Blue Bird : BLBD Investor Presentation - May 2026

Published: 2026-05-12 14:56:08 ET BLBD

Published on 05/12/2026 at 02:56 pm EDT

May 2026

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 on the calculation of some of these terms is included in the Appendix.

Adjusted EBITDA is defined as net income or loss prior to discontinued operations income or loss, interest income, interest expense including the component of lease expense (which is presented as a single operating expense in selling, general and administrative expenses in our GAAP financial statements) that represents interest expense on lease liabilities, income taxes, depreciation and amortization including the component of lease expense (which is presented as a single operating expense in selling, general and administrative expenses in our

GAAP financial statements) that represents amortization charges on right-to-use lease assets, and disposals, as adjusted to add back certain charges that we may record each year, such as stock-compensation expense, as well as non-recurring charges such as (i) significant product design changes; (ii) transaction related costs; (iii) discrete expenses related to major cost cutting initiatives; or (iv) costs directly attributed to the COVID-19 pandemic (3). We believe these expenses are not considered an indicator of ongoing company performance. We define Adjusted EBITDA margin as Adjusted EBITDA as a percentage of net sales.

Adjusted Net Income is net income or loss as adjusted to add back certain costs as mentioned above. Adjusted Diluted Earnings per Share represents Adjusted Net Income or loss available to common stockholders divided by diluted weighted average common shares outstanding (as if we had GAAP net income during the respective period). Adjusted Net Income and Adjusted Diluted Earnings per Share are calculated net of taxes.

Free cash flow represents net cash provided by/used in operating activities minus cash paid for fixed assets, Adjusted Free Cash Flow represents Free Cash Flow minus cash paid for (i) significant product design changes; (ii) transaction related costs; or (iii) discrete expenses related to major cost cutting initiatives.

There are limitations to using non-GAAP measures. Although Blue Bird believes that such measures may enhance an evaluation of Blue Bird's operating performance and cash flows, (i) other companies in Blue Bird's industry may define such measures differently than Blue Bird does and, as a result, they may not be comparable to similarly titled measures used by other companies in Blue Bird's industry and (ii) such measures may exclude certain financial information that some may consider important in evaluating Blue Bird's performance and cash flows.

Agenda

Investment Highlights

School Bus Industry Overview

Company & Product Highlights

FY2025 Objectives

Growth Runway

Strong indus try growth ahead with a backdrop of healthy funding and an aging s chool bus fleet

Countercyclical

Beneficiary of Federal and State s ubs idies for the electrification of s chool bus es

National Commitment

Leading market pos ition in alternative power and electric s chool bus es

The Leader

TAM expanded and divers ified; introduction of commercial chas s is offering and Micro Bird acquis ition

Expanding our TAM

Reducing s tructural cos ts through Lean Trans formation

Reducing Costs

Pricing aligned to market economics and volatility

Profitable Growth

EBITDA margins of ~14% in 2025 and 15%+ in the longer-term

500k+

OEMs

School Bus Customers

Thomas

Blue Bird

~3,400

Contractors

~10,000

School

Dis tricts

High barriers to entry

Highly s pecialized product -- Complex s tate and cus tomer requirements -- Dealer and s ervice network -- Cus tomer relations hip driven bus ines s

Demand Drivers

Population of s chool age children increas ing -- Increas ing average age of exis ting fleet - Federal funding for c lean s chool bus es

Relatively Clear Funding Sources

Property taxes are primary s ource of funding; volume tracks hous ing prices

Mean: 30,532

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

Industry size is driven by:

Number of school age children

Age of existing fleet - most states set 15 years as a replacement target

Average ridership per bus

Funding - primarily from property tax

FY2026 industry expected to be ~32.6k units; core funding and demand is healthy at pre-pandemic order levels

31,020

Historical Registrations

Long Term Avg. ('85-'24)

~552K School Buses on the Road as of Sept 2025

Average fleet age ~11 years

Low replacements due to

s upply chain challenges

40,000

35,000

30,000

25,000

20,000

45% of School Buses are 11 years and older!

15,000

10,000

5,000

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35

~250K buses in service for more than 10 years supports high annual replacement volume

Dedicated Manufacturing Footprint

Headquartered in Macon, Georgia

Leader in alternative power; #1 in electric & propane school buses

60%+ of Blue Bird sales are non-diesel; <10-20% for competitors

Full range of chassis that can be offered to third parties, led by EV

Manufacturing footprint strategically positioned to serve the entire U.S. market

Dedicated dealer network with more than 50 dealers and more than

250 service centers

Micro Bird Facility (Drummondville, Quebec, Canada)

Parts Distribution Center (Delaware, Ohio)

Blue Bird South and Assembly

(Fort Valley, Georgia)

Micro Bird Facility (Plattsblurgh, NY)

Corporate Office

(Macon, Georgia)

