Slide 1: Q4 2025 Earnings Presentation
Q4 2025 Earnings Presentation BW LPG Kristian Sørensen and Samantha Xu 3 March 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
Q4 Agenda Q4 2025 highlights and market outlook Market overview Company performance Q&A 2025
Slide 4: Q4 2025 highlights
Q4 2025 highlights Q4 performance Commercial performance Financial performance Return to shareholders • TCE income – Shipping Q4 2025 was US$50,300 per available day and US$48,100 per calendar day, supported by our time charter coverage of $50,300 $123M 26% 44% of available days at US$48,100 per day
Slide 5: Agenda
Q4 Agenda Q4 2025 highlights and market outlook Market overview Company performance Q&A 2025
Slide 6: VLGC market drivers during Q4 2025 and so far 2026
VLGC market drivers during Q4 2025 and so far 2026 Freight rates supported by high US LPG inventory levels and geopolitical factors US propane inventories (year end) US – Far East VLGC spot rate US – Far East arbitrage Million barrels ‘000 USD / day USD/t 85 Iran-Israel/US 260war 100 81 83 85 80 US
Slide 7: 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 8: More growth in the years ahead
More growth in the years ahead New projects in the Middle East and wetter gas in the US to lift LPG exports Middle East projects coming online Permian oil now yields more gas LPG export forecasts Mtpa (VLGC only) CAGR = 6% CAGR = 9% 70 71 66 2022 2025 60 57 51 48 44 28% 40 39 NATURAL 0.64 Barrel 25%
Slide 9: Panama Canal congestion issues likely to persist
Panama Canal congestion issues likely to persist Long-haul VLGC voyages are anticipated to increase as multiple segments compete for transit slots Neo locks at max capacity Growth in US gas volumes drives fleet growth Transits per day Number of newbuildings to be delivered 10 60 8 50 6 Houston LNG 4
Slide 10: VLGC fleet and newbuildings
VLGC fleet and newbuildings Limited ordering activity amidst delivery of new VLGCs Quarterly delivery schedule VLGC fleet age profile and newbuilding market # of VLGCs 10% 5% 421 0-15 years 15-20 years 15% 1 4 20-25 years 1 total VLGC 2 25 years + fleet1 2 69% 1 1 1 13 12 11 1 10 10 9 8 8 8 Current
Slide 11: Market outlook
Market outlook Underlying fundamentals remain robust, while geopolitical events increase volatility LPG export fundamentals are expected to remain sound with support seen from additional export capacity, new gas projects, long haul trade patterns and recurring constraints in the Panama Canal. Sharp
Slide 12: Agenda
Q4 Agenda Q4 2025 highlights and market outlook Market overview Company performance Q&A 2025
Slide 13: Shipping – Performance
Shipping – Performance Achieved 94% utilisation generating TCE income – Shipping of US$50,300 per available day 2025 Q4 performance Guidance TCE income by calendar days TCE income by available days Q1 2026 US$48,100/ day1 US$50,300/ day2 • Fixed 94% of our available fleet days at an average rate of
Slide 14: Product Services – Performance
Product Services – Performance Strong finish to fiscal year 2025 highlighted by continued positive realised results Q4 2025 performance Book equity US$M 26 33 $53M Net asset value $23M Net profit end of Q4 - 18 53 -4 $27M $26M Unrealised physical 12 Net Profit: $23m Gross profit1 shipping2 30 $3M Av
Slide 15: Financial highlights
Financial highlights Low leverage, strong liquidity, ready for growth opportunities Key financials Q4 2025 Financial ratios Q4 2025 US$ 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 $613M with long-dated repayment profile Liquidity profile (US$M) Repayment profile As of 31 December 2025 1,000 Total Available Cash¹ Undrawn RCF $796M Trade Finance Facilities - o/s $40M Liquidity 900 Revolving Credit Facilities (RCF) - o
Slide 17: Agenda
Q4 Agenda Q4 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 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 20: Appendix
Appendix Q4 2025
Slide 21: VLGCs, LGCs and MGC owned and operated by BW LPG
50 VLGCs, 3 LGCs and 1 MGC owned and operated by BW LPG As of 17 February 2026 28 BW LPG100% ownership 7 BW LPG Time charter/bareboat in 8 BW LPG India 52% ownership 11 Pool/Product operated Services Name Year Shipyard Name Year Shipyard Name Year Shipyard Name Year Shipyard Beneficiary 5 BW Avior 2
Slide 22: VLGC charter portfolio overview
VLGC charter portfolio overview Fixed rate time charter out coverage for 2026 at 36% with an average rate of $43,700 per day Time charter-out Time charter-out – Fixed rate % TC days - Fixed rate US$ thousands/day 36% 42% 38% $44.2 $44.1 $43.4 $43.2 $42.7 $43.1 $43.1 $43.0 $43.7 33% $43.0 30% 24% Qua
Slide 23: Shipping segment charter portfolio 2026-2027
Shipping segment charter portfolio 2026-2027 Fixed rate time charter out contract coverage stands at 36% for 2026 (as of 18 Feb 2026) Q1 2026E 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 287 273 276 276 1,112 34 Total calendar days 3,7
Slide 24: BW LPG India charter portfolio 2026-2027
BW LPG India charter portfolio 2026-2027 Time charter out contract coverage stands at 50% for 2026 (as of 18 Feb 2025) Q1 2026E 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* 28 4
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 1.10 1.08 1.19 1.05 0.82 0.64 0.62 0.72 0.98 0.9