Bw Energy Ltd. · OSL:BWE
Bw Energy — Q2 2026 Earnings Presentation
25 slides from Bw Energy's earnings presentation, Jul 30, 2026
Slide 1: BW Energy Q2 2026
BW Energy Q2 2026 Carl K. Arnet, CEO Brice Morlot, COO Thomas Young, CFO 30 July 2026
Slide 2: Disclaimer
Disclaimer This Presentation has been produced by BW Energy Limited exclusively for information purposes. This presentation may not be redistributed, in whole or in part, to any other person. This document contains certain forward-looking statements relating to the business, financial performance an
Slide 3: Q2 2026 highlights
Q2 2026 highlights Q2 Revenues1 MaBoMo Phase 2 drilling campaign started $296M All development projects on plan and budget Q2 Net profit1 $44M Record-high cash flow on current oil prices Q2 Cash from operations1 Strengthened financial position $260M End-Q2 cash position1 On track to deliver above 10
Slide 4: >100 kbopd: executing high-value development projects
Executing high-value developments 5 projects in execution >100 kbopd Tangible future growth Bourdon area upsides MaBoMo Phase 2 – drilling Additional Dussafu targets 222 mmboe Maromba – on track Maromba carbonates 2P reserves1,2 Golfinho Boost – on track Greater Golfinho area Bourdon – on track Golf
Slide 5: Maromba on track and cost
Maromba on track and cost 2025 2026 2027 FPSO steel renewal nearing completion, current main workstream on topside piping Main milestones Final investment Start of jack-up Jack-up FPSO decision conversion conversion refurbishment First oil and equipment completed completed Towing FPSO refurbishment
Slide 6: Operational performance
Operational performance • Dussafu strong and consistent performance Net production ‒ 98% production availability kbopd ‒ Achieved 50 mmbbls produced since inception • Golfinho stable performance at 6 kbopd 32.3 ‒ 74% production availability 5.7 26.3 25.2 25.2 25.3 • H2 2026 production outlook 2.8 6.
Slide 7: Competitive unit costs
Competitive unit costs Average unit OPEX1 Q2 2026 unit OPEX USD/bbl 24.0 USD/bbl 24.0 22.7 22.2 20.4 21.3 Full-year 2026 OPEX guidance unchanged 22-26 USD/bbl Absolute OPEX largely stable, minor increase driven by higher fuel prices for power Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 1) Unit OPEX are
Slide 8: MaBoMo Phase 2 campaign started
MaBoMo Phase 2 campaign MaBoMo Phase 2 started Appraisal wells Production well drain location Additional production well, subject to appraisal results • Drilling of 2 Northwest Hibiscus appraisal wells ongoing ‒ Targeting additional reserves Hibiscus & Hibiscus South ‒ If successful, fast-track conv
Slide 9: Strong production runway at Dussafu
Strong production runway at Dussafu Walt Whitman area MaBoMo Phase 2 first oil Q1 2027 • Adding ~20 kbopd from 4 new producers Moubenga area • 2 appraisals wells could lead to another 10 kbopd Espadon area Frelon area Bourdon Phase 1 first oil Q1 2028 MaBoMo WHP BW Adolo FPSO • Adding ~10 kbopd MaBo
Slide 10: Financials and outlook
Financials and outlook 10 Maromba WHP platform rig dry docked in Dubai
Slide 11: Financial highlights
Financial highlights • Record-high cash generation Q2 EBITDA1 Strong sales and realised prices • Robust balance sheet $141M Net debt to EBITDA at 1.8x • RBL accordion fully committed Adding USD 100 million of liquidity Q2 Net profit1 • Clear path to >100 kboepd Material cash generation ahead $44M En
Slide 12: Strong financial performance
Strong financial performance1 Production and sales Realised sales oil price Revenues2 mmbbls USD/bbl before hedges USD million Production Sales 120 Realised oil price Brent spot 350 3.5 3.2 110 296 2.9 2.9 104 300 3 2.8 100 2.4 250 2.5 2.3 2.3 2.3 2.2 90 193 200 200 2 1.8 79 173 80 1.5 69 150 70 124
Slide 13: Record-high operating cash flow
Record-high operating cash flow Cash flow overview • Operating cash flow driven by record revenues USD million and working capital improvement 9 • Investments related to Maromba and Golfinho Boost development projects • Financing activities are net repayment of debt 0 2 254 Strong liquidity position
Slide 14: Robust balance sheet supporting growth phase
Robust balance sheet supporting growth phase NIBD to EBITDA1 Book equity and equity ratio Total liquidity2 USD million USD million USD million 4.00 1000 45% 41% 40% 37% 40% 900 3.50 811 800 544 3.00 698 529 700 606 2.50 600 1,142 484 988 1,001 1,029 366 2.00 2.0x 500 966 333 421 1.8x 400 263 1.50 1.
