Bhagwan Marine
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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.
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H1 2026 earnings summary26 Feb, 2026

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.

Riverside's capital-light model benefits
How do new build orders affect vessel day rates?
What is the medium-term core EBITDA margin target?
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H2 202627 Aug, 2026
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