Mastec, Inc. · NYSE:MTZ
Mastec — Investor Day (May 2026)
125 slides from Mastec's investor day presentation, May 12, 2026
Slide 1: Investor Day 2026
Investor Day 2026 May 12, 2026 - New York City
Slide 2: Welcome and Opening Remarks
Welcome and Opening Remarks Marc Lewis Investor Relations
Slide 3: 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 4: Non-GAAP Financial Measures
Non-GAAP Financial Measures Certain information may be provided in this presentation that includes financial measurements that are not required by, or presented in accordance with, generally accepted accounting principles (GAAP). Because non-U.S. GAAP financial measures are not standardized, it may
Slide 5: Today's Agenda
Today’s Agenda 8:45 AM ET Welcome and Opening Remarks 10:35 AM ET Clean Energy & Infrastructure Marc Lewis | Investor Relations Mark Hellstrom | President of Infrastructure and Industrial Michael Russell | President of Renewables MasTec and the New American Manny García-Tuñón | President of General
Slide 6: MasTec and the New American Infrastructure Boom
MasTec and the New American Infrastructure Boom José Mas Chief Executive Officer
Slide 7: Key Messages
Key Messages 1 Building a leading infrastructure capacity platform at scale 2 Capitalizing on the 3 largest infrastructure cycles in U.S. history Driving meaningful margin expansion through scale, mix, and 3 disciplined execution 4 Reinforcing our confidence in long-term growth and value creation In
Slide 8: Capitalizing on 3 of the Largest Infrastructure Cycles in U.S. History
Capitalizing on 3 of the Largest Infrastructure Cycles in U.S. History Rapid growth in data centers 1 driving power generation AI-driven and grid investment power demand 2 Ongoing expansion of fiber, middle-mile, and Broadband last-mile connectivity 3 universalization Continued investment in renewab
Slide 9: Infrastructure Capacity Platform
“Infrastructure Capacity Platform” 2 1 Expertise in managing Ability to scale and deploy a complex, large-scale national workforce across infrastructure projects multiple end markets 3 Flexibility to invest where 4 Proven capability to execute infrastructure demand is across a wide range of accelera
Slide 10: A History Rooted in Entrepreneurship, Opportunity, and Long-term Value Creation
A History Rooted in Entrepreneurship, Opportunity, and Long-term Value Creation ▪ Founded on an entrepreneurial vision and strong work ethic ▪ Growth driven by long-term commitment to people MasTec added to and execution Founded as MasTec goes Fortune ▪ History rooted in building opportunity for emp
Slide 11: 20+ Year Track Record of Growth
20+ Year Track Record of Growth Revenue ($B) Adj. EBITDA ($M) Adj. Diluted EPS $1,500 $17.5 $8.79 ~17% ~19% ~17% CAGR CAGR CAGR SINCE 2007 SINCE 2007 SINCE 2007 $0.9 $59 $0.48 2007 2010 2015 2020 2026E 2007 2010 2015 2020 2026E 2007 2010 2015 2020 2026E Proven Track Record of Scaling the Business an
Slide 12: Transforming the Business to Capture the Next Phase of Infrastructure Growth
Transforming the Business to Capture the Next Phase of Infrastructure Growth How the Business Revenue ($B) Has Transformed ~19% CAGR Pandemic reinforced the need for a SINCE 2020 more diversified platform $17.5B Strategic acquisitions expanded capabilities and end market exposure Shift toward higher
Slide 13: Structural Advantages that Differentiate Us and Drive How We Win
Structural Advantages that Differentiate Us and Drive How We Win Scaled workforce Significant owned with deep expertise equipment and fleet National platform enabling Long-standing, embedded large-scale execution customer relationships These Advantages Position us to Compete More Effectively and Sus
Slide 14: A Large, Skilled Workforce that is Critical to Execution
A Large, Skilled Workforce that is Critical to Execution ~38,0001 Ability to skilled employees scale workforce across the platform to meet demand Deep Critical differentiator field leadership in executing and operational expertise complex projects Access to Skilled Labor is a Difficult to Replicate
Slide 15: Significant Equipment and Fleet Supporting Efficient and Reliable Execution
Significant Equipment and Fleet Supporting Efficient and Reliable Execution ~$3.5B1 Faster Lead Supply Chain Procurement equipment fleet Times Certainty Advantage across the enables rapid ensures reliable leverages scale to deployment and access to critical secure priority access platform project ac
Slide 16: Deep, Long-standing Customer Relationships Drive Repeat Business
Deep, Long-standing Customer Relationships Drive Repeat Business Low Customer Concentration Clean Energy & Power Pipeline Communications Infrastructure Delivery Infrastructure Top 10 customers 34% OF 2025 REVENUES Top 10 Average Customer Relationship 20+ years Investor Day 2026 16
Slide 17: National Scale Enabling Execution of Large, Complex, Multi-project Programs
