BW LPG Ltd.

Investor Presentation • Feb 27, 2025

Earnings Presentation Q4 2024

Disclaimer and forward-looking statements

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This presentation has been produced by BW LPG Limited ("BW LPG") exclusively for information purposes. This presentation may not be reproduced or redistributed, in whole or in part, to any other person.

Matters discussed in this presentation and any materials distributed in connection with this presentation may constitute or include forward–looking statements. Forward–looking statements are statements that are not historical facts and may be identified by words such as "anticipates", "believes", "continues", "estimates", "expects", "intends", "may", "should", "will" and similar expressions, such as "going forward". These forward–looking statements reflect BW LPG's reasonable beliefs, intentions and current expectations concerning, among other things, BW LPG's results of operations, financial condition, liquidity, prospects, growth and strategies. Forward–looking statements include statements regarding: objectives, goals, strategies, outlook and growth prospects; future plans, events or performance and potential for future growth; liquidity, capital resources and capital expenditures; economic outlook and industry trends; developments of BW LPG's markets; the impact of regulatory initiatives; and the strength of BW LPG's competitors. Forward–looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The forward–looking statements in this presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in BW LPG's records and other data available from Fourth parties. Although BW LPG believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Forward–looking statements are not guarantees of future performance and such risks, uncertainties, contingencies and other important factors could cause the actual results of operations, financial condition and liquidity of BW LPG or the industry to differ materially from those results expressed or implied in this presentation by such forward–looking statements. No representation is made that any of these forward–looking statements or forecasts will come to pass or that any forecast result will be achieved and you are cautioned not to place any undue influence on any forward–looking statement.

No representation, warranty or undertaking, express or implied, is made by BW LPG, its affiliates or representatives as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein, for any purpose whatsoever. Neither BW LPG nor any of its affiliates or representatives shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss whatsoever and howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. All information in this presentation is subject to updating, revision, verification, correction, completion, amendment and may change materially and without notice. In giving this presentation, none of BW LPG, its affiliates or representatives undertakes any obligation to provide the recipient with access to any additional information or to update this presentation or any information or to correct any inaccuracies in any such information. The information contained in this presentation should be considered in the context of the circumstances prevailing at the time and has not been, and will not be, updated to reflect material developments which may occur after the date of the presentation.

The contents of this presentation are not to be construed as legal, business, investment or tax advice. Each recipient should consult its own legal, business, investment or tax adviser as to legal, business, investment or tax advice. By attending this presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of BW LPG and that you will conduct your own analysis and be solely responsible for forming your own view on the potential future performance of the business of BW LPG. This presentation must be read in conjunction with the recent financial information and the disclosures therein.

A number of measures are used to report the performance of our business, which are non-IFRS measures, such as TCE income – Shipping per available day, TCE income – Shipping per calendar day and Return on capital employed (ROCE). These measures are defined and reconciliations to the nearest IFRS measure are available in BW LPG's Q4 2024 Interim Financial Report and BW LPG's Registration Statement on Form 20-F.

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Agenda

Highlights

Market

Performance

Q&A

2024 Q4 highlights and market outlook

Highlights and Subsequent Events

• TCE income Shipping Q4 2024 was US\$37,900 per available day and US\$36,700 per calendar day.
• The Company declared a Q4 2024 cash dividend of US\$0.42 per share. This dividend consists of 75% of Shipping NPAT2 Q4 2024, in addition to dividends declared from BW Product Services.
• Completion of the acquisition of 12 modern VLGCs from Avance Gas Holdings Ltd. ("Avance Gas"). The deal was partially funded through the issuance of 19.282 million new BW LPG shares. Following the issuance of the new shares, the total number of issued and outstanding shares of BW LPG is 159.282 million and 151.538 million, respectively.
• BW Kizoku was delivered to BW LPG in February 2025, following the declaration of purchase option for a consideration of US\$69.8 million.
• Exercised the purchase option for BW Yushi for a consideration of about US\$70 million with an estimated delivery in Q2 2025.
• Concluded the sale and delivery of BW Cedar in February 2025, generating about US\$65 million in proceeds and a net book gain of US\$32 million.
• 31% of fleet exposure covered by time charter out at US\$44,800 per day, and 2% covered by FFA hedges at US\$50,600 per day for calendar year 2025.

