Sterling Infrastructure, Inc. · NASDAQ:STRL
Sterling Infrastructure — Q3 2026 Earnings Presentation
29 slides from Sterling Infrastructure's earnings presentation, Oct 29, 2026
Slide 1: Q3 2026 Earnings Call
October 29, 2026 Q3 2026 EARNINGS CALL We build and service the infrastructure that enables our economy to run, our people to move, and our country to grow.
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: Sterling, A Leading Infrastructure Services Provider
STERLING, A leading infrastructure Services Provider with scale, visibility, and strong earnings growth BUILDING THE INFRASTRUCTURE THAT ENABLES AMERICA’S NEXT ERA OF GROWTH $11.2 $3.56 ~7,000 BILLION BILLION Employees(3) Market Cap(1) YTD 2026 Revenue NASDAQ: STRL Select Projects $761.2 $6.1 HQ: Th
Slide 4: Sterling's Portfolio
Sterling's Portfolio THREE SEGMENTS, ONE DISCIPLINED CAPITAL AND RESOURCE ALLOCATION MODEL YTD 2026 Revenue Mix by Segment 79% 13% 8% E-INFRASTRUCTURE SOLUTIONS TRANSPORTATION SOLUTIONS BUILDING SOLUTIONS Growth Engine + Powerful Returns Disciplined Project Selection Prudent Management Mission-Criti
Slide 5: The Story Advances
The Story Advances DIFFERENTIATED INFRASTRUCTURE SERVICES PLATFORM ALIGNED WITH DURABLE U.S. INVESTMENT Mission-critical infrastructure with multi-year customer EXPOSURE capital plans Selective project pursuit, disciplined risk framework EXECUTION and strong operating performance Targeted acquisitio
Slide 6: A Platform Positioned for Growth
A Platform Positioned for Growth STERLING IS POSITIONED AT THE CENTER OF CRITICAL SECULAR GROWTH MARKETS DATA SEMICONDUCTOR ADVANCED ESSENTIAL BUILDING INFRASTRUCTURE FABRICATION MANUFACTURING INFRASTRUCTURE SOLUTIONS Data center campuses and Large, multi-phase Next-generation Transportation Residen
Slide 7: Transformation Built the Foundation for Success (Revenue and Margin)
Transformation Built the Foundation for Success 2015 - 2019: 2020 - 2025: 2026+: Strategic Transformation Leveraging the Platform Driving Growth $5,000 18% 16.3% 16% 2019-2026E +26% $4,000 14% 12.5% Operating margin % (1) Revenue (In millions) (1) 12% $3,000 10.4% REVENUE CAGR 9.0% 10% 7.5% 7.6% 8%
Slide 8: Transformation Built the Foundation for Success (EPS)
Transformation Built the Foundation for Success 2015 - 2019: 2020 - 2025: 2026+: Strategic Transformation Leveraging the Platform Driving Growth $21.83 $22.00 $20.00 $19.29 $18.00 2019-2026E +48% $16.00 $14.00 $12.00 Diluted EPS (1) $10.88 EPS CAGR $10.00 $9.38 $8.27 $8.00 $7.09 $6.00 $5.16 $4.44 $4
Slide 9: Third Quarter 2026 Results
THIRD QUARTER 2026 RESULTS Sterling | STRL: Third Quarter 2026 9
Slide 10: Third Quarter 2026 Results Highlights
Third Quarter 2026 Results Highlights All comparisons are to the prior year quarter, GAAP and NON-GAAP Information* Revenue EPS EBITDA • Revenue increased 127% YoY. Organic growth was REPORTED RESULTS approximately 70%. $1,600 $8.00 $350 $1,400 127% $1,563.9 133% $300 124% $320.8 • Adjusted Diluted
Slide 11: Third Quarter 2026 Segment Results
Third Quarter 2026 Segment Results All comparisons are to the prior year quarter, GAAP and NON-GAAP Segment Information* E-Infrastructure Solutions • Revenue grew 212% over prior year, E-Infrastructure Solutions Transportation Solutions Building Solutions reflecting strong demand for both site devel
Slide 12: Strong, Multi-Year Visibility: Summary - September 2026
Strong, Multi-Year Visibility Summary - September 2026 Total Scoped Work Scoped Work 8,000 Signed Backlog $4.1 (Backlog + Unsigned Awards Committed work with executed contracts and estimated orders under MSAs billion + Next Phases in Design) 7,000 increased Backlog and Unsigned Awards ($ millions)*
Slide 13: Site Development Visibility
Site Development Visibility THE OPPORTUNITY EXTENDS BEYOND THE WORK CURRENTLY QUANTIFIED • Mission-Critical campuses are executed in phases. • As campus size grows, so does the duration of the project and, typically, the number of phases. • This multi-phase runway is not fully captured in reported b
Slide 14: Balance Sheet with Significant Firepower to Support Future Growth
Balance Sheet with Significant Net cash position Firepower to Support Future Growth as of September 30, 2026: Total Debt and Cash Positions $122M $700 $664 $600 On July 2nd, Sterling closed on the expansion $500 $472 $452 and extension of its $431 $391 revolving credit facility. $400 (in millions) $
