Thanks, Dan, and good morning, everyone, and thank you for joining us for MasTec's segment quarter earnings conference call. Joining me today are Jose Ramon Mas, Chief Executive Officer and Paul Dimarco, Chief Financial Officer.

Prepared slides to supplement our remarks, are posted on MasTec's 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.

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 our current and periodic reports and filings 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 reconciled in yesterday's press release and supporting schedules. We may also use certain non GAAP financial measures on this call.

Reconciliation of any non GAAP financial measures not reconciled in these comments to the most comparable GAAP financial measures can be found in our earnings release our slides, and companion documents. We had a nice in line quarter, and now I would like to turn the call over to Jose for his commentary.

Jose?

Thanks, Marc. Good morning, and welcome to MasTec's 2020 second quarter call.

Today, I will 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 $4.37 thousand million up 23% year over year. Adjusted EBITDA $384 million, a 40% year over year increase.

And adjusted earnings per share was $2.22, a 49% year over year increase. And backlog at quarter end $21.4 billion, a nearly $5 billion year over year increase and a $1 billion 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 1.2x.

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 are 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 have made a lot of progress in the 2 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 have 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 have now closed on the largest acquisition in our history.

I would again like to welcome the Superior family to MasTec. While Superior is a great company, incredible growth opportunities ahead, we are very bullish on our ability to further the impact of Superior by coupling other MasTec 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 MasTec 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.

2 primary drivers are lower wireless revenues in the second half of 2020 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 will not be available until next year.

On the wireline side, we are being impacted by RDOT projects rolling off and the replacement projects we have 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 have seen some variability in project cadence and quarter revenue timing.

We have 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 22 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 have had an excellent start to the third quarter in new bookings. Utilities are spending heavily on transmission, system hardening, and reliability and that is 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 MasTec and Superior enhanced our ability to meet those demands also providing Superior and its customers with the benefits of MasTec'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 1.3x. Backlog growth was driven primarily by renewables, where we continue to see really strong demand for both near and long term.

We are 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 are 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 MasTec's platform.

With multiple sister companies working together on the same project. Demand for the skill set that MasTec 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 MasTec to capture opportunities across the full life cycle 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 2020.

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 is AI and data centers, grid reliability, energy demand, critical infrastructure, connectivity.

We believe MasTec 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, 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 is 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 MasTec's position in this market.

Despite nearly $2.5 billion of backlog growth over the past 2 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 are in the early stages of 1 of the largest infrastructure investment cycles we have ever seen.

And MasTec is better positioned today than at any point in our history to capitalize on that opportunity. I would like to take a moment to thank the men and women of MasTec 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?

Thank you, Jose, and good morning, everyone. We are pleased with our second quarter performance the continued execution across our business.

For the quarter, revenue was $4.38 thousand million adjusted EBITDA was approximately $384 million and adjusted EPS was approximately $2.22 with each metric exceeding guidance representing another quarter of strong year over year growth across all major financial metrics. Adjusted EBITDA margins expanded approximately 100 basis points year over year, reflected solid operating performance the consolidated business.

Our second quarter results were driven by broad based strength across most of the portfolio, Power Delivery generated approximately $1.25 billion of revenue with EBITDA margins exceeding 9%. Benefiting from strong execution and continued utility infrastructure investment.

Pipeline infrastructure delivered another excellent quarter, generating approximately $643 million of revenue with EBITDA margins approaching 20%. Reflecting both strong project execution and favorable project mix.

Clean Energy and Infrastructure generated approximately $1.6 billion of revenue, $120 million of EBITDA. Supported by continued growth across renewables, infrastructure and Michigan critical construction activity.

Together, these businesses continue to benefit from substantial demand for infrastructure construction, across power generation and delivery natural gas, heavy civil, and data centers. Backlog increased to another record level of approximately $21.4 billion at quarter end, growing roughly 5% sequentially and 30% year over year.

Total company book to bill was approximately 1.2x, led by strong performance in pipeline infrastructure and clean energy infrastructure. While power delivery backlog also increased to a new record level.

