Quanta Services targets over 20% adjusted EPS growth in 2026 amid record $44B backlog and vertical integration initiatives

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• During Q4 2025, Quanta completed 3 acquisitions for approximately $1.7 billion and maintained leverage ratio below 2x

  80% confidence

• There are no major large projects starting in 2026, with margin initiatives tied to vertical supply chain investments

  80% confidence

• Gas power generation backlog growth is expected with risk-adjusted booking, pointing to build ramp in 2027-2029

  80% confidence

• Vertical supply chain investments aim to derisk the supply chain, with shift to longer-term, negotiated programmatic spend rather than short-term bidding

  80% confidence

• 2025 was another year of significant achievement and advancement for Quanta, delivering record results with double-digit growth in revenues, adjusted EBITDA and adjusted earnings per share, along with record free cash flow and backlog

  80% confidence

• 2026 expectations include continued double-digit growth in revenues, net income and adjusted EBITDA, with opportunity to deliver over 20% growth in adjusted EPS, supported by record backlog

  80% confidence

• Quanta delivered record results across virtually every key financial metric in 2025

  80% confidence

• Quanta is uniquely positioned at the center of a multi-decade infrastructure transformation and confident in ability to generate attractive compounding returns and deliver long-term stakeholder value

  80% confidence

• Data centers represent roughly 10% of Quanta's business with growing backlog and significant multi-decade growth opportunity ahead

  80% confidence

• Quanta is investing $500 million to $700 million over several years in power transformer manufacturing facilities and vertical supply chain strategy

  80% confidence