Bowman Consulting Group Ltd. (BWMN) Business

Item 1. Business

Bowman is a professional services firm delivering integrated engineering, technical consulting and program management services to customers who own, develop, and maintain the built environment. We provide planning, engineering, program management, commissioning, environmental consulting, geospatial imaging, surveying, land procurement and other infrastructure management services to customers operating in a diverse set of end markets.

Over the approximately 5 years since our IPO, we have experienced a more than four-fold increase in gross contract revenue to $490 million for the year ended December 31, 2025 (we interchangeably refer to gross contract revenue as "revenue"). We have achieved this increase in revenue through both organic growth and acquisitions. In 2025, we ranked 72nd on the ENR Top 500 Design Firms list, up from 144th in 2021, the year of our initial public offering and 78th in 2024. As of December 31, 2025, we have a workforce of over 2,300 employees that provides services for thousands of customer projects both big and small, as well as both short- and long-term. We operate from more than 135 locations throughout the United States and four offices in Mexico. As of December 31, 2025, we have approximately 10,000 active projects in our backlog.

We work as both a prime and sub-consultant for a broad base of public and private sector customers that generally operate in regulated environments. Our public sector assignments originate from customers that are transportation departments, utilities, government agencies (federal, state, and local), military branches, school systems, water authorities and other general public infrastructure operators. Our private sector customers include infrastructure owners and operators from multiple industries such as investor-owned utilities, oil & gas extractors and refiners, pipeline operators, participants in the renewable energy and decarbonization marketplace, data center developers and hyper-scalers, wastewater treatment facilities, developers of residential, commercial and retail real estate, mine operators and others. During each of the years ended December 31, 2025 and 2024, approximately 30% and 27%, respectively of our revenue was derived from public sector customer assignments.

Approximately 73% of our revenue for the year ended December 31, 2025 was derived from repeat customers, which we define as any customer from which revenue was earned in both the full years ended December 31, 2025 and 2024, excluding revenue derived from companies we acquired in 2025. Our customers are international, national, regional, and local in their focus. Our success in customer acquisition and retention is the result of our investment in long-term relationships, our commitment to innovation and advanced production systems, and the delivery of highly creative, technology-enabled and cost-effective solutions.

We are defined by our core values and purpose. Our culture revolves around a top down commitment to customer satisfaction, workforce safety, and the creation of opportunities for aspiring people to thrive and achieve their goals. We remain committed to promoting inclusion, engagement and accountability in our workplace, principles we believe are critical to our long-term success. We continue to focus on the hiring, retention, and advancement of a qualified and representative workforce. We focus on employee engagement efforts in five areas: inspiring connection through culture; prioritizing our commitment to recruit and hire diverse talent; aligning our total rewards prospects with employee priorities; communication and consideration; and continuous emphasis on safety and sustainability initiatives.

We have a diversified business focus that is not dependent on any one customer, service line, geographic region, or end market. We are deliberate in our efforts to balance our sources of revenue and avoid reliance on any one significant customer, service line, geography, or end market concentration. As a result, we believe our business is resilient and less exposed to the impacts of political and economic cycles.

While we report our results of operations using Generally Accepted Accounting Principles (“GAAP”) including gross contract revenue and net income, we also utilize non-GAAP metrics to manage our business and provide what we believe are meaningful metrics to the investment community. These non-GAAP metrics include Net Service Billing (the amount of gross contract revenue generated by the direct efforts of our workforce – excluding passthroughs), Adjusted EBITDA (our earnings before taxes, interest and depreciation and amortization exclusive of non-cash stock compensation and other non-recurring, non-core, and acquisition specific costs), Backlog (the aggregate amount of undelivered gross contract revenue relating to assignments in place with customers) and Adjusted Earnings Per Share (net income after tax, adjusted for acquisition related expenses, amortization of intangibles, non-cash compensation cost of legacy grants, other non-core expenses and associated tax expenses or benefits).

Competitive Strengths

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We are an agile, growth-oriented and innovation-infused engineering, technical consulting and program management services firm committed to providing essential services to a broad base of customers engaged in all aspects of developing, operating and maintaining the built environment. The recurring needs of our customers for technical services to monetize, utilize and sustain their assets make us an integral part of their continuing operations. Our commitment to quality and reliability with respect to designs, plans and customer service enables us to create durable, long-term customer relationships, repeatedly. We believe we have the following competitive strengths:

Full-service platform with comprehensive end-to-end capabilities and national reputation for excellence. Our national presence and broad operational foundation support our growth across geographic regions and service offerings. Our scale has helped to create a national brand within our industry associated with high quality and timely delivery of technical services and our one-stop nature for clients reduces points of contact and exposure to errors and timeline risks. We believe the reputation of our brand allows us to extend existing customer relationships, efficiently attract new customers and maintain a highly credentialed workforce. As of December 31, 2025, we have a professional staff of more than 2,300 employees that operate out of more than 135 connected locations throughout the United States with four labor augmentation operations in Mexico. The strategic locations of our offices support broad recruiting capabilities while the integrated nature of our technology enables efficient lead sharing and cross-utilization of both technical and production resources.

Commitment to technological innovation, investment and leadership. Our industry is adopting and integrating advanced technology solutions and services at a rapid rate. We believe that we are well positioned to make investments in technology tools and processes that enable more efficient production processes through aided design, 3-D modelling, large-scale imaging, data collection and processing, predictive planning, agentic activities and accelerated iteration. We are committed to being an industry leader in the adoption of adaptive technology, geospatial mapping, geographic information systems (GIS), orthoimaging tools and collaboration-enabling deliverables. We endeavor to utilize technology applications and high-resolution capture devices to enhance our delivery timeframes, expand our service offerings, repurpose and monetize our inventory of collected information, improve customer engagement and expand margins. During 2025, we launched an internal innovation incubator we called the Bowman Innovation Growth Fund (BIG Fund) and committed to $25 million of investment toward ideas developed by our workforce. Currently, we do not license our technology, therefore the financial benefits of our investments are embedded in our production process efficiency and customer delivery routines. We do not develop software or produce hardware for resale.

