MasTec (MTZ.N): Noise in Q2Q6 Results But We See L-T Demand Visibility

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MasTec (MTZ.N): Noise in Q2Q6 Results But We See L-T Demand Visibility

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30 Jul 2026 17:35:30 ET │ 11 pages

MasTec (MTZ.N)

Noise in 2Q26 Results But We See L-T Demand Visibility

CITI'S TAKE

Buy Overall, we think demand visibility across MTZ’s end-markets remains

elevated, and while we acknowledge some noise in MTZ’s 2Q Price (30 Jul 26 16:00) US$324.44

performance/2026 guidance, we still view MTZ as well positioned to Target price US$483.00

generate strong EPS growth in ‘26/'27. Sequential growth in 18-month Expected share price return 48.9%

backlog ($21.4bn in 2Q26 beat our $20.9bn pre-print estimate and up Expected dividend yield 0.0%

$1.1bn q/q) suggests good top-line visibility, and more importantly, MTZ Expected total return 48.9%

appears confident about the potential pipeline of project opportunities

Market Cap US$25,637M across the majority of its end-markets that we think should support good

growth momentum across its backlog/sales (we remind investors that

MTZ's recent Superior acquisition did not impact backlog performance in

the quarter). While MTZ's Communication segment recorded modestly Andrew KaplowitzAC

disappointing 2Q margin as well as '26 guidance, we think that ramping +1-212-816-0642

volumes across MTZ's portfolio (further augmented by its Superior andrew.kaplowitz@citi.com

acquisition), coupled with productivity improvements (better

Jose Sulca Flores

utilization/cost discipline), should drive robust EPS growth over time.

jose.alonso.sulcaflores@citi.com

F3Q26 and FY26 Guidance Update — MTZ raised its 2026 guidance with total

revenue of $18.2bn (from $17.5bn; Citi/Street at $18.36bn/$18.47bn pre-print), adj

EBITDA of $1.60bn (from $1.5bn; Citi/Street at $1.61bn/$1.57bn pre-print), and adj

EPS of $9.30 (from $8.79; Citi/Street at $9.45/$9.14).