Bw Lpg Limited · OSL:BWLPG
Bw Lpg — Investor Presentation (June 2026)
37 slides from Bw Lpg's investor presentation, June 2026
Slide 1: Investor Presentation
Investor Presentation BW LPG Kristian Sørensen (CEO) and Samantha Xu (CFO) June 2026
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 markets
BW LPG | A world leader in the LPG shipping and commodity markets Our focus on profitability has provided shareholders with good returns World’s leading owner and Key company figures operator of VLGCs $0.67 $187M $55,500 ~$81,000 DPS Net profit after tax Q1 2026 TCE per Fixed across 85% of Q1 2026 Q
Slide 5: BW Group: Heritage in energy and maritime logistics and infrastructure
BW Group Heritage in energy and maritime logistics and infrastructure 441 # of operated vessels across Energy, Maritime Transportation & Infrastructure all segments Sustainable energy & technologies $11.3bn Gas Solar / Wind / Battery Market value of public investments1 Water / Upstream Bioenergy $1.
Slide 6: Why the BW LPG share is attracting attention from investors
Why the BW LPG share is attracting attention from investors Dividend-focused capital allocation strategy... Larger investor base and improved liquidity ~75% Dividends ($/share) $3.46 ~$3.2bn ~27% of earnings paid as dividends $2.42 Market capitalization Annual return to investors since IPO (2013) si
Slide 7: Largest owner and operator of VLGCs
Largest owner and operator of VLGCs Highest number of dual fuel and scrubber fitted vessels positioning BW LPG for premium earnings # of owned VLGCs on water1 # of owned scrubber/dual-fuel VLGCs on water Public Private Dual-fuel Scrubber +86% +95% +50% +173% 39 30 BW LPG ~US$ 5,000/day dual-fuel cos
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: Why the BW LPG share is attracting attention from investors
Why the BW LPG share is attracting attention from investors Chartering strategy LPG commodity trading Disciplined capital allocation Participating across shipping and Maintain a robust balance sheet to Target ~40% time charter coverage trading enhances value creation enable long-term value creation
Slide 10: Top 20 shareholders
Top 20 shareholders As of 12 June 2026 # shares as of % of shares % of shares Rank Shareholder 12-June-26 outstanding issued 1 BW Group Limited 48 407 126 31.89 % 30.39 % 2 3 Hemen Holding (John Fredriksen) Folketrygdfondet 10 605 289 9 232 650 6.99 % 6.08 % 6.66 % 5.80 % ~50% 4 Victory Capital Mana
Slide 11: Dividend policy and distribution
Dividend policy and distribution Dividend policy and 2025&Q12026 distribution Annual payout ratio of Shipping NPAT Net leverage ratio 2025 and Q1 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 50% >30% Net leverage ratio 31.2% 30.7% 29.7% 28.4% 26.3% 75% <=30% Payout ratio – Shipping NPAT 75% 75% 75%
Slide 12: Contract signed for eight 90'cbm Panamax VLGCs with HHI
Contract signed for eight 90’cbm Panamax VLGCs with HHI Expected deliveries from start of 2029 to Q2 2030 Reducing the average age of the current fleet by Fleet renewal ~3 years following the last NB delivery 8x Panamax VLGC newbuildings Adding Panamax flexibility to our current fleet portfolio 8x n
Slide 13: Agenda
Agenda Company overview LPG market and outlook Key financials Appendix
Slide 14: Main VLGC trade routes
Main VLGC trade routes Supply-driven commodity market with Asia as the key destination for LPG LPG is a by-product of Europe Crude oil Natural gas Houston Flushing LPG trade dynamics US Gulf Middle East BLPG 2 Asia Houston Chiba Ras Tanura Chiba LPG priced to clear BLPG 1 LPG always finds a ~40% Ind
Slide 15: 2026 market reactions and freight rate development
2026 market reactions and freight rate development Increasing inefficiencies are supporting higher shipping demand and freight rates $250 000/d TCE spot rates ($/day) Lost Middle East LPG export volumes in 2026… Start of the 2026 US – Iran war $200 000/d ~$190,000/d …replaced by increased LPG export
Slide 16: VLGC market reactions and trade dynamics
VLGC market reactions and trade dynamics Simultaneous market reactions reshape trade dynamics and absorb shipping capacity Increase in LPG exports from the US ~60% driven by additional US terminal Lost Middle East LPG US LPG export volumes export capacity ramp-up Mt (VLGC only) +0.7mt export volumes
Slide 17: LPG export forecasts
LPG export forecasts Increased export capacity will enable further growth in LPG exports North America and Middle East LPG exports North American terminal expansion projects Mtpa (VLGC only) Mtpa Operational 2026 2027 2028 Flex capacity to gradually shift toward ethane 45 37 29 40 39 12 11 9 71 72 7
Slide 18: LPG trade flow overview 2025
LPG trade flow overview 2025 While China taps inventories, India and Southeast Asia have increased imports Far East imports slightly down in 2025 • China imports of US volumes affected by trade war China: -3% Far East1: -2% • This has partly been offset by higher Japan imports • LPG inventories in C
Slide 19: VLGC fleet and newbuildings
VLGC fleet and newbuildings Delivery pace to decellerate from 2027 Quarterly delivery schedule VLGC fleet age profile and newbuilding market # of VLGCs 9% 3 5% 4 0-15 years 429 2 4 2 15-20 years 16 % 5 3 3 5 20-25 years 1 5 total VLGC 12 25 years + 11 3 fleet1 2 9 8 8 4 1 1 70 % ~53 VLGCs 6 6 5 6 6
Slide 20: Agenda
Agenda Company overview LPG market and outlook Key financials Appendix
Slide 21: Q1 2026 highlights
Q1 2026 highlights Q1 performance • TCE income – Shipping Q1 2026 was US$55,500 per available day and US$51,300 per Commercial performance Financial performance Return to shareholders calendar day, supported by our time charter coverage of 53% of available days at US$48,200 per day • Q1 2026 profit
Slide 22: Financial highlights
Financial highlights Low leverage, strong liquidity, ready for growth opportunities Key financials Q1 2026 Financial ratios Q1 2026 US$ million 1.EPS (earnings per share) is computed based on the weighted average number of shares outstanding less treasury shares during the period Income statement 2.