Diversified portfolio across growing end-markets and broad array of engineering services. Our operations intersect with nearly every aspect of the U.S. domestic built environment. We are deliberate in our efforts to balance our sources of revenue and avoid reliance on any one significant customer, service line, geography, or end market concentration. As a result, we believe our business is resilient and less exposed to the impacts of trends, politics and economic cycles. For the year ended December 31, 2025, we did not have any individual customer that represented more than 5% of our gross contract revenue. Our portfolio of services includes planning, engineering, program management, commissioning, environmental consulting, geospatial imaging, surveying, land procurement and other technical consulting. Our customers (i) build and operate systems that collect, produce, manage and distribute vital life-sustaining services such as water, natural gas, electricity, and other critical resources; (ii) manage roads, bridges, ports, marine facilities logistics, and transportation systems used to transport people, goods and services from place to place; (iii) operate mission critical facilities where public and private data is maintained, machine learning occurs, commercial transactions are processed, and communications are enabled; (iv) develop and manage infrastructure supporting places where people live, work, play and learn; (v) develop and advance technologies that provide clean energy, energy transition and decarbonization initiatives; (vi) provide healthcare, emergency response, military readiness and other public safety services every day; and (vii) protect and preserve our natural resources and the environment. Our services are aligned with attractive and growing infrastructure investment imperatives such as repair, replacement and expansion of transportation systems and marine distribution infrastructure, utility pipeline rehabilitation, safety, and extension, electrical transmission, rapid energization and distribution grid capacity increases, data processing and mission critical facilities design and deployment, urban and suburban commercial development, residential housing stock expansion, decarbonization initiatives, outsourced program and project management, and others, which are providing notable organic growth and are expected to continue to be the focus of funding in the coming years.

Consistent delivery of organic growth and margin expansion. We have a history of generating margin expanding long-term organic growth from our operations. Our four-fold increase of revenue over the past approximately five years has been driven by investments in organic and inorganic growth initiatives, including synergy benefits realized over time with businesses we acquire. We have accelerated our efforts to grow organically through technology investments that enhance our capacity and ability to share work across our company, increases in our breadth of services and expansion of our geographic footprint, and an integrated approach to cross-selling, revenue capture and collaborative business

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development. For the year ended December 31, 2025, we had an increase in organic gross contract revenue of $54.7 million or 12.8%, compared to the year ended December 31, 2024. We have been able to achieve these growth rates while improving our margin profile over time. Our continued dedication to investment in our existing capabilities, coupled with our strong backlog of approximately $479 million as of December 31, 2025, consistent book-to-bill ratio for net service billing of greater than 1.0 for full years 2025 and 2024, and deep customer relationships give us confidence in our ability to maintain significant organic growth and deliver improved margin profiles for the foreseeable future (we calculate book-to-bill as bookings of new work, net of sub-contractor costs, divided by net service billing during the same period). Our executive leadership and senior managers are personally invested in our success through both cash and equity incentives that are targeted to reward organic growth and profitability resulting in improving cash flow and increasing shareholder value over time. We believe our compensation philosophy, and our public currency and our ownership orientation gives us an advantage in the marketplace and align our leadership interests with those of our stockholders.

Proven track record of successful acquisitions with a demonstrated ability to maximize synergies through integrated systems and operations. During the past approximately five years, we have acquired forty-one different operating companies and three non-operating licensing companies as of December 31, 2025. Through these acquisitions, we have expanded our geographic reach, added service lines, increased our depth of leadership, broadened our end markets, enhanced our portfolio of experience, added technical capabilities, and significantly increased our revenue, profitability and right-to-win. Fundamental to our disciplined and capacity-driven acquisition strategy has been our leadership team’s ability to identify, underwrite, and integrate strategic acquisitions of companies with workforces that align with our culture and are expected to provide synergies for our existing operations. Our wholesale acquisition integration approach facilitates rapid cross-cultivation of experiences, employee collaboration and cross-selling of services. Historically, we have been able to fully consolidate most of an acquired entity’s financial, IT, sales, project management and production operations into ours within one year. Our disciplined acquisition strategy is designed to deliver earnings accretion, geographic and market diversification, operational scale, cross-selling and revenue synergy, technology advancement and talent acquisition.

Growing franchise in high value, secular growth markets. Our growth initiatives are focused on markets that possess strong secular growth characteristics impacted by supply constraints, investment tailwinds, disrepair and attractive economic conditions. We target growth opportunities related to power distribution, energy transition, rapid energization and renewable energy efficiency activities; aging, failing and inadequate infrastructure in need of upgrade and replacement; economic vitality and attractive growth in geographic regions with both a critical mass of population and a growing workforce; and mandates involving regulatory complexity that are supported by stable, long-term public sector funding. Our target market characteristics are fluid, and our adaptability enables us to adjust swiftly to evolving demand dynamics. We continuously evaluate opportunities in different markets and are responsive to evolving macro-economic trends. We believe we are well positioned to benefit from existing U.S. federal government funded programs and incentive structures to the extent these legislative and funding commitments remain intact. Our operations infrastructure is designed to quickly scale our labor resources and optimize cross-utilization to accommodate significant growth without a proportionate need to increase associated overhead expenses. We believe this positions us for responsive expansion, both organically and through acquisition, within and into attractive growth markets as they present themselves while increasing margins through scale over time.

Experienced leadership team, aligned insider ownership, valuable technical workforce, and entrepreneurial culture. Our senior executive team is highly experienced with extensive tenure in their respective areas of responsibility. The team has a proven record of accomplishment with respect to sustained revenue growth, executing and integrating acquisitions, navigating economic cycles, implementing internal controls, and managing regulatory compliance. We have a highly technical workforce, of which approximately 35% hold at least one professional certification from various industry and regulatory bodies. Our dedication to growth of opportunity for our employees has empowered us to attract and retain exceptional talent. We have built an organization uniformly aligned in its mission, values, purpose, and goals. We embody a set of cultural values that promote entrepreneurship, safety, personal growth, and responsible freedom. We remain committed to advancing the range, representation and composition of our workforce.

Industry Overview

Our operations engage with nearly every aspect of the U.S. domestic built environment. Our public sector customers include government agencies (federal, state, and local), military branches, educational institutions, transportation departments, water authorities and other general infrastructure managers. Our private sector customers include owners and operators from multiple industries such as investor-owned utilities, oil & gas extractors and operators, participants in the renewable energy and decarbonization marketplace, data center developers and hyper-scalers, wastewater treatment facilities, developers and owners of residential and commercial real estate, hospitality services and recreational organizations, big-box and convenience retail chains including quick-serve restaurants, mine operators and others.

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The demand for engineering services in the United States represents a substantial and growing total addressable market. Forecasts from Mordor Intelligence predict steady growth throughout the remainder of the decade, with market spending projected to rise from approximately $410 billion in 2026 to over $530 billion by 2031, corresponding to an approximately 5.4% compound annual growth rate over this period. Estimates from Grand View Research suggest the U.S. engineering services market could in fact exceed $580 billion by 2030 supported by sustained public infrastructure investment, technological innovation, and cross-sector demand for engineering, design, and technical services.

