
	Communications		Clean Energy and Infrastructure		Power Delivery		Pipeline Infrastructure		Total Goodwill
Goodwill, gross, as of December 31, 2023 (a)	$	545.8	$	742.0	$	371.9	$	586.0	$	2,245.7
Accumulated impairment loss (b)	—		—		—		(119.3)		(119.3)
Goodwill, net, as of December 31, 2023 (a)	$	545.8	$	742.0	$	371.9	$	466.7	$	2,126.4
Additions from new business combinations	—		0.3		23.5		53.4		77.2
Measurement period adjustments (c)	0.7		—		—		—		0.7
Currency translation adjustments	—		—		—		(1.2)		(1.2)
Goodwill, net, as of December 31, 2024 (a)	$	546.5	$	742.3	$	395.4	$	518.9	$	2,203.1
Additions from new business combinations	10.5		21.8		—		1.4		33.7
Measurement period adjustments (c)	—		3.4		1.8		3.8		9.0
Currency translation adjustments	—		—		—		3.2		3.2
Goodwill, net, as of December 31, 2025	$	557.0	$	767.5	$	397.2	$	527.3	$	2,249.0
Accumulated impairment loss (b)	—		—		—		(115.3)		(115.3)
Goodwill, gross, as of December 31, 2025	$	557.0	$	767.5	$	397.2	$	642.6	$	2,364.3


	Other Intangible Assets, Net
	Customer Relationships and Backlog		Trade Names (a)		Other (b)		Total
Other intangible assets, gross, as of December 31, 2023	$	1,096.6	$	229.0	$	87.6	$	1,413.2
Accumulated amortization	(529.3)		(49.8)		(49.8)		(628.9)
Other intangible assets, net, as of December 31, 2023	$	567.3	$	179.2	$	37.8	$	784.3
Additions from new business combinations	81.0		3.2		—		84.2

Currency translation adjustments	—		—		(1.2)		(1.2)
Amortization expense	(114.1)		(19.4)		(6.4)		(139.9)
Other intangible assets, net, as of December 31, 2024	$	534.2	$	163.0	$	30.2	$	727.4
Additions from new business combinations	54.3		2.1		1.8		58.2

Currency translation adjustments	1.2		0.1		0.5		1.8
Amortization expense	(105.3)		(20.6)		(5.3)		(131.2)
Other intangible assets, net, as of December 31, 2025	$	484.4	$	144.6	$	27.2	$	656.2
Remaining weighted average amortization, in years	11		11		7		11

(a) Includes approximately $34.5 million of a non-amortizing trade name as of December 31, 2023. In 2024, management reassessed the indefinite-life classification of its $34.5 million non-amortizing trade name intangible asset. Management determined that, based on changes in the asset’s characteristics, a finite-life classification for this asset was more appropriate. As a result, the Company changed the classification of this intangible asset from indefinite-lived to finite-lived and began amortizing it in the fourth quarter of 2024, at which time its estimated remaining useful life was approximately 12 years.

The Company seeks to grow and diversify its business both organically and through acquisitions and/or strategic arrangements in order to deepen its market presence and customer base, broaden its geographic reach and expand its service offerings. Acquisitions are funded with cash on hand, borrowings under the Company’s senior unsecured credit facility and other debt financing and, for certain acquisitions, with shares of the Company’s common stock, and are generally subject to customary purchase price adjustments. The goodwill balances for each of the respective acquisitions represent the estimated values of each acquired company’s geographic presence in key markets, assembled workforce, synergies expected to be achieved from the combined operations of each of the acquired companies and MasTec, as well as the acquired company’s industry-specific project management expertise.

Q1 2026 Acquisitions. Subsequent to December 31, 2025, MasTec acquired 86% of the equity interest of an infrastructure services company that specializes in water and wastewater distribution networks in the south central region of the United States, which will be included within the Company’s Clean Energy and Infrastructure segment, effective in January. MasTec has the option to acquire the remaining noncontrolling interest in the entity following the third anniversary of the consummation date. The aggregate purchase price of this acquisition was $262 million and consisted of cash paid or payable on the date of the acquisition. The final amount of consideration for this acquisition remains subject to certain post-closing adjustments, including with respect to net working capital, tax estimates and other contractually agreed-upon adjustments to consideration. The Company accounted for the acquisition of the ownership interest as a business combination in accordance with ASC 805 and will consolidate the results of this entity in its consolidated financial statements. The preliminary fair value of the noncontrolling interest is estimated at $42 million, and is based on the price MasTec paid for its 86% controlling interest. The Company is in the process of performing procedures to determine the fair value of assets acquired and liabilities assumed related to this acquisition, and will include the preliminary purchase price allocations in its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026.

