Babcock & Wilcox Announces Increased Full-Year Adjusted EBITDA Target of $105 Million to $115 Million, New Contracts and Awards of Approximately $500 Million Year-to-Date

Babcock & Wilcox Enterprises, Inc. ("B&W" or the "Company") (NYSE: BW) announced today that year-to-date signed contracts and awards total approximately $500 million, nearly doubling the total value achieved during the same period in 2023. As a result, the Company has increased its Full-Year 2024 Adjusted EBITDA target to $105 million to $115 million excluding BrightLoop and ClimateBright expenses, an increase from its previous guidance of $100 million to $110 million, excluding BrightLoop and ClimateBright expenses.

“We believe that the global industrial and utility customers’ growing needs for increased and secure power generation, upgrades and enhancements, environmental technologies and renewable and hydrogen energy projects are reflected in our increased pipeline and recent contract awards,” said Kenneth Young, B&W’s Chairman and Chief Executive Officer. “In addition to our recently awarded $246 million gas conversion project, our Environmental, Renewable and Thermal segments also have received several projects with values ranging from $5 million to $20 million each. These are projects with solid margins which should impact our fourth quarter 2024 results and beyond.”

“As a result of these signings and commitments, we have increased our guidance to $105 million to $115 million in adjusted EBITDA, not including BrightLoop and ClimateBright expenses,” Young added. “Our success with winning a significant number of new contracts in the first 10 weeks of 2024, as well as our decision to increase our Full-Year 2024 EBITDA target, reflects our optimism about the successful execution of our revised business strategy and the overall strength of our business.”

“While risks are inherent in any project execution, our project performance continues to improve each quarter as we maneuver through challenges including global business conditions and supply chain and shipping pressures,” he said. “Through our operational improvements, we continue to mitigate risks on various projects and are focused on higher margin and higher quality projects across all of our businesses, and we expect to continue to see the impact of these improvements starting in Q4 2024 and beyond.”

About Babcock & Wilcox

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.