Interim report
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BW LPG Limited Interim Financial Report (Unaudited) Q2 2026 and H1 2026 Interim Financial Report Q2 2026 and H1 2026
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BW LPG Limited Interim Financial Report (Unaudited) Q2 2026 and H1 2026 2 FORWARD-LOOKING STATEMENTS In this unaudited interim financial report, “the Company” o r “BW LPG” refers to BW LPG Limited. “The Group” refers to BW LPG Limited together with its consolidated subsidiaries. Matters discussed in this unaudited interim financial report may constitute “forward -looking statements”. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward -looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, whic h are other than statements of historical facts or present facts and circumstances. This unaudited interim financial report and any other written or oral statements made by us or on our behalf may include forward-looking statements, which reflect our current views with respect to future events and financial and operational performance. These forward-looking statements may be identified by the use of forward -looking terminology, such as the terms “anticipates”, “assumes”, “believes”, “can”, “continue”, “could”, “estimates”, “expects”, “forecasts”, “intends”, “likely”, “may”, “might”, “plans”, “should”, “potential”, “projects”, “seek”, “will”, “would” or, in each case, their negative, or other variations or comparable terminology. They include statements regarding BW LPG’s intentions, beliefs or current expectations concerning, among other things, the financial strength and position of the Group, operating results, liquidity, prospects, growth, the implementation of strategic initiatives, as well as other statements relating to the Group’s future business development, financial performance a nd the industry in which the Group operates. Prospective investors in BW LPG are cautioned that forward -looking statements are not guarantees of future performance and that the Group’s actual financial position, operating results and liquidity, and the development of the industry and potential market in which the Group may operate in the future, may differ materially from those made in, or suggested by, the forward -looking statements contained in this unaudited interim financial report. The forward-looking statements in this report are based upon various assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and market and industry data and forecasts prepared by and available from third parties. Although management believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, BW LPG cannot guarantee that the intentions, beliefs or current expectations upon which its forward -looking statements are based, will occur. BW LPG undertakes no obligation to update any forward -looking statements, whether as a result of new information, future events or otherwise. By their nature, forward-looking statements involve, and are subject to, known and unknown risks, uncertainties and assumptions as they relate to events and depend on circumstances that may or may not occur in the future. Actual results may differ material ly from those expressed or implied in the forward -looking statements due to various factors including, but not limited to: • general economic, political and business conditions; • general LPG market conditions, including changes in LPG freight rates, charter rates, vessel values and bunker fuel prices and other operating costs; • changes in demand in the LPG shipping industry; • any adverse developments in the maritime LPG transportation business; • changes in, and the Group’s compliance with, governmental, tax, environmental, safety, data protection and privacy and other laws and regulations; • failure in the management of climate and environmental risks and delivery and performance of management environmental objectives; • changes in competition rules and regulations for the shipping industry; • failure to manage disruptions, including due to climate change, abnormal weather conditions, • pandemics, piracy, strikes and boycotts, political instability, sanctions and breaches of IT systems; • failure to implement the Group’s business strategy or manage the Group’s growth; • damages or breakdowns of the Group’s vessels, including due to weather conditions, mechanical failures, wars or other circumstances and events; • failure to obtain new customers or the loss of any existing major customers; • failure to maintain sufficient cash reserves to make capital expenditures necessary for the Group’s vessels’ maintenance;
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BW LPG Limited Interim Financial Report (Unaudited) Q2 2026 and H1 2026 3 FORWARD-LOOKING STATEMENTS (continued) • failure to attract and retain key management personnel, technically skilled officers and other employees; • default by third parties with whom the Group has entered into chartered-in arrangements; • failure of the Group’s third-party technical managers or other counterparties to meet their obligations; • the ageing of the Group’s fleet which could result in increased operating costs; • delays in deliveries of or cost overruns in relation to newbuilds (if any); • failure to integrate assets or businesses acquired from third parties; • failure to identify or take advantage of arbitrage opportunities, effectively implement the Product Services division’s hedging strategy and source LPG from third-party suppliers; • loss of major tax disputes or successful tax challenges to the Group’s operating structure or to the Group’s tax payments; • the availability of and the Group’s ability to obtain financing to fund capital expenditures, acquisitions and other general corporate activities, the terms of such financing and the Group’s ability to comply with the restrictions and other covenants set forth in the Group’s existing and future debt agreements and financing arrangements; Additional information about material risks that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward -looking statements may be found under “Item 3. Key Information – 3.D. Risk Factors” of BW LPG ’s Annual Report on Form 20 -F, filed with the U.S. Securities and Exchange Commission on 31 March 2026.
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BW LPG Limited Interim Financial Report (Unaudited) Q2 2026 and H1 2026 4 SELECTED KEY FINANCIAL INFORMATION Statement of Comprehensive Income Q2 2026 US$M Q2 2025 US$M Change % H1 2026 US$M H1 2025 US$M Change % TCE income - Shipping1 274.9 152.7 80 472.6 311.3 52 Gross profit – Product Services1 (18.1) 14.8 N.M 108.8 11.2 N.M Operating profit 140.4 58.8 139 360.0 137.8 161 Profit after tax 137.9 43.4 N.M 325.3 110.0 196 Profit attributable to equity holders of the Company 120.1 34.9 N.M 284.4 81.0 N.M (US$ per share) Basic EPS2 0.79 0.23 N.M 1.88 0.53 N.M Diluted EPS2 0.79 0.23 N.M 1.87 0.53 N.M Dividend per share 0.95 0.22 N.M 1.62 0.50 N.M Balance Sheet 30 Jun 2026 US$M 31 Dec 2025 US$M Change % Cash and cash equivalents 303.9 242.0 26 Total assets 3,389.1 3,149.9 8 Total liabilities 1,334.3 1,224.3 9 Total shareholders’ equity 2,054.8 1,925.6 7 Cash flow Q2 2026 US$M Q2 2025 US$M Change % H1 2026 US$M H1 2025 US$M Change % Net cash from operating activities 205.9 94.7 117 371.4 261.0 42 Capital expenditure (13.3) (81.3) (84) (24.7) (92.6) (73) Adjusted free cash flow3 192.6 13.4 N.M 346.7 168.4 106 Financial Ratios Q2 2026 % Q2 2025 % Change % 30 Jun 2026 % 30 Jun 2025 % Change % ROE4 (annualised) 27.1 9.1 198 32.7 11.4 187 ROCE5 (annualised) 19.0 7.7 147 24.4 9.0 171 Net leverage ratio6 23.5 30.7 (23) 23.5 30.7 (23) Other Information 30 Jun 2026 31 Dec 2025 Change % Shares – end of period (‘000 shares) 159,282.0 159,282.0 - Treasury shares – end of period (‘000 shares) 7,467.4 7,939.3 (6) Share price (USD) 17.4 13.1 33 Share price (NOK) 172.6 132.0 31 Market cap (USD million) 2,641.6 1,982.6 33 Market cap (NOK million) 26,203.2 19,977.2 31 [1] Time Charter Equivalent (“TCE”) income - Shipping and Gross profit – Product Services reflect the Shipping and Product Services segment s, respectively. TCE income – Shipping represents revenue from time charters and spot voyage charters less voyage expenses comprising primarily fuel oil, port charges and commission, and inter-segment expense. [2] Basic and diluted EPS (earnings per share) is computed based on Q 2 2026: 151.8 million and 152.3 million (H1 2026: 151.6 million and 152.1 million) shares, respectively, the weighted average number of shares outstanding less treasury shares during the period. [3] Adjusted free cash flow is a non -IFRS measure and is computed as net cash from operating activities minus cash outflows for additions in property, plant and equipment and additions in intangible assets, sale of assets held -for-sale and sale of vesse ls. See page 30 for a reconciliation of adjusted free cash flow to the nearest IFRS measure. [4] ROE (return on equity) is computed as, with respect to a particular period, the ratio of the profit after tax for such period to the average of the shareholders’ equity, calculated as the average of the opening and closing balance for the period as presented in the consolidated balance shee t. [5] ROCE (return on capital employed) is a non-IFRS measure and is computed as, with respect to a particular period, the ratio of the operating profit for such period to capital employed defined as the average of the total shareholders’ equity, total borrowings and total lease liabilities, calculated as the average of the opening and closing balance for such period as presented in the consolidated balance sheet. See page 3 1 for a reconciliation of ROCE to the nearest IFRS measure. [6] Net leverage ratio is computed as the sum of total borrowings and total lease liabilities minus cash and cash equivalents as set out in the consolidated statement of cash flows, divided by the sum of total borrowings, total lease liabilities and total shar eholders’ equity minus cash and cash equivalents as set out in the consolidated statement of cash flows.
