#1BLUE BIRD SCHOOL BUS ER WOR BLUE BIRD "A Leader in zero- and Ⓡ low-emission transportation" BLUE BIRD CORPORATION (NASDAQ: BLBD) Investor Presentation September 2023#2Important 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: • Inherent limitations of internal controls impacting financial statements Growth opportunities • Future profitability • 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 Ability to expand market share Customer demand for certain products • 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 • 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, risks and uncertainties. Accordingly, 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. Forward-looking statements in this document also may include, but are not limited to, statements regarding the pricing of the share repurchase, the potential tender offer by Blue Bird for shares of its common stock, and the benefits and timing of any potential tender offer. Many risks, contingencies and uncertainties could cause actual results to differ materially from Blue Bird's forward-looking statements. Among these factors are the risk that Blue Bird may decide not to commence the tender offer, and that if Blue Bird does commence a tender offer, that the offer may not be completed. BLUE BIRD 2#3Important 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 (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. BLUE BIRD 3#4Agenda Investment Highlights School Bus Industry Overview Company & Product Highlights FY2023 Objectives Growth Runway BLUE BIRD SCHOOL BUS 4#5Investment Highlights Countercyclical National Commitment 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 The Leader Expanding our TAM Leading market position in alternative power and electric school buses Product portfolio further diversified through introduction of EV commercial chassis offering Reducing Costs Reducing structural costs through Lean Transformation Profitable Growth Pricing aligned to market economics and volatility BLUE BIRD EBITDA margins of 10% in 2-3 years and 12% in 4-5 years, in a normalized operating environment 5#6BLUE BIRD School Bus Industry Overview 6#7Industry Highlights School buses are America's largest mass transit system 500K+ school buses in operation in the U.S. and Canada transporting 26 MILLION KIDS to school on a daily basis 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 BLUE BIRD 7#8Type C & D School Bus Industry 1985 2004 2005 2006 2007 2008 Long Term Avg. ('85-'19) Mean: 31,000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2003 1993 1994 1995 1996 1997 -Historical Registrations 1998 1999 2000 2001 2002 Industry avg size (pre-COVID) is 31,000 new units annually based on Polk registrations ■ Total fleet of school buses is ~515,000 units and average age is about 10 years 1986 1987 1988 1989 1990 1991 1992 ☐ 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 Industry size is driven by: 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. 2022 BLUE BIRD 8#9Fleet Age Profile Supports Industry Levels ~515K School Buses on the Road as of the end of CY2022 40,000 35,000 43%+ of the fleet is 10 years and older 30,000 25,000 20,000 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 ~221K buses in service for more than 10 years supports high annual replacement volume BLUE BIRD Source: R.L. Polk VIO, based on Type C/D school buses and non-school buses in US/CAN thru Dec. 2022 9#10BLUE BIRD Company & Product Highlights 10 10#11Introduction to Blue Bird ■ 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 SCHOOL BUS SCHOOL BUS Dedicated Manufacturing Footprint Micro Bird JV Facility (Drummondville, Quebec, Canada) Parts Distribution Center (Delaware, Ohio) Blue Bird South and Assembly (Fort