What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2025-03-31 compared with 2024-03-15 · 47 added, 47 removed, 126 unchanged (43% of the section changed)

We are a growing, globally-focused renewable, environmental and thermal technologies provider with over 155 years of experience providing diversified energy and emissions control solutions to a broad range of industrial, electrical utility, municipal and other customers.

Our innovative products and services are organized into three market-facing segments.

Our reportable segments are as follows:

We are a globally focused renewable, environmental and thermal technologies provider with over 155 years of experience providing diversified energy and emissions control solutions to a broad range of industrial, electrical utility, municipal and other customers.

Our innovative products and services are organized into the following market-facing reporting segments:

• Babcock & Wilcox Renewable:

Our innovative hydrogen generation technology (BrightLoop TM ) supports global climate goals including the decarbonization of industrial and utility steam and power producers.

BrightLoo p TM offers significant advantages over other hydrogen generation technologies as it generates competitively priced hydrogen from a wide range of fuels (including solid fuels such as biomass and coal) with a high rate of carbon captured resulting in low (or even negative) carbon intensity hydrogen.

We also offer best-in-class technologies for efficient and environmentally sustainable power and heat generation, including waste-to-energy, oxygen-fired biomass-to-energy (OxyBright TM ), and black liquor systems for the pulp and paper industry.

Our leading waste-to-energy technologies support a circular economy, diverting waste from landfills to use for power generation or district heating, while recovering metals and reducing emissions.

To date, we have installed approximately 500 waste-to-energy and biomass-to-energy units at more than 300 facilities in approximately 30 countries which serve a wide variety of utility, waste management, municipality and investment firm customers.

Our innovative BrightLoo p ™ hydrogen generation technology supports global climate goals including the decarbonization of industrial and utility steam and power producers.

BrightLoo p ™ offers significant advantages over other hydrogen generation technologies as it generates competitively priced hydrogen from a wide range of fuels, including solid fuels such as biomass and coal, with a high rate of carbon captured resulting in low, or even negative, carbon-intensity hydrogen.

We also offer best-in-class technologies for efficient and environmentally sustainable power and heat generation, oxygen-fired biomass-to-energy (OxyBright ™ ), and black liquor systems for the pulp and paper industry.

Our leading waste-to-energy technologies support a circular economy, diverting waste from landfills to use for power generation and replacing fossil fuels, while recovering recyclable metals and reducing emissions.

• Babcock & Wilcox Environmental:

Our full suite of best-in-class emissions control and environmental technology solutions for utility, waste-to-energy, biomass-to-energy, carbon black, and industrial steam generation applications supports environmental stewardship around the world.

Our broad experience includes systems for cooling, ash handling, particulate control, nitrogen oxide and sulfur dioxide removal, dioxin and furan control, carbon dioxide capture, mercury control as well as other acid gas and pollutant control.

Our ClimateBright TM family of products including SolveBright TM , OxyBright TM , BrightLoop TM and BrightGen TM , places us at the forefront of hydrogen production and carbon dioxide capturing technologies and development with many of the aforementioned products already commercially available and others ready for commercial deployment.

Our full suite of emissions control and environmental technology solutions for utility, waste-to-energy, biomass-to-energy, carbon black, and industrial steam generation applications around the world.

Our broad experience includes systems for cooling ash handling, particulate control, nitrogen oxides and sulfur dioxides removal, chemical looping for carbon control and mercury control.

Our ClimateBright ™ products including SolveBright ™ , OxyBright ™ , BrightLoop ™ and BrightGen ™ place us at the forefront of hydrogen production and decarbonization technologies and development with many of these products already commercially available and others ready for commercial deployment.

We believe these technologies position us to compete in the

bioenergy sector within the carbon capture and sequestration (BECCS) market.

Our portfolio of clean power production solutions continues to evolve to reach customers at all stages of their energy transition.

• Babcock & Wilcox Thermal:

Our vast installed base of steam generation equipment and related auxiliaries spans the globe and includes customers in a variety of end markets including power generation, oil and gas, petrochemical, food and beverage, metals and mining, and others.

We provide aftermarket parts, construction, maintenance, engineered upgrades and field services for our installed base as well as the installed base of other OEMs;

the substantial and stable cash flows generated from these businesses helps to fund our investments in new clean energy initiatives.

Our vast installed base of steam generation equipment includes aftermarket parts, construction, maintenance and field services for plants in the power generation, oil and gas and industrial sectors.

We have an extensive global base of installed equipment for utilities and general industrial applications including refining, petrochemical, food processing, metals and others.

We provide aftermarket parts, construction, maintenance, engineered upgrades and field services for our installed base as well as the installed base of other original equipment manufacturers;

the substantial and stable cash flows generated from these businesses help to fund our investments in new clean energy initiatives.

