Slide 1: MasTec Inc. Second Quarter 2025 Earnings
MasTec Inc. Second Quarter 2025 Earnings August 1, 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: Q2 2025 Summary
Q2 2025 Summary • Revenue of $3.5B Revenue • Increased 4% vs guidance expectations and 20% compared to Adjusted last year EBITDA1 • Total backlog of $16.5B reflects a 18 Month Adjusted sequential increase of $0.6B or 4% Backlog2 $275M Diluted EPS1 and year-over-year growth of $3.1B Backlog or 23% $1
Slide 4: Q2 2025 Segment Results
Q2 2025 Segment Results Revenue1,2 ($M) Adj. EBITDA1,2,3 ($M) $3,545 $271 $275 $540 $62 $2,961 $135 $572 $1,046 $91 $868 $80 $1,131 $83 $942 $47 $837 $83 $591 $53 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Communications Clean Energy and Infrastructure Pipeline Infrastructure Power Delivery 1 Consolidated tota
Slide 5: Q2 2025 Backlog
Q2 2025 Backlog1 18 Month Backlog2 ($B) $16.5 • Total backlog of $16.5B is up 23% or $15.9 $16.0 $3.1B on a year over year basis, and up 4%, or $0.6B sequentially $14.0 $13.3 $5.1 $5.0 • Clean Energy and Infrastructure $12.0 backlog increased $506M sequentially $4.4 $1.5 and ~$1.3B year-over-year to
Slide 6: Cash Flow, Leverage & Liquidity
Cash Flow, Leverage & Liquidity Cash Flow from Operations ($M) DSO1 $300 75 $264 $250 70 69 $200 66 65 65 $150 60 $100 $50 55 $6 $0 50 Q2 2024 Q2 2025 Q2 2024 Q1 2025 Q2 2025 Leverage1 Liquidity1 ($B) 3.0x $2.5 $2.2 2.5x $2.0 2.5x $2.0 $1.8 2.0x 2.0x 1.9x $1.5 1.5x $1.0 1.0x $0.5 0.5x $0.0 Q2 2024 Q
Slide 7: 2025 Guidance Summary
2025 Guidance Summary1 ($M, with exception of EPS) Q3 Full Year Guidance Guidance Revenue $3,900 $13,900 - $14,000 Adjusted EBITDA2 $370 $1,130 - $1,160 Adjusted Net Income2 $189 $515 - $535 Diluted EPS (GAAP) $1.87 $4.61 - $4.82 Adjusted Diluted EPS2 $2.28 $6.23 - $6.44 1 Guidance issued on July 31
Slide 8: Revenue and Adjusted EBITDA Cadence
Revenue and Adjusted EBITDA Cadence Revenue ($B)1,3 $8.0 $7.5 - $7.6 $8.0 $6.4 $6.7 1.1 $5.6 $6.0 $0.9 $6.0 0.9 $1.2 2.3 $1.9 1.9 $4.0 $4.0 $1.7 $2.0 2.4 2.7 $2.0 $1.7 $2.0 $1.1 $1.5 1.4 1.5 $0.0 $0.0 1H 2024 1H 2025 No data to display 2H 2024 2H 2025 E Pipeline Infrastructure Power Delivery Clean E
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
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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% $ 388 - 408 2.8 - 2.9% Interest expense, net 193.3 1.6% 168 1.2% Provision for income taxes 51.5 0.4
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 $ 388 - 408 Non-cash stock-based compensation expense 32.7 35 Amortization of intangible assets 139.9 131 Loss on extin
Slide 13: Quarterly Non-GAAP Reconciliations
Quarterly Non-GAAP Reconciliations1,2 EBITDA and Adjusted EBITDA Margin Reconciliation Q2 2024 Q2 2025 Q3 2024 Q3 2025 E3 Net income $ 43.8 1.5 % $ 90.1 2.5 % $ 105.4 3.2 % $ 156 4.0 % Interest expense, net 50.6 1.7 % 43.9 1.2 % 47.0 1.4 % 43 1.1 % Provision for income taxes 19.3 0.7 % 30.7 0.9 % 31
Slide 14: Quarterly Non-GAAP Reconciliations
Quarterly Non-GAAP Reconciliations1,2 Adjusted Net Income Reconciliation Q2 2024 Q2 2025 Q3 2024 Q3 2025 E3 Net income $ 43.8 $ 90.1 $ 105.4 $ 156 Non-cash stock-based compensation expense 7.0 9.4 7.3 10 Amortization of intangible assets 33.6 32.7 34.4 33 Changes in fair value of acquisition-related
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 % $ 285 - 306 3.8 - 4.0 % Interest expense, net 103 1.8 % 83 1.3 % 91 1.4 % 85 1.1 % Provision for income taxes 8 0.1 % 27 0.4
Slide 16: Q2 2025 Non-GAAP Reconciliations
Q2 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 (in millions): Adjusted EBITDA and Adjusted EBITDA Margin by Segment Q2 20243 Q2 2025 EBITDA $ 249.4 8.4% $ 267.3 7.5% Non
Slide 17: 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