8-K
Babcock & Wilcox Enterprises, Inc. (BW)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 11, 2025
| BABCOCK & WILCOX ENTERPRISES, INC. | ||||||
|---|---|---|---|---|---|---|
| (Exact name of registrant as specified in its charter) | ||||||
| Delaware | 001-36876 | 47-2783641 | ||||
| --- | --- | --- | ||||
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | 1200 East Market Street | |||
| --- | --- | --- | ||||
| Suite 650 | ||||||
| Akron, | Ohio | 44305 | ||||
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s Telephone Number, including Area Code: (330) 753-4511
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol | Name of Each Exchange on which Registered |
|---|---|---|
| Common stock, $0.01 par value per share | BW | New York Stock Exchange |
| 8.125% Senior Notes due 2026 | BWSN | New York Stock Exchange |
| 6.50% Senior Notes due 2026 | BWNB | New York Stock Exchange |
| 7.75% Series A Cumulative Perpetual Preferred Stock | BW PRA | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02 Results of Operations and Financial Condition
On August 11, 2025, the Company issued a press release announcing our financial results for the quarter ended June 30, 2025. A copy of the press release is attached as Exhibit 99.1, and the information contained in Exhibit 99.1 is incorporated herein by reference.
The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 7.01 Regulation FD Disclosure
On August 11, 2025, the Company posted an investor presentation on the investor relations section of its website at www.babcock.com. A copy of the presentation is attached as Exhibit 99.2, and the information contained in Exhibit 99.2 is incorporated herein by reference.
The information furnished pursuant to this Item 7.01, including Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
| Exhibit No. | Description |
|---|---|
| 99.1 | Press release datedAugust 11, 2025 |
| 99.2 | Investor Presentation |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| BABCOCK & WILCOX ENTERPRISES, INC. | ||
|---|---|---|
| August 11, 2025 | By: | /s/ Cameron Frymyer |
| Cameron Frymyer | ||
| Executive Vice President and Chief Financial Officer<br>(Principal Financial and Accounting Officer and Duly Authorized Representative) |
3
Document
| Exhibit 99.1 |
|---|
| News Release |
| --- |
Babcock & Wilcox Enterprises Reports Second Quarter 2025 Results
•31% increase in Global Parts & Services revenues compared to the second quarter of 2024, due to increased baseload generation usage and demand from artificial intelligence and data centers
•Net Loss from Continuing Operations of $6.1 million
•Adjusted EBITDA including Diamond Power International of $21.6 million was 76% greater than street expectations of $12.3 million
•Adjusted EBITDA from Continuing Operations without Diamond Power International was $15.1 million
•Through a combination of asset sales, debt reduction and improved cash flows, the company has alleviated the previous doubt about continuing as a going concern
•Continuing Operations Backlog of $418.1 million in the second quarter, a 49% increase compared to the same period of 2024
•Closed the sale of Diamond Power International for $177 million in gross proceeds which is approximately under 8 times Adjusted EBITDA
Q2 2025 Continuing Operations Financial Highlights
–Revenue of $144.1 million, compared to revenue of $151.4 million in the second quarter of 2024
–Global Parts & Services revenue of $64.8 million, compared to Global Parts & Services revenue of $49.3 million in the second quarter of 2024
–Operating income of $8.1 million, compared to an operating loss of $4.4 million in the second quarter of 2024
–Net loss from continuing operations of $6.1 million, compared to a net loss of $20.1 million in the second quarter of 2024
–Loss per share from continuing operations of $0.10, compared to a loss per share of $0.26 in the second quarter of 2024
–Adjusted EBITDA of $15.1 million from continuing operations, compared to adjusted EBITDA of $8.0 million in the second quarter of 2024. Adjusted EBITDA of $17.0 million, excluding BrightLoop™ and ClimateBright™ expenses, compared to $10.5 million in the second quarter of 2024
First Half 2025 Continuing Operations Financial Highlights
–Revenue of $299.9 million, compared to revenue of $292.3 million in the first half of 2024
–Global Parts & Services revenue of $131.9 million, compared to Global Parts & Services revenue of $105.1 million in the first half of 2024
–Operating income of $8.4 million, compared to an operating loss of $3.5 million in the first half of 2024
–Net loss from continuing operations of $20.1 million, compared to a net loss of $38.2 million in the first half of 2024
–Loss per share from continuing operations of $0.28, compared to a loss per share of $0.51 in the first half of 2024
–Adjusted EBITDA of $21.2 million from continuing operations, compared to adjusted EBITDA of $10.8 million in the first half of 2024. Adjusted EBITDA of $24.7 million, excluding BrightLoop™ and ClimateBright™ expenses, compared to $15.0 million in the first half of 2024
(AKRON, Ohio – August 11, 2025) – Babcock & Wilcox Enterprises, Inc. ("B&W" or the "Company") (NYSE: BW) announced results for the second quarter of 2025.
"B&W is in a unique position to capitalize on the growing demand for base-load generation in North America and across the world," said Kenneth Young, B&W Chairman and Chief Executive Officer. "The increasing need for power and electricity fueled by demand from artificial intelligence, data centers and expanding economies are key drivers for growth across our broad range of technologies. Our utility and industrial clients are continuing to increase capacity utilizing our core technologies, driving increased revenues for our base business while they continue to evaluate opportunities to further augment their power generation capacity with biomass, hydrogen and natural gas. With the rising energy demands in the United States, fossil fuel plants with longer plant life cycles are continuing to increase their baseload power generation, making it imperative that they operate efficiently and reliably. We believe this extended demand continues to position us for sustained success across our higher-margin Global Parts and Services businesses and provides B&W with a strong outlook for the second half of 2025 and beyond."
"We delivered strong operating results in the second quarter, displaying continued core business momentum and significant margin improvement as Adjusted EBITDA significantly outperformed Company and Consensus expectations. Our growing backlog, which was 49% higher compared to the same period last year, benefited from increasing demand across Thermal projects, upgrades and construction, given higher baseload generation demand in North America. Our core parts, services and construction businesses continued to excel in the second quarter, and we anticipate further seasonal strength through the second half of 2025 with tailwinds from the rising global energy needs fueling demand for our offerings."
"With our significantly improved balance sheet, resolution of certain conditions that previously raised substantial doubt about the Company's ability to continue as a going concern and reduced debt, we believe we are well-positioned to win new plant conversions, plant upgrades and behind-the-meter data center projects in North America and beyond. We’re also seeing increasing activity for our BrightLoop™ technology – both for steam generation and hydrogen production – that can produce energy with lower costs and expenditures. Our unique technology, which is capable of supporting utilities and industries with low-cost hydrogen and steam generation while capturing CO2 demonstrates the spirit of innovation and strong engineering capabilities that have driven B&W throughout its history and we believe will be the foundation of our growth strategy for years to come,” Young added. "Our investments across our ClimateBright suite of decarbonization technologies to support the world’s energy transition are progressing well."
"We are seeing strong global demand for our diverse portfolio of technologies and continue to make progress in converting our $7.6 billion global pipeline of identified project opportunities into bookings, as displayed by our strong base business and backlog results this quarter. We expect industry tailwinds and generation demand to continue to increase in the coming years, and we believe these tailwinds, coupled with our higher margins and improved cash flows, provide a strong foundation for B&W to grow in 2025 and beyond."
