MASTEC INC (MTZ) Business

ITEM 1.    BUSINESS

We are a leading North American infrastructure engineering and construction company focused primarily on engineering, building, installation, maintenance and upgrade of communications, energy and utility and other infrastructure, such as: wireless, wireline/fiber; power delivery infrastructure, including transmission, distribution, grid hardening and modernization, environmental planning and compliance; power generation infrastructure, primarily from clean energy and renewable sources; pipeline infrastructure, including for natural gas, water and carbon capture sequestration pipelines and pipeline integrity services; heavy civil and industrial infrastructure, including roads, bridges and rail; and environmental remediation services. Our customers are primarily in these industries. Including our predecessor companies, we have been in business for over 95 years. As of December 31, 2025, we had approximately 36,000 employees and 810 locations. We offer our services under the MasTec® and other service marks and we are ranked among the top five contractors within Engineering News-Record’s Top 400 Contractors.

We provide integrated, solutions-based services to a diversified base of customers and a significant portion of our services are provided under master service and other service agreements, which are generally multi-year agreements. The remainder of our work is generated pursuant to contracts for specific projects or jobs that require the construction or installation of an entire infrastructure system or specified units within an infrastructure system.

We seek to grow and diversify our business both organically and through acquisitions and/or strategic arrangements in order to deepen our market presence and customer base, broaden our geographic reach and expand our service offerings. In 2021, we initiated a significant transformation of our end-market business operations to focus on the nation’s transition to low-carbon energy sources and position the Company for expected future opportunities. This transformation included significant business combination activity, including expansion of our scale and capacity in renewable energy, power delivery, heavy civil and telecommunications services. For discussion of our recent acquisitions, see Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Business,” which is incorporated by reference.

We manage our operations under five operating segments, which represent our five reportable segments: (1) Communications; (2) Clean Energy and Infrastructure; (3) Power Delivery; (4) Pipeline Infrastructure and (5) Other. This structure is generally focused on broad end-user markets for our labor-based construction services.

In the first quarter of 2025, we made changes to our Communications and Power Delivery segment structure to more closely align with our segments’ end markets and to better correspond with the operational management reporting structure of both segments. These changes included moving a component with utility operations previously reported in our Communications segment to our Power Delivery segment. These changes did not impact our consolidated financial statements, but did impact our reportable segments, including historical financial information. See Note 14 - Segments and Related Information in the notes to the audited consolidated financial statements, which is incorporated by reference, for additional information pertaining to the Company’s reportable segments. The segments are reported on a comparable basis for all periods presented.

Our Communications segment performs engineering, construction, maintenance and customer fulfillment activities related to communications and digital infrastructure, primarily for wireless and wireline/fiber networks, data center buildout and interconnection, wireless integration and optimization and install-to-the-home services, as well as select utility infrastructure, among others. Our Clean Energy and Infrastructure segment primarily serves energy, utility, government and other end-markets through the installation and construction of power generation facilities, primarily from clean energy and renewable sources, such as wind, solar, biomass, natural gas and hydrogen, as well as battery storage systems for renewable energy; various types of heavy civil and industrial infrastructure services, including roads, bridges and rail; and environmental remediation services. Our Power Delivery segment primarily serves the energy, utility and data center infrastructure industries through the engineering, construction and maintenance of power transmission and distribution infrastructure, including electrical and gas lines, power reserve and battery infrastructure, and distribution network systems, substations and grid modernization; emergency restoration services following natural disasters and accidents; and environmental planning and compliance services. Our Pipeline Infrastructure segment performs engineering, construction, maintenance and other services for pipeline infrastructure, including natural gas, water and carbon capture sequestration pipelines, as well as pipeline integrity, including the repair of pipeline infrastructure and facilitating their safe use throughout their lifecycle, and other services for the energy and utilities industries. The Other segment includes certain equity investees, the services of which may vary from those provided by our primary segments, as well as other small business units with activities in certain international end-markets. See Note 14 - Segments and Related Information and Note 15 - Commitments and Contingencies in the notes to the audited consolidated financial statements, which are incorporated by reference, for additional information regarding our segment reporting and significant customer concentrations.

In this Form 10-K, “$” means U.S. dollars unless otherwise indicated.

Industry Trends

The industries in which we operate are undergoing significant transformation driven by several broad, long‑term macroeconomic, technological and regulatory developments. These developments include (i) continued expansion in data consumption and the rapid deployment of artificial intelligence (“AI”) applications and data centers; (ii) increasing levels of electrification across commercial, industrial and residential end‑users; (iii) ongoing transition of the U.S. energy mix toward lower‑carbon and renewable resources; and (iv) federal, state and local investment in critical infrastructure, including through programs established under the Infrastructure Investment and Jobs Act (“IIJA”) and the Inflation Reduction Act (“IRA”). Collectively, these factors are expected to continue to result in opportunities across our Communications, Clean Energy and Infrastructure, Power Delivery, and Pipeline Infrastructure segments.

These macro drivers increasingly intersect across industries and we expect will create multi-segment demand aligned with our diversified portfolio of services. Growth in data centers, for example, requires extensive fiber network expansion and wireless densification; necessitates new renewable and conventional energy generation resources; drives the need for substantial transmission and distribution system upgrades; and contributes to continued demand for natural gas and emerging hydrogen infrastructure. Similarly, the ongoing transition toward cleaner energy

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sources is expected to support new solar, wind, and storage construction activity; require additional transmission and distribution capacity to integrate geographically dispersed renewable resources; and drive demand for pipeline infrastructure to support natural gas as a reliable resource, as well as for carbon capture and sequestration systems under development. In addition, federal infrastructure programs, including those established under the IIJA and IRA, provide funding for broadband deployment, clean energy innovation, grid modernization, water systems, and transportation‑related civil infrastructure, among others, each of which supports activity across multiple segments of our business.

We anticipate that these interconnected dynamics will create complementary opportunities across our segments as follows:

•Our Communications segment is expected to benefit from continued demand for fiber network expansion, wireless densification, and broadband deployment initiatives, including programs directed at unserved and underserved communities.

•Our Clean Energy and Infrastructure segment participates in the construction of renewable generation facilities, data center and industrial projects, and a wide range of civil infrastructure, all of which are expected to remain areas of significant investment.

•Our Power Delivery segment is positioned to support increasing requirements for transmission and distribution system expansion, reliability, resiliency, grid hardening and modernization resulting from rising electricity demand, growth in renewable generation, and aging grid infrastructure.

•Our Pipeline Infrastructure segment is expected to benefit from continued investment in natural gas distribution and transmission systems, water and wastewater networks, and emerging opportunities associated with carbon capture and sequestration, as well as hydrogen‑related infrastructure.

We expect that the convergence of these trends will form a broad, multi‑year investment cycle in U.S. communications, energy and infrastructure systems. Because our service offerings span multiple components of these systems, investment in one area frequently generates related demand in others. As a result, we believe that the diversification of our business in these complementary markets positions us to benefit from the expected long‑term investment associated with these developments.

Our industry is composed of national, regional and local companies that provide services to customers in a range of industries. We believe the following industry trends affect demand for our services:

Opportunities in our Communications Segment

Demand for seamless connectivity across wireless and wired devices continues to accelerate, driven by high-speed internet requirements, broadband expansion, AI data center growth, and data transmission, and such accelerated demand for connectivity continues to spur demand for fast and more reliable wireless and wireline/fiber communications network services. The proliferation of mobile devices, remote technologies, streaming, user generated content, e-commerce, AI applications, and the “Internet of Things (IoT)” is creating significant pressure for new and upgraded networks to meet increasing data traffic and reliability demands of these technologies.

According to IBISWorld’s October 2025 publication, “Wireless Tower Construction in the U.S.” (the “IBISWorld October 2025 publication”), revenue for the wireless tower construction industry is expected to grow to $15.7 billion over the five year period through 2030, reflecting continued investment in this industry. The IBISWorld October 2025 publication also predicts that the downstream telecom sector will invest substantially to maintain existing and establish new infrastructure to support the growing demand for high-speed internet connections.

We believe there will be significant fiber network expansion resulting from the combination of data center investments, carrier spend, and government programs that are expected to incentivize private investment in telecommunications infrastructure. Companies are making substantial investments in data centers to support AI initiatives, with robust fiber networks and connectivity serving as key growth drivers. This trend is creating opportunities to support and enhance data center connectivity, as new facilities are being developed farther from traditional locations. Additionally, according to Grand View Research, in its U.S. Fiber To The Home Market Size and Outlook (2025-2030) report, the United States fiber to the home market is expected to grow at a compound annual growth rate of 12.7% from 2025 to 2030.

