Bowman Reports Results for Fourth Quarter and Full Year 2025; Raises 2026 Guidance (Form 8-K)

Bowman Reports Results for Fourth Quarter and Full Year 2025; Raises 2026 Guidance

Reston, VA, March 4, 2026 -- Bowman Consulting Group Ltd. (NASDAQ: BWMN), a national engineering services and program management firm, today announced record financial results for the fourth quarter and full year ended December 31, 2025. The company also raised net service billing guidance for 2026.

"We delivered a record year in 2025," said Gary Bowman, founder and CEO of Bowman. "Our focus on execution, organic growth and strategic acquisition is evident in our results. With double-digit growth of organic net service revenue, more than 100 basis point increase in adjusted EBITDA margin, improved cash conversion and the completion of several consequential acquisitions, we entered 2026 with strong momentum in the business and confidence in our markets. We're well positioned for another breakout year as we continue to build on our successes."

Fourth Quarter 2025 Compared to Fourth Quarter 2024 Financial Results:

•Gross contract revenue of $129.0 million compared to $113.2 million, a 14.0% increase

•Net service billing1 of $114.6 million compared to $98.6 million, a 16.2% increase

•Organic net service billing2 growth of 10.9% compared to 8.5%

•Net income of $2.0 million compared to $5.9 million4

•Basic and Diluted EPS of $0.11 compared to $0.34 and $0.33 respectively

•Adjusted EBITDA1 of $19.9 million compared to $17.0 million, a 17.1% increase

•Adjusted EBITDA margin, net 1 of 17.3% compared to 17.2%

•Adjusted Basic and Diluted EPS of $0.46 and $0.45 compared to $0.72 and $0.71 respectively

Full-Year 2025 Compared to Full-Year 2024 Financial Results:

•Gross contract revenue of $490.0 million compared to $426.6 million, a 14.9% increase

•Net service billing1 of $434.8 million compared to $379.7 million, a 14.5% increase

•Organic net service billing2 growth of 12.4% compared to 13.1%

•Net income of $12.8 million compared to $3.0 million

•Basic and Diluted EPS of $0.74 and $0.73 respectively compared to $0.18 and $0.17 respectively

•Adjusted EBITDA1 of $72.9 million compared to $59.5 million, a 22.5% increase

•Adjusted EBITDA margin, net 1 of 16.8% compared to 15.7%, a 110-bps increase

•Adjusted Basic and Diluted EPS of $1.72 and $1.68 compared to $1.23 and $1.20 respectively

•Gross backlog of $479.1 million compared to $399.0 million, a 20.1% increase

Notable Events:

•On December 8, 2025, Bowman acquired RPT Alliance, a leading Houston-based designer of natural gas transmission and bridging power electrification infrastructure, significantly expanding Bowman's power and utilities practice.

•On February 17, 2026, Gary Bowman announced his plan to retire as CEO in 2026. The Company's Board of Directors is conducting a formal search process that includes both internal and external candidates. Mr. Bowman expects to serve as Senior Advisor upon the appointment of his successor.

•On March 3, 2026, the Company entered into a Third Amendment to Credit Agreement with its lenders. The amendment increased the maximum borrowing under the credit facility to $250 million from $210 million. In addition, certain other pricing conditions were modified to better reflect current market conditions.

Share Repurchases:

•During the three months ending December 31, 2025, the Company repurchased 272,885 shares of its common stock under its 2025 Share Repurchase Authorization at an average price of $34.25 for a total of $9.3 million.

•During the twelve months ending December 31, 2025, the Company repurchased 683,448 shares of its common stock under its 2024 and 2025 Share Repurchase Authorizations at an average price of $27.51 for a total of $18.8 million.

•Subsequent to year end, through February 28, 2026, the Company repurchased 159,177 shares of its common stock under its 2025 Share Repurchase Authorization at an average price of $34.11 for a total of $5.4 million.

CFO Commentary

"We are entering 2026 with financial strength, continued margin expansion and improving cash generation," said Bruce Labovitz, CFO of Bowman. "Our leverage is manageable and our access to efficient growth capital remains high as evidenced by our lenders increasing our revolving debt facility to $250 million. We expect 2026 will be an exciting year of investment in organic growth. The initiatives we are undertaking in technology and innovation are aimed at improving efficiency, empowering data-driven analytics and advancing long-term client engagement. Our financial goals for 2026 remain consistent - grow responsibly, invest prudently, operate profitably, improve internally generated cash flow and generate above-market returns to our shareholders. As we look ahead to our next long-range revenue milestone, we are confident in our capital foundation and optimistic about our future."

Full Year 2026 Guidance

Bowman raised net revenue guidance for full year 2026:

Date Issued			Net Revenue			Adjusted EBITDA Margin
November 2025			$465 - $480 MM			17.0% - 17.5%
March 2026			$495 - $510 MM			17.0% - 17.5%

The current outlook for 2026 is based on completed and definitively contracted acquisitions as of the date of this release and does not include contributions from future acquisitions.

Conference Call Information

Bowman will host a conference call to discuss financial results tomorrow morning, March 5, 2026, at 9:00 a.m. ET. Access to a live webcast is available through the Investor Relations section of the Company's website at investors.bowman.com.

About Bowman Consulting Group Ltd.

Headquartered in Reston, Virginia, Bowman is a national engineering services firm offering infrastructure engineering, technical services and project management solutions to owners and operators of the built environment. With over 2,300 employees and 135 locations throughout the United States, Bowman provides a variety of planning, engineering, geospatial, construction management, commissioning, environmental consulting, land procurement and other technical services to customers operating in a diverse set of

regulated end markets. Bowman trades on Nasdaq under the symbol BWMN. For more information, visit bowman.com or investors.bowman.com.

1 Non-GAAP financial metric the Company believes offers valuable perspective on results of operations (see non-GAAP tables below for reconciliations).

2 Organic growth for the three months ended 12/31/25 excludes revenue from acquisitions completed after December 31, 2025. Year over year growth rates only reflect revenue realized post-acquisition.

3 Basic Adjusted EPS and Diluted Adjusted EPS are all non-GAAP financial metrics the Company believes offer valuable perspectives on results of operations (see non-GAAP tables below for reconciliations). Adjusted EPS (Basic and Diluted) include addbacks for non-reoccurring expenses specific to acquisitions, non-cash stock compensation expense associated with pre-IPO grants, and other expenses not in the ordinary course of business. With respect to the elimination of any non-cash stock compensation expense, the Company computes an adjusted tax expense or benefit which accounts for the elimination of any periodic windfall or shortfall tax effects resulting from the difference between grant date fair value and vest date value. With respect to all other eliminations, the Company applies its average marginal statutory tax rate, currently 25.8%, to derive the tax adjustment associated with the elimination of expenses. A reconciliation of non-GAAP Adjusted EPS to GAAP EPS, both basic and diluted, is included with this press release for reference.

4 Prior period net income was impacted by a one-time $5.4 million tax benefit.