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

16 Apr 2026 07:00 CEST

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
(https://apc01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.bwlpg.com
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3D|0|||&sdata=Mcxm9WhJcYs12zgkr8lH%2BjuyL8%2BWaS6Ox9NbgAgW6wU%3D&reserved=0).

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.

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