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MasTec Announces Fourth Quarter and Annual 2023 Financial Results and Provides Initial 2024 Guidance

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Record Fourth Quarter and Annual Revenue of $3.3 Billion and $12.0 Billion, RespectivelyFull Year 2023 Cash Flow from Operations of $687 Million, a 95% Increase Over Full Year 2022Fourth Quarter Reduction in Net Debt of $455 Million 2023 Results Include GAAP Net Loss of $47.3 Million, Adjusted Net Income of $156.7 Million, Adjusted EBITDA of $860.3 Million, Diluted Loss Per Share of $0.64 and Adjusted Diluted Earnings Per Share of $1.97Adjusted Diluted Earnings per Share was $0.22 Above the Prior Guidance EstimateIssuing Initial Annual 2024 Guidance Including Revenue of $12.5 Billion, a 4% Increase Over 2023, GAAP Net Income of $105 Million, Adjusted EBITDA of $955 Million, with Diluted Earnings Per Share of $1.04, and Adjusted Diluted Earnings Per Share of $2.69

CORAL GABLES, Fla., Feb. 29, 2024 /PRNewswire/ — MasTec, Inc. (NYSE: MTZ) today announced 2023 fourth quarter and full year financial results and issued its initial 2024 guidance expectation.

For the Fourth Quarter:

Fourth quarter 2023 revenue was up 9.0% to $3.3 billion, compared to $3.0 billion for the fourth quarter of 2022. GAAP net income was $1.2 million, or $0.01 per diluted share, compared to $3.4 million, or $0.04 per diluted share, in the fourth quarter of 2022.

Fourth quarter 2023 adjusted net income and adjusted diluted earnings per share, both non-GAAP measures, were $52.0 million and $0.66, respectively, as compared to $80.0 million and $1.03, respectively, in the fourth quarter of 2022.

Fourth quarter 2023 adjusted EBITDA, also a non-GAAP measure, was $231.4 million, compared to $257.9 million in the fourth quarter of 2022. Fourth quarter 2023 adjusted EBITDA margin rate was 7.1% of revenue.

18-month backlog as of December 31, 2023 was $12.4 billion, with sequential growth in each segment, excluding Oil & Gas, totaling $373 million.  The Oil & Gas backlog decrease was primarily related to the expected 2024 completion of a large natural gas pipeline project.

Fourth quarter Cash Flow from Operations was very strong at almost $500 million, enabling significant net debt reduction. Net debt leverage ratio improved significantly from 3.4 times at the end of the third quarter to 2.9 times at yearend.

For the Full Year:

For the year ended December 31, 2023, revenue was up 23% to $12.0 billion, compared to $9.8 billion for the prior year. GAAP net loss was $47.3 million, or a loss of $0.64 per diluted share, compared to net income of $33.9 million, or earnings of $0.42 per diluted share in 2022.

Full year 2023 adjusted net income and adjusted diluted earnings per share, both non-GAAP measures, were $156.7 million and $1.97, respectively, compared to $234.8 million and $3.05, respectively, during 2022.

Full year 2023 adjusted EBITDA, also a non-GAAP measure, was up 10% to $860.3 million, compared to $780.6 million in 2022. Full year 2023 adjusted EBITDA margin rate was 7.2% compared to 8.0% last year.

Adjusted net income, adjusted diluted earnings per share, adjusted EBITDA and net debt, which are all non-GAAP measures, exclude certain items that are detailed and reconciled to the most comparable GAAP-reported measures in the attached Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures. 

Jose Mas, MasTec’s Chief Executive Officer, commented, “Fourth quarter results were in line with our expectations after a challenging 2023. We look forward to the opportunities we have this year and expect to deliver record levels of revenue and adjusted EBITDA in 2024. Demand is very strong for our services, and I expect 2024 will position us to deliver double digit revenue and earnings growth in 2025 and beyond.”

Mr. Mas continued, “I’d once again like to thank the 34,000 men and women of MasTec who work every day to build, maintain, and improve the nation’s communications, transportation, energy, and industrial infrastructure. It is hard work, and it’s because of them that we have great long-term opportunities.”

Paul DiMarco, MasTec’s Executive Vice President, and Chief Financial Officer, noted, “I’m pleased that we were able to finish 2023 with strong cash flow generation of almost $500 million in Q4, significantly exceeding our prior expectations. DSO, at 74 days was at its lowest level since mid-2017. We are keenly focused on capital allocation to ensure we are generating appropriate returns on the capital we deploy. We will continue to focus on improving the tools and processes we utilize to measure and optimize our performance, and to capitalize on the robust demand environment provided by our end markets.”

Based on the information available today, the Company is providing both first quarter and full year 2024 guidance. The Company currently expects full year 2024 revenue will approximate $12.5 billion, a record level. 2024 full year GAAP net income and diluted earnings per share are expected to approximate $105 million and $1.04, respectively. Full year 2024 adjusted EBITDA is expected to approximate $955 million, representing 7.6% of revenue, and adjusted diluted earnings per share is expected to approximate $2.69.

For the first quarter of 2024, the Company expects revenue of approximately $2.6 billion. First quarter 2024 GAAP net loss is expected to approximate $61 million, with GAAP diluted loss per share expected to approximate $0.88. First quarter 2024 adjusted EBITDA is expected to approximate $130 million or 5.0% of revenue, with adjusted diluted loss per share expected to approximate $0.48. The projected loss in the first quarter is the result of a normal seasonally slow quarter, project delays and project start-up costs.

Management will hold a conference call to discuss these results on Friday, March 1, 2024 at 9:00 a.m. Eastern Time. The call-in number for the conference call is (856) 344-9221 or (888) 256-1007 with a pass code of 4316181. Additionally, the call will be broadcast live over the Internet and can be accessed and replayed through the Investors section of the Company’s website at www.mastec.com. The webcast replay will be available for at least 30 days.

