Slides
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MasTec Investor Presentation May 8, 2025 NYSE: MTZ
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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 of MasTec; expectations regarding MasTec’s business or financial outlook; expectations regarding MasTec’s plans, strategies and opportunities; expectations regarding opportunities, technological developments, competitive positioning, future economic conditions and other trends in particular markets or industries; the impact of inflation on MasTec’s costs and the ability to recover increased costs, as well as other statements reflecting expectations, intentions, assumptions or beliefs about future events and other statements that do not relate strictly to historical or current facts. These statements are based on currently available operating, financial, economic and other information, and are subject to a number of significant risks and uncertainties. A variety of factors in addition to those mentioned above, many of which are beyond our control, could cause actual future results to differ materially from those projected in the forward-looking statements. For additional information concerning some of the risks, uncertainties, assumptions and other factors that might cause such a difference, please refer to MasTec’s Annual Report on Form 10-K for the year ended December 31, 2024, subsequent Quarterly Reports on Form 10-Q and other documents filed with the Securities and Exchange Commission, which are available on our website (www.mastec.com), as well as the risks, uncertainties and assumptions identified in this presentation. We believe these forward-looking statements are reasonable; however, you should not place undue reliance on any forward- looking statements, which are based on current expectations. Furthermore, forward-looking statements speak only as of the date they are made. If any of these risks or uncertainties materialize, or if any of our underlying assumptions are incorrect, our actual results may differ significantly from the results that we express in, or imply by, any of our forward-looking statements. We do not undertake any obligation to publicly update or revise these forward-looking statements after the date of this presentation to reflect future events or circumstances, except as required by applicable law. We qualify any and all of our forward-looking statements by these cautionary factors.
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3 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 significant recurring revenue mix and deep relationships with blue-chip customers ❖ Consistent track record of driving growth with a proven M&A record and strong financial returns coupled with a deep commitment to continuous improvement ❖ Opportunity to structurally increase margins to maximize potential return on capital
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MasTec: Diversified, Customer Centric Growth o To serve our customers safely and reliably while building long-term partnerships o To grow profitably while delivering excellent customer service o To act with integrity in all communities in which we work o To create opportunities for our team members in a vibrant and safe work environment Our Mission 4 Communications Clean Energy & Infrastructure Pipeline Infrastructure Power Delivery Growth Pillars
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32,000+ EMPLOYEES $3.6 B EQUIPMENT FLEET (gross) NYSE: MTZ SINCE 1997 $12.3 B REVENUE MINORITY CONTROLLED COMPANY YEARS EXPERIENCE 95+ 770+ LOCATIONS MasTec at a Glance # 347 LARGEST COMPANY #4 Top 400 ENR CONTRACTORS 51 All data based on 2024 actuals 2 Data for markets noted from Engineering News, 2024 An E&C leader in key infrastructure 2
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Diversified Growth PillarsDemand Drivers 1 Reflects the new segment reporting structure for Communications and Power Delivery. 2024 Revenue Communications1Clean Energy & Infrastructure $2.5 B$4.1 B • Fiber to the Home • Rural Broadband / Network Density • 5G and Small Cells • Smart Infrastructure • Spectrum Deployments $3.6 B • Grid Reliability and Expansion • Security/Smart Grid • Generation Grid Interconnection • Storm Hardening/ Wildfire Mitigation • Emergency Response Pipeline Infrastructure $2.1 B • Natural Gas Pipelines • Pipeline Distribution & Integrity • Aging Infrastructure • Methane Reduction • LNG Exports • Carbon Capture • Hydrogen Economy Diversified Services Portfolio with Significant Growth Potential in All Segments • Renewable Energy • Infrastructure Modernization • Industrial Reshoring • Biomass / Alternatives • Carbon Capture • Agricultural Processing Upgrades Power Delivery1 6 Data Centers
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~83% 2024 revenues from highly stable sources 2 Non MSA MSA Revenue Mix 7 Portfolio Diversification Helps Mitigate Risk 59% 41% Utilities & Renewable Energy Developers 47% Communications 21% Pipeline 17%Dept of Transportation, Municipal & Other 15% Revenues by Customer Type Communications 21% Power Delivery 29%Clean Energy & Infrastructure 33% Pipeline Infrastructure 17% Revenues by Segment1 1 Reflects the new segment reporting structure for the Communications and Power Delivery segments. 2 Includes utilities/renewable developers, state agencies and municipalities, and communications customers.
