BW LPG Ltd. — Earnings Release 2026

Apr 16, 2026

BW LPG Limited Update on BW LPG s Product Services Q1 2026 Segment Performance

BW LPG Limited Update on BW LPG s Product Services Q1 2026 Segment Performance

Singapore, 16 April 2026

BW LPG Limited ("BW LPG" or the "Company", OSE ticker code: "BWLPG.OL", NYSE

ticker code: "BWLP") today provides an update on its Product Services' ("BW

Product Services") Q1 2026 segment performance.

For the quarter ended 31 March 2026, BW Product Services achieved a gross

profit of approximately USD 127 million. This gross profit comprises of a

positive unrealised mark-to-market change of USD 137 million from our open

cargo contracts and hedging transactions, offset by a realised trading loss of

USD 10 million from our portfolio of cargo, freight and hedging transactions.

After general and administrative expenses and income taxes, BW Product

Services reported a net profit of approximately USD 98 million for the

quarter.

The average Value-At-Risk (VAR) for the quarter was approximately USD 6

million.

BW LPG will release its Q1 2026 financial report on 2 June 2026.

Says Kristian Sørensen, Chief Executive Officer, "In a period of significant

market volatility, I am very pleased with BW Product Services' portfolio

performance and risk management. The first quarter results were strongly

influenced by the US/Israel-Iran conflict, as reduced export volumes from the

Middle East increased the value of BW Product Services' US cargoes. Although

the realised trading results showed a loss due to hedging activities and

portfolio timing effects, we expect the unrealised mark-to-market gains to be

gradually realised as physical cargo deliveries take place over the coming

quarters.

As previously mentioned, it is important to note that the high accounting

profit does not represent an immediate uplift to the Company's dividend

capacity, as it primarily reflects the mark-to-market valuation of unrealised

positions."

For further information, please contact:

Kristian Sørensen

Chief Executive Officer

Samantha Xu

Chief Financial Officer

E-mail: investor.relations@bwlpg.com

About BW LPG

BW LPG is the world's leading owner and operator of LPG vessels, with a fleet

of about 50 Very Large Gas Carriers (VLGCs), including 22 vessels powered by

LPG dual-fuel propulsion technology. Building on over five decades of LPG

shipping experience, the company is strengthened by an in-house LPG trading

division and the commercial expertise to explore investments in value chain

assets. Together, these capabilities enable BW LPG to provide trusted and

reliable services for sourcing and delivering LPG to customers worldwide.

Delivering energy for a better world -- more information about BW LPG can be

found at www.bwlpg.com

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BW LPG is associated with BW Group, a leading global maritime company involved

in shipping, floating infrastructure, deepwater oil & gas production, and new

sustainable technologies. Founded in 1955 by Sir YK Pao, BW controls a fleet

of over 400 vessels transporting oil, gas and dry commodities, with its 200

LNG and LPG ships constituting the largest gas fleet in the world. In the

renewables space, the group has investments in solar, wind, batteries, and

water treatment.