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MAYVILLE ENGINEERING COMPANY 2Q26 RESULTS PRESENTATION AUGUST 4 , 2026 mec
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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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2Q26 FINANCIAL PERFORMANCE DCP AND IMPROVING LEGACY MARKETS DRIVE REVENUE GROWTH AND MARGIN EXPANSION 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 a ratio of trailing twelve-month Adjusted EBITDA calculated per under the Company’s current credit agreement. Accelerating activity and improving utilization support margin realization; robust Datacenter & Critical Power (DCP) demand and recovery in several key legacy markets underpin strategic investment for profitable growth • Q2 results supported by 173% organic growth in DCP and recovery in the Commercial Vehicle end market • Secured ~$40M of new DCP awards during the second quarter • $94M net equity offering proceeds increased financial flexibility to reduce debt and fund growth investments 2Q26 Performance Highlights Net sales increased to $163.0 million, +23.2% y/y Adjusted EBITDA margin was 8.1% in 2Q26 Adjusted Diluted EPS of $0.07 Free Cash Flow of ($6.6) million Adjusted EBITDA decreased y/y to $13.2 million Ended the quarter with net leverage ratio of 2.9x 1 DCP end market qualified opportunity pipeline continues to exceed $125 million Organic net sales increased 9.2% y/y to $144.5 million
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$132.3 $163.0 2Q25 2Q26 SECOND QUARTER FINANCIAL PERFORMANCE 4ONE MEC. ONE MISSION. See the appendix for reconciliations of Adjusted EBITDA, Adjusted Diluted EPS and Free Cash Flow to their most directly comparable GAAP financial measures. Free Cash Flow ($MM) Adjusted Diluted EPS ($/share) Adj. EBITDA & Margin ($MM & % of Net Sales) Net Sales ($MM) $13.7 $13.2 2Q25 2Q26 10.3% 8.1% $0.16 $0.07 2Q25 2Q26 $12.5 ($6.6) 2Q25 2Q26
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FY26 END-MARKET OUTLOOK DATACENTER & CRITICAL MOMENTUM BUILDS AND KEY LEGACY MARKETS START TO RECOVER 5ONE MEC. ONE MISSION. Outlook Assumptions • Softness in 1Q y-o-y followed by a recovery and anticipated strong acceleration in order activity in 2H26 supported by improved freight market fundamentals and further clarity around 2027 EPA mandate • Current 2026 ACT projections reflect a 9.1% y-o-y increase • Growth driven by rapid expansion of digital and electrical infrastructure with OEMs accelerating capital deployment in support • $50 - $60 million in projected cross-selling revenue in 2026 • Incremental revenue of ~$27 million in 2026 related to full-year ownership of Accu-Fab Commercial Vehicle Datacenter & Critical Power • Steady recovery in non-residential and infrastructure projects • Soft residential construction demand as interest rates remain elevated Construction & Access MEC Net Sales % Change (Year-Over-Year) Commercial Vehicle (~29% of TTM Revenue) Construction & Access (~14% of TTM Revenue) 2024A 2025A 2026E (Organic Growth before cross-selling revenue) (2.4%) (19.2%) High single- digits NA 9.1% Low- teens Datacenter & Critical Power (~16% of TTM Revenue) (11.9%) (12.6%) Mid single- digits
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FY26 END-MARKET OUTLOOK DATACENTER & CRITICAL MOMENTUM BUILDS AND KEY LEGACY MARKETS START TO RECOVER 6ONE MEC. ONE MISSION. Outlook Assumptions • Program reductions due to customers ongoing offshoring initiatives • Dealer inventory and production schedules in alignment with current demand levels Powersports • Continued demand softness within Large Ag, offset by ongoing recovery within the Small Ag industry • Large Ag recovery not anticipated until 2027 due to challenging farm economy characterized by lower crop prices, elevated input costs and an uncertain trade environment Agriculture • Volumes subdued due to program transition delays Military • Modest activity due to growth initiatives focused within Datacenter & Critical Power Other MEC Net Sales % Change (Year-Over-Year) 2024A 2025A 2026E Flat (16.8%) (24.5%) (22.5%) 7.0% 1.9% (14.0%) Low- teens High- teens 14.8% 10.3% Low single- digits Powersports (~15% of TTM Revenue) Agriculture (~6% of TTM Revenue) Military (~4% of TTM Revenue) Other (~16% of TTM Revenue)
