See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations. 27 Mar 2026 04:00:00 ET │ 14 pages MasTec (MTZ.N) Más Growth at Mas Tec CITI'S TAKE After traveling with MTZ management, we continue to believe MTZ is one of the best positioned Industrials under our coverage to deliver strong earnings growth given an increasingly robust set of growth opportunities that we see over the next few years as well as what should be a steady uptick in margin. We especially appreciate the diversity of MTZ’s opportunities to deliver market-leading organic growth, with Pipeline and Data Center- related projects likely leading, but growth is likely to be strong across MTZ’s businesses, and we also see MTZ remaining active in M&A to supplement growth. MTZ also appears focused on improving adjusted EBITDA margin over time to get back to double digits, with positive mix (Pipeline) and more focus on execution (particularly in Power Delivery and Communications) likely to drive margin upside. Organic growth seems robust in the short and medium term — We get the sense that MTZ management’s visibility toward its mid-teens organic growth forecast for 2026 is quite high, but arguably more interestingly, it seems that most of MTZ’s businesses are set up for longer-term growth given strong demand in most of its markets. In addition to expected longer-term strength in Pipeline and MTZ’s newer construction management-focused business, we also see significant growth in MTZ’s wireline and renewables businesses as likely over the next couple of years, with good growth also likely in MTZ’s Power Delivery businesses. Management seems keenly focused on driving margin higher — While we still believe MTZ management will not sacrifice growth for increased margin (for instance, CM-related business is dilutive to MTZ’s margin but accretive to its ROIC and its overall EBITDA growth), we think MTZ is focused on driving margin higher in segments such as Power Delivery (data-driven operational improvement over time) and Communications (improved scaling/lower training headwinds/project selectivity) and positive mix alone (high-margin Pipeline could be the fastest grower over the next couple of years) could drive MTZ’s overall margin significantly higher. MTZ should remain active in terms of capital deployment — We get the sense that MTZ has entered a more active phase of M&A after its two “bolt-on” size deals in construction management and water infrastructure. We surmise that MTZ would still like to add more capability in both areas, and we also would not rule out a larger deal from MTZ (but we do not think a larger deal is imminent). n Andrew Kaplowitz AC +1-212-816-0642 andrew.kaplowitz@citi.com Jose Sulca Flores jose.alonso.sulcaflores@citi.com Buy Price (26 Mar 26 16:00) US$306.74 Target price US$350.00 Expected share price return 14.1% Expected dividend yield 0.0% Expected total return 14.1% Market Cap US$24,200M Price Performance (RIC: MTZ.N, BB: MTZ US) EPS (US$) Q1 Q2 Q3 Q4 FY FC Cons VA Cons 2025A 0.51A 1.49A 2.48A 2.07A 6.54A 6.55A 6.55A 2026E 1.03E 2.17E 2.80E 2.44E 8.45E 8.51E 8.07E Previous 1.03E 2.17E 2.80E 2.44E 8.45E na na 2027E 1.50E 2.83E 3.40E 2.87E 10.60E 10.72E 10.16E Previous 1.50E 2.83E 3.40E 2.87E 10.60E na na 2028E na na na na na 12.96E 12.05E Click here for Visible Alpha consensus data Vi e w p o i n t | Prepared for Andrew Weinberg MasTec (MTZ.N) 27 March 2026 Citi Research 2 MTZ.N: Fiscal year end 31-Dec Price: US$306.74; TP: US$350.00; Market Cap: US$24,200m; Recomm: Buy Profit & Loss (US$m) 2024 2025 2026E 2027E Valuation ratios 2024 2025 2026E 2027E Sales revenue 12,303 14,299 17,036 18,385 PE (x) 78.3 46.9 36.3 28.9 Cost of sales -10,676 -12,506 -14,796 -15,897 PB (x) 8.1 7.4 6.2 5.2 Gross profit 1,627 1,793 2,240 2,488 EV/EBITDA (x) 26.7 23.1 18.1 15.3 Gross Margin (%) 13.2 12.5 13.2 13.5 FCF yield (%) 4.2 1.2 3.4 4.1 EBITDA (Adj) 1,005 1,150 1,450 1,660 Dividend yield (%) na na na na EBITDA Margin (Adj) (%) 8.2 8.0 8.5 9.0 Payout ratio (%) 0 0 0 0 Depreciation -367 -296 -346 -352 ROE (%) 5.8 12.9 14.9 16.5 Amortisation -140 -131 -147 -147 Cashflow (US$m) 2024 2025 2026E 2027E EBIT (Adj) 639 854 1,104 1,308 EBITDA 951 1,115 1,412 1,620 EBIT Margin (Adj) (%) 5.2 6.0 6.5 7.1 Working capital 380 -410 -55 -41 Net interest -193 -173 -171 -158 Other -209 -160 -312 -344 Associates 0 0 0 0 Operating cashflow 1,122 546 1,045 1,235 Non-Op/Except/Other Adj -194 -166 -185 -187 Capex -105 -260 -212 -260 Pre-tax profit 251 515 748 964 Net acq/disposals -52 -7 0 0 Tax -52 -93 -179 -226 Other 0 0 0 0 Extraord./Min.Int./Pref.div. -37 -23 -45 -51 Investing cashflow -157 -267 -212 -260 Reported net profit 163 399 524 686 Dividends paid 0 0 0 0 Net Margin (%) 1.3 2.8 3.1 3.7 Financing cashflow -1,090 -283 0 0 Core NPAT 308 515 665 829 Net change in cash -130 -4 833 975 Per share data 2024 2025 2026E 2027E Free cashflow to s/holders 1,017 286 833 975 Reported EPS ($) 2.07 5.07 6.66 8.77 Core EPS ($) 3.92 6.54 8.45 10.60 DPS ($) 0 0 0 0 CFPS ($) 14.25 6.93 13.27 15.78 FCFPS ($) 12.92 3.63 10.58 12.46 BVPS ($) 37.66 41.64 49.20 58.78 Wtd avg ord shares (m) 77.9 78.1 77.6 76.8 Wtd avg diluted shares (m) 78.7 78.7 78.8 78.2 Growth rates 2024 2025 2026E 2027E Sales revenue (%) 2.6 16.2 19.1 7.9 EBIT (Adj) (%) 148.1 33.8 29.2 18.5 Core NPAT (%) 100.2 67.1 29.2 24.6 Core EPS (%) 98.5 67.0 29.1 25.5 Balance Sheet (US$m) 2024 2025 2026E 2027E Cash & cash equiv. 