MasTec Inc (MTZ) 2025 Q3 法說會逐字稿

Hello, and thank you for standing by. Welcome to MasTec's third quarter 2025 earnings conference call. (Operator Instructions)

您好，感謝您的耐心等待。歡迎參加 MasTec 2025 年第三季財報電話會議。（操作說明）

I would now like to hand the conference over to Chris Mecray. You may begin.

現在我將把會議交給克里斯麥克雷主持。你可以開始了。

Good morning, and thank you for joining us for MasTec's third quarter 2025 financial results conference call. Joining me today are Jose Mas, Chief Executive Officer; and Paul Dimarco, Chief Financial Officer. We have prepared slides to supplement our remarks, which are posted on MasTec's website under the Investors tab and to the webcast link. There's also a companion document with information and analytics on the quarter and a guidance summary to assist in financial modeling.

早安，感謝各位參加 MasTec 2025 年第三季財務業績電話會議。今天與我一同出席的有執行長 Jose Mas 和財務長 Paul Dimarco。我們準備了幻燈片來補充我們的發言，這些幻燈片已發佈在 MasTec 網站的「投資者」標籤下以及網路直播連結中。此外，還有一份配套文件，其中包含有關本季度的資訊和分析以及指導摘要，以協助進行財務建模。

Please read the forward-looking statement disclaimer contained in the slides accompanying this call. During this call, we'll make forward-looking statements regarding our plans and expectations about the future as of the date of this call. Because these statements are based on current assumptions and factors that involve risks and uncertainties, our actual performance and results may differ materially from our forward-looking statements.

請閱讀本次電話會議隨附幻燈片中包含的前瞻性聲明免責聲明。在本次電話會議中，我們將就截至本次電話會議之日我們對未來的計劃和預期發表前瞻性聲明。由於這些聲明是基於目前的假設和涉及風險和不確定性的因素，我們的實際表現和結果可能與我們的前瞻性聲明有重大差異。

Our Form 10-K, as updated by current and periodic reports, includes a detailed discussion of risks and uncertainties that may cause such differences. In today's remarks, we'll be discussing adjusted financial metrics reconciled in yesterday's press release and supporting schedules. We may also use certain non-GAAP financial measures in this conference call.

根據當前和定期報告的更新，我們的 10-K 表格詳細討論了可能導致此類差異的風險和不確定性。在今天的演講中，我們將討論昨天新聞稿和相關附表中所列的調整後的財務指標。在本次電話會議中，我們也可能會使用一些非GAAP財務指標。

A reconciliation of any non-GAAP financial measures not reconciled in these comments to the most comparable GAAP financial measures can be found in our earnings press release, slides or companion documents.

對於本評論中未與最可比較的 GAAP 財務指標進行核對的任何非 GAAP 財務指標，可在我們的獲利新聞稿、投影片或相關文件中找到核對結果。

I'll now turn the call over to Jose.

現在我將把電話交給何塞。

Thanks, Chris. Good morning, and welcome to MasTec's 2025 third quarter call. First, some third quarter highlights. Revenue for the quarter was just shy of $4 billion, a 22% year-over-year increase. Adjusted EBITDA was $374 million, a 20% year-over-year increase, and this growth performance was the highest level since the first quarter of 2024.

謝謝你，克里斯。早上好，歡迎參加 MasTec 2025 年第三季電話會議。首先，讓我們回顧一下第三季的一些精彩時刻。該季度營收略低於 40 億美元，年增 22%。調整後 EBITDA 為 3.74 億美元，年增 20%，這是自 2024 年第一季以來的最高成長水準。

Adjusted earnings per share was $2.48, ahead of consensus by nearly $0.20. And despite a revenue record quarter, backlog at quarter end was $16.8 billion, a roughly $325 million sequential increase, with every segment delivering backlog growth.

調整後每股收益為2.48美元，比市場預期高出近0.20美元。儘管營收創下季度新高，但季度末積壓訂單為168億美元，環比增長約3.25億美元，所有業務部門的積壓訂單均有所增長。

In summary, we exceeded guidance across each of our revenue, EBITDA and EPS metrics, representing a strong period of execution for MasTec. This strong result is, in part, a testament to the scale and diversification we have achieved for MasTec over time, and we are excited about our outlook for the balance of the year and beyond, given clearly positive market conditions across all end markets we serve.

總而言之，我們在營收、EBITDA 和 EPS 各項指標上均超乎預期，這代表了 MasTec 的強勁執行力。這一強勁的業績在一定程度上證明了 MasTec 多年來所取得的規模和多元化發展，鑑於我們所服務的所有終端市場都呈現出明顯的積極市場狀況，我們對今年剩餘時間及以後的發展前景感到興奮。

I'd like to point out some further highlights about our quarter. Our Communication segment grew revenues 33% year-over-year. And EBITDA increased 38%, all organic. And EBITDA margins for the segment improved 40 basis points compared to last year's third quarter. Our Clean Energy and Infrastructure segment grew revenue by 20% year-over-year, and EBITDA improved 36%, virtually all organic. EBITDA margins for the segment improved 100 basis points compared to last year.

我想再指出一些關於我們本季的亮點。我們的通訊業務板塊營收年增 33%。EBITDA成長了38%，全部為內生成長。該業務部門的 EBITDA 利潤率較去年第三季提高了 40 個基點。我們的清潔能源和基礎設施部門營收年增 20%，EBITDA 成長 36%，幾乎全部為內生成長。該業務板塊的 EBITDA 利潤率較去年提高了 100 個基點。

Our Power Delivery segment grew revenue 17% year-over-year, and EBITDA increased 21%, all organic. EBITDA margins for the segment improved 30 basis points compared to last year despite a difficult year-over-year storm emergency response comparison that tends to be very profitable. These three segments make up our nonpipeline segments, which grew revenues by 22% for the third quarter compared to last year, EBITDA by 31% and achieved a 60 basis point improvement in EBITDA margins, again, virtually all organic.

我們的電力傳輸業務部門營收年增 17%，EBITDA 成長 21%，全部為內生成長。儘管與去年同期相比，風暴緊急應變業務的利潤率通常很高，但該業務部門的 EBITDA 利潤率仍比去年提高了 30 個基點。這三個部分構成了我們的非管道業務部分，與去年同期相比，第三季營收成長了 22%，EBITDA 成長了 31%，EBITDA 利潤率提高了 60 個基點，幾乎全部都是內生成長。

We highlight this because of the significant investments we've made to diversify our business and position us to participate and benefit from the changing landscape of both power generation and delivery. Our solid execution across these segments, coupled with the expectations of significantly improved pipeline market as natural gas plays a much larger role in future energy generation, position MasTec for continued growth and strong financial performance.

我們之所以強調這一點，是因為我們進行了大量投資，以實現業務多元化，並使我們能夠參與並從不斷變化的發電和輸電格局中受益。我們在這些領域的穩健執行，加上天然氣在未來能源生產中發揮更大作用，管道市場預計將大幅改善，使 MasTec 能夠持續成長並取得強勁的財務表現。

MasTec's total backlog remained very healthy in the third quarter, reaching another record level despite significantly increased volumes burn experienced during the period. Third quarter backlog increased 21% year-over-year and was up slightly sequentially with a book-to-bill ratio of 1.1 times. While the sequential backlog included a solid 8% increase from our Pipeline segment, our visibility in that segment is considerably better than backlog suggests. We continue to expect further backlog growth in the current quarter and to end the year at another record level.

儘管第三季訂單消耗量大幅增加，但 MasTec 的總訂單積壓量依然保持非常健康，並達到了另一個創紀錄的水平。第三季積壓訂單年增 21%，較上季略有成長，訂單出貨比為 1.1 倍。雖然連續積壓訂單量較我們的管道業務部分增長了 8%，但我們在該業務領域的可見性遠比積壓訂單量所顯示的要好得多。我們預計本季積壓訂單將繼續成長，並以另一個創紀錄的水平結束今年。

Turning to some segment highlights. In our Communications segment, the telecom infrastructure market remains dynamic. Our customers are making significant and growing capital investments to support broadband delivery across the country to replace older cable delivery systems, and more recently, to enable enhanced artificial intelligence applications. Third quarter revenue easily exceeded our planned contribution from nearly all of our top 10 customers, with higher capital spend seen in multiple regions across wireless and wireline construction, resulting in an impressive 33% growth rate versus prior year in the quarter.

接下來回顧本集節目的精彩片段。在我們的通訊領域，電信基礎設施市場依然充滿活力。我們的客戶正在進行大量且不斷增長的資本投資，以支援全國範圍內的寬頻傳輸，取代老舊的有線傳輸系統，並且最近還用於增強人工智慧應用。第三季營收輕鬆超過了我們前 10 大客戶的預期貢獻，無線和有線建設在多個地區的資本支出增加，使得該季度收入比上年同期增長了 33%，增幅令人矚目。

As expected, margins reached double digits and increased 140 basis points sequentially as well as 40 basis points versus the prior year. Still, the 11.3% EBITDA margin leaves room for improvement as investment requirements for growth moderate. We believe we continue to have significant margin opportunities looking forward.

正如預期的那樣，利潤率達到兩位數，環比增長 140 個基點，較上年同期增長 40 個基點。不過，11.3% 的 EBITDA 利潤率仍有提升空間，因為成長所需的投資需求有所放緩。我們相信，展望未來，我們仍將擁有龐大的利潤空間。

MasTec's wireless business continues to see solid growth from both geographic expansion and providing new and broader services to existing customers. On the wireline side, demand strength continues to be supported by substantial broadband infrastructure build-out by legacy telecom players, cable operators, as well as newer entrant fiber overbuilders. This race to connect consumers to broadband fiber continues, and we are well positioned to execute deployment nationally.

MasTec 的無線業務透過地理擴張和為現有客戶提供新的、更廣泛的服務，持續保持穩健成長。在有線電視方面，傳統電信業者、有線電視業者以及新進的光纖網路建置者持續大力建置寬頻基礎設施，這持續支撐著強勁的需求。這場將消費者連接到寬頻光纖的競賽仍在繼續，我們已做好充分準備，在全國範圍內進行部署。

Further, middle mile broadband build-outs have emerged as an additional growth driver for years to come, and hyperscaler CapEx associated with the data center build-out is contributing to this additional growth for fiber deployment. Our contract with Lumen, which has begun to ramp up in recent months, is anticipated to drive solid and visible growth for our business in 2026.

此外，中程寬頻建設已成為未來幾年的另一個成長動力，而與資料中心建設相關的超大規模資本支出也促進了光纖部署的額外成長。我們與 Lumen 的合約在最近幾個月開始逐步推進，預計將在 2026 年為我們的業務帶來穩健而明顯的成長。

Turning to Power Delivery. While third quarter financials were solid, profit and margin year-over-year comparisons were impacted in the period by a lack of storm-related restoration services against a more normal comparison in the prior year, as well as lower than planned volume from our Greenlink project due to permitting related delays, as has been reported in the press in recent weeks. We have factored both changes into our full year outlook as well.

轉向電力傳輸。雖然第三季財務狀況穩健，但由於與去年同期相比，風暴相關的修復服務不足，以及由於許可相關的延誤導致 Greenlink 項目的業務量低於計劃（正如最近幾週媒體報道的那樣），本季度的利潤和利潤率同比有所下降。我們已將這兩項變更都納入了全年展望中。

Despite these challenges, we expect our Power Delivery segment to achieve double-digit growth in both revenues and EBITDA for full year 2025. Further, our bullish stance on overall grid investment demand remains undiminished, and feedback around load growth and capital spend projections by our power delivery customer remains very positive.

