BW LPG Ltd.

Investor Presentation • May 20, 2025

Q1 2025 Earnings Presentation BW LPG

Kristian Sørensen and Samantha Xu 20 May 2025

Disclaimer and forward-looking statements

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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.

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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 Q1 2025 Interim Financial Report and BW LPG's Registration Statement on Form 20-F.

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2025

Q1 2025 highlights and market outlook Market overview Company performance Q&A

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 Q1 2025: US\$46.1 million, minus BW LPG's share of BW PS' net profit/(loss) after tax Q1 2025: (US\$10.3 million).

Q1 2025 highlights

Q1 performance	Commercial performance	Financial performance	Return to shareholders
• TCE income – Shipping Q1 2025 was US\$39,800 per available day and US\$38,800 per calendar day, well supported by our time charter coverage of 41% of available days at \$40,700/day	\$39,800	\$67M	14%
• Q1 2025 profit attributable to equity holders of the company was US\$46 million representing an earnings per share of US\$0.30/share	TCE income – Shipping per available day	Net profit after tax	ROE (annualised)
• Completed one vessel US\$65 million JOLCO financing on 28 Feb 2025, and in the process of concluding a ~US\$380 million bank financing, both on very competitive terms
• BW Product Services reported a US\$3.6 million gross loss in the first quarter and a net loss after tax of US\$12.5 million for Q1 2025	\$38,800	\$633M	75% Q1 2025 payout ratio Shipping NPAT2
Continued dividend distribution	TCE income – Shipping per calendar day	Available liquidity
• Declared a Q1 cash dividend of \$0.28 per share, corresponding to 75% of the Shipping NPAT2 for the quarter
Other subsequent events	96%	\$0.30	\$0.28
• Sale of BW Chinook and BW Pampero to BW India at a price of approximately US\$75 million per vessel. Delivery of the vessels is expected in Q3 2025	Fleet utilisation	Earnings per share	Dividend per share
• From 8 -17 April 2025, the company activated its share buyback programme, under which it acquired 316,437 ordinary shares at an average price of US\$8.63 per share	3%	31%	10%
• BW LPG has made a strategic decision to cease the investment in the onshore LPG import terminal at JNPT in India and discontinue its involvement in the terminal's development	Technical offhire	Net leverage ratio	Annualised dividend yield

4

Market outlook

Solid fundamentals – political uncertainty

Despite tariff escalations and short-term market disruptions, the market fundamentals are solid. US LPG production has remained unabated and export levels are steady compared to previous months as US LPG volumes found new destinations outside China

LPG exports US / Middle East	• US terminal operators moving forward with expansion projects, which will enable further growth in US LPG exports • Roll-back of OPEC+ production cuts likely to raise Middle East LPG exports. Projects in UAE, Qatar and Saudi Arabia will also add additional LPG volumes in coming years
Trading inefficiencies	• LPG is supply-driven and excess production is priced-to-clear in the international market • Increased distances can be expected as traders reshuffle their LPG sourcing to adapt to new tariff conditions
Panama v. Cape routing	• The Panama Canal is operating its new locks at or near full capacity. Increased volatility in auction prices could lead to further trading disruptions and there are indications of more vessels sailing via Cape of Good Hope
VLGC global fleet	• VLGC orderbook of 109 ships, with 2027 seeing the highest delivery pace • 69 VLGCs are scheduled for dry docking balance of this year, absorbing capacity from the total fleet of ~406 VLGCs • Increased US port charges targeting Chinese operated vessels
TC and FFA coverage	• The Houston-Chiba FFA market for the rest of 2025 is currently reflecting earnings of ~US\$ 49,000/day, although with a bid/ask spread and limited liquidity

Agenda Q1 2025 highlights and market outlook Market overview Company performance Q1 Q&A

Short term tariff implications and development of the LPG freight market

Sources: Vortexa, Bloomberg (BLPG3 spot rates)

Changed LPG trade patterns (pre-90-days tariff relief announcement)

The market quickly responded to a new dynamic

China sourcing from others

Asian importers are re-shuffling their LPG sources

Far East remains a key destination for LPG

• Canadian imports appearing in China customs data
• Japan, South Korea, Indonesia are increasing imports from the US
• China's regional LPG exports (~1mt in 2024) could be consumed domestically