The following tables set forth the financial results for the periods ended December 31, 2023 and 2022:

Consolidated Statements of Operations

(unaudited – in thousands, except per share information)

For the Three Months Ended
December 31,

For the Years Ended
December 31,

2023

2022

2023

2022

Revenue

$      3,280,083

$      3,008,361

$    11,995,934

$      9,778,038

Costs of revenue, excluding depreciation and amortization

2,912,370

2,637,071

10,613,762

8,586,333

Depreciation

108,611

107,753

433,929

371,240

Amortization of intangible assets

42,981

54,666

169,233

135,908

General and administrative expenses

178,190

155,194

698,899

559,437

Interest expense, net

59,741

49,942

234,405

112,255

Equity in earnings of unconsolidated affiliates, net

(7,262)

(9,413)

(30,697)

(28,836)

Other (income) expense, net

(14,562)

539

(40,893)

(1,358)

Income (loss) before income taxes

$                  15

$           12,609

$         (82,704)

$           43,059

Benefit from (provision for) income taxes

1,177

(9,239)

35,408

(9,171)

Net income (loss)

$             1,192

$             3,370

$         (47,296)

$           33,888

Net income attributable to non-controlling interests

439

146

2,653

534

Net income (loss) attributable to MasTec, Inc.

$                753

$             3,224

$         (49,949)

$           33,354

Earnings (loss) per share:

Basic earnings (loss) per share

$               0.01

$               0.04

$             (0.64)

$               0.45

Basic weighted average common shares outstanding

77,879

76,492

77,535

74,917

Diluted earnings (loss) per share

$               0.01

$               0.04

$             (0.64)

$               0.42

Diluted weighted average common shares outstanding

78,288

77,770

77,535

76,185

 

Consolidated Balance Sheets

(unaudited – in thousands)

December 31,
2023

December 31,
2022

Assets

Current assets

$      3,974,253

$      3,859,127

Property and equipment, net

1,651,462

1,754,101

Operating lease right-of-use assets

418,685

279,534

Goodwill, net

2,126,366

2,045,041

Other intangible assets, net

784,260

946,299

Other long-term assets

418,485

409,157

Total assets

$      9,373,511

$      9,293,259

Liabilities and Equity

Current liabilities

$      2,837,219

$      2,496,037

Long-term debt, including finance leases

2,888,058

3,052,193

Long-term operating lease liabilities

292,873

194,050

Deferred income taxes

390,399

571,401

Other long-term liabilities

243,701

238,391

Total equity

2,721,261

2,741,187

Total liabilities and equity

$      9,373,511

$      9,293,259

 

Consolidated Statements of Cash Flows

(unaudited – in thousands)

For the Years Ended

December 31,

2023

2022

Net cash provided by operating activities

$         687,277

$         352,297

Net cash used in investing activities

(178,061)

(821,183)

Net cash (used in) provided by financing activities

(350,998)

480,897

Effect of currency translation on cash

751

(2,155)

Net increase in cash and cash equivalents

158,969

9,856

Cash and cash equivalents – beginning of period

$         370,592

$         360,736

Cash and cash equivalents – end of period

$         529,561

$         370,592

 

Backlog by Reportable Segment (unaudited – in millions)

December 31,
2023

September 30,
2023

December 31,
2022

Communications

$             5,627

$             5,299

$             5,303

Clean Energy and Infrastructure

3,115

3,073

3,227

Power Delivery

2,440

2,437

2,709

Oil and Gas

1,225

1,681

1,740

Other

Estimated 18-month backlog

$           12,407

$           12,490

$           12,979

Backlog is a common measurement used in our industry. Our methodology for determining backlog may not, however, be comparable to the methodologies used by others. Estimated backlog represents the amount of revenue we expect to realize over the next 18 months from future work on uncompleted construction contracts, including new contracts under which work has not begun, as well as revenue from change orders and renewal options. Our estimated backlog also includes amounts under master service and other service agreements and our proportionate share of estimated revenue from proportionately consolidated non-controlled contractual joint ventures. Estimated backlog for work under master service and other service agreements is determined based on historical trends, anticipated seasonal impacts, experience from similar projects and estimates of customer demand based on communications with our customers.

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures

(unaudited – in millions, except for percentages and per share information)

For the Three Months Ended
December 31,

For the Years Ended

December 31,

Segment Information

2023

2022

2023

2022

Revenue by Reportable Segment

Communications

$             759.9

$             858.6

$          3,259.5

$          3,233.7

Clean Energy and Infrastructure

1,067.4

1,125.0

3,962.0

2,618.6

Power Delivery

658.0

739.8

2,735.1

2,725.2

Oil and Gas

802.2

291.6

2,072.8

1,219.6

Other

Eliminations

(7.4)

(6.7)

(33.5)

(19.1)

Consolidated revenue

$          3,280.1

$          3,008.4

$        11,995.9

$          9,778.0

For the Three Months Ended
December 31,

For the Years Ended

December 31,

2023

2022

2023

2022

Adjusted EBITDA by Segment

EBITDA

$             211.3

$             225.0

$             754.9

$             662.5

Non-cash stock-based compensation expense (a)

9.0

8.6

33.3

27.4

Acquisition and integration costs (b)

11.0

26.6

71.9

86.0

Losses, net, on fair value of investment (a)

0.4

0.2

7.7

Project results from non-controlled joint venture (c)

(2.8)

(2.8)

Bargain purchase gain (a)

(0.2)

Adjusted EBITDA

$             231.4

$             257.9

$             860.3

$             780.6

Segment:

Communications

$               57.7

$               94.9

$             291.7

$             331.8

Clean Energy and Infrastructure

51.7

79.0

169.5

109.2

Power Delivery

52.8

56.8

216.3

241.9

Oil and Gas

95.5

33.6

284.4

171.5

Other

6.8

9.0

25.0

29.0

Segment Total

$             264.5

$             273.3

$             986.9

$             883.4

Corporate

(33.2)

(15.5)

(126.6)

(102.8)

Adjusted EBITDA

$             231.4

$             257.9

$             860.3

$             780.6

(a)

Non-cash stock-based compensation expense, losses, net, on the fair value of an investment and the bargain purchase gain from a prior year acquisition are included within Corporate EBITDA.

(b)

For the year ended December 31, 2023, Communications, Clean Energy and Infrastructure and Power Delivery EBITDA included $22.5 million, $37.1 million and $8.5 million respectively, of acquisition and integration costs related to our recent acquisitions, and Corporate EBITDA included $3.8 million of such costs.  For the year ended December 31, 2022,  Communications, Clean Energy and Infrastructure, Power Delivery, Oil and Gas and Corporate EBITDA included $4.7 million, $6.4 million, $39.0 million, $8.0 million and $27.9 million of such acquisition and integrations costs, respectively.

