Blue Bird Corporation · NASDAQ:BLBD
Blue Bird — Investor Presentation (December 2025)
37 slides from Blue Bird's investor presentation, December 2025
Slide 1: Blue Bird Corporation Investor Presentation December 2025
“A Leader in zero- and low-emission transportation” BLUE BIRD CORPORATION (NASDAQ: BLBD) Investor Presentation December 2025
Slide 2: 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 3: 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.” Adjusted EBITDA is def
Slide 4: Agenda
Agenda Investment Highlights School Bus Industry Overview Company & Product Highlights FY2025 Objectives Growth Runway 4
Slide 5: Investment Highlights
Investment Highlights Countercyclical Strong industry growth ahead with a backdrop of healthy funding and an aging school bus fleet National Commitment Beneficiary of Federal and State subsidies for the electrification of school buses The Leader Leading market position in alternative power and elect
Slide 6: School Bus Industry Overview
School Bus Industry Overview 6
Slide 7: Industry Highlights
Industry Highlights OEMs School Bus Customers ~3,400 Contractors 500k+ Thomas Blue Bird ~10,000 School Districts IC High barriers to entry Highly specialized product -- Complex state and customer requirements -- Dealer and service network -- Customer relationship driven business Demand Drivers Popul
Slide 8: Type C & D School Bus Industry
Type C & D School Bus Industry 31,020 Mean: 30,532 Historical Registrations Long Term Avg. ('85-'24) ▪ Industry avg size is 30,500 new units annually based on S&P Global Mobility registrations (formerly Polk) ▪ Total fleet of school buses is ~552,000 units and average age is about 11 years ▪ Industr
Slide 9: Fleet Age Profile Supports Elevated Replacement Demand
Fleet Age Profile Supports Elevated Replacement Demand ~552K School Buses on the Road as of Sept 2025 Low replacements due to 40,000 supply chain challenges Average fleet age ~11 years 35,000 30,000 25,000 45% of School Buses are 20,000 11 years and older! 15,000 10,000 5,000 - 1 2 3 4 5 6 7 8 9 10
Slide 10: Company & Product Highlights
Company & Product Highlights 10
Slide 11: Introduction to Blue Bird
Introduction to Blue Bird ▪ Headquartered in Macon, Georgia Dedicated Manufacturing Micro Bird JV Facility ▪ Leader in alternative power; #1 in electric & propane school buses (Drummondville, Quebec, Canada) ▪ 60%+ of Blue Bird sales are non-diesel; <10-20% for competitors Footprint Parts Distributi
Slide 12: Proven Leadership in Clean Technologies
Proven Leadership in Clean Technologies Diesel Gas / Propane CNG Electric Alt-Power mix 14,000 70% ▪ Proven track record of leadership in 62% new technologies; more than 60% of 12,000 58% 58% 56% 60% unit sales are non- diesel 48% 50% ▪ Leader in electric and propane- 10,000 50% powered school buses
Slide 13: Build Complete Ecosystem for EV School Bus Deployment
Build Complete Ecosystem for EV School Bus Deployment END OF LIFE ASSESSMENT Determine recycling program for Determine what bus best fits the used batteries after use customer’s needs based on terrain, climate and route planning SERVICE & SUPPORT FINANCING Connect with dealer and EV system Identify