Slide 23: Shipping – Performance
Shipping – Performance Achieved 92% utilisation generating TCE income – Shipping of US$55,500 per available day 2026 Q1 performance Guidance TCE income by calendar days TCE income by available days Q2 2026 US$51,300/day1 US$55,500/day2 • Fixed 85% of our available fleet days at an Spot average rate
Slide 24: Product Services – Performance
Product Services – Performance Strong Q1 trading performance driven largely by positive unrealised mark-to-market changes from open cargo contracts Q1 2026 performance Book equity US$M 69 $150M $98M Net asset value 145 Net profit -8 end of Q1 150 -30 $127M $69M Gross profit1 Unrealised physical Net
Slide 25: Financing structure and repayment profile
Financing structure and repayment profile Ample liquidity of US$618M with long-dated repayment profile Liquidity profile (US$M) Repayment profile As of 31 March 2026 1 000 3 Total Available Cash¹ Undrawn RCF $746M Trade Finance Facilities - o/s $17M Liquidity 900 Revolving Credit Facilities (RCF) -
Slide 26: Key financial highlights
Key financial highlights 1400 1000 1000 1200 TCE income - Shipping 800 Operating Profit 800 NPAT 1000 ($M) ($M) ($M) $798 600 600 $709 $524 800 $493 $608 $434 600 $568 $395 $466 400 $348 400 $271 $290 400 $223 $220 $239 $186 $178 $198 200 200 200 0 0 0 2021 2022 2023 2024 2025 Q1 2026 2021 2022 2023
Slide 27: Balance sheet
Balance sheet Selected key financial information Balance sheet ($ million) 31 March 2026 31 December 2025 Cash & cash equivalents 273 242 Vessels and drydocking 2,337 2,366 Righ-of-use vessels 115 217 Other 176 325 Total assets 3 331 3 150 Total liabilities 1 311 1 224 Total shareholders' equity 2 0
Slide 28: Income statement
Income statement Selected key financial information Comprehensive income statement ($ million) Q1 2026 Q1 2025 Profit after tax 187.3 66.6 Profit attributable to equity holders of the Company 164.3 46.1 TCE income – Shipping 197.7 158.7 Gross profit - Product Services1 126.8 (3.6) Per day figures ($
Slide 29: Cash flow statement
Cash flow statement Selected key financial information Cash flow ($ million) Q1 2026 Q1 2025 Operating cash flow 165.5 166.2 Capital expenditure (11.4) (11.2) Free cash flow1 154 155 Source: BW LPG Q1 2026 financial report 1: Free cash flow is computed based on Operating cash flow less of Capital ex
Slide 30: Agenda
Agenda Company overview LPG market and outlook Key financials Appendix
Slide 31: VLGCs and LGCs owned and operated by BW LPG
48 VLGCs and 3 LGCs owned and operated by BW LPG As of 15 May 2026 28 BW LPG100% ownership 6 BW LPG Time charter/bareboat in 8 BW LPG India 52% ownership 9 Pool/Product operated Services Name Year Shipyard Name Year Shipyard Name Year Shipyard Name Year Shipyard Beneficiary 4 BW Avior 2023 DSME BW C
Slide 32: VLGC charter portfolio overview
VLGC charter portfolio overview Fixed rate time charter out coverage for 2026 at 39% with an average rate of US$44,800 per day Time charter-out Time charter-out – Fixed rate % TC days - Fixed rate US$ thousands/day 41% 40% 39% 39% $44.8 $43.7 $46.6 37% $45.7 35% $44.4 $44.5 31% $44.1 $44.1 $43.5 $40
Slide 33: Shipping segment charter portfolio 2026-2027
Shipping segment charter portfolio 2026-2027 Fixed rate time charter out contract coverage stands at 39% for 2026 (as of 14 May 2026) Q1 2026A Q2 2026E Q3 2026E Q4 2026E 2026E 2027E Owned days 3,510 3,549 3,588 3,588 14,235 14,235 Time charter in days 340 273 276 276 1,165 34 Total calendar days 3,8
Slide 34: BW LPG India charter portfolio 2026-2027
BW LPG India charter portfolio 2026-2027 Time charter out contract coverage stands at 55% for 2026 (as of 14 May 2026) Q1 2026A Q2 2026E Q3 2026E Q4 2026E 2026E 2027E Owned days 720 728 736 736 2,920 2,920 Time charter in days - - - - - - Total calendar days 720 728 736 736 2,920 2,920 Offhire* 141
Slide 35: 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 CEO and Head of Commercial CFO Chief Technical Officer Chief Operations Officer • Kristian has over 20 years of • Samantha has o
Slide 36: Contact us
Contact us Investor Relations investor.relations@bwlpg.com Ticker Oslo Stock xchange “BWLPG” ew York Stock xchange “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 37: BW LPG
BW LPG