400 396 1,229 2,204 Accounts receivables 2,937 3,542 4,164 4,434 Inventory 107 112 198 211 Net fixed & other tangibles 2,392 2,689 2,555 2,463 Goodwill & intangibles 2,930 2,905 2,758 2,611 Financial & other assets 208 278 308 337 Total assets 8,975 9,924 11,213 12,261 Accounts payable 1,106 1,281 1,338 1,438 Short-term debt 332 330 330 330 Long-term debt 2,299 2,469 2,469 2,469 Provisions & other liab 2,251 2,509 3,133 3,305 Total liabilities 5,988 6,589 7,271 7,542 Shareholders' equity 2,943 3,243 3,805 4,532 Minority interests 44 91 136 187 Total equity 2,987 3,335 3,942 4,719 Net debt (Adj) 2,232 2,403 1,570 595 Net debt to equity (Adj) (%) 74.7 72.1 39.8 12.6 For definitions of the items in this table, please click here. Prepared for Andrew Weinberg MasTec (MTZ.N) 27 March 2026 Citi Research 3 After traveling with MTZ management, we continue to believe MTZ is one of the best positioned Industrials under our coverage to deliver strong earnings growth given an increasingly robust set of growth opportunities that we see over the next few years as well as what should be a steady uptick in margin. We especially appreciate the diversity of MTZ’s opportunities to deliver market leading organic growth, with Pipeline and Data Center-related projects likely leading, but growth is likely to be strong across MTZ’s businesses, and we also see MTZ remaining active in M&A to supplement growth. MTZ also appears focused on improving adjusted EBITDA margin over time to get back to double digits, with positive mix (Pipeline) and more focus on execution (particularly in Power Delivery and Communications) likely to drive margin upside. Organic growth seems robust in the short and medium term — We get the sense that MTZ management’s visibility toward its mid-teens organic growth forecast for 2026 is quite high (with potentially some upside particularly in Pipeline), but arguably more interestingly, it seems that most of MTZ’s businesses are set up for longer-term growth given strong demand in most of its markets. In addition to expected longer-term strength in Pipeline and MTZ’s newer construction management-focused business (data center exposed), we also see significant growth in MTZ’s wireline and renewables businesses as likely over the next couple of years, with good growth also likely in MTZ’s Power Delivery Business. MTZ’s Pipeline business seems like the biggest opportunity in terms of both short- and medium-term growth prospects. We get the sense that management continues to have increasing visibility toward substantial revenue growth in 2026 and 2027 based on verbal awards and the pipeline of opportunities it sees for the segment. It does seem like one of the main bottlenecks holding back MTZ’s Pipeline business is a pipeline supply chain (in terms of equipment and actual pipe) that was dramatically downsized in the mid-2010s and is now struggling to catch up, and higher tariffs on steel pipe are also probably having some delaying impact on projects, but the sense we get is that MTZ management has more than reserved for that with its $2.5bn 2026 Pipeline revenue forecast, and that there could be good upside to that forecast if the Pipeline supply chain ramps up faster than expected. Moreover, we think MTZ’s market positioning is stronger in this upcycle vs. the last Pipeline upcycle (we think modestly less competition vs. the mid-2000-teens), which suggests to us a higher likelihood that MTZ could reach or even surpass its previous peak in revenue of $3.5bn in the segment as early as 2027. MTZ’s bigger foray into construction management should also pay growth dividends over time. MTZ did already enter the CM world in 2018 and has been working on CM- related jobs in airports and stadiums (for instance) since that time, so when it bought out is JV partner in NV2A at the end of last year, so NV2A could focus more exclusively on those markets and MTZ could expand into data center CM, the decision seems quite logical/opportunistic. Furthermore, we get the sense that MTZ will continue to focus on mid-sized data center projects where larger general contractors are not as focused (because they are relatively “full” with large data centers). This strategy we think could pay lucrative dividends for MTZ over time in the form of significant revenue