MasTec Inc (MTZ) 2026 Q2 法說會逐字稿

Thank you for standing by and welcome to MasTec's second-quarter 2026 financial results conference call, originally broadcast on Friday, July 31, 2026. Today's call is being recorded.

感謝您耐心等候，歡迎參加 MasTec 2026 年第二季財務業績電話會議，本次會議原於 2026 年 7 月 31 日（星期五）進行直播。今天的電話會議將被錄音。

I'd now like to turn the call over to Marc Lewis for some opening comments.

現在我想把電話交給 Marc Lewis，請他先做一些開場致詞。

Thanks, Dan, and good morning, everyone, and thank you for joining us for MasTec's second-quarter earnings 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 on the Investors tab and through the webcast link. There is also a companion document with information and analytics on the quarter and a guidance summary to assist in future financial modeling. Please read the forward-looking statement disclaimer contained in the slide accompanying this call.

謝謝你，Dan，各位早安，也感謝大家參加 MasTec 的第二季財報電話會議。今天與我一同出席的有執行長 Jose Mas，以及財務長 Paul Dimarco。我們準備了投影片以補充我們的說明，投影片已發布於 MasTec 官網「投資人」分頁以及網路直播連結中。另外也有一份配套文件，提供本季相關資訊與分析，以及指引摘要，以協助未來的財務模型建構。請閱讀本次電話會議投影片中所附的前瞻性聲明免責聲明。

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. Our Form 10-K, as updated by our current and periodic reports and filings with the SEC, include detailed discussion of risks and uncertainties that may cause such differences.

在本次電話會議中，我們將就截至本次會議日期的未來計畫與預期發表前瞻性聲明。由於這些聲明係基於目前的假設與因素，且涉及風險與不確定性，我們的實際表現與結果可能與前瞻性聲明存在重大差異。我們的 Form 10-K（並由我們向美國證券交易委員會 SEC 提交的最新與定期報告及申報文件更新）包含對可能導致此類差異之風險與不確定性的詳細討論。

In today's remarks, we will also be discussing adjusted financial metrics reconciled in yesterday's press release and supporting schedules. We may also use certain non-GAAP financial measures on this call. A reconciliation of any non-GAAP financial measures not reconciled in these comments to the most comparable GAAP financial measures may be found in our earnings release, our slides, and companion documents.

在今天的說明中，我們也將討論已於昨日新聞稿及其支持性附表中對帳的調整後財務指標。我們也可能在本次電話會議中使用某些非 GAAP 財務衡量指標。對於在本段說明中未進行對帳的任何非 GAAP 財務衡量指標，其與最可比 GAAP 財務衡量指標之對帳，可於我們的財報新聞稿、投影片及配套文件中查閱。

We had a nice in-line quarter, and I'd now like to turn the call over to Jose for his commentary. Jose.

我們本季表現不錯、符合預期，現在我想把電話交給 Jose，請他發表評論。Jose。

Thanks, Marc. Good morning and welcome to MasTec's 2026 second-quarter call. Today, I'll be reviewing our second-quarter results as well as providing my outlook for the markets we serve.

謝謝你，Marc。各位早安，歡迎參加 MasTec 2026 年第二季電話會議。今天我將回顧我們第二季的業績，同時也會分享我對我們所服務市場的展望。

First, some second-quarter highlights: revenue for the quarter was $4.374 billion, up 23% year over year. Adjusted EBITDA was $384 million, a 40% year-over-year increase. And adjusted earnings per share was $2.22, a 49% year-over-year increase. And backlog at quarter end was $21.4 billion, a nearly $5 billion year-over-year increase and a $1 billion sequential organic increase, a new record level.

首先，第二季重點如下：本季營收為 43.74 億美元，年增 23%。調整後 EBITDA 為 3.84 億美元，年增 40%。調整後每股盈餘為 2.22 美元，年增 49%。而季末在手訂單（backlog）為 214 億美元，較去年同期增加近 50 億美元，且較前一季有機增加 10 億美元，創下新高紀錄。

In summary, we delivered another excellent quarter. In fact, we set new highs across virtually every key financial metric. More importantly, the underlying demand driving these results continues to strengthen. Revenue, EBITDA, and EPS were all above guidance with strong year-over-year double-digit growth. EBITDA margins improved 100 basis points versus last year's second quarter, and total company book-to-bill was over 1.2 times, setting yet another backlog record.

總結來說，我們再度交出一個非常出色的季度。事實上，幾乎所有關鍵財務指標都創下新高。更重要的是，推動這些成果的基礎需求仍在持續增強。營收、EBITDA 與 EPS 均高於指引，並呈現強勁的年增雙位數成長。EBITDA 利潤率較去年第二季提升 100 個基點，而全公司接單/出貨比（book-to-bill）超過 1.2 倍，再次創下在手訂單新紀錄。

2026 is on track to be a record year, and the recent acquisition of The Superior Group only adds to the momentum we are building as we look ahead to 2027 and beyond. Maybe more importantly, beyond the second-quarter performance, what we're seeing across our end markets continues to reinforce our confidence in the longer-term opportunity in front of us.

2026 年有望成為創紀錄的一年，而近期收購 The Superior Group 更為我們在展望 2027 年及更長遠未來時所累積的動能再添助力。或許更重要的是，除了第二季的表現之外，我們在各終端市場看到的情況，持續強化我們對眼前長期機會的信心。

Just a few months ago in May, we held an Investor Day in New York. We had the chance to provide more detail around the opportunities for each of our business segments and set longer-term financial targets, including specific 2028 organic targets. We believe we've made a lot of progress in the two months since Investor Day.

就在幾個月前的 5 月，我們在紐約舉辦了投資人日。我們有機會更詳細說明各業務部門的機會，並設定長期財務目標，包括具體的 2028 年有機成長目標。我們相信，自投資人日以來的兩個月內，我們已取得許多進展。

While we recognize there has been increased noise in recent weeks related to market dynamics, the pace of project bids, negotiations and longer-term development is as strong as we've ever seen. In fact, during the second quarter, we have seen a meaningful increase in large project pursuits. To reiterate, we are seeing unprecedented demand across our business, and we expect that to translate into further continued strong backlog growth.

雖然我們注意到近幾週因市場動態而出現較多雜音，但專案投標、談判以及長期開發的節奏，仍是我們所見過最強勁的水準之一。事實上，在第二季期間，我們看到大型專案追案活動明顯增加。再次強調，我們在各項業務中看到前所未有的需求，並預期這將轉化為在手訂單進一步且持續的強勁成長。

Also, since Investor Day, we've now closed on the largest acquisition in our history. I'd again like to welcome the Superior family to MasTec. While Superior is a great company with incredible growth opportunities ahead, we're very bullish on our ability to further the impact of Superior by coupling other MasTec services to enhance our growth across the mission-critical space. We believe this acquisition enhances our capabilities, deepens our customer relationships, expands our highly skilled workforce and broadens our addressable market. More importantly, it positions MasTec to lead what we believe will be a generational infrastructure investment cycle driven by AI, electrification and the continued growth of digital infrastructure.

此外，自投資人日以來，我們已完成公司史上最大的一筆收購。我也再次歡迎 Superior 大家庭加入 MasTec。Superior 是一家非常優秀的公司，未來具備驚人的成長機會；同時，我們也非常看好透過結合 MasTec 的其他服務，在關鍵任務（mission-critical）領域進一步放大 Superior 影響力、帶動成長的能力。我們相信這項收購將提升我們的能力、深化客戶關係、擴大高技能人力，並拓展我們可服務的市場範圍。更重要的是，它使 MasTec 得以引領我們所認為將由 AI、電氣化以及數位基礎設施持續成長所驅動的世代級基礎建設投資循環。

For the balance of 2026, while we expect continued strength across Pipeline, Power Delivery and our Clean Energy & Infrastructure segment, we are experiencing some pressure in our Communications segment. While our longer-term outlook in Communications is unchanged, we are experiencing some short-term pressure. The two primary drivers are lower wireless revenues in the second half of 2026 relative to the first half as well as certain wireline project deferrals. Wireless revenues exceeded our plans for the first half, and the next wave of growth will be driven by the rollout of new spectrum, where the related equipment won't be available until next year.

就 2026 年剩餘期間而言，雖然我們預期管線（Pipeline）、電力輸配（Power Delivery）以及我們的潔淨能源與基礎建設（Clean Energy & Infrastructure）部門將持續強勁，但我們在通訊（Communications）部門正面臨一些壓力。儘管我們對通訊業務的長期展望不變，但短期確實承受一定壓力。兩個主要因素是：2026 年下半年無線營收相較上半年較低，以及部分有線（wireline）專案延後。上半年無線營收超出我們的計畫，而下一波成長將由新頻譜的部署所帶動，但相關設備要到明年才會到位。

On the wireline side, were being impacted by RDOF projects rolling off, and the replacement projects we've won are having delayed starts. We see fiber expansion as the greatest opportunity within that segment and are seeing significant capital investments from our customers there. While wireless has historically represented a larger portion of our Communications business, the investments we have made in wireline over the last several years are an important part of our growth story.

在有線方面，我們受到 RDOF 專案結束（rolling off）的影響，而我們贏得的替代專案啟動時間有所延遲。我們認為光纖擴建是該部門內最大的機會，並看到客戶在該領域投入大量資本支出。雖然無線歷來占我們通訊業務較大比重，但過去幾年我們在有線領域所做的投資，是我們成長故事的重要一環。

Our Communications business grew organically by more than 30% last year. And as we continue to shift more towards wireline, we've seen some variability in project cadence and quarter revenue timing. We've continued to win work associated with hyperscaler connectivity, and are currently pursuing billions of dollars of opportunities related to that end market within our Communications segment.

我們的通訊業務去年有機成長超過 30%。隨著我們持續將重心更多轉向有線，我們看到專案節奏與季度營收認列時點出現一些波動。我們持續贏得與超大規模業者（hyperscaler）連線相關的工作，目前也在通訊部門內追逐與該終端市場相關、金額達數十億美元的機會。

Moving on to Power Delivery. Revenue was up nearly 20% year-over-year and EBITDA grew by 24%. Margins were up sequentially by 220 basis points, and we expect continued strong performance for the balance of 2026. Backlog for the segment was up nearly $1.3 billion over last year, and we've had an excellent start to the third quarter in new bookings.

