# EDGAR Filing Document

**Accession Number:** 0001649313
**File Stem:** 0001410578-25-001893
**Filing Date:** 2025-8
**Character Count:** 137811
**Document Hash:** e025d1146e83704f2d03f4961c661f04
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410578-25-001893.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001410578-25-001893

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 86

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**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:** 251252539

**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

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**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 August, 2025.**

**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 ☑ &nbsp;&nbsp;&nbsp;&nbsp; Form 40-F ☐

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**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 August 26, 2025, announcing the Company's financial results for the second quarter ended June 30, 2025 ("Q2 2025").

Attached to this Report on Form 6-K as Exhibit 99.2 is the Q2 2025 Interim Financial Report of the Company.

Attached to this Report on Form 6-K as Exhibit 99.3 is the Q2 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 August 26, 2025, announcing key information regarding the Company's cash dividend for Q2 2025.

The information contained in Exhibit 99.2 to this Report on Form 6-K, except for the sections entitled "Market Update" and "Statements to the Interim Financial Information" of Exhibit 99.2, is hereby incorporated by reference into the Company's registration statement on Form S-8 (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 (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**

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| | |
|:---|:---|
| Exhibit Number | Exhibit Description |
| 99.1 | [Press release of BW LPG Limited dated August 26, 2025 – Financial Results for Q2 2025](bwlp-20250630xex99d1.htm) |
| 99.2 | [BW LPG Limited Q2 2025 Interim Financial Report](bwlp-20250630xex99d2.htm) |
| 99.3 | [BW LPG Limited Q2 2025 Earnings Presentation](bwlp-20250630xex99d3.htm) |
| 99.4 | [Press release of BW LPG Limited dated August 26, 2025 – Key information relating to the cash dividend for Q2 2025](bwlp-20250630xex99d4.htm) |

---

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

---

Date: August 26, 2025

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## Exhibit 99.1

**Exhibit 99.1**

**BW LPG Limited – Financial Results for Q2 2025**

Singapore, 26 August 2025

**Highlights Q2 2025**

● **Q2 2025 profit:** Q2 2025 profit attributable to equity holders of the Company ended at US$35 million, representing an earnings per share of US$0.23.

● **Healthy TCE performance amidst uncertainty:** TCE income – Shipping Q2 2025 concluded at US$38,800 per available day and US$37,300 per calendar day, above the Company's guidance of US$35,000 per day. The earnings were well supported by the Company's time charter coverage of 44% of available days, delivering TCE at US$43,000 per day.

● **Dividend declared:** The Company declared a Q2 2025 cash dividend of US$0.22 per share, which consists of 75% of Shipping NPAT for Q2 2025, and further enhanced by retained dividends declared in 2024 from BW Product Services. The Q2 dividend represents a 110% payout ratio of the Shipping NPAT.

● **Vessel delivery:** Further to the announced declaration of the purchase option in February, the Company took delivery of BW Yushi in June 2025 for a consideration of US$69 million.

● **Strategic financing:** As announced earlier, the Company successfully finalised two loan facilities, financing the Avance Gas fleet and refinancing its BW LPG India subsidiary fleet while supporting further growth. The shareholder loan from BW Group was terminated ahead of its expiry due to ample liquidity.

**Financial Performance**

BW LPG Limited ("BW LPG", the "Company", NYSE ticker code: "BWLP", OSE ticker code: "BWLPG.OL") reported a Q2 2025 Net Profit After Tax (NPAT) of US$43million, yielding an annualised return on equity of 9%. The Q2 profit attributable to the equity holders of the Company was US$35 million, and earnings per share were US$0.23.

The Company reported ample liquidity of US$708M. The net leverage ratio remained stable at 30.7%, compared to 31.2% as of 31 March 2025.

The Board declared a cash dividend of US$0.22 per share, representing a 110% payout ratio of the quarterly Shipping NPAT and an annualised dividend yield of 5%. The dividend consists of 75% of Shipping NPAT and further enhanced by retained dividends from BW Product Services' 2024 results.

**Commercial Performance Shipping**

The Q2 2025 VLGC freight rates averaged US$38,800 per available day and US$37,300 per calendar day, with 94% fleet utilisation. Time Charter Equivalent (TCE) income was US$153 million for the quarter, with BW LPG India subsidiary contributing a TCE income of US$31 million for the quarter.

For the 2H 2025 time-charter portfolio, the Company currently has 31% of fleet exposure covered by fixed rate time charter out at US$45,200 per day, and 3% covered by FFA hedges at an average of US$51,700 per day.

For Q3 2025, the Company has fixed ~90% of available days at an average rate of ~US$53,000 per day.

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**Product Services**

Product Services reported a gross profit of US$15 million for Q2 2025, mainly driven by US$6 million realised gains from cargoes and US$9 million of positive change in mark-to-market valuations of its open cargo and hedging positions. After general and administrative expenses and income taxes totalling US$9 million, Product Services reported a profit after tax of US$6 million in Q2 2025.

**Corporate Update**

The Company exercised the purchase option of BW Yushi and took delivery in June 2025 for a consideration of US$69.2 million.

In June 2025, the Company secured a US$380 million term loan and revolving credit facility at a highly competitive margin to finance the vessels acquired from Avance Gas. In July 2025, the Company's subsidiary, BW LPG India secured a US$215 million term loan facility to refinance its existing debt and to support the acquisition of two modern Very Large Gas Carriers (VLGCs), BW Chinook and BW Pampero, from BW LPG.

**Market Update**

The first half of 2025 was characterised by significant geopolitical events that impacted both freight rates and trading patterns. Spot rates for the Houston to Chiba route started the year around US$40,000 but began to decline gradually through the winter months. Milder winter temperatures in the US compared to recent years, however, supported export volumes and VLGC (Very Large Gas Carrier) earnings.

As freight rates strengthened going into April, the emerging trade war between the US and China had a dramatic effect on US LPG (liquefied petroleum gas) volumes destined for China. In just a few weeks, export volumes fell sharply, pulling spot rates down. However, this shock to the market proved short-lived, as excess US LPG production not consumed domestically is priced to clear in the international market. Consequently, export volumes continued to flow out of the US, finding new markets in different countries. Regular importers of US LPG increased their purchase volumes, while India emerged as a new buyer of significant US volumes. Overall, US LPG exports carried on VLGCs in the first half of 2025 grew by 7.1% compared to the same period in 2024.

Volumes exported from the Middle East on VLGCs increased by 0.6% in the first half of 2025, partly due to reversed OPEC+ production cuts. Like US exports, Middle East shipments were affected by the trade war, with export volumes shifting away from India towards China. This shift positively impacted ton-mile demand and led to higher freight rates. Additional support for spot earnings was observed in June when geopolitical uncertainty and a heightened risk of closure in the Strait of Hormuz drove VLGC rates higher.

Despite the rapid rebalancing of LPG trades, overall rates for the first half were significantly lower than that of the same period of 2024.

Following the end of the first half of 2025, the reshuffling of trading patterns began to revert to normal. Chinese LPG imports from the US increased in July, although from a low baseline. In contrast, Indian imports from the US decreased significantly, and Middle Eastern exports began to stabilise, returning to a more balanced distribution between India and China.

As we moved into August, demand for pre-booked Panama Canal slots has been stronger than usual, resulting in fewer canal transit auctions and fees considerably above typical levels. In response, several VLGCs have been rerouted away from the Panama Canal to take the longer route via the Cape of Good Hope. While conditions in the Panama Canal can change rapidly, the effects of vessels sailing around the Cape can last for months.

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**Fleet Capacity**

So far in 2025, seven new VLGCs have been delivered, with an additional seven expected by the end of the year. Currently, there are 111 VLGCs on order, representing 27% of the existing fleet. Established shipyards have indicated they will not be able to deliver new VLGCs before late 2027.

**VLGC Freight Market Outlook**

Freight rates have rebounded from their lowest point earlier this year to levels exceeding US$70,000 per day, supported by sound fundamentals and existing trading inefficiencies.

Looking ahead, we expect fluctuations in the spot market driven by weather changes, geopolitical developments, Panama Canal availability, and other factors to affect the VLGC market.

Expectations for North American LPG export growth are projected to be in the mid to high single-digit percentage range over the next three years, largely supported by the onboarding of new export terminals. Additionally, Middle Eastern LPG exports are anticipated to grow in the same range in the coming years, fuelled by increased gas production from new projects in Qatar, Saudi Arabia, the UAE, and other countries in the region.

Moreover, run rates at Chinese PDH (propane dehydrogenation) plants have returned to pre-trade war levels. A continued robust demand in China, together with new export capacity coming online in the US, will likely contribute to a constructive US-Far East arbitrage, which is positive for shipping.

The Ras Tanura-Chiba Forward Freight Agreement (FFA) market for the remainder of 2025 is currently reflecting earnings at the lower range of US$60,000 per day, albeit with limited liquidity.

**Q2 2025 Earnings Presentation and Interim Financial Report**

Please see the attachments for the Q2 2025 Earnings Presentation and Interim Financial Report.

- <u>BW LPG Q2 2025 Earnings Presentation</u>

- <u>BW LPG Q2 2025 Interim Financial Report</u>

BW LPG will present its financial results at 08:00hrs EDT/ 14:00hrs CEST/ 20:00hrs 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:<br><u>https://bit.ly/BWLPGQ22025</u>

A presentation recording will also be available after the event on the Company's website at:<br><u>https://www.investor.bwlpg.com</u>

**For further information, please contact:**

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

**About BW LPG**

BW LPG is the world's leading owner and operator of LPG vessels, owning and operating a fleet of more than 50 Very Large Gas Carriers (VLGCs) with a total carrying capacity of over 4 million CBM. With five decades of operating experience in LPG shipping, an in-house LPG trading division and investment in onshore LPG infrastructure, BW LPG offers trusted and reliable services to source and

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deliver LPG to customers. Delivering energy for a better world – more information about BW LPG can be found at <u>https://www.bwlpg.com</u>

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.

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## Exhibit 99.2

?xml version='1.0' encoding='ASCII'? BW LPG Ltd_2025-06-30

**Exhibit 99.2**

![Graphic](bwlp-20250630xex99d2001.jpg)

BW LPG Limited

Interim Financial Report (Unaudited)

Q2 2025 and H1 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;

● 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;

BW LPG Limited

Interim Financial Report (Unaudited)

Q2 2025 and H1 2025

**FORWARD-LOOKING STATEMENTS** (continued)

● 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 Products 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)

Q2 2025 and H1 2025

#### SELECTED KEY FINANCIAL INFORMATION

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Q2 2025** | Q2 2024 | Change | **H1 2025** | H1 2024 | Change |
| **Statement of Comprehensive Income** | **US$M** | US$M | %  | **US$M** | US$M | % |
| &nbsp;&nbsp;TCE income - Shipping<sup>1</sup> | **152.7** | 148.6 | 3 | **311.3** | 335.1 | (7) |
| &nbsp;&nbsp;Gross profit – Product Services<sup>1</sup> | **14.8** | 24.5 | (40) | **11.2** | 57.8 | (81) |
| &nbsp;&nbsp;Profit after tax | **43.4** | 84.9 | (49) | **110.0** | 234.7 | (53) |
| &nbsp;&nbsp;Profit attributable to equity holders of the Company | **34.9** | 76.8 | (55) | **81.0** | 218.8 | (63) |
| &nbsp;&nbsp;(US$per share) |  |  |  |  |  |  |
| &nbsp;&nbsp;Basic EPS<sup>2</sup> | **0.23** | 0.58 | (60) | **0.53** | 1.66 | (68) |
| &nbsp;&nbsp;Diluted EPS<sup>2</sup> | **0.23** | 0.58 | (60) | **0.53** | 1.65 | (68) |
| &nbsp;&nbsp;Dividend per share | **0.22** | 0.58 | N.M | **0.50** | 1.58 | N.M |

