Sterling Infrastructure, Inc. · NASDAQ:STRL
Sterling Infrastructure — Q4 2025 Earnings Presentation
29 slides from Sterling Infrastructure's earnings presentation, Feb 26, 2026
Slide 1: Full Year and 4th Quarter 2025 Earnings Call
February 26, 2026 Full Year and 4th Quarter 2025 EARNINGS CALL
Slide 2: Disclosure: Forward-Looking Statements
DISCLOSURE: Forward-Looking Statements This presentation contains, and the officers and directors of the Company may from time to time make, statements that are considered forward- looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. These forw
Slide 3: A Leading Infrastructure Services Provider
NASDAQ: STRL | HQ: The Woodlands, TX | Employees: ~4,400 Shares Outstanding(2):30.6M | Market Cap(2): $14.09B Revenue(3): $3.13B | Adjusted EBITDA(3): $643M Total Backlog(1): $3.01B | Projects Underway: ~314 STERLING, A Leading Infrastructure Services Provider We offer a customer-centric, market-foc
Slide 4: Transformation Built the Foundation for Success
Transformation Built the Foundation for Success 2015 – 2019: Strategic Transformation 2020 +: Leveraging the Platform 2,500 16.3% 16% 2,000 14% 12.5% 12% 10.4% 1,500 9.0% 10% 2019-2025 Operating margin %* Revenue ($ millions)* +18% 7.5% 7.6% 1,000 8% 6% 500 4.0% 3.4% 4% 2.2% REVENUE CAGR 0 2% 0% -50
Slide 5: Transformation Built the Foundation for Success
Transformation Built the Foundation for Success 2015 – 2019: Strategic Transformation 2020 +: Leveraging the Platform $12.00 $10.88 $11.00 $10.00 $9.38 $9.00 $8.27 $8.00 $7.00 $7.09 2019-2025 +44% $6.00 Diluted EPS* $5.16 $5.00 $4.44 $4.00 $3.16 $3.00 EPS CAGR $2.11 $2.00 $1.53 $1.24 $1.00 $0.60 $0.
Slide 6: Full Year and Fourth Quarter 2025 Results
+ Full Year and Fourth Quarter 2025 Results Sterling | STRL: Fourth Quarter 2025 6
Slide 7: 2025 Full Year Results Highlights
2025 Full Year Results Highlights All comparisons are to the prior year • Revenue, as adjusted for the Deconsolidation of RHB Revenue EPS EBITDA ($235.9 million), increased 32% year-over-year. GAAP REPORTED RESULTS $2,500 18% $2,490.0 $10.00 13% $500 15% • Gross profit margins of 23% $9.38 $472.0 $2
Slide 8: 2025 Full Year GAAP Segment Results
E-Infrastructure Solutions 2025 Full Year GAAP Segment Results • Revenue grew 59% over prior year (40% excluding CEC) All comparisons are to the prior year • Work continues to shift toward large, E-Infrastructure Solutions Transportation Solutions Building Solutions mission-critical projects • GAAP
Slide 9: 2025 Full Year Adjusted Segment Results
E-Infrastructure Solutions 2025 Full Year Adjusted Segment Results • Revenue grew 59% over prior year (40% excluding CEC) All comparisons are to the prior year, NON-GAAP Segment Information* • Work continues to shift toward large, E-Infrastructure Solutions Transportation Solutions Building Solution
Slide 10: Fourth Quarter 2025 Results Highlights
Fourth Quarter 2025 Results Highlights All comparisons are to the prior year quarter • Revenue, as adjusted for the Deconsolidation of RHB Revenue EPS EBITDA ($51.3 million), increased 69% year-over-year. Organic GAAP REPORTED RESULTS growth was 36%. $800 51% $4.00 23% $175 16% $700 $755.6 $3.50 $15
Slide 11: Fourth Quarter 2025 GAAP Segment Results
E-Infrastructure Solutions Fourth Quarter 2025 GAAP Segment Results • Revenue grew 123% over prior year (67% excluding CEC) All comparisons are to the prior year quarter • Work continues to shift toward large, E-Infrastructure Solutions Transportation Solutions Building Solutions mission-critical pr
Slide 12: Fourth Quarter 2025 Adjusted Segment Results
E-Infrastructure Solutions Fourth Quarter 2025 Adjusted Segment Results • Revenue grew 123% over prior year (67% excluding CEC) All comparisons are to the prior year quarter, NON-GAAP Segment Information* • Work continues to shift toward large, E-Infrastructure Solutions Transportation Solutions Bui
Slide 13: Signed Backlog by Segment
BACKLOG Signed Backlog by Segment Signed backlog $4,000 Due to the deconsolidation of RHB, Sterling's reported backlog increased figures as of December 31, 2024 and forward no longer include RHB and are therefore not directly comparable to prior periods. $3,000 + 78% year-over-year Backlog ($ millio
Slide 14: Signed and Combined Backlog
BACKLOG Signed and Combined Backlog Backlog does not include 4,000 Due to the deconsolidation of RHB, Sterling's reported backlog >$1 billion figures as of December 31, 2024 and forward no longer include RHB and are therefore not directly comparable to prior periods. 3,500 Backlog and Unsigned Award
Slide 15: Balance Sheet with Significant Firepower to Support Future Growth
Balance Sheet with Significant Firepower to Support Future Growth $700 Total Debt and Cash Positions (1) $664 Considerations: $600 • We expect to pursue strategic uses of our liquidity, including acquisitions, stock $500 $472 repurchases, and managing leverage $452 $433 $431 • 5-Year Credit Facility
Slide 16: Sterling, A Leading Provider of Infrastructure Services in the U.S.
