Document

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Pursuant to Section 13 or 15 (d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 13, 2021


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
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 May 13, 2021, the Company issued a press release announcing our financial results for the first quarter ended March 31, 2021. A copy of the press release is attached as Exhibit 99.1, and the information contained in Exhibit 99.1 is incorporated 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 May 13, 2021, the Company posted a Company Overview 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


Exhibit No.						Description
99.1						Press Release dated May 13, 2021.
99.2						Company Overview

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.


May 13, 2021	By:	/s/ Louis Salamone
		Louis Salamone
		Executive Vice President, Chief Financial Officer and Chief Accounting Officer (Principal Accounting Officer and Duly Authorized Representative)


Exhibit 99.1


News Release

Babcock & Wilcox Enterprises Reports First Quarter 2021 Results

•Strong First Quarter With Year-Over-Year Improvements Across Revenue, Net Income, Adjusted EBITDA

- Revenues of $168.2 million, a 13.3% improvement compared to first quarter 2020

- Net loss of $15.5 million, compared to net loss of $31.5 million in first quarter 2020

- Loss per share of $0.22, compared to loss per share of $0.68 in first quarter 2020

- Consolidated adjusted EBITDA of $8.5 million, compared to $1.0 million in first quarter 2020

- Positive adjusted EBITDA reported by all segments

- Strong bookings of $169 million

- Reduced minimum required pension funding contributions by $26 million, in addition to the $107 million reduction previously disclosed

(AKRON, Ohio – May 13, 2021) – Babcock & Wilcox Enterprises, Inc. ("B&W" or the "Company") (NYSE: BW) announced results for the first quarter of 2021.

"Our results for the first quarter of 2021 reflect the ongoing strength of our turnaround efforts including cost reductions and growth strategies, and put us in a strong position to achieve our adjusted EBITDA targets of $70-$80 million and $95-$105 million, in 2021 and 2022, respectively1," said Kenneth Young, B&W's Chairman and Chief Executive Officer. "With all segments generating positive adjusted EBITDA, we ended the first quarter well, with $169 million in bookings and $535 million in backlog at March 31, 2021, despite continued adverse effects of COVID-19 across our segments. Combined with our strategic actions in the last year, including launching new segments, expanding internationally, implementing additional cost savings initiatives, reducing our secured debt and focusing on smaller projects, we have positioned the Company to leverage market demands while preserving cost structure flexibility."

"As we pursue a robust pipeline of more than $5 billion of identified project opportunities over the next three years, our leading-edge waste-to-energy and carbon capture technologies are well-positioned to meet the critical global demand for carbon dioxide and methane reductions," Young continued. "We are seeing increased interest in our advanced carbon capture solutions across various industries and utilities globally, including our technology with the potential to capture carbon while simultaneously producing hydrogen."

"We are also seeing a significant number of attractive targets for investments or acquisitions in both emerging technology and mature markets, including small add-ons and transformative opportunities," Young added. "We are establishing capital-raising mechanisms to enable us to pursue such opportunities as they arise, including our $150 million at-the-market ("ATM") senior note offering that commenced on

1 The most comparable GAAP financial measure is not available without unreasonable effort.

April 1, 2021, our $350 million universal shelf registration statement declared effective on April 30, 2021, and our recent $100 million preferred stock offering under the shelf registration statement which closed on May 7, 2021. We are focused on opportunities that generate strong cash flow, leverage the strength of our proven management team to improve margins and generate synergies, or expand our clean energy technology portfolio, all of which we expect to drive shareholder value."

Q1 2021 Financial Summary

Consolidated revenues in the first quarter of 2021 were $168.2 million, a 13% improvement compared to the first quarter of 2020, primarily due to a higher level of construction activity in the quarter. Revenues in all segments were adversely impacted by COVID-19 as customers delayed projects and travel restrictions limited the ability of the Company's workforce to be at job sites. The GAAP operating loss in the first quarter of 2021 improved to an operating loss of $6.5 million, inclusive of restructuring and settlement costs and advisory fees of $4.3 million, compared to an operating loss of $10.3 million in the first quarter of 2020. The improvement was primarily due to the higher construction volume as described above, improved project execution and the benefits of cost savings and restructuring initiatives. Adjusted EBITDA was $8.5 million compared to $1.0 million in the first quarter of 2020. Bookings in the first quarter of 2021 were $169.0 million, with backlog of $535 million at March 31, 2021. 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, as well as to adjusted gross profit for the Company's segments, are provided in the exhibits to this release.

Babcock & Wilcox Renewable segment revenues were $28.8 million for the first quarter of 2021, compared to $36.0 million in the first quarter of 2020. The decline in revenue was primarily due to project delays and a lower level of activity due to the adverse effects of COVID-19. Adjusted EBITDA in the quarter improved to $0.2 million compared to negative $1.4 million in the first quarter of 2020, primarily due to the benefits of cost savings and restructuring initiatives and favorable product mix in the parts business, which more than offset the decrease in volume. Adjusted gross profit of $6.9 million in the quarter was flat compared to the prior-year quarter; gross profit margin improved to 23.9% in the first quarter of 2021, compared to 19.2% in the first quarter of 2020 as a result of favorable product mix and the benefits of cost savings initiatives.

Babcock & Wilcox Environmental segment revenues were $31.2 million in the first quarter of 2021, an increase of 20% compared to $25.9 million in the first quarter of 2020, primarily due to higher service and project activity. Adjusted EBITDA was $1.1 million, compared to $0.3 million in the same period last year, primarily driven by the higher volume and the benefits of cost savings and restructuring initiatives, partially offset by unfavorable mix in the parts business. Adjusted gross profit was $5.9 million in the first quarter of 2021, compared to $5.3 million in the prior-year period.

Babcock & Wilcox Thermal segment revenues were $108.3 million in the first quarter of 2021, an increase of 25% compared to $86.7 million in the prior-year period, primarily due to a higher level of activity on construction projects in the first quarter of 2021. Adjusted EBITDA in the first quarter of 2021 was $10.4 million, an increase of 37.1% compared to $7.6 million in last year's quarter, primarily due to the increase in volume as described above, favorable project execution and the benefits of cost savings and restructuring initiatives; adjusted EBITDA margin was 9.6% in the quarter compared to 8.8% in the same period last year. Adjusted gross profit in the first quarter of 2021 improved to $25.3 million, compared to $23.2 million in the prior-year period, primarily due to the increase in volume.

The global COVID-19 pandemic has disrupted business operations, trade, commerce, financial and credit markets, and daily life throughout the world. The Company's business has been, and continues to be, adversely impacted by the measures taken and restrictions imposed in the countries in which it operates and by local governments and others to control the spread of this virus. These measures and restrictions have varied widely and have been subject to significant changes from time to time depending on the changes in the severity of the virus in these countries and localities. These restrictions, including travel and curtailment of other activity, negatively impact the Company's ability to conduct business. The volatility and variability of the virus has limited the Company's ability to forecast the impact of the virus on its customers and its business. The continuing resurgence of COVID-19, including at least one new strain thereof, has resulted in the reimposition of certain restrictions and may lead to other restrictions being implemented in response to efforts to reduce the spread of the virus. These varying and changing events have caused many of the projects the Company had anticipated would begin in 2020 to be delayed into 2021 and beyond. Many customers and projects require B&W's employees to travel to customer and project worksites. Certain customers and significant projects are located in areas where travel restrictions have been imposed, certain customers have closed or reduced on-site activities, and timelines for completion of certain projects have, as noted above, been extended into 2021 and beyond. Additionally, out of concern for the Company's employees, even where restrictions permit employees to return to its offices and worksites, the Company has incurred additional costs to protect its employees as well as advising those who are uncomfortable returning to worksites due to the pandemic that they are not required to do so for an indefinite period of time. The resulting uncertainty concerning, among other things, the spread and economic impact of the virus has also caused significant volatility and, at times, illiquidity in global equity and credit markets. The full extent of the COVID-19 impact on the Company's operational and financial performance will depend on future developments, including the ultimate duration and spread of the pandemic and related actions taken by the U.S. government, state and local government officials, and international governments to prevent disease spread, as well as the availability and effectiveness of COVID-19 vaccinations in the U.S. and abroad, all of which are uncertain, out of the Company's control, and cannot be predicted.

