Mastec, Inc. · NYSE:MTZ
Mastec — Investor Presentation (March 2026)
74 slides from Mastec's investor presentation, Mar 4, 2026
Slide 1: MasTec Investor Presentation
MasTec Investor Presentation March 4, 2026 NYSE: MTZ
Slide 2: Safe Harbor Statement & Non-GAAP Financial Measures
Safe Harbor Statement & Non-GAAP Financial Measures 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 regardin
Slide 3: MasTec: Positioned for Structural Growth
MasTec: Positioned for Structural Growth ❖ Market-leading critical infrastructure company well aligned with positive macro growth drivers ❖ Diversified service offerings and end-market exposures should enhance relative growth stability and financial resiliency ❖ Predictable business model includes s
Slide 4: MasTec: Diversified, Customer Centric Growth
MasTec: Diversified, Customer Centric Growth Growth Pillars Our Mission o Serve our customers safely and reliably while building long-term partnerships Clean Energy & Infrastructure o Grow profitably while delivering excellent customer service o Act with integrity in all communities where we work o
Slide 5: MasTec at a Glance
MasTec at a Glance 1 95+ $3.9 B YEARS 35,000+ EQUIPMENT 800+ EXPERIENCE EMPLOYEES FLEET (gross) LOCATIONS $14.3 B Top 5 of 400 REVENUE ENR CONTRACTORS 2 # 342 NYSE: MTZ MINORITY LARGEST CONTROLLED COMPANY SINCE 1997 COMPANY 1 All data based on 2025 actuals. 5 2 Engineering News, 2025.
Slide 6: Diversified Growth Pillars and Demand Drivers
Diversified Growth Pillars Clean Energy & Infrastructure Communications Power Delivery Pipeline Infrastructure 2025 Revenue $4.7 B $3.3 B $4.2 B $2.1 B • Renewable Energy • Fiber to the Home • Grid Reliability and • Natural Gas Pipelines • Infrastructure • Rural Broadband / Expansion • Pipeline Dist
Slide 7: Portfolio Diversification Helps Mitigate Risk
Portfolio Diversification Helps Mitigate Risk1 Revenues by Segment Revenues by Customer Type Pipeline Communications Infrastructure 23% 15% Utilities & Renewable Energy Developers Communications 48% 24% Clean Energy & Infrastructure Power Delivery 33% 29% Dept of Transportation, Pipeline Municipal &
Slide 8: Well Aligned With Macro Growth Drivers
Well Aligned With Macro Growth Drivers System Modernization & Resilience Infrastructure Electrification & Modernization, Macro Drivers For Decarbonization, Industrial Reshoring Load Growth Create Energy Transition Demand For Energy Infrastructure Enabling Emerging Technologies 8
Slide 9: Predictable Business Model
Predictable Business Model MSA contracts ~44% of Long-term partnerships revenue provides with key customers stability1 Durable demand drivers Significant project across MasTec’s end capacity at scale; markets proven reliability MasTec’s national Design-build capability presence enables deep sets Mas
Slide 10: Blue Chip & Diverse Customer Base
Blue Chip & Diverse Customer Base LOW CUSTOMER CONCENTRATION Communications Largest customer Clean Energy & 10% Infrastructure of 2025 Revenues Power Delivery Top 10 customers 34% Pipeline of 2025 Infrastructure Revenues 10
Slide 11: Track Record of Strong Growth
Track Record of Strong Growth 2008-2010 17 Years of Significant Growth Strategic Diversification Transformative acquisitions in wireless, Revenue CAGRs: renewables, pipeline infrastructure, and power delivery 5 Yr: 17.7% / 10 Yr: 13.0% / 17 Yr: 15.4% ($ billions) $16 Thousands 2011-2019 $14 Organic
Slide 12: Strong Visibility for Continued Growth
Strong Visibility for Continued Growth 18-Month Backlog1,2 Clean Energy & Infrastructure Communications1 Power Delivery1 Pipeline Infrastructure ($ billions) $7.0 $6.5 $6.0 $5.5 $5.6 $4.6 $4.7 $5.0 $4.2 $4.1 $4.2 $3.6 $3.6 $3.9 $3.9 $4.0 $3.2 $3.1 $3.0 $2.3 $2.5 $2.1 $1.7 $2.0 $1.5 $1.2 $1.2 $1.4 $1
