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MAYVILLE ENGINEERING COMPANY 3Q26 RESULTS PRESENTATION NOVEMBER 3, 2026
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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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3Q26 FINANCIAL PERFORMANCE DCP, COMMERCIAL VEHICLE AND CONSTRUCTION & ACCESS DRIVE REVENUE GROWTH 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 under the Company’s current credit agreement. Growth across multiple end markets, led by the Datacenter & Critical Power (DCP) market and recovering Commercial Vehicle & Construction & Access markets, shows the strength of a diversified portfolio • Q3 results supported by 34.7% growth in Commercial Vehicle and 9.3% growth in Construction & Access • DCP grew to 22% of net sales, up from 16% in 3Q25 • Volume/mix added $5.5M of Adj. EBITDA y/y; offset by $3.0M in premium labor, outsourcing and launch costs 3Q26 Performance Highlights Net sales increased to $170.4 million, +18.1% y/y Adjusted EBITDA margin of 10.0% in 3Q26 Adjusted Diluted EPS of $0.15, up from $0.10 in 3Q25 Free Cash Flow of ($3.3) million Adjusted EBITDA increased 20.4% y/y to $17.0 million Ended the quarter with net leverage ratio of 2.9x 1 DCP end market qualified opportunity pipeline exceeds $200 million DCP net sales increased 64.9% y/y to $37.2 million
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$144.3 $170.4 3Q25 3Q26 THIRD QUARTER FINANCIAL PERFORMANCE 4ONE MEC. ONE MISSION. See the appendix for reconciliations of Adjusted EBITDA, Adjusted Diluted EPS and Free Cash Flow to their most directly comparable GAAP financial measures. Free Cash Flow ($MM) Adjusted Diluted EPS ($/share) Adj. EBITDA & Margin ($MM & % of Net Sales) Net Sales ($MM) $14.1 $17.0 3Q25 3Q26 9.8% 10.0% $0.10 $0.15 3Q25 3Q26 ($1.1) ($3.3) 3Q25 3Q26
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NEAR-TERM END MARKET OUTLOOK PRELIMINARY VIEW: DATACENTER DRIVES 2027 GROWTH; REMAINING MARKETS MIXED 5ONE MEC. ONE MISSION. Outlook Assumptions Commercial Vehicle (~30% of TTM Revenue1) MEC Mid-to-high single-digit growth MARKET ACT forecasts ~298K Class 8 builds in 2027, +9% y/y Commercial Vehicle • Class 8 recovery continues supported by improving carrier profitability and aging fleet replacement demand • Share gains with CV customers on new product launches starting in the latter of 2H27 • Growth partially offset by the strategic exit of select programs Datacenter & Critical Power (~18% of TTM Revenue1) MEC 50%+ growth MARKET Multi-year datacenter investment cycle; MEC still at <5% OEM penetration Datacenter & Critical Power • Awarded programs at full production add ~$70M of incremental sales • Qualified pipeline exceeds $200M; ~$45M of new awards secured in 3Q • Thomson, Georgia facility expected to add ~$50M of annual capacity by 2028 • DCP represents ~25% of net sales Construction & Access (~14% of TTM Revenue1) MEC Mid single-digit growth MARKET Non-residential infrastructure and datacenter construction; partially offset by soft residential demand Construction & Access • Modest growth in non-residential and infrastructure demand • Residential construction expected to remain soft until interest rates ease 1) Reflects trailing twelve-months ended revenue as of September 30, 2026.
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NEAR-TERM END MARKET OUTLOOK PRELIMINARY VIEW: DATACENTER DRIVES 2027 GROWTH; REMAINING MARKETS MIXED 6ONE MEC. ONE MISSION. Outlook Assumptions Powersports (~13% of TTM Revenue1) MEC Down 10% to 20% MARKET Resilient utility demand continues to offset softer recreational demand Powersports • Further volume decline as customers offshore programs to Asia • Footprint rebalancing underway to address underutilization at Powersports- weighted facilities Agriculture (~6% of TTM Revenue1) MEC Down 5% to 15% MARKET Cyclical trough; lower crop prices and elevated input costs Agriculture • Continued pressure from elevated input costs, primarily diesel, and lower crop prices • New Agriculture business secured on new model introductions partially offsets market weakness Military (~4% of TTM Revenue1) MEC Mid single-digit growth MARKET Solid U.S. government backlog; timing tied to new programs Military • Outlook assumes additional revenue from customer program launch ramping in 4Q26 Other (~15% of TTM Revenue1) MEC Flat MARKET Stable demand across a diversified customer base Other • Flat y/y; remains a stable, diversified base representing approximately 13% to 14% of net sales • No material program changes assumed 1) Reflects trailing twelve-months ended revenue as of September 30, 2026.
