FY24 Financial Guidance Update

Adj. EBITDA Reconciliation BLUE BIRD Reconciliation of Net Income (Loss) to Adjusted EBITDA Three Months Ended September 30, 2023 October 1, 2022 Twelve Months Ended September 30, 2023 October 1, 2022 (in thousands of dollars) Net income (loss) Adjustments: $ 18,618 $ (23,095) $ 23,812 $ (45,759) Interest expense, net (1) 3,457 5,277 17,380 14,973 Income tax expense (benefit) 8,661 (5,134) 8,953 (11,451) Depreciation, amortization, and disposals (2) 4,437 4,425 17,914 15,212 Operational transformation initiatives 624 1,562 1,757 7,213 Loss on debt modification 71 537 632 Share-based compensation expense 1,944 537 4,173 3,690 Product redesign initiatives 549 Stockholder transaction costs 1,119 7,371 Micro Bird total interest expense, net; income tax expense or benefit; depreciation expense and amortization expense 1,850 117 Other 5,456 574 (90) 285 Adjusted EBITDA $ 40,710 $ (16,240) $ 87,927 $ (14,746) Adjusted EBITDA Margin (percentage of net sales) 13.4 % (6.3)% 7.8 % (1.8)% (1) Includes $0.1 million for both three months ended September 30, 2023 and October 1, 2022, and $0.4 million and $0.3 million for the twelve months ended September 30, 2023 and October 1, 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 September 30, 2023 and October 1, 2022, respectively, and $1.8 million and $1.1 million for the twelve months ended September 30, 2023 and October 1, 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. 35

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