Slide 13: Data Centers: A Significant Growth Driver
Data Centers: A Significant Growth Driver Global Data Center Capacity Growth1 Significant direct Data Center revenue Additional “outside the fence” infrastructure enabling work MasTec Data Center Customer Set A Cross Functional Opportunity2 o Hyperscalers o Data center developers o Communications pr
Slide 14: Data Centers: Core Services
Data Centers: Core Services Power Construction Communications • Generation, including • Site infrastructure • Data hall construction renewables • Core and shell construction • Dimensioning and design • Behind-the-meter power • Wet and dry utilities • Systems integration • Transmission • Campus const
Slide 15: MasTec Is Targeting Increased Structural Margins
MasTec Is Targeting Increased Structural Margins Rigorous process implementation and adherence ERP / Field data capture tools Business mix optimization Operational excellence deployment Talent management 15
Slide 16: A Significant Commitment to Training
A Significant Commitment to Training Dedicated Training Facilities ~36,000 employees trained Over 3,700 unique training courses Wireline Wireless Power Delivery ~450,000 Clean Energy training Pipeline Infrastructure courses completed Partnership with U.S. Military Specialized in skills development 4
Slide 17: Sustainability Overview
Sustainability Overview MasTec’s deep commitment to sustainability Board Oversight Leadership’s Commitment • Sustainability principles and practices are E • The Board of Directors has oversight of embedded within MasTec’s strategy, risk corporate responsibility for all sustainability management and
Slide 18: Power Delivery
Power Delivery -MasTec ikvacructure that NeLirers
Slide 19: Power Delivery Overview
Power Delivery Overview Nationwide Presence, Diverse Service Offering Volume by State Powered by Bing © GeoNames, Microsoft, TomTom Electric & Gas Utilities Services o Electric transmission lines – including 765kv o Electric distribution (overhead, underground) o Substations and switch yards o Emerg
Slide 20: Power Delivery Key Facts
Power Delivery 1 Key Facts 12,266 ~14,000 EST. EMPLOYEES TRANSMISSION/DISTRIBUTION MILES REBUILT ANNUALLY (SINCE 2023) 80% 69% CUSTOMER BASE OF BUSINESS DERIVED FROM INVESTOR-OWNED MSA CONTRACTS UTILITIES ~11,000 100+ EST. VEGETATION CLEARING STORM/WILDFIRE MILES ANNUALLY RESPONSE DEPLOYMENTS (since
Slide 21: Load Growth Is Inflecting
Load Growth Is Inflecting… 1 1 Drivers of Load Growth • Data Center build-out (~10 GW 2023 to ~65 GW 2029e but variable outcomes highly possible) • Manufacturing reshoring: Especially semiconductor chips, batteries • Electrification: Heat pumps, water heaters, EV charging • Hydrogen fuel plants are
Slide 22: Driving Significant Utility Capex Investment
…Driving Significant Utility Capex Investment Energy Utility Capex1 Key Notes on Utility CapEx EEI forecasts $1.1T total spend ’25-’29 $ billions o Utility capex budgets have been up-sized by 225 ~$66B over 2025-2028, with that multi-year 200 2 forecast up 17% from a year ago 175 150 o Forecasts are
Slide 23: Driving Needed Transmission Expansion
…and Driving Needed Transmission Expansion N. America Transmission Expansion (Cumulative)1 Drivers of Transmission Spend (>100kV) by Status Miles 18,000 Under Construction Planned Conceptual o Clean energy and data center “macro driver” demand 16,000 14,000 o Increasing fire/storm hardening requirem
Slide 24: Power Delivery Link to Renewables Growth
Power Delivery Link to Renewables Growth 1 Renewables Require Significant Transmission Capacity US Interconnection Investment Needs Growing Fast “Significant within-region transmission deployment is needed as soon as 2030 in the Plains, Midwest, and Texas regions. By 2040, large deployments will als
