FOR IMMEDIATE RELEASE

Bowman Reports Results for First Quarter 2026;

Guidance Raise Indicates Over 20% Revenue Growth for 2026

Reston, VA, May 5, 2026 -– Bowman Consulting Group Ltd. (NASDAQ: BWMN), a national engineering services and program management firm, today announced financial results for the first quarter ended March 31, 2026.

“Bowman is in a strong position coming out of the first quarter with record-setting backlog growth that positions us for outsized organic growth over the next couple of years,” said Gary Bowman, founder and CEO. “Additionally, we delivered double-digit increases in both net service billing and Adjusted EBITDA in the quarter. The strength of demand across our market verticals positions us to achieve continued margin expansion during 2026 and beyond. We are confident in our ability to deliver solid performance this year and have raised full-year 2026 guidance accordingly.”

First Quarter 2026 Compared to First Quarter 2025 Financial Results:

•Gross contract revenue of $126.5 million compared to $112.9 million, a 12.0% increase

•Net service billing1 of $114.2 million compared to $100.1 million, a 14.1% increase

•Organic net service billing2 growth of 6.0% compared to 5.6%

•Net loss of $(3.7) million compared to $(1.7) million

•Basic and Diluted EPS of $(0.22) compared to $(0.11) respectively

•Adjusted EBITDA1 of $16.8 million compared to $14.5 million, a 15.8% increase

•Adjusted EBITDA margin, net 1 of 14.7% compared to 14.5%

•Adjusted Basic and Diluted EPS 3 of $0.14 compared to $0.07 respectively

•Cash from Operations of $11.6 million as compared to $12.0 million

•Gross backlog of $652.7 million compared to $418.8 million, a 55.9% increase

Notable Events:

•The Company executed a $146.7 million contract modification with a U.S. government agency, bringing the total not-to-exceed value of the contract to $177.7 million. The original contract was entered into in December 2025.

•On March 3, 2026, the Company entered into a Third Amendment to the Credit Agreement and Joinder Agreement, which increased the maximum aggregate revolving commitments from $210.0 million to $250.0 million.

•During the three months ended March 31, 2026, the Company repurchased 288,098 shares of its common stock under the 2025 Stock Repurchase Authorization at an average price of $32.03 per share for a total of $9.2 million.

•On May 1, 2026, Bowman acquired Smith & Associates Land Surveying, LLC., expanding service capabilities in the Southwest region and adding $2.0 million of run-rate net service billing.

---

CFO Commentary

“Our achievements in the quarter position us to generate significant organic growth and meaningful margin expansion this year,” said Bruce Labovitz, CFO. “Our balance sheet strength enables us to make strategic investments aimed at expanding our breadth of services and extending client engagement beyond asset operationalization. Recent acquisitions have provided us an extensive suite of quality enhancement, productivity improvement and client engagement tools that are proving highly impactful on our ability to deliver work more timely, more efficiently and with greater impact. Our investments in infrastructure and automation are designed to ensure the durability of revenue and margins as the industry once again experiences technological inflection.”

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%
May 2026			$520 - $540 MM			17.2% - 17.7%

The current outlook for 2026 is based on completed 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, May 6, 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 2,500 employees and over 100 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 net service billing growth (also a non-GAAP financial metric) for the three months ended 3/31/26 excludes revenue from acquisitions completed after 3/31/2025. 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.

---

Forward-Looking Statements

This press release may contain “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, including statements regarding our future results of operations and financial position, business strategy and plans and objectives for future operations, are forward-looking statements and represent our views as of the date of this press release. The words “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “will,” “goal” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to several assumptions and risks and uncertainties, many of which involve factors or circumstances that are beyond our control that could affect our financial results. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained in this news release. Such factors include: (a) changes in demand from the local and state government and private clients that we serve; (b) general economic conditions, nationally and globally, and their effect on the market for our services; (c) competitive pressures and trends in our industry and our ability to successfully compete with our competitors; (d) changes in laws, regulations, or policies; and (e) the “Risk Factors” set forth in the Company’s most recent SEC filings. Considering these risks, uncertainties and assumptions, the future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in any forward-looking statements. Except as required by law, we are under no obligation to update these forward-looking statements after the date of this press release, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.