National Scale Enabling Execution of Large, Complex, Multi-project Programs 800+ Nationwide footprint across Locations Nationwide1 key markets Ability to execute multiple large projects simultaneously Integration across business segments Consistent delivery at scale Scale Enables us to Support Labor
Slide 18: Investing in Training and Development to Support Scalable, Long-term Growth
Investing in Training and Development to Support Scalable, Long-term Growth Dedicated Training Facilities 35+ training centers across ~38,0001 WA the U.S. employees OR trained Focus on developing skilled WI MI NY labor and leadership NV IL PA MD >3,700 unique training Standardized processes CA CO VA
Slide 19: Large Total Addressable Market across Key Infrastructure End Markets
Large Total Addressable Market across Key Infrastructure End Markets 2025 Revenue Market Size Market share Key highlights ($B) ($B) (%) MasTec has a leading TAM1 TAM role across key sectors, CE&I | Renewables Top 2 $2.5 $65 ~4% with diversified end-market contractor exposure CE&I | Infrastructure,
Slide 20: Significant TAM Growth Expected Over the Next Five Years
Significant TAM Growth Expected Over the Next Five Years Reporting Cumulative Total Addressable Market1 ($B) segment Subsegment 2026-2030 TAM1 ($B) Pipeline Natural gas, oil, 160 Infrastructure carbon capture +48% ~1,010 Communications Wireless and 295 35 wireline 70 Power Delivery Power T&D2 and 1,
Slide 21: Addressable Markets Supported by Strong Structural Tailwinds
Addressable Markets Supported by Strong Structural Tailwinds Clean Energy & Infrastructure Power Delivery Communications Pipeline Infrastructure Cumulative 2026-2030 TAM1 $1,925B $725B $370B $1,095B $295B $160B Infrastructure, Industrial General Building / Renewables: Electric transmission & Wireles
Slide 22: Opportunity to Bring Our Strengths into Multi-dimensional Projects
Opportunity to Bring Our Strengths into Multi-dimensional Projects AI Data Center Campus Construction Management Behind the meter capabilities (General Building) include: ▪ Power generation and delivery ▪ Communications Power ▪ Natural gas Integrating ▪ Pipelines Full Project ▪ Industrial water syst
Slide 23: Clear Line of Sight to Achieving Our 2028 Financial Targets
Clear Line of Sight to Achieving Our 2028 Financial Targets ~$22B Revenue ~$2.2B Adjusted ~$15 Adjusted EBITDA Diluted EPS Supported by strong, Driven by scale, Reflecting operating multi-year infrastructure improved mix, and leverage and benefits of demand and embedded continued margin scale across
Slide 24: A Differentiated Infrastructure Capacity Platform Positioned for Long-term Value Creation
A Differentiated “Infrastructure Capacity Platform” Positioned for Long-term Value Creation ▪ MasTec today is a Platform ▪ Diversified exposure across large infrastructure end markets diversified scaled Strength ▪ Embedded customer relationships and programmatic work Infrastructure Capacity Platform
Slide 25: Driving High Performance Teams
Driving High Performance Teams Bob Apple Chief Operating Officer
Slide 26: Operating, Leadership, and Safety Philosophy
Operating, Leadership, and Safety Philosophy Operating Leadership Safety Philosophy Philosophy Philosophy We operate through disciplined “Take a chance on someone and Safety is foundational to how we line management you might be surprised” deliver consistent results ▪ Segment reporting ▪ Gratitude ▪
Slide 27: MasTec Leadership Team
MasTec Leadership Team Seasoned operational executives Deep market and execution expertise Challenge each other to be exceptional “Steel Sharpens Steel” Key to MasTec execution and financial performance Investor Day 2026 27
Slide 28: Introduction to Our Operating Presidents
Introduction to Our Operating Presidents PIPELINE POWER DELIVERY COMMUNICATIONS INFRASTRUCTURE Zach McGuire Rick Suarez Bobby Poteete President of Power Delivery President of Communications President of Precision Pipeline CLEAN ENERGY & INFRASTRUCTURE Mark Hellstrom Michael Russell Manny García-Tuñó
Slide 29: Building and Modernizing the U.S. Power Grid at Scale
Building and Modernizing the U.S. Power Grid at Scale Zach McGuire President of Power Delivery
Slide 30: Key Messages
Key Messages Operating a scaled, national power delivery platform with leading market 1 position Benefiting from strong, long-term grid investment driven by electrification Scale, execution 2 and load growth strength, balanced business mix, and demand tailwinds Executing with a travel-ready workforc
Slide 31: Power Delivery Snapshot
Power Delivery Snapshot Key Facts1 Nationwide Presence, Electric & Gas Diverse Service Offering2 Utilities Services #2 PLAYER IN U.S .TRANSMISSION ~12KEMPLOYEES 38% ▪ Electric transmission lines (including 765kv) & DISTRIBUTION ▪ Electric distribution (overhead, underground) ~14K TRANSMISSION / ~11K
Slide 32: Structural Load Growth Driving Sustained Grid Investment
Structural Load Growth Driving Sustained Grid Investment Nationwide Power Demand Growth Avg. Annual Forecast for 20301 Load Growth2 2030 Summer Peak Demand (GW) 1950s – New Appliances 8.5% 1960s – Air Conditioning 7.4% 1970s 4.2% 1980s 3.0% 166 1990s 2.4% GW 2000s – CFLs 0.8% 2010s – LEDs 0.2% 64 38
