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): May 12, 2025

BABCOCK & WILCOX ENTERPRISES, INC.
(Exact name of registrant as specified in its charter)
Delaware	001-36876	47-2783641
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(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)	1200 East Market Street
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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 May 12, 2025, the Company issued a press release announcing our financial results for the quarter ended March 31, 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 May 12, 2025, the Company posted an investor presentation on the investor relations section of its website at 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 dated M ay 12 , 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.
May 12, 2025	By:	/s/ Cameron Frymyer
		Cameron Frymyer
		Executive Vice President and Chief Financial Officer<br>(Principal Financial and Accounting Officer and Duly Authorized Representative)

Document

Exhibit 99.1
News Release
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Babcock & Wilcox Enterprises Reports First Quarter 2025 Results

•Announced a bond exchange of $131.8 million of bonds into $100.8 million of new five-year second lien notes

•Revenue of $181.2 million and Operating Income of $5.9 million exceeded expectations

•Adjusted EBITDA of $14.3 million significantly outperformed expectations

•Achieved the highest Q1 bookings, revenue, gross profit and EBITDA for Global Parts & Service on record

•Announced Bookings from Continuing Operations of $167.0 million, an 11% increase compared to the same period of 2024

•Continuing Operations Backlog of $526.8 million in the first quarter, a 47% increase compared to the same period of 2024

•Announced sale of assets of Denmark-based A/S subsidiary for $20 million in proceeds, with $5 million of the funding being directed toward Massillon BrightLoop™ project

Q1 2025 Continuing Operations Highlights and Outlook

–Revenues of $181.2 million, compared to $164.3 million in the first quarter of 2024

–Operating income of $5.9 million, compared to $5.7 million in the first quarter of 2024

–Net loss of $7.8 million, compared to net loss of $12.8 million in the first quarter of 2024

–Loss per share of $0.11, compared to a loss per share of $0.19 in the first quarter of 2024

–Adjusted EBITDA of $14.3 million, compared to $11.3 million in the first quarter of 2024

–Adjusted EBITDA of $15.0 million, excluding BrightLoop™ and ClimateBright™ expenses, compared to $12.0 million in the first quarter of 2024

(AKRON, Ohio – May 12, 2025) – Babcock & Wilcox Enterprises, Inc. ("B&W" or the "Company") (NYSE: BW) announced results for the first quarter 2025.

"We are pleased to report a strong start to 2025, highlighted by first quarter consolidated revenue and Adjusted EBITDA that exceeded Company and consensus expectations,” commented Kenneth Young, B&W’s Chairman and Chief Executive Officer. “We are excited to announce that approximately 40% of our bonds have been exchanged into new five year notes at discount to par, which significantly reduces our current and overall debt and lowers our annual interest expense. Operationally, our Global Parts & Service business posted the highest Q1 bookings, revenue, gross profit and EBITDA metrics on record. These results were primarily driven by an increased demand for boiler components as North American and international clients upgrade or maintain their thermal infrastructure to meet increased energy demands, maintain energy availability and security and regulatory standards. This milestone reflects a strong recovery and growth trajectory, driven by strategic initiatives and favorable market conditions in the thermal energy sector."

"We continue to see strong global demand for our diverse portfolio of technologies and make progress in converting our $7.6 billion global pipeline of identified project opportunities, as displayed by our strong bookings and backlog results this quarter. Our backlog of $526.8 million in the first quarter was a 47%

increase compared to the same period of 2024, representing the largest backlog in recent Company history as our Thermal segment continues to perform based on higher base load generation demand in North America," Young continued. "We expect industry tailwinds and generation demand to continue to increase in the coming years, as we believe these tailwinds provide a strong foundation for B&W to grow in 2025 and beyond coupled with higher margins and improved cash flows."

