Bowman Consulting Group Ltd. · NASDAQ:BWMN
Bowman Consulting — Q1 2026 Earnings Presentation
19 slides from Bowman Consulting's earnings presentation, May 6, 2026
Slide 1: Q1 2026 Earnings
Q1 2026 EARNINGS | MAY 6, 2026 | NASDAQ: BWMN TRANSPORTATION POWER, U T I L I T I E S & E N E R G Y BUILDING INFRASTRUCT URE NATURAL RESOURCES 1 DE L I VE RI NG INNOVATIVE ENGINEERING SO L U T I O NS
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: First Quarter 2026 Overview
First Quarter 2026 Overview Recent Acquisition(s) Quarterly Highlights • 12% YoY Growth in Gross Contract Revenue • 14% YoY Growth in Net Revenue • 16% YoY Growth in Adjusted EBITDA • 14.7% Adjusted EBITDA Margin, net • 6% YoY Organic Growth of Net Revenue • 56% YoY, 36% QoQ Increase in Backlog • $6
Slide 4: Financial Highlights
Financial Highlights Q1 2026 Compared to Q1 2025 (Dollars in Millions, except per share data) For the Three Months Ended March 31 For the Three Months Ended March 31 2026 2025 Change 2026 2025 Change Gross Revenue $126.5 $112.9 +12.0% Net Income (Loss) $(3,7) $(1.7) N/A Net Service Billing1 $114.2 $
Slide 5: Q1 2026 Gross Revenue Composition
Q1 2026 Gross Revenue Composition Growth Across Diversified Markets 12.0% Gross Revenue Growth 4.4% Growth of Organic Gross Revenue 14.1% Net Revenue Growth 6.0% Growth of Organic Net Revenue Building Infrastructure Transportation Power, Utilities & Energy Natural Resources¹ 1 Natural Resources incl
Slide 6: Organic NSR & Growth Margin by Vertical
Organic NSR & Growth Margin by Vertical Q1 2026 6.0% Organic Growth of Net Revenue – Q1 2026 10% Transportation 13.2% 43% Natural Resources 16.4% $106.1 Q1 2026 29% MM Power, Utilities & Energy 5.1% Building Infrastructure 1.5% 18% Organic Net Service 0% 5% 10% 15% 20% Revenue by Market 9% Gross Mar
Slide 7: Increasing Gross Backlog Provides Forward Visibility
Increasing Gross Backlog Provides Forward Visibility Gross Backlog Growth Story1 (in Millions) 25% 33% $653 Q1 2026 $653 MM $479 8% $438$448 21% $419 $399 $380 $330 $352 20% 21% $295$299$306 39% $252 Q1 2025 $230$243 $206 $419 MM $167$173 $116$124 $139 Gross Backlog Mix 33% Building Infrastructure2
Slide 8: Balance Sheet, Tax & Capitalization
Balance Sheet, Tax & Capitalization New • $250 MM Facility Revolver / $141 MM Available1 Orders Cash, • $12.0 MM Cash on Hand Leverage • $186.8 MM Net Debt Backlog Growth and • Net Leverage Ratio of 2.49x T4Q_AE & 2.02x Forward mid-point AE Organic Liquidity • $11.6 MM Cash from Operating Activities
Slide 9: FY 2026 Guidance
FY 2026 Guidance Issued Net Revenue1 Adjusted EBITDA Margin1 November 2025 $465 - $480 MM 17.0% - 17.5% March 2026 $495 - $510 MM 17.0% - 17.5% May 2026 $520 - $540 MM 17.2% - 17.7% 1 Guidance includes acquisitions completed to date only 9 DE L I VE RI NG INNOVATIVE ENGINEERING SO L U T I O NS
Slide 10: Net Service Revenue Bridge
Net Service Revenue Bridge Backlog to Full-Year Guidance NET SERVICE REVENUE BRIDGE Dollars in Millions • Growth Emanates From: $540 0 $0 $20 • Transportation • Strong backlog coverage $170 • Energy • Expanding wallet share, higher $0 velocity work $114 $114 • Natural Resources $534 $0 $520 • Govern
Slide 11: Key Value Drivers
Key Value Drivers • Superior Cash Efficiency – We convert Adjusted 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 – Buil
Slide 12: NASDAQ: BWMN Bowman Consulting Group Ltd.
N A S D A Q: B W M N B O W MA N C O N S U L T I N G G R O U P L T D .
Slide 13: Appendix
APPEND IX
Slide 14: 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 March 31 2026 2025 Gross Contract Revenue $126,479 $112,931 Less: Sub-Consultants & Other Direct Expenses $12,275 $12,878 Net Service Billing $
Slide 15: 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 March 31 2026 2025 Net (Loss) Income (GAAP) $(3,702) $(1,744) +Interest Expense 3,262 2,113 +Depreciation & Amortization 8,406 6,521 +Tax (Benefit) Expense 405 769
Slide 16: 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 March 31 2026 2025 Net (Loss) Income (GAAP) $(3,702) $(1,744) +Tax Expense (Benefit) (GAAP) 405 769 Income (Loss) Before Tax Expense (GAAP) $(3,297) $(975) +Acq
Slide 17: Non-GAAP Adjusted EPS – Dilutive
Non-GAAP Adjusted EPS – Dilutive DILUTIVE ADJUSTED EPS For the Three Months Ended March 31 2026 2025 (Loss) Earnings Per Share (GAAP) $(0.22) $(0.11) Pre-Tax Basic Per Share Adjustments $0.52 $0.28 Adjusted EPS Before Tax Expense $0.30 $0.17 Tax Expense (Benefit) Per Share Adjustment $0.15 $0.10 Adj
Slide 18: Non-GAAP Adjusted EPS - Basic
Non-GAAP Adjusted EPS - Basic BASIC ADJUSTED EPS For the Three Months Ended March 31 2026 2025 (Loss) Earnings Per Share (GAAP) $(0.22) $(0.11) Pre-Tax Basic Per Share Adjustments $0.52 $0.29 Adjusted EPS Before Tax Expense $0.30 $0.18 Tax Expense (Benefit) Per Share Adjustment $0.15 $0.11 Adjusted
Slide 19: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financials Measures EPS to Adjusted EPS Reconciliation (Dollars in thousands) For the Three Months Ended March 31 2026 2025 (Loss) Earnings Per Share (GAAP) Basic $(0.22) $(0.11) Diluted $(0.22) $(0.11) Adjusted Earnings Per Share (Non-GAAP) Basic $0.14 $0.07 Dilut
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