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TRANSPORTATION POWER & UTILITIES ENERGY BUILDING INFRASTRUCTURE NATURAL RESOURCES 25th Annual B. Riley Securities Investor Conference May 21, 2025 Bruce Labovitz Chief Financial Officer INFRASTRUCTURE PLANNING, ENGINEERING & MANAGEMENT OF THE BUILT ENVIRONMENT NASDAQ: BWMN
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Safe Harbor Statement 2 DELIVERING INNOVATIVE ENGINEERING SOLUTIONS 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 those expressed, and we are not obligated to publicly update or revise these forward-looking statements. In addition, on today’s call, we will discuss certain non-GAAP financial information such as Adjusted EBITDA, Adjusted EPS and Net Service Billing. You can find this information, together with the reconciliations to the most directly comparable GAAP information, in our quarterly earnings press releases and our 8-K filings with the SEC and on our website at investors.bowman.com .
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Compelling Infrastructure Design & Management Growth Story 3 Engineering & Program Management Services Attractive & Well Funded End Market Verticals • Minimal federal contracting – mostly state and local • Diversified secular markets and no construction cost exposure Historically Consistent Growth & Healthy Margins • Asset-lite model improves cash conversion • Strong balance sheet and capitalization Growth through Adjacency & Revenue Capture • Closed & integrated 35+ acquisitions since IPO • Reliable portfolio of repeat customers & active projects Employee Ownership fosters Shareholder Alignment Net Service Billing (1) Adjusted EBITDA (1) Adjusted EBITDA Margin, Net (1) (Dollars in Millions) $14 $60 2020 2024 13% 16% Traditional IPO in May 2021 Robust Post-IPO Financial Performance (1) Adjusted EBITDA, Adjusted EBITDA Margin, Net and Net Service Billing are non-GAAP measures and are reconciled to their respective closest GAAP measure in the appendix. Civil infrastructure design engineering offers healthy organic growth, attractive margins & generous free cash flow potential $104 $380 $122 $427 2020 2024 Gross Revenue
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4 Historically Consistent Growth with Healthy Margins Gross Revenue Organic Gross Contract Revenue (1) YoY Growth (in Millions) (in Millions) Adjusted EBITDA (3) (in Millions) Gross Profit (2) (in Millions) (1) Revenue from acquisitions is treated as acquired revenue for a period of four full quarters post-closing, after which it is considered organic (2) Gross profit is calculated as Gross Contract Revenue less Contract costs. See reconciliation in the appendix (3) Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP measures and are reconciled to their respective closest GAAP measure in the appendix YoY Growth Gross Margin Adjusted EBITDA Margin (3) 7% 23% 32% 75% 23% $122 $150 $262 $346 $427 2020 2021 2022 2023 2024 $122 $138 $193 $316 $384 2020 2021 2022 2023 2024 $56 $75 $135 $176 $223 2020 2021 2022 2023 2024 $14 $16 $34 $47 $60 2020 2021 2022 2023 2024 46% 50% 51% 52% 52% 7% 13% 64% 40% 33% 13% 12% 15% 13% 16%
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Expanding North American Footprint 100+ US Domestic Locations + 2 Mexico (production only) 2,300+ Professionals Nationwide Attractive Geographies with Professional Depth, Population Growth and Demand for Engineering and Design Services 5 ENR Top500 Design Firm #72 ENR Top500 Pure Designers #59
