Sterling Infrastructure Inc 2025年度报告

About Sterling Sterling Infrastructure, Inc. (“Sterling” or “the Company”)operates through a variety of subsidiaries within threesegments specializing in E-Infrastructure, Transportationand Building Solutions in the United States, primarilyacross the Southern, Northeastern, Mid-Atlanticand Rocky Mountain regions and the Pacific Islands.E-Infrastructure Solutions provides advanced, large-scalesite development services and mission-critical electricalservices for data centers, semiconductor fabrication,manufacturing, distribution centers, warehousing, powergeneration and more. Transportation Solutions includesinfrastructure and rehabilitation projects for highways,roads, bridges, airports, ports, rail and storm drainagesystems. Building Solutions includes residential andcommercial concrete foundations for single-family andmulti-family homes, parking structures, elevated slabs,other concrete work, plumbing services, and surveysfor new single-family residential builds. From strategyto operations, we are committed to sustainability byoperating responsibly to safeguard and improve society’squality of life. Caring for our people and our communities,our customers and our investors—that isThe Sterling Way. Table of Contents Our Segments Message From Our Leaders. . . . . . . . . . . . . . . . . . . . . . .ii2025 Results at a Glance. . . . . . . . . . . . . . . . . . . . . . . . . .vStrategic Execution. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .viSterling Business Segments. . . . . . . . . . . . . . . . . . . . . .viiLeaders in Their Fields. . . . . . . . . . . . . . . . . . . . . . . . . . .viiiThe Sterling Way. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .ixBuilding Tomorrow Today. . . . . . . . . . . . . . . . . . . . . . . . .x2025 Form 10-K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1 TransportationSolutions E-InfrastructureSolutions BuildingSolutions “We build and service the infrastructure that enablesour economy to run, our people to move and ourcountry to grow.” Joe Cutillo,Chief Executive Officer Geographic Footprint Messages from Our Leaders Dear Shareholders, Infrastructure investment in the United States is entering a period of meaningfultransformation. The rapid expansion of digital infrastructure, the reshoring of advancedmanufacturing, and the sustained investment in transportation systems are reshapinghow and where critical infrastructure is built. These structural trends are driving a newcycle of infrastructure development that we believe will unfold over many years. SterlingInfrastructure has built a platform aligned with these opportunities, and we believe ourcapabilities position us to play an important role in delivering the infrastructure that willsupport America’s next phase of economic growth. Over the past decade, we have intentionally reshapedour business—focusing on high-value projects, improvingproject selectivity, and strengthening operationalexecution. We believe the result is a company withstrong margins, greater earnings power, and a platformpositioned to participate in some of the most attractiveinfrastructure markets in the United States. While we are encouraged by this progress, our focusremains on sustaining this momentum by continuing toscale our platform in attractive markets. Expanding Our Platform Through the Acquisition ofCEC Facilities Group In September 2025, we further strengthened Sterling’scapabilities through the acquisition of CEC FacilitiesGroup, a leading provider of electrical services formission-critical infrastructure. CEC brings specializedexpertise in the design, installation, and maintenanceof complex electrical systems that support data centers,semiconductor fabrication, advanced manufacturingfacilities, and other high-reliability environments. Theaddition of CEC enhances our ability to provide customerswith a broader suite of services across the infrastructureproject lifecycle, while also increasing our exposure tolarge, technically complex projects that offer attractivemargins and long-term demand. At Sterling, we refer to our operating philosophy asThe Sterling Way—a commitment to take care of ouremployees, our customers, our investors, and thecommunities we serve. This approach continues to guidehow we operate, manage risk, pursue new opportunities,and deploy capital. Our performance in 2025 reflects the continued progressof that strategy. Delivering Strong Financial Performance 2025 marked another year of exceptional performancefor Sterling. Adjusted earnings per share increased53%, representing our fifth consecutive year of adjustedEPS growth above 35%. Revenue, as adjusted for thedeconsolidation of RHB, grew 32%, driven by strongdemand across E-Infrastructure and Transportation Solutions. Equally important, CEC shares many of the operatingprinciples that define The Sterling Way—a commitmentto safety, strong execution, and delivering high-qualityoutcomes for customers. As we inte