“Across the first few months of 2025, we have continued our refinancing efforts of our current debt obligations. Notably, during the quarter we had $108.4 million of debt that went current and negatively impacted our working capital. This shift was anticipated and is one of the main drivers for our ongoing refinancing efforts. This past week we entered into a privately negotiated bond exchange, which is expected to result in $131.8 million of outstanding bonds due 2026 being replaced with new bonds in the amount of $100.8 million, while extending the due date out to 2030 and lowers our annual interest expense by $1.1 million. This is a significant positive step in our restructuring and refinancing efforts and demonstrates our continued support from our lenders and bondholders. We continue to explore further debt refinancing options and potential asset dispositions to reduce our current and long term debt obligations."

“We also remain intently focused on our strategic investments to enhance our ClimateBright decarbonization platform and BrightLoop hydrogen generation technology," Young added. “Recently we announced the sale of our Denmark-based waste-to-energy intellectual property for $20 million in proceeds. This sale is consistent with our previously announced objective to sell certain assets and use the proceeds to pay down existing debt and enhance working capital. As part of this sale, we also received $5 million of funding toward the Massillon BrightLoop project. We are excited about the progress to date and about deploying our BrightLoop technology at commercial scale, and we look forward to expanding our BrightLoop activities in the years ahead."

Q1 2025 Continuing Operations Financial Summary

Revenues in the first quarter of 2025 were $181.2 million, a 10% increase compared to $164.3 million in the first quarter of 2024, primarily driven by activity related to a large natural gas project of $8.5 million, higher construction volume of $6.0 million and an increase in parts sales of $10.0 million. Loss in the first quarter of 2025 was $7.8 million, which includes $1.7 million of non-cash losses, compared to a loss of $12.8 million in the first quarter of 2024. Loss per share in the first quarter of 2025 was $0.11 compared to a loss per share of $0.19 in the first quarter of 2024. Operating income in the first quarter of 2025 was $5.9 million compared to operating income of $5.7 million in the first quarter of 2024. Adjusted EBITDA was $14.3 million, an increase of 27% compared to $11.3 million in the first quarter of 2024. All amounts referred to in this release are on a continuing operations basis, unless otherwise noted. Reconciliations of net loss, the most directly comparable GAAP measure, to Adjusted EBITDA for the Company's segments, are provided in the exhibits to this release.

Babcock & Wilcox Renewable segment revenues were $28.5 million for the first quarter of 2025, an increase of 4% compared to $27.5 million in the first quarter of 2024. The increase in revenue is primarily due to increases in our pulp and paper business. Adjusted EBITDA in the first quarter of 2025 was $3.1 million, an increase of 18% compared to $2.6 million in the first quarter of 2024, primarily due to the revenue volume described above.

Babcock & Wilcox Environmental segment revenues were $14.4 million in the first quarter of 2025, a decrease of 46% compared to $26.7 million in the first quarter of 2024. The decrease is due to larger projects that were worked off in 2024 but not fully replaced in Q1 2025. Adjusted EBITDA in the first

quarter of 2025 was $2.3 million, an increase of 121% compared to $1.0 million in the first quarter of 2024, primarily attributable to the lower allocated SG&A expenses as a result of less revenue.

Babcock & Wilcox Thermal segment revenues were $138.2 million in the first quarter of 2025, an increase of 25% compared to $110.2 million in the first quarter of 2024. The revenue increase is primarily related to revenues from a large natural gas project of $8.5 million, higher construction volume of $6.0 million and an increase in parts of $10.0 million. Adjusted EBITDA in the first quarter of 2025 was $12.4 million, a decrease of 8% compared to $13.4 million in the first quarter of 2024, due to a larger share of allocated SG&A expenses due to the increase in revenue.

Liquidity and Balance Sheet

At March 31, 2025, the Company had total debt of $473.6 million and a cash, cash equivalents and restricted cash balance of $116.8 million.

