Mastec, Inc. · NYSE:MTZ
Mastec — Investor Presentation (May 2025)
72 slides from Mastec's investor presentation, May 8, 2025
Slide 1: MasTec Investor Presentation
MasTec Investor Presentation May 8, 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: 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 To serve our customers safely and reliably while building long-term partnerships Clean Energy & Infrastructure o To grow profitably while delivering excellent customer service o To act with integrity in all communities in whic
Slide 5: MasTec at a Glance
MasTec at a Glance 95+ YEARS 32,000+ $3.6 B 770+ EXPERIENCE EMPLOYEES EQUIPMENT LOCATIONS FLEET (gross) $12.3 B REVENUE #4 Top 400 # 347 NYSE: MTZ MINORITY ENR CONTRACTORS LARGEST SINCE 1997 CONTROLLED COMPANY COMPANY An E&C leader in key infrastructure 2 1 All data based on 2024 actuals 5 2 Data fo
Slide 6: Diversified Growth Pillars and Demand Drivers
Diversified Growth Pillars Clean Energy & Infrastructure Communications1 Power Delivery1 Pipeline Infrastructure 2024 Revenue $4.1 B $2.5 B $3.6 B $2.1 B • Renewable Energy • Fiber to the Home • Grid Reliability and • Natural Gas Pipelines • Infrastructure • Rural Broadband / Expansion • Pipeline Di
Slide 7: Portfolio Diversification Helps Mitigate Risk
Portfolio Diversification Helps Mitigate Risk Revenues by Segment2 Communications Revenues by Customer Type Pipeline 21% Infrastructure 17% Utilities & Renewable Energy Communications Developers 21% 47% Power Delivery Clean Energy & 29% Infrastructure 33% Pipeline Dept of Transportation, 17% Municip
Slide 8: Well Aligned With Macro Growth Drivers
Well Aligned With Macro Growth Drivers System Modernization & Resilience Infrastructure Electrification & Modernization, Macro Drivers Decarbonization, Industrial Reshoring Collectively Drive Load Energy Transition Growth & Demand For Energy Infrastructure Enabling Emerging Technologies 8
Slide 9: Predictable Business Model
Predictable Business Model MSA contracts ~40% of Long-term partnerships revenue provides with key customers stability Significant project Durable demand drivers capacity at scale; across MasTec’s markets proven reliability MasTec’s national Design-build capability presence enables deep sets MasTec a
Slide 10: Blue Chip & Diverse Customer Base
Blue Chip & Diverse Customer Base LOW CUSTOMER CONCENTRATION Communications Largest customer Clean Energy & Infrastructure 8% of 2024 Revenues Power Delivery Top 10 customers 35% Pipeline of 2024 Infrastructure Revenues 10
Slide 11: Track Record of Strong Growth
Track Record of Strong Growth 2008-2010 16 Years of Significant Growth Strategic Diversification Transformative acquisitions in wireless, Revenue CAGRs: 5 Yr, 11.4% / 10 Yr, 10.3% / 16 Yr, 14.7% renewables, pipeline infrastructure, and power delivery ($ millions) $14,000 $12,000 2011-2019 $10,000 Or
Slide 12: Continuing to Leverage Growth Drivers
Continuing to Leverage Growth Drivers 18-Month Backlog1,2 Clean Energy & Infrastructure Communications1 Power Delivery1 Pipeline Infrastructure ($ billions) $7.0 $6.0 $4.6 $4.9 $4.7 $5.0 $5.0 $4.2 $4.4 $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 $1.5 $1.0 $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 infrastructure enabling work MasTec Data Center Customer Set A Cross Functional Opportunity2 o Hyperscalers o Data center developers o Communications providers o Utilities
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 ~34,000 employees trained Over 1,700 unique training courses Wireline Wireless Power Delivery ~430,000 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 WWéractvucture that Delivers
Slide 19: Power Delivery Overview
Power Delivery Overview Nationwide Presence, Diverse Service Offering Volume by State Electric & Gas Utilities Services o Electric transmission (765 kV extra-high voltage and below) o Electric distribution (overhead, underground) o Substations and switch yards o Gas distribution o Emergency restorat
Slide 20: Power Delivery Key Facts
