The following is a discussion and analysis of our business, financial condition and results of operations for the quarterly period ended June 30, 2026 and relevant prior periods. This discussion and analysis should be read in conjunction with our consolidated financial statements and notes thereto in Item 1 of this Quarterly Report on Form 10-Q (this “Form 10-Q”), and the audited consolidated financial statements, accompanying notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) contained in our 2025 Form 10-K. In this MD&A, “$” means U.S. dollars unless specified otherwise. Recent Transactions 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. General Economic, Market and Regulatory Conditions 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. During 2025 and continuing into 2026, the U.S. government announced or imposed a variety of tariff or other trade actions, prompting retaliatory measures by many countries, including tariffs on U.S. exports and restrictions on certain foreign exports. These actions, including modifications to tariff regimes affecting steel, aluminum, copper, and other imported materials, have increased the cost of importing certain construction materials into the U.S. and have contributed to disruption, uncertainty, and volatility in international trade and supply chains. Significant uncertainty remains regarding the status of existing and newly announced tariffs, potential changes or pauses to such tariffs, tariff levels, and whether further additional tariffs or other retaliatory actions may be imposed, modified, or suspended. We continue to monitor these developments and to evaluate potential impacts and mitigating strategies that we or our customers may implement; however, although these trade actions and ongoing geopolitical events have not had a material impact on our results of operations to date, the related uncertainty and potential changes in trade policy or geopolitical conditions could affect our customers’ capital spending plans, supply chains and operating costs, which could, in turn, adversely affect demand for our services in future periods. 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 28 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. We will continue to monitor the market and economic conditions. The extent to which general economic, market, political and regulatory conditions could affect our business, operations and financial results is uncertain as it will depend upon numerous evolving factors that we may not be able to accurately predict, and, therefore, any future impacts on our business, financial condition and/or results of operations cannot be quantified or predicted with specificity. For additional information regarding the effects of general economic, market and regulatory conditions, see Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our 2025 Form 10-K. Business Overview 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. We offer 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. We provide integrated, solutions-based services to a diversified base of customers and a significant portion of our services are provided under master service and other service agreements, which are generally multi-year agreements. The remainder of our work is generated pursuant to contracts for specific projects or jobs that require the construction or installation of an entire infrastructure system or specified units within an infrastructure system. We manage our operations under five operating segments, which represent our five reportable segments: (1) Communications; (2) Clean Energy and Infrastructure; (3) Power Delivery; (4) Pipeline Infrastructure and (5) Other. This structure is generally focused on broad end-user markets for our labor-based construction services. Backlog 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: Reportable Segment (in millions): June 30, 2026 March 31, 2026 June 30, 2025 Communications $ 5,461 $ 5,501 $ 5,008 Clean Energy and Infrastructure 7,791 7,279 4,922 Power Delivery 6,347 6,222 5,062 Pipeline Infrastructure 1,792 1,326 1,460 Other — — — Estimated 18-month backlog $ 21,391 $ 20,328 $ 16,452 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. 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 29 2026 differs from the amount of remaining performance obligations expected to be recognized for the same period due primarily to the inclusion of approximately $1.9 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. Economic, Industry and Market Factors We closely monitor the effects of changes in economic, industry and market conditions on our customers, including the potential effects of the factors discussed above in “General Economic, Market and Regulatory Conditions,” which can affect demand for our customers’ products and services and can increase or decrease our customers’ planned capital and maintenance budgets in certain end-markets. Any of these factors and effects, as well as mergers and acquisitions or other business transactions among the customers we serve, could affect demand for our services, or the cost to provide such services and our profitability. For additional information regarding the potential effects of economic, industry and market factors on our business, see Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our 2025 Form 10-K. Effect of Seasonality and Cyclical Nature of Business Our revenue and results of operations are cyclical and can be subject to seasonal and other variations. For additional information regarding the effects of seasonality and the cyclical nature of our business, see Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our 2025 Form 10-K. Critical Accounting Policies and Estimates 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. Results