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**Operator:**  
Thank you for standing by, and welcome to MasTec, Inc.'s First Quarter 2026 Financial Results Conference Call. I want to remind participants that today's call is being recorded. I will now turn the call over to Marc Lewis for some opening comments.

**Marc Lewis:**  
Thank you, Lisa, and good morning, everyone. Thanks for joining us for MasTec, Inc.'s first quarter conference call. Joining me today are Jose Mas, Chief Executive Officer, and Paul DiMarco, our CFO. We prepared slides to supplement our remarks today; they are posted on MasTec, Inc.'s website on the investors tab and through the webcast link this morning. There is also a companion document with information analytics on the quarter and a guide summary to assist in financial modeling. Please read the forward-looking statement disclaimer contained in the slides accompanying this call. During this call, we will make certain forward-looking statements regarding our plans and expectations about the future as of the date of this call. Because these statements are based on current assumptions and factors that involve risks and uncertainties, our actual performance and results may differ materially from our forward-looking statements. Our Form 10-K, as updated by our current and periodic reports and filings, includes a detailed discussion of risks and uncertainties that may cause such differences. Additionally, in today's remarks, we will be discussing adjusted financial metrics reconciling yesterday's press release and supporting schedules. We may also use certain non-GAAP financial measures on this call. A reconciliation of any non-GAAP financial measures not reconciled in these comments to the most comparable GAAP financial measure can be found in our earnings press release, slides, or companion documents. We had another great quarter to start the year, and let's get into it. I will now turn the call over to Jose.

**Jose Mas:**  
Thanks, Marc. Good morning, and welcome to MasTec, Inc.'s February call. Today, I will be reviewing our first quarter results as well as providing my outlook for the markets we serve. First, some first quarter highlights. Revenue for the quarter was $3.83 billion, up 34% year over year. Adjusted EBITDA was $284 million, a 73% year over year increase. Adjusted earnings per share was $1.39, a 174% year over year increase. And backlog at quarter end was $20.3 billion, a $1.4 billion sequential increase and a new record level. In summary, we delivered a great quarter, in fact, the strongest first quarter in our history, setting new highs across virtually every key metric. Revenue, EBITDA, and EPS were all above guidance with strong year over year double-digit growth. EBITDA margins improved 170 basis points versus last year's first quarter and total company book-to-bill was 1.4x, setting yet another backlog record. 2026 should be a great year and I am excited about the momentum we are building as we look ahead to 2027 and beyond. Maybe more importantly, when you step back from the quarter, what we are seeing across our end markets continues to reinforce our confidence in the longer-term opportunity in front of us. The amount of investment going into critical infrastructure right now is significant and is being driven by some very durable trends. Whether that is AI and data centers, grid reliability, energy demands, critical infrastructure, or connectivity, and the way we are positioned at MasTec, Inc., we are right in the middle of all that. On the telecom side, we feel really good about where we are. The fundamentals continue to improve, driven by strong growth in total data usage. Aggregate U.S. data consumption is estimated to almost double by 2030. This growth is fueled by increasing demand for streaming video, cloud computing, gaming, and connected devices. The rapid expansion in total network traffic underscores durable demand and significant long-term growth potential. At the same time, you have the next wave of investment coming from BEAD funding, which will support rural broadband and middle mile builds over the next several years. But the biggest shift we are seeing is around data center interconnectivity. AI is driving a level of demand for fiber capacity, redundancy, and low latency that we have not seen before. Connecting data centers, both long haul and metro, is becoming a major driver of spend, and we think that creates a multi-year opportunity measured in the tens of billions of dollars. In Power Delivery, the visibility remains strong. We are in the middle of a multiyear investment cycle in the grid. Utilities are spending heavily on transmission, system hardening, and reliability, and that is being driven by both aging infrastructure and increasing demands. A big part of that demand is coming from AI and data centers, which could drive up to 12% of total U.S. electricity consumption by the end of the decade. That kind of growth requires significant expansion of the grid—new transmission lines, substations, and upgrades across the system. So when you combine load growth, resilience, and energy transition, it creates a long-duration, highly visible opportunity set and we think we are really well positioned there. Power Delivery revenue for the quarter was up 16% and EBITDA was up 40%. And book-to-bill was 1.6x, with backlog increasing over $600 million sequentially. In Clean Energy and Infrastructure, what is really making a difference is the platform we built across renewables, civil, industrial, general building. Our renewable revenue was up over 60% year over year, and margins improved 70 basis points. In our industrial and infrastructure markets, we are seeing significant opportunities tied to critical infrastructure including gas-fired generation, civil construction, and general building for mission-critical projects. Data center development is a big part of that. Each one of those projects requires significant site work, power infrastructure, and ongoing expansion. And that plays directly into our capabilities. Our recent turnkey data center award is progressing very well. The demand for both the skill set that MasTec, Inc. has developed in construction management coupled with the capabilities we have in civil, power, telecom, and maintenance provides us the opportunity to exponentially grow this part of our business. As the opportunity for full turnkey services matures, we continue to look for ways to increase our self-perform capabilities and improve margins. Clean Energy and Infrastructure segment revenues increased 45% year over year, EBITDA was up 56%, and segment backlog increased sequentially by over $770 million, representing a book-to-bill of 1.6x. On the pipeline side, the fundamentals are also very solid. For the quarter, Pipeline segment revenue was up 92% year over year and EBITDA more than tripled. There is a growing need for natural gas infrastructure, particularly to support gas-fired generation, which remains critical for reliability as power demand increases. And at the same time, global LNG demand continues to grow, driving investment in export infrastructure and related pipelines both domestically and internationally. So we see this as a business with good visibility and steady demand going forward. Our reported backlog is not fully representative of the potential as it only includes signed contracts. Based on current negotiations and verbal awards, our visibility in this segment is as strong as it has ever been and we expect strong long-term growth. In closing, we delivered an exceptional start to 2026, with record performance across revenue, profitability, and backlog. These results reflect strong execution across the business and the strength of our diversified platform. More importantly, the long-term fundamentals across all of our end markets remain highly compelling. From AI-driven data center growth and telecom demand, to grid modernization, energy infrastructure, and pipeline opportunities, the scale and durability of investment continue to grow. We believe MasTec, Inc. is uniquely positioned at the center of these critical infrastructure trends with the capabilities, customer relationships, and backlog to drive sustained growth. Given our strong performance and momentum, we are increasing our full year guidance. We now expect revenue of $17.5 billion, adjusted EBITDA of $1.5 billion, and earnings per share of $8.79, representing year over year growth of 223034% respectively. With strong visibility, accelerating demand, and meaningful momentum across our segments, we are confident in our outlook for 2026 and increasingly optimistic about the opportunities ahead in 2027 and beyond. I would like to take a moment to thank the men and women of MasTec, Inc. It is both an honor and a privilege to lead such an outstanding team. Our people are deeply committed to the values that define us: safety, environmental stewardship, integrity, and honesty, while consistently delivering high-quality projects at the best possible value for our customers. These principles have not gone unnoticed. Our customers recognize and appreciate the dedication and excellence our team brings to every project. It is through the hard work and commitment of our people that we have positioned ourselves for continued growth and long-term success. Thank you for your continued support, and I will now turn the call over to Paul for our financial review.