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| | | | |
|:---|:---|:---|:---|
|  | **30 Jun** | 31 Dec |  |
|  | **2025** | 2024 | Change |
| **Balance Sheet** | **US$M** | US$M | % |
| &nbsp;&nbsp;Cash and cash equivalents | **321.0** | 279.7 | 15 |
| &nbsp;&nbsp;Total assets | **3384.8** | 3320.4 | 2 |
| &nbsp;&nbsp;Total liabilities | **1473.2** | 1382.9 | 6 |
| &nbsp;&nbsp;Total shareholders' equity | **1911.6** | 1937.5 | (1) |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Q2 2025** | Q2 2024 | Change | **H1 2025** | H1 2024 | Change |
| **Cash flow** | **US$M** | US$M | %  | **US$M** | US$M | % |
| &nbsp;&nbsp;Net cash from operating activities | **94.7** | 52.8 | 79 | **261.0** | 458.4 | (43) |
| &nbsp;&nbsp;Capital expenditure | **(81.3)** | 0.4 | N.M | **(92.6)** | 63.3 | N.M |
| &nbsp;&nbsp;Adjusted free cash flow<sup>3</sup> | **13.4** | 53.2 | (75) | **168.4** | 521.7 | (68) |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **30 Jun** | 30 Jun |  |
|  | **Q2 2025** | Q2 2024 | Change | **2025** | 2024 | Change |
| **Financial Ratios** | **%** | **%** | **%** | % | % | % |
| &nbsp;&nbsp;ROE<sup>4</sup> (annualised) | **9.1** | 20.9 | (56) | **11.4** | 29.4 | (61) |
| &nbsp;&nbsp;ROCE<sup>5</sup> (annualised) | **7.7** | 17.2 | (55) | **9.0** | 23.5 | (62) |
| &nbsp;&nbsp;Net leverage ratio<sup>6</sup> | **30.7** | 11.9 | 158 | **30.7** | 11.9 | 158 |

---

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| | | | |
|:---|:---|:---|:---|
|  | **30 Jun** | 31 Dec | Change |
| **Other Information**  | **2025** | 2024 | % |
| &nbsp;&nbsp;Shares – end of period ('000 shares) | **159282.0** | 159282.0 |  |
| &nbsp;&nbsp;Treasury shares – end of period ('000 shares) | **7939.3** | 7743.6 | 3 |
| &nbsp;&nbsp;Share price (USD) | **11.8** | 11.4 | 4 |
| &nbsp;&nbsp;Share price (NOK) | **119.0** | 125.3 | (5) |
| &nbsp;&nbsp;Market cap (USD million) | **1790.4** | 1721.5 | 4 |
| &nbsp;&nbsp;Market cap (NOK million) | **18009.8** | 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. See Note 9, Segment Information, to the condensed consolidated interim financial information. |

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[2] Basic and diluted EPS (earnings per share) is computed based on Q2 2025: 151.4 million and 151.7 million (H1 2025: 151.7 million and 151.8 million) shares, respectively, the weighted average number of shares outstanding less treasury shares during the period.

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| | |
|:---|:---|
| [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 28 for a reconciliation of adjusted free cash flow to the nearest IFRS measure. |

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[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.

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| | |
|:---|:---|
| [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 29 for a reconciliation of ROCE to the nearest IFRS measure. |

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| | |
|:---|:---|
| [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. |

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BW LPG Limited

Interim Financial Report (Unaudited)

Q2 2025 and H1 2025

#### HIGHLIGHTS AND SUBSEQUENT EVENTS – Q2 2025
&nbsp;&nbsp;&nbsp;&nbsp;● Q2 2025 profit attributable to equity holders of the Company ended at US$34.9 million or an earnings per share of US$0.23.

&nbsp;&nbsp;&nbsp;&nbsp;● TCE income – Shipping Q2 2025 concluded at US$38,850 per available day <sup>1</sup> and US$37,280 per calendar day (total) <sup>1</sup> .

&nbsp;&nbsp;&nbsp;&nbsp;● The Company declared a Q2 2025 cash dividend of US$0.22 per share. This dividend corresponds to 110% of the Shipping NPAT <sup>2</sup> for the quarter. This cash dividend represents a payout ratio of 96% for the quarter, as a percentage of total profit attributable to equity holders.

&nbsp;&nbsp;&nbsp;&nbsp;● Following the previously announced delivery of BW Kizoku, BW Yushi was delivered to BW LPG in June 2025, following the exercise of the purchase option, for consideration of US$69.2 million.

&nbsp;&nbsp;&nbsp;&nbsp;● In June 2025, the Group secured a US$380 million Term Loan and Revolving Credit Facility at a highly competitive margin to refinance the vessels acquired from Avance Gas, which was completed at the end of 2024, and terminated its shareholder loan of US$250 million in June 2025 ahead of its expiry.

&nbsp;&nbsp;&nbsp;&nbsp;● In July 2025, the Group ' s subsidiary, BW LPG India, secured a US$215 million Term Loan Facility to refinance its existing debt and to support the acquisition of two modern Very Large Gas Carriers (" VLGCs "), BW Chinook and BW Pampero, from BW LPG .

#### PERFORMANCE REVIEW – Q2 2025 and H1 2025

#### Q2 2025
TCE income – Shipping was US$152.7 million for Q2 2025 (Q2 2024: US$148.6 million), representing a small increase of US$4.1 million from Q2 2024. The limited TCE income increase was primarily due to a lower LPG spot market of US$35,600 per day, a 33% decline compared to Q2 2024, which offset the benefit of higher available fleet days of 3,929 in Q2 2025 (31% growth) from the enlarged fleet following the completion of the Avance Gas acquisition. Our scheduled drydocking program also reduced available fleet days by 139 days (Q2 2024: 55 days). The effects of IFRS 15 adjustments due to spot voyages that straddled the quarter-end were recognised on a load-to-discharge basis and negatively impacted TCE income by US$4.6 million in Q2 2025 (Q2 2024: insignificant impact). Albeit a softer spot market, the TCE income – Shipping continues to be well supported by the increased time charter coverage of 44% (Q2 2024: 35%) of available days at US$43,000 per day (Q2 2024: US$42,800 per day). Additionally, our India subsidiary continued to deliver stable TCE income of US$30.7 million for Q2 2025 (Q2 2024: US$30.6 million), mainly from fixed-rate time charters.

Product Services reported a gross profit of US$14.8 million for Q2 2025 (Q2 2024: gross profit of US$24.5 million). The decline in gross profit was mainly due to a lower realised profits of US$23.9 million. This was offset by an increase of US$14.2 million in the mark-to-market valuation of unrealised positions relative to Q2 2024. After general and administrative expenses and income taxes totalling US$9.2 million (Q2 2024: US$8.8 million), Product Services reported a profit after tax of US$5.6 million in Q2 2025 (Q2 2024: US$15.7 million).

Profit after tax was US$43.4 million for Q2 2025 (Q2 2024: US$84.9 million). The decrease in profit after tax was primarily attributed to a reduction in operating profit of US$30.5 million and higher net finance expenses of US$11.8 million. The profit after tax was also impacted by higher vessel operating expense of US$11.5 million and depreciation of US$15.8 million. These changes mainly reflect the full effect of the added Avance Gas fleet under a less favorable spot market.

<sup>1</sup> 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 27 and 28 for a reconciliation of TCE income – Shipping per available day and calendar day (total) to the nearest IFRS measure.

<sup>2</sup> 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 26.

BW LPG Limited

Interim Financial Report (Unaudited)

Q2 2025 and H1 2025

**PERFORMANCE REVIEW** – **Q2 2025 and H1 2025** (continued)

#### H1 2025
TCE income – Shipping was US$311.3 million for H1 2025 (H1 2024: US$335.1 million), representing a decrease of US$23.8 million from H1 2024. The decline was primarily due to a lower LPG spot market of US$37,500 per day, a 39% decline compared to H1 2024, which more than offset the benefit of higher available fleet days of 7,919 days in H1 2025 (31% growth) from the enlarged fleet following the completion of the Avance Gas acquisition. Our scheduled drydocking program also reduced available fleet days by 219 days (H1 2024: 102 days). Albeit a softer spot market, the TCE income – Shipping continues to be well supported by the increased time charter coverage of 42% (H1 2024: 32%) of available days at US$41,900 per day (H1 2024: US$43,600 per day). Additionally, our India subsidiary continued to deliver stable TCE income of US$62.4 million for H1 2025 (H1 2024: US$60.0 million), mainly from fixed-rate time charters. The TCE income – Shipping also includes a positive IFRS 15 impact to TCE income – Shipping of US$7.0 million in H1 2025 (H1 2024: US$26.4 million), as spot voyages straddling the period-end were recognised on a load-to-discharge basis.

For the first half of 2025, Product Services generated a gross profit of US$11.2 million, down from US$57.8 million in H1 2024. The gross profit decrease came from lower realised profits of US$10.3 million and a decrease in unrealised positions of US$36.3 million. After general and administrative expenses and income taxes of US$18.0 million (H1 2024: US$21.1 million), Product Services reported a loss after tax of US$6.8 million for H1 2025 (H1 2024: profit after tax of US$36.7 million).

Profit after tax for H1 2025 was US$110.0 million, down from US$234.7 million in H1 2024. This decrease was primarily driven by a lower operating profit of US$109.3 million and increased net finance expenses of US$21.4 million, partially offset by a lower income tax expense of US$6.1 million. The profit after tax was also impacted by higher vessel operating expense of US$19.2 million and depreciation of US$30.2 million. These changes mainly reflect the full-period impact of the enlarged fleet following the completion of the Avance Gas transaction in Q4 2024 under a less favorable spot market.

Profit attributable to non-controlling interests was US$29.0 million for H1 2025 (H1 2024: US$15.9 million), driven by BW LPG India's gain of US$32.1 million from the sale of BW Cedar. This was partially offset by a US$6.7 million decrease in attributable profit to non-controlling interests from BW Product Services.

#### BALANCE SHEET
As of 30 June 2025, BW LPG controls a fleet of 51 VLGCs, including seven vessels which are owned and operated by BW LPG India. Total assets amounted to US$3,384.8 million (31 December 2024: US$3,320.4 million), of which US$2,459.5 million (31 December 2024: US$2,381.8 million) represented the carrying value of the vessels (including dry docking), and US$97.8 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$321.0 million as of 30 June 2025 (31 December 2024: US$279.7 million). Cash flow from operating activities generated a net cash surplus of US$261.0 million in H1 2025 (H1 2024: US$458.4 million), of which the net cash inflow of US$28.8 million (H1 2024: US$141.2 million) related to changes in working capital. Investing activities generated a cash outflow of US$83.2 million in H1 2025 (H1 2024: cash inflow of US$48.9 million), which comprised exercising the purchase option of BW Kizoku and BW Yushi, and US$19.3 million paid for drydocking activities. These payments were partially offset by proceeds of US$65.0 million from the sale of BW Cedar.

After considering the net drawdown of bank facilities, which includes the drawdown of revolving credit facilities and repayment of the shareholder loan, the H1 2025 net cash outflow for financing activities of US$122.3 million (H1 2024: US$436.4 million) was driven by principal and interest repayments of US$53.2 million, dividend payments of US$117.2 million, US$50.3 million in lease repayments, and a net US$14.5 million net repayment of trade finance borrowings.

Net leverage ratio decreased from 32.7% as of 31 December 2024, to 30.7% as of 30 June 2025 due to lower lease liabilities after the exercise of the purchase options for BW Kizoku and BW Yushi in H1 2025, while partially offset by the drawdown of the new US$380 million facility.

BW LPG Limited

Interim Financial Report (Unaudited)

Q2 2025 and H1 2025

#### MARKET UPDATE
The first half of 2025 was characterised by significant geopolitical events that impacted both freight rates and trading patterns. Spot rates for the Houston to Chiba route started the year around $40,000 but began to decline gradually through the winter months. Milder winter temperatures in the US compared to recent years, however, supported export volumes and VLGC (Very Large Gas Carrier) earnings.

As freight rates strengthened going into April, the emerging trade war between the US and China had a dramatic effect on US LPG (liquefied petroleum gas) volumes destined for China. In just a few weeks, export volumes fell sharply, pulling spot rates down with them. However, this shock to the market proved short-lived, as excess US LPG production not consumed domestically is priced to clear in the international market. Consequently, export volumes continued to flow out of the US, finding new markets in different countries. Regular importers of US LPG increased their purchase volumes, while India emerged as a new buyer of significant US volumes. Overall, US LPG exports carried on VLGCs in the first half of 2025 grew by 7.1% compared to the same period in 2024.

