BWLP · BW LPG Limited

BW LPG's Product Services segment delivered strong Q1 2026 results with gross profit of approximately USD 127 million, primarily from a USD 137 million positive unrealised mark-to-market change on open cargo contracts and hedging transactions. This was partially offset by a USD 10 million realised trading loss from the portfolio of cargo, freight, and hedging activities. After deducting general and administrative expenses and income taxes, the segment achieved a net profit of about USD 98 million. The average Value-At-Risk remained low at USD 6 million, underscoring effective risk management amid significant market volatility. CEO Kristian Sørensen highlighted the influence of the US/Israel-Iran conflict, which reduced Middle East export volumes and boosted the value of BW Product Services' US cargoes. Despite the realised loss from hedging and portfolio timing, management anticipates gradual realisation of unrealised gains through physical deliveries in upcoming quarters. Importantly, Sørensen cautioned that the elevated accounting profit from mark-to-market valuations does not translate to immediate dividend capacity enhancement. This update, via Exhibit 99.1, precedes the full Q1 financial report on 2 June 2026, providing investors early insight into the trading division's performance within BW LPG's integrated LPG shipping and trading model.