NYSE: MTZ

We seek to grow and diversify our business both organically and through acquisitions and/or strategic arrangements in order to deepen our market presence and customer base, broaden our geographic reach and expand our service offerings. In 2021, we initiated a significant transformation of our end-market business operations to focus on the nation’s transition to low-carbon energy sources and position the Company for expected future opportunities. This transformation included significant business combination activity, including expansion of our scale and capacity in renewable energy, power delivery, heavy civil and telecommunications services. For discussion of our recent acquisitions, see Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Business,” which is incorporated by reference.

We manage our operations under five operating segments, which represent our five reportable segments: (1) Communications; (2) Clean Energy and Infrastructure; (3) Power Delivery; (4) Pipeline Infrastructure and (5) Other. This structure is generally focused on broad end-user markets for our labor-based construction services.

In the first quarter of 2025, we made changes to our Communications and Power Delivery segment structure to more closely align with our segments’ end markets and to better correspond with the operational management reporting structure of both segments. These changes included moving a component with utility operations previously reported in our Communications segment to our Power Delivery segment. These changes did not impact our consolidated financial statements, but did impact our reportable segments, including historical financial information. See Note 14 - Segments and Related Information in the notes to the audited consolidated financial statements, which is incorporated by reference, for additional information pertaining to the Company’s reportable segments. The segments are reported on a comparable basis for all periods presented.

Our Communications segment performs engineering, construction, maintenance and customer fulfillment activities related to communications and digital infrastructure, primarily for wireless and wireline/fiber networks, data center buildout and interconnection, wireless integration and optimization and install-to-the-home services, as well as select utility infrastructure, among others. Our Clean Energy and Infrastructure segment primarily serves energy, utility, government and other end-markets through the installation and construction of power generation facilities, primarily from clean energy and renewable sources, such as wind, solar, biomass, natural gas and hydrogen, as well as battery storage systems for renewable energy; various types of heavy civil and industrial infrastructure services, including roads, bridges and rail; and environmental remediation services. Our Power Delivery segment primarily serves the energy, utility and data center infrastructure industries through the engineering, construction and maintenance of power transmission and distribution infrastructure, including electrical and gas lines, power reserve and battery infrastructure, and distribution network systems, substations and grid modernization; emergency restoration services following natural disasters and accidents; and environmental planning and compliance services. Our Pipeline Infrastructure segment performs engineering, construction, maintenance and other services for pipeline infrastructure, including natural gas, water and carbon capture sequestration pipelines, as well as pipeline integrity, including the repair of pipeline infrastructure and facilitating their safe use throughout their lifecycle, and other services for the energy and utilities industries. The Other segment includes certain equity investees, the services of which may vary from those provided by our primary segments, as well as other small business units with activities in certain international end-markets. See Note 14 - Segments and Related Information and Note 15 - Commitments and Contingencies in the notes to the audited consolidated financial statements, which are incorporated by reference, for additional information regarding our segment reporting and significant customer concentrations.

In this Form 10-K, “$” means U.S. dollars unless otherwise indicated.

Industry Trends

The industries in which we operate are undergoing significant transformation driven by several broad, long‑term macroeconomic, technological and regulatory developments. These developments include (i) continued expansion in data consumption and the rapid deployment of artificial intelligence (“AI”) applications and data centers; (ii) increasing levels of electrification across commercial, industrial and residential end‑users; (iii) ongoing transition of the U.S. energy mix toward lower‑carbon and renewable resources; and (iv) federal, state and local investment in critical infrastructure, including through programs established under the Infrastructure Investment and Jobs Act (“IIJA”) and the Inflation Reduction Act (“IRA”). Collectively, these factors are expected to continue to result in opportunities across our Communications, Clean Energy and Infrastructure, Power Delivery, and Pipeline Infrastructure segments.

These macro drivers increasingly intersect across industries and we expect will create multi-segment demand aligned with our diversified portfolio of services. Growth in data centers, for example, requires extensive fiber network expansion and wireless densification; necessitates new renewable and conventional energy generation resources; drives the need for substantial transmission and distribution system upgrades; and contributes to continued demand for natural gas and emerging hydrogen infrastructure. Similarly, the ongoing transition toward cleaner energy

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sources is expected to support new solar, wind, and storage construction activity; require additional transmission and distribution capacity to integrate geographically dispersed renewable resources; and drive demand for pipeline infrastructure to support natural gas as a reliable resource, as well as for carbon capture and sequestration systems under development. In addition, federal infrastructure programs, including those established under the IIJA and IRA, provide funding for broadband deployment, clean energy innovation, grid modernization, water systems, and transportation‑related civil infrastructure, among others, each of which supports activity across multiple segments of our business.