Valley, Georgia) Corporate Office (Macon, Georgia) SCHOOL BUS SCHOOL BUS School Bus Industry Products Type C Buses (Conventional) Seating Capacity: 36-83 Fuel Types: Diesel, Propane, CNG, Gasoline, Electric Type D RE Buses (Rear Engine, Transit- Style) Seating Capacity: 66-84 Fuel Types: Diesel, CNG, Electric Type D FE Buses (Front Engine, Transit- Style) Seating Capacity: 54-90 Fuel Type: Diesel Type A Buses Seating Capacity: 10-30 Fuel Types: Diesel, Propane, Gasoline, Electric (2018) Blue Bird offers most expansive range, from 10 to 90 passengers with multiple body and engine choices BLUE BIRD 11 0#12Proven Leadership in Clean Technologies Diesel Gas Propane CNG Electric Alt-Power mix 11,649 11,317 11,017 10,616 10,378 48% 48% 9,064 17% 17% 26% 38% 34% 50% 8,878 58% 6,679 6,822 POWERED BY PROPANE POWERED BY CNG POWERED BY ELECTRICITY POWERED BY GASOLINE ■ Proven track record of leadership in new technologies; more than 50% of unit sales are non-diesel ■ Leader in electric and propane- powered school buses; the future of school transportation $5B of Federal funding secured in the infrastructure bill for electric school buses will accelerate adoption Launched its Blue Bird Energy Services business to provide turnkey charging infrastructure solutions for electric school bus fleets FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 BLUE BIRD Trusted lower-emission school bus brand with a proven track record in the school bus business 12#13EPA Clean School Bus Rebate Program Program Overview • $5B funding over 5 years • ~$1B released in 2022 (Phase I) ~2k buses to be ordered, from ~2.5k awards • Some districts elected not to move forward • ~$185M reallocated to future years Phase-2022 Lottery Results Blue Bird Corporate and Dealers Other OEMs ~300 690 Loyal BB Customers and Channel Partners ~250 Phase I – Benefit to Blue Bird - • >$165M revenue • >550 orders BLUE BIRD • -760 To be Ordered Lifetime Benefit to Blue Bird $1B+ potential revenue for Blue Bird 3,000+ orders Blue Bird on track for over 550 orders from Phase I of the program 13#14EPA Clean School Bus Grant Program - Phase II Phase II - $400M Competitive Grant Program Timeline Anticipated Orders Application period May - Aug 2023 Anticipated Selection Nov 2023 - Jan 2024 Jan - Mar 2024 • Extensive project narrative and evaluation criteria • School district applicants: 15-50 bus orders Third party applicants (OEMs, bus distributors, or private school bus contractors): 25-100 bus orders BLUE BIRD Estimated to fund ~1,000 buses through 25-50 total awards $600M Phase III Program expected to be announced later in 2023 Anticipating 250+ Blue Bird bus orders through Blue Bird, dealer and contractor channels 14#15Build Complete Ecosystem for EV School Bus Deployment END OF LIFE Determine recycling program for used batteries after use SERVICE & SUPPORT Connect with dealer and EV system provider to support and service bus throughout its lifetime TELEMATICS Set up a solution to track bus performance, diagnostics and more DEPLOYMENT Build and deliver buses, as well as offer driver, safety and technician training services BLUE BIRD 三 BLUE BIRD EV ECOSYSTEM $ ASSESSMENT Determine what bus best fits the customer's needs based on terrain, climate and route planning FINANCING Identify financing through grants, tax breaks, subsidies or lending services F INFRASTRUCTURE Assess infrastructure needs and connect to the right partners for energy sourcing and infrastructure installation V2G/V2X Create vehicle-to-grid plan with revenue potential and utility involvement 15#16BLUE BIRD FY2023 Objectives 16#17Reminder of Key Focus Areas in FY2023 Our People BLUE BIRD Take CARE of Employees DELIVER Profitable Growth DELIGHT Customers & Dealers • Lean