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© 2026 BWX Technologies. Inc. All Rights Reserved. The products and services described herein are provided by subsidiaries of BWX Technologies, Inc.
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© 2026 BWX Technologies. Inc. All Rights Reserved. The products and services described herein are provided by subsidiaries of BWX Technologies, Inc. Our Purpose: We employ nuclear technology to solve some of the world’s most important problems Our Mission: We provide safe and effective nuclear solutions for global security, clean energy, environmental remediation, nuclear medicine, and space exploration Commitment to innovation, operational excellence, a strong safety record, and a focus on ensuring the highest ESG standards BWX Technologies, Inc. (“BWXT”) cautions that statements in this presentation that are forward-looking and provide other than historical information involve risks and uncertainties that may impact actual results and any future performance suggested in the forward-looking statements. The forward-looking statements in this presentation include, but are not limited to, statements relating to our 2026 and future strategic priorities, including U.S. Navy procurement, microreactors, advanced nuclear fuels, medical radioisotope industrialization, small modular reactor components, recent acquisitions and organic growth opportunities; statements related to backlog, to the extent they may be viewed as an indicator of future revenues; the expected U.S. Navy long-term procurement schedules and forecasts; estimated pension costs; expected future capital expenditure levels; the expected Canadian nuclear power forecast for services, refurbishment timelines and opportunities; disruptions to our supply chain and/or operations, changes in government regulations and other factors; our outlook, priorities and growth opportunities in our businesses; and guidance for 2026 and beyond. These forward-looking statements are based on current management expectations and involve a number of risks and uncertainties, including, among other things, federal budget uncertainty, the risk of future budget cuts, the impact of continuing resolution funding mechanisms and the debt ceiling, the potential for government shutdowns and changing funding and acquisition priorities; our ability to win new project awards; the receipt and/or timing of government approvals; capital spending of power generating utilities; the timing of technology development, regulatory approvals and automation of production; the potential recurrence or subsequent waves or strains of COVID-19 or similar diseases; adverse changes in the industries in which we operate; labor market challenges, including employee retention and recruitment; termination, delays and other difficulties executing on contracts in backlog and adverse changes in the demand for or competitiveness of nuclear products and services. If one or more of these or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risks, please see BWXT’s filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q. BWXT cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law. 2
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© 2026 BWX Technologies. Inc. All Rights Reserved. The products and services described herein are provided by subsidiaries of BWX Technologies, Inc. Our Purpose: We employ nuclear technology to solve some of the world’s most important problems Our Mission: We provide safe and effective nuclear solutions for global security, clean energy, environmental remediation, nuclear medicine, and space exploration Commitment to innovation, operational excellence, a strong safety record, and a focus on ensuring the highest ESG standards 3 o 4Q25 Y/Y financial performance ‒ Revenue up 19%, driven by robust growth in Commercial, partially offset by a modest decline in Government; organic growth up 4% ‒ Adjusted EBITDA(1) up 13% and Non-GAAP EPS(1) up 17% as higher Commercial Operations income was partially offset by lower Government Operations o 2025 Financial, Operational and Strategic Highlights ‒ Double-digit