# EDGAR Filing Document

**Accession Number:** 0001630805
**File Stem:** 0001104659-23-032485
**Filing Date:** 2023-3
**Character Count:** 90903
**Document Hash:** aca7a960b45eed241aad0d47140f251d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-032485.hdr.sgml**: 20230315

**ACCESSION NUMBER**: 0001104659-23-032485

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 53

**CONFORMED PERIOD OF REPORT**: 20230315

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230315

**DATE AS OF CHANGE**: 20230315

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Babcock & Wilcox Enterprises, Inc.
- **CENTRAL INDEX KEY:** 0001630805
- **STANDARD INDUSTRIAL CLASSIFICATION:** HEATING EQUIPMENT, EXCEPT ELECTRIC & WARM AIR FURNACES [3433]
- **IRS NUMBER:** 472783641
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36876
- **FILM NUMBER:** 23733226

**BUSINESS ADDRESS:**
- **STREET 1:** 1200 E. MARKET STREET, SUITE 650
- **CITY:** AKRON
- **STATE:** OH
- **ZIP:** 44305
- **BUSINESS PHONE:** 3308606205

**MAIL ADDRESS:**
- **STREET 1:** 1200 E. MARKET STREET, SUITE 650
- **CITY:** AKRON
- **STATE:** OH
- **ZIP:** 44305

?xml version="1.0" encoding="utf-8"?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM 8-K**

CURRENT REPORT

Pursuant to Section 13 or 15 (d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 15, 2023

---

| |
|:---|
| **BABCOCK & WILCOX ENTERPRISES, INC.** |
| (Exact name of registrant as specified in its charter) |

---

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-36876** | **47-2783641** |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

---

---

| | |
|:---|:---|
| **1200 East Market Street<br> Suite 650<br> Akron, Ohio** | **44305** |
| (Address of Principal Executive Offices) | (Zip Code) |

---

Registrant's Telephone Number, including Area Code: <u>(330) 753-4511</u>

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

---

| | |
|:---|:---|
| ◻ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ◻ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |

---

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of Each Class | Trading Symbol | Name of Each Exchange on which Registered |
| Common stock, $0.01 par value per share | BW | New York Stock Exchange |
| 8.125% Senior Notes due 2026 | BWSN | New York Stock Exchange |
| 6.50% Senior Notes due 2026 | BWNB | New York Stock Exchange |
| 7.75% Series A Cumulative Perpetual Preferred Stock | BW PRA | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

**Item 2.02 Results of Operations and Financial Condition**

On March 15, 2023, the Company issued a press release announcing our financial results for the fourth quarter and year ended December 31, 2022. A copy of the press release is attached as Exhibit 99.1, and the information contained in Exhibit 99.1 is incorporated herein by reference.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

**Item 7.01** **Regulation FD Disclosure.**

On March 15, 2023, the Company posted an investor presentation on the investor relations section of its website at babcock.com. A copy of the presentation is attached as Exhibit 99.2, and the information contained in Exhibit 99.2 is incorporated herein by reference.

The information furnished pursuant to this Item 7.01, including Exhibit 99.2, shall not be deemed "filed" for purposes of Section 18 of the Exchange Act or incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

**Item 9.01 Financial Statements and Exhibits**

(d) Exhibits

---

| | |
|:---|:---|
| Exhibit No. | Description |
| [99.1](tm239622d1_ex99-1.htm) | [Press Release dated March 15, 2023.](tm239622d1_ex99-1.htm) |
| [99.2](tm239622d1_ex99-2.htm) | [Investor Presentation](tm239622d1_ex99-2.htm) |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

---

**Signatures**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **BABCOCK & WILCOX ENTERPRISES, INC.** | **BABCOCK & WILCOX ENTERPRISES, INC.** |
| March 15, 2023 | By: | /s/ Louis Salamone |
|  |  | Louis Salamone |
|  |  | Executive Vice President, Chief Financial Officer and Chief Accounting Officer<br> (Principal Accounting Officer and Duly Authorized Representative) |

---

## Exhibit 99.1

**Exhibit 99.1**

![](tm239622d1_ex99-1img001.jpg)

News Release

**Babcock & Wilcox Enterprises Reports Fourth Quarter and Full Year 2022 Results**

&nbsp;&nbsp;&nbsp;&nbsp;**•** **Achieved 2022 Adjusted EBITDA of $72.4 million which exceeded analysts' consensus** 

&nbsp;&nbsp;&nbsp;&nbsp;**•** **Reiterates Full Year 2023 Adjusted EBITDA target of $100 million to $120 million** 

&nbsp;&nbsp;&nbsp;&nbsp;• **Annual Bookings increased to $908 million; highest since 2017** 

&nbsp;&nbsp;&nbsp;&nbsp;**•** **Year-end backlog of $704 million, a 19% increase over 2021** 

&nbsp;&nbsp;&nbsp;&nbsp;**•** **Pipeline expands to $8 billion of identified opportunities** 

&nbsp;&nbsp;&nbsp;&nbsp;**•** **Generated $37 million in cash flow before financing activities in the fourth quarter 2022** 

***Q4 2022 Highlights and Outlook:***

Revenues of $250 million, a 30% improvement compared to the fourth quarter of 2021

Net income of $5.7 million, compared to $30.2 million in the fourth quarter of 2021, primarily related to non-cash items including a $15.2 million tax benefit and $7.8 million positive mark-to-market adjustment compared to 2021

Earnings per share of $0.02 compared to $0.30 in the fourth quarter of 2021

Consolidated adjusted EBITDA of $26.7 million, compared to $27.9 million in the fourth quarter of 2021

Bookings in fourth quarter were $197.0 million, in line with strong bookings in the fourth quarter 2021

***Full Year 2022 Highlights:***

Revenues of $889.8 million, a 23% improvement compared to 2021

Net loss of $26.6 million, compared to net income of $31.5 million in 2021, including non-cash items of $31.1 million primarily related to provisions for income tax, mark-to-market and pension benefits

Loss per share of $(0.43) compared to earnings per share of $0.26 in 2021

Consolidated adjusted EBITDA of $72.4 million, compared to $70.6 million in 2021

Bookings of $908 million, an increase of 17% compared to full year 2021 bookings

Ending backlog of $704 million, a 19% increase compared to the end of 2021

(AKRON, Ohio – March 15, 2023) – Babcock & Wilcox Enterprises, Inc. ("B&W" or the "Company") (NYSE: BW) announced results for the fourth quarter and full year 2022.

"We delivered seasonally strong fourth quarter results, which improved significantly on a sequential basis, and enabled us to meet our revised adjusted EBITDA target for the full year 2022," said Kenneth Young, B&W's Chairman and Chief Executive Officer. "While industry challenges and the negative impacts of the global supply chain pressures remain, we are seeing strong customer demand across all our business segments coupled with significant backlog and bookings momentum which reinforce our conviction for an improved full-year performance and continued growth in 2023. Supported by a growing pipeline of quality projects within our backlog, B&W is well positioned to capitalize on the rising demand for thermal base load generation and clean energy technology solutions. The applications and opportunities for our new technologies are expanding as we continue our commercialization activities."

"More specifically, we are continuing to diversify our environmental and renewable businesses, leveraging our ClimateBright<sup>TM</sup> decarbonization platform and the supportive industry legislation, and we look forward to providing our partners with the technologies necessary to enable a more sustainable future," Young added. "With our recent new-build award wins and notable project developments, we're strategically positioning the Company to deploy these technologies at scale and further develop our suite of carbon-capture technologies."

"Looking forward, our commitment to driving profitable growth and enhancing shareholder value through our strategic objectives remains consistent," Young stated. "Given our current visibility for new booking opportunities, we reiterate our full-year 2023 adjusted EBITDA target of $100 million to $120 million. We remain excited about the growth prospects stemming from our robust pipeline of more than $8 billion of identified project and upgrade opportunities and continue to focus on becoming a leader in the global clean energy transition."

***Q4 2022 Financial Summary***

Consolidated revenues in the fourth quarter of 2022 were $249.9 million, a 30% improvement compared to the fourth quarter of 2021, primarily attributable to higher overall volumes and previously completed acquisitions, while partially offset by a lower level of construction activity in our Thermal segment. The continued inflationary pressures as well as the negative impacts on the global economy as a result of the ongoing Russia-Ukraine military conflict and other supply chain pressures continue to adversely impact each of our segments, causing shortages of supplies and materials and affecting the timing of revenue on several projects. We have taken steps to mitigate some of this impact by qualifying new alternative suppliers to expand our sourcing base. Net income in the fourth quarter of 2022 was $5.7 million, a decrease of $24.5 million compared to $30.2 million in the fourth quarter of 2021, primarily related to non-cash items including a $15.2 million tax benefit and $7.8 million positive mark-to-market adjustment in 2021. Loss per share in the fourth quarter of 2022 was $0.02 compared to $0.30 in the fourth quarter of 2021. Operating income in the fourth quarter of 2022 was $9.3 million compared to $9.7 million in the fourth quarter of 2021 and Adjusted EBITDA was $26.7 million compared to $27.8 million in the fourth quarter of 2021. Bookings in the fourth quarter of 2022 were $197.0 million, in line with strong bookings in the fourth quarter 2021. All amounts referred to in this release are on a continuing operations basis, unless otherwise noted. Reconciliations of net income, the most directly comparable GAAP measure, to adjusted EBITDA for the Company's segments, are provided in the exhibits to this release.