Telecommunications providers have invested and continue to invest significant capital and other resources to deliver advanced telecommunications, and more recently, to enable enhanced AI applications, by deploying the latest infrastructure and are projected to play a significant role in shaping the future as both commercial and consumer markets continue to leverage 5G wireless technology. 5G mobile networks have been steadily growing and improvements to existing long term evolution and high-speed data networks are expected to continue over the coming years, providing a platform for the IoT, which can be harnessed to drive innovation and improvements in commerce, transportation, supply chain, research, healthcare, education, public safety, and the development of “Smart Cities,” “Smart Homes” and “Smart Farming,” among many other applications.

In response to these growing opportunities, service providers are expanding, densifying, including in building coverage, and optimizing 5G wireless and wireline/fiber network capacity. Compared to previous wireless generations, 5G requires more extensive network architecture changes, including additional and upgraded towers, higher bandwidth small/micro cells, distributed antenna systems, and expanded fiber networks, resulting in sustained construction, upgrade and maintenance activity. Additionally, there are several initiatives designed to drive development of telecommunications and 5G infrastructure in rural areas. We believe that continued nationwide 5G build-outs, deployment of small/micro cells, fiber expansion by major carriers, and ongoing demand for retrofits and upgrades of existing towers to support 5G (as noted in IBISWorld’s October 2025 publication), will drive multi-year demand for telecommunications infrastructure.

The IIJA provides approximately $65 billion of funding to improve and expand U.S. broadband infrastructure and affordability, including $42 billion allocated through the Broadband Equity, Access and Deployment (“BEAD”) Program to support planning, deployment, and adoption initiatives in unserved and underserved areas. In addition, the Rural Digital Opportunity Fund committed to provide up to $20 billion over ten years to support high-speed broadband deployment in rural communities. Carriers are also investing in telecommunications infrastructure to expand their fiber footprint across the nation. One such example is the AT&T and BlackRock Alternatives private equity fiber partnership, Gigapower LLC

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(“Gigapower”), which will operate a commercial fiber-optic platform in the United States. While still in the early process of scaling, carriers continue to stress the importance of these builds and are experiencing momentum in fiber performance in Gigapower geographies. Based on this performance, AT&T and BlackRock plan to grow and are looking for opportunities to expand Gigapower’s network beyond the initial 1.5 million locations announced in 2022, including growth in both existing and new geographies.

The U.S. market for Smart City initiatives is expected to be driven by continued advancements in IoT, AI, and cloud technologies. Smart City initiatives encompass a wide range of technologies, including Wi-Fi kiosks, adaptive smart lighting systems, utility and water management solutions, smart waste management, real-time traffic and parking optimization, amongst other technologies. Similarly, the U.S. Smart Home market includes technologies that represent a wide range of solutions for monitoring, controlling and automating functions in a home, including home intelligence and connected home technologies. Smart City and Smart Home technologies are expected to benefit from the global expansion and densification of 5G, and highlight significant opportunities for infrastructure, development and service providers, particularly in installation and maintenance solutions, including for our install-to-the-home services offerings.

As one of the largest providers of communications infrastructure services, we believe that we are well-positioned to benefit from the expected opportunities in the telecommunications market as previously described.

Opportunities in our Clean Energy and Infrastructure Segment

Growing electricity demand and the need for additional generation capacity are driving changes in U.S. energy infrastructure and the energy mix, including increased reliance on renewable energy sources to add scalable capacity. According to a Deloitte analysis in its 2026 Power and Utilities Industry Outlook (the “2026 Deloitte Power and Utilities Outlook”), the U.S. is experiencing a surge in electricity demand, driven in part by a confluence of unprecedented electrification related to AI, alongside electrification in transportation and industry. The 2026 Deloitte Power and Utilities Outlook also indicates peak demand is projected to grow by approximately 26% by 2035 and data center demand alone could increase fivefold from 2024 to 2035. However, new supply is not becoming available at a pace adequate to meet demand. According to a Deloitte analysis in its 2026 Renewable Energy Industry Outlook report, renewable energy led U.S. 2025 capacity additions, accounting for 93% of new capacity through September 2025, with solar and storage comprising more than the majority.

Renewable energy is expected to play an increasingly significant role in U.S. electricity generation, with renewables projected to approach nearly half of total electricity generation by 2040, according to a March 2025 “U.S. National Power Demand Study” conducted by S&P Global Commodity Insights. Consistent with this long-term outlook, renewable energy has led U.S. generation capacity addition through September 2025, and several states are expected to introduce or expand renewable energy targets. Governmental and policy initiatives are expected to drive growth, including the IIJA, which allocates $65 billion to power infrastructure and energy programs. IIJA funding includes investments in fuels and technologies, clean energy supply chains, battery power initiatives, solar research and development, and clean hydrogen, among other initiatives. While the IRA initially provided approximately $370 billion in clean energy incentives through tax credits, grants, and loan guarantees, the One Big Beautiful Bill Act (“OBBBA”), signed into law on July 4, 2025, accelerated the phaseout of certain clean energy tax credits established under the IRA, including the clean electricity investment and clean energy productions credits for solar and wind projects, which may reduce longer term demand for such projects. Despite these policy changes, renewables have continued to account for the majority of recent U.S. capacity additions through September 2025, reflecting continued demand for additional generation capacity and supporting a favorable long-term outlook for renewable energy infrastructure development.

Growing corporate initiatives for smaller, standalone distributed generation facilities, together with regulatory and other policy initiatives at the state and municipal levels, have spurred demand for clean energy production from sustainable power sources, including wind, solar, biomass and other sources. Many states have adopted renewable portfolio standards or renewable energy goals to diversify their energy resources, promote domestic energy production and encourage economic development. Rising state renewable portfolio standards, increasing levels of corporate and residential demand, and improving economic competitiveness of renewable sources continue to be key drivers for their growth. We expect that ongoing efforts to enhance electric grid resiliency may continue to support incremental investment in renewable energy solutions, as utilities and certain customers consider the potential adoption of renewable microgrids, including energy storage systems, to help support critical facilities. Additionally, and subject to market conditions and regulatory developments, we believe that the wind sector could benefit over time from potential replacement and repowering activity involving existing wind turbines and foundations with next-generation, higher-efficiency equipment, as well as from maintenance requirements associated with aging wind farms.

As a result of the above trends and factors, we expect continued demand for construction of renewable and other clean energy infrastructure in the coming years. These expected sources of growth may be adversely affected, however, by technological changes that could mitigate or slow the increase in demand for clean energy, changes in governmental policies that reduce tax or funding incentives and changes in governmental processes that delay or reduce investments in projects, as well as changes in climate and environmental policies that contribute to demand for clean energy infrastructure. See Item 1A. “Risk Factors” under “Changes to laws, governmental regulations and policies, including those pertaining to governmental permitting, tax incentives, government funding programs and spending policies, as well as advances in artificial intelligence, could affect demand for our services, or cause delays or cancellations of projects. Additionally, demand for construction services depends on industry activity and expenditure levels, which can be affected by a variety of political, macro-economic and market factors. Our inability or failure to adjust to such changes or factors could adversely affect our results of operations, cash flows and liquidity.”

We also provide heavy civil infrastructure construction services, including the construction and maintenance of buildings, roads, bridges, rail, water/sewer systems and other civil infrastructure, including data center infrastructure. We believe that the incentives under the IIJA and other policies, as well as initiatives to upgrade and replace aging infrastructure, will lead to increased investment and future growth opportunities in this area. The IIJA includes approximately $110 billion of funding for roads and bridges, including $40 billion of funding for bridge repair, replacement and rehabilitation and $16 billion of funding for other major infrastructure projects, as well as approximately $50 billion of funding for water infrastructure, including climate resilience and drought and flood protection.

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We believe that industrial plant construction opportunities exist in a wide variety of industries, including in the renewable energy industry, as power companies explore ways to reduce their carbon footprint. We expect that the need for baseload backup power generation, coupled with the relative low price and environmental advantage of cleaner burning natural gas will continue to drive demand for gas-fired electrical generating plants. In addition, the transition to clean energy is driving recent trends to convert coal-fired power plants to lower carbon fuel sources such as solar, wind, geothermal, biofuel, biomass, hydrogen or a combination thereof. Coal-fired power plants are also being converted into battery storage facilities for renewable energy. A wide variety of industries may seek to expand, convert or construct new plants to take advantage of more economical, cleaner, lower cost and lower carbon fuel sources.

Converting existing power plants to renewable energy sources is an attractive option, given that existing power plants have electric infrastructure, including the power lines, transformers and other equipment that is required to connect the power to the grid. Industrial facilities and power plants in the biofuels/biomass, food processing, lithium recycling, natural gas and related industries present opportunities as additional domestic energy reserves are produced, transported and processed.

We are one of the leading renewable contractors in North America, with expertise in wind, solar and other renewables, as well as a leading contractor in the construction of industrial and other power plants and heavy civil infrastructure, and we expect to benefit from market trends in these industries.

