Bhagwan Marine (BWN) Investor presentation summary

Operating model and market presence

• Integrated services span marine and subsea services, vessel charters and project delivery across offshore energy and resources, ports and inshore, and defence.

• ~180 owned and operated vessels include dive support vessels, tugs and AHTS, utility and landing craft, multicats, barges and crew transfer vessels.

• FY26 recurring revenue was 56% of total, with spot work defined as <2 weeks, short-term as <12 months and long-term as >12 months.

• Operations are based at marine hubs across Western Australia, the Northern Territory, Queensland, Victoria and Tasmania, with head office in Perth.

Growth strategy

• Incumbency, a broad fleet and geographic footprint, and longstanding client relationships support core operations; key hubs generate ~$50m revenue p.a. and long-term contracts ~$70m p.a.

• Organic growth priorities include deepening client relationships, expanding services into adjacent markets and project types, and increasing utilisation of the enlarged fleet.

• Riverside Marine demonstrates acquisition capability; further M&A is focused on strategic and commercial fit, scale, capability and market reach.

• Decommissioning, defence and offshore energy represent longer-term growth opportunities, including potential large projects as markets develop.

Riverside Marine performance and integration

• Riverside Marine FY26 revenue was $60.0m, pro forma EBITDA $24.5m and EBITDA margin 40.8%, versus $55.0m, $21.6m and 39.3% in FY25.

• Acquisition completion occurred on 31 March 2026; 4Q FY26 revenue rose 17% and pro forma adjusted EBITDA rose 30% on the prior corresponding period.

• FY26 recurring revenue was 94%; integration was on track, with opportunities to amplify growth across Riverside Marine.