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$13.7 $3.9 $2.8 $(2.3) $(2.1) $(1.7) $(1.1) $13.2 2Q25A Adj. EBITDA Accu-Fab Legacy Volume / Mix Gain Sharing Launch Costs SG&A Other 2Q26A Adj. EBITDA $132.3 $18.5 $8.7 $3.1 $2.6 $2.1 $(1.9) $(1.6) $(0.6) $(0.2) $163.0 2Q25 Net Sales Accu-Fab Datacenter & Critical Power Material Price Pass-Throughs Construction & Access Commercial Vehicle Military Powersports Other Agriculture 1Q26 Net Sales 2Q NET SALES & ADJ. EBITDA HIGHLIGHTS ACCELERATING DCP DEMAND AND PROGRAM RAMPS POSITION MEC TO REALIZE IMPROVED OPERATING LEVERAGE 7ONE MEC. ONE MISSION. Robust DCP demand is driving growth Positioning for improved operating leverage New DCP programs continued to ramp during the quarter, supported by strong operational execution. • Increasing production activity across key legacy end markets drove improved utilization across MEC's footprint. • DCP launch-related and outsourcing costs to remain elevated through 2H26, supporting aggressive customer timelines. Costs are temporary and expected to subside as workforce productivity ramps and targeted capacity investments are complete. • Capacity allocation is increasingly focused on higher-value opportunities that support long-term returns and profitability. 2Q Net Sales Reconciliation ($s in Millions) 2Q Adjusted EBITDA Reconciliation ($s in Millions) DCP momentum accelerated, delivering 173% organic growth with the qualified opportunity pipeline continuing to exceed $125 million. • Commercial Vehicle returned to growth as improving Class 8 production supported stronger customer demand. • Construction & Access delivered 14.7% growth, benefiting from healthy non-residential construction activity. • Powersports demand remains challenged as OEMs continue to pursue offshoring initiatives.
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Capital Expenditures ($MM) 2022 2023 2024 2025 2026E 2027E Maintenance Growth/Automation Re-purposing of Hazel Park CAPITAL ALLOCATION PRIORITIES BALANCED CAPITAL ALLOCATION: GROWTH INVESTMENT, DELEVERAGING, AND BOLT-ON M&A 8ONE MEC. ONE MISSION. Balanced approach to capital allocation Targeted Growth/Automation Investment ($MM) FY25: $5 FY26E: $20-$25 FY27E: $30-$40 1) Reflects net debt as a ratio of trailing twelve-month Adjusted EBITDA calculated per under the Company’s current credit agreement. 2) Includes capital expenditures associated with the acquisition of Accu-Fab, completed on July 1, 2025. $59 $17 $12 $12 $25 - $35 $40 - $50 2 Bolt-on acquisitions in complementary vertical markets • Targeting accretive opportunities that expand capacity, enhance our competitive position and deepen our presence in complementary markets and metal fabrication Targeted growth investments • Demand from Datacenter & Critical Power exceeds current capacity • Generate high-return organic growth by investing in equipment, automation & infrastructure • Targeting $35 - $50 million in organic growth investments with a payback period of 2-3 years and minimum IRR threshold of 15% Consistent Debt Paydown • Net leverage1 of 2.9x as of June 30, 2026 • Targeting under 2.5x by the end of 2026
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$143 $18 $109 $82 $205 $135 1.3x 3.7x 2.9x $48 $54 $66 DISCIPLINED CAPITAL MANAGEMENT IMPROVING LIQUIDITY PROFILE TO SUPPORT LONG TERM GROWTH 9ONE MEC. ONE MISSION. Total Cash & Available Liquidity1 ($MM) Net Debt ($MM) Net Leverage Ratio 2 Net Working Capital 3 2024 2025 2Q26 1) Assumes continued compliance with covenants associated with the current Credit Agreement. 2) Reflects net debt as a ratio of trailing twelve-month Adjusted EBITDA calculated per under the Company’s current credit agreement. 3) The Company calculates Net Working Capital as current assets minus current liabilities
