Bw Lpg Limited · OSL:BWLPG
Bw Lpg — Q3 2025 Earnings Presentation
25 slides from Bw Lpg's earnings presentation, Dec 2, 2025
Slide 1: Q3 2025 Earnings Presentation
Q3 2025 Earnings Presentation BW LPG Kristian Sørensen and Samantha Xu 2 December 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
Q3 Agenda Q3 2025 highlights and market outlook Market overview Company performance Q&A 2025
Slide 4: Q3 2025 highlights
Q3 2025 highlights Q3 performance Commercial performance Financial performance Return to shareholders • TCE income – Shipping Q3 2025 was US$51,300 per available day and US$48,700 per calendar day, supported by our time charter coverage of 44% of available days at US$51,200 per day • Q3 2025 profit
Slide 5: Market outlook
Market outlook Underlying fundamentals remain robust LPG export fundamentals are expected to remain sound even as fleet inefficiencies dissipate alongside reduced trade tensions. Additional export capacity, new gas projects and ongoing constraints in the Panama Canal will likely support VLGC earning
Slide 6: Agenda
Q3 Agenda Q3 2025 highlights and market outlook Market overview Company performance Q&A 2025
Slide 7: VLGC freight market reactions to geopolitical events in Q3/Q4
VLGC freight market reactions to geopolitical events in Q3/Q4 Saudi LPG price USTR formed a two-tier VLGC Saudi LPG contract price cut Chinese retaliatory US-China trade truce boosts Far market dynamic disrupted voyage economics port fees East LPG sentiment Redirected Chinese Reduced Middle East LPG
Slide 8: Changing LPG import dynamics
Changing LPG import dynamics India has been the main driver for import growth so far in 2025 Far East: 0% India imports up 8% y/y • Highest growth among the major LPG importers China: -2% • Growing end user demand with stable domestic 22.5 production 13.1 10.1 25.1 • Imports are mainly sourced from
Slide 9: Export growth story to continue
Export growth story to continue Terminal expansions and gaseous drilling wells lifting LPG exports N. American terminal expansion plans Permian oil is becoming more gaseous Mtpa 120 LPG LPG/Ethane flexible 110 ONEOK 12 100 AltaGas, 1.6 Targa, 4 Enterprise AltaGas; 0.7 90 11 Targa; 0.6 Enterprise 80
Slide 10: Panama Canal
Panama Canal Remains a major driver for fleet inefficiency Panama Canal transits VLGC usage of the Panama Canal Transits/day, new locks US – Far East route 12 100% 10 90% 8 6 80% 4 70% 2 0 60% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Container VLGC LNG
Slide 11: VLGC fleet and newbuildings
VLGC fleet and newbuildings Only one more VLGC to be delivered in 2025, with staggered fleet growth for most of 2026 Quarterly delivery schedule VLGC fleet age profile and newbuilding market # of VLGCs 10% 5% 1 4 2 1 16% 413 total VLGC 1 0-15 years fleet1 14 69% 3 13 12 15-20 years 11 10 10 1 9 1 20
Slide 12: Agenda
Q3 Agenda Q3 2025 highlights and market outlook Market overview Company performance Q&A 2025
Slide 13: Shipping – Performance
Shipping – Performance Achieved 92% utilisation generating TCE income – Shipping of $51,300 per available day 2025 Q3 performance Guidance TCE income by calendar days TCE income by available days Q4 2025 $48,700/ day1 $51,300/ day2 • Fixed ~91% of our available fleet days at an average rate of ~$47,
Slide 14: Product Services - Performance
Product Services - Performance Continued positive realised results under turbulent market conditions as a result of effective risk management Q3 2025 performance Book equity US$M $30M Net asset value $29M 15.0 Net loss 35.0 end of Q3 58.0 $23M $35M Unrealised physical Net Loss: ($29m) Currency Gross
Slide 15: Financial highlights
Financial highlights Low leverage, strong liquidity, ready for growth opportunities Key financials Q3 2025 Financial ratios Q3 2025 US$ 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 16: Financing structure and repayment profile
Financing structure and repayment profile Ample liquidity of $855M with long-dated repayment profile Liquidity profile (US$M) Repayment profile As of 30 September 2025 1 000 Total Available Cash¹ Undrawn RCF² $796M Trade Finance Facilities - o/s $66M Liquidity 900 Revolving Credit Facilities (RCF) -
Slide 17: Agenda
Q3 Agenda Q3 2025 highlights and market outlook Market overview Company performance Q&A 2025
Slide 18: Q&A
Q&A Kristian Sørensen CEO Samantha Xu CFO
Slide 19: Thank you
Thank you 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 20: Appendix
Appendix Q3 2025
Slide 21: VLGCs and LGCs operated by BW LPG
51 VLGCs and 3 LGCs operated by BW LPG As of November 2025 28 BW LPG 100% ownership 7 BW LPG Time charter/bareboat in 9 BW LPG India 52% ownership 10 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 22: VLGC charter portfolio overview
VLGC charter portfolio overview Fixed rate time charter out coverage for 2026 at 30% with an average rate of $43,600 per day Time charter-out Time charter-out – Fixed rate % TC days - Fixed rate US$ thousands/day $45.1 36% $47.3 $43.6 35% 36% 34% 30% 33% 34% $44.8 $45.1 32% $43.1 $43.9 $43.7 $43.4 $
Slide 23: Shipping segment charter portfolio 2025-2026
Shipping segment charter portfolio 2025-2026 Fixed rate time charter out contract coverage stands at 30% for 2026 (as of 14 Nov 2025) Q1 2025A Q2 2025A Q3 2025A Q4 2025E 2025E 2026E Owned days 3,518 3,567 3,680 3,680 14,445 14,235 Time charter in days 576 528 460 393 1,957 49 Total calendar days 4,0
Slide 24: BW LPG India charter portfolio 2025-2026
BW LPG India charter portfolio 2025-2026 Time charter out contract coverage stands at 39% for 2026 (as of 14 Nov 2025) Q1 2025A Q2 2025A Q3 2025A Q4 2025E 2025E 2026E Owned days 674 637 728 828 2,867 2,920 Time charter in days - - - - - - Total calendar days 674 637 728 828 2,867 2,920 Offhire* - -
Slide 25: Fleet safety statistics
Fleet safety statistics Safety and Zero Harm onboard remain our key focus Total Recordable Case Frequency TRCF 12 Month Rolling Average (MRA) (TRCF): LTIF 12 Month Rolling Average (MRA) Work-related fatalities and injuries per one million hours worked 0.98 1.05 1.00 0.82 0.64 0.62 0.72 0.95 0.89 Los