Bowman Consulting : Earnings Presentation (33e9a8f9 924a 4bfb 8700 f3863d33515b)

About this update from Bowman Consulting Group Ltd.

TRANSPORTATION NATURAL RESOURCES BUILDING INFRAS TRU CT U R E POWER, UTILITIES & ENERGY Q1 2026 EARNINGS | MAY 6, 2026 | NASDAQ: BWMN First Quarter 2026 Overview 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 Financial Highlights 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) 2026 2025 Change Gross Revenue $126.5 $112.9 +12.0% Net Service Billing 1 $114.2 $100.1 +14.1% Gross Margin 52.1% 51.4% +70 bps SG&A % of GCR 57.8% 50.5% +730 bps 2026 2025 Change Net Income (Loss) $(3,7) $(1.7) N/A Adjusted EBITDA 1 $16.8 $14.5 +15.8% Adjusted EBITDA Margin, Net 1 14.7% 14.5% + 20 bps Basic Adjusted EPS 1 $0.14 $0.07 + 100.0% 1 Non-GAAP financial metrics - See Non-GAAP tables in the corresponding press release for reconciliations 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 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 Organic NSR & Growth Margin by Vertical 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% Increasing Gross Backlog Provides Forward Visibility (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 Infrastructure 2 Transportation Power, Utilities & Energy 2 Gross Backlog Growth Story 1 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Natural Resources 3 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 Balance Sheet, Tax & Capitalization Cash, Leverage and $250 MM Facility Revolver / $141 MM Available 1 $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 Revenue 1 Adjusted EBITDA Margin 1 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 N A S D A Q: B W M N B O W M A N C O N S U L T I N G G R O U P L T D . A P P E N D I X Reconciliation of GAAP to Non-GAAP Financials Measures Gross Revenue to Net Service Billing Reconciliation For the Three Months Ended March 31 (Dollars in thousands) 2026 2025 Gross Contract Revenue $126,479 $112,931 Less: Sub-Consultants & Other Direct Expenses $12,275 $12,878 Net Service Billing $114,204 $100,053 Reconciliation of GAAP to Non-GAAP Financials Measures Adjusted EBITDA Reconciliation For the Three Months Ended March 31 (Dollars in thousands) 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 EBITDA $8,371 $7,659 +Non-Cash Stock Compensation 4,196 6,642 +Acquisition Expenses 4,230 204 Adjusted EBITDA $16,797 $14,505 Adjusted EBITDA Margin, Net 14.7% 14.5% Reconciliation of GAAP to Non-GAAP Financials Measures EPS to Adjusted EPS Reconciliation For the Three Months Ended March 31 (Dollars in thousands) 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) +Acquisition Related Expenses 1,540 594 +Amortization Of Intangibles 3,292 2,617 +Non-Cash Stock Comp Related To Pre-IPO 165 493 +Other Non-Core Expenses 3,268 143 Adjusted Income Before Tax Expense $4,968 $2,872 Adjusted Income Tax (Benefit) Expense 2,564 1,676 Adjusted Net Income $2,404 $1,196 Adjusted Earnings Allocated To Non-Vested Shares 91 61 Adjusted Net Income Attributable To Common Shareholders $2,313 $1,135 DILUTIVE ADJUSTED EPS For the Three Months Ended March 31 Non-GAAP Adjusted EPS - Dilutive 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 Adjusted EPS - Adjusted Net Income $0.15 $0.07 Adjusted EPS Allocated to Non-Vested Shares $0.01 - Adjusted EPS Attributable to Common Shares $0.14 $0.07 BASIC ADJUSTED EPS For the Three Months Ended March 31 Non-GAAP Adjusted EPS - Basic 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 - Adjusted Net Income $0.15 $0.07 Adjusted EPS Allocated to Non-Vested Shares $0.01 - Adjusted EPS Attributable to Common Shares $0.14 $0.07 Reconciliation of GAAP to Non-GAAP Financials Measures EPS to Adjusted EPS Reconciliation For the Three Months Ended March 31 (Dollars in thousands) 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 Diluted $0.14 $0.07 Weighted Average Shares Outstanding Basic 16,453,401 16,356,331 Diluted 16,671,910 16,638,334 DEL IVERING INNOVATIVE ENGINEERING SOLUT IONS Attention : This is an excerpt of the original content. To continue reading it, access the original document here .

View stock analysis, news, and events for Bowman Consulting Group Ltd.