Sterling Infrastructure, Inc. · NASDAQ:STRL
Sterling Infrastructure — Q3 2025 Earnings Presentation
25 slides from Sterling Infrastructure's earnings presentation, Nov 4, 2025
Slide 1: Q3 2025 Earnings Call
November 4, 2025 Q3 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: A Leading Infrastructure Services Provider
NASDAQ: STRL | HQ: The Woodlands, TX | Employees: ~4,900 Shares Outstanding(2):30.7M | Market Cap(2): $11.61B Revenue(3): $2.38B | Adjusted EBITDA(3): $489M Total Backlog(1): $2.58B | Projects Underway: ~368 STERLING, A Leading Infrastructure Services Provider We offer a customer-centric, market-foc
Slide 4: Transformation Built the Foundation for Success
Transformation Built the Foundation for Success 2015 – 2019: Strategic Transformation 2020 +: Leveraging the Platform 12.5% 2,500 12% 10.4% 2,000 9.0% 10% 7.5% 7.6% 1,500 8% 2019-2024 Operating margin %* Revenue ($ 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 (EPS)
Transformation Built the Foundation for Success 2015 – 2019: Strategic Transformation 2020 +: Leveraging the Platform $9.00 $8.27 $8.00 $7.09 $7.00 $6.00 $5.16 $5.00 2019-2024 +42% $4.44 $4.00 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) $(2.
Slide 6: Third Quarter 2025 Results
+ Third Quarter 2025 Results Sterling | STRL: Third Quarter 2025 6
Slide 7: 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% $700 16% $3.00 $140 year-over-year. The recent $600 $689.0 $2.50 51% $2.97 $120 42% $143.1
Slide 8: Third Quarter 2025 GAAP Segment Results
E-Infrastructure Solutions Third Quarter 2025 GAAP Segment Results • Revenue grew 58% over prior year (42% excluding CEC) All comparisons are to the prior year quarter • Work continues to shift toward large, E-Infrastructure Solutions Transportation Solutions Building Solutions mission-critical proj
Slide 9: Third Quarter 2025 Adjusted Segment Results
Third Quarter 2025 Adjusted Segment Results E-Infrastructure Solutions • Revenue grew 58% over prior year All comparisons are to the prior year quarter, NON-GAAP Segment Information* (42% excluding CEC) • Work continues to shift toward large, E-Infrastructure Solutions Transportation Solutions Build
Slide 10: Remaining Performance Obligations (RPOs)
Remaining Performance Obligations (RPOs)(1) ($ in millions) September 30, 2025 December 31, 2024 E-Infrastructure Solutions RPOs $ 1,808.2 $ 1,032.1 Transportation Solutions RPOs 733.4 622.1 Building Solutions RPOs - Commercial 33.7 39.0 Total RPOs $ 2,575.4 $ 1,693.2 (1) Our remaining performance o
Slide 11: Backlog, A Pipeline of High-Profitability Work
BACKLOG, A Pipeline of High-Profitability Work Backlog does not include ~3/4 of a 4,000 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. 3,500 billion Backlog a
Slide 12: Balance Sheet with Significant Firepower to Support Future Growth
Balance Sheet with Significant Firepower to Support Future Growth $700 Total Debt and Cash Positions (1) $664 Considerations: $600 • We expect to pursue strategic uses of our liquidity, including acquisitions, stock $500 $472 repurchases, and managing leverage $452 $433 $431 • Sterling is comfortabl
Slide 13: 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 Strong, Continued Robust balance Strong historical strategic multi-year, opportunity
Slide 14: 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: Third Quarter 2025 14
Slide 15: Appendix
+ Appendix Sterling | STRL: Third Quarter 2025 15
Slide 16: 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 $13 Effective Incom
Slide 17: Consolidated Results
Consolidated Results Three Months Ended September 30, Nine Months Ended September 30, ($ in millions, except per share data) 2025 2024 % Change 2025 2024 % Change Revenues (1) $689.0 $593.7 16.0% $1,734.4 $1,616.9 7.3% Gross Profit 170.2 129.8 31.1% 408.2 319.4 27.8% G&A Expense (37.6) (30.7) (106.2
Slide 18: Consolidated Results (excluding RHB)
Consolidated Results (2024 period reflects the deconsolidation of RHB) Three Months Ended September 30, Nine Months Ended September 30, ($ in millions) 2025 2024 (1) % Change 2025 2024 (2) % Change Revenues $ 689.0 $ 521.6 32.1 % $1,734.4 $1,432.3 21.1 % Gross Profit 170.2 116.2 46.5 % 408.2 286.3 4
Slide 19: Segment Information
Segment Information Three Months Ended September 30, Nine Months Ended September 30 % of % of % of % of ($ in thousands) 2025 2024 2025 2024 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 20: NON-GAAP Segment Information
NON-GAAP Segment Information Three Months Ended September 30, Nine Months Ended September 30 % of % of % of % of ($ in thousands, Unaudited) 2025 2024 2025 2024 Revenue Revenue Revenue Revenue Revenues (Excluding RHB) E-Infrastructure Solutions $ 417,106 60% $ 263,899 51% $ 945,775 55% $ 689,687 48%
Slide 21: Adjusted Net Income Reconciliation
Adjusted Net Income 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 Non-cash stock-based compensation 5,963 4,371 18,241 13,75
Slide 22: 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 23: 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 24: EBITDA Guidance Reconciliation
EBITDA Guidance Reconciliation Full Year Full Year 2025 Guidance 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 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.
Sterling Infrastructure — Q3 2025 Earnings Presentation on 6ix