Opportunities in our Power Delivery Segment

The U.S. electrical transmission and distribution infrastructure, referred to as “the grid,” is composed of a network of electric generating facilities, high voltage transmission lines, substations and distribution lines that bring power to homes and businesses. Demand for the grid is fueled by the consistent need for more efficient power services as the U.S. economy is dependent upon the reliable delivery of adequate levels of electricity. The grid will continue to require significant ongoing maintenance, upgrade and expansion to continue delivering reliable and affordable power. This will include strengthening aging infrastructure, addressing future grid resiliency and modernization efforts (“Smart Grid”) and adapting to changing energy supply, population movement and distribution requirements, including the acceleration of electrification in transportation and industry, data center infrastructure, and buildings and homes, all of which could and are expected to materially increase the demand for electricity. According to a May 2025 publication by the U.S. Energy Information Administration, after almost two decades of relatively flat electricity consumption change, electricity consumption hit an all-time high in 2024, and is forecasted to continue growing at an average rate of approximately 1.7% in 2026. As discussed within the Opportunities in our Clean Energy and Infrastructure Segment section above, the U.S. is experiencing a surge in electricity demand, driven in part by a confluence of unprecedented electrification related to AI, alongside electrification in transportation and industry. According to the 2026 Deloitte Power and Utilities Outlook, peak U.S. electricity demand is projected to grow by approximately 26% by 2035 and data center demand alone could increase fivefold from 2024 to 2035. We expect the projected energy load growth in the U.S. to drive meaningful investment in both power generation and grid expansion and modernization.

According to IBISWorld’s April 2025 publication, “Transmission Line Construction in the U.S.”, the growth in electricity demand will require an expansion of electricity generation and transmission capacity, and increased electrical infrastructure will elevate demand for transmission line construction services. We expect future growth in electric transmission and distribution infrastructure from projects to digitize, modernize, harden and secure the grid against increasing levels of disruption from natural and man-made disasters, including extreme and intensifying weather events, wildfires and potential cyber-attacks, as well as to address changing energy supply requirements and grid reliability. In addition, changes in U.S. energy infrastructure and energy mix, such as the transition to clean energy generating assets are expected to lead to increased demand and investment in electric infrastructure, with a changing fuel mix that is moving toward lower carbon and more sustainable energy sources, such as natural gas and renewables.

As discussed within the Opportunities in our Clean Energy and Infrastructure Segment section above, renewables accounted for 93% of 2025 U.S. electricity capacity additions through September 2025 and renewables are projected to reach nearly half of total generation by 2040. The projected growth in renewable energy generation is expected to require significant investment in new transmission lines and substations. Because the site locations of wind, solar and other renewable power generation resources are typically sensitive to weather and geographic conditions, often requiring locations in remote regions of the country far from industrial users and major population centers, they may require new transmission infrastructure to connect to the grid, as well as grid updates to provide for storage of electricity from renewable energy sources, and capabilities that can accommodate supply and demand for these new energy sources. These expected sources of growth may be adversely affected or delayed, however, by technological changes that could mitigate the increase in demand for electricity and changes in governmental policies that reduce tax or funding incentives, or impact project permitting, as well as changes in climate and environmental policies that contribute to demand for power generation infrastructure. See Item 1A. “Risk Factors” under “Changes to laws, governmental regulations and policies, including those pertaining to governmental permitting, tax incentives, government funding programs and spending policies, as well as advances in artificial intelligence, could affect demand for our services, or cause delays or cancellations of projects. Additionally, demand for construction services depends on industry activity and expenditure levels, which can be affected by a variety of political, macro-economic and market factors. Our inability or failure to adjust to such changes or factors could adversely affect our results of operations, cash flows and liquidity.”

These trends, along with climate change initiatives, as well as the IIJA and IRA programs, which are designed to incentivize investment in clean energy technologies for power generation, are expected to drive significant future investment in electric infrastructure. The IIJA includes approximately $65 billion for upgrades to power infrastructure and energy programs, research and development of transmission and electricity distribution technologies and smart grid technologies. The funding is focused on grid reliability and security, renewable energy innovation and deployment, and ensuring supply chains critical for energy innovation. In addition, among the key provisions of the IRA is funding to address climate change, beginning with a rapid transition in the nation’s energy system to cleaner sources of electric power generation. The IRA includes billions of dollars in tax incentives, grants and loan programs to support the development, and accelerate deployment of clean energy power projects, including for energy generation, energy manufacturing, clean fuels, clean vehicles and energy efficiency. However, the OBBBA accelerated the phaseout of certain clean energy tax credits established under the IRA, which may reduce longer term demand for such projects.

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We believe significant capital investment in the transmission and distribution system, including from the advancement of modern, smart energy solutions, will be required to meet the above-mentioned infrastructure requirements, and that we are well-positioned through our diverse service offerings to benefit from these developing trends.

Opportunities in our Pipeline Infrastructure Segment

We are one of the largest pipeline contractors in North America, with a balanced portfolio of service offerings, including union and non-union services. Our pipeline offerings include construction and maintenance services for pipeline distribution, including for natural gas, water, wastewater and carbon capture sequestration pipelines and pipeline integrity services for the energy and utilities industries. Our pipeline integrity services include replacement and repair of pipeline infrastructure, facilitating their safe use throughout their lifecycle. Our revenue related to pipeline infrastructure projects has fluctuated in recent years, and we anticipate that it will continue to fluctuate as demand for pipeline construction services is sensitive to levels of activity in the oil and gas industry, as well as industrial and utility customer demand and regulatory constraints.

Notwithstanding efforts to reduce reliance on fossil fuel-related energy sources and transition to renewable sources, we expect that natural gas power generation will continue to play a dominant role in U.S. power generation, both for primary power generation, and for baseload backup power generation to support intermittent clean energy sources. Although the Department of Energy’s 2025 Annual Energy Outlook (reference case data) assumes natural gas demand may peak within the next five years, it is expected to remain robust and hold strategic importance in meeting rising U.S. energy demand. Specifically, it is projected to account for approximately 40% of U.S. electricity generation through 2030, remaining the second largest source of energy behind renewable technologies through 2050. Further, as industrial production expands, it is predicted that sectors depending on energy-intensive machinery will increasingly demand greater volumes of natural gas. Additionally, in response to rising data center demand and supportive liquified natural gas (“LNG”) policies, it is predicted that companies will boost their capital expenditures and expand their shale acreage, according to a Deloitte analysis in its 2026 Oil and Gas Industry Outlook. A January 2026 analysis from Morningstar DBRS states strong underlying demand for natural gas in the United States is driving record pipeline capacity additions of 18 billion cubic feet per day in 2026, the highest since 2008, driven by significant increases in associated gas production, strong underlying demand from LNG exports and data centers, and a supportive regulatory environment.

Demand for LNG exports has risen in recent years and North American export capacity is on track to more than double by 2029, according to an October 2025 publication by the U.S. Energy Information Administration. At the same time, the U.S. federal administration has eased environmental regulations, including accelerating permitting reviews of natural gas pipelines and lifting prior pauses on LNG export approvals. As a result, we expect sustained demand for new pipeline infrastructure to transport LNG to coastal export facilities over the coming years, including interstate and intrastate pipelines connecting producers to key export terminals. Further, according to IBISWorld’s April 2025 publication, “Oil & Gas Pipeline Construction in the U.S.”, many mainline gas pipelines in the United States were built more than 60 years ago, increasing the importance of maintaining the aging infrastructure. We believe that gas utility distribution spending for replacement and rehabilitation of aging infrastructure will accelerate over the next several years due to regulatory, sustainability and safety concerns. Similarly, we expect that aging pipeline infrastructure will increasingly require replacement lines and pipeline integrity services as our customers look to enhance the safety, productivity and lives of existing infrastructure.

The United States Environmental Protection Agency (“EPA”) has identified significant long-term funding needs for water and sewer infrastructure, which we expect will drive demand across our diverse water service offerings. According to the EPA’s 2022 Clean Watersheds Needs Survey, over $630 billion will be required over 20 years to address wastewater and stormwater infrastructure needs. Similarly, the EPA’s 2023 Drinking Water Infrastructure Needs Survey and Assessment estimates an additional $625 billion will be required for drinking water infrastructure over a 20 year period. These investments are driven by aging infrastructure, emerging contaminants, and the need for climate resilience.

Ongoing decarbonization efforts and carbon emission reduction initiatives are expected to drive demand for carbon capture and sequestration technologies, as well as the use of hydrogen as a clean energy power source. Pipeline infrastructure is expected to play a key role in the transformation to low carbon energy sources, which could involve constructing new pipelines or repurposing existing infrastructure, and supporting new carbon capture and hydrogen technologies, and we believe that we are well positioned to support these developing market trends in the energy transition. In light of these trends, we are continuously investing in capabilities to further support carbon capture and hydrogen technology infrastructure.