Slide 15: Capital Allocation Priorities Support Growth in Existing and New Markets
Support organic growth in existing and new markets • Capital expenditures to expand and upsize fleet, which drives productivity Capital Allocation • Expansion of electrical prefabrication facility • Training and recruiting talent Priorities Support Strategic M&A • Targeting small-to-mid sized acquis
Slide 16: 2026 Guidance
2026 Guidance Full Year 2026 Guidance • Revenue of $4.63B to $4.73B “At the midpoint, our updated guidance • Net Income of $596M to $604M represents 88% year-over- year revenue growth, 101% • Diluted EPS of $19.16 to $19.42 growth in adjusted diluted earnings per share, and • EBITDA(2) of $905M to $
Slide 17: The Next Chapter
The Next Chapter SCALING THE PLATFORM, COMPOUNDING RETURNS LEVERAGING CURRENT BASE Executing on our current phases + capturing future phases and scope OF PROJECTS expansions FUTURE PROJECT WINS Planting our flag on new projects with the right customers ELECTRICAL SCALE Recruiting, prefabrication and
Slide 18: Contact Us
Contact Us Sterling Infrastructure, Inc. Noelle Dilts, VP IR and Corporate Strategy (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. 18
Slide 19: Appendix
Appendix Sterling | STRL: Third Quarter 2026 1919
Slide 20: 2026 Modeling Considerations
2026 Modeling Considerations(1) FY 2026 Expectations FY 2025 Actual Revenue $4,628 to $4,728 $2,490 Other Operating Income $14 to $16 $18.2 JV Non-Controlling Interest Expense ~$45 $19.6 Effective Income Tax Rate ~23.8% 24.2% Diluted EPS $19.16 to $19.42 $9.38 Adjusted Diluted EPS(2) $21.70 to $21.9
Slide 21: Consolidated Results
Consolidated Results Three Months Ended September 30, Nine Months Ended September 30, ($ in millions, except per share data) 2026 2025 % Change 2026 2025 % Change Revenues $1,563.9 $689.0 127% $3,557.8 $1,734.4 105% Gross Profit 377.3 170.2 122% 861.5 408.2 111% G&A Expenses (61.4) (37.6) (162.3) (1
Slide 22: Segment Information
Segment Information Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2026 % of Revenue 2025 % of Revenue 2026 % of Revenue 2025 % of Revenue Revenues E-Infrastructure Solutions $ 1,302,739 83% $ 417,106 60% $ 2,805,472 79% $ 945,775 55% Transportation Solutions 165,2
Slide 23: NON-GAAP Segment Information
NON-GAAP Segment Information (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, % of % of % of % of ($ in thousands) 2026 2025 2026 2025 Revenue Revenue Revenue Revenue Adjusted Operating Income E-Infrastructure Solutions $ 302,433 23.2% $ 111,697 26.8% $ 660,596 23.5% $ 24
Slide 24: Adjusted Net Income Reconciliation
Adjusted Net Income Reconciliation (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, (In thousands, except per share data) 2026 2025 2026 2025 Net income attributable to Sterling common stockholders $ 214,933 $ 92,088 $ 466,728 $ 202,556 Non-cash stock-based compensation 1
Slide 25: EBITDA Reconciliation
EBITDA Reconciliation (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2026 2025 2026 2025 Net income attributable to Sterling common stockholders $ 214,933 $ 92,088 $ 466,728 $ 202,556 Depreciation and amortization (1) 29,965 22,059 82,269 60,965 Interest
Slide 26: Adjusted Net Income Guidance Reconciliation
Adjusted Net Income Guidance Reconciliation (Unaudited) Full Year 2026 Guidance Full Year (In millions, except per share data) Low High 2025 Actual 2024 Actual 2023 Actual Net income attributable to Sterling common stockholders $ 596 $ 604 $ 290 $ 257 $ 139 Gain on deconsolidation of subsidiary, net
Slide 27: EBITDA Guidance Reconciliation
EBITDA Guidance Reconciliation (Unaudited) Full Year 2026 Guidance Full Year 2025 (In millions) Low High Actual Net income attributable to Sterling common stockholders $ 596 $ 604 $ 290 Depreciation and amortization(1) 111 113 86 Interest expense (income), net (2) (4) (3) Income tax expense 200 203
Slide 28: Backlog
Backlog (In millions) September 30, 2026 December 31, 2025 E-Infrastructure Solutions $ 3,144.2 $ 1,843.5 Transportation Solutions 963.7 1,124.4 Building Solutions - Commercial 35.0 43.0 Total Backlog (1) $ 4,142.9 $ 3,010.9 (1) At September 30, 2026, our RPOs were $4.05 billion and our estimated or
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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