Slide 1: Q2 2025 Earnings Call
August 5, 2025 Q2 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: WHO is Sterling?
WHO is Sterling? A market-leading infrastructure service provider of e-infrastructure, building and transportation solutions. A story of successful execution of a multi-year strategic business transformation; born of a vision that levers our entrepreneurial spirit. We offer a customer-centric, marke
Slide 4: Transformation Built the Foundation for Success
Transformation Built the Foundation for Success 2015 – 2019: Strategic Transformation 2020 +: Leveraging the Platform 12.5% 2,500 12% 10.4% 2,000 9.0% 10% 7.5% 7.6% 1,500 8% 2019-2024 Operating margin %* Revenue ($ millions)* +18% 6% 1,000 4.0% 3.4% 4% 500 2.2% 2% REVENUE CAGR 0 0% (2.0)% -500 (2)%
Slide 5: Transformation Built the Foundation for Success
Transformation Built the Foundation for Success 2015 – 2019: Strategic Transformation 2020 +: Leveraging the Platform $9.00 $8.27 $8.00 $7.00 $7.09 $6.00 $5.00 $4.44 2019-2024 $4.00 +42% Diluted EPS* $3.16 $3.00 $2.11 $2.00 $1.24 $1.53 EPS CAGR $1.00 $0.60 $0.10 $— $(1.00) $(0.66) $(2.00) $(3.00) $(
Slide 6: Second Quarter 2025 Results
+ Second Quarter 2025 Results Sterling | STRL: Second Quarter 2025 6
Slide 7: Second Quarter and YTD 2025 Results Highlights
Second Quarter and YTD 2025 Results Highlights Q2 2025 YTD 2025 Revenues $614.5 million $1,045 million Net Income $71.0 million $110.5 million Adjusted Net Income(1) $82.8 million $133.0 million Diluted EPS $2.31 $3.59 Adjusted Diluted EPS(1) $2.69 $4.32 EBITDA(1) $116.2 million $188.3 million Adjus
Slide 8: Quarterly Consolidated and Segment Results
Quarterly Consolidated and Segment Results ($ in millions, except per share data) Q2 2025 Q2 2024 ($ in millions) Q2 2025 Q2 2024 Revenues (1) $ 614.5 $ 582.8 E-Infrastructure Solutions Gross Profit 143.1 112.7 Revenues $ 310.4 $ 241.3 G&A Expense (34.0) (27.9) Operating Income $ 83.8 $ 51.7 Intangi
Slide 9: Quarterly Consolidated Results
Quarterly Consolidated Results (2024 period reflects the deconsolidation of RHB) ($ in millions, except per share data) Q2 2025 Q2 2024 (1) % Change Revenues $ 614.5 $ 508.9 20.8 % Gross Profit 143.1 98.4 45.4 % G&A Expense (34.0) (27.1) Intangible Amortization (4.5) (4.3) Acquisition Related Costs
Slide 10: YTD Q2 Consolidated and Segment Results
YTD Q2 Consolidated and Segment Results ($ in millions) YTD 2025 YTD 2024 ($ in millions) YTD 2025 YTD 2024 Revenues (1) $ 1,045.4 $ 1,023.2 E-Infrastructure Solutions Gross Profit 238.0 189.6 Revenues $ 528.7 $ 425.8 G&A Expense (68.6) (55.2) Operating Income $ 130.4 $ 78.8 Intangible Amortization
Slide 11: YTD Q2 Consolidated Results
YTD Q2 Consolidated Results (2024 period reflects the deconsolidation of RHB) Six Months Ended June 30 ($ in millions, except per share data) 2025 2024 (1) % Change Revenues $ 1,045.4 $ 910.8 14.8 % Gross Profit 238.0 170.0 40.0 % G&A Expense (68.6) (53.4) Intangible Amortization (9.0) (8.6) Acquisi
Slide 12: Remaining Performance Obligations (RPOs)
(1) Remaining Performance Obligations (RPOs) ($ in millions) June 30, 2025 December 31, 2024 E-Infrastructure Solutions RPOs $ 1,249.7 $ 1,032.1 Transportation Solutions RPOs 715.0 622.1 Building Solutions RPOs - Commercial 44.0 39.0 Total RPOs $ 2,008.7 $ 1,693.2 (1) Our remaining performance oblig
Slide 13: Increased EBITDA and Cash Flow Drives Liquidity Strategy
Increased EBITDA and Cash Flow Drives Liquidity Strategy Sterling is comfortable with a Debt/EBITDA leverage Forward Looking Debt/EBITDA Leverage Ratio ratio of +/-2.5X. 1.3X 5-Year Credit Facility 1.0X $300M Term Loan Borrowings 0.8X 0.8X $150M Revolving Credit Facility (Undrawn) 0.7X 0.5X 0.3X Key
Slide 14: Sterling, A Leading Provider of Infrastructure Services in the U.S.
