2026 Q1 Earnings Deck

TRANSPORTATION

NATURAL RESOURCES

BUILDING INFRAS TRU CT U R E

POWER, UTILITIES & ENERGY

Q1 2026 EARNINGS | MAY 6, 2026 | NASDAQ: BWMN

Recent Acquisition(s) Quarterly Highlights

LAND SURVEYING & MAPPING | LAS VEGAS, NV

Acquired May 1, 2026

• 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

• $652.7 MM backlog is largest in our history

Q1 2026 Compared to Q1 2025

For the Three Months Ended March 31

For the Three Months Ended March 31

(Dollars in Millions, except per share data)

1 Non-GAAP financial metrics - See Non-GAAP tables in the corresponding press release for reconciliations

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

1 Natural Resources includes Mining, Water, Environmental, Mapping & Imaging

5 DE L I V E RI N G INNOVATIVE E NGINE E RING S OLU T I ON S

Q1 2026

Q1 2026

29%

10%

42% 44% 46% 48% 50% 52% 54% 56%

52.5%

53.7%

54.5%

46.6%

Transportation Natural Resources Power, Utilities & Energy

Building Infrastructure

Gross Margin by Vertical - Q1 2026

6.0% Organic Growth of Net Revenue - Q1 2026

Transportation Natural Resources Power, Utilities & Energy

Building Infrastructure

13.2%

16.4%

5.1%

1.5%

0%

5%

10%

15%

20%

$106.1

MM

43%

Organic Net Service Revenue by Market

Q1 2025

23%

18%

9%

$100.1

MM

48%

20%

(in Millions)

$653

$479

$438$448

$419

$399

$380

$352

$330

$295$299$306

$230$243$252

$206

$167$173

$116$124$139

33%

25%

Q1 2026

$653 MM

8%

21%

20%

Q1 2025

$419 MM

39%

21%

33%

Gross Backlog Mix

Building Infrastructure2 Transportation

Power, Utilities & Energy2

Gross Backlog Growth Story1

1Q21

2Q21

3Q21

4Q21

1Q22

2Q22

3Q22

4Q22

1Q23

2Q23

3Q23

4Q23

1Q24

2Q24

3Q24

4Q24

1Q25

2Q25

3Q25

4Q25

1Q26

Note: Backlog represents the total dollar amount of future revenues expected from work under contracts we have been awarded. There is no assurance that backlog will be realized as revenues in the amounts reported or, if realized, will result in profits.

1 Gross backlog growth is defined as the difference between the backlog balance at the end of a specific period and the backlog balance at the beginning of the same period

Cash, Leverage

and

• $250 MM Facility Revolver / $141 MM Available1

• $12.0 MM Cash on Hand

• $186.8 MM Net Debt

• Net Leverage Ratio of 2.49x T4Q_AE & 2.02x Forward mid-point AE

  New Orders

  
  
  

  Backlog Growth

  Organic

  Liquidity

  Buybacks

  and

• $11.6 MM Cash from Operating Activities / $9.1 MM Free Cash Flow

• 69% Cash Conversion and 54% Free Cash Flow Conversion

• 17.15 MM Shares Outstanding down from 17.19 MM

  Debt Capital

  M&A Activity

  Revenue Growth

  Capital Allocation

• Organic Growth & Margin Expansion through Innovation Investment

• Capital Priorities Remain Intact - Organic Growth, Acquisition and Liquidity

  Cash Flow from Operations

  1 Revolver increased from $210 MM to $250 MM on March 3, 2026

  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

  Net Service Revenue Bridge

  Backlog to Full-Year Guidance

• Growth Emanates From:

  • Transportation

    • Strong backlog coverage

  • Energy

    • Expanding wallet share, higher velocity work

  • Natural Resources

    • Government & geospatial demand

  • Geospatial

    • Early & extended engagement

      NET SERVICE REVENUE BRIDGE

      $250	$114	$170	$534		$540
      						$520

      Dollars in Millions

      BACKLOG- SUPPORTED REVENUE

      Q 1 NSR NEW BOOKINGS

      REQUIRED

      2026 NSR TOTAL 2026 NSR GUIDE

      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 - Built to scale without large capital investments creates long runway for profitable growth

      • Deliberate Automation and AI Strategy - Value-driven approach to improved efficiency, extended client engagement and margin enhancement

      • High-Margin Revenue Structure - No pass-throughs - our revenue is a true indicator of performance over volume

      • Aligned with National Policy Tailwinds - U.S. policy favors domestic infrastructure, energy & industrial investment

      • Focused, Not Fragmented - Pure U.S. domestic infrastructure investment with no construction exposure

B O W M A N C O N S U L T I N G G R O U P L T D .

Gross Revenue to Net Service Billing Reconciliation

For the Three Months Ended March 31

(Dollars in thousands)

Adjusted EBITDA Reconciliation

For the Three Months Ended March 31

(Dollars in thousands)

EPS to Adjusted EPS Reconciliation

For the Three Months Ended March 31

(Dollars in thousands)

DILUTIVE ADJUSTED EPS

For the Three Months Ended March 31

BASIC ADJUSTED EPS

For the Three Months Ended March 31

EPS to Adjusted EPS Reconciliation

For the Three Months Ended March 31

(Dollars in thousands)

DEL IVERING INNOVATIVE ENGINEERING SOLUT IONS