Y/Y revenue, adjusted EBITDA(1), and free cash flow(1) growth to record levels of $3.2B, $574M and $295M, respectively ‒ Delivered first full core of TRISO nuclear fuel for Project PELE to Idaho National Laboratory ‒ Robust backlog growth of 50% to $7.3B driven by large, multi-year awards in Government Operations and Commercial Operations ▪ Pricing agreement for naval reactor components and equipment signed in 2Q25; Naval Fuel contract signed in 3Q25 ▪ Initial scope on the $1.5B IDIQ contract for NNSA’s Defense Fuels Program to build a U.S. defense uranium enrichment capability ▪ Significant portion of the $1.6B contract with the NNSA to build a 300 MT/year High Purity Depleted Uranium manufacturing facility ▪ Key Technical Services wins(2) including the Strategic Petroleum Reserve and Canadian National Labs ▪ Bookings for commercial nuclear steam generators in support of the Pickering life extension ▪ Owner’s Engineer services for newbuild AP1000 project at the Kozloduy Nuclear PowerPlant o Initiating 2026 Adjusted EPS(1) Guidance of $4.55-$4.70 ‒ Revenue of ~$3.75B: double-digit organic growth in both segments ‒ Adjusted EBITDA(1) of $645M-$660M: up low-to-mid teens Y/Y ‒ Free Cash Flow(1) of $305M-$320M: operating cash flow up low-to-mid teens Y/Y (1) Non-GAAP figures exclude any mark-to-market adjustment for pension and postretirement benefits recognized and other one -time items. A reconciliation of GAAP to adjusted, non-GAAP measures can be found in the Appendix section of this presentation. (2) Technical services contracts are accounted for under equity method account; revenue associated with these projects is not con solidated therefore not included in backlog
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© 2026 BWX Technologies. Inc. All Rights Reserved. The products and services described herein are provided by subsidiaries of BWX Technologies, Inc. Our Purpose: We employ nuclear technology to solve some of the world’s most important problems Our Mission: We provide safe and effective nuclear solutions for global security, clean energy, environmental remediation, nuclear medicine, and space exploration Commitment to innovation, operational excellence, a strong safety record, and a focus on ensuring the highest ESG standards 130 148 17.5% 16.7% 4Q24 4Q25 0.92 1.08 4Q24 4Q25 4 ($million, except per share amounts) 746 886 4Q24 4Q25 19% GAAP Non- GAAP(1) 1.01 Revenue Net income & adj. EBITDA(1) / margin EPS OCF / FCF(1) 277 127 (53) (70) 4Q24 4Q25 224FCF(1) 57 OCF Capex OCF Capex Net income Adj. EBITDA(1) 71 93 0.77 (1) Non-GAAP figures exclude any mark-to-market adjustment for pension and postretirement benefits recognized and other one -time items. A reconciliation of GAAP to adjusted, non-GAAP measures can be found in the Appendix section of this presentation. 17% o 4Q25 revenue up 19% from higher revenue in Commercial Operations partially offset by slightly lower Government Operations; organic revenue up 4% o 4Q25 adj. EBITDA(1) up 13% driven by growth in Commercial Operations and lower corporate expense, partially offset by lower Government Operations o 4Q25 non-GAAP(1) EPS up 17% driven by higher operating and other income, and lower interest expense, partially offset by a higher tax rate o 4Q25 OCF lower due to timing of cash flows throughout the year 13%
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© 2026 BWX Technologies. Inc. All Rights Reserved. The products and services described herein are provided by subsidiaries of BWX Technologies, Inc. 5 0.92 1.08 0.12 0.04 0.01 (0.01) 4Q24 Operations Pension/Other Income Interest Expense, Net Tax Rate 4Q25 Non-operational earnings headwinds - ~$8M FX gain; slightly lower pension and other income - Higher debt balance due to acquisitions, offset by lower cost of debt - Higher tax rate due to geographical mix and timing of R&D tax credit recognition Gov. Ops. revenue Gov. Ops EBITDA margins Com. Ops. revenue Corporate expense Com. Ops EBITDA margins
