Bowman Consulting Group Ltd. · NASDAQ:BWMN
Bowman Consulting — Q2 2025 Earnings Presentation
21 slides from Bowman Consulting's earnings presentation, Aug 7, 2025
Slide 1: Q2 2025 Earnings
Q2 2025 EARNINGS | AUGUST 7, 2025 | NASDAQ: BWMN TRANSPORTATION POWER, U T I L I T I E S & E N E R G Y BUILDING INFRASTRUCT URE NATURAL RESOURCES Gary Bowman Bruce Labovitz Chairman & CEO Chief Financial Officer
Slide 2: Safe Harbor Statement
Safe Harbor Statement Please note that many of the comments made today are considered forward-looking statements under federal securities laws. As described in our filings with the SEC, these statements are subject to numerous risks and uncertainties that could cause future results to differ from th
Slide 3: Second Quarter 2025 Overview
Second Quarter 2025 Overview Q2 ’25 Highlights & Insights • 17% YoY Growth in Gross Contract Revenue • 15% YoY Growth in Net Service Billing • 51% YoY Growth in Adjusted EBITDA • 18.7% Adjusted EBITDA Margin, net • 25% YoY Growth in Backlog • 8.4% YoY Growth in Organic Net Service Billing • Reduced
Slide 4: Financial Highlights
Financial Highlights Q2 2025 Compared To Q2 2024 (Dollars in millions, except per share data) For the Three Months Ended June 30, For the Three Months Ended June 30, 2025 2024 Change 2025 2024 Change Gross Contract Revenue $122.1 $104.5 +17% Net Income (Loss) $6.0 $(2.1) +386% Net Service Billing1 $
Slide 5: Q2 2025 Gross Revenue Composition
Q2 2025 Gross Revenue Composition Growth Across Diversified Markets 17% Gross Revenue Growth 11% Growth of Organic Gross Revenue 15% Net Revenue Growth 8% Growth of Organic in Net Revenue Building Transportation Power, Utilities Natural Resources Infrastructure & Energy & Imaging (1) Natural Resourc
Slide 6: Growth of Organic Net Revenue by Vertical
Growth of Organic Net Revenue by Vertical Organic Net Revenue by Market 10% 8% Organic Growth of Net Revenue – Q2 2025 $101.9 22% Q2 2025 50% MM Transportation 21.0% 18% Natural Resources 19.0% 9% Power, Utilities & Energy 5.0% 22% Q2 2024 $94.0 MM 52% Building Infrastructure 4.0% 17% 0% 5% 10% 15%
Slide 7: Increasing Gross Backlog Provides Forward Visibility
Increasing Gross Backlog Provides Forward Visibility Gross Backlog Growth Story (1) (in Millions) 8% 21% 40% $438 Q2 2025 $419 $380 $399 $438 MM $352 $330 9% $295 $299 $306 $243 $252 31% $230 19% $206 Q2 2024 45% $167 $173 $139 $351 MM $116$124 Gross Backlog Mix 27% Building Infrastructure Transport
Slide 8: Balance Sheet, Tax, and Capitalization
Balance Sheet, Tax, and Capitalization • $140 Million Facility Revolver / $80 Million Available New Orders Cash, • $15.5 Million Cash on Hand Leverage • $108 Million Net Debt Backlog and • Net Leverage Ratios of 1.6x T4Q_AE & 1.5x Forward Mid-point AE Growth Liquidity • $16.3 Million Cash from Opera
Slide 9: Capital Allocation Priorities & Strategy
Capital Allocation Priorities & Strategy M&A Adjacencies Focus on complementary enterprises that provide revenue synergy Fund Commit to being a fully financial & operational integration Innovation & Organic Maximize utilization through commitment to work-sharing Growth Fund Innovation & Organic Grow
Slide 10: End Market Highlights
End Market Highlights Q2 2025 – % Gross Revenue | % Change 20% | +28.0% 22% | +17.1% 46% | +7.9% 12% | +42.1% TRANSPORTATION P O W E R, U T I L I T I E S BUILDING N A T U RA L R E S O U RC ES INFRASTRUCTURE & ENERGY INFRASTRUCTURE & IMAGING • Inroads with FDOT and • Data Centers (Cloud • Renewable E
Slide 11: Data Centers – Durable, Long-Term Growth Opportunity
Data Centers – Durable, Long-Term Growth Opportunity Market Drivers Full-Scope Delivery Solution • AI compute demand • Expands services to inside facility walls via e3i • Power availability constraints acquisition • Cogeneration & grid independence • Seamless integration of power & cooling systems •
Slide 12: Raising FY 2025 Guidance
Raising FY 2025 Guidance Issued Net Revenue1 Adjusted EBITDA1 November 2024 $422 - $437 MM $68 - $75 MM $428 - $440 MM $70 - $76 MM March 2025 $428 - $440 MM $70 - $76 MM May 2025 $430 - $442 MM $71 - $77 MM August 2025 1 Guidance includes acquisitions completed to date only 12 DE L I VE RI NG INNOV
Slide 13: NASDAQ: BWMN
NAS DAQ: BWMN B O W MA N C O N S U L T I N G G R O U P L T D .
