Slides
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2 0 O CTO B E R 2026 15th Annual Australian Microcap Investment Conference
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2 | bhagwanmarine.com Authorisation of Release: This ASX Announcement has been approved for release by Loui Kannikoski, MD & CEO of Bhagwan Marine Limited ABN 81 009 154 349 (“Bhagwan”). (ASX code: BWN) Important Notice: This presentation and these materials (together the “presentation”) have been prepared by Bhagwan as a summary of Bhagwan’s operations and results for the purposes of a presentation to existing or potential investors in Bhagwan. By participating in this presentation or reviewing or retaining these materials, you acknowledge and represent that you have read, understood and accepted the terms of this important notice and disclaimer. This presentation should be read in conjunction with Bhagwan’s prospectus (July 2024), FY26 Annual Report and other continuous disclosure announcements that have been lodged by Bhagwan with the ASX. Financial data: all dollar values are in Australian dollars unless stated otherwise. Non-IFRS information: Bhagwan’s financial reporting complies with Australian accounting standards and international financial reporting standards (“IFRS”). This presentation includes material that contains non-IFRS measures that are not subject to audit. The non-IFRS information has not been audited. Bhagwan believes this non-IFRS financial information provides useful information to users in measuring the financial performance and conditions of Bhagwan. The non-IFRS financial information does not have a standardised meaning prescribed by Australian accounting standards and therefore may not be comparable to similarly titled measures presented by other entities, nor should it be construed as an alternative to other financial measures determined in accordance with Australian accounting standards. Investors are therefore cautioned not to place undue reliance on any non-IFRS financial information and ratios included in this presentation. Such non-IFRS financial information is unaudited. Forward-looking statements and risks: This presentation may contain forward-looking statements concerning activities that are or may be undertaken, and outlook or other matters. Any such forward- looking statements are based on assumptions that may differ materially from the actual circumstances which may arise. Actual results may differ from projections and such variations may be material. You should not place undue reliance on any projections which are based only on information currently available to Bhagwan. Bhagwan undertakes no obligation to update any forward-looking statements for events or circumstances that occur subsequent to the date of this presentation or to keep current any of the information provided. Past performance is no guarantee of future performance. Forward-looking statements involve inherent risks and uncertainties, both general and specific, and there is a risk that those predictions, forecasts and other forward-looking statements will not be achieved. Forward-looking statements, opinions and estimates provided in this presentation are based on assumptions and contingencies that are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. This presentation contains statements that are subject to risk factors associated with Bhagwan’s industry as well as unknown risks and uncertainties (both general and specific), many of which are outside the control of Bhagwan. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a range of variables, some of which are outside Bhagwan’s control, which could cause actual results or trends to differ materially, including but not limited to earnings, capital expenditure, cash flow and capital structure risks and general business risks. Given this, recipients are strongly cautioned not to place undue reliance on any projections and forward- looking statements. Disclaimer: Other than as required by law, neither Bhagwan nor any other person (including any director, officer or employee of any member of the group) gives any representation, warranty or assurance (express or implied) in relation to the accuracy or completeness of any forward- looking statement or that the occurrence of any event, results, performance or achievement will actually occur. Except as required by applicable laws or regulations, Bhagwan expressly disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statements in this presentation to reflect any change in expectations in relation to any forward-looking statements or any change in events, conditions or circumstances on which any such statement is based. This presentation can be viewed via Bhagwan InvestorHub: https://investors.bhagwanmarine.com/link/r6wEGP I M P O R T A N T N O T I C E A N D D I S C L A I M E R
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3 | bhagwanmarine.com D E L I V E R I N G B E S P O K E M A R I N E S O L U T I O N S W H O W E A R E INTEGRATED SERVICE LINES UNRIVALLED MULTIFUNCTIONAL FLEET BALANCED SOURCES OF REVENUE • Marine Services • Subsea Services • Vessel Charters • Project Delivery DIVERSE OPERATING SECTORS • Offshore Energy and Resources • Ports and Inshore • Defence • Dive support • Tugs and AHTS • Utility and landing craft • Multicats • Barges • Crew Transfer • Spot work: <2 weeks • Short-term: <12 months • Long-term: >12 months • FY26 56% recurring revenue (spot and long-term) End-to-end marine solutions Strong core and emerging markets ~180 owned and operated vessels Increasing recurring revenue