We believe that the above-mentioned trends will support continued levels of future project activity across our diversified pipeline capabilities and that we are well-positioned to benefit from these trends. While short-term demand may fluctuate with commodity cycles, we expect that long-term trends in energy transition, infrastructure modernization, and regulatory compliance present sustained demand for our services.

Competitive Strengths

Our competitive strengths include:

Diverse Customer Relationships. We serve a diversified customer and industry base. Our customers include some of the largest providers of communications, utility, power (including from renewable and other energy generation sources), data center infrastructure, civil and transportation infrastructure in North America, among others. We have longstanding relationships and have developed strong alliances with many of our customers, and we strive to maintain these customer relationships and our status as a preferred vendor.

Reputation for Reliable Customer Service and Technical Expertise. We have established a reputation for quality customer service and technical expertise. Our reputation gives us an advantage when competing for new work, both from existing and potential customers. In addition, we have broad service offerings, together with capabilities and expertise in the construction and installation of a wide variety of infrastructure, including wireless, wireline/fiber, clean energy, power delivery, pipeline, heavy civil and industrial infrastructure.

North American Footprint. Including our predecessor companies, we have been in business for over 95 years and are one of the largest infrastructure construction services companies in North America operating primarily in the United States and Canada. As of December 31, 2025, we

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had approximately 36,000 employees and 810 locations. We offer comprehensive end-to-end infrastructure services to our customers and believe that our experience, technical expertise, geographic reach, financial resources and size are important to our customers.

Ability to Respond Quickly and Effectively. The skills required to serve our end-markets are similar, which allows us to utilize qualified personnel across multiple end-markets and projects. We are able to respond quickly and effectively to industry, market and technological changes, demand and major weather and/or climate-related events by allocating our employees, fleet and other assets as and where they are needed, enabling us to provide cost-effective and timely services for our customers.  We have demonstrated that we have the ability, resources and comprehensive service capabilities required to handle large and complex projects, and our geographic reach, diverse service offerings, deep market presence, operational scalability and financial stability enable us to meet our customers’ changing needs.

Experienced Management Team. Our management team plays a significant role in establishing and maintaining long-term relationships with our customers, supporting the growth of our business, integrating acquired businesses and managing the financial aspects of our operations. Our executive management team, business unit presidents and project management teams have broad industry experience and a deep understanding of our customers and their requirements. Key management personnel of acquired businesses generally continue to work for us under employment or services agreements.

Sustainability

As a leading engineering and infrastructure construction services provider, we are committed to conducting our operations in a safe, fair and socially and environmentally responsible manner that benefits our stakeholders, including our employees, customers, subcontractors, suppliers, investors and the communities in which we operate. Sustainability principles and practices are embedded within our strategy, risk management and day-to-day operations. We strive to be recognized as a company that achieves our customers’ expectations safely, fairly and profitably, and in a manner that is environmentally responsible, socially aware and rewarding for all our stakeholders. We strive to achieve these goals through an organizational structure that provides excellent service delivery; establishes a reputation of integrity within the communities in which we work; and provides our team members growth opportunities, respect and fairness in a merit-based and injury-free environment.

Sustainability Governance. We believe that sustainability principles are central to our mission and success. The Nominating, Sustainability and Corporate Governance Committee of our Board of Directors has oversight of sustainability matters for MasTec, including overseeing and periodically reviewing MasTec’s approach to considering, evaluating and integrating corporate governance and sustainability matters, including climate-related and other environmental and social matters, into our business strategy and decision-making processes.

Our sustainability reporting is guided by the concepts and disclosures under the Sustainability Accounting Standards Board (“SASB”) for the Engineering and Construction Services Industry and the Task Force on Climate-Related Disclosures (“TCFD”). We continue to develop our processes and reporting for sustainability-related matters. Our Sustainability Report, including our SASB and TCFD reference tables and our Climate-Related Financial Risk Disclosure Report, along with our Nominating, Sustainability and Corporate Governance Board Committee charter and our policies on Human and Labor Rights and Safety, Health and Environmental matters, can be found on our website at mastec.com. No reference to our website or our website address in this report constitutes incorporation by reference of the information contained on the website and such information is not part of this report.

Stakeholder Engagement. Stakeholder engagement is a key element of our sustainability efforts and communications. We regularly engage with our investors, employees, customers, subcontractors, suppliers and communities to understand the priority sustainability issues for our business. MasTec also conducts assessments of sustainability factors that may be material to its business. The feedback we receive from these engagement efforts informs our understanding of the issues that are most significant to our stakeholders. We seek to monitor these issues and effectively communicate with our stakeholders to strengthen these relationships.

Investing and Building for the Future

We are committed to working together with our customers to expand, strengthen, diversify and upgrade our nation’s infrastructure – to build better, stronger and more versatile infrastructure to address the opportunities and challenges of our nation’s future. Investment in sustainable business opportunities is a key component of our business strategy for future growth. Through the construction services we provide, we help to modernize, connect and make our communities safer and more sustainable while helping to build our nation’s infrastructure, including the development and expansion of our nation’s clean energy footprint and the transformation of power delivery infrastructure to support the advancement of lower carbon energy sources, as well as the upgrade and development of pipeline infrastructure, including for water infrastructure and carbon capture sequestration. Our telecommunications and install-to-the home services are expected to play a key role in expanding connectivity to and within homes and communities, including in rural areas, and, together with the development of AI and IoT technologies and improvements in wireless technologies, assisting in the transformation of our nation’s telecommunications infrastructure to better serve and connect communities and businesses across the United States.

Clean energy infrastructure. As a leading North American clean energy contractor, we are committed to working with our customers to support the ongoing transition toward cleaner and more sustainable energy sources. Growing electricity demand and the need for more generation capacity is driving changes in U.S. energy infrastructure and diversification of energy sources, with increased reliance on renewable energy to meet these needs. Through our Clean Energy and Infrastructure segment, we provide engineering, procurement and construction services and project management solutions to the power market, with services across wind, solar, biofuels, waste-to-energy (WtE) and biogas, cogeneration or combined heat and power projects, gas and hydrogen-fired power projects, battery storage and other clean energy technologies. We anticipate expanding growth opportunities for clean energy infrastructure due to growing demand for renewable energy resources to meet increasing electricity demand, as well as continued interest in mitigating the effects of a changing climate. Our Clean Energy and Infrastructure segment revenue has grown significantly from $300 million in 2017 to approximately $4.7 billion in 2025. Our renewable and other clean energy technologies business, which represented approximately 3%, or $170 million of our consolidated revenue in 2017, has grown to approximately 19%, or $2.7 billion of our consolidated revenue in 2025. Assuming the trend towards diversification of power generation sources to sustainable and cost effective clean energy

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sources continues, as well as a continued focus on the reduction of carbon emissions from cleaner, lower carbon energy sources, we believe that great opportunity lies ahead as we help our customers address these changing market demands.

Power delivery infrastructure. We believe the nation’s electrical transmission and distribution grid infrastructure will continue to require significant ongoing maintenance, upgrade and expansion to meet the expected increase in demand for electricity, resulting, in part, from the surge in electrification, including from AI-related data center demand and the acceleration of electrification across transportation, industrial processes and homes. As discussed above, demand for electricity is driving changes in energy infrastructure, including increased reliance on sustainable renewable power sources, which we believe will drive significant capital investment. Renewable energy accounted for 93% of 2025 U.S. electricity capacity additions through September 2025, and is projected to account for nearly half of total electricity generation by 2040. We build the infrastructure that connects our nation’s power generation sources to consumers, including infrastructure solutions that link remotely located renewable electric generation capacity to energy consumers and provide access to new renewable and efficient natural gas and other power generation sources, as well as grid updates to provide for the storage of electricity and to accommodate the supply and demand requirements of renewable energy sources. We also work with our customers to design and build innovative, smart energy solutions, including projects to digitize, modernize, secure and harden the grid, including from the potential effects of extreme and intensifying weather events, wildfire mitigation and restoration services and the upgrade of aging and overstressed electric infrastructure. Our projects improve the performance, safety, resiliency and efficiency of the nation’s electrical grid and advance the goal of modern, smart energy solutions for our nation’s future, as well as the development of new infrastructure to address the changing energy supply and diversification of power generation sources to sustainable and cleaner, lower-carbon energy sources.

