Bowman Consulting Group Ltd. · NASDAQ:BWMN
Bowman Consulting — Roth London Conference 2026
51 slides from Bowman Consulting's conference presentation, June 2026
Slide 1: Roth London Conference | June 16-18, 2026
ROTH LONDON CONFERENCE | JUNE 16-18, 2026 | NASDAQ: BWMN TRANSPORTATION POWER & E N E R G Y BUILDINGS | SITE CIVIL NATURAL RESOURCES 1 ENGINEERING THE BUILT ENVIRONMENT
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: Engineering the Built Environment
Engineering the Built Environment BOWMAN IS A PROFESSIONAL SERVICES FIRM COMBINING INFRASTRUCTURE PLANNING & DESIGN WITH LIFECYCLE ASSET ENGINEERING TO OWNERS AND OPERATORS OF THE BUILT ENVIRONMENT. 3 ENGINEERING THE BUILT ENVIRONMENT
Slide 4: Bowman is a Compelling Infrastructure Services Growth Story
Bowman is a Compelling Infrastructure Services Growth Story Founded 1995 | IPO in May 2021 Exceptional Financial Outperformance Civil infrastructure design engineering offers healthy organic growth, attractive Professional Services Only – No General Contracting margins & generous free cash flow po
Slide 5: End Market Highlights | High Demand & Funding Tailwinds
End Market Highlights | High Demand & Funding Tailwinds TRANSPORTATION POWER AND ENERGY BUILDINGS - SITE CIVIL N A T U RA L R E S O U RC ES • Serving State DOTs & • Data Centers (Cloud • Renewable Energy • Office & Industrial • Mine Infrastructure Planning Transit Authorities Providers, Co-locators
Slide 6: Reliable Portfolio of Repeat Customers & Active Projects
Reliable Portfolio of Repeat Customers & Active Projects 12,000+ 5,000+ >2+ Concurrently Active Assignments Customers with Active Projects Average Active Projects per Customer 6 ENGINEERING THE BUILT ENVIRONMENT
Slide 7: Disciplined M&A Contributes to Strong Organic Growth
Disciplined M&A Contributes to Strong Organic Growth / 2026 12/08/25 • 12 acquisitions of $1 MM+ since beginning of 2024 bring total to 39 • Experiencing revenue synergy success through integration acquisitions since IPO1 • Increased utilization through increased work-sharing, • Average >$60 million
Slide 8: Engineering the Built Environment
Engineering the Built Environment 2,500+ Professionals Nationwide 100+ US Domestic Locations 2 Offices in Mexico (production only) #71 ENR Top 500 Design Firm Offices Acquired Offices #61 ENR Top 500 Pure Designers 8 ENGINEERING THE BUILT ENVIRONMENT
Slide 9: Q1 2026 Highlights
Q1 2026 Highlights 9 ENGINEERING THE BUILT ENVIRONMENT
Slide 10: 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 11: 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 12: Organic NSR & Growth Margin by Vertical
Organic NSR & Growth Margin by Vertical 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 Margin by V
Slide 13: 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 14: 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 Transportation $0 $20 Strong backlog coverage Energy $170 Expanding wallet share, higher velocity work $0 Natural Resources Government & geospatial demand $114 $114 Ge
Slide 15: 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 16: 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 & Organi
Slide 17: Investing in Innovation & Evolution – The BIG Fund
Investing in Innovation & Evolution – The BIG Fund • Bowman Innovation Growth Fund is a $25 million internal incubator designed to engage employees in the development of innovative client services ideas and production efficiency tools • Areas of Focus • Geolocation, GIS, position-awareness and locat
Slide 18: Connected Through Conversational Ecosystem
Connected Through Conversational Ecosystem • Harness technology to connect all Bowman stakeholders in a single, AI-enabled and conversationally executed information ecosystem • Add value to deliverables across asset lifecycles and avoiding transactional relationships with customers • Remain committe
Slide 19: Key Long-Term Value Drivers