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© 2026 BWX Technologies. Inc. All Rights Reserved. The products and services described herein are provided by subsidiaries of BWX Technologies, Inc. Our Purpose: We employ nuclear technology to solve some of the world’s most important problems Our Mission: We provide safe and effective nuclear solutions for global security, clean energy, environmental remediation, nuclear medicine, and space exploration Commitment to innovation, operational excellence, a strong safety record, and a focus on ensuring the highest ESG standards 6 RevenueOperating income & Adj. EBITDA(1) / margin 595 589 4Q24 4Q25 (1)% 117 111 19.6% 18.8% 4Q24 4Q25 RevenueOperating income & Adj. EBITDA(1) / margin 152 298 4Q24 4Q25 95% (1) Non-GAAP figures exclude any mark-to-market adjustment for pension and postretirement benefits recognized and other one -time items. A reconciliation of GAAP to adjusted, non-GAAP measures can be found in the Appendix section of this presentation. Op. income Adj. EBITDA(1) 90 Op. income Adj. EBITDA(1) 15 20 ($million) 98 (5)% 4Q25 revenue down 1% as higher special materials processing revenue and contribution from the acquisition of A.O.T. was partially offset by lower microreactor volumes, and lower naval nuclear component procurement 4Q25 adj. EBITDA(1) down 5% due slightly lower revenue and less favorable contract adjustments compared to last year 4Q25 revenue up 95% driven by higher field services, fuel components and medical sales, as well as contribution from the acquisition of Kinectrics 4Q25 adj. EBITDA (1) up 87% as higher revenue and solid operating performance was partially offset by growth investment 24 44 15.6% 14.9% 4Q24 4Q25 87%
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© 2026 BWX Technologies. Inc. All Rights Reserved. The products and services described herein are provided by subsidiaries of BWX Technologies, Inc. Our Purpose: We employ nuclear technology to solve some of the world’s most important problems Our Mission: We provide safe and effective nuclear solutions for global security, clean energy, environmental remediation, nuclear medicine, and space exploration Commitment to innovation, operational excellence, a strong safety record, and a focus on ensuring the highest ESG standards 499 574 18.4% 18.0% 2024 2025 3.33 4.01 2024 2025 7 ($million, except per share amounts) 2,704 3,198 2024 2025 18% GAAP Non- GAAP(1) 3.58 Revenue Net income & adj. EBITDA(1) / margin EPS OCF / FCF(1) 408 480 (154) (185) 2024 2025 255FCF(1) 295 OCF Capex OCF Capex Net income Adj. EBITDA(1) 282 329 3.07 (1) Non-GAAP figures exclude any mark-to-market adjustment for pension and postretirement benefits recognized and other one -time items. A reconciliation of GAAP to adjusted, non-GAAP measures can be found in the Appendix section of this presentation. 20% o 2025 revenue up 18% from higher revenue in Government Operations and Commercial Operations; organic revenue up 8% o 2025 adj. EBITDA(1) up 15% driven by growth in Commercial Operations, Government Operations and lower corporate expense o 2025 non-GAAP(1) EPS up 20% driven by higher operating income and higher other income, partially offset by higher interest expense o 2025 operating cash flow up 17% due to higher net income, working capital management and timing of awards; 2025 FCF(1) was $295 million 15%
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© 2026 BWX Technologies. Inc. All Rights Reserved. The products and services described herein are provided by subsidiaries of BWX Technologies, Inc. Our Purpose: We employ nuclear technology to solve some of the world’s most important problems Our Mission: We provide safe and effective nuclear solutions for global security, clean energy, environmental remediation, nuclear medicine, and space exploration Commitment to innovation, operational excellence, a strong safety record, and a focus on ensuring the highest ESG standards 8 RevenueOperating income & Adj. EBITDA(1) / margin 2,183 2,350 2024 2025 8% 442 479 20.2% 20.4% 2024 2025 RevenueOperating income & Adj. EBITDA(1) / margin 524 853 2024 2025 63% (1) Non-GAAP figures exclude any mark-to-market adjustment for pension and postretirement benefits recognized and other one -time items. A reconciliation of GAAP to