Continued growth in backlog provides us with excellent visibility entering the second half of 2020 and reinforces our confidence in the medium term outlook for the business. We of the most important takeaways from the quarter is the strength and resiliency of our business model.

While we are reducing communications outlook for the remainder of 2026, the strength of our other businesses is expected to offset the communications impact and support our full year outlook. Power delivery, pipeline, and clean energy infrastructure are all performing at or above our expectations.

Supported by strong execution attractive backlog development. This highlights the significant benefits of the diversification strategy we have built over many years and demonstrates our ability to deliver growth even when conditions vary across individual end markets.

In particular, we continue to see substantial investment activity tied to electrical grid modernization, power generation, data center development, industrial infrastructure, and natural gas infrastructure. These markets benefit from durable long term demand drivers and collectively represent a much larger portion of our business today than they did just a few years ago.

As a result, we believe MasTec is increasingly positioned to deliver more consistent growth less dependent on any single infrastructure cycle. In July, we closed the acquisition of Superior Group, which further strengthens our position in several of the fastest growing infrastructure markets we serve.

Superior expands our electrical infrastructure capabilities within mission-critical facilities and data centers. As a highly skilled workforce of approximately 3 thousand team members, and broadens our ability to provide integrated solutions to many of our largest customers.

We continue to be excited about the long term strategic and financial benefits this transaction creates. Now I will share some additional details on our second quarter segment performance and outlook.

Our Communications segment generated approximately $890 million of revenue $73 million of EBITDA for the second quarter. Resulting in EBITDA margins of approximately 8.2%.

Revenue was generally consistent with our expectations for the quarter, However, execution challenges on certain projects coupled with higher indirect fuel and equipment expenses, led to lower profit flow through than anticipated. While we remain very constructive on the long term outlook for broadband infrastructure, fiber deployment, and data center interconnect opportunities, we are seeing near term price deferrals that are expected to moderate the pace of upcoming customer spending.

As a result, we are reducing our communications revenue and earnings expectations for the balance of 2026. We now expect full year communications revenue of approximately $3.25 billion and EBITDA margins in the high single digits.

Approximately 100 basis points lower year over year. While disappointing in the near term, we are using this period as an opportunity to rightsize our operational support model and rationalize select markets that do not align with our longer term growth and margin objectives.

For the third quarter, revenue is expected to be approximately $800 million with high single digit adjusted EBITDA margins. Our Power Delivery segment delivered another solid quarter, Revenue was approximately $1.25 billion with EBITDA of $113 million, both exceeding our expectations and representing margins of just over 9%.

Expanding over 30 basis points year over year. Demand across our utility and transmission business remains very strong, driven by grid modernization, electrification, system reliability investments, the growing power requirements associated with data center development.

Power delivery backlog increased to another record level of approximately $6.3 billion with book to bill of 1.1x despite record quarterly revenue. We continue to see strong award activity, expanding scope on existing projects, and increasing interest from customers in larger, more integrated product delivery models.

For the third quarter, we now expect power delivery inclusive of superior's results to generate approximately $1.6 billion in revenue with EBITDA margins in the low double digits. And full year revenue of approximately $5.725 billion with EBITDA margins also in the low double digits.

Pipeline Infrastructure segment continued to perform very strongly. Revenue for the quarter was approximately $643 million with EBITDA of approximately $119 million, or 18.4% EBITDA margin.

Strong project execution continues to drive EBITDA results, while broader market demand continues to build. Backlog increased to approximately $1.8 billion, up 35% sequentially with a book to bill of 1.7x, representing the strongest growth rate of any of our segments this quarter.

In addition, we have discussed previously, our reported backlog does not fully capture the level of customer engagement and product development activity we continue to see. For the third quarter, we expect revenue of approximately $645 million and EBITDA margins in the mid teens.

Consistent with our prior outlook. Reflecting product timing and mix moderating somewhat from strong first half levels.

Our full year outlook remains largely unchanged as we position the business for the expected ramp into 2027. Our Clean Energy and Infrastructure segment generated over $1.6 billion of revenue $128 million of EBITDA during the quarter.

Demand remained strong across renewables, civil infrastructure, industrial construction, and general building. With a modest revenue miss driven by timing.