Slide 14: Appendix
APPEND IX
Slide 15: Reconciliation of GAAP to Non-GAAP Financials Measures
Reconciliation of GAAP to Non-GAAP Financials Measures Gross Revenue to Net Service Billing Reconciliation (Dollars in thousands) For the Three Months Ended June 30 For the Six Months Ended June 30 2025 2024 2025 2024 Gross Contract Revenue $122,090 $104,501 $235,021 $199,409 Less: Sub-Consultants &
Slide 16: Reconciliation of GAAP to Non-GAAP Financials Measures
Reconciliation of GAAP to Non-GAAP Financials Measures Adjusted EBITDA Reconciliation (Dollars in thousands) For the Three Months Ended June 30 For the Six Months Ended June 30 2025 2024 2025 2024 Net (Loss) Income (GAAP) $6,009 $(2,082) $4,265 $(3,640) +Interest Expense 2,259 1,775 4,372 3,906 +Dep
Slide 17: Reconciliation of GAAP to Non-GAAP Financials Measures
Reconciliation of GAAP to Non-GAAP Financials Measures EPS To Adjusted EPS Reconciliation (Dollars in thousands) For the Three Months Ended June 30 For the Six Months Ended June 30 2025 2024 2025 2024 Net (Loss) Income (GAAP) $6,009 $(2,082) $4,265 $(3.640) +Tax Expense (Benefit) (GAAP) 1,399 (1,180
Slide 18: Non-GAAP Adjusted EPS – Dilutive
Non-GAAP Adjusted EPS – Dilutive DILUTIVE ADJUSTED EPS For the Three Months Ended June 30 For the Six Months Ended June 30 2025 2024 2025 2024 (Loss) Earnings per share (GAAP) $0.34 $(0.13) $0.24 $(0.24) Pre-tax basic per share adjustments $0.36 $0.38 $0.63 $0.60 Adjusted EPS before tax expense $0.7
Slide 19: Non-GAAP Adjusted EPS
Non-GAAP Adjusted EPS BASIC ADJUSTED EPS For the Three Months Ended June 30 For the Six Months Ended June 30 2025 2024 2025 2024 Earnings (loss) per share (GAAP) $0.35 $(0.13) $0.25 $(0.24) Pre-tax basic per share adjustments $0.36 $0.38 $0.64 $0.62 Adjusted EPS before tax expense $0.71 $0.25 $0.89
Slide 20: Reconciliation of GAAP to Non-GAAP Financials Measures
Reconciliation of GAAP to Non-GAAP Financials Measures EPS To Adjusted EPS Reconciliation (Dollars in thousands) For the Three Months Ended June 30 For the Six Months Ended June 30 2025 2024 2025 2024 (Loss) Earnings Per Share (GAAP) Basic $0.35 $(0.13) $0.25 $(0.24) Diluted $0.34 $(0.13) $0.24 $(0.
Slide 21: Key Value Drivers
Key Value Drivers • Superior Cash Efficiency – We convert Adj. EBITDA to free cash flow more efficiently through an asset-light model • Execution Control – Self-performing work leads to more predictable margins, fewer project delays & stronger client satisfaction • Scalable Business Model – Built to
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