MasTec reports $5.15B revenue for Q3 2026

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For the quarterly period ended June September 30, 2026

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As of July 27, October 26, 2026, MasTec, Inc. had 80,304,948 80,300,833 shares of common stock outstanding.

QUARTER ENDED JUNE SEPTEMBER 30, 2026

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Financial statements 208 changes

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Revenue $ 4,373,554 $ 3,544,705 $ 8,202,355 $ 6,392,423

Costs of revenue, excluding depreciation and amortization 3,817,270 3,109,163 7,168,167 5,645,782

Depreciation 86,096 69,934 169,377 146,159

Amortization of intangible assets 37,516 32,687 76,130 65,323

General and administrative expenses 206,470 174,819 420,677 340,868

Operating income $ 226,202 $ 158,102 $ 368,004 $ 194,291

Interest expense, net 47,166 43,852 90,627 82,893

Equity in earnings of unconsolidated affiliates, net ( 10,285 ) ( 7,043 ) ( 6,700 ) ( 17,356 )

Other (income) expense, net ( 4,412 ) 500 ( 1,108 ) ( 983 )

Income before income taxes $ 193,733 $ 120,793 $ 285,185 $ 129,737

Provision for income taxes ( 47,995 ) ( 30,660 ) ( 69,784 ) ( 27,276 )

Net income $ 145,738 $ 90,133 $ 215,401 $ 102,461

Net income attributable to non-controlling interests 15,621 4,367 24,444 6,792

Net income attributable to MasTec, Inc. $ 130,117 $ 85,766 $ 190,957 $ 95,669

Revenue $ 5,152,336 $ 3,966,948 $ 13,354,691 $ 10,359,371

Costs of revenue, excluding depreciation and amortization 4,491,474 3,429,199 11,659,641 9,074,981

Depreciation 93,773 71,837 263,150 217,996

Amortization of intangible assets 75,282 32,719 151,411 98,042

General and administrative expenses 228,545 183,580 649,222 524,448

Equity in earnings of integral unconsolidated affiliates, net ( 12,186 ) ( 12,186 )

Operating income $ 275,448 $ 249,613 $ 643,453 $ 443,904

Interest expense, net 61,798 45,444 152,425 128,337

Equity in earnings of unconsolidated affiliates, net ( 8,040 ) ( 6,555 ) ( 14,740 ) ( 23,911 )

Loss on extinguishment of debt 3,219 3,219

Other income, net ( 1,687 ) ( 898 ) ( 2,794 ) ( 1,881 )

Income before income taxes $ 220,158 $ 211,622 $ 505,343 $ 341,359

Provision for income taxes ( 52,439 ) ( 45,125 ) ( 122,222 ) ( 72,401 )

Net income $ 167,719 $ 166,497 $ 383,121 $ 268,958

Net income attributable to non-controlling interests 17,153 5,837 41,598 12,629

Net income attributable to MasTec, Inc. $ 150,566 $ 160,660 $ 341,523 $ 256,329

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Basic weighted average common shares outstanding 78,078 77,684 78,014 77,937

Diluted earnings per share $ 1.65 $ 1.09 $ 2.42 $ 1.21

Diluted weighted average common shares outstanding 78,870 78,521 78,808 78,750

Basic weighted average common shares outstanding 79,077 77,702 78,372 77,857

Diluted earnings per share $ 1.89 $ 2.04 $ 4.32 $ 3.26

Diluted weighted average common shares outstanding 79,820 78,648 79,143 78,672

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Net income $ 145,738 $ 90,133 $ 215,401 $ 102,461

Foreign currency translation (losses) gains ( 1,343 ) 4,483 ( 2,350 ) 4,530

Unrealized gains (losses) on investment activity 610 ( 1,622 ) 430 ( 4,725 )

Comprehensive income $ 145,005 $ 92,994 $ 213,481 $ 102,266

Net income attributable to non-controlling interests 15,621 4,367 24,444 6,792

Comprehensive income (loss) attributable to non-controlling interests $ 15,058 $ ( 727 ) $ 23,476 $ 1,698

Comprehensive income attributable to MasTec, Inc. $ 129,947 $ 93,721 $ 190,005 $ 100,568

Net income $ 167,719 $ 166,497 $ 383,121 $ 268,958

Other comprehensive (loss) income (loss), net of tax:

Foreign currency translation (losses) gains ( 249 ) ( 1,604 ) ( 2,599 ) 2,925

Unrealized gains (losses) on investment activity 3,084 ( 977 ) 3,515 ( 5,701 )

Comprehensive income $ 170,554 $ 163,916 $ 384,037 $ 266,182

Net income attributable to non-controlling interests 17,153 5,837 41,598 12,629

Foreign currency translation (losses) gains attributable to non-controlling interests ( 563 ) ( 5,094 70 ) 2,108 ( 968 1,037 ) ( 5,094 2,986 )

Comprehensive income attributable to non-controlling interests $ 17,083 $ 7,945 $ 40,561 $ 9,643

Comprehensive income attributable to MasTec, Inc. $ 153,471 $ 155,971 $ 343,476 $ 256,539

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Inventories, net 113,597 112,465

Prepaid expenses 151,107 183,575

Goodwill, net 2,359,649 2,248,992

Total assets $ 10,925,494 $ 9,923,542

Cash and cash equivalents $ 315,641 481,816 $ 396,030

Accounts receivable, net of allowance 1,744,093 2,540,696 1,540,263

Contract assets 2,484,389 2,778,154 2,001,913

Inventories, net 110,531 112,465

Prepaid expenses 136,084 183,575

Other current assets 129,992 154,045 94,833

Total current assets $ 4,938,819 6,201,326 $ 4,329,079

Property and equipment, net 1,915,837 2,058,714 1,728,470

Operating lease right-of-use assets 483,182 522,649 457,270

Goodwill, net 3,037,312 2,248,992

Other intangible assets, net 729,958 1,732,989 656,248

Other long-term assets 498,049 584,099 503,483

Total assets $ 14,137,089 $ 9,923,542

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Contract liabilities 760,912 747,730

Total liabilities $ 7,325,511 $ 6,589,021

Current portion of long-term debt, including finance leases $ 166,396 180,704 $ 154,311

Current portion of operating lease liabilities 181,167 200,541 175,649

Accounts payable 1,472,661 1,947,737 1,280,897

Accrued salaries and wages 302,098 372,523 248,266

Other accrued expenses 528,026 556,102 540,778

Contract liabilities 1,101,464 747,730

Other current liabilities 117,689 115,056 123,414

Total current liabilities $ 3,528,949 4,474,127 $ 3,271,045

Long-term debt, including finance leases 2,573,839 3,987,761 2,176,372

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and 128 more changes in the filing

Note 1: Business, Basis of Presentation and Significant Accounting Policies 9 changes

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In July 2026, MasTec completed the acquisition of Electrical Specialists, Inc., d/b/a The Superior Group ( Superior ), a premier full-service electrical contractor focused on critical infrastructure. Superior is a recognized leader in building data center infrastructure while serving a diverse range of end markets including healthcare, entertainment and industrial. The Company expects to include Superior within its Power Delivery segment. See Note 3 Acquisitions, Goodwill and Other Intangible Assets, Net for additional information.

MasTec, Inc. (collectively with its subsidiaries, MasTec, or the Company ) is 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, large load electrical infrastructure, 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 the construction and maintenance of buildings, roads, bridges, rail, water/sewer systems and other civil infrastructure, including data center infrastructure; and environmental remediation services. MasTec s customers are primarily in these industries. MasTec reports its results under five reportable segments: (1) Communications; (2) Clean Energy and Infrastructure; (3) Power Delivery; (4) Pipeline Infrastructure and (5) Other.

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When appropriate, prior year amounts are reclassified to conform with the current period presentation. Beginning in 2026, certain reclassifications were made to the consolidated statements of operations. The Company now presents a separate Operating income subtotal on the consolidated statements of operations, which is common practice within the Company s industry and enhances comparability with the Company s peers. Additionally, changes in fair value of acquisition-related contingent items, which are composed of earn-outs and additional payments in connection with prior year acquisitions, have been reclassified from Other income, expense, net to General and administrative expenses. Previously reported periods have been reclassified to conform to the current period presentation. These changes in presentation did not impact previously reported Income before income taxes or Net income, and did not change how the Company evaluates its performance.

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Contracts. The Company derives revenue primarily from construction projects performed under: (i) master service and other service agreements, which generally provide a menu of available services in a specific geographic territory that are utilized on an as-needed basis, and are typically priced using either a time and materials or a fixed price per unit basis; and (ii) contracts for specific projects requiring the construction and installation of an entire infrastructure system, or specified units within an infrastructure system, which may be subject to one or multiple pricing models, including fixed price, unit price, time and materials, or cost plus a markup. Revenue derived from projects performed under master service and other service agreements totaled 40 approximately 35 % and 38 % of consolidated revenue for both the three and six nine months ended June September 30, 2026, respectively, and totaled approximately 45 43 % and 46 45 % for the three and six nine months ended June September 30, 2025, respectively.

For certain master service and other service agreements, revenue is recognized at a point in time, primarily for install-to-the-home and certain other wireless services in the Company s Communications segment. Point in time revenue is recognized when the work order has been fulfilled, which, for the majority of the Company s point in time revenue, is the same day it is initiated. Point in time revenue accounted for approximately 2 % and 1 % of consolidated revenue for both the three and nine months ended June September 30, 2026, and 2025, respectively, and totaled approximately 2 1 % for both the six three and nine months ended June September 30, 2026 and 2025.

The total transaction price and cost estimation processes used for recognizing revenue over time under the cost-to-cost method are based primarily on the professional knowledge and experience of the Company s project managers, operational and financial professionals, and other professional expertise, as warranted. Management reviews estimates of total contract transaction price and costs on an ongoing basis. Changes in job performance, job conditions and management s assessment of the estimated amount and probability of variable consideration are factors that influence estimates of the total contract transaction price, total costs to complete those contracts and the Company s profit recognition. Changes in these factors could result in revisions to the amount of revenue recognized in the period in which the revisions are determined, which revisions could materially affect the Company s consolidated results of operations for that period. Provisions for losses on uncompleted contracts are recorded in the period in which such losses are estimated. For both the six nine months ended June September 30, 2026 and 2025, project profit was affected by less than 5% as a result of changes in contract estimates included in projects that were in process as of December 31, 2025 and 2024, respectively. Changes in recognized revenue, net, as a result of changes in total contract transaction price estimates, including from variable consideration, and/or changes in cost estimates, related to performance obligations satisfied or partially satisfied in prior periods positively affected revenue by approximately 0.7 0.2 % and 0.6 % for both the three and six months ended June September 30, 2026 and 2025, respectively, and such net changes positively affected revenue by approximately 0.9 0.5 % and 1.3 1.0 % for the three and six nine months ended June September 30, 2026 and 2025, respectively.

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Remaining performance obligations represent the amount of unearned transaction prices under contracts for which work is wholly or partially unperformed, including the Company s share of unearned transaction prices from its proportionately consolidated non-controlled joint ventures. As of June September 30, 2026, the amount of the Company s remaining performance obligations was $ 16.3 19.1 billion. Based on current expectations, the Company anticipates it will recognize approximately $ 6.6 4.3 billion, or 40.5 22.5 %, of its remaining performance obligations as revenue during 2026, with the majority of the remaining balance expected to be recognized over the subsequent two year period, and the balance recognized thereafter. Estimates of the timing of revenue recognition for remaining performance obligations may change as a result of project accelerations, cancellations, deferrals or other changes in the timing of project work, including changes in project schedules, weather conditions, regulatory matters, permitting, and market conditions. These factors, among others, could cause revenue to be realized in periods and at levels different from those originally expected.

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As of June September 30, 2026 and December 31, 2025, the Company s contract transaction prices included approximately $ 265 334 million and $ 229 million, respectively, of change orders and/or claims for certain contracts that were in the process of being resolved in the ordinary course of its business, including through negotiation, arbitration and other proceedings. These transaction price adjustments, when earned, are included within contract assets or accounts receivable, net of allowance, as appropriate. As of both June September 30, 2026 and December 31, 2025, these change orders and/or claims primarily related to certain projects in the Company s Clean Energy and Infrastructure and Power Delivery segments. The Company actively engages with its customers to complete the final approval process for such amounts and generally expects these processes to be completed within one year . Amounts ultimately realized upon final agreement by customers could be higher or lower than such estimated amounts.