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8 Well Aligned With Macro Growth Drivers Electrification & Decarbonization, Energy Transition Macro Drivers For Load Growth Create Demand For Energy Infrastructure Infrastructure Modernization, Industrial Reshoring System Modernization & Resilience Enabling Emerging Technologies
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9 Predictable Business Model MSA contracts ~40% of revenue provides stability Long-term partnerships with key customers Durable demand drivers across MasTec’s markets Significant project capacity at scale; proven reliability MasTec’s national presence enables deep customer integration Design-build capability sets MasTec apart
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Blue Chip & Diverse Customer Base Communications Clean Energy & Infrastructure Pipeline Infrastructure Power Delivery Largest customer Top 10 customers LOW CUSTOMER CONCENTRATION 10 8% of 2024 Revenues 35% of 2024 Revenues
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$0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 2008 2019 2024 Track Record of Strong Growth 11 16 Years of Significant Growth 2008-2010 Strategic Diversification 2011-2019 Organic Expansion / Tuck-in M&A Transformative acquisitions in wireless, renewables, pipeline infrastructure, and power delivery A decade of consistent and strong organic growth1 coupled with tuck-in M&A Revenue Growth 154% (Adjusted EBITDA growth faster than revenue) Ongoing organic growth1; transformative acquisitions in clean energy and power delivery 1 See appendix for selected definitions. 2020-Present Strategic Diversification ($ millions) Revenue CAGRs: 5 Yr, 11.4% / 10 Yr, 10.3% / 16 Yr, 14.7%
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Continuing to Leverage Growth Drivers 1 Reflects the new segment reporting structure for Communications and Power Delivery segments. 2 See appendix for selected definitions. Communications1Clean Energy & Infrastructure Pipeline Infrastructure Power Delivery1 12 18-Month Backlog1,2 ($ billions) $7.9 $9.9 $13.0 $12.4 $14.3TOTAL: $1.0 $2.3 $2.1 $2.5 $1.5 $3.6 $3.6 $1.2 $3.2 $4.1 $3.9 $1.7 $3.1 $4.2 $3.9 $1.2 $4.2 $4.6 $4.7 $0.7 $4.4 $4.9 $5.0 $1.5 $- $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0 2020 2021 2022 2023 2024 1Q25 • CE&I surge reflects significant demand for renewables as key source of near-term power capacity • Communications driven by Fiber-to-the-home (FTTH) trends as well as data center market growth • Power Delivery steady demand from nationwide upgrades, interconnections for renewable and non-renewable sources • Pipeline Infrastructure backlog reflects completion of large Mountain View Pipeline contract $15.9
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Data Centers: A Significant Growth Driver 1 UBSe, UBS Evidence Lab, company presentations *latest data from Sep-24; **data from 2023, sourced from industry and corporate disclosures 2 Logos are illustrative – Other MasTec operating companies may also participate in Data Center work 13 Global Data Center Capacity Growth1 MasTec Data Center Customer Set o Hyperscalers o Data center developers o Communications providers o Utilities Significant direct Data Center revenue Additional “outside the fence” infrastructure enabling work A Cross Functional Opportunity 2 GW
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Data Centers: Core Services 14 Power Construction Communications • Site infrastructure • Core and shell construction • Wet and dry utilities • Campus construction • Enabling projects • Site electrical • Construction management • Data hall construction • Dimensioning and design • Systems integration • ISP services • Server installation • Fiber installations • Generation, including renewables • Behind-the-meter power • Transmission • Substations • Distribution
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15 MasTec Is Targeting Increased Structural Margins Rigorous process implementation and adherence ERP / Field Data Capture Tools Business mix optimization Operational excellence deployment Talent management
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16 A Significant Commitment to Training Best-in-class culture of learning and development Specialized in skills development for both wireless and wireline employees 4-year program registered with U.S. Dept. of Labor focused on OH/UG linemen Partnership with U.S. Military offering active-duty military members opportunities across MasTec Wireline Wireless Power Delivery Clean Energy Pipeline Infrastructure Dedicated Training Facilities ~34,000 employees trained Over 1,700 unique training courses ~430,000 training courses completed
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Sustainability Overview Sustainability Social S E G MasTec’s deep commitment to sustainability • Sustainability principles and practices are embedded within MasTec’s strategy, risk management and day-to-day operations. • The Board of Directors has oversight of corporate responsibility for all sustainability matters. • MasTec engages with investors, employees, customers, subcontractors, suppliers and communities to prioritize sustainability issues for its business. • Investment in sustainable business opportunities is a key component of MasTec’s growth strategy. Our services help to modernize, connect and make communities safer and more sustainable. Leadership’s Commitment Board Oversight Stakeholder Engagement Building for the Future 17N.B. - MasTec’s Sustainability Report, available on its website, details its commitment to sustainability including related programs and initiatives
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Power Delivery
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Power Delivery Overview 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 restoration, storm hardening o Grid modernization o Vegetation management 19 Nationwide Presence, Diverse Service Offering Volume by State Electric & Gas Utilities Services
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Power Delivery 20 Key Facts EMPLOYEES 11,700 ACQUISITIONS COMPLETED 10 REGIONAL OPERATING CENTERS 4 STORM/WILDFIRE RESPONSE DEPLOYMENTS (since 2020) 100+ BUSINESS DERIVED FROM MSA CONTRACTS 51% EST. VEGITATION CLEARING MILES ANNUALLY ~4,000 CUSTOMER BASE OF INVESTOR -OWNED UTILITIES 85%
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21 Load Growth Is Inflecting… 1 Grid Strategies: Strategic Industries Surging: Driving US Power Demand, December 2024 Electric load growth accelerating, driving grid investment requirements • Data Center build-out (~10 GW 2023 to ~65 GW 2029e but variable outcomes highly possible) • Manufacturing reshoring: Especially semiconductor chips, batteries • Electrification: Heat pumps, water heaters, EV charging • Hydrogen fuel plants are not in most load forecasts (only TX, NY) Drivers of Load Growth 11