“Recently, we completed the previously announced sale of Diamond Power International for gross proceeds of $177 million, which further improves our balance sheet and reinforces the value of our
underlying assets as we re-capitalize our businesses going forward," Young added. "The proceeds of the Diamond sale allow us to continue to pay down our existing debt obligations. Additionally, during the quarter we entered into private bond exchanges with a limited number of noteholders. These exchanges will help to reduce our annual interest expense by $1.1 million annually, while reducing outstanding debt and extending debt maturity to 2030. This resulted in $131.8 million of the Company’s outstanding Senior Notes due 2026 being exchanged for $100.7 million in newly issued 8.75% Senior Secured Second Lien Notes due 2030. We remain intently focused on our strategic vision and continue to explore the sale of other non-strategic assets, as well as potential refinancing options to reduce our current and long-term debt obligations."
Q2 2025 Continuing Operations Financial Summary
Revenues in the second quarter of 2025 were $144.1 million versus revenues of $151.4 million in the second quarter of 2024. The decrease is primarily driven by timing of closing and start of a select few large projects. Global Parts & Service revenue in the second quarter of 2025 was $64.8 million compared to revenue of $49.3 million in the second quarter of 2024. This considerable improvement is primarily due to the increasing need for electricity from fossil fuels driven by the demand from artificial intelligence, data centers and expanding economies. Operating income in the second quarter of 2025 was $8.1 million, compared to operating loss of $4.4 million in the second quarter of 2024. The increase is primarily driven by lower project volume which leads to lower costs needed to complete certain projects. Loss in the second quarter of 2025 was $6.1 million, compared to a loss of $20.5 million in the second quarter of 2024, driven by the improvement in the operating income results noted above. Loss per common share in the second quarter of 2025 was $0.10 compared to a loss per common share of $0.26 in the second quarter of 2024. Adjusted EBITDA was $15.1 million, an increase compared to $8.0 million in the second quarter of 2024. Reconciliations of net income, the most directly comparable GAAP measure, to Adjusted EBITDA for the Company's segments, are provided in the exhibits to this release.
First Half 2025 Continuing Operations Financial Summary
Revenues in the first half of 2025 were $299.9 million versus revenues of $292.3 million in the first half of 2024. The increase is primarily driven by larger Global Parts & Services volume, offset partially by timing of lower large project volume in B&W Environmental. Global Parts & Services revenue in the first half of 2025 was $131.9 million compared to revenue of $105.1 million in the first half of 2024. This improvement is primarily due to the increasing need for electricity from fossil fuels driven by the demand from artificial intelligence, data centers and expanding economies. Operating income in the first half of 2025 was $8.4 million, compared to an operating loss of $3.5 million in the first half 2024. The increase is a result of revenue as described above and gross profit, which increased due to the improvement in cost of operations in product mix. Loss in the first half of 2025 was $20.1 million, compared to a loss of $38.2 million in the first half of 2024, driven by revenue and gross profit as described above. Loss per common share in the first half of 2025 was $0.28 compared to a loss per common share of $0.51 in the first half of 2024. Adjusted EBITDA in the first half of 2025 was $21.2 million, an increase compared to $10.8 million in the first half of 2024.
Liquidity and Balance Sheet
At June 30, 2025, the Company had total debt of $471.3 million and a cash, cash equivalents and restricted cash balance of $109.1 million. We have previously faced liquidity challenges, which raised substantial doubt about our ability to continue as a going concern. However, due to the actions taken or planned to be taken by management, we believe that it is probable that we will have sufficient capital to meet our operating, debt service and capital requirements for the required GAAP testing period.
Earnings Call Information
B&W plans to host a conference call and webcast on Monday, August 11, 2025 at 5 p.m. ET to discuss the Company's second quarter 2025 results. The listen-only audio of the conference call will be broadcast live via the Internet on B&W’s Investor Relations site. The dial-in number for participants in the U.S. is (833) 470-1428; the dial-in number for participants in Canada is (833) 950-0062; the dial-in number for participants in all other locations is (929) 526-1599. The conference ID for all participants is 248545. A replay of this conference call will remain accessible in the investor relations section of the Company’s website for a limited time.
Non-GAAP Financial Measures
The Company uses non-GAAP financial measures internally, also referred to in this release as “adjusted” financial measures, to evaluate its performance and in making financial and operational decisions. When viewed in conjunction with GAAP results and the accompanying reconciliation, the Company believes that its presentation of these measures provides investors with greater transparency and a greater understanding of factors affecting its financial condition and results of operations than GAAP measures alone. The presentation of non-GAAP financial measures should not be considered in isolation or as a substitute for the Company’s related financial results prepared in accordance with GAAP.
Adjusted EBITDA on a consolidated basis is a non-GAAP metric defined as the sum of the Adjusted EBITDA for each of the segments, further adjusted for corporate allocations and research and development costs. At a segment level, the Adjusted EBITDA presented is consistent with the way the Company's chief operating decision maker reviews the results of operations and makes strategic decisions about the business and is calculated as earnings before interest expense, tax, depreciation and amortization adjusted for items such as gains or losses arising from the sale of non-income producing assets, net pension benefits, restructuring costs, impairments, gains and losses on debt extinguishment, costs related to financial consulting, and other costs that may not be directly controllable by segment management and are not allocated to the segment. The Company presents consolidated Adjusted EBITDA because it believes it is useful to investors to help facilitate comparisons of the ongoing, operating performance before corporate overhead and other expenses not attributable to the operating performance of the Company's revenue generating segments. In addition, the Company presents the non-GAAP financial measure of Adjusted EBITDA excluding BrightLoop and ClimateBright. Management believes this measure is useful to investors because of the increasing importance of BrightLoop and ClimateBright to the future growth of the Company. Management uses Adjusted EBITDA excluding BrightLoop and ClimateBright to assess the Company's performance independent of these technologies.
This release also presents certain targets for the Company's Adjusted EBITDA in the future; these targets are not intended as guidance regarding how the Company believes the business will perform. The Company is unable to reconcile these targets to their GAAP counterparts without unreasonable effort and expense. Prior period results have been revised to conform with the revised definition and present separate reconciling items in our reconciliation, including business transition costs.
Bookings and Backlog
Bookings and backlog are our measure of remaining performance obligations under our sales contracts. It is possible that our methodology for determining bookings and backlog may not be comparable to methods used by other companies. Implied backlog and implied bookings include projects awarded or under contract but not fully released for performance.
We generally include expected revenue from contracts in our backlog when we receive written confirmation from our customers authorizing the performance of work and committing the customers to payment for work performed. Backlog may not be indicative of future operating results, and contracts in our backlog may be canceled, modified or otherwise altered by customers. Backlog can vary significantly from period to period, particularly when large new build projects or operations and maintenance contracts are booked because they may be fulfilled over multiple years. Because we operate globally, our backlog is also affected by changes in foreign currencies each period. We do not include orders of our unconsolidated joint ventures in backlog.
Bookings represent changes to the backlog. Bookings include additions from booking new business, subtractions from customer cancellations or modifications, changes in estimates of liquidated damages that affect selling price and revaluation of backlog denominated in foreign currency. We believe comparing bookings on a quarterly basis or for periods less than one year is less meaningful than for longer periods, and that shorter-term changes in bookings may not necessarily indicate a material trend.
Impacts of Market Conditions
Management continues to adapt to macroeconomic conditions, including the impacts from inflation, changing interest rates and foreign exchange rate volatility, current and potential tariff actions and geopolitical conflicts and global shipping and supply chain disruptions that continued to have an impact during the first six months of 2025. In certain instances, these situations have resulted in cost increases and delays or disruptions that have had, and could continue to have, an adverse impact on our ability to meet customers’ demands. We continue to actively monitor the impact of these market conditions on current and future periods and actively manage costs and our liquidity position to provide additional flexibility while still supporting our customers and their specific needs. The duration and scope of these conditions cannot be predicted, and therefore, any anticipated negative financial impact on our operating results cannot be reasonably estimated.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this release are forward-looking statements. These forward-looking statements include, without limitation, statements regarding expected demand and regulatory standards, and our pipeline, technology, and opportunities. You should not place undue reliance on these statements. Forward-looking statements include words such as “expect,” “intend,” “plan,” “likely,” “seek,” “believe,” “project,” “forecast,” “target,” “goal,” “potential,” “estimate,” “may,” “might,” “will,” “would,” “should,” “could,” “can,” “have,” “due,” “anticipate,” “assume,” “contemplate,” “continue” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operational performance or other events.