of Operations Comparison of Consolidated Results The following tables, which may contain slight summation differences due to rounding, reflect our consolidated results of operations in dollar and percentage of revenue terms for the periods indicated (dollar amounts in millions). Our consolidated results of operations are not necessarily comparable from period to period due to the effect of recent acquisitions and certain other items, as appropriate, which are described in the comparison of results section below. In our discussions, “acquisition” results are defined as results from acquired businesses for the first twelve months following the dates of the respective acquisitions, with the balance of results for a particular item attributed to “organic” activity. Unless otherwise stated, comparisons are for the quarters ended June 30, 2026 and 2025. Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025 Three Months Ended June 30, Change 2026 2025 $ % Revenue $ 4,373.6 100.0 % $ 3,544.7 100.0 % $ 828.8 23.4 % Costs of revenue, excluding depreciation and amortization 3,817.3 87.3 % 3,109.2 87.7 % 708.1 22.8 % Depreciation 86.1 2.0 % 69.9 2.0 % 16.2 23.1 % Amortization of intangible assets 37.5 0.9 % 32.7 0.9 % 4.8 14.8 % General and administrative expenses 206.5 4.7 % 174.8 4.9 % 31.7 18.1 % Operating income $ 226.2 5.2 % $ 158.1 4.5 % $ 68.1 43.1 % Interest expense, net 47.2 1.1 % 43.9 1.2 % 3.3 7.6 % Equity in earnings of unconsolidated affiliates, net (10.3) (0.2) % (7.0) (0.2) % (3.2) 46.0 % Other (income) expense, net (4.4) (0.1) % 0.5 0.0 % (4.9) NM Income before income taxes $ 193.7 4.4 % $ 120.8 3.4 % $ 72.9 60.4 % Provision for income taxes (48.0) (1.1) % (30.7) (0.9) % (17.3) 56.5 % Net income $ 145.7 3.3 % $ 90.1 2.5 % $ 55.6 61.7 % Net income attributable to non-controlling interests 15.6 0.4 % 4.4 0.1 % 11.3 257.7 % Net income attributable to MasTec, Inc. $ 130.1 3.0 % $ 85.8 2.4 % $ 44.4 51.7 % NM - Percentage is not meaningful 30 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. 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. 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. 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. 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. 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. 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. Other (income) expense, net. For the three months ended June 30, 2026, other income, net, consisted primarily of other miscellaneous income. 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. 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. Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025 Six Months Ended June 30, Change 2026 2025 $ % Revenue $ 8,202.4 100.0 % $ 6,392.4 100.0 % $ 1,809.9 28.3 % Costs of revenue, excluding depreciation and amortization 7,168.2 87.4 % 5,645.8 88.3 % 1,522.4 27.0 % Depreciation 169.4 2.1 % 146.2 2.3 % 23.2 15.9 % Amortization of intangible assets 76.1 0.9 % 65.3 1.0 % 10.8 16.5 % General and administrative expenses 420.7 5.1 % 340.9 5.3 % 79.8 23.4 % Operating income $ 368.0 4.5 % $ 194.3 3.0 % $ 173.7 89.4 % Interest expense, net 90.6 1.1 % 82.9 1.3 % 7.7 9.3 % Equity in earnings of unconsolidated affiliates, net (6.7) (0.1) % (17.4) (0.3) % 10.7 (61.4) % Other income, net (1.1) (0.0) % (1.0) (0.0) % (0.1) 12.7 % Income before income taxes $ 285.2 3.5 % $ 129.7 2.0 % $ 155.4 119.8 % Provision for income taxes (69.8) (0.9) % (27.3) (0.4) % (42.5) 155.8 % Net income $ 215.4 2.6 % $ 102.5 1.6 % $ 112.9 110.2 % Net income attributable to non-controlling interests 24.4 0.3 % 6.8 0.1 % 17.7 259.9 % Net income attributable to MasTec, Inc. $ 191.0 2.3 % $ 95.7 1.5 % $ 95.3 99.6 % 31 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. Analysis of Revenue and EBITDA by Segment We review our operating results by reportable segment. See Note 12 – Segments and Related Information in the notes to the consolidated financial statements, which is incorporated by reference. Our reportable segments are: (1) Communications; (2) Clean Energy and Infrastructure; (3) Power Delivery; (4) Pipeline Infrastructure and (5) Other. Management’s review of segment results includes analyses of trends in revenue, EBITDA and EBITDA margin. EBITDA for segment reporting purposes is calculated consistently with our consolidated EBITDA calculation. EBITDA margin is calculated by dividing EBITDA by revenue for the same period. See the discussion of our non-U.S. GAAP financial measures, including certain adjusted non-U.S. GAAP measures, as described below, following the comparison of results discussion. The following tables, which may contain slight summation differences due to rounding, present revenue, EBITDA and EBITDA margin by segment for the periods indicated (dollar amounts in millions). 32 Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025 Revenue EBITDA and EBITDA Margin Three Months EndedJune 30, Change Three Months EndedJune 30, Change Segment: 2026 2025 $ % 2026 2025 $ % Communications $ 888.9 $ 836.9 $ 52.0 6.2 % $ 73.1 8.2 % $ 82.6 9.9 % $ (9.6) (11.6) % Clean Energy and Infrastructure 1,622.1 1,131.4 490.8 43.4 % 128.2 7.9 % 83.3 7.4 % 44.9 53.9 % Power Delivery 1,245.8 1,045.6 200.2 19.2 % 113.0 9.1 % 91.3 8.7 % 21.6 23.7 % Pipeline Infrastructure 642.8 539.7 103.1 19.1 % 118.5 18.4 % 62.1 11.5 % 56.5 91.0 % Other — — — — % 13.6 NM 7.2 NM 6.4 88.5 % Eliminations (a) (26.0) (8.9) (17.3) 195.5 % (4.2) NM — — % (4.2) NM Segment Total $ 4,373.6 $ 3,544.7 $ 828.9 23.4 % $ 442.2 10.1 % $ 326.5 9.2 % $ 115.7 35.4 % Corporate — — — — % (77.7) — % (59.3) — % (18.4) 31.0 % Consolidated Total $ 4,373.6 $ 3,544.7 $ 828.8 23.4 % $ 364.5 8.3 % $ 267.3 7.5 % $ 97.2 36.4 % NM - Percentage is not meaningful (a) Represents intersegment eliminations and adjustments related to transactions entered into in the normal course of business. Communications Segment Results 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. 