BWX Technologies : BWXT 2Q22 Investor Brief - Reconciliations

BWXT is providing non-GAAP information regarding certain of its historical results and guidance on future earnings per share to supplement the results provided in accordance with GAAP and it should not be considered superior to, or as a substitute for, the comparable GAAP measures. BWXT believes the non-GAAP measures provide

meaningful insight andOurtransparencyPurpose:into theWeCompany'semployoperationalnuclearperformancetechnologyand provides these measures to

investors to help facilitate comparisons of operating results with prior periods and to assist them in understanding

to solve some of the world's most important

BWXT's ongoing operations.

problems

Non-GAAP figures exclude any mark-to-market adjustment for pension and postretirement benefits

Our Mission: We provide safe and effective

recognized and other one-time items.

nuclear solutions for global security, clean

Other non-GAAP definitions and calculations

energy, environmental remediation, nuclear

Adjusted EBITDA = Earnings Before Interest, Taxes, Depreciation and Amortization. Calculated using non-GAAP Net income, plus Provisionmedicine,for IncomeandTaxes,spaceless Otherexploration- net, less Interest income, plus Interest expense, plus

Depreciation and amortization.

Commitment to innovation, operational

FCF = Free Cash Flow. Calculated using net income to derive Net Cash Provided By (Used In) Operating Activities

excellence, a strong safety record, and a focus

less Purchases of property, plant and equipment.

FCF Conversion = FreeonCashensuringFlow Conversionthe highest. Free CashESGFlowstandardsdivided by net income

2

world's

global security, clean remediation, nuclear

exploration

operational

(1) Tables may not foot due to rounding.

(2)record,BWXT is providingandnon-GAAPafocusinformation regarding certain of its historical results and guidance on future earnings per share to supplement the results provided in accordance with GAAP and it

should not be considered superior to, or as a substitute for, the comparable GAAP measures. ESG standardsBWXT believes the non-GAAP measures provide meaningful insight and transparency into the

Company's operational performance and provides these measures to investors to help facilitate comparisons of operating results with prior periods and to assist them in understanding BWXT's ongoing operations.

1. BWXT has not included a reconciliation of provided non-GAAP guidance to the comparable GAAP measures due to the difficulty of estimating any mark-to-market adjustments for pension and post- retirement benefits, which are determined at the end of the year.
2. For Non-GAAP adjustment details, see reconciliation of non-GAAP operating income and earnings per share.

3

world's most important

safe and effective global security, clean remediation, nuclear

exploration

Commitment to innovation, operational

(1) Tables may not foot due to rounding.

(2)record,BWXT is providingandnon-GAAPafocusinformation regarding certain of its historical results and guidance on future earnings per share to supplement the results provided in accordance with GAAP and it

should not be considered superior to, or as a substitute for, the comparable GAAP measures. ESG standardsBWXT believes the non-GAAP measures provide meaningful insight and transparency into the

Company's operational performance and provides these measures to investors to help facilitate comparisons of operating results with prior periods and to assist them in understanding BWXT's ongoing operations.

1. BWXT has not included a reconciliation of provided non-GAAP guidance to the comparable GAAP measures due to the difficulty of estimating any mark-to-market adjustments for pension and post- retirement benefits, which are determined at the end of the year.
2. For Non-GAAP adjustment details, see reconciliation of non-GAAP operating income and earnings per share.

4

world's most important

safe and effective global security, clean remediation, nuclear

exploration

innovation, operational

(1) Tables may not foot due to rounding.

(2)record,BWXT is providingandnon-GAAPafocusinformation regarding certain of its historical results and guidance on future earnings per share to supplement the results provided in accordance with GAAP and it

should not be considered superior to, or as a substitute for, the comparable GAAP measures. ESG standardsBWXT believes the non-GAAP measures provide meaningful insight and transparency into the

Company's operational performance and provides these measures to investors to help facilitate comparisons of operating results with prior periods and to assist them in understanding BWXT's ongoing operations.

1. BWXT has not included a reconciliation of provided non-GAAP guidance to the comparable GAAP measures due to the difficulty of estimating any mark-to-market adjustments for pension and post- retirement benefits, which are determined at the end of the year.
2. For Non-GAAP adjustment details, see reconciliation of non-GAAP operating income and earnings per share.

5