Volumes exported from the Middle East on VLGCs increased by 0.6% in the first half of 2025, partly due to reversed OPEC+ production cuts. Like US exports, Middle East shipments were affected by the trade war, with export volumes shifting away from India towards China. This shift positively impacted ton-mile demand and led to higher freight rates. Additional support for spot earnings was observed in June when geopolitical uncertainty and a heightened risk of closure in the Strait of Hormuz drove VLGC rates higher.

Despite the rapid rebalancing of LPG trades, overall rates for the first half were significantly lower than the same period of 2024.

Following the end of the first half of 2025, the reshuffling of trading patterns began to revert to normal. Chinese LPG imports from the US increased in July, although from a low baseline. In contrast, Indian imports from the US decreased significantly, and Middle Eastern exports began to stabilise, returning to a more balanced distribution between India and China.

As we moved into August, demand for pre-booked Panama Canal slots has been stronger than usual, resulting in fewer canal transit auctions and fees considerably above typical levels. In response, several VLGCs have been rerouted away from the Panama Canal to take the longer route via the Cape of Good Hope. While conditions in the Panama Canal can change rapidly, the effects of vessels sailing around the Cape can last for months.

#### Fleet Capacity
So far in 2025, seven new VLGCs have been delivered, with an additional seven expected by the end of the year. Currently, there are 111 VLGCs on order, representing 27% of the existing fleet. Established shipyards have indicated they will not be able to deliver new VLGCs before late 2027.

#### VLGC Freight Market Outlook
Freight rates have rebounded from their lowest point earlier this year to levels exceeding $70,000 per day, supported by sound fundamentals and existing trading inefficiencies.

Looking ahead, we expect fluctuations in the spot market driven by weather changes, geopolitical developments, Panama Canal availability, and other factors to affect the VLGC market.

Expectations for North American LPG export growth are projected to be in the mid to high single-digit percentage range over the next three years, largely supported by the onboarding of new export terminals. Additionally, Middle Eastern LPG exports are anticipated to grow in the same range in the coming years, fuelled by increased gas production from new projects in Qatar, Saudi Arabia, the UAE, and other countries in the region.

Moreover, run rates at Chinese PDH (propane dehydrogenation) plants have returned to pre-trade war levels. A continued robust demand in China, together with new export capacity coming online in the US, will likely contribute to a constructive US-Far East arbitrage, which is positive for shipping.

BW LPG Limited

Interim Financial Report (Unaudited)

Q2 2025 and H1 2025

Currently, the Forward Freight Agreement (FFA) market for the remainder of 2025 is trading at approximately $75,000 per day, which supports current spot market levels.

#### Statements to the Interim Financial Information
We confirm to the best of our knowledge that the Interim Financial Information for the three-month and six-month periods ended 30 June 2025 has been prepared in accordance with IAS 34 – Interim Financial Reporting, and gives a true and fair view of BW LPG Limited's consolidated assets, liabilities, financial position and income statement as a whole. We also confirm to the best of our knowledge, that the Interim Financial Information includes a fair review of important events that have taken place during the three-month and six-month periods ended 30 June 2025 and their impact on the Interim Financial Information, and accounts properly for the principal risks and uncertainties for the remaining half year of 2025, as well as major related party transactions.

---

| | | | |
|:---|:---|:---|:---|
| 26 August 2025 |  |  |  |
| Andreas Sohmen-Pao | Anne Grethe Dalane |  | Luc Gillet |
| Chairman | Director  |  | Director |
| Sanjiv Misra  | Sonali Chandmal  |  |  |
| Director | Director |  |  |

---

BW LPG Limited

Interim Financial Report (Unaudited)

Q2 2025 and H1 2025

#### INDEPENDENT AUDITORS' REPORT ON REVIEW OF CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION
Board of Directors

BW LPG Limited

#### Introduction
We have reviewed the accompanying condensed consolidated interim financial information of BW LPG Limited ("the Company") and its subsidiaries ("the Group"), which comprises:

● the condensed consolidated balance sheet as at 30 June 2025;

● the condensed consolidated statements of comprehensive income and cash flows for the three-month and six-month periods ended 30 June 2025;

● the condensed consolidated statement of changes in equity for the six-month period ended 30 June 2025; and

● notes to the condensed consolidated interim financial information

("condensed consolidated interim financial information").

Management is responsible for the preparation and presentation of this condensed consolidated interim financial information in accordance with IAS 34, '*Interim Financial Reporting*'. Our responsibility is to express a conclusion on this condensed consolidated interim financial information based on our review.

#### Scope of Review
We conducted our review in accordance with the International Standard on Review Engagements 2410, "*Review of Interim Financial Information Performed by the Independent Auditor of the Entity*". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

#### Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial information as at 30 June 2025 is not prepared, in all material respects, in accordance with IAS 34, 'Interim Financial Reporting'.

#### KPMG LLP
Public Accountants and

Chartered Accountants

**Singapore**

26 August 2025

BW LPG Limited

Interim Financial Report (Unaudited)

Q2 2025 and H1 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Q2 2025** | Q2 2024 | **H1 2025** | H1 2024 |
|  | **US$'000** | US$'000 | **US$'000** | US$'000 |
| Revenue - Shipping | **230537** | 262382 | **477563** | 558448 |
| Revenue - Product Services | **813364** | 614107 | **1428410** | 1356532 |
| Cost of cargo and delivery expenses - Product Services | **(776701)** | (591444) | **(1379968)** | (1280833) |
| Voyage expenses - Shipping | **(89291)** | (104835) | **(182163)** | (226311) |
| Vessel operating expenses | **(32030)** | (20501) | **(61717)** | (42471) |
| Time charter contracts (non-lease components) | **(4021)** | (5090) | **(8699)** | (9776) |
| General and administrative expenses | **(17138)** | (17863) | **(37981)** | (34596) |
| Charter hire expenses | **(739)** | (1709) | **(1006)** | (2214) |
| Fair value (loss)/gain from equity financial asset | **(1172)** | (89) | **(1172)** | 1326 |
| Finance lease income | **137** | 177 | **308** | 197 |
| Other operating (expense)/income - net | **(738)** | 1158 | **(1576)** | 2363 |
| Depreciation | **(62586)** | (46772) | **(125710)** | (95517) |
| Amortisation of intangible assets | **(51)** | (209) | **(261)** | (419) |
| Gain on disposal of vessels | **—** |  | **32051** | 20391 |
| Loss on derecognition of right-of-use assets (vessels) | **(732)** |  | **(289)** |  |
| **Operating profit** | **58839** | 89312 | **137790** | 247120 |
| Foreign currency exchange (loss)/gain - net | **(927)** | 252 | **(386)** | (1524) |
| Interest income | **2005** | 4686 | **4938** | 9226 |
| Interest expense | **(12633)** | (4150) | **(27907)** | (8911) |
| Other finance expenses | **(214)** | (733) | **(598)** | (1363) |
| **Finance (expenses)/income – net** | **(11769)** | 55 | **(23953)** | (2572) |
| **Profit before tax** | **47070** | 89367 | **113837** | 244548 |
| Income tax expense | **(3632)** | (4460) | **(3822)** | (9874) |
| **Profit after tax** | **43438** | 84907 | **110015** | 234674 |
| **Other comprehensive income/(loss):** |  |  |  |  |
| **Items that will not be reclassified to profit or loss:** |  |  |  |  |
| Equity investments at FVOCI |  |  |  |  |
| &nbsp;&nbsp;- fair value gain/(loss) | **1760** | (2400) | **(5892)** | (2400) |
| **Items that may be reclassified subsequently to profit or loss:** |  |  |  |  |
| Cash flow hedges |  |  |  |  |
| &nbsp;&nbsp;- fair value (loss)/gain | **(2006)** | (5073) | **(2040)** | 52328 |
| &nbsp;&nbsp;- reclassification to profit or loss | **(2248)** | (1045) | **(5763)** | (3305) |
| Currency translation reserve | **85** | 396 | **1281** | (438) |
| Other comprehensive (loss)/income, net of tax | **(2409)** | (8122) | **(12414)** | 46185 |
| **Total comprehensive income** | **41029** | 76785 | **97601** | 280859 |
| **Profit attributable to:**  |  |  |  |  |
| Equity holders of the Company | **34927** | 76831 | **81010** | 218755 |
| Non-controlling interests | **8511** | 8076 | **29005** | 15919 |
|  | **43438** | 84907 | **110015** | 234674 |
| **Total comprehensive income:** |  |  |  |  |
| Equity holders of the Company | **32487** | 68650 | **68360** | 265008 |
| Non-controlling interests | **8542** | 8135 | **29241** | 15851 |
|  | **41029** | 76785 | **97601** | 280859 |
| **Earnings per share attributable to the equity holders of the Company:**  |  |  |  |  |
| (expressed in US$per share) |  |  |  |  |
| Basic earnings per share | **0.23** | 0.58 | **0.53** | 1.66 |
| Diluted earnings per share | **0.23** | 0.58 | **0.53** | 1.65 |

---

BW LPG Limited

Interim Financial Report (Unaudited)

Q2 2025 and H1 2025

#### CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)

---

| | | |
|:---|:---|:---|
|  | **30 June**<br>**2025** | 31 December<br>2024 |
|  | **US$'000** | US$'000 |
| **Intangible assets** | **374** | 636 |
| Investment in joint venture | **301** | 301 |
| Equity financial assets, at fair value | **17240** | 23132 |
| Derivative financial instruments | **4338** | 7469 |
| Other receivables | **8792** | 7980 |
| Finance lease receivables | **—** | 2882 |
| Deferred tax assets | **4134** | 1644 |
| **Total other non-current assets** | **34805** | 43408 |
| Vessels and dry docking | **2459515** | 2381821 |
| Right-of-use assets (vessels) | **97805** | 216272 |
| Other property, plant and equipment | **320** | 354 |
| **Property, plant and equipment** | **2557640** | 2598447 |
| **Total non-current assets** | **2592819** | 2642491 |
| Inventories | **36811** | 76706 |
| Trade and other receivables | **351769** | 202921 |
| Equity financial assets, at fair value | **1597** | 2769 |
| Derivative financial instruments | **73805** | 74571 |
| Finance lease receivables | **7091** | 8283 |
| Assets held-for-sale | **—** | 32998 |
| Cash and cash equivalents | **320952** | 279681 |
| **Total current assets** | **792025** | 677929 |
| **Total assets** | **3384844** | 3320420 |
| Share capital | **619868** | 619868 |
| Treasury shares | **(50372)** | (48387) |
| Other reserves | **655676** | 667756 |
| Retained earnings | **540920** | 565794 |
|  | **1766092** | 1805031 |
| **Non-controlling interests** | **145554** | 132463 |
| **Total shareholders' equity** | **1911646** | 1937494 |
| Borrowings | **810971** | 711664 |
| Lease liabilities | **40951** | 60588 |
| Derivative financial instruments | **—** | 569 |
| **Total non-current liabilities** | **851922** | 772821 |
| Borrowings | **214591** | 230344 |
| Lease liabilities | **67299** | 170700 |
| Derivative financial instruments | **53544** | 25527 |
| Current income tax liabilities | **19055** | 14470 |
| Trade and other payables | **266787** | 169064 |
| **Total current liabilities** | **621276** | 610105 |
| **Total liabilities** | **1473198** | 1382926 |
| **Total equity and liabilities** | **3384844** | 3320420 |

---

BW LPG Limited

Interim Financial Report (Unaudited)

