Slide 1: Q2 2026 Earnings Call
August 4, 2026 Q2 2026 EARNINGS CALL 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
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 4: 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 5: 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 $9.00 $9.38 2019-2025 +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 6: Second Quarter 2026 Results
SECOND QUARTER 2026 RESULTS Sterling | STRL: Second Quarter 2026 6
Slide 7: Second Quarter 2026 Results Highlights
Second Quarter 2026 Results Highlights All comparisons are to the prior year quarter, GAAP and NON-GAAP Information* Revenue EPS EBITDA • Revenue increased 90% YoY. Organic growth was REPORTED RESULTS approximately 50%. $1,200 $5.00 $250 90% $1,168.2 116% $5.00 101% $233.6 $1,000 $200 • Adjusted EPS
Slide 8: Second Quarter 2026 Segment Results
Second Quarter 2026 Segment Results E-Infrastructure Solutions All comparisons are to the prior year quarter, GAAP and NON-GAAP Segment Information* • Revenue grew 192% over prior year (111% excluding CEC and Stone E-Infrastructure Solutions Transportation Solutions Building Solutions Ridge). REVENU
Slide 9: 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 10: 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 11: 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 12: 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 13: 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 2026 13
Slide 14: Appendix
Appendix Sterling | STRL: Second Quarter 2026 14
Slide 15: 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 $19.6
Slide 16: Consolidated Results
Consolidated Results Three Months Ended June 30, Six Months Ended June 30, ($ in millions, except per share data) 2026 2025 % Change 2026 2025 % Change Revenues $1,168.2 $614.5 90% $1,993.9 $1,045.4 91% Gross Profit 290.0 143.1 103% 484.3 238.0 103% G&A Expense (53.1) (34.0) (101.0) (68.6) Intangibl
Slide 17: Segment Information
Segment Information Three Months Ended June 30, Six Months Ended June 30, ($ 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 18: 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 19: 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 20: 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 21: 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 22: 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 23: 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 24: 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.