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The Company has provided certain of its suppliers with access to a supplier finance program administered through a third party, which facilitates participating suppliers ability to finance payments due from the Company through third-party financial institutions. Participating suppliers may, at their sole discretion, receive payment of the Company s obligation prior to the scheduled due dates, at a discounted price from the third party. The Company agrees to pay the financial institution the stated amount generally within 60 days of receipt of the invoice. The Company s obligations to its suppliers, including amounts due and scheduled payment dates, are not impacted by the supplier s decision to finance amounts under these arrangements. The Company does not have pledged assets or other guarantees under the program. As of June September 30, 2026 and December 31, 2025, the outstanding payment obligations under the Company s supplier finance program totaled approximately $ 137.3 130.4 million and $ 125.6 million, respectively, which amounts are recorded within accounts payable in the consolidated balance sheets. The associated payments are included within operating activities in the consolidated statements of cash flows.

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Note 2: Earnings Per Share 5 changes

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Weighted average shares outstanding - basic 78,078 77,684 78,014 77,937

Weighted average shares outstanding - basic 79,077 77,702 78,372 77,857

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Weighted average shares outstanding - diluted 78,870 78,521 78,808 78,750 79,820 78,648 79,143 78,672 (a) For the three months ended June September 30, 2026 and 2025, anti-dilutive common stock equivalents totaled approximately 400 2,000 and 4,000 1,000 , respectively, and for the six nine months ended June September 30, 2026 and 2025, such shares totaled approximately 112,000 139,000 and 208,000 12,000 , respectively.

Share Repurchases. There were no share repurchases under the Company s share repurchase program for the six nine months ended June September 30, 2026. For the three and six nine months ended June September 30, 2025, the Company repurchased 369,968 and 702,533 shares of its common stock, respectively, the effect of which on the Company s weighted average shares outstanding was a reduction of approximately 630,000 and 372,000 483,000 shares. for the respective periods. See Note 10 Stockholders' Equity for details of the Company s share repurchase transactions.

Shares Issued for Acquisitions . The Company has issued shares of its common stock in connection with certain acquisitions. During the quarter ended June September 30, 2026, the Company issued 1,219,498 shares of its common stock from its treasury shares in connection with the acquisition of Electrical Specialists, Inc., d/b/a The Superior Group ( Superior ) on July 20, 2026, of which the weighted average impact was an increase of approximately 954,000 and 322,000 shares for the three and nine months ended September 30, 2026, respectively. During the second quarter of 2026, the Company issued 67,592 shares in connection with certain additional payments made to the sellers in the 2021 acquisition of Henkels & McCoy Holdings, Inc., formerly known as Henkels & McCoy Group, Inc. ( HMG ). Additionally, in connection with the July 2026 acquisition of Superior, the Company issued 1,219,498 shares of its common stock issued from its treasury shares. See Note 3 Acquisitions, Goodwill and Other Intangible Assets, Net for additional information.

Note 3: Acquisitions, Goodwill and Other Intangible Assets, Net 66 changes

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Additions from new business combinations 6.2 6.3 97.7 103.9 639.2 30.7 773.9

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Currency translation adjustments ( 2.4 2.6 ) ( 2.4 2.6 )

Goodwill, net, as of June September 30, 2026

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(b) Measurement period adjustments represent Represents adjustments, net, to preliminary estimates of fair value within the measurement period of up to one year from the date of acquisition. Measurement period adjustments, net, for the six nine months ended June September 30, 2026 were primarily the result of net working capital and valuation adjustments.

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Customer Relationships and Backlog Trade Names Other (a)

Trade Names Other (b)

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Additions from new business combinations 145.7 2.8 4.0 152.5

Additions from new business combinations 1,137.9 88.9 4.0 1,230.8

Measurement period adjustments (b) (c)

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Amortization expense ( 63.1 ) ( 10.3 ) ( 2.7 ) ( 76.1 )

Amortization expense ( 130.0 ) ( 17.3 ) ( 4.1 ) ( 151.4 )

Other intangible assets, net, as of June September 30, 2026

(a) As of September 30, 2026 and December 31, 2025, the gross amount of customer relationships totaled $ 2,053.8 million and $ 1,051.3 million, respectively, and, net of accumulated amortization, totaled $ 1,388.6 million and $ 465.2 million, respectively.

(a) (b) Consists principally of pre-qualifications, intellectual property and non-compete agreements. Additions for the six nine months ended June September 30, 2026 related to the first quarter asset acquisition included within the Company s Pipeline Infrastructure segment.

(b) (c) Represents adjustments, net, to preliminary estimates of fair value within the measurement period of up to one year from the date of acquisition. Measurement period adjustments, net, for the six nine months ended June September 30, 2026 relate related primarily to decreases in amortizing intangible assets resulting from valuation adjustments.

During the three months ended June September 30, 2026, no events occurred that would indicate it was more likely than not that a goodwill impairment exists. or other intangible asset impairments exist.

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Acquisition consideration: Total

Total consideration paid, net $ 237.6

2026 Acquisitions. Effective in January 2026, MasTec acquired 86 % of the equity interests of McKee Utility Contractors, LLC ( McKee ), an infrastructure services company that specializes in water and wastewater distribution networks in the south central region of the United States, which is included within the Company s Clean Energy and Infrastructure segment. MasTec has the option to acquire the remaining noncontrolling interest in the entity following the third anniversary of the consummation date. The aggregate purchase price consisted of approximately $ 262 237 million in cash, net of cash acquired, subject to certain working capital and other contractually agreed-upon adjustments.

On July 20, 2026, MasTec acquired all of the equity interests of Superior, a premier full-service electrical contractor focused on critical infrastructure, which is included within the Company s Power Delivery segment. Superior is a recognized leader in large load electrical infrastructure while serving a diverse range of end markets, including technology, healthcare, entertainment and industrial. The aggregate purchase price consisted of $ 1.2 billion in cash, net of cash acquired, subject to certain working capital and other contractually agreed-upon adjustments; 1,219,498 shares of MasTec common stock issued from its treasury shares; and a three-year earn-out liability, with no maximum payment amount. The cash portion of the acquisition was funded with a combination of cash on hand, borrowings under the Company s amended Credit Facility, and a new unsecured term loan facility. See Note 8 Debt for additional information.

Additionally, effective in June 2026, MasTec acquired all of the equity interests of a fiber optic repair and telecommunications company, which is included within the Company s Communications segment; and, effective in August 2026, MasTec acquired all of the equity interests of a company that specializes in pipeline infrastructure, which is included within the Company s Pipeline Infrastructure segment. The aggregate purchase price of these acquisitions consisted of $ 128 million in cash, net of cash acquired, and earn-out liabilities with terms of up to five years .

The following table summarizes, as of June September 30, 2026, the estimated fair values of the consideration paid, net assets acquired, and non-controlling interest assumed for the Company s acquisition of McKee 2026 acquisitions (in millions):

Acquisition consideration: McKee Superior All Others

Cash paid $ 261.4 $ 1,297.7 $ 128.3

Value of shares transferred 410.5

Estimated fair value of contingent consideration 179.4 15.5

Less: cash acquired ( 24.8 ) ( 59.6 ) ( 0.3 )

Total consideration paid, net $ 236.6 $ 1,828.0 $ 143.5

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Prepaid expenses 14.7

Long-term assets, primarily operating lease right-of-use assets 2.2

Other accrued expenses ( 2.6 )

Long-term liabilities, primarily operating lease liabilities and deferred income taxes ( 45.9 )

Total net assets acquired $ 237.6

Additionally, effective in June 2026, MasTec acquired all of the equity interests of a fiber optic repair and telecommunications company, which is included within the Company s Communications segment. The aggregate purchase price of this acquisition consisted of approximately $ 12 million in cash, net of cash acquired, and a three -year earn-out liability. The cash consideration was payable as of June 30, 2026, and was paid in July 2026.

Accounts receivable and contract assets $ 79.7 $ 495.5 $ 40.2

Property and equipment 42.1 9.8 59.2

Amortizing intangible assets 141.5 1,034.0 44.3

Accounts payable ( 30.0 ) ( 182.9 ) ( 22.1 )

Contract liabilities ( 22.9 ) ( 181.6 ) ( 3.6 )

Other accrued expenses ( 11.6 ) ( 32.3 ) ( 11.0 )

Other liabilities (b)

Total identifiable net assets, excluding cash $ 178.9 172.4 $ 1,209.7 $ 106.5

Goodwill 105.8 639.2 37.0

Total net assets, excluding cash $ 279.4 278.2 $ 1,848.9 $ 143.5

Less: non-controlling interest ( 41.8 41.6 ) ( 20.9 )

Total net assets acquired $ 236.6 $ 1,828.0 $ 143.5

(a) Other assets acquired primarily consist of prepaid expenses and operating lease right-of-use assets, and for the Superior acquisition, the basis in equity method investments.

(b) Other liabilities acquired include operating lease liabilities and, for the McKee acquisition, deferred income taxes.

Amortizing intangible assets related to the 2026 acquisitions are primarily composed of customer relationships and, to a lesser extent, backlog and trade names. The weighted average amortization period of the amortizable intangible assets acquired was 8.9 years. The following table summarizes the estimated fair values of identifiable intangible assets for the Company s 2026 acquisitions as of September 30, 2026, and the related weighted average amortization periods by type (in millions):

Estimated Fair Value

Weighted Average Amortization Period (in years) McKee Superior All Others

Customer relationships 9.8

Total identifiable intangible assets $ 141.5 $ 1,034.0 $ 44.3

Amortizing intangible assets related to the McKee acquisition are primarily composed of Customer relationships and, to a lesser extent, backlog and trade names. Customer relationships and backlog intangible assets of McKee, in the aggregate, totaled approximately $ 139 million and each had a weighted average life of approximately 13 years and 2 years, respectively. Customer relationships are based on operational history and the nature of the customers, which are primarily municipalities and utility customers for McKee and primarily general contractors for Superior. Backlog is based on estimated cash flows expected to be derived from future work on acquired contracts with customers. The fair values of the customer relationships and acquired backlog intangible assets were determined using the multi-period excess earnings method under the income approach. This method reflects the present value of the projected operating cash flows generated by the intangible asset after considering the cost to realize revenue and an appropriate discount rate to reflect the time value and risk associated with the invested capital. The fair values of the trade names were determined using the relief-from-royalty method under the income approach, which assumes that the assets have value to the extent that the Company is relieved of the obligation to pay royalties for the benefits received from them, with significant assumptions including forecasted revenue, royalty rates and discount rates. The significant assumptions used by the Company in determining the fair value of customer relationships intangible assets include future forecasted revenues attributable to customer relationships, Earnings before interest, taxes, depreciation and amortization ( EBITDA ) margins, discount rates, and customer attrition rates. The weighted average life of amortizing intangible assets in the aggregate for the McKee acquisition was 10 years. Amortizing intangible assets Such assumptions are amortized in a manner consistent with classified as Level 3 inputs within the pattern in which fair value hierarchy. The related benefits are expected weighted average discount rate and customer attrition rates used to be consumed. determine the preliminary fair value of the noncontrolling interest of McKee was estimated based on the price MasTec paid customer relationships for its 86 the acquisitions were 19.9 % controlling interest. and 5.0 %, respectively, for the Company s 2026 acquisitions.

Determination of the estimated fair values of net assets acquired and consideration transferred for these acquisitions, which have been accounted for as business combinations under ASC Topic 805, Business Combinations ( ASC 805 ), was preliminary as of June September 30, 2026; as a result, further adjustments to these estimates may occur, with potential updates primarily related to amortizing intangible asset values, accounts payable, certain contingent liabilities, contract liabilities, and closing working capital adjustments. The Company expects to finalize the valuations and complete the purchase price consideration allocations no later than one year from the acquisition dates. As of June September 30, 2026, the remaining potential undiscounted earn-out liabilities for the 2026 acquisitions were estimated to be up to $ 6 318 million; however, there is no maximum payment amount. See Note 4 Fair Value of Financial Instruments for fair value estimates and other details related to the Company s earn-out arrangements. As of September 30, 2026, $ 676 million of the goodwill balance related to these acquisitions is expected to be tax deductible.

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Q3 2026 Acquisitions. In July 2026, MasTec acquired all of the equity interests of Superior, a premier full-service electrical contractor focused on critical infrastructure, which the Company expects to include within its Power Delivery segment. Superior is a recognized leader in building data center infrastructure while serving a diverse range of end markets including healthcare, entertainment and industrial. The aggregate purchase price of the acquisition, excluding cash acquired and subject to certain adjustments, was approximately $ 1.6 billion, consisting of approximately $ 1.2 billion in cash and 1,219,498 shares of MasTec common stock issued from its treasury shares, which had a fair value of $ 410.5 million as of the acquisition date. Additionally, the acquisition included an earn-out arrangement under which additional consideration may be payable based on the achievement of certain financial performance targets over a three-year period. The cash portion of the acquisition was funded with a combination of cash on hand, and borrowings under the Company s amended Credit Facility and a new unsecured delayed draw term loan facility. See Note 8 Debt. The Company accounted for the acquisition of the ownership interests of Superior as business combination in accordance with ASC 805 and will consolidate the results of this entity in its consolidated financial statements. The final consideration amount for this acquisition remains subject to certain post-closing adjustments, including with respect to net working capital, tax estimates and other contractually agreed-upon adjustments to consideration. Additionally, the Company is in the process of performing procedures to determine the consideration and fair value of the assets acquired and liabilities assumed in connection with this acquisition, including the fair value assessment of the earn-out liability, and will include the preliminary purchase price allocation in its Quarterly Report on Form 10-Q for the period ending September 30, 2026.

