Bhagwan Marine Ltd. · ASX:BWN
Bhagwan Marine — FY2026 Earnings Presentation
30 slides from Bhagwan Marine's earnings presentation, Aug 27, 2026
Slide 1: 2026 Full Year Results Presentation
2026 Full Year Results Presentation 2 7 AU GU ST 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 the Board of Forward-looking statements involve inherent risks and uncertainties, both general and specific, and Bhagwan Marine Limited ABN 81 009 154 349 (“Bhagwan
Slide 3: Who We Are
WHO WE ARE DELIVERING BESPOKE MARINE SOLUTIONS INTEGRATED DIVERSE UNRIVALLED BALANCED SERVICE LINES OPERATING SECTORS MULTIFUNCTIONAL FLEET SOURCES OF REVENUE End-to-end marine solutions Strong core and emerging markets >70 owned vessels Increasing recurring revenue • Marine Services • Offshore Ener
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 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 Emerging Opportunities • Significant blue-sky opportunities Acquisitive Growth across decommissioning, defence and Proven Capability offshore power , providing upside beyond the core investment case • Riverside Marine demon
Slide 6: FY26 Highlights
FY26 Highlights Image: Rivtow Tugs
Slide 7: FY26 Financial Highlights
FY26 FINANCIAL HIGHLIGHTS RE S IL IE N T MA RGIN S A N D ST RO N G CA S H GE N E RAT IO N 235.9m 20% 40.0m 0.8cps $ $ NET REVENUE EBITDA MARGIN3 NET CASH FROM FULLY FRANKED OPERATIONS4 TOTAL DIVIDEND Down 16.6% on Up from 18% Up 9.6% on FY25 fully franked dividend FY25 $283.0m1 in FY251 FY25 $36.5m5
Slide 8: FY26 Operational Highlights
F Y 2 6 O P E R AT I O N A L H I G H L I G H TS B U ILDIN G ON SOLID BA SE FOR LON G -T ERM GROW T H Strengthened financial governance Embedded the COO Secured a five-year contract with and aligned overheads to enhance function and strengthened business Jadestone Energy for Coral Knight3 resilience,
Slide 9: 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 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 expansion • 94% long-ter
Slide 10: FY26 Financial Performance
FY26 Financial Performance 10 10 | bhagwanmarine.com
Slide 11: Revenue
REVENUE 4-Y EA R CAGR 15% 283.0 4-Year CAGR 15% 268.8 159.3 154.1 26.4 235.9 65.4 26.4 15.1 55.0 119.0 109.5 15.1 169.0 10.4 134.7 256.6 220.8 127.7 128.9 203.4 116.9 99.1 104.3 103.9 $m $m FY22 FY23 FY24 FY25 FY26 H1 FY24 H2 FY24 H1 FY25 H2 FY25 H1 FY26 H2 FY26 CORE BHAGWAN BUSINESS Uncertainty in
Slide 12: Revenue Profile
REVENUE PROFILE IN C REA SIN G REC U RRIN G REVEN U E A S A PERC EN TAGE OF TOTA L 283.0 276.9 268.8 26.4 • Riverside Marine contributed $15.1m in 235.9 revenue for FY26 post-acquisition, increasing 65.4 recurring revenue to 56% of total revenue 103.4 (+40% vs FY25) and 62% on an annualised 103.4 ba
Slide 13: Pro Forma Earnings
PRO FORMA EARNINGS ST RON G EB IT DA MA RGIN S MA IN TA IN ED 50.9 3.9 46.1 47.0 • Core business EBITDA increased from $21.5m 41.3 6.1 in FY22 to $40.0m in FY26, representing a 6.0 CAGR of 16.5%. 40.0 36.4 • Riverside acquisition and gross margin 35.3 efficiencies have expanded EBITDA margins. • FY2
Slide 14: Pro Forma Free Cash Flow
PROFORMA FREE CASH FLOW STRONG CASH CONVERSION Strong cash conversion Pro Forma Free Cash Flow 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) (13.6) 8.3 $m Pro forma
Slide 15: Debt
D E BT NET DEBT INCREASED TO FUND GROWTH LEVERAGE GEARING INTEREST COVER 1.2x 34% 11.7x 9.2x Net debt 1 / EBITDA 2 Net debt to equity Proforma EBITDAEBITDA / net interest 2 / interest 1 +94.1 +3.0 (8.3) (28.7) 74.5 +9.1 5.3 $m Opening net Growth Acquisitions Dividends Pro forma free cash Capital Clo
Slide 16: Capital Expenditure Detail
C A P I TA L E X P E N D I T U R E D E TA I L E N H A N C I N G F L E E T Q U A L I T Y, S I Z E A N D C A P A B I L I T Y Growth capex: Investing for future Earnings Growth Capital Expenditure Detail FY26 FY25 Change • Strategic fleet additions to support contracted demand and expand $ Million Actu
