Bw Lpg Limited · OSL:BWLPG
Bw Lpg — Investor Presentation (September 2026)
36 slides from Bw Lpg's investor presentation, September 2026
Slide 1: Investor Presentation
Investor Presentation BW LPG Kristian Sørensen, CEO and Samantha Xu, CFO September 2026
Slide 2: Disclaimer and forward-looking statements
Disclaimer and forward-looking statements NOT FOR RELEASE, PUBLICATION, DISTRIBUTION OR FORWARDING, IN WHOLE OR No representation, warranty or undertaking, express or implied, is made by BW LPG, its Neither this presentation nor anything contained herein shall form the basis of, or be relied IN PART
Slide 3: Agenda
Agenda Company overview Strategy & capital allocation LPG market & outlook Key financials
Slide 4: BW LPG | A world leader in the LPG shipping and commodity markets
BW LPG | A world leader in the LPG shipping and commodity markets Our focus on profitability has provided shareholders with good returns World’s leading owner and Key company figures operator of VLGCs $0.95 100% $74,000 ~$88,000 DPS Q2 2026 payout ratio Q2 2026 TCE per Fixed across 92% of Q2 2026 Sh
Slide 5: BW Group: Heritage in energy and maritime logistics and infrastructure
BW Group Heritage in energy and maritime logistics and infrastructure 356 # of operated vessels across Energy, Maritime Transportation & Infrastructure all segments Sustainable energy & technologies $10.9bn Gas Solar / Wind / Battery Market value of public investments1 Water / Upstream Bioenergy $1.
Slide 6: Largest owner and operator of VLGCs
Largest owner and operator of VLGCs Highest number of dual fuel and scrubber fitted vessels positioning BW LPG for premium earnings # of owned VLGCs on water1 # of owned dual-fuel/scrubber VLGCs on water Public Private Dual-fuel Scrubber 38 32 Market share3,4 11 19 8 17 1 15 14 14 9 19 14 10 13 14 1
Slide 7: BW Product Services portfolio management
BW Product Services portfolio management BW Product Services aim to have a balanced portfolio, using paper derivatives extensively to manage risk Trading portfolio business model Europe Houston Flushing Physica Short cargo positions l Asia Sh ipp US Gulf Middle Short cargo positions Cargo ing Housto
Slide 8: Top shareholders
Top 20 shareholders As of 11 September 2026 # shares as of % of shares % of shares Rank Shareholder 11-Sep-26 outstanding issued 1 BW Group Limited 48 407 126 31.89 % 30.39 % 2 3 Folketrygdfondet Hemen Holding (John Fredriksen) 9 935 737 9 084 645 6.54 % 5.98 % 6.24 % 5.70 % ~49% 4 Alfred Berg Kapit
Slide 9: Contract signed for eight 90'cbm Panamax VLGCs with HHI
Contract signed for eight 90’cbm Panamax VLGCs with HHI Expected deliveries from start of 2029 to Q2 2030 Reducing the average age of the current fleet by Fleet renewal ~3 years following the last NB delivery 8x Panamax VLGC newbuildings Adding Panamax flexibility to our current fleet portfolio 8x n
Slide 10: Agenda
Agenda Company overview Strategy & capital allocation LPG market & outlook Key financials
Slide 11: An agile platform built for value creation and risk management across the cycle
An agile platform built for value creation and risk management across the cycle World’s largest owner and Substantial player in the LPG operator of VLGC’s trading community Where we are playing BW LPG ~11% ~6% of global physical LPG India of global VLGC fleet Shipping Product Services traded on VLGC
Slide 12: Why BW LPG is attracting attention from investors
Why BW LPG is attracting attention from investors Dividend-focused capital allocation strategy with a disciplined approach to shareholder returns ~77% ~90% Investment approach $300M of earnings paid as dividends of earnings paid as dividends $940M $1,050M Senior unsecured convertible bond 1: As of 8
