MasTec, Inc. Q4 FY2025 earnings call

• Quarterly and full-year highlights: Revenue Q4 ~$4B (+16% YOY), full-year $14.3B (+16% YOY); Adjusted EBITDA Q4 $338M (+25% YOY), full-year $1.15B (+14% YOY); Adjusted EPS $2.07 (+44% YOY). - Backlog growth: Full-year backlog up over $4.5B (+33% YOY), sequentially up over $2B. Pipeline segment expected to grow double-digit in 2026 with acceleration in 2027. - Acquisitions: Acquired NV2A and McKee Utility Contractors in Q4 2025 and Q1 2026 respectively, enhancing expertise in construction management and water infrastructure. - Segment specific: Communications segment growth driven by wireless and wireline; Power Delivery backlog up 17% YOY and 9% QOQ; Clean Energy and Infrastructure backlog up 30% sequentially; Pipeline Infrastructure revenue up 50% YOY with margin improvement.

Communications: Q4 revenue +23% YOY, full-year +32% revenue; EBITDA +16% YOY, full-year +41% EBITDA. Power Delivery: Q4 revenue +13% YOY, full-year +16% revenue; EBITDA +9% YOY, full-year +12% EBITDA. Clean Energy and Infrastructure: Q4 revenue and EBITDA slightly ahead of expectations; full-year revenue +15%, EBITDA margins +110 basis points to 7.4%. Pipeline Infrastructure: Q4 revenue +50% YOY; full-year revenue $2.1 billion, exceeding initial guide. Revenue contribution %: Not explicitly stated absolute % but details on each segment's growth and performance provided.

• 2026 full-year revenue expected $17B (+19% growth), organic growth mid-teens. - Adjusted EBITDA forecast $1.45B (8.5% margin, +26% YOY profit growth, 50 basis points margin expansion). - Adjusted EPS forecast $8.40 (+30% vs 2025). - 2026 Q1 revenue expected +22%, adjusted EBITDA margins just over 7%, 130 basis points higher YOY. Sequential revenue growth from Q2 and Q3, seasonal decline in Q4.

Not explicitly detailed in the provided transcript beyond general forward-looking statement risks of actual performance differing from forward-looking statements due to risks and uncertainties.

Q: Julian DeMoulin-Smith (via Brian Russo) asked about power delivery segment margins and CE&I turnkey data center project.

A: Power delivery approaching double-digit margins due to base business performance and project materialization; CE&I turnkey data center job expected concluded in 2027, no specific customer details disclosed.

Q: Andy Kaplowitz asked about pipeline business delays and margins, and communications growth breakdown.

A: Pipeline visibility improving, mid-teens margins for 2026 appropriate; communications growth broad-based, beads opportunity larger in 2027.

Q: Jamie Cook asked about backlog visibility and pipeline revenue peak timeframe.

A: Renewables has $4B notice to proceeds not in backlog; pipeline revenue expected to hit historical peak as early as 2027.

Q: Philip Shin asked about Greenlink relief and data center job self-perform vs outsource.

A: Greenlink permits cleared, initial phase back to work; data center job self-performed historically, current project limited self-perform initially, expecting more self-perform in future.

Q: Sanjita Jain asked about transmission project duration and margin barriers.

A: Small transmission project ~2 years; organic growth creates challenges to optimize margins in short term but margins expected to improve as businesses mature.

Q: Stephen Fisher asked about comms segment margin improvements and hiring.

A: Comms business grew 32% organic in 2025, margins improved 60 basis points YOY, maturing businesses expected to further improve margins.

Q: Justin Hawk asked about margin expansion by segment and non-controlling interest.

A: Comms and power delivery expected margin improvement; pipeline and CE&I with specific margin guidance; non-controlling interest from water-wastewater acquisition.

Q: Ati Modak asked about NV2A integration, water infrastructure vision, and Investor Day.

A: NV2A acquisition enhances construction management expertise; water infrastructure growth potential high; Investor Day in May to discuss longer-term outlooks.

Q: Manish Samaya asked about margin tracking by segment and capital allocation.

A: Focus on field-level productivity for margin tracking; capital allocation focused on organic growth, M&A, and share buybacks.

Q: Joseph O'Shea asked about data center skill sets and wireless infrastructure.

A: Data center self-perform ability strong; wireless rip and replace to see more deployment in 2027.

Q: Brian Brophy asked about CapEx drivers.

A: CapEx lower due to growth source, clean energy segment least capital intensive, flexibility to invest as needed.

Q: Mark Strauss asked about renewables market share and win rate.

A: Renewables market share top tier, win rate due to customer relationships and long-term plans.

Q: Liam Burke asked about project complexity, competition, and telecom middle-mile activity drivers.

A: Projects larger and complex with improving terms; telecom middle-mile activity driven by data center and on-shoring demand.

Q: Maheep Mandloy asked about communications customer breakdown and M&A manufacturing thoughts.

A: Communications customer breakdown not key driver; no plans to enter manufacturing, focus on strong demand and partners.