Slide 17: Balance Sheet
BALANCE SHEET N ET TA N GIB LE A SSETS PER SHA RE 42C PS Statutory Balance Sheet FY26 FY25 Change FY26 v $ Million Actual Actual FY25 • Riverside strengthened the balance sheet increasing capital Net working capital (6.6) 4.1 (10.7) employed and expanding the Group's fleet, property and Property, Pl
Slide 18: Growth Opportunities & Outlook
Growth Opportunities & Outlook
Slide 19: Recapping Our Business Model
RECAPPING OUR BUSINESS MODEL DELIVERIN G SU STA IN A BLE EA RN IN GS GROW T H Solid Core ENERGY & PORTS & DEFENCE Business With RESOURCES INSHORE Compelling Opportunities for • Organic growth via incumbency at key marine hubs Organic Growth • Expanding gross and EBITDA margins • Disciplined cost con
Slide 20: Positive Long-Term Industry Drivers
P O S I T I V E LO N G -T E R M I N D U ST RY D R I V E R S S U P P LY D E M A N D B A L A N C E E X P E C T E D T O S U P P O R T R AT E S OSV Global Utilisation 20 | bhagwanmarine.com Notes: Offshore Support Vessels (OSV), Anchor Handling Tug Supply (AHTS) Vessels and Platform Supply Vessels (PSV)
Slide 21: 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 No. Units (6,000 BHP) (right axis) $m $m 600 AHTS/AHT PSV/Supply
Slide 22: FY26 Summary
FY26 SUMMARY K E Y TA K E AWAYS 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 increase volumes,
Slide 23: Supplementary Information
Supplementary Information 23 23 | bhagwanmarine.com
Slide 24: Revenue and EBITDA Breakdown
REVENUE AND EBITDA BREAKDOWN Revenue and EBITDA Breakdown (Core excludes TVI Project) $ Million FY22 FY23 FY24 FY25 FY26 1H24 2H24 1H25 2H25 1H26 2H26 Core revenue 134.7 169.0 203.4 256.6 220.8 99.1 104.3 127.7 128.9 116.9 104.0 TVI project revenue - - 65.4 26.4 - 10.4 55.0 26.4 - - - Riverside Mari
Slide 25: Detailed Profit & Loss
D E TA I L E D P R O F I T & LO S S Pro Forma Profit and Loss FY26 FY25 Change (%) $ Million Gross revenue 235.9 292.2 -19% Pass-through revenue1 - (9.2) Net revenue 235.9 283.0 -17% Net cost of sales (149.4) (198.7) -25% Gross profit 86.5 84.4 -2% Administrative expense (38.7) (33.2) 17% Impairment
Slide 26: Reconciliation of Statutory EBITDA to Pro Forma EBITDA
R E C O N C I L I AT I O N O F S TAT U TO RY E B I T DA TO P R O F O R M A E B I T DA Reconciliation of Statutory EBITDA to Pro Forma EBITDA FY26 FY25 Change • Administrative expense for FY26 has been reduced by $ Million % $3.6m to reflect non-recurring transaction costs related Statutory EBITDA 42
Slide 27: Reconciliation of Statutory NPAT to Pro Forma NPATA
R E C O N C I L I AT I O N O F S TAT U TO RY N PAT TO P R O F O R M A N PATA Reconciliation of Statutory NPAT to Pro Forma NPATA FY26 FY25 Change $ Million Actual Actual % Statutory NPAT (0.2) 12.5 -102% Add: Transaction costs 3.6 0.7 Add: Amortisation expense on acquired intangibles 1.2 - Less: Tax
Slide 28: 20 Year Revenue History
20 YEAR REVENUE HISTORY ORGANIC AND ACQUISITIVE GROWTH TVI decommissioning project North West Shelf Acquired Dalmarine Launched establishing presence in BWN Subsea IMR master 400 Dampier to service oil and Division services agreement gas market Acquired with multinational 350 Workboats oil and gas c
Slide 29: Riverside Marine Structure
RIVERSIDE MARINE STRUCTURE DIVERSE SERVIC E OFFERIN G AC ROSS FIVE ESTA B LISHED B RA N DS RIVERSIDE MANAGED VESSELS RIVERSIDE OWNED VESSELS RIVTOW AIMS1 VESSEL RIVERSIDE MAGNETIC RIVERSIDE MARINE MANAGEMENT INDUSTRIAL SANDS ISLAND FERRIES OCEANIC Managing essential harbor & Managing dedicated resea
Slide 30: Perth
PERTH Level 11, Australia Place, 15-17 William Street, Perth WA 6000 T +61 8 9424 2300 investor.relations@bhagwanmarine.com