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BW LPG Limited Interim Financial Report (Unaudited) Q2 2026 and H1 2026 1 TCE income – Shipping per available and calendar day (total) are non-IFRS measures and are computed as TCE income – Shipping divided by available days and calendar days (total), respectively. See pages 29 and 30 for a reconciliation of TCE income – Shipping per available day and calendar day (total) to the nearest IFRS measure. 2 Shipping NPAT, or Shipping’s Net Profit After Tax, is calculated as profit attributable to equity holders of BW LPG, minus BW LPG’s share of BW LPG Product Services Pte. Ltd.’s net profit/(loss) after tax. See page 27. 5 HIGHLIGHTS AND SUBSEQUENT EVENTS – Q2 2026 • Q2 2026 profit attributable to equity holders of the Company ended at US$ 120.1 million or an earnings per share of US$0.79. • TCE income – Shipping Q2 2026 concluded at US$74,030 per available day1 and US$71,640 per calendar day (total)1. • The Company declared a Q 2 2026 cash dividend of US$0.95 per share. This dividend corresponds to 100% of the Shipping NPAT2 for the quarter. This cash dividend represents a payout ratio of 120% for the quarter, as a percentage of total profit attributable to equity holders. • BW LPG India entered into agreements to sell the 2007-built BW Elm and BW Birch in July and August 2026, respectively, with deliveries scheduled by August and mid-November 2026. On a 100% basis, the sales are expected to generate net book gains of approximately US$36 million for BW Elm and US$37 million for BW Birch, with net cash proceeds of approximately US$64 million for each vessel. • BW LPG entered into an agreement to sell the 2015-built BW Levant in July 2026, with the vessel scheduled for delivery to the buyer by mid-November 2026. The sale is expected to generate a net book gain and net cash proceeds of approximately US$17 million and US$38 million respectively. PERFORMANCE REVIEW – Q2 2026 and H1 2026 Q2 2026 TCE income – Shipping was US$274.9 million for Q2 2026 (Q2 2025: US$152.7 million), representing an increase of US$122.2 million from Q2 2025. The TCE income increase was primarily due to a strong spot performance of US$85,200 per day, a 139% increase compared to Q2 2025 of US$35,600 per day. This was partially offset by the re-delivery of two time chartered-in vessels, and sale of BW Lord, which reduced available fleet days by 216 days, from 3,929 days in Q2 2025 to 3,713 days in Q2 2026. The effects of IFRS 15 adjustments for spot voyages straddling the quarter-end, which were recognised on a load-to-discharge basis, and forward freight agreements entered into to hedge the exposure against spot market volatility, resulted in adjustments of negative US$16.4 million and negative US$12.0 million in Q2 2026 (Q2 2025: negative US$4.6 million and positive US$0.7 million) respectively. The TCE income – Shipping remains robust, supported by strong spot performance and increased time charter coverage of 53% (Q2 2025: 44%). The time charter revenue per available day was US$64,000 per day in Q2 2026, a 48% increase compared to Q2 2025 of US$43,000 per day. BW LPG India continued to deliver stable TCE income of US$68.4 million for Q2 2026 (Q2 2025: US$30.7 million). Product Services reported a gross loss of US$18.1 million for Q2 2026 (Q2 2025: gross profit of US$14.8 million). While realised trading profits increased significantly to US$127.4 million from US$5.4 million in Q2 2025, this was more than offset by an unrealised mark-to-market loss of US$145.5 million on open positions in the quarter (Q2 2025: gain of US$9.4 million). As a result, gross profit decreased to a loss of US$18.1 million. After general and administrative expenses and income taxes of US$12.8 million (Q2 2025: US$9.2 million), Product Services reported a loss after tax of US$30.9 million in Q2 2026 (Q2 2025: profit after tax of US$5.6 million). The Group’s profit after tax was US$137.9 million for Q2 2026 (Q2 2025: US$43.4 million). The increase in profit after tax was primarily attributed to higher overall segment results contributed by an increase of TCE income - Shipping of US$122.2 million and offset by a decrease of Gross Profit - Product Services of US$32.9 million. The profit after tax was also impacted by higher charter hire expenses for the Group’s index -linked time charter-in vessels due to the higher LPG spot market, which led to an increase of US$7.7 million.
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BW LPG Limited Interim Financial Report (Unaudited) Q2 2026 and H1 2026 6 PERFORMANCE REVIEW – Q2 2026 and H1 2026 (continued) Q2 2026 (continued) Profit attributable to non-controlling interests was US$17.8 million for Q2 2026 (Q2 2025: US$8.5 million), which was mainly driven by a US$16.2 million increase in attributable profit to non- controlling interests from BW LPG India, contributed by the strong shipping performance for the quarter, and offset by a US$6.9 million decrease in attributable profit to non-controlling interests from BW Product Services. H1 2026 TCE income – Shipping was US$472.6 million for H1 2026 (H1 2025: US$311.3 million), an increase of US$161.3 million from H1 2025. The increase was primarily due to a higher spot performance of US$ 74,300 per day, up 94% compared to H1 2025 of US$38,200 per day. This was partially offset by the re -delivery of two time chartered-in vessels, the sale of BW Lord and BW Cedar, reducing available fleet days by 619 days, to 7,300 days in H1 2026. The effects of IFRS 15 adjustments for spot voyages that straddled the quarter-end were recognised on a load-to-discharge basis, and forward freight agreements entered into to hedge the exposure against spot market volatility, resulted in adjustments of negative US$15.9 million and negative US$16.5 million in H1 2026 (H1 2025: positive US$7.0 million and positive US$3.3 million) respectively. TCE income – Shipping continued to be supported by strong spot earnings and an increased proportion of contracted time charter coverage of 53% (H1 2025: 4 3%). The time charter revenue per available day was US$ 56,200 per day in H1 2026, which represented an increase of 37% as compared to H1 2025 of US$40,800 per day. BW India delivered a stable TCE income of US$97.6 million for H1 2026 (H1 2025: US$62.4 million). Product Services reported a gross profit of US$108.8 million for H1 2026 (H1 2025: US$11.2 million). The improvement was driven by both stronger realised trading performance and a more favourable mark-to-market valuation of open positions. Realised profits increased to US$117.5 million from US$38.3 million in H1 2025, while the unrealised mark-to-market loss on open positions narrowed to US$8.7 million from US$27.1 million in H1 2025. After general and administrative expenses and income taxes totalling US$41.7 million (H1 2025: US$18.0 million), Product Services reported a profit after tax of US$67.0 million in H1 2026, compared to a loss after tax of US$6.8 million in H1 2025. Profit after tax was US$325.3 million for H1 2026 (H1 2025: US$110.0 million). The increase in profit after tax was primarily attributed to higher segment results of US$258.8 million. The profit after tax was impacted by higher charter hire expenses and ta x expenses which increased by US$17.6 million and US$13.9 million respectively, and a non-recurring gain on disposal of vessels of US$32.1 million. Profit attributable to non-controlling interests was US$40.9 million for H1 2026 (H1 2025: US$29.0 million). The increase was driven by a US$14.1 million increase attributable profit to non-controlling interests from BW Product Services, offset by a US$2.2 million decrease in attributable profit to non-controlling interests from BW LPG India.
