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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. Third - Quarter 2026 Earnings Call Presentation Reported November 2, 2026
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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. 2 Forward - Looking Statements Disclaimer 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.
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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. 3 3Q26 Financial Performance Third Quarter 2026 and Outlook Highlights Revenue $953M Adj. EBITDA(1) $180M (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. Up 10% Y/Y 7% organic growth Up 19% Y/Y 18.9% Adj. EBITDA(1) Margin; up 150bps Y/Y Non-GAAP EPS(1) $1.26 Up 26% Y/Y Free Cash Flow(1) $151M Up 59% Y/Y Capex 5.0% of revenue o Awarded $189M contract to manufacture naval nuclear reactor fuel o BANR microreactor technology selected for the U.S. Army’s Janus Program and Prodigy Clean Energy’s Transportable Nuclear Power Plant in Canada o Closed acquisition of Precision Components Group, establishing a U.S. commercial nuclear manufacturing footprint o Received inaugural investment grade credit rating of BBB from Fitch o Tightened 2026 guidance ranges o Preliminary 2027 outlook calling high-single to low- double-digit adj. EBITDA(1) and non-GAAP EPS(1) growth
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© 2026 BWX Technologies. Inc. All Rights Reserved. The products and services described herein are provided by subsidiaries of BWX Technologies, Inc. 4 151 180 17.4% 18.9% 3Q25 3Q26 1.00 1.26 3Q25 3Q26 ($million, except per share amounts) 866 953 3Q25 3Q26 10% GAAP Non- GAAP(1) 1.11 3Q26 financial summary Revenue Net income & adj. EBITDA(1) / margin EPS OCF / FCF(1) 143 203 (48) (52) 3Q25 3Q26 95FCF(1) 151 Net income 82 102 0.89 o 3Q26 revenue up 10% from higher revenue in both Government and Commercial Operations; organic revenue up 7% o 3Q26 adj. EBITDA(1) up 19% driven by growth in Government Operations and Commercial Operations, partially offset by higher corporate expense o 3Q26 non-GAAP(1) EPS up 26% driven by higher operating income, lower interest expense, and a lower tax rate, partially offset by lower other income o 3Q26 OCF up 42% driven by higher net income, an increase in advanced billings, and good working capital management; FCF(1) was $151 million, up 59% (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. 26% 19%
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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. $1.00 $1.26 0.19 (0.05) 0.10 0.02 3Q25 Operations Pension/Other Income Interest Expense, Net Tax Rate 3Q26 5 3Q25 to 3Q26 non - GAAP (1) EPS Bridge Gov. Ops. revenue Gov. Ops EBITDA margins Com. Ops. revenue Com. Ops EBITDA margins (1) Non-GAAP figures exclude any mark-to-market adjustment for pension and postretirement benefits recognized and other one -time items. A reconciliation of GAAP to adjusted, non-GAAP measures can be found in the Appendix section of this presentation. Non-operational earnings headwinds - Lower pension and other income; FX losses - Lower interest expense due to balance sheet optimization - Slightly lower tax rate Corporate expense
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© 2026 BWX Technologies. Inc. All Rights Reserved. The products and services described herein are provided by subsidiaries of BWX Technologies, Inc. 666 RevenueOperating income & Adj. EBITDA(1) / margin 617 639 3Q25 3Q26 4% 118 144 19.2% 22.6% 3Q25 3Q26 3Q26 segment summary Commercial Operations Government Operations RevenueOperating income & Adj. EBITDA(1) / margin 251 314 3Q25 3Q26 25% (1) Non-GAAP figures exclude any mark-to-market adjustment for pension and postretirement benefits recognized and other one -time items. A reconciliation of GAAP to adjusted, non-GAAP measures can be found in the Appendix section of this presentation. Op. income Adj. EBITDA(1) 123 Op. income Adj. EBITDA(1) 24 26 ($million) 97 22% 3Q26 revenue up 4%, driven by growth in special materials and advanced nuclear, partially offset by lower naval propulsion materials procurement 3Q26 adj. EBITDA(1) up 22%, due to higher revenue and strong operating performance across business lines 3Q26 revenue up 25% (15% organic), driven by growth in commercial nuclear power components, services, medical and contribution from the PCG acquisition, partially offset by slightly lower fuel handling revenue 3Q26 adj. EBITDA (1) up 17%, as higher revenue was partially offset by product and service line mix and SG&A investment to support growth 36 41 14.2% 13.2% 3Q25 3Q26 17%