***Babcock & Wilcox Renewable segment*** revenues were $105.7 million for the fourth quarter of 2022, an increase of 105% compared to $51.6 million in the fourth quarter of 2021. The increase in revenue is primarily due to higher volumes of new-build projects and revenues from acquisitions which closed in the second half of 2021. Adjusted EBITDA in the fourth quarter was $11.2 million compared to $8.2 million in the fourth quarter of 2021, due to volume above offset partially by large project improvements increasing in 2021 as well as a negative impact to 2022 primarily from a higher percentage of allocated expenses based upon this segment's revenue growth. Various challenges associated with the negative impact of global supply chain and geopolitical issues also resulted in certain projects being delayed into future quarters. These delays resulted not only in revenue being less than anticipated but negatively affected gross margin and adjusted EBITDA as a result of higher costs which were partially offset, where possible, by various recoveries from customers.

 **

 ****

 

***Babcock & Wilcox Environmental segment*** revenues were $43.2 million in the fourth quarter of 2022, an increase of 20% compared to $36.1 million in the fourth quarter of 2021. The increase is primarily driven by higher overall volume in our new-build product lines. Adjusted EBITDA was $4.7 million, compared to $4.5 million in the same period last year, primarily driven by the completion of higher margin projects in the 2021 period along with higher levels of shared overhead and SG&A allocated to the segment being partially offset by higher revenue volume, as described above. Revenue and adjusted EBITDA were lower than anticipated in the segment due to the negative impact of global supply chain challenges and geopolitical issues. These various challenges resulted in certain projects being delayed into future quarters and higher costs all of which could not be recovered from our customers.

***Babcock & Wilcox Thermal segment*** revenues were $105.2 million in the fourth quarter of 2022, an increase of 0.3% compared to $104.9 million in the fourth quarter of 2021. The revenue increase is attributable to two acquisitions closed in February 2022. Adjusted EBITDA in the fourth quarter of 2022 was $15.0 million, (10.1)% lower when compared to $16.7 million in the fourth quarter of 2021, primarily attributable to the same two acquisitions that closed in February 2022. Revenue and adjusted EBITDA were lower than anticipated in the segment due to the negative impact of global supply chain challenges and geopolitical issues. These various challenges resulted in certain projects being delayed into future quarters and the delay of this segment to deliver parts and services in certain of its international markets as anticipated.

***Full Year 2022 Financial Summary***

Consolidated revenues in 2022 were $889.8 million, a 23% improvement compared to 2021. The improvement was primarily due to a higher level of activity in our Renewable and Environmental segments, expanded geographic presence and improved strategies to mitigate the continued impact of COVID-19, as well as the acquisitions closed in the second half of 2021. Net loss in 2022 was $(26.6) million compared to a net income of $31.5 million in 2021, primarily related to non-cash items which account for $31.1 million of the change from 2021. GAAP operating loss in 2022 was $(4.2) million, compared to an operating income of $20.8 million in 2021. The Company achieved its 2022 adjusted EBITDA target of more than $70.0 million, with adjusted EBITDA of $72.4 million compared to $70.6 million in 2021. Total bookings in 2022 were $908.0 million, a 17% increase compared to full year 2021 bookings, and backlog at December 31, 2022 was $704.0 million, a 10.2% increase compared to December 31, 2021.

Reconciliations of net income, the most directly comparable GAAP measure, to adjusted EBITDA for the Company's segments, are provided in the exhibits to this release.

![](tm239622d1_ex99-1img002.jpg)

***Babcock & Wilcox Renewable segment*** revenues were $330.6 million in 2022, compared to $156.8 million in 2021, primarily driven by the acquisitions closed in the second half of 2021 and higher volumes of new-build projects. Adjusted EBITDA was $26.1 million compared to $23.2 million in 2021, including a non-recurring project settlement of $6.5 million in 2021 as well as a higher percentage of allocated expenses based upon this segment's revenue growth. In addition, as a result of purchasing the remaining non-controlling interest in our solar business at a discount, we also impaired our existing goodwill value.

 ****

***Babcock & Wilcox Environmental segment*** revenues were $154.4 million in 2022, an increase of 15.4% compared to $133.8 million in 2021. The increase was primarily driven by higher volume of new-build projects. Adjusted EBITDA was $9.8 million, compared to $11.8 million in 2021, primarily driven by higher volume, as described above, offset by a larger percentage of SG&A expense allocated to the segment.

***Babcock & Wilcox Thermal segment*** revenues were $415.1 million in 2022, a decrease of 4.2% compared to $433.3 million in the prior-year, largely attributable to lower construction project activity, primarily due to one large project that was executed in the prior period, partially offset by the acquisitions closed in the first half of 2022. Adjusted EBITDA in 2022 was $56.3 million, an increase of 14.5% compared to $49.1 million in the prior-year, primarily due to the higher margin revenue as a result of the acquisitions offset by the reduction in lower volume of construction projects and lower allocations.

***Liquidity and Balance Sheet***

At December 31, 2022, the Company had total debt of $353.0 million and a combined cash, cash equivalents and restricted cash balance of $113.5 million. In the fourth quarter 2022, the Company repaid $16.9 million of loans payable resulting in a use of $11.2 million of net cash from financing activities.

***Impacts of Market Conditions***

Management continues to adapt to macroeconomic conditions, including rising inflation, higher interest rates, foreign exchange rate fluctuations and the impact of the ongoing conflict in Ukraine and the COVID-19 pandemic, all of which impacted the Company during 2022. The COVID-19 pandemic has continued to create challenges for us in countries that have significant outbreak mitigation strategies, namely, countries in our Asia-Pacific region, which led to temporary project postponements and has continued to impact results in this region. Additionally, we experienced negative impacts to our global supply chains as a result of COVID-19, the war in Ukraine, Russia-related supply chain shortages and other factors, including disruptions to the manufacturing, supply, distribution, transportation and delivery of our products. We have also observed significant delays and disruptions of our service providers and negative impacts to pricing of certain of our products. These delays and disruptions have had, and could continue to have, an adverse impact on our ability to meet customers' demands. We are continuing to actively monitor the impact of these market conditions on current and future periods and actively manage costs and our liquidity position to provide additional flexibility while still supporting our customers and their specific needs. The duration and scope of these conditions cannot be predicted, and therefore, any anticipated negative financial impact to our operating results cannot be reasonably estimated.

![](tm239622d1_ex99-1img002.jpg)

***Earnings Call Information***

B&W plans to host a conference call and webcast on Wednesday, March 15, 2023 at 8 a.m. EST to discuss the Company's fourth quarter and full year 2022 results. The listen-only audio of the conference call will be broadcast live via the Internet on <u>B&W's Investor Relations site</u>. The dial-in number for participants in the U.S. is (844) 200-6205; the dial-in number for participants in Canada is (833) 950-0062; the dial-in number for participants in all other locations is (929) 526-1599. The conference ID for all participants is 698472. A replay of this conference call will remain accessible in the investor relations section of the Company's website for a limited time.

***Non-GAAP Financial Measures***

The Company uses non-GAAP financial measures internally to evaluate its performance and in making financial and operational decisions. When viewed in conjunction with GAAP results and the accompanying reconciliation, the Company believes that its presentation of these measures provides investors with greater transparency and a greater understanding of factors affecting its financial condition and results of operations than GAAP measures alone. Additionally, the Company redefined its definition of adjusted EBITDA to eliminate the effects of certain items including the loss from a non-strategic business, interest on letters of credit included in cost of operations and loss on business held for sale. Prior period results have been revised to conform with the revised definition and present separate reconciling items in our reconciliation, including business transition costs. The presentation of non-GAAP financial measures should not be considered in isolation or as a substitute for the Company's related financial results prepared in accordance with GAAP.

This release presents adjusted EBITDA for each business segment, which are non-GAAP financial measures. Adjusted EBITDA on a consolidated basis is defined as the sum of the Adjusted EBITDA for each of the segments, further adjusted for corporate allocations and research and development costs. At a segment level, the adjusted EBITDA presented is consistent with the way the Company's chief operating decision maker reviews the results of operations and makes strategic decisions about the business and is calculated as earnings before interest expense, tax, depreciation and amortization adjusted for items such as gains or losses arising from the sale of non-income producing assets, net pension benefits, restructuring costs, impairments, gains and losses on debt extinguishment, costs related to financial consulting, research and development costs and other costs that may not be directly controllable by segment management and are not allocated to the segment. The Company presented consolidated Adjusted EBITDA because it believes it is useful to investors to help facilitate comparisons of the ongoing, operating performance before corporate overhead and other expenses not attributable to the operating performance of the Company's revenue generating segments. This release also presents certain targets for our Adjusted EBITDA in the future; these targets are not intended as guidance regarding how the Company believes the business will perform. The Company is unable to reconcile these targets to their GAAP counterparts without unreasonable effort and expense.

![](tm239622d1_ex99-1img002.jpg)

**Bookings and Backlog**

Bookings and backlog are our measure of remaining performance obligations under our sales contracts. It is possible that our methodology for determining bookings and backlog may not be comparable to methods used by other companies.

We generally include expected revenue from contracts in our backlog when we receive written confirmation from our customers authorizing the performance of work and committing the customers to payment for work performed. Backlog may not be indicative of future operating results, and contracts in our backlog may be canceled, modified or otherwise altered by customers. Backlog can vary significantly from period to period, particularly when large new-build projects or operations and maintenance contracts are booked because they may be fulfilled over multiple years. Because we operate globally, our backlog is also affected by changes in foreign currencies each period. We do not include orders of our unconsolidated joint ventures in backlog.

