Bw Energy Ltd. · OSL:BWE
Bw Energy — Q3 2025 Earnings Presentation
21 slides from Bw Energy's earnings presentation, Oct 28, 2025
Slide 1: Third quarter 2025 Presentation
Third quarter 2025 Presentation Carl K. Arnet, CEO Thomas Young, CFO Brice Morlot, COO 28 October 2025
Slide 2: Third quarter highlights
Third quarter highlights On track to meet full-year production EBITDA guidance $96.0M Project portfolio on cost and schedule Net profit Maromba financing completed $20.1M Bourdon moving towards FID Cash position $259.3M Kudu appraisal drilling ongoing 2
Slide 3: Operational performance
Operational performance • Dussafu production availability at 80%, impacted by Net production three weeks of planned annual maintenance kbopd 36.0 33.7 • Golfinho production availability at 92% 32.3 7.3 6.4 5.7 • Five weeks of annual maintenance on 25.6 26.3 Golfinho in Q4 5.4 6.3 • 2025 guidance mai
Slide 4: Competitive unit OPEX
Competitive unit OPEX Average unit OPEX1 YTD 2025 unit OPEX USD/bbl 19.5 USD/bbl 22.7 20.4 17.7 18.1 Updated 2025 OPEX guidance 16.5 19-21 USD/bbl Previously 18-22 USD/bbl Q3 OPEX impacted by planned maintenance Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 4 1) Operating costs exclude royalties, tariffs,
Slide 5: Annual maintenance on Dussafu completed on schedule
Annual maintenance on Dussafu completed on schedule Q3 2025 net production1 Q3 2025 prod. availability Net 2P + 2C recoverable MaBoMo Phase 22 20.0 kbopd 80% 123 mmbbls ~14 mmbbls First oil H2 2026 5 1) BW Energy 73.5% working interest 2) Net mmboe, previously named Hibiscus / Ruche Phase 2
Slide 6: Maromba execution on track
Maromba execution on track 2025 2026 2027 FPSO refurbishment on track Main milestones Final investment Start of jack-up Jack-up FPSO decision conversion conversion refurbishment First oil completed completed Rig delivered and preparations for FPSO refurbishment Procurement and construction – yard st
Slide 7: Progressing high-value organic growth projects
Progressing high-value organic growth projects Executed at optimal timing for the organisation Projects in execution Project near FID Recoverable resources Maromba Golfinho MaBoMo Bourdon 18 net mmbbls 2 Boost Phase 21 ✓ Extending Dussafu plateau 2P Reserves 123 12 14 Net mmbbls ✓ Repeating successf
Slide 8: On track to deliver industry-leading growth
On track to deliver industry-leading growth Production outlook kbopd ~90 Maromba development 31.5 28 16 8 2022 2023 2024 YTD 2025 2028E 8
Slide 9: Track record of expanding a high-quality resource portfolio
Track record of expanding a high-quality resource portfolio Consistently growing reserve base... …with >150% yet to be developed Net 2P reserves (mmboe) Net 2C resources (mmboe) >3x 252 250 Kudu (Development 210 on hold) Dussafu (incl. Bourdon1) 200 Maromba1 29 55 171 123 Golfinho 19 150 100 77 Golf
Slide 10: Financial highlights
Financial highlights Third quarter 2025 • Value creation plan on track • Maromba project financing completed • Competitive funding terms by leveraging strong relationships in Middle East and Asia • Highly efficient liquidity structure • Updated 2025 OPEX and CAPEX guidance 10
Slide 11: Financial performance
Financial performance1 Production and sales Realised oil price Revenues mmbbls USD/bbl USD million 4 Production Sales 100 Realised oil price Brent spot 300 282 3.7 3.5 3.2 3.2 90 250 3.1 234 3 2.9 2.9 82 215 2.8 200 2.5 80 200 193 2.5 2.4 2.4 73 75 69 2 70 150 67 1.5 60 100 1 50 50 0.5 0 40 0 Q3 202
Slide 12: Solid cash position and strong cash generation
Solid cash position and strong cash generation Cash flow overview USD million • Quarterly operating cash flow increased • Investment spend lower than guided due to rig financing converted to lease Strong liquidity position 529 USD million Cash and undrawn facilities 12
Slide 13: Strong financial position entering investment period
Strong financial position entering investment period NIBD to EBITDA1 Book equity and equity ratio Total liquidity2 USD million USD million USD million 4.00 700 42% 44% 46% 46% 41% 3.50 600 3.00 529 484 500 966 988 421 940 2.50 862 407 400 805 346 341 2.00 296 300 280 272 263 1.50 200 1.00 0.9x 0.8x
Slide 14: Efficient capital deployment in cash generative projects
Efficient capital deployment in cash generative projects Sources and uses 2025-2027 Strong financial structure secured USD million 2,500 ✓ FPSO financing USD 365 million FPSO project financing facility 2,000 USD 80/bbl Excess cash flow for ✓ Rig acquisition financing Short-term lease structure in pl
Slide 15: Updated 2025 guidance
Updated 2025 guidance Original 2025 Updated 2025 Actual YTD guidance guidance Production1 8.5 11-12 11-12 mmbbls (kbopd) (31.5) (30-32) (30-32) Operating costs2 19.5 18-22 19-21 USD/bbl CAPEX3,4 304 650-700 475-525 USD million G&A 15.3 19-22 19-22 USD million 15 1) Reflects net production from Dussa
Slide 16: Delivering on our investment proposition
Delivering on our investment proposition Fast growing E&P Significant production increase year-over-year and company improved reserve life Diversified, high value Operated portfolio with 640 mmboe reserves and asset base resources1, generating strong long-term cash flow Industry-leading On track to
Slide 17: Appendix
Appendix 17
Slide 18: P&L
P&L USD Million Q2 2025 Q3 2025 Total revenues and other income 192.6 199.6 Operating expenses (93.6) (103.6) Operating profit before depreciation, amortisation and impairment 1 99.0 96.0 Depreciation and amortisation (46.1) (51.7) Operating profit/(loss) 52.9 44.3 Interest income 3.7 3.0 Interest e
Slide 19: Balance sheet
Balance sheet ASSETS Q2 2025 Q3 2025 EQUITY AND LIABILITIES Q2 2025 Q3 2025 Property plant and equipment 1,185.1 1,195.4 Shareholders' equity 965.9 987.8 Intangible assets 371.1 421.7 Total equity 965.9 987.8 Right-of-use assets 81.9 182.3 Derivatives 1.3 - Interest-bearing non-current debt 539.6 68
Slide 20: Cash flow
Cash flow USD Million Q2 2025 Q3 2025 Profit/(loss) before taxes 47.7 35.5 Taxes paid (22.1) (16.0) Depreciation and amortisation 46.1 51.8 Accretion expense 2.6 2.9 Net interest (2.0) 0.8 Unrealised currency exchange differences (4.8) 1.5 Unrealised fair value change on financial instruments (4.6)
Slide 21: ir@bwenergy.no www.bwenergy.no
ir@bwenergy.no www.bwenergy.no 21