The following discussion of the Group’s results of operations and financial condition contains certain forward-looking statements. The Group’s actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include those discussed elsewhere in this annual report, particularly in “Item 3. Key Information — 3.D. Risk Factors.” The Group does not undertake any obligation to revise or publicly release the results of any revision to these forward-looking statements. 5.A.OPERATING RESULTS Overview BW LPG is a leading owner and operator of VLGCs based on the number of VLGCs as of December 2025 (source: Clarksons, March 2026). As of 31 December 2025, the Group owned and/or operated a fleet of 54 vessels, including 28 owned VLGCs, 8 VLGCs owned by BW LPG India, 7 time charter/bareboat in VLGCs and 7 operated VLGCs and 4 operated LGCs/MGC. 22 out of 43 vessels have LPG dual-fuel propulsion technology onboard. BW LPG has two reporting segments: Shipping and Product Services. See “Item 4. Information on the Company — Item 4.B. Business Overview.” 66 Table of Contents The following selected consolidated financial data relating to the Group for the years ended 31 December 2025 and 2024 has been extracted, without material adjustment, from the Financial Statements. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended 31 December In US$’000 ​ ​ ​ 2025 ​ ​ ​ 2024 Revenue – Shipping 1,015,745 962,803 Revenue – Product Services 2,566,394 2,600,944 Cost of cargo and delivery expenses – Product Services (2,460,924) (2,390,929) Voyage expenses – Shipping (348,238) (383,798) Vessel operating expenses (126,299) (84,984) Time charter contracts (non-lease components) (15,219) (19,675) General and administrative expenses (76,496) (71,134) Charter hire expenses (667) (1,041) Fair value gain from equity financial asset (1,172) 1,326 Finance lease income 895 635 Other operating (expense) / income – net (6,461) 1,332 Depreciation (255,561) (201,338) Amortisation of intangible assets (368) (843) Gain on disposal of vessels 56,708 20,391 Loss on derecognition of right-of-use assets (289) — Operating profit 348,048 433,689 Foreign currency exchange gain/(loss) – net 1,574 (1,651) Interest income 9,302 15,617 Interest expense (53,046) (19,849) Other finance expenses (1,968) (2,843) Finance expenses – net (44,138) (8,726) Profit before tax 303,910 424,963 Income tax expense (14,199) (30,095) Profit after tax 289,711 394,868 ​ ​ 67 Table of Contents Key performance indicators and non-IFRS financial measures The management of the Group monitors the performance of the Group’s business and results of operations according to the following key performance indicators. Certain of these key performance indicators are non-IFRS financial measures. For definitions of these measures and reconciliations to the nearest IFRS measures, see “Presentation of Financial and Other Information — Non-IFRS Financial Measures.” ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of, and for the year ended, ​ ​ 31 December ​ ​ ​ ​ 2025 ​ ​ ​ 2024 TCE income – Shipping (US$’000) 708,974 608,196 ​ Calendar days (total) 16,402 12,833 ​ TCE income per calendar day (total) (US$’000) 43.2 47.4 ​ Available days 15,750 12,593 ​ TCE income per available day (US$’000) 45.0 48.3 ​ Gross profit – Product Services (US$’000) 15,937 144,833 ​ Vessel operating expenses (US$’000) 126,299 84,984 ​ Calendar days (owned) 14,431 10,287 ​ Vessel operating expenses per calendar day (owned) (US$’000) 8.8 8.3 ​ Net cash from operating activities (US$’000) 567,403 749,144 ​ Adjusted free cash flow (US$’000) 510,254 211,582 ​ Return on equity(1) 15.0 % 22.4 % Operating profit (US$’000) 348,048 433,689 ​ ROCE 11.6 % 16.5 % Net leverage ratio(2) 28.4 % 32.7 % Basic earnings per share (US$per share)(3) 1.60 2.65 ​ Diluted earnings per share (US$per share)(3) 1.60 2.64 ​ ​ (1) The Group defines return on equity as, with respect to a particular financial year, the ratio of the profit after tax for such year to the average of the shareholders’ equity, calculated as the average of the opening and closing balance for the year as presented in the consolidated balance sheet. (2) The Group defines net leverage ratio as the sum of total borrowings and total lease liabilities minus cash and cash equivalents as set out in the consolidated statement of cash flows, divided by the sum of the total borrowings, total lease liabilities and total shareholders’ equity minus cash and cash equivalents as set out in the consolidated statement of cash flows. (3) See Note 6 to the Financial Statements for details. Key Factors Affecting the Group’s Results of Operations and Financial Position Shipping The management of the Group monitors the results of operations of Shipping on the basis of income on time charter equivalent basis (TCE income — Shipping). The principal components of TCE income — Shipping include the following: ● Revenue from spot voyages. Revenue from spot voyages is revenue earned from spot voyage which is typically a single round trip that is priced based on a current or spot market rate. ● Revenue from time charter voyages. Revenue from charter voyages is revenue earned from vessels that are time chartered to customers for fixed periods of time at rates that are generally fixed. ● Inter-segment revenue. Inter-segment revenue is revenue for the services provided by Shipping to Product Services. ● Voyage expenses. Voyage expenses are expenses related to a spot voyage, including bunker fuel expenses, port fees, cargo loading and unloading expenses, canal tolls and agency fees. 68 Table of Contents The Group’s revenue in Shipping is earned from revenue received from LPG vessels that operate on spot voyages and time charters, which are determined by market forces based upon various factors, such as the supply and demand for LPG vessels and the number of available vessels, see “Item 3. Key Information — 3.D. Risk Factors — Risks Related to the Industry in which the Group Operates.” Revenue — Shipping depends on freight rates, the distance that cargoes must be transported and the number of vessels expected to be available at the time such cargoes need to be transported. Time charter rates reflect, among other things, the prevailing spot market rates