MASTEC INC

Previous wording

Superior Acquisition. In July 2026, we completed the acquisition of Electrical Specialists, Inc., d/b/a The Superior Group (“Superior”), a premier full-service electrical contractor focused on critical infrastructure with approximately 3,000 employees, which we expect to include within our Power Delivery segment. Superior is a recognized leader in building data center infrastructure while serving a diverse range of end markets including healthcare, entertainment and industrial. The aggregate purchase price of the acquisition, excluding cash acquired and subject to certain adjustments, was approximately $1.6 billion, consisting of approximately $1.2 billion in cash and 1,219,498 shares of MasTec common stock issued from its treasury shares, which had a fair value of $410.5 million as of the acquisition date. Additionally, the acquisition included an earn-out arrangement under which additional consideration may be payable based on the achievement of certain financial performance targets over a three-year period. The cash portion of the acquisition was funded with a combination of cash on hand, borrowings under our amended Credit Facility and the 2026 Term Loan Facility. See Note 8 – Debt in the notes to the consolidated financial statements, which is incorporated by reference, for additional information regarding the amended Credit Facility and the 2026 Term Loan Facility. We have incurred, and expect to continue to incur, certain acquisition costs in connection with the Superior acquisition.

Current wording

Superior Acquisition. On July 20, 2026, we completed the acquisition of Electrical Specialists, Inc., d/b/a The Superior Group (“Superior”), a premier full-service electrical contractor focused on critical infrastructure with approximately 3,000 employees, which is included within our Power Delivery segment. Superior is a recognized leader in large load electrical infrastructure while serving a diverse range of end markets, including technology, healthcare, entertainment and industrial. The aggregate purchase price consisted of $1.2 billion in cash, net of cash acquired, subject to certain working capital and other contractually agreed-upon adjustments; 1,219,498 shares of MasTec common stock issued from our treasury shares, which had a fair value of $410.5 million as of the acquisition date; and a three-year earn-out liability, with no maximum payment amount, valued at approximately $179.4 million. The cash portion of the acquisition was funded with a combination of cash on hand, borrowings under our amended Credit Facility and the 2026 Term Loan Facility. See Note 8 – Debt in the notes to the consolidated financial statements, which is incorporated by reference, for additional information regarding the amended Credit Facility and the 2026 Term Loan Facility.

Previous wording

As disclosed within our “Risk Factors” in our 2025 Form 10-K, we are subject to risks related to, among other factors, tariffs and trade actions and geopolitical events that may affect macroeconomic conditions, supply chains, costs and customer demand. Recent geopolitical tensions, most notably conflicts in the Middle East, have contributed to increased volatility and uncertainty in the energy and capital markets, including higher fuel prices used to operate our fleet of vehicles, machinery and equipment, and such volatility could persist if these events are further prolonged or escalate. At the same time, a heightened focus on domestic energy security and independence may incentivize oil and gas development and increase demand for renewable alternatives.

Current wording

As disclosed within our “Risk Factors” in our 2025 Form 10-K, we are subject to risks related to, among other factors, tariffs and trade actions and geopolitical events that may affect macroeconomic conditions, supply chains, costs and customer demand. Sustained geopolitical tensions, including ongoing conflicts in the Middle East, have contributed to increased volatility and uncertainty in the energy and capital markets, including higher fuel prices used to operate our fleet of vehicles, machinery and equipment, and such volatility could persist if these events are further prolonged or escalate. At the same time, a heightened focus on domestic energy security and independence may incentivize oil and gas development and increase demand for renewable alternatives.

Previous wording

Additionally, on July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was enacted in the United States increasing federal support for oil and gas production while reducing support for renewable energy and infrastructure. In particular, the acceleration of the phaseout of certain clean energy tax credits established under the Inflation Reduction Act may affect the timing and long-term demand for certain renewable energy projects, while other provisions incentivize oil and gas development as well as to support energy infrastructure such as carbon capture and energy storage. The OBBBA, along with other evolving trade and immigration policies, may have both positive and negative effects on our business, including, but not limited to, shifts in the timing, type and scope of customer projects, fluctuations in demand for our services, and changes in capital and labor costs, including availability.

Current wording

Additionally, on July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was enacted in the United States increasing federal support for oil and gas production while reducing support for renewable energy and infrastructure. In particular, the acceleration of the phaseout of certain clean energy tax credits established under the Inflation Reduction Act may affect the timing and long-term demand for certain renewable energy projects, while other provisions incentivize oil and gas development and support energy infrastructure such as carbon capture and energy storage. The OBBBA, along with other evolving trade and immigration policies, may have both positive and negative effects on our business, including, but not limited to, shifts in the timing, type and scope of customer projects, fluctuations in demand for our services, and changes in capital and labor costs, including availability.