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Additionally, effective in July 2025, MasTec acquired certain of the assets of an equipment company, which is accounted for as an asset acquisition under ASC 805 and included within the Company s Pipeline Infrastructure segment.

The aggregate purchase price of the Company s 2025 acquisitions was composed of approximately $ 87 89 million in cash, net of cash acquired, and a five year earn-out liability valued at approximately $ 13 million with respect to one of such acquisitions. Determination of the estimated fair values of net assets acquired and consideration transferred for two of these acquisitions, which have been accounted for as business combinations under ASC 805, was preliminary as of June September 30, 2026; as a result, further adjustments to these estimates may occur. The Company expects to finalize the valuation and complete the purchase price consideration allocation no later than one year from the acquisition date. As of June September 30, 2026, the remaining potential undiscounted earn-out liabilities for the 2025 acquisitions was were estimated to be up to between $ 20 2 million and $ 18 million; however, there is no maximum payment amount. See Note 4 Fair Value of Financial Instruments for fair value estimates and other details related to the Company s earn-out arrangements. Approximately $ 35 34 million of the goodwill balance related to the 2025 acquisitions is expected to be tax deductible as of June September 30, 2026.

HMG Additional Payments . The purchase agreement in connection with the 2021 acquisition of HMG provided for certain additional payments to be made to the sellers if certain receivables are collected by the Company (the Additional Payments ). As of December 31, 2025, the estimated fair value of remaining Additional Payments totaled $ 17.8 million, which was included within other current liabilities in the consolidated balance sheets. During the six months ended June 30, first and second quarters of 2026, the Company collected the remaining receivables subject to the Additional Payments, including the $ 3.9 million collected during the first quarter of 2026. As a result, a final Additional Payment of $ 35.1 million was made in May 2026, consisting of approximately $ 8.9 million in cash, which is reflected within financing activities in the consolidated statement statements of cash flows, and 67,592 shares of MasTec common stock. For the three and six nine months ended June September 30, 2026 and 2025, the Company recorded fair value adjustments totaling expenses of $ 4.4 million and $ 13.4 million respectively, and for the six months ended June 30, 2025, such adjustments totaled an expense of $ 1.7 3.9 million, respectively, which are recorded within general and administrative expenses.

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The Company s unaudited pro forma financial results were prepared by adding the unaudited historical results of acquired businesses to the historical results of MasTec, and then adjusting those combined results for (i) acquisition costs; (ii) amortization expense from acquired intangible assets; (iii) interest expense from cash consideration paid; associated with debt incurred to finance the acquisitions; (iv) interest expense from debt repaid upon acquisition; and (iv) (v) other purchase accounting related adjustments. These unaudited pro forma financial results do not include adjustments to reflect other cost savings or synergies that may have resulted from these acquisitions. Future results may vary significantly due to future events and other factors, many of which are beyond the Company s control.

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Revenue $ 4,375.0 $ 3,686.6 $ 8,206.1 $ 6,632.6

Net income 147.7 96.2 219.5 101.3

Acquisition-related results . The Company defines acquisition-related results as results from acquired businesses for the first twelve months following the dates of the respective acquisitions. For the three and six months ended June 30, 2026, the Company s consolidated results of operations included acquisition-related revenue of approximately $ 195.1 million and $ 363.7 million, respectively. Acquisition-related net income for the three months ended June 30, 2026 was immaterial , and for the six months ended June 30, 2026 totaled approximately $ 4.5 million, based on the Company s consolidated effective tax rate. These acquisition-related results include amortization of acquired intangible assets and certain acquisition integration costs.

Revenue $ 5,252.0 $ 4,346.5 $ 14,288.8 $ 11,477.5

Net income 174.3 174.6 403.0 276.9

Acquisition results . Revenue and net income from the Company s 2026 acquisitions included within the Company s consolidated results of operations for the three months ended June September 30, 2026 were $ 72.0 602.4 million and $ 2.9 44.9 million, respectively, and $ 133.2 735.6 million and $ 5.4 50.2 million for the six nine months ended June September 30, 2026, respectively. Revenue and net income from the Company s 2025 acquisitions included within the Company s consolidated results of operations for both the three and nine months ended September 30, 2025 were immaterial . Acquisition costs incurred for acquisitions completed in 2026 were $ 1.9 5.8 million and $ 7.8 million for the six three and nine months ended June September 30, 2026, respectively.

Note 4: Fair Value of Financial Instruments 12 changes

3 unchanged paragraphs

Acquisition-related contingent consideration is composed of earn-outs, which represent the estimated fair value of future amounts payable for businesses, which the Company refers to as Earn-outs, that are contingent upon the acquired businesses achieving certain levels of earnings in the future. The fair values of the Company s Earn-out liabilities are estimated using income approaches, such as discounted cash flows flow or option pricing models, both of which incorporate significant inputs not observable in the market (Level 3 inputs), including management s estimates and entity-specific assumptions, such as projected financial results, and are evaluated on an ongoing basis. Key assumptions include the discount rate, which was 11.0 % as of June September 30, 2026 ranged from 11.0 % to 23.8 % with a weighted average rate of 14.1 %, and probability-weighted projections of Earnings before interest, taxes, depreciation revenue, operating costs and amortization ( EBITDA ). cash flows. Significant changes in any of these assumptions could result in significantly higher or lower estimated Earn-out liabilities. The ultimate payment amounts for the Company s Earn-out liabilities will be determined based on the actual results achieved by the acquired businesses. As of June September 30, 2026, the range of potential undiscounted Earn-out liabilities was estimated to be between $ 9 18 million and $ 69 383 million; however, there is no maximum payment amount.

3 unchanged paragraphs

Payments ( 21.3 ) ( 19.2 24.8 )

1 unchanged paragraph

(a) Earn-out liabilities included within other current liabilities totaled approximately $ 23.6 25.1 million and $ 28.2 million as of June September 30, 2026 and December 31, 2025, respectively.

(b) For the six nine months ended June September 30, 2026, fair value adjustments related primarily to increases within the Pipeline Infrastructure Power Delivery segment. For the six nine months ended June September 30, 2025, fair value adjustments related primarily to decreases within the Power Delivery segment, which were partially offset by increases primarily within the Pipeline Infrastructure segment.

The Company s equity investments as of June September 30, 2026 include the Company s: (i) 33 % equity interests in Trans-Pecos Pipeline, LLC and Comanche Trail Pipeline, LLC, collectively Waha JVs ; (ii) 33 % to 50 % equity interests in equity investments specializing in electrical contracting that were included in the net assets acquired as part of the Superior acquisition and are operationally integral to the Company s business (the Integral Investments ); (iii) interests in certain proportionately consolidated non-controlled joint ventures; and (iii) (iv) certain other equity investments. As of June September 30, 2026 and December 31, 2025, the aggregate carrying value of the Company s equity investments, which are recorded within other long-term assets in the consolidated balance sheets, totaled approximately $ 367 452 million and $ 377 million, respectively. During Income or loss from these investments is recorded in the first quarter consolidated statements of 2026, the Company sold its 15 % operations as Equity interest in Cross Country Infrastructure Services, Inc. ( CCI ) earnings of integral unconsolidated affiliates, net for approximately $ 17 million, resulting the Integral Investments and within Equity in an immaterial gain. earnings of unconsolidated affiliates, net for all other equity investments, including the Waha JVs.

During the first quarter of 2026, the Company sold its 15 % equity interest in Cross Country Infrastructure Services, Inc. ( CCI ) for approximately $ 17 million, resulting in an immaterial gain. Except for an investment for which the Company recorded an other-than-temporary impairment loss of $ 7.9 million, included within equity in earnings of unconsolidated affiliates, net, in the first quarter of 2026, there were no impairments related to these investments in either of the three or six nine months ended June September 30, 2026 or 2025.

The Waha JVs . The Waha JVs own and operate certain pipeline infrastructure in the U.S. that transports natural gas to the Mexico border for export. The Company s investments in the Waha JVs are accounted for as equity method investments. Cumulative undistributed earnings from the Waha JVs, which represents cumulative equity in earnings for the Waha JVs less distributions of earnings, totaled $ 156 159 million as of June September 30, 2026. The Company s net investment in the Waha JVs, which differs from its proportionate share of the net assets of the Waha JVs due primarily to equity method goodwill associated with capitalized investment costs, totaled approximately $ 299 305 million and $ 290 million as of June September 30, 2026 and December 31, 2025, respectively. The table below reflects the investment activity of the Waha JVs for the periods indicated (in millions):

2 unchanged paragraphs

(a) Equity in earnings related to the Company s proportionate share of income from the Waha JVs is recorded in Equity in earnings of unconsolidated affiliates, net in the consolidated statements of operations and included within the Company s Other segment.

1 unchanged paragraph

Other Equity Investments. The Company has equity interests in certain other entities that are accounted for as equity method investments, including the Company made no equity contributions to, nor received any distributions from, these other entities Integral Investments. For the six nine months ended June September 30, 2026, or 2025. The Company has subcontracting arrangements with certain of equity contributions related to these entities for the performance of construction services, and expenses recognized in connection with these arrangements totaled approximately $ 0.4 1.6 million, and $ 0.9 million for the three and six nine months ended June September 30, 2026, respectively, and totaled approximately $ 0.6 million and $ 2.0 million 2025, the Company made no equity contributions to these other entities. For the three and six nine months ended June 30, 2025, respectively. As of June September 30, 2026 and December 31, 2025, related amounts payable to distributions from these entities totaled approximately $ 0.1 15.1 million and $ 0.3 0.5 million, respectively, As of June 30, with the 2026 and December 31, 2025, receivables distributions primarily related to these arrangements totaled approximately $ 0.2 million and $ 4.0 million, respectively. the Company s Integral Investments.

Certain subsidiaries of MasTec provide services to certain of these equity method investments. Revenue recognized in connection with these services totaled approximately $ 18.3 million for both the three and nine months ended September 30, 2026. Additionally, the Company has subcontracting arrangements with certain of these entities for the performance of construction services, and expenses recognized in connection with these arrangements totaled approximately $ 0.6 million and $ 1.5 million for the three and nine months ended September 30, 2026, respectively, and totaled approximately $ 0.9 million and $ 2.9 million for the three and nine months ended September 30, 2025, respectively. As of both September 30, 2026 and December 31, 2025, related amounts payable to these entities totaled approximately $ 0.3 million. As of September 30, 2026 and December 31, 2025, receivables from these entities totaled approximately $ 2.0 million and $ 4.0 million, respectively.

Variable Interest Entities . The Company has determined that certain of its investment arrangements are variable interest entities ( VIEs ). Management assesses its VIEs on an ongoing basis to determine if the Company is the primary beneficiary and if consolidation is required. As of June September 30, 2026, management determined that the Company is the primary beneficiary of two of its VIEs, which include an electric utility contractor. Accordingly, these entities have been consolidated within the Company s financial statements, with the other parties interests accounted for as non-controlling interests. As of June September 30, 2026 and December 31, 2025, the carrying values of assets associated with the Company s consolidated VIEs totaled approximately $ 188.7 155.5 million and $ 187.3 million, respectively, which amounts consisted primarily of accounts receivable, net of allowance and contract assets. The carrying values of liabilities associated with the Company s consolidated VIEs totaled approximately $ 185.6 152.0 million and $ 184.6 million as of June September 30, 2026 and December 31, 2025, respectively, which amounts consisted primarily of accounts payable. The Company has not provided, nor is it obligated to provide, any financial support to any of its consolidated VIEs.

The carrying values of the Company s VIEs that are not consolidated totaled approximately $ 10 12 million and $ 20 million as of June September 30, 2026 and December 31, 2025, respectively, and are recorded within other long-term assets in the consolidated balance sheets, with the decrease primarily attributable to an other-than-temporary impairment loss of $ 7.9 million, as described above. Management believes that the Company s maximum exposure to loss for its non-consolidated VIEs, inclusive of additional financing commitments, approximated $ 11 13 million and $ 28 million as of June September 30, 2026 and December 31, 2025, respectively.

