Babcock & Wilcox Enterprises, Inc. · NYSE:BW

Babcock & Wilcox Enterprises — Q3 2026 Earnings Presentation

34 slides from Babcock & Wilcox Enterprises's earnings presentation, Nov 9, 2026

1. Slide 1: Company Overview

   C O M PA N Y O V E R V I E W November 2026 BABCOCK & WILCOX ENTERPRISES, INC. 1 © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.

2. Slide 2: Important Information

   IMPORTANT INFORMATION Forward-Looking Statements​ Bookings and Backlog Babcock & Wilcox Enterprises, Inc. (“B&W Enterprises,” “B&W,” “we,” “us” or “our”) cautions that this presentation Bookings and backlog are our measures of remaining performance obligations under our sales contracts. It is possib

3. Slide 3: Babcock & Wilcox Enterprises, Inc.

   BABCOCK & WILCOX ENTERPRISES, INC. 3 © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.

4. 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 providing advanced energy and environmental products and services.  From our very first patent for a more efficient boile

5. 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 units in the U.S. and nearly 200 additional operating More than 300 waste-to-energy units at facilities utility and industrial boiler units acros

6. Slide 6: We're delivering critical coal power generation

   WE’RE DELIVERING CRITICAL COAL POWER GENERATION  B&W has been at the foundation of  We are America's only full-scope coal-fired power supplier with fully integrated the world's energy and industrial technology, engineering, procurement, manufacturing and construction progress since 1867 capabiliti

7. 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

8. Slide 8: 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 dangerous lows  Growth fueled by: • AI and data centers  Weather-dependent power ge

9. Slide 9: Babcock & Wilcox profile

   BABCOCK & WILCOX PROFILE B&W CONSOLIDATED NORTH AMERICA REST OF THE WORLD 93.3% REVENUE 6.7% REVENUE FUEL/MARKET Coal 27% Natural Gas 50% Pulp & Paper 8% Biomass/EFW 1% Other 14% PRODUCTS & SERVICES Parts 25% Projects 43% Construction 32% INDUSTRIAL VS UTILITY Industrial 24% Utility 76%  Headquarte

10. Slide 10: Global market potential & pipeline

    GLOBAL MARKET POTENTIAL & PIPELINE – 3 YEAR B&W strongly positioned to leverage key global energy trends 2026-2028 ADDRESSABLE MARKETS: 2026-2028 GLOBAL UTILITY, INDUSTRIAL MARKETS TOTAL B&W U.S. AI DATA CENTERS MARKET PIPELINE $190B 1 Over $16B 2 1 Addressable market figure does not include parts,

11. Slide 11: Leadership team

    LEADERSHIP TEAM Chairman and Executive Vice President and Chief Senior Vice President, Chief Executive Officer Financial Officer Corporate Operations Kenneth Young Cameron Frymyer Gillianne Hetrick Executive Vice Chief Technology Vice President, Senior Vice President President and Chief Officer Corp

12. Slide 12: Corporate governance

    CORPORATE GOVERNANCE BOARD OF DIRECTORS Chairman and Chief Executive Officer Kenneth Young Homaira Akbari Alan Howe Naomi Boness Philip Moeller Rebecca Stahl Joseph Tato BABCOCK & WILCOX ENTERPRISES, INC. 12 © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.

13. Slide 13: Financial Information

    FINANCIAL INFORMATION BABCOCK & WILCOX ENTERPRISES, INC. 13 © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.

14. Slide 14: Consolidated financial summary

    CONSOLIDATED FINANCIAL SUMMARY Three Months Ending Trailing Twelve Months Ending September 30, 2026 September 30, 2026 ($ in millions) Revenue $ 291 $ 986 Net Income $ 94 $ 40 Adjusted Net Income1 $ 5 $ 28 Adjusted EBITDA $ 18 $ 72 1 Excludes $(89) million and $(13) million non-cash warrant and stoc

15. Slide 15: Capital structure – pro forma

    CAPITAL STRUCTURE – PRO FORMA ($ in millions) September 30, 2026 CAPITALIZATION: Total Debt1 $ 166 Senior Notes $ 130 Revolving Credit Line $ 0 Letter of Credit Collateral2 $ 37 Cash, cash equivalents and restricted cash $ 129 1 Excludes sale-leaseback related transactions, forgivable and other loan

16. Slide 16: Key Technologies and Capabilities

    KEY TECHNOLOGIES AND CAPABILITIES BABCOCK & WILCOX ENTERPRISES, INC. 16 © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.