The Company has a credit agreement that provides for an up to $150.0 million asset-based credit facility with an outstanding balance of $123.4 million, comprised of $45.0 million of revolver and $78.4 million in letters of credit as of March 31, 2025 that is now currently due in November 2025 and accordingly is classified as a current liability. In addition, the Company has senior notes due in February 2026 of which $108.4 million is reflected in current liabilities and $83.5 million is reflected in noncurrent liabilities in the Condensed Consolidated Balance Sheets. As a result, the uncertainty regarding our current demonstrated ability to repay the current debt raises substantial doubt about the Company’s ability to continue as a going concern. Management believes it is taking all appropriate actions to address the current debt and alleviate our going concern; however, these plans have not been finalized and are subject to market conditions.

Earnings Call Information

B&W plans to host a conference call and webcast on Monday, May 12, 2025 at 5 p.m. ET to discuss the Company’s first 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 848055. 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, research and development costs 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 measures 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.

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, higher 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 three 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 the privately negotiated bond exchange, expected demand and regulatory standards, and our pipeline 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 refinance our 8.125% Notes due 2026 and 6.50% Notes due 2026 prior to their maturity; 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, 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.

#

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 March 31,
	2025		2024
Revenues	$	181.2	$	164.3
Costs and expenses:
Cost of operations	141.1		125.5
Selling, general and administrative expenses	32.7		32.2
Research and development costs	0.5		0.8
Impairment of long-lived assets	1.0		—
Total costs and expenses	175.3		158.6
Operating income	5.9		5.7
Other (expense) income:
Interest expense	(11.2)		(12.0)
Interest income	0.2		0.1
Loss on debt extinguishment	—		(5.1)
Benefit plans, net	(0.8)		0.1
Foreign exchange	0.3		(0.7)
Other expense - net	0.1		—
Total other expense	(11.3)		(17.6)
Loss before income tax expense	(5.4)		(11.9)
Income tax expense	2.3		0.9
Loss from continuing operations	(7.8)		(12.8)
Loss from discontinued operations, net of tax	(14.2)		(4.0)
Net loss	(22.0)		(16.8)
Net loss attributable to non-controlling interest	—		—
Net loss attributable to stockholders	(22.0)		(16.8)
Less: Dividend on Series A preferred stock	3.7		3.7
Net loss attributable to stockholders of common stock	$	(25.7)	$	(20.5)
Basic and diluted loss per share
Continuing operations	$	(0.11)	$	(0.19)
Discontinued operations	(0.15)		(0.04)
Loss per share	$	(0.26)	$	(0.23)
Basic and diluted shares used in the computation of loss per share	97.9		89.5

(1) Figures may not be clerically accurate due to rounding

Exhibit 2

Babcock & Wilcox Enterprises, Inc.

Condensed Consolidated Balance Sheets (1)