Market Outlook

While fluctuations in spot rates should be expected in the VLGC market, we view the prevailing market fundamentals as supportive, while we recognize the increased political and legislative uncertainty.

• Expect US Gulf Coast VLGC loadings to improve as winter conditions dissipate.
• Additional terminal export capacity coming on stream from Energy Transfer and Targa later this year will increase seaborne trade of LPG.
• Qatar's expansion of its North Field will also yield additional LPG volumes in coming years.
• The Panama Canal is currently operating its new locks at or near full capacity. Its limited capacity of ten transits in total per day leaves it sensitive to minor increase in traffic and increased inefficiencies.
• 80 VLGCs are scheduled for dry docking this year, absorbing capacity from the total fleet of ~403 VLGCs.
• Demand is expected to continue to grow in the main LPG importing regions, especially China where additional PDH plants will increase LPG offtake capacity in coming years.
• The Houston-Chiba FFA market for CAL2025 is currently trading at ~US\$ 43,000 per day, albeit with limited liquidity.

TCE per day presented is for the Shipping Segment

1. This does not constitute an offer to sell or the solicitation of an offer to buy any securities of BW LPG nor shall there be any sale of any securities of BW LPG in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

2. Shipping NPAT is calculated as profit attributable to equity holders of BW LPG Q4 2024: US\$30.9 million (2024: US\$354.3 million), minus BW LPG's share of BW PS' net profit/(loss) after tax Q4 2024: US\$2.8 million (2024: US\$82.5 million).

Market

Spot market snapshot – Winter to fade, exports to rise

US Gulf terminals picking up the pace as winter weather subsides

Q4 2024 review

Spot rates were relatively stable Exports recovered with strong December loadings

Winter season

Cold weather and fog have impacted US loadings so far in Q1 2025 Panama Canal operating near full capacity

Growth ahead

More export capacity coming in the US Gulf Gas projects in Middle East to raise LPG output FFA market reflecting upside to current rates, but with limited liquidity

Substantial LPG export expansion coming on stream in next three years

US terminal expansion plans are driving the increase in LPG export capacity, coincides with VLGC newbuilding deliveries in 2026-2028

New LPG export capacity projects in North America and Middle East

Strong growth potential

North America is expected to see significant growth of up to ~66% in LPG export capacity from 2024 to 2028, if flex capacity is in full LPG service

Terminal flexibility

Energy Transfer's Nederland and Enterprise's Neches River4 - option to switch between LPG and ethane

Canada expanding capacity

AltaGas' Ridley Island Energy Export facility (REEF) to come on stream near year-end 2026

North Field Expansion

Qatar's North Field will primarily produce natural gas, but also increase output of LPG

Sources: Energy Transfer, Enterprise, ONEOK, AltaGas, Argus, BW LPG 1: Assuming flex capacity is in full propane service 2: North America = United States and Canada 3: 2024 LPG export capacity is defined as the total LPG export across all vessel sizes from North America (including US and Canada) and the Middle East 4: Phase 2

Strong and sustained demand growth in Asia

Asian demand absorbs increase in exports from the US and the Middle East, with continued growth expected in the coming years

18 21 ^{22 22 23} 2023 2024 2025E 2026E 2027E India LPG imports Million tons

13.7 13.6 14.4 15.4 16.7 2023 2024 2025E 2026E 2027E

South-East Asia LPG imports Million tons

New PDH plants continue to drive China's LPG demand

LPG demand from PDH plants is projected to nearly double by 2035

Reliance on US exports

51% of imports originate from US

Growth in LPG consumption increasingly dependent on imports

The share of LPG consumption imported increased from 40% in 2013 to 64% in 20231

~40% of India's LPG imports are lifted on VLGCs

Reports about India potentially importing energy from the US in the future to diversify its supply sources

Significant growth

Imports from South-East Asia expected to grow 23% from 2024 to 2027

Large volumes from the US

36% of imports originate from US2

VLGC fleet and newbuildings

Modest fleet growth over the next 18 months

VLGC fleet profile and newbuilding market

Sources: BW LPG, Clarksons 1: Total VLGC fleet on water (not including orderbook) 2: Since last quarter 3: Non-ammonia specifications

