This sturdy result’s partly a testomony to the dimensions and diversification MasTec, Inc. has achieved over time, and we’re enthusiastic about our outlook for 2026 and past given the clear long-term constructive market circumstances throughout the entire finish markets we serve. Whereas I’m pleased with our monetary outcomes, I want to spotlight a number of constructive developments each within the fourth quarter and in early 2026. First, it is very important spotlight our vital backlog progress. On a full yr foundation, backlog was up over $4.5 billion, a 33% annual improve. Sequentially, backlog was up over $2 billion, representing a 1.6 occasions book-to-bill.
Extra importantly, we see our enterprise and the alternatives in entrance of us accelerating. As spectacular as the entire quantity is to me, I’m extra excited in regards to the backlog combine. Whereas each section was up significantly yr over yr, our pipeline section noticed backlog barely drop sequentially. But, I’d argue that our visibility in that section is pretty much as good because it has ever been. Whereas we anticipate double-digit progress in 2026 in our pipeline section, now we have been very vocal about our anticipated progress acceleration of that enterprise in 2027 and past, reaching and hopefully surpassing historic excessive revenues in that section.
That potential, coupled with the continued backlog progress throughout all of our non-pipeline segments, positions MasTec, Inc. for appreciable long-term multi-year progress. Our long-term visibility is best than it has ever been, and paired with the margin alternatives now we have, MasTec, Inc. is in a terrific place to ship constant long-term earnings progress. I’m additionally happy to report that included in our fourth quarter backlog progress there may be almost $1 billion of information center-related work. These awards embody the kind of work now we have been doing over latest years and in addition embody our first development administration settlement of a turnkey web site.
Whereas many of the work on that mission, which began within the fourth quarter, shall be subcontracted, the chance for MasTec, Inc. shall be our capability to self-perform a higher scope of labor on future jobs. Demand for each the ability set that MasTec, Inc. has developed in development administration coupled with the capabilities now we have in civil, energy, telecom, and upkeep gives us the chance to exponentially develop this a part of our enterprise. We imagine these alternatives are a results of our buyer resolution strategy the place we will present a variety of providers from full-scale EPC to a selected operate on any mission.
Along with our backlog progress, whereas now we have targeted closely on natural progress over the past couple of years, our sturdy money movement technology provides us the power to allocate capital to additional improve our progress profile. Accordingly, I want to welcome the NV2A household to MasTec, Inc., which we acquired throughout the fourth quarter. NV2A is a development administration providers agency whose principals now we have recognized for many years, with a preeminent fame for development administration of complicated industrial tasks, and well-known for its work on aviation and C Corp tasks.
Previous to the acquisition, NV2A was our three way partnership associate on our $600 million Miami Airport enlargement mission, which is the primary section of an estimated $9 billion development program. NV2A deepens our experience in development administration capabilities as we develop this sector, together with information facilities, and different mission important services. Throughout 2026, MasTec, Inc. additionally acquired McKee Utility Contractors, a third-generation household enterprise and main water infrastructure service supplier. We imagine water infrastructure is one other structurally rising theme and are very enthusiastic about each McKee’s close to and long-term prospects. I want to welcome the McKee household to MasTec, Inc.
These offers complement and improve our current infrastructure capabilities, and signify precisely the kind of transactions that we goal over time: corporations led by sturdy administration groups who see the worth in becoming a member of MasTec, Inc. to scale their platform and improve the options they’ll supply clients. We’re excited to welcome our new companions to the MasTec, Inc. household, and anticipate them to hit the bottom operating and contribute to MasTec, Inc.’s near-term success. Turning to some section highlights. In our Communications section, fourth quarter income elevated 23% yr over yr and EBITDA elevated 16%, all natural, bringing our full yr progress charges for income and EBITDA to 3241%.
The telecommunications infrastructure market continues to evolve, with MasTec, Inc.’s clients pivoting quickly with vital investments to assist broadband supply to allow enhanced synthetic functions, whereas nonetheless working actively to assist residential and industrial buyer demand for broadband entry through wired fiber optic and wi-fi mobility supply nodes. Fourth quarter income was solidly above plan, together with contributions from a number of high clients with sturdy funding for infrastructure deployment nationally, together with upside in each wi-fi and wireline development. The margin price for the quarter was reasonably under our expectations due largely to ongoing start-up prices on sure applications.
We’re assured that the trajectory of revenue charges shall be constructive in 2026, partly as a result of maturity in new applications and initiatives throughout the coming yr. Turning to Energy Supply. Fourth quarter section revenues elevated 13% yr over yr and EBITDA grew by 9%, all natural. EBITDA margins had been reasonably under prior yr at 8.2% versus 8.5% in 2024, which included combine headwinds from lack of storm-related income in 2025 and decrease than deliberate Greenlink mission volumes resulting from permitting-related delays that continued via yr finish. Regardless, we’re happy with total Energy Supply outcomes for the complete yr of 2025, the place we noticed 16% top-line progress and stable 12% EBITDA progress regardless of these headwinds.
We’ve sturdy confidence within the Energy Supply market outlook and for our capability to ship sturdy progress in 2026. Fourth quarter backlog for Energy Supply elevated a powerful 17% versus the prior yr and 9% from the third quarter, ending the yr at $5.6 billion, which is a brand new MasTec, Inc. file and continues a constructive development of unbroken backlog will increase in Energy Supply since 2023. Moreover, and possibly most significantly, throughout the first quarter, we obtained the go-ahead to restart the portion of the Greenlink mission that has been stalled by allowing delays.
This restart is going on sooner than we anticipated, and paired with final quarter’s announcement that our Transmission and Sub group was awarded its second largest mission ever, it gives us nice visibility and confidence in attaining sturdy double-digit natural progress on this section. Turning to our Clear Vitality and Infrastructure section, fourth quarter income and EBITDA had been barely forward of our expectations within the quarter. For the complete yr, income progress was a robust 15% and EBITDA margins grew by 110 foundation factors to 7.4% versus 6.3% within the prior yr.
Whole Clear Vitality and Infrastructure backlog at yr finish elevated 30% sequentially to $6.5 billion, which can also be a step change of 53% greater than the prior yr and book-to-bill 2.1 occasions. For the renewables group, we noticed a tenth straight sequential improve in backlog, which elevated by double digits within the fourth quarter. Turning to our Pipeline Infrastructure section. We noticed income improve 50% yr over yr for the quarter as enterprise volumes continued to ramp sequentially since 2025, together with an uptick from third quarter’s sometimes seasonally sturdy interval.
