Company: BWNB
Filing Date: 2025-11-05
Form Type: 424B5
Source: 0001104659-25-106685
Chunk: 30

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-11-05
Form: 424B5
Chunk 30
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 multiple years. Because we operate globally,
our backlog is also affected by changes in foreign currencies each period.

Bookings represent changes to the backlog. Bookings
include additions related to booking new business or increases in project scope, subtractions due to customer cancellations or reductions
in scope, changes in estimates that affect selling price and revaluation of backlog denominated in foreign currency. We believe comparing
bookings on a quarterly basis or for periods less than one year is less meaningful than for longer periods, and that shorter-term changes
in bookings may not necessarily indicate a material trend.

| (in approximate millions) |     | 2025 | Three Months Ended September 30, |     | 2024 |       |     | 2025 | Nine Months Ended September 30, |   |     | 2024 |       |   |
|:--------------------------|:----|:-----|---------------------------------:|:----|:-----|------:|:----|:-----|--------------------------------:|:--|:----|:-----|------:|:--|
| B&W Thermal               |     | $    |                             95.9 |     | $    |  88.5 |     | $    |                           265.9 |   |     | $    | 268.9 |   |
| B&W Renewable             |     |      |                             10.5 |     |      |  19.2 |     |      |                            50.7 |   |     |      |  66.7 |   |
| B&W Environmental         |     |      |                             23.4 |     |      |  12.3 |     |      |                            50.6 |   |     |      |  49.4 |   |
| Other/eliminations        |     |      |                                — |     |      |     — |     |      |                            (1.9 | ) |     |      |  (3.3 | ) |
| Bookings                  |     | $    |                            129.8 |     | $    | 120.0 |     | $    |                           365.3 |   |     | $    | 381.7 |   |

Backlog as of September 30,
2025 and 2024 was as follows:

|                    | (in approximate millions) | September 30, |  2025 |     |   |