Performance

Shipping – Performance

Achieved 96% fleet utilisation generating TCE income - Shipping of \$37,900 per available day

1. TCE rates per day are inclusive of both commercial waiting and technical offhire days (i.e. 100% of calendar days)

2. TCE rates per day are inclusive of commercial waiting days and exclusive of technical offhire days (i.e. 100% of available days)

3. TCE rates per day are exclusive of both commercial waiting and technical offhire days

4. Discharge to discharge basis

Product Services – Performance

Strong realisation of profits offset partially by net change in valuation of open cargo positions

1Gross profit from 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' lease-in vessels

2Included within Other expenses, ~\$1.5M effects relating to currency translation of foreign operations which is not part of Net profit

3Unrealised physical shipping is a Non-IFRS measure and refers to the forward value of Time Charter-in contracts based on forward market freight indexes

Financial highlights

Low leverage, strong liquidity, ready for growth opportunities

Key Financials Q4 2024 (USD million)		Financial Ratios Q4 2024
Income Statement		Earnings Yield2 (annualised)	8%	1. EPS (earnings per share) is computed based on the weighted average number of shares outstanding less treasury shares during the period
Profit after tax	\$40	Dividend Yield3 (annualised)	14%	2. Earnings yield: EPS divided by the share price at the end of the period in USD terms
				3. Dividend yield: Annualised dividend divided by the share price in USD on 25th Feb 2025
Profit to equity holders	\$31	ROE4 (annualised)	9%	4. ROE (return on equity): with respect to a particular financial period, the ratio of the profit after tax to the average of the shareholders' equity, calculated as the average of the opening
Earnings per share1	\$0.22	ROCE5 (annualised)	7%	and closing balance for the financial period as presented in the consolidated balance sheet. 5. ROCE (return on capital employed): with respect to a particular financial period, the ratio of
Dividends per share	\$0.42	Net leverage ratio6	33%	the operating profit to capital employed defined as the average of the total shareholders' equity, total borrowings and lease liabilities, calculated as the average of the opening and closing balance for the financial period as presented in the consolidated balance sheet.
Balance Sheet				6. Net leverage ratio: The sum of total borrowings and lease liabilities minus cash and cash
Total assets	\$3,320			equivalents as set out in the consolidated statement of cash flows, divided by the sum of the total borrowings, total lease liabilities, and shareholders' equity minus cash and cash equivalents as set out in the consolidated statement of cashflows
Total liabilities	\$1,383			7. Operating cash breakeven: Total expected cash costs (excluding capex) divided by available days, owned fleet or total fleet
Total shareholders' equity	\$1,937			8. All-in cash breakeven: Operating cash breakeven including capex (maintenance and drydock)

Shipping Per Day Statistics (USD/Day)

FY 2024 Daily TCE Income	\$47,400
FY 2024 Daily OPEX	\$8,300
FY 2025 Operating cash breakeven7
Owned	\$19,800
Total fleet	\$22,200
FY 2025 All-in cash breakeven8	\$25,600

Financial – Financing structure and repayment profile

Ample liquidity of \$603M with long-dated repayment profile

• 1. Cash presented excludes \$48M held in broker margin accounts
• 1. Excludes other lease liabilities, capitalised fees, and interest payable, as of 31 Dec 2024

Q&A

CEO Kristian Sørensen

CFO Samantha Xu

Contact us

Investor Relations investor.relations@bwlpg.com

Ticker (OSE) / Ticker (NYSE) BWLPG / BWLP

LinkedIn linkedin.com/company/bwlpg

Telephone +65 6705 5588

Website https://investor.bwlpg.com

Address

10 Pasir Panjang Road Mapletree Business City #17 -02 Singapore 117438

Appendices

52 VLGCs and 2 LGCs operated by BW LPG as of 13 February 2025 BW LPG 8 Time charter/bareboat in 52% ownership 7 9 Operated

