March 27, 2026 | 00:27 ET~    Quanta Services, Inc. PWR-NYSE   Rating ↑ Outperform Price: Mar-26 $545.64 Target ↑ $650.00 Total Rtn 19%   Upgrade PWR to Outperform and Raise Target to $650; In-Organic Chemistry  Bottom Line: Upgrading PWR to Outperform; raise our target price to $650/share. Our upgrade of PWR to Outperform is not just owing to our increasingly bullish outlook for transmission, distribution and generation investment, but rather predicated by our work deriving a more discrete estimate for potential future in-organic EBITDA that we had not previously included in our valuation. We appreciate PWR current valuation implies an even wider premium than what the stock was previously discounting, but spending trends for electric/AI infra continue exceeding expectations. We outline our expectations for PWR investor day.   Key Points   Looking Back to Look Forward. We used the company's previous 4-year outlook from its last Investor Day (see Exhibit 6) to serve as the basis to bifurcate the company's growth rate based on organic and in-organic sources. We estimate the company's organic EBITDA and EPS CAGR on an organic basis over this timeframe was 13% and 12%, exceeding what was implied at the midpoint of the company's initial outlook by 440bps and 130bps, respectively. Our analysis suggests PWR generated an additional $8B in revenue and $845MM in EBITDA from bolt-on acquisitions that we think remains a core strategy. Cautiously Optimistic that PWR's Investor Day Next Week May Further Support Our Constructive View. PWR management tends to be conservative when offering financial guidance with a track record of beating and raising. Therefore, outlining a potential range of expectations for the company's LT outlook that we expect may again include organic revenue, EBITDA, cumulative FCF, ROIC revenue, organic/in-organic EPS is tricky. However, if we conservatively assume the company grows at the same organic rate it did the prior 4 years, we think a lower bound of ranges for organic metrics such as Revenue/EBITDA/EPS of $52,684MM/ $5,542MM/$20.46. However, if we assume 300bps of additional growth (upper end of potential range) our estimates increase to $58,560MM/$6,156MM/$24.94 which is still ahead of consensus. More importantly, utilizing the analysis in Exhibit 10 of our report where we assume PWR continues its historical 80% re-investment of FCF via acquisitions at a conservative 12x multiple (we estimate 2022–2026 acquisitions ~9x), modest growth assumptions and 50bps of margin expansion, our analysis suggests this could drive an additional $1.4B of EBITDA and $5.17 EPS by 2030 which is now incorporated in our new $650 target on a risk-adjusted basis. Key Changes  Rating Target OP↑ $650.00↑ Mkt $600.00     Energy Transition & Infrastructure Ameet Thakkar Analyst ameet.thakkar@bmo.com (713) 546-9741 Ryan Schlageter Senior Associate ryan.schlageter@bmo.com (929) 789-3536 Legal Entity: BMO Capital Markets Corp.    700 600 500 400 300 200 MarSepMarSep 543210 LHS: Price ($) / RHS: Volume (mm)Source: FactSet 2YR Price Volume Chart Company Data in $ Dividend $0.44 Yield 0.1% P/BV 8.8x Shares O/S (mm) 149.6 Market Cap (mm) $81,639 Net Debt (mm) $(1,387) BMO Estimates in $ (FY-Dec.) 2025A 2026E 2027E EPS $10.75 $13.29 $16.00 Gross Mrgn (mm) $4,275 $5,103 $5,875 EBIT (mm) $1,612 $2,141 $2,567 EBITDA (mm) $2,866 $3,501 $4,041 Consensus Estimates 2025A 2026E 2027E EPS $13.04 $15.29 Valuation 2025A 2026E 2027E P/E NM 41.0x 34.1x EV/EBITDA 31.1x 25.0x 21.1x QTR. EPS Q1 Q2 Q3 Q4 2025A $1.78 $2.48 $3.33 $3.16 2026E $2.20 $2.97 $4.26 $3.87 2027E $2.92 $3.59 $4.98 $4.50 Our Thesis PWR is an increasingly indispensable partner to the largest North American utilities and power developers where capex plans continue to accelerate. TAM expansion for PWR's other capabilities (e.g., data centers) is still in very early innings. Breadth and expertise warrant a significant premium relative to peers. Exceptional track record of M&A portends significant upside to estimates.For disclosure statements, including the Analyst Certification, please refer to page(s) 11 to 15.   