Slide 1: Q2 2026 Earnings Presentation
Q2 2026 Earnings Presentation BW LPG Kristian Sørensen and Samantha Xu 28 August 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
Q2 Agenda Q2 2026 highlights Market overview Company performance Q&A 2026
Slide 4: Q2 2026 highlights
Q2 2026 highlights Q2 performance Commercial Financial performance Return to shareholders • Q2 2026 TCE income (Shipping): US$74,000 per available day and US$71,600 per calendar day, after IFRS 15 and FFA negative adjustments of US$16.4 million and US$12.0 performance million respectively. Included
Slide 5: Agenda
Q2 Agenda Q2 2026 highlights Market overview Company performance Q&A 2026
Slide 6: 1H 2026 market dynamics and freight rate movements
1H 2026 market dynamics and freight rate movements Increasing market inefficiencies drive shipping demand and support elevated freight rates Middle East LPG exports Record-high US LPG Panama Canal congestion Several secondhand sales remain significantly exports partially offset lost increases COGH r
Slide 7: VLGC trade flows and market reactions
VLGC trade flows and market reactions Rising US exports and trade disruptions are driving longer voyages +16% ~(46)% US LPG export growth Decline in Middle East LPG export growth 1H26 (y/y) 1H26 (y/y) China LPG imports from the US • Higher LPG production • Exports remain heavily restricted as the St
Slide 8: LPG export forecasts
LPG export forecasts New North American export capacity supports structural VLGC trade growth Middle East and North American LPG exports North American LPG export capacity growth Mtpa (VLGC only) Mtpa 2H 2026 2027 2028 8 13 9 Mt 7 Mt 14 Mt 20 44 36 39 24 40 12 73 74 9 71 57 60 4 2 1 2 2024 2025 2026
Slide 9: VLGC fleet and newbuildings
VLGC fleet and newbuildings New deliveries increasingly offset by fleet replacement needs Quarterly delivery schedule VLGC fleet age profile # of VLGCs 9% 5% 437 3 5 4 15% 3 3 total VLGC 2 10 fleet1 6 71% 1 5 5 2 1 7 12 10 9 9 9 5 3 8 8 8 0-15 years 15-20 years 20-25 years 25 years + 6 6 5 5 5 3 4 3
Slide 10: Market outlook
Market outlook Geopolitics and market inefficiencies are generating accretive ton-miles for VLGCs Middle East conflict, increasing US exports and Panama canal supports a wide US – Far East arbitrage, which in turn keeps VLGC spot rates at an elevated level. • Lack of Middle East LPG exports supports
Slide 11: Agenda
Q2 Agenda Q2 2026 highlights Market overview Company performance Q&A 2026
Slide 12: Shipping – Performance
Shipping – Performance Achieved 96% utilisation generating TCE income – Shipping of US$74,000 per available day Q2 2026 performance Guidance TCE income by calendar days TCE income by available days Q3 2026 US$71,600/day1 US$74,000/day2 • Fixed 92% of our available fleet days at an average rate of ~U
Slide 13: Product Services – Performance
Product Services – Performance Strong positive realised results under turbulent market conditions as a result of effective risk management Q2 2026 performance Book equity US$ million 127 $119M $31M Net asset value Net loss end of Q2 70 $18M $70M Unrealised physical 150 Gross loss1 45 Net loss: shipp
Slide 14: Financial highlights
Financial highlights Low leverage, strong liquidity, ready for growth opportunities Key financials Q2 2026 Financial ratios Q2 2026 US$ million (%) Income statement 1.EPS (earnings per share) is computed based on the weighted average number of shares outstanding less treasury shares during the perio
Slide 15: Financing structure and repayment profile
Financing structure and repayment profile Ample liquidity of US$773M with long-dated repayment profile Liquidity profile (As of 30 June 2026) Repayment profile US$ million 1,000 Total Available Cash¹ Undrawn RCF $746M Trade Finance Facilities - o/s $132M Liquidity 900 Revolving Credit Facilities (RC
Slide 16: Agenda
Q2 Agenda Q2 2026 highlights Market overview Company performance Q&A 2026
Slide 17: Q&A
Q&A Agenda Kristian Sørensen Samantha Xu CEO CFO
Slide 18: 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://www.bwlpg.com/investor/ Telephone +65 6705 5588 Address 10 Pasir Panjang Road Mapletree Business City #17-02 Singapore 11743
Slide 19: Appendix
Appendix Q2 2026
Slide 20: VLGCs and LGCs owned and operated by BW LPG
46 VLGCs and 3 LGCs owned and operated by BW LPG As of 25 August 2026 29 BW LPG Name 100% ownership Year Shipyard 5 BW LPG Name Time charter/bareboat in Year Shipyard 7 BW LPG India Name 52% ownership Year Shipyard 8 Pool/Product operated Name Services Year Shipyard Beneficiary 4 BW Avior 2023 DSME
Slide 21: VLGC charter portfolio overview
VLGC charter portfolio overview Fixed rate time charter out coverage for 2H 2026 at 41% with an average rate of US$44,100 per day Time charter-out Time charter-out – Fixed rate % TC days – fixed rate US$ thousands/day 4 43% $57.1 41% 41% 41% 40% 42% 35% 34% 36% 32% $48.0 $46.6 Yearly $44.3 Quarterly
Slide 22: Shipping segment charter portfolio 2026-2027
Shipping segment charter portfolio 2026-2027 Fixed rate time charter out contract coverage stands at 42% for 2026 (as of 14 August 2026) Q1 2026A Q2 2026A Q3 2026E Q4 2026E 2026E 2027E Owned days 3,510 3,549 3,520 3,450 14,029 13,505 Time charter in days 340 273 276 276 1,165 34 Total calendar days
Slide 23: BW LPG India charter portfolio 2026-2027
BW LPG India charter portfolio 2026-2027 Time charter out contract coverage stands at 68% for 2026 (as of 14 August 2026) Q1 2026A Q2 2026A Q3 2026E Q4 2026E 2026E 2027E Owned days 720 728 668 644 2,760 2,555 Time charter in days - - - - - - Total calendar days 720 728 668 644 2,760 2,555 Offhire1 1
Slide 24: Fleet safety statistics
Fleet safety statistics Safety and Zero Harm onboard remain our key focus TRCF 12 Month Rolling Average (MRA) Total Recordable Case Frequency (TRCF): LTIF 12 Month Rolling Average (MRA) Work-related fatalities and injuries per one million hours worked 1.10 1.19 1.05 1.00 1.08 1.07 1.08 1.08 0.96 0.8