and expectations of future time charter rates at the time of entry into the relevant time charter agreement. The vessels in the Group’s fleet operate on spot voyages and time charters: ● a spot voyage is typically a single round trip that is priced on a current or spot market rate; ● under time charters, vessels are chartered to customers for fixed periods of time at rates that are generally fixed. The majority of the Group’s LPG vessels are operated under a pool arrangement, which facilitates the operation of the Group’s fleet. This pool is a marketing and revenue sharing arrangement under which each participating vessel is given “pool points.” Earnings from the pool are distributed between the owners according to these pool points. The pool points are negotiated between the owners of the vessels participating in the pool and revised from time to time based on each vessel’s size, speed, fuel consumption and other technical and operational parameters. Pool managers receive a percentage of the pool’s revenue as fee for managing the pool. The Company acts as the manager for the pool and receives a commission for all vessels that participated in the pool. The pool includes vessels owned and/or operated by the Group, except that time chartered-out vessels with time charter durations longer than one year are currently excluded from the pool. BW India’s vessels do not participate in the pooling arrangements. External pool participants include Exmar and Sinogas. See “Item 4. Information on the Company — Item 4.B. Business Overview — Shipping — Fleet — Pool Arrangement.” Shipping recognises revenue and expenses under contracts entered into with Product Services (See “— Product Services” below). Voyage expenses represent expenses that are related to a spot voyage, including bunker fuel expenses, port fees, cargo loading and unloading expenses, canal tolls and agency fees. Under a time charter, the charterer is responsible for these costs. Historically, bunker fuel expenses have amounted to more than one-half of the Group’s total voyage expenses. The Group’s bunker fuel expenses accounted for 49% and 47% of the Group’s voyage expenses for the years ended 31 December 2025 and 2024, respectively. The following table sets forth the average bunker fuel prices for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended, ​ ​ 31 December In US$ ​ ​ ​ 2025 ​ ​ ​ 2024 Average bunker fuel price per tonne (Houston delivery) 498 595 ​ Bunker fuel prices generally fell in the year ended 31 December 2025, with the average prices falling by approximately 9.4% in the second half of 2025 compared to the first half of 2025. The price of bunker fuel correlates largely with the price of crude oil and, therefore, fluctuations in the price of crude oil have a direct impact on the Group’s bunker fuel expenses. In addition, the retrofitting of the vessels and installation of scrubbers, compared to using standard very low sulphur fuel oil (i.e., regular compliant fuel), contributes to decreases in the bunker costs for each voyage. See “Item 3. Key Information — 3.D. Risk Factors — Risks Related to the Industry in which the Group Operates — Increases in bunker fuel prices and other operating costs may significantly increase the Group’s voyage expenses relating to the operation of its LPG vessels on the spot market (including under CoAs).” Port charges represent the second largest component of the Group’s total voyage expenses. Port charges accounted for 28% and 25% of the Group’s total voyage expenses for the years ended 31 December 2025 and 2024, respectively. Currently, the Group pays commissions of between 1.25% and 2.5% of the gross income received to ship brokers associated with the charters, depending on deal structure and whether any address commission is involved. The commission is presented as one of the expense items classified under voyage expenses. 69 Table of Contents Product Services The Group’s revenue in Product Services is derived from trading activities, comprising the sale of LPG cargo and net derivative gains and losses, which arise from hedging transactions entered into by the Group to manage exposure to fluctuations in LPG prices and freight rates. Product Services enters into the following types of contracts with customers: ● Long-term supply contracts, whereby a specified number of cargo deliveries is made over an agreed timeframe. Long-term contracts are based on an industry published index plus/minus a pre-agreed premium/discount. ● Spot sales contracts, whereby a single cargo is delivered in a specified date range. In November 2022, BW LPG completed the acquisition of Vilma Oil’s LPG trading operations for total consideration of US$53 million in order to expand Product Services. See “Item 4. Information on the Company – 4.B. Business Overview – Product Services.” Product Services has CoAs with Shipping, pursuant to which Product Services commits to utilise the fleet for a minimum number of voyages or voyage hours over an agreed timeframe, and Shipping commits to provide the relevant transport capacity. Accordingly, Shipping recognises revenue for the services provided under such CoAs, and Product Services recognises expenses relating to the services provided. Further, Product Services participates in the pool arrangement by placing some of its chartered-in vessels into the pool operated by Shipping (see “Item 4. Information on the Company — 4.B. Business Overview — Shipping — Fleet — Pool Arrangement”), with the pool distribution income received by Product Services accounted for as revenue by Product Services and as an expense by Shipping. These inter-segment revenue and expenses are eliminated in consolidation. For more information on inter-segment eliminations, see Note 23 to the Financial Statements. Product Services enters into various long-term physical cargo contracts with its suppliers and customers, which set out a specified volume of LPG products to be lifted from various loading terminals, and to be delivered to different destination terminals respectively. These contracts are accounted for at fair value under IFRS 9 and involve the use of a range of inputs in deriving the fair value, including quoted market prices of LPG products, shipping