Quanta Services - Block Summary Model Income Statement 2025A 2026E 2027E Revenues $28,480 $33,601 $38,319 Gross Margin 4,275 5,103 5,875 Gross Margin (%) 15.0% 15.2% 15.3% Consolidated EBIT 1,612 2,141 2,567 Depreciation & Amortization 910 1,095 1,200 EBITDA 2,866 3,501 4,041 Interest Expense 261 264 235 Income Tax 348 472 595 Income from continuing operations 1,042 1,414 1,785 Weighted Average Shares Outstanding 151 152 152 Diluted Operating EPS $10.75 $13.29 $16.00 Dividends per Share $0.40 $0.44 $0.48 Cash Flow Statement 2025A 2026E 2027E Operating Cash Flow 2,230 2,776 3,245 Investing Cash Flow (3,831) (773) (766) Financing Cash Flow 1,275 (67) (674) Net Change in Cash Flow (303) 1,937 1,805 EOP Cash on Balance Sheet 443 2,380 4,185 Common stock (net) 0 0 0 Net debt issued/(repaid) 1,744 0 (600) Free Cash Flow 1,672.73 2,003.58 2,478.95 Free Cash Flow to Equity per Share 11 13 16 Balance Sheet 2025A 2026E 2027E Common Equity 7,457 10,520 12,474 Non-controlling Interest 90 90 90 Total Debt 5,995 5,995 5,395 Enterprise Value $89,062 $87,524 $85,360 Common equity % 8.4% 12.0% 14.6% Preferred equity % 0.0 0.0 Total Debt % 6.7% 6.8% 6.3% Book Value per Share $49.29 $69.21 $81.83 Source: BMO Capital Markets, Company Reports Valuation We value PWR utilizing a blended valuation approach that combines our DCF and EV/EBITDA multiple (20.5x 2027E) based valuations. The implied equity values under this approach are weighted 50%/50% to arrive at our target price. DCF utilizes an 8.0% discount and 4% terminal growth rate. Include $86/share of upside potential from M&A. Upside Scenario $740.00 Our upside scenario models higher growth for utility capex and assumes PWR is able to win multiple largescale T&D projects. It also assumes higher margin expansion given broadening customer base beyond legacy utility customers and reflects continued sustained growth at the renewables segment comparable to recent historical years. Downside Scenario $452.00 In our downside scenario, we assume less robust utility spend and slower-than-expected growth of utility outsourcing activity, driving less growth for the company's electric T&D business. We also model a more pronounced deceleration of renewable activity relative to our base case. -17% +36%+19% TargetPrice650.00 in USD CurrentPrice545.64 DownsideScenario452.00 UpsideScenario740.00 Key Catalysts The power demand thematic from AI continues to gain traction with need for more power infrastructure, which should imply continued end-market growth for PWR. Additionally, we are looking for contract award announcements for large transmission, renewables, and data center projects. Upcoming Investor Day at the end of 1Q 2026. Company Description Quanta Services is a market-leading infrastructure specialty contractor in North America, providing a comprehensive suite of services including engineering and design, construction and installation, repairs, upgrades, and maintenance across the utility transmission and distribution, renewable energy, and communications industries. PWR-NYSE Research Glossary   Company Models   Quanta Services, Inc. | Page 2 March 27, 2026 In-Organic Chemistry: Upgrade PWR to Outperform and Raise Target to $650 Bottom Line: Upgrading PWR to Outperform; raise our target price to $650/share. Our upgrade of PWR to Outperform is not just owing to our increasingly bullish outlook for transmission, distribution and generation investment, but rather predicated by our work deriving a more discrete estimate for potential future in-organic EBITDA that we had not previously included in our valuation. We appreciate PWR current valuation implies an even wider premium than what the stock was previously discounting, but spending trends for electric/AI infra continue exceeding expectations. We outline our expectations for PWR analyst day. Rating Change Rationale We are upgrading PWR to Outperform and raising our target price to $650/share. In hindsight, our prior downgrade of PWR was short-sighted. The magnitude of the level of investment being brought to bear by PWR's legacy, core electric utility, IPP and developer customer base has continued to widely exceed our previous expectations. For example, last week alone three projects with significant public/ private support were announced that would imply nearly 20 GWs of additional capacity and more importantly for PWR, additional T&D infrastructure with utility service territories where it has a proven track-record of winning projects. In addition, the company's growing capabilities in more areas of data center construction means a further expansion of its TAM is likely underway and