Babcock & Wilcox Reports Fourth Quarter and Full Year 2025 Results
- Revenue, Operating Income and EBITDA all ahead of street expectations
-
Revenue in fourth quarter of
$161.0 million -
Operating income in the fourth quarter of
$12.2 million , compared to operating income of$2.6 million in the same period of 2024 -
Adjusted EBITDA from Continuing Operations in the fourth quarter of
$16.4 million , a 53% increase compared to the same period of 2024 -
Parts & services revenues increased 17% in 2025, continuing to outperform expectations due to increased coal generation usage and higher baseload demand in
North America -
Paid off outstanding bonds due
February 2026 inDecember 2025 -
Signed full notice to proceed for a
$2.4 billion AI data center project -
Total global pipeline continues to grow and now exceeds
$12.0 billion -
Continuing Operations Backlog of
$2.8 billion , including the$2.4 billion data center project -
Significantly reduced debt on balance sheet, resulting in net debt of
$119.7 million
Q4 2025 Continuing Operations Financial Highlights
-
Revenue of
$161.0 million , compared to revenue of$161.8 million in the fourth quarter of 2024 -
Loss from Continuing Operations of
$3.5 million , compared to a loss from Continuing Operations of$53.8 million in the fourth quarter of 2024 -
Loss per share of
$0.05 , compared to a loss per share of$0.61 in the fourth quarter of 2024 -
Adjusted EBITDA from Continuing Operations of
$16.4 million , compared to Adjusted EBITDA from Continuing Operations of$10.7 million in the fourth quarter of 2024
Full Year 2025 Continuing Operations Financial Highlights
-
Revenue of
$587.7 million , compared to revenue of$581.0 million in 2024 -
Loss from Continuing Operations of
$32.8 million , compared to a loss from Continuing Operations of$104.3 million in 2024 -
Loss per share of
$0.45 , compared to a loss per share of$1.30 in 2024 -
Adjusted EBITDA from Continuing Operations of
$43.7 million , compared to$21.2 million in 2024 -
Backlog of
$2.8 billion with the inclusion of recent data center project, a 470% increase compared to the end of 2024
"During the fourth quarter of 2025, we delivered strong operating results while displaying continued core business momentum and achieving a substantial reduction of debt on our balance sheet," said
“Our full year 2025 results reflect the major strides that Babcock & Wilcox has taken in the past year. We have rightsized our balance sheet, reduced our debt, and continued to develop a robust pipeline and backlog supplemented by innovative new partnerships. We saw significant year-over-year increases in adjusted EBITDA and our core parts & services across 2025, indicating that the strategic actions we have implemented are delivering measurable bottom-line results. We continue to make progress in converting our global pipeline of identified project opportunities and we believe these results reflect a strong global demand for our technologies, underpinning our pipeline and outlook for sustained growth as we move into 2026."
"Building on our strong financial results, our announcement of full notice to proceed on our project with Base Electron is an exciting step forward as B&W further expands into power generation for the rapidly evolving
"We believe that B&W is uniquely positioned to capitalize on the growing demand for baseload generation around the world. We are seeing increased use of coal power generation, as well as upgrades, and enhancements as mandates by the
All amounts referred to in this release are on a continuing operations basis, unless otherwise noted. Reconciliations of income (loss) from continuing operations, the most directly comparable GAAP measure to Adjusted EBITDA, are provided in the exhibits to this release. See “Bookings and Backlog” below for important information regarding our calculation and presentation of those metrics.
Q4 2025 Continuing Operations Financial Summary
Revenues in the fourth quarter of 2025 were
Full Year 2025 Continuing Operations Financial Summary
Consolidated revenues in 2025 were
Liquidity and Balance Sheet
At
Earnings Call Information
B&W plans to host a conference call and webcast on
Non-GAAP Financial Measures
The Company uses non-GAAP financial measures internally, also referred to in this release as “adjusted” financial measures, 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 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, stock compensation, restructuring activities, impairments, gains and losses on debt extinguishment, legal and settlement costs, and costs related to financial consulting. In addition, the Company presents consolidated Adjusted EBITDA because it believes it is useful to investors to help facilitate comparisons of the ongoing, operating performance before overhead and other expenses not attributable to the operating performance of the Company. 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 Adjusted EBITDA excluding BrightLoop and ClimateBright to assess the Company's performance independent of these technologies.
