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MasTec, Inc. Third Quarter 2026 Earnings October 30, 2026 NYSE: MTZ
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2 Safe Harbor Statement and Non-GAAP Financial Measures 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. For additional information concerning some of the risks, uncertainties, assumptions and other factors that could affect our forward-looking statements, please refer to our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission (“SEC”), as well as our press releases, which are available on our website. 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. Non-GAAP Financial Measures Certain information may be provided in this presentation that includes financial measurements that are not required by, or presented in accordance with, generally accepted accounting principles (GAAP). Because non-U.S. GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-U.S. GAAP financial measures having the same or similar names. These financial measures should not be considered in isolation from, as substitutes for, or alternative measures of, reported net income or diluted earnings per share, and should be viewed in conjunction with the most comparable U.S. GAAP financial measures and the provided reconciliations thereto. We believe these non-U.S. GAAP financial measures, when viewed together with our U.S. GAAP results and related reconciliations, provide a more complete understanding of our business. We strongly encourage investors to review our consolidated financial statements and publicly filed reports in their entirety and not rely on any single financial measure. In addition, please refer to the reconciliation tables included in the Appendix and in the Company’s SEC filings and press releases.
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3 Revenue • Revenue $5.2B, +30% YoY (+5% vs guidance) • Double digit growth in CE&I, Power Delivery, and Pipeline Infrastructure 18-Month Backlog • Record backlog $24.5B, +46% YoY, +15% sequentially (1.6x book-to-bill) • YoY growth rate led by 74% increase in Power Delivery Adjusted EBITDA • Adjusted EBITDA $486M, +30% YoY (+1% vs guidance) • Strong growth in CE&I and Power Delivery Adjusted EPS • Adjusted Diluted EPS $2.96 vs $2.48 in prior year, driven by higher operating earnings Q3 2026 Summary Revenue 18-Month Backlog1 Adjusted Diluted EPS2 Adjusted EBITDA2 $5.2B $24.5B $486M $2.96 1 Refer to Appendix for definition of backlog. 2 See Appendix for reconciliations of Adjusted measures to GAAP measures. Q3 2026 Overview
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4 Q3 2026 Segment Results 1 Consolidated totals also include results from the ‘Other’ segment, Corporate and eliminations. 2 See Appendix for reconciliations of Adjusted measures to GAAP measures. $103 $115 $92 $104 Pipeline Infrastructure Q3 2025 Revenue1 ($M) Adj. EBITDA1,2 ($M) $373 $61 $149 $75 $242 Power Delivery Q3 2026 $486 $915 $807 $1,364 $1,826 $598 $724 $1,111 $1,835 Communications Clean Energy and Infrastructure Q3 2025 Q3 2026 $3,967 $5,152
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• Record backlog of $24.5B increased 15%, or $3.2B sequentially; YoY growth of $7.8B or 46% • Clean Energy and Infrastructure backlog increased $0.5B sequentially and $3.3B YoY to $8.3B, a new record including strong backlog additions in both renewables and general building • Power Delivery backlog increased to another record level of $8.9B, and expect continued strong award activity, expanding scope on existing projects and increasing customer interest in larger, more integrated project delivery models • Backlog provides excellent visibility entering 2027 and reinforces our confidence in the medium-term outlook for the business 5 Q3 2026 18-Month Backlog1 1 Refer to Appendix for definition of backlog. Any use of backlog refers to our definition of backlog in the appendix. $16.8 $21.4 $24.5 $5.1 $5.5 $5.1 $5.0 $7.8 $8.3 $1.6 $1.8 $2.3$5.1 $6.3 $8.9 Power Delivery Pipeline Infrastructure Clean Energy and Infrastructure Communications Q3 2025 Q2 2026 Q3 2026 $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 $16.0 $18.0 $20.0 $22.0 $24.0 $26.0 Backlog ($B)
