Quanta Services : March 2021 Investor Presentation

NOTICE TO INVESTORS

This presentation (and oral statements regarding the subject matter of this presentation) includes forward-looking statements intended to qualify under the "safe harbor" from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include any statements reflecting Quanta's expectations, intentions, strategies, assumptions, plans or beliefs about future events or performance or that do not solely relate to historical or current facts. Forward-looking statements involve certain risks, uncertainties and assumptions that are difficult to predict or beyond Quanta's control, and actual results may differ materially from those expected, implied or forecasted by our forward-looking statements due to inaccurate assumptions and known and unknown risk and uncertainties. For additional information concerning some of the risks, uncertainties, assumptions and other factors that could affect our forward-looking statements, please refer to Quanta's Annual Report on Form 10-K for the year ended December 31, 2020, and other documents filed with the Securities and Exchange Commission, which are available on our website (www.quantaservices.com), as well as the risks, uncertainties and assumptions identified in this presentation. Investors and analysts should not place undue reliance on Quanta's forward-looking statements, which are current only as of the date of this presentation. Quanta does not undertake and expressly disclaims any obligation to update or revise any forward-looking statements to reflect events or circumstances after the date of this presentation or otherwise, and Quanta expressly disclaims any written or oral statements made by any third party regarding the subject matter of this presentation.

Certain information may be provided in this presentation that includes financial measurements that are not required by, or presented in accordance with, generally accepted accounting principles (GAAP). These non-GAAP measures should not be considered as alternatives to GAAP measures, such as net income and cash flow provided by operating activities, and may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. For a reconciliation to the most directly comparable GAAP financial measures, please refer to the accompanying reconciliation tables.

The information contained in this document has not been audited by any independent auditor. This presentation is prepared as a convenience for securities analysts and investors and may be useful as a reference tool. Quanta may elect to modify the format or discontinue publication at any time, without notice to securities analysts or investors.

KEY TAKEAWAYS

Quanta is a services company and the leading specialty infrastructure solutions provider for the utility, communications and energy industries

2 3 4 5

We self-perform ~85% of our work, which we believe mitigates project risks and ensures efficiency, safety and cost-certainty for our customers

Infrastructure opportunities are significant and sustainable. Quanta has meaningful exposure to highly predictable, largely non-discretionary spend across multiple end-markets

Quanta is levered to favorable long-term trends such as utility grid modernization, system hardening, renewables integration, electric vehicles, electrification, communications/5G and outsourcing

Our portfolio approach has resulted in a strong historical growth and financial profile with continued opportunity for growth, improved profitability and solid cash flow over a multi-year period

WHO IS QUANTA SERVICES?

Leading Specialty Infrastructure Solutions Provider

Recognized market leader in the utility, communications and energy infrastructure industries

Entrepreneurial business model and culture

Est. more than 70% of 2021 revenues from regulated utilities

Largest and preferred employer of craft skilled labor in the industry. We typically self-perform ~85% of our work - mitigates risk and provides cost certainty to customers

Strong scope and scale with deep customer relationships. Est. +90% of 2021 revenues from repeatable and sustainable activityIndustry leading safety and training results and programs

Solid Performance Through the Cycle 2010 - 2020

(1) Refer to appendix for a reconciliation of this non-GAAP measure to its most directly comparable GAAP measure.

Strong financial profile

Revenue CAGRAdj. EBITDA(1)

CAGR

Adj.

EPS(1)

CAGR

CORPORATE RESPONSIBILITY & SUSTAINABILITY

Quanta is Focused on Long-Term Corporate Responsibility and Sustainability

Quanta's sustainability mission centers on collaborating with our customers to meet their needs and creating value for stakeholders, while focusing on employee safety and conducting our business in a socially, economically and environmentally responsible manner

People

Planet

Principles

• • Safety drives everything we do - our employees are our #1 asset

• • Have incrementally invested +$100mm in training and safety initiatives for our employees

• • Job training for +13,000 people in Quanta training facilities in 2020

• • +40,000 Quanta employees received safety training in 2020

• • In response to COVID-19, provided +75K standard masks, +150K N95 masks and +20K gallons of sanitizer to employees in the field in 2020

• • Committed to diversity and inclusion and creating a work environment with equal opportunity for success

• • Committed to supporting the communities where we live and work

  Quanta's 2019 Corporate Responsibility Reporthttps://esg.quantaservices.com/

• • Many of the services we provide facilitate efficient and safe delivery of clean energy and the migration towards a lower-carbon economy

• • Quanta has an industry-leading reputation for environmental stewardship during its projects

• • We recognize the importance of minimizing our environmental impact

• • Committed to compliance with environmental rules and regulations

• • Expect +90% of fleet will utilize GPS-based technology for emissions, utilization and efficiency measurement and planning by the end of 2021

• • Committed to strong corporate governance standards

• • Independent Chairman of the Board and 90% independent board members

• • 20% female board members

• • Annual election of directors, with four new directors added since 2016

• • +97% approval of executive compensation at 2020 annual meeting

• • 20% of 2020 target annual cash incentive and 20% of 2021 target long-term equity incentive based on achievement of quantifiable safety and sustainability performance goals

• • Annual stockholder engagement

• • Robust stock ownership requirements for directors and officers

Quanta's MSCI ESG rating as of 2020. The use by Quanta of any MSCI ESG Research LLC or its affiliates ("MSCI") data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of Quanta by MSCI. MSCI services and data are the property of MSCI or its information providers, and are provided 'as-is' and without warranty. MSCI names and logos are trademarks or service marks of MSCI.

KEY STRATEGIES FOR SUSTAINABLE SUCCESS

• • ~$5 billion estimated increase in base business revenues from 2015-2021E

• • Equates to +10% CAGR

• • Base business revenues(1) estimated to increase from 83% of total revenues in 2015 to +90% in 2021E

• • Base business growth has increased earnings stability

• • Opportunity for further margin expansion

• • Quanta's Underground Utility & Infrastructure Solutions segment margins were negatively impacted in 2020, primarily due to effects of COVID-19 pandemic

• • Expect improved Underground Utility & Infrastructure Solutions segment margins in 2021

• • Quanta believes it can expand its Underground Utility & Infrastructure Solutions segment margins to the upper-single digit range in a normalized environment

• • Largely organic expansion of gas distribution services markets, supplemented with Hallen acquisition in 2019

• • Largely organic expansion of U.S. communications services market, supplemented with select acquisitions

• • Established position in downstream industrial services via Stronghold acquisition in 2017

• • Growing and increasing market share with customers

• • +$100 million of incremental investment in training and safety

• • Job training for more than 13,000 people at Quanta facilities in 2020

• • +40,000 Quanta employees received safety training in 2020

• • Avg. employee count has increased +46% from 2015 to 37,400 in 2020

• • Strategic initiatives with Sam Houston State Univ., military programs, unions and trade associations

• • Working capital to support differentiated self-perform model and growth

• • Selective acquisitions that meet our strategic goals

• • +$530 million available under stock repurchase authorization as of Feb. 25, 2021

• • Capital deployment supplements organic EPS growth

• • Began paying quarterly cash dividend in 1Q19; raised dividend by 25% in 1Q20 and 20% in 1Q21

(1) Base business includes work with contract values less than $100 million for Electric Power Solutions and less than $75 million for Underground Utility and Infrastructure Solutions

STRONG, CONSISTENT FINANCIAL IMPROVEMENT DRIVEN BY KEY OBJECTIVES

• (1) 2021E is the midpoint of our guidance announced on Feb. 25, 2021.