Bookings and Backlog
Bookings and backlog are our measures of remaining performance obligations under our sales contracts. It is possible that our methodology for determining bookings and backlog may not be comparable to methods used by other companies.
We generally include expected revenue from contracts in our backlog when we receive written confirmation from our customers authorizing the performance of work and committing the customers to payment for work performed. Backlog may not be indicative of future operating results, and contracts in our backlog may be canceled, modified or otherwise altered by customers. Backlog can vary significantly from period to period, particularly when large new-build projects or operations and maintenance contracts are booked because they may be fulfilled over multiple years. Because we operate globally, our backlog is also affected by changes in foreign currencies each period. We do not include orders of our unconsolidated joint ventures in backlog.
Bookings represent changes to the backlog. Bookings include additions from booking new business, subtractions from customer cancellations or modifications, changes in estimates of liquidated damages that affect selling price and revaluation of backlog denominated in foreign currency. We believe comparing bookings on a quarterly basis or for periods less than one year is less meaningful than for longer periods and that shorter-term changes in bookings may not necessarily indicate a material trend.
Pipeline
Pipeline represents our uncontracted, potential opportunities, which have been identified and are in active discussions, that could reach a decision to proceed over the next 36 months. Pipeline is an internal metric monitored by management to understand the anticipated growth of our Company and our estimated future revenue, which may increase or decrease from time to time.
We cannot guarantee that our pipeline will result in actual revenue in the originally anticipated period or at all. Pipeline may not generate margins equal to our historical operating results. Our customers may experience project delays or cancel orders as a result of external market factors and economic or other factors beyond our control. If our pipeline fails to result in revenue as anticipated or in a timely manner, we could experience a reduction in revenue, profitability, and liquidity.
Impacts of Market Conditions
Management continues to adapt to macroeconomic conditions, including the impacts from inflation, changing interest rates and foreign exchange rate volatility, current and potential tariff actions, geopolitical conflicts (including the ongoing conflicts in
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. These forward-looking statements include, without limitation, statements regarding expected demand, our pipeline, technology, and opportunities. You should not place undue reliance on these statements. Forward-looking statements include words such as “expect,” “intend,” “plan,” “likely,” “seek,” “believe,” “project,” “forecast,” “target,” “goal,” “potential,” “estimate,” “may,” “might,” “will,” “would,” “should,” “could,” “can,” “have,” “due,” “anticipate,” “assume,” “contemplate,” “continue” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operational performance or other events.
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. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, but not limited to: the potential for future conditions that could raise substantial doubt as to our ability to continue as a going concern, which has occurred in the past; our obligation to refinance or repay our 6.50% Notes due 2026 prior to their maturity; risks associated with contractual pricing in our industry; disputes with customers with long-term contracts; the performance of third parties' and subcontractors' on whom we rely; disruptions at our or third-party manufacturing facilities; our ability to execute our growth strategy; our evaluation of strategic alternatives; our ability to deliver our backlog on time or at all; professional liability, product liability, warranty or other claims; inadequate insurance coverage; our ability to compete successfully against current and future competitors; our development of new products; cyclical and economic impacts on demand for our products; compliance with government regulations; legislative and regulatory developments impacting our business; supply chain issues; the financial and other covenants in our debt agreements; our ability to maintain adequate bonding and letter of credit capacity; impairment to our goodwill or other indefinite-lived intangible assets; our exposure to credit risk; disruptions in, or failures of, our information technology systems, including those related to cybersecurity; failure to comply with data and privacy laws, regulations and standards, or if we fail to properly maintain the integrity of our data, protect our proprietary rights to our systems or defend against cybersecurity attacks, we may be subject to government or private actions due to breaches; failure to protect our intellectual property rights, or inability to obtain or renew licenses to use intellectual property of third parties; uncertainty over tariffs and their impacts; sanctions and export controls; international political, economic and other uncertainties; fluctuations in the value of foreign currencies could harm our profitability; volatility of the market price and trading volume of our common stock; dilution of our common shareholders' ownership or voting power; the significant influence of
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, forward-looking statements are subject to uncertainties and factors relating to our operations and business environment that are difficult to predict and may be beyond our control. Such uncertainties and factors may cause actual results to differ materially from those expressed or implied by the forward-looking statements.