School Bus Indus try Products

Type C Bus es

(Conventional) Seating Capacity: 36-83

Fuel Types: Diesel,

Propane, Gasoline, Electric

Type D RE Bus es

(Rear Engine, Transit-Style)

Seating Capacity: 66-84

Fuel Types: Diesel, Electric

Type D FE Bus es

(Front Engine, Transit-Style)

Seating Capacity: 54-90

Fuel Type: Diesel

Type A Bus es

Seating Capacity: 10-30 Fuel Types: Diesel, Propane, Gasoline,

Electric

Blue Bird offers most expansive range, from 10 to 90 passengers with multiple body and engine choices

Strategic Value Proposition

By The Numbers

Blue

Buy America Commercial Shuttle Bus

Future growth, expands Blue Bird TAM

Market dominated by one player, entrance

opportunities

Growth

Established in 2009

Two facilities:

Drummondville, Quebec

Organizational & Bus ines s Synergies

Integration activities have already begun

Translates to overall efficiency

Integrated EV Solutions

Proven EV integration with over four million miles

driven

Adaptability to Type C & D markets

Technology

Plattsburgh, New York

950 people welcomed into

the Bird family

Over 50,000 vehicles produced since inception

School, Multi-Purpose, Multi-Function and

Efficiency

Commercial Shuttle Bus portfolio

Fits the "Putting the Balance Sheet to Work"

strategy, in a safe and accretive way

A tremendous opportunity for growth, technology, efficiency

14,000

12,000

10,000

Diesel Gas / Propane CNG Electric Alt-Power mix

62%

58%

50%

48%

Proven track record of leadership in new technologies; more than 60% of unit sales are non- diesel

56%

Leader in electric and propane-

powered school buses; the future

of school transportation

8,000

6,000

4,000

2,000

25%

17%

26%

34%

38%

Beneficiary of Federal and State

subsidies for electric school buses

to accelerate adoption

20%• Launched its Blue Bird Energy Services and Clean Bus Solutions JV business to provide turnkey charging infrastructure solutions for electric school bus fleets

FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025

Trusted lower-emission school bus brand with a proven track record in the school bus business

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

Additional interest with large national delivery

fleets

First order received in January 2026

Production to start FY26-Q4

Blue Bird Forecast Improved to $230M (Pre-transaction)

Rev.

$333

$353

~$400

~$450

$1,515 - $1,565

230

Adj. EBITDA

Growing EV sales, and H2 Revenue in the $400M+ range

Growing H2 Adj. EBITDA in the $55M - $75M range

Consistent H2 double-digit levels of 15% - 16% Adj. EBITDA

220 - 240

H2 Before Micro Bird Consolidation

14.4%

15.0%

50 51

55 - 65

Solid FY26-H1 at ~15% Margin, with profitable growth expected to accelerate in FY26-H2

~15%

65 - 75

~16%

~15%

FY26-Q1

Actual

FY26-Q2

Actual

FY26-Q3

FY26-Q4

FY26 Total

Units

2,135

2,148

~2,500

~2,700

~9,500

t/o EV

121

(~6%)

201

(~9%)

~250

(~10%)

~325

(~12%)

~900

(~10%)

FY2026 Guidance Raised to $245M (Post-transaction)

Rev.

$333

(~$95)

$353

(~$95)

~$400

+$100

~$500

~$450

+$110

~$560

$1,725 - $1,775

245

Adj. EBITDA

235 - 255

Micro Bird JV Unconsolidated

Includes 50% JV Adj. EBITDA

Consolidating Micro Bird Revenue

Adding other 50% of Adj. EBITDA

15.0%

50 (t/o MB ~5)

14.4%

51 (t/o MB ~5)

60 - 70

~13%

75 - 85

~14%

FY26-Q1

Actual

FY26-Q2

Actual

FY26-Q3

FY26-Q4

FY26 Total

Units

2,135

2,148

~3,600

~4,100

~12,000

t/o EV

121

(~6%)

201

(~9%)

~300

(~8%)

~425

(~10%)

~1,050

(~9%)

Accelerated revenue profitable growth in FY26-H2, Guidance raised to $245M / 14%

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 Flow1

$153

$40 - $60

t/o New Plant $(75)

$100 - $125

t/o New Plant $(25)

$(53) - $(28)

t/o New Plant $(25)

FY2026 expected to be another record year for Blue Bird for both top-line and bottom-line

$ Millions

FY2025

Actuals

FY2026

Guidance

(February 2026)

FY2026

Updated Guidance

B/(W)

Vs . Prior Year

Key Elements of Strategic Positioning

Business Continuity & Long Term Stability

Profitable

Growth

Margin

Expansion

Putting the Balance Sheet to Work

Positioning the Company for the Long-Term

Disclaimer

Blue Bird Corporation published this content on May 12, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 12, 2026 at 18:55 UTC.