# EDGAR Filing Document

**Accession Number:** 0001630805
**File Stem:** 0001630805-25-000092
**Filing Date:** 2025-11
**Character Count:** 35054
**Document Hash:** 9f224e9fd359357704f23e3dabba4c48
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001630805-25-000092.hdr.sgml**: 20251110

**ACCESSION NUMBER**: 0001630805-25-000092

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 43

**CONFORMED PERIOD OF REPORT**: 20251110

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251110

**DATE AS OF CHANGE**: 20251110

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Babcock & Wilcox Enterprises, Inc.
- **CENTRAL INDEX KEY:** 0001630805
- **STANDARD INDUSTRIAL CLASSIFICATION:** HEATING EQUIPMENT, EXCEPT ELECTRIC & WARM AIR FURNACES [3433]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 472783641
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36876
- **FILM NUMBER:** 251467249

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

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

?xml version='1.0' encoding='ASCII'? bw-20251110

&nbsp;&nbsp;&nbsp;&nbsp;

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM 8-K**

CURRENT REPORT

Pursuant to Section 13 or 15 (d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 10, 2025

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

---

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

---

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

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

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

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

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

---

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

Emerging growth company ☐

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

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&nbsp;&nbsp;&nbsp;&nbsp;

**Item 7.01 Regulation FD Disclosure**

On November 10, 2025, the Company posted an investor presentation on the investor relations section of its website at www.babcock.com. A copy of the presentation is attached as Exhibit 99.1, and the information contained in Exhibit 99.1 is incorporated herein by reference.

The information furnished pursuant to this Item 7.01, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Exchange Act or incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

**Item 9.01 Financial Statements and Exhibits**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits

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| | |
|:---|:---|
| Exhibit No. | Description |
| <u>[99.1](bwiroverview-november 202.htm)</u> | <u>[Investor Presentation](bwiroverview-november 202.htm)</u> |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

---

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&nbsp;&nbsp;&nbsp;&nbsp;

**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.

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| | | |
|:---|:---|:---|
| | **BABCOCK & WILCOX ENTERPRISES, INC.** | **BABCOCK & WILCOX ENTERPRISES, INC.** |
| November 10, 2025 | By: | /s/ Cameron Frymyer |
|  |  | Cameron Frymyer |
|  |  | Executive Vice President and Chief Financial Officer<br>(Principal Financial and Accounting Officer and Duly Authorized Representative) |

---

## Exhibit 99.1

![](bwiroverview-november 202001.jpg)

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C .© 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.1 C O M PA N Y O V E R V I E W November 2025

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![](bwiroverview-november 202002.jpg)