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
Headquartered in
|
Exhibit 1
Condensed Consolidated Statements of Operations (1) (In millions, except per share amounts) |
||||||||||||
|
|
Three months ended |
Year ended |
||||||||||
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|
Revenues |
$ |
161.0 |
|
$ |
161.8 |
|
$ |
587.7 |
|
$ |
581.0 |
|
|
Costs and expenses: |
|
|
|
|
||||||||
|
Cost of operations |
|
119.7 |
|
|
125.1 |
|
|
443.8 |
|
|
454.3 |
|
|
Selling, general and administrative expenses |
|
28.7 |
|
|
28.2 |
|
|
119.5 |
|
|
124.5 |
|
|
Research and development (benefit) costs |
|
(0.1 |
) |
|
2.4 |
|
|
1.5 |
|
|
5.1 |
|
|
Impairment of long-lived assets |
|
— |
|
|
3.7 |
|
|
1.0 |
|
|
3.7 |
|
|
Loss (gain) on asset disposals, net |
|
0.5 |
|
|
(0.4 |
) |
|
1.2 |
|
|
(0.4 |
) |
|
Total costs and expenses |
|
148.8 |
|
|
159.2 |
|
|
566.9 |
|
|
587.4 |
|
|
Operating income (loss) |
|
12.2 |
|
|
2.6 |
|
|
20.8 |
|
|
(6.4 |
) |
|
Other (expense) income: |
|
|
|
|
||||||||
|
Interest expense |
|
(7.0 |
) |
|
(12.1 |
) |
|
(37.5 |
) |
|
(46.1 |
) |
|
Interest income |
|
0.4 |
|
|
0.2 |
|
|
1.5 |
|
|
0.7 |
|
|
Gain (Loss) on debt extinguishment |
|
0.1 |
|
|
(0.5 |
) |
|
1.8 |
|
|
(7.3 |
) |
|
Benefit plans, net |
|
(7.4 |
) |
|
(31.4 |
) |
|
(9.8 |
) |
|
(31.2 |
) |
|
Foreign exchange |
|
0.2 |
|
|
(2.0 |
) |
|
0.1 |
|
|
0.2 |
|
|
Other expense, net |
|
(0.4 |
) |
|
(0.3 |
) |
|
(1.4 |
) |
|
(1.4 |
) |
|
Total other expense, net |
|
(14.2 |
) |
|
(46.1 |
) |
|
(45.3 |
) |
|
(85.1 |
) |
|
Loss from continued operations before income tax expense |
|
(2.0 |
) |
|
(43.6 |
) |
|
(24.6 |
) |
|
(91.5 |
) |
|
Income tax expense |
|
1.6 |
|
|
10.3 |
|
|
8.3 |
|
|
12.8 |
|
|
Loss from continuing operations |
|
(3.5 |
) |
|
(53.8 |
) |
|
(32.8 |
) |
|
(104.3 |
) |
|
Income (loss) from discontinued operations, net of tax |
|
12.8 |
|
|
(9.3 |
) |
|
(3.3 |
) |
|
44.4 |
|
|
Net income (loss) attributable to stockholders |
|
9.2 |
|
|
(63.2 |
) |
|
(36.2 |
) |
|
(59.9 |
) |
|
Less: Dividend on Series A preferred stock |
|
3.7 |
|
|
3.7 |
|
|
14.9 |
|
|
14.9 |
|
|
Net income (loss) attributable to stockholders of common stock |
$ |
5.5 |
|
$ |
(66.9 |
) |
$ |
(51.0 |
) |
$ |
(74.8 |
) |
|
|
|
|
|
|
||||||||
|
Basic and diluted loss per share |
|
|
|
|
||||||||
|
Continuing operations |
$ |
(0.05 |
) |
$ |
(0.61 |
) |
$ |
(0.45 |
) |
$ |
(1.30 |
) |
|
Discontinued operations |
|
0.10 |
|
|
(0.10 |
) |
|
(0.03 |
) |
|
0.48 |
|
|
|
$ |
0.05 |
|
$ |
(0.71 |
) |
$ |
(0.48 |
) |
$ |
(0.82 |
) |
|
Shares used in the computation of loss per share: |
|
|
|
|
||||||||
|
Basic and diluted |
|
121.8 |
|
|
94.1 |
|
|
105.4 |
|
|
91.7 |
|
|
(1) Figures may not be clerically accurate due to rounding |
||||||||||||
|