Transformation • Wage and salary increase • Quality Leadership Teams Paid vacation days added Working environment enhanced • Span of control narrowed NEW • Suggestion/ideas program launched by We Care team • • Collective bargaining with USW Expanding Our TAM • trained and launched 6 Sigma, 5S, Kaizen, Kanban ... Rapid quality-feedback process with dealers NEW • Cut setup to booking time Inventory reduced and shifted from warehouse to plant Scaling EV 17#18Increasing EV Throughput with New EV Build Up Center EV BUILDUP CENTER ◉ Increased production in Third Quarter from 2 EV's per day to 4 per day, on one shift ▪ Later this year, increasing production up to 6 EV's per day on one shift ■ Opportunity to build 12 per day on two shifts ■ New footprint will support expansion of throughput to 20 per day, as demand grows Scaling production capacity up to 20 EV school buses per day, as market develops BLUE BIRD 18#19Legacy backlog units behind us, FY23-H2 back to normal margins 28% 100% 100% 72% Status 07/01/23 Production Quarter 64% 74% 31% 57% 82% 92% 36% 26% 16% 12% 7% 2% HH FY22-Q1 FY22-Q2 FY22-Q3 FY22-Q4 FY23-Q1 FY23-Q2 FY23-Q3 FY23-Q4 Forecast BLUE BIRD FY23 Orders to go FY23 Backlog (20-25% pricing) FY22 Newer Backlog (11-15% pricing) FY21 Old Backlog (0-5% pricing) FY2024 Model Year price increase $2,500/bus Newer backlog and increasingly improved pricing in place for remainder of FY23 19 19#20Raising guidance for a strong finish in FY2023, driving $70M+ Rev. $235 1 Adj. EBITDA $300 $294 $280 - $300 $1,110 - $1,130 $M ✓ Q3 Adj. EBITDA guidance exceeded ✓ Raising Q4 and FY23 Adj. EBITDA guidance ✓ Record Revenues and Record EVs in FY2023 73 70 - 76 29 28 20 26-32 ~9% ~10% (4) ~7% ~6.5% ~(21% FY23-Q1 Actual FY23-Q2 Actual FY23-Q3 Actual FY23-Q4 FY23 Total BLUE BIRD Turnaround completed and ahead of schedule; FY23 on track to be second best year ever for Blue Bird See appendix for additional detail regarding non-GAAP measures 20 20#21FY2023 Guidance Raised: Strong profitability in FY2023 $ Millions FY2022 Actuals FY2023 Initial Dec. Guidance FY2023 Feb. Updated Guidance FY2023 May Updated Guidance FY2023 Aug. Updated Guidance B/(W) Vs. Prior Year Net Revenue $800 $900 - $1,000 $1,000 $1,050 - $1,085 $1,135 $1,110 - $1,130 $310 - $330 Adj. EBITDA1 $(15) $35 - $45 $40 - $46 $55 - $65 $70 - $76 $85 - $91 Adj. Free Cash Flow1 $(23) $0 - $10 $5 - $11 $30 - $40 $70-$80 $93 - $103 BLUE BIRD Turnaround completed and ahead of schedule; FY23 on track to be second best year ever for Blue Bird See appendix for additional detail regarding non-GAAP measures 21 22#22Positioned for Strong Recovery in FY2023 & Beyond 45,000 Bookings 23%+ = ~8,400 units NA School Bus Industry Class 6-7* 40,000 36.8k 35.8k 36.1k 35,000 Revenue 40%+ = ~$1.1 Billion 30,000 39.6k 38.7k 36.6k 32.6k 29.6k 29.5k 26.4k 25.7k 25,000 Parts Revenue 20%+ = $92+ Million 20,000 15,000 Adj. EBITDA $88M+ = ~$73 Million 10,000 5,000 EV Bookings 85%+ = 500+ units BLUE BIRD ~10% CAGR FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 *ACT Retail Sales - as of April 2023 Substantial turnaround completed, business performing very well and industry outlook incredibly strong 22 22#23FY24 Base Case Guidance shows improvement over FY23 1 Adj. EBITDA ($M) Rev. ($M) +12 (+16%) 85 75 - 95 73 70-76 FY24 Guidance Downside Base Case Upside Supply Chain Units 8,000 8,500 9,000 Revenues $M $1,100 $1,150 $1,200 Adj. EBITDA $M Adj. EBITDA % $75 $85 ~7.0% ~7.5% $95 ~8.0% ~6.5% ~7.5% FY23 FY24 $1,110 - $1,130 With the current Supply Chain environment, Blue Bird plans to deliver as a Base Case in FY24: ~$1.2B in Revenue and Adj. EBITDA of $85M/~7.5% $1,100 - $1,200 BLUE BIRD See appendix for additional detail regarding non-GAAP measures 23 23#24BLUE