Babcock & Wilcox Enterprises Reports Second Quarter 2020 Results, Launches Strategic Organizational and Branding Initiative

August 12, 2020

Second Quarter 2020 Overview:

- Consolidated revenues were $135.4 million; COVID-19 negatively impacted all segments by delaying anticipated projects

- GAAP consolidated operating loss was $7.7 million; GAAP loss from continuing operations was $18.1 million, a $10.2 million improvement compared to second quarter 2019

- Consolidated adjusted EBITDA was $1.4 million

- The Babcock & Wilcox segment reported adjusted EBITDA margin of 9.1% as compared to 9.5% in second quarter 2019, while segment adjusted gross profit margin improved to 27.9% compared to 18.8% in second quarter 2019

Growth Initiatives:

- Company launched B&W Environmental, B&W Renewable, and B&W Thermal brands as part of a strategic, market-focused organizational and re-branding initiative to accelerate growth and provide stakeholders improved visibility into its renewable and environmental growth platforms

- Company is expanding its sales, service and business development team in key international markets to capitalize on more than $5 billion in identified project opportunities over the next three years, with a focus on bidding renewable and environmental projects world-wide


(AKRON, Ohio – August 12, 2020) – Babcock & Wilcox Enterprises, Inc. ("B&W" or the "Company") (NYSE: BW) announced second quarter 2020 GAAP loss from continuing operations of $18.1 million, an improvement of $10.2 million compared to second quarter 2019. Adjusted EBITDA was $1.4 million compared to adjusted EBITDA of $8.2 million in the prior year period, primarily driven by the adverse impacts of COVID-19 across all segments and the completion of several large construction projects in the Babcock & Wilcox segment.

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Media Inquiries

Ryan Cornell

Public Relations

330.860.1345

rscornell@babcock.com

Investor Inquiries

Megan Wilson

Vice President, Corporate Development and Investor Relations

704.625.4944

investors@babcock.com