儘管面臨這些挑戰，我們預計到 2025 年全年，我們的電力傳輸業務部門的收入和 EBITDA 將實現兩位數的成長。此外，我們對整體電網投資需求的樂觀態度仍然沒有減弱，我們的電力傳輸客戶對負載成長和資本支出預測的回饋仍然非常積極。

Implied requirements for grid investments in the coming years are substantial. We see ongoing growth of anticipated power demand, set against an aging infrastructure that does not meet either the capacity or the physical location of the sources of incremental supply and demand. We continue to expect large CapEx commitments across transmission, substation, distribution as well as new generation capacity.

未來幾年對電網投資的潛在需求龐大。我們看到預期電力需求持續成長，但老化的基礎設施既無法滿足新增供需來源的容量，也無法滿足其實體位置需求。我們預計在輸電、變電站、配電以及新的發電容量方面仍將有大量資本支出承諾。

Third quarter backlog for Power Delivery increased 11% versus the prior year quarter and increased slightly from second quarter despite an increased burn rate. Post quarter end, I'm pleased to announce that our transmission and substation group within our Power Delivery segment was awarded its second largest project ever, trailing only Greenlink project in size. We expect the project to start in mid-2026 and to be added to backlog by year-end. We will discuss this project in more detail on our year-end call.

第三季電力傳輸積壓訂單比去年同期成長 11%，儘管消耗速度加快，但比第二季略有成長。季度末，我很高興地宣布，我們電力傳輸部門的輸變電站集團獲得了有史以來第二大項目，規模僅次於 Greenlink 項目。我們預計該專案將於 2026 年年中啟動，並於年底前添加到待辦事項清單中。我們將在年終電話會議上更詳細地討論這個項目。

Turning to our Clean Energy and Infrastructure segment. While adjusted EBITDA increased 36% year-over-year, I'd also like to highlight that we have more than doubled our EBITDA from the segment versus the first quarter, demonstrating the considerable progress we've made during 2025. Renewables demand remained very healthy in the period, and we were pleased with execution for the business, which saw significant growth both year-over-year and sequentially, while meeting our margin target of high single-digit, consistent with the prior quarter and improved from the prior year as we continue to benefit from enhanced focus on execution and working closely with our trusted partners.

接下來我們來看看清潔能源和基礎設施板塊。雖然調整後的 EBITDA 同比增長了 36%，但我還想強調的是，與第一季相比，我們該部門的 EBITDA 翻了一番還多，這表明我們在 2025 年取得了相當大的進展。在此期間，再生能源需求仍然非常健康，我們對業務執行情況感到滿意，業務同比增長和環比均實現了顯著增長，同時達到了高個位數的利潤率目標，與上一季度一致，並且比上年有所提高，這得益於我們繼續更加註重執行以及與值得信賴的合作夥伴密切合作。

Our Industrial and Infrastructure business continue to show collective growth, with execution on key projects showing results and reflected in strong margin outcomes. We are excited about future growth here from both ongoing transportation and other infrastructure opportunities and from substantial growth potential related to data center build-outs, including both civil work as well as behind-the-meter power infrastructure.

我們的工業和基礎設施業務繼續保持整體成長勢頭，重點項目的執行取得了成效，並體現在強勁的利潤率上。我們對未來的發展前景感到興奮，這得益於持續的交通運輸和其他基礎設施機遇，以及與資料中心建設相關的巨大成長潛力，包括土木工程和用戶側電力基礎設施。

Overall, backlog for Clean Energy and Infrastructure of $5 billion increased 21% from the prior year and 2% sequentially with a book-to-bill of 1.1 times. This included a nine straight sequential increase in renewables backlog. It's important to note that reported backlog is only estimated 18-month backlog.

整體而言，清潔能源和基礎設施的積壓訂單為 50 億美元，比上年增長 21%，季增 2%，訂單出貨比為 1.1 倍。其中包括再生能源積壓訂單連續九個季度成長。需要注意的是，所報告的積壓訂單只是預估的 18 個月積壓訂單。

A number of our recent wins have been for projects with late 2026 starts, where only a portion of the estimated revenue is included in backlog. While our renewable growth will be driven mostly by solar, we've been very successful in securing wind projects for 2026 and beyond. We believe we are well positioned to current backlog levels for strong continued growth in this segment.

我們最近贏得的一些項目要到 2026 年底才能啟動，而這些項目的預計收入中只有一部分包含在積壓訂單中。雖然我們的再生能源成長將主要由太陽能驅動，但我們在確保 2026 年及以後的風能專案方面取得了非常大的成功。我們相信，憑藉目前的訂單積壓水平，我們已做好充分準備，在該領域實現強勁的持續成長。

Turning to our Pipeline Infrastructure segment. We saw revenues increase 20% year-over-year as we returned to growth after lapping the challenging comparisons of the wind down of the MVP project. The third quarter represented the best margin performance for the year for our Pipeline segment. While still down from the previous year, we expect continued margin improvements and expect our fourth quarter to be the highest margin quarter of the year in this segment, setting us up very well as we enter 2026.

接下來我們來看看管道基礎設施部分。在克服了 MVP 專案結束帶來的嚴峻挑戰後，我們恢復了成長，營收年增了 20%。第三季是我們管道業務部門全年利潤率表現最好的一個季度。雖然仍低於上一年，但我們預計利潤率將繼續提高，並預計第四季度將是該業務板塊今年利潤率最高的季度，這將為我們進入 2026 年奠定非常良好的基礎。

This margin improvement, coupled with expected revenue growth creates significant opportunities for earnings growth in 2026 and beyond. Total pipeline backlog increased 8% sequentially to $1.6 billion and more than doubled from the same period a year ago. We added more than $600 million of new bookings in the period and saw a book-to-bill ratio of 1.2 times despite the higher level of burn.

利潤率的提高，加上預期的收入成長，為 2026 年及以後的獲利成長創造了巨大的機會。總管道積壓訂單環比增長 8% 至 16 億美元，比去年同期增長了一倍多。在此期間，我們新增了超過 6 億美元的訂單，儘管資金消耗水準較高，但訂單出貨比仍達到了 1.2 倍。

Third quarter backlog saw the inclusion of our activity on the Hugh Brinson project, which actually started in the third quarter. We don't normally call out specific projects on our calls, but this project is a good example of how pipeline work is being awarded today. While rumors of our involvement in this project started in the first quarter, we received final signed contract documents just this quarter and physically started work shortly thereafter.

第三季的積壓工作包括了我們在 Hugh Brinson 計畫上的活動，該計畫實際上是在第三季開始的。我們通常不會在電話會議中提及具體項目，但這個項目很好地體現瞭如今管道工程的授予方式。雖然關於我們參與該專案的傳聞從第一季就開始流傳，但我們直到本季度才收到最終簽署的合約文件，並在此之後不久便實際開始工作。

I say all this to highlight that while backlog is an important metric in this segment, our visibility into future work is far greater than just backlog. There are a number of projects that we will build starting in 2026 where final contract documents may not be completed and thus not reported in our backlog until close to project kickoff as all variables get included in final contractual documents.

我之所以說這些，是為了強調雖然積壓工作是這一領域的重要指標，但我們對未來工作的可見度遠不止於積壓工作。從 2026 年開始，我們將開展多個項目，但最終合約文件可能尚未完成，因此在項目啟動前不會列入我們的待辦事項清單，因為所有變數都會包含在最終合約文件中。

We remain optimistic and confident in both the short- and long-term growth outlook for our Pipeline segment. Gas-fired generation will be a critical source of incremental baseload power generation for decades to come. And our customers are getting ahead of the process to supply this important demand source while also meeting the needs of near-term LNG export demand growth and continued demand at the consumer level to replace fuel oil and other sources.

我們對管道業務板塊的短期和長期成長前景依然保持樂觀和信心。在未來幾十年裡，燃氣發電將是新增基礎負載電力供應的重要來源。我們的客戶正在搶佔先機，以滿足這一重要的需求來源，同時滿足近期液化天然氣出口需求成長的需求，以及消費者層面持續的需求，以取代燃料油和其他能源。

In summary, we are pleased with our third quarter results and maintain strong confidence in expected growth based on drivers and powerful demand drivers across each of our businesses. In addition, we are continuously looking for ways to optimize our operating model to generate the best possible margin outcome, and we see multiple levers to achieve better margins as we look ahead. We remain very excited about the opportunity for MasTec and our investors over the coming years.

總而言之，我們對第三季的業績感到滿意，並基於我們各項業務的驅動因素和強勁的需求驅動因素，對預期成長保持著強烈的信心。此外，我們一直在尋找優化營運模式的方法，以獲得最佳利潤率，展望未來，我們看到了多種提高利潤率的途徑。我們對 MasTec 和我們的投資者在未來幾年的發展機會仍然感到非常興奮。

As always, our enthusiasm for the outlook is grounded in execution and in the hard work of every person on the MasTec team. I'd like to thank all of our people for their continued commitment to our corporate values of safety, environmental stewardship, integrity and honesty, all while serving our customers diligently and ensuring the delivery of a great work product. Thank you, all.

一如既往，我們對前景的熱情源於執行力以及 MasTec 團隊每位成員的辛勤工作。我要感謝我們全體員工，感謝他們一直以來對我們企業價值觀的承諾，包括安全、環境保護、誠信和正直，同時盡心盡力為客戶服務，並確保交付出色的工作成果。謝謝大家。

I will now turn the call over to Paul for our financial review. Paul?

現在我將把電話交給保羅，讓他為我們進行財務回顧。保羅？

Thank you, Jose, and good morning. As Jose mentioned, we are pleased with our strong third quarter results driven by continued sequential volume improvement and solid execution across our operating segments.

謝謝你，何塞，早安。正如 Jose 所說，我們對第三季強勁的業績感到滿意，這得益於銷售持續環比成長以及我們各個營運部門的穩健執行。

Looking ahead, our customers continue to highlight a growing need for MasTec's broad service offerings to meet their infrastructure development goals, giving us high confidence in the growth trajectory of our business across all four operating segments. Infrastructure investment needs across communications, energy and power sectors, as well as civil and commercial infrastructure remain in the strongest position we can recall and reinforces our positive outlook for years to come.

展望未來，我們的客戶不斷強調他們對 MasTec 廣泛的服務產品的需求日益增長，以滿足其基礎設施發展目標，這讓我們對公司在所有四個營運部門的成長軌跡充滿信心。通訊、能源和電力產業以及民用和商業基礎設施的投資需求仍然處於我們記憶中最強勁的時期，這增強了我們對未來幾年的樂觀預期。

Now looking at our third quarter segment performance. Our Communications segment continues to produce substantial and robust growth, with revenue of $915 million topping our forecast notably in the third quarter, generating 33% year-over-year growth. The business remains well positioned to leverage strong demand for both our wireless and wireline service offerings, including an increasingly diverse customer set seeking to deliver broadband telecom infrastructure to both residential and commercial end users.

現在來看我們第三季各業務區的業績。我們的通訊業務部門持續保持強勁成長勢頭，第三季營收達到 9.15 億美元，超過了我們的預期，年增 33%。公司仍處於有利地位，能夠充分利用市場對我們無線和有線服務的強勁需求，包括日益多元化的客戶群體，他們希望為住宅和商業終端用戶提供寬頻電信基礎設施。

Third quarter EBITDA margin was 11.3%, an increase of 40 basis points versus 10.9% in the prior year and a notable 140 basis point increase from the second quarter. We've reduced our full year margin guidance slightly to reflect the investments made to support our strong organic growth rates. The overall telecommunications end market and our visibility remains strong, with third quarter backlog totaling $5.1 billion, a small increase sequentially despite the record quarterly revenue in the period.