Power Delivery Key Facts 11,700 10 EMPLOYEES ACQUISITIONS COMPLETED 4 51% REGIONAL OPERATING of BUSINESS DERIVED FROM CENTERS MSA CONTRACTS (plus PR, HI, AK, and non-union) 100+ 85% Storm/wildfire Response Customer base of Deployments investor-owned utilities (since 2020) (IOUs) ~4,000 Estimated Veg
Slide 21: Load Growth Is Inflecting
Load Growth Is Inflecting… 5-year Nationwide Load Forecast1 Average Annual Load Growth1 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 pump
Slide 22: Driving Significant Utility Capex Investment
…Driving Significant Utility Capex Investment Energy Utility Capex1 Key Notes on Utility CapEx $ billions 225 Jul ’24 Fcst o Utility capex budgets have been up-sized by 200 $66B over 2025-2028, with that multi-year 175 2 forecast up 17% from a year ago 150 125 o Forecasts are driven by increased loa
Slide 23: Driving Needed Transmission Expansion
…and Driving Needed Transmission Expansion N. America Transmission Expansion (Cumulative)1 Drivers of Transmission Spend (>100kV) by Status Miles 18,000 Under Construction Planned Conceptual o Clean energy and data center “macro driver” demand 16,000 14,000 o Increasing fire/storm hardening requirem
Slide 24: Power Delivery Link to Renewables Growth
Power Delivery Link to Renewables Growth 1 Renewables Require Significant Transmission Capacity US Interconnection Investment Needs Growing Fast “Significant within-region transmission deployment is needed as soon as 2030 in the Plains, Midwest, and Texas regions. By 2040, large deployments will als
Slide 25: Power Delivery Financial Overview
Power Delivery Financial Overview Revenue1 Power Delivery Growth Drivers ($ billions) $3.6 $3.6 $3.5 o Growth supported by increased expected transmission spend driven by growth of renewables investment and increasing power demand $1.3 o Utility customers steadily outsourcing line services due to ag
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: Wind & solar farm construction and maintenance; battery storage systems & EV infrastructure o Infrastructure: Data center; civil c
Slide 28: Clean Energy & Infrastructure Key Facts
Clean Energy & Infrastructure Key Facts 7,650EMPLOYEES 10 ACQUISITIONS COMPLETED ~2.8 GW of RENEWABLE POWER >50 GW of RENEWABLE INSTALLED IN 2024 POWER INSTALLED ~80% ~200 ACTIVE CIVIL REVENUE FROM REPEAT CUSTOMERS INFRASTRUCTURE PROJECTS 28
Slide 29: CE&I: Renewables Service Portfolio
CE&I: Renewables Service Portfolio Solar Wind Energy Services Storage With decades of MasTec provides comprehensive turnkey experience in energy MasTec provides turnkey wind farm services —from infrastructure technical solutions that MasTec specializes in initial site analysis, project construction,
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 Utility-scale carbon neutral power generation initiatives o Large customers demanding more green power o Smaller distributed generation trends o Repowering of existing wind turbines
Slide 31: CE&I: Solar and Wind Trends
CE&I: Solar and Wind Trends Solar Installations Spiking1 Wind Capacity Growing But Less Than Solar1 31 1 Nathanielbullard.com: “Decarbonization: 2021 Things, The Complex, Reagents”, January 2025
Slide 32: 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 33: 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 34: 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 $251 Transportation
Slide 35: CE&I Segment Financial Overview
CE&I Segment Financial Overview Revenue CE&I Growth Drivers ($ billions) $4.1 $4.0 • Increased demand for renewable power generation $2.6 • Positive drivers for smaller distributed $1.9 generation • MasTec has significant renewable power crew capacity in both union and non- union regions 2021 2022 2
Slide 36: Communications
Communications “MasTec WWéractvucture that Delivers
Slide 37: Communications Overview
Communications Overview Nationwide Communication Services Coverage Volume by State Powered by Bing © GeoNames, Microsoft, TomTom A leading contractor in communications infrastructure o Fiber optic cable / broadband / telecom construction services • FTTH, copper/coax/OSP cable • Fiber deployments for
