Mayville Engineering Co Inc 2025年度报告

Dear Fellow Shareholders, MECenters 2026 as a stronger,more diversified,andstrategicallywell-positioned company.We continue toexecutewith discipline in a challenging end marketenvironment while building the foundation for profitable,sustainablegrowth in the years ahead.The consistentexecution we have demonstrated over the past severalyears, coupled with our MBX operating framework, hascreateda more durable business model with greaterdiversification. Despite persistent softness across several legacy end markets in 2025, our team acted decisivelyto protect profitability, tighten cost control, and reallocate capacity and investments towardhigher‑growth opportunities. Supported by strong free cash flow, this disciplined approach hasenabledus to continue advancing our value-creation pillars:commercial expansion,operational excellence, and disciplined capital deployment. Accu-Fab Acquisition: A Transformative Milestone One of the most significant achievements of the year was our acquisition of Accu‑Fab. Accu-Fab’s key portfolio enhancements: •It expands our presence in the structurally higher‑growth Data Center & Critical Power endmarket, which we currently estimate will be more than 20% of our revenues in 2026, withadditional upside as infrastructure investment continues.•It creates compelling cross-selling opportunities that we expect to generate between $40million and $50 million of incremental revenue in 2026.•It is long-term accretive to margins. Demand momentum within Data Center & Critical Power continues to accelerate. Supportedby multi‑year infrastructure investment trends, our qualified pipeline in this end market nowexceeds $125 million driving end market diversification and enhancing the Company’s earningsprofile. Positioned for Recovery and Multi-Year Growth While several of MEC’s legacy end markets, including Commercial Vehicle, Agriculture, andPowersports,continue to face regulatory and macroeconomic headwinds,we expectconditions to gradually improve later in 2026. The actions we took in 2025 to streamline our coststructure, enhance utilization, and strengthen operating flexibility ensures we are well positionedto capture operating leverage as demand recovers. At the same time, our customer relationships remain strong across our legacy end markets. Bidding activity and new project opportunities have remained healthy. New project awardsacross these end markets totaled more than $108 million in 2025, exceeding our annual targetand providing a strong foundation for multi‑year growth. Disciplined Capital Deployment Anchored in Long-Term Strategy Our near-term capital priorities remain focused on debt repayment and reducing net leveragetoward our long‑term target of below 2.5x. Over the longer term, we remain focused onstrengthening the balance sheet, sustaining strong free cash flow, and deploying capital towardopportunities that enhance long‑term shareholder value, including acquisitions that are bothrevenue growth and margin accretive. A Foundation for Sustainable, Higher Margin Growth The year 2026 represents an important phase in MEC’s value‑creation journey. We are positionedto benefit from improving end market trends and continued growth in Data Center & CriticalPower. With strong free cash generation, disciplined execution, enhanced operating leverage,and the long‑term benefits of our MBX value creation framework, we believe MEC is wellpositioned to deliver durable, profitable growth for years to come. Thank you to our employees, customers, partners, and shareholders for your continued support.We look forward to building on our momentum in 2026. Sincerely, Jagadeesh (Jag) A. ReddyPresident, CEO and Director (Mark One) ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31, 2025OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934FOR THE TRANSITION PERIOD FROMTOCommission File Number 001-38894 Mayville Engineering Company, Inc.(Exact name of Registrant as specified in its Charter) Securities registered pursuant to Section 12(g) of the Act:None Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES☐NO☒ Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. YES☐NO☒ Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Actof 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to suchfiling requirements for the past 90 days. YES☒NO☐ Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for su