Table of Contents ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended 31 December 2025 OR OR As filed with the Securities and Exchange Commission on 31 March 2026. UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ☐ SHELL COMPAN ...

Group 1 - The company BW LPG Limited announced that its shares will be traded ex-dividend on the Oslo Stock Exchange starting today and on the New York Stock Exchange from 13 March 2026 [1] - BW LPG is recognized as the world's leading owner and operator of LPG vessels, boasting a fleet of approximately 50 Very Large Gas Carriers (VLGCs) [1]

Core Viewpoint - BW LPG Limited (NYSE:BWLP) is highlighted as a top marine shipping stock, showcasing strong financial performance and growth potential in the liquefied petroleum gas (LPG) transportation sector [1]. Financial Performance - For the fourth quarter, BW LPG reported adjusted earnings per share of $0.69, surpassing the expected $0.51. Revenue reached $258.21 million, exceeding consensus estimates of $210.8 million. The profit attributable to shareholders was $104 million, with a net profit after tax of $123 million, resulting in an annualized return of 26% [2]. - The Product Service segment achieved a gross profit of $27 million and a net profit of $23 million for the year. The board approved a quarterly cash dividend of $0.57 per share, representing 100% of Shipping NPAT for Q4 2025 [3]. Operational Highlights - BW LPG is recognized as the world's leading owner and operator of Very Large Gas Carriers (VLGC), focusing on the global transportation of LPG. The company operates a fleet of approximately 50-55 vessels, including dual-fuel LPG ships, and has an in-house trading division for integrated energy delivery services [4]. - For the current fiscal year, BW LPG has secured 36% of its fleet capacity on fixed-rate time charters at $43,700 per day, with an additional 4% secured through FFA hedges at an average price of $47,900 per day [3].

Core Insights - Certain primary insiders of BW LPG Limited sold shares in the market between 5 March and 6 March 2026 [1] Group 1: Insider Transactions - Kristian Sorensen, the Chief Executive Officer, exercised options and received 220,647 shares on 4 March 2026 [1] - Out of the shares received, 207,647 shares were sold between 5 March and 6 March 2026 [1] - The average price at which the shares were sold was NOK 167.2492 per share [1]

Group 1: Management Share Option Plan - BW LPG Limited's Board of Directors approved the award of share options to senior management and certain employees as part of the LTIP 2022 plan, which is the final annual award under this five-year program [1] - A total of 506,631 share options were awarded in 2026, with specific allocations to key executives [1] - Certain primary insiders exercised vested share options on 4 March 2026, which will be settled by the transfer of treasury shares [1] Group 2: Financial Performance - For Q4 2025, BW LPG reported a profit attributable to equity holders of US$104 million, translating to earnings per share of US$0.69, driven by solid shipping performance and positive results from Product Services [1] - The Time Charter Equivalent (TCE) income for Q4 2025 was US$50,300 per available day, exceeding the guidance of US$47,000 per day [1] Group 3: Dividend Information - The Board approved a cash dividend of US$0.57 per share for Q4 2025, with a record date set for 13 March 2026 [1]

During the Q&A, Xu clarified that the Q4 dividend did not include any contribution from BW Product Services (the trading arm). She said BW Product Services’ board has already reviewed and approved a dividend proposal for 2025, which would be considered as part of the company’s overall dividend capacity in future quarters in 2026.The board declared a quarterly dividend of $0.57 per share . Management said this represented 100% of shipping net profit after tax (NPAT) for the quarter, exceeding the company’s d ...

Core Viewpoint - BWLP, a key player in the shipping industry, has demonstrated strong operational performance and financial health, particularly in its recent earnings report, despite some revenue shortfalls. Financial Performance - On March 3, 2026, BWLP reported earnings per share (EPS) of $0.69, exceeding the estimated $0.60, reflecting a profit of $104 million attributable to equity holders in Q4 2025 [2][6] - The company generated revenue of $196 million, which was below the estimated $217.18 million, yet showcased operational efficiency with a Time Charter Equivalent (TCE) income of $50,300 per available day, surpassing the guidance of $47,000 per day [3][6] Market Valuation - BWLP's price-to-earnings (P/E) ratio is approximately 16.77, indicating favorable market valuation of its earnings [4] - The price-to-sales ratio is about 0.76, suggesting investors are willing to pay a reasonable amount per dollar of sales [4] - The enterprise value to sales ratio is roughly 0.97, reflecting a balanced valuation that includes debt and cash positions [4] Financial Health - The enterprise value to operating cash flow ratio is around 5.81, indicating strong cash flow generation [5] - An earnings yield of approximately 5.96% offers a solid return on investment for shareholders [5] - BWLP maintains a moderate debt-to-equity ratio of about 0.61 and a current ratio of approximately 1.47, highlighting good liquidity to cover short-term liabilities [5]