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22 …Driving Significant Utility Capex Investment 1 Edison Electrical Institute (EEI), July 2024; 2. Mizuho Securities, March 2025 o Utility capex budgets have been up-sized by $66B over 2025-2028, with that multi-year forecast up 17% from a year ago 2 o Forecasts are driven by increased load growth assumptions o $22B YoY increase in transmission capex, $17B YoY increase in distribution capex 2 o NERC forecasts need for 35GW in inter- regional power transfer capacity by 2033 to avoid energy shortages o Adaptation, Hardening & Resilience (AHR) capex represents ~25% of Transmission and ~37% of Distribution capex spend 1 Energy Utility Capex1 Key Notes on Utility CapEx 0 25 50 75 100 125 150 175 200 225 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 $ billions Jul ’24 Fcst Generation, 27 Distribution, 32 Transmission, 19 Gas-Related, 15 Compliance, 1 Other, 6 Functional Capex (2024e, $186.4b)1
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23 …and Driving Needed Transmission Expansion 1 FERC & Barclays Research, August 2023 o Clean energy and data center “macro driver” demand o Increasing fire/storm hardening requirements o Smart grid and grid security initiatives o Aging infrastructure driving replacement needs o Preferential utility returns incent transmission investments o Smart utility projects and electric vehicle growth o Population and industrial migration change transmission and distribution needs N. America Transmission Expansion (Cumulative)1 (>100kV) by Status 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Under Construction Planned Conceptual Miles Drivers of Transmission Spend
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“Significant within-region transmission deployment is needed as soon as 2030 in the Plains, Midwest, and Texas regions. By 2040, large deployments will also be needed in the Mountain, Mid-Atlantic, and Southeast regions.” U.S. DOE Energy Grid Deployment Office, 2023 Power Delivery Link to Renewables Growth Renewables Require Significant Transmission Capacity 24 1. Lawrence Berkeley National Lab, Nat Bullard US Interconnection Investment Needs Growing Fast 1
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$3.6 $3.9 $3.9 $4.7 2021 2022 2023 2024 ($ billions) $1.3 $3.5 $3.6 $3.6 2021 2022 2023 2024 Power Delivery Financial Overview 25 18-month Backlog1 ($ billions) . 1 Reflects the new segment reporting structure for Communications and Power Delivery segments. 2 See appendix for selected definitions and reconciliations of Adjusted measures to GAAP measures. o Growth supported by increased expected transmission spend driven by growth of renewables investment and increasing power demand o Utility customers steadily outsourcing line services due to aging captive workforce o Recent backlog awards support medium- term MasTec growth o MasTec has a broad geographic footprint, significant recurring revenue, and balanced union / non-union project capacity Power Delivery Growth DriversRevenue1 Adj. EBITDA 1,2 8.7% 9.4% 8.5% 8.3%
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Clean Energy & Infrastructure
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CE&I Overview o Renewables: Wind & solar farm construction and maintenance; battery storage systems & EV infrastructure o Infrastructure: Data center; civil construction and power; heavy civil including general contracting, roads & bridges, light rail, land & site development o Industrial facilities: Gas-fired power plant design and construction, alternative fuel power plants, mining, agricultural processing facilities 27 Clean Energy & Infrastructure Projects © GeoNames, Microsoft, TomTom Powered by Bing Volume by State A leading construction services provider
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Clean Energy & Infrastructure 28 Key Facts 1 EMPLOYEES 7,650 ACQUISITIONS COMPLETED 10 GW of RENEWABLE POWER INSTALLED IN 2024 ~2.8 GW of RENEWABLE POWER INSTALLED >50 ACTIVE CIVIL INFRASTRUCTURE PROJECTS REVENUE FROM REPEAT CUSTOMERS ~80% ~200 1 For the period ending December 31, 2024
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CE&I: Renewables Service Portfolio 29 MasTec specializes in turnkey construction of complex commercial and utility-scale solar power projects. Solar MasTec provides comprehensive turnkey wind farm services —from initial site analysis, project design and turbine layout, to infrastructure construction, all the way through final connection to the grid. Wind Services MasTec provides turnkey technical solutions that increase performance, reliability and longevity of our customers’ renewable energy assets. Energy Storage With decades of experience in energy infrastructure construction, MasTec is fully equipped to support our clients with their energy storage needs.
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CE&I: Renewables End Market Trends 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 1 IEA, Renewables 2024 30 Global Electricity Generation by Technology1 Demand Drivers For Renewables Growth
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CE&I: Solar and Wind Trends 31 1 Nathanielbullard.com: “Decarbonization: 2021 Things, The Complex, Reagents”, January 2025 Solar Installations Spiking1 Wind Capacity Growing But Less Than Solar1
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CE&I: Infrastructure Service Portfolio 32 Transportation MasTec is a leader in heavy civil construction offering both union and non- union capability. General Heavy Civil MasTec has broad sector capability for site preparation work. MasTec provides turnkey surface mining solutions for rock quarries. Mining and Material Production Rail MasTec builds and renovates Class 1 rail facilities, intermodal depots, and commuter light-rail stations across the country. Specialty Coatings & Bridge Rehabilitation MasTec helps maintain the integrity of our roads and bridges to improve safety for drivers nationwide. Environmental MasTec can support a wide range of specialized environmental needs from hazardous/non-hazardous soil removal, to in situ soil stabilization, and more. MasTec is a prime general contractor and construction/program manager with capabilities throughout the Americas and the Caribbean. Buildings
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CE&I: Industrial Service Portfolio 33 Power Generation MasTec is a top-ranked EPC, self-perform contractor serving the power markets with installation of aeroderivative and reciprocating engines as well as hydrogen-capable combustion turbines. Energy Transition MasTec servesthe decarbonization market with an emphasis on hydrogen development and carbon capture. MasTec offers full EPC, design-build, general construction, engineering services, pre-construction planning, and self-perform construction for all critical path disciplines. Industrial Process Mining MasTec is a leading EPC and general contractor across the mining community, serving base and precious metal producers. We self-perform and direct-hire all critical path disciplines with unique millwright and process- related skill sets.