adjusted, non-GAAP measures can be found in the Appendix section of this presentation. Op. income Adj. EBITDA(1) 395 Op. income Adj. EBITDA(1) 47 58 ($million) 378 8% 2025 revenue up 8% from higher naval nuclear component production, special materials processing and contribution from the acquisition of A.O.T., partially offset by lower microreactor volumes 2025 adj. EBITDA(1) up 8% due to higher revenue and solid operational performance, partially offset by less favorable contract adjustments compared to last year 2025 revenue up 63% driven by higher commercial nuclear components, fuel and fuel handling, and medical sales, as well as contribution from the acquisition of Kinectrics, partially offset by lower field services 2025 adj. EBITDA (1) up 49% driven by higher revenue, solid operating performance, partially offset by material procurement costs and growth investment 74 110 14.1% 12.9% 2024 2025 49%
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© 2026 BWX Technologies. Inc. All Rights Reserved. The products and services described herein are provided by subsidiaries of BWX Technologies, Inc. 9 3.33 4.01 0.54 0.09 (0.02) 0.07 2024 Operations Pension/Other Income Interest Expense, Net Tax Rate 2025 Non-operational earnings headwinds - Greater FX gains, partially offset by lower pension income - Higher debt balance due to acquisitions - Slightly lower tax rate as tax planning initiatives offset geographical mix headwind Gov. Ops. revenue Gov. Ops EBITDA margins Com. Ops. revenue Corporate expense Com. Ops EBITDA margins
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© 2026 BWX Technologies. Inc. All Rights Reserved. The products and services described herein are provided by subsidiaries of BWX Technologies, Inc. o Revenue Growth ‒ Government Operations: low-to-mid teens growth driven by double-digit special materials growth and low-single-digit naval propulsion growth ‒ Commercial Operations: ~25% growth driven by low-double-digit organic growth plus contribution from Kinectrics o Adj. EBITDA(1,2) ‒ Government Operations Margin: ~19% ‒ Commercial Operations Margin: ~14% ‒ Corporate expense: ~$20M o Adj. Pre-tax Income(1,2) ‒ Pension/Other (in other – net): ~$15M ‒ Interest Expense, net: modest net interest expense ‒ ~$18M D&A step-up (excludes acquisition-related amortization) o Non-GAAP EPS(1,2) ‒ Tax rate: <22.0% ‒ Share count: slightly higher; no planned share repurchases o Free Cash Flow(1) ‒ OCF up low-to-mid teens ‒ Cap-Ex: ~6.0% of sales (1) BWXT has not included a reconciliation of provided non-GAAP guidance to the comparable GAAP measures due to the difficulty of es timating any mark-to-market adjustments for pension and post-retirement benefits, which are determined at the end of the year. A reconciliation of GAAP to adjusted, non-GAAP measures can be found in the Appendix section of this presentation. (2) Excludes acquisition related amortization 10
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© 2026 BWX Technologies. Inc. All Rights Reserved. The products and services described herein are provided by subsidiaries of BWX Technologies, Inc. Our Purpose: We employ nuclear technology to solve some of the world’s most important problems Our Mission: We provide safe and effective nuclear solutions for global security, clean energy, environmental remediation, nuclear medicine, and space exploration Commitment to innovation, operational excellence, a strong safety record, and a focus on ensuring the highest ESG standards 11 $4.01 0.45-0.58 ~( 0.10 ) ~( 0.30 ) ~(0.08) ~(0.01) 2025 Operations Pension/Other Income Interest Expense, Net Tax Rate Share count 2026 ($ per diluted share) (1) Non-GAAP figures exclude any mark-to-market adjustment for pension and postretirement benefits recognized and other one -time items. A reconciliation of GAAP to adjusted, non-GAAP measures can be found in the Appendix section of this presentation. Items may not foot due to roundin g. (2) BWXT has not included a reconciliation of provided non-GAAP guidance to the comparable GAAP measures due to the difficulty of es timating any mark-to- market adjustments for pension and post-retirement benefits, which are determined at the end of the year. Gov. Ops EBITDA Com. Ops. EBITDA Corporate expense Operational Items Higher D&A Non-operational items - Lower pension and other income; absence of FX gains - Significantly lower interest expense due to balance sheet optimization - Slightly higher tax rate as less favorable geographic mix (greater international growth) offsets tax planning - Slightly higher share count; no planned repurchases $4.55 - $4.70