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. Clean Energy and Infrastructure Segment Results Revenue. The increase in revenue was due primarily to higher levels of project activity and mix, particularly in renewable and general building projects, including data-center related project activity. Organic revenue growth contributed approximately $353 million, or 31%, of the increase as compared with the same period in 2025, while acquisitions contributed an additional $137 million of revenue. 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. Power Delivery Segment Results 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. 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. Pipeline Infrastructure Segment Results Revenue. The increase in revenue was due primarily to higher levels of project activity, including midstream pipeline project activity and other infrastructure-related work. 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. Other Segment Results EBITDA. The EBITDA from Other businesses relates primarily to equity in earnings from our investments in the Waha JVs and, to a lesser extent, income from other businesses and investments. 33 Corporate Results 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. Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025 Revenue EBITDA and EBITDA Margin Six Months EndedJune 30, Change Six Months EndedJune 30, Change Segment: 2026 2025 $ % 2026 (b) 2025 $ % Communications $ 1,691.0 $ 1,517.8 $ 173.2 11.4 % $ 119.9 7.1 % $ 129.4 8.5 % $ (9.5) (7.4) % Clean Energy and Infrastructure 2,951.6 2,047.2 904.4 44.2 % 217.2 7.4 % 140.4 6.9 % 76.8 54.7 % Power Delivery 2,292.0 1,945.3 346.7 17.8 % 185.0 8.1 % 142.7 7.3 % 42.3 29.7 % Pipeline Infrastructure 1,325.3 896.2 429.2 47.9 % 263.4 19.9 % 106.6 11.9 % 156.8 147.1 % Other — — — — % 3.2 NM 15.2 NM (12.1) (79.2) % Eliminations (a) (57.5) (14.1) (43.4) 310.2 % (9.4) NM — — (9.4) NM Segment Total $ 8,202.4 $ 6,392.4 $ 1,810.0 28.3 % $ 779.3 9.5 % $ 534.3 8.4 % $ 245.0 45.9 % Corporate — — — — (158.0) — (110.2) — (47.7) 43.3 % Consolidated Total $ 8,202.4 $ 6,392.4 $ 1,809.9 28.3 % $ 621.3 7.6 % $ 424.1 6.6 % $ 197.2 46.5 % NM - Percentage is not meaningful (a)Represents intersegment eliminations and adjustments related to transactions entered into in the normal course of business. (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. Communications Segment Results 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. 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. Clean Energy and Infrastructure Segment Results Revenue. The increase in revenue was due primarily to higher levels of project activity and mix, particularly in renewable and general building projects, including data-center related project activity. Organic revenue growth contributed approximately $642 million, or 31%, of the increase as compared with the same period in 2025, while acquisitions contributed $262 million of revenue. 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. Power Delivery Segment Results 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, offset, in part, by a decrease in substation-related project activity. EBITDA. As a percentage of revenue, EBITDA increased by approximately 70 basis points, or $17 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 $25 million. Pipeline Infrastructure Segment Results Revenue. The increase in revenue was due primarily to higher levels of midstream pipeline project activity. EBITDA. As a percentage of revenue, EBITDA increased by approximately 800 basis points, or $106 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 $51 million. 34 Other Segment Results EBITDA. The EBITDA from Other businesses relates primarily to equity in earnings from our investments in the Waha JVs, and, to a lesser extent, income from other businesses and investments, offset, in part, by an other-than-temporary impairment related to an equity method investment. Corporate Results 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. Non-U.S. GAAP Financial Measures As appropriate, we supplement our reported U.S. GAAP financial information with certain non-U.S. GAAP financial measures, including earnings before interest, income taxes, depreciation and amortization (“EBITDA”), adjusted EBITDA (“Adjusted EBITDA”), adjusted net income (“Adjusted Net Income”), adjusted net income attributable to MasTec, Inc. (“Adjusted Net Income Attributable to MasTec, Inc.”) and adjusted diluted earnings per share (“Adjusted Diluted Earnings Per Share”). These “adjusted” non-U.S. GAAP measures exclude, as applicable to the respective periods, non-cash stock-based compensation expense, changes in fair value of acquisition-related contingent items and impairments of equity method investments, as more fully described below; and, for Adjusted Net Income, Adjusted Net Income Attributable to MasTec, Inc. and Adjusted Diluted Earnings Per Share, amortization of intangible assets and the tax effects of the adjusted items. These definitions of EBITDA and Adjusted EBITDA are not the same as in our Credit Facility or in the indenture governing our senior notes; therefore, EBITDA and Adjusted EBITDA as presented in this discussion should not be used for purposes of determining our compliance with the covenants contained in our debt instruments. We use EBITDA and Adjusted EBITDA, as well as Adjusted Net Income, Adjusted Net Income Attributable to MasTec, Inc. and Adjusted Diluted Earnings Per Share, to evaluate our performance, both internally and as compared with our peers, because these measures exclude certain