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 ...

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] - 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 ...

Company Overview - GPGI is a multi-industry holding company focused on acquiring and operating businesses in the industrials sector, particularly in metal fabrication and manufacturing technologies [6] - The company has a market capitalization of $6.5 billion and generates revenue primarily through the manufacturing and sale of metal payment cards, security and authentication solutions, and injection molding machines [4][9] - GPGI operates as a diversified compounder, acquiring and scaling high-quality businesses across multiple industries, with a focus on industrial manufacturing and technology-driven solutions [9] Recent Developments - Progeny 3, Inc. increased its stake in GPGI by purchasing 531,000 shares in the fourth quarter, bringing the total position value to $24.45 million, an increase of approximately $9.1 million from the previous period [2][4] - As of February 17, 2026, GPGI shares were priced at $24.11, reflecting a 70% increase over the past year, significantly outperforming the S&P 500's roughly 16% gain during the same period [8] - GPGI completed its rebranding from CompoSecure and began trading under its new ticker in January, positioning itself as a multi-industry compounder [10] Leadership and Strategy - The Husky segment of GPGI announced leadership transitions, with the CEO and CFO set to depart, but the company emphasized continuity and no expected disruption to its strategy [11] - The investment thesis for GPGI hinges on disciplined acquisitions and operational rigor rather than multiple expansion alone, with upcoming full-year results expected to provide clarity on the company's performance [12]

Group 1: Company Overview - ESAB Corporation is a leading provider of welding and cutting solutions with a global footprint and a comprehensive product portfolio [6] - The company leverages advanced manufacturing and digital technologies to meet the needs of industrial and infrastructure customers [6] - ESAB generates revenue through the sale of consumables and equipment, complemented by digital software and productivity solutions for industrial clients [8] Group 2: Financial Metrics - As of February 5, 2026, ESAB's stock price was $127.90, reflecting a 5.3% increase over the past year [7] - The market capitalization of ESAB is $7.76 billion, with a trailing twelve months (TTM) revenue of $2.84 billion and a net income of $226.8 million [4] Group 3: Investment Activity - TimesSquare Capital Management increased its position in ESAB by 262,850 shares, valued at approximately $30.08 million, during the fourth quarter [2] - This buy raised ESAB's share to 1.61% of TimesSquare Capital's 13F assets under management as of December 31, 2025 [7] - The decision to increase the position by 38% indicates growing confidence in industrial manufacturing and infrastructure spending [9]

Group 1: Kaiser Aluminum Corporation (KALU) - Kaiser Aluminum Corporation has a Zacks Rank 1 and a 9.3% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - The company's shares gained 36.0% over the last three months, while the S&P 500 declined by 3.4% [1] - Kaiser Aluminum possesses a Momentum Score of A [1] Group 2: Fluor Corporation (FLR) - Fluor Corporation has a Zacks Rank 1 and a 19.1% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] - The company's shares gained 25.2% over the last three months, compared to the S&P 500's decline of 3.4% [2] - Fluor possesses a Momentum Score of A [2] Group 3: Alpine Income Property Trust, Inc. (PINE) - Alpine Income Property Trust has a Zacks Rank 1 and a 7.7% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [3] - The company's shares gained 20.4% over the last three months, while the S&P 500 declined by 3.4% [3] - Alpine Income Property Trust possesses a Momentum Score of A [3]

Company Overview - Mueller Industries, Inc. (NYSE:MLI) produces copper, brass, and aluminum components such as tubes, fittings, and valves for plumbing, refrigeration, and HVAC systems [2] Investment Sentiment - Jim Cramer expressed strong support for Mueller Industries, indicating he was a significant holder when the company emerged from bankruptcy and remains a buyer, emphasizing the company's steady growth and infrastructure relevance [1] Market Position - The company is recognized for its extensive product offerings in the infrastructure sector, including pipes and manhole covers, which are critical for various applications [1]

Core Insights - Riverwater Partners' Micro Opportunities Strategy reported solid absolute returns in Q3 2025 but lagged behind the benchmark due to not keeping pace with the market rally [1] - The strategy continues to focus on quality companies amid a volatile environment [1] Company Overview - Mayville Engineering Company, Inc. (NYSE:MEC) is a metal fabrication company involved in design, production, prototyping, tooling, aluminum extrusion, coating, and assembly of aftermarket components [2] - As of December 16, 2025, Mayville Engineering's stock closed at $18.25 per share, with a market capitalization of $370.81 million [2] Performance Metrics - Mayville Engineering's one-month return was 21.67%, and its shares gained 12.31% over the last 52 weeks [2] - In Q3 2025, Mayville Engineering's total sales increased by 6.6% year-over-year to $144.3 million [4] Market Position and Trends - The Industrials sector showed mixed results, with opportunities in reshoring trends and domestic manufacturing, although some companies faced near-term challenges [3] - Mayville Engineering experienced softened customer demand in certain end markets, impacting its performance [3] - Despite near-term weaknesses, there is confidence in Mayville Engineering's long-term positioning to benefit from the reshoring of manufacturing to the U.S. [3] Hedge Fund Interest - Mayville Engineering is not among the 30 most popular stocks among hedge funds, with 7 hedge fund portfolios holding the stock at the end of Q3 2025, down from 11 in the previous quarter [4]

Core Viewpoint - Worthington Enterprises Inc. has signed a definitive agreement to acquire LSI Group, LLC for approximately $205 million, enhancing its Building Products portfolio and expanding its market presence in the commercial metal roofing sector [1][2][3] Company Overview - Worthington Enterprises is a designer and manufacturer of market-leading brands that improve everyday life, operating primarily in two segments: Building Products and Consumer Products [10][11] - The Building Products segment includes solutions for heating, cooling, construction, and water applications, while the Consumer Products segment focuses on tools and outdoor living [10] Acquisition Details - The acquisition of LSI Group is expected to close in January 2026, pending regulatory approval and customary closing conditions [2] - LSI Group is recognized as one of the largest U.S. manufacturers of standing seam metal roof clips and retrofit components, with brands such as BPD, Logan Stampings, LSI Metal Fabrication, and Roof Hugger [1][7] Strategic Importance - The acquisition is aimed at strengthening Worthington's Building Products portfolio and enhancing customer engagement across the building envelope [3] - LSI's reputation for superior quality, industry-leading lead times, and strong customer relationships aligns with Worthington's values and commitment to customer support [3][5] Market Demand - There is a growing demand for resilient, energy-efficient, and durable roofing systems as building owners prioritize stronger structures in response to evolving weather patterns and rising energy costs [3] - The retrofit market, served by LSI's Roof Hugger brand, offers advantages such as lower installation costs and improved energy efficiency compared to full roof replacements [4] Leadership and Culture - Robert Baker, the owner and president of LSI Group, will continue to lead the business post-acquisition, emphasizing a people-first culture and commitment to innovation [5][8] - The partnership is expected to accelerate innovation and expand reach, delivering greater value to customers and enhancing investment in the Logansport community [8]