still in very early innings. We appreciate that PWR's current stock price implies an even wider premium than what the stock was previously discounting relative to a broad based group of E&C and Electric Equipment OEMs when we prematurely moved to Market Perform. However, an area where we think our prior valuation and forecasting approach may have fallen short was incorporating and quantifying PWR's strong track record of recycling excess cash flow back into its businesses via an increasing cadence of acquisitions that have grown in average transaction size. Our upgrade of PWR to Outperform is not just owing to our increasingly bullish outlook for transmission, distribution and generation investment, but predicated in part by our work deriving a more discrete estimate for potential future in-organic EBITDA opportunity that we had not previously included in our valuation. Rather than simply raising our target valuation multiple further to account for additional upside to our base estimates, which don't include the impact of future acquisitions, we took a look back at PWR's last Investor Day held in April 2022 to further dis-aggregate PWR's prior results vs. expectations over its last 4-year long-term plan ahead of the company's upcoming Investor Day next week. Cautiously Optimistic That PWR's Investor Day Next Week May Further Support Our Analysis. Our analysis detailed in this report that served as part of our now more constructive rating was initially undertaken to preview PWR's upcoming Investor Day scheduled for next week. PWR management has earned a reputation for conservatism when offering financial guidance with a track record of beating and raising. Exhibit 1 - 2026-2030 Growth Scenarios Initial Current Int. Exp Savings Int. Exp Savings 2030 2030 Financial 2022 Guidance 2022-2026 2026 Guidance 2030 Metrics No Investment+2030 Metrics 2030 Metrics No Investment+ 2030 2030 2030 Estimated Status Quo Growth300 bps Growth Metric Midpoint CAGR Midpoint @ 2022-2026 CAGRIncrease in Adj.+100 bps growth+300 bps growthIncrease in Adj. BMO Cons Inorganic With Organic With Organic Revenue $16,250 12% $33,500 $52,684 $54,591 $58,560 $54,492 $13,311 $65,994 $71,871 EBITDA $1,640 13% $3,420 $5,542 $5,742 $6,156 $5,857 $1,398 $6,940 $7,553 EPS $6.25 12% $13.00 $20.46 $2.20 $23.40 $24.94 $2.20 $24.37 $5.17 $25.62 $30.11 PWR 2030 Outlook Scenarios Source: BMO Capital Markets, Company Reports Looking to next week and beyond. A summary of what we think a reasonable range of expectations for some of the metrics we expect PWR to include in its updated 4-year outlook that will span 2026-2030 Quanta Services, Inc. | Page 3 March 27, 2026 is shown above in Exhibit 1. We think PWR will once again focus on the same 2030 KPIs it did previously (Organic Revenue, Organic EBITDA, Cumulative FCF, Organic/in-orgnic EPS and ROIC). Our output above suggests: • In a scenario where PWR assumes no additional growth than what it realized in its prior 4-year outlook ending in 2026: revenue of around $52.5 billion, EBITDA of $5.5 million and adj. EPS of $22.70. We think this could serve as a lower bound. These are all based just on organic growth. • If we assume an additional 100bps of organic growth, revenue, EBITDA and EPS grow to $55.5 billion, $5.7 billion and $23.40. • If we further increase organic growth to 300bps the organic revenue, EBITDA and EPS rise to $58.6 billion, $6.2 billion and $24.94. • Our model when we utilize a scenario that includes additional acquisitions trends towards 14% ROIC, compared to FY 2025 ROIC of 12.3% and FY 2022 8.8%. We anticipate PWR will continue to guide towards 10%+ ROIC, but we expect results to exceed this. • However, based on our estimates of impact of acquisitions on the company's results in excess of organic growth rate targets suggest an additional $13.3 billion of revenue, $1.4 billion EBITDA and $5.17 EPS. We view the upcoming investor event as a starting point for performance that will likely eventually more closely mirror what we have forecast. Exhibit 2 - PWR Customer Raising Capex Plans +34%+40%+69%+48%+76% +24% +31% $0B $20B $40B $60B $80B $100B DUK PCG AEP CNP*XEL ETR NI Existing PWR Customers’ Rolling 5-year Capex Plans (vs. 3Q 2023) As of 3Q 2023As of 3Q 2024As of 3Q 2025 Source: BMO Capital Markets, S&P Global Exhibit 3 - Utility Capex Revisions + 11% + 12% + 34% - $20,000 $40,000 $60,000 $80,000 $100,000 2025 2026 2027 2028 Revisions to Planned Utility T&D Spend As of Dec. 2024As of Dec. 2025 Source: BMO Capital Markets, S&P Global Quanta Services, Inc. | Page 4 March 27, 2026 Exhibit 4 - Utility Capex Trends -- $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E 2026E 2027E Utility Capex ($ MM) Electric Utility Multi-Utility 2017-2021 Utility CAGR: 5% 2022-2026 Utility CAGR: 15% Source: BMO Capital Markets, S&P Global Grading How Last Investor Day Targets Have Tracked; Setting Stage for Next 4 Year Forecast. In the figure below we highlight the key components of PWR's previous LT financial outlook that will culminate in 2026 which the company provided at its investor event in 2022. PWR targeted EPS was largely cast as $11.00 to $12.00 per share with organic EPS of $8.00 to $9.50 per share. Exhibit 5 - PWR 2022 Analyst Day (2022-2026) Financial Targets Source: BMO Capital Markets, Company Reports In Exhibit 6 below we look back at PWR's historical results, including our FY 2026 estimates. While consolidated growth of the business is the focus of PWR management, we attempt to bifurcate the company's results in terms of organic and in-organic contributions to better grade execution against prior expectations set in 2022 and frame the path to 2030. The company's continued deployment of large portions of its FCF into rolling-up additional EPC oriented businesses has enhanced results further which informs our expectations for next week's investor event and beyond. Quanta Services, Inc. | Page 5 March 27, 2026 Exhibit 6 - PWR (2022-2026) Financial KPI Performance (Organic vs. In-organic) 2022 2023 2024 2025 2026 12.5% Organic Revenue $20,387 $21,918 $25,685 $31,626 Inorganic Revenue $495 $1,755 $2,795 $1,975 Total Revenue $17,074 $20,882 $23,673 $28,480 $33,601 EPS $6.33 $7.16 $8.97 $10.75 $13.29<< Target at 2022 Analyst Day $11.00-$12.00EBITDA $1,738 $1,935 $2,331 $2,866 $3,501 2023 $495 $557 $626 $705 2024 $1,755 $1,974 $2,221 2025 $2,795 $3,144 2026 $1,975Total Inorganic Revenue $8,045 Organic Revenue $25,556<< Target at 2022 Analyst Day $20B-$22BCAGR 10.6% 6.5% Organic Net Income $1,495 Organic EPS $9.84<< Target at 2022 Analyst Day $8.00-$9.50CAGR 11.6% 10.7% Inorganic Net Income $522.9 EPS $3.44 Organic EBITDA $2,658<< Target at 2022 Analyst Day $2.0B-$2.4BCAGR 11.2% 8.4% Inorganic EBITDA $845 Cumulative FCF (2022-2026) $7,208<< Target at 2022 Analyst Day $4.5B-$5.5BDeployed for Acquisitions (2022-2026) $5,748 % of FCF Reinvested 79.7% Estimate for Acquistion Related Debt $1,616 Implied Cumulative Acquistion Multiple Paid 8.7x CAGR for 2022-2026 Includes BMO 2026 Estimates Source: BMO Capital Markets, Company Reports Highlights of our analysis are as follows: • 2026 organic revenue on track for~ $26.6 billion well in excess of expected top end; 10.6% CAGR; In-organic revenue of over $8 billion based on our analysis. • We estimate organic EPS and $9.84 and in-organic EPS of $3.44/share. • We estimate 2026 organic EBITDA of $2.7 billion running ahead of $2.4 billion target implying EBITDA implying an 11.2% CAGR over the 4-year forecast timeframe; In-organic EBITDA in 2026 based on our analysis is on track for $845MM. • Based on the company's financial statements over the current financial outlook timeframe, the company reinvested 80% of its FCF to equity into acquisitions. We estimate that the company completed the acquisitions at around a 9x EBITDA. As PWR management has consistently said, even in the current hyper-demand environment to further expand power infrastructure, the company's EBITDA margin is expected to remain fairly stable. We estimate EBITDA margins from 2022-2026 averaged 10% and our forward assumptions only embed slight improvement to 10.6% from 2026-2030. The 3 years prior to the current company financial outlook averaged around 9.7%. Therefore, while the company's existing operations have and will benefit from strong ongoing investment levels from its core electric infrastructure customers we see acquisitions as having enhanced EBITDA growth more than we had previously appreciated. As evidence, we estimate acquisition related EBITDA drive over 800bps in additional EBITDA growth from 2022-2026 (consolidated EBITDA CAGR 19%). Big, Small, and In Between: Acquisitions Have Driven Higher Returns As part of our analytical framework to arrive at potential estimates