Bw Lpg Limited · OSL:BWLPG
Bw Lpg — Investor Presentation (September 2025)
36 slides from Bw Lpg's investor presentation, September 2025
Slide 1: Investor Presentation
Investor Presentation BW LPG Kristian Sørensen and Samantha Xu September 2025
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 LPG market and outlook Key financials Appendix
Slide 4: BW LPG | A world leader in the LPG shipping and commodity market
BW LPG | A world leader in the LPG shipping and commodity market Our focus on profitability has provided shareholders with good returns Combining growth with a disciplined Since IPO, we have paid out ~75% of our earnings as dividends approach to generating shareholder returns Historical accumulated
Slide 5: Energy, Maritime Transportation & Infrastructure
BW Group Heritage in energy and maritime logistics and infrastructure 451 # of operated vessels across Energy, Maritime Transportation & Infrastructure all segments Sustainable energy & technologies $11.9bn Gas Solar / Wind / Battery Market value of public investments1 Water / Upstream Bioenergy $1.
Slide 6: Largest owner and operator of VLGCs
Largest owner and operator of VLGCs Highest number of dual fuel and scrubber fitted vessels positioning BW LPG for premium earnings # of owned VLGCs on water1 # of owned scrubber/dual-fuel VLGCs on water Public Private Dual-fuel Scrubber +86% +50% +173% 39 30 BW LPG ~US$ 5,000/day dual-fuel cost sav
Slide 7: BW LPG has capitalized on market growth, asset plays and by strengthening its position
BW LPG has capitalized on market growth, asset plays and by strengthening its position across the LPG value chain Expanding our presence across the LPG value chain with shipping remaining our core business Strategic decision to cease the investment in the onshore LPG import terminal at JNPT in India
Slide 8: Product Services portfolio management
Product Services portfolio management PS 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 Houston Chiba Product East
Slide 9: Top shareholders
Top 20 shareholders As of 31 August 2025 Rank Owner Position as of 31/08/2025 % of S/I 1 BW Group Limited 48 407 126 30.39% ~50% 2 Hemen Holding 14 857 491 9.33% 3 Folketrygdfondet 7 669 132 4.81% 4 DNB Asset Management AS 5 742 728 3.61% of total shares issued 5 Alfred Berg Kapitalforvaltning 4 063
Slide 10: Agenda
Agenda Company overview LPG market and outlook Key financials Appendix
Slide 11: LPG explained
LPG explained LPG’s role in the energy transition What is LPG Clean Efficient Versatile LPG = propane and butane One of the cleanest conventional Competitively priced Residential and commercial fuels available sector accounts for ~45% of the by-product of Easily and cost effectively stored global de
Slide 12: Main VLGC trade routes
Main VLGC trade routes Supply-driven market with the Far East as the key destination for LPG LPG trade dynamics Europe LPG priced to clear Houston Flushing LPG always finds a home US Gulf Middle East Asia as a by-product BLPG 2 Houston Chiba Ras Tanura Chiba BLPG 3 Three main drivers for India BLPG
Slide 13: Inefficiencies in the LPG trade flows are absorbing substantial shipping capacity
Inefficiencies in the LPG trade flows are absorbing substantial shipping capacity 1 2 3 Reshuffling of LPG The Panama Canal is USTR - reduce supply chain once again becoming a number of VLGCs bottleneck... calling at US ports US LPG export (VLGC only) TCE spot rates Mn t/week | US-Far East 1.2 «Libe
Slide 14: LPG continues to flow despite political disruptions
LPG continues to flow despite political disruptions Tariff war caused considerable re-routing of volumes, supporting ton-mile demand and spot rates US LPG exports by destination Middle East exports by destination China LPG imports by origin Mt (VLGC only) Mt (VLGC only) Mt (VLGC only) 6 6 6 5 5 5 ++
Slide 15: Panama Canal traffic jam
Panama Canal traffic jam Increased demand for canal transits is pushing up auction prices and re-routing vessels Panama transits Panama canal usage by VLGC Average daily transits VLGCs sailing on US – Far East route 12 100% 10 95% 8 6 90% 4 85% 2 0 80% Jan Feb Mar Apr May Jun Jul Aug 75% Container V
Slide 16: US - Far East arbitrage
US - Far East arbitrage Shipping is capturing more of the arbitrage economics US – Far East arbitrage US export terminal fees (spot) USD/ton US Cents / gallon 35 400 30 Winter spikes 25 300 20 15 10 200 5 0 2022 2023 2024 2025 Spot terminal fee Historical average 100 Shipping arbitrage capture 0 % 2
Slide 17: LPG export growth
LPG export growth North American terminal expansions and Middle East gas projects to fuel LPG export growth N. America and M. East LPG exports N. American terminal expansion plans Middle East projects Mt (VLGC only) Mtpa 68 65 ONEOK 60 57 12 52 AltaGas, 1.6 Targa, 4 45 47 Enterprise 40 41 38 11 Ente
Slide 18: Permian basin growth points to strong LPG production