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Reliable Portfolio of Repeat Customers & Active Projects 6 11,500+ 4,750+ Customers with Active Projects¹ 2+ Average Active Projects per Customer¹ (1) Data based on fiscal year 2023 Concurrently Active Assignments¹
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First Quarter 2025 Overview 7 DELIVERING INNOVATIVE ENGINEERING SOLUTIONS • 19% YoY Growth in Gross Contract Revenue • 17% YoY Growth in Net Service Billing • 20% YoY Growth in Adjusted EBITDA • 30% YoY Growth in Backlog • 6% YoY Growth in Organic Net Service Billing • 83% of Adj. EBITDA Converted to FCF • Reduced Shares Outstanding • Continued Revenue Diversification • Acquired UP Engineering
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End Market Highlights Q1 2025 – % Gross Revenue | YoY % Change T R ANSPOR TATION INFRASTRUCTURE • Inroads with FDOT and RIDOT and other DOTs • Pennsylvania Turnpike Commission – Allegheny Tunnel Transportation Improvement Project • Mobile mapping for interstate highways • Canadian Railway Assignment in Illinois • Undergrounding (Pike, Florida Power & Light, Tampa Electric) • Expanded gas pipeline services in Nevada • Expanding engagement with SDG&E 8 DELIVERING INNOVATIVE ENGINEERING SOLUTIONS • Civil Engineering and Mine Infrastructure Services • Copper and Aggregates • Geospatial Capabilities for Industrial Minerals, Cement and Aggregates • Water, Wastewater, Water Reclamation Services Pilot • Aerial Orthoimagery & Lidar • Renewable Energy Solutions Provider • Solar • Battery Storage • EV Charging Stations • Pattern Energy - Wind Energy Project Engineering and Design MAPPING, MINING & WATER RESOURCES BUILDING INFRASTRUCTURE • Office & Industrial • Data Centers • Municipal • Fulfillment Centers • Quick Service Restaurants • Residential • Build-for-Rent • Other POWER , UTILITIES & ENERGY SERVICES 21% | + 29.9% 19% | +16.1% 11% | +117.9%50% | + 5.9%
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9 DELIVERING INNOVATIVE ENGINEERING SOLUTIONS Q1 2025 End Market Gross Revenue Composition Growth Across Diversified Markets 19% Gross Revenue Growth 7% Growth of Organic Gross Revenue 17% Net Revenue Growth 6% Growth of Organic in Net Revenue Building Infrastructure Transportation Emerging MarketsPower, Utilities & Energy (1) Emerging Markets includes Mining, Water, Environmental and Mapping
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Growth of Organic Net Revenue by Vertical 10 DELIVERING INNOVATIVE ENGINEERING SOLUTIONS 2.3% 5.8% 9.6% 14.9% 0% 2% 4% 6% 8% 10% 12% 14% 16% Building Infrastructure Power & Utilities Emerging Markets Transportation 6% Growth of Organic Net Revenue – Q1 2025 56% 19% 19% 6% $90.5 MM Organic Net Revenue by Market Q1 2025 Q1 2024 58% 17% 19% 6% $85.7 MM
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Increasing Gross Backlog Provides Forward Visibility 11 (in Millions) (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 (2) Emerging Markets includes Water, Mining and Natural Resources markets $116$124 $139 $167 $173 $206 $230 $243 $252 $295 $299 $306 $330 $352 $380 $399 $419 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 Gross Backlog Growth Story (1) Building Infrastructure Transportation Power & Utilities Emerging Markets (2) 51% 28% 17% 4% Q1 2024 $330 MM 39% 33% 20% 8% Q1 2025 $419 MM Gross Backlog Mix Note: Backlog represents the total dollar amount of revenues we expect to record in the future from the performance of 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.