Previous wording

We are a leading North American infrastructure engineering and construction company focused primarily on engineering, building, installation, maintenance and upgrade of communications, energy and utility and other infrastructure, such as: wireless, wireline/fiber; power delivery infrastructure, including transmission, distribution, grid hardening and modernization, environmental planning and compliance; power generation infrastructure, primarily from clean energy and renewable sources; pipeline infrastructure, including for natural gas, water and carbon capture sequestration pipelines and pipeline integrity services; heavy civil and industrial infrastructure, 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. Our customers are primarily in these industries. Including our predecessor companies, we have been in business for over 95 years. As of June 30, 2026, we had approximately 37,000 employees and 780 locations. Weoffer our services under the MasTec®and other service marks and we have been consistently ranked among the top specialty contractors within Engineering News-Record’s Top 400 Contractors.

Current wording

We are a leading North American infrastructure engineering and construction company focused primarily on engineering, building, installation, maintenance and upgrade of communications, energy and utility and other infrastructure, such as: wireless, wireline/fiber; power delivery infrastructure, including transmission, distribution, large load electrical infrastructure, grid hardening and modernization, environmental planning and compliance; power generation infrastructure, primarily from clean energy and renewable sources; pipeline infrastructure, including for natural gas, water and carbon capture sequestration pipelines and pipeline integrity services; heavy civil and industrial infrastructure, 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. Our customers are primarily in these industries. Including our predecessor companies, we have been in business for over 95 years. As of September 30, 2026, we had approximately 42,000 employees and 800 locations. Weoffer our services under the MasTec®and other service marks and we have been consistently ranked among the top specialty contractors within Engineering News-Record’s Top 400 Contractors.

Previous wording

Estimated backlog represents the amount of revenue we expect to realize over the next 18 months from future work on uncompleted construction contracts, including new contracts under which work has not begun, as well as revenue from change orders and renewal options. Our estimated backlog also includes amounts under master service and other service agreements and our proportionate share of estimated revenue from proportionately consolidated non-controlled contractual joint ventures. Estimated backlog for work under master service and other service agreements is determined based on historical trends, anticipated seasonal impacts, experience from similar projects and estimates of customer demand based on communications with our customers. Based on current expectations of our customers’ requirements, we anticipate that we will realize approximately 40% of our estimated June 30, 2026 backlog in 2026. The following table presents 18-month estimated backlog by reportable segment as of the dates indicated:

Current wording

Estimated backlog represents the amount of revenue we expect to realize over the next 18 months from future work on uncompleted construction contracts, including new contracts under which work has not begun, as well as revenue from change orders and renewal options. Our estimated backlog also includes amounts under master service and other service agreements and our proportionate share of estimated revenue from proportionately consolidated non-controlled contractual joint ventures. Estimated backlog for work under master service and other service agreements is determined based on historical trends, anticipated seasonal impacts, experience from similar projects and estimates of customer demand based on communications with our customers. For contracts with not-to-exceed maximum amounts, we include in estimated backlog only the portion of the remaining maximum contractual amounts that, based on our estimates, we expect to realize. Based on current expectations of our customers’ requirements, we anticipate that we will realize approximately 23% of our estimated September 30, 2026 backlog in 2026. The following table presents 18-month estimated backlog by reportable segment as of the dates indicated:

Previous wording

As of June 30, 2026, 40% of our backlog is estimated to be attributable to amounts under master service or other service agreements, pursuant to which our customers are not contractually committed to purchase a minimum amount of services. Most of these agreements can be canceled on short or no advance notice. Timing of revenue for construction and installation projects included in our backlog can be subject to change as a result of customer, regulatory or other delays or cancellations, including from factors relative to “General Economic, Market and Regulatory Conditions” mentioned above. These effects, among others, could cause estimated revenue to be realized in periods later than originally expected, or not at all. We occasionally experience postponements, cancellations and reductions in expected future work due to these effects and/or other factors. There can be no assurance as to our customers’ requirements or that actual results will be consistent with the estimates included in our forecasts. As a result, our backlog as of any particular date is an uncertain indicator of future revenue and earnings.

Current wording

As of September 30, 2026, 34% of our backlog is estimated to be attributable to amounts under master service or other service agreements, pursuant to which our customers are not contractually committed to purchase a minimum amount of services. Most of these agreements can be canceled on short or no advance notice. Timing of revenue for construction and installation projects included in our backlog can be subject to change as a result of customer, regulatory or other delays or cancellations, including from factors relative to “General Economic, Market and Regulatory Conditions” mentioned above. These effects, among others, could cause estimated revenue to be realized in periods later than originally expected, or not at all. We occasionally experience postponements, cancellations and reductions in expected future work due to these effects and/or other factors. There can be no assurance as to our customers’ requirements or that actual results will be consistent with the estimates included in our forecasts. As a result, our backlog as of any particular date is an uncertain indicator of future revenue and earnings.