Permian basin growth points to strong LPG production Excerpt from Targa Resources Investor Presentation August 2025 Permian crude oil wells becoming more gaseous Permian crude oil wells are Gas production set to grow Gas production remains becoming more gaseous twice as fast as annual crude oil stea
Slide 19: VLGC fleet and newbuildings
VLGC fleet and newbuildings Modest fleet growth for the remainder of 2025 and going into 2026 Quarterly delivery schedule VLGC fleet age profile and newbuilding market # of VLGCs 10% 1 5% 1 2 3 16% 409 total VLGC 1 0-15 years fleet1 1 69% 16 15-20 years 1 14 20-25 years 12 1 11 11 2 25 years + 1 9 2
Slide 20: Agenda
Agenda Company overview LPG market and outlook Key financials Appendix
Slide 21: Q2 2025 highlights
Q2 2025 highlights Q2 highlights and performance Commercial performance Financial performance Return to shareholders • TCE income – Shipping Q2 2025 was US$38,800 per available day and US$37,300 per calendar day, well supported by our time charter • coverage of 44% of available days at $43,000 per d
Slide 22: Q2 financial highlights
Q2 financial highlights Low leverage, strong liquidity, ready for growth opportunities Key financials Q2 2025 Financial ratios Q2 2025 US$ million 1.EPS (earnings per share) is computed based on the weighted average Income statement number of shares outstanding less treasury shares during the period
Slide 23: Shipping – Performance
Shipping – Performance Achieved 94% utilisation generating TCE income – Shipping of $38,800 per available day 2025 Q2 performance Guidance TCE income by calendar days TCE income by available days Q3 2025 $37,300/ day1 $38,800/ day2 • Fixed ~90% of our available fleet days at an average rate of ~$53,
Slide 24: Product Services - Performance
Product Services - Performance Positive realised results reflecting a disciplined approach and effective risk management in a challenging quarter Q2 2025 performance Book equity US$M $58M Net asset value $6M 12 10 Net profit -3 end of Q2 $10M 6 $15M 58 -10 Q2 Net Profit: $6M Unrealised physical 53 G
Slide 25: Financing structure and repayment profile
Financing structure and repayment profile Ample liquidity of $708M with long-dated repayment profile Liquidity profile (US$M) Repayment profile As of 30 June 2025 1 000 $796M Trade Finance Facilities - o/s $59M Total Available Cash¹ Undrawn RCF² 4 Liquidity $198M BW LPG India Term Loan - o/s $88M 90
Slide 26: Strong earnings through the cycle, but cycle is softening
Strong earnings through the cycle, but cycle is softening Key financial highlights 1400 1000 1000 1200 TCE income - Shipping 800 Operating Profit 800 NPAT 1000 ($M) ($M) ($M) $798 600 600 $524 800 $493 $608 $434 600 $568 $395 $466 400 400 $271 400 $311 $223 $239 $186 $138 200 200 200 $110 0 0 0 2021
Slide 27: Balance sheet
Balance sheet Selected key financial information Balance sheet ($ million) 30 June 2025 31 March 2025 Cash & cash equivalents 321 280 Vessels and drydocking 2 456 2 419 Righ-of-use vessels 98 182 Other 510 473 Total assets 3 385 3 354 Total liabilities 1 473 1 439 Total shareholders' equity 1 912 1
Slide 28: Income statement
Income statement Selected key financial information Comprehensive income statement ($ million) Q2 2025 Q2 2024 Profit after tax 43.4 84.9 Profit attributable to equity holders of the Company 34.9 76.8 TCE income - Shipping 152.7 148.6 Gross profit - Product Services1 14.8 24.5 Per day figures ($) Q2
Slide 29: Cash flow statement
Cash flow statement Selected key financial information Cash flow ($ million) Q2 2025 Q2 2024 Operating cash flow 94.7 52.8 Capital expenditure (81.3) 0.4 Free cash flow1 13.4 53.2 Source: BW LPG Q2 2025 financial report 1: Free cash flow is computed based on Operating cash flow less of Capital expen
Slide 30: Agenda
Agenda Company overview LPG market and outlook Key financials Appendix
Slide 31: VLGCs and LGCs operated by BW LPG
51 VLGCs and 2 LGCs operated by BW LPG As of 10 August 2025 29 BW LPG 100% ownership 8 BW LPG Time charter/bareboat in 8 BW LPG India 52% ownership 8 Operated Name Year Shipyard Name Year Shipyard Name Year Shipyard Name Year Shipyard Beneficiary BW Avior 2023 DSME BW Capella 3 2022 DSME BW Chinook
Slide 32: Shipping segment charter portfolio 2025-2026
Shipping segment charter portfolio 2025-2026 Fixed rate time charter out contract coverage stands at 31% for 2H 2025 (as of 25 Aug 2025) Q1 2025A Q2 2025A Q3 2025E Q4 2025E 2025E 2026E Owned days 3,518 3,567 3,680 3,680 14,445 14,600 Time charter in days 576 528 460 393 1,957 49 Total calendar days
Slide 33: BW LPG India charter portfolio 2025-2026
BW LPG India charter portfolio 2025-2026 Time charter out contract coverage stands at 80% for FY 2025 (as of 25 Aug 2025) Q1 2025A Q2 2025A Q3 2025E Q4 2025E 2025E 2026E Owned days 674 637 748 828 2,887 3,285 Time charter in days - - - - - - Total calendar days 674 637 748 828 2,887 3,285 Offhire* -
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 Leona Leo CEO and Head of Commercial CFO Chief Technical Officer Chief Operations Officer Chief People Officer • Kristian has ov
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