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4 | bhagwanmarine.com E S T A B L I S H E D A T K E Y M A R I N E H U B S N A T I O N A L L Y W H E R E W E O P E R A T E v
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5 | bhagwanmarine.com C O M P E L L I N G O P P O R T U N I T I E S F O R S U S T A I N A B L E G R O W T H H O W W E G R O W Solid Core Business Power of Incumbency Acquisitive Growth Proven Capability Blue Sky Emerging Opportunities • Market-leading position underpinned by the power of incumbency • Large, multifunctional fleet with a broad geographic footprint • Longstanding client relationships generating consistent opportunities • Established presence at key marine hubs generating ~$50m revenue p.a. • Long-term contracts generating ~$70m revenue p.a. Organic Growth Leverage Existing Opportunities • Deepen client relationships and increase service offering • Expand into adjacent markets and project types • Drive greater utilisation of the enlarged fleet and capabilities • Multiple growth opportunities already available today • Riverside Marine demonstrates Bhagwan’s capability to execute strategic M&A • Opportunity to further expand scale, capability and market reach • Disciplined approach focused on strategic and commercial fit • Significant blue-sky opportunities across decommissioning, defence and offshore energy, providing upside beyond the core investment case • Potential for large, material projects as these markets develop • Early positioning provides a platform to capture future market growth over the medium to longer-term
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6 | bhagwanmarine.com S U S T A I N E D G R O W T H A N D I N T E G R A T I O N O N T R A C K F Y 2 6 R I V E R S I D E M A R I N E H I G H L I G H T S • Successful completion on 31 March 2026 • 4Q FY26 revenue up 17% on pcp • 4Q FY26 EBITDA up 30%1 on pcp • Further EBITDA margin expansion • 94% long-term recurring revenue in FY26 • Opportunities for Bhagwan to amplify growth across Riverside Marine 52.0 55.0 60.0 FY24 FY25 FY26 17.9 21.6 24.5 FY24 FY25 FY26 $m $m REVENUE PRO FORMA EBITDA 40.8%39.3%34.4% Notes: 1 Pro forma adjusted EBITDA. EBITDA Margin %
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7 | bhagwanmarine.com 29.1 45.0 51.1 50.2 50.2 25.1 36.7 52.8 67.2 67.2 15.11 56.4 110.6 121.7 152.7 103.4 103.4 4.2 65.4 26.4 I N C R E A S I N G R E C U R R I N G R E V E N U E A S A P E R C E N T A G E O F T O T A L S T R E N G T H E N I N G R E V E N U E P R O F I L E Notes: 1 Riverside Marine 4Q FY26 contribution aligning with completion on 31 March 2026. 2 Significant Thevenard Island (TVI) decommissioning project. 3 Recurring revenue excludes short-term and TVI revenue. • Riverside Marine contributed $15.1m in revenue for FY26 post-acquisition, increasing recurring revenue to 56% of total revenue and 62% on an annualised basis. • Short-term projects (<12 months) recovered in May and June. $m Recurring revenue %3 SPOT REVENUE: <2WEEKS (ORGANIC) SHORT-TERM REVENUE: <12MONTHS (ORGANIC ) LONG-TERM REVENUE: >12MONTHS (ORGANIC) RIVERSIDE MARINE (ACQUISITIVE) TVI PROJECT REVENUE2 (BLUE-SKY ) 62% 40% 56% FY24 FY25 FY26 268.8 283.0 235.9 277.2 FY23 FY26 PRO FORMA ANNUALISED 169.0 40%33%
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8 | bhagwanmarine.com S T R O N G C A S H C O N V E R S I O N F Y 2 6 P R O F O R M A F R E E C A S H F L O W Notes: Small variances may exist due to rounding. 1 Pro forma EBITDA Strong cash conversion 90% Operating Cash flow before interest and tax to EBITDA 1 Pro Forma Free Cash Flow $8.3m Comprising $4.7m of underlying free cash flow and $3.6m of Pro forma adjustments 46.1 Interest & finance costs (5.0) (0.5) (0.6) 40.0 (18.1) (13.6) 8.3 Free cash flow Lease repayments Sustaining capex Pro forma Cash from operations Working Capital (and other) Tax paid Pro forma EBITDA $m
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9 | bhagwanmarine.com I N C R E A S I N G D U E T O T I G H T N E W B U I L D M A R K E T Notes: Offshore Support Vessels (OSV), Anchor Handling Tug Supply (AHTS) Vessels and Platform Supply Vessels (PSV). Source: Clarksons Research Offshore Supply Vessel Monthly’ June 2026. Platform supply vessels (PSV). Anchor handling tug vessels (AHT). Anchor handling tug / supply vessels (AHTS). 0 100 200 300 400 500 600 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 AHTS/AHT PSV/Supply No. Units OSV Newbuilding Contracting Activity B H A G W A N F L E E T V A L U E S Bhagwan Owned Fleet Value (left axis) Riverside Owned Fleet Value (left axis) AHTS Global Average Vessel Resale Price – Medium (6,000 BHP) (right axis) $m $m 5 7 9 11 13 15 17 19 50 70 90 110 130 150 170 190 210 2024 2025 2026
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10 | bhagwanmarine.com 4 2 K E Y T A K E A W A Y S S U M M A R Y Increasing recurring revenue and profitability, supported by strong cash generation Incumbency at key marine hubs and enhanced business development capability support organic growth Riverside Marine integration is on track, with opportunities to increase volumes, utilisation and earnings Well positioned to capture blue sky growth opportunities driven by the energy transition , decommissioning and defence Positive industry fundamentals support pricing and long-term asset values 1 3 5
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PERTH Level 11, Australia Place, 15-17 William Street, Perth WA 6000 T +61 8 9424 2300 investor.relations@bhagwanmarine.com