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C .© 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.2 IMPORTANT INFORMATION Safe Harbor Statement Babcock & Wilcox Enterprises, Inc. ("B&W Enterprises" or "B&W") cautions that this presentation contains forward-looking statements within the meaning of federal securities laws. All statements other than statements of historical or current fact included in this presentation are forward-looking statements, including, without limitation, statements relating to the company's business outlook and expected financial performance expectations regarding future growth, opportunities, expansion and profitability, outlook and expectations regarding B&W's BrightLoop technology and statements about our support of net-zero, decarbonization and sustainable power ambitions and key technologies, data centers and electric demand, as well as statements about B&W's future pipeline of new projects and business within its Renewable, Environmental and Thermal operating segments and their impact on future shareholder value. These forward-looking statements are based on management's current expectations and involve a number of risks and uncertainties, including, among other things: our financial condition and ability to continue as a going concern and potential reactions thereto; our amendments and waivers to our Debt Facilities (as defined in our Annual Report on Form 10-K for the year ended December 31, 2024); our need for additional financing to continue as a going concern; our ability to improve our financial position or to obtain additional capital or refinance any of our debt in the future on commercially reasonable terms or at all; our ability to maintain adequate bonding and letter of credit capacity; risks associated with contractual pricing in our industry; our relationships with customers, subcontractors and other third parties; our ability to comply with our contractual obligations; disruptions at our manufacturing facilities or a third-party manufacturing facility that we have engaged; the actions or failures of our co-venturers; our ability to implement our growth strategy, including through strategic acquisitions, which we may not successfully consummate or integrate; our evaluation of strategic alternatives for certain businesses and non-core assets, which may not result in successful transactions; the risks of unexpected adjustments and cancellations in our backlog; risks associated with our new and projected data center projects; professional liability, product liability, warranty and other claims; our ability to compete successfully against current and future competitors; our ability to develop and successfully market new products; the impacts of industry conditions and public health crises; the cyclical nature of the industries in which we operate; changes in the legislative and regulatory environment in which we operate; supply chain issues, including shortages of adequate components; failure to properly estimate customer demand; our ability to comply with the covenants in our debt agreements; our ability to refinance any of our debt in the future on commercially reasonable terms or at all; our ability to maintain adequate bonding and letter of credit capacity; impairment of goodwill or other indefinite-lived intangible assets; credit risk; disruptions in, or failures of, our information systems; our ability to comply with privacy and information security laws; our ability to protect our intellectual property and use the intellectual property that we license from third parties; risks related to our international operations, including fluctuations in the value of foreign currencies, current and future changes to global tariffs, sanctions and export controls that could harm our profitability; volatility in the price of our common stock; B. Riley's significant influence over us; changes in tax rates or tax law; our ability to use net operating loss and certain tax credits; our ability to maintain effective internal control over financial reporting; our ability to attract and retain skilled personnel and senior management; labor problems, including negotiations with labor unions and possible work stoppages; risks associated with our retirement benefit plans; natural disasters or other events beyond our control, such as war, armed conflicts or terrorist attacks; and the other factors specified and set forth under "Risk Factors" in our periodic reports filed with the Securities and Exchange Commission, including, without limitation, the risks described in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" (as applicable). These factors should be considered carefully, and B&W Enterprises cautions you not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law. Bookings and Backlog Bookings and backlog are our measure of remaining performance obligations under our sales contracts. It is possible that our methodology for determining bookings and backlog may not be comparable to methods used by other companies. Implied backlog and implied bookings include projects awarded or under contract but not fully released for performance. We generally include expected revenue from contracts in our backlog when we receive written confirmation from our customers authorizing the performance of work and committing the customers to payment for work performed. Backlog may not be indicative of future operating results, and contracts in our backlog may be canceled, modified or otherwise altered by customers. Backlog can vary significantly from period to period, particularly when large new build projects or operations and maintenance contracts are booked because they may be fulfilled over multiple years. Because we operate globally, our backlog is also affected by changes in foreign currencies each period. We do not include orders of our unconsolidated joint ventures in backlog. Bookings represent changes to the backlog. Bookings include additions from booking new business, subtractions from customer cancellations or modifications, changes in estimates of liquidated damages that affect selling price and revaluation of backlog denominated in foreign currency. We believe comparing bookings on a quarterly basis or for periods less than one year is less meaningful than for longer periods, and that shorter-term changes in bookings may not necessarily indicate a material trend. Pipeline Pipeline represents our uncontracted, potential revenue, which has a reasonable likelihood of contract execution. Pipeline is an internal metric monitored by management to understand the anticipated growth of our Company and our estimated future revenue. We cannot guarantee that our pipeline will result in actual revenue in the originally anticipated period or at all. Pipeline may not generate margins equal to our historical operating results. Our customers may experience project delays or cancel orders as a result of external market factors and economic or other factors beyond our control. If our pipeline fails to result in revenue as anticipated or in a timely manner, we could experience a reduction in revenue, profitability, and liquidity.

