Mastec, Inc. · NYSE:MTZ
Mastec — Q1 2026 Earnings Presentation
18 slides from Mastec's earnings presentation, May 1, 2026
Slide 1: First Quarter 2026 Earnings
MasTec, Inc. First Quarter 2026 Earnings May 1, 2026 NYSE: MTZ
Slide 2: Safe Harbor Statement and Non-GAAP Financial Measures
Safe Harbor Statement and 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 regard
Slide 3: Q1 2026 Summary
Q1 2026 Summary Revenue • Revenue $3.8B, +34% YoY (+10% vs guidance) 18 Month Adjusted • Double digit growth in all segments3 Backlog2 EBITDA1 • Record backlog $20.3B increased $20.3B $284M $4.4B or 28% YoY; $1.4B or 7% Backlog sequentially (1.4x book to bill) • YoY growth rate led by 65% increase A
Slide 4: Q1 2026 Segment Results
Q1 2026 Segment Results Revenue1 ($M) Adj. EBITDA1,2 ($M) $3,829 $284 $1,046 $72 $2,848 $900 $683 $164 $145 $357 $51 $1,329 $45 $916 $89 $57 $681 $802 $47 $47 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Communications Clean Energy and Infrastructure Pipeline Infrastructure Power Delivery 1 Consolidated totals a
Slide 5: Q1 2026 Backlog
Q1 2026 Backlog1 18 Month Backlog ($B) $22.0 • Record total backlog of $20.3B $20.3 increased 7%, or $1.4B sequentially; $20.0 $19.0 YoY growth of $4.4B or 28% $18.0 $6.2 $16.0 $15.9 $5.6 • Clean Energy and Infrastructure backlog increased $0.8B sequentially $14.0 $5.0 $1.3 and ~$2.9B YoY to $7.3B,
Slide 6: Cash Flow, Leverage & Liquidity
Cash Flow, Leverage & Liquidity Cash Flow from Operations ($M) DSO1 $150 75 72 70 $99 66 $100 65 $78 65 60 $50 55 $0 50 Q1 2025 Q1 2026 Q1 2025 Q4 2025 Q1 2026 Leverage1 Liquidity1 ($B) 2.0x 1.9x $2.5 1.8x 1.7x $2.2 $2.1 $2.0 $1.8 1.5x $1.5 1.0x $1.0 0.5x $0.5 0.0x $0.0 Q1 2025 Q4 2025 Q1 2026 Q1 20
Slide 7: 2026 Guidance Summary
2026 Guidance Summary1 ($M, except EPS) Q2 Full Year Guidance Guidance Revenue $4,300 $17,500 Adjusted EBITDA2 $380 $1,500 Adjusted Net Income2 $187 $734 Diluted EPS (GAAP) $1.72 $6.77 Adjusted Diluted EPS2 $2.20 $8.79 7 1 Guidance issued on April 30, 2026. 2 See Appendix for reconciliations of Adju
Slide 8: Revenue and Adjusted EBITDA Cadence
Revenue and Adjusted EBITDA Cadence Revenue ($B)1 $10.0 $10.0 $9.4 $8.1 $8.0 $7.9 $6.4 $8.0 $2.6 $2.2 $6.0 $2.2 $1.9 $6.0 $1.2 $1.3 $1.2 $4.0 $0.9 $4.0 $3.7 $3.0 $2.0 $2.7 $2.0 $2.0 $1.5 $1.7 $1.8 $2.0 $0.0 $0.0 1H 2025 1H 2026 E No data to display 2H 2025 2H 2026 E Communications Clean Energy and I
Slide 9: 2026 Cash Flow and Leverage Projections
2026 Cash Flow and Leverage Projections • We anticipate 2026 full year cash flow from operations to exceed $1 billion • We expect 2026 leverage1 to be in the low 1x range • We will continue to prioritize prudent capital allocation with a goal of maximizing return on invested capital Cash Flow from O
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, 2025 December 31, 2026 Est.3 Net income $ 422.0 3.0% $ 575 3.3% Interest expense, net 173.0 1.2% 172 1.0% Provision for income taxes 93.4 0.7% 181 1.0% 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, 2025 December 31, 2026 Adjusted Net Income Reconciliation Est.3 Net income $ 422.0 $ 575 Non-cash stock-based compensation expense 34.0 42 Amortization of intangible assets 131.2 151 Changes in fair val
Slide 13: Quarterly Non-GAAP Reconciliations
Quarterly Non-GAAP Reconciliations1,2 EBITDA and Adjusted EBITDA Margin Reconciliation Q1 2025 Q1 2026 Q2 2025 Q2 2026 E3 Net income $ 12.3 0.4 % $ 69.7 1.8 % $ 90.1 2.5 % $ 150 3.5 % Interest expense, net 39.0 1.4 % 43.5 1.1 % 43.9 1.2 % 44 1.0 % (Benefit from) provision for income taxes (3.4) (0.1
Slide 14: Quarterly Non-GAAP Reconciliations
Quarterly Non-GAAP Reconciliations1,2 Adjusted Net Income Reconciliation Q1 2025 Q1 2026 Q2 2025 Q2 2026 E3 Net income $ 12.3 $ 69.7 $ 90.1 $ 150 Non-cash stock-based compensation expense 6.9 8.3 9.4 11 Amortization of intangible assets 32.6 38.6 32.7 38 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 2025 1H 2026 E3 2H 2025 2H 2026 E3 Net income $ 102 1.6 % $ 219 2.7 % $ 320 4.0 % $ 356 3.8 % Interest expense, net 83 1.3 % 87 1.1 % 90 1.1 % 85 0.9 % Provision for income taxes 27 0.4 % 69 0.8 % 66 0.8
Slide 16: Q1 2026 Non-GAAP Reconciliations
Q1 2026 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 Q1 2025 Q1 2026 EBITDA $ 156.8 5.5% $ 256.8 6.7% Non-cash stock-bas
Slide 17: Trailing Twelve Months and Full Year Leverage Reconciliations
Trailing Twelve Months and Full Year Leverage Reconciliations1,2,3 For the Trailing Twelve Months Ended December 31, March 31, December 31, March 31, 2024 2025 2025 2026 Net income $ 199.4 $ 246.2 $ 422.0 $ 479.4 Interest expense, net 193.3 180.2 173.0 177.4 Provision for income taxes 51.5 59.2 93.4
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