In addition to our aftermarket offerings, we also provide complete steam generation systems including package boilers, watertube and firetube waste heat boilers, and other boilers to medium and heavy industrial customers.

12 unchanged sentences

• the impact of geopolitical conflicts, including the ongoing conflicts in Ukraine and the Middle East.

Customer demand is heavily affected by the variations in our customers’ business cycles and by the overall economies and energy, environmental and noise abatement needs of the countries in which they operate.

Customer demand is heavily affected by the variations in our customers’ business cycles, power demand in their operating territories and by the overall economies and energy, environmental and noise abatement needs of the countries in which they operate.

Market Update

Management continues to adapt to macroeconomic conditions, including the impacts from inflation, higher interest rates and foreign exchange rate volatility, geopolitical conflicts (including the ongoing conflicts in Ukraine and the Middle East) and global shipping and supply chain disruptions that continued to have an impact during 2023.

Management continues to adapt to macroeconomic conditions, including the impacts from inflation, higher interest rates and foreign exchange rate volatility and geopolitical conflicts.

In certain instances, these situations have resulted in cost increases and delays or disruptions that have had, and could continue to have, an adverse impact on our ability to meet customers’ demands.

12 unchanged sentences

Most of our long-term contracts have provisions for progress payments.

We attempt to cover anticipated increases in labor, material and service costs of our long-term contracts either through an estimate of such changes, which is reflected in the original price, or through risk-sharing mechanisms, such as escalation or

price adjustments for items such as labor and commodity prices.

In the event of a contract deferral or cancellation without cause, we generally would be entitled to recover costs incurred, settlement expenses and profit on work completed prior to deferral or termination.

11 unchanged sentences

Foreign Operations

Our operations in Denmark provide comprehensive services to companies in the waste-to-energy and biomass-to-energy sector of the power generation market, currently primarily in Europe.

Our operations in Italy provide custom-engineered comprehensive wet and dry cooling solutions and aftermarket parts and services to the power generation industry including natural gas-fired and renewable energy power plants, as well as downstream oil and gas, petrochemical and other industrial end markets in Europe, the Middle East and the Americas.

Our operations in Scotland provide boiler cleaning technologies and systems mainly to European markets.

7 unchanged sentences

Our strong, installed base around the globe also yields competitive advantages, although our markets are highly competitive and price sensitive.

We compete with a number of domestic and foreign companies specializing in power generation, environmental control equipment, and cooling systems and services.

We compete with a number of domestic and foreign companies specializing in power generation and environmental control equipment.

Each segment’s primary competitors are summarized as follows:

1 unchanged sentence

Andritz AG Aker Carbon Capture ASA AZCO Inc.

Hitachi Zosen Corporation Durr Group Babcock Power Inc.

Elessent Clean Technologies Inc.

Clyde Industries, Inc.

Dürr Group Babcock Power Inc.

Steinmüller Engineering GmbH Elessent Clean Technologies Inc.

Clyde Bergemann Power Group

MARTIN GmbH ENEXIO Management GmbH Doosan Corporation (1)

Steinmuller Engineering GmbH EVAPCO, Inc.

Enerfab, Inc.

Valmet Oyj Paharpur Cooling Towers Ltd.

General Electric Company (1)

Radscan AB Mitsubishi Power, Ltd.

Valmet Oyj UCC Environmental Doosan Corporation (1)

Radscan AB Enerfab, Inc.

Seagull Environmental Technologies, Inc.

Southern Environmental, Inc

(1) Babcock Power Inc., Doosan Corporation, General Electric Company and Mitsubishi Power, Ltd.

GE Vernova, Inc.

Southern Environmental, Inc Mitsubishi Power, Ltd.

(1) Babcock Power Inc., Doosan Corporation, GE Vernova, Inc., and Mitsubishi Power, Ltd.

are also considered primary competitors of the B&W Environmental Segment.

4 unchanged sentences

Raw Materials and Suppliers

Our operations use raw materials such as carbon and alloy steels in various forms and components and accessories for assembly, which are available from numerous sources.

Our operations use raw materials such as carbon and alloy steels in various forms, components and accessories for assembly, which are available from numerous sources.

We generally purchase these raw materials and components as needed for individual contracts.

We do not depend on a single source of supply for any significant raw materials.

Although shortages of some raw materials have existed from time to time, no serious shortage presently exists.

Although shortages of some raw materials have existed from time to time, we do not believe any serious shortage presently exists.

Human Capital Resources

2 unchanged sentences

Approximately 435 of our hourly employees are union-affiliated, covered by four union agreements related to active facilities in Mexico, the United States, the United Kingdom, and Canada.

