Bowman Consulting Group Ltd. · NASDAQ:BWMN
Bowman Consulting — Q4 2025 Earnings Presentation
22 slides from Bowman Consulting's earnings presentation, Mar 5, 2026
Slide 1: Q4 & FY 2025 Earnings
Q4 & FY 2025 EARNINGS | MARCH 5, 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
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: Q4 & FY 2025 Review
Q4 & FY 2025 Review Seven 2025 Acquisitions & Acqui-Hires Highlights & Insights • 14% QoQ Growth in Gross Contract Revenue CIVIL, SURVEY/GEOSPATIAL CIVIL, STRUCTURAL, MEP • 16% QoQ Growth in Net Revenue • 17% QoQ Growth in Adjusted EBITDA CIVIL, SITE PLANNING, UTILITY INFRASTRUCTURE CIVIL, SURVEY/GE
Slide 4: Financial Highlights Q4 2025 Compared to Q4 2024
Financial Highlights Q4 2025 Compared to Q4 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 $1.5 $0.5 200% Gross Revenue $129.0 $113.2 +14.0% Net Income (Loss)
Slide 5: Financial Highlights Full Year 2025 Compared to Full Year 2024
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 6: Q4 2025 Gross Revenue Composition
Q4 2025 Gross Revenue Composition Growth Across Diversified Markets 14.0% Gross Revenue Growth 8.8% Growth of Organic Gross Revenue 16.2% Net Revenue Growth 10.9% Growth of Organic Net Revenue Building Infrastructure Transportation Power, Utilities & Energy Natural Resources¹ 1 Natural Resources inc
Slide 7: 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 8: Organic Net Service Revenue & Gross Margin by Vertical
Organic Net Service Revenue & Gross Margin by Vertical Q4 2025 10.9% Organic Growth of Net Revenue – Q4 2025 11% Transportation 5.9% 46% Natural Resources 29.4% $109.3 Q4 2025 22% MM Power, Utilities & Energy 11.0% Building Infrastructure 9.3% 21% Organic Net Service 0% 5% 10% 15% 20% 25% 30% 35% Re
Slide 9: Organic Net Service Revenue & Gross Margin by Vertical
Organic Net Service Revenue & Gross Margin by Vertical FY 2025 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% Reven
Slide 10: 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 11: Balance Sheet, Tax, and Capitalization
Balance Sheet, Tax, and Capitalization New • $250 MM Facility Revolver / $154 MM Available1 Orders Cash, • $11.1 MM Cash on Hand Leverage • $178.7 MM Net Debt Backlog Growth and • Net Leverage Ratio of 2.45x T4Q_AE & 2.06x Forward mid-point AE Organic Liquidity • $35.8 MM Cash from Operating Activit
Slide 12: 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% 1 Guidance includes acquisitions completed to date only 12 DE L I VE RI NG INNOVATIVE ENGINEERING SO L U T I O NS
Slide 13: Where We Win & Why
Where We Win & Why Winning in Targeted, High-Barrier Markets Data Centers / Mission Critical Geospatial / Federal Power, Utilities & Energy Transportation • Multi-Service Delivery • Advanced Aerial & LiDAR • Electric + Gas + Renewables • Bridge & Highway Depth • Integrated Engineering (Electrical •
Slide 14: 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 15: Appendix
APPEND IX
Slide 16: 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 17: 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 18: 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 19: 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 20: 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 21: 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
Slide 22: 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
Bowman Consulting Group — Q4 2025 Earnings Presentation on 6ix