Mayville Engineering Company, Inc. · NYSE:MEC
Mayville Engineering — Q4 2025 Earnings Presentation
24 slides from Mayville Engineering's earnings presentation, Mar 4, 2026
Slide 1: Mayville Engineering Company 4Q25 Results Presentation
MAYVILLE ENGINEERING COMPANY 4Q25 RESULTS PRESENTATION MARCH 3, 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: 4Q25 Financial Performance
4Q25 FINANCIAL PERFORMANCE STRONG DEMAND IN THE DATA CENTER & CRITICAL POWER (DC&CP) END MARKET DROVE GROWING PIPELINE Strength in the Data Center & Critical Power end market, partially offset by softness in several legacy 4Q25 Performance Highlights end markets; disciplined execution positioning th
Slide 4: Fourth Quarter Financial Performance
FOURTH QUARTER FINANCIAL PERFORMANCE Net Sales Adj. EBITDA & Margin Adjusted Diluted EPS Free Cash Flow ($MM) ($MM & % of Net Sales) ($/share) ($MM) $134.3 $9.2 4Q24 4Q25 $35.6 $121.3 $6.3 ($0.01) 7.6% 4.7% $10.2 4Q24 4Q25 4Q24 4Q25 ($0.08) 4Q24 4Q25 See the appendix for reconciliations of Adjusted
Slide 5: Full Year Financial Performance
FULL YEAR FINANCIAL PERFORMANCE Net Sales Adj. EBITDA & Margin Adjusted Diluted EPS Free Cash Flow ($MM) ($MM & % of Net Sales) ($/share) ($MM) $64.4 $581.6 $0.86 $77.7 $546.5 $47.1 11.1% 8.6% $0.31 $26.9 FY2024 FY2025 FY2024 FY2025 FY2024 FY2025 FY2024 FY2025 See the appendix for reconciliations of
Slide 6: FY26 End-Market Outlook
FY26 END-MARKET OUTLOOK TARIFF AND REGULATORY UNCERTAINTY WEIGH ON NEAR-TERM END-MARKET DEMAND Commercial Vehicle Construction & Access Powersports MEC Net Sales % Change Mid single- (Year-Over-Year) digits 1.9% (2.4%) Mid- Mid Single- single- digits (11.9%) (12.6%) digits (14.0%) (19.2%) 2024A 2025
Slide 7: FY26 End-Market Outlook
FY26 END-MARKET OUTLOOK TARIFF AND REGULATORY UNCERTAINTY WEIGH ON NEAR-TERM END-MARKET DEMAND Data Center & Critical Agriculture Military Other MEC Net Sales % Change Power 14.8% Low- teens 10.3% (Year-Over-Year) 9.1% 7.0% NA Flat Mid single- digits Mid- (16.8%) teens (22.5%) (Organic Growth before
Slide 8: 4Q Net Sales & Adj. EBITDA Highlights
4Q NET SALES & ADJ. EBITDA HIGHLIGHTS POISED TO SCALE WITH ACCELERATING DEMAND IN THE DATA CENTER & CRITICAL POWER (DC&CP) END MARKET Momentum building in DC&CP end market 4Q Net Sales Reconciliation ($s in Millions) Net sales increased 10.7% y/y in Q4, due primarily to the acquisition of Accu-Fab a
Slide 9: Full Year Net Sales & Adj. EBITDA Highlights
FULL YEAR NET SALES & ADJ. EBITDA HIGHLIGHTS LOW CUSTOMER UTILIZATION WEIGHED ON REVENUE GROWTH AND MARGINS Commercial Vehicle weighed on revenue growth FY25 Net Sales Reconciliation ($s in Millions) Net sales decreased 6.0% y/y in 2025, primarily due to the softness in the Commercial Vehicle end ma
Slide 10: Capital Allocation Priorities
CAPITAL ALLOCATION PRIORITIES CAPITAL ALLOCATION PRIORITIES FOCUSED ON MAXIMIZING CASH FLOW AND RETURN ON INVESTED CAPITAL Balanced approach to capital Capital Expenditures allocation ($MM) $59 Debt Paydown Following Accu-Fab Acquisition • Net leverage1 of 3.7x as of December 31, 2025 • Targeting 3.
