分组1 - Rewey Asset Management's RAM Smid Composite returned 3.58% in Q4 2025, outperforming the Russell 2500 Value Total Return index's 3.15% gain [1] - Year-to-date, the composite delivered a return of 13.09% compared to 12.73% for the index, indicating strong performance in equities for 2025 [1] - The US economy showed recovery from Q1 2025 lows, with small-cap stocks viewed as compelling investments amid concerns in the large-cap technology sector [1] 分组2 - Mayville Engineering Company, Inc. (NYSE:MEC) was the top performer in Q4 2025, rising 34.8% as investors anticipated a recovery in sales for 2026-2027 [3] - The stock's performance was bolstered by the Accu-Fab acquisition, which expanded MEC's market into data-center equipment [3] - Despite positive long-term prospects, the company expects a gradual and uneven cyclical recovery in its agriculture, truck, and consumer recreational markets, leading to a modest trimming of positions [3] 分组3 - Mayville Engineering Company, Inc. has a market capitalization of $5.043 billion, with a one-month return of -23.66% and a 52-week gain of 16.89% [2] - At the end of Q4 2025, 13 hedge fund portfolios held shares of Mayville Engineering Company, up from 7 in the previous quarter [5] - The company is not among the 40 most popular stocks among hedge funds heading into 2026, with certain AI stocks considered to have greater upside potential [5]

MAYVILLE ENGINEERING COMPANY INVESTOR PRESENTATION MARCH 2026 SAFE HARBOR STATEMENT MARCH 2026 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 ...

Core Insights - Crude Value Insights provides an investment service and community focused on the oil and natural gas sector, emphasizing cash flow generation and growth potential [1] Group 1 - The service offers subscribers access to a model account with over 50 stocks, detailed cash flow analyses of exploration and production (E&P) firms, and live discussions about the sector [1]

Customer Dependence and Sales Impact - In 2025, the largest customers included PACCAR Inc. and John Deere, accounting for 13.6% and 10.0% of net sales, respectively[79]. - The company is dependent on a limited number of large customers, and the loss of any could materially affect financial performance[79]. - The realization of future net sales from awarded business is subject to risks, including lack of long-term commitments from customers[74]. Economic and Market Conditions - Macroeconomic conditions, including inflation and elevated interest rates, negatively impacted results in 2025, with continued inflationary pressures expected in 2026[64][65]. - Geopolitical events, such as the Russia-Ukraine conflict, have increased uncertainty and volatility in raw material costs, exacerbating inflationary pressures[66]. - Increased costs of raw materials and energy prices, influenced by global supply and demand, could negatively impact profitability and net sales[86]. - Import tariffs and trade regulations could significantly increase the prices of critical raw materials, adversely impacting manufacturing costs and customer demand[91]. - Geopolitical events and economic developments may disrupt operations and affect the availability of necessary raw materials, impacting net sales and operating results[93]. Production and Operational Challenges - The company experienced customer channel inventory destocking in 2025, which adversely affected sales and cash flows[64]. - The company faces challenges in scheduling production due to the lack of long-term commitments from customers, impacting manufacturing efficiency[69]. - The company is vulnerable to supply shortages due to reliance on third-party suppliers for raw materials and components, which could impair timely delivery and adversely affect financial results[87]. - Technical problems or interruptions at manufacturing facilities could lead to production delays and additional expenses, affecting customer orders[97]. Financial Risks and Debt Management - The company has a $350 million revolving credit facility, which was reduced to $275 million as of February 25, 2026, with all amounts maturing on June 28, 2028[112][116]. - As of December 31, 2025, the company had $202.5 million outstanding under its revolving credit facility, with interest rates of 5.98%[117][227]. - A hypothetical 100-basis-point increase in interest rates would have resulted in an additional $1.4 million of interest expense based on variable rate debt as of December 31, 2025[228]. - A rise in interest rates could negatively affect the company's cash flow, as it is exposed to interest rate risk on its debt obligations[226][228]. - The company incurred additional indebtedness due to the Accu-Fab acquisition, increasing its consolidated total leverage ratio[115]. Strategic Growth and Acquisitions - The acquisition of Accu-Fab, LLC has increased exposure to the Data Center & Critical Power end market, making future performance dependent on growth in this sector[85]. - The company’s growth strategy includes acquisitions, but there are risks associated with identifying suitable targets and successfully integrating them, which may affect business operations[88]. Cost Management and Profitability - Rising employee health benefit costs could negatively impact financial results and cash flows due to inflationary pressures[94]. - Failure to develop new and innovative processes could lead to decreased sales and increased expenses without offsetting revenues[95]. - The company aims to pass commodity price increases to customers to avoid profit margin erosion[229]. - Contracts with customers are utilized to mitigate the impact of commodity raw material price fluctuations[229]. - As of December 31, 2025, the company did not have any commodity hedging instruments in place[229]. Regulatory and Compliance Risks - The company is subject to various local and foreign laws and regulations, which could incur significant expenses and liabilities if not complied with[107]. Market and Competitive Landscape - Competition from lower-cost competitors and new entrants may lead to pricing pressure and loss of market share[76]. - The company is exposed to market risks from changes in customer forecasts, which can fluctuate dramatically from quarter to quarter[225]. - The company sources a variety of materials and components from a network of suppliers[229]. - Commodity raw materials such as steel, aluminum, and copper are subject to price fluctuations[229]. Cybersecurity and Operational Risks - Cybersecurity risks and potential data breaches pose threats to the company’s operations and financial condition[96]. Shareholder and Dividend Policy - The ESOP and 401(k) plan own approximately 22% of the outstanding shares, which may limit other shareholders' influence over corporate matters[118]. - The company does not expect to declare any dividends in the foreseeable future, focusing instead on business growth and capital expenditures[123].