Slide 33: Transformed from Strong Regional Operator to National Leader
Transformed from Strong Regional Operator to National Leader 2021 TODAY ~$600M regional business ~$4.8B1 national platform Strategic acquisitions since 2021 transformed Concentrated geographic footprint National geographic presence with local depth Power Delivery Limited transmission scale Full-spec
Slide 34: Why We Win in Power Delivery | Sustainable Competitive Advantages
Why We Win in Power Delivery | Sustainable Competitive Advantages Scaled National Platform Execution Model ▪ Leading position executing large, ▪ Travel-ready workforce enabling rapid complex programs deployment across markets ▪ Broad geographic presence across US ▪ Consistent execution across EPC wi
Slide 35: Clear Strategic Priorities Fuel Sustainable Growth and Margin Expansion
Clear Strategic Priorities Fuel Sustainable Growth and Margin Expansion Operational Execution Optimizing Excellence Fleet Utilization Improving workforce productivity Deploying specialized equipment and project execution discipline efficiently across projects Expanding Recurring Selective Pursuit of
Slide 36: Case Study: Greenlink Transmission Program – Nevada
Case Study: Greenlink Transmission Program – Nevada Background Key Metrics NV Energy required large-scale transmission expansion to ✓ Executing One of the Largest Transmission Programs in U.S. ▪ Integrate renewable generation 730 mile 650 Transmission 12 Peak FTEs ▪ Connect load centers and improve
Slide 37: Built for Durable Growth
Built for Durable Growth 1 Operating a scaled, national power delivery platform with leading market position 2 Benefiting from strong, long-term grid investment driven by electrification and load growth Scaled to lead. Built to deliver. Positioned for long- 3 Executing with a travel-ready workforce,
Slide 38: Driving Profitable Growth across Communications Infrastructure
Driving Profitable Growth across Communications Infrastructure Rick Suarez President of Communications
Slide 39: Key Messages
Key Messages Benefiting from growing need for higher speeds and data growth, driving 1 fiber expansion, broadband funding, and hyperscaler backbone buildouts Leveraging national scale, turnkey capabilities, and financial strength to 2 win complex builds Shifting toward larger, multi-year programmati
Slide 40: MasTec's Roadmap to Industry Dominance
MasTec’s Roadmap to Industry Dominance Strategic Acquisitions to Expand Footprint 2011 2025 Volume by State Regional Player National Scale Expansion Full Turnkey Capabilities ~$700M ~$3.3B Revenue Revenue No Other National Telecom Player Can Offer Our Suite of Services across All Technologies Invest
Slide 41: Communications Snapshot
Communications Snapshot Key Facts1 Nationwide Communication A Leading Contractor in Services Coverage Communications Infrastructure (232 field locations) #1 IN WIRELESS #2 IN WIRELINE ~15K+ CONSTRUCTED MILES Wireline ▪ Fiber-to-the-home (FTTH) ▪ Middle-mile ▪ Backbone fiber 28K+ CARRIER 1K+ NEW SITE
Slide 42: Sustainable Competitive Advantages
Sustainable Competitive Advantages National scale with Embedded End-to-end turnkey capacity to execute partnerships with Tier 1 delivery from large, multi-state carriers across fiber engineering through programs and wireless integration and fulfillment Proven execution of ~9K employee Integrated nat
Slide 43: Structural Demand Tailwinds Aligned with Our Capabilities
Structural Demand Tailwinds Aligned with Our Capabilities How streaming, gaming, and AI are reshaping Communications Infrastructure TAM ▪ ~$42B BEAD program home internet consumption driving fiber deployment 1400 GB AI is up 1700% 1200 GB since 2022 $70B ▪ Data center $63B infrastructure fastest- 10
Slide 44: Carrier Consolidation and Investments Drive Further Demand
Carrier Consolidation and Investments Drive Further Demand Wireless Subs ~118M ~147M ~142M 9M+ mobile ~500K Q4 adds Fiber Strategy 50M by 2030 31M w/Frontier 12-15M by 2030 64M passings by 2030 70M w/Cox Major M&A / Deals Lumen fiber Frontier Lumos/Metronet DOCSIS Cox $4.74B $20B $5.8B 4.0 $34.5B Gi
Slide 45: Wireline Market Acceleration
Wireline Market Acceleration Wireline demand is being driven by three concurrent investment cycles 1 2 3 Fiber-to-the-Home Expansion Federal & State Broadband Hyperscaler Backbone & and Overbuild Activity Funding (BEAD) In-Building Integration ▪ Incumbent carriers expanding fiber ▪ ~$40B+ remaining
Slide 46: Case Study: Lumen Fiber Deployment – Multi-Regional
Case Study: Lumen Fiber Deployment – Multi-Regional Background Key Metrics Backbone capacity expansion driven by hyperscaler and AI traffic growth ▪ Multi-region middle-mile network reinforcement required ▪ Expansion of long-haul capacity through in-line amplifier (ILA) deployment ✓ ~11,600-Mile Sco
Slide 47: Innovation is in Our DNA