Liquidity and Balance Sheet

As previously disclosed, on February 12, 2021 the Company closed an underwritten public offering of 29,487,180 shares of common stock for gross proceeds of approximately $172.5 million. On February 12, 2021 the Company also closed an underwritten public offering of $125.0 million aggregate principal amount of 8.125% senior notes due 2026. In addition to these public offerings, B. Riley Financial, Inc. exchanged $35 million of its existing Tranche A term loan for $35 million principal amount of senior notes in a concurrent private offering, and the interest rate on the remaining Tranche A term loan balance was reduced to an interest rate of 6.625%, compared to its prior rate of 12%. These two offerings resulted in net proceeds of approximately $283 million after deducting underwriting discounts and commissions, but before expenses.

On February 16, 2021, the Company prepaid $167.1 million towards the outstanding revolving credit facility, reducing the outstanding borrowing balance to zero.

On March 4, 2021, the Company amended its Credit Agreement to, among other things, reduce its revolving borrowing availability to zero and its letter of credit availability to $130 million. On March 4, 2021 the Company also paid $21.8 million of accrued and deferred bank fees and $75 million towards its existing Tranche A last out term loan.

At March 31, 2021, the Company had total gross debt of $233.3 million and an unrestricted cash balance of $53.8 million.

On March 31, 2021, the Company entered into an at-the-market ("ATM") sales agreement with B. Riley Securities, Inc. in which the Company may sell, from time to time, up to an aggregated principal amount of $150 million of 8.125% senior notes due 2026 to or through B. Riley Securities, Inc. As of May 10, 2021, the Company has received $10.7 million of net cash proceeds after commission and fees through this ATM agreement.

As previously disclosed, on May 7, 2021 the Company closed an underwritten registered public offering of 4,000,000 shares of its 7.75% Series A Cumulative Perpetual Preferred Stock, par value $0.01 per share with a liquidation preference of $25.00 per share (the “Preferred Stock”), at an offering price of $25.00, for gross proceeds of approximately $100 million before deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. The offering resulted in net proceeds of approximately $95.7 million after deducting underwriting discounts and commissions, but before expenses. The Company granted the underwriters a 30-day option to purchase up to an additional 600,000 shares of the Preferred Stock in connection with the offering, which option remains in effect. On May 10, 2021, the Company amended its Credit Agreement to, among other things, permit payment of dividends on the Preferred Stock and permit certain future issuances of Preferred Stock to B. Riley in exchange for deemed prepayment of amounts outstanding under the Credit Agreement.

Taking into account the effect of the ATM net proceeds as of May 10, 2021 and the net proceeds from the preferred stock offering closed on May 7, 2021, pro-forma total gross debt and unrestricted cash at March 31, 2021 would be $243.9 million and $160.2 million, respectively.

In addition, as previously disclosed, based on the performance of the Company's domestic qualified pension plan and as a result of the passage of the U.S. American Rescue Plan Act, the minimum required funding contributions through 2026 have been reduced by $133 million, compared to the Company's previous expectation for the period from 2021 to 2026. The current total minimum required funding contribution from 2021 to 2026 is approximately $9 million, of which approximately $5.5 million was paid in the first quarter of 2021; the remainder is expected to be paid in 2022. These numbers are subject to change with the performance of the pension fund investments.

Cost Savings Measures Continuing

In addition to the $127 million of cost savings initiatives previously disclosed, the Company implemented approximately $6 million of additional cost savings initiatives in the first quarter of 2021, for a total of $133 million. The Company has also identified an incremental $8.4 million of cost savings actions expected to be implemented during the remainder of 2021.

Earnings Call Information

B&W plans to host a conference call and webcast on Thursday, May 13, 2021 at 8 a.m. ET to discuss the Company’s first quarter 2021 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) 227-5843; the dial-in number for participants outside the U.S. is (647) 689-4070. The conference ID for all participants is 2970079. 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. As previously disclosed, the Company changed its reportable segments in 2020 and has recast prior period results to account for this change. Additionally, the Company redefined its definition of adjusted EBITDA to eliminate the effects of certain items including the loss from a non-strategic business, interest on letters of credit included in cost of operations and loss on business held for sale. Prior period results have been revised to conform with the revised definition and present separate reconciling items in our reconciliation.

This release presents adjusted gross profit for each business segment and adjusted EBITDA, which are non-GAAP financial measures. Adjusted EBITDA on a consolidated basis is 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, tax, depreciation and amortization adjusted for items such as gains or losses on asset sales, mark to market ("MTM") pension adjustments, restructuring and spin costs, impairments, losses on debt extinguishment, costs related to financial consulting required under the U.S. Revolving Credit Facility and other costs that may not be directly controllable by segment management and are not allocated to the segment. The Company presented 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. This release also presents certain targets for our 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 due to the aspirational nature of these targets.

This release also presents adjusted gross profit by segment. The Company believes that adjusted gross profit by segment is useful to investors to help facilitate comparisons of the ongoing, operating performance of the segments by excluding expenses related to, among other things, activities related to the spin-off, activities related to various restructuring activities the Company has undertaken, corporate overhead (such as SG&A expenses and research and development costs) and certain non-cash expenses such as intangible amortization and goodwill impairments that are not allocated by segment.

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 the release are forward-looking statements. You should not place undue reliance on these statements. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things, the impact of COVID-19 on the Company, the capital markets and global economic climate generally; the Company’s recognition of any asset impairments as a result of any decline in the value of its assets or efforts to dispose of any assets in the future; the Company’s ability to obtain and maintain sufficient financing to provide liquidity to meet its business objectives, surety bonds, letters of credit and similar financing; the Company’s ability to comply with the requirements of, and to service the indebtedness under, the Company’s A&R Credit Agreement; the highly competitive nature of the Company’s businesses and ability to win work, including identified project opportunities in the pipeline; general economic and business conditions, including changes in interest rates and currency exchange rates; cancellations of and adjustments to backlog and the resulting impact from using backlog as an indicator of future earnings; the Company’s ability to perform contracts on time and on budget, in accordance with the schedules and terms established by the applicable contracts with customers; failure by third-party subcontractors, partners or suppliers to perform their obligations on time and as specified; the Company’s ability to successfully resolve claims by vendors for goods and services provided and claims by customers for items under warranty; the Company’s ability to realize anticipated savings and operational benefits from its restructuring plans, and other cost-savings initiatives; the Company’s ability to successfully address productivity and schedule issues in its B&W Renewable, B&W Environmental and B&W Thermal segments, including the ability to complete its B&W Renewable's European EPC projects and B&W Environmental's U.S. loss projects within the expected time frame and the estimated costs; the Company’s ability to successfully partner with third parties to win and execute contracts within its B&W Renewable, B&W Environmental and B&W Thermal segments; changes in the Company’s effective tax rate and tax positions, including any limitation on its ability to use its net operating loss carryforwards and other tax assets; the Company’s ability to successfully manage research and development projects and costs, including its efforts to successfully develop and commercialize new technologies and products; the operating risks normally incident to its lines of business, including professional liability, product liability, warranty and other claims against the Company; difficulties the Company may encounter in obtaining regulatory or other necessary permits or approvals; changes in actuarial assumptions and market fluctuations that affect its net pension liabilities and income; the Company’s ability to successfully compete with current and future competitors; the Company’s ability to negotiate and maintain good relationships with labor unions; changes in pension and medical expenses associated with its retirement benefit programs; social, political, competitive and economic situations in foreign countries where it does business or seeks new business; 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 the Company’s most recent annual report on Form 10-K and its quarterly report on Form 10-Q for the quarter ended March 31, 2021.

These forward-looking statements are made based upon detailed assumptions and reflect management’s current expectations and beliefs. While the Company believes that these assumptions underlying the forward-looking statements are reasonable, the Company cautions that it is very difficult to predict the impact of known factors, and it is impossible for the Company to anticipate all factors that could affect actual results. The forward-looking statements included herein are made only as of the date hereof. The Company undertakes 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
Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises is a global leader in energy and environmental technologies and services for the power and industrial markets. Follow B&W on LinkedIn and learn more at www.babcock.com.

