Mayville Engineering Company, Inc. · NYSE:MEC
Mayville Engineering — Q3 2025 Earnings Presentation
21 slides from Mayville Engineering's earnings presentation, Nov 4, 2025
Slide 1: Mayville Engineering Company 3Q25 Results Presentation
MAYVILLE ENGINEERING COMPANY 3Q25 RESULTS PRESENTATION NOVEMBER 4, 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: 3Q25 Financial Performance
3Q25 FINANCIAL PERFORMANCE DISCIPLINED EXECUTION AND STRATEGIC FOCUS DRIVE PROGRESS IN A CHALLENGING ENVIRONMENT Disciplined execution amid a challenging demand environment 3Q25 Performance Highlights supported Q3 results; accelerating Data Center & Critical Power pipeline signals near-term Net sale
Slide 4: Third Quarter Financial Performance
THIRD QUARTER FINANCIAL PERFORMANCE Net Sales Adj. EBITDA & Margin Adjusted Diluted EPS Free Cash Flow ($MM) ($MM & % of Net Sales) ($/share) ($MM) $144.3 $0.27 $15.1 $135.4 $17.1 $14.1 $0.10 12.6% 11.5% 9.8% 9.0% ($1.1) 3Q24 3Q25 3Q24 3Q25 3Q24 3Q25 3Q24 3Q25 See the appendix for reconciliations of
Slide 5: Near-Term End-Market Outlook
NEAR-TERM END-MARKET OUTLOOK TARIFF AND REGULATORY UNCERTAINTY WEIGH ON NEAR-TERM END-MARKET DEMAND Commercial Vehicle Construction & Access Powersports MEC Net Sales % Change Mid single- digits Flat-to-up (Year-Over-Year) Low single- 1.9% digits (2.4%) Mid- teens (11.9%) (8% - 13%) (16% – 26%) (16%
Slide 6: Near-Term End-Market Outlook
NEAR-TERM END-MARKET OUTLOOK TARIFF AND REGULATORY UNCERTAINTY WEIGH ON NEAR-TERM END-MARKET DEMAND Data Center & Critical Agriculture Military Other MEC Net Sales % Change Power Mid Mid-to- double- 14.8% high 12% - 14% digits single Mid digits (Year-Over-Year) single- 6% - 8% 7% - 9% digits NA Low
Slide 7: 3Q Net Sales & Adj. EBITDA Highlights
3Q NET SALES & ADJ. EBITDA HIGHLIGHTS SOFT COMMERCIAL VEHICLE DEMAND A HEADWIND AS ACCU-FAB SYNERGIES ACCELERATE Commercial Vehicle market remains soft 3Q Net Sales Reconciliation ($s in Millions) $1.0 $0.4 $0.3 $1.4 $1.1 Net sales increased 6.6% y/y in Q3, due primarily to the $21.2 $(1.2) acquisit
Slide 8: Capital Allocation Priorities
CAPITAL ALLOCATION PRIORITIES CAPITAL ALLOCATION PRIORITIES FOCUSED ON MAXIMIZING CASH FLOW AND RETURN ON INVESTED CAPITAL Balanced approach to capital Capital Expenditures allocation ($MM) Debt Paydown Following Accu-Fab Acquisition $59 • Net leverage1 of 3.5x as of September 30, 2025 • Targeting 3
Slide 9: Disciplined Capital Management
DISCIPLINED CAPITAL MANAGEMENT FLEXIBLE BALANCE SHEET WITH AMPLE LIQUIDITY TO SUPPORT LONG TERM GROWTH $250 $225 $248 Total Cash & Available Liquidity1 ($MM) $215 Net Debt $150 ($MM) $82 3.5x Net Leverage 2.1x 1.3x Ratio2 Net Working $63 $64 $48 Capital3 2023 2024 3Q25 1) Assumes continued complianc
Slide 10: Data Center & Critical Power Opportunity
DATA CENTER & CRITICAL POWER OPPORTUNITY DATA CENTER & CRITICAL POWER PIPELINE SIGNALS NEAR-TERM TRANSFORMATIONAL OPPORTUNITY Data Center & Critical Power pipeline exceeds $100MM Opportunity Pipeline ($s in Millions) Pipeline of qualified opportunities continues to expand, driving end $58 market div
Slide 11: Data Center & Critical Power Applications
