Company: BWNB
Filing Date: 2025-04-21
Form Type: DEF 14A
Source: 0001104659-25-036850
Chunk: 88

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-04-21
Form: DEF 14A
Chunk 88
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 it, are also frequently used by analysts, investors and other interested parties to evaluate companies in the industry. Adjusted EBITDA on a consolidated basis is a non-GAAP metric 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 presented below is consistent with the way the Company’s chief operating decision maker reviews the results of operations and makes strategic decisions about the business and is calculated as earnings before interest expense, 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 costs, impairments, gains and losses on debt extinguishment, costs related to financial consulting, research and development costs and other costs that may not be directly controllable by segment management and are not allocated to the segment. The Company uses Adjusted EBITDA internally to evaluate its performance and in making financial and operational decisions. When viewed in conjunction with GAAP results and the accompanying reconciliation to the Consolidated Financial Statements, the Company believes that its presentation of Adjusted EBITDA provides investors with greater transparency and a greater understanding of factors affecting its financial condition and results of operations than GAAP measures alone. A-1

TABLE OF CONTENTS

Babcock & Wilcox Enterprises,Inc.
Reconciliation of Adjusted EBITDA
(In millions)

| (in thousands)                                                  | ​ | ​ | Year endedDecember 31,2024 |   |         |   | ​ | ​ | Year endedDecember 31,2023(1) |   |          |   | ​ |
| Net loss                                                        | ​ | ​ | ​                          | ​ | -59,779 | ​ | ​ | ​ | ​                             | ​ | -196,971 | ​ | ​ |
| Loss from discontinued operations, net of tax                   | ​ | ​ | ​                          | ​ |  13,183 | ​ | ​ | ​ | ​                             | ​ | -121,177 | ​ | ​ |
| Loss from continuing operations                                 | ​ | ​ | ​                          | ​ | -72,962 | ​ | ​ | ​ | ​                             | ​ |  -75,794 | ​ | ​ |
| Interest expense, net                                           | ​ | ​ | ​                          | ​ |  45,332 | ​ | ​ | ​ | ​                             | ​ |   41,486 | ​ | ​ |
| Income tax