Bhagwan Marine (BWN) Euroz Hartleys Rottnest Institutional Conference Presentation summary

Company overview and core strengths

• Operates as Australia's largest ASX-listed marine solutions provider, offering offshore, port, subsea, and nearshore services with a fleet of 100 vessels and 990 employees across key national locations.

• Delivers services to blue-chip clients in sectors such as oil and gas, mining, construction, government, and port authorities.

• Founded in 2000, maintains a founder-led culture focused on service delivery and operational excellence.

• Diversified revenue streams and strong national presence in all major marine locations.

• Large, diverse fleet positions the company well in a market with limited vessel supply.

Financial performance and growth

• Achieved record 1H25 revenue of $154.1M, up 41% from 1H24, and record pro forma EBITDA of $27.3M, up 32%.

• Net cash from operations reached $21.0M, with net debt at $81.4M as of June 30, 2024.

• Oil & gas decommissioning project contributed $26.4M in revenue and $3.9M in EBITDA.

• Core business EBITDA grew 12% with a margin of 18%.

• Strong demand and a robust pipeline for multi-year contracts, especially in the larger vessel market.

Strategic initiatives and innovation

• Focused on growth segments including decommissioning, offshore wind, defence, maintenance, and the larger vessel market.

• Enhanced market profile is driving increased customer enquiries and opportunities.

• Acquired the 60.5m Coral Knight vessel for $13.75M in February 2025 to support offshore contracts, anticipating strong returns.

• Investing in remote and hybrid vessel technology, including the Ada Clara, a 26m inspection vessel capable of remote operation, reducing crewing costs by over 50%.

• Commenced paid trial of Ada Clara with a major global energy company and started conversion to hybrid power.