We anticipate that these interconnected dynamics will create complementary opportunities across our segments as follows:

•Our Communications segment is expected to benefit from continued demand for fiber network expansion, wireless densification, and broadband deployment initiatives, including programs directed at unserved and underserved communities.

•Our Clean Energy and Infrastructure segment participates in the construction of renewable generation facilities, data center and industrial projects, and a wide range of civil infrastructure, all of which are expected to remain areas of significant investment.

•Our Power Delivery segment is positioned to support increasing requirements for transmission and distribution system expansion, reliability, resiliency, grid hardening and modernization resulting from rising electricity demand, growth in renewable generation, and aging grid infrastructure.

•Our Pipeline Infrastructure segment is expected to benefit from continued investment in natural gas distribution and transmission systems, water and wastewater networks, and emerging opportunities associated with carbon capture and sequestration, as well as hydrogen‑related infrastructure.

We expect that the convergence of these trends will form a broad, multi‑year investment cycle in U.S. communications, energy and infrastructure systems. Because our service offerings span multiple components of these systems, investment in one area frequently generates related demand in others. As a result, we believe that the diversification of our business in these complementary markets positions us to benefit from the expected long‑term investment associated with these developments.

Our industry is composed of national, regional and local companies that provide services to customers in a range of industries. We believe the following industry trends affect demand for our services:

Opportunities in our Communications Segment

Demand for seamless connectivity across wireless and wired devices continues to accelerate, driven by high-speed internet requirements, broadband expansion, AI data center growth, and data transmission, and such accelerated demand for connectivity continues to spur demand for fast and more reliable wireless and wireline/fiber communications network services. The proliferation of mobile devices, remote technologies, streaming, user generated content, e-commerce, AI applications, and the “Internet of Things (IoT)” is creating significant pressure for new and upgraded networks to meet increasing data traffic and reliability demands of these technologies.

According to IBISWorld’s October 2025 publication, “Wireless Tower Construction in the U.S.” (the “IBISWorld October 2025 publication”), revenue for the wireless tower construction industry is expected to grow to $15.7 billion over the five year period through 2030, reflecting continued investment in this industry. The IBISWorld October 2025 publication also predicts that the downstream telecom sector will invest substantially to maintain existing and establish new infrastructure to support the growing demand for high-speed internet connections.

We believe there will be significant fiber network expansion resulting from the combination of data center investments, carrier spend, and government programs that are expected to incentivize private investment in telecommunications infrastructure. Companies are making substantial investments in data centers to support AI initiatives, with robust fiber networks and connectivity serving as key growth drivers. This trend is creating opportunities to support and enhance data center connectivity, as new facilities are being developed farther from traditional locations. Additionally, according to Grand View Research, in its U.S. Fiber To The Home Market Size and Outlook (2025-2030) report, the United States fiber to the home market is expected to grow at a compound annual growth rate of 12.7% from 2025 to 2030.

Telecommunications providers have invested and continue to invest significant capital and other resources to deliver advanced telecommunications, and more recently, to enable enhanced AI applications, by deploying the latest infrastructure and are projected to play a significant role in shaping the future as both commercial and consumer markets continue to leverage 5G wireless technology. 5G mobile networks have been steadily growing and improvements to existing long term evolution and high-speed data networks are expected to continue over the coming years, providing a platform for the IoT, which can be harnessed to drive innovation and improvements in commerce, transportation, supply chain, research, healthcare, education, public safety, and the development of “Smart Cities,” “Smart Homes” and “Smart Farming,” among many other applications.

In response to these growing opportunities, service providers are expanding, densifying, including in building coverage, and optimizing 5G wireless and wireline/fiber network capacity. Compared to previous wireless generations, 5G requires more extensive network architecture changes, including additional and upgraded towers, higher bandwidth small/micro cells, distributed antenna systems, and expanded fiber networks, resulting in sustained construction, upgrade and maintenance activity. Additionally, there are several initiatives designed to drive development of telecommunications and 5G infrastructure in rural areas. We believe that continued nationwide 5G build-outs, deployment of small/micro cells, fiber expansion by major carriers, and ongoing demand for retrofits and upgrades of existing towers to support 5G (as noted in IBISWorld’s October 2025 publication), will drive multi-year demand for telecommunications infrastructure.

The IIJA provides approximately $65 billion of funding to improve and expand U.S. broadband infrastructure and affordability, including $42 billion allocated through the Broadband Equity, Access and Deployment (“BEAD”) Program to support planning, deployment, and adoption initiatives in unserved and underserved areas. In addition, the Rural Digital Opportunity Fund committed to provide up to $20 billion over ten years to support high-speed broadband deployment in rural communities. Carriers are also investing in telecommunications infrastructure to expand their fiber footprint across the nation. One such example is the AT&T and BlackRock Alternatives private equity fiber partnership, Gigapower LLC

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(“Gigapower”), which will operate a commercial fiber-optic platform in the United States. While still in the early process of scaling, carriers continue to stress the importance of these builds and are experiencing momentum in fiber performance in Gigapower geographies. Based on this performance, AT&T and BlackRock plan to grow and are looking for opportunities to expand Gigapower’s network beyond the initial 1.5 million locations announced in 2022, including growth in both existing and new geographies.