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($MM) 3Q 2025A 3Q 2026E YoY Change (%) Revenue $144.3 $160 - $170 11% – 18% Adjusted EBITDA $14.1 $15.5 – $18.5 10% – 31% 3Q 2026 FINANCIAL GUIDANCE & 2026 OUTLOOK AS OF AUGUST 4, 2026 10ONE MEC. ONE MISSION. See the appendix for a reconciliation of Adjusted EBITDA and Free Cash Flow to the most directly comparable GAAP financial measure. 3Q 2026 Guidance Full Year Outlook Improving conditions across several key legacy end markets and continued Datacenter & Critical Power acceleration Working capital efficiencies reflecting normal patterns $1.0 to $1.5 million in Datacenter & Critical Power project launch costs and $1.0 to $1.5 million in outsourcing costs Capital expenditures of $10 to $12 million Capital expenditures of $25 to $35 million Free cash flow below historical levels reflecting incremental investments to support future Datacenter and Critical Power organic growth Datacenter & Critical Power end market: • Low-teens organic growth before cross-selling synergies or incremental revenue in 2026 related to full-year ownership of Accu-Fab • $50 - $60 million in expected cross-selling synergies Strategic value-based pricing and MBX operational excellence initiatives totaling $2 to $3 million, net of inflationary pressures in Adj. EBITDA ($MM) FY 2025A FY 2026E YoY Change (%) Revenue $546.5 $620 - $650 13% – 19% Adjusted EBITDA $47.1 $52 – $60 10% – 27% Free Cash Flow $26.9 $7 – $15 (74%) – (44%)
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3Q25 4Q25 1Q26 2Q26 DATACENTER & CRITICAL POWER OPPORTUNITY DATACENTER & CRITICAL POWER PIPELINE SIGNALS NEAR-TERM TRANSFORMATIONAL OPPORTUNITY 11ONE MEC. ONE MISSION. Datacenter & Critical Power pipeline exceeds $125MM FY26 FY27 FY28 Historical DCP Programs Awarded ($s in Millions) $50 - $60 $60 - $70 $70 - $80 Pipeline of qualified opportunities continues to remain strong, driving end market diversification and enhancing the Company’s earnings profile. • Approximately $135M in Datacenter & Critical Power awards since 3Q25. • Cumulative annual Datacenter & Critical Power revenue expected to be $180M - $210M by FY 2028. • Datacenter 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. • Incurring incremental launch costs to support accelerated program timelines, reflecting temporary outsourcing of certain elements of the fabrication process and capacity investments. • Expected launch costs in 2H26 of $1.5.M - $2.5M; FY launch costs of $5.0M - $6.0M • Expected 2H26 outsourcing costs of $2.0M - $3.0M; temporary and support program launches until targeted capacity investments are deployed Projected Incremental DCP Cross-Selling Revenue ($s in Millions) ~$30 ~$15 ~$50 ~$40
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INVESTMENT THESIS DIVERSIFIED PLATFORM POSITIONED FOR CYCLICAL RECOVERY AND DATACENTER-LED GROWTH 12 Multiple Catalysts Converging to Drive Margin Expansion and Cash Flow Acceleration Strategic Repositioning for Higher-Value Growth Favorable Macro-Secular Trends Proven framework of operational excellence supports improved capacity utilization and operating leverage as demand accelerates Recent bolt-on acquisitions provide entry into higher-margin, higher-growth Datacenter & Critical power end market Current and planned capacity supports ability to benefit from cyclical recovery and transformational growth High cash conversion potential (>50% of Adj. EBITDA) to enable de-leveraging and self- funded growth investment Domestic manufacturing footprint and supply chain, positions MEC to capitalize on multi-year reshoring and outsourcing trends by OEMs Skilled workforce and end- to-end service offering provide a one stop on- demand solution for OEMs Positioned to capitalize on historic multi-year investment in Datacenter & Critical Power infrastructure ONE MEC. ONE MISSION.