Slide 25: Power Delivery Financial Overview
Power Delivery Financial Overview Revenue1 Power Delivery Growth Drivers ($ billions) $4.2 o Growth supported by increasing transmission spend expectations driven by growth of renewables investment and increasing power $3.6 $3.6 demand $3.5 o Utility customers steadily outsourcing line services due
Slide 26: Clean Energy & Infrastructure
Clean Energy & Infrastructure
Slide 27: CE&I Overview
CE&I Overview Clean Energy & Infrastructure Projects Volume by State Powered by Bing © GeoNames, Microsoft, TomTom A leading construction services provider o Renewables: Utility scale wind, solar and battery storage construction; as well as repower, maintenance and repair of existing renewable power
Slide 28: Clean Energy & Infrastructure Key Facts
Clean Energy & Infrastructure Key Facts1 8,438 ~3.6 EMPLOYEES GW of RENEWABLE POWER INSTALLED IN 2025 >53 GW of RENEWABLE ~77% POWER INSTALLED REVENUE FROM REPEAT CUSTOMERS 300+ ACTIVE CIVIL 11 ACQUISITIONS INFRASTRUCTURE COMPLETED PROJECTS 28 1 For the period ending December 31, 2025
Slide 29: CE&I: Renewables Service Portfolio
CE&I: Renewables Service Portfolio Solar Wind Energy Services Storage MasTec provides comprehensive turnkey With decades of MasTec provides turnkey wind farm services —from experience in energy technical solutions that MasTec specializes in initial site analysis, project infrastructure turnkey const
Slide 30: CE&I: Renewables End Market Trends
CE&I: Renewables End Market Trends Global Electricity Generation by Technology1 Demand Drivers For Renewables Growth o Large customers need generation assets to meet expected demand – including data center requirements o Utility-scale generation available to meet real-time requirements with rapid de
Slide 31: CE&I: Infrastructure Service Portfolio
CE&I: Infrastructure Service Portfolio MasTec is a leader in heavy civil construction offering both union and non- Transportation union capability. General Heavy Civil MasTec has broad sector capability for site preparation work. Mining and Material Production MasTec provides turnkey surface mining
Slide 32: CE&I: Industrial Service Portfolio
CE&I: Industrial Service Portfolio Power MasTec is a top-ranked EPC, self-perform contractor serving the power markets with installation of aeroderivative and reciprocating engines as well as Generation hydrogen-capable combustion turbines. MasTec is a leading EPC and general contractor across the m
Slide 33: CE&I: General Building
CE&I: General Building Construction management for complex building infrastructure including data centers, airport terminals and sports venues 33
Slide 34: CE&I – The Water Opportunity
CE&I – The Water Opportunity US Water & Sewer Funding Needs MasTec’s Diverse Water Services Portfolio o Treatment plants o Pump & lift stations o Water transmission mains o Waste water force mains o Storm sewer trunk lines o Utility rehabilitation lines o Maintenance / emergency restoration o The EP
Slide 35: CE&I: Infrastructure End Market Trends
CE&I: Infrastructure End Market Trends Inflation Reduction Act Investments by Sector1 Growth Drivers ~$400B in Funding for Clean Energy ($ in billions) $21 $5 $23 Energy o Data center infrastructure demand Manufacturing o Power load growth and gap to power $46 Environment sources $251 Transportation
Slide 36: CE&I Segment Financial Overview
CE&I Segment Financial Overview Revenue CE&I Growth Drivers ($ billions) $4.7 $4.0 $4.1 • Increased demand for renewable power generation $2.6 • Data center infrastructure demand • Power load growth and smaller distributed generation • Diverse customer base drives growth opportunities including broa
Slide 37: Communications
