Bhagwan Marine Ltd. · ASX:BWN
Bhagwan Marine — H1 2026 Earnings Presentation
37 slides from Bhagwan Marine's earnings presentation, Feb 26, 2026
Slide 1: 1H26 Results Presentation
1H26 Results Presentation 2 6 F E B RUARY 2026 The Sea Stryder Utility Vessel
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 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
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 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 & Local Crews LA
Slide 4: Presentation Overview
Presentation Overview 1. 1H26 Highlights 2. 1H26 Financial Performance 3. 1H26 Operational Overview 4. Riverside Business Overview 5. Growth Opportunities & FY26 Priorities 6. Appendices 4
Slide 5: 1H26 Highlights
1H26 HIGHLIGHTS ST RO N G CA S H GE N E RAT IO N $ 116.9M STEADY CORE NET 19% INCREASING $ 25.4M 0.5CPS INTERIM STRONG OPERATING REVENUE EBITDA 3 MARGINS CASH GENERATION DIVIDEND Down 8.5% on 1H25 $127.7m1 Up on 1H25 18%2 Up 21% on 1H25 $21.0m Fully franked FY22 to FY25 CAGR 28% Free cash flow of $8
Slide 6: Post 1H26 Highlights – Riverside Marine Acquisition
POST 1H26 HIGHLIGHTS – RIVERSIDE MARINE ACQUISITION 1 S I G N I F I C A N T LY O V E R S U B S C R I B E D STEP-CHANGE TRANSACTION EXCELLENT STRATEGIC & CAPITAL LIGHT FOR BHAGWAN CULTURAL FIT BUSINESS MODEL • Riverside is a proven 99-year-old • Highly complementary offerings – further • Focused on m
Slide 7: 1H26 Financial Performance
1H26 Financial Performance 77 The Coral Knight Anchor Handling Vessel
Slide 8: Core Revenue Growth Trajectory
CORE REVENUE GROW TH TRA JECTORY DIVERSIFIED PROFILE REVENUE PROFILE NET REVENUE CAGR 28% TVI PROJECT CONTRIBUTED (FY22 – FY25) $91.9M OVER FY24 & 1H25 1H26 159.4 154.1 26.4 55.1 109.5 10.4 268.8 283.0 127.7 128.9 1H25 169.0 116.9 99.1 104.3 134.7 83.3 85.7 $M $M FY22 FY23 FY24 FY25 1H23 2H23 1H24 2
Slide 9: Core Earnings Growth Trajectory
CORE EARNINGS GROW TH TRA JECTORY D E L I V E R I N G O N M A RG I N E X PA N S I O N PRO FORMA FY EBITDA 1 PRO FORMA HY EBITDA 1 CAGR 33% (FY22 – FY25) EXCLUDING TVI PROJECT 50.9 3.9 23.6 23.4 41.3 47.0 22.4 6.0 36.4 35.4 21.5 EBITDA % EBITDA % Ex TVI 16% 22% 15% 18% 18% 22% 18% 17% 19% 18% $M $M F
Slide 10: Revenue & EBITDA Breakdown
REVENUE & EBITDA BREAKDOWN RESILIENT CORE BUSINESS- FOCUS ON MARGINS Revenue and EBITDA Breakdown (Core excludes TVI Project) • Core revenue decreased 8.5% to $ Million FY22 FY23 FY24 FY25 1H24 2H24 1H25 2H25 1H26 $116.9m, reflecting the timing of Core revenue 134.7 169.0 203.4 256.6 99.1 104.3 127.