### Q&A Section

**Paul DiMarco:**  
Thank you, Jose, and good morning. We are pleased with the momentum built by our first quarter results and the continued trend of improved first quarter performance. This has been a focused effort in recent years, and 2026 marks the best first quarter in MasTec, Inc.'s history. Off of our strong start, we now expect to generate almost 45% of our full year EBITDA in 2026, implying markedly lower seasonality than our business has experienced historically. Our Q1 results represent record levels of first quarter revenue, adjusted EBITDA, EPS, and backlog. Year over year, we drove meaningful growth—revenue up 34%, adjusted EBITDA up 73%, EPS 174%, and backlog by 28%. We continue to see strong customer demand for MasTec, Inc.'s broad service offerings and expertise to meet their infrastructure development goals. Our customers continue to show high confidence in MasTec, Inc., seeking deeper integration and partnership through alliance agreements, sole-sourced contracts, and a desire for MasTec, Inc. to provide turnkey services on strategic infrastructure builds. This is particularly apparent when speed and execution certainty are critical. Our scale, expertise, and focus on mutually beneficial outcomes are key components driving this confidence. Now I will share some further details on our first quarter segment performance and our outlook. Communications segment had a good start to the year, generating revenue of $[inaudible], growing 18% year over year and 7% ahead of expectations. EBITDA margins were about 100 basis points below last year's first quarter, negatively impacted by costs to exit certain markets in our DIRECTV fulfillment business. Communications backlog in the first quarter was up slightly from year end and 12% year over year to another record level. We continue to see strong broad-based demand for wireline services, with customers engaging for multiyear turnkey opportunities. Our second quarter Communications outlook calls for $875 million of revenue with EBITDA margins slightly higher than 2025 in the low double digits. We also expect to achieve double-digit EBITDA margins for the remainder of the year, resulting in approximately 70 basis points of margin expansion versus 2025. First quarter Power Delivery results exceeded our guidance by 10% on revenue and 21% on EBITDA, with solid execution to start the year resulting in 120 basis points of EBITDA margin expansion year over year. Most notable in the quarter was the continued backlog strength, with a 1.6x book-to-bill driving backlog to a new record of $6.2 billion. We saw a number of new contracts executed in Q1, as well as expanded scope on some existing projects. Regarding Greenlink, our client resolved the transmission permitting review earlier than anticipated; we are now operating across the full contractual scope. This is one of the factors driving our revenue guidance higher to approximately $4.8 billion, or 14% year over year growth. Full year EBITDA margins remain on track to approach double digits and are trending higher than our prior guidance. We continue to expect year over year margin expansion in each quarter for Power Delivery, with 60 to 70 basis points of margin expansion for Q2 specifically. Our Pipeline segment had a terrific first quarter, generating $682 million of revenue, almost doubling year over year, with EBITDA margins of 21%. Margins exceeded our guidance by 165 basis points and increased 270 basis points sequentially. It is important to note that broader pipeline and construction demand is still developing; we are generating these margin results in a competitive environment. Unquestionably, we are executing at a high level, delivering high-quality projects ahead of schedule for our clients. These positive outcomes further illustrate MasTec, Inc.'s position as the leader in this space and will continue to be a differentiating factor as the cycle develops. For the second quarter, we expect revenue of $600 million with EBITDA margins in the high teens, slightly below the first quarter result. Full year margins are still forecasted in the mid-teens, but trending higher with the first half performance. We are currently taking a conservative view around second project timing and productivity while we firm up specific resource allocations. Longer term, we continue to see an unprecedented level of project activity and remain very bullish on the opportunity set for this segment in the years ahead. Clean Energy and Infrastructure also started the year off strong, delivering over $1.3 billion of revenue, up 45% year over year and almost 10% ahead of our guidance. EBITDA margins of 6.7% expanded 50 basis points from 2025, and we generated 56% EBITDA growth. Renewables and General Buildings both contributed to the revenue beat, with year over year growth of 63166%, respectively. While our recent acquisitions were solid contributors to the quarter, organically, we still generated over 30% year over year growth. Backlog continued to develop nicely, reaching another record level of $7.3 billion. This represents a total book-to-bill of 1.6x inclusive of 1.3x organically. Infrastructure led the backlog development, but Renewables also extended its streak to 11 consecutive quarters of backlog growth. Demand continues to be robust across the business verticals, leading us to increase our full year revenue guidance to approximately $6.7 billion, up $325 million or 5% higher than previous forecasts. EBITDA margins are still forecasted in the high single digits, comparable year over year, largely due to the higher mix of General Buildings activity in 2026. Q2 revenue is expected to increase almost 50% year over year to $1.7 billion, with EBITDA margins also comparable to 2025’s second quarter. We generated cash flow from operations of $99 million in the first quarter, with higher revenue levels versus guidance driving additional working capital investment. We also saw DSOs increase to 72 days versus 65 days at year end, resulting in lower cash conversion than anticipated. We expect DSOs to trend back to the mid-60s over the course of the year. Our liquidity stands at approximately $1.8 billion and net leverage of 1.8x is well within the terms of our financial policy and criteria to maintain our investment grade ratings. Our improved Q1 performance coupled with continued capital efficiency led to further growth of return on invested capital, expanding almost 100 basis points from year end to over 10%. We expect this trend to continue; we will share more thoughts regarding ROIC targets at our upcoming Investor Day. Moving to our consolidated 2026 guidance, we are raising our full year guidance to reflect the first quarter beat and our improving outlook for the remainder of 2026. We now expect revenue of $17.5 billion, or 22% growth year over year and 3% higher than our prior forecast. For adjusted EBITDA, we are now forecasting $1.5 billion, or an 8.6% margin, with a $50 million increase representing a 10% margin flow-through on the increased revenue outlook. Adjusted EPS is forecasted to be $8.79, an increase of almost 35% year over year and 5% ahead of our prior guidance. Our cash flow from operations outlook remains unchanged, expecting to exceed $1 billion for 2026. We are increasing our net cash capital expenditure forecast to about $220 million to support the additional revenue growth. Our second quarter outlook reflects another strong quarter of year over year growth across all of our major financial metrics, with revenue, adjusted EBITDA, and EPS growing 213847%, respectively. Adjusted EBITDA margins are expected to expand by over 100 basis points compared to 2025. Lastly, I want to remind you that MasTec, Inc. will be hosting Investor Day on May 12, which will also be webcast live via a link on MasTec, Inc.'s investor site. We are excited to introduce additional members of our operational management team to the investment community and provide a medium-term financial outlook. This concludes our prepared remarks. We will now open the call for questions.

