AKRON, Ohio--(BUSINESS WIRE)--Babcock & Wilcox (B&W) (NYSE: BW) announced today that it has received limited notice to proceed with engineering and long-lead procurement on a 2SolveBrightâ"¢ post- combustion, regenerable solvent-based carbon dioxide (CO) capture system for an existing power plant in the United States. The full notice to proceed is anticipated to be signed by March 2026, with an estimated value of $80 million and the potential for additional scope and construction services. 2 B&W's SolveBrig ...

AKRON, Ohio--(BUSINESS WIRE)--Babcock & Wilcox Enterprises, Inc. ("B&W†or the "Company†) (NYSE: BW) announced today that, on December 5, 2025, we completed the previously announced redemption of all $26 million aggregate principal amount outstanding of our 8.125% Senior Notes due 2026 (the "Notes†), which were issued pursuant to an indenture, dated as of February 12, 2021, as supplemented by the First Supplemental indenture, dated as of February 12, 2021, between us and The Bank of New York Mellon Trust ...

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Core Insights - B&W is scheduled to participate in the 5th Annual B. Riley Convergence Conference focusing on AI, Blockchain, and Energy on December 4 in New York [1] Company Participation - The event will take place at the Hotel Eventi, indicating a strategic engagement in discussions surrounding emerging technologies and their applications in the energy sector [1]

Core Points - Henry Bartoli has retired from the Board of Directors of Babcock & Wilcox Enterprises, effective November 21, 2025, after being a member since 2018 [1][5] - Kenneth Young, Chairman and CEO of B&W, praised Bartoli for his nearly four decades of experience in the power industry and his significant contributions to the company's strategic direction over the past nine years [2] Company Overview - Babcock & Wilcox Enterprises, Inc. is headquartered in Akron, Ohio, and is a leader in energy and environmental products and services for power and industrial markets worldwide [3]

Core Insights - Babcock & Wilcox Construction Co., LLC has been awarded a contract exceeding $17 million for service work at a U.S. coal-fired power plant [1] Company Summary - The awarded contract signifies a continued investment in coal-fired power infrastructure, reflecting ongoing demand for maintenance and service work in this sector [1]

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Financial Data and Key Metrics Changes - Adjusted EBITDA increased by 58% compared to Q3 2024, while operating income surged by 315% year-over-year [5] - Consolidated revenues for Q3 2025 were $149 million, roughly in line with Q3 2024 [11] - Adjusted EBITDA for Q3 2025 was $12.6 million, up from $8 million in Q3 2024, exceeding street expectations [12] Business Line Data and Key Metrics Changes - Global parts and services revenue reached $68.4 million in Q3 2025, compared to $61.7 million in Q3 2024, driven by increased electricity demand from fossil fuels [11] - The backlog rose by 56% quarter-over-quarter to over $393 million, reflecting strong demand for projects, upgrades, and construction [5] Market Data and Key Metrics Changes - The company is experiencing increasing demand for power generation in North America, particularly due to the needs of AI data centers and industrial utilities [4][6] - The company anticipates a significant growth in EBITDA for 2026, projecting a range of $70 million to $85 million, representing an 80% increase year-over-year from 2025 [6][12] Company Strategy and Development Direction - The company is focusing on expanding its global parts and services business while divesting non-core assets to reduce debt [4] - Babcock & Wilcox is positioning itself to support AI data center expansion and increased baseload generation needs [4] - The company is pursuing opportunities in the AI data center space, with a potential pipeline of $3 to $5 billion in projects [9][26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's growth prospects, citing improved margins and a strong backlog [5][6] - The company is in discussions for several AI data center projects, which are expected to drive higher power demands [6][9] - Management highlighted the importance of proven technology in reducing project risks and ensuring timely execution [43] Other Important Information - The company has improved its balance sheet significantly, with total debt at $379.3 million as of September 30, 2025 [12] - Recent equity raises have strengthened the balance sheet, allowing for the planned paydown of bonds due in 2026 [13] Q&A Session Summary Question: Can you discuss the $1.5 billion project and its potential contribution? - Management is working with Applied Digital to finalize project details and anticipates a full notice to proceed in the coming months, with minimal engineering required due to the use of proven technology [19][20] Question: What is the status of the additional pipeline opportunities? - Management indicated that the pipeline has grown to $3 to $5 billion, with several projects in various stages of maturity expected to move forward within the next year [26][27] Question: What is the company's capacity for the power generation segment? - Management stated that they are evaluating internal and external manufacturing capacities and are confident in their ability to meet demand for boiler fabrication and steam turbine supply [29][30]