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![](bwiroverview-november 202003.jpg)

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C .© 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.3 Providing high quality, innovative technologies for nearly 160 years  From our first patent for a more efficient boiler to more than 17,000 patents since, we continue to drive innovation and change  Today, we are a globally recognized technology leader and innovator providing advanced energy and environmental products and services WE'RE A GLOBAL ENERGY LEADER, POWERING THE WORLD SINCE 1867 Advancing solutions for the future energy landscape  Our hydrogen production, carbon capture, renewable energy and environmental technologies support the reduction of greenhouse gases, including CO2 and methane, in an environmentally friendly way Meeting critical, growing and immediate power needs for customers and the world  Providing efficient, reliable, readily available power solutions for AI factories and data centers, utilities and industrial customers including coal-fired generation, natural gas- fired power plants, and plant conversions to meet rising energy demands  Delivering systems, parts and field services to keep plants operating efficiently and effectively

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![](bwiroverview-november 202004.jpg)

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C .© 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.4 WE'RE LEVERAGING A VAST INSTALLED BASE AND PROVEN TECHNOLOGIES B&W'S MORE THAN 400 GIGAWATTS OF INSTALLED GLOBAL CAPACITY AT UTILITY AND INDUSTRIAL PLANTS CREATES LARGE GROWTH OPPORTUNITIES FOR PARTS, SERVICES AND RETROFITS More than 300 operating utility and industrial boiler units in the U.S. and nearly 200 operating utility and industrial boiler units across 40 countries around the world. More than 5,000 industrial water-tube package boilers and other waste heat recovery products installed in a variety of facilities. Average of more than 500,000 U.S. Boilermakers' construction manhours per year over last five years. One of the top five Boilermaker employers in the U.S. utility industry. Large worldwide installed base of wet and dry scrubbers for SOX reduction, particulate control equipment, NOX reduction technologies, and mercury control systems to meet environmental regulations. Flue gas pre-treatment technologies for use with CO2 capture. More than 300+ renewable energy units at facilities globally (consuming over 61 million tonnes of waste per year) and a leader in plant availability. Serving utility, waste management, municipality and investment firm customers.

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B A B C O C K & W I L C O X E N T E R P R I S E S , I N C .© 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.5 Solid global pipeline\* of $10 to $12 billion, including identified project opportunities that can be converted into bookings, including B&W's AI data center pipeline of over $3 to $5 billion and $2.6 billion in BrightLoop and ClimateBright opportunities. WE'RE CAPITALIZING ON SIGNIFICANT OPPORTUNITIES FOR PROFITABLE GROWTH Large coal-to-gas conversion projects, along with higher-margin aftermarket parts and services to support our large global installed base and competitors' units, and opportunities to expand our geographical presence to support these markets Increasing global demand to keep plants operating at peak efficiency with replacement parts, upgrades and field services, as well as ignitors and control systems through our FPS subsidiary Delivering proven, reliable, readily available power generation technologies, construction and parts and maintenance services, to meet the growing demand of artificial intelligence data centers \* Refer to our Important Information on page 2 regarding pipeline.

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![](bwiroverview-november 202006.jpg)

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C .© 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.6  Electric Demand Forecast Soaring • Total data center demand expected to be 176GW by 2035; up from 33GW in 2024  Primary U.S. Data Center Buyers • Artificial Intelligence infrastructure consortiums • Hyperscaler cloud providers • Private equity and investment firms  Key B&W Developments for this Growing Market • Strategic Partnership with Denham Capital to convert existing coal plants to power data centers in U.S. and Europe • Limited notice to proceed on $1.5 billion project to deliver one gigawatt of power for Applied Digital AI Factory; full notice to proceed expected January 2026.  Smart, Fast-Track B&W Solutions for AI Factories and Data Centers • Off-the-shelf 300 MW natural gas-fired boiler and steam turbine designs • Provides fast, efficient, readily available, redundant power • Modular, field-erected and scalable with accelerated startup • On-site or co-located power supply to eliminate grid issues AI FACTORIES AND DATA CENTERS: RISING POWER DEMAND AND OPPORTUNITIES Capital expenditure is expected to exceed $1 trillion within the next five years for electric and gas utilities, and also reach $1 trillion within the next three years for data centers \* https://www.deloitte.com/us/en/insights/industry/power-and-utilities/data-center-infrastructure-artificial-intelligence.html