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CE&I: Infrastructure End Market Trends o Data center infrastructure demand o Power load growth and gap to power sources o Increasing need for battery storage to accompany renewable power o Growth of electric vehicle fleet o Infrastructure revitalization, upgrades o Distributed power generation trends o Renewing and upgrading drinking water infrastructure; management of industrial water and wastewater o Public transportation infrastructure needs 1 Inflation Reduction Act of 2022, H.R. 5376, 117th Cong. (2021-22); 2 Infrastructure Investment & Jobs Act, H.R. 3684, 117th Congress (2021-2022) Inflation Reduction Act Investments by Sector1 ~$400B in Funding for Clean Energy ($ in billions) 34 Roads/bridges $100 Clean Energy $76 Rail $66 Water $64 Infrastructure Resiliency $48 Airports/Ports $41 Public Transit $34 Other $123 ($ in billions) Infrastructure Investment & Jobs Act2 ~$552B in Funding for U.S. Infrastructure $251 $48 $46 $23 $21 $5 Energy Manufacturing Environment Transportation/Electric Vehicles Agriculture Water Growth Drivers
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$1.5 $3.2 $3.1 $4.2 2021 2022 2023 2024 CE&I Segment Financial Overview 35 18-month Backlog1 ($ in billions) 1 See appendix for selected definitions and reconciliations of Adjusted measures to GAAP measures. • Increased demand for renewable power generation • Positive drivers for smaller distributed generation • MasTec has significant renewable power crew capacity in both union and non- union regions • Diverse customer base drives growth opportunities including broadening of services performed CE&I Growth Drivers ($ billions) $1.9 $2.6 $4.0 $4.1 2021 2022 2023 2024 Revenue Adj. EBITDA 1,2 4.0% 4.2% 4.3% 6.3%
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Communications
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Nationwide Communication Services Coverage Communications Overview o Fiber optic cable / broadband / telecom construction services • FTTH, copper/coax/OSP cable • Fiber deployments for converged wireless/wireline network deployments o Wireless cell tower construction, integration and optimization services o Fiber and connectivity for data centers o Last mile electric and natural gas distribution services o Smart home / city technology & IoT devices deployed to consumer and commercial customers 37 Volume by State A Leading Contractor in Communications Infrastructure © GeoNames, Microsoft, TomTom Powered by Bing
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Communications 38 Key Facts 1 EMPLOYEES 7,196 ACQUISITIONS COMPLETED 28 CARRIER ADDS 10K+ MAINTENANCE NODES SERVICED 80K+ NEW SITE BUILDS 1K+ ENGINEERED MILES 11K+ CONSTRUCTED MILES 18K+ HOMES PASSED 850K+ 1 For the period ending December 31, 2024, except acquisitions
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2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 North America Lit Fiber Market (2020-2030)2 Single mode Multimode Communications End Market Trends 1National Telecommunications and Information Administration (NTIA) 2023 Federal Broadband Funding Report; 2 Grand View Research, “Lit Fiber Market Size, Share & Trends Analysis” o Data centers will require significant fiber and connectivity as a key growth driver o 5G infrastructure rollout, small cell deployments and backhaul deployments are the core of growth o Wireless carriers are outsourcing deployment to third parties such as MasTec o Smart City initiatives are a key growth driver 14% CAGR ‘22 –’30 US Broadband Funding by Type1 ($ in millions) 39 $964M Key Comments & Demand Drivers
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Communications End Market Trends 1UBS Research, U.S. Cable & Telecom Services, June 2024. 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) and private network trends 40 Fiber to the Home (FTTH) Passings1 % of U.S. Households
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5G Networks: Significantly More Complex 41 5G Networks Require Extensive Underground & Above-ground Fiber Installation
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$3.6 $4.1 $4.2 $4.6 2021 2022 2023 2024 Communications Segment Financial Overview 42 18-month Backlog1,2 ($ billions) 1 See appendix for selected definitions and reconciliations of Adjusted measures to GAAP measures. 2 Reflects the new segment reporting structure for Communications and Power Delivery segments. • Broad geographic base served as a leading wireless and wireline/fiber contractor • Advantage through combined project management services and significant self- perform construction capacity • End-to-end wireless engineering and construction • Turnkey wireline & broadband construction • Network maintenance services offerings MasTec Communications Growth Drivers ($ billions) $2.3 $2.4 $2.4 $2.5 2021 2022 2023 2024 Revenue1,2 Adj. EBITDA 1,2 9.9% 9.9% 8.5% 8.7%
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Pipeline Infrastructure
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Pipeline Infrastructure 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 and consulting services o Water, wastewater, storm sewer, dewatering pipeline installation & rehab; treatment plants, pump & lift stations o Pipeline integrity & maintenance o Hydrogen, carbon capture and sequestration pipelines 44 Geography Served Pipeline Infrastructure 59% Gas Distribution 17% Other 15% Water/Sewer & Integrity Infrastructure 9% 2024 Revenue by Work Type Diverse Portfolio of Services
