Form 8-K - Current report

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 8, 2024


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
8.125% Senior Notes due 2026	BWSN	New York Stock Exchange
6.50% Senior Notes due 2026	BWNB	New York Stock Exchange
7.75% Series A Cumulative Perpetual Preferred Stock	BW PRA	New York Stock Exchange

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

Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition

On August 8, 2024, the Company issued a press release announcing our financial results for the quarter ended June 30, 2024 and posted an investor presentation on the investor relations section of its website at babcock.com. 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 8, 2024, the Company posted an investor presentation on the investor relations section of its website at 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 8 , 2024
99.2						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.


August 8, 2024	By:	/s/ Louis Salamone
		Louis Salamone
		Executive Vice President and Chief Financial Officer (Principal Accounting Officer and Duly Authorized Representative)


Exhibit 99.1


News Release

Babcock & Wilcox Enterprises Reports Second Quarter 2024 Results, Earnings Growth Driven By Strong Operating Performance

•Revenue of $233.6 million, Net Income of $25.4 million, and Operating Income of $42.2 million, which exceeded expectations

•Adjusted EBITDA of $23.3 million, $24.6 million excluding BrightLoopTM and ClimateBrightTM expenses, ahead of expectations

•Reiterate Full Year 2024 Adjusted EBITDA target range of $105.0 million to $115.0 million, excluding BrightLoop and ClimateBright expenses

•Improved balance sheet and liquidity through sale of B&W's Denmark renewable service subsidiary for net cash proceeds of $83.5 million

•Announced backlog of $472.4 million and implied backlog of $757.8 million in project opportunities

•Announced total YTD bookings of $383.1 million and implied bookings of $668.5 million, a 71% increase compared to the first half of 2023

•Achieved annualized cost savings of approximately $25.0 million to date related to strategic business realignment progressing toward stated target of over $30.0 million

Q2 2024 Continuing Operations Financial Highlights

–Revenue of $233.6 million, which was lower compared to the second quarter of 2023, as anticipated, primarily due to our strategic shift away from lower-margin new build projects and timing of a large U.S. construction project

–Operating income of $42.2 million, including the gain related to the sale of B&W's Denmark renewable service subsidiary, compared to $12.4 million in the second quarter of 2023

–Net income of $25.2 million, compared $0.6 million in the second quarter of 2023

–Earnings per share of $0.24, compared to a loss per share of $0.04 in the second quarter of 2023

(AKRON, Ohio – August 8, 2024) – Babcock & Wilcox Enterprises, Inc. ("B&W" or the "Company") (NYSE: BW) announced results for the second quarter of 2024.

"Our results in the second quarter reflect the increased demand for our diverse portfolio of technologies that support the generation of efficient and sustainable energy no matter the fuel source, and we believe that we are well positioned to capitalize on the continued growth in natural gas conversions, environmental solutions, carbon capture and new clean energy opportunities with utility and industrial customers. We also are excited about the advancement of our new technologies, including continuing to invest in several BrightLoop™ projects for the net negative production of hydrogen utilizing solid fuels, and we anticipate new bookings this year in both hydrogen generation and carbon capture projects as we further support the world’s energy transition," commented Kenneth Young, B&W’s Chairman and Chief Executive Officer.

“We have improved margins with lower revenues in our core business, through a more selective market approach of targeting higher-value projects and opportunities. We also generated strong operating results during the second quarter, highlighted by Adjusted EBITDA that exceeded our expectations and we

believe positions us well to achieve our full-year Adjusted EBITDA targets,” Young continued. “During the quarter, we completed the sale of a Denmark-based subsidiary, which improved our balance sheet and demonstrated our ability to execute against our stated strategy to sell certain non-strategic businesses. We also remain in negotiations related to the sale of other non-strategic assets, subject to due diligence and continuing negotiations. Looking ahead, we remain focused on strengthening our balance sheet, improving liquidity and strategically investing in future growth.”

“Based on the combination of robust customer activity and stronger than expected Adjusted EBITDA for the second quarter, we are reiterating our full-year Adjusted EBITDA guidance to a range of $105 million to $115 million, excluding BrightLoopTM and ClimateBrightTM expenses,” Young said.

“As we look to the second half of 2024, we expect operating momentum driven by our Thermal and Environmental segments to continue, especially in the fourth quarter which historically is a seasonally strong period for B&W’s businesses, with increased services and project schedules from our customers," Young said. "Our global pipeline of over $9 billion in identified project opportunities remains healthy across all business segments, and we anticipate prospects for new bookings and stronger financial performance throughout the second half of 2024. We remain intently focused on our balance sheet and expect additional sales of non-strategic businesses to drive further improvements in our cash, liquidity and leverage ratio positions.”

Q2 2024 Continuing Operations Financial Summary

Revenues in the second quarter of 2024 were $233.6 million a decline compared to the second quarter of 2023, primarily attributable to the timing of one U.S. construction project completed in 2023 and to our strategic approach of reducing reliance on lower-margin projects. Income in the second quarter of 2024 was $25.2 million, compared to $0.6 million in the second quarter of 2023. Earnings per common share in the second quarter of 2024 were $0.24 compared to a loss per common share of $0.04 in the second quarter of 2023. Operating income in the second quarter of 2024 was $42.2 million, including the gain related to the sale of B&W's Denmark renewable service subsidiary, compared to operating income of $12.4 million in the second quarter of 2023. Adjusted EBITDA was $23.3 million, a decrease compared to $26.1 million in the second quarter of 2023, primarily due to the completion of a large U.S. construction project in 2023. Implied bookings in the second quarter of 2024 were $193.0 million. Ending implied backlog was $757.8 million, an increase of 51% compared to implied backlog at the end of the second quarter of 2023. All amounts referred to in this release are on a continuing operations basis, unless otherwise noted. Reconciliations of net income, the most directly comparable GAAP measure, to Adjusted EBITDA for the Company's segments, are provided in the exhibits to this release.

Babcock & Wilcox Renewable segment revenues were $61.0 million for the second quarter of 2024, a decrease compared to $85.2 million in the second quarter of 2023. The decrease is primarily due to the planned reduction of waste-to-energy projects in the current year, which is consistent with our stated strategy. Adjusted EBITDA in the second quarter of 2024 was $7.7 million, an increase of 63% compared to $4.7 million in the second quarter of 2023, primarily due to selling, general and administrative cost saving initiatives related to the restructuring of our Renewable business.

Babcock & Wilcox Environmental segment revenues were $56.2 million in the second quarter of 2024, an increase of 15% compared to $48.7 million in the second quarter of 2023. The increase is primarily driven by growth in our domestic industrial and electrostatic precipitator business in addition to growth in our European environmental business. Adjusted EBITDA in the second quarter of 2024 was $6.7 million, an increase of 99% compared to $3.4 million in the second quarter of 2023, primarily driven by improved margins and higher revenues as described above along with favorable close out of a flue gas treatment project.