Sterling, A Leading Provider of Infrastructure Services in the U.S. Through high-value service and low execution risk, we are building the infrastructure foundation needed today for tomorrow's way of life Successful Strong, Continued Robust balance Strong historical strategic multi-year, opportunity
Slide 17: Contact Us
Contact Us Sterling Infrastructure, Inc. Noelle Dilts, VP IR and Corporate Strategy Tel: (281) 214-0795 noelle.dilts@strlco.com We build and service the infrastructure that enables our economy to run, our people to move, and our country to grow. Sterling | STRL: Fourth Quarter 2025 17
Slide 18: Appendix
+ Appendix Sterling | STRL: Fourth Quarter 2025 18
Slide 19: 2026 Modeling Considerations
2026 Modeling Considerations(1) FY 2026 Expectations FY 2025 Actual Revenue $3,050 to $3,200 $2,490 Gross Margin ~23.5% 23% G&A Expense as % of Revenue (Excluding Intangible Amortization) 6.0% to 6.5% 6.2% Other Operating Income $16 to $19 $18.2 JV Non-Controlling Interest Expense ~$21 $19.6 Effecti
Slide 20: Consolidated Results
Consolidated Results Three Months Ended December 31, Twelve Months Ended December 31, ($ in millions, except per share data) 2025 2024 % Change 2025 2024 % Change Revenues (1) $755.6 $498.8 51.5% $2,490.0 $2,115.8 17.7% Gross Profit 164.1 106.7 53.8% 572.3 426.1 34.3% G&A Expense (48.6) (32.6) (154.
Slide 21: Consolidated Results
Consolidated Results (2024 period reflects the deconsolidation of RHB) Three Months Ended December 31, Twelve Months Ended December 31, ($ in millions) 2025 2024 (1) % Change 2025 2024 (2) % Change Revenues $ 755.6 $ 447.6 68.8 % $2,490.0 $1,879.9 32.5 % Gross Profit 164.1 94.6 73.5 % 572.3 380.9 50
Slide 22: Segment Information
Segment Information Three Months Ended December 31, Twelve Months Ended December 31 % of % of % of % of ($ in thousands) 2025 2024 2025 2024 Revenue Revenue Revenue Revenue Revenues E-Infrastructure Solutions $ 521,002 69% $ 234,041 47% $ 1,466,777 59% $ 923,728 44% Transportation Solutions 152,726
Slide 23: NON-GAAP Segment Information
NON-GAAP Segment Information Three Months Ended December 31, Twelve Months Ended December 31, % of % of % of % of ($ in thousands, Unaudited) 2025 2024 2025 2024 Revenue Revenue Revenue Revenue Revenues (Excluding RHB) E-Infrastructure Solutions $ 521,002 69% $ 234,041 52% $ 1,466,777 59% $ 923,728
Slide 24: Adjusted Net Income Reconciliation
Adjusted Net Income Reconciliation Three Months Ended Twelve Months Ended December 31, December 31, ($ in thousands, Unaudited) 2025 2024 2025 2024 Net income attributable to Sterling common stockholders $ 87,597 $ 113,213 $ 290,153 $ 257,461 Gain on deconsolidation of subsidiary, net — (91,289) — (
Slide 25: EBITDA Reconciliation
EBITDA Reconciliation Three Months Ended Twelve Months Ended December 31, December 31, ($ in thousands, Unaudited) 2025 2024 2025 2024 Net income attributable to Sterling common stockholders $ 87,597 $ 113,213 $ 290,153 $ 257,461 Depreciation and amortization(1) 24,735 17,864 85,700 68,410 Interest
Slide 26: Adjusted Net Income Guidance Reconciliation
Adjusted Net Income Guidance Reconciliation Full Year 2026 Guidance Full Year ($ in thousands, Unaudited) Low High 2025 Actual 2024 Actual 2023 Actual Net income attributable to Sterling common stockholders $ 365,000 $ 384,000 $ 290,153 $ 257,461 $ 138,655 Gain on deconsolidation of subsidiary, net
Slide 27: EBITDA Guidance Reconciliation
EBITDA Guidance Reconciliation Full Year Full Year 2026 Guidance 2025 ($ in millions, Unaudited) Low High Actual Net income attributable to Sterling common stockholders $ 365 $ 384 $ 290 Depreciation and amortization(1) 96 99 86 Interest expense (income), net 5 7 (3) Income tax expense 121 130 99 EB
Slide 28: Remaining Performance Obligations (RPOs)
Remaining Performance Obligations (RPOs)(1) ($ in millions) December 31, 2025 December 31, 2024 E-Infrastructure Solutions RPOs $ 1,843.5 $ 1,032.1 Transportation Solutions RPOs 1,124.4 622.1 Building Solutions RPOs - Commercial 43.0 39.0 Total RPOs $ 3,010.9 $ 1,693.2 (1) Our remaining performance
Slide 29: Thank You
THANK YOU We build and service the infrastructure that enables our economy to run, our people to move, and our country to grow.
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