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MAYVILLE ENGINEERING COMPANY 3Q25 RESULTS PRESENTATION NOVEMBER 4, 2025
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SAFE HARBOR STATEMENT 2ONE MEC. ONE MISSION. 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 of operations or liquidity; statements concerning projections, predictions, expectations, estimates or forecasts as to our business, financial and operational results and future economic performance; and statements of management’s goals and objectives and other similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “we believe,” “we intend,” “may,” “will,” “should,” “could,” and similar expressions. Such statements are based on current plans, estimates and expectations and involve a number of known and unknown risks, uncertainties and other factors that could cause the Company's future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. These factors and additional information are discussed in the Company's filings with the Securities and Exchange Commission and statements in this presentation should be evaluated in light of these important factors. Although we believe that these statements are based upon reasonable assumptions, we cannot guarantee future results. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. 2
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3Q25 FINANCIAL PERFORMANCE DISCIPLINED EXECUTION AND STRATEGIC FOCUS DRIVE PROGRESS IN A CHALLENGING ENVIRONMENT 3ONE MEC. ONE MISSION. See the appendix for a reconciliation of Adjusted EBITDA and Free Cash Flow to their most directly comparable GAAP financial measure. 1) Reflects net debt as of September 30, 2025 as a ratio of trailing twelve month Adjusted EBITDA, pro-forma for the acquisition of Accu-Fab. Disciplined execution amid a challenging demand environment supported Q3 results; accelerating Data Center & Critical Power pipeline signals near-term transformational opportunity • Maintained 2025 financial guidance • Accu-Fab integration proceeding on plan, with expected completion by year- end 2025 • Increased 2026 Accu-Fab revenue synergies to $20 to $30 million, as Data Center & Critical Power pipeline exceeds $100 million 3Q25 Performance Highlights Net sales increased 6.6% y/y; organic net sales declined 9.1% Adjusted EBITDA margin of 9.8% in 3Q25 Adjusted Diluted EPS of $0.10 Organic net sales decreased y/y to $123.1 million Free Cash Flow decreased y/y to ($1.1) million Adjusted EBITDA decreased y/y to $14.1 million Ended the quarter with net leverage ratio of 3.5x 1 Awarded ~$30 million in Data Center & Critical Power projects
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THIRD QUARTER FINANCIAL PERFORMANCE 4ONE MEC. ONE MISSION. See the appendix for reconciliations of Adjusted EBITDA, Adjusted Diluted EPS and Free Cash Flow to their most directly comparable GAAP financial measures. Free Cash Flow ($MM) Adjusted Diluted EPS ($/share) Adj. EBITDA & Margin ($MM & % of Net Sales) Net Sales ($MM) 11.5% 9.0% $135.4 $144.3 3Q24 3Q25 $17.1 $14.1 3Q24 3Q25 12.6% 9.8% $0.27 $0.10 3Q24 3Q25 $15.1 ($1.1) 3Q24 3Q25
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NEAR-TERM END-MARKET OUTLOOK TARIFF AND REGULATORY UNCERTAINTY WEIGH ON NEAR-TERM END-MARKET DEMAND 5ONE MEC. ONE MISSION. Outlook Assumptions • Sales pressure from 2027 EPA mandate uncertainty and macro headwinds of tariffs and freight market • 2025 continued tailwind from new program wins, partly offsets broader uncertainty and softening demand • ACT projections reflect 28% y-o-y decline in 2025 and an additional 14% decline in 2026 • Soft residential construction demand as interest rates remain elevated • Non-residential and public infrastructure remains soft due to economic policy uncertainty • Modest recovery in 2026 driven by non-residential and infrastructure projects and anticipated additional interest rate cuts Commercial Vehicle Construction & Access • Continued soft consumer demand due to elevated interest rates • Dealer inventory and production schedules now in alignment with current demand levels; market recovery correlated with a decline in interest rates Powersports MEC Net Sales % Change (Year-Over-Year) Commercial Vehicle Construction & Access (2.4%) (16% – 26%) Powersports 2024A 2025E 2026E Mid- teens Mid single- digits Flat-to-up Low single- digits1.9% (16% - 18%) (11.9%) (8% - 13%)
