Babcock & Wilcox Enterprises, Inc. · NYSE:BW

Babcock & Wilcox Enterprises — Q4 2025 Earnings Presentation

30 slides from Babcock & Wilcox Enterprises's earnings presentation, Mar 16, 2026

Slide 2: Important Information
IMPORTANT INFORMATION Forward-Looking Statements Babcock & Wilcox Enterprises, Inc. (“B&W Enterprises,” “B&W,” “we,” “us” or “our”) cautions that this presentation The forward-looking statements included herein are made only as of the date hereof. We undertake no obligation to contains forward-look
Slide 4: We're a global energy leader, powering the world since 1867
WE’RE A GLOBAL ENERGY LEADER, POWERING THE WORLD SINCE 1867 Providing high quality, innovative technologies for nearly 160 years  We are a globally recognized technology leader and innovator providing advanced energy and environmental products and services  From our first patent for a more efficie
Slide 5: Leveraging a vast installed base and proven technologies
WE'RE LEVERAGING A VAST INSTALLED BASE AND PROVEN TECHNOLOGIES – OVER 400 GW OF B&W POWER GENERATION More than 300 operating utility and industrial boiler More than 300 renewable energy units units in the U.S. and nearly 200 additional operating at facilities globally (consuming over 61 utility and
Slide 6: We're delivering critical coal power generation
WE’RE DELIVERING CRITICAL COAL POWER GENERATION  B&W has been at the foundation of  Our capabilities include: the world's energy and industrial • Boilers to burn coal and other fuels – from small package boilers to high-capacity boilers – progress since 1867 for utilities, AI factories and data ce
Slide 7: Capitalizing on significant opportunities for profitable growth
WE’RE CAPITALIZING ON SIGNIFICANT OPPORTUNITIES FOR PROFITABLE GROWTH Delivering proven, reliable, Increasing global demand to readily available power keep plants operating at peak generation technologies, efficiency with replacement parts, construction and parts and upgrades and field services, as
Slide 8: AI factories and data centers: rising power demand and opportunities
AI FACTORIES AND DATA CENTERS: RISING POWER DEMAND AND OPPORTUNITIES  Electric Demand Forecast Soaring • Total data center demand expected to be 176 GW by 2035; up from 33 GW in 2024*  Primary U.S. Data Center Buyers • IPPs and developers • Artificial Intelligence infrastructure consortiums • Hype
Slide 9: Reliable, efficient and fast power solutions for AI factories and data centers
PROVIDING RELIABLE, EFFICIENT AND FAST POWER SOLUTIONS FOR AI FACTORIES AND DATA CENTERS Natural gas fired boilers and steam turbine solutions to align with customers’ requirements Key Priority – Speed to Market:  200 MW of Modular Power • 4 x 50 MW units plus 1 x 50 MW spare cap • Operation as fas
Slide 10: B&W and Base Electron to power AI factory campuses
B&W AND BASE ELECTRON TO POWER AI FACTORY CAMPUSES  Full approval to proceed on $2.4B, 1.2 GW power project for Base Electron, backed by Applied Digital  B&W to engineer, procure and construct facility to include four 300 MW natural-gas boilers to power AI factory campuses  Siemens Energy supplyi
Slide 11: Growing U.S. electricity demand
GROWING U.S. ELECTRICITY DEMAND Record Electricity Consumption Long-Term Demand and Pressures  2026 again expected to set record  Power demand to climb 25% by 2030 from 2023 levels  U.S. reserve margins reaching  Growth fueled by: dangerous lows • AI and data centers  Weather-dependent power ge
Slide 12: Babcock & Wilcox profile
FUEL TYPE PRODUCTS & SERVICES INDUSTRIAL VS UTILITY BABCOCK & WILCOX PROFILE N. AMERICA Coal 38% Parts 39% NG 36% Ind 32%  Headquarters: Akron, Ohio USA  Employees: ~1,650 A/M Prj 29% P&P* 9% Utility 68% Const 32%  Founded: 1867  LTM Revenue ~$587.7M Other 17%  Ownership: Public (NYSE: BW) Dece
Slide 13: Global market potential & pipeline
GLOBAL MARKET POTENTIAL & PIPELINE – 3 YEAR B&W strongly positioned to leverage key global energy trends 2026-2028 GLOBAL UTILITY AND INDUSTRIAL 2026-2028 U.S. ADDRESSABLE 2026-2028 TOTAL B&W ADDRESSABLE MARKET AI/DATA CENTERS MARKET GLOBAL PIPELINE $25B 1 $100B 2 Over $12B 3 1 Addressable market fi
Slide 14: Leadership Team
LEADERSHIP TEAM Chairman and Chief Executive Officer Kenneth Young Executive Vice Executive Vice Chief Technology President and Chief President and Chief Officer Financial Officer Commercial Officer Brandy Johnson Cameron Frymyer Jimmy Morgan Executive Vice President, Senior Vice President, Vice Pre
Slide 15: Corporate Governance
CORPORATE GOVERNANCE BOARD OF DIRECTORS Chairman and Chief Executive Officer Kenneth Young Rebecca Stahl Joseph Tato Alan Howe Philip Moeller Naomi Boness Homaira Akbari BABCOCK & WILCOX ENTERPRISES, INC. 15 © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.
Slide 17: Consolidated Financial Summary - Continuing Operations
CONSOLIDATED FINANCIAL SUMMARY - CONTINUING OPERATIONS Three Months Ended Trailing Twelve Months Ending December 31, 2025 December 31, 2025 ($ in millions) Revenue $ 161.0 $ 587.7 Gross margin $ 41.3 $ 143.9 Selling, general and administrative expenses $ 28.7 $ 119.5 Operating income $ 12.2 $ 20.7 N
Slide 18: Capital Structure – Pro Forma
CAPITAL STRUCTURE – PRO FORMA ($ in millions) December 31, 2025 CAPITALIZATION: Total Debt1 $ 281.1 Senior Notes $ 214.3 Revolving Credit Line $ 0.0 Letter of Credit Collateral2 $ 66.8 Cash, cash equivalents and restricted cash $ 201.4 Net Debt $ 79.7 Note: Figures may not be clerically accurate due
Slide 20: Key Technologies: Steam Generation
KEY TECHNOLOGIES: STEAM GENERATION Utility Boilers Renewable Energy Boilers High pressure, high efficiency, high capacity, Reduces dependency on landfills and reduces low emissions methane gas emissions Fuel: Coal, oil, natural gas, multi-fuel Fuel: Municipal solid waste, refuse derived fuel Natural
Slide 21: Key Technologies: Igniters, Flame Scanners and Controls
KEY TECHNOLOGIES: IGNITERS, FLAME SCANNERS AND CONTROLS Designed for safety, reliability and fuel flexibility  Natural gas conversions from oil- or coal-firing  Alternative energy fuels such as hydrogen, biodiesel, methanol and biogas  Burner management and controls for complete turnkey system ca
Slide 22: Key Technologies: Emissions Control
KEY T ECHNO LO G IES: EMISSIONS CONTROL Pre-Treatment for Post- Particulate Control SO2 / Acid Gas Control Combustion Carbon Capture  Pulse Jet Fabric Filters / Baghouses  Wet or Seawater Flue Gas Desulfurization Systems  Wet and Dry Scrubbers, Sorbent Injection,  Wet and Dry Electrostatic Preci
Slide 23: Key Capabilities: Aftermarket Services
KEY CAPABILIT IES: AFTERMARKET SERVICES Maintaining/improving plant operation: UPGRADES & RETROFITS Projects for extending the life of power, process and environmental equipment Supplying components for system reliability: REPLACEMENT PARTS High-quality standard or custom-engineered pressure and non
Slide 26: Preparing for the Future
PREPARING FOR THE FUTURE G A M E C H A N G I N G T E C H N O L O G Y F O R T H E F U T U R E – TO D AY STEAM HYDROGEN SYNGAS Scalable alternative for baseload steam generation Hydrogen from multiple feedstocks High-quality, low-carbon Utilize readily available fuels for energy security Competitive h
Slide 27: Key Technologies: Flue Gas Treatment for Carbon Capture
KEY T ECHNO LO G IES: FLUE GAS TREATMENT FOR CARBON CAPTURE  To optimize carbon capture on solvent-based scrubbing technologies, reductions in various emissions found in the incoming flue gas are required  Our solutions include technologies for acid gases, particulate and acid mist, NOx and mercur
Slide 28: Carbon Capture Technologies
CARBON CAPTURE TECHNOLOGIES SolveBright OxyBright POST-COMBUSTION CARBON CAPTURE OXYGEN-FUEL COMBUSTION THE B&W ADVANTAGE Expertise gained from decades of leadership in combustion technologies and emissions control provides total solutions support Experience across wide range Solvent-based, post-com
Slide 29: BECCS
BECCS BIOENERGY WITH CARBON CAPTURE AND SEQUESTRATION B&W’s biomass boilers paired with either Our negative carbon intensity OxyBright or SolveBright produce (-2,500 gCO2e/kWh) is nearly seven carbon-negative energy with a times more negative than the U.S. grid -2,500gCO2e/kWh carbon intensity is po

