Sterling Infrastructure, Inc. · NASDAQ:STRL
Sterling Infrastructure — William Blair 46th Annual Growth Stock Conference (June 2026)
35 slides from Sterling Infrastructure's conference presentation, Jun 3, 2026
Slide 1: Investor Presentation
Investor Presentation William Blair 46th Annual Growth Stock Conference June 3, 2026 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: 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 Foc
Slide 4: 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 We offer a customer-centric, market-focused portfolio of goods and services geographically positioned in the r
Slide 5: Strategic Elements
The key pillars of our strategy remain our guide as we look to the future Strategic Solidify the Base Elements • Risk/ Return Framework • Skilled Trade Development • Safety as the Foundation • Technology for Success Grow High-Margin Products and Services • Drives bottom line growth > top line growth
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% 12.5% $2,000 12% 10.4% $1,500 9.0% 10% 2019-2025 Operating margin %* Revenue (In millions)* +18% 7.5% 7.6% 8% $1,000 6% 4.0% 3.4% 4% $500 2.2% REVENUE CAGR 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 $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 8: 2025 Full Year Results Highlights
2025 Full Year Results Highlights All comparisons are to the prior year • Revenue, as adjusted for the Deconsolidation of Revenue EPS EBITDA RHB ($235.9 million), GAAP REPORTED RESULTS increased 32% year-over- year. $2,500 18% $2,490.0 $10.00 13% $500 15% $9.38 $472.0 $2,000 $8.00 $400 Revenue ($ Mi
Slide 9: First Quarter 2026 Results Highlights
First Quarter 2026 Results Highlights All comparisons are to the prior year quarter • Revenue increased 92% Revenue EPS EBITDA year-over-year. Organic GAAP REPORTED RESULTS growth was over 55%. $800 $4.00 $175 $825.7 $700 92% $3.50 $150 $155.2 • Adjusted EPS of $3.59 Revenue ($ Millions) EBITDA* ($
Slide 10: Signed and Combined Backlog
BACKLOG Signed and Combined Backlog Strong award activity in early 2026 5,500 Due to the deconsolidation of RHB, Sterling's reported backlog figures as of December 31, 2024 and forward no longer include RHB and are therefore not directly comparable to prior periods. 5,000 Backlog and Unsigned Awards
Slide 11: Backlog + Future Phase: Summary - March 2026
BACKLOG + FUTURE PHASE Summary - March 2026 Backlog does not include Backlog - Committed work with executed contract ~$1.3 billion of future phases of work associated with Combined Backlog - Includes addition of: current projects • Transportation Solutions work that has been awarded via Award Letter
Slide 12: E-Infrastructure Solutions
E-Infrastructure Solutions LARGEST, HIGHEST-MARGIN SEGMENT RANKED #1 IN ENR'S 2025 TOP 20 FIRMS IN EXCAVATION1 What We Do: Leading provider of large-scale specialty site infrastructure improvement contracting services, including site selection and preparation, and mission- critical electrical servic
Slide 13: E-Infrastructure Solutions
E-Infrastructure Solutions BUILDING A PROJECT LIFECYCLE PORTFOLIO Sterling Infrastructure, Inc. | STRL: IR Presentation 13
Slide 14: E-Infrastructure Solutions
E-Infrastructure Solutions DIFFERENTIATED BUSINESS MODEL CONTRIBUTES TO "ON TIME, EVERY TIME" PROJECT DELIVERY Time is critical to our customers and our ability to deliver is unmatched Sterling Infrastructure, Inc. | STRL: IR Presentation 14
Slide 15: Transportation Solutions
Transportation Solutions STRONG MARKETS WITH ATTRACTIVE MARGIN OPPORTUNITIES What We Do: Infrastructure and rehabilitation projects for highways, roads, bridges, airports, ports, light rail and storm drainage systems in the Rocky Mountain states and Texas. REVENUE ($ in millions) (18)% 17% Markets D
Slide 16: 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 17: Strong Cash Flow Profile Provides Flexibility and Supports Growth Investments
Strong Cash Flow Profile Provides Flexibility and Supports Growth Investments Operating Cash Flow Operating Cash Flow $500 $497 Generated in excess of $479 $1.5 $440 $400 BILLION $300 since the beginning of 2023 $219 $200 $159 $166 • In recent quarters, cash flow has benefited from the timing $123 o
Slide 18: Balance Sheet with Significant Firepower to Support Future Growth