Communications -MasTec ikvacructure that NeLirers
Slide 38: Communications Overview
Communications Overview Nationwide Communication Services Coverage Volume by State Powered by Bing © GeoNames, Microsoft, TomTom A Leading Contractor in Communications Infrastructure o Fiber optic cable / broadband / telecom construction services • FTTH, copper/coax/OSP cable • Fiber deployments for
Slide 39: Communications Key Facts
Communications 1 Key Facts 8,759 15K+ EMPLOYEES CONSTRUCTED MILES 28K+ CARRIER ADDS 1K+ NEW SITE BUILDS 940K+ 23K+ HOMES PASSED ENGINEERED MILES 95K+MAINTENANCE 30 ACQUISITIONS NODES SERVICED COMPLETED 39 1 For the period ending December 31, 2025
Slide 40: Communications End Market Trends
Communications End Market Trends US Broadband Funding by Type1 Key Comments & Demand Drivers o Data centers will require significant fiber and connectivity as a key growth driver o 5G infrastructure expansion and densification, small cell deployments and backhaul deployments are the core of growth o
Slide 41: Communications End Market Trends: FTTH
Communications End Market Trends Fiber to the Home (FTTH) Passings1 % of U.S. Households o Multi-year FTTH build commitments by major telco/cable providers o Unprecedented federal / state funding for rural broadband programs o Developing 5G smart home trends, indoor distributed antenna systems (DAS)
Slide 42: 5G Networks: Significantly More Complex
5G Networks: Significantly More Complex 5G Networks Require Extensive Underground & Above-ground Fiber Installation 42
Slide 43: Communications Segment Financial Overview
Communications Segment Financial Overview Revenue1 MasTec Communications Growth Drivers ($ billions) $3.3 • Broad geographic base served as a leading wireless and wireline/fiber contractor $2.5 $2.4 $2.4 • Advantage through combined project management services and significant self- perform construct
Slide 44: Pipeline Infrastructure
Pipeline Infrastructure -MasTec ikvacructure that NeLirers
Slide 45: Pipeline Infrastructure
Pipeline Infrastructure Geography Served Diverse Portfolio of Services o Midstream pipeline – Inter/Intra State o Gathering and gas distribution systems o Gas compressor and oil pumping stations o Environmental compliance and Volume consulting services by State o Water, wastewater, storm sewer, dewa
Slide 46: Pipeline – Natural Gas Growth Drivers
Pipeline – Natural Gas Growth Drivers Natural Gas Power Generation Demand Growth1 o Increasing load growth from data centers, AI, crypto, and EVs expected to drive 14% per year gas generation demand through 2030 o Growing demand for natural gas in power generation, residential and commercial sectors
Slide 47: Pipeline Infrastructure Key Facts
Pipeline Infrastructure Key Facts1 5,988 EMPLOYEES #1 PIPELINE CONTRACTOR IN 2 NORTH AMERICA 13K + ~1,900 MILES CONSTRUCTED KEY PIPELINE EQUIPMENT FLEET COUNT ~$0.7B 20 ACQUISITIONS FLEET SIZE COMPLETED 1 For the period ending December 31, 2025 47 2 Engineering News, 2025
Slide 48: Pipeline – LNG Demand Driver
Pipeline – LNG Demand Driver US LNG Export Ramp is Driving Gas Pipeline Demand ~11 Bcf/d to ~19 Bcf/d in four years, with more growth expected Pipeline Infrastructure demand driven by LNG opportunity 48
Slide 49: Pipeline – Repair & Replacement Demand
Pipeline – Repair & Replacement Demand Aging Pipeline Infrastructure in Need of Repairs1 32% of Gas Distribution and 54% of Gas Transmission lines installed pre-1970 Pipeline Infrastructure services replacement needs for aging gas lines 49 1 Sustainanalytics.com / U.S. Energy Information Administrat
Slide 50: Pipeline Infrastructure Financial Overview