Innovation is in Our DNA Using AI and Architecting real- Standardizing digital tools to time field quality execution across reduce high- management programmatic volume using GIS deployments with transactional platforms and a unified, MasTec overhead intelligent AI brand agents Operational Improvemen
Slide 48: Key Takeaways
Key Takeaways 1 Benefiting from growing need for higher speeds and data growth, driving fiber expansion, broadband funding, and hyperscaler backbone buildouts 2 Leveraging national scale, turnkey capabilities, and financial strength to win complex builds 3 Shifting toward larger, multi-year programm
Slide 49: Leading the Next Pipeline Construction Cycle
WIP: Please refer to yellow boxes in the upper right corners for Work in Progress (WIP) notes; Note: design and content subject to change Leading the Next Pipeline Construction Cycle Bobby Poteete President of Precision Pipeline
Slide 50: MasTec Pipeline Infrastructure
MasTec Pipeline Infrastructure Operating as the #1 pipeline contractor in North America with national 1 union and non-union capability Entering a multi-year infrastructure expansion driven by LNG, gas-fired 2 generation, and system reliability Leveraging scale, fleet management, and long-standing cu
Slide 51: Pipeline Infrastructure Snapshot
Pipeline Infrastructure Snapshot Key Facts1 Diverse Portfolio of Services #1 PIPELINE CONTRACTOR ~6K ▪ Long-haul transmission pipelines ▪ Midstream pipelines (inter- and intra-state) IN NORTH AMERICA 2 EMPLOYEES ▪ Gas distribution systems ▪ Compressor and pumping stations ~1,900 13K+ ▪ Pipeline inte
Slide 52: Why Customers Choose MasTec
Why Customers Choose MasTec Industry-leading Long-standing Proven safety and relationships execution quality with major reliability across performance energy operators complex, multi- year projects National scale Ability to Control of across union compress critical fleet and non-union schedules and
Slide 53: Operational Model Built to Scale Rapidly When Large Pipeline Opportunities Emerge
Operational Model Built to Scale Rapidly When Large Pipeline Opportunities Emerge Leadership Depth Fleet Strategy Labor Scalability ▪ Experienced supervisory bench ▪ ~1,900 pieces of pipeline ▪ National workforce across with decades of pipeline specific equipment union and non-union labor constructi
Slide 54: Owning Critical Assets Supports Execution Certainty
Owning Critical Assets Supports Execution Certainty OWNING CRITICAL EQUIPMENT FLEETS Specialized National Asset equipment fleet ownership in key markets where supporting improving scheduling ownership drives multi-segment project certainty and execution competitive advantage delivery control High Ut
Slide 55: Case Study: Mountain Valley Pipeline
Case Study: Mountain Valley Pipeline Background Results 303-mile FERC-regulated natural gas transmission project across West ✓ Virginia and Virginia ~234 Miles ▪ Complex terrain and environmental permitting requirements Pipeline Installed ▪ Significant regulatory scrutiny and project delays Our Uniq
Slide 56: Key Takeaways
Key Takeaways 1 Operating as the #1 pipeline contractor in North America with national union and non-union capability 2 Entering a multi-year infrastructure expansion driven by LNG, gas-fired generation, and system reliability 3 Leveraging scale, fleet management, and long-standing customer relation
Slide 57: Clean Energy & Infrastructure: Infrastructure & Industrial
Clean Energy & Infrastructure Infrastructure & Industrial Mark Hellstrom President of Infrastructure & Industrial
Slide 58: Key Messages
Key Messages Benefiting from historic demand growth in power and infrastructure 1 markets Capitalizing on our market expertise to capture large infrastructure 2 opportunities Executing a proven model to scale our business to match the market 3 opportunities Expanding margins through improved project
Slide 59: Infrastructure & Industrial Snapshot
Infrastructure & Industrial Snapshot Service Portfolio Key Facts1 Transportation Water ~4KEMPLOYEES ~48% 5-YEAR REVENUE Highways, bridges, ports, aviation, specialty contracting Desalination plants, large- diameter pipelines, pump & CAGR lift stations Gas Power Generation CCR (Remediation) ~300 ACTI
Slide 60: Infrastructure & Industrial Growth Strategy and Key Initiatives
Infrastructure & Industrial Growth Strategy and Key Initiatives Expand Scale Deepen Expand Gas Power Water Conveyance Transportation Environmental Generation Infrastructure Infrastructure Remediation Platform Business Platform Footprint (CCR) Grow simple-cycle and Leverage MasTec scale Deepen presen
Slide 61: Infrastructure & Industrial — How We Got Here
Infrastructure & Industrial — How We Got Here Revenue: Industrial and Infrastructure ~$1.6B in revenue growth over a five-year period ~48% CAGR $1.9B (2020 – 2025) Significant growth anchored by geographic expansion and alternative delivery capabilities $1.1B Platform built for growth — $0.7B integr
Slide 62: Gas-Fired Power EPC
