Sterling Infrastructure, Inc. · NASDAQ:STRL
Sterling Infrastructure — Q1 2026 Earnings Presentation
24 slides from Sterling Infrastructure's earnings presentation, May 5, 2026
Slide 1: Q1 2026 Earnings Call
May 5, 2026 Q1 2026 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: ~5,000 Shares Outstanding(2):30.7M | Market Cap(2): $16.35B Revenue(3): $3.75B | Adjusted EBITDA(3): $858M Total Backlog(1): $3.80B | Projects Underway: ~360 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 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 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 $9.38 $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 6: First Quarter 2026 Results
+ First Quarter 2026 Results Sterling | STRL: First Quarter 2026 6
Slide 7: First Quarter 2026 Results Highlights
First Quarter 2026 Results Highlights All comparisons are to the prior year quarter • Revenue increased 92% year- Revenue EPS EBITDA over-year. Organic growth was over 55%. GAAP REPORTED RESULTS $800 $4.00 $175 $700 92% $825.7 $3.50 $150 • Gross profit margins of 24%. $155.2 Revenue ($ Millions) EBI
Slide 8: First Quarter 2026 Segment Results
First Quarter 2026 Segment Results All comparisons are to the prior year quarter, GAAP and NON-GAAP Segment Information* E-Infrastructure Solutions • Revenue grew 174% over prior year E-Infrastructure Solutions Transportation Solutions Building Solutions (102% excluding CEC). REVENUE • Strong execut
Slide 9: Signed Backlog by Segment
BACKLOG Signed Backlog by Segment Signed backlog $4,000 Due to the deconsolidation of RHB, Sterling's reported backlog figures as of December 31, 2024 and forward no longer include increased RHB and are therefore not directly comparable to prior periods. $3,000 + 78% year-over-year Backlog ($ millio
Slide 10: Signed and Combined Backlog
BACKLOG Signed and Combined Backlog Backlog does not include 5,500 Due to the deconsolidation of RHB, Sterling's reported backlog ~$1.3 billion 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 Awa
Slide 11: 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 $512 liquidity, including acquisitions, stock $500 $472 repurchases, and managing leverage $452 $433 $431 • 3-Year Credit Fac
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 Robust, Continued Robust balance Strong historical strategic multi-year, opportunity
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: First Quarter 2026 13
Slide 14: Appendix
+ Appendix Sterling | STRL: First Quarter 2026 14
Slide 15: 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 $19.6
Slide 16: Consolidated Results
Consolidated Results Three Months Ended March 31, ($ in millions, except per share data) 2026 2025 % Change Revenues $825.7 $430.9 92% Gross Profit 194.3 94.8 105% G&A Expense (47.9) (34.6) Intangible Asset Amortization (7.1) (4.5) Acquisition Related Costs (1.4) (0.2) Earn-out Expense (2.5) (1.3) O
Slide 17: Segment Information
Segment Information Three Months Ended March 31, ($ 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 18: 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 19: 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 20: 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 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 $ 513 $ 533 $ 290 $ 257 $ 139 Gain on deconsolidation of subsidiary, net
Slide 22: 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 23: 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 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.
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