Bhagwan Marine Ltd. · ASX:BWN
Bhagwan Marine — Euroz Hartleys Institutional Investor Conference 2026
19 slides from Bhagwan Marine's conference presentation, Mar 17, 2026
Slide 1: Euroz Hartleys Institutional Investor Conference
Euroz Hartleys For personal use only Institutional Investor Conference Rottnest Island 1 7 M A RCH 2 0 2 6 Image: Rivtow Operated Tugs
Slide 2: Important Notice and Disclaimer
I M P O R TA 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 and therefore may not be comparable to similarly titled measures presented This presentation contains statements that are subject to risk factors release by the MD & CEO of Bha
Slide 3: Bhagwan Business Model at a Glance
B H A G W A 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 For personal use only 1. Nationwide Facilities Providing Local Support 2. Diverse and Multi-Functional Vessel Fleet OFFSHORE SUBSEA PORTS & DEFENCE ENERGY INSHORE 3. Highly Experienc
Slide 4: Presentation Overview
Presentation Overview For personal use only 1. 1H26 Highlights 2. Riverside Business Overview 3. Riverside Acquisition Highlights 4. Summary & Outlook 4
Slide 5: 1H26 Highlights
1H26 HIGHLIGHTS F U RT H E R M A RG I N E X PA N S I O N A N D ST RO N G CA S H G E N E RAT I O N $ 116.9M 19% $ 25.4M 0.5CPS For personal use only STEADY CORE NET INCREASING STRONG OPERATING INTERIM REVENUE EBITDA 3 MARGINS CASH GENERATION DIVIDEND Down 8.5% on 1H25 $127.7m1 Up on 1H25 18%2 Up 21%
Slide 6: Riverside Marine Business Overview
For personal use only Riverside Marine Business Overview 6 Image: Rivtow Operated Tugs
Slide 7: Riverside Marine Acquisition Highlights
Riverside For personal use only Marine Acquisition Highlights Refer to Bhagwan Marine’s ASX Announcement on the Acquisition of Riverside Marine on 9 February 2026. 7 Image: Riverside Industrial Sands Dredging Vessel
Slide 8: Excellent Strategic & Cultural Fit
E X C E L L E N T S T R AT E G I C & C U LT U R A L F I T F U RT H E R D I V E R S I F I C AT I O N BY S E R V I C E , G EO G R A P H Y & C O M M O D I T Y For personal use only Service Offering Third party vessel operations, harbor tugs, sand dredging and commercial ferries Geographical Spread Nort
Slide 9: Capital Light Business Model
C A P I TA L L I G H T B U S I N E S S M O D E L V E S S E L O P E R AT I O N OV E R O W N E R S H I P For personal use only Vessels Under Management 20+ for tier 1 resources companies and AIMS under long-term contracts 9 Vessels Owned Valued at ~$35.7m1 Additional High-Quality Revenue Limited capit
Slide 10: High Recurring Annual Revenue
HIGH RECURRING ANNUAL REVENUE1 8 8 % R E P E ATA B L E For personal use only Increases Bhagwan’s repeatable revenue from ~40% to ~50% Strong market position with high barriers to entry Opportunities for revenue growth Rivtow Operated Tugs 10 Notes: 1. Refer to Bhagwan Marine’s ASX Announcement on th
Slide 11: High Free Cash Flow
H I G H F R E E C A S H F LO W 1 QUALITY REVENUE & STRONG MARGINS High EBITDA margin For personal use only ~ 40% Sustaining capital expenditure ~ 30% of EBITDA No vessel lease payments Riverside Resolute 11 Notes: 1. Refer to Bhagwan Marine’s ASX Announcement on the Acquisition of Riverside Marine o
Slide 12: High EPS & Return Accretive
HIGH EPS & RETURN ACCRETIVE 1 PROFORMA FY26 For personal use only EPS Accretion (cps) Return on equity (%) EBITDA margin (%) 14% 25% 33% 5.4 10% 24% 8% 18% 4.7 Bhagwan Pro Forma Bhagwan Pro Forma Bhagwan Pro Forma 12 Notes: 1. Refer to Bhagwan Marine’s ASX Announcement on the Acquisition of Riversid
Slide 13: Riverside Marine's Diverse Addressable Market
RIVERSIDE MARINE’S DIVERSE ADDRESSABLE MARKET O P P O RT U N I T I E S TO I N C R E A S E VO LU M E & U T I L I S AT I O N For personal use only RIVTOW AIMS VESSEL RIVERSIDE MAGNETIC RIVERSIDE MARINE MANAGEMENT INDUSTRIAL SANDS ISLAND FERRIES OCEANIC • Additional Increasing • Managing need for dedic
Slide 14: Summary & Outlook
For personal use only Summary & Outlook 14 14 The Coral Knight Anchor Handling Vessel
Slide 15: Positive Outlook for H2 and Beyond
P O S I T I V E O U T LO O K F O R 2 H 2 6 A N D B E Y O N D ENTERING NEXT PHASE OF GROWTH For personal use only SOLID PERFORMANCE EXPANDING EBITDA DISCIPLINED COST AND STRONG CASH WITH POSITIVE MARGINS CAPITAL MANAGEMENT GENERATION MOMENTUM INTO 2H26 DELEVERED BALANCE TRANSFORMATIONAL FURTHER STRON
Slide 16: Decommissioning: Gaining Momentum and Strategic Win
DECOMMISSIONING GA I N I N G M O M E N T U M A N D ST R AT EG I C W I N • WA moorings & buoy removal, opening access to broader For personal use only decommissioning programs • Completed paid BWI Tanker Loading Line study, demonstrating expertise in sensitive operations • Experience in shallow-water
Slide 17: Activity Update
A C T I V I T Y U P D AT E SUBTITLE For personal use only Work in Progress 17 17 Source: Energy Exchange Australia 2026 - Centre of Decommissioning Australia (CODA)
Slide 18: Longer-Term Aspirations
LO N G E R -T E R M A S P I R AT I O N S D E L I V E R I N G S U STA I N A B L E E A R N I N G S G RO W T H TO S H A R E H O L D E R S SUBSTANTIAL For personal use only ADDRESSABLE MARKETS WITH COMPELLING OFFSHORE SUBSEA PORTS & DEFENCE GROWTH DRIVERS ENERGY INSHORE INCREASING RETURN ON ASSETS • Sup
Slide 19: For personal use only
For personal use only Level 11, 15 – 17 William Street Perth WA 6000 T +61 8 9424 2300 E investor.relations@bhagwanmarine.com
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