Blue Bird Corporation · NASDAQ:BLBD
Blue Bird — Q4 2025 Earnings Presentation
29 slides from Blue Bird's earnings presentation, Nov 24, 2025
Slide 1: FY2025 Fourth Quarter & Full Year Results
BLUE BIRD CORPORATION (NASDAQ: BLBD) FY2025 Fourth Quarter & Full Year Results Earnings Conference Call November 24, 2025
Slide 2: Agenda
Agenda Introductions & Mark Benfield Forward-Looking Statements Executive Director, Investor Relations 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,
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 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 7: 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 at year end [Currently1 3.9k] EPA Funds flowing 901 EVs for rounds
Slide 8: Financial Results
FINANCIAL RESULTS Razvan Radulescu CFO 8
Slide 9: 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 +$133M vs.’24 Adjusted Adjusted Adjusted Adjusted EBITDA FCF EBITDA
Slide 10: Fourth Quarter Income Statement
Fourth Quarter Income Statement ($ 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 $26.6 Adj. EBITDA Margin1 16.6% 11
Slide 11: FY24-Q4 to FY25-Q4 Adj. EBITDA Walk
FY24-Q4 to FY25-Q4 Adj. EBITDA Walk ($ 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 12: 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 $38.4 Adj. EBITDA Margin1 15.0% 13.6%
Slide 13: FY2024 to FY2025 Adj. EBITDA Walk
FY2024 to FY2025 Adj. EBITDA Walk 1 Adj. EBITDA ($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 14: 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 15: 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 16: 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 17: 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 18: 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 19: We are 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 20: Outlook
OUTLOOK John Wyskiel President & CEO 20
Slide 21: 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 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: 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 record Annual Sales of $1.48B and Adjusted EBITDA of $221M / 15% ▪ Demonstrated credibility in a market positioned for growth ▪ Proven resilience, we are made for this mom
Slide 24: Q&A
Q&A 24
Slide 25: Appendix
APPENDIX 25
Slide 26: Adj. EBITDA Reconciliation
Adj. EBITDA Reconciliation 26
Slide 27: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation 27
Slide 28: Adjusted EPS Reconciliation
Adjusted EPS Reconciliation 28
Slide 29: End
End 29