30	BW LPG	100% ownership	8	BW LPG	Time charter/bareboat in	7		BW LPG India 52% ownership		9	Operated
Name	Year	Shipyard	Name	Year	Shipyard	Name	Year	Shipyard	Name	Year	Shipyard	Beneficiary
BW Avior	2023	DSME	BW Capella 3	2022	DSME	BW Pine	2011	Kawasaki S.C.	Gas Jupiter	2023	Jiangnan	Sinogas Maritime
BW Rigel	2023	DSME	BW Polaris 3	2022	DSME	BW Lord	2008	DSME	Kaede	2023	Hyundai H.I.	Product Services
BW Kizoku 1	2019	Mitsubishi H.I.	BW Yushi 1	2020	Mitsubishi H.I.	BW Tyr	2008	Hyundai H.I.	Gas Venus	2021	Jiangnan	Sinogas Maritime
BW Messina	2017	DSME	Gas Zenith 1	2017	Hyundai H.I.	BW Loyalty 1	2008	DSME	Gas Gabriela 1	2021	Hyundai H.I.	Product Services
BW Mindoro	2017	DSME	Oriental King	2017	Hyundai H.I.	BW Oak	2008	Hyundai H.I.	Reference Point 1	2020	Jiangnan	Product Services
BW Malacca	2016	DSME	Doraji Gas	2017	Mitsubishi H.I.	BW Elm	2007	Hyundai H.I.	Clipper Wilma 1	2019	Hyundai H.I.	Product Services
BW Magellan	2016	DSME	Berge Nantong	2006	Hyundai H.I.	BW Birch	2007	Hyundai H.I.	BW Tokyo	2009	Mitsubishi H.I.	Exmar
BW Frigg	2016	Hyundai H.I.	Berge Ningbo	2006	Hyundai H.I.				Denver 2	2009	Hyundai H.I.	Product Services
BW Freyja	2016	Hyundai H.I.							Helsinki 2	2009	Hyundai H.I.	Product Services
BW Volans	2016	Hyundai H.I.
BW Brage	2016	Hyundai H.I.
BW Tucana	2016	Hyundai H.I.
BW Var	2016	Hyundai H.I.
BW Njord	2016	Hyundai H.I.
BW Balder	2016	Hyundai H.I.
BW Pampero	2015	Jiangnan
BW Orion	2015	Hyundai H.I.
BW Chinook	2015	Jiangnan
BW Libra	2015	Hyundai H.I.
BW Levant 1	2015	Jiangnan
BW Breeze 1	2015	Jiangnan
BW Sirocoo 1	2015	Jiangnan
BW Passat 1	2015	Jiangnan
BW Leo	2015	Hyundai H.I.
BW Gemini	2015	Hyundai H.I.
BW Carina 1	2015	Hyundai H.I.		22				15			17
BW Mistral 1	2015	Jiangnan
BW Monsoon 1	2015	Jiangnan
BW Aries 1	2014	Hyundai H.I.

BW Mindoro	2017	DSME	Oriental King	2017	Hyundai H.I.	BW Oak	2008	Hyundai H.I.	Reference Point 1	2020	Jiangnan	Product Services
BW Malacca	2016	DSME	Doraji Gas	2017	Mitsubishi H.I.	BW Elm	2007	Hyundai H.I.	Clipper Wilma 1	2019	Hyundai H.I.	Product Services
BW Magellan	2016	DSME	Berge Nantong	2006	Hyundai H.I.	BW Birch	2007	Hyundai H.I.	BW Tokyo	2009	Mitsubishi H.I.	Exmar
BW Frigg	2016	Hyundai H.I.	Berge Ningbo	2006	Hyundai H.I.				Denver 2	2009	Hyundai H.I.	Product Services
BW Freyja	2016	Hyundai H.I.							Helsinki 2	2009	Hyundai H.I.	Product Services
BW Volans	2016	Hyundai H.I.
BW Brage	2016	Hyundai H.I.
BW Tucana	2016	Hyundai H.I.
BW Var	2016	Hyundai H.I.
BW Njord	2016	Hyundai H.I.
BW Balder	2016	Hyundai H.I.
BW Pampero	2015	Jiangnan
BW Orion	2015	Hyundai H.I.
BW Chinook	2015	Jiangnan
BW Libra	2015	Hyundai H.I.
BW Levant 1	2015	Jiangnan
BW Breeze 1	2015	Jiangnan
BW Sirocoo 1	2015	Jiangnan
BW Passat 1	2015	Jiangnan
BW Leo	2015	Hyundai H.I.
BW Gemini	2015	Hyundai H.I.		22				15
BW Carina 1	2015	Hyundai H.I.
BW Mistral 1	2015	Jiangnan
BW Monsoon 1	2015	Jiangnan									17
BW Aries 1	2014	Hyundai H.I.
BW Kyoto	2010	Mitsubishi H.I.	Vessels with dual-fuel propulsion technology				Vessels retrofitted with scrubber technology				Vessels on compliant fuels

