Company: BWNB
Filing Date: 2025-11-05
Form Type: 424B5
Source: 0001104659-25-106685
Chunk: 33

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-11-05
Form: 424B5
Chunk 33
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 |   |     |      |   2,034 |   |
| Adjusted EBITDA                                        |     | $                  | 12,649 |   |     | $    |  7,962 |   |     | $                 |  33,862 |   |     | $    |  18,722 |   |

<div align='center'>S-20</div>

| (in thousands)    
 Adjusted EBITDA   |     | Three Months Ended September 30, 
 2025                             |        |   |     | 2024 |        |   |     | Nine Months Ended September 30, 
 2025                            |         |   |     | 2024 |         |   |
|:------------------|:----|:---------------------------------|-------:|:--|:----|:-----|-------:|:--|:----|:--------------------------------|--------:|:--|:----|:-----|--------:|:--|
| B&W Thermal       |     | $                                | 15,168 |   |     | $    | 13,382 |   |     | $                               |  40,234 |   |     | $    |  31,876 |   |
| B&W Renewable     |     |                                  |    650 |   |     |      |   (343 | ) |     |                                 |   1,362 |   |     |      |    (391 | ) |
| B&W Environmental |     |                                  |  2,836 |   |     |      |    583 |   |     |                                 |   6,900 |   |     |      |   2,873 |   |
| Corporate         |     |                                  | (6,005 | ) |     |      | (5,660 | ) |     |                                 | (14,634 | ) |     |      | (15,636 | ) |
|                   |     | $                                | 12,649 |   |     | $    |  7,962 |   |     | $                               |  33,862 |   |     | $    |  18,722 |   |

Corporate

Corporate costs in Adjusted EBITDA include SG&A
expenses that are not allocated to the reportable segments. These costs include, among others, certain executive, compliance, strategic,
reporting and legal expenses associated