Slide 38: Communications Key Facts
Communications Key Facts 7,196 EMPLOYEES 28 ACQUISITIONS COMPLETED 10K+ CARRIER ADDS 1K+ NEW SITE BUILDS 80K+MAINTENANCE 11K+ ENGINEERED MILES NODES SERVICED 18K+ 850K+ CONSTRUCTED MILES HOMES PASSED Represents 2024 metrics, excluding acquisitions 38
Slide 39: Communications End Market Trends
Communications End Market Trends US Broadband Funding by Type1 Key Comments & Demand Drivers o Data centers will require significant fiber and connectivity as a key growth driver o 5G infrastructure rollout, small cell deployments and backhaul deployments are the core of growth o Wireless carriers a
Slide 40: Communications End Market Trends
Communications End Market Trends Fiber to the Home (FTTH) Passings1 % of U.S. Households o Multi-year FTTH build commitments by major telco/cable providers o Unprecedented federal / state funding for rural broadband programs o Developing 5G smart home trends, indoor distributed antenna systems (DAS)
Slide 41: 5G Networks: Significantly More Complex
5G Networks: Significantly More Complex 5G Networks Require Extensive Underground & Above-ground Fiber Installation 41
Slide 42: Communications Segment Financial Overview
Communications Segment Financial Overview Revenue1,2 MasTec Communications Growth Drivers ($ billions) • Broad geographic base served as a leading $2.4 $2.5 wireless and wireline/fiber contractor $2.4 $2.3 • Advantage through combined project management services and significant self- perform constru
Slide 43: Pipeline Infrastructure
Pipeline Infrastructure -MasTec ikvacructure that NeLirers
Slide 44: Pipeline Infrastructure
Pipeline Infrastructure Geography Served Diverse Portfolio of Services o Midstream pipeline (small and large) o Inter- & Intra-state pipeline (large) o Data center turbine power gen pipeline o Gathering and gas distribution systems o Gas compressor and oil pumping stations o Environmental compliance
Slide 45: 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 46: Pipeline Infrastructure Key Facts
Pipeline Infrastructure Key Facts 4,465 EMPLOYEES 18 ACQUISITIONS COMPLETED 12K + MILES CONSTRUCTED #1 PIPELINE CONTRACTOR IN NORTH AMERICA ~$0.5B ~1,400 FLEET SIZE KEY PIPELINE EQUIPMENT FLEET COUNT 46
Slide 47: Pipeline – Repair & Replacement Demand
Pipeline – Repair & Replacement Demand Aging Pipeline Infrastructure in Need of Repairs1 32% of Gas Distribution and 54% of Gas Transmission lines installed pre-1970 Pipeline Infrastructure services replacement needs for aging gas lines 1 47 Sustainanalytics.com / U.S. Energy Information Administrat
Slide 48: Pipeline – Growth From Green Transition
Pipeline – Growth From Green Transition Carbon Capture & Sequestration Traditional Pipelines Hydrogen Power Generation Water Pipeline Repair & Replacement © MasTec, Inc. 48
Slide 49: The CCUS Pipeline Opportunity
The CCUS Pipeline Opportunity 1,2 MasTec is a Leading Pipeline Contractor Global Carbon Capture Projects3 Mt CO2/Yr 500 450 400 350 300 250 200 150 100 50 0 2020 2022 2024 2026 2028 2030 Operating Under construction © MasTec, Inc. Advanced development Concept and feasibility Longer Term Growth oppor
Slide 50: Pipeline – The Water Opportunity
Pipeline – The Water Opportunity US Water & Sewer Funding Needs MasTec’s Diverse Water Services Portfolio o Treatment plants o Pump & lift stations o Water transmission mains o Waste water force mains o Storm sewer trunk lines o Utility rehabilitation lines o Maintenance / emergency restoration o Th
Slide 51: Pipeline Infrastructure Financial Overview
Pipeline Infrastructure Financial Overview Revenue MasTec Pipeline Infrastructure Growth Drivers ($ billions) $2.5 • Increasing takeaway capacity to alleviate $2.1 $2.1 midstream bottlenecks • Pipeline requirements to support LNG $1.2 export expansion • Resurgence of gas-fired generation to support
Slide 52: Financial Overview
Financial Overview “MasTec WWéractvucture that Delivers
