Bw Lpg Limited · OSL:BWLPG
Bw Lpg — Investor Presentation (December 2025)
36 slides from Bw Lpg's investor presentation, December 2025
Slide 1: Investor Presentation
Investor Presentation BW LPG Kristian Sørensen, CEO | BW LPG 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
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: BW Group: Energy, Maritime Transportation & 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 $1.
Slide 6: Largest owner and operator of VLGCs
Largest owner and operator of VLGCs Highest number of dual fuel and scrubber fitted vessels positioning BW LPG for premium earnings # of owned VLGCs on water1 # of owned scrubber/dual-fuel VLGCs on water Public Private Dual-fuel Scrubber +86% +95% +50% +173% 39 30 BW LPG ~US$ 5,000/day dual-fuel cos
Slide 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: Strategically diversified portfolio in a volatile freight market
Strategically diversified portfolio in a volatile freight market Capitalizing on BW LPG’s ~$50 million acquisition of 85% of Vilma LPG in 2022 Current | Significant profit generation from the shipping part of the value chain Capturing Cargo VLGC Import 2025 YTD entity margin shipping terminals US-Fa
Slide 9: 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 10: Top shareholders
Top 20 shareholders As of 8 December 2025 # shares as of % of shares % of shares Rank Shareholder 8-Dec-25 outstanding issued 1 BW Group Limited 48 407 126 31.99 % 30.39 % 2 3 4 Hemen Holding (John Fredriksen) Folketrygdfondet DNB Asset Management AS 14 227 195 7 719 341 5 591 377 9.40 % 5.10 % 3.69
Slide 11: Dividend policy and distribution
Dividend policy and distribution Dividend policy and 2025 distribution Annual payout ratio of shipping NPAT Net leverage ratio 2025 actuals Q1 2025 Q2 2025 Q3 2025 50% >30% Net leverage ratio 31.2% 30.7% 29.7% 75% <=30% Payout ratio – Shipping NPAT 75% 75% 75% Payout ratio – Shipping NPAT 100% <=20%
Slide 12: Agenda
Agenda Company overview LPG market and outlook Key financials Appendix
Slide 13: 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 14: 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 15: 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 trade economics port fees East LPG sentiment Redirected Chinese Reduced Middle East LPG
Slide 16: 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 17: 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 18: 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 19: 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 20: Agenda
Agenda Company overview LPG market and outlook Key financials Appendix
Slide 21: 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$51,200 per day • Q3 2025 profit
Slide 22: Q3 financial highlights
Q3 financial highlights Low leverage, strong liquidity, ready for growth opportunities Key financials Q3 2025 Financial ratios Q3 2025 US$ 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
Slide 23: 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 ~$47,
Slide 24: Product Services - Performance
Product Services - Performance Continued positive realised results under turbulent market conditions as a result of effective risk management Q3 2025 performance Book equity US$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 25: 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 $66M Liquidity 900 Revolving Credit Facilities (RCF) -
Slide 26: Key Financial Highlights
Key Financial Highlights 1400 1000 1000 1200 TCE income - Shipping 800 Operating Profit 800 NPAT 1000 ($M) ($M) ($M) Q1 $159 $798 Q2 $152 Q3 $202 600 600 $524 800 $493 $608 Q1 $79 $568 $434 Q1 $67 Q2 $59 $395 $513 Q2 $43 600 $466 400 Q3 $69 400 Q3 $57 $271 400 $223 $239 $207 $186 200 200 $167 200 0
Slide 27: Balance sheet
Balance sheet Selected key financial information Balance sheet ($ million) 30 September 2025 30 June 2025 Cash & cash equivalents 293 321 Vessels and drydocking 2 394 2 456 Righ-of-use vessels 104 98 Other 549 510 Total assets 3 340 3 385 Total liabilities 1 407 1 473 Total shareholders' equity 1 93
Slide 28: Income statement
Income statement Selected key financial information Comprehensive income statement ($ million) Q3 2025 Q3 2024 Profit after tax 56.8 120.5 Profit attributable to equity holders of the Company 57.1 104.7 TCE income – Shipping 201.8 145.5 Gross profit - Product Services1 (23.6) 71.7 Per day figures ($
Slide 29: Cash flow statement
Cash flow statement Selected key financial information Cash flow ($ million) Q3 2025 Q3 2024 Operating cash flow 128.8 54.5 Capital expenditure (11.7) 0.2 Free cash flow1 117.1 54.7 Source: BW LPG Q3 2025 financial report 1: Free cash flow is computed based on Operating cash flow less of Capital exp
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 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 32: 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 33: 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 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 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 36: BW LPG
BW LPG