adjusted EBITDA and Adjusted EBITDA Margin The Company uses adjusted EBITDA and the ratio of adjusted EBITDA to net sales (“adjusted EBITDA margin”), as additional measures to assist in comparing its performance on a consistent basis for purposes of bu
Slide 26: Appendix V: Non-GAAP Measures (Cash Conversion, Net Debt Leverage and Free Cash Flow)
Appendix V: Non-GAAP Measures (Cash Conversion, Net Debt Leverage and Free Cash Flow) Cash Conversion Cash conversion is a non-GAAP measure that is computed by dividing net cash provided by operating activities by net income (represented as a percentage). The Company believes that cash conversion pr
Slide 27: Appendix VI: Executive Compensation Aligned with Long-term Objectives
Appendix VI: Executive Compensation Aligned with Long-term Objectives ➢ The Company continues to focus on executing against a number of key long-term objectives, which include (i) creating disciplined growth; (ii) improving manufacturing efficiencies and costs; (iii) leveraging invested capital; and
Slide 28: Appendix VII: Investor Information
Appendix VII: Investor Information Stock Ticker: NYSE: FSS Company website: federalsignal.com/investors HEADQUARTERS 1333 Butterfield Road, Suite 500 Downers Grove, IL 60515 Felix Boeschen VP Corporate Strategy & Investor Relations fboeschen@federalsignal.com 28
Slide 29: Federal Signal
[e FEDERAL SIGNAL Moves. Cleans. Protects.
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