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Balance Sheet, Tax, and Capitalization Cash, Leverage and Liquidity 12 DELIVERING INNOVATIVE ENGINEERING SOLUTIONS Buybacks and Capital Allocation Organic Revenue Growth Backlog Growth New Orders Cash Flow from Operations M&A Activity Debt Capital • $140 Million Facility Revolver • $10.7 Million Cash on Hand • $97 Million Net Debt • Net Leverage Ratios of 1.6x T4Q_AE & 1.3x Forward Midpoint_AE • $12 Million Cash from Operating Activities / $10.5 Million Free Cash Flow • 83% Cash Conversion and 73% Free Cash Flow Conversion • Purchased $6.7 Million of Common Stock in Q1 • 17.3 Million Shares Outstanding on 03/31/25 • Continued buyback into Q2 of $5.3 million as of 05/02/25 • 17.2 Million Shares Outstanding on 05/02/25 • Commitment to innovation investments and organic growth
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DELIVERING INNOVATIVE ENGINEERING SOLUTIONS 13 Capital Allocation Priorities & Strategy Fund Innovation & Organic Growth Acquisition of Adjacent Operations Bowman’s Capital Allocation Matrix Share Repurchase & Liquidity Support Fund Innovation & Organic Growth Invest in disruptive innovation to accelerate production and expand margin Utilize generative design technologies; digital twin systems; GIS applications to advance customer experience and engagement longevity M&A Adjacencies Focus on complementary enterprises that provide revenue synergy Commit to being a fully financial & operational integration Maximize utilization through commitment to work-sharing Share Repurchase Program Allocate capital to support shareholders when the market is unusually volatile Make anti-dilutive investment when our equity is excessively undervalued
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Disciplined Acquisition Strategy Compounded Organic Growth 14 • 8 acquisitions of $1 MM+ since beginning of 2024 bring total to 35 acquisitions since IPO (1) • Added >$60 million of annualized net service billing from acquisitions each year since 2021 • Experiencing revenue synergy success through integration • Increased utilization through increased work-sharing, collaboration, and assumption of overhead responsibility • High frequency, Low risk approach (1) Through Nov 30, 2024, excludes acquisitions of licensing -only companies (2) Based on management’s estimates of annualized Net Service Billing run rates from each acquisition. Net Service Billing is a n on-GAAP measure and is reconciled to its closest GAAP measure in the appendix.
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Key Value Drivers 15 DELIVERING INNOVATIVE ENGINEERING SOLUTIONS • 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 scale without large capital investments creates long runway for profitable growth • Insulated from Global Supply Shocks – Domestic focus provides stability, consistency & insulation from global events • 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
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FY 2025 Guidanc e 16 DELIVERING INNOVATIVE ENGINEERING SOLUTIONS Issued Net Revenue Adjusted EBITDA November 2024 $422 - $437 MM $68 - $75 MM March 2025 $428 - $440 MM $70 - $76 MM May 2025 $428 - $440 MM $70 - $76 MM Guidance Includes Acquisitions Completed to Date Only
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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 .
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A P P E N D I X
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Reconciliation of GAAP to Non-GAAP Gross Revenue to Net Service Billing Reconciliation 2025 2024 Gross Contract Revenue $112,931 $94,907 Less: Sub-Consultants & Other Direct Expenses $12,878 $9,218 Net Service Billing $100,053 $85,689 For the Three Months Ended March31 19 DELIVERING INNOVATIVE ENGINEERING SOLUTIONS (Dollars in thousands)
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Reconciliation of GAAP to Non-GAAP Adjusted EBITDA Reconciliation 2025 2024 Net (Loss) Income (GAAP) $(1,744) $(1,558) +Interest Expense 2,113 2,131 +Depreciation & Amortization 6,521 5,995 +Tax (Benefit) Expense 769 (3,453) EBITDA $7,659 $3,115 +Non-Cash Stock Compensation 6,642 7,861 +Settlements & Other Non- Core Expenses 143 399 +Acquisition Expenses 61 753 Adjusted EBITDA $14,505 $12,128 Adjusted EBITDA Margin, Net 14.5% 14.2% 20 DELIVERING INNOVATIVE ENGINEERING SOLUTIONS For the Three Months Ended March31(Dollars in thousands)
