Bowman Consulting Group Ltd. · NASDAQ:BWMN
Bowman Consulting — Investor Presentation (December 2025)
32 slides from Bowman Consulting's investor presentation, December 2025
Slide 1: Investor Presentation
NASDAQ: BWMN INFRASTRUCTURE PLANNING, ENGINEERING & MANAGEMENT OF THE BUILT ENVIRONMENT TRANSPORTATION POWER & UTILITIES ENERGY BUILDING INFRASTRUCTURE NATURAL RES OURC ES Investor Presentation December 2025
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 providing infrastructure design and asset lifecycle engineering to owners and operators of the US domestic built environment. 3 DE L I V E RI N G INNOVATIVE E NGINE E RING S OLU T I ON S
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 • Professional Services Only Civil infrastructure design engineering offers healthy organic growth, attractive margins & generous free cash flow potential • Attractive & We
Slide 5: Disciplined M&A Compounds Strong Organic Growth
Disciplined M&A Compounds Strong Organic Growth • 11 acquisitions of $1 MM+ since beginning of 2024 bring total to 38 • Experiencing revenue synergy success through integration acquisitions since IPO (1) • Increased utilization through increased work-sharing, • Added >$60 million of annualized net s
Slide 6: Historically Consistent Growth with Healthy Margins
Historically Consistent Growth with Healthy Margins Gross Revenue Organic Gross Contract Revenue (1) (in Millions) (in Millions) $427 $346 $384 $316 $262 $193 $150 $122 $122 $138 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 YoY YoY Growth 7% 23% 75% 32% Growth 7% 23% 13% 40% 64% 33% Gross Profi
Slide 7: Dependable End Markets with Significant Growth Tailwinds
Dependable End Markets with Significant Growth Tailwinds 21% Revenue 19% Revenue 50% Revenue 11% Revenue +29.9% Growth +16.1% Growth +5.9% Growth +117.9% Growth TRANSPORTATION POWER, UTILITIES & BUILDING MAPPING, MINING & INFRASTRUCTURE ENERGY SERVICES INFRASTRUCTURE WATER RESOURCES 7 DE L I V E RI
Slide 8: Engineering the Built Environment
Engineering the Built Environment 2,500+ Professionals Nationwide 100+ US Domestic Locations 2 offices in Mexico (production only) #72 ENR Top 500 Design Firm #59 ENR Top 500 Pure Designers 8 INNOVATIVE E NGINE E RING S OLU T I ON S
Slide 9: Reliable Portfolio of Repeat Customers & Active Projects
Reliable Portfolio of Repeat Customers & Active Projects 12,000+ Concurrently Active Assignments¹ 5,000+ Customers with Active Projects¹ >2 Average Active Projects per Customer¹ 9 (1) Data based on fiscal year 2023
Slide 10: Third Quarter 2025 Overview
Third Quarter 2025 Overview Q3 2025 Highlights & Insights • 11% YoY Growth in Gross Contract Revenue • 11% YoY Growth in Net Service Billing Acquired October 6, 2025 Renewable and energy-focused engineering using advanced civil • 8% YoY Growth in Adjusted EBITDA design, mapping and automation tools.
Slide 11: Q3 2025 Gross Revenue Composition
Q3 2025 Gross Revenue Composition Growth Across Diversified Markets 11% Gross Revenue Growth 7% Growth of Organic Gross Revenue 11% Net Revenue Growth 7% Growth of Organic in Net Revenue Building Transportation Power, Utilities Natural Resources Infrastructure & Energy & Imaging DE L I V E RI N G IN
Slide 12: Growth of Organic Net Revenue & Gross Margin by Vertical
Growth of Organic Net Revenue & Gross Margin by Vertical 7% Organic Growth of Net Revenue – Q3 2025 Organic Net Revenue by Market 12% Transportation 11.3% Natural Resources 0.6% $108.0 48% Q3 2025 22% MM Power, Utilities & Energy 8.9% Building Infrastructure 5.4% 18% 0% 2% 4% 6% 8% 10% 12% 13% Gross
Slide 13: Increasing Gross Backlog Provides Forward Visibility
Increasing Gross Backlog Provides Forward Visibility Gross Backlog Growth Story (1) (in Millions) 9% 38% 23% $438$448 Q3 2025 $419 $380 $399 $448 MM $352 $330 10% $295$299$306 $243$252 15% 30% $230 $206 $167$173 Q3 2024 46% $139 $380 MM $116$124 Gross Backlog Mix 29% Building Substructure (2) Transp
Slide 14: Balance Sheet, Tax, and Capitalization
Balance Sheet, Tax, and Capitalization • $210 Million Facility Revolver / $153 Million Available New Orders Cash, • $16.2 Million Cash on Hand Leverage • $105 Million Net Debt Backlog and • Net Leverage Ratios of 1.5x T4Q_AE & 1.4x Forward Mid-point AE Growth Liquidity • $26.4 Million Cash from Oper
Slide 15: Key Value Drivers to Achieve $1B Annual Revenue
Key Value Drivers to Achieve $1B Annual Revenue • 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 • Scal
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 Maximize utilization through commitment to work-sharing & Organic Growth Fund Innovation & Organic Grow
Slide 17: Committed to Innovation – The BIG Fund
Committed to Innovation – The BIG Fund • Bowman Innovation Growth Fund is a $25 million commitment to invest in innovative client services and efficiency tools • Areas of Focus o Geolocation, GIS, position-awareness and location- awareness services o High resolution imaging and 3D modeling o Iterati
Slide 18: FY 2025 Guidance / FY 2026 Guidance
FY 2025 Guidance Issued Net Revenue1 Adjusted EBITDA1 November 2024 $422 - $437 MM $68 - $75 MM March 2025 $428 - $440 MM $70 - $76 MM May 2025 $428 - $440 MM $70 - $76 MM August 2025 $430 - $442 MM $71 - $77 MM November 2025 $430 - $442 MM $71 - $77 MM FY 2026 Guidance Issued Net Revenue1 Adjusted
Slide 19: NASDAQ: BWMN
NAS DAQ: BWMN B O W MA N C O N SU LT I N G G R O U P LT D.
Slide 20: Appendix
APPEND IX
Slide 21: End Market Highlights
End Market Highlights Q3 2025 – % Gross Revenue | % Change 21% | +20.2% 22% | +16.6% 45% | +8.2% 12% | -3.3% (1) T R A N S P O R TA T ION POWER, U T I L I T I E S BUILDING NATURAL RESOURCES I N F R A S T RU CTU RE & EN ER G Y INFRASTRUCTURE & IMAGING • Inroads with FDOT and • Data Centers (Cloud • R
Slide 22: 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 23: 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 23 DE L I V E RI N G INNOVATIVE E NGINE E RING S OLU T I ON S
Slide 24: End Markets – Power & Utilities
End Markets – Power & Utilities 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, Georgia Spencer Meadow S
Slide 25: 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, Baltim
Slide 26: End Markets – Natural Resources & Mapping
End Markets – Natural Resources & Mapping 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 Interacti
Slide 27: 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 28: 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 29: 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 30: Services: MEP & Energy Engineering
Services: 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, commercia
Slide 31: 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 32: Sustainability Efforts – Double Materiality Assessment
Sustainability Efforts – Double Materiality Assessment Bowman and its employee stakeholders have initiated a collaborative assessment of the materiality of sustainability issues with respect to our impact on the environment and our investments in an expanding suite of environmental services. Prelimi
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