Company: BWNB
Filing Date: 2025-11-05
Form Type: 424B5
Source: 0001104659-25-106685
Chunk: 29

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-11-05
Form: 424B5
Chunk 29
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 |                            1,028 |    |     | $    |   (508 | ) |     | $        | 1,536 |     | $    |                           6,872 |    |     | $    |   2,637 |    |     | $        |  4,235 |
| Effective tax rate                                                  |     |      |                            (78.2 | )% |     |      |    6.0 | % |     |          |       |     |      |                           (44.3 | )% |     |      |    (6.4 | )% |     |          |        |

Deferred tax assets are evaluated each period
to determine whether realization is more likely than not. Valuation allowances are established when management determines it is more likely
than not that some portion, or all, of the deferred tax assets will not be realized. Valuation allowances may be removed in the future
if sufficient positive evidence exists to outweigh the negative evidence under the framework of ASC 740, Income Taxes(“ASC
740”).

Our effective tax rate for the first nine months
of 2025 is not reflective of the U.S. statutory rate primarily due to certain foreign entities having a tax rate higher than the U.S.
statutory rate, valuation allowances against certain net deferred tax assets and unfavorable discrete items. In certain jurisdictions
where we anticipate a loss for the year or incur a loss for the year-to-date period for which a tax benefit cannot be realized in accordance
with ASC 740, we exclude the loss in that jurisdiction from the overall computation of the estimated annual effective tax rate.

<div align='center'>S-18</div>

Bookings and Backlog

Bookings and backlog are our measures of remaining
performance obligations under our sales contracts. We believe these metrics provide investors, lenders and other users of our financial
statements with a leading indicator of future revenues. It is possible that our methodology for determining bookings and backlog may not
be comparable to methods used by other companies.

We generally include expected revenue from contracts
in our backlog when we receive written confirmation from our customers authorizing the performance of work and committing the customers
to payment for work performed. Backlog may not be indicative of future operating results, and contracts in our backlog may be canceled,
modified or otherwise altered by customers. Backlog can vary significantly from period to period, particularly when large new-build conversion
projects or operations and maintenance contracts are booked because they may be fulfilled over