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![](bwiroverview-november 202007.jpg)

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C .© 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.7 B&W AND APPLIED DIGITAL PARTNER FOR POWER FOR AI FACTORY PROJECT  B&W designing and installing 4x300MW natural gas-fired boilers and steam turbines  LNTP for $1.5B project; full release expected 1Q2026  Plant to begin operation in 2028  Expect ongoing parts and services contract to support AI factory's operations B&W brings efficient and effective technologies + decades of experience + a strong record of successful execution

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![](bwiroverview-november 202008.jpg)

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C .© 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.8 Record Electricity Consumption  2026 again expected to set record  U.S. reserve margins reaching dangerous lows  Weather-dependent electricity struggles to meet demand GROWING U.S. ELECTRICITY DEMAND Sources: EIA, Wood Mackenzie, Thomson Reuters, U.S. EIA Monthly Energy Report and Peabody Analysis Long-Term Demand and Pressures  Power demand to climb 25% by 2030 from 2023 levels  Growth fueled by: • AI and data centers • Electric vehicles • Manufacturing reshoring  "Coal is going to be around for longer that people thought" Coal Supply and Demand  U.S. EIA projects coal consumption increase of 6% in 2025  Coal generation up 15% in first half of 2025  U.S. coal plants, running at higher capacity factors, represents best source of incremental power over next several years

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![](bwiroverview-november 202009.jpg)

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C .© 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.9 BABCOCK & WILCOX PROFILE  Employees: ~1,500  LTM Revenue September 2025: ~$623.1M  Headquarters: Akron, Ohio USA  Founded: 1867  Ownership: Public (NYSE: BW) N . A M ER IC A F U E L T Y P E P R O D U C T S & S E R V I C E S I N D U S T R I A L V S U T I L I T Y 34% 24% 42% Const A/M Prj Parts 72% 28% Utility Ind A SI A EU R O PE M E/ A O TH ER 14% 8% 28% 50% Other P&P NG Coal 14% 86% A/M Prj Parts 80% 20% Utility Ind 13% 87% Other Coal 97% 3% A/M Prj Parts 78% 22% Utility Ind 2% 93% 5% Other Bio/EFW NG 86% 14% Utility Ind 2% 98% Other Coal 31% 69% Utility Ind 1% 2% 6% 63% 28% Other Bio/EFW P&P NG Coal Disclaimer: B&W Enterprises cautions not to place undue reliance on any forward-looking statements, which speak only as of the date of this presentation and may be impacted by the risks described in our SEC reports. We undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law. 84% 16% A/M Prj Parts 73% 27% A/M Prj Parts 72% 28% Utility Industrial 13% 4% 8% 26% 49% Other Biomass/EFW Pulp & Paper Natural Gas Coal FUEL TYPE B & W C O N S O L I D A T E D 28% 30% 42% Construction A/M Projects Parts PRODUCTS & SERVICES INDUSTRIAL VS UTILITY Notes: All charts based on LTM September 30, 2025 revenues, unless otherwise noted. 1. Backlog does not include shorter lead-time parts and services. 2. Refer to our Important Information on page 2 regarding bookings and backlog.

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![](bwiroverview-november 202010.jpg)

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C .© 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.10 GLOBAL PRESENCE, SOLID PIPELINE\* Manufacturing Service Facilities Construction Sales/Support Sales Reps B&W AI Data Center pipeline reaches $3 to $5 billion; total global pipeline of $10 to $12 billion PIPELINE: 2025-2027 Addressable Market Europe More than $5B PIPELINE: 2025-2027 Addressable Market Americas More than $11B PIPELINE: 2025-2027 Addressable Market Asia-Pacific More than $6B PIPELINE: 2025-2027 Addressable Market Middle East & Africa More than $3B 3 - Y E A R P I P E L I N E B&W LOCATIONS $8B AMERICAS $1.4B EUROPE $573M ME/A $555M APAC Note: Pipeline does not include parts, small service and construction. \* Refer to our Important Information on page 2 regarding pipeline. Disclaimer: B&W Enterprises cautions not to place undue reliance on any forward-looking statements, which speak only as of the date of this presentation and may be impacted by the risks described in our SEC reports. We undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law. A WIDE FOOTPRINT AND ONGOING EXPANSION POSITIONS B&W TO LEVERAGE MARKET TRENDS AROUND THE WORLD