# # #


Investor Contact:			Media Contact:
Megan Wilson			Ryan Cornell
Vice President, Corporate Development & Investor Relations			Public Relations
Babcock & Wilcox Enterprises			Babcock & Wilcox Enterprises
704.625.4944 \| investors@babcock.com			330.860.1345 \| rscornell@babcock.com

Babcock & Wilcox Enterprises, Inc.

Condensed Consolidated Statements of Operations(1)

(In millions, except per share amounts)


	Three months ended March 31,
	2021		2020
Revenues	$	168.2	$	148.6
Costs and expenses:
Cost of operations	131.4		114.6
Selling, general and administrative expenses	40.5		37.6
Advisory fees and settlement costs	3.3		4.2
Restructuring activities	1.0		2.0
Research and development costs	0.6		1.3
Gain on asset disposals, net	(2.0)		(0.9)
Total costs and expenses	174.7		158.9
Operating loss	(6.5)		(10.3)
Other (expense) income:
Interest expense	(14.2)		(22.1)
Interest income	0.1		—
Gain on sale of business	0.4		—
Benefit plans, net	9.1		7.5
Foreign exchange	(1.2)		(9.3)
Other – net	(0.3)		(0.2)
Total other expense	(6.1)		(24.0)
Loss before income tax expense (benefit)	(12.6)		(34.3)
Income tax expense (benefit)	2.8		(0.8)
Loss from continuing operations	(15.4)		(33.5)
Income from discontinued operations, net of tax	—		1.9
Net loss	(15.4)		(31.6)
Net (income) loss attributable to non-controlling interest	—		0.1
Net loss attributable to stockholders	$	(15.5)	$	(31.5)

Basic and diluted loss per share - continuing operations	$	(0.22)	$	(0.72)
Basic and diluted earnings per share - discontinued operations	—		0.04
Basic and diluted loss per share	$	(0.22)	$	(0.68)

Shares used in the computation of earnings per share:
Basic and diluted	71.4		46.4

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

Babcock & Wilcox Enterprises, Inc.

Condensed Consolidated Balance Sheets(1)


(In millions, except per share amount)	March 31, 2021		December 31, 2020
Cash and cash equivalents	$	53.8	$	57.3
Restricted cash and cash equivalents	4.6		10.1
Accounts receivable – trade, net	144.1		128.3
Accounts receivable – other	30.7		35.4
Contracts in progress	66.2		59.3
Inventories	67.9		67.2
Other current assets	24.0		26.4
Current assets held for sale	—		4.7
Total current assets	391.4		388.8
Net property, plant and equipment, and finance lease	85.8		85.1
Goodwill	47.4		47.4
Intangible assets	22.2		23.9
Right-of-use assets	9.5		10.8
Other assets	24.2		24.7
Non-current assets held for sale	1.9		11.2
Total assets	$	582.4	$	591.8

Accounts payable	$	78.5	$	73.5
Accrued employee benefits	13.7		13.9
Advance billings on contracts	81.8		64.0
Accrued warranty expense	19.5		25.4
Operating lease liabilities	3.6		4.0
Other accrued liabilities	70.6		81.7
Current liabilities held for sale	—		8.3
Total current liabilities	267.7		270.8
Revolving credit facilities	—		164.3
Last out term loans	73.3		183.3
Senior notes	155.5		—
Pension and other accumulated postretirement benefit liabilities	219.3		252.3
Non-current finance lease liabilities	33.2		29.7
Non-current operating lease liabilities	6.1		7.0
Other non-current liabilities	22.7		22.6
Total liabilities	777.8		930.1
Commitments and contingencies
Stockholders' deficit:
Common stock, par value $0.01 per share, authorized shares of 500,000; issued and outstanding shares of 85,664 and 54,452 at March 31, 2021 and December 31, 2020, respectively	5.1		4.8
Capital in excess of par value	1,330.1		1,164.4
Treasury stock at cost, 1,214 and 718 shares at March 31, 2021 and December 31, 2020, respectively	(109.3)		(106.0)
Accumulated deficit	(1,365.7)		(1,350.2)
Accumulated other comprehensive income (loss)	(56.8)		(52.4)
Stockholders' deficit attributable to shareholders	(196.5)		(339.4)
Non-controlling interest	1.1		1.1
Total stockholders' deficit	(195.4)		(338.3)
Total liabilities and stockholders' deficit	$	582.4	$	591.8

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

Babcock & Wilcox Enterprises, Inc.

Condensed Consolidated Statements of Cash Flows(1)


(In millions)	Three months ended March 31,
	2021		2020
Cash flows from operating activities:
Net loss	$	(15.4)	$	(31.6)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization of long-lived assets	4.1		4.2
Amortization of deferred financing costs, debt discount and payment-in-kind interest	5.8		9.9
Amortization of guaranty fee	0.5		—
Non-cash operating lease expense	1.1		1.2
Gain on sale of business	(0.4)		—
Gains on asset disposals	(2.0)		(0.9)
Provision for (benefit from) deferred income taxes, including valuation allowances	1.6		(0.4)
Prior service cost amortization for pension and postretirement plans	0.2		(0.2)
Stock-based compensation, net of associated income taxes	4.5		0.9
Foreign exchange	1.2		9.3
Changes in assets and liabilities:
Accounts receivable	(11.6)		10.6
Contracts in progress	(6.9)		7.7
Advance billings on contracts	18.2		(7.3)
Inventories	(1.9)		1.3
Income taxes	(1.9)		(1.9)
Accounts payable	6.2		(26.5)
Accrued and other current liabilities	(17.1)		6.1
Accrued contract loss	(0.1)		(2.6)
Pension liabilities, accrued postretirement benefits and employee benefits	(33.6)		(10.3)
Other, net	(6.3)		(4.9)
Net cash used in operating activities	(54.0)		(35.5)
Cash flows from investing activities:
Purchase of property, plant and equipment	(1.4)		(2.4)
Proceeds from sale of business and assets, net	3.3		—
Purchases of available-for-sale securities	(3.4)		(6.4)
Sales and maturities of available-for-sale securities	5.5		3.4
Other, net	0.5		0.8
Net cash from (used in) investing activities	4.5		(4.5)
Cash flows from financing activities:
Borrowings under our U.S. revolving credit facility	14.5		70.2
Repayments of our U.S. revolving credit facility	(178.8)		(64.2)
Borrowings under last out term loans	—		30.0
Repayments under last out term loans	(75.0)		—
Issuance of senior notes	125.0		—
Shares of our common stock returned to treasury stock	(3.3)		—
Issuance of common stock, net	161.5		—
Debt issuance costs	(7.7)		(5.7)
Other, net	(0.2)		0.6
Net cash from financing activities	35.9		30.8
Effects of exchange rate changes on cash	4.5		(1.4)
Net decrease in cash, cash equivalents and restricted cash	(9.0)		(10.6)
Cash, cash equivalents and restricted cash, beginning of period	67.4		56.9
Cash, cash equivalents and restricted cash, end of period	$	58.4	$	46.4

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

Babcock & Wilcox Enterprises, Inc.

Segment Information(1)


SEGMENT RESULTS	Three months ended March 31,
	2021		2020
REVENUES:
Babcock & Wilcox Renewable	$	28.8	$	36.0
Babcock & Wilcox Environmental	31.2		25.9
Babcock & Wilcox Thermal	108.3		86.7
Other	—		—
	$	168.2	$	148.6

ADJUSTED EBITDA:(2)
Babcock & Wilcox Renewable	$	0.2	$	(1.4)
Babcock & Wilcox Environmental	1.1		0.3
Babcock & Wilcox Thermal	10.4		7.6
Corporate	(2.7)		(4.1)
Research and development costs	(0.6)		(1.3)
	$	8.5	$	1.0

AMORTIZATION EXPENSE:
Babcock & Wilcox Renewable (3)	$	0.1	$	0.2
Babcock & Wilcox Environmental	0.8		0.8
Babcock & Wilcox Thermal (3)	0.4		0.5
	$	1.4	$	1.4

DEPRECIATION EXPENSE:
Babcock & Wilcox Renewable	$	0.7	$	0.8
Babcock & Wilcox Environmental	0.4		0.4
Babcock & Wilcox Thermal	1.5		1.5
Corporate	—		—
	$	2.7	$	2.8

	As of March 31,
BACKLOG:	2021		2020
Babcock & Wilcox Renewable (4)	$	215	$	224
Babcock & Wilcox Environmental	118		100
Babcock & Wilcox Thermal	206		183
Other/Eliminations	(4)		(6)
	$	535	$	501

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

(2) Adjusted EBITDA for the three months ended March 31, 2020, excludes losses related to a non-strategic business and interest on letters of credit included in cost of operations that were previously included in Adjusted EBITDA and total $(0.1) million and $(0.2) million, respectively.