**Operator:**  
Thank you. If you would like to ask a question, please press 11 on your telephone. You will then hear an automated message advising your hand is raised. If you would like to remove yourself from the queue, press 1 again. We also ask that you please limit yourself to one question and one follow-up on the same subject. If you have more questions, you can always return to the queue by pressing 11 again. Wait for your name and company to be announced before proceeding with your question. One moment while we compile the Q&A roster. Our first question today will be coming from the line of Alex Riegel of Texas Capital Securities. Your line is open.

**Alex Riegel:**  
Jose, congratulations to you and your team on another outstanding quarter.

**Jose Mas:**  
Thank you, Alex. Good morning.

**Alex Riegel:**  
In the context of profit margins, growth at MasTec, Inc. has been very impressive. And now with backlog up 28% year over year, can you talk about how pricing and/or contract terms are changing? And is there a point where pricing/contract terms become more important to the company rather than volume?

**Jose Mas:**  
Alex, I think it is a great question. I think we have been talking about the momentum of the business over the course of the last year. We have obviously seen it in our backlog growth. If you think about it, backlog in 2025 was up about $4.5 billion. We are up another $1.4 billion this quarter. In the last two quarters alone, we are up around $3.5 billion. So I would argue that a lot of the improvements that we have seen in the business from a pricing perspective, and obviously from a growth perspective, have not really even started hitting our financials yet. I think we are just at the beginning of seeing some of the improvements that we saw in 2025 relative to backlog and repricing, and I think that will play through the balance of 2026 and into 2027. So I definitely think it is something to pay attention to. We feel really good about what we have in backlog. We have been really good about our ability to not just grow our revenue, but I think we have talked about margins a lot and our intentions to improve them on a segment-by-segment level. We know we have a lot of opportunity there, and we are looking forward to delivering on that.

**Alex Riegel:**  
Excellent. And then as it relates to the pipeline market, which appears poised for notable upside, can you comment on the competitive environment there and how you are positioned? And it sounds like it is a little bit more of a 2027 opportunity from a P&L standpoint, but maybe talk about the timeline here over the next few years.

**Jose Mas:**  
Sure. So nothing has changed. Going into this year, we said we expected to do about $2.5 billion. We knew we would be somewhat constrained because a lot of projects were going to be pending materials that were going to take a long time to come online. So we have always said we thought 2027 was a significant growth year for us. We are really happy with the way we started 2026. We do think there is some potential at the back end of 2026 to maybe bring in some projects and hopefully be a little bit different than what we have been saying. But right now, we are very bullish on 2027 and beyond. We have talked about getting to historical highs in revenue, so we feel great about all of that. To the beginning of the question, which was the competitive landscape in the business, there is no question that post-pandemic we saw some companies fail, some disappear completely, and others de-emphasize the pipeline business. So I think the competitive landscape today really benefits MasTec, Inc. We continued to invest in the business. We kept our strongest people. We have rebuilt. So I think we are in a great position to not just win the market share of the past, but to actually increase our market share throughout the cycle.

**Alex Riegel:**  
Very helpful. Thank you.

**Jose Mas:**  
Thanks, Alex.

**Operator:**  
Thank you. One moment for the next question. Our next question will be coming from the line of Andrew Alec Kaplowitz of Citigroup. Your line is open.

