Bhagwan Marine Ltd. · ASX:BWN
Bhagwan Marine — 15th Annual Australian Microcap Investment Conference 2026
11 slides from Bhagwan Marine's conference presentation, Oct 20, 2026
Slide 1: 15th Annual Australian Microcap Investment Conference
15 Annual th rsonal use only Australian Microcap Investment Conference 2 0 OCTOB E R 2 0 2 6
Slide 2: Important Notice and Disclaimer
I M P O R TA N T N O T I C E A N D D I S C L A I M E R Authorisation of Release: This ASX Announcement has been approved for release by Loui Kannikoski, Forward-looking statements involve inherent risks and uncertainties, both general and specific, and MD & CEO of Bhagwan Marine Limited ABN 81 009 1
Slide 3: Who We Are: Delivering Bespoke Marine Solutions
WHO WE ARE DELIVERING BESPOKE MARINE SOLUTIONS rsonal use only INTEGRATED DIVERSE UNRIVALLED BALANCED SERVICE LINES OPERATING SECTORS MULTIFUNCTIONAL FLEET SOURCES OF REVENUE End-to-end marine solutions Strong core and emerging markets ~180 owned and operated vessels Increasing recurring revenue • M
Slide 4: Where We Operate
W H E R E W E O P E R AT E E S TA B L I S H E D AT K E Y M A R I N E H U B S N AT I O N A L LY rsonal use only 4 | bhagwanmarine.com v
Slide 5: How We Grow
HOW WE GROW COMPELLIN G OPPORT U NITIES FOR SU STAIN AB LE GROW T H Blue Sky rsonal use only Emerging Opportunities • Significant blue-sky opportunities Acquisitive Growth across decommissioning, defence and Proven Capability offshore energy, providing upside beyond the core investment case • Rivers
Slide 6: FY26 Riverside Marine Highlights
FY26 RIVERSIDE MARINE HIGHLIGHTS S U STA IN E D GRO W T H A N D IN T EGRAT IO N O N T RAC K rsonal use only REVENUE PRO FORMA EBITDA 60.0 24.5 21.6 • Successful completion on 31 March 2026 17.9 • 4Q FY26 revenue up 17% on pcp 55.0 • 4Q FY26 EBITDA up 30%1 on pcp 52.0 • Further EBITDA margin expansio
Slide 7: Strengthening Revenue Profile
STRENGTHENING REVENUE PROFILE IN C REA SIN G REC U RRIN G REVEN U E A S A PERC EN TAGE OF TOTA L rsonal use only • Riverside Marine contributed $15.1m in 283.0 revenue for FY26 post-acquisition, 268.8 277.2 26.4 increasing recurring revenue to 56% of 235.9 total revenue and 62% on an annualised 65.4
Slide 8: FY26 Pro Forma Free Cash Flow
FY26 PROFORMA FREE CASH FLOW STRONG CASH CONVERSION Strong cash conversion Pro Forma Free Cash Flow rsonal use only 90% $8.3m Operating Cash flow before Comprising $4.7m of underlying free cash interest and tax to EBITDA 1 flow and $3.6m of Pro forma adjustments 46.1 (5.0) (0.5) (0.6) 40.0 (18.1) (1
Slide 9: Bhagwan Fleet Values
B H AGWA N F L E E T VA LU E S INCREASING DUE TO TIGHT NEW BUILD MARKET Bhagwan Owned Fleet Value (left axis) Riverside Owned Fleet Value (left axis) OSV Newbuilding Contracting Activity AHTS Global Average Vessel Resale Price – Medium rsonal use only No. Units (6,000 BHP) (right axis) $m $m 600 AHT
Slide 10: Summary: Key Takeaways
SUMMARY K E Y TA K E AWAYS rsonal use only Increasing recurring revenue and profitability, supported by strong cash generation 1 Incumbency at key marine hubs and enhanced business development capability support 2 organic growth Riverside Marine integration is on track, with opportunities to increas
Slide 11: Perth office contact details
rsonal use only PERTH Level 11, Australia Place, 15-17 William Street, Perth WA 6000 T +61 8 9424 2300 investor.relations@bhagwanmarine.com
Bhagwan Marine — 15th Annual Australian Microcap Investment Conference 2026 on 6ix