The forward-looking statements included herein are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future
events, or otherwise, except as required by law. These forward-looking statements are based on management's current expectations and involve a number of risks and uncertainties, including, but not limited to: that our financial condition raises substantial doubt as to our ability to continue as a going concern and we have entered into a number of amendments and waivers to our Debt Facilities; our need of additional financing to continue as a going concern; any negative reactions to the substantial doubt about our ability to continue as a going concern by our customers, suppliers, vendors, employees and other third parties; risks associated with contractual pricing in our industry; our relationships with customers, subcontractors and other third parties; our ability to comply with our contractual obligations; disruptions at our manufacturing facilities or a third-party manufacturing facility that we have engaged; the actions or failures of our co-venturers; our ability to implement our growth strategy, including through strategic acquisitions, which we may not successfully consummate or integrate; our evaluation of strategic alternatives for certain businesses and non-core assets may not result in a successful transaction; the risks of unexpected adjustments and cancellations in our backlog; professional liability, product liability, warranty and other claims; our ability to compete successfully against current and future competitors; our ability to develop and successfully market new products; the impacts of macroeconomic downturns, industry conditions and public health crises; the cyclical nature of the industries in which we operate; changes in the legislative and regulatory environment in which we operate; supply chain issues, including shortages of adequate components; failure to properly estimate customer demand; our ability to comply with the covenants in our debt agreements; our ability to improve our financial position or to obtain additional capital or refinance any of our debt in the future on commercially reasonable terms or at all; our ability to maintain adequate bonding and letter of credit capacity; impairment of goodwill or other indefinite-lived intangible assets; credit risk; disruptions in, or failures of, our information systems; our ability to comply with privacy and information security laws; our ability to protect our intellectual property and use the intellectual property that we license from third parties; risks related to our international operations, including fluctuations in the value of foreign currencies, current and future changes to global tariffs, sanctions and export controls that could harm our profitability; volatility in the price of our common stock; B. Riley's significant influence over us; changes in tax rates or tax law; our ability to use net operating loss and certain tax credits; our ability to maintain effective internal control over financial reporting; our ability to attract and retain skilled personnel and senior management; labor problems, including negotiations with labor unions and possible work stoppages; risks associated with our retirement benefit plans; natural disasters or other events beyond our control, such as war, armed conflicts or terrorist attacks; and the risks and uncertainties described under the heading "Risk Factors" in Part I, Item 1A of our Annual Report and Quarterly Reports on Form 10-Q, as such risk factors may be amended, supplemented or superseded from time to time by other reports we file with the SEC.
These forward-looking statements are made based upon detailed assumptions and reflect management's current expectations and beliefs. While we believe that these assumptions underlying the forward-looking statements are reasonable, forward-looking statements are subject to uncertainties and factors relating to our operations and business environment that are difficult to predict and may be beyond our control. Such uncertainties and factors may cause actual results to differ materially from those expressed or implied by the forward-looking statements.
About B&W Enterprises, Inc.
Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises, Inc. is a leader in energy and environmental products and services for power and industrial markets worldwide. Follow us on LinkedIn and learn more at babcock.com.
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| Investor Contact: | Media Contact: | ||
|---|---|---|---|
| Cameron Frymyer, Chief Financial Officer | Ryan Cornell, Public Relations Lead | ||
| Babcock & Wilcox Enterprises, Inc. | Babcock & Wilcox Enterprises, Inc. | ||
| 330.860.6176 | investors@babcock.com | 330.860.1345 | rscornell@babcock.com |
Exhibit 1
Babcock & Wilcox Enterprises, Inc.
Condensed Consolidated Statements of Operations(1)
| (In millions, except per share amounts) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||
| Revenues | $ | 144.1 | $ | 151.4 | $ | 299.9 | $ | 292.3 |
| Costs and expenses: | ||||||||
| Cost of operations | 100.8 | 118.3 | 226.1 | 229.1 | ||||
| Selling, general and administrative expenses | 34.0 | 36.6 | 63.0 | 65.2 | ||||
| Research and development costs | 0.9 | 0.9 | 1.3 | 1.5 | ||||
| Impairment on long-lived assets | — | — | 1.0 | — | ||||
| Loss on asset disposals, net | 0.2 | — | 0.2 | — | ||||
| Total costs and expenses | 135.9 | 155.9 | 291.5 | 295.7 | ||||
| Operating income (loss) | 8.1 | (4.4) | 8.4 | (3.5) | ||||
| Other income (expense): | ||||||||
| Interest expense | (11.0) | (12.0) | (22.0) | (24.0) | ||||
| Interest income | 0.5 | 0.2 | 0.8 | 0.3 | ||||
| Loss on debt extinguishment | — | (1.1) | — | (6.1) | ||||
| Benefit plans, net | (0.8) | 0.1 | (1.6) | 0.1 | ||||
| Foreign exchange | 1.2 | 1.4 | 0.9 | 1.0 | ||||
| Other expense, net | (0.3) | — | (0.6) | (0.4) | ||||
| Total other expense, net | (10.3) | (11.4) | (22.6) | (29.0) | ||||
| Loss before income tax expense | (2.2) | (15.9) | (14.2) | (32.5) | ||||
| Income tax expense | 3.9 | 4.7 | 5.8 | 5.7 | ||||
| Loss from continuing operations | (6.1) | (20.5) | (20.1) | (38.2) | ||||
| (Loss) income from discontinued operations, net of tax | (52.4) | 46.0 | (60.4) | 46.7 | ||||
| Net (loss) income attributable to stockholders | (58.5) | 25.4 | (80.5) | 8.6 | ||||
| Less: Dividend on Series A preferred stock | 3.7 | 3.7 | 7.4 | 7.4 | ||||
| Net (loss) income attributable to stockholders of common stock | $ | (62.2) | $ | 21.7 | $ | (87.9) | $ | 1.1 |
| Basic (loss) earnings per share: | ||||||||
| Continuing operations | $ | (0.10) | $ | (0.26) | $ | (0.28) | $ | (0.51) |
| Discontinued operations | (0.53) | 0.50 | (0.61) | 0.52 | ||||
| Basic (loss) earnings per share | $ | (0.63) | $ | 0.24 | $ | (0.89) | $ | 0.01 |
| Diluted (loss) earnings per share: | ||||||||
| Continuing operations | $ | (0.10) | $ | (0.26) | $ | (0.28) | $ | (0.51) |
| Discontinued operations | (0.53) | 0.50 | (0.61) | 0.52 | ||||
| Diluted (loss) earnings per share | $ | (0.63) | $ | 0.24 | $ | (0.89) | $ | 0.01 |
| Shares used in the computation of (loss) earnings per share: | ||||||||
| Basic | 98.7 | 91.0 | 98.3 | 90.3 | ||||
| Diluted | 98.7 | 91.2 | 98.3 | 90.3 |
(1) Figures may not be clerically accurate due to rounding
Exhibit 2
Babcock & Wilcox Enterprises, Inc.