**Andrew Alec Kaplowitz:**  
Good morning, everyone.

**Jose Mas:**  
Good morning, Andy.

**Andrew Alec Kaplowitz:**  
I would be curious about your thoughts on this cycle versus others. Your backlog, as you know, is up almost 30% year over year, that is pipeline backlog being down. We know you think pipeline earnings will be stronger going forward. I think you expect to grow EPS now mid-30s this year. Are you starting to think about that kind of growth being sustainable in 2027? And do you think it will be pipeline leading earnings growth or actually one of your other segments such as Clean Energy?

**Jose Mas:**  
Lots of questions in there, Andy. I would start by saying the momentum of our business is incredible. Comparing it to past cycles, I have been CEO since 2007. I cannot remember a time where every business was just humming—where everything had great opportunities in front of it, where we see backlog growing across the board, and we see momentum actually increasing. From a total business perspective, it is as good as I have ever seen. And quite frankly, I would only expect it to get better. We are going to have a great year across the board on every financial metric. We have our Investor Day on May 12 where we are going to lay out some longer-term targets. We are really bullish about what we think we can accomplish in the mid to long term, and we are excited. We spend so much time whether it is on these conference calls or at investor conferences talking about either the previous quarter or the next quarter or the current year, and we are looking forward to having a day where we can lay out a little bit of longer-term vision and really give you some long-term targets that I think everybody is going to feel good about.

**Andrew Alec Kaplowitz:**  
Okay. Then a quick follow-up. You have positively surprised pretty much every quarter in Communications over the last few quarters. But I think you raised 2026 Communications revenue guidance by even less than you beat in Q1. Is it just conservatism? Or do you continue to see the momentum moving forward across most of your Communications businesses?

**Jose Mas:**  
A couple things. As Paul laid out in his script, we took some one-time charges there that impacted margins by about 100 basis points; it kind of went a bit flat with last year. When we look at the balance of the year, we are guided to a $17.5 billion number. It was a nice round figure. I do not think you should read anything into the back half Communications guidance. We have plenty of opportunity there, and hopefully we will continue with our goal of at least meeting, if not beating, expectations on a quarter-by-quarter basis.

**Andrew Alec Kaplowitz:**  
Appreciate all the color, Jose.

**Jose Mas:**  
Thanks, Andy.

**Operator:**  
Thank you. One moment for the next question, please. Our next question is coming from the line of Steven Fisher of UBS. Please go ahead.

**Steven Fisher:**  
Thanks. Good morning, and congratulations. Jose, you mentioned that you are seeing potential for exponential growth in the data center piece of Clean Energy and Infrastructure. To what extent do you think this is going to be the main narrative for the Clean Energy segment going forward? And how much will natural gas plants be part of that?

**Jose Mas:**  
I would say a couple of things. We look at our Clean Energy and Infrastructure business in roughly four buckets: renewables; our industrial business, which would include any new power generation, conventional power generation; our infrastructure business, which is a lot of what we are doing on the civil side; and our General Buildings group, which has really been focused on critical infrastructure and the data center subset. If you look at backlog, every one of those had a backlog increase in the first quarter relative to sequential backlog growth. We are feeling good about all four of them. Obviously, the data center opportunity subset is massive and it will play a big role in MasTec, Inc.’s future. We are on one job currently. We have found it is an incredible opportunity for us. We bring a really unique skill set that many are interested in. We have an incredible number of opportunities we are going through right now that I think will develop. We feel good about that part, but we feel good about the whole business. We have been really adamant about our position on power generation on the conventional side. Historically, a lot of simple cycle work—we have not done a lot of CCGT work—and we feel good about that. There is a tremendous amount of opportunity and demand. It will be a part of our growth story. It will not be the leading part of our growth story, but it will definitely be a part of our growth story. And I think we are well exposed to all of it.

**Steven Fisher:**  
That is great. And then on the Power Delivery side, can you talk about transmission opportunities for bookings? To what extent are customers coming to you looking for skill sets and capacity versus putting out a more competitive process? And what is the timing of the next major bookings for you? Thank you.

**Jose Mas:**  
We are really excited about the growth in backlog in our Power Delivery this quarter—1.6x book-to-bill, over a $600 million backlog increase. It was broad-based; no major projects pushed that way. From a major project perspective, we are seeing more activity than we ever have. I think we are in a great position. I think the fact that we are working Greenlink and our success on Greenlink has really positioned us differently across the industry. We could not be more excited about the opportunities that are on the way and think we are really well positioned. That will be a big part of our story on a go-forward basis.

**Steven Fisher:**  
Thank you.

**Paul DiMarco:**  
Thanks, Steve.

**Operator:**  
Thank you. One moment for the next question. Our next question will be coming from the line of Brian Daniel Brophy of Stifel. Your line is open.

**Brian Daniel Brophy:**  
Congrats on the nice quarter. Just wanted to ask on CE&I. Obviously, awards there were pretty healthy. Any color on where the source of strength is coming from across your clean energy, civil, street and highway businesses? Were there any additional GC awards in the quarter? And you talked about having about $4 billion of projects under LNTP in that segment. Did that come down with the backlog build here, or does that remain elevated still? Thanks.

**Jose Mas:**  
To reiterate on the last question, because it was similar, in our Clean Energy and Infrastructure business, in all four buckets, backlog increased. Maybe in General Buildings we were flat. So to the point of it being data center driven, it was not; it was really made up from the other three parts of the business. I would say that our LNTP work is either at the same number or it has actually increased. We feel really good about our potential to continue building backlog in Renewables through the balance of the year, and for sure for the segment. I would expect Clean Energy and Infrastructure backlog to be a lot higher by the end of the year than it is today. It may not be every single quarter, but we feel really good about where we are on the year. Momentum is really strong today.

