Babcock & Wilcox Enterprises, Inc.

Good afternoon. Thank you for attending the Babcock and Wilcox Enterprises First Quarter 2026 Conference Call. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. I would now like to turn the conference over to your host, Sharon Brooks, B&W's Director of Communications. Thank you. You may proceed, Ms. Brooks.

Thank you, Ellen, and thanks to everyone for joining us on Babcock and Wilcox Enterprises. First Quarter, 2026 Earnings Conference Call. I'm Sharon Brooks, Director of Communications. Joining the call today are Kenny Young, B&W's Chairman and Chief Executive Officer, and Cameron Freimeyer, Chief Financial Officer, to discuss our first quarter results. During this call, certain statements we make will be forward-looking. These statements are subject to risks and uncertainties, including those set forth in our Safe Harbor provision for forward-looking statements that can be found at the end of our earnings press release and in our quarterly report on Form 10-Q that was filed with the SEC earlier today. Additionally, except as required by law, we undertake no obligation to update any forward-looking statement. We also provide non-GAAP information regarding certain historical and targeted results to supplement the results provided in accordance with GAAP. This information, which includes our discussion of adjusted EBITDA, adjusted net income, and net debt, should not be considered superior to or as a substitute for the comparable gap measures. A reconciliation of historical non-gap measures can be found in our first quarter 2026 earnings release published earlier today and in our company overview presentation filed on Form 8K, which is posted on the investor relations section of our website at babcock.com. Please also see our first quarter 2026 earnings release published on May 11th, 2026 for further information regarding our bookings and backlogs. I will now turn the call over to Kenny.

Thanks, Sharon. Well, good afternoon, everyone, and thanks for joining us on our first quarter 2026 earnings call. We are very pleased to report one of the strongest first quarter performances in recent company history. Babcock and Wilcox continued to see significant growth in the quarter driven by high demand for electrical generation from utility, industrial and AI data center customers. In addition, we also achieved strong operating results supported by continued momentum in our core business and ongoing debt reductions as well. Our quarterly results were highlighted by revenue and adjusted EBITDA that exceeded company and street expectations. Adjusted EBITDA was 16.1 million for the first quarter, which was 296% increase compared to the first quarter of 2025. Our revenues for the quarter came in at 214 million, which is a 44% increase compared to the first quarter of 2025. We also achieved positive adjusted net income from continued operations of $2.2 million after removing $81.8 million of costs associated with increased non-cash warrant and stock appreciation rights valuation, both of which are directly due to the significant stock price increase in the first quarter of 2026. These top line metrics capture the recent tailwinds we've seen across our business and illustrate B&W's growth trajectory moving forward as we continue to capitalize on strong global demand for parts and services, new baseload generation, and behind-the-meter AI data center projects. These recent tailwinds can also be seen in our pipeline, bookings and backlog as well, which saw significant acceleration during the first quarter of 2026. Our total pipeline grew by more than 17% to over $14 billion, including new AI data center opportunities. Our bookings and backlog values continue to surge, fueled by our core business growth and developments of our base Electron project in North Dakota, as we are in further discussions with other hyperscaler customers as well. In the first quarter of 2026, we had bookings of 2.5 billion, which is more than a 1,900% increase compared to the first quarter of 2025. Additionally, our backlog was 2.7 billion in the first quarter of 2026, which is a 483% increase compared to the first quarter of 2025. We believe our results reflect strong global demand for B&W Technologies and combined with the increased demand for power generation gives us a solid foundation for continued growth this year and for many years to come. Our core business, excluding data centers, continue to excel As our parts and services saw elevated demand from the increased operation of baseload generation in North America and beyond, rising energy demand from consumers, industries, and grid-dependent AI data centers is prompting utilities to recondition and recommission coal-fired generation assets to help meet accelerating load growth. Existing coal plants in the US are currently operating at capacity factors of around 50%, highlighting a significant source of underutilized generation capacity available to support expanding electricity needs. At the same time, elevated natural gas prices are driving improved economics of coal-based generation. This has increased utilization and created additional demand for our core business offerings. The rising demand for power across North America serves as a catalyst for B&W's continued growth, positioning us to play a critical role in supporting AI data center expansion and meeting increased baseload generation needs in the years ahead. Our project with Base Electron is progressing favorably as boiler manufacturing and speed turbines move forward. Siemens Energy continues to progress turbine fabrication and other long lead time items such as or their pressure parts are advancing as planned. Most of the constructions, including civil and mechanical, is scheduled for 2027 and 2028, and the impact of AI data center growth on BMW is truly profound, as we added over $2 billion in additional AI data center opportunities in our pipeline from hyperscalers and utility customers. And as I mentioned before, we remain in active discussions with different AI data center customers regarding potential bookings in 2026. In the first quarter of 2026, we paid off $15 million in outstanding bonds that are due in December of 2026. This is the continuation of our bond buybacks, and we expect to fully pay off the remaining $69 million in outstanding December 2026 bonds in a timely fashion. Including these bond repurchases, we have significantly reduced our secured debt and unsecured bonds by 87% in the first quarter of 2026, resulting in net debt of $42.4 million at the end of the quarter. These recent debt payments bring our net debt to below one times our trailing 12-month adjusted EBITDA. Our efforts to progress our Bright Loop initiatives are moving forward as we further the commercial development of existing projects and continue working to improve the overall operational effectiveness of these technologies to produce low-cost hydrogen or steam. We are building momentum around the use of chemical looping as a means to convert solid and gas fuels to either hydrogen or steam generation. while simultaneously capturing the CO2 that can be used for enhanced oil or methane recovery and other beneficial uses. The commercial scale demonstration of Brightloop at our Maslin, Ohio project still remains a key priority for BMW as we continue to position the company for expanded growth opportunities in the years ahead. I'll now turn the call over to Cameron to discuss the financial details of the first quarter of 2026. Cameron?