Note 5: Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities 14 changes

1 unchanged paragraph

Contract billings $ 1,760.9 $ 1,558.2

Less allowance ( 16.8 ) ( 17.9 )

Unbilled receivables 1,894.2 1,573.5

Contract billings $ 2,554.3 $ 1,558.2

Less allowance ( 13.6 ) ( 17.9 )

Accounts receivable, net of allowance $ 1,744.1 2,540.7 $ 1,540.3

Retainage $ 590.2 756.2 $ 428.4

Unbilled receivables 2,022.0 1,573.5

Contract assets $ 2,484.4 2,778.2 $ 2,001.9

Contract billings represent the amount of performance obligations that have been billed but not yet collected, whereas contract assets consist of unbilled receivables and retainage. Unbilled receivables, which are included in contract assets, represent the estimated value of unbilled work for projects with performance obligations recognized over time. Unbilled receivables include amounts for work performed for which the Company has an unconditional right to receive payment and that are not subject to the completion of any other specific task, other than the billing itself. Retainage represents a portion of the contract amount that has been billed, but for which the contract allows the customer to retain a portion of the billed amount until final contract settlement. As of June September 30, 2026, the increase in contract assets was driven primarily by ordinary course project activity within the Company s Clean Energy and Infrastructure and Pipeline Infrastructure Power Delivery segments, including in connection with increased project volume and the timing of billings, as well as the impact of a the McKee acquisition in the first quarter acquisition within the Clean Energy and Infrastructure segment and the Superior acquisition in the third quarter within the Power Delivery segment.

For the six nine months ended June September 30, 2026 provisions for credit losses totaled approximately $ 0.1 million and for the six months ended June 30, 2025, provisions for credit losses totaled recoveries of approximately $ 1.1 3.4 million and $ 0.7 million, respectively, both of which included certain project-specific reserves. Impairment losses on contract assets were not material in either period.

Contract liabilities, which are generally classified within current liabilities on the Company s consolidated balance sheets, consist primarily of deferred revenue and also include the amount of any accrued project losses. Under certain contracts, the Company may be entitled to invoice the customer and receive payments in advance of performing the related contract work. In those instances, the Company recognizes a liability for advance billings in excess of revenue recognized, which is referred to as deferred revenue. Total contract liabilities, including accrued project losses, totaled approximately $ 760.9 1,101.5 million and $ 747.7 million as of June September 30, 2026 and December 31, 2025, respectively, of which deferred revenue comprised approximately $ 752.4 1,087.1 million and $ 741.0 million, respectively. The increase in contract liabilities as of September 30, 2026 was driven primarily by ordinary course project activity, including increased project volume and the timing of billings within the Company s Clean Energy and Infrastructure segment, as well as the impact of the Superior acquisition in the third quarter within the Power Delivery segment, partially offset by a decrease in connection with the timing of billings in the Power Delivery segment.

For the six nine months ended June September 30, 2026 and 2025, the Company recognized revenue of approximately $ 687.1 713.0 million and $ 668.9 695.4 million, respectively, related to amounts that were included in deferred revenue as of December 31, 2025 and December 31, 2024, respectively, resulting primarily from the advancement of physical progress on the related projects during the respective periods.

The Company is party to certain non-recourse financing arrangements in the ordinary course of business, under which certain receivables are sold to a financial institution in return for a nominal fee. The Company has certain additional non-recourse financing arrangements under which it continues to manage collections for the transferred receivables, and for which the corresponding servicing assets or liabilities are not material. For the six nine months ended June September 30, 2026 and 2025, the Company sold approximately $ 333 483 million and $ 236 378 million, respectively, of receivables under financing arrangements for which it continues to manage collections for the transferred receivable, receivables, and, as of June September 30, 2026 and December 31, 2025, outstanding sold receivables related thereto totaled approximately $ 161 148 million and $ 172 million, respectively, which amounts are excluded from accounts receivable, net of allowance, in the consolidated balance sheets. The Company s involvement in the collection process for these receivables is not considered to constitute significant continuing involvement, and, therefore, the receivables are accounted for as a sale under ASC Topic 860, Transfers and Servicing . Cash collections from the sale of receivables are reflected within operating activities in the consolidated statements of cash flows. The Company is also party to arrangements with certain customers that allow for early collection of receivables for a nominal fee, at the Company s option. Discount charges related to the above described financing arrangements, which are included within interest expense, net, totaled approximately $ 6.2 3.9 million and $ 6.6 5.7 million for the three months ended June September 30, 2026 and 2025, respectively, and totaled approximately $ 11.9 15.8 million and $ 12.0 17.6 million for the six nine months ended June September 30, 2026 and 2025, respectively.

Note 6: Property and Equipment, Net 2 changes

2 unchanged paragraphs

Machinery, equipment and vehicles 3,506.0 3,668.1 3,295.8

5 unchanged paragraphs

As of June September 30, 2026 and December 31, 2025, the gross amount of capitalized internal-use software totaled $ 245.5 245.3 million and $ 247.2 million, respectively, and, net of accumulated amortization, totaled $ 45.2 42.1 million and $ 54.0 million, respectively. Accrued capital expenditures, the effects of which are excluded from capital expenditures in the Company s consolidated statements of cash flows given their non-cash nature, totaled $ 12.0 22.3 million and $ 25.5 9.3 million as of June September 30, 2026 and 2025, respectively.

Note 7: Other Accrued Expenses 3 changes

1 unchanged paragraph

Accrued project costs $ 226.3 200.2 $ 270.9

1 unchanged paragraph

Income, sales and other taxes 99.8 131.4 64.7

Other accrued expenses $ 528.0 556.1 $ 540.8

1 unchanged paragraph

Note 8: Debt 42 changes

1 unchanged paragraph

Description Maturity Date June September 30,

1 unchanged paragraph

Revolving loans $ 475.8 $ 118.0

Revolving loans $ 1,042.2 $ 118.0

5 unchanged paragraphs

Less unamortized deferred financing costs ( 12.7 ) ( 14.9 )

Total debt, net of deferred financing costs $ 2,740.2 $ 2,330.7

August 15, 2029 72.7 72.3

5.850 % Senior Notes

September 30, 2036 650.0

2025 Term Loan Facility June 26, 2028 600.0 150.0 600.0

2026 Term Loan Facility:

Three-Year Tranche July 20, 2029 400.0

Four-Year Tranche July 19, 2030 300.0

Finance lease and other obligations 454.4 498.9 405.3

Total debt obligations $ 2,752.9 4,191.1 $ 2,345.6

Less unamortized discount and deferred financing costs ( 22.6 ) ( 14.9 )

Total debt obligations, net $ 4,168.5 $ 2,330.7

Current portion of long-term debt 166.4 180.7 154.3

Long-term debt $ 2,573.8 3,987.8 $ 2,176.4

1 unchanged paragraph

The Company maintains a senior unsecured credit facility (the Credit Facility ), which is composed of revolving commitments and matures on June 26, 2030. On July 7, 2026, the Credit Facility was amended to increase the aggregate revolving commitments from $ 1.9 billion to $ 2.25 billion. The other terms and conditions of the Credit Facility remain unchanged. Concurrent with the closing of the Superior acquisition, the Company borrowed $ 600 million under the Credit Facility, approximately $ 580 million of which was used to finance a portion of the cash consideration for the acquisition and related transactions and financing costs, with the remainder used for other working capital purposes.

As of both June September 30, 2026 and December 31, 2025, the fair value of the Credit Facility, as estimated based on an income approach utilizing significant unobservable Level 3 inputs including discount rate assumptions, approximated its carrying value.

As of June September 30, 2026 and December 31, 2025, outstanding revolving loans accrued interest at weighted average rates of approximately 4.78 5.09 % and 4.56 % per annum, respectively, and included $ 45.8 42.2 million and $ 43.0 million, respectively, of borrowings denominated in Canadian dollars. Letters of credit of approximately $ 55.8 81.7 million and $ 57.1 million were issued as of June September 30, 2026 and December 31, 2025, respectively. As of both June September 30, 2026 and December 31, 2025, letter of credit fees accrued at 0.4375 % per annum for performance standby letters of credit, and at 1.250 % per annum for financial standby letters of credit. Outstanding letters of credit mature at various dates and most have automatic renewal provisions, subject to prior notice of cancellation.

As of June September 30, 2026 and December 31, 2025, availability for revolving loans totaled $ 1,368.5 1,126.1 million and $ 1,724.9 million, respectively, or up to $ 694.2 668.3 million and $ 692.9 million, respectively, for new letters of credit. Revolving loan borrowing capacity included $ 254.2 257.8 million and $ 257.0 million of availability in either Canadian dollars or Mexican pesos as of June September 30, 2026 and December 31, 2025, respectively. The unused facility fee as of both June September 30, 2026 and December 31, 2025 accrued at rates a rate of 0.175 % per annum.

1 unchanged paragraph

The Company has a separate credit facility, under which it may issue up to $ 50.0 million of performance standby letters of credit. As of both June September 30, 2026 and December 31, 2025, letters of credit issued under this facility totaled $ 16.3 million and $ 33.4 million, respectively, which accrued fees at 0.50 % per annum for both periods. Additionally, in October 2026, the Company entered into a new letter of credit agreement providing for the issuance of up to $ 100 million in aggregate of performance and financial standby letters of credit.

4.500% Senior Notes. As of both June September 30, 2026 and December 31, 2025, the gross carrying amount of the Company s 4.500 % senior notes due August 15, 2028 (the 4.500 % 4.500% Senior Notes ) totaled $ 600.0 million, and their estimated fair value totaled approximately $ 593.8 586.7 million and $ 595.7 million, respectively. As of both June 30, 2026 and December 31, 2025, the gross carrying amount of the Company s 5.900 % senior notes due June 15, 2029 (the 5.900 % Senior Notes ) totaled $ 550.0 million, and their estimated fair value totaled approximately $ 565.1 million and $ 574.1 million, respectively. As of June 30, 2026 and December 31, 2025, the gross carrying amount of the Company s 6.625 % senior notes due August 15, 2029 (the 6.625 % Senior Notes ) totaled $ 72.7 million and $ 72.3 million, respectively, and their estimated fair value approximated their carrying value for both respective periods. As of June 30, 2026 and December 31, 2025, the estimated fair values of the Company s senior notes were determined based on an exit price approach using Level 2 inputs.

5.900% Senior Notes. As of both September 30, 2026 and December 31, 2025, the gross carrying amount of the Company s 5.900 % senior notes due June 15, 2029 (the 5.900% Senior Notes ) totaled $ 550.0 million, and their estimated fair value totaled approximately $ 550.8 million and $ 574.1 million, respectively.

6.625% Senior Notes. As further described below, the Company used a portion of the net proceeds from the 5.850% Senior Notes (as defined below) to redeem the $ 74.9 million aggregate principal amount of the 6.625% Senior Notes that would have otherwise matured on August 15, 2029 (the 6.625 % Senior Notes ).

5.850% Senior Notes. On August 17, 2026, the Company completed an offering of $ 650 million aggregate principal amount of 5.850 % senior unsecured notes due September 30, 2036 (the 5.850% Senior Notes ). Interest on the 5.850% Senior Notes is payable semiannually in arrears on March 30 and September 30 of each year, beginning on March 30, 2027. The 5.850% Senior Notes are senior unsecured obligations of the Company and rank equally with all of the Company s other senior unsecured indebtedness. The 5.850% Senior Notes are effectively subordinated to all secured indebtedness of the Company, to the extent of the value of the assets securing such indebtedness, and structurally subordinated to all of the obligations of the subsidiaries of the Company, including trade payables. As of September 30, 2026, the estimated fair value of the Company s 5.850% Senior Notes totaled approximately $ 617.3 million.

The Company has the option to redeem all or a portion of the 5.850% Senior Notes at the redemption prices specified in the indenture that governs the 5.850% Senior Notes (the 5.850% Senior Notes Indenture ), plus accrued and unpaid interest, if any, to, but excluding, the redemption date. If a change of control triggering event, as defined in the 5.850% Senior Notes Indenture, occurs, each holder of the 5.850% Senior Notes will have the right to require the Company to repurchase all or any portion of such holder s 5.850% Senior Notes then outstanding at a price equal to 101 % of the principal amount of the 5.850% Senior Notes, plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase, subject to the right of holders of 5.850% Senior Notes on the relevant record date to receive interest due on the relevant interest payment date.

The 5.850% Senior Notes Indenture, among other things, generally limits the ability of the Company and certain of its subsidiaries to create liens, enter into sale and leaseback transactions and effect mergers, subject to certain exceptions. The 5.850% Senior Notes Indenture provides for customary events of default, which include, subject, in certain cases, to customary grace and cure periods, among others, nonpayment of principal or interest; breach of other covenants or agreements in the 5.850% Senior Notes Indenture; failure to pay certain other indebtedness; and certain events of bankruptcy or insolvency. Generally, if an event of default occurs and is continuing, the trustee or holders of at least 25% of the 5.850% Senior Notes then outstanding may declare the principal amount, premium, if any, and accrued interest on all of the 5.850% Senior Notes to be immediately due and payable.

