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Babcock & Wilcox (NYSE: BW) swings to Q2 profit, lifts 2026 EBITDA target

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Babcock & Wilcox Enterprises reported a sharp turnaround for the quarter ended June 30, 2026. Revenue rose to $319.7 million, a 130% increase from $138.9 million a year earlier, driven largely by large project volume including $100.7 million from the Base Electron data center project. Net income was $14.3 million versus a net loss of $58.5 million, and earnings per share were $0.07 compared with a loss of $0.63. Adjusted EBITDA increased to $21.8 million from $13.9 million. Bookings were $151.0 million, while backlog reached $2.6 billion, up 533% from the prior-year period, and the identified project pipeline exceeds $14.0 billion.

The company raised its full-year 2026 Adjusted EBITDA target to a range of $80.0 million to $105.0 million. At June 30, 2026, cash, cash equivalents and restricted cash totaled $382.8 million against secured debt and bonds of $239.8 million, and management highlighted “cash in excess of debt of ~$143 million.” B&W announced a share repurchase authorization of up to $50 million and plans to repurchase the remaining $61.8 million of bonds due December 2026. Management emphasized strong demand from AI data centers and baseload generation, while also noting macro headwinds such as inflation, labor constraints and supply-chain disruptions.

Positive

  • Revenue surged 130% year-over-year to $319.7 million in Q2 2026, reflecting strong large-project volume including $100.7 million from the Base Electron data center project.
  • Profitability improved sharply, with Q2 net income of $14.3 million versus a net loss of $58.5 million and Adjusted EBITDA rising to $21.8 million from $13.9 million.
  • Backlog expanded to $2.6 billion, a 533% increase from the prior-year period, supported by $151.0 million in quarterly bookings and a global pipeline above $14.0 billion.
  • The company raised its 2026 Adjusted EBITDA target to $80.0–$105.0 million, signaling management’s confidence in ongoing business momentum.
  • Liquidity strengthened with $382.8 million in cash, cash equivalents and restricted cash versus $239.8 million of secured debt and bonds, and management cites cash in excess of debt of roughly $143 million.
  • Capital allocation initiatives include a $50 million share repurchase authorization and planned repurchase of the remaining $61.8 million of bonds due December 2026, reducing near-term debt.
  • A $2.4 billion, 1.2 GW power project for Base Electron and additional 1 GW of steam turbines secured from Siemens Energy highlight sizable AI data center-related growth opportunities.

Negative

  • Despite quarterly profitability, trailing twelve months net income from continuing operations was ($75.1 million), indicating the overall business is still loss-making over the last year.
  • Customer warrants grew to a $136.9 million current liability from $8.3 million, and related fair-value changes and amortization significantly affect earnings and non-GAAP adjustments.
  • Management cites risks including potential future conditions that could raise substantial doubt about the company’s ability to continue as a going concern, along with refinancing obligations on 6.50% Senior Notes.
  • Macroeconomic headwinds such as inflation, supply chain disruptions and skilled labor shortages are described as ongoing and could adversely impact project execution and future operating results.

Filing Explained

The filing reports operating cash generation alongside financing inflows from net common-stock issuance.

The August 10, 2026 Form 8-K furnishes B&W’s completed second-quarter results and records six-month net common-stock issuance, a financing event relevant to existing holders’ ownership.

The company’s raised $80.0 million to $105.0 million 2026 Adjusted EBITDA target is forward-looking and is expressly not presented as guidance.

Reported second-quarter net income was $14.3 million, while adjusted net income was $9.1 million after excluding non-cash warrant and stock-related costs; the filing therefore presents both GAAP earnings and a management-defined adjusted measure.

For the six months ended June 30, 2026, operating activities provided cash, while financing activities provided cash including net common-stock issuance; the reported cash increase consequently included substantial financing inflows rather than coming from operations alone.

Issuing additional shares increases the total share count and reduces an existing holder’s percentage ownership absent offsetting changes, but this filing does not state how many shares comprise the six-month issuance. The announced repurchase of the remaining $61.8 million of bonds due in December 2026 remains an announced future transaction rather than a completed repayment in this filing.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 Revenue $319.7 million Quarter ended June 30, 2026; up 130% from $138.9 million in Q2 2025
Q2 2026 Net Income $14.3 million From continuing operations in the second quarter of 2026 vs $58.5 million loss prior year total
Q2 2026 Adjusted EBITDA $21.8 million Compared with Adjusted EBITDA of $13.9 million in the second quarter of 2025
Backlog $2.6 billion Second quarter 2026 backlog, a 533% increase versus the same period of 2025
Global Pipeline Over $14.0 billion Total global pipeline of identified project opportunities as described by management
Cash, cash equivalents and restricted cash $382.8 million Balance at June 30, 2026 on the condensed consolidated balance sheet
Secured debt and bonds $239.8 million Total secured debt and bonds outstanding at June 30, 2026
2026 Adjusted EBITDA target range $80.0 million to $105.0 million Raised full-year 2026 Adjusted EBITDA target disclosed by management
Adjusted EBITDA financial
"Adjusted EBITDA in the second quarter of $21.8 million, a 57% increase compared to the same period of 2025"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
backlog financial
"Backlog of $2.6 billion in the second quarter, a 533% increase compared to the same period of 2025"
A backlog is the amount of work or orders that a company has received but hasn't completed yet. It’s like a restaurant with many dishes to serve; the backlog shows how many orders are still waiting to be finished. It matters because a large backlog can indicate strong demand or potential delays in delivering products or services.
pipeline financial
"Pipeline represents our uncontracted, potential opportunities, which have been identified and are in active discussions"
A pipeline is the organized list of products, drugs or projects a company is developing but has not yet fully launched or commercialized. For investors it acts like a forecasted inventory of future revenue sources — showing what could become earnings, how far along each item is, and the risk and time before they might pay off; think of it as a company’s product roadmap that helps gauge growth potential and uncertainty.
customer warrants financial
"Change in fair value of customer warrants | 5.9 | | | — | | | (64.4)"
stock appreciation rights financial
"Stock appreciation rights issued in 2018 for target stock price of $22.50 and $25.00"
Stock appreciation rights (SARs) are a form of employee compensation that give the holder the right to receive the increase in a company's stock price over a set baseline, paid in cash or shares, without having to buy the stock. For investors, SARs matter because they can create future cash outflows or share dilution and signal how a company rewards and motivates executives — similar to giving a bonus tied directly to how well the company’s stock performs.
going concern financial
"the potential for future conditions that could raise substantial doubt as to our ability to continue as a going concern"
Going concern is the accounting assumption that a company will keep operating and meeting its obligations for the foreseeable future. The phrase matters most when a company or its auditors disclose substantial doubt about it, a formal warning that the business may not have enough resources to continue without raising money, restructuring, or selling assets. That language in a filing or press release signals elevated financial risk.
Revenue $319.7 million 130% increase versus $138.9 million in Q2 2025
Net income $14.3 million Improved from net loss of $58.5 million in Q2 2025
Adjusted EBITDA $21.8 million Increased from $13.9 million in Q2 2025
Earnings per share $0.07 Improved from loss per share of $0.63 in Q2 2025
Guidance

The company raised its full-year 2026 Adjusted EBITDA target range to $80.0 million to $105.0 million.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

How did Babcock & Wilcox (BW) perform financially in Q2 2026?
Babcock & Wilcox reported Q2 2026 revenue of $319.7 million, up 130% from $138.9 million a year earlier, and net income of $14.3 million versus a $58.5 million loss. Adjusted EBITDA rose to $21.8 million from $13.9 million.

What earnings per share did BW report for Q2 2026?
For Q2 2026, Babcock & Wilcox reported earnings per share of $0.07, compared with a loss per share of $0.63 in Q2 2025. This reflects the shift from a sizable net loss to positive net income attributable to common shareholders.