Condensed Consolidated Balance Sheets(1)
| (In millions, except per share amount) | June 30, 2025 | December 31, 2024 | ||
|---|---|---|---|---|
| Cash and cash equivalents | $ | 21.7 | $ | 23.4 |
| Current restricted cash | 77.1 | 94.2 | ||
| Accounts receivable – trade, net | 97.7 | 94.5 | ||
| Contracts in progress | 70.8 | 79.4 | ||
| Inventories, net | 65.7 | 64.8 | ||
| Other current assets | 24.5 | 23.6 | ||
| Current assets held for sale | 169.3 | 172.7 | ||
| Total current assets | 526.9 | 552.5 | ||
| Net property, plant and equipment, and finance leases | 63.6 | 60.9 | ||
| Goodwill | 53.4 | 51.4 | ||
| Intangible assets, net | 17.9 | 18.7 | ||
| Right-of-use assets | 16.1 | 16.9 | ||
| Long-term restricted cash | 10.2 | 10.0 | ||
| Deferred tax assets | 0.1 | — | ||
| Other assets | 15.3 | 16.5 | ||
| Total assets | $ | 703.5 | $ | 727.0 |
| Accounts payable | $ | 96.9 | $ | 92.1 |
| Accrued employee benefits | 5.0 | 3.8 | ||
| Advance billings on contracts | 59.1 | 57.8 | ||
| Accrued warranty expense | 2.6 | 2.7 | ||
| Financing lease liabilities | 1.8 | 1.6 | ||
| Operating lease liabilities | 3.0 | 3.2 | ||
| Other accrued liabilities | 34.6 | 28.7 | ||
| Current senior notes | 108.6 | — | ||
| Current borrowings | 127.2 | 125.1 | ||
| Current liabilities held for sale | 90.6 | 91.5 | ||
| Total current liabilities | 529.3 | 406.7 | ||
| Senior notes, net of current portion | 102.2 | 340.2 | ||
| Senior notes due 2030 | 124.9 | — | ||
| Borrowings, net of current portion | 8.5 | 8.6 | ||
| Pension and other postretirement benefit liabilities | 185.9 | 192.7 | ||
| Finance lease liabilities, net of current portion | 27.7 | 28.5 | ||
| Operating lease liabilities, net of current portion | 13.0 | 13.8 | ||
| Deferred tax liability | 11.3 | 9.8 | ||
| Other noncurrent liabilities | 9.5 | 10.0 | ||
| Total liabilities | 1,012.2 | 1,010.2 | ||
| Commitments and contingencies | ||||
| Stockholders' deficit: | ||||
| Preferred stock | 0.1 | 0.1 | ||
| Common stock | 5.2 | 5.2 | ||
| Capital in excess of par value | 1,565.8 | 1,558.8 | ||
| Treasury stock at cost | (115.5) | (115.5) | ||
| Accumulated deficit | (1,733.6) | (1,645.7) | ||
| Accumulated other comprehensive loss | (31.2) | (86.7) | ||
| Stockholders' deficit attributable to shareholders | (309.2) | (283.8) | ||
| Non-controlling interest | 0.5 | 0.6 | ||
| Total stockholders' deficit | (308.7) | (283.2) | ||
| Total liabilities and stockholders' deficit | $ | 703.5 | $ | 727.0 |
(1) Figures may not be clerically accurate due to rounding.
Exhibit 3
Babcock & Wilcox Enterprises, Inc.
Condensed Consolidated Statements of Cash Flows(1)
| (In millions) | Six Months Ended June 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | |||
| Operating Activities: | ||||
| Net loss from continuing operations | $ | (20.1) | $ | (38.2) |
| Net (loss) income from discontinued operations | (60.4) | 46.7 | ||
| Net (loss) income | (80.5) | 8.6 | ||
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||
| Depreciation and amortization of long-lived assets | 4.8 | 9.5 | ||
| Impairment of long-lived assets | 9.9 | — | ||
| Amortization of deferred financing costs and debt discount | 2.3 | 2.5 | ||
| Amortization of guaranty fee | 0.1 | 1.4 | ||
| Non-cash operating lease expense | 3.4 | 3.7 | ||
| Loss on debt extinguishment | — | 6.1 | ||
| Gain on sale of business | 35.8 | (40.2) | ||
| Loss on asset disposals | 0.3 | — | ||
| (Benefit from) provision for deferred income taxes | (0.5) | 2.5 | ||
| Prior service cost amortization for pension and postretirement plans | 0.2 | 0.5 | ||
| Stock-based compensation | 1.5 | 2.7 | ||
| Foreign exchange | (5.7) | 0.8 | ||
| Unrealized gain (loss) on securities | 2.2 | (0.2) | ||
| Bad dept expense | 0.6 | 0.4 | ||
| Changes in operating assets and liabilities: | ||||
| Accounts receivable - trade, net | (2.6) | (3.9) | ||
| Contracts in progress | 9.8 | (17.4) | ||
| Other current and noncurrent assets | (3.0) | (11.2) | ||
| Advance billings on contracts | (1.1) | (15.0) | ||
| Inventories, net | (7.9) | 0.5 | ||
| Income taxes | — | 4.6 | ||
| Accounts payable | (0.9) | 35.3 | ||
| Accrued and other current liabilities | 8.1 | (12.0) | ||
| Accrued contract loss | (3.6) | (4.7) | ||
| Pension liabilities, accrued postretirement benefits and employee benefits | (6.9) | (2.4) | ||
| Other, net | (0.2) | 0.9 | ||
| Net cash used in operating activities | (33.8) | (26.7) | ||
| Investing Activities: | ||||
| Purchase of property, plant and equipment | (7.1) | (8.0) | ||
| Proceeds from sale of business and assets, net | 20.1 | 83.5 | ||
| Purchases of securities | (4.7) | (3.2) | ||
| Sales and maturities of securities | 2.3 | 3.7 | ||
| Net cash provided by investing activities | 10.6 | 76.0 |
| Financing Activities: | ||||
|---|---|---|---|---|
| Borrowings on loan payable | 53.4 | 139.0 | ||
| Repayments on loan payable | (46.6) | (43.2) | ||
| Finance lease payments | (0.8) | (0.7) | ||
| Payment of holdback funds from acquisition | — | (3.0) | ||
| Payment of preferred stock dividends | (3.7) | (7.4) | ||
| Issuance of common stock, net | 5.5 | 2.0 | ||
| Payment of non-controlling interest dividends | (0.1) | — | ||
| Debt issuance costs | (5.1) | (5.1) | ||
| Other, net | — | (0.1) | ||
| Net cash provided by financing activities | 2.6 | 81.6 | ||
| Effects of exchange rate changes on cash | 0.3 | (0.2) | ||
| Net (decrease) increase in cash, cash equivalents and restricted cash | (20.3) | 130.7 | ||
| Cash, cash equivalents and restricted cash at beginning of period | 131.1 | 71.4 | ||
| Cash, cash equivalents and restricted cash at end of period | $ | 110.8 | $ | 202.1 |
(1) Figures may not be clerically accurate due to rounding.
Exhibit 4
Babcock & Wilcox Enterprises, Inc.