Slide 13: Dividend policy and distribution
Dividend policy and distribution Dividend policy and 1H 2026 & 2025 dividend distribution Annual payout ratio of Shipping NPAT Net leverage ratio 2025 and 1H 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 50% >30% Net leverage ratio 31.2% 30.7% 29.7% 28.4% 26.3% 23.5% 75% <=30% Payout ratio –
Slide 14: Agenda
Agenda Company overview Strategy & capital allocation LPG market & outlook Key financials
Slide 15: VLGC trade flows and market reactions
VLGC trade flows and market reactions Rising US exports and trade disruptions are driving longer voyages +16% ~(46)% US LPG export growth Decline in Middle East LPG export growth 1H26 (y/y) 1H26 (y/y) China LPG imports from the US • Higher LPG production • Exports remain heavily restricted as the St
Slide 16: 1H 2026 market dynamics and freight rate movements
1H 2026 market dynamics and freight rate movements Increasing market inefficiencies drive shipping demand and support elevated freight rates Middle East LPG exports Record-high US LPG Panama Canal congestion Several secondhand sales remain significantly exports partially offset lost increases COGH r
Slide 17: LPG export forecasts
LPG export forecasts New North American export capacity supports structural VLGC trade growth Middle East and North American LPG exports North American LPG export capacity growth Mtpa (VLGC only) Mtpa 2H 2026 2027 2028 8 13 9 Mt 7 Mt 14 Mt 20 44 36 39 24 40 12 73 74 9 71 57 60 4 2 1 2 2024 2025 2026
Slide 18: VLGC fleet and newbuildings
VLGC fleet and newbuildings New deliveries increasingly offset by fleet replacement needs Quarterly delivery schedule VLGC fleet age profile # of VLGCs 9% 5% 437 3 5 4 15 % 3 3 total VLGC 2 10 fleet1 6 71 % 1 5 5 2 1 7 12 10 9 9 9 5 3 8 8 8 0-15 years 15-20 years 20-25 years 25 years + 6 6 5 5 5 3 4
Slide 19: Agenda
Agenda Company overview Strategy & capital allocation LPG market & outlook Key financials
Slide 20: Q2 2026 highlights
Q2 2026 highlights Q2 performance Commercial • Q2 2026 TCE income (Shipping): US$74,000 per available day and US$71,600 per Financial performance Return to shareholders calendar day, after IFRS 15 and FFA negative adjustments of US$16.4 million and US$12.0 performance million respectively. Included
Slide 21: Financial highlights
Financial highlights Low leverage, strong liquidity, ready for growth opportunities Key financials Q2 2026 Financial ratios Q2 2026 US$ million (%) Income statement 1.EPS (earnings per share) is computed based on the weighted average number of shares outstanding less treasury shares during the perio
Slide 22: Shipping – Performance
Shipping – Performance Achieved 96% utilisation generating TCE income – Shipping of US$74,000 per available day Q2 2026 performance Guidance TCE income by calendar days TCE income by available days Q3 2026 US$71,600/day1 US$74,000/day2 • Fixed 92% of our available fleet days at an average rate of ~U
Slide 23: Product Services – Performance
Product Services – Performance Strong positive realised results under turbulent market conditions as a result of effective risk management Q2 2026 performance Book equity US$ million 127 $119M $31M Net asset value Net loss end of Q2 70 $18M $70M Unrealised physical 150 Gross loss1 45 Net loss: shipp
Slide 24: Financing structure and repayment profile
