Exhibit 99.2

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FORWARD-LOOKING STATEMENTS

In this unaudited interim financial report, “the Company” or “BW LPG” refers to BW LPG Limited. “The Group” refers to BW LPG Limited together with its consolidated subsidiaries.

Matters discussed in this unaudited interim financial report may constitute “forward-looking statements”. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts or present facts and circumstances. This unaudited interim financial report and any other written or oral statements made by us or on our behalf may include forward-looking statements, which reflect our current views with respect to future events and financial and operational performance.

These forward-looking statements may be identified by the use of forward-looking terminology, such as the terms “anticipates”, “assumes”, “believes”, “can”, “continue”, “could”, “estimates”, “expects”, “forecasts”, “intends”, “likely”, “may”, “might”, “plans”, “should”, “potential”, “projects”, “seek”, “will”, “would” or, in each case, their negative, or other variations or comparable terminology. They include statements regarding BW LPG’s intentions, beliefs or current expectations concerning, among other things, the financial strength and position of the Group, operating results, liquidity, prospects, growth, the implementation of strategic initiatives, as well as other statements relating to the Group’s future business development, financial performance and the industry in which the Group operates.

Prospective investors in BW LPG are cautioned that forward-looking statements are not guarantees of future performance and that the Group’s actual financial position, operating results and liquidity, and the development of the industry and potential market in which the Group may operate in the future, may differ materially from those made in, or suggested by, the forward-looking statements contained in this unaudited interim financial report. The forward-looking statements in this report are based upon various assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and market and industry data and forecasts prepared by and available from third parties. Although management believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, BW LPG cannot guarantee that the intentions, beliefs or current expectations upon which its forward-looking statements are based, will occur. BW LPG undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

By their nature, forward-looking statements involve, and are subject to, known and unknown risks, uncertainties and assumptions as they relate to events and depend on circumstances that may or may not occur in the future. Actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors including, but not limited to:

FORWARD-LOOKING STATEMENTS (continued)

Additional information about material risks that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found under “Item 3. Key Information – 3.D. Risk Factors” of BW LPG’s Annual Report on Form 20-F, filed with the U.S. Securities and Exchange Commission on 28 March 2025.

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SELECTED KEY FINANCIAL INFORMATION

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HIGHLIGHTS AND SUBSEQUENT EVENTS – Q2 2025

PERFORMANCE REVIEW – Q2 2025 and H1 2025

Q2 2025

TCE income – Shipping was US$152.7 million for Q2 2025 (Q2 2024: US$148.6 million), representing a small increase of US$4.1 million from Q2 2024. The limited TCE income increase was primarily due to a lower LPG spot market of US$35,600 per day, a 33% decline compared to Q2 2024, which offset the benefit of higher available fleet days of 3,929 in Q2 2025 (31% growth) from the enlarged fleet following the completion of the Avance Gas acquisition. Our scheduled drydocking program also reduced available fleet days by 139 days (Q2 2024: 55 days). The effects of IFRS 15 adjustments due to spot voyages that straddled the quarter-end were recognised on a load-to-discharge basis and negatively impacted TCE income by US$4.6 million in Q2 2025 (Q2 2024: insignificant impact). Albeit a softer spot market, the TCE income – Shipping continues to be well supported by the increased time charter coverage of 44% (Q2 2024: 35%) of available days at US$43,000 per day (Q2 2024: US$42,800 per day). Additionally, our India subsidiary continued to deliver stable TCE income of US$30.7 million for Q2 2025 (Q2 2024: US$30.6 million), mainly from fixed-rate time charters.

Product Services reported a gross profit of US$14.8 million for Q2 2025 (Q2 2024: gross profit of US$24.5 million). The decline in gross profit was mainly due to a lower realised profits of US$23.9 million. This was offset by an increase of US$14.2 million in the mark-to-market valuation of unrealised positions relative to Q2 2024. After general and administrative expenses and income taxes totalling US$9.2 million (Q2 2024: US$8.8 million), Product Services reported a profit after tax of US$5.6 million in Q2 2025 (Q2 2024: US$15.7 million).

Profit after tax was US$43.4 million for Q2 2025 (Q2 2024: US$84.9 million). The decrease in profit after tax was primarily attributed to a reduction in operating profit of US$30.5 million and higher net finance expenses of US$11.8 million. The profit after tax was also impacted by higher vessel operating expense of US$11.5 million and depreciation of US$15.8 million. These changes mainly reflect the full effect of the added Avance Gas fleet under a less favorable spot market.