Telecommunications infrastructure. We build wireless and wireline/fiber infrastructure that connects communities and improves communications infrastructure across our nation. Demand for telecommunications infrastructure has accelerated in recent years, including from increased usage of mobile and remote technologies, streaming, e-commerce, AI applications and from advancements in the IoT. Technological advances that improve speed, connectivity and bandwidth across our nation, including in dense urban areas and in rural communities, are expected to serve as the foundation for transformative technological innovations, including enhanced AI applications and other advances in connected technologies such as ‘Smart City’ and other urbanization projects, Smart Factory, Smart Farming and Smart Home technologies. 5G, the next generation of wireless and fixed wireless access, is expected to provide a platform for the IoT, which can be harnessed to drive innovation and improvements in commerce and serve as the foundation for transformative technological innovations, including in transportation, supply chain, research, healthcare, education, public safety, industrial applications and entertainment, which innovations have the potential to improve living standards across all communities, transform how businesses operate and reduce our nation’s carbon footprint. We are participating in the buildout of our nation’s telecommunications infrastructure, helping to revolutionize telecommunications technologies across the U.S.

Pipeline infrastructure and carbon initiatives. Investments in pipeline integrity and line maintenance promote environmental and public safety, including methane reduction initiatives, while enhancing the safety, productivity and useful lives of our customers’ assets. Our natural gas construction services, which represented $1.6 billion, or 11% of our revenue in 2025, help our customers access and distribute cleaner burning, lower carbon emission natural gas throughout the United States. With continued growth in power generation from renewable energy sources, natural gas provides an important baseload backup power source to support intermittent renewable energy sources. Additionally, pipeline infrastructure provides a lower carbon emission and environmentally safer transportation alternative for energy products versus truck and rail transport.

Ongoing decarbonization efforts and carbon emission reduction initiatives are expected to drive demand for carbon capture sequestration technologies, as well as the use of hydrogen as a clean energy power source. Pipeline infrastructure is expected to play a key role in the transformation and diversification of power generation sources, which could involve construction of new or repurposing of existing pipeline infrastructure for new applications, and in the development of carbon capture sequestration and hydrogen technologies, and we believe that we are well positioned to support these developing market trends.

Water pipelines. Climate resilience, including weatherization efforts to reduce the impact of a changing climate and efforts to protect against droughts and floods, are among the drivers of efforts to address stormwater, wastewater and drinking water infrastructure needs. We build expansive water pipeline gathering networks and offer water pipeline services that increase the efficiency of water used in energy field operations in an environmentally-focused manner. In addition, our water pipeline services include projects that allow for the recycling of water, thereby reducing freshwater requirements as well as the amount of water disposed. Additionally, the use of water pipelines reduces the need for trucking, which saves time, money and reduces pollution and carbon emissions.

Emergency restoration services. The increased frequency and severity of weather and climate-related events, including hurricanes, wildfires and other storms, exacerbated by changing climate conditions, have accelerated the need for power and telecommunications reliability and restoration services. Our dedicated restoration crews help to restore power and telecommunications services, and provide both preventative and restoration efforts for wildfire-related events. Our crews are among those that are called upon to maintain and patrol electrical lines during high-risk periods, such as in periods of drought, high wind and extreme temperatures, so that power lines can be proactively and safely managed, as well as to assist with restoration efforts following wildfire events. We also provide wildfire mitigation services, including grid hardening and power line undergrounding, whereby power lines are buried in areas considered to be at high risk for fires. We also provide electrical grid hardening services in several regions of the country to reduce the risk of storm outages caused by damage to overhead power lines during a storm. These efforts include the movement of overhead power lines and related infrastructure underground, as well as replacement of wood poles with concrete or steel poles capable of withstanding significant storm events. MasTec is proud to work with and support communities affected by natural disasters, including repair and modernization efforts for telecommunications and electric grid infrastructure.

Environmental planning, compliance and remediation. Environmental planning and compliance are a top priority on all MasTec projects, and are a key element of construction projects across the nation. Our environmental services group specializes in all aspects of environmental planning, permitting and compliance within energy infrastructure. We have expertise in environmental inspection and compliance, environmental permitting, planning and pre-construction services, natural resources management, including wildlife and sensitive natural resource protection, siting and feasibility studies and community and government outreach designed to build lasting community relationships. We also have expertise in environmental remediation services, including site development, environmental site closure and coal combustion residuals management services.

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Environmental Stewardship

We believe that we all play a role in environmental stewardship. We help our customers find solutions to their environmental goals and requirements and are likewise committed to responsibly managing the environmental impacts of our operations. Our customers rely on our expertise with governmental and regulatory agencies to meet increasingly stringent regulatory requirements. Environmental compliance matters, including those associated with climate-related matters, are an integral part of our business planning and decision-making processes. We believe in sustainable development and are committed to integrating biodiversity preservation principles into our operational practices. Our corporate policies and Code of Business Conduct and Ethics require that all applicable environmental regulations and compliance requirements are met in the course of our operations, and our planning processes incorporate procedures to ensure compliance with all such laws and regulations.

Climate reporting, mitigation efforts and environmental initiatives. We are committed to minimizing the effects of our operations on the climate and the environment and we endeavor to reduce our energy usage and greenhouse gas (“GHG”) emissions, also referred to as our “carbon footprint,” where possible. We seek to foster conservation and environmental awareness within our operations, and we endeavor to identify and incorporate energy, carbon footprint and water efficiency considerations into our project planning and execution. We understand the importance of tracking and managing climate-related matters, including GHG emissions, and are in the process of implementing an enterprise-wide GHG emission tracking and reporting system. We initiated our enterprise-wide carbon footprint project at the beginning of 2025, including implementation of a software platform. As of December 2025, we completed an initial carbon footprint calculation for a pilot group of entities and will continue to implement this newly built process and platform across MasTec in 2026. We are also evaluating processes that will improve our ability to identify and manage our climate-related risks and opportunities on an enterprise-wide basis.

Our current carbon footprint reduction efforts include the implementation of fleet efficiency initiatives within our operations, including a focus on fleet utilization, rationalization and the use of Global Positioning System (“GPS”) technology in both routing and behavioral modifications. We have implemented GPS, smart idling and other advanced technologies in approximately 95% of our vehicle fleet operations to improve fleet efficiency, fuel consumption and safety. Additionally, certain of our operations have invested in equipment containing advanced emissions reduction technologies, helping to reduce our carbon footprint.

Community and Social Matters

At MasTec, we are proud to serve the communities in which we operate. Partnering with our communities and our customers is fundamental to our business operations. We plan and act for the future, for the long-term good of our company, our customers and our communities. We are active in our local communities and participate in charitable giving, community outreach and community building programs, including disaster relief efforts for communities affected by hurricanes, flooding and similar events. We also have an unwavering commitment to our team members in times of need. In addition to community outreach programs, we seek to develop strong relationships with our local communities, businesses, subcontractors and suppliers, and we have been recognized for our efforts in community and outreach programs by various organizations.

We place a significant priority on respectful collaboration with our local communities, including indigenous communities, and we utilize indigenous community subcontractors and suppliers within our operations. We support our local communities by utilizing local businesses for goods and services, including for project crews and office operations, and we are active members of our local chambers of commerce and economic development organizations. Our community outreach programs include programs tailored to military veterans, who represented approximately 4% of our workforce in 2025.

Leadership and Governance

Integrity, honesty and fairness are at the heart of our Company. Our leadership team and Board of Directors are committed to fostering a strong organizational culture built upon accountability, business and personal ethics, integrity and compliance. We believe that an ethical culture builds credibility and trust. We hold ourselves accountable to the highest standards of professionalism, and respect the opinions, ideas and perspectives of our team members, customers, subcontractors, suppliers and those in the communities we serve. Among the ethical matters addressed in our Code of Business Conduct and Ethics are our policies on discrimination and harassment, ethical and fair business practices and compliance with insider trading policies, anti-bribery and anti-corruption guidelines and the Foreign Corrupt Practices Act. Training programs related to governance matters are routinely provided at intervals based on an employee’s position and responsibilities. We also expect our subcontractors and suppliers to maintain proper business conduct and ethics protocols.

Governance Principles and Shareholder Alignment. We seek to align the interests of our Board of Directors and management with those of our shareholders and other stakeholders, and we believe that an independent, well-diversified Board is an essential attribute of effective Board governance. Diverse backgrounds are integral to effective governance, risk management and business opportunity assessments, which are key components of creating long-term value. Our Board has racial, ethnic and gender diversity, with approximately 63% of our Board representing women or minorities as of December 31, 2025. Our Board also has a comprehensive and varied skill set, including members with executive leadership, financial, risk management, health and safety and relevant industry expertise.

Our management team and our Board of Directors have significant ownership in MasTec’s common stock, which further aligns their interests with those of our other shareholders.  Our single class capital structure is grounded on the “one-share, one-vote” principle, which we believe is aligned with strong corporate governance standards. We have detailed governance procedures, including our Audit Committee Charter, Compensation Committee Charter, our Nominating, Sustainability and Corporate Governance Committee Charter, and our Finance and Mergers and Acquisitions Committee Charter. These charters, as well as our comprehensive Code of Business Conduct and Ethics and Board of Director Governance Principles, can be viewed on the “Governance” tab at investors.mastec.com.

