Mayville Engineering : March 2024 Investor Presentation

MAYVILLE ENGINEERING COMPANY

Investor Presentation March 2024

SAFE HARBOR STATEMENT

March 2024 Investor Presentation

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.

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KEY MESSAGES

Leading U.S. based provider of design, engineering, and fabrications solutions for established base of OEM customers across diverse end-markets

Demonstrating strategic execution; high-value commercial expansion, increased operational efficiency, and balanced capital allocation

Poised for positive inflection in performance beginning in 2024, as self-help actions support above-market growth in 2025 and 2026

Entering free-cash generative phase, positioning for rapid de-leveraging, increased balance sheet optionality and opportunistic inorganic growth

In late 2023, introduced three-year performance targets that quantify the value creation roadmap through 2026

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ABOUT MEC

Vertically-integrated,value-added provider of design and fabrications solutions

We are the largest vertically-integrated,value-added provider of custom prototyping, design and fabrications services in the United States

End Market Revenue Mix

Full Year 2023

Agriculture

10%

Military

6%

23 Facilities Located in Continental US

~2,500 Employees

Provider of Comprehensive

Solutions Across Product

Lifecycle

Tier 1 Supplier with Long-Term OEM Customer Relationships

Lengthy track-record of consolidation through M&A

Disciplined capital investments; seek to achieve ROA >15%

Long-term goal of net leverage below 2.5x

Diverse end-market exposure

Other

11%

Powersports

17%

Commercial

Vehicle

38%

Construction & Access

18%

~+7%		~+12%		~+68%		2.1x
2023-2024E*		2023-2024E*		2023-2024E*		12/31/23
Revenue Growth		Adj. EBITDA Growth		Free cash flow Growth		Net Leverage

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* Note: Revenue, Adj. EBITDA and Free Cash Flow growth figures are calculated at the mid-point of the guidance ranges provided as of March 5, 2024.

STRATEGIC DOMESTIC MANUFACTURING FOOTPRINT

Geographically positioned to meet customers' needs

Founded in Mayville, WI in 1945

Beaver Dam, WI [2]	Mayville, WI [2]
Description of use: Manufacturing / Corporate
Description of use: Manufacturing
Headquarters
Ownership: Owned
Ownership: Owned
Vanderbilt, MI [2]	Byron Center, MI [3]
Description of use: Manufacturing	Description of use: Manufacturing
Ownership: Owned	Ownership: Leased
Fond du Lac, WI [2]	Hazel Park, MI [1]
Description of use: Manufacturing	Description of use: Manufacturing
Ownership: Owned	Ownership: Leased
Neillsville, WI [3]	Bedford, PA [1]
Description of use: Manufacturing	Description of use: Manufacturing
Ownership: Owned	Ownership: Leased
Heber Springs, AR [1]	Defiance, OH [3]
Description of use: Manufacturing	Description of use: Manufacturing
Ownership: Owned	Ownership: Owned
Greenville, MS [1]	Atkins, VA [1]
Description of use: Manufacturing	Description of use: Manufacturing
Ownership: Leased	Ownership: Owned
[X] - Number of facilities	Milwaukee, WI (Corporate Headquarters)

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MANAGEMENT TEAM

Seasoned management team with deep industry experience

	Jag A. Reddy		Todd M. Butz	Ryan F. Raber		Sean P. Leuba		Rachele M. Lehr
		EVP, Strategy, Sales		SVP, Corporate Development &		Chief Human
	President & CEO		Chief Financial Officer
		& Marketing		General Counsel		Resources Officer
•	W.R Grace	•	Mercury Marine	• Morton Metalcraft Co.	•	Caterpillar Inc.	•	Briggs & Stratton
•	Pentair		(a Brunswick Company)		•	Arnold & Porter	•	Bar-S Foods
•	ITT/Xylem	•	Schenck Business Solutions				•	(A Sigma Company)
•	United Technologies						Pricewaterhouse
						Coopers, LLP
•	Danaher Corporation

• Denso Corporation

1+ yr

At MEC

25+ yrs	15 yrs
Industry	At MEC
Experience

25+ yrs	14 yrs
Industry	At MEC
Experience

15+ yrs	1+ yr
Industry	At MEC

Experience

25+ yrs	1+yr
At MEC
Industry
Experience

15+ yrs

Industry

Experience

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TIER-1 SUPPLIER TO GLOBAL OEMs

End-to-end solutions suite supports long-term,blue-chip relationships

Commercial
Vehicles			19+ yrs	32+ yrs	34+ yrs	39+ yrs	45+ yrs
Powersports
2+ yrs	10+ yrs	14+ yrs	24+ yrs		33+ yrs		45+ yrs
Construction
& Access			25+ yrs	31+ yrs			45+ yrs

Agriculture

14+ yrs

25+ yrs

45+ yrs

Military

15+ yrs

41+ yrs

MEC is an integral member of the supply chain for major OEMs

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1 Identify customer-defined concept for production evaluation

2 Collaborate with customer to design and develop product

	3	Prototyping, tooling and pre-production development
	4
CUSTOMER-CENTRIC		Manufacturing process planning
DEVELOPMENT MODEL	5		Manufacturing process refinement
Customer collaboration ensures
profitable product development	6	Mass production

7 Delivery

8 After-market & end-of-life program management

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OUR UNIQUE CUSTOMER VALUE PROPOSITION

MEC's value added service offerings has resulted in a long track record of strong customer acquisition and retention

Why

Customers

Choose MEC

We provide end-to-end prototyping,	100% of our operational footprint is based
design and manufacturing expertise	in the continental US, mitigating supply
We offer complex assembly & high-	chain disruption risk
volume production capabilities	We are an experienced project
We have an experienced, highly skilled	management partner, drawing on deep
product and engineering knowledge
workforce focused on producing the
highest quality components using
complex processes at the lowest cost

We are an operator of scale - MEC is the	Our engineering expertise and technical
largest fabricator in the US, meaning that	know-how allows us to add value through	Why
we can address customer requirements	every product redevelopment cycle
We maintain operational alignment with	(generally every three to five years for	Customers Stay
our customers)
our customers' strategy and production		With MEC
activities as they evolve, allowing us to	We are not limited to specific end-market
remain agile in response to market	applications - we adapt to the
fluctuations	requirements of our customers

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OUR VALUE CREATION FRAMEWORK

Transforming business performance through MBX and investing in growth

High Performance

Culture

Enable teams to drive

profitable growth

Operational Excellence

Strategy deployment

and implementing

a lean culture

Commercial

Excellence

Implement strategic and

value-based pricing

Disciplined Capital

Deployment

Generating free cash flow allowing to de-leverage, strategic M&A and shareholder returns

Human Resource

Optimization

Attracting and

retaining top talent

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