Previous wording

Backlog is a common measurement used in our industry. Our methodology for determining backlog may not, however, be comparable to the methodologies used by others. Backlog differs from the amount of our remaining performance obligations, which are described in Note 1 – Business, Basis of Presentation and Significant Accounting Policies in the notes to the consolidated financial statements, which is incorporated by reference. As of June 30, 2026, total 18-month backlog differed from the amount of our remaining performance obligations due primarily to the inclusion of $8.4 billion of estimated future revenue under master service and other service agreements within our backlog estimates, as described above, and the exclusion of approximately $3.2 billion of remaining performance obligations and estimated future revenue under master service and other service agreements in excess of 18 months, which amount is not included in the backlog estimates above. Backlog expected to be realized in

Current wording

Backlog is a common measurement used in our industry. Our methodology for determining backlog may not, however, be comparable to the methodologies used by others. Backlog differs from the amount of our remaining performance obligations, which are described in Note 1 – Business, Basis of Presentation and Significant Accounting Policies in the notes to the consolidated financial statements, which is incorporated by reference. As of September 30, 2026, total 18-month backlog differed from the amount of our remaining performance obligations due primarily to the inclusion of $9.0 billion of estimated future revenue under master service and other service agreements and estimated amounts under certain not-to-exceed contracts within our backlog estimates, as described above, and the exclusion of approximately $3.6 billion of remaining performance obligations and estimated future revenue under master service and other service agreements in excess of 18 months, which amount is not included in the backlog estimates above. Backlog expected to be realized in 2026 differs from the amount of remaining performance obligations expected to be recognized for the same period due primarily to the inclusion of approximately $1.4 billion of estimated future revenue under master service and other service agreements included within our backlog estimate, which is not included within our remaining performance obligations for the same period.

Previous wording

This discussion and analysis of our financial condition and results of operations is based upon our consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of our consolidated financial statements requires the use of estimates and assumptions that affect the amounts reported in our consolidated financial statements and accompanying notes. A summary of our critical accounting estimates is included in the Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our 2025 Form 10-K. We are required to make estimates and judgments in the preparation of our financial statements that affect the reported amounts of assets and liabilities, revenues and expenses and related disclosures. We continually review these estimates and their underlying assumptions to ensure they are appropriate for the circumstances. Changes in the estimates and assumptions we use could have a material impact on our financial results. During the six months ended June 30, 2026, there were no material changes in our critical accounting estimates or policies previously disclosed in our 2025 Form 10-K.

Current wording

This discussion and analysis of our financial condition and results of operations is based upon our consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of our consolidated financial statements requires the use of estimates and assumptions that affect the amounts reported in our consolidated financial statements and accompanying notes. A summary of our critical accounting estimates is included in the Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our 2025 Form 10-K. We are required to make estimates and judgments in the preparation of our financial statements that affect the reported amounts of assets and liabilities, revenues and expenses and related disclosures. We continually review these estimates and their underlying assumptions to ensure they are appropriate for the circumstances. Changes in the estimates and assumptions we use could have a material impact on our financial results. During the nine months ended September 30, 2026, there were no material changes in our critical accounting estimates or policies previously disclosed in our 2025 Form 10-K.

Previous wording

Revenue. On a consolidated basis, revenue increased by $829 million, or 23%, driven by our segment results. See Analysis of Revenue and EBITDA by Segment for further details. Organic revenue increased by approximately $634 million, or 18%, as compared with the same period in 2025, and acquisitions contributed $195 million of revenue for the three months ended June 30, 2026.

Current wording

Revenue. On a consolidated basis, revenue increased by $1,185 million, or 30%, driven by our segment results. See Analysis of Revenue and EBITDA by Segment for further details. Organic revenue increased by approximately $469 million, or 12%, as compared with the same period in 2025, and acquisitions contributed $716 million of revenue for the three months ended September 30, 2026.

Previous wording

Costs of revenue, excluding depreciation and amortization. Higher levels of revenue contributed an increase of $727 million in costs of revenue, excluding depreciation and amortization, and improved productivity contributed a decrease of approximately $19 million. Costs of revenue, excluding depreciation and amortization, as a percentage of revenue, decreased by approximately 40 basis points to 87.3% of revenue for the three months ended June 30, 2026 from 87.7% of revenue for the same period in 2025. The basis point decrease was due to a combination of project mix and improved project efficiencies, primarily within our Pipeline Infrastructure segment.