Balance Sheet with Significant Firepower to Support Future Growth Net cash position as of March 31, 2026: $700 Total Debt and Cash Positions (1) $664 $224M, or $7.23 per diluted share $600 $512 $500 $472 3-Year Credit Facility as of $433 $452 $431 March 31, 2026: $391 $400 $289M (in millions) $369 $
Slide 19: 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 Capital Allocation Solutions • Investing in required working capital for projects Priorities Support Strategic M&A • Continue to evaluate small-to-mid sized acquisiti
Slide 20: 2026 Guidance
2026 Guidance (unchanged) Full Year 2026 GAAP Guidance • Revenue of $3.70B to $3.80B “The midpoints of our 2026 • Net Income of $513M to $533M guidance ranges would • Diluted EPS of $16.50 to $17.15 represent 51% revenue growth, 72% adjusted EPS • EBITDA of $801M to $831M growth, and 70% adjusted EB
Slide 21: 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 Robust, Continued Robust balance Strong historical strategic multi-year, opportunity
Slide 22: 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 Infrastructure, Inc. | STRL: IR Presentation
Slide 23: Appendix
+ Appendix Sterling Infrastructure, Inc. | STRL: IR Presentation 23
Slide 24: 2026 Modeling Considerations
2026 Modeling Considerations(1) FY 2026 Expectations FY 2025 Actual Revenue $3,700 to $3,800 $2,490 Gross Margin 25.5% to 26.0% 23% G&A Expense as % of Revenue (Excluding Intangible Amortization) 5.5% to 6.0% 6.2% Other Operating Income $16 to $19 $18.2 JV Non-Controlling Interest Expense ~$33 $19.6
Slide 25: Consolidated Results
Consolidated Results Three Months Ended March 31, ($ in millions, except per share data) 2026 2025 % Change Revenues $825.7 $430.9 92% Gross Profit 194.3 94.8 105% G&A Expense (47.9) (34.6) Intangible Asset Amortization (7.1) (4.5) Acquisition Related Costs (1.4) (0.2) Earn-out Expense (2.5) (1.3) O
Slide 26: Segment Information
Segment Information Three Months Ended March 31, ($ in thousands) 2026 % of Revenue 2025 % of Revenue Revenues E-Infrastructure Solutions $ 597,732 72% $ 218,263 51% Transportation Solutions 132,863 16% 120,661 28% Building Solutions 95,080 12% 92,025 21% Total Revenues $ 825,675 $ 430,949 Operating
Slide 27: 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 28: NON-GAAP Segment Information
NON-GAAP Segment Information (Unaudited) Three Months Ended March 31, % of % of ($ in thousands) 2026 2025 Revenue Revenue Adjusted Operating Income E-Infrastructure Solutions $ 140,330 23.5% $ 50,583 23.2% Transportation Solutions 17,078 12.9% 13,577 11.3% Building Solutions 8,266 8.7% 14,234 15.5%
Slide 29: NON-GAAP Segment Information
NON-GAAP Segment Information Twelve Months Ended December 31, % of % of ($ in thousands, Unaudited) 2025 2024 Revenue 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%
Slide 30: Adjusted Net Income Reconciliation
Adjusted Net Income Reconciliation (Unaudited) Three Months Ended March 31, (In thousands, except per share data) 2026 2025 Net income attributable to Sterling common stockholders $ 95,969 $ 39,477 Non-cash stock-based compensation 7,497 6,683 Intangible asset amortization(1) 8,964 6,374 Acquisition
Slide 31: EBITDA Reconciliation
EBITDA Reconciliation (Unaudited) Three Months Ended March 31, (In thousands) 2026 2025 Net income attributable to Sterling common stockholders $ 95,969 $ 39,477 Depreciation and amortization (1) 25,180 19,137 Interest expense (income), net 376 (1,595) Income tax expense 33,673 15,080 EBITDA (2) 155
Slide 32: 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 $ 513 $ 533 $ 290 $ 257 $ 139 Gain on deconsolidation of subsidiary, net
Slide 33: EBITDA Guidance Reconciliation
EBITDA Guidance Reconciliation Full Year (Unaudited) Full Year 2026 Guidance 2025 (In millions) Low High Actual Net income attributable to Sterling common stockholders $ 513 $ 533 $ 290 Depreciation and amortization(1) 104 107 86 Interest expense (income), net 5 7 (3) Income tax expense 179 184 99 E
Slide 34: Remaining Performance Obligations (RPOs)
Remaining Performance Obligations (RPOs)(1) (In millions) March 31, 2026 December 31, 2025 E-Infrastructure Solutions RPOs $ 2,711.3 $ 1,843.5 Transportation Solutions RPOs 1,035.1 1,124.4 Building Solutions RPOs - Commercial 49.3 43.0 Total RPOs $ 3,795.8 $ 3,010.9 (1) Our remaining performance obl
Slide 35: 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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