Company: BWNB
Filing Date: 2025-11-05
Form Type: 424B5
Source: 0001104659-25-106685
Chunk: 38

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-11-05
Form: 424B5
Chunk 38
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4 million, to $48.4 million in the nine months ended September 30, 2025 from $40.1 million in the nine months ended September 30, 2024. This is primarily attributable to the increase in our pulp
and paper business of $5.5 million.

Adjusted EBITDA in the B&W Renewable segment
increased $1.8 million, to $1.4 million in the nine months ended September 30, 2025 from $(0.4) million in the nine months
ended September 30, 2024. This is primarily attributable to the increase in revenue as described above.

B&W Environmental Segment Results

|                 | Three Months Ended September 30, |     |          |     |            |     | Nine Months Ended September 30, |     |          |     |            |
| (in thousands)  |                             2025 |     |     2024 |     |   $ Change |     |                            2025 |     |     2024 |     |   $ Change |
| Revenues        |                         $	15,547 |     | $	33,730 |     | $	(18,183) |     |                        $	54,623 |     | $	92,617 |     | $	(37,994) |
| Adjusted EBITDA |                          $	2,836 |     |    $	583 |     |    $	2,253 |     |                         $	6,900 |     |  $	2,873 |     |    $	4,027 |

Three Months Ended September 30,2025 and 2024

Revenues in the B&W Environmental segment
decreased 54%, or $18.2 million, to $15.5 million in the three months ended September 30, 2025 from $33.7 million
in the three months ended September 30, 2024. This is primarily attributable to lower volume of projects in our flue gas treatment
business of $13.7 million as projects that were completed in 2024 were not fully replaced in 2025 primarily due to timing of the replacement
projects that have started later in 2025.

Adjusted EBITDA in the B&W Environmental segment increased $2.3 million, to $2.8 million in the three months ended September 30, 2025 from $0.6 million in the three months ended