Additionally as anticipated, fourth quarter noticed continued sequential margin enchancment with an 18.5% margin, representing a 310 foundation level raise from the third quarter, on sturdy working execution and total constructive enterprise combine. Ending the yr sturdy, now we have confidence that 2026 will see additional will increase in each quantity and revenue {dollars}, and we’re actually excited in regards to the market alternative and pipeline for years to return. I stated final quarter that I anticipate 2026 to be a stable progress yr versus 2025, and our steering contains this assumption. I stay much more excited, nevertheless, in regards to the quantity alternatives growing for 2027 based mostly on present capability planning discussions with our clients.
With that, I’ll reiterate that we’re very happy with each our fourth quarter and full yr outcomes, and we’re excited in regards to the outlook for this yr given the breadth of demand drivers for MasTec, Inc.’s companies. Whereas final yr was profitable total, we stay dedicated to margin optimization on our current enterprise base and our 2026 steering displays this. We assume double-digit margins in Communications this yr, round 100 foundation level enchancment in each Energy Supply and Pipeline, and pretty secure margins in Clear Vitality and Infrastructure even with the inclusion of serious development administration quantity in that section this yr. So additional enchancment within the core margins there as properly.
We’re excited in regards to the alternative for MasTec, Inc. and our traders over the approaching years, and thanks on your continued curiosity and participation. As at all times, our success as an organization relies upon first on the dedication and dedication of our staff, and I want to thank the whole MasTec, Inc. staff for his or her continued embrace of our company values of security, environmental stewardship, integrity, and honesty, and for his or her deal with serving our clients with integrity and diligence to make sure nice outcomes. We win collectively. I’ll now flip the decision over to Paul DiMarco for our monetary assessment. Thanks, Jose, and good morning.
As Jose talked about, we’re happy with our sturdy fourth quarter outcomes pushed by continued natural income power and stable execution throughout our working segments. Trying forward, our clients are more and more counting on MasTec, Inc.’s broad service choices to fulfill their quickly increasing infrastructure growth targets, giving us excessive confidence within the progress trajectory that we’re outlining at the moment and steering for 2026. What is actually compelling for us now’s that our buyer progress and funding plans intersect throughout just about all of MasTec, Inc.’s companies, and this reinforces our constructive outlook. A couple of extra notes on the fourth quarter and 2025 section efficiency.
Our Communications section continued its trajectory of sturdy income progress within the fourth quarter, exceeding steering by $139 million with 23% year-over-year progress for This fall and 32% for the complete yr. This was pushed by broad-based power throughout each wi-fi and wireline, and included some contribution from center mile work that we anticipate to additional develop positively into 2026 and past. Fourth quarter EBITDA margin was 8.5%, a slight pullback from final yr’s 9% end result, reflecting our prior feedback on the short-term affect of ramping new enterprise quantity. We’re assured that as these investments mature they’ll translate to constructive margin outcomes as mirrored in our preliminary 2026 steering, with double-digit Communication margins.
Regardless of ongoing progress this yr, we’re starting to mature a few of these new companies that got here on stream in 2025. Fourth quarter Communications backlog totals $5.5 billion, which is an 8% sequential improve and a notable 20% year-over-year improve. Clearly, progress visibility is robust and continues to enhance. Telecommunications finish market broadly has quite a few demand drivers, and our focus is on being selective with the alternatives we pursue to optimize returns. Success for MasTec, Inc. is not a operate of simply quantity sourcing, however more and more a deal with progress administration.
In that regard, as we develop our Communication service choices, we’re cautious to nurture our legacy buyer relationships whereas creating the area to serve new clients and new alternatives. This contains each residential and industrial finish person markets, and ensuring we’re allocating assets effectively. Jose supplied a very good overview of our Energy Supply efficiency that I cannot repeat, however I’d add a few factors. First, we see a transparent path to margin enlargement in 2026 and at the moment anticipate year-over-year margin enlargement in every quarter. Our base utility and distribution enterprise continues to carry out properly, offering a stable basis on which we will construct working leverage as quantity grows.
Second, our Energy Supply section is contributing meaningfully to our supportive information middle infrastructure, working for utility purchasers, information middle builders, and hyperscalers on this entrance. We additionally anticipate Energy Supply to be a key beneficiary of our new function main turnkey information middle development. The Clear Vitality and Infrastructure section, complete This fall income of $1.3 billion represented a 2% improve from the prior yr inclusive of stable double-digit progress within the renewables enterprise and barely exceeded our section steering. Infrastructure and Industrial income was additionally according to expectations, and we noticed vital new enterprise growth for this group throughout the quarter to supply a really notable quantity pivot for 2026.
On a full yr foundation, income for CE&I used to be $4.7 billion, or a 15% year-over-year progress price, together with even stronger renewables progress for the yr. Fourth quarter CE&I EBITDA margin was according to our expectations at 7.2%, however considerably decrease than 8.3% within the prior yr, which benefited from favorable mission closeouts in our Industrial that weren’t repeated in 2025. Renewables margin was secure sequentially and up barely yr over yr, as anticipated on the excessive single-digit ranges, whereas Industrial and Infrastructure additionally noticed stable total efficiency. As Jose famous, CE&I noticed a step operate improve in backlog throughout the fourth quarter, reflecting vital contract signings throughout the section.
Infrastructure drove the two.1 occasions book-to-bill achieved within the quarter with a number of massive mission wins, together with the info middle basic contractor award mentioned by Jose. These tasks are anticipated to ship substantial income contribution in 2026, additionally now factored into our steering. The info middle mission shall be executed beneath our basic buildings vertical, nonetheless throughout the CE&I section, however we could check with this group’s outcomes extra particularly sooner or later. Renewables additionally continued its spectacular streak of backlog progress, which now stands at over $3 billion for the eighteen-month interval.