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6 Cash Flow, Leverage & Liquidity 1 Refer to Appendix for reconciliations of Adjusted measures to GAAP measures and definition of Days Sales Outstanding (DSO), leverage, and liquidity. 69 72 75 Q3 2025 Q2 2026 Q3 2026 40 50 60 70 80 DSO1 $89 $267 Q3 2025 Q3 2026 $0 $100 $200 $300Cash Flow from Operations ($M) Leverage1 2.0x 1.8x 2.5x Q3 2025 Q2 2026 Q3 2026 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x $2.0 $1.7 $1.6 Q3 2025 Q2 2026 Q3 2026 $0.0 $0.5 $1.0 $1.5 $2.0 $2.5 Liquidity1 ($B)
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7 2026 Guidance Summary1 1 Guidance issued on October 29, 2026. 2 See Appendix for reconciliations of Adjusted measures to GAAP measures. ($M, except EPS) Full Year Guidance Revenue $18,300 Adjusted EBITDA2 $1,565 - $1,600 Adjusted Net Income2 $755 - $785 Diluted EPS (GAAP) $5.69 - $6.01 Adjusted Diluted EPS2 $8.92 - $9.30
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6.9% 9.0% 8.0%8.1% 2025 2026 E 1H 2H FY 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% No data to display Communications Clean Energy and Infrastructure Pipeline Infrastructure Power Delivery $1.5 $1.7 $2.0 $3.0$0.9 $1.3$1.9 $2.3 1H 2025 1H 2026 $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 8 Revenue and Adjusted EBITDA Cadence Revenue ($B)1 1 2H and FY 2026 reflect guidance issued on October 29, 2026. 1H 2026 reflects actual results. Consolidated totals include results from the ‘Other’ segment, Corporate and eliminations. 2 See Appendix for reconciliations of Adjusted measures to GAAP measures. Adjusted EBITDA Margin %1,2 $8.2 $6.4 8.9% - 9.2% 8.6% - 8.7% $1.8 $1.5 $2.7 $3.7 $1.2 $1.3$2.2 $3.6 2H 2025 2H 2026 E $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $7.9 $10.1
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• We anticipate 2026 full year cash flow from operations to exceed $1 billion • We expect 2026 leverage1 to be below 2x • We will continue to prioritize prudent capital allocation with a goal of maximizing return on invested capital 9 2026 Cash Flow and Leverage Projections 1.8x 1.7x 2024 2025 2026 E 0.0x 0.5x 1.0x 1.5x 2.0x Leverage1 1 Refer to Appendix for definition of leverage and reconciliations of Adjusted measures to GAAP measures. $1,122 $546 2024 2025 2026 E $0 $500 $1,000 $1,500 Cash Flow from Operations ($M) Below 2x $1,000+
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Appendix
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11 Full Year Non-GAAP Reconciliations1,2 Notes: 1 Differences due to rounding, $ in millions. 2 Additional non-GAAP reconciliations are included in the Company’s SEC filings and press releases. 3 Guidance issued on October 29, 2026. EBITDA and Adjusted EBITDA Margin Reconciliation For the Year Ended December 31, 2025 Guidance for the Year Ended December 31, 2026 Est.3 Net income $ 422.0 3.0% $ 498 - 524 2.7 - 2.9% Interest expense, net 173.0 1.2% 214 1.2% Provision for income taxes 93.4 0.7% 159 - 167 0.9% Depreciation 295.9 2.1% 358 2.0% Amortization of intangible assets 131.2 0.9% 236 1.3% EBITDA $ 1,115.5 7.8% $ 1,465 - 1,498 8.0 - 8.2% Non-cash stock-based compensation expense 34.0 0.2% 42 0.2% Changes in fair value of acquisition-related contingent items 0.7 0.0% 26 0.1% Acquisition and integration costs — —% 6 0.0% Impairments of equity method investments — —% 8 0.0% Loss on extinguishment of debt — —% 3 0.0% Restructuring charges — —% 14 - 16 0.1% Adjusted EBITDA $ 1,150.1 8.0% $ 1,565 - 1,600 8.6 - 8.7%