The U.S. market for Smart City initiatives is expected to be driven by continued advancements in IoT, AI, and cloud technologies. Smart City initiatives encompass a wide range of technologies, including Wi-Fi kiosks, adaptive smart lighting systems, utility and water management solutions, smart waste management, real-time traffic and parking optimization, amongst other technologies. Similarly, the U.S. Smart Home market includes technologies that represent a wide range of solutions for monitoring, controlling and automating functions in a home, including home intelligence and connected home technologies. Smart City and Smart Home technologies are expected to benefit from the global expansion and densification of 5G, and highlight significant opportunities for infrastructure, development and service providers, particularly in installation and maintenance solutions, including for our install-to-the-home services offerings.

As one of the largest providers of communications infrastructure services, we believe that we are well-positioned to benefit from the expected opportunities in the telecommunications market as previously described.

Opportunities in our Clean Energy and Infrastructure Segment

Growing electricity demand and the need for additional generation capacity are driving changes in U.S. energy infrastructure and the energy mix, including increased reliance on renewable energy sources to add scalable capacity. According to a Deloitte analysis in its 2026 Power and Utilities Industry Outlook (the “2026 Deloitte Power and Utilities Outlook”), the U.S. is experiencing a surge in electricity demand, driven in part by a confluence of unprecedented electrification related to AI, alongside electrification in transportation and industry. The 2026 Deloitte Power and Utilities Outlook also indicates peak demand is projected to grow by approximately 26% by 2035 and data center demand alone could increase fivefold from 2024 to 2035. However, new supply is not becoming available at a pace adequate to meet demand. According to a Deloitte analysis in its 2026 Renewable Energy Industry Outlook report, renewable energy led U.S. 2025 capacity additions, accounting for 93% of new capacity through September 2025, with solar and storage comprising more than the majority.

Renewable energy is expected to play an increasingly significant role in U.S. electricity generation, with renewables projected to approach nearly half of total electricity generation by 2040, according to a March 2025 “U.S. National Power Demand Study” conducted by S&P Global Commodity Insights. Consistent with this long-term outlook, renewable energy has led U.S. generation capacity addition through September 2025, and several states are expected to introduce or expand renewable energy targets. Governmental and policy initiatives are expected to drive growth, including the IIJA, which allocates $65 billion to power infrastructure and energy programs. IIJA funding includes investments in fuels and technologies, clean energy supply chains, battery power initiatives, solar research and development, and clean hydrogen, among other initiatives. While the IRA initially provided approximately $370 billion in clean energy incentives through tax credits, grants, and loan guarantees, the One Big Beautiful Bill Act (“OBBBA”), signed into law on July 4, 2025, accelerated the phaseout of certain clean energy tax credits established under the IRA, including the clean electricity investment and clean energy productions credits for solar and wind projects, which may reduce longer term demand for such projects. Despite these policy changes, renewables have continued to account for the majority of recent U.S. capacity additions through September 2025, reflecting continued demand for additional generation capacity and supporting a favorable long-term outlook for renewable energy infrastructure development.

Growing corporate initiatives for smaller, standalone distributed generation facilities, together with regulatory and other policy initiatives at the state and municipal levels, have spurred demand for clean energy production from sustainable power sources, including wind, solar, biomass and other sources. Many states have adopted renewable portfolio standards or renewable energy goals to diversify their energy resources, promote domestic energy production and encourage economic development. Rising state renewable portfolio standards, increasing levels of corporate and residential demand, and improving economic competitiveness of renewable sources continue to be key drivers for their growth. We expect that ongoing efforts to enhance electric grid resiliency may continue to support incremental investment in renewable energy solutions, as utilities and certain customers consider the potential adoption of renewable microgrids, including energy storage systems, to help support critical facilities. Additionally, and subject to market conditions and regulatory developments, we believe that the wind sector could benefit over time from potential replacement and repowering activity involving existing wind turbines and foundations with next-generation, higher-efficiency equipment, as well as from maintenance requirements associated with aging wind farms.

As a result of the above trends and factors, we expect continued demand for construction of renewable and other clean energy infrastructure in the coming years. These expected sources of growth may be adversely affected, however, by technological changes that could mitigate or slow the increase in demand for clean energy, changes in governmental policies that reduce tax or funding incentives and changes in governmental processes that delay or reduce investments in projects, as well as changes in climate and environmental policies that contribute to demand for clean energy infrastructure. See