(3) Amortization expense in the Babcock & Wilcox Renewable and Babcock & Wilcox Thermal segments include $0.1 million and $0.4 million in finance lease amortization for the three months ended March 31, 2021, respectively. Amortization expense in the Babcock & Wilcox Renewable and Babcock & Wilcox Thermal segments include $0.1 million and $0.4 million in finance lease amortization for the three months ended March 31, 2020, respectively.

(4) Babcock & Wilcox Renewable backlog at March 31, 2021, includes $164.0 million related to long-term operation and maintenance contracts for renewable energy plants, with remaining durations extending until 2034. Generally, such contracts have a duration of 10-20 years and include options to extend.

Babcock & Wilcox Enterprises, Inc.

Reconciliation of Adjusted EBITDA(2)


	Three months ended March 31,
	2021		2020
Adjusted EBITDA (1)
B&W Renewable segment	$	0.2	$	(1.4)
B&W Environmental segment	1.1		0.3
B&W Thermal segment	10.4		7.6
Corporate	(2.7)		(4.1)
Research and development costs	(0.6)		(1.3)
	8.5		1.0

Restructuring activities	(1.0)		(2.0)
Financial advisory services	(0.9)		(0.9)
Advisory fees for settlement costs and liquidity planning	(2.0)		(2.6)
Litigation legal costs	(0.4)		(0.7)
Stock compensation	(7.8)		(0.7)
Interest on letters of credit included in cost of operations	(0.3)		(0.2)
Loss from business held for sale	(0.5)		(0.8)
Depreciation & amortization	(4.1)		(4.2)
Gain (loss) from a non-strategic business	—		(0.1)
Gain on asset disposals, net	2.0		0.9
Operating loss	(6.5)		(10.3)
Interest expense, net	(14.1)		(22.1)
Gain on sale of business	0.4		—
Net pension benefit	9.1		7.5
Foreign exchange	(1.2)		(9.3)
Other – net	(0.3)		(0.2)
Total other income (expense)	(6.1)		(24.0)
Loss before income tax (benefit) expense	(12.6)		(34.3)
Income tax (benefit) expense	2.8		(0.8)
Loss from continuing operations	(15.4)		(33.5)
Income from discontinued operations, net of tax	—		1.9
Net loss	(15.4)		(31.6)
Net (income) loss attributable to non-controlling interest	—		0.1
Net loss attributable to stockholders	$	(15.5)	$	(31.5)

(1) Adjusted EBITDA for the three months ended March 31, 2020, excludes losses related to a non-strategic business and interest on letters of credit included in cost of operations that were previously included in Adjusted EBITDA and total $(0.1) million and $(0.2) million, respectively.

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

Babcock & Wilcox Enterprises, Inc.

Reconciliation of Adjusted Gross Profit(3)


	Three months ended March 31,
	2021		2020
Adjusted gross profit (1)(2)
Operating loss	$	(6.5)	$	(10.3)
Selling, general and administrative ("SG&A") expenses	40.4		37.5
Advisory fees and settlement costs	3.3		4.2
Amortization expense	1.4		1.4
Restructuring activities	1.0		2.0
Research and development costs	0.6		1.3
(Gain) loss from a non-strategic business	—		0.1
Gains on asset disposals, net	(2.0)		(0.9)
Adjusted gross profit	$	38.2	$	35.4

Adjusted gross profit by segment is as follows:


	Three months ended March 31,
	2021		2020
Adjusted gross profit (1)(2)
B&W Renewable segment	$	6.9	$	6.9
B&W Environmental segment	5.9		5.3
B&W Thermal segment	25.3		23.2
Adjusted gross profit	$	38.2	$	35.4

(1) Amortization is not allocated to the segments' adjusted gross profit, but depreciation is allocated to the segments' adjusted gross profit.

(2) Adjusted gross profit for the three months ended March 31, 2020, excludes losses related to a non-strategic business that was previously included in Adjusted gross profit and totals $(0.1) million

(3) 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 .© 2021 Babcock & Wilcox Enterprises, Inc. All rights reserved. 2 B&W Enterprises cautions that this presentation contains forward-looking statements, including, without limitation, statements relating to adjusted EBITDA and sales targets, expectations regarding future growth, expansion and profitability, 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, the impact of COVID-19 on us and the capital markets and global economic climate generally; our recognition of any asset impairments as a result of any decline in the value of our assets or our efforts to dispose of any assets in the future; our ability to obtain and maintain sufficient financing to provide liquidity to meet our business objectives, surety bonds, letters of credit and similar financing; our ability to comply with the requirements of, and to service the indebtedness under, our credit agreement as amended and restated (the "A&R" Credit Agreement”); the highly competitive nature of our businesses and our ability to win work, including identified project opportunities in our pipeline; general economic and business conditions, including changes in interest rates and currency exchange rates; cancellations of and adjustments to backlog and the resulting impact from using backlog as an indicator of future earnings; our ability to perform contracts on time and on budget, in accordance with the schedules and terms established by the applicable contracts with customers; failure by third-party subcontractors, partners or suppliers to perform their obligations on time and as specified; our ability to successfully resolve claims by vendors for goods and services provided and claims by customers for items under warranty; our ability to realize anticipated savings and operational benefits from our restructuring plans, and other cost-savings initiatives; our ability to successfully address productivity and schedule issues in our B&W Renewable, B&W Environmental and B&W Thermal segments, including the ability to complete our B&W Renewable's European EPC projects and B&W Environmental's U.S. loss projects within the expected time frame and the estimated costs; our ability to successfully partner with third parties to win and execute contracts within our B&W Renewable, B&W Environmental and B&W Thermal segments; changes in our effective tax rate and tax positions, including any limitation on our ability to use our net operating loss carryforwards and other tax assets; our ability to maintain operational support for our information systems against service outages and data corruption, as well as protection against cyber-based network security breaches and theft of data; our ability to protect our intellectual property and renew licenses to use intellectual property of third parties; our use of the percentage-of-completion method of accounting to recognize revenue over time; our ability to successfully manage research and development projects and costs, including our efforts to successfully develop and commercialize new technologies and products; the operating risks normally incident to our lines of business, including professional liability, product liability, warranty and other claims against us; changes in, or our failure or inability to comply with, laws and government regulations; actual or anticipated changes in governmental regulation, including trade and tariff policies; difficulties we may encounter in obtaining regulatory or other necessary permits or approvals; changes in, and liabilities relating to, existing or future environmental regulatory matters; changes in actuarial assumptions and market fluctuations that affect our net pension liabilities and income; potential violations of the Foreign Corrupt Practices Act; our ability to successfully compete with current and future competitors; the loss of key personnel and the continued availability of qualified personnel; our ability to negotiate and maintain good relationships with labor unions; changes in pension and medical expenses associated with our retirement benefit programs; social, political, competitive and economic situations in foreign countries where we do business or seek new business; the possibilities of war, other armed conflicts or terrorist attacks; the willingness of customers and suppliers to continue to do business with us on reasonable terms and conditions; our ability to successfully consummate strategic alternatives for non-core assets, if we determine to pursue them; 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, 2020 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 under the captions "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 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 This presentation contains information regarding our adjusted EBITDA (including calculated on a pro forma basis to show the effect of certain changes in our operations and strategic focus going forward) and adjusted gross profit, which are non GAAP financial measures. Adjusted EBITDA on a consolidated basis is defined as the sum of the adjusted EBITDA for each of the segments, plus allocations to corporate and research and development costs. At a segment level, adjusted EBITDA 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, tax, depreciation and amortization adjusted for items such as gains or losses on asset sales, mark to market ("MTM") pension adjustments, restructuring and spin costs, impairments, losses on debt extinguishment, costs related to financial consulting required under the U.S. Revolving Credit Facility 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 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. This presentation also presents adjusted gross profit. We believe that adjusted gross profit by segment is useful to investors to help facilitate comparisons of the ongoing, operating performance by excluding expenses related to, among other things, activities related to the spin off, activities related to various restructuring activities we have undertaken, corporate overhead (such as SG&A expenses and research and development costs) and certain non-cash expenses such as intangible amortization and goodwill impairments. Safe Harbor Statement