The total addressable market for infrastructure-related asset, program and project management services in the United States is anchored in the broader domestic infrastructure investment landscape, which, according to Market Data Forecast is projected to expand from approximately $1.50 trillion in 2026 to over $2.25 trillion by 2034, at a mid-single-digit compound annual growth rate. Ongoing federal, state, and local funding programs, particularly for transportation systems, utilities, and public works, are driving sustained demand for professional program management, capital delivery oversight, cost controls, scheduling, compliance, and integrated project delivery services. Projected growth in specialized infrastructure asset management services, estimated by Statifacts to reach more than $23 billion by 2034, further demonstrates the increasing emphasis on asset lifecycle planning and strategic execution that complements engineering engagements.

With over 130,000 firms, a large proportion of whom are small-scale organizations focused on specific local markets or specialized niches, the engineering and infrastructure services industry is extremely fragmented. As with most fragmented industries with participation from predominantly privately held companies, there is an active market for ownership transition and consolidation activity with larger participants actively engaging in growth through acquisition. The technical complexity and financial risks associated with designing a substantial number of infrastructure engineering and design projects effectively discourages the free flow of new entrants, limiting participation to those with requisite financial capabilities and demonstrated capacities across a range of projects. Qualifications, sophisticated technical skills, expertise, financial resources, and operational scale are prerequisites for successful industry participation. Participants aspiring to enter the market must have sufficient skilled human capital to complete complex projects and the financial resources to cover working capital, acquire production equipment, and provide adequate risk management including professional liability, cyber-liability and other insurance requirements. These factors serve as both a barrier to entry and a catalyst for consolidation.

We expect innovation to continue to significantly reshape the engineering services industry over the next five years through the accelerated adoption of digital technologies, advancement of data analytics, improvements to three-dimensional geospatial imaging and the introduction of automation across the project lifecycle. Advancements in artificial intelligence, machine learning, generative design, 3-D building information modeling (BIM), interactive digital twins, and collaborative cloud-based data exchange platforms are anticipated to enhance design accuracy, reduce project timelines, improve cost predictability and extend engagement with customers and their assets. Automation of routine engineering tasks and integration of real-time data from connected infrastructure assets are expected to increase productivity, support more proactive risk management and improve asset optimization. In addition, growing demand for sustainable design, resiliency planning, and decarbonization strategies is likely to drive investment in advanced modeling systems and energy-efficiency optimization solutions and create new opportunities for infrastructure services providers. Technological developments are expected to expand the engagement of engineering, technical consulting services and program management firms with customers, intensify expectations for data-driven design processing, and create opportunities for firms that invest in scalable digital capabilities, AI-enabled routines and specialized technical expertise.

Our Markets

We envision our business as a grid with markets as the vertical columns and services as the horizontal intersects. Customer assignments are grouped and reported externally by vertical, with each assignment utilizing one or more of our services. We advance operating leverage by offering all services across all verticals to all customers. This approach affords us the ability to efficiently manage across our platform with an emphasis on cross-selling and revenue capture.

We have strategically and deliberately diversified the markets that we serve to reduce our dependence on any single market segment and to dampen the effects of business cycles and public policy on our business. The markets we serve typically require participants to engage with several of our services, affording us the opportunity to cross sell, optimize revenue potential, expand engagements, and differentiate ourselves as a single-source supplier. We have a significant presence in each of the following markets we currently serve:

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Transportation

We believe the current and future utilization of transportation infrastructure within the domestic and global built environment far exceeds its existing capacity. The aging of the current installed transportation base and increasing loads are forcing public and quasi-public authorities to invest in repairs, increase the capacity of their systems or privatize the operation of their roads, bridges, and tollways. The Federal Highway Administration has estimated that nearly a quarter of the nation’s bridges are deficient and require replacement or rehabilitation. In recent years, the transportation market has experienced broad increases in federal funding from U.S. government and U.S. Department of Transportation infrastructure spending initiatives.

Within our transportation practice we serve customers that include state and local departments of transportation, tollway authorities, transit authorities, and private roadway owners. We believe that economic and population growth will drive demand for spending on expanded roadway capacity. The American Society of Civil Engineers (“ASCE”) estimated spending requirements of over $2.5 trillion over ten years on U.S. surface transportation infrastructure, with human capital constraints continuing to be at an all-time high for owners and operators of transportation assets, providing construction management and design services to departments of transportation and toll authorities has been a proven and dependable source of multi-year and reoccurring revenue.

We service logistics facilities and mass transit systems in our transportation practice. Logistics facilities include ports, harbors and other marine facilities, airports – both big and small, freight railway systems and other shipping infrastructure. Mass transit includes buses, trains, rail, cycling, ADA compliance and other pedestrian-oriented infrastructure. We believe these classifications of infrastructure assets present significant growth prospects for our transportation practice over time.

Power, Utilities & Energy Services

We believe that demand for power, gas, and energization services in the U.S. will continue to grow at an outsized pace. Utilities, policy makers, and local governments agree that the aging electric transmission and distribution grid in the U.S. needs to be substantially upgraded and augmented to withstand the projected demand profile of the future. The Electric Power Research Institute estimated the cost to move the U.S. to a smarter national grid with better protection against major outages to be somewhere between $338 billion and $476 billion. The electrical demand associated with the proliferation of data centers, the internet of things, and artificial intelligence applications is straining the U.S. power grid and creating a sense of urgency around maintenance, speed to energization and stability. Operators of the U.S. power grid have faced unrelenting pressure to increase resiliency and to integrate technologies such as isolated “behind the meter” bridging power, battery storage, solar and electrical vehicles while concurrently upgrading and replacing aging infrastructure. According to Edison Electric Institute, the U.S. power grid will require capital investment of over $1.0 trillion by 2029.

Aging natural gas distribution systems combined with increasing demand for gas-powered on-site power stations is advancing the infusion of returns-driven public and private capital. According to U.S. Energy Information Administration estimates, 43% of utility scale electricity was generated by natural gas. According to the American Gas Association, the Unites States has approximately over 2.8 million miles of natural gas pipelines, including about 2.4 million miles of distribution mains and 400,000 miles of transmission pipelines, delivering natural gas to more than 76 million residential, commercial, and industrial customers nationwide.

Threats from increasingly severe and frequent weather events result in the inability of the U.S. utility infrastructure to provide an adequate and uninterrupted supply of services. Major power outages due to increasingly severe weather events are a growing contributor to the problem which the Department of Energy estimates costs the U.S. economy at least $150 billion per year. Grid resilience and fortification are significant drivers of investment.

