Sterling Infrastructure, Inc. · NASDAQ:STRL
Sterling Infrastructure — Morgan Stanley 14th Annual Laguna Conference (September 2026)
33 slides from Sterling Infrastructure's conference presentation, Sep 15, 2026
Slide 1: Investor Presentation
September 15, 2026 INVESTOR PRESENTATION Morgan Stanley 14th Annual Laguna Conference 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: Key Takeaways
Sterling is playing a critical role in building the data infrastructure that enables today's way of life, the manufacturing production coming back to the US, the highways, the bridges, and the airports that connect us and the homes we live in. Sterling, A Leading Infrastructure Services Provider KEY
Slide 4: Sterling: A Leading Infrastructure Services Provider
STERLING A LEADING INFRASTRUCTURE SERVICES PROVIDER Through high-value service and low execution risk, we are building the infrastructure foundation needed today for tomorrow’s way of life ~Employees: ~6,200(4) $18.3 $4.08 ~Projects Underway: ~420(4) BILLION BILLION Revenue Mix by Segment 2025 Pro F
Slide 5: Strategic Elements
The key pillars of our strategy remain our guide as we look to the future Strategic Solidify the Base • Risk/ Return Framework Elements • Capacity • Skilled Trade Development • Safety as the Foundation • Technology Grow High-Margin Products and Services for Success • Focused on margin expansion • Dr
Slide 6: Transformation Built the Foundation for Success
Transformation Built the Foundation for Success 2015 – 2019: Strategic Transformation 2020 +: Leveraging the Platform 16.3% $2,500 16% 14% $2,000 12.5% 2019-2025 +18% 12% 10.4% 9.0% 10% $1,500 Operating margin %* Revenue (In millions)* 7.5% 7.6% 8% $1,000 REVENUE CAGR 6% 4.0% 3.4% 4% $500 2.2% 2% $—
Slide 7: 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 2019-2025 $9.38 $9.00 +44% $8.27 $8.00 $7.09 $7.00 $6.00 Diluted EPS* $5.00 $5.16 $4.44 EPS CAGR $4.00 $3.16 $3.00 $2.11 $2.00 $1.53 $1.24 $1.00 $0.60 $0.
Slide 8: YTD 2026 Results Highlights
YTD 2026 Results Highlights All comparisons are to the prior year Revenue EPS EBITDA • Revenue increased 91% YoY. Organic growth was 52%. GAAP REPORTED RESULTS $2,000 91% $1,993.9 $8.00 125% $400 106% $388.8 • Adjusted EPS of $9.39 $8.09 increased 117% YoY. EBITDA* ($ Millions) Revenue ($ Millions)
Slide 9: YTD 2026 Segment Results
YTD 2026 Segment Results E-Infrastructure Solutions • Revenue grew 184% over prior year (107% excluding CEC and Stone All comparisons are to the prior year, GAAP and NON-GAAP Segment Information* Ridge). E-Infrastructure Solutions Transportation Solutions Building Solutions • Adjusted operating marg
Slide 10: E-Infrastructure Solutions
E-Infrastructure Solutions LARGEST, HIGHEST-MARGIN SEGMENT RANKED #1 IN ENR'S 2025 TOP 20 FIRMS IN EXCAVATION1 What We Do: Leading provider of large-scale specialty site infrastructure improvement contracting services, including site selection and preparation, and mission- critical electrical servic
Slide 11: E-Infrastructure Solutions
E-Infrastructure Solutions DIFFERENTIATED BUSINESS MODEL CONTRIBUTES TO "ON TIME, EVERY TIME" PROJECT DELIVERY Time is critical to our customers and our ability to deliver is unmatched STRL: IR Presentation | Second Quarter 2026 11
Slide 12: Transportation Solutions
Transportation Solutions STRONG MARKETS WITH ATTRACTIVE MARGIN OPPORTUNITIES What We Do: Infrastructure and rehabilitation projects for highways, roads, bridges, airports, ports, light rail and storm drainage systems in the Rocky Mountain states and Texas. REVENUE ($ in millions) (18)% 17% $783.7 Ma
Slide 13: Building Solutions
Building Solutions STRONG CASH GENERATION AND FLEXIBLE COST STRUCTURE What We Do: Residential and Commercial concrete slabs in the Dallas/Fort Worth (DFW), Houston, and Phoenix markets. Plumbing capabilities (rough in, top outs, fixtures in DFW) and surveying. REVENUE ($ in millions) (6)% Drivers $4
Slide 14: Backlog + Future Phase Summary - June 2026
BACKLOG + FUTURE PHASE Summary - June 2026 Backlog increased Backlog $4.3 + 116% Backlog and Combined Backlog Committed work with executed contracts and 6,000 Due to the deconsolidation of MSAs billion RHB, Sterling's reported backlog figures as of December year-over-year and Combined Backlog 31, 20
Slide 15: Strong Cash Flow Profile Provides Flexibility and Supports Growth Investments
Strong Cash Flow Profile Provides Flexibility and Supports Growth Investments Operating Cash Flow $497 Operating Cash Flow $500 $479 Generated in $440 excess of $400 $300 $328 $1.7 $219 BILLION $200 since the beginning of 2023 $159 $123 $100 $39 $42 $25 $0 2017 2018 2019 2020 2021 2022 2023 2024 202
