# EDGAR Filing Document

**Accession Number:** 0001649313
**File Stem:** 0001213900-26-022674
**Filing Date:** 2026-3
**Character Count:** 104467
**Document Hash:** 2758ca2af693f2260981f74fa1df01d5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-022674.hdr.sgml**: 20260303

**ACCESSION NUMBER**: 0001213900-26-022674

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20260303

**FILED AS OF DATE**: 20260303

**DATE AS OF CHANGE**: 20260303

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BW LPG Ltd
- **CENTRAL INDEX KEY:** 0001649313
- **STANDARD INDUSTRIAL CLASSIFICATION:** TRANSPORTATION SERVICES [4700]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** U0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42008
- **FILM NUMBER:** 26710952

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 10 PASIR PANJANG ROAD
- **STREET 2:** #17-02
- **CITY:** MAPLETREE BUSINESS CITY
- **PROVINCE COUNTRY:** U0
- **BUSINESS PHONE:** 65 6705 5588

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 10 PASIR PANJANG ROAD
- **STREET 2:** #17-02
- **CITY:** MAPLETREE BUSINESS CITY
- **PROVINCE COUNTRY:** U0

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**Form 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER** 

**PURSUANT TO RULE 13a-16 OR 15d-16** 

**UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of March, 2026.**

**Commission File Number: 001-42008**

**BW LPG Limited**

(Translation of registrant's name into English)

**c/o BW LPG Holding Pte Ltd**

**10 Pasir Panjang Road, #17-02 Mapletree Business City, Singapore**

**117438**

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

**INFORMATION CONTAINED IN THIS FORM 6-K**

Attached to this Report on Form 6-K as Exhibit 99.1 is the press release of BW LPG Limited (the "Company"), dated March 3, 2026, announcing the Company's financial results for the fourth quarter ended December 31, 2025 ("Q4 2025").

Attached to this Report on Form 6-K as Exhibit 99.2 is the Q4 2025 Interim Financial Report of the Company.

Attached to this Report on Form 6-K as Exhibit 99.3 is the Q4 2025 Earnings Presentation of the Company.

Attached to this Report on Form 6-K as Exhibit 99.4 is the press release of the Company, dated March 3, 2026, announcing key information regarding the Company's cash dividend for Q4 2025.

The information contained in Exhibit 99.2 to this Report on Form 6-K is hereby incorporated by reference into the Company's registration statement on [Form S-8](http://www.sec.gov/Archives/edgar/data/1649313/000110465924081023/tm2419420d1_s8.htm) (File No. 333-280892) that was filed with the U.S. Securities and Exchange Commission effective July 19, 2024 and the Company's registration statement on [Form F-3](http://www.sec.gov/Archives/edgar/data/1649313/000121390025054001/ea0245598-f3asr_bwlpg.htm) (File No. 333-287996) that was filed with the U.S. Securities and Exchange Commission effective June 13, 2025.

**DOCUMENTS TO BE FURNISHED AS PART OF THIS FORM 6-K**

---

| | |
|:---|:---|
| **Exhibit<br> Number** | **Exhibit Description** |
| 99.1 | [Press release of BW LPG Limited dated March 3, 2026 – Financial Results for Q4 2025](ea027949001ex99-1.htm) |
| 99.2 | [BW LPG Limited Q4 2025 and FY 2025 (unaudited) Interim Financial Report](ea027949001ex99-2.htm) |
| 99.3 | [BW LPG Limited Q4 2025 Earnings Presentation](ea027949001ex99-3.htm) |
| 99.4 | [Press release of BW LPG Limited dated March 3, 2026 – Key information relating to the cash dividend for Q4 2025](ea027949001ex99-4.htm) |

---

**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.

---

| | |
|:---|:---|
| **BW LPG Limited** | **BW LPG Limited** |
| By: | /s/ Samantha Xu |
| Name: | Samantha Xu |
| Title: | Chief Financial Officer |

---

Date: March 3, 2026

## Exhibit 99.1

**Exhibit 99.1**

**BW LPG Limited – Financial Results for Q4 2025** 

Singapore, 3 March 2026

**Highlights Q4 2025**

**Q4 2025 profit**

● Q4 2025 profit attributable to equity holders of the Company ended at US$104 million, representing an earnings per share of US$0.69, a result of solid shipping performance and continued positive results from Product Services.

**Q4 TCE performance**

● TCE income – Shipping Q4 2025 concluded at US$50,300 per available day, above our guidance of US$47,000 per day, and US$48,100 per calendar day. The earnings were well supported by the Company's time charter coverage of 44% of available days at US$48,100 per day.

**Q1 2026 guidance**

● Fixed 94% of available fleet days at an average rate of ~US$54,000 per day

**Cash dividend declared**

● The Company declared a Q4 2025 cash dividend of US$0.57 per share, equivalent to 100% of Shipping NPAT for Q4 2025.

**Subsequent events**

● Iran-Israel/US war. So far minimal negative financial impact. There are currently three vessels from our Indian-flagged fleet in the region, two on time charter and one in dry dock. Initial market reaction is to secure more cargoes from the US with freight rates spiking.

● As per our announcement in February, secured two three-year time charter-out contracts, increasing the 2026 fixed-rate time charter-out coverage to 36% at an average rate of US$43,700 per day

**Financial Performance**

BW LPG Limited ("BW LPG", the "Company", NYSE ticker code: "BWLP", OSE ticker code: "BWLPG.OL") reported a Q4 2025 Net Profit After Tax (NPAT) US$123 million, yielding an annualised return on equity of 26%. The Q4 profit attributable to the equity holders of the Company was US$104 million, and earnings per share were US$0.69.

The Company reported ample liquidity of US$613 million. The end-of-quarter net leverage ratio was 28.4%, compared to 29.7% as of 30 September 2025.

The Board declared a cash dividend of US$0.57 per share, representing a 100% payout ratio of the quarterly Shipping NPAT in line with the dividend policy and an annualised dividend yield of 12.5%.

**<br> Commercial Performance Shipping**

The Q4 2025 VLGC freight rates averaged US$50,300 per available day and US$48,100 per calendar day, with 94% fleet utilisation. Time Charter Equivalent (TCE) income was US$196 million for the quarter, with the BW LPG India subsidiary contributing a TCE income of US$33 million for the quarter.

For Q1 2026, the Company has fixed ~94% of available days at an average rate of ~US$54,000 per day.

For FY 2026, the Company has secured 36% of the fleet capacity on fixed-rate time charters at US$43,700 per day, and an additional 4% through FFA hedges at an average rate of US$47,900 per day.

**Product Services**

Product Services presents a strong finish to the fiscal year 2025, reporting a gross profit of US$27 million and a net profit after tax of US$23 million for this quarter. The gross profit comprises of a realised gain of US$12 million from portfolio of cargo, freight and hedging transactions, and a positive unrealised mark-to-market change of US$15 million from open cargo contracts and hedging transactions.

**Market Update**

The LPG market in 2025 was shaped by geopolitical events, regulatory interventions and logistical bottlenecks. Trade tensions and port fee legislation created temporary inefficiencies, while congestion in the Panama Canal once again diverted vessels onto longer routes, supporting ton-mile demand. At the same time, market fundamentals remained solid, and the supply-driven trade dynamics of LPG demonstrated resilience through its "priced-to-clear" characteristics, with Asia continuing to serve as the key destination despite shifts in global trade patterns. In recent months, high US propane inventories have also contributed to a wider US – Far East price arbitrage, supporting a firm VLGC spot rate sentiment.

**Cargo Movements**

LPG exports carried on VLGCs out of the US increased by nearly 5% during 2025 compared to 2024. US exports bound for China have recovered from their low point in May 2025 but are still well below levels seen before trade tensions between China and the US were at their highest.

Out of the Middle East, LPG exports on VLGCs were flat in 2025 compared to 2024. OPEC+ has paused increases in oil production for the first quarter of 2026, but should the group decide to increase oil production, this could also increase the amount of LPG being brought to market.

On the importing side, LPG shipped on VLGCs from North America and the Middle East to the Far East declined by 2% in 2025 compared to the preceding year. The decline in Far East imports was largely driven by lower imports into China, which declined 3% year-by-year. This decline has occurred in tandem with lower LPG stocks, indicating that China has tapped into inventories and that downstream demand for LPG remains intact.

While Far East imports from North America and the Middle East were down in 2025, imports into other regions grew. Notably, Indian and Southeast Asian imports grew 10% and 11% respectively in 2025 from North America and the Middle East combined.

**Panama Canal**

Panama Canal dynamics remained an important driver of ton-mile demand in 2025. High utilisation of the new locks and strong demand for pre-booked slots led to elevated transit fees and encouraged many VLGCs to sail via the Cape of Good Hope instead of transiting the canal.

With continued fleet growth across several shipping segments, including LNG, ethane carriers and VLGCs, high utilisation of the canal's new locks should be expected in the coming years.

**Fleet Capacity**

The VLGC fleet currently stands at 421 ships, with an orderbook of 105 vessels. Year to date, eight new VLGCs have been delivered, with 30 more scheduled for the remainder of 2026. For new orders, well-established shipyards are indicating delivery slots no earlier than 2028 for VLGCs. 44 VLGCs – more than 10% of the existing fleet – are 25 years or older.

**Market Outlook**

The initial market reaction to the Iran-Israel/US war has been to secure US cargoes leading to increased spot rates and longer ton-miles. In the Middle East, Strait of Hormuz safety concerns are halting exports from the region. A prolonged conflict will most likely divert more VLGCs to the US Gulf and may impact the US Gulf rates negatively.

LPG export fundamentals are expected to remain sound with support seen from additional export capacity, new gas projects, long-haul trade patterns and recurring constraints in the Panama Canal.

North American LPG exports are expected to grow in the mid-single digits in the coming years, supported by new export infrastructure and increasingly gas-rich Permian oil production.

LPG exports out of the Middle East are expected to grow in the high single digits in the coming years, driven by new and expanding projects, especially in Saudi Arabia and in Qatar.

In China, average operating rates at PDH plants are currently below normal historical levels but are expected to increase going forward as more plants return from maintenance. LPG inventories in China have declined since mid-2025 and are now lower than normal. In addition, three more PDH plants are scheduled for start-up in 2026, with another five expected in 2027.

The Ras Tanura-Chiba FFA market for FY 2026 is currently reflecting earnings of about US$85,000 per day, albeit with limited liquidity.

**Q4 2025 Earnings Presentation and Interim Financial Report** 

Please see the attachments for the Q4 2025 Earnings Presentation and Interim Financial Report.

- BW LPG Q4 2025 Earnings Presentation

- BW LPG Q4 2025 Interim Financial Report

BW LPG will present its financial results at 08:00hrs EST/ 14:00hrs CET/ 21:00hrs SGT today. The presentation will be hosted by Kristian Sørensen (CEO) and Samantha Xu (CFO).

The presentation will be held live via Zoom. Please register at the link below: https://bit.ly/BWLPGQ42025

Registered participants will receive a confirmation email containing access details for the Zoom meeting. A recording of the presentation will be made available on the Company's website following the event at https://www.investor.bwlpg.com

**For further information, please contact:**

Kristian Sørensen, CEO<br> Samantha Xu, CFO<br> E-mail: investor.relations@bwlpg.com

**About BW LPG**

Delivering energy for a better world – more information about BW LPG can be found at www.bwlpg.com.

BW LPG is associated with BW Group, a leading global maritime company involved in shipping, floating infrastructure, deepwater oil & gas production, and new sustainable technologies. Founded in 1955 by Sir YK Pao, BW controls a fleet of over 450 vessels transporting oil, gas and dry commodities, with its 200 LNG and LPG ships constituting the largest gas fleet in the world. In the renewables space, the group has investments in solar, wind, batteries, and water treatment.

This information is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

## Exhibit 99.2

**Exhibit 99.2**

![](ea027949001_ex99-2img1.jpg)

BW LPG Limited

Interim Financial Report (Unaudited)

Q4 2025 and FY 2025

**FORWARD-LOOKING STATEMENTS**

In this unaudited interim financial report, "the Company" or "BW LPG" refers to BW LPG Limited. "The Group" refers to BW LPG Limited together with its consolidated subsidiaries.

Matters discussed in this unaudited interim financial report may constitute "forward-looking statements". The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts or present facts and circumstances. This unaudited interim financial report and any other written or oral statements made by us or on our behalf may include forward-looking statements, which reflect our current views with respect to future events and financial and operational performance.

