Company: BWNB
Filing Date: 2025-11-05
Form Type: 424B5
Source: 0001104659-25-106685
Chunk: 31

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-11-05
Form: 424B5
Chunk 31
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 2024 |
|:-------------------|:--------------------------|:--------------|------:|:----|:--|------:|
| B&W Thermal        |                           | $             | 333.7 |     | $ | 168.7 |
| B&W Renewable      |                           |               |  26.9 |     |   |  25.2 |
| B&W Environmental  |                           |               |  30.2 |     |   |  45.3 |
| Other/eliminations |                           |               |   2.7 |     |   |  12.4 |
| Backlog            |                           | $             | 393.5 |     | $ | 251.6 |

Of the backlog at September 30,
2025, we expect to recognize revenues as follows:

|                               | (in approximate millions) |   |  2025 |     |   |  2026 |     |   | Thereafter |     |   | Total |
|:------------------------------|:--------------------------|:--|------:|:----|:--|------:|:----|:--|-----------:|:----|:--|------:|
| B&W Thermal                   |                           | $ | 109.7 |     | $ | 212.0 |     | $ |       12.0 |     | $ | 333.7 |
| B&W Renewable                 |                           |   |   8.1 |     |   |  17.8 |     |   |        1.0 |     |   |  26.9 |
| B&W Environmental             |                           |   |   9.0 |     |   |  19.9 |     |   |        1.3 |     |   |  30.2 |
| Other/eliminations            |                           |   |   2.7 |     |   |     — |     |   |          — |     |   |   2.7 |
| Expected revenue from backlog |                           | $ | 129.5 |     | $ | 249.7 |     | $ |       14.3 |     | $ | 393.5 |

<div align='center'>S-19</div>

Non-GAAP Financial Measures

We use non-GAAP financial measures
internally to evaluate our performance and make financial and operational decisions. When viewed