接著談電力輸配（Power Delivery）。營收年增近 20%，EBITDA 成長 24%。利潤率較前一季提升 220 個基點，我們預期 2026 年剩餘期間將持續維持強勁表現。該部門在手訂單較去年增加近 13 億美元，而我們在第三季的新接單也有非常好的開局。

Utilities are spending heavily on transmission, system hardening and reliability, and that's being driven by both aging infrastructure and increasing demand. A big part of that demand is coming from mission-critical, where we see really strong long-term demand and significant expansion of the grid, new transmission lines, substations and upgrades across the system. When you combine load growth, resilience and energy transition, it creates a long duration and a highly visible opportunity set.

公用事業公司正大幅投入輸電、系統強化與可靠性建設，這同時受到基礎設施老化與需求增加所驅動。其中很大一部分需求來自關鍵任務（mission-critical）領域；我們在該領域看到非常強勁的長期需求，以及電網的大幅擴張、新的輸電線路、變電站與全系統升級。當你把負載成長、韌性與能源轉型結合在一起，就會形成一個持續時間長、且高度可見的機會集合。

The combination of MasTec and Superior enhances our ability to meet those demands while also providing Superior and its customers with the benefits of MasTec's financial strength, broader geographic reach and diversified infrastructure platform. Again, we see meaningful opportunities to expand relationships with existing customers by offering a broader range of services across both organizations.

MasTec 與 Superior 的結合提升了我們滿足這些需求的能力，同時也讓 Superior 及其客戶受益於 MasTec 的財務實力、更廣泛的地理覆蓋以及多元化的基礎設施平台。再次強調，我們看到透過在兩個組織之間提供更廣泛的服務範圍，來擴大與既有客戶關係的重大機會。

In Clean Energy & Infrastructure, segment revenues increased 43% year over year. EBITDA was up 54% and segment backlog increased sequentially by $500 million, representing a book-to-bill of 1.3 times. Backlog growth was driven primarily by renewables, where we continue to see really strong demand for both near and long term.

在潔淨能源與基礎設施（Clean Energy & Infrastructure）方面，該分部營收年增 43%。EBITDA 年增 54%，分部在手訂單（backlog）較前一季增加 5 億美元，訂單出貨比（book-to-bill）為 1.3 倍。在手訂單成長主要由再生能源帶動，我們持續看到短期與長期都非常強勁的需求。

We're also very excited about the demand around power generation. As we covered in our Investor Day, we are focused on simple cycle and rice engines. The number of pursuits has increased materially, and our bullishness has only increased since Investor Day. We're also seeing strong demand for our water infrastructure business, and that integration has gone very well.

我們也對發電相關需求感到非常振奮。如同我們在投資人日所提到的，我們聚焦於簡單循環（simple cycle）與往復式引擎（reciprocating engines）。追案（pursuits）數量已大幅增加，自投資人日以來，我們的樂觀程度更是持續提升。我們也看到水務基礎設施業務需求強勁，而該整合進展非常順利。

Our recent turnkey data center project is also progressing well, and is a strong example of the demand for the breadth of MasTec's platform, with multiple sister companies working together on the same project. Demand for the skill set that MasTec has developed in construction management, coupled with the capabilities we have in civil, power, telecom and maintenance, creates a significant opportunity to substantially expand this part of our business.

我們近期的交鑰匙資料中心專案也進展良好，並且是市場對 MasTec 平台廣度需求的有力例證，多家姊妹公司在同一專案上協同合作。市場對 MasTec 在施工管理方面所建立的技能組合之需求，加上我們在土木、電力、電信與維護方面的能力，為大幅擴展這部分業務創造了重大機會。

We are currently in the midst of several large pursuits and fully expect additional awards in 2026. Our focus remains on partnering with customers early in the development process, helping them solve complex infrastructure challenges and positioning MasTec to capture opportunities across the full life cycle of mission-critical projects. Coupled with our ability to self-perform a significant portion of the work, we expect this part of our business to be a meaningful driver of solid long-term growth.

我們目前正進行數個大型追案，並完全預期在 2026 年獲得更多得標。我們的重點仍是於開發流程早期即與客戶合作，協助其解決複雜的基礎設施挑戰，並讓 MasTec 能在關鍵任務專案的全生命週期中掌握機會。再加上我們能自行承作（self-perform）相當大比例的工作，我們預期這部分業務將成為推動穩健長期成長的重要動能。

On the Pipeline side, the fundamentals are also very solid. For the quarter, Pipeline segment revenue was up 19% year over year and EBITDA nearly doubled. Backlog increased just over $450 million sequentially, and backlog hit its highest level since the second quarter of 2023. With that said, our long-term visibility is far better than our reported backlog number represents.

在管線（Pipeline）方面，基本面同樣非常穩健。本季管線分部營收年增 19%，EBITDA 幾乎倍增。在手訂單較前一季增加逾 4.5 億美元，並達到自 2023 年第二季以來的最高水準。儘管如此，我們的長期能見度遠優於已揭露的在手訂單數字所呈現的程度。

The mission-critical power generation opportunity is also creating significant demand for Pipeline infrastructure. Our customers are committing to future gas deliveries that will drive significant Pipeline investment. This, coupled with current Pipeline bottlenecks and constraints has significantly enhanced our longer-term prospects in this segment.

關鍵任務（mission-critical）發電機會也正在為管線基礎設施帶來顯著需求。我們的客戶正承諾未來的天然氣交付，將帶動大量的管線投資。再加上目前管線瓶頸與限制，已大幅提升我們在此分部的長期前景。

In closing, we expect 2026 to be a great year. With record performance across revenue, profitability and backlog, these results reflect strong execution across the business and the strength of our diversified platform. More importantly, the amount of investment going into critical infrastructure right now is significant and is being driven by some very durable trends, whether that's AI and data centers, grid reliability, energy demand, critical infrastructure or connectivity. We believe MasTec is uniquely positioned at the center of these critical infrastructure trends with the capabilities, customer relationships and backlog to drive sustained growth.

最後，我們預期 2026 年將是非常出色的一年。在營收、獲利能力與在手訂單方面皆創下紀錄，這些成果反映了全公司強勁的執行力以及我們多元化平台的實力。更重要的是，目前投入關鍵基礎設施的投資規模相當可觀，並由一些非常持久的趨勢所驅動，無論是 AI 與資料中心、電網可靠性、能源需求、關鍵基礎設施或連結性。我們相信 MasTec 具備獨特優勢，位於這些關鍵基礎設施趨勢的核心，並憑藉能力、客戶關係與在手訂單推動持續成長。

Given our performance, momentum and the addition of Superior, we are increasing our full year guidance. We now expect revenues of $18.2 billion, adjusted EBITDA of $1.6 billion and earnings per share of $9.30, representing year-over-year growth of 27%, 39% and 42%, respectively. Reflecting our updated guidance, it's important to recognize that our exposure to the mission-critical market at scale is still in its early stages. The acquisition of Superior, together with the turnkey data center award we received in the fourth quarter of last year, has fundamentally expanded MasTec's position in this market.

鑑於我們的表現、動能以及 Superior 的加入，我們上調全年財測指引。我們目前預期營收為 182 億美元、調整後 EBITDA 為 16 億美元、每股盈餘（EPS）為 9.30 美元，分別代表年增 27%、39% 與 42%。在反映更新後指引的同時，也必須認知到：我們以規模切入關鍵任務市場仍處於早期階段。收購 Superior，加上我們在去年第四季取得的交鑰匙資料中心得標案，已從根本上擴大 MasTec 在此市場的地位。

Despite nearly $2.5 billion of backlog growth over the past 2 quarters, only a modest portion contributes to 2026 revenue, with the majority expected to benefit 2027. We believe that timing reinforces the long-term earnings power of the business. We believe we're in the early stages of one of the largest infrastructure investment cycles we've ever seen, and MasTec is better positioned today than at any point in our history to capitalize on that opportunity.

儘管過去兩個季度在手訂單增加近 25 億美元，但僅有一小部分將貢獻 2026 年營收，多數預期將在 2027 年受益。我們認為這樣的時點安排強化了公司長期的獲利能力。我們相信，我們正處於我們所見過最大規模之一的基礎設施投資循環的早期階段，而 MasTec 今日的定位比公司歷史上任何時點都更有利於把握這項機會。

I'd like to take a moment to thank the men and women at MasTec. It is both an honor and a privilege to lead such an outstanding team. Our people are deeply committed to the values that define us: safety, environmental stewardship, integrity and honesty, while consistently delivering high-quality projects at the best possible value for our customers. These principles have not gone unnoticed. Our customers recognize and appreciate the dedication and excellence our team brings to every project. It is through the hard work and commitment of our people that we have positioned ourselves for continued growth and long-term success.

我想花點時間感謝 MasTec 的每一位同仁。能領導如此傑出的團隊，對我而言既是榮幸也是特權。我們的同仁深切投入於定義我們的價值觀：安全、環境管理、正直與誠信，同時持續以對客戶最具價值的方式交付高品質專案。這些原則並未被忽視。我們的客戶看見並珍視團隊在每個專案中展現的投入與卓越。正是透過同仁的辛勤付出與承諾，我們才能為持續成長與長期成功奠定基礎。

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

接下來我將把電話會議交給 Paul 進行財務回顧。Paul？

Thank you, Jose, and good morning, everyone. We are pleased with our second quarter performance and the continued execution across our business. For the quarter, revenue was approximately $4.375 billion, adjusted EBITDA was approximately $384 million and adjusted EPS was approximately $2.22, with each metric exceeding guidance and representing another quarter of strong year-over-year growth across all major financial metrics. Adjusted EBITDA margins expanded approximately 100 basis points year-over-year, reflected solid operating performance for the consolidated business.