  Revenue

  $bn

  2015

  2015

  Adjusted EBITDA Margin (2)

  2015

  Adjusted EPS (2)

  2015

• (2) Refer to appendix for a reconciliation of this non-GAAP measure to its most directly comparable GAAP measure.

2021E

2021E

2021E $4.27 (1)

2021E

HOW WE ARE DRIVING LONG-TERM, SUSTAINABLE VALUE CREATION

Key Strategies

◄ 5% to 10%+ Revenue CAGR

◄ Improving Adjusted EBITDA Margins

◄ EPS Growth > Revenue Growth

◄ Double Digit ROIC

◄ Sustainable Cash Flow Generation

◄ Strategic Acquisitions

◄ Return of Capital

• • Revs. CAGR of 12%

Actual Performance Through the Cycle, 2010 - 2020:

• • Adj. EBITDA CAGR(1) of +9%

• • Avg. Adj. EBITDA Margin(1) of +9%

• • Adj. EPS(1) CAGR of +15%

(1) Refer to appendix for a reconciliation of this non-GAAP measure to its most directly comparable GAAP measure.

FOCUSED ON MEETING CUSTOMER NEEDS

What Customers Want

Grow Base Business

Why Customers Care

Quanta Delivers

• • Customer capex and opex spending at historically high levels and growing. Seeking value-added solutions

• • Outsourcing of strategic infrastructure needs increasing due to labor shortages and cost management

• • Reducing suppliers and seeking more comprehensive solutions

• • Largest trained workforce in our industry with most comprehensive service offering

• • Sustainability and reliability of infrastructure is critical to operations, customer service and financial results

• • Regulatory requirements are increasing in complexity

• • Seeking resources to ensure timely construction, maintenance, upgrade and replacement of infrastructure

• • Customers seeking cost certainty due to increased project complexity and large, multi-year capital programs

• • Shortage of craft skilled labor

• • Regulatory environment increasing in complexity and becoming more costly, which can impact timelines and investment returns

• • Industry-leading training and development

• • Collaboration via strategic partnerships

• • Self-perform capabilities

HIGH-QUALITY AND DIVERSE CUSTOMER BASE WITH CRITICAL ASSETS

End MarketsSelect IndustryData Points

Select Customers

* Largest customer accounted for ~5% of 2020 revenues

* Top 10 customers accounted for ~32% of 2020 revenues

Sources: Edison Electric Institute and Accenture

CONSISTENT AND GROWING SPEND FROM TOP CUSTOMERS

Driving Repeatable, Consistent Revenue Through Deep and Collaborative Customer Relationships

Top 20 Customers Based on 2020 Revenues Excluding Larger ProjectsTop 20 Utility Customers Based on 2020

Revenues Excluding Larger Projects

$6

$5

$Billions

$4

$3

$2

$1

$0

2016

$5

2020

$Billions

$4

$3

$2

$1

$0

2016

2020

Revenues

Revenues

LEVERED TO FAVORABLE LONG-TERM TRENDS

Quanta's Solutions for Modern Infrastructure Facilitate Movement Towards A Carbon-Neutral Economy and New Technologies

• • Utility Grid Modernization - The majority of the North American electric power and natural gas utility system is approaching or beyond its useful life and utilities have begun a long-term process of replacing, upgrading, building new and modernizing infrastructure to improve reliability, reduce carbon emissions and meet current and future needs

• • Power Grid Hardening - Electric utilities are in the earlier stages of hardening the power grid to better withstand severe weather events such as hurricanes, winter storms and wildfires

• • Renewables Integration - Increasing renewable generation requires significant transmission and substation investment to interconnect renewable facilities into the power grid and facilitate load portability and overall system reliability

• • Electric Vehicles (EV) - Greater EV adoption would require upgrades, new construction and increased maintenance of the power grid and construction of vehicle charging infrastructure

• • Electrification - Decarbonization initiatives are expected to increase the electrification of energy and electricity usage throughout the economy and everyday life. This would require significant power grid investment and could increase demand for electricity over time

• • Communications/5G - Continued strong growth in demand for data and bandwidth intensive, low latency and increasingly interconnected devices are expected to drive significant investment in fiber networks. Additionally, North America is in the early stages of deploying 5G wireless networks, which will require hundreds of billions of dollars of infrastructure investment

• • Outsourcing - Customers are investing record levels of capital each year in their networks, while a significant number of their workforce is aging and retiring. This has and is expected to continue to result in growing demand for outsourcing solutions

ELECTRIC AND GAS UTILITY INFRASTRUCTURE INVESTMENT IS LARGE AND GROWING

Quanta is Utility Focused

North American Utility Three-Year Forward Capex Budgets Relative to

Preceding Three-Year Capex Budgets

• • Utilities are investing significantly in their regulated delivery systems driven by:

  • • Grid modernization and hardening

  • • Regulation

  • • Fuel source switching

  • • System congestion

  • • Other long-term, secular drivers

• • These investments are non-discretionary/necessary

• • Quanta has significant exposure to these favorable long-term trends; +70% of revenues

• • Quanta is ingrained in the fabric of the utility industry and the leading specialty infrastructure solutions provider

• • We believe there is multi-year opportunity for revenue growth at a 5% to 10%+ CAGR

In addition to favorable capex trends, Quanta expects growth opportunities due to company specific attributes, market share gains and outsourcing trends

AGING UTILITY WORKFORCE CONTRIBUTES TO OUTSOURCING TREND

Additive Long-Term Tailwind

Outsourcing is expected to increase across electric and gas utilities over the next five years

Source: Confidential consultant and industry sources

• • Tight labor market for lineman and other skilled employees

  • • The average energy industry employee is estimated to be over 50 years old (1)

  • • 45% of electric utility workforce expected to retire by 2024; almost 100,000 jobs have to be filled to maintain current employee levels (2)

  • • 70% of energy transmission and distribution companies have stated that finding and hiring qualified workers is difficult(3)

• • Quanta is focused on recruiting, training and developing a strong and capable workforce to support our growth and serve our customers

• (1) High Growth Industry Profile - Energy, U.S. department of Labor (2016)

• (2) Building an Energy Workforce for the 21st Century; U.S. Senate Committee on Energy & NaturalResources, August 2016

• (3) U.S. Energy and Employment Report, U.S. Department of Energy, 2017

INDUSTRY LEADING TRAINING IS A COMPETITIVE DIFFERENTIATOR

Dedicated Training Facilities

NLC - California, Idaho, Texas and Florida - with plans to build in South Carolina.

