Mayville Engineering Company, Inc. · NYSE:MEC
Mayville Engineering — Q1 2026 Earnings Presentation
21 slides from Mayville Engineering's earnings presentation, May 6, 2026
Slide 1: Mayville Engineering Company 1Q26 Results Presentation
MAYVILLE ENGINEERING COMPANY 1Q26 RESULTS PRESENTATION MAY 5, 2026
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT Safe Harbor Statement under the U.S. Private Securities Litigation Reform Act of 1995: This presentation contains statements that are forward-looking in nature which express the beliefs and expectations of management including statements regarding the Company’s expected results
Slide 3: 1Q26 Financial Performance
1Q26 FINANCIAL PERFORMANCE ACCELERATING MOMENTUM AND PROJECT LAUNCHES SET THE STAGE FOR IMPROVED OPERATING LEVERAGE Momentum within Datacenter & Critical Power (DCP) end market continues to build, supporting 2026 1Q26 Performance Highlights demand and margin improvement as projects move from launch
Slide 4: First Quarter Financial Performance
FIRST QUARTER FINANCIAL PERFORMANCE Net Sales Adj. EBITDA & Margin Adjusted Diluted EPS Free Cash Flow ($MM) ($MM & % of Net Sales) ($/share) ($MM) $5.4 $144.8 $12.2 $0.10 $135.6 7.6% $6.5 9.0% 4.7% 4.5% $(0.15) ($6.9) 1Q25 1Q26 1Q25 1Q26 1Q25 1Q26 1Q25 1Q26 See the appendix for reconciliations of A
Slide 5: FY26 End Market Outlook
FY26 END MARKET OUTLOOK DATACENTER & CRITICAL POWER STRENGTH OFFSETS MIXED NEAR-TERM LEGACY DEMAND Commercial Vehicle Datacenter & Critical Power Construction & Access MEC Net Sales % Change Low- teens 9.1% (Year-Over-Year) NA Flat (2.4%) Mid single- digits (Organic growth before cross-selling reven
Slide 6: FY26 End Market Outlook
FY26 END MARKET OUTLOOK DATACENTER & CRITICAL POWER STRENGTH OFFSETS MIXED NEAR-TERM LEGACY DEMAND Agriculture Military Other Powersports MEC Net Sales % Change 14.8% 10.3% (Year-Over-Year) 7.0% 1.9% Flat Flat High single- High- (14.0%) digits (22.5%) teens (16.8%) (24.5%) 2024A 2025A 2026E Outlook
Slide 7: 1Q Net Sales & Adj. EBITDA Highlights
1Q NET SALES & ADJ. EBITDA HIGHLIGHTS POSITIONED TO REALIZE OPERATING LEVERAGE AS DCP MOMENTUM ACCELERATES AND PROGRAMS RAMP Strength in DCP drives growth 1Q Net Sales Reconciliation ($s in Millions) The Accu-Fab acquisition and accelerating momentum in the $0.7 $0.5 $2.5 DCP end market drove net sa
Slide 8: Capital Allocation Priorities
CAPITAL ALLOCATION PRIORITIES CAPITAL ALLOCATION PRIORITIES FOCUSED ON MAXIMIZING CASH FLOW AND RETURN ON INVESTED CAPITAL Balanced approach to capital Capital Expenditures allocation ($MM) $59 Debt Paydown Following Accu-Fab Acquisition • Net leverage1 of 4.4x as of March 31, 2026 • Targeting 3.0x
Slide 9: Disciplined Capital Management
DISCIPLINED CAPITAL MANAGEMENT IMPROVING LIQUIDITY PROFILE TO SUPPORT LONG TERM GROWTH $225 $223 $261 Total Cash & Available Liquidity1 ($MM) $205 $219 Net Debt ($MM) $82 3.7x 4.4x Net Leverage Ratio2 1.3x $54 $57 $48 Net Working Capital3 2024 2025 1Q26 1) Assumes continued compliance with covenants
Slide 10: Q2 2026 Financial Guidance & 2026 Outlook
Q2 2026 FINANCIAL GUIDANCE & 2026 OUTLOOK AS OF MAY 5, 2026 2Q 2026 Guidance Full Year Outlook Ongoing demand softness expected to persist in key legacy end Datacenter & Critical Power end market: markets partly offset by ramping revenues within the Datacenter & • Low-teens organic growth before cro
Slide 11: Datacenter & Critical Power Opportunity