(In millions)	March 31, 2025		December 31, 2024
Cash and cash equivalents	$	21.6	$	23.4
Current restricted cash	85.0		94.2
Accounts receivable – trade, net	128.3		112.7
Contracts in progress	65.6		82.4
Inventories, net	111.5		108.9
Other current assets	28.5		25.1
Current assets held for sale	42.3		43.6
Total current assets	482.9		490.2
Net property, plant and equipment and finance leases	71.2		69.6
Goodwill	82.5		82.1
Intangible assets, net	18.4		19.1
Right-of-use assets	31.8		32.8
Long-term restricted cash	10.1		10.0
Deferred tax assets	0.1		—
Other assets	22.7		23.1
Total assets	$	719.7	$	727.0
Accounts payable	$	119.1	$	101.0
Accrued employee benefits	4.7		4.9
Advance billings on contracts	53.6		58.5
Accrued warranty expense	3.4		3.4
Financing lease liabilities	1.7		1.6
Operating lease liabilities	3.3		3.6
Other accrued liabilities	40.6		36.0
Current senior notes	108.4		—
Current borrowings	124.2		125.1
Current liabilities held for sale	52.3		54.4
Total current liabilities	511.2		388.5
Senior notes, net of current portion	232.5		340.2
Borrowings, net of current portion	8.5		8.6
Pension and other postretirement benefit liabilities	189.5		192.7
Finance lease liabilities, net of current portion	28.1		28.5
Operating lease liabilities, net of current portion	29.5		30.3
Deferred tax liability	12.2		11.0
Other noncurrent liabilities	10.6		10.4
Total liabilities	1,022.2		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	1,564.7		1,558.8
Treasury stock at cost	(115.5)		(115.5)
Accumulated deficit	(1,671.4)		(1,645.7)
Accumulated other comprehensive loss	(86.1)		(86.7)
Stockholders' deficit attributable to shareholders	(303.0)		(283.8)
Non-controlling interest	0.5		0.6
Total stockholders' deficit	(302.5)		(283.2)
Total liabilities and stockholders' deficit	$	719.7	$	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)	Three Months Ended March 31,
	2025		2024
Cash flows from operating activities:
Net loss from continuing operations	$	(7.8)	$	(12.8)
Net loss from discontinued operations	(14.2)		(4.0)
Net loss	(22.0)		(16.8)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Impairment of long-lived assets	8.8		—
Depreciation and amortization of long-lived assets	2.5		4.8
Amortization of deferred financing costs and debt discount	1.5		0.7
Amortization of guaranty fee	—		0.6
Non-cash operating lease expense	1.7		1.8
Loss on debt extinguishment	—		5.1
Loss on asset disposals	—		0.1
Provision for (benefit from) deferred income taxes	(0.5)		2.5
Prior service cost amortization for pension and postretirement plans	0.1		0.2
Stock-based compensation	0.8		1.4
Foreign exchange	(1.8)		1.3
Unrealized loss on securities	(0.5)		—
Bad debt expense	0.6		1.1
Changes in operating assets and liabilities:
Accounts receivable - trade, net	(14.3)		16.8
Contracts in progress	11.0		(21.5)
Other current and noncurrent assets	(5.7)		2.4
Advance billings on contracts	(7.5)		(6.4)
Inventories, net	(3.0)		3.1
Income taxes	0.3		2.9
Accounts payable	19.6		(1.8)
Accrued and other current liabilities	8.9		(8.4)
Accrued contract loss	(3.5)		(2.8)
Pension liabilities, accrued postretirement benefits and employee benefits	(3.6)		0.2
Other, net	(1.9)		(2.6)
Net cash used in operating activities	(8.5)		(14.9)
Cash flows from investing activities:
Purchase of property, plant and equipment	(4.3)		(3.4)
Purchases of securities	(4.0)		(1.6)
Sales and maturities of securities	4.4		2.1
Net cash used in investing activities	(3.9)		(2.8)

Cash flows from financing activities:
Borrowings on loan payable	19.0		90.4
Repayments on loan payable	(20.4)		(28.8)
Payment of holdback funds from acquisition	—		(3.0)
Finance lease payments	(0.4)		(0.3)
Payment of preferred stock dividends	(3.7)		(3.7)
Issuance of common stock, net	5.2		—
Debt issuance costs	—		(3.1)
Payment of non-controlling interest dividends	(0.1)		—
Other, net	—		(0.1)
Net cash (used in) provided by financing activities	(0.4)		51.3
Effects of exchange rate changes on cash	0.4		(2.4)
Net (decrease) increase in cash, cash equivalents and restricted cash	(12.4)		31.1
Cash, cash equivalents and restricted cash at beginning of period	131.1		71.4
Cash, cash equivalents and restricted cash at end of period	$	118.6	$	102.5