Gas-Fired Power EPC Projected Natural Gas Generation Capacity Additions PJM and ERCOT alone have Planned Completions, Capacity Additions ~154 GW of new gas capacity in interconnection queues, reflecting a generational surge ~41% CAGR in gas power development 13 GW Enhanced leadership and execution m
Slide 63: Water Market
Water Market U.S. Water Infrastructure Spending MasTec is one of the largest water transmission line contractors in the U.S. and ~7% CAGR benefits from a growing alternative delivery project $127B $119B pipeline $111B $96B $103B Texas is the #2 and fastest- $90B $81B growing water capex market in th
Slide 64: Coal Combustion Residuals (CCR) Remediation Market
Coal Combustion Residuals (CCR) Remediation Market U.S. Coal Ash Impoundments: By State ~$5B CCR annual TAM; 775+ impoundments need remediation long term MasTec is one of the largest CCR contractors in the U.S. with a specialized equipment fleet count of ~500, full self-perform capabilities and deep
Slide 65: Transportation Infrastructure Market
Transportation Infrastructure Market Building Where America is Growing ~$158B U.S. road/bridge annual TAM; strategically positioned in 4 of top 7 U.S. highway markets 6 of MasTec's core states rank in the top 8 nationally for population growth creating structural long-term demand 2022 core markets —
Slide 66: Case Study: Golden Glades Interchange (GGI)
Case Study: Golden Glades Interchange (GGI) Background ✓ Key Metrics MasTec JV to rebuild and expand a six-highway interchange, including 10 miles of roadway advances and 32 new bridges ▪ Improve regional mobility and traffic flow ▪ Strengthen connectivity across major corridors ▪ Enhance safety and
Slide 67: Key Takeaways
Key Takeaways 1 Benefiting from historic demand growth in power and infrastructure markets 2 Capitalizing on our market expertise to capture large infrastructure opportunities 3 Executing a proven model to scale our business to match the market opportunities 4 Expanding margins through improved proj
Slide 68: Clean Energy & Infrastructure: Renewables
Clean Energy & Infrastructure Renewables Mike Russell President of Renewables
Slide 69: Key Messages
Key Messages Benefiting from record power generation demand and building the 1 lowest-cost, fastest-to-grid power options Focusing on high-growth segments: ~200 MW+ solar/onshore wind and 2 Battery Energy Storage Systems (BESS) Securing multi-project agreements with Tier 1 customers, providing long-
Slide 70: MasTec Renewables Journey
MasTec Renewables Journey 2008 MasTec acquires Wanzek Organization develops to become national leading EPC 2022 MasTec acquires Infrastructure & Energy Alternatives (IEA) Integration process to become MasTec Renewables TODAY MasTec Renewables a Leading National EPC for Utility-Scale Solar, Onshore W
Slide 71: Mission Objectives are Clear: Growth and Margin Expansion
Mission Objectives are Clear: Growth and Margin Expansion Key customer alignment In depth market knowledge Align with select developers and Tracking market trends and focus utilities that match our criteria for on who is building success Contracting discipline Continuous operational Commercial disci
Slide 72: Renewables Snapshot
Renewables Snapshot Key Facts1 Renewables Service Portfolio ~4K #2 Solar Utility-scale solar EPC Wind Onshore wind EPC EMPLOYEES RENEWABLES CONTRACTOR 2 Energy Storage Services ~80% ~29% BESS EPC and balance-of-plant construction Commissioning, decommissioning, preventative REVENUE FROM REPEAT CUSTO
Slide 73: Renewables Growth Strategy
Renewables Growth Strategy Scaling through Disciplined Program Expansion Supporting Leveraging Prioritizing Capitalizing Expanding customers wind maturity utility-scale solar on BESS Tier 1 customer with our and repower and co-located market programs and Services cycle storage growth repeat awards b
Slide 74: Building the Lowest-cost, Fastest-to-grid Power Options
Building the Lowest-cost, Fastest-to-grid Power Options Levelized Cost of Electricity Comparison ($/MWh) Gas peaking ~$200 Renewable Gas CCGT 61 Post- generation ~$80 2028E: $155-$175 remains among the lowest-cost and Wind — onshore (unsubsidized) ~$62 fastest-to-deploy power solutions supporting gr
Slide 75: Responding to the Call for Power
Responding to the Call for Power GROWTH PILLARS SERVICES ONSHORE WIND SOLAR BESS • Structured customer • Owners continue to invest • Mega Solar Project size has • Grown business from first alignment generating a while working through grown 2-3x over the last project 3 years ago to larger service opp
Slide 76: Operational Support Center
Operational Support Center Mission Real-Time Intelligence Centralized Data-Driven & Early Risk Detection Execution Engine Margin Optimization Data integration, drone A team of expert project Continuous optimization of monitoring, and predictive leaders provides rapid- labor, productivity, and analyt
Slide 77: Key Takeaways
Key Takeaways 1 Benefiting from record power generation demand and building the lowest-cost, fastest-to-grid power options 2 Focusing on high-growth segments: ~200 MW+ solar/onshore wind and Battery Energy Storage Systems (BESS) 3 Securing multi-project agreements with Tier 1 customers, providing lo
