Blue Bird (BLBD) Investor presentation summary

Investment highlights

• Strong industry growth expected, supported by healthy funding and an aging school bus fleet.

• Leading position in alternative power and electric school buses, with over 60% of sales from non-diesel units.

• Beneficiary of federal and state subsidies for school bus electrification.

• Expanded total addressable market through commercial chassis offerings and the Micro Bird acquisition.

• Structural cost reductions via Lean Transformation and pricing aligned to market volatility, targeting EBITDA margins of ~14% in 2025 and 15%+ long-term.

Industry overview

• Over 500,000 school buses operate in the U.S. and Canada, transporting 26 million children daily.

• Industry size averages 30,500 new units annually, with a total fleet of ~552,000 and an average age of 11 years.

• 45% of school buses are 11 years or older, supporting high annual replacement demand.

• Funding is primarily sourced from property taxes, with demand driven by population growth and fleet age.

Company and product highlights

• Offers the most expansive range of school buses, seating 10 to 90 passengers, with multiple fuel options including electric, propane, gasoline, and diesel.

• Manufacturing footprint covers the U.S. and Canada, with over 50 dealers and 250+ service centers.

• Micro Bird acquisition adds commercial shuttle buses and strengthens EV integration, expanding growth opportunities.

• Launched Blue Bird Energy Services and Clean Bus Solutions JV to provide turnkey charging infrastructure.