Bhagwan Marine Ltd. · ASX:BWN
Bhagwan Marine — Investor Presentation (February 2026)
33 slides from Bhagwan Marine's investor presentation, Feb 9, 2026
Slide 1: Riverside Marine Acquisition
Riverside Marine Acquisition 9 F E B RUARY 2026 Image: Rivtow Operated Tugs
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 Summary information and must not be relied upon as such. This Presentation is provided expressly of, and guidance on, future earnings and financial position and performance on the basis that you will carry out your own independent inquiries into
Slide 3: 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 No liability Disclaimer to you concerning the Offer, and you represent, warrant and agree that you have not relied on any statements made by the Lead Managers or each of its The information contained in this Presentation has been prepared in goo
Slide 4: Riverside Overview
RIVERSIDE OVERVIEW SIGNIFICANT ACQUISITION • Founded in Brisbane in 1926, Riverside is a long-established marine services operator with a strong reputation for operational excellence. • The Group manages and operates ~30 vessels, including 9 owned $63.3M $26.2M $17.2M vessels, across 5 brands, servi
Slide 5: Presentation Overview
Presentation Overview Transaction Highlights & Overview Riverside Business Overview Transaction Strategic Rationale Combined Pro Forma Financials Transaction Metrics, Offer Details & Capital Structure 5
Slide 6: Transaction Highlights & Overview
Transaction Highlights & Overview Image: Rivtow Operated Tugs
Slide 7: Transaction Highlights
TRANSACTION HIGHLIGHTS T R A N S F O R M AT I O N A L , S T R AT E G I C A L LY A L I G N E D & A C C R E T I V E STEP-CHANGE TRANSACTION EXCELLENT STRATEGIC & CAPITAL LIGHT FOR BHAGWAN CULTURAL FIT BUSINESS MODEL • Riverside is a proven 99-year-old • Highly complementary offerings – further • Focus
Slide 8: Transaction Overview
TRANSACTION OVERVIEW IN C RE A S E D F RE E CA S H F LO W PE R S H A RE AT CO MPL E T IO N • 100% acquisition of Riverside Marine Holdings Pty Ltd (Riverside) – completion expected on or about 31 March 2026 TRANSACTION • Cash free, debt free basis DETAILS • Normal1 level of working capital included
Slide 9: Riverside Business Overview
Riverside Business Overview Image: Rivtow Operated Tugs
Slide 10: About Riverside
ABOUT RIVERSIDE A LEADING AUSTRALIAN MARITIME SERVICES GROUP Founded in Brisbane in 1926 by the Campbell Family, Riverside has built a strong reputation for quality, reliability and operational excellence. The Group specialises in the management and operation of approximately 30 diverse vessels, inc
Slide 11: Riverside Marine Group Structure
RIVERSIDE MARINE GROUP 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
Slide 12: Riverside Marine Metrics at a Glance
R I V E R S I D E M A R I N E M E T R I C S AT A G L A N C E PROVEN PERFORMANCE & COMPELLING OUTLOOK 20+ MANAGED 99+ YEARS COMBINED MARITIME $26M EBITDA INDUSTY LEADING 1 OPERATIONAL VESSELS EXPERIENCE MARGINS ~40% EXCELLANCE Plus 9 owned quality vessels Long-term customer relationships Consistent w
Slide 13: Rivtow Marine
RIVTOW MARINE MANAGING ESSENTIAL HARBOR & TOWAGE SERVICES FOR T IER 1, LON G -T ERM CU STOMERS CRITICAL • Tugboat services for safely manoeuvring large vessels in SERVICE OFFERING and out of ports in the Pilbara and Mackay Regions ESSENTIAL VESSELS • 21 tugs, 1 rescue vessel and 1 line vessel UNDER
Slide 14: Research Vessel Management
RESEARCH VESSEL MANAGEMENT MANAGING THE AUSTRALIAN INSTITUTE OF MARINE SCIENCE’S LARGE RESEA RC H VESSELS U N DER LON G -T ERM GOVERN MEN T CO N T RACTS TRUSTED • Comprehensive vessel management and provision of SERVICE OFFERING skilled marine contractors • 2 AIMS research vessels based in Townsvill
Slide 15: Riverside Industrial Sands
RIVERSIDE INDUSTRIAL SANDS LARGEST PROVIDER OF CONSTRUCTION SAND IN BRISBANE WITH HIGH BARRIERS TO ENTRY • Strategic location provides competitive pricing advantage and high barriers to entry EXCLUSIVE • Dredging and supply of construction sand - 1.6MT SERVICE OFFERING available for dredging • Large
Slide 16: Magnetic Island Ferries
MAGNETIC ISLAND FERRIES SOLE PROVIDER OF ESSENTIAL COMMERCIAL FERRY SERVICES LINKING TOWNSVILLE AND MAGNETIC ISLAND • Magnetic Island’s only vehicle ferry service • Exclusive use of Magnetic Island’s Geoffrey Bay and Nelly UNIQUE Bay ramps, holding 20-year leases for both, providing a SERVICE OFFERI
Slide 17: Riverside Oceanic
