Babcock & Wilcox Enterprises, Inc. · NYSE:BW

Babcock & Wilcox Enterprises — Q3 2025 Earnings Presentation

29 slides from Babcock & Wilcox Enterprises's earnings presentation, Nov 10, 2025

Slide 2: Important Information
IMPORTANT INFORMATION Safe Harbor Statement Babcock & Wilcox Enterprises, Inc. (“B&W Enterprises” or “B&W”) cautions that this presentation contains forward-looking statements within the meaning of federal securities laws. All statements other than statements of historical or current fact included
Slide 3: 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  From our first patent for a more efficient boiler to more than 17,000 patents since, we continue to drive innovation and change  Today, we are a globally recognized te
Slide 4: We're Leveraging a Vast Installed Base and Proven Technologies
WE'RE LEVERAGING A VAST INSTALLED BASE AND PROVEN TECHNOLOGIES More than 300 operating utility and industrial boiler units More than 300+ renewable energy units at facilities globally (consuming in the U.S. and nearly 200 operating utility and industrial over 61 million tonnes of waste per boiler un
Slide 5: We're 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
Slide 6: AI Factories and Data Centers: Rising Power Demand and Opportunities
AI FACTORIES AND DATA CENTERS: RISING POWER DEMAND AND OPPORTUNITIES  Electric Demand Forecast Soaring • Total data center demand expected to be 176GW by 2035; up from 33GW in 2024  Primary U.S. Data Center Buyers • Artificial Intelligence infrastructure consortiums • Hyperscaler cloud providers •
Slide 7: B&W and Applied Digital Partner for Power for AI Factory Project
B&W AND APPLIED DIGITAL PARTNER FOR POWER FOR AI FACTORY PROJECT  B&W designing and installing 4x300MW natural gas-fired boilers and steam turbines  LNTP for $1.5B project; full release expected 1Q2026  Plant to begin operation in 2028  Expect ongoing parts and services contract to support AI fa
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 electric
Slide 9: Babcock & Wilcox Profile
FUEL TYPE PRODUCTS & SERVICES INDUSTRIAL VS UTILITY BABCOCK & WILCOX PROFILE N. AMERICA Coal 50% Parts 42% NG 28% Ind 28%  Headquarters: Akron, Ohio USA  Employees: ~1,500 A/M Prj 24% P&P 8% Utility 72% Const 34%  Founded: 1867  LTM Revenue ~$623.1M Other 14%  Ownership: Public (NYSE: BW) Septe
Slide 10: Global Presence, Solid Pipeline
GLOBAL PRESENCE, SOLID PIPELINE * B&W AI Data Center pipeline reaches $3 to $5 billion; total global pipeline of $10 to $12 billion 3-YEAR PIPELINE PIPELINE: 2025-2027 Addressable Market Europe More than $5B $8B PIPELINE: 2025-2027 AMERICAS PIPELINE: 2025-2027 Addressable Market Addressable Market A
Slide 11: Leadership Team
LEADERSHIP TEAM Chairman and Chief Executive Officer Kenneth Young Executive Vice Executive Vice Executive Vice President, Chief Technology President and Chief President and Chief General Counsel and Officer Financial Officer Commercial Officer Corporate Secretary Brandy Johnson Cameron Frymyer Jimm
Slide 12: Corporate Governance
CORPORATE GOVERNANCE BOARD OF DIRECTORS Chairman and Chief Executive Officer Kenneth Young Henry Bartoli Rebecca Stahl Joseph Tato Alan Howe Philip Moeller Naomi Boness BABCOCK & WILCOX ENTERPRISES, INC. 12 © 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.
Slide 14: Consolidated Financial Summary - Continuing Operations
CONSOLIDATED FINANCIAL SUMMARY - CONTINUING OPERATIONS Three Months Ended Trailing Twelve Months Ending September 30, 2025 September 30, 2025 ($ in millions) Revenue $ 149.0 $ 623.1 Gross margin $ 37.1 $ 152.1 Selling, general and administrative expenses $ 29.8 $ 121.7 Operating income $ 6.5 $ 21.2
Slide 15: Capital Structure – Pro Forma
CAPITAL STRUCTURE – PRO FORMA ($ in millions) September 30, 2025 CAPITALIZATION: Total Debt1 $ 309.3 Senior Notes2 $ 240.4 Revolving Credit Line $ 0.0 Letter of Credit Collateral3 $ 68.9 Cash, cash equivalents and restricted cash4 $ 196.1 Net Debt $ 113.2 Note: Figures may not be clerically accurate
Slide 17: Key Technologies: Steam Generation
KEY TECHNOLOGIES: STEAM GENERATION Utility Boilers Renewable 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
Slide 18: Key Technologies: 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
Slide 19: Key Technologies: 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
Slide 20: Key Capabilities: 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
Slide 22: BrightLoop Steam, Hydrogen and Syngas Production
BRIGHTLOOP STEAM, HYDROGEN AND SYNGAS PRODUCTION BABCOCK & WILCOX ENTERPRISES, INC. 22 © 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.
Slide 23: Preparing for the Future
PREPARING FOR THE FUTURE G A M E C H A N G I N G T E C H N O L O G Y F O R T H E F U T U R E – TO D AY 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 h
Slide 24: Backed by Significant Research and Investment
BACKED BY SIGNIFICANT RESEARCH AND INVESTMENT TOTAL R&D INVESTMENT  Nearly 160 years of commitment to finding $300M+ a better way to generate power  Decades of researching, engineering and refining BrightLoop technology DOE GRANTS – STATE GRANTS – OHIO STATE – B&W  Proven experience in taking tec
Slide 25: BrightLoop Hydrogen Production Progress
BRIGHTLOOP HYDROGEN PRODUCTION PROGRESS BRIGHTLOOP EVOLUTION 1994-2004 2008 2014 2017 2027 2029 2032 Laboratory Scale Sub-Pilot with Steam & Hydrogen Coal Direct SMALL SCALE MEDIUM SCALE LARGE SCALE The Ohio State University Chemical Looping and B&W National Carbon Capture 1-5 Tonnes Per Day 10-50 T
Slide 26: 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 pollutants found in the incoming flue gas are required  Our solutions include technologies for acid gases, particulate and acid mist, NOx and mercu
Slide 27: Carbon Capture Technologies
CARBON CAPTURE TECHNOLOGIES THE B&W ADVANTAGE Expertise gained from decades of SolveBright OxyBright leadership in combustion technologies POST-COMBUSTION CARBON CAPTURE OXYGEN-FUEL COMBUSTION and emissions control provides total solutions support Experience across wide range of industries 93 active
Slide 28: Bioenergy with Carbon Capture and Sequestration (BECCS)
BIOENERGY WITH CARBON CAPTURE AND SEQUESTRATION (BECCS) B&W’s biomass boilers paired with either OxyBright or SolveBright produce carbon-negative energy with a -2,500gCO2e/kWh carbon intensity OxyBright with B&W’s renewable energy solution could produce carbon-negative energy with a -1,000 gCO2e/kWh

