Bw Lpg Limited · OSL:BWLPG
Bw Lpg — Investor Presentation (March 2026)
36 slides from Bw Lpg's investor presentation, March 2026
Slide 1: Investor Presentation
Investor Presentation BW LPG Kristian Sørensen, CEO | Samantha Xu, CFO March 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
Agenda Company overview LPG market and outlook Key financials Appendix
Slide 4: BW LPG | A world leader in the LPG shipping and commodity market
BW LPG | A world leader in the LPG shipping and commodity market Our focus on profitability has provided shareholders with good returns Combining growth with a disciplined Since IPO, we have paid out ~76% of our earnings as dividends approach to generating shareholder returns Historical accumulated
Slide 5: BW Group: Energy, Maritime Transportation & Infrastructure
BW Group Heritage in energy and maritime logistics and infrastructure 441 # of operated vessels across Energy, Maritime Transportation & Infrastructure all segments Sustainable energy & technologies $11.3bn Gas Solar / Wind / Battery Market value of public investments1 Water / Upstream Bioenergy $1.
Slide 6: Largest owner and operator of VLGCs
Largest owner and operator of VLGCs Highest number of dual fuel and scrubber fitted vessels positioning BW LPG for premium earnings # of owned VLGCs on water1 # of owned scrubber/dual-fuel VLGCs on water Public Private Dual-fuel Scrubber +86% +95% +50% +173% 39 30 BW LPG ~US$ 5,000/day dual-fuel cos
Slide 7: BW LPG has capitalized on market growth, asset plays and by strengthening its position
BW LPG has capitalized on market growth, asset plays and by strengthening its position across the LPG value chain Expanding our presence across the LPG value chain with shipping remaining our core business Strategic decision to cease the investment in the onshore LPG import terminal at JNPT in India
Slide 8: Product Services portfolio management
Product Services portfolio management PS aim to have a balanced portfolio, using paper derivatives extensively to manage risk Trading portfolio business model Europe Houston Flushing Physica Short cargo positions l Asia Sh ipp US Gulf Middle Short cargo positions Cargo ing Houston Chiba Product East
Slide 9: Top shareholders
Top 20 shareholders As of 27 February 2026 # shares as of % of shares % of shares Rank Shareholder 27-Feb-26 outstanding issued 1 BW Group Limited 48 407 126 31.99 % 30.39 % 2 3 Hemen Holding (John Fredriksen) Folketrygdfondet 12 817 890 8 199 127 8.47 % 5.42 % 8.05 % 5.15 % ~51% 4 DNB Asset Managem
Slide 10: Dividend policy and distribution
Dividend policy and distribution Dividend policy and 2025 distribution Annual payout ratio of Shipping NPAT Net leverage ratio 2025 actuals Q1 2025 Q2 2025 Q3 2025 Q4 2025 50% >30% Net leverage ratio 31.2% 30.7% 29.7% 28.4% 75% <=30% Payout ratio – Shipping NPAT 75% 75% 75% 100% Payout ratio – Shipp
Slide 11: Agenda
Agenda Company overview LPG market and outlook Key financials Appendix
Slide 12: LPG explained
LPG explained LPG’s role in the energy transition What is LPG Clean Efficient Versatile LPG = propane and butane One of the cleanest conventional Competitively priced Residential and commercial fuels available sector accounts for ~45% of the by-product of Easily and cost effectively stored global de
Slide 13: Main VLGC trade routes
Main VLGC trade routes Supply-driven market with the Far East as the key destination for LPG LPG trade dynamics LPG priced to clear Europe LPG always finds a Houston Flushing home as a by-product US Gulf Middle East BLPG 2 Asia Houston Chiba Ras Tanura Chiba Three main drivers for LPG shipping deman
Slide 14: VLGC market drivers during Q4 2025 and so far 2026
VLGC market drivers during Q4 2025 and so far 2026 Freight rates supported by high US LPG inventory levels and geopolitical factors US propane inventories (year end) US – Far East VLGC spot rate US – Far East arbitrage Million barrels ‘000 USD / day USD/t 85 Iran-Israel/US 260war 100 81 83 85 80 US
Slide 15: LPG trade flow overview 2025
LPG trade flow overview 2025 While China taps inventories, India and Southeast Asia have increased imports Far East imports slightly down in 2025 • China imports of US volumes affected by trade war China: -3% Far East1: -2% • This has partly been offset by higher Japan imports • LPG inventories in C
Slide 16: Export growth story to continue
Export growth story to continue Terminal expansions and gaseous drilling wells lifting LPG exports N. American terminal expansion plans Permian oil is becoming more gaseous Mtpa 120 LPG LPG/Ethane flexible 110 ONEOK 12 100 AltaGas, 1.6 Targa, 4 Enterprise AltaGas; 0.7 90 11 Targa; 0.6 Enterprise 80
Slide 17: More growth in the years ahead
More growth in the years ahead New projects in the Middle East and wetter gas in the US to lift LPG exports Middle East projects coming online Permian oil now yields more gas LPG export forecasts Mtpa (VLGC only) CAGR = 6% CAGR = 9% 70 71 66 2022 2025 60 57 51 25% 48 NATURAL 28% 0.64 Barrel 44 GAS 0
Slide 18: Panama Canal congestion issues likely to persist