These forward-looking statements may be identified by the use of forward-looking terminology, such as the terms "anticipates", "assumes", "believes", "can", "continue", "could", "estimates", "expects", "forecasts", "intends", "likely", "may", "might", "plans", "should", "potential", "projects", "seek", "will", "would" or, in each case, their negative, or other variations or comparable terminology. They include statements regarding BW LPG's intentions, beliefs or current expectations concerning, among other things, the financial strength and position of the Group, operating results, liquidity, prospects, growth, the implementation of strategic initiatives, as well as other statements relating to the Group's future business development, financial performance and the industry in which the Group operates.

Prospective investors in BW LPG are cautioned that forward-looking statements are not guarantees of future performance and that the Group's actual financial position, operating results and liquidity, and the development of the industry and potential market in which the Group may operate in the future, may differ materially from those made in, or suggested by, the forward-looking statements contained in this unaudited interim financial report. The forward-looking statements in this report are based upon various assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and market and industry data and forecasts prepared by and available from third parties. Although management believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, BW LPG cannot guarantee that the intentions, beliefs or current expectations upon which its forward-looking statements are based, will occur. BW LPG undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

By their nature, forward-looking statements involve, and are subject to, known and unknown risks, uncertainties and assumptions as they relate to events and depend on circumstances that may or may not occur in the future. Actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors including, but not limited to:

● general economic, political and business conditions;

● general LPG market conditions, including changes in LPG freight rates, charter rates, vessel values and bunker fuel prices and other operating costs;

● changes in demand in the LPG shipping industry;

● any adverse developments in the maritime LPG transportation business;

● changes in, and the Group's compliance with, governmental, tax, environmental, safety, data protection and privacy and other laws and regulations;

● failure in the management of climate and environmental risks and delivery and performance of management environmental objectives;

BW LPG Limited

Interim Financial Report (Unaudited)

Q4 2025 and FY 2025

**FORWARD-LOOKING STATEMENTS** (continued)

● changes in competition rules and regulations for the shipping industry;

● failure to manage disruptions, including due to climate change, abnormal weather conditions,

● pandemics, piracy, strikes and boycotts, political instability, sanctions and breaches of IT systems;

● failure to implement the Group's business strategy or manage the Group's growth;

● damages or breakdowns of the Group's vessels, including due to weather conditions, mechanical failures, wars or other circumstances and events;

● failure to obtain new customers or the loss of any existing major customers;

● failure to maintain sufficient cash reserves to make capital expenditures necessary for the Group's vessels' maintenance;

● failure to attract and retain key management personnel, technically skilled officers and other employees;

● default by third parties with whom the Group has entered into chartered-in arrangements;

● failure of the Group's third-party technical managers or other counterparties to meet their obligations;

● the ageing of the Group's fleet which could result in increased operating costs;

● delays in deliveries of or cost overruns in relation to newbuilds (if any);

● failure to integrate assets or businesses acquired from third parties;

● failure to identify or take advantage of arbitrage opportunities, effectively implement the Product Services division's hedging strategy and source LPG from third-party suppliers;

● loss of major tax disputes or successful tax challenges to the Group's operating structure or to the Group's tax payments;

● the availability of and the Group's ability to obtain financing to fund capital expenditures, acquisitions and other general corporate activities, the terms of such financing and the Group's ability to comply with the restrictions and other covenants set forth in the Group's existing and future debt agreements and financing arrangements;

Additional information about material risks that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found under "Item 3. Key Information – 3.D. Risk Factors" of BW LPG's Annual Report on Form 20-F, filed with the U.S. Securities and Exchange Commission on 28 March 2025.

BW LPG Limited

Interim Financial Report (Unaudited)

Q4 2025 and FY 2025

**SELECTED KEY FINANCIAL INFORMATION**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Statement of Comprehensive Income** | **Q4 2025<br> US$M** | Q4 2024<br> US$M | Change % | **FY 2025 <br> US$M** | FY 2024<br> US$M | Change% |
| TCE income - Shipping<sup>1</sup> | **195.9** | 127.6 | 54 | **709.0** | 608.2 | 17 |
| Gross profit – Product Services<sup>1</sup> | **26.9** | 15.4 | 75 | **15.9** | 144.8 | (89) |
| Operating profit | **140.8** | 47.4 | 197 | **348.0** | 433.7 | (20) |
| Profit after tax | **122.9** | 39.7 | N.M | **289.7** | 394.9 | (27) |
| Profit attributable to equity holders of the Company | **104.2** | 30.9 | N.M | **242.3** | 354.3 | (32) |
| (US$ per share) |  |  |  |  |  |  |
| Basic EPS<sup>2</sup> | **0.69** | 0.22 | N.M | **1.60** | 2.65 | (40) |
| Diluted EPS<sup>2</sup> | **0.69** | 0.22 | N.M | **1.60** | 2.64 | (39) |
| Dividend per share | **0.57** | 0.42 | 36 | **1.47** | 2.42 | (39) |

---

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| | | | |
|:---|:---|:---|:---|
| **Balance Sheet** | **31 Dec<br> 2025<br> US$M** | 31 Dec<br> 2024<br> US$M | Change % |
| Cash and cash equivalents | **242.0** | 279.7 | (13) |
| Total assets | **3154.8** | 3320.4 | (5) |
| Total liabilities | **1229.2** | 1382.9 | (11) |
| Total shareholders' equity | **1925.6** | 1937.5 | (1) |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Cash flow** | **Q4 2025 <br> US$M** | Q4 2024<br> US$M | Change % | **FY 2025 <br> US$M** | FY 2024<br> US$M | Change % |
| Net cash from operating activities | **180.3** | 239.6 | (25) | **570.1** | 749.1 | (24) |
| Capital expenditure | **47.1** | (518.2) | N.M | **(57.1)** | (537.6) | (89) |
| Adjusted free cash flow<sup>3</sup> | **227.4** | (278.6) | N.M | **513.0** | 211.6 | 142 |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Financial Ratios** | **Q4 2025<br> %** | Q4 2024 % | Change% | **31 Dec<br> 2025<br> %** | 31 Dec<br> 2024% | Change % |
| ROE<sup>4</sup> (annualised) | **25.5** | 8.9 | 187 | **15.0** | 22.4 | (33) |
| ROCE<sup>5</sup> (annualised) | **19.0** | 7.1 | 168 | **11.6** | 16.5 | (30) |
| Net leverage ratio<sup>6</sup> | **28.4** | 32.7 | (13) | **28.4** | 32.7 | (13) |

---

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| | | | |
|:---|:---|:---|:---|
| **Other Information** | **31 Dec <br> 2025** | 31 Dec<br> 2024 | Change % |
| Shares – end of period ('000 shares) | **159282.0** | 159282.0 |  |
| Treasury shares – end of period ('000 shares) | **7939.3** | 7743.6 | 3 |
| Share price (USD) | **13.1** | 11.4 | 15 |
| Share price (NOK) | **132.0** | 125.3 | 5 |
| Market cap (USD million) | **1982.6** | 1721.5 | 15 |
| Market cap (NOK million) | **19977.2** | 18987.8 | 5 |

---

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| | |
|:---|:---|
| [1] | Time Charter Equivalent ("TCE") income - Shipping and Gross profit – Product Services reflect the Shipping and Product Services segments, respectively. TCE income – Shipping represents revenue from time charters and spot voyage charters less voyage expenses comprising primarily fuel oil, port charges and commission, and inter-segment expense. |

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| | |
|:---|:---|
| [2] | Basic and diluted EPS (earnings per share) is computed based on Q4 2025: 151.3 million and 151.8 million (FY 2025: 151.4 million and 151.9 million) shares, respectively, the weighted average number of shares outstanding less treasury shares during the period. |
| [3] | Adjusted free cash flow is a non-IFRS measure and is computed as net cash from operating activities minus cash outflows for additions in property, plant and equipment and additions in intangible assets, sale of assets held-for-sale and sale of vessels. See page 19 for a reconciliation of adjusted free cash flow to the nearest IFRS measure. |
| [4] | ROE (return on equity) is computed as, with respect to a particular period, the ratio of the profit after tax for such period to the average of the shareholders' equity, calculated as the average of the opening and closing balance for the period as presented in the consolidated balance sheet. |
| [5] | ROCE (return on capital employed) is a non-IFRS measure and is computed as, with respect to a particular period, the ratio of the operating profit for such period to capital employed defined as the average of the total shareholders' equity, total borrowings and total lease liabilities, calculated as the average of the opening and closing balance for such period as presented in the consolidated balance sheet. See page 20 for a reconciliation of ROCE to the nearest IFRS measure. |
| [6] | Net leverage ratio is computed as the sum of total borrowings and total lease liabilities minus cash and cash equivalents as set out in the consolidated statement of cash flows, divided by the sum of total borrowings, total lease liabilities and total shareholders' equity minus cash and cash equivalents as set out in the consolidated statement of cash flows. |

---

BW LPG Limited

Interim Financial Report (Unaudited)

Q4 2025 and FY 2025

**HIGHLIGHTS AND SUBSEQUENT EVENTS – Q4 2025**

● Q4
 2025 profit attributable to equity holders of the Company ended at US$104.2 million or an
 earnings per share of US$0.69.

● TCE
 income – Shipping Q4 2025 concluded at US$50,270 per available day<sup>1</sup> and
 US$48,100 per calendar day (total)<sup>1</sup>.

● The
 Company declared a Q4 2025 cash dividend of US$0.57 per share. This dividend corresponds
 to 100% of the Shipping NPAT<sup>2</sup> for the quarter. This cash dividend represents a
 payout ratio of 83% for the quarter, as a percentage of total profit attributable to equity
 holders.

**PERFORMANCE REVIEW** – **Q4 2025 and FY 2025**

**Q4 2025**

TCE income – Shipping was US$195.9 million for Q4 2025 (Q4 2024: US$127.6 million), representing an increase of US$68.3 million from Q4 2024. The TCE income increase was primarily due to a higher LPG spot market of US$52,000 per day, a 47% increase compared to Q4 2024 of US$35,400 per day, and higher available fleet days of 3,897 in Q4 2025 after the completion of the Avance Gas acquisition. This was partially offset by our scheduled drydocking program, which reduced available fleet days by 157 days (Q4 2024: 106 days). The effects of IFRS 15 adjustments for spot voyages that straddled the quarter-end were recognised on a load-to-discharge basis resulted in a positive US$2.7 million in Q4 2025 (Q4 2024: negative US$7.7 million). The TCE income – Shipping continues to be well supported by the increased time charter coverage of 44% (Q4 2024: 38%) of available days at US$48,100 per day (Q4 2024: US$41,900 per day). Additionally, our India subsidiary continued to deliver stable TCE income of US$33.4 million for Q4 2025 (Q4 2024: US$33.7 million), mainly from fixed-rate time charters.

Product Services reported a gross profit of US$26.9 million for Q4 2025 (Q4 2024: US$15.4 million). The higher gross profit was mainly driven by an increase of US$58.7 million in the mark-to-market valuation of unrealised positions relative to Q4 2024, which offset the decrease in realised profits by US$47.2 million. After general and administrative expenses and income taxes totalling US$4.4 million (Q4 2024: US$12.0 million), Product Services reported a profit after tax of US$22.5 million in Q4 2025 (Q4 2024: US$3.4 million).

Profit after tax was US$122.9 million for Q4 2025 (Q4 2024: US$39.7 million). The increase in profit after tax was primarily attributed to higher segment results of US$79.8 million and gain on disposal of vessels of US$24.7 million. The profit after tax was also impacted by higher vessel operating expense of US$10.9 million and increased net finance expenses of U$5.4 million. These changes mainly reflect the full effect of the added Avance Gas fleet in Q4 2024.

Profit attributable to non-controlling interests was positive US$18.7 million for Q4 2025 (Q4 2024: US$8.9 million), which was mainly driven by a US$3.7 million increase in attributable profit to non-controlling interests from BW Product Services and US$6.1 million increase in attributable profit to non-controlling interests from BW LPG India, which was largely contributed by BW LPG's gain of US$24.7 million from the sale of BW Lord.