Key Long-Term 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 Mo
Slide 20: 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 ENGIEERING THE BUILT ENVIRONMENT 20
Slide 21: 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 22: Bowman Markets & Services
APPENDIX Bowman Markets & Services 22 ENGIEERING THE BUILT ENVIRONMENT
Slide 23: End Markets – Traffic & Transportation
End Markets – Traffic & Transportation Multi-disciplined design, planning, engineering, program & corridor management, construction oversight and inspection services North Tarrant I-35, Fort Worth TX Commonwealth Ave, Boston, MA Page Field, Ft. Myers, FL Tri-State Tollway MLB, Chicago, IL SANBAG Rai
Slide 24: End Markets – Ports & Harbors
End Markets – Ports & Harbors Marine infrastructure planning, design and maintenance Bowman Scanning Vessel Redondo Boardwalk Repair, WA River Maintenance Dredging, NY Carteret Dock 1 Renew, NJ Perth Amboy Dock Renew, NJ 24 ENGIEERING THE BUILT ENVIRONMENT
Slide 25: End Markets – Power & Energy | Transmission and Storage
End Markets – Power & Energy | Transmission and Storage Electric transmission, renewables and alternative energy, oil & gas pipelines and other power generation engineering services Ansco/AT&T, Indiana, Kentucky Bluestone to Sunoco, Butler, PA Substation Security, Dominion, VA 50MW Battery Storage,
Slide 26: End Markets – Power & Energy | Natural Gas Transmission
End Markets – Power & Energy | Natural Gas Transmission Electric transmission, renewables and alternative energy, oil & gas pipelines and other power generation engineering services Power Generation Stations SCOOP Project, Central OK Gas Mail, Chicago, IL Mission Critical BYO Power Compressor Infusi
Slide 27: End Markets – Building Infrastructure
End Markets – Building Infrastructure Land planning, building commissioning and MEP design, mission critical facility planning, and places where we work, play and live. Snapdragon Stadium, San Diego, CA S. Beach FL Hotel Hurricane Restore NOVA Data Phase I-III, Sterling, VA Ravens/Under Armor, Balti
Slide 28: End Markets – Natural Resources
End Markets – Natural Resources Water treatment design, Mining and minerals extraction design, Environmental services and Aerial Orthoimagery & photogrammetry Beaverdam Reservoir, Branbleton, VA Kilgore Surface Water Plant, TX Leachpad Phase II, Southwestern AZ Wind Turbine – Bat Interaction, TX For
Slide 29: Services: Civil & Site Design
Services: Civil & Site Design Bowman provides a full range of engineering services, from conceptual design through construction administration and project management. Our in-house multi-disciplined engineers provide our clients with a deep bench of resources and integrated solutions on projects of a
Slide 30: Services: Geospatial & Survey
Services: Geospatial & Survey With more than 120 fully-equipped field survey crews across the nation, Bowman understands the complexities and changing demands of evolving markets and rises to the challenge with the best and brightest professionals and multi- disciplinary teams. From routine boundary
Slide 31: Services: Right-of-Way Procurement
Services: Right-of-Way Procurement Right-of-way and easements are critical components on all transportation, utility and energy projects, many of which require the acquisition of rights to utilize the land. Bowman is a fully integrated firm that provides land, survey, permitting, and design which al
Slide 32: MEP & Energy Engineering
MEP & Energy Engineering Bowman’s mechanical, electrical, plumbing and fire protection experts incorporate the latest technology and best practices to support these systems across all stages of the design and construction process on a wide variety of projects including renewable, commercial, educati
Slide 33: Services: Sustainability and Environmental Consulting