The Company used a portion of the net proceeds from the 5.850% Senior Notes offering to repay $ 450 million of the $ 600 million senior unsecured term loan facility (the 2025 Term Loan Facility ) and redeem the $ 74.9 million aggregate principal amount of the 6.625% Senior Notes that would have otherwise matured on August 15, 2029. The redemption was completed on August 17, 2026 (the Redemption Date ) at a redemption price equal to 100 % of the aggregate principal amount of the 6.625% Senior Notes redeemed, plus accrued and unpaid interest to, but not including, the Redemption Date. The remaining net proceeds were used for working capital and other general corporate purposes.

The estimated fair values of the Company s senior notes outstanding as of September 30, 2026 and December 31, 2025, as applicable, were determined based on an exit price approach using Level 2 inputs.

1 unchanged paragraph

The fair value of the 2025 Term Loan Facility as of June 30, 2026 and December 31, 2025, as estimated based on an income approach utilizing significant unobservable Level 3 inputs including discount rate assumptions, approximated its carrying value.

As described above, the Company maintains used a portion of the net proceeds from the 5.850% Senior Notes to repay $ 450 million of the original $ 600 million senior unsecured term loan facility aggregate principal amount under the 2025 Term Loan Facility, ) that which matures on June 26, 2028. Borrowings under the As of September 30, 2026 and December 31, 2025, Term Loan Facility outstanding borrowings were $ 150 million and $ 600 million, respectively, and accrued interest at rates of 5.03 % and 4.85 %, respectively. Such borrowings are not subject to amortization and are not guaranteed by, or secured by any assets of, the Company or any of its subsidiaries. As of both June 30, 2026 and December 31, 2025, The Company had $ 600 million outstanding under fair value of the 2025 Term Loan Facility and accrued interest at rates as of 4.77 % September 30, 2026 and 4.85 %, respectively. December 31, 2025, as estimated based on an income approach utilizing significant unobservable Level 3 inputs, including discount rate assumptions, approximated its carrying value.

1 unchanged paragraph

On July 7, 2026, the Company entered into a new senior unsecured delayed draw term loan agreement (the 2026 Term Loan Facility ), providing $ 700 million in delayed draw term loan commitments (the Term Loan Commitments ), consisting of $ 400 million of three-year commitments (the Three-Year Tranche ) and $ 300 million of four-year commitments (the Four-Year Tranche ). The Term Loan Commitments were fully drawn in July 2026, and were used to finance a portion of the cash consideration for the acquisition of Superior and related transaction and financing costs. See Note 3 Acquisitions, Goodwill and Other Intangible Assets, Net for additional information. The Three-Year Tranche will mature on July 20, 2029 and the Four-Year Tranche will mature on July 19, 2030. Loans under the Three-Year Tranche are not subject to amortization. Loans under the Four-Year Tranche will be amortized in quarterly principal installments of $ 3.75 million commencing on December 31, 2027 and will increase to $ 7.5 million on December 31, 2028, until maturity, subject to the application of certain prepayments.

December 31, 2027 and will increase to $ 7.5 million on December 31, 2028, until maturity, subject to the application of certain prepayments. As of September 30, 2026, the Company had $ 700 million outstanding under the 2026 Term Loan Facility. The fair value of the 2026 Term Loan Facility as of September 30, 2026, as estimated based on an income approach utilizing significant unobservable Level 3 inputs including discount rate assumptions, approximated its carrying value.

Outstanding loans under the Three-Year Tranche bear interest, at the Company s option, at a rate equal to either (a) Term Secured Overnight Financing Rate ( SOFR ), as defined in the 2026 Term Loan Facility, plus a margin of 1.000 % to 1.500 %, or (b) Base Rate, as defined below, plus a margin of up to 0.500 %. Outstanding loans under the Four-Year Tranche bear interest, at the Company s option, at a rate equal to either (a) Term SOFR plus a margin of 1.125 % to 1.625 %, or (b) Base Rate, plus a margin of 0.125 % to 0.625 %. The Base Rate equals the highest of (i) the Federal Funds Rate, as defined in the 2026 Term Loan Facility, plus 0.50 %, (ii) Bank of America s prime rate, and (iii) Term SOFR plus 1.00 %. In each of the foregoing cases, the applicable margin is based on the Company s Consolidated Leverage Ratio and Debt Rating, each as defined in the 2026 Term Loan Facility, as of the most recent fiscal quarter. The Company must also pay ticking fees at a rate As of 0.175 % on any undrawn commitments under September 30, 2026, the 2026 Term Loan Facility accrued interest at a rate of 5.20%.

The obligations under the 2026 Term Loan Facility are not guaranteed and are not secured by any assets of the Company or any of its subsidiaries. The 2026 Term Loan Facility contains affirmative and negative covenants that, among other things, limit the Company s ability to engage in certain activities, including, but not limited to, acquisitions, mergers and consolidations, debt incurrence, investments, asset sales and lien incurrence. In addition, the 2026 Term Loan Facility provides for customary events of default and carries cross-default provisions with the Company s other significant debt instruments, including the Company s indemnity agreement with its surety provider, as well as customary remedies, including the acceleration of repayment of outstanding amounts. The 2026 Term Loan Facility requires the Company to maintain a Consolidated Leverage Ratio, as defined in the 2026 Term Loan Facility, of not more than 3.50 :1.00 as of the end of any fiscal quarter (except that, subject to certain conditions, if a permitted acquisition or series of permitted acquisitions having consideration exceeding $ 200 million occurs, such ratio is increased to 4.00 :1.00 for the fiscal quarter in which the acquisition is completed and the four subsequent fiscal quarters). For purposes of calculating the Consolidated Leverage Ratio, funded indebtedness excludes undrawn standby performance letters of credit included in the calculation of Consolidated Funded Indebtedness, as defined in the 2026 Term Loan Facility.

The Company s outstanding debt instruments are subject to certain provisions and covenants, as more fully described above and in Note 8 Debt in the Company s 2025 Form 10-K. MasTec was in compliance with the provisions and covenants of its outstanding debt instruments as of both June September 30, 2026 and December 31, 2025.

1 unchanged paragraph

The Company recorded deferred financing costs and debt discounts of $ 12.2 million in connection with the amendment to the Credit Facility, the 2026 Term Loan Facility, and the 5.850% Senior Notes offering, including $ 2.2 million of debt discount associated with the 5.850% Senior Notes. These amounts are being amortized to interest expense using the effective interest method over the respective terms of those instruments.

As of June September 30, 2026 and December 31, 2025, accrued interest payable, which is recorded within other accrued expenses in the consolidated balance sheets, totaled $ 15.9 21.8 million and $ 16.0 million, respectively. For additional information pertaining to the Company s debt instruments, see Note 8 Debt in the Company s 2025 Form 10-K.

Loss on Extinguishment of Debt

For the three months ended September 30, 2026, the Company recognized a pre-tax debt extinguishment loss of $ 3.2 million, including the write-off of unamortized debt discount associated with the redemption of the $ 74.9 million 6.625% Senior Notes and unamortized deferred financing costs associated with the repayment of $ 450 million of the $ 600 million outstanding under the 2025 Term Loan Facility, which is separately presented within the Company s consolidated statements of operations.

Note 9: Lease Obligations 17 changes

In the ordinary course of business, the Company enters into agreements that provide financing primarily for machinery, equipment, and vehicles, including certain related party leases. As of June September 30, 2026, the Company s leases have remaining lease terms of up to 13 years. Lease agreements may contain renewal clauses, which, if elected, generally extend the term of the lease for 1 to 5 years for both equipment and facility leases. Certain lease agreements may also contain options to purchase the leased property and/or options to terminate the lease. In addition, lease agreements may include periodic adjustments to payment amounts for inflation or other variables, or may require payments for taxes, insurance, maintenance or other expenses, which are generally referred to as non-lease components. The Company s lease agreements do not contain significant residual value guarantees or material restrictive covenants.

The gross amount of assets held under finance leases as of June September 30, 2026 and December 31, 2025 totaled $ 819.2 865.6 million and $ 798.8 million, respectively. Assets held under finance leases, net of accumulated depreciation, , totaled $ 590.8 638.8 million and $ 560.1 million as of June September 30, 2026 and December 31, 2025, respectively. Depreciation expense associated with finance leases totaled $ 17.5 19.0 million and $ 17.8 16.9 million for the three months ended June September 30, 2026 and 2025, respectively, and totaled $ 34.8 53.9 million and $ 36.9 53.8 million for the six nine months ended June September 30, 2026 and 2025, respectively.

Operating lease additions for the three months ended June September 30, 2026 and 2025 totaled $ 60.9 104.6 million and $ 47.5 42.3 million, respectively, and for the six nine months ended June September 30, 2026 and 2025, totaled $ 119.8 224.4 million and $ 96.5 138.8 million, respectively. Acquisition-related additions for the six nine months ended June September 30, 2026 were immaterial . For the three months ended June September 30, 2026 and 2025, rent expense operating lease costs for leases that have terms in excess of one year totaled approximately $ 66.3 67.6 million and $ 53.8 57.3 million, respectively, of which $ 5.9 6.0 million and $ 5.1 5.4 million, respectively, represented variable lease costs. For the six nine months ended June September 30, 2026 and 2025, rent expense for such leases totaled approximately $ 130.8 198.4 million and $ 105.1 162.4 million, respectively, of which $ 11.0 17.0 million and $ 10.1 15.5 million, respectively, represented variable lease costs. The Company also incurred rent expense for leases with terms of one year or less totaling approximately $ 225.5 263.0 million and $ 148.2 186.0 million for the three months ended June September 30, 2026 and 2025, respectively, and totaling approximately $ 445.9 708.9 million and $ 282.6 468.6 million for the six nine months ended June September 30, 2026 and 2025, respectively. Rent expense for operating leases is generally consistent with the amount of the related payments, which payments are included within operating activities in the consolidated statements of cash flows.

1 unchanged paragraph

2026, remaining six months $ 80.0 $ 107.3

Total minimum lease payments $ 419.6 $ 544.1

Less amounts representing interest ( 31.3 ) ( 48.9 )

Less current portion 139.9 181.2

Future minimum lease commitments as of June September 30, 2026 were as follows (in millions):

2026, remaining three months $ 46.1 $ 60.2

Total minimum lease payments $ 469.5 $ 589.1

Less amounts representing interest ( 32.9 ) ( 53.0 )

Total lease obligations, net of interest $ 388.3 436.6 $ 495.2 536.1

Less current portion 154.2 200.5

Long-term portion of lease obligations, net of interest $ 248.4 282.4 $ 314.0 335.6

2 unchanged paragraphs

Finance leases 3.2 3.1 3.1

Operating leases 3.5 3.4 3.4

2 unchanged paragraphs

Operating leases 5.2 5.3 % 5.2 %

Note 10: Stockholders' Equity 11 changes

The Company s share repurchase program provides for the repurchase, from time to time, of MasTec common shares in open market transactions or in privately negotiated transactions in accordance with applicable securities laws. There were no share repurchases under the Company s share repurchase program for the six nine months ended June September 30, 2026. For the three and six nine months ended June September 30, 2025, the Company repurchased 0.4 million and 0.7 million shares of its common stock respectively, for an aggregate purchase price totaling $ 40.3 million and $ 77.3 million, respectively, which completed the Company s $ 150 million March 2020 share repurchase program. As of June September 30, 2026, the full amount under the Company s May 2025 $ 250 million share repurchase program remains available for future repurchases. The Company s share repurchase program does not have an expiration date and may be modified or suspended at any time at the Company s discretion.

On July 20, 2026, the Company reissued 1,219,498 shares held in treasury as part of the consideration transferred in the acquisition of Superior. The shares had a cost basis of $ 43.8 million. During the second quarter of 2026, the Company reissued 67,592 shares of its treasury stock with a cost basis of $ 2.4 million in settlement of certain Additional Payments in connection with the HMG acquisition. For additional information related to shares issued for acquisitions, see Note 3 Acquisitions, Goodwill and Other Intangible Assets, Net.

