Bw Energy Ltd. · OSL:BWE
Bw Energy — Q4 2025 Earnings Presentation
27 slides from Bw Energy's earnings presentation, Feb 5, 2026
Slide 1: Fourth quarter and full year 2025 Presentation
Fourth quarter and full year 2025 Presentation Carl K. Arnet, CEO Thomas Young, CFO Brice Morlot, COO 5 February 2026
Slide 2: Strong 2025 performance
Strong 2025 performance 2025 EBITDA1 Record annual production $414M Reduced unit OPEX 2025 net profit1 Project portfolio on schedule and cost $133M USD 1 billion of low-cost financing End-2025 cash position1 $150M Bourdon moving towards FID 2 1) Preliminary and unaudited figures
Slide 3: Q4 key figures
Q4 key figures1 Net Production Revenue 25.2 kbopd $123.8M OPEX / BBL EBITDA $21.3 $37.1M Net Profit Operating Cash Flow $3.3M $63.5M 3 1) Preliminary and unaudited figures
Slide 4: Progressing key growth projects into 2026
Progressing key growth projects into 2026 Maromba MaBoMo Bourdon development Phase 2 sanction on track first oil Transformative project Low risk, high profitability New Dussafu cluster unlocking material value infill drilling and appraisal progressing towards FID 4
Slide 5: Development plan in high-value growth projects
Development plan in high-value growth projects 2P reserves Asset (mmboe) 2026 2027 2028 Details First oil IRR1 4 development wells followed by 2 Dussafu 14 MaBoMo H2 2026 >50% Hibiscus appraisals phase 2 Golfinho Convert gas-lift wells to seabed ESP, Boost baseline production protection and H2 2027
Slide 6: Maromba execution on track
Maromba execution on track 2025 2026 2027 FPSO refurbishment on track Main milestones Final investment Start of jack-up Jack-up FPSO decision conversion conversion refurbishment First oil completed completed Towing Rig on yard and conversion to FPSO refurbishment Procurement and construction – yard
Slide 7: Maromba rig at yard in Dubai
Maromba rig at yard in Dubai • Initial inspection completed • Started conversion to combined drilling and well- head platform • Planned sail-away to Brazil by end-2026 7
Slide 8: Appraisal and exploration update
Appraisal and exploration update Gabon 3D seismic campaign at Niosi, Guduma, and Dussafu completed Two appraisal targets in Dussafu that could be fast-tracked into production, with scheduled drilling at tail of MaBoMo Phase 2 campaign Namibia Kudu: Kharas-1A assessment follow-up ongoing and data roo
Slide 9: Angola - country of interest in our West Africa strategy
Angola - country of interest in our West Africa strategy • Agreed to acquire net 10% in Block 14 and net 5% in Block 14K from Azule Energy • Diversification of production in attractive, mature hydrocarbon basin • Potential for future operated developments in Angola • Base cash consideration of USD 9
Slide 10: On track to deliver industry-leading growth
On track to deliver industry-leading growth Net production outlook kbopd ~90 >3x Maromba 28 30 25-30 16 8 2022 2023 2024 2025 Guidance 2026 2028E 10
Slide 11: Continuously improving
Continuously improving Increasing net production Reducing average unit OPEX1 kbopd USD/bbl 30 28 28 24 22 20 16 8 2022 2023 2024 2025 2022 2023 2024 2025 11 1) Operating costs exclude Royalties, Tariffs, Workovers, Domestic Market Obligation purchases, Production Sharing costs in Gabon, and incorpor
Slide 12: Operational performance
Operational performance • Dussafu output increased after Q3 maintenance Net production kbopd ‒ 99% production availability 36.0 33.7 32.3 • Extended Q4 maintenance impacting Golfinho 7.3 6.4 ‒ 54% production availability 5.7 26.3 25.2 6.3 2.8 • Full-year production near lower end of guidance ‒ Dussa
Slide 13: Delivering competitive unit OPEX
Delivering competitive unit OPEX Average unit OPEX1 USD/bbl 22.7 21.3 20.4 2025 unit OPEX 18.1 16.5 20.0 USD/bbl Within guided range of 19-21 USD/bbl Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 13 1) Operating costs exclude royalties, tariffs, workovers, crude oil purchases for domestic market obligatio
Slide 14: 2026 operational outlook