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BW LPG Limited Interim Financial Report (Unaudited) Q2 2026 and H1 2026 7 PERFORMANCE REVIEW – Q2 2026 and H1 2026 (continued) BALANCE SHEET As of 30 June 2026, BW LPG controls a fleet of 48 VLGCs, including eight vessels which are owned and operated by BW LPG India. Total assets amounted to US$3,389.1 million (31 December 2025: US$3,149.9 million), of which carrying value of the vessels (including dry docking) were US$ 2,309.2 million (31 December 2025: US$2,366.0 million), and right-of-use assets (vessels) were US$101.3 million (31 December 2025: US$116.7 million). Cash and cash equivalents amounted to US$303.9 million as of 30 June 2026 (31 December 2025: US$242.0 million). Cash flow from operating activities generated a net cash surplus of US$371.4 million in H1 2026 (H1 2025: US$261.0 million), of which the net cash outflow of US$109.1 million (H1 2025: net cash inflow of US$28.8 million) related to changes in working capital. Investi ng activities generated a cash outflow of US$ 2.9 million in H1 2026 (H1 2025: US$83.2 million), which comprised mainly US$24.7 million paid for drydocking activities. Cash flows from investing activities included the US$14.8 million received from the sale of the 8.5% equity position in Confidence Petroleum India Limited. Net cash outflow for financing ac tivities of US$291.7 million (H1 2025: US$122.3 million) included net principal and interest repayments of US$ 152.1 million, dividend payments of US$188.3 million, US$43.2 million in lease repayments, and a net drawdown of US$92.4 million trade finance borrowings. Net leverage ratio decreased from 28.4% as of 31 December 2025, to 23. 5% as of 30 June 2026 mainly due to the increase in cash balances net of restricted cash held in brokerage accounts, and principal and lease repayments in H1 2026.
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BW LPG Limited Interim Financial Report (Unaudited) Q2 2026 and H1 2026 8 MARKET UPDATE The first half of 2026 was one of the most volatile periods on record for the VLGC market. Following the outbreak of war in the Middle East, the closure of the Strait of Hormuz caused significant disruption to regional LPG pricing and global VLGC trade patterns. In the immediate aftermath of the conflict, LPG importers shifted their procurement towards the US, driving export terminal fees sharply higher while VLGC freight rates weakened. As additional US export capacity subsequently came online, vessel availability rather than export infrastructure emerged as the primary bottleneck in the LPG value chain. Towards the end of June, the price differential between US and Far East LPG (the arbitrage) narrowed considerably as expectations for a sustained reopening of the Strait of Hormuz grew. More recently, spot VLGC rates have strengthened alongside a widening US–Far East LPG arbitrage as tensions in the Middle East have re-escalated. In addition, declining water levels have prompted the Panama Canal Authority to impose transit restrictions, r esulting in more VLGCs sailing via the Cape of Good Hope. The longer voyage distances have reduced the effective supply of vessels and provided further support to freight rates. Cargo Movements During the first half of 2026, US LPG exports carried by VLGCs increased by 16%, supported by additional export capacity and a shift in sourcing following the outbreak of war in the Middle East. India accounted for the largest increase, with US LPG exports to India rising 212% compared with the first half of 2025. US exports to China also recovered during the period, reaching monthly levels not seen since the onset of the US–China trade war. As a result, US exports to China for the first six months of 2026 increased 2% year - on-year. Middle East LPG exports carried by VLGCs declined 46% year -on-year during the first six months of 2026 as the conflict severely disrupted cargo movements through the Strait of Hormuz. Far East LPG imports declined 18% during the first half of 2026, primarily due to the disruption of Middle East exports. China recorded the largest decline, with imports down 26% year-on-year, while imports into Japan and South Korea decreased by 1% and 7%, respectively. LPG imports into Southeast Asia carried by VLGCs declined by only 1% during the first half of 2026. While the region has historically sourced most of its LPG from the Middle East, it has increasingly diversified towards US supply in recent years. Imports from the US increased 31% compared with the first half of 2025. Panama Canal The new locks at the Panama Canal have continued to operate at or near full capacity. However, lower -than- normal rainfall has reduced water levels in Lake Gatún , resulting in restrictions on transits through the original locks and higher auction fees for the new locks. Continued congestion and elevated transit costs cannot be ruled out for the remainder of the year, particularly if El Niño adversely affects rainfall in Panama. Looking further ahead, demand for Panama Canal transits is expected to increase as additional LNG, ethane and LPG carriers enter service.
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BW LPG Limited Interim Financial Report (Unaudited) Q2 2026 and H1 2026 9 MARKET UPDATE (continued) China PDH Plants Average PDH operating rates in China have recovered to levels above 70%, close to those seen prior to the outbreak of the war in the Middle East. LPG inventories have also rebounded from the low levels recorded in May, reflecting stronger import volumes during June. While no additional PDH plants are expected to come online for the remainder of 2026, nine more are scheduled to start up in 2027, followed by another six in 2028 and beyond. Fleet Capacity During 2026, 27 VLGCs have been delivered, with a further 13 vessels expected by year-end. The orderbook currently stands at 155 VLGCs, equivalent to 35% of the existing fleet, with deliveries scheduled through the fourth quarter of 2030. Approximately 9% of the existing fleet is 25 years of age or older. VLGC Freight Market Outlook Spot VLGC earnings are expected to remain highly sensitive to geopolitical developments and disruptions to global trading patterns. A full reopening of the Strait of Hormuz would almost certainly increase Middle East LPG export volumes. However, it could also narrow the US–Far East arbitrage and reduce overall ton-mile demand for VLGCs. Assuming conflict resolution in Q3 2026, the Middle East exports are expected to gradually recover, although full recovery is expected to take 12 -36 months depending on local conditions and infrastructure damage severity. North American LPG exports are expected to continue growing, supported by new export infrastructure and increasing gas-rich oil production from the Permian Basin. The Ras Tanura–Chiba Forward Freight Agreement (FFA) market for the remainder of 2026 is currently indicating earnings slightly below US$180,000 per day, although liquidity remains limited.
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BW LPG Limited Interim Financial Report (Unaudited) Q2 2026 and H1 2026 10 Statements to the Interim Financial Information We confirm to the best of our knowledge that the Interim Financial Information for the three -month and six - month periods ended 30 June 2026 has been prepared in accordance with IAS 34 – Interim Financial Reporting, and gives a true and fair view of BW LPG Limited’s consolidated assets, liabilities, financial position and income statement as a whole. We also confirm to the best of our knowledg e, that the Interim Financial Information includes a fair review of important events that have taken place during the three -month and six-month periods ended 30 June 2026 and their impact on the Interim Financial Information, and accounts properly for the principal risks and uncertainties for the remaining half year of 2026, as well as major related party transactions. 28 August 2026 Andreas Sohmen-Pao Anne Grethe Dalane Luc Gillet Chairman Director Director Sanjiv Misra Sonali Chandmal Kevin James Mackay Director Director Director