RIVERSIDE OCEANIC S U P P LY I N G Q U A L I T Y C H A R T E R V E S S E L S A C R O S S D I V E R S E E N D MARKETS • Charter of high-quality vessels – typically for customers engaging in hydrography, marine research and SERVICE OFFERING defence support • Currently operating in Northern Australia •
Slide 18: Transaction Strategic Rationale
Transaction Strategic Rationale Image: Rivtow Operated Tug
Slide 19: Combined Strategic Rationale
C O M B I N E D ST R AT E G I C R AT I O N A L E F U RT H E R DIVE RS IF ICAT IO N BY S E RVIC E , GEO GRA PH Y & CO MMO DIT Y • Service Offering: Third party vessel operations, harbor tugs, sand dredging and commercial ferries MAGNETIC ISLAND • Geographical Spread: North Queensland, TOWNSVILLE Mack
Slide 20: Riverside's Capital Light Business Model
R I V E R S I D E ’ S C A P I TA L L I G H T B U S I N E S S M O D E L GE N E RAT IN G F RE E CA S H F LO W T H RO U GH VE S S E L O PERAT IO N OVER O WN ERS H IP MAGNETIC ISLAND • Vessels Under Management: 20+ for tier 1 resources HAY POIN companies and AIMS under long-term contracts • Vessels Owne
Slide 21: Compelling Growth Outlook
COMPELLING GROW TH OUTLOOK IN C RE A S E D VO LU ME & U T IL IS AT IO N O PPO RT UN ITE S RIVTOW AIMS VESSEL RIVERSIDE MAGNETIC RIVERSIDE MARINE MANAGEMENT INDUSTRIAL SANDS ISLAND FERRIES OCEANIC • Manage additional • Increasing need for • Transition to a 24-hour • Tourism expansion • Recent acquisi
Slide 22: Combined Pro Forma Financials
Combined Pro Forma Financials Image: Riverside Industrial Sands Dredging Vessel
Slide 23: Pro Forma FY26 Revenue & Earnings
PRO FORMA FY26 REVENUE & EARNINGS 1 BHAGWAN & RIVERSIDE CONTRIBUTIONS PRO FORMA PRO FORMA PRO FORMA REVENUE ($m) EBITDA ($m) EBIT ($m) 63.3 26.3 17.2 346.3 77.2 40.0 22.8 50.9 283.0 Bhagwan Riverside Rivtow Operated Tugs Notes: 23 1. Pro forma. Bhagwan FY25A (audited). Riverside FY26F.
Slide 24: Pro Forma FY26 Financial Metrics
PRO FORMA FY26 FINANCIAL METRICS 1 SIGNIFICANT EARNINGS UPLIFT EBITDA ($m) EBITDA MARGIN (%) EBIT ($m) EBIT MARGIN (%) Up 54% Up 33% Up 75% Up 50% 24% 40.0 12% 77.2 18% 50.9 8% 22.8 Bhagwan Pro Forma Bhagwan Pro Forma Bhagwan Pro Forma Bhagwan Pro Forma 24 Notes: 1. Pro forma. Bhagwan FY25A (audited
Slide 25: Pro Forma FY26 Financial Metrics Continued
PRO FORMA FY26 FINANCIAL METRICS 1 CONTINUED SIGN IFICA N T ACC RET ION WIT H SU STA IN A BLE GEA RIN G PRO FORMA PRO FORMA GEARING NET DEBT PRO FORMA RETURN PRO FORMA RETURN EPS (Cents) TO EBITDA (Times) ON ASSETS (%) ON EQUITY (%) Up 14% 1.0x Up 22% Up 25% 5.4 1.1 11 10% 9 8% 4.7 0.1 Bhagwan Pro F
Slide 26: Transaction Metrics, Offer Details & Capital Structure
Transaction Metrics, Offer Details & Capital Structure 26
Slide 27: Transaction Metrics & Scenario Analysis
T R A N S A C T I O N M E T R I C S & S C E N A R I O A N A LY S I S ~ 14% E P S A C C R E T I O N $120m upfront purchase Transaction Metrics & Scenario Analysis $M consideration: • Funded by $70m debt facility, $20m Riverside EBITDA Scenario 25.2 26.2 27.2 vendor shares and $30m investor Riverside
Slide 28: Equity Raising Details
E Q U I T Y R A I S I N G D E TA I L S OFFER SUMMARY 2 tranche institutional placement to raise $30m ("Placement") via: • Tranche 1: placement to raise approximately $16.4m via the issue of 40.0m new fully paid ordinary shares in Bhagwan ("New Shares") at the Offer Price, within the Company’s existi
Slide 29: Pro Forma Capital Structure
P R O F O R M A C A P I TA L S T R U C T U R E ” Current Pro-Forma (Pre Transaction) (Post Transaction) The transaction is a strong strategic and cultural Shares on Issue 275.2m 397.2m fit. It reinforces our commitment to long-term Offer Price $0.41 $0.41 shareholder value through higher returns on
Slide 30: Appendix
Appendix 30 Image: Rivtow Operated Tug
Slide 31: 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 CORE & EMERGING MARKETS RESOURCES & CAPABILITIES 1. Nationwide Facilities Providing Local Support 2. Diverse and Multifunctional Vessel Fleet OFFSHORE SUBSEA PORTS & DEFENCE ENERGY INSHORE 3. Highly Experienced Team & Local Crews LAR
Slide 32: Longer-Term Aspirations
LO N G E R -T E R M A S P I R AT I O N S DELIVERIN G SU STA IN A BLE EA RN IN GS GROW T H TO SHA REHOLDERS SUBSTANTIAL ADDRESSABLE MARKETS WITH COMPELLING OFFSHORE SUBSEA PORTS & DEFENCE GROWTH DRIVERS ENERGY INSHORE INCREASING RETURN ON ASSETS • Supply demand imbalance within marine sector POSITIVE
Slide 33: Contact
Level 11, 15 – 17 William Street Perth WA 6000 T +61 8 9424 2300 E investor.relations@bhagwanmarine.com
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