Renewable energy encompasses all activities supporting the energy sector’s reduction of fossil-based inputs in energy production in favor of renewable energy sources such as wind and solar, in combination with battery storage. Despite U.S. domestic energy priorities evolving away from non-traditional energy sources, we believe that increasing demand for industrial grade renewable infrastructure evolving as supplemental and/or back-up solutions within existing facilities remains an area of opportunity for the sale of our services.

Examples of our multi-year reoccurring revenue assignments in the utilities space include undergrounding of electric distribution lines, procurement of rights-of-way and easements for utilities, transmission corridor surveying and geomatics, gas distribution system mapping, bridging power design and permitting, and retrofit and design for gas distribution pipeline replacement. Within our power, utility and energy services practice we work for customers that include large electric

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transmission systems, gas utilities, data center developers and hyper-scalers, and renewables and decarbonization solutions providers.

Building Infrastructure

Encompassing all the places we live, sleep, work, shop, interact, and play, the building infrastructure market is foundationally aligned with all day-to-day factors that are either influenced by or impact economic activity. Fueled by changing population demographics and evolving work dynamics, the market for design, construction and maintenance of new and renewed building infrastructure presents us with continually expanding opportunities. With respect to land assets, we are agnostic as to the end use of the site we are planning. For residential homebuilders, our business is one of inventory creation, not of land development or construction of structures. Interest rate uncertainty, however, can introduce temporary disruptions into the market for residential, commercial and mixed-use building infrastructure. According to IBISWorld, the land development industry represented a market valued at roughly $14.2 billion in 2024.

Commercial and Retail. Changes in shopping and consumption habits spurred by e-commerce have, in our belief, catalyzed a massive reconfiguration of the commercial and retail physical plant along with the configuration of their surrounding site elements. Operators have been adapting their customer engagement models because of fundamental changes in consumption patterns that resulted from the pandemic experience. We believe savvy and well capitalized developers and brands in this market will continue to demand our services in response to evolving market forces. We serve national retailers, big box retailers, distribution center owners, office building owners and developers, convenience store operators, quick serve restaurant owners and others.

Residential. Demand for affordable household formation continues to increase with home sale prices at all-time highs. Within the residential market there are fundamentally three sub-markets in which our customers participate: 1) for-sale residential housing; 2) multi-family rental housing, and 3) mixed-use and urban cluster developments. Common to each of these sub-markets is the long lead time for the planning, design and approval of land inventory. The process of land inventory creation for residential use involves entitlement, environmental impact analysis, preliminary infrastructure planning and final layout. Each phase in the process involves public scrutiny and input along with regulatory review and approval.

Institutional and Government. As our economy and population grows, the market to construct expand, and modernize government facilities, schools, state-of-the-art educational institutions, military installations, and mission critical defense complexes expands continuously. State and local governments experience increasing demand from their constituents for safe, efficient, and environmentally friendly facilities. Evolving demographics and associated demands for municipal and recreational services are increasing the need for new and updated government infrastructure. We serve institutional, government and quasi-public customers including large universities, state and local school systems, military branches, healthcare systems and others.

Natural Resources

Under our natural resources practice we aggregate several markets related to the management, extraction and imaging of constrained and rare earth resources such as water, minerals and aggregates, protected land, the environment, endangered animal species, agricultural output, and others. We combine those categories with geomatic orthoimaging activities associated with these resources or with infrastructure not represented by any other of our markets.

Water Resources. Water is essential to our lives and our communities, making it critical that we create a sustainable future for our water supply. Balancing the world’s needs for safe, reliable water with protection of this critical natural resource for the future requires a deep understanding of multiple interconnected systems. Our team of water professionals provides water supply distribution and treatment, wastewater collection and treatment, and asset management engineering and consulting services to customers. Rapid urbanization, industrial growth, suburban sprawl, and depleting sources of fresh water are increasing domestic demand for water and wastewater solutions. Expanding regulations governing the treatment, distribution and storage of water resources will intensify demand for adaptive water and wastewater treatment solutions. We assist municipalities, county agencies, public utilities, and private customers in addressing their potable water and wastewater challenges.

Mining, Minerals & Aggregates. Mining facilities require a variety of the general and specialty engineering services we provide. We serve the Southwest U.S. copper mining industry where we have developed specialized capabilities over time. Copper is a critical component for electric generation, computing, high-efficiency motors, electric vehicles, charging stations, solar facilities, battery storage and other renewable energies. According to the International Copper Association, sustainable power generation uses four to five times as much copper as fossil fuel power generation. Copper is crucial for

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connecting and advancing development of core technologies. We also serve customers focused on mining of aggregates which are essential to the construction of roads and other transportation related infrastructure. The demand for mined aggregates is strongly correlated to transportation construction. According to the U.S. Geological Survey, 94% of the materials used in the construction of interstate highways are natural aggregates including crushed stone, sand and gravel. We believe our customers are well positioned to benefit from supply constraints facing increasing copper and aggregates demand.

Land Acquisition & Agricultural Engineering. We work with public agencies charged with the management of large-scale public and private land assets and with supporting the US domestic agricultural infrastructure. We provide full-service support for public use land and easement acquisition projects from topographical surveys through transaction administration. Additionally, we have a sophisticated fleet of equipment that generates reoccurring geo-located orthoimagery and iterative digital modelling of the components of the domestic agricultural and industrial infrastructure base.

Growth Strategies

Our four-fold growth of revenue over the past approximately five years is derived from both acquisitive and organic growth, including significant post-integration organic growth in the businesses we have acquired. Two of our bedrock cultural values are growth and entrepreneurial spirit. Our commitment to sustaining our unique culture as we continue to expand has been, and will continue to be, fundamental to maintaining an engaged workforce aligned throughout our organization in the goal of delivering consistent organic growth.

We intend to continue to grow through acquisitions. The current outlook is positive for each of the markets we work in and services we provide, and we intend to invest opportunistically within each of them. To achieve the aggressive growth targets we have established, we plan to focus effort and resources on markets and service line expansion opportunities with the following characteristics:

•High potential for reoccurring revenue and multi-year assignments

•Engagement with power. electrification or other energy imbalance activities

•Aging and failing infrastructure in need of upgrade and replacement

•Transformational investment paradigms such as privatization

•Economic vitality and attractive growth in population and workforce

•Long-term and durable public sector funding

•Prime for technology advancement with respect to delivery of our services

•Complex regulatory environments

These characteristics of market and service line opportunities are fluid, and we may adapt them from time to time to evolving dynamics. We intend to be opportunistic, responsive to evolving macro-economic trends, and deliberate in our evaluation of attractive and synergistic opportunities in other markets when they present themselves.

