Company: BWNB
Filing Date: 2025-11-05
Form Type: 424B5
Source: 0001104659-25-106685
Chunk: 32

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-11-05
Form: 424B5
Chunk 32
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 in conjunction with GAAP results and
the accompanying reconciliations, we believe that the presentation of these measures provides investors with greater transparency and
a greater understanding of factors affecting our financial position and results of operations than GAAP measures alone. The presentation
of non-GAAP financial measures should not be considered in isolation or as a substitute for the related financial results prepared in
accordance with GAAP.

The following discussion of our business segment results of operations includes a discussion of EBITDA and Adjusted EBITDA. EBITDA focuses on the earnings generated from core business operations, without considering the effects of financing, accounting decisions or tax. Adjusted EBITDA differs from the most directly comparable measure calculated in accordance with GAAP. A reconciliation of net loss, the most directly comparable GAAP measure, to Adjusted EBITDA is included below. Management believes that this financial measure is useful to investors because it excludes certain expenses, allowing investors to more easily compare our financial performance period to period. When viewed in conjunction with GAAP results, we believe the presentation of AdjustedEBITDA provides investors with greater transparency and a greater understanding of factors affecting our financial position and results of operations than GAAP measures alone.

Adjusted EBITDA on a consolidated
basis is defined as the sum of the Adjusted EBITDA for each of the segments, further adjusted for corporate allocations and research and
development costs. At a segment level, the Adjusted EBITDA metrics presented in this report are consistent with the manner in which our
CODM primarily reviews the results of operations and makes strategic decisions about the business. Our CODM reviews actuals to budgets
and forecasts on a quarterly basis and when making decisions. Adjusted EBITDA is calculated as earnings before interest, tax, depreciation
and amortization adjusted for items such as gains or losses arising from the sale of non-income producing assets, net pension benefits,
restructuring activities, impairments, gains and losses on debt extinguishment, legal and settlement costs, costs related to financial
consulting, and other costs that may not be directly controllable by segment management and are not allocated to the segment. We present
consolidated Adjusted EBITDA because we believe it is useful to investors to help facilitate comparisons of the ongoing, operating performance
before corporate overhead and other expenses not attributable to the operating performance of our revenue generating segments. Additionally,
the Company redefined its definition of Adjusted EBITDA to eliminate the effects of certain items including interest on letters of credit