Risk Mitigation Practices. We believe that responsible corporate governance requires great attention to potential business and other risks. As part of our corporate risk mitigation strategy, we regularly assess potential risks and hazards within our business and operations, including potential risks associated with climate-related matters. Risk assessments are performed on an ongoing basis at both the organizational and at the project level. We have an enterprise-wide risk management process to support our strategic objectives and to enhance stakeholder value. Our

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executive leadership team manages this process, which is overseen by our Board of Directors, with periodic executive updates. We also apply a risk-based approach with respect to cybersecurity. We are committed to the privacy of employee, customer and company information and undertake significant efforts to protect this information, including personally identifiable information, which we maintain for our employees. We continually evaluate cyber risks to properly safeguard our systems and business operations. See Item 1C. “Cybersecurity,” for additional details.

Sustainability and Climate-Related Governance. The Nominating, Sustainability and Corporate Governance Committee of the Board of Directors oversees and periodically reviews the Company’s integration of sustainability principles and practices, including for climate-related, biodiversity and other environmental matters, into MasTec’s business strategy and decision-making processes. The Committee also considers MasTec’s material sustainability risks and opportunities, including for climate-related matters, along with the full Board and MasTec management, and reviews and considers whether MasTec has appropriate policies, processes, strategies and initiatives in place to address such matters. The potential implications and financial impact of climate-related risks and opportunities remain uncertain, but we recognize that these risks and opportunities could be significant to our business. We regularly assess our business risks and opportunities, and we continue to develop and improve our processes to assess both the potential effects and magnitude of climate-related risks and opportunities on our operations, financial results and key business strategies, as guided by the recommendations of the TCFD.

Strategy

The key elements of our business strategy are as follows:

Operational Excellence. We seek to effectively manage our projects and services to maintain appropriate profit margins and cash flows. We also strive to identify opportunities for leverage within our business, such as deploying resources across multiple customers and projects in order to enhance our operating effectiveness and utilization rates. We also seek to maintain strong working capital management practices. Our management team pursues actions and programs designed to achieve these goals, such as increasing accountability throughout our organization, effectively managing customer contract bidding procedures, prioritizing acquisition and operational integration, evaluating opportunities to improve our working capital cycle time, hiring and retaining experienced operating and financial professionals, and developing, expanding and integrating the use of financial systems and information technology capabilities, as well as implementing strong cybersecurity policies and practices, within our business.

Focus on Growth Opportunities. We believe that our end-markets offer diverse and numerous growth opportunities, and we expect continued spending by key customers in many of the industries we serve. We expect development of wireless and wireline/fiber infrastructure; development of data center infrastructure, including the installation and connectivity of electrical systems; development of clean energy infrastructure; expansion, maintenance and upgrades of power delivery infrastructure, including electrical and gas transmission lines and distribution networks; development of pipeline infrastructure, including for water and carbon capture sequestration, and pipeline integrity work; and heavy civil and industrial infrastructure construction projects to be areas of investment and opportunity in the coming years. We intend to use our broad geographic presence, technical expertise, financial and operational resources, customer relationships and full range of services to capitalize on these trends and grow our business.

Effective Capital Structure Management. We have made significant investments in transformational acquisition activities over the past few years and have maintained investment grade rating since 2021. We expect to manage our capital structure in the future to maintain this credit rating and we believe that we have sufficient capital resources to fund our planned operations. We have a senior unsecured credit facility that is composed of $1.9 billion of revolving commitments as of December 31, 2025, under which we had approximately $1,725 million of revolving loan borrowing availability as of December 31, 2025. We may consider opportunities to borrow additional funds, refinance, repurchase or retire outstanding debt, or repurchase shares of our common stock as part of our ongoing capital structure evaluation. See Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Summary of Financial Condition, Liquidity and Capital Resources,” for discussion of our capital resources and recent activities.

Leverage Core Performance and Expertise through Strategic Acquisitions. We pursue selected acquisitions, investments and strategic arrangements that allow us to expand our operations, service offerings, customer base or geographic reach. We have diversified our business and expanded our service offerings and geographic footprint in recent years, both organically and through acquisitions. For discussion of our recent acquisitions, see Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Business.” In our efforts to maximize the potential of the businesses we acquire, we work to integrate them into our operations and internal control environment in a timely and efficient manner. We evaluate our business and operations on a regular basis, and from time to time, we may divest certain businesses or assets or curtail selected business activities or operations that do not produce adequate revenue or margin or those that no longer fit within our long-term business strategy.

Services

Our core services are the engineering, building, installation, maintenance and upgrade of infrastructure, primarily for providers of communications, utility, power (including renewable and other energy generation sources), civil and transportation infrastructure. We also provide certain other services. The services we provide to our customers primarily encompass the following:

Build. We build infrastructure for customers across a range of industries. We specialize in building infrastructure for wireless and wireline/fiber communications; clean energy infrastructure, including for renewable energy power generation; pipeline infrastructure, including for natural gas, water, carbon capture sequestration and other product transport; power delivery services, including electrical and gas transmission and distribution systems; industrial and heavy civil infrastructure, including roads, bridges and rail; and water infrastructure.

Install. We install electrical and gas distribution and transmission systems, power generation, civil and industrial facilities, pipelines, fiber optic and other cables, and provide various install-to-the-home services in a variety of environments for our customers.

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Maintain, Upgrade and Other Services. We offer 24 hour/365 days-a-year maintenance and upgrade support to our customers. Our comprehensive service offerings include the regular maintenance of our customers’ distribution facilities, networks and infrastructure, including communications, power generation, pipeline, electrical distribution and transmission and civil and industrial infrastructure. We also provide emergency restoration services following natural disasters and accidents, and we perform environmental planning, compliance and remediation. Our upgrade work ranges from routine replacements and upgrades to major overhauls.

Customers

We have longstanding relationships with many customers, and often provide services under master service and other service agreements, which are generally multi-year agreements. Our master service agreements are typically exclusive up to a specified dollar amount per work order for each defined geographic area, but do not obligate our customers to undertake any infrastructure projects or other work with us. Work performed under master service and other service agreements is usually generated through work orders, each of which is performed for a fixed fee. Services provided under these agreements range from construction, installation, maintenance and upgrade services to project management and engineering services. Master service and other service agreements are frequently awarded on a competitive bidding basis, although customers are sometimes willing to negotiate contract extensions beyond their original terms without re-bidding. Our master service and other service agreements have various terms, depending upon the nature of the services provided, and typically provide for termination on short or no advance notice. For the years ended December 31, 2025, 2024 and 2023, revenue derived from projects performed under master service and other service agreements totaled 44%, 41% and 40%, respectively, of consolidated revenue.

The remainder of our work is generated pursuant to contracts for specific projects or jobs requiring the construction and installation of an entire infrastructure system or specified units within an entire infrastructure system. Customers are billed with varying frequency, the timing of which is generally dependent upon advance billing terms, milestone billings based on completion of certain phases of the work, or when services are provided. Under the typical payment terms of master and other service agreements and contracts for specific projects, the customer makes progress payments based on quantifiable measures of performance as defined in the agreements. Some of our contracts include retainage provisions, under which a portion of the contract amount (generally, from 5% to 10% of billings) can be retained by the customer until final contract settlement.

We believe that our industry experience, technical expertise, broad service capabilities, operational scalability, geographic reach, financial stability and reputation for reliability, efficiency and customer service, as well as the relationships developed between our customers and our senior management and project management teams are important to our being selected and retained by our customers. See Note 14 - Segments and Related Information and Note 15 - Commitments and Contingencies in the notes to the audited consolidated financial statements, which are incorporated by reference, for customer concentration information.

Backlog

Estimated 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. Based on current expectations of our customers’ requirements, we anticipate that we will realize approximately 74% of our estimated year-end 2025 backlog in 2026. The following table presents 18-month estimated backlog by reportable segment as of the dates indicated:

(a)    Recast to reflect 2025 segment changes. See Note 14 - Segments and Related Information in the notes to the consolidated financial statements, which is incorporated by reference, for additional information.

As of December 31, 2025, 47% of our backlog is estimated to be attributable to amounts under master service or other service agreements, pursuant to which our customers are not contractually committed to purchase a minimum amount of services. Most of these agreements can be canceled on short or no advance notice. Timing of revenue for construction and installation projects included in our backlog can be subject to change as a result of customer, regulatory or other delays or cancellations, including from factors discussed in Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations - General Economic, Market and Regulatory Conditions.” These effects, among others, could cause estimated revenue to be realized in periods later than originally expected, or not at all. We occasionally experience postponements, cancellations and reductions in expected future work due to these effects and/or other factors. There can be no assurance as to our customers’ requirements or that actual results will be consistent with the estimates included in our forecasts. As a result, our backlog as of any particular date is an uncertain indicator of future revenue and earnings.

