MasTec, Inc.

Thank you for standing by and welcome to MOSTEC's second quarter 2026 financial results conference call originally broadcast on Friday, July 31st, 2026. Today's call is being recorded. I'd now like to turn the call over to Mark Lewis for some opening comments.

Thanks Dan and good morning everyone and thank you for joining us for MOSTEC's second quarter earnings conference call. Joining me today are Jose Mas, Chief Executive Officer and Paul Dimarco, Chief Financial Officer. We have prepared slides to supplement our remarks which are posted on the MOSX website on the Investors tab and through the webcast link. There is also a companion document with information and analytics on the quarter and a guidance summary to assist in future financial modeling. Please read the forward-looking statement disclaimer contained in the slides accompanying this call. During this call, we will make forward-looking statements regarding our plans and expectations about the future as of the date of this call. Because these statements are based on current assumptions and factors that involve risks and uncertainties, Our actual performance and results may differ materially from our forward-looking statements. Our Form 10-K, as updated by our current and periodic reports and findings with the SEC, include detailed discussion of risks and uncertainties that may cause such differences. In today's remarks, we will also be discussing adjusted financial metrics, reconciling yesterday's press release and supporting schedules. We may also use certain non-GAAP financial measures on this call. A reconciliation of any non-GAAP financial measures not reconciled in these comments to the most comparable GAAP financial measures found in our earnings release, our slides, and companion documents. We had a nice in-line quarter, and now I'd like to turn the call over to Jose for his commentary. Jose?