In addition to market expansion, we intend to grow by investing in and acquiring skillsets, service lines, technology solutions, production tools, and equipment which deepen our market penetration and provide enhanced revenue capture opportunities with our existing customers (also referred to as “wallet share”). Such strategic and synergistic service line extensions include, but are not limited to, program management, energy management and data management and analytics.

We have built a scalable organizational infrastructure that can accommodate operating leverage by generating significant growth without a proportionate increase in overhead expense. We have invested time and resources in developing our accounting and financial systems, integration expertise, management reporting processes, human capital development programs and information technology infrastructure to facilitate scaling growth. As we grow the size and scale of the company, we expect to expand operating margins by leveraging our investments and general overhead structure over a larger revenue pool.

Organic Growth

We engage all our employees in our commitment to internally generated organic growth by encouraging responsible freedom, entrepreneurial spirit, innovative thinking, and collaborative business development through cross-selling and revenue capture. Throughout the organization, our employees, leaders and managers are provided opportunities to be

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invested in our success through equity participation and incentives that are targeted to reward organic growth and effective execution. Creative use of growth-connected, performance-rewarding, and retention-oriented equity incentives along with a commitment to maintaining our core culture contribute to the entrepreneurial spirit that we believe drives our organic growth. We support organic growth in the following ways:

•Adding new customers through vigorous business development efforts

•Increasing wallet-share with existing customers through the strengthening of relationships

•Adding new services to expand revenue capture

•Introducing innovation, advanced collection and processing equipment and digital service offerings to extend customer engagement

•Growing our labor capacity and developing our workforce for our leaders' succession paths

We believe that organic growth is foundational to financial stewardship and return on invested capital. We endeavor to improve our cash flow from operations to support internally funded organic growth investments.

Acquisitive Growth

We maintain active engagements with prospective acquisition targets and business brokers. The theme of our acquisition initiatives is adjacency, whereby we identify companies that provide customer, geographic, service line, skillset and culture that are aligned adjacently with our business and our growth objectives. We maintain full-time, in-house acquisitions, diligence, and integrations teams and have developed a robust network of third-party representatives working on our behalf to identify future acquisition targets that meet our strategic goals. We maintain a dynamic pipeline driven by general market awareness of our demand for acquisition, existing relationships we have cultivated, and deliberately directed activity of our representatives. We believe that our proven track record, ownership culture, and unyielding commitment to preserving a uniquely entrepreneurial culture as we grow provides us a competitive edge with acquisition targets as a desirable transaction partner. We generally impose stringent criteria to the evaluation of targets including:

•Advances one or more of our strategic growth objectives

•Provides opportunities for cross-selling

•Embodies a culture that is entrepreneurial and compatible with ours

•Serves a funded infrastructure spending category

•Is accretive to our leadership and executive talent pool

•Creates technology advancement and service delivery improvement opportunities

•Aligns with our capital allocation strategy and risk tolerance profile

While we apply rigorous financial discipline in the execution of our acquisition program, purchase price is not always the primary deal determinant. We evaluate targets holistically, considering all the factors mentioned above.

Geographic Expansion

We intend to continue a program of deliberate and opportunistic geographic expansion. Over the foreseeable future, we plan our geographic footprint to be generally focused on but not limited to North America, concentrating on the United States, with a potential secondary focus on Canada and Mexico. While acquisitions will generally be the source of geographic expansion, we may also establish presence in new areas by opening new offices. To maintain consistency with our acquisition program, we maintain a dynamic list of target metropolitan statistical areas (“MSAs”) that will serve as focus areas for expansion. General criteria for our target expansion MSAs include:

•Location which complements and/or expands customer opportunities

•Established or emerging industrial, commercial and/or residential profile

•Client proximity or other direct revenue capture opportunity

•Availability of high caliber, skilled labor force

We expect our geographic expansion decision making to be fluid, flexible, opportunistic, and loosely bound by the criteria described above.

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Description of Services

We provide engineering, technical consulting program management and geospatial services to a broad array of customers who own, construct, and maintain the built environment. Our highly accredited and skilled workforce utilizes an integrated methodology to provide our customers with a consistent and accountable one-stop solution for both simple and highly complex assignments. Our scale, complemented by our breadth and depth of subject matter expertise and a robust suite of service-enabling technology assets, entitles us to secure work by delivering comprehensive and complete lifecycle asset solutions. Our service performance model extends from our geospatial core across our infrastructure engineering and technical consulting services, delivering integrated solutions to customers through proprietary digital delivery systems. A broad overview of our services are listed below.

Infrastructure Engineering & Design

•General Engineering

◦Site & Civil Design & Planning

◦Structural engineering

◦Landscape architecture

◦Mechanical, Electrical and Plumbing

◦Fire prevention engineering

◦Construction management

◦Procurement & oversight

◦Program and asset management

◦Environmental consulting

•Power & Energy Engineering

◦LNG pipeline systems

◦Power generation facility design

◦Utility undergrounding

◦Grid resiliency planning

◦Mission critical planning

◦Data center feasibility and design

◦Bridging power design & procurement

◦Utility scale on-site energization

◦Grid interconnect engineering

◦Transmission corridor design

•Transportation

◦Road, Highway and Bridge design

◦Ports & harbors engineering

◦Asset controls

◦Aviation facility engineering

◦Logistics management

◦Bridge inspections and underwater assessments

◦Easement acquisition

◦ADA compliance and certifications

Geospatial & Geolocation Imaging

•Traditional Survey

◦ALTA boundary surveys

◦Topographic surveys

◦Route surveys

◦Right of way mapping

◦Land title surveys

◦Underground utility location

•Digital Imaging & Geolocation

◦Drone inspection of transmission lines

◦High altitude aerial orthoimaging

◦Laser scanning and LiDAR imaging

◦Reality capture

◦GIS map

◦Digital underwater scanning & survey

◦Marine asset condition assessment

◦Hydrology and geoscience

•Land Services

◦Procurement and right-of-way services

◦Easement identification

and acquisition

◦Transaction administration

Digital Delivery and Advisory Services

•GIS-enabled asset control kits

•AI-enabled feasibility and due diligence studies

•Asset conditions monitoring and controls

•Predictive lifecycle cost analysis

•Rate studies

•Interactive digital twin

We are continually evaluating the breadth and depth of our services to ensure we are aligned with the needs of our customers, the evolving dynamics of our industry and the trends impacting the infrastructure planning landscape.

