Bhagwan Marine Limited
BWN.ASXIndustrials
Provider of marine services within ports, nearshore, offshore, and sub-sea services.
Market Data
$0.300
-0.0%$119.1M
12.6x
$0.024
3.33%
-0.3%
Latest Earnings
Bhagwan Marine 1H26 Interim Financial Report and Appendix 4D
26 February 2026
Bhagwan Marine Limited reported a challenging 1H26 result with revenue down 24% to $116.9M and NPAT declining 67% to $2.9M, driven by timing of major contract awards. However, the company showed operational resilience with improved EBITDA margins (19% vs 18%) and strong operating cash flow up 21% to $25.4M, while announcing a significant acquisition of Riverside Marine Holdings for up to $130M. Key points: EBITDA margin improved to 19% from 18% despite revenue decline; Operating cash flow increased 21% to $25.4M showing strong cash generation; Announced significant acquisition of Riverside Marine Holdings for up to $130M to enhance scale and diversification
Recent Announcements
Form 604 Change of Interests Substantial Holder - Kannikoski
Kannikoski changed substantial holding from 30.12% to 30.23%.
Change of Interests of Substantial Holder - Velrosso Pty Ltd
Velrosso Pty Ltd disclosed a change in substantial holding.
Bhagwan Marine Trading Update
Bhagwan Marine Limited (ASX: BWN) has revised its FY26 EBITDA guidance to $38.5m-$40.5m (excluding Riverside Marine), citing Middle East geopolitical conflicts and energy sector restructuring causing project timing delays, though underlying long-term demand remains strong. Including the Riverside Marine acquisition completed 31 March 2026, consolidated FY26 EBITDA is expected to be $44.5m-$46.5m, with the company maintaining a positive outlook supported by strong tendering activity and a healthy project pipeline.
Becoming a substantial holder
Fullahead Pty Ltd, Hume Kenneth Campbell and the entities listed below became a substantial holder (6.14%).
Becoming a substantial holder - Escrowed Shares
Escrowed Shares became a substantial holder (12.28%).
Form 604 Change of Interests Substantial Holder - Kannikoski
Kannikoski changed substantial holding from 35.63% to 30.12%.
Form 604 Change of Interests Substantial Holder - Wooles
Wooles changed substantial holding from 7.42% to 6.29%.
Bhagwan Marine 1H26 Interim Financial Report and Appendix 4D
Bhagwan Marine Limited reported a challenging 1H26 result with revenue down 24% to $116.9M and NPAT declining 67% to $2.9M, driven by timing of major contract awards. However, the company showed operational resilience with improved EBITDA margins (19% vs 18%) and strong operating cash flow up 21% to $25.4M, while announcing a significant acquisition of Riverside Marine Holdings for up to $130M. Key points: EBITDA margin improved to 19% from 18% despite revenue decline; Operating cash flow increased 21% to $25.4M showing strong cash generation; Announced significant acquisition of Riverside Marine Holdings for up to $130M to enhance scale and diversification
Change of Interests of Substantial Holder - Velrosso Pty Ltd
Velrosso Pty Ltd disclosed a change in substantial holding.
Form 604 Change of Interests Substantial Holder - Wooles
Wooles changed substantial holding from 8.50% to 7.42%.
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