Bookings represent changes to the backlog. Bookings include additions from booking new business, subtractions from customer cancellations or modifications, changes in estimates of liquidated damages 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.

***Forward-Looking Statements***

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in the release are forward-looking statements. You should not place undue reliance on these statements. Forward-looking statements include words such as "expect," "intend," "plan," "likely," "seek," "believe," "project," "forecast," "target," "goal," "potential," "estimate," "may," "might," "will," "would," "should," "could," "can," "have," "due," "anticipate," "assume," "contemplate," "continue" and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operational performance or other events.

![](tm239622d1_ex99-1img002.jpg)

These forward-looking statements are based on management's current expectations and involve a number of risks and uncertainties, including, among other things, the impact of global macroeconomic conditions, including inflation and volatility in the capital markets; the impact of the ongoing conflict in Ukraine; our ability to integrate acquired businesses and the impact of those acquired businesses on our cash flows, results of operations and financial condition, including our recent acquisitions of Babcock & Wilcox Solar Energy, Inc. ("Babcock & Wilcox Solar"), formerly known as Fosler Construction Company Inc. and/or Fosler, Babcock & Wilcox Renewable Service A/S, formerly known as VODA A/S ("VODA"), Fossil Power Systems, Inc. ("FPS"), Optimus Industries, LLC ("Optimus") and certain assets of Hamon Holdings Corporation ("Hamon"); our recognition of any asset impairments as a result of any decline in the value of our assets or our efforts to dispose of any assets in the future; our ability to obtain and maintain sufficient financing to provide liquidity to meet our business objectives, surety bonds, letters of credit and similar financing; our ability to comply with the requirements of, and to service the indebtedness under, our debt facility agreements; our ability to pay dividends on our 7.75% Series A Cumulative Perpetual Preferred Stock; our ability to make interest payments on our 8.125% senior notes due 2026 and our 6.50% notes due 2026; the highly competitive nature of our businesses and our ability to win work, including identified project opportunities in our pipeline; general economic and business conditions, including changes in interest rates and currency exchange rates; cancellations of and adjustments to backlog and the resulting impact from using backlog as an indicator of future earnings; our ability to perform contracts on time and on budget, in accordance with the schedules and terms established by the applicable contracts with customers; failure by third-party subcontractors, partners or suppliers to perform their obligations on time and as specified; delays initiated by our customers; our ability to successfully resolve claims by vendors for goods and services provided and claims by customers for items under warranty; our ability to realize anticipated savings and operational benefits from our restructuring plans, and other cost savings initiatives; our ability to successfully address productivity and schedule issues in our B&W Renewable, B&W Environmental and B&W Thermal segments; our ability to successfully partner with third parties to win and execute contracts within our B&W Environmental, B&W Renewable and B&W Thermal segments; changes in our effective tax rate and tax positions, including any limitation on our ability to use our net operating loss carryforwards and other tax assets; our ability to successfully manage research and development projects and costs, including our efforts to successfully develop and commercialize new technologies and products; the operating risks normally incident to our lines of business, including professional liability, product liability, warranty and other claims against us; difficulties we may encounter in obtaining regulatory or other necessary permits or approvals; changes in actuarial assumptions and market fluctuations that affect our net pension liabilities and income; our ability to successfully compete with current and future competitors; our ability to negotiate and maintain good relationships with labor unions; changes in pension and medical expenses associated with our retirement benefit programs; social, political, competitive and economic situations in foreign countries where we do business or seek new business; the impact of COVD-10 or other similar global health crises; and the other factors specified and set forth under "Risk Factors" in the Company's periodic reports filed with the Securities and Exchange Commission, including the Company's most recent annual report on Form 10-K and its quarterly report on Form 10-Q for the quarter ended December 31, 2022.

These forward-looking statements are made based upon detailed assumptions and reflect management's current expectations and beliefs. While we believe that these assumptions underlying the forward-looking statements are reasonable, we caution that it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect actual results. The forward-looking statements included herein are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events, or otherwise, except as required by law.

![](tm239622d1_ex99-1img002.jpg)

***About B&W Enterprises, Inc.***

*Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises, Inc. is a leader in energy and environmental products and services for power and industrial markets worldwide. Follow us on LinkedIn and learn more at babcock.com*<u>.</u>

**# # #**

---

| | |
|:---|:---|
| **Investor Contact:** | **Media Contact:** |
| Lou Salamone, CFO | Ryan Cornell |
| Babcock & Wilcox Enterprises, Inc. | Public Relations |
| 704.625.4944 \| <u>investors@babcock.com</u> | Babcock & Wilcox Enterprises, Inc. |
|  | 330.860.1345 \| <u>rscornell@babcock.com</u> |

---

 **

 ****

 

***Exhibit 1***

***Babcock & Wilcox Enterprises, Inc.***

***Condensed Consolidated Statements of Operations<sup>(1)</sup>***

*(In millions, except per share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended<br> December 31,** | **Three months ended<br> December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| **Revenues** | $**249.9** | $**192.3** | $**889.8** | $**723.4** |
| Costs and expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of operations | 191.7 | 139 | 704.2 | 543.8 |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 51.2 | 42.5 | 178.5 | 154.9 |
| &nbsp;&nbsp;&nbsp;Goodwill impairment |  |  | 7.2 |  |
| &nbsp;&nbsp;&nbsp;Advisory fees and settlement costs | (1.7) | 3.4 | 8.5 | 13.1 |
| &nbsp;&nbsp;&nbsp;Restructuring activities | 0.2 | (3.1) | 0.6 | 4.9 |
| &nbsp;&nbsp;&nbsp;Research and development costs (benefit) | 1 | 0.6 | 3.8 | 1.6 |
| &nbsp;&nbsp;&nbsp;Gain on asset disposals, net | (1.7) | 0.1 | (8.8) | (15.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total costs and expenses | 240.6 | 182.6 | 894 | 702.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Operating income (loss)** | **9.3** | **9.7** | **(4.2)** | **20.8** |
| Other expense: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | (11.7) | (8.8) | (45.0) | (39.4) |
| &nbsp;&nbsp;&nbsp;Interest income | 0.3 | 0.1 | 0.6 | 0.5 |
| &nbsp;&nbsp;&nbsp;Gain on debt extinguishment |  |  |  | 6.5 |
| &nbsp;&nbsp;&nbsp;Gain (loss) on sale of business |  | 0.5 |  | (1.8) |
| &nbsp;&nbsp;&nbsp;Benefit plans, net | 15.2 | 23.3 | 37.5 | 48.1 |
| &nbsp;&nbsp;&nbsp;Foreign exchange | 2.6 | (3.2) | (0.6) | (4.3) |
| &nbsp;&nbsp;&nbsp;Other income (expense) – net | (3.8) | (0.3) | (3.9) | (1.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expense | 2.7 | 11.5 | (11.3) | 8.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Loss) income before income tax expense** | **11.9** | **21.3** | **(15.5)** | **29.3** |
| Income tax expense | 6.3 | (8.9) | 11.1 | (2.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net income (loss)** | **5.7** | **30.2** | **(26.6)** | **31.5** |
| Net loss (income) attributable to non-controlling interest | 0.1 | (0.6) | 3.7 | (0.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net income (loss) attributable to stockholders** | **5.7** | **29.6** | **(22.9)** | **30.9** |
| Less: Dividend on Series A preferred stock | 3.7 | 3.7 | 14.9 | 9.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net income (loss) attributable to stockholders of common stock** | $**2.0** | $**25.9** | $**(37.7)** | $**21.8** |
| Basic earnings (loss) per share | $0.02 | $0.30 | $0.43 | $0.26 |
| Diluted earnings (loss) per share | $0.02 | $0.30 | $(0.43) | $0.26 |
| Shares used in the computation of earnings (loss) per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 88.7 | 86.3 | 88.3 | 82.4 |
| &nbsp;&nbsp;&nbsp;Diluted | 88.9 | 87.1 | 88.3 | 83.6 |

---

<sup>(1)</sup> Figures may not be clerically accurate due to rounding

![](tm239622d1_ex99-1img002.jpg)

