Slides
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2 3 O CTO B E R 2026 2026 Annual General Meeting
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2 | bhagwanmarine.com Authorisation of Release: This ASX announcement has been approved for release by the Board 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. 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 O U R B O A R D O F D I R E C T O R S Anthony Wooles Chairman & Non-Executive Director Loui Kannikoski Managing Director & Chief Executive Officer Tracey Horton AO Independent Non-Executive Director Andrew Wackett Executive Director - Finance Appointed as Chair on 8 March 2012 Expertise: Financial and capital markets, strategic marketing. Other ASX Directorships: IMDEX Limited since 2016 High Peak Royalties since 2012 Founded and Managed Bhagwan since 2000 Expertise: Extensive operational and management experience within the marine and oil & gas industries. Appointed as Independent Non-Executive Director on 5 June 2024 Expertise: Corporate governance and strategy, economics, finance and accounting. Other ASX Directorships: IMDEX Limited since 2023 IDP Education since 2022 GPT since 2019 Appointed as Executive Director of Finance on 1 May 2024 Expertise: Investment banking, securities management, finance and corporate governance.
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4 A G E N D A 2 0 2 6 A N N U A L G E N E R A L M E E T I N G Chairman’s Address Resolutions & Voting Close of 2026 Annual General Meeting MD & CEO Address Refreshments
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Chairman’s Address
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6 | bhagwanmarine.com R E S I L I E N T M A R G I N S A N D S T R O N G C A S H G E N E R A T I O N F Y 2 6 F I N A N C I A L H I G H L I G H T S $235.9m 20% $40.0m 0.8cps NET REVENUE EBITDA MARGIN 3 NET CASH FROM OPERATIONS 4 FULLY FRANKED TOTAL DIVIDEND Up from 18% in FY251 Down 16.6% on FY25 $283.0m1 Up 9.6% on FY25 $36.5m5 FY25 fully franked dividend of 0.5cps Notes: 1 FY25 includes Bhagwan only. 2 Riverside Marine acquisition completed on 31 March 2026 – Riverside Marine FY26 revenue $60.0m . 3 Pro forma EBITDA margin. 4 Group pro forma net cash from operations (Bhagwan FY26 and Riverside Marine 4Q FY26) 5 FY25 pro forma cash from operations Bhagwan $220.8m 4Q FY26 Riverside Marine $15.1m2 4-Year Revenue CAGR 15% Bhagwan EBITDA $40.0m3 Riverside Marine EBITDA $6.1m Pro forma free cash flow increased to $8.3m up from $2.9m in FY25 60% Dividend Growth
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7 | bhagwanmarine.com B U I L D I N G O N S O L I D B A S E F O R L O N G - T E R M G R O W T H F Y 2 6 O P E R A T I O N A L H I G H L I G H T S Completed transformational acquisition of Riverside Marine and progressed integration1 Additional decommissioning projects2, initial wind farm survey work and built on existing defence presence. Embedded the COO function and strengthened business development capability Strengthened financial governance and aligned overheads to enhance resilience, margins and future returns Notes: 1 See announcement Completion of Riverside Marine Acquisition dated 31 March 2026. 2 See announcement Bhagwan Marine Advanced Decommissioning Strategy with Barrow Island Contract dated 24 March 2026. 3 See announcement Award of 5 Year Coral Knight Contract with Jadestone Energy dated 3 December 2025. Secured a five-year contract with Jadestone Energy for Coral Knight3 Strategic acquisition of the Bhagwan Ocean, enhancing capability to capture high-value marine construction and logistics projects
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8 | 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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Image: Rivtow Tugs Resolutions & Voting
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10 | bhagwanmarine.com Pursuant to requirements of the Corporations Act, the Company is required to table at the meeting the Company’s 2026 Annual Report, which has been made available to shareholders and is also available to download from the Company’s website. No resolution is required Shareholders will be invited to comment or ask questions about the Company’s management or Audit in regard to the Annual Report. F Y 2 6 A N N U A L F I N A N C I A L S T A T E M E N T S A N D R E P O R T S T O R E C E I V E T H E F Y 2 6 F I N A N C I A L S T A T E M E N T S A N D R E P O R T
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11 | bhagwanmarine.com To consider and, if appropriate, pass the following as an ordinary resolution: “That the Remuneration Report of the Company for the financial year ended 30 June 2026 be adopted. ” R E S O L U T I O N 1 A D O P T I O N O F T H E R E M U N E R A T I O N R E P O R T Shares Percentage % For 84,787,836 99.35% Against 410,662 0.48% Open At the discretion of the Chair 144,706 0.17% Total 85,343,204 100.00% Excluded from voting 145,923,746
