MTZ – Quick Take – Analyst Day Initial Highlights

Research evidence excerpt

MTZ – Quick Take – Analyst Day Initial Highlights

supplement organic growth with strategic acquisitions in

Unchanged adjacent markets, implying significant upside to the $15 EPS target by 2028.

Sees Cumulative 2026-2030 TAM of ~$4.6T; Enhanced through M&A and Organic

Investment: MTZ sees a cumulative 5-year (2026–2030) total addressable market of ~

4 Page Document $4.6T including $1.095T in Power T&D and Gas Distribution, $1.285T in Infrastructure,

$725B in General Building and Data Center, $640B in Industrial and other, $370B in

Reasons for this report Renewables, $295B in Wireless and Wireline, and $160B in Natural Gas, Oil and Carbon Capture. At the same time its total addressable market is expected to increase 48% from

$685B in 2025 to $1.010T in 2030. MasTec has significantly expanded its TAM, diversified ✓ Quick Reaction to Newsflow/Volatility

its portfolio, and enhanced its competitive positioning through strategic M&A and organic

✓ Initial Thoughts Post Analyst Day investment. Today, MTZ is the number two contractor in Renewables, Power Delivery, and

Communications; a leading contractor in Industrial, Infrastructure and General Building; and

the number one contractor in Pipeline Infrastructure. Yet, MTZ’s market share remains low,

and as such, the opportunity to gain share in a fragmented market remains substantial.

MTZ’s competitive moat is significant, as it is one of the few contractors with a national

footprint, a strong track record of execution, and scale further enhanced by a very strong

balance sheet. We believe MTZ is one of the best industrial compounders, with above-

average visibility supported by backlog, competitive positioning, and secular tailwinds, and

we reiterate our Buy rating.

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