for impact of future PWR roll-ups, we also have relied on the company's preferred financial KPI, after-tax return on invested capital (ROIC). As shown below we have observed a notable improvement in the company's ROIC following an increasing re-investment rate into large acquisitions. As highlighted earlier, the company re-invests a significant Quanta Services, Inc. | Page 6 March 27, 2026 portion of its free cash flow into bolt-on acquisitions that expand its span of operations and pool of craft labor given its high ratio of self-perform work. ROIC has improved by nearly 700bps in 2025 compared to 2017. In addition, as a further proof point for the company's strength in identifying the right target companies, write-downs have been minimal even with greater investment levels. Exhibit 7 - PWR Cash Consideration for Acquisitons ($ MM) and Number of Acquisitions 0 1 2 3 4 5 6 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 201720182019202020212022202320242025 Est. Number of Acquistions Cash for Acquisitions ($ MM) Cash For Acquistions and Estimated Number of Acquisitions Cash for AcquistionsEst # of Acquisitions Source: BMO Capital Markets, Company Reports Exhibit 8 - PWR Realized ROIC 2017-2025 and Asset Impairments 5.8% 6.6% 8.1% 9.3% 8.8% 10.8%11.5% 12.7%12.3% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% $0 $10 $20 $30 $40 $50 $60 $70 2017 2018 2019 2020 2021 2022 2023 2024 2025 After Tax ROIC Asset Impairments ($ MM) PWR Realized ROIC and Asset Impairments ImpairmentsROIC (after tax) Source: BMO Capital Markets, Company Reports We also see the company's operational efficiency having grown the last several years despite an additional 12 acquisitions over its previous forecast horizon and is reflected in revenue per employee increasing from ~$390,000 in 2022 to ~$490,000. We expect operational efficiency to be a potential focus area at the Investor Day next week as the company has previously discussed how technology may potentially lean out engineering human capital needs and may speed many of the company's maintenance activities. Exhibit 9 - PWR Revenue per Employee $58 $49 $14 $8 $6 $14 $0 $0 $0 5.8% 6.6% 8.1% 9.3% 8.8% 10.8% 11.5% 12.7% 12.3% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% $0 $10 $20 $30 $40 $50 $60 $70 2017 2018 2019 2020 2021 2022 2023 2024 2025 Asset Impairments and ROIC (Pre-tax) Impairments ROIC (after tax) $200,000 $250,000 $300,000 $350,000 $400,000 $450,000 $500,000 2019 2020 2021 2022 2023 2024 2025 Revenue per Employee ($) Source: BMO Capital Markets, Company Reports Extrapolating How Acquisition Strategy May Contribute In the exhibit below we highlight potential cumulative EBITDA contribution from PWR based on our assumptions based on our estimates for the company's current operations cash generation available to be deployed using a simplified model we have constructed. The resulting cumulative EBITDA output Quanta Services, Inc. | Page 7 March 27, 2026 is now incorporated in our valuation and target price for PWR, but not in our earnings and cash flow estimates. Put another way, our base forecast is the starting point to how we think the company can recycle capital as outlined below. Key aspects of our analysis: 1. We constrain debt financing to net debt/EBITDA to 1.5x (total debt/EBITDA >1.8x) and require minimum $600MM cash balance. 2. We estimate the company invests ~80% of Free Cash Flow to equity which is largely consistent with levels from 2022-2026. 3. We conservatively estimate the company pays a 12x EBITDA multiple compared to 9x in our analysis of prior in-organic EBITDA. 4. Implied a 10.5% EBITDA margin and assume acquired EBITDA grows ~6% annually. 5. Implied ROIC of ~14%. Exhibit 10 - BMO Mini Model of PWR Acquisition Economics PWR Inorganic Growth Assumptions 2026 2027 2028 2029 2030 Assumptions Target Net Debt/EBITDA 1.50x Acquisition Multiple 12.0x Minimum Cash Balance $600.0 Drivers Beginning Cash $1,528.8 $600.0 $600.0 $1,097.7 $1,243.2 Beginning Debt $5,994.9 $6,439.8 $7,738.1 $9,740.3$11,563.5 TTM Adjusted EBITDA $3,500.9 $4,267.9 $5,088.0 $6,078.0 $7,254.4 Net Debt $4,466.2 $5,839.8 $7,138.1 $8,642.6$10,320.3 Max Net Debt Allowed $5,251.3 $6,401.9 $7,631.9 $9,117.0$10,881.6 Incremental Net Debt Capacity $785.2 $562.1 $493.9 $474.4 $561.3 Cash Available $928.8 -- -- $497.7 $643.2 Funding Need -- -- -- -- -- Max Acquisition Spend