Backlog increased to approximately $7.8 billion, growing roughly $500 million sequentially, with a book to bill of 1.3x, despite another record quarterly revenue. Renewables also continued their streak of sequential backlog growth.

Looking to the third quarter, expect revenue to increase to approximately $1.9 billion, 40% growth year over year, with EBITDA margins in the high single digits. In line with 2020's third quarter.

Despite a higher revenue contribution from General Buildings at mid single digit margins. For the full year, we now expect revenue of approximately $6.8 billion and EBITDA margin in the high single digits, both ahead of our prior expectations.

From a consolidated perspective, we now expect full year revenue of 18.2 billion adjusted EBITDA of $1.6 billion and adjusted EPS of $9.30. The third quarter, we expect revenue of $4.9 billion adjusted EBITDA of $482 million and adjusted EPS of $2.98.

Cash flow from operations was essentially flat for Q2, with working capital investment offsetting the strong sequential and year over year earnings growth. Overall, we expect over $1 billion of cash flow from operations for 2026, with the majority anticipated to come in Q4.

Net leverage at Q2 was 1.8x, and would have been 2.2x pro forma for the Superior acquisition. Expect net leverage to be below 2.0x by year end, consistent with our financial policy.

Overall, we are pleased with our Q2 results and outlook for 2026. Our broadly diversified service offerings continue to provide resiliency to MasTec's consolidated earnings profile.

We entered the second half of the year with record backlog, strong visibility and increased momentum. When we combine the strength with the expected contribution from Superior, we believe the company is well positioned to continue delivering profitable growth while benefiting from some of the most attractive infrastructure investment trends in North America.

This concludes our prepared remarks.

Jose, there is been a lot of noise in your in your telecom business. And some of the opportunistic long term opportunities are discussed in fiber to the home and BEADs.

How does the outlook for long haul upgrade and construction look over time as you get through the puts and takes of wireless?

Yeah. So, Liam, let me let me address a little bit more.

Off script. So obviously, we are disappointed with our comms both results in the quarter and our and our guidance for the balance of the year.

We underperformed a little bit as we started to see pressure at the tail end of the quarter. I want to make a couple points.

Right? 1 is that the capital investment in the industry is not really declining.

it is changing. Right?

So if you take, for example, Spectrum. Right?

there is been a lot of news on Spectrum. there is been multiple carriers that have bought Spectrum this year.

You know, carriers have to make a decision. Right?

If they if they buy spectrum and they have to do add capacity to sites, do they do it now? And then have to go back and redo that with new spectrum early next year Or do they hold off and do it all at the same time?

And I think that is what we are seeing. And impacting negatively our wireless business Right?

It actually is a positive in the long term of the business because those spectrum build outs is good news for MasTec over the long term. But in the short term, it is creating delays on projects that we expected to complete on the second half.

In addition, what we are seeing in the business is that the best part of that business is going to be the hyperscaler build outs. And we are winning our share We talked about, you know, pursuits and, you know, of multiple projects north of a billion dollars.

But those take time. Right?

Those 2027 builds. We are seeing some RDOT projects fall off a little bit earlier than we expected.

Some of the work that we had won to replace that is facing some delays and some permitting challenges. So again, we are disappointed about what it means to the second half.

We believe that the long term fundamentals of that business are unchanged. We believe our customers' capital plans are unchanged.

They are just changing how they spend it. The fact is that historically, we have been more skewed to wireless We have changed that over the last few years.

We have done a great job of building our wireline business. And unfortunately, we are getting caught up in timing here as some project shifts move.

But overall, we are pretty excited about where that business is going. And again, we think the long term fundamentals of it are unchanged.

So just as a follow on the wireline side, you are getting involved now on the planning stages of all these projects, giving you better visibility, probably not in 2026, but in the longer haul.

there is no question. Right?

And I think look, this is a legacy business for us. I think we have got a great reputation in this business.

We have great customer relationships. Think we are very close to our customers.

I think we fully understand what is going on. We are disappointed that we did not catch it earlier and really communicated earlier.

But we are we are managing the best that we can. And outside of comms, quite frankly, our business is doing great.