Acquisitions

Acquisitions are a component of our growth plans. Over the past approximately five years, we have successfully acquired forty-one operating engineering and consulting companies and four non-operating companies from which we strictly acquired certain state-specific licensing rights. We include acqui-hires (the addition of significant workforce from a single source all at one time – often accompanied by a purchase of historical plans and work product) in our accounting for acquisitions when business combination accounting would be appropriate but we consider these combinations to the organic growth.

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Our acquisitions activities have added numerous capabilities, services, leadership and customers in addition to expanding our operations geographically throughout the continental United States. Many of the senior leaders in our company today come from companies we acquired both before and after becoming a public company. We are regularly engaged in discussions with acquisition prospects. The discussions range in formality from an initial inquiry to a non-binding letter of intent. Not all prospective acquisitions materialize as completed transactions.

Recent Acquisitions

In 2025, we completed seven acquisitions or acqui-hires, four of which closed after September 30, 2025. None of these recent transactions were individually, or collectively in the aggregate, significant under Rule 3-05 of Regulation S-X. The 2025 acquisitions are summarized below in order of acquisition.

•UP Engineering, LLC (“UP”). On February 14, 2025, we acquired the business and operations of UP Engineering. UP is a San Antonio, Texas based professional services firm specializing in civil engineering and surveying services. UP serves clients throughout Texas with a focus on oil and gas, industrial, commercial and residential projects.

•Birck Engineering, LLC (“Birck”). On April 18, 2025, we hired the leadership and workforce of and purchased intellectual property from Birck Engineering, LLC. Birck is a Littleton, Colorado based professional services firm specializing in civil, structural, MEP and chemical manufacturing.

•E3i Engineers, Inc. (“E3i”). On July 1, 2025, we acquired the business and operations of E3i Engineers, Inc. E3i is a Boston, Massachusetts based professional services firm specializing in the design of data centers, energy infrastructure and emerging technology applications.

•ORCaS, INc (“ORCaS”). On October 2, 2025, we acquired the business and operations of ORCaS, Inc. ORCaS offers proprietary tools that enable the delivery of specialized design automation, location optimization and hydrological studies to its clients, who include data centers and energy developers and operators.

•Sierra Overhead Analytics, Inc. (“SOA”). On October 2, 2025, we acquired the business and operations of Sierra Overhead Analytics, Inc. SOA is an engineering firm providing technology-centric civil design, precision mapping and hydrology services to a wide range of energy and general infrastructure customers.

•Lazen Power Engineering, LLC (“Lazen”). On October 9, 2025, we acquired the business and operations of Lazen, LLC, an Orlando, Florida based power engineering firm specializing in the design and construction oversight of high-voltage transmission line (HVTL) infrastructure.

•RPT Alliance, LLC (“RPT”). On December 5, 2025, we acquired the business and operations of RPT Alliance, LLC. RPT is a Houston, Texas based leading designer of natural gas transmission and power generation infrastructure, including microgrid and bridging power installations for data centers, hyper-scalers and large industrial power consumers and utility operators.

Under the acquisition purchase agreements, we paid a total of approximately $75.4 million for these acquisitions, including 73,567 shares of common stock valued at a total of $3.1 million or an average of $41.81 per share. The remaining consideration was comprised of a combination of cash and seller notes, including notes convertible into shares of common stock at the option of the seller. For full purchase price accounting, see Note 4 Acquisitions in Part IV of this Annual Report on the 10-K, for additional information. Consistent with our acquisition strategy, we generally intend to have fully integrated the operations, systems, and employees of our acquired companies into our organization during a transition and integration period of up to one year, after which we expect to phase out the individual brands.

Key Customers and Projects

We serve a diverse portfolio of public and private customers, who own, construct, and maintain the built environment. Approximately 73% of our customers during the year ended December 31, 2025 were repeat customers, which we define as any customer from which revenue was earned in both the full years ended December 31, 2025 and 2024, excluding revenue derived from companies we acquired in 2025. The breadth of our customer base diversifies risk, with the ten largest customers we served accounting for approximately 13% and 18% of our net service billing during the years ended December 31, 2025 and 2024, respectively. We avoid concentration of exposure with no single customer accounting for more than 5% of our net service billing during either of these periods. We endeavor to focus our business development efforts on increasing the proportion of our revenue generated by larger, long-term projects and multi-year

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contracts. We intend to continue expanding long-term relationships and multi-year assignments with both public and private sector customers through organic growth and acquisitions. We maintain a mix of public and private clients. While we pursue government (public) contracts, we do not do so exclusively, and we do not anticipate public sector work becoming a majority of revenue in the foreseeable future. During each of the years ended December 31, 2025 and 2024, approximately 30% and 27% of our revenue was derived from assignments with public sector customers directly.

Contracts

We enter into contracts with customers that either cover a single performance obligation consisting of one or more tasks (also referred to as assignments and deliverables) or are open-ended engagements that create a framework for our being retained for one or more discrete performance obligations and tasks issued under individual task/work orders (often referred to as master services agreements). Our contracts contain two principal types of pricing provision: (1) fixed price, also referred to as lump sum, and (2) hourly, also referred to as time and materials. In many cases, a single contract will contain both fixed price and hourly priced assignments. From a financial reporting perspective, a contract is categorized as fixed fee and therefore subjected to percentage completion accounting under Accounting Standards Codification "ASC" Topic 606 if any one discrete assignment within the contract is based on a fixed fee. For management discussion and analysis purposes, we evaluate the percentages of our revenues that are fixed fee and hourly based on the pricing of individual assignments within our contracts. When we determine the applicable percentage of completion revenue recognition in our financial statements, we consider any contract with at least one fixed fee assignment to be characterized in its entirety as fixed fee. We believe the percentage allocation relating to assignments is a more accurate representation of the risk and opportunity associated with our revenue distribution.

The characteristics of the two contract and task types are as follows:

Hourly pricing is common for professional and technical consulting assignments, both short-term and multi-year in duration. Under these types of engagements, there is generally no predetermined maximum fee, and we generally experience no risk associated with cost overruns. For hourly engagements, we negotiate hourly billing rates and charge our customers based upon the actual hours expended toward a deliverable. Direct project expenditures such as subconsultants and other expenses generally pass through to the customer for reimbursement. These engagements may have not-to-exceed parameters requiring us to receive additional authorizations from our customer to continue working but in these cases, we have no obligation to deliver a pre-negotiated result without authorization to continue at additional cost to the customer. Purely hourly contracts, excluding those with not-to-exceed conditions, that do not include any lump sum components are subject to percentage completion revenue recognition, and when applicable, the Company will recognize revenue under these contracts as invoiced under the practical expedient.

