广达服务 2025年度报告

62025 NOTABLE AWARDS 51ONTIME’SAmerica’sGrowth Leaders List ON THE 2025Healthiest Workplaces InAmerica List #1ON THE 2025 ENRTop 600Specialty Contractors List Fortune 500 list 69.5K DECREASE IN“Stuff That Kills You” (STKY)incidents since 2019 EMPLOYEESat year end LIVES SAVEDtodate withour ~23,000 AutomatedExternal Defibrillator (AED)units deployed to job sites RENEWABLE ENERGYCAPACITYinstalledY TABLE OFCONTENTS 2ME S S A G E T OS T O C K H O L D E R S 62025 AT A G L A N C E 8FI N A N C I A L TA B L E S MESSAGE TOSTOCKHOLDERS DEAR STOCKHOLDERS Quanta delivered another year ofdouble-digit growth in revenuesand adjusted earnings per share,along with record free cash flowand backlog. Quanta has producedrecord revenues eight of the last nineyears, with a 14% compound annualgrowth rate (CAGR) since 2015. Wehave also delivered eight consecutiveyears of record adjusted EBITDA andnine consecutive years of recordadjusted diluted earnings per share,representing a 25% CAGR since 2015.These results were made possibleby our more than 69,000 dedicatedemployees — the largest craft-skilledworkforce in the country — and ourindustry-leading operational andfinancial platform. The accelerating demand for power and infrastructure solutionsis reshaping the industry, and Quanta is uniquely positionedat the center of this transformation. Our diversified, solutions-based portfolio strategy enables us to adapt to evolving industrydynamics, deploy resources where they create the most valueand deliver mission-critical infrastructure with speed andcertainty. We are attracting industry-leading operational talent,executing strategic initiatives that expand our programmaticcustomer relationships, and reinforcing our leadership positionas a provider of essential infrastructure solutions. 2025 Accomplishments We accomplished a great deal in 2025, and our past successpositions us well for the future. •Our Electric Infrastructure Solutions segment and ourUnderground Utility and Infrastructure Solutions segment bothgenerated record revenues and double-digit growth, with theElectric segment growing more than 20% as compared to 2024. •We ended the year with record consolidated backlog of $44.0billion and record twelve-month backlog of $25.9 billion,providing meaningful near-term visibility and supportingcontinued momentum with our customers and their growingcapital programs. •We generated record levels of cash flow from operations and freecash flow and achieved another year of double-digit return oninvested capital. •We completed the acquisition of Dynamic Systems, a premierturnkey mechanical, plumbing and process infrastructuresolutions provider, which meaningfully expands our capabilitiesin load center facility construction. •We completed the acquisitions of Tri-City Group, Inc. — apremier inside electrical services company with strong customfabrication capabilities — and Wilson Construction Company,a company that specializes in electric distribution andtransmission services to investor-owned utilities throughout thewestern United States. Together, these acquisitions expand ourcraft-skilled platform to deliver critical-path solutions for loadcenter facilities and electric utility programs. •Quanta was selected by NiSource, Inc. for the design,procurement and construction of generation and infrastructureresources capable of producing approximately 3 gigawatts of Our Customers Require Certainty ANOTH ER YEAR OF PROFITABLE GROWTH The convergence of the utility, power generation and largeload industries is accelerating, and our investments over manyyears in craft labor, training and complementary capabilitiesreinforce our self-perform capabilities that provide certainty anddifferentiate Quanta as a solutions provider. 20%Increase in 2025 revenuescompared to 2024 20%Increase in 2025 adjustedEPS compared to 2024 Our total workforce grew by approximately 11,100 employees in2025—through both organic growth and strategic acquisitions—reaching approximately 69,500 at year-end. The versatility ofthis workforce enables us to adapt to infrastructure demands thatare growing in scale and complexity while consistently deliveringexecution certainty and profitable growth. power for a large data center campus in Indiana. This projecthighlights the strength of our total solutions platform — spanningpower generation, battery energy storage, transmission,substation and underground infrastructure — and builds on ourrelationship with NiSource and deep roots in Indiana. Strong Financial Profile As of December 31, 2025, Quanta had total liquidity ofapproximately $2.9 billion and a favorable leverage ratio, andfor the full year of 2025, we generated record cash flow fromoperations of $2.2 billion and record free cash flow of $1.7 billion.This strong financial position provides us with the flexibility tosupport organic growth, allocate capital to attractive opportunitiesthat enhance our strategic position and create long-term value forour