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© 2026 BWX Technologies. Inc. All Rights Reserved. The products and services described herein are provided by subsidiaries of BWX Technologies, Inc. © 2025 BWX Technologies. Inc. All Rights Reserved. The products and services described herein are provided by subsidiaries of BWX Technologies, Inc. 12
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© 2026 BWX Technologies. Inc. All Rights Reserved. The products and services described herein are provided by subsidiaries of BWX Technologies, Inc. Non-GAAP figures exclude any mark-to-market adjustment for pension and postretirement benefits recognized and other one-time items. Other non-GAAP definitions and calculations Non-GAAP Earnings Per Share (EPS) = GAAP EPS less the non-operational tax effected per share impact of pension & OPEB mark-to-market gains or losses and other one-time items, such as restructuring, transformation, acquisition-related costs, and acquisition-related amortization. Adjusted EBITDA = Earnings Before Interest, Taxes, Depreciation and Amortization. Calculated using non- GAAP Net income, plus Provision for Income Taxes, less Other – net, less Interest income, plus Interest expense, plus Depreciation and amortization. FCF = Free Cash Flow. Calculated using net income to derive Net Cash Provided By (Used In) Operating Activities less Purchases of property, plant and equipment. FCF Conversion = Free Cash Flow Conversion. Free Cash Flow divided by net income 13
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© 2026 BWX Technologies. Inc. All Rights Reserved. The products and services described herein are provided by subsidiaries of BWX Technologies, Inc. Our Purpose: We employ nuclear technology to solve some of the world’s most important problems Our Mission: We provide safe and effective nuclear solutions for global security, clean energy, environmental remediation, nuclear medicine, and space exploration Commitment to innovation, operational excellence, a strong safety record, and a focus on ensuring the highest ESG standards 14 (1) Tables may not foot due to rounding. (2) BWXT is providing non-GAAP information regarding certain of its historical results and guidance on future earnings per share to supplement the results provided in accordance with GAAP and it should not be considered superior to, or as a substitute for, the comparable GAAP measures. BWXT believes the non-GAAP measures provide meaningful insight and transparency into the Company’s operational performance and provides these measures to investors to help facilitate comparisons of operating results with prior periods and to assist them in understanding BWXT's ongoing operations. (3) For Non-GAAP adjustment details, see reconciliation of non-GAAP operating income and earnings per share. (4) Excludes acquisition-related amortization. BWX TECHNOLOGIES, INC. RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE(1)(2)(3) (In millions, except per share amounts) Three Months Ended December 31, 2025 GAAP Pension & OPEB MTM (Gain) / Loss Restructuring & Transformation Costs Acquisition- related Costs Acquisition Related Amortization Non-GAAP Operating Income $ 92.1 $ — $ 10.7 $ 15.2 $ 3.1 $ 121.1 Interest Income (Expense), net (8.9) — 1.5 — — (7.4) Other - net 17.8 (11.0) — $ — $ — $ 10.5 Income before Provision for Income Taxes 101.0 (7.3) 12.2 $ 15.2 $ 3.1 124.2 Provision for Income Taxes (7.3) 1.8 (14.4) (3.6) (0.8) (24.2) Net Income 93.7 (5.4) (2.2) $ 11.6 $ 2.3 100.0 Net Income Attributable to Noncontrolling Interest (0.7) — — — — (0.7) Net Income Attributable to BWXT $ 93.0 $ (5.4) $ (2.2) $ 11.6 $ 2.3 $ 99.3 Diluted