(c)

Project results from a non-controlled joint venture are included within Other segment results

 

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures

(unaudited – in millions, except for percentages and per share information)

For the Three Months Ended
December 31,

For the Years

Ended December 31,

2023

2022

2023

2022

Adjusted EBITDA Margin by Segment

EBITDA Margin

6.4 %

7.5 %

6.3 %

6.8 %

Non-cash stock-based compensation expense (a)

0.3 %

0.3 %

0.3 %

0.3 %

Acquisition and integration costs (b)

0.3 %

0.9 %

0.6 %

0.9 %

Losses, net, on fair value of investment (a)

— %

0.0 %

0.0 %

0.1 %

Project results from non-controlled joint venture (c)

— %

(0.1) %

— %

(0.0) %

Bargain purchase gain (a)

— %

— %

— %

(0.0) %

Adjusted EBITDA margin

7.1 %

8.6 %

7.2 %

8.0 %

Segment:

Communications

7.6 %

11.1 %

8.9 %

10.3 %

Clean Energy and Infrastructure

4.8 %

7.0 %

4.3 %

4.2 %

Power Delivery

8.0 %

7.7 %

7.9 %

8.9 %

Oil and Gas

11.9 %

11.5 %

13.7 %

14.1 %

Other

NM

NM

NM

NM

Segment Total

8.1 %

9.1 %

8.2 %

9.0 %

Corporate

— %

— %

— %

— %

Adjusted EBITDA margin

7.1 %

8.6 %

7.2 %

8.0 %

NM – Percentage is not meaningful

(a)

Non-cash stock-based compensation expense, losses, net, on the fair value of an investment and the bargain purchase gain from a prior year acquisition are included within Corporate EBITDA.

(b)

For the year ended December 31, 2023, Communications, Clean Energy and Infrastructure and Power Delivery EBITDA included $22.5 million, $37.1 million and $8.5 million respectively, of acquisition and integration costs related to our recent acquisitions, and Corporate EBITDA included $3.8 million of such costs.  For the year ended December 31, 2022,  Communications, Clean Energy and Infrastructure, Power Delivery, Oil and Gas and Corporate EBITDA included $4.7 million, $6.4 million, $39.0 million, $8.0 million and $27.9 million of such acquisition and integrations costs, respectively.

(c)

Project results from a non-controlled joint venture are included within Other segment results.

 

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures

(unaudited – in millions, except for percentages and per share information)

For the Three Months Ended
December 31,

For the Years Ended

December 31,

2023

2022

2023

2022

EBITDA and Adjusted EBITDA Reconciliation

Net income (loss)

$                 1.2

$                 3.4

$             (47.3)

$               33.9

Interest expense, net

59.7

49.9

234.4

112.3

(Benefit from) provision for income taxes

(1.2)

9.2

(35.4)

9.2

Depreciation

108.6

107.8

433.9

371.2

Amortization of intangible assets

43.0

54.7

169.2

135.9

EBITDA

$             211.3

$             225.0

$             754.9

$             662.5

Non-cash stock-based compensation expense

9.0

8.6

33.3

27.4

Acquisition and integration costs

11.0

26.6

71.9

86.0

Losses, net, on fair value of investment

0.4

0.2

7.7

Project results from non-controlled joint venture

(2.8)

(2.8)

Bargain purchase gain

(0.2)

Adjusted EBITDA

$             231.4

$             257.9

$             860.3

$             780.6

For the Three Months Ended
December 31,

For the Years Ended
December 31,

2023

2022

2023

2022

EBITDA and Adjusted EBITDA Margin Reconciliation

Net income (loss)

0.0 %

0.1 %

(0.4) %

0.3 %

Interest expense, net

1.8 %

1.7 %

2.0 %

1.1 %

(Benefit from) provision for income taxes

(0.0) %

0.3 %

(0.3) %

0.1 %

Depreciation

3.3 %

3.6 %

3.6 %

3.8 %

Amortization of intangible assets

1.3 %

1.8 %

1.4 %

1.4 %

EBITDA margin

6.4 %

7.5 %

6.3 %

6.8 %

Non-cash stock-based compensation expense

0.3 %

0.3 %

0.3 %

0.3 %

Acquisition and integration costs

0.3 %

0.9 %

0.6 %

0.9 %

Losses, net, on fair value of investment

— %

0.0 %

0.0 %

0.1 %

Project results from non-controlled joint venture

— %

(0.1) %

— %

(0.0) %

Bargain purchase gain

— %

— %

— %

(0.0) %

Adjusted EBITDA margin

7.1 %

8.6 %

7.2 %

8.0 %

 

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures 

(unaudited – in millions, except for percentages and per share information)

For the Three Months Ended
December 31,

For the Years Ended
December 31,

2023

2022

2023

2022

Adjusted Net Income Reconciliation

Net income (loss)

$                 1.2

$                 3.4

$             (47.3)

$               33.9

Non-cash stock-based compensation expense

9.0

8.6

33.3

27.4

Amortization of intangible assets

43.0

54.7

169.2

135.9

Acquisition and integration costs

11.0

26.6

71.9

86.0

Losses, net, on fair value of investment

0.4

0.2

7.7

Project results from non-controlled joint venture

(2.8)

(2.8)

Bargain purchase gain

(0.2)

Income tax effect of adjustments (a)

(16.8)

(16.4)

(75.3)

(58.6)

Statutory and other tax rate effects (b)

4.6

5.5

4.6

5.5

Adjusted net income

$               52.0

$               80.0

$             156.7

$             234.8

For the Three Months Ended
December 31,

For the Years Ended
December 31,

2023

2022

2023

2022

Adjusted Diluted Earnings per Share Reconciliation

Diluted earnings (loss) per share

$               0.01

$               0.04

$             (0.64)

$               0.42

Non-cash stock-based compensation expense

0.11

0.11

0.43

0.36

Amortization of intangible assets

0.55

0.70

2.16

1.78

Acquisition and integration costs

0.14

0.34

0.92

1.13

Losses, net, on fair value of investment

0.01

0.00

0.10

Project results from non-controlled joint venture

(0.04)

(0.04)

Bargain purchase gain

(0.00)

Income tax effect of adjustments (a)

(0.21)

(0.21)

(0.96)

(0.77)

Statutory and other tax rate effects (b)

0.06

0.07

0.06

0.07

Adjusted diluted earnings per share

$               0.66

$               1.03

$               1.97

$               3.05

(a)

Represents the tax effects of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense, including from share-based payment awards. Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effects on pre-tax income.