Financial Performance - Revenues for Q3 2025 were $149,011,000, a decrease of 2.1% compared to $152,631,000 in Q3 2024[19] - Operating income for Q3 2025 was $6,500,000, significantly up from $1,567,000 in Q3 2024, marking a 314.4% increase[19] - Net income attributable to stockholders for Q3 2025 was $31,377,000, compared to a net loss of $9,047,000 in Q3 2024[19] - Total comprehensive income for Q3 2025 was $53,367,000, compared to a loss of $1,860,000 in Q3 2024[20] - Basic and diluted earnings per share for Q3 2025 were $0.30, compared to a loss of $0.10 in Q3 2024[19] - For the nine months ended September 30, 2025, Babcock & Wilcox reported a net loss of $45.4 million, compared to a net income of $3.2 million for the same period in 2024[28] - The company experienced a net loss from continuing operations of $22.4 million for the nine months ended September 30, 2025, compared to a net loss of $43.6 million for the same period in 2024[28] - The company reported a significant gain on the sale of business amounting to $17.3 million for the nine months ended September 30, 2025[28] - The company reported a net loss of $(56,552) thousand attributable to stockholders of common stock for the nine months ended September 30, 2025, compared to a net loss of $(7,902) thousand in 2024, indicating ongoing challenges[42] Cash and Liquidity - Cash and cash equivalents increased to $24,393,000 as of September 30, 2025, up from $23,400,000 at December 31, 2024[22] - Current restricted cash increased to $165,527,000 as of September 30, 2025, compared to $94,167,000 at December 31, 2024[22] - Cash, cash equivalents, and restricted cash at the end of the period increased to $201,085 thousand as of September 30, 2025, up from $127,919 thousand in 2024, reflecting improved liquidity[30] - The company completed divestitures resulting in net proceeds of $187.5 million in 2025, which were used to reduce outstanding debt and support working capital needs[39] - The company incurred interest paid of $24,803 thousand for the nine months ended September 30, 2025, down from $27,796 thousand in 2024, indicating a reduction in interest expenses[30] Assets and Liabilities - Total assets decreased to $657,884,000 as of September 30, 2025, down from $726,987,000 at December 31, 2024[22] - Total liabilities decreased to $890,091,000 as of September 30, 2025, compared to $1,010,159,000 at December 31, 2024[22] - Total stockholders' deficit increased to $308.7 million as of September 30, 2025, from $283.2 million at the end of the previous fiscal year[24] - The company reported stock-based compensation charges of $367,000 for the quarter ended June 30, 2025[24] Segment Performance - The total revenue for the nine months ended September 30, 2025, was $448,871,000, slightly up from $444,919,000 in the same period of 2024[66] - B&W Thermal segment revenue for Q3 2025 was $95.9 million, up from $88.5 million in Q3 2024, representing a 4% increase[186] - B&W Renewable segment revenue for Q3 2025 was $15.193 million, up from $9.526 million in Q3 2024, a 59% increase[206] - The total revenue for the B&W Thermal segment for the three months ended September 30, 2025, was $118,271,000, an increase from $109,376,000 in the same period of 2024[66] - For the nine months ended September 30, 2025, B&W Thermal segment revenues increased by 11%, or $33.5 million, to $345.8 million, driven primarily by an increase in boiler-related parts[210] Discontinued Operations - The company divested its BWRS, SPIG, GMAB, Vølund, and Diamond Power businesses to reduce debt and improve liquidity as of September 30, 2025[52] - Revenues from discontinued operations for the three months ended September 30, 2025, totaled $12,965,000, with an operating loss of $12,857,000[57] - The company reported a gain on divestiture of $53,166,000 from discontinued operations for the three months ended September 30, 2025[57] - The loss attributable to stockholders from discontinued operations for the three months ended September 30, 2025, was $37,434,000[57] Debt and Financing - The company has signed the Ninth Amendment to the Credit Agreement to extend the maturity date of the Credit Facility to November 30, 2026, enhancing its financial flexibility[44] - The company issued 15.0 million common shares for net proceeds of $32.5 million as of September 30, 2025, as part of its At-The-Market offering[39] - The company recognized a loss on debt extinguishment of $0.7 million and $6.8 million for the three and nine months ended September 30, 2024, respectively, related to exiting previous Debt Facilities[112] - The company completed privately negotiated exchange transactions, issuing $100.7 million of new 8.75% Senior Secured Second Lien Notes due 2030[90] Tax and Regulatory - The effective tax rate for the nine months ended September 30, 2025, was (44.3)%, compared to (6.4)% for the same period in 2024[124] - The company is evaluating the impact of new accounting standards, including ASU 2023-09, which requires more detailed income tax disclosures effective after December 15, 2024[145] Market Conditions - The company continues to adapt to macroeconomic conditions, including inflation and higher interest rates, which have resulted in cost increases and potential disruptions[157]

COMPANY OVERVIEW November 2025 BABCOCK & WILCOX ENTERPRISES, INC. 1 © 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved. IMPORTANT INFORMATION Safe Harbor Statement Babcock & Wilcox Enterprises, Inc. ("B&W Enterprises" or "B&W") cautions that this presentation contains forward-looking statements within the meaning of federal securities laws. All statements other than statements of historical or current fact included in this presentation are forward-looking statements, including, without limitation ...