Q2 2025 and H1 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** | | |
|  | <br>**Share**<br>**capital** | <br>**Treasury**<br>**shares** | <br>**Capital**<br>**reserve** | <br>**Hedging**<br>**reserve** | **Share-**<br>**based**<br>**payment**<br>**reserve** | <br>**Currency**<br>**translation**<br>**reserve** | <br>**Other**<br>**reserves** | <br>**Retained**<br>**earnings** | <br>**Total** | <br>**Non-**<br>**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 |  |  |  |  |  |  |  | 81010 | 81010 | 29005 | 110015 |
| Other comprehensive (loss)/income for the financial period |  |  |  | (7803) |  | 1045 | (5892) |  | (12650) | 236 | (12414) |
| **Total comprehensive (loss)/income for the financial period** | **—** | **—** | **—** | **(7803)** | **—** | **1045** | **(5892)** | **81010** | **68360** | **29241** | **97601** |
| Share-based payment reserve |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;- Value of employee services |  |  |  |  | 938 |  |  |  | 938 |  | 938 |
| Share capital reduction of subsidiary |  |  |  |  |  |  |  |  |  | (4965) | (4965) |
| Purchases of treasury shares |  | (2739) |  |  |  |  |  |  | (2739) |  | (2739) |
| Share options exercised |  | 754 |  |  | (395) |  |  | 165 | 524 |  | 524 |
| Dividend paid |  |  |  |  |  |  |  | (106022) | (106022) | (11185) | (117207) |
| Others |  |  |  |  |  | 27 |  | (27) |  |  |  |
| **Total transactions with owners, recognised directly in equity** | **—** | **(1985)** | **—** | **—** | **543** | **27** | **—** | **(105884)** | **(107299)** | **(16150)** | **(123449)** |
| **Balance at 30 June 2025** | **619868** | **(50372)** | **649654** | **6032** | **3122** | **645** | **(3777)** | **540920** | **1766092** | **145554** | **1911646** |

---

BW LPG Limited

Interim Financial Report (Unaudited)

Q2 2025 and H1 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 | | |
|  | <br>Share<br>capital | <br>Share<br>premium | <br>Treasury<br>shares | <br>Contributed<br>surplus | <br>Capital<br>reserve | <br>Hedging <br>reserve | Share-<br>based<br>payment<br>reserve | <br>Currency<br>translation<br>reserve | <br>Other<br>reserves | <br>Retained<br>earnings | <br>Total | <br>Non-<br>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;- 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 interest 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)

Q2 2025 and H1 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Q2 2025** | Q2 2024 | **H1 2025** | H1 2024 |
|  | **US$'000** | US$'000 | **US$'000** | US$'000 |
| **Cash flows from operating activities** |  |  |  |  |
| Profit before tax | **47070** | 89367 | **113837** | 244548 |
| Adjustments for: |  |  |  |  |
| &nbsp;&nbsp;- amortisation of intangible assets | **51** | 209 | **261** | 419 |
| &nbsp;&nbsp;- depreciation charge | **62586** | 46772 | **125710** | 95517 |
| &nbsp;&nbsp;- gain on disposal of vessels | **—** |  | **(32051)** | (20391) |
| &nbsp;&nbsp;- fair value loss/(gain) from equity financial assets | **1172** | 89 | **1172** | (1326) |
| &nbsp;&nbsp;- interest income | **(2005)** | (4686) | **(4938)** | (9226) |
| &nbsp;&nbsp;- interest expenses | **13043** | 5038 | **30070** | 11521 |
| &nbsp;&nbsp;- other finance expenses | **214** | 1001 | **598** | 1889 |
| &nbsp;&nbsp;- share-based payments | **583** | 409 | **938** | 1072 |
| &nbsp;&nbsp;- finance lease income | **(137)** | (177) | **(308)** | (197) |
| &nbsp;&nbsp;- loss on derecognition of right-of-use assets | **732** |  | **289** |  |
|  | **123309** | 138022 | **235578** | 323826 |
| Changes in working capital: |  |  |  |  |
| &nbsp;&nbsp;- inventories | **59038** | 25997 | **39895** | 118055 |
| &nbsp;&nbsp;- trade and other receivables | **(83515)** | (84644) | **(149658)** | 51538 |
| &nbsp;&nbsp;- trade and other payables | **29487** | (1441) | **100873** | (105032) |
| &nbsp;&nbsp;- derivative financial instruments | **(11078)** | (3122) | **23542** | (17489) |
| &nbsp;&nbsp;- margin account held with broker | **(14988)** | (17246) | **14122** | 94086 |
| Total changes in working capital | **(21056)** | (80456) | **28774** | 141158 |
| Taxes paid | **(7534)** | (4717) | **(3391)** | (6555) |
| **Net cash from operating activities** | **94719** | 52849 | **260961** | 458429 |
| **Cash flows from investing activities** |  |  |  |  |
| Additions in property, plant and equipment | **(81308)** | 415 | **(157606)** | (1821) |
| Additions in intangible assets | **—** |  | **—** | (237) |
| Proceeds from sale of vessels | **—** |  | **65049** | 65337 |
| Purchase of equity financial assets | **—** |  | **—** | (30162) |
| Repayment of finance lease receivables | **2053** | 1960 | **4074** | 3970 |
| Interest received | **2142** | 4701 | **5246** | 9423 |
| Sale of equity financial assets, at fair value | **—** |  | **—** | 2343 |
| **Net cash (used in)/from investing activities** | **(77113)** | 7076 | **(83237)** | 48853 |

---

BW LPG Limited

Interim Financial Report (Unaudited)

Q2 2025 and H1 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Q2 2025** | Q2 2024 | **H1 2025** | H1 2024 |
|  | **US$'000** | US$'000 | **US$'000** | US$'000 |
| **Cash flows from financing activities** |  |  |  |  |
| Proceeds from borrowings | **499738** | 3676 | **721468** | 17076 |
| Payment of financing fees | **(2587)** |  | **(2790)** |  |
| Repayments of bank borrowings | **(423633)** | (17204) | **(620988)** | (98338) |
| Payment of lease liabilities | **(24746)** | (22273) | **(50306)** | (48293) |
| Interest paid | **(14469)** | (6757) | **(29718)** | (11948) |
| Other finance expense paid | **(219)** | (1001) | **(598)** | (1889) |
| Purchase of treasury shares | **(2739)** |  | **(2739)** | (100) |
| Sale of treasury shares | **—** | 1091 | **—** | 1091 |
| Drawdown of trust receipts | **583251** | 516627 | **1145290** | 1076844 |
| Repayment of trust receipts | **(564047)** | (472842) | **(1159778)** | (1102162) |
| Dividend payment | **(42376)** | (131752) | **(106022)** | (250139) |
| Dividend payment to non-controlling interests | **—** | (6092) | **(11185)** | (14089) |
| Capital return to non-controlling interests | **—** | (4500) | **(4965)** | (4500) |
| **Net cash from/(used in) financing activities** | **8173** | (141027) | **(122331)** | (436447) |
| **Net increase/(decrease) in cash and cash equivalents** | **25779** | (81102) | **55393** | 70835 |
| Cash and cash equivalents at beginning of the financial period | **261514** | 313974 | **231900** | 162037 |
| **Cash and cash equivalents at end of the financial period** | **287293** | 232872 | **287293** | 232872 |

---

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

---

| | | |
|:---|:---|:---|
|  | **30 June**<br>**2025** | 30 June<br>2024 |
|  | **US$'000** | US$'000 |
| Cash and cash equivalents per consolidated balance sheet | **320952** | 264294 |
| Less: Margin account held with broker | **(33659)** | (31422) |
| Cash and cash equivalents per consolidated statement of cash flows | **287293** | 232872 |

---

BW LPG Limited

Interim Financial Report (Unaudited)

Q2 2025 and H1 2025

#### NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION (UNAUDITED)
These notes form an integral part of and should be read in conjunction with the accompanying condensed consolidated financial information.

**1.**General information

BW LPG Limited (the "Company") is a public company limited by shares, and is dual listed on the Oslo Stock Exchange and the New York Stock Exchange. The principal legislation under which the Company operates is the Singapore Companies Act and regulations made thereunder. The Company was incorporated in Bermuda on 21 August 2008 and redomiciled to Singapore on 1 July 2024, with its registered office at 10 Pasir Panjang Road, #17-02, Mapletree Business City, Singapore, 117438.

The principal activity of the Company is that of investment holding. The principal activities of its subsidiaries are ship owning, chartering and LPG trading.

This condensed consolidated interim financial information ("Interim Financial Information") was authorised for issue by the Board of Directors of the Company on 26 August 2025.

**2.**Material accounting policies

Basis of preparation

The Interim Financial Information for the three-month and six-month periods ended 30 June 2025 has been prepared in accordance with IAS 34, 'Interim Financial Reporting'. The Interim Financial Information should be read in conjunction with the annual audited financial statements for the year ended 31 December 2024, which have been prepared in accordance with International Financial Reporting Standards ("IFRS"). The Interim Financial Information does not include all the information required for a complete set of financial statements prepared in accordance with IFRS standards. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since the last annual financial statements.

In the preparation of this set of Interim Financial Information, the same accounting policies have been applied as those used in the preparation of the annual financial statements for the year ended 31 December 2024.

Critical accounting estimates, assumptions and judgements

The preparation of the Interim Financial Information requires Management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

In preparing this Interim Financial Information, the judgements made by Management in applying the Group's accounting policies and the key sources of estimation uncertainty are the same as those that applied to the consolidated financial statements for the year ended 31 December 2024.

BW LPG Limited

Interim Financial Report (Unaudited)

Q2 2025 and H1 2025

**3.**Derivative financial instruments

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **30 June 2025** | **30 June 2025** | 31 December 2024 | 31 December 2024 |
|  | **Assets** | **Liabilities** | Assets | Liabilities |
|  | **US$'000** | **US$'000** | US$'000 | US$'000 |
| Interest rate swaps | **4338** | **—** | 7469 | (179) |
| Forward freight agreements and related bunker swaps | **1357** | **(536)** | 3993 |  |
| Commodity contracts and derivatives | **72416** | **(53008)** | 70565 | (25835) |
| Forward foreign exchange contracts | **32** | **—** | 13 | (82) |
|  | **78143** | **(53544)** | 82040 | (26096) |
| Non-current | **4338** | **—** | 7469 | (569) |
| Current | **73805** | **(53544)** | 74571 | (25527) |
|  | **78143** | **(53544)** | 82040 | (26096) |

---

As at 30 June 2025, the Group has interest rate swaps with total notional principal amounting to US$207.9 million (31 December 2024: US$179.1 million). The Group's interest rate swaps mature between 2027 to 2029.

Interest rate swaps were transacted to hedge the interest rate risk on bank borrowings. After taking into account the effects of these contracts, for part of the bank borrowings, the Group would effectively pay fixed interest rates ranging from 1.98% per annum to 3.73% per annum and would receive a variable rate based on US$ SOFR. Hedge accounting was adopted for these contracts.

Forward freight agreements and related bunker swaps were transacted to hedge freight rates and bunker price risks. Hedge accounting was adopted for these contracts.

Commodity contracts and derivatives comprise physical buy and sell commodity contracts measured at fair value through profit or loss, and commodity derivative contracts. The Group did not adopt hedge accounting for these contracts.

Forward foreign exchange contracts were transacted to hedge foreign exchange risks. The Group did not adopt hedge accounting for these contracts.

BW LPG Limited

Interim Financial Report (Unaudited)

Q2 2025 and H1 2025

**4.**Property, plant and equipment

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | <br>**Vessels** | <br>**Dry docking** | <br>**Furniture**<br>**and fixtures** | **Right-of-use**<br>**assets**<br>**(Vessels)** | <br>**Total** |
|  | **US$'000** | **US$'000** | **US$'000** | **US$'000** | **US$'000** |
| **At 30 June 2025** |  |  |  |  |  |
| Cost | 3069884 | 81066 | 1102 | 311221 | 3463273 |
| Accumulated depreciation and impairment charge | (653445) | (37990) | (782) | (213416) | (905633) |
| **Net book value** | **2416439** | **43076** | **320** | **97805** | **2557640** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | <br>**Vessels** | <br>**Dry docking** | <br>**Furniture**<br>**and fixtures** | **Right-of-use**<br>**assets**<br>**(Vessels)** | <br>**Total** |
|  | **US$'000** | **US$'000** | **US$'000** | **US$'000** | **US$'000** |
| At 31 December 2024 |  |  |  |  |  |
| Cost | 2936835 | 63116 | 1102 | 470514 | 3471567 |
| Accumulated depreciation and impairment charge | (583545) | (34585) | (748) | (254242) | (873120) |
| Net book value | 2353290 | 28531 | 354 | 216272 | 2598447 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Vessels with an aggregate carrying amount of US $1,765.2 million as at 30 June 2025 (31 December 2024: US $1,091.0 million) are secured on bank borrowings (note 6).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In H1 2025, the Group derecognized US $138.5 million of right-of-use assets (vessels) cost and accumulated depreciation upon the delivery of two VLGCs, following the exercise of purchase options declared in December 2024 and February 2025 respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The sale and delivery of BW Cedar was concluded in February 2025, generating US $65.0 million in proceeds and a net book gain of US $32.1 million.