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BW LPG Limited Interim Financial Report (Unaudited) Q2 2026 and H1 2026 11 CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) Q2 2026 Q2 2025 H1 2026 H1 2025 US$’000 US$’000 US$’000 US$’000 Revenue – Shipping 340,790 230,537 595,177 477,563 Revenue - Product Services 671,170 813,364 1,255,674 1,428,410 Cost of cargo and delivery expenses - Product Services (664,208) (776,701) (1,104,151) (1,379,968) Voyage expenses - Shipping (75,698) (89,291) (134,790) (182,163) Vessel operating expenses (33,183) (32,030) (61,719) (61,717) Time charter contracts (non-lease components) (73) (4,021) (959) (8,699) General and administrative expenses (31,978) (17,138) (50,476) (37,981) Charter hire expenses (8,427) (739) (18,592) (1,006) Fair value gain/(loss) from equity financial asset 696 (1,172) 696 (1,172) Finance lease income 228 137 482 308 Other operating expense - net 2,160 (738) 143 (1,576) Depreciation (61,068) (62,586) (121,336) (125,710) Amortisation of intangible assets (42) (51) (102) (261) Loss on derecognition of right-of-use assets (vessels) - (732) - (289) Gain on disposal of vessels - - - 32,051 Operating profit 140,367 58,839 360,047 137,790 Foreign currency exchange gain - net (1,501) (927) (1,379) (386) Interest income 1,552 2,005 2,836 4,938 Interest expense (8,224) (12,633) (17,025) (27,907) Other finance expenses (881) (214) (1,504) (598) Finance expenses – net (9,054) (11,769) (17,072) (23,953) Profit before tax 131,313 47,070 342,975 113,837 Income tax expense 6,612 (3,632) (17,708) (3,822) Profit after tax 137,925 43,438 325,267 110,015 Other comprehensive income/(loss): Items that will not be reclassified to profit or loss: Equity investments at FVOCI - fair value gain/(loss) 1,910 1,760 3,090 (5,892) Items that may be reclassified subsequently to profit or loss: Cash flow hedges - fair value loss (15,150) (2,006) (29,044) (2,040) - reclassification to profit or loss 11,711 (2,248) 15,728 (5,763) Currency translation reserve (16) 85 (711) 1,281 Other comprehensive loss, net of tax (1,545) (2,409) (10,937) (12,414) Total comprehensive income 136,380 41,029 314,330 97,601 Profit attributable to: Equity holders of the Company 120,129 34,927 284,412 81,010 Non-controlling interests 17,796 8,511 40,855 29,005 137,925 43,438 325,267 110,015 Total comprehensive income: Equity holders of the Company 118,587 32,487 273,612 68,360 Non-controlling interests 17,793 8,542 40,718 29,241 136,380 41,029 314,330 97,601 Earnings per share attributable to the equity holders of the Company: (expressed in US$ per share) Basic earnings per share 0.79 0.23 1.88 0.53 Diluted earnings per share 0.79 0.23 1.87 0.53
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BW LPG Limited Interim Financial Report (Unaudited) Q2 2026 and H1 2026 12 CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED) 30 June 2026 31 December 2025 US$’000 US$’000 Intangible assets 254 356 Investment in joint venture - 301 Derivative financial instruments 2,869 3,055 Other receivables 2,115 3,812 Finance lease receivables 6,549 10,324 Deferred tax assets 4,051 5,321 Total other non-current assets 15,584 22,813 Vessels and dry docking 2,309,200 2,365,965 Right-of-use assets (vessels) 101,284 116,742 Other property, plant and equipment 456 433 Property, plant and equipment 2,410,940 2,483,140 Total non-current assets 2,426,778 2,506,309 Inventories 174,295 123,885 Trade and other receivables 426,158 231,207 Equity financial assets, at FVOCI - 11,710 Equity financial assets, at FVPL 2,294 1,597 Derivative financial instruments 48,235 25,956 Finance lease receivables 7,440 7,220 Cash and cash equivalents 303,856 242,009 Total current assets 962,278 643,584 Total assets 3,389,056 3,149,893 Share capital 619,868 619,868 Treasury shares (47,377) (50,372) Other reserves 659,201 655,303 Retained earnings 686,824 605,203 1,918,516 1,830,002 Non-controlling interests 136,269 95,551 Total shareholders’ equity 2,054,785 1,925,553 Borrowings 611,606 730,394 Lease liabilities 53,946 72,836 Derivative financial instruments - 411 Total non-current liabilities 665,552 803,641 Borrowings 202,642 122,709 Lease liabilities 64,438 64,303 Derivative financial instruments 60,369 24,398 Current income tax liabilities 15,938 1,520 Trade and other payables 325,332 207,769 Total current liabilities 668,719 420,699 Total liabilities 1,334,271 1,224,340 Total equity and liabilities 3,389,056 3,149,893
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BW LPG Limited Interim Financial Report (Unaudited) Q2 2026 and H1 2026 13 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED) Attributable to equity holders of the Company Share capital Treasury shares Capital Reserve Hedging reserve Share- based payment reserve Currency translation reserve Other reserves Retained Earnings Total Non- controlling interests Total equity US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Balance at 1 January 2026 619,868 (50,372) 649,654 3,279 3,937 1,333 (2,900) 605,203 1,830,002 95,551 1,925,553 Profit after tax - - - - - - - 284,412 284,412 40,855 325,267 Other comprehensive (loss)/income for the financial period - - - (13,316) - (574) 3,090 - (10,800) (137) (10,937) Total comprehensive (loss)/income for the financial period - - - (13,316) - (574) 3,090 284,412 273,612 40,718 314,330 Share-based payment reserve - Value of employee services - - - - 1,020 - - - 1,020 - 1,020 Sale of equity investments - - - - - - 15,362 (15,362) - - - Share options exercised - 2,995 - - (1,684) - - 821 2,132 - 2,132 Dividend paid - - - - - - - (188,250) (188,250) - (188,250) Total transactions with owners, recognised directly in equity - 2,995 - - (664) - 15,362 (202,791) (185,098) - (185,098) Balance at 30 June 2026 619,868 (47,377) 649,654 (10,037) 3,273 759 15,552 686,824 1,918,516 136,269 2,054,785
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BW LPG Limited Interim Financial Report (Unaudited) Q2 2026 and H1 2026 14 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED) Attributable to equity holders of the Company Share capital Treasury shares Capital reserve Hedging reserve Share- based payment reserve Currency translation reserve Other reserves Retained earnings Total Non- controlling interests Total equity US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Balance at 1 January 2025 619,868 (48,387) 649,654 13,835 2,579 (427) 2,115 565,794 1,805,031 132,463 1,937,494 Profit after tax - - - - - - - 242,313 242,313 47,398 289,711 Other comprehensive (loss)/income for the financial period - - - (10,556) - 1,760 (11,422) - (20,218) 444 (19,774) Total comprehensive (loss)/income for the financial period - - - (10,556) - 1,760 (11,422) 242,313 222,095 47,842 269,937 Share-based payment reserve - Value of employee services - - - - 1,753 - - - 1,753 - 1,753 Share capital reduction of subsidiary - - - - - - - - - (41,616) (41,616) Purchases of treasury shares - (2,739) - - - - - - (2,739) - (2,739) Share options exercised - 754 - - (395) - - 164 523 - 523 Dividend paid - - - - - - - (199,855) (199,855) (41,120) (240,975) Changes in NCI - - - - - - - 3,194 3,194 (2,018) 1,176 Transfer to tonnage tax reserve - - - - - - 6,407 (6,407) - - - Total transactions with owners, recognised directly in equity - (1,985) - - 1,358 - 6,407 (202,904) (197,124) (84,754) (281,878) Balance at 31 December 2025 619,868 (50,372) 649,654 3,279 3,937 1,333 (2,900) 605,203 1,830,002 95,551 1,925,553
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BW LPG Limited Interim Financial Report (Unaudited) Q2 2026 and H1 2026 15 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) Q2 2026 Q2 2025 H1 2026 H1 2025 US$’000 US$’000 US$’000 US$’000 Cash flows from operating activities Profit before tax 131,313 47,070 342,975 113,837 Adjustments for: - amortisation of intangible assets 43 51 102 261 - depreciation charge 61,068 62,586 121,336 125,710 - gain on disposal of vessels - - - (32,051) - fair value (gain)/loss from equity financial assets (696) 1,172 (696) 1,172 - interest income (1,552) (2,005) (2,836) (4,938) - interest expenses 11,343 13,043 20,144 30,070 - other finance expenses 317 214 634 598 - share-based payments 572 583 1,020 938 - finance lease income (228) (137) (482) (308) - loss on derecognition of right-of-use assets - 732 - 289 202,180 123,309 482,197 235,578 Changes in working capital: - inventories (67,383) 59,038 (50,410) 39,895 - trade and other receivables (245,320) (83,515) (193,083) (149,658) - trade and other payables 121,420 29,487 118,825 100,873 - derivative financial instruments 101,088 (11,078) 691 23,542 - margin account held with broker 95,494 (14,988) 14,877 14,122 Total changes in working capital 5,299 (21,056) (109,100) 28,774 Taxes paid (1,598) (7,534) (1,738) (3,391) Net cash from operating activities 205,881 94,719 371,359 260,961 Cash flows from investing activities Additions in property, plant and equipment (13,260) (81,308) (24,706) (157,606) Proceeds from sale of vessels - - - 65,049 Proceeds from sale of investment in joint venture 127 - 127 - Repayment of finance lease receivables 1,791 2,053 3,556 4,074 Interest received 1,780 2,142 3,318 5,246 Sale of equity financial assets, at fair value 14,800 - 14,800 - Net cash from/(used in) investing activities 5,238 (77,113) (2,905) (83,237)