Core Insights - The company reported a decline in manufacturing margin to 6.6% in the fourth quarter, down from 8.9% a year earlier, attributed to launch costs and early-stage inefficiencies, but would have been approximately 9% excluding these items [1][6][8] - Fourth-quarter sales increased by 10.7% year over year to $134.3 million, but organic net sales fell by 5.3% when excluding the Accu-Fab acquisition [2][6] - The company is in a transitional phase with muted demand in legacy markets and increasing activity in data center and critical power sectors, leading to near-term margin pressure [4][7] Financial Performance - Fourth-quarter adjusted EBITDA margin fell to 4.7% from 7.6% in the prior year, primarily due to launch costs and inefficiencies, with an adjusted EBITDA margin of approximately 7% if those items were excluded [6][8] - Free cash flow for the fourth quarter was $10.2 million, down from $35.6 million a year earlier, with net debt at $205.3 million and net leverage of 3.7x as of December 31 [15][20] Market Trends - Demand in legacy markets is described as "muted," while there is sustained momentum in data center and critical power sectors, with expectations for these markets to exceed 20% of revenue in 2026 [9][10] - The company has a qualified opportunity pipeline in data center and critical power exceeding $125 million, with $40 million to $50 million in projects expected to launch in 2026 [10][11] Guidance and Future Outlook - The company provided guidance for Q1 2026 net sales of $137–$143 million and full-year net sales of $580–$620 million, with adjusted EBITDA of $50–$60 million [5][18] - Management expects $2 million to $3 million in cost improvements in 2026 and aims for net leverage to be 3x or lower by year-end [20][21]

Financial Data and Key Metrics Changes - Total sales for Q4 2025 increased by 10.7% year-over-year to $134.3 million, while organic net sales declined by 5.3% excluding the Accu-Fab acquisition [15] - Manufacturing margin rate decreased to 6.6% from 8.9% in the prior year, primarily due to project launch costs and early-stage project inefficiencies [15][17] - Adjusted EBITDA margin was 4.7% for the quarter compared to 7.6% in the prior year, reflecting lower legacy market volumes and project launch costs [17] - Free Cash Flow for Q4 2025 was $10.2 million, down from $35.6 million in the prior year, mainly due to a one-time settlement received in the previous year [17][18] Business Line Data and Key Metrics Changes - Net sales in the commercial vehicle market declined approximately 19% year-over-year, while construction and access market revenues increased by approximately 13% [6][7] - Powersports market net sales grew approximately 20% year-over-year, driven by new business wins and stabilized customer production schedules [7] - Data center and critical power market saw growth of approximately 13% year-over-year, supported by legacy OEM demand and early project launches [8] Market Data and Key Metrics Changes - The qualified opportunity pipeline for the company now exceeds $125 million, with projects scheduled to launch in 2026 valued at approximately $40 million to $50 million [8] - The serviceable addressable market for new data center capacity is estimated to be between $115 million and $185 million per gigawatt, representing a total market opportunity of approximately $3.2 billion [8] - The data center and critical power market is expected to grow at a compound annual rate of approximately 16% from 2026 through 2030 [9] Company Strategy and Development Direction - The company is focused on positioning itself for growth in the data center and critical power markets, reallocating resources to support project launches [4][5] - The MBX operational excellence framework is being executed to drive process improvements and optimize manufacturing footprint [5] - The company aims to maintain a disciplined approach to capital deployment, focusing on debt reduction and potential M&A opportunities to diversify end market exposure [11][12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that the fourth quarter was a transitional period with muted demand in legacy markets but expressed confidence in capturing growth in the data center and critical power markets [4][5] - The company expects margins to normalize as project volumes ramp up and utilization improves, with a focus on profitable growth in 2026 and beyond [5][14] - Management introduced quarterly financial guidance to provide better visibility into business trends, reflecting the fast-moving nature of the data center and critical power environment [12][19] Other Important Information - The company anticipates full-year net sales for 2026 to be between $580 million and $620 million, with Adjusted EBITDA of between $50 million and $60 million [19] - Free Cash Flow conversion for the full year is expected to be between 50% and 60% of Adjusted EBITDA, with capital expenditures projected to be between $15 million and $20 million [21] Q&A Session Summary Question: Insights on the commercial vehicle market and its impact on 2026 - Management noted an increase in Class A truck orders and expects demand to accelerate, potentially impacting build rates in mid to late Q2 [27][28] Question: Outlook for the agriculture market - Management indicated that while large agriculture remains down, there are signs of improvement in small agriculture and related sectors [31] Question: Margin headwinds in critical power - Management expects most launch costs to be incurred in the first half of 2026, with a return to full run rate anticipated by the end of Q2 [32] Question: Clarification on EBITDA guidance and margin progression - Management explained that ongoing costs and lower legacy market volumes are impacting margins, with expectations for improvement in the second half of the year [41][56] Question: Customer concentration in the data center market - Management stated that the data center market is reasonably diversified, working with both blue-chip and next-tier OEMs [69] Question: Recovery signs in the construction access market - Management reported early signs of improvement in customer order patterns and build rates in the construction segment [71]