1 unchanged paragraph

The Company has stock-based compensation plans, under which shares of the Company s common stock are reserved for issuance. Under all stock-based compensation plans in effect as of June September 30, 2026, there were approximately 3,847,000 3,836,000 shares available for future grants. Non-cash stock-based compensation expense under all plans totaled approximately $ 11.5 11.3 million and $ 9.4 9.3 million for the three months ended June September 30, 2026 and 2025, respectively, and totaled approximately $ 19.8 31.0 million and $ 16.3 25.6 million for the six nine months ended June September 30, 2026 and 2025, respectively. Income tax benefits associated with stock-based compensation arrangements totaled $ 2.6 2.0 million and $ 1.7 2.5 million for the three months ended June September 30, 2026 and 2025, respectively. For the six nine months ended June September 30, 2026 and 2025, income tax benefits totaled $ 6.6 8.5 million and $ 3.3 5.8 million, respectively, including net tax benefits related to the vesting of share-based payment awards totaling $ 2.6 million and $ 0.4 1.3 million for the respective periods.

MasTec grants restricted stock awards and restricted stock units (together, restricted shares ) to eligible participants, which are valued based on the closing market share price of MasTec common stock on the date of grant. During the restriction period, holders of restricted stock awards are entitled to vote the shares. As of June September 30, 2026, total unearned compensation related to restricted shares was approximately $ 84.4 73.0 million, which amount is expected to be recognized over a weighted average period of approximately 2.3 2.1 years. The fair value of restricted shares that vested totaled approximately $ 1.8 0.5 million and $ 0.5 6.4 million for the three months ended June September 30, 2026 and 2025, respectively, and totaled approximately $ 58.9 59.3 million and $ 21.3 27.7 million for the six nine months ended June September 30, 2026 and 2025, respectively.

3 unchanged paragraphs

Granted 195,822 304.04

Vested ( 196,464 ) 98.39

Canceled/forfeited ( 12,195 ) 105.91

Granted 199,194 303.78

Vested ( 198,302 ) 99.53

Canceled/forfeited ( 20,972 ) 115.10

Non-vested restricted shares, as of June September 30, 2026 1,025,941 1,018,698 $ 131.35 131.73 (a) Includes 131 restricted stock units as of June September 30, 2026; none were outstanding as of December 31, 2025.

Note 11: Income Taxes 2 changes

In determining the quarterly provision for income taxes, management uses an estimated annual effective tax rate based on forecasted annual pre-tax income, permanent tax differences, statutory tax rates and tax planning opportunities in the various jurisdictions in which the Company operates. The effect of significant discrete items is separately recognized in the quarter(s) in which they occur. The Company s consolidated effective tax rates were 24.8 23.8 % and 25.4 21.3 % for the three months ended June September 30, 2026 and 2025, respectively, and 24.5 24.2 % and 21.0 21.2 % for the six nine months ended June September 30, 2026 and 2025, respectively. The Company s effective tax rate for the six nine months ended June September 30, 2026 included income tax benefits primarily due to the vesting of share-based payment awards and return-to-provision adjustments resulting from the finalization of the Company s 2025 federal tax return, offset, in part, by the effects of a higher state income tax rate. For the six nine months ended June September 30, 2025, the Company s effective tax rate included income tax benefits primarily due to the reversal of uncertain tax position liabilities related to a state audit and the release of valuation allowances on certain deferred tax assets that were no longer necessary, offset, in part, by an increase in income tax expense due to higher pre-tax income.

On July 4, 2025, new tax legislation was signed into law, known as the One Big Beautiful Bill Act (the OBBBA ), which makes changes to certain U.S. corporate tax provisions, many of which become effective later in 2026 and thereafter. The Company has undertaken efforts to reasonably estimate the impact of the provisions of the new law and expects that there will be no material impact on the consolidated financial statements. The Company will continue to evaluate the full impact of these legislative changes as additional guidance becomes available.

Note 12: Segments and Related Information 43 changes

1 unchanged paragraph

The 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. The 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 the construction and maintenance of buildings, roads, bridges, rail, water/sewer systems and other civil infrastructure, including data center infrastructure; and environmental remediation services. The Power Delivery segment primarily serves the energy, utility and data center infrastructure industries through the engineering, large load electrical contracting, 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. The 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 the Company s primary segments, as well as other small business units with activities in certain international end-markets.

2 unchanged paragraphs

The Company incurred restructuring charges of $ 7.1 million during the three months ended September 30, 2026, which were primarily recorded within general and administrative expenses. These charges consisted primarily of employee separation costs, lease termination and related charges, consulting fees, and other direct costs incurred as a result of restructuring activities. The charges were incurred by the Communications segment as part of initiatives to rightsize the operational support model and rationalize select markets that do not align with the Company s longer-term growth and margin objectives. As of September 30, 2026, a restructuring liability of $ 2.1 million was included within other accrued expenses.

1 unchanged paragraph

Three Months Ended June September 30, Communications

3 unchanged paragraphs

Costs of revenue, excluding depreciation and amortization 799.6 1,435.0 1,089.8 510.0 ( 21.8 ) 3,812.6

Costs of revenue, excluding depreciation and amortization 729.6 1,603.4 1,566.5 633.9 ( 42.5 ) 4,490.9

1 unchanged paragraph

EBITDA $ 73.1 $ 128.2 $ 113.0 $ 118.5 $ 13.6 $ ( 4.2 ) $ 442.2

Costs of revenue, excluding depreciation and amortization 733.3 1,002.9 919.2 462.2 ( 8.9 ) 3,108.7

EBITDA $ 54.0 $ 149.3 $ 241.5 $ 75.1 $ 10.0 $ 2.7 $ 532.6

Costs of revenue, excluding depreciation and amortization 794.3 1,197.9 966.2 490.6 ( 20.3 ) 3,428.7

1 unchanged paragraph

EBITDA $ 82.6 $ 83.3 $ 91.3 $ 62.1 $ 7.2 $ $ 326.5

Six Months Ended June 30, Communications

EBITDA $ 103.0 $ 115.4 $ 104.3 $ 92.0 $ 7.1 $ $ 421.8

Nine Months Ended September 30, Communications

3 unchanged paragraphs

Costs of revenue, excluding depreciation and amortization 1,534.1 2,619.0 2,025.3 1,026.0 ( 48.1 ) 7,156.3

Costs of revenue, excluding depreciation and amortization 2,263.7 4,222.4 3,591.8 1,659.9 ( 90.5 ) 11,647.3

1 unchanged paragraph

EBITDA $ 119.9 $ 217.2 $ 185.0 $ 263.4 $ 3.2 $ ( 9.4 ) $ 779.3

Costs of revenue, excluding depreciation and amortization 1,349.3 1,810.4 1,736.6 762.5 ( 14.0 ) 5,644.8

EBITDA $ 173.9 $ 366.4 $ 426.5 $ 338.5 $ 13.2 $ ( 6.7 ) $ 1,311.8

Costs of revenue, excluding depreciation and amortization 2,143.5 3,008.3 2,702.9 1,253.1 ( 34.1 ) 9,073.7

1 unchanged paragraph

EBITDA $ 129.4 $ 140.4 $ 142.7 $ 106.6 $ 15.2 $ $ 534.3

EBITDA $ 232.4 $ 255.8 $ 246.9 $ 198.6 $ 22.3 $ $ 956.1

(a) Total consolidated revenue equals total reportable segment revenue of $ 4,373.6 5,152.3 million and $ 3,544.7 3,966.9 million for the three months ended June September 30, 2026 and 2025, respectively, and $ 8,202.4 13,354.7 million and $ 6,392.4 10,359.4 million for the six nine months ended June September 30, 2026 and 2025, respectively, as there is no revenue recorded within Corporate results.

(b) Other segment items for each reportable segment include general and administrative expenses, equity in earnings or losses of unconsolidated affiliates, net, from the Company s equity method investments, and other income or expense, net.

1 unchanged paragraph

Segment EBITDA $ 442.2 $ 326.5 $ 779.3 $ 534.3

Interest expense, net 47.2 43.9 90.6 82.9

Depreciation 86.1 69.9 169.4 146.2

Amortization 37.5 32.7 76.1 65.3

Income before income taxes $ 193.7 $ 120.8 $ 285.2 $ 129.7

Segment EBITDA $ 532.6 $ 421.8 $ 1,311.8 $ 956.1

Interest expense, net 61.8 45.4 152.4 128.3

Depreciation 93.8 71.8 263.2 218.0

Amortization 75.3 32.7 151.4 98.0

Income before income taxes $ 220.2 $ 211.6 $ 505.3 $ 341.4

3 unchanged paragraphs

Consolidated depreciation and amortization $ 123.6 $ 102.6 $ 245.5 $ 211.5

Assets: June 30, 2026

Consolidated depreciation and amortization $ 169.1 $ 104.6 $ 414.6 $ 316.0

Assets: September 30, 2026

2 unchanged paragraphs

Consolidated assets $ 10,925.5 $ 9,923.5

Consolidated assets $ 14,137.1 $ 9,923.5

3 unchanged paragraphs

Consolidated capital expenditures $ 91.5 $ 63.8 $ 188.3 $ 111.1

Consolidated capital expenditures $ 87.4 $ 68.7 $ 275.7 $ 179.8

Foreign Operations . MasTec operates primarily within in the United States and has foreign operations in Canada. Revenue derived from foreign operations totaled $ 65.2 89.6 million and $ 43.9 39.0 million for the three months ended June September 30, 2026 and 2025, respectively, and totaled $ 120.6 210.2 million and $ 93.6 132.7 million for the six nine months ended June September 30, 2026 and 2025, respectively. Revenue from foreign operations was derived primarily from the Company s Canadian operations in its Pipeline Infrastructure segment. As of June September 30, 2026 and December 31, 2025, long-lived assets held by the Company s businesses in foreign countries included property and equipment, net, of $ 21.4 20.7 million and $ 23.0 million, respectively, and intangible assets and goodwill, net, of $ 109.8 105.6 million and $ 108.8 million, for the respective periods. Substantially all of respectively. The Company s long-lived and intangible assets and goodwill in foreign countries primarily relate to its Canadian operations.

Significant Customers. No customer represented greater than 10% of the Company s total consolidated revenue in either of the three or six nine months ended June September 30, 2026. For both the three and six nine months ended June September 30, 2025, AT&T represented approximately 11 10 % of the Company s total consolidated revenue. The Company s relationship with AT&T is based upon multiple separate master service and other service agreements, including for maintenance services and construction/installation contracts for wireless and wireline, and for which the related revenue is included primarily within the Communications segment. Revenue from governmental entities for both the three and six nine months ended June September 30, 2026 totaled approximately 15 % and 14 % of total revenue, respectively, and for both the three and six nine months ended June September 30, 2025, totaled approximately 13 %, all of which was derived from its U.S. operations.

Note 13: Commitments and Contingencies 9 changes

3 unchanged paragraphs

Letters of Credit. In the ordinary course of business, the Company is required to post letters of credit for its insurance carriers and surety bond providers and in support of performance under certain contracts as well as certain obligations associated with the Company s equity investments and other strategic arrangements, including its VIEs. In addition, from time to time, certain customers require the Company to post letters of credit to ensure payment of subcontractors and vendors, and guarantee performance under contracts. Such letters of credit are generally issued by a bank or similar financial institution. The letter of credit commits the issuer to pay specified amounts to the holder of the letter of credit under certain conditions. If this were to occur, the Company would be required to reimburse the issuer of the letter of credit, which, depending upon the circumstances, could result in a charge to earnings. As of June September 30, 2026 and December 31, 2025, there were $ 89.2 98.0 million and $ 90.5 million, respectively, of letters of credit issued under the Company s credit facilities. Letter of credit claims have historically not been material. The Company is not aware of any material claims relating to its outstanding letters of credit as of June September 30, 2026 or December 31, 2025.

Performance and Payment Bonds. In the ordinary course of business, MasTec is required by certain customers to provide performance and payment bonds for contractual commitments related to its projects. These bonds provide a guarantee to the customer that the Company will perform under the terms of a contract and that the Company will pay its subcontractors and vendors. If the Company fails to perform under a contract or to pay its subcontractors and vendors, the customer may demand that the surety make payments or provide services under the bond. The Company must reimburse the surety for expenses or outlays it incurs. As of June September 30, 2026 and December 31, 2025, outstanding performance and payment bonds approximated $ 13.4 billion and $ 10.9 billion, respectively, and estimated costs to complete projects secured by these bonds totaled $ 5.3 5.0 billion and $ 4.6 billion, respectively. Included in these balances as of June September 30, 2026 and December 31, 2025 are $ 1.3 billion and $ 1.1 billion, respectively, of outstanding performance and payment bonds issued on behalf of the Company s proportionately consolidated non-controlled contractual joint ventures, representing the Company s proportionate share of the total bond obligation for the related projects.

