Financial Data and Key Metrics Changes - For Q3 2025, the company reported a profit of $57 million, translating to an earnings per share of $0.38, with a declared dividend of $0.40 per share, representing 75% of shipping NPAT [2][19] - The TCE income was reported at $51,300 per available day and $48,700 per calendar day, slightly below the guidance of $53,000 per day [2][3] - The net leverage ratio decreased to 29.7% from 32.7% at the end of 2024, primarily due to lower lease liabilities [19][20] Business Line Data and Key Metrics Changes - Product Services reported a gross loss of $23 million and a loss after tax of $29 million for the quarter, attributed to a negative mark-to-market valuation adjustment [3][17] - Despite the loss, the trading activities generated a realized gain of $15 million in Q3, bringing the total realized result to $54 million as of September 30 [3][17] Market Data and Key Metrics Changes - The VLGC market fundamentals remain strong, with expected growth in US LPG export volumes in the mid-high single digits, supported by increased gaseous drilling wells and terminal expansions [5][6] - The total Far East LPG imports on VLGCs remained stable compared to the previous year, with a slight decline in Chinese imports offset by higher Japanese imports [10][11] Company Strategy and Development Direction - The company aims to maintain about 40% of fleet capacity locked in on period charters and/or FFAs to protect against downside risks [23][24] - The focus remains on optimizing the performance of the fleet acquired from Avance Gas, with ongoing evaluations of time charter opportunities [31][32] Management's Comments on Operating Environment and Future Outlook - Management noted that geopolitical events and market disruptions have increased uncertainty in the shipping segment, impacting TCE guidance for Q4 [2][9] - The company expects continued growth in LPG exports from both North America and the Middle East, with stable OPEC+ production supporting the market [12][13] Other Important Information - The company has terminated two ship financing facilities as part of its refinancing strategy, leading to a repayment of $36 million [5][21] - The average OPEX per vessel increased to $9,300 per day, attributed to the integration of Avance Gas vessels and management changes [35][36] Q&A Session Summary Question: What is the targeted TC coverage for 2026 and 2027? - The company aims for about 40% of fleet capacity locked in on period charters and/or FFAs, with ongoing evaluations based on market conditions [23][24] Question: Can you provide price points for new builds and five-year-old VLGCs? - The estimated price for a dual fuel new build is approximately $116 million, while a five-year-old VLGC is around $90 million [25][26] Question: What is the contribution of the Avance Gas fleet acquisition to current quarterly profit? - The acquisition included 12 vessels, with minimal impact on time charter coverage as most were trading spot [27][30] Question: Do you see risks from the dark fleet of Russian ships affecting time charter pricing? - The impact of Russian LPG exports is negligible for the VLGC segment, as it primarily involves smaller vessels not affecting the market [29][30] Question: Will the board consider distributing realized gains from the product services division post-year-end? - The board's discretion will guide dividend distribution, with historical trends indicating a strong contribution from product services [31][32] Question: What is the outlook for long-term time charter rates? - The company is gradually reducing the time charter in fleet but remains open to attractive opportunities in the future [32][33] Question: How do you view the decrease in Chinese imports and its implications? - The reduction is partly due to insufficient propane supply from the Middle East to replace US imports, reflecting a new trend in demand [37][38]

Summary of Key Points Core Viewpoint - U.S. stock futures are showing a slight increase, with Dow futures up approximately 0.1% on Tuesday, while Signet Jewelers Ltd experienced a significant drop in pre-market trading despite reporting better-than-expected earnings and sales figures [1]. Company Performance - Signet Jewelers reported quarterly earnings of 63 cents per share, surpassing the analyst consensus estimate of 29 cents per share [1]. - The company achieved quarterly sales of $1.391 billion, exceeding the analyst consensus estimate of $1.370 billion [1]. - Despite the positive earnings report, Signet Jewelers' shares fell sharply by 3.9% to $92.01 in pre-market trading [2]. Other Stocks Movement - Janux Therapeutics Inc saw a significant decline of 39.7% to $20.50 in pre-market trading following the announcement of updated interim data for its JANX007 [4]. - Coincheck Group NV shares decreased by 17.6% to $6.50 after a substantial increase of 143% on the previous day [4]. - SMX (Security Matters) PLC shares fell 15.2% to $33.08 after a 36% drop on Monday [4]. - Ambitions Enterprise Management Co LLC declined 14.2% to $12.31 after a notable gain of over 198% on Monday [4]. - BW LPG Ltd shares decreased by 6.4% to $11.73 following the release of third-quarter results [4]. - IREN Ltd shares dropped 4.9% to $46.17 after announcing a registered direct offering of ordinary shares and $1 billion in convertible senior notes due 2032 and 2033 [4]. - Symbotic Inc shares fell 5% to $81.00 despite reporting better-than-expected fourth-quarter financial results and issuing first-quarter sales guidance above estimates [4].