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BW LPG Limited Interim Financial Report (Unaudited) Q2 2026 and H1 2026 16 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) (continued) For the purpose of presenting the consolidated statement of cash flows, cash and cash equivalents comprise the following: 30 June 2026 30 June 2025 US$’000 US$’000 Cash and cash equivalents per consolidated balance sheet 303,856 320,952 Less: Margin account held with broker (1,418) (33,659) Cash and cash equivalents per consolidated statement of cash flows 302,438 287,293 Q2 2026 Q2 2025 H1 2026 H1 2025 US$’000 US$’000 US$’000 US$’000 Cash flows from financing activities Proceeds from borrowings 243,132 499,738 578,197 721,468 Payment of financing fees - (2,587) - (2,790) Repayments of bank borrowings (325,544) (423,633) (710,423) (620,988) Payment of lease liabilities (21,657) (24,746) (43,162) (50,306) Interest paid (10,926) (14,469) (19,849) (29,718) Other finance expense paid (317) (219) (634) (598) Purchase of treasury shares - (2,739) - (2,739) Drawdown of trust receipts 443,831 583,251 732,116 1,145,290 Repayment of trust receipts (311,648) (564,047) (639,725) (1,159,778) Dividend payment (101,716) (42,376) (188,250) (106,022) Dividend payment to non-controlling interests - - - (11,185) Capital return to non-controlling interests - - - (4,965) Net cash (used in)/from financing activities (84,845) 8,173 (291,730) (122,331) Net increase in cash and cash equivalents 126,274 25,779 76,724 55,393 Cash and cash equivalents at beginning of the financial period 176,164 261,514 225,714 231,900 Cash and cash equivalents at end of the financial period 302,438 287,293 302,438 287,293
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BW LPG Limited Interim Financial Report (Unaudited) Q2 2026 and H1 2026 17 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION (UNAUDITED) These notes form an integral part of and should be read in conjunction with the accompanying condensed consolidated financial information. 1. General information BW LPG Limited (the “Company”) is a public company limited by shares, and is dual listed on the Oslo Stock Exchange and the New York Stock Exchange. The principal legislation under which the Company operates is the Singapore Companies Act and regulations made thereunder. The Company was incorporated in Bermuda on 21 August 2008 and redomiciled to Singapore on 1 July 2024, with its registered office at 10 Pasir Panjang Road, #17-02, Mapletree Business City, Singapore, 117438. The principal activity of the Company is that of investment holding. The principal activities of its subsidiaries are ship owning, chartering and LPG trading. This condensed consolidated interim financial information (“Interim Financial Information”) was authorised for issue by the Board of Directors of the Company on 28 August 2026. 2. Material accounting policies Basis of preparation The Interim Financial Information for the three -month and six-month periods ended 30 June 202 6 has been prepared in accordance with IAS 34, ‘Interim Financial Reporting’. The Interim Financial Information should be read in conjunction with the annual audited financial statements for the year ended 31 December 202 5, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”). The Interim Financial Information does not include all the information required for a complete set of financial statements prepared in accordance with IFRS standards. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group’s financial position and performance since the last annual financial statements. In the preparation of this set of Interim Financial Information, the same accounting policies have been applied as those used in the preparation of the annual financial statements for the year ended 31 December 2025. Critical accounting estimates, assumptions and judgements The preparation of the Interim Financial Information requires Management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. In preparing this Interim Financial Information, the judgements made by Management in applying the Group’s accounting policies and the key sources of estimation uncertainty are the same as those that applied to the consolidated financial statements for the year ended 31 December 2025.
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BW LPG Limited Interim Financial Report (Unaudited) Q2 2026 and H1 2026 18 3. Derivative financial instruments 30 June 2026 31 December 2025 Assets Liabilities Assets Liabilities US$’000 US$’000 US$’000 US$’000 Interest rate swaps 3,705 - 3,055 (306) Forward freight agreements and related bunker swaps 10,039 (16,438) 1,238 (1,496) Commodity contracts and derivatives 37,360 (43,931) 24,696 (23,007) Forward foreign exchange contracts - - 22 - 51,104 (60,369) 29,011 (24,809) Non-current 2,869 - 3,055 (411) Current 48,235 (60,369) 25,956 (24,398) 51,104 (60,369) 29,011 (24,809) As at 30 June 202 6, the Group has interest rate swaps with total notional principal amounting to US$191.4 million (31 December 202 5: US$1 99.6 million). The Group’s interest rate swaps mature between 2027 to 2029. Interest rate swaps were transacted to hedge the interest rate risk on bank borrowings. After taking into account the effects of these contracts, for part of the bank borrowings, the Group would effectively pay fixed interest rates ranging from 2.0% per annum to 3.7% per annum and would receive a variable rate based on US$ SOFR. Hedge accounting was adopted for these contracts. Forward freight agreements and related bunker swaps were transacted to hedge freight rates and bunker price risks. Hedge accounting was adopted for these contracts. Commodity contracts and derivatives comprise physical buy and sell commodity contracts measured at fair value through profit or loss, and commodity derivative contracts. The Group did not adopt hedge accounting for these contracts. Forward foreign exchange contracts were transacted to hedge foreign exchange risks. The Group did not adopt hedge accounting for these contracts.
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BW LPG Limited Interim Financial Report (Unaudited) Q2 2026 and H1 2026 19 4. Property, plant and equipment Vessels Dry docking Furniture and fixtures Right-of-use assets (Vessels) Total US$’000 US$’000 US$’000 US$’000 US$’000 At 30 June 2026 Cost 2,994,895 94,327 1,414 377,920 3,468,556 Accumulated depreciation and impairment charge (755,245) (24,777) (958) (276,636) (1,057,616) Net book value 2,239,650 69,550 456 101,284 2,410,940 Vessels Dry docking Furniture and fixtures Right-of-use assets (Vessels) Total US$’000 US$’000 US$’000 US$’000 US$’000 At 31 December 2025 Cost 2,994,896 91,345 1,251 353,426 3,440,918 Accumulated depreciation and impairment charge (684,835) (35,441) (818) (236,684) (957,778) Net book value 2,310,061 55,904 433 116,742 2,483,140 (a) Vessels with an aggregate carrying amount of US$1,388 million as at 30 June 2026 (31 December 2025: US$1,423 million) are secured on bank borrowings (note 6). (b) In H1 2025, the Group derecognized US$138.5 million of right -of-use assets (vessels) cost and accumulated depreciation upon the delivery of two VLGCs, following the exercise of purchase options declared in December 2024 and February 2025 respectively. (c) The sale and delivery of BW Cedar was concluded in February 2025, generating US$65.0 million in proceeds and a net book gain of US$32.1 million. 5. Treasury shares Number of shares Cost of shares 30 June 2026 30 June 2025 30 June 2026 30 June 2025 ‘000 ‘000 US$’000 US$’000 At beginning of the financial period 7,939 7,743 50,372 48,387 Purchases of treasury shares - 317 - 2,739 Share options exercised (472) (121) (2,995) (754) At end of the financial period 7,467 7,939 47,377 50,372 Pursuant to the Company’s long -term management share option plans, announced on 1 March 2022 (“LTIP 2022”): (a) participants of the LTIP 2022 exercised vested options granted under LTIP 2022 during Q1 2025; 120,647 shares were transferred at an average strike price of US$4.54 (NOK 46.6) per share. (b) participants of the LTIP 2022 exercised vested options granted under LTIP 2022 during Q1 202 6; 471,951 shares were transferred at an average strike price of US$4.57 (NOK 43.6) per share. On 8 April 2025, the Board of Directors of the Company approved a share buyback program under which the Company may purchase up to 3 million ordinary shares for a maximum amount of US$20.0 million. The program commenced on 8 April and finalised on 17 April 2025. During this period, the Company acquired a total of 316,437 ordinary shares at an average price of US$8.63 per share for a total consideration of US$2,732,109.