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$144.3 $14.6 $13.9 $2.1 $1.6 $1.4 $(6.2) $(1.0) $(0.3) $170.4 3Q25 Net Sales Datacenter & Critical Power Commercial Vehicle Construction & Access Other Material Price Pass-Throughs Powersports Agriculture Military 3Q26 Net Sales 3Q NET SALES & ADJ. EBITDA HIGHLIGHTS KEY END MARKETS DRIVE REVENUE GROWTH; VOLUME LIFTS MARGINS DESPITE ONGOING COST PRESSURE 7ONE MEC. ONE MISSION. DCP and legacy markets drive growth Volume growth outpaced cost headwinds Adj. EBITDA rose 20.4% y/y to $17.0 million; margin 10.0% vs. 9.8%. • Volume / mix added $6.2 million offset by $3.0 million of labor, outsourcing and launch costs. • Margin up ~190 bps sequentially on DCP utilization, offset by ramp costs and underutilized Ag/Powersports-weighted facilities; ramp costs beginning to moderate in early 2027. • Pricing and capacity allocation discipline will drive higher value mix and margin recovery in the medium term. 3Q Net Sales Reconciliation ($s in Millions) 3Q Adjusted EBITDA Reconciliation ($s in Millions) DCP net sales grew 64.9% y/y to $37.2 million, adding $14.6 million and rising to 22% of net sales from 16% in 3Q25. • Continued recovery in Commercial Vehicle resulting in net sales growth of 34.7% y/y, or $13.9 million. • Construction & Access grew 9.3% y/y, or $2.1 million. • Powersports declined 26.9% y/y or $6.2 million; Agriculture and Military declined $1.0 million and $0.3 million, respectively. $14.1 $5.9 $(1.9) $(1.1) $17.0 3Q25A Adj. EBITDA Volume / Mix Premium Labor & Outsourcing Launch Costs 3Q26A Adj. EBITDA
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Capital Expenditures ($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 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 immediately accretive opportunities in complementary markets, and opportunistic additions to entrench our position in steel 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% Prioritizing Debt Repayment • Net leverage1 of 2.9x as of September 30, 2026 • Near-term capital allocation priority of repaying debt as improved profitability converts to cash flow generation
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$143 $18 $30 $82 $205 $147 1.3x 3.7x 2.9x $48 $54 $74 DISCIPLINED CAPITAL MANAGEMENT IMPROVING LIQUIDITY PROFILE TO SUPPORT LONG TERM GROWTH 9ONE MEC. ONE MISSION. Total Cash & Available Liquidity1 ($MM) Net Debt ($MM) Net Leverage Ratio 2 Net Working Capital 3 2024 2025 3Q26 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 under the Company’s current credit agreement. 3) The Company calculates Net Working Capital as current assets minus current liabilities
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2026 FINANCIAL GUIDANCE AS OF NOVEMBER 3, 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. Business Outlook Financial Assumptions Datacenter & Critical Power acceleration, Commercial Vehicle recovery and steady Construction & Access demand, offset by softer Powersports and Agriculture Datacenter & Critical Power project launch and outsourcing costs to moderate beginning in early 2027 Seasonal softness and shifting customer timelines impacting volume levels through the end of 2026 Free cash flow below historical levels reflecting incremental investments to support future Datacenter and Critical Power organic growth Capital expenditures of $25 to $35 million, including the initial investment in the Thomson, GA. facility Datacenter & Critical Power FY26 project launch costs of $6 to $7 million and 2H26 outsourcing costs of $2 to $3 million 2026 projected year-over-year revenue change by end market: • Commercial Vehicle: high single-digit growth • Datacenter & Critical Power: +50% growth inclusive of Accu-Fab acquisition • Construction & Access: mid single-digit growth • Powersports: low-teens decline • Agriculture: low single-digit decline • Military: high-teens decline • Other: mid single-digit growth ($MM) FY 2025A FY 2026E YoY Change (%) Revenue $546.5 $630 - $640 15% – 17% Adjusted EBITDA $47.1 $48 – $52 2% – 10% Free Cash Flow $26.9 ($16) – ($6) (159%) – (122%)