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Pipeline – Natural Gas Growth Drivers 45 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 1 HFI Research, “Is a Multi-Year Natural Gas Bull Market in the Making?”, April 2024
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Pipeline Infrastructure 46 Key Facts 1 EMPLOYEES 4,465 ACQUISITIONS COMPLETED 18 MILES CONSTRUCTED 12K + FLEET SIZE ~$0.5B PIPELINE CONTRACTOR IN NORTH AMERICA 2 KEY PIPELINE EQUIPMENT FLEET COUNT ~1,400 #1 1 For the period ending December 31, 2024 2 Engineering News, 2024
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Pipeline – Repair & Replacement Demand 47 Pipeline Infrastructure services replacement needs for aging gas lines 1 Sustainanalytics.com / U.S. Energy Information Administration Aging Pipeline Infrastructure in Need of Repairs1 32% of Gas Distribution and 54% of Gas Transmission lines installed pre-1970
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Pipeline – Growth From Green Transition Traditional Pipelines Carbon Capture & Sequestration Hydrogen Power Generation Water Pipeline Repair & Replacement © MasTec, Inc. 48
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The CCUS Pipeline Opportunity 1,2 1 Geologic basins listed are those with over 50,000 megatons of storage capacity (assessed by USGS) as of March 2, 2022; 2 Simplified illustration showing large storage basins; 3 International Energy Agency (IEA) © MasTec, Inc. MasTec is a Leading Pipeline Contractor 49 Longer Term Growth opportunities from carbon capture, hydrogen and sequestration pipelines Global Carbon Capture Projects3 0 50 100 150 200 250 300 350 400 450 500 2020 2022 2024 2026 2028 2030 Operating Under construction Advanced development Concept and feasibility Mt CO2/Yr
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Pipeline – The Water Opportunity 50 MaTec Water Services Positioned to Meet Structural Demand Growth 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 The EPA1 sees $625B in 20 year funding needs for US water systems to reach a state of good repair. 1 US EPA, 2023 “National Needs Assessment”; ASCE “2025 Report Card for America’s Infrastructure”
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Pipeline Infrastructure Financial Overview 51 $1.2 $1.7 $1.2 $0.7 2021 2022 2023 2024 ($ billions) $2.5 $1.2 $2.1 $2.1 2021 2022 2023 2024 18-month Backlog1 ($ billions) Revenue Adj. EBITDA 1 21.9% 14.1% 13.7% 18.3% 1 See appendix for selected definitions and reconciliations of Adjusted measures to GAAP measures. • Increasing takeaway capacity to alleviate midstream bottlenecks • Pipeline requirements to support LNG export expansion • Resurgence of gas-fired generation to support electrical load growth MasTec Pipeline Infrastructure Growth Drivers
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Financial Overview
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$446 $712 $703 $805 High Single Digits $558 $172 $284 $389 Mid- Teens 2021 2022 2023 2024 20251 21.9% 14.1% 8.2% 8.3% 7.1% $1,006 $846 $777 $911 7.9% Revenue and Profit Performance Adjusted Segment EBITDA & Margin3,5 Revenue ($ millions) ($ millions) 1 IEA’s results are included beginning in the fourth quarter of 2022, 2 Reflects guidance issued on May 1, 2025; 3 See appendix for selected definitions and reconciliations of Adjusted measures to GAAP measures. 4 ”Other Segments” refer to revenue and Adjusted EBITDA generating segments. 5 Adjusted EBITDA totals include the corporate segment. 2 53 18.3% $1,120 - $1,160 13.7% o Expected 9%+ growth in 2025 driven by all segments except Pipeline Infrastructure given large project completion in 2024 o Strong backlog coverage for 2025 forecast; tariff & infrastructure funding uncertainty largely relate to 2026 outlook o 2024 revenue growth of 3% included strong performance from most segments, with Power Delivery held back by select project deferrals and a rate case in electrical distribution o 2024 margin outcome included solid improvement across most segments except Power Delivery given volume headwinds in distribution o Forecast 2025 margin upside driven largely by fixed cost absorption on solid revenue growth o Long-term objective of achieving consistent double-digit margins Comments $5,411 $8,558 $9,923 $10,170 ~$11,775 $2,541 $1,220 $2,073 $2,134 ~$1,875 2021 2022 2023 2024 2025 $7,952 $9,778 $11,996 $12,303 $13,650 1 2
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54 MasTec’s Segment Evolution 1 Reflects the new segment reporting structure for Communications and Power Delivery segments . 2 See appendix for selected definitions and reconciliations of Adjusted measures to GAAP measures. Communications 36% Power Delivery 12% Pipeline Infrastructure 28% Clean Energy & Infrastructure 24% Revenues by Segment $6.3B Communications 31% Power Delivery 5% Pipeline Infrastructure 64% Clean Energy & Infrastructure 10% Other 4% Adjusted EBITDA2 by Segment $802M Communications 21% Power Delivery 29% Pipeline Infrastructure 17% Clean Energy & Infrastructure 33% Revenues by Segment $12.3B 20201 20241 Communications 22% Power Delivery 30% Pipeline Infrastructure 39% Clean Energy & Infrastructure 26% Other 3% Adjusted EBITDA2 by Segment $1.0B