Slide 11: Disciplined Capital Management
DISCIPLINED CAPITAL MANAGEMENT FLEXIBLE BALANCE SHEET WITH AMPLE LIQUIDITY TO SUPPORT LONG TERM GROWTH $250 $225 $223 Total Cash & Available Liquidity1 ($MM) $205 Net Debt $150 ($MM) $82 3.7x Net Leverage 2.1x 1.3x Ratio2 $63 Net Working $48 $54 Capital3 2023 2024 2025 1) Assumes continued complianc
Slide 12: Q1 and Full-Year 2026 Financial Guidance
Q1 AND FULL-YEAR 2026 FINANCIAL GUIDANCE AS OF MARCH 3, 2026 1Q 2026 Guidance Full-Year 2026 Guidance Ongoing demand softness expected to persist in key legacy end Data Center & Critical Power end market: markets • Low-teens organic growth before cross-selling synergies or incremental revenue in 202
Slide 13: Data Center & Critical Power Opportunity
DATA CENTER & CRITICAL POWER OPPORTUNITY DATA CENTER & CRITICAL POWER PIPELINE SIGNALS NEAR-TERM TRANSFORMATIONAL OPPORTUNITY Opportunity Pipeline ($s in Millions) $93 Data Center & Critical Power pipeline exceeds $125MM Pipeline of qualified opportunities continues to expand, driving end market div
Slide 14: Data Center & Critical Power Applications
DATA CENTER & CRITICAL POWER APPLICATIONS COMPREHENSIVE PRODUCT COVERAGE Remote Power MEC offers the capabilities and Panels Uninterrupted footprint to support accelerating Power Systems Busways demand across all major data center and critical power applications Generators & Load Banks • Domestic ma
Slide 15: Data Center Build-Out Opportunity
DATA CENTER BUILD-OUT OPPORTUNITY ASSESSING MEC’S SERVICEABLE ADDRESSABLE MARKET (SAM) IN DATA CENTERS Data Center Infrastructure Cost MEC’s current OEM exposure % of Total Cost by Category provides exposure of ~19% to ~22% Land Acquisition & Building Construction of total data center infrastructure
Slide 16: Pure Play Domestic Metal Fabricator
PURE PLAY DOMESTIC METAL FABRICATOR LARGELY INSULATED FROM TARIFF IMPACT DUE TO 100% DOMESTIC FOOTPRINT 100% Domestic Manufacturing Foreign Direct Material Sourcing % of Total Direct Material Sourced 26 Manufacturing 9 States (AR, IL, MI, MS, ~2,400 Employees Facilities NC, OH, PA, VA, WI) 1.7% Milw
Slide 17: Investment Thesis
INVESTMENT THESIS STRATEGIC EVOLUTION STORY SUPPORTED BY ATTRACTIVE RE-SHORING AND OUTSOURCING MEGA TRENDS Strategic Business Transformation Proven framework of operational excellence Evaluating opportunistic, bolt-on supports improved capacity utilization and acquisitions in complementary adjacent
Slide 18: Appendix
APPENDIX
Slide 19: Sales by Customer
SALES BY CUSTOMER 2025 2024 2023 2022 3% 3% 3% 3% 3% 2% 2% 1% 5% 5% 5% 6% 6% 6% 6% 7% 30% 38% 35% 7% 8% 7% 9% 44% 8% 10% 11% 12% 10% 16% 11% 15% 17% 15% 17% 14% Paccar John Deere Volvo JLG Honda Cummins International Caterpillar Other ONE MEC. ONE MISSION. 19
Slide 20: Historical Net Sales by End Market
HISTORICAL NET SALES BY END MARKET ($s in Millions) 1Q 2Q 3Q 4Q Full Year Commercial Vehicle $ 50.9 $ 49.1 $ 39.2 $ 38.4 $ 177.7 Construction & Access 19.5 20.2 22.1 19.2 81.0 2025 Powersports Data Center & Critical Power 22.2 4.1 19.6 5.0 23.0 22.6 20.9 20.4 85.7 52.1 Agriculture 10.9 9.2 8.1 7.7 3
Slide 21: 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 $ 2.5 $ 2.5 ONE MEC. ONE MISSION. 21
Slide 22: Non-GAAP Reconciliation of Adjusted EBITDA
NON-GAAP RECONCILIATION OF ADJUSTED EBITDA Full Year Q4 ($MM) 2025 2024 2025 2024 Net income (loss) and comprehensive income (loss) $ (8.1) $ 26.0 $ (4.4) $ 16.0 Interest expense 10.2 11.0 3.8 2.0 Provision (benefit) for income taxes (5.9) 7.6 (5.0) 5.1 Depreciation and amortization 41.3 37.6 11.1 9
Slide 23: Non-GAAP Reconciliation of Adjusted Net Income & Diluted EPS
NON-GAAP RECONCILIATION OF ADJUSTED NET INCOME & DILUTED EPS Full Year Q4 ($MM, except share amounts and per share values) 2025 2024 2025 2024 Net income (loss) and comprehensive income (loss) $ (8.1) $ 26.0 $ (4.4) $ 16.0 CFO transition costs 1.1 — — — Acquisition related costs 3.4 — 0.2 — Stock-ba
Slide 24: Non-GAAP Reconciliation of Free Cash Flow
NON-GAAP RECONCILIATION OF FREE CASH FLOW Full Year Q4 ($MM) 2025 2024 2025 2024 Net cash provided by operating $ 38.6 $ 89.8 $ 13.4 $ 38.0 activities Purchase of property, plant and $ (11.6) $ (12.1) (3.2) (2.3) equipment Free cash flow $ 26.9 $ 77.7 $ 10.2 $ 35.6 Note: Totals may not sum due to ro
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