Bhagwan Marine Ltd. · ASX:BWN
Bhagwan Marine — FY2025 Earnings Presentation
37 slides from Bhagwan Marine's earnings presentation, Aug 29, 2025
Slide 1: FY25 Results Presentation
FY25 Results Presentation 2 9 AU G U ST 2 0 2 5 The Sea Stryder Utility Vessel
Slide 2: Important Notice and Disclaimer
I M P O RTA N T N OT 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 by other entities, nor should it be construed as an alternative to other This presentation contains statements that are subject to risk factors release by the Board of Bhagwan M
Slide 3: Bhagwan Business Model at a Glance
B H AG WA N B U S I N E S S M O D E L AT A G L A N C E DIVERSIFIED BUSINESS MODEL – CORE & EMERGING MARKETS RESOURCES & CAPABILITIES 1. Nationwide Facilities Providing Local Support 2. Diverse and Multi-Functional Vessel Fleet OFFSHORE SUBSEA PORTS & DEFENCE ENERGY INSHORE 3. Highly Experienced Team
Slide 4: Presentation Overview
Presentation Overview 1. FY25 Highlights 2. FY25 Financial Performance 3. Operational Overview 4. Growth Opportunities & Outlook 5. Appendices 4
Slide 5: FY25 Highlights
FY25 HIGHLIGHTS D E L I V E RI N G I N F I RST Y E A R A S L I ST E D CO M PA N Y 283.0M RECORD 50.9M RECORD 35.8M 0.5CPS INAUGURAL NET CASH FROM NET REVENUE EBITDA2 OPERATIONS DIVIDEND Up 5% on FY24 $268.8m1 Up 23% on FY24 $41.3m Up 23% on FY24 $29.0m Fully franked STRENGTHENING MAINTAINED GROWTH &
Slide 6: FY25 Financial Performance
FY25 Financial Performance 66 The Coral Knight Anchor Handling Vessel
Slide 7: Year-on-Year Core Revenue Growth
Y E A R - O N -Y E A R C O R E R E V E N U E G R O W T H DIVERSIFIED PROFILE REVENUE PROFILE1 NET REVENUE CAGR 28% TVI PROJECT CONTRIBUTED (FY22 – FY25) $91.9M OVER FY24 & 1H25 FY25 159.4 154.1 26.4 55.0 109.5 10.4 268.8 283.0 127.7 128.9 FY24 169.0 99.1 104.3 134.7 83.3 85.7 74.7 60.0 $M $M FY22 FY
Slide 8: Year-on-Year Core Earnings Growth
Y E A R - O N -Y E A R C O R E E A R N I N G S G R O W T H CO N T I N U ED FO C U S O N M A RG I N E X PA N S I O N PRO FORMA EBITDA1 PRO FORMA EBITDA1 PRO FORMA CAGR 33% (FY22 – FY25) SPLITTING OUT TVI PROJECT EBIT1 50.9 22.8 50.9 3.9 41.3 47.0 6.0 17.8 41.3 15.4 36.4 36.4 35.3 21.5 21.5 EBITDA % E
Slide 9: Revenue & EBITDA Breakdown
REVENUE & EBITDA BREAKDOWN S T R O N G U N D E R LY I N G C O R E O V E R L AY E D W I T H S I G N I F I C A N T T V I P R O J E C T • Core revenue growth of 26% to Revenue and EBITDA Breakdown (Core excludes TVI Project) $256.6m on increased fleet $ Million FY22 FY23 FY24 FY25 1H24 2H24 1H25 2H25 n
Slide 10: Cash Flow
CASH FLOW EBITDA GROWTH FLOWING THROUGH TO CASH • Increase in operating cash flow from: Statutory Cash Flow FY25 FY24 • Higher EBITDA $ Million Actual Actual • Lower interest charges EBITDA 50.2 39.7 • Partially offset by high operational activity at year end resulting in temporary use of working ca
Slide 11: 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 & C A P A B I L I T Y • Growth capex includes: • Acquisition of the Coral Knight to support continued Capital Expenditure Detail FY25 FY24 expansion into larger offshore vessel market $ Million Actual Ac
Slide 12: Balance Sheet
BALANCE SHEET EARNINGS GROWTH DRIVING IMPROVED ROA • Focus on working capital management – activity Statutory Balance Sheet FY25 FY24 Change towards year end resulted in higher debtors • FY25 PPE reflects increase in growth capex and $ Million Actual Actual % additional leased vessels Net working ca
Slide 13: Debt and Lease Structure