Services: Sustainability and Environmental Consulting Bowman is committed to having a positive influence on the communities in which we operate and the environment we share. We promote a diverse, inclusive and safe workplace where employees can grow and develop sustainable careers. Comprehensive sui
Slide 34: GAAP to Non-GAAP Reconciliations
APPENDIX GAAP to Non-GAAP Reconciliations Q1 2026 34 DE L I VE RI NG INNOVATIVE ENGINEERING SO L U T I O NS
Slide 35: 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 36: 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 37: 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 38: 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 39: Non-GAAP Adjusted EPS
Non-GAAP Adjusted EPS 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 EPS – Ad
Slide 40: 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 (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
Slide 41: FY 2025 Highlights
APPENDIX FY 2025 Highlights 41 ENGINEERING THE BUILT ENVIRONMENT
Slide 42: Financial Highlights
Financial Highlights Full Year 2025 Compared to Full Year 2024 (Dollars in millions, except per share data) For the Three Months Ended December 31 For the Three Months Ended December 31 2025 2024 Change 2025 2024 Change Pre-Tax Net Income (Loss)2 $11.2 $(8.9) N/A Gross Revenue $490.0 $426.6 +14.9% N
Slide 43: FY 2025 Gross Revenue Composition
FY 2025 Gross Revenue Composition Growth Across Diversified Markets 14.9% Gross Revenue Growth 12.8% Growth of Organic Gross Revenue 14.5% Net Revenue Growth 12.4% Growth of Organic Net Revenue Building Infrastructure Transportation Power, Utilities & Energy Natural Resources¹ 1 Natural Resources in
Slide 44: Organic Net Service Revenue & Gross Margin by Vertical
Organic Net Service Revenue & Gross Margin by Vertical 12.4% Organic Growth of Net Revenue – FY 2025 11% Transportation 21.5% Natural Resources 27.5% $426.8 FY 2025 22% 47% MM Power, Utilities & Energy 13.3% Building Infrastructure 5.8% 20% Organic Net Service 0% 5% 10% 15% 20% 25% 30% Revenue by Ma
Slide 45: Increasing Gross Backlog Provides Forward Visibility
Increasing Gross Backlog Provides Forward Visibility Gross Backlog Growth Story1 (in Millions) 14% 33% Q4 2025 24% $448 $479 $479 MM $438 $399 $419 9% $380 $352 $330 $295$299$306 18% 29% 38% $243$252 $206 $230 Q4 2024 $167$173 $399 MM $139 $116$124 Gross Backlog Mix 35% Building Infrastructure2 Tran
Slide 46: 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 December 31 For the Twelve Months Ended December 31 2025 2024 2025 2024 Gross Contract Revenue $128,964 $113,224 $490,017 $426,564 Less: Sub-Co
Slide 47: 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 December 31 For the Twelve Months Ended December 31 2025 2024 2025 2024 Net (Loss) Income (GAAP) $1,966 $5,904 $12,849 $3,034 +Interest Expense 2,634 2,107 9,247 7,
Slide 48: 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 December 31 For the Twelve Months Ended December 31 2025 2024 2025 2024 Net (Loss) Income (GAAP) $1,966 $5,904 $12,849 $3,034 +Tax Expense (Benefit) (GAAP) (516
Slide 49: Non-GAAP Adjusted EPS – Dilutive
Non-GAAP Adjusted EPS – Dilutive DILUTIVE ADJUSTED EPS For the Three Months Ended December 31 For the Twelve Months Ended December 31 2025 2024 2025 2024 (Loss) Earnings per share (GAAP) $0.11 $0.33 $0.73 $0.17 Pre-tax basic per share adjustments $0.40 $0.08 $1.11 $1.00 Adjusted EPS before tax expen
Slide 50: Non-GAAP Adjusted EPS
Non-GAAP Adjusted EPS BASIC ADJUSTED EPS For the Three Months Ended December 31 For the Twelve Months Ended December 31 2025 2024 2025 2024 Earnings (loss) per share (GAAP) $0.11 $0.34 $0.74 $0.18 Pre-tax basic per share adjustments $0.41 $0.08 $1.14 $1.03 Adjusted EPS before tax expense $0.52 $0.42
Slide 51: 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 December 31 For the Twelve Months Ended December 31 2025 2024 2025 2024 (Loss) Earnings Per Share (GAAP) Basic $0.11 $0.34 $0.74 $0.18 Diluted $0.11 $0.33 $0.73
Bowman Consulting Group — Roth London Conference 2026 on 6ix