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12 Full Year Non-GAAP Reconciliations1,2 Notes: 1 Differences due to rounding, $ in millions, except per share amounts. 2 Additional non-GAAP reconciliations are included in the Company’s SEC filings and press releases. 3 Guidance issued on October 29, 2026. Adjusted Net Income Reconciliation For the Year Ended December 31, 2025 Guidance for the Year Ended December 31, 2026 Est.3 Net income $ 422.0 $ 498 - 524 Amortization of intangible assets 131.2 236 Non-cash stock-based compensation expense 34.0 42 Changes in fair value of acquisition-related contingent items 0.7 26 Acquisition and integration costs — 6 Impairments of equity method investments — 8 Loss on extinguishment of debt — 3 Restructuring charges — 14 - 16 Income tax effect of adjustments (44.7) (79) - (76) Statutory and other tax rate effects (5.0) — Adjusted net income $ 538.2 $ 755 - 785 Net income attributable to non-controlling interests 23.0 47 Adjusted net income attributable to MasTec, Inc. $ 515.2 $ 708 - 738 Adjusted Diluted Earnings per Share Reconciliation For the Year Ended December 31, 2025 Guidance for the Year Ended December 31, 2026 Est.3 Diluted earnings per share $ 5.07 $ 5.69 - 6.01 Amortization of intangible assets 1.67 2.97 Non-cash stock-based compensation expense 0.43 0.53 Changes in fair value of acquisition-related contingent items 0.01 0.33 Acquisition and integration costs — 0.08 Impairments of equity method investments — 0.10 Loss on extinguishment of debt — 0.04 Restructuring charges — 0.18 - 0.20 Income tax effect of adjustments (0.57) (1.00) - (0.96) Statutory and other tax rate effects (0.06) — Adjusted diluted earnings per share $ 6.55 $ 8.92 - 9.30
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13 Quarterly Non-GAAP Reconciliations1,2 Notes: 1 Differences due to rounding, $ in millions. 2 Additional non-GAAP reconciliations are included in the Company’s SEC filings and press releases. EBITDA and Adjusted EBITDA Margin Reconciliation Q3 2025 Q3 2026 Net income $ 166.5 4.2 %$ 167.7 3.3 % Interest expense, net 45.4 1.1 % 61.8 1.2 % Provision for income taxes 45.1 1.1 % 52.4 1.0 % Depreciation 71.8 1.8 % 93.8 1.8 % Amortization of intangible assets 32.7 0.8 % 75.3 1.5 % EBITDA $ 361.6 9.1 %$ 451.0 8.8 % Non-cash stock-based compensation expense 9.3 0.2 % 11.3 0.2 % Changes in fair value of acquisition-related contingent items 2.5 0.1 % 7.5 0.1 % Acquisition and integration costs — — % 6.3 0.1 % Loss on extinguishment of debt — — % 3.2 0.1 % Restructuring charges — — % 7.1 0.1 % Adjusted EBITDA $ 373.5 9.4 %$ 486.4 9.4 %
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14 Quarterly Non-GAAP Reconciliations1,2 Notes: 1 Differences due to rounding, $ in millions, except per share amounts. 