Slide 78: Clean Energy & Infrastructure: General Building
Clean Energy & Infrastructure General Building Manny García-Tuñón President of General Building
Slide 79: Key Messages
Key Messages Orchestrating MasTec’s full platform as a single Construction Manager to 1 deliver larger, higher-value projects Scaling rapidly in targeted, high-growth verticals with strong repeat 2 customer relationships Driving higher revenue and margin per project through integrated, multi- 3 scop
Slide 80: General Building Snapshot
General Building Snapshot Key Facts1 Business Model & Positioning Relationship-driven Growth Strategy >80% REPEAT ▪ 3rd-generation business ▪ Decades-long relationships in public infrastructure CUSTOMERS Platform ▪ High percentage of repeat business Enabling $1B+ ▪ Disciplined pursuit and execution
Slide 81: Humble Beginnings from Havana to World Stage
Humble Beginnings from Havana to World Stage Since the 1940s, the Garcia-Tuñon family has focused on the importance of design and value engineering as a critical success factor for each and every project 1940 Garcia-Tuñon engineering and construction legacy begins 1960 Fled communism seeking FREEDOM
Slide 82: The Story | 2018–2026
The Story | 2018–20261 REVENUE BACKLOG ~$60M ~$1.2B ~$50M ~$1.5B CAGR ~45% EMPLOYEES LARGEST CONTRACT ~70 ~375 ~$22M ~$700M 1. Represents year-end figures for 2018 and 2026 estimates. Investor Day 2026 82
Slide 83: Scaling General Building through Disciplined Expansion and Differentiated Capabilities
Scaling General Building through Disciplined Expansion and Differentiated Capabilities OUR ADVANTAGE MasTec self-perform ➜ Capital-light business model capabilities create ➜ Integrated delivery pull-through ➜ Disciplined project and customer selection opportunities ➜ Geographic flexibility We Don’t
Slide 84: Multi-year Visibility across Diversified Growth Verticals
Multi-year Visibility across Diversified Growth Verticals GROWTH PILLARS DATA CENTER / SPORTS TRANSPORTATION MISSION CRITICAL & ENTERTAINMENT ▪ ~$725B Data Center ▪ ~$90B Aviation 5-year TAM ▪ Sports stadium construction Key 5-year TAM ~$18B annual TAM ▪ ~$14B Miami International Drivers ▪ ~$5B acti
Slide 85: Capitalize on MasTec's Self-perform Ecosystem and Sister Companies
Capitalize on MasTec’s Self-perform Ecosystem and the Full Capabilities of Our Sister Companies Now is the time to continue expanding and leveraging ✓ Site Development & Civil Infrastructure ✓ Data Center Construction ✓ Power Delivery & Grid Interconnection ✓ Underground Utilities & Duct Banks ✓ Sub
Slide 86: Project Showcase – Data Center / Mission Critical
Project Showcase – Data Center / Mission Critical Aerial view of a hyperscale data center campus under construction Investor Day 2026 86
Slide 87: Project Showcase – Transportation
Project Showcase – Transportation Rendering of a major airport terminal and aviation infrastructure expansion project Investor Day 2026 87
Slide 88: Project Showcase – Sports & Entertainment
Project Showcase – Sports & Entertainment Aerial view of a large-scale stadium and entertainment complex Investor Day 2026 88
Slide 89: Key Takeaways
Key Takeaways 1 Orchestrating MasTec’s full platform as a single construction manager to deliver larger, higher-value projects 2 Scaling rapidly in targeted, high-growth verticals with strong repeat customer relationships 3 Driving higher revenue and margin per project through integrated, multi-scop
Slide 90: Financial Overview & Medium-term Outlook
Financial Overview & Medium-term Outlook Paul DiMarco EVP & Chief Financial Officer
Slide 91: Key Messages
Key Messages Driving mid-teens organic revenue CAGR through supportive infrastructure 1 cycle that benefits each of our operating segments Expanding margins through focus on operational excellence, mix shift to 2 higher-value-added projects, and benefits of economies of scale Expanding return on inv
Slide 92: Transforming MasTec to Enhance Durable Growth and Value Creation
Transforming MasTec to Enhance Durable Growth and Value Creation 20201 20251 Revenues Revenues $14.3B by Segment by Segment $6.3B Communications Power Delivery Communications Pipeline Infrastructure Power Delivery CE&I Pipeline Infrastructure Other Adjusted CE&I Adjusted EBITDA2 EBITDA2 by Segment O
Slide 93: FY 2026 Guidance
FY 2026 Guidance1 Revenue ($B) FY2025 $17.5 FY2026E $14.3 ▪ Represents 22% year-over-year revenue growth and 60 bps of Adj. EBITDA Margin expansion $6.7 ▪ $8.79 EPS guidance equals $4.7 $4.2 $4.8 $3.3 $3.7 34% year-over-year growth $2.1 $2.5 Communications Clean Energy Power Pipeline Total 3 & Infra
Slide 94: Record Backlog Supports Demand Visibility
Record Backlog Supports Demand Visibility 18-Month Backlog1,2 ($B) Consolidated By Segment ~19% $1.3 CAGR $19.0 $20.3 $7.3 Clean Energy & $13.0 $14.3 $6.2 Infrastructure $12.4 $9.9 $20.3 Communications $7.9 Power Delivery Pipeline $5.5 2020 2021 2022 2023 2024 2025 Q1’26 Key Clean Energy & Infrastru