(b)

For the years ended December 31, 2023 and 2022, includes the effect of statutory and other tax rate changes.

 

Calculation of Net Debt

December 31,
2023

December 31,
2022

Current portion of long-term debt, including finance leases

$              177.2

$              171.9

Long-term debt, including finance leases

2,888.1

3,052.2

Total Debt

$            3,065.3

$          3,224.1

Less: cash and cash equivalents

(529.6)

(370.6)

Net Debt

$          2,535.7

$          2,853.5

 

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures 

(unaudited – in millions, except for percentages and per share information)

Guidance for the
Three Months
Ended March 31,
2024 Est.

For the Three
Months Ended
March 31, 2023

EBITDA and Adjusted EBITDA Reconciliation

Net loss

$                       (61)

$                    (80.5)

Interest expense, net

60

52.7

Benefit from income taxes

(23)

(44.7)

Depreciation

110

107.2

Amortization of intangible assets

34

41.9

EBITDA

$                       121

$                      76.6

Non-cash stock-based compensation expense

9

8.5

Acquisition and integration costs

17.1

Losses, net, on fair value of investment

0.2

Adjusted EBITDA

$                       130

$                    102.5

Guidance for the
Three Months
Ended March 31,
2024 Est.

For the Three
Months Ended
March 31, 2023

EBITDA and Adjusted EBITDA Margin Reconciliation

Net loss

(2.3) %

(3.1) %

Interest expense, net

2.3 %

2.0 %

Benefit from income taxes

(0.9) %

(1.7) %

Depreciation

4.2 %

4.1 %

Amortization of intangible assets

1.3 %

1.6 %

EBITDA margin

4.6 %

3.0 %

Non-cash stock-based compensation expense

0.4 %

0.3 %

Acquisition and integration costs

— %

0.7 %

Losses, net, on fair value of investment

— %

0.0 %

Adjusted EBITDA margin

5.0 %

4.0 %

 

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures 

(unaudited – in millions, except for percentages and per share information)

Guidance for the
Three Months
Ended March 31,
2024 Est.

For the Three
Months Ended
March 31, 2023

Adjusted Net Loss Reconciliation

Net loss

$                    (61)

$               (80.5)

Non-cash stock-based compensation expense

9

8.5

Amortization of intangible assets

34

41.9

Acquisition and integration costs

17.1

Losses, net, on fair value of investment

0.2

Income tax effect of adjustments (a)

(12)

(29.2)

Adjusted net loss

$                    (29)

$ (41.9)

Guidance for the
Three Months
Ended March 31,
2024 Est.

For the Three
Months Ended
March 31, 2023

Adjusted Diluted Loss per Share Reconciliation

Diluted loss per share

$                    (0.88)

$   (1.05)

Non-cash stock-based compensation expense

0.12

0.11

Amortization of intangible assets

0.43

0.54

Acquisition and integration costs

0.22

Losses, net, on fair value of investment

0.00

Income tax effect of adjustments (a)

(0.15)

(0.38)

Adjusted diluted loss per share

$                    (0.48)

$ (0.54)

(a)

Represents the tax effects of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense, including from share-based payment awards. Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effects on pre-tax income.

 

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures 

(unaudited – in millions, except for percentages and per share information)

Guidance for the
Year Ended
December 31,
2024 Est.

For the Year
Ended December
31, 2023

For the Year
Ended December
31, 2022

EBITDA and Adjusted EBITDA Reconciliation

Net income (loss)

$                       105

$                    (47.3)

$                      33.9

Interest expense, net

210

234.4

112.3

Provision for (benefit from) income taxes

33

(35.4)

9.2

Depreciation

436

433.9

371.2

Amortization of intangible assets

134

169.2

135.9

EBITDA

$                     917

$                    754.9

$                    662.5

Non-cash stock-based compensation expense

38

33.3

27.4

Acquisition and integration costs

71.9

86.0

Losses, net, on fair value of investment

0.2

7.7

Project results from non-controlled joint venture

(2.8)

Bargain purchase gain

(0.2)

Adjusted EBITDA

$                     955

$                    860.3

$                    780.6

Guidance for the
Year Ended
December 31,
2024 Est.

For the Year
Ended December
31, 2023

For the Year
Ended December
31, 2022

EBITDA and Adjusted EBITDA Margin Reconciliation

Net income (loss)

0.8 %

(0.4) %

0.3 %

Interest expense, net

1.7 %

2.0 %

1.1 %

Provision for (benefit from) income taxes

0.3 %

(0.3) %

0.1 %

Depreciation

3.5 %

3.6 %

3.8 %

Amortization of intangible assets

1.1 %

1.4 %

1.4 %

EBITDA margin

7.3 %

6.3 %

6.8 %

Non-cash stock-based compensation expense

0.3 %

0.3 %

0.3 %

Acquisition and integration costs

— %

0.6 %

0.9 %

Losses, net, on fair value of investment

— %

0.0 %

0.1 %

Project results from non-controlled joint venture

— %

— %

(0.0) %

Bargain purchase gain

— %

— %

(0.0) %

Adjusted EBITDA margin

7.6 %

7.2 %

8.0 %

   

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures 

(unaudited – in millions, except for percentages and per share information)

Guidance for the
Year Ended
December 31,
2024 Est.

For the Year
Ended December
31, 2023

For the Year
Ended December
31, 2022

Adjusted Net Income Reconciliation

Net income (loss)

$                       105

$                    (47.3)

$                      33.9

Non-cash stock-based compensation expense

38

33.3

27.4

Amortization of intangible assets

134

169.2

135.9

Acquisition and integration costs

71.9

86.0

Losses, net, on fair value of investment

0.2

7.7

Project results from non-controlled joint venture

(2.8)

Bargain purchase gain

(0.2)

Income tax effect of adjustments (a)

(41)

(75.3)

(58.6)

Statutory and other tax rate effects (b)

4.6

5.5

Adjusted net income

$                       234

$                    156.7

$                    234.8

Guidance for the
Year Ended
December 31,
2024 Est.