Segment Information (1)
(In millions)
| SEGMENT RESULTS | Three Months Ended June 30, | Six Months Ended June 30, | ||||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||
| REVENUES: | ||||||||
| Babcock & Wilcox Thermal | $ | 104.3 | $ | 107.3 | $ | 227.6 | $ | 202.9 |
| Babcock & Wilcox Renewable | 19.0 | 15.4 | 33.2 | 30.5 | ||||
| Babcock & Wilcox Environmental | 20.8 | 28.7 | 39.1 | 58.9 | ||||
| Eliminations | — | — | — | (0.1) | ||||
| $ | 144.1 | $ | 151.4 | $ | 299.9 | $ | 292.3 | |
| ADJUSTED EBITDA: | ||||||||
| Babcock & Wilcox Thermal | $ | 17.5 | $ | 9.9 | $ | 25.1 | $ | 18.5 |
| Babcock & Wilcox Renewable | 0.5 | 0.4 | 0.7 | — | ||||
| Babcock & Wilcox Environmental | 2.3 | 1.7 | 4.1 | 2.3 | ||||
| Corporate | (5.2) | (4.0) | (8.6) | (10.0) | ||||
| $ | 15.1 | $ | 8.0 | $ | 21.2 | $ | 10.8 | |
| AMORTIZATION EXPENSE: | ||||||||
| Babcock & Wilcox Thermal | $ | 1.0 | $ | 1.1 | $ | 2.2 | $ | 2.1 |
| Babcock & Wilcox Renewable | 0.1 | 0.1 | 0.2 | 0.1 | ||||
| Babcock & Wilcox Environmental | 0.1 | 0.1 | 0.1 | 0.3 | ||||
| $ | 1.2 | $ | 1.3 | $ | 2.5 | $ | 2.6 | |
| DEPRECIATION EXPENSE: | ||||||||
| Babcock & Wilcox Thermal | $ | 0.8 | $ | 1.2 | $ | 1.8 | $ | 2.5 |
| Babcock & Wilcox Renewable | 0.1 | 0.2 | 0.1 | 0.3 | ||||
| Babcock & Wilcox Environmental | 0.1 | 0.3 | 0.1 | 0.6 | ||||
| $ | 0.9 | $ | 1.7 | $ | 2.0 | $ | 3.4 | |
| BOOKINGS AND BACKLOG | Three Months Ended June 30, | Six Months Ended June 30, | ||||||
| 2025 | 2024 | 2025 | 2024 | |||||
| BOOKINGS: | ||||||||
| Babcock & Wilcox Thermal | $ | 76 | $ | 92 | $ | 170 | $ | 180 |
| Babcock & Wilcox Renewable | 21 | 18 | 40 | 48 | ||||
| Babcock & Wilcox Environmental | 18 | 26 | 27 | 37 | ||||
| Other/Eliminations | (1) | — | (2) | (3) | ||||
| $ | 114 | $ | 136 | $ | 235 | $ | 262 | |
| June 30, | ||||||||
| BACKLOG: | 2025 | 2024 | ||||||
| Babcock & Wilcox Thermal | $ | 346 | $ | 177 | ||||
| Babcock & Wilcox Renewable | 34 | 20 | ||||||
| Babcock & Wilcox Environmental | 36 | 71 | ||||||
| Other/Eliminations | 3 | 12 | ||||||
| $ | 418 | $ | 281 |
(1) Figures may not be clerically accurate due to rounding.
Exhibit 5
Babcock & Wilcox Enterprises, Inc.
Segment Disaggregation of Revenue (1)
(In millions)
| SEGMENT RESULTS | Three Months Ended June 30, | Six Months Ended June 30, | ||||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||
| REVENUES: | ||||||||
| B&W Thermal segment | ||||||||
| Parts | $ | 49.6 | $ | 35.9 | $ | 99.6 | $ | 75.0 |
| Projects | 21.2 | 31.9 | 53.3 | 54.7 | ||||
| Construction | 33.5 | 39.6 | 74.7 | 73.3 | ||||
| $ | 104.3 | $ | 107.3 | $ | 227.6 | $ | 202.9 | |
| B&W Renewable segment | ||||||||
| Parts | $ | 4.9 | $ | 4.5 | $ | 11.2 | $ | 10.6 |
| Projects | 5.7 | 5.5 | 11.8 | 11.5 | ||||
| Construction | 8.4 | 5.4 | 10.3 | 8.5 | ||||
| $ | 19.0 | $ | 15.4 | $ | 33.2 | $ | 30.5 | |
| B&W Environmental segment | ||||||||
| Parts | $ | 10.3 | $ | 8.9 | $ | 21.2 | $ | 19.5 |
| Projects | 10.5 | 19.8 | 17.9 | 39.4 | ||||
| $ | 20.8 | $ | 28.7 | $ | 39.1 | $ | 58.9 | |
| Elimination of intersegment revenues | — | — | — | (0.1) | ||||
| Total Revenue | $ | 144.1 | $ | 151.4 | $ | 299.9 | $ | 292.3 |
| Total Parts | $ | 64.8 | $ | 49.3 | $ | 132.0 | $ | 105.1 |
| Total Projects | $ | 37.4 | $ | 57.2 | $ | 83.0 | $ | 105.6 |
| Total Construction | $ | 41.9 | $ | 45.0 | $ | 85.0 | $ | 81.8 |
(1) Figures may not be clerically accurate due to rounding.
Exhibit 6
Babcock & Wilcox Enterprises, Inc.
Reconciliation of Adjusted EBITDA (1)
(In millions)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||
| Loss from continuing operations | $ | (6.1) | $ | (20.5) | $ | (20.1) | $ | (38.2) |
| Interest expense | 10.5 | 11.8 | 21.3 | 23.7 | ||||
| Income tax expense | 3.9 | 4.7 | 5.8 | 5.7 | ||||
| Depreciation & amortization | 2.1 | 2.9 | 4.5 | 6.0 | ||||
| EBITDA | 10.4 | (1.1) | 11.5 | (2.9) | ||||
| Impairment on long-lived assets | — | — | 1.0 | — | ||||
| Benefit plans, net | 0.8 | (0.1) | 1.6 | (0.1) | ||||
| Loss on asset disposals, net | 0.2 | — | 0.2 | — | ||||
| Stock compensation | 0.8 | 1.3 | 1.5 | 2.7 | ||||
| Restructuring activities | — | 0.1 | 0.1 | 1.0 | ||||
| Settlements and related legal costs | 0.5 | 7.4 | 0.5 | 3.3 | ||||
| Loss on debt extinguishment | — | 1.1 | — | 6.1 | ||||
| Foreign exchange | (1.2) | (1.4) | (0.9) | (1.0) | ||||
| Financial advisory services | 3.3 | 0.1 | 5.2 | 0.3 | ||||
| Other - net | 0.4 | 0.7 | 0.6 | 1.3 | ||||
| Adjusted EBITDA | $ | 15.1 | $ | 8.0 | $ | 21.2 | $ | 10.8 |
| BrightLoopTM and ClimateBrightTM expenses | 1.9 | 2.5 | 3.5 | 4.2 | ||||
| Adjusted EBITDA excluding BrightLoopTM and ClimateBrightTM expenses | $ | 17.0 | $ | 10.5 | $ | 24.7 | $ | 15.0 |
(1) Figures may not be clerically accurate due to rounding.
Exhibit 7
Babcock & Wilcox Enterprises, Inc.