Financial Data and Key Metrics Changes - The company reported a TCE income of $50,300 per available day and $48,100 per calendar day, exceeding the guidance of $47,000 per day for the quarter [3] - Profit after minority interest for Q4 was $104 million, translating to an EPS of $0.69 [3][29] - The net profit after tax for the full year was $123 million, including contributions from BW LPG India and BW Product Services [28] - The net leverage ratio decreased to 28.4% from 32.7% at the end of 2024, primarily due to lower lease liabilities [29] Business Line Data and Key Metrics Changes - BW Product Services reported a gross profit of $27 million and a profit after tax of $23 million for Q4 [3][26] - Realized trading results for the full year 2025 reached $66 million, with a realized gain of $12 million in Q4 [3][26] - The time charter portfolio for Q4 was 44%, with 33% being fixed rate time charters [24] Market Data and Key Metrics Changes - U.S. propane inventories were reported at 100 million barrels at the end of 2025, significantly above the 85 million barrels at the end of 2024 [9] - Chinese LPG imports from North America and the Middle East fell by 3% in 2025, but are expected to rise again in early 2026 due to the ongoing Middle East conflict [11][12] - The U.S. Gulf spot rates are benefiting from increased demand for cargoes and ships, although the long-term conflict may increase the number of VLGCs seeking employment in the U.S. Gulf [20] Company Strategy and Development Direction - The company is focusing on maintaining a strong time charter portfolio to provide stability during market fluctuations [24] - There is an ongoing active drydocking program in 2026, with 13 vessels scheduled for drydocking [4] - The company is considering further expansion of its Indian flag fleet, depending on market conditions and employment opportunities [72] Management's Comments on Operating Environment and Future Outlook - Management highlighted the impact of geopolitical events, particularly the Middle East conflict, on market dynamics and shipping operations [5][10] - The company expects the larger North American region to grow its exports in the mid-single digits over the coming years, while Middle East LPG exports are expected to grow in the high single digits [17][20] - The current situation in the Middle East is creating volatility and uncertainty, but the underlying fundamentals of the VLGC market remain robust in the medium term [19] Other Important Information - The board declared a dividend of $0.57 per share, representing a 100% payout of shipping profit for the quarter [4][29] - The company maintains a healthy liquidity position of $630 million, consisting of $226 million in cash and $387 million of undrawn credit facilities [31] Q&A Session Summary Question: Current Iranian LPG export status and convoy plans - Management indicated unconfirmed reports of Iranian LPG exports continuing, but no concrete news on convoys for legitimate exporters [34][36] Question: Insurance and war risk premiums for vessels - Currently, ships cannot be insured for passage through the Arabian Gulf, and the situation is fluid [38] Question: U.S. LPG export infrastructure utilization - Management believes U.S. terminals have some slack capacity to export more volumes if optimized [46] Question: Impact of Iranian situation on vessels - Two vessels are on time charter in the Arabian Gulf, and one is in dry dock, with minimal negative financial impact reported [58] Question: Trading profits and dividend distribution - Trading profits will contribute to dividend capacity but are not included in the current dividend declaration [64][66] Question: Expansion of the Indian fleet - The company is considering further acquisitions in India, depending on market conditions [72]

BW LPG (NYSE:BWLP) Q4 2025 Earnings call March 03, 2026 08:00 AM ET Company ParticipantsAline Anliker - Head of Corporate CommunicationsKristian Sørensen - CEOSamantha Xu - CFOConference Call ParticipantsClement Mullins - Research AnalystNone - AnalystNone - AnalystNone - AnalystNone - AnalystNone - AnalystNone - AnalystAline AnlikerHello everyone. A warm welcome to BW LPG's Q4 2025 earnings presentation. My name is Aline Anliker, and I'm the Head of Corporate Communications at BW LPG. Today's presentation ...

BW LPG (NYSE:BWLP) Q4 2025 Earnings call March 03, 2026 08:00 AM ET Speaker1Hello everyone. A warm welcome to BW LPG's Q4 2025 earnings presentation. My name is Aline Anliker, and I'm the Head of Corporate Communications at BW LPG. Today's presentation will be given by our CEO, Kristian Sørensen, and our CFO, Samantha Xu. After the presentation, we will have a Q&A session. The questions can be put into the Q&A chat during the presentation already, or you can raise your hand and ask your question directly on ...