第三季 EBITDA 利潤率為 11.3%，比去年同期的 10.9% 成長了 40 個基點，比第二季顯著成長了 140 個基點。我們略微下調了全年利潤率預期，以反映為支持我們強勁的內生成長率而進行的投資。整體電信終端市場和我們的市場前景仍然強勁，第三季積壓訂單總額為 51 億美元，儘管該季度營收創歷史新高，但環比僅略有增長。

MasTec's Power Delivery segment also continues to post significant growth, with a 70% increase in third quarter following a similar year-on-year growth rate in Q2. We continue to see strong growth opportunities across the country through our diverse service offerings that enable our customers to invest in upgrades and new capacity across the US power grid.

MasTec 的電力傳輸部門也持續保持顯著成長，繼第二季年增 70% 之後，第三季年增 70%。我們透過多元化的服務產品，持續看到全國各地強勁的成長機會，使我們的客戶能夠投資於美國電網的升級和新增容量。

Our updated guidance does reflect a lower level of activity than previously expected on Greenlink in the fourth quarter as our customer works through isolated delays due to permitting. We are actively constructing other components of the project, and we expect that to continue. EBITDA margin of 9.4% for the third quarter increased 30 basis points from the prior year and 70 basis points sequentially, but fell below our low double-digit forecast for the period. While an encouraging result in most respects, the outcome was impacted by project mix versus our forecast. We continue to expect improvement in the margin performance of our base business over time through continued strong execution, operating leverage and project mix.

我們更新後的指導意見確實反映出，由於客戶正在努力克服因許可審批而導致的個別延誤，Greenlink 在第四季度的活動水準低於先前的預期。我們正在積極建立該項目的其他組成部分，並且預計這一進程將繼續下去。第三季 EBITDA 利潤率為 9.4%，比去年同期成長 30 個基點，較上季成長 70 個基點，但低於我們對該期間兩位數低成長的預期。雖然在大多數方面都取得了令人鼓舞的結果，但結果受到了專案組合與我們的預測之間的差異的影響。我們預計，隨著持續強勁的執行力、營運槓桿和專案組合的最佳化，我們基礎業務的利潤率表現將隨著時間的推移而不斷改善。

In our Clean Energy and Infrastructure segment, total revenue for Q3 of $1.4 billion represented a strong 20% increase from the prior year and a similar 21% increase sequentially as our renewables business ramp continued as planned.

在我們的清潔能源和基礎設施部門，第三季總收入為 14 億美元，比上年同期強勁增長 20%，環比增長 21%，這得益於我們的可再生能源業務按計劃持續增長。

Overall segment revenue was about in line with our third quarter target, with renewables meeting forecast while growing almost 50% year-over-year on record demand for new renewable power installations. Third quarter CE&I EBITDA increased 36% year-over-year, significantly outpacing the revenue increase as margins in this segment increased 100 basis points to 8.5% as well as 110 basis points sequentially.

整體業務板塊收入基本上符合我們第三季的目標，其中再生能源業務達到預期，並且由於對新增再生能源發電設施的需求創歷史新高，同比增長近 50%。第三季 CE&I EBITDA 年成長 36%，顯著超過了收入的成長，該部門的利潤率環比增長 100 個基點至 8.5%，環比增長 110 個基點。

Renewables margin was stable sequentially as expected at solid single-digit levels -- high single-digit levels, while we captured anticipated operating leverage across industrial and infrastructure from higher volume and strong operating execution. CE&I backlog, which totaled just over $5 billion, benefited from solid new bookings across all business verticals, contributing to a 21% increase from the prior year third quarter and a 2% sequential increase. We have substantial renewables backlog in place now to support a strong 2026 outlook, which we expect to show solid growth versus 2025. Our Industrial and Infrastructure business are also well positioned to continue to win work in the balance of the year to support a higher backlog at year-end and ongoing volume growth into 2026.

正如預期，再生能源利潤率環比保持穩定，處於穩健的個位數水平——接近兩位數水平；同時，我們透過更高的銷售和強勁的營運執行力，在工業和基礎設施領域實現了預期的營運槓桿效應。CE&I 積壓訂單總額略高於 50 億美元，受益於所有業務領域的穩健新訂單，比上年第三季度增長了 21%，環比增長了 2%。我們目前擁有大量的再生能源訂單儲備，以支持強勁的 2026 年前景，我們預計 2026 年將比 2025 年實現穩健成長。我們的工業和基礎設施業務也處於有利地位，預計將在今年餘下的時間裡繼續贏得工作，以支持年底更高的積壓訂單，並支持到 2026 年的持續業務量增長。

Turning to Pipeline Infrastructure. Third quarter revenue of $598 million was an impressive growth rate of 20% from prior year and an 11% increase sequentially as the business ramps from volume lows seen in the first quarter. The pickup is inclusive of a broad-based increase in gas pipeline work nationally, though the beat versus plan of over $20 million was led by New York ramping -- new work ramping in the Southern regions. EBITDA for the quarter of $92 million with a 15.4% margin met guidance of mid-teens for the segment. The comparison to the prior year on a margin basis remains challenged by the current ramp of new work versus the prior year outcome, positively impacted by project closeouts.

轉向管道基礎設施。第三季營收達 5.98 億美元，年增 20%，季增 11%，這得益於業務從第一季的低迷狀態逐步恢復。此次增長包括全國範圍內天然氣管道工程的廣泛增加，儘管超過計劃 2000 萬美元的增長主要來自紐約的增長——南部地區的新工程也在增長。本季 EBITDA 為 9,200 萬美元，利潤率為 15.4%，符合該業務部門先前 15% 左右的預期。由於目前新業務的成長速度與前一年相比有所加快，而專案收尾則對上一年的業績產生了積極影響，因此與前一年相比，利潤率的比較仍然面臨挑戰。

Pipeline backlog of approximately $1.6 billion increased 8% sequentially and 124% from the prior year, with new awards totaling over $600 million in the quarter, offset in part by increased burn rates. We again saw diverse project awards, including the large job, as I mentioned, as well as a number of smaller midstream project wins in the period.

管道積壓訂單約 16 億美元，季增 8%，較上年增長 124%，本季新增訂單總額超過 6 億美元，但部分被更高的資金消耗率所抵銷。我們再次看到了各種各樣的項目中標，包括我提到的那個大型項目，以及在此期間贏得的一些較小的中游項目。

As Jose noted, we're pleased with the overall strong demand set and opportunity pipeline and other -- sorry, in the pipeline and have received significant verbal awards that we expect to convert to backlog in the coming periods as we get closer to construction start dates, usually within 30 days of mobilization. As a result, the impact of new awards to our pipeline backlog may be less pronounced than in other segments. Our excitement for this oncoming investment cycle continues to accelerate, and we foresee solid growth in our Pipeline segment for 2026 and beyond.

正如 Jose 指出的那樣，我們對整體強勁的需求和機會儲備以及其他——抱歉，是正在籌備中的——項目感到滿意，並且已經獲得了大量的口頭訂單，我們預計隨著施工開始日期的臨近（通常在動員後 30 天內），這些訂單將在未來一段時間內轉化為積壓訂單。因此，新訂單對我們專案儲備的影響可能不如其他領域那麼明顯。我們對即將到來的投資週期充滿信心，並預計 2026 年及以後，我們的管道業務將實現穩健成長。

Regarding our overall progress on margin expansion, we are pleased with the consolidated result of 9.4% in the third quarter, which was a really strong 160 basis point improvement from 7.8% in the second quarter and a fairly dramatic lift from the starting point of 5.7% in Q1. The margin progression we have now recorded comes from our continued focus on operating productivity and cost management, as well as solid operating leverage as our volume has increased.

關於我們在利潤率擴張方面的整體進展，我們對第三季 9.4% 的綜合業績感到滿意，這比第二季的 7.8% 提高了 160 個基點，比第一季的 5.7% 有了相當大的提升。我們現在所取得的利潤率成長，得益於我們持續專注於營運效率和成本管理，以及隨著銷售成長而帶來的穩健營運槓桿效應。

We have noted an expectation of a full year double-digit margin as our midterm objective, so we still have some work to get there. Our third quarter results, while improved, were generated by project mix and productivity that is, as of yet, still not fully optimized. The bottom line is we continue to expect annual positive margin progression, which will continue to be a primary focus for MasTec.

我們已將全年兩位數利潤率作為中期目標，因此我們仍需努力才能實現這一目標。雖然我們第三季的業績有所改善，但這主要得益於專案組合和生產力尚未完全優化。總之，我們繼續預期年度利潤率將持續成長，這將繼續是 MasTec 的主要關注點。

Regarding our updated consolidated guidance, our supplemental guidance document per segment and other financial guidance details is now posted to the IR website. We are increasing 2025 full year revenue guidance to $14.075 billion with adjusted EBITDA of $1.135 billion, slightly above the low end of our previous guidance.

關於我們更新後的綜合績效指引，我們已將各業務板塊的補充指引文件及其他財務指引詳情發佈在投資者關係網站上。我們將 2025 年全年營收預期上調至 140.75 億美元，調整後 EBITDA 為 11.35 億美元，略高於我們先前預期的下限。

Our revised outlook reflects higher than previously anticipated levels of Communications and Pipeline activity, offset by lower Power Delivery revenue than previously expected, due in part to timing of activity on Greenlink in Q4 as our customer works through the isolated permit delays. Adjusted EPS is forecasted to be $6.40, up 62% versus 2024.

我們修訂後的展望反映了通訊和管道活動水準高於先前預期，但電力傳輸收入低於先前預期，部分原因是由於我們的客戶在第四季度處理零星許可證延誤問題，導致 Greenlink 專案的活動時間有所延遲。調整後每股收益預計為 6.40 美元，比 2024 年增長 62%。

We generated cash flow from operations of $89 million in the third quarter and free cash flow of $36 million, slightly below our expectations. Our strong sequential revenue growth and associated higher working capital investment as well as higher capital expenditures to accelerate growth impacted these results. We continue to expect $700 million to $750 million of cash flow from operations for 2025, assuming DSOs average around the mid-60s for the year.

第三季度，我們的經營活動產生的現金流為 8,900 萬美元，自由現金流為 3,600 萬美元，略低於我們的預期。我們強勁的環比收入成長以及相關的更高營運資本投資和更高的資本支出（旨在加速成長）對這些業績產生了影響。我們仍預期 2025 年的經營活動現金流為 7 億至 7.5 億美元，假設當年的應收帳款週轉天數 (DSO) 平均在 60 天左右。

We ended the quarter with total liquidity of approximately $2 billion and net leverage of 1.95 times, and we expect further leverage improvement by year-end given earnings and cash flow expectations. As I noted last quarter, our strong balance sheet provides us significant financial flexibility to pursue a disciplined, return-focused capital allocation strategy.

本季末，我們的總流動資金約為 20 億美元，淨槓桿率為 1.95 倍。鑑於獲利和現金流預期，我們預計到年底槓桿率將進一步改善。正如我上個季度所指出的，我們強勁的資產負債表為我們提供了相當大的財務靈活性，使我們能夠採取有紀律的、以回報為導向的資本配置策略。

Our top priority remains supporting our robust organic growth opportunities through investments in equipment and capacity expansion, where we see compelling returns. We will also continue to evaluate opportunistic accretive acquisitions that complement our existing service lines, consistent with our long-standing approach. In addition, we maintain a share repurchase authorization and will deploy capital to buybacks opportunistically.

我們目前的首要任務仍然是透過投資設備和產能擴張來支持我們強勁的內生成長機會，因為我們看到了可觀的回報。我們將繼續評估能夠補充我們現有服務線的機會性增值收購，這與我們長期以來的做法是一致的。此外，我們保留股份回購授權，並將擇機將資金用於股份回購。

This concludes our prepared remarks. I'll now turn the call over to the operator for Q&A.

