Slide 1: Second-Quarter 2025 Earnings Call Presentation
Second-Quarter 2025 Earnings Call Presentation Reported August 4, 2025 © 2025 BWX Technologies. Inc. All Rights Reserved. The products and services described herein are provided by subsidiaries of BWX Technologies, Inc.
Slide 2: Forward-Looking Statements Disclaimer
Forward-Looking Statements Disclaimer BWX Technologies, Inc. (“BWXT”) cautions that statements in this presentation that are forward-looking and provide other than historical information involve risks and uncertainties that may impact actual results and any future performance suggested in the forwar
Slide 3: Second Quarter 2025 and Outlook Highlights
Second Quarter 2025 and Outlook Highlights o 2Q25 Y/Y financial performance ‒ Revenue up 12%, driven by growth in both segments; organic growth up 4% ‒ Adjusted EBITDA(1) up 16% and Non-GAAP EPS(1) up 24% driven by higher operating earnings and modestly higher other income ‒ Free Cash Flow(1) of $12
Slide 4: 2Q25 financial summary
2Q25 financial summary ($million, except per share amounts) Net income & Revenue adj. EBITDA(1) / margin Net 73 Our Purpose: 146 We employ nuclear technology 764 78 12% income o 2Q25 revenue up 12% from higher revenue in 682 to solve 126 some of the world’s most important Government 16% Operations a
Slide 5: 2Q24 to 2Q25 non-GAAP EPS bridge
2Q24 to 2Q25 non-GAAP(1) EPS bridge ($ per diluted share) 0.03 1.02 Our 0.14 Purpose: We 0.03 employ nuclear (0.01) technology to solve some of the world’s most important problems 0.82 Our Mission: We provideNon-operational safe anditems effective nuclear Gov. Ops. revenue solutions for global secur
Slide 6: 2Q25 segment summary
2Q25 segment summary Government Operations Commercial Operations ($million) 589 176 541 Our Purpose: 9% We employ nuclear technology 2Q25 revenue up 9% from 24% 2Q25 revenue up 24% driven to solve higher some ofcomponent naval nuclear the world’s most important141 by higher commercial nuclear Revenu
Slide 7: Raising 2025 Guidance
Raising 2025 Guidance BWXT consolidated guidance Other information (vs. 2024) o Revenue Growth Revenue ~$3.1B ‒ Government Operations: up mid-single digits including low-single digit organic growth + A.O.T. acquisition (vs. ~$3.0B) ‒ Commercial Operations: greater than 50%, including mid-teens organ
Slide 8: 2024 to 2025 non-GAAP EPS bridge
2024 to 2025 non-GAAP(1,2) EPS bridge ($ per diluted share) Mid-Teens adj. EBITDA(1) growth 0.40-0.50 ~(0.03) (0.08)-(0.09) Our Purpose: We employ nuclear technology 0.03-0.04 3.65 – 3.75 to solve some of the world’s most important problems 3.33 Our Mission: We provide safe and effective nuclear sol
Slide 9: Appendix: Non-GAAP reconciliations
Appendix Non-GAAP reconciliations © 2025 BWX Technologies. Inc. All Rights Reserved. The products and services described herein are provided by subsidiaries of BWX Technologies, Inc.
Slide 10: Non-GAAP definitions
Non-GAAP definitions Non-GAAP figures exclude any mark-to-market adjustment for pension and postretirement benefits recognized and other one-time items. Other non-GAAP definitions and calculations Non-GAAP Earnings Per Share (EPS) = GAAP EPS less the non-operational tax effected per share impact of
Slide 11: 2Q 2025 non-GAAP reconciliations
2Q 2025 non-GAAP reconciliations BWX TECHNOLOGIES, INC. RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE(1)(2)(3) (In millions, except per share amounts) RECONCILIATION OF REPORTING SEGMENT ADJUSTED EBITDA(1)(2)(3)(4) Three Months Ended June 30, 2025 (In millions) Restructuring Thr
Slide 12: 2Q 2024 non-GAAP reconciliations
2Q 2024 non-GAAP reconciliations BWX TECHNOLOGIES, INC. RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE(1)(2)(3) (In millions, except per share amounts) RECONCILIATION OF REPORTING SEGMENT ADJUSTED EBITDA(1)(2)(3) Three Months Ended June 30, 2024 (In millions) Restructuring Acquis