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NEAR-TERM END-MARKET OUTLOOK TARIFF AND REGULATORY UNCERTAINTY WEIGH ON NEAR-TERM END-MARKET DEMAND 6ONE MEC. ONE MISSION. Outlook Assumptions • Growth driven by rapid expansion of digital and electrical infrastructure with OEMs accelerating capital deployment in support • Accu-Fab acquisition to add $32 - $36 million in 2H25 net sales to this end market with expected mid-teens growth in FY26 • $25 - $30 million in projected revenue synergies in 2026 Data Center & Critical Power • Continued demand softness within large and small ag industry • Anticipated recovery not until mid- 2026 due to lower crop prices, inventory de-stocking and elevated interest rates Agriculture • Solid backlog for U.S. government contracts, strong volumes based on new program introductions and increased service and after-market demand Military • Mid-single digit organic growth due to increased aluminum extrusion demand • Incremental Accu-Fab acquisition revenue Other MEC Net Sales % Change (Year-Over-Year) Data Center & Critical Power Agriculture Military Other 2024A 2025E 2026E (16.8%) (24% - 26%) Low single- digits (22.5%) 7% - 9% Mid single- digits 14.8% 12% - 14% Mid-to- high single digits (Organic Growth before Synergies or Accu- Fab Net Sales Contribution) Mid double- digits NA 6% - 8%
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3Q NET SALES & ADJ. EBITDA HIGHLIGHTS SOFT COMMERCIAL VEHICLE DEMAND A HEADWIND AS ACCU-FAB SYNERGIES ACCELERATE 7ONE MEC. ONE MISSION. Commercial Vehicle market remains soft Positioning capacity for new end market growth Maintained disciplined execution in Q3 despite profitability headwinds driven by continued softness in the Commercial Vehicle market. • Demand in Data Center & Critical Power end market represents near-term opportunity to improve utilization across legacy MEC footprint. • Near-term margin pressure from retaining resources to support the ramp of new Data Center & Critical Power programs. 3Q Net Sales Reconciliation ($s in Millions) 3Q Adjusted EBITDA Reconciliation ($s in Millions) Net sales increased 6.6% y/y in Q3, due primarily to the acquisition of Accu-Fab. • Organic net sales declined 9.1% during Q3, primarily due to lower demand in the Commercial Vehicle end market where Class 8 production fell 38.8%. • Powersports revenue increased 6.4% y/y due to temporary aluminum-related project work. • Organic growth in the Construction & Access end market was 6.2%, driven by increased demand from non-residential construction. $135.4 $21.2 $1.4 $1.1 $1.0 $0.4 $0.3 $(1.2) $(2.3) $(13.0) $144.3 3Q24 Net Sales Accu-Fab Material Price Pass-Throughs Powersports Const. & Access Military Data Center & Critical Power Other Ag. Comm. Vehicle 3Q25 Net Sales $17.1 $5.1 $(0.5) $(0.8) $(3.2) $(3.6) $14.1 3Q24 Adj. EBITDA Accu-Fab Gain Sharing SG&A Legacy MEC Volume / Mix Productivity 3Q25 Adj. EBITDA
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CAPITAL ALLOCATION PRIORITIES CAPITAL ALLOCATION PRIORITIES FOCUSED ON MAXIMIZING CASH FLOW AND RETURN ON INVESTED CAPITAL 8ONE MEC. ONE MISSION. Balanced approach to capital allocation Debt Paydown Following Accu-Fab Acquisition • Net leverage1 of 3.5x as of September 30, 2025 • Targeting 3.0x or lower by the end of 2026 Return-of-capital program • Repurchased $4.6 million of shares YTD offsetting dilution from shares awarded through the Company’s stock-based compensation program • $14.5 million remaining under current authorization Bolt-on acquisitions in complementary vertical markets • Targeting immediately accretive opportunities in complementary markets, and opportunistic additions to entrench our position in steel fabrication Sustaining growth investments • Prioritizing $7 – $10 million of investment in equipment and automation to meet high-growth Data Center & Critical Power demand over the next 18 months Capital Expenditures ($MM) Targeted Growth/Automation Investment ($MM) FY22: $19 FY23: $6 FY24: $6 1) Reflects net debt as a ratio of trailing twelve month Adjusted EBITDA, pro-forma for the acquisition of Accu-Fab. 2) Includes capital expenditures associated with the acquisition of Accu-Fab, completed on July 1, 2025 2022 2023 2024 2025E 2026E Maintenance Growth/Automation Re-purposing of Hazel Park 2 $13 - $17 $15 - $20 $12 $17 $59
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$63 $48 $64 2.1x 1.3x 3.5x $250 $225 $248 $150 $82 $215 DISCIPLINED CAPITAL MANAGEMENT FLEXIBLE BALANCE SHEET WITH AMPLE LIQUIDITY TO SUPPORT LONG TERM GROWTH 9ONE MEC. ONE MISSION. 1) Assumes continued compliance with covenants associated with the current Credit Agreement. This amount would be reduced by the Company’s outstanding borrowings under the Credit Agreement. 2) Reflects net debt as of September 30, 2025 as a ratio of trailing twelve month Adjusted EBITDA, pro-forma for the acquisition of Accu-Fab. 3) The Company calculates Net Working Capital as current assets minus current liabilities Total Cash & Available Liquidity1 ($MM) Net Debt ($MM) Net Leverage Ratio 2 Net Working Capital 3 2023 2024 3Q25