Lump sum and fixed fee typically require the completion of a deliverable for a pre-determined and specified fee, subject to price adjustments if the scope of the assignment changes or unforeseen requirements arise. With lump sum assignments, modified schedules and expansions of scope will likely result in additional fees through change orders issued by our customers. Our fixed fee assignments generally include a specified scope of work and a defined set of deliverables. For accounting and financial reporting purposes we classify a contract as fixed fee if any portion of the performance obligation under the contract requires us to complete work outlined in the contract for a pre-determined fixed or not-to-exceed price.

Given the nature of our contracts, there is a difference in percentage completion percentages of our hourly and lump sum revenue by assignment as compared to by project. For the years ended December 31, 2025 and 2024, we derived approximately 59% and 60%, respectively, of our gross contract revenue from lump sum assignments and approximately 34% and 33%, respectively, from hourly assignments. The remainder of our gross contract revenue in each year was derived from reimbursements for itemized passthrough items such as consultants and direct expenses. From a financial reporting perspective, more than 90% of our revenue in each of those years was calculated using percentage completion revenue recognition.

Backlog

We calculate the value of our not yet billed gross contract revenue to measure backlog and predict future revenue. Backlog includes fully awarded and contracted work along with revenue we expect to invoice over an eighteen-month time frame for open-ended long-term engagements and undefined multi-year assignments. To calculate backlog, we assess the gross contract revenue we will recognize in connection with the completion of as yet billed customer commitments. Our backlog increases both because of new contracts entered into with customers and through acquisitions. As of December 31, 2025, we had approximately $479 million of gross backlog, representing a 20.1% increase as compared to $399 million as of December 31, 2024. On December 31, 2025 and 2024, our gross backlog was divided among our markets as follows:

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We use backlog to predict appropriate staffing levels to support future gross contract revenue growth. Backlog definitions and methods of calculation vary within our industry. As such, backlog is not a reliable metric on which to evaluate us relative to our peers.

We have experienced growth in our backlog as we have expanded our footprint, increased our customer base, more deeply penetrated our end markets and been successful in our acquisitions program. We believe that our growth in backlog is a positive indicator of the efficacy of our growth strategies.

Marketing and Sales

We position ourselves as a preferred provider of services to those who own, construct and maintain the built environment. We secure assignments primarily through business development efforts targeted at cultivating new customers, cross-selling of our services to existing customers to increase wallet share, expanding customer relationships into new geographies as we grow, leveraging referrals and utilizing social media campaigns. We maintain professional marketing and business development staffs that work closely with our managers and leadership to develop strategic, targeted programs for affecting outreach, advancing our brand, producing professional project bids and submissions, developing new opportunities and securing new assignments.

Consumers of engineering and technical services consistent with those we offer can be local, regional, and national organizations with projects ranging from a single, quick-turn deliverable to complex long-term assignments and multi-year engagements with evolving phases and deliverables. By focusing our business development efforts more on long-term assignments and multi-year engagement opportunities in growing end markets, we extend the visibility of future revenue forecasts and reduce the costs and uncertainty associated with backlog depletion, staffing optimization and revenue replacement. We expect to continue to experience continued organic growth based on our commitment to delivering the highest quality and most creatively conceived solutions to our customers.

Our business development and marketing efforts emphasize lead generation, industry group networking, project and staff promotion and general corporate visibility. We support our managers’ business development efforts with a seasoned team of marketing professionals embedded throughout our organization working to professionalize every touchpoint with customers, prospects and influencers. We complement our marketing and business development efforts with extensive social media and traditional press awareness.

We actively engage in creating revenue capture by cross-selling our services between customers, geographies and markets. We define cross-selling and revenue capture as either expanding our relationship with a particular customer by providing additional services and expanded geographic coverage or expanding our overall market penetration throughout our national operation. Our acquisitions offer significant cross selling and revenue capture opportunities which facilitates organic growth. As our service offerings continue to develop and we expand our portfolio of services, we anticipate increases in our cross-selling successes.

Competition

Our competition for assignments varies according to the market, geographical area of the project and the nature and scope of each opportunity. The engineering and consulting industry is highly fragmented and characterized by many small and mid-sized companies that focus their operations on regional markets or specialized service niches. On any given opportunity, we compete and/or team with many of the same local, regional and national companies.

Industry participants compete on the strength of customer relationships, reputation for quality of service and reliability, expertise in local markets, technical capabilities, and price. While price differentiation remains an important element in competitive bidding and is often a significant factor in securing public sector contracts, we believe that value, quality, reputation and scale are competitive differentiators that positively affect our ability to win work. The importance of the foregoing factors varies widely based upon the nature, location, and size of the project. On highly complex and sought-after projects, our breadth of services, technology tools, financial foundation, work-sharing orientation and geographic

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reach afford us flexibility in pricing and cost estimation. Our ability to provide comprehensive and integrated solutions gives us flexibility when it comes to pricing strategies to meet customer budgets and funding limitations. We believe that we benefit from our diversified service offerings, adaptable technology and highly skilled, diverse and qualified employees.

Credentials, licensing and the ability to secure and demonstrate sufficient professional liability insurance present significant barriers to entry in the industry. Within the engineering market, scale and breadth of service offerings can also act as a barrier for entry for companies that do not have adequate professional and financial resources to compete for and execute complex, large-scale projects. Customers are increasingly emphasizing safe work practices by placing a premium on limiting liability, thus creating an additional barrier to entry for those who cannot demonstrate and maintain a safety record at or above industry standards. The opportunity and financial cost to customers of delivery delays has a meaningful impact on their willingness to rely on smaller firms.

It is common for many of the companies we compete with to have greater financial resources, larger national platforms or more extensive service offerings than we currently have. Factors affecting our ability to win assignments include our marketing effectiveness, our customer relationships, our ability to team with larger organizations, our capacity to accurately estimate costs and quantify the quality assurance requirements of the work, our ability to hire, train and retain qualified personnel, our ability to deliver timely, and our ability to obtain adequate professional liability, cyber liability, and other insurance for the work we perform. We believe our positioning enables us to continue winning incrementally larger work assignments that will grow our business.

Human Capital Resources

As of December 31, 2025, we had approximately 2,300 employees, of which approximately 93% are full-time employees. We believe our 2025 voluntary turnover rate among our full-time and part-time professional staff, inclusive of acquisition related hires, was reflective of the competitive labor market in our industry and our commitment and does not represent a substantial risk to our ability to deliver our backlog. Our reputation, aided by our position as a publicly traded company with dedicated internal recruiting staff and nationally scaled work-share platform, has afforded us the ability to be successful in locating and engaging with qualified and credentialed employees as needed on an anywhere-anytime basis. We do not expect our growth efforts to be significantly constrained by a lack of qualified personnel or by any geographic limitations. We consider our employee relations to be exceptional and our level of engagement with employees to be high. As of December 31, 2025, our licensed professional staff represented approximately 35% of our workforce, which we consider appropriate for our operating profile.