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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. 7 Updating 2026 guidance BWXT consolidated guidance Non - GAAP EPS (1,2) Free Cash Flow (1) Revenue ~$3.80B Adj. EBITDA (1,2) ~$ 667 M $4.72 - $4.77 $350M - $360M • Revenue Growth ‒ Government Operations: HSD growth driven mostly by new special materials programs and modest naval propulsion growth ‒ Commercial Operations: ~45% growth driven by mid-to-high teens organic growth plus contribution from Kinectrics and PCG • Adj. EBITDA(1,2) ‒ Government Operations Margin: >20.5% ‒ Commercial Operations Margin: ~13.0% ‒ Corporate expense: >$20M o Adj. Pre-tax Income(1,2) ‒ Pension/Other (in other – net): ~$5M ‒ Interest Expense, net: modest net interest expense ‒ ~$20M D&A step-up (excludes acquisition-related amortization) o Non-GAAP EPS(1,2) ‒ Tax rate: ~21.0% ‒ Share count: slightly higher; no planned share repurchases o Free Cash Flow(1) ‒ OCF up high-teens to low-20% ‒ Cap-Ex: ~6.0% of sales Other information (vs. 2025) (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 Upward revision / downward revision from prior guidance provided on August 3, 2026
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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. 8 $4.01 0.64-0.69 ~(0.19) ~0.30 ~(0.04) ~(0.01) 2025 Operations Pension/Other Income Interest Expense, Net Tax Rate Share count 2026 ($ per diluted share) 2025 - 2026 non - GAAP EPS (1,2) bridge (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 rounding. (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; FX losses - 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 in 2026 $4.72-$4.77
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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 Preliminary 2027 outlook (1) Adjusted Pre-tax income and Non-GAAP EPS exclude any mark-to-market adjustment for pension and postretirement benefits recognize d and other one-time items, which are not known at the time guidance is provided. A reconciliation of GAAP to adjusted, non-GAAP items can be found in the Appendix section of this presentation. (2) Excludes acquisition related amortization (3) 2027 growth rates based on mid-point of 2026 guidance (4) BWXT announced the sale of Medical business on August 3, 2026; assumes transaction closes at year -end 2026 Non - GAAP EPS (1,2) Free Cash Flow (1) Revenue Adj. EBITDA (1,2) 2026 Guidance Preliminary 2027 Outlook (3,4) ~$3.8B ~$667M $4.72 - $4.77 o High-single digit revenue growth o GO growth: high-single to low-double-digit growth driven by naval propulsion, special materials and advanced nuclear o CO growth: low-single digit total growth as high-single digit organic growth and contribution from PCG is partially offset by the sale of Medical o High-single to low-double digit Adjusted EBITDA(1,2) growth o GO: up high-single-digits to low-double digits driven by revenue growth and modest margin expansion o CO: up high-single digits driven by improved margin performance o Corporate EBITDA expense slightly higher o D&A(2): low-$120M’s o High-Single to low-double digit Non-GAAP EPS(1,2) Growth o Non-operational items: Modest headwind to EPS growth ▪ Higher pension/other income (absence of FX losses) offsets higher net interest expense o Free Cash Flow(1) flat to slightly higher o OCF: Modestly higher; profit growth mitigated by near-term working capital investment o Capex: ~6.0% of sales $350M - $360M
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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 10 $4.72 - $4.77 2026 Operations Pension / Other Income Interest Expense, Net Tax Rate / Share Count 2027 ($ per diluted share) 2026 - 2027 non - GAAP (1,2) EPS bridge High-single-digit to low-double-digit adj. EBITDA(1) growth (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 - Modestly lower pension income; absence of FX losses - Higher interest expense - Higher tax rate as less favorable geographic mix offsets tax planning - Modest share repurchases High-single-digit to low-double-digit Non-GAAP EPS growth
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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. BWXT Confidential & Proprietary © 2025 BWX Technologies. Inc. All Rights Reserved. The products and services described herein are provided by subsidiaries of BWX Technologies, Inc. 11 Appendix Non - GAAP reconciliations