and other associated transportation costs. Fair value changes on these contracts are recognised as unrealised gains or losses, which may fluctuate significantly according to market movements and changes in costs estimations. Product Services seeks to mitigate risks relating to fluctuations in freight rates by entering into hedging transactions in the exchange traded market or by entering into chartered-in contracts with ship owners at fixed freight rates. Mark-to-market exposures in relation to hedging contracts are regularly and substantially collateralised (primarily with cash) pursuant to margining arrangements in place with such hedge counterparts. Significant fluctuations in the freight rates being hedged could result in sudden large cash demands on Product Services as a result of such margining arrangements. The chartered-in contracts entered into by Product Services are accounted for at book value, whereas the physical cargo contracts and derivative hedging instruments entered into by Product Services are accounted for at fair value. The difference between the fair value and the book value of the chartered-in contracts is recognised when the chartered-in contracts are utilised, i.e., with respect to the chartered-in vessels transferred to the pool operated by Shipping, when income from the pool is received by Product Services, and/or, with respect to the chartered-in vessels used by Product Services to deliver cargo, when the corresponding cargo is delivered. As a result, Product Services may have unrealised gains or losses with respect to the chartered-in contracts prior to utilisation of such chartered-in contracts. Further, Product Services may enter into profit sharing arrangements with ship owners, pursuant to which, if the market freight rates increase, the charter hire payments are increased by half of the difference between the increased market freight rate and the floor rate set out in the relevant chartered-in contracts. With respect to the chartered-in vessels used by Product Services to deliver cargo, there may be a time lag between the recognition of gains and losses on chartered-in contracts and on cargo hedging contracts, respectively. For example, if the geographic arbitrage “widens” (the difference between cost pricing indexes at source and sales pricing indexes at the discharge location increases) and forward freight value increases, Product Services would recognise a loss based on the marked-to-market value of the cargo hedging contract, and a corresponding increase in value of the chartered-in contract would be recognised when the cargo is delivered. 70 Table of Contents Interest rate fluctuations As of 31 December 2025, the Group’s net interest-bearing floating rate debt was approximately US$632 million. As a result of the net floating rate borrowings, an increase in interest rates would cause an increase in the amount of interest payments affecting the results of operations of the Group, see “Item 3. Key Information — 3.D. Risk Factors — Risks Related to Financing and Market Risk — Derivative contracts used to hedge the Group’s exposure to fluctuations in interest rates could result in reductions in its shareholder’s equity as well as charges against its profit.” Seasonality The markets in which the Group operates have historically experienced seasonal variations in demand. In recent years, the VLGC shipping market has been subject to several seasonal drivers that have impacted earnings. These include, but are not limited to, colder than expected temperatures in key importing regions, which in turn could result in higher demand for LPG used for heating purposes. Furthermore, colder temperatures in the United States could limit the amount of LPG available for exports. As a result, the Group’s revenue has historically been higher during the quarters ended 31 December and 31 March and lower during the quarters ended 30 June and 30 September. See “Item 3. Key Information — 3.D. Risk Factors — Risks Related to the Group’s Business — The Group’s operating results may be subject to seasonal fluctuations and weather conditions.” Cyclicality In the past, the market for shipping LPG has been highly cyclical and volatile. For a discussion of certain factors that affect supply and demand for gas transportation, see “Item 3. Key Information — 3.D. Risk Factors — Risks Related to the Industry in which the Group Operates — The highly cyclical nature of the LPG shipping industry may lead to volatility in the Group’s results of operations.” Utilisation The Group’s utilisation rates are calculated as (365 days less technical off-hire and commercial waiting time days) / 365 days, where “technical off-hire” is defined as the unavailability of a vessel due to drydock, maintenance and repairs and where “commercial waiting time” is defined as the period when the vessel is waiting for orders or canal transits and the period that is not covered under an employment contract. The following table presents the utilisation of the Group’s owned VLGCs and time chartered-in VLGCs in the years ended 31 December 2025 and 2024. ​ ​ ​ ​ ​ ​ ​ Utilisation ​ ​ ​ 2025 ​ ​ ​ 2024 BW VLGC utilization 94 % 96 % ​ Force majeure events, sea conditions, port and canal congestion, shipping disruptions, unavailability of cargo at ports of loading, delays at discharge ports and ports of loading and other similar events could increase commercial waiting time, resulting in lower utilisation rates. Generally, a vessel is placed on off-hire, and is accordingly unable to generate revenue, due to drydocking and routine maintenance and repair, which results in lower utilisation. 19 and four vessels went into drydock in 2025 and 2024, respectively, which negatively impacted utilisation. Lower utilisation rates result in fewer revenue generating vessel days, which may generally result in lower profitability. However, in an environment of lower freight rates, when the cost of commercial waiting time is lower than the cost of employing vessels, lower utilisation may result in higher profitability. 