Investor Relations Contact:

Betsy Patterson

ir@bowman.com

---

BOWMAN CONSULTING GROUP LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands except per share data)

			March 31, 2026						December 31, 2025
			(Unaudited)
ASSETS
Current Assets
Cash and cash equivalents			$    12,047						$    11,066
Accounts receivable, net			133,888						130,634
Contract assets			57,390						53,512
Notes receivable - officers, employees, affiliates, current portion			237						13
Prepaid and other current assets			18,488						17,730
Total current assets			222,050						212,955
Non-Current Assets
Property and equipment, net			53,040						49,206
Operating lease, right-of-use assets			46,072						45,822
Goodwill			173,579						173,579
Notes receivable, less current portion			903						903
Notes receivable - officers, employees, affiliates, less current portion			868						1,108
Other intangible assets, net			85,616						88,580
Deferred tax asset, net			5,822						5,822
Other assets			1,818						1,707
Total Assets			$    589,768						$    579,682
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Revolving credit facility			108,817						95,350
Accounts payable and accrued liabilities, current portion			67,978						60,035
Contract liabilities			14,185						10,965
Notes payable, current portion			20,840						22,698
Operating lease obligation, current portion			12,130						11,951
Finance lease obligation, current portion			13,979						13,735
Total current liabilities			237,929						214,734
Non-Current Liabilities
Other non-current obligations			395						377
Notes payable, less current portion			29,269						34,313
Operating lease obligation, less current portion			40,486						40,430
Finance lease obligation, less current portion			25,850						23,718
Deferred tax liability, net			279						279
Pension and post-retirement obligation, less current portion			4,659						4,726
Total liabilities			$    338,867						$    318,577
Shareholders' Equity
Preferred Stock, $0.01 par value; 5,000,000 shares authorized, no shares issued and outstanding			–						–
Common stock, $0.01 par value; 30,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 22,273,373 shares issued and 17,153,424 outstanding, and 21,972,432 shares issued and 17,194,091 outstanding as of March 31, 2026 and December 31, 2025, respectively			223						220
Additional paid-in-capital			360,007						355,458
Accumulated other comprehensive income			869						895
Treasury stock, at cost; 5,119,949 and 4,778,341 shares, respectively			(95,959)						(84,931)
Accumulated deficit			(14,239)						(10,537)
Total shareholders' equity			$    250,901						$    261,105
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY			$    589,768						$    579,682

---

BOWMAN CONSULTING GROUP LTD.

CONDENSED CONSOLIDATED INCOME STATEMENTS

(Amounts in thousands except per share data)

(Unaudited)

			For the Three Months Ended March 31,
			2026						2025
Gross Contract Revenue			$    126,479						$    112,931
Contract costs: (exclusive of depreciation and amortization below)
Direct payroll costs			48,313						41,956
Sub-consultants and expenses			12,275						12,878
Total contract costs			60,588						54,834
Operating Expenses:
Selling, general and administrative			57,783						50,490
Depreciation and amortization			8,406						6,521
(Gain) on sale			(402)						(49)
Total operating expenses			65,787						56,962
Income from operations			104						1,135
Other expense			3,401						2,110
Loss before tax expense			(3,297)						(975)
Income tax expense			405						769
Net loss			$    (3,702)						$    (1,744)
Earnings allocated to non-vested shares			–						–
Net loss attributable to common shareholders			$    (3,702)						$    (1,744)
Earnings (loss) per share
Basic			$    (0.22)						$    (0.11)
Diluted			$    (0.22)						$    (0.11)
Weighted average shares outstanding:
Basic			16,453,401						16,356,331
Diluted			16,453,401						16,356,331

---

BOWMAN CONSULTING GROUP LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)

(Unaudited)