Investment and Strategic Arrangements. The Company holds undivided interests, ranging from 85 % to 90 %, in multiple proportionately consolidated non-controlled contractual joint ventures that provide infrastructure construction services for electrical transmission projects, as well as undivided interests, ranging from 25 % to 50 %, in each of eleven twelve civil and infrastructure construction projects. Income and/or loss incurred by these joint ventures is generally shared proportionally by the respective joint venture members, with the members of the joint ventures jointly and severally liable for all of the obligations of the joint venture. The respective joint venture agreements provide that each joint venture partner indemnify the other party for any liabilities incurred by such joint venture in excess of its ratable portion of such liabilities. Thus, it is possible that the Company could be required to pay or perform obligations in excess of its share if the other joint venture partners fail or refuse to pay or perform their respective share of the obligations. As of June September 30, 2026, the Company was not aware of material claims against it in connection with these arrangements. Included in the Company s cash balances as of June September 30, 2026 and December 31, 2025 are amounts held by entities that are proportionately consolidated totaling $ 39.3 49.2 million and $ 45.0 million, respectively. These amounts are available to support the operations of those entities, but are not available for the Company s other operations.

1 unchanged paragraph

Self-Insurance . MasTec maintains insurance policies for workers compensation, general liability and automobile liability, which are subject to per claim deductibles. The Company is self-insured up to the amount of the deductible. The Company also maintains excess umbrella coverage. The Company manages certain of its insurance liabilities indirectly through its wholly-owned captive insurance company, which reimburses claims up to the applicable insurance limits. Captive insurance-related cash balances totaled approximately $ 4.2 4.6 million and $ 3.3 million as of June September 30, 2026 and December 31, 2025, respectively, which amounts are generally not available for use in the Company s other operations.

As of June September 30, 2026 and December 31, 2025, MasTec s estimated gross liability for unpaid claims and associated expenses, including incurred but not reported losses related to these policies, totaled $ 342.1 373.7 million and $ 306.8 million, respectively, of which $ 249.8 271.3 million and $ 224.9 million were reflected within other long-term liabilities, with the remainder reflected within other accrued expenses, in the consolidated balance sheets as of the respective periods. Related insurance recoveries/receivables totaled $ 27.7 million and $ 25.2 million as of June September 30, 2026 and December 31, 2025, respectively, of which $ 24.4 million and $ 22.4 million were reflected within other long-term assets, with the remainder reflected within other current assets, in the consolidated balance sheets as of the respective periods.

MasTec also maintains an insurance policy with respect to employee group medical claims, which is subject to annual per employee maximum losses. MasTec s estimated liability for employee group medical claims totaled $ 7.2 7.8 million and $ 2.3 million as of June September 30, 2026 and December 31, 2025, respectively.

The Company is required to post collateral, generally in the form of letters of credit, surety bonds and cash to certain of its insurance carriers. Insurance-related letters of credit for the Company s workers compensation, general liability and automobile liability policies amounted to $ 3.4 million and $ 7.4 million as of both June September 30, 2026 and December 31, 2025, respectively. Outstanding surety bonds related to self-insurance programs amounted to $ 235.4 million and $ 198.6 million as of both June September 30, 2026 and December 31, 2025, respectively.

Indemnities. The Company generally indemnifies its customers for the services it provides under its contracts, as well as other specified liabilities, which may subject the Company to indemnity claims, liabilities and related litigation. As of both June September 30, 2026 and December 31, 2025, the Company had accrued project close-out liabilities of approximately $ 5 million. The Company is not aware of any other material asserted or unasserted claims in connection with its potential indemnity obligations.

1 unchanged paragraph

Concentrations of Risk. The Company had approximately 1,430 1,685 customers for the six nine months ended June September 30, 2026. As of June September 30, 2026, no customer represented greater than 10% of the Company s consolidated net accounts receivable position, which is calculated as accounts receivable, net, less deferred revenue. As of December 31, 2025, one customer accounted for approximately 10 % of the Company s consolidated net accounts receivable position. The Company derived approximately 35 30 % and 36 35 % of its revenue from its top ten customers for the three months ended June September 30, 2026 and 2025, respectively, and approximately 37 32 % and 35 34 % for the six nine months ended June September 30, 2026 and 2025, respectively.

Note 14: Related Party Transactions 6 changes

The Company rents and leases equipment and purchases certain supplies and servicing from CCI. Prior to and through a portion of the first quarter of 2026, CCI was an entity in which Juan Carlos Mas, who is an immediate family member of the Company s CEO and its Chairman of the Board, served as the chairman. Additionally, a member of management of a MasTec subsidiary and an entity owned by the Mas family were minority owners of CCI until such ownership interests were sold during the first quarter of 2026, at which time the related-party relationship ended. For the three months ended June 30, 2025, MasTec paid CCI approximately $ 1.2 1.8 million and for the six three months ended June September 30, 2026 and 2025, MasTec paid approximately and $ 2.3 million and $ 2.7 4.5 million for the nine months ended September 30, 2026 and 2025, respectively, for such services. Amounts payable to CCI totaled approximately $ 0.8 million as of December 31, 2025. The Company also rented equipment to CCI and revenue from such rentals totaled approximately $ 0.3 million for the six nine months ended June September 30, 2025.

MasTec has a subcontracting arrangement with an entity for the performance of construction services, the minority owners of which include an entity controlled by Jorge Mas and Jos R. Mas, along with two members of management of a MasTec subsidiary. For the three months ended June 30, 2026 and 2025, MasTec incurred subcontracting expenses in connection with this arrangement of approximately $ 0.5 4.9 million and $ 1.3 2.0 million respectively, and for the six three months ended June September 30, 2026 and June 30, 2025, subcontracting expenses totaled respectively, and $ 1.8 6.7 million and $ 1.4 3.4 million for the nine months ended September 30, 2026 and 2025, respectively. Related amounts payable totaled approximately $ 0.4 4.0 million as of June September 30, 2026, and were immaterial as of December 31, 2025.

MasTec has an aircraft leasing arrangement with an entity that is owned by Jorge Mas. For both the three months ended June 30, 2026 and 2025, Payments related to this leasing arrangement totaled approximately $ 1.4 million and for both the six three months ended June September 30, 2026 and 2025, MasTec paid approximately and $ 2.9 4.3 million and $ 2.8 4.2 million for the nine months ended September 30, 2026 and 2025, respectively.

MasTec performs construction services on behalf of a professional Miami soccer franchise (the Franchise ) in which Jorge Mas and Jos R. Mas are majority owners. Construction services include, and have included, the construction of a soccer facility and stadium, as well as utility and wireless infrastructure services. Construction services related to site preparation for this new soccer complex began in 2023 and stadium construction is expected to be completed by the end of 2026. For the three months ended June 30, 2026 and 2025, Revenue under these arrangements totaled approximately $ 14.1 6.5 million and $ 18.7 16.5 million for the three months ended September 30, 2026 and 2025, respectively, and totaled approximately $ 44.4 50.9 million and $ 29.6 46.1 million for the six nine months ended June September 30, 2026 and June 30, 2025, respectively. As of June September 30, 2026 and December 31, 2025, amounts receivable related to these arrangements totaled approximately $ 40.7 20.5 million and $ 37.5 million, respectively. Payments for other expenses related to the Franchise totaled approximately $ 0.9 0.3 million and $ 0.2 million for the three months ended June September 30, 2026 and 2025, respectively, and totaled approximately $ 1.1 1.4 million and $ 0.6 0.8 million for the six nine months ended June September 30, 2026 and 2025, respectively.

MasTec has split dollar life insurance agreements with trusts, for one of which Jorge Mas is a trustee, and for the other of which Jos R. Mas is a trustee. As of both June September 30, 2026 and December 31, 2025, life insurance assets associated with these agreements totaled approximately $ 27.5 million.

1 unchanged paragraph

MasTec purchases, rents and leases equipment and purchases various types of supplies and services used in its business, and from time to time, rents equipment to, sells certain supplies, or performs construction services on behalf of, related entities. For the three months ended June 30, 2026 and 2025, Payments to these related entities totaled approximately $ 11.7 9.9 million and $ 9.3 10.6 million respectively, and for the six three months ended June September 30, 2026 and 2025, such payments totaled approximately respectively, and $ 27.4 37.3 million and $ 16.7 27.3 million for the nine months ended September 30, 2026 and 2025, respectively. Revenue from such arrangements totaled approximately $ 4.8 4.1 million and $ 3.4 3.6 million for the three months ended June September 30, 2026 and 2025, respectively, and totaled approximately $ 7.2 11.3 million and $ 5.0 8.6 million for the six nine months ended June September 30, 2026 and 2025, respectively. Payables associated with such arrangements totaled approximately $ 3.4 3.7 million and $ 4.2 million as of June September 30, 2026 and December 31, 2025, respectively. As of June September 30, 2026 and December 31, 2025, accounts receivable, net, less deferred revenue related to these arrangements totaled approximately $ 4.7 2.9 million and $ 3.9 million, respectively.

1 unchanged paragraph

MD&A 274 changes

The following is a discussion and analysis of our business, financial condition and results of operations for the quarterly period ended June September 30, 2026 and relevant prior periods. This discussion and analysis should be read in conjunction with our consolidated financial statements and notes thereto in Item 1 of this Quarterly Report on Form 10-Q (this Form 10-Q ), and the audited consolidated financial statements, accompanying notes and Management s Discussion and Analysis of Financial Condition and Results of Operations ( MD&A ) contained in our 2025 Form 10-K. In this MD&A, $ means U.S. dollars unless specified otherwise.

Superior Acquisition. In On July 20, 2026, we completed the acquisition of Electrical Specialists, Inc., d/b/a The Superior Group ( Superior ), a premier full-service electrical contractor focused on critical infrastructure with approximately 3,000 employees, which we expect to include is included within our Power Delivery segment. Superior is a recognized leader in building data center large load electrical infrastructure while serving a diverse range of end markets, including technology, healthcare, entertainment and industrial. The aggregate purchase price consisted of the acquisition, excluding $1.2 billion in cash, net of cash acquired, and subject to certain adjustments, was approximately $1.6 billion, consisting of approximately $1.2 billion in cash working capital and other contractually agreed-upon adjustments; 1,219,498 shares of MasTec common stock issued from its our treasury shares, which had a fair value of $410.5 million as of the acquisition date; Additionally, the acquisition included an earn-out arrangement under which additional consideration may be payable based on the achievement of certain financial performance targets over and a three-year period. earn-out liability, with no maximum payment amount, valued at approximately $179.4 million. The cash portion of the acquisition was funded with a combination of cash on hand, borrowings under our amended Credit Facility and the 2026 Term Loan Facility. See Note 8 Debt in the notes to the consolidated financial statements, which is incorporated by reference, for additional information regarding the amended Credit Facility and the 2026 Term Loan Facility. We have incurred, and expect to continue to incur, certain acquisition costs in connection with the Superior acquisition.

1 unchanged paragraph

As disclosed within our Risk Factors in our 2025 Form 10-K, we are subject to risks related to, among other factors, tariffs and trade actions and geopolitical events that may affect macroeconomic conditions, supply chains, costs and customer demand. Recent Sustained geopolitical tensions, most notably including ongoing conflicts in the Middle East, have contributed to increased volatility and uncertainty in the energy and capital markets, including higher fuel prices used to operate our fleet of vehicles, machinery and equipment, and such volatility could persist if these events are further prolonged or escalate. At the same time, a heightened focus on domestic energy security and independence may incentivize oil and gas development and increase demand for renewable alternatives.

1 unchanged paragraph

Additionally, on July 4, 2025, the One Big Beautiful Bill Act (the OBBBA ) was enacted in the United States increasing federal support for oil and gas production while reducing support for renewable energy and infrastructure. In particular, the acceleration of the phaseout of certain clean energy tax credits established under the Inflation Reduction Act may affect the timing and long-term demand for certain renewable energy projects, while other provisions incentivize oil and gas development as well as to and support energy infrastructure such as carbon capture and energy storage. The OBBBA, along with other evolving trade and immigration policies, may have both positive and negative effects on our business, including, but not limited to, shifts in the timing, type and scope of customer projects, fluctuations in demand for our services, and changes in capital and labor costs, including availability.

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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, large load electrical infrastructure, 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 the construction and maintenance of buildings, roads, bridges, rail, water/sewer systems and other civil infrastructure, including data center infrastructure; and environmental remediation services. Our customers are primarily in these industries. Including our predecessor companies, we have been in business for over 95 years. A s of June September 30, 2026, we had approximately 37,000 42,000 employees and 780 800 locations . We offer our services under the MasTec and other service marks and we have been consistently ranked among the top specialty contractors within Engineering News-Record s Top 400 Contractors.