71 Table of Contents Vessel operating expenses Vessel operating expenses include manning costs, vessel running expenses (such as insurance, expenses relating to repairs and maintenance, the cost of spares and consumable stores, lube oils and communication expenses), tonnage taxes and other miscellaneous expenses. Insurance costs are affected by general pricing trends in the insurance market, the size, age and composition of the fleet and the Group’s claims track record. The Group’s maintenance costs tend to increase or decrease as the average age of its vessels increases or decreases. Costs for maintenance are expensed as incurred. General and administrative expenses General and administrative expenses comprise employee compensation, external statutory and professional fees, as well as fees paid to related companies for the provision of corporate service functions (such as finance, tax, legal, insurance, IT, human resources and facilities) to the Group. Charter hire expenses Charter hire expenses include (i) charter rates under short-term chartered-ins that the Company has elected to recognise as expenses, and (ii) variable lease payments under three long-term chartered-ins that are recognised as right-of-use vessels. Variable lease payments are made pursuant to profit share arrangements, whereby an increase in market freight rates above a certain contracted freight rate are equally shared with the ship owner. Depreciation The cost of the Group’s vessels is depreciated on a straight-line basis over the estimated remaining economic useful life of each vessel. Depreciation is based on the cost of the vessel less its estimated residual value. To comply with industry certification or governmental requirements, the Group’s vessels are required to undergo planned drydocking for major repairs and maintenance, which cannot be carried out while the vessels are operating. The Group recognises costs associated with drydockings and expenses for vessel upgrades in the carrying amount of vessels, and depreciates these costs on a straight-line basis over the duration of the drydocking cycle or based on the Group’s assessment of the useful lives of the upgrades. Impairment Vessel values can fluctuate substantially over time. The Group assesses at each balance sheet date whether there is any indication that a vessel’s value may be impaired. If any such indication exists, the Group will estimate the recoverable amount of the vessel, and write down the vessel to the recoverable amount through the income statement. See “Item 3. Key Information — 3.D. Risk Factors — Risks Related to the Group’s Business — Over time, vessel values may fluctuate substantially and this may result in impairment charges and the Group could also incur a loss if these values are lower at a time when the Group is attempting to dispose of a vessel.” Income tax The income tax expense for each period comprises current and deferred tax. Tax is recognised as income or expense in profit or loss, except to the extent that it relates to items recognised in other comprehensive income in which case the tax is also recognised in other comprehensive income. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Group operates and generates taxable income. Positions taken in tax returns are evaluated periodically, with respect to situations in which applicable tax regulations is subject to interpretation, and provisions are established where appropriate, on the basis of amounts expected to be paid to the tax authorities. The Group operates in several jurisdictions and under several tax regimes. 72 Table of Contents Results of Operations Results of operations by segment for the years ended 31 December 2025 and 2024 Shipping The table below sets forth the TCE income — Shipping for the years ended 31 December 2025 and 2024. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ 31 December In US$’000 ​ ​ ​ 2025 ​ ​ ​ 2024 Shipping ​ ​ Revenue from spot voyages 703,469 773,039 Inter-segment revenue 65,698 78,130 Voyage expenses (348,238) (383,798) Inter-segment expense (24,231) (49,501) Net income from spot voyages 396,698 417,870 Revenue from time charter voyages 312,276 189,764 Inter-segment revenue — 562 TCE income – Shipping 708,974 608,196 ​ TCE income — Shipping increased by US$100.8 million, or 16.6%, from US$608.2 million for the year ended 31 December 2024 to US$709.0 million for the year ended 31 December 2025. This was primarily driven by an increase in available fleet days, which increased by 3,157 days, or 25.1%, from 12,593 available fleet days for the year ended 31 December 2024 to 15,750 available fleet days for the year ended 31 December 2025, primarily due to the full-year impact of the 12 VLGCs acquired from Avance Gas in the year ended 31 December 2024. Revenue from spot voyages decreased by US$69.6 million, or 9.0%, from US$773.0 million for the year ended 31 December 2024 to US$703.5 million for the year ended 31 December 2025. This was primarily driven by a 10.9% decline in average LPG spot rates. Additionally, inter-segment revenue related to internal freight charters from the BW LPG pool decreased by US$13.0 million, largely due to a reduction in internal freight arrangements. The voyage expenses decrease of US$35.6 million, or 9.3%, from US$383.8 million for the year ended 31 December 2024 to US$348.2 million for the year ended 31 December 2025 were due to the following factors: (i) a decrease of US$30.7 million in pool distribution expenses due to four fewer vessels being placed into BW LPG pool by external participants in the year ended 31 December 2025, and (ii) a US$11.3 million reduction in bunker expenses as a result of lower average bunker prices. Additionally, inter-segment expenses related primarily to pool distribution expenses for Product Services also decreased by US$25.3 million in the year ended 31 December 2025, due to the removal of one vessel from the BW LPG pool. Conversely, revenue from time charter voyages for the year ended 31 December 2025 increased by US$122.5 million, or 64.6% year- over-year, driven by higher time charter rates and increase in available days. TCE income — Shipping per calendar day (total) for the entire fleet was US$43,220 per day for the year ended 31 December 2025, a decrease of 8.8% from US$47,390 per day for the year ended 31 December 2024. The decrease was primarily attributed to lower LPG spot rates. The calendar days (total) increased to 16,402 days for the year ended 31 December 2025 from 12,833 days for the year ended 31 December 2024. TCE income — Shipping per available day for the entire fleet was US$45,010 per day for the year ended 31 December 2025, a decrease of 6.8% from US$48,300 per day for the year ended 31 December 2024. The decrease was primarily attributed to lower average LPG spot rates. The available days increased to 15,750 days for the year ended 31 December 2025, from 12,593 days for the year ended 31 December 2024. 