For the Year
Ended December
31, 2023

For the Year
Ended December
31, 2022

Adjusted Diluted Earnings per Share Reconciliation

Diluted earnings (loss) per share

$                    1.04

$                    (0.64)

$                      0.42

Non-cash stock-based compensation expense

0.48

0.43

0.36

Amortization of intangible assets

1.69

2.16

1.78

Acquisition and integration costs

0.92

1.13

Losses, net, on fair value of investment

0.00

0.10

Project results from non-controlled joint venture

(0.04)

Bargain purchase gain

(0.00)

Income tax effect of adjustments (a)

(0.52)

(0.96)

(0.77)

Statutory and other tax rate effects (b)

0.06

0.07

Adjusted diluted earnings per share

$                      2.69

$                      1.97

$                      3.05

(a)

Represents the tax effects of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense, including from share-based payment awards. Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effects on pre-tax income.

(b)

For the years ended December 31, 2023 and 2022, includes the effect of statutory and other tax rate changes.

The tables may contain slight summation differences due to rounding.

MasTec uses EBITDA and Adjusted EBITDA, as well as Adjusted Net Income, Adjusted Diluted Earnings Per Share and net debt, to evaluate our performance, both internally and as compared with its peers, because these measures exclude certain items that may not be indicative of its core operating results, as well as items that can vary widely across different industries or among companies within the same industry. MasTec believes that these adjusted measures provide a baseline for analyzing trends in its underlying business.  MasTec believes that these non-U.S. GAAP financial measures provide meaningful information and help investors understand its financial results and assess its prospects for future performance. Because non-U.S. GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-U.S. GAAP financial measures having the same or similar names. These financial measures should not be considered in isolation from, as substitutes for, or alternative measures of, reported net income or diluted earnings per share or total debt, and should be viewed in conjunction with the most comparable U.S. GAAP financial measures and the provided reconciliations thereto. MasTec believes these non-U.S. GAAP financial measures, when viewed together with its U.S. GAAP results and related reconciliations, provide a more complete understanding of its business. Investors are strongly encouraged to review the company’s consolidated financial statements and publicly filed reports in their entirety and not rely on any single financial measure.

MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company’s primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy, utility and other infrastructure, such as: wireless, wireline/fiber and customer fulfillment activities; power delivery infrastructure, including transmission, distribution, environmental planning and compliance; power generation infrastructure, primarily from clean energy and renewable sources; pipeline infrastructure, including for natural gas, water and carbon capture sequestration pipelines and pipeline integrity services; heavy civil and industrial infrastructure, including roads, bridges and rail; and environmental remediation services. MasTec’s customers are primarily in these industries. The Company’s corporate website is located at www.mastec.com. The Company’s website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news and webcasts on the Events & Presentations page in the Investors section therein.

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements include, but are not limited to, statements relating to expectations regarding the future financial and operational performance of MasTec; expectations regarding MasTec’s business or financial outlook; expectations regarding MasTec’s plans, strategies and opportunities; expectations regarding opportunities, technological developments, competitive positioning, future economic conditions and other trends in particular markets or industries; the impact of inflation on MasTec’s costs and the ability to recover increased costs, as well as other statements reflecting expectations, intentions, assumptions or beliefs about future events and other statements that do not relate strictly to historical or current facts. These statements are based on currently available operating, financial, economic and other information, and are subject to a number of significant risks and uncertainties. A variety of factors in addition to those mentioned above, many of which are beyond our control, could cause actual future results to differ materially from those projected in the forward-looking statements. Other factors that might cause such a difference include, but are not limited to:  market conditions, including from rising or elevated levels of inflation or interest rates, regulatory or policy changes, including permitting processes and tax incentives that affect us or our customers’ industries, supply chain issues and technological developments; the effect of federal, local, state, foreign or tax legislation and other regulations affecting the industries we serve and related projects and expenditures; project delays due to permitting processes, compliance with environmental and other regulatory requirements and challenges to the granting of project permits, which could cause increased costs and delayed or reduced revenue; the effect on demand for our services of changes in the amount of capital expenditures by our customers due to, among other things, economic conditions, including potential economic downturns, inflationary issues, the availability and cost of financing, supply chain disruptions, climate-related matters,  customer consolidation in the industries we serve and/or the effects of public health matters; activity in the industries we serve and the impact on the expenditure levels of our customers of, among other items, fluctuations in commodity prices, including for fuel and energy sources, fluctuations in the cost of materials, labor, supplies or equipment, and/or supply-related issues that affect availability or cause delays for such items; the outcome of our plans for future operations, growth and services, including business development efforts, backlog, acquisitions and dispositions; risks related to completed or potential acquisitions, including our ability to integrate acquired businesses within expected timeframes, including their business operations, internal controls and/or systems, which may be found to have material weaknesses, and our ability to achieve the revenue, cost savings and earnings levels from such acquisitions at or above the levels projected, as well as the risk of potential asset impairment charges and write-downs of goodwill; our ability to manage projects effectively and in accordance with our estimates, as well as our ability to accurately estimate the costs associated with our fixed price and other contracts, including any material changes in estimates for completion of projects and estimates of the recoverability of change orders; our ability to attract and retain qualified personnel, key management and skilled employees, including from acquired businesses, our ability to enforce any noncompetition agreements, and our ability to maintain a workforce based upon current and anticipated workloads; any material changes in estimates for legal costs or case settlements or adverse determinations on any claim, lawsuit or proceeding; the adequacy of our insurance, legal and other reserves; the timing and extent of fluctuations in operational, geographic and weather factors, including from climate-related events, that affect our customers, projects and the industries in which we operate; the highly competitive nature of our industry and the ability of our customers, including our largest customers, to terminate or reduce the amount of work, or in some cases, the prices paid for services, on short or no notice under our contracts, and/or customer disputes related to our performance of services and the resolution of unapproved change orders; the effect of state and federal regulatory initiatives, including risks related to the costs of compliance with existing and potential future environmental, social and governance requirements, including with respect to climate-related matters; requirements of and restrictions imposed by our credit facility, term loans, senior notes and any future loans or securities; systems and information technology interruptions and/or data security breaches that could adversely affect our ability to operate, our operating results, our data security or our reputation, or other cybersecurity-related matters; our dependence on a limited number of customers and our ability to replace non-recurring projects with new projects; risks associated with potential environmental issues and other hazards from our operations; disputes with, or failures of, our subcontractors to deliver agreed-upon supplies or services in a timely fashion, and the risk of being required to pay our subcontractors even if our customers do not pay us; risks related to our strategic arrangements, including our equity investments; risks associated with volatility of our stock price or any dilution or stock price volatility that shareholders may experience, including as a result of shares we may issue as purchase consideration in connection with acquisitions, or as a result of other stock issuances; our ability to obtain performance and surety bonds; risks associated with operating in or expanding into additional international markets, including risks from fluctuations in foreign currencies, foreign labor and general business conditions and risks from failure to comply with laws applicable to our foreign activities and/or governmental policy uncertainty; risks related to our operations that employ a unionized workforce, including labor availability, productivity and relations, as well as risks associated with multiemployer union pension plans, including underfunding and withdrawal liabilities; risks associated with our internal controls over financial reporting, as well as other risks detailed in our filings with the Securities and Exchange Commission. We believe these forward-looking statements are reasonable; however, you should not place undue reliance on any forward-looking statements, which are based on current expectations. Furthermore, forward-looking statements speak only as of the date they are made. If any of these risks or uncertainties materialize, or if any of our underlying assumptions are incorrect, our actual results may differ significantly from the results that we express in, or imply by, any of our forward-looking statements. These and other risks are detailed in our filings with the Securities and Exchange Commission. We do not undertake any obligation to publicly update or revise these forward-looking statements after the date of this press release to reflect future events or circumstances, except as required by applicable law. We qualify any and all of our forward-looking statements by these cautionary factors.

