MasTec — Feb 26, 2026 release

Adjusted EBITDA Margin: The increase in Adjusted EBITDA margin was primarily driven by a combination of improved productivity and project mix in the Pipeline Infrastructure segment, partially offset by the positive effects of certain industrial project close-outs in the fourth quarter of 2024 in the Clean Energy and Infrastructure segment that were not repeated in the fourth quarter of 2025, as well as the short-term impact of ramping new business volume in the Communications segment. Fourth Quarter 2025 Segment Highlights Communications Dollars in millions, unless noted 4Q'25 4Q'24 (a) Change Revenue $ 906.7  $ 739.4  22.6  % EBITDA $ 77.1  $ 66.5  16.0  % EBITDA margin % 8.5  % 9.0  % (50) bps (a)     Recast to reflect 2025 segment changes. Clean Energy and Infrastructure Dollars in millions, unless noted 4Q'25 4Q'24 Change Revenue $ 1,288.2  $ 1,257.8  2.4  % EBITDA $ 92.8  $ 104.3  (11.0) % EBITDA margin % 7.2  % 8.3  % (110) bps Power Delivery Dollars in millions, unless noted 4Q'25 4Q'24 (a) Change Revenue $ 1,120.1  $ 995.9  12.5  % EBITDA $ 91.9  $ 84.5  8.8  % EBITDA margin % 8.2  % 8.5  % (30) bps (a)     Recast to reflect 2025 segment changes. Pipeline Infrastructure Dollars in millions, unless noted 4Q'25 4Q'24 Change Revenue $ 643.8  $ 429.5  49.9  % EBITDA $ 119.2  $ 58.5  103.8  % EBITDA margin % 18.5  % 13.6  % 490 bps Full Year 2025 Results Dollars in millions, except per share amounts 2025 2024 Change Revenue $ 14,299  $ 12,303  16.2  % GAAP net income $ 422  $ 199  111.6  % Adjusted net income $ 538  $ 348  54.5  % Adjusted EBITDA $ 1,150  $ 1,006  14.4  % Adjusted EBITDA margin 8.0  % 8.2  % (10) bps GAAP diluted earnings per share $ 5.07  $ 2.06  146.1  % Adjusted diluted earnings per share $ 6.55  $ 3.95  65.8  % Cash provided by operating activities $ 546  $ 1,122  (51.3) % Free cash flow $ 342  $ 1,039  (67.1) % 18-month backlog $