73 Table of Contents Product Services The table below sets forth the Group’s revenue in Product Services for the years ended 31 December 2025 and 2024. ​ ​ ​ ​ ​ ​ ​ Year ended 31 December In US$’000 ​ ​ ​ 2025 ​ ​ ​ 2024 Product Services ​ ​ Revenue from Product Services 2,566,394 2,600,944 Inter-segment revenue 24,206 49,501 Cost of cargo and delivery expenses (2,460,924) (2,390,929) Inter-segment expense (65,673) (78,692) Depreciation (48,066) (35,991) Gross profit – Product Services 15,937 144,833 ​ Revenue from Product Services decreased by US$34.6 million from US$2,600.9 million for the year ended 31 December 2024 to US$2,566.4 million for the year ended 31 December 2025. The decrease was primarily driven by a decline in derivative gain or loss of US$71.6 million in the year ended 31 December 2025. However, the overall decrease in revenue from Product Services in the year ended 31 December 2025 was partially offset by a rise in LPG cargoes traded and delivered, which were 7% higher year-on-year, totalling approximately 5.8 million metric tonnes for the year ended 31 December 2025 compared to 5.4 million metric tonnes for the year ended 31 December 2024. The decrease in inter-segment revenue of US$25.3 million was due to the removal of one vessel from the BW LPG pool. Alongside the increase in LPG traded volumes, cargo and delivery expenses rose by US$70.0 million, increasing from US$2,390.9 million for the year ended 31 December 2024 to US$2,460.9 million for the year ended 31 December 2025. Inter-segment expense related to internal freight charters from the BW LPG pool decreased by US$13.0 million, largely due to a reduction in internal freight arrangements. Furthermore, depreciation for the Product Services division increased by US$12.1 million as a result of the addition of two new chartered-in VLGCs during the year ended 31 December 2025. These factors collectively contributed to an decrease of US$128.9 million in gross profit for Product Services in the year ended 31 December 2025 compared to the prior year. Results of operations of the Group for the years ended 31 December 2025 and 2024 Revenue — Shipping Revenue — Shipping increased by US$52.9 million, or 5.5%, from US$962.8 million for the year ended 31 December 2024 to US$1,015.7 million for the year ended 31 December 2025. See “Results of operations by segment — Shipping — Year ended 31 December 2025 compared to the year ended 31 December 2024” above for detail. Revenue — Product Services Revenue — Product Services decreased by US$34.6 million, or 1.3% from US$2,600.9 million for the year ended 31 December 2024 to US$2,566.4 million for the year ended 31 December 2025. See “Results of operations by segment — Product Services — Year ended 31 December 2025 compared to the year ended 31 December 2024” above for detail. Cost of cargo and delivery expenses — Product Services Cost of cargo and delivery expenses — Product Services increased by US$70.0 million, or 2.9% from US$2,390.9 million for the year ended 31 December 2024 to US$2,460.9 million for the year ended 31 December 2025. See “Results of operations by segment — Product Services — Year ended 31 December 2025 compared to the year ended 31 December 2024” above for detail. 74 Table of Contents Voyage expenses — Shipping Voyage expenses — Shipping decreased by US$35.6 million, or 9.3%, from US$383.8 million for the year ended 31 December 2024 to US$348.2 million for the year ended 31 December 2025. See “Results of operations by segment — Shipping — Year ended 31 December 2025 compared to the year ended 31 December 2024” above for detail. Vessel operating expenses Vessel operating expenses increased by US$41.3 million, or 48.6%, from US$85.0 million for the year ended 31 December 2024 to US$126.3 million for the year ended 31 December 2025. This increase in vessel operating expenses was primarily driven by the full-year impact of the 12 VLGCs acquired from Avance Gas in the year ended 31 December 2024. Time charter contracts (non-lease components) Time charter contracts (non-lease components) decreased by US$4.5 million, or 22.6%, from US$19.7 million for the year ended 31 December 2024 to US$15.2 million for the year ended 31 December 2025. This reduction was primarily driven by the completion of two time charter contracts and exercise of purchase options for two vessels during the year ended 31 December 2025. General and administrative expenses General and administrative expenses rose by US$5.4 million, or 7.5%, from US$71.1 million for the year ended 31 December 2024 to US$76.5 million for the year ended 31 December 2025. This increase was primarily driven by the expanded workforce across the Group, commensurate with the increase in transactional volumes for both the Shipping and Product Services segments. Other operating income/(expense) — net Other operating income/(expense) — net amounted to an expense of US$6.5 million for the year ended 31 December 2025, compared to an income of US$1.3 million for the year ended 31 December 2024. Depreciation Depreciation increased by US$54.2 million, or 26.9%, from US$201.3 million for the year ended 31 December 2024 to US$255.6 million for the year ended 31 December 2025. This increase was primarily driven by the full-year depreciation impact of the 12 VLGCs acquired from Avance Gas in the year ended 31 December 2024. This increase was also driven by a US$12.1 million increase in depreciation of right-of-use assets (vessels) within the Product Services segment. See “Results of operations by segment — Product Services — Year ended 31 December 2025 compared to the year ended 31 December 2024” above for detail. Gain on disposal of vessels Gain on disposal of vessels was US$56.7 million for the year ended 31 December 2025 and US$20.4 million for the year ended 31 December 2024, were attributable to the sale of two vessels in the year ended 31 December 2025 and one vessel in the year ended 31 December 2024, respectively. Operating profit For the reasons discussed above, operating profit decreased by US$85.6 million, or 19.7%, from US$433.7 million for the year ended 31 December 2024 to US$348.0 million for the year ended 31 December 2025. Interest income Interest income decreased by US$6.3 million from US$15.6 million for the year ended 31 December 2024 to US$9.3 million for the year ended 31 December 2025. This decrease was primarily driven by lower interest income generated from lower bank balances during the year ended 31 December 2025, compared to the year ended 31 December 2024. 