Pipeline Infrastructure Financial Overview Revenue MasTec Pipeline Infrastructure Growth Drivers $2.1 $2.1 ($ billions) $2.1 • Increasing takeaway capacity to alleviate midstream bottlenecks $1.2 • Pipeline requirements to support LNG export expansion • Resurgence of gas-fired generation to support
Slide 51: Financial Overview
Financial Overview -MasTec ikvacructure that NeLirers
Slide 52: Revenue and Profit Performance
Revenue and Profit Performance Revenue Comments ($ millions) $17,000 o 2025 record revenue growth of 16% included strong $14,299 ~$2,500 contribution from all segments with notable 32% growth $11,996 $12,303 $2,138 from Communications and mid-teens growth from both $9,778 $2,073 $2,134 Power Deliver
Slide 53: MasTec’s Segment Evolution
MasTec’s Segment Evolution 20201 20251 Revenues by Segment Revenues by Segment Clean Energy & Clean Energy & Infrastructure Infrastructure 24% Communications Communications 33% 23% 36% $6.3B $14.3B Pipeline Pipeline Infrastructure Infrastructure 28% 15% Power Delivery Power Delivery 12% 29% Adjusted
Slide 54: Cash Flows
Cash Flows Capex, Net Disposals Comments ($ in millions) $204 $200 o Limited capex in 2023-2024 reflects increased $182 focus on fleet utilization, slower markets in pipeline. $109 $83 o 2025 and 2026 capex increase reflects significant capacity additions to support growth 1 2 2022 2023 2024 2025 20
Slide 55: Balance Sheet and Liquidity
Balance Sheet and Liquidity Debt Maturity Profile1 Debt and Capitalization ($ in millions) Undrawn Revolving Credit Facility Capacity 2 ($ in millions) December 31, 2025 Drawn Revolving Credit Facility Revolving Credit Facility due June 2030 $118 4.6% Senior Notes Term Loan due June 2028 $600 4.9% T
Slide 56: Capital Allocation
Capital Allocation Capital Allocation Summary Capital Allocation Priorities (2021-2025) ($ millions) $2,952 5% $159 Share Repurchases o Maintain strong balance sheet to support structural organic growth1 opportunities $682 23% CapEx o Prudent internal capital investment geared to support organic gro
Slide 57: M&A: A Core Competency
M&A: A Core Competency M&A Summary Strategy (2007-2025) o Acquire strong management teams with durable growth opportunities ~$5.3b1 o Earnouts typical; goal of retention of key management o Disciplined valuations paid Power Delivery Financial Objectives Pipeline Infrastructure o Earnings accretive w
Slide 58: FY 2026 Guidance
1 FY 2026 Guidance ($ in billions) Estimated Estimated Adjusted Revenue EBITDA Margin2 Communications $3.625 Low double digits Clean Energy & Infrastructure $6.35 High single digits Power Delivery $4.625 Approaching double digits Pipeline Infrastructure $2.5 Mid-teens Total3 $17.0 8.5% 1 Reflects gu
Slide 59: Appendix A: Signature Projects
Appendix A: Signature Projects
Slide 60: Power Delivery: Ten West Link
Power Delivery: Ten West Link Project Overview Client: DCR Transmission Location: Arizona to California Scope: 125-mile 500kV transmission line Duration: September 2022 − June 2024 Peak Manpower: 400 Manhours: 869,837 Equipment: 550 at peak Key Highlights ❖ The Ten West Link is a 125-mile, 500 kV tr
Slide 61: Power Delivery: Greenlink
Power Delivery: Greenlink Project Overview Client: NV Energy Location: Nevada Scope: ~700-mile 525kV transmission line and substations Duration: 2024-2028 Key Highlights ❖ One of the largest transmission projects in the U.S., Greenlink represents a significant win for MasTec’s strategy of pursuing l
Slide 62: Clean Energy & Infrastructure: Cedar Creek Wind
Clean Energy & Infrastructure: Cedar Creek Wind Project Overview Client: Clearway Energy Group Location: Idaho EPC Civil, Foundations, Collection, Substation, O&M, MET Towers, Scope: Erection (47 GE 3.4 MW) Duration: 23 months Peak Manpower: 400 Manhours: 313,674 Equipment: 250+ at peak Key Highligh
Slide 63: Clean Energy & Infrastructure: Parliament Solar
