Sterling Infrastructure, Inc. · NASDAQ:STRL
Sterling Infrastructure — Merger or Acquisition (June 2025)
16 slides from Sterling Infrastructure's merger presentation, Jun 17, 2025
Slide 1: Sterling to Acquire CEC Facilities Group
INVESTOR UPDATE STERLING TO ACQUIRE CEC FACILITIES GROUP June 17, 2025
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
Cautionary Statement Regarding 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 federal securities laws. These forward-looking statement
Slide 3: CEC is a great fit with the "ideal" characteristics we have been looking for
CEC OVERLAP IDEAL CHARACTERISTICS WE HAVE COMMUNICATED At least 50% of work from mission-critical markets (data center, semiconductor, manufacturing) CEC is a great fit with the "ideal" High margins within its sector characteristics we ~90%+ free cash flow conversion have been looking Strong returns
Slide 4: Compelling Strategic Rationale
Leading non-union electrical contractor to high-growth, mission-critical end 1 markets including semiconductor, data center, and manufacturing Expands Sterling's suite of high-value services within E-Infrastructure Solutions 2 into the next phases of project lifecycle COMPELLING 3 Significant opport
Slide 5: Transaction Summary
Transaction Value Expected Financial Benefits • CEC Full Year 2025 Financial Expectations: • Total upfront consideration at closing totals • Revenue: Approximately $390 to $415 million $505M, consisting of $450M cash (subject • EBITDA(1): Approximately $51 to $54 million to certain adjustments) and
Slide 6: About CEC
About CEC 2024 REVENUE COMPOSITION SELECT CUSTOMERS CEC is a Leading Provider of Revenue by Service Line Electrical Revenue by End Market Electrical and Related Specialty Services to High-Growth Industrial & Commercial End Markets KEY FACTS Total Employees (non-union) ~1,300 2024 Revenue $359M CEC A
Slide 7: Portfolio of Complementary Services
Portfolio of Complementary Services Multi-Service Solutions That Now Touch the Full Project Lifecycle SERVICE/ ELECTRICAL ELECTRICAL MECHANICAL TECHNOLOGY MAINTENANCE, OTHER • Turnkey Installation • Turnkey HVAC Installation • Low Voltage Solutions • On Demand Service & Repair • Retrofit / Repair Se
Slide 8: Industry Tailwinds
Industry Tailwinds Focused on End Markets With Secular Tailwinds, Compelling Economics, and Revenue Visibility Rapidly growing demand for cloud services, AI support, and digital storage is driving massive investment 1 Data center infrastructure build out in hyperscale and mission-critical data cente
Slide 9: CEC's Experienced, Driven Management Team
CEC's Experienced, Driven Management Team Team Blends Deep Industry Experience with a Proven Track Record of Scaling Businesses Organically & Inorganically Ray Waddell Daniel Williams Bradley Smith Nick Stonebraker Evan Godwin Title Founder & Chairman Chief Executive Officer President & Chief Chief
Slide 10: Strong Financial Profile
Strong Financial Profile CEC Has Evolved into a Premier, Multi-Region Contractor Where its Scale & Expertise Drive Financial Consistency Performance Highlights Revenue ($mm) EBITDA (1) ($mm) Cash Flow from Operations ($mm) • 2-Year Revenue CAGR of ~20% (2023-25E) REVENUE EBITDA estimated ◦ Strengthe
Slide 11: Strong Backlog and Future Opportunities
Strong Backlog and Future Opportunities Backlog + Unsigned Backlog + Future Phase Work Provide Visibility Into Growth 1.9x Backlog + Unsigned Backlog + Future Phase work as multiple of 2025 estimated revenue Backlog Trends midpoint • Mix continues to trend toward mission-critical work • Strong deman
Slide 12: Expected Full Year 2025 CEC Financials
Expected Full Year 2025 CEC Financials Immediately Accretive to Sterling's Bottom Line Estimated (1) Sterling expects to 2025 adjusted EPS Estimated Full Year Estimated recognize a proportion 2025 Revenue 2025 EBITDA (1) ~$0.63 to $0.70 of these results, $390 to $415M $51 to $54M per diluted depende
Slide 13: Key Takeaways
CEC is a strong fit with what Sterling has been targeting in the Electrical and Mechanical Specialty Contractor space Leading non-union electrical contractor to high-growth, mission-critical end 1 markets including semiconductor, data center, and manufacturing Expands Sterling's suite of high-value
Slide 14: 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
Slide 15: Appendix
APPENDIX APPENDIX Sterling Infrastructure, Inc. | STRL: CEC Acquisition 15
Slide 16: Important Information for Investors and Stockholders
Important Information for Investors and Stockholders (1) Non-GAAP Measures This presentation contains “Non-GAAP” financial measures as defined under Regulation G of the amended U.S. Securities Exchange Act of 1934. The Company reports financial results in accordance with U.S. generally accepted acco
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