75 Table of Contents Interest expense Interest expense increased by US$33.2 million, or 167.2%, from US$19.8 million for the year ended 31 December 2024 to US$53.0 million for the year ended 31 December 2025. This increase was primarily attributed to increase bank borrowings during the year ended 31 December 2025, as the Group drew down on its credit facilities to finance the acquisition of 12 VLGCs from Avance Gas and its term loans to refinance its existing debts. Finance expenses — net For the reasons discussed above, finance expenses — net increased by US$35.4 million, or 405.8%, from US$8.7 million for the year ended 31 December 2024 to US$44.1 million for the year ended 31 December 2025. Income tax expense Income tax expense decreased by US$15.9 million, falling from US$30.1 million for the year ended 31 December 2024 to US$14.2 million for the year ended 31 December 2025. This decrease was primarily driven by lower tax provisions in the Product Services segment of US$18.5 million, from US$21.7 million for the year ended 31 December 2024 to US$3.2 million for the year ended 31 December 2025, reflecting the decreased net profit before tax in that segment. This more than offset the higher tax expenses in the Shipping segment of US$2.6 million due to (i) an increase of US$7.0 million in withholding taxes related to dividends, (ii) partially offset by a reduction of US$4.4 million in tax provisions due to a decrease in interest income, which were repatriated from subsidiaries in foreign jurisdictions. Profit after tax For the reasons discussed above, profit after tax decreased by US$105.2 million from US$394.9 million for the year ended 31 December 2024 to US$289.7 million for the year ended 31 December 2025. Results of operations of the Group for the years ended 31 December 2024 and 2023 Please refer to Item 5.A “Operating and Financial Review and Prospects—Operating Results” in the Group’s Annual Report on Form 20-F for the fiscal year ended 31 December 2024, filed on 28 March 2025 (the “FY2024 Annual Report”), for a comparative discussion of the Group’s operating results for the year ended 31 December 2024 compared to the year ended 31 December 2023. 5.B.LIQUIDITY AND CAPITAL RESOURCES Sources and Uses of Cash As of 31 December 2025, the Group had cash and cash equivalents of US$242.0 million, compared to US$279.7 million as of 31 December 2024. The Group has financed its capital requirements with cash flows from operations as well as bank borrowings. Financing for the Group has historically been provided through intercompany current accounts to meet the working capital requirements of the Group. External debt is primarily held by BW LPG Holding Pte Ltd, a wholly-owned subsidiary of the Company, where interest rates are hedged using interest rate swaps, and foreign exchange is hedged using foreign exchange forward contracts. The Group’s principal sources of funds for its liquidity needs are cash flows from operations, and bank borrowings constitute further support to cash flows from operations as an additional source of funding. The Group’s main uses of funds have been expenditures for drydockings and other vessel maintenance expenditures, acquisition of new and secondhand vessels, voyage expenses, vessel operating expenses, general and administrative costs, expenses incurred to ensure the Group’s vessels comply with international and regulatory standards, purchases of cargoes, finance expenses and repayment of borrowings, trust receipts and margin calls. There are no material legal or economic restrictions on the ability of subsidiaries to transfer funds to the Company in the form of cash dividends, loans or advances. 76 Table of Contents The management of the Group believes that cash flows from operations and undrawn funds available under bank borrowings and trade finance facilities will be sufficient to support its growth strategy, which may involve the potential purchase of vessels, acquisition of subsidiaries, related investments or increase in cargo trades. Management also expects to use the funds in accordance with the Group’s capital return policy. Depending on market conditions in the LPG maritime transportation industry and acquisition opportunities that may arise, the Group may seek to obtain additional debt or equity financing. The Group uses cash to fund dividend payments in accordance with its dividend policy. See “Item 8. Financial Information — 8.A. Consolidated Statements and Other Financial Information — Dividend Policy.” The Group also uses cash to fund share repurchases. See “Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers.” The Company is of the opinion that the working capital available for the Group is sufficient for its present purposes. Cash Flows The following table summarises the Group’s historical cash flows under IFRS and is extracted from the Financial Statements. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended 31 December In US$’000 ​ ​ ​ 2025 ​ ​ ​ 2024 Net cash from operating activities 567,403 749,144 Net cash used in investing activities (39,427) (541,214) Net cash used in financing activities (534,162) (138,067) Net (decrease) / increase in cash and cash equivalents (6,186) 69,863 Cash and cash equivalents at the beginning of the financial year 231,900 162,037 Cash and cash equivalents at the end of the financial year 225,714 231,900 ​ Net cash from operating activities Net cash from operating activities decreased by US$181.7 million, or 24.3%, declining from an inflow of US$749.1 million for the year ended 31 December 2024 to an inflow of US$567.4 million for the year ended 31 December 2025. This decrease was primarily driven by a reduction of US$109.9 million from changes in working capital for the year ended 31 December 2025 due to the following factors: (i) US$46.2 million release in restricted cash used for margin maintenance and (ii) US$63.7 million attributable to net unfavourable changes in working capital balances, including inventories, trade receivables, payables and derivative financial instruments. This decrease was further impacted by a US$61.3 million decrease in cash flow from operating activities, after adjusting for non-cash income or expenses for the year ended 31 December 2025, compared to the year ended 31 December 2024. Net cash used in investing activities Net cash used in investing activities consisted of an outflow of US$39.4 million in the year ended 31 December 2025, compared to an outflow of US$541.2 million in the year ended 31 December 2024. The outflow during the year ended 31 December 2025 primarily reflected the purchase of two VLGCs for US$138.3 million and drydock additions of US$44.0 million, partially offset by proceeds of US$125.2 million from the sale of two VLGCs. The higher net cash used in investing activities in the year ended 31 December 2024 primarily reflected the acquisition of 12 VLGCs from Avance Gas and an investment of US$30.2 million for a 8.5% non-controlling stake in CPIL, a company listed on the National Stock Exchange of India. Net cash used in financing activities Net cash used in financing activities increased by US$396.1 million from an outflow of US$138.1 million for the year ended 31 December 2024 to an outflow of US$534.2 million for the year ended 31 December 2025. This increase in net cash used in financing activities was primarily driven by US$883.6 million increase in repayments of the Group’s term loans, revolving credit facilities and shareholder bridging loan. Additionally, interest paid increased by US$33.9 million due to higher balances of term loans and revolving credit facilities during the year ended 31 December 2025. There was also an increase of US$37.1 million in capital returned to the non-controlling interests of a subsidiary. The increase in cash used in financing activities was partially offset by a US$416.6 million increase in drawdowns of the Group’s loan facilities to repay its debt and finance the purchases of VLGCs during the year, as well as a US$169.1 million decrease in dividends, reflecting lower net profit after tax for the year ended 31 December 2025. 77 Table of Contents Please refer to Item 5.B “Operating and Financial Review and Prospects—Liquidity and Capital Resources” in the Group’s FY2024 Annual Report for a comparative discussion of the Group’s cash flows for the year ended 31 December 2024 compared to the year ended 31 December 2023. Capital Resources and Indebtedness As of 31 December 2025, the Group had entered into the following secured term loan facilities and revolving credit facilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Undrawn ​ amount ​ ​ ​ ​ Facility agreement ​ ​ ​ facility amount ​ ​ ​ outstanding ​ ​ ​ Interest rate ​ ​ ​ Maturity date ​ US$’000 US$’000 ​ ​ ​ ​ US$460,000,000 Revolving Credit Facility ​ 387,372 ​ 50,000 ​ SOFR + 1.25 % November 2031 US$380,000,000 Term Loan and Revolving Credit Facility ​ 0 ​ 365,400 ​ SOFR + 1.20 % June 2032 US$215,000,000 Term Loan Facility ​ 208,300 SOFR + 1.40 % September 2032 ​ US$460,000,000 Revolving Credit Facility On 1 November 2024, the Group entered into a US$460 million revolving credit facility with BNP Paribas, Oversea-Chinese Banking Corporation Limited, DBS Bank Ltd., United Overseas Bank Limited and MUFG Bank, Ltd., Singapore Branch as arrangers, certain banks and financial institutions listed therein as lenders, BNP Paribas as agent and security agent and BW LPG as guarantor, to support its business activities, including the acquisition of new vessels by any subsidiary of the borrower and the repayment of maturing loans, as well as general corporate and working capital purposes. The facility is secured by eight secondhand VLGCs and has an amortisation profile of 13 years, maturing on 28 November 2031. The borrower’s obligations under the facilities agreement are guaranteed by BW LPG. As of the 31 December 2025, the outstanding amount under the revolving credit facility was US$50 million. US$380,000,000 Term Loan and Revolving Credit Facility On 18 June 2025, the Group entered into a US$380 million term loan and revolving credit facility with ING Bank N.V, Overseas-Chinese Banking Corporation Limited, DBS Bank Ltd., MUFG Bank, Ltd., DNB Bank ASA, Development Bank of Japan Inc., and Skandinaviska Enskilda Banken AB, as lenders, ING Bank N.V as agent and security agent, to refinance its existing debt. The facility will mature on 25 June 2032. As of 31 December 2025, the Group had utilised US$365.4 million under this facility. US$215,000,000 Term Loan Facility On 2 July 2025, the Group entered into a US$215 million term loan facility with Standard Chartered Bank, DBS Bank Ltd.,, MUFG Bank, Ltd., Citibank N.A., Mizuho Bank, Ltd., through their respective branches in Gujarat International Finance Tec-City (GIFT), India, as lenders, Standard Chartered Bank as agent and security agent, to fund the acquisition of BW Pampero and BW Chinook from BW LPG and to refinance its existing debt. This facility matures on 24 September 2032. As of 31 December 2025, US$208.3 million remained outstanding under this facility. Interest rate swaps The Group holds interest rate swaps to hedge the interest rate risk on bank borrowings. As of 31 December 2025, the Group had interest rate swaps with total notional principal amounting to US$199.6 million and mature between March 2027 and July 2029. Hedge accounting was adopted for these contracts. The Group’s interest rate swaps are governed by contracts based on the International Swaps and Derivatives Association (“ISDA”) master agreements. All of the Group’s interest rate swaps are based on SOFR fixing, with some of them having transitioned from IBOR to a five-day lookback or using the fallback of the ISDA 2020 IBOR Fallbacks Protocol (i.e., two-day lookback and credit adjustment spread of 26 basis points). 