Babcock & Wilcox Enterprises, Inc. · NYSE:BW

Babcock & Wilcox Enterprises — Q2 2026 Earnings Presentation

38 slides from Babcock & Wilcox Enterprises's earnings presentation, Aug 10, 2026

Slide 2: Important Information
IMPORTANT INFORMATION Forward-Looking Statements The forward-looking statements included herein are made only as of the date hereof. We undertake no obligation to Babcock & Wilcox Enterprises, Inc. (“B&W Enterprises,” “B&W,” “we,” “us” or “our”) cautions that this presentation publicly update or re
Slide 4: We're a Global Energy Leader, Powering the World Since 1867
WE’RE A GLOBAL ENERGY LEADER, POWERING THE WORLD SINCE 1867 Providing high-quality, innovative technologies for nearly 160 years  We are a globally recognized technology leader and innovator providing advanced energy and environmental products and services.  From our very first patent for a more e
Slide 5: We're Leveraging a Vast Installed Base and Proven Technologies
WE'RE LEVERAGING A VAST INSTALLED BASE AND PROVEN TECHNOLOGIES – OVER 400 GW OF B&W POWER GENERATION More than 300 operating utility and industrial boiler units in the U.S. and nearly 200 additional operating More than 300 renewable energy units at facilities utility and industrial boiler units acro
Slide 6: We're Delivering Critical Coal Power Generation
WE’RE DELIVERING CRITICAL COAL POWER GENERATION  B&W has been at the foundation of  We are America's only full-scope coal-fired power supplier with fully integrated the world's energy and industrial technology, engineering, procurement, manufacturing and construction progress since 1867 capabiliti
Slide 7: We're Capitalizing on Significant Opportunities for Profitable Growth
WE’RE CAPITALIZING ON SIGNIFICANT OPPORTUNITIES FOR PROFITABLE GROWTH Delivering proven, reliable, Increasing global demand to readily available power keep plants operating at peak generation technologies, efficiency with replacement parts, construction and parts and upgrades and field services, as
Slide 8: AI Factories and Data Centers: Rising Power Demand and Opportunities
AI FACTORIES AND DATA CENTERS: RISING POWER DEMAND AND OPPORTUNITIES  Electric Demand Forecast Soaring • Total data center demand expected to be 176 GW by 2035; up from 33 GW in 2024*  Primary U.S. Data Center Buyers • IPPs and developers • Artificial Intelligence infrastructure consortiums • Hype
Slide 9: Carbon Capture-Ready Steam Power Solutions for AI Factories and Data Centers
CARBON CAPTURE-READY STEAM POWER SOLUTIONS FOR AI FACTORIES AND DATA CENTERS  FastPower℠ delivery enabled by utilizing existing designs  Integrated steam-cycle power platform using natural gas-fired boilers and steam turbine generator systems to deliver high-capacity, continuous power  Maintenanc
Slide 10: B&W and Base Electron
B&W AND BASE ELECTRON  $2.4B, 1.2 GW power project for Base Electron  Project will be located near Center, North Dakota and Conditional Use Permit submitted in August 2026  B&W to provide four 300 MW natural-gas boilers to meet growing power demand  Siemens Energy supplying steam turbine generat
Slide 11: Growing U.S. Electricity Demand
GROWING U.S. ELECTRICITY DEMAND Record Electricity Consumption Long-Term Demand and Pressures  2026 again expected to set record  Power demand to climb 25% by 2030 from 2023 levels  U.S. reserve margins reaching dangerous lows  Growth fueled by: • AI and data centers  Weather-dependent power ge
Slide 12: Babcock & Wilcox Profile
BABCOCK & WILCOX PROFILE B&W CONSOLIDATED NORTH AMERICA REST OF THE WORLD 91.4% REVENUE 8.6% REVENUE FUEL/MARKET Coal 31% Natural Gas 46% Pulp & Paper 8% Biomass/EFW 1% Other 14% PRODUCTS & SERVICES Parts 29% Projects 42% Construction 29% INDUSTRIAL VS UTILITY Industrial 30% Utility 74%  Headquarte
Slide 13: Global Market Potential & Pipeline
GLOBAL MARKET POTENTIAL & PIPELINE – 3 YEAR B&W strongly positioned to leverage key global energy trends 2026-2028 ADDRESSABLE MARKETS: 2026-2028 GLOBAL UTILITY, INDUSTRIAL MARKETS TOTAL B&W U.S. AI DATA CENTERS MARKET PIPELINE $190B 1 Over $14B 2 1 Addressable market figure does not include parts,
Slide 14: Leadership Team
LEADERSHIP TEAM Chairman and Executive Vice President and Chief Senior Vice President, Chief Executive Officer Financial Officer Corporate Operations Kenneth Young Cameron Frymyer Gillianne Hetrick Executive Vice Chief Technology Vice President, President and Chief Officer Corporate Development Comm
Slide 15: Corporate Governance
CORPORATE GOVERNANCE BOARD OF DIRECTORS Chairman and Chief Executive Officer Kenneth Young Homaira Akbari Alan Howe Naomi Boness Philip Moeller Rebecca Stahl Joseph Tato BABCOCK & WILCOX ENTERPRISES, INC. 15 © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.
Slide 17: Consolidated Financial Summary – Continuing Operations
CONSOLIDATED FINANCIAL SUMMARY – CONTINUING OPERATIONS Three Months Ended Trailing Twelve Months Ending June 30, 2026 June 30, 2026 ($ in millions) Revenue $ 319.7 $ 834.3 Net Income (Loss) from Continuing Operations (Includes $(5.2) million and $77.4 million non-cash stock costs for the three $ 14.
Slide 18: Capital Structure – Pro Forma
