Company: BWNB
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001630805-25-000090
Chunk: 13

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 2
Chunk 13
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67,628 (42,103)15,547 33,730 (18,183)54,623 92,617 (37,994)Eliminations of intersegment revenues— (1)1 (2)(66)64 Total Revenue$149,011 $152,631 $(3,620)$448,871 $444,919 $3,952 

50

B&W Thermal Segment Results

Three Months Ended September 30,Nine Months Ended September 30,(in thousands)20252024$ Change20252024$ ChangeRevenues$118,271 $109,376 $8,895 $345,831 $312,302 $33,529 Adjusted EBITDA$15,168 $13,382 $1,786 $40,234 $31,876 $8,358 

Three Months Ended September 30, 2025 and 2024

Revenues in the B&W Thermal segment increased 8%, or $8.9 million, to $118.3 million in the three months ended September 30, 2025 from $109.4 million in the three months ended September 30, 2024. The increase is primarily due to higher volume of natural gas conversions of $7.5 million and higher parts volume of $2.7 million, partially offset by lower Construction volumes of $5.2 million.

Adjusted EBITDA in the B&W Thermal segment increased $1.8 million to $15.2 million in the three months ended September 30, 2025 from $13.4 million in the three months ended September 30, 2024. This is primarily driven by the increase in revenue as described above.

 Nine Months Ended September 30, 2025 and 2024

Revenues in the B&W Thermal segment increased 11%, or $33.5 million, to $345.8 million in the nine months ended September 30, 2025 from $312.3 million nine months ended September 30, 2024, driven primarily by the increase in boiler related parts of $27.3 million due to higher volume of natural gas conversions of $16.7 million partially offset by lower Construction volume of $3.8 million.

Adjusted EBITDA in the B&W Thermal segment increased $8.4 million to $40.2 million in the nine