Blue Bird Corporation · NASDAQ:BLBD
Blue Bird — Investor Presentation (May 2026)
37 slides from Blue Bird's investor presentation, May 2026
Slide 1: Blue Bird Corporation Investor Presentation May 2026
BLUE BIRD CORPORATION (NASDAQ: BLBD) Investor Presentation May 2026 1
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.” Additional information
Slide 4: Agenda
Agenda 1. Investment Highlights 2. School Bus Industry Overview 3. Company & Product Highlights 4. FY2025 Objectives 5. 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 Dedicated Manufacturing Micro Bird Facility • Headquartered in Macon, Georgia (Drummondville, Quebec, Canada) Micro Bird Facility • Leader in alternative power; #1 in electric & propane school buses (Plattsblurgh, NY) Footprint • 60%+ of Blue Bird sales are non-diesel; <10-
Slide 12: Micro Bird Acquisition
Micro Bird Acquisition By The Numbers Strategic Value Proposition Buy America Commercial Shuttle Bus Growth • Established in 2009 • Future growth, expands Blue Bird TAM • Two facilities: • Market dominated by one player, entrance opportunities • Drummondville, Quebec • Plattsburgh, New York Technolo
Slide 13: Proven Leadership in Clean Technologies
Proven Leadership in Clean Technologies Diesel Gas / Propane CNG Electric Alt-Power mix 14,000 70% 62% • Proven track record of leadership 58% 58% in new technologies; more than 12,000 60% 56% 60% of unit sales are non- diesel 10,000 48% 50% • Leader in electric and propane- 50% 48% powered school b
Slide 14: Blue Bird Commercial Chassis – TAM Expansion
Blue Bird Commercial Chassis – TAM Expansion • 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 customers • Additi
Slide 15: FY2026 Objectives
FY2026 Objectives 15
Slide 16: Blue Bird Forecast Improved to $230M (Pre-transaction)
Blue Bird Forecast Improved to $230M (Pre-transaction) Rev. $333 $353 ~$400 ~$450 $1,515 - $1,565 $M 230 1 Adj. EBITDA ✓ Growing EV sales, and H2 Revenue in the $400M+ range 220 - 240 ✓ Growing H2 Adj. EBITDA in the $55M - $75M range ✓ Consistent H2 double-digit levels of 15% - 16% Adj. EBITDA H2 Be
Slide 17: FY2026 Guidance Raised to $245M (Post-transaction)
FY2026 Guidance Raised to $245M (Post-transaction) Rev. $333 $353 ~$400 ~$450 $1,725 - $1,775 (~$95) (~$95) +$100 +$110 $M ~$500 ~$560 245 1 Adj. EBITDA 235 - 255 ➢ Micro Bird JV Unconsolidated ➢ Consolidating Micro Bird Revenue ➢ Includes 50% JV Adj. EBITDA ➢ Adding other 50% of Adj. EBITDA 75 - 85
Slide 18: FY2026 Guidance Updated – Raised to $245M
FY2026 Guidance Updated – Raised to $245M FY2026 FY2026 FY2025 Updated B/(W) $ Millions Actuals Guidance Vs. Prior Year (February 2026) Guidance Net Revenue $1,480 $1,450 - $1,550 $1,725 - $1,775 $245 - $295 Adj. EBITDA1 $221 $215 - $235 $235 - $255 $14 - $34 Adj. Free Cash Flow 1 $153 $40 - $60 $10
Slide 19: Solid Growth Runway
Solid Growth Runway 19
Slide 20: 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 20
Slide 21: Manufacturing Strategy: Fort Valley New Plant
Manufacturing Strategy Fort Valley New Plant: Key Facts ▪ Approx. 90% of market; 80% Type C Direction BB sales & 70% of workforce ▪ Aligns cost reduction with the most competitive segment ▪ Just under one million sq ft manufacturing facility ▪ Lowest volume risk, & overall long-term cost, with the m
Slide 22: Strong Market Outlook