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| | |
|:---|:---|
| 1 | TCE income – Shipping per available and calendar day (total) are non-IFRS measures and are computed as TCE income – Shipping divided by available days and calendar days (total), respectively. See pages 18 and 19 for a reconciliation of TCE income – Shipping per available day and calendar day (total) to the nearest IFRS measure. |
| 2 | Shipping NPAT, or Shipping's Net Profit After Tax, is calculated as profit attributable to equity holders of BW LPG, minus BW LPG's share of BW LPG Product Services Pte. Ltd.'s net profit/(loss) after tax. See page 17. |

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BW LPG Limited

Interim Financial Report (Unaudited)

Q4 2025 and FY 2025

**PERFORMANCE REVIEW** – **Q4 2025 and FY 2025** (continued)

**FY 2025**

TCE income – Shipping for FY 2025 increased by US$100.8 million from FY 2024, primarily due to the higher available fleet days of 15,750 days in FY 2025. This was partially offset by a lower LPG spot market of US$45,300 per day, a 11% decline compared to FY 2024 of US$50,900 per day. Our scheduled drydocking program also reduced available fleet days by 544 days (FY 2024: 224 days). The IFRS 15 impact on TCE income – Shipping resulted in a positive US$2.4 million impact for FY 2025 (FY 2024: positive US$25.1 million). The increased time charter coverage of 44% (FY 2024: 35%) supported TCE income – Shipping at available days of US$44,600 per day (FY 2024: US$43,500 per day). India subsidiary delivered stable TCE income of US$129.0 million for FY 2025 (FY 2024: US$126.7 million), mainly from fixed-rate time charters.

Product Services reported a gross profit of US$15.9 million for FY 2025 (FY 2024: US$144.8 million). The decline in gross profit was due to a decrease of US$101.0 million in the mark-to-market valuation of unrealised positions relative to FY 2024, and lower realised profits by US$27.9 million. After general and administrative expenses and income taxes of US$29.7 million (FY 2024: US$46.2 million), Product Services reported a loss after tax of US$13.8 million for FY 2025 (FY 2024: profit after tax of US$98.7 million).

Profit after tax for FY 2025 was US$289.7 million, down from U$394.9 million in FY 2024. This decrease was primarily driven by lower segment results of US$28.1 million and increased net finance expenses of U$35.4 million, partially offset by higher gain on disposal of vessels of US$36.3 million and a lower income tax expense of US$15.9 million. The profit after tax was also impacted by higher vessel operating expense of US$41.3 million and depreciation - shipping segment of US$42.1 million. These changes mainly reflect the full-period impact of the enlarged fleet following the completion of the Avance Gas transaction in Q4 2024.

Profit attributable to non-controlling interests was US$47.4 million for FY 2025 (FY 2024: US$40.6 million). The increase was driven by a US$25.3 million increase from BW LPG India, largely contributed by the gain of US$56.7 million from the sale of BW Cedar and BW Lord, and offset by a US$18.5 million decrease in attributable profit to non-controlling interests from BW Product Services.

BW LPG Limited

Interim Financial Report (Unaudited)

Q4 2025 and FY 2025

**BALANCE SHEET** 

As of 31 December 2025, BW LPG controls a fleet of 50 VLGCs, including eight vessels which are owned and operated by BW LPG India. Total assets amounted to US$3,154.8 million (31 December 2024: US$3,320.4 million), of which US$2,366.0 million (31 December 2024: US$2,381.8 million) represented the carrying value of the vessels (including dry docking), and US$116.7 million (31 December 2024: US$216.3 million) represented the carrying value of right-of-use assets (vessels).

Cash and cash equivalents amounted to US$242.0 million as of 31 December 2025 (31 December 2024: US$279.7 million). Cash flow from operating activities generated a net cash surplus of US$570.1 million in FY 2025 (FY 2024: US$749.1 million), of which the net cash inflow of US$42.3 million (FY 2024: US$153.8 million) related to changes in working capital. Investing activities generated a cash outflow of US$35.9 million in FY 2025 (FY 2024: US$541.2 million), which comprised exercising the purchase options of BW Kizoku and BW Yushi, and US$49.1 million paid for drydocking activities. These payments were partially offset by proceeds of US$125.2 million from the sale of BW Cedar and BW Lord.

After considering the net drawdown of bank facilities, which includes the drawdown of revolving credit facilities and repayment of the shareholder loan, the FY 2025 net cash outflow for financing activities of US$540.4 million (FY 2024: US$138.1 million) was driven by principal and interest repayments of US$109.1 million, dividend payments of US$241.0 million, capital return of US$41.6 million, US$106.8 million in lease repayments, and a net US$34.0 million net repayment of trade finance borrowings.

Net leverage ratio decreased from 32.7% as of 31 December 2024, to 28.4% as of 31 December 2025 due to lower lease liabilities after the exercise of the purchase options for BW Kizoku and BW Yushi, and principal repayments in FY 2025.

BW LPG Limited

Interim Financial Report (Unaudited)

Q4 2025 and FY 2025

**CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Q4 2025** | Q4 2024 | **FY 2025** | FY 2024 |
|  | **US$'000** | US$'000 | **US$'000** | US$'000 |
| Revenue – Shipping | **258207** | 183936 | **1015745** | 962803 |
| Revenue - Product Services | **474196** | 659810 | **2566394** | 2600944 |
| Cost of cargo and delivery expenses - Product Services | **(415496)** | (614513) | **(2460924)** | (2390929) |
| Voyage expenses - Shipping | **(79542)** | (73865) | **(348238)** | (383798) |
| Vessel operating expenses | **(33007)** | (22115) | **(126299)** | (84984) |
| Time charter contracts (non-lease components) | **(2997)** | (5086) | **(15219)** | (19675) |
| General and administrative expenses | **(19234)** | (25674) | **(76496)** | (71134) |
| Charter hire expenses | **(667)** | 1173 | **(667)** | (1041) |
| Fair value (loss)/gain from equity financial asset | **-** |  | **(1172)** | 1326 |
| Finance lease income | **281** | 203 | **895** | 635 |
| Other operating (expense)/income - net | **(1138)** | 383 | **(6461)** | 1332 |
| Depreciation | **(64390)** | (56637) | **(255561)** | (201338) |
| Amortisation of intangible assets | **(55)** | (212) | **(368)** | (843) |
| Loss on derecognition of right-of-use assets (vessels) | **-** |  | **(289)** |  |
| Gain on disposal of vessels | **24657** | - | **56708** | 20391 |
| **Operating profit** | **140815** | 47403 | **348048** | 433689 |
| Foreign currency exchange (loss)/gain - net | **(58)** | (1153) | **1574** | (1651) |
| Interest income | **1972** | 3238 | **9302** | 15617 |
| Interest expense | **(12192)** | (6806) | **(53046)** | (19849) |
| Other finance expenses | **(724)** | (834) | **(1968)** | (2843) |
| **Finance expenses – net** | **(11002)** | (5555) | **(44138)** | (8726) |
| **Profit before tax** | **129813** | 41848 | **303910** | 424963 |
| Income tax expense | **(6869)** | (2116) | **(14199)** | (30095) |
| **Profit after tax** | **122944** | 39732 | **289711** | 394868 |
| **Other comprehensive income/(loss):** |  |  |  |  |
| **Items that will not be reclassified to profit or loss:** |  |  |  |  |
| Equity investments at FVOCI |  |  |  |  |
| &nbsp;&nbsp;&nbsp;- fair value loss | **(2630)** | (5960) | **(11422)** | (7030) |
| **Items that may be reclassified subsequently to profit or loss:** |  |  |  |  |
| Cash flow hedges |  |  |  |  |
| &nbsp;&nbsp;&nbsp;- fair value (loss)/gain | **(1376)** | 6814 | **(6561)** | 62841 |
| &nbsp;&nbsp;&nbsp;- reclassification to profit or loss | **780** | (10504) | **(3995)** | (21464) |
| Currency translation reserve | **(133)** | (1538) | **2204** | (1022) |
| Other comprehensive (loss)/income, net of tax | **(3359)** | (11188) | **(19774)** | 33325 |
| **Total comprehensive income** | **119585** | 28544 | **269937** | 428193 |
| **Profit attributable to:** |  |  |  |  |
| Equity holders of the Company | **104230** | 30869 | **242313** | 354296 |
| Non-controlling interests | **18714** | 8863 | **47398** | 40572 |
|  | **122944** | 39732 | **289711** | 394868 |
| **Total comprehensive income:** |  |  |  |  |
| Equity holders of the Company | **100879** | 19946 | **222095** | 387797 |
| Non-controlling interests | **18706** | 8598 | **47842** | 40396 |
|  | **119585** | 28544 | **269937** | 428193 |
| **Earnings per share attributable to the equity holders of the Company:** (expressed in US$ per share) |  |  |  |  |
| Basic earnings per share | **0.69** | 0.22 | **1.60** | 2.65 |
| Diluted earnings per share | **0.69** | 0.22 | **1.60** | 2.64 |

---

BW LPG Limited

Interim Financial Report (Unaudited)

Q4 2025 and FY 2025

**CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **31 December**<br> **2025** | 31 December <br>2024 |
|  | **US$'000** | US$'000 |
| **Intangible assets** | **356** | 636 |
| Investment in joint venture | **301** | 301 |
| Equity financial assets, at fair value | **11710** | 23132 |
| Derivative financial instruments | **3055** | 7469 |
| Other receivables | **3812** | 7980 |
| Finance lease receivables | **10324** | 2882 |
| Deferred tax assets | **5321** | 1644 |
| **Total other non-current assets** | **34523** | 43408 |
| Vessels and dry docking | **2365965** | 2381821 |
| Right-of-use assets (vessels) | **116742** | 216272 |
| Other property, plant and equipment | **434** | 354 |
| **Property, plant and equipment** | **2483141** | 2598447 |
| **Total non-current assets** | **2518020** | 2642491 |
| Inventories | **123885** | 76706 |
| Trade and other receivables | **235267** | 202921 |
| Equity financial assets, at fair value | **1597** | 2769 |
| Derivative financial instruments | **25956** | 74571 |
| Finance lease receivables | **7220** | 8283 |
| Tax recoverable | **839** |  |
| Assets held-for-sale |  | 32998 |
| Cash and cash equivalents | **242009** | 279681 |
| **Total current assets** | **636773** | 677929 |
| **Total assets** | **3154793** | 3320420 |
| Share capital | **619868** | 619868 |
| Treasury shares | **(50372)** | (48387) |
| Other reserves | **655303** | 667756 |
| Retained earnings | **605203** | 565794 |
|  | **1830002** | 1805031 |
| **Non-controlling interests** | **95551** | 132463 |
| **Total shareholders' equity** | **1925553** | 1937494 |
| Borrowings | **730394** | 711664 |
| Lease liabilities | **72836** | 60588 |
| Derivative financial instruments | **411** | 569 |
| **Total non-current liabilities** | **803641** | 772821 |
| Borrowings | **122709** | 230344 |
| Lease liabilities | **64303** | 170700 |
| Derivative financial instruments | **24398** | 25527 |
| Current income tax liabilities | **1520** | 14470 |
| Trade and other payables | **212669** | 169064 |
| **Total current liabilities** | **425599** | 610105 |
| **Total liabilities** | **1229240** | 1382926 |
| **Total equity and liabilities** | **3154793** | 3320420 |

---

BW LPG Limited

Interim Financial Report (Unaudited)

Q4 2025 and FY 2025

**CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Attributable to equity holders of the Company | Attributable to equity holders of the Company | Attributable to equity holders of the Company | Attributable to equity holders of the Company | Attributable to equity holders of the Company | Attributable to equity holders of the Company | Attributable to equity holders of the Company | Attributable to equity holders of the Company | Attributable to equity holders of the Company | | |
|  | Share <br>capital | Treasury <br>shares | Capital <br>reserve | Hedging <br>reserve | Share- <br>based <br>payment <br>reserve | Currency <br>translation <br>reserve | Other <br>reserves | Retained <br>earnings | Total |<br>Non-controlling <br>interests |<br>Total <br>equity |
|  | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 |
| **Balance at 1 January 2025** | 619868 | (48387) | 649654 | 13835 | 2579 | (427) | 2115 | 565794 | 1805031 | 132463 | 1937494 |
| Profit after tax |  |  |  |  |  |  |  | 242313 | 242313 | 47398 | 289711 |
| Other comprehensive (loss)/income for the financial period | - | - | - | (10556) | - | 1760 | (11422) | - | (20218) | 444 | (19774) |
| **Total comprehensive (loss)/income for the financial period** | **-** | **-** | **-** | **(10556)** | **-** | **1760** | (11422) | **242313** | 222095 | **47842** | **269937** |
| Share-based payment reserve |  |  |  |  |  |  |  |  |  |  |  |
| - Value of employee services |  |  |  |  | 1753 |  |  |  | 1753 |  | 1753 |
| Share capital reduction of subsidiary |  |  |  |  |  |  |  |  |  | (41616) | (41616) |
| Purchases of treasury shares |  | (2739) |  |  |  |  |  |  | (2739) |  | (2739) |
| Share options exercised |  | 754 |  |  | (395) |  |  | 164 | 523 |  | 523 |
| Dividend paid |  |  |  |  |  |  |  | (199855) | (199855) | (41120) | (240975) |
| Changes in NCI |  |  |  |  |  |  |  | 3194 | 3194 | (2018) | 1176 |
| Transfer to tonnage tax reserve | - | - | - | - | - | - | 6407 | (6407) | - | - | - |
| **Total transactions with owners, recognised directly in equity**  | **-** | **(1985)** | **-** | **-** | **1358** | **-** | 6407 | **(202904)** | (197124) | **(84754)** | (281878) |
| **Balance at 31 December 2025** | **619868** | **(50372)** | **649654** | **3279** | **3937** | **1333** | **(2900)** | **605203** | **1830002** | **95551** | **1925553** |

