Babcock & Wilcox Enterprises (BW) Company presentation summary

Business profile and installed base

• Founded in 1867; TTM revenue of $985.9M through Sept. 30, 2026, with 1,650 employees and headquarters in Akron, Ohio.

• More than 400 GW of power generation supported; installed base includes 300+ U.S. boiler units, nearly 200 more across 40 countries, and 300+ waste-to-energy units processing over 61M tonnes annually.

• More than 5,000 industrial water-tube package boilers and 500,000+ average annual U.S. Boilermakers’ construction manhours over the last five years.

• TTM revenue mix: 76% utility and 24% industrial; 93.3% North America and 6.7% rest of world.

• Products and services span utility, waste-to-energy, industrial and biomass boilers, emissions controls, replacement parts, upgrades, engineering and construction.

Market demand and growth opportunities

• U.S. electricity demand projected to rise 25% by 2030 vs. 2023; 2026 is expected to set another consumption record, with reserve margins reaching dangerously low levels.

• U.S. EIA projections cited show coal consumption up 10% and coal generation up 13% in 2025; coal plants running at higher capacity are positioned to provide incremental power over the next several years.

• Three-year global utility, industrial and U.S. AI data-center addressable markets total $190B; the uncontracted pipeline exceeds $16B and represents opportunities that could reach a proceed decision within 36 months.

• Growth targets include coal and natural-gas projects, higher-margin aftermarket parts and services, plant upgrades, and power solutions for AI factories and data centers.

• Pipeline conversion, timing and margins remain uncertain; customer delays or cancellations could reduce revenue, profitability and liquidity.

Financial performance and capital structure

• Three months ended Sept. 30, 2026: revenue $291M, net income $94M, adjusted net income $5M and adjusted EBITDA $18M.

• TTM ended Sept. 30, 2026: revenue $986M, net income $40M, adjusted net income $28M and adjusted EBITDA $72M.

• Adjusted net income excludes non-cash warrant and stock-appreciation-rights amounts of $89M for the quarter and $13M for the TTM period.

• Sept. 30, 2026 pro forma capitalization: total debt $166M, senior notes $130M, revolving credit line $0, letter-of-credit collateral $37M and cash, cash equivalents and restricted cash $129M.