
	June 30, 2026		December 31, 2025
Equity method investments - integral unconsolidated affiliates	$	283,262	$	265,094
Equity method investments - non-integral unconsolidated affiliates	94,663		76,134
Non-marketable equity securities	55,962		70,453
Total equity investments	$	433,887	$	411,681

During the six months ended June 30, 2026, Quanta acquired a 49% equity interest in a joint venture formed to manufacture high-voltage dead-tank circuit breakers. Quanta’s investment is accounted for as an equity method investment and the investee is considered to be an integral unconsolidated affiliate.

As of June 30, 2026 and December 31, 2025, Quanta had receivables of $157.1 million and $165.0 million from its unconsolidated affiliates and payables of $43.3 million and $20.3 million to its unconsolidated affiliates. Quanta recognized revenues of $26.0 million and $45.8 million during the three months ended June 30, 2026 and 2025 and $53.3 million and $96.9 million during the six months ended June 30, 2026 and 2025 from services provided to its unconsolidated affiliates. The receivables balances and revenues recognized are primarily related to services provided to LUMA Energy, LLC (LUMA), Quanta’s joint venture that operates and maintains the electric transmission and distribution system in Puerto Rico, at cost. During the three months ended June 30, 2026 and 2025, Quanta recognized costs of services of $119.0 million and $129.9 million for services provided to Quanta by unconsolidated affiliates other than LUMA. During the six months ended June 30, 2026 and 2025, Quanta recognized costs of services of $240.9 million and $224.8 million for services provided to Quanta by unconsolidated affiliates other than LUMA.


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
Equity in earnings from integral unconsolidated affiliates	$	11,590	$	14,444	$	26,059	$	27,373
Equity in losses from non-integral unconsolidated affiliates	$	(6,406)	$	(499)	$	(8,677)	$	(417)

Equity in earnings (losses) from non-integral unconsolidated affiliates are included in “Other (expense) income, net” in the accompanying condensed consolidated statements of operations. As of June 30, 2026, Quanta had $69.1 million of undistributed earnings from unconsolidated affiliates.

Any difference between Quanta’s carrying value and the underlying equity in the net assets of its equity investments is assigned to the assets and liabilities of the investment, and gives rise to a basis difference, which was $165.3 million and $168.0 million as of June 30, 2026 and December 31, 2025. The amortization of the basis difference was $0.1 million and $1.8 million for the three months ended June 30, 2026 and 2025 and $2.7 million and $2.6 million for the six months ended June 30, 2026 and 2025. The largest component of amortization of basis difference is generally included in “Equity in earnings of integral unconsolidated affiliates” in the accompanying condensed consolidated statements of operations.