			For the Three Months Ended March 31,
			2026						2025
Cash Flows from Operating Activities:
Net loss			$    (3,702)						$    (1,744)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation and amortization - property, plant and equipment			5,113						3,904
Amortization of intangible assets			3,292						2,617
Gain on sale of assets			(402)						(49)
Credit losses			374						345
Stock based compensation			4,227						6,630
Deferred taxes			–						(10,977)
Accretion of discounts on notes payable			108						256
Changes in operating assets and liabilities, net of acquisition of businesses
Accounts receivable			(3,628)						(1,896)
Contract assets			(3,878)						(6,340)
Prepaid expenses and other assets			(812)						615
Accounts payable and accrued expenses			7,666						14,885
Contract liabilities			3,220						3,788
Net cash provided by operating activities			11,578						12,034
Cash Flows from Investing Activities:
Purchases of property and equipment			(1,933)						(1,043)
Proceeds from sale of assets and disposal of leases			402						49
Capitalized internal-use software development costs			(328)						–
Proceeds from notes receivable			–						718
Acquisitions of businesses, net of cash acquired			–						(1,479)
Collections under stock subscription notes receivable			–						11
Net cash used in investing activities			(1,859)						(1,744)
Cash Flows from Financing Activities:
Borrowings under revolving credit facility			13,467						8,000
Repayment under notes payable			(7,235)						(4,377)
Payments on finance leases			(4,193)						(2,702)
Payment of contingent consideration from acquisitions			(225)						(1,016)
Payments for purchase of treasury stock			(1,801)						(2,574)
Repurchases of common stock			(9,227)						(4,103)
Proceeds from issuance of common stock			476						484
Net cash used in financing activities			(8,738)						(6,288)
Net increase in cash and cash equivalents			981						4,002
Cash and cash equivalents, beginning of period			11,066						6,698
Cash and cash equivalents, end of period			$    12,047						$    10,700
Supplemental disclosures of cash flow information:
Cash paid for interest			$    2,559						$    2,028
Net cash (received from) income taxes			$    (102)						$    10
Non-cash investing and financing activities:
Property and equipment acquired under finance lease			$    (6,850)						$    (2,006)
Non-cash additions to property and equipment			$    (459)						$    –
Note payable converted to common shares			$    –						$    (434)
Issuance of notes payable for acquisitions			$    –						$    (2,056)
Settlement of contingent consideration			$    525						$    1,968

---

BOWMAN CONSULTING GROUP LTD.

RECONCILIATION OF EPS TO ADJUSTED EPS

(Amounts in thousands except per share data)

						For the Three Months Ended March 31,
						2026						2025
Net loss (GAAP)						$    (3,702)						$    (1,744)
+ income tax expense (GAAP)						405						769
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 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
Earnings (loss) 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
Basic Adjusted Earnings Per Share Summary - Non-GAAP						For the Three Months Ended March 31,
						2026						2025
Earnings (loss) per share (GAAP)						$    (0.22)						$    (0.11)
Pre-tax basic per share adjustments						$    0.52						$    0.29
Adjusted earnings per share before tax expense						$    0.30						$    0.18
Income tax expense per share adjustment						$    0.15						$    0.11
Adjusted earnings per share - adjusted net income						$    0.15						$    0.07
Adjusted earnings per share allocated to non-vested shares						$    0.01						$    –
Adjusted earnings per share attributable to common shareholders						$    0.14						$    0.07
Diluted Adjusted Earnings Per Share Summary - Non-GAAP						For the Three Months Ended March 31,
						2026						2025
Earnings (loss) per share (GAAP)						$    (0.22)						$    (0.11)
Pre-tax diluted per share adjustments						$    0.52						$    0.28
Adjusted earnings per share before tax expense						$    0.30						$    0.17
Income tax expense per share adjustment						$    0.15						$    0.10
Adjusted earnings per share - adjusted net income						$    0.15						$    0.07
Adjusted earnings per share allocated to non-vested shares						$    0.01						$    –
Adjusted earnings per share attributable to common shareholders						$    0.14						$    0.07

---

BOWMAN CONSULTING GROUP LTD.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(Amounts in thousands except per share data)