Financial Data and Key Metrics Changes - Total sales for Q4 2025 increased by 10.7% year-over-year to $134.3 million, while organic net sales declined by 5.3% excluding the Accu-Fab acquisition [15] - Manufacturing margin rate decreased to 6.6% from 8.9% in the prior year, primarily due to project launch costs and early-stage project inefficiencies [15][17] - Free Cash Flow for Q4 2025 was $10.2 million, down from $35.6 million in the prior year, largely due to a one-time settlement received in the previous year [17][18] Business Line Data and Key Metrics Changes - Net sales in the commercial vehicle market declined approximately 19% year-over-year, while construction and access market revenues increased by approximately 13% [6] - Powersports market net sales grew approximately 20% year-over-year, driven by new business wins and stabilized customer production schedules [7] - Data center and critical power market saw growth of approximately 13% year-over-year, supported by legacy OEM demand and early project launches [8] Market Data and Key Metrics Changes - The qualified opportunity pipeline for the data center and critical power market exceeds $125 million, with expected project launches valued at $40 million-$50 million in 2026 [8] - The serviceable addressable market for new data center capacity is estimated to be between $115 million and $185 million per gigawatt, representing a total market opportunity of approximately $3.2 billion [8] - The data center market is expected to grow at a compound annual rate of approximately 16% from 2026 through 2030 [9] Company Strategy and Development Direction - The company is focused on executing its MBX operational excellence framework and optimizing its manufacturing footprint to enhance operating leverage [5] - Investments are being made to support program readiness and execution in anticipation of higher volume programs, with a focus on capturing demand in the data center and critical power market [4][5] - The company aims to maintain a disciplined approach to capital deployment, prioritizing debt reduction and potential M&A opportunities to diversify end market exposure [11][12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that the fourth quarter represented a transitional period, with muted demand in legacy markets but robust demand in data center and critical power markets [4] - The company expects margins to normalize as project volumes ramp up and utilization improves, with a focus on profitable growth in 2026 and beyond [5][14] - Management expressed confidence in the growth trajectory for 2026, driven by anticipated improvements in legacy markets and strong demand in the data center sector [14][21] Other Important Information - The company is introducing quarterly financial guidance in addition to its full-year outlook to provide better visibility into business trends [12] - For 2026, the company expects net sales between $580 million and $620 million, with Adjusted EBITDA of $50 million to $60 million [19] Q&A Session Summary Question: Impact of revised ACT outlook on commercial vehicle market - Management noted an increase in Class A truck orders and expects demand to accelerate build rates from commercial vehicle customers starting mid to late Q2 [27][28] Question: Signs of improvement in agriculture market - Management indicated that while large agriculture remains down, there are signs of improvement in small agriculture and related sectors [31] Question: Margin headwinds in critical power segment - Management expects most launch costs to be incurred in the first half of 2026, with a return to full run rate anticipated by the end of Q2 [32] Question: Clarification on EBITDA guidance and margin progression - Management explained that ongoing costs and lower legacy market volumes are impacting margins, with expectations for improvement in the second half of the year [41][57] Question: Customer concentration in data center market - Management stated that the data center market is reasonably diversified across multiple customers, mitigating significant concentration risks [69] Question: Capacity to ramp up data center business without sacrificing legacy business - Management confirmed that current capacity allows for ramping up data center business while maintaining legacy business operations [78]