Babcock & Wilcox Thermal segment revenues were $120.2 million in the second quarter of 2024, which is in line with company expectations, despite being a decrease compared to $158.0 million in the second quarter of 2023. The revenue decrease is primarily attributable to the completion of a large construction project in the second quarter of 2023. Adjusted EBITDA in the second quarter of 2024 was $13.0 million, a decrease compared to $24.4 million in the second quarter of 2023, also due to the completion of that large construction project. Bookings in Thermal parts and services during the second quarter of 2024 exceeded bookings in the same period in 2023, with total bookings increasing from $89.8 million in 2023 to $111.7 million in 2024.

Liquidity and Balance Sheet

At June 30, 2024, the Company had total debt of $476.8 million and a cash, cash equivalents and restricted cash balance of $202.1 million.

Reducing Cost of Debt

During 2024, we closed the financing of a $150 million revolving credit facility. We expect that the new credit facility will reduce our interest cost by up to $5 million per year based on current interest rates. We also amended our existing Reimbursement Agreement, which included updating certain financial covenants in the agreement.

Impacts of Market Conditions

Management continues to adapt to macroeconomic conditions, including the impacts from inflation, higher interest rates and foreign exchange rate volatility, 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 during the first six months of 2024. 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. 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 estimated.

Earnings Call Information

B&W plans to host a conference call and webcast on Thursday, August 8, 2024 at 5 p.m. ET to discuss the Company's second quarter 2024 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) 470-1428; the dial-in number for participants in Canada is (833) 950-0062; the dial-in number for participants in all other locations is (929) 526-1599. The conference ID for all participants is 312135. 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 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 defined as the sum of the Adjusted EBITDA for each of the segments, further adjusted for corporate allocations and research and development costs. At a segment level, the Adjusted EBITDA presented is consistent with the way the Company's chief operating decision maker reviews the results of operations and makes strategic decisions about the business 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, restructuring costs, impairments, gains and losses on debt extinguishment, costs related to financial consulting, research and development costs and other costs that may not be directly controllable by segment management and are not allocated to the segment. The Company presents consolidated Adjusted EBITDA because it believes it is useful to investors to help facilitate comparisons of the ongoing, operating performance before corporate overhead and other expenses not attributable to the operating performance of the Company's revenue generating segments. In addition, the Company presents the non-GAAP financial measure of Adjusted EBITDA excluding BrightLoop and ClimateBright. Management believes this measure is useful to investors because of the increasing importance of BrightLoop and ClimateBright to the future growth of the Company. Management uses EBITDA excluding BrightLoop and ClimateBright to assess the Company's performance independent of these technologies.

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 measure of remaining performance obligations under our sales contracts. It is possible that our methodology for determining bookings and backlog may not be comparable to methods used by other companies. Implied backlog and implied bookings include projects awarded or under contract but not fully released for performance.

We generally include expected revenue from contracts in our backlog when we receive written confirmation from our customers authorizing the performance of work and committing the customers to payment for work performed. Backlog may not be indicative of future operating results, and contracts in our backlog may be canceled, modified or otherwise altered by customers. Backlog can vary significantly from period to period, particularly when large new build projects or operations and maintenance contracts are booked because they may be fulfilled over multiple years. Because we operate globally, our backlog is also affected by changes in foreign currencies each period. We do not include orders of our unconsolidated joint ventures in backlog.

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

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. 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, among other things: our financial condition and ability to continue as a going concern; the impact of global macroeconomic conditions, including inflation and volatility in the capital markets; the impact of our divestiture of Babcock & Wilcox Solar Energy, Inc.; risks associated with contractual pricing in our industry; our relationships with customers, subcontractors and other third parties; our ability to comply with our contractual obligations; disruptions at our or manufacturing facilities or a third-party manufacturing facility that we have engaged; the actions or failures of our co-venturers; our ability to implement our growth strategy, including through strategic acquisitions, which we may not successfully consummate or integrate; our evaluation of strategic alternatives for certain businesses and non-strategic assets may not result in a successful transaction; the risks of unexpected adjustments and cancellations in our backlog; professional liability, product liability, warranty and other claims; our ability to compete successfully against current and future competitors; our ability to develop and successfully market new products; the impacts of industry conditions and public health crises; the cyclical nature of the industries in which we operate; changes in the legislative and regulatory environment in which we operate; supply chain issues, including shortages of adequate components; failure to properly estimate customer demand; our ability to comply with the covenants in our debt agreements; our ability to refinance our 8.125% Notes due 2026 and 6.50% Notes due 2026 prior to their maturity; our ability to maintain adequate bonding and letter of credit capacity; impairment of goodwill or other indefinite-lived intangible assets; credit risk; disruptions in, or failures of, our information systems; our ability to comply with privacy and information security laws; our ability to protect our intellectual property and use the intellectual property that we license from third parties; risks related to our international operations, including fluctuations in the value of foreign currencies, global tariffs, sanctions and export controls; could harm our profitability; volatility in the price of our common stock; B. Riley’s significant influence over us; changes in tax rates or tax law; our ability to use net operating loss and certain tax credits; our ability to maintain effective internal control over financial reporting; our ability to attract and retain skilled personnel and senior management; labor problems, including negotiations with labor unions and possible work stoppages; risks associated with our retirement benefit plans; natural disasters or other events beyond our control, such as war, armed conflicts or terrorist attacks; and the other factors specified and set forth under "Risk Factors" in the Company’s periodic reports filed with the Securities and Exchange Commission, including our most recent annual report on Form 10-K.

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, we caution that it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect actual results. 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.

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.

# # #


Investor Contact:			Media Contact:
Lou Salamone, CFO			Ryan Cornell
Babcock & Wilcox Enterprises, Inc.			Public Relations
704.625.4944 \| investors@babcock.com			Babcock & Wilcox Enterprises, Inc.
			330.860.1345 \| rscornell@babcock.com

Exhibit 1

Babcock & Wilcox Enterprises, Inc.

Condensed Consolidated Statements of Operations(1)

(In millions, except per share amounts)


	Three Months Ended June 30,					Six Months Ended June 30,
	2024		2023			2024		2023
Revenues	$	233.6	$	291.5		$	441.2	$	532.8
Costs and expenses:
Cost of operations	179.2		228.4			338.2		417.7
Selling, general and administrative expenses	50.5		49.8			92.0		97.8


Restructuring activities	0.8		1.0			2.3		1.4
Research and development costs	1.2		0.9			2.3		2.2
Gain on sale of business	(40.2)		—			(40.2)		—
(Gain) loss on asset disposals, net	—		(1.0)			—		—
Total costs and expenses	191.4		279.1			394.7		519.1
Operating income	42.2		12.4			46.5		13.7
Other (expense) income:
Interest expense	(12.5)		(11.2)			(25.4)		(23.8)
Interest income	0.3		0.5			0.6		0.6
Loss on debt extinguishment	(1.1)		—			(6.1)		—