---

BW LPG Limited

Interim Financial Report (Unaudited)

Q4 2025 and FY 2025

**CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)** (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Attributable to equity holders of the Company | Attributable to equity holders of the Company | Attributable to equity holders of the Company | Attributable to equity holders of the Company | Attributable to equity holders of the Company | Attributable to equity holders of the Company | Attributable to equity holders of the Company | Attributable to equity holders of the Company | Attributable to equity holders of the Company | Attributable to equity holders of the Company | Attributable to equity holders of the Company | | |
|  | Share <br>capital | Share <br>premium | Treasury <br>shares | Contributed <br>surplus | Capital <br>reserve | Hedging <br>reserve | Share- <br>based <br>payment <br>reserve | Currency <br>translation <br>reserve | Other <br>reserves | Retained <br>earnings | Total |<br>Non-controlling <br>interests |<br>Total <br>equity |
|  | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 |
| **Balance at 1 January 2024** | 1400 | 285853 | (56438) | 685913 | (36259) | (27542) | 3905 | 419 | 2983 | 609479 | 1469713 | 116447 | 1586160 |
| Profit after tax |  |  |  |  |  |  |  |  |  | 354296 | 354296 | 40572 | 394868 |
| Other comprehensive income/(loss) for the financial period | - | - | - | - | - | 41377 | - | (846) | (7030) | - | 33501 | (176) | 33325 |
| **Total comprehensive income/(loss) for the financial period** | **-** | **-** | **-** | **-** | **-** | **41377** | **-** | **(846)** | (7030) | **354296** | 387797 | **40396** | **428193** |
| Effects of re-domiciliation | 285853 | (285853) |  | (685913) | 685913 |  |  |  |  |  |  |  |  |
| Share-based payment reserve |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;- Value of employee services |  |  |  |  |  |  | 2016 |  |  |  | 2016 |  | 2016 |
| Share capital reduction of subsidiary |  |  |  |  |  |  |  |  |  |  |  | (4500) | (4500) |
| Purchases of treasury shares |  |  | (100) |  |  |  |  |  |  |  | (100) |  | (100) |
| Sale of treasury shares |  |  | 1091 |  |  |  |  |  |  |  | 1091 |  | 1091 |
| Issue of new shares | 332615 |  |  |  |  |  |  |  |  |  | 332615 |  | 332615 |
| Share options exercised |  |  | 7060 |  |  |  | (3342) |  |  | (3143) | 575 |  | 575 |
| Dividend paid |  |  |  |  |  |  |  |  |  | (388461) | (388461) | (21657) | (410118) |
| Changes in NCI |  |  |  |  |  |  |  |  |  | (215) | (215) | 1777 | 1562 |
| Transfer to tonnage tax reserve | - | - | - | - | - | - | - | - | 6162 | (6162) | - | - | - |
| **Total transactions with owners, recognised directly in equity** | **618468** | **(285853)** | **8051** | **(685913)** | **685913** | **-** | **(1326)** | **-** | 6162 | **(397981)** | (52479) | **(24380)** | (76859) |
| **Balance at 31 December 2024** | **619868** | **-** | **(48387)** | **-** | **649654** | **13835** | **2579** | **(427)** | **2115** | **565794** | **1805031** | **132463** | **1937494** |

---

BW LPG Limited

Interim Financial Report (Unaudited)

Q4 2025 and FY 2025

**CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Q4 2025** | Q4 2024 | **FY 2025** | FY 2024 |
|  | **US$'000** | US$'000 | **US$'000** | US$'000 |
| **Cash flows from operating activities** |  |  |  |  |
| Profit before tax | **129813** | 41848 | **303910** | 424963 |
| Adjustments for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;- amortisation of intangible assets | **55** | 212 | **368** | 843 |
| &nbsp;&nbsp;&nbsp;- depreciation charge | **64390** | 56637 | **255561** | 201338 |
| &nbsp;&nbsp;&nbsp;- gain on disposal of vessels | **(24657)** |  | **(56708)** | (20391) |
| &nbsp;&nbsp;&nbsp;- fair value loss/(gain) from equity financial assets | **-** |  | **1172** | (1326) |
| &nbsp;&nbsp;&nbsp;- interest income | **(1972)** | (3238) | **(9302)** | (15617) |
| &nbsp;&nbsp;&nbsp;- interest expenses | **16780** | 6806 | **59849** | 19849 |
| &nbsp;&nbsp;&nbsp;- other finance expenses | **724** | 1147 | **1968** | 3939 |
| &nbsp;&nbsp;&nbsp;- share-based payments | **367** | 377 | **1753** | 2016 |
| &nbsp;&nbsp;&nbsp;- finance lease income | **(281)** | (203) | **(895)** | (635) |
| &nbsp;&nbsp;&nbsp;- loss on derecognition of right-of-use assets | **-** | - | **289** | - |
|  | **185219** | 103586 | **557965** | 614979 |
| Changes in working capital: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;- inventories | **991** | 37803 | **(47179)** | 111886 |
| &nbsp;&nbsp;&nbsp;- trade and other receivables | **41689** | 59094 | **(29436)** | 112689 |
| &nbsp;&nbsp;&nbsp;- trade and other payables | **(29547)** | 3436 | **46102** | (84638) |
| &nbsp;&nbsp;&nbsp;- derivative financial instruments | **(8314)** | 18127 | **41296** | (63860) |
| &nbsp;&nbsp;&nbsp;- margin account held with broker | **504** | 25754 | **31528** | 77727 |
| Total changes in working capital | **5323** | 144214 | **42311** | 153804 |
| Taxes paid | **(10201)** | (8211) | **(30176)** | (19639) |
| **Net cash from operating activities** | **180341** | 239589 | **570100** | 749144 |
| **Cash flows from investing activities** |  |  |  |  |
| Additions in property, plant and equipment | **(13034)** | (518172) | **(182295)** | (602012) |
| Additions in intangible assets | **(88)** |  | **(88)** | (237) |
| Proceeds from sale of vessels | **60185** |  | **125234** | 64687 |
| Purchase of equity financial assets | **-** |  | **-** | (30162) |
| Repayment of finance lease receivables | **1738** | 1989 | **7525** | 7915 |
| Interest received | **5827** | 3441 | **13771** | 16252 |
| Sale of equity financial assets, at fair value | **-** | - | **-** | 2343 |
| **Net cash from/(used in) investing activities** | **54628** | (512742) | **(35853)** | (541214) |

---

BW LPG Limited

Interim Financial Report (Unaudited)

Q4 2025 and FY 2025

**CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Q4 2025** | Q4 2024 | **FY 2025** | FY 2024 |
|  | **US$'000** | US$'000 | **US$'000** | US$'000 |
| **Cash flows from financing activities** |  |  |  |  |
| Proceeds from borrowings | **82346** | 576819 | **1027443** | 610883 |
| Payment of financing fees | **-** | (4430) | **(4408)** | (4430) |
| Repayments of bank borrowings | **(169982)** | (78375) | **(1081010)** | (197437) |
| Payment of lease liabilities | **(31376)** | (28613) | **(106831)** | (102764) |
| Interest paid | **(12503)** | (4585) | **(55488)** | (17818) |
| Other finance expense paid | **(724)** | (1147) | **(1968)** | (3939) |
| Purchase of treasury shares | **-** |  | **(2739)** | (100) |
| Sale of treasury shares | **-** |  | **-** | 1091 |
| Drawdown of trust receipts | **328385** | 465580 | **1776251** | 2107821 |
| Repayment of trust receipts | **(354582)** | (516346) | **(1810225)** | (2118318) |
| Dividend payment | **(60538)** | (61613) | **(199855)** | (388461) |
| Dividend payment to non-controlling interests | **(29935)** |  | **(41120)** | (21657) |
| Contribution from non-controlling interests | **-** |  | **1175** | 1562 |
| Capital return to non-controlling interests | **(36651)** | - | **(41616)** | (4500) |
| **Net cash used in financing activities** | **(285560)** | 347290 | **(540391)** | (138067) |
| **Net (decrease)/increase in cash and cash equivalents** | **(50591)** | 74137 | **(6144)** | 69863 |
| Cash and cash equivalents at beginning of the financial period | **276347** | 157763 | **231900** | 162037 |
| **Cash and cash equivalents at end of the financial period** | **225756** | 231900 | **225756** | 231900 |

---

For the purpose of presenting the consolidated statement of cash flows, cash and cash equivalents comprise the following:

---

| | | |
|:---|:---|:---|
|  | **31 Dec**<br> **2025** | 31 Dec <br>2024 |
|  | **US$'000** | US$'000 |
| Cash and cash equivalents per consolidated balance sheet | **242009** | 279681 |
| Less: Margin account held with broker | **(16253)** | (47781) |
| Cash and cash equivalents per consolidated statement of cash flows | **225756** | 231900 |

---

BW LPG Limited

Interim Financial Report (Unaudited)

Q4 2025 and FY 2025

**Segment information**

The executive management team ("EMT") is the Group's chief operating decision-maker. The Group identifies segments on the basis of those components of the Group that the EMT regularly reviews. The Group considers the business from each individual business segment perspective which comprises the Shipping and Product Services segments.

The reported measure of segment performance is gross profit, which the EMT uses to assess the performance of the operating segments. For the Shipping segment, gross profit is reflected as TCE income - Shipping. For the Product Services segment, gross profit is reflected as Gross profit – Product Services. Operating segment disclosures are consistent with the information reviewed by the Management.

Segment performance is presented below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Shipping** | **Product** <br> **Services** | **Inter-segment elimination** | **Total** |
|  | **US$'000** | **US$'000** | **US$'000** | **US$'000** |
| **<u>Q4 2025</u>** | | | | |
| Revenue from spot voyages | 173820 |  |  | 173820 |
| Inter-segment revenue | 22215 |  | (22215) |  |
| Voyage expenses | (79542) |  |  | (79542) |
| Inter-segment expense | (4980) | - | 4980 | - |
| Net income from spot voyages | 111513 |  | (17235) | 94278 |
| Revenue from time charter voyages | 84387 | - | - | 84387 |
| **TCE income - Shipping** <sup>1</sup>** | **195900** | - | **(17235)** | **178665** |
| Revenue from Product Services |  | 474196 |  | 474196 |
| Inter-segment revenue |  | 4955 | (4955) |  |
| Cost of cargo and delivery expenses |  | (415496) |  | (415496) |
| Inter-segment cost |  | (22190) | 22190 |  |
| Depreciation | - | (14615) | - | (14615) |
| **Gross profit - Product Services** <sup>2</sup>** | - | **26850** | **17235** | **44085** |
| **Segment results** | **195900** | **26850** | - | **222750** |
| **<u>FY 2025</u>** |  |  |  |  |
| Revenue from spot voyages | 703469 |  |  | 703469 |
| Inter-segment revenue | 65698 |  | (65698) |  |
| Voyage expenses | (348238) |  |  | (348238) |
| Inter-segment expense | (24231) | - | 24231 | - |
| Net income from spot voyages | 396698 |  | (41467) | 355231 |
| Revenue from time charter voyages | 312276 | - | - | 312276 |
| **TCE income - Shipping** <sup>1</sup>** | **708974** | **-** | **(41467)** | **667507** |
| Revenue from Product Services |  | 2566394 |  | 2566394 |
| Inter-segment revenue |  | 24206 | (24206) |  |
| Cost of cargo and delivery expenses |  | (2460924) |  | (2460924) |
| Inter-segment cost |  | (65673) | 65673 |  |
| Depreciation | - | (48066) | - | (48066) |
| **Gross profit - Product Services** <sup>2</sup>** | **-** | **15937** | **41467** | **57404** |
| **Segment results** | **708974** | **15937** | - | **724911** |

---

<sup>1</sup> "TCE income" denotes "time charter equivalent income" which represents revenue from time charters and spot voyage charters less voyage expenses comprising primarily fuel oil, port charges and commission.