growth, and potentially give the company access to more “traditional” self-perform higher-margin data center work over time. The majority of MTZ’s other businesses seem poised to grow significantly over the next couple of years (at least). MTZ’s Communications business should benefit from continued build-out of fiber to the home as well as the ongoing ramp of its middle mile project with Lumen. We get the sense that the Lumen contract is just the “tip of the iceberg” toward future “fiber to the data center” work, although we sense that type of work at least as an incremental growth driver is more medium- to longer- term in scope. On the other hand, the $45bn BEAD program does seem like it could start contributing to MTZ’s wireline business as early as 2027 and could be ongoing for many years after that (RDOF funding we think lasted six to seven years, and this is bigger). MTZ’s renewables business has grown backlog now sequentially on the Más Growth at MasTec Prepared for Andrew Weinberg MasTec (MTZ.N) 27 March 2026 Citi Research 4 order of three years, and we see that continuing for the foreseeable future. The key is that solar/battery seems like the cheapest/most flexible form of power generation today, which is allowing the business to grow given significant demand for “quick” power generation from hyperscalers and other data center developers. Even MTZ’s wind business continues to enjoy moderate demand for the same reason. MTZ’s Power Delivery business should also continue to enjoy significant growth. We think MTZ is attempting to evolve the business toward more small/midsize transmission work in addition to its distribution-focused core, and we also do see the opportunity for MTZ to win larger transmission work over the next couple of years in addition to the Greenlink project and MTZ’s other (unannounced) large transmission project that it won late last year. Management seems keenly focused on driving margin higher — While we still believe MTZ management will not sacrifice growth for increased margin (for instance, CM-related business is dilutive to MTZ’s margin but significantly accretive to its ROIC and its overall EBITDA growth), we think MTZ is focused on driving margin higher in segments such as Power Delivery (data-driven operational improvement over time) and Communications (improved scaling/lower training headwinds/project selectivity) and positive mix alone (high margin Pipeline could be the fastest grower over the next couple of years) could drive MTZ’s overall margin significantly higher. MTZ is forecasting 50bps of adjusted EBITDA margin improvement in 2026 and seems well equipped to meet or beat that goal. MTZ’s adjusted EBITDA margin in its highest margin segment (Pipeline) is already guided to start out 2026 much improved from where it started out 2025 (expected high teens vs. low teens in Q125), which should already provide a good margin boost for MTZ, and then we get the sense that improving mix/utilization in several of MTZ’s segments (the aforementioned Pipeline, Communications, and Power Delivery) should provide a significant boost to margin performance in 2026. We do hear some hints of increased selectivity of project work across MTZ’s portfolio that should also contribute to margin expansion—we get the sense that capacity constraints for highly skilled craft labor is working to MTZ’s advantage in the form of MTZ being able to be a little “choosier” on the projects it takes and/or having slightly more leverage in terms of favorable terms and conditions. More positive mix/economies of scale seem like the bigger drivers of margin opportunity across MTZ’s businesses than selectivity, but the subtle improvement should help MTZ segments such as Communications move back into the double digits in 2026. Over the longer term, we get the sense that MTZ has ample opportunity to improve margin and should reach its double-digit EBITDA margin goal likely in the next few years. One of the biggest initiatives to achieve improved margin should come in MTZ’s Power Delivery business, where “data empowerment, ” which about half of that segment has now, will likely go live in the second half of 2027, and that potential tailwind could be significant (over 100bps). We also should mention that MTZ management is focused on increasing MTZ’s transmission-related work in the segment (currently ~80–90% of revenue in Power Delivery is distribution-focused), which could be another boost to margin over time given transmission margin tends to be higher than distribution. Communications is another area where we see the potential for longer-term significant margin improvement. We surmise MTZ has considerably invested in its fleet/people over the last few years (culminating in 30% revenue growth in 2025), and as MTZ’s “hyper” growth subsides in that segment to more “manageable” levels (high-single