Q3 2025 Earnings Presentation BW LPG Kristian Sørensen and Samantha Xu 2 December 2025 Disclaimer and forward-looking statements NOT FOR RELEASE, PUBLICATION, DISTRIBUTION OR FORWARDING, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR IN TO ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL. BY ATTENDING THE MEETING WHERE THIS PRESENTATION IS MADE, OR BY READING THE PRESENTATION SLIDES, YOU ACKNOWLEDGE AND AGREE TO COMPLY WITH THE FOLLOWING RESTRICTIONS. This presentation has been produced by BW LPG Li ...

Exhibit 99.2 BW LPG Limited Interim Financial Report (Unaudited) Q3 2025 and YTD September 2025 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 ...

Core Points - BW LPG Limited has announced a cash dividend of US$0.40 per share for Q3 2025, approved by the Board [1] - For shares registered with Euronext VPS, the dividend per share is NOK 4.0474 [1] - The record date for the dividend is set for 12 December 2025 [1]

Core Insights - BW LPG Limited reported a realised gain of USD 15 million from its portfolio of cargo, freight, and hedging transactions for Q3 2025 [1] - The company experienced an unrealised mark-to-market change of negative USD 39 million from its open cargo positions [1] Financial Performance - The realised gain of USD 15 million indicates a positive performance in the company's trading activities during the quarter [1] - The negative unrealised mark-to-market change suggests potential volatility in the company's open positions, which could impact future earnings [1]

Core Insights - BW LPG Limited (NYSE: BWLP) is gaining attention due to the current high rates for very large gas carriers, indicating potential investment interest in the shipping industry [1]. Company Analysis - BW LPG Limited has not previously attracted significant attention from analysts, but the recent surge in gas carrier rates has made it a noteworthy subject for research [1]. Industry Trends - The shipping industry, particularly the segment involving very large gas carriers, is experiencing favorable market conditions that could present investment opportunities [1].

Core Insights - BW LPG Limited (NYSE: BWLP) is gaining attention due to the rising rates of very large gas carriers, indicating potential investment interest in the shipping industry [1]. Company Analysis - BW LPG Limited has not previously attracted significant attention but is now considered interesting due to market dynamics [1]. Industry Trends - The shipping industry, particularly the segment involving very large gas carriers, is experiencing notable changes that could present investment opportunities [1].

Core Insights - Three undervalued marine shipping stocks, BW LPG Ltd., Diana Shipping Inc., and Matson Inc., have surged in value rankings, indicating new investor interest and a dynamic market landscape [1][2]. Company Summaries - **BW LPG Ltd. (NYSE:BWLP)**: The stock's value score increased from 88.36 to 91.05, a gain of 2.69 points, placing it in the top decile for value. Year-to-date, the stock is up 9.40% but down 13.65% over the past year. It shows a weaker price trend in the short and medium terms but a stronger long-term trend [8]. - **Diana Shipping Inc. (NYSE:DSX)**: The value score rose from 89.39 to 90.70, gaining 1.31 points week-on-week. The stock is down 14.29% year-to-date and 30.58% over the year. It has a stronger medium-term price trend but weaker long-term performance [8]. - **Matson Inc. (NYSE:MATX)**: The value score increased from 89.41 to 90.33, marking a gain of 0.92 points. The stock is down 29.28% year-to-date and 27.41% over the past year, with weaker price trends across all time frames but a robust quality ranking [8]. Valuation Insights - The percentile-based valuation analysis indicates that BW LPG, Diana Shipping, and Matson have entered the top 10th percentile of stocks, reflecting significant improvements in their value scores week-on-week [2][6]. - The Benzinga Stock Edge Rankings' value percentile ranking evaluates stocks based on their relative price against core fundamentals, making it a useful tool for identifying undervalued opportunities in the market [6].

Core Insights - The energy sector has several oversold stocks that present potential buying opportunities for undervalued companies [1] Group 1: Oversold Stocks - Nextdecade Corp (NASDAQ:NEXT) has an RSI of 27.7, with a recent stock price of $6.60 after a 38% decline over the past month [8] - BW LPG Ltd (NYSE:BWLP) has an RSI of 29.8, closing at $13.90 after an 11% drop in the last five days [8] - Hess Midstream LP (NYSE:HESM) has an RSI of 27.5, with shares rising to $34.65 despite a 16% decline over the past month [8] Group 2: Company Updates - Nextdecade was downgraded from Buy to Hold by TD Cowen, with a price target reduction from $11 to $8 [8] - BW LPG announced the sale of BW Lord, emphasizing its strategy to modernize its fleet and capitalize on asset values [8] - Hess Midstream upgraded its FY25 gas gathering volumes guidance, focusing on cash flow stability and shareholder returns [8]