So we are we are we are in a position to kind of manage through this. And hopefully see it shipped in 2027.

Thank you, Jose.

Good morning, everyone. Good morning, Andy.

Was there just maybe a little more detail on the telecom stuff? Is it more using broad based deferrals across a bunch of wireline customers and more a couple customers delaying with the RF transition.

how do we think about that $400 million and lower communications guidance is the delay something like 75% wireless, 25% wireline, like, or are they more even? Just any color would be helpful.

Yeah. I would say a couple of things.

I would say it is it is pretty specific to a couple customers on the wireline side. Especially as it relates to our business.

We had some wins that we expected to kick off that are getting pushed by a couple of months. I would say it is you know, roughly 50/50, maybe a little bit more skewed to wireless.

Okay. Very helpful.

And then Paul mentioned using this time to rightsize the communication business a bit. Maybe you could give us some more color into what that means, and can it help you off offset the higher fuel and other costs that Paul mentioned that is impacting your business to ultimately get that margin back into the double digits over time?

Yeah, look, couple of things. 1 is the margin profile for the half of the year is actually much improved from the first half.

We expect second half margins in that business to be up about 200 basis points in the second half versus the first half. Despite the revenue challenges.

Some of that we are doing through exactly what Paul talked about, right, is we are really trying to-- we have grown a lot in that business over the last year. So we are taking this opportunity to really create more efficiencies, but also understanding that we expect it to come back pretty strong.

So we cannot go too deep, but I think we are, you know, taking our time to manage as best as we can through this and take advantage to the extent that we can of a short-term pressure. Appreciate the call, Jose.

Thanks, Andy.

Thank you. Apologize for that, Jose.

Very nice quarter. How are you, Alex?

Good. You mentioned that you are seeing an increase in large project pursuits.

Can you expand upon what segments these opportunities are in? And give us some color on the timing of these Yeah.

1 of the things that we really try to outline today is kind of talk about the entire industry, right? And if you think about even across our peer group, right, if you see who is having success and what areas of the business are having success, Everything tied to mission critical is doing extremely well right now.

And I think again, part of the prepared remarks were about what we have seen in the market over the course of the last few months with people's concerns around that industry. We are seeing quite the opposite.

We are seeing unbelievable demands. And I and we are seeing no end in sight to that.

The truth is that as a percentage of revenues, right, our business relative to mission critical has been quite small, right? Smaller than our peers when you look at it.

And if you look at the areas that were most impacted by those industries, would be in clean energy and in power delivery, those businesses are doing unbelievably well for us, right? For us to grow our clean energy and infrastructure business by 43% in revenues year over year for the quarter, EBITDA by 54% in that market.

In Power Delivery, we grew 20%. We grew EBITDA by 24% in the quarter.

We have got similar results expected for the full year. So those businesses that are touched or impacted that part of the business are doing unbelievably well.

Right, so what we have done over the course of the last 6 months and even over the course of the last week since we closed Superior, is we feel like we have significantly increased our exposure to that market. That will lead to a lot more work, and it will lead to a lot more growth.

We try to highlight the fact that we won $2.5 billion of additional backlog of backlog growth in first half of the year, of which very little has impacted 2026, right? So we are beginning to see what you are seeing a lot of other people's reports, right?

Which those businesses are good, those businesses offer significantly outsized growth, Unfortunately, we have not been in a position to benefit the same way others have here over the course of 2026, but I think we have positioned ourselves to do that going forward. And we are really excited about what that means for us.

Then at a high level, do you anticipate backlog ending 2020 at a higher level than today, inclusive of Superior? And if so, what segments may see the greatest near term growth?

So the answer to the question is absolutely yes. And we expect it to be in power delivery, clean energy and infrastructure and pipeline.

We think those 3 will drive backlog growth, obviously, as it relates to mission critical power delivery and clean energy and infrastructure will be the most impacted by those. But we do expect Excellent.

We expect nice growth between now and the balance and the end of the year. Thanks, Andy.

Thanks for taking my questions. I am going to ask 1 on pipeline.

So contrary to what we have seen in the last few quarters, your backlog grew this quarter, but you kept the revenue guide unchanged. So just wondering if there is a read into that you may be moving to other geographies for some larger pipeline projects.