Sterling, A Leading Provider of Infrastructure Services in the U.S. Successful strategic Strong, Continued Strong foundation with multi-year, opportunity Robust balance historical stock strong, secular growth for margin sheet, FCF performance diversified drivers expansion platform Sterling | STRL: S
Slide 15: 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: Second Quarter 2025 15
Slide 16: Appendix
+ Appendix Sterling | STRL: Second Quarter 2025 16
Slide 17: 2025 Modeling Considerations
(1) 2025 Modeling Considerations Revenue $2,100 to $2,150 Gross Margin ~23.0% G&A Expense as % of Revenue (Excluding ~6.3% Intangible Amortization) Other Operating Income $13 to $15 JV Non-Controlling Interest Expense ~$17 Effective Income Tax Rate ~26% Diluted EPS $7.87 to $8.13 Adjusted Diluted EP
Slide 18: 2025 Modeling Considerations Continued
2025 Modeling Considerations Continued* Non-Cash Items FY 2025 Expectations FY 2024 Depreciation $53 to $54 $51.4 Intangible Amortization $26 $17.0 Debt Issuance Cost Amortization ~$1 $1.1 Stock-based Compensation ~$23 $19.0 Deferred Taxes $10 to $12 $32.6 Other Cash Flow Items FY 2025 Expectations
Slide 19: Adjusted Net Income Reconciliation
STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES ADJUSTED NET INCOME RECONCILIATION (In thousands) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net income attributable to Sterling common stockholders $ 70,991 $ 51,879 $ 110,468 $ 82,927 Non-cash stock-based compe
Slide 20: EBITDA Reconciliation
STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES EBITDA RECONCILIATION (In thousands) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net income attributable to Sterling common stockholders $ 70,991 $ 51,879 $ 110,468 $ 82,927 Depreciation and amortization(1) 19,769
Slide 21: Adjusted Net Income Guidance Reconciliation
STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES ADJUSTED NET INCOME GUIDANCE RECONCILIATION (In thousands) (Unaudited) Full Year 2025 Guidance Full Year Low High 2024 Actual Net income attributable to Sterling common stockholders $ 243,000 $ 252,000 $ 257,461 Gain on deconsolidation of subsidiary, net
Slide 22: EBITDA Guidance Reconciliation
STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES EBITDA GUIDANCE RECONCILIATION (In millions) (Unaudited) Full Year 2025 Full Year Guidance 2024 Low High Actual Net income attributable to Sterling common stockholders $ 243 $ 252 $ 257 Depreciation and amortization(1) 79 80 68 Interest income, net of int
Slide 23: Non-GAAP Segment Information
STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES NON-GAAP SEGMENT INFORMATION (In thousands) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, % of % of % of % of 2025 2024 2025 2024 Revenue Revenue Revenue Revenue Revenues (Excluding RHB) E-Infrastructure Solutions $ 310,406 51% $ 241,3
Slide 24: Non-GAAP Segment Information
STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES NON-GAAP SEGMENT INFORMATION (In thousands) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, % of % of % of % of 2025 2024 2025 2024 Revenue Revenue Revenue Revenue Adjusted Operating Income E-Infrastructure Solutions $ 87,718 28.3% $ 55,
Slide 25: 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.