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DATA CENTER & CRITICAL POWER OPPORTUNITY DATA CENTER & CRITICAL POWER PIPELINE SIGNALS NEAR-TERM TRANSFORMATIONAL OPPORTUNITY 10ONE MEC. ONE MISSION. Data Center & Critical Power pipeline exceeds $100MM Opportunity Pipeline ($s in Millions) Accu-Fab Projected Revenue Synergies ($s in Millions) FY26 FY27 FY28 $25 - $30 $30 - $40 $40 - $50 Pipeline of qualified opportunities continues to expand, driving end market diversification and enhance the Company’s earnings profile. • Customers actively seeking reliable domestic supply chains to support accelerating demand from data center and critical power investments. • MEC leveraging domestic manufacturing footprint to position itself as a preferred partner for leading data center and critical power OEMs. • Data center and critical power programs can move from bid to production in as little as 8 – 12 weeks, whereas new programs in legacy MEC end markets typical take 18 – 24 months to reach production. • Approximately $25M in cross-selling awards since close of Accu-Fab acquisition and include the following: Product Value Production Battery Back-up Cabinet $10M 4Q25 Power Distribution Unit $7M 1Q26 Static Transfer Switch $3M 1Q26 Extrusions, Panels & Busway Components $5M 3Q25 – 1Q26 TOTAL $25M *Excludes cost synergies from the implementation of MBX $20 $22 $58 Data Center Extrusions Critical Power 6 Customers 2 Customers1 Customer
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DATA CENTER & CRITICAL POWER APPLICATIONS COMPREHENSIVE PRODUCT COVERAGE 11ONE MEC. ONE MISSION. Uninterrupted Power Systems Generators & Load Banks Switch Gears & Transfer Switches Power Distribution Units (PDUs) Data Center Racks Busways Remote Power PanelsMEC offers the capabilities and footprint to support accelerating demand across all major data center and critical power applications • Domestic manufacturing footprint with flexible and re- deployable asset base enables ability to deliver rapidly and at scale • Value-added capabilities include design, engineering, metal fabrication and specialized finishing for metal enclosures, cabinets, racks, frames, panels and sub- assemblies
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2025 FINANCIAL GUIDANCE AS OF NOVEMBER 4, 2025 12ONE MEC. ONE MISSION. See the appendix for a reconciliation of Adjusted EBITDA and Free Cash Flow to the most directly comparable GAAP financial measure. 2H25E ($MM) 2024A 2025E YoY Change (%) 1H25A Legacy MEC Accu-Fab Revenue $581.6 $528 - $562 (9%) – (3%) $267.9 $222 - $252 $38 - $42 Adjusted EBITDA $64.4 $49 – $55 (24%) – (15%) $26.7 $14 - $18 $8 - $10 Free cash flow $77.7 $25 – $31 (68%) – (60%) $17.9 $4 - $9 $3 - $4 Business Outlook Financial Assumptions Ongoing demand softness expected to persist in certain key legacy end markets through the remainder of the year Continued discipline in executing organic commercial growth initiatives and project launches Strong demand within Data Center & Critical Power, Military and Other end markets Deployment of generated cash flow will be used toward debt repayment and opportunistic share repurchases Accu-Fab 2H25E revenue by end market: • Construction & Access: ~5% • Data Center & Critical Power: ~85% • Other: ~10% Capital expenditures of $13 to $17 million Strategic value-based pricing and MBX operational excellence initiatives totaling $1 to $2 million, net of inflationary pressures in Adj. EBITDA Free cash flow reflects non- recurring costs of $5 to $6 million related to CFO transition, acquisition and restructuring costs
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PURE PLAY DOMESTIC METAL FABRICATOR LARGELY INSULATED FROM TARIFF IMPACT DUE TO 100% DOMESTIC FOOTPRINT 13ONE MEC. ONE MISSION. 26 Manufacturing Facilities Milwaukee, WI (Corporate Headquarters) 9 States (AR, IL, MI, MS, NC, OH, PA, VA, WI) ~2,450 Employees Contract price mechanism passes on impact of tariffs to customers • Minimal impact to margins and no impact to Adj. EBITDA • Reflected in current 2025 guidance Resourcing certain Canadian materials back to the U.S. Foreign Direct Material Sourcing % of Total Direct Material Sourced 4.2% 3.5% 0.1% 100% Domestic Manufacturing ~92% Domestic Material Sourcing Canada China Mexico Note: Figures exclude the impact of the Accu-Fab acquisition completed on July 1, 2025.
