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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. If multiple AC 
analysts are designated in the author block, each analyst is certifying with respect to the entire research report other than 
(a) content attributable to another AC certifying analyst listed in bold alongside the content and (b) views expressed solely 
with respect to a specific issuer which are attributable to another AC certifying analyst identified in the price charts or 
rating history tables for that issuer shown below. Each of these analysts certify, with respect to the sections of the report 
for which they are responsible: (1) that the views expressed therein accurately reflect their personal views about each 
issuer and security referenced and were prepared in an independent manner, including with respect to Citigroup Global 
Prepared for Andrew Weinberg

MasTec (MTZ.N)
27 March 2026 Citi Research
7
Markets Inc. and its affiliates; and (2) no part of the research analyst's compensation was, is, or will be, directly or 
indirectly, related to the specific recommendations or views expressed by that research analyst in this report.
IMPORTANT DISCLOSURES
Analysts’ compensation is determined by Citi Research management and Citigroup’s senior management and is based upon 
activities and services intended to benefit the investor clients of Citigroup Global Markets Inc. and its affiliates (the “Firm”). 
Compensation is not linked to specific transactions or recommendations. Like all Firm employees, analysts receive 
compensation that is impacted by overall Firm profitability which includes investment banking, sales and trading, and 
principal trading revenues. One factor in equity research analyst compensation is arranging corporate access events between 
institutional clients and the management teams of covered companies. Typically, company management is more likely to 
participate when the analyst has a positive view of the company.
For financial instruments recommended in the Product in which the Firm is not a market maker, the Firm is a liquidity provider 
in such financial instruments (and any underlying instruments) and may act as principal in connection with transactions in 
such instruments. The Firm is a regular issuer of traded financial instruments linked to securities that may have been 
recommended in the Product. The Firm regularly trades in the securities of the issuer(s) discussed in the Product. The Firm may 
engage in securities transactions in a manner inconsistent with the Product and, with respect to securities covered by the 
Product, will buy or sell from customers on a principal basis.
Unless stated otherwise neither the Research Analyst nor any member of their team has viewed the material operations of the 
Companies for which an investment view has been provided within the past 12 months.
For important disclosures (including copies of historical disclosures) regarding the companies that are the subject of this Citi 
Research product ("the Product"), please contact Citi Research, 388 Greenwich Street, 6th Floor, New York, NY, 10013, 
Attention: Legal/Compliance [E6WYB6412478]. In addition, the same important disclosures, with the exception of the 
Valuation and Risk assessments and historical disclosures, are contained on the Firm's disclosure website at 
https://www.citivelocity.com/cvr/eppublic/citi_research_disclosures.   Valuation and Risk assessments can be found in the 
Prepared for Andrew Weinberg

