MasTec (MTZ) Investor Day 2026 summary

Strategic vision and market positioning

• Positioned as a diversified, scalable infrastructure platform participating in major U.S. cycles: AI-driven power demand, broadband, energy transition, and data centers, with a focus on margin expansion and long-term value creation.

• Transitioned from a cyclical contractor to a scarce, scaled infrastructure capacity platform with nationwide reach, multi-year backlog, and diversified exposure across power delivery, communications, pipeline, renewables, and general building.

• Emphasizes skilled labor, a $4B equipment fleet, and deep, long-term customer partnerships as core competitive advantages, enabling execution of large, complex, multi-project programs with low customer concentration.

• Strategic acquisitions and organic growth have shifted the business toward higher-growth, less cyclical markets, improving the mix for margin expansion.

• Operates over 800 locations and 35 training centers, supporting rapid workforce expansion and deployment.

Market opportunity and demand outlook

• Total addressable market projected to grow from $685B in 2025/2026 to $1T–$1.3T annually by 2030, with $4.6T cumulative opportunity, driven by renewables, data centers, broadband, and energy transition.

• Structural demand drivers include federal funding, rising power demand, aging infrastructure, and private capital participation, supporting multi-year visibility and margin upside.

• Long-term demand visibility extends well beyond 2030 across all segments, driven by durable infrastructure cycles and technology trends.

• Positioned to deliver integrated, multi-dimensional projects, especially in data center campus construction, leveraging full-scope capabilities.

• Record $20.3B backlog as of Q1 2026, providing strong demand visibility across all segments.

Financial guidance and growth outlook

• 2026 guidance: $17.5B revenue, $1.5B EBITDA, 8.6% adjusted EBITDA margin, $8.79 EPS, representing 22% revenue growth and 34% EPS growth year-over-year.

• 2028 targets: $22B revenue, $2.2B adjusted EBITDA, $15+ EPS, and 16%+ ROIC, with a mid-teens organic revenue CAGR and ~25% EBITDA CAGR from 2026 to 2028.

• 15% organic revenue CAGR expected from 2025 to 2028, with double-digit growth across all segments.

• Margin expansion targeted, with adjusted EBITDA margin to reach at least 10% by 2028, driven by operational leverage and project selectivity.

• Free cash flow conversion of 55-60% of adjusted EBITDA, targeting at least $3B cumulative FCF from 2025/2026–2028, with $5B capital available for disciplined M&A.