BW LPG Limited – Update on BW LPG’s Product Services Q4 2025 Segment Performance

16 Jan 2026 07:00 CET

Singapore, 16 January 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”) Q4 2025 segment performance.

For the quarter ending 31 December 2025, BW Product Services achieved a gross
profit of approximately USD 27 million. This gross profit comprises of a
realised gain of USD 12 million from our portfolio of cargo, freight and hedging
transactions, and a positive unrealised mark-to-market change of USD 15 million
from our open cargo contracts and hedging transactions.

After general and administrative expenses and income taxes, BW Product Services
reported a net profit of approximately USD 23 million for the quarter. The
reported net profit includes accruals for personnel costs which may change
subject to Board approvals.

Besides the positive realised trading result, the overall dividend capacity will
be determined by net profit after tax, cash flow and other commercial
considerations.

The average Value-At-Risk (VAR) for the quarter was approximately USD 3 million.

BW LPG will release its Q4 2025 financial report on 3 March 2026.

Says Kristian Sørensen, Chief Executive Officer, “We are pleased to report a
strong finish to fiscal year 2025 for our Product Services segment, highlighted
by the realised gain of USD 12 million from the completed trading portfolio in
the fourth quarter, bringing the full-year realised trading result to
approximately USD 66 million, before deducting general and administrative
expenses and income taxes. As we transition into fiscal year 2026, we remain
committed to maintaining a well-balanced trading portfolio, guided by
disciplined risk management as we navigate the ongoing macroeconomic and
geopolitical uncertainty 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, with a fleet of
more than 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.

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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