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12 | bhagwanmarine.com To consider and, if appropriate, pass the following as an ordinary resolution: “That Mr Andrew Wackett, a Director of the Company who retires in accordance with clause 47(b) of the Company's Constitution and ASX Listing Rule 14.4, and being eligible, is re-elected as a Director of the Company. ” R E S O L U T I O N 2 RE - E L E C T I O N O F M R A N D R E W W A C K E T T A S A D I R E C T O R Shares Percentage % For 230,985,161 99.69% Against 576,242 0.25% Open At the discretion of the Chair 131,056 0.06% Total 231,692,459 100.00% Excluded from voting Nil
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13 | bhagwanmarine.com To consider and, if appropriate, pass the following as an ordinary resolution: “That, for the purpose of ASX Listing Rule 7.2, Exception 13, section 260C(4) of the Corporations Act, and for all other purposes, Shareholders approve the issue of securities under the Employee Incentive Awards Plan on the terms described in the Explanatory Statement that forms part of the Notice of Meeting. ” R E S O L U T I O N 3 A P P R O V A L O F E M P L O Y E E I N C E N T I V E A W A R D S P L A N Shares Percentage % For 109,725,922 99.26% Against 687,594 0.62% Open At the discretion of the Chair 129,706 0.12% Total 110,543,222 100.00% Excluded from voting 120,794,728
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14 | bhagwanmarine.com To consider and, if appropriate, pass the following as an ordinary resolution: “That, for the purpose of ASX Listing Rule 10.14 and for all other purposes, approval is given to issue 674,788 Performance Rights under the Employee Incentive Awards Plan, as long-term incentives, to the Managing Director and CEO of the Company, Mr Loui Kannikoski, or his nominee, on the terms and conditions summarised in the Explanatory Statement. ” R E S O L U T I O N 4 I S S U E O F P E R F O R M A N C E R I G H T S T O T H E M A N A G I N G D I R E C T O R A N D C E O , M R L O U I K A N N I K O S K I Shares Percentage % For 109,658,854 99.20% Against 748,662 0.68% Open At the discretion of the Chair 129,706 0.12% Total 110,537,222 100.00% Excluded from voting 120,794,728
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15 | bhagwanmarine.com To consider and, if appropriate, pass the following as an ordinary resolution: “That, for the purpose of ASX Listing Rule 10.14 and for all other purposes, approval is given to issue 457,590 Performance Rights under the Employee Incentive Awards Plan, as long-term incentives, to the Executive Director Finance of the Company, Mr Andrew Wackett, or his nominee, on the terms and conditions summarised in the Explanatory Statement. ” R E S O L U T I O N 5 I S S U E O F P E R F O R M A N C E R I G H T S T O T H E E X E C U T I V E D I R E C T O R F I N A N C E , M R A N D R E W W A C K E T T Shares Percentage % For 109,658,854 99.20% Against 748,662 0.68% Open At the discretion of the Chair 129,706 0.12% Total 110,537,222 100.00% Excluded from voting 120,794,728
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16 | bhagwanmarine.com To consider and, if appropriate, pass the following as an ordinary resolution: “That, for the purpose of ASX Listing Rule 10.14 and for all other purposes, approval is given to issue 238,356 Performance Rights under the Employee Incentive Awards Plan, as long-term incentives, to the General Manager Corporate Services of the Company, Ms Kerren Kannikoski, or her nominee, on the terms and conditions summarised in the Explanatory Statement. ” R E S O L U T I O N 6 I S S U E O F P E R F O R M A N C E R I G H T S T O T H E G M C O R P O R A T E S E R V I C E S , M S K E R R E N K A N N I K O S K I Shares Percentage % For 109,658,854 99.20% Against 748,662 0.68% Open At the discretion of the Chair 129,706 0.12% Total 110,537,222 100.00% Excluded from voting 120,794,728
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17 | bhagwanmarine.com To consider and, if appropriate, pass the following as an ordinary resolution: “That, for the purpose of ASX Listing Rule 10.11 and for all other purposes, approval is given to issue 215,154 Performance Rights, as long-term incentives, under the Employee Incentive Awards Plan to the General Manager WA Operations of the Company, Mr Tom Kannikoski, or his nominee, on the terms and conditions summarised in the Explanatory Statement. ” R E S O L U T I O N 7 I S S U E O F P E R F O R M A N C E R I G H T S T O T H E G M WA O P E R A T I O N S , M R T O M K A N N I K O S K I Shares Percentage % For 109,658,854 99.20% Against 748,662 0.68% Open At the discretion of the Chair 129,706 0.12% Total 110,537,222 100.00% Excluded from voting 120,794,728
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1818 | bhagwanmarine.com Close of 2026 Annual General Meeting
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MD & CEO Presentation