**5.**Treasury shares

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of shares** | **Number of shares** | **Cost of shares** | **Cost of shares** |
|  | **30 June**<br>**2025** | 30 June<br>2024 | **30 June**<br>**2025** | 30 June<br>2024 |
|  | **'000** | '000 | **US$'000** | US$'000 |
| At beginning of the financial period | **7743** | 8926 | **48387** | 56438 |
| Purchases of treasury shares | **317** | 9 | **2739** | 100 |
| Sale/Transfer of treasury shares | **—** | (90) | **—** | (1091) |
| Share options exercised | **(121)** | (598) | **(754)** | (3911) |
| At end of the financial period | **7939** | 8247 | **50372** | 51536 |

---

Pursuant to the Company's long-term management share option plans, announced on 21 April 2017 ("LTIP 2017") and 1 March 2022 ("LTIP 2022"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) participants of the LTIP 2017 exercised vested options granted under LTIP 2017 during Q1 2024; 597,767 shares were transferred at an average strike price of US $0.90 (NOK 9.17) per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) participants of the LTIP 2022 exercised vested options granted under LTIP 2022 during Q1 2025; 120,647 shares were transferred at an average strike price of US $4.54 (NOK 46.6) per share.

On 8 April 2025, the Board of Directors of the Company approved a share buyback program under which the Company may purchase up to 3 million ordinary shares for a maximum amount of US$20.0 million. The program commenced on 8 April and finalised on 17 April 2025. During this period, the Company acquired a total of 316,437 ordinary shares at an average price of US$8.63 per share for a total consideration of US$2,732,109.

BW LPG Limited

Interim Financial Report (Unaudited)

Q2 2025 and H1 2025

**6.**Borrowings and lease liabilities

---

| | | |
|:---|:---|:---|
|  | **30 June**<br>**2025** | 31 December<br>2024 |
|  | **US$'000** | US$'000 |
| **Borrowings** |  |  |
| Bank borrowings | **773920** | 655795 |
| Lease financing arrangement | **188992** | 129110 |
| Shareholder loan | **—** | 79501 |
| Trust receipts | **59278** | 73766 |
| Interest payable | **3372** | 3836 |
|  | **1025562** | 942008 |
| **Borrowings** |  |  |
| Non-current | **810971** | 711664 |
| Current | **214591** | 230344 |
|  | **1025562** | 942008 |
| **Lease liabilities** |  |  |
| Non-current | **40951** | 60588 |
| Current | **67299** | 170700 |
|  | **108250** | 231288 |

---

Movements in borrowings and lease liabilities are analysed as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Borrowings** | **Lease**<br>**liabilities** | <br>**Total** |
|  | **US$'000** | **US$'000** | **US$'000** |
| At 1 January 2025 | 942008 | 231288 | **1173296** |
| Drawdown of trust receipts | 1145290 |  | **1145290** |
| Additions | 721468 |  | **721468** |
| Interest expense | 25749 | 4321 | **30070** |
| Lease modifications |  | (72732) | **(72732)** |
| Less: Interest paid | (25397) | (4321) | **(29718)** |
| Less: Payment of financing fees | (2790) |  | **(2790)** |
| Less: Principal repayment | (620988) | (50306) | **(671294)** |
| Less: Repayment of trust receipts | (1159778) |  | **(1159778)** |
| **At 30 June 2025** | 1025562 | 108250 | **1133812** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Borrowings** | **Lease**<br>**liabilities** | <br>**Total** |
|  | **US$'000** | **US$'000** | **US$'000** |
| At 1 January 2024 | 412349 | 157839 | **570188** |
| Drawdown of trust receipts | 1076844 |  | **1076844** |
| Additions | 17076 | 18841 | **35917** |
| Interest expense | 7981 | 3540 | **11521** |
| Lease modifications |  | 16396 | **16396** |
| Less: Interest paid | (8408) | (3540) | **(11948)** |
| Less: Principal repayment | (98338) | (48293) | **(146631)** |
| Less: Repayment of trust receipts | (1102162) |  | **(1102162)** |
| **At 30 June 2024** | 305342 | 144783 | **450125** |

---

BW LPG Limited

Interim Financial Report (Unaudited)

Q2 2025 and H1 2025

**6.**Borrowings and lease liabilities (continued)

As at 30 June 2025, borrowings amounting to US$937.0 million (31 December 2024: US$762.6 million) are secured by mortgages over certain vessels of the Group (note 4). These borrowings are interest bearing at US$ SOFR + margin and they contain covenants (the "Quarterly Covenants") stating that at the end of each quarter, the Group shall ensure that its adjusted equity ratio, minimum adjusted equity, and minimum liquidity do not fall below the agreed thresholds (as defined in the respective borrowings agreements), otherwise the borrowings will be repayable on demand.

At 30 June 2025, the Group complied with the Quarterly Covenants and accordingly, the borrowings are classified as non-current at 30 June 2025. If the Group continues with its financial position as at the end of the reporting date, the Group expects to comply with the Quarterly Covenants within 12 months after the reporting date.

**7.**Related party transactions

In addition to the information disclosed elsewhere in the Interim Financial Information, the following transactions took place between the Group and related parties during the financial period at terms agreed between the parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Services

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Q2 2025** | Q2 2024 | **H1 2025** | H1 2024 |
|  | **US$'000** | US$'000 | **US$'000** | US$'000 |
| Corporate service fees charged by related parties\* | **2140** | 1396 | **4300** | 3318 |
| Ship management fees charged by related parties\* | **25** | 201 | **192** | 402 |

---

\* "Related parties" refer to corporations controlled by the Company's largest shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Key management ' s remuneration

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Q2 2025** | Q2 2024 | **H1 2025** | H1 2024 |
|  | **US$'000** | US$'000 | **US$'000** | US$'000 |
| Salaries and other short-term employee benefits | **669** | 542 | **2313** | 1944 |
| Post-employment benefits - contributions to defined contribution plans and share-based payment | **610** | 423 | **995** | 706 |
| Directors' fees | **144** | 187 | **296** | 250 |
|  | **1423** | 1152 | **3604** | 2900 |

---

BW LPG Limited

Interim Financial Report (Unaudited)

Q2 2025 and H1 2025

**8.**Financial risk management

The Interim Financial Information does not include all financial risk management information and disclosures required in the annual financial statements; the Interim Financial Information should be read in conjunction with the Group's annual financial statements as at 31 December 2024. There have been no major changes in any risk management policies or processes since the previous year end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Financial instruments by category

The aggregate carrying amounts of the Group's financial instruments are as follows:

---

| | | |
|:---|:---|:---|
|  | **30 June**<br>**2025** | 31 December<br>2024 |
|  | **US$'000** | US$'000 |
| Equity financial assets, at FVOCI | **17240** | 23132 |
| Equity financial assets, at FVPL | **1597** | 2769 |
| Derivative assets measured at fair value | **78143** | 82040 |
| Derivative liabilities measured at fair value | **(53544)** | (26096) |
| Financial assets at amortised cost | **680217** | 437401 |
| Financial liabilities at amortised cost | **(1284407)** | (1097701) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Estimation of fair value

IFRS 13 established a fair value hierarchy that prioritises inputs used to measure fair value. The three levels of the fair value input hierarchy defined by IFRS 13 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) (Level 2); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3).

*Derivative financial assets and liabilities*

The Group's financial derivative instruments primarily relate to interest rate swaps, forward freight agreements, bunker swaps and commodity contracts measured at fair value (note 3).

Level 2 classifications primarily include exchange-traded futures including interest rate swaps, forward freight agreements, bunker swaps and commodity contracts. The fair values of interest rate swaps are calculated at the present value of estimated future cash flows based on observable yield curves. The fair values of forward freight agreements, bunker swaps and commodity contracts measured at fair value are determined using forward commodity indices at the balance sheet date.

Level 3 classifications primarily include the physical buy and sell commodity contracts where the fair values are estimated using valuation techniques based on the best information available. The fair values are estimated based on observable market prices obtained from exchanges and broker quotes, adjusted for location differentials and unobservable inputs such as shipping and financing costs. Where observable market prices are not available for commodity and freight prices are not available for the remaining tenure of the physical commodity contracts, management has utilised unobservable inputs based on internally developed proxy curves for the estimation of these prices beyond the observable period. As the fair value estimation process involves uncertainties and significant judgement over the unobservable inputs and assumptions, the fair values of the physical buy and sell commodity contracts are classified under Level 3.

BW LPG Limited

Interim Financial Report (Unaudited)

Q2 2025 and H1 2025

**8.**Financial risk management (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Estimation of fair value (continued)

*Non-derivative non-current financial assets and liabilities*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  | **US$'000** | **US$'000** | **US$'000** | **US$'000** |
| **30 June 2025** |  |  |  |  |
| ***Assets*** |  |  |  |  |
| Equity financial assets, at FVOCI | 17240 |  |  | **17240** |
| Equity financial assets, at FVPL |  |  | 1597 | **1597** |
| Derivative financial instruments |  | 17935 | 60208 | **78143** |
| **Total assets** | 17240 | 17935 | 61805 | **96980** |
| ***Liabilities*** |  |  |  |  |
| Derivative financial instruments |  | 7749 | 45795 | **53544** |
| **Total liabilities** |  | 7749 | 45795 | **53544** |
| **31 December 2024** |  |  |  |  |
| ***Assets*** |  |  |  |  |
| Equity financial assets, at FVOCI | 23132 |  |  | **23132** |
| Equity financial assets, at FVPL |  |  | 2769 | **2769** |
| Derivative financial instruments |  | 16475 | 65565 | **82040** |
| **Total assets** | 23132 | 16475 | 68334 | **107941** |
| ***Liabilities*** |  |  |  |  |
| Derivative financial instruments |  | 12166 | 13930 | **26096** |
| **Total liabilities** |  | 12166 | 13930 | **26096** |

---

The carrying amount of non-derivative non-current financial assets and liabilities which bear floating interest rates are assumed to approximate their fair value because of the short repricing period. There are no non-current financial assets and liabilities which do not bear floating interest rates.

*Non-derivative current financial assets and liabilities*

The carrying amounts of financial assets and liabilities with a maturity of less than one year are assumed to approximate their fair value because of the short period to maturity.