Quanta Advanced Training Center at Lazy Q Ranch is a 2,300-acre training facility.

• • High and increasing demand for craft skilled labor as infrastructure investment grows

• • Quanta took ownership of its employee recruitment, training and retention strategies to ensure we meet customer needs

• • Quanta has incrementally invested +$100 million in strategic training initiatives

Northwest Lineman College (NLC) - post secondary education institution that has provided world class training curriculum for 28 years. Added communications and gas distribution curriculum

Quanta Training Center - World-class 2,300 acre training facility. Up-training employees to advanced capabilities in all industries.

Military Veteran RecruitingUrban Workforce Development Program

Sam Houston State Univ. Partnership - Workforce Development Program for middle management resources

(representative)

Ongoing Union & Trade Relationships

CONSTRUCTION-LED INFRASTRUCTURE SOLUTIONS THROUGH PORTFOLIO APPROACH

Transmission

Renewable Services

Distribution

Program Management

Substation

Energized ServicesEngineering ServicesEmergency RestorationGas DistributionStorage FacilitiesSmart Grid

CommunicationsMidstream PipelinePipeline Integrity

Compression, Metering & Pumping Stations

Mainline PipelineDownstream Industrial ServicesHorizontal Directional DrillingPipeline Logistics

Management

REVENUE MIX - STRATEGICALLY FOCUSED, OPERATIONALLY DIVERSE

~90% of 2020 Revenues Estimated to Come From Utilities, Communications and Industrial Customers,

Which Provide Visible and Growing Multi-Year Capital Programs

2020 Consolidated Revenue = $11.2 Billion*

2020 Revenue By Segment

Est. 2020 Revenue By Customer Type

Electric Power

Solutions Segment 69%

Underground Utility & Infrastructure Solutions

Segment 31%

Utility = Customers that are electric and gas utilitiesIndustrial = Customers that own and/or operate refinery, chemical and industrial plants and other commercial or manufacturing facilitiesCommunications = Customers that own and/or operate assets supporting delivery of data, communications and digital services

Energy Delivery = Customers that own and/or operate pipelines for the delivery of hydrocarbons

Other = Customers that are not accurately described by the other categories

*Revenue, as reported, by segment and estimated by customer type based on revenues of $11,203 million for the twelve months ended Dec. 31, 2020.

BASE BUSINESS ACTIVITY

Large Portion of Revenues are Visible and Consistent

2016

~79% of our revenues from base business activity(1)

2021E

Expect +90% of our revenues to come from base business activity

Base Business Tends to Follow Industry Drivers and Customer Investment Trends, Which are Longer Term in Nature

RevenuesTime

For illustrative purposes

(1) Base business includes work with contract values less than $100 million for Electric Power

Solutions and less than $75 million for Underground Utility and Infrastructure Solutions

PORTFOLIO APPROACH AND DIVERSITY OF REVENUE MITIGATES RISK

Superior Risk Profile

Estimated Revenue by Geography(1)

Estimated Revenue by Project Type(1)

Estimated Revenue by Contract Type(1)

United States 86%

Canada 11%

Australia 2%

LATAM & Other 1%

Repair, Replace & Upgrade ~61%

*Master Service Agreements (MSA) account for ~50% of total revenues

Est. avg. contract value = $3mm

(1) Revenue, as reported, by geography, project and contract type based on revenues of $11,203 million for the twelve months ended Dec. 31, 2020.

ELECTRIC POWER & COMMUNICATIONS

TRANSITION TO ADVANCED UTILITY MODEL HAS DRIVEN SPENDING

Advanced Integrated Utility Model

TransmissionDistributionGas DistributionGenerationRenewablesPipelinesCommunications

• • Heavy investment focus on electric transmission and distribution

• • Reduced fossil fuel generation investment in favor of renewable generation

• • Electric utilities acquiring gas utilities for grid modernization/growth opportunities

• • Aging utility workforce and historically high spending is increasing outsourcing - estimated to increase to >50% over next 5 years (2)

• • Some utilities investing in natural gas midstream pipeline infrastructure

• • Expanding service territory via M&A

Top 25 Quanta Investor-Owned Utility

Customers in 2020(1)

($ in billions)

$187

2000

Operating Expenditures

2020

Capital Expenditures

• (1) Utility customer data from S&P Capital IQ.

• (2) Sources: Consultant and industry sources.

UTILITY INDUSTRY IS A LARGE, ATTRACTIVE AND VISIBLE ADDRESSABLE MARKET

"Our [utility] industry remains the most capital-intensive industry in America." … "Our goal is to give our customers an energy future that is cleaner, smarter and stronger than any they have known before."

- Edison Electric Institute, Feb. 2021

$140 B(1)

$26

202200E2C0Eapex

Elec. Transmission

Elec. Distribution

Gas Related

Regulatory Compliance

Other

Generation

Quanta Core Addressable

Market $92 B

Est. Core Addressable Market

Engineering &

Prog. Mgt.

Permitting

(1) Sources: Edison Electric Institute and Quanta estimates.

$92 B(1)

25%

Craft Skilled Labor & Equipment

Materials

Quanta Core

Solutions

$69 B

Quanta Utility(2) Operating Income Margin 2010-2020

(2) Attributable to customers that are electric and/or gas utilities.

Quanta Utility(2) Revenue CAGR 2010-2020

+15%

~10%

SIGNIFICANT GRID MODERNIZATION AND HARDENING

Widespread Need for Grid Modernization and Hardening - Maintenance, Upgrade, Repair and Replacement

Projected Circuit Miles Replaced/Upgraded and Total Projected Investment

($ in millions) (1)

Age

(1) Source: Americans for a Clean Energy Grid, "Planning for the Future", Jan. 2021

RENEWABLE GENERATION INTEGRATION

Requires Incremental Investment in Transmission and

Substation Infrastructure

• • States and provinces in North America are increasing renewable targets and/or establishing clean energy standards

• • A number of utilities and corporations are moving without state action, with many committing to 100% clean energy or net-zero carbon emission by 2050

• • Renewable generation facilities are often built-in remote areas, frequently requiring large transmission lines and substation infrastructure to be built to deliver load to end users and/or interconnection to the power grid

• • The growing mix of renewable generation increases intermittency onto a grid that is aging and not designed for intermittency. Significant transmission will also be required to ensure system reliability

• • Growing renewable adoption and policies aimed at achieving meaningful carbon emissions reductions/carbon neutrality by 2050 is expected to require significant incremental transmission and substation investment