Clean Energy & Infrastructure: Parliament Solar Project Overview Client: EnCap Investments and Mercuria Energy Location: Texas Clearing & Grubbing, Engineering, Procurement, Construction of a Scope: PV Generation Facility and Substation Duration: 27 months Peak Manpower: 820 (22%+ local hire) Manhou
Slide 64: Communications: AT&T Nokia Swap Project
Communications: AT&T Nokia Swap Project Project Overview Client: AT&T Location: Nationwide Program A&E and civil services which includes program management, Scope: project management, engineering, installation, decommissioning, and integration services Duration: 3.5 Years Peak Manpower: Over 376 at
Slide 65: Pipeline Infra: Mountain Valley Pipeline (MVP)
Pipeline Infra: Mountain Valley Pipeline (MVP) Project Overview Client: Equitran Midstream Location: West Virginia and Virginia Scope: 234 Miles of 42” pipe in 7 segments Duration: 73 months Peak Manpower: 4,476 Manhours: 23,281,791 Equipment: Over 11,000 at peak Key Highlights ❖ MVP is a natural ga
Slide 66: Appendix B
Appendix B | -MasTec ikvacructure that NeLirers
Slide 67: Reg. G Adjusted EBITDA – Continuing Operations
Reg. G Adjusted EBITDA – Continuing Operations1,2,3 EBITDA and Adjusted EBITDA 2021 % margin 2022 % margin 2023 % margin Reconciliation Revenue $7,952 $9,778 $11,996 Net Income $331 4.2% $34 0.3% ($47) (0.4%) Interest expense, net 53 0.7% 112 1.1% 234 2.0% Provision for income taxes 99 1.2% 9 0.1% (
Slide 68: Reg. G Adjusted EBITDA – Continuing Operations
Reg. G Adjusted EBITDA – Continuing Operations1,2 EBITDA and Adjusted EBITDA 2024 % margin 2025 % margin 2026E3 % margin Reconciliation Revenue $12,303 $14,299 $17,000 Net Income (loss) $199 1.6% $422 3.0% $566 3.3% Interest expense, net 193 1.6% 173 1.2% 170 1.0% Provision for (benefit from) income
Slide 69: Reg. G Adjusted EBITDA and Margin by Segment
Reg. G Adjusted EBITDA and Adjusted EBITDA Margin by Segment1,2 EBITDA and Adjusted EBITDA Reconciliation 2020 % margin 2021 % margin 2022 % margin EBITDA $782.5 12.4% $906.3 11.4% $662.5 6.8% Acquisition and integration costs (a) - - 3.6 0.0% 86.0 0.9% Non-cash stock-based compensation expense (b)
Slide 70: Reg. G Adjusted EBITDA and Margin by Segment
Reg. G Adjusted EBITDA and Adjusted EBITDA Margin by Segment1,2 EBITDA and Adjusted EBITDA Reconciliation 2023 % margin 2024 % margin 2025 % margin EBITDA $754.9 6.3% $950.8 7.7% $1,115.5 7.8% Acquisition and integration costs (a) 71.9 0.6% - - - - Non-cash stock-based compensation expense (b) 33.3
Slide 71: FCF Reconciliation
FCF Reconciliation1 Free Cash Flow Reconciliation 2022 2023 2024 2025 2026E2 Net cash provided by operating activities $352 $687 $1,122 $546 $1,000 Capital expenditures (263) (193) (149) (260) (270) Proceeds from sales of property and equipment 82 84 66 56 70 Free Cash Flow $170 $578 $1,039 $342 $80
Slide 72: Net Debt Reconciliation
Net Debt Reconciliation1 December 31, Net Debt Reconciliation 2025 Current portion of long-term debt, including finance leases $154 Long-term debt, including finance leases 2,176 Total debt $2,331 Less: cash and cash equivalents (396) Net debt $1,935 72 1 Differences due to rounding, $ in millions.
Slide 73: Selected Definitions
Selected Definitions Backlog - represents the amount of revenue which could be realized over the next 18 months from known sources including: Revenue realized on existing but uncompleted construction contracts; revenue from new contracts under which work has not begun; revenue from change orders and
Slide 74: Contact Us
Contact Us MASTEC HEADQUARTERS 800 Douglas Road 12th Floor Coral Gables, FL 33134 USA www.mastec.com 800.444.7797 Toll Free services@mastec.com INVESTOR CONTACT Chris Mecray Vice-President, Investor Relations chris.mecray@mastec.com 917.517.3388