BIRD Solid Growth Runway 24 24#25Long-term Outlook Driven by EV growth and Lean Transformation Units Revenues $M Diesel Gas/Propane EV CNG 2023 2024 Outlook → Rev. $M I Guidance Guidance 12,000 11,317 11,646 12,000 11,017 10,500 11,000 3,000 10,000 9,500 8,878 8,400 8,500 2,500 2,000 8,000 6,679 6,822 1,750 2,000 6,000 1,500 1,500 4,000 1,019 1,120 1,150 1,250 879 1,000 991 1,025 800 684 2,000 5,000 3,500 500 0 7 56 158 146 269 500 2017 2018 2019 2020 2021 2022 2023 Fcst 750 2024 1,500 2,500 0 Short Term Base Case (Normal Year) Mid Term Mid Term Long Term (Low) (High) 300 12.0% Adj. EBITDA % Adj. EBITDA $M 11.0% 10.0% 200 8.0% 7.0% 6.9% 6.2% 7.5% 8.0% 6.5% 5.1% 250 100 200 150 69 70 82 55 35 -15 73 85 100 0 -1.8% 2017 2018 2019 2020 2021 2022 2023 Fcst 2024 Base Case Short Term Mid Term Mid Term Long Term (Normal Year)! (Low) (High) BLUE BIRD Growth path towards 5,000 EV's, $2B Revenue and 12% Adj. EBITDA (~$250M) See appendix for additional detail regarding non-GAAP measures 25 25#26Strong Outlook Ahead for Blue Bird / Investment Highlights Countercyclical National Commitment The Leader Expanding our TAM 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 Costs Reducing structural costs through Lean Transformation Profitable Growth Pricing aligned to market economics and volatility 26 26 BLUE BIRD EBITDA margins of 10% in 2-3 years and 12% in 4-5 years, in a normalized operating environment#27BLUE BIRD Appendix 27 27#28FY2023 Q3 and YTD Financial Results FINANCIAL HIGHLIGHTS FY2023 Q3 Results UNITS SOLD NET SALES 2,137 $294M +411 vs.'22 +$88M vs. '22 Adjusted EBITDA Adjusted FCF $28M $43M +$19M vs. '22 +$83M vs.'22 See appendix for additional detail regarding non-GAAP measures BLUE BIRD FINANCIAL HIGHLIGHTS FY2023 YTD Results UNITS SOLD NET SALES 6,398 $830M +1,592 vs.'22 +$287M vs.'22 Adjusted EBITDA Adjusted FCF $44M $86M +$42M vs.'22 +$138M vs.'22 28#29Q3 Income Statement ($ Millions) FY2023 FY2022 B/(W) Unit Volume 2,137 1,726 411 Unit Backlog 5,199 6,297 (1,098) Net Revenue $294.3 $206.1 $88.2 Bus Rev./Unit ($000's) $126.5 $108.1 $18.4 Gross Margin 15.5% 10.5% 500 bps Adj. Net Income¹ $14.5 $(2.9) $17.4 Adj. EBITDA¹ $28.0 $8.8 $19.2 Adj. EBITDA Margin¹ 9.5% 4.3% 520 bps Adj. Diluted EPS1 $0.44 $(0.09) $0.53 BLUE BIRD Significant turnaround in both top-line revenue and bottom-line results 1See appendix for additional detail regarding non-GAAP measures 29 29#30Q3 Balance Sheet and Cash Flow ($ Millions) Cash Debt Liquidity 1 Operating Cash Flow Adj. Free Cash Flow 2 Trade Working Capital* FY2023 FY2022 B/(W) $50.5 $26.5 $24.0 $(134.9) $(213.6) $78.7 $134.2 $60.2 $74.0 $39.4 $(43.0) $82.4 $42.8 $(40.2) $83.0 $2.0 $(45.5) $47.5 Strong Free Cash-Flow for FY23-Q3, driven by Operating Cash Flow and return to profitability BLUE BIRD * Inventories, accounts receivable and accounts payable 1Minimum liquidity covenant for FY23-Q3 of $30M 2See appendix for additional detail regarding non-GAAP measures 30#31FY2022-Q3 to FY2023-Q3 Adj. EBITDA Walk ($ Millions) Q3 Unit Volume FY2022 1,726 FY2023 2,137 Delta +411 +19.2 (+219%) 3.6 8.8 13.8 6.7 28.0 (4.9) 4.3% of Net Rev. FY22-Q3 Adj. EBITDA Bus Vol., Price-Mat. Bus Operations Parts Gross OPEX/Other Profit 9.5% of Net Rev. FY23-Q3 Adj. EBITDA Significant improvements in Pricing, Operations and Parts drove very strong FY23 Q3 results BLUE BIRD See appendix for additional detail regarding non-GAAP measures 31#32After increases in CY23-Q2, US spot steel prices declined in CY23-Q3, with futures suggesting relatively stable pricing over the summer US Steel Prices, USD/ST, Jan '21- Oct '23 US Steel Price $/ST HR - CR 2,500 2,000 1,500 1,000 500 BLUE BIRD Futures Corridor T T Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep 2021- 2022 2023 