Exhibit 2
Condensed Consolidated Balance Sheets (1) |
||||||
|
(In millions, except per share amount) |
|
|
||||
|
Cash and cash equivalents |
$ |
89.5 |
|
$ |
23.4 |
|
|
Current restricted cash |
|
85.0 |
|
|
94.2 |
|
|
Accounts receivable – trade, net |
|
118.4 |
|
|
91.8 |
|
|
Contracts in progress |
|
72.8 |
|
|
79.1 |
|
|
Inventories, net |
|
60.9 |
|
|
58.3 |
|
|
Other current assets |
|
44.2 |
|
|
23.5 |
|
|
Current assets held for sale |
|
— |
|
|
183.2 |
|
|
Total current assets |
|
470.7 |
|
|
553.5 |
|
|
Net property, plant and equipment, and finance leases |
|
65.5 |
|
|
60.9 |
|
|
|
|
53.1 |
|
|
51.4 |
|
|
Intangible assets, net |
|
15.3 |
|
|
17.6 |
|
|
Right-of-use assets |
|
17.7 |
|
|
16.9 |
|
|
Long-term restricted cash |
|
26.9 |
|
|
10.0 |
|
|
Deferred tax assets |
|
0.9 |
|
|
0.2 |
|
|
Other assets |
|
12.9 |
|
|
16.5 |
|
|
Total assets |
$ |
662.9 |
|
$ |
727.0 |
|
|
|
|
|
||||
|
Accounts payable |
$ |
69.2 |
|
$ |
88.3 |
|
|
Accrued employee benefits |
|
4.6 |
|
|
3.8 |
|
|
Advance billings on contracts |
|
112.0 |
|
|
56.4 |
|
|
Accrued warranty expense |
|
3.6 |
|
|
2.7 |
|
|
Financing lease liabilities |
|
1.9 |
|
|
1.6 |
|
|
Operating lease liabilities |
|
3.8 |
|
|
3.2 |
|
|
Other accrued liabilities |
|
40.4 |
|
|
28.0 |
|
|
Current senior notes |
|
83.9 |
|
|
— |
|
|
Current borrowings |
|
67.4 |
|
|
125.1 |
|
|
Current liabilities held for sale |
|
— |
|
|
97.5 |
|
|
Total current liabilities |
|
386.7 |
|
|
406.7 |
|
|
Senior notes, net of current portion |
|
— |
|
|
340.2 |
|
|
Senior notes due 2030 |
|
151.0 |
|
|
— |
|
|
Borrowings, net of current portion |
|
18.9 |
|
|
8.6 |
|
|
Pension and other postretirement benefit liabilities |
|
176.2 |
|
|
192.7 |
|
|
Finance lease liabilities, net of current portion |
|
26.7 |
|
|
28.5 |
|
|
Operating lease liabilities, net of current portion |
|
15.1 |
|
|
13.8 |
|
|
Deferred tax liability |
|
10.7 |
|
|
9.8 |
|
|
Other noncurrent liabilities |
|
9.2 |
|
|
10.0 |
|
|
Total liabilities |
|
794.5 |
|
|
1,010.2 |
|
|
Stockholders' deficit: |
|
|
||||
|
Preferred stock, par value |
|
0.1 |
|
|
0.1 |
|
|
Common stock, par value |
|
5.6 |
|
|
5.2 |
|
|
Capital in excess of par value |
|
1,691.4 |
|
|
1,558.8 |
|
|
|
|
(115.9 |
) |
|
(115.5 |
) |
|
Accumulated deficit |
|
(1,696.7 |
) |
|
(1,645.7 |
) |
|
Accumulated other comprehensive loss |
|
(16.0 |
) |
|
(86.7 |
) |
|
Stockholders' deficit attributable to shareholders |
|
(131.5 |
) |
|
(283.8 |
) |
|
Non-controlling interest |
|
— |
|
|
0.6 |
|
|
Total stockholders' deficit |
|
(131.5 |
) |
|
(283.2 |
) |
|
Total liabilities and stockholders' deficit |
$ |
662.9 |
|
$ |
727.0 |
|
|
(1) Figures may not be clerically accurate due to rounding. |
||||||
|
Exhibit 3
Condensed Consolidated Statements of Cash Flows (1) |