***Exhibit 2***

***Babcock & Wilcox Enterprises, Inc.***

***Condensed Consolidated Balance Sheets<sup>(1)</sup>***

---

| | | |
|:---|:---|:---|
| *(In millions, except per share amount)* | **December 31, 2022** | **December 31, 2021** |
| Cash and cash equivalents | $76.7 | $224.9 |
| Current restricted cash and cash equivalents | 15.3 | 1.8 |
| Accounts receivable – trade, net | 162.5 | 132.1 |
| Accounts receivable – other | 38.5 | 34.6 |
| Contracts in progress | 134.9 | 80.2 |
| Inventories, net | 102.6 | 79.5 |
| Other current assets | 27.0 | 29.4 |
| &nbsp;&nbsp;&nbsp;Total current assets | 557.6 | 582.4 |
| Net property, plant and equipment, and finance lease | 86.4 | 85.6 |
| Goodwill | 157.0 | 116.5 |
| Intangible assets, net | 60.3 | 43.8 |
| Right-of-use assets | 29.4 | 30.2 |
| Long-term restricted cash | 21.4 |  |
| Other assets | 30.6 | 54.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**942.7** | $**913.3** |
| Accounts payable | $139.2 | $85.9 |
| Accrued employee benefits | 12.5 | 13.0 |
| Advance billings on contracts | 133.4 | 68.4 |
| Accrued warranty expense | 9.6 | 12.9 |
| Financing lease liabilities | 1.2 | 2.4 |
| Operating lease liabilities | 3.6 | 4.0 |
| Other accrued liabilities | 68.2 | 54.4 |
| Loans payable | 4.3 | 12.4 |
| &nbsp;&nbsp;&nbsp;Total current liabilities | 372.0 | 253.4 |
| Senior notes | 335.5 | 326.4 |
| Long term loans payable | 13.2 | 1.5 |
| Pension and other postretirement benefit liabilities | 136.2 | 182.7 |
| Non-current finance lease liabilities | 27.5 | 29.4 |
| Non-current operating lease liabilities | 26.6 | 26.7 |
| Deferred tax liabilities | 10.1 | 1.4 |
| Other non-current liabilities | 33.5 | 33.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **944.7** | **854.6** |
| Commitments and contingencies |  |  |
| Stockholders' (deficit) equity: |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock, par value $0.01 per share, authorized shares of 20,000; issued and outstanding shares of 7,669 at both December 31, 2022 and December 30, 2022, respectively | 0.1 | 0.1 |
| &nbsp;&nbsp;&nbsp;Common stock, par value $0.01 per share, authorized shares of 500,000; issued and outstanding shares of 88,700 and 86,286 at December 31, 2022 and December 31, 2021, respectively | 5.1 | 5.1 |
| &nbsp;&nbsp;&nbsp;Capital in excess of par value | 1537.6 | 1518.9 |
| &nbsp;&nbsp;&nbsp;Treasury stock at cost, 1,868 and 1,525 shares at December 31, 2022 and December 31, 2021, respectively | (113.8) | (110.9) |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (1358.9) | (1321.2) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (72.8) | (58.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders' (deficit) equity attributable to shareholders | (2.6) | 33.1 |
| &nbsp;&nbsp;&nbsp;Non-controlling interest | 0.5 | 25.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total stockholders' (deficit) equity** | **(2.1)** | **58.6** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total stockholders' equity** | $**942.7** | $**913.3** |

---

<sup>(1)</sup> Figures may not be clerically accurate due to rounding.

![](tm239622d1_ex99-1img002.jpg)

***Exhibit 3***

***Babcock & Wilcox Enterprises, Inc.***

***Condensed Consolidated Statements of Cash Flows<sup>(1)</sup>***

---

| | | |
|:---|:---|:---|
| (In millions) | **Twelve months ended December 31,** | **Twelve months ended December 31,** |
|  | **2022** | **2021** |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Net (loss) income | $(26.6) | $31.5 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of long-lived assets | 24.0 | 18.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill impairment | 7.2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of contingent consideration | (9.6) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs and debt discount | 5.2 | 7.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of guaranty fee | 0.9 | 1.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash operating lease expense | 7.3 | 4.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on sale of business |  | 1.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on debt extinguishment |  | (6.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on asset disposals | (8.8) | (15.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Benefit from) provision for deferred income taxes | 5.9 | (7.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior service cost amortization for pension and postretirement plans | (6.8) | (15.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation, net of associated income taxes | 10.0 | 7.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange | 0.6 | 4.3 |
| &nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (28.2) | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contracts in progress | (54.1) | (20.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advance billings on contracts | 62.3 | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (19.0) | (3.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes | (0.2) | (2.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 52.7 | 7.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued and other current liabilities | (18.9) | (47.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued contract loss | 6.4 | (0.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension liabilities, accrued postretirement benefits and employee benefits | (36.5) | (60.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | (4.2) | (18.2) |
| **Net cash used in operating activities** | (30.6) | (111.2) |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Purchase of property, plant and equipment | (13.2) | (6.7) |
| &nbsp;&nbsp;&nbsp;Acquisition of business, net of cash acquired | (64.9) | (55.3) |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of business and assets, net | 5.5 | 25.4 |
| &nbsp;&nbsp;&nbsp;Purchases of available-for-sale securities | (6.4) | (12.6) |
| &nbsp;&nbsp;&nbsp;Sales and maturities of available-for-sale securities | 9.8 | 15.7 |
| &nbsp;&nbsp;&nbsp;Other, net | 0.5 |  |
| **Net cash used in investing activities** | (68.7) | (33.5) |

---

![](tm239622d1_ex99-1img002.jpg)

---

| | | |
|:---|:---|:---|
| (In millions) | **Year ended December 31,** | **Year ended December 31,** |
|  | **2022** | **2021** |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;Issuance of senior notes | 6.8 | 303.3 |
| &nbsp;&nbsp;Borrowings on loan payable | 7.2 | 7.1 |
| &nbsp;&nbsp;Repayments on loan payable | (16.9) | (0.8) |
| &nbsp;&nbsp;Proceeds from sale lease-back financing transactions | 13.3 |  |
| &nbsp;&nbsp;Finance lease payments | (2.4) | (2.4) |
| &nbsp;&nbsp;Repayments under last out term loans | 0 | (75.4) |
| &nbsp;&nbsp;Borrowings under U.S. revolving credit facility |  | 14.5 |
| &nbsp;&nbsp;Repayments of U.S. revolving credit facility |  | (178.8) |
| &nbsp;&nbsp;Issuance of preferred stock, net |  | 113.3 |
| &nbsp;&nbsp;Payment of preferred stock dividends | (14.9) | (9.1) |
| &nbsp;&nbsp;Shares of common stock returned to treasury stock | (2.8) | (4.9) |
| &nbsp;&nbsp;Issuance of common stock, net |  | 160.8 |
| &nbsp;&nbsp;Debt issuance costs | (1.4) | (24.6) |
| &nbsp;&nbsp;Other, net |  | (0.2) |
| **Net cash (used in) provided by financing activities** | (11.2) | 302.8 |
| Effects of exchange rate changes on cash | (2.7) | 1.2 |
| **Net (decrease) increase in cash, cash equivalents and restricted cash** | (113.3) | 159.3 |
| Cash, cash equivalents and restricted cash at beginning of period | 226.7 | 67.4 |
| Cash, cash equivalents and restricted cash at end of period | $113.5 | $226.7 |

---

<sup>(1)</sup> Figures may not be clerically accurate due to rounding.

![](tm239622d1_ex99-1img002.jpg)

***Exhibit 4***

***Babcock & Wilcox Enterprises, Inc.***

***Segment Information<sup>(1)</sup>***

*(In millions)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SEGMENT RESULTS** | **Three months ended December 31,** | **Three months ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| REVENUES: |  |  |  |  |
| &nbsp;&nbsp;Babcock & Wilcox Renewable | $105.7 | $51.6 | $330.6 | $156.8 |
| &nbsp;&nbsp;Babcock & Wilcox Environmental | 43.2 | 36.1 | 154.4 | 133.8 |
| &nbsp;&nbsp;Babcock & Wilcox Thermal | 105.2 | 104.9 | 415.1 | 433.3 |
| &nbsp;&nbsp;Other | (4.2) | (0.3) | (10.3) | (0.6) |
|  | $249.9 | $192.3 | $889.8 | $723.4 |
| ADJUSTED EBITDA: |  |  |  |  |
| &nbsp;&nbsp;Babcock & Wilcox Renewable <sup>(5)</sup> | $11.2 | $8.2 | $26.1 | $23.2 |
| &nbsp;&nbsp;Babcock & Wilcox Environmental | 4.7 | 4.5 | 9.8 | 11.8 |
| &nbsp;&nbsp;Babcock & Wilcox Thermal | 15.0 | 16.7 | 56.3 | 49.1 |
| &nbsp;&nbsp;Corporate | (3.5) | (0.9) | (16.5) | (12.5) |
| &nbsp;&nbsp;Research and development costs | (0.8) | (0.5) | (3.3) | (1.1) |
|  | $26.5 | $27.9 | $72.4 | $70.6 |
| AMORTIZATION EXPENSE: |  |  |  |  |
| &nbsp;&nbsp;Babcock & Wilcox Renewable <sup>(2)</sup> | $0.9 | $2.1 | $5.8 | $2.7 |
| &nbsp;&nbsp;Babcock & Wilcox Environmental | 0.7 | 0.7 | 4.5 | 3.0 |
| &nbsp;&nbsp;Babcock & Wilcox Thermal <sup>(3)</sup> | 1.8 | 0.6 | 2.7 | 2.9 |
|  | $3.4 | $3.3 | $13.0 | $8.6 |
| DEPRECIATION EXPENSE: |  |  |  |  |
| &nbsp;&nbsp;Babcock & Wilcox Renewable | $1.7 | $0.8 | $6.8 | $3.0 |
| &nbsp;&nbsp;Babcock & Wilcox Environmental | 0.2 | 0.4 | 3.4 | 1.6 |
| &nbsp;&nbsp;Babcock & Wilcox Thermal | 2.0 | 1.2 | 0.7 | 5.1 |
|  | $3.9 | $2.4 | $10.9 | $9.7 |

---

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2022** | **2021** |
| BACKLOG: |  |  |
| &nbsp;&nbsp;Babcock & Wilcox Renewable <sup>(4)</sup> | $265 | $394 |
| &nbsp;&nbsp;Babcock & Wilcox Environmental | 284 | 123 |
| &nbsp;&nbsp;Babcock & Wilcox Thermal | 148 | 126 |
| &nbsp;&nbsp;Other/Eliminations | 7 | (4) |
|  | $704 | $639 |

---

<sup>(1)</sup> Figures may not be clerically accurate due to rounding.