2 Additional non-GAAP reconciliations are included in the Company’s SEC filings and press releases. Adjusted Net Income Reconciliation Q3 2025 Q3 2026 Net income $ 166.5 $ 167.7 Amortization of intangible assets 32.7 75.3 Non-cash stock-based compensation expense 9.3 11.3 Changes in fair value of acquisition-related contingent items 2.5 7.5 Acquisition and integration costs — 6.3 Loss on extinguishment of debt — 3.2 Restructuring charges — 7.1 Income tax effect of adjustments (10.2) (25.2) Adjusted net income $ 200.9 $ 253.2 Net income attributable to non-controlling interests 5.8 17.2 Adjusted net income attributable to MasTec, Inc. $ 195.1 $ 236.0 Adjusted Diluted Earnings per Share Reconciliation Q3 2025 Q3 2026 Diluted earnings per share $ 2.04 $ 1.89 Amortization of intangible assets 0.42 0.94 Non-cash stock-based compensation expense 0.12 0.14 Changes in fair value of acquisition-related contingent items 0.03 0.09 Acquisition and integration costs — 0.08 Loss on extinguishment of debt — 0.04 Restructuring charges — 0.09 Income tax effect of adjustments (0.13) (0.32) Adjusted diluted earnings per share $ 2.48 $ 2.96
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15 1st and 2nd Half Non-GAAP Reconciliations1,2 Notes: 1 Differences due to rounding, $ in millions. 2 Additional non-GAAP reconciliations are included in the Company’s SEC filings and press releases. 3 Guidance issued on October 29, 2026. EBITDA and Adjusted EBITDA Margin Reconciliation 1H 2025 1H 2026 2H 2025 2H 2026 E3 Net income $ 102 1.6 %$ 215 2.6 % $ 320 4.0 %$ 283 - 308 2.8 - 3.1% Interest expense, net 83 1.3 % 91 1.1 % 90 1.1 % 123 1.2% Provision for income taxes 27 0.4 % 70 0.9 % 66 0.8 % 89 - 97 0.9 - 1.0% Depreciation 146 2.3 % 169 2.1 % 150 1.9 % 189 1.9% Amortization of intangible assets 65 1.0 % 76 0.9 % 66 0.8 % 160 1.6% EBITDA $ 424 6.6 %$ 621 7.6 % $ 691 8.7 %$ 844 - 877 8.4 - 8.7% Non-cash stock-based compensation expense 16 0.3 % 20 0.2 % 18 0.2 % 22 0.2% Changes in fair value of acquisition-related contingent items (2) (0.0) % 19 0.2 % 3 0.0 % 7 0.1% Acquisition and integration costs — — % — — % — — % 6 0.1% Impairments of equity method investments — — % 8 0.1 % — — % — — % Loss on extinguishment of debt — — % — — % — — % 3 0.0% Restructuring charges — — % — — % — — % 14 - 16 0.1 - 0.2% Adjusted EBITDA $ 438 6.9 %$ 668 8.1 % $ 712 9.0 %$ 897 - 932 8.9 - 9.2%
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A reconciliation of EBITDA and EBITDA margin to Adjusted EBITDA and Adjusted EBITDA margin by segment for the periods indicated is as follows: 16 Q3 2026 Non-GAAP Reconciliations1,2 Adjusted EBITDA and Adjusted EBITDA Margin by Segment Q3 2025 Q3 2026 EBITDA $ 361.6 9.1% $ 451.0 8.8% Non-cash stock-based compensation expense (a) 9.3 0.2% 11.3 0.2% Changes in fair value of acquisition-related contingent items (a) 2.5 0.1 % 7.5 0.1 % Acquisition and integration costs (a) — —% 6.3 0.1% Impairments of equity method investments (a) — — % — — % Loss on extinguishment of debt (a) — — % 3.2 0.1 % Restructuring charges (a) — —% 7.1 0.1% Adjusted EBITDA $ 373.5 9.4% $ 486.4 9.4% Segment: Communications $ 103.0 11.3% $ 61.1 7.6% Clean Energy and Infrastructure 115.4 8.5% 149.3 8.2% Power Delivery 104.3 9.4% 241.5 13.2% Pipeline Infrastructure 92.0 15.4% 75.1 10.4% Other 7.1 NM 10.0 NM Eliminations(b) — NM 2.7 NM Segment Total $ 421.8 10.6% $ 539.6 10.5% Corporate (48.4) — (53.2) — Adjusted EBITDA $ 373.5 9.4% $ 486.4 9.4% NM - Percentage is not meaningful (a) Non-cash stock-based compensation expense, changes in fair value of acquisition-related contingent items, acquisition and integration costs, and loss on extinguishment of debt are included within Corporate, while impairments of equity method investments are included within the Other segment EBITDA and restructuring charges are included within the Communications segment EBITDA. (b) Represents intersegment eliminations and adjustments related to transactions entered into in the normal course of business. Notes: 1 Differences due to rounding, $ in millions. 2 Additional non-GAAP reconciliations are included in the Company’s SEC filings and press releases.