**9.**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.

BW LPG Limited

Interim Financial Report (Unaudited)

Q2 2025 and H1 2025

**9.**Segment information (continued)

Segment performance is presented below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Shipping** | <br>**Product**<br>**Services** | **Inter-**<br>**segment**<br>**elimination** | <br>**Total** |
|  | **US$'000** | **US$'000** | **US$'000** | **US$'000** |
| **Q2 2025** |  |  |  |  |
| Revenue from spot voyages | 156459 |  |  | 156459 |
| Inter-segment revenue | 19973 |  | (19973) |  |
| Voyage expenses | (89291) |  |  | (89291) |
| Inter-segment expense | (8563) |  | 8563 |  |
| Net income from spot voyages | 78578 |  | (11410) | 67168 |
| Revenue from time charter voyages | 74078 |  |  | 74078 |
| **TCE income - Shipping** <sup>1</sup> | **152656** |  | **(11410)** | **141246** |
| Revenue from Product Services |  | 813364 |  | 813364 |
| Inter-segment revenue |  | 8563 | (8563) |  |
| Cost of cargo and delivery expenses |  | (776701) |  | (776701) |
| Inter-segment cost |  | (19973) | 19973 |  |
| Depreciation |  | (10428) |  | (10428) |
| **Gross profit - Product Services** <sup>2</sup> |  | **14825** | **11410** | **26235** |
| **Segment results**  | **152656** | **14825** | **—** | **167481** |
| **H1 2025** |  |  |  |  |
| Revenue from spot voyages | 337550 |  |  | 337550 |
| Inter-segment revenue | 30125 |  | (30125) |  |
| Voyage expenses | (182163) |  |  | (182163) |
| Inter-segment expense | (14199) |  | 14199 |  |
| Net income from spot voyages | 171313 |  | (15926) | 155387 |
| Revenue from time charter voyages | 140013 |  |  | 140013 |
| **TCE income - Shipping** <sup>1</sup> | **311326** | **—** | **(15926)** | **295400** |
| Revenue from Product Services |  | 1428410 |  | 1428410 |
| Inter-segment revenue |  | 14199 | (14199) |  |
| Cost of cargo and delivery expenses |  | (1379968) |  | (1379968) |
| Inter-segment cost |  | (30125) | 30125 |  |
| Depreciation |  | (21328) |  | (21328) |
| **Gross profit - Product Services** <sup>2</sup> | **—** | **11188** | **15926** | **27114** |
| **Segment results** | **311326** | **11188** | **—** | **322514** |

---

<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)

Q2 2025 and H1 2025

**9.** **Segment information** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Shipping** | <br>**Product**<br>**Services** | **Inter-**<br>**segment**<br>**elimination** | <br>**Total** |
|  | **US$'000** | **US$'000** | **US$'000** | **US$'000** |
| **Q2 2024** |  |  |  |  |
| Revenue from spot voyages | 217534 |  |  | 217534 |
| Inter-segment revenue | 5409 |  | (5409) |  |
| Voyage expenses | (104835) |  |  | (104835) |
| Inter-segment expense | (14362) |  | 14362 |  |
| Net income from spot voyages | 103746 |  | 8953 | 112699 |
| Revenue from time charter voyages | 44848 |  |  | 44848 |
| **TCE income - Shipping** <sup>1</sup> | **148594** |  | **8953** | **157547** |
| Revenue from Product Services |  | 614107 |  | 614107 |
| Inter-segment revenue |  | 14362 | (14362) |  |
| Cost of cargo and delivery expenses |  | (591444) |  | (591444) |
| Inter-segment cost |  | (5409) | 5409 |  |
| Depreciation |  | (7102) |  | (7102) |
| **Gross profit - Product Services** <sup>2</sup> |  | **24514** | **(8953)** | **15561** |
| **Segment results**  | **148594** | **24514** | **—** | **173108** |
| **H1 2024** |  |  |  |  |
| Revenue from spot voyages | 474558 |  |  | 474558 |
| Inter-segment revenue | 36303 |  | (36303) |  |
| Voyage expenses | (226311) |  |  | (226311) |
| Inter-segment expense | (33878) |  | 33878 |  |
| Net income from spot voyages | 250672 |  | (2425) | 248247 |
| Revenue from time charter voyages | 83890 |  |  | 83890 |
| Inter-segment revenue | 562 |  | (562) |  |
| **TCE income - Shipping** <sup>1</sup> | **335124** | **—** | **(2987)** | **332137** |
| Revenue from Product Services |  | 1356532 |  | 1356532 |
| Inter-segment revenue |  | 33878 | (33878) |  |
| Cost of cargo and delivery expenses |  | (1280833) |  | (1280833) |
| Inter-segment cost |  | (36865) | 36865 |  |
| Depreciation |  | (14951) |  | (14951) |
| **Gross profit - Product Services** <sup>2</sup> | **—** | **57761** | **2987** | **60748** |
| **Segment results** | **335124** | **57761** | **—** | **392885** |

---

<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)

Q2 2025 and H1 2025

**9.** **Segment information** (continued)

Reconciliation of segment results:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Q2 2025** | Q2 2024 | **H1 2025** | H1 2024 |
|  | **US$'000** | US$'000 | **US$'000** | US$'000 |
| Total segment results for reportable segments | **167481** | 173108 | **322514** | 392885 |
| Vessel operating expenses | **(32030)** | (20501) | **(61717)** | (42471) |
| Time charter contracts (non-lease components) | **(4021)** | (5090) | **(8699)** | (9776) |
| General and administrative expenses | **(17138)** | (17863) | **(37981)** | (34596) |
| Charter hire expenses | **(739)** | (1709) | **(1006)** | (2214) |
| Fair value (loss)/gain from equity financial asset | **(1172)** | (89) | **(1172)** | 1326 |
| Finance lease income | **137** | 177 | **308** | 197 |
| Other operating (expense)/income - net | **(738)** | 1158 | **(1576)** | 2363 |
| Depreciation - Shipping segment | **(52158)** | (39670) | **(104382)** | (80566) |
| Amortisation | **(51)** | (209) | **(261)** | (419) |
| Gain on disposal of vessels | **—** |  | **32051** | 20391 |
| Loss on derecognition of right-of-use assets (vessels) | **(732)** |  | **(289)** |  |
| Finance (expense)/income – net | **(11769)** | 55 | **(23953)** | (2572) |
| Income tax expense | **(3632)** | (4460) | **(3822)** | (9874) |
| **Profit after tax** | **43438** | 84907 | **110015** | 234674 |

---

**10.**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** |
|  | **30 June**<br>**2025** | 31 December<br>2024 | **30 June**<br>**2025** | 31 December<br>2024 |
|  | **US$'000** | US$'000 | **US$'000** | US$'000 |
| **Assets** |  |  |  |  |
| **Current assets** | **130407** | 63581 | **415977** | 417096 |
| Includes |  |  |  |  |
| Cash and cash equivalents | **103485** | 19443 | **96139** | 175882 |
| **Non-current assets** | **253926** | 278287 | **80450** | 92115 |
| **Liabilities** |  |  |  |  |
| **Current liabilities** | **56656** | 28371 | **396995** | 328769 |
| Includes |  |  |  |  |
| Borrowings | **50646** | 23927 | **122835** | 137425 |
| **Non-current liabilities (Borrowings)** | **38305** | 76443 | **40951** | 50748 |
| **Net assets** | **289372** | 237054 | **58481** | 129694 |

---

BW LPG Limited

Interim Financial Report (Unaudited)

Q2 2025 and H1 2025

**10.** **Investment in subsidiaries** (continued)

Summarised statement of comprehensive income:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BW LPG India** | **BW LPG India** | **BW Product Services** | **BW Product Services** |
|  | **Q2 2025** | Q2 2024 | **Q2 2025** | Q2 2024 |
|  | **US$'000** | US$'000 | **US$'000** | US$,000 |
| TCE income – Shipping | **30734** | 30578 | **—** |  |
| Revenue from Product Services | **—** |  | **821927** | 628469 |
| Cost of cargo and delivery expenses | **—** |  | **(796674)** | (596853) |
| Vessel operating expense | **(4982)** | (5663) | **—** |  |
| Depreciation and amortisation | **(7519)** | (8778) | **(10428)** | (7128) |
| Finance expense | **(958)** | (2767) | **621** | 587 |
| Other expenses – net | **(1425)** | (1364) | **(9825)** | (9332) |
| **Net profit after tax** | **15850** | 12006 | **5621** | 15743 |
| Other comprehensive loss (currency translation effects) | **—** |  | **85** | 396 |
| **Total comprehensive income** | **15850** | 12006 | **5706** | 16139 |
| **Total comprehensive income allocated to non-controlling interests** | **7545** | 5715 | **997** | 2421 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BW LPG India** | **BW LPG India** | **BW Product Services** | **BW Product Services** |
|  | **H1 2025** | H1 2024 | **H1 2025** | H1 2024 |
|  | **US$'000** | US$'000 | **US$'000** | US$,000 |
| TCE income – Shipping | **62417** | 60035 | **—** |  |
| Revenue from Product Services | **—** |  | **1442609** | 1390410 |
| Cost of cargo and delivery expenses | **—** |  | **(1410093)** | (1317698) |
| Vessel operating expense | **(9855)** | (11813) | **—** |  |
| Depreciation and amortisation | **(15837)** | (18039) | **(21328)** | (15003) |
| Gain on disposal of vessels | **32051** |  | **—** |  |
| Finance (expense)/income - net | **(2298)** | (5066) | **544** | 96 |
| Other expenses – net | **(3074)** | (3253) | **(18564)** | (21060) |
| **Net profit after tax** | **63404** | 21864 | **(6832)** | 36745 |
| Other comprehensive income/ (loss) (currency translation effects) | **—** |  | **1281** | (438) |
| **Total comprehensive income** | **63404** | 21864 | **(5551)** | 36307 |
| **Total comprehensive income allocated to non-controlling interests** | **30180** | 10407 | **(939)** | 5446 |

---

**11.**Dividends paid

An interim dividend of US$42.4 million (US$0.28 per share) was paid in June 2025 respect of Q1 2025. In the corresponding period last year, an interim dividend of US$131.8 million (US$1.00 per share) was paid in June 2024 in respect of Q1 2024.

**12.**Subsequent event

In July 2025, the Group's subsidiary, BW LPG India, secured a US$215 million Term Loan Facility to refinance its existing debt and to support the acquisition of two modern VLGCs, BW Chinook and BW Pampero, from BW LPG.

BW LPG Limited

Interim Financial Report (Unaudited)

Q2 2025 and H1 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, drydockings 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 three-month and six-month periods ended 30 June 2025 and 2024 is provided below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Q2 2025** | Q2 2024 | **H1 2025** | H1 2024 |
| TCE income – Shipping (US$'000) | **152656** | 148594 | **311326** | 335124 |
| Calendar days (total) | **4095** | 3094 | **8189** | 6232 |
| TCE income – Shipping per calendar day (total) (US$) | **37280** | 48030 | **38020** | 53770 |

---

BW LPG Limited

Interim Financial Report (Unaudited)

Q2 2025 and H1 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, drydockings 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 (total) to TCE income - Shipping for the three-month and six-month periods ended 30 June 2025 and 2024 is provided below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Q2 2025** | Q2 2024 | **H1 2025** | H1 2024 |
| TCE income – Shipping (US$'000) | **152656** | 148594 | **311326** | 335124 |
| Available days | **3929** | 2992 | **7919** | 6026 |
| TCE income – Shipping per available days (US$) | **38850** | 49660 | **39310** | 55610 |

---

#### 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 three-month and six-month periods ended 30 June 2025 and 2024 is provided below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Q2 2025** | Q2 2024 | **H1 2025** | H1 2024 |
|  | **US$'000** | US$'000 | **US$'000** | US$'000 |
| Net cash from operating activities | **94719** | 52849 | **260961** | 458429 |
| Additions in property, plant and equipment | **(81308)** | 415 | **(157606)** | (1821) |
| Additions in intangible assets | **—** |  | **—** | (237) |
| Proceeds from sale of vessels | **—** |  | **65049** | 65337 |
| Adjusted free cash flow | **13411** | 53264 | **168404** | 521708 |

---

BW LPG Limited

Interim Financial Report (Unaudited)

Q2 2025 and H1 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 three-month and six-month periods ended 30 June 2025 and 2024 is provided below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Q2 2025** | Q2 2024 | **H1 2025** | H1 2024 |
| Operating profit (US$'000) | **58839** | 89312 | **137790** | 247120 |
| Average of the total shareholders' equity (US$'000)<sup>(1)</sup> | **1913400** | 1633172 | **1924570** | 1593776 |
| Average of the total borrowings (US$'000)<sup>(1)</sup> | **979738** | 290189 | **983785** | 358846 |
| Average of the total lease liabilities (US$'000)<sup>(1)</sup> | **151245** | 157163 | **169769** | 151311 |
| Capital employed (US$'000) | **3044383** | 2080524 | **3078124** | 2103933 |
| ROCE | **1.9%**  | 4.3% | **4.5%**  | 11.7% |
| ROCE (annualised) | **7.7%**  | 17.2% | **9.0%**  | 23.5% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) 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