Strong Market Outlook Type C & D School Bus Growth New Segment TAM Expansion ~6% CAGR *ACT Retail Sales – as of April 2026 Market Growth, Consolidated Growth and New Segment TAM Expansion 22
Slide 23: Blue Bird Long-Term Outlook Pre-MB Transaction
Blue Bird Long-Term Outlook Pre-MB Transaction Revenue $M Diesel EV QTR Full YR 2024 2025 2026 Outlook Outlook Rev. Units Chassis Gas/Propane Units Actual Actual Forecast Mid Term Long Term US$M 3,000 500 15,000 13,500 3,000 2,467 2,517 12,000 1,500 2,130 2,295 2,135 2,148 10,500 1,000 2,500 $409 10
Slide 24: Micro Bird Well-Positioned for Long-Term Growth
Micro Bird Well-Positioned for Long-Term Growth Full YR 2024 2025 2026 Outlook Outlook Rev. Units Actual Actual Forecast Mid Term Long Term US$M 8,000 Rev $M Type A 1,000 ICE EV 6,500 6,000 800 6,000 5,500 5,000 3,855 $550 600 4,000 3,316 $450 $500 $400 400 $277 $328 2,000 200 0 169 228 150 0 2024 2
Slide 25: Blue Bird Long-Term Outlook Post-MB Transaction
Blue Bird Long-Term Outlook Post-MB Transaction Full YR 2024 2025 2026 Outlook Outlook Rev. Strategic Considerations Units Proforma Proforma Proforma Mid Term Long Term US$M 20,000 20,000 Chassis Gas/Prop//MB 18,000 1,500 3,000 16,000 ➢ The most comprehensive lineup of Type Diesel EV 14,500 1,000 $2
Slide 26: 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 27: Appendix
Appendix 27
Slide 28: Key FY2026 Q2 Takeaways
Key FY2026 Q2 Takeaways Beat Guidance on All Metrics Backlog growing to a solid 3.6k units Continued Plant Operational Performance with More Stability Higher Bus Price Compared with Last Year and Competitive with Market EV Overall Demand Strong with Record Backlog; Undisputed Leader in Alt. Power In
Slide 29: FY2026 Q2 Financial Results and Key Business Highlights
FY2026 Q2 Financial Results and Key Business Highlights FY2026 Q2 Results BUSINESS HIGHLIGHTS UNITS NET MESC Funding Alt. Power sales SOLD SALES Re-Confirmed by mix of 41% HIGHLIGHTS the DOE 2,148 $353M Backlog of 3.6k Units1 (147) vs.’25 $(6)M vs.’25 ($646M) EPA Round 4 and 5 201 EVs funding booked
Slide 30: FY2026 Q2 and YTD Financial Results
FY2026 Q2 AND YTD FINANCIAL RESULTS 2,148 $353M 4,283 $686M Units Sold Net Sales Units Sold Net Sales (147) vs.’25 $(6)M vs.’25 (142) vs.’25 +$13M vs.’25 $51M $40M $101M $71M Adj. EBITDA Adj. FCF Adj. EBITDA Adj. FCF +$2M vs.’25 +$21M vs.’25 +$6M vs.’25 +$30M vs.’25 QUARTERLY HIGHLIGHTS YTD HIGHLIGH
Slide 31: Quarterly Income Statement
QUARTERLY INCOME STATEMENT ($ Millions) FY2026-Q2 FY2025-Q2 B/(W) Unit Volume 2,148 2,295 (147) Backlog Units 3,564 4,889 (1,325) Net Revenue $352.6 $358.9 $(6.3) Bus Rev./Unit ($000's) $151.3 $145.0 $6.3 Gross Margin 20.0% 19.7% 30 bps Adj. EBITDA1 $50.8 $49.2 $1.6 Adj. EBITDA Margin1 14.4% 13.7% 7
Slide 32: FY25-Q2 to FY26-Q2 Adj. EBITDA Walk
FY25-Q2 to FY26-Q2 Adj. EBITDA Walk 1 Adj. EBITDA +1.6 ($M) 4.3 0.1 50.8 49.2 Unit Volumes (2.6) (0.2) Flat Parts FY25-Q2 2,295 Lower EV Healthcare FY26-Q2 2,148 Gross Profit Flat SG&A and Volume, Costs, Delta (147) offset by OH absorption Net Pricing t/o EV Volumes FY25-Q2 265 FY26-Q2 201 Delta (64
Slide 33: Balance Sheet and Cash Flow
BALANCE SHEET AND CASH FLOW ($ Millions) FY2026-Q2 FY2025-Q2 B/(W) Cash $275.9 $130.7 $145.2 Debt $(88.0) $(92.7) $4.7 Liquidity $417.6 $274.0 $143.6 Operating Cash Flow $47.8 $27.8 $20.0 Adj. Free Cash Flow 1 $40.2 $18.7 $21.5 Trade Working Capital2 $(2.1) $12.9 $(15.0) Very strong FCF and liquidit
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