Babcock & Wilcox Enterprises, Inc.: directors' dealings · United States · SEC (Form 4)

About Babcock & Wilcox Enterprises, Inc.

Babcock & Wilcox Enterprises, Inc. is a U.S.-based industrial energy company listed on the NYSE under ticker BW in the United States equity market. Headquartered in Akron, Ohio, the company has roots that go back more than a century in steam generation and boiler engineering, and today it operates as a specialized provider of energy and environmental products and services for power producers and industrial customers. For European investors looking at U.S. industrial energy names, BW is best understood as a niche infrastructure and clean-upgrade business rather than a pure-play utility or a commodity producer. The company’s activities are centered on two broad areas. First, it designs and supplies steam generation and power equipment, including package boilers, watertube and firetube waste heat boilers, and related systems for utility and industrial applications. Second, it offers environmental technologies such as emissions control, carbon capture, and fuel-switching solutions. In addition to project work, Babcock & Wilcox has a meaningful aftermarket franchise: parts, field engineering, maintenance, and service offerings that support installed equipment and tend to provide a steadier revenue base than large capital projects. Its competitive positioning is that of a specialized engineering player with a recognized legacy brand. The company competes with domestic and international firms in power generation and environmental control equipment, but it differentiates itself through technical expertise, long operating history, and the ability to deliver integrated solutions for boiler conversions, emissions reduction, and plant upgrades. This is especially relevant in the United States, where utilities and industrial customers are balancing reliability, fuel flexibility, and decarbonization requirements. Babcock & Wilcox serves customers in the United States and internationally, with a particular emphasis on utility, power generation, and industrial end markets. The company has also highlighted opportunities tied to AI data centers and other high-load power applications, which is strategically important given rising electricity demand. Its business mix therefore combines legacy thermal infrastructure with newer growth drivers linked to power availability, emissions compliance, and conversion projects. Recent developments have been material. In 2025 and early 2026, management reported a stronger project pipeline, major backlog conversion, and substantial debt reduction. The company also announced a $2.4 billion project tied to natural gas power generation for AI factory campuses, backed by Applied Digital, which underscores the scale of its current opportunity set. In April 2026, Babcock & Wilcox disclosed more than $21 million of new fuel-switching awards in the United States, supporting continued strength in parts and services and confirming demand for coal-to-gas conversion work. At the same time, investors should note ongoing financial and execution risks, including refinancing needs, project timing risk, and internal control considerations. Overall, BW remains a cyclical but strategically relevant U.S. energy technology name with exposure to both traditional thermal infrastructure and the transition-driven retrofit market.