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20 | 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 P E R F O R M A N C E • 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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21 | 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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1Q27 Update & Outlook
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23 | bhagwanmarine.com 1 Q 2 7 U P D A T E S T R O N G S T A R T T O F Y 2 7 54.5 57.1 61.6 55.8 63.7 15.5 17.6 1Q251 $m 1Q26 1Q271Q241 • Bhagwan 1Q27 revenue up 3% on 1Q26 and up 14% on 4Q26 • Riverside 1Q27 revenue up 6% on 1Q26 and up 14% on 4Q26 • Combined Bhagwan Group 1Q27 revenue up 32% on 1Q26 and up 14% on 4Q26 • Bhagwan Group recurring revenue 64%, up from 62% (FY26 pro forma annualised) • Strong contributions from high-margin Offshore Energy & Resources (subsea) and Riverside Industrial Sands • Momentum from late FY26 continued in 1Q27 BHAGWAN MARINE RIVERSIDE MARINE 81.3 4Q26 71.3 Notes: 1 Core revenue excludes contribution from significant Thevenard Island (TVI) decommissioning project. Core1 1Q Revenue
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24 | 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 P O S I T I V E O U T L O O K Solid Core Business Power of Incumbency Acquisitive Growth Proven Capability Blue Sky Emerging Opportunities • Enhanced business development capability gaining traction • Recurring revenue increased to 64% from 62% (FY26 pro forma annualised) • EBITDA margins maintained in 1Q27 – opportunities for further expansion Organic Growth Leverage Existing Opportunities • Significant contract for Riverside Guardian vessel – announced to ASX September 2026 • Outlook for energy prices and energy security is driving strong enquiry • Riverside Marine continuing to outperform internal expectations • Integration on track – opportunities for revenue and earnings growth • Significant WA decommissioning opportunities maturing (including Northern Endeavour and Barrow Island) • AUKUS Henderson development gaining momentum – several positive government announcements in 1Q27
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25 Contract Value: Combined value of ~$9.5 million. Mobilisation: Aug – Nov 2026 Bhagwan’s role: Provision of diving and subsea inspection services using the Bhagwan Dryden – a purpose-built 57-metre ROV and air dive support vessel. T W O E X A M P L E S U B S E A S E R V I C E C O N T R A C T S S E C U R E D I N 1 Q 2 7 “These awards reflect the strength of our core offshore energy business and the organic growth opportunities we continue to see across our client base. ” LOUI KANNIKOSKI - BHAGWAN MARINE MANAGING DIRECTOR & CEO
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26 N E W C O N T R A C T Client: Tier 1 Energy Company Term: Two-year contract, with a two-year extension. Contract Value: Minimum committed value of ~$5.8 million with potential to generate up to $11.6 million Mobilisation: Late 2026 Bhagwan’s role: Through Bhagwan’s customer relationships, established position in the offshore energy sector and business development capability, Bhagwan has secured a significant multi-year deployment for the vessel, increasing utilisation and generating additional earnings from existing fleet capacity. B H A G W A N S E C U R E S M U LT I- Y E A R C O N T R A C T F O R R I V E R S I D E G U A R D I A N "The award of this contract demonstrates the strategic value of the Riverside Marine acquisition. Our key objective was to generate revenue synergies by leveraging our customer relationships and market presence to increase volume and utilisation across the combined fleet. ” LOUI KANNIKOSKI - BHAGWAN MARINE MANAGING DIRECTOR & CEO
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27 R I V E R S I D E I N D U S T R I A L S A N D S L A R G E S T P R O V I D E R O F C O N S T R U C T I O N S A N D I N B R I S B A N E • Record 1Q27 performance – double digit volume growth versus 4Q26 and 1Q26 • Volumes underpinned by strong industry demand and competitive and cost advantages – additional near-term benefits from production constraints at a key competitor • Revenue benefiting from volumes and customer/contract mix • Demand for construction sand expected to remain strong due to the 2032 Brisbane Olympics, major infrastructure projects and housing Two purpose built dredging vessels Strategic location – competitive and cost advantages Agreements with Brisbane’s largest concrete producers – average tenure of 8 – 10 years Large long-life resource base
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28 | bhagwanmarine.com 4 2 K E Y T A K E A W A Y S – S T R O N G S T A R T T O F Y 2 7 S U M M A R Y Strong start to FY27 – Combined group revenue up 32% YoY Incumbency at key marine hubs and enhanced business development capability are supporting organic growth Riverside Marine performing above expectations Blue sky growth opportunities gaining momentum Positive industry fundamentals are supporting enquiry, 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