MasTec (MTZ) Investor presentation summary

Strategic positioning and growth drivers

• Market-leading critical infrastructure provider with diversified services and end-market exposure, supporting growth stability and financial resilience.

• Predictable business model with significant recurring revenue and deep blue-chip customer relationships.

• Well aligned with macro trends: electrification, decarbonization, industrial reshoring, and infrastructure modernization.

• Consistent growth through organic expansion and disciplined M&A, with a proven track record of strong financial returns.

• Focused on increasing structural margins through operational excellence and business mix optimization.

Business segments and revenue mix

• Four main segments: Clean Energy & Infrastructure, Communications, Power Delivery, and Pipeline Infrastructure.

• 2025 revenue: $14.3B, with Clean Energy & Infrastructure ($4.7B), Communications ($3.3B), Power Delivery ($4.2B), and Pipeline Infrastructure ($2.1B).

• Revenue mix by segment: Clean Energy & Infrastructure 33%, Communications 23%, Power Delivery 29%, Pipeline Infrastructure 15%.

• 86% of 2025 revenues from highly stable sources, including utilities, renewable developers, and communications customers.

• Largest customer accounts for 10% of revenue; top 10 customers account for 34%.

Financial performance and outlook

• 2025 revenue reached $14.3B, up 16% year-over-year, with record backlog of $19B at year-end.

• Adjusted EBITDA margin for 2025 was 8.0%, with a long-term goal of consistent double-digit margins.

• 2026 guidance: $17.0B revenue, 8.5% adjusted EBITDA margin, with all segments contributing to growth.

• Free cash flow for 2025 was $342M, with 2026 guidance of $800M and a target of 60% FCF conversion over time.

• Net debt at year-end 2025 was $1.94B, with strong liquidity and a target net leverage of less than 2x.