items that may not be indicative of our core, or underlying, operating results, as well as items that can vary widely across different industries or among companies within the same industry. We believe that these adjusted measures provide a baseline for analyzing trends in our underlying business. Non-cash stock-based compensation expense can be subject to volatility from changes in the market price per share of our common stock or variations in the value and number of shares granted. We also exclude intangible asset amortization and the effects of changes in fair value of acquisition-related contingent items from our non-U.S. GAAP financial measures due to their non-operational nature and inherent volatility, as activity, including from acquisitions, varies from period to period. Note that while intangible asset amortization related to the assets of acquired entities is excluded from our non-U.S. GAAP financial measures, the revenue and all other expenses of the acquired entities are included within our non-U.S. GAAP financial measures, unless otherwise stated. Acquisition-related contingent items consist of (i) changes in fair value of acquisition-related contingent consideration, which is composed of earn-outs, that are contingent upon the achievement of reaching certain post-acquisition levels of earnings and (ii) changes in fair value of additional payments in connection with the 2021 acquisition of Henkels & McCoy Holdings, Inc. based on the fluctuation of our share price and contingent upon the post-acquisition collections of certain receivables, and which were fully settled during the second quarter of 2026. Additionally, we exclude impairments of equity method investments, as these charges do not reflect the ordinary course of the Company’s business and are not incurred on a predictable basis. We believe that this presentation is common practice within our industry and improves comparability of our results with those of our peers. We believe that these non-U.S. GAAP financial measures provide meaningful information and help investors understand our financial results and assess our prospects for future performance. Because non-U.S. GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-U.S. GAAP financial measures having the same or similar names. Each company’s definitions of these adjusted measures may vary as they are not standardized and should be used together with the provided reconciliations. These financial measures should not be considered in isolation from, as substitutes for, or alternative measures of, reported net income or diluted earnings per share, and should be viewed in conjunction with the most comparable U.S. GAAP financial measures and the provided reconciliations thereto. We believe these non-U.S. GAAP financial measures, when viewed together with our U.S. GAAP results and related reconciliations, provide a more complete understanding of our business. We strongly encourage investors to review our consolidated financial statements and publicly filed reports in their entirety and not rely on any single financial measure. 35 The following table presents a reconciliation of net income to EBITDA and Adjusted EBITDA in dollar and percentage of revenue terms for the periods indicated. The tables below (dollar amounts in millions) may contain slight summation differences due to rounding. Three Months Ended June 30, Six Months Ended June 30, EBITDA Reconciliation: 2026 2025 2026 2025 Net income $ 145.7 3.3 % $ 90.1 2.5 % $ 215.4 2.6 % $ 102.5 1.6 % Interest expense, net 47.2 1.1 % 43.9 1.2 % 90.6 1.1 % 82.9 1.3 % Provision for income taxes 48.0 1.1 % 30.7 0.9 % 69.8 0.9 % 27.3 0.4 % Depreciation 86.1 2.0 % 69.9 2.0 % 169.4 2.1 % 146.2 2.3 % Amortization of intangible assets 37.5 0.9 % 32.7 0.9 % 76.1 0.9 % 65.3 1.0 % EBITDA $ 364.5 8.3 % $ 267.3 7.5 % $ 621.3 7.6 % $ 424.1 6.6 % Non-cash stock-based compensation expense 11.5 0.3 % 9.4 0.3 % 19.8 0.2 % 16.3 0.3 % Changes in fair value of acquisition-related contingent items 8.2 0.2 % (1.8) (0.1) % 18.9 0.2 % (2.0) (0.0) % Impairments of equity method investments — — % — — % 7.9 0.1 % — — % Adjusted EBITDA $ 384.2 8.8 % $ 274.8 7.8 % $ 667.9 8.1 % $ 438.5 6.9 % A reconciliation of EBITDA and EBITDA margin to Adjusted EBITDA and Adjusted EBITDA margin by segment for the periods indicated is as follows: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 EBITDA $ 364.5 8.3 % $ 267.3 7.5 % $ 621.3 7.6 % $ 424.1 6.6 % Non-cash stock-based compensation expense (a) 11.5 0.3 % 9.4 0.3 % 19.8 0.2 % 16.3 0.3 % Changes in fair value of acquisition-related contingent items (a) 8.2 0.2 % (1.8) (0.1) % 18.9 0.2 % (2.0) (0.0) % Impairments of equity method investments (a) — — % — — % 7.9 0.1 % — — % Adjusted EBITDA $ 384.2 8.8 % $ 274.8 7.8 % $ 667.9 8.1 % $ 438.5 6.9 % Segment: Communications $ 73.1 8.2 % $ 82.6 9.9 % $ 119.9 7.1 % $ 129.4 8.5 % Clean Energy and Infrastructure 128.2 7.9 % 83.3 7.4 % 217.2 7.4 % 140.4 6.9 % Power Delivery 113.0 9.1 % 91.3 8.7 % 185.0 8.1 % 142.7 7.3 % Pipeline Infrastructure 118.5 18.4 % 62.1 11.5 % 263.4 19.9 % 106.6 11.9 % Other 13.6 NM 7.2 NM 11.0 NM 15.2 NM Eliminations (b) (4.2) NM — NM (9.4) NM — NM Segment Total $ 442.2 10.1 % $ 326.5 9.2 % $ 787.1 9.6 % $ 534.3 8.4 % Corporate (57.9) — (51.7) — (119.2) — (95.8) — Adjusted EBITDA $ 384.2 8.8 % $ 274.8 7.8 % $ 667.9 8.1 % $ 438.5 6.9 % NM - Percentage is not meaningful (a) Non-cash stock-based compensation expense and changes in fair value of acquisition-related contingent items are included within Corporate, while impairments of equity method investments are included within the Other segment EBITDA. (b) Represents intersegment eliminations and adjustments related to transactions entered into in the normal course of business. 