What are BW’s bookings, backlog and pipeline as of Q2 2026?
In Q2 2026, Babcock & Wilcox recorded bookings of $151.0 million and reported a backlog of $2.6 billion, up 533% year-over-year. Management also disclosed a global project pipeline exceeding $14.0 billion of uncontracted opportunities.

Did Babcock & Wilcox update its 2026 guidance or targets?
The company raised its full-year 2026 Adjusted EBITDA target to a range of $80.0 million to $105.0 million. Management links this higher target to strong demand, especially from AI data centers and baseload power projects, and improved operating momentum.

What is BW’s debt and liquidity position after Q2 2026?
At June 30, 2026, Babcock & Wilcox had $239.8 million in secured debt and bonds and $382.8 million in cash, cash equivalents and restricted cash. The company highlighted cash in excess of debt of about $143 million and plans to repurchase $61.8 million of 2026 bonds.

What capital return or de-leveraging actions is BW undertaking?
Babcock & Wilcox’s board authorized a share repurchase program of up to $50 million and the company announced repurchase of the remaining $61.8 million of bonds due December 2026. These steps are presented as reflecting confidence in the balance sheet and strategy.

How exposed is Babcock & Wilcox (BW) to AI data center demand?
The company is executing a $2.4 billion, 1.2 GW power project for Base Electron and has secured an additional 1 GW of steam turbines from Siemens Energy. Management states that rising AI data center power needs are driving strong demand for its power generation solutions.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 10, 2026
BABCOCK & WILCOX ENTERPRISES, INC.
(Exact name of registrant as specified in its charter)

Delaware001-3687647-2783641
(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)
1200 East Market Street
Suite 650
Akron,Ohio44305
(Address of Principal Executive Offices)(Zip Code)
Registrant’s Telephone Number, including Area Code: (330) 753-4511
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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

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

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

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

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Each Exchange on which Registered
Common stock, $0.01 par value per shareBWNew York Stock Exchange
6.50% Senior Notes due 2026BWNBNew York Stock Exchange
7.75% Series A Cumulative Perpetual Preferred StockBW PRANew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨


    

Item 2.02 Results of Operations and Financial Condition

On August 10, 2026, the Company issued a press release announcing its financial results for the quarter ended June 30, 2026. A copy of the press release is attached as Exhibit 99.1, and the information contained in Exhibit 99.1 is incorporated herein by reference. 

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

Item 7.01 Regulation FD Disclosure

On August 10, 2026, the Company posted an investor presentation on the investor relations section of its website at www.babcock.com. A copy of the presentation is attached as Exhibit 99.2, and the information contained in Exhibit 99.2 is incorporated herein by reference.  

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

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit No.Description
99.1
Press release dated August 10, 2026
99.2
Investor Presentation
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)



2

    

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
BABCOCK & WILCOX ENTERPRISES, INC.
August 10, 2026
By:
/s/ Cameron Frymyer
Cameron Frymyer
Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer and Duly Authorized Representative)

3
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Exhibit 99.1
News Release
Babcock & Wilcox Enterprises Reports Second Quarter 2026 Results
•Revenue in the second quarter of $319.7 million, a 130% increase compared to the same period of 2025, ahead of consensus street expectations
•Net Income was $14.3 million in the second quarter, compared to a net loss of $58.5 million in the same period of 2025, ahead of consensus street expectations
•Earnings per share of $0.07, compared to a loss per share of $0.63 in the second quarter of 2025
•Adjusted EBITDA in the second quarter of $21.8 million, a 57% increase compared to the same period of 2025, ahead of consensus street expectations
•Bookings of $151.0 million in the second quarter, a 38% increase compared to the same period of 2025
•Backlog of $2.6 billion in the second quarter, a 533% increase compared to the same period of 2025
•Secured an additional 1 gigawatt of steam turbines from Siemens Energy for fast delivery in anticipation of our next data center project
•Total global pipeline exceeds $14.0 billion
•Announced authorized share repurchase program of up to $50 million
•Announced repurchase of remaining $61.8 million of outstanding bonds due December 2026 in August 2026

Q2 2026 Financial Highlights and Outlook

–Revenue of $319.7 million, compared to revenue of $138.9 million in the second quarter of 2025
–Net income of $14.3 million, compared to a net loss of $58.5 million in the second quarter of 2025
–Adjusted Net Income, which excludes non-cash warrants and other stock costs, was $9.1 million in the second quarter
–Earnings per share of $0.07, compared to a loss per share of $0.63 in the second quarter of 2025
–Adjusted EBITDA of $21.8 million, compared to adjusted EBITDA of $13.9 million in the second quarter of 2025
–Company raises full year 2026 Adjusted EBITDA target range to $80.0 million to $105.0 million

(AKRON, Ohio – August 10, 2026) – Babcock & Wilcox Enterprises, Inc. ("B&W", "Babcock & Wilcox" or the "Company") (NYSE: BW) announced its financial results for the second quarter of 2026.

"During the second quarter of 2026, we delivered strong operating results while displaying continued core business momentum, as second quarter revenue, net income and Adjusted EBITDA exceeded Company and consensus street expectations. The growing need for reliable electricity from AI data centers, utilities, industrial customers and expanding economies is accelerating investment in power generation capacity, driving strong demand for our core parts and services, environmental technologies as well as coal and natural gas-fired generation solutions,” commented Kenneth Young, B&W’s Chairman and Chief Executive Officer. "We continue active discussions on other AI data center opportunities and have placed additional orders with Siemens Energy to secure and deliver an additional 1 gigawatt of steam turbines in


the next 12 to 15 months to secure speed to markets. This increase in global energy demand positions us for sustained success across our higher-margin Global Parts and Services business and provides B&W with a strong outlook for the second half of 2026 and beyond. Continued execution of our strategic objectives is delivering results, positioning B&W to capitalize on strong global demand for baseload generation and behind-the-meter data center projects."

"Additionally, our first data center project with Base Electron is progressing ahead of expectations and on budget, and manufacturing of the boilers and steam turbines and other long-lead-time components are progressing quickly. The permitting process is underway as we work to provide our proven natural gas-fired boilers and related technologies, alongside Siemens Energy steam turbine systems. This progression with Base Electron further demonstrates our ability to rapidly deploy power solutions, which is a key differentiator that enhances our competitive position in pursuing other data center opportunities."

"During the second quarter of 2026, our strong financial results included meaningful growth in net income as well as robust development of our bookings and backlog. As our business expands, we continue hiring in our engineering, business and project development organizations as well as increasing availability of qualified skilled welders and electricians. We are continuing to experience positive momentum at B&W, as we continue to convert our global pipeline of identified project opportunities. In July, we announced that our Board of Directors authorized a share repurchase program of up to $50 million, which reflects confidence in our balance sheet and our strategic approach to building shareholder value. In addition, we have raised the upper end of our 2026 Adjusted EBITDA target range to $80.0 million to $105.0 million, reflecting the continued momentum across our business and confidence in additional opportunities ahead. We remain intently focused on our strategic vision and remain optimistic that we will continue to execute on our existing pipeline while maintaining viability for future expansion as we move forward."

Q2 2026 Financial Summary

Revenues in the second quarter of 2026 were $319.7 million versus revenues of $138.9 million in the second quarter of 2025, primarily driven by an increase in large project volume, including $100.7 million from Base Electron. Operating income in the second quarter of 2026 was $11.8 million, compared to operating income of $7.0 million in the second quarter of 2025. Net income in the second quarter of 2026 was $14.3 million, compared to a net loss of $58.5 million in the second quarter of 2025, driven by the improvement in the operating income results. We benefited from a reduction to interest expense of $6.0 million, change in fair value of customer warrants of $5.9 million and a decrease to tax expense of $5.1 million. Earnings per share in the second quarter of 2026 was $0.07 compared to a loss per share of $0.63 in the second quarter of 2025. Adjusted EBITDA was $21.8 million, an increase compared to $13.9 million in the second quarter of 2025.

Reconciliations of the non-GAAP measures of Adjusted EBITDA and adjusted net income (loss) to the most directly comparable GAAP measures are provided in the exhibits to this release. See “Bookings and Backlog” below for important information regarding our calculation and presentation of those metrics.

Liquidity and Balance Sheet

At June 30, 2026, the Company had secured debt and bonds of $239.8 million, and a cash, cash equivalents and restricted cash balance of $382.8 million. During the quarter B&W announced the repurchase of the remaining $61.8 million of outstanding December 2026 bonds in August 2026.


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Earnings Call Information

B&W plans to host a conference call and webcast on Monday, August 10, 2026 at 5 p.m. ET to discuss the Company's second quarter 2026 results. The listen-only audio of the conference call will be broadcast live via the Internet on B&W’s Investor Relations site. The dial-in number for participants in the U.S. is (833) 461-5787; the dial-in number for participants in Canada is (365) 657-4084; the dial-in number for participants in all other locations is (585) 542-9983. The conference ID for all participants is 808869498. A replay of this conference call will remain accessible in the investor relations section of the Company’s website for a limited time.

Non-GAAP Financial Measures

The Company uses non-GAAP financial measures internally, also referred to in this release as “adjusted” financial measures, to evaluate its performance and in making financial and operational decisions. When viewed in conjunction with GAAP results and the accompanying reconciliation, the Company believes that its presentation of these measures provides investors with greater transparency and a greater understanding of factors affecting its financial condition and results of operations than GAAP measures alone. The presentation of non-GAAP financial measures should not be considered in isolation or as a substitute for the Company’s related financial results prepared in accordance with GAAP.

Adjusted EBITDA on a consolidated basis is a non-GAAP metric and is calculated as earnings before interest expense, tax, depreciation and amortization adjusted for items such as gains or losses arising from the sale of non-income producing assets, net pension benefits, stock-based compensation, restructuring activities, impairments, gains and losses on debt extinguishment, legal and settlement costs, and costs related to financial consulting. In addition, the Company presents consolidated Adjusted EBITDA because it believes it is useful to investors to help facilitate comparisons of the ongoing, operating performance before overhead and other expenses not attributable to the operating performance of the Company.

The Company also presents the non-GAAP financial measure of adjusted net income, which excludes $(5.2) million of non-cash warrants and other stock-related costs, as management believes it is a useful measure for investors to accurately reflect the impact of recent stock price growth on costs related to customer warrants and stock-based compensation.

This release also presents certain targets for the Company's Adjusted EBITDA in the future; these targets are not intended as guidance regarding how the Company believes the business will perform. The Company is unable to reconcile these targets to their GAAP counterparts without unreasonable effort and expense. Prior period results have been revised to conform with the revised definition and present separate reconciling items in our reconciliation, including business transition costs.

Bookings and Backlog

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

We generally include expected revenue from contracts in our backlog when we receive written confirmation from our customers authorizing the performance of work and committing the customers to payment for work performed. Backlog may not be indicative of future operating results, and contracts in our backlog may be canceled, modified or otherwise altered by customers. Backlog can vary significantly from period to period, particularly when large new-build projects or operations and maintenance contracts

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are booked because they may be fulfilled over multiple years. Because we operate globally, our backlog is also affected by changes in foreign currencies each period. We do not include orders of our unconsolidated joint ventures in backlog.

Bookings represent changes to the backlog. Bookings include additions from booking new business, subtractions from customer cancellations or modifications, changes in estimates of liquidated damages that affect selling price and revaluation of backlog denominated in foreign currency. We believe comparing bookings on a quarterly basis or for periods less than one year is less meaningful than for longer periods and that shorter-term changes in bookings may not necessarily indicate a material trend.

Pipeline

Pipeline represents our uncontracted, potential opportunities, which have been identified and are in active discussions, that could reach a decision to proceed over the next 36 months. Pipeline is an internal metric monitored by management to understand the anticipated growth of our Company and our estimated future revenue, which may increase or decrease from time to time.

We cannot guarantee that our pipeline will result in actual revenue in the originally anticipated period or at all. Pipeline may not generate margins equal to our historical operating results. Our customers may experience project delays or cancel orders as a result of external market factors and economic or other factors beyond our control. If our pipeline fails to result in revenue as anticipated or in a timely manner, we could experience a reduction in revenue, profitability, and liquidity.

Impacts of Market Conditions

Management continues to adapt to macroeconomic conditions, including the impacts from inflation, changing interest rates and foreign exchange rate volatility, current and potential tariff actions, geopolitical conflicts (including the ongoing conflicts in Ukraine and the Middle East), and global shipping and supply chain disruptions that continued to have an impact across 2026. In certain instances, these situations have resulted in cost increases and delays or disruptions that have had, and could continue to have, an adverse impact on our ability to meet customers’ demands. Additionally, an increase in power demand has caused a shortfall in skilled labor, such as welders and electricians. These labor constraints increase construction costs and affected productivity. To the extent these conditions persist, they may adversely impact future project execution and operating results.

We continue to actively monitor the impact of these market conditions on current and future periods and actively manage costs and our liquidity position to provide additional flexibility while still supporting our customers and their specific needs. The duration and scope of these conditions cannot be predicted, and therefore, any anticipated negative financial impact on our operating results cannot be reasonably estimate.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this release are forward-looking statements. These forward-looking statements include, without limitation, statements regarding expected demand, our pipeline, technology, and opportunities. You should not place undue reliance on these statements. Forward-looking statements may include words such as "expect," "intend," "plan," "likely," "seek," "believe," "project," "forecast," "target," "goal," "potential," "estimate," "may," "might," "will," "would," "should," "could," "can," "have," "due," "anticipate," "assume,"

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"contemplate," "continue" and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operational performance or other events.

The forward-looking statements included herein are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events, or otherwise, except as required by law. These forward-looking statements are based on management's current expectations and involve a number of risks and uncertainties, including, but not limited to: the potential for future conditions that could raise substantial doubt as to our ability to continue as a going concern, which has occurred in the past; our obligation to refinance or repay our 6.50% Senior Notes prior to their maturity; risks associated with contractual pricing in our industry; disputes with customers with long-term contracts; the performance of third parties' and subcontractors' on whom we rely; disruptions at our or third-party manufacturing facilities; our ability to execute our growth strategy; our evaluation of strategic alternatives; our ability to deliver our backlog on time or at all; professional liability, product liability, warranty or other claims; inadequate insurance coverage; our ability to compete successfully against current and future competitors; our development of new products; cyclical and economic impacts on demand for our products; compliance with government regulations; legislative and regulatory developments impacting our business; supply chain issues; the financial and other covenants in our debt agreements; our ability to maintain adequate bonding and letter of credit capacity; impairment to our goodwill or other indefinite-lived intangible assets; our exposure to credit risk; disruptions in, or failures of, our information technology systems, including those related to cybersecurity; failure to comply with data and privacy laws, regulations and standards, or if we fail to properly maintain the integrity of our data, protect our proprietary rights to our systems or defend against cybersecurity attacks, we may be subject to government or private actions due to breaches; failure to protect our intellectual property rights, or inability to obtain or renew licenses to use intellectual property of third parties; uncertainty over tariffs and their impacts; sanctions and export controls; international political, economic and other uncertainties; fluctuations in the value of foreign currencies could harm our profitability; volatility of the market price and trading volume of our common stock; dilution of our common shareholders' ownership or voting power; the significant influence of B. Riley over us; anti-takeover provisions in our corporate documents; changes in tax rates or tax law; our ability to use NOL and certain tax credits; failure to maintain effective internal control over financial reporting; new accounting pronouncements or changes in existing accounting standards and practices; our ability to attract and maintain key personnel; our relationship with labor unions; pension and medical expenses associated with our retirement benefit; natural disasters or other events beyond our control; and the risks and uncertainties described under the heading "Risk Factors" in Part I, Item 1A of our Annual Report and Quarterly Reports on Form 10-Q, as such risk factors may be amended, supplemented or superseded from time to time by other reports we file with the SEC.

These forward-looking statements are made based upon detailed assumptions and reflect management's current expectations and beliefs. While we believe that these assumptions underlying the forward-looking statements are reasonable, forward-looking statements are subject to uncertainties and factors relating to our operations and business environment that are difficult to predict and may be beyond our control. Such uncertainties and factors may cause actual results to differ materially from those expressed or implied by the forward-looking statements.

About B&W Enterprises, Inc.

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


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# # #
Investor Contact:Media Contact:
Cameron Frymyer, Chief Financial OfficerRyan Cornell, Public Relations Lead
Babcock & Wilcox Enterprises, Inc.
Babcock & Wilcox Enterprises, Inc.
330.860.6176 | investors@babcock.com
330.860.1345 | rscornell@babcock.com


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Exhibit 1
Babcock & Wilcox Enterprises, Inc.
Condensed Consolidated Statements of Operations (1)
(Unaudited)
(In millions, except per share amounts)Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenues$319.7 $138.9 $534.1 $287.5 
Costs and expenses:
Cost of operations273.1 97.4 444.0 218.2 
Selling, general and administrative expenses33.7 33.3 78.1 61.6 
Research and development costs
0.6 0.9 1.4 1.3 
Impairment of long-lived assets— — — 1.0 
Loss on asset disposals, net
0.6 0.2 0.5 0.2 
Total costs and expenses307.9 131.8 524.0 282.3 
Operating income
11.8 7.0 10.1 5.2 
Other (expense) income:
Interest expense(5.0)(11.0)(9.5)(22.0)
Interest income0.8 0.5 1.4 0.8 
Loss on debt extinguishment
— — (0.1)— 
Benefit plans, net0.4 (0.8)0.9 (1.6)
Foreign exchange— 1.6 (0.1)1.2 
Change in fair value of customer warrants5.9 — (64.4)— 
Other expense, net
(0.6)(0.8)(0.7)(0.7)
Total other income (expense), net
1.4 (10.4)(72.4)(22.3)
Income (loss) before income tax (benefit) expense
13.2 (3.4)(62.3)(17.1)
Income tax (benefit) expense
(1.1)4.0 3.1 5.9 
Income (loss) from continuing operations
14.3 (7.4)(65.4)(23.1)
Income (loss) from discontinued operations, net of tax
— (51.1)2.7 (57.4)
Net income (loss) attributable to stockholders
14.3 (58.5)(62.7)(80.5)
Less: Dividend on Series A Preferred Stock3.7 3.7 7.4 7.4 
Net income (loss) attributable to stockholders of common stock
$10.5 $(62.2)$(70.1)$(87.9)
Basic earnings (loss) per share:
Continuing operations$0.07 $(0.11)$(0.53)$(0.31)
Discontinued operations— (0.52)0.02 (0.58)
Basic earnings (loss) per share
$0.07 $(0.63)$(0.51)$(0.89)
Diluted earnings (loss) per share:
Continuing operations$0.07 $(0.11)$(0.53)$(0.31)
Discontinued operations— (0.52)0.02 (0.58)
Diluted earnings (loss) per share
$0.07 $(0.63)$(0.51)$(0.89)
Shares used in the computation of earnings (loss) per share:
Basic142.3 98.7 138.1 98.3 
Diluted 154.5 98.7 138.1 98.3 

(1) Figures may not be clerically accurate due to rounding

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Exhibit 2
Babcock & Wilcox Enterprises, Inc.
Condensed Consolidated Balance Sheets (1)
(Unaudited)
(In millions)June 30, 2026December 31, 2025
Cash and cash equivalents$308.6 $89.5 
Current restricted cash39.4 85.0 
Accounts receivable – trade, net170.7 118.4 
Contracts in progress90.6 72.8 
Inventories, net61.0 60.9 
Customer contract asset current11.5 8.3 
Other current assets43.5 35.9 
Total current assets725.4 470.7 
Net property, plant and equipment, and finance leases74.8 65.5 
Goodwill52.1 53.1 
Intangible assets, net13.4 15.3 
Right-of-use assets16.5 17.7 
Long-term restricted cash34.8 26.9 
Deferred tax assets0.9 0.9 
Customer contract asset noncurrent56.8 — 
Other assets24.9 12.9 
Total assets$999.6 $662.9 
Accounts payable$169.6 $69.2 
Accrued employee benefits10.3 4.6 
Advance billings on contracts81.5 112.0 
Accrued warranty expense3.9 3.6 
Financing lease liabilities2.0 1.9 
Operating lease liabilities3.6 3.8 
Customer warrants136.9 8.3 
Other accrued liabilities30.9 32.1 
Current senior notes61.4 83.9 
Current borrowings0.2 67.4 
Total current liabilities500.3 386.7 
Senior Notes due 2030147.9 151.0 
Borrowings, net of current portion67.4 18.9 
Pension and other postretirement benefit liabilities167.7 176.2 
Finance lease liabilities, net of current portion25.8 26.7 
Operating lease liabilities, net of current portion14.0 15.1 
Deferred tax liability10.5 10.7 
Other noncurrent liabilities8.7 9.2 
Total liabilities942.2 794.5 
Stockholders' equity (deficit):
Preferred stock0.1 0.1 
Common stock5.8 5.6 
Capital in excess of par value1,964.9 1,691.4 
Treasury stock at cost(128.9)(115.9)
Accumulated deficit(1,766.9)(1,696.7)
Accumulated other comprehensive loss(17.7)(16.0)
Total stockholders' equity (deficit)
57.4 (131.5)
Total liabilities and stockholders' equity (deficit)
$999.6 $662.9 

(1) Figures may not be clerically accurate due to rounding.



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Exhibit 3
Babcock & Wilcox Enterprises, Inc.
Condensed Consolidated Statements of Cash Flows (1)
(Unaudited)
(In millions)Six Months Ended June 30,
20262025
Operating Activities:
Net loss from continuing operations
$(65.4)$(23.1)
Net income (loss) from discontinued operations
2.7 (57.4)
Net loss
(62.7)(80.5)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization of long-lived assets5.0 4.8 
Impairment of long-lived assets— 9.9 
Amortization of deferred financing costs and debt premium(1.7)2.3 
Amortization of guaranty fee— 0.1 
Amortization of customer warrants4.1 — 
Change in fair value of customer warrants64.4 — 
Non-cash operating lease expense1.8 3.4 
(Gain) loss on sale of business
(2.7)35.8 
Loss on debt extinguishment
0.1 — 
Loss on asset disposals
0.5 0.3 
Benefit from deferred income taxes, including valuation allowances
(0.2)(0.5)
Prior service cost amortization for pension and postretirement plans(0.9)0.2 
Stock-based compensation14.8 1.5 
Foreign exchange0.1 (5.7)
Unrealized loss on securities
— 2.2 
Bad dept expense0.1 0.6 
Changes in operating assets and liabilities:
Accounts receivable - trade, net(60.9)(2.6)
Contracts in progress(17.8)9.8 
Other current and noncurrent assets(6.2)(3.0)
Advance billings on contracts(30.5)(1.1)
Inventories, net(0.1)(7.9)
Income taxes(4.7)— 
Accounts payable100.3 (0.9)
Accrued and other current liabilities(0.9)8.1 
Accrued contract loss(0.3)(3.6)
Pension liabilities, accrued postretirement benefits and employee benefits(0.8)(6.9)
Other, net(0.6)(0.2)
Net cash provided by (used in) operating activities
0.4 (33.8)
Investing Activities:
Purchase of property, plant and equipment(13.7)(7.1)
Proceeds from sale of business and assets3.9 20.1 
Purchases of securities(2.9)(4.7)
Sales and maturities of securities2.9 2.3 
Net cash (used in) provided by investing activities
(9.9)10.6 

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Financing Activities:
Borrowings on loan payable11.0 53.4 
Repayments on loan payable(29.7)(46.6)
Buyback of Senior Notes due 2026(23.0)— 
Finance lease payments(0.9)(0.8)
Payment of Preferred Stock dividends(7.4)(3.7)
Employee tax withholding on stock-based compensation(8.0)— 
Issuance of common stock, net259.8 5.5 
Payment of non-controlling interest dividends— (0.1)
Repurchase of common stock(5.0)— 
Debt issuance costs(5.3)(5.1)
Net cash provided by financing activities
191.4 2.6 
Effects of exchange rate changes on cash(0.5)0.3 
Net increase (decrease) in cash, cash equivalents and restricted cash
181.5 (20.3)
Cash, cash equivalents and restricted cash at beginning of period201.4 131.1 
Cash, cash equivalents and restricted cash at end of period$382.8 $110.8 

(1) Figures may not be clerically accurate due to rounding.