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INVESTMENT THESIS STRATEGIC EVOLUTION STORY SUPPORTED BY ATTRACTIVE RE-SHORING AND OUTSOURCING MEGA TRENDS 14ONE MEC. ONE MISSION. Business Transformation to Drive Margin Expansion & Profitable Growth Strategic Business Transformation Favorable Macro-Secular Trends Proven framework of operational excellence supports improved capacity utilization and enables commercial growth Value creation platform expected to drive multi-year Adjusted EBITDA margin improvement and organic revenue growth Repositioning capacity toward high-growth end markets – diversifying from cyclical markets and strengthening margin profile Attractive free cash flow profile to support de-leveraging and provide capacity for self- funded growth Domestic manufacturing capacity and supply chain, positions MEC to capitalize on manufacturing demand and multi-year OEM reshoring and outsourcing trends Skilled workforce provides a one stop, on-demand solution for OEMs Positioned to benefit from major U.S. investment in data center and critical power infrastructure
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APPENDIX
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SALES BY CUSTOMER 16ONE MEC. ONE MISSION. 2021202220232024 17% 14% 11% 10%9% 7% 4% 28% 17% 16% 12% 9%7% 6% 5% 28% 15% 15% 11% 7%6%5% 6% 35% 17% 11% 10% 8%6%5%4% 39% Paccar John Deere Volvo JLG Honda Navistar Harley Other
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HISTORICAL NET SALES BY END MARKET 17ONE MEC. ONE MISSION. ($MM) 1Q 2Q 3Q 4Q Full Year Commercial Vehicle $ 59.0 $ 62.1 $ 51.6 $ 47.2 $ 219.9 Construction & Access 28.4 27.2 20.1 17.0 92.8 Powersports 30.3 30.3 21.6 17.4 99.6 Data Center & Critical Power 3.7 4.8 4.7 4.3 17.5 Agriculture 15.0 14.6 10.4 7.7 47.6 Military 8.0 6.6 7.0 7.4 28.9 Other 17.0 18.0 20.1 20.3 75.3 Total $ 161.3 $ 163.6 $ 135.4 $ 121.3 $ 581.6 ($MM) 1Q 2Q 3Q Commercial Vehicle $ 50.9 $ 49.1 $ 39.2 Construction & Access 19.5 20.2 22.1 Powersports 22.2 19.6 23.0 Data Center & Critical Power 4.1 5.0 22.6 Agriculture 10.9 9.2 8.1 Military 8.5 8.3 7.4 Other 19.4 20.8 21.9 Total $ 135.6 $ 132.3 $ 144.3 2025 Year-to-Date 2024 Note: Totals may not sum due to rounding.
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HISTORICAL MATERIAL PRICE PASS-THROUGH 18ONE MEC. ONE MISSION. 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
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NON-GAAP RECONCILIATION OF ADJUSTED EBITDA 19ONE MEC. ONE MISSION. 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 Legal costs due to former fitness customer — 0.5 Natural disaster costs 0.0 — Acquisition related costs 0.9 — Restructuring 0.6 — Costs recognized on step-up of Accu-Fab acquired inventory 0.6 — Adjusted EBITDA $ 14.1 $ $17.1 Net sales $ 144.3 $ 135.4 EBITDA margin 7.7% 11.2% Adjusted EBITDA margin 9.8% 12.6% Note: Totals may not sum due to rounding.
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NON-GAAP RECONCILIATION OF ADJUSTED NET INCOME & DILUTED EPS 20ONE MEC. ONE MISSION. Note: Totals may not sum due to rounding. 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 0.0 — Acquisition related costs 0.9 — Restructuring 0.6 — Costs recognized on step-up of acquired inventory 0.6 — Acquisition related amortization of intangible assets 3.1 1.7 Tax affect of the above adjustments (1.3) (0.7) Adjusted net income and comprehensive income $ 2.0 $ 5.8 Adjusted Diluted EPS $ 0.10 $ 0.27 Weighted average diluted shares outstanding 20,683,060 21,123,494 Note: Totals may not sum due to rounding.
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NON-GAAP RECONCILIATION OF FREE CASH FLOW 21ONE MEC. ONE MISSION. Note: Totals may not sum due to rounding. 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