We successfully renegotiated one union contract in 2023 and have three that will expire in 2024.

We successfully renegotiated four union contracts in 2024 and have two that will expire in 2025.

We consider our relationships with our employees and unions to be in good standing.

5 unchanged sentences

We have implemented the Responsible and Flexible Workplace Program ("ReFlex") in the U.S.

provides employees with flexibility in where they work and we have various work-from-home policies across many of our global operations.

Through ReFlex, our employees have needed flexibility and autonomy in how they work, allowing us to deliver on our projects and ensure our customers' needs are met.

that provides employees with flexibility in where they work, and we have various work-from-home policies across many of our global operations.

Through ReFlex, our employees have the needed flexibility and autonomy in how they work, allowing us to deliver on our projects and ensure our customers' needs are met.

Compensation and Benefits

We also believe it is important to provide competitive compensation and benefits programs for our employees.

In addition to salaries, we offer the following benefits, among others, which vary by employee level and by the country where the employees are located:

We believe it is important to provide competitive compensation and benefits programs for our employees.

In addition to competitive salaries, we offer the following benefits, among others, which vary by employee level and by the country where an employee is located:

• contributory healthcare, dental and vision benefits;

6 unchanged sentences

• employee assistance programs.

At B&W, our values of safety, ethics, quality, integrity, respect and agility are at the foundation of our business, and we are focused on efficiently ingraining new employees into that culture, whether they join through the normal recruiting and hiring process, or as we have grown through strategic acquisitions.

At B&W, our values of safety, ethics, quality, integrity, respect and agility are at the foundation of our business, and we are focused on efficiently integrating new employees into that culture, whether they join through the normal recruiting and hiring process, or as we have grown through strategic acquisitions.

We also believe in the importance of being a good corporate citizen, providing and supporting opportunities for our employees to make a positive impact in the communities where they live and work.

1 unchanged sentence

Patents and Patent Licenses

We currently hold a large number of United States and foreign patents and have various patent applications pending.

We currently hold a large number of U.S.

and foreign patents and have various patent applications pending.

We have acquired patents and technology licenses and granted technology licenses to others when we have considered it advantageous for us to do so.

10 unchanged sentences

We have been identified as a potentially responsible party at various cleanup sites under the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended ("CERCLA").

CERCLA and other environmental laws can impose liability for the entire cost of cleanup on any of the potentially responsible parties, regardless of fault or the

lawfulness of the original conduct.

CERCLA and other environmental laws can impose liability for the entire cost of cleanup on any of the potentially responsible parties, regardless of fault or the lawfulness of the original conduct.

Generally, however, where there are multiple responsible parties, a final allocation of costs is made based on the amount and type of wastes disposed of by each party and the number of financially viable parties, although this may not be the case with respect to any particular site.

We have not been determined to be a major contributor of wastes to any of these sites.

On the basis of our relative contribution of waste to each site, we expect our share of the ultimate liability for the various sites will not have a material adverse effect on our consolidated financial position, results of operations or cash flows in any given year.

On the basis of our relative contribution of waste to each site, we expect our share of the

ultimate liability for the various sites will not have a material adverse effect on our consolidated financial position, results of operations or cash flows in any given year.

Government Regulations

12 unchanged sentences

Our website address is www.babcock.com .

We make available through the Investor section of this website under “Financial Information,” free of charge, our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, our proxy statement, statements of beneficial ownership of securities on Forms 3, 4 and 5 and amendments to those reports as soon as reasonably practicable after we electronically file those materials with, or furnish those materials to the SEC.

In addition, the SEC maintains a website at www.sec.gov that contains reports, proxy and annual reports, and other information regarding issuers that file electronically with the SEC.

We make available through the Investor section of this website under "About B&W>Investor>Financial Reports," free of charge, our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, our proxy statement, statements of beneficial ownership of securities on Forms 3, 4 and 5 and amendments to those reports as soon as reasonably practicable after we electronically file those materials with, or furnish those materials, to the SEC.

In addition, the SEC maintains a website at www.sec.gov that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.

We have also posted on our website our:

3 unchanged sentences

Related Party Transactions Policy;

Management, Board Members and Independent Director Contact Information;

Management, Board Members and Independent Director Information;

Amended and Restated By-laws;

charters for the Audit & Finance, Governance, Compensation, and Related Party Transactions Committees of our Board;

and our Modern Slavery Transparency Statement.

Modern Slavery Transparency Statement;

Conflict Minerals Policy;

and Tax Strategy Statement.

We are not including the information contained in our website as part of or incorporating it by reference into this Annual Report.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business