Shares Outstanding 92.1 92.1 Diluted Earnings per Common Share $ 1.01 $ (0.06) $ (0.02) $ 0.13 $ 0.03 $ 1.08 Effective Tax Rate 7.2% 19.5 % Government Operations Operating Income $ 90.3 $ — $ 0.7 $ 0.7 $ 1.6 $ 93.4 Commercial Operations Operating Income $ 20.4 $ — $ 4.3 $ 11.0 $ 1.4 $ 37.2 Unallocated Corporate Operating Income $ (18.7) $ — $ 5.8 $ 3.4 $ — $ (9.5) RECONCILIATION OF REPORTING SEGMENT ADJUSTED EBITDA(1)(2)(3) (In millions) Three Months Ended December 31, 2025 Operating Income (GAAP) Non-GAAP Adjustments(4) Acquisition Related Amortization Depreciation & Amortization Adjusted EBITDA Government Operations $ 90.3 $ 3.1 $ 1.6 $ 17.5 $ 110.9 Commercial Operations $ 20.4 $ 16.7 $ 1.4 $ 7.2 $ 44.4 Unallocated Corporate $ (18.7) $ 9.2 $ — $ 1.8 $ (7.7) RECONCILIATION OF CONSOLIDATED FREE CASH FLOW(1)(2)(3) (In millions) Three Months Ended December 31, 2025 Net Cash Provided By Operating Activities $ 127.0 Purchases of Property, Plant and Equipment (70.2) Free Cash Flow $ 56.8 RECONCILIATION OF CONSOLIDATED ADJUSTED EBITDA(1)(2)(3) (In millions) Three Months Ended December 31, 2025 GAAP Pension & OPEB MTM (Gain) / Loss Restructuring & Transformation Costs Acquisition- related Costs Acquisition Related Amortization Non-GAAP Net Income $ 93.7 $ (5.4) $ (2.2) $ 11.6 2.3 $ 100.0 Provision for Income Taxes 7.3 (1.8) 14.4 3.6 0.8 24.2 Other – net (17.8) 7.3 (1.5) — (12.0) Interest Expense 10.5 — — — 10.5 Interest Income (1.6) — — — (1.6) Depreciation & Amortization 29.6 — — — (3.1) 26.5 Adjusted EBITDA $ 121.6 $ — $ 10.7 $ 15.2 $ — $ 147.5
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© 2026 BWX Technologies. Inc. All Rights Reserved. The products and services described herein are provided by subsidiaries of BWX Technologies, Inc. Our Purpose: We employ nuclear technology to solve some of the world’s most important problems Our Mission: We provide safe and effective nuclear solutions for global security, clean energy, environmental remediation, nuclear medicine, and space exploration Commitment to innovation, operational excellence, a strong safety record, and a focus on ensuring the highest ESG standards 15 (1) Tables may not foot due to rounding. (2) BWXT is providing non-GAAP information regarding certain of its historical results and guidance on future earnings per share to supplement the results provided in accordance with GAAP and it should not be considered superior to, or as a substitute for, the comparable GAAP measures. BWXT believes the non-GAAP measures provide meaningful insight and transparency into the Company’s operational performance and provides these measures to investors to help facilitate comparisons of operating results with prior periods and to assist them in understanding BWXT's ongoing operations. (3) For Non-GAAP adjustment details, see reconciliation of non-GAAP operating income and earnings per share. (4) Excludes acquisition-related amortization. BWX TECHNOLOGIES, INC. RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE(1)(2)(3) (In millions, except per share amounts) Three Months Ended December 31, 2024 GAAP Pension & OPEB MTM (Gain) / Loss Restructuring Costs Acquisition- related Costs Loss on Asset Disposal Non-GAAP Operating Income $ 92.3 $ — $ 7.8 $ 4.2 $ 3.6 $ 107.9 Interest Income (Expense), net (8.8) — — — — $ (8.8) Other - net (5.4) 10.9 $ — $ — $ — $ 5.5 Income before Provision for Income Taxes 78.1 10.9 7.8 4.2 3.6 104.6 Provision for Income Taxes (7.0) (2.4) (8.5) (0.9) (0.9) (19.8) Net Income 71.1 8.4 (0.7) 3.3 2.7 84.8 Net Income Attributable to Noncontrolling Interest (0.1) — (0.1) Net Income Attributable to BWXT $ 71.0 $ 8.4 $ (0.7) $ 3.3 $ 2.7 $ 84.7 Diluted Shares Outstanding 91.9 91.9 Diluted Earnings per Common Share $ 0.77 $ 0.09 $ (0.01) $ 0.04 $ 0.03 $ 0.92 Effective Tax Rate 9.0% 18.9 % Government Operations Operating Income $ 98.1 $ — $ 0.7 $ 0.2 $ 1.7 $ 100.6 Commercial Operations Operating Income $ 14.9 $ — $ 2.7 $ 1.6 $ — $ 19.1 Unallocated Corporate Operating Income $ (20.7) $ — $ 4.5 $ 2.4 $ 1.9 $ (11.9) RECONCILIATION OF CONSOLIDATED ADJUSTED EBITDA(1)(2)(3) (In millions) Three Months Ended December 31, 2024 