Benefit plans, net	0.1		(0.1)			0.2		(0.2)
Foreign exchange	0.5		1.2			(0.8)		0.7
Other income (expense) - net	0.4		(0.3)			0.4		(0.6)
Total other expense	(12.3)		(9.9)			(31.1)		(23.4)
Income (loss) before income tax expense	29.9		2.5			15.4		(9.7)
Income tax expense	4.7		1.9			6.0		2.4
Income (loss) from continuing operations	25.2		0.6			9.4		(12.1)
Income (loss) from discontinued operations, net of tax	0.1		(5.6)			(0.9)		(5.4)
Net income (loss)	25.4		(5.0)			8.6		(17.5)
Net income attributable to non-controlling interest	—		(0.1)		—	(0.1)		(0.1)
Net income (loss) attributable to stockholders	25.3		(5.1)			8.5		(17.6)
Less: Dividend on Series A preferred stock	3.7		3.7			7.4		7.4
Net income (loss) attributable to stockholders of common stock	$	21.6	$	(8.8)		$	1.1	$	(25.0)

Basic earnings (loss) per share:
Continuing operations	$	0.24	$	(0.04)		$	0.02	$	(0.22)
Discontinued operations	—		(0.06)			(0.01)		(0.06)
Basic earnings (loss) per share	$	0.24	$	(0.10)		$	0.01	$	(0.28)

Diluted earnings (loss) per share:
Continuing operations	$	0.24	$	(0.04)		$	0.02	$	(0.22)
Discontinued operations	—		(0.06)			(0.01)		(0.06)
Diluted earnings (loss) per share	$	0.24	$	(0.10)		$	0.01	$	(0.28)

Shares used in the computation of earnings (loss) per share:
Basic	91.0		88.8			90.3		88.8
Diluted	91.2		88.8			90.3		88.8

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

Exhibit 2

Babcock & Wilcox Enterprises, Inc.

Condensed Consolidated Balance Sheets(1)


(In millions, except per share amount)	June 30, 2024		December 31, 2023
Cash and cash equivalents	$	95.5	$	65.3
Current restricted cash	75.3		5.7
Accounts receivable – trade, net	125.0		144.0
Accounts receivable – other	25.9		36.2
Contracts in progress	88.6		90.1
Inventories, net	110.3		113.9
Other current assets	25.0		23.9
Current assets held for sale	28.9		18.5
Total current assets	574.6		497.6
Net property, plant and equipment and finance leases	78.2		78.4
Goodwill	83.8		102.0
Intangible assets, net	30.5		45.6
Right-of-use assets	27.6		28.2
Long-term restricted cash	31.3		0.3
Deferred tax assets	2.1		2.1
Other assets	21.0		21.6

Total assets	$	849.1	$	775.7

Accounts payable	$	147.4	$	127.5
Accrued employee benefits	11.9		10.8
Advance billings on contracts	63.3		81.1
Accrued warranty expense	6.7		7.6
Financing lease liabilities	1.4		1.4
Operating lease liabilities	3.5		3.9
Other accrued liabilities	53.7		68.1
Loans payable	3.5		6.2
Current liabilities held for sale	42.6		43.6
Total current liabilities	333.9		350.2
Senior notes	339.0		337.9
Loans payable, net of current portion	134.3		35.4
Pension and other postretirement benefit liabilities	168.0		172.9
Finance lease liabilities, net of current portion	25.5		26.2
Operating lease liabilities, net of current portion	25.3		25.4
Deferred tax liability	10.5		13.0

Other non-current liabilities	10.9		15.1
Total liabilities	1,047.5		976.0
Commitments and contingencies
Stockholders' deficit:
Preferred stock, par value 0.01 per share, authorized shares of 20,000; issued and outstanding shares of 7,669 at June 30, 2024 and December 31, 2023	0.1		0.1
Common stock, par value $0.01 per share, authorized shares of 500,000; outstanding shares of 92,010and 89,449 at June 30, 2024 and December 31, 2023, respectively	5.2		5.1
Capital in excess of par value	1,551.0		1,546.3
Treasury stock at cost, 2,154 shares and 2,139 shares at June 30, 2024 and December 31, 2023, respectively	(115.2)		(115.2)
Accumulated deficit	(1,569.9)		(1,570.9)
Accumulated other comprehensive loss	(70.1)		(66.4)
Stockholders' deficit attributable to shareholders	(198.9)		(201.0)
Non-controlling interest	0.6		0.6
Total stockholders' deficit	(198.3)		(200.4)
Total liabilities and stockholders' deficit	$	849.1	$	775.7

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

Exhibit 3

Babcock & Wilcox Enterprises, Inc.

Condensed Consolidated Statements of Cash Flows(1)


(In millions)	Six Months Ended June 30,
	2024			2023
Cash flows from operating activities:
Net income (loss) from continuing operations	$	9.4		$	(12.1)
Loss from discontinued operations, net of tax	(0.9)			(5.4)
Net income (loss)	8.6			(17.5)
Adjustments to reconcile net income (loss) to net cash used in operating activities:


Depreciation and amortization of long-lived assets	9.5			11.3
Amortization of deferred financing costs and debt discount	2.5			2.8
Amortization of guaranty fee	1.4			0.5
Non-cash operating lease expense	3.7			3.3

Loss on debt extinguishment	6.1			—
Gain on sale of business	(40.2)			—
Loss on asset disposals	—			0.3
Provision for (benefit from) deferred income taxes	2.5			(1.7)
Prior service cost amortization for pension and postretirement plans	0.5			0.4
Stock-based compensation	2.7			5.6
Foreign exchange	0.8			(0.7)
Changes in operating assets and liabilities:
Accounts receivable - trade, net and other	(7.5)			(10.5)
Contracts in progress	(17.4)			(40.8)
Advance billings on contracts	(15.0)			6.4
Inventories, net	0.5			(15.7)
Income taxes	4.6			(4.3)
Accounts payable	35.3			40.5
Accrued and other current liabilities	(12.0)			3.2
Accrued contract loss	(4.7)			(1.3)
Pension liabilities, accrued postretirement benefits and employee benefits	(2.4)			(4.7)
Other, net	(6.3)			0.6
Net cash used in operating activities	(26.6)			(22.3)

Cash flows from investing activities:
Purchase of property, plant and equipment	(8.0)			(5.6)

Proceeds from sale of business and assets, net	83.5			—
Purchases of available-for-sale securities	(3.2)			(3.9)
Sales and maturities of available-for-sale securities	3.7			5.4
Other, net	(0.2)			—
Net cash provided by (used in) investing activities	75.8		75.8	(4.2)


Cash flows from financing activities:

Borrowings on loan payable	139.0		16.2
Repayments on loan payable	(43.2)		(12.0)
Finance lease payments	(0.7)		(0.6)
Payment of holdback funds from acquisition	(3.0)		—
Payment of preferred stock dividends	(7.4)		(7.4)
Shares of common stock returned to treasury stock	—		(0.1)
Issuance of common stock, net	2.0		—
Debt issuance costs	(5.1)		—
Other, net	(0.1)		(0.3)
Net cash provided by (used in) financing activities	81.6		(4.2)
Effects of exchange rate changes on cash	(0.2)		1.1
Net increase (decrease) in cash, cash equivalents and restricted cash	130.7		(29.6)
Cash, cash equivalents and restricted cash at beginning of period	71.4		113.5
Cash, cash equivalents and restricted cash at end of period	$	202.1	$	83.9

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

Exhibit 4

Babcock & Wilcox Enterprises, Inc.