DATA CENTER & CRITICAL POWER APPLICATIONS COMPREHENSIVE PRODUCT COVERAGE Remote Power MEC offers the capabilities and Panels Uninterrupted footprint to support accelerating Power Systems Busways demand across all major data center and critical power applications Generators & Load Banks • Domestic ma
Slide 12: 2025 Financial Guidance
2025 FINANCIAL GUIDANCE AS OF NOVEMBER 4, 2025 Business Outlook Financial Assumptions Ongoing demand softness Continued discipline in Accu-Fab 2H25E revenue by end Strategic value-based expected to persist in certain executing organic market: pricing and MBX key legacy end markets commercial growth
Slide 13: Pure Play Domestic Metal Fabricator
PURE PLAY DOMESTIC METAL FABRICATOR LARGELY INSULATED FROM TARIFF IMPACT DUE TO 100% DOMESTIC FOOTPRINT 100% Domestic Manufacturing Foreign Direct Material Sourcing % of Total Direct Material Sourced 0.1% 26 Manufacturing 9 States (AR, IL, MI, MS, ~2,450 Employees Facilities NC, OH, PA, VA, WI) Milw
Slide 14: Investment Thesis
INVESTMENT THESIS STRATEGIC EVOLUTION STORY SUPPORTED BY ATTRACTIVE RE-SHORING AND OUTSOURCING MEGA TRENDS Strategic Business Transformation Proven framework of operational excellence Repositioning capacity toward high-growth supports improved capacity utilization and end markets – diversifying from
Slide 15: Appendix
APPENDIX i Ca ot h, ‘ “tag * FaaRicaTio’
Slide 16: Sales by Customer
SALES BY CUSTOMER 2024 2023 2022 2021 15% 17% 17% 17% 28% 28% 35% 39% 11% 15% 14% 16% 5% 4% 10% 11% 6% 7% 11% 6% 12% 4% 5% 6% 7% 7% 9% 5% 6% 8% 9% 10% Paccar John Deere Volvo JLG Honda Navistar Harley Other ONE MEC. ONE MISSION. 16
Slide 17: Historical Net Sales by End Market
HISTORICAL NET SALES BY END MARKET ($MM) 1Q 2Q 3Q Commercial Vehicle $ 50.9 $ 49.1 $ 39.2 Construction & Access 19.5 20.2 22.1 2025 Powersports Data Center & Critical Power 22.2 4.1 19.6 5.0 23.0 22.6 Year-to-Date Agriculture 10.9 9.2 8.1 Military 8.5 8.3 7.4 Other 19.4 20.8 21.9 Total $ 135.6 $ 132
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 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 $ 0.0 ONE MEC. ONE MISSION. 18
Slide 19: Non-GAAP Reconciliation of Adjusted EBITDA
NON-GAAP RECONCILIATION OF ADJUSTED EBITDA Q3 ($MM) 2025 2024 Net income (loss) and comprehensive income (loss) $ (2.7) $ 3.0 Interest expense 3.4 2.7 Provision (benefit) for income taxes (0.7) 0.1 Depreciation and amortization 11.1 9.5 EBITDA $ 11.2 $ $15.2 Stock-based compensation expense 0.8 1.4
Slide 20: Non-GAAP Reconciliation of Adjusted Net Income & Diluted EPS
NON-GAAP RECONCILIATION OF ADJUSTED NET INCOME & DILUTED EPS Q3 ($MM, except share amounts and per share values) 2025 2024 Net income (loss) and comprehensive income (loss) $ (2.7) $ 3.0 Stock-based compensation expense 0.8 1.4 Legal costs due to former fitness customer — 0.5 Natural disaster costs
Slide 21: Non-GAAP Reconciliation of Free Cash Flow
NON-GAAP RECONCILIATION OF FREE CASH FLOW Q3 ($MM) 2025 2024 Net cash provided by operating activities $ 1.9 $ 17.9 Purchase of property, plant and equipment (3.0) (2.9) Free cash flow $ (1.1) $ 15.1 Note: Totals may not sum due to rounding. ONE MEC. ONE MISSION. 21
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