Sterling Infrastructure, Inc.

- First quarter backlog totaled $3.8 billion, a 78% year-over-year increase (51% excluding CEC). - Combined backlog reached $5.2 billion, up 131% year-over-year (46% excluding CEC). - First quarter 2026 book-to-burn ratios: 2.1x for backlog and 3.5x for combined backlog. - E-Infrastructure signed backlog, unsigned electrical awards, and future phases exceed $5 billion, a $2 billion increase since year-end. - CEC backlog increased by $1.2 billion since year-end 2025 due to several large project wins. - Mission-critical projects (data centers, large manufacturing, semiconductor) represent over 90% of e-infrastructure signed backlog. - Strong award activity in Texas and other geographies with expectations of continued growth in e-infrastructure order intake throughout 2026.

- No new fundraising through debt or equity was announced in the call. - The company ended the quarter with strong liquidity: $512 million in cash and $287 million in debt, net cash $224 million. - The $150 million revolving credit facility remained undrawn. - They have a remaining share repurchase authorization of $362 million and are opportunistic on repurchases. - The company is well-positioned financially to pursue organic growth and acquisitions using existing resources. - No mention of plans for issuing new debt or equity in the near future.

- The company is investing in expanding modular build capabilities, having just secured a lease to triple the size of their modular manufacturing site, with plans to expand to other U.S. locations over the next 18 months (Page 6). - Capital expenditures (CapEx) for 2026 are forecasted in the range of $100 million to $110 million, unchanged from prior guidance (Page 3). - Strategic focus on acquisitions continues, with more high-quality targets in the market compared to a year ago; the company aims to enhance service offerings and geographic footprint, especially in infrastructure, site development, and electrical services (Pages 4 and 9). - Investments include internal development such as apprenticeship and internship programs to grow skilled labor capacity, particularly electricians and project managers, directly supporting production capacity expansion (Page 9).

- 2026 revenue guidance increased to $3.7–$3.8 billion, representing over 50% growth from 2025. - E-Infrastructure Solutions expected to grow 80%+ in revenue for 2026, driven by strong data center demand and inclusion of CVC. - Legacy e-Infrastructure business projected to grow around 60% in 2026, with some moderation in quarterly growth rates. - Transportation Solutions revenue expected to grow low to mid-single digits in 2026, with moderation due to project timing and wind down of Texas low bid work. - Building Solutions revenue expected to be modestly down in 2026 but with growth potential over the long term in key markets. - Expansion into new geographies including Texas, Pacific Northwest, and Midwest anticipated, with projects accelerating in 2027–2028. - Backlog and future phase opportunities exceed $5 billion, up $2 billion since year-end 2025, indicating strong pipeline.

- Sterling Infrastructure expects adjusted diluted EPS growth of 72% over 2025 for full year 2026 (Page 3). - Adjusted operating profit margins for E-Infrastructure are anticipated in the mid-20% range (Page 3). - E-Infrastructure segment revenue growth expected at 80% or higher in 2026, legacy business growth near 60% or higher (Page 3). - Margin expansion of 300 to 500 basis points projected in 12 to 18 months for acquired CEC electrical business (Page 6). - Continued margin growth expected in E-Infrastructure driven by increased complexity, vertical integration, and productivity (Page 11). - Adjusted EBITDA growth expected at 70% for full year 2026 compared to 2025 (Page 4). - Operating cash flow expected to remain strong throughout 2026 (Page 2). - Overall, the company is confident in strong multiyear earnings growth driven by large projects and expanding capabilities (Pages 2, 3, 11).