<sup>(2)</sup> Amortization expense in the Babcock & Wilcox Renewable segment includes $0.3 million and $1.0 million in finance lease amortization for the three and twelve months ended December 31, 2022, respectively. Amortization expense in the Babcock & Wilcox Renewable segment includes $0.0 million and $0.6 million in finance lease amortization for the three and twelve months ended December 31, 2021, respectively.

<sup>(3)</sup> Amortization expense in the Babcock & Wilcox Thermal segment includes $0.7 million and $1.3 million in finance lease amortization for the three and twelve months ended December 31, 2022, respectively. Amortization expense in the Babcock & Wilcox Thermal segment includes $0.7 million and $2.9 million in finance lease amortization for the three and twelve months ended December 31, 2021, respectively.

<sup>(4)</sup> Babcock & Wilcox Renewable backlog at December 31, 2022, includes $55.6 million related to long-term operation and maintenance contracts for renewable energy plants, with remaining durations extending until 2034. Generally, such contracts have a duration of 10 to 20 years and include options to extend.

<sup>(5)</sup> Adjusted EBITDA for the twelve months ended December 31, 2022 includes a $6.2 million non-recurring gain on sale related to development rights of a future solar project that was sold as well as the reduction to Selling, General and Administrative Costs of $9.6 million for the twelve months ended December 31, 2022 that resulted from the reversal of the contingent consideration related to an acquisition.

![](tm239622d1_ex99-1img002.jpg)

***Exhibit 5***

***Babcock & Wilcox Enterprises, Inc.***

***Reconciliation of Adjusted EBITDA<sup>(3)</sup>***

*(In millions)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended<br> December 31,** | **Three months ended<br> December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| **(Loss) income from continuing operations** | $**5.7** | $**30.2** | $**(26.6)** | $**31.5** |
| Interest expense, net | 13.6 | 9.6 | 50.8 | 41.4 |
| Income tax expense (benefit) | 6.3 | (8.9) | 11.1 | (2.2) |
| Depreciation & amortization | 7.2 | 5.7 | 24.0 | 18.3 |
| **EBITDA** | 32.8 | 36.5 | 59.2 | 89.0 |
| Benefit plans, net | (15.2) | (23.3) | (37.5) | (48.1) |
| (Gain) loss on sales, net | (2.4) | (0.4) | (2.6) | (14.0) |
| Stock compensation | 3.4 | 2.4 | 8.7 | 10.5 |
| Restructuring activities and business services transition costs | 2.3 | 2.8 | 8.5 | 10.7 |
| Advisory fees for settlement costs and liquidity planning | (0.4) | 0.5 | 1.5 | 5.5 |
| Settlement and related legal costs | 3.5 | 2.8 | 10.7 | 4.9 |
| Gain on debt extinguishment |  |  |  | (6.5) |
| Acquisition pursuit and related costs | 0.7 | 0.8 | 5.5 | 4.8 |
| Product development (1) | 1.5 | 2.0 | 4.1 | 4.7 |
| Foreign exchange | (2.6) | 3.2 | 0.6 | 4.3 |
| Financial advisory services | 0.3 | 0.2 | 1.4 | 2.7 |
| Contract step-up purchase price adjustment |  |  | 1.7 |  |
| Goodwill impairment |  |  | 7.2 |  |
| Loss from business held for sale |  |  |  | 0.5 |
| Contract disposal | 3.0 |  | 3.0 |  |
| Other - net | (0.1) | 0.4 | 0.3 | 1.6 |
| &nbsp;&nbsp;&nbsp;**Adjusted EBITDA(2)** | $**26.7** | $**27.9** | $**72.4** | $**70.6** |

---

<sup>(1)</sup> Costs associated with development of commercially viable products that are ready to go to market.

<sup>(2)</sup> Adjusted EBITDA for the twelve months ended December 31, 2022 includes a $6.2 million non-recurring gain on sale related to development rights of a future solar project that was sold as well as the reduction to Selling, General and Administrative Costs of $9.6 million for the twelve months ended December 31, 2022 that resulted from the reversal of the contingent consideration related to an acquisition.

<sup>(3)</sup> Figures may not be clerically accurate due to rounding.

![](tm239622d1_ex99-1img002.jpg)