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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. For contracts with not-to-exceed maximum amounts, we include in estimated backlog only the portion of the remaining maximum contractual amounts that, based on our estimates, we expect to realize. Based on current expectations of our customers requirements, we anticipate that we will realize approximately 40% 23% of our estimated June September 30, 2026 backlog in 2026. The following table presents 18-month estimated backlog by reportable segment as of the dates indicated:

Reportable Segment (in millions): June September 30, 2026

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Estimated 18-month backlog $ 21,391 $ 20,328 $ 16,452

2026 differs from the amount of remaining performance obligations expected to be recognized for the same period due primarily to the inclusion of approximately $1.9 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.

Estimated 18-month backlog $ 24,546 $ 21,391 $ 16,780

As of June September 30, 2026, 40% 34% 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 relative to General Economic, Market and Regulatory Conditions mentioned above. 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 consolidated financial statements, which is incorporated by reference. As of June September 30, 2026, total 18-month backlog differed from the amount of our remaining performance obligations due primarily to the inclusion of $8.4 $9.0 billion of estimated future revenue under master service and other service agreements and estimated amounts under certain not-to-exceed contracts within our backlog estimates, as described above, and the exclusion of approximately $3.2 $3.6 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 $1.4 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.

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This discussion and analysis of our financial condition and results of operations is based upon our consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of our consolidated financial statements requires the use of estimates and assumptions that affect the amounts reported in our consolidated financial statements and accompanying notes. A summary of our critical accounting estimates is included in the Management s Discussion and Analysis of Financial Condition and Results of Operations contained in our 2025 Form 10-K. We are required to make estimates and judgments in the preparation of our financial statements that affect the reported amounts of assets and liabilities, revenues and expenses and related disclosures. We continually review these estimates and their underlying assumptions to ensure they are appropriate for the circumstances. Changes in the estimates and assumptions we use could have a material impact on our financial results. During the six nine months ended June September 30, 2026, there were no material changes in our critical accounting estimates or policies previously disclosed in our 2025 Form 10-K.

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Revenue $ 4,373.6 100.0 % $ 3,544.7 100.0 % $ 828.8 23.4 %

Costs of revenue, excluding depreciation and amortization 3,817.3 87.3 % 3,109.2 87.7 % 708.1 22.8 %

Depreciation 86.1 2.0 % 69.9 2.0 % 16.2 23.1 %

Amortization of intangible assets 37.5 0.9 % 32.7 0.9 % 4.8 14.8 %

General and administrative expenses 206.5 4.7 % 174.8 4.9 % 31.7 18.1 %

Operating income $ 226.2 5.2 % $ 158.1 4.5 % $ 68.1 43.1 %

Interest expense, net 47.2 1.1 % 43.9 1.2 % 3.3 7.6 %

Other (income) expense, net (4.4) (0.1) % 0.5 0.0 % (4.9) NM

Income before income taxes $ 193.7 4.4 % $ 120.8 3.4 % $ 72.9 60.4 %

Provision for income taxes (48.0) (1.1) % (30.7) (0.9) % (17.3) 56.5 %

Net income $ 145.7 3.3 % $ 90.1 2.5 % $ 55.6 61.7 %

Net income attributable to MasTec, Inc. $ 130.1 3.0 % $ 85.8 2.4 % $ 44.4 51.7 %

NM - Percentage is not meaningful

Six Months Ended June 30, Change

Revenue $ 8,202.4 100.0 % $ 6,392.4 100.0 % $ 1,809.9 28.3 %

Costs of revenue, excluding depreciation and amortization 7,168.2 87.4 % 5,645.8 88.3 % 1,522.4 27.0 %

Depreciation 169.4 2.1 % 146.2 2.3 % 23.2 15.9 %

Amortization of intangible assets 76.1 0.9 % 65.3 1.0 % 10.8 16.5 %

General and administrative expenses 420.7 5.1 % 340.9 5.3 % 79.8 23.4 %

Interest expense, net 90.6 1.1 % 82.9 1.3 % 7.7 9.3 %

Equity in earnings of unconsolidated affiliates, net (6.7) (0.1) % (17.4) (0.3) % 10.7 (61.4) %

Other income, net (1.1) (0.0) % (1.0) (0.0) % (0.1) 12.7 %

Income before income taxes $ 285.2 3.5 % $ 129.7 2.0 % $ 155.4 119.8 %

Provision for income taxes (69.8) (0.9) % (27.3) (0.4) % (42.5) 155.8 %

Net income $ 215.4 2.6 % $ 102.5 1.6 % $ 112.9 110.2 %

Net income attributable to non-controlling interests 24.4 0.3 % 6.8 0.1 % 17.7 259.9 %

Net income attributable to MasTec, Inc. $ 191.0 2.3 % $ 95.7 1.5 % $ 95.3 99.6 %

The following tables, which may contain slight summation differences due to rounding, reflect our consolidated results of operations in dollar and percentage of revenue terms for the periods indicated (dollar amounts in millions). Our consolidated results of operations are not necessarily comparable from period to period due to the effect of recent acquisitions and certain other items, as appropriate, which are described in the comparison of results section below. In our discussions, acquisition results are defined as results from acquired businesses for the first twelve months following the dates of the respective acquisitions, with the balance of results for a particular item attributed to organic activity. Unless otherwise stated, comparisons are for the quarters ended June September 30, 2026 and 2025.

Three Months Ended June September 30, 2026 Compared to Three Months Ended June September 30, 2025

Three Months Ended June September 30, Change

Revenue $ 5,152.3 100.0 % $ 3,966.9 100.0 % $ 1,185.4 29.9 %

Costs of revenue, excluding depreciation and amortization 4,491.5 87.2 % 3,429.2 86.4 % 1,062.3 31.0 %

Depreciation 93.8 1.8 % 71.8 1.8 % 21.9 30.5 %

Amortization of intangible assets 75.3 1.5 % 32.7 0.8 % 42.6 130.1 %

General and administrative expenses 228.5 4.4 % 183.6 4.6 % 45.0 24.5 %

Equity in earnings of integral unconsolidated affiliates, net (12.2) (0.2) % % (12.2) %

Operating income $ 275.4 5.3 % $ 249.6 6.3 % $ 25.8 10.4 %

Interest expense, net 61.8 1.2 % 45.4 1.1 % 16.4 36.0 %

Equity in earnings of unconsolidated affiliates, net (10.3) (8.0) (0.2) % (7.0) (6.6) (0.2) % (3.2) 46.0 (1.5) 22.7 %

Loss on extinguishment of debt 3.2 0.1 % % 3.2 0.0 %

Other income, net (1.7) (0.0) % (0.9) (0.0) % (0.8) 87.9 %

Income before income taxes $ 220.2 4.3 % $ 211.6 5.3 % $ 8.5 4.0 %

Provision for income taxes (52.4) (1.0) % (45.1) (1.1) % (7.3) 16.2 %

Net income $ 167.7 3.3 % $ 166.5 4.2 % $ 1.2 0.7 %

Net income attributable to non-controlling interests 15.6 0.4 17.2 0.3 % 4.4 5.8 0.1 % 11.3 257.7 193.9 %

Net income attributable to MasTec, Inc. $ 150.6 2.9 % $ 160.7 4.0 % $ (10.1) (6.3) %

Revenue . On a consolidated basis, revenue increased by $829 $1,185 million, or 23%, 30%, driven by our segment results. See Analysis of Revenue and EBITDA by Segment for further details. Organic revenue increased by approximately $634 $469 million, or 18%, 12%, as compared with the same period in 2025, and acquisitions contributed $195 $716 million of revenue for the three months ended June September 30, 2026.

Costs of revenue, excluding depreciation and amortization. Higher levels of revenue contributed an increase of $727 $1,025 million in costs of revenue, excluding depreciation and amortization, and improved reduced productivity contributed a decrease an increase of approximately $19 $38 million. Costs of revenue, excluding depreciation and amortization, as a percentage of revenue, decreased increased by approximately 40 70 basis points to 87.3% 87.2% of revenue for the three months ended June September 30, 2026 from 87.7% 86.4% of revenue for the same period in 2025. The basis point decrease increase was due to a combination of project mix and improved reduced project efficiencies, primarily within our Pipeline Infrastructure and Communications segments, as well as certain overhead costs incurred within our Pipeline Infrastructure segment to maintain operating capacity in support of expected future project work.

Depreciation. Organic depreciation expense increased by approximately $13 $17 million, or 19%, 24%, driven primarily by higher capital expenditures to support operational growth and the replacement of older machinery and equipment. Acquisitions contributed approximately $3 $5 million of depreciation expense for the three months ended June September 30, 2026. As a percentage of revenue, depreciation was generally flat, as compared with the same period in 2025.

Amortization of intangible assets. Amortization expense increased for the three months ended June September 30, 2026, by primarily due to approximately $9 $45 million of additional expense amortization associated with acquisitions, offset, in part, by a decrease of $4 $3 million due to a combination of resulting from the effects of timing of amortization for certain assets and the completion of amortization for certain intangible assets associated with prior year acquisitions. As a percentage of revenue, amortization of intangible assets was generally flat increased by approximately 60 basis points as compared with the same period in 2025, primarily due to additional amortization associated with acquisitions.

General and administrative expenses . Organic general and administrative expenses increased by approximately $20 $25 million, or 12%, 14%, primarily due to an increase in compensation expense, including stock-based compensation, and increased insurance costs to support business growth, an approximately $2 as well as a $5 million increase from changes in the expense from fair value of contingent consideration payable adjustments, primarily related to former owners of an acquired business, and approximately $9 million of an increase from changes to in estimated Earn-out accruals, $7 million of restructuring charges and $6 million of acquisition and integration costs incurred during the third quarter of 2026. These increases were partially offset in part, by an increase in net gains on asset sales and reductions in the effects of timing of ordinary course legal matters. Acquisitions contributed an additional $11 $20 million of general and administrative expenses for the three months ended June September 30, 2026. Overall, general and administrative expenses decreased by approximately 20 basis points as a percentage of revenue for the three months ended June September 30, 2026 as compared with the same period in 2025 due, in part, to higher levels of revenue.

Equity in earnings of integral unconsolidated affiliates, net. For the three months ended September 30, 2026, equity in earnings from unconsolidated affiliates that are operationally integral to the Company s business (the Integral Investments ) totaled approximately $12 million, and related to equity interests acquired as part of the Superior acquisition.

Interest expense, net. The increase in interest expense, net, resulted primarily from higher average balances on our variable rate debt, which accounted for an increase in interest expense of approximately $3 $14 million, primarily driven by indebtedness incurred in connection with the Superior acquisition.

Equity in earnings of unconsolidated affiliates, net. For the three months ended June September 30, 2026 and 2025, equity in earnings from unconsolidated affiliates, net, totaled approximately $10 $8 million and $7 million, respectively, and related primarily to our investment in the Waha JVs.

Loss on extinguishment of debt. During the third quarter of 2026, we incurred a loss on debt extinguishment of approximately $3 million in connection with the redemption of our 6.625% Senior Notes and the repayment of $450 million of the $600 million outstanding under our 2025 Term Loan Facility.

Other income, expense, net. For the three months ended June September 30, 2026, other income, net, consisted primarily of other miscellaneous income.

Provision for income taxes. For the three months ended June September 30, 2026, our effective tax rate was 24.8% 23.8% as compared with 25.4% 21.3% for the same period in 2025. Our effective tax rate for the three months ended June September 30, 2026 included income tax benefits primarily due to benefits related to return-to-provision adjustments resulting from the vesting finalization of share-based payment awards, the Company s 2025 federal income tax return, offset, in part, by the effects of a higher state income tax rate, whereas for the three months ended June September 30, 2025, our effective tax rate included an income tax benefit primarily due to the reversal of uncertain tax position liabilities related to a state audit and the release of valuation allowances on certain deferred tax assets that were no longer necessary, offset, in part, by an increase in income tax expense due to higher pre-tax income.

Net income attributable to non-controlling interests. Net income attributable to non-controlling interests was $16 $17 million for the three months ended June September 30, 2026, as compared with $4 $6 million for the same period in 2025. The increase was primarily attributable to the increase in activity results of certain entities with minority interest holders acquired as part of the Superior acquisition and, to a lesser extent, increased activity at certain entities within the Pipeline Infrastructure segment with minority interest holders.

Six Nine Months Ended June September 30, 2026 Compared to Six Nine Months Ended June September 30, 2025

Nine Months Ended September 30, Change

Revenue $ 13,354.7 100.0 % $ 10,359.4 100.0 % $ 2,995.3 28.9 %

Costs of revenue, excluding depreciation and amortization 11,659.6 87.3 % 9,075.0 87.6 % 2,584.7 28.5 %

Depreciation 263.2 2.0 % 218.0 2.1 % 45.2 20.7 %

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Market risk 4 changes

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Controls and procedures 3 changes

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Unregistered sales of stock 8 changes

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Exhibits 4 changes

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