(1) Source: Wires Group "Informing the Transmission Discussion", Jan. 2020

100% Clean Energy Commitments & Renewable

Portfolio Standard (RPS) Requirements (1)

(as % of 2018 retail electricity sales)

100% State

15.4%

Commitments

100% Utility Commitments 10.4%

Additional

RPS Requirements 7.4%

Required Increase in RPS Compliance Generation Through 2030 by Region (1)

ELECTRIFICATION AND ELECTRIC VEHICLES

Movement Towards A Carbon Neutral Economy Will Require Significant Power Grid Investment

• • Over the coming decades, developed economies are expected to be increasingly driven by electricity to meet carbon reduction/neutrality goals

• • Vehicle electrification offers a large carbon reduction opportunity, in addition to residential and commercial space and water heating and industrial and agricultural electrification

• • Depending on electrification adoption rates, increased demand for electricity could require new power generation of (2):

  • • 70 GW to 200 GW by 2030

  • • An additional 200 GW to 800 GW from 2030 to 2050

  • • Assumes 75% to 90% of new generation will come from renewables

  • • Could increase load growth by ~1% annually through 2050

• • Estimated that U.S. will require $30B-$90B of incremental transmission investment by 2030 and an additional $200B-$600B from 2030 to 2050 (2)

  • (1) Source: Wires Group "The Coming Electrification of the North American Economy", Mar. 2019

  • (2) Source: Wires Group "Informing the Transmission Discussion", Jan. 2020

Electrification Adoption Rates (1)Annual Incremental Transmission Investment due to

Electrification (2)

Transformative Opportunity

• • LUMA Energy, LLC (LUMA), 50% owned by Quanta and 50% owned by ATCO, was selected in June 2020 for this historic opportunity - the transformation and modernization of the Puerto Rico electric transmission and distribution (T&D) system, that is designed to provide significant benefits to the people of Puerto Rico through an Operation and Maintenance Agreement (O&M Agreement) with the Puerto Rico Electric Power Authority (PREPA) and the Puerto Rico Public-Private Partnership Authority (P3)

• • LUMA is a purpose-built company that leverages the strengths of Quanta, ATCO and IEM, including world-class utility operations; craft-skilled labor training and management; and federal funds procurement, management and deployment

• • LUMA's O&M Agreement is consistent with Quanta's long-term strategy

  • • Long-term, contracted agreement that is expected to provide a visible, recurring and resilient cash flow and earnings stream. LUMA has begun a front-end transition period and expects to achieve full transition to the O&M Agreement in mid-2021

  • • After completion of the transition period, LUMA earns a fixed fee for service plus opportunity to earn annual incentive fees based on achievement of performance metrics. PREPA retains ownership of the electric T&D system and LUMA is not required to make capital investments in the electric T&D system

  • • Electric T&D system operating costs and capital expenditures are pass-through and paid from pre-funded service accounts

• • Quanta believes there is opportunity for it to compete for work associated with Puerto Rico's grid modernization efforts that is separate from its ownership interest in LUMA

• • Successful collaboration with a customer to deliver unique infrastructure solutions that can serve as a blueprint for future opportunities

Key Contract Terms and Timeline

• • Preparatory work to enable full transition of operations to LUMA in process

• • LUMA is paid a fixed transition fee

• • Costs incurred by LUMA for purposes of front-end transition are reimbursable

• • LUMA assumes responsibility for all in-scope operational matters

• • Fixed fee for service paid monthly

• • Additional incentive fees determined annually based on performance metrics

• • Fixed and incentive fees indexed to inflation

• • Flow-through of system operating costs and capital expenditures paid from pre-funded service accounts

• • Back-end transition period begins one year before end of contract term (actual costs reimbursed plus profit mark-up)

Compelling and Complementary Growth Opportunity

Goals

To be a leading communications infrastructure solutions provider in the markets we serveOpportunity for ~$1 billion annual revenues in the medium-term

10%+ operating income margins

Growth Strategies

• • Primarily organic growth and greenfield expansion

  • • Select strategic acquisitions play a role, but NOT a roll-up approach

• • Leveraging existing U.S. field operations people, equipment and property

• • Focused on wireline and fiber services, less on traditional wireless services (ie. tower climbing)

  • • Increasing convergence of wireless and wireline due to fiber requirements of both

• • Project centric, nimble approach versus MSA focused (greater asset intensity). EPC services to differentiate

  • • Less capital intensive with better margin opportunity

Multi-Year Drivers / Opportunities

• • Ongoing core fiber network enhancement

• • Continued 4G fiber backhaul densification

• • 5G fiber backhaul and backbone buildout

• • 5G small cell deployment

• • Electric utility network utilization for deployment of 5G

• • Rural Digital Opportunity Fund

Uniquely Positioned for 5G - Overlap of Telecom and Electric Power Infrastructure

We believe the density requirements of small cells for 5G deployment is likely to require wireless carriers to utilize electric distribution infrastructure to collocate antennae at the top of power poles

• • The added weight of 5G equipment would require many older poles to be replaced

• • Some poles may need to be replaced with taller poles, to allow clearance between the antennae and power lines to prevent signal interference

• • The 5G antennae would need to be installed above the power lines

• • As a result of these factors, electric utility lineman would be required to make pole changeouts and install the antennae - NOT telecom workers

• • The utility business model could make meeting this need challenging

Quanta is uniquely positioned for this opportunity given our electric power and telecom infrastructure capabilities and strong customer relationships

• (a) Source: Accenture

• (b) Source: CTIA

  For 5G, American wireless companies are expected to invest …

  (a)

  Today's 4G Network

  = 1 Square Mile

• (c) Source: Fiber Broadband Association

(b)

Looking forward …

Future 5G Network (c)

(b)

THE ELECTRIFICATION AND CONNECTIVITY OF EVERYTHING

Quanta is Uniquely Positioned

For advanced technologies to work, it requires infrastructure. Technology is advancing faster than required infrastructure. Quanta is uniquely positioned to provide critical infrastructure services that enable the technologies of tomorrow

UNDERGROUND UTILITY & INFRASTRUCTURE SOLUTIONS

Strategic Focus on Base Business

Strategy

• • Create a more sustainable and consistent operation

• • Increase and gain scale of base business services

• • Services and geographic diversity

• • Opportunistic pursuit of larger pipeline projects that meet our risk and margin parameters

Focus Services

Gas LDC*

Pipeline Integrity

Larger Projects

Downstream

Industrial Services

Steps Taken

• • Organic expansion of gas utility services

• • Acquisition of Hallen Construction in 2019 (gas utility services)

• • Organic expansion of pipeline integrity services

• • Acquisition of Stronghold in 2017 (industrial services)

* LDC = Local Distribution Company

Strategic Focus on Base Business

Gas LDC Services

• • As of 2019, the U.S. natural gas distribution system consisted of more than 2.2 million miles of pipelines (1)