Combined Statement of Operations Reconciliation						For the Three Months Ended March 31,
						2026						2025
Gross contract revenue						$    126,479						$    112,931
Contract costs (exclusive of depreciation and amortization)						60,588						54,834
Operating expense						65,787						56,962
Income from operations						104						1,135
Other expense						3,401						2,110
Income tax expense						405						769
Net loss						$    (3,702)						$    (1,744)
Net margin						(2.9)    %						(1.5)    %
Other financial information 1
Net service billing						$    114,204						$    100,053
Adjusted EBITDA						16,797						14,505
Adjusted EBITDA margin, net						14.7    %						14.5    %
Gross Contract Revenue to Net Service Billing Reconciliation						For the Three Months Ended March 31,
						2026						2025
Gross contract revenue						$    126,479						$    112,931
Less: sub-consultants and other direct expenses						12,275						12,878
Net service billing						$    114,204						$    100,053
Organic net service billing						$    106,086						$    100,053
Acquisition-related net service billing						$    8,118						$    –
Adjusted EBITDA Reconciliation						For the Three Months Ended March 31,
						2026						2025
Net service billing						$    114,204						$    100,053
Net loss						$    (3,702)						$    (1,744)
+ interest expense						3,262						2,113
+ depreciation & amortization						8,406						6,521
+ income tax expense						405						769
EBITDA						$    8,371						$    7,659
+ non-cash stock compensation						4,196						6,642
+ acquisition and other non-core expenses						4,230						204
Adjusted EBITDA						$    16,797						$    14,505
Adjusted EBITDA margin, net						14.7    %						14.5    %

1 Non-GAAP financial metrics the Company believes offer valuable perspective on results of operations. See Non-GAAP tables below for reconciliations.

---

BOWMAN CONSULTING GROUP LTD.

GROSS CONTRACT REVENUE COMPOSITION

(Unaudited)

(dollars in thousands)			For the Three Months Ended March 31,
Consolidated Gross Contract Revenue			2026%						2025%						Change			% Change
Building Infrastructure1			52,348			41.4    %			52,039			46.1    %			309			0.6    %
Transportation			26,609			21.0    %			23,542			20.8    %			3,067			13.0    %
Power, Utilities & Energy1			34,732			27.5    %			25,311			22.4    %			9,421			37.2    %
Natural Resources2			12,790			10.1    %			12,039			10.7    %			751			6.2    %
Total			126,479			100.0    %			112,931			100.0    %			13,548			12.0    %
Acquired3			8,564			6.8    %			11,842			10.5    %			(3,278)			(27.7)    %

1 Includes periodic reclassifications of revenue between categories from prior periods for consistency of presentation. For the three months ended March 31, 2025, $3.9 million of data center revenue were reclassified from Building Infrastructure to Power, Utilities & Energy.

2 Formerly Emerging Markets which represents environmental, mining, water resources, imaging and mapping, and other.

3 Acquired revenue in prior periods as previously reported; four quarters post-closing, acquired revenue is thereafter reclassified as organic for the purpose of calculating organic growth rates.

---

BOWMAN CONSULTING GROUP LTD.
ORGANIC GROWTH ANALYSIS
(Unaudited)
			For the Three Months Ended March 31,
(dollars in thousands)			2026%						2025%						Change			Organic +/-
Gross Revenue, Organic			117,915			100.0    %			112,931			100.0    %			4,984			4.4    %
Building Infrastructure			52,200			44.3    %			52,039			46.1    %			161			0.3    %
Transportation			26,609			22.6    %			23,542			20.8    %			3,067			13.0    %
Power, Utilities & Energy			26,316			22.3    %			25,311			22.4    %			1,005			4.0    %
Natural Resources			12,790			10.8    %			12,039			10.7    %			751			6.2    %
			For the Three Months Ended March 31,
(dollars in thousands)			2026%						2025%						Change			Organic +/-
Net Revenue, Organic			106,086			100.0    %			100,053			100.0    %			6,033			6.0    %
Building Infrastructure			48,828			46.0    %			48,100			48.0    %			728			1.5    %
Transportation			22,171			20.9    %			19,578			19.6    %			2,593			13.2    %
Power, Utilities & Energy			24,257			22.9    %			23,075			23.1    %			1,182			5.1    %
Natural Resources			10,830			10.2    %			9,300			9.3    %			1,530			16.5    %

---

BOWMAN CONSULTING GROUP LTD.

GROSS BACKLOG BY CATEGORY AT MARCH 31, 2026

(Unaudited)

Category			Percentage
Building Infrastructure1			25    %
Transportation			21    %
Power, Utilities & Energy1			21    %
Natural Resources			33    %
TOTAL			100    %

1 includes reclassification of data center effective June 30, 2025.