36 The tables below (dollar amounts in millions, except per share amounts), which may contain slight summation differences due to rounding, reconcile reported net income and reported diluted earnings per share, the most directly comparable U.S. GAAP financial measures, to Adjusted Net Income, Adjusted Net Income Attributable to MasTec, Inc. and Adjusted Diluted Earnings Per Share. Three Months EndedJune 30, Six Months EndedJune 30, 2026 2025 2026 2025 Net income $ 145.7 $ 90.1 $ 215.4 $ 102.5 Adjustments: Non-cash stock-based compensation expense 11.5 9.4 19.8 16.3 Amortization of intangible assets 37.5 32.7 76.1 65.3 Changes in fair value of acquisition-related contingent items 8.2 (1.8) 18.9 (2.0) Impairments of equity method investments — — 7.9 — Total adjustments, pre-tax $ 57.2 $ 40.2 $ 122.7 $ 79.7 Income tax effect of adjustments (a) (12.3) (8.9) (29.4) (18.3) Adjusted net income $ 190.6 $ 121.5 $ 308.7 $ 163.9 Net income attributable to non-controlling interests 15.6 4.4 24.4 6.8 Adjusted net income attributable to MasTec, Inc. $ 175.0 $ 117.1 $ 284.2 $ 157.1 Three Months EndedJune 30, Six Months EndedJune 30, 2026 2025 2026 2025 Diluted earnings per share $ 1.65 $ 1.09 $ 2.42 $ 1.21 Adjustments: Non-cash stock-based compensation expense 0.15 0.12 0.25 0.21 Amortization of intangible assets 0.48 0.42 0.97 0.83 Changes in fair value of acquisition-related contingent items 0.10 (0.02) 0.24 (0.02) Impairments of equity method investments — — 0.10 — Total adjustments, pre-tax $ 0.73 $ 0.51 $ 1.56 $ 1.01 Income tax effect of adjustments (a) (0.16) (0.11) (0.37) (0.23) Adjusted diluted earnings per share $ 2.22 $ 1.49 $ 3.61 $ 1.99 (a)Represents the tax effects of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense, including from share-based payment awards. Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effects on pre-tax income. For the three months ended June 30, 2026 and 2025, our consolidated tax amounts were expenses, with effective tax rates, as reported, of 24.8% and 25.4%, respectively, and as adjusted, were expenses, with effective tax rates of 24.0% and 24.6%, respectively. For the six months June 30, 2026 and 2025, our consolidated tax amounts were expenses, with effective tax rates, as reported, of 24.5% and 21.0%, respectively, and as adjusted, were expenses, with effective tax rates of 24.3% and 21.8%, respectively. See Note 11 – Income Taxes in the notes to the consolidated financial statements, which is incorporated by reference, for additional information regarding our consolidated tax amounts and effective tax rates for the respective periods. Financial Condition, Liquidity and Capital Resources Our primary sources of liquidity are cash flows from operations, availability under our Credit Facility and our cash balances. Our primary liquidity needs are for working capital, capital expenditures, insurance and performance collateral in the form of cash and letters of credit, debt service, income taxes, earn-out obligations and equity and other investment funding requirements. We also evaluate opportunities for strategic acquisitions, investments and other arrangements from time to time, and we may consider opportunities to refinance, extend the terms of our existing indebtedness, retire outstanding debt, borrow additional funds, which may include borrowings under our Credit Facility or debt issuances, or repurchase additional shares of our outstanding common stock under share repurchase authorizations, any of which may require our use of cash. Capital Expenditures. For the six months ended June 30, 2026, we spent approximately $188 million on capital expenditures, or $168 million, net of asset disposals, and incurred approximately $126 million of equipment purchases under finance leases and other financing arrangements. We estimate that we will spend approximately $290 million on capital expenditures, or approximately $220 million, net of asset disposals, in 2026, and we expect to incur approximately $285 million of equipment purchases under finance leases and other financing arrangements. Actual capital expenditures may increase or decrease in the future depending upon business activity levels, as well as ongoing assessments of equipment lease and other financing arrangements versus purchase decisions based on management’s evaluation of short and long-term equipment requirements. 37 Acquisitions and Earn-Out Liabilities. We typically utilize cash for business acquisitions and other strategic arrangements, and for the six months ended June 30, 2026, we used $267 million, net of cash acquired for this purpose. In addition, in most of our acquisitions, we have agreed to make future payments to the sellers that are contingent upon the future earnings performance of the acquired businesses, which we also refer to as “Earn-out” payments. From time to time, our acquisitions may contain certain additional payments if specified conditions are met. Earn-out payments may be paid in cash or, under specific circumstances, MasTec common stock, or a combination thereof, generally at our option. The estimated total value of future Earn-out liabilities as of June 30, 2026 was approximately $57 million. Of this amount, approximately $9 million represents the liability for earned amounts. The remainder is management’s estimate of Earn-out liabilities that are contingent upon future performance. For the six months ended June 30, 2026 and 2025, payments related to our Earn-out liabilities totaled $21 million and $19 million, respectively. Income Taxes. For the six months ended June 30, 2026, tax refunds, net of tax payments, totaled approximately $12 million and for the six months ended June 30, 2025, tax payments, net of tax refunds, totaled approximately $34 million. Our tax payments vary with