Current wording

Costs of revenue, excluding depreciation and amortization. Higher levels of revenue contributed an increase of $1,025 million in costs of revenue, excluding depreciation and amortization, and reduced productivity contributed an increase of approximately $38 million. Costs of revenue, excluding depreciation and amortization, as a percentage of revenue, increased by approximately 70 basis points to 87.2% of revenue for the three months ended September 30, 2026 from 86.4% of revenue for the same period in 2025. The basis point increase was due to a combination of project mix and reduced project efficiencies, primarily within our Pipeline Infrastructure and Communications segments, as well as certain overhead costs incurred within our Pipeline Infrastructure segment to maintain operating capacity in support of expected future project work.

Previous wording

Depreciation. Organic depreciation expense increased by approximately $13 million, or 19%, driven primarily by higher capital expenditures to support operational growth and the replacement of older machinery and equipment. Acquisitions contributed approximately $3 million of depreciation expense for the three months ended June 30, 2026. As a percentage of revenue, depreciation was generally flat.

Current wording

Depreciation. Organic depreciation expense increased by approximately $17 million, or 24%, driven primarily by higher capital expenditures to support operational growth and the replacement of older machinery and equipment. Acquisitions contributed approximately $5 million of depreciation expense for the three months ended September 30, 2026. As a percentage of revenue, depreciation was generally flat, as compared with the same period in 2025.

Previous wording

Amortization of intangible assets. Amortization expense increased for the three months ended June 30, 2026, by approximately $9 million of additional expense associated with acquisitions, offset, in part, by a decrease of $4 million due to a combination of the effects of timing of amortization for certain assets and the completion of amortization for certain intangible assets associated with prior year acquisitions. As a percentage of revenue, amortization of intangible assets was generally flat as compared with the same period in 2025.

Current wording

Amortization of intangible assets. Amortization expense increased for the three months ended September 30, 2026, primarily due to approximately $45 million of additional amortization associated with acquisitions, offset, in part, by a decrease of $3 million resulting from the timing of amortization and the completion of amortization for certain intangible assets associated with prior year acquisitions. As a percentage of revenue, amortization of intangible assets increased by approximately 60 basis points as compared with the same period in 2025, primarily due to additional amortization associated with acquisitions.

Previous wording

General and administrative expenses. Organic general and administrative expenses increased by approximately $63 million, or 18%, primarily due to an increase in compensation expense, including stock-based compensation and insurance to support business growth, an approximately $12 million increase from changes in the fair value of contingent consideration payable to former owners of an acquired business and approximately $9 million of an increase from changes to estimated Earn-out accruals, offset, in part, by an increase in net gains on asset sales, and reductions in the effects of timing of ordinary course legal matters. Acquisitions contributed an additional $17 million of general and administrative expenses for the six months ended June 30, 2026. Overall, general and administrative expenses decreased by approximately 20 basis points as a percentage of revenue for the six months ended June 30, 2026 as compared with the same period in 2025 due, in part, to higher levels of revenue.

Current wording

General and administrative expenses. Organic general and administrative expenses increased by approximately $25 million, or 14%, primarily due to an increase in compensation expense, including stock-based compensation, and increased insurance costs to support business growth, as well as a $5 million increase in expense from fair value adjustments, primarily related to changes in estimated Earn-out accruals, $7 million of restructuring charges and $6 million of acquisition and integration costs incurred during the third quarter of 2026. These increases were partially offset by an increase in net gains on asset sales and reductions in the effects of timing of ordinary course legal matters. Acquisitions contributed an additional $20 million of general and administrative expenses for the three months ended September 30, 2026. Overall, general and administrative expenses decreased by approximately 20 basis points as a percentage of revenue for the three months ended September 30, 2026 as compared with the same period in 2025 due, in part, to higher levels of revenue.

Previous wording

Interest expense, net. The increase in interest expense, net, resulted primarily from higher average balances on our variable rate debt, which accounted for an increase in interest expense of approximately $7 million.

Current wording

Interest expense, net. The increase in interest expense, net, resulted primarily from higher average balances on our variable rate debt, which accounted for an increase of approximately $14 million, primarily driven by indebtedness incurred in connection with the Superior acquisition.

Previous wording

Equity in earnings of unconsolidated affiliates, net. For the three months ended June 30, 2026 and 2025, equity in earnings from unconsolidated affiliates, net, totaled approximately $10 million and $7 million, respectively, and related primarily to our investment in the Waha JVs.

Current wording

Equity in earnings of unconsolidated affiliates, net. For the three months ended September 30, 2026 and 2025, equity in earnings from unconsolidated affiliates, net, totaled approximately $8 million and $7 million, respectively, and related primarily to our investment in the Waha JVs.

Previous wording

Other (income) expense, net. For the three months ended June 30, 2026, other income, net, consisted primarily of other miscellaneous income.

Current wording

Other income, net. For the three months ended September 30, 2026, other income, net, consisted primarily of other miscellaneous income.

