
	Communications		Clean Energy and Infrastructure		Power Delivery		Pipeline Infrastructure		Total Goodwill
Goodwill, gross, as of December 31, 2025	$	557.0	$	767.5	$	397.2	$	642.6	$	2,364.3
Accumulated impairment loss (a)	—		—		—		(115.3)		(115.3)
Goodwill, net, as of December 31, 2025	$	557.0	$	767.5	$	397.2	$	527.3	$	2,249.0
Additions from new business combinations	6.2		97.7		—		—		103.9
Measurement period adjustments (b)	(0.9)		10.0		—		—		9.1
Currency translation adjustments	—		—		—		(2.4)		(2.4)
Goodwill, net, as of June 30, 2026	$	562.3	$	875.2	$	397.2	$	524.9	$	2,359.6


	Other Intangible Assets, Net
	Customer Relationships and Backlog		Trade Names		Other (a)		Total
Other intangible assets, gross, as of December 31, 2025	$	1,113.2	$	228.3	$	80.0	$	1,421.5
Accumulated amortization	(628.8)		(83.7)		(52.8)		(765.3)
Other intangible assets, net, as of December 31, 2025	$	484.4	$	144.6	$	27.2	$	656.2
Additions from new business combinations	145.7		2.8		4.0		152.5
Measurement period adjustments (b)	(1.5)		—		—		(1.5)
Currency translation adjustments	(0.7)		(0.1)		(0.3)		(1.1)
Amortization expense	(63.1)		(10.3)		(2.7)		(76.1)
Other intangible assets, net, as of June 30, 2026	$	564.8	$	137.0	$	28.2	$	730.0

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.

2026 Acquisitions. Effective in January 2026, MasTec acquired 86% of the equity interests of McKee Utility Contractors, LLC (“McKee”), an infrastructure services company that specializes in water and wastewater distribution networks in the south central region of the United States, which is included within the Company’s Clean Energy and Infrastructure segment. 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 consisted of $262 million in cash, subject to certain working capital and other contractually agreed-upon adjustments.


Acquisition consideration:	Total
Cash paid	$	262.4




Less: cash acquired	(24.8)
Total consideration paid, net	$	237.6

Assets acquired and liabilities assumed:
Accounts receivable and contract assets	$	79.7

Prepaid expenses	14.7
Property and equipment	42.1
Long-term assets, primarily operating lease right-of-use assets	2.2
Amortizing intangible assets	141.5

Accounts payable	(30.0)
Contract liabilities	(22.9)
Other accrued expenses	(2.6)
Long-term liabilities, primarily operating lease liabilities and deferred income taxes	(45.9)
Total identifiable net assets, excluding cash	$	178.9

Goodwill	100.5
Total net assets, excluding cash	$	279.4

Less: non-controlling interest	(41.8)

Total net assets acquired	$	237.6

Amortizing intangible assets related to the McKee acquisition are primarily composed of customer relationships, and, to a lesser extent, backlog and trade names. Customer relationships and backlog intangible assets of McKee, in the aggregate, totaled approximately $139 million and each had a weighted average life of approximately 13 years and 2 years, respectively. Customer relationships are based on operational history and the nature of customers, which are primarily municipalities and utility customers, and backlog is based on estimated cash flows expected to be derived from future work on acquired contracts with customers. The fair values of the customer relationships and acquired backlog intangible assets were determined using the multi-period excess earnings method under the income approach. This method reflects the present value of the projected operating cash flows generated by the intangible asset after considering the cost to realize revenue, and an appropriate discount rate to reflect the time value and risk associated with the invested capital. The significant assumptions used by the Company in determining the fair value of customer relationships intangible assets include future revenues, margins, discount rates, and customer attrition rates. The weighted average life of amortizing intangible assets in the aggregate for the McKee acquisition was 10 years. Amortizing intangible assets are amortized in a manner consistent with the pattern in which the related benefits are expected to be consumed. The preliminary fair value of the noncontrolling interest of McKee was estimated based on the price MasTec paid for its 86% controlling interest.