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$105 $182 $109 $83 $120 2021 2022 2023 2024 2025 Cash Flows Free Cash Flow3 Capex, Net Disposals ($ in millions) ($ in millions) 1 IEA’s results are included beginning in the fourth quarter of 2022, subsequent to the date of the IEA acquisition; 2 Reflects guidance issued on May 1, 2025; 3 See appendix for selected definitions and reconciliations of Adjusted measures to GAAP measures. 2 1 2 55 o Limited net capex since 2022 reflects increased focus on utilization and ROIC o 2025 increase to reflect capacity additions to support expected revenue growth o 2022-23 FCF impacted by higher gross capex o 2024 FCF benefited from significant working capital improvement (DSOs down by 14 days vs 2023) o 2025 FCF assumes ~50-52% FCF / EBITDA conversion Comments $688 $170 $578 $1,039 $580 65% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% $0 $200 $400 $600 $800 $1,000 $1,200 2021 2022 2023 2024 2025 FCF Average FCF/EBITDA 1
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56 Balance Sheet and Liquidity 1 Debt maturity profile as of 12/31/2024 reflects principal amount and excludes finance lease and other obligations; 2 See appendix for selected definitions and reconciliations of Adjusted measures to GAAP measures. o Strong liquidity position; access to multiple sources of funding o Robust track record of free cash flow 2 generation o Net leverage2 target < 2x $333 $285 $600 $622 $43 2025 2026 2027 2028 2029 Undrawn Revolving Credit Facility Capacity Drawn Revolving Credit Facility Senior Notes Term Loans 2 $1,857 ($ in millions) Debt Maturity Profile1 ($ in millions) December 31, 2024 Revolving Credit Facility due November 2026 $43 5.0% Term Loan due November 2026 $333 6.2% Term Loan due October 2027 $285 6.3% 4.50% Senior Notes due August 2028 $600 4.5% 5.9% Senior Notes due June 2029 $550 5.9% 6.625% Senior Notes due August 2029 $72 6.6% Finance lease and other (varying maturities) $357 Various Weighted Average Interest Rate 5.5% Total Debt $2,239 Less Cash $(400) Less: deferred financing costs $(15) Net Debt $1,824 Adjusted EBITDA2 $1,006 Net Leverage2 1.8x Total Equity $2,987 Total Capital $5,226 Total Liquidity2 $2,193 Debt and Capitalization
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o Target equilibrium net leverage1 < 2.0x medium- term o Maintain strong balance sheet to support structural organic growth1 opportunities o Continue to pursue opportunistic acquisitions to complement existing businesses; primary focus on tuck-in deals o Judicious internal capital investment geared to support organic growth1 and maximize return on invested capital o Opportunistic share repurchase strategy to deploy excess cash and accrue LT shareholder value $2,085 $655 $202 ($ millions) Capital Allocation Summary (2020-2024) Capital Allocation 1 See appendix for selected definitions. MasTec seeks a balanced and shareholder return-based capital allocation strategy 57 $2,942 CapEx Share Repurchases Acquisitions & Investments, net71% 22% 7% Capital Allocation Priorities
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M&A Summary (2007-2024) o Earnings accretive within first full year o Clear cost and / or revenue synergies o ROIC > Cost of capital within three years o Immaterial impairments to date over 18+ years M&A: A Core Competency 1 Total purchase price, including earn-out provisions paid. Disciplined Strategy to Create Shareholder Value With Acquisitions 58 ~$5.2b 1 Financial Objectives o Acquire strong management teams with tangible asset value o Earnouts typical; goal of retention of key management o Disciplined valuations paid Strategy Communications CE&I Pipeline Infrastructure Power Delivery 66 acquisitions since 2006
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FY 2025 Guidance 1 1 Reflects guidance issued on May 1, 2025. 2 See Appendix for reconciliations of adjusted measures to GAAP measures. 3 Segment guidance reflects the new segment reporting structure for Communications and Power Delivery segments. 4 Consolidated totals include results from the ‘Other’ segment, Corporate and eliminations. 59 ($ in billions) Estimated Revenue Estimated 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%
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Appendix A: Signature Projects
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Power Delivery: Ten West Link 61 ❖ The Ten West Link is a 125-mile, 500 kV transmission line with a capacity of 3,200 MW, originating in Arizona and ending in southern California ❖ Ten West will carry renewable energy to millions of consumers in California and the desert Southwest ❖ This major energy artery enhanced the efficiency and reliability of the area’s transmission system while supporting the development, integration, and delivery of new renewable energy and energy storage resources in Arizona and California ❖ The project significantly expands the western grid’s capacity and plays a crucial role in helping California achieve its goal of 100% clean energy by 2045 ❖ Energized in June 2024, the Ten West Link is now formally under the operational control of the California Independent System Operator (CAISO) 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 Project Overview Key Highlights