78 Table of Contents Trade finance facilities As of 31 December 2025, the Group via its subsidiary BW LPG Product Services Pte Ltd, has entered into various uncommitted trade finance facilities totalling US$796 million to support its LPG trading activities. Trade finance facilities are secured against the underlying LPG cargoes and related receivables, with further support from a corporate guarantee from BW LPG Limited. As of 31 December 2025, borrowings under these facilities bear interest at floating interest rates ranging from 5.0% to 7.0%. Financial Covenants Certain of the Group’s bank facilities contain financial covenants requiring the Company as the guarantor under the facilities agreements to ensure that, among other things: ● the Group has liquidity (including undrawn available lines of credit with a maturity exceeding six months) on a consolidated basis of no less than US$50 million and at least US$20 million of cash and cash equivalents; ● the Group’s adjusted equity on a consolidated basis on the last day of any fiscal quarter is no less than US$350 million; and ● the Group’s adjusted equity on a consolidated basis is at all times no less than 25% of the sum of the Group’s liabilities and adjusted equity. Restrictive Covenants The Group is required to deliver compliance certificates, which include valuations of the vessels securing the applicable facility from two independent ship brokers. Upon delivery of the valuation, if the market value of the collateral vessels is less than 120% of the outstanding indebtedness under the applicable facilities, the Group must either provide additional collateral and/or prepay part of the loan to ensure compliance, as applicable. The Group’s compliance with the restrictive covenants listed above is measured as of the end of the second and fourth fiscal quarter of each year. As of 31 December 2025, the Group was in compliance with all covenants under the secured term loan facilities and revolving credit facilities. Capital Expenditures The Group’s main capital expenditures arise from drydockings and other vessel maintenance expenditures and acquisition of secondhand vessels. The following table sets forth information on the Group’s capital expenditures for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ ​ 31 December In US$’000 ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ Purchase of secondhand vessels 138,287 1,049,212 Drydocking and vessel upgrades 44,008 14,332 Total 182,295 1,063,544 ​ See Note 21 to the Financial Statements for details on material cash requirements from known contractual obligations. 5.C.RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES, ETC. The Group does not undertake any significant expenditure on research and development and have no significant interests in patents or licences. 79 Table of Contents 5.D.TREND INFORMATION Key trends that are reasonably likely to impact the Group’s business, results of operations and financial condition include, but are not limited to, the following: · Geopolitical events and political instability, including increased trade protectionism and tariffs may impact the Group’s business and operations. Trade disputes between major exporters and importers of LPG could impact both the volume of LPG being shipped, but also the distances ships will have to sail. During the US – China trade dispute in 2025, a large portion of US volumes usually destined for China were redirected to other destinations. This, in turn, created inefficiencies in the market, which ultimately created more demand for shipping services. · Armed conflicts or elevated risk of armed conflict could limit LPG volumes made available for exports as well as shippers’ willingness to physically enter certain regions. As of the date of this annual report, conflicts in the Middle East have led to damage to terminals and export facilities and severe disruption and an effective shutdown of the Strait of Hormuz, as well as further disrupted trade routes in the Red Sea and the Gulf of Aden, forcing companies to reroute their vessels to avoid the Red Sea, the Suez Canal, the Gulf of Aden, the Persian Gulf and the Arabian Sea. · LPG production in the United States increased in 2025 and is expected to increase in 2026. Export growth in subsequent years is expected to see support from new LPG export terminals (source: NGLS, January 2026). · Most of the exports from the United States are to the Far East and Southeast Asia. China’s LPG imports continued to grow in 2025, albeit at a low rate, in part due to the trade dispute between the US and China. The PDH capacity in China, which is a driver of LPG demand, has grown significantly since 2021 and is expected to continue to grow in 2026 (source: SCI, January 2026). · The delivery of newbuild VLGCs is expected to be above historical levels and could have a negative impact on the shipping market if a large imbalance between supply and demand of vessels materializes. · With more trade and fleet growth for LPG and other segments, competition for securing transit slots in the Panama Canal is likely to increase in the years ahead. This can lead to higher transit costs for shipping companies, and for LPG shipping, more vessels sailing via Cape of Good Hope instead of using the Panama Canal, which may lead to an increase of freight rates. While water levels in the canal’s main reservoir were high at the end of 2025, climate events and limited rainfall can impact the canal’s ability to operate at full capacity. 5.E.CRITICAL ACCOUNTING ESTIMATES Our consolidated financial statements are prepared in conformity with IFRS as issued by the International Accounting Standards Board. In preparing our consolidated financial statements, we make judgements, estimates and assumptions about the application of our accounting policies which affect the reported amounts of assets, liabilities, revenue and expenses. Our critical accounting judgements and sources of estimation uncertainty are described in Note 2 to the Financial Statements. 80 Table of Contents