Supported $1,713.9 $562.1 $493.9 $972.1 $1,204.5 Actual Acquisition Spend 80.0% $1,371.2 $2,731.7 $3,672.5 $4,937.2 $5,597.1 Financing Split Cash Used $928.8 $1,679.5 $1,928.8 $3,050.1 $3,733.5 Debt Draw Down $442.4 $1,052.2 $1,743.7 $1,887.1 $1,863.6 Ending Debt $6,437.3 $6,889.5 $8,133.2$10,020.3$11,883.9 Ending Cash $1,447.5 $1,546.9 $1,762.5 $1,961.0 $1,236.4 Ending Net Debt $4,989.8 $5,342.6 $6,370.6 $8,059.3$10,647.5 Net Debt/EBITDA 1.4x 1.3x 1.3x 1.3x 1.5x Debt/EBITDA 1.8x 1.6x 1.6x 1.6x 1.6x EBITDA Sequential Growth 1.5% EBITDA Added -- $227.4 $522.6 $906.6 $1,397.6 EBITDA Margin 10.5% Incremental D&A -- $75.8 $174.2 $302.2 $465.9 EBIT Margin 7.0% EBIT Margin -- $151.6 $348.4 $604.4 $931.7 Revenue Added -- $2,165.4 $4,977.0 $8,633.9$13,310.5 Source: BMO Capital Markets Quanta Services, Inc. | Page 8 March 27, 2026 Exhibit 11 - PWR In-organic EBITDA Potential $- $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 2027 2028 2029 2030 BMO PWR Base EBITDA And Cumulative In-organic EBITDA Potenial ($MM) Base EBITDAPotential EBITDA Source: BMO Capital Markets PWR Valuation and Key Estimates Our estimates for PWR remain unchanged. However, as alluded to throughout the note, we are updating our valuation framework for PWR to better reflect the upside potential from in- organic growth, grounded in PWR's exceptional track record of reinvesting excess cash flow into the business via acquisitions. Rather than raising our target valuation multiple further to account for additional upside to our base estimates, which don't include the impact of future acquisitions, we now incorporate value for contribution for potential future acquisitions based on our analysis of how we think PWR can recycle capital. Using similar assumptions to PWR's historical M&A activity, we estimate PWR can generate an incremental $1,400MM of in-organic EBITDA by 2030. Using a 13.0x multiple on this in- organic opportunity, our valuation assumes $86/share of upside value to our base estimates. We continue to value PWR's base business utilizing a blended valuation approach that combines a discounted cash flow valuation and EV/EBITDA multiple approach. We apply a 20.5x multiple to our 2027 EBITDA estimate of $4,041MM, implying $521/share in equity value. Our target multiple implies an ~60% premium to the S&P 500 and a ~50% premium to the group of publicly traded EPC peers reflecting substantial above-market EBITDA, FCF, and earnings growth implied in our estimates and our view that utility spending will support robust results for a meaningful period of time. For the DCF component of our blended valuation, we utilize an 8.0% discount and 4% terminal growth rate, which implies $606/share. The implied equity values under this approach are weighted 50/50, and we add $86/share of future acquisition value to arrive at our $650 target price. Quanta Services, Inc. | Page 9 March 27, 2026 Exhibit 12 - PWR Valuation PWR DCF 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 CFO $2,776 $3,245 $3,381 $3,812 $4,345 $4,961 $5,420 $6,016 $6,698 $7,466 Less Capex ($773) ($766) ($775) ($774) ($790) ($809) ($822) ($830) ($833) ($851)Less SBC ($235) ($243) ($371) ($264) ($273) ($283) ($293) ($303) ($313) ($324)FCF $1,769 $2,236 $2,235 $2,773 $3,282 $3,870 $4,305 $4,883 $5,552 $6,291 PV $1,638 $1,917 $1,774 $2,039 $2,233 $2,439 $2,512 $2,638 $2,777 $2,914 DCF Through 2035 $22,881Terminal Value $72,848DCF Value $95,729 Less 2026 YE Net Debt3,619 Equity Value $92,110 2026 YE Diluted Share Count152.0 Weighting Implied Target Price$606 50% Discount Rate 8.00%Terminal Growth 4.0% PWR EV/EBITDA 2027 EBITDA $4,041Target EV/EBITDA Multiple 20.5xEnterprise Value $82,832Less Net Debt (2026E) 3,619Implied Equity Value $79,213 2026 YE Diluted Share Count 152.0 Weighting Implied Target Price $521 50% Acquired EBITDA (2030) $1,400Target EV/EBITDA Multiple 13.0xEnterprise Value $18,200 Acquisition Debt 5,125Implied Equity Value $13,075 2026 YE Diluted Share Count 152.0 Acquisition Value $86 PWR Blended Target Price $650 Source: BMO Capital Markets A summary of key model assumptions and financial outputs used in our model can be found in the following exhibits. Exhibit 13 - PWR Key Operating AssumptionsSelect Model Assumptions and Drivers2023A2024A2025E2026E2027E2028E Electric InfrastructureTotal Electric Infrastructure Revenue$15,867$19,012$23,001$27,055$31,492$35,947Electric