Company: BWNB
Filing Date: 2025-11-05
Form Type: 424B5
Source: 0001104659-25-106685
Chunk: 37

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-11-05
Form: 424B5
Chunk 37
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.9 million in the nine months ended September 30, 2024. The increase in EBITDA is primarily driven by the increased revenue as described
above.

B&W Renewable Segment Results

| (in thousands)  |     | 2025 | Three Months Ended September 30, |     | 2024 |       |   |     | $ Change |       |     | 2025 | Nine Months Ended September 30, |     | 2024 |        |   |     | $ Change |       |
|:----------------|:----|:-----|---------------------------------:|:----|:-----|------:|:--|:----|:---------|------:|:----|:-----|--------------------------------:|:----|:-----|-------:|:--|:----|:---------|------:|
| Revenues        |     | $    |                           15,193 |     | $    | 9,526 |   |     | $        | 5,667 |     | $    |                          48,419 |     | $    | 40,066 |   |     | $        | 8,353 |
| Adjusted EBITDA |     | $    |                              650 |     | $    |  (343 | ) |     | $        |   993 |     | $    |                           1,362 |     | $    |   (391 | ) |     | $        | 1,753 |

<div align='center'>S-23</div>

Three Months Ended September 30,2025 and 2024

Revenues in the B&W Renewable segment increased
59%, or $5.7 million, to $15.2 million in the three months ended September 30, 2025 from $9.5 million in the three months
ended September 30, 2024. This is primarily attributable to the increase in our pulp and paper business of $4.7 million.

Adjusted EBITDA in the B&W Renewable segment
increased $1.0 million, to $0.7 million in the three months ended September 30, 2025 from $(0.3) million the three months
ended September 30, 2024 driven by the increase in revenue as described above.

Nine Months Ended September 30, 2025and 2024

Revenues in the B&W Renewable segment increased 21%, or $8.