Slide 1: Q1 2026 Earnings Presentation
Q1 2026 Earnings Presentation BW LPG Kristian Sørensen and Samantha Xu 2 June 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
Q1 Agenda Q1 2026 highlights and market outlook Market overview Company performance Q&A 2026
Slide 4: Q1 2026 highlights
Q1 2026 highlights Q1 performance • TCE income – Shipping Q1 2026 was US$55,500 per available day and US$51,300 per Commercial performance Financial performance Return to shareholders calendar day, supported by our time charter coverage of 53% of available days at US$48,200 per day • Q1 2026 profit
Slide 5: Contract signed for eight 90'cbm Panamax VLGCs with HHI
Contract signed for eight 90’cbm Panamax VLGCs with HHI Expected deliveries from start of 2029 to Q2 2030 Fleet renewal Reducing the average age of the current fleet by ~3 years following the last NB delivery 8x Panamax VLGC newbuildings Adding Panamax flexibility to our current fleet portfolio 8x n
Slide 6: Agenda
Q1 Agenda Q1 2026 highlights and market outlook Market overview Company performance Q&A 2026
Slide 7: 2026 market reactions and freight rate development
2026 market reactions and freight rate development Increasing inefficiencies are supporting higher shipping demand and freight rates TCE 000/d $250 spot rates Lost Middle East LPG export ($/day) volumes in 2026… Start of the 2026 US – Iran war ~$190,000/d …replaced by increased LPG $200 000/d export
Slide 8: VLGC market reactions and trade dynamics
VLGC market reactions and trade dynamics Simultaneous market reactions reshape trade dynamics and absorb shipping capacity Increase in LPG exports from the US ~60% driven by additional US terminal Lost Middle East LPG US LPG export volumes export capacity ramp-up Mt (VLGC only) +0.7mt export volumes
Slide 9: LPG export forecasts
LPG export forecasts Increased export capacity will enable further growth in LPG exports North America and Middle East LPG exports North American terminal expansion projects Mtpa (VLGC only) Mtpa Operational 2026 2027 2028 Flex capacity to gradually shift toward ethane 45 37 29 40 39 12 11 9 71 72 7
Slide 10: VLGC fleet and newbuildings
VLGC fleet and newbuildings Delivery pace to decellerate from 2027 Quarterly delivery schedule VLGC fleet age profile and newbuilding market # of VLGCs 9% 3 5% 4 429 2 4 0-15 years 2 15-20 years 16% 5 3 3 5 20-25 years 1 5 total VLGC 12 25 years + 11 3 fleet1 2 9 8 8 4 1 1 70% ~53 VLGCs 6 6 5 6 6 ar
Slide 11: Market outlook
Market outlook US LPG export growth has been front-loaded due to lost Middle East volumes Simultaneous market reactions are reshaping trade dynamics, increasing inefficiencies, absorbing shipping capacity, and supporting higher freight rates • Strong demand for - and growing supply of US LPG to cont
Slide 12: Agenda
Q1 Agenda Q1 2026 highlights and market outlook Market overview Company performance Q&A 2026
Slide 13: Shipping – Performance
Shipping – Performance Achieved 92% utilisation generating TCE income – Shipping of US$55,500 per available day 2026 Q1 performance Guidance TCE income by calendar days TCE income by available days Q2 2026 US$51,300/day1 US$55,500/day2 • Fixed 85% of our available fleet days at an Spot average rate
Slide 14: Product Services – Performance
Product Services – Performance Strong Q1 trading performance driven largely by positive unrealised mark-to-market changes from open cargo contracts Q1 2026 performance Book equity US$M 69 $150M $98M Net asset value 145 Net profit -8 end of Q1 150 - 30 $127M $69M Gross profit1 Unrealised physical Net
Slide 15: Financial highlights
Financial highlights Low leverage, strong liquidity, ready for growth opportunities Key financials Q1 2026 Financial ratios Q1 2026 US$ million 1.EPS (earnings per share) is computed based on the weighted average number of shares outstanding less treasury shares during the period Income statement 2.
Slide 16: Financing structure and repayment profile
Financing structure and repayment profile Ample liquidity of US$618M with long-dated repayment profile Liquidity profile (US$M) Repayment profile As of 31 March 2026 1,000 3 Total Available Cash¹ Undrawn RCF $746M Trade Finance Facilities - o/s $17M Liquidity 900 Revolving Credit Facilities (RCF) -
Slide 17: Agenda
Q1 Agenda Q1 2026 highlights and market outlook Market overview Company performance Q&A 2026
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://www.bwlpg.com/investor/ Telephone +65 6705 5588 Address 10 Pasir Panjang Road Mapletree Business City #17-02 Singapore 11743
Slide 20: Appendix
Appendix Q1 2026
Slide 21: VLGCs and LGCs owned and operated by BW LPG
48 VLGCs and 3 LGCs owned and operated by BW LPG As of 15 May 2026 28 BW LPG100% ownership 6 BW LPG Time charter/bareboat in 8 BW LPG India 52% ownership 9 Pool/Product operated Services Name Year Shipyard Name Year Shipyard Name Year Shipyard Name Year Shipyard Beneficiary 4 BW Avior 2023 DSME BW C
Slide 22: VLGC charter portfolio overview
VLGC charter portfolio overview Fixed rate time charter out coverage for 2026 at 39% with an average rate of US$44,800 per day Time charter-out Time charter-out – Fixed rate % TC days - Fixed rate US$ thousands/day 41% 40% 39% 39% $44.8 $43.7 $46.6 37% $45.7 35% $44.4 $44.5 31% $44.1 $44.1 $43.5 $40
Slide 23: Shipping segment charter portfolio 2026-2027
Shipping segment charter portfolio 2026-2027 Fixed rate time charter out contract coverage stands at 39% for 2026 (as of 14 May 2026) Q1 2026A Q2 2026E Q3 2026E Q4 2026E 2026E 2027E Owned days 3,510 3,549 3,588 3,588 14,235 14,235 Time charter in days 340 273 276 276 1,165 34 Total calendar days 3,8
Slide 24: BW LPG India charter portfolio 2026-2027
BW LPG India charter portfolio 2026-2027 Time charter out contract coverage stands at 55% for 2026 (as of 14 May 2026) Q1 2026A Q2 2026E Q3 2026E Q4 2026E 2026E 2027E Owned days 720 728 736 736 2,920 2,920 Time charter in days - - - - - - Total calendar days 720 728 736 736 2,920 2,920 Offhire* 141
Slide 25: 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 1.10 1.08 1.19 1.08 1.08 1.05 1.07 0.72 0.98 0.9