Additionally, effective in June 2026, MasTec acquired all of the equity interests of a fiber optic repair and telecommunications company, which is included within the Company’s Communications segment. The aggregate purchase price of this acquisition consisted of approximately $12 million in cash, net of cash acquired, and a three-year earn-out liability. The cash consideration was payable as of June 30, 2026, and was paid in July 2026.

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 Topic 805, Business Combinations (“ASC 805”), was preliminary as of June 30, 2026; as a result, further adjustments to these estimates may occur. The Company expects to finalize the valuations and complete the purchase price consideration allocations no later than one year from the acquisition dates. As of June 30, 2026, $6 million of the goodwill balance related to these acquisitions is expected to be tax deductible.

Q3 2026 Acquisitions. In July 2026, MasTec acquired all of the equity interests of Superior, a premier full-service electrical contractor focused on critical infrastructure, which the Company expects to include within its Power Delivery segment. Superior is a recognized leader in building data center infrastructure while serving a diverse range of end markets including healthcare, entertainment and industrial. The aggregate purchase price of the acquisition, excluding cash acquired and subject to certain adjustments, was approximately $1.6 billion, consisting of approximately $1.2 billion in cash and 1,219,498 shares of MasTec common stock issued from its treasury shares, which had a fair value of $410.5 million as of the acquisition date. Additionally, the acquisition included an earn-out arrangement under which additional consideration may be payable based on the achievement of certain financial performance targets over a three-year period. The cash portion of the acquisition was funded with a combination of cash on hand, and borrowings under the Company’s amended Credit Facility and a new unsecured delayed draw term loan facility. See Note 8 – Debt. The Company accounted for the acquisition of the ownership interests of Superior as business combination in accordance with ASC 805 and will consolidate the results of this entity in its consolidated financial statements. The final consideration amount 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. Additionally, the Company is in the process of performing procedures to determine the consideration and fair value of the assets acquired and liabilities assumed in connection with this acquisition, including the fair value assessment of the earn-out liability, and will include the preliminary purchase price allocation in its Quarterly Report on Form 10-Q for the period ending September 30, 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.

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 with respect to one of such acquisitions. 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 June 30, 2026; 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. As of June 30, 2026, 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 $35 million of the goodwill balance related to the 2025 acquisitions is expected to be tax deductible as of June 30, 2026.

HMG Additional Payments. The purchase agreement in connection with the 2021 acquisition of HMG provided for certain additional payments to be made to the sellers if certain receivables are collected by the Company (the “Additional Payments”). As of December 31, 2025, the estimated fair value of remaining Additional Payments totaled $17.8 million, which was included within other current liabilities in the consolidated balance sheets. During the six months ended June 30, 2026, the Company collected the remaining receivables subject to the Additional Payments, including the $3.9 million collected during the first quarter of 2026. As a result, a final Additional Payment of $35.1 million was made in May 2026, consisting of approximately $8.9 million in cash, which is reflected within financing activities in the consolidated statement of cash flows, and 67,592 shares of MasTec common stock. For the three and six months ended June 30, 2026, the Company recorded fair value adjustments totaling expenses of $4.4 million and $13.4 million, respectively, and for the six months ended June 30, 2025, such adjustments totaled an expense of $1.7 million, which are recorded within general and administrative expenses.

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 three and six months ended June 30, 2026, the Company’s consolidated results of operations included acquisition-related revenue of approximately $195.1 million and $363.7 million, respectively. Acquisition-related net income for the three months ended June 30, 2026 was immaterial, and for the six months ended June 30, 2026 totaled approximately $4.5 million, based on the Company’s consolidated effective tax rate. These acquisition-related results include amortization of acquired intangible assets and certain acquisition integration costs.

Revenue and net income from the Company’s 2026 acquisitions included within the Company’s consolidated results of operations for the three months ended June 30, 2026 were $72.0 million and $2.9 million, respectively, and $133.2 million and $5.4 million for the six months ended June 30, 2026, respectively. Acquisition costs incurred for acquisitions completed in 2026 were $1.9 million for the six months ended June 30, 2026.