Previous wording

Provision for income taxes. For the three months ended June 30, 2026, our effective tax rate was 24.8% as compared with 25.4% for the same period in 2025. Our effective tax rate for the three months ended June 30, 2026 included income tax benefits primarily due to the vesting of share-based payment awards, offset, in part, by the effects of a higher state income tax rate, whereas for the three months ended June 30, 2025, our effective tax rate included an income tax benefit primarily due to the reversal of uncertain tax position liabilities related to a state audit, offset, in part, by pre-tax income.

Current wording

Provision for income taxes. For the three months ended September 30, 2026, our effective tax rate was 23.8% as compared with 21.3% for the same period in 2025. Our effective tax rate for the three months ended September 30, 2026 included income tax benefits primarily due to benefits related to return-to-provision adjustments resulting from the finalization of the Company’s 2025 federal income tax return, offset, in part, by the effects of a higher state income tax rate, whereas for the three months ended September 30, 2025, our effective tax rate included an income tax benefit primarily due to the reversal of uncertain tax position liabilities related to a state audit and the release of valuation allowances on certain deferred tax assets that were no longer necessary, offset, in part, by an increase in income tax expense due to higher pre-tax income.

Previous wording

Net income attributable to non-controlling interests. Net income attributable to non-controlling interests was $16 million for the three months ended June 30, 2026, as compared with $4 million for the same period in 2025. The increase was primarily attributable to the increase in activity of certain entities within the Pipeline Infrastructure segment with minority interest holders.

Current wording

Net income attributable to non-controlling interests. Net income attributable to non-controlling interests was $17 million for the three months ended September 30, 2026, as compared with $6 million for the same period in 2025. The increase was primarily attributable to the results of certain entities with minority interest holders acquired as part of the Superior acquisition and, to a lesser extent, increased activity at certain entities within the Pipeline Infrastructure segment with minority interest holders.

Previous wording

Revenue. On a consolidated basis, revenue increased by $1,810 million, or 28%, driven by our segment results. See Analysis of Revenue and EBITDA by Segment for further details. Organic revenue increased by approximately $1,446 million, or 23%, as compared with the same period in 2025, and acquisitions contributed $364 million of revenue for the six months ended June 30, 2026.

Current wording

Revenue. On a consolidated basis, revenue increased by $2,995 million, or 29%, driven by our segment results. See Analysis of Revenue and EBITDA by Segment for further details. Organic revenue increased by approximately $1,916 million, or 18%, as compared with the same period in 2025, and acquisitions contributed $1,080 million of revenue for the nine months ended September 30, 2026.

Previous wording

Costs of revenue, excluding depreciation and amortization. Higher levels of revenue contributed an increase of $1,599 million in costs of revenue, excluding depreciation and amortization, and improved productivity contributed a decrease of approximately $76 million. Costs of revenue, excluding depreciation and amortization, as a percentage of revenue decreased by approximately 90 basis points to 87.4% of revenue for the six months ended June 30, 2026 from 88.3% of revenue for the same period in 2025. The basis point decrease was due to a combination of project mix and improved project efficiencies, primarily within our Pipeline Infrastructure and Power Delivery segments, offset, in part, by reduced productivity and efficiencies within our Communications segment.

Current wording

Costs of revenue, excluding depreciation and amortization. Higher levels of revenue contributed an increase of $2,624 million in costs of revenue, excluding depreciation and amortization, and improved productivity contributed a decrease of approximately $39 million. Costs of revenue, excluding depreciation and amortization, as a percentage of revenue decreased by approximately 30 basis points to 87.3% of revenue for the nine months ended September 30, 2026 from 87.6% of revenue for the same period in 2025. The basis point decrease was due to a combination of project mix and improved project efficiencies, primarily within our Pipeline Infrastructure and Power Delivery segments, offset, in part, by reduced productivity and efficiencies within our Communications segment.

Previous wording

Depreciation. Organic depreciation expense increased by approximately $18 million, or 12%, driven primarily by higher capital expenditures to support operational growth and the replacement of older machinery and equipment. Acquisitions contributed approximately $5 million of depreciation expense for the six months ended June 30, 2026. As a percentage of revenue, depreciation decreased by approximately 20 basis points, due primarily to higher levels of revenue.

Current wording

Depreciation. Organic depreciation expense increased by approximately $36 million, or 16%, driven primarily by higher capital expenditures to support operational growth and the replacement of older machinery and equipment. Acquisitions contributed approximately $10 million of depreciation expense for the nine months ended September 30, 2026. As a percentage of revenue, depreciation decreased by approximately 10 basis points, as compared with the same period in 2025, due primarily to higher levels of revenue.

Previous wording

Amortization of intangible assets. Amortization expense increased for the six months ended June 30, 2026, by approximately $18 million of additional expense associated with acquisitions, offset, in part, by a decrease of approximately $7 million due to a combination of the effects of timing of amortization for certain assets and the completion of amortization for certain intangible assets associated with prior year acquisitions. As a percentage of revenue, amortization of intangible assets decreased by approximately 10 basis points as compared with the same period in 2025 due, in part, to higher levels of revenue.