(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 March 31,
	2025		2024
REVENUES:
Babcock & Wilcox Renewable	$	28.5	$	27.5
Babcock & Wilcox Environmental	14.4		26.7
Babcock & Wilcox Thermal	138.2		110.2
Other	—		(0.1)
	$	181.2	$	164.3
ADJUSTED EBITDA:
Babcock & Wilcox Renewable	$	3.1	$	2.6
Babcock & Wilcox Environmental	2.3		1.0
Babcock & Wilcox Thermal	12.4		13.4
Corporate	(3.5)		(5.9)
	$	14.3	$	11.3
AMORTIZATION EXPENSE:
Babcock & Wilcox Renewable	$	0.1	$	0.1
Babcock & Wilcox Environmental	0.1		0.1
Babcock & Wilcox Thermal	1.1		1.1
	$	1.3	$	1.3
DEPRECIATION EXPENSE:
Babcock & Wilcox Renewable	$	0.1	$	0.3
Babcock & Wilcox Environmental	—		0.3
Babcock & Wilcox Thermal	1.1		1.3
	$	1.2	$	1.9
	March 31,
BACKLOG:	2025		2024
Babcock & Wilcox Renewable	$	56.7	$	67.8
Babcock & Wilcox Environmental	38.7		72.6
Babcock & Wilcox Thermal	424.6		209.1
Other/Eliminations	6.8		9.6
	$	526.8	$	359.1

(1) Figures may not be clerically accurate due to rounding.

Exhibit 5

Babcock & Wilcox Enterprises, Inc.

Reconciliation of Adjusted EBITDA (2)

(In millions)

	Three Months Ended March 31,
	2025		2024
Net loss	$	(22.0)	$	(16.8)
Loss from discontinued operations	(14.2)		(4.0)
Loss from continuing operations	(7.8)		(12.8)
Interest expense	10.9		11.9
Income tax expense	2.3		0.9
Depreciation & amortization	2.5		3.2
EBITDA	8.0		3.2
Impairment on long-lived assets	1.0		—
Benefit plans, net	0.8		(0.1)
Stock compensation	0.8		1.4
Restructuring activities	0.1		0.9
Settlements and related legal costs	0.1		(4.1)
Advisory fees for settlement costs and liquidity planning	0.5		0.2
Loss on debt extinguishment	—		5.1
Acquisition pursuit and related costs	1.4		0.1
Product development (1)	1.2		1.6
Foreign exchange	(0.3)		0.7
Letter of credit fees	1.2		2.3
Other - net	(0.3)		—
Adjusted EBITDA	$	14.3	$	11.3
Product development (1)	(0.9)		(1.0)
BrightLoopTM and ClimateBrightTM expenses	1.6		1.7
Adjusted EBITDA excluding BrightLoopTM and ClimateBrightTM expenses	$	15.0	$	12.0

(1) Costs associated with development of commercially viable products that are ready to go to market. The elements of these costs associated with BrightLoopTM and ClimateBrightTM are included in the BrightLoopTM and ClimateBrightTM expenses line.

(2) Figures may not be clerically accurate due to rounding.

bwiroverviewmay-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, including adjusted EBITDA and sales targets, expectations regarding future growth, expansion and profitability, outlook and expectations regarding B&W’s BrightLoop™ technologies and statements about our support of net-zero, decarbonization and sustainable power ambitions and key technologies, 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 or 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 our 8.125% Notes due 2026 and 6.50% Notes due 2026 prior to their maturity; 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 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. Non-GAAP Financial Measures 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, adjusted EBITDA presented is consistent with the way our 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, research and development costs and other costs that may not be directly controllable by segment management and are not allocated to the segment. We present consolidated Adjusted EBITDA because we believe it is useful to investors to help facilitate comparisons of our ongoing, operating performance before corporate overhead and other expenses not attributable to the operating performance of our 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 EBITDA excluding BrightLoop ™ and ClimateBright™ to assess the Company’s performance independent of these technologies. In this presentation, we also present certain targets for our adjusted EBITDA in the future; these targets are not intended as guidance regarding how we believe the business will perform. We are unable to reconcile these targets to their GAAP counterparts without unreasonable effort and expense due to the aspirational nature of these targets. SAFE HARBOR STATEMENT Need to update