Our visibility for renewables mission exercise extends a lot additional, with tasks beneath contract for work past the subsequent eighteen months or beneath restricted discover to proceed totaling over $4 billion incremental to our backlog. Though acquired backlog contributed roughly $300 million to the year-end CE&I totals, natural book-to-bill was nonetheless a powerful 1.9 occasions. Concerning the Pipeline Infrastructure section, fourth quarter income of $644 million represented our highest quarter prior to now two years. We completed the yr with $2.1 billion in complete income for the section, which was notably stronger than our preliminary information of $1.8 billion because the enterprise inflected positively earlier within the yr.
EBITDA for the quarter of $119 million was pushed by sturdy total execution and mission combine. Fourth quarter EBITDA margin of 18.5% is indicative of the steady-state margins this section is ready to generate in an enlargement cycle. Concerning our total progress with margins, we’re happy to have completed at a consolidated margin of 8% for 2025, with our non-pipeline section producing margins of 8.2% versus 7.6% in 2024. As a reminder, full yr 2025 margins mirrored a slower begin to the yr, notably in Pipeline, in addition to sure headwinds we famous within the again half, notably with Energy Supply. We nonetheless achieved a robust consequence final yr and met our steering goals.
We regard this as a testomony to our deal with execution and the strategic diversification and scale of MasTec, Inc. Every thing doesn’t must go proper in each interval to ship on our total targets. We’ve highlighted a midterm objective of double-digit consolidated EBITDA margins; we’re happy that 2025 units us up positively for additional margin efficiency in 2026. As a facet notice, we’re including significant volumes to development administration contracts, together with the brand new information middle enterprise we received within the fourth quarter. This enterprise combine represents decrease margins, however a excessive return-on-capital alternative that we’re very proud to execute.
We additionally anticipate to subcontract lots of the development actions internally at margins similar to work carried out with exterior purchasers. We are going to work to supply some degree of visibility into the margin development of the bottom enterprise from 2025 to the extent that our combine evolves materially going ahead. Along with the margin enlargement efforts, over the previous few years, now we have highlighted our elevated deal with return on invested capital, and we’re proud to see this metric meet our weighted common value of capital hurdle for the primary time since 2021.
We imagine the expansion and margin enlargement alternatives introduced by our portfolio of service choices, coupled with disciplined capital allocation, will proceed to drive returns greater within the years forward. We generated money movement from operations of $373 million within the fourth quarter and free money movement of $306 million within the interval, bringing the complete yr complete to $546 million and $342 million, respectively. This was considerably under steering due primarily to our income beat for the quarter and related working capital funding, in addition to greater capital expenditures additionally to assist accelerated progress.
We ended the yr with complete liquidity of roughly $2.1 billion and web leverage of 1.7 occasions, properly throughout the phrases of our monetary coverage and standards to take care of our funding grade credit score scores. We’re happy that our sturdy stability sheet gives ample flexibility to pursue a disciplined, return-focused capital allocation technique. We plan to assist our best-in-class natural progress alternatives, execute opportunistic and accretive acquisitions that complement our current service traces, and deploy capital to share repurchases opportunistically, as has been our longstanding follow. We imagine the latest M&A transactions are in step with this strategy and our multi-decade monitor file of stable M&A execution. Shifting to our 2026 steering.
A supplemental steering doc for section and different monetary particulars is now posted to our IR web site. For 2026 full yr, we anticipate income of $17 billion, or about 19% progress this yr on high of the 16% progress produced in 2025. Notably, natural progress remains to be anticipated within the mid-teens. Our 2026 income profile contains sturdy outcomes from all segments, with significant progress in CE&I of round 35% pushed partly by the enlargement of our information middle work. Pipeline Infrastructure is predicted to develop income by 17%, Energy Supply about 11%, and Communications just below double digits, coming off the roughly 30% natural progress achieved in 2025.
For adjusted EBITDA, we’re forecasting $1.45 billion, or an 8.5% margin, representing 26% year-over-year revenue progress and 50 foundation factors of margin enlargement on a consolidated foundation. This displays margins of low double digits for Communications, mid-teens for Pipeline Infrastructure, approaching double digits for Energy Supply, and pretty regular margin on the excessive single digits for CE&I, with enhancing renewables margin efficiency offset by the upper proportion of development administration providers. Adjusted EPS is forecast to be $8.40, a rise of virtually 30% versus the $6.55 in 2025. Our steering assumes acquisitions contribute roughly $500 million of income at excessive single-digit EBITDA margins for 2026.
Money movement from operations is anticipated to exceed $1 billion for 2026, in step with our acknowledged goal of 70% EBITDA conversion. We anticipate about $200 million of web money capital expenditures in 2026 as we proceed to obtain further gear to assist deliberate progress. Our 2026 first quarter outlook displays the concerted efforts now we have made to proceed to enhance Q1 efficiency, with income anticipated to develop by 22% and adjusted EBITDA margins of simply over 7%, 130 foundation factors greater yr over yr. We at the moment anticipate sequential income progress from Q2 and Q3, adopted by the everyday seasonal income decline within the fourth quarter. Q2 and Q3 ought to be our highest adjusted EBITDA margin quarters for the yr.
This concludes our ready remarks. I’ll now flip the decision over to the operator for Q&A.
Operator: Press 1-1 in your phone and wait on your title to be introduced. To withdraw your query, please press 1-1 once more. And our first query will come from Julien Dumoulin-Smith of Jefferies.
Brian Russell: Yeah. Hello. Good morning. It’s Brian Russell on for Julien. Good morning. Good morning. Hey. I used to be simply questioning when you may elaborate on the brand new language on Energy Supply section of approaching double-digit margins. What initiatives are ongoing to get there? Is it enhanced MSA or mission work, or is it only a contribution of those greater margin transmission tasks?
Paul DiMarco: We’ve been constant that we predict the objective for our Energy Supply section is double-digit margins. So that is only a continued progress in direction of that. There was a whole lot of deal with execution of the bottom enterprise, which, as I discussed, is performing properly. After which we had some begins and stops final yr that clearly brought about some inefficiency and eroded a few of the margin appreciation that’s achievable. So we aren’t foreseeing these this yr. We predict the bottom enterprise is performing properly. I believe we are going to get working leverage as a few of the bigger tasks start to materialize in a extra significant method.
And we predict it’s the pure step in direction of our acknowledged objective of constant double-digit margins for the section.
Brian Russell: Okay. Nice. After which simply second on CE&I and the turnkey information middle mission. May you elaborate? You talked about $1 billion, however over what time-frame? And, you understand, who’s sort of the shopper, and is that this the primary of many to return?
