Bhagwan Marine Posts 23% EBITDA Growth and $283M Revenue in FY25

Strong Financial Performance in First Listed Year

Bhagwan Marine Limited, Australia’s leading marine solutions provider, has marked its first full year as a publicly listed company with record financial results. The company reported net revenue of $283 million for FY25, a 5% increase over the previous year, while pro forma EBITDA jumped 23% to $50.9 million. This robust performance underscores Bhagwan’s ability to grow sustainably amid a challenging macroeconomic environment marked by inflationary pressures and commodity price volatility.

Cash flow from operations also improved significantly, rising 23% to $35.8 million, reflecting strong operational discipline and effective cost management. The company’s net debt was sharply reduced, down 92% to $5.3 million, highlighting a strengthened balance sheet and enhanced financial flexibility.

Strategic Growth and Operational Enhancements

Bhagwan’s growth was supported by a diversified core business spanning offshore energy, subsea, ports, and inshore services. A notable highlight was the six-year contract extension with the Port of Melbourne, reinforcing Bhagwan’s position in critical infrastructure support. The acquisition of the Coral Knight vessel expanded the company’s capabilities in the larger vessel market, enabling it to meet increasing demand.

Beyond its core operations, Bhagwan made significant inroads into emerging sectors such as offshore wind, decommissioning, and defence. The completion of a major project at Thevenard Island and expanded offshore wind support operations demonstrate the company’s strategic pivot towards future growth markets. These initiatives align with broader industry trends, including government-backed offshore wind zones and increased defence spending.

Leadership and Safety Focus

Leadership changes also marked FY25, with the appointment of Mark Annand as Chief Operating Officer to drive operational excellence and growth. Bhagwan emphasized safety, achieving a zero lost time injury frequency rate (LTIFR) for the year, although the total recordable injury frequency rate (TRIFR) saw a slight increase. The company implemented a safety improvement plan to maintain its strong safety culture.

Chairman Anthony Wooles highlighted the Board’s focus on embedding financial discipline, governance, and refining strategy to ensure sustainable earnings growth. Managing Director Loui Kannikoski expressed pride in the team’s achievements and confidence in the company’s long-term prospects.

Dividend and Outlook

Reflecting its confidence, Bhagwan declared its inaugural fully franked dividend of 0.5 cents per share, payable in October 2025. Looking ahead, the company outlined four strategic priorities for FY26 – market penetration, market development, margin expansion, and operational excellence. These focus areas aim to capitalize on a strong pipeline of offshore projects, ageing infrastructure requiring maintenance, and government-supported growth sectors.

While acknowledging ongoing macroeconomic uncertainties, Bhagwan remains optimistic about medium-term pricing and utilisation trends. The company’s strengthened operational base and diversified portfolio position it well to capture emerging opportunities and deliver sustained shareholder value.