Slide 95: Balance Sheet and Liquidity
Balance Sheet and Liquidity Debt Maturity Profile1 Debt and Capitalization ($M) ($M) Undrawn Revolving Credit Facility Capacity 2 Drawn Revolving Credit Facility December 31, 2025 Senior Notes Term Loan Total Debt $2,346 5.1% Weighted Average Interest Rate Less: Cash $(396) Less: deferred financing
Slide 96: Financial Value Creation Framework
Financial Value Creation Framework ▪ Multi-year infrastructure investment ▪ Expanding programmatic awards and backlog visibility Structural ▪ Scale driving operating leverage ▪ Diversified exposure across energy, evenue Growth ▪ Favorable mix shift, including strong R power & utility, and communicat
Slide 97: 3-Year Organic Revenue Growth Outlook by Segment
3-Year Organic Revenue Growth Outlook by Segment SEGMENT Clean Energy & Pipeline Power Communications Consolidated Infrastructure Infrastructure Delivery Outlook 3-YEAR GROWTH High-Teens CAGR Double Digit CAGR ~15% CAGR OUTLOOK ▪ Durable Renewable ▪ LNG export infrastructure ▪ Utility capex super-cy
Slide 98: Margin Expansion Opportunity with Multiple Drivers
Margin Expansion Opportunity with Multiple Drivers Scale Leverage Operational Maturity ▪ Fixed-cost absorption across larger programmatic deployments ▪ Improved project execution consistency ▪ SG&A leverage as revenue scales ▪ Reduced start-up drag across expanding platforms ▪ Fleet and asset utiliz
Slide 99: Margin Expansion Drives Outpaced Earnings Growth
Margin Expansion Drives Outpaced Earnings Growth Adj. EBITDA Growth Segment EBITDA Margin ($B) Expectations ~25% CAGR Clean Energy & Infrastructure ~$2.2 High single-digits Mix Pipeline Infrastructure Scale 10%+ Project Improvement Operational Leverage Margin High-teens Selection Maturity $1.15 Powe
Slide 100: Adjusted Diluted EPS Growth Accelerates with Scale and Financial Leverage
Adjusted Diluted EPS Growth Accelerates with Scale and Financial Leverage Adj. Diluted EPS Growth Key Drivers Growth ~30% CAGR ▪ Strong revenue growth across core infrastructure markets ~$15.00 ▪ EBITDA expansion driven by scale and backlog conversion Higher Tax and NCI1 Margin Expansion Leverage on
Slide 101: Expanding Returns through Profitability and Capital Discipline
Expanding Returns through Profitability and Capital Discipline Profitability Capital ROIC Expansion Efficiency Improvement ▪ Margin expansion through ▪ High organic growth and ▪ Improving ROIC through scale and favorable business return investment opportunity margin expansion and mix shift disciplin
Slide 102: ROIC Expansion Driving Value Creation Above Cost of Capital
ROIC Expansion Driving Value Creation Above Cost of Capital ROIC (Return on Invested Capital) Key Drivers ROIC expanding above cost of capital 640+ bps Clear value creation as returns exceed our WACC 16%+ Improvement driven by margin expansion and execution discipline Margin Capital Operating levera
Slide 103: 2026–2028 Organic Financial Targets
2026–2028 Organic Financial Targets 2026-28 CAGR 2028 Target ▪ Diversified infrastructure demand across energy, communications, and mission Revenue critical infrastructure ~15% ~$22.0B ▪ Expanding share of wallet with large-scale customers and multi-year programs ▪ Operating leverage driven by scale
Slide 104: Balanced Capital Deployment Strategy
Balanced Capital Deployment Strategy Capital Allocation Priorities Historical Use of Cash ~$0.2B (~5%) 1. Prudent operating capital investment 2021-2025 ($B) Share Repurchases geared to support organic growth1 and maximize return on invested capital 2. Continue to pursue disciplined and opportunisti
Slide 105: Strong Cash Flow Generation and Balance Sheet Flexibility Support Capital Deployment
2026-2028 Strong Cash Flow Generation and Balance Sheet Flexibility Support Significant Capital Deployment Capacity Key Capital Allocation Highlights $2B+ $5B+ • Strong EBITDA generation supporting significant free cash flow conversion $3B+ • Balance sheet flexibility provides incremental deployment
Slide 106: Key Takeaways
Key Takeaways 1 Driving mid-teens organic revenue CAGR through supportive infrastructure cycle that benefits each of our operating segments 2 Expanding margins through focus on operational excellence, mix shift to higher-value-added projects, and benefits of economies of scale Deploying capital accr
Slide 107: Closing Remarks
Closing Remarks José Mas Chief Executive Officer
Slide 108: Disciplined and Opportunistic M&A Approach
Disciplined and Opportunistic M&A Approach M&A Summary Disciplined Approach to M&A (2007-2025) Deal Guidelines Strategic Objectives ▪ Strong management aligned with ▪ Expand service offering and geography ~$5.3B1 MasTec culture and committed to growing ▪ EPS accretive within 1 full year 71 the busin
Slide 109: A Differentiated Infrastructure Capacity Platform Positioned for Long-term Value Creation
