Company: BWNB
Filing Date: 2025-11-05
Form Type: 424B5
Source: 0001104659-25-106685
Chunk: 36

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-11-05
Form: 424B5
Chunk 36
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-----|--------:|:----|:---------|------:|:----|:-----|--------------------------------:|:----|:-----|--------:|:----|:---------|-------:|
| Revenues        |     | $    |                          118,271 |     | $    | 109,376 |     | $        | 8,895 |     | $    |                         345,831 |     | $    | 312,302 |     | $        | 33,529 |
| Adjusted EBITDA |     | $    |                           15,168 |     | $    |  13,382 |     | $        | 1,786 |     | $    |                          40,234 |     | $    |  31,876 |     | $        |  8,358 |

Three Months Ended September 30,2025 and 2024

Revenues in the B&W Thermal segment increased
8%, or $8.9 million, to $118.3 million in the three months ended September 30, 2025 from $109.4 million in the three months
ended September 30, 2024. The increase is primarily due to higher volume of natural gas conversions of $7.5 million and higher parts
volume of $2.7 million, partially offset by lower Construction volumes of $5.2 million.

Adjusted EBITDA in the B&W Thermal segment
increased $1.8 million to $15.2 million in the three months ended September 30, 2025 from $13.4 million in the three
months ended September 30, 2024. This is primarily driven by the increase in revenue as described above.

Nine Months Ended September 30, 2025and 2024

Revenues in the B&W Thermal segment increased 11%, or $33.5 million, to $345.8 million in the nine months ended September 30, 2025 from $312.3 million nine months ended September 30, 2024, driven primarily by the increase in boiler related parts of
$27.3 million due to higher volume of natural gas conversions of $16.7 million partially offset by lower Construction volume of $3.8 million.

Adjusted EBITDA in the B&W Thermal segment increased $8.4 million to $40.2 million in the nine months ended September 30, 2025 from $31