Company: BWNB
Filing Date: 2025-11-05
Form Type: 424B5
Source: 0001104659-25-106685
Chunk: 21

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-11-05
Form: 424B5
Chunk 21
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 providing our board of directors with more time to assess any acquisition proposal and are not intended to make the
Company immune from takeovers. However, these provisions apply even if the offer may be considered beneficial by some shareholders and
could delay or prevent an acquisition that our board of directors determines is not in the best interests of the Company and our shareholders.

<div align='center'>S-13

MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</div>

The following discussion of our financial position and results of operations should be read in conjunction with the selected consolidated financial data included in our Current Report on Form 8-K filed on November 4, 2025. The following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements as a result of many factors, including those described in more detail under “Risk Factors” in this prospectus supplement and in our Annual Report on Form 10-K for the year ended December 31, 2024, and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, as such risk factors may be amended, supplemented or superseded from time to time by other reports we file with the SEC. See also “Cautionary Note Regarding Forward-Looking Information” herein. Unless otherwise noted, discussion of our business and results of operations refers to our continuing operations.

BUSINESS OVERVIEW

We are a globally-focused renewable, environmental and thermal technologies provider with over 155 years of experience providing diversified energy and emissions control solutions to a broad range of industrial, electrical utility, municipal and other customers. Our innovative products and services are organized into three market-facing segments. Our reportable segments are as follows:

| · | Babcock & Wilcox Thermal: Our vast installed base of steam generation equipment includes aftermarket                                        
 parts, construction, maintenance and field services for plants in the power generation, oil and gas and industrial sectors. We have an      
 extensive global base of installed equipment for utilities and general industrial applications including refining, petrochemical, food      
 processing, metals and others. We provide aftermarket parts, construction, maintenance, engineered upgrades and field services for our      
 installed base as well as the installed base of other original equipment manufacturers; the substantial and stable cash flows generated     
 from these businesses help to fund our investments in new clean energy initiatives. In addition to our aftermarket offerings, we also       
 provide complete steam generation systems including package boilers