## Exhibit 99.2

**Exhibit 99.2**

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm239622d1_ex99-2img01.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2023 Babcock & Wilcox Enterprises, Inc. All rights reserved. M A R C H 1 5 , 2 0 2 3 CO MPAN Y OVE RVIE W |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm239622d1_ex99-2img02.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2023 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 2 S A F E H A R B O R S TAT E M E N T B&W Enterprises cautions that this presentation contains forward-looking statements within the meaning of federal securities laws. All statements other than statements of historical or current fact included in this presentation are forward-looking statements, including, without limitation, statements relating to the company's business outlook and expected financial performance, including adjusted EBITDA and sales targets, expectations regarding future growth, expansion and profitability, as well as statements about B&W's future pipeline of new p rojects and business within its Renewable, Environmental and Thermal operating segments and their impact on future shareholder value. These forward-looking statements are based on management's current expectations and involve a number of risks and uncertainties, including, among other things, the impact of global macroeconomic conditions, including inflation and volatility in the capital markets; the impact of the ongoing conflict in Ukraine; our ability to integrate acquired businesses and the impact of those acquired businesses on our cash flows, results of operations and financial condition, including our recent acquisitions of Babcock & Wilcox Solar Energy, Inc. ("Babcock & Wilcox Solar"), formerly known as Fosler Construction Company Inc. and/or Fosler, Babcock & Wilcox Renewable Service A/S, formerly known as VODA A/S ("VODA"), Fossil Power Systems, Inc. ("FPS"), Optimus Industries, LLC ("Optimus") and certain assets of Hamon Holdings Corporation ("Hamon"); our recognition of any asset impairments as a result of any decline in the value of our assets or our efforts to dispose of any assets in the future; our ability to obtain and maintain sufficient financing to provide liquidity to meet our business objectives, surety bonds, letters of credit and similar financing; our ability to comply with the requirements of, and to service the indebtedness under, our debt facility agreements; our ability to pay dividends on our 7.75% Series A Cumulative Perpetual Preferred Stock; our ability to make interest payments on our 8.125% senior notes due 2026 and our 6.50% notes due 2026; the highly competitive nature of our businesses and our ability to win work, including identified project opportunities in our pipeline; general economic and business conditions, including changes in interest rates and currency exchange rates; cancellations of and adjustments to backlog and the resulting impact from using backlog as an indicator of future earnings; o ur ability to perform contracts on time and on budget, in accordance with the schedules and terms established by the applicable contracts with customers; failure by third-party subcontractors, partners or suppliers to perform their obligations on time and as specified; delays initiated by our customers; our ability to successfully resolve claims by vendors for goods and services provided and claims by customers for items under warranty; our ability to realize anticipated savings and operational benefits from our restructuring plans, and other cost-savings initiatives; our ability to successfully address productivity and schedule issues in our B&W Renewable, B&W Environmental and B&W Thermal segments; our ability to successfully partner with third parties to win and execute contracts within our B&W Environmental, B&W Renewable and B&W Thermal segments; changes in our effective tax rate and tax positions, including any limitation on our ability to use our net operating loss carryforwards and other tax assets; our ability to successfully manage research and development projects and costs, including our efforts to successfully develop and commercialize new technologies and products; the operating risks normally incident to our lines of business, including professional liability, product liability, warranty and other claims against us; difficulties we may encounter in obtaining regulatory or other necessary permits or approvals; changes in actuarial assumptions and market fluctuations that affect our net pension liabilities and income; our ability to successfully compete with current and future competitors; our ability to negotiate and maintain good relationships with labor unions; changes in pension and medical expenses associated with our retirement benefit programs; social, political, competitive and economic situations in foreign countries where we do business or seek new business; the impact of COVID-19 or other similar global health crises, and the other factors specified and set forth under "Risk Factors" in our periodic reports filed with the Securities and Exchange Commission, including, without limitation, the risks described in the Company's Annual Report on Form 10-K for the year ended December 31, 2022 under the caption "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" (as applicable). These factors should be considered carefully, and B&W Enterprises cautions you not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law. Non-GAAP Financial Measures This presentation contains information regarding our adjusted EBITDA, which is a non-GAAP financial measure. Adjusted EBITDA on a consolidated basis is defined as the sum of the adjusted EBITDA for each of the segments, further adjusted for corporate allocations and research and development costs. At a segment level, adjusted EBITDA presented is consistent with the way our chief operating decision maker reviews the results of operations and makes strategic decisions about the business and is calculated as earnings before interest expense, tax, depreciation and amortization adjusted for items such as gains or losses arising from the sale of non-income producing assets, net pension benefits, restructuring costs, impairments, gains and losses on debt extinguishment, costs related to financial consulting, research and development costs and other costs that may not be directly controllable by segment management and are not allocated to the segment. We present consolidated Adjusted EBITDA because we believe it is useful to investors to help facilitate comparisons of our ongoing, operating performance before corporate overhead and other expenses not attributable to the operating performance of our revenue generating segments. In this presentation, we also present certain targets for our adjusted EBITDA in the future; these targets are not intended as guidance regarding how we believe the business will perform. We are unable to reconcile these targets to their GAAP counterparts without unreasonable effort and expense due to the aspirational nature of these targets. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm239622d1_ex99-2img03.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2023 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 3 W E ' R E A G L O B A L E N E R GY L E A D E R C R E AT I N G A B R I G H T E R F U T U R E OUR PROVEN, BEST-IN-CLASS POWER PRODUCTION TECHNOLOGIES SUPPORT THE CREATION OF A NET-ZERO FUTURE. • From our first patent for a more efficient boiler to more than 17,000 patents since, we continue to drive innovation and change • Today, we are a globally recognized technology leader and innovator at the forefront of the energy transition • Helping utility and industrial customers with the technical challenges of moving from current to future energy sources • Delivering systems, parts and field services to help utility and industrial plants operate more effectively and efficiently • Our waste- and biomass-to-energy, carbon capture, hydrogen production and environmental technologies support the reduction of greenhouse gases, including CO2 and methane, in an environmentally friendly way Ensuring energy security for customers and the world Making net-zero ambitions a reality today Providing high quality and innovative technologies since 1867 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm239622d1_ex99-2img04.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2023 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 4 W E ' R E H E L P I N G C U S T O M E RS C R E AT E C L E A N A N D R E L I A B L E E N E R GY SUPPORTING A CIRCULAR ECONOMY Ecologically sound ways of using and recycling resources like biomass, municipal waste, and solar energy to create clean, renewable baseload power while reducing greenhouse gas emissions. REDUCING THE IMPACT OF GREENHOUSE GAS EMISSIONS Hydrogen production, carbon capture, ash handling, cooling systems, energy recovery and storage, and advanced emissions control solutions to help preserve the world's natural resources. CREATING RELIABLE AND EFFICIENT STEAM GENERATION Providing boilers and related equipment, aftermarket parts, service and upgrades to help utilities and industries generate reliable thermal energy from a wide range of fuels and bridge the gap during the global transition to new energy sources. CLEAN ENERGY SOLUTIONS TRADITIONAL DELIVERING VALUE THROUGH TECHNOLOGY-DRIVEN PRODUCTS AND SERVICES, WITH CONTINUAL PRODUCT IMPROVEMENT AND ROBUST R&D EFFORTS TO SUPPORT FUTURE ENERGY NEEDS |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm239622d1_ex99-2img05.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2023 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 5 T H E F O U N DAT I O N O F O U R C O M PA N Y Our Vision: Advancing energy and environmental solutions that bring power and progress to our world. Our Mission: B&W delivers environmentally conscious, technology-driven solutions and services to energy and industrial customers worldwide – safely, ethically and as promised. Our Core Values: Safety • Integrity • Quality • Respect • Agility |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm239622d1_ex99-2img06.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2023 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 6 WE ' RE L E A DI N G A N D DRI VI N G C L E A N POWE R S OLU T I ON S B&W SUPPORTS GLOBAL TRENDS DRIVING THE NEED FOR SUSTAINABLE ENERGY CONVERSION SOLUTIONS U.S. Inflation Reduction Act increases the investment into low carbon intensity solutions and hydrogen production Energy trade disruptions around the world require increased use of available natural resources and reliable energy Global drive toward renewable and reusable energy sources to limit carbon and methane emissions E.U. Net-Zero Industry Act accelerating investment in solar, energy storage and carbon capture A strong utility and industrial boiler installed base creates stable aftermarket in the U.S. and continued growth in international power generation Water scarcity and environmental regulationsdrive need for custom cooling solutions |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm239622d1_ex99-2img08.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2023 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 8 W E ' R E L E V E R A G I N G A VA S T I N S TA L L E D B A S E A N D P R OV E N T E C H N O L O G I E S More than 500 waste-to-energy and biomass-to-energy units at 300+ facilities globally Serving utility, waste management, municipality and investment firm customers Extensive expertise in managing and executing both utility-scale and community solar projects Large worldwide installed base of wet and dry scrubbers for SOx reduction, particulate control equipment, NOx reduction technologies, and mercury control systems to meet environmental regulations Flue gas pre-treatment technologies for use with CO2 capture Nearly 2,000 wet, dry and hybrid cooling system units (10,000+ cells) installed globally More than 300 operating utility and industrial boiler units in the U.S. and nearly 200 operating utility and industrial boiler units across 38 countries outside of North America (excluding waste-to-energy and biomass) More than 5,000 industrial water-tube package boilers and other waste heat recovery products installed in a variety of facilities, including refining, petrochemical, food processing, metals and mining, carbon black and wood products A VAST GLOBAL INSTALLATION OF B&W'S CORE TECHNOLOGIES AT UTILITY AND INDUSTRIAL PLANTS, RENEWABLE PLANTS AND PULP & PAPER FACILITIES CREATE A LARGE GROWTH OPPORTUNITY FOR PARTS, SERVICES AND RETROFITS |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm239622d1_ex99-2img09.