India switching emerging

Potential driver for longer sailing distances

Traders are adapting to new tariff reality

• Market participants are using US volumes to service their Indian commitments, allowing for increased Middle East volumes to go to China, increasing distances
• Altering Indian imports is however challenging due to cargo composition of 50/50 propane/butane as well as commercial agreements

Robust supply fundamentals despite trade-war and geopolitical turmoil

US and the ME are increasing production and expanding export infrastructure, however sensitive to crude oil price

US propane production Mb/d

Production continues to grow

• Despite trade tensions between US and China, US propane production has continued to grow
• Domestic consumption expected to remain relatively flat, making exports the key outlet for incremental volumes

N. American terminal expansion plans Mtpa

Expansions to enable further export growth

• New terminal capacity in North America on track to facilitate further growth in LPG exports for several years
• Some terminals will be flexible, capable of switching between LPG and ethane

N. America and Middle East LPG exports

Million tons (VLGC only)

Sustained growth expected, but oil price dependent

• Higher gas production expected from Permian Basin
• New projects in Saudi Arabia, Qatar and UAE to drive growth in exports
• Reversal of OPEC+ production cuts to make more LPG available for exports

VLGC fleet and newbuildings

Modest fleet growth for 2025 and 2026

Quarterly delivery schedule

of VLGCs

VLGC fleet profile and newbuilding market

2025

Q1 2025 highlights and market outlook Market overview Company performance Q&A

Shipping – Performance

Achieved 96% generating TCE income – Shipping of \$39,800 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

Product Services - Performance

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

1. Gross loss 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

2. Included within Other expenses, ~\$1.2M effects relating to currency translation of foreign operations which is not part of Net profit/loss

3. Unrealised 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 Q1 2025

US\$ million

Income statement

Profit after tax	\$67
Profit to equity holders	\$46
Earnings per share1	\$0.30
Dividends per share	\$0.28
Balance sheet
Total assets	\$3,354
Total liabilities	\$1,439

Shipping per day statistics US\$/day

Q1 2025 Daily TCE Income	\$38,800
Q1 2025 Daily OPEX	\$8,400
FY 2025 Operating cash breakeven7
Owned	\$19,300
Total fleet	\$21,700
FY 2025 All-in cash breakeven8	\$25,000

Financial ratios Q1 2025

11%
10%
14%
10%
31%

1.EPS (earnings per share) is computed based on the weighted average number of shares outstanding less treasury shares during the period

• 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 16th May 2025
• 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 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 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.

6.Net leverage ratio: The sum of total borrowings and lease liabilities minus cash and cash 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

7.Operating cash breakeven: Total expected cash costs (excluding capex) divided by available days, owned fleet or total fleet

8.All-in cash breakeven: Operating cash breakeven including capex (maintenance and drydock)

Financial – Financing Structure and Repayment Profile

Ample liquidity of \$633M with long-dated repayment profile

1. Excludes other lease liabilities, capitalised fees, and interest payable, as of 31 Mar 2025

2025

Q1 2025 highlights and market outlook Market overview Company performance Q&A

Kristian Sørensen CEO

Samantha Xu CFO

Thank you

Investor Relations investor.relations@bwlpg.com

Ticker Oslo Stock Exchange "BWLPG" New York Stock Exchange "BWLP"