CAPITAL STRUCTURE – PRO FORMA ($ in millions) June 30, 2026 CAPITALIZATION: Total Debt1 $ 239.8 Senior Notes $ 191.3 Revolving Credit Line $ 0.0 Letter of Credit Collateral2 $ 48.5 Cash, cash equivalents and restricted cash $ 382.8 Cash in Excess of Debt of ~$143 Million Note: Figures may not be cle
Slide 20: Powering AI Factories and Data Centers
POWERING AI FACTORIES AND DATA CENTERS PHASE 1 — INITIAL STEAM POWER PHASE 2 — ENHANCED COMBINED CYCLE Gas-Fired Boiler + Steam Turbine (Rankine Cycle) Add: Gas Turbine (boiler becomes HRSG) ▸ Deploy proven boiler + steam turbine system ▸ Integrate gas turbine later when available ▸ No dependence on
Slide 21: Traditional vs. Enhanced Combined Cycle
TRADITIONAL VS. ENHANCED COMBINED CYCLE TRADITIONAL COMBINED CYCLE ENHANCED COMBINED CYCLE 50MW Combustion Turbine + HRSG = ~75MW 50MW Gas Turbine + 50MW Boiler = ~100MW (System dependent on gas turbine to function) (Turbines can function independently for redundancy) Heat Recovery Steam Generator G
Slide 22: Parts and Services in a Power Plant From Chute to Stack
PARTS AND SERVICES IN A POWER PLANT FROM CHUTE TO STACK BABCOCK & WILCOX ENTERPRISES, INC. 22 © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.
Slide 23: Steam Generation
KEY TECHNOLOGIES: STEAM GENERATION Utility Boilers Renewable Energy Boilers High pressure, high efficiency, high capacity, Reduces dependency on landfills and reduces low emissions methane gas emissions Fuel: Coal, oil, natural gas, multi-fuel Fuel: Municipal solid waste, refuse derived fuel Natural
Slide 24: Ignitors, Flame Scanners and Controls
KEY TECHNOLOGIES: IGNITORS, FLAME SCANNERS AND CONTROLS Designed for safety, reliability and fuel flexibility  Natural gas conversions from oil- or coal-firing  Alternative energy fuels such as hydrogen, biodiesel, methanol and biogas  Burner management and controls for complete turnkey system ca
Slide 25: Emissions Control
KEY T ECHNO LO G IES: EMISSIONS CONTROL Pre-Treatment for Post- Particulate Control SO2 / Acid Gas Control Combustion Carbon Capture  Pulse Jet Fabric Filters / Baghouses  Wet or Seawater Flue Gas Desulfurization Systems  Wet and Dry Scrubbers, Sorbent Injection,  Wet and Dry Electrostatic Preci
Slide 26: Aftermarket Services
KEY CAPABILIT IES: AFTERMARKET SERVICES Maintaining/improving plant operation: UPGRADES & RETROFITS Projects for extending the life of power, process and environmental equipment Supplying components for system reliability: REPLACEMENT PARTS High-quality standard or custom-engineered pressure and non
Slide 29: Preparing for the Future
PREPARING FOR THE FUTURE G A M E C H A N G I N G T E C H N O L O G Y F O R T H E F U T U R E – TO D AY STEAM HYDROGEN SYNGAS Scalable alternative for baseload steam generation Hydrogen from multiple feedstocks High-quality, low-carbon Utilize readily available fuels for energy security Competitive h
Slide 30: BrightLoop Project – Massillon, Ohio
BRIGHTLOOP PROJECT – MASSILLON, OHIO Natural Gas to Hydrogen MASSILLON OUTPUT CLEVELAND H2 from Natural Gas 1-7 tonnes/day Industrial, COLUMBUS H2 production use Transportation PROJECT DEVELOPMENT PLAN – Approximate Timeline Off-take agreement finalized 2Q 2024 Permits issued 2Q 2025 Component Fabri
Slide 31: BrightLoop Project – Massillon, Ohio
BRIGHTLOOP PROJECT – MASSILLON, OHIO PRIMARY LOOP VESSEL FABRICATION AIR REACTOR AIR REACTOR AIR REACTOR L-Valve PARTICLE COLLECTOR PARTICLE COLLECTOR AND DISENGAGEMENT BABCOCK & WILCOX ENTERPRISES, INC. 31 © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.
Slide 32: Flue Gas Treatment for Carbon Capture
KEY T ECHNO LO G IES: FLUE GAS TREATMENT FOR CARBON CAPTURE  To optimize carbon capture on solvent-based scrubbing technologies, reductions in various emissions found in the incoming flue gas are required  Our solutions include technologies for acid gases, particulate and acid mist, NOx and mercur
Slide 33: Carbon Capture Technologies
CARBON CAPTURE TECHNOLOGIES SolveBright OxyBright POST-COMBUSTION CARBON CAPTURE OXYGEN-FUEL COMBUSTION THE B&W ADVANTAGE Expertise gained from decades of leadership in combustion technologies and emissions control provides total solutions support Experience across wide range Solvent-based, post-com
Slide 34: BECCS
BECCS BIOENERGY WITH CARBON CAPTURE AND SEQUESTRATION B&W’s biomass boilers paired with either Using B&W technologies, carbon intensity OxyBright or SolveBright technologies (-2,500 gCO2e/kWh) is nearly seven produce carbon-negative energy with a times more negative than the U.S. grid -2,500gCO2e/kW
Slide 36: Exhibit 4 – Reconciliation of Adjusted EBITDA
Exhibit 4 – Babcock & Wilcox Enterprises, Inc. Reconciliation of Adjusted EBITDA (1) Three Months Ended Trailing Twelve Months Ending ($ in millions) June 30, 2026 June 30, 2026 Income (loss) from continuing operations $ 14.3 $ (75.1) Interest expense, net $ 4.3 $ 22.9 Income tax (benefit) expense $
Slide 37: Exhibit 6 – Reconciliation of Net Loss
Exhibit 6 – Babcock & Wilcox Enterprises, Inc. Reconciliation of Net Loss (1) Three Months Ended Trailing Twelve Months Ending June 30, 2026 June 30, 2026 ($ in millions) Net income (loss) from continuing operations $ 14.3 $ (75.1) Stock appreciation rights(2) $ (0.3) $ 6.5 Customer warrants(3) $ (4