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| &nbsp;&nbsp;![GRAPHIC](bwlp-20250630xex99d3g001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q2 2025 Earnings Presentation BW LPG Kristian Sørensen and Samantha Xu 26 August 2025 |

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| &nbsp;&nbsp;![GRAPHIC](bwlp-20250630xex99d3g002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Q2 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. |

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| &nbsp;&nbsp;![GRAPHIC](bwlp-20250630xex99d3g003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agenda Q2 2025 Q2 2025 highlights and market outlook Market overview Company performance Q&A |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](bwlp-20250630xex99d3g004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q2 highlights and performance • TCE income – Shipping Q2 2025 was US$38,800 per available day and US$37,300 per calendar day, well supported by our time charter coverage of 44% of available days at $43,000 per day • Q2 2025 profit after tax was US$43 million, and the profit attributable to equity holders of the company was US$35 million representing an earnings per share of US$0.23 • BW Product Services reported a US$15 million gross profit and a profit after tax of US$6 million for this quarter • BW Yushi was delivered in June 2025 Continued dividend distribution • The company declared a Q2 cash dividend of $0.22 per share, which consists of 75% of Shipping NPAT3 Q2 2025, in addition to retained dividends declared in 2024 from BW Product Services Dry dock program increases offhire days • In Q2 2025, 139 days were related to vessels being in dry dock • 143 and 135 days are expected to be offhire days due to dry-docking in Q3 and Q4, respectively Other subsequent events • Completed a US$380 million facility to finance Avance Gas fleet, and a US$215 million loan facility to refinance its BW LPG India fleet • BW LPG terminated its US$250 million shareholder loan from BW Group due to ample liquidity Q2 2025 highlights Return to shareholders $0.22 Dividend per share 5% Annualised dividend yield 9% ROE (annualised) 110% Q2 2025 payout ratio Shipping NPAT3 Financial performance $43M Net profit after tax $708M Available liquidity $0.23 Earnings per share 31% Net leverage ratio Commercial performance $38,800 TCE income – Shipping per available day $37,300 TCE income – Shipping per calendar day 94% Fleet utilisation 4% Technical offhire 4 1. TCE per day presented is for the Shipping Segment 2. This does not constitute an offer to sell or the solicitation of an offer to buy any securities of BW LPG nor shall there be any sale of any securities of BW LPG in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. 3. Shipping NPAT is calculated as profit attributable to equity holders of BW LPG Q2 2025: US$34.9 million, minus BW LPG's share of BW PS' net profit/(loss) after tax Q2 2025: US$4.6 million. |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](bwlp-20250630xex99d3g005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market outlook Solid fundamentals with ongoing trading inefficiencies • The current VLGC fleet consists of 409 ships • 7 VLGCs have been delivered this year, with 7 more to be delivered before the end of the year • VLGC orderbook currently consists of 111 ships, with 2027 seeing the highest number of deliveries LPG exports US / Middle East LPG export fundamentals are expected to remain solid going forward, and while the re-routing of volumes in recent months are returning to pre-liberation day trade flows, the Panama Canal has again emerged as a catalyst for trading inefficiencies Trading inefficiencies VLGC global fleet Panama v. Cape routing FFA market • Terminal expansions are now starting up in the US, enabling further export growth in the coming years • The reversal of OPEC+ production cuts as well as new gas projects will lend support to LPG exports going forward • New trade routes adopted during the trade war are showing signs of reverting to pre-Liberation Day patterns • Increased disruptions at the Panama Canal are expected to drive longer sailing distances • More VLGCs are diverted around the Cape of Good Hope, as the Panama Canal is operating at full capacity • While availability of transit slots can change quickly, the effect of VLGCs sailing around Cape can last for months • The Ras Tanura-Chiba FFA market for the remainder of 2025 is currently reflecting earnings at the lower range of US$60,000 per day, albeit with limited liquidity 5 |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](bwlp-20250630xex99d3g006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agenda Q2 2025 highlights and market outlook Market overview Company performance Q2 Q&A 2025 |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](bwlp-20250630xex99d3g007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LPG continues to flow despite political disruptions Tariff war caused considerable re-routing of volumes, supporting ton-mile demand and spot rates • The decline in the US LPG exports to China was offset by increased exports to other countries, with India and Japan standing out • US LPG exports to India were above 1MT in Q2 2025 (Compared to less than 100kt in FY 2024) • Y/y growth for 1H 2025 = 7.1% LPG is priced to clear • Middle East LPG exports were redirected from India to service China demand, increasing ton miles • Recently, the trend has been returning to normal • For the first half of 2025, LPG exports carried on VLGCs out of the Middle East grew by 0.6% Stepping up to fill the gap • While China LPG imports from the US dropped sharply during Q2 2025, this was partly offset by increased imports from other regions including the Middle East, Canada and Australia • China imports were up 0.3% y/y in 1H 2025, despite reduced imports in May/June Import levels supported by alternative sourcing US LPG exports by destination Mt (VLGC only) Middle East exports by destination Mt (VLGC only) China LPG imports by origin Mt (VLGC only) 0 1 2 3 4 5 6 Jan Feb Mar Apr May Jun Jul China India Others 0 1 2 3 4 5 6 Jan Feb Mar Apr May Jun Jul China India Japan South Korea Indonesia Others 0 1 2 3 4 5 6 Jan Feb Mar Apr May Jun Jul United States Middle East Others ++ 7 Sources: Vortexa |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](bwlp-20250630xex99d3g008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60% 65% 70% 75% 80% 85% 90% 95% 100% Jan Feb Mar Apr May Jun Jul Aug Laden usage Ballast usage Panama Canal traffic jam 8 Increased demand for canal transits is pushing up auction prices and re-routing vessels • Increased traffic from several shipping segments, especially containers • This has lowered the number of extraordinary auctions opened by the canal and raised fees for the few auctions available • Due to elevated transit costs and VLGCs low priority in the canal, there are signs that vessels are re-routing around the Cape of Good Hope High demand for transits is driving trading inefficiencies Panama transits Average daily transits Panama canal usage by VLGC VLGCs sailing on US – Far East route Average auction fees (North bound) USDm Sources: Clarksons, Anfil Gas, BW LPG 0 2 4 6 8 10 12 Jan Feb Mar Apr May Jun Jul Aug Container VLGC LNG Bulk Other Max capacity 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 Jan Feb Mar Apr May Jun Jul Aug |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](bwlp-20250630xex99d3g009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 5 10 15 20 25 30 35 2022 2023 2024 2025 Spot terminal fee Historical average US - Far East arbitrage Shipping is capturing more of the arbitrage economics Note: Historical averages are calculated from the beginning of 2022 until last data point • Shipping is currently capturing a high portion of the voyage economics as exports are growing faster than the VLGC fleet capacity • Upcoming export terminal expansions will likely lend support to shipping share of the US – Far East arbitrage • Terminal fees fluctuate, often during winter months when fewer spot cargoes are available due to weather Shipping market share has recovered US export terminal fees (spot) US Cents / gallon US – Far East arbitrage USD/ton Shipping arbitrage capture % Winter spikes 9 Sources: Argus, Bloomberg, Baltic BW LPG 0 100 200 300 400 2022 2023 2024 2025 US - Far East Arbitrage BLPG 3 0% 20% 40% 60% 80% 100% 120% 2022 2023 2024 2025 Arbitrage capture - Shipping Historical average |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](bwlp-20250630xex99d3g010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LPG export growth 10 North American terminal expansions and Middle East gas projects to fuel LPG export growth • Export volumes are forecast to continue growing from the main LPG exporting regions • Growth in North American volumes are being enabled by terminal expansions coming online in coming years • Increased natural gas production in the Middle East will also contribute to higher LPG output Continued growth momentum • Energy Transfer's Nederland expansion has started and will ramp up exports in the coming months • Other expansions are underway in both the US and in Canada • Parts of the expansion portfolio will be flexible, also allowing for ethane exports Expansions are coming online • Increased LPG exports expected from Qatar from 2026/2027 from new North Field phases • The Jafurah project is expected to gradually increase LPG exports towards the end of the decade • UAE: Multiple gas processing projects underway to also lift LPG output Natural gas fields and natural gas processing N. America and M. East LPG exports Mt (VLGC only) N. American terminal expansion plans Mtpa Middle East projects 1. 2024 LPG export capacity is defined as the total LPG export across all vessel sizes from North America (including US and Canada) Sources: NGLS, Bloomberg, company filings, BW LPG 52 57 60 65 68 38 40 41 45 47 2023 2024 2025F 2026F 2027F North America Middle East ET, 7 Targa, 0.6 Enterprise 9 Enterprise 11 AltaGas, 1.6 Targa, 4 ONEOK 12 2024 2025 2026 2027 2028 LPG LPG/Ethane flexible North America1 68 UAE SAUDI ARABIA QATAR Jafurah basin North field Illustration reflects approximate field sizes and locations |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](bwlp-20250630xex99d3g011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69% 16% 5% 10% 0-15 years 15-20 years 20-25 years 25 years + 14 4 3 3 2 2 3 2 4 2 5 4 11 12 9 7 16 11 8 3 2 1 1 1 2 1 2 1 1 1 3 1 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 1Q27 2Q27 3Q27 4Q27 1Q28 2Q28 3Q28 4Q28 Existing Newbuild - Ammonia Newbuild - Non-ammonia Current VLGC dual-fuel newbuild price2 VLGC fleet and newbuildings 11 Modest fleet growth for the remainder of 2025 and going into 2026 Quarterly delivery schedule # of VLGCs VLGC fleet age profile and newbuilding market 409 total VLGC fleet1 ~$119M VLGC delivery year for newbuild contracts Total orderbook number 111 VLGC newbuilds ordered in 2025 2027-28 11 1. Total VLGC fleet on water (not including orderbook) 2. 88-91k dual-fuel non-ammonia capacity VLGC Sources: BW LPG, Clarksons |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](bwlp-20250630xex99d3g012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agenda Q2 2025 Q2 2025 highlights and market outlook Market overview Company performance Q&A |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](bwlp-20250630xex99d3g013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2H 2025 Time charter % of total Fleet Revenue/ (Cost) in $M Average day rate TC out – Fixed rate 11% $38 $45,200 TC in 11% ($29) $34,000 Net $9 Remaining TC out – Fixed rate 20% $74 $45,200 Shipping – Performance 13 Achieved 94% utilisation generating TCE income – Shipping of $38,800 per available day 2025 Q2 performance Guidance Q3 2025 • Fixed ~90% of our available fleet days at an average rate of ~$53,000 per day4 2H 2025 Charter portfolio • 31% covered by fixed rate TC out at $45,200 per day • 3% covered by FFA hedges at avg. of $51,700 per day 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 $37,300/ day1 Technical Offhire Available days 44% 54% TCE income by available days $38,800/ day2 $35, 6002 (incl. waiting time and FFA) Spot $36, 6003 (excl. waiting time and FFA) Waiting 2% Time Charter $43, 0005 4. Discharge to discharge basis 5. Time charter includes fixed and variable rate |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](bwlp-20250630xex99d3g014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 6 12 - 3 - 10 58 Net assets Q1 2025 Realised positions MTM change in unrealised cargo MTM change in unrealised paper Other expenses Net assets Q2 2025 Unrealised physical shipping Product Services - Performance 14 Positive realised results reflecting a disciplined approach and effective risk management in a challenging quarter 1. Gross loss from 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' lease-in vessels 2. Included within Other expenses, ~$0.1M effects relating to currency translation of foreign operations which is not part of Net profit/loss Q2 2025 performance Book equity US$M Q2 Net Profit: $6M 2 $58M Net asset value end of Q2 $6M Net profit $15M Gross profit1 $8M Average VAR 10% BW LPG VLGC cargoes lifted by BW PS |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](bwlp-20250630xex99d3g015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q2 2025 Daily TCE Income $37,300 Q2 2025 Daily OPEX $9,000 FY 2025 Operating cash breakeven7 Owned $19,100 Total fleet $21,700 FY 2025 All-in cash breakeven8 $24,800 Income statement Profit after tax $43 Profit to equity holders $35 Earnings per share1 $0.23 Dividends per share $0.22 Balance sheet Total assets $3,385 Total liabilities $1,473 Total shareholders' equity $1,912 Earnings Yield2 (annualised) 8% Dividend Yield3 (annualised) 5% ROE4 (annualised) 9% ROCE5 (annualised) 8% Net leverage ratio6 31% 0.15 1.91 1.46 0.09 0.85 0.84 0.56 1.28 3.46 2.42 0.50 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 YTD 2025 1.EPS (earnings per share) is computed based on the weighted average number of shares outstanding less treasury shares during the period 2.Earnings yield: EPS divided by the share price at the end of the period in USD terms 3.Dividend yield: Annualised dividend divided by the share price in USD on 22nd August 2025 4.ROE (return on equity): with respect to a particular financial period, the ratio of the profit after tax to the average of the shareholders' equity, calculated as the average of the opening and closing balance for the financial period as presented in the consolidated balance sheet. 5.ROCE (return on capital employed): with respect to a particular financial period, the ratio of the operating profit to capital employed defined as the average of the total shareholders' equity, total borrowings and lease liabilities, calculated as the average of the opening and closing balance for the financial period as presented in the consolidated balance sheet. 6.Net leverage ratio: The sum of total borrowings and lease liabilities minus cash and cash equivalents as set out in the consolidated statement of cash flows, divided by the sum of the total borrowings, total lease liabilities, and shareholders' equity minus cash and cash equivalents as set out in the consolidated statement of cashflows 7.Operating cash breakeven: Total expected cash costs (excluding capex) divided by available days, owned fleet or total fleet 8.All-in cash breakeven: Operating cash breakeven including capex (maintenance and drydock) Financial highlights 15 Low leverage, strong liquidity, ready for growth opportunities Key financials Q2 2025 US$ million Financial ratios Q2 2025 Dividends per share US$ Shipping per day statistics US$/day |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](bwlp-20250630xex99d3g016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$380M Term Loan (o/s $245M) JOLCO (o/s $64M) $805M Revolving Credit Facilities (RCF) Drawn RCF (o/s $384M) Letter of credit $244M Drawndown $59M $796M Trade Finance Facilities Total Available Liquidity 708 Undrawn RCF² 421 Cash¹ 287 97 131 55 52 670 0 100 200 300 400 500 600 700 800 900 1,000 2025 2026 2027 2028 2029 onwards US$ million $796M Trade Finance Facilities - o/s $59M $198M BW LPG India Term Loan - o/s $88M Revolving Credit Facilities (RCF) - o/s $384M $221M ECA - o/s $39M $380M Term Loan - o/s $245M JOLCO - o/s $64M Sale & Leaseback - o/s $126M Financing structure and repayment profile 16 Ample liquidity of $708M with long-dated repayment profile 1. Cash presented excludes $34M held in broker margin accounts 2. RCF refers to Revolving Credit Facilities (excludes the $250M shareholder loan with BW Group, which was voluntarily terminated as of 27 June 2025) 3. Excludes other lease liabilities, capitalised fees, and interest payable, as of 30 June 2025 4. $198M Term Loan has since been refinanced on 31 July 2025 Liquidity profile (US$M) As of 30 June 2025 Repayment profile Ship financing³ structure Trade financing structure 4 |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](bwlp-20250630xex99d3g017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agenda Q2 2025 Q2 2025 highlights and market outlook Market overview Company performance Q&A |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](bwlp-20250630xex99d3g018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q&A Kristian Sørensen CEO Samantha Xu CFO |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](bwlp-20250630xex99d3g019.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](bwlp-20250630xex99d3g020.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appendix Q2 2025 |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](bwlp-20250630xex99d3g021.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 VLGCs and 2 LGCs operated by BW LPG 21 1. Vessels with scrubbers installed 2. LGC (Large Gas Carrier) 3. Bareboat charter 4. BW Pampero to be delivered to BW LPG India in September 2025 As of 10 August 2025 BW LPG 100% ownership Vessels with dual-fuel propulsion technology Vessels retrofitted with scrubber technology Vessels on compliant fuels 22 14 17 29 BW LPG 8 Time charter/bareboat in BW LPG India 8 52% ownership Operated 8 Name Year Shipyard BW Chinook 2015 Jiangnan BW Pine 2011 Kawasaki S.C. BW Lord 2008 DSME BW Tyr 2008 Hyundai H.I. BW Loyalty 1 2008 DSME BW Oak 2008 Hyundai H.I. BW Elm 2007 Hyundai H.I. BW Birch 2007 Hyundai H.I. Name Year Shipyard Beneficiary Gas Jupiter 2023 Jiangnan Sinogas Maritime Kaede 2023 Hyundai H.I. Product Services Gas Venus 2021 Jiangnan Sinogas Maritime Gas Gabriela 1 2021 Hyundai H.I. Product Services Clipper Wilma 1 2019 Hyundai H.I. Product Services BW Tokyo 2009 Mitsubishi H.I. Exmar Denver 2 2009 Hyundai H.I. Product Services Helsinki 2 2009 Hyundai H.I. Product Services Name Year Shipyard BW Avior 2023 DSME BW Rigel 2023 DSME BW Yushi 1 2020 Mitsubishi H.I. BW Kizoku 1 2019 Mitsubishi H.I. BW Messina 2017 DSME BW Mindoro 2017 DSME BW Malacca 2016 DSME BW Magellan 2016 DSME BW Frigg 2016 Hyundai H.I. BW Freyja 2016 Hyundai H.I. BW Volans 2016 Hyundai H.I. BW Brage 2016 Hyundai H.I. BW Tucana 2016 Hyundai H.I. BW Var 2016 Hyundai H.I. BW Njord 2016 Hyundai H.I. BW Balder 2016 Hyundai H.I. BW Orion 2015 Hyundai H.I. BW Libra 2015 Hyundai H.I. BW Leo 2015 Hyundai H.I. BW Gemini 2015 Hyundai H.I. BW Carina 1 2015 Hyundai H.I. BW Levant 1 2015 Jiangnan BW Breeze 1 2015 Jiangnan BW Sirocoo 1 2015 Jiangnan BW Passat 1 2015 Jiangnan BW Pampero 4 2015 Jiangnan BW Mistral 1 2015 Jiangnan BW Monsoon 1 2015 Jiangnan BW Aries 1 2014 Hyundai H.I. Name Year Shipyard BW Capella 3 2022 DSME BW Polaris 3 2022 DSME Gas Zenith 1 2017 Hyundai H.I. Oriental King 2017 Hyundai H.I. Doraji Gas 2017 Mitsubishi H.I. BW Kyoto3 2010 Mitsubishi H.I. Berge Nantong 2006 Hyundai H.I. Berge Ningbo 2006 Hyundai H.I. |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](bwlp-20250630xex99d3g022.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45.0 $44.4 $32.5 2025 2026 $44.0 $45.4 $45.4 $45.0 $44.1 $44.7 $44.5 $44.3 $30.3 $32.5 $33.8 $34.2 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 4Q 26 2H 2025 Time charter % of total Fleet Revenue/ (Cost) in $M Average day rate TC out - Fixed rate 11% $38 $45,200 TC in 11% ($29) $34,000 Net $9 Remaining TC out - Fixed rate 20% $74 $45,200 VLGC charter portfolio overview 22 Fixed rate time charter out coverage for 2H 2025 at 31% with an average rate of $45,200 per day Time charter-out – Fixed rate US$ 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 2025 with the last TC in contract expiring in end-Jan 2026 Time charter-in Net 2H 2025 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 Avg. TC out rate Avg. TC in rate Quarterly Yearly Yearly Yearly Quarterly 2 2 $221 $157 31% 25% 2025 2026 $17 $17 $16 $13 $2 25% 13% 11% 10% 1% 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 4Q 26 $64 $2 12% 0% 2025 2026 $51 $58 $58 $54 $49 $42 $36 $31 30% 32% 32% 30% 31% 26% 22% 19% 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 4Q 26 Time charter-out % TC days - Fixed rate |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](bwlp-20250630xex99d3g023.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 0.7 0.7 0.53 0.52 0.51 0.82 0.64 0.62 0.72 0.98 0.95 0.66 0.48 0.31 0.30 0.56 0.54 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Fleet safety statistics 23 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 30th June 2025 |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](bwlp-20250630xex99d3g024.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q1 2025A Q2 2025A Q3 2025E Q4 2025E 2025E 2026E Owned days 3,518 3,567 3,680 3,680 14,445 14,600 Time charter in days 576 528 460 393 1,957 49 Total calendar days 4,094 4,095 4,140 4,073 16,402 14,649 Offhire\* 104 166 143 135 548 323 Total available days (Net of offhire) 3,990 3,929 3,997 3,938 15,854 14,326 Spot days (Net of offhire) 2,369 2,207 2,313 2,282 9,171 10,348 Time charter out days (Net of offhire) - Fixed rate 1,175 1,271 1,285 1,199 4,930 3,530 Time charter out days (Net of offhire) - Variable rate 446 451 399 457 1,753 448 % Spot days 59% 56% 58% 58% 58% 72% % TC days - Fixed rate 30% 32% 32% 30% 31% 25% % TC days - Variable rate 11% 12% 10% 12% 11% 3% TCE rates Spot $39,100 $35,600 - - - - Time charter out – Fixed rate $44,000 $45,400 $45,400 $45,000 $45,000 $44,400 VLGC TCE rate (Net of offhire) $39,800 $38,800 - - - - Shipping segment charter portfolio 2025-2026 24 Fixed rate time charter out contract coverage stands at 31% for 2H 2025 (as of 25 Aug 2025) 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 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](bwlp-20250630xex99d3g025.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q1 2025A Q2 2025A Q3 2025E Q4 2025E 2025E 2026E Owned days 674 637 748 828 2,887 3,285 Time charter in days - - - - - - Total calendar days 674 637 748 828 2,887 3,285 Offhire\* - - 13 83 97 97 Total available days (Net of offhire) 674 637 735 745 2,790 3,188 Spot days (Net of offhire) 20 94 185 247 546 2,073 Time charter out days (Net of offhire) 654 543 550 497 2,244 1,115 % Spot days 3% 15% 25% 33% 20% 65% % TC days 97% 85% 75% 67% 80% 35% TCE rates Spot $57,700 $54,200 - - - - Time charter out $46,700 $47,300 $47,700 $47,900 $47,600 $45,100 VLGC TCE rate (Net of offhire) $47,000 $48,300 - - - - BW LPG India charter portfolio 2025-2026 25 Time charter out contract coverage stands at 80% for FY 2025 (as of 25 Aug 2025) \* Offhire is assumed to be 3 days per year per vessel, distributed equally per quarter, during the years the vessel does not have planned dry dockings |

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## Exhibit 99.4

**Exhibit 99.4**

**BW LPG Limited – Key information relating to the cash dividend for Q2 2025**

Singapore, 26 August 2025

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 Q2 2025:

The Board has approved a dividend of US$0.22 per share on 25 August 2025. Dividends payable to shares registered with Euronext VPS will be distributed in NOK, with the exchange rate made available on the day of payment.

Record date: 5 September 2025

Shares registered with Euronext VPS Oslo Stock Exchange

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Last trading day including the right to receive this dividend: 3 September 2025

Ex-date: 4 September 2025

Dividend payment date: On or about 18 September 2025

Shares registered with Depository Trust Company – New York Stock Exchange

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

Last trading day including the right to receive this dividend: 4 September 2025

Ex-date: 5 September 2025

Dividend payment date: On or about 15 September 2025

**For further information, please contact:**

Samantha Xu

Chief Financial Officer

E-mail: <u>investor.relations@bwlpg.com</u>

**About BW LPG**

BW LPG is the world's leading owner and operator of LPG vessels, owning and operating a fleet of more than 50 Very Large Gas Carriers (VLGCs) with a total carrying capacity of over 4 million CBM. With five decades of operating experience in LPG shipping, an in-house LPG trading division and investment in onshore LPG infrastructure, BW LPG offers trusted and reliable services to source and deliver LPG to customers. Delivering energy for a better world – more information about BW LPG can be found at <u>https://www.bwlpg.com</u>.

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.

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