MasTec (MTZ.N)
27 March 2026 Citi Research
8
text of the most recent research note/report regarding the subject company. Pursuant to the Market Abuse Regulation a 
history of all Citi Research recommendations published during the preceding 12-month period can be accessed via Citi Velocity 
(https://www.citivelocity.com/cv2) or your standard distribution portal. Historical disclosures (for up to the past three years) 
will be provided upon request.
Citi Research Equity Ratings Distribution
12 Month Rating Catalyst Watch
Data current as of 01 Jan 2026 Buy Hold Sell Buy Hold Sell
Citi Research Global Fundamental Coverage (Neutral=Hold) 60% 32% 8% 37% 47% 16%
% of companies in each rating category that are investment banking 
clients 36% 40% 28% 40% 34% 35%
Guide to Citi Research Fundamental Research Investment Ratings:
Citi Research stock recommendations include an investment rating and an optional risk rating to highlight high risk stocks.
Risk rating takes into account both price volatility and fundamental criteria. Stocks will either have no risk rating or a High risk 
rating assigned.
Investment Ratings: Citi Research investment ratings are Buy, Neutral and Sell. Our ratings are a function of analyst 
expectations of expected total return ("ETR") and risk. ETR is the sum of the forecast price appreciation (or depreciation) plus 
the dividend yield for a stock within the next 12 months.  The target price is based on a 12 month time horizon. The Investment 
rating definitions are: Buy (1) ETR of 15% or more or 25% or more for High risk stocks; and Sell (3) for negative ETR. Any covered 
stock not assigned a Buy or a Sell is a Neutral (2). For stocks rated Neutral (2), if an analyst believes that there are insufficient 
valuation drivers and/or investment catalysts to derive a positive or negative investment view, they may elect with the approval 
of Citi Research management not to assign a target price and, thus, not derive an ETR. Citi Research may suspend its rating 
and target price and assign “Rating Suspended” status for regulatory and/or internal policy reasons. Citi Research may also 
suspend its rating and target price and assign "Under Review" status for other exceptional circumstances (e.g. lack of 
information critical to the analyst's thesis, trading suspension) affecting the company and/or trading in the company's 
securities. In both such situations, the rating and target price will show as “—“ and “-“ respectively in the rating history price 
chart. Prior to 11 April 2022 Citi Research assigned “Under Review” status to both situations and prior to 11 Nov 2020 only in 
exceptional circumstances. As soon as practically possible, the analyst will publish a note re-establishing a rating and 
investment thesis. Investment ratings are determined by the ranges described above at the time of initiation of coverage, a 
change in investment and/or risk rating, or a change in target price (subject to limited management discretion). At times, the 
expected total returns may fall outside of these ranges because of market price movements and/or other short-term volatility 
or trading patterns. Such interim deviations will be permitted but will become subject to review by Research Management. 
Your decision to buy or sell a security should be based upon your personal investment objectives and should be made only 
after evaluating the stock's expected performance and risk.
Catalyst Watch/Short Term Views (“STV”) Ratings Disclosure:
Catalyst Watch and STV Upside/Downside calls: Citi Research may also include a Catalyst Watch or STV Upside or Downside 
call to indicate the analyst expects the share price to rise (fall) in absolute terms over a specified period of 30 or 90 days in 
reaction to one or more specific near-term catalysts or events impacting the company or the market. A Catalyst Watch will be 
published when Analyst confidence is high that an impact to share price will occur; it will be a STV when confidence level is 
moderate. A Catalyst Watch or STV Upside/Downside call will automatically expire at the end of the specified 30/90 day 
period. The Catalyst Watch will also be automatically removed if share price performance (calculated at market close) exceeds 
15% against the direction of the call (unless over-ridden by the analyst). The analyst may also remove a Catalyst Watch or STV 
call prior to the end of the specified period in a published research note. A Catalyst Watch/STV Upside or Downside call may be 
different from and does not affect a stock’s fundamental equity rating, which reflects a longer-term total absolute return 
expectation. For purposes of FINRA ratings-distribution-disclosure rules, a Catalyst Watch/STV Upside call corresponds to a 
buy recommendation and a Catalyst Watch/STV Downside call corresponds to a sell recommendation. Any stock not assigned 
to a Catalyst Watch Upside, Catalyst Watch Downside, STV Upside, or STV Downside call is considered Catalyst Watch/STV 
No View. For purposes of FINRA ratings distribution-disclosure rules, we correspond Catalyst Watch/STV No View to Hold in 
our ratings distribution table for our Catalyst Watch/STV Upside/Downside rating system. However, we reiterate that we do 
not consider No View to be a recommendation. For all Catalyst Watch/STV Upside/Downside calls, risk exists that the 
catalyst(s) and associated share-price movement will not materialize as expected.
RESEARCH ANALYST AFFILIATIONS / NON-US RESEARCH ANALYST DISCLOSURES
The legal entities employing the authors of this report are listed below (and their regulators are listed further herein). Non-US 
research analysts who have prepared this report (i.e., all research analysts listed below other than those identified as employed 
by Citigroup Global Markets Inc.) are not registered/qualified as research analysts with FINRA. Such research analysts may not 
be associated persons of the member organization (but are employed by an affiliate of the member organization) 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.
Citigroup Global Markets Inc. Andrew Kaplowitz; Jose Sulca Flores
Prepared for Andrew Weinberg

MasTec (MTZ.N)
27 March 2026 Citi Research
9
OTHER DISCLOSURES
Any price(s) of instruments mentioned in recommendations are as of the prior day’s market close on the primary market for the 
instrument, unless otherwise stated.
The completion and first dissemination of any recommendations made within this research report are as of the Eastern date-
time displayed at the top of the Product. If the Product references views of other analysts then please refer to the price chart or 
rating history table for the date/time of completion and first dissemination with respect to that view.
Regulations in various jurisdictions require that where a recommendation differs from any of the author’s previous 
recommendations concerning the same financial instrument or issuer that has been published during the preceding 12-month 
period that the change(s) and the date of that previous recommendation are indicated. For fundamental coverage please refer 
to the price chart or rating change history within this disclosure appendix or the issuer disclosure summary at 
https://www.citivelocity.com/cvr/eppublic/citi_research_disclosures.
Citi Research has implemented policies for identifying, considering and managing potential conflicts of interest arising as a 
result of publication or distribution of investment research. A description of these policies can be found 
at  https://www.citivelocity.com/cvr/eppublic/citi_research_disclosures. 
The proportion of all Citi Research research recommendations that were the equivalent to "Buy","Hold","Sell" at the end of each 
quarter over the prior 12 months (with the % of these that had received investment firm services from Citi in the prior 12 months 
shown in brackets) is as follows: Q4 2025 Buy 33% (63%), Hold 44% (50%), Sell 23% (46%), RV 0.4% (91%); Q3 2025 Buy 33% 
(61%), Hold 44% (52%), Sell 23% (50%), RV 0.4% (80%); Q2 2025 Buy 33%(63%), Hold 44% (51%), Sell 23% (49%), RV 0.4% 
(86%); Q1 2025 Buy 33%(63%), Hold 44% (51%), Sell 23% (49%), RV 0.5% (87%). For the purposes of disclosing 
recommendations other than for equity (whose definitions can be found in the corresponding disclosure sections), "Buy" 
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idea which does not have a clear direction to the investment strategy.
European regulations require a 5 year price history when past performance of a security is referenced. CitiVelocity’s Charting 
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