**Brian Daniel Brophy:**  
That is great. Appreciate the color there. And big picture on the GC business: When you think about the opportunity in terms of size and scale, how are you thinking about it in terms of number of projects you can take on and size of project ranges you are looking at? Thanks.

**Jose Mas:**  
It is a great question, and it is the beauty of the business that we are in. We will elaborate a lot on this at our Investor Day, but the beauty of a turnkey data center site is the number of people that it actually takes on the construction management side is relatively limited. So we can stand up groups relatively quickly to meet our customers' needs. On the self-perform side, it is a little different because you need a lot of craft. In some cases, we are really well positioned and in some geographies we are not. But from a pure construction management perspective, with a relatively small group of people, you can actually do some incredible work on behalf of the customer. That is what we have been working on—building our resources there. We are super well positioned. I think we can take a significant number of projects on concurrently. We are working toward that, and at our Investor Day we will get into a lot more details.

**Brian Daniel Brophy:**  
Appreciate it.

**Jose Mas:**  
I will pass it on. Thank you, Brian.

**Operator:**  
Thank you. One moment for the next question. Next question is coming from the line of Ati Modak of Goldman Sachs. Your line is open.

**Ati Modak:**  
Hey, Jose. Can you talk about what you are seeing on the long-haul transmission line opportunities through the next few years? You have previously talked about M&A to add capability for a third simultaneous line there. How is that thought process progressing? What are you seeing in the market, and what should we expect?

**Jose Mas:**  
Good morning, Ati. A couple of things. I think we have done a great job of organically growing that side of the business. We have really focused on it in the last four or five years. Obviously, Greenlink was a solid culmination of that to prove to ourselves and to the industry that we had made significant inroads in that market. The opportunity subset there is incredible right now. I think the industry is going to substantially grow. We are super well positioned there. We do not feel that we need to make an M&A transaction in that market to reach the goals that we have internally. But it is definitely an area where, if the right opportunity arose, we would pay attention and consider it. Right now, we feel good about where we are, how we are positioned, and our ability to win.

**Ati Modak:**  
Thanks for that. And then maybe one for Paul. You mentioned lower seasonality than previous years. Can you give us more color on structural elements driving that going forward?

**Paul DiMarco:**  
A lot of it is around project timing and working with our customers to promote higher productivity and access to projects that are executing through the end of the year. That was a big focus. The weather helped out a little bit; it was a little bit mild in most areas we operate. But overall, it is just being proactive and really working with our clients to promote opportunities for us to keep our crews and our equipment productive. It balances out; it makes the peak—summer months—more efficient. We are excited about how it will benefit the business this year and in the years ahead.

**Ati Modak:**  
Awesome. Thank you.

**Operator:**  
One moment for the next question. Our next question is coming from the line of Jamie Lyn Cook of Truist Securities. Please go ahead.

**Jamie Lyn Cook:**  
Hi. Good morning. Congrats on the quarter and excited about May 12. Jose, a couple of questions. As we are thinking about the opportunity that you are going to lay out, how much do you want to differentiate—i.e., MasTec, Inc. is largely an organic growth story versus relying on M&A or joint venture? Maybe you need to do that to manage risk or get into adjacent markets in a proper way. And then, you have so much growth in front of you. To what degree are you prioritizing the type of growth that you want—for MasTec, Inc., not growth for the sake of growth, but growth where you can generate the best margin or return?

**Jose Mas:**  
Thanks, Jamie. First, on organic growth versus M&A. MasTec, Inc. was in a unique position post-pandemic where we really tried to focus on certain core diversification into the energy markets. We did that in 2022–2023. Those were big acquisitions for us. At the time, we said very vocally that we were going to focus on organic growth, really making our balance sheet a lot healthier and putting ourselves in a position to do whatever we wanted. I think we have accomplished that. We had levered up a little bit on those acquisitions; we wanted to bring leverage back down, fully integrate those acquisitions, and make sure they were performing at a high level. Today, we can check the box. We have done that. You are seeing the beginning of those results. I do not think we have seen all of those results flow through our financials yet. We are excited about that. We are also excited about what M&A has meant to our business over a long period of time. We have had a lot of growth via M&A since my term as CEO since 2007. We have bought some incredible companies. You saw us be more active at the end of 2025—we bought two incredible companies in two market segments that we think have tremendous long-term potential and growth opportunities. They are both here just over a quarter. We are excited to have them; they have been fantastic additions to MasTec, Inc. There is a lot more, and we have said we are going to do more on M&A. There are a ton of opportunities out there, a lot of which we really like. They are very strategic. We are looking at our business to figure out where are the areas that we want to grow, where are the internal opportunities we have relative to the workforce, and where do we need to go outside to bolster a geography or an area of work. You are going to see us be a lot more active in M&A for sure than we have been in the last couple years. We started that in Q4 of 2025, and you will see that continue throughout 2026. With all that said, we feel good about the segments that we are in. All of the segments offer us solid growth potential. More importantly, we have the management teams within each of those businesses to handle the level of growth. Where I would be concerned on growth is not necessarily capital allocation—some of these frankly are not even that capital intensive; some are more. We feel good about the return profile of each. It is important that we have the leadership strength to be able to deliver on that growth and deliver the optimal margins on that growth. Today, we are more than equipped to take on multiple areas of growth, multiple businesses of growth, and I think we are just really starting to enjoy that. We have worked really hard over a long period to put ourselves in the position that we are today, and I think it is time to enjoy the fruits of our labor and take advantage of those growth opportunities and execute on them. I do not see us jumping into a lot of new businesses, but I see us trying to expand the ones that we are in and take advantage of the opportunities within those.