No. Nothing to read into it.

I think we have been really clear about pipeline. We came into the year.

With the level of expectation. We said it would be hard to beat that because of materials.

We still feel the same way. We just won a project that, you know, got contract signed, The work is actually for 2027.

it is not even for 2026. It kind of drew a lot of that backlog.

So again, we have always said backlog is tricky in that business. Our visibility is fantastic.

For multiple years out, we feel really good about 2027. We feel amazing about 2028 and 2029.

So it is just, you know, unfortunately, backlog is not representative of the strength of that business. You see a little bit of that changing now if we expect further projects to book between now and the balance of the year.

But that, you know, that big increase in backlog does not really impact 2026.

And should we consider a similar margin profile for second half versus first half? In for the projects that you do have in backlog currently?

You know, I think that our guidance has not changed We normally guide to the same levels. We might have slightly lower revenue in the second half than the first half.

I think that is what is called out in guidance. So, you know, I would expect, you know, similar I would expect the margin profile that we are guiding to.

Thank you.

Hi, good morning. I guess a couple of questions.

Just 1, obviously, we announced Superior and the acquisition is closed. I am just wondering, Jose, how conversations have evolved with customers now that this is public, and they understand your broadened, I guess, skill set and, you know, have conversations evolved in that, that you think that could create potential revenue synergies So I guess that is my first question.

And then my second question sorry. Go ahead.

Answer that 1, please.

I think we have been pleasantly surprised. Conversations, customers has gone unbelievably well.

We think there is incredible opportunity I think it is why we spent so time in our so much time in our prepared remarks talking about it. I think that I think it will definitely translate into a lot more business for all of MasTec, and I think it will be evident before year-end to be able to, you know, get into a lot of detail around that.

Okay. And then I guess just second question.

Obviously, the backlog growth was strong in the quarter, in particular, C and I. I am just wondering, as we look at that backlog growth was it larger awards?

Was it just sort of base hits I am trying to think about that backlog growth with the backdrop that you are pursuing these large billion dollar awards and what that could mean for, you know, backlog as we exit the year. Thank you.

Yeah. It was not inclusive of any of those large type of pursuits.

Those were not the wins that drove the backlog in the second quarter. It was more, you know, our normal type work normal size projects.

Okay. Thanks.

I will get back in queue. Thanks, Jamie.

Hey, thanks. I guess the first 1 on the communications and the deferrals and sort of how you see 27 shaping up.

I mean, should we be thinking that you can get back to sort of first half 2026 run rate in the first half of 2027, or does it take longer for the business to come back?

You know, I think it is definitely gonna be better than the than our run rate in the second half. I think we have we have got to come back to that as we know more.

Again, we are chasing a lot of big pursuits right now. that is gonna have a big impact on 2027 overall.

So as some of that comes to fruition, I think we would be better in a better position to answer that question.

Got it. Okay.

Thanks for that, Jose. And then just on SUPERIOR, you have mentioned $0 of backlog for them.

That was in May. you have had another month, I guess, under the belt.

Curious how that backlog has evolved. And when you say $1.4 billion is that synonymous with the 18-month backlog that you guys talk about?

So couple of things. I think that we are really pleased with the progression of Superior's business with their backlog build with the expected backlog build through the balance of 2026.

We will be able to report that next quarter. I think really bullish as to what is happening with their customers with longer term pursuits.

We are in discussions. For lots of projects over a very long and extended period of time.

The $1.4 billion was similar to how we would look at our backlog build. And we look forward to updating The Street on those numbers when we report our third quarter numbers.

Brent. Thanks, Jose.

I will turn it back.

Yes, thanks. Good morning.

Appreciate taking the question. Jose, curious your thoughts on pursuing international pipeline opportunities and how you think about those projects from a risk mitigation standpoint both from margin profitability standpoint as well as a collection standpoint?

Thanks.

Sure. So I think a couple of things about maybe broader international work I think, you know, 1 of the interesting things about these businesses that we are building is their people light, Right?

