MasTec is like Intel for the physical world, building the crucial infrastructure (fiber networks, power lines, pipelines) that power modern communications and energy.

MasTec is like the Caterpillar of infrastructure construction, providing the heavy-duty services and expertise to build out complex energy and communication networks.

MasTec is like Bechtel for the utility and telecom sectors, a leading global builder of large-scale, complex projects from renewable energy grids to nationwide fiber networks.

• Communications Infrastructure Services: Provides engineering, construction, and maintenance for fiber optic, wireless, and traditional wireline communication networks.
• Clean Energy & Industrial Infrastructure Services: Offers engineering, construction, and maintenance for electric power transmission and distribution, substations, renewable energy facilities (like wind and solar), and various industrial infrastructure projects.
• Oil & Gas Distribution & Maintenance Services: Delivers specialized construction, distribution, and maintenance for smaller-scale oil and natural gas pipelines and related facilities.

• AT&T Inc. (Symbol: T) - A major telecommunications company, leveraging MasTec for fiber optic, wireless, and wireline network deployments.
• Verizon Communications Inc. (Symbol: VZ) - Another leading telecommunications provider that relies on MasTec for its significant investments in network infrastructure, including 5G and fiber.
• NextEra Energy, Inc. (Symbol: NEE) - A large electric utility and a leading clean energy company, utilizing MasTec for electric transmission and distribution infrastructure, as well as renewable energy projects (wind, solar).
• Enbridge Inc. (Symbol: ENB) - A prominent energy infrastructure company, likely engaging MasTec for services related to its extensive natural gas and crude oil pipeline networks and facilities.

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José R. Mas, Chief Executive Officer

Jose R. Mas has been the Chief Executive Officer of MasTec, Inc. since April 2007. Under his leadership, MasTec's revenue has grown significantly, transforming the company from a predominantly telecommunications contractor into a diversified infrastructure services provider in North America, expanding into renewable energy, heavy civil construction, oil and gas infrastructure, and power transmission and distribution. Mr. Mas grew up in the construction business and worked his way from field labor to the boardroom. He is also a co-owner of Inter Miami CF, a Major League Soccer franchise, and is involved in the development of Miami Freedom Park, a real estate project. He serves on the Board of Helmerich & Payne (NYSE: HP) and as a Trustee on the University of Miami Executive Board.

Paul DiMarco, Executive Vice President and Chief Financial Officer

Paul DiMarco joined MasTec in 2007 and was appointed Chief Financial Officer on April 1, 2023, succeeding George Pita. Prior to this role, he served as the Chief Financial Officer of MasTec's Power Delivery Segment, where he was involved in integrating 2021 acquisitions. Mr. DiMarco also held the position of Treasurer of MasTec since 2011. Before joining MasTec, he held various positions with Burger King Restaurant Services and Coca-Cola Enterprises. MasTec, under the leadership of CFO Paul DiMarco, is actively pursuing growth through mergers and acquisitions.

Robert Apple, Chief Operating Officer

Robert Apple has served as MasTec's Chief Operating Officer since December 2006. Before this, he was the group president for MasTec's energy service operations from 2005 to 2006. From 2001 to 2004, Mr. Apple was a Senior Vice President at DIRECTV®, responsible for the installation and service network, warranty program, supply chain management, and national dispatch support. He also served as Chief Operating Officer and Board member of Via Digital, a direct broadcast satellite company and Telefonica affiliate, from 1997 to 2001, while on assignment from Hughes Electronics/DIRECTV® Latin America. From 1985 to 1996, Mr. Apple held various senior-level positions within the Hughes Electronics organization, including Chief Executive Officer of Hughes Electronics-Spain and Vice President of Hughes Europe.

Alberto de Cardenas, Executive Vice President, General Counsel, and Secretary

Alberto de Cardenas has been MasTec's Executive Vice President, General Counsel, and Secretary since 2005. He is responsible for all of MasTec's corporate and operational legal matters. Prior to joining MasTec, Mr. de Cardenas was the Senior Vice President and General Counsel at Perry Ellis International Inc. from January 2003 to November 2005, where he actively participated in and led several mergers and acquisitions. He began his career as an accountant at Deloitte & Touche LLP from 1990 to 1993, working in both the audit and tax departments.

Jorge Mas, Chairman

Jorge Mas is the Chairman of the Board and Co-Founder of MasTec, Inc. He has been involved in all phases of the Company's development since its creation in 1994. Mr. Mas is also the managing partner of a private equity group that manages a diverse portfolio of operating companies and investments. He has served on over a dozen corporate boards, assisting in strategic growth strategies and corporate governance. Jorge Mas is the Managing Owner of the Miami Major League Soccer franchise, Inter Miami CF. He also serves as the Chairman of the Board of the Cuban American National Foundation (CANF).

