BW LPG Limited - Update on BW LPG’s Product Services Q3 2025 Segment Performance

16 Oct 2025 07:00 CEST

Singapore, 16 October 2025

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”) Q3 2025 segment performance.

For the quarter ending 30 September 2025, BW Product Services achieved a
realised gain of USD 15 million from our portfolio of cargo, freight and hedging
transactions. After accounting for the unrealised mark-to-market change of
negative USD 39 million from our open cargo contracts and hedging transactions,
we ended the quarter with a gross trading result of approximately minus USD 24
million.

After general and administrative expenses and income taxes, BW Product Services
reported an estimated result of approximately minus USD 30 million for the
quarter.

The average Value-At-Risk (VAR) for the quarter was approximately USD 5 million.

BW LPG will release its Q3 2025 financial report on 2 December 2025.

Says Kristian Sørensen, Chief Executive Officer, “We are pleased to report a
continued strong realisation of USD 15 million from our trading activities in
Q3, bringing the aggregated realised trading result year-to-date to
approximately USD 54 million. Despite turbulent market conditions negatively
affecting the mark-to-market valuation of our forward trading portfolio, the
portfolio remains firmly net positive thanks to active risk management by the BW
Product Services team. Our priority is delivering a positive realised trading
result which is the driver for BW Product Services’ dividend capacity, although
mark-to-market fluctuations should be anticipated amid ongoing macro
uncertainties and market volatility.”


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, owning and
operating a fleet of more than 50 Very Large Gas Carriers (VLGCs) with a total
carrying capacity of over 4 million CBM. With five decades of operating
experience in LPG shipping, an in-house LPG trading division and investment in
onshore LPG infrastructure, BW LPG offers trusted and reliable services to
source and deliver LPG to customers. Delivering energy for a better world – more
information about BW LPG can be found at https://www.bwlpg.com.

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 450 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.

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