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 .© 2021 Babcock & Wilcox Enterprises, Inc. All rights reserved. 3 Executive Summary B&W's transformation is gaining momentum, with new branding and a global expansion underway to pursue more than $5 billion in identified project opportunities in high-growth markets over the next three years. B&W is pursuing a further expansion of its clean energy portfolio through innovation and acquisition. B&W is executing a robust growth strategy after: • Recovering from losses related to several expanded-scope projects, returning to its core technology and delivery model • Implementing $133 million in cost savings initiatives, with another $8 million identified, and • Common stock and senior notes offerings in February 2021 to paydown debt and support clean energy growth initiatives Babcock & Wilcox provides high-quality, innovative renewable, environmental and thermal technologies and has served critical power generation and industrial applications for more than 150 years. 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 including, without limitation, the impact of COVID-19 on us and the capital markets and global economic climate generally. We undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law. Advancing energy and environmental solutions that bring power and progress to our world Strong Global Brand After achieving ~$53 million in adjusted EBITDA in the 12 months ended March 31, 2021, B&W is targeting1: • FY2021 adjusted EBITDA of $70-$80 million • FY2022 adjusted EBITDA of $95-$105 million Recent debt paydowns and reduced required pension contributions are expected to save more than $40 million annually in interest and pension funding cash expenses on a pro forma basis. Executing a Transformation Positioned for Growth Building Toward the Future (1) The most comparable GAAP target information is not available without unreasonable effort; based on Q1 2021 results

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 .© 2021 Babcock & Wilcox Enterprises, Inc. All rights reserved. 4 The next generation Babcock & Wilcox is providing innovative environmental and renewable solutions, generating recurring revenues from a broad thermal installed base and expanding globally Next Generation B&W Global Brand Equity A Circular Economy For our economy and future generations, we continually develop ecologically sound ways of recycling resources, like biomass and waste, to create clean, renewable baseload power while reducing greenhouse gas emissions. The Clear Choice for Our Climate As an industry leader in providing advanced air emissions control and energy recovery equipment and technologies, our engineered solutions are designed to reduce the environmental impact of industrial processes. Efficient. Safe. Reliable. From the initial patent for the water-tube safety boiler to the world’s first supercritical boiler to technologies using the latest advanced steam cycles, our robust thermal energy designs deliver availability and long-term operation. B&W FOUNDATION DRIVES GROWTH STRATEGY Research & Innovation Vast Installed Base Advanced Technologies High-Growth End Markets

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 .© 2021 Babcock & Wilcox Enterprises, Inc. All rights reserved. 5 Waste-to-energy and biomass-to-energy baseload power, chemical recovery boilers for pulp & paper, multi-fuel technology, Dynagrate® and vibrating combustion grates Technologies for Renewable Power & Resource Recovery Emissions controls, ash handling systems for bottom and fly ash, submerged grind conveyors, wet, dry and hybrid cooling systems, carbon capture Technologies for a Clean Environment Boilers, ancillary equipment and global aftermarket parts, service and upgrade offerings to effectively utilize a wide range of fuels for power or industrial applications Technologies for Efficient Steam Generation Delivering value to our customers through technology-driven products and services, with 1200 active patents worldwide Continual product improvement and research and development to support future needs, including carbon capture What We Do ENVIRONMENTAL THERMAL RENEWABLE

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 .© 2021 Babcock & Wilcox Enterprises, Inc. All rights reserved. 6 A vast global installation of B&W’s core technologies at utility and industrial plants, renewable plants and pulp & paper facilities create a large growth opportunity for parts, services and retrofits Installed & Proven Technologies Nearly 2,000 cooling system units (7,000+ cells) across the globe ~110 GW of baseload power generation capacity through ~330 operating fossil fuel boiler units in the U.S. ~180 operating utility and industrial boiler units across 38 countries outside of North America (excluding waste-to-energy and biomass) More than 500 waste-to-energy and biomass-to-energy units at more than 300 facilities in more than 30 countries, serving a wide range of utility, waste management, municipality and investment firm customers Key patented ADIOX® and MERCOX™ flue gas environmental technology installed in more than 120 plants Combined installed capacity of our WtE technology is more than 48 million tons of waste per year and more than 5 GW of electricity from our BtE technology More than 5,000 industrial water-tube package boilers installed in a variety of facilities, including refining, petro- chemical, food processing, metals and mining composite and carbon fiber, carbon black and wood products Large installed base of wet and dry scrubbers to meet environmental regulations and technologies to improve ESP performance at a wide range of utility and industrial installations ~90 pulp and paper recovery boiler units in North America; at nearly 50%, the largest installed base among OEMs

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 .© 2021 Babcock & Wilcox Enterprises, Inc. All rights reserved. 7 Company Profile Babcock & Wilcox is a global leader in advanced environmental, renewable and thermal technologies and services for power and industrial applications. B&W Renewable Power Generation 50% Industrial 50% Aftermarket & Upgrades 22% Parts & Services 75% North America 40% Europe 50% Asia & Other 10% New Build 3% Industrial 37% Power Generation 63% Aftermarket & Upgrades 34% Parts & Services 53% North America 62% Europe 19% New Build 13% Asia & Other 19% Headquarters: Akron OH, USA Founded: 1867 Ownership: Public (NYSE:BW) LTM Q1 2021 Revenue: $586M Employees: ~2,100 Corporate Snapshot 25% Note: All charts based on LTM March 31, 2021 revenues, unless otherwise noted. 19% 56% Consolidated B&W Thermal Industrial 27% Power Generation 73% Aftermarket & Upgrades 41% Parts & Services 48% North America 79% Europe 2% Asia & Other 19% New Build 11% B&W Environmental Industrial 47% Power Generation 53% Aftermarket & Upgrades 27% Parts & Services 42% North America 40% Europe 30% New Build 31% Asia & Other 30%

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 .© 2021 Babcock & Wilcox Enterprises, Inc. All rights reserved. 8 30-40% 20-25% 35-45% Global Expansion Europe More than $7B 2021-2023 Addressable Market Americas More than $8B 2021-2023 Addressable Market Middle East & Africa More than $4B 2021-2023 Addressable Market Asia-Pacific More than $8B 2021-2023 Addressable Market Manufacturing Service Facilities Construction Sales/Support Future Sales/Support Sales Reps Future Sales Reps Future Service Facilities Americas APAC Europe ME/A $402 $198 $75 $307 $ M IL LI O N S Americas APAC Europe ME/A $465 $684 $714 $326 $ M IL LI O N S Americas APAC Europe ME/A $1204 $349 $24 $435 $ M IL LI O N S B&W RENEWABLE B&W ENVIRONMENTAL B&W THERMAL 3- Ye ar P ip el in e Global footprint and ongoing expansion positions B&W to leverage market trends around the world 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 including, without limitation, the impact of COVID-19 on us and the capital markets and global economic climate generally. We undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law. Total pipeline more than $5B over the next 3 years excluding parts & services Target Revenue Split 2023