So whether you are thinking about turnkey data centers or even there is an enormous amount of activity that we are seeing around the world in pipelines, To the extent that we can participate with, you know, a light touch, which is, you know, kind of just supervision and management. We have talked a lot about that in our data center business.

I think it becomes really interesting around the world. Obviously, you think about data centers, 1 of the primary drivers is the cost of power.

And there is lots of areas in the world where cost of power is a lot lower than what it is in The US. And we are seeing a lot of customers really start to focus on that.

And I think the opportunity to play there is going to exist from MasTec and along with pipelines. Right?

I think there is you know, we have seen world shift here over the course of the last few months with some of with the war and what we are seeing with commodity prices in general around the world. And I think ways to improve the system and provide conventional fuels differently is something that everybody's exploring.

So I think there is great opportunities that is going to bring to companies like MasTec over the coming years.

Appreciate it. I will pass it on.

Thanks.

Hey guys, thanks for taking my questions. First 1 is on data center, and, New York State recently put a ban on or at least a pause on data center development.

And we recently published that there could be 10 more states that pursue data center bans or pauses by year end. These states include Michigan, Virginia, Washington, Oregon, California, Jersey, and other Northeast states.

What are your thoughts on this potential risk? And how could this impact your business over time?

And when you think about your backlog, for data center, have these projects all cleared the required permits, environmental approvals, and receive the community support needed to make sure that these things happen. To what degree is there risk that some of these state bans or pauses could pause or impact some of your projects and backlog?

Thanks.

Yes. So good morning, Philip.

it is a good question. I know it is been reported on a lot.

I think there is a number of those states that you mentioned that are not very active as it is. A couple others might be.

I think it is I think it is a little bit overblown. I think there is, you know, lots of parts of the country where communities are embracing data centers.

there is a lot of good things that data centers are bringing relative to local economies. We are seeing quite the opposite.

We are engaged in lots of governmental affairs. Conversations across multiple states where they are actually looking to expand.

And bring data centers in that currently do not have, which I think creates some great opportunities for us. The truth is that the kind of geographies that you kind of listed are not really strong geographies for MasTec.

But with that said, you know, we think that at the end of the day, it is not going to have a huge impact on the business. But I will also refer back to the previous question, To the extent that it does, I do think that we are not going to stop data centers.

Data centers are gonna get built, whether it is in The United States or somewhere else. I think that is an interesting way to think about the long term fundamentals of that business is to be somewhat geographically exposed to different markets in the world as well.

Okay. Got it.

Thank you and then Thanks. Recently, there was this FCC ban on inverters that was announced.

To what degree could that impact you guys? Are you thinking about this at all?

Maybe it has not been elevated yet. But, you know, there could be a ban on Chinese inverter specifically.

Thanks.

Yes, there is a lot of language in there about grandfathering a lot of stuff in as well. So I think that a lot to see on that.

We are not as concerned as the headline would dictate, but we are paying attention to it. I think understand it.

I think as it relates to the projects that we are working on, at least for the next few years, has no impact. Brent.

Okay. Thanks, Jose.

Thanks, Philip.

Hey, Jose team. Thank you guys very much Appreciate it.

Let me just come back to the comp side of the business. And as much as you allude to an uptick in a recovery in wireless in 2027 with the spectrum dynamic you described earlier, but obviously, also, there is other adjacencies, etcetera.

Just look, I know you do not want to guide 2027 per se, but even when could you start to see some of that visibility into the back half of 2027 to affirm what you are talking about here? When does those your confirmation for people who are holding off on that spectrum integration start to feed in.

And, also, ultimately, when you think about the 2027 guide, you guys have out there, how do you think about, you know, from more from the analyst day perspective, how do you think about that relative to what you are seeing coming together here, with the comments on comms and otherwise?

Jose, you have been very positive here. Just how is it trending relative?

Well, let me answer the last part first. I think, you know, we gave out 2028 guidance.

It was organic. It did not include Superior.

I think, you know, people can make their own choices about what they think that adds for it, but you know, we think that the superior acquisition is in addition to the 2028 targets that we put out. I think we were really clear about acquisitions during Investor Day too and what we were trying to accomplish there.

