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Item 1. Business

2026-03-16 compared with 2025-03-31 · 49 added, 58 removed, 115 unchanged (48% of the section changed)

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 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 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 includes aftermarket parts, construction, maintenance and field services for plants in the power generation, oil and gas and industrial sectors.

We are a globally-focused energy technologies provider with nearly 160 years of experience providing diversified energy and emissions control solutions to a broad range of industrial, electrical utility, municipal and other customers.

We support global energy needs and baseload power demand by providing advanced technologies that utilize coal, natural gas, hydrogen, waste and biomass to produce energy, environmental solutions and carbon capture systems.

Our proven platforms help utilities, data centers, oil and gas, and other industries meet rising demand, while our comprehensive aftermarket services keep existing power plants operating efficiently.

Our advanced environmental and decarbonization technologies help to reduce greenhouse gases and other emissions and capture carbon.

We also are investing in new coal and natural gas technologies to produce steam or hydrogen from solid fuels and simultaneously isolate and capture CO 2 .

In the fourth quarter of 2025, we reassessed our segment structure as a result of the completion of our strategic shift to streamline and simplify our business.

This transformation included the divestiture of certain non-core assets, as described in Note 4 to the Consolidated Financial Statements that accompany this report.

As a result of this assessment, we have determined we have one reportable segment, labeled as B&W.

The revised segment presentation has been applied retrospectively to all periods presented.

For further information regarding our segment reporting, see Note 6 to the Consolidated Financial Statements that accompany this report.

Our vast installed base of steam generation equipment includes aftermarket parts, construction, maintenance and field services.

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.

Our unique range of offerings, coupled with the strength of our brand, provides a competitive advantage in existing and emerging markets.

Our unique range of offerings, coupled with the strength of our brand, provides a competitive advantage in existing and emerging markets, including utilities and power generation, AI data centers, and other industrial markets, including oil and gas.

We also offer specialized technologies in industrial energy production, including hydrogen and syngas.

Our business depends significantly on the capital, operations and maintenance expenditures of global electric power generating companies, including renewable and thermal powered heat generation industries and industrial facilities with environmental compliance policy requirements.

Several factors may influence these expenditures, including:

• climate change initiatives promoting environmental policies, including renewable energy options utilizing waste-to-energy or biomass, to meet legislative requirements and clean energy portfolio standards in the United States, Europe, Middle East and Asia;

• climate change initiatives promoting environmental policies to meet legislative requirements and clean energy portfolio standards in North America, Europe, Middle East and Asia;

• regulations requiring environmental improvements in various industries and global markets;

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Market Update

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

Management continues to adapt to macroeconomic conditions, including the impacts from inflation, higher interest rates and foreign exchange rate volatility, current and potential tariff actions 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.

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To the extent that these adjustments result in a reduction or an elimination of previously reported profits with respect to a contract, we would recognize a charge against current earnings, which could be material.

See further description of risks related to our customer contracts in Risks Related to Our Operations in Part I, Item 1A of this Annual Report.

See further description of risks related to our customer contracts in Part I, Item 1A, "Risk Factors" of this Annual Report.

Our arrangements with customers frequently require us to provide letters of credit, bid and performance bonds or guarantees to secure bids or performance under contracts.

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Foreign Operations

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

Our Canadian operations serve the Canadian industrial power, oil production and electric utility markets.

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For additional information on the geographic distribution of our revenues, see Note 6 to the Consolidated Financial Statements included in Part II, Item 8 of this Annual Report.

With over 155 years of experience, we have a competitive advantage in our experience and technical capability to reliably convert a wide range of fuels to steam.

With nearly 160 years of experience, we have a competitive advantage in our expertise and technical capabilities to reliably convert a wide range of fuels to steam.

We have supplied highly engineered energy and environmental equipment in more than 90 countries.

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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:

B&W Renewable segment B&W Environmental segment B&W Thermal segment

Andritz AG Aker Carbon Capture ASA AZCO Inc.

Clyde Industries, Inc.

Dürr Group Babcock Power Inc.

Steinmüller Engineering GmbH Elessent Clean Technologies Inc.

Clyde Bergemann Power Group

Valmet Oyj UCC Environmental Doosan Corporation (1)

Radscan AB Enerfab, Inc.

Seagull Environmental Technologies, Inc.

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.

Across each of our segments, we also compete with a variety of engineering and construction companies related to installation of steam generating systems and environmental control equipment;

Competitors include:

Aker Carbon Capture ASA GE Vernova, Inc.

Andritz AG Kanadevia Inova

Babcock Power Inc.

Mitsubishi Power, Ltd.

CECO Environmental

Shell Global Cansolv

Doosan Corporation

Southern Environmental, Inc

Elessent Clean Technologies Inc.

Steinmüller Engineering GmbH

Enerfab, Inc Valmet Oyj

Fluor Corporation

We also compete with a variety of engineering and construction companies related to installation of steam generating systems and environmental control equipment;

specialized industrial equipment;

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At December 31, 2025, we had approximately 1,650 employees worldwide, of which approximately 1,600 were full-time.

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

Approximately 300 of our hourly employees are union-affiliated, covered by two union agreements related to active facilities in Mexico, the United States and Canada.

We successfully renegotiated our union contracts in 2025 and have one that will expire in 2026.

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

Workforce Engagement

We believe an engaged global workforce is critical to our success as we work to profitably grow our business as a leading supplier of clean and sustainable energy solutions.

B&W is known for having a dedicated, long-tenured workforce and for having some of the best, most experienced employees in the industries we serve.

We believe an engaged global workforce is critical to our success as we work to profitably grow our business as a leading supplier of reliable and efficient steam generating systems, aftermarket parts, construction, maintenance and field services, and emissions control technologies for utilities, data centers and a broad range of industries.

B&W is known for having a dedicated, long-tenured workforce, with some of the best and most experienced employees in the industries we serve.

Our ability to attract and retain this exceptional talent requires a commitment to open communication about our business, strategy and results with our employees and a globally diverse, inclusive and supportive workplace that provides opportunities for growth and career development.

It also requires programs that enhance employees' overall work experience.

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

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

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

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• 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 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.

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We are required by various governmental and quasi-governmental agencies to obtain certain permits, licenses and certificates with respect to our operations.

The kinds of permits, licenses and certificates required in our operations depend upon a number of factors.

The permits, licenses and certificates required in our operations depend on a number of factors.

We are not aware of any material noncompliance and believe our operations and certifications are currently in compliance with all relevant permits, licenses and certifications.

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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.

Generally, however, where there are multiple responsible parties, a final allocation of costs is made based on the amount and type of waste 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 waste 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.

Government Regulations

We are subject to a variety of laws and regulations in the United States and other countries that involve matters central to our business, including those relating to:

• the construction and manufacture of renewable, environmental and thermal products;

• the construction and manufacture of advanced technologies for energy production from coal, natural gas, hydrogen, waste and biomass, as well as environmental solutions and carbon capture systems;

• clean air and other environmental protection legislation;

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Compliance with such regulations has not had a material effect on our capital expenditures, results of operations or competitive position to date.

For further discussion, see Part I, Item 1A, "Risk Factors" of this Annual Report on Form 10-K.

For further discussion, see Part I, Item 1A, "Risk Factors" of this Annual Report.

Available Information

Our website address is www.babcock.com .

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.

We make available through the Investor section of this website under "About B&W>Investors>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:

Our website also includes our:

Corporate Governance Principles;

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Related Party Transactions Policy;

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;

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

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.

and Tax Strategy Statement, as well as information about our management and board members.

We are not including any 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