DATACENTER & CRITICAL POWER OPPORTUNITY DATACENTER & CRITICAL POWER PIPELINE SIGNALS NEAR-TERM TRANSFORMATIONAL OPPORTUNITY Opportunity Pipeline ($s in Millions) Datacenter & Critical Power pipeline exceeds $125MM $98 Pipeline of qualified opportunities continues to expand, driving end market divers
Slide 12: Datacenter & Critical Power Applications
DATACENTER & CRITICAL POWER APPLICATIONS COMPREHENSIVE PRODUCT COVERAGE Remote Power MEC offers the capabilities and Panels Uninterrupted footprint to support accelerating Power Systems Busways demand across all major datacenter and critical power applications Generators & Load Banks • Domestic manu
Slide 13: Datacenter Build-Out Opportunity
DATACENTER BUILD-OUT OPPORTUNITY ASSESSING MEC’S SERVICEABLE ADDRESSABLE MARKET (SAM) IN DATACENTERS Datacenter Infrastructure Cost MEC’s current OEM exposure % of Total Cost by Category provides exposure of ~19% to ~22% Land Acquisition & Building Construction of total datacenter infrastructure IT
Slide 14: Pure Play Domestic Metal Fabricator
PURE PLAY DOMESTIC METAL FABRICATOR LARGELY INSULATED FROM TARIFF IMPACT DUE TO 100% DOMESTIC FOOTPRINT 100% Domestic Manufacturing Foreign Direct Material Sourcing % of Total Direct Material Sourced 22 Manufacturing 9 States (AR, IL, MI, MS, ~2,400 Employees Facilities in Use NC, OH, PA, VA, WI) 1.
Slide 15: Investment Thesis
INVESTMENT THESIS DIVERSIFIED PLATFORM POSITIONED FOR CYCLICAL RECOVERY AND DATACENTER-LED GROWTH Strategic Repositioning for Higher-Value Growth Proven framework of operational excellence Current available capacity supports ability supports improved capacity utilization and to benefit from cyclical
Slide 16: Appendix
APPENDIX
Slide 17: Historical Net Sales by End Market
HISTORICAL NET SALES BY END MARKET ($s in Millions) 1Q Commercial Vehicle $ 38.8 Construction & Access 20.1 2026 Powersports Datacenter & Critical Power 23.3 23.6 Year-to-Date Agriculture 10.3 Military 5.8 Other 22.8 Total $ 144.8 ($s in Millions) 1Q 2Q 3Q 4Q Full Year Commercial Vehicle $ 50.9 $ 49
Slide 18: Historical Material Price Pass-Through
HISTORICAL MATERIAL PRICE PASS-THROUGH Material Price Pass-Throughs (Y-o-Y Change in $MMs) 1Q 2Q 3Q 4Q Full Year 2024 $ — $ (1.1) $ (0.7) $ (0.2) $ (2.0) 2025 $ (1.9) $ 0.5 $ 1.4 $ 2.5 $ 2.5 2026 $ 2.5 ONE MEC. ONE MISSION. 18
Slide 19: Non-GAAP Reconciliation of Adjusted EBITDA
NON-GAAP RECONCILIATION OF ADJUSTED EBITDA Q1 ($MM) 2026 2025 Net income (loss) and comprehensive income (loss) $ (8.2) $ 0.0 Interest expense 3.7 1.6 Provision (benefit) for income taxes (3.3) (0.0) Depreciation and amortization 11.0 9.5 EBITDA $ 3.1 $ 11.1 Stock-based compensation expense 0.8 1.1
Slide 20: Non-GAAP Reconciliation of Adjusted Net Income & Diluted EPS
NON-GAAP RECONCILIATION OF ADJUSTED NET INCOME & DILUTED EPS Q1 ($MM, except share amounts and per share values) 2026 2025 Net income (loss) and comprehensive income (loss) $ (8.2) $ 0.0 Loss on extinguishment of debt 0.1 — Stock-based compensation expense 0.8 1.1 Restructuring and impairment 2.4 —
Slide 21: Non-GAAP Reconciliation of Free Cash Flow
NON-GAAP RECONCILIATION OF FREE CASH FLOW Q1 ($MM) 2026 2025 Net cash provided by (used in) $ (2.8) $ 8.3 operating activities Purchase of property, plant and (4.2) (3.0) equipment Free cash flow $ (6.9) $ 5.4 Note: Totals may not sum due to rounding. ONE MEC. ONE MISSION. 21
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