digits+), we think MTZ could enjoy considerable economies of scale to push Communications margin closer to MTZ’s stated longer-term goal of 12–13%. As for MTZ’s Pipeline segment, it has displayed potential in the past when utilization has been high to record well over MTZ’s forecast mid-teens adjusted EBITDA margin for 2026, so we think that if MTZ were to deliver anywhere close to prior peaks of $3.5bn, MTZ’s margin in that segment could well surpass current levels (likely into the 20%+ range in our view). MTZ should remain active in terms of capital deployment — We get the sense that MTZ has entered a more active phase of M&A after its two “bolt-on” size deals in construction management and water infrastructure. We surmise that MTZ would still like to add more capability in both areas, and we also would not rule out a larger Prepared for Andrew Weinberg MasTec (MTZ.N) 27 March 2026 Citi Research 5 deal from MTZ (but do not think a larger deal is necessarily imminent given we sense the “bolt-on” pipeline is strong). MTZ’s net leverage at under 2x at the end of 2025 (and expected low 1x by the end of 2026 assuming no incremental acquisitions) suggests the company has good optionality toward conducting incremental “bolt- on” activity and/or even consummating a larger deal. MTZ over the last many years has been highly opportunistic with its cash; if its stock were to drop for any reason, we surmise MTZ would be quick to shift its focus back to share buybacks, but for now, we sense MTZ is much more focused on bolt-on M&A. MTZ seems happy now with its CM capability, but we would not rule out more M&A activity in that area, and we do think MTZ will remain opportunistic in terms of bolstering its new focus on water infrastructure. As for the potential for a larger deal, we think MTZ management has its “eyes wide open, ” but we do not sense a larger deal is imminent given it does seem like MTZ has a good pipeline of midsize deals that it could potentially target. Interestingly, given MTZ’s larger size (now expected to be $17bn in revenue in 2026), what was once a larger deal for MTZ (for instance, a $1bn revenue deal) we could now consider a large bolt-on, which we think changes the risk dynamic for MTZ’s M&A. What we mean is that if MTZ can find deals in that size range for the kind of multiples that MTZ has been closing deals lately for (sub-10x forward EBITDA), or even at slightly higher multiples depending on what the deal is, we think the market could look favorably on those deals. Just as an aside, we get the sense that if MTZ were to do a “large deal” (say over $1bn in revenue), MTZ could end up adding more of an “adjacency” (such as electrical or mechanical focused construction) to its portfolio where it would face minimal integration risk. Prepared for Andrew Weinberg MasTec (MTZ.N) 27 March 2026 Citi Research 6 MasTec Company description MasTec, Inc. is an infrastructure construction company. The company operates primarily across North America through a range of industries. The company operates through five segments: Communications, Oil and Gas, Electrical Transmission, Clean Energy and Industrial, and Other. Investment strategy We rate MTZ a Buy. We think MTZ could see a multi-year growth opportunity led by robust Communications and Clean Energy-related growth thanks to Fiber and 5G infrastructure build out and the move towards a more "green" economy. Valuation Our target price of $350 is based on 33x our 2027 EPS estimate of $10.60, which is above MTZ’s 10-year average of ~13x, but we think this is justified given: 1) recent acquisitions that have diversified MTZ's revenue base (more T&D and renewables); 2) government stimulus boosting broadband/5G rollout; and 3) potential for synergies and self-help that could enhance margins over time. Risks Potential that Communications and/or Clean Energy growth could be slower to materialize than we expect due to slower customer capex spend or regulatory hang-ups (eg, IRS rules regarding IRA). Additionally, execution could be a risk along with supply chain issues, which could particularly impact renewables and large oil & gas pipeline projects. If the impact on the company from any of these factors proves to be greater than we anticipate, the stock will likely have difficulty achieving our target price. If you are visually impaired and would like to speak to a Citi representative regarding the details of the graphics in this document, please call USA 1-888-500-5008 (TTY: 711), from outside the US +1-210-677-3788 Appendix A-1 ANALYST CERTIFICATION The research analysts primarily responsible for the preparation and content of this research report are either (i) designated by “AC” in the author block or (ii) listed in bold alongside content which is attributable to that analyst. 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