Segment Information(1)

(In millions)


SEGMENT RESULTS	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
REVENUES:
Babcock & Wilcox Renewable	$	61.0	$	85.2	$	113.2	$	169.3
Babcock & Wilcox Environmental	56.2		48.7		104.6		88.1
Babcock & Wilcox Thermal	120.2		158.0		230.4		277.2
Eliminations	(3.7)		(0.4)		(7.0)		(1.9)
	$	233.6	$	291.5	$	441.2	$	532.8

ADJUSTED EBITDA:
Babcock & Wilcox Renewable	$	7.7	$	4.7	$	9.3	$	9.0
Babcock & Wilcox Environmental	6.7		3.4		10.1		5.3
Babcock & Wilcox Thermal	13.0		24.4		26.7		38.1
Corporate	(4.0)		(5.5)		(10.0)		(10.6)
Research and development costs	(0.2)		(0.9)		(0.3)		(2.2)
	$	23.3	$	26.1	$	35.8	$	39.7

AMORTIZATION EXPENSE:
Babcock & Wilcox Renewable	$	0.5	$	0.5	$	0.9	$	1.1
Babcock & Wilcox Environmental	0.8		0.8		1.6		1.5
Babcock & Wilcox Thermal	1.1		1.2		2.1		2.2
	$	2.3	$	2.4	$	4.7	$	4.8

DEPRECIATION EXPENSE:
Babcock & Wilcox Renewable	$	0.6	$	0.6	$	0.9	$	1.5
Babcock & Wilcox Environmental	0.4		0.2		0.9		0.4
Babcock & Wilcox Thermal	1.2		1.8		2.6		3.7
	$	2.3	$	2.7	$	4.3	$	5.6

	As of June 30,
BACKLOG:	2024		2023
Babcock & Wilcox Renewable	$	90	$	143
Babcock & Wilcox Environmental	163		162
Babcock & Wilcox Thermal	205		191
Other/Eliminations	15		(3)
	$	472	$	493


	As of June 30,
IMPLIED BACKLOG(2):	2024		2023
Babcock & Wilcox Renewable	$	90	$	143
Babcock & Wilcox Environmental	182		170
Babcock & Wilcox Thermal	471		191
Other/Eliminations	15		(3)
	$	758	$	501

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

(2) Implied backlog is backlog plus projects that are awarded or under contract but not fully released for performance.

Exhibit 5

Babcock & Wilcox Enterprises, Inc.

Reconciliation of Adjusted EBITDA(3)

(In millions)


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Income (loss) from continuing operations	$	25.2	$	0.6	$	9.4	$	(12.1)
Interest expense	12.2		10.7		24.8		23.2
Income tax expense	4.7		1.9		6.0		2.4
Depreciation & amortization	4.6		5.1		9.0		10.4
EBITDA	46.8		18.3		49.2		23.9

Gain on sale of business	(40.2)		—		(40.2)		—
Benefit plans, net	(0.1)		0.1		(0.2)		0.2
Gain on asset sales, net	—		(1.0)		—		—
Stock compensation	1.3		2.3		2.7		5.5
Restructuring activities and business services transition costs	0.8		1.0		2.3		2.0
Settlement and related legal costs	7.4		—		3.3		(2.5)

Loss on debt extinguishment	1.1		—		6.1		—

Product development (1)	1.4		1.0		3.1		2.4
Foreign exchange	(0.5)		(1.2)		0.8		(0.7)

Contract disposal (2)	3.5		2.7		4.1		4.1


Letter of credit fees	2.3		2.0		4.6		3.7
Other - net	(0.4)		0.7		(0.1)		1.1
Adjusted EBITDA	$	23.3	$	26.1	$	35.8	$	39.7
Product development (1)	(1.1)		(0.5)		(2.1)		(1.2)
BrightLoopTM and ClimateBrightTM expenses	2.5		1.7		4.2		3.5
Adjusted EBITDA excluding BrightLoopTM and ClimateBrightTM expenses	$	24.6	$	27.3	$	37.9	$	42.0

(1) Costs associated with development of commercially viable products that are ready to go to market.

(2) Impacts of the disposal of our O&M contracts has been adjusted in the prior period to ensure uniform presentation with the current period.

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

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. 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 . 2 S A F E H A R B O R S TAT E M E N T B&W Enterprises cautions that this presentation contains forward-looking statements within the meaning of federal securities laws. All statements other than statements of historical or current fact included in this presentation are forward-looking statements, including, without limitation, statements relating to the company's business outlook and expected financial performance, including adjusted EBITDA and sales targets, expectations regarding future growth, expansion and profitability, outlook and expectations regarding B&W’s BrightLoop™ technologies, as well as statements about B&W’s future pipeline of new projects and business within its Renewable, Environmental and Thermal operating segments and their impact on future shareholder value. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things: our financial condition and ability to continue as a going concern; risks associated with contractual pricing in our industry; the impact of global macroeconomic conditions, including inflation and volatility in the capital markets; the impact of our divestiture of Babcock & Wilcox Solar Energy, Inc.; our relationships with customers, subcontractors and other third parties; our ability to comply with our contractual obligations; disruptions at our or manufacturing facilities or a third-party manufacturing facility that we have engaged; the actions or failures of our co- venturers; our ability to implement our growth strategy, including through strategic acquisitions, which we may not successfully consummate or integrate; our evaluation of strategic alternatives for certain businesses and non-core assets may not result in a successful transaction; the risks of unexpected adjustments and cancellations in our backlog; professional liability, product liability, warranty and other claims; our ability to compete successfully against current and future competitors; our ability to develop and successfully market new products; the impacts of industry conditions and public health crises; the cyclical nature of the industries in which we operate; changes in the legislative and regulatory environment in which we operate; supply chain issues, including shortages of adequate components; failure to properly estimate customer demand; our ability to comply with the covenants in our debt agreements; our ability to refinance our 8.125% Notes due 2026 and 6.50% Notes due 2026 prior to their maturity; our ability to maintain adequate bonding and letter of credit capacity; impairment of goodwill or other indefinite-lived intangible assets; credit risk; disruptions in, or failures of, our information systems; our ability to comply with privacy and information security laws; our ability to protect our intellectual property and use the intellectual property that we license from third parties; risks related to our international operations, including fluctuations in the value of foreign currencies, global tariffs, sanctions and export controls; could harm our profitability; volatility in the price of our common stock; B. Riley’s significant influence over us; changes in tax rates or tax law; our ability to use net operating loss and certain tax credits; our ability to maintain effective internal control over financial reporting; our ability to attract and retain skilled personnel and senior management; labor problems, including negotiations with labor unions and possible work stoppages; risks associated with our retirement benefit plans; natural disasters or other events beyond our control, such as war, armed conflicts or terrorist attacks and the other factors specified and set forth under "Risk Factors" in our periodic reports filed with the Securities and Exchange Commission, including, without limitation, the risks described in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 under the caption "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" (as applicable). These factors should be considered carefully, and B&W Enterprises cautions you not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law. Non-GAAP Financial Measures Adjusted EBITDA on a consolidated basis is a non-GAAP metric defined as the sum of the adjusted EBITDA for each of the segments, further adjusted for corporate allocations and research and development costs. At a segment level, adjusted EBITDA presented is consistent with the way our chief operating decision maker reviews the results of operations and makes strategic decisions about the business 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, restructuring costs, impairments, gains and losses on debt extinguishment, costs related to financial consulting, research and development costs and other costs that may not be directly controllable by segment management and are not allocated to the segment. We present consolidated Adjusted EBITDA because we believe it is useful to investors to help facilitate comparisons of our ongoing, operating performance before corporate overhead and other expenses not attributable to the operating performance of our revenue generating segments. In addition, the Company presents the non-GAAP financial measure of Adjusted EBITDA excluding BrightLoop™ and ClimateBright™. Management believes this measure is useful to investors because of the increasing importance of BrightLoop™ and ClimateBright™ to the future growth of the Company. Management uses EBITDA excluding BrightLoop ™ and ClimateBright™ to assess the Company’s performance independent of these technologies. In this presentation, we also present certain targets for our adjusted EBITDA in the future; these targets are not intended as guidance regarding how we believe the business will perform. We are unable to reconcile these targets to their GAAP counterparts without unreasonable effort and expense due to the aspirational nature of these targets.