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17 Trailing Twelve Months and Full Year Leverage Reconciliations1,2,3 Notes: 1 Differences due to rounding, $ in millions. 2 Additional non-GAAP reconciliations are included in the Company’s SEC filings and press releases. 3 Refer to Appendix for definition of leverage. For the Trailing Twelve Months Ended December 31, 2024 September 30, 2025 December 31, 2025 June 30, 2026 September 30, 2026 Net income $ 199.4 $ 353.7 $ 422.0 $ 535.0 $ 536.2 Interest expense, net 193.3 171.9 173.0 180.7 197.1 Provision for income taxes 51.5 84.1 93.4 135.9 143.2 Depreciation 366.8 295.0 295.9 319.1 341.0 Amortization of intangible assets 139.9 136.2 131.2 142.0 184.6 EBITDA $ 950.8 $ 1,040.9 $ 1,115.5 $ 1,312.7 $ 1,402.1 Non-cash stock-based compensation expense 32.7 34.3 34.0 37.4 39.4 Loss on extinguishment of debt 11.3 — — — 3.2 Acquisition and integration costs — — — — 6.3 Changes in fair value of acquisition-related contingent items 10.7 7.6 0.7 21.6 26.5 Impairments of equity method investments — — — 7.9 7.9 Restructuring charges $ — — — — 7.1 Adjusted EBITDA $ 1,005.6 $ 1,082.8 $ 1,150.1 $ 1,379.6 $ 1,492.5 As of December 31, 2024 September 30, 2025 December 31, 2025 June 30, 2026 September 30, 2026 Calculation of Net Debt: Current portion of long-term debt, including finance leases 186.1 157.4 154.3 166.4 180.7 Long-term debt, including finance leases 2,038.0 2,199.5 2,176.4 2,573.8 3,987.8 Total debt $ 2,224.1 $ 2,356.9 $ 2,330.7 $ 2,740.2 $ 4,168.5 Less: cash and cash equivalents (399.9) (231.4) (396.0) (315.6) (481.8) Net Debt $ 1,824.2 $ 2,125.5 $ 1,934.7 $ 2,424.6 $ 3,686.7 Leverage 1.8x 2.0x 1.7x 1.8x 2.5x
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18 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 estimated backlog also includes amounts under master service and other service agreements and our proportionate share of estimated revenue from proportionately consolidated non-controlled contractual joint ventures. Estimated backlog for work under master service and other service agreements is determined based on historical trends, anticipated seasonal impacts, experience from similar projects and estimates of customer demand based on communications with our customers. For contracts with not-to-exceed maximum amounts, we include in estimated backlog only the portion of the remaining maximum contractual amounts that, based on our estimates, we expect to realize. • DSO - Days sales outstanding is calculated as total accounts receivable, net of allowance, less contract liabilities, divided by average daily revenue for the most recently completed quarter as of the balance sheet date. Total accounts receivable consists of contract billings, unbilled receivables and retainage, net of allowance. • EBITDA - is defined as earnings before interest, taxes, depreciation and amortization. • Leverage - is defined as total debt, net of cash and deferred financing costs, divided by trailing twelve-month adjusted EBITDA. • Liquidity - is defined as availability under the credit facility plus cash. Adjusted net income, adjusted net income attributable to MasTec, Inc., adjusted diluted earnings per share, leverage, EBITDA and adjusted EBITDA and adjusted EBITDA margin, which are all non-GAAP measures, exclude certain items that are detailed and reconciled to the most comparable GAAP-reported measures in the Company’s SEC filings, this appendix and press releases. 1 See 10-Q for additional details.