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 .© 2021 Babcock & Wilcox Enterprises, Inc. All rights reserved. 9 B&W is actively deploying technology today which curbs the global warming impact of methane B&W’s Waste-to-Energy Technology Reduces Methane Emissions  Methane has 84 times the Global Warming Potential (GWP) of CO2i  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 in the world (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 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 .© 2021 Babcock & Wilcox Enterprises, Inc. All rights reserved. 10  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 B&W’s Carbon Capture Technologies are Ready for Commercial Demonstration Oxy-Fuel Combustion RSAT™ Post-Combustion Chemical Looping B&W has successfully tested three carbon capture technologies applicable to a wide range of fuels and processes  Natural gas  Solid fuels (biomass, coal)FUELS:  Any combustion  Gasification  Coal  Pet coke  Pilot-scale testing complete (30 MWth)  168 MWe full- scale design ready  Jointly developed with The Ohio State University  Pilot testing complete on both syngas and coal at 250 kWth input  Ready for scale-up to 4 x 2.5 MWe  Post-combustion amine-based solvent process  Pilot testing complete  First solvent demonstrated at National Carbon Capture Center (NCCC) Southern Company’s Plant Gaston  Reference plant design ready  Industrial process that produces a flue gas stream with CO2 FUELS: FUELS:  Natural gas  Any syngas

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 .© 2021 Babcock & Wilcox Enterprises, Inc. All rights reserved. 12 *COVID-19 adversely impacted all segments in 2020 and Q1 2021; strategic actions in 2019 and 2020 provide the foundation for a strong 2021 and beyond Consolidated Financial Summary Note: 2020 results include the recognition in Q3 2020 of a $26.0 million loss recovery settlement related to certain historical EPC loss contracts; figures may not be clerically accurate due to rounding; see SEC financial filings and/or slides in Appendix for reconciliation of non-GAAP measures; COVID-19 adversely impacted all segments in 2020 and Q1 2021; during the year ended December 31, 2020, we redefined our definition of adjusted EBITDA to eliminate the effects of certain items including loss from a non-strategic business, interest on letters of credit included in cost of operations and loss on business held for sale. Consequently, adjusted EBITDA in prior periods have been revised to conform with the revised definition and present separate reconciling items in our reconciliation. ($ in Millions) Twelve Months Ended March 31, 2021* Twelve Months Ended December 31, 2020* Twelve Months Ended December 31, 2019 Revenue $ 586.0 $ 566.3 $ 859.1 Adjusted Gross Profit $ 176.4 $ 173.6 $ 169.5 Adjusted Gross Profit Margin % 30.1% 30.7% 19.7% Operating Income (Loss) $ 2.1 $ (1.7) $ (29.4) Adjusted EBITDA $ 52.6 $ 45.1 $ 45.0 Adjusted EBITDA Margin % 9.0% 8.0% 5.2%

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 .© 2021 Babcock & Wilcox Enterprises, Inc. All rights reserved. 13 Pro Forma Capital Structure Note: Figures may not be clerically accurate due to rounding. (1) Includes impact of $100M preferred stock offering net of estimated commissions and expenses. (2) Includes impact through May 10, 2021 of ATM sales agreement entered into on 3/31/21 in which BW may sell, from time to time, up to an aggregated principle amount of $150 million of 8.125% senior notes due 2026. Cash represents proceeds net of estimated commissions and expenses. (3) See SEC financial filings and/or slides in Appendix for reconciliation of non-GAAP measures. 2020 results include the recognition in the third quarter of a $26.0 million loss recovery settlement related to certain historical EPC loss contracts, as previously disclosed. Adjusted EBITDA for LTM as of 3/31/2021 is based on unaudited results for Q1 2021; 2020 Adjusted EBITDA excludes losses related to a non-strategic business, interest on letters of credit included in cost of operations and loss on business held for sale. (4) Targeted range for Adjusted EBITDA in 2021 previously disclosed by BW management; the most comparable GAAP target information is not available without unreasonable effort. (5) Net Debt compared to LTM 3/31/2021 Adjusted EBITDA (6) Net Debt compared to 2021 Target Adjusted EBITDA Range February 2021 common stock and senior note offerings reduced secured debt by $274 million and reduced future cash interest payments by approximately $16 million annually; combined with a reduction in required pension contributions, B&W expects savings of more than $40 million annually in cash expenses on a pro-forma basis ($ in Millions) As of Mar 31, 2021 Preferred Stock Offering (1) At-The-Market(2) ("ATM") Pro Forma Total (1) Capitalization: Total Debt $233.3 - $10.6 $243.9 Unrestricted Cash 53.8 95.7 10.7 160.2 Net Debt $179.5 ($95.7) ($0.1) $83.7 Adjusted EBITDA: LTM 3/31/2021 Adjusted EBITDA (3) 52.6 - 52.6 2021 Target Adjusted EBITDA Range (4) 70.0 - 80.0 - 70.0 - 80.0 Total Debt Leverage: Net Leverage (5) 3.4x - 1.6x Target Net Leverage Range (6) 2.2x - 2.6x - 1.0x - 1.2x

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 .© 2021 Babcock & Wilcox Enterprises, Inc. All rights reserved. 14 Executive Summary B&W's transformation is gaining momentum, with new branding and a global expansion underway to pursue more than $5 billion in identified project opportunities in high-growth markets over the next three years. B&W is pursuing a further expansion of its clean energy portfolio through innovation and acquisition. B&W is executing a robust growth strategy after: • Recovering from losses related to several expanded-scope projects, returning to its core technology and delivery model • Implementing $133 million in cost savings initiatives, with another $8 million identified, and • Common stock and senior notes offerings in February 2021 to paydown debt and support clean energy growth initiatives Babcock & Wilcox provides high-quality, innovative renewable, environmental and thermal technologies and has served critical power generation and industrial applications for more than 150 years. 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 including, without limitation, the impact of COVID-19 on us and the capital markets and global economic climate generally. We undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law. Advancing energy and environmental solutions that bring power and progress to our world Strong Global Brand After achieving ~$53 million in adjusted EBITDA in the 12 months ended March 31, 2021, B&W is targeting1: • FY2021 adjusted EBITDA of $70-$80 million • FY2022 adjusted EBITDA of $95-$105 million Recent debt paydowns and reduced required pension contributions are expected to save more than $40 million annually in interest and pension funding cash expenses on a pro forma basis. Executing a Transformation Positioned for Growth Building Toward the Future (1) The most comparable GAAP target information is not available without unreasonable effort; based on Q1 2021 results

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 .© 2021 Babcock & Wilcox Enterprises, Inc. All rights reserved. 16 Kenny Young Chairman & Chief Executive Officer Leadership Team John Dziewisz General Counsel Jimmy Morgan Chief Operating Officer Lou Salamone Chief Financial Officer Jacqueline Opal Human Resources Megan Wilson Corporate Development & Investor Relations

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 .© 2021 Babcock & Wilcox Enterprises, Inc. All rights reserved. 17 B&W is positioned to capitalize on global trends driving the need for environmental and renewable solutions Key Market Drivers & Opportunities Potential for carbon legislation benefits emergent carbon-capture technologies Water scarcity and regulations drive need for custom cooling solutions An aging utility boiler installed base drives stable aftermarket in the U.S. while growth in international power generation continues New EU regulations require higher emissions standards Increasing global regulatory restrictions on landfilling benefit waste-to-energy Global drive toward renewable and reusable energy sources

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 .© 2021 Babcock & Wilcox Enterprises, Inc. All rights reserved. 18 Core growth strategies focused on driving innovative environmental and renewable technologies, growing aftermarket sales by leveraging the installed base, and expanding internationally in key regions Key Growth Strategies Leverage a vast installed base and stable U.S. market to drive aftermarket parts and service sales and generate strong cash flow Provide best-in-class environmental technologies to customers across a broad array of markets to meet growing environmental regulations Meet the global need for carbon reduction with patented renewable waste-to-energy & biomass and carbon-capture solutions Grow by expanding sales, service and business development teams in key international regions to serve the broad renewable, environmental and thermal markets

