Announcement PDF Bhagwan Marine Limited Level 11, Australia Place, 15-17 William Street ABN: 81 009 154 349 Perth, Western Australia 6000 bhagwanmarine.com T: +61 8 9424 2300 F: +61 8 9479 5202 investor.relations@bhagwanmarine.com Page 1 of 5 ASX Announcement 23 October 2026 2026 AGM – The Chairman’s Address and the Managing Director’s Presentation to AGM, Proxy Summary and Trading Update Bhagwan Marine Limited (ASX: BWN) (the Company) provides, in accordance with ASX Listing Rule 3.13.3, a copy of the Chairman’s Address and the Managing Director’s Presentation to be given at the Company’s 2026 Annual General Meeting (AGM) today at 10:30am (WST). The attached AGM presentation materials include a summary of proxy votes received for each resolution in advance of the AGM. Final results of the AGM will be communicated to the ASX shortly after the conclusion of the meeting. Q1:FY27 Trading Update The Managing Director’s presentation includes an update on Q1:27 trading. Revenue of $81.3 million for the quarter was 14% higher than the previous quarter and 32% above the prior corresponding period, with strong contributions from high-margin Offshore Energy & Resources (subsea) and Riverside Industrial Sands. Revenue for the quarter reflected improved momentum from late FY26 and revenue from Riverside Marine, acquired in the previous quarter. This ASX announcement has been authorised for release by the Board of Bhagwan Marine Limited. View this release on InvestorHUB: https://investors.bhagwanmarine.com/link/rAoWXy For further information, please contact: Loui Kannikoski Founder, Managing Director & CEO Bhagwan Marine Limited (08) 9424 2300 investor.relations@bhagwanmarine.com Andrew Wackett Executive Director Finance Bhagwan Marine Limited (08) 9424 2300 investor.relations@bhagwanmarine.com IR and Media Adviser: Kym Clements, Ink Communications 0415 181 172 kym@inkcommunications.com.au Bhagwan Marine Limited Level 11, Australia Place, 15-17 William Street ABN: 81 009 154 349 Perth, Western Australia 6000 bhagwanmarine.com T: +61 8 9424 2300 F: +61 8 9479 5202 investor.relations@bhagwanmarine.com Page 2 of 5 About Bhagwan Marine Limited Bhagwan Marine is Australia’s largest listed marine solutions company, serving the Offshore Energy & Resources, Ports & Inshore and Defence sectors. The Company operates a large multi-functional fleet supporting marine operations nationally. Bhagwan Marine and its 100% owned marine services brands Riverside Marine and Rivtow (‘Bhagwan Group’), are recognised for their strong safety culture and operational excellence in complex marine environments. Long-standing partnerships with major energy and resource companies, construction firms and government agencies reinforce the Bhagwan Group’s reputation as a trusted partner. Bhagwan Marine is one of Australia’s largest in-house marine crewing providers, employing more than 1,000 skilled professionals, including up to 200 qualified divers. Bhagwan’s locally based crews are recognised for their strong safety culture, operational excellence and ability to deliver high-quality outcomes in complex environments. Founder-led and supported by an experienced Board, Bhagwan Marine maintains a disciplined approach to governance, financial management and sustainable earnings growth for shareholders For more information, please visit www.bhagwanmarine.com Bhagwan Marine Limited Level 11, Australia Place, 15-17 William Street ABN: 81 009 154 349 Perth, Western Australia 6000 bhagwanmarine.com T: +61 8 9424 2300 F: +61 8 9479 5202 investor.relations@bhagwanmarine.com Page 3 of 5 2026 Chairman’s Address Anthony Wooles 2026 Annual General Meeting, 23 October 2026 Slide 5 – CHAIRMAN’S ADDRESS Before moving to the formal business of the meeting, I would like to briefly reflect on FY26, the progress we have made as a public company, the strength of Bhagwan’s underlying business and the opportunities ahead. Slide 6 - FY26 FINANCIAL HIGHLIGHTS FY26 was another important year for Bhagwan Marine, however, was not without its challenges. As we reported, the Middle East conflict and organisational restructuring within the energy sector contributed to the deferral of several short-term projects during the second half. Notably these were timing-related rather than structural issues, and we saw an improvement in activity during May and June. Against that backdrop, Bhagwan delivered revenue of $236.3 million, an EBITDA margin of 20% and strong operating cash flow of $40.0 million. The Board was also pleased to declare fully franked dividends totalling 0.8 cents per share for FY26, which was higher than the prior year. Slides 6 & 7 - FY26 OPERATIONAL HIGHLIGHTS Looking now at our operational highlights. Importantly, our safety performance remained strong, with LTIFR remaining at zero throughout FY26. Maintaining a strong safety culture and operating discipline