||||||
|
(In millions) |
Year ended |
|||||
|
|
|
2025 |
|
|
2024 |
|
|
Operating Activities: |
|
|
||||
|
Net loss from continuing operations |
$ |
(32.8 |
) |
$ |
(104.3 |
) |
|
Net (loss) income from discontinued operations |
|
(3.3 |
) |
|
44.4 |
|
|
Net loss |
|
(36.2 |
) |
|
(59.9 |
) |
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
||||
|
Depreciation and amortization of long-lived assets |
|
10.1 |
|
|
16.7 |
|
|
Impairment of long-lived assets |
|
9.9 |
|
|
9.6 |
|
|
Amortization of deferred financing costs and debt premium |
|
3.5 |
|
|
5.8 |
|
|
Amortization of guaranty fee |
|
0.1 |
|
|
2.9 |
|
|
Non-cash operating lease expense |
|
3.9 |
|
|
7.4 |
|
|
(Gain) loss on debt extinguishment |
|
(1.8 |
) |
|
7.3 |
|
|
Gain on sale of business |
|
(38.9 |
) |
|
(58.9 |
) |
|
Loss on asset disposals |
|
5.7 |
|
|
0.4 |
|
|
Provision for (benefit from) deferred income taxes, including valuation allowances |
|
0.8 |
|
|
7.1 |
|
|
Mark to market, prior service cost amortization for pension and postretirement plans |
|
9.7 |
|
|
34.9 |
|
|
Stock-based compensation, net of associated income taxes |
|
2.8 |
|
|
4.7 |
|
|
Foreign exchange |
|
(6.1 |
) |
|
3.1 |
|
|
Bad debt (recovery) expense |
|
(6.4 |
) |
|
(1.1 |
) |
|
Changes in operating assets and liabilities: |
|
|
||||
|
Accounts receivable - trade, net |
|
(16.5 |
) |
|
(12.2 |
) |
|
Contracts in progress |
|
19.7 |
|
|
(41.6 |
) |
|
Other current and noncurrent assets |
|
(14.4 |
) |
|
(5.7 |
) |
|
Advance billings on contracts |
|
50.7 |
|
|
(3.3 |
) |
|
Inventories, net |
|
(7.8 |
) |
|
(6.4 |
) |
|
Income taxes |
|
0.2 |
|
|
9.7 |
|
|
Accounts payable |
|
(57.9 |
) |
|
8.1 |
|
|
Accrued and other current liabilities |
|
15.8 |
|
|
(28.5 |
) |
|
Accrued contract loss |
|
(4.8 |
) |
|
(2.4 |
) |
|
Pension liabilities, accrued postretirement benefits and employee benefits |
|
(10.6 |
) |
|
(16.8 |
) |
|
Other, net |
|
(0.4 |
) |
|
0.5 |
|
|
Net cash used in operating activities |
|
(68.9 |
) |
|
(118.7 |
) |
|
|
|
|
||||
|
Investing Activities: |
|
|
||||
|
Purchase of property, plant and equipment |
|
(16.8 |
) |
|
(11.2 |
) |
|
Proceeds from sale of business and assets |
|
216.3 |
|
|
120.9 |
|
|
Purchases of securities |
|
(6.0 |
) |
|
(7.1 |
) |
|
Sales and maturities of securities |
|
3.5 |
|
|
7.4 |
|
|
Net cash provided by investing activities |
|
197.0 |
|
|
109.9 |
|
|
Financing Activities: |
|
|
||||
|
Borrowings on loan payable |
|
84.6 |
|
|
215.6 |
|
|
Repayments on loan payable |
|
(138.9 |
) |
|
(121.9 |
) |
|
Buyback of Senior Notes due 2026 |
|
(110.7 |
) |
|
— |
|
|
Payment of holdback funds from acquisition |
|
— |
|
|
(3.0 |
) |
|
Finance lease payments |
|
(1.7 |
) |
|
(1.4 |
) |
|
Payment of Preferred Stock dividends |
