Mayville Engineering Company, Inc. · NYSE:MEC
Mayville Engineering — Q2 2025 Earnings Presentation
17 slides from Mayville Engineering's earnings presentation, Aug 6, 2025
Slide 1: Mayville Engineering Company 2Q25 Results Presentation
MAYVILLE ENGINEERING COMPANY 2Q25 RESULTS PRESENTATION AUGUST 6, 2025
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: 2Q25 Financial Performance
2Q25 FINANCIAL PERFORMANCE DISCIPLINED EXECUTION DRIVES SEQUENTIAL EBITDA MARGIN IMPROVEMENT Sequential Adjusted EBITDA margin improvement and 2Q25 Performance Highlights consistent free cash flow generation is driven by our lean operations and cost savings Net sales declined 19.1% y/y, due Free Cas
Slide 4: Second Quarter Financial Performance
SECOND QUARTER FINANCIAL PERFORMANCE Net Sales Adj. EBITDA & Margin Adjusted Diluted EPS Free Cash Flow ($MM) ($MM & % of Net Sales) ($/share) ($MM) $163.6 $19.6 $0.26 $19.2 $132.3 $13.7 $12.5 12.0% 11.5% 10.3% $0.10 9.0% 2Q24 2Q25 2Q24 2Q25 2Q24 2Q25 2Q24 2Q25 See the appendix for reconciliations o
Slide 5: 2025 End-Market Outlook
2025 END-MARKET OUTLOOK TARIFF AND REGULATORY UNCERTAINTY WEIGH ON NEAR-TERM END-MARKET DEMAND Commercial Vehicle Construction & Access Powersports MEC Net Sales % Change 5.8% 11.7% 1.9% (5.6%) (Year-Over-Year) (2.4%) (11.9%) (8%) – (13%) (9%) – (14%) (18%) – (22%) Agriculture Military Other 50.3% 4
Slide 6: 2Q Net Sales & Adj. EBITDA Highlights
2Q NET SALES & ADJ. EBITDA HIGHLIGHTS STRATEGIC EXECUTION AND OPERATIONAL DISCIPLINE SUPPORTED POSITIVE FREE CASH FLOW Economic uncertainty is weighing on demand 2Q Net Sales Reconciliation ($s in Millions) Net sales decreased 19.1% y/y in Q2, due to soft demand across the majority of our end-market
Slide 7: 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) Debt Paydown Following Accu-Fab Acquisition $59 • Net leverage of 1.4x as of June 30, 2025 • Pro-forma post-ac
Slide 8: Disciplined Capital Management
DISCIPLINED CAPITAL MANAGEMENT FLEXIBLE BALANCE SHEET WITH AMPLE LIQUIDITY TO SUPPORT LONG TERM GROWTH $250 $225 Total Cash & $185 Available Liquidity1 ($MM) $150 Total Debt $82 $72 ($MM) 2.1x Net Leverage 1.3x 1.4x Ratio2 Net Working $63 Capital3 $48 $44 2023 2024 2Q25 1 Assumes continued complianc
Slide 9: 2025 Financial Guidance
2025 FINANCIAL GUIDANCE AS OF AUGUST 6, 2025 Business Outlook Financial Assumptions Ongoing demand softness Continued discipline in Year-over-year revenue change by Strategic value-based expected to persist in key executing organic end market: pricing and MBX legacy end markets through commercial gr
Slide 10: 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 0.1% 22 Manufacturing 7 States (WI, OH, MI, PA, ~2,200 Employees Facilities VA, AR, MS) Milwaukee, W
Slide 11: Investment Thesis
INVESTMENT THESIS STRATEGIC EVOLUTION STORY SUPPORTED BY ATTRACTIVE RE-SHORING AND OUTSOURCING MEGA TRENDS Strategic Business Transformation Proven framework of operational excellence Evaluating opportunistic, bolt-on supports improved capacity utilization and acquisitions in complementary adjacent
Slide 12: Appendix
APPENDIX i Ca ot h, ‘ “tag * FaaRicaTio’
Slide 13: Sales by Customer
SALES BY CUSTOMER 2024 2023 2022 2021 15% 17% 17% 17% 28% 28% 35% 39% 11% 15% 14% 16% 5% 4% 10% 11% 6% 7% 11% 6% 12% 4% 5% 6% 7% 7% 9% 5% 6% 8% 9% 10% Paccar John Deere Volvo JLG Honda Navistar Harley Other ONE MEC. ONE MISSION. 13
Slide 14: 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 2023 $ (9.9) $ (8.3) $ (0.5) $ (0.4) $ (19.1) 2024 $ — $ (1.1) $ (0.7) $ (0.2) $ (2.0) 2025 $ (1.9) $ 0.5 $ (1.4) ONE MEC. ONE MISSION. 14
Slide 15: Non-GAAP Reconciliation of Adjusted EBITDA
NON-GAAP RECONCILIATION OF ADJUSTED EBITDA Q2 ($MM) 2025 2024 Net income (loss) and comprehensive income (loss) $ (1.1) $ 3.8 Interest expense 1.4 3.0 Provision (benefit) for income taxes (0.2) 1.4 Depreciation and amortization 9.6 9.4 EBITDA $ 9.7 $ $17.5 Stock-based compensation expense 1.0 1.3 Le
Slide 16: Non-GAAP Reconciliation of Adjusted Net Income & Diluted EPS
NON-GAAP RECONCILIATION OF ADJUSTED NET INCOME & DILUTED EPS Q2 ($MM, except share amounts and per share values) 2025 2024 Net income (loss) and comprehensive income (loss) $ (1.1) $ 3.8 Stock-based compensation expense 1.0 1.3 Legal costs due to former fitness customer — 0.8 CFO transition costs 1.
Slide 17: Non-GAAP Reconciliation of Free Cash Flow
NON-GAAP RECONCILIATION OF FREE CASH FLOW Q2 ($MM) 2025 2024 Net cash provided by operating activities $ 15.0 $ 23.3 Purchase of property, plant and equipment (2.4) (4.1) Free cash flow $ 12.5 $ 19.2 Note: Totals may not sum due to rounding. ONE MEC. ONE MISSION. 17
Mayville Engineering Company — Q2 2025 Earnings Presentation on 6ix