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Global Times: Head-of-state diplomacy shines at WAIC, fostering ties and advancing global governance consensus

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BEIJING, July 17, 2026 /PRNewswire/ — Chinese President Xi Jinping on Friday held a series of high-level meetings on the sidelines of the 2026 World Artificial Intelligence Conference (WAIC) and High-Level Meeting on Global AI Governance in Shanghai, sitting down successively with Thai Prime Minister Anutin Charnvirakul, Cambodian Prime Minister Hun Manet, and UN Secretary-General António Guterres. The bustling diplomatic activity transformed the WAIC from a premier showcase of AI technologies and industrial breakthroughs into a vibrant platform for head-of-state diplomacy and global governance coordination.

Analysts said hosting intensive head-of-state diplomatic events in Shanghai, a core hub of reform, opening-up and technological innovation, carries profound meaning. In addition, Friday’s high-level meetings embody the innovative model of “technology builds the stage while diplomacy takes the leading role.” It not only deepens China’s bilateral relations with ASEAN members, but also helps advance inclusive global AI governance centered on the UN mechanism.

Strategic guidance

According to the two separate official releases by Xinhua, during his meetings with the prime ministers of Thailand and Cambodia, President Xi spoke of the long-standing friendship China shares with both nations. He called on China and Thailand, as well as China and Cambodia, to join hands to advance the development of their respective communities with a shared future.

Furthermore, the Chinese leader stressed the need for China to expand pragmatic cooperation with Thailand and Cambodia respectively across traditional and emerging sectors, and work with each country to jointly crack down on cross-border crimes such as online gambling and telecom fraud, according to Xinhua.

He called for the proper handling of border frictions between Thailand and Cambodia and called on the two sides to resolve disputes through dialogue and consultation, with China standing ready to continue playing a constructive role in this regard, per Xinhua.

During their respective meetings with the Chinese leader, the prime ministers of Thailand and Cambodia both expressed willingness to deepen multi-field cooperation with China and spoke highly of China’s positive efforts to facilitate the peaceful settlement of the Thailand-Cambodia border conflicts.

Xu Liping, Director of the Center for Southeast Asian Studies at the Chinese Academy of Social Sciences, told the Global Times that head-of-state diplomacy has charted the fundamental course for the advancement of China’s ties with both Cambodia and Thailand.

WAIC exemplifies the innovative model of “technology builds the platform, while diplomacy takes the leading role,” said Xu, “In addition, AI cooperation is also expected to serve as a vital entry point to further deepen and substantiate China’s ties with Thailand and Cambodia going forward.”

Furthermore, addressing the sensitive and thorny Thailand-Cambodia border dispute amid the relatively relaxed atmosphere of a tech summit enables all relevant parties to handle differences in a rational and pragmatic manner, which embodies Eastern wisdom and an Asian approach to resolving issues, said Xu.

The year 2026 marks the fifth anniversary of the establishment of the China-ASEAN comprehensive strategic partnership, witnessing the official rollout of the new Plan of Action on the China-ASEAN Comprehensive Strategic Partnership (2026-2030). It also kicks off the implementation of China’s 15th Five-Year Plan.

The critical juncture offers a perfect window to align China’s development plans closely with the national development strategies of Global South countries and ASEAN members, said Xu. “Thailand and Cambodia’s willingness to ramp up cooperation with China mirrors the aspiration of the majority of ASEAN members to leverage China’s development dividends and pursue win-win outcomes and common prosperity in the region.”

Firm support for UN

In his meeting with UN Secretary-General Antonio Guterres on Friday, Xi reiterated China’s firm support for the UN.

Noting that this year marks the 55th anniversary of the restoration of the lawful seat of the People’s Republic of China at the UN, the Chinese leader said China has since been committed to building world peace, contributing to global development, defending international order, and firmly supporting the UN, Xinhua reported.

Xi added that he proposed the vision of building a community with a shared future for humanity and the four global initiatives with one important consideration in mind – to uphold the status and authority of the UN.

Currently, the international landscape is marked by more pronounced changes and turbulence, making it all the more necessary to practice true multilateralism and reinvigorate the status and role of the UN, he said.

Guterres commended China for its steadfast support for multilateralism, the cause of the UN, and international cooperation, saying that China has set an example for the world.

Guterres said the UN will continue to strengthen cooperation with China, oppose unilateralism, protectionism, and hegemonic bullying, safeguard the UN Charter and international law, as well as advance the process toward a multipolar world.

At this pivotal juncture where talks on AI development and UN multilateral governance converge, China, leveraging head-of-state diplomacy as a top-tier platform, has elaborated in a systematic manner its vision for global governance in the AI era, Wang Yiwei, a professor at the School of International Studies, Renmin University of China, told the Global Times.

He added that China’s emphasis on the UN-centered global governance architecture will further strengthen the UN’s authority and operational capacity.

Before the official opening of the WAIC, on Thursday, representatives from 29 countries, including Kazakhstan, Laos, Pakistan, Russia and Indonesia, signed an agreement on establishing the World Artificial Intelligence Cooperation Organization (WAICO) in Shanghai. UN chief Guterres was among representatives from countries and international organizations present at the signing ceremony.

