Sterling Infrastructure, Inc. · NASDAQ:STRL
Sterling Infrastructure — Needham 28th Annual Growth Conference (January 2026)
36 slides from Sterling Infrastructure's conference presentation, January 2026
Slide 1: Investor Presentation
Investor Presentation Needham 28th Annual Growth 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 forwa
Slide 3: A Leading Infrastructure Services Provider
NASDAQ: STRL | HQ: The Woodlands, TX | Employees: ~4,900 Shares Outstanding(2): 30.7M | Market Cap(2): $9.59B Revenue(3): $2.38B | Adjusted EBITDA(3): $489M Total Backlog(1): $2.58B | Projects Underway: ~368 STERLING, A Leading Infrastructure Services Provider We offer a customer-centric, market-foc
Slide 4: Key Takeaways
Sterling, A Leading Infrastructure Services Provider • Focused on high-margin growth, strategic market expansion and operational excellence Transformation Built the Foundation for Success • Disciplined approach to project selection and resource allocation, prioritizing high-margin, high-return oppor
Slide 5: 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 Segment Results1 $9.6 $2.12 16.3% $12 E-Infrastructure Solutions 44% BILLION BILLION 2024 Adjusted EBITDA Margin2 MILLION Transportation Market Cap January 7, 2026
Slide 6: Strategic Elements as the Foundation for Success
Strategic Elements as the Foundation for Success The key pillars of our strategy remain our guide as we look to the future Solidify the Base Grow High-Margin Expand Into Products and Services Adjacent Markets •• Improved Price/ Productivity bid discipline • Drives bottom line • Expansion of products
Slide 7: Revenue CAGR 2019-2024
2015 – 2019: Strategic Transformation 2020 +: Leveraging the Platform 2019-2024 +18% REVENUE CAGR (*) Revenue and Operating margin from continuing operations Sterling Infrastructure, Inc. | STRL: IR Presentation 7
Slide 8: EPS CAGR 2019-2024
2015 – 2019: Strategic Transformation 2020 +: Leveraging the Platform 2019-2024 +42% EPS CAGR (*) Diluted EPS from continuing operations. See Adjusted Net Income Guidance Reconciliation in the Appendix for the reconciliation of GAAP to non-GAAP measures. Sterling Infrastructure, Inc. | STRL: IR Pres
Slide 9: Backlog, A Pipeline of High-Profitability Work
BACKLOG, A Pipeline of High-Profitability Work Backlog does not include Due to the deconsolidation of RHB, Sterling's reported backlog figures as of December 31, 2024 and forward no longer include ~3/4 of a billion RHB and are therefore not directly comparable to prior periods. of future phases of w
Slide 10: Strong Platform Serving Diverse End Markets
Strong Platform Serving Diverse End Markets 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 Inf
Slide 11: E-Infrastructure Solutions
E-Infrastructure Solutions Largest, highest-margin segment ranked #1 in ENR's 2025 Top 20 Firms in Excavation1 Four-Year CAGR2 What We Do: 23% REVENUE Leading provider of large-scale specialty site infrastructure improvement contracting services, including site selection and 28% preparation, and mis
Slide 12: Transportation Solutions
Transportation Solutions Four-Year CAGR1 9% Strong markets with attractive margin opportunities What We Do: Revenue Infrastructure and rehabilitation projects for highways, roads, bridges, airports, ports, light rail and storm drainage systems in the Rocky 43% Mountain states and Texas. Markets • Al
Slide 13: Building Solutions
Building Solutions Four-Year CAGR1 10% Strong Cash Generation and Flexible Cost Structure What We Do: Revenue Residential and Commercial concrete slabs in the Dallas/Fort Worth (DFW), Houston, and Phoenix markets. Plumbing capabilities (rough in, 13% top outs, fixtures in DFW) and surveying. Markets
Slide 14: Financial Overview
• Financial Results Highlights • Cash Flow FINANCIAL • Balance Sheet • Capital Allocation Priorities OVERVIEW • Full Year Guidance Sterling Infrastructure, Inc. | STRL: IR Presentation 14
Slide 15: Third Quarter 2025 Results Highlights
Third Quarter 2025 Results Highlights All comparisons are to the prior year quarter Revenue EPS EBITDA • Revenue, as adjusted for the Deconsolidation of RHB GAAP REPORTED RESULTS ($72.2 million), increased 32% 16% year-over-year. The recent 51% 42% CEC acquisition contributed $41.4 million in the mo
Slide 16: Third Quarter 2025 GAAP Segment Results
Third Quarter 2025 GAAP Segment Results E-Infrastructure Solutions • Revenue grew 58% over prior year (42% 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 proj
Slide 17: Third Quarter 2025 Adjusted Segment Results
Third Quarter 2025 Adjusted Segment Results E-Infrastructure Solutions • Revenue grew 58% over prior year All comparisons are to the prior year quarter, NON-GAAP Segment Information* (42% excluding CEC) • Work continues to shift toward large, E-Infrastructure Solutions Transportation Solutions Build
Slide 18: Strong Cash Flow Profile Provides Flexibility and Supports Growth Investments
Strong Cash Flow Profile Provides Flexibility and Supports Growth Investments Considerations: • In recent quarters, cash flow has benefited from the timing of cash payments on large projects in E-Infrastructure and Transportation Solutions • Over the long-term, we expect that operating cash flow wil
