Quanta Services, Inc.

Good morning and welcome to the Qantas Services fourth quarter and full year 2025 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow management's prepared remarks and we ask that you please hold all questions until that time. I will then provide instructions for the question and answer session. As a reminder, this conference call is being recorded. If you have any objections, please disconnect at this time. I will now turn the call over to Kit Rupp, Vice President, Investor Relations, for introductory remarks.

Thank you, and welcome, everyone, to the Qantas Services fourth quarter and full year 2025 earnings conference call. This morning, we issued a press release announcing our fourth quarter and full year 2025 results, which can be found in the Investor Relations section of our website at QantasServices.com. This morning, we also posted our fourth quarter and full year 2025 operational and financial commentary and our 2026 outlook expectations summary on Quan's investor relations website. While management will make brief introductory remarks during this morning's call, the operational and financial commentary is intended to largely replace management's prepared remarks, allowing additional time for questions from the institutional investment community. Please remember the information reported on this call speaks only as of today, February 19th, 2026, and therefore you are advised that any time-sensitive information may no longer be accurate as of any replay of this call. This call will include forward-looking statements and information intended to qualify under the Safe Harbor from Liability established by the Private Securities Litigation Reform Act of 1995, including statements reflecting expectations, intentions, assumptions, or beliefs about future events or financial performance that do not solely relate to historical or current facts. You should not place undue reliance on these statements as they involve certain risks, uncertainties, and assumptions that are difficult to predict or beyond quanta's control, and actual results may differ materially from those expressed or implied. We will also present certain historical and forecasted non-GAAP financial measures. Reconciliations of these financial measures to their most directly comparable GAAP financial measures are included in our earnings release and operational and financial commentary. Please refer to these documents for additional information regarding our forward-looking statements and non-GAAP financial measures. Lastly, please sign up for email alerts through the Investor Relations section of quantaservices.com to receive notifications of news releases and other information, and follow Quanta IR and Quanta Services on the social media channels listed on our website. With that, I'll turn the call over to Mr. Duke Austin, Quanta's President and CEO. Duke?

Thanks, Kip. Good morning, everyone, and welcome to the Quanta Services fourth quarter and full year 2025 earnings conference call. I'd like to begin by thanking our exceptional employees for their continued absolute performance mindset, dedication to safety, operational excellence, and delivering mission-critical infrastructure solutions to our customers. Your commitment has once again driven outstanding results and positioned Quanta for sustained success. 2025 was another year of significant achievement and advancement for Quanta. Again, we delivered record results as we generated double-digit growth in revenues, adjusted EBITDA, and adjusted earnings per share, along with record-free cash flow and backlog. Quanta has produced record revenues eight of the last nine years. Eight consecutive years of record-adjusted EBITDA and nine consecutive years of record-adjusted diluted earnings per share. Quanta has clearly established itself as a compounder of profitable growth. These results reflect the strength of our diversified solution-based business model and our portfolio approach, enabling us to adapt to evolving industry dynamics while consistently delivering execution certainty and profitable growth across varied market conditions. Throughout 2025, we continue to enhance our capabilities through strategic, disciplined capital deployment. We completed eight acquisitions during the year, including three significant transactions in the second half of 2025. We acquired Dynamic Systems, a premier turnkey mechanical and process infrastructure provider that strengthens our presence in the attractive and growing technology, semiconductor, healthcare, and load center markets. And in the fourth quarter, the acquisitions of Tri-City Group and Wilson Construction Company expanded our craft skill platform to deliver critical path solutions for load-centered facilities and electric utility programs. In the aggregate, the acquisitions we completed in 2025, along with our organic growth, added approximately 11,100 employees, bringing our total workforce to approximately 69,500 at year end. reinforcing our self-reformed capabilities that provides certainty and differentiates Quanta as a solutions provider. Looking ahead, we see substantial momentum building across our end markets, as evidenced by our total backlog of $44 billion. The convergence of the utility power generation and large load industries, combined with accelerating load growth demands, is driving unprecedented infrastructure investment requirements. For example, in October, we announced QANDA's selection by NYSource to design, procure, and construct generation and infrastructure resources capable of producing approximately 3 gigawatts of power for our large data center campus in Indiana, a project that showcases the breadth of our Total Solutions platform as well as our support customer affordability objectives. Additionally, we continue to advance our vertical supply chain solutions through strategically investing approximately $500 to $700 million over the next several years in our power transformer manufacturing facilities and vertical supply chain strategy. The majority of this investment will build out production for the 345 kilovolt through 765 kilovolt power transformers and breakers. which we believe will create a significant differentiated solution for our Quanta and our customers in the high voltage transmission market. These programs are just a couple of examples of Quanta's ability to provide total solutions across converging markets that are designed to deliver speed and certainty. In many ways, we believe we are just getting started. We are confident in Quanta's ability to deliver innovative, craft-based, and supply chain solutions that are designed to meet our customers' need for certainty and for their success. As we said last quarter, we believe we were well-positioned to achieve record backlog and another year of double-digit earnings per share growth in 2026, and our full year of guidance reflects that conviction. Our strategy remains grounded in craft labor excellence, executing future uncertainty and disciplined investment. We believe Quanta is uniquely positioned at the center of a multi-decade infrastructure transformation, and we are confident in our ability to generate attractive compounding returns and deliver long-term stakeholder value. With that, I will now turn the call over to Jayshree Desai on a CFO to provide a few remarks about our results and 2026 guidance, and then we will take your questions. Jayshree.