Financing structure and repayment profile Ample liquidity of US$773M with long-dated repayment profile Liquidity profile (As of 30 June 2026) Repayment profile US$ million 1 000 Total Available Cash¹ Undrawn RCF $746M Trade Finance Facilities - o/s $132M Liquidity 900 Revolving Credit Facilities (RC
Slide 25: Key financial highlights
Key financial highlights 1400 1000 1000 1200 TCE income - Shipping 800 Operating Profit 800 NPAT 1000 (US$M) (US$M) (US$M) $798 600 600 $709 $524 800 $493 $608 $434 600 $568 $395 $466 $473 $348 $360 $325 400 400 $271 $290 400 $223 $239 200 200 $186 200 0 0 0 2021 2022 2023 2024 2025 1H 2026 2021 202
Slide 26: Balance sheet
Balance sheet Selected key financial information Balance sheet ($ million) 30 June 2026 31 December 2025 Cash & cash equivalents 304 242 Vessels and drydocking 2,309 2,366 Righ-of-use vessels 101 217 Other 499 325 Total assets 3 389 3 150 Total liabilities 1 334 1 224 Total shareholders' equity 2 05
Slide 27: Income statement
Income statement Selected key financial information Comprehensive income statement ($ million) Q2 2026 Q2 2025 Profit after tax 137.9 43.4 Profit attributable to equity holders of the Company 120.1 34.9 TCE income – Shipping 274.9 152.7 Gross profit - Product Services1 (18.1) 14.8 Per day figures ($
Slide 28: Cash flow statement
Cash flow statement Selected key financial information Cash flow ($ million) Q2 2026 Q2 2025 Operating cash flow 205.9 94.7 Capital expenditure (13.3) (81.3) Free cash flow1 192.6 13.4 Source: BW LPG Q2 2026 financial report 1: Free cash flow is computed based on Operating cash flow less of Capital
Slide 29: Appendix
Appendix
Slide 30: VLGCs and LGCs owned and operated by BW LPG
46 VLGCs and 3 LGCs owned and operated by BW LPG As of 10 September 2026 30 BW LPG Name 100% ownership Year Shipyard 4 BW LPG Name Time charter/bareboat in Year Shipyard 7 BW LPG India Name 52% ownership Year Shipyard 8 Pool/Product operated Name Services Year Shipyard Beneficiary 4 BW Avior 2023 DS
Slide 31: VLGC charter portfolio overview
VLGC charter portfolio overview Fixed rate time charter out coverage for 2H 2026 at 41% with an average rate of US$44,100 per day Time charter-out Time charter-out – Fixed rate % TC days – fixed rate US$ thousands/day 4 43% $57.1 41% 41% 41% 40% 42% 35% 34% 36% 32% $48.0 Yearly $46.6 Quarterly $44.3
Slide 32: Shipping segment charter portfolio 2026-2027
Shipping segment charter portfolio 2026-2027 Fixed rate time charter out contract coverage stands at 42% for 2026 (as of 14 August 2026) Q1 2026A Q2 2026A Q3 2026E Q4 2026E 2026E 2027E Owned days 3,510 3,549 3,520 3,450 14,029 13,505 Time charter in days 340 273 276 276 1,165 34 Total calendar days
Slide 33: BW LPG India charter portfolio 2026-2027
BW LPG India charter portfolio 2026-2027 Time charter out contract coverage stands at 68% for 2026 (as of 14 August 2026) Q1 2026A Q2 2026A Q3 2026E Q4 2026E 2026E 2027E Owned days 720 728 668 644 2,760 2,555 Time charter in days - - - - - - Total calendar days 720 728 668 644 2,760 2,555 Offhire1 1
Slide 34: A strong leadership team
A strong leadership team Executive Management Team has deep experience in shipping and maritime solutions Kristian Sørensen Samantha Xu Knut-Helge Knutsen Prodyut Banerjee CEO and Head of Commercial CFO Chief Technical Officer Chief Operations Officer • Kristian has over 20 years of • Samantha is a
Slide 35: Contact us
Contact us Investor Relations investor.relations@bwlpg.com Ticker Oslo Stock Exchange “BWLPG” New York Stock Exchange “BWLP” LinkedIn linkedin.com/company/bwlpg Website https://investor.bwlpg.com Telephone +65 6705 5588 Address 10 Pasir Panjang Road Mapletree Business City #17-02 Singapore 117438
Slide 36: BW LPG
BW LPG