Bhagwan Marine (BWN) AGM 2026 presentation summary

FY26 financial performance

• Net revenue was $235.9m, down 16.6% from FY25’s $283.0m; the FY25 comparator covers Bhagwan only, while Riverside Marine contributed $60.0m in FY26 after its acquisition.

• Pro forma EBITDA was $40.0m, with a 20% margin, up from 18% in FY25; Riverside Marine contributed $6.1m of EBITDA.

• Pro forma net cash from operations increased 9.6% to $40.0m; pro forma free cash flow rose to $8.3m from $2.9m in FY25.

• FY26 fully franked total dividend was 0.8 cents per share, up 60% from 0.5 cents in FY25.

Operating progress and growth

• Completed the Riverside Marine acquisition and progressed integration; strengthened financial governance, embedded the COO function and enhanced business development capability.

• Secured a five-year Jadestone Energy contract for Coral Knight and acquired Bhagwan Ocean to target higher-value marine construction and logistics work.

• Added decommissioning projects, initial wind farm survey work and expanded defence activity; growth priorities include fleet utilisation, adjacent markets and disciplined acquisitions.

Riverside Marine and revenue mix

• Riverside Marine FY26 revenue was $60.0m and pro forma adjusted EBITDA was $24.5m, with a 40.8% EBITDA margin; 94% of FY26 revenue was long-term recurring.

• Riverside Marine contributed $15.1m after acquisition, bringing recurring revenue to 56% of total revenue and 62% on a FY26 pro forma annualised basis.

• Short-term project revenue recovered in May and June; Riverside Marine’s 4Q FY26 revenue rose 17% YoY and EBITDA increased 30% YoY.