我們的發言稿到此結束。現在我將把電話轉交給接線生進行問答環節。

(Operator Instructions) Ati Modak, Goldman Sachs

（操作員指令）Ati Modak，高盛

Hey guys, thank you for taking my question. I guess, Jose, on the pipeline backlog, curious if you're able to directionally guide to the level of revenue that these projects and ongoing conversations could lead to for '26? And maybe you can give us a sense of what that backlog growth looks like in the near term given all these conversations?

各位好，感謝你們回答我的問題。Jose，我想問你，關於專案儲備，你是否能夠大致預測這些專案和正在進行的討論可能會在 2026 年帶來多少收入？鑑於這些討論，您能否為我們介紹一下短期內積壓訂單的成長？

Good morning, Ati. One of the reasons we really tried to highlight a specific project on today's call was to kind of talk about the change that we're seeing in how pipeline work is being awarded. I remember years ago, when we would have these calls, we would talk a lot about book and burn. And the reality is that the business, the way it is today, it's almost returning to that level.

早上好，Ati。我們今天在電話會議上著重介紹一個具體項目的原因之一，就是想談談我們在管道工程授予方式上看到的變化。我記得多年前，當我們進行這些電話會議時，我們經常談論「寫書焚燒」這件事。而現實情況是，如今的商業環境幾乎正在回歸到那個水準。

We've got commitments from customers on specific jobs. They want to leave the books open to kind of get all the details of the project done by the time they sign a contract. We're, quite frankly, ready to start construction, which is very favorable from a risk profile perspective. Where it doesn't work because it doesn't give the Street great visibility into our backlog. But conversely, we do have that visibility, right?

我們已經獲得了客戶對特定項目的承諾。他們希望在簽訂合約之前，先把專案的所有細節都敲定下來，而不是事事公開透明。坦白說，我們已經準備好開始施工，從風險狀況的角度來看，這非常有利。它之所以行不通，是因為它無法讓華爾街清楚地了解我們的積壓工作。但反過來說，我們確實擁有這種可見性，對吧？

So when we talked about the strength of our pipeline market, we're more optimistic today than we've been on our last call. We talked about reaching or exceeding historical high levels of revenue. I can tell you today, we're more confident about our ability to achieve that now than we were then. It's not for '26. This is not a '26 story. I think we'll grow the business double digits in '26, but really, the growth is going to be substantial in '27 and beyond from what we're seeing from the projects that have been committed to us, and it's extremely exciting.

所以，當我們談到管道市場的強勁勢頭時，我們今天比上次電話會議時更加樂觀。我們討論瞭如何達到或超過歷史最高營收水準。我可以告訴大家，我們現在比那時更有信心實現這個目標。不是為了 26 年。這不是1926年的故事。我認為我們在 2026 年將實現兩位數的業務成長，但實際上，從我們已經承諾的專案來看，2027 年及以後的成長將會非常顯著，這令人非常興奮。

Again, from a margin perspective, it's a business that we struggled with on a year-over-year comparison this year because of the closeout of MVP and the lower revenue levels. We're going to see that business get back to a strong margin profile in Q4. It obviously had significant improvements in Q3 at 15.4%. We expect to do a lot better than that in the fourth quarter. And that bodes really well, entering '26 and beyond. So we're excited about our margin potential in the business, and we're more excited about the revenue opportunities for beyond '26 and into '26. So exciting times.

從利潤率的角度來看，由於 MVP 的關閉和收入水平的下降，今年我們在同比比較中，這項業務的業績表現不佳。我們預計該業務將在第四季度恢復強勁的利潤率。第三季明顯改善，達 15.4%。我們預計第四季會做得比這好得多。這對於進入 2026 年及以後來說是一個非常好的兆頭。因此，我們對業務的利潤潛力感到興奮，更對 2026 年及以後的收入機會感到興奮。真是激動人心的時刻。

Thank you for that. And then I know you gave the color on the capital allocation strategy. So I guess on the organic growth side, can you remind us what the CapEx level should be on a run rate basis as we consider the opportunities out there?

謝謝。然後我知道你為資本配置策略賦予了色彩。所以，就有機成長方面而言，您能否提醒我們一下，考慮到當前的機會，資本支出水準以年率計算應該是多少？

And then also on M&A, I mean, I know you've spoken about a third transmission line capability down the road and need for M&A around that. But curious if given what's going on in the market, you would look at something on gas power generation as well?

另外，關於併購，我知道您曾談到未來建造第三條輸電線路的能力以及圍繞這一目標的併購需求。但我很好奇，鑑於目前的市場局勢，您是否也會關註一下燃氣發電方面的事情？

This is Paul. I'll start with the CapEx question. So in the near term, with the outlook we have for Pipeline, which is our most capital-intensive end market, you can expect CapEx to run in front of depreciation a little bit, right? So depreciation is running about $300 million right now.

這是保羅。我先從資本支出問題說起。因此，就短期而言，鑑於我們對管道運輸（我們資本最密集的終端市場）的前景，您可以預期資本支出會略微超過折舊，對吧？所以目前的折舊金額約為3億美元。

You should expect it to be north of that, probably around $350 million going into '26, but it depends where the growth comes from. Obviously, we have other segments that are much less capital intensive. So that's kind of a near-term, maybe '26, '27 view.

預計會高於這個數字，到 2026 年可能在 3.5 億美元左右，但這取決於成長來自哪裡。顯然，我們還有其他一些資​​本密集度低得多的業務領域。所以這只是對近期情況的展望，可能是 2026 年、2027 年。

On M&A strategy, I'd say a couple of things. I'd say our focus hasn't changed. We will be more active in the M&A space going forward. As it relates to power generation, I think we've historically had an industrial business that we've done some projects. We haven't really done a combined cycle. I don't know that, that's an area that we would get into.

關於併購策略，我想說幾點。我認為我們的重點沒有改變。未來我們將更積極參與併購活動。就發電而言，我認為我們歷來都有工業業務，也做過一些專案。我們還沒有真正進行過聯合循環訓練。我不知道，那是我們需要進一步探討的領域。

At the same time, one of the fascinating things about our business today is I think everybody is being asked by customers to really look at different things and different opportunities, which creates new opportunity revenue streams for all of us in the space, and I think you'll see MasTec pick up its share of that as well.

同時，我認為我們當今業務最令人著迷的一點是，客戶要求每個人都認真審視不同的事物和不同的機會，這為我們這個領域的所有人創造了新的收入來源，我認為你也會看到 MasTec 從中分得一杯羹。

Thank you so much, appreciate it.

非常感謝，感激不盡。

Jamie Cook, Truist Securities.

Jamie Cook，Truist Securities。

Hi, good morning and congrats on a nice quarter. I guess my first question, Jose, can you just talk about the permitting issues with Greenlink and how that impacted your guidance? Could I just assume that's a change in your Power Delivery revenues and then like the potential risk that you see on Greenlink in 2026 and the potential to offset that? So that's my first question.

您好，早安，恭喜您本季業績優異。Jose，我的第一個問題是，您能談談 Greenlink 的許可問題以及這些問題對您的指導有何影響嗎？我是否可以假設這是您電力傳輸收入的變化，然後是您對 2026 年 Greenlink 專案潛在風險的評估以及抵消這種風險的可能性？這是我的第一個問題。

My second question, obviously, a lot of large work out there across multiple segments. You're on Greenlink, Hugh Brinson, you won another pipeline job. Just wondering, I guess, across each segment or across the company, given your -- the number of employees you have today and the size of your company, how many large projects do you feel comfortable taking? Do you mean at one time, just given the risk profile of larger projects just from an operational execution standpoint, just how you're thinking about that? Thank you.

我的第二個問題，很顯然，有很多大型專案涉及多個領域。休·布林森，你加入了Greenlink公司，並贏得了另一個管道項目。我想問的是，考慮到貴公司目前的員工人數和公司規模，在各個業務部門或整個公司範圍內，您覺得能夠勝任多少個大型專案？你是說，考慮到大型專案在營運執行上的風險，你曾經是如何考慮這個問題的？謝謝。

Jamie, I think you got a lot of questions into that one question, but let me try to start from the top.

傑米，我覺得你這個問題包含了很多問題，但讓我試著從頭開始回答。

Okay.

好的。

Look, our fourth quarter change is primarily Greenlink. That's what it is, right? We're at the lower end of the range that we had originally put out for Q4. The difference between the low end of our range and the high end of our range for Q4 was about $30 million of EBITDA. That's all coming out of our Power Delivery business for the most part, and that's the big change.

你看，我們第四季的變化主要來自 Greenlink。就是這樣，對吧？我們目前處於最初為第四季設定的目標範圍的下限。第四季我們預期範圍的下限和上限之間的差額約為 3000 萬美元 EBITDA。這些變化主要來自我們的電力傳輸業務，這就是最大的改變。

As it relates to Greenlink, we've said a lot historically. We've -- it was an incredible win for our company. We're really excited to be working with the customer. Obviously, they're facing some challenges on permits, quite frankly, that were originally issued and are not being reviewed.

關於 Greenlink，我們過去已經說過很多話了。對我們公司來說，這是一場巨大的勝利。我們非常高興能與客戶合作。顯然，坦白說，他們在許可證方面面臨一些挑戰，這些許可證最初是頒發的，但並未進行審查。

We've said that we expected the run rate on that project to be $300 million to $500 million a year over a number of years. We gave more clear guidance over time on '25 of $375 million to $425 million. The truth is that for '25, we're going to end up -- it's more like somewhere in the $250 million range. So it's a significant difference from what our expectations were of ramp in the second half of the year.

我們曾表示，預計該項目在未來幾年內每年可帶來 3 億至 5 億美元的收入。隨著時間的推移，我們對 2025 年的業績給出了更明確的預期，即 3.75 億美元至 4.25 億美元。事實是，到 2025 年，我們最終的預算大概會在 2.5 億美元左右。因此，這與我們先前對下半年產能爬坡的預期有顯著差異。

With all that said, that project will be built. It's an exciting project. We will build it. We're hoping that the time schedule doesn't really change from a completion perspective, which is just going to increase the load on that project over the coming years. We announced today another transmission substation job within that business, which is the second largest award we've ever gotten within that group. That will help, obviously, in 2026. We're hoping that, that's additive to what we would have done with Greenlink but at a minimum, it will significantly help offset it if that becomes the case.

儘管如此，這個計畫還是會開工的。這是一個令人興奮的項目。我們將建造它。我們希望從完工的角度來看，時間表不會發生真正的變化，否則未來幾年該專案的工作量將會增加。今天我們宣布了該業務領域內的另一項輸電變電站項目，這是我們在該集團內獲得的第二大合約。顯然，這將在2026年有所幫助。我們希望這能對我們原本計劃使用 Greenlink 的方式有所補充，但至少，如果情況確實如此，它將大大有助於抵消 Greenlink 的影響。

We expect Greenlink activity to increase in '26 versus '25 from current levels. So the story in our mind is really solid. It's intact. When you talk about large projects, I think it's almost important to really -- I'm switching subjects now to the large project part of your question. I think it's important to kind of think about different businesses, right? We don't really have large projects in communications.

我們預計 2026 年 Greenlink 的活動量將比 2025 年增加。所以我們腦海中的故事非常完整。它完好無損。當談到大型專案時，我認為非常重要的一點是——我現在要轉換話題，談談你問題中關於大型專案的部分。我認為思考不同的業務類型很重要，對吧？我們在通訊領域並沒有真正意義上的大型專案。

In pipeline, for the most part, it's a project-oriented business. We don't have projects like MVP anymore. The projects will be smaller in scale, which were a lot more like the projects we've historically built. So I think we have an enormous amount of comfort, as should our investors relative to that. When you think about our Clean Energy and Infrastructure business, it's -- we've got a nice maintenance business there, our infrastructure business. But at the same time, there are more projects there. You should feel comfortable with the level of performance in that business. Again, we've doubled profitability since the first quarter. So I think people should have comfort around that.

