Sterling deconsolidates RHB JV; revenue removal of ~$230-240M starting 2025

STERLING INFRASTRUCTURE, INC.

Amendment executed Dec 31, 2024 changes RHB disposition rights; switches from full consolidation to equity method accounting.
Non-cash gain expected in Q4 2024 from deconsolidation; no impact on net income contributions.
RHB 2024 revenue est. $230-240M (removed from Sterling's consolidated revenue in 2025).
RHB backlog est. $425-475M at year-end; no longer included in consolidated backlog.
Four alternatives upon death/disability of Mr. Buenting, including buyout or joint sale.

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