Slide 16: Balance Sheet with Significant Firepower to Support Future Growth
Balance Sheet with Significant Net cash position Firepower to Support Future Growth as of June 30, 2026: $181M, or $700 Total Debt and Cash Positions $664 $5.80 per diluted share $600 $500 $472 $464 On July 2nd, Sterling $452 $431 closed on the expansion $400 $391 and extension of its (in millions)
Slide 17: 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 18: 2026 Guidance
2026 Guidance Full Year 2026 GAAP Guidance • Revenue of $4.00B to $4.15B “The midpoints of our 2026 • Net Income of $536M to $555M guidance ranges would represent 64% revenue • Diluted EPS of $17.25 to $17.85 growth, 84% adjusted EPS growth, and 79% adjusted • EBITDA(2) of $829M to $854M EBITDA grow
Slide 19: 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 Continued Strong track Powerful, Robust balance strategic opportunity for record of
Slide 20: 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. 20
Slide 21: Appendix
Appendix STRL: IR Presentation | Second Quarter 2026 21
Slide 22: 2026 Modeling Considerations
2026 Modeling Considerations(1) FY 2026 Expectations FY 2025 Actual Revenue $4,000 to $4,150 $2,490 Gross Margin 25.0% to 25.5% 23% G&A Expense as % of Revenue (Excluding Intangible Amortization) 5.2% to 5.5% 6.2% Other Operating Income $16 to $19 $18.2 JV Non-Controlling Interest Expense ~$40 $19.6
Slide 23: Consolidated Results
Consolidated Results Three Months Ended June 30, Six Months Ended June 30, ($ in millions, except per share data) 2026 2025 % Change 2026 2025 % Change Revenues $1,168.2 $614.5 90% $1,993.9 $1,045.4 91% Gross Profit 290.0 143.1 103% 484.3 238.0 103% G&A Expense (53.1) (34.0) (101.0) (68.6) Intangibl
Slide 24: Segment Information
Segment Information Three Months Ended June 30, Six Months Ended June 30, ($ in thousands) 2026 % of Revenue 2025 % of Revenue 2026 % of Revenue 2025 % of Revenue Revenues E-Infrastructure Solutions $ 905,001 78% $ 310,406 51% $ 1,502,733 75% $ 528,669 51% Transportation Solutions 156,692 13% 196,79
Slide 25: Segment Information
Segment Information Twelve Months Ended December 31 ($ in thousands) 2025 % of Revenue 2024 % of Revenue Revenues E-Infrastructure Solutions $ 1,466,777 59% $ 923,728 44% Transportation Solutions 640,674 26% 783,659 37% Building Solutions 382,598 15% 408,369 19% Total Revenues $ 2,490,049 $ 2,115,75
Slide 26: NON-GAAP Segment Information
NON-GAAP Segment Information (Unaudited) Three Months Ended June 30, Six Months Ended June 30, % of % of % of % of ($ in thousands) 2026 2025 2026 2025 Revenue Revenue Revenue Revenue Adjusted Operating Income E-Infrastructure Solutions $ 217,833 24.1% $ 87,718 28.3% $ 358,163 23.8% $ 138,301 26.2%
Slide 27: NON-GAAP Segment Information
NON-GAAP Segment Information Twelve Months Ended December 31 ($ in thousands, Unaudited) 2025 % of Revenue 2024 % of Revenue Revenues (Excluding RHB) E-Infrastructure Solutions $ 1,466,777 59% $ 923,728 49% Transportation Solutions 640,674 26% 547,783 29% Building Solutions 382,598 15% 408,369 22% T
Slide 28: Adjusted Net Income Reconciliation
Adjusted Net Income Reconciliation (Unaudited) Three Months Ended June 30, Six Months Ended June 30, (In thousands, except per share data) 2026 2025 2026 2025 Net income attributable to Sterling common stockholders $ 155,826 $ 70,991 $ 251,795 $ 110,468 Non-cash stock-based compensation 8,142 5,595
Slide 29: EBITDA Reconciliation
EBITDA Reconciliation (Unaudited) Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2026 2025 2026 2025 Net income attributable to Sterling common stockholders $ 155,826 $ 70,991 $ 251,795 $ 110,468 Depreciation and amortization (1) 27,124 19,769 52,304 38,906 Interest income, net
Slide 30: 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 $ 536 $ 555 $ 290 $ 257 $ 139 Gain on deconsolidation of subsidiary, net
Slide 31: 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 $ 536 $ 555 $ 290 Depreciation and amortization(1) 111 114 86 Interest expense (income), net (1) (4) (3) Income tax expense 183 189
Slide 32: Total Backlog
Total Backlog (In millions) June 30, 2026 December 31, 2025 E-Infrastructure Solutions $ 3,310.0 $ 1,843.5 Transportation Solutions 968.7 1,124.4 Building Solutions - Commercial 54.9 43.0 Total Contractual Backlog (1) $ 4,333.6 $ 3,010.9 (1) At June 30, 2026, our RPOs were $4.23 billion and our MSAs
Slide 33: 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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