• • Gas utilities are in the early stages of performing multi-decade gas system modernization programs

• • Regulations are driving investment aimed at improving gas system reliability, safety and reducing methane emissions

• • Modernization initiatives also position distribution systems for hydrogen delivery and consumption

• • Provides a lower-risk, visible and sustainable earnings profile with the majority of revenues derived from master services agreements

  Larger Projects

• • Quanta has expanded its service footprint and capabilities organically and through the Hallen Construction acquisition

Pipeline Integrity Services

• • There are 544,000 miles of hazardous liquids, gas transmission and LNG pipelines in the U.S. (1)

• • Intensifying regulations require pipeline companies to certify that their systems are operating properly based on various factors for reliability, safety and environmental purposes

• • Newly implemented and anticipated new future pipeline safety rules are expected to drive continued investment in safety programs for pipelines for at least the next 15 years, according to INGAA

• • Quanta has grown its operations organically

• • Challenges to building new mainline pipeline projects could make existing pipeline systems more valuable and could increase pipeline integrity and maintenance spending

Representative Customers

Representative Customers

(1) Pipeline and Hazardous Materials Safety Administration (PHMSA)

Strategic Focus on Base Business

Downstream Industrial Services Drivers

U.S. Refiner Capital Spending

• • Near-term downstream maintenance and capital investment meaningfully impacted by the COVID-19 pandemic, which has reduced global demand for refined products

• • Plant spending and upgrades have similar drivers to electric power and midstream infrastructure investments: aging infrastructure, required spend to comply with safety and environmental regulations, large and long-term supply of low-cost hydrocarbon resources

• • Substantial installed base of industrial facilities operating in a highly corrosive environment

• • As plants age, critical process units' risk of failure increases significantly, requiring consistent and recurring maintenance investment - Est. 60%-70% of annual capex

• • Deferrals and other factors yield expectations for significant turnaround season over coming years - reversion to mean activity levels

Representative Industrial Services

• • Leading turnkey catalyst replacement service provider to refining and petrochemical industries

• • Planned and emergency turnaround services

• • Storage tank engineering, construction, repair, maintenance and fabrication; downstream and midstream infrastructure fabrication

• • Turnkey downstream industrial piping maintenance, inspection, specialty mechanical and construction services

($ in MM)

Representative Customers

Decline due to Covid-19 effects. Opportunity for recovery.

Source: RBN Energy

Energy Delivery and Ancillary Services Drivers

Change in U.S. Natural Gas Production from 2019

(billion cubic feet per day)

Change in U.S. Oil Production from 2019

(millions of barrels per day)

Pre-Covid 19 Est.

Current Est.

Source: ICF, "North American Midstream Infrastructure - A Near Term Update Through 2025". Dec. 2020

(billion cubic feet per day)

U.S. LNG Exports and Capacity

Historical

Pre-Covid 19 Est.

Current Est.

• • Need for pipeline and related infrastructure is being driven by the significant increase in North American unconventional natural gas and oil production from new locations - not by commodity prices

• • Demand for natural gas in the United States is expected to grow to support domestic use, LNG exports, exports to Mexico and for power system reliability as renewable generation (and intermittency) increases

• • ICF Resources estimates that U.S. LNG exports will increase more than 100% by 2025 as compared to 2019

• • Increasingly, incremental U.S. hydrocarbon production is expected to be exported to meet growing global demand

• • As a result, significant long-term investment in pipeline and related midstream infrastructure is needed to keep pace with long-term hydrocarbon demand and production

• • Pipeline construction is a good business and generates solid cash flow, but is cyclical. Quanta is not growing these operations strategically - have the resources we need

Representative Customers

Source: East Daley Capital

BALANCE SHEET, CASH FLOW AND CAPITAL DEPLOYMENT

BALANCE SHEET STRENGTH PROVIDES FLEXIBILITY

Strong Financial Foundation

($ in millions)

Cash and Equivalents

Other Debt

2.9% Senior Notes due 10/1/30

Term Debt

Credit Facility

Total Debt

Total Equity

Total Capitalization

Liquidity (1)

12/31/2016

12/31/2017

12/31/2018

12/31/2019

12/31/2020

$

112 10 ----351

$

138

$

79

$

165

$

4 ----668

34 --

21 --

593

1,241

479

105

361 3,343

672 3,796

1,106 3,605

1,367 1,189

4,054 4,349

$

3,704

$

4,468

$

4,711

$

5,421

$

Larger Projects

$2,198

($ in millions)

Cash

Credit Facility (Unused)

• (1) Liquidity includes cash and cash equivalents and availability under our senior credit facility, which is reduced by letters of credit drawn against the credit facility.

  185

  40

  1,000

  --

  149

  Dec. 31, 2020

  Debt / Adj. EBITDA

• (2) Street Ratio = Net debt divided by trailing twelve month adjusted EBITDA of $1.05B million. Bank Ratio = Net debt plus $348 million of letters of credit and bank guarantees divided by adjusted EBITDA, as defined in our senior credit agreement.

5,538

"Street"	Bank
Ratio(2)	Ratio(2)
~1.1X	~1.2X
Page 37

CASH FLOW IS COUNTER CYCLICAL

Change in Revenue vs Free Cash Flow(1)/Adjusted EBITDA(1)

For the Years Ending December 31,

%RevenueChg.

2014 2015 2016 2017 2018 2019* 2020 2021

Revenue % Chg.

FCF/Adjusted EBITDAADTIBE detsujdA/FCF

*Includes adverse impacts of $112 million to FCF and $79.2 million to adjusted EBITDA associated with a terminated telecommunications project in Peru

• • Quanta's cash flow generation is typically counter to revenuegrowth, primarily due to working capital demands and to a lesser extent, capex investment

• • This dynamic allows us to lean into opportunistic strategic capital deployment, such as stock repurchases, strategic acquisitions and dividends, that can counter the effects of moderating growth

• • As base business activity continues to grow and represent a higher percentage of total revenues, we would expect our free cash flow to increase and mitigate a portion of increased working capital demands when larger projects ramp-up

• • Under a mid-single digit revenue growth rate scenario, we would expect FCF/Adjusted EBITDA conversion of 40%-50% and FCF/Adjusted Net Income conversion of 80%-90%

(1) Refer to the appendix for a reconciliation of this non-GAAP measure to its most directly comparable GAAP measure.

