"A Leader in zero- and

low-emission transportation"

BLUE BIRD CORPORATION (NASDAQ: BLBD)

Investor Presentation

May 2024

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, business strategies or expectations for our business. Specifically, forward-looking statements include statements regarding guidance, seasonality, product mix and gross profits and may include statements relating to:

• InherentIntroductionslimitations of internal controls& Forwardimpacting financial-LookingstatementsStatements •

  • Growth opportunities

•

Future profitability

•

• Ability to expand market share

•

• Customer demand for certain products

Financial Results

•

Economic conditions (including tariffs) that could affect fuel costs, commodity costs,

•

industry size and financial conditions of our dealers and suppliers

  • Labor or other constraints on the Company's ability to maintain a competitive cost structure

Volatility in the tax base and other funding sources that support the purchase of buses by our end customers

Lower or higher than anticipated market acceptance for our products

Other statements preceded by, followed by or that include the words "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," "target" or similar expressions

Future impacts from the novel coronavirus pandemic known as "COVID-19," and any other pandemics, public health crises, or epidemics, on capital markets, manufacturing and supply chain abilities, consumer and customer demand, school system operations, workplace conditions, and any other unexpected impacts

These forward-looking statements are based on information available as of the date of this presentation, and current expectations, forecasts and assumptions, and involve a number of judgments, risksOutlookand uncertaintiesand .GuidanceAccordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except

as may be required under applicable securities laws. The factors described above, as well as risk factors described in reports filed with the SEC by Blue Bird Corporation (available at www.sec.gov), could cause our actual results to differ materially from estimates or expectations reflected in such forward-looking statements.

Q&A

2

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 defined as net income or loss prior to discontinued operations income or loss, interest income, interest expense including the component of lease expense (whichIntroductionsis presented as a &singleForwardoperating expense-Lookingin selling,Statementsgeneral 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 NetFinancialIncome is netResultsincome 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,Outlook(i) other companiesand inGuidanceBlue 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.

Q&A

3

Agenda

Investment Highlights

School Bus Industry Overview

Company & Product Highlights

FY2024 Objectives

Growth Runway

4

Investment Highlights

Countercyclical

National Commitment

The Leader

Expanding our TAM

Reducing Costs

Profitable Growth

Strong industry growth ahead with a backdrop of healthy funding and an aging school bus fleet

Beneficiary of $5B US Government's commitment to the electrification of school buses

Leading market position in alternative power and electric school buses

Product portfolio further diversified through introduction of EV commercial chassis offering

Reducing structural costs through Lean Transformation

Pricing aligned to market economics and volatility

EBITDA margins of ~12% in 2024 and 14%+ the longer-term

5

School Bus Industry Overview

6

Industry Highlights

500k+

OEMs

School Bus Customers

Lion

~3,400

Contractors

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

Population of school age children increasing -- Increasing average age of existing fleet - Federal funding for clean school buses

Relatively Clear Funding Sources

Property taxes are primary source of funding; volume tracks housing prices

7

Type C & D School Bus Industry

  • Industry avg size is 30,500 new units annually based on Polk registrations
  • Total fleet of school buses is ~515,000 units and average age is about 10 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

FY2023 industry expected to be ~27k units as industry production capacity is still constrained by supplier shortages;

core funding and demand is healthy at pre-pandemic order levels

Source: R.L. Polk New Registrations, based on Type C/D school buses & non-school buses in US/CAN registered thru Dec. 2023

8

Fleet Age Profile Supports Industry Levels

~515K School Buses on the Road as of the end of CY2022

40,000

35,000

30,000

25,000

20,000

15,000

10,000

5,000

-

43%+ of the fleet is

10 years and older

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~221K buses in service for more than 10 years supports high annual replacement volume

Source: R.L. Polk VIO, based on Type C/D school buses and non-school buses in US/CAN thru Dec. 2022

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Company & Product Highlights

10

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Disclaimer

Blue Bird Corporation published this content on 13 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 May 2024 10:26:12 UTC.