Bhagwan Marine
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Bhagwan Marine (BWN) investor relations material

Bhagwan Marine Investor presentation summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Investor presentation summary8 Feb, 2026

Transaction highlights and overview

  • Acquisition of Riverside Marine Holdings for $120m upfront, with up to $10m earnout based on FY26 EBITDA performance.

  • Funded by $70m debt, $20m vendor shares, and $30m investor share placement.

  • Completion expected around 31 March 2026, on a cash-free, debt-free basis.

  • Transaction is highly EPS and return accretive, with pro forma EPS up 14% and return on equity up over 20%.

  • EBITDA margin increases from 18% to 24% post-acquisition.

Riverside business overview

  • Riverside operates ~30 vessels (9 owned) across 5 brands, serving tier-1 customers in industrial resources, research, and logistics.

  • Forecasts for FY26: $63.3m revenue, $26.2m EBITDA (41.3% margin), and $17.2m EBIT.

  • 88% of revenue is repeatable, supported by multi-year contracts.

  • Capital-light model with sustaining capex at 30–35% of EBITDA.

  • Experienced management and high-quality crew underpin operational excellence.

Strategic rationale and growth outlook

  • Acquisition diversifies service, geography, and commodity exposure, increasing recurring revenue from ~40% to ~50%.

  • Riverside’s capital-light model generates strong free cash flow and high margins.

  • Opportunities for revenue synergies, cross-selling, and increased vessel utilisation.

  • Growth drivers include increased demand for marine research, construction, and tourism, especially with the upcoming Brisbane Olympics.

  • Combined group targets sustainable earnings growth and higher returns on assets.

Riverside earnout: What EBITDA level triggers it?
Riverside's annual maintenance capex estimate?
How does commodity exposure shift post-acquisition?
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H1 202626 Feb, 2026
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