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. 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 . 3 W E ’ R E A G L O B A L E N E R G Y L E A D E R C R E AT I N G A B R I G H T E R F U T U R E WE PROVIDE PROVEN, BEST-IN- CLASS POWER PRODUCTION TECHNOLOGIES AND ARE LEADING THE WAY TO A NET-ZERO FUTURE. • From our first patent for a more efficient boiler to more than 17,000 patents since, we continue to drive innovation and change • Today, we are a globally recognized technology leader and innovator at the forefront of the energy transition • Helping utility and industrial customers with the technical challenges of moving from current to future energy sources • Delivering systems, parts and field services to help utility and industrial plants operate more effectively and efficiently • Our hydrogen production, carbon capture, waste- and biomass-to-energy, and environmental technologies support the reduction of greenhouse gases, including CO2 and methane, in an environmentally friendly way Ensuring energy security for customers and the world Making net zero ambitions a reality today Providing high quality and innovative technologies since 1867

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. 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 . 4 W E ’ R E H E L P I N G C U S TO M E R S C R E AT E C L E A N A N D R E L I A B L E E N E R G Y SUPPORTING A CIRCULAR ECONOMY Ecologically sound ways of using and recycling resources like biomass and municipal waste to create clean, renewable baseload power while reducing greenhouse gas emissions. REDUCING THE IMPACT OF GREENHOUSE GAS EMISSIONS Hydrogen production, carbon capture, ash handling, cooling systems, energy recovery and storage, and advanced emissions control solutions to help preserve the world’s natural resources. CREATING RELIABLE AND EFFICIENT STEAM GENERATION Providing boilers and related equipment, aftermarket parts, service and upgrades to help utilities and industries generate reliable thermal energy from a wide range of fuels and bridge the gap during the global transition to new energy sources. CL EA N E N ER G Y SO LU TI O N S TR AD IT IO N AL DELIVERING VALUE THROUGH TECHNOLOGY-DRIVEN PRODUCTS AND SERVICES, WITH CONTINUAL PRODUCT IMPROVEMENT AND ROBUST R&D EFFORTS TO SUPPORT CURRENT AND FUTURE ENERGY NEEDS

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. 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 . 5 T H E F O U N D AT I O N O F O U R C O M PA N Y Our Vision: Advancing energy and environmental solutions that bring power and progress to our world. Our Mission: B&W delivers environmentally conscious, technology-driven solutions and services to energy and industrial customers worldwide – safely, ethically and as promised. Our Core Values: Safety • Integrity • Quality • Respect • Agility

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. 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 . 6 • Increase focus on higher-margin aftermarket parts and services and continue to expand geographical presence in support of these markets • Leverage our advanced thermal technologies to support fuel switching projects • Implementing up to $30 million in cost reductions associated with strategic realignment • Entered into new $150 million senior secured credit facility to reduce interest expense associated with letters of credit and revolving lines of debt • Strengthen balance sheet and evaluate strategic alternatives for non-strategic assets • Utilize state and federal project-level financing to accelerate deployment of BrightLoop™ • Execute paid FEED studies to drive ClimateBright™ and BrightLoop™ technology bookings • Target full-year 2024 adjusted EBITDA of $105M to $115M, excluding BrightLoop and ClimateBright expenses1 W E ’ R E S T R E N G T H E N I N G O U R B U S I N E S S TO A C H I E V E P R O F I TA B L E G R O W T H A S W E C O N T I N U E TO P R OV I D E P R OV E N C L E A N E N E R GY T EC H N O LO G I E S 1) We are unable to reconcile this target to its GAAP counterpart without unreasonable effort and expense due to the aspirational nature of this target

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. 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 . 7 W E ' R E L E V E R A G I N G A VA S T I N S TA L L E D B A S E A N D P R O V E N T E C H N O L O G I E S  More than 500 waste-to-energy and biomass-to-energy units at 300+ 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  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  Nearly 2,000 wet, dry and hybrid cooling system units (10,000+ cells) installed globally  More than 300 operating utility and industrial boiler units in the U.S. and nearly 200 operating utility and industrial boiler units across 40 countries around the world  More than 5,000 industrial water-tube package boilers and other waste heat recovery products installed in a variety of facilities  Average approximately 500,000 Boilermakers’ construction manhours per year over last five years A VAST GLOBAL INSTALLATION OF B&W’S CORE TECHNOLOGIES AT UTILITY AND INDUSTRIAL PLANTS CREATE LARGE GROWTH OPPORTUNITIES FOR PARTS, SERVICES AND RETROFITS

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. 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 . 8 CORPORATE SNAPSHOT B A B C O C K & W I L C OX P R O F I L E Notes: All charts based on LTM June 30, 2024 revenues, unless otherwise noted. 1. Backlog does not include shorter lead-time parts and services. 2. The most comparable GAAP target is not available without unreasonable effort. Target is based on continuing operations excluding BrightLoop™ and ClimateBright™ expenses. 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. Headquarters: Akron OH, USA Founded: 1867 Ownership: Public (NYSE:BW) Employees: ~2,200 LTM Revenue June 2024: ~$907.8M 2024 EBITDA Target: $105M to $115M2 B&W RENEWABLE Power Generation 67% Industrial 33% Aftermarket & Upgrades 10% Parts & Services 76% North America 15% Europe 76% Asia & Other 9% New Build 14% B&W THERMAL Industrial 37% Power Generation 63% Aftermarket & Upgrades 44% Parts & Services 44% North America 86% Europe 2% Asia & Other 12% New Build 12% B&W ENVIRONMENTAL Industrial 30% Power Generation 70% Aftermarket & Upgrades 34% Parts & Services 28% North America 33% Europe 38% New Build 38% Asia & Other 29% CONSOLIDATED 26% 24% 50% 26% 34% 40% Industrial 35% Power Generation 65% Aftermarket & Upgrades 33% Parts & Services 48% New Build 19% North America 55% Europe 30% Asia & Other 15% Backlog1 as of June 30, 2024 B&W Renewable LTM Revenue B&W Environmental B&W Thermal

