Slide 1: Second Quarter 2026 Earnings Call Presentation
Second - Quarter 2026 Earnings Call Presentation Reported August 3, 2026 © 2026 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 forw
Slide 3: Second Quarter 2026 and Outlook Highlights
Second Quarter 2026 and Outlook Highlights o 2Q26 Y/Y financial performance ‒ Revenue up 18%, driven by robust growth in Commercial, and modest growth in Government; 9% organic growth ‒ Adjusted EBITDA(1) up 7% driven by strong growth in Commercial, partially offset by a modest decline in Government
Slide 4: 2Q26 financial summary
2Q26 financial summary ($million, except per share amounts) Net income & Revenue adj. EBITDA(1) / margin 902 Net 78 89 18% income 155 764 146 7% o 2Q26 revenue up 18% from higher revenue in both Government and Commercial Operations; organic revenue up 9% 19.1% 17.2% o 2Q26 adj. EBITDA(1) up 7% drive
Slide 5: 2Q25 to 2Q26 non-GAAP EPS Bridge
2Q25 to 2Q26 non - GAAP(1) EPS Bridge 0.09 (0.03) 0.05 (0.06) $1.07 $1.02 Gov. Ops. revenue Com. Ops. revenue Non-operational earnings headwinds Gov. Ops - Higher pension and other income; absence of FX gains EBITDA margins - Lower interest expense due to balance sheet optimization Com. Ops - Higher
Slide 6: 2Q26 segment summary
2Q26 segment summary Government Operations Commercial Operations ($million) 601 303 589 72% 2% 2Q26 revenue up 2%, driven by 2Q26 revenue up 72% (33% growth in naval propulsion and 176 organic), driven by growth in Revenue Revenue special materials, partially commercial nuclear offset by lower advan
Slide 7: Raising 2026 guidance
Raising 2026 guidance BWXT consolidated guidance Other information (vs. 2025) • Revenue Growth Revenue ~$3.80B ‒ Government Operations: HSD growth driven mostly by new special materials programs and modest naval propulsion growth (vs >$3.75B) ‒ Commercial Operations: ~45% growth driven by mid-to-hig
Slide 8: 2025-2026 non-GAAP EPS bridge
2025 - 2026 non - GAAP EPS (1,2) bridge ($ per diluted share) ~0.30 ~(0.04) ~(0.01) $4.70 - $4.80 0.58 - 0.68 ~(0.15) $4.01 Non-operational items - Slightly higher pension and other income; absence of FX gains Operational Items - Significantly lower interest expense due to balance sheet optimization
Slide 9: Appendix: Non-GAAP reconciliations
Appendix Non- GAAP reconciliations BWXT Confidential & Proprietary 9 © 2025 2026 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 2026 non-GAAP reconciliations
2Q 2026 non - GAAP reconciliations BWX TECHNOLOGIES, INC. RECONCILIATION OF CONSOLIDATED ADJUSTED EBITDA(1)(2)(3)(4) RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE (1)(2)(3)(4) (In millions) (In millions, except per share amounts) RECONCILIATION OF CONSOLIDATED FREE CASH FLOW(1)(
Slide 12: 2Q 2025 non-GAAP reconciliations
2Q 2025 non - GAAP reconciliations BWX TECHNOLOGIES, INC. RECONCILIATION OF CONSOLIDATED ADJUSTED EBITDA(1)(2)(3)(4) RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE (1)(2)(3)(4) (In millions) (In millions, except per share amounts) RECONCILIATION OF CONSOLIDATED FREE CASH FLOW(1)(