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 .© 2021 Babcock & Wilcox Enterprises, Inc. All rights reserved. 19  Focus on core products and services for environmental, renewable and thermal markets  Increase emphasis on retrofit and aftermarket services  Focus on quality, high margin projects rather than revenues  Leverage a vast installed base and robust pipeline  Return the renewable business to its historically profitable business model, providing core technologies and services, with no EPC scope  Expand sales, service and business development teams internationally ACTION ACHIEVED ONGOING November 2018 New Senior Management Team led by Kenny Young  April 2019 Settlement Negotiated for Remaining Loss Contracts; Additional Financing Obtained  May 2019 EPC Loss Contracts Turned Over to Customers (5 of 6 Turned Over; Turnover Not Applicable for Last Project Under Settlement Terms)  June 2019 Sale of Non-Strategic Asset (Loibl)  July 2019 Deleveraging Events: Rights Offering & Debt Conversion  May 2020 Extended Credit Facility for Two Years with Further Reductions Through End of 2020  August 2020 Strategic Organizational and Global Branding Initiative Launched   August 2020 Board Transition to Align with Market-Focused Initiatives Complete  February 2021 Deleveraging Event: Common Stock and Senior Notes Public Offerings  March 2021 Entered into ATM sales agreement to sell, from time to time, Senior Notes   May 2021 Deleveraging Event: Preferred Stock Offering  Ongoing Implementation of ~$133M in Cost Reductions Complete; Further $8 million identified   Ongoing Pursuing Recoveries from Historical EPC Loss Projects; $9.1M Insurance Proceeds Q3’19; $26M Insurance Loss Recovery Recognized Q3’20; Pursuing Further Recoveries from Subcontractors  Ongoing Expanding Sales, Service and Business Development Teams Globally  Ongoing Preparing for 2022 Credit Facility Refinance and Targeting 2021 adjusted EBITDA of $70-$80 million, 2022 adjusted EBITDA of $95-$105 million(1)  Ongoing Transformation Key strategic actions have returned the company to positive performance and positioned it for growth Focus on Strengths Financial Credibility & Profitability (1) The most comparable GAAP target information is not available without unreasonable effort; targets based on current visibility regarding COVID-19 impacts; it is not possible to fully predict the impacts of COVID-19

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 .© 2021 Babcock & Wilcox Enterprises, Inc. All rights reserved. 20 Key End Markets Product andService Overview Waste-to-Energy Biomass Pulp & Paper Waste-to-energy and biomass technologies, aftermarket equipment upgrades, parts and service Power Oil and Gas Pulp & Paper General Industry Air emissions control and ash handling systems, cooling and energy recovery, aftermarket equipment upgrades, parts and service Power Oil and Gas General Industry Utility steam generation equipment, industrial boilers, boiler cleaning, aftermarket equipment upgrades, parts and service Financial Reporting Segments Note: Financial performance reported under new segments starting with Q3 2020 results; segment results for prior periods have been restated for comparative purposes.

B A B C O C K & W I L C O X E N T E R P R I S E S , I N C .© 2021 Babcock & Wilcox Enterprises, Inc. All rights reserved. 21 Three months ended March 31, 2021* 2020 Adjusted EBITDA (2) $ 8.5 $ 1.0 Restructuring activities (1.0) (2.0) Financial advisory services (0.9) (0.9) Advisory fees for settlement costs and liquidity planning (2.0) (2.6) Litigation legal costs (0.4) (0.7) Stock compensation (7.8) (0.7) Interest on letters of credit included in cost of operations (0.3) (0.2) Loss from business held for sale (0.5) (0.8) Depreciation & amortization (4.1) (4.2) Loss from a non-strategic business — (0.1) Gain on asset disposals, net 2.0 0.9 Operating loss (6.5) (10.3) Interest expense, net (14.1) (22.1) Gain on sale of business 0.4 — Net pension benefit 9.1 7.5 Foreign exchange (1.2) (9.3) Other – net (0.3) (0.2) Total other income (expense) (6.1) (24.0) Loss before income tax (benefit) expense (12.6) (34.3) Income tax expense (benefit) 2.8 (0.8) Loss from continuing operations (15.4) (33.5) Income from discontinued operations, net of tax — 1.9 Net loss (15.4) (31.6) Net loss attributable to non-controlling interest — 0.1 Net loss attributable to stockholders $ (15.5) $ (31.5) Twelve months ended December 31, 2020 2019 Adjusted EBITDA 45.1 45.0 Restructuring activities (11.8) (11.7) Financial advisory services (4.4) (9.1) Settlement cost to exit Vølund contract (3) — (6.6) Advisory fees for settlement costs and liquidity planning (6.4) (11.8) Litigation fees and settlement (2.1) (0.5) Loss on business held for sale (0.5) (5.9) Stock compensation (4.6) (3.4) Interest on letters of credit included in cost of operations (0.9) (0.4) Depreciation & amortization (16.8) (23.6) Loss from a non-strategic business (2.6) (5.5) Gain on asset disposals, net 3.3 3.9 Operating loss (1.7) (29.4) Interest expense, net (59.2) (94.0) Loss on debt extinguishment (6.2) (4.0) Loss on sale of business (0.1) (3.6) Net pension benefit before MTM 28.8 14.0 MTM (loss) gain from benefit plans (23.2) 8.8 Foreign exchange 58.8 (16.6) Other – net (1.1) 0.3 Income (loss) before income tax expense $ (3.9) $ (124.4) Income tax expense 8.2 5.3 Income (loss) from continuing operations (12.1) (129.7) Income from discontinued operations, net of tax 1.8 0.7 Net income (loss) (10.3) (129.0) Net (income) loss attributable to non-controlling interest — 7.1 Net income (loss) attributable to stockholders $ (10.3) $ (122.0) 1) Figures may not be clerically accurate due to rounding 2) Adjusted EBITDA for the three months ended March 31, 2020, excludes losses related to a non-strategic business and interest on letters of credit included in cost of operations that were previously included in Adjusted EBITDA and total $(0.1) million and $(0.2) million, respectively. 3) In March 2019, we entered into a settlement in connection with an additional B&W Renewable waste-to- energy EPC contract, for which notice to proceed was not given and the contract was not started. The settlement eliminated our obligations to act, and our risk related to acting, as the prime EPC should the project have moved forward. 4) During the year ended December 31, 2020, we redefined our definition of adjusted EBITDA to eliminate the effects of certain items including loss from a non-strategic business, interest on letters of credit included in cost of operations and loss on business held for sale. Consequently, adjusted EBITDA in prior periods have been revised to conform with the revised definition and present separate reconciling items in our reconciliation. 5) Adjusted EBITDA for the twelve months ended December 31, 2020, include the recognition of a $26.0 million loss recovery settlement related to certain historical EPC loss contracts in the third quarter, as previously disclosed. Adjusted EBITDA Reconciliation $ in Millions (4)(5) (1) $ in Millions

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 .© 2021 Babcock & Wilcox Enterprises, Inc. All rights reserved. 22 (1) Intangible amortization is not allocated to the segments' adjusted gross profit, but depreciation is allocated to the segments' adjusted gross profit. (2) Adjusted gross profit for the years ended December 31, 2020 and December 31, 2019, excludes losses related to a non-strategic business that was previously included in Adjusted gross profit within the B&W Environmental segment and totals $2.6 million and $5.5 million. (3) Adjusted gross profit for the twelve months ended December 31, 2020 includes the recognition of a $26.0 million loss recovery settlement related to certain historical EPC loss contracts in the third quarter, as previously disclosed; Adjusted gross profit for the three months ended March 31, 2020, excludes losses related to a non-strategic business that was previously included in Adjusted gross profit and totals $(0.1) million (4) Figures may not be clerically accurate due to rounding. Gross Profit Reconciliation $ in Millions Twelve months ended December 31, 2020 2019 Adjusted gross profit (1) Operating loss $ (1.7) $ (29.4) Selling, general and administrative ("SG&A") expenses 141.4 150.6 Advisory fees and settlement costs 12.9 27.9 Intangible amortization expense 5.5 4.3 Restructuring activities 11.8 11.7 Research and development costs 4.4 2.9 Loss from a non-strategic business 2.6 5.5 Gain on asset disposals, net (3.3) (3.9) Adjusted gross profit $ 173.6 $ 169.5 (4) (2)(3) Three months ended March 31, 2021* 2020 Adjusted gross profit (1)(3) Operating loss $ (6.5) $ (10.3) Selling, general and administrative ("SG&A") expenses 40.4 37.5 Advisory fees and settlement costs 3.3 4.2 Amortization expense 1.4 1.4 Restructuring activities 1.0 2.0 Research and development costs 0.6 1.3 Loss from a non-strategic business — 0.1 Gains on asset disposals, net (2.0) (0.9) Adjusted gross profit $ 38.2 $ 35.4 $ in Millions