1. Bareboat charter

VLGC charter portfolio overview

Time charter-out coverage for 2025 at 31% at an average rate of \$44,800 per day

Avg. TC out rate Avg. TC in rate Time charter rate (US\$ thousands / day) \$44.8 \$44.2 \$33.1 \$43.0 2025 2026 Yearly \$45.2 \$44.7 \$45.0 \$44.2 \$43.5 \$44.7 \$44.4 \$44.4 \$31.9 \$33.0 \$33.8 \$34.2 \$43.0 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 4Q 26 Quarterly

Net time charter position
2025 Time charter
	% of total	Revenue/	Average
	Fleet	(Cost) in \$M	day rate
TC out	12%	\$86	\$44,800
TC in	12%	(\$64)	\$33,100
Net	-	\$22
Remaining TC out	19%	\$137	\$44,800

1. % of fleet ratio is basis: TC out is based on total available days and TC in is based on total calendar days

Fleet safety statistics

Safety and Zero Harm onboard remain our key focus

Total Recordable Case Frequency (TRCF): Work-related fatalities and injuries per one million hours worked

Lost Time Injury Frequency (LTIF): Work-related fatalities and injuries per one million hours worked that leads to lost work time

Shipping segment charter portfolio 2025-2026

Time Charter Out contract coverage stands at 31% for 2025 (as of 14 February 2025)

	Q1 2025E	Q2 2025E	Q3 2025E	Q4 2025E	2025E	2026E
Owned days	3,502	3,596	3,680	3,680	14,458	14,600
Time charter in days	575	499	460	393	1,927	49
Total calendar days	4,077	4,095	4,140	4,073	16,385	14,649
Offhire1	53	115	85	135	387	321
Total available days (Net of offhire)	4,024	3,980	4,055	3,938	15,998	14,328
Spot days (Net of offhire)	2,855	2,716	2,801	2,648	11,021	10,762
Time charter out days (Net of offhire)	1,169	1,264	1,254	1,290	4,977	3,566
% Spot days	71%	68%	69%	67%	69%	75%
% TC days	29%	32%	31%	33%	31%	25%
TCE rates
Spot	-	-	-	-	-	-
Time charter out	\$45,200	\$44,700	\$45,000	\$44,200	\$44,800	\$44,200
VLGC TCE rate (Net of offhire)	-	-		-	-	-

Notes: BW LPG India Charter Portfolio is a subset of the Shipping Segment Charter Portfolio

Pool revenue distributed to participants and the associated days are excluded from the presentation

1. Offhire is assumed to be 3 days per year per vessel, distributed equally per quarter, during the years the vessel does not have planned dry dockings

BW LPG India charter portfolio 2025-2026

Time Charter Out contract coverage stands at 87% for 2025 (as of 14 February 2025)

	Q1 2025E	Q2 2025E	Q3 2025E	Q4 2025E	2025E	2026E
Owned days	657	637	644	644	2,582	2,555
Time charter in days	-	-	-	-	-	-
Total calendar days	657	637	644	644	2,582	2,555
Offhire1	4	4	3	55	66	91
Total available days (Net of offhire)	653	633	641	589	2,516	2,464
Spot days (Net of offhire)	56	90	91	91	328	1,382
Time charter out days (Net of offhire)	597	543	550	498	2,188	1,082
% Spot days	9%	14%	14%	15%	13%	56%
% TC days	91%	86%	86%	85%	87%	44%
TCE rates
Spot	-	-	-	-	-	-
Time charter out	\$47,900	\$48,200	\$47,700	\$47,900	\$47,900	\$45,100
VLGC TCE rate (Net of offhire)	-	-	-	-	-	-

1. Offhire is assumed to be 3 days per year per vessel, distributed equally per quarter, during the years the vessel does not have planned dry dockings