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BW LPG Limited Interim Financial Report (Unaudited) Q2 2026 and H1 2026 20 6. Borrowings and lease liabilities 30 June 2026 31 December 2025 US$’000 US$’000 Borrowings Bank borrowings 503,359 627,873 Lease financing arrangement 175,994 182,689 Trust receipts 132,183 39,792 Interest payable 2,712 2,749 814,248 853,103 Borrowings Non-current 611,606 730,394 Current 202,642 122,709 814,248 853,103 Lease liabilities Non-current 53,946 72,836 Current 64,438 64,303 118,384 137,139 Movements in borrowings and lease liabilities are analysed as follows: Borrowings Lease Liabilities Total US$’000 US$’000 US$’000 At 1 January 2026 853,109 137,139 990,248 Drawdown of trust receipts 732,116 - 732,116 Additions 578,197 - 578,197 Interest expense 17,514 3,721 21,235 Lease modifications - 24,495 24,495 Less: Interest paid (16,540) (3,809) (20,349) Less: Principal repayment (710,423) (43,162) (753,585) Less: Repayment of trust receipts (639,725) - (639,725) At 30 June 2026 814,248 118,384 932,632 Borrowings Lease liabilities Total US$’000 US$’000 US$’000 At 1 January 2025 942,008 231,288 1,173,296 Drawdown of trust receipts 1,145,290 - 1,145,290 Additions 721,468 - 721,468 Interest expense 25,749 4,321 30,070 Lease modifications - (72,732) (72,732) Less: Interest paid (25,397) (4,321) (29,718) Less: Payment of financing fees (2,790) - (2,790) Less: Principal repayment (620,988) (50,306) (671,294) Less: Repayment of trust receipts (1,159,778) - (1,159,778) At 30 June 2025 1,025,562 108,250 1,133,812
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BW LPG Limited Interim Financial Report (Unaudited) Q2 2026 and H1 2026 21 6. Borrowings and lease liabilities (continued) As at 30 June 2026, borrowings amounting to US$670.7 million (31 December 2025: US$799.4 million) are secured by mortgages over certain vessels of the Group (note 4). These borrowings are interest bearing at US$ SOFR + margin and they contain covenants (the “Quarterly Covenants”) stating that at the end of each quarter, the Group shall ensure that its adjusted equity ratio, minimum adjusted equity, and minimum liquidity do not fall below the agreed thresholds (as defined in the respective borrowings agreements), otherwise the borrowings will be repayable on demand. At 30 June 2026, the Group complied with the Quarterly Covenants and accordingly, the borrowings are classified as non-current at 30 June 2026. If the Group continues with its financial position as at the end of the reporting date, the Group expects to comply with the Quarterly Covenants within 12 months after the reporting date. 7. Related party transactions In addition to the information disclosed elsewhere in the Interim Financial Information, the following transactions took place between the Group and related parties during the financial period at terms agreed between the parties: (a) Services Q2 2026 Q2 2025 H1 2026 H1 2025 US$’000 US$’000 US$’000 US$’000 Corporate service fees charged by related parties* 2,299 2,140 4,661 4,300 Ship management fees charged by related parties* 195 25 391 192 * “Related parties” refer to corporations controlled by the Company’s largest shareholder. (b) Key management’s remuneration Q2 2026 Q2 2025 H1 2026 H1 2025 US$’000 US$’000 US$’000 US$’000 Salaries and other short-term employee benefits 724 669 2,203 2,313 Post-employment benefits - contributions to defined contribution plans and share-based payment 593 610 1,063 995 Directors’ fees 137 144 266 296 1,454 1,423 3,532 3,604
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BW LPG Limited Interim Financial Report (Unaudited) Q2 2026 and H1 2026 22 8. Financial risk management The Interim Financial Information does not include all financial risk management information and disclosures required in the annual financial statements; the Interim Financial Information should be read in conjunction with the Group’s annual financial stat ements as at 31 December 2025. There have been no major changes in any risk management policies or processes since the previous year end. (a) Financial instruments by category The aggregate carrying amounts of the Group’s financial instruments are as follows: 30 June 2026 31 December 2025 US$’000 US$’000 Equity financial assets, at FVOCI - 11,710 Equity financial assets, at FVPL 2,294 1,597 Derivative assets measured at fair value 51,104 29,011 Derivative liabilities measured at fair value (60,369) (24,809) Financial assets at amortised cost 665,787 432,888 Financial liabilities at amortised cost (1,122,810) (1,049,304) (b) Estimation of fair value IFRS 13 established a fair value hierarchy that prioritises inputs used to measure fair value. The three levels of the fair value input hierarchy defined by IFRS 13 are as follows: (i) quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1); (ii) inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) (Level 2); and (iii) inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3). Level 1 Level 2 Level 3 Total US$’000 US$’000 US$’000 US$’000 30 June 2026 Assets Equity financial assets, at FVPL - - 2,294 2,294 Derivative financial instruments - 40,227 10,877 51,104 Total assets - 40,227 13,171 53,398 Liabilities Derivative financial instruments - 26,957 33,412 60,369 Total liabilities - 26,957 33,412 60,369 31 December 2025 Assets Equity financial assets, at FVOCI 11,710 - - 11,710 Equity financial assets, at FVPL - - 1,597 1,597 Derivative financial instruments - 9,179 19,832 29,011 Total assets 11,710 9,179 21,429 42,318 Liabilities Derivative financial instruments - 13,836 10,973 24,809 Total liabilities - 13,836 10,973 24,809
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BW LPG Limited Interim Financial Report (Unaudited) Q2 2026 and H1 2026 23 8. Financial risk management (continued) (b) Estimation of fair value (continued) Derivative financial assets and liabilities The Group’s financial derivative instruments primarily relate to interest rate swaps, forward freight agreements, bunker swaps and commodity contracts measured at fair value (note 3). Level 2 classifications primarily include exchange -traded futures including interest rate swaps, forward freight agreements, bunker swaps and commodity contracts. The fair values of interest rate swaps are calculated at the present value of estimated future cash flows based on observable yield curves. The fair values of forward freight agreements, bunker swaps and commodity contracts measured at fair value are determined using forward commodity indices at the balance sheet date. Level 3 classifications primarily include the physical commodity contracts where the fair values are estimated using a cash flow model, based on the best information available. As the fair value estimation process involves uncertainties and significant judgement over the unobservable inputs and assumptions, the fair values of the physical commodity contracts are classified under level 3. Non-derivative non-current financial assets and liabilities The carrying amount of non- derivative non -current financial assets and liabilities which bear floating interest rates are assumed to approximate their fair value because of the short repricing period. There are no non-current financial assets and liabilities which do not bear floating interest rates. Non-derivative current financial assets and liabilities The carrying amounts of financial assets and liabilities with a maturity of less than one year are assumed to approximate their fair value because of the short period to maturity. 9. Segment information The executive management team (“EMT”) is the Group’s chief operating decision -maker. The Group identifies segments on the basis of those components of the Group that the EMT regularly reviews. The Group considers the business from each individual business segment perspective which comprise s the Shipping and Product Services segments. The reported measure of segment performance is gross profit, which the EMT uses to assess the performance of the operating segments. For the Shipping segment, gross profit is reflected as TCE income - Shipping. For the Product Services segment, gross profit is reflected as Gross profit – Product Services. Operating segment disclosures are consistent with the information reviewed by the Management.
