Strategic Execution and Market Convergence

• Performance was driven by robust double-digit growth across revenues, adjusted EBITDA, and adjusted EPS, underpinned by a record $48.5 billion backlog.

• Management attributes success to an 'integrated solutions model' that provides customers with execution, labor, and supply chain certainty in a constrained market.

• The company is shifting from a transactional model to a programmatic one, becoming deeply embedded in customers' multi-year capital planning cycles.

• Strategic investments in vertical supply chains, including doubling power transformer manufacturing capacity, are designed to mitigate industry-wide lead time challenges.

• The Underground and Infrastructure segment saw margin improvement driven by favorable project mix and strong operational execution.

• Management emphasized the 'fungibility' of their craft workforce, allowing labor to move across a $2.4 trillion addressable market spanning utilities, generation, and data centers.

• The company is positioning itself to capitalize on the convergence of utility infrastructure and large load demands, particularly from technology hyperscalers.

2030 Vision and Growth Assumptions

• Quanta aims to more than double its earnings power by 2030, targeting a 15% to 20% adjusted EPS compound annual growth rate.

• Guidance assumes continued momentum in the technology and load center markets, with expectations for this segment to grow significantly faster than the overall business.

• The outlook for 2026 was raised based on improved visibility and the carry-forward of first-quarter outperformance in EBITDA and tax rates.

• Management anticipates an elongated infrastructure cycle lasting a decade or more, driven by the need to double the grid's size and support electrification.

• Future backlog growth is expected to be year-over-year consistent, though management notes it may not follow a linear quarter-over-quarter trajectory.

Strategic Investments and Risk Management

• Investing $500 million to $700 million over several years to double power transformer manufacturing capacity and expand fabrication facilities to 6.7 million square feet.

• Management is maintaining a disciplined approach to combined cycle gas turbine (CCGT) projects, prioritizing contract structures that mitigate long-term risk for the company and ratepayers.

• The company maintains a target leverage profile of 1.5x to 2x, prioritizing investment-grade balance sheet stability alongside its acquisition strategy.

• A U.S.-based supply chain strategy is being utilized as a competitive differentiator to derisk large-scale projects like the 765kV transmission builds.