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APPENDIX
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HISTORICAL NET SALES BY END MARKET 14ONE MEC. ONE MISSION. ($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 Powersports 22.2 19.6 23.0 20.9 85.7 Datacenter & Critical Power 4.1 5.0 22.6 20.4 52.1 Agriculture 10.9 9.2 8.1 7.7 35.9 Military 8.5 8.3 7.4 6.7 30.9 Other 19.4 20.8 21.9 21.0 83.1 Total $ 135.6 $ 132.3 $ 144.3 $ 134.3 $ 546.5 ($s in Millions) 1Q 2Q Commercial Vehicle $ 38.8 $ 50.8 Datacenter & Critical Power 23.6 29.0 Construction & Access 20.1 23.1 Powersports 23.3 18.5 Agriculture 10.3 9.0 Military 5.8 6.5 Other 22.8 26.1 Total $ 144.8 $ 163.0 2026 Year-to-Date 2025 Note: Totals may not sum due to rounding.
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HISTORICAL MATERIAL PRICE PASS-THROUGH 15ONE MEC. ONE MISSION. Material Price Pass-Throughs (Y-o-Y Change in $MMs) 1Q 2Q 3Q 4Q Full Year 2024 $ — $ (1.1) $ (0.7) $ (0.2) $ (2.0) 2025 $ (1.9) $ 0.5 $ 1.4 $ 2.5 $ 2.5 2026 $ 2.5 $ 3.1 $ 5.6
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NON-GAAP RECONCILIATION OF ADJUSTED EBITDA 16ONE MEC. ONE MISSION. Q2 ($MM) 2026 2025 Net income (loss) and comprehensive income (loss) $ (2.1) $ (1.1) Interest expense 3.5 1.4 Provision (benefit) for income taxes (1.0) (0.2) Depreciation and amortization 11.2 9.6 EBITDA $ 11.6 $ 9.7 Stock-based compensation expense 1.5 1.0 CFO transition costs — 1.1 Natural disaster costs — 0.3 Acquisition related costs — 1.5 Restructuring and impairment 0.0 — Adjusted EBITDA $ 13.2 $ $13.7 Net sales $ 163.0 $ 132.3 EBITDA margin 7.1% 7.3% Adjusted EBITDA margin 8.1% 10.3% Note: Totals may not sum due to rounding.
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NON-GAAP RECONCILIATION OF ADJUSTED NET INCOME & DILUTED EPS 17ONE MEC. ONE MISSION. Q2 ($MM, except share amounts and per share values) 2026 2025 Net income (loss) and comprehensive income (loss) $ (2.1) $ (1.1) Stock-based compensation expense 1.5 1.0 CFO transition costs — 1.1 Natural disaster costs — 0.3 Acquisition related costs — 1.5 Restructuring and impairment 0.0 — Acquisition related amortization of intangible assets 3.1 1.7 Tax affect of the above adjustments (1.0) (1.2) Adjusted net income and comprehensive income $ 1.6 $ 3.4 Adjusted Diluted EPS $ 0.07 $ 0.16 Weighted average diluted shares outstanding 22,767,889 20,699,151 Note: Totals may not sum due to rounding.
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NON-GAAP RECONCILIATION OF FREE CASH FLOW 18ONE MEC. ONE MISSION. Note: Totals may not sum due to rounding. Q2 ($MM) 2026 2025 Net cash provided by operating activities $ 1.4 $ 15.0 Purchase of property, plant and equipment (8.1) (2.4) Free cash flow $ (6.6) $ 12.5