**Jamie Lyn Cook:**  
Thanks and congrats.

**Marc Lewis:**  
Thanks, Jamie.

**Operator:**  
Thank you. One moment for the next question, please. The next question is coming from the line of Analyst of KeyBanc. Please go ahead.

**Analyst:**  
Great. Thank you. Good morning. Jose, given how you said demand is inflecting so strongly in all your segments—last year, you were resourcing in Pipelines and Communications as the demand emerges—how do you feel right now about the ability to keep resourcing upwards to meet this demand, whether it is labor or other facilities that you need? Is that getting harder?

**Jose Mas:**  
Good morning. At the end of the day, we are a people business. It is what differentiates us. It is an irreplaceable asset. Nobody can replicate the workforce that we built, especially trying to come in. It is one of our big moats. It is important to us. It is something that we keep building on. In pure numbers, we are up about 6 thousand people year over year and up just under 2 thousand sequentially. Quite frankly, it is a machine. We are constantly adding people, resources, and manning to the opportunities in front of us. It is critical to our long-term success, and we think we are good at it. We will continue to do that. There have been periods where hiring impacts margins as you go from a slower period to a busier period. The business is much more consistent today. It is part of the business. We will continue to grow into the demand and then hopefully benefit from the margin opportunities associated with that.

**Analyst:**  
That is helpful. And then a quick follow-up on your Communications revenue guide. You referred to BEAD maybe emerging over time and being conservative in your second half outlook. Is there any BEAD factored into your back half, or is that still optionality?

**Jose Mas:**  
I think we have some design built in, but we do not have a lot of construction built in. So there are some revenues, but I think it has a really meaningful impact to 2027.

**Analyst:**  
Got it. Thank you.

**Paul DiMarco:**  
Thank you.

**Operator:**  
The next question, please. Our next question will be coming from the line of Liam Dalton Burke of B. Riley Securities.

**Liam Dalton Burke:**  
Good morning, Jose.

**Jose Mas:**  
Morning, Liam.

**Liam Dalton Burke:**  
You talked in your prepared comments about the step-up in demand for telecom on data center interconnectivity. Are you seeing more of that activity on the long haul or on the local loop of the network?

**Jose Mas:**  
I think both. You have different types of data centers. A lot of our customers are chasing that business. What makes some customers more competitive than others is the vastness of their infrastructure. Depending on the client, it will be more specific to one or the other, but both will have substantial growth over time and we are seeing opportunities to grow both.

**Liam Dalton Burke:**  
Great. And on Power, you had a nice step up in margin. Is that just better terms of the negotiations, or are you seeing the advantages of your scale?

**Jose Mas:**  
It starts with better execution, and then it gets into all of the opportunities that the business has today relative to size and growth. At the end of the day, a lot of it is our execution. We made significant investments in 2021–2022 to really grow that business, and now the fruits of those efforts over many years of hard work are starting to pay off.

**Liam Dalton Burke:**  
Great. Thank you, Jose.

**Marc Lewis:**  
Thanks, Liam.

**Operator:**  
Thank you. One moment for the next question. Our next question is coming from the line of Maheep Mandloi of Mizuho. Please go ahead.

**Maheep Mandloi:**  
Hey. Thanks for the questions, and hi, Jose. Just a quick one on the gas pipeline. You talked about demand. When are you expecting the orders to flow in on those—next year or after that? Thanks.

**Jose Mas:**  
Good morning, Maheep. It has not really changed. We have an enormous amount of confidence relative to the conversations we are having with our customers—whether they are verbal awards that we have or the expectations our customers have laid out to us on what we are going to build. For us, when we look at 2027, we think our plate is pretty full as it is. When those turn into contracts and when they can be reported in backlog is a different story. That is why we keep talking about backlog not being fully representative in that market today. It will be at some point. It is coming. It is close. It will probably be towards the end of 2026. Our visibility into 2027 and beyond is fantastic.

**Maheep Mandloi:**  
Appreciate it. Thank you.

**Marc Lewis:**  
Thank you.

**Operator:**  
Thank you. One moment for the next question. Our next question is coming from the line of Justin P. Hauke of Baird. Go ahead.

Justin P. Hauke: Great. Thank you. I wanted to get a little more clarity on the guidance. Clearly, first quarter came in much better than what you were expecting. You beat revenue by 10% and earnings by like 40%. But in the full year, it looks like you are flowing through a lot less than that. I know 1Q is seasonally the lightest, but you are also having a lot less seasonality than you had historically. What is underpinning the conservatism as you look at the balance of the year versus what you did in the first quarter?  

**Jose Mas:**  
Good morning. A couple of things. That is what we did—we pushed the beat in Q1 through the guide for the year. We did not necessarily reforecast the balance of the year. There is a lot of conservatism built into that. We have not taken into account that acceleration in the business continuing throughout the three quarters. Hopefully, we can deliver on that, and that will be the source of our beats throughout the balance of the year. We have our Investor Day coming up on May 12 where we will lay out a much longer-term vision. We are excited about how the rest of the year can play out. I would not read too much into it. We are pretty excited. We took each of the areas where we beat and pushed it through the year. If the opportunities continue to exist across all those segments, then we will do better than what we are saying.

Justin P. Hauke: That makes sense. Second, on the Communications side, from the install-to-the-home market—was that something you were expecting? And are the costs you took contained in the quarter, or will that continue throughout the year?  