Thanks, Mark. Good morning, and welcome to Moss Tech's 2026 second quarter call. Today, I'll be reviewing our second quarter results as well as providing my outlook for the markets we serve. First, some second quarter highlights. Revenue for the quarter was $4,374,000,000, up 23% year-over-year. Adjusted EBITDA was $384,000,000, a 40% year-over-year increase. And adjusted earnings per share was $2.22, a 49% year-over-year increase. And backlog of quarter end was $21.4 billion, A nearly $5 billion year-over-year increase and a billion dollar sequential organic increase. A new record level. In summary, we delivered another excellent quarter. In fact, we set new highs across virtually every key financial metric. More importantly, the underlying demand driving these results continues to strengthen. Revenue, EBITDA, and EPS were all above guidance with strong year-over-year double-digit growth. EBITDA margins improved 100 basis points versus last year's second quarter and total company book-to-bill was over 1.2 times, setting yet another backlog record. 2026 is on track to be a record year and the recent acquisition of the Superior Group only adds to the momentum we are building as we look ahead to 2027 and beyond. Maybe more importantly, beyond the second quarter performance, what we're seeing across our end markets continues to reinforce our confidence in the longer-term opportunity in front of us. Just a few months ago in May, we held an investor day in New York. We had the chance to provide more detail around the opportunities for each of our business segments and set longer term financial targets, including specific 2028 organic targets. We believe we've made a lot of progress in the two months since Investor Day. While we recognize there has been increased noise in recent weeks related to market dynamics, the pace of project bids, negotiations, and longer term development is as strong as we've ever seen. In fact, during the second quarter, we have seen a meaningful increase in large project pursuits. To reiterate, we are seeing unprecedented demand across our business, and we expect that to translate into further continued strong backlog growth. Also since Investor Day, we've now closed on the largest acquisition in our history. I'd again like to welcome the superior family to Maastricht. While Superior is a great company with incredible growth opportunities ahead, we're very bullish on our ability to further the impact of Superior by coupling other MassTech services to enhance our growth across the mission-critical space. We believe this acquisition enhances our capabilities, deepens our customer relationships, expands our highly skilled workforce, and broadens our addressable market. More importantly, it positions Maastricht to lead what we believe will be a generational infrastructure investment cycle driven by AI, electrification, and the continued growth of digital infrastructure. For the balance of 2026, while we expect continued strength across pipeline, power delivery, and our clean energy and infrastructure segment, we are experiencing some pressure in our communications segment. While our longer-term outlook in communications is unchanged, we are experiencing some short-term pressure. The two primary drivers are lower wireless revenues in the second half of 2026 relative to the first half, as well as certain wireline project deferrals. Wireless revenues exceeded our plans for the first half, and the next wave of growth will be driven by the rollout of new spectrum where the related equipment won't be available until next year. On the Wireline side, we're being impacted by RDoF projects rolling off and the replacement projects we've won are having delayed starts. We see fiber expansion as the greatest opportunity within that segment and are seeing significant capital investments from our customers there. While wireless has historically represented a larger portion of our communications business, the investments we have made in Wireline over the last several years are an important part of our growth story. Our communications business grew organically by more than 30% last year, and as we continue to shift more towards wireline, we've seen some variability in project cadence and quarter revenue timing. We've continued to win work associated with hyperscaler connectivity and are currently pursuing billions of dollars of opportunities related to that end market within our communications segment. Moving on to power delivery, Revenue was up nearly 20% year-over-year and EBITDA grew by 24%. Margins were up sequentially by 220 basis points and we expect continued strong performance for the balance of 2026. Backlog for the segment was up nearly $1.3 billion over last year and we've had an excellent start to the third quarter in new bookings. Utilities are spending heavily on transmission, system hardening, and reliability, and that's being driven by both aging infrastructure and increasing demands. A big part of that demand is coming from mission critical, where we see really strong long-term demand and significant expansion of the grid, new transmission lines, substations, and upgrades across the system. When you combine load growth, resilience, and energy transition, it creates a long duration and a highly visible opportunity set. The combination of MOSTEC and Superior enhances our ability to meet those demands while also providing Superior and its customers with the benefits of MOSTEC's financial strength, broader geographic reach, and diversified infrastructure platform. Again, we see meaningful opportunities to expand relationships with existing customers by offering a broader range of services across both organizations. In clean energy and infrastructure, segment revenues increased 43% year-over-year, EBITDA was up 54%, and segment backlog increased sequentially by $500 million, representing a book-to-bill of 1.3 times. Backlog growth was driven primarily by renewables, where we continue to see really strong demand for both near and long term. We're also very excited about the demand around power generation. As we covered in our investor day, we are focused on simple cycle and rice engines. The number of pursuits has increased materially, and our bullishness has only increased since investor day. We're also seeing strong demand for our water infrastructure business and that integration has gone very well. Our recent turnkey data center project is also progressing well and is a strong example of the demand for the breadth of MOSTEC's platform with multiple sister companies working together on the same project. Demand for the skill set that MOSTEC has developed in construction management coupled with the capabilities we have in civil, power, telecom, and maintenance creates a significant opportunity to substantially expand this part of our business. We are currently in the midst of several large pursuits and fully expect additional awards in 2026. Our focus remains on partnering with customers early in the development process helping them solve complex infrastructure challenges and positioning MosTec to capture opportunities across the full lifecycle of mission-critical projects. Coupled with our ability to self-perform a significant portion of the work, we expect this part of our business to be a meaningful driver of solid long-term growth. On the pipeline side, the fundamentals are also very solid. For the quarter, pipeline segment revenue was up 19% year-over-year and EBITDA nearly doubled. Backlog increased just over $450 million sequentially and backlog hit its highest level since the second quarter of 2023. With that said, our long-term visibility is far better than our reported backlog number represents. The mission critical power generation opportunity is also creating significant demand for pipeline infrastructure. Our customers are committing to future gas deliveries that will drive significant pipeline investment. This, coupled with current pipeline bottlenecks and constraints, has significantly enhanced our longer-term prospects in this segment. In closing, we expect 2026 to be a great year. With record performance across revenue, profitability, and backlog, these results reflect strong execution across the business and the strength of our diversified platform. More importantly, the amount of investment going into critical infrastructure right now is significant and is being driven by some very durable trends, whether that's AI and data centers, grid reliability, energy demand, critical infrastructure, or connectivity. We believe MOSTIC is uniquely positioned at the center of these critical infrastructure trends with the capabilities, customer relationships, and backlog to drive sustained growth. Given our performance, momentum, and the addition of Superior, we are increasing our full-year guidance. We now expect revenues of $18.2 billion, adjusted EBITDA of $1.6 billion, and earnings per share of $9.30, representing year-over-year growth of 27%, 39%, and 42%, respectively. Reflecting on our updated guidance, It's important to recognize that our exposure to the mission-critical market at scale is still in its early stages. The acquisition of Superior, together with the Turnkey Data Center award we received in the fourth quarter of last year, has fundamentally expanded MOSTECH's position in this market. Despite nearly $2.5 billion of backlog growth over the past two quarters, only a modest portion contributes to 2026 revenue. with the majority expected to benefit 2027. We believe that timing reinforces the long-term earnings power of the business. We believe we're in the early stages of one of the largest infrastructure investment cycles we've ever seen, and Mostec is better positioned today than at any point in our history to capitalize on that opportunity. I'd like to take a moment to thank the men and women of Mostec, It is both an honor and a privilege to lead such an outstanding team. Our people are deeply committed to the values that define us, safety, environmental stewardship, integrity, and honesty, while consistently delivering high-quality projects at the best possible value for our customers. These principles have not gone unnoticed. Our customers recognize and appreciate the dedication and excellence our team brings to every project. It is through the hard work and commitment of our people that we have positioned ourselves for continued growth and long-term success. I will now turn the call over to Paul for our financial review. Paul?