FLEXIBLE AND STRATEGIC CAPITAL ALLOCATION

Opportunistic and Disciplined Approach 2016 - 2020 Sources & Uses of Cash

Capital Deployment Preference

• • Working Capital

• • Capital Expenditures

• • Acquisitions

• • Investments

• • Return of Capital

Borrowings

$3,413

(Amounts in millions)

$649 19%

$3,354

1% 1% 23%

• $30 InvestmentsDividends

Stock Repurchases (1)

Capital Deployment Posture

• • Generally in sync with preference, however …

• • Financial strength provides the ability to be opportunistic

• • Flexible and strategic capital allocation is a competitive advantage

Cash Flow from

Operations

$2,764 81%

36%

$1,205

Acquisitions, Net

39%

$1,307

CAPEX & Other,

NetSources

Uses

(1)Not included in the 5-year snapshot is $1.6B of stock repurchases in 2015, which, when combined with the $760MM above, totals $2.4B of repurchases over the last six years compared to $2.1B of cumulative free cash flow generated over the same period

FINANCIAL GOALS FOR GROWING LONG-TERM SHAREHOLDER VALUE

• • Revs. CAGR of 12%

Actual Performance Through the Cycle, 2010 - 2020:

• • Adj. EBITDA CAGR(1) of +9%

• • Avg. Adj. EBITDA Margin(1) of +9%

• • Adj. EPS(1) CAGR of +15%

(1)Refer to appendix for a reconciliation of this non-GAAP measure to its most directly comparable GAAP measures

ESG HIGHLIGHTS

CORPORATE SUSTAINABILITY AND RESPONSIBILITY

2019 Corporate Responsibility Report

https://esg.quantaservices.com/

This report includes financial and nonfinancial information from Quanta Services, Inc. about activities, metrics, awards and accolades related to our People, Planet, Principles sustainability program for the 2019 calendar year, unless otherwise noted. This report integrates the Sustainability Accounting Standards Board (SASB) standards for the Infrastructure, Engineering and Construction Services industry and the United Nations Sustainable Development Goals (SDGs). Disclosures that fulfill these standards are noted by indicators within the report.

People

Planet

APPENDIX

RECONCILIATION TABLES AND FORWARD-LOOKING STATEMENT DISCLAIMERS

RECONCILIATION OF ADJUSTED NET INCOME FROM CONTINUING OPERATIONS ATTRIBUTABLE TO COMMON STOCK

Reconciliation of adjusted net income from continuing operations attributable to common stock:

Net income attributable to common stock from continuing operations (GAAP as reported)

Adjustments:

Asset impairment charges

Impairments of non-integral unconsolidated affiliates Impact of sale of ownership interest in Howard Enegry Provision for long-term contract receivable

Arbitration expense

Impact of loss on early extinguishment of debt Write-off of deferred financing costs Severance and restructuring charges Acquisition and integration costs Bargain purchase gain

Impact of Tax Cut and Jobs Act

Tax benefits primarily related to entity restructuring and recapitalization efforts

Impact of income tax contingency releases Impact of release of valuation allowance

Change in fair value of contingent consideration liabilities

Impact of tax benefit from realization of previously unrecognized deferred tax asset

Impact of Change in a Canadian provincial statutory tax rate Impact of favorable tax settlement, net of reduction of related indemnification asset

Gain on sale of equity investment

Income tax benefits associated with the sale of equity investment Income tax impact of adjustments

Adjusted net income attributable to common stock from continuing operations before certain non-cash adjustments

Non-cash stock based compensation Non-cash interest expense Amortization of intangible assets

Income tax impact of non-cash adjustments

Adjusted net income from continuing operations attributable to common stock after certain non-cash adjustments

Effect of convertible subordinated notes under the "if- converted" method - interest expense addback, net of tax

Adjusted net income (loss) from continuing operations attributable to common stock

Weighted average shares:

Weighted average shares outstanding for diluted earnings per share

Weighted average shares outstanding for adjusted diluted earnings per share

Diluted earnings per share from continuing operations attributable to common stock and adjusted diluted earnings per share from continuing operations attributable to common stock:

Diluted earnings per share from continuing operations attributable to common stock

Adjusted diluted earnings per share from continuing operations attributable to common stock

For the Years Ended December 31,

(in thousands, except per share information)

(Unaudited)

As of Feb. 25, 2021

Estimated Guidance Range

2010

$ 142,693

- - - - - 7,107 - - 10,575 - - - (9,428)

-

- - - - - (3,872)

147,075

20,640

1,704

37,655

(23,113)

$ 183,961

1,412

$ 185,373

211,796 214,151

$	0.67	$	0.62	$	1.26	$	2.00	$	1.90	$	2.73	$	3.07	$	3.16	$	3.66
$	0.87	$	1.11	$	1.51	$	1.97	$	2.81	$	3.33	$	3.82	$	4.02	$	4.52

2015

2016

2017

2018

2019

2020

2021

2021

• $ 120,286

  • $ 198,725

    • $ 314,978

      • $ 293,346

        $ 402,044

        $ 445,596

        $ 458,000

        $ 530,800

        58,451 -7,964 -59,950 -52,658 -13,892 -

        8,282 8,679

        - -- -

        (4,228) 4,982

        - - - 7,966 - - - -

        -

        - - 6,352 3,053 - - - (20,488)

        - - - - - (3,982)

        -

        - - - 10,579 - (70,129)

        (18,224)

        - - - - - (24,197)

        (7,223)

        (5,171)

        • (11,248) 13,404

        - - - - - (18,649)

        - - 1,326 17,233 - 33,067

        1,842 (8,049)

        - - - 24,767 (3,138)

        - (6,136)

        - (2,532)

        -

        - 2,492 6,808 19,809 - - - (8,174) (45,148)

        719 - - - - - (9,112)

        - - - 2,700 - - - - - - - -

        - - - 2,700 - - - - - - - -

        - - - (16,186)

        (911) (12,973) (7,756) (12,985)

        - - - -

        - - - -

        171,271

        191,624

        260,563

        361,526

        407,676

        429,951

        460,700 533,500

        36,939 -

        41,134 -

        46,448 -

        52,484 -

        52,013 -

        91,641 -

        81,800 81,800

        (25,817)

        34,848

        (26,183)

        31,685

        (28,877)

        32,205

        (25,219)

        43,994

        (29,793)

        62,091

        (43,889)

        76,704

        - 84,700 (44,100)

        - 84,700 (44,100)

• $ 217,241

  • $ 238,260

    • $ 310,339

      • $ 432,785

        $ 491,987

        $ 554,407

        $ 583,100

        $ 655,900

• -

  • -

    • -

      • -

        -

        -

        -

        -

• $ 217,241

• $ 238,260

• $ 310,339

• $ 432,785

$ 491,987

$ 554,407

$ 583,100

$ 655,900

195,120 195,120

157,288 157,288

157,155 157,155

154,226 154,226

147,534 147,534

145,247 145,247

145,000 145,000

145,000 145,000

RECONCILIATION OF EBITDA AND ADJUSTED EBITDA

Net income from continuing operations attributable to common stock (as defined by GAAP)

Interest expense

Interest income

Provision for income taxes Amortization of intangible assets

Equity in (earnings) losses of non-integral unconsolidated affiliates Income taxes and depreciation included in equity in earnings of integral unconsolidated affiliates

Depreciation expense

EBITDA

Non-cash stock-based compensation Acquisition and integration costs Asset impairment charges