Approximately 30% of our workforce works primarily outside one of our offices performing geospatial engineering, construction management, land procurement and field surveying. Our professional safety team administers a disciplined compliance routine with complex and comprehensive protocols that lead to fewer accidents, lower costs associated with accidents, lost productivity, and insurance. We have earned a safety record that distinguishes us relative to our competitors.

It is crucial that we continue to attract and retain top talent to continue to maintain our reputation for delivering high-quality services. To facilitate talent attraction and retention, we strive to make Bowman a diverse, inclusive, safe and community-oriented workplace, with opportunities for our employees to grow and develop in their personal and professional lives.

Qualified Representative Workforce. We believe that a representative workforce contributes to our success in capturing work, recruiting professionals and retention of our workforce. We have focused our recent efforts in four areas: inspiring innovation through culture of inclusion and acceptance; expanding our efforts to recruit and hire qualified and representative talent; advocating and facilitating employee engagement; and identifying strategic initiatives and partnerships that promote employee satisfaction.

Health, Safety and Wellness. Fundamental to the success of our business is our commitment to the safety and well-being of our employees and customers. Accordingly, we dedicate resources to making sure our employees are trained and equipped to carry out their job functions to keep themselves, our customers, and the communities in which we work safe. We provide employees and their families with access to a variety of innovative, flexible and convenient health and wellness programs, including: 1) benefits that provide protection and security so employees have peace of mind concerning events that may require time away from work or that impact financial well-being; 2) support for physical and mental health through tools, resources and leave policies that help improve or maintain health status and encourage engagement in healthy behaviors; and 3) choices where possible, so employees can customize benefits to meet their needs and the needs of their families. We believe that in-person collaboration is a critical component of employee engagement. While we do not mandate absolute full-time in-office attendance, we encourage managers to implement policies that encourage employees to work collaboratively on a regular basis in our offices.

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Talent Development. We invest significant resources to develop the talent needed to remain a leading engineering services provider. We deliver numerous training opportunities, provide geographic flexibility, have expanded our focus on continuous learning and development, and implemented industry-leading methodologies to manage performance, provide feedback and develop talent.

Our talent development programs provide employees with the resources they need to help achieve their career goals, to build management skills and lead their organizations. We provide a series of employee workshops throughout the company that support professional growth and development. Additionally, our manager and leadership development programs provide an ongoing opportunity for employees to practice and apply learning around conversations aligned with our annual review process. We offer employees a breadth of online tools that provide quick access to learning resources that are personalized to the individual’s development objectives.

Regulation

While our business is not generally subject to significant regulation, the services we provide to our customers address various federal, state and local regulations that must be complied with to receive approval to proceed. With respect to the operation of our business, we are subject to certain professional licensing and human resources requirements that vary by state. We maintain a large fleet of vehicles, some of which are subject to various federal regulations.

Each state establishes licensing and organizational requirements for our services. Certain states allow only individuals and individually owned professional services corporations to hold licenses. In those states there may be grandfathering exemptions that allow corporations to hold licenses. In the event a state does not allow a corporation to hold a license, we have in the past, formed professional services corporations owned by Mr. Bowman and other employees to facilitate our ability to work in such states. To the extent we could not adequately satisfy a state’s licensing requirements, we would not operate in that state. As of December 31, 2025, we were licensed to operate in all states within the United States either directly or through an affiliate.

We must comply with laws and regulations relating to government contracts, which affect how we do business with our customers and may impose added costs on our business. In connection with the process of bidding for and being awarded certain government assignments we are required to provide an annual Federal Acquisition Regulation rate audit that determines our overhead reimbursement allowance. Some significant laws and regulations that affect us include:

•federal, state, and local laws and regulations (including the Federal Acquisition Regulation or “FAR”) regarding the formation, administration, and performance of government contracts;

•the Civil False Claims Act, which provides for substantial civil penalties for violations, including for submission of a false or fraudulent claim to the U.S. government for payment or approval; and

•federal, state, and local laws and regulations regarding procurement integrity including gratuity, bribery and anti-corruption requirements as well as limitations on political contributions and lobbying.

Any failure to comply with applicable laws and regulations could result in contract termination, damage to our reputation, price or fee reductions, suspension, or debarment from contracting with the government, each of which could have a materially adverse effect our business, results of operations and financial condition.

In addition, federal, state, and local government entities may revise existing contract rules and regulations or adopt new contract rules and regulations at any time and may also face restrictions or pressure regarding the type and number of services that they may obtain from private contractors. Any of these changes could impair our ability to obtain new contracts or renew contracts under which we currently perform when those contracts are subject to recompete.

We must comply with several laws that strictly regulate the handling, removal, treatment, transportation and disposal of toxic and hazardous substances. Under the Comprehensive Environmental Response Compensation and Liability Act of 1980, as amended (“CERCLA”), and comparable state laws, we may be required to investigate and remediate regulated hazardous materials. CERCLA and comparable state laws typically impose strict joint and several liabilities without regard to whether a company knew of or caused the release of hazardous substances. The liability for the entire cost of clean-up could be imposed upon any responsible party. Other principal federal environmental, health, and safety laws affecting us include, among others, the Resource Conservation and Recovery Act, the National Environmental Policy Act, the Clean Air Act, the Occupational Safety and Health Act, the Toxic Substances Control Act, and the Superfund Amendments and Reauthorization Act. Our business operations may also be subject to similar state and international laws relating to environmental protection. Liabilities related to environmental contamination or human exposure to hazardous substances, or a failure to comply with applicable regulations, could result in substantial costs to us, including clean-up costs, fines and

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civil or criminal sanctions, third-party claims for property damage or personal injury, or cessation of remediation activities. Our continuing work in the areas governed by these laws and regulations exposes us to the risk of substantial liability. To help ensure compliance with these laws and regulations, our employees are sometimes required to complete tailored ethics and other compliance training relevant to their position and our operations.

Available Information

Our principal office is located at 12355 Sunrise Valley Drive, Suite 520, Reston, Virginia 20191, and our telephone number at that address is (703) 464-1000. Our Internet website is http://www.bowman.com. The reports we file with or furnish to the SEC, including our annual report, quarterly reports and current reports, as well as amendments to those reports, are available free of charge on our Internet website under “Investors–Financials–SEC Filings” as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. The SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC at http://www.sec.gov.