Analogy 1: Foxconn for industrial metal parts.

Analogy 2: Magna International for diverse industrial metal components.

• Custom Metal Fabrication: Provides comprehensive services including cutting, forming, welding, and assembly of complex metal components and sub-assemblies for various OEM industries.
• Tubular Products: Manufactures a variety of tubular components and structures for diverse applications.
• Metal Stamping: Offers precision metal stamping services to produce high-volume metal parts.
• Paint and Finishing: Delivers complete finishing solutions, including powder coating and wet paint applications, as an integrated part of their manufacturing services.

Jag A. Reddy, President, Chief Executive Officer and Director

Jag A. Reddy joined Mayville Engineering Company (MEC) in July 2022 as President, CEO, and a member of the Board of Directors. He has 26 years of progressive leadership experience in leading global businesses. Before MEC, he was a member of the senior leadership team at W.R. Grace, where he was responsible for Strategy and Growth, and also served as the Managing Director of Advanced Refining Technologies LLC (ART), a global joint venture with Chevron. He previously held roles as Vice President and General Manager of the Water Technologies Strategic Business Unit and Vice President of Corporate Strategy at Pentair PLC. Reddy also held strategy and business leadership positions 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 was appointed Chief Financial Officer in April 2025, after serving as the company's Chief Human Resources Officer. Prior to joining 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, Director of Human Resources, and Controller for a $600 million international business. She started her career at PricewaterhouseCoopers, LLP (PwC), after serving as Sales Controller for Bar-S Foods (A Sigma Company), leading audit engagements with public companies. Ms. Lehr recently invested in MEC by purchasing 1,400 shares of the company's stock.

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

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

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

Sean P. Leuba joined MEC in January 2023. Before his tenure at MEC, he was the Head of Corporate Development for Caterpillar Inc., where he spent over twenty-three years. During his time at Caterpillar, he held various positions, including Division Counsel within Legal Services and General Manager within an operating business unit, starting as a transactional lawyer in 1999.

Mayville Engineering Company (MEC) is a prominent U.S.-based, vertically-integrated manufacturing partner offering a comprehensive range of services, including design, prototyping, tooling, fabrication, aluminum extrusion, coating, assembly, and aftermarket components. The company serves diverse end markets, with key segments including heavy- and medium-duty commercial vehicles, construction and access equipment, powersports, data center and critical power, and agriculture. MEC is recognized as the largest fabricator in the United States.

The addressable markets for MEC's main products and services in North America are as follows:

• Metal Fabrication Services: The North America metal fabrication market was valued at USD 4.85 billion in 2024. It is projected to grow to USD 8.02 billion by the end of 2033, with a compound annual growth rate (CAGR) of 5.75% from 2025 to 2033. Another estimate places the North America fabricated metal products market at USD 68.22 billion in 2025, expecting it to reach USD 86.61 billion by 2030, with a CAGR of 4.89%. The global sheet metal fabrication services market was valued at USD 10.3 billion in 2024, with North America dominating by accounting for USD 3.1 billion in 2024 and expected to grow at a CAGR of 4.2% by 2034.
• Commercial Vehicle Components/Aftermarket: The North American Commercial Vehicle Market was valued at USD 245.3 billion in 2024 and is projected to reach USD 439.4 billion by 2032, growing at a CAGR of 8.7% during the forecast period of 2026-2032. The North America commercial vehicle aftermarket spare parts market was valued at USD 40 billion in 2024 and is projected to reach USD 52 billion by 2035.
• Construction Equipment: The North America construction equipment market was valued at USD 22.11 billion in 2024 and is expected to reach USD 26.92 billion by 2030, at a CAGR of 3.34%. Another report indicates the North America construction equipment market size was worth USD 33.30 billion in 2024 and is estimated to grow to USD 35.40 billion in 2025, reaching USD 56.24 billion by 2032 with a CAGR of 6.8% during the forecast period. The North America heavy construction equipment market was valued at US$ 62.49 billion in 2024 and is projected to reach US$ 89.30 billion by 2031 with a CAGR of 5.34% from 2025 to 2031.
• Agriculture Equipment: The North America agriculture equipment market is valued at USD 37.5 billion. This market is expected to grow with a CAGR of 7.2% from 2025 to 2033. The U.S. agriculture equipment market specifically was valued at USD 39.4 billion in 2024 and is expected to increase to USD 57.1 billion by 2032, advancing at a CAGR of 4.9% during 2025–2032.