GAAP Pension & OPEB MTM (Gain) / Loss Restructuring Costs Acquisition- related Costs Loss on Asset Disposal Non-GAAP Net Income $ 71.1 $ 8.4 $ (0.7) $ 3.3 $ 2.7 $ 84.8 Provision for Income Taxes 7.0 2.4 8.5 0.9 0.9 19.8 Other – net 5.4 (10.9) — — — (5.5) Interest Expense 9.3 — 0.0 — — 9.3 Interest Income (0.5) — — — — (0.5) Depreciation & Amortization 22.4 — — — — 22.4 Adjusted EBITDA $ 114.7 $ — $ 7.8 $ 4.2 $ 3.6 $ 130.3 RECONCILIATION OF REPORTING SEGMENT ADJUSTED EBITDA(1)(2)(3) (In millions) Three Months Ended December 31, 2024 Operating Income (GAAP) Non-GAAP Adjustments(4) Depreciation & Amortization Adjusted EBITDA Government Operations $ 98.1 $ 2.6 $ 16.1 $ 116.7 Commercial Operations $ 14.9 $ 4.3 $ 4.6 $ 23.7 Unallocated Corporate $ (20.7) $ 8.8 $ 1.8 $ (10.1) RECONCILIATION OF CONSOLIDATED FREE CASH FLOW(1)(2)(3) (In millions) Three Months Ended December 31, 2024 Net Cash Provided By Operating Activities $ 276.9 Purchases of Property, Plant and Equipment (52.5) Free Cash Flow $ 224.4
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© 2026 BWX Technologies. Inc. All Rights Reserved. The products and services described herein are provided by subsidiaries of BWX Technologies, Inc. Our Purpose: We employ nuclear technology to solve some of the world’s most important problems Our Mission: We provide safe and effective nuclear solutions for global security, clean energy, environmental remediation, nuclear medicine, and space exploration Commitment to innovation, operational excellence, a strong safety record, and a focus on ensuring the highest ESG standards 16 (1) Tables may not foot due to rounding. (2) BWXT is providing non-GAAP information regarding certain of its historical results and guidance on future earnings per share to supplement the results provided in accordance with GAAP and it should not be considered superior to, or as a substitute for, the comparable GAAP measures. BWXT believes the non-GAAP measures provide meaningful insight and transparency into the Company’s operational performance and provides these measures to investors to help facilitate comparisons of operating results with prior periods and to assist them in understanding BWXT's ongoing operations. (3) For Non-GAAP adjustment details, see reconciliation of non-GAAP operating income and earnings per share. (4) Excludes acquisition-related amortization. BWX TECHNOLOGIES, INC. RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE(1)(2)(3) (In millions, except per share amounts) Year Ended December 31, 2025 GAAP Pension & OPEB MTM (Gain) / Loss Restructuring & Transformation Costs Acquisition- related Costs Acquisition Related Amortization Non-GAAP Operating Income $ 404.5 $ — $ 29.6 $ 31.0 $ 10.6 $ 475.7 Interest Income (Expense), net (40.3) — 1.5 — — $ (38.8) Other - net 34.0 (11.0) — $ — $ — 26.7 Income before Provision for Income Taxes 398.1 (7.3) 31.1 31.0 10.6 463.6 Provision for Income Taxes (68.3) 1.8 (18.2) (7.5) (2.6) (94.7) Net Income 329.9 (5.4) 12.9 23.5 8.0 368.9 Net Income Attributable to Noncontrolling Interest (0.9) — — — — (0.9) Net Income Attributable to BWXT $ 328.9 $ (5.4) $ 12.9 $ 23.5 $ 8.0 $ 368.0 Diluted Shares Outstanding 91.9 91.9 Diluted Earnings per Common Share $ 3.58 $ (0.06) $ 0.14 $ 0.26 $ 0.09 $ 4.01 Effective Tax Rate 17.1% 20.4% Government Operations Operating Income $ 394.9 $ — $ 1.8 $ 7.3 $ 7.0 $ 411.0 Commercial Operations Operating Income $ 57.7 $ — $ 10.3 $ 15.3 $ 3.6 $ 86.8 Unallocated Corporate Operating Income $ (48.1) $ — $ 17.5 $ 8.5 $ — $ (22.1) RECONCILIATION OF REPORTING SEGMENT ADJUSTED EBITDA(1)(2)(3) (In millions) Year Ended December 31, 2025 Operating Income (GAAP) Non-GAAP Adjustments(4) Acquisition Related Amortization Depreciation & Amortization Adjusted EBITDA Government Operations $ 394.9 $ 16.1 $ 7.0 $ 68.2 $ 479.1 Commercial Operations $ 57.7 $ 29.1 $ 3.6 $ 23.2 $ 110.1 Unallocated Corporate $ (48.1) $ 26.0 $ — $ 7.2 $ (14.9) RECONCILIATION OF CONSOLIDATED FREE CASH FLOW(1)(2)(3) (In millions) Year Ended December 31, 2025 Net Cash Provided By Operating Activities $ 479.8 Purchases of Property, Plant and Equipment (184.6) Free Cash Flow $ 295.3 RECONCILIATION OF CONSOLIDATED ADJUSTED EBITDA(1)(2)(3) (In millions) Year Ended December 31, 2025 GAAP Pension & OPEB MTM (Gain) / Loss Restructuring & Transformation Costs Acquisition- related Costs Acquisition Related Amortization Non-GAAP Net Income $ 329.9 $ (5.4) $ 12.9 $ 23.5 8.0 $ 368.9 Provision for Income Taxes 68.3 (1.8) 18.2 7.5 2.6 94.7 Other – net (34.0) 7.3 (1.5) — (28.2) Interest Expense 44.2 — — — 44.2 Interest Income (3.9) — — — (3.9) Depreciation & Amortization 109.2 — — — (10.6) 98.6 Adjusted EBITDA $ 513.6 $ — $ 29.6 $ 31.0 $ — $ 574.3