Backlog is a common measurement used in our industry. Our methodology for determining backlog may not, however, be comparable to the methodologies used by others. Backlog differs from the amount of our remaining performance obligations, which are described in Note 1 - Business, Basis of Presentation and Significant Accounting Policies in the notes to the audited consolidated financial statements, which is

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incorporated by reference. As of December 31, 2025, total 18-month backlog differed from the amount of our remaining performance obligations due primarily to the inclusion of $8.3 billion of estimated future revenue under master service and other service agreements within our backlog estimates, as described above, and the exclusion of approximately $4.0 billion of remaining performance obligations and estimated future revenue under master service and other service agreements in excess of 18 months, which amount is not included in the backlog estimates above. Backlog expected to be realized in 2026 differs from the amount of remaining performance obligations expected to be recognized for the same period due primarily to the inclusion of approximately $4.8 billion of estimated future revenue under master service and other service agreements included within our backlog estimate, which is not included within our remaining performance obligations for the same period.

Sales and Marketing

Our customers increasingly require resources from multiple disciplines. Therefore, our subsidiary services companies market their services not only individually, but also in combination with other companies, including other MasTec companies and independent companies, to provide what we believe are the most efficient and effective solutions to meet our customers’ demands. Through our unified MasTec® brand and an integrated organizational structure designed to permit rapid deployment of our services, we are able to quickly and efficiently allocate resources to meet customer needs. We offer services that are branded under the MasTec® service mark and other service marks.

We have a business development and marketing plan emphasizing the MasTec® registered service mark and trade names of certain acquired companies, as well as an integrated service offering to position ourselves as a provider of a full range of service solutions, providing services including installation as well as sophisticated engineering, design and integration. We believe that our longstanding relationships with our customers, industry expertise and our reputation for reliability, efficiency and customer service facilitate our potential and recurring business relationships. Our marketing efforts are principally carried out by the management of our business units and project groups in coordination with our corporate business development organization. Our management team has many years of industry experience, both at the service provider level, and in some cases, with the customers we serve. Our business unit and project group managers market directly to existing and potential customers for new contracts and also seek our inclusion on lists of vendors invited to submit proposals for service agreements and individual projects. We also market our services in conjunction with certain business partners, strategic investments and other arrangements. Our executive management team supplements these efforts at the national level.

Safety and Insurance/Risk Management

We have a proactive safety culture and we strive to instill and enforce safe work habits in our employees. Our employees are required to participate in training programs relevant to their employment, including all those required by law. We actively train our workforce in everyday safety practices and provide detailed guidelines that are required to be followed as work tasks are contemplated and completed. Training programs are tailored to an employee’s job function, responsibilities and level of experience and are designed in accordance with industry best practices and standards. We evaluate employees in part based upon their safety records and the safety records of the employees they supervise. Team members are responsible for preventing incidents, injuries and occupational illnesses, and our project leadership team is tasked with ensuring that projects are accomplished in a safe, productive, environmentally and quality-focused manner. Our business units have established robust safety programs to monitor and improve compliance with safety procedures and regulations, and through our risk management programs, we educate our staff, subcontractors and suppliers on safety matters. We strive continuously to assess and improve our safety programs and performance. We also provide training for other workplace and risk management programs, including for cybersecurity, discrimination and harassment, human trafficking awareness, emergency preparedness and other workplace hazards, among others.

Our business involves the use of heavy equipment and exposure to potentially dangerous workplace conditions. While we are committed to operating safely and prudently, we are subject to claims by employees, customers and third parties for property damage and personal injuries that occur in connection with our work. Our insurance policies are subject to high deductibles and we are self-insured up to the amount of the deductible. We maintain insurance policies for workers’ compensation, general liability and automobile liability that are subject to per claim deductibles. In addition, we maintain excess umbrella coverage and an insurance policy with respect to employee group medical claims, which is subject to annual per employee maximum losses. We also manage certain of our insurance liabilities indirectly through our wholly-owned captive insurance company, which reimburses claims up to the applicable insurance limits. We are required to post collateral to certain of our insurance carriers, generally in the form of letters of credit, surety bonds and cash. See Note 15 - Commitments and Contingencies in the notes to the audited consolidated financial statements, which is incorporated by reference.

Adverse climate and weather events, including drought conditions and high winds, have increased operational and legal risks in certain locations for us and other contractors. In particular, wildfire risks associated with electrical power and other infrastructure have increased the potential for liabilities and related costs (particularly as these events can be started by electrical power and other infrastructure on which we have performed services), which could adversely affect our financial results and position. We procure insurance from the commercial insurance market to cover a portion of such risks; however, limited capacity and high costs in insurance markets have increased our reliance on self-insurance for these exposures with respect to certain geographic areas.

Suppliers, Materials and Working Capital

Under many of our contracts, our customers provide the necessary materials and supplies for projects and we are responsible for the installation of, but not the cost or warranty of, those materials. Under certain other projects, we purchase the necessary materials and supplies on behalf of our customers from third-party providers. We are not dependent on any one vendor for project-related materials or supplies required for the projects we manage. We also depend on the availability of certain equipment to perform our services. We operate a diverse fleet of on-road and off-road equipment. Substantially all of our equipment is obtained from third-party vendors, and we are not dependent upon any single vendor for our equipment requirements. We also utilize independent contractors to assist on projects and to help us manage our work flow. Our independent contractors typically provide their own vehicles, tools and insurance coverage. We are not dependent on any single independent contractor. A number of factors that we may not be able to accurately predict or control could result in increased costs for, or delays in delivery of, materials and equipment, including supply chain disruptions.

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In recent years, our industry was impacted by market-related supply chain disruptions, most notably constraints and delays affecting certain materials for our clean energy customers. While these supply chain disruptions have eased, our operations could be negatively affected in the future if such disruptions were to recur, or if geopolitical tensions exacerbate global supply constraints. For example, during the year ended December 31, 2025, the U.S. government announced or imposed a variety of tariff or other trade actions, in response to which many countries have announced retaliatory trade actions, including tariffs on U.S. exports or bans by foreign countries on certain of their exports. These actions have increased the cost of importing certain construction materials into the U.S., including steel, concrete, copper and solar panels, and have caused disruption and uncertainty to both international trade and supply chains. More recently, on February 20, 2026, the U.S. Supreme Court ruled that certain trade tariffs imposed by the U.S. federal government under the International Emergency Economic Powers Act (“IEEPA”) were unconstitutional. Following the U.S. Supreme Court’s decision, the U.S. presidential administration announced its intention to invoke other laws to collect tariffs and announced new tariffs on imports from all countries, in addition to any existing non-IEEPA tariffs. Significant uncertainty remains regarding the status of existing and newly announced tariffs, potential changes or pauses to such tariffs, tariff levels, and whether further additional tariffs or other retaliatory actions may be imposed, modified, or suspended. While the duration, extent and effects of these tariffs and trade actions cannot be predicted with certainty, these policy changes could impact our ability to execute projects and have a material adverse effect on our business, financial condition, and results of operations.

We need working capital to support seasonal variations in our business, including the effects of weather and other conditions on outdoor construction and maintenance work, the spending patterns of our customers and the effects of regulatory and market factors, all of which can influence the timing of spending to support related customer demand. See Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Financial Condition, Liquidity and Capital Resources - Working Capital,” which is incorporated by reference.

Competition

Our industry is highly competitive and highly fragmented. We compete with a number of companies in the markets in which we operate, primarily large national firms, as well as small local independent companies. Certain barriers to entry exist in the markets in which we operate, including adequate financial resources, technical expertise, high safety ratings, established customer relationships and a proven track record of operational success. Some of our customers employ their own personnel to perform infrastructure services of the type we provide. We compete based upon our industry experience, technical expertise, financial and operational resources, geographic presence, industry reputation, safety record and reputation for customer service. While we believe that our customers consider a number of factors when selecting a service provider, they award most of their work through a bid process, and price is often a principal factor in determining which service provider is selected.

Regulation and Environmental Matters

We are subject to state and federal laws that apply to businesses generally, including laws and regulations related to labor relations, wages, worker safety and environmental protection. While many of our customers operate in regulated industries, for example, utilities regulated by the public service commission or communications companies regulated by the Federal Communications Commission (“FCC”), we are generally not subject to such regulation and oversight. Our operations are, however, subject to numerous laws and regulations, among them:

•    environmental laws and regulations;

•regulations related to worker safety and health, including those established by the Occupational Safety and Health Administration (“OSHA”), Mine Safety and Health Administration (MSHA), and other local and state equivalents;

•regulation relating to employment, including wage and hour regulations (e.g., Fair Labor Standards Act), I-9 regulations and regulations associated with our collective bargaining agreements and unionized workforce;

•regulations related to vehicle registrations, including those of the states and the U.S. Department of Transportation (“DOT”);

•    contractor licensing requirements;

•    permitting and inspection requirements;

•    building and electrical codes;

•cyber and other data protection and security requirements; and

•applicable U.S. and non-U.S. anti-corruption regulations.