**Jose Mas:**  
We do not expect any more to continue throughout the year. We are still in that business; we are not out of the business. To be clear: We have had a relationship with DIRECTV as far back as I can remember. When I became CEO in 2007, DIRECTV was almost 50% of revenues. Last year, DIRECTV was less than 1%. At its peak, it reached almost $700 million in revenue, and again it was less than 1% of revenues last year. We see challenges in our business at times. We had a customer that was all pay television service, satellite-driven. The internet took off, streaming video took off, the business changed. That is part of the beauty of MasTec, Inc. We took a business that was such a major part of our financial performance a long time ago, and we were able to adapt. We helped our customers with other technologies, like everything that happened relative to fiber and internet, and we were able to offset that decline over a period of time. We have done an amazing job growing our telecom business over many years, especially over the last few years, in an environment where that business massively declined from $700 million to a negligible number. This year, we exited a number of markets in a small business and took some charges in Q1 that represented about 100 basis points. We probably could have reaged them; we decided not to. We are thankful for that relationship. We are still going to work for them and support them. It is a great reflection of the way that MasTec, Inc. has matured and our ability to overcome something like that with a ton of success.

Justin P. Hauke: For sure. Thank you for that perspective.  

**Jose Mas:**  
Thanks, Justin.

**Operator:**  
Thank you. One moment for the next question. Our next question is coming from the line of Manish Samaya of Cantor. Please go ahead.

**Manish Samaya:**  
Jose, can you remind us what is the mix between maintenance and new projects for your Pipeline business? I am trying to figure out the incremental upside to backlog. Obviously, the backlog right now is about $1.3 billion out of the $20.3 billion. I am trying to get a sense for that as well.

**Jose Mas:**  
I do not have an exact number, but a few years back when the business looked doom-and-gloom post-pandemic, we said that we thought the bottom run rate would be $1.5 billion to $1.8 billion. We did that based on predominantly a maintenance-driven business, so I would still argue that is the range, and the balance is project-driven. I do not have an exact breakout today, but that is pretty close. As you think about future projects, it will be the growth off of that base.

**Manish Samaya:**  
Right. Q1 did exceptionally well. Favorable outlook for 2026. How should I think about 2027 in terms of reaching or exceeding your prior peak margins in that business?

**Jose Mas:**  
The opportunity is there. If I was guiding 2027 today, I would say we will do $2.5 billion this year. I would feel super comfortable that we are going to do $3 billion or better, and I think we have an outside chance to get to historical levels—which are $3.5 billion—as early as 2027. That is what we have been saying over the last couple of quarters.

**Manish Samaya:**  
And then on capital allocation, with leverage approaching low ones, how are you thinking between deleveraging even further, bolt-on acquisitions, repurchases?

**Jose Mas:**  
Based on the growth opportunities in front of us, you are going to see us be more active in M&A. That is where you will see deployment of capital.

**Manish Samaya:**  
Okay. Great. Thank you so much.

**Jose Mas:**  
Thank you. Appreciate it.

**Operator:**  
Thank you. One moment for the next question, please. Our next question is coming from the line of Analyst of Jefferies. Please go ahead.

**Analyst:**  
Hi. Good morning.

**Marc Lewis:**  
Good morning. How are you?

**Analyst:**  
Assuming Greenlink North commences construction next year, combined with the smaller project that I believe is supposed to commence midyear this year, do you have the capacity to handle more than those projects combined in 2027—to tie into your comments that you do not need to grow that side of the business inorganically to competitively bid on new projects?

**Paul DiMarco:**  
Absolutely.

**Analyst:**  
Okay, great. And then to follow up on M&A, could you be any more specific on target markets, assuming nothing in Power Delivery? Target markets where you see the most opportunity for MasTec, Inc. in particular? And would you be interested in MEP at all to round out that solution for the data centers?

**Jose Mas:**  
I do not want to get ahead of myself. At our Investor Day, we are going to walk through strategy a lot more than we normally do. From that, you will be able to ascertain the types of things that we are looking at. It is broad-based. At the end of the day, we are still opportunistic-driven. We are not chasing revenue; it is strategic. We have some really good opportunities in front of us. I do not want to tip my hand, but we are in a good spot. The two acquisitions that we made at the end of last year have been really beneficial to MasTec, Inc., and we have a number more that we can make that would really help our company.

**Analyst:**  
Okay. Great. Thank you very much.

**Marc Lewis:**  
Thank you. Appreciate it.

**Operator:**  
Thank you. One moment, please, for the next question. Our next question is coming from the line of Marc Bianchi of TD Cowen. Please go ahead.

**Marc Bianchi:**  
Hey. Thank you. First on the Communications progression from here—you are quite precise on what the margin improvement is going to be for the year. I do not know if you want to put any precision on second quarter, but the way it looks to me, the margin improvement year over year may accelerate in the back half. Could you walk us through that? Is that just absorbing some of those earlier costs that you have, or is there something else going on?

**Jose Mas:**  
Good morning, Marc. That is exactly right. In 2025, we had phenomenal organic growth—34% year over year. We entered a lot of new markets and opened a lot of new offices. Those offices are beginning to mature. We will see the significant impact of that maturity in the second half of the year. That is why we are so comfortable calling for a higher profile margin in the second half of the year, and that is how we expect it to play out. If you normalize Q1 for our charges and look at what is happening in Q2, we feel really good that the progression is taking shape and we are very confident in being able to say that.

**Marc Bianchi:**  
Great. Last one is for Paul. The CapEx number ticked up just a little bit. Could you talk about what is going on there and more broadly how we should be thinking about capital intensity for the business going forward?

**Paul DiMarco:**  
As I said in the comments, it is really just about the additional growth we see not just in 2026 but in the years ahead. Our primary objective around capital allocation is supporting organic growth, and fixed assets are a big piece of that. It is still relatively low, particularly compared to where we have been historically. We are comfortable with that level of capital intensity, but we are focusing on supporting the demand we see and the needs of our customers.