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![](bwiroverview-november 202011.jpg)

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C .© 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.11 LEADERSHIP TEAM Executive Vice President and Chief Financial Officer Cameron Frymyer Executive Vice President, General Counsel and Corporate Secretary John J. Dziewisz Chief Technology Officer Brandy Johnson Chairman and Chief Executive Officer Kenneth Young Executive Vice President and Chief Commercial Officer Jimmy B. Morgan Senior Vice President, Corporate Operations Gillianne Hetrick Vice President, Corporate Development Sarah Serafin Non-Executive Advisor Dr. Homaira Akbari

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![](bwiroverview-november 202012.jpg)

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C .© 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.12 CORPORATE GOVERNANCE B O A R D O F D I R E C T O R S Chairman and Chief Executive Officer Kenneth Young Joseph TatoRebecca StahlHenry Bartoli Alan Howe Philip Moeller Naomi Boness

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![](bwiroverview-november 202013.jpg)

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C .© 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.13 FINANCIAL INFORMATION

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![](bwiroverview-november 202014.jpg)

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C .© 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.14 CONSOLIDATED FINANCIAL SUMMARY - CONTINUING OPERATIONS ($ in millions) Three Months Ended September 30, 2025 Trailing Twelve Months Ending September 30, 2025 Revenue $149.0 $623.1 Gross margin $37.1 $152.1 Selling, general and administrative expenses $29.8 $121.7 Operating income $6.5 $21.2 Note: Figures may not be clerically accurate due to rounding.

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![](bwiroverview-november 202015.jpg)

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C .© 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.15 CAPITAL STRUCTURE – PRO FORMA ($ in millions) September 30, 2025 CAPITALIZATION: Total Debt1 $309.3 Senior Notes2 $240.4 Revolving Credit Line $0.0 Letter of Credit Collateral3 $68.9 Cash, cash equivalents and restricted cash4 $196.1 Net Debt $113.2 Note: Figures may not be clerically accurate due to rounding. 1) Debt excluding leases and forgivable loans of $14.9 million. Excludes unamortized deferred financing fees and unamortized gain. 2) Includes $70 million redemption of 8.125% Senior Notes due 2026. 3) Letter of Credit Collateral under the Axos Credit Facility is on B&W's balance sheet in Restricted & Long-Term Restricted Cash offset by debt. The previous PNC/MSD letter of credit facility and associated collateral was not required to be included on B&W's balance sheet. 4) Includes $70 million redemption of 8.125% Senior Notes due 2026 and $65 million equity raise.

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B A B C O C K & W I L C O X E N T E R P R I S E S , I N C .© 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.16 KEY TECHNOLOGIES AND CAPABILITIES

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B A B C O C K & W I L C O X E N T E R P R I S E S , I N C .© 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.17 KEY TECHNOLOGIES: STEAM GENERATION Utility Boilers High pressure, high efficiency, high capacity, low emissions Fuel: Coal, oil, natural gas, multi-fuel Natural Gas-Fired and Other Industrial Water-Tube and Fire-Tube Boilers Bottom- or top-supported, shop- or field-assembled Fuel: Natural gas, oil, CO, waste heat and gases Heat Recovery Steam Generator Components Pressure parts, casing, ducting, drums, housing and frames Fuel: Waste heat and gases Renewable Energy Boilers Reduces dependency on landfills and reduces methane gas emissions Fuel: Municipal solid waste, refuse derived fuel Biomass-Fired Boilers Carbon-neutral technology Fuel: Wood, wood waste, straw, sludge Process Recovery Boilers Single-drum, industry-standard unit for improved mill operation Fuel: Black liquor