We are subject to numerous environmental laws, regulations and programs, including with respect to the handling, transportation and disposal of non-hazardous and hazardous substances and wastes, laws governing emissions and discharges into the environment, including discharges into air, surface water, groundwater and soil, and programs related to the protection of endangered species and critical habitats. Our operations require careful adherence to environmental regulations because they could have impacts on groundwater, surface waters and other environmentally sensitive areas. Similarly, certain of our construction operations often require us to operate in remote areas involving environmentally sensitive habitats as well as areas that are subject to risk of wildfire.

We have a substantial investment in construction equipment that utilizes fuel. Any changes in laws requiring us to use equipment that runs on alternative power sources could require a significant investment, which could have a material adverse effect on our results of operations, cash flows and liquidity. We also are subject to laws and regulations that impose liability and cleanup responsibility for releases of hazardous substances into the environment. Under certain of these laws and regulations, liabilities can be imposed for cleanup of properties, regardless of whether we directly caused the contamination or violated any law at the time of discharge or disposal. The presence of contamination from such substances or wastes could interfere with ongoing operations or adversely affect our business.

In addition, we could be held liable for significant penalties and damages under certain environmental laws and regulations. Our contracts with customers may also impose liabilities on us regarding environmental issues that arise through the performance of our services. In addition, we

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could be subject to liability for legacy environmental matters arising from our recently acquired businesses. From time to time, we may incur unanticipated and substantial costs and obligations related to environmental compliance and/or remediation matters. We believe we have all material licenses and permits needed to conduct operations and that we are in material compliance with all applicable regulatory and environmental requirements. We could, however, incur significant liabilities if we fail to comply with such requirements.

Additionally, there are environmental regulations under consideration to address climate change, regulate and report on emissions of GHG and encourage the use of clean energy technologies. We regularly monitor proposed regulations and legislation and have processes in place to adapt our business and operations, as necessary, to meet any such new requirements.

Financial Information About Geographic Areas

We operate primarily in the United States and Canada. See Note 14 - Segments and Related Information in the notes to the audited consolidated financial statements, which is incorporated by reference.

Human Capital Management

At MasTec, our employees are an integral part of our growth and success. MasTec began as a family business, and every member of the MasTec team is considered part of the MasTec family. The safety, health and welfare of our employees is at the heart of our operations. We are committed to fairness and respect in the workplace and value the diverse and varied perspectives and experiences of our employees. We believe that our commitment to our employees, together with our team culture, fosters an environment of strong employee engagement. We are most productive when our employees are safe, healthy and engaged. We believe that our employees and our customers benefit from the collective and well-coordinated efforts that result from effective employee engagement, teamwork and collaboration, which, in turn, allows us to deliver the highest level of excellence to our stakeholders.

As of December 31, 2025, we had approximately 36,000 employees, of which approximately 9,000 were represented by unions or subject to collective bargaining agreements. Approximately 97% of our employees are located in the United States.

Safety. Safety is a core value at MasTec. It is a mindset that permeates all aspects of our operations, and an attitude that our employees exhibit, strongly and openly. We recognize the need of our workforce to have a safe workplace and are committed to maintaining a strong and sustainable safety culture within our organization. We continually evaluate our safety programs to protect our most important asset – our team members.

We have a proactive safety culture, and our safety leadership structure is designed to create accountability within each of our businesses and at the corporate level, with reporting to our executive management team. Our safety management process includes continuously monitoring, reporting and addressing our key safety performance indicators. Our “Zero Harm” culture is fundamental to our goal of world class safety performance, and we work to instill safety values in every team member, such that safe behavior becomes instinctive and automatic. We are driven by our commitment to safety and our “Zero Harm” culture to develop and implement safety programs and processes with safety excellence as our goal. We strive continuously to assess and improve our safety programs and performance and provide regular safety training and skill-level improvement programs, including: safety orientation for new employees, safety leadership training for our front-line leaders, OSHA construction outreach training, defensive driving and DOT training, operator qualification and electric worker training, excavation and ground penetration safety training, among others. We have adopted numerous safety initiatives throughout our organization, including fleet telematics applications.

Through our risk management programs and other safety initiatives, we educate our staff, subcontractors and suppliers on safety matters. The high standards of safety, incident prevention and hazard control that we expect within our operations are also expected of our subcontractors and suppliers. We have memberships and participate in numerous safety and other organizations that promote industry safety. Our safety performance is periodically recognized by our customers as well as by safety organizations.

Health and Wellness. Encouraging good health and following a healthy lifestyle is a MasTec philosophy. We encourage all our employees to take an active role in living a healthy lifestyle and offer wellness tools and resources to help achieve and maintain good health. We offer a comprehensive and flexible benefits program, including medical, dental, vision and prescription insurance, as well as access to telehealth services to assist employees with medical and mental health matters. In addition, to help our employees build a financially secure future, we offer a 401(k) plan with matching benefits, an employee stock purchase plan, life and disability insurance plans and a flexible spending account to help employees cover medical expenses. We also offer employees support for personal and work-life issues, including health, legal and financial matters.

Professional and Career Development. We believe that professional development is essential to the success of our business, as it drives employee engagement and ensures that our team members have the requisite skills and training to deliver the highest level of excellence to our customers. Our employees’ career development begins with the onboarding process and continues throughout their careers. Ongoing training is designed to develop our employees’ technical, professional and leadership skills and is customized to meet the qualifications and requirements necessary for them to succeed in their positions. We invest significant resources in education, certification, training programs and other professional development opportunities, including apprenticeship- and leadership-oriented training programs, tuition reimbursement for qualified training programs, sponsored attendance at industry conferences, departmental and divisional leadership conferences, employee training centers and advancement opportunities within and across businesses and divisions. We seek to develop and cultivate current and future leaders, and design our training programs to create high performing teams, improve productivity, positively affect employee motivation and retention and further enhance career development opportunities. We believe that our team culture, along with competitive salary and benefits packages and our focus on employee training and career development, including opportunities for promotion and mobility within our organization, helps us to attract and retain a diverse, qualified and experienced workforce.

Team Culture. Our success depends upon the success of our team, which requires us to have exceptional team members, as well as an exceptional team. Teamwork is part of our culture and is one of our core values. We believe that our employees and our customers benefit from the collective and well-coordinated efforts that result from effective employee engagement, teamwork and collaboration. We seek to foster an

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environment of strong employee engagement through our commitment to our employees and our team culture. Our strong team culture, together with effective processes and people, allows us to consistently meet the needs of our customers and stakeholders.

We are committed to fostering an environment that offers fairness, respect and merit-based growth opportunities, where our employees can freely bring individual perspectives and varied experiences to work. We seek to attract the best talent and foster a culture of inclusion, teamwork, support and empowerment where all talented individuals have access to opportunities and can achieve success. Our commitment to fostering such an environment, together with our culture of belonging allows us to recruit and retain highly talented employees so that we are able to deliver exceptional results to our customers.

Available Information

A copy of this Form 10-K, as well as our Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 are available free of charge on our website, www.mastec.com, as soon as reasonably practicable after we electronically file these reports with, or furnish these reports to, the Securities and Exchange Commission (the “SEC”). Copies of our Board of Directors Governance Principles and Code of Business Conduct and Ethics, which applies to all of our directors, officers, including our principal executive, financial and accounting officers, and employees and includes additional criteria that are applicable to our Chief Executive Officer, Chief Operating Officer, Chief Financial Officer and senior financial and other officers, and the charters for each of our Audit, Compensation, Finance and Mergers and Acquisitions, and Nominating, Sustainability and Corporate Governance Committees are also available on our website in the Investors section under the tab “Corporate Governance,” or may be obtained by contacting our Vice President of Investor Relations by phone at (305) 507-7304, or by email at investor.relations@mastec.com. We intend to provide any amendments or waivers to our Code of Business Conduct and Ethics for any of our directors and senior officers on our website within four business days of any such amendment or waiver. The reference to our website address does not constitute incorporation by reference of the information contained on the website and such information is not part of this report. Our reports filed with the SEC may be accessed at the SEC’s website at www.sec.gov.

Use of our Website to Distribute Material Company Information

We use our website as a channel of distribution for important Company information. We routinely post on our website important information, including press releases, investor presentations and financial information, which may be accessed by clicking on the Investors section of www.mastec.com. We also use our website to expedite public access to time-critical information regarding our Company in advance of or in lieu of distributing a press release or a filing with the SEC disclosing the same information. Therefore, investors should look to the Investors section of our website for important and time-critical information. Visitors to our website can also register to receive automatic e-mail and other notifications alerting them when new information is made available on the Investors section of our website.