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Investment in subsidiaries with material non-controlling interests | 12 Months Ended
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Dec. 31, 2025
Investment in subsidiaries with material non-controlling interests |
Investment in subsidiaries with material non-controlling interests | 25.Investment in subsidiaries with material non-controlling interests Set out below are the summarised financial information for BW LPG India Pte. Ltd. (“BW India”) and BW LPG Product Services Pte. Ltd. (“BW Product Services”), that has non-controlling interests that are material to the Group. These are presented before inter-company eliminations. In March and November 2025, BW India reduced its share capital and distributed US$41.6 million to its non-controlling interests. The ownership composition remained the same after the share capital reduction. Summarised balance sheet: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | BW India | ​ | BW Product Services
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024 | ​ ​ ​ | 2025 | ​ ​ ​ | 2024
​ | ​ ​ ​ | US$’000 | ​ ​ ​ | US$’000 | ​ ​ ​ | US$’000 | ​ ​ ​ | US$’000
Assets |  | ​ |  | ​ |  | ​ |  | ​
Current assets |  | 52,901 |  | 63,581 |  | 283,465 |  | 417,096
Includes |  | ​ |  | ​ |  | ​ |  | ​
Cash and cash equivalents |  | 30,821 |  | 19,443 |  | 39,917 |  | 175,882
Non-current assets |  | 355,533 |  | 278,287 |  | 114,202 |  | 92,115
Liabilities |  | ​ |  | ​ |  | ​ |  | ​
Current liabilities |  | 45,446 |  | 28,371 |  | 282,646 |  | 328,769
Includes |  | ​ |  | ​ |  | ​ |  | ​
Borrowings |  | 28,268 |  | 23,927 |  | 100,649 |  | 137,425
Non-current liabilities (Borrowings) |  | 180,217 |  | 76,443 |  | 62,512 |  | 50,748
Net assets |  | 182,771 |  | 237,054 |  | 52,509 |  | 129,694
​ Summarised statement of comprehensive income: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | BW India | ​ | BW Product Services
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024 | ​ ​ ​ | 2023 | ​ ​ ​ | 2025 | ​ ​ ​ | 2024 | ​ ​ ​ | 2023
​ | ​ ​ ​ | US$’000 | ​ ​ ​ | US$’000 | ​ ​ ​ | US$’000 | ​ ​ ​ | US$’000 | ​ ​ ​ | US$’000 | ​ | US$’000
TCE income – Shipping |  | 129,011 |  | 126,660 |  | 118,999 |  | — |  | — | ​ | —
Revenue from Product Services |  | — |  | — |  | — |  | 2,590,600 |  | 2,650,445 | ​ | 1,835,031
Cost of cargo and delivery expenses |  | — |  | — |  | — |  | (2,526,597) |  | (2,469,621) | ​ | (1,741,585)
Vessel operating expense |  | (22,502) |  | (22,223) |  | (21,503) |  | — |  | — | ​ | —
Charter hire expense |  | (1,559) |  | — |  | — |  | — |  | — | ​ | —
Depreciation and amortisation |  | (33,307) |  | (34,853) |  | (33,950) |  | (48,170) |  | (36,095) | ​ | (67,609)
Gain on disposal of vessels | ​ | 57,250 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | —
Finance expense |  | (6,057) |  | (8,980) |  | (9,510) |  | 811 |  | (934) | ​ | (4,426)
Other expenses - net |  | (6,675) |  | (4,713) |  | (2,302) |  | (27,274) |  | (23,418) | ​ | (12,815)
Income tax expense | ​ | (11,709) | ​ | (4,631) | ​ | (3,743) | ​ | (3,197) | ​ | (21,727) | ​ | (7,218)
Net profit/(loss) after tax |  | 104,452 |  | 51,260 |  | 47,991 |  | (13,827) |  | 98,650 | ​ | 1,378
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other comprehensive income/(loss) (currency translation effects) | ​ | — |  | — |  | 416 |  | 2,204 |  | (1,022) | ​ | 1,918
Total comprehensive income/(loss) |  | 104,452 |  | 51,260 |  | 48,407 |  | (11,623) |  | 97,628 | ​ | 3,296
Total comprehensive income/(loss) allocated to non- controlling interests |  | 49,719 |  | 24,400 |  | 23,716 |  | (1,877) |  | 15,996 | ​ | 480
​

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