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0001847590FALSE00018475902026-05-052026-05-05

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 5, 2026
Bowman Consulting Group Ltd.
(Exact name of registrant as specified in its charter)
Delaware 001-40371 54-1762351
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
12355 Sunrise Valley Drive, Suite 520
Reston, Virginia 20191
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code (703) 464-1000
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
  ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading
Symbol(s)
Name of Each Exchange
on Which Registered
Common stock, par value $0.01 per share BWMN Nasdaq Global Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02.    Results of Operations and Financial Condition.
On May 5, 2026, Bowman Consulting Group Ltd. (“Bowman” or the “Company) issued a press release announcing its financial results for the first quarter ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Report.
The information in this Report under this item, including the exhibit, is provided under Item 2.02 of Form 8-K and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended or otherwise subject to the liabilities of that section. Furthermore, the information in Item 2.02 of this Report, including the exhibits, shall not be deemed to be incorporated by reference into the Company’s filings under the Securities Act of 1933, as amended.


Item 9.01    Financial Statements and Exhibits.
(d)Exhibits
Exhibit
No.
 Description
99.1
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
BOWMAN CONSULTING GROUP LTD.
Date: May 5, 2026 By: /s/ Bruce Labovitz
Bruce Labovitz
Chief Financial Officer

EX-99.1 2 exhibit991-bwmnq12026earni.htm EX-99.1 Document

image_0a.jpg
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.