According to the agreement, WAICO will be an independent intergovernmental international organization, which aims to promote international cooperation and global governance on AI, ensuring that AI is beneficial, safe and fair, thereby promoting its healthy and orderly development to benefit all humanity.

President Xi on Friday also announced that in the next five years, China will provide developing countries with 5,000 opportunities in AI training and seminar programs. China will also develop international AI application cooperation centers with the ASEAN, the League of Arab States, the African Union, the Community of Latin American and Caribbean States, the Shanghai Cooperation Organization, and BRICS.

However, some international media, including Reuters and Nikkei, used the term “AI diplomacy” describing the grand gathering in Shanghai, claiming that Beijing seeks a new global AI order, challenging US dominance.

In rebuttal, Wang pointed out that China advocates open, inclusive technology that lets AI benefit all humanity under the vision of “AI for All”. In contrast, the US adheres to a mindset of “All for AI”, weaponizing AI for geopolitical rivalry and aiming to outpace China in technological competition. Driven by the “America First” doctrine and capital-centric priorities, Washington’s approach forms a sharp contrast with China’s.

Meanwhile, China’s resolute commitment to upholding the UN system underscores that for China and a wide array of Global South countries, the sensible path lies in reforming and improving the existing global governance architecture rather than discarding it to build parallel institutions from scratch, the expert added.

This article first appeared on Global Times

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SOURCE Global Times

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Global Times: China sends fresh signal on global AI cooperation at WAIC

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BEIJING, July 17, 2026 /PRNewswire/ — “AI development should not be a solo performance by a single country, but a symphony of international cooperation,” Chinese President Xi Jinping said on Friday while addressing the opening ceremony of the 2026 World AI Conference (WAIC) and High-Level Meeting on Global AI Governance, stressing that China is ready to be more open, take more practical actions, and assume a more visionary perspective.

We are ready to work with all parties to seize the opportunities of AI development and meet the challenges, and join hands to create a brighter future for humanity, he added.

Xi’s remarks received positive responses from domestic and foreign enterprises and experts, as they spoke highly of China’s scientific and technological achievements in recent years while noting that China’s commitment to openness and cooperation can help ensure that the benefits of AI are shared by all humanity and Chinese solutions in AI governance enable other countries to better tackle the common challenges brought about by AI development.

Openness and win-win cooperation

Xi presented four observations on AI development and governance in the speech. The Chinese leader called for adhering to the principle of openness and win-win cooperation while boosting innovation-driven development. He highlighted the importance of encouraging open-source, openness, collaboration and sharing to facilitate technological innovation, industrial development and scenario-based application of AI.

He also called for strengthening risk-awareness and ensuring that AI is secure and controllable.  Stressing the need to ensure that AI is always under human control, Xi urged all sides to jointly oppose overstretching the national security concept in the field of AI or placing one country’s security over that of others.

Third, he called for encouraging inclusiveness and promoting mutual learning among civilizations.

Fourth, he called for advocating solidarity and improving global governance. The important role of the United Nations should be recognized, Xi said, calling for further alignment and coordination on AI development strategies, governance rules and technical standards.

“We must carry out extensive international cooperation and help Global South countries with capacity building to bridge the AI and digital divides, promote sustainable development and prevent creating new historical injustice in AI,” he said.

In the next five years, China will provide developing countries with 5,000 opportunities in AI training and seminar programs, Xi said. He said China will develop international AI application cooperation centers with the Association of Southeast Asian Nations, the League of Arab States, the African Union, the Community of Latin American and Caribbean States, the Shanghai Cooperation Organization, and BRICS. China will enable 30 countries to use the AI-powered meteorological warning system, or MAZU, to safeguard homes around the world.

“President Xi’s remarks underscore China’s commitment to advancing global AI governance and technological innovation through opening-up and win-win cooperation, bringing new opportunities for sharing AI dividends and achieving shared prosperity to countries worldwide, especially developing countries,” Song Yang, professor of School of Economics and research fellow at the National Academy of Development and Strategy at Renmin University of China, told the Global Times on Friday.

China is sending a clear and important message: AI should become a bridge between countries, not a new dividing line, Luigi Gambardella, president of the Brussels-based international digital association ChinaEU, told the Global Times on Friday on the sidelines of the forum.

“No country, however technologically advanced, can develop and govern AI alone. China’s commitment to openness and cooperation can help ensure that the benefits of AI are shared by all humanity. It can help prevent the fragmentation of technologies, standards and markets, while ensuring that the opportunities created by AI are shared more widely,” Gambardella said.

“President Xi proposed ‘adhering to the principle of openness and win-win cooperation’ and ‘advocating solidarity’, and announced a series of pragmatic measures to support global AI development. These remarks have deeply inspired me and further strengthened my confidence in promoting the inclusive development of AI through opening-up and cooperation,” Xu Li, chairman and CEO of Shanghai-based AI software company SenseTime, told the Global Times on Friday.

Looking ahead, SenseTime aims to bring more field-tested technologies, products, and talent cultivation expertise to more countries and regions, and boost “China innovation” to deliver sustained value across a wider spectrum of industrial scenarios, thereby enabling AI to better benefit all of humanity, Xu said.

China actively supports strengthening global cooperation on AI governance, advocates multilateralism, and promotes the establishment of a global governance framework, which has received positive responses from many Global South countries.

Twenty-nine countries on Thursday signed an agreement in Shanghai on establishing the World Artificial Intelligence Cooperation Organization (WAICO). As an independent intergovernmental international organization headquartered in Shanghai, WAICO will uphold the purposes of the UN Charter, be committed to extensive consultation and joint contribution for shared benefit and adhere to a people-centered approach, according to the agreement, per Xinhua.

Global spotlight on WAIC

Since its inception in 2018, the WAIC has successfully convened for eight consecutive editions, becoming an important window for showcasing cutting-edge AI technologies from China and around the world while deepening international opening-up and cooperation.

Themed “AI Partnership for a Brighter Future”, the exhibition area exceeds 100,000 square meters for the first time this year, attracting the participation of over 1,100 enterprises. The exhibitors are showcasing more than 3,000 products and technologies, with over 300 products making their global debuts.

Among the exhibition highlights are Huawei’s latest AI computing super node system Atlas 950, MiniMax M3 multimodal foundation model, and the world’s first agentic AI phone, alongside a range of humanoid robots and AI-powered dexterous hands.

