Positioned for Strong Recovery in FY2023 & Beyond

FY2022-Q1 to FY2023-Q1 Adj. EBITDA Walk ($ Millions) Q1 Unit Volume FY2023 -1,957 FY2022 1,149 Delta - 808 3.6 3% of Net Rev. FY22-Q1 Adj. EBITDA BLUE BIRD -7.8 0.9 4.6 (2)% of Net Rev. (4.2) 15.0 20.8 ୮ 10.0 8% of Net Rev. (13.3) Bus Gross Profit Parts Gross Profit OPEX/Other FY23-Q1 Adj. EBITDA Addback Add FY23 H2 Legacy Volume and Simulated FY23-Q1 Pricing Pricing/Costs Adj. EBITDA to FY22 + Higher Volume + Higher Volume + Lower Fixed Costs Legacy Pricing + Increased Margins FY23-Q1 is the last quarter with significant number of legacy old priced buses from 2021, with effect of ~$(10)M See appendix for additional detail regarding non-GAAP measures 28

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