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BW LPG Limited Interim Financial Report (Unaudited) Q2 2026 and H1 2026 24 9. Segment information (continued) Segment performance is presented below: 1 “TCE income” denotes “time charter equivalent income” which represents revenue from time charters and spot voyage charters less voyage expenses comprising primarily fuel oil, port charges and commission. 2 Gross profit - Product Services represents the net trading results which comprise revenue and cost of LPG cargo, derivative gains and losses, and other trading attributable costs, including depreciation from Product Services’ leased in vessels. Shipping Product Services Inter- segment elimination Total US$’000 US$’000 US$’000 US$’000 Q2 2026 Revenue from spot voyages 215,528 - - 215,528 Inter-segment revenue 19,272 - (19,272) - Voyage expenses (75,698) - - (75,698) Inter-segment expense (9,479) - 9,479 - Net income from spot voyages 149,623 - (9,793) 139,830 Revenue from time charter voyages 125,262 - - 125,262 TCE income - Shipping 1 274,885 - (9,793) 265,092 Revenue from Product Services - 671,170 - 671,170 Inter-segment revenue - 9,479 (9,479) - Cost of cargo and delivery expenses - (664,208) - (664,208) Inter-segment cost - (19,272) 19,272 - Depreciation - (15,242) - (15,242) Gross profit - Product Services 2 - (18,073) 9,793 (8,280) Segment results 274,885 (18,073) - 256,812 H1 2026 Revenue from spot voyages 378,115 - - 378,115 Inter-segment revenue 27,391 - (27,391) - Voyage expenses (134,790) - - (134,790) Inter-segment expense (15,204) - 15,204 - Net income from spot voyages 255,512 - (12,187) 243,325 Revenue from time charter voyages 217,062 - - 217,062 TCE income - Shipping 1 472,574 - (12,187) 460,387 Revenue from Product Services - 1,255,674 - 1,255,674 Inter-segment revenue - 15,204 (15,204) - Cost of cargo and delivery expenses - (1,104,151) - (1,104,151) Inter-segment cost - (27,391) 27,391 - Depreciation - (30,586) - (30,586) Gross profit - Product Services 2 - 108,750 12,187 120,937 Segment results 472,574 108,750 - 581,324
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BW LPG Limited Interim Financial Report (Unaudited) Q2 2026 and H1 2026 25 9. Segment information (continued) Segment performance is presented below: 1 “TCE income” denotes “time charter equivalent income” which represents revenue from time charters and spot voyage charters less voyage expenses comprising primarily fuel oil, port charges and commission. 2 Gross profit - Product Services represents the net trading results which comprise revenue and cost of LPG cargo, derivative gains and losses, and other trading attributable costs, including depreciation from Product Services’ leased in vessels. Shipping Product Services Inter- segment elimination Total US$’000 US$’000 US$’000 US$’000 Q2 2025 Revenue from spot voyages 156,459 - - 156,459 Inter-segment revenue 19,973 - (19,973) - Voyage expenses (89,291) - - (89,291) Inter-segment expense (8,563) - 8,563 - Net income from spot voyages 78,578 - (11,410) 67,168 Revenue from time charter voyages 74,078 - - 74,078 TCE income - Shipping 1 152,656 - (11,410) 141,246 Revenue from Product Services - 813,364 - 813,364 Inter-segment revenue - 8,563 (8,563) - Cost of cargo and delivery expenses - (776,701) - (776,701) Inter-segment cost - (19,973) 19,973 - Depreciation - (10,428) - (10,428) Gross profit - Product Services 2 - 14,825 11,410 26,235 Segment results 152,656 14,825 - 167,481 H1 2025 Revenue from spot voyages 337,550 - - 337,550 Inter-segment revenue 30,125 - (30,125) - Voyage expenses (182,163) - - (182,163) Inter-segment expense (14,199) - 14,199 - Net income from spot voyages 171,313 - (15,926) 155,387 Revenue from time charter voyages 140,013 - - 140,013 TCE income - Shipping 1 311,326 - (15,926) 295,400 Revenue from Product Services - 1,428,410 - 1,428,410 Inter-segment revenue - 14,199 (14,199) - Cost of cargo and delivery expenses - (1,379,968) - (1,379,968) Inter-segment cost - (30,125) 30,125 - Depreciation - (21,328) - (21,328) Gross profit - Product Services 2 - 11,188 15,926 27,114 Segment results 311,326 11,188 - 322,514
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BW LPG Limited Interim Financial Report (Unaudited) Q2 2026 and H1 2026 26 9. Segment information (continued) Reconciliation of segment results: 10. Investment in subsidiaries Set out below are the summarised financial information for the Group’s subsidiaries , BW LPG India Pte. Ltd. (“BW LPG India”) and BW LPG Product Services Pte. Ltd (“BW Product Services”) , which have non- controlling interest s that are material to the Group. These are presented before inter -company eliminations. Summarised balance sheet: BW LPG India BW Product Services 30 June 2026 31 December 2025 30 June 2026 31 December 2025 US$’000 US$’000 US$’000 US$’000 Assets Current assets 99,018 52,901 576,600 283,465 Includes Cash and cash equivalents 43,727 30,821 116,446 39,917 Non-current assets 343,054 355,533 96,381 114,202 Liabilities Current liabilities 33,963 45,446 506,725 282,646 Includes Borrowings 27,953 28,268 189,018 100,649 Non-current liabilities (Borrowings) 166,974 180,217 47,430 62,512 Net assets 241,135 182,771 118,826 52,509 Q2 2026 Q2 2025 H1 2026 H1 2025 US$’000 US$’000 US$’000 US$’000 Total segment results for reportable segments 256,812 167,481 581,324 322,514 Vessel operating expenses (33,183) (32,030) (61,719) (61,717) Time charter contracts (non-lease components) (73) (4,021) (959) (8,699) General and administrative expenses (31,978) (17,138) (50,476) (37,981) Charter hire expenses (8,427) (739) (18,592) (1,006) Fair value gain/(loss) from equity financial asset 696 (1,172) 696 (1,172) Finance lease income 228 137 482 308 Other operating expense - net 2,160 (738) 143 (1,576) Depreciation - Shipping segment (45,826) (52,158) (90,750) (104,382) Amortisation (42) (51) (102) (261) Loss on derecognition of right-of-use assets (vessels) - (732) - (289) Gain on disposal of vessels - - - 32,051 Operating profit 140,367 58,839 360,047 137,790 Finance expense – net (9,054) (11,769) (17,072) (23,953) Income tax expense 6,612 (3,632) (17,708) (3,822) Profit after tax 137,925 43,438 325,267 110,015
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BW LPG Limited Interim Financial Report (Unaudited) Q2 2026 and H1 2026 27 10. Investment in subsidiaries (continued) Summarised statement of comprehensive income: BW LPG India BW Product Services Q2 2026 Q2 2025 Q2 2026 Q2 2025 US$’000 US$’000 US$’000 US$,000 TCE income – Shipping 68,410 30,734 - - Revenue from Product Services - - 680,649 821,927 Cost of cargo and delivery expenses - - (683,480) (796,674) Vessel operating expense (7,180) (4,982) - - Charter hire expense (463) - - - Depreciation and amortisation (9,167) (7,519) (15,250) (10,428) Finance expense - net (2,695) (958) (340) 621 Other expenses – net (54) (951) (20,199) (6,391) Income tax expense 937 (474) 7,764 (3,434) Net profit after tax 49,788 15,850 (30,856) 5,621 Other comprehensive (loss)/income (currency translation effects) - - (16) 85 Total comprehensive income 49,788 15,850 (30,872) 5,706 Total comprehensive income/(loss) allocated to non-controlling interests 23,699 7,545 (5,906) 997 BW LPG India BW Product Services H1 2026 H1 2025 H1 2026 H1 2025 US$’000 US$’000 US$’000 US$,000 TCE income – Shipping 97,649 62,417 - - Revenue from Product Services - - 1,270,878 1,442,609 Cost of cargo and delivery expenses - - (1,131,542) (1,410,093) Vessel operating expense (12,759) (9,855) - - Charter hire expense (1,773) - - - Depreciation and amortisation (17,403) (15,837) (30,620) (21,328) Gain on disposal of vessels - 32,051 - - Finance expense - net (5,384) (2,298) (453) 544 Other expenses – net (2,448) (2,527) (25,107) (15,013) Income tax expense 897 (547) (16,127) (3,551) Net profit after tax 58,779 63,404 67,029 (6,832) Other comprehensive income (currency translation effects) - - (710) 1,281 Total comprehensive income/(loss) 58,779 63,404 66,319 (5,551) Total comprehensive income/(loss) allocated to non-controlling interests 27,979 30,180 12,739 (939)
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BW LPG Limited Interim Financial Report (Unaudited) Q2 2026 and H1 2026 28 11. Dividends paid An interim dividend of US$101.7 million (US$0.67 per share) was paid in June 2026 in respect of Q1 2026. In the corresponding period last year, an interim dividend of US$ 42.4 million (US$0.28 per share) was paid in June 2025 in respect of Q1 2025. 12. Subsequent events BW LPG India entered into agreements to sell the 2007 -built BW Elm and BW Birch in July and August 2026, respectively, with deliveries scheduled by August and mid -November 2026. On a 100% basis, the sales are expected to generate net book gains of approxim ately US$36 million for BW Elm and US$37 million for BW Birch, with net cash proceeds of approximately US$64 million for each vessel. BW LPG entered into an agreement to sell the 2015-built BW Levant in July 2026, with the vessel scheduled for delivery to the buyer by mid -November 2026. The sale is expected to generate a net book gain and net cash proceeds of approximately US$17 million and US$38 million respectively.
