Bhagwan Marine (BWN) Investor Presentation summary

Company overview

• Leading marine solutions provider in offshore energy, subsea, ports & inshore, and defence sectors, established in 2000 and listed on ASX in July 2024.

• Founder retains significant ownership; board increased holdings pre- and post-IPO, with further executive investment.

• Operates a diversified business model across core and emerging markets, supported by nationwide facilities and a large, multi-functional vessel fleet.

• Strategic presence in key Australian marine hubs, optimizing service delivery for oil & gas, defence, and port services.

• Owns Australia’s largest fleet of ~100 inshore and offshore vessels, providing tailored solutions and high safety standards.

FY25 performance

• Achieved record net revenue of $283.0M, up 5% from FY24, and record EBITDA of $50.9M, up 23%.

• Net cash from operations increased 23% to $35.8M; inaugural fully franked dividend of 0.5cps declared.

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

• Secured a six-year contract extension with Port of Melbourne and expanded into larger vessel markets.

• Grew presence in decommissioning, completed major projects, and expanded support for offshore wind and defence sectors.

Financial growth and balance sheet

• Net revenue CAGR of 28% and pro forma EBITDA CAGR of 33% from FY22 to FY25.

• TVI project contributed $91.9M over FY24 and 1H25.

• ROA improved to 9% with capital employed rising 29% to $206.0M; net debt to equity ratio at 23%.

• IPO proceeds allocated as per prospectus, with increased investment in PPE and leased vessels.