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Reconciliation of GAAP to Non-GAAP EPS To Adjusted EPS Reconciliatio n 2025 2024 Net (Loss) Income (GAAP) $(1,744) $(1,558) +Tax Expense (Benefit) (GAAP) 769 (3,453) Income (Loss) Before Tax Expense (GAAP) $(975) $(5,011) +Acquisition Related Expenses 594 1,350 +Amortization Of Intangibles 2,617 3,339 +Non-Cash Stock Comp Related To Pre -IPO 493 1,557 +Other Non-Core Expenses 143 399 Adjusted Income Before Tax Expense $2,872 $1,634 Adjusted Income Tax (Benefit) Expense 1,676 (1,660) Adjusted Net Income $1,196 $3,294 Adjusted Earnings Allocated To Non -Vested Shares 61 310 Adjusted Net Income Attributable To Common Shareholders $1,135 $2,984 21 DELIVERING INNOVATIVE ENGINEERING SOLUTIONS For the Three Months Ended March 31(Dollars in thousands)
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Non-GAAP Adjusted EPS – Dilutive 22 DELIVERING INNOVATIVE ENGINEERING SOLUTIONS For the Three Months Ended March 31 (Loss) Earnings per share (GAAP) $(0.11) $(0.11) Pre-tax basic per share adjustments $0.28 $0.22 Adjusted EPS before tax expense $0.17 $0.11 Tax expense (benefit) per share adjustment $0.10 $(0.11) Adjusted EPS - adjusted net income $0.07 $0.22 Adjusted EPS allocated to non-vested shares $ - $0.02 Adjusted EPS attributable to common shares $0.07 $0.20 2025 2024
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Non-GAAP Adjusted EPS - Basic 23 DELIVERING INNOVATIVE ENGINEERING SOLUTIONS For the Three Months Ended March31 Earnings (loss) per share (GAAP) $(0.11) $(0.11) Pre-tax basic per share adjustments $0.29 $0.23 Adjusted EPS before tax expense $0.18 $0.12 Tax expense (benefit) per share adjustment $0.11 $(0.12) Adjusted EPS - adjusted net income $0.07 $0.24 Adjusted EPS allocated to non-vested shares $ - $0.02 Adjusted EPS attributable to common shares $0.07 $0.22 2025 2024
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Reconciliation of GAAP to Non-GAAP EPS To Adjusted EPS Reconciliation 2025 2024 (Loss) Earnings Per Share (GAAP) Basic $(0.11) $(0.11) Diluted $(0.11) $(0.11) Adjusted Earnings Per Share (Non -GAAP) Basic $0.07 $0.22 Diluted $0.07 $0.20 Weighted Average Shares Outstanding Basic 16,356,331 13,827,728 Diluted 16,638,334 14,561,032 24 DELIVERING INNOVATIVE ENGINEERING SOLUTIONS For the Three Months Ended March 31(Dollars in thousands)
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Services: Civil & Site Design 25 • Master Planned Communities & Infrastructure • Commercial/Residential Site Development • Site Plans • Grading Plans • Plans & Profiles • Erosion & Sediment Control • Stormwater Management • Floodplain Studies • Drainage Design • Utility Design/Coordination • Utility Relocations • Transportation Planning • Roadway Design • Traffic Engineering • Intersection Improvements • Route/Alignment Studies • Bridge Design • Signals, Lighting & Illumination • ITS & Tollways • Signing & Pavement Marking Plans • Traffic Control Plans • Trails and Multi-Use Paths • Water/Wastewater • Public Involvement / Consensus Building • Access Management Plans • Alternate Delivery Methods • Construction Plans, Permitting & Administration 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 all types. Bowman engineers have innumerable experience planning and designing the environment we live in
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Services: Geospatial & Survey 26 • Revit or CAD As-Builts • Architecture, Structure, & MEP/Fire Protection • Terrestrial 3D LiDAR Scanning • Mobile 3D LiDAR Scanning • Online Virtual Project Tours • Pre and Post Demo Documentation • Drone Based Aerial Imagery • VR Ready Models • VDC - Clash Detection and Coordination • Pre-Fabrication Surveys • ALTA/NSPS Surveys • Boundary/Topographic Surveys • Route Corridor Studies • Construction Layout/Staking • Utility Location & As-Builts • Full Platting Services • Easements • 3D Laser Scanning/LiDAR • Subsurface Utility Engineering • Pipeline Surveys & As-Builts • Distribution Line Location • Condemnation Surveys • Manned & Unmanned Aircraft Systems • GIS Mapping • GPS/Geodetic Control Surveys • Route/Corridor Surveys • Bathymetric Surveys 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 surveys to complicated aerial surveys, Bowman utilizes the latest technology
