Mayville Engineering Company (MEC) Investor presentation summary

Strategic positioning and business overview

• Leading U.S. provider of vertically integrated design, engineering, and fabrication solutions with 27 facilities and ~2,400 employees, serving diverse OEM customers across multiple end markets.

• Recent diversification into high-growth data center and critical power markets supports profitable growth as legacy markets recover.

• Fully domestic manufacturing footprint across nine states, with 100% domestic production and ~90% domestic material sourcing, minimizing tariff exposure.

• Sole-sourced manufacturer for over 95% of products, fostering long-term customer relationships and stable pricing.

• Well-positioned to benefit from OEM reshoring and outsourcing trends, with a disciplined capital allocation strategy focused on debt reduction and value creation.

Financial performance and outlook

• 2025 net sales decreased 6% year-over-year to $546.5M, primarily due to softness in commercial vehicle and agriculture markets, partially offset by the Accu-Fab acquisition.

• Adjusted EBITDA for 2025 was $47.1M (8.6% margin), down from $64.4M (11.1%) in 2024; free cash flow was $26.9M.

• Q4 2025 net sales rose 10.7% year-over-year to $134.3M, driven by data center & critical power growth and Accu-Fab integration.

• 2026 guidance projects net sales of $580–$620M, adjusted EBITDA of $50–$60M, and free cash flow of $25–$35M.

• Net leverage at year-end 2025 was 3.7x, with a target of 3.0x or lower by end of 2026.

Market trends and growth drivers

• Data center & critical power pipeline exceeds $125M, with $40–$50M in expected 2026 revenue synergies from Accu-Fab.

• Data center infrastructure investment expected to grow at a 16% CAGR through 2030; current serviceable addressable market is $3.2B.

• Commercial vehicle and agriculture markets remain soft, with modest recovery expected in 2H26; data center & critical power expected to drive low-teens organic growth in 2026.

• Powersports and construction & access markets show signs of stabilization and growth due to new business wins and infrastructure projects.

• Strategic focus on cross-selling, new product development, and capturing market share through commercial excellence and operational initiatives.