Mastec Inc.

Record quarter + strong momentum (Q2 2020) - Revenue $4.37B (+23% YoY); Adjusted EBITDA $384M (+40% YoY); Adjusted EPS $2.22 (+49% YoY). - Backlog $21.4B: ~+$5B YoY and ~+$1B sequential organic → “new record level.” - Book-to-bill ~1.2x (over 1.2x total company), with EBITDA margins +~100 bps YoY. - Management frames demand as strengthening across “mission critical” infrastructure trends (AI/data centers, grid reliability, electrification/energy transition, connectivity).

Full-year 2026 guidance raised (expectations for growth remain strong) - Updated outlook: Revenue $18.2B, Adjusted EBITDA $1.6B, Adjusted EPS $9.30. - Implies YoY growth of ~27% revenue, ~39% EBITDA, ~42% EPS. - Important nuance: despite strong backlog growth, management says most of the Superior-driven backlog impact is expected in 2027, not heavily in 2026—supporting longer-term earnings power rather than near-term revenue fireworks.

Major acquisition tailwind: Superior Group closed (strategic and operational upside) - Superior acquisition (closed in July) adds scale/skills (mission-critical electrical infrastructure, data centers) and ~3,000 employees. - Management expects synergies by combining broader MasTec services onto Superior’s customer relationships and geographies. - Superior is described as increasing exposure to a “generational infrastructure investment cycle,” but they noted they will not see much of its backlog flow-through in 2026 (timing into 2027 emphasized). - Net leverage: 1.8x in Q2, but would have been ~2.2x pro forma for Superior; company expects <2.0x by year-end, consistent with financial policy.