從管道行業來看，這在很大程度上是一個以專案為導向的業務。我們現在不再有像MVP這樣的專案了。這些項目的規模會比較小，更像我們過去建造的項目。所以我認為我們對此感到非常安心，我們的投資者也應該如此。當你想到我們的清潔能源和基礎設施業務時，你會發現——我們在那裡擁有一項不錯的維護業務，我們的基礎設施業務。但同時，那裡還有更多項目。你應該對在該業務中的業績水平感到滿意。與第一季相比，我們的獲利能力再次翻了一番。所以我認為人們應該對此感到安心。

When we talk about Power Delivery, it's a $4 billion segment. Of that business, 80% to 90% of that business is maintenance driven. It's MSAs. It's working for utilities every day. It's working on distribution lines. It's working on substations. So it's a very recurring predictable business. We've highlighted the project end of that business because it's where we were the smallest, right? Greenlink was really the first of many projects that we felt could grow our project orientation around that market.

談到電力輸送，這是一個價值 40 億美元的領域。在該業務中，80%到90%的業務是由維護驅動的。這是MSA。它每天都在為公用事業公司服務。它正在配電線路上運行。它正在變電站上運作。所以這是一個非常規律且可預測的業務。我們重點介紹了該業務的專案部分，因為這是我們規模最小的領域，對吧？Greenlink 實際上是我們認為能夠拓展我們圍繞該市場開展專案方向的眾多專案中的第一個。

So let's take a step back. 17% revenue growth in the quarter from a revenue perspective in Power Delivery, 21% EBITDA growth. For the year, we're expecting 13% growth in Power Delivery, 13% EBITDA growth. That's important because that's despite Greenlink not having the activity that we expected. Had Greenlink had the activity, obviously, those numbers would be a lot bigger.

讓我們回顧一下。從營收角度來看，電力傳輸業務本季營收成長了17%，EBITDA成長了21%。今年，我們預計電力傳輸業務將成長 13%，EBITDA 成長 13%。這一點很重要，因為即便 Greenlink 沒有達到我們預期的活動水平，情況依然如此。如果 Greenlink 真的有那麼多活動，很顯然，這些數字會更大。

The project portion of our Power Delivery business is one of the biggest growth potentials that MasTec has. It's one that we need to cultivate and build. Again, it doesn't risk the portfolio because it's such a small percentage of MasTec's overall business, but it is important to the growth of our Power Delivery business.

電力傳輸業務的專案部分是 MasTec 最具成長潛力的領域之一。這是我們需要培養和建造的。再次強調，由於這部分業務在 MasTec 的整體業務中所佔比例很小，因此不會對投資組合構成風險，但對於我們電力傳輸業務的成長至關重要。

So I'd say all this to say we're very excited about Greenlink. We're very excited about what the opportunity means. We're very comfortable with our ability to execute on that project at a high level. We're super excited about our next win that we'll talk about more on our next call and what that means to MasTec, and quite frankly, potentially future wins that exist.

所以我想說的是，我們對Greenlink感到非常興奮。我們對這個機會的意義感到非常興奮。我們非常有信心高品質地完成這個專案。我們對即將取得的下一個勝利感到非常興奮，我們將在下次電話會議上詳細討論這個勝利以及它對 MasTec 的意義，坦白說，它對未來可能取得的勝利也意義重大。

So I think our investors should have tremendous comfort around how we've grown the business, how we've thought about the projects, how we thought about the risk profiles and the opportunities that they bring to MasTec.

所以我認為，我們的投資者應該對我們發展業務的方式、我們對專案的思考方式、我們對風險狀況的思考方式以及這些風險狀況和它們給 MasTec 帶來的機會感到非常放心。

Thank you. Appreciate the color and congrats.

謝謝。欣賞這色彩，恭喜！

Philip Shen, ROTH Capital Partners.

Philip Shen，ROTH Capital Partners。

Hey guys, thanks for taking the questions. Just wanted to check in with you guys on next year. Is -- do you think $8 of EPS is still on the table for next year? Or can we assume that this has potentially moved higher after your recent wins?

各位好，感謝你們回答問題。只是想跟你們確認明年的計畫。你認為明年每股收益達到 8 美元的目標還有可能嗎？或者我們可以假設，在你最近的勝利之後，這個數字可能已經上漲了？

Philip, thanks for the question. A couple of things, right? When you look at consensus out there, we haven't given guidance. Consensus today is 10% revenue growth on a year-over-year basis, 20% EBITDA growth on a year-over-year basis. We've said that consensus relates to north of $8 a share, which is 25% EPS growth from '25 to '26. I'd tell you today, we're really comfortable with where consensus sits. We're working really hard to obviously continue to grow and build our business.

菲利普，謝謝你的提問。有兩件事，對吧？從目前各方的共識來看，我們並沒有給予明確的指導意見。目前市場普遍預期該公司營收年增 10%，EBITDA 較去年同期成長 20%。我們曾表示，市場普遍預期每股收益將超過 8 美元，這意味著 2025 年至 2026 年每股收益將成長 25%。今天我可以告訴你，我們對目前的共識狀況非常滿意。我們顯然正在努力工作，以繼續發展壯大我們的業務。

But I think just where consensus stands, right, 10% revenue growth, more than 20% EBITDA growth. Those are fantastic statistics, right, and a company that's done most of its growth on an organic level, that's nothing to sneeze at. We're proud of that. We hope to do better. But yes, we're comfortable with where the numbers sit today.

但我認為，正如市場普遍預期的那樣，營收成長10%，EBITDA成長超過20%。這些數據非常棒，對吧？對於一家主要依靠自身成長的公司來說，這絕對不容小覷。我們為此感到自豪。我們希望做得更好。是的，我們對目前的數字感到滿意。

Great. Thanks, Jose. That's very helpful color. And then shifting to margins. It sounds like next year, the margin expansion narrative is very much on the table. I just wanted to touch on Q4 specifically.

偉大的。謝謝你，何塞。那是一個非常有用的顏色。然後轉向邊際效應。聽起來明年利潤率擴張的計劃很有可能提上日程。我只想具體談談第四季的情況。

Can you help us understand the basis point impact from OpEx investments versus gross margin percentage? Is the gross margin percentage holding up in Q4?

您能否幫助我們了解營運支出投資對毛利率百分比的影響（以基點為單位）？第四季的毛利率是否保持穩定？

Yes. The way we think about it, right, is, again, we've had really high levels of growth. And unfortunately, with really high levels of growth, you have certain investments that are made to execute on that growth. And not all of our growth is same-store sales, and we've kind of used that example historically where -- same stores is a lot easier to grow it because you already have an office, you have people and you're just incrementally growing revenues, which is what you want to do to increase margins over time.

是的。我們認為，沒錯，我們再次實現了非常高的成長水準。不幸的是，在高速成長的同時，也需要進行一些投資來支持這種成長。而且，我們的成長並非全部來自同店銷售，我們過去也曾用過這個例子——同店銷售更容易增長，因為你已經有了辦公室，有了員工，你只需要逐步增加收入，而這正是你隨著時間推移提高利潤率所需要的。

But we've expanded in a lot of new geographies. We've opened a lot of new offices. We're working for new customers, and those require more investments. And I think that when you look at the margin profiles that we've laid out from the beginning of the year, we've got some puts and takes.

但我們已經拓展到了許多新的地區。我們開設了許多新辦事處。我們正在努力爭取新客戶，而這需要更多的投資。我認為，當你回顧我們從年初開始製定的保證金方案時，你會發現其中既有看跌期權也有看漲期權。

Some businesses are doing better, some are doing slightly worse. I think it's all driven by that, right? So we've made significant investments to the growth profile. Those investments will pay off. I can tell you that as a company, one of our major focuses is definitely our margin improvement. We think we've got room, quite frankly, across all of our businesses. Again, when we think about fourth quarter, we think the major change is really what's happening in Power Delivery.

有些企業經營狀況改善，有些企業經營狀況略有惡化。我覺得這一切都是受此驅動的，對吧？因此，我們對成長型企業進行了大量投資。這些投資終將獲得回報。我可以告訴大家，作為一家公司，我們的主要關注點之一絕對是提高利潤率。坦白說，我們認為我們所有業務領域都還有發展空間。再說，當我們展望第四季時，我們認為最大的變化實際上發生在電力傳輸領域。

If you look at -- we've had some questions overnight around Communications and their margins. The reality is if you look at EBITDA dollars on where we guided versus where consensus was, it's no different. We just have a little higher revenue. And again, that talks to the impacts of investment in growth.

如果你看一下——我們昨晚收到了一些關於通訊及其利潤率的問題。事實上，如果你看一下我們預期的 EBITDA 金額與市場普遍預期的 EBITDA 金額，你會發現兩者並沒有什麼不同。我們的收入略高一些。這再次說明了投資對成長的影響。

So we're really comfortable where we're at. We know we can do better, which I think is a positive. We've got to execute on that. But we feel really good about where our business stands and the opportunities ahead of us.

所以我們對現狀非常滿意。我們知道我們可以做得更好，我認為這是一件好事。我們必須執行這項任務。但我們對公司目前的業務狀況和未來的發展機會感到非常滿意。

Great, thanks for all the detail, Jose. Thank you.

太好了，謝謝你提供的所有細節，何塞。謝謝。

Steven Fisher, UBS.

史蒂文費雪，瑞銀集團。

Thanks, good morning and congrats. Just a follow-up on that last question, but maybe more specifically to the Communications segment. I mean, it seems like there really is a broadening set of opportunities there, and you did call out some of the investments that you're making.

謝謝，早安，恭喜！關於上一個問題，我還有一個後續問題，但可能更具體地與溝通部分相關。我的意思是，那裡似乎確實存在著越來越大的機會，而且你也提到了一些你正在進行的投資。

Can you just talk about the shape of those investments? Kind of, is there a lot more that you need to go? Or are you sort of at the peak point of that and just how the margins can evolve there over the next year or two?

能談談這些投資的具體情況嗎？差不多吧，你還有很多事要做嗎？或者說，你現在正處於這個階段的頂峰，接下來一兩年利潤率會如何改變？

Thank you, Steve. I'd highlight a couple of things. First, margins improved 40 basis points year-over-year to 11.3%, which is one of the highest levels that we've had in a long time. When we think about fourth quarter, we're showing almost 100 basis point improvement on a year-over-year basis for the quarter. Also, we think, really solid. So I think we're headed in the right direction.

謝謝你，史蒂夫。我想重點強調幾點。首先，利潤率年增了 40 個基點，達到 11.3%，這是我們很長一段時間以來的最高水準之一。當我們回顧第四季度時，我們可以看到該季度同比提高了近 100 個基點。而且，我們認為，它非常堅固。所以我覺得我們正朝著正確的方向前進。

We've -- at the end of the day, that business is going to grow almost 30% on a year-over-year basis, which is just a staggering number, again, organically. And a lot of that has to do with investments in new geographies. And those investments are harder because you're opening new offices, you're either moving people or hiring new people, and it takes longer for those investments to translate into earnings, right?

最終，這項業務的年增長率將接近 30%，這是一個驚人的數字，而且是自然成長。這很大程度上與對新地區的投資有關。這些投資更難，因為你需要開設新辦公室，要麼搬遷員工，要麼招募新員工，而這些投資需要更長時間才能轉化為收益，對吧？

So I think we've been doing that for a long time. We're seeing the results of those earlier investments already in our numbers or we wouldn't be able to hit these, right? So it's a lot of the stuff that has been done more recently that's having the negative impacts or really, the drag. And again, we're working our way through that.

