MasTec, Inc.

Geopolitical and trade · Regulatory and policy uncertainty

The current U.S. administration has implemented various policies and actions that could inhibit wind or renewable energy development activity and, although to date these have been overturned by the courts, or are the subject of ongoing litigation, these policies and actions could create uncertainty.

Strategic execution · Joint venture and partnership risks

Our participation in strategic arrangements, including joint ventures and equity investments, exposes us to numerous risks. The success of these arrangements depends, in large part, on whether our partners satisfy their contractual and performance obligations.

Market position and competition · Market cyclicality and demand volatility

The oil and gas markets have historically been and are likely to continue to be volatile. Demand for pipeline construction services is sensitive to levels of activity in the oil and gas industry.

Customer and revenue · Customer concentration and key customer dependence

We derive a significant portion of our revenue from a few customers, and the loss of one or more of these customers, or a reduction in their demand for our services, could impair our financial performance.

Strategic execution · Merger acquisition and divestiture risks

Acquisitions and strategic investments involve risks, including from integration of acquired businesses into our operations, which, if unsuccessful, could negatively affect our operating results, cash flows and liquidity and may not enhance shareholder value.

Market position and competition · Pricing pressure and margin compression

Our results of operations, cash flows and liquidity could be materially and adversely affected if we are unsuccessful in bidding for projects or renewing our master service agreements, or if our ability to win such projects or agreements requires that we accept lower margins.

Cybersecurity and data protection · Data breaches and cyber attacks

We rely on information, communications and data systems in our operations. Systems and information technology interruptions and/or data security breaches could adversely affect our ability to operate, our operating results, our data security or our reputation.

Cybersecurity and data protection · Third party data security and vendors

We also rely, in part, on third-party software and information technology to run certain of our critical accounting, project management and financial information systems.

Digital transformation and innovation · Technology implementation and upgrades

We regularly evaluate the need to upgrade, enhance and/or replace our systems and network infrastructure to protect our information technology environment, to stay current on vendor supported products and to improve the efficiency and scope of our systems.

Tax and financial reporting · Financial reporting and accounting standards

In addition, accounting rules and regulations are subject to review and interpretation by the Financial Accounting Standards Board (the FASB), the SEC, and various other governing bodies.

Industry regulation · Regulatory compliance and changes

Changes to laws, governmental regulations and policies, including those pertaining to governmental permitting, tax incentives, government funding programs and spending policies, as well as advances in artificial intelligence, could affect demand for our services, or cause delays or cancellations of projects.

Credit and liquidity · Liquidity and cash flow constraints

Our ability to meet our payment and other obligations under our debt instruments depends on our ability to generate significant cash flow in the future, which can be subject to many factors, some of which are beyond our control.

Market and investment · Interest rate and yield curve risk

Additionally, our variable rate indebtedness subjects us to interest rate risk. Although the Federal Reserve lowered short-term interest rates in 2025, interest rate volatility, particularly increases to interest rates, will increase our debt service obligations.

Project and contract management · Government contract dependency

Additionally, the current U.S. administration has established initiatives to reform federal government processes and reduce expenditures. Implementation of these initiatives, along with pressures on and uncertainty surrounding the federal budget and budgetary priorities, could adversely affect funding.

Core operations · Operational disruption and business continuity

Our business is seasonal and affected by the spending patterns of our customers, project schedules, weather conditions, climate-related events, regulatory matters, including timing of governmental permitting, and market conditions, all of which expose us to variations in quarterly results.

Human capital and workforce · Talent acquisition and retention

If we are unable to attract and retain skilled and qualified employees and key personnel, we will be unable to operate efficiently, which could reduce our revenue, profitability and liquidity. Our business is labor intensive, and some of our operations experience a high rate of employee turnover.

Project and contract management · Large contract concentration

We derive a significant portion of our revenue from a few customers. Additionally, a significant portion of our services are provided on a non-recurring, project-by-project basis.

Supply chain and procurement · Supplier operation and dependance

Our subcontractors and suppliers may fail or be unable to satisfy their obligations to us or other parties, or we may be unable to maintain these relationships, either of which could have a material adverse effect on our results of operations, cash flows and liquidity.

Human capital and workforce · Key personnel dependence and succession

We are also dependent upon retaining and recruiting qualified management to execute our business strategy. Our business is managed by a number of key executive and operational officers, many of whom have extensive industry experience.

Corporate governance · Internal controls and risk management

A failure of our internal control over financial reporting could materially affect our business. Our management is responsible for establishing and maintaining adequate internal control over financial reporting.