Provision for long-term contract receivable Arbitration expense

Bargain purchase gain

Change in fair value of contingent consideration liabilities Severance and restructuring charges

Loss on early extinguishment of debt Gain on sale of Howard Energy Reduction of indemnification asset Adjusted EBITDA

Consolidated Revenues Adjusted EBITDA Margin

For the Years Ended December 31,

(in thousands, except per share information)

(Unaudited)

As of Feb. 25, 2021 Estimated Guidance Range

2010

2013

2014

2015

2016

2017

2018

2019

2020

2021

2021

$

• 142,693 $

• 372,057 $

• 269,224 $

• 120,286 $

• 198,725 $

• 314,978 $

• 293,346 $

• 402,044 $

• 445,596 $

458,000 $ 530,800

4,902

2,668

4,765

8,024

14,887

20,946

36,945

66,890

45,013

40,000 40,000

(1,417)

(3,378)

(3,736)

(1,493)

(2,423)

(832)

(1,555)

(927)

(2,449)

-

-

88,884

196,875

139,007

97,472

107,246

35,532

161,659

165,472

119,387

167,000 199,000

37,655 -

25,865 -

34,257

34,848

31,685

32,205

43,994

62,091

76,704

84,700 84,700

332

466

979

10,945

52,867

(76,801)

9,994 3,174 225,256

-

-

-

- 101,199

- 118,830

- 162,845

- 170,240

- 183,808

- 202,519

- 218,107

7,400 7,400

141,106

243,500 243,500

$

• 373,916 $ 20,640 10,575 - - - - - - 7,107 - -

• 712,917 $ 34,381 8,145 - - - - - - - (112,744)

• 584,955 $ 37,449 14,754 - 102,460 38,848 - - - - - -

• 422,448 $ 36,939 7,966 58,451 - - - - - - - -

• 521,339 $ 41,134 3,053 7,964 - - - - 6,352 - - -

• 597,582 $ 46,448 10,579 59,950 - - - (5,171)

• 789,775 $ 52,484 17,233 52,658 - - - (11,248)

• 836,876 $ 52,013 24,767 13,892 - - (3,138) 13,404 - - - 3,991

• 922,675 $ 91,641 19,809 8,282 - - - 719 6,808 - - -

1,000,600 $ 1,105,400

81,800 81,800

2,700 2,700

-

- - - -

1,326 - - -

- - - - - - - - -- - - - - - - - -

$

412,238

$

642,699

$

778,466

$

525,804

$

579,842

$

709,388

$

902,228

$

941,805

$

1,049,934

$

1,085,100

$

1,189,900

$3,629,433 11.4%

$6,411,577 10.0%

$7,747,229 10.0%

$7,572,436 6.9%

$7,651,319 7.6%

$9,466,478 7.5%

$11,171,423 8.1%

$12,112,153 7.8%

$11,202,672 9.4%

$11,950,000 9.1%

$12,350,000 9.6%

RECONCILIATION OF FREE CASH FLOW

Free cash flow is defined as net cash provided by (used in) operating activities less net capital expenditures. Net capital expenditures is defined as capital expenditures less proceeds from sale of property and equipment and from insurance settlements related to property and equipment.

2013

As of Feb. 25, 2021

Estimated Guidance Range

2014

2015

2016

2017

2018

2019

2020

2021

2021

Net Cash Provided by Operating Activities of Continuing Operations

Less: Net Capital Expenditures: Additions of Property and Equipment

Proceeds from Sale of Property and Equipment Proceeds from Insurance Settlements Related to Property and Equipment

Net Capital Expenditures

$370,558

$247,742

$627,762

$390,749

$371,891

$358,789

($221,946)

$526,551

$1,115,977

($247,216)

$725,000

$925,000

($209,968)

($212,555)

($244,651)

($293,595)

$14,789

$14,448

$26,178

$21,975

• $23,348 $31,780

($261,762)

($260,052)

• $31,142 $35,390

($325,000)

($325,000)

-

-

- ($207,157)

- ($232,768)

$869 ($182,921)

$546 ($190,034)

$1,175 ($220,128)

$714 ($261,101)

$1,964 ($228,656)

$542 ($224,120)

- ($325,000)

- ($325,000)

Free Cash Flow

$163,401

$14,974

$444,841

$200,715

$151,763

$97,688

$297,895

$891,857

$400,000

$600,000

CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS

This presentation (and oral statements regarding the subject matter of this presentation) contains forward-looking statements intended to qualify for the "safe harbor" from liability established by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements relating to the following:

• • Projected revenues, net income, earnings per share, EBITDA, margins, cash flows, liquidity, weighted average shares outstanding, capital expenditures, tax rates and other operating or financial results;

• • Expectations regarding Quanta's business or financial outlook;

• • Expectations regarding the COVID-19 pandemic, including the potential impact of the COVID-19 pandemic and of governmental responses to the pandemic on Quanta's business, operations, supply chain, personnel, financial condition, results of operations, cash flows and liquidity;

• • Quanta's plans, strategies and opportunities, including with respect to the COVID-19 pandemic;

• • Potential benefits from, and future financial and operational performance of, acquired businesses and investments, including Quanta's investment in LUMA;

• • The expected outcome of pending and threatened legal proceedings;

• • Beliefs and assumptions about the collectability of receivables;

• • The business plans or financial condition of Quanta's customers, including with respect to the COVID-19 pandemic, transitioning to a lower-carbon economy and outsourcing trends;

• • The development of and opportunities with respect to future projects, including renewable and other projects designed to support transition to a lower-carbon economy and larger electric transmission and pipeline projects;

• • The potential impact of the decrease in commodity prices and volatility of commodity production volumes on Quanta's business and demand for Quanta's services;

• • Expectations regarding opportunities, trends, technological developments, competitive positioning and economic and regulatory conditions in particular markets or industries;

• • Projected or expected realization of remaining performance obligations and backlog;

• • The future demand for and availability of labor resources in the industries Quanta serves;

• • Future capital allocation initiatives, including the amount, timing and strategies with respect to any future stock repurchases or expectations regarding the declaration, amount and timing of any future cash dividends;

• • Expectations regarding Quanta's initiatives and performance related to corporate responsibility and sustainability matters;

• • The ability to deliver increased value or return capital to stockholders;

• • The expected value of contracts or intended contracts with customers;

• • The scope, services, term or results of any projects awarded or expected to be awarded to Quanta;

• • The anticipated commencement and completion dates for any projects awarded;

• • The impact of existing or potential legislation or regulation;

• • Potential opportunities that may be indicated by bidding activity or discussions with customers;

• • Possible recovery of pending or contemplated insurance claims, change orders and affirmative claims asserted against customers or third parties; and

• • Other statements reflecting expectations, intentions, assumptions or beliefs about future events, and other statements that do not relate strictly to historical or current facts.

CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS

Although Quanta's management believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These statements can be affected by inaccurate assumptions and by known and unknown risks and uncertainties that are difficult to predict or beyond Quanta's control, including, among others:

• • Market conditions;

• • The effects of industry, economic, financial or political conditions outside of the control of Quanta, including economic, energy and environmental policies resulting from the 2020 U.S. presidential and congressional elections and weakness in capital markets or the ongoing and potential impact to financial markets and worldwide economic activity resulting from the COVID-19 pandemic and related governmental actions;

• • Quarterly variations in operating results, liquidity, financial condition, cash flows, capital requirements, reinvestment opportunities or other financial results, including the ongoing and potential impact to Quanta's business, operations and supply chain of the COVID-19 pandemic;

• • The severity, magnitude and duration of the COVID-19 pandemic, including impacts of the pandemic and of business and governmental responses to the pandemic on Quanta's operations, personnel and supply chain and on commercial activity and demand across Quanta's and its customers' businesses;

• • Quanta's inability to predict the extent to which the COVID-19 pandemic and related impacts will adversely impact its business or the prices of its securities, including with respect to governmental restrictions on its ability to operate, workforce availability, regulatory and permitting delays, and future demand for energy and the resulting impact on demand for Quanta's services;

• • Trends and growth opportunities in relevant markets, including Quanta's ability to obtain future project awards;

• • The time and costs required to exit Quanta's Latin American operations, as well as the business and political climate in Latin America;

• • Delays, deferrals, reductions in scope or cancellations of anticipated, pending or existing projects as a result of, among other things, the COVID-19 pandemic, weather, regulatory or permitting issues, environmental processes, project performance issues, claimed force majeure events, protests or other political activity, reductions or eliminations in governmental funding, legal challenges or customer capital constraints;

• • The effect of commodity prices and commodity production volumes on Quanta's operations and growth opportunities and on customer capital programs and demand for Quanta's services;

• • The successful negotiation, execution, performance and completion of anticipated, pending and existing contracts;

• • Risks associated with operational hazards that arise due to the nature of Quanta's services and the conditions in which Quanta operates, including, among others, wildfires and explosions;

• • Unexpected costs or liabilities that may arise from legal proceedings, indemnity obligations, reimbursement obligations associated with letters of credit or bonds, multiemployer pension plans (e.g., withdrawal liability) or other claims or actions asserted against Quanta, including those not covered by, or in excess of, third-party insurance;

• • The outcome of pending or threatened legal proceedings;

• • Potential unavailability or cancellation of third-party insurance coverage, as well as the exclusion of coverage for certain losses, potential increases in premiums for coverage deemed beneficial to Quanta, or the unavailability of coverage deemed beneficial to Quanta at reasonable and competitive rates;

• • Damage to Quanta's brand or reputation as a result of cyber-security or data privacy breaches, environmental and occupational health and safety matters, corporate scandal, failure to successfully perform a high-profile project, involvement in a catastrophic event (e.g., fire, explosion) or other negative incident;

• • Quanta's dependence on suppliers, subcontractors, equipment manufacturers and other third-party contractors, and the impact of the COVID-19 pandemic on these service providers;

• • The ability to attract and the potential shortage of skilled labor;

• • The ability to retain key personnel and qualified employees and the impact of the COVID-19 pandemic on the availability and performance of Quanta's workforce and key personnel;

• • Quanta's dependence on fixed price contracts and the potential to incur losses with respect to these contracts, including as a result of inaccurate estimates of project costs or inability to meet project schedule requirements or achieve guaranteed performance or quality standards for a project;

• • Estimates an assumptions relating to our financial results, remaining performance obligations and backlog;

• • Quanta's ability to successfully complete remaining performance obligations and realize backlog;

• • Adverse weather conditions, natural disasters and other emergencies, including wildfires, pandemics (including the ongoing COVID-19 pandemic), hurricanes, tropical storms and floods;

CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS

• • Quanta's ability to generate internal growth;

• • Competition in Quanta's business, including the ability to effectively compete for new projects and market share; The failure of existing or potential legislative actions and initiatives to result in increased demand for our services;

• • The future development of natural resources;

• • Fluctuations of prices of certain materials used in Quanta's or its customers' businesses, including as a result of changes in U.S. trade relationships with other countries;

• • Cancellation provisions within contracts and the risk that contracts expire and are not renewed or are replaced on less favorable terms;

• • Loss of customers with whom Quanta has long-standing or significant relationships;

• • The potential that participation in joint ventures or similar structures exposes Quanta to liability and/or harm to its reputation for acts or omissions by partners;

• • Quanta's inability or failure to comply with the terms of its contracts, which may result in additional costs, unexcused delays, warranty claims, failure to meet performance guarantees, damages or contract terminations;

• • The inability or refusal of customers or third-party contractors to pay for services;

• • Technological advancements and other market developments hat could reduce demand for Quanta's services;

• • Budgetary or other constraints that may reduce or eliminate tax incentives or government funding for projects, which may result in project delays or cancellations;

• • Risks associated with operating in international markets, including instability of foreign governments, currency exchange fluctuations, and compliance with unfamiliar foreign legal systems and business practices, applicable anti-bribery and anti-corruption laws, complex tax regulations and international treaties;

• • The ability to successfully identify, complete, integrate and realize synergies from acquisitions, including retention of key personnel;

• • The potential adverse impact resulting from uncertainty surrounding investments and acquisitions, including the potential increase in risks already existing in Quanta's operations and poor performance or decline in value of Quanta's investments;

• • The adverse impact of impairments of goodwill, receivables, property and equipment and other intangible assets or investments;

• • Difficulties arising from Quanta's decentralized management structure;

• • The impact of a unionized workforce on operations, including labor stoppages or interruptions due to strikes or lockouts;

• • The ability to access sufficient funding to finance desired growth and operations, including the ability to access capital markets on favorable terms, as well as fluctuations in the price and volume of Quanta's common stock, debt covenant compliance, interest rate fluctuations and other factors affecting financing and investing activities;

• • The ability to obtain bonds, letters of credit and other project security;

• • New or changed tax laws, treaties or regulations;

• • Significant fluctuations in foreign currency exchange rates; and

• • Other risks and uncertainties detailed in Quanta's most recently filed Annual Report on Form 10-K, Quanta's recently filed Quarterly Reports on Form 10-Q and any other documents that Quanta files with the Securities and Exchange Commission (SEC).

For a discussion of these risks, uncertainties and assumptions, investors are urged to refer to Quanta's documents filed with the SEC that are available through Quanta's website atwww.quantaservices.comor through the SEC's Electronic Data Gathering and Analysis Retrieval System (EDGAR) at www.sec.gov. Should one or more of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of this date. Quanta does not undertake and expressly disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Quanta further expressly disclaims any written or oral statements made by any third party regarding the subject matter of this presentation.