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Power Delivery: Greenlink 62 ❖ One of the largest transmission projects in the U.S., Greenlink represents a significant win for MasTec’s strategy of pursuing large projects ❖ MasTec’s scope includes 12 substations, 9 transmission line segments plus an additional telecom component. Construction has already begun on substation work ❖ Greenlink creates a renewable energy highway that allows access to Nevada’s resource-rich renewable energy zones that could not previously be developed due to the lack of necessary transmission infrastructure ❖ It will also improve system reliability and ability to transfer electricity within Nevada and to other states ❖ Greenlink is an important project for Nevada and will allow NV Energy to meet future energy demands and is essential to helping Nevada achieve its de- carbonization goals and increased renewable portfolio standard, moving Nevada closer to 100% renewable energy and reduction of its carbon footprint1 Client: NV Energy Location: Nevada Scope: ~700-mile 525kV transmission line and substations Duration: 2024-2028 Project Overview Key Highlights 1 nvenergy.com/clean energy/greenlink-nevada
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Clean Energy & Infrastructure: Cedar Creek Wind 63 ❖ Cedar Creek was the first project with Clearway Energy Group with MasTec being awarded 2 additional projects since ❖ The Cedar Creek wind project was a huge undertaking from a civil perspective. 1.4mm CY of native material was moved in the foothill terrain for cut / fill purposes ❖ The project was unique from a turbine delivery standpoint as GE offloaded at a marshalling yard and MasTec reloaded and hauled every turbine component up the mountain with internal resources ❖ Cedar Creek is Clearway Energy Group's first wind farm in Idaho and will provide enough electricity to power 60,000 homes annually Client: Clearway Energy Group Location: Idaho Scope: EPC Civil, Foundations, Collection, Substation, O&M, MET Towers, Erection (47 GE 3.4 MW) Duration: 23 months Peak Manpower: 400 Manhours: 313,674 Equipment: 250+ at peak Project Overview Key Highlights
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Clean Energy & Infrastructure: Parliament Solar 64 ❖ Parliament Solar was the first project with Encap Investments and Mercuria Energy. MasTec is currently under consultation agreements with four additional projects extending their partnership for the future ❖ Parliament Solar is a 640MWdc project with over 3,400 acres being cleared, grubbed, graded (500k CY), and revegetated for 43,486 terrain following tracker tables and 1,174,122 modules to be installed. The project was unique with almost 90% of cable installed above ground (bi-directional) ❖ Parliament commenced clearing activities November 2022, with the first pile being installed August 2023. The project achieved 24 of 24 Milestone Completions as of November 2024 ❖ Parliament Solar will generate enough power (1,100GWh) to service 140,000 homes. (800k Metric Tons of CO2 Avoided) Client: EnCap Investments and Mercuria Energy Location: Texas Scope: Clearing & Grubbing, Engineering, Procurement, Construction of a PV Generation Facility and Substation Duration: 27 months Peak Manpower: 820 (22%+ local hire) Manhours: 1.9mm Equipment: 600+ units at peak Project Overview Key Highlights
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Communications: AT&T Nokia Swap Project 65 ❖ AT&T is the third largest global telecommunications company by revenue and second largest wireless carrier in the US ❖ In December 2023, AT&T awarded approximately one third of all Turf 6.0 work to MasTec. This is the largest recent wireless contract awarded ▪ 15 Markets/61 Sub-Markets, 31K sites, 90K projects ▪ Includes removal and replacement of all existing Nokia equipment on all towers within covered markets ❖ Project includes replacement of Nokia’s radios with Ericsson’s as part of its effort to modernize its network. ❖ The project, which began in early 2024, will impact nearly a third of AT&T’s network, including 73,000 cell towers and hundreds of thousands of radios. Client: AT&T Location: Nationwide Program Scope: A&E and civil services which includes program management, project management, engineering, installation, decommissioning, and integration services Duration: 3.5 Years Peak Manpower: Over 376 at peak working simultaneously across 30 states Project Overview Key Highlights
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Pipeline Infra: Mountain Valley Pipeline (MVP) 66 ❖ MVP is a natural gas pipeline system that spans ~303 miles from northwestern West Virginia to southern Virginia, regulated by the FERC ❖ MasTec’s portion of construction (76%) began in 2018, and was completed in 2024 ❖ During peak construction, MasTec managed seven concurrent construction spreads totaling ~4,500 employees with a total manhour count of ~23mm manhours ❖ MVP has been recognized as a critical infrastructure project essential for our nation’s energy security, reliability, and ability to effectively transition to a lower-carbon future¹ 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 Project Overview Key Highlights 1 Mountainvalleypipeline.info, June 2024
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Appendix B