**Marc Bianchi:**  
Great. Thank you very much. I will turn it back.

**Jose Mas:**  
Thank you. Appreciate it.

**Operator:**  
One moment. Our next question is coming from the line of Philip Shen of Roth Capital Partners. Please go ahead.

**Philip Shen:**  
Hey, Paul. Thanks for taking my questions. Congrats on the great quarter.

**Paul DiMarco:**  
Thank you, Phil.

**Philip Shen:**  
Wanted to check in on the renewables comments you made. Visibility, you said, is as strong as it has ever been. Momentum is strong, you said, as well. I wanted to check in with you also on this tax equity pause by four major banks. We are four months into the year, and this has become a bit of a topic. I know 2026 is not impacted because it is a Section 48 year. But for 2027, I think more projects might depend on 48E. Could you give us a little more color on that really strong outlook vis-à-vis this tax equity pause, and to what degree you have gone through your portfolio and checked in with customers to make sure the exposure here is modest, if any?

**Jose Mas:**  
I think that is the big change in our business over the longer period. We have done a great job aligning ourselves with key customers, understanding their business and their risks. We have managed that really well. We feel really comfortable about our book of business for 2027. Generally for the market, I would add: we are in the middle of an unbelievable opportunity of growth as a country relative to so much of this critical infrastructure. Power is the cog in the wheel. Everybody knows it. The administration knows it. The president knows it. While we are going to get a lot of noise, at the end of the day, issues like this have to be fixed because if not, it has much greater implications. I have a high level of confidence that the things that need to be done to fix issues like this will happen. Irrespective of that general comment for the industry, I feel good about our portfolio. Seeing what is happening in Washington and how they are reacting to certain things, I promise you that renewables are an incredibly important part of the story in the near to mid-term. They understand that, and they will do what they have to do to make sure that does not delay meaningful investment in this country.

**Philip Shen:**  
Great. Thanks, Jose. As a follow-up on that topic, one thing I have been trying to track is this LNTP-to-NTP timeframe in solar and renewables. For you guys, what is that typical timeline with customers? When they sign LNTP, is it typically six to seven months before you go to NTP, or maybe nine months?

**Jose Mas:**  
It depends on the customer. Some customers you have alliance agreements with; others you are doing specific projects. That is vastly different between the two. We do not go to back until financial close on the project, which a lot of times is late in the cycle of that project. Some could be open longer than others. It is an important metric for us because it gives us visibility into what we are going to book into new work over time. I would say the majority of it, if not all of it, is less than a year.

**Philip Shen:**  
Great. Thanks very much. I will pass it on.

**Jose Mas:**  
Thanks, Phil.

**Operator:**  
Thank you. One moment for the next question. Our next question is coming from the line of Adam Thalhimer of Thomas Davis. Please go ahead.

**Adam Thalhimer:**  
Morning, guys.

**Marc Lewis:**  
Morning, Adam. How are you?

**Adam Thalhimer:**  
Good. Data center connectivity—you said that was tens of billions of dollars. Is that the labor component, therefore the opportunity for MasTec, Inc.? And has that started, or is that more 2027?

**Jose Mas:**  
I think it has started. We announced back in 2024 our first award relative to a customer that had gone after that work and specifically won a project around it. This is a really long cycle. There is going to be an enormous amount of work across the country. Data center construction is a cycle that is just starting. We feel good about it. We think that is a MasTec, Inc. TAM number. It is a massive opportunity.

**Adam Thalhimer:**  
And then quickly on Pipeline, are you seeing book-and-burn projects that could come in for the back half of 2026, but you are just not putting that into guidance until you have them in hand?

**Jose Mas:**  
We have a portion of our business that is book-and-burn. We would expect to have that. There is some book-and-burn built into our guidance; our backlog levels do not fully support the full year anyway. We need some book-and-burn. That is a normal part of the business. We feel good about that. To the broader question—is there opportunity for more book-and-burn to improve even what we are saying? The short answer is yes.

**Jose Mas:**  
Thanks, Adam.

**Operator:**  
Thank you. One moment. Our next question is from the line of Analyst of Wolfe Research. Please go ahead.

**Analyst:**  
Hey. Thank you. Good morning, Jose and Paul. With President Trump approving Bridger Pipeline yesterday, beyond a specific project, do you see this approval improving project activity or just more de-risking of the project pipeline that is already in your funnel?

**Jose Mas:**  
I think this president has been very vocal about his desire to see infrastructure built, especially pipelines. If any project is brought to him that he has the potential to influence, he will. That is a good thing for the industry.

**Analyst:**  
Thanks. As a follow-up, can you provide any color on the type of pipeline work that has been driving the margins? Is it pricing, execution, project mix? And how does that evolve as you return to peak pipeline revenues?

**Jose Mas:**  
I do not think there was anything abnormal about our execution in Q1. We have had plenty of quarters where we have done as well. It is a moment in time where you had good utilization, a lot of work, and you were able to perform at a high level. We are not guiding to that for the balance of the year, but we would hope that we can continue to deliver on that. Utilization is a key driver. We had a good quarter, and hopefully it will continue.

**Analyst:**  
Thanks. Congrats on the results.

**Jose Mas:**  
Thanks, Chris.

**Operator:**  
This concludes today's Q&A session. I would like to turn the call back over to Jose for closing remarks. Please go ahead.

**Jose Mas:**  
Thank you. I would like to thank everybody for participating today. Again, to remind everybody, we have our Investor Day on May 12 in New York. We hope you can make it. We look forward to updating you on our second quarter call in a few months. Thank you.

**Operator:**  
Thank you all for participating in today's program. You may now disconnect.