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Services: Right-of-Way Procurement 27 • Feasibility Studies & Right-of- Entry Cost Estimates • Public Information Meeting Support • Right-of-Entry • Title Searches/Title Curative • Appraisals/Appraisal Reviews • Parking, Access & Site Impact Studies • Document Preparations & Parcel File Management • Negotiations • Settlements/Closing/Recordation • Property Management • Relocation Advisory Assistance • Encroachment Resolutions • Expert Witness Court Testimony • Eminent Domain/Condemnation Support • Parcel File Management & Close-Out • Replacement Housing Plans • Easement and Right-of-Entry Training 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 allows us to perform all the necessary functions for a project from start to finish. Bowman provides “turn-key” right-of-way and land services from conception to completion for our clients
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MEP & Energy Engineering 28 • Central Plant • HVAC • Geothermal • Smoke Control & Evacuation • System Evaluation & Analysis • Building Evaluation Reports • Energy Modeling • Solar/Battery Design & Integration • Remote Performance Evaluations & Production Modeling • Medium & Low Voltage Power Distribution • Lightning Design & Protection • Fire / Life Safety • Power Generation & Distribution • UPS System • Short Circuit & Breaker Coordination Studies • Arc Flash Analysis • Building Evaluation Reports • Building Electrification / Decarbonization • Domestic Water • Sanitary/Storm • Sprinkler (including Pre-Action) • Medical Gas Distribution • Medical Vacuum System • Building Evaluation Reports • Rainwater Harvesting • Irrigation Design • Fire Alarm • Sprinkler • Fire Pump • Clean Agent • Life Safety • Commissioning • Retro-Commissioning • Code Compliance • Construction Site Observations 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, educational, healthcare, municipal and industrial. Our engineers have the experience and expertise to deliver functional, technically challenging, high-quality projects
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Services: Sustainability and Environmental Consulting 29 Ultrasonic Acoustic Deterrents – Wind Turbines Hydrology, hydraulics and wetlands mitigation Natural Resources Surveys & Assessments • Wetland & Waters of the U.S. Delineations • Natural Resources Inventories • Wildlife & Vegetation Surveys • Threatened & Endangered Species Surveys • Habitat Assessments • Forest Stand Delineations • Water Quality Studies • Reclaimed/Recycled Water Analysis • Soils, Geological & Geomorphological Assessment Environmental Planning Management • Natural Resources Management Plans • Endangered Species Conservation & Management • Land & Wildlife Management Plans • Integrated Pest Management (IPM) Plans • Forest Conservation Plans • Wetland Creation/Enhancement Design • Stream Restoration/Enhancement Design • Native Vegetation Restoration • Aquatic Vegetation Management • Aquatic Pesticide Application Plan (APAP) • Conservation Easement Baseline Reports & Inspections Environmental Compliance • Section 404/401 Permitting & Compliance • Wetland & Stream Mitigation Monitoring • NEPA Documentation • Cumulative Effects Assessment • NPDES Permitting • Stormwater Pollution Prevention Plans • Sediment & Erosion Control Plans • Phase I Environmental Site Assessments • Hazardous Waste Management 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 suite of environmental and sustainability services
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Sustainability Efforts – Double Materiality Assessment 30 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. Preliminary results are below. Environmental Governance Social Materiality assessment partner DELIVERING INNOVATIVE ENGINEERING SOLUTIONS