所以我覺得我們一直以來都是這麼做的。我們已經從數據中看到了早期投資的成果，否則我們不可能達到這些目標，對吧？所以，很多最近做的事情都產生了負面影響，或者說，造成了阻礙。我們正在努力解決這個問題。

We have opportunities for further growth in 2026. The market is really hot. I think that with all of the changes that we've seen in the government, and I know we've talked about [BEADs] for a really long time, but I actually now believe that BEADs is going to have a pretty significant impact on our business and our customers because of how it's changed in the profile of customers it's going after it. So I feel really comfortable that that's going to be a further growth driver as we think in '26.

我們在 2026 年還有進一步發展的機會。市場行情非常火熱。我認為，鑑於政府方面發生的所有變化，我知道我們已經討論[BEADs]很長時間了，但我現在確實相信，BEADs將對我們的業務和客戶產生相當大的影響，因為它改變了其目標客戶群的組成。因此，我非常有信心，正如我們所預期的那樣，到 2026 年，這將成為進一步的成長動力。

But everything that's happening with data centers and AI and the need for fiber and the middle-mile fiber growth that we're seeing is just providing tremendous opportunity for us across the country. As we obviously increase in size, the growth requirements moderate because we're in a lot more places, a lot more geographies. So again, we feel really good about the progress that we made this year in the growth of that business and really, what it's going to translate over time.

但是，資料中心、人工智慧以及對光纖的需求和中程光纖的成長，正在為我們全國各地帶來巨大的機會。隨著我們規模的擴大，成長需求也隨之降低，因為我們的業務範圍更廣，遍及更多地區。所以，我們對今年該業務成長所取得的進展感到非常滿意，而且也對它在未來將帶來的影響充滿信心。

Thanks. And If I could ask a follow-up on the Power Delivery side. You talked about not having as much revenue on Greenlink this year, and that's taking some of the profits down. But I guess on the bigger picture about the project itself, does this delay impact the overall expected profitability for the whole project? Or is it just a pushout in timing?

謝謝。可以再問一下關於電力傳輸方面的後續問題嗎？您提到今年 Greenlink 的收入不如往年，這導致部分利潤下降。但從專案本身的整體情況來看，這種延誤是否會影響整個專案的預期獲利能力？或只是時間安排上的一個偏差？

And then the bigger picture question is, as this translates to sort of a thought on risk for overall transmission projects that you're going to be taking on over the next couple of years, how should we think about the risk approach that you're taking there? Is this sort of like a reminder that you should be kind of very prudent in the risk you're taking on in these transmission projects? Thank you.

那麼，從更宏觀的角度來看，這涉及到您在未來幾年將要開展的整體輸電項目的風險思考，我們應該如何看待您在那裡採取的風險方法？這是否在提醒大家，在進行這些輸電項目時，應該非常謹慎地處理所承擔的風險？謝謝。

I think we've got to be prudent in all risks that we take in all jobs in all of our businesses, and I think that's where I think we've been great stewards of MasTec and really understanding the risk profiles that we're committing to and contractually protecting ourselves against those. As it relates to Greenlink, again, we're working with our customers.

我認為，在所有業務的所有工作中，我們都必須謹慎對待所有風險。我認為，我們一直以來都是 MasTec 的優秀管理者，真正了解我們所承擔的風險，並透過合約保護自己免受這些風險的影響。至於 Greenlink，我們再次強調，我們正在與客戶合作。

We have a high level of confidence in both our and our customers' ability to get that project done and to get it done safely and timely. We do not expect any impact to profitability whatsoever on that project over the period, other than obviously it being in different periods than what we originally expected.

我們對我們和客戶完成該專案的能力充滿信心，並且能夠安全、及時地完成該專案。我們預計在此期間該專案的獲利能力不會受到任何影響，除了專案週期顯然與我們最初預期的有所不同之外。

So our -- again, our confidence and our excitement around Greenlink is unchanged. We expect it to be a very successful project for both our customer and MasTec. And again, we'll provide more updates as they come. But we don't expect any negative impacts in '26 other than from a revenue perspective, what it could be to what it ultimately is, and it's just going to compress the time line.

所以，我們對Greenlink的信心與熱情依然不變。我們預計這對我們的客戶和 MasTec 來說都將是一個非常成功的專案。我們會隨時更新最新消息。但我們預計 2026 年除了收入方面會有一些負面影響之外，不會有任何負面影響，收入最終會達到什麼水平，而時間線將會縮短。

Thank you very much.

非常感謝。

Andy Kaplowitz, Citi.

安迪‧卡普洛維茨，花旗銀行。

Good morning, everyone. Jose, Quanta yesterday talked about a total solutions opportunity for hyperscalers. We know you don't have the same exact portfolio as them, and you talked about not being particularly excited to combine the cycle, but you do have significant capability to help data center customers.

各位早安。Jose，Quanta昨天談到了超大規模資料中心的整體解決方案機會。我們知道你們的產品組合與他們並不完全相同，而且你們也說過對合併週期並不特別感興趣，但你們確實擁有幫助資料中心客戶的巨大能力。

So what's the probability that we'll see something like that, like a total solution set of projects for MasTec, starting in '26? And could you update us on the journey to $1 billion that you originally discussed you could do with data center customers?

那麼，我們有多大可能看到類似的事情發生，例如從 2026 年開始為 MasTec 提供一套完整的專案解決方案？您能否向我們介紹一下您最初與資料中心客戶討論的實現 10 億美元目標的最新進展？

So I'd answer the first part of your question just by saying very high, and I'd answer the second part of your question by saying I think that obviously, data centers offer an incredible opportunity companies like MasTec in our industry, we're involved in a number of different things already when you think about what's happening on power, when you think on what's happening on fiber directly for data center builders, right?

所以，對於你問題的第一部分，我的回答是：非常高。對於你問題的第二部分，我的回答是：顯然，資料中心為像 MasTec 這樣的公司提供了巨大的機會。在我們這個產業，我們已經涉足很多不同的領域，像是電力領域，像是光纖領域，這些都是資料中心建構者正在經歷的事情，對吧？

We're looking at -- we've been working on the civil side for a long time. We've talked about it. We're working on the infrastructure side. But I think our ability to take a larger role and a more important role as we think about those projects on a future basis and really capture a higher percentage of that revenue, again, is extremely high.

我們正在研究——我們長期以來一直在從事土木工程方面的工作。我們已經討論過這個問題了。我們正在進行基礎設施方面的工作。但我認為，當我們展望未來，考慮這些項目並真正獲得更高比例的收入時，我們有能力發揮更大、更重要的作用，而且這種能力非常強。

Great. And then could you give a little more color into what's going on in Clean Energy? I think 8.5% EBITDA margin is a high watermark for MasTec. I understand Q3 is a seasonally good time of the year. But do you think margin on an annual basis can continue to push higher in that segment?

偉大的。那麼，您能否更詳細地介紹一下清潔能源領域正在發生的事情？我認為 8.5% 的 EBITDA 利潤率是 MasTec 的一個高點。我知道第三季是季節性銷售旺季。但您認為該領域的年度利潤率還能持續攀升嗎？

And you did lower your revenue outlook slightly in the segment, though you're still going to be double-digit growth. So how are you thinking about growth across Clean Energy going into '26?

雖然你們略微下調了該業務板塊的營收預期，但你們仍將保持兩位數的成長。那麼，您如何看待2026年清潔能源領域的成長？

Again, great quarter, 20% revenue growth. More importantly, 36% EBITDA growth for the quarter. We pretty much beat our margins every quarter there relative to what we've guided. I think we're somewhat conservatively guided for Q4. Hopefully, we can do that again. Business is doing really well.

本季業績出色，營收成長20%。更重要的是，本季 EBITDA 成長了 36%。我們幾乎每季的利潤率都超過了預期。我認為我們對第四季的預期比較保守。希望我們能再次做到這一點。生意非常好。

Again, our Clean Energy and Infrastructure business is a combination of renewables and infrastructure. I think if you think about the infrastructure business, it's obviously a slower grower. That's a business that if we're growing at 10% a year is really solid.

再次強調，我們的清潔能源和基礎設施業務是再生能源和基礎設施的結合。我認為，如果你仔細想想基礎設施產業，你會發現它的成長速度顯然較慢。如果這項業務能以每年 10% 的速度成長，那就非常穩健了。

So our renewable business is obviously growing much faster than that. We're sitting on the highest level of backlog we've ever had in the business. We expect backlog to again increase in Q4, incredible opportunities in front of us, a lot of backlog post the 18-month period where we don't even report.

所以，我們的再生能源業務顯然成長速度要快得多。我們目前積壓的訂單量達到了公司歷史上的最高水準。我們預計第四季度積壓訂單將再次增加，我們面前有很多機會，在長達 18 個月的未發布業績報告期之後，積壓訂單將會很多。

So we're feeling really comfortable about where that business is headed. I think it's going to continue to help drive significant growth in our Clean Energy business, and our margins have improved. We're hopeful we can sustain that and over time, improve on that. So all around, we're feeling really comfortable where we stand there and the opportunities for '26 and beyond.

所以我們對這項業務的發展方向感到非常有信心。我認為這將繼續推動我們清潔能源業務的顯著成長，而且我們的利潤率也提高了。我們希望能夠保持這種狀態，並且隨著時間的推移，能夠做得更好。總的來說，我們對目前的地位以及 2026 年及以後的機會都感到非常滿意。

Thanks Jose.

謝謝你，何塞。

Justin, Baird.

賈斯汀·貝爾德。

Great. I guess I've got two. One is just a really quick one. I just wanted to confirm just on that Hugh Brinson project. Is the full value of that project in backlog? It looks like, I guess, supposed to complete at the end of '26. So I just wanted to ask that.

偉大的。我猜我有兩個。其中一個只是個非常簡短的測試。我只是想確認一下休·布林森的那個項目。該項目的全部價值是否都已計入待辦事項清單？看起來，我猜，應該會在 2026 年底完工。所以我只是想問一下。

And then my second question is just on the cash flow. Obviously, last year, it was a huge cash flow year. You've got pretty big guidance here for the fourth quarter ramp. And just curious, what are the contributors to that, moving pieces that drive the 4Q cash flow number?

我的第二個問題是關於現金流的。顯然，去年是現金流非常充裕的一年。這裡對第四季的成長勢頭給出了相當明確的指導。我很好奇，影響第四季現金流的因素有哪些？

Thank you.

謝謝。

So I'll cover the first part of the answer. The answer is on the mainline. The answer is yes. There's pieces of that project that are potentially not in backlog yet.

接下來我將回答問題的第一部分。答案就在主線上。答案是肯定的。該項目的部分工作可能尚未列入待辦事項清單。

And then cash flow is just a function of the revenue cadence, right? So we're forecasting revenue to contract sequentially in the fourth quarter. I think, expect a little bit of DSO improvement.

那麼，現金流就只是收入節奏的函數，對吧？因此，我們預測第四季營收將環比下降。我認為，DSO（數位訊號輸出）可能會略有改善。

We got a little bit of degradation up to 69 days in Q3 that we expect to come back down to the mid-60s. So the combination of those two is really what drives the release of the working capital investment in Q4.

第三季我們出現了一些下滑，最長可達 69 天，我們預計會回落到 60 天左右。因此，正是這兩者的結合推動了第四季營運資金投資的釋放。

Thank you.

謝謝。

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，傑富瑞集團。

Hey, good morning team. Thank you very much. Just wanted to follow up for my friend, Steve Fisher's question here a moment ago. Can we go back to the Comms business? Can we talk about the bifurcation, what's the growth in the wireline versus wireless? And what's being implied for 4Q '25 here? Just, what's the cadence?