Babcock & Wilcox Enterprises — Q4 2025 Earnings Presentation on 6ix

Babcock & Wilcox Enterprises — Q4 2025 Earnings Presentation

Slide 1: Company Overview

Slide 2: Important Information

Slide 3: Babcock & Wilcox Enterprises, Inc.

Slide 4: We're a global energy leader, powering the world since 1867

Slide 5: Leveraging a vast installed base and proven technologies

Slide 6: We're delivering critical coal power generation

Slide 7: Capitalizing on significant opportunities for profitable growth

Slide 8: AI factories and data centers: rising power demand and opportunities

Slide 9: Reliable, efficient and fast power solutions for AI factories and data centers

Slide 10: B&W and Base Electron to power AI factory campuses

Slide 11: Growing U.S. electricity demand

Slide 12: Babcock & Wilcox profile

Slide 13: Global market potential & pipeline

Slide 14: Leadership Team

Slide 15: Corporate Governance

Slide 16: Financial Information

Slide 17: Consolidated Financial Summary - Continuing Operations

Slide 18: Capital Structure – Pro Forma

Slide 19: Key Technologies and Capabilities

Slide 20: Key Technologies: Steam Generation

Slide 21: Key Technologies: Igniters, Flame Scanners and Controls

Slide 22: Key Technologies: Emissions Control

Slide 23: Key Capabilities: Aftermarket Services

Slide 24: B&W's Emerging Technologies

Slide 25: BrightLoop for Industrial Energy Production

Slide 26: Preparing for the Future

Slide 27: Key Technologies: Flue Gas Treatment for Carbon Capture

Slide 28: Carbon Capture Technologies

Slide 29: BECCS

Slide 30: Babcock & Wilcox Enterprises, Inc.