Jose Mas: Yeah. Positive. So a pair issues. The $1 billion was not all of the turnkey jobs. So now we have been doing a whole lot of different information middle work. Proper? So now we have actually targeted on our civil energy infrastructure companies which have been doing information middle work for years. So, you understand, a whole bunch of hundreds of thousands of the billion had been associated to that. Clearly, the turnkey web site helped transfer that. We’re not able to have the ability to disclose a lot particulars across the mission or the shopper. We anticipate that job to be concluded in 2027. So between 2026 and 2027, these revenues shall be earned.
And we do suppose it’ll, you understand, because the job progresses, we predict there may be large alternative for us to proceed to develop on that kind of enterprise, and we predict the marketplace for that proper now’s extremely sturdy.
Brian Russell: Nice. Thanks very a lot.
Operator: Our subsequent query shall be coming from the road of Andrew Kaplowitz of Citi. Andrew, your line is open.
Andrew Kaplowitz: Good morning, everybody. Morning, Jose, so it looks as if you’re nonetheless as or extra assured relating to your pipeline enterprise. However, clearly, as you stated, going to be extra e book and burn shifting ahead. So simply did you see any delays by way of mission timing versus what you’ve been considering? After which on the margin facet, given the second half 2025 efficiency in pipeline and the upper estimated income in 2026, is just not mid-teens margins for 2026 conservative? You understand, if the market sort of develops as you suppose?
Jose Mas: Yeah. I’ll begin with the second a part of the query. Proper? I believe now we have at all times guided mid-teens in our pipeline enterprise. I believe that’s the applicable degree to return out with the information. I believe our goal is to beat that. I believe traditionally, now we have outperformed that and hopefully, the chance is there to do it once more. Because it pertains to income with pipeline, I’d argue that the our visibility is definitely enhancing.
So to me, the variety of alternatives, the variety of verbal awards, the variety of negotiations that we’re in the course of, I believe each quarter that passes, our confidence simply grows in our capability to proceed to develop that enterprise and see a extremely for much longer time period of elevated ranges than we in all probability initially anticipated.
Andrew Kaplowitz: It’s useful then. Clearly, you’re nonetheless placing out sturdy progress in Communications and anticipate to take action in 2026. When you concentrate on breaking down that progress between type of conventional fiber to the house, do you’ve something in BEADs for 2026? And, you understand, how ought to we be enthusiastic about that fiber to the info middle alternative or center mile broadband? Is that additionally attending to be larger than you anticipated? Is that in 2026 in any respect?
Jose Mas: The quick reply is sure. Proper? I believe, you understand, breaking it down we don’t have tons of BEADs constructed into 2026. I believe BEADs, I believe what we’re seeing there may be we have gotten extra bullish on BEADs. I believe BEADs goes to be a lot bigger than we had initially anticipated, and the chance goes to be bigger for us. However I believe that can predominantly be 2027. One of many alternatives that now we have is a few of that stuff does push into 2026. That may very well be very constructive to the enterprise. However, you understand, look, we’re seeing each considered one of our clients pursue a number of enterprise methods.
Clearly, all the things that’s taking place round information facilities and connectivity to information facilities is a vital driver for that. We’re getting our share of that, and we predict that the market is rising considerably for that as properly. So very broad-based alternatives. We had an unbelievable yr of progress in Q2 2025. We’re assuming a extra reasonable progress profile in 2026. However, you understand, we had been stunned in This fall with the extent of exercise. I believe revenues had been about 20% greater than what we guided for This fall. So, you understand, received a whole lot of good alternative to outperform in 2026.
Andrew Kaplowitz: Thanks, Jose.
Jose Mas: Thanks, Andy. Yeah.
Operator: And our subsequent query shall be coming from the road of Jamie Cook dinner of Truist Securities. Your line is open, Jamie.
Jamie Cook dinner: Hello, good morning, and congratulations on a number of fronts. I assume two questions for you, Jose. The primary query is simply the visibility that you’ve past the eighteen-month backlog that you simply report. You understand, I’m simply making an attempt to grasp how nice that’s and which segments do you’ve above-average visibility. After which I assume my second query, I believe on the decision you talked about that you simply noticed the pipeline enterprise having the ability to obtain or exceed prior peak, which I believe was $3.5 billion. Beneath what time-frame do you suppose that may be affordable? Thanks.
Jose Mas: Positive. Thanks, Jamie. So a pair issues. I’d say, you understand, possibly with the final a part of the query first, now we have talked about hitting historic highs in pipeline income as early as 2027, so within the close to time period. Once more, we see that enterprise shaping up extremely properly. After we take into consideration backlog typically, proper, I believe Paul alluded on his ready remarks in regards to the $4 billion of discover to proceeds that now we have in renewables that aren’t in backlog. Proper? So we even have extra in LNTPs than we do in precise backlog, which is a outstanding statistic. And I believe that visibility is superb. Proper? I believe even inside acknowledged backlog, now we have tasks.
I believe we received our largest mission ever within the renewables enterprise on the finish of final yr. Solely a portion of that mission is in backlog, solely the eighteen-month portion of it. After we take into consideration Comms and, you understand, what we’re at the moment seeing in BEADs and the potential there, I believe it’s going to result in vital backlog enlargement as we take into consideration 2026. In Energy Supply, the extent of transmission jobs that we’re seeing and the demand for transmission is simply off the charts, which I believe goes to additionally result in some fairly sizable will increase in backlog because the yr progresses.
So total, once we take a look at all of the segments, we’re simply actually optimistic once more, not nearly 2026, however what the long run holds.
Jamie Cook dinner: Thanks.
Operator: Our subsequent query shall be coming from the road of Philip Shen of Roth Capital Companions. Your line is open, Philip.
Philip Shen: Hey, guys. Congrats on the nice outcomes right here. Needed to speak about Greenlink and to get just a little bit extra coloration there. Jose, may you share, like, the aid that you simply received, was that each one that you’re on the lookout for? That means, this mission is a full go now, or are there different milestones that we ought to be enthusiastic about by way of allowing aid or milestones typically? Thanks.