changes in taxable income and earnings based on estimates of full year taxable income activity and estimated tax rates. Working Capital. We need working capital to support seasonal and other variations in our business, primarily related to the effects of weather conditions on outdoor construction and maintenance work and the spending patterns of our customers, both of which influence the timing of associated spending to support customer demand. Working capital needs are generally higher during the summer and fall months due to increased demand for our services when favorable weather conditions exist in many of the regions in which we operate. Conversely, working capital needs are typically converted to cash during the winter months. These seasonal trends, however, can be offset by changes in the timing of projects, which can be affected by project delays or accelerations and/or other factors that may affect customer spending. Working capital requirements also tend to increase when we commence multiple projects or particularly large projects because labor, including subcontractor costs, and certain other costs, including inventory and materials requirements, typically become payable before the receivables resulting from work performed are collected. The timing of billings and project close-outs can also contribute to changes in billed and unbilled revenue. As of June 30, 2026, we expect that substantially all of our unbilled receivables will be billed to customers in the normal course of business within the next twelve months. Total accounts receivable, which consists of contract billings, unbilled receivables and retainage, net of allowance, totaled approximately $4.2 billion as of June 30, 2026 as compared with $3.5 billion as of December 31, 2025, due primarily to higher levels of revenue, as well as the timing of project billings and collections. See below for discussion of our days sales outstanding, net of contract liabilities, which we refer to as days sales outstanding, or “DSO.” Our payment billing terms are generally net 30 days, and some of our contracts allow our customers to retain a portion of the contract amount, generally from 5% to 10% of billings, until the job is completed, which amounts are referred to as “retainage.” As part of our ongoing working capital management practices, we evaluate opportunities to improve our working capital cycle time through contractual provisions and certain financing arrangements. For certain customers, we maintain inventory to meet the materials requirements of the contracts. Occasionally, certain of our customers pay us in advance for a portion of the materials we purchase for their projects or allow us to pre-bill them for the mobilization of assets and/or crew to project sites and/or for materials purchases up to specified amounts. Vendor terms are generally 30 to 60 days. Our agreements with subcontractors often contain a “pay-if-paid” provision, whereby our payments are contractually due to subcontractors only after we are paid by our customers. Summary of Financial Condition, Liquidity and Capital Resources Including our current assessment of general economic and market conditions on our results of operations and capital resource requirements, we anticipate that funds generated from operations, borrowings under our credit facilities and our cash balances will be sufficient to meet our working capital requirements, anticipated capital expenditures, debt service obligations, insurance and performance collateral requirements, letter of credit needs, earn-out obligations, required income tax payments, as well as potential acquisition, strategic arrangement and investment funding requirements and/or share repurchase activity, including the recent acquisition of Superior, and other liquidity needs for the next twelve months and the foreseeable future. Sources and Uses of Cash As of June 30, 2026, we had approximately $1,410 million in working capital, defined as current assets less current liabilities, as compared with $1,058 million as of December 31, 2025, an increase of approximately $352 million. Cash and cash equivalents totaled approximately $316 million and $396 million as of June 30, 2026 and December 31, 2025, respectively, for a decrease of $80 million. See discussion below for further details regarding our cash flows and related activity. Sources and uses of cash are summarized below (in millions): Six Months Ended June 30, 2026 2025 Net cash provided by operating activities $ 120.3 $ 84.0 Net cash used in investing activities $ (425.9) $ (86.7) Net cash provided by (used in) financing activities $ 225.3 $ (207.3) 38 Operating Activities. Cash flow from operations is primarily influenced by changes in the timing of demand for our services and operating margins, but can also be affected by working capital needs associated with the various types of services we provide. Working capital is affected by changes in total accounts receivable, net, prepaid expenses and other current assets, accounts payable and payroll tax payments, accrued expenses and contract liabilities, all of which tend to be related. These working capital items are affected by changes in revenue resulting from the timing and volume of work performed, variability in the timing of customer billings and collections of receivables, as well as settlement of payables and other obligations. Net cash provided by operating activities was $120 million as compared to $84 million for the six months ended June 30, 2026 and 2025, respectively, for an increase in net cash provided by operating activities of approximately $36 million. The increase was due primarily to (i) an increase in net income as compared with the prior period; and (ii) changes in working capital compared with