17. Slide 17: Enhanced combined cycle

    ENHANCED COMBINED CYCLE PHASE 1 — INITIAL STEAM POWER PHASE 2 — ENHANCED COMBINED CYCLE Gas-Fired Boiler + Steam Turbine (Rankine Cycle) Add: Gas Turbine (boiler becomes HRSG) ▸ Deploy proven boiler + steam turbine system ▸ Integrate gas turbine later when available ▸ No dependence on gas turbine de

18. Slide 18: Basic vs. enhanced combined cycle

    BASIC VS. ENHANCED COMBINED CYCLE BASIC COMBINED CYCLE ENHANCED COMBINED CYCLE 50MW Combustion Turbine + HRSG = ~75MW 50MW Gas Turbine + 50MW Boiler = ~100MW (System dependent on gas turbine to function) (Turbines can function independently for redundancy) Heat Recovery Fired Multi-mode Steam Genera

19. Slide 19: Parts & services in a power plant from chute-to-stack

    PARTS & SERVICES IN A POWER PLANT FROM CHUTE-TO-STACK WALL-FIRED STEAM STACK BOILER DRUM SELECTIVE CATALYTIC WET FLUE GAS REDUCTION (SCR) DESULFURIZATION SYSTEM (DeNOx) (FGD) SYSTEM COAL FABRIC DRY SORBENT ELECTROSTATIC FILTER INJECTION (DSI) COAL CONVEYOR PRECIPITATOR BAGHOUSE STORAGE (ESP) YARD PU

20. Slide 20: Key technologies: steam generation

    KEY TECHNOLOGIES: STEAM GENERATION Utility Boilers Waste-to-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

21. Slide 21: Ignitors, flame scanners and controls

    KEY TECHNOLOGIES: IGNITORS, 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

22. Slide 22: 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

23. Slide 23: 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

24. Slide 24: B&W's Emerging Technologies

    B&W’S EMERGING TECHNOLOGIES BABCOCK & WILCOX ENTERPRISES, INC. 24 © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.

25. Slide 25: BrightLoop technology for industrial energy production

    BRIGHTLOOP TECHNOLOGY FOR INDUSTRIAL ENERGY PRODUCTION BABCOCK & WILCOX ENTERPRISES, INC. 25 © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.

26. Slide 26: Preparing for the future

    PREPARING FOR THE FUTURE GAME CHANGING TECHNOLOGY FOR THE FUTURE – TODAY 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 hydrogen cost syngas from bioma

27. Slide 27: BrightLoop project – Massillon, Ohio

    BRIGHTLOOP PROJECT – MASSILLON, OHIO MASSILLON PROJECT DEVELOPMENT PLAN Approximate Timeline AKRON Permits issued 2Q 2025 COLUMBUS Component completion Q4 2026 Onsite steel structure erection begins Q4 2026 Target first H2 production 4Q 2027 BABCOCK & WILCOX ENTERPRISES, INC. 27 © 2026 Babcock & Wil

28. Slide 28: BrightLoop project – Massillon, Ohio

    BRIGHTLOOP PROJECT – MASSILLON, OHIO PRIMARY LOOP VESSEL FABRICATION AIR REACTOR AIR REACTOR AIR REACTOR L-Valve PARTICLE COLLECTOR PARTICLE COLLECTOR AND DISENGAGEMENT BABCOCK & WILCOX ENTERPRISES, INC. 28 © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.

29. Slide 29: 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

30. Slide 30: 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

31. Slide 31: Appendix

    APPENDIX BABCOCK & WILCOX ENTERPRISES, INC. 31 © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.

32. Slide 32: Reconciliation of Adjusted EBITDA

    Babcock & Wilcox Enterprises, Inc. Reconciliation of Adjusted EBITDA 1 Three Months Ending Trailing Twelve Months Ending ($ in millions) September 30, 2026 September 30, 2026 Income (loss) from continuing operations $ 93.5 $ 24.6 Interest expense, net $ 2.8 $ 17.6 Income tax expense $ 1.4 $ 6.0 Depr

33. Slide 33: Reconciliation of Net Income

    Babcock & Wilcox Enterprises, Inc. Reconciliation of Net Income 1 Three Months Ending Trailing Twelve Months Ending September 30, 2026 September 30, 2026 ($ in millions) Net income $ 93.9 $ 40.4 Stock appreciation rights2 $ (4.7) $ 0.6 Customer warrants3 $ (84.4) $ (13.5) Adjusted net income $ 4.8 $

34. Slide 34: Babcock & Wilcox Enterprises, Inc.

    BABCOCK & WILCOX ENTERPRISES, INC. 34 © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.

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