Jose Mas: Positive. So on Greenlink, in 2025, clearly the primary portion that we actually began on ended up being delayed with allowing. These permits have been totally cleared. So the fantastic thing about that’s we get to return to work on that preliminary section that we had been supposed to begin. It’s a long-term job, so not all permits are in. So there are some permits for the latter a part of the roles that also have to return in. I believe the extent of confidence round these, particularly with clearing this difficulty, has elevated considerably. So we really feel actually good in regards to the progress on that job, what we predict must occur for us to finally full that on time.
And I believe that is simply, once more, it occurred just a little bit sooner than we thought within the yr, so we’re enthusiastic about it. And I believe it bodes rather well for, once more, not simply 2026, however how that job goes to arrange for the subsequent few years.
Philip Shen: Nice. Thanks, Jose. After which again on the info middle job, of the billion {dollars}, how a lot do you suppose you guys self-perform versus outsource? After which simply as a follow-up, you understand, how rather more is there behind this? I do know you might have touched upon this just a little bit earlier, however do you suppose we may see extra of those billion-dollar basic contractor jobs later this yr, or do you suppose now we have to attend until subsequent yr? Thanks.
Jose Mas: Sure, so a few issues. I’d say that, once more, you’re taking the $1 billion, you break it out between what now we have traditionally completed, which is a few hundred million {dollars}. I’d say all of that’s self-perform, which is the work that now we have been doing. Once you take a look at the stability of that on this explicit mission, we had been introduced in sort of late the place a whole lot of the precise work capabilities had been chosen with totally different contractors, so we sort of took them over. So our capability to self-perform on this primary mission was considerably restricted.
Once more, we predict, you understand, one of many beauties of that is we predict now we have received an enormous aggressive benefit and we’re one of many only a few contractors within the U.S. that has vital expertise in development administration and civil and energy and telecom and upkeep and the entire attributes that you might want to make up an information middle job. So I believe that, you understand, clients are starting to see that. We’re getting a whole lot of alternatives associated to full turnkey work with the power to self-perform, which actually adjustments the margin profile of these jobs on a go-forward foundation. I believe we’re going to responsibly develop into it.
That is hopefully the primary of many. And we do anticipate additional wins in 2026.
Philip Shen: Nice. Thanks, Jose.
Jose Mas: Thanks, Phil. One second for our subsequent query.
Operator: Our subsequent query shall be coming from Sangita Jain of KeyBanc Capital Markets. Your line is open.
Sangita Jain: Can I ask a query on the massive transmission mission that you simply booked within the fourth quarter? Are you able to assist us with some particulars on how lengthy you suppose that mission will take to burn? I do know for Greenlink that focus on was 4 years. I’m simply making an attempt to see if it’s a related length or shorter.
Jose Mas: Hello, Sangita. So it’s a smaller mission. It will likely be a shorter length. It begins, you understand, in all probability the second a part of the summer season on this yr, and it’ll in all probability go on for about two years.
Sangita Jain: Acquired it. Useful. After which on a broader degree, can I simply ask about margins? Your income progress has clearly been very sturdy. Margins are increasing, however they’re sort of lagging your expectations. So I’m questioning if there’s a structural barrier that stops working leverage from coming via. Whether it is labor productiveness or I don’t need to prejudge. I need to, however I’d love some coloration from you.
Jose Mas: Yeah. Look. We’ve talked rather a lot about it throughout the yr. I believe, which I believe is without doubt one of the positives as properly, proper, is that the majority of our progress in 2025 was natural. And whenever you develop organically, it takes rather a lot to open new places of work, to construct, to develop your workforce base, to spend money on not simply working capital, however within the gear essential to develop. So, you understand, we predict we put up, you understand, mid-teens progress price each for 2025 and even on an natural foundation what we anticipate 2026. Even when you again out the acquisitions in 2026, we expect, you understand, mid-teens natural progress in our enterprise. These create challenges.
They create challenges to optimize margins in a interval. I believe as we get larger and we see a few of these preliminary companies begin to mature, which we’re already seeing, margins sort of deal with themselves. So we’re very bullish about our capability to enhance our margins in issues like telecom, which, fairly frankly, you understand, once more, we beat fourth quarter income by 20% versus our steering, which is simply, once more, one other outstanding quantity, however that barely impacted margins negatively. Proper? After we take a look at this yr with a few of the issues that we had been anticipating to occur on Greenlink and didn’t come via, it barely impacted the margin capabilities we had in that enterprise.
However whenever you take a look at 2026 steering for each of these, you understand, sturdy progress years from a margin perspective in each of these. Our CE&I, proper, I believe is progressing extremely properly. We had been up 110 foundation factors on a year-over-year foundation from 2024 to 2025. For those who take the bottom enterprise, we expect additional margin positive factors in 2026, however it’s offset by a few of the development administration and information facilities. After which whenever you take a look at Pipeline, proper, it’s all a operate of measurement and the way we’re going to construct as much as the place we predict we will get to.
For those who take simply Pipeline progress, if we get again to historic highs in revenues, fairly frankly, you understand, it nearly, due to the combo, it nearly takes us to double digits as a complete firm. Now, you understand, complete firm margins on the long term are going to be considerably depending on combine, are going to be considerably depending on how a lot we develop sure parts of our enterprise and the place they land. And we’re paying a whole lot of consideration to that. Proper? And we’re actually making an attempt to maximise the returns on our funding and our capability to execute at a excessive degree.
However look, as completely happy and as excited as we’re in regards to the progress story, we’re tremendous targeted on the margin enhancements throughout the corporate. And I believe now we have received actual potential. I believe now we have received actual potential to considerably affect these. And I believe that creates as a lot, if no more, worth than the income progress that we’re going to ship.
Sangita Jain: Good. Thanks, Jose. Thanks.
Operator: Our subsequent query shall be coming from the road of Steven Fisher of UBS. Your line is open.
Steven Fisher: Thanks. Good morning and congrats on a profitable 2025. And simply to comply with up on Sangita’s query there, however hold it extra particularly targeted to the Communications section. May you simply give just a little bit extra element on the higher margin expectations you’ve there? I do know you talked about about sure components of the enterprise which can be maturing. Are you able to speak about which elements of the Comms alternatives are seeing that maturing? Is that overpull work? Or is it the BEAD work? Or, I assume you say you don’t have rather a lot in there. However what are the important thing initiatives that you’re speaking about that might actually assist margins?
And what are you doing with the hiring within the Comms enterprise? As a result of it looks as if possibly a few of the absorption there may be possibly a little bit of a drag.