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68 Reg. G Adjusted EBITDA – Continuing Operations1,2,3 1 Differences due to rounding, $ in millions; 2 Additional non-GAAP reconciliations are included in the Company’s SEC filings and press releases; 3Effective Q4 2024 beginning in 2017, certain adjusted financial measures reflect the effect of Reg G classification for changes in fair value for earnouts and contingent assets; 4 Reflects guidance issued on May 1, 2025. EBITDA and Adjusted EBITDA Reconciliation 2022 % margin 2023 % margin 2024 % margin 2025E4 % margin Revenue $9,778 $11,996 $12,303 $13,650 Net Income (loss) $34 0.3% ($47) (0.4%) $199 1.6% $366 - $397 2.7 - 2.9% Interest expense, net 112 1.1% 234 2.0% 193 1.6% 168 1.2% Provision for (benefit from) income taxes 9 0.1% (35) (0.3%) 52 0.4% 101-110 0.7 - 0.8% Depreciation and amortization 507 5.2% 603 5.0% 507 4.1% 451 3.3% EBITDA $663 6.8% $755 6.3% $951 7.7% $1,085 - $1,125 8.0 - 8.2% Non-cash stock-based compensation expense 27 0.3% 33 0.3% 33 0.3% 35 0.3% Loss on extinguishment of debt - - - - 11 0.1% - - Changes in fair value of acquisition-relate contingent items (3) (0.0%) (14) (0.1%) 11 0.1% - - Acquisition & integration costs 86 0.9% 72 0.6% - - - - Losses, net, on fair value of investment 8 0.1% 0 0.0% - - (0) (0.0%) Project results from non-controlled joint venture (3) (0.0%) - - - - - - Bargain purchase gain (0) (0.0%) - - - - - - Adjusted EBITDA $777 7.9% $846 7.1% $1,006 8.2% $1,120 - $1,160 8.2 - 8.5%
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69 Reg. G Adjusted EBITDA and Adjusted EBITDA Margin by Segment1,2 1 Differences due to rounding, $ in millions; 2 Additional non-GAAP reconciliations are included in the Company’s SEC filings and press releases. NM – Percentage is not meaningful (a) For the year ended December 31, 2023, Communications, Clean Energy and Infrastructure and Power Delivery EBITDA included $22.5 million, $37.1 million and $8.5 million, respectively, of acquisition and integration costs related to our recent acquisitions, and Corporate EBITDA included $3.8 million of such costs. For the year ended December 31, 2022, $4.7 million, $6.4 million, $39.0 million and $8.0 million of such costs were included within Communications, Clean Energy and Infrastructure, Power Delivery and Pipeline Infrastructure EBITDA, respectively, and Corporate EBITDA included $27.9 million of such costs. For the year ended December 31, 2021, acquisition and integration costs are included within Corporate EBITDA. (b) Non-cash stock-based compensation expense, loss on extinguishment of debt, changes in fair value of acquisition-related contingent items, losses, net, on the fair value of an investment and the bargain purchase gain from a prior year acquisition are included within Corporate EBITDA. (c) Project results from a non-controlled joint venture are included within Other segment results. (d) Sum of indicated items represents non-Pipeline Infrastructure results. EBITDA and Adjusted EBITDA Reconciliation 2021 % margin 2022 % margin 2023 % margin 2024 % margin 2025E % margin EBITDA $906.3 11.4% $662.5 6.8% $754.9 6.3% $950.8 7.7% $ 1,085 - 1,125 8.0 - 8.2% Acquisition and integration costs (a) 3.6 0.0% 86.0 0.9% 71.9 0.6% - - - - Non-cash stock-based compensation expense (b) 24.8 0.3% 27.4 0.3% 33.3 0.3% 32.7 0.3% 35 0.3% Losses (gains), net, on fair value of investment (b) 7.8 0.1% 7.7 0.1% 0.2 0.0% - - - - Changes in fair value of acquisition-relate contingent items (b) (28.2) (0.4%) (3.4) (0.0%) (13.9) (0.1%) 10.7 0.1% (0) (0.0)% Bargain purchase gain (b) (3.5) (0.0%) (0.2) (0.0%) - - - - - - Loss on extinguishment of debt (b) - - - - - - 11.3 0.1% - - Project results from non-controlled joint venture (c) - - (2.8) (0.0%) - - - - - - Adjusted EBITDA $910.8 11.5% $777.2 7.9% $846.4 7.1% $1,005.6 8.2% $ 1,120 - 1,160 8.2 - 8.5% Segments: Pipeline Infrastructure $557.6 21.9% $171.5 14.1% 284.4 13.7% 389.4 18.3% Non – Pipeline Infrastructure Communications (d) $225.7 9.9% $241.9 9.9% $201.4 8.5% $220.1 8.7% Clean Energy Infrastructure (d) 75.0 4.0% 109.2 4.2% 169.5 4.3% 257.0 6.3% Power Delivery (d) 111.7 8.7% 331.7 9.4% 306.5 8.5% 301.3 8.3% Other (d) 33.8 NM 29.0 NM 25.0 NM 26.2 NM Adjusted Segment EBITDA Total $1,003.9 12.6% $883.4 9.0% $986.9 8.2% $1,194.1 9.7% Corporate (d) (93.0) - (106.2) - (140.5) - (188.5) - Adjusted EBITDA - Continuing Operations $910.8 11.5% $777.2 7.9% $846.4 7.1% $1,005.6 8.2% $ 1,120 - 1,160 8.2 - 8.5%
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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 1 Differences due to rounding, $ in millions; 2 Reflects guidance issued on May 1, 2025. 70
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71 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 renewal options on existing contracts; amounts under master service agreements (“MSAs”) and other service agreements; and MasTec’s proportionate estimated revenue share from non-controlled contractual joint ventures. Organic growth - defined as growth derived from other than Acquisition results. “Acquisition” results are defined as results from acquired businesses for the first twelve months following the dates of the respective acquisitions, with the balance of results for a particular item attributed to “organic” activity. EBITDA - defined as earnings before interest, taxes, depreciation and amortization. EBITDA is a non-GAAP measure and excludes certain items that are detailed and reconciled to the most comparable GAAP reported measures in the Company’s SEC filings and press releases. Free Cash Flow - represents cash flow from operations minus net cash capital expenditures. Net cash capital expenditures is defined as cash capital expenditures, net of proceeds. Liquidity - defined as availability under the credit facility plus cash. Credit Facility Capacity - represents availability under the credit facility, excluding letters of credit. Net Leverage - defined as total debt, net of cash and deferred financing costs, divided by twelve-month adjusted EBITDA.
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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 Contact Us