MTZ – Quick Take – Takeaways from the Truist Securities Industrials & Services Conference

Research evidence excerpt

MTZ – Quick Take – Takeaways from the Truist Securities Industrials & Services Conference

tivity. Management noted that higher gas rig

counts would provide incremental upside to their expectations, with increased upstream

investment flowing through to midstream demand. The segment continues to operate with

a healthy margin profile (17.8% Adjusted EBITDA margin in 1Q), supported by strong

5 Page Document execution and benefiting from a higher depreciation profile relative to the rest of the portfolio.

Importantly, pipeline work tied to data center development is emerging as a key growth

vector. As hyperscalers expand data center capacity, the need for reliable and scalable

Reasons for this report power infrastructure is driving incremental demand for natural gas pipelines and related

connectivity, particularly in regions where gas-fired generation underpins baseload power.

✓ Quick Reaction to Newsflow/Volatility MTZ is actively engaging with large midstream players to support these developments,

✓ Truist Securities Conference Takeaways positioning itself to benefit not only from traditional pipeline buildouts but also from digital

infrastructure. Longer term, large-scale projects such as the Alaska pipeline represent a

potentially significant source of upside. Management indicated that the project appears

increasingly likely to move forward following recent legislative progress (passed the House;

waiting on senate approval) and remains outside of current financial targets. If approved,

the project could represent billions of dollars in opportunity for MTZ, potentially approaching

the scale of other marquee projects like MVP.

Transmission & Distribution momentum building on strong bid activity and a