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2023 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 9 CORPORATE SNAPSHOT B A B C O C K & W I L C OX P R O F I L E Notes: All charts based on LTM December 31, 2022 revenues, unless otherwise noted. 1. Backlog does not include shorter lead-time parts and services. 2. The most comparable GAAP target is not available without unreasonable effort. Disclaimer: B&W Enterprises cautions not to place undue reliance on any forward-looking statements, which speak only as of the date of this presentation and may be impacted by the risks described in our SEC reports including, without limitation, the impact of COVID-19 on us and the capital markets and global economic climate generally. We undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law. Headquarters: Akron OH, USA Founded: 1867 Ownership: Public (NYSE:BW) Employees: ~2150 LTM Revenue December 2022: LTM Adjusted EBITDA: ~$890M $72.4M 2023 EBITDA Target: $100M to $120M2 B&W RENEWABLE Power Generation 72% Industrial 28% Aftermarket & Upgrades 12% Parts & Services 47% North America 36% Europe 53% Asia & Other 11% New Build 41% B&W THERMAL Industrial 35% Power Generation 65% Aftermarket & Upgrades 45% Parts & Services 45% North America 83% Europe 2% Asia & Other 15% New Build 10% B&W ENVIRONMENTAL Industrial 37% Power Generation 63% Aftermarket & Upgrades 33% Parts & Services 33% North America 46% Europe 18% New Build 34% Asia & Other 37% CONSOLIDATED 36% 17% 47% 41% 21% 38% Industrial 32% Power Generation 68% Aftermarket & Upgrades 31% Parts & Services 44% New Build 25% North America 60% Europe 23% Asia & Other 17% Backlog1 as of December 31, 2022 B&W Renewable LTM Revenue B&W Environmental B&W Thermal |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm239622d1_ex99-2img10.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2023 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 1 0 60-70% 10-15% 15-25% PIPELINE REVENUE SPLIT 2023-2025 A S O L I D P I P E L I N E O F G L O B A L O P P O R T U N I T I E S Manufacturing Service Facilities Construction Sales/Support Future Sales/Support Sales Reps Future Sales Reps Future Service Facilities Americas APAC Europe ME/A $2,085 $1,088 $1,288 $892 $ M ILLIONS B&W RENEWABLE Americas APAC Europe ME/A $757 $189 $655 $ M ILLIONS $67 B&W ENVIRONMENTAL Americas APAC Europe ME/A $692 $148 $16 $295 $ M ILLIONS B&W THERMAL 3-YEAR PIPELINE Total pipeline more than $8 billion over the next 3 years excluding parts and services Disclaimer: B&W Enterprises cautions not to place undue reliance on any forward-looking statements, which speak only as of the date of this presentation and may be impacted by the risks described in our SEC reports including, without limitation, the impact of COVID-19 on us and the capital markets and global economic climate generally. We undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law. 2023-2025 Addressable Market Europe More than $8B 2023-2025 Addressable Market Americas Solar: More than $27B Other: More than $8B 2023-2025 Addressable Market Asia-Pacific More than $8B A WIDE FOOTPRINT AND ONGOING EXPANSION POSITIONS B&W TO LEVERAGE MARKET TRENDS AROUND THE WORLD 2023-2025 Addressable Market Middle East & Africa More than $4B |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm239622d1_ex99-2img11.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2023 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 1 1 B R I G H T L O O P H Y D R O G E N P R O D U C T I O N SOLID ADVANTAGES: • Hydrogen from solid fuels – can utilize a variety of solid or gaseous fuels as feedstock • High rate of carbon captured – inherent CO2 isolation without the need for expensive carbon capture equipment • Competitive hydrogen cost – lower levelized cost of hydrogen when compared to other hydrogen production methods • Scalable for a range of applications– accommodates both large and small applications TM FEEDSTOCK OUTPUT BrightLoopTM Technology BIOMASS BIOGAS NATURAL GAS COAL PETROLEUM COKE CO2 for Storage/Beneficial Use STEAM HYDROGEN POWER SYNGAS Nitrogen for Beneficial Use |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm239622d1_ex99-2img12.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2023 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 1 2 B R I G H T L O O P H Y D R O G E N P R O D U C T I O N P R O G R E S S BRIGHTLOOP EVOLUTION 1994 - 2004 2008 2014 2024 2026 TM Sub-Pilot with The Ohio State University and B&W 25 Kilowatts Thermal INDUSTRIAL COMMERCIAL 2.5 to 25 Megawatts Thermal 1.5 to 15 Tons Per Day Hydrogen Output UTILITY COMMERCIAL 100 to 550 Megawatts Thermal 60 to 320 Tons Per Day Hydrogen Output COMPLETED RESEA RCH STA GE SUB-PIL OT SCALE PIL OT SCA LE Laboratory Scale Steam & Hydrogen 25 Kilowatts Thermal (National Carbon Capture Center in Alabama) TM IN PROGRESS |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm239622d1_ex99-2img13.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2023 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 1 3 G L O B A L L E A D E R I N C L E A N P O W E R P R O D U C T I O N T E C H N O L O G I E S — O U R C L I M AT E B R I G H T™ S U I T E • B&W is at the forefront of developing CO2 capturing technologies • Multiple technologies ready for commercial demonstration • 93 active patents related to carbon capture technology • Positioned to provide critical solutions to meet global climate goals BrightLoop™ HYDROGEN PRODUCTION OxyBright™ OXYGEN-FUEL COMBUSTION SolveBright™ POST-COMBUSTION CARBON CAPTURE BrightGen™ HYDROGEN COMBUSTION Long Duration Energy Storage Green Steam Direct Air Capture HOT SAND SILO COLD SAND SILO EMERGING TECHNOLOGIES B&W'S PORTFOLIO OF CLEAN POWER PRODUCTION SOLUTIONS CONTINUES TO EVOLVE TO REACH CUSTOMERS AT ALL STAGES OF THEIR ENERGY TRANSITION. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm239622d1_ex99-2img14.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2023 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 1 4 G L O B A L L E A D E R I N C O M P R E H E N S I V E WA S T E - T O- E N E R GY S O L U T I O N S FIELD SERVICES COMPONENT & SYSTEM UPGRADES CONTROL SYSTEMS REPLACEMENT & SPARE PARTS OPERATION & MAINTENANCE DynaGrate® combustion grate DynaDischarger® ash removal Water-cooled wear zones and Inconel® corrosion protection VoluMix® system for improved combustion Fabric filter baghouse Wet scrubber with ADIOX® including energy recovery On-line boiler washing system Selective non-catalytic reduction (SNCR) NOx control DynaFeeder® waste fuel feeder system Energy storage systems Carbon capture solutions Dry cooling systems |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm239622d1_ex99-2img15.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2023 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 1 5 N E T - N E G AT I V E C A R B O N I N T E N S I T Y F O R B I O M A S S A N D M U N I C I PA L S O L I D WA S T E OxyBright with B&W's biomass-fired BFB boiler produces carbon negative electricity with a -2,500gCO2e/kWh carbon intensity OxyBright with B&W's WtE solution could produce carbon negative electricity with a -1,000 gCO2e/kWh carbon intensity Our negative carbon intensity (-2500 gCO2e/kWh) is nearly seven times more negative than the US grid is positive (+373 gCO2e/kWh) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm239622d1_ex99-2img16.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2023 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 1 6 B & W ' S WA S T E - T O- E N E R GY T E C H N O L O GY R E D U C E S M E T H A N E E M I S S I O N S • Methane has 84 times the Global Warming Potential (GWP) of CO2 i • Annual additions to landfills in the U.S.ii produce emissions equivalent to 10 million cars • Landfills in the U.S.iii emit more than 330 million tons of 20- year basis GWP each year, roughly equal to 70 million carsiv • Waste-to-Energy (WTE) avoids landfilling while producing baseload clean energy WTE TECHNOLOGIES • Boiler/steam generation island • DynaGrate® combustion grate • Fuel handling systems • Emissions control equipment • B&W's state-of-the-art technology has been installed in more than 500 units in more than 30 countries, including: • The most recent WTE facility in the U.S. (Palm Beach Renewable Energy Facility, Florida) • One of the world's largest waste treatment facilities in the world (Shenzhen East, China) i Anthropogenic and Natural Radiative Forcing. In: Climate Change 2013: The Physical Science Basis. Contribution of Working Group I to the Fifth Assessment Report of the Intergovernmental Panel on Climate Change [Stocker, T.F., D. Qin, G.-K. Plattner, M. Tignor, S.K. Allen, J. Boschung, A. Nauels, Y. Xia, V. Bex and P.M. Midgley (eds.)]. Cambridge University Press, Cambridge, United Kingdom and New York, NY, USA. https://www.ipcc.ch/site/assets/uploads/2018/02/WG1AR5_Chapter08_FINAL.pdf; 20-year basis ii EIA Biomass Explained: Waste-to-energy (Municipal Solid Waste), November 29, 2020 https://www.eia.gov/energyexplained/biomass/waste-to-energy.php iii EPA Landfill Methane Outreach Program: Project and Landfill Data by State; https://www.epa.gov/lmop/project-and-landfill-data-state#:~:text=The%20LMOP%20Landfill%20and%20Landfill,more%20than%202%2C600%20MSW%20landfills and EPA U.S. Greenhouse Gas Inventory 2020, Chapter 7: Waste, Section 7.1 Landfills (CRF Source Category 5A1) iv Equivalent car emissions calculated using EPA metric of 4.6 metric tons of CO2 per year per passenger car B&W IS ACTIVELY DEPLOYING TECHNOLOGY THAT CURBS THE GLOBAL WARMING IMPACT OF METHANE |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm239622d1_ex99-2img17.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2023 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 1 7 F I N A N C I A L I N F O R M AT I O N |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm239622d1_ex99-2img18.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2023 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 1 8 C O N S O L I DAT E D F I N A N C I A L S U M M A RY ($ in millions) Twelve Months Ended December 31, 2022 Twelve Months Ended December 31, 2021 Twelve Months Ended December 31, 2020 Revenue $889.8 $723.4 $566.3 Operating Income (loss) $(4.2) $20.8 $(1.7) Net Income (loss) $(26.6) $31.5 $(10.3) Net income (loss) attributable to stockholders of common stock $(37.7) $21.8 $(10.3) Adjusted EBITDA $72.4 $70.6 $45.7 Adjusted EBITDA Margin % 8.1% 9.8% 8.1% Note: 2020 Reported results include the recognition in Q3 2020 of a $26.0 million non-recurring loss recovery settlement related to certain historical EPC loss contracts; figures may not be clerically accurate due to rounding; see SEC financial filings and/or slides in Appendix for reconciliation of non-GAAP measures; COVID-19 adversely impacted all segments in 2020 and 2021. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm239622d1_ex99-2img19.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2023 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 1 9 C A P I TA L S T R U C T U R E ($ in millions) As of December 31, 2022 CAPITALIZATION: Total Debt $353.00 Cash, cash equivalents and restricted cash 113.50 Net Debt $239.50 TOTAL DEBT LEVERAGE: LTM 12/31/2022 Adjusted EBITDA(1) 72.40 Net Leverage(2) 3.31x Note: Figures may not be clerically accurate due to rounding. (1) See SEC financial filings and/or slides in Appendix for reconciliation of non-GAAP measures. (2) Net Debt compared to LTM 12/31/2022 Adjusted EBITDA. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm239622d1_ex99-2img20.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2023 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 2 0 A P P E N D I X |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm239622d1_ex99-2img21.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2023 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 2 1 L E A D E RS H I P T E A M Chairman and Chief Executive Officer Kenny Young Executive Vice President and Chief Financial Officer Lou Salamone Executive Vice President and Chief Operating Officer Jimmy B. Morgan Executive Vice President, General Counsel and Corporate Secretary John J. Dziewisz Chief Strategy and Technology Officer Brandy Johnson Vice President, Corporate Operations Gillianne Hetrick Senior Vice President, Clean Energy Joe Buckler Senior Vice President, Thermal Chris Riker Vice President, Corporate Development Sarah Serafin |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm239622d1_ex99-2img22.