the prior period, including from the positive effect of timing-related changes in accounts payable and accrued expenses, offset, in part, by the unfavorable effect of timing-related changes in accounts receivable, net, primarily driven by higher levels of revenue and an increase in DSO. DSO is calculated as total accounts receivable, net of allowance, less contract liabilities, divided by average daily revenue for the most recently completed quarter as of the balance sheet date. A decrease in DSO has a favorable impact on cash flow from operating activities, while an increase in DSO has a negative impact on cash flow from operating activities. Our DSO was 72 as of June 30, 2026 as compared with DSO of 65 as of December 31, 2025. Our DSOs can fluctuate from period to period due to timing of billings, billing terms, collections and settlements, timing of project close-outs and retainage collections, changes in project and customer mix and to a lesser extent the effect of working capital initiatives, including certain accounts receivable financing arrangements. The increase in DSO as of June 30, 2026 as compared with December 31, 2025 was due to timing of ordinary course billing and collection activities. Other than certain ordinary course matters subject to litigation, we do not anticipate material collection issues related to our outstanding accounts receivable balances, nor do we believe that we have material amounts due from customers experiencing financial difficulties. Based on current information, we expect to collect substantially all of our outstanding accounts receivable balances within the next twelve months. Investing Activities. Net cash used in investing activities was $426 million as compared to $87 million for the six months ended June 30, 2026 and 2025, respectively, for an increase of $339 million. We paid $267 million in cash, net of cash acquired related to acquisition activity during the six months ended June 30, 2026, as compared with $7 million for the same period in 2025, for an increase of $260 million. These acquisitions were funded with cash on hand and borrowings under our senior unsecured credit facility. Capital expenditures totaled $188 million, or $168 million, net of asset disposals, for the six months ended June 30, 2026, as compared with $111 million, or $84 million, net of asset disposals, for the same period in 2025, for an increase in cash used in investing activities of approximately $84 million, primarily to support operational growth and the replacement of older machinery and equipment. Proceeds from other investments of approximately $16 million for the six months ended June 30, 2026 related to cash proceeds from the sale of our 15% equity interest in one of our investments. In July 2026, we completed the acquisition of Superior in a cash and stock transaction. See “Recent Transactions.” Financing Activities. Net cash provided by financing activities for the six months ended June 30, 2026 was $225 million, as compared to $207 million of net cash used in financing activities for the same period in 2025, for an increase in cash provided by financing activities of approximately $433 million. The increase was primarily due to borrowings, net of repayments, under our credit facility and term loans, which increased by $375 million for the six months ended June 30, 2026 as compared with the same period in 2025. There were no share repurchases for the six months ended June 30, 2026, compared to approximately $77 million of cash settled for shares repurchases for the same period in 2025. These increases in cash provided by financing activities were offset, in part, by an increase of approximately $13 million in payments for tax withholdings on stock-based awards, net of proceeds and cash payments for acquisition-related contingent assets related to the 2021 acquisition of HMG, which totaled approximately $9 million in 2026, whereas, in 2025, there were no payments. Total payments of acquisition-related contingent consideration, including payments in excess of acquisition-date liabilities, which are classified within operating activities, totaled $21 million for the six months ended June 30, 2026 as compared with $19 million for the same period in 2025. In July 2026, we entered into a $700 million new unsecured delayed draw term loan facility and amended our Credit Facility to increase borrowing capacity by $350 million to $2.25 billion. Concurrent with the closing of the Superior acquisition, we drew the full $700 million under the delayed draw term loan facility and borrowed $580 million under our revolving Credit Facility to fund a portion of the acquisition and related transaction and financing costs. See “Recent Transactions.” Senior Credit Facility We have a senior unsecured credit facility (the “Credit Facility”), which is composed of revolving commitments and matures on June 26, 2030. On July 7, 2026, the Credit Facility was amended to increase the aggregate revolving commitments from $1.9 billion to $2.25 billion. The other terms and conditions of the Credit Facility remain unchanged. As of June 30, 2026, outstanding revolving loans totaled approximately $476 million and availability for revolving loans totaled $1,369 million. Concurrent with the closing of the Superior acquisition, we borrowed $600 million under the Credit Facility, approximately $580 million of which was used to finance a portion of the cash consideration for the acquisition and related transactions and financing costs, with the remainder used for other working capital purposes. We are dependent upon borrowings and letters of credit under our Credit Facility to fund our operations. Should we be unable to comply with the terms and conditions of our Credit Facility, we would be required to obtain modifications to the Credit Facility or obtain an alternative source of financing to continue to operate, neither of which may be available to us on commercially reasonable terms, or at all. The Credit Facility is subject to certain provisions and covenants, as more fully described in Note 8 – Debt in the notes to the audited consolidated financial statements included in our 2025 Form 10-K. 39 Senior Notes 4.500% Senior Notes. We have $600 million aggregate principal amount of 4.500% senior unsecured notes due August 15, 2028 (the “4.500% Senior Notes”). 