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© 2026 BWX Technologies. Inc. All Rights Reserved. The products and services described herein are provided by subsidiaries of BWX Technologies, Inc. Our Purpose: We employ nuclear technology to solve some of the world’s most important problems Our Mission: We provide safe and effective nuclear solutions for global security, clean energy, environmental remediation, nuclear medicine, and space exploration Commitment to innovation, operational excellence, a strong safety record, and a focus on ensuring the highest ESG standards 17 (1) Tables may not foot due to rounding. (2) BWXT is providing non-GAAP information regarding certain of its historical results and guidance on future earnings per share to supplement the results provided in accordance with GAAP and it should not be considered superior to, or as a substitute for, the comparable GAAP measures. BWXT believes the non-GAAP measures provide meaningful insight and transparency into the Company’s operational performance and provides these measures to investors to help facilitate comparisons of operating results with prior periods and to assist them in understanding BWXT's ongoing operations. (3) For Non-GAAP adjustment details, see reconciliation of non-GAAP operating income and earnings per share. (4) Excludes acquisition-related amortization. RECONCILIATION OF CONSOLIDATED ADJUSTED EBITDA(1)(2)(3) (In millions) Year Ended December 31, 2024 GAAP Pension & OPEB MTM (Gain) / Loss Restructuring Costs Acquisition- related Costs Loss on Asset Disposal Non-GAAP Net Income $ 282.3 $ 8.4 $ 7.4 $ 5.8 $ 2.7 $ 306.6 Provision for Income Taxes 66.4 2.4 13.8 1.7 0.9 85.1 Other – net (5.0) (10.9) — — — (15.9) Interest Expense 39.5 — 0.0 — — 39.5 Interest Income (2.6) — — — — (2.6) Depreciation & Amortization 85.9 — — — — 85.9 Adjusted EBITDA $ 466.5 $ — $ 21.2 $ 7.4 $ 3.6 $ 498.7 RECONCILIATION OF REPORTING SEGMENT ADJUSTED EBITDA(1)(2)(3) (In millions) Year Ended December 31, 2024 Operating Income (GAAP) Non-GAAP Adjustments(4) Depreciation & Amortization Adjusted EBITDA Government Operations $ 377.9 $ 3.0 $ 61.0 $ 441.9 Commercial Operations $ 46.8 $ 9.1 $ 17.7 $ 73.6 Unallocated Corporate $ (44.1) $ 20.1 $ 7.1 $ (16.9) RECONCILIATION OF CONSOLIDATED FREE CASH FLOW(1)(2)(3) (In millions) Year Ended December 31, 2024 Net Cash Provided By Operating Activities $ 408.4 Purchases of Property, Plant and Equipment (153.6) Free Cash Flow $ 254.8 BWX TECHNOLOGIES, INC. RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE(1)(2)(3) (In millions, except per share amounts) Year Ended December 31, 2024 GAAP Pension & OPEB MTM (Gain) / Loss Restructuring Costs Acquisition- related Costs Loss on Asset Disposal Non-GAAP Operating Income $ 380.6 $ — $ 21.2 $ 7.4 $ 3.6 $ 412.8 Interest Income (Expense), net (36.9) — — — — $ (36.9) Other - net 5.0 10.9 — $ — — 15.9 Income before Provision for Income Taxes 348.7 10.9 21.2 7.4 3.6 391.8 Provision for Income Taxes (66.4) (2.4) (13.8) (1.7) (0.9) (85.1) Net Income 282.3 8.4 7.4 5.8 2.7 306.6 Net Income Attributable to Noncontrolling Interest (0.4) — — — — (0.4) Net Income Attributable to BWXT $ 281.9 $ 8.4 $ 7.4 $ 5.8 $ 2.7 $ 306.3 Diluted Shares Outstanding 91.9 91.9 Diluted Earnings per Common Share $ 3.07 $ 0.09 $ 0.08 $ 0.06 $ 0.03 $ 3.33 Effective Tax Rate 19.0% 21.7 Government Operations Operating Income $ 377.9 $ — $ 1.1 $ 0.2 $ 1.7 $ 380.9 Commercial Operations Operating Income $ 46.8 $ — $ 6.7 $ 2.4 $ — $ 55.9 Unallocated Corporate Operating Income $ (44.1) $ — $ 13.4 $ 4.8 $ 1.9 $ (24.0)