<sup>2</sup> Gross profit - Product Services represents the net trading results which comprise revenue and cost of LPG cargo, derivative gains and losses, and other trading attributable costs, including depreciation from Product Services' leased in vessels.

BW LPG Limited

Interim Financial Report (Unaudited)

Q4 2025 and FY 2025

**Segment information** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Shipping** | **Product** <br> **Services** | **Inter-segment elimination** | **Total** |
|  | **US$'000** | **US$'000** | **US$'000** | **US$'000** |
| **<u>Q4 2024</u>** | | | | |
| Revenue from spot voyages | 130520 |  |  | 130520 |
| Inter-segment revenue | 23009 |  | (23009) |  |
| Voyage expenses | (73865) |  |  | (73865) |
| Inter-segment expense | (5513) | - | 5513 | - |
| Net income from spot voyages | 74151 |  | (17496) | 56655 |
| Revenue from time charter voyages | 53416 | - | - | 53416 |
| **TCE income - Shipping** <sup>1</sup>** | **127567** | - | **(17496)** | **110071** |
| Revenue from Product Services |  | 659810 |  | 659810 |
| Inter-segment revenue |  | 5513 | (5513) |  |
| Cost of cargo and delivery expenses |  | (614513) |  | (614513) |
| Inter-segment cost |  | (23009) | 23009 |  |
| Depreciation | - | (12403) | - | (12403) |
| **Gross profit - Product Services** <sup>2</sup>** | - | **15398** | **17496** | **32894** |
| **Segment results** | **127567** | **15398** | **-** | **142965** |
| **<u>FY 2024</u>** |  |  |  |  |
| Revenue from spot voyages | 773039 |  |  | 773039 |
| Inter-segment revenue | 78130 |  | (78130) |  |
| Voyage expenses | (383798) |  |  | (383798) |
| Inter-segment expense | (49501) | - | 49501 | - |
| Net income from spot voyages | 417870 |  | (28629) | 389241 |
| Revenue from time charter voyages | 189764 |  |  | 189764 |
| Inter-segment revenue | 562 | - | (562) | - |
| **TCE income - Shipping** <sup>1</sup>** | **608196** | **-** | **(29191)** | **579005** |
| Revenue from Product Services |  | 2600944 |  | 2600944 |
| Inter-segment revenue |  | 49501 | (49501) |  |
| Cost of cargo and delivery expenses |  | (2390929) |  | (2390929) |
| Inter-segment cost |  | (78692) | 78692 |  |
| Depreciation | - | (35991) | - | (35991) |
| **Gross profit - Product Services** <sup>2</sup>** | **-** | **144833** | **29191** | **174024** |
| **Segment results** | **608196** | **144833** | **-** | **753029** |

---

<sup>1</sup> "TCE income" denotes "time charter equivalent income" which represents revenue from time charters and spot voyage charters less voyage expenses comprising primarily fuel oil, port charges and commission.

<sup>2</sup> Gross profit - Product Services represents the net trading results which comprise revenue and cost of LPG cargo, derivative gains and losses, and other trading attributable costs, including depreciation from Product Services' leased in vessels.

BW LPG Limited

Interim Financial Report (Unaudited)

Q4 2025 and FY 2025

**Segment information** (continued)

Reconciliation of segment results:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Q4 2025** | Q4 2024 | **FY 2025** | FY 2024 |
|  | **US$'000** | US$'000 | **US$'000** | US$'000 |
| Total segment results for reportable segments | **222750** | 142965 | **724911** | 753029 |
| Vessel operating expenses | **(33007)** | (22115) | **(126299)** | (84984) |
| Time charter contracts (non-lease components) | **(2997)** | (5086) | **(15219)** | (19675) |
| General and administrative expenses | **(19234)** | (25674) | **(76496)** | (71134) |
| Charter hire expenses | **(667)** | 1173 | **(667)** | (1041) |
| Fair value (loss)/gain from equity financial asset | **-** |  | **(1172)** | 1326 |
| Finance lease income | **281** | 203 | **895** | 635 |
| Other operating (expense)/income - net | **(1138)** | 383 | **(6461)** | 1332 |
| Depreciation - Shipping segment | **(49775)** | (44234) | **(207495)** | (165347) |
| Amortisation | **(55)** | (212) | **(368)** | (843) |
| Loss on derecognition of right-of-use assets (vessels) | **-** |  | **(289)** |  |
| Gain on disposal of vessels | **24657** | - | **56708** | 20391 |
| **Operating profit** | **140815** | 47403 | **348048** | 433689 |
| Finance expense – net | **(11002)** | (5555) | **(44138)** | (8726) |
| Income tax expense | **(6869)** | (2116) | **(14199)** | (30095) |
| **Profit after tax** | **122944** | 39732 | **289711** | 394868 |

---

**Investment in subsidiaries**

Set out below are the summarised financial information for the Group's subsidiaries, BW LPG India Pte. Ltd. ("BW LPG India") and BW LPG Product Services Pte. Ltd ("BW Product Services"), which have non-controlling interests that are material to the Group. These are presented before inter-company eliminations.

Summarised balance sheet:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BW LPG India** | **BW LPG India** | **BW Product Services** | **BW Product Services** |
|  | **31 December<br> 2025** | 31 December <br>2024 | **31 December**<br>**2025** | 31 December <br>2024 |
|  | **US$'000** | **US$'000** | **US$'000** | **US$'000** |
| **Assets** |  |  |  |  |
| **Current assets** | **52901** | 63581 | **291218** | 417096 |
| Includes |  |  |  |  |
| Cash and cash equivalents | **30821** | 19443 | **39917** | 175882 |
| **Non-current assets** | **355533** | 278287 | **114202** | 92115 |
| **Liabilities** |  |  |  |  |
| **Current liabilities** | **45446** | 28371 | **290400** | 328769 |
| Includes |  |  |  |  |
| Borrowings | **28268** | 23927 | **100649** | 137425 |
| **Non-current liabilities (Borrowings)** | **180217** | 76443 | **62512** | 50748 |
| **Net assets** | **182771** | 237054 | **52508** | 129694 |

---

BW LPG Limited

Interim Financial Report (Unaudited)

Q4 2025 and FY 2025

**Investment in subsidiaries** (continued)

Summarised statement of comprehensive income:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BW LPG India** | **BW LPG India** | **BW Product Services** | **BW Product Services** |
|  | **Q4 2025** | Q4 2024 | **Q4 2025** | Q4 2024 |
|  | **US$'000** | US$'000 | **US$'000** | US$,000 |
| TCE income – Shipping | **33386** | 33745 | **-** |  |
| Revenue from Product Services | **-** |  | **479151** | 665323 |
| Cost of cargo and delivery expenses | **-** |  | **(437686)** | (637522) |
| Vessel operating expense | **(6687)** | (4893) | **-** |  |
| Charter hire expense | **(1155)** |  | **-** |  |
| Depreciation and amortisation | **(9161)** | (7990) | **(14641)** | (12403) |
| Gain on disposal of vessels | **25200** |  | **-** |  |
| Finance (expense)/income - net | **(2561)** | (1673) | **44** | (532) |
| Other expenses – net | **(1561)** | (993) | **(4308)** | (11527) |
| Income tax (expense)/credit | **(7239)** | (798) | **(32)** | 44 |
| **Net profit after tax** | **30222** | 17398 | **22528** | 3383 |
| Other comprehensive income (currency translation effects) | **-** | - | **(133)** | (1538) |
| **Total comprehensive income** | **30222** | 17398 | **22395** | 1845 |
| **Total comprehensive income allocated to non-controlling interests**<br>| **14386** | 8281 | **4328** | 317 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BW LPG India** | **BW LPG India** | **BW Product Services** | **BW Product Services** |
|  | **FY 2025** | FY 2024 | **FY 2025** | FY 2024 |
|  | **US$'000** | US$'000 | **US$'000** | US$,000 |
| TCE income – Shipping | **129011** | 126660 | **-** |  |
| Revenue from Product Services | **-** | **-** | **2590600** | 2650445 |
| Cost of cargo and delivery expenses | **-** |  | **(2526597)** | (2469621) |
| Vessel operating expense | **(22502)** | (22223) | **-** |  |
| Charter hire expense | **(1559)** |  | **-** |  |
| Depreciation and amortisation | **(33307)** | (34853) | **(48169)** | (36095) |
| Gain on disposal of vessels | **57250** |  | **-** |  |
| Finance (expense)/income - net | **(6057)** | (8980) | **811** | (934) |
| Other expenses – net | **(6675)** | (4713) | **(27275)** | (23418) |
| Income tax expense | **(11709)** | (4631) | **(3197)** | (21727) |
| **Net profit after tax** | **104452** | 51260 | **(13827)** | 98650 |
| Other comprehensive income (currency translation effects) | **-** | - | **2205** | (1022) |
| **Total comprehensive income/(loss)** | **104452** | 51260 | **(11622)** | 97628 |
| **Total comprehensive income/(loss) allocated to non-controlling interests**<br>| **49719** | 24400 | **(1877)** | 15996 |

---

BW LPG Limited

Interim Financial Report (Unaudited)

Q4 2025 and FY 2025

**APPENDIX - Non-IFRS financial measures**

This interim financial report contains a number of non-IFRS financial measures that Management uses to monitor and analyse the performance of the Group's business. Non-IFRS financial measures exclude amounts that are included in, or include amounts that are excluded from, the most directly comparable measure calculated and presented in accordance with IFRS, or are calculated using measures that are not calculated in accordance with IFRS. Non-IFRS financial measures may be considered in addition to, but not as a substitute for or superior to, information presented in accordance with IFRS.

The Group believes that these non-IFRS financial measures, in addition to IFRS measures, provide an enhanced understanding of the Group's results and related trends, therefore increasing transparency and clarity of the Group's results and business.

There are no generally accepted accounting principles governing the calculation of these measures and the criteria upon which these measures are based can vary from company to company. The non-IFRS financial measures presented in this interim financial report may not be comparable to other similarly titled measures used by other companies, have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of the Group's operating results as reported under IFRS. The Group encourages investors and analysts not to rely on any single financial measure but to review the Group's financial and non-financial information in its entirety.

The following non-IFRS measures are presented in this interim financial report.

 **

***TCE income – Shipping per calendar day (total)***

 **

The Group defines TCE income - Shipping per calendar day (total) as TCE income - Shipping divided by calendar days (total).

The Group defines calendar days (total) as the total number of days in a period during which vessels are owned or chartered-in is in its possession, including technical off-hire days and waiting days. Calendar days (total) are an indicator of the size of the fleet over a period and affect both the amount of revenue and the amount of expense that the Group records during that period.

The Group defines waiting days as the number of days its vessels are unemployed for market reasons, excluding technical off-hire days. Ballast voyages, positioning voyages prior to deliveries on time charters and time spent on cleaning of tanks when vessels are switching from one cargo type to another are not considered waiting time. Waiting days per vessel are calculated as total waiting days for owned and chartered-in vessels divided by the number of owned and chartered-in vessels (not weighted by ownership share in each vessel).

The Group defines technical off-hire as the time lost due to off-hire days associated with major repairs, dry dockings or special or intermediate surveys. Technical off-hire per vessel is calculated as an average for owned, bareboat and chartered-in vessels (not weighted by ownership share in each vessel).

The Group believes TCE income - Shipping per calendar day (total) is meaningful to investors because it is a measure of how well the Company manages the fleet technically and commercially.

The reconciliation of TCE income - Shipping per calendar day (total) to TCE income - Shipping for the periods ended 31 December 2025 and 2024 is provided below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Q4 2025** | Q4 2024 | **FY 2025** | FY 2024 |
| TCE income – Shipping (US$'000) | **195900** | 127567 | **708974** | 608196 |
| Calendar days (total) | **4073** | 3473 | **16402** | 12833 |
| TCE income – Shipping per calendar day (total) (US$) | **48100** | 36730 | **43220** | 47390 |

---

BW LPG Limited

Interim Financial Report (Unaudited)

Q4 2025 and FY 2025

**APPENDIX - Non-IFRS financial measures** (continued)

***TCE income – Shipping per available day***

 ****

The Group defines TCE income – Shipping per available day as TCE income – Shipping divided by available days.