LinkedIn linkedin.com/company/bwlpg

Website https://investor.bwlpg.com

Telephone +65 6705 5588

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

Appendix Q1 2025

51 VLGCs and 2 LGCs operated by BW LPG

As of 1 May 2025

30 BW LPG 100% ownership			8 BW LPG Time charter/bareboat in			7 BW LPG India 52% ownership			8 Operated
Name	Year	Shipyard	Name	Year	Shipyard	Name	Year	Shipyard	Name	Year	Shipyard	Beneficiary
BW Avior BW Rigel	2023 2023	DSME DSME	BW Capella 3 3 BW Polaris	2022 2022	DSME DSME	BW Pine BW Lord	2011 2008	Kawasaki S.C. DSME	Gas Jupiter Kaede	2023 2023	Jiangnan Hyundai H.I.	Sinogas Maritime 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.	Clipper Wilma 1	2019	Hyundai H.I.	Product Services
BW Malacca	2016	DSME	Doraji Gas	2017	Mitsubishi H.I.				BW Tokyo	2009	Mitsubishi H.I.	Exmar
BW Magellan	2016	DSME	Berge Nantong	2006	Hyundai H.I.	BW Elm	2007	Hyundai H.I.	Denver 2	2009	Hyundai H.I.	Product Services
BW Frigg	2016	Hyundai H.I.	Berge Ningbo	2006	Hyundai H.I.	BW Birch	2007	Hyundai H.I.	Helsinki 2	2009	Hyundai H.I.	Product Services
BW Freyja	2016	Hyundai H.I.
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 BW Chinook	2015	Hyundai H.I.
	2015	Jiangnan
BW Libra 1	2015	Hyundai H.I.
BW Levant 1	2015	Jiangnan
BW Breeze 1	2015	Jiangnan
BW Sirocoo 1 BW Passat	2015 2015	Jiangnan Jiangnan			22			14			17
BW Leo	2015	Hyundai H.I.
BW Gemini	2015	Hyundai H.I.
BW Carina 1	2015	Hyundai H.I.			Vessels with dual-fuel propulsion technology			Vessels retrofitted with scrubber technology				Vessels on compliant fuels
1 BW Mistral	2015	Jiangnan
1 BW Monsoon	2015	Jiangnan
BW Aries 1	2014	Hyundai H.I.

BW Kyoto 2010 Mitsubishi H.I.

VLGC charter portfolio overview

Fixed rate time charter-out coverage for 2025 at 28% at an average rate of \$45,000 per day

0%

2025 Time charter
	% of total Fleet	Revenue/ (Cost) in \$M	Average day rate
TC out - Fixed rate	12%	\$87	\$45,000
TC in	12%	(\$63)	\$32,600
Net		\$24
Remaining TC out - Fixed rate	16%	\$116	\$45,000

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

Fixed rate time charter out contract coverage stands at 28% for 2025 (as of 5 May 2025)

	Q1 2025A	Q2 2025E	Q3 2025E	Q4 2025E	2025E	2026E
Owned days	3,518	3,596	3,680	3,680	14,474	14,600
Time charter in days	576	499	460	393	1,928	51
Total calendar days	4,094	4,095	4,140	4,073	16,402	14,651
Offhire1	104	116	85	140	445	321
Total available days (Net of offhire)	3,990	3,979	4,055	3,933	15,957	14,330
Spot days (Net of offhire)	2,369	2,357	2,619	2,466	9,811	10,905
Time charter out days (Net of offhire) - Fixed rate	1,175	1,171	1,071	1,102	4,519	3,336
Time charter out days (Net of offhire) - Variable rate	446	451	365	365	1,627	89
% Spot days	59%	59%	65%	63%	62%	76%
% TC days - Fixed rate	30%	30%	26%	28%	28%	24%
% TC days - Variable rate	11%	11%	9%	9%	10%	-
TCE rates
Spot	\$39,100	-	-	-	-	-
Time charter out – Fixed rate	\$44,000	\$45,500	\$45,400	\$45,200	\$45,000	\$44,500

VLGC TCE rate (Net of offhire) \$39,800 - - - - -

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

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 79% for 2025 (as of 5 May 2025)

	Q1 2025A	Q2 2025E	Q3 2025E	Q4 2025E	2025E	2026E
Owned days	674	637	793	828	2,932	3,285
Time charter in days	-	-	-	-	-	-
Total calendar days	674	637	793	828	2,932	3,285
Offhire1	-	4	13	88	105	95
Total available days (Net of offhire)	674	633	780	740	2,827	3,190
Spot days (Net of offhire)	20	90	230	247	587	2,073
Time charter out days (Net of offhire)	654	543	550	493	2,240	1,117
% Spot days	3%	14%	29%	33%	21%	65%
% TC days	97%	86%	71%	67%	79%	35%
TCE rates
Spot	\$56,700	-	-	-	-	-
Time charter out	\$46,700	\$48,200	\$47,700	\$47,900	\$47,600	\$45,100
VLGC TCE rate (Net of offhire)	\$47,000	-	-	-	-	-