2025 Acquisitions. During 2025, MasTec acquired all of the equity interests of the following: (i) within the Company’s Communications segment: a telecommunications construction company, effective in July; (ii) within the Company’s Pipeline Infrastructure segment: a construction company specializing in roadway infrastructure, effective in August; and (iii) within the Company’s Clean Energy and Infrastructure segment: a construction company specializing in construction management and design-build services, effective in December. Additionally, MasTec acquired certain operations and assets of a business specializing in install-to-the-home services included within the Company’s Communications segment, effective in November. Determination of the estimated fair values of net assets acquired and consideration transferred for these acquisitions, which have been accounted for as business combinations under ASC 805, was preliminary as of December 31, 2025; as a result, further adjustments to these estimates may occur. The Company expects to finalize the valuation and complete the purchase price consideration allocation no later than one year from the acquisition date.

The aggregate purchase price of the Company’s 2025 acquisitions was composed of approximately $87 million, in cash, net of cash acquired, and a five year earn-out liability valued at approximately $13 million primarily with respect to one of such acquisitions. As of December 31, 2025, the remaining potential undiscounted earn-out liabilities for the 2025 acquisitions was estimated to be up to $20 million; however, there is no maximum payment amount. See Note 4 - Fair Value of Financial Instruments for fair value estimates and other details related to the Company’s earn-out arrangements. Approximately $33 million of the goodwill balance related to the 2025 acquisitions is expected to be tax deductible as of December 31, 2025.

2024 Acquisitions. During 2024, MasTec completed three acquisitions, which included all of the equity interests of a construction company focused on underground utility infrastructure for industrial and municipal projects, with expertise in data center utility systems, which acquisition is included within the Company’s Power Delivery segment, and was effective in July; the acquisition of certain operations of a heavy civil contractor specializing in transportation projects, which acquisition is included within the Company’s Clean Energy and Infrastructure segment and was effective in October; and effective in December, the acquisition of the equity interests of a company focused on pipeline infrastructure and heavy civil projects, which acquisition is included within the Company’s Pipeline Infrastructure segment.

The aggregate purchase price of the Company’s 2024 acquisitions was composed of approximately $88 million in cash, net of cash acquired, and a five year earn-out liability valued at approximately $56 million with respect to one of such acquisitions. In connection with the acquisition within the Company’s Pipeline Infrastructure segment, MasTec acquired 60% of the equity interest of the company in exchange for consideration transferred of cash and a 40% equity interest in a MasTec Canadian subsidiary. Determination of the estimated fair values of net assets acquired and consideration transferred for these acquisitions, which have been accounted for as business combinations under ASC 805, was complete as of December 31, 2025. As of December 31, 2025, the remaining potential undiscounted earn-out liabilities for the 2024 acquisitions was estimated to be up to $27 million; however, there is no maximum payment amount. See Note 4 - Fair Value of Financial Instruments for fair value estimates and other details related to the Company’s earn-out arrangements. Approximately $47 million of the goodwill balance related to the 2024 acquisitions is expected to be tax deductible as of December 31, 2025.

2023 Acquisitions. During 2023, MasTec completed four acquisitions, including the acquisition of certain assets of a telecommunications company specializing in wireless services, which acquisition was included within the Company’s Communications segment, and was effective in January; and, effective in July, the acquisition of the equity interests of a telecommunications construction company specializing in broadband and fiber-to-the-home initiatives in the New England area, which acquisition was included within the Company’s Communications segment. Additionally, effective in May 2023, MasTec acquired certain of the equity interests of two equipment companies which were accounted for as asset acquisitions under ASC 805 and were included within the Company’s Pipeline Infrastructure segment. In the fourth quarter of 2023, the Company sold certain of the equity interests of these equipment companies to members of subsidiary management. See Note 16 - Related Party Transactions. Based on an evaluation of the respective entities’ operating agreements, the Company determined that these entities are not VIEs; however, given that the Company has voting control with respect to the entities, the Company has consolidated these entities within the Company’s results of operations, with the other parties’ interests accounted for as non-controlling interests.