Slide 14: Blue Bird Commercial Chassis – TAM Expansion
Blue Bird Commercial Chassis – TAM Expansion Product Debut ▪ Best-in-Class Offering & Features: ✓ Electric ✓ Propane ✓ 55° Wheel Cut ✓ Front Axle Clearance ✓ Galvanized Frame Rails ✓ Class 5-6 Chassis ▪ Tremendous response to the product ▪ Immediate interest in both propane and EV from multiple cust
Slide 15: FY2025 Objectives
FY2025 Objectives 15
Slide 16: The Blue Bird Value System
The Blue Bird Value System Leader in Safety Best Great Products Service & Features Sustained Profitable Growth 8% 15% 16%+ EBITDA Margin Highest Competitive Quality & Cost Durability Alt Power Leader The Blue Bird Value System, it’s about results, and how we get there 16
Slide 17: FY2026 Guidance Confirmed at $220M / ~15%
FY2026 Guidance Confirmed at $220M / ~15% Tailwinds FY26 Scenarios Headwinds Downside Guidance Upside • Older Fleet EV/Tariffs • Tariffs / Inflation Units* 9,250 9,500 9,750 • Stable Pricing t/o EV Units 500 750 1,000 • Lower Backlog • Chassis (in Q4) Revenue $M $1,450 $1,500 $1,550 • People Costs A
Slide 18: FY2026 Quarterly Guidance – Expected Strong Second Half
FY2026 Quarterly Guidance – Expected Strong Second Half Rev. ~$325 ~$350 ~$400 ~$425 $1,450 - $1,550 $M Adj. EBITDA1 221 220 ✓ Growing EV sales, and Revenue in the $325M - $425M range 210 - 230 FY25 FY26 ✓ Growing and seasonal Adj. EBITDA in the $40M - $70M range ✓ Consistent and growing levels of 1
Slide 19: FY2026 Full Year Guidance – Confirming $220M and ~15%
FY2026 Full Year Guidance – Confirming $220M and ~15% FY2025 FY2026 FY2026 B/(W) $ Millions Actuals Aug Prelim. Confirmed Vs. Prior Year Guidance Guidance Net Revenue $1,480 $1,450 - $1,550 $1,450 - $1,550 $(30) - $70 Adj. EBITDA1 $221 $210 - $230 $210 - $230 $(11) - $9 Adj. Free Cash Flow1 $153 N/A
Slide 20: Capital Allocation – Incl. $100M Share Repurchase Program
Capital Allocation – Incl. $100M Share Repurchase Program Sources of Cash 2026-2027 Uses of Cash Manufacturing Expansion ~$200M Cash Flow from Operations Growth R&D Expenditures <$50M (incl. Tax, Interest, ∆WoC; excl. R&D) ~$300M CAPEX (incl. maintenance) <$50M Small M&A <$75M Total Funds Shareholde
Slide 21: Solid Growth Runway
Solid Growth Runway 21
Slide 22: FY2025 Record Year, Strong Outlook
FY2025 Record Year, Strong Outlook 2025 Record Year 2026 and Long Term Unit Sales 4.5%+ = 9,409 units 9,500 – 13,500 units Revenue 10%+ = $1.48 Billion $1.5 – 2.0 Billion Adj. EBITDA 21% = $221 Million $220 – $320+ Million Adj. EBITDA Margin 140 bps = 15% 15% – 16%+ EV Unit Sales 28%+ = 901 units 75
Slide 23: Confirming Our Long Term Outlook of 16%+ EBITDA
We are Confirming Our Long Term Outlook of 16%+ EBITDA Revenue $M Diesel EV QTR Full YR 2024 2025 2026 Outlook Outlook Rev. Units Chassis Gas/Propane Actual Actual Guidance Mid Term Long Term (’29-’30) $M 3,000 500 15,000 13,500 3,000 2,466 2,467 2,517 12,000 1,500 2,151 2,130 2,295 9,500 10,500 1,0
Slide 24: Strong Outlook Ahead for Blue Bird / Investment Highlights
Strong Outlook Ahead for Blue Bird / Investment Highlights Countercyclical Strong industry growth ahead with a backdrop of healthy funding and an aging school bus fleet National Commitment Beneficiary of Federal and State subsidies for the electrification of school buses The Leader Leading market po