Power EBIT $1,491$1,959$2,360$2,830$3,340$3,854Margin 9.4% 10.3%10.3%10.5%10.6%10.7%Electric Power EBITDA $1,713$2,207$2,645$3,170$3,732$4,297Margin 10.8%11.6%11.5%11.7%11.8%12.0% Underground and InfrastructureTotal Underground and Infrastructure Revenue$5,015$4,660$5,478$6,546$6,826$7,086Underground and Infrastructure EBIT$378 $265 $398 $543 $584 $613Margin 7.5% 5.7% 7.3% 8.3% 8.5% 8.6%Underground and Infrastructure EBITDA$456 $352 $504 $650 $695 $727Margin 9.1% 7.6% 9.2% 9.9% 10.2%10.3% Source: BMO Capital Markets Exhibit 14 - PWR Select Financial OutputsSelect Financial Outputs 2023A2024A2025E2026E2027E2028E Electric Power Revenue $15,867$19,012$23,001$27,055$31,492$35,947Underground and Infrastructure Revenue$5,015$4,660$5,478$6,546$6,826$7,086Total Revenue $20,882$23,673$28,480$33,601$38,319$43,033 EBIT $1,128$1,346$1,612$2,141$2,567$2,976EBIT Margin 5.4% 5.7% 5.7% 6.4% 6.7% 6.9%Adj. EBITDA $1,935$2,331$2,866$3,501$4,041$4,565Adj. EBITDA Margin 9.3% 9.8%10.1%10.4%10.5%10.6% EPS $5.00$6.03$6.79$9.09$11.50$13.65Adj. EPS $7.16$8.97$10.75$13.29$16.00$18.42 Cash Flow ItemsCFO $1,576$2,081$2,230$2,776$3,245$3,381Net Capex ($365)($526)($557)($773)($766)($775)FCF $1,210$1,555$1,673$2,004$2,479$2,606FCF Per Share $8.13$10.36$11.06$13.18$16.26$17.03 Balance Sheet ItemsCash $1,290.2$742.0$439.5$2,376.2$4,181.4$6,206.2Total Debt $4,198.7$4,162.4$5,994.9$5,994.9$5,394.9$4,894.9Net Debt $2,908.5$3,420.5$5,555.4$3,618.7$1,213.5($1,311.3) Total Equity $6,283.4$7,329.7$9,027.9$10,609.8$12,563.9$14,975.5 Total Capitalization $9,191.81$10,750.19$14,583.27$14,228.52$13,777.45$13,664.21Total Debt / Cap 0.46x0.39x0.41x0.42x0.39x0.36xNet Debt / Cap 0.32x0.32x0.38x0.25x0.09x-0.10x Total Debt / EBITDA 2.17x1.79x2.09x1.71x1.34x1.07xNet Debt / Adj. EBITDA 1.50x1.47x1.94x1.03x0.30x-0.29x Diluted Shares 148.82150.08151.28152.00152.44153.03Market Capitalization $82,447.9$83,143.2$83,809.0$84,209.7$84,451.6$84,777.1Enterprise Value $85,356.4$86,563.7$89,364.4$87,828.4$85,665.1$83,465.7 EV/Adj. EBITDA 44.1x37.1x31.2x25.1x21.2x18.3xP/E 77.4x61.8x51.5x41.7x34.6x30.1xFCF Yield 1.47%1.87%2.00%2.38%2.94%3.07% Source: BMO Capital Markets, Company Reports Quanta Services, Inc. | Page 10 March 27, 2026 Quanta Services, Inc. Rating History as of 03/26/2026$700$600$500$400$300$200$100Apr 2023Jul 2023Oct 2023Jan 2024Apr 2024Jul 2024Oct 2024Jan 2025Apr 2025Jul 2025Oct 2025Jan 2026 I:Mkt:$338.0002/03/2025OP:$316.0002/24/2025OP:$352.0005/01/2025Mkt:$400.0007/17/2025Mkt:$410.0007/31/2025Mkt:$443.0010/14/2025Mkt:$462.0010/30/2025Mkt:$600.0002/19/2026 Closing PriceTarget PriceOutperform (OP); Market Perform (Mkt); Underperform (Und); Speculative (S); Suspended (Spd); Not Rated (NR); Restricted (R)Source: FactSet, BMO Capital Markets IMPORTANT DISCLOSURES Analyst's Certification I, Ameet Thakkar, hereby certify that the views expressed in this report accurately reflect my personal views about the subject securities or issuers. I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. Analysts who prepared this report are compensated based upon (among other factors) the overall profitability of BMO Capital Markets and their affiliates, which includes the overall profitability of investment banking services. Compensation for research is based on effectiveness in generating new ideas and in communication of ideas to clients, performance of recommendations, accuracy of earnings estimates, and service to clients. Analysts employed by BMO Nesbitt Burns Inc. and/or BMO Capital Markets Limited are not registered as research analysts with FINRA. These analysts may not be associated persons of BMO Capital Markets Corp. and therefore may not be subject to the FINRA Rule 2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account. Company Specific Disclosures Disclosure 1: BMO Capital Markets has undertaken an underwriting liability with respect to Quanta Services, Inc. within the past 12 months. Disclosure 2: BMO Capital Markets has provided investment banking services for remuneration with respect to Quanta Services, Inc. within the past 12 months. Disclosure 3: BMO Capital Markets has managed or co-managed a public offering of securities with respect to Quanta Services, Inc. within the past 12 months. Disclosure 4: BMO Capital Markets or an affiliate has received compensation for investment banking services from Quanta Services, Inc. within the past 