A German BMW representative, who attended WAIC for the first time, expressed enthusiasm about the event, highlighting the humanoid robotics showcased in the exhibition area – technologies he said he has never encountered before.

The representative told the Global Times that his company has adopted Chinese AI-powered large language models such as Qwen and DeepSeek. “The new updated versions of these models emerge weekly, which is very impressive,” the representative said, speaking highly of the cost efficiency of Chinese models.

However, some Western media outlets keep smearing China’s AI advancements and international cooperation. The Economist even claims that China’s open-source AI is a “trap” and that embracing China is “risky.”

Debunking this groundless smearing, Song said that China’s AI development has consistently adhered to the philosophy of a people-centered approach and AI for good, accumulating a wealth of vivid, replicable, and scalable experiences.

At the opening ceremony of the WAIC, the China Meteorological Administration unveiled the MAZU-FengYun Satellite AI Box. The launch marks a new stage in MAZU’s intelligent early-warning initiative, which was unveiled last year, shifting from providing shared meteorological products to delivering AI-enabled forecasting capabilities, according to the administration.

“Over the past year, meteorological and disaster reduction agencies from more than 40 countries have accessed the MAZU early warning technologies and products via cloud platforms. Customized versions of the tool have been deployed in Nigeria, Djibouti, Pakistan, and other nations, earning widespread recognition from users,” You Yang, a staff member with the Shanghai Meteorological Bureau, told the Global Times on Friday.

“From base models to industry-specific applications, China is opening up its low-cost, replicable technological pathways to the world, thereby lowering the threshold for underdeveloped nations to enter the AI era. Meanwhile, China actively helps developing countries address gaps in technology, talent, and governance capabilities to bridge the digital divide in the age of intelligence,” Song said.

According to a March report from Hugging Face, one of the world’s largest AI open-source communities, China has surpassed the US in monthly downloads and overall downloads. In the past year, Chinese models quickly accounted for the plurality or 41 percent of downloads.

“China possesses three unique institutional advantages in promoting AI for good and inclusive development: First, the new system for nationwide mobilization of resources coordinates development and security, achieving synergistic progress in key technological breakthroughs and rule-making. Second, a people-centered approach ensures that technological advancement benefits the people. Third, a multi-stakeholder agile and collaborative governance model links governments, universities, research institutions, enterprises, and social organizations to explore the synergy between rules and technology, providing China’s experience to the world,” Zeng Yi, a member of the UN Advisory Body on AI, told the Global Times on Friday.

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Ecopetrol Reports Cybersecurity Incident

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BOGOTA, Colombia, July 17, 2026 /PRNewswire/ — Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) (the “Company”) announced that it has identified an unauthorized access to certain digital resources owned by the Company and its subsidiaries by an external actor who has not been identified, as well as an attempted ransomware attack that was blocked by the cybersecurity controls implemented across the Company and its subsidiaries. The unauthorized access affected cloud-based file storage environments of approximately 15 subsidiaries (including the Company), resulting in the unauthorized download of data associated with approximately 3,300 user accounts. The external actor communicated extortion demands, threatening to publicly disclose the information that had been unlawfully extracted.

In response to this incident, the Company initiated an investigation and activated its incident response and management protocols. In addition, the Company deployed the following measures aimed at preventing the public disclosure of the unlawfully extracted information, addressing supervisory actions and/or potential financial costs associated with investigation, remediation, and regulatory compliance, as follows:

a. Immediate revocation of unauthorized access to the compromised digital assets.
b. Blocking of mechanisms associated with the mass download of information.
c. Identification, analysis, and containment of the tactics, techniques, and procedures (TTPs) used by the malicious actor.
d. Filing of a criminal complaint before the Office of the Attorney General of Colombia and deployment of cooperation activities with specialized national authorities.
e. Identification of external infrastructures used for the storage or download of information to pursue restriction or blocking actions.
f. Activation of support mechanisms with insurers and specialized capital markets teams to ensure the proper management of the event.
g. Detailed assessment of the downloaded information and determination of its criticality.
h. Enhanced monitoring of the technology infrastructure under critical alert protocols and continuous validation of preventive and detective controls.

As of the date of this report, the Company has not identified any material disruption to its critical operations, production capacity, or essential services; any direct financial impact that would prevent it from continuing to conduct its business activities; or any disclosure of the information subject to the unauthorized access. However, the Company continues to assess the potential exposure of corporate information, which could include confidential, restricted, proprietary, or personal data, as it cannot guarantee that this incident will not have a material adverse effect on the Company’s business, reputation, operating results, or financial condition.

Ecopetrol S.A. will continue to monitor developments related to this matter and, should any material facts or information requiring disclosure to the market be identified, will promptly disclose such information in accordance with applicable laws and regulations.

Ecopetrol is the largest company in Colombia and one of the main integrated energy companies in the American continent, with more than 19,000 employees. In Colombia, it is responsible for more than 60% of the hydrocarbon production of most transportation, logistics, and hydrocarbon refining systems, and it holds leading positions in the petrochemicals and gas distribution segments. With the acquisition of 51.4% of ISA’s shares, the company participates in energy transmission, the management of real-time systems (XM), and the Barranquilla – Cartagena coastal highway concession. At the international level, Ecopetrol has a stake in strategic basins in the American continent, with Drilling and Exploration operations in the United States (Permian basin and the Gulf of Mexico), Brazil, and Mexico, and, through ISA and its subsidiaries, Ecopetrol holds leading positions in the power transmission business in Brazil, Chile, Peru, and Bolivia, road concessions in Chile, and the telecommunications sector. 

This release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All forward-looking statements, whether made in this release or in future filings or press releases, or orally, address matters that involve risks and uncertainties, including in respect of the Company’s prospects for growth and its ongoing access to capital to fund the Company’s business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration, and production activities, market conditions, applicable regulations, the exchange rate, the Company’s competitiveness and the performance of Colombia’s economy and industry, to mention a few. We do not intend and do not assume any obligation to update these forward-looking statements.

For more information, please contact:

Investor Relations Office
Email: investors@ecopetrol.com.co  

Head of Corporate Communications (Colombia) 
Marcela Ulloa 
Email: marcela.ulloa@ecopetrol.com.co 

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SOURCE Ecopetrol S.A.

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