Other Non-GAAP Reconciliations (1)
| (in millions) | Three months ended June 30, 2025 | ||
|---|---|---|---|
| Revenue from Continuing Operations | $ | 144.1 | |
| Diamond Power Revenue | 29.6 | ||
| Revenue from Continuing Operations and Diamond Power | $ | 173.7 | |
| (in millions) | Three months ended June 30, 2025 | ||
| Adjusted EBITDA | $ | 15.1 | |
| Summary for Diamond Power Adjusted EBITDA: | |||
| Net income | 6.3 | ||
| Interest expense, net | 0.1 | ||
| Income tax expense | 0.1 | ||
| Depreciation and amortization | 0.2 | ||
| Foreign exchange | — | ||
| Benefit plan | (0.1) | ||
| Other | (0.1) | ||
| Diamond Power Adjusted EBITDA | 6.5 | ||
| Adjusted EBITDA with Diamond Power Adjusted EBITDA | $ | 21.6 |
(1) Figures may not be clerically accurate due to rounding.
bwiroverview-august2025
B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.1 C O M PA N Y O V E R V I E W August 2025
B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.2 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 in this presentation are forward-looking statements, including, without limitation, statements relating to the company's business outlook and expected financial performance expectations regarding future growth, expansion and profitability, outlook and expectations regarding B&W’s BrightLoop technology and statements about our support of net-zero, decarbonization and sustainable power ambitions and key technologies, data centers and electric demand, as well as statements about B&W’s future pipeline of new projects and business within its Renewable, Environmental and Thermal operating segments and their impact on future shareholder value. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things: our financial condition and ability to continue as a going concern and that we have entered into a number of amendments and waivers to our Debt Facilities (as defined in our Annual Report on Form 10-K for the year ended December 31, 2024); our need of additional financing to continue as a going concern; any negative reactions to the substantial doubt about our ability to continue as a going concern by our customers, suppliers, vendors, employees and other third parties; risks associated with contractual pricing in our industry; our relationships with customers, subcontractors and other third parties; our ability to comply with our contractual obligations; disruptions at our manufacturing facilities or a third-party manufacturing facility that we have engaged; the actions or failures of our co-venturers; our ability to implement our growth strategy, including through strategic acquisitions, which we may not successfully consummate or integrate; our evaluation of strategic alternatives for certain businesses and non-core assets which may not result in successful transactions; the risks of unexpected adjustments and cancellations in our backlog; professional liability, product liability, warranty and other claims; our ability to compete successfully against current and future competitors; our ability to develop and successfully market new products; the impacts of industry conditions and public health crises; the cyclical nature of the industries in which we operate; changes in the legislative and regulatory environment in which we operate; supply chain issues, including shortages of adequate components; failure to properly estimate customer demand; our ability to comply with the covenants in our debt agreements; our ability to refinance any of our debt in the future on commercially reasonable terms or at all; our ability to maintain adequate bonding and letter of credit capacity; impairment of goodwill or other indefinite-lived intangible assets; credit risk; disruptions in, or failures of, our information systems; our ability to comply with privacy and information security laws; our ability to protect our intellectual property and use the intellectual property that we license from third parties; risks related to our international operations, including fluctuations in the value of foreign currencies, current and future changes to global tariffs, sanctions and export controls that could harm our profitability; volatility in the price of our common stock; B. Riley’s significant influence over us; changes in tax rates or tax law; our ability to use net operating loss and certain tax credits; our ability to maintain effective internal control over financial reporting; our ability to attract and retain skilled personnel and senior management; labor problems, including negotiations with labor unions and possible work stoppages; risks associated with our retirement benefit plans; natural disasters or other events beyond our control, such as war, armed conflicts or terrorist attacks; and the other factors specified and set forth under "Risk Factors" in our periodic reports filed with the Securities and Exchange Commission, including, without limitation, the risks described in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" (as applicable). These factors should be considered carefully, and B&W Enterprises cautions you not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law. SAFE HARBOR STATEMENT
B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.3 Providing high quality and innovative technologies since 1867 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 technology leader and innovator at the forefront of the energy transition WE’RE A GLOBAL ENERGY LEADER CREATING A BRIGHTER FUTURE Ensuring energy security for customers and the world Helping utility and industrial customers with the technical challenges of moving from current to future energy sources Delivering systems, parts and field services to help utility and industrial plants operate more effectively and efficiently Advancing solutions for the clean energy landscape Our hydrogen production, carbon capture, renewable energy and environmental technologies support the reduction of greenhouse gases, including CO2 and methane, in an environmentally friendly way
B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.4 WE’RE HELPING CUSTOMERS CREATE CLEAN AND RELIABLE ENERGY SUPPORTING A CIRCULAR ECONOMY Providing ecologically sound ways of using and recycling resources like biomass and municipal waste to create clean, renewable baseload power while reducing greenhouse gas emissions. REDUCING THE IMPACT OF GREENHOUSE GAS EMISSIONS Providing hydrogen production, carbon capture, ash handling, energy recovery and storage, and advanced emissions control solutions to help preserve the world’s natural resources. CREATING RELIABLE AND EFFICIENT STEAM GENERATION Providing boilers and related equipment, aftermarket parts, service and upgrades to help utilities and industries generate reliable thermal energy from a wide range of fuels and bridge the gap during the global transition to new energy sources.
B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.5 THE FOUNDATION OF OUR COMPANY VISION: Advancing energy and environmental solutions that bring power and progress to our world. MISSION: B&W delivers environmentally conscious, technology- driven solutions and services to energy and industrial customers worldwide – safely, ethically and as promised. CORE VALUES: Safety • Integrity Quality • Respect • Agility