So I think again, you know, since 2 months that we have had that, we think we have made tremendous progress especially as it relates to that front. Our comms business, if we think about the 2028 numbers that we put out there, look, I mean, it is-- we have obviously made it a little bit of a harder hill to climb, but we are really bullish on the industry.

Again, there is some really large projects that we have won that are being delayed that we do think kick back up, but more importantly, there is new projects out there that we would not have expected 2 months ago that we think could fundamentally add significantly into that business. So it is gonna be about obviously competing, winning, and being able to execute on those.

So again, the longer term, perspective on that business, we still feel really good about. There is still the drivers have not changed.

Right? Data centers need to be interconnected.

Everybody's chasing it. Every customer that we have is trying to win that.

Tons of private equity money is coming into that space too, trying to play in that game. So I think there is really interesting prospects there.

I think there is ways to contract differently and do different things there. So we are bullish on that.

Again, obviously disappointed about the performance for the second half in there. We do not think it has know, long term impact.

But obviously, the build becomes a little bit more aggressive, and just have to be able to you know, see what happens over the course of the next few months and provide better guidance around that over the next 2 years. Got it.

So it sounds like at the end of the day, there is a little bit of a potential mix shift in the 2028 composition. Even if feeling good against the 2028 targets, etcetera, sounds like the mix that you would articulated earlier could very well be shifting again, not necessarily unnatural given how meaningful a data center opportunity is, but, B, to get the visibility you are articulating today does not suggest entirely that it is at least as it stands today that you have the visibility on 2028.

Well, but let me be clear. Right?

Since investor day, and a half months ago, our visibility in our business has significantly improved. The number of projects, especially large pursuits that we are pursuing, has significantly increased since Investor Day.

So with the exception of comms for a second. Right?

And again, I do not know that it is a different view for 2028. But outside of comms, for sure, all of our other segments, we are more bullish today than we were 2.5 months ago.

Perfect. Thank you for the clarity.

Thanks. Good morning.

If I back out the superior contribution to power delivery in the second half, the margins that you have embedded in the power delivery guidance still look like they assume double digits for the core. Just curious what kind of drives the step up to that and the confidence in the step up to double digits from single digits in the core.

Yeah. I think if you do the math, it is actually 9.8%, Steven.

So that is kind of the embedded number, which is higher than we were previously. So I think that if you look at and there is been a lot of so maybe let me rectify it.

Right? If you take our previous guidance, and you kind of look at the ins and outs, right, we took out $400 million of revenue in comms.

We beat second quarter by $75 million. We added about $125 million in revenues for both clean energy and power delivery for the second half of the year.

And that nets out to about $100 million less, by adding $800 million of Superior. Right?

So we can argue that guidance about a $100 million less for the back half of the year for legacy business. But legacy EBITDA is unchanged at $1.5 billion.

So I think that is driven by higher margins, obviously less revenue, same EBITDA, signifies higher margins. Obviously, communications is gonna be down a little bit based on the revenue, so all the other businesses are making up for it.

You basically have an $800 million increase for Superior with a $100 million in EBITDA. And that is kind of how our guidance lays out.

Again, we, you know, at this point, felt it is very prudent guidance. We are hoping to do better than that.

And but that is exactly how the math lays out. So, yeah, you will see improved guidance from a margin perspective in both clean energy and power delivery with our recast numbers for the second half of 26.

Yep. Thanks.

that is helpful. I was asking specifically within power delivery.

Yep. Within power delivery, it is 9.8% for the full year now, which is higher than our original guidance.

Okay. Thank you very much.

Thank you.

Great. I wanted to ask, obviously, transmission side of power delivery is really strong.

there is been a couple of rate, case issues that have just kind of been across the space, the last couple months. And I remember, you know, a couple years ago that was an issue.

With some of the distribution crew counts, specifically in Illinois for you guys. I do not know if it is the same kind of geographic exposure, but are you seeing anything, just on kind of that day to day MSA low voltage work where there would be any change in some of those rate cases?

it is a good question. I think, obviously, what is what is driving the business today is demand.

And demand is not going anywhere, which is gonna force everybody to find ways to meet the demand. So you know, I think when you think about rate cases, the big challenge across all geographies is how do you do this in a way where the typical ratepayer is not impacted?