|
(14.9 |
) |
|
(18.6 |
) |
|
Shares of common stock returned to treasury stock |
|
(0.4 |
) |
|
(0.3 |
) |
|
Issuance of common stock, net |
|
130.1 |
|
|
7.9 |
|
|
Debt issuance costs |
|
(6.5 |
) |
|
(8.5 |
) |
|
Payment of non-controlling interest dividends |
|
(0.1 |
) |
|
— |
|
|
Other, net |
|
(0.3 |
) |
|
(0.2 |
) |
|
Net cash (used in) provided by financing activities |
|
(58.7 |
) |
|
69.7 |
|
|
Effects of exchange rate changes on cash |
|
0.9 |
|
|
(1.3 |
) |
|
Net increase in cash, cash equivalents and restricted cash |
|
70.3 |
|
|
59.7 |
|
|
Cash, cash equivalents and restricted cash at beginning of period |
|
131.1 |
|
|
71.4 |
|
|
Cash, cash equivalents and restricted cash at end of period |
$ |
201.4 |
|
$ |
131.1 |
|
|
(1) Figures may not be clerically accurate due to rounding. |
||||||
|
Exhibit 4
Reconciliation of Adjusted EBITDA (1) (In millions) |
||||||||||||
|
|
Three months ended |
Year ended |
||||||||||
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|
Loss from continuing operations |
$ |
(3.5 |
) |
$ |
(53.8 |
) |
$ |
(32.8 |
) |
$ |
(104.3 |
) |
|
Interest expense, net |
|
6.6 |
|
|
11.9 |
|
|
36.0 |
|
|
45.5 |
|
|
Income tax expense |
|
1.6 |
|
|
10.3 |
|
|
8.3 |
|
|
12.8 |
|
|
Depreciation & amortization |
|
2.4 |
|
|
1.3 |
|
|
9.7 |
|
|
10.1 |
|
|
EBITDA |
|
7.0 |
|
|
(30.4 |
) |
|
21.2 |
|
|
(35.9 |
) |
|
|
|
|
|
|
||||||||
|
Benefit plans, net |
|
7.4 |
|
|
31.4 |
|
|
9.8 |
|
|
31.2 |
|
|
Loss (gain) on asset disposals, net |
|
0.5 |
|
|
(0.4 |
) |
|
1.2 |
|
|
(0.4 |
) |
|
Impairment of long-lived assets |
|
— |
|
|
3.7 |
|
|
1.0 |
|
|
3.7 |
|
|
Stock compensation |
|
0.3 |
|
|
0.9 |
|
|
2.6 |
|
|
4.5 |
|
|
Restructuring activities |
|
0.6 |
|
|
0.3 |
|
|
0.7 |
|
|
1.3 |
|
|
Settlement and related legal costs |
|
(0.7 |
) |
|
0.8 |
|
|
0.1 |
|
|
4.0 |
|
|
Gain (loss) on debt extinguishment |
|
(0.1 |
) |
|
0.5 |
|
|
(1.8 |
) |
|
7.3 |
|
|
Foreign exchange |
|
(0.2 |
) |
|
2.0 |
|
|
(0.1 |
) |
|
(0.2 |
) |
|
Financial advisory services |
|
1.2 |
|
|
0.3 |
|
|
8.0 |
|
|
1.9 |
|
|
Other – net |
|
0.4 |
|
|
1.4 |
|
|
1.2 |
|
|
3.7 |
|
|
Adjusted EBITDA |
$ |
16.4 |
|
$ |
10.7 |
|
$ |
43.7 |
|
$ |
21.2 |
|
|
(1) Figures may not be clerically accurate due to rounding. |
||||||||||||
|
Exhibit 5
Pro Forma Backlog (In millions) |
|||||
|
|
Backlog |
||||
|
|
As of |
||||
|
|
|
2025 |
|
2024 |
|
|
Babcock & Wilcox |
$ |
424 |
$ |
495 |
|
|
|
|
|
|||
|
Design-Build Agreement: |
|
|
|||
|
Base Electron Contract |
|
2,400 |
|
— |
|
|
|
|
|
|||
|
Pro Forma Backlog |
$ |
2,824 |
$ |
495 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20260304170976/en/
Investor Contact:
330.860.6176 | investors@babcock.com
Media Contact:
330.860.1345 | rscornell@babcock.com
Source:
