Babcock & Wilcox (NYSE: BW) touts $587.7M revenue, $12B pipeline and $2.4B AI power project

Q: What revenue and profitability did Babcock & Wilcox (BW) highlight for 2025?

Babcock & Wilcox reported trailing twelve-month revenue of $587.7 million and fourth-quarter 2025 revenue of $161.0 million . Operating income was $12.2 million for the quarter and $20.7 million for the full period, showing positive but modest operating profitability.

Q: How large is Babcock & Wilcox’s (BW) project pipeline and key AI-related contract?

The company cites a global pipeline of over $12 billion in potential opportunities. It also highlights a $2.4 billion , 1.2 GW natural-gas power project for Base Electron, backed by Applied Digital, with potential future expansion for another 1.2 GW of capacity.

Q: What does the Babcock & Wilcox (BW) investor presentation say about its capital structure?

As of December 31, 2025, B&W shows pro forma total debt of $281.1 million and cash, cash equivalents and restricted cash of $201.4 million , resulting in net debt of $79.7 million . The figures exclude certain leases, forgivable loans, and unamortized financing adjustments.

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Babcock & Wilcox Enterprises shared an investor presentation outlining its business profile, recent results and growth opportunities. For the twelve months ended December 31, 2025, revenue was $587.7 million, with fourth-quarter revenue of $161.0 million and operating income of $12.2 million, indicating positive operating profitability. The company reported pro forma total debt of $281.1 million, cash and restricted cash of $201.4 million and net debt of $79.7 million, highlighting a relatively modest net leverage position.

The presentation emphasizes B&W’s role as a global energy and environmental technology provider, including coal, natural gas, renewable and emissions-control solutions, and its focus on fast-track power for AI factories and data centers. Management cites a global pipeline of over $12 billion in potential opportunities and details a $2.4 billion, 1.2 GW natural-gas power project for Base Electron backed by Applied Digital, with potential future expansion. It also notes forward-looking risks, including the need to refinance or repay 6.50% notes due 2026 and the possibility that future conditions could again raise substantial doubt about the company’s ability to continue as a going concern, alongside other operational and market uncertainties.

Positive

Scaled AI and data-center project: The company reports full approval to proceed on a $2.4 billion, 1.2 GW natural-gas power project for Base Electron backed by Applied Digital, plus potential future expansion of another 1.2 GW, which is large relative to its $587.7 million trailing revenue base.
Strong stated opportunity pipeline: Management cites a global pipeline of over $12 billion in potential projects across utility, industrial, and AI/data-center markets, which, if converted to backlog, could materially increase activity versus recent annual revenue.

Negative

Refinancing and going-concern risk: The company highlights its obligation to refinance or repay 6.50% notes due 2026 and notes that future conditions could again raise substantial doubt about its ability to continue as a going concern, signaling meaningful capital-structure and liquidity risk.

Insights

Large growth pipeline and AI projects contrast with notable refinancing and going-concern risks.

The presentation shows Babcock & Wilcox generating trailing twelve-month revenue of $587.7 million and operating income of $20.7 million, suggesting a business that is modestly profitable at the operating level. Pro forma net debt of $79.7 million versus total debt of $281.1 million reflects substantial on-balance-sheet cash, which provides some financial flexibility.

Strategically, management highlights a global pipeline of more than $12 billion and a $2.4 billion, 1.2 GW project for Base Electron to power AI factory campuses, plus exposure to growing data-center and decarbonization demand. These figures, if converted to backlog and executed well, could significantly scale revenue relative to the current 2025 base.

However, the risk section is cautionary. The company notes an obligation to refinance or repay its 6.50% notes due 2026 and references the potential for future conditions that could again raise substantial doubt about its ability to continue as a going concern, along with typical project, competition, regulatory and cybersecurity risks. Future filings and disclosures will clarify how much of the indicated pipeline translates into contracted backlog and how the upcoming debt maturity is addressed.

03/16/2026 - 04:04 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15 (d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 16, 2026


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


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


1200 East Market Street
Suite 650
Akron,	Ohio	44305
(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 Class	Trading Symbol	Name of Each Exchange on which Registered
Common stock, $0.01 par value per share	BW	New York Stock Exchange
6.50% Senior Notes due 2026	BWNB	New York Stock Exchange
7.75% Series A Cumulative Perpetual Preferred Stock	BW PRA	New York Stock Exchange

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

Emerging growth company ☐

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

Item 7.01 Regulation FD Disclosure

On March 16, 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 99.1, and the information contained in Exhibit 99.1 is incorporated herein by reference.

The information furnished pursuant to this Item 7.01, including Exhibit 99.1, shall not be deemed 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 9.01 Financial Statements and Exhibits

(d) Exhibits


Exhibit No.						Description
99.1						Investor Presentation
104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

Signatures

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


	BABCOCK & WILCOX ENTERPRISES, INC.


March 16, 2026	By:	/s/ Cameron Frymyer
		Cameron Frymyer
		Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer and Duly Authorized Representative)

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.

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 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 first patent for a more efficient boiler to more than 17,000 patents since, we continue to drive innovation and change WE’RE A GLOBAL ENERGY LEADER, POWERING THE WORLD SINCE 1867 Advancing solutions for the future energy landscape  Our hydrogen production, carbon capture, renewable energy and environmental technologies support the reduction of greenhouse gases, including CO2 and methane, in an environmentally friendly way Meeting critical, growing and immediate power needs for customers and the world  Providing efficient, reliable, readily available power solutions for AI factories and data centers, utilities and industrial customers including coal-fired generation, natural gas- fired power plants, and plant conversions to meet rising energy demands  Delivering systems, parts and field services to keep plants operating efficiently and effectively

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 America’s only full-scope coal-fired power supplier with fully integrated technology, engineering, manufacturing and construction capabilities  Our capabilities include: • 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 • Full engineering, procurement and construction capabilities • 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

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 $12B in opportunities, which was up approximately 20% in 2025 even after converting B&W’s $2.4B data factory project with Base Electron / Applied Digital from pipeline to backlog 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 • Received notice to proceed on $2.4 billion project to deliver 1.2 GW of power for Base Electron AI Factory • 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, Fast-Track B&W Solutions for AI Factories and Data Centers • Off-the-shelf 50, 100 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 Natural gas fired boilers and steam turbine solutions to align with customers’ requirements Key Priority – Speed to Market:  200 MW of Modular Power • 4 x 50 MW units plus 1 x 50 MW spare cap • Operation as fast as 24 months  900 MW of High Efficiency Boilers • 3 x 300 MW units • Operation in 36-40 months Key Priority – High Efficiency:  1.2 GW of Larger Boilers • 4 x 300 MW units • Operation in 36-40 months Key Priority – Higher Efficiency:  1.2 GW of High Efficiency Boilers • 2 x 600 MW supercritical units • Operation in 40-46 months PROVIDING RELIABLE, EFFICIENT AND FAST POWER SOLUTIONS FOR AI FACTORIES AND DATA CENTERS

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 TO POWER AI FACTORY CAMPUSES  Full approval to proceed on $2.4B, 1.2 GW power project for Base Electron, backed by Applied Digital  B&W to engineer, procure and construct facility to include four 300 MW natural-gas boilers to power AI factory campuses  Siemens Energy supplying steam turbine generator sets  Project supports fast-growing AI power demand  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 + 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 December 2025: ~$587.7M  Headquarters: Akron, Ohio USA  Founded: 1867  Ownership: Public (NYSE: BW) N . A M ER IC A F U E L T Y P E P R O D U C T S & S E R V I C E S I N D U S T R I A L V S U T I L I T Y 32% 29% 39% Const A/M Prj Parts 68% 32% Utility Ind A SI A EU R O PE M E/ A O TH ER 17% 9% 36% 38% Other P&P* NG Coal 13% 87% A/M Prj Parts 80% 20% Utility Ind 14% 86% Other Coal 94% 6% A/M Prj Parts 65% 35% Utility Ind 4% 89% 7% Other Bio/EFW NG 99% 1% Utility Ind 4% 96% Other Coal 33% 67% Utility Ind 1% 2% 6% 65% 26% Other Bio/EFW P&P* NG Coal Disclaimer: B&W Enterprises cautions not to place undue reliance on any forward-looking statements, which speak only as of the date of this presentation and may be impacted by the risks described in our SEC reports. We undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law. 54% 46% A/M Prj Parts 73% 27% A/M Prj Parts68% 32% Utility Industrial 15% 3% 8% 33% 41% Other Biomass/EFW Pulp & Paper Natural Gas Coal FUEL/MARKET B & W C O N S O L I D A T E D 27% 32% 41% Construction A/M Projects Parts PRODUCTS & SERVICES INDUSTRIAL VS UTILITY Notes: All charts based on LTM December 31, 2025 revenues, unless otherwise noted. 1. Backlog does not include shorter lead-time parts and services. 2. Refer to our Important Information on page 2 regarding bookings and backlog. * P&P represents Pulp & Paper industry processes with a variety of fuels (bark, black liquor, wood waste and others)

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 AI Data Centers, parts, service, certain products or countries (China, India, N. Korea & Russia) 2 Estimated based on: EPRI Powering Intelligence 2026 Report, issued February 2026. Figures use 2030-2035 deployments expected to be contracted within 2026-2028 time period at an estimated cost of $2,000/kW, actual costs and time period may vary. 3 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 U.S. ADDRESSABLE AI/DATA CENTERS MARKET $100B2 2026-2028 GLOBAL UTILITY AND INDUSTRIAL ADDRESSABLE MARKET $25B1 2026-2028 TOTAL B&W GLOBAL PIPELINE Over $12B3

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 Executive Vice President, General Counsel and Corporate Secretary John Dziewisz 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

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 Boness Homaira 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.17 CONSOLIDATED FINANCIAL SUMMARY - CONTINUING OPERATIONS ($ in millions) Three Months Ended December 31, 2025 Trailing Twelve Months Ending December 31, 2025 Revenue $ 161.0 $ 587.7 Gross margin $ 41.3 $ 143.9 Selling, general and administrative expenses $ 28.7 $ 119.5 Operating income $ 12.2 $ 20.7 Note: 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.18 CAPITAL STRUCTURE – PRO FORMA ($ in millions) December 31, 2025 CAPITALIZATION: Total Debt1 $ 281.1 Senior Notes $ 214.3 Revolving Credit Line $ 0.0 Letter of Credit Collateral2 $ 66.8 Cash, cash equivalents and restricted cash $ 201.4 Net Debt $ 79.7 Note: Figures may not be clerically accurate due to rounding. 1) Debt excluding leases and forgivable loans of $13.4 million. Excludes unamortized deferred financing fees and unamortized gain. Without these adjustments debt would be $321.1M as per the 10K. 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. The previous PNC/MSD letter of credit facility and associated collateral was not required to be included on B&W’s balance sheet.

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 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.21 KEY TECHNOLOGIES: IGNITERS, 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 IGNITERS 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.22 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.23 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.26 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.27 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.28 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.29 BIOENERGY WITH CARBON CAPTURE AND SEQUESTRATION BECCS B&W’s biomass boilers paired with either OxyBright or SolveBright produce carbon-negative energy with a -2,500gCO2e/kWh carbon intensity Our negative carbon intensity (-2,500 gCO2e/kWh) is nearly seven times more negative than the U.S. grid is positive (+373 gCO2e/kWh)

Source: View Original Filing on SEC EDGAR

FAQ

What revenue and profitability did Babcock & Wilcox (BW) highlight for 2025?

Babcock & Wilcox reported trailing twelve-month revenue of $587.7 million and fourth-quarter 2025 revenue of $161.0 million. Operating income was $12.2 million for the quarter and $20.7 million for the full period, showing positive but modest operating profitability.

How large is Babcock & Wilcox’s (BW) project pipeline and key AI-related contract?

The company cites a global pipeline of over $12 billion in potential opportunities. It also highlights a $2.4 billion, 1.2 GW natural-gas power project for Base Electron, backed by Applied Digital, with potential future expansion for another 1.2 GW of capacity.

What does the Babcock & Wilcox (BW) investor presentation say about its capital structure?

As of December 31, 2025, B&W shows pro forma total debt of $281.1 million and cash, cash equivalents and restricted cash of $201.4 million, resulting in net debt of $79.7 million. The figures exclude certain leases, forgivable loans, and unamortized financing adjustments.

What refinancing or going-concern risks does Babcock & Wilcox (BW) describe?

The company notes an obligation to refinance or repay its 6.50% senior notes due 2026 and mentions that future conditions could again raise substantial doubt about its ability to continue as a going concern, referencing similar issues that have occurred previously.

How is Babcock & Wilcox (BW) positioning for AI factories and data centers?

B&W focuses on fast, modular natural-gas boiler and turbine solutions, offering 50–300 MW configurations and large 1.2 GW options. It emphasizes speed-to-market for AI factories and data centers, including the approved $2.4 billion Base Electron power project serving AI factory campuses.

What markets and technologies drive Babcock & Wilcox’s (BW) growth strategy?

The company targets coal, natural gas, renewable and environmental markets, including hydrogen production, carbon capture and biomass. It leverages a large installed base of boilers and emissions systems globally, aiming to grow higher-margin aftermarket parts, services, conversions and advanced decarbonization technologies.

Filing Exhibits & Attachments

5 documents

Press Releases

EX-99.1 EX-99.1 39.1 KB

Babcock & Wilcox (NYSE: BW) touts $587.7M revenue, $12B pipeline and $2.4B AI power project