Bhagwan Marine (BWN) H2 2025 earnings summary

Executive summary

• Achieved record net revenue of $283.0 million, up 5% year-over-year, and record pro forma EBITDA of $50.9 million, up 23% year-over-year, marking the first full year as a listed company with strengthened strategy and leadership.

• Expanded presence in decommissioning, offshore wind, and defence sectors, while maintaining strong performance in core business areas.

• Maintained a zero LTIFR and improved safety metrics, implementing a Safety Improvement Plan.

• Declared inaugural fully franked dividend of 0.5 cents per share.

• Welcomed a new COO, Mark Annand, to drive operational results and growth.

Financial highlights

• Net revenue reached $283.0 million, up 5% year-over-year; pro forma EBITDA rose 23% to $50.9 million, with an EBITDA margin of 18%.

• Core business revenue grew 26% year-over-year, offsetting the completion of the TBI project.

• Net cash from operations increased 23% to $35.8 million year-over-year.

• Statutory NPAT up 125% to $12.5 million; pro forma NPAT up 19% to $13.0 million.

• Gross profit margin improved to 30% from 26% year-over-year.

Segment performance

• Offshore energy: Completed major decommissioning projects, including the TBI project, and expanded into the larger vessel market with Coral Knight acquisition.

• Subsea: Supported major LNG and gas projects, with strong pipeline and tendering activity for FY 2026.

• Ports and inshore: Secured a six-year maintenance contract extension and expanded scope with the Port of Melbourne, increasing contract value to $16.5 million.

• Defence: Increased activity and facility upgrades in response to rising government investment.

• Grew presence in decommissioning and offshore wind sectors.