2026 operational outlook • Multiple factors impacting Dussafu output 2026 production guidance ‒ MaBoMo Phase 2 first oil set to more than offset natural decline by year-end 2026 25-30 kbopd ‒ Scheduled 3-week seasonal maintenance in Q3 (9-11) mmbbls ‒ ESP intervention in Q1 ‒ Further OPEX synergies
Slide 15: Financial highlights
Financial highlights • Delivered on 2025 OPEX and CAPEX guidance • Value creation plan on track • Completed Maromba WHP long-term lease agreement • Highly efficient liquidity structure • New 2026 guidance 15
Slide 16: Financial performance
Financial performance1 Production and sales Realised oil price Revenues mmbbls USD/bbl USD million Production Sales 100 Realised oil price Brent spot 300 282 4 3.7 3.5 90 250 234 3.2 3.2 3.1 3 2.9 2.9 2.8 200 80 200 193 2.4 73 75 2.5 2.3 69 2 70 150 1.8 124 67 62 1.5 60 100 1 50 50 0.5 0 40 0 Q4 202
Slide 17: Quarterly cash flow developing as expected
Quarterly cash flow developing as expected Cash flow overview • Operating cash flow impacted by extended USD million maintenance and late lifting • Investment spend lower than guided due to rig financing converted to lease • Investments mostly related to Maromba development and Kudu appraisal Strong
Slide 18: Strong financial position
Strong financial position NIBD to EBITDA1 Book equity and equity ratio Total liquidity2 USD million USD million USD million 4.00 1000 44% 46% 46% 41% 40% 900 3.50 800 3.00 529 700 1,001 606 988 2.50 966 600 407 484 940 366 2.00 500 421 280 272 346 341 400 263 1.50 1.5x 296 862 300 1.00 0.9x 0.8x 0.7
Slide 19: Maromba liquidity phasing optimised with new lease
Maromba liquidity phasing optimised with new lease Pre-first oil cash spend reduced by USD 274 million, total budget unchanged Maromba investment plan Maromba investments per category USD million Lease impact, USD 274 million postponed from 2025-2027 to 2028+ 450 FPSO 400 19% Infrastructure + 6 well
Slide 20: Capital deployment on track towards first oil
Capital deployment on track towards first oil Sources and uses: 2026 - Q4 2027 (at Maromba first oil) Advancing the value creation plan USD million 2,000 ✓ FPSO and Rig financing secured Highly competitive and long-term agreements 1,500 USD 80/bbl Excess cash flow for ✓ CAPEX outlook unchanged Inves
Slide 21: 2026 guidance
2026 guidance 2025 actuals 2026 guidance Production1 29.9 25-30 kbopd (mmbbls) (10.9) (9-11) Operating costs2 20.0 20-24 USD/bbl CAPEX3 445.3 500-600 USD million G&A 21.2 12-14 USD million 21 1) Reflects net production from Dussafu (73.5% Working Interest) and Golfinho (100% WI) 2) Operating costs e
Slide 22: Our investment proposition remains firm
Our investment proposition remains firm Diversified asset base >600 mmboe with material reserves Reserves and resources1 Industry-leading growth ~90 kbopd by end-2028 in offshore oil and gas From 30 kbopd in 2025 Capital efficient development model >30% IRR Average portfolio at USD 60 Brent2 Strong
Slide 23: Appendix
Appendix 23
Slide 24: P&L
P&L USD Million Q4 2024 Q3 2025 Q4 2025 FY 2024 FY 2025 Total revenues and other income 233.5 199.6 123.8 795.2 797.9 Operating expenses (91.9) (103.6) (86.7) (337.8) (383.7) Operating profit before depreciation, amortisation and impairment 141.6 96.0 37.1 457.4 414.2 Depreciation and amortisation (
Slide 25: Balance sheet
Balance sheet ASSETS Q4 2024 Q3 2025 Q4 2025 EQUITY AND LIABILITIES Q4 2024 Q3 2025 Q4 2025 Property plant and equipment 1,129.5 1,195.4 1308.3 Shareholders' equity 861.6 987.8 1,001.0 Intangible assets 291.8 421.7 506.2 Total equity 861.6 987.8 1,001.0 Right-of-use assets 101.5 182.3 199.7 Derivati
Slide 26: Cash flow
Cash flow USD Million Q4 2024 Q3 2025 Q4 2025 FY 2024 FY 2025 Profit/(loss) before taxes 72.8 35.5 (4.6) 230.1 187.7 Taxes paid (22.2) (16.0) (10.6) (76.8) (75.3) Depreciation and amortisation 57.1 51.8 35.8 180.9 197.7 Accretion expense 4.4 2.9 2.8 11.0 10.4 Net interest 12.1 0.8 (2.8) 22.6 1.4 Unr
Slide 27: ir@bwenergy.no www.bwenergy.no
ir@bwenergy.no www.bwenergy.no 27