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![](bwiroverview-november 202018.jpg)

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C .© 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.18 KEY TECHNOLOGIES: IGNITORS, FLAME SCANNERS AND CONTROLS  Natural gas conversions from oil- or coal-firing  Alternative energy fuels such as hydrogen, biodiesel, methanol and biogas  Burner management and controls for complete turnkey system capability  Flame scanning capability can be effectively implemented on any industrial application  Technologies can be utilized for new construction or retrofit projects  Safety standards conforming to National Fire Protection Association (NFPA) classes PROVEN TECHNOLOGIES WITH INSTALLATIONS IN MORE THAN 70 COUNTRIES, INCLUDING MORE THAN 11,000 IGNITORS Designed for safety, reliability and fuel flexibility

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![](bwiroverview-november 202019.jpg)

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C .© 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.19 KEY TECHNOLOGIES: EMISSIONS CONTROL Pre-Treatment for Post- Combustion Carbon Capture  Wet and Dry Scrubbers, Sorbent Injection, Electrostatic Precipitators, Fabric Filters, Selective Catalytic Reduction Systems  Complements SolveBright Process, Other Post- Combustion Technologies Particulate Control  Pulse Jet Fabric Filters / Baghouses  Wet and Dry Electrostatic Precipitators  Wet Particulate Scrubbers  Multiclone® Dust Collectors NOX Control  Selective Catalytic and Non-Catalytic Reduction  Low NOX Burners and Combustion Systems SO2 / Acid Gas Control  Wet or Seawater Flue Gas Desulfurization Systems  Semi-Dry Flue Gas Desulfurization Systems (Spray Dry Absorbers, Circulating Dry Scrubbers)  Wet Electrostatic Precipitators and Dry Sorbent Injection SO3 / Acid Mist Control  Wet Electrostatic Precipitators  Dry Sorbent Injection Mercury  Powdered Activated Carbon Injection  Absorption Plus , MercPlus , Mitagent Additives Wastewater Elimination  Wastewater Evaporation System via Spray Drying

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B A B C O C K & W I L C O X E N T E R P R I S E S , I N C .© 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.20 KEY CAPABILITIES: AFTERMARKET SERVICES Adding value through constructability: Safe execution of new installation, retrofits, system maintenance/repair, plant modifications CONSTRUCTION OPTIMIZATION SYSTEMS Enhancing efficiency with proven technology: Diagnostic, monitoring, tuning and control systems for combustion and cleaning equipment UPGRADES & RETROFITS Maintaining/improving plant operation: Projects for extending the life of power, process and environmental equipment ENGINEERING SERVICES Evaluating options for improved performance: Expert people, tools and processes to measure, model, design, deliver, train and project manage REPLACEMENT PARTS Supplying components for system reliability: High-quality standard or custom-engineered pressure and non-pressure parts

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B A B C O C K & W I L C O X E N T E R P R I S E S , I N C .© 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.21 B&W'S EMERGING TECHNOLOGIES

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B A B C O C K & W I L C O X E N T E R P R I S E S , I N C .© 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.22 BRIGHTLOOP STEAM, HYDROGEN AND SYNGAS PRODUCTION

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B A B C O C K & W I L C O X E N T E R P R I S E S , I N C .© 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.23 PREPARING FOR THE FUTURE H Y D R O G E N G A M E C H A N G I N G T E C H N O L O G Y F O R T H E F U T U R E – T O D A Y S T E A M S Y N G A S Scalable alternative for baseload steam generation Utilize readily available fuels for energy security Future-proof - Capture CO2 now or in the future Hydrogen from multiple feedstocks Competitive hydrogen cost Scalable for a range of applications High rate of carbon captured High quality, low carbon syngas from biomass which is scalable to match downstream technologies