5.900% Senior Notes. We have $550 million aggregate principal amount of 5.900% senior unsecured notes due June 15, 2029 (the “5.900% Senior Notes”). 6.625% Senior Notes. We have $75 million aggregate principal amount of 6.625% senior unsecured notes due August 15, 2029 (the “6.625% Senior Notes”). The senior notes described above are subject to certain provisions and covenants, as more fully described in Note 8 – Debt in the notes to the audited consolidated financial statements included in our 2025 Form 10-K. 2025 Term Loan Facility As of June 30, 2026, we had $600 million outstanding under a senior unsecured term loan (the “2025 Term Loan Facility”) which matures on June 26, 2028. The 2025 Term Loan Facility is subject to certain provisions and covenants, as more fully described in Note 8 – Debt in the notes to the audited consolidated financial statements included in our 2025 Form 10-K. 2026 Term Loan Facility On July 7, 2026, we entered into a new senior unsecured delayed draw term loan agreement (the “2026 Term Loan Facility”) to finance a portion of the consideration for the acquisition of Superior. The 2026 Term Loan Facility provided for $700 million in delayed draw term loan commitments, consisting of $400 million of three-year commitments and $300 million of four-year commitments, which were fully drawn concurrent with the closing of the Superior acquisition. Debt Covenants We were in compliance with the provisions and covenants contained in our outstanding debt instruments as of June 30, 2026, and we expect to be in compliance with these provisions and covenants for the next twelve months. Additional Information See “Recent Transactions” for information regarding our recent acquisition of Superior and related debt transactions. For detailed discussion and additional information pertaining to our debt instruments, see Note 8 – Debt in the notes to the audited consolidated financial statements included in our 2025 Form 10-K. Also, see Note 8 – Debt in the notes to the consolidated financial statements in this Form 10-Q, which is incorporated by reference, for current period balances, rates of interest and related discussion. Off-Balance Sheet Arrangements As is common in our industry, we have entered into certain off-balance sheet arrangements in the ordinary course of business. These off-balance sheet arrangements have not had, and are not reasonably likely to have, a material impact on our financial condition, revenue or expenses, results of operations, liquidity, cash requirements or capital resources in the next twelve months or in the foreseeable future. Refer to Note 4 – Fair Value of Financial Instruments, Note 13 – Commitments and Contingencies and Note 14 – Related Party Transactions in the notes to the consolidated financial statements in this Form 10-Q, which are incorporated by reference, and see Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our 2025 Form 10-K for additional information related to our off-balance sheet arrangements. Impact of Inflation The primary inflationary factors affecting our operations are labor, fuel and material costs. In times of low unemployment, our labor costs may increase due to shortages in the supply of skilled labor and increases in compensation rates generally. Immigration actions may also affect the availability of labor. Although most project materials are provided by our customers, increases in the cost of materials could negatively affect the economic viability of their projects, and accordingly, demand for our services. Material and commodity prices are subject to volatility due to events outside of our control, such as tariff and trade actions and geopolitical events, which have contributed to recent market fluctuations. Inflation rates in the United States increased significantly over the past several years and, while inflationary pressure had shown signs of moderating, remain elevated. We expect this high-cost and dynamic environment to continue for the remainder of 2026 due, in part, to trade actions and geopolitical events described above under “General Economic, Market and Regulatory Conditions.” Elevated levels of labor, fuel and material costs have in the past and could in the future negatively affect our project margins to the extent that we are unable to pass such cost increases along to our customers. In addition, there is uncertainty of what effect, if any, trade tariffs and recent geopolitical events will have on inflation in future periods. Such market and economic volatility and/or uncertainty can also affect our customers’ investment decisions and subject us to project cancellations, deferrals or unexpected changes in the timing, type and scope of project work. While inflationary factors have not had a material impact on our business operations, operating results and/or financial condition, we closely monitor such factors and any potential effects they may have on such items. While the impact of these factors cannot be fully eliminated, we take proactive steps to mitigate their effects. For additional information regarding the effects of inflation on our business, see Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our 2025 Form 10-K. 40