Slide 1: MasTec Inc. Third Quarter 2025 Earnings
MasTec Inc. Third Quarter 2025 Earnings October 31, 2025 NYSE: MTZ
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements include, but are not limited to, statements relating to expectations regarding the future financial and operational performance o
Slide 3: Q3 2025 Summary
Q3 2025 Summary • Revenue of $4.0B, +22% YoY and Revenue +2% vs guidance; double digit growth in all segments Adjusted EBITDA1 18 Month Adjusted • Total backlog of $16.8B increased Backlog2 Diluted EPS1 $0.3B or 2% sequentially; YoY growth $373M Backlog of $2.9B or 21% • YoY growth rate led by 124%
Slide 4: Q3 2025 Segment Results
Q3 2025 Segment Results Revenue1,2 ($M) Adj. EBITDA1,2,3 ($M) $373 $3,967 $311 $104 $3,252 $86 $1,111 $92 $951 $598 $103 $498 $115 $1,364 $85 $1,138 $103 $915 $75 $688 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Communications Clean Energy and Infrastructure Pipeline Infrastructure Power Delivery 1 Consolidated
Slide 5: Q3 2025 Backlog
Q3 2025 Backlog1 18 Month Backlog2 ($B) $16.8 $16.5 • Total backlog of $16.8B increased 21% $16.0 or $2.9B YoY; increased 2%, or $0.3B sequentially $13.9 $5.1 $14.0 $5.1 • Clean Energy and Infrastructure $12.0 $4.6 backlog increased $0.1B sequentially $1.5 $1.6 and ~$0.9B YoY to $5.0B, a new $10.0 P
Slide 6: Cash Flow, Leverage & Liquidity
Cash Flow, Leverage & Liquidity Cash Flow from Operations ($M) DSO1 $300 $278 75 $250 70 69 68 $200 65 65 $150 60 $100 $89 $50 55 $0 50 Q3 2024 Q3 2025 Q3 2024 Q2 2025 Q3 2025 Leverage1 Liquidity1 ($B) 3.0x $2.5 $2.0 $2.0 2.5x $2.0 $1.9 2.2x 2.0x 2.0x 2.0x $1.5 1.5x $1.0 1.0x $0.5 0.5x $0.0 Q3 2024
Slide 7: 2025 Guidance Summary
2025 Guidance Summary1 ($M, except EPS) Full Year Guidance Revenue $14,075 Adjusted EBITDA2 $1,135 Adjusted Net Income2 $524 Diluted EPS (GAAP) $4.80 Adjusted Diluted EPS2 $6.40 1 Guidance issued on October 30, 2025. 2 See Appendix for reconciliations of Adjusted measures to GAAP measures. 7
Slide 8: Revenue and Adjusted EBITDA Cadence
Revenue and Adjusted EBITDA Cadence Revenue ($B)1,2 $8.0 $7.7 $8.0 $6.4 $6.7 $5.6 $2.1 $6.0 $6.0 $1.9 $1.9 $1.7 $1.3 $4.0 $0.9 $4.0 $0.9 $1.2 $2.0 $2.6 $2.4 $2.0 $1.7 $2.0 $1.1 $1.5 $1.4 $1.7 $0.0 $0.0 1H 2024 1H 2025 No data to display 2H 2024 2H 2025 E Communications Clean Energy and Infrastructur
Slide 9: 2025 Cash Flow and Leverage Projections
2025 Cash Flow and Leverage Projections • We anticipate 2025 full year cash flow from operations will approximate $700 to $750 million • We expect 2025 leverage1 to remain below 2x • We will continue to prioritize prudent capital allocation with a goal of maximizing return on invested capital Levera
Slide 10: Appendix
Appendix = ™N ww ™~ < ~~ <~ ~~ “= ~ “MasTec likrastructinve that NeLivers
Slide 11: Full Year Non-GAAP Reconciliations
Full Year Non-GAAP Reconciliations1,2 For the Year Ended Guidance for the Year Ended EBITDA and Adjusted EBITDA Margin Reconciliation December 31, 2024 December 31, 2025 Est.3 Net income $ 199.4 1.6% $ 399 2.8% Interest expense, net 193.3 1.6% 170 1.2% Provision for income taxes 51.5 0.4% 103 0.7% D
Slide 12: Full Year Non-GAAP Reconciliations
Full Year Non-GAAP Reconciliations1,2 Guidance for the For the Year Ended Year Ended December 31, 2024 December 31, 2025 Adjusted Net Income Reconciliation Est.3 Net income $ 199.4 $ 399 Non-cash stock-based compensation expense 32.7 34 Amortization of intangible assets 139.9 131 Loss on extinguishm
Slide 13: Quarterly Non-GAAP Reconciliations
Quarterly Non-GAAP Reconciliations1,2 EBITDA and Adjusted EBITDA Margin Reconciliation Q3 2024 Q3 2025 Net income $ 105.4 3.2 % $ 166.5 4.2 % Interest expense, net 47.0 1.4 % 45.4 1.1 % Provision for income taxes 31.5 1.0 % 45.1 1.1 % Depreciation 80.2 2.5 % 71.8 1.8 % Amortization of intangible ass
Slide 14: Quarterly Non-GAAP Reconciliations
Quarterly Non-GAAP Reconciliations1,2 Adjusted Net Income Reconciliation Q3 2024 Q3 2025 Net income $ 105.4 $ 166.5 Non-cash stock-based compensation expense 7.3 9.3 Amortization of intangible assets 34.4 32.7 Changes in fair value of acquisition-related contingent items 4.6 2.5 Loss on extinguishme
Slide 15: 1st and 2nd Half Non-GAAP Reconciliations
1st and 2nd Half Non-GAAP Reconciliations1,2 EBITDA and Adjusted EBITDA Margin Reconciliation 1H 2024 1H 20253 2H 2024 2H 2025 E3 Net income $ 9 0.2 % $ 102 1.6 % $ 190 2.9 % $ 297 3.9 % Interest expense, net 103 1.8 % 83 1.3 % 91 1.4 % 87 1.1 % Provision for income taxes 8 0.1 % 27 0.4 % 43 0.7 % 7
Slide 16: Q3 2025 Non-GAAP Reconciliations
Q3 2025 Non-GAAP Reconciliations1,2 A reconciliation of EBITDA and EBITDA margin to Adjusted EBITDA and Adjusted EBITDA margin by segment for the periods indicated is as follows: Adjusted EBITDA and Adjusted EBITDA Margin by Segment Q3 20243 Q3 2025 EBITDA $ 298.6 9.2% $ 361.6 9.1% Non-cash stock-ba
Slide 17: Trailing Twelve Months and Full Year Leverage Reconciliations
Trailing Twelve Months and Full Year Leverage Reconciliations1,2,3 For the Trailing For the Trailing For the Trailing Twelve Months For the Year For the Year Twelve Months Twelve Months Ended Ended Ended Ended Ended June 30, December 31, December 31, September 30, September 30, 2025 2023 2024 2024 2
Slide 18: Miscellaneous Definitions
Miscellaneous Definitions1 • Backlog - Backlog represents the amount of revenue we expect to realize over the next 18 months from future work on uncompleted construction contracts, including new contracts under which work has not begun, as well as revenue from change orders and renewal options. Our