remains fundamental to our business. Operationally, we secured the five-year Coral Knight contract with Jadestone Energy, increasing our long-term recurring revenue and validating our investment in larger-vessel capability. We also acquired the Bhagwan Ocean, expanding our capacity to pursue higher-value marine projects, while continuing to build our position in decommissioning through additional project wins. As a Board, we have been very pleased with Bhagwan's continued progression as a public company. Throughout FY26, considerable work was undertaken to strengthen the foundations of the business and develop the capabilities required of a company of our scale. Bhagwan Marine Limited Level 11, Australia Place, 15-17 William Street ABN: 81 009 154 349 Perth, Western Australia 6000 bhagwanmarine.com T: +61 8 9424 2300 F: +61 8 9479 5202 investor.relations@bhagwanmarine.com Page 4 of 5 This included embedding the Chief Operating Officer function, strengthening our business development capabilities and making further improvements to our accounting, human resources, governance and reporting systems. We also maintained a strong focus on cost and margin discipline across the business. These are important investments that support greater efficiency, accountability and commercial discipline, ensuring Bhagwan is capable and, importantly, match-fit for the opportunities ahead. I would also like to acknowledge the excellent work of Mark Annand, Peter Carmichael and Cheryl Williams in driving many of these initiatives. And finally, a significant milestone for FY26 was the completion of the Riverside Marine acquisition, which Loui will cover in more detail shortly. Slide 8 - HOW WE GROW – COMPELLING OPPORTUNITIES FOR SUSTAINABLE GROWTH Turning now to our investment thesis. At the foundation is a rock-solid core business. Bhagwan has the power of incumbency, a large multifunctional fleet, a broad geographic footprint and longstanding client relationships that generate opportunities day in, day out. Beyond that, there is organic growth already available to us. There are opportunities to do more with existing clients, grow in adjacent markets and put the capabilities of our enlarged fleet to work across a broader range of projects. We have also now demonstrated our capability for inorganic growth. The Riverside Marine acquisition shows that Bhagwan can identify and execute strategic M&A. We will continue to assess opportunities where they make commercial and strategic sense. Beyond, there is significant blue sky. Decommissioning, defence and offshore power have the potential to become significant emerging industry opportunities for Bhagwan. We need to be disciplined about how we think about the timing of those markets because we do not control the pace of their development. Regulatory processes, client decisions and broader market conditions will ultimately determine when activity accelerates. Bhagwan Marine Limited Level 11, Australia Place, 15-17 William Street ABN: 81 009 154 349 Perth, Western Australia 6000 bhagwanmarine.com T: +61 8 9424 2300 F: +61 8 9479 5202 investor.relations@bhagwanmarine.com Page 5 of 5 We have already demonstrated through our involvement in decommissioning how substantial individual projects can become, while defence is presenting increasingly tangible opportunities. Importantly, we do not need those opportunities to underpin the strength of Bhagwan today. They sit above a strong core business, and when those markets develop, we will be well-positioned to benefit. Acknowledgements In closing, FY26 has been about more than one year's financial performance. It has been another important step in strengthening Bhagwan's foundations and developing the capability, discipline and scale of a market-leading public company. That progress reflects the contribution of many people. I would like to thank my fellow Directors, Tracey Horton and Andrew Wackett, for their counsel, commitment and support throughout the year. I would also like to thank Loui and Kerren for their leadership and significant contribution. Their commitment to Bhagwan, its people and its success never wavers. Most importantly, I would like to thank everyone across Bhagwan, including the Riverside Marine team who joined us during the year. Our people operate in demanding environments around Australia every day. Their commitment to safety, our customers and each other is fundamental to the strength of our business. Our priorities remain clear: delivering sustainable earnings growth and creating value for shareholders. On behalf of the Board, I thank our shareholders for their continued support. Ladies and gentlemen, I would now like to move to formal business of the AGM and to consider the proposed resolutions and voting by way of a poll. 2026 AGM Presentation by the Chairman and the MD/ CEO and Proxy Voting Information The