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. 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 . 9 60-65% 15-20% 20-25% PIPELINE REVENUE SPLIT 2024-2026 A S O L I D P I P E L I N E O F G L O B A L O P P O R T U N I T I E S Manufacturing Service Facilities Construction Sales/Support Sales Reps Future Service Facilities Americas APAC Europe ME/A $2,546 $918 $1,583 $788 $ M IL LI O N S B&W RENEWABLE Americas APAC Europe ME/A $845 $161 $841 $148$ M IL LI O N S B&W ENVIRONMENTAL Americas APAC Europe ME/A $1,182 $206 $64 $146$ M IL LI O N S B&W THERMAL 3- YE AR P IP EL IN E Total pipeline more than $9 billion over the next three years including over $1.5 billion in BrightLoop™ and ClimateBright™ opportunities 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. 2024-2026 Addressable Market Europe More than $8.5B 2024-2026 Addressable Market Americas Other: More than $10B 2024-2026 Addressable Market Asia-Pacific More than $9B A WIDE FOOTPRINT AND ONGOING EXPANSION POSITIONS B&W TO LEVERAGE MARKET TRENDS AROUND THE WORLD 2024-2026 Addressable Market Middle East & Africa More than $4B Total $5.8B Total $2.0B Total $1.6B

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. 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 . 10 G L O B A L A N N U A L C A P I TA L I N V E S T M E N T I N C A R B O N C A P T U R E A N D H Y D R O G E N I S G R O W I N G Tr ill io ns U SD (2 01 9) 0 1 2 3 4 5 2016-20 2030 2040 2050 By technology area Technology area Other Fossil fuels CCUS Hydrogen Electricity system Electrification Efficiency Other renewables Bioenergy ANNUAL AVERAGE CAPITAL INVESTMENT IN THE NET-ZERO EMISSIONS (NZE) SCENARIO Source: IEA $224B $150B $158B $390B $240B $428B

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. 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 . 11 B R I G H T L O O P ™ H Y D R O G E N P R O D U C T I O N SIGNIFICANT ADVANTAGES: • Hydrogen from solid fuels – can utilize a variety of solid or gaseous fuels as feedstock • High rate of carbon captured – inherent CO2 isolation supports sequestration or utilization without the expensive post combustion capture equipment and operation • Competitive hydrogen cost – lower levelized cost of hydrogen when compared to other hydrogen production methods • High quality hydrogen – production from steam produces higher quality as compared to separating hydrogen from fuel • Scalable for a range of applications – accommodates both large and small applications BIOMASS FEEDSTOCK OPTIONS OUTPUT OPTIONSNitrogen for Beneficial Use BIOGAS COAL NATURAL GAS STEAM SYNGAS HYDROGEN ELECTRICITY PETROLEUM COKE CO2 for Storage/Beneficial Use BrightLoop™ Technology

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. 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 . 12 B R I G H T L O O P ™ H Y D R O G E N P R O D U C T I O N P R O G R E S S B R I G H T L O O P ™ E V O L U T I O N Sub-Pilot with The Ohio State University and B&W MEDIUM SCALE 10-50 Tonnes Per Day Hydrogen Output LARGE SCALE 100-250 Tonnes Per Day Hydrogen Output SUB-PILOT SCALE (Complete) 2008 2027 2029 IN PROGRESS Laboratory Scale RESEARCH STAGE (Complete) 1994-2004 PILOT SCALE (Complete) Steam & Hydrogen National Carbon Capture Center in Alabama 2014 SMALL SCALE 1-3 Tonnes Per Day Hydrogen Output IN PROGRESS 2025 PILOT SCALE (Complete) Coal Direct Chemical Looping Barberton, Ohio 2017

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. 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 . 13 L E V E R A G I N G D E C A D E S O F F U N D I N G AWA R D S A N D I N V E S T M E N T S C O N T I N U E T O S C A L E T H I S I N D U S T R Y – C H A N G I N G T E C H N O L O G Y C O A L D I R E C T C H E M I C A L L O O P I N G ( C D C L ) N A T I O N A L C A R B O N C A P T U R E C E N T E R ( N C C C ) T H E O H I O S T A T E U N I V E R S I T Y OPERATING HOURS 2,000 STARTUP / SHUTDOWNS 50 OPERATING HOURS 1,000 STARTUP / SHUTDOWNS 20 $275M+ PATENTED IRON OXIDE PARTICLETGA TESTING TEST RUNS HOURS OF TESTING 500 10,000 BENCH SCALE TEST RUNS HOURS OF TESTING 200 5,000+ 3 Reactor SUB-PILOT TEST RUNS HOURS OF TESTING 50 1,000 SUB-PILOT TEST RUNS 50+ HOURS OF TESTING 2,000+ STARTUP / SHUTDOWNS 75 TOTAL R&D INVESTMENT CYCLE TIMES 10,000+ HOURS OF TESTING 3,000+ TOTAL TESTING HOURS 10,000+ DOE GRANTS – STATE GRANTS – OSU – B&W to study impact of various feedstocks on hydrogen production and advance the technology OSU CL RESULTED PHDs GRAD STUDENTS 70 100 OTHER STUDENTS AND STAFF250Experts Trained 2016 – 2018 DOE Pre-FEED CDCL 2009 CL with OSU 2010 NCCC Testing 2012 – 2014 CDCL DOE Techno-Economic Analysis 2010 NCCC Design & Construction 2022 - Present Commercialization

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. 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 . 14 U N L O C K I N G F U T U R E R E V E N U E P O T E N T I A L O F B R I G H T L O O P ™ A N D P O S I T I O N B A S E D O N M A R K E T W I T H S I G N I F I C A N T G R O W T H O F H Y D R O G E N P R O J E C T E D Achieving only 1% market share of a $140B U.S. market 3-5 Large Unit Projects 2-4 Medium Unit Projects 3-8 Small Unit Projects annual revenues at 25%+ Gross Margin B&W Project Timeline: • 2025 – Producing hydrogen from the first small unit • 2027 – Producing hydrogen from the first medium unit • 2030 – Booking multiple units of each size per year ~$1 Billion Target Market Share Assumed Mix of Projects 2030 Approximate Revenue *Market Data from IEA Net Zero by 2050 A Roadmap for the Global Energy Sector B & W c u r r e n t l y h a s 8 p r o j e c t s i n p i p e l i n e w h i c h a l o n e t o t a l o v e r $ 1 B i l l i o n

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. 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 . 15 H Y D R O G E N P R O D U C T I O N A N D C O S T S Note: BLH Projections based on $1 / MMBTU feedstock; Source: DNV 2020 2030 2050 Coal gasification 2020 2030 2050 Coal gasification with CCS 2020 2030 2050 Methane reforming 2020 2030 2050 Methane reforming with CCS 2020 2030 2050 Dedicated renewable electrolysis 2020 2030 2050 Grid-based electrolysis 2020 2030 2050 Dedicated nuclear electrolysis weighted world average 0 1 2 3 4 5 6 7 Levelized cost of hydrogen after support by production route U SD /k gH 2 Medium BrightLoop Large BrightLoop BrightLoop™ produces low-cost hydrogen compared to the competition