嘿，各位早安。非常感謝。我只是想跟進一下我的朋友史蒂夫費雪剛才提出的問題。我們能重操舊業，繼續做通訊業務嗎？我們能談談這種分化現象嗎？有線網路和無線網路的成長情況如何？那麼，這裡暗示了2025年第四季的情況是什麼呢？節奏是什麼？

Do we expect that to continue here when you think about that 32%? Or how are you thinking about that persisting? I hear a little bit of mixed commentary. I would love to hear how you break it out, especially in light of this Lumen contract.

考慮到這32%的比例，我們是否預期這種情況會持續下去？或者，你如何看待這種情況的持續存在？我聽到了一些褒貶不一的評論。我很想聽聽你是如何分析的，尤其是在考慮到 Lumen 的這份合約之後。

Sure. I mean there's no question that today, our wireline business is bigger than our wireless business. It's been the case for some time. Our wireline business is growing faster than our wireless business. Our wireless business is predominantly -- our biggest account there is AT&T.

當然。我的意思是，毫無疑問，如今我們的固網業務規模大於無線業務。這種情況已經持續了一段時間。我們的固網業務成長速度比無線業務成長速度更快。我們的無線業務主要集中在—我們最大的客戶是 AT&T。

So obviously, their project to their Nokia Ericsson swap out was a big driver of that. That project started for all intents and purposes in the fourth quarter of 2024. So that has been a driver -- a helpful driver in our 2025 growth.

顯然，他們向諾基亞愛立信的替換計畫是推動這項進程的重要因素。該項目實際上於 2024 年第四季度啟動。所以，這成為了推動我們 2025 年成長的動力——一個有益的動力。

Comparisons there get a little bit harder in Q4. So we've moderated our revenue growth in Q4 versus what we've been achieving for the first three quarters. With that said, our wireline business is growing very rapidly. So I think -- I don't have the exact number, but I believe our revenue growth in the fourth quarter is estimated to be in the mid-single digits. And again, something that we're hoping to beat. But again, we feel really good about where the business is and where it's headed.

第四季的比較就有點困難了。因此，與前三個季度相比，我們第四季的營收成長有所放緩。儘管如此，我們的有線業務正在快速成長。所以我認為——我沒有確切的數字，但我相信我們第四季的營收成長預計在個位數中段。這也是我們希望能夠戰勝的目標。但是，我們再次強調，我們對公司目前的狀況和發展方向都感到非常樂觀。

Got it. All right. So fingers crossed on beating that number there. Perhaps handedly. And then maybe just on backlog real quickly, just to talk about this real quickly. I mean, it almost seems like there's a shadow backlog emerging here, if you want to call it that for pipeline.

知道了。好的。所以，希望我們能打破那個紀錄。或許是徒手。然後，也許可以快速地談談待辦事項，就簡單說一下。我的意思是，如果非要給管線起個名字的話，這裡似乎出現了一種隱形的積壓。

Can you speak to a little bit of like how to size that up? I mean, relative to the $1.5 billion is of backlog you have in the Pipeline business. Any kind of order of magnitude? Any way to think about it? Obviously, ET has got other projects like DSW coming up here. I mean, anything that you can kind of point to that you'd flag?

可以簡單談談如何評估它的大小嗎？我的意思是，相對於你們管線業務中積壓的 15 億美元訂單而言。任何數量級？有什麼思考方式嗎？顯然，ET在這裡還有其他項目，例如DSW。我的意思是，有沒有什麼你可以指出來並加以強調的地方？

And maybe in a similar fashion, transmission project awards seem to be heating up here as well. Do you have -- you kind of alluded to sort of shadow backlog or opportunities there as well. If you can speak to it?

或許也正是類似的情況，輸電計畫招標在這裡似乎也升溫。你剛才似乎暗示過那裡也存在一些潛在的積壓工作或機會。如果你能談談它的話？

So I think the best way we've been able to do that, right, is to talk about future revenue potential and pipeline. And what we've said is, which is something that we would never have said a year ago or even probably six months ago is we now see the ability to exceed historical high revenue levels in that business.

所以我認為我們目前能做到這一點的最好方法，就是討論未來的收入潛力和專案儲備。我們現在所說的，是我們在一年前甚至六個月前都絕對不會說的話：我們看到了在該業務領域超越歷史最高收入水平的能力。

To kind of remind everybody, historically, our high years in that business were about $3.5 billion in revenue. We're guiding at [$2 billion] this year. And we now have a path to meet or exceed historical levels. I think that's the best way to kind of frame where we see the opportunity, again, not for '26, but for beyond. So I think -- and I feel better about the opportunity to do that today than I did last quarter.

提醒大家一下，從歷史上看，我們在該業務領域的巔峰時期收入約為 35 億美元。我們預計今年的營收將達到 20 億美元。現在我們有了達到甚至超越歷史層次的途徑。我認為這是闡述我們看到的機會所在的最佳方式，再次強調，不是針對 2026 年，而是針對未來。所以我覺得——而且我感覺今天比上個季度更有把握做到這一點。

As it relates to transmission, to be clear, today, we announced another win within that segment of our business, which will be substantial. Which is important, and it's something that will kick off in the middle of '26. We'll give more details on that project on our next call, but we think a really important fact, we said a long time ago, we expected to win something else in late '25, early '26. I think it's something else that we're now able to deliver on. And again, we'll talk about them more on our next call.

就傳輸業務而言，需要明確的是，今天我們宣佈在該業務領域取得了另一項重大勝利。這一點很重要，而且這件事將在 2026 年年中啟動。我們將在下次電話會議上提供更多關於該項目的細節，但我們認為一個非常重要的事實，我們很久以前就說過，我們預計在 2025 年末、2026 年初贏得其他一些東西。我認為這是我們現在能夠實現的另一件事。我們下次通話時會詳細討論這些問題。

Excellent guys. Good luck.

非常棒的人。祝你好運。

Marc Bianchi, TD Cowen.

馬克·比安奇，TD Cowen。

Hey hey thanks, I wanted to ask about the backlog and maybe similar to -- or along the lines of what Julien's first question was there. But if we look at -- maybe rewind 18 months and look at where kind of backlog was at that time, the ultimate revenue that you delivered, you had sort of like 64% coverage of that revenue over the following 18 months here.

嘿嘿，謝謝，我想問積壓的工作，也許和 Julien 的第一個問題類似——或者類似。但如果我們回顧一下——也許回溯 18 個月，看看當時的積壓訂單情況，以及你最終實現的收入，你會發現，在接下來的 18 個月裡，你的收入覆蓋率大約只有 64%。

And as I look forward from today and you look at the composition of backlog, is there any reason that we shouldn't think about that ratio of conversion or backlog coverage being a whole lot different? You mentioned the pipeline where maybe that's turning to a bit more of a book and burn type of aspect. So just curious if there's any comments around that comparison?

展望未來，當我們檢視積壓訂單的組成時，我們是否有理由相信轉換率或積壓訂單覆蓋率會發生很大的變化？你提到了這條管道，也許它正在朝著一種「查封銷毀」的方向發展。所以，我只是好奇大家對這個比較有什麼看法？

Marc, it's a good analysis. I mean I think as we think about it, obviously -- I think historically, in our history, there's been a few periods where we've continually beat backlog quarter-over-quarter-over-quarter. Backlog at times, tends to be lumpy as you win awards. The fact that we've been able to deliver continued growth in backlog, to me, is as meaningful as any of the percentage statistics you can come up with. I think it definitely shows where the business is headed.

馬克，分析得很好。我的意思是，仔細想想，顯然——我認為從歷史角度來看，在我們的歷史上，曾有幾個時期我們連續幾個季度都超越了積壓訂單。有時積壓的工作量會隨著獲獎情況而增加，而且往往會出現斷斷續續的情況。在我看來，我們能夠持續實現訂單積壓成長這一事實，其意義不亞於任何百分比統計數據。我認為這無疑顯示了公司的發展方向。

So again, we feel really good about where we stand. We think that with all that said, I think there's a lot of opportunity to further increase backlog and further help that. So I do think that backlog is a reflection over time of where your business is headed. And I think over time, we've delivered great backlog results which will translate into further revenue growth.

所以，我們對目前的處境感到非常滿意。綜上所述，我認為還有很多機會可以進一步增加積壓訂單，並進一步幫助解決這個問題。所以我認為積壓訂單反映了企業發展方向的長期趨勢。我認為隨著時間的推移，我們已經取得了非常好的訂單積壓情況，這將轉化為進一步的收入成長。

So whether I can pin down the specifics on whether the historical percentages are going to play out exactly the way they did, to be honest, I haven't done that math. It might be interesting to do off-line, but I haven't done it. But I can just generally tell you that we see momentum in our business. It's supported by our backlog growth, and more importantly, supported by the opportunities that we see coming.

所以，老實說，我還沒有計算過，我是否能夠確定歷史百分比是否會完全按照它們實際發生的方式發展。線下進行或許會很有趣，但我還沒試過。但我可以總體上告訴你，我們看到公司業務發展勢頭良好。這得益於我們積壓訂單的成長，更重要的是，得益於我們看到的未來​​機會。

Okay, great. Thanks for that, Jose. And I guess just the other one, back on Communications. So the -- '24, was a down year, '25 was a recovery year. What do you think -- as a placeholder for '26 growth, do you think this business could do double-digit growth -- top line growth in '26?

好的，太好了。謝謝你，何塞。我猜還有另一個，是關於通訊方面的。所以，2024 年是下滑的一年，2025 年是復甦的一年。您認為—作為 2026 年成長的佔位符，您認為這家公司在 2026 年的營收成長能達到兩位數嗎？

Yes.

是的。

Thank you very much.

非常感謝。

Brian Brophy, Stifel.

Brian Brophy，Stifel。

Thanks. Good morning, everybody. I appreciate you taking the question. Just following up on some prior discussion. In the past, you've talked about having the capacity for two large transmission projects at once. Obviously, it sounds like we're going to hit that here next year, but you've also made a lot of investments on the headcount side.

謝謝。各位早安。感謝您回答這個問題。只是對之前討論的一些內容進行後續跟進。過去，您曾談到要有能力同時進行兩個大型輸電項目。顯然，聽起來我們明年就要達到這個目標了，但你們也在人員配置上進行了大量投資。

Curious if you're still thinking two projects is kind of the limit? Or how you're thinking about potentially adding capacity on the transmission side to take on more?

我很好奇你是否仍然認為兩個項目就是極限了？或者，您是否考慮過在輸電方面增加容量以應對更多需求？

There's no question in our minds that we're going to continue to build that business to take on more projects and to have the ability to take on more projects simultaneously. So you start with one, you build the two, you eventually get to three, right?

我們毫不懷疑，我們將繼續發展這項業務，承接更多項目，並具備同時承接更多項目的能力。所以你先從一個開始，然後建造兩個，最後得到三個，對吧？

So you can't put -- you can't get ahead of yourself. Again, we're excited about where we stand and the potential that we have in that business. There are other opportunities out there that we're also interested and we're evaluating. So we expect over time to definitely win more.

所以你不能－－你不能操之過急。再次強調，我們對目前所處的地位以及我們在該業務領域的潛力感到興奮。我們也對其他一些機會感興趣，目前正在評估中。所以我們相信隨著時間的推移，一定會贏得更多。

Okay, thanks. And then also following up on some of the prior discussion. It sounds like combined cycle is a little bit less interesting. But how do you guys think about potential opportunities on the single cycle side in gas?

好的，謝謝。然後，我也跟進了之前的一些討論。聽起來聯合循環系統就沒那麼有趣了。你們如何看待天然氣單循環領域的潛在機會？

Brian, it's a huge opportunity. Obviously, there's a lot going on. We do play in that space today, albeit at a smaller level. It's a question that we've constantly got to answer, how much are we willing to invest, how much -- it's -- look, it's a very different business than what we've historically done.