Slide 19: Balance Sheet with Significant Firepower to Support Future Growth
Balance Sheet with Significant Firepower to Support Future Growth Total Debt and Cash Positions (1) Considerations: • We expect to pursue strategic uses of our liquidity, including acquisitions, stock repurchases, and managing leverage • Sterling is comfortable with a forward-looking debt/EBITDA cov
Slide 20: Capital Allocation Priorities Support Growth in Existing and New Markets
Support organic growth in existing and new markets • Capital expenditures support multi-year growth, weighted toward E-Infrastructure Solutions Capital Allocation Strategic M&A – “Bolt on” and/ or 4th Leg Opportunities • “Bolt-ons”: Continue to evaluate small-to-mid sized acquisition opportunities t
Slide 21: 2025 Guidance
2025 Guidance Full Year 2025 GAAP Guidance • Revenue of $2.38B to $2.39B “We believe 2025 will be another record year for Sterling as we • Net Income of $270M to $275M continue to drive bottom line growth that outpaces top line • Diluted EPS of $8.73 to $8.87 growth. We are raising our 2025 guidance
Slide 22: 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 Successful Strong, Continued Robust balance Strong historical strategic multi-year, opportunity for sheet, fre
Slide 23: Appendix
+ Appendix Sterling Infrastructure, Inc. | STRL: IR Presentation 23
Slide 24: 2025 Modeling Considerations
2025 Modeling Considerations(1) FY 2025 Expectations FY 2024 Revenue $2,375 to $2,390 $2,116 Gross Margin ~23% 20% G&A Expense as % of Revenue (Excluding Intangible Amortization) ~6.3% 5.6% Other Operating Income (Expense) $13 to $15 $(21) JV Non-Controlling Interest Expense ~$18 $13 Effective Incom
Slide 25: Consolidated Results
Consolidated Results Three Months Ended September 30, Nine Months Ended September 30, ($ in millions, except per share data) 2025 2024 % Change 2025 2024 % Change Revenues (1) $689.0 $593.7 16.0% $1,734.4 $1,616.9 7.3% Gross Profit 170.2 129.8 31.1% 408.2 319.4 27.8% G&A Expense (37.6) (30.7) (106.2
Slide 26: Consolidated Results
Consolidated Results (2024 period reflects the deconsolidation of RHB) Three Months Ended September 30, Nine Months Ended September 30, ($ in millions) 2025 2024 (1) % Change 2025 2024 (2) % Change Revenues $ 689.0 $ 521.6 32.1 % $1,734.4 $1,432.3 21.1 % Gross Profit 170.2 116.2 46.5 % 408.2 286.3 4
Slide 27: Segment Information
Segment Information Three Months Ended September 30, Nine Months Ended September 30 ($ in thousands) 2025 % of 2024 % of 2025 % of 2024 % of Revenue Revenue Revenue Revenue Revenues E-Infrastructure Solutions $ 417,106 60% $ 263,899 45% $ 945,775 55% $ 689,687 43% Transportation Solutions 170,490 25
Slide 28: NON-GAAP Segment Information
NON-GAAP Segment Information Three Months Ended September 30, Nine Months Ended September 30 ($ in thousands, Unaudited) 2025 % of 2024 % of 2025 % of 2024 % of Revenue Revenue Revenue Revenue Revenues (Excluding RHB) E-Infrastructure Solutions $ 417,106 60% $ 263,899 51% $ 945,775 55% $ 689,687 48%
Slide 29: Adjusted Net Income Reconciliation
Adjusted Net Income Reconciliation Three Months Ended September Nine Months Ended September 30, 30, ($ in thousands, Unaudited) 2025 2024 2025 2024 Net income attributable to Sterling common stockholders $ 92,088 $ 61,321 $ 202,556 $ 144,248 Non-cash stock-based compensation 5,963 4,371 18,241 13,75
Slide 30: EBITDA Reconciliation
EBITDA Reconciliation Three Months Ended Nine Months Ended September 30, September 30, ($ in thousands, Unaudited) 2025 2024 2025 2024 Net income attributable to Sterling common stockholders $ 92,088 $ 61,321 $ 202,556 $ 144,248 Depreciation and amortization(1) 22,059 17,363 60,965 50,546 Interest (
Slide 31: Adjusted Net Income Guidance Reconciliation
Adjusted Net Income Guidance Reconciliation Full Year 2025 Guidance Full Year ($ in thousands, Unaudited) Low High 2024 Actual 2023 Actual Net income attributable to Sterling common stockholders $ 270,000 $ 275,000 $ 257,461 $ 138,655 Gain on deconsolidation of subsidiary, net — — (91,289) — Non-cas
Slide 32: EBITDA Guidance Reconciliation
EBITDA Guidance Reconciliation Full Year 2025 Guidance Full Year 2024 ($ in millions, Unaudited) Low High Actual Net income attributable to Sterling common stockholders $ 270 $ 275 $ 257 Depreciation and amortization(1) 85 85 68 Interest income, net of interest expense (3) (4) (2) Income tax expense
Slide 33: STRL 3-Year Stock Price Performance
STRL 3-Year Stock Price Performance Source: Yahoo Finance Sterling Infrastructure, Inc. | STRL: IR Presentation 33
Slide 34: Strategic Acquisitions
Strategic Acquisitions Sterling Infrastructure, Inc. | STRL: IR Presentation 34
Slide 35: Sustainability
Sustainability Protecting Our Environment • Sound governance From strategy to operations, we are • Environmentally responsible construction services committed to sustainability by operating responsibly to safeguard and solutions for today and tomorrow and improve society’s quality of life. Taking Ca
Slide 36: Contact Us
Contact Us Sterling Infrastructure, Inc. Noelle Dilts, VP IR and Corporate Strategy Tel: (281) 214-0795 Cell (720) 270-6361 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 Infrastructure, Inc. | ST
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