The aggregate purchase price of the Company’s 2023 acquisitions was composed of $70 million in cash, net of cash acquired, and an earn-out liability valued at $1 million. As of December 31, 2025, the remaining potential undiscounted earn-out liabilities for the 2023 acquisitions was estimated to be up to $0.3 million; however, there is no maximum payment amount. See Note 4 - Fair Value of Financial Instruments for fair value estimates and other details related to the Company’s earn-out arrangements. Approximately $41 million of the goodwill balance related to the 2023 acquisitions is expected to be tax deductible as of December 31, 2025.

HMG Additional Payments. The 2021 HMG purchase agreement provides for certain additional payments to be made to the sellers if certain receivables are collected by the Company (the “Additional Payments”). Pursuant to the terms of the purchase agreement, a portion of the Additional Payments will be made in cash, with the remainder due in shares of MasTec common stock. The estimated number of potential shares that could be issued related to such Additional Payments will be based on the amounts ultimately collected and the share price as defined within the purchase agreement. Changes in the estimated fair value of potential shares that could be issued, which result from changes in MasTec’s share price as compared with the share price as defined within the purchase agreement, are reflected as unrealized gains or losses within other income or expense, as appropriate. As of December 31, 2025 and 2024, the estimated fair value of remaining Additional Payments totaled approximately $18 million and $14 million, respectively, which amounts are included within other current liabilities in the consolidated balance sheet. In November 2024, the Company made Additional Payments of approximately $26 million, which were composed of cash payments of approximately $12 million, and are reflected within financing activities in the consolidated statement of cash flows, and MasTec common stock totaling approximately 93,000 shares. For the years ended December 31, 2025 and 2024, fair value adjustments related to the contingent shares totaled losses of approximately $4.1 million and $5.5 million, respectively, and for the year ended December 31, 2023, fair value adjustments related to the contingent shares totaled gains of approximately $1.3 million. The estimated number of shares that would be paid in connection with the remaining Additional Payment liability

Pro forma results. The Company’s unaudited pro forma financial results include the results of operations of acquired companies as if those companies had been consolidated as of the beginning of the year prior to their acquisition, and are provided for illustrative purposes only. These unaudited pro forma financial results do not purport to be indicative of the actual results that would have been achieved by the combined companies for the periods indicated, or of the results that may be achieved by the combined companies in the future.

The Company’s unaudited pro forma financial results were prepared by adding the unaudited historical results of acquired businesses to the historical results of MasTec, and then adjusting those combined results for (i) acquisition costs; (ii) amortization expense from acquired intangible assets; (iii) interest expense from cash consideration paid; (iv) interest expense from debt repaid upon acquisition; and (iv) other purchase accounting related adjustments. These unaudited pro forma financial results do not include adjustments to reflect other cost savings or synergies that may have resulted from these acquisitions. Future results may vary significantly due to future events and other factors, many of which are beyond the Company’s control.

Acquisition-related results. The Company defines “acquisition-related” results as results from acquired businesses for the first twelve months following the dates of the respective acquisitions. For the years ended December 31, 2025, 2024 and 2023, the Company’s consolidated results of operations included acquisition-related revenue of approximately $166.4 million, $42.8 million and $1,546.3 million, respectively. Acquisition-related revenue for the year ended December 31, 2023 included approximately $1,374.6 million for IEA. For both the years ended December 31, 2025 and 2024, acquisition-related net income was immaterial, and for the year ended December 31, 2023, the Company’s consolidated results of operations included acquisition-related net losses of approximately $40.0 million, based on the Company’s consolidated effective tax rates. These acquisition-related results include amortization of acquired intangible assets and certain acquisition integration costs, and exclude the effects of interest expense associated with consideration paid for the related acquisitions.

In 2021, the Company initiated a significant transformation of its end-market business operations to position the Company for expected future growth opportunities. This transformation included significant business combination activity, including expansion of the Company’s scale and capacity in renewable energy, power delivery, heavy civil and telecommunications services, which activity resulted in significant acquisition and integration costs in prior periods. These acquisition and integration activities were completed in the fourth quarter of 2023. Acquisition and integration costs for the year ended December 31, 2023 totaled approximately $71.9 million, of which $64.1 million was included within general and administrative expenses and $7.8 million was included within costs of revenue, excluding depreciation and amortization.