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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. 12 Non - GAAP definitions 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
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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. 13 3Q 2026 non - GAAP reconciliations (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 September 30, 2026 GAAP Restructuring & Transformation Costs Acquisition- Related Costs Acquisition- Related Amortization Non-GAAP Government Operations Operating Income $ 122.6 $ 1.1 $ — $ 1.1 $ 124.8 Commercial Operations Operating Income $ 26.3 $ 1.9 $ 2.1 $ 2.4 $ 32.7 Unallocated Corporate Operating Income $ (16.8) $ 6.1 $ 3.0 $ — $ (7.7) Operating Income $ 132.1 $ 9.0 $ 5.1 $ 3.4 $ 149.6 Other - net (0.2) — — — (0.2) Income Before Provision for Income Taxes 131.9 9.0 5.1 3.4 149.5 Provision for Income Taxes (29.9) (1.4) (1.1) (0.8) (33.2) Net Income 102.0 7.7 4.0 2.6 116.3 Net Income Attributable to Noncontrolling Interest (0.3) — — — (0.3) Net Income Attributable to BWXT $ 101.7 $ 7.7 $ 4.0 $ 2.6 $ 116.0 Diluted Shares Outstanding 92.0 92.0 Diluted Earnings per Common Share $ 1.11 $ 0.08 $ 0.04 $ 0.03 $ 1.26 Effective Tax Rate 22.7% 22.2% RECONCILIATION OF CONSOLIDATED ADJUSTED EBITDA(1)(2)(3) (In millions) Three Months Ended September 30, 2026 GAAP Restructuring & Transformation Costs Acquisition- related Costs Acquisition- related Amortization Non-GAAP Net Income $ 102.0 $ 7.7 $ 4.0 $ 2.6 $ 116.3 Provision for Income Taxes 29.9 1.4 1.1 0.8 33.2 Other – net (0.8) — — — (0.8) Interest Expense 5.1 — — — 5.1 Interest Income (4.1) — — — (4.1) Depreciation & Amortization 33.5 — — (3.4) 30.1 Adjusted EBITDA $ 165.6 $ 9.0 $ 5.1 $ — $ 179.8 RECONCILIATION OF REPORTING SEGMENT ADJUSTED EBITDA(1)(2)(3)(4) (In millions) Three Months Ended September 30, 2026 Operating Income (GAAP) Non-GAAP Adjustments(3,4) Acquisition- related Amortization Depreciation & Amortization Adjusted EBITDA Government Operations $ 122.6 $ 1.1 $ 1.1 $ 19.5 $ 144.2 Commercial Operations $ 26.3 $ 4.0 $ 2.4 $ 8.8 $ 41.4 Unallocated Corporate $ (16.8) $ 9.1 $ — $ 1.8 $ (5.9) RECONCILIATION OF CONSOLIDATED FREE CASH FLOW(1)(2)(3) (In millions) Three Months Ended September 30, 2026 Net Cash Provided By Operating Activities $ 202.7 Purchases of Property, Plant and Equipment (52.3) Free Cash Flow $ 150.5
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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. 14 3Q 2025 non - GAAP reconciliations (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 September 30, 2025 GAAP Restructuring & Transformation Costs Acquisition- Related Costs Acquisition- Related Amortization Non-GAAP Government Operations Operating Income $ 97.4 $ — $ 2.2 $ 1.8 $ 101.4 Commercial Operations Operating Income $ 24.0 $ 3.1 $ 0.6 $ 1.5 $ 29.1 Unallocated Corporate Operating Income $ (8.0) $ 2.0 $ 1.4 $ — $ (4.6) Operating Income $ 113.3 $ 5.1 $ 4.2 $ 3.3 $ 125.9 Other Income (Expense) (5.8) — — — (5.8) Income Before Provision for Income Taxes 107.6 5.1 4.2 3.3 120.1 Provision for Income Taxes (25.4) (1.3) (0.9) (0.8) (28.4) Net Income 82.2 3.8 3.3 2.4 91.7 Net Income Attributable to Noncontrolling Interest (0.1) — — — (0.1) Net Income Attributable to BWXT $ 82.1 $ 3.8 $ 3.3 $ 2.4 $ 91.6 Diluted Shares Outstanding 91.8 91.8 Diluted Earnings per Common Share $ 0.89 $ 0.04 $ 0.04 $ 0.03 $ 1.00 Effective Tax Rate 23.6% 20.0% RECONCILIATION OF CONSOLIDATED ADJUSTED EBITDA(1)(2)(3) (In millions) Three Months Ended September 30, 2025 GAAP Restructuring & Transformation Costs Acquisition- related Costs Acquisition- related Amortization Non-GAAP Net Income $ 82.2 $ 3.8 $ 3.3 $ 2.4 $ 91.7 Provision for Income Taxes 25.4 1.3 0.9 0.8 28.4 Other – net (7.2) — — — (7.2) Interest Expense 14.0 — — — 14.0 Interest Income (1.0) — — — (1.0) Depreciation & Amortization 28.5 — — (3.3) 25.2 Adjusted EBITDA $ 141.8 $ 5.1 $ 4.2 $ — $ 151.1 RECONCILIATION OF REPORTING SEGMENT ADJUSTED EBITDA(1)(2)(3)(4) (In millions) Three Months Ended September 30, 2025 Operating Income (GAAP) Non-GAAP Adjustments(3,4) Acquisition- related Amortization Depreciation & Amortization Adjusted EBITDA Government Operations $ 97.4 $ 2.2 $ 1.8 $ 17.0 $ 118.3 Commercial Operations $ 24.0 $ 3.7 $ 1.5 $ 7.9 $ 35.5 Unallocated Corporate $ (8.0) $ 3.4 $ — $ 1.8 $ (2.8) RECONCILIATION OF CONSOLIDATED FREE CASH FLOW(1)(2)(3) (In millions) Three Months Ended September 30, 2025 Net Cash Provided By Operating Activities $ 143.2 Purchases of Property, Plant and Equipment (48.3) Free Cash Flow $ 94.9