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Here are 1-3 brief analogies to describe Mayville Engineering (MEC):

• Like a **Magna International** for a broad range of industrial equipment, providing engineered components and manufacturing services to companies making heavy trucks, construction gear, and agricultural machinery.
• Essentially the **Foxconn** of heavy industrial components and equipment, manufacturing critical parts and assemblies for other brand-name companies.

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• Prototyping and Tooling: Services for developing initial product designs and specialized manufacturing equipment.
• Production Fabrication: Manufacturing services involving the creation of parts and structures from raw materials.
• Coating: Services for applying protective or cosmetic finishes to manufactured components.
• Assembly: Services for putting together various components into finished products or sub-assemblies.
• Aftermarket Components: Manufacturing and supply of replacement parts for equipment already in use.

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Mayville Engineering Company (MEC) operates as a contract manufacturer, primarily selling engineered components and services to other companies (Original Equipment Manufacturers or OEMs) rather than directly to individuals. Due to the nature of their business and competitive reasons, MEC typically does not publicly disclose the specific names of its major customer companies.

However, based on the industries they serve, their major customers are OEMs within the following categories:

• Manufacturers of heavy and medium-duty commercial vehicles
• Manufacturers of construction and access equipment
• Manufacturers of powersports equipment
• Manufacturers of agriculture equipment
• Manufacturers of military equipment

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Jagadeesh (Jag) A. Reddy, President & Chief Executive Officer

Jagadeesh (Jag) A. Reddy joined Mayville Engineering Company (MEC) in July 2022 as President, CEO, and a member of the Board of Directors. Before joining MEC, he was part of the senior leadership team at W.R. Grace, where he was responsible for strategy and growth and served as the Managing Director of Advanced Refining Technologies LLC (ART), a global joint venture with Chevron. He also held positions as Vice President and General Manager of the Water Technologies Strategic Business Unit and Vice President of Corporate Strategy at Pentair PLC. Earlier, Mr. Reddy held strategy and business leadership roles at ITT Corporation and its spin-off, Xylem Inc. His career also includes M&A roles with United Technologies Corp and product management roles with Danaher Corporation, and he began in manufacturing operations at Denso Corporation.

Rachele M. Lehr, Chief Financial Officer

Rachele M. Lehr joined MEC in 2023 and assumed the role of Chief Financial Officer in April 2025. Prior to this, she served as MEC's Chief Human Resources Officer. Before her tenure at MEC, Ms. Lehr spent nearly fifteen years at Briggs & Stratton, an industrial manufacturing company, where she held various senior finance and corporate roles, including Senior Vice President of Human Resources and Administration, and Controller for a $600 million international business. She started her career at PricewaterhouseCoopers, LLP, a public accounting firm, where she led audit engagements.

Ryan F. Raber, Executive Vice President, Strategy, Sales & Marketing

Ryan F. Raber joined MEC in 2009 and has held the position of Executive Vice President, Strategy, Sales & Marketing since November 2018. Before this role, he was the Vice President of Sales & Marketing, beginning in August 2013.

Sean P. Leuba, Senior Vice President, General Counsel and Secretary

Sean P. Leuba joined MEC in January 2023. Prior to MEC, Mr. Leuba was the Head of Corporate Development for Caterpillar Inc., where he worked for over twenty-three years. His roles at Caterpillar included transactional lawyer, Division Counsel within Legal Services, and General Manager within an operating business unit.

Craig D. Nichols, Senior Vice President, Operations and Supply Chain

Craig D. Nichols joined MEC in March 2025. His responsibilities include optimizing the company's 23 United States facilities and supply chain.

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The key risks for Mayville Engineering Company (MEC) are primarily centered on its customer relationships, the cyclical nature of its end markets, and broader macroeconomic pressures, exacerbated by increased financial leverage.