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 .© 2021 Babcock & Wilcox Enterprises, Inc. All rights reserved. 24 A ft er m ar ke t N ew B ui ld Note: Gas-fired package boilers are used in coal-fired and renewable plants for start-up or auxiliary power Products & Services Across Our Brands Providing “life of the plant” product and service applications across a broad array of power generation and industrial markets Combustion Grates Steam Generation Technologies Construction Natural Gas-fired Package Boilers Emissions Control Solutions Cooling Systems Boiler Auxiliaries Ash and Material Handling Retrofits/Upgrades Parts Inspections Field Service Operations & Maintenance Construction

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 .© 2021 Babcock & Wilcox Enterprises, Inc. All rights reserved. 25 Reduces dependency on landfills and reduces methane gas emissions Fuels: MSW, RDF Waste-to-Energy Boilers Single-drum, industry-standard unit for improved mill operation Fuels: Black liquor Process Recovery Boilers High pressure, high efficiency, high capacity, low emissions Fuel: Coal, oil, natural gas, multi-fuel Utility Boilers Bottom- or top-supported, shop- or field-assembled Fuel: Natural gas, oil, CO, waste heat and gases Natural Gas-Fired and Other Industrial Water-Tube Boilers Carbon-neutral technology Fuels: Wood, wood waste, straw, sludge Biomass-Fired Boilers Key Technologies: Steam Generation 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 .© 2021 Babcock & Wilcox Enterprises, Inc. All rights reserved. 26  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 A Market Leader with Differentiating Technology in Waste-to-Energy Solutions DynaGrate® Pivoting Combustion Grate Key Technologies: Renewable Combustion Grates

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 .© 2021 Babcock & Wilcox Enterprises, Inc. All rights reserved. 27 Emission 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  Dry Sorbent Injection (DSI) SO2 / Acid Gas Control  Wet ESPs  Dry Sorbent Injection (DSI) SO3 / Acid Mist Control  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 Key Technologies: 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 .© 2021 Babcock & Wilcox Enterprises, Inc. All rights reserved. 28 Key Technologies: Steam Generation & Environmental Solutions Across a Utility Plant Steam Generator Technology  Pulverizers  Furnace  Burners and ignitors  Sootblowers  Pressure parts  Air heaters and air heating cleaning systems  Bottom ash handling systems B&W provides a comprehensive array of proprietary technology and experience to utility power generation customers Environmental Solutions  Particulate control  Nitrogen oxides (NOx) removal  Sulfur removal  Mercury, dioxin and furan removal  Fly ash handling systems  Wastewater elimination Dry Scrubbing Technologies Particulate Control Technologies Particulate Control Technologies Fly Ash Handling Wet Scrubbing Technologies Fly Ash Handling Bottom Ash Handling Boiler Auxiliary Components: Fans, Air Heaters, etc. Boiler Pressure Parts Boiler Cleaning Equipment Burners Pulverizers SCR NOx Control 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 .© 2021 Babcock & Wilcox Enterprises, Inc. All rights reserved. 29 Key Technologies:  Proven, proprietary DynaGrate® combustion grate offers high reliability, maximizing waste throughput and MW output  Advanced NextBAT® technology provides a thermal efficiency of 99% and 95-99% clean flue gas  NextBAT® meets the EU BREF(1) requirements (1) Best Available Technologies (BAT) Reference Document Steam Generation, Combustion Grates & Flue Gas Treatment Across a Waste-to-Energy Plant Water-cooled DynaGrate® Combustion chamber with Inconel® cladded walls VoluMix™ zone in 1st pass Inconel® cladded 1st and 2nd boiler pass Baghouse filter Conditioning tower On-line Boiler Washing System™ CUTNOX® in combination with SNCR

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 .© 2021 Babcock & Wilcox Enterprises, Inc. All rights reserved. 30 An innovative solution to eliminate ash ponds Key Technologies: Submerged Grind Conveyor Ash Handling Designed to meet current and future U.S. regulatory requirements for ash handling with:  Lower equipment cost  Lower installation cost • Utilize existing hoppers and gate valves • No modification to hopper  Short outage required  Short lead time  Available redundancy under the boiler  Lower O&M costs

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 .© 2021 Babcock & Wilcox Enterprises, Inc. All rights reserved. 31 Carbon Capture Technology for the 1000 GW of Global Coal Installed Base Oxy-Fired Combustion  Oxy-coal combustion technology  “Near-zero” emissions  30 MW demonstration complete  Full-scale design ready RSAT TM(Regenerable Solvent Absorption Technology)  Post-combustion technology  Patented amine-based solvent process  Pilot commissioning complete  Installed base retrofit application Key Technologies: Clean Coal Solutions Ready for Deployment

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 .© 2021 Babcock & Wilcox Enterprises, Inc. All rights reserved. 32 Key Technologies: Chemical Looping Combustion Platform Technology APPLICATIONS Combustion: Steam Gasification: H2 Partial Oxidation: Syngas CHEMICAL LOOPING Turbine Fuel Cell/Boiler H2 Storage Shift Reaction Methanation Fischer-Tropsch REDUCER COMBUSTOR Coal (Petcoke) Natural Gas Biomass Biogas FUELS METHANOL HYDROGEN POWER FUELS (Gasoline, Diesel, Jet Fuel) CO2 Potential extension beyond power generation Process can be modified to convert carbon-based fuels—coal, biomass and natural gas—to electricity, syngas, chemicals, liquid fuels or hydrogen  Advanced process for clean power generation and CO2 capture  A flameless, oxy-combustion process using oxidation-reduction reactions to process fuel and produce energy for power generation  Produces a concentrated CO2 stream that can be captured, cleaned and compressed for use or permanent storage  Lower cost, higher efficiency  Working in collaboration with The Ohio State University

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 .© 2021 Babcock & Wilcox Enterprises, Inc. All rights reserved. 33 Specialized services to maximize plant performance and minimize costs and maintenance Optimization Services Water preservation technology customized for high-performance, long-life, low noise, corrosion-resistant applications Air-Cooled Condensers Cost-effective designs using embedded or wrapped tubes to meet required thermal, mechanical, noise and space requirements Air Fin Coolers Counterflow for cost-effective thermal performance; crossflow for low energy consumption and operating costs Mechanical Draft Fanless design provides low power, noise and maintenance, as well as long operating lifecycle Natural Draft/Hyperbolic WET MATERIAL OPTIONS: WOOD | CONCRETE | FIBER-REINFORCED POLYMER (FRP) Key Technologies: Cooling Systems DRY

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 .© 2021 Babcock & Wilcox Enterprises, Inc. All rights reserved. 34 Key Technologies: Global Parts & Service Upgrades & Retrofits Replacement Parts Optimization Systems Engineering Services Adding value through constructability: Safe execution of new installation, retrofits, system maintenance/repair, plant modifications Construction Evaluating options for improved performance: Expert people, tools and processes to measure, model, design, deliver, train and project manage Enhancing efficiency with proven technology: Diagnostic, monitoring, tuning and control systems for combustion, cleaning and cooling equipment Supplying components for system reliability: High-quality standard or custom-engineered pressure and non-pressure parts Maintaining/improving plant operation: Projects for extending the life of power, process and environmental equipment

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 .© 2021 Babcock & Wilcox Enterprises, Inc. All rights reserved. 35  B&W will market Eos’ battery storage solutions globally  B&W is exclusive preferred installer in U.S. and Canada  Eos Znyth® zinc battery technology is: • Scalable • Modular • Low Cost • Durable  Applications • Industrial • Commercial • Power Utilities October 2020 partnership with Eos Energy Storage, LLC to sell and service Eos’ innovative, patented Eos Znyth® zinc battery solution for industrial and utility-scale energy storage adds a new clean energy technology capability to B&W’s range of renewable energy solutions. Key Technologies: Eos Energy Storage Innovative Battery Storage System Solution • High Energy Efficiency • Safe • Non-flammable • Flexible