B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.6 Increase focus on large thermal growth projects and higher-margin aftermarket parts and services and continue to expand geographical presence in support of these markets Leverage our advanced thermal technologies to support fuel switching projects Convert anticipated global pipeline of more than $7.6 billion of identified project opportunities into bookings, including over $2.6 billion in BrightLoop and ClimateBright opportunities Continue to implement up to $30 million in cost reductions associated with strategic realignment Strengthen balance sheet including evaluating alternatives for non-strategic assets and potential refinancing to reduce current and long-term debt Utilize state and federal project-level financing to accelerate deployment of BrightLoop technology Execute paid front-end engineering and design studies to further drive BrightLoop and ClimateBright technology bookings WE’RE STRENGTHENING OUR BUSINESS TO ACHIEVE PROFITABLE GROWTH
B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.7 WE'RE LEVERAGING A VAST INSTALLED BASE AND PROVEN TECHNOLOGIES More than 300 operating utility and industrial boiler units in the U.S. and nearly 200 operating utility and industrial boiler units across 40 countries around the world More than 5,000 industrial water- tube package boilers and other waste heat recovery products installed in a variety of facilities Average of more than 500,000 U.S. Boilermakers’ construction manhours per year over last five years One of the top five Boilermaker employers in the U.S. utility industry More than 300+ renewable energy units at facilities globally (consuming over 61 million tonnes of waste per year) and a leader in plant availability Serving utility, waste management, municipality and investment firm customers Large worldwide installed base of wet and dry scrubbers for SOX reduction, particulate control equipment, NOX reduction technologies, and mercury control systems to meet environmental regulations Flue gas pre-treatment technologies for use with CO2 capture VAST GLOBAL INSTALLATION OF B&W’S CORE TECHNOLOGIES AT UTILITY AND INDUSTRIAL PLANTS CREATES LARGE GROWTH OPPORTUNITIES FOR PARTS, SERVICES AND RETROFITS Ensuring energy security Driving decarbonization Supporting sustainable power
B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.8 N O R T H A M E R I C A A S I A E U R O P E M E / A O T H E R EN D M A R K ET P R O D U C TS & S ER V IC ES IN D U ST R Y V S U TI LI TY 14% 15% 71% 9% 8%83% END MARKET Other 13% Coal 52% Natural Gas 23% Pulp & Paper 6% Biomass/WTE 6% PRODUCTS & SERVICES Parts 40% Construction 30% INDUSTRY VS UTILITY Industrial 27% BABCOCK & WILCOX PROFILE Backlog1 as of June 30, 2025LTM Revenue Employees: ~1,500 LTM Revenue June 2025: ~$626.7M Headquarters: Akron, Ohio USA Founded: 1867 Ownership: Public (NYSE: BW) Notes: All charts based on LTM June 30, 2025 revenues, unless otherwise noted. 1. Backlog does not include shorter lead-time parts and services. Disclaimer: B&W Enterprises cautions not to place undue reliance on any forward-looking statements, which speak only as of the date of this presentation and may be impacted by the risks described in our SEC reports. We undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law. B&W RenewableB&W EnvironmentalB&W Thermal BWE Consolidated Aftermarket Projects 31% Utility 73% Other 14% Coal 53% Natural Gas 26%Pulp & Paper 7% Parts 41% Construction 34% Aftermarket Projects 25% Industrial 28% Utility 72% Other 13% Coal 87% Parts 87% Aftermarket Projects 13% Industrial 20% Utility 80% Natural Gas 3% Other 3% Biomass/WtE 94% Parts 3% Aftermarket Projects 97% Industrial 15% Utility 85% Coal 93% Natural Gas 5% Other 2% Parts 15% Aftermarket Projects 85% Industrial 20% Utility 80% Other 1% Coal 36% Natural Gas 57% Pulp & Paper 4% Biomass/WtE 2% Parts 31% Aftermarket Projects 69% Industrial 63% Utility 37%
B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.9 PIPEL INE REVENUE SPLIT 2025-2027 GLOBAL PRESENCE, SOLID PIPELINE Manufacturing Service Facilities Construction Sales/Support Sales Reps Total anticipated pipeline of more than $7.6 billion over the next three years with over $12 billion in opportunities Note: Pipeline does not include parts, small service and construction. Disclaimer: B&W Enterprises cautions not to place undue reliance on any forward-looking statements, which speak only as of the date of this presentation and may be impacted by the risks described in our SEC reports. We undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law. PIPELINE: 2025-2027 Addressable Market Europe More than $5B PIPELINE: 2025-2027 Addressable Market Americas Other: More than $11B PIPELINE: 2025-2027 Addressable Market Asia-Pacific More than $6B A WIDE FOOTPRINT AND ONGOING EXPANSION POSITIONS B&W TO LEVERAGE MARKET TRENDS AROUND THE WORLD PIPELINE: 2025-2027 Addressable Market Middle East & Africa More than $3B 20-25%45-50% 30-35% 3 - Y E A R P I P E L I N E B&W RENEWABLE B&W ENVIRONMENTAL $1,327 $165 $11 $151 $ M IL LI O N S B&W THERMAL Total $1.7B B&W RenewableB&W EnvironmentalB&W Thermal Americas APAC Europe ME/A $1,382 $299 $575 $141 $ M IL LI O N S Total $2.4B Americas APAC Europe ME/A $3,504 $60 $48 $50$ M IL LI O N S Total $3.6B Americas APAC Europe ME/A B&W LOCATIONS
B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.10 Electric demand forecast • Total data center power demand, including non-AI data centers, is anticipated to soar to 176 GW by 2035, up from 33 GW in 2024. AI alone is expected to reach 123 GW by 2035 compared to 4 GW in 2024.* Who are Data Center Hyperscalers: • Enterprise services: data management, cloud storage, computing - Amazon, IBM, Microsoft, Google, Oracle, Apple, Meta • Crypto mining: bitcoin use could diminish over the next five years, and 20% of datacenters could be converted to AI • Artificial intelligence (AI): AI represents approximately 10-20% of total data center demand. AI power demand will grow to about 40% of total data center demand Constraints: • Power and grid capacities, supply chain constraints, grid construction timelines, unplanned natural gas and new nuclear power availability prior to 2030-2035 Solutions: • Increased use of existing available, reliable power, such as coal plants • 46% of surveyed* said hydrogen use will increase as part of their solution to meet parallel renewable goals – CCS and alternate fuels, fuel for GTs • Onsite or co-located power supply to eliminate grid issues DATA CENTERS – ELECTRIC POWER DEMAND Capital expenditure is expected to exceed $1 trillion within the next five years for electric and gas utilities, and reach $1 trillion within the next three years for data centers Deloitte - April 2025 * https://www.deloitte.com/us/en/insights/industry/power-and-utilities/data-center-infrastructure-artificial-intelligence.html
B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.11 LEADERSHIP TEAM Executive Vice President and Chief Financial Officer Cameron Frymyer Executive Vice President, General Counsel and Corporate Secretary John J. Dziewisz Chief Technology Officer Brandy Johnson Chairman and Chief Executive Officer Kenneth Young Executive Vice President and Chief Commercial Officer Jimmy B. Morgan Senior Vice President, Corporate Operations Gillianne Hetrick Vice President, Corporate Development Sarah Serafin Non-Executive Advisor Dr. Homaira Akbari
B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.12 CORPORATE GOVERNANCE B O A R D O F D I R E C T O R S Chairman and Chief Executive Officer Kenneth Young Joseph TatoRebecca StahlHenry Bartoli Alan Howe Philip Moeller Naomi Boness
B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.13 FINANCIAL INFORMATION
B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.14 CONSOLIDATED FINANCIAL SUMMARY - CONTINUING OPERATIONS ($ in millions) Three Months Ended June 30, 2025 Trailing Twelve Months Ending June 30, 2025 Revenue $ 144.1 $ 626.7 Gross margin $ 43.3 $ 151.5 Selling, general and administrative expenses $ 34.0 $ 125.2 Operating income $ 8.1 $ 16.8 Note: Figures may not be clerically accurate due to rounding.