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. 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 . 16 G L O B A L L E A D E R I N C L E A N P O W E R P R O D U C T I O N T E C H N O L O G I E S — O U R C L I M AT E B R I G H T ™ S U I T E • B&W is at the forefront of developing CO2 capturing technologies • Multiple technologies ready for commercial demonstration • 93 active patents related to carbon capture technology • Positioned to provide critical solutions to meet global climate goals BrightLoop™ HYDROGEN PRODUCTION OxyBright™ OXYGEN-FUEL COMBUSTION SolveBright™ POST-COMBUSTION CARBON CAPTURE BrightGen™ HYDROGEN COMBUSTION Long Duration Energy Storage Green Steam Direct Air Capture HOT SAND SILO COLD SAND SILO EMERGING TECHNOLOGIES B&W’S PORTFOLIO OF CLEAN POWER PRODUCTION SOLUTIONS CONTINUES TO EVOLVE TO REACH CUSTOMERS AT ALL STAGES OF THEIR ENERGY TRANSITION.

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. 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 . 17 I N F L AT I O N R E D U C T I O N A C T F O R C L I M AT E B R I G H T ™ Clean Hydrogen Production Tax Credit (PTC): 45V • New 10-year incentive for clean hydrogen production with four tiers and a maximum of 4 kilograms of CO2 equivalent per kilogram of hydrogen • Green hydrogen awards: $3/kg Carbon Capture and Sequestration Tax Credit: 45Q • Increases the tax credits, lowers the threshold to be applicable, and adds direct air capture making carbon capture affordable • CO2 increases to $85/ton and DAC increases to $180/ton; 12-year term Clean Electricity Investment Tax Credit (ITC): 48C • New, tech-neutral ITC replaces Energy ITC after 2024, emissions-based and flexible between clean technologies • Renewable energy offsets CapEx at 30%, with potential for multiple 10-20% bonuses Clean energy wins with the Inflation Reduction Act, propelling hydrogen production and carbon reduction markets forward, creating further opportunities for ClimateBright solutions *All pending IRS review

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. 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 . 18 B & W ’ S WA S T E - TO - E N E R G Y T E C H N O L O G Y R E D U C E S M E T H A N E E M I S S I O N S • Methane has 84 times the Global Warming Potential (GWP) of CO2 i • Annual additions to landfills in the U.S.ii produce emissions equivalent to 10 million cars • Landfills in the U.S.iii emit more than 330 million tons of 20- year basis GWP each year, roughly equal to 70 million carsiv • Waste-to-Energy (WTE) avoids landfilling while producing baseload clean energy WTE TECHNOLOGIES • Boiler/steam generation island • DynaGrate® combustion grate • Fuel handling systems • Emissions control equipment • B&W’s state-of-the-art technology has been installed in more than 500 units in more than 30 countries, including: • The most recent WTE facility in the U.S. (Palm Beach Renewable Energy Facility, Florida) • One of the world’s largest waste treatment facilities (Shenzhen East, China) i Anthropogenic and Natural Radiative Forcing. In: Climate Change 2013: The Physical Science Basis. Contribution of Working Group I to the Fifth Assessment Report of the Intergovernmental Panel on Climate Change [Stocker, T.F., D. Qin, G.-K. Plattner, M. Tignor, S.K. Allen, J. Boschung, A. Nauels, Y. Xia, V. Bex and P.M. Midgley (eds.)]. Cambridge University Press, Cambridge, United Kingdom and New York, NY, USA. https://www.ipcc.ch/site/assets/uploads/2018/02/WG1AR5_Chapter08_FINAL.pdf; 20-year basis ii EIA Biomass Explained: Waste-to-energy (Municipal Solid Waste), November 29, 2020 https://www.eia.gov/energyexplained/biomass/waste-to-energy.php iii EPA Landfill Methane Outreach Program: Project and Landfill Data by State; https://www.epa.gov/lmop/project-and-landfill-data-state#:~:text=The%20LMOP%20Landfill%20and%20Landfill,more%20than%202%2C600%20MSW%20landfills and EPA U.S. Greenhouse Gas Inventory 2020, Chapter 7: Waste, Section 7.1 Landfills (CRF Source Category 5A1) iv Equivalent car emissions calculated using EPA metric of 4.6 metric tons of CO2 per year per passenger car B&W IS ACTIVELY DEPLOYING TECHNOLOGY THAT CURBS THE GLOBAL WARMING IMPACT OF METHANE

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. 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 . 19 G L O B A L L E A D E R I N C O M P R E H E N S I V E WA S T E - TO - E N E R G Y S O L U T I O N S NEW BUILDS UPGRADES ENVIRONMENTAL SOLUTIONS FLEXIBLE DESIGNS REPLACEMENT PARTS DynaGrate® combustion grate DynaDischarger® ash removal Water-cooled wear zones and Inconel® corrosion protection VoluMix® system for improved combustion Fabric filter baghouse Wet scrubber with ADIOX® including energy recovery On-line boiler washing system Selective non-catalytic reduction (SNCR) NOx control DynaFeeder® waste fuel feeder system Energy storage systems Carbon capture solutions Dry cooling systems

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. 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 . 20 B I O E N E R G Y W I T H C A R B O N C A P T U R E A N D S E Q U E S T R AT I O N ( B E C C S ) B&W’s biomass boilers paired with either OxyBright™ or SolveBright™ produce carbon negative energy with a - 2,500gCO2e/kWh carbon intensity OxyBright with B&W’s WtE solution could produce carbon negative energy with a -1,000 gCO2e/kWh carbon intensity Our negative carbon intensity (-2500 gCO2e/kWh) is nearly seven times more negative than the U.S. grid is positive (+373 gCO2e/kWh)

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. 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 . 22 C O N S O L I D AT E D F I N A N C I A L S U M M A R Y - C O N T I N U I N G O P E R AT I O N S ($ in millions) Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Revenue $ 441.2 $ 532.8 Gross margin $ 103.0 $ 115.1 Selling, general and administrative expenses $ 92.0 $ 97.8 Operating income $ 46.5 $ 13.7 Target EBITDA(1) $ $105M to $115M (1) The most comparable GAAP target is not available without unreasonable effort. Target is based on continuing operations excluding BrightLoop™ and ClimateBright™ expenses

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. 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 . 24 C A P I TA L S T R U C T U R E ($ in millions) As of June 30, 2024 CAPITALIZATION: Total Debt $ 476.8 Senior Notes $ 339.0 Revolving Credit Line $ 46.6 Letter of Credit Collateral* $ 79.2 Other Debt $ 12.0 Cash, cash equivalents and restricted cash $ 202.1 Net Debt $ 274.7 Net Leverage Ratio based on 2024 Target EBITDA Range is 2.62x – 2.39x Note: Figures may not be clerically accurate due to rounding. *Letter of Credit Collateral under the Axos Credit Facility is on 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 balance sheet.

