Slide 1: MasTec Inc. First Quarter 2025 Earnings
MasTec Inc. First Quarter 2025 Earnings May 2, 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: Q1 2025 Summary
Q1 2025 Summary • Revenue of $2.8B Revenue • Increased 5% vs guidance expectations and 6% compared to Adjusted last year EBITDA1 • Total backlog of $15.9B reflects a 18 Month Adjusted sequential increase of $1.6B and Backlog2 $164M Diluted EPS1 year-over-year growth of $3.0B Backlog • Increases in a
Slide 4: Q1 2025 Segment Results
Q1 2025 Segment Results Revenue1,2 ($M) Adj. EBITDA1,2,3 ($M) $2,848 $2,687 $164 $357 $153 $634 $45 $900 $93 $51 $798 $916 $57 $51 $754 $20 $681 $47 $506 $26 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Communications Clean Energy and Infrastructure Pipeline Infrastructure Power Delivery 1 Consolidated totals al
Slide 5: Q1 2025 Backlog
Q1 2025 Backlog1 18 Month Backlog2 ($B) • Total backlog of $15.9B is up 24% or $15.9 $16.0 $3.0B on a year over year basis, and $14.3 up 11%, or $1.6B sequentially $14.0 $12.8 $5.0 • Represents record level for MasTec $12.0 $4.7 and included significant additions from $3.9 Pipeline Infrastructure du
Slide 6: Cash Flow, Leverage & Liquidity
Cash Flow, Leverage & Liquidity Cash Flow from Operations ($M) DSO1 $125 80 79 $108 $100 75 $78 $75 70 66 $50 65 60 $25 60 $0 55 Q1 2024 Q1 2025 Q1 2024 Q4 2024 Q1 2025 Leverage1 Liquidity1 ($B) 4.0x $2.5 $2.2 $2.2 $2.0 3.0x 2.8x $1.6 $1.5 1.8x 1.9x 2.0x $1.0 1.0x $0.5 0.0x $0.0 Q1 2024 Q4 2024 Q1 2
Slide 7: 2025 Guidance Summary
2025 Guidance Summary1 ($M, with exception of EPS) Q2 Full Year Guidance Guidance Revenue $3,400 $13,650 Adjusted EBITDA2 $270 - $280 $1,120 - $1,160 Adjusted Net Income2 $113 - $120 $493 - $524 Diluted EPS (GAAP) $0.95 - $1.05 $4.28 - $4.63 Adjusted Diluted EPS2 $1.36 - $1.46 $5.90 - $6.25 1 Guidan
Slide 8: Revenue and Adjusted EBITDA Cadence
Revenue and Adjusted EBITDA Cadence Revenue ($B)1,3 $8.0 $8.0 $7.4 $6.2 $6.7 $5.6 1.0 $6.0 $0.8 $6.0 0.9 $1.2 2.3 $1.9 1.9 $4.0 $4.0 $1.7 $2.1 2.4 2.7 $2.0 $1.7 $2.0 $1.1 $1.5 1.4 1.4 $0.0 $0.0 1H 2024 1H 2025 E No data to display 2H 2024 2H 2025 E Pipeline Infrastructure Power Delivery Clean Energy
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 $700M • 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 Leverage1 Cash Flow f
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 (loss) income $ 199.4 1.6% $ 366 - 397 2.7 - 2.9% Interest expense, net 193.3 1.6% 168 1.2% Provision for income taxes 5
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 (Loss) Reconciliation Est.3 Net income $ 199.4 $ 366 - 397 Non-cash stock-based compensation expense 32.7 35 Amortization of intangible assets 139.9 131 Loss o
Slide 13: Quarterly Non-GAAP Reconciliations
Quarterly Non-GAAP Reconciliations1,2 EBITDA and Adjusted EBITDA Margin Reconciliation Q1 2024 Q1 2025 Q2 2024 Q2 2025 E3 Net income (loss) $ (34.5) (1.3)% $ 12.3 0.4 % $ 43.8 1.5 % $ 81 - 88 2.4 - 2.6 % Interest expense, net 52.1 1.9 % 39.0 1.4 % 50.6 1.7 % 44 1.3 % Provision for (benefit from) inc
Slide 14: Quarterly Non-GAAP Reconciliations
Quarterly Non-GAAP Reconciliations1,2 Adjusted Net Income Reconciliation Q1 2024 Q1 2025 Q2 2024 Q2 2025 E3 Net (loss) income $ (34.5) $ 12.3 $ 43.8 $ 81 - 88 Non-cash stock-based compensation expense 9.7 6.9 7.0 10 Amortization of intangible assets 33.7 32.6 33.6 33 Changes in fair value of acquisi
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 2025 E3 2H 2024 2H 2025 E3 Net income $ 9 0.2 % $ 93 - 101 1.5 - 1.6% $ 190 2.9% $ 272 - 296 3.7 - 4.0% Interest expense, net 103 1.8 % 83 1.3 % 91 1.4% 85 1.1% Provision for income taxes 8 0.1 %
Slide 16: Q1 2025 Non-GAAP Reconciliations
Q1 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 Q1 20243 Q1 2025 EBITDA $ 147.6 5.5% $ 156.8 5.5% 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