Slide 53: Revenue and Profit Performance
Revenue and Profit Performance Revenue Comments ($ millions) $13,650 o Expected 9%+ growth in 2025 driven by all segments $12,303 $11,996 ~$1,875 except Pipeline Infrastructure given large project $9,778 $2,073 $2,134 completion in 2024 $7,952 $1,220 o Strong backlog coverage for 2025 forecast; tari
Slide 54: MasTec's Segment Evolution
MasTec’s Segment Evolution 20201 20241 Revenues by Segment Revenues by Segment Clean Energy & Clean Energy & Infrastructure Infrastructure Communications 24% 33% Communications 21% 36% $6.3B $12.3B Pipeline Infrastructure Pipeline 28% Infrastructure Power Delivery 17% Power Delivery 12% 29% Adjusted
Slide 55: Cash Flows
Cash Flows Capex, Net Disposals Comments ($ in millions) $182 o Limited net capex since 2022 reflects increased focus on utilization and ROIC $120 $105 $109 $83 o 2025 increase to reflect capacity additions to support expected revenue growth 1 2 2021 2022 2023 2024 2025 Free Cash Flow3 $1,200 ($ in
Slide 56: 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, 2024 Drawn Revolving Credit Facility Revolving Credit Facility due November 2026 $43 5.0% Senior Notes Term Loan due November 2026 $333
Slide 57: Capital Allocation
Capital Allocation Capital Allocation Summary Capital Allocation Priorities (2020-2024) ($ millions) $2,942 o Target equilibrium net leverage1 < 2.0x medium- 7% $202 Share Repurchases term 22% $655 CapEx o Maintain strong balance sheet to support structural organic growth1 opportunities o Continue t
Slide 58: M&A: A Core Competency
M&A: A Core Competency M&A Summary (2007-2024) 1 66 acquisitions since 2006 ~$5.2b Power Delivery Strategy o Acquire strong management teams with tangible asset value Pipeline Infrastructure o Earnouts typical; goal of retention of key management o Disciplined valuations paid Financial Objectives CE
Slide 59: FY 2025 Guidance
1 FY 2025 Guidance Estimated Estimated ($ in billions) Revenue Adjusted EBITDA Margin2 Communications3 $2.9 Low double digits Clean Energy & Infrastructure $4.75 High single digits Power Delivery3 $4.175 High single digits Pipeline Infrastructure $1.875 Mid-teens Total4 $13.65 8.2% - 8.5% 1 Reflects
Slide 60: Appendix A: Signature Projects
Appendix A: Signature Projects
Slide 61: 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 62: Power Delivery: Greenlink
Power Delivery: Greenlink Project Overview Client: NV Energy Location: Nevada Scope: ~700-mile 525kV transmission line and substations Contract Value: $300-$500M annual revenues Duration: 2024-2028 Key Highlights ❖ One of the largest transmission projects in the U.S., Greenlink represents a signific
Slide 63: 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 64: 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 65: 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 66: 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 67: Appendix B
Appendix B | -MasTec ikvacructure that NeLirers
Slide 68: Reg. G Adjusted EBITDA – Continuing Operations
Reg. G Adjusted EBITDA – Continuing Operations1,2,3 EBITDA and Adjusted EBITDA 2022 % margin 2023 % margin 2024 % margin 2025E4 % margin Reconciliation Revenue $9,778 $11,996 $12,303 $13,650 Income (loss) from continuing operations before non- controlling interests $34 0.3% ($47) (0.4%) $199 1.6% $3
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 2021 % margin 2022 % margin 2023 % margin 2024 % margin EBITDA $906.3 11.4% $662.5 6.8% $754.9 6.3% $950.8 7.7% Acquisition and integration costs (a) 3.6 0.0% 86.0 0.9% 71.9 0.6% - - Non-cash st
Slide 70: FCF Reconciliation
FCF Reconciliation1 Free Cash Flow Reconciliation 2021 2022 2023 2024 20252 Net cash provided by operating activities $793 $352 $687 $1,122 $700 Capital expenditures (170) (263) (193) (149) (170) Proceeds from sales of property and equipment 65 82 84 66 50 Free Cash Flow $688 $170 $578 $1,039 $580 7
Slide 71: 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 72: 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