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3Q25 4Q25 1Q26 2Q26 3Q26 DATACENTER & CRITICAL POWER OPPORTUNITY DATACENTER & CRITICAL POWER PIPELINE SIGNALS NEAR-TERM TRANSFORMATIONAL OPPORTUNITY 11ONE MEC. ONE MISSION. Datacenter & Critical Power pipeline exceeds $200MM FY26 FY27 FY28 Historical DCP Programs Awarded ($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 $180M in Datacenter & Critical Power awards since 3Q25. • Cumulative annual Datacenter & Critical Power revenue expected to be $180M - $210M by FY 2028. • Datacenter & Critical Power programs can move from award to full-production in approximately 3 – 6 months, whereas new programs in legacy MEC end markets typically 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 FY26 launch costs of $6.0M - $7.0M • Expected 2H26 outsourcing costs of $2.0M - $3.0M; temporary and support program launches until targeted capacity investments are deployed Projected Incremental DCP Revenue ($s in Millions) ~$30 ~$15 ~$50 ~$40 ~$45
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INVESTMENT THESIS DIVERSIFIED PLATFORM POSITIONED FOR CYCLICAL RECOVERY AND DATACENTER-LED GROWTH 12 Multiple Catalysts Converging to Drive Margin Expansion and Cash Flow Acceleration Strategic Repositioning for Higher-Value Growth Favorable Macro-Secular Trends Proven framework of operational excellence supports improved capacity utilization and operating leverage as demand accelerates Recent bolt-on acquisitions provide entry into higher-margin, higher-growth Datacenter & Critical Power end market Current and planned capacity supports ability to benefit from cyclical recovery and transformational growth High cash conversion potential (>50% of Adj. EBITDA) to enable de-leveraging and self- funded growth investment Domestic manufacturing footprint and supply chain, positions MEC to capitalize on multi-year reshoring and outsourcing trends by OEMs Skilled workforce and end- to-end service offering provide a one stop on- demand solution for OEMs Positioned to capitalize on historic multi-year investment in Datacenter & Critical Power infrastructure ONE MEC. ONE MISSION.
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APPENDIX
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HISTORICAL NET SALES BY END MARKET 14ONE MEC. ONE MISSION. ($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 3Q Commercial Vehicle $ 38.8 $ 50.8 $ 52.8 Datacenter & Critical Power 23.6 29.0 37.2 Construction & Access 20.1 23.1 24.2 Powersports 23.3 18.5 16.8 Agriculture 10.3 9.0 7.3 Military 5.8 6.5 7.2 Other 22.8 26.1 24.8 Total $ 144.8 $ 163.0 $ 170.4 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 $ 1.4 $ 7.0
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NON-GAAP RECONCILIATION OF ADJUSTED EBITDA 16ONE MEC. ONE MISSION. Q3 ($MM) 2026 2025 Net income (loss) and comprehensive income (loss) $ 0.4 $ (2.7) Interest expense 3.0 3.4 Provision (benefit) for income taxes 1.0 (0.7) Depreciation and amortization 11.2 11.1 EBITDA $ 15.6 $ 11.2 Stock-based compensation expense 1.5 0.8 Natural disaster costs (0.3) 0.0 Acquisition related costs 0.2 0.9 Restructuring and impairment — 0.6 Costs recognized on step-up of Accu-Fab acquired inventory — 0.6 Adjusted EBITDA $ 17.0 $ 14.1 Net sales $ 170.4 $ 144.3 EBITDA margin 9.1% 7.7% Adjusted EBITDA margin 10.0% 9.8% 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. Q3 ($MM, except share amounts and per share values) 2026 2025 Net income (loss) and comprehensive income (loss) $ 0.4 $ (2.7) Stock-based compensation expense 1.5 0.8 Natural disaster costs (0.3) 0.0 Acquisition related costs 0.2 0.9 Costs recognized on step-up of acquired inventory — 0.6 Restructuring and impairment — 0.6 Acquisition related amortization of intangible assets 3.1 3.1 Tax effect of the above adjustments (1.0) (1.3) Adjusted net income (loss) and comprehensive income (loss) $ 4.0 $ 2.0 Adjusted Diluted EPS $ 0.15 $ 0.10 Weighted average diluted shares outstanding 25,830,313 20,423,858 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. Q3 ($MM) 2026 2025 Net cash provided by operating activities $ 4.3 $ 1.9 Purchase of property, plant and equipment (7.7) (3.0) Free cash flow $ (3.3) $ (1.1)