D E BT A N D L E A S E ST RU CT U RE CAPITALISED LEASES REFLECT IN CREASED FLEET SIZE & T EN U RE • Financial assets – loan to a related fleet management Net Debt FY25 FY24 company • Financial debt reduced by IPO $ Million Actual Actual • Capex facility drawn to $13.2m for acquisition of the Cash 16
Slide 14: Operational Overview
Operational Overview 14 Pusher Tug Operations – Susan and Sunrise
Slide 15: Bhagwan Business Model at a Glance
B H AG WA N B U S I N E S S M O D E L AT A G L A N C E DIVERSIFIED BUSINESS MODEL – CORE & EMERGING MARKETS RESOURCES & CAPABILITIES 1. Nationwide Facilities Providing Local Support 2. Diverse and Multi-Functional Vessel Fleet OFFSHORE SUBSEA PORTS & DEFENCE ENERGY INSHORE 3. Highly Experienced Team
Slide 16: Strong Activity Across All Sectors
STRONG ACTIVITY ACROSS ALL SECTORS F Y 25 U PDAT E OFFSHORE PORTS & SUBSEA DEFENCE ENERGY INSHORE • Completion of significant TVI • Completion of horizontal • Support services for the Mardie • Ongoing projects with Australian project, establishing directional drilling support at Salt and Potash whar
Slide 17: Growth Opportunities & Outlook
Growth Opportunities & Outlook 17 Bhagwan (Keller) Ocean Multicat Barge Tow
Slide 18: Compelling Growth Sectors
COMPELLING GROWTH SECTORS L EV E RAG I N G E X P E RI E N C E A N D CA PA B I L I T I E S W I T H I N CO RE B U S I N E S S OFFSHORE ENERGY PORTS & Decommissioning Offshore Wind Larger Vessel Market SUBSEA INSHORE DEFENCE • Maturing of Australia’s • Early-stage growth market • Bhagwan’s enhanced • A
Slide 19: Positive Long-Term Industry Outlook
P O S I T I V E LO N G -T E R M I N D U ST RY O U T LO O K S U P P LY D E M A N D I M 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 AHTS 4,000 + BHP OSV RATE INDEX AHTS OSV NEW BUILDING AHTS/AHT PSV > 1,000 DWT PSV PSV/Supply UTILISATION CONTRACTING ACTIVITY Jan 2005 = 100 No.
Slide 20: FY26 Focus Areas
FY26 FOCUS AREAS ST REN GT H EN ING FO U N DAT IO NS FO R LO N G-T ERM SU CC ESS MARKET MARKET MARGIN OPERATIONAL PENETRATION DEVELOPMENT EXPANSION EXCELLENCE • Accelerate the expertise and • Draw on experience and proven • Generate quality revenue in an • Further refinement of growth operational ca
Slide 21: Positive Outlook
POSITIVE OUTLOOK LEVERAGING LEADING MARKET POSITION AND STRONG DRIVERS In our first year as a listed company, Bhagwan performed strongly and exceeded expectations. Building on this momentum, we will continue to invest in capability, expand across our core and growth sectors and remain alert to accre
Slide 22: Appendices
Appendices BHAGWAN® 22 | bhagwanmarine.com marine
Slide 23: Detailed Profit & Loss
D E TA I L E D P R O F I T & LO S S Pro Forma Profit and Loss ($ Million) FY25 FY24 Change (%) Gross revenue 292.2 303.1 -4% Pass-through revenue1 (9.2) (34.4) Net revenue 283.0 268.7 5% Net cost of sales (198.7) (197.5) 1% Gross profit 84.4 71.2 18% Administrative expense (33.5) (29.8) 12% Impairme
Slide 24: Reconciliation of Statutory EBITDA to Pro Forma EBITDA
R E C O N C I L I AT I O N O F STAT U TO RY E B I T DA TO P R O F O R M A E B I T DA • Administrative expense was increased in FY24 by Reconciliation of Statutory EBITDA to Pro Forma EBITDA FY25 FY24 Change $1.1m to reflect the estimated extra costs that $ Million Actual Actual % Bhagwan would incur
Slide 25: Reconciliation of Statutory NPAT to Pro Forma NPAT
R E C O N C I L I AT I O N O F STAT U TO RY N PAT TO P R O F O R M A N PAT Reconciliation of Statutory NPAT to Pro Forma NPAT FY25 FY24 Change $ Million Actual Actual % Statutory NPAT 12.5 5.5 130% Less: Additional administrative expenses - (1.1) Add: Transaction costs 0.7 2.7 Add: Finance cost savi
