Core Viewpoint - BW LPG Limited reported a gross profit of approximately USD 27 million for Q4 2025, driven by gains from cargo, freight, and hedging transactions [1] Financial Performance - The gross profit includes a realized gain of USD 12 million from the company's portfolio [1] - The performance reflects positive unrealized gains, contributing to the overall financial results for the quarter [1]

Core Insights - BW LPG Limited (BWLP) is a prominent player in the liquefied petroleum gas (LPG) shipping industry, focusing on global transportation and aiming to maintain its market position through strategic operations and financial performance [1] Financial Performance - On December 2, 2025, BWLP reported an earnings per share (EPS) of $0.38, falling short of the expected $0.57, while revenue reached approximately $280 million, exceeding the forecast of $261 million [2] - The Q3 2025 performance highlighted a profit of $57 million attributable to equity holders, driven by strong shipping operations [2] - The Time Charter Equivalent (TCE) income for the shipping segment was $51,300 per available day and $48,700 per calendar day, indicating operational efficiency [2] Valuation Metrics - BWLP's price-to-earnings (P/E) ratio is 8.44, reflecting a moderate market valuation of its earnings [3] - The price-to-sales ratio and enterprise value to sales ratio are 0.50 and 0.73, respectively, suggesting a relatively low market valuation against sales [3] - An earnings yield of 11.85% indicates a potentially attractive return for investors [3] Financial Health - The company's debt-to-equity ratio is 0.64, indicating a balanced level of debt [3] - A current ratio of 1.27 suggests sufficient liquidity to meet short-term obligations [3] - BWLP declared a cash dividend of $0.40 per share for Q3 2025, with a record date of December 12, 2025, demonstrating commitment to shareholder value [3]

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][21] - 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][4] - The net profit after tax was $57 million, including a profit of $11 million from BW LPG India and a $29 million loss from Product Services [21][22] - The net leverage ratio decreased to 29.7% from 32.7% at the end of 2024, primarily due to lower lease liabilities [22] 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][19] - 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 [4][19] - The shipping segment maintained a fleet utilization rate of 92% after accounting for technical off-hire and waiting time [17] Market Data and Key Metrics Changes - The VLGC market is characterized by solid fundamentals, with expected growth in US LPG export volumes in the mid-high single digits [5][12] - The trade tensions between the US and China have led to a two-tier market, affecting the positioning of vessels and overall market dynamics [8][11] - Chinese LPG imports have slightly declined, offset by increased imports from Japan, with North American volumes replacing a significant portion of Middle Eastern cargoes [11][12] 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 [26][27] - The focus remains on optimizing the performance of the fleet acquired from Avance Gas, with ongoing evaluations of time charter opportunities [41] - The company is monitoring the geopolitical landscape, particularly the impact of the Ukraine-Russian situation on the LPG market [36] Management's Comments on Operating Environment and Future Outlook - Management noted that Q3 was marked by geopolitical events and market disruptions, leading to increased uncertainty in the shipping segment [2] - The fundamentals for the LPG shipping market remain supportive despite recent volatility, with expectations for continued growth in exports from both North America and the Middle East [5][13] - The company anticipates a gradual recovery in trading activity with China, although it may take time to return to previous levels [48] Other Important Information - The company has terminated two ship financing facilities as part of its refinancing efforts, leading to a repayment of $36 million [5][23] - The average OPEX per vessel was reported at $9,300 per day, reflecting changes in ship management and crew costs [45] 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 [26][27] Question: Can you provide price points for ammonia-ready new builds and five-year-old VLGCs? - The estimated new building price for a dual fuel vessel is approximately $116 million, while a five-year-old VLGC is around $90 million [30] 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 [35][36] Question: Is there a risk 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 [36] Question: Will the board consider the distribution of realized gains from the product services division post-year-end? - The board's discretion will guide dividend distribution, with historical performance indicating a strong contribution from product services [39] 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 [41] Question: How do spot bookings for Q4 compare to the Baltic benchmark? - Spot bookings are closer to the Baltic index, with improved conditions compared to the previous months [43] Question: What is the reason for the increase in average daily OPEX per vessel? - The increase is attributed to the optimization of the Avance Gas fleet and changes in ship management, alongside crew cost adjustments [45]

Financial Data and Key Metrics Changes - For Q3 2025, the company reported a net profit after tax 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][21] - 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][4] - The net leverage ratio decreased to 29.7% from 32.7% at the end of 2024, primarily due to lower lease liabilities [21][22] - Operating expenses for Q3 were $9,300 per day, with an estimated operating cash break-even of $19,400 per day for the own fleet [22][23] 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][19] - Despite the loss, the trading activities generated a realized gain of $15 million in Q3, contributing to an aggregated realized result of $54 million as of September 30 [3][4][19] Market Data and Key Metrics Changes - The VLGC market fundamentals remain strong, with expected growth in U.S. 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 [11][12] - The market is experiencing increased competition from U.S. exports, leading to a reduction in Saudi contract prices [12][14] 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 [26][28] - The focus remains on optimizing the performance of the fleet acquired from Avance Gas, with a gradual reduction in the time charter in fleet [41] Management's Comments on Operating Environment and Future Outlook - Management highlighted the geopolitical events and market disruptions that have increased uncertainty in the shipping segment, impacting TCE guidance for Q4 [2][10] - The company expects continued growth in LPG exports from both North America and the Middle East, with stable OPEC+ production supporting the market [13][14] 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][23] - The current fleet consists of 413 vessels, with one more to be delivered in 2025, and the order book includes 108 VLGCs with deliveries extending into 2028 [16] 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 renewal of current contracts [26][27] Question: Can you comment on the Avance Gas fleet acquisition and its contribution to quarterly profit? - The acquisition included 12 vessels, with minimal impact on time charter coverage as most were trading spot [32][35] Question: Do you see any specific risk from the dark fleet of Russian ships? - The impact of Russian LPG exports is negligible for the VLGC segment, as it primarily involves smaller vessels not affecting the market [36] Question: Will the board consider the distribution of realized gains from the product services division post-year-end? - The board's discretion will determine the dividend distribution, with product services contributing significantly to dividend potential [38][39] Question: What is the view on long-term time charter rates currently? - The company is gradually reducing the time charter in fleet but remains open to attractive opportunities in the future [40][41] Question: How do spot bookings for Q4 compare to the Baltic benchmark? - Spot bookings are closer to the Baltic index compared to the previous months, with improved waiting times and repositioning costs [43][44] Question: What is the reason for the increase in average daily OpEx per vessel? - The increase is attributed to the takeover of Avance Gas vessels and associated management changes, but overall costs are being optimized [45]

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 Insights - BW LPG Limited reported a Q3 2025 profit attributable to equity holders of US$57 million, translating to an earnings per share of US$0.38, driven by solid shipping performance despite a negative Product Services accounting result and a positive realised trading result [1] Financial Performance - The TCE (Time Charter Equivalent) income for Q3 2025 was US$51,300 per available day and US$48,700 per calendar day, indicating strong performance in the shipping sector amidst market uncertainties [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].