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PERFORMANCE REVIEW – Q2 2025 and H1 2025 (continued)

H1 2025

TCE income – Shipping was US$311.3 million for H1 2025 (H1 2024: US$335.1 million), representing a decrease of US$23.8 million from H1 2024. The decline was primarily due to a lower LPG spot market of US$37,500 per day, a 39% decline compared to H1 2024, which more than offset the benefit of higher available fleet days of 7,919 days in H1 2025 (31% growth) from the enlarged fleet following the completion of the Avance Gas acquisition. Our scheduled drydocking program also reduced available fleet days by 219 days (H1 2024: 102 days). Albeit a softer spot market, the TCE income – Shipping continues to be well supported by the increased time charter coverage of 42% (H1 2024: 32%) of available days at US$41,900 per day (H1 2024: US$43,600 per day). Additionally, our India subsidiary continued to deliver stable TCE income of US$62.4 million for H1 2025 (H1 2024: US$60.0 million), mainly from fixed-rate time charters. The TCE income – Shipping also includes a positive IFRS 15 impact to TCE income – Shipping of US$7.0 million in H1 2025 (H1 2024: US$26.4 million), as spot voyages straddling the period-end were recognised on a load-to-discharge basis.

For the first half of 2025, Product Services generated a gross profit of US$11.2 million, down from US$57.8 million in H1 2024. The gross profit decrease came from lower realised profits of US$10.3 million and a decrease in unrealised positions of US$36.3 million. After general and administrative expenses and income taxes of US$18.0 million (H1 2024: US$21.1 million), Product Services reported a loss after tax of US$6.8 million for H1 2025 (H1 2024: profit after tax of US$36.7 million).

Profit after tax for H1 2025 was US$110.0 million, down from US$234.7 million in H1 2024. This decrease was primarily driven by a lower operating profit of US$109.3 million and increased net finance expenses of US$21.4 million, partially offset by a lower income tax expense of US$6.1 million. The profit after tax was also impacted by higher vessel operating expense of US$19.2 million and depreciation of US$30.2 million. These changes mainly reflect the full-period impact of the enlarged fleet following the completion of the Avance Gas transaction in Q4 2024 under a less favorable spot market.

Profit attributable to non-controlling interests was US$29.0 million for H1 2025 (H1 2024: US$15.9 million), driven by BW LPG India’s gain of US$32.1 million from the sale of BW Cedar. This was partially offset by a US$6.7 million decrease in attributable profit to non-controlling interests from BW Product Services.

BALANCE SHEET

As of 30 June 2025, BW LPG controls a fleet of 51 VLGCs, including seven vessels which are owned and operated by BW LPG India. Total assets amounted to US$3,384.8 million (31 December 2024: US$3,320.4 million), of which US$2,459.5 million (31 December 2024: US$2,381.8 million) represented the carrying value of the vessels (including dry docking), and US$97.8 million (31 December 2024: US$216.3 million) represented the carrying value of right-of-use assets (vessels).

Cash and cash equivalents amounted to US$321.0 million as of 30 June 2025 (31 December 2024: US$279.7 million). Cash flow from operating activities generated a net cash surplus of US$261.0 million in H1 2025 (H1 2024: US$458.4 million), of which the net cash inflow of US$28.8 million (H1 2024: US$141.2 million) related to changes in working capital. Investing activities generated a cash outflow of US$83.2 million in H1 2025 (H1 2024: cash inflow of US$48.9 million), which comprised exercising the purchase option of BW Kizoku and BW Yushi, and US$19.3 million paid for drydocking activities. These payments were partially offset by proceeds of US$65.0 million from the sale of BW Cedar.

After considering the net drawdown of bank facilities, which includes the drawdown of revolving credit facilities and repayment of the shareholder loan, the H1 2025 net cash outflow for financing activities of US$122.3 million (H1 2024: US$436.4 million) was driven by principal and interest repayments of US$53.2 million, dividend payments of US$117.2 million, US$50.3 million in lease repayments, and a net US$14.5 million net repayment of trade finance borrowings.

Net leverage ratio decreased from 32.7% as of 31 December 2024, to 30.7% as of 30 June 2025 due to lower lease liabilities after the exercise of the purchase options for BW Kizoku and BW Yushi in H1 2025, while partially offset by the drawdown of the new US$380 million facility.

MARKET UPDATE

The first half of 2025 was characterised by significant geopolitical events that impacted both freight rates and trading patterns. Spot rates for the Houston to Chiba route started the year around $40,000 but began to decline gradually through the winter months. Milder winter temperatures in the US compared to recent years, however, supported export volumes and VLGC (Very Large Gas Carrier) earnings.

