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Bhagwan Marine (BWN) investor relations material
Bhagwan Marine H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue for the half-year was AUD 116.9 million, down between 8.5% and 24% year-over-year due to timing of major contract awards and market conditions.
EBITDA margin improved to 19% from 18% in the prior period, with EBITDA at AUD 22.4 million.
Strong operating cash flow of AUD 25.4 million, up 21% year-over-year, and free cash flow of AUD 8.6 million.
Interim fully franked dividend of 0.5 cents per share declared, reflecting confidence in outlook.
Acquisition of Riverside Marine Holdings announced, expected to be highly accretive, diversifying revenue streams and enhancing scale.
Financial highlights
Revenue: AUD 116.9 million, down between 8.5% and 24% year-over-year.
Pro forma EBITDA: AUD 22.4 million, down up to 18% year-over-year; EBITDA margin 19%.
Gross profit margin improved to 35% from 28% in 1H25.
Net profit after tax was between AUD 2.9 million and AUD 3.2 million, down over 65% year-over-year.
Net debt to equity at 1%, with net financial debt minimal at around AUD 1 million.
Outlook and guidance
Focus on margin-led earnings quality, improved fleet utilisation, and converting a strong pipeline of opportunities into contracted work.
Riverside acquisition forecasted to deliver EPS accretion of ~14%, ROE accretion >20%, and group EBITDA margins to expand from 18% to 24% in FY 2026.
Positive long-term industry outlook supported by supply-demand imbalance and limited new vessel builds.
Integration of Riverside Marine Holdings acquisition is a key priority, expected to enhance scale and diversification.
Strong opportunity pipeline and confidence in trajectory through FY 2026 and beyond.
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