A Differentiated “Infrastructure Capacity Platform” Positioned for Long-term Value Creation ▪ Today MasTec is a diversified scaled Platform ▪ Diversified exposure across large infrastructure end markets Strength Infrastructure ▪ Embedded customer relationships and programmatic work Capacity Platform
Slide 110: Appendix
>< a Z Lu oO Oo <x
Slide 111: Reg. G Adjusted EBITDA – Continuing Operations
Reg. G Adjusted EBITDA – Continuing Operations1,2,3 EBITDA and Adjusted EBITDA Reconciliation 20074 % margin 2020 % margin 2025 % margin 2026E5 % margin Revenue $932 $6,321 $14,299 $17,500 Net Income (loss) ($14) (1.5%) $323 5.1% $422 3.0% $575 3.3% Interest expense, net 10 1.0% 60 0.9% 173 1.2% 172
Slide 112: Adjusted Net Income and Adjusted Diluted EPS Reconciliation
Adjusted Net Income and Adjusted Diluted EPS Reconciliation1,2 Guidance for the For the Year Ended For the Year Ended Year Ended Adjusted Net Income Reconciliation December 31, 20073 December 31, 2025 December 31, 2026 Est.4 Net Income (loss) ($14) $422 $575 Non-cash stock-based compensation expense
Slide 113: Reg. G Adjusted EBITDA and Adjusted EBITDA Margin by Segment
Reg. G Adjusted EBITDA and Adjusted EBITDA Margin by Segment1,2,3 EBITDA and Adjusted EBITDA Reconciliation 2020 % margin 2025 % margin EBITDA $782.5 12.4% $1,115.5 7.8% Non-cash stock-based compensation expense (a) 21.9 0.3% 34.0 0.2% (Gains) losses, net, on fair value of investment (a) (10.1) (0.2
Slide 114: Net Debt and Leverage Reconciliation
Net Debt and Leverage Reconciliation1,2,3 Leverage Reconciliation December 31, 2025 Net income $ 422.0 Interest expense, net 173.0 Provision for income taxes 93.4 Depreciation 295.9 Amortization of intangible assets 131.2 EBITDA 1,115.5 Non-cash stock-based compensation expense 34.0 Changes in fair
Slide 115: Selected Definitions
Selected Definitions Adjusted Diluted EPS: defined as GAAP earnings per share adjusted for certain items. Refer to the reconciliation tables included in the Appendix and in the Company’s SEC filings and press releases. Backlog: represents the amount of revenue which could be realized over the next 1
Slide 116: Speaker Bios
SPEAKER BIOS
Slide 117: José Mas
JOSÉ MAS Chief Executive Officer Jose R. Mas is the Chief Executive Officer of MasTec, Inc., (NYSE: MTZ) one of the largest and most diversified infrastructure services providers in North America. During Mr. Mas’ tenure as CEO, MasTec’s revenue has grown from ~$900 million in 2007 to $14.3 billion i
Slide 118: Robert Apple
ROBERT APPLE Chief Operating Officer Robert Apple has been the Chief Operating Officer since December 2006. Previously, Mr. Apple served as group president for MasTec’s energy service operations since 2005. From 2001 to 2004, Mr. Apple was a senior vice president at DIRECTV®, where he was responsibl
Slide 119: Paul DiMarco
PAUL DIMARCO Executive Vice President and Chief Financial Officer Paul DiMarco joined MasTec in 2007 and has been the Chief Financial Officer since April 1, 2023, following the retirement of George Pita. In February of 2022, he was appointed Chief Financial Officer of MasTec’s Power Delivery Segment
Slide 120: Zach McGuire
ZACH MCGUIRE President of Power Delivery Zach McGuire joined MasTec in 2007 and currently serves as President of the Power Delivery Segment at MasTec. Zach has more than 30 years of experience in operations and infrastructure services and has held a series of senior leadership roles. Mr. McGuire beg
Slide 121: Rick Suarez
RICK SUAREZ President of Communications Rick Suarez joined MasTec in 2011,and was promoted to the President of MasTec’s Communications Group in 2021. Rick began his career in telecommunications with Southern Bell in Florida in 1988. He held various positions including Outside Plant Engineer, Planner
Slide 122: Bobby Poteete
BOBBY POTEETE President of Precision Pipeline Bobby Poteete is President of the Pipeline Infrastructure Segment, and President of Precision Pipeline, LLC, (PPL). He brings more than 45 years of oil and gas infrastructure construction experience to MasTec, providing the leadership needed to grow and
Slide 123: Mark Hellstrom
MARK HELLSTROM President of Infrastructure and Industrial Mark Hellstrom joined MasTec in 2021, and was named Group President of the Infrastructure & Industrial Group in 2024. Prior to joining MasTec, Mark served as CEO of Soletanche Bachy North America, a subsidiary of Vinci, where he drove major r
Slide 124: Michael Russell
MICHAEL RUSSELL President of Renewables Michael Russell joined MasTec in 2021, and has held the role of Renewables Operating Group President since November of 2024. Prior to his promotion to Group President, Mike held executive roles with MasTec in the Wanzek service line and served as the executive
Slide 125: Manny García-Tuñón
MANNY GARCÍA-TUÑÓN President of General Building Manny García-Tuñón is President of MasTec’s General Building Group and President of the Lemartec service line. He leads teams driving growth across domestic and international markets, representing Design-Build, Construction Management, and EPC capabil