Slide 1: MasTec Fourth Quarter 2025 Earnings Call Presentation
MasTec Fourth Quarter 2025 Earnings Call Presentation February 27, 2026 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: Fiscal Year 2025 Summary
Fiscal Year 2025 Summary • Revenue of $14.3B, +16% YoY (+2% vs Revenue guidance); led by 32% growth in Communications, mid teens growth in 18 Month Adjusted Power Delivery and CE&I and strong Backlog2 EBITDA1 rebound in Pipeline through the year $19.0B $1.15B • Record total backlog of $19.0B increas
Slide 4: 2025 Segment Results
2025 Segment Results Revenue1,2 ($M) Adj. EBITDA1,2,3 ($M) $1,150 $14,299 $1,006 $318 $12,304 $2,138 $389 $2,134 $4,176 $339 $3,613 $301 $4,700 $349 $4,092 $257 $3,339 $310 $2,524 $220 2024 2025 2024 2025 Communications Clean Energy and Infrastructure Power Delivery Pipeline Infrastructure 1 Consoli
Slide 5: Q4 2025 Backlog
Q4 2025 Backlog1 18 Month Backlog2 ($B) • Record total backlog of $19.0B increased $2.2B or 13% $20.0 sequentially; YoY growth of $4.7B or $19.0 33% $18.0 $16.8 $16.0 $5.6 • Clean Energy and Infrastructure $14.3 backlog increased $1.5B $14.0 $5.1 sequentially and ~$2.3B YoY to $1.4 ~$6.5B, a new rec
Slide 6: Cash Flow, Leverage and Liquidity
Cash Flow, Leverage and Liquidity Cash Flow from Operations ($M) DSO1 $600 75 $472 69 70 $400 $373 65 65 60 60 $200 55 $0 50 Q4 2024 Q4 2025 Q4 2024 Q3 2025 Q4 2025 Leverage1 Liquidity1 ($B) 3.0x $2.5 $2.2 $2.1 2.0x $2.0 2.0x 1.8x $2.0 1.7x 1.0x $1.5 0.0x $1.0 Q4 2024 Q3 2025 Q4 2025 Q4 2024 Q3 2025
Slide 7: 2026 Guidance Summary
2026 Guidance Summary1 ($M, with exception of EPS) Q1 Full Year Guidance Guidance Revenue $3,475 $17,000 Adjusted EBITDA2 $245 $1,450 Adjusted Net Income2 $89 $707 Diluted EPS (GAAP) $0.57 $6.62 Adjusted Diluted EPS2 $1.00 $8.40 1 Guidance issued on February 26, 2026. 2 See Appendix for reconciliati
Slide 8: 2026 Cash Flow and Leverage Projections
2026 Cash Flow and Leverage Projections • We anticipate 2026 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 Leverage1 Cash Flow from O
Slide 9: Appendix
Appendix = ™N ww ™~ < ~~ <~ ~~ “= ~ “MasTec likrastructinve that NeLivers
Slide 10: Full Year Non-GAAP Reconciliations
Full Year Non-GAAP Reconciliations1,2 Guidance for the Year For the Year Ended For the Year Ended EBITDA and Adjusted EBITDA Margin Reconciliation Ended December 31, 2026 December 31, 2024 December 31, 2025 Est.3 Net income $ 199.4 1.6 % $ 422.0 3.0 % $ 566 3.3% Interest expense, net 193.3 1.6 % 173
Slide 11: Full Year Non-GAAP Reconciliations
Full Year Non-GAAP Reconciliations1,2 Guidance for the For the Year Ended Year Ended Adjusted Net Income Reconciliation December 31, 2025 December 31, 2026 Est.3 Net income $ 422.0 $ 566 Non-cash stock-based compensation expense 34.0 38 Amortization of intangible assets 131.2 147 Changes in fair val
Slide 12: Quarterly Non-GAAP Reconciliations
Quarterly Non-GAAP Reconciliations1,2 EBITDA and Adjusted EBITDA Margin Reconciliation Q4 2024 Q4 2025 Q1 2025 Q1 2026 E3 Net income $ 84.7 2.5 % $ 153.1 3.9 % $ 12.3 0.4 % $ 55 1.6% Interest expense, net 43.6 1.3 % 44.6 1.1 % 39.0 1.4 % 44 1.3% Provision for (benefit from) income taxes 11.7 0.3 % 2
Slide 13: Quarterly Non-GAAP Reconciliations
Quarterly Non-GAAP Reconciliations1,2 Adjusted Net Income Reconciliation Q4 2024 Q4 2025 Q1 2025 Q1 2026 E3 Net income $ 84.7 $ 153.1 $ 12.3 $ 55 Non-cash stock-based compensation expense 8.6 8.4 6.9 8 Amortization of intangible assets 38.2 33.1 32.6 37 Changes in fair value of acquisition-related c
Slide 14: 2025 Non-GAAP Reconciliations
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: Year Ended December 31, Adjusted EBITDA and Adjusted EBITDA Margin by Segment 2025 20243 EBITDA $ 1,115.5 7.8 % $ 950.8 7.7
Slide 15: 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, September 30, December 31, 2024 2025 2025 Net income $ 199.4 $ 353.7 $ 422.0 Interest expense, net 193.3 171.9 173.0 Provision for income taxes 51.5 84.1 93.4 Depreciation 366.8 295.0
Slide 16: 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