Financial Data and Key Metrics Changes - Total sales for Q4 2025 increased by 10.7% year-over-year to $134.3 million, while organic net sales declined by 5.3% excluding the Accu-Fab acquisition [15] - Manufacturing margin rate decreased to 6.6% from 8.9% in the prior year, primarily due to project launch costs and early-stage project inefficiencies [15][17] - Adjusted EBITDA margin was 4.7%, down from 7.6% year-over-year, reflecting lower legacy market volumes and project launch costs [17] - Free Cash Flow for Q4 2025 was $10.2 million, a decline from $35.6 million in the prior year, mainly due to a one-time settlement received last year [17][18] Business Line Data and Key Metrics Changes - Net sales in the commercial vehicle market declined approximately 19% year-over-year, while construction and access market revenues increased by about 13% [6] - Powersports market net sales grew approximately 20% year-over-year, driven by new business wins and stabilized production schedules [7] - Data center and critical power market saw growth of approximately 13% year-over-year, supported by legacy OEM demand and early project launches [8] Market Data and Key Metrics Changes - The qualified opportunity pipeline for the data center and critical power market exceeds $125 million, with expected project launches valued at $40 million-$50 million in 2026 [9] - The serviceable addressable market for new data center capacity is estimated to be between $115 million and $185 million per gigawatt, representing a total market opportunity of approximately $3.2 billion [9] - The data center market is expected to grow at a compound annual rate of approximately 16% from 2026 through 2030 [10] Company Strategy and Development Direction - The company is focused on executing its MBX operational excellence framework to drive process improvements and optimize its manufacturing footprint [5] - The strategy includes disciplined capital deployment, prioritizing debt reduction while remaining opportunistic in M&A to diversify end market exposure [12][21] - The company anticipates a gradual improvement in legacy end markets, particularly in the second half of 2026, while investing in growth initiatives [14] Management's Comments on Operating Environment and Future Outlook - Management noted that margin pressure is primarily due to early-stage project inefficiencies and project launch costs, which are expected to normalize as programs ramp up [5] - The company is entering a transitional year, with expectations for profitable growth and improved Free Cash Flow as legacy markets recover [14][21] - Management expressed confidence in the progress being made to position the company for durable, higher-margin growth in the future [95] Other Important Information - The company expects Free Cash Flow conversion for the full year to be between 50% and 60% of Adjusted EBITDA, with capital expenditures projected at $15 million-$20 million [21] - The net leverage ratio at the end of Q4 2025 was 3.7 times, with a target of reducing it to 3 times or lower by the end of 2026 [18][21] Q&A Session Summary Question: Impact of revised ACT outlook on commercial vehicle market - Management acknowledged the increase in Class A truck orders and expects demand to accelerate build rate increases from commercial vehicle customers starting mid to late Q2 [27][28] Question: Signs of improvement in agriculture market - Management indicated that while large agriculture remains down, there are signs of improvement in small agriculture and related sectors [30] Question: Margin headwinds in critical power segment - Management expects most margin pressures from project launch costs to be resolved by the end of Q2, with a return to normal margins in the second half of the year [31] Question: Clarification on EBITDA guidance and margin progression - Management explained that ongoing costs and lower legacy market volumes are impacting EBITDA guidance, with expectations for improvement in the second half of the year [39][56] Question: Customer concentration in data center segment - Management stated that the customer base within the data center market is reasonably diversified, with no significant concentration expected [68] Question: Current utilization and production shifts - Management reported that current utilization is around 55%, with plans to increase capacity through additional shifts and automation [82] Question: Definition of revenue synergies - Revenue synergies are defined as any data center customer work being produced in legacy MEC plants, excluding productivity improvements at the Accu-Fab facilities [90]

MAYVILLE ENGINEERING COMPANY 4Q25 RESULTS PRESENTATION MARCH 3, 2026 SAFE HARBOR STATEMENT 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, financia ...

分组1 - Mayville Engineering reported a quarterly loss of $0.08 per share, better than the Zacks Consensus Estimate of a loss of $0.16, and a significant decrease from earnings of $0.76 per share a year ago, representing an earnings surprise of +50.00% [1] - The company achieved revenues of $134.27 million for the quarter ended December 2025, exceeding the Zacks Consensus Estimate by 2.65% and showing an increase from $121.31 million in the same quarter last year [2] - Mayville Engineering has surpassed consensus EPS estimates three times over the last four quarters, indicating a positive trend in earnings performance [2] 分组2 - The stock has gained approximately 15.1% since the beginning of the year, outperforming the S&P 500, which has only gained 0.5% [3] - The current consensus EPS estimate for the upcoming quarter is $0.04 on revenues of $138.82 million, and for the current fiscal year, it is $0.50 on revenues of $578.55 million [7] - The Engineering - R and D Services industry, to which Mayville Engineering belongs, is currently ranked in the top 23% of over 250 Zacks industries, suggesting a favorable industry outlook [8]