Jose Mas: Sure, Steve. I’d push again just a little bit. Proper? As a result of I’d say if we take a look at Comms in 2025, the enterprise was up on a full yr foundation. We had been up 32% in income, organically. Probably the most mature enterprise in MasTec, Inc., the longest enterprise in MasTec, Inc., was up 32% organically in income in 2025. And margins improved 60 foundation factors yr over yr on 32% progress. Now we might have preferred to have seen margins enhance extra, no query about it. However we nonetheless noticed enchancment.
Once you take a look at 2026 steering versus the place we ended up in 2025, now we have received simply shy of a 100 foundation level enchancment in that enterprise but once more, on what shall be sturdy progress. So, you understand, I’d argue that now we have completed a extremely good job of managing the expansion and enhancing margins alongside the best way. However that is the place now we have made vital funding, opened new places of work, and it takes time for a few of these companies to mature. Because of this we’re beginning to see the maturity of these companies. We’re beginning to see the advance of these margins, which on a year-over-year foundation, margins improved 60 foundation factors.
Sure, fourth quarter was just a little lighter than we anticipated, however, once more, we beat income expectations there by 20% versus what we guided. So I believe we’re properly on our method. I believe the enterprise combine is ideal. I believe, you understand, now we have received, once more, large alternatives. And, by the best way, we talked about BEADs being an enormous alternative going ahead. I believe we see that in 2027. I believe now we have yet one more actually, actually sturdy progress yr in 2027, in all probability a lot stronger than 2026 due to what will occur in BEADs. However we’re tremendous targeted on margin appreciation there.
I believe we delivered a few of that in 2025, and we are going to ship extra of that in 2026.
Steven Fisher: Okay. That’s honest. After which simply by way of the general 2026 plan and the way it’s lined in backlog, clearly, you had some actually good backlog progress right here. Simply curious, how properly lined do you suppose in your 2026 plan you’re lined in the mean time? The place do you suppose you continue to have to see extra bookings? I do know now we have talked about on the Pipeline enterprise, it’s type of nearer to the burn whenever you e book it, however simply sort of what nonetheless has to occur to ship the plan?
Jose Mas: I imply, once we look again for, you understand, way back to I can bear in mind, I don’t suppose now we have ever been in a greater place going right into a yr based mostly on income steering versus the place we stand with backlog. So I’d argue that that is, you understand, I’m not going to make use of the phrase conservative, however I believe this is without doubt one of the greatest large plans that now we have received relative to what our income expectations are with what we at the moment have in hand.
Steven Fisher: Sounds good. Thanks.
Operator: And our subsequent query shall be coming from the road of Justin Hauke of Baird. Your line is open.
Justin Hauke: Oh, nice. I’ve received another on the margin questions. I assume, so as to add the combo. However, you understand, total, you’re calling for 50 foundation factors of margin enlargement. I assume I used to be simply curious. I imply, you’ll inform me all of your segments are, you understand, going to see enlargement this yr. However is there something, you understand, particularly, you understand, mix-wise, you’ll say, you understand, some greater and a few decrease, you understand, given the shifting items, possibly the development administration stuff on the info middle work that you simply stated, you understand, decrease margin. Something to sort of assist take into consideration, you understand, the trajectory in 2026 with the segments. Thanks.
Jose Mas: Yeah. So once more, I imply, we anticipate, you understand, Comms and Energy Supply to be up on a year-over-year foundation from a margin. I believe now we have been very particular as to what the, you understand, what the alternatives are in 2026 versus what it was in 2025. The Pipeline enterprise is clearly rising. Once more, now we have a step change operate there in 2027 from a income perspective. So whereas margins shall be good in 2025, they won’t be optimum as a result of we shall be making a whole lot of investments—oh, I’m sorry—in 2026 we shall be making a whole lot of investments into what’s coming in 2027.
So that’s sort of why now we have guided to the place now we have guided. Then once we take into consideration, you understand, Clear Vitality and Infrastructure, I imply, we aren’t, that’s in all probability the one enterprise the place we aren’t calling out, you understand, margin appreciation on a year-over-year foundation. It’s extra flattish. Whereas the bottom enterprise is enhancing, the development administration enterprise shall be a drag on that relative to the entire margins of the section. So I believe, you understand, preserving margins there flattish is an effective story with the chance of, you understand, additional rising our self-perform alternatives round that new enterprise after which enhancing via that.
So I believe that’s how 2026 goes to shake out.
Justin Hauke: Yep. Good. No. That’s useful. Second one, fairly simple one right here, however I simply need to make clear. Within the steering, there’s a large uptick within the non-interest. I assume that’s the water/wastewater acquisition you probably did put up quarter, however I simply needed to make clear that there was not the rest that was driving that.
Paul DiMarco: That’s the change for 2026. Sure.
Justin Hauke: Good. Thanks.
Jose Mas: Thanks, Justin. One second for our subsequent query.
Operator: Our subsequent query shall be coming from Ati Modak of Goldman Sachs. Your line is open.
Ati Modak: Hey, good morning. Jose, are you able to speak in regards to the imaginative and prescient you’ve with these acquisitions, the NV2A, how that integrates into the info middle market? After which the choice to step into water infrastructure, what’s your imaginative and prescient with that? You understand, how large is it at the moment? How large may it get? And will we anticipate you to stay acquisitive in these areas?
Jose Mas: Yeah. So allow us to begin with NV2A. Well-known to us. They had been our associate on an enormous mission we at the moment have. You understand, it was a chance that introduced itself the place one of many companions was serious about promoting, and that began a dialogue the place we ended up deciding to amass the whole enterprise. Great alternatives on the present tasks now we have with the dimensions of what these tasks shall be sooner or later. That in and of itself made an unlimited quantity of sense for us to pursue these acquisitions.
After which I believe as that develops, you understand, clearly, a few of these different development administration alternatives introduced themselves, and we predict they’ve unbelievable depth and power and produce rather a lot to the desk which can be going to assist us there as properly. So we predict essentially, simply based mostly on their historic enterprise, it was a terrific deal. And whenever you take a look at all of the enhances that we get along with that, we predict it’s going to be a unbelievable deal for MasTec, Inc. On the water facet, look, we predict water is a theme that’s going to develop like loopy.