布萊恩，這是個絕佳的機會。顯然，這裡發生了很多事情。如今我們確實也在這個領域涉足，儘管規模較小。這是一個我們一直需要回答的問題：我們願意投資多少，多少——你看，這和我們過去所做的業務非常不同。

Risk mitigation in that business is the entire business because there is -- there are risks associated with that business that we don't typically see in other parts of our business. So understanding that and really managing towards that in my mind is the difference between a great project and a bad project. So we're looking at opportunities. Definitely an area that we will engage in, but we will be cautious in our engagement around that.

該業務的風險緩解就是整個業務，因為該業務存在一些我們在其他業務領域通常不會遇到的風險。所以，在我看來，理解這一點並真正朝著這個方向努力，就是一個優秀專案和一個糟糕專案之間的差異。所以我們在尋找機會。這絕對是我們會涉足的領域，但我們會謹慎行事。

Thanks. I'll pass it on. Thank you.

謝謝。我會轉達的。謝謝。

Brent Thielman, DA Davidson

布倫特·蒂爾曼，地方檢察官戴維森

Hey, great, thanks. Great. Just one more for me, really. Just on the pipeline side. Jose, you mentioned this change in how some of these things are being awarded. Can you just talk a little bit about maybe relative to past cycles, the competitive environment? Is it different? Are the potential economics on these projects different than past cycles, especially as you seem to pretty close to the customers talking about these long-term engagements?

嘿，太好了，謝謝。偉大的。真的，就剩我一個了。僅涉及管道方面。何塞，你提到過其中一些獎項的頒發方式發生了變化。能否簡單談談相對於以往週期而言，目前的競爭環境？有什麼不同嗎？這些項目的潛在經濟效益是否與以往週期有所不同？特別是考慮到您似乎與客戶關係密切，並且正在討論這些長期合作項目？

So Brent, I think that -- there is no difference in the earnings opportunity historically, right? I think we've really performed at a really high level historically. I don't think we're sitting here saying that we've got tremendous opportunity to improve on that, but we definitely have opportunities to get to that, and that's a significant difference from where we've been over the course of the last really two years.

所以布倫特，我認為——從歷史數據來看，獲利機會並沒有區別，對吧？我認為我們歷史上一直保持著非常高的水準。我不認為我們現在說我們有巨大的機會去改進這一點，但我們絕對有機會達到那個目標，這與我們過去兩年所處的位置有很大的不同。

So again, not just because of the revenue opportunities, but because of our ability to execute at a higher margin level in those businesses probably what excites us the most. And there's no reason that we shouldn't be able to deliver at historical levels.

所以，最讓我們興奮的不僅是收入機會，還有我們在這些業務中實現更高利潤率的能力。我們完全有能力達到歷史最高水準。

I also think we're working with our customers. We've got a lot of long-term relationships. We're not here to take advantage of our customers and try to make all our money on one job. We're going to work with our customers to hopefully get a significant size of their plans and their capital that they spend. And in that, we want to make a fair margin. We want to make a historical margin, but I don't know that we're necessarily looking at elevated margins.

我也認為我們正在與客戶合作。我們有很多長期合作關係。我們不是來佔客戶便宜，也不是想靠一個專案賺光所有錢的。我們將與客戶合作，希望能了解他們計畫的規模以及他們投入的資金。因此，我們希望從中獲得合理的利潤空間。我們希望取得歷史性的優勢，但我不知道我們是否一定能取得很高的優勢。

Okay, I'll leave it there. Thank you.

好了，我就說到這裡。謝謝。

Liam Burke, B. Riley Securities.

利亞姆·伯克，B. Riley Securities。

Thank you. Good morning, Jose. Jose, you're talking about specifically telecom, but I guess it could go across your businesses that you're moving into new geographies and opening new offices. Is that your existing customer pulling you into that market saying, --Hey, we need you? Or are you just identifying the market, and that's where you decide to invest?

謝謝。早安，何塞。Jose，你具體指的是電信業，但我想這可能適用於你們所有業務，例如進軍新的地理市場和開設新的辦公室。是不是你現有的客戶在把你拉入那個市場，說：“嘿，我們需要你？”或者你只是在尋找市場，然後決定在哪裡投資？

I think it's both new and existing customers, right? Obviously, I think we've done a good job at increasing our share of business with existing customers, especially as we look at a holistic approach across all of the businesses that we offer. The truth is that in today's world, a lot of our customers can use a lot of different MasTec services. I think we've done a good job at cross-selling those services and putting us in a position to build for those customers differently than we have in the past.

我認為既包括新客戶也包括老客戶，對嗎？顯然，我認為我們在提高現有客戶的業務份額方面做得很好，尤其是當我們著眼於我們提供的所有業務的整體方法時。事實上，在當今世界，我們的許多客戶可以使用多種不同的 MasTec 服務。我認為我們在交叉銷售這些服務方面做得很好，這使我們能夠以不同於以往的方式為這些客戶打造產品和服務。

On top of that, again, I think we are -- especially as you think about power delivery, we are newer in the space as we've really made a huge push in that business post 2021. So I think our brand recognition has significantly increased in that business, and we're getting a lot more opportunities from new customers because of it, and we will help deliver for those new customers.

除此之外，我認為我們——尤其是在電力傳輸領域——我們在這個領域還比較新，因為我們在 2021 年之後才真正大力發展這項業務。所以我認為我們在該行業的品牌知名度已經顯著提高，因此我們從新客戶那裡獲得了更多機會，我們將幫助這些新客戶取得成功。

So I think it's a combination of both. Whether it's for an existing or a new customer, if you're opening a total new geography, it's really not that much different in terms of the investment in the payback. But the decisions that we've had to make, right? Or do we do this organically or do we do this through M&A. And I think that for the time being, we've decided to do most of that organically, which I think over time has higher return profile, and I think we've executed to that. And I think going forward, you'll see a mix of that.

所以我認為兩者兼具。無論是現有客戶還是新客戶，如果你要開拓一個全新的地域，那麼從投資回報的角度來看，其實也沒有太大差別。但我們不得不做出這些決定，對吧？我們是應該自然而然地實現這一目標，還是應該透過併購來實現？我認為就目前而言，我們已經決定大部分工作都以自然增長的方式進行，我認為從長遠來看，這種方式的回報更高，而且我認為我們已經做到了這一點。我認為未來你會看到這兩種情況的混合。

Great, thank you. Just quickly on renewables. You said that it was heavily weighted towards solar this year, but your order flow is looking towards wind in 2026. Is that new build? Or is it just upgrades and maintenance?

太好了，謝謝。簡單談談再生能源。您曾說過今年太陽能業務佔比很高，但您的訂單流向顯示，2026 年將轉向風能。那是新建的嗎？或只是升級和維護？

Yes. So Liam, to be exact, what we said was we expect our renewable growth to be driven by solar because that's what's growing faster. So the bulk of our business today and in the future will continue to be solar. I think we highlighted wind because there's been a lot of questions about how the wind business is doing and where the future of the wind business is. And I can tell you that it's an important part of our portfolio. Between what we put in backlog and what we expect to put in backlog here for the fourth quarter, we're going to end up with 3 of the 4 largest jobs in MasTec's history on the wind side, which is just, in today's world, somewhat of a staggering statistic. I think it bodes really well to the longevity and really the strength of the wind business in addition to what we're doing on the solar side.

是的。所以利亞姆，確切地說，我們當時說的是，我們預計再生能源的成長將由太陽能驅動，因為太陽能的成長速度更快。因此，我們現在和未來的大部分業務仍將是太陽能。我認為我們重點關注風能是因為大家對風能產業的現況和未來發展方向有很多疑問。我可以告訴你，它是我們投資組合的重要組成部分。結合我們目前積壓的訂單和預計第四季度積壓的訂單，我們將迎來 MasTec 歷史上最大的 4 個風力發電項目中的 3 個，這在當今世界是一個令人震驚的統計數據。我認為這預示著風能產業的長期發展和強勁成長，再加上我們在太陽能領域所做的工作，更是錦上添花。

So we just wanted to highlight it because I think so much gets talked about solar, but I actually think there's a pretty healthy wind business out there that we've done a good job at cultivating and growing and that was really the only purpose for the comments.

所以我們只是想強調這一點，因為我覺得大家對太陽能的討論太多了，但實際上我認為風能產業發展得相當健康，我們在這方面做得很好，而這才是我們發表評論的唯一目的。

Great, thank you, Jose. Thanks.

太好了，謝謝你，何塞。謝謝。

(Operator Instructions) Maheep, Mizuho.

（操作說明）Maheep，瑞穗。

It's Maheep from Mizuho. Just want to follow up on the previous question. Could you talk about like the battery storage business, talk about wind and solar, but any thoughts on the growth in that segment for you? And separately, just on the pipeline side, any thoughts on labor constraints, if any, any part of the business for you? Thank you.

她是瑞穗銀行的Maheep。我想就之前的問題做個後續說明。您能否談談電池儲能業務、風能和太陽能，以及您對該領域的成長有何看法？另外，就管道運輸方面而言，您對業務的任何部分是否存在勞動力限制方面有什麼看法？謝謝。

Yes. So the first part of the question, I mean battery storage is becoming a much larger part of our entire portfolio. The majority of our projects today have some sort of battery opportunity related to them. And I think that business has grown really nicely for us in 2025 and definitely been a growth driver for the business this year and one that we expect for next year.

是的。所以問題的第一部分，我的意思是電池儲能正在成為我們整個產品組合中越來越重要的組成部分。我們目前的大多數項目都與電池應用有關。我認為這項業務在 2025 年發展得非常好，絕對是今年業務成長的驅動力，也是我們預計明年將繼續成長的驅動力。

I think the second part of the question, I missed the end, but I think it was around pipeline constraints. I think -- when we think about the business, it's obviously been a very radical change on what the expectation of the pipeline market was going to be in '25 versus at this point last year.

我覺得問題的第二部分，我錯過了結尾，但我認為它與管道限制有關。我認為——當我們思考這個行業時，很明顯，與去年同期相比，2025 年管道市場的預期已經發生了非常根本性的變化。

And I think that our customers obviously have decided to make significant investments. Those investments take a little bit of time. So one of the reasons that I think that we talked so heavily about back into '26 is because I think it's taken that amount of time to get engineering, permitting and materials in line to be able to execute on those projects.

我認為我們的客戶顯然​​已經決定進行大量投資。這些投資需要一些時間。所以我認為，我們在 2026 年反覆討論的原因之一是，我認為需要花費那麼多時間才能使工程、許可和材料到位，從而能夠執行這些項目。

So while I think that there were some constraints early on in this year to get that cycle going at the level that it wants to be as an industry, I think we're getting through that, and we'll see that activity start to really pop, second half of '26.

所以，雖然我認為今年年初在推動行業發展達到預期水平方面存在一些限制，但我認為我們正在克服這些限制，我們將在 2026 年下半年看到行業活動真正開始爆發。

Thank you.

謝謝。

Thank you. I would now like to turn the call back over to Chris for closing remarks.

謝謝。現在我想把電話交還給克里斯，請他做總結發言。

Thank you. That concludes today's call. Thank you for participating. And as a reminder, please visit our website for a replay and transcript of the call, which will be posted when available. Thank you.

謝謝。今天的電話會議到此結束。感謝您的參與。再次提醒大家，請造訪我們的網站查看通話錄音和文字記錄，我們會在可用時發布。謝謝。

Thank you for your participation. You may now disconnect.

感謝您的參與。您現在可以斷開連線了。