The Group defines available days as the total number of days (including waiting time) in a period during which each vessel is owned or chartered-in, net of technical off-hire days. The Group uses available days to measure the number of days in a period during which vessels actually generate or are capable of generating revenue.

The Group defines waiting days as the number of days its vessels are unemployed for market reasons, excluding technical off-hire days. Ballast voyages, positioning voyages prior to deliveries on time charters and time spent on cleaning of tanks when vessels are switching from one cargo type to another are not considered waiting time. Waiting days per vessel are calculated as total waiting days for owned and chartered-in vessels divided by the number of owned and chartered-in vessels (not weighted by ownership share in each vessel).

The Group defines technical off-hire as the time lost due to off-hire days associated with major repairs, dry dockings or special or intermediate surveys. Technical off-hire per vessel is calculated as an average for owned, bareboat and chartered-in vessels (not weighted by ownership share in each vessel).

The Group believes TCE income – Shipping per available day is meaningful to investors because it is a measure of how well the Group manages the fleet commercially.

The reconciliation of TCE income - Shipping per available day to TCE income - Shipping for the periods ended 31 December 2025 and 2024 is provided below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Q4 2025** | Q4 2024 | **FY 2025** | FY 2024 |
| TCE income – Shipping (US$'000) | **195900** | 127567 | **708974** | 608196 |
| Available days | **3897** | 3367 | **15750** | 12593 |
| TCE income – Shipping per available days (US$) | **50270** | 37890 | **45010** | 48300 |

---

***Adjusted free cash flow***

The Group defines adjusted free cash flow as net cash from operating activities minus cash outflows for additions in property, plant and equipment and additions in intangible assets, sale of assets held-for-sale and sale of vessels.

The Group believes adjusted free cash flow is meaningful to investors because it is the measure of the funds generated by the Group available for distribution of dividends, repayment of debt or to fund the Group's strategic initiatives, including acquisitions. The purpose of presenting adjusted free cash flow is to indicate the ongoing cash generation within the control of the Group after taking account of the necessary cash expenditures for maintaining the operating structure of the Group (in the form of capital expenditure).

The reconciliation of adjusted free cash flow to net cash inflow from operating activities for the periods ended 31 December 2025 and 2024 is provided below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Q4 2025** | **Q4 2024** | **FY 2025** | **FY 2024** |
|  | **US$'000** | **US$'000** | **US$'000** | **US$'000** |
| Net cash from operating activities | **180341** | 239589 | **570100** | 749144 |
| Additions in property, plant and equipment | **(13034)** | (518172) | **(182295)** | (602012) |
| Additions in intangible assets | **(88)** |  | **(88)** | (237) |
| Proceeds from sale of vessels | **60185** |  | **125234** | 64687 |
| Adjusted free cash flow | **227404** | (278583) | **512951** | 211582 |

---

 ****

BW LPG Limited

Interim Financial Report (Unaudited)

Q4 2025 and FY 2025

 ****

**APPENDIX - Non-IFRS financial measures** (continued)

 ****

***Return on capital employed (ROCE)***

The Group defines return on capital employed ("ROCE") as, with respect to a particular financial period, the ratio of the operating profit for such period to capital employed defined as the average of the total shareholders' equity, total borrowings and total lease liabilities, calculated as the average of the opening and closing balance for such period as presented in the consolidated balance sheet.

The Group believes ROCE is meaningful to investors because it measures the Group's financial efficiency and its ability to create future growth in value.

The reconciliation of ROCE to operating profit for the periods ended 31 December 2025 and 2024 is provided below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Q4 2025** | Q4 2024 | **FY 2025** | FY 2024 |
| Operating profit (US$'000) | **140815** | 47403 | **348048** | 433689 |
| Average of the total shareholders' equity (US$'000)<sup>(1)</sup> | **1929154** | 1787401 | **1931524** | 1761827 |
| Average of the total borrowings (US$'000)<sup>(1)</sup> | **909522** | 654719 | **897556** | 677179 |
| Average of the total lease liabilities (US$'000)<sup>(1)</sup> | **131848** | 233031 | **184214** | 194564 |
| Capital employed (US$'000) | **2970524** | 2675151 | **3013294** | 2633570 |
| ROCE | **4.7%** | 1.8% | **11.6%** | 16.5% |
| ROCE (annualised) | **19.0%** | 7.1% | **11.6%** | 16.5% |

---

 ****

<sup>(1)</sup> Calculated as the average of the opening and closing balances for the period as presented in the consolidated balance sheet

 ****

***Rounding of figures***

Certain financial information presented in tables in this interim financial report has been rounded to the nearest whole number or the nearest decimal place. Therefore, the sum of the numbers in a column may not conform exactly to the total figure given for that column. In addition, certain percentages presented in the tables in this interim financial report reflect calculations based upon the underlying information prior to rounding, and, accordingly, may not conform exactly to the percentages that would be derived if the relevant calculations were based upon the rounded numbers.

## Exhibit 99.3

**Exhibit 99.3**

![](ea027949001_ex99-3img1.jpg)

Q4 2025 Earnings Presentation BW LPG Kristian Sørensen and Samantha Xu 3 March 2026

![](ea027949001_ex99-3img2.jpg)

NOT FOR RELEASE, PUBLICATION, DISTRIBUTION OR FORWARDING, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR IN TO ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL . BY ATTENDING THE MEETING WHERE THIS PRESENTATION IS MADE, OR BY READING THE PRESENTATION SLIDES, YOU ACKNOWLEDGE AND AGREE TO COMPLY WITH THE FOLLOWING RESTRICTIONS . This presentation has been produced by BW LPG Limited ("BW LPG") exclusively for information purposes . This presentation may not be reproduced or redistributed, in whole or in part, to any other person . Matters discussed in this presentation and any materials distributed in connection with this presentation may constitute or include forward – looking statements . Forward – looking statements are statements that are not historical facts and may be identified by words such as "anticipates", "believes", "continues", "estimates", "expects", "intends", "may", "should", "will" and similar expressions, such as "going forward" . These forward – looking statements reflect BW LPG's reasonable beliefs, intentions and current expectations concerning, among other things, BW LPG's results of operations, financial condition, liquidity, prospects, growth and strategies . Forward – looking statements include statements regarding : objectives, goals, strategies, outlook and growth prospects ; future plans, events or performance and potential for future growth ; liquidity, capital resources and capital expenditures ; economic outlook and industry trends ; developments of BW LPG's markets ; the impact of regulatory initiatives ; and the strength of BW LPG's competitors . Forward – looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future . The forward – looking statements in this presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in BW LPG's records and other data available from Fourth parties . Although BW LPG believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control . Forward – looking statements are not guarantees of future performance and such risks, uncertainties, contingencies and other important factors could cause the actual results of operations, financial condition and liquidity of BW LPG or the industry to differ materially from those results expressed or implied in this presentation by such forward – looking statements . No representation is made that any of these forward – looking statements or forecasts will come to pass or that any forecast result will be achieved, and you are cautioned not to place any undue influence on any forward – looking statement . Disclaimer and forward - looking statements 2 No representation, warranty or undertaking, express or implied, is made by BW LPG, its affiliates or representatives as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein, for any purpose whatsoever . Neither BW LPG nor any of its affiliates or representatives shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss whatsoever and howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation . All information in this presentation is subject to updating, revision, verification, correction, completion, amendment and may change materially and without notice . In giving this presentation, none of BW LPG, its affiliates or representatives undertakes any obligation to provide the recipient with access to any additional information or to update this presentation or any information or to correct any inaccuracies in any such information . The information contained in this presentation should be considered in the context of the circumstances prevailing at the time and has not been, and will not be, updated to reflect material developments which may occur after the date of the presentation . The contents of this presentation are not to be construed as legal, business, investment or tax advice . Each recipient should consult its own legal, business, investment or tax adviser as to legal, business, investment or tax advice . By attending this presentation, you acknowledge that you will be solely responsible for your own assessment of the market and the market position of BW LPG and that you will conduct your own analysis and be solely responsible for forming your own view on the potential future performance of the business of BW LPG . This presentation must be read in conjunction with the recent financial information and the disclosures therein . A number of measures are used to report the performance of our business, which are non - IFRS measures, such as TCE income – Shipping per available day, TCE income – Shipping per calendar day and Return on capital employed (ROCE) . These measures are defined and reconciliations to the nearest IFRS measure are available in BW LPG's Q 4 2025 Interim Financial Report and BW LPG's Registration Statement on Form 20 - F . Neither this presentation nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or purchase whatsoever in any jurisdiction and shall not constitute or form part of an offer to sell or the solicitation of an offer to buy any securities in the United States or in any other jurisdiction . The securities referred to herein may not be offered or sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration under the U . S . Securities Act of 1933 , as amended (the "Securities Act") . BW LPG does not intend to register any part of any offering in the United States or to conduct a public offering in the United States of the shares to which this presentation relates . In the EEA Member States, with the exception of Norway (each such EEA Member State, a "Relevant State"), this presentation and the information contained herein are intended only for and directed to qualified investors as defined in Article 2 (e) of Regulation (EU) 2017 / 1129 of the European Parliament and of the Council of 14 June 2017 (the "Prospectus Regulation") . The securities mentioned in this presentation are not intended to be offered to the public in any Relevant State and are only available to qualified investors except in accordance with exceptions in the Prospectus Regulation . Persons in any Relevant State who are not qualified investors should not take any actions based on this presentation, nor rely on it . In the United Kingdom, this presentation is directed only at, and communicated only to, persons who are qualified investors within the meaning of Article 2 (e) of the Prospectus Regulation as it forms part of domestic law in the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 who are (i) persons who fall within the definition of "investment professional" in Article 19 (5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 , as amended (the "Order"), or (ii) persons who fall within Article 49 (2)(a) to (d) of the Order, or (iii) persons to whom it may otherwise be lawfully communicated (all such persons referred to in (i), (ii) and (iii) above together being referred to as "Relevant Persons") . This presentation must not be acted on or relied on by persons in the United Kingdom who are not Relevant Persons .

![](ea027949001_ex99-3img3.jpg)

Agenda Q4 2025 Q4 2025 highlights and market outlook Market overview Company performance Q&A

![](ea027949001_ex99-3img4.jpg)

Q4 performance • TCE income – Shipping Q4 2025 was US$50,300 per available day and US$48,100 per calendar day, supported by our time charter coverage of 44% of available days at US$48,100 per day • Q4 2025 profit after tax was US$123 million, and the profit attributable to equity holders of the company was US$104 million representing an earnings per share of US$0.69 • BW Product Services reported a US$27 million gross profit and a profit after tax of US$23 million for this quarter Q1 2026 guidance • Fixed 94% of available fleet days at an average rate of ~US$54,000/day Continued dividend distribution • The company declared a Q4 cash dividend of US$0.57 per share, equivalent to 100% of Shipping NPAT 1 Q4 2025 Dry dock program increases off - hire days • In Q4 2025, 157 days were related to vessels being in dry dock • A total of 193 days are expected to be off - hire due to dry - docking in Q1, with a total of 13 vessels scheduled for dry docking in 2026 Other subsequent events • Iran - Israel/US war. So far minimal negative financial impact. There are currently three vessels from our Indian flagged fleet in the region, two on time charter and one in dry dock. Initial market reaction is to secure more cargoes from the US with freight rates spiking • Secured two three - year time charter - out contracts, increasing the 2026 fixed - rate time charter - out coverage to 36% at an average rate of US$43,700 per day Q4 2025 highlights Return to shareholders $0.57 Dividend per share 2 12.5% Annualised dividend yield 3 26 % ROE (annualised) 100% Q4 2025 payout ratio Shipping NPAT 1 Financial performance $123M Net profit after tax $613M Available liquidity $0.69 Earnings per share 28.4% Net leverage ratio Commercial performance $50,300 TCE income – Shipping per available day $48,100 TCE income – Shipping per calendar day 9 4 % Fleet utilisation 4% Technical offhire 4 1. Shipping NPAT is calculated as profit attributable to equity holders of BW LPG Q4 2025: US$104.2 million, less BW LPG's share of BW PS' net profit after tax Q4 2025 of US$18.2 million. 2. For shares registered with Euronext Securities Oslo, dividend per share is NOK 5.4297 3. Based on $18.23/share as of 27 February 2026