Current wording

Amortization of intangible assets. Amortization expense increased for the nine months ended September 30, 2026, primarily due to approximately $63 million of additional amortization associated with acquisitions, offset, in part, by a decrease of approximately $9 million resulting from the timing of amortization and the completion of amortization for certain intangible assets associated with prior year acquisitions. As a percentage of revenue, amortization of intangible assets increased by approximately 20 basis points as compared with the same period in 2025, primarily due to additional amortization associated with acquisitions.

Previous wording

General and administrative expenses. Organic general and administrative expenses increased by approximately $20 million, or 12%, primarily due to an increase in compensation expense, including stock-based compensation and insurance to support business growth, an approximately $2 million increase from changes in the fair value of contingent consideration payable to former owners of an acquired business, and approximately $9 million of an increase from changes to estimated Earn-out accruals, offset, in part, by an increase in net gains on asset sales, and reductions in the effects of timing of ordinary course legal matters. Acquisitions contributed an additional $11 million of general and administrative expenses for the three months ended June 30, 2026. Overall, general and administrative expenses decreased by approximately 20 basis points as a percentage of revenue for the three months ended June 30, 2026 as compared with the same period in 2025 due, in part, to higher levels of revenue.

Current wording

General and administrative expenses. Organic general and administrative expenses increased by approximately $89 million, or 17%, primarily due to an increase in compensation expense, including stock-based compensation, and increased insurance costs to support business growth, as well as an approximately $10 million increase in expense from changes in the fair value of contingent consideration payable to former owners of an acquired business, an approximately $16 million increase in expense from changes to estimated Earn-out accruals, $7 million of restructuring charges and $6 million of acquisition and integration costs incurred during the third quarter of 2026. These increases were offset, in part, by reductions in the effects of timing of ordinary course legal matters and an increase in net gains on asset sales. Acquisitions contributed an additional $36 million of general and administrative expenses for the nine months ended September 30, 2026. Overall, general and administrative expenses decreased by approximately 20 basis points as a percentage of revenue for the nine months ended September 30, 2026 as compared with the same period in 2025 due, in part, to higher levels of revenue.

Previous wording

Interest expense, net. The increase in interest expense, net, resulted primarily from higher average balances on our variable rate debt, which accounted for an increase in interest expense of approximately $3 million.

Current wording

Interest expense, net. The increase in interest expense, net, resulted primarily from higher average balances on our variable rate debt, which accounted for an increase of approximately $21 million.

Previous wording

Equity in earnings of unconsolidated affiliates, net. For the six months ended June 30, 2026 and 2025, earnings from unconsolidated affiliates, net, totaled approximately $7 million and $17 million, respectively, related primarily to our investment in the Waha JVs. The decrease was driven primarily by an other-than-temporary impairment of $8 million on a separate equity method investment.

Current wording

Equity in earnings of unconsolidated affiliates, net. For the nine months ended September 30, 2026 and 2025, equity in earnings from unconsolidated affiliates, net, totaled approximately $15 million and $24 million, respectively, related primarily to our investment in the Waha JVs. The decrease was driven primarily by an other-than-temporary impairment of $8 million on a separate equity method investment.

Previous wording

Other income, net. For the six months ended June 30, 2026, other income, net, consisted primarily of a gain on the sale of our 15% equity interest in CCI and other miscellaneous income, offset, in part, by approximately $7 million of certain exit costs and other charges.

Current wording

Other income, net. For the nine months ended September 30, 2026, other income, net, consisted primarily of a gain on the sale of our 15% equity interest in CCI and other miscellaneous income, offset, in part, by certain exit costs and other charges.

Previous wording

Provision for income taxes. For the six months ended June 30, 2026, our effective tax rate was 24.5% as compared with 21.0% for the same period in 2025. Our effective tax rate for the six months ended June 30, 2026 included income tax benefits primarily due to the vesting of share-based payment awards, offset, in part, by the effects of a higher state income tax rate, whereas for the six months ended June 30, 2025, our effective tax rate included an income tax benefit primarily due to the reversal of uncertain tax position liabilities related to a state audit, offset, in part, by pre-tax income.

Current wording

Provision for income taxes. For the nine months ended September 30, 2026, our effective tax rate was 24.2% as compared with 21.2% for the same period in 2025. Our effective tax rate for the nine months ended September 30, 2026 included income tax benefits primarily due to the vesting of share-based payment awards and return-to-provision adjustments resulting from the finalization of the Company’s 2025 federal income tax return, offset, in part, by the effects of a higher state income tax rate, whereas for the nine months ended September 30, 2025, our effective tax rate included an income tax benefit primarily due to the reversal of uncertain tax position liabilities related to a state audit and the release of valuation allowances on certain deferred tax assets that were no longer necessary, offset, in part, by an increase in income tax expense due to higher pre-tax income.

