Bhagwan Marine (BWN) H2 2025 earnings summary

Executive summary

• Achieved record net revenue of $283 million, up 5% year-over-year, and record EBITDA of $50.9 million, up 23% year-over-year, marking the first year as a listed company and focusing on sustainable growth.

• Delivered strong operational performance across all core sectors and expanded into new markets, despite high inflation and oil and gas price volatility.

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

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

• Paid inaugural fully franked dividend of 0.5cps, reflecting strong cash generation and confidence in future growth.

Financial highlights

• Net revenue reached $283 million, up 5% year-over-year, with core revenue growing 26% to $256.6 million, driven by strong activity in offshore energy, ports, and inshore sectors.

• Pro forma EBITDA was a record $50.9 million, up 23% year-over-year, with an EBITDA margin of 18%.

• Net cash from operations grew to $35.8 million, up 23% year-over-year.

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

• Net profit after tax (NPAT) rose 18% to $13 million year-over-year.

Segment performance

• Offshore energy: Completed multi-year TBI project and significant decommissioning projects, expanding into larger vessel market with Coral Knight acquisition.

• Subsea: Completed major projects including HDD support at a large LNG project and subsea pipeline support, with strong pipeline for FY 2026.

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

• Defense: Continued work with Afla and Border Protection contracts, commenced upgrades to Henderson facility, and increased activity in response to rising government investment.