12 months. Disclosure 5: BMO Capital Markets or an affiliate received compensation for products or services other than investment banking services within the past 12 months from Quanta Services, Inc.. Disclosure 6A: Quanta Services, Inc. is a client (or was a client) of BMO Nesbitt Burns Inc., BMO Capital Markets Corp., BMO Capital Markets Limited or an affiliate within the past 12 months: A) Investment Banking Services Disclosure 6C: Quanta Services, Inc. is a client (or was a client) of BMO Nesbitt Burns Inc., BMO Capital Markets Corp., BMO Capital Markets Limited or an affiliate within the past 12 months: C) Non-Securities Related Services. Methodology and Risks to Target Price/Valuation for Quanta Services, Inc. (PWR-NYSE) Methodology: We value PWR utilizing a blended valuation approach that combines our DCF and EV/EBITDA multiple (20.5x 2027E) based valuations. The implied equity values under this approach are weighted 50%/50% to arrive at our target price. DCF utilizes an 8.0% discount and 4% terminal growth rate. Risks: Project execution; project related uncertainty and timing delays; M&A execution; supply chain disruption; labor; inflationary pressure. Quanta Services, Inc. | Page 11 March 27, 2026 Distribution of Ratings (March 25, 2026) Rating category BMO rating BMOCM US Universe* BMOCM US IB Clients** BMOCM US IB Clients*** BMOCM Universe**** BMOCM IB Clients***** StarMine Universe~ Buy Outperform 56.1 % 23.6 % 57.0 % 59.7 % 66.3 % 57.7% Hold Market Perform 41.9 % 23.8 % 43.0 % 39.2 % 33.7 % 37.5% Sell Underperform 2.0 % 0.0 % 0.0 % 1.2 % 0.0 % 4.8% * Reflects rating distribution of all companies covered by BMO Capital Markets Corp. equity research analysts. ** Reflects rating distribution of all companies from which BMO Capital Markets Corp. has received compensation for Investment Banking services as percentage within ratings category. *** Reflects rating distribution of all companies from which BMO Capital Markets Corp. has received compensation for Investment Banking services as percentage of Investment Banking clients. **** Reflects rating distribution of all companies covered by BMO Capital Markets equity research analysts. ***** Reflects rating distribution of all companies from which BMO Capital Markets has received compensation for Investment Banking services as percentage of Investment Banking clients. ~ As of April 1, 2019. Ratings Key (as of October 2016) We use the following ratings system definitions: OP = Outperform - Forecast to outperform the analyst’s coverage universe on a total return basis; Mkt = Market Perform - Forecast to perform roughly in line with the analyst’s coverage universe on a total return basis; Und = Underperform - Forecast to underperform the analyst’s coverage universe on a total return basis; (S) = Speculative investment; Spd = Suspended - Coverage and rating suspended until coverage is reinstated; NR = No Rated - No rating at this time; and R = Restricted - Dissemination of research is currently restricted. The total return potential, target price and the associated time horizon is 12 months unless otherwise stated in each report. BMO Capital Markets' seven Top 15 lists guide investors to our best ideas according to different objectives (CDN Large Cap, CDN Small Cap, US Large Cap, US Small Cap, Income, CDN Quant, and US Quant have replaced the Top Pick rating). Prior BMO Capital Markets Rating System (April 2013 - October 2016) http://researchglobal.bmocapitalmarkets.com/documents/2013/rating_key_2013_to_2016.pdf (January 2010 - April 2013) http://researchglobal.bmocapitalmarkets.com/documents/2013/prior_rating_system.pdf Other Important Disclosures For Important Disclosures on the stocks discussed in this report, please go to https://research.bmo.com/public/disclosure_statements or write to Editorial Department, BMO Capital Markets, 151 West 42nd St, 33rd Floor, New York, NY 10036 or Editorial Department, BMO Capital Markets, 1 First Canadian Place, Toronto, Ontario, M5X 1H3. Dissemination of Research Dissemination of fundamental BMO Capital Markets Equity Research is available via our website https://research.bmo.com. Institutional clients may also simultaneously receive our fundamental research via email and/or via services such as Refinitiv, Bloomberg, FactSet, Visible Alpha, and S&P Capital IQ. 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