I believe we’re going to have every kind of points this yr with, you understand, a few of the snow patterns and the place they fell and the place, you understand, there are going to be a whole lot of markets which can be going to have water points. Quite a lot of what we’re seeing round information facilities throughout the nation are demanding extra water use, which is forcing municipalities to rethink how they’re offering water and the income alternative for them to supply water into new tasks. After we take a look at their enterprise, they’ve had large progress.
However, fairly frankly, whenever you take a look at their outlook and the alternatives that they’re chasing, their progress potential might be pretty much as good or higher than the rest now we have in all of MasTec, Inc. And we’re going to assist them and assist them obtain that, and we’re tremendous excited. We predict it’s a nice administration staff that has constructed a terrific firm. And we’re actually wanting ahead to supporting them. I believe that, you understand, once more, we predict it’s a nice theme. Because the theme develops, as we get a greater understanding of that market, I believe there are going to be much more alternatives there to develop off of.
Ati Modak: Very useful, Jose. After which what would you spotlight by way of the expectations we must always have with the Investor Day in Could?
Jose Mas: Look. We’re excited to do it. We’ve not completed one in a extremely very long time. I believe we’re going to speak much more about, you understand, longer-term outlooks, possibly longer-term targets relative to what we do on these calls. So, you understand, we’re excited to do this. You’re going to get a chance to fulfill a good portion of our administration staff and actually perceive, you understand, how we’re enthusiastic about the mid and long run as a enterprise.
Ati Modak: Superior. Thanks.
Operator: And our subsequent query shall be coming from Manish Samaya of Cantor Fitzgerald. Your line is open, Manish.
Manish Samaya: Thanks. Good morning. Jose, first query for you. You gave us your margin outlook for 2026. And I used to be questioning, you understand, whenever you take a look at your day by day, weekly dashboard, what are a few of the issues that you’re by section to make sure that all the things is on monitor?
Jose Mas: Yeah. Look. On the finish of the day, our enterprise is just not that difficult. Proper? Every thing begins at a area degree. It begins with a widget that’s getting put in. And our capability to reinforce the productiveness of these widgets is what actually adjustments profitability as an entity. So, you understand, how we measure and the way we incent at that degree is a very powerful factor that we do as an organization. I believe, you understand, Paul has talked rather a lot about a whole lot of the technological developments that we are attempting to make to additional present higher info, extra real-time info, which I believe makes an enormous distinction. However, you understand, that’s our staff’s focus each single day.
And I believe that, once more, you understand, now we have received a whole lot of balls within the air. We’re rising very quickly from a top-line perspective, however we can not take our eye off what, you understand, makes us cash every single day. And I believe our staff is doing a terrific job of being targeted on that and are actually making an attempt to enhance that on a day-to-day foundation.
Manish Samaya: Second query for you and Paul. Paul, possibly when you can simply assist us bridge the working money movement from 2025 to 2026. After which, Jose, clearly, you’re guiding to leverage within the low 1s. How ought to we take into consideration capital allocation between, clearly, tuck-in acquisitions, in addition to share buybacks and different initiatives you may need?
Paul DiMarco: Yeah. So on the working money movement query, Manish, it’s actually simply going to comply with the cadence of income progress. And we anticipate to have, as I discussed, you understand, sequential progress Q2 and Q3 adopted by a fall-off in This fall. We’re not assuming any main change in DSO from yr finish at 65 days for 2025. And so it’s simply the expectation round working capital funding relative to the income technology. And the year-over-year affect actually from This fall 2025 to This fall 2026 is, you understand, an enormous piece of that. So there may be not a serious change in our expectations from the place we completed the yr.
It’s nearly timing of present expectations of income timing that drives the $1 billion money movement from operations. And, once more, it’s in step with what now we have acknowledged for a very long time, which is that we predict we will do 70% EBITDA conversion to working money movement persistently. You understand, this yr, the expansion, the timing of the expansion, put just a little little bit of headwind on that, and we predict it normalizes in 2026.
Jose Mas: Yeah. Possibly to the second a part of the query, you understand, I’d say, look, before everything, we’re targeted on profiting from the natural progress alternatives in entrance of us and investing in these. I believe that once we take into consideration, you understand, actually including to the platform of MasTec, Inc. and bringing in companions, there may be large alternative. Proper? I believe there may be a lot demand in our trade at the moment that our capability to fulfill it enhances with M&A and, you understand, I believe we’re going to proceed to do this.
I believe we took a interval of a few years put up some very massive acquisition for us in Infrastructure and Energies—Henkels & McCoy and IEA—the place, you understand, a whole lot of our focus was consumed on the mixing of these acquisitions. I believe that’s properly previous us. I believe now we have demonstrated that. And I believe that, you understand, we’re able at the moment the place we will take that on and actually make that additive to MasTec, Inc. So if something, I believe you will note us be extra acquisitive quite than much less, and for certain greater than the final couple years.
It has been a part of our story since inception and one thing that, you understand, you’ll in all probability see us do extra frequently than you’ve within the final couple of years.
Manish Samaya: Any particular section, Jose, so far as tuck-ins?
Jose Mas: Yeah. Look. Once more, I believe there are areas of each section that we’re in that we predict make sense for us. So it’s measuring the chance, fairly frankly, versus being opportunistic in these. So, you understand, the values are additionally excessive. Proper? Individuals’s expectations of values have elevated considerably. So discovering the fitting stability between these two is what we’re going to attempt to obtain in MasTec, Inc.
Manish Samaya: Okay. Thanks. Thanks.
Operator: Our subsequent query shall be coming from Joseph Osha of Guggenheim Companions. Your line is open. I’m sorry. Guggenheim Companions.
Joseph Osha: Howdy. Are you able to hear me?
Operator: Sure. We will hear you.
Joseph Osha: Yep. Yeah. Hey. Good morning. Thanks. Two questions. Following just a little bit on some earlier ones, wanting on the information middle alternative particularly, I’m questioning if there are any explicit ability units or capabilities you are feeling such as you would possibly need to fill in? After which Communications, there was some wi-fi infrastructure rip and substitute in that section prior to now. I’m questioning how a lot of that’s there going ahead, or whether or not we’re principally FTTH and clearly BEAD in 2027. Thanks.