Previous wording

Net income attributable to non-controlling interests. Net income attributable to non-controlling interests was $24 million for the six months ended June 30, 2026, as compared with $7 million for the same period in 2025. The increase was primarily attributable to the increase in activity of certain entities within the Pipeline Infrastructure segment with minority interest holders.

Current wording

Net income attributable to non-controlling interests. Net income attributable to non-controlling interests was $42 million for the nine months ended September 30, 2026, as compared with $13 million for the same period in 2025. The increase was primarily attributable to increased activity at certain entities within the Pipeline Infrastructure segment with minority interest holders and, to a lesser extent, the results of certain entities with minority interest holders acquired as part of the Superior acquisition.

Previous wording

EBITDA. As a percentage of revenue, EBITDA decreased by approximately 170 basis points, or $15 million, primarily due to the effects of certain project close-outs and project execution mix associated with higher levels of wireline project activity. Higher levels of revenue resulted in an increase in EBITDA of approximately $5 million.

Current wording

EBITDA. As a percentage of revenue, EBITDA decreased by approximately 460 basis points, or $37 million, primarily due to the effects of project execution mix associated with higher levels of wireline project activity and, to a lesser extent, restructuring activities undertaken during the quarter. Lower levels of revenue resulted in a decrease in EBITDA of approximately $12 million.

Previous wording

EBITDA. As a percentage of revenue, EBITDA increased by approximately 50 basis points, or $9 million, due to a combination of project mix, improved productivity and efficiencies, primarily from certain infrastructure work, including contributions from certain acquired entities. Higher levels of revenue resulted in an increase in EBITDA of approximately $36 million.

Current wording

EBITDA. As a percentage of revenue, EBITDA decreased by approximately 30 basis points, or $5 million, due primarily to project mix and reduced productivity and efficiencies on certain industrial project work, partially offset by improved productivity and efficiencies on certain infrastructure project work, including contributions from certain acquired entities. Higher levels of revenue resulted in an increase in EBITDA of approximately $39 million.

Previous wording

Revenue. The increase in revenue was due primarily to higher levels of project activity, including midstream pipeline project activity and other infrastructure-related work.

Current wording

Revenue. The increase in revenue was due primarily to higher levels of project activity, including midstream pipeline project activity and other infrastructure-related work. Organic revenue growth contributed approximately $85 million, or a 14% increase, as compared with the same period in 2025, while acquisitions contributed an additional $41 million of revenue.

Previous wording

EBITDA. For the three months ended June 30, 2026, Corporate EBITDA included approximately $4 million of expense, net, from changes to estimated Earn-out accruals and approximately $4 million of expense, net, from changes in the fair value of contingent consideration to former owners of an acquired business. For the three months ended June 30, 2025, Corporate EBITDA included approximately $5 million of income, net, from changes to estimated Earn-out accruals and approximately $3 million of expense, net, from the changes in the fair value of contingent consideration payable to former owners of an acquired business. Corporate expenses for the three months ended June 30, 2026 not related to the above-described items increased by approximately $9 million as compared with the same period in 2025, due primarily to increases in insurance, compensation, including stock-based compensation, and the effects of timing of ordinary course legal and other settlement matters.

Current wording

EBITDA. For the three months ended September 30, 2026, Corporate EBITDA included approximately $6 million of acquisition and integration costs, $7 million of expense, net, from changes to estimated Earn-out accruals and approximately $3 million of a loss on debt extinguishment. For the three months ended September 30, 2025, Corporate EBITDA included approximately $2 million of expense, net, from the changes in the fair value of contingent consideration payable to former owners of an acquired business. Corporate expenses for the three months ended September 30, 2026 not related to the above-described items increased by approximately $7 million as compared with the same period in 2025, due primarily to increases in insurance and compensation, including stock-based compensation.

Previous wording

(b)For the six months ended June 30, 2026, the Other segment EBITDA included approximately $8 million of an other-than-temporary impairment related to an equity method investment.

Current wording

(b)For the nine months ended September 30, 2026, the Other segment EBITDA included approximately $8 million of an other-than-temporary impairment related to an equity method investment.

Previous wording

Revenue. The increase in revenue was driven primarily by organic growth resulting from higher levels of wireline project activity and, to a lesser extent, by higher install-to-the-home project volumes. These increases were offset, in part, by a decrease in wireless project activity due, in part, to customer project timing.

Current wording

Revenue. The increase in revenue was driven primarily by higher levels of wireline project activity and, to a lesser extent, higher install-to-the-home project volumes, partially offset by lower wireless project activity due, in part, to customer project timing.