謝謝你，Jose，各位早安。我們對第二季表現以及全公司持續的執行力感到滿意。本季營收約為 43.75 億美元，調整後 EBITDA 約為 3.84 億美元，調整後每股盈餘（EPS）約為 2.22 美元；各項指標均高於指引，並代表所有主要財務指標再度實現強勁的年增成長。調整後 EBITDA 利潤率年增約 100 個基點，反映合併層級業務穩健的營運表現。

Our second quarter results were driven by broad-based strength across most of the portfolio. Power Delivery generated approximately $1.25 billion of revenue, with EBITDA margins exceeding 9%, benefiting from strong execution and continued utility infrastructure investment. Pipeline Infrastructure delivered another excellent quarter, generating approximately $643 million of revenue, with EBITDA margins approaching 20%, reflecting both strong project execution and favorable project mix. Clean Energy & Infrastructure generated approximately $1.6 billion of revenue and $120 million of EBITDA, supported by continued growth across renewables, infrastructure and mission-critical construction activity. Together, these businesses continue to benefit from substantial demand for infrastructure construction across power generation and delivery, natural gas, heavy civil and data centers.

我們第二季的成果來自投資組合中多數業務的全面性強勁表現。電力輸配（Power Delivery）營收約 12.5 億美元，EBITDA 利潤率超過 9%，受惠於強勁的執行力與公用事業基礎設施投資的持續。管線基礎設施（Pipeline Infrastructure）再度交出優異的一季，營收約 6.43 億美元，EBITDA 利潤率接近 20%，反映強勁的專案執行與有利的專案組合。潔淨能源與基礎設施（Clean Energy & Infrastructure）營收約 16 億美元、EBITDA 為 1.2 億美元，受再生能源、基礎設施與關鍵任務建設活動持續成長所支撐。綜合而言，這些業務持續受惠於發電與輸配電、天然氣、重型土木與資料中心等基礎設施建設的龐大需求。

Backlog increased to another record level of approximately $21.4 billion at quarter end, growing roughly 5% sequentially and 30% year over year. Total company book-to-bill was approximately 1.2 times, led by strong performance in Pipeline Infrastructure and Clean Energy & Infrastructure, while Power Delivery backlog also increased to a new record level. The continued growth in backlog provides us with excellent visibility entering the second half of 2026 and reinforces our confidence in the medium-term outlook for the business.

截至季末，在手訂單增加至約 214 億美元的另一個歷史新高，較前一季成長約 5%，年增 30%。全公司訂單出貨比（book-to-bill）約為 1.2 倍，主要由管線基礎設施與潔淨能源與基礎設施的強勁表現帶動，同時電力輸配的在手訂單也增加至新的歷史高點。在手訂單的持續成長，使我們在進入 2026 年下半年時具備極佳的能見度，並強化我們對公司中期展望的信心。

One of the most important takeaways from the quarter is the strength and resiliency of our business model. While we are reducing Communications outlook for the remainder of 2026, the strength of our other businesses is expected to offset the Communications' impact and support our full year outlook. Power Delivery, Pipeline and Clean Energy & Infrastructure are all performing at or above our expectations, supported by strong execution and attractive backlog development. This highlights the significant benefits of the diversification strategy we have built over many years and demonstrates our ability to deliver growth even when conditions vary across individual end markets.

本季最重要的重點之一，是我們商業模式的強勁與韌性。雖然我們下調 2026 年剩餘期間的通訊（Communications）展望，但預期其他業務的強勁表現將抵銷通訊業務的影響，並支撐我們的全年展望。電力輸配、管線以及潔淨能源與基礎設施的表現皆達到或超越我們的預期，並受強勁的執行力與具吸引力的在手訂單發展所支撐。這凸顯了我們多年來建立的多元化策略所帶來的重大效益，也展現即使各終端市場條件有所差異，我們仍有能力交付成長。

In particular, we continue to see substantial investment activity tied to electrical modernization, power generation, data center development, industrial infrastructure and natural gas infrastructure. These markets benefit from durable long-term demand drivers and collectively represent a much larger portion of our business today than they did just a few years ago. As a result, we believe MasTec is increasingly positioned to deliver more consistent growth and less dependent on any single infrastructure cycle.

特別是，我們持續看到與電力現代化、發電、資料中心開發、工業基礎設施以及天然氣基礎設施相關的投資活動相當活躍。這些市場受惠於具韌性的長期需求驅動因素，且合計而言，如今在我們業務中的占比，較僅僅幾年前已大幅提高。因此，我們相信 MasTec 的定位正日益有利於帶來更一致的成長，並降低對任何單一基礎設施景氣循環的依賴。

In July, we closed the acquisition of The Superior Group, which further strengthens our position in several of the fastest-growing infrastructure markets we serve. Superior expands our electrical infrastructure capabilities within mission-critical facilities and data centers. As a highly skilled workforce of approximately 3,000 team members, it broadens our ability to provide integrated solutions to many of our largest customers. We continue to be excited about the long-term strategic and financial benefits this transaction creates.

7 月，我們完成對 The Superior Group 的收購，進一步強化我們在所服務的數個成長最快的基礎設施市場中的地位。Superior 擴增了我們在關鍵任務設施與資料中心領域的電力基礎設施能力。其約 3,000 名團隊成員所構成的高技能人力，拓展了我們為多數最大客戶提供整合式解決方案的能力。我們仍對此交易所帶來的長期策略與財務效益感到振奮。

Now, I'll share some additional details on our second quarter segment performance and outlook. Our Communications segment generated approximately $890 million of revenue and $72 million of EBITDA for the second quarter, resulting in EBITDA margins of approximately 8.2%. Revenue was generally consistent with our expectations for the quarter. However, execution challenges on certain projects, coupled with higher indirect fuel and equipment expenses, led to lower profit flow-through than anticipated.

接下來，我將分享我們第二季各事業部門表現與展望的更多細節。我們的通訊事業部第二季創造約 8.90 億美元營收與 7,200 萬美元 EBITDA，使 EBITDA 利潤率約為 8.2%。營收大致符合我們對本季的預期。然而，部分專案的執行挑戰，加上較高的間接燃料與設備費用，導致利潤轉化率低於預期。

While we remain very constructive on the long-term outlook for broadband infrastructure, fiber deployment and data center interconnect opportunities, we are seeing near-term project deferrals that are expected to moderate the pace of upcoming customer spending. As a result, we are reducing our Communications revenue and earnings expectations for the balance of 2026.

儘管我們對寬頻基礎設施、光纖部署與資料中心互連機會的長期展望仍相當正面，我們也看到短期內部分專案延後，預期將使客戶接下來的支出步調趨於溫和。因此，我們下調 2026 年剩餘期間通訊事業部的營收與獲利預期。

We now expect full year Communications revenue of approximately $3.25 billion and EBITDA margins in the high single digits, approximately 100 basis points lower year over year. While disappointing in the near term, we're using this period as an opportunity to rightsize our operational support model and rationalize select markets that do not align with our longer-term growth and margin objectives. For the third quarter, revenue is expected to be approximately $800 million, with high single-digit adjusted EBITDA margins.

我們目前預期通訊事業部全年營收約為 32.5 億美元，EBITDA 利潤率為高個位數，年減約 100 個基點。雖然短期令人失望，但我們正把這段期間視為契機，調整我們的營運支援模式規模，並精簡部分不符合我們長期成長與利潤率目標的市場。第三季方面，預期營收約為 8.00 億美元，調整後 EBITDA 利潤率為高個位數。

Our Power Delivery segment delivered another solid quarter. Revenue was approximately $1.25 billion, with EBITDA of $113 million, both exceeding our expectations and representing margins of just over 9%, expanding over 30 basis points year over year. Demand across our utility and transmission business remains very strong, driven by grid modernization, electrification, system reliability investments and the growing power requirements associated with data center development. Power Delivery backlog increased to another record level of approximately $6.3 billion, with book-to-bill of 1.1 times despite record quarterly revenue. We continue to see strong award activity, expanding scope on existing projects and increasing interest from customers in larger, more integrated project delivery models.

我們的電力交付（Power Delivery）事業部再度交出穩健的一季。營收約為 12.5 億美元，EBITDA 為 1.13 億美元，兩者皆超出我們預期，利潤率略高於 9%，年增超過 30 個基點。在電網現代化、電氣化、系統可靠度投資，以及資料中心開發帶動的用電需求成長等因素驅動下，我們公用事業與輸電業務的需求仍非常強勁。電力交付在手訂單（backlog）再創新高至約 63 億美元，儘管單季營收創紀錄，接單出貨比（book-to-bill）仍達 1.1 倍。我們持續看到強勁的得標活動、既有專案範疇擴大，以及客戶對更大型、更整合式專案交付模式的興趣提升。

For the third quarter, we now expect Power Delivery, inclusive of Superior's results, to generate approximately $1.6 billion in revenue with EBITDA margins in the low double digits, and full year revenue of approximately $5.725 billion with EBITDA margins also in the low double digits.

第三季方面，我們目前預期電力交付（包含 Superior 的業績）將創造約 16 億美元營收，EBITDA 利潤率為低雙位數；全年營收約為 57.25 億美元，EBITDA 利潤率同樣為低雙位數。

Our Pipeline Infrastructure segment continued to perform very strong. Revenue for the quarter was approximately $643 million, with EBITDA of approximately $119 million or 18.4% EBITDA margin. Strong project execution continues to drive EBITDA results, while broader market demand continues to build. Backlog increased to approximately $1.8 billion, up 35% sequentially, a book-to-bill of 1.7 time, representing the strongest growth rate of any of our segments this quarter. In addition, as we've discussed previously, our reported backlog does not fully capture the level of customer engagement and product development activity we continue to see.

我們的管線基礎設施（Pipeline Infrastructure）事業部持續表現非常強勁。本季營收約為 6.43 億美元，EBITDA 約為 1.19 億美元，EBITDA 利潤率為 18.4%。強勁的專案執行持續推動 EBITDA 表現，同時整體市場需求也持續升溫。在手訂單增至約 18 億美元，季增 35%，接單出貨比為 1.7 倍，為本季各事業部中成長率最高。此外，如同我們先前所討論，我們所揭露的在手訂單並未完全反映我們持續看到的客戶互動程度與產品開發活動量。

For the third quarter, we expect revenue of approximately $645 million and EBITDA margins in the mid-teens, consistent with our prior outlook, reflecting project timing and mix moderating somewhat from strong first half levels. Our full-year outlook remains largely unchanged as we position the business for the expected ramp into 2027.