Babcock & Wilcox Enterprises — Q2 2026 Earnings Presentation on 6ix

Babcock & Wilcox Enterprises — Q2 2026 Earnings Presentation

Slide 1: Company Overview

Slide 2: Important Information

Slide 3: Babcock & Wilcox Enterprises, Inc.

Slide 4: We're a Global Energy Leader, Powering the World Since 1867

Slide 5: We're Leveraging a Vast Installed Base and Proven Technologies

Slide 6: We're Delivering Critical Coal Power Generation

Slide 7: We're Capitalizing on Significant Opportunities for Profitable Growth

Slide 8: AI Factories and Data Centers: Rising Power Demand and Opportunities

Slide 9: Carbon Capture-Ready Steam Power Solutions for AI Factories and Data Centers

Slide 10: B&W and Base Electron

Slide 11: Growing U.S. Electricity Demand

Slide 12: Babcock & Wilcox Profile

Slide 13: Global Market Potential & Pipeline

Slide 14: Leadership Team

Slide 15: Corporate Governance

Slide 16: Financial Information

Slide 17: Consolidated Financial Summary – Continuing Operations

Slide 18: Capital Structure – Pro Forma

Slide 19: Key Technologies and Capabilities

Slide 20: Powering AI Factories and Data Centers

Slide 21: Traditional vs. Enhanced Combined Cycle

Slide 22: Parts and Services in a Power Plant From Chute to Stack

Slide 23: Steam Generation

Slide 24: Ignitors, Flame Scanners and Controls

Slide 25: Emissions Control

Slide 26: Aftermarket Services

Slide 27: B&W's Emerging Technologies

Slide 28: BrightLoop for Industrial Energy Production

Slide 29: Preparing for the Future

Slide 30: BrightLoop Project – Massillon, Ohio

Slide 31: BrightLoop Project – Massillon, Ohio

Slide 32: Flue Gas Treatment for Carbon Capture

Slide 33: Carbon Capture Technologies

Slide 34: BECCS

Slide 35: Appendix

Slide 36: Exhibit 4 – Reconciliation of Adjusted EBITDA

Slide 37: Exhibit 6 – Reconciliation of Net Loss

Slide 38: Babcock & Wilcox Enterprises, Inc.