As freight rates strengthened going into April, the emerging trade war between the US and China had a dramatic effect on US LPG (liquefied petroleum gas) volumes destined for China. In just a few weeks, export volumes fell sharply, pulling spot rates down with them. However, this shock to the market proved short-lived, as excess US LPG production not consumed domestically is priced to clear in the international market. Consequently, export volumes continued to flow out of the US, finding new markets in different countries. Regular importers of US LPG increased their purchase volumes, while India emerged as a new buyer of significant US volumes. Overall, US LPG exports carried on VLGCs in the first half of 2025 grew by 7.1% compared to the same period in 2024.

Volumes exported from the Middle East on VLGCs increased by 0.6% in the first half of 2025, partly due to reversed OPEC+ production cuts. Like US exports, Middle East shipments were affected by the trade war, with export volumes shifting away from India towards China. This shift positively impacted ton-mile demand and led to higher freight rates. Additional support for spot earnings was observed in June when geopolitical uncertainty and a heightened risk of closure in the Strait of Hormuz drove VLGC rates higher.

Despite the rapid rebalancing of LPG trades, overall rates for the first half were significantly lower than the same period of 2024.

Following the end of the first half of 2025, the reshuffling of trading patterns began to revert to normal. Chinese LPG imports from the US increased in July, although from a low baseline. In contrast, Indian imports from the US decreased significantly, and Middle Eastern exports began to stabilise, returning to a more balanced distribution between India and China.

As we moved into August, demand for pre-booked Panama Canal slots has been stronger than usual, resulting in fewer canal transit auctions and fees considerably above typical levels. In response, several VLGCs have been rerouted away from the Panama Canal to take the longer route via the Cape of Good Hope. While conditions in the Panama Canal can change rapidly, the effects of vessels sailing around the Cape can last for months.

Fleet Capacity

So far in 2025, seven new VLGCs have been delivered, with an additional seven expected by the end of the year. Currently, there are 111 VLGCs on order, representing 27% of the existing fleet. Established shipyards have indicated they will not be able to deliver new VLGCs before late 2027.

VLGC Freight Market Outlook

Freight rates have rebounded from their lowest point earlier this year to levels exceeding $70,000 per day, supported by sound fundamentals and existing trading inefficiencies.

Looking ahead, we expect fluctuations in the spot market driven by weather changes, geopolitical developments, Panama Canal availability, and other factors to affect the VLGC market.

Expectations for North American LPG export growth are projected to be in the mid to high single-digit percentage range over the next three years, largely supported by the onboarding of new export terminals. Additionally, Middle Eastern LPG exports are anticipated to grow in the same range in the coming years, fuelled by increased gas production from new projects in Qatar, Saudi Arabia, the UAE, and other countries in the region.

Moreover, run rates at Chinese PDH (propane dehydrogenation) plants have returned to pre-trade war levels. A continued robust demand in China, together with new export capacity coming online in the US, will likely contribute to a constructive US-Far East arbitrage, which is positive for shipping.

Currently, the Forward Freight Agreement (FFA) market for the remainder of 2025 is trading at approximately $75,000 per day, which supports current spot market levels.

Statements to the Interim Financial Information

We confirm to the best of our knowledge that the Interim Financial Information for the three-month and six-month periods ended 30 June 2025 has been prepared in accordance with IAS 34 – Interim Financial Reporting, and gives a true and fair view of BW LPG Limited’s consolidated assets, liabilities, financial position and income statement as a whole. We also confirm to the best of our knowledge, that the Interim Financial Information includes a fair review of important events that have taken place during the three-month and six-month periods ended 30 June 2025 and their impact on the Interim Financial Information, and accounts properly for the principal risks and uncertainties for the remaining half year of 2025, as well as major related party transactions.

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INDEPENDENT AUDITORS’ REPORT ON REVIEW OF CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION

Board of Directors
BW LPG Limited

Introduction

We have reviewed the accompanying condensed consolidated interim financial information of BW LPG Limited (“the Company”) and its subsidiaries (“the Group”), which comprises:

(“condensed consolidated interim financial information”).

Management is responsible for the preparation and presentation of this condensed consolidated interim financial information in accordance with IAS 34, ‘Interim Financial Reporting’. Our responsibility is to express a conclusion on this condensed consolidated interim financial information based on our review.

Scope of Review

We conducted our review in accordance with the International Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial information as at 30 June 2025 is not prepared, in all material respects, in accordance with IAS 34, ‘Interim Financial Reporting’.

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KPMG LLP

Public Accountants and

Chartered Accountants

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Singapore

26 August 2025

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CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

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CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)

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CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)

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CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED) (continued)