Mayville Engineering Company (MEC) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and market expansions:

1. Expansion into the Data Center and Critical Power Market: A significant driver of future revenue growth for MEC is its strategic expansion into the data center and critical power market, largely propelled by the acquisition and integration of Accu-Fab. This market is projected to contribute 20% to 25% of MEC's total revenues by 2026. The company anticipates revenue synergies from Accu-Fab to be between $20 million and $30 million in 2026, supported by a growing pipeline of over $100 million in qualified opportunities. This segment is also expected to yield gross margins approximately 10 percentage points higher than the company's historical average.
2. Growth in the Construction & Access Market: The Construction & Access market continues to be a strong contributor to MEC's revenue. In the third quarter of 2025, net sales to this market increased by 10.1% year-over-year, driven by improved non-residential construction demand and the Accu-Fab acquisition. Organic net sales growth within this sector was 6.2% for the same period.
3. New Project Launches and Organic Growth: MEC expects new project launches to be a key tailwind for revenue growth. These launches are contributing to an anticipated organic growth of 1.5% to 2.5%, notably in sectors such as the Commercial Vehicle market, where new projects are helping to offset softening demand.
4. Recovery in Commercial Vehicle and Agriculture Markets: Despite current softness in the Commercial Vehicle and Agriculture legacy markets, there are expectations for a recovery that will contribute to future revenue growth. ACT Research forecasts Class 8 production to increase by 5.1% in 2025 compared to 2024, with continued growth of 8.1% from 2025 to 2026, which supports MEC's organic growth expectations over the next two years.
5. Synergies from Mid-States Aluminum (MSA) Acquisition: The full integration of the Mid-States Aluminum (MSA) acquisition, completed at the beginning of 2024, is expected to generate incremental net sales. MEC projects MSA to contribute between $20 million and $30 million in incremental net sales for 2024, with revenue synergies increasing in the latter half of the year. The long-term goal for MSA is to achieve $100 million in sales by 2026, with at least $25 million stemming from revenue synergies with existing MEC customers.

Share Repurchases

• In the first quarter of 2025, Mayville Engineering Company (MEC) repurchased $1.7 million of its common stock, with a remaining authorization of $17.4 million under the existing share repurchase program.
• During the second quarter of 2025, MEC repurchased $2.9 million of common stock, bringing the year-to-date total to $4.6 million, which is near its annual commitment of $5 million to $6 million aimed at offsetting dilution from annual stock compensation awards.
• In the second quarter of 2023, the company repurchased $1 million of common equity under its $25 million share repurchase program, leaving $18 million authorized as of June 30, 2023.

Share Issuance

• MEC had 22,505,704 shares issued as of September 30, 2025, an increase from 22,300,106 shares issued at December 31, 2024.

Outbound Investments

• The company completed the acquisition of Accu-Fab LLC on July 1, 2025, a strategic move expected to drive future growth, particularly in high-growth sectors like data centers and renewables.
• Following the Accu-Fab acquisition, MEC's pro forma net leverage increased to approximately 3.1x, up from 1.4x at the end of the second quarter of 2025.
• Mayville Engineering Company continues to focus on strategic growth, including the integration of its acquisition of Mid-States Aluminum (MSA).

Capital Expenditures

• Expected capital expenditures for the full year 2025 are projected to be between $13 million and $17 million.
• Capital expenditures for 2024 were anticipated to be between $13 million and $15 million.
• Capital expenditures in 2023 were between $15 million and $20 million, a decrease from 2022 due to the completion of the capital investment in the Hazel Park, MI facility at the end of 2022.