And I think that utilities are that is their job to manage to it. that is what they are working on.

I think they have done a really good job. I ultimately think that, you know, there is an opportunity for the average residential user to actually see some benefit related to everything that is happening.

But that is what, you know, most government agencies are really focused on as they look at rate cases. And, you know, we do not see the pressure today in those that we saw historically based on all the growth opportunities that exist for utilities.

Okay. And then I guess my second question, maybe it is a little esoteric.

I do not know, but we have seen the balance of revenue from unapproved change orders has been pretty steadily rising for the last couple of years, and that has not been the case for you guys, for a while. I do not know if it is just you know, the size of projects being bigger, but you have any comments on that, you know, kinda what is been driving that?

Is it, you know, broad-based or is it, you know, maybe couple project specific issues?

Justin, this is Paul. it is really, I would say, ordinary course, just timing of approvals from clients.

You look at it as a percentage of revenue or earnings. I think it is still pretty low, and it moves around over time.

You know? So we are just over $200 million of unapproved change orders today.

We have been at that level before with lower consolidated company revenue. So, you know, we are very comfortable with our practice around booking those, and generally, it is just timing, booking through with clients.

Okay. Alright.

Fair enough. Thank you.

Hey, good morning guys. Jose, can you comment on the timing of 2 things?

1 would be when the recent bookings in pipeline start to burn, and then also, on the billions of dollars you talked about in hyperscaler fiber, you know, when that might hit backlog and when will that start to burn?

Yes. So on a backlog perspective for comms, I actually think there is already some in there.

Right? So the fact that revenue declined in the second half and yet our backlog declined modestly, I think is a telltale that we are winning other things to put in backlog that are for future revenue.

I think that stuff starts to impact 2027. And on the pipeline-- yeah.

So, the pipeline, again, we do not we do not think backlog really demonstrates our visibility in the business. Again, we feel really good about you know, 2027, 2028.

We expect the back half of 27 to be a lot bigger than the first half of 27. But it is you know, we feel really good about the project mix and flow and the expectations around that.

Okay. Thank you.

Hi. Good morning.

I am not going to ask about communications. I am wondering if you can talk a bit about within your renewables the wind and solar mix.

I know it is been tilting towards solar but I am wondering if the shift in that mix is accelerating given all of the permitting challenges we have heard about on the wind side. Thank you.

Yeah. Look.

We have been we have been trending to more solar for a while now. I think obviously solar is a bigger piece of the business and wind for us.

With all that said, wind has been incredibly resilient. We feel good about that market.

We you know, we are we are having a good year. We actually have good bookings around that.

We have got really good backlog going into 2027 there as well. So we are not negative on that market by any stretch, but obviously, the bigger growth opportunities are on the solar side.

Could you would you be willing to share some rough sense as to how what the mix of the business looks like?

Yeah. I do not I do not have it handy.

I would say it is you know, 60-65% solar at this point. Okay.

Thank you very much. Thank you.

With the close of Superior, just wanted to ask a follow-up. Can you just talk a little on the integration timeline and the impact of margins?

I think when we look at the guide revision, the EBITDA margin implied seems to be the same, but how should we think about that over the longer term?

Yeah, I mean, think obviously, you look at our second half guide, it is hundreds of basis points higher than the first half. A lot of that is driven by the addition of Superior.

Obviously, our net power delivery business is performing better than we thought. But the bigger driver of that is the enhanced margins of Superior.

We feel like from an integration standpoint, it is gone again, it is been a week, but it is gone incredibly well. We spent a lot of time together with teams.

Again, we are not you know, they are they are kind of a standalone entity which does not require an enormous amount of integration like we have seen in some of their other deals. it is a different business.

But again, we think 1 of the most exciting parts of that deal are the cross selling opportunities. And we have been all over that.

Since the announcement of the transaction. So feeling really good about the integration the remaining integration required.

And more importantly, we are feeling really good about the business, their prospects and their ability to outperform.

Okay. Great.

We will turn it-- thank you.

Yes. I just want to thank everybody for participating today, we look forward to updating everybody on our third quarter call.

Thank you.