Positioned for Strong Recovery in FY2023 & Beyond

FY2023 Guidance Raised: Strong profitability in FY2023-H2 $ Millions FY2022 Actuals FY2023 Initial Guidance FY2023 Updated Guidance B/(W) Vs. Prior Year Net Revenue $800 - $900 $1,000 $1,000 $1,050 $200 - $250 FY23-Q1 with headwinds from old backlog pricing Improved volumes expected during Q2 and Q3, combined with increased margins (higher pricing Adj. EBITDA1 $(15) $35 - $45 $40 - $46 $55 - $61 and lower raw materials costs) Adj. Free Cash Flow1 $(23) $0 - $10 $5 - $11 $28 - $34 BLUE BIRD Q3 and Q4 back to historical margins, driven by improved pricing and higher EV bus volumes Return to historical profitability in FY23, Q4 run-rate Adj. EBITDA of ~$80M+ on ~$1Bn Revenues See appendix for additional detail regarding non-GAAP measures 20 20

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