Slide 26: Bhagwan Board
BHAGWAN BOARD Anthony Wooles Loui Kannikoski Tracey Horton AO Andrew Wackett Chairman and Managing Director and Independent Executive Director - Finance Non-Executive Director Chief Executive Officer Non-Executive Director Appointed Chair on 8 March 2012 Founded and managed Appointed as Independent
Slide 27: Executive Leadership Team
EXECUTIVE LEADERSHIP TEAM Cheryl Williams Mark Annand Kerren Kannikoski Daniel Shields Grant Bedford CFO and Company Chief Operating Officer General Manager, General Manager, General Manager, Secretary Corporate Services QHSE Commercial Co-founder of the business Joined in 2018 Joined in 2025 and co
Slide 28: Executive Leadership Team
EXECUTIVE LEADERSHIP TEAM Peter Carmichael Kevin Clifford Gregory Standish Tom Kannikoski Luke Morand General Manager, General Manager, General Manager, General Manager, General Manager, Corporate and Strategic East Coast Operations Subsea West Coast Operations Northern Territory Development Joined
Slide 29: Australia's Largest Listed Marine Solutions Provider
A U S T R A L I A’ S L A R G E S T L I S T E D M A R I N E S O L U T I O N S P R O V I D E R BHAGWAN MARINE Bhagwan supports the offshore energy, subsea, ports & inshore and defence industries. With a proven track record and extensive experience, the Company has built long-standing partnerships with
Slide 30: Strong Outlook for Decommissioning
STRONG OUTLOOK FOR DECOMMISSIONING PROVEN EXPERIENCE STRENGTHENS BHAGWAN’S POSITION IN THIS SECTOR NORTHERN TERRITORY AND WESTERN AUSTRALIA POTENTIAL DECOMMISSIONING PIPELINE 35 6,076 km 483 Platforms Pipelines and Subsea lifts Static umbilicals 11 120 548 Floating Flexible Wells to be facilities ri
Slide 31: Strong Outlook for Defence
STRONG OUTLOOK FOR DEFENCE EXPOSURE TO INCREASED GOVERNMENT SPENDING OPPORTUNITIES FOR BHAGWAN’S DIVERSE FLEET THROUGHOUT THE FULL LIFE CYCLE Construction Operations Maintenance Defence infrastructure Support the defence industry Ongoing infrastructure and Facility at Henderson Marine Precinct, WA e
Slide 32: Large Diverse Fleet
LARGE DIVERSE FLEET A C O M P E T I T I V E A D VA N TA G E W H E R E V E S S E L S U P P LY G LO B A L LY I S L I M I T E D Australia’s largest fleet of ~100 inshore and offshore vessels (~70% owned) Broad range of purpose-built vessels and marine assets Offshore Vessels Tug Boats Multicats Unique
Slide 33: Crewing
CREWING A H I G H LY S K I L L E D T E A M W I T H A REPU TAT IO N FO R O PERAT IO N A L EXCELLENCE • Australia’s largest in-house marine crewing provider • Circa 950 marine and 138 corporate team members • Up to 200 qualified divers 1088 C. EMPLOYEES NATION-WIDE Bhagwan crew 33
Slide 34: Innovation
I N N O VAT I O N INVESTING IN FUTURE TECHNOLOGIES HYBRID-POWERED VESSELS • Cost savings • Increased time on station • Reduced carbon emissions REMOTELY OPERATED VESSELS • Significant cost savings • Reduce offshore crewing requirements • Greater flexibility and ability to substitute larger legacy ve
Slide 35: Innovation: Investing in the Future Case Study
I N N OVAT I O N : I N V E ST I N G I N T H E F U T U R E C A S E S T U D Y: 26m inspection vessel • First vessel capable of remote operation in Australia of this size Remotely operated with ROV system • Vessel significantly enhances safety and reduces operational costs • Commenced paid trial in 2Q2
Slide 36: Bhagwan Marine
BHAGWAN™ marine
Slide 37: Level 3, 251 St Georges Terrace Perth WA 6000
Level 3, 251 St Georges Terrace Perth WA 6000 T +61 8 9424 2300 E investor.relations@bhagwanmarine.com