1. Dependence on a Limited Number of OEM Customers and Demand Volatility: Mayville Engineering Company faces significant risk due to its reliance on a concentrated customer base. In 2025, the company's top customer accounted for 13.6% of net sales, and the top ten customers collectively represented 62.3% of net sales, with John Deere alone making up 10.0%. This high customer concentration means that production cuts or insourcing by these major original equipment manufacturers (OEMs) could materially affect MEC's volumes and financial performance. Furthermore, the company is exposed to inconsistent and cyclical demand in its primary end markets, particularly in the heavy and medium-duty commercial vehicle and agriculture sectors. For instance, in the third quarter of 2025, organic net sales declined by 9.1% year-over-year, with commercial vehicle sales down 24%, reflecting lower customer demand in these key segments.

2. Macroeconomic Factors: MEC is highly susceptible to various macroeconomic pressures that can impact its operations and profitability. These include inflation in wages and materials, which directly affects the cost of sales and can compress gross margins. The company also faces risks from supply-chain disruptions, which can hinder the availability of raw materials and impact manufacturing efficiency. Labor availability and tightness in the labor market are additional concerns, given the company's reliance on skilled personnel. Elevated interest rates contribute to increased interest expenses, particularly relevant given MEC's higher debt levels. Geopolitical and trade-policy uncertainties, including tariffs, can also impact raw material costs and overall business stability.

3. Increased Financial Leverage: Following the acquisition of Accu-Fab, LLC, Mayville Engineering Company has experienced an increase in its financial leverage. As of September 30, 2025, net debt rose to $214.9 million, resulting in a net leverage ratio (net debt to trailing twelve-month Adjusted EBITDA) of 3.5x. This increased debt burden leads to higher interest expenses and could potentially limit the company's flexibility for future operational investments or acquisition-driven growth if it approaches its maximum permitted leverage ratio under credit agreements. While management has made debt reduction a priority, maintaining a healthy balance sheet is crucial for sustaining its long-term strategic initiatives.

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For Mayville Engineering Company (MEC), the addressable markets for their main products and services include:

• Metal Fabrication (including Production Fabrication): The North America fabricated metal services market is estimated at approximately USD 68.22 billion in 2025.

• Industrial Coatings: The U.S. industrial coatings market is valued at approximately USD 29.11 billion in 2025.

• Contract Manufacturing (including Prototyping, Tooling, and Assembly): The North America contract manufacturing services market is expected to reach approximately USD 72.976 billion in 2025.

• Aftermarket Components: The global heavy equipment components and parts market was approximately USD 190.04 billion in 2024.

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Share Repurchases

• Mayville Engineering repurchased $2.9 million of common stock in the second quarter of 2025, bringing the year-to-date total to $4.6 million.
• The company's annual commitment for share repurchases is typically between $5 million and $6 million, primarily to offset dilution from stock compensation awards.
• MEC includes share repurchases as part of its disciplined capital strategy to return capital to shareholders.

Share Issuance

• The number of common shares outstanding increased from 22,300,106 at December 31, 2024, to 22,505,704 at December 31, 2025.
• Shares outstanding were approximately 20.42 million in 2025, 20.63 million in 2024, and 20.4 million in 2023, reflecting minor fluctuations.

Outbound Investments

• Mayville Engineering completed the acquisition of Accu-Fab in July 2025.
• The Accu-Fab acquisition is projected to generate revenue synergies of $40 million to $50 million in fiscal year 2026 and $60 million to $70 million by 2028.
• This acquisition significantly increased MEC's financial leverage, with net debt rising to $214.9 million as of the third quarter of 2025.

Capital Expenditures

• Capital expenditures were $11.6 million for the full year 2025, and $3.2 million in the fourth quarter of 2025.
• Mayville Engineering's guidance for capital expenditures is $15 million to $20 million for the full year 2026 and $20 million to $25 million for 2027.
• The primary focus of capital expenditures is on sustaining investments (approximately $7 million to $10 million annually) and strategically investing in high-growth areas, particularly the data center and critical power end markets.