第三季方面，我們預期營收約為 6.45 億美元，EBITDA 利潤率為中十位數，與先前展望一致，反映專案時點與組合相較上半年強勁水準將略為趨緩。我們的全年展望大致維持不變，並正為預期於 2027 年的放量成長做好布局。

Our Clean Energy & Infrastructure segment generated over $1.6 billion of revenue and $128 million of EBITDA during the quarter. Demand remains strong across renewables, civil infrastructure, industrial construction and general building, with a modest revenue mix driven by timing. Backlog increased to approximately $7.8 billion, growing roughly $500 million sequentially, with a book-to-bill of 1.3 times despite another record quarterly revenue. Renewables also continued their streak of sequential backlog growth.

我們的潔淨能源與基礎設施（Clean Energy & Infrastructure）事業部本季創造超過 16 億美元營收與 1.28 億美元 EBITDA。再生能源、土木基礎設施、工業建設與一般建築等領域需求仍然強勁，營收組合因時點因素而略有變動。在手訂單增至約 78 億美元，季增約 5 億美元；儘管單季營收再創新高，接單出貨比仍達 1.3 倍。再生能源在手訂單也延續其連續數季成長的趨勢。

Looking to the third quarter, we expect revenue to increase to approximately $1.9 billion, 40% growth year-over-year, with EBITDA margins in the high single digits, in line with 2025's third quarter despite a higher revenue contribution from general buildings at mid-single-digit margins. For the full year, we now expect revenue of approximately $6.8 billion and EBITDA margin in the high single digits, both ahead of our prior expectations.

展望第三季，我們預期營收將增加至約 19 億美元，年增 40%，EBITDA 利潤率為高個位數；儘管一般建築以中個位數利潤率帶來較高的營收貢獻，整體仍與 2025 年第三季水準一致。就全年而言，我們目前預期營收約為 68 億美元、EBITDA 利潤率為高個位數，兩者皆優於先前預期。

From a consolidated perspective, we now expect full year revenue of $18.2 billion, adjusted EBITDA of $1.6 billion and adjusted EPS of $9.30. For the third quarter, we expect revenue of $4.9 billion, adjusted EBITDA of $482 million and adjusted EPS of $2.98. Cash flow from operations was essentially flat for Q2, with working capital investments offsetting the strong sequential and year-over-year earnings growth. Overall, we expect over $1 billion of cash flow from operations for 2026, with the majority anticipated to come in Q4. Net leverage at Q2 was 1.8 times and would have been 2.2 times pro forma Superior acquisition. We expect net leverage to be below 2 times by year-end, consistent with our financial policy.

從合併角度來看，我們目前預期全年營收為 182 億美元、調整後 EBITDA 為 16 億美元、調整後每股盈餘（EPS）為 9.30 美元。第三季方面，我們預期營收為 49 億美元、調整後 EBITDA 為 4.82 億美元、調整後 EPS 為 2.98 美元。第二季營運現金流基本持平，因營運資金投入抵銷了強勁的季增與年增獲利成長。整體而言，我們預期 2026 年營運現金流將超過 10 億美元，其中大部分預計在第四季實現。第二季末淨槓桿為 1.8 倍；若以 Superior 收購案的擬制（pro forma）基礎計算則為 2.2 倍。我們預期年底淨槓桿將低於 2 倍，符合我們的財務政策。

Overall, we are pleased with our Q2 results and outlook for 2026. Our broadly diversified service offerings continue to provide resiliency to MasTec's consolidated earnings profile. We entered the second half of the year with record backlog, strong visibility and increased momentum. When we combine the strength with the expected contribution from Superior, we believe the company is well positioned to continue delivering profitable growth while benefiting from some of the most attractive infrastructure investment trends in North America.

整體而言，我們對第二季成果與 2026 年展望感到滿意。我們廣泛多元的服務組合持續為 MasTec 的合併獲利結構提供韌性。我們以創紀錄的在手訂單、強勁能見度與更高動能進入下半年。結合這些優勢與 Superior 預期帶來的貢獻，我們相信公司已具備良好條件，能在受惠於北美最具吸引力的基礎設施投資趨勢之際，持續實現具獲利性的成長。

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

以上為我們預先準備的發言。接下來我將把電話交給接線員進行問答。

(Operator Instructions) Alex Rygiel, Texas Capital.

(接線員指示) Alex Rygiel，Texas Capital。

Liam Burke, B. Riley Securities.

Liam Burke，B. Riley Securities。

Yes. Jose, there's been a lot of noise in your telecom business, and some of the opportunistic long-term opportunities are discussed in fiber-to-the-home and BEADs. How does the outlook for long-haul upgrade and construction look over time as you get through the puts and takes of wireless?

是的。Jose，你們的電信業務一直有很多雜音，而一些機會型的長期機會也常在光纖到府（fiber-to-the-home）與 BEAD 計畫中被討論。隨著你們度過無線業務的各種拉鋸與消長，長途（long-haul）升級與建設的展望在中長期看起來如何？

Yes. So Liam, let me address a little bit more off script. So obviously, we're disappointed with our Comms, both results in the quarter and our guidance for the balance of the year. We underperformed a little bit as we started to see pressure at the tail end of the quarter.

是的。所以 Liam，讓我稍微再補充一些不在原先講稿裡的內容。很明顯地，我們對通訊（Comms）業務感到失望，無論是本季的表現，還是我們對今年剩餘期間的指引。在本季接近尾聲時，我們開始看到壓力，因此表現略低於預期。

I want to make a couple of points, right? One is that the capital investment in the industry isn't really declining, it's changing, right? So if you take, for example, spectrum, right, there's been a lot of news on spectrum. There's been multiple carriers that have bought spectrum this year. Carriers have to make a decision, right?

我想提出幾點，好嗎？第一，產業的資本投資其實並沒有真正下滑，而是在改變，對吧？例如頻譜（spectrum），最近關於頻譜有很多新聞。今年已有多家電信業者購買了頻譜。電信業者必須做出決策，對吧？

If they buy spectrum and they have to do -- add capacity to sites, do they do it now and then have to go back and redo that with new spectrum early next year, or do they hold off and do it all at the same time? And I think that's what we're seeing, and that's impacting negatively our wireless business, right? It actually is a positive in the long term of the business because those spectrum build-outs is good news for MasTec over the long term. But in the short term, it's creating delays on projects that we expected to complete in the second half.

如果他們買了頻譜，且必須在站點增加容量——他們是現在就做，然後明年初拿到新頻譜後又得回頭重做一次，還是先暫緩，等到同一時間一起做完？我認為我們看到的就是這種情況，而這對我們的無線業務造成負面影響，對吧？但從長期來看，這其實對業務是正面的，因為這些頻譜建設（build-outs）對 MasTec 的長期發展是好消息。不過短期而言，這正在造成我們原本預期在下半年完成的專案出現延遲。

In addition, what we're seeing in the business is that -- the best part of that business is going to be the hyperscaler build-outs, and we're winning our share. We talked about pursuits of multiple projects north of $1 billion. But those take time, right? Those aren't '27 builds. We're seeing some RDOF projects fall off a little bit earlier than we expected, and some of the work that we had won to replace that is facing some delays and some permitting challenges.

另外，我們在業務上看到的是——這個業務中最好的部分將會是超大規模雲端業者（hyperscaler）的建設擴張，而我們也正在拿到應有的份額。我們談到正在追逐多個金額超過 10 億美元的專案。但那些需要時間，對吧？那些不是 2027 年的建置。我們看到一些 RDOF 專案比我們預期更早地減少，而我們為了替代這部分所贏得的一些工作，正面臨延遲以及一些許可（permitting）方面的挑戰。

So again, we're disappointed about what it means for the second half, but we believe that the long-term fundamentals of that business are unchanged. We believe our customers' capital plans are unchanged. They're just changing how they spend it. The fact is that, historically, we've been more skewed to wireless. We've changed that over the last few years.

所以再次強調，我們對這對下半年的意涵感到失望，但我們相信該業務的長期基本面並未改變。我們相信客戶的資本計畫並沒有改變。他們只是改變了支出的方式。事實是，從歷史上看，我們的業務更偏向無線。過去幾年我們已經改變了這一點。

We've done a great job of building our wireline business. And unfortunately, we're getting caught up in timing here as some project shifts move. But overall, we're pretty excited about where that business is going. And again, we think the long-term fundamentals of it are unchanged.

我們在建立有線（wireline）業務方面做得非常好。不幸的是，現在我們在時點上受到影響，因為一些專案的調整正在發生。但整體而言，我們對這項業務的發展方向感到相當振奮。而且再次強調，我們認為其長期基本面並未改變。

So just as a follow-on on the wireline side, you're getting involved now in the planning stages of all these projects, giving you better visibility probably not in '26, but in the longer haul.

那麼就有線這一塊再追問一下，你們現在已經開始參與所有這些專案的規劃階段，這應該能讓你們有更好的能見度，可能不是在 2026 年，但在更長期的時間軸上。

There's no question, right? And I think -- look, this is a legacy business for us. I think we've got a great reputation in this business. We have great customer relationships. I think we're very close to our customers.

毫無疑問，對吧？而且我想——你看，這對我們來說是傳統核心業務。我認為我們在這個領域有很好的聲譽。我們與客戶的關係非常好。我認為我們與客戶非常貼近。

I think we fully understand what's going on. We're disappointed that we didn't catch it earlier and really communicated earlier. But we're managing the best that we can. And outside of Comms, quite frankly, our business is doing great. So we're in a position to kind of manage through this and hopefully see it shift in 2027.

我認為我們完全理解正在發生什麼。我們很失望沒有更早察覺並更早溝通。但我們正盡我們所能去管理。坦白說，除了通訊（Comms）之外，我們的其他業務表現都非常好。因此我們有能力在這段期間把它管理過去，並希望在 2027 年看到情況轉變。

Andy Kaplowitz, Citigroup.

Andy Kaplowitz，花旗集團（Citigroup）。

Just maybe a little more detail on the telecom stuff. Is it more, you think, broad-based deferrals across a bunch of wireline customers and more a couple of customers delaying with the art of transition? And we think about that $400 million in lower Communications guidance or delay something like 75% wireless, 25% wireline, look, are they more even? Just any color would be helpful.