Previous wording

EBITDA. As a percentage of revenue, EBITDA decreased by approximately 140 basis points, or $24 million, primarily due to costs to exit certain markets in our install-to-the-home business, as well as the effects of certain project close-outs and project execution mix associated with higher levels of wireline project activity. Higher levels of revenue resulted in an increase in EBITDA of approximately $15 million.

Current wording

EBITDA. As a percentage of revenue, EBITDA decreased by approximately 260 basis points, or $65 million, primarily due to costs to exit certain markets in our install-to-the-home business, as well as the effects of certain project close-outs and project execution mix associated with higher levels of wireline project activity, and, to a lesser extent, restructuring activities undertaken during the third quarter of 2026. Higher levels of revenue resulted in an increase in EBITDA of approximately $6 million.

Previous wording

EBITDA. As a percentage of revenue, EBITDA increased by approximately 50 basis points, or $15 million, due to a combination of project mix, improved productivity and efficiencies, primarily from certain infrastructure project work, including contributions from certain acquired entities. Higher levels of revenue resulted in an increase in EBITDA of approximately $62 million.

Current wording

EBITDA. As a percentage of revenue, EBITDA increased by approximately 20 basis points, or $8 million, due primarily to project mix and improved productivity and efficiencies on certain infrastructure project work, including contributions from certain acquired entities. Higher levels of revenue resulted in an increase in EBITDA of approximately $102 million.

Previous wording

Revenue. The increase in revenue was due primarily to higher levels of project activity, including timing-related increases in transmission and distribution-related project work, as well as high levels of certain data-center related project work.

Current wording

Revenue. The increase in revenue was due primarily to higher levels of project activity, supported by continued strong demand, including timing-related increases in transmission and distribution-related project work, as well as higher levels of data-center related electrical infrastructure project work. The increase also included contributions from the recently acquired Superior business beginning in the third quarter of 2026. Organic revenue growth contributed approximately $591 million, or a 19% increase, as compared with the same period in 2025, while acquisitions contributed an additional $480 million of revenue.

Previous wording

EBITDA. As a percentage of revenue, EBITDA increased by approximately 30 basis points, or $4 million, primarily due to the non-recurrence in the current period of reduced efficiencies at certain project sites in the prior year period. Higher levels of revenue resulted in an increase in EBITDA of approximately $17 million.

Current wording

EBITDA. As a percentage of revenue, EBITDA increased by approximately 230 basis points, or $93 million, primarily due to improved efficiencies and project mix, including contributions from the recently acquired Superior business, as well as the non-recurrence of reduced efficiencies at certain project sites in the prior year period. Higher levels of revenue resulted in an increase in EBITDA of approximately $87 million.

Previous wording

EBITDA. As a percentage of revenue, EBITDA increased by approximately 690 basis points, or $45 million, due primarily to improved efficiencies, as well as the effects of project mix. Higher levels of revenue contributed an increase in EBITDA of approximately $12 million.

Current wording

EBITDA. As a percentage of revenue, EBITDA increased by approximately 320 basis points, or $66 million, due primarily to improved efficiencies, as well as the effects of project mix. Higher levels of revenue contributed an increase in EBITDA of approximately $74 million.

Previous wording

EBITDA. For the six months ended June 30, 2026, Corporate EBITDA included approximately $5 million of expense, net, from changes to estimated Earn-out accruals and approximately $13 million of expense, net, from changes in the fair value of contingent consideration to former owners of an acquired business. For the six months ended June 30, 2025, Corporate EBITDA included approximately $4 million of income, net, from changes to estimated Earn-out accruals and approximately $2 million of expense, net, from the changes in the fair value of additional contingent payments to former owners of an acquired business. Corporate expenses for the six months ended June 30, 2026 not related to the above-described items increased by approximately $27 million as compared with the same period in 2025 due primarily to increases in insurance, compensation, including stock-based compensation, and the effects of timing of ordinary course legal and other settlement matters.

Current wording

EBITDA. For the nine months ended September 30, 2026, Corporate EBITDA included approximately $6 million of acquisition and integration costs, $13 million of expense, net, from changes to estimated Earn-out accruals, approximately $13 million of expense, net, from changes in the fair value of contingent consideration to former owners of an acquired business, and approximately $3 million of a loss on debt extinguishment. For the nine months ended September 30, 2025, Corporate EBITDA included approximately $3 million of income, net, from changes to estimated Earn-out accruals and approximately $4 million of expense, net, from the changes in the fair value of additional contingent payments to former owners of an acquired business. Corporate expenses for the nine months ended September 30, 2026 not related to the above-described items increased by approximately $34 million as compared with the same period in 2025 due primarily to increases in insurance, compensation, including stock-based compensation, and the effects of timing of ordinary course legal and other settlement matters.