Jose Mas: Yeah. So a few issues. On the info middle facet, clearly, we don’t have the capabilities at the moment to self-perform all the things. However I believe that now we have the power to self-perform rather a lot, greater than most, I believe, once more, provides us an incredible benefit. To the extent that the chance is there to think about doing extra there, we might. On the wi-fi facet, you understand, I believe we’re within the midst of that rip and substitute for our massive buyer. I believe we’re going to see much more deployment beginning in 2027 relative to new spectrum, which goes to assist that trade significantly.
So we’re, you understand, we’re nonetheless as enthusiastic about wi-fi as now we have at all times been.
Joseph Osha: Okay. Thanks.
Operator: And our subsequent query shall be coming from Brian Brophy of Stifel. Your line is open, Brian.
Brian Daniel Brophy: Yeah. Thanks. Good morning, all people. Thanks for squeezing me in right here. I assume I’ll simply go along with a fast one. CapEx is notably decrease than a yr in the past. Are you able to speak in regards to the drivers there? Or the 2026 expectation, excuse me, is notably decrease than a yr in the past.
Paul DiMarco: Yeah. I imply, I believe it’s only a operate of the place the expansion is coming from. We talked about investing rather a lot in Pipeline forward of the cycle. Quite a lot of the roles we’re engaged on proper now kicked off within the again half of 2025 and present gear associated to these. Clear Vitality section, the place we’re seeing the very best progress in 2026, is the least capital intensive. So a few of it’s only a operate of that. You understand, we’re clearly ready to proceed to take a position, and that’s our view at the moment. To the extent that mission wants or demand alternatives require extra CapEx, now we have received the flex to do it.
Brian Daniel Brophy: Recognize it. I’ll cross it on.
Operator: Our subsequent query shall be coming from the road of Mark Strouse of JPMorgan. Your line is open, Mark.
Mark Strouse: Sure. Good morning. Thanks for squeezing me in right here. Possibly simply on that final level on renewables. Clearly, you’re seeing very sturdy progress. Simply curious, are you able to speak about your market share, your win charges? Is that this a operate of sort of simply the variety of alternatives rising? Or do you suppose sort of a operate of tasks getting larger and extra complicated that you’re taking share as properly? Thanks.
Jose Mas: I believe it’s a little bit the entire above. Once more, coming off of the IEA acquisition, we took a whole lot of time to essentially focus our efforts round going after clients that we thought we may construct significant relationships with that may matter over time, and I believe now we have completed that. You understand, now we have received alliance agreements now with what we predict are a few of the greatest builders within the enterprise which have, you understand, long-term plans which can be very stable, and our capability to have built-in inside their programs and actually construct an expectation of each our labor and their work over a protracted time period provides us large visibility.
So I believe that has helped us. Proper? I believe at the moment we’re a top-tier contractor for each wind and photo voltaic. And we’re very bullish about the long run of that enterprise. Clearly, at occasions, it turns into very political. We predict there may be large visibility via 2030. And we predict that as we see the costs and what a few of the new technology is pricing at, we truly suppose that renewables are going to be aggressive on a worth foundation lengthy after 2030. So we predict it’s a nice market.
We predict it’s a market that has received large potential and, once more, as Paul alluded to earlier, now we have received, you understand, a ton of what we might name shadow backlog, which is backlog we all know we’re going to convert. So, you understand, we truly suppose backlog in that enterprise may improve in 2026.
Operator: And our subsequent query shall be coming from the road of Liam Burke of B. Riley Securities. Your line is open.
Liam Dalton Burke: Thanks. Good morning, Jose.
Jose Mas: Good morning, Liam.
Liam Dalton Burke: Jose, your tasks have turn into bigger and extra complicated. Are you seeing much less competitors and higher, extra favorable phrases as you renegotiate or enter into some mission agreements?
Jose Mas: Effectively, I believe the entire trade is. Proper? Clients perceive the challenges that they face relative to labor. I believe, you understand, clearly, now we have at all times stated we predict phrases enhance earlier than pricing does, and I believe now we have seen phrases enhance significantly over the previous couple of years. And I anticipate that to proceed and, you understand, as we’re all coping with the demand, I believe pricing can also be getting higher. So I believe we’re in a very good place as an trade.
Liam Dalton Burke: Nice. Thanks. And actually rapidly, you highlighted center mile exercise within the telecom section. Is that information pushed, or what’s driving that exercise?
Jose Mas: Yeah. Look. I believe our clients wish to develop. Our clients are on the lookout for all of the alternatives in entrance of them. So a few of it’s information middle pushed. A few of it’s onshoring pushed. There may be, you understand, numerous demand for connectivity. And to the extent that our clients win that demand, it requires massive infrastructure buildouts for them, and that’s sort of what we’re speaking about.
Liam Dalton Burke: Nice. Thanks, Jose. Thanks.
Operator: And our final query shall be coming from Maheep Mandloi of Mizuho. Your line is open, Maheep.
Maheep Mandloi: Hey. Thanks for squeezing me in. Congratulations on the quarter right here. Possibly simply two fast ones. First, simply on Communications. Are you able to possibly information how a lot of that may be uncovered to workplace buildings or industrial clients? And secondly, on M&A, it sort of laid out fairly properly on earlier questions right here. However simply curious when you have any ideas on spending a few of the gear your self which could be in tight provide out there right here?
Jose Mas: Sure. So relative to workplace buildings and industrial buildings, clearly, they’re clients of our clients. So I believe, you understand, I don’t suppose that has been a key driver of the enterprise. I don’t suppose there have been massive expansions of both of these throughout the nation over the past couple years. However, clearly, connectivity is necessary for everyone and to the extent that anyone wants connectivity, it’s a potential buyer for our clients. From an M&A perspective, look. We’ve not checked out moving into manufacturing. We predict, you understand, our enterprise has been sturdy. We’ve actually sturdy demand and actually good companions that may assist us in that.
So now we have not seen the necessity to do this.
Maheep Mandloi: Recognize it. Thanks.
Operator: And I’d now like to show the convention again to Chris Mecray for closing remarks.
Chris Mecray: All proper. Thanks, all people. That concludes at the moment’s name. Thanks for collaborating. And as a reminder, go to our Investor web site for a replay and transcript, which shall be posted when accessible. Have a terrific day.
Operator: And this concludes at the moment’s program. Thanks for collaborating. You might now disconnect.
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