Panama Canal congestion issues likely to persist Long-haul VLGC voyages are anticipated to increase as multiple segments compete for transit slots Neo locks at max capacity Growth in US gas volumes drives fleet growth Transits per day Number of newbuildings to be delivered 10 60 8 50 6 Houston LNG 4
Slide 19: VLGC fleet and newbuildings
VLGC fleet and newbuildings Limited ordering activity amidts delivery of new VLGCs Quarterly delivery schedule VLGC fleet age profile and newbuilding market # of VLGCs Existing Newbuild - Ammonia 10% Newbuild - Non-ammonia 5% 421 0-15 years 1 4 1 15-20 years 15% 2 2 20-25 years 1 total VLGC 1 1 25 y
Slide 20: Agenda
Agenda Company overview LPG market and outlook Key financials Appendix
Slide 21: Q4 2025 highlights
Q4 2025 highlights Q4 performance Commercial performance Financial performance Return to shareholders • TCE income – Shipping Q4 2025 was US$50,300 per available day and US$48,100 per calendar day, supported by our time charter coverage of 44% of available days at US$48,100 per day • Q4 2025 profit
Slide 22: Financial highlights Q4
Financial highlights Q4 Low leverage, strong liquidity, ready for growth opportunities Key financials Q4 2025 Financial ratios Q4 2025 US$ 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
Slide 23: Shipping – Performance
Shipping – Performance Achieved 94% utilisation generating TCE income – Shipping of US$50,300 per available day 2025 Q4 performance Guidance TCE income by calendar days TCE income by available days Q1 2026 US$48,100/ day1 US$50,300/ day2 • Fixed 94% of our available fleet days at an average rate of
Slide 24: Product Services – Performance
Product Services – Performance Strong finish to fiscal year 2025 highlighted by continued positive realised results Q4 2025 performance Book equity US$M 26 33 $53M Net asset value $23M Net profit end of Q4 -18 53 -4 $27M $26M Unrealised physical 12 Net Profit: $23m Gross profit1 shipping2 30 $3M Ave
Slide 25: Financing structure and repayment profile
Financing structure and repayment profile Ample liquidity of $613M with long-dated repayment profile Liquidity profile (US$M) Repayment profile As of 31 December 2025 1 000 Total Available Cash¹ Undrawn RCF $796M Trade Finance Facilities - o/s $40M Liquidity 900 Revolving Credit Facilities (RCF) - o
Slide 26: Key financial highlights
Key financial highlights 1400 1000 1000 1200 TCE income - Shipping 800 Operating Profit 800 NPAT 1000 ($M) ($M) ($M) $798 600 600 $709 $524 800 $493 $608 $434 600 $568 $395 $466 400 $348 400 $271 $290 400 $223 $239 200 200 $186 200 0 0 0 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 20
Slide 27: Balance sheet
Balance sheet Selected key financial information Balance sheet ($ million) 31 December 2025 31 December 2024 Cash & cash equivalents 242 280 Vessels and drydocking 2,366 2,382 Righ-of-use vessels 117 216 Other 430 442 Total assets 3 155 3 320 Total liabilities 1 229 1 383 Total shareholders' equity
Slide 28: Income statement
Income statement Selected key financial information Comprehensive income statement ($ million) Q4 2025 Q4 2024 Profit after tax 122.9 39.7 Profit attributable to equity holders of the Company 104.2 30.9 TCE income – Shipping 195.9 127.6 Gross profit - Product Services1 26.9 15.4 Per day figures ($)
Slide 29: Cash flow statement
Cash flow statement Selected key financial information Cash flow ($ million) Q4 2025 Q4 2024 Operating cash flow 180 240 Capital expenditure 47 (518) Free cash flow1 227 (279) Source: BW LPG Q4 2025 financial report 1: Free cash flow is computed based on Operating cash flow less of Capital expenditu
Slide 30: Agenda
Agenda Company overview LPG market and outlook Key financials Appendix
Slide 31: VLGCs, LGCs and MGC owned and operated by BW LPG
50 VLGCs, 3 LGCs and 1 MGC owned and operated by BW LPG As of 17 February 2026 28 BW LPG100% ownership 7 BW LPG Time charter/bareboat in 8 BW LPG India 52% ownership 11 Pool/Product operated Services Name Year Shipyard Name Year Shipyard Name Year Shipyard Name Year Shipyard Beneficiary 5 BW Avior 2
Slide 32: Shipping segment charter portfolio 2026-2027
Shipping segment charter portfolio 2026-2027 Fixed rate time charter out contract coverage stands at 36% for 2026 (as of 18 Feb 2026) Q1 2026E 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 287 273 276 276 1,112 34 Total calendar days 3,7
Slide 33: BW LPG India charter portfolio 2026-2027
BW LPG India charter portfolio 2026-2027 Time charter out contract coverage stands at 50% for 2026 (as of 18 Feb 2026) Q1 2026E 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* 28 4
Slide 34: A strong leadership team
A strong leadership team Executive Management Team has deep experience in shipping and maritime solutions Kristian Sørensen Samantha Xu Knut-Helge Knutsen Prodyut Banerjee Leona Leo CEO and Head of Commercial CFO Chief Technical Officer Chief Operations Officer Chief People Officer • Kristian has ov
Slide 35: Contact us
Contact us Investor Relations investor.relations@bwlpg.com Ticker Oslo Stock Exchange “BWLPG” New York Stock Exchange “BWLP” LinkedIn linkedin.com/company/bwlpg Website https://investor.bwlpg.com Telephone +65 6705 5588 Address 10 Pasir Panjang Road Mapletree Business City #17-02 Singapore 117438
Slide 36: BW LPG
BW LPG