Babcock & Wilcox Enterprises — Q3 2025 Earnings Presentation on 6ix

Babcock & Wilcox Enterprises — Q3 2025 Earnings Presentation

Slide 1: Company Overview

Slide 2: Important Information

Slide 3: We're a Global Energy Leader, Powering the World Since 1867

Slide 4: We're Leveraging a Vast Installed Base and Proven Technologies

Slide 5: We're Capitalizing on Significant Opportunities for Profitable Growth

Slide 6: AI Factories and Data Centers: Rising Power Demand and Opportunities

Slide 7: B&W and Applied Digital Partner for Power for AI Factory Project

Slide 8: Growing U.S. Electricity Demand

Slide 9: Babcock & Wilcox Profile

Slide 10: Global Presence, Solid Pipeline

Slide 11: Leadership Team

Slide 12: Corporate Governance

Slide 13: Financial Information

Slide 14: Consolidated Financial Summary - Continuing Operations

Slide 15: Capital Structure – Pro Forma

Slide 16: Key Technologies and Capabilities

Slide 17: Key Technologies: Steam Generation

Slide 18: Key Technologies: Ignitors, Flame Scanners and Controls

Slide 19: Key Technologies: Emissions Control

Slide 20: Key Capabilities: Aftermarket Services

Slide 21: B&W's Emerging Technologies

Slide 22: BrightLoop Steam, Hydrogen and Syngas Production

Slide 23: Preparing for the Future

Slide 24: Backed by Significant Research and Investment

Slide 25: BrightLoop Hydrogen Production Progress

Slide 26: Flue Gas Treatment for Carbon Capture

Slide 27: Carbon Capture Technologies

Slide 28: Bioenergy with Carbon Capture and Sequestration (BECCS)

Slide 29: Babcock & Wilcox Enterprises, Inc.