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. 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 . 25 L E A D E R S H I P T E A M Chairman and Chief Executive Officer Kenny Young Executive Vice President and Chief Financial Officer Lou Salamone Executive Vice President and Chief Operating Officer Jimmy B. Morgan Executive Vice President, General Counsel and Corporate Secretary John J. Dziewisz Chief Technology Officer Brandy Johnson Senior Vice President, Thermal Chris Riker Vice President, Corporate Operations Gillianne Hetrick Vice President, Corporate Development Sarah Serafin

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. 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 . 26 Joseph Tato C O R P O R AT E G O V E R N A N C E Rebecca StahlHenry Bartoli B O A R D O F D I R E C T O R S Alan Howe Philip Moeller Peter O’Keefe Rod O’ConnorHomaira Akbari A D V I S O R Y B O A R D Eric Powell Chairman and Chief Executive Officer Kenny Young Naomi Boness

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. 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 . 28 K E Y T E C H N O L O G I E S : S T E A M G E N E R AT I O N 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 Waste-to-Energy Boilers Reduces dependency on landfills and reduces methane gas emissions Fuel: MSW, RDF 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

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. 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 . 29 K E Y T E C H N O L O G I E S : R E N E WA B L E C O M B U S T I O N G R AT E S • Large installed base with diverse set of customers • Grate design allows for high availability and long operational time, leading to reduced O&M cost • High thermal efficiency and low emissions • Fuel flexibility • Factory assembled modules reduce field construction D Y N A G R A T E ® C O M B U S T I O N G R A T E A MARKET LEADER WITH DIFFERENTIATING TECHNOLOGY IN WASTE-TO-ENERGY SOLUTIONS

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. 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 . 30 K E Y T E C H N O L O G I E S : E M I S S I O N S C O N T R O L S • Wet ESPs • Dry Sorbent Injection (DSI) SO3 / Acid Mist Control PURPOSE TECHNOLOGY SOLUTION Particulate Control • Pulse Jet Fabric Filters (PJFF) / Baghouses • Wet and Dry Electrostatic Precipitators (ESPs) • Wet Particulate Scrubbers • Multiclone® Dust Collectors • Selective Catalytic and Non-catalytic Reduction (SCR/SNCR) • Low NOX Burners and Combustion Systems NOx Control • Wet or Seawater Flue Gas Desulfurization (FGD) Systems • Semi-dry FGDs (Spray Dry Absorbers, Circulating Dry Scrubbers) • Wet ESPs and Dry Sorbent Injection (DSI) SO2 / Acid Gas Control PURPOSE TECHNOLOGY SOLUTION • Powdered Activated Carbon Injection • Absorption Plus™, MercPlus™, Mitagent™ Additives • GMAB™ ADIOX® and MERCOX™ technologies Mercury, Dioxins, Furans • Wastewater Evaporation System (WES) via Spray Drying • Air-Cooled Condensers Wastewater Elimination Pre-treatment for Post- Combustion Carbon Capture • Wet and Dry Scrubbers, Sorbent Injection, ESP Fabric Filters, SCRs • Complements SolveBright™ process, other post-combustion technologies

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. 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 . 31 K E Y T E C H N O L O G I E S : F L U E G A S T R E AT M E N T F O R C A R B O N C A P T U R E • To optimize carbon capture on solvent-based scrubbing technologies, reductions in various pollutants found in the incoming flue gas are required • Our solutions include technologies for acid gases, particulate and acid mist, NOx , mercury, and flue gas moisture THE WORLDWIDE LEADER IN FLUE GAS PRE-TREATMENT TECHNOLOGIES FOR POST-COMBUSTION CARBON CAPTURE

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. 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 . 32 K E Y T E C H N O L O G I E S : S U B M E R G E D G R I N D C O N V E YO R A S H H A N D L I N G • Lower equipment cost • Lower installation cost • Ability to utilize existing hoppers and gate valves • No hopper modifications • Short outage time • Short lead time • Available redundancy under the boiler • Lower O&M costs Designated to meet current and future U.S. regulatory requirements for ash handling with: AN INNOVATIVE SOLUTION TO ELIMINATE ASH PONDS

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. 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 . 33 K E Y T E C H N O L O G I E S : C O O L I N G S Y S T E M S NATURAL DRAFT/HYPERBOLIC Fanless design provides low power, noise and maintenance, as well as long operating lifecycle MECHANICAL DRAFT Counterflow for cost-effective thermal performance; crossflow for low energy consumption and operating costs AIR-COOLED CONDENSERS Water preservation technology customized for high-performance, long-life, low noise, corrosion- resistant applications AIR FIN COOLERS Cost-effective designs using embedded or wrapped tubes to meet required thermal, mechanical, noise, and space requirements HYBRID WET/DRY COOLING Environmentally friendly hybrid design combines benefits of both wet and dry cooling technology as the optimal solution for plume abatement and water savings MATERIAL OPTIONS: WOOD CONCRETE FIBER-REINFORCED POLYMER (FRP) OPTIMIZATION SERVICES Specialized services to maximize plant performance and minimize costs and maintenance DRYHYBRIDWET SERVICES

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. 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 . 34 K E Y C A PA B I L I T I E S : A F T E R M A R K E T S E R V I C E S Adding value through constructability: Safe execution of new installation, retrofits, system maintenance/repair, plant modificationsCONSTRUCTION OPTIMIZATION SYSTEMS Enhancing efficiency with proven technology: Diagnostic, monitoring, tuning and control systems for combustion, cleaning and cooling 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

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. 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 . 35 K E Y T E C H N O L O G I E S : I G N I TO R S , F L A M E S C A N N E R S A N D C O N T R O L S • 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 Designed for safety, reliability and fuel flexibility PROVEN TECHNOLOGIES WITH INSTALLATIONS IN MORE THAN 70 COUNTRIES, INCLUDING MORE THAN 11,000 IGNITORS

Cover	Aug. 08, 2024
Entity Information [Line Items]
Document Type	8-K
Entity Registrant Name	BABCOCK & WILCOX ENTERPRISES, INC.
Entity Incorporation, State or Country Code	DE
Document Period End Date	Aug. 08, 2024
Entity File Number	001-36876
Entity Tax Identification Number	47-2783641
Entity Address, Address Line One	1200 East Market Street
Entity Address, Address Line Two	Suite 650
Entity Address, City or Town	Akron,
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	44305
City Area Code	330
Local Phone Number	753-4511
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0001630805
Amendment Flag	false
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common stock, $0.01 par value per share
Trading Symbol	BW
Security Exchange Name	NYSE
Senior Notes 8.125% Due 2026
Entity Information [Line Items]
Title of 12(b) Security	8.125% Senior Notes due 2026
Trading Symbol	BWSN
Security Exchange Name	NYSE
Series A Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	7.75% Series A Cumulative Perpetual Preferred Stock
Trading Symbol	BW PRA
Security Exchange Name	NYSE
Senior Notes 6.50% Due 2026
Entity Information [Line Items]
Title of 12(b) Security	6.50% Senior Notes due 2026
Trading Symbol	BWNB
Security Exchange Name	NYSE