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B A B C O C K & W I L C O X E N T E R P R I S E S , I N C .© 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.24 $300M+ TOTAL R&D INVESTMENT DOE GRANTS – STATE GRANTS – OHIO STATE – B&W E X T E N S I V E T E S T I N G A N D D E V E L O P M E N T STARTUP / SHUTDOWNS OPERATING HOURS 3,000+  Nearly 160 years of commitment to finding a better way to generate power  Decades of researching, engineering and refining BrightLoop technology  Proven experience in taking technology development from concept to lab to pilot to commercial scale, then going even bigger  Technology is not just ready for deployment; it's B&W ready BACKED BY SIGNIFICANT RESEARCH AND INVESTMENT

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B A B C O C K & W I L C O X E N T E R P R I S E S , I N C .© 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.25 BRIGHTLOOP HYDROGEN PRODUCTION PROGRESS B R I G H T L O O P E V O L U T I O N Sub-Pilot with The Ohio State University and B&W MEDIUM SCALE 10-50 Tonnes Per Day Hydrogen Projected Output LARGE SCALE 100-250 Tonnes Per Day Hydrogen Projected Output SUB-PILOT SCALE (Complete) 2008 2029 2032 IN PROGRESS Laboratory Scale RESEARCH STAGE (Complete) 1994-2004 PILOT SCALE (Complete) Steam & Hydrogen National Carbon Capture Center in Alabama 2014 SMALL SCALE 1-5 Tonnes Per Day Hydrogen Projected Output IN PROGRESS 2027 PILOT SCALE (Complete) Coal Direct Chemical Looping Barberton, Ohio 2017

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B A B C O C K & W I L C O X E N T E R P R I S E S , I N C .© 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.26 KEY TECHNOLOGIES: FLUE GAS TREATMENT FOR CARBON CAPTURE THE WORLDWIDE LEADER IN FLUE GAS PRE-TREATMENT TECHNOLOGIES FOR POST-COMBUSTION CARBON CAPTURE  To optimize carbon capture on solvent-based scrubbing technologies, reductions in various pollutants found in the incoming flue gas are required  Our solutions include technologies for acid gases, particulate and acid mist, NOx and mercury 300+ Wet Scrubber Installations 90+ Dry Scrubber Installations 260+ Wet ESP Installations 490+ Dry ESP Installations 1,000+ Fabric Filters Installations 35+ Sorbent Injection Installations 100+ SCR Installations

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B A B C O C K & W I L C O X E N T E R P R I S E S , I N C .© 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.27 CARBON CAPTURE TECHNOLOGIES B & W I S AT T H E F O R E F R O N T O F D E V E LO P I N G A N D D E P LOY I N G E F F I C I E N T A N D E F F E C T I V E T E C H N O LO G I E S TO C A P T U R E C O 2 OxyBright OXYGEN-FUEL COMBUSTION SolveBright POST-COMBUSTION CARBON CAPTURE Solvent-based, post-combustion technology Offers solvent flexibility to accommodate customer preference Can be retrofitted onto existing boilers or engineered and supplied for new boiler installations Offers application with both gaseous and solid fuels THE B&W ADVANTAGE Expertise gained from decades of leadership in combustion technologies and emissions control provides total solutions support Experience across wide range of industries 93 active patents related to carbon capture technology EMERGING TECHNOLOGIES INCLUDE: Long-Duration Energy Storage Green Steam Direct Air Capture

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B A B C O C K & W I L C O X E N T E R P R I S E S , I N C .© 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.28 BIOENERGY WITH CARBON CAPTURE AND SEQUESTRATION (BECCS) B&W's biomass boilers paired with either OxyBright or SolveBright produce carbon-negative energy with a -2,500gCO2e/kWh carbon intensity OxyBright with B&W's renewable energy solution could produce carbon-negative energy with a -1,000 gCO2e/kWh carbon intensity Our negative carbon intensity (-2,500 gCO2e/kWh) is nearly seven times more negative than the U.S. grid is positive (+373 gCO2e/kWh)

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B A B C O C K & W I L C O X E N T E R P R I S E S , I N C .© 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved.29

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