MASTEC INC

Note 12 –Segments and Related Information

Segment Discussion

The Company manages its operations under five operating segments, which represent itsfive reportable segments: (1) Communications; (2) Clean Energy and Infrastructure; (3) Power Delivery; (4) Pipeline Infrastructure and (5) Other. The reportable segments comprise the structure used by the Company’s Chief Executive Officer who is determined to be the Chief Operating Decision Maker (“CODM”) to make key operating decisions and assess performance. This structure is generally focused on broad end-user markets for the Company’s labor-based construction services. Allfive reportable segments derive their revenue primarily from the engineering, installation and maintenance of infrastructure, primarily in North America.

The Communications segment performs engineering, construction, maintenance and customer fulfillment activities related to communications and digital infrastructure, primarily for wireless and wireline/fiber networks, data center buildout and interconnection, wireless integration and optimization and install-to-the-home services, as well as select utility infrastructure, among others. The Clean Energy and Infrastructure segment primarily serves energy, utility, government and other end-markets through the installation and construction of power generation facilities, primarily from clean energy and renewable sources, such as wind, solar, biomass, natural gas and hydrogen, as well as battery storage systems for renewable energy; various types of heavy civil and industrial infrastructure services, including the construction and maintenance of buildings, roads, bridges, rail, water/sewer systems and other civil infrastructure, including data center infrastructure; and environmental remediation services. The Power Delivery segment primarily serves the energy, utility and data center infrastructure industries through the engineering, construction and maintenance of power transmission and distribution infrastructure, including electrical and gas lines, power reserve and battery infrastructure, and distribution network systems, substations and grid modernization; emergency restoration services following natural disasters and accidents; and environmental planning and compliance services. The Pipeline Infrastructure segment performs engineering, construction, maintenance and other services for pipeline infrastructure, including natural gas, water and carbon capture sequestration pipelines, as well as pipeline integrity, including the repair of pipeline infrastructure and facilitating their safe use throughout their lifecycle, and other services for the energy and utilities industries. The Other segment includes certain equity investees, the services of which may vary from those provided by the Company’s primary segments, as well as other small business units with activities in certain international end-markets.

Earnings before interest, taxes, depreciation and amortization (“EBITDA”) is the measure of profitability used by the Company’s CODM to manage its segments and for segment reporting purposes. The Company uses EBITDA to evaluate its performance, both internally and as compared with its peers, because it excludes certain items that may not be indicative of the Company’s core operating results for its reportable segments, as well as items that can vary widely across different industries or among companies within the same industry. Segment EBITDA is used to allocate resources, such as employees, financial and capital resources, for each segment and management monitors segment results compared to prior period, forecasted results and the annual plan. Segment EBITDA is calculated in a manner consistent with consolidated EBITDA.

In the normal course of business, the Company’s reportable segments enter into transactions with one another. Intersegment transactions are reflected in the results of the respective segments and are included in the measure of segment performance reviewed by the Company’s CODM to evaluate performance and profitability and to allocate resources for each of the Company’s reportable segments; accordingly, eliminations and adjustments related to intersegment transactions are separately presented as “Eliminations” in the tables below. Intersegment revenues and expenses are accounted for as if the transactions were with third parties, as they are based on negotiated fees between the segments involved. All intersegment revenues and expenses are eliminated in consolidation and do not affect consolidated results.

Summarized financial information for MasTec’s reportable segments is presented and reconciled to consolidated financial information for total MasTec in the following tables, including a reconciliation of segment EBITDA to consolidated income before income taxes, all of which are presented in millions. The tables below, which may contain slight summation differences due to rounding, reflect certain financial data for each reportable segment.

(a) Total consolidated revenue equals total reportable segment revenue of $3,828.8 million and $2,847.7 million for the three months ended March 31, 2026 and 2025, respectively, as there is no revenue recorded within Corporate results.

(b) For both the three months ended March 31, 2026 and 2025, other segment items for each reportable segment include general and administrative expenses, equity in earnings or losses of unconsolidated affiliates, net, and other income or expense, net.

Foreign Operations. MasTec operates primarily within the United States and Canada. Revenue derived from foreign operations totaled $54.0 million and $49.8 million for the three months ended March 31, 2026 and 2025, respectively. Revenue from foreign operations was derived primarily from the Company’s Canadian operations in its Pipeline Infrastructure segment. As of March 31, 2026 and December 31, 2025, long-lived assets held by the Company’s businesses in foreign countries included property and equipment, net, of $22.6 million and $23.0 million respectively, and intangible assets and goodwill, net, of $107.6 million and $108.8 million, for the respective periods. Substantially all of the Company’s long-lived and intangible assets and goodwill in foreign countries relate to its Canadian operations.

Significant Customers. No customer represented greater than 10% of the Company’s total consolidated revenue for the three months ended March 31, 2026. For the three months ended March 31, 2025, AT&T represented approximately 10% of the Company’s total consolidated revenue. The Company’s relationship with AT&T is based upon multiple separate master service and other service agreements, including for maintenance services and construction/installation contracts for wireless and wireline, and for which the related revenue is included primarily within the Communications segment. Revenue from governmental entities for the three months ended March 31, 2026 and 2025 totaled approximately 12% and 13% of total revenue, respectively, all of which was derived from its U.S. operations.