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2023 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 2 2 C O R P O R AT E G OV E R N A N C E Joseph Tato Rebecca Stahl Chairman and Chief Executive Officer Kenny Young Henry Bartoli B O A R D O F D I R E C T O R S Alan Howe Philip Moeller Peter O'Keefe Phillip Piddington Homaira Akbari Rod O'Connor A D V I S O R Y B O A R D Eric Powell |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm239622d1_ex99-2img23.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2023 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 2 3 A D J U S T E D E B I T DA R E C O N C I L I AT I O N (1) ($ in millions) Twelve Months Ended December 31, 2022 (4) Twelve Months Ended Dec 31, 2021 Twelve Months Ended Dec 31, 2020 (3) Net income (loss) $(26.6) $31.5 $(10.3) Interest expense 50.8 41.4 60.7 Income tax (benefit) expense 11.0 (2.2) 8.2 Depreciation & amortization 24.0 18.3 16.8 EBITDA 59.2 89.0 75.4 Goodwill impairment 7.2 — — Benefit plans, net (37.5) (48.1) (5.6) Gain on sales, net (2.6) (14.0) (3.2) (Gain) loss on debt extinguishment — (6.5) 6.2 Stock compensation 8.7 10.5 4.6 Restructuring activities and business services transition costs 8.5 10.7 11.8 Advisory fees for settlement costs and liquidity planning 1.5 5.5 6.4 Litigation legal costs 10.7 4.9 2.1 Acquisition pursuit and related costs 5.5 4.8 — Contract Disposal (O&M) 3.0 — — Product development (2) 4.1 4.7 — Foreign exchange 0.6 4.3 (58.8) Financial advisory services 1.4 2.7 4.4 Contract step-up purchase price adjustment 1.7 — — Loss from business held for sale — 0.5 0.5 Other – net 0.4 1.6 3.7 Income from discontinued operations — — (1.8) Adjusted EBITDA $72.4 $70.6 $45.7 1) Adjusted EBITDA is a non-GAAP Measure; figures may not be clerically accurate due to rounding. 2) Cost associated with development of commercially viable products that are ready to go to market. 3) 4) Adjusted EBITDA for the twelve months ended December 31, 2020, include the recognition of a $26.0 million loss recovery settlement related to certain historical EPC loss contracts in the third quarter, as previously disclosed. Adjusted EBITDA for the twelve months ended December 31, 2022 include a $7.0 million non-recurring gain on sale related to development rights of a future solar project that was sold. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm239622d1_ex99-2img24.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2023 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 2 4 K E Y T EC H N O LO G I E S A N D C A PA B I L I T I E S |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm239622d1_ex99-2img25.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2023 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 2 5 K E Y T E C H N O L O G I E S : S T E A M G E N E R AT I O N Utility Boilers High pressure, high efficiency, high capacity, low emissions Fuel: Coal, oil, natural gas, multi-fuel Natural Gas-Fired and Other Industrial Water-Tube and Fire-Tube Boilers Bottom- or top-supported, shop- or field-assembled Fuel: Natural gas, oil, CO, waste heat and gases Heat Recovery Steam Generator Components Pressure parts, casing, ducting, drums, housing and frames Fuel: Waste heat and gases Waste-to-Energy Boilers Reduces dependency on landfills and reduces methane gas emissions Fuel: MSW, RDF Biomass-Fired Boilers Carbon-neutral technology Fuel: Wood, wood waste, straw, sludge Process Recovery Boilers Single-drum, industry-standard unit for improved mill operation Fuel: Black liquor |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm239622d1_ex99-2img26.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2023 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 2 6 K E Y T E C H N O L O G I E S : R E N E WA B L E C O M B U S T I O N G R AT E S • Large installed base with diverse set of customers • Grate design allows for high availability and long operational time, leading to reduced O&M cost • High thermal efficiency and low emissions • Fuel flexibility • Factory assembled modules reduce field construction D Y N A G R A T E® C O M B U S T I O N G R A T E A MARKET LEADER WITH DIFFERENTIATING TECHNOLOGY IN WASTE-TO-ENERGY SOLUTIONS |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm239622d1_ex99-2img27.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2023 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 2 7 K E Y T E C H N O L O G I E S : E M I S S I O N S C O N T R O L S • Wet ESPs • Dry Sorbent Injection (DSI) SO3 / Acid Mist Control PURPOSE TECHNOLOGY SOLUTION Particulate Control • Pulse Jet Fabric Filters (PJFF) / Baghouses • Wet and Dry Electrostatic Precipitators (ESPs) • Wet Particulate Scrubbers • Multiclone® Dust Collectors • Selective Catalytic and Non-catalytic Reduction (SCR/SNCR) • Low NOX Burners and Combustion Systems NOx Control • Wet or Seawater Flue Gas Desulfurization (FGD) Systems • Semi-dry FGDs (Spray Dry Absorbers, Circulating Dry Scrubbers) • Wet ESPs and Dry Sorbent Injection (DSI) SO2 / Acid Gas Control PURPOSE TECHNOLOGY SOLUTION • Powdered Activated Carbon Injection • Absorption Plus™, MercPlus™, Mitagent™ Additives • GMAB™ ADIOX® and MERCOX™ technologies Mercury, Dioxins, Furans • Wastewater Evaporation System (WES) via Spray Drying • Air-Cooled Condensers Wastewater Elimination Pre-treatment for Post-Combustion Carbon Capture • Wet and Dry Scrubbers, Sorbent Injection, ESP Fabric Filters, SCRs • Complements SolveBright process, other post-combustion technologies |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm239622d1_ex99-2img28.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2023 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 2 8 K E Y T E C H N O L O G I E S : S U B M E R G E D G R I N D C O N V E Y O R A S H H A N D L I N G • Lower equipment cost • Lower installation cost • Ability to utilize existing hoppers and gate valves • No hopper modifications • Short outage time • Short lead time • Available redundancy under the boiler • Lower O&M costs Designated to meet current and future U.S. regulatory requirements for ash handling with: AN INNOVATIVE SOLUTION TO ELIMINATE ASH PONDS |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm239622d1_ex99-2img29.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2023 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 2 9 K E Y T E C H N O L O G I E S : F L U E G A S T R E AT M E N T F O R C A R B O N C A P T U R E • To optimize carbon capture on solvent-based scrubbing technologies, reductions in various pollutants found in the incoming flue gas are required • Our solutions include technologies for acid gases, particulate and acid mist, NOx , mercury, and flue gas moisture THE WORLDWIDE LEADER IN FLUE GAS PRE-TREATMENT TECHNOLOGIES FOR POST-COMBUSTION CARBON CAPTURE |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm239622d1_ex99-2img30.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2023 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 3 0 K E Y T E C H N O L O G I E S : C O O L I N G S Y S T E M S MATERIAL OPTIONS: WOOD \| CONCRETE \| FIBER-REINFORCED POLYMER (FRP) NATURAL DRAFT/HYPERBOLIC Fanless design provides low power, noise and maintenance, as well as long operating lifecycle MECHANICAL DRAFT Counterflow for cost-effective thermal performance; crossflow for low energy consumption and operating costs WET AIR-COOLED CONDENERS Water preservation technology customized for high-performance, long-life, low noise, corrosion-resistant applications AIR FIN COOLERS Cost-effective designs using embedded or wrapped tubes to meet required thermal, mechanical, noise, and space requirements DRY OPTIMIZATION SERVICES Specialized services to maximize plant performance and minimize costs and maintenance |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm239622d1_ex99-2img31.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2023 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 3 1 K E Y C A PA B I L I T I E S : G L O B A L PA R T S & S E RV I C E Adding value through constructability: Safe execution of new installation, retrofits, system maintenance/repair, plant modifications CONSTRUCTION OPTIMIZATION SYSTEMS Enhancing efficiency with proven technology: Diagnostic, monitoring, tuning and control systems for combustion, cleaning and cooling equipment UPGRADES & RETROFITS Maintaining/improving plant operation: Projects for extending the life of power, process and environmental equipment ENGINEERING SERVICES Evaluating options for improved performance: Expert people, tools and processes to measure, model, design, deliver, train, and project manage REPLACEMENT PARTS Supplying components for system reliability: High-quality standard or custom-engineered pressure and non-pressure parts |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm239622d1_ex99-2img32.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2023 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 3 2 K E Y T E C H N O L O G I E S : I G N I T O RS , F L A M E S C A N N E RS A N D C O N T R O L S • Natural gas conversions from oil- or coal-firing • Alternative energy fuels such as hydrogen, bio-diesel, methanol, and bio-gas • Burner management and controls for complete turnkey system capability • Flame scanning capability can be effectively implemented on any industrial application • Technologies can be utilized for new construction or retrofit projects • Safety standards conforming to National Fire Protection Association (NFPA) classes Designed for safety, reliability and fuel flexibility PROVEN TECHNOLOGIES WITH INSTALLATIONS IN MORE THAN 70 COUNTRIES, INCLUDING MORE THAN 11,000 IGNITORS |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm239622d1_ex99-2img33.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2023 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 3 3 K E Y T E C H N O L O G I E S : E N G I N E E R E D P R O D U C T S A N D H RS G C O M P O N E N T S E N G I N E E R E D P R O D U C T S A N D S O L U T I O N S , Q U A L I T Y M A N U F A C T U R I N G PROVEN EXPERIENCE IN HEAT TRANSFER AND STEAM GENERATING EQUIPMENT FOR USE IN A WIDE RANGE OF APPLICATIONS. • Comprehensive mechanical and process design upgrades • Chanute, Kansas, manufacturing facility has produced more HRSG components than any other facility in North America – Pressure part modules and coils, superheaters, economizers – Finned tubing – Casing – Ducting – Steam drums – Housing and frames • Firetube and watertube package boilers • Sulfuric acid plant capabilities |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm239622d1_ex99-2img34.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2023 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 3 4 K E Y C A PA B I L I T I E S : S O L A R I N S TA L L AT I O N ENGINEERING AND PROCUREMENT • Project Cost Analysis • Grid Integration and Interconnection • Technical Evaluation • Push-Pull Testing • AC and DC Engineering • Permitting and AHJ Permissions • Logistics • Strategic Procurement of Structural Components and Electrical BOE CONSTRUCTION • Subcontractor Management • On-Site Construction Management • Coordination and Supervision of Projects • Utility Interconnections • Quality and Commissioning Control • Electrical and Structural QA/QC • BOE BENEFITS OF A SOLAR ADDITION: 1. Powering up/down operations 2. Supplemental/plant energy source 3. Additional MW/GW output INDUSTRY-LEADING EPC SERVICES High efficiency. Low emissions. Integrated solutions for clean power production. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm239622d1_ex99-2img35.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2023 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 3 5 K E Y T E C H N O L O G I E S : L O N G D U R AT I O N E N E R GY S T O R A G E • B&W offers Pressurized or Atmospheric Fluidized Bed technology for long duration energy storage • B&W also has an exclusive option to license NREL's Enduring long duration energy storage technology NREL Enduring: (8-100 hours storage) • Electric heater (stores heat in sand) • Air Brayton Combined Cycle LONG DURATION ENERGY STORAGE SMOOTHS RENEWABLE ENERGY PEAKS AND BRIDGES WEATHER EVENTS |

---

&nbsp;&nbsp;![GRAPHIC](tm239622d1_ex99-2img36.jpg)<br>