Company: MTZ
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0000015615-25-000128
Chunk: 407

Company: MASTEC INC
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 7
Chunk 407
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Pipeline Infrastructure Segment Results

Revenue.  The decrease in revenue was due primarily to lower levels of midstream pipeline project activity, offset, in part, by an increase in  other infrastructure-related work.

EBITDA.  As a percentage of revenue, EBITDA decreased by approximately 610 basis points, or $92 million, due primarily to reduced efficiencies, including from a reduction in revenue on midstream pipeline projects, as well as the effects of project mix.  Lower levels of revenue contributed a decrease in EBITDA of approximately $41 million.

Other Segment Results

EBITDA.  EBITDA from Other businesses relates primarily to equity in earnings from our investments in the Waha JVs.

Corporate Results

EBITDA.  For the nine months ended September 30, 2025, Corporate EBITDA included approximately $3 million of income, net, from changes to estimated Earn-out accruals and approximately $4 million of expense, net, from the changes in the fair value of additional contingent payments to former owners of an acquired business.  For the nine months ended September 30, 2024, Corporate EBITDA included approximately $11 million of a loss on extinguishment of debt and approximately $3 million of expense, net, from the changes in the fair value of additional contingent payments to former owners of an acquired business.  Corporate expenses for the nine months ended September 30, 2025 not related to the above-described items increased by approximately $7 million as compared with the same period in 2024, due primarily to increases in compensation and other administrative expenses, including professional fees, offset, in part, by the effects of timing of ordinary course legal and other settlement matters.

Non-U.S. GAAP Financial Measures

As appropriate, we supplement our reported U.S. GAAP financial information with certain non-U.S. GAAP financial measures, including earnings before interest, income taxes, depreciation and amortization (“EBITDA”), adjusted EBITDA (“Adjusted EBITDA”), adjusted net income (“Adjusted Net Income”), adjusted net income attributable to MasTec, Inc. (“Adjusted Net Income Attributable to MasTec, Inc.”) and adjusted diluted earnings per share (“Adjusted Diluted Earnings Per Share”).  These “adjusted” non-U.S. GAAP measures exclude, as applicable to the respective periods, non-cash stock-based compensation expense; loss on extinguishment of debt and changes in fair value of acquisition-related contingent items, as more fully described below;