Slide 25: Appendix
Appendix 25
Slide 26: Key FY2025 Takeaways
Key FY2025 Takeaways Beat Guidance on All Metrics ICE Backlog Decreased Due to Tariff Volatility and Impact on Overall Pricing Continued Plant Operational Performance with More Stability Higher Bus Price Compared with Last Year and Competitive with Market EV Overall Demand Stable; Undisputed Leader
Slide 27: FY2025 Financial Results and Key Business Highlights
FY2025 Financial Results and Key Business Highlights FY2025 Full Year Results Managing BUSINESS HIGHLIGHTS Margin-Neutral Alt. Power sales Tariff Strategy UNITS NET SOLD SALES mix of 56% Backlog of 3.1k HIGHLIGHTS 9,409 $1,480M Units, or $536M, at year end [Currently1 3.9k or $678M] EPA Funds flowin
Slide 28: FY2025 Q4 and Full Year Record Financial Results
FY2025 Q4 and Full Year Record Financial Results FY2025 Q4 Results FY2025 Full Year Results QUARTERLY HIGHLIGHTS UNITS NET UNITS NET YTD HIGHLIGHTS SOLD SALES SOLD SALES 2,517 $409M 9,409 $1,480M +51 vs.’24 +$59M vs.’24 +409 vs.’24 +$133M vs.’24 Adjusted Adjusted Adjusted Adjusted EBITDA FCF EBITDA
Slide 29: Fourth Quarter Income Statement
Fourth Quarter Income Statement ($ Millions) FY2025-Q4 FY2024-Q4 B/(W) Unit Volume 2,517 2,466 51 Backlog Units 3,068 4,846 (1,778) Net Revenue $409.4 $350.2 $59.2 Bus Rev./Unit ($000's) $152.6 $131.2 $21.4 Gross Margin 21.1% 17.0% +410 bps Adj. EBITDA1 $67.9 $41.3 $26.6 Adj. EBITDA Margin1 16.6% 11
Slide 30: FY24-Q4 to FY25-Q4 Adj. EBITDA Walk
FY24-Q4 to FY25-Q4 Adj. EBITDA Walk ($ Millions) Unit Volumes +26.6 FY24-Q4 2,466 4.3 67.9 FY25-Q4 2,517 23.3 Delta +51 (0.8) (0.2) Better Slightly Lower Other t/o EV Volumes Efficiency and Parts Costs FY24-Q4 84 FY25-Q4 233 Quality Revenues Delta +149 41.3 Net Pricing, Higher EV Mix 11.8% 16.6% FY2
Slide 31: Full Year Income Statement
Full Year Income Statement ($ Millions) FY2025 FY2024 B/(W) Unit Volume 9,409 9,000 409 Backlog Units 3,068 4,846 (1,778) Net Revenue $1,480.1 $1,347.2 $132.9 Bus Rev./Unit ($000's) $146.4 $138.1 $8.3 Gross Margin 20.5% 19.0% +150 bps Adj. EBITDA1 $221.3 $182.9 $38.4 Adj. EBITDA Margin1 15.0% 13.6%
Slide 32: FY2024 to FY2025 Adj. EBITDA Walk
FY2024 to FY2025 Adj. EBITDA Walk 1 Adj. EBITDA ($M) +38.4 48.6 Unit Volumes 221.3 FY2024 9,000 (0.7) (0.7) FY2025 9,409 (8.8) Delta +409 182.9 Labor Costs, Slightly Lower SG&A, Healthcare, Parts Labor Costs, t/o EV Volumes Higher Net Pricing offset by Quality Revenue FY2024 704 Engineering FY2025 9
Slide 33: Balance Sheet and Cash Flow
Balance Sheet and Cash Flow ($ Millions) FY2025 FY2024 B/(W) Cash $229.3 $127.7 $101.6 Debt $(90.3) $(95.0) $4.7 Liquidity $371.0 $271.0 $100.0 Operating Cash Flow $176.2 $111.1 $65.1 Adj. Free Cash Flow1 $153.3 $98.9 $54.4 Trade Working Capital2 $34.8 $(32.4) $67.2 Very strong Free Cash Flow and YE
Slide 34: Adj. EBITDA Reconciliation
Adj. EBITDA Reconciliation 34
Slide 35: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation 35
Slide 36: Adjusted EPS Reconciliation
Adjusted EPS Reconciliation 36
Slide 37: Investor Relations Contact Information
Investor Relations Contact Information Mark Benfield Mark.Benfield@Blue-Bird.com 37