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 Helping to make net-zero ambitions a reality today  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 and evaluate strategic alternatives for non- strategic assets  Utilize state and federal project-level financing to accelerate deployment of BrightLoop technology  Execute paid front-end engineering and design studies to further drive ClimateBright and BrightLoop 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 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 renewable energy units at 300+ 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 A VAST GLOBAL INSTALLATION OF B&W’S CORE TECHNOLOGIES AT UTILITY AND INDUSTRIAL PLANTS CREATE 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 CT S & S ER V IC ES IN D U ST R Y V S U TI LI TY 15% 13% 72% 9% 7%84% END MARKET Other 14% Coal 47% Natural Gas 19% Pulp & Paper 13% Biomass/WTE 7% PRODUCTS & SERVICES Parts 46% Construction 25% INDUSTRY VS UTILITY Industrial 32% BABCOCK & WILCOX PROFILE Backlog1 as of March 31, 2025LTM Revenue  Employees: ~2,000  LTM Revenue March 2025: ~$734.2M  Headquarters: Akron, Ohio USA  Founded: 1867  Ownership: Public (NYSE: BW) Notes: All charts based on LTM March 31, 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 29% Utility 68% Other 16% Coal 51% Natural Gas 22%Pulp & Paper 11% Parts 43% Construction 32% Aftermarket Projects 25% Industrial 33% Utility 67% Other 22% Coal 76% Pulp & Paper 2% Parts 92% Aftermarket Projects 8% Industrial 33% Utility 67% Natural Gas 1% Other 3% Pulp & Paper 28% Biomass/WtE 68% Parts 39% Aftermarket Projects 61% Industrial 18% Utility 82% Coal 82% Natural Gas 12% Other 6% Parts 22% Aftermarket Projects 78% Industrial 36% Utility 64% Other 4% Coal 37% Natural Gas 37% Pulp & Paper 20% Biomass/WtE 2% Parts 52% Aftermarket Projects 48% Industrial 53% Utility 47%

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 PIPE LINE RE VE NUE SPLIT 2025- 2027 A SOLID PIPELINE OF GLOBAL OPPORTUNITIES 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. 2025-2027 Addressable Market Europe More than $5B 2025-2027 Addressable Market Americas Other: More than $11B 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 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 $1,387 $178 $50 $135 $ M IL LI O N S B&W THERMAL Total $1.8B B&W RenewableB&W EnvironmentalB&W Thermal Americas APAC Europe ME/A $1,210 $295 $643 $140 $ M IL LI O N S Total $2.3B Americas APAC Europe ME/A $3,516 $9 $48 $6 $ M IL LI O N S Total $3.6B Americas APAC Europe ME/A

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 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 Operating Officer Chris Riker 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.11 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 CONSOLIDATED FINANCIAL SUMMARY - CONTINUING OPERATIONS ($ in millions) Three Months Ended March 31, 2025 Trailing Twelve Months Ending March 31, 2025 Revenue $ 181.2 $ 734.2 Gross margin $ 40.1 $ 178.3 Selling, general and administrative expenses $ 32.7 $ 142.0 Operating income $ 5.9 $ 25.3 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.14 CAPITAL STRUCTURE ($ in millions) As of March 31, 2025 CAPITALIZATION: Total Debt1 $ 464.3 Senior Notes $ 340.9 Revolving Credit Line $ 45.0 Letter of Credit Collateral* $ 78.4 Cash, cash equivalents and restricted cash $ 118.6 Net Debt $ 345.7 Note: Figures may not be clerically accurate due to rounding. 1) Debt excluding leases of $9.3 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.

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 PROFORMA DEBT STRUCTURE ($ in millions) As of May 12, 2025 CAPITALIZATION: Total Debt1 $ 433.3 Senior Notes $ 309.92 Revolving Credit Line $ 45.0 Letter of Credit Collateral* $ 78.4 Cash, cash equivalents and restricted cash $ 118.6 Net Debt $ 314.7 Note: Figures may not be clerically accurate due to rounding. 1) Debt excluding leases of $9.3 million. 2) After bond exchange announced May 12, 2025 *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.

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: 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.19 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.20 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.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 ESPs 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.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 – production from steam produces higher quality as compared to separating hydrogen from fuel  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)