![](ea027949001_ex99-3img5.jpg)

Agenda Q4 2025 highlights and market outlook Market overview Company performance Q&A Q4 2025

![](ea027949001_ex99-3img6.jpg)

100 120 140 160 180 200 220 240 260 45 50 55 60 65 70 75 80 85 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Spot rate Arbitrage VLGC market drivers during Q4 2025 and so far 2026 6 Freight rates supported by high US LPG inventory levels and geopolitical factors • Following several years of growth in LPG production, inventories surpassed 100 mb by the end of 2025 • Ample product availability has put downward pressure on US prices, while prices in the Far East have held up • The Q4 2025 spot market found additional support from the US – China trade truce in October • After the end of the quarter, tensions in the Middle East and US exports being less impacted by winter conditions kept the spot market firm Market fundamentals, geopolitics and seasonal event conducive to elevated spot earnings US propane inventories (year end) Million barrels US – Far East VLGC spot rate '000 USD / day US and Far East propane prices USD / ton Sources: EIA, Company filings, EIA, Bloomberg, BW LPG 1) Energy Transfer's Nederland terminal expansion was commissioned in 3Q25 US – China trade truce US - Iran tensions High LPG inventories, less impact from cold weather 66 81 83 85 100 2021 2022 2023 2024 2025 Nederland terminal 1 increasing loadings 300 400 500 600 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 "Arb." Far East Mont Belvieu (US) US – Far East arbitrage USD/t US – Far East price arbitrage Iran - Israel/US war

![](ea027949001_ex99-3img7.jpg)

16 16 2 2024 2025 LPG trade flow overview 2025 7 While China taps inventories, India and Southeast Asia have increased imports Note: Imports include million tons of LPG carried on VLGCs only. Imports from regions other than Middle East and North Americ a a re omitted 1) Far East include China, Japan, South Korea and Taiwan Source: Vortexa Far East 1 : - 2% Strong growth in India • China imports of US volumes affected by trade war • This has partly been offset by higher Japan imports • LPG inventories in China are currently low and imports from the US grew m/m in February 2026 Far East imports slightly down in 2025 • Increased retail demand supported by governmental subsidy programs • Imports from the US is boosting ton mile • New infrastructure allows for more efficient distribution deeper in - land More US LPG to Southeast Asia • While China imports of US LPG have been muted in recent months, Southeast Asia has increased imports • A shift toward US LPG imports in Southeast Asia could divert Middle Eastern volumes into other markets 0 0 0LGGOH(DVW 1RUWK$PHULFD India: +10% Southeast Asia: +11% China: - 3% 14 18 17 13 2024 2025 7 5 5 8 2024 2025 15 19 35 31 2024 2025

![](ea027949001_ex99-3img8.jpg)

57 60 66 70 71 40 39 44 48 51 2024 2025 2026F 2027F 2028F North America Middle East More growth in the years ahead 8 New projects in the Middle East and wetter gas in the US to lift LPG exports • Saudi Aramco has started oil production from its first unconventional field; gas output expected at year end • Qatar's North Field expansion is expected in 4Q 2026 Two big projects on the horizon 1 • As new wells are being put into production, these wells are increasingly gaseous • This gas is also wetter, i.e., has higher NGL content • More gaseous fields and wetter gas enables LPG output growth to be higher than oil output growth Gas continues to get wetter • North American export growth underpinned by new export infrastructure in the coming years • Middle East export growth is expected to grow in the high single digits over the coming years, supported by new projects and expansions Continued growth from main exporting regions Middle East projects coming online Permian oil now yields more gas LPG export forecasts Mtpa (VLGC only) Sources: Company filings, EIA, NGLS, Enterprise Product Partners 1) Field locations on map are approximate CAGR = 6% CAGR = 9% 1 Barrel crude 0.5 Barrel NGLs 0.5 Barrel Natural Gas 2022 2025 25% NATURAL GAS 25% NGLs 50% CRUDE 1.0 Barrel Crude + 1.0 Barrel NGLs and Natural Gas 0.64 Barrel Natural Gas 0.66 Barrel NGLs 1 Barrel crude 28% NATURAL GAS 29% NGLs 43% CRUDE 1.0 Barrel Crude + 1.3 Barrel NGLs and Natural Gas

![](ea027949001_ex99-3img9.jpg)

Panama Canal congestion issues likely to persist 9 Long - haul VLGC voyages are anticipated to increase as multiple segments compete for transit slots • The Panama Canal is operating the Neo - Panamax locks at full capacity • The heavy traffic is sustaining volatility in auction fees for transiting the canal • Not all gas carrier newbuildings are intended solely for incremental US exports, nor will all additional gas volumes be destined for the Far East • Nevertheless, limited capacity in the Neo - Panamax locks will likely divert more VLGCs around Cape of Good Hope Ships lining up to transport increased gas volumes from the US Neo locks at max capacity Transits per day Growth in US gas volumes drives fleet growth Number of newbuildings to be delivered Volatile auction fees (South bound) USDm Sources: Clarksons SIN, BW LPG 0 2 4 6 8 10 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Container VLGC LNG Bulk Other Capacity 0.0 0.1 0.2 0.3 0.4 0.5 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Houston 0 10 20 30 40 50 60 1Q26 3Q26 1Q27 3Q27 1Q28 3Q28 1Q29 3Q29 LNG VLEC VLGC VLECs: 53 VLGCs: 105 LNGC s: 288

![](ea027949001_ex99-3img10.jpg)

Current VLGC dual - fuel newbuild price 2 VLGC fleet and newbuildings 10 Limited ordering activity amidst delivery of new VLGCs Quarterly delivery schedule # of VLGCs VLGC fleet age profile and newbuilding market 421 total VLGC fleet 1 ~$112.5M VLGC delivery year for newbuild contracts Total orderbook number 105 VLGC newbuilds ordered in 2026 5 2028 1. Total VLGC fleet on water (not including orderbook) 2. 88 - 91k dual - fuel non - ammonia capacity VLGC, at "first class competitive yard" Sources: BW LPG, Clarksons 8 1 11 4 8 10 9 12 13 10 8 5 1 1 1 4 2 1 2 1 1 1Q26 2Q26 3Q26 4Q26 1Q27 2Q27 3Q27 4Q27 1Q28 2Q28 3Q28 4Q28 Existing Newbuild - Ammonia Newbuild - Non-ammonia 69% 15% 5% 10% 0-15 years 15-20 years 20-25 years 25 years +

![](ea027949001_ex99-3img11.jpg)

Market outlook Underlying fundamentals remain robust, while geopolitical events increase volatility • The current VLGC fleet consists of 421 ships • 8 VLGCs have been delivered this year, with 26 more to be delivered before the end of the year • VLGC orderbook currently consists of 105 ships, with deliveries slowing down in 2028 LPG exports US / Middle East LPG export fundamentals are expected to remain sound with support seen from additional export capacity, new gas projects, lon g haul trade patterns and recurring constraints in the Panama Canal. Sharp increase in freight rates due to Middle East war. Market dynamics VLGC global fleet Panama v. Cape routing FFA market • Higher NGL content in the Permian basin and new export infrastructure are expected to drive growth in exports • New gas projects in Saudi Arabia and Qatar are expected to support Middle East LPG export growth going forward • High LPG inventories in the US and stable demand in Asia is keeping the US – Far East arbitrage wide • Volumes shipped long haul lend support to fleet utilization • The Neo - Panamax locks in the Panama Canal are operating at or near max capacity • Fleet growth in ethane, LPG and LNG segments is likely to increasingly divert VLGCs around Cape of Good Hope • The Ras Tanura – Chiba FFA market for the balance of 2026 is presently indicating earnings of about US$85,000 per day, though liquidity remains limited 11 Iran – Israel/US war • Initial market reaction is to secure US cargoes leading to increased spot rates and longer ton - miles • Strait of Hormuz safety concerns are halting exports from the Middle East. Prolonged conflict will most likely divert more VL GCs to the US Gulf and may impact the US Gulf rates negatively

![](ea027949001_ex99-3img12.jpg)

Agenda Q4 2025 Q4 2025 highlights and market outlook Market overview Company performance Q&A

![](ea027949001_ex99-3img13.jpg)

13 Achieved 94% utilisation generating TCE income – Shipping of US$50,300 per available day 2025 Q4 performance Guidance Q1 2026 • Fixed 94% of our available fleet days at an average rate of ~US$54,000 per day 4 1. TCE rates per day are inclusive of both commercial waiting and technical offhire days (i.e. 100% of calendar days) 2. TCE rates per day are inclusive of commercial waiting days and exclusive of technical offhire days (i.e. 100% of available days) 3. TCE rates per day are exclusive of both commercial waiting and technical offhire days 4% 96% TCE income by calendar days US$48,100/ day 1 Technical off - hire Available days 44% 54% TCE income by available days US$50,300/ day 2 US$52,0 00 2 (incl. waiting time and FFA) Spot US$54,2 00 3 (excl. waiting time and FFA) Waiting 2 % Time Charter US$48, 1 00 5 4. Discharge to discharge basis 5. Time charter includes fixed and variable rate FY 2026 Time charter Average day rate Revenue/ (Cost) in US$M % of total Fleet $43,700 $49 7% TC out – Fixed rate $34,500 ($38) 7% TC in $11 Net $43,700 $186 29% Remaining TC out – Fixed rate Shipping – Performance FY 2026 Charter portfolio • 36 % covered by fixed rate TC out at US$43,700/ day • 4% covered by FFA hedges at avg. of US$47,900/ day

![](ea027949001_ex99-3img14.jpg)

30 12 33 - 18 - 4 53 26 Net assets Q3 2025 Realised positions MTM change in unrealised cargo MTM change in unrealised paper Other expenses Net assets Q4 2025 Unrealised physical shipping Product Services – Performance 14 Strong finish to fiscal year 2025 highlighted by continued positive realised results 1. Gross profit from Product Services represents the net trading results which comprise revenue and cost of LPG cargo, derivativ e g ains and losses, and other trading attributable costs, including depreciation from Product Services' lease - in vessels Q4 2025 performance Book equity US$M Net asset value end of Q4 Net profit Average VAR Gross profit 1 BW LPG VLGC cargoes lifted by BW PS Net Profit: $2 3 m

![](ea027949001_ex99-3img15.jpg)

$43,200 FY 2025 Daily TCE Income $8,800 FY 2025 Daily OPEX FY 2026 Operating cash breakeven 8 $18,500 Owned $20,200 Total fleet $23,400 FY 2026 All - in cash breakeven 9 Income statement $123 Profit after tax $104 Profit to equity holders $0.69 Earnings per share 1 $0.57 Dividends per share 2 Balance sheet $3,155 Total assets $1,229 Total liabilities $1,926 Total shareholders' equity 21% Earnings Yield 3 (annualised) 12.5% Dividend Yield 4 (annualised) 26% ROE 5 (annualised) 19% ROCE 6 (annualised) 28.4% Net leverage ratio 7 0.15 1.91 1.46 0.09 0.85 0.84 0.56 1.28 3.46 2.42 1.47 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1. EPS (earnings per share) is computed based on the weighted average number of shares outstanding less treasury shares during the period 2. For shares registered with Euronext Securities Oslo, dividend per share is NOK 5 . 4297 3. Earnings yield : EPS divided by the share price at the end of the period in USD terms 4. Dividend yield : Based on $18 . 23 /share as of 27 February 2026 5. ROE (return on equity) : with respect to a particular financial period, the ratio of the profit after tax to the average of the shareholders' equity, calculated as the average of the opening and closing balance for the financial period as presented in the consolidated balance sheet . 6. ROCE (return on capital employed) : with respect to a particular financial period, the ratio of the operating profit to capital employed defined as the average of the total shareholders' equity, total borrowings and lease liabilities, calculated as the average of the opening and closing balance for the financial period as presented in the consolidated balance sheet . 7. Net leverage ratio : The sum of total borrowings and lease liabilities minus cash and cash equivalents as set out in the consolidated statement of cash flows, divided by the sum of the total borrowings, total lease liabilities, and shareholders' equity minus cash and cash equivalents as set out in the consolidated statement of cashflows 8. Operating cash breakeven : Total expected cash costs (excluding capex) divided by available days, owned fleet or total fleet 9. All - in cash breakeven : Operating cash breakeven including capex (maintenance and drydock) Financial highlights Low leverage, strong liquidity, ready for growth opportunities Key financials Q4 2025 US$ million Financial ratios Q4 2025 Dividends per share US$ Shipping per day statistics US$/day 15

