Slide 1: Q2 2025 Earnings Presentation
Q2 2025 Earnings Presentation BW LPG Kristian Sørensen and Samantha Xu 26 August 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
Q2 Agenda Q2 2025 highlights and market outlook Market overview Company performance Q&A 2025
Slide 4: Q2 2025 highlights
Q2 2025 highlights Q2 highlights and performance Commercial performance Financial performance Return to shareholders • TCE income – Shipping Q2 2025 was US$38,800 per available day and US$37,300 per calendar day, well supported by our time charter • coverage of 44% of available days at $43,000 per d
Slide 5: Market outlook
Market outlook Solid fundamentals with ongoing trading inefficiencies LPG export fundamentals are expected to remain solid going forward, and while the re-routing of volumes in recent months are returning to pre-liberation day trade flows, the Panama Canal has again emerged as a catalyst for trading
Slide 6: Agenda
Q2 Agenda Q2 2025 highlights and market outlook Market overview Company performance Q&A 2025
Slide 7: LPG continues to flow despite political disruptions
LPG continues to flow despite political disruptions Tariff war caused considerable re-routing of volumes, supporting ton-mile demand and spot rates US LPG exports by destination Middle East exports by destination China LPG imports by origin Mt (VLGC only) Mt (VLGC only) Mt (VLGC only) 6 6 6 5 5 5 ++
Slide 8: Panama Canal traffic jam
Panama Canal traffic jam Increased demand for canal transits is pushing up auction prices and re-routing vessels Panama transits Panama canal usage by VLGC Average daily transits VLGCs sailing on US – Far East route 12 100% 10 95% 8 6 90% 4 85% 2 0 80% Jan Feb Mar Apr May Jun Jul Aug 75% Container V
Slide 9: US - Far East arbitrage
US - Far East arbitrage Shipping is capturing more of the arbitrage economics US – Far East arbitrage US export terminal fees (spot) USD/ton US Cents / gallon 35 400 30 Winter spikes 25 300 20 15 10 200 5 0 2022 2023 2024 2025 Spot terminal fee Historical average 100 Shipping arbitrage capture 0 % 2
Slide 10: LPG export growth
LPG export growth North American terminal expansions and Middle East gas projects to fuel LPG export growth N. America and M. East LPG exports N. American terminal expansion plans Middle East projects Mt (VLGC only) Mtpa 68 65 ONEOK 60 57 12 52 AltaGas, 1.6 Targa, 4 45 47 Enterprise 40 41 38 11 Ente
Slide 11: VLGC fleet and newbuildings
VLGC fleet and newbuildings Modest fleet growth for the remainder of 2025 and going into 2026 Quarterly delivery schedule VLGC fleet age profile and newbuilding market # of VLGCs 10% 1 5% 1 2 3 16% 409 total VLGC 1 0-15 years fleet1 1 69% 16 15-20 years 1 14 20-25 years 12 1 11 11 2 25 years + 1 9 2
Slide 12: Agenda
Q2 Agenda Q2 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 $38,800 per available day 2025 Q2 performance Guidance TCE income by calendar days TCE income by available days Q3 2025 $37,300/ day1 $38,800/ day2 • Fixed ~90% of our available fleet days at an average rate of ~$53,
Slide 14: Product Services - Performance
Product Services - Performance Positive realised results reflecting a disciplined approach and effective risk management in a challenging quarter Q2 2025 performance Book equity US$M $58M Net asset value $6M 12 10 Net profit -3 end of Q2 $15M $10M 6 58 - 10 Q2 Net Profit: $6M Unrealised physical 53
Slide 15: Financial highlights
Financial highlights Low leverage, strong liquidity, ready for growth opportunities Key financials Q2 2025 Financial ratios Q2 2025 US$ million 1.EPS (earnings per share) is computed based on the weighted average Income statement number of shares outstanding less treasury shares during the period Pr
Slide 16: Financing structure and repayment profile
Financing structure and repayment profile Ample liquidity of $708M with long-dated repayment profile Liquidity profile (US$M) Repayment profile As of 30 June 2025 1,000 Total Available Cash¹ Undrawn RCF² $796M Trade Finance Facilities - o/s $59M 4 Liquidity $198M BW LPG India Term Loan - o/s $88M 90
Slide 17: Agenda
Q2 Agenda Q2 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 Q2 2025
Slide 21: VLGCs and LGCs operated by BW LPG
51 VLGCs and 2 LGCs operated by BW LPG As of 10 August 2025 29 BW LPG 100% ownership 8 BW LPG Time charter/bareboat in 8 BW LPG India 52% ownership 8 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 2H 2025 at 31% with an average rate of $45,200 per day Time charter-out Time charter-out – Fixed rate % TC days - Fixed rate US$ thousands/day $45.0 $44.4 31% 32% 32% 31% 30% 30% 25% $44.0 $45.4 $45.4 $45.0 $44.7 $44.5 $44.3 $4
Slide 23: 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 0.7 0.7 0.82 0.64 0.62 0.72 0.98 0.95 Lost Time
Slide 24: Shipping segment charter portfolio 2025-2026
Shipping segment charter portfolio 2025-2026 Fixed rate time charter out contract coverage stands at 31% for 2H 2025 (as of 25 Aug 2025) Q1 2025A Q2 2025A Q3 2025E Q4 2025E 2025E 2026E Owned days 3,518 3,567 3,680 3,680 14,445 14,600 Time charter in days 576 528 460 393 1,957 49 Total calendar days
Slide 25: BW LPG India charter portfolio 2025-2026
BW LPG India charter portfolio 2025-2026 Time charter out contract coverage stands at 80% for FY 2025 (as of 25 Aug 2025) Q1 2025A Q2 2025A Q3 2025E Q4 2025E 2025E 2026E Owned days 674 637 748 828 2,887 3,285 Time charter in days - - - - - - Total calendar days 674 637 748 828 2,887 3,285 Offhire* -