Sources: CME, AMM Fastmarkets 32#33Adj. EBITDA Reconciliation BLUE BIRD Reconciliation of Net Income (Loss) to Adjusted EBITDA Three Months Ended Nine Months Ended (in thousands of dollars) Net income (loss) July 1, 2023 July 2, 2022 S 9,358 $ (6,435) $ July 1, 2023 5,194 $ July 2, 2022 (22,664) Adjustments: Interest expense, net (1) 4,353 3,976 13,923 9,696 Income tax expense (benefit) 1,884 2,860 292 (6,317) Depreciation, amortization, and disposals (2) 5,481 3,642 13,477 10,787 Operational transformation initiatives 196 4,065 1,133 5,651 Share-based compensation expense 941 667 2,229 3,153 Product redesign initiatives - 15 - 549 Stockholder transaction costs 5,509 6,252 Loss on debt modification 537 561 Other 293 2 574 285 Adjusted EBITDA $ 28,015 $ 8,792 $ 43,611 $ 1,701 Adjusted EBITDA Margin (percentage of net sales) 9.5 % 4.3 % 5.3 % 0.3 % (1) Includes $0.1 million for both three months ended July 1, 2023 and July 2, 2022, and $0.3 million and $0.2 million for the nine months ended July 1, 2023 and July 2, 2022, respectively, representing interest expense on operating lease liabilities, which are a component of lease expense and presented as a single operating expense in selling, general and administrative expenses on our Condensed Consolidated Statements of Operations. (2) Includes $0.5 million and $0.2 million for the three months ended July 1, 2023 and July 2, 2022, respectively, and $1.3 million and $0.6 million for the nine months ended July 1, 2023 and July 2, 2022, respectively representing amortization charges on right-of-use lease assets, which are a component of lease expense and presented as a single operating expense in selling, general and administrative expenses on our Condensed Consolidated Statements of Operations. 33#34Free Cash Flow Reconciliation BLUE BIRD (in thousands of dollars) Reconciliation of Free Cash Flow to Adjusted Free Cash Flow Three Months Ended July 1, 2023 July 2, 2022 Nine Months Ended July 1, 2023 July 2, 2022 Net cash provided by (used in) operating activities 39,415 (43,041) $ 84,131 $ Cash paid for fixed assets (2,650) (1,270) (6,390) (54,451) (4,748) Free cash flow 36,765 (44,311) $ 77,741 (59,199) Cash paid for product redesign initiatives 15 549 Cash paid for operational transformation initiatives 196 4,065 Cash paid for other items 293 1,133 574 5,651 285 Adjusted free cash flow 42,763 (40,229) 85,700 (52,714) 34#35Adjusted EPS Reconciliation BLUE BIRD Three Months Ended (in thousands of dollars) July 1, 2023 Net income (loss) $ 9,358 $ Adjustments, net of tax benefit or expense (1) Operational transformation initiatives Product redesign initiatives Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss) 145 Nine Months Ended July 1, 2023 5,194 $ July 2, 2022 (22,664) 4,238 July 2, 2022 (6,435) $ 3,049 838 11 412 Share-based compensation expense Stockholder transaction costs Loss on debt modification Other Adjusted net income (loss), non-GAAP 696 500 1,649 2,365 4,077 4,626 397 421 $ 217 14,493 $ 2 (2,873) 425 214 13,129 (15,014) (1) Amounts are net of estimated tax rates of 26% for the three and nine months ended July 1, 2023, and 25% for the three and nine months ended July 2, 2022. Reconciliation of Diluted EPS to Adjusted Diluted EPS Three Months Ended July 1, 2023 July 2, 2022 Nine Months Ended July 1, 2023 Diluted earnings (loss) per share $ 0.29 $ (0.20) $ 0.16 $ July 2, 2022 (0.74) One-time charge adjustments, net of tax benefit or expense 0.15 0.11 0.25 0.25 Adjusted diluted earnings (loss) per share, non- GAAP $ 0.44 $ (0.09) $ 0.41 $ (0.49) Adjusted weighted average dilutive shares outstanding 32,598,938 32,303,649 32,335,381 30,955,646 35#36BLUE BIRD Investor Relations Contact Information Mark Benfield [email protected] 36