1. Economic Fluctuations, Regulatory Changes, and Unfavorable Market Conditions: MasTec operates in an industry highly sensitive to broader economic conditions and regulatory shifts. Risks include inflationary pressures on labor, materials, and fuel, rising interest rates, and disruptions in supply chains. Changes in government policies, such as tariffs and trade actions, can increase costs for essential construction materials like steel, concrete, and solar panels, potentially leading customers to reduce capital expenditures. Furthermore, regulatory environments, including permitting processes and environmental compliance costs, can cause project delays and increased expenses, impacting project viability and profitability.
2. Customer Concentration Risk: A significant portion of MasTec's revenue can be dependent on a limited number of key customers, such as AT&T. This reliance makes the company vulnerable to fluctuations in demand, changes in contract terms, or the loss of business from these major clients, which could materially affect MasTec's financial stability and growth prospects.
3. Supply Chain Disruptions and Material Cost Volatility: MasTec's operational efficiency and project timelines are susceptible to supply chain challenges and volatility in material costs. Specifically, price fluctuations for materials like steel and semiconductor component shortages can lead to increased costs and equipment procurement delays. Transportation and logistics disruptions can also extend project timelines, impacting profitability and project execution.

MasTec (MTZ) operates in several key infrastructure sectors. The addressable markets for its main products and services, primarily within North America, are as follows:

• Communications: The North American telecom network infrastructure market was valued at approximately USD 99.48 billion in 2023. This market is projected to grow to about USD 182.1 billion by 2033, exhibiting a compound annual growth rate (CAGR) of 6.23% from 2024 to 2033.
• Clean Energy and Infrastructure: The North American Clean Energy Industry is anticipated to reach a market size of approximately USD 600 billion by 2025, with a CAGR exceeding 7.20%.
• Power Delivery: The utilities services market in North America was valued at USD 64.22 billion in 2023. This market is expected to grow significantly to about USD 539.3 billion by 2033, with a projected CAGR of 9.9% during the forecast period from 2024 to 2033.
• Pipeline Infrastructure (Oil and Gas): The North America oil and gas pipeline market was valued at USD 6.52 billion in 2022 and is anticipated to grow to USD 9.88 billion by 2028, at a CAGR of 7.01%. North America is also projected to hold a 45.90% share of the global oil and gas pipeline market by 2035, with the global market size expected to reach USD 111.45 billion by then.

MasTec (MTZ) is poised for significant revenue growth over the next 2-3 years, driven by several key factors across its diverse infrastructure segments:

1. Robust Backlog and Project Pipeline: MasTec consistently reports record and growing backlogs, indicating strong future demand and providing substantial revenue visibility. For example, the company reported a record backlog of $13.9 billion in Q3 2024, increasing to $16.8 billion by Q3 2025, with all segments contributing to this growth. This strong backlog supports management's confidence in continued success and higher revenue guidance for upcoming years.
2. Expansion in Communications Infrastructure: The Communications segment is a significant driver, exhibiting substantial year-over-year revenue growth. This growth is fueled by strong demand for both wireless and wireline services, including 5G deployment, fiber optic network expansion, and specific projects like the Lumen contract, which are expected to continue ramping up.
3. Growth in Clean Energy and Infrastructure: MasTec's Clean Energy and Infrastructure segment is experiencing robust expansion, particularly in renewable power installations such as wind and solar projects, as well as heavy civil and other industrial infrastructure. This segment reported a 20% revenue increase and 36% EBITDA improvement year-over-year in Q3 2025, driven by record demand and project ramps.
4. Modernization and Expansion of Power Delivery: The Power Delivery segment, which serves utility customers in transmission and distribution markets, is expected to see significant growth. This is driven by the modernization of the electrical grid and substantial new booking opportunities related to projected energy load growth in the U.S., which necessitates increased investment in both generation and grid expansion. A major new transmission and substation project is anticipated to commence in mid-2026.
5. Improved Demand in Pipeline Infrastructure: After some project timing impacts, the Pipeline Infrastructure segment is showing improving demand. New contracts and an overall expected annual growth in the global gas pipeline infrastructure market, driven by the demand for natural gas, are anticipated to contribute to future revenue gains.

Share Repurchases

• In March 2020, MasTec authorized an additional $150 million share repurchase plan, supplementing an existing $129 million open authorization, under which approximately $110 million had been completed in Q1 2020.
• During the first quarter of 2025, the company completed $37 million in share repurchases, contributing to a year-to-date total of $77 million.
• An additional $250 million share repurchase program was authorized by the board in May 2025.

Share Issuance

• In November 2025, a proposed sale of 1,929 shares of common stock, valued at approximately $397,661, was reported, which were acquired via Restricted Stock Lapse as equity compensation.

Outbound Investments

• MasTec completed the acquisition of IEA in 2022.
• Management indicated in May 2025 that capital deployment prioritizes organic growth and selective acquisitions within existing business lines.
• In September 2025, MasTec announced its openness to mergers and acquisitions, with a focus on transactions that enhance earnings performance and service capabilities.

Capital Expenditures

• MasTec's capital expenditures for the first nine months of 2025 totaled $179.8 million.
• The company anticipates approximately $624.15 million in capital expenditures for 2024, reflecting consistent investment in infrastructure and strategic growth initiatives.
• Higher capital expenditures in 2025 were made to accelerate growth, primarily focusing on investments in equipment and capacity expansion to support robust organic growth opportunities across segments such as communications, clean energy, and power delivery.