Slide 15: 2026 guidance unchanged
2026 guidance unchanged Actual Guidance 1H 2026 Production1 24-27 25.2 kbopd (mmbbls) (8.8-9.9) Unit OPEX2 22-26 23.1 USD/bbl CAPEX3 600-650 231.3 USD million G&A 12-14 10.9 USD million 15 1) Reflects net production from Dussafu (73.5% Working Interest) and Golfinho (100% WI) 2) Unit OPEX are based
Slide 16: Clear path to deliver and maintain >100 kbopd
Clear path to deliver and maintain >100 kbopd Net production kbopd Walt Whitman Niosi, Guduma Golfinho prospects, Exploration Maromba exploration Appraisal and upsides Bourdon Phase 2 Golfinho Phase 2+31 Maromba upsides and carbonates2 MaBoMo Phase 2 Golfinho Boost Maromba Phase 1+2 Projects in exec
Slide 17: Robust investment case
Robust investment case Diversified asset base >600 mmboe with material reserves Reserves and resources1 Industry-leading growth >100 kbopd by end-2028 in offshore oil and gas From 25 kbopd in H1 2026 Capital efficient >30% IRR development model Average portfolio at USD 60 Brent2 ~2-4 USD billion Str
Slide 18: Appendix
Appendix 18
Slide 19: Capital structure optimised to investment programme
Debt overview Maturity profile Capital structure optimised USD million USD million to investment programme • Flexible, low-cost financing 1,000 ‒ Tailored to project progress and first oil timing Akoum sale- leaseback 900 Maromba B • USD 100 million RBL Accordion closed 800 Maromba • Akoum long-term
Slide 20: Price assumptions in sensitivity cases
Price assumptions in sensitivity cases Sensitivity case Q3 2026 Q4 2026 2027 Thereafter USD 60/bbl 75 65 60 60 (USD/bbl) USD 80/bbl 80 80 80 80 (USD/bbl) USD 100/bbl 100 100 100 100 (USD/bbl) 20
Slide 21: Protecting cash flow by hedging
Protecting cash flow by Forward hedges hedging USD/bbl 2.2 2.4 • Securing cash flows until Maromba first oil while mmbbls mmbbls retaining exposure to higher commodity prices 90 81 80 • A combination of collars and swaps 70 70 60 67 • Compliant with RBL covenant 60 50 40 30 20 10 0 Q3-Q4 2026 2027 F
Slide 22: P&L
P&L Quarters First half USD MILLION Q2 2026 Q1 2026 Q2 2025 2026 2025 Revenues 332.5 172.3 184.7 504.8 465.2 Other income / (loss) (36.2) 0.4 7.9 (35.8) 9.3 Total revenues and other income 296.3 172.7 192.6 469.0 474.5 Operating expenses (145.5) (61.4) (88.6) (206.9) (183.9) Crude oil purchases for
Slide 23: Balance sheet
Balance sheet USD MILLION 30.06.2026 31.03.2026 31.12.2025 Assets Property, plant and equipment 1,572.1 1,467.2 1,308.3 Intangible assets 478.8 529.0 506.2 Right-of-use-assets 230.8 196.8 199.7 Derivatives 3.1 1.4 1.2 Deferred tax assets 31.4 27.9 31.2 Other non-current assets 107.8 111.0 109.1 Tota
Slide 24: Cash flow
Cash flow Quarters First half USD MILLION Q2 2026 Q1 2026 Q2 2025 2026 2025 Operating activities Profit /(loss) before tax 64.0 54.4 47.7 118.4 156.8 Adjustments for: Taxes paid (23.6) (15.7) (22.1) (39.3) (48.7) Depreciation and amortisation 70.1 48.9 46.1 119.0 110.1 Accretion expense 2.9 2.8 2.6
Slide 25: ir@bwenergy.no www.bwenergy.no
ir@bwenergy.no www.bwenergy.no 25