Slide 11: Cash Flow
CASH FLOW STRONG FREE CASH FLOW Statutory Cash Flow 1H26 1H25 $ Million Actual Actual EBITDA 21.9 26.6 • Operating cash flow increased, driven by disciplined Interest and finance costs (1.7) (0.5) working capital management Tax paid - - Working capital (and other) 5.1 (5.1) • Sustaining capex: in li
Slide 12: Capital Expenditure Detail
C A P I TA L E X P E N D I T U R E D E T A 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: Capital Expenditure Detail 1H26 1H25 • Acquisition of the Seawind 1 landing craft vessel $ Million Actual Actual • Investment in innovation to advance remo
Slide 13: Balance Sheet
BALANCE SHEET NET FINANCIAL DEBT REDUCED TO $1.0m Statutory Balance Sheet 1H26 FY25 $ Million Actual Actual • Disciplined working capital management, with debtors normalising from June 2025 levels Net working capital (1.1) 7.0 Property, Plant and Equipment1 205.0 193.6 • 1H26 PPE increased, reflecti
Slide 14: Debt and Lease Structure
D E BT A N D L E A S E ST RU CT U RE CA PITA LISED LEA SES REFLECT IN C REA SED FLEET SIZE & T EN U RE Net Debt 1H26 FY25 $ Million Actual Actual • Financial assets include a loan to a related fleet management Cash 17.3 16.2 company Financial assets 12.0 11.7 • Continued focus on amortising financia
Slide 15: Operational Overview
Operational Overview 15 Pusher Tug Operations – Susan and Sunrise
Slide 16: 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 Multi-Functional Vessel Fleet OFFSHORE SUBSEA PORTS & DEFENCE ENERGY INSHORE 3. Highly Experienced Team & Local Crews LA
Slide 17: Strong Activity Across All Sectors
STRONG ACTIVITY ACROSS ALL SECTORS 1H 26 U PDAT E OFFSHORE PORTS & SUBSEA DEFENCE ENERGY INSHORE • Five-year support contract • Completion of • Ongoing support for Groote • Ongoing projects with Australian continued off the Pilbara coast, decommissioning (diving) Eylandt wharf repair project in Fish
Slide 18: Riverside Business Overview
Riverside Business Overview 18 Image: Rivtow Operated Tugs
Slide 19: 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 20: 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 21: Riverside's Complementary Businesses
R I V E R S I D E ’ S C O M P L E M E N TA RY B U S I N E S S E S 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
Slide 22: 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 HAY POIN • Vessels Under Management: 20+ for tier 1 resources companies and AIMS under long-term contracts • Vessels Owne
Slide 23: Growth Opportunities & FY26 Priorities
Growth Opportunities & FY26 Priorities 23 Bhagwan (Keller) Ocean Multicat Barge Tow
Slide 24: Increasing 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 25: Bhagwan's Substantial Addressable Market
B H A G WA N ’ S S U B S TA N T I A L A D D R E S S A B L E M A R K E T COMPELLING GROWTH DRIVERS OFFSHORE ENERGY PORTS & Decommissioning Offshore Wind Larger Vessel Market SUBSEA INSHORE DEFENCE • Movement to reduce • Emerging growth • Major new projects: • Ageing assets • Ageing port • Marine focu
Slide 26: Riverside's Diverse Addressable Market
RIVERSIDE’S DIVERSE ADDRESSABLE MARKET O PPO RT U NIT IE S TO IN C RE A S E VO LU ME & U T IL IS AT IO N 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 •
Slide 27: 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 220 Jan 2005 = 200
Slide 28: FY26 Priorities
FY26 PRIORITIES ST RE N GT H EN ING FO U N DAT IO NS FO R LO N G -T E RM S U CC E S S MARKET MARKET MARGIN OPERATIONAL PENETRATION DEVELOPMENT EXPANSION EXCELLENCE • Accelerate core expertise • Draw on experience in • Generate quality revenue in • Refine growth strategy to and capacity decommissioni
Slide 29: Positive Outlook
POSITIVE OUTLOOK ” LEVERAGING LEADING MARKET POSITION AND STRONG DRIVERS FY26 has started positively, with steady activity across our markets and a strong pipeline of opportunities. While near-term economic uncertainty may persist, Bhagwan is ready to capture medium- and long-term demand. This year
Slide 30: Appendices
Appendices BHAGWAN’ 30 | bhagwanmarine.com marine
Slide 31: Detailed Profit & Loss
Pro Forma Profit and Loss 1H26 1H25 Change (%) D E TA I L E D P R O F I T & LO S S $ Million Gross revenue 116.9 163.3 (28.4%) Pass-through revenue1 - (9.2) Net revenue 116.9 154.1 (24.1%) Net cost of sales (75.9) (110.5) (31.3%) Gross profit 41.0 43.7 (6.2%) Administrative expense (18.6) (16.4) 13.
Slide 32: 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 • Administrative expense for 1H26 has been reduced Reconciliation of Statutory EBITDA to Pro Forma EBITDA 1H26 1H25 Change by $0.4m to reflect non-recurring transaction costs $ Million % related to the Riverside Ma
Slide 33: Reconciliation of Statutory NPAT to Pro Forma NPAT
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 PAT Reconciliation of Statutory NPAT to Pro Forma NPAT 1H26 1H25 Change $ Million Actual Actual % Statutory NPAT 2.9 8.8 -67% Add: Transaction costs 0.4 0.7 Less: Tax effect of the above (0.1) (0.2) Total Pro Forma adjustments 0
Slide 34: 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 35: 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 36: 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 37: Contact
Level 11, 15 – 17 William Street Perth WA 6000 T +61 8 9424 2300 E investor.relations@bhagwanmarine.com