B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.15 CAPITAL STRUCTURE – PRO FORMA ($ in millions) July 31, 2025 CAPITALIZATION: Total Debt1 $ 412.2 Senior Notes $ 339.9 Revolving Credit Line** $ 0.0 Letter of Credit Collateral* $ 72.3 Cash, cash equivalents and restricted cash** $ 217.4 Net Debt $ 194.8 Note: Figures may not be clerically accurate due to rounding. 1) Debt excluding leases of $9.1 million. *Letter of Credit Collateral under the Axos Credit Facility is on B&W’s balance sheet in Restricted & Long-Term Restricted Cash offset by debt. The previous PNC/MSD letter of credit facility and associated collateral was not required to be included on B&W’s balance sheet. **After the closing of the sale of Diamond Power announced on July 31, 2025
B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.16 KEY TECHNOLOGIES AND CAPABILITIES
B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.17 KEY TECHNOLOGIES: STEAM GENERATION Utility Boilers High pressure, high efficiency, high capacity, low emissions Fuel: Coal, oil, natural gas, multi-fuel Natural Gas-Fired and Other Industrial Water-Tube and Fire-Tube Boilers Bottom- or top-supported, shop- or field-assembled Fuel: Natural gas, oil, CO, waste heat and gases Heat Recovery Steam Generator Components Pressure parts, casing, ducting, drums, housing and frames Fuel: Waste heat and gases Renewable Energy Boilers Reduces dependency on landfills and reduces methane gas emissions Fuel: Municipal solid waste, refuse derived fuel Biomass-Fired Boilers Carbon-neutral technology Fuel: Wood, wood waste, straw, sludge Process Recovery Boilers Single-drum, industry-standard unit for improved mill operation Fuel: Black liquor
B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.18 KEY TECHNOLOGIES: IGNITORS, FLAME SCANNERS AND CONTROLS 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 capability Flame scanning capability can be effectively implemented on any industrial application Technologies can be utilized for new construction or retrofit projects Safety standards conforming to National Fire Protection Association (NFPA) classes PROVEN TECHNOLOGIES WITH INSTALLATIONS IN MORE THAN 70 COUNTRIES, INCLUDING MORE THAN 11,000 IGNITORS Designed for safety, reliability and fuel flexibility
B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.19 KEY TECHNOLOGIES: BOILER CLEANING EQUIPMENT, SOOTBLOWERS, SYSTEMS AND REPLACEMENT PARTS HIGH-PERFORMANCE BOILER CLEANING PRODUCTS Boiler cleaning Replacement parts and upgrades Cameras and monitoring Port rodders and dampers Titanium® intelligent sootblowing and boiler cleaning controls Gauges and level indicators Reliability, versatility, maximum cleaning performance and low maintenance, backed by experience
B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.20 KEY TECHNOLOGIES: SUBMERGED GRIND CONVEYOR ASH HANDLING Lower equipment cost Lower installation cost Ability to utilize existing hoppers and gate valves No hopper modifications Short outage time Short lead time Available redundancy under the boiler Lower O&M costs AN INNOVATIVE SOLUTION TO ELIMINATE ASH PONDS Designed to meet current and future U.S. regulatory requirements for ash handling with:
B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.21 KEY TECHNOLOGIES: EMISSIONS CONTROL Pre-Treatment for Post- Combustion Carbon Capture Wet and Dry Scrubbers, Sorbent Injection, Electrostatic Precipitators, Fabric Filters, Selective Catalytic Reduction Systems Complements SolveBright Process, Other Post- Combustion Technologies Particulate Control Pulse Jet Fabric Filters / Baghouses Wet and Dry Electrostatic Precipitators Wet Particulate Scrubbers Multiclone® Dust Collectors NOX Control Selective Catalytic and Non-Catalytic Reduction Low NOX Burners and Combustion Systems SO2 / Acid Gas Control Wet or Seawater Flue Gas Desulfurization Systems Semi-Dry Flue Gas Desulfurization Systems (Spray Dry Absorbers, Circulating Dry Scrubbers) Wet Electrostatic Precipitators and Dry Sorbent Injection SO3 / Acid Mist Control Wet Electrostatic Precipitators Dry Sorbent Injection Mercury Powdered Activated Carbon Injection Absorption Plus , MercPlus , Mitagent Additives Wastewater Elimination Wastewater Evaporation System via Spray Drying
B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.22 KEY TECHNOLOGIES: FLUE GAS TREATMENT FOR CARBON CAPTURE THE WORLDWIDE LEADER IN FLUE GAS PRE-TREATMENT TECHNOLOGIES FOR POST-COMBUSTION 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 mercury 300+ Wet Scrubber Installations 90+ Dry Scrubber Installations 260+ Wet ESP Installations 490+ Dry ESP Installations 1,000+ Fabric Filters Installations 35+ Sorbent Injection Installations 100+ SCR Installations
B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.23 KEY CAPABILITIES: AFTERMARKET SERVICES Adding value through constructability: Safe execution of new installation, retrofits, system maintenance/repair, plant modifications CONSTRUCTION OPTIMIZATION SYSTEMS Enhancing efficiency with proven technology: Diagnostic, monitoring, tuning and control systems for combustion and cleaning equipment UPGRADES & RETROFITS Maintaining/improving plant operation: Projects for extending the life of power, process and environmental equipment ENGINEERING SERVICES Evaluating options for improved performance: Expert people, tools and processes to measure, model, design, deliver, train and project manage REPLACEMENT PARTS Supplying components for system reliability: High-quality standard or custom-engineered pressure and non-pressure parts
B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.24 B&W’S EMERGING TECHNOLOGIES
B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.25 BRIGHTLOOP HYDROGEN PRODUCTION PROCESS INPUT OPTIONS OUTPUT OPTIONS SIGNIFICANT ADVANTAGES: Hydrogen from solid fuels – can utilize a variety of solid or gaseous fuels as feedstock High rate of carbon captured – inherent CO2 isolation supports sequestration or utilization without the expensive post- combustion capture equipment and operation Competitive hydrogen cost – lower levelized cost of hydrogen when compared to other hydrogen production methods High-quality hydrogen – hydrogen is produced from injected steam unlike other technologies that produce hydrogen by separating it from feedstock Scalable for a range of applications – accommodates both large and small applications
B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.26 BRIGHTLOOP HYDROGEN PRODUCTION PROGRESS B R I G H T L O O P E V O L U T I O N Sub-Pilot with The Ohio State University and B&W MEDIUM SCALE 10-50 Tonnes Per Day Hydrogen Projected Output LARGE SCALE 100-250 Tonnes Per Day Hydrogen Projected Output SUB-PILOT SCALE (Complete) 2008 2028 2029 IN PROGRESS Laboratory Scale RESEARCH STAGE (Complete) 1994-2004 PILOT SCALE (Complete) Steam & Hydrogen National Carbon Capture Center in Alabama 2014 SMALL SCALE 1-5 Tonnes Per Day Hydrogen Projected Output IN PROGRESS 2026 PILOT SCALE (Complete) Coal Direct Chemical Looping Barberton, Ohio 2017
B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.27 LEVERAGING DECADES OF FUNDING AWARDS AND INVESTMENTS C O A L D I R E C T C H E M I C A L L O O P I N G ( C D C L ) N A T I O N A L C A R B O N C A P T U R E C E N T E R ( N C C C ) T H E O H I O S T A T E U N I V E R S I T Y OPERATING HOURS 2,000 STARTUP / SHUTDOWNS 50 OPERATING HOURS 1,000 STARTUP / SHUTDOWNS 20 $275M+ PATENTED IRON OXIDE PARTICLETGA TESTING TEST RUNS HOURS OF TESTING 500 10,000 BENCH SCALE TEST RUNS HOURS OF TESTING 200 5,000+ 3 Reactor SUB-PILOT TEST RUNS HOURS OF TESTING 50 1,000 SUB-PILOT TEST RUNS 50+ HOURS OF TESTING 2,000+ STARTUP / SHUTDOWNS 75 TOTAL R&D INVESTMENT CYCLE TIMES 10,000+ HOURS OF TESTING 3,000+ TOTAL TESTING HOURS 10,000+ DOE GRANTS – STATE GRANTS – OSU – B&W to study impact of various feedstocks on hydrogen production and advance the technology OSU CL RESULTED PHDs GRAD STUDENTS 70 100 OTHER STUDENTS AND STAFF250Experts Trained 2016 – 2018 DOE Pre-FEED CDCL 2009 CL with OSU 2010 NCCC Testing 2012 – 2014 CDCL DOE Techno-Economic Analysis 2010 NCCC Design & Construction 2022 - Present Commercialization C O N T I N U E T O S C A L E T H I S I N D U S T R Y – C H A N G I N G T E C H N O L O G Y
B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.28 O U R C L I M A T E B R I G H T S U I T E GLOBAL LEADER IN CLEAN POWER PRODUCTION TECHNOLOGIES Emerging technologies: Long Duration Energy Storage, Green Steam and Direct Air Capture B&W is at the forefront of developing CO2 capturing technologies B&W’S PORTFOLIO OF CLEAN POWER PRODUCTION SOLUTIONS CONTINUES TO EVOLVE TO REACH CUSTOMERS AT ALL STAGES OF THEIR ENERGY TRANSITION. BrightLoop HYDROGEN PRODUCTION OxyBright OXYGEN-FUEL COMBUSTION BrightGen HYDROGEN COMBUSTION SolveBright POST-COMBUSTION CARBON CAPTURE Multiple technologies ready for commercial demonstration 93 active patents related to carbon capture technology Positioned to provide critical solutions to meet global climate goals
B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.29 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 carbon intensity Our negative carbon intensity (-2,500 gCO2e/kWh) is nearly seven times more negative than the U.S. grid is positive (+373 gCO2e/kWh)
B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.30