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BW LPG Limited Interim Financial Report (Unaudited) Q2 2026 and H1 2026 29 APPENDIX - Non-IFRS financial measures This interim financial report contains a number of non-IFRS financial measures that Management uses to monitor and analyse the performance of the Group’s business. Non- IFRS financial measures exclude amounts that are included in, or include amounts that are excluded from, the most directly comparable measure calculated and presented in accordance with IFRS, or are calculated using measures that are not calculated in accordance with IFRS. Non-IFRS financial measures may be considered in addition to, but not as a substitute for or superior to, information presented in accordance with IFRS. The Group believes that these non -IFRS financial measures, in addition to IFRS measures, provide an enhanced understanding of the Group’s results and related trends, therefore increasing transparency and clarity of the Group’s results and business. There are no generally accepted accounting principles governing the calculation of these measures and the criteria upon which these measures are based can vary from company to company. The non -IFRS financial measures presented in this interim financial report may not be comparable to other similarly titled measures used by other companies, have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of the Group’s operating results as reported under IFRS. The Group encourages investors and analysts not to rely on any single financial measure but to review the Group’s financial and non- financial information in its entirety. The following non-IFRS measures are presented in this interim financial report. TCE income – Shipping per calendar day (total) The Group defines TCE income - Shipping per calendar day (total) as TCE income - Shipping divided by calendar days (total). The Group defines calendar days (total) as the total number of days in a period during which vessels are owned or chartered-in is in its possession, including technical off -hire days and waiting days. Calendar days (total) are an indicator of the size of the fleet over a period and affect both the amount of revenue and the amount of expense that the Group records during that period. The Group defines waiting days as the number of days its vessels are unemployed for market reasons, excluding technical off-hire days. Ballast voyages, positioning voyages prior to deliveries on time charters and time spent on cleaning of tanks when vessels are switching from one cargo type to another are not considered waiting time. Waiting days per vessel are calculated as total waiting days for owned and chartered -in vessels divided by the number of owned and chartered-in vessels (not weighted by ownership share in each vessel). The Group defines technical off -hire as the time lost due to off -hire days associated with major repairs, dry dockings or special or intermediate surveys. Technical off -hire per vessel is calculated as an average for owned, bareboat and chartered-in vessels (not weighted by ownership share in each vessel). The Group believes TCE income - Shipping per calendar day (total) is meaningful to investors because it is a measure of how well the Company manages the fleet technically and commercially. The reconciliation of TCE income - Shipping per calendar day (total) to TCE income - Shipping for the periods ended 30 June 2026 and 2025 is provided below. Q2 2026 Q2 2025 H1 2026 H1 2025 TCE income – Shipping (US$’000) 274,885 152,656 472,574 311,326 Calendar days (total) 3,837 4,095 7,687 8,189 TCE income – Shipping per calendar day (total) (US$) 71,640 37,280 61,480 38,020
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BW LPG Limited Interim Financial Report (Unaudited) Q2 2026 and H1 2026 30 APPENDIX - Non-IFRS financial measures (continued) TCE income – Shipping per available day The Group defines TCE income – Shipping per available day as TCE income – Shipping divided by available days. The Group defines available days as the total number of days (including waiting time) in a period during which each vessel is owned or chartered -in, net of technical off -hire days. The Group uses available days to measure the number of days in a period during which vessels actually generate or are capable of generating revenue. The Group defines waiting days as the number of days its vessels are unemployed for market reasons, excluding technical off-hire days. Ballast voyages, positioning voyages prior to deliveries on time charters and time spent on cleaning of tanks when vessels are switching from one cargo type to another are not considered waiting time. Waiting days per vessel are calculated as total waiting days for owned and chartered -in vessels divided by the number of owned and chartered-in vessels (not weighted by ownership share in each vessel). The Group defines technical off -hire as the time lost due to off -hire days associated with major repairs, dry dockings or special or intermediate surveys. Technical off -hire per vessel is calculated as an average for owned, bareboat and chartered-in vessels (not weighted by ownership share in each vessel). The Group believes TCE income – Shipping per available day is meaningful to investors because it is a measure of how well the Group manages the fleet commercially. The reconciliation of TCE income - Shipping per available day to TCE income - Shipping for the periods ended 3 0 June 2026 and 2025 is provided below. Q2 2026 Q2 2025 H1 2026 H1 2025 TCE income – Shipping (US$’000) 274,885 152,656 472,574 311,326 Available days 3,713 3,929 7,278 7,919 TCE income – Shipping per available day (US$) 74,030 38,850 64,930 39,310 Adjusted free cash flow The Group defines adjusted free cash flow as net cash from operating activities minus cash outflows for additions in property, plant and equipment and additions in intangible assets, sale of assets held-for-sale and sale of vessels. The Group believes adjusted free cash flow is meaningful to investors because it is the measure of the funds generated by the Group available for distribution of dividends, repayment of debt or to fund the Group’s strategic initiatives, including acquisitions. The purpose of presenting adjusted free cash flow is to indicate the ongoing cash generation within the control of the Group after taking account of the necessary cash expenditures for maintaining the operating structure of the Group (in the form of capital expenditure). The reconciliation of adjusted free cash flow to net cash inflow from operating activities for the periods ended 30 June 2026 and 2025 is provided below. Q2 2026 US$’000 Q2 2025 US$’000 H1 2026 US$’000 H1 2025 US$’000 Net cash from operating activities 205,881 94,719 371,359 260,961 Additions in property, plant and equipment (13,260) (81,308) (24,706) (157,606) Proceeds from sale of vessels - - - 65,049 Adjusted free cash flow 192,621 13,411 346,653 168,404
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BW LPG Limited Interim Financial Report (Unaudited) Q2 2026 and H1 2026 31 APPENDIX - Non-IFRS financial measures (continued) Return on capital employed (ROCE) The Group defines return on capital employed (“ROCE”) as, with respect to a particular financial period , the ratio of the operating profit for such period to capital employed defined as the average of the total shareholders’ equity, total borrowings and total lease liabilities, calculated as the average of the opening and closing balance for such period as presented in the consolidated balance sheet. The Group believes ROCE is meaningful to investors because it measures the Group’s financial efficiency and its ability to create future growth in value. The reconciliation of ROCE to operating profit for the periods ended 30 June 2026 and 2025 is provided below. Q2 2026 Q2 2025 H1 2026 H1 2025 Operating profit (US$’000) 140,367 58,839 360,047 137,790 Average of the total shareholders’ equity (US$’000)(1) 2,037,167 1,913,400 1,990,168 1,924,570 Average of the total borrowings (US$’000)(1) 789,085 979,738 833,676 983,785 Average of the total lease liabilities (US$’000)(1) 126,146 151,245 127,762 169,769 Capital employed (US$’000) 2,952,398 3,044,383 2,951,606 3,078,124 ROCE 4.8% 1.9% 12.2% 4.5% ROCE (annualised) 19.0% 7.7% 24.4% 9.0% (1) Calculated as the average of the opening and closing balances for the period as presented in the consolidated balance sheet Rounding of figures Certain financial information presented in tables in this interim financial report has been rounded to the nearest whole number or the nearest decimal place. Therefore, the sum of the numbers in a column may not conform exactly to the total figure given for that column. In addition, certain percentages presented in the tables in this interim financial report reflect calculations based upon the underlying information prior to rounding, and, accordingly, may not conform exactly to the percentages that would be derived if the relevant calculations were based upon the rounded numbers.