想再多了解一些電信相關的細節。你認為這比較像是多家有線客戶普遍性地延後，還是主要是少數幾家客戶在轉換過程中延遲？另外，我們看通訊業務指引下修或延後的 4 億美元，其中大概是 75% 無線、25% 有線，還是其實更平均？任何補充說明都會很有幫助。

Yes, I'd say a couple of things. I'd say it's pretty specific to a couple of customers on the wireline side. Especially as it relates to our business, we had some wins that we expected to kick off that are getting pushed by a couple of months. I'd say it's roughly 50-50, maybe a little bit more skewed to wireless.

是的，我會說幾點。我會說在有線端，這相當集中在少數幾家客戶。特別是就我們的業務而言，我們有一些原本預期會啟動的得標案，現在被往後推遲了幾個月。我會說大概是 50/50，可能稍微更偏向無線一些。

Okay. Very helpful. And then Paul mentioned using this time to rightsize the Communication business a bit. Maybe you could give us a little more color into what that means? And can it help you offset the higher fuel and other costs that Paul mentioned that's impacting your business to ultimately get that margin back into the double digits over time?

好的。非常有幫助。接著 Paul 提到利用這段時間把通訊業務做一些規模調整（rightsize）。也許你可以再多說明一下這代表什麼？以及它是否能幫助你們抵消 Paul 提到的燃料與其他成本上升對業務的影響，並最終讓利潤率隨時間回到兩位數？

Yes. Look, a couple of things. One is the margin profile for the second half of the year is actually much improved from the first half. We expect second half margins in that business to be up about 200 basis points in the second half versus the first half despite the revenue challenges. Some of that we're doing through exactly what Paul talked about, right, is we're really trying to -- we've grown a lot in that business over the last year.

是的。你看，有幾點。第一，下半年的利潤率結構其實比上半年明顯改善。儘管營收面臨挑戰，我們預期該業務下半年利潤率相較上半年將提升約 200 個基點。其中一部分正是透過 Paul 所說的方式，也就是我們真的在努力——過去一年我們在那個業務成長很快。

So we're taking this opportunity to really create more efficiencies and build into that, but also understanding that we expect it to come back pretty strong. So we can't cut too deep, but I think we're taking our time to manage as best as we can through this and take advantage to the extent that we can of short-term pressure.

所以我們把這當作機會，真正去提升效率並把這些效率內建進去，同時也理解我們預期它會相當強勁地回升。因此我們不能砍得太深，但我認為我們正花時間盡可能把它管理好，並在可行範圍內利用短期壓力帶來的調整空間。

Alex Rygiel, Texas Capital.

Alex Rygiel，Texas Capital。

I apologize for that, Jose, a very nice quarter. You mentioned that you're seeing an increase in large project pursuits. Can you expand upon what segments these opportunities are in? And give us some color on the timing of these?

Jose，不好意思打斷一下，本季表現非常不錯。你提到你們看到大型專案追案（pursuits）增加。你能否進一步說明這些機會主要在哪些業務領域？以及在時程上大概是什麼樣的節奏？

Yes. One of the things that we've really tried to outline today is kind of talk about the entire industry, right? And if you think about even across our peer group, right, if you see who's having success and what areas of the business are having success, everything tied to mission critical is doing extremely well right now. And I think, again, part of the prepared remarks were about what we've seen in the market over the course of the last few months with people's concerns around that industry. We're seeing quite the opposite.

是的。我們今天很想勾勒的一件事，是從整個產業的角度來談，對吧？如果你看甚至整個同業群（peer group），看看誰做得好、哪些業務領域表現強，所有與關鍵任務（mission critical）相關的都在目前表現得非常好。而且我想，再次呼應我們事先準備的發言，其中一部分是在談過去幾個月市場上對該產業的擔憂。我們看到的情況恰恰相反。

We're seeing unbelievable demand and we're seeing no end in sight to that.

我們看到難以置信的需求，而且看不到任何放緩的跡象。

The truth is that as a percentage of revenues, right, our business relative to mission-critical has been quite small, right, smaller than our peers, when you look at it. And if you look at the areas that were most impacted by those industries, which would be in Clean Energy and in Power Delivery, those businesses are doing unbelievably well for us, right? For us to grow our Clean Energy & Infrastructure business by 43% in revenues year over year for the quarter, EBITDA by 54% in that market. In Power Delivery, we grew 20%. We grew EBITDA by 24% in the quarter.

事實是，以營收占比來看，對吧？我們與關鍵任務（mission-critical）相關的業務占比一直相當小，對吧？相較同業來看更小。而如果你看那些受這些產業影響最大的領域，也就是潔淨能源（Clean Energy）與電力輸配（Power Delivery），這些業務對我們而言表現非常非常好，對吧？我們的潔淨能源與基礎建設（Clean Energy & Infrastructure）業務，本季營收年增 43%，在該市場的 EBITDA 年增 54%。在電力輸配方面，我們成長 20%。本季 EBITDA 成長 24%。

We've got similar results expected for the full year. So those businesses that are touched or impacted by that part of the business are doing unbelievably well, right?

我們預期全年也會有類似的結果。所以，那些與該業務部分有接觸或受到影響的業務表現好得令人難以置信，對吧？

So what we've done over the course of the last 6 months and even over the course of the last week since we closed Superior is we feel like we've significantly increased our exposure to that market. That will lead to a lot more work. It will lead to a lot more growth. We tried to highlight the fact that we've won $2.5 billion of additional backlog or backlog growth in the first half of the year, of which very little has impacted '26, right? So we're beginning to see what you're seeing in a lot of other people's reports, right, which is those businesses are good.

因此，在過去6個月的過程中，甚至在我們完成Superior交割後的這一週內，我們覺得我們已大幅提高了對該市場的曝險。這將帶來更多的工作。這將帶來更多的成長。我們試圖強調的是，我們在上半年贏得了25億美元的新增在手訂單（backlog）或在手訂單成長，其中很少影響到'26，對吧？所以我們開始看到你在很多其他人報告中看到的情況，對吧，也就是那些業務表現良好。

Those businesses offer significantly outsized growth. Unfortunately, we haven't been in a position to benefit the same way others have here over the course of '26, but I think we've positioned ourselves to do that going forward, and we're really excited about what that means for us.

那些業務提供了顯著超出平均的成長。不幸的是，在'26期間，我們一直沒有處於能像其他人一樣受益的狀態，但我認為我們已經為未來做好了定位，我們對這對我們意味著什麼感到非常興奮。

Then at a high level, do you anticipate backlog ending 2026 at a higher level than today inclusive of Superior? And if so, what segments may see the greatest near-term growth?

那麼從較高層面來看，你是否預期包含Superior在內，2026年底的在手訂單會高於今天？如果是，哪些部門可能在短期內看到最大的成長？

So the answer to the question is absolutely yes. And we expect it to be in Power Delivery, Clean Energy & Infrastructure, and Pipeline. We think those 3 will drive backlog growth. Obviously, as it relates to mission-critical, Power Delivery, and Clean Energy & Infrastructure will be the most impacted by those. But we do expect nice growth between now and the balance and the end of the year.

所以這個問題的答案絕對是肯定的。我們預期會在電力輸配（Power Delivery）、潔淨能源與基礎建設（Clean Energy & Infrastructure）以及管線（Pipeline）。我們認為這三個將推動在手訂單成長。顯然，就關鍵任務（mission-critical）而言，電力輸配以及潔淨能源與基礎建設將受到其影響最大。但我們確實預期從現在到今年剩餘期間以及年底會有不錯的成長。

Sangita Jain, KeyBanc Capital Markets.

Sangita Jain，KeyBanc Capital Markets。

I'm going to ask one on Pipeline. So contrary to what you've seen in the last few quarters, your backlog grew this quarter, but you kept the revenue guide unchanged. So just wondering if there's a read into that, that you may be moving to other geographies for some larger pipeline projects?

我想問一個關於管線的問題。所以與你在過去幾季看到的情況相反，你們本季在手訂單成長了，但你們維持營收指引不變。所以只是想知道這是否意味著，你們可能正轉向其他地理區域承接一些較大型的管線專案？

No, nothing to read into it. I think we've been really clear about Pipeline. We came into the year with the level of expectation. We said it would be hard to beat that because of materials. We still feel the same way.

不，沒有什麼需要過度解讀的。我認為我們對管線業務一直講得很清楚。我們在年初就帶著既定的預期水準進來。我們說過由於材料因素，要超越那個水準會很難。我們現在仍然是同樣的看法。

We just won a project that -- got contracts signed. The work is actually for '27. It's not even for '26. It kind of drew a lot of that backlog. So again, we've always said backlog shrinking in that business.

我們剛剛贏得了一個專案——合約已簽署。實際的工作是在'27。甚至不是在'26。它在某種程度上拉高了不少在手訂單。所以再說一次，我們一直都說那個業務的在手訂單會縮減。

Our visibility is fantastic for multiple years out. We feel really good about '27. We feel amazing about '28 and '29. So it's just -- unfortunately, backlog isn't representative of the strength of that business. You see a little bit of that changing now if we expect further projects to book between now and the balance of the year, but that big increase in backlog doesn't really impact '26.

我們對未來多年的能見度非常好。我們對'27感覺非常好。我們對'28和'29感覺非常棒。所以只是——不幸的是，在手訂單並不能代表該業務的強勁程度。如果我們預期在今年剩餘期間還會有更多專案入帳，你現在會看到這種情況有些改變，但那個在手訂單的大幅增加其實並不真正影響'26。

And should we consider a similar margin profile for second half versus first half for the projects that you do have in backlog currently?

那麼，對於你們目前在手訂單中的專案，我們是否應該把下半年相較上半年的毛利率（利潤率）水準視為類似？

I think that our guidance hasn't changed. We normally guide to the same levels. We might have slightly lower revenue in the second half than the first half. I think that's what's called out in guidance. So I would expect similar -- I would expect the margin profile that we're guiding to.

我認為我們的指引沒有改變。我們通常指引到相同的水準。我們下半年的營收可能會比上半年略低一些。我想這在指引中有提到。所以我會預期類似——我會預期我們所指引的那個利潤率輪廓。

Jamie Cook, Truist.

Jamie Cook，Truist。

I guess a couple of questions. Just one, obviously, we announced Superior and the acquisition is closed. I'm just wondering, Jose, how conversations have evolved with customers now that this is public and they understand your broadened, I guess, skill set and have conversations evolved in that, you think that could create potential revenue synergies? So I guess that's my first question.

我想有幾個問題。第一個，顯然我們宣布了Superior，而且收購已完成交割。我只是想問，Jose，現在這件事公開後，客戶的對話是如何演變的？他們了解你們擴大的——我想是——技能組合之後，對話是否有所演變？你認為這是否可能創造潛在的營收協同效應？所以這是我的第一個問題。

And then my second question -- sorry, go ahead. Answer that first.

然後我的第二個問題——抱歉，你先說。先回答那個。

I think we've been pleasantly surprised. Conversations, customers has gone unbelievably well. We think there's incredible opportunity. I think it's why we spent so much time in our prepared remarks talking about it. I think it will definitely translate into a lot more business for all of MasTec, and I think it will be evident before year-end. We'll be able to get into a lot of detail around that.

我認為我們感到驚喜。與客戶的對話進展得非常非常好。我們認為機會非常巨大。我想這也是為什麼我們在事先準備的發言中花了那麼多時間談這件事。我認為這肯定會轉化為MasTec整體更多的業務，而且我認為在年底前就會很明顯。我們將能就此提供很多細節。

Okay. And then I guess just second question. Obviously, the backlog growth was strong in the quarter, in particular, C&I. I'm just wondering, as we look at that backlog growth, was it larger awards? Was it just sort of base hits because I'm trying to think about that backlog growth with the backdrop that you're pursuing these large billion dollar awards and what that could mean for backlog as we exit the year?

好的。然後我想第二個問題。顯然，本季在手訂單成長很強，特別是在C&I。我只是想知道，當我們看這個在手訂單成長時，是因為較大型的得標案嗎？還是只是一些基本盤的中小型案子？因為我在想，在你們正在追逐這些大型、十億美元級別的標案的背景下，這個在手訂單成長意味著什麼，以及這可能對我們在年底退出時的在手訂單帶來什麼影響？

Yes. It was not inclusive of any of those large type of pursuits. Those are -- those were not the wins that drove the backlog in the second quarter. It was more our normal type normal-size projects.

是的。這不包含任何那些大型類型的追案。那些——那些並不是推動第二季在手訂單的得標案。更多是我們一般的、正常規模的專案。

Marc Bianchi, TD Cowen.

Marc Bianchi，TD Cowen。

I guess the first one, just on the Communications and the deferrals and sort of how you see '27 shaping up. I mean, should we be thinking that you can get back to sort of first half '26 run rate in the first half of '27? Or does it take longer to -- for the business to come back?

我想第一個問題，關於通訊業務以及遞延，還有你們如何看待'27的走勢。我的意思是，我們是否應該認為你們能在'27上半年回到類似'26上半年的運行水準（run rate）？還是需要更久——讓業務回升？

I think it's definitely going to be better than the -- than our run rate in the second half. I think we've got to come back to that as we know more. Again, we're chasing a lot of big pursuits right now. That's going to have a big impact on '27 overall. So as some of that comes to fruition, I think we'd be better -- in a better position to answer that question.

我認為肯定會比——比我們下半年的運行水準更好。我認為我們需要在掌握更多資訊後再回來談這個。再說一次，我們現在正在追逐很多大型標案。那將對整體'27產生很大影響。所以當其中一些落地實現時，我想我們會在更——更好的位置來回答這個問題。

Got it. Okay. And then just on Superior, you mentioned [$1.4 billion] of backlog for them. That was in May. You got another month, I guess, under the belt.

了解。好的。然後關於Superior，你提到他們有[14億美元]的在手訂單。那是在5月。我想你們又多了一個月的進展。

Curious how that backlog has evolved. And when you say $1.4 billion, is that synonymous with the 18-month backlog that you guys talk about?

好奇那個在手訂單如何演變。以及當你說14億美元時，這是否等同於你們所談的18個月在手訂單？

So a couple of things. I think that we're really pleased with the progression of Superior's business with their backlog build with the expected backlog build through the balance of '26. We'll be able to report that next quarter. I think we're really bullish as to what's happening with their customers with longer-term pursuits. We're in discussions for lots of projects over a very long and extended period of time.

所以有幾點。我認為我們對Superior業務的進展、以及他們在'26剩餘期間預期的在手訂單累積進展感到非常滿意。我們將能在下個季度報告那個數字。我認為我們對他們客戶在較長期追案方面正在發生的事情非常看多。我們正在就許多專案進行討論，時間跨度非常長且延伸很久。

The $1.4 billion was similar to how we would look at our backlog built. And we look forward to updating the Street on those numbers when we report our third quarter numbers.

這14億美元與我們看待已建立的在手訂單（backlog）的方式相近。而且當我們公布第三季業績時，我們也期待就這些數字向華爾街更新。

Brian Brophy, Stifel.

Brian Brophy，Stifel。

Yes. Jose, I was curious your thoughts on pursuing international pipeline opportunities and how you think about those projects from a risk mitigation standpoint, both from a margin profitability standpoint as well as a collection standpoint?

是的。Jose，我想請教你對於追求國際管線（pipeline）機會的看法，以及你如何從風險緩解的角度來看待這些專案——不論是毛利獲利能力面，或是收款面？

Sure. So I think a couple of things about maybe broader international work. I think one of the interesting things about these businesses that we're building is they're people light, right? So whether you're thinking about turnkey data centers or even -- there's an enormous amount of activity that we're seeing around the world in pipeline. To the extent that we can participate with light touch, which is kind of just supervision and management.

當然。我想談幾點，關於可能更廣泛的國際業務。我認為我們正在打造的這些業務有個有趣之處：它們對人力的依賴較低，對吧？所以不論你是在想交鑰匙資料中心，或甚至——我們在全球各地的管線領域看到非常大量的活動。只要我們能以較輕量的方式參與，也就是主要做監督與管理。

We've talked a lot about that in our data center business. I think it becomes really interesting around the world.

我們在資料中心業務上談過很多。我認為這在全球範圍內會變得非常有意思。

Obviously, when you think about data centers, one of the primary drivers is the cost of power. And there's lots of areas in the world where cost of power is a lot lower than what it is in the US, and we're seeing a lot of customers really start to focus on that. And I think the opportunity to play there is going to exist from MasTec. And along with pipelines, right?

顯然，談到資料中心，其中一個主要驅動因素是電力成本。而全球有許多地區的電力成本遠低於美國，我們也看到很多客戶開始非常聚焦在這一點上。我認為MasTec在那裡會有參與的機會。管線也是一樣，對吧？

I think there's -- we've seen the world shift here over the course of the last few months with some of -- with the war and what we're seeing with commodity prices in general around the world, and I think ways to improve the system and provide conventional fuels differently is something that everybody is exploring. So I think there's great opportunities that, that's going to bring to companies like MasTec over the coming years.

我認為——過去幾個月，世界局勢出現轉變，部分原因是戰爭以及我們在全球普遍看到的大宗商品價格變化；我認為，如何改善系統、以不同方式提供傳統燃料，是每個人都在探索的方向。所以我認為，未來幾年這將為像MasTec這樣的公司帶來很好的機會。

Philip Shen, ROTH Capital Partners.

Philip Shen，ROTH Capital Partners。

First one is on data center and -- New York State recently put a ban on -- or at least the pause in data center development. And we recently published that there could be 10 more states that pursue data center bans or pauses by year-end. These states include Michigan, Virginia, Washington, Oregon, California, Jersey and other Northeast states. What are your thoughts on this potential risk? And how could this impact your business over time?

第一個問題是關於資料中心——紐約州最近對資料中心開發實施禁令，或至少是暫停。我們最近也發布報告指出，到年底可能還會有另外10個州跟進資料中心禁令或暫停。這些州包括密西根、維吉尼亞、華盛頓、奧勒岡、加州、紐澤西以及其他東北部州。你對這項潛在風險有何看法？這會如何隨時間推移影響你們的業務？

And when you think about your backlog for data center, have these projects all cleared the required permits, environmental approvals and receive the community support needed to make sure that these things happen? To what degree is there a risk that some of these state bands or pauses could pause or impact some of your projects in backlog?

另外，談到你們資料中心的在手訂單（backlog），這些專案是否都已取得所需許可、環境核准，並獲得社區支持，以確保能夠落地？這些州層級的禁令或暫停，會在多大程度上暫停或影響你們在手訂單中的部分專案？

Phil, it's a good question. I know it's been reported on a lot. I think there's a number of those states that you mentioned that are not very active as it is. A couple of others might be. I think it's a little bit overblown.

Phil，這是個好問題。我知道這件事被報導很多。我認為你提到的那些州裡，有不少本來就不是很活躍。另外幾個可能會比較活躍。我覺得這個議題有點被誇大了。

I think there's lots of parts of the country where communities are embracing data centers. There's a lot of good things that data centers are bringing relative to local economies.

我認為全國有很多地方的社區其實是在擁抱資料中心。資料中心對地方經濟帶來很多正面效益。

We're seeing quite the opposite. We're engaged in lots of governmental affairs, conversations across multiple states where they're actually looking to expand and bring data centers in that currently don't have, which I think creates some great opportunities for us. The truth is that the kind of the geographies that you kind of listed are really strong geographies for MasTec. But with that said, we think that at the end of the day, it's not going to have a huge impact on the business.

我們看到的情況其實正好相反。我們在多個州參與許多政府事務與對話，他們實際上是在尋求擴張，並把資料中心引進到目前還沒有的地區；我認為這為我們創造了一些很好的機會。事實上，你列出的那些地理區域對MasTec來說都是很強的市場。但即便如此，我們認為最終它不會對業務造成很大的影響。

But I'll also refer back to the previous question, right? To the extent that it does, I do think that we're not going to stop data centers. Data centers are going to get built, whether it's in the United States or somewhere else. And I think that's an interesting way to think about. The long-term fundamentals of that business is to being somewhat geographically exposed to different markets in the world as well.

但我也想回到前一個問題，對吧？即便真的有影響，我也認為資料中心不會因此停止建設。資料中心終究會被建起來，不論是在美國或是在其他地方。我認為這是一個很有意思的思考方式。這個業務的長期基本面，也在於能在地理上對全球不同市場有所曝險。

Okay. Got it. And then -- recently, there was there was this FCC ban on inverters that was announced. To what degree could that impact you guys? Are you thinking about this at all?

好的。了解。另外——最近宣布了FCC對逆變器（inverters）的禁令。這在多大程度上可能影響你們？你們有在考慮這件事嗎？

Maybe it hasn't been elevated yet, but there could be a ban on Chinese inverters specifically?

也許目前還沒有被特別放大，但可能會針對中國製逆變器實施禁令？

Yes, there's a lot of language in there about grandfathering a lot of stuff in as well. So I think that -- a lot to see on that. We're not as concerned as the headline would dictate, but we're paying attention to it. I think we understand it. I think as it relates to the projects that we're working on, at least for the next few years, has no impact.

是的，其中也有很多措辭提到對既有項目（grandfathering）予以豁免。所以我認為——這還有很多需要觀察。我們沒有像標題所暗示的那麼擔心，但我們有在關注。我想我們理解這件事。就我們正在進行的專案而言，至少在未來幾年不會有影響。

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，Jefferies。

Let me just come back to the Comms side of the business. As much as you alluded to an uptick in a recovery wireless '27 with the spectrum dynamic you described earlier. But obviously, also there's other adjacencies, et cetera, just -- look, I know you don't want to guide '27 per se, but even when could you start to see some of that visibility into the back half of '27 to affirm what you're talking about here? When do those confirmation for people who are holding off on that spectrum integration start to feed in?

我想回到通訊（Comms）業務這一塊。你們先前提到，基於你剛才描述的頻譜動態，無線業務在2027年會回升。但顯然也還有其他相鄰領域等等——我知道你們不想特別去指引2027年，但即便如此，你們何時能開始看到2027年下半年那部分的能見度，以印證你們現在所談的內容？那些對頻譜整合仍在觀望的人，何時會開始把這些確認訊號反映出來？

And also, ultimately, when you think about the '27 guide that you guys have out there, how do you think about -- from more -- from the Analyst Day perspective, how do you think about that relative to what you're seeing coming together here, both the comments on Comms and otherwise. You've been very positive here. Just how is it trending relative?

另外，最終當你們看待你們目前對外提供的2027年指引時，從——更——從分析師日（Analyst Day）的角度，你們如何看待它相對於你們現在看到的整體進展（不論是通訊業務的評論或其他）？你們在這裡一直非常正面。那相對而言，趨勢如何？

Well, I mean, let me answer the last part first. I think we gave out 2028 guidance. It was organic. It didn't include Superior. I think people can make their own choices about what they think that adds for it.

嗯，我先回答最後一部分。我認為我們給的是2028年的指引。那是有機成長（organic）。不包含Superior。我想大家可以自行判斷他們認為那會帶來什麼增量。

But we think that the Superior acquisition is, in addition to the '28 targets that we put out, I think we were really clear about acquisitions during Investor Day too and what we were trying to accomplish there. So I think, again, since the 2 months that we've had that, we think we've made tremendous progress especially as it relates to that front.

但我們認為，收購Superior是在我們提出的2028年目標之外的額外增量；我想我們在投資人日也非常清楚地談到併購，以及我們想在那裡達成什麼。所以我認為，同樣地，在過去這兩個月裡，我們覺得我們已經取得了巨大的進展，特別是在那個面向上。

Our Comms business, if we think about the '28 numbers that we put out there, look, I mean we've obviously made it a little bit of a harder hill to climb, but we're really bullish on the industry. Again, there's some really large projects a, that we've won that are being delayed as we do think kick back up. And more importantly, there's new projects out there that we wouldn't have expected 2 months ago that we think could fundamentally add significantly into that business. So it's going to be about obviously competing, winning and being able to execute on those. So again, the longer-term perspective on that business, we still feel really good about.

至於我們的通訊業務，如果以我們對外提出的2028年數字來看，坦白說，我們顯然讓自己要爬的坡更陡了一些，但我們對產業非常看多。再說一次，我們贏得了一些非常大型的專案，而這些專案目前被延後了，但我們確實認為會重新啟動。更重要的是，市場上出現了一些新的專案，這是兩個月前我們不會預期到的，我們認為這些可能在根本上為該業務帶來顯著增量。因此，關鍵將在於競爭、得標，以及能否把它們執行到位。所以再一次，從長期角度來看，我們對這個業務仍然感覺非常良好。

There is still -- the drivers haven't changed, right? Data centers need to be interconnected. Everybody is chasing. Every customer that we have is trying to win that. Tons of private equity monies coming into that space, too, trying to play in that game.

仍然是——驅動因素沒有改變，對吧？資料中心需要互聯互通。大家都在追逐。我們的每一位客戶都在努力贏得那個機會。也有大量私募股權資金湧入那個領域，想要參與那場競賽。

So I think there's really interesting prospects there. I think there's ways to contract differently and do different things there. So we're bullish on that. Again, obviously, disappointed about the performance for the second half in there, but we don't think it has a long-term impact. But obviously, the build becomes a little bit more aggressive, and we'll just have to be able to see what happens over the course of the next month and provide better guidance around that over the next 2 years.

所以我認為那裡確實有很有意思的前景。我認為在那裡有一些方法可以用不同的方式簽約、做不同的事情。所以我們對此持樂觀態度。同樣地，顯然我們對那裡下半年表現感到失望，但我們不認為這會對長期造成影響。但很明顯，建置節奏會變得更具進取性，我們只能在接下來一個月的過程中觀察會發生什麼，並在未來兩年就此提供更好的指引。

Got it. So it sounds like at the end of the day, there's a little bit of potential mix shifts in the '28 composition. Even if you're feeling good against the '28 targets, et cetera, it sounds like the mix that you'd articulated earlier could vary -- will be shifting, again, not necessarily unnatural given how meaningful the data center opportunity is. But b, just to get the visibility you're articulating today doesn't suggest entirely that it's -- at least as it stands today that you got the visibility on '28.

了解。所以聽起來歸根結底，『28 年的組成』可能會出現一些潛在的組合變化。即使你對照『28 年目標等仍感覺良好，聽起來你先前闡述的組合也可能會有所不同——會再度轉移；考量到資料中心機會的重要性，這不一定不自然。但第二點是，就你今天所表達的能見度而言，並不完全表示——至少以你目前對『28 年的能見度來看——你已經完全看清『28 年。

Well, but let me be clear, right? Since Investor Day 2.5 months ago, our visibility in our business has significantly improved. The number of projects, especially large pursuits that we're pursuing, has significantly increased since Investor Day. So with the exception of Comms for a second, right? And again, I don't know that it's a different view for '28, but outside of Comms, for sure, all of our other segments, we are more bullish today than we were 2.5 months ago.

好，但讓我說清楚，對吧？自 2.5 個月前的投資人日以來，我們對業務的能見度已顯著提升。我們正在追逐的專案數量，尤其是大型標案的追逐，自投資人日以來顯著增加。所以先把 Comms（通訊）放一邊不談，對吧？再說一次，我不確定這是否代表對『28 年有不同看法，但除了 Comms 之外，確實，我們其他所有事業部門，相較於 2.5 個月前，我們今天更為看多。

Steven Fisher, UBS.

Steven Fisher，瑞銀（UBS）。

If I back out the Superior contribution to Power Delivery in the second half, the margins that you have embedded in the Power Delivery guidance still look like they assume double digits for the core. Just curious kind of what drives the step up to that and the confidence in the step-up to double digits from single digits in the quarter?

如果我把下半年 Superior 對電力輸配（Power Delivery）的貢獻扣除，你們在電力輸配指引中隱含的利潤率看起來仍假設核心業務是雙位數。想請教是什麼驅動利潤率提升到那個水準，以及你們對於從本季的單位數提升到雙位數的信心來源是什麼？

Yes. I think if you do the math, it's actually 9.8%, Steve. So that's kind of the embedded number, which is higher than we were previously. So I think that if you look at -- and there's been a lot of questions, so maybe let me rectify right?

是的。Steve，我想如果你算一下，其實是 9.8%。所以那是隱含的數字，確實比我們先前的水準更高。所以我想，如果你看——而且大家問了很多問題，所以也許讓我把它釐清一下，對吧？

If you take our previous guidance and you kind of look at the ins and outs, right, we took out $400 million of revenue in Comms. We beat second quarter by 75. We added about $125 million in revenues for both Clean Energy and Power Delivery for the second half of the year, and that nets out to about $100 million less by adding $800 million of Superior, right? So we can argue that guidance is about $100 million less for the back half of the year for legacy business, but EBITDA is unchanged at $1.5 billion.

如果你拿我們先前的指引，然後把進進出出拆開來看，對吧，我們在 Comms（通訊）拿掉了 4 億美元營收。我們第二季超出 7,500 萬。我們在下半年為潔淨能源（Clean Energy）與電力輸配（Power Delivery）合計增加了約 1.25 億美元營收，而在加入 8 億美元的 Superior 之後，淨額大約少了 1 億美元。所以我們可以說，對於傳統（legacy）業務而言，下半年指引大約少了 1 億美元營收，但 EBITDA 仍維持在 15 億美元不變。

So I think that that's driven by higher margins, obviously, less revenue, same EBITDA signifies higher margins. Obviously, Communications is going to be down a little bit based on the revenue. So all the other businesses are making up for it. And you basically have an $800 million increase for Superior with $100 million in EBITDA. And that's kind of how our guidance lays out.

所以我認為這是由較高的利潤率所驅動；顯然，營收更少、EBITDA 相同就代表利潤率更高。顯然，通訊業務會因為營收下降而稍微下滑一些。所以其他所有業務都在補上這個缺口。而 Superior 增加了 8 億美元營收，帶來 1 億美元 EBITDA。這大致就是我們指引的展開方式。

Again, we -- at this point, we felt it's very prudent guidance. We're hoping to do better than that. And -- but that's exactly how the math plays out. So yes, you will see improved guidance from a margin perspective in both Clean Energy and Power Delivery with our recast numbers for the second half of '26.

再說一次，我們——在這個時間點，我們覺得這是非常審慎的指引。我們希望能做得比這更好。但——這就是數學計算出來的結果。所以是的，當我們針對『26 年下半年用重述（recast）的數字呈現時，你會看到潔淨能源與電力輸配在利潤率面都有所改善的指引。

That's helpful. I was asking specifically within Power Delivery.

這很有幫助。我問的是電力輸配內部的情況。

In Power Delivery, it's 9.8% for this [full year] now, which is higher than our original guidance.

在電力輸配方面，現在這個[全年]是 9.8%，高於我們原先的指引。

Justin Hauke, Baird.

Justin Hauke，Baird。

Great. So I wanted to ask, obviously, the transmission side of Power Delivery is really strong. There's been a couple of rate case issues that have just kind of been across the space the last couple of months. And I remember a couple of years ago that, that was an issue with some of the distribution crew counts, specifically in Illinois for you guys. I don't know if it's the same kind of geographic exposure, but are you seeing anything just on kind of that day-to-day MSA low voltage work or there would be any change from some of those rate cases?

很好。我想問的是，顯然電力輸配的輸電端非常強勁。過去幾個月整個產業都出現了一些費率審理（rate case）方面的問題。我記得幾年前，這曾是你們在配電人員編制（distribution crew counts）上的一個問題，特別是在伊利諾州。我不確定是否是相同的地理曝險，但你們在日常的 MSA 低壓工作上有看到任何情況嗎？或是那些費率審理會帶來任何變化嗎？

Yes. It's a good question. I think, obviously, what's driving the business today is demand, and demand is not going anywhere, which is going to force everybody to find ways to meet the demand. So I think when you think about rate cases, the big challenge across all geographies is how do you do this in a way where the typical rate payer isn't impacted. And I think that utilities are -- that's their job to manage to it.

有。這是個好問題。我想，顯然目前驅動業務的是需求，而需求不會消失，這會迫使所有人想辦法滿足需求。所以當你想到費率審理時，跨所有地區最大的挑戰是：要如何在不影響一般繳費用戶（典型付費者）的情況下完成這些事情。而我認為公用事業公司——這就是他們的工作，要去管理並達成這件事。

That's what they're working on. I think they've done a really good job. I ultimately think that there's an opportunity for the average residential user to actually see some benefit related to everything that's happening. But that's what most government agencies are really focused on as they look at rate cases. And we don't see the pressure today in those that we saw historically based on all of the growth opportunities that exist for utilities.

這就是他們正在努力的方向。我認為他們做得非常好。我最終認為，平均住宅用戶其實有機會從正在發生的一切中看到一些好處。但這正是多數政府機關在審視費率審理時真正關注的重點。而基於公用事業存在的所有成長機會，我們目前沒有看到像過去那樣的壓力。

Okay. And then I guess my second question, maybe it's a little esoteric, I don't know. But we've seen the balance of revenue from unapproved change orders has been pretty steadily rising for the last couple of years, and that hasn't been the case for you guys for a while. I don't know if it's just the size of projects being bigger. But do you have any comments on that as kind of what's been driving that? Is it broad-based? Or is it maybe a couple of project-specific issues?

好的。那我的第二個問題，可能有點偏門，我不確定。但我們看到未核准變更單（unapproved change orders）帶來的營收餘額在過去幾年相當穩定地上升，而你們公司有一段時間並非如此。我不確定是否只是因為專案規模變大。但你們對於是什麼在驅動這件事有任何評論嗎？這是普遍性的嗎？還是可能是少數幾個專案的特定問題？

Justin, this is Paul. It's really, I'd say, ordinary course just timing of approvals from clients. You look at it as a percentage of revenue earnings, I think it's still pretty low, and it moves around over time. So we're just over $200 million amount of grid change orders today. We've been at that level before with lower consolidated company revenue. So -- we're very comfortable with our practice around booking those. And generally, it's just timing booking through with clients.

Justin，我是 Paul。我會說這其實就是一般正常流程，主要是客戶核准時點的問題。如果你把它看作占營收獲利的比例，我認為仍然相當低，而且會隨時間波動。所以我們目前電網（grid）的變更單金額略高於 2 億美元。在公司合併營收更低的時候，我們也曾經到過這個水準。所以——我們對於變更單入帳（booking）的做法非常有信心。一般而言，這只是與客戶之間核准與入帳的時間差。

Adam Thalhimer, Thompson Davis.

Adam Thalhimer，Thompson Davis。

Jose, can you comment on the timing of two things, one would be when the recent bookings in Pipeline start to burn and then also that the billions of dollars you talked about in hyperscaler fiber, when that might hit backlog and start to burn?

Jose，你能否評論兩件事的時點：第一是近期在 Pipeline 中的訂單何時開始轉為消化（burn）；第二是你提到的超大規模業者（hyperscaler）光纖相關的數十億美元，何時可能進入在手訂單（backlog）並開始消化？

Yes. So on a backlog perspective for Comms, I actually think there's already something there, right? So the fact that revenue declined in the second half and yet our backlog declined modestly, I think, is dovetail that we're winning other things to put in backlog that are for future revenue. I think that stuff starts to impact 2027.

是的。就通訊（Comms）的在手訂單角度來看，我其實認為那裡已經有一些了，對吧？所以，儘管我們下半年營收下滑，但在手訂單僅小幅下降，我認為這與我們正在贏得其他項目、把它們放入在手訂單以支撐未來營收是相互呼應的。我認為這些會在 2027 年開始產生影響。

And the --

以及--

The Pipeline --

Pipeline--

Yes. Look, Pipeline, again, we don't think backlog is -- really demonstrates our visibility in the business. Again, we feel really good about '27 '28. We expect the back half of '27 to be a lot bigger than the first half of '27, but it's -- we feel really good about the project mix and flow and the expectations around that.

是的。你看，Pipeline 再次說明，我們不認為在手訂單——能真正展現我們對業務的可見度。同樣地，我們對 '27、'28 感覺非常好。我們預期 '27 年下半年會比 '27 年上半年大很多，但——我們對專案組合與流量，以及相關預期都非常有信心。

Joseph Osha, Guggenheim.

Joseph Osha，Guggenheim。

I'm not going to ask you about Communications. I'm wondering if you can talk a bit about, within your renewables, the wind and solar mix, I know it's been tilting towards solar, but I'm wondering if that the shift in that mix is accelerating given all of the permitting challenges we've heard about on the wind side.

我不會問你關於通訊的問題。我想請你談談在你們的再生能源業務中，風電與太陽能的組合；我知道一直在往太陽能傾斜，但我想知道，鑑於我們聽到風電端各種許可（permitting）挑戰，這種組合轉移是否正在加速？

Yes. Look, we've been trending to more solar for a while now. I think, obviously, solar is a bigger piece of the business than wind for us. With all that said, I think wind has been incredibly resilient. We feel good about that market.

是的。你看，我們轉向更多太陽能已經有一段時間了。我想，很明顯地，對我們而言太陽能在業務中的比重比風電更大。即便如此，我認為風電一直展現出極強的韌性。我們對那個市場感覺良好。

We're having a good year. We actually have good bookings around that. We've got a really good backlog going into '27 there as well. So we're not negative on that market by any stretch, but obviously, the bigger growth opportunities are on the solar side.

我們今年表現不錯。實際上，我們在那方面的接單也很好。我們在那裡進入 '27 年也有非常不錯的在手訂單。所以我們絕非看淡那個市場，但很明顯，較大的成長機會在太陽能端。

Could you -- would you be willing to share some rough sense as to how -- what the mix of the business looks like?

你能否——願意分享一下大概的概念，關於——業務組合大致長什麼樣子？

Yes. I don't have it, [Andy]. I would say it's 60%, 65% solar at this point.

是的。我手邊沒有，[Andy]。我會說目前大概是 60%、65% 是太陽能。

Alexa Petrick Brenna, Goldman Sachs.

Alexa Petrick Brenna，Goldman Sachs。

With the close of Superior, I just wanted to ask a follow-up. Can you just talk a little on the integration time line and the impact of margins? I think when we look at guide provision, the EBITDA margin implied seems the same. But how should we think about that over the longer term?

隨著 Superior 完成交割，我想追問一下。你能否談談整合時間表以及對利潤率的影響？我想當我們看指引時，隱含的 EBITDA 利潤率似乎相同。但從更長期來看，我們應該如何理解？

Yes. I mean, I think, obviously, when you look at our second half guide, it's hundreds of basis points higher than the first half. A lot of that is driven by the addition of Superior. Obviously, our net Power Delivery business is performing better than we thought. But the bigger driver of that is the enhanced margins of Superior. We feel like, from an integration standpoint, it's gone -- again, it's been a week, but it's gone incredibly well. We spent a lot of time together with teams.

是的。我的意思是，我想很明顯地，當你看我們下半年的指引時，它比上半年高出數百個基點。其中很大一部分是由於納入了 Superior。顯然，我們的淨電力輸送（Power Delivery）業務表現也比我們預期更好。但更大的驅動因素是 Superior 較高的利潤率。我們覺得從整合角度來看進展——再次強調，才一週，但進展非常順利。我們與團隊一起投入了大量時間。

Again, we're not -- they're kind of a stand-alone entity, which doesn't require an enormous amount of integration like we've seen in some of the other deals. It's a different business. But again, we think one of the most exciting parts of that deal are the cross-selling opportunities, and we've been all over that since the announcement of the transaction. So feeling really good about the integration, the remaining integration required and more importantly, about the business, their prospects and their ability to outperform.

同樣地，我們不——他們某種程度上是一個獨立運作的實體，不需要像我們在其他一些交易中看到的那樣進行大量整合。這是不同的業務。但再次強調，我們認為那筆交易最令人興奮的部分之一是交叉銷售機會，而自從交易宣布以來我們就一直在全力推進。所以我們對整合、剩餘需要的整合工作，更重要的是對他們的業務、前景以及其超預期表現的能力，都感到非常有信心。

I'm showing no further questions at this time. I would now like to turn it back to Jose Mas for closing remarks.

我目前顯示沒有其他問題。現在我想把時間交回給 Jose Mas 作結語。

Yes. I just want to thank everybody for participating today, and we look forward to updating everybody on our third quarter call. Thank you.

是的。我只想感謝各位今天的參與，我們期待在第三季電話會議上向大家更新。謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以掛線。