![](ea027949001_ex99-3img16.jpg)

109 70 70 70 527 0 100 200 300 400 500 600 700 800 900 1,000 2026 2027 2028 2029 2030 onwards US$ million $796M Trade Finance Facilities - o/s $40M Revolving Credit Facilities (RCF) - o/s $180M $215M Term Loan - o/s $208M $380M Term Loan - o/s $236M JOLCO - o/s $60M Sale & Leaseback - o/s $122M Total Available Liquidity 613 Undrawn RCF 387 Cash ¹ 226 Financing structure and repayment profile Ample liquidity of $613M with long - dated repayment profile 1. Cash presented excludes $16M held in broker margin accounts 2. Excludes other lease liabilities, capitalised fees, and interest payable, as of 31 December 2025 Liquidity profile (US$M) As of 31 December 2025 Repayment profile Ship financing 2 structure Trade financing structure 16 SLB (o/s $122M) $215M Term Loan (o/s $208M) $380M Term Loan (o/s $236M) JOLCO (o/s $60M) $567M Revolving Credit Facilities (RCF) Drawn RCF (o/s $180M) Letter of credit $142M Drawndown $40M $796M Trade Finance Facilities

![](ea027949001_ex99-3img17.jpg)

Agenda Q4 2025 Q4 2025 highlights and market outlook Market overview Company performance Q&A

![](ea027949001_ex99-3img18.jpg)

Q&A Kristian Sørensen CEO Samantha Xu CFO

![](ea027949001_ex99-3img19.jpg)

Thank you Investor Relations investor.relations@bwlpg.com Ticker Oslo Stock Exchange " BWLPG" New York Stock Exchange " BWLP " LinkedIn linkedin.com/company/ bwlpg Website https://investor.bwlpg.com Telephone +65 6705 5588 Address 10 Pasir Panjang Road Mapletree Business City #17 - 02 Singapore 117438

![](ea027949001_ex99-3img20.jpg)

Appendix Q4 2025

![](ea027949001_ex99-3img21.jpg)

BW LPG 100% ownership 50 VLGCs, 3 LGCs and 1 MGC owned and operated by BW LPG 1. LGC (Large Gas Carrier) 2. MGC (Medium Gas Carrier) 3. Bareboat charter As of 17 February 2026 Vessels with dual - fuel propulsion technology Vessels on compliant fuels 22 28 BW LPG Time charter/bareboat in 7 BW LPG India 52% ownership 8 Pool/Product Services operated 11 4. Panamax 5. Pool operated 6. To be redelivered end of Q1 Vessels retrofitted with scrubber technology 13 19 Shipyard Year Name DSME 2023 BW Avior DSME 2023 BW Rigel Mitsubishi H.I. 2020 BW Yushi Mitsubishi H.I. 2019 BW Kizoku DSME 2017 BW Messina DSME 2017 BW Mindoro DSME 2016 BW Malacca DSME 2016 BW Magellan Hyundai H.I. 2016 BW Frigg Hyundai H.I. 2016 BW Freyja Hyundai H.I. 2016 BW Volans Hyundai H.I. 2016 BW Brage Hyundai H.I. 2016 BW Tucana Hyundai H.I. 2016 BW Var Hyundai H.I. 2016 BW Njord Hyundai H.I. 2016 BW Balder Hyundai H.I. 2015 BW Orion Hyundai H.I. 2015 BW Libra Hyundai H.I. 2015 BW Leo Hyundai H.I. 2015 BW Gemini Hyundai H.I. 2015 BW Carina Jiangnan 2015 BW Levant Jiangnan 2015 BW Breeze Jiangnan 2015 BW Sirocoo Jiangnan 2015 BW Passat Jiangnan 2015 BW Mistral Jiangnan 2015 BW Monsoon Hyundai H.I. 2014 BW Aries Shipyard Year Name DSME 2022 BW Capella 3 DSME 2022 BW Polaris 3 Mitsubishi H.I. 2010 BW Kyoto 3 Hyundai H.I. 2017 Oriental King Mitsubishi H.I. 2017 Doraji Gas 6 Hyundai H.I. 2006 Berge Nantong Hyundai H.I. 2006 Berge Ningbo Shipyard Year Name Jiangnan 2015 BW Chinook Jiangnan 2015 BW Pampero Kawasaki S.C. 2011 BW Pine Hyundai H.I. 2008 BW Loyalty Hyundai H.I. 2008 BW Tyr Hyundai H.I. 2008 BW Oak Hyundai H.I. 2007 BW Elm Hyundai H.I. 2007 BW Birch Beneficiary Shipyard Year Name Sinogas Maritime Jiangnan 2023 Gas Jupiter 5 Product Services Hyundai H.I. 2023 Kaede 5 Sinogas Maritime Jiangnan 2021 Gas Venus 5 Product Services Hyundai H.I. 2021 Gas Gabriela 4 Product Services Hyundai H.I. 2019 Clipper Wilma 4 Product Services Hyundai H.I. 2017 Vega Sea 4 Product Services Hyundai H.I. 2017 Vega Star 4 Product Services Hyundai H.I. 2011 Oceanic Moon 2 Product Services Hyundai H.I. 2009 Tokyo 1 Product Services Hyundai H.I. 2009 Denver 1 Product Services Hyundai H.I. 2009 Helsinki 1 21

![](ea027949001_ex99-3img22.jpg)

$11 $9 $9 $9 $1 8% 7% 7% 7% 1Q 26 2Q 26 3Q 26 4Q 26 1Q 27 2Q 27 3Q 27 4Q 27 Avg. TC out rate Avg. TC in rate FY 2026 Time charter Average day rate Revenue/ (Cost) in $M % of total Fleet $43,700 $49 7% TC out - Fixed rate $34,500 ($38) 7% TC in $11 Net $43,700 $186 29% Remaining TC out - Fixed rate VLGC charter portfolio overview 22 Fixed rate time charter out coverage for 2026 at 36% with an average rate of $43,700 per day Time charter - out – Fixed rate US$ thousands/day 1. % of fleet ratio is basis: TC out is based on total available days and TC in is based on total calendar days 2. Majority of the TC in contracts will end in 2026 with the last TC in contract expiring in end - Jan 2027 Time charter - in 2026 time charter position Revenue in USD millions % of total available days of the whole fleet Quarterly Cost in USD millions % of total available days of the whole fleet Quarterly Yearly Yearly Yearly Quarterly 2 Time charter - out % TC days - Fixed rate 1 $235 $145 36% 24% 2026 2027 $38 $1 7% 2026 2027 $68 $63 $55 $49 $39 $35 $35 $35 42% 38% 33% 30% 27% 23% 23% 23% 1Q 26 2Q 26 3Q 26 4Q 26 1Q 27 2Q 27 3Q 27 4Q 27 $44.2 $44.1 $43.4 $43.2 $42.7 $43.1 $43.1 $43.0 $39.3 $32.2 $32.9 $33.5 1Q 26 2Q 26 3Q 26 4Q 26 1Q 27 2Q 27 3Q 27 4Q 27 $43.7 $43.0 $34.5 2026 2027

![](ea027949001_ex99-3img23.jpg)

2027E 2026E Q4 2026E Q3 2026E Q2 2026E Q1 2026E 14,235 14,235 3,588 3,588 3,549 3,510 Owned days 34 1,112 276 276 273 287 Time charter in days 14,269 15,347 3,864 3,864 3,822 3,797 Total calendar days 222 451 69 88 81 213 Offhire \* 14,047 14,896 3,795 3,776 3,741 3,584 Total available days (Net of offhire) 10,228 7,786 2,199 2,079 1,869 1,639 Spot days (Net of offhire) 3,374 5,317 1,139 1,260 1,420 1,498 Time charter out days (Net of offhire) - Fixed rate 445 1,793 457 437 452 447 Time charter out days (Net of offhire) - Variable rate 73% 52% 58% 55% 50% 46% % Spot days 24% 36% 30% 33% 38% 42% % TC days - Fixed rate 3% 12% 12% 12% 12% 12% % TC days - Variable rate TCE rates - - - - - - Spot $43,000 $43,700 $43,200 $43,400 $44,100 $44,200 Time charter out – Fixed rate - - - - - - VLGC TCE rate (Net of offhire) Shipping segment charter portfolio 2026 - 2027 23 Fixed rate time charter out contract coverage stands at 36 % for 2026 (as of 18 Feb 2026) BW LPG India Charter Portfolio is a subset of the Shipping Segment Charter Portfolio Pool revenue distributed to participants and the associated days are excluded from the presentation \*In years when a vessel does not have planned dry docking, an offhire of 3 days per vessel per year is assumed

![](ea027949001_ex99-3img24.jpg)

2027E 2026E Q4 2026E Q3 2026E Q2 2026E Q1 2026E 2,920 2,920 736 736 728 720 Owned days - - - - - - Time charter in days 2,920 2,920 736 736 728 720 Total calendar days 56 77 5 4 40 28 Offhire \* 2,864 2,843 731 732 688 692 Total available days (Net of offhire) 2,502 1,411 483 403 303 222 Spot days (Net of offhire) 362 1,432 248 329 385 470 Time charter out days (Net of offhire) 87% 50% 66% 55% 44% 32% % Spot days 13% 50% 34% 45% 56% 68% % TC days TCE rates - - - - - - Spot $43,100 $45,100 $44,200 $44,900 $45,700 $45,700 Time charter out - - - - - - VLGC TCE rate (Net of offhire) BW LPG India charter portfolio 2026 - 2027 24 Time charter out contract coverage stands at 50% for 2026 (as of 18 Feb 2025) \* Offhire is assumed to be 3 days per year per vessel, distributed equally per quarter, during the years the vessel does not have plann ed dry dockings

![](ea027949001_ex99-3img25.jpg)

0.82 0.64 0.62 0.72 0.98 0.95 1.05 0.89 1.00 1.10 1.08 1.19 0.66 0.48 0.31 0.30 0.56 0.54 0.66 0.51 0.62 0.73 0.72 0.71 jan.25 feb.25 mar.25 apr.25 may.25 jun.25 jul.25 aug.25 sep.25 oct.25 nov.25 dec.25 Fleet safety statistics 25 Safety and Zero Harm onboard remain our key focus Total Recordable Case Frequency (TRCF): Work - related fatalities and injuries per one million hours worked Lost Time Injury Frequency (LTIF): Work - related fatalities and injuries per one million hours worked that leads to lost work time TRCF 12 Month Rolling Average (MRA) LTIF 12 Month Rolling Average (MRA) As of 31 December 2025

## Exhibit 99.4

**Exhibit 99.4**

**BW LPG Limited – Key information relating to the cash dividend for Q4 2025**

Singapore, 3 March 2026

BW LPG Limited ("BW LPG" or the "Company", OSE ticker code: "BWLPG.OL", NYSE ticker code "BWLP") provides the following key information relating to the Company's cash dividend for Q4 2025:

The Board has approved a dividend of US$0.57 per share on 2 March 2026. For shares registered with Euronext VPS, dividend per share is NOK 5.4297.

Record date: 13 March 2026

Shares registered with Euronext VPS - Oslo Stock Exchange

=============================================================

Last trading day including the right to receive this dividend: 11 March 2026

Ex-date: 12 March 2026

Dividend payment date: On or about 23 March 2026

Shares registered with Depository Trust Company – New York Stock Exchange

=============================================================

Last trading day including the right to receive this dividend: 12 March 2026

Ex-date: 13 March 2026

Dividend payment date: On or about 23 March 2026

**For further information, please contact:**

Samantha Xu

Chief Financial Officer

E-mail: investor.relations@bwlpg.com

**About BW LPG**

Delivering energy for a better world – more information about BW LPG can be found at www.bwlpg.com.

<br> BW LPG is associated with BW Group, a leading global maritime company involved in shipping, floating infrastructure, deepwater oil & gas production, and new sustainable technologies. Founded in 1955 by Sir YK Pao, BW controls a fleet of over 450 vessels transporting oil, gas and dry commodities, with its 200 LNG and LPG ships constituting the largest gas fleet in the world. In the renewables space, the group has investments in solar, wind, batteries, and water treatment.

<br> This information is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.