Company: BWNB
Filing Date: 2025-11-05
Form Type: 424B5
Source: 0001104659-25-106685
Chunk: 39

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-11-05
Form: 424B5
Chunk 39
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 September 30, 2024. This is primarily due to lower SG&A as well
as margin improvements on ASH projects of $2.6 million partially offset by the revenue decrease as described above.

Nine Months Ended September 30, 2025and 2024

Revenues in the B&W Environmental segment
decreased 41%, or $38.0 million, to $54.6 million in the nine months ended September 30, 2025 from $92.6 million in the
nine months ended September 30, 2024. The decrease is primarily due to projects closing out in 2024 that were not fully replaced
in 2025 as the replacement projects have started later in 2025.

Adjusted EBITDA in the B&W Environmental segment increased $4.0 million, to $6.9 million in the nine months ended September 30, 2025 from $2.9 million in the nine months ended September 30, 2024. The increase is primarily due to cost reductions offset
partially by the lower revenue as described above.

Corporate Results

| (in thousands)  |     | Three Months Ended September 30, 
 2025                             |        |   |     | 2024 |        |   |     | $ Change |      |   |     | Nine Months Ended September 30, 
 2025                            |         |   |     | 2024 |         |   |     | $ Change |       |
|:----------------|:----|:---------------------------------|:-------|:--|:----|:-----|:-------|:--|:----|:---------|:-----|:--|:----|:--------------------------------|:--------|:--|:----|:-----|:--------|:--|:----|:---------|------:|
| Adjusted EBITDA |     | $                                | (6,005 | ) |     | $    | (5,660 | ) |     | $        | (345 | ) |     | $                               | (14,634 | ) |     | $    | (15,636 | ) |     | $        | 1,002 |

Three Months Ended September 30,2025 and 2024

Adjusted EBITDA in Corporate decreased $0.3 million, to $(6.0) million in the three months ended September 30, 2025 from $(5.7) million