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Exhibit 4
Babcock & Wilcox Enterprises, Inc.
Reconciliation of Adjusted EBITDA (1)
(In millions)


Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Income (loss) from continuing operations
$14.3 $(7.4)$(65.4)$(23.1)
Interest expense, net4.3 10.5 8.1 21.3 
Income tax (benefit) expense
(1.1)4.0 3.1 5.9 
Depreciation & amortization2.5 2.1 5.0 4.4 
EBITDA19.9 9.2 (49.2)8.6 
Impairment of long-lived assets— — — 1.0 
Benefit plans, net(0.4)0.8 (0.9)1.6 
Loss on asset disposals, net
0.6 0.2 0.5 0.2 
Stock-based compensation1.6 0.8 14.8 1.5 
Restructuring activities2.0 — 2.5 0.1 
Loss on debt extinguishment
— — 0.1 — 
Settlements and related legal costs
— 0.5 — 0.5 
Foreign exchange— (1.6)0.1 (1.2)
Financial advisory services 0.3 3.3 0.7 5.2 
Customer warrant amortization3.1 — 4.1 — 
Change in fair value of customer warrants(5.9)— 64.4 — 
Other-net0.6 0.8 0.7 0.5 
Adjusted EBITDA$21.8 $13.9 $37.8 $17.9 

(1) Figures may not be clerically accurate due to rounding.


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Exhibit 5
Babcock & Wilcox Enterprises, Inc.
Reconciliation of Net Income (loss) (1)
(In millions)


Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net income (loss)
$14.3 $(58.5)$(62.7)$(80.5)
Stock appreciation rights (2)
(0.3)— 6.5— 
Customer warrants (3)
(4.9)— 70.9— 
Adjusted net income (loss)
$9.1 $(58.5)$14.7 $(80.5)

(1) Figures may not be clerically accurate due to rounding.
(2) Stock appreciation rights issued in 2018 for target stock price of $22.50 and $25.00 to certain employees and former employees whose value was significantly increased by the Company’s increased share value. The change in fair value of the stock appreciation rights was $(0.5) million and $5.9 million for the three and six months ended June 30, 2026, increased by the tax effect of $0.2 million and $0.6 million for the three and six months ended June 30, 2026, respectively.
(3) These customer warrants were issued to Base Electron and Applied Digital in November 2025 and February 2026. The amount includes the variance in warrant value at quarter-end compared to the original valuation at grant of the awards which is reported separately as expense in the calculation of income (loss). This also includes amortization of the cost of the warrants reported as a reduction in revenue for the period. The tax effect of these adjustments is a decrease of $2.1 million and an increase of $2.4 million for the three and six months ended June 30, 2026, respectively.

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B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.1 C O M PA N Y O V E R V I E W August 2026

 

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.2 IMPORTANT INFORMATION Forward-Looking Statements​ Babcock & Wilcox Enterprises, Inc. (“B&W Enterprises,” “B&W,” “we,” “us” or “our”) cautions that this presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this release are forward-looking statements. These forward-looking statements include, without limitation, statements regarding expected demand, our pipeline, technology, and opportunities. You should not place undue reliance on these statements. Forward-looking statements include words such as “expect,” “intend,” “plan,” “likely,” “seek,” “believe,” “project,” “forecast,” “target,” “goal,” “potential,” “estimate,” “may,” “might,” “will,” “would,” “should,” “could,” “can,” “have,” “due,” “anticipate,” “assume,” “contemplate,” “continue” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operational performance or other events. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, but not limited to: the potential for future conditions that could raise substantial doubt as to our ability to continue as a going concern, which has occurred in the past; our obligation to refinance or repay our 6.50% Notes due 2026 prior to their maturity; risks associated with contractual pricing in our industry; disputes with customers with long-term contracts; the performance of third parties' and subcontractors' on whom we rely; disruptions at our or third-party manufacturing facilities; our ability to execute our growth strategy; our evaluation of strategic alternatives; our ability to deliver our backlog on time or at all; professional liability, product liability, warranty or other claims; inadequate insurance coverage; our ability to compete successfully against current and future competitors; our development of new products; cyclical and economic impacts on demand for our products; compliance with government regulations; legislative and regulatory developments impacting our business; supply chain issues; the financial and other covenants in our debt agreements; our ability to maintain adequate bonding and letter of credit capacity; impairment to our goodwill or other indefinite-lived intangible assets; our exposure to credit risk; disruptions in, or failures of, our information technology systems, including those related to cybersecurity; failure to comply with data and privacy laws, regulations and standards, or if we fail to properly maintain the integrity of our data, protect our proprietary rights to our systems or defend against cybersecurity attacks, we may be subject to government or private actions due to breaches; failure to protect our intellectual property rights, or inability to obtain or renew licenses to use intellectual property of third parties; uncertainty over tariffs and their impacts; sanctions and export controls; international political, economic and other uncertainties; fluctuations in the value of foreign currencies could harm our profitability; volatility of the market price and trading volume of our common stock; dilution of our common shareholders' ownership or voting power; the significant influence of B. Riley over us; anti-takeover provisions in our corporate documents; changes in tax rates or tax law; our ability to use NOL and certain tax credits; failure to maintain effective internal control over financial reporting; new accounting pronouncements or changes in existing accounting standards and practices; our ability to attract and maintain key personnel; our relationship with labor unions; pension and medical expenses associated with our retirement benefit; natural disasters or other events beyond our control; and the risks and uncertainties described under the heading "Risk Factors" in Part I, Item 1A of our most recent Annual Report, as such risk factors may be amended, supplemented or superseded from time to time by other reports we file with the SEC. The forward-looking statements included herein are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events, or otherwise, except as required by law. Bookings and Backlog Bookings and backlog are our measures of remaining performance obligations under our sales contracts. It is possible that our methodology for determining bookings and backlog may not be comparable to methods used by other companies. We generally include expected revenue from contracts in our backlog when we receive written confirmation from our customers authorizing the performance of work and committing the customers to payment for work performed. Backlog may not be indicative of future operating results, and contracts in our backlog may be canceled, modified or otherwise altered by customers. Backlog can vary significantly from period to period, particularly when large new-build projects or operations and maintenance contracts are booked because they may be fulfilled over multiple years. Because we operate globally, our backlog is also affected by changes in foreign currencies each period. We do not include orders of our unconsolidated joint ventures in backlog. Bookings represent changes to the backlog. Bookings include additions from booking new business, subtractions from customer cancellations or modifications, changes in estimates of liquidated damages that affect selling price and revaluation of backlog denominated in foreign currency. We believe comparing bookings on a quarterly basis or for periods less than one year is less meaningful than for longer periods and that shorter-term changes in bookings may not necessarily indicate a material trend. Pipeline Pipeline represents our uncontracted, potential opportunities, which have been identified and are in active discussions, that could reach a decision to proceed over the next 36 months. Pipeline is an internal metric monitored by management to understand the anticipated growth of our Company and our estimated future revenue, which may increase or decrease from time to time. We cannot guarantee that our pipeline will result in actual revenue in the originally anticipated period or at all. Pipeline may not generate margins equal to our historical operating results. Our customers may experience project delays or cancel orders as a result of external market factors and economic or other factors beyond our control. If our pipeline fails to result in revenue as anticipated or in a timely manner, we could experience a reduction in revenue, profitability, and liquidity. Imagery Certain images contained within this document have been digitally-created or enhanced for illustrative or clarity purposes.

 

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.3

 

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.4 WE’RE A GLOBAL ENERGY LEADER, POWERING THE WORLD SINCE 1867 Providing high-quality, innovative technologies for nearly 160 years  We are a globally recognized technology leader and innovator providing advanced energy and environmental products and services.  From our very first patent for a more efficient boiler to a portfolio of more than 5,000+ active patents today, we continue to drive innovation and progress. Advancing solutions for the future energy landscape​  Our hydrogen production, carbon capture, renewable energy and environmental technologies support the reduction of greenhouse gases, including CO2 and methane, in an environmentally friendly way. Meeting critical, growing and immediate power needs for customers and the world​  We provide efficient, reliable, readily available power solutions for AI factories and data centers, utilities and industrial customers including coal- fired generation, natural gas-fired power plants, and plant conversions to meet rising energy demands.  We deliver systems, parts and field services to keep plants operating efficiently and effectively.

 

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.5 WE'RE LEVERAGING A VAST INSTALLED BASE AND PROVEN TECHNOLOGIES – OVER 400 GW OF B&W POWER GENERATION B&W’S GLOBAL CAPACITY AT UTILITY AND INDUSTRIAL PLANTS CREATES LARGE GROWTH OPPORTUNITIES FOR PARTS, SERVICES AND RETROFITS More than 300 operating utility and industrial boiler units in the U.S. and nearly 200 additional operating utility and industrial boiler units across 40 countries around the world. More than 5,000 industrial water-tube package boilers and other waste heat recovery products installed in a variety of facilities worldwide. Average of more than 500,000 U.S. Boilermakers’ construction manhours per year over last five years. One of the top five Boilermaker employers in the U.S. utility industry. Large worldwide installed base of wet and dry scrubbers for SOX reduction, particulate control equipment, NOX reduction technologies, and mercury control systems to meet environmental regulations. Flue gas pre-treatment technologies for use with CO2 capture. More than 300 renewable energy units at facilities globally (consuming over 61 million tonnes of waste per year) and a leader in plant availability. Serving utility, waste management, municipality and investment firm customers.

 

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.6 WE’RE DELIVERING CRITICAL COAL POWER GENERATION  B&W has been at the foundation of the world's energy and industrial progress since 1867  We provide modern, economical, high-efficiency, low-emissions coal generation solutions to meet growing energy needs B&W is a leading provider of parts, field services and construction for the North American coal-fired boiler fleet, estimated at nearly 200 GW across more than 450 operating units  We are America's only full-scope coal-fired power supplier with fully integrated technology, engineering, procurement, manufacturing and construction capabilities including: • Boilers to burn coal and other fuels – from small package boilers to high-capacity boilers – for utilities, AI factories and data centers, independent power producers, and industries • Modernization, boiler-life extension and performance upgrades • Aftermarket and OEM parts, maintenance, services and construction • Advanced burners, controls and auxiliary equipment • Fuel-switching and fuel-flexibility projects to convert existing plants to run on natural gas, biomass or co-fire multiple fuels • Industry-leading air quality and emissions controls Global Energy Monitor, Global Coal Plant Tracker, July 2025 release; https://globalenergymonitor.org/projects/global-coal-plant-tracker EIA Inventory of Operating Generators December 2025; https://www.eia.gov/electricity/data/eia860m/archive/xls/december_generator2025.xlsx

 

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.7 Robust global pipeline* of over $14B in opportunities due to strong demand for baseload generation as well as behind-the- meter projects to support the increasing power needs of AI data centers WE’RE CAPITALIZING ON SIGNIFICANT OPPORTUNITIES FOR PROFITABLE GROWTH Coal-to-gas conversion projects of various sizes, along with higher- margin aftermarket parts and services to support our large global installed base and competitors' units, and opportunities to expand our geographical presence to support these markets Increasing global demand to keep plants operating at peak efficiency with replacement parts, upgrades and field services, as well as fuel system enhancements and upgrades Delivering proven, reliable, readily available power generation technologies, construction and parts and maintenance services, to meet the growing demand of artificial intelligence data centers * Refer to Information on page 2 regarding pipeline.

 

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.8  Electric Demand Forecast Soaring • Total data center demand expected to be 176 GW by 2035; up from 33 GW in 2024*  Primary U.S. Data Center Buyers • IPPs and developers • Artificial Intelligence infrastructure consortiums • Hyperscaler cloud providers • Private equity and investment firms  Key B&W Developments for this Growing Market • Currently executing project to provide 1.2 GW of power for AI Factory in North Dakota • Strategic Partnership with Denham Capital to convert existing coal plants to power data centers in U.S. and Europe • Working with leading steam turbine manufacturers to meet demand  Smart, FastPower℠ B&W Solutions for AI Factories and Data Centers • Off-the-shelf 50 and 300 MW natural gas-fired boiler and steam turbine designs • Provides fast, efficient, readily available, redundant power • Modular, field-erected and scalable with accelerated startup • On-site or co-located power supply to eliminate grid issues AI FACTORIES AND DATA CENTERS: RISING POWER DEMAND AND OPPORTUNITIES Global capital investment for data center infrastructure projected to be at least $3 trillion over the next five years** * https://www.deloitte.com/us/en/insights/industry/power-and-utilities/data-center-infrastructure-artificial-intelligence.html ** https://www.datacenterknowledge.com/energy-power-supply/moody-s-3-trillion-data-center-investment-by-2030-amid-power-challenges

 

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.9 CARBON CAPTURE-READY STEAM POWER SOLUTIONS FOR AI FACTORIES AND DATA CENTERS  FastPower℠ delivery enabled by utilizing existing designs  Integrated steam-cycle power platform using natural gas-fired boilers and steam turbine generator systems to deliver high-capacity, continuous power  Maintenance is significantly simpler than on gas turbine plants  Designed for 24/7 baseload generation to support always-on AI workloads  Carbon-capture-ready architecture enables future emissions reduction integration

 

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.10 B&W AND BASE ELECTRON  $2.4B, 1.2 GW power project for Base Electron  Project will be located near Center, North Dakota and Conditional Use Permit submitted in August 2026  B&W to provide four 300 MW natural-gas boilers to meet growing power demand  Siemens Energy supplying steam turbine generator sets  Proven B&W boilers + Siemens Energy turbines enable years-faster deployment over traditional combined- or simple-cycle gas turbine projects  Future expansion potential for another 1.2 GW B&W brings efficient and effective technologies, decades of experience and a strong record of successful execution

 

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.11 Record Electricity Consumption  2026 again expected to set record  U.S. reserve margins reaching dangerous lows  Weather-dependent power generation struggles to meet demand GROWING U.S. ELECTRICITY DEMAND Sources: EIA, Wood Mackenzie, Thomson Reuters, U.S. EIA Monthly Energy Report and Peabody Analysis Long-Term Demand and Pressures  Power demand to climb 25% by 2030 from 2023 levels  Growth fueled by: • AI and data centers • Electric vehicles • Manufacturing reshoring • Residential electrification  “Coal is going to be around for longer than people thought.” ̶ Outgoing FERC Chair to the Washington Post Coal Supply and Demand  U.S. EIA projects coal consumption increased 10% in 2025  Coal generation up 13% in 2025  U.S. coal plants, running at higher capacity, represent best source of incremental power over next several years

 

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.12 BABCOCK & WILCOX PROFILE  Employees: ~1,650  LTM Revenue June 30, 2026: ~$834.3M  Headquarters: Akron, Ohio USA  Founded: 1867  Ownership: Public (NYSE: BW) Disclaimer: B&W Enterprises cautions not to place undue reliance on any forward-looking statements, which speak only as of the date of this presentation and may be impacted by the risks described in our SEC reports. We undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law. 74% 30% Utility Industrial 14% 1% 8% 46% 31% Other Biomass/EFW Pulp & Paper Natural Gas Coal FUEL/MARKET B & W C O N S O L I D A T E D 29% 42% 29% Construction Projects Parts PRODUCTS & SERVICES INDUSTRIAL VS UTILITY Notes: All charts based on LTM June 30, 2026 revenues, unless otherwise noted. 1. Backlog does not include shorter lead-time parts and services. 2. Refer to our Important Information on page 2 regarding bookings and backlog. NORTH AMERICA REST OF THE WORLD 91.4% REVENUE 8.6% REVENUE

 

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.13 GLOBAL MARKET POTENTIAL & PIPELINE – 3 YEAR 1 Addressable market figure does not include parts, service, certain products or countries (China, India, N. Korea & Russia). Figure includes anticipated AI data center deployments within the U.S. based on estimates from Bloomberg NEF report issued July 2026. Figures use 2030-2035 deployments expected to be contracted within 2026-2028. These are projections, actual deployments, costs and time period may vary. 2 Pipeline figure does not include parts, software, field engineering or construction services, refer to page 2 for more pipeline information. Disclaimer: B&W Enterprises cautions not to place undue reliance on any forward-looking statements, which speak only as of the date of this presentation and may be impacted by the risks described in our SEC reports. We undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law. B&W strongly positioned to leverage key global energy trends 2026-2028 ADDRESSABLE MARKETS: GLOBAL UTILITY, INDUSTRIAL MARKETS U.S. AI DATA CENTERS MARKET $190B 1 2026-2028 TOTAL B&W PIPELINE Over $14B2

 

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.14 LEADERSHIP TEAM Executive Vice President and Chief Financial Officer Cameron Frymyer Chief Technology Officer Brandy Johnson Chairman and Chief Executive Officer Kenneth Young Executive Vice President and Chief Commercial Officer Jimmy Morgan Senior Vice President, Corporate Operations Gillianne Hetrick Vice President, Corporate Development Sarah Serafin Senior Vice President, Parts & Field Service Matt Taylor Senior Vice President, Global Projects Justin Chenevey Senior Vice President, General Counsel and Corporate Secretary Gregory Golub

 

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.15 CORPORATE GOVERNANCE B O A R D O F D I R E C T O R S Chairman and Chief Executive Officer Kenneth Young Joseph TatoRebecca Stahl Alan Howe Philip Moeller Naomi BonessHomaira Akbari

 

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.16 FINANCIAL INFORMATION

 

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.17 CONSOLIDATED FINANCIAL SUMMARY – CONTINUING OPERATIONS ($ in millions) Three Months Ended June 30, 2026 Trailing Twelve Months Ending June 30, 2026 Revenue $ 319.7 $ 834.3 Net Income (Loss) from Continuing Operations (Includes $(5.2) million and $77.4 million non-cash stock costs for the three and TTM ended June 30, 2026, respectively) $ 14.3 $ (75.1) Adjusted Net Income from Continuing Operations* $ 9.1 $ 2.3 Adjusted EBITDA $ 21.8 $ 63.8 Note: Figures may not be clerically accurate due to rounding. *Excludes $(5.2) million and $77.4 million non-cash warrant and stock appreciation rights for the three and TTM ended June 30, 2026, respectively.

 

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.18 CAPITAL STRUCTURE – PRO FORMA ($ in millions) June 30, 2026 CAPITALIZATION: Total Debt1 $ 239.8 Senior Notes $ 191.3 Revolving Credit Line $ 0.0 Letter of Credit Collateral2 $ 48.5 Cash, cash equivalents and restricted cash $ 382.8 Note: Figures may not be clerically accurate due to rounding. 1) Excludes sale-leaseback related transactions, forgivable and other loans of $19.0 million. Also excludes unamortized deferred financing fees and premium of $18.0 million. Without these adjustments current and non-current debt would total $276.8 million as reported in the 10-Q. 2) Letter of Credit Collateral under the Axos Credit Facility is on B&W’s balance sheet in Restricted & Long-Term Restricted Cash offset by debt. Cash in Excess of Debt of ~$143 Million

 

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.19 KEY TECHNOLOGIES AND CAPABILITIES

 

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.20 POWERING AI FACTORIES AND DATA CENTERS PHASE 1 — INITIAL STEAM POWER Gas-Fired Boiler + Steam Turbine (Rankine Cycle) ▸ Deploy proven boiler + steam turbine system ▸ No dependence on gas turbine delivery ▸ Generate firm MW while gas turbine is still in manufacturing ▸ Air-cooled condenser option for water-constrained sites PHASE 2 — ENHANCED COMBINED CYCLE Add: Gas Turbine (boiler becomes HRSG) ▸ Integrate gas turbine later when available ▸ Boiler operates as a fired heat recovery steam generator ▸ Total output ~100 MW from 50+50 configuration ▸ Independent turbines provide power during outages Air-Cooled Condenser Steam Turbine Gas-Fired Boiler Air-Cooled Condenser Steam Turbine Gas-Fired Boiler / HRSG Gas Turbine

 

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.21 TRADITIONAL COMBINED CYCLE 50MW Combustion Turbine + HRSG = ~75MW ENHANCED COMBINED CYCLE TRADITIONAL VS. ENHANCED COMBINED CYCLE Air-Cooled Condenser Steam Turbine Heat Recovery Steam Generator Gas Turbine 50MW Gas Turbine + 50MW Boiler = ~100MW Air-Cooled Condenser Gas Fired Boiler / HRSG Gas Turbine (System dependent on gas turbine to function) (Turbines can function independently for redundancy) Steam Turbine

 

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.22 PARTS AND SERVICES IN A POWER PLANT FROM CHUTE TO STACK

 

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.23 KEY TECHNOLOGIES: STEAM GENERATION Utility Boilers High pressure, high efficiency, high capacity, low emissions Fuel: Coal, oil, natural gas, multi-fuel Natural Gas-Fired and Other Industrial Water-Tube and Fire-Tube Boilers Bottom- or top-supported, shop- or field-assembled Fuel: Natural gas, oil, CO, waste heat and gases Heat Recovery Steam Generator Components Pressure parts, casing, ducting, drums, housing and frames Fuel: Waste heat and gases Renewable Energy Boilers Reduces dependency on landfills and reduces methane gas emissions Fuel: Municipal solid waste, refuse derived fuel Biomass-Fired Boilers Carbon-neutral technology Fuel: Wood, wood waste, straw, sludge Process Recovery Boilers Single-drum, industry-standard unit for improved mill operation Fuel: Black liquor

 

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.24 KEY TECHNOLOGIES: IGNITORS, FLAME SCANNERS AND CONTROLS  Natural gas conversions from oil- or coal-firing  Alternative energy fuels such as hydrogen, biodiesel, methanol and biogas  Burner management and controls for complete turnkey system capability  Flame scanning capability can be effectively implemented on any industrial application  Technologies can be utilized for new construction or retrofit projects  Safety standards conforming to National Fire Protection Association (NFPA) classes PROVEN TECHNOLOGIES WITH INSTALLATIONS IN MORE THAN 70 COUNTRIES, INCLUDING MORE THAN 11,000 IGNITORS Designed for safety, reliability and fuel flexibility

 

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.25 KEY TECHNOLOGIES: EMISSIONS CONTROL Pre-Treatment for Post- Combustion Carbon Capture  Wet and Dry Scrubbers, Sorbent Injection, Electrostatic Precipitators, Fabric Filters, Selective Catalytic Reduction Systems  Complements SolveBright Process, Other Post- Combustion Technologies Particulate Control  Pulse Jet Fabric Filters / Baghouses  Wet and Dry Electrostatic Precipitators  Wet Particulate Scrubbers  Multiclone® Dust Collectors NOX Control  Selective Catalytic and Non-Catalytic Reduction  Low NOX Burners and Combustion Systems SO2 / Acid Gas Control  Wet or Seawater Flue Gas Desulfurization Systems  Semi-Dry Flue Gas Desulfurization Systems (Spray Dry Absorbers, Circulating Dry Scrubbers)  Wet Electrostatic Precipitators and Dry Sorbent Injection SO3 / Acid Mist Control  Wet Electrostatic Precipitators  Dry Sorbent Injection Mercury  Powdered Activated Carbon Injection  Absorption Plus , MercPlus , Mitagent Additives Wastewater Elimination  Wastewater Evaporation System via Spray Drying

 

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.26 KEY CAPABILITIES: AFTERMARKET SERVICES Adding value through constructability: Safe execution of new installation, retrofits, system maintenance/repair, plant modifications CONSTRUCTION OPTIMIZATION SYSTEMS Enhancing efficiency with proven technology: Diagnostic, monitoring, tuning and control systems for combustion and cleaning equipment UPGRADES & RETROFITS Maintaining/improving plant operation: Projects for extending the life of power, process and environmental equipment ENGINEERING SERVICES Evaluating options for improved performance: Expert people, tools and processes to measure, model, design, deliver, train and project manage REPLACEMENT PARTS Supplying components for system reliability: High-quality standard or custom-engineered pressure and non-pressure parts

 

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.27 B&W’S EMERGING TECHNOLOGIES

 

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.28 BRIGHTLOOP FOR INDUSTRIAL ENERGY PRODUCTION

 

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.29 PREPARING FOR THE FUTURE H Y D R O G E N G A M E C H A N G I N G T E C H N O L O G Y F O R T H E F U T U R E – T O D A Y S T E A M S Y N G A S Scalable alternative for baseload steam generation Utilize readily available fuels for energy security Future-proof: Capture CO2 now or in the future Hydrogen from multiple feedstocks Competitive hydrogen cost Scalable for a range of applications High rate of carbon captured High-quality, low-carbon syngas from biomass which is scalable to match downstream technologies

 

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.30 BRIGHTLOOP PROJECT – MASSILLON, OHIO Natural Gas to Hydrogen OUTPUT H2 from Natural Gas 1-7 tonnes/day H2 production use Industrial, Transportation PROJECT DEVELOPMENT PLAN – Approximate Timeline Off-take agreement finalized 2Q 2024 Permits issued 2Q 2025 Component Fabrication Underway Target first H2 production 4Q 2027 COLUMBUS MASSILLON CLEVELAND

 

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.31 PRIMARY LOOP VESSEL FABRICATION BRIGHTLOOP PROJECT – MASSILLON, OHIO AIR REACTOR AIR REACTOR PARTICLE COLLECTOR AIR REACTOR L-Valve PARTICLE COLLECTOR AND DISENGAGEMENT

 

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.32 KEY TECHNOLOGIES: FLUE GAS TREATMENT FOR CARBON CAPTURE THE WORLDWIDE LEADER IN FLUE GAS PRE-TREATMENT TECHNOLOGIES FOR POST-COMBUSTION CARBON CAPTURE  To optimize carbon capture on solvent-based scrubbing technologies, reductions in various emissions found in the incoming flue gas are required  Our solutions include technologies for acid gases, particulate and acid mist, NOx and mercury 300+ Wet Scrubber Installations 90+ Dry Scrubber Installations 260+ Wet ESP Installations 490+ Dry ESP Installations 1,000+ Fabric Filters Installations 35+ Sorbent Injection Installations 100+ SCR Installations

 

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.33 CARBON CAPTURE TECHNOLOGIES B & W I S AT T H E F O R E F R O N T O F D E V E LO P I N G A N D D E P LOY I N G E F F I C I E N T A N D E F F E C T I V E T E C H N O LO G I E S TO C A P T U R E C O 2 OxyBright OXYGEN-FUEL COMBUSTION SolveBright POST-COMBUSTION CARBON CAPTURE Solvent-based, post-combustion technology Offers solvent flexibility to accommodate customer preference Can be retrofitted onto existing boilers or engineered and supplied for new boiler installations Offers application with both gaseous and solid fuels THE B&W ADVANTAGE Expertise gained from decades of leadership in combustion technologies and emissions control provides total solutions support Experience across wide range of industries 93 active patents related to carbon capture technology

 

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.34 BIOENERGY WITH CARBON CAPTURE AND SEQUESTRATION BECCS B&W’s biomass boilers paired with either OxyBright or SolveBright technologies produce carbon-negative energy with a -2,500gCO2e/kWh carbon intensity Using B&W technologies, carbon intensity (-2,500 gCO2e/kWh) is nearly seven times more negative than the U.S. grid is positive (+373 gCO2e/kWh)

 

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.35 APPENDIX

 

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.36 Exhibit 4 – Babcock & Wilcox Enterprises, Inc. Reconciliation of Adjusted EBITDA(1) ($ in millions) Three Months Ended June 30, 2026 Trailing Twelve Months Ending June 30, 2026 Income (loss) from continuing operations $ 14.3 $ (75.1) Interest expense, net $ 4.3 $ 22.9 Income tax (benefit) expense $ (1.1) $ 5.4 Depreciation & amortization $ 2.5 $ 10.3 EBITDA $ 19.9 $ (36.6) Benefit plans, net $ (0.4) $ 7.4 Loss on asset disposals, net $ 0.6 $ 1.5 Stock-based compensation $ 1.6 $ 15.8 Restructuring activities $ 2.0 $ 3.1 Settlements and related legal costs $ 0.0 $ (0.4) Loss on debt extinguishment $ 0.0 $ (1.8) Foreign exchange $ 0.0 $ 1.2 Financial advisory services $ 0.3 $ 3.5 Customer warrants $ 3.1 $ 4.2 Change in fair value of customer warrants $ (5.9) $ 64.3 Other-net $ 0.6 $ 1.5 Adjusted EBITDA $ 21.8 $ 63.8 (1) Figures may not be clerically accurate due to rounding.

 

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.37 Exhibit 6 – Babcock & Wilcox Enterprises, Inc. Reconciliation of Net Loss(1) ($ in millions) Three Months Ended June 30, 2026 Trailing Twelve Months Ending June 30, 2026 Net income (loss) from continuing operations $ 14.3 $ (75.1) Stock appreciation rights(2) $ (0.3) $ 6.5 Customer warrants(3) $ (4.9) $ 70.9 Adjusted net income (loss) from continuing operations $ 9.1 $ 2.3 (1) Figures may not be clerically accurate due to rounding. (2) Stock appreciation rights issued in 2018 for target stock price of $22.50 and $25.00 to certain employees and former employees whose value was significantly increased by the Company’s increased share value. The change in fair value of the stock appreciation rights was $(0.5) million and $5.9 million for the three and TTM ended June 30, 2026, increased by the tax effect of $0.2 million and $0.6 million for the three and TTM months ended June 30, 2026, respectively. (3) These customer warrants were issued to Base Electron and Applied Digital in November 2025 and February 2026. The amount includes the variance in warrant value at quarter-end and for the TTM ending June 30, 2026 compared to the original valuation at grant of the awards which is reported separately as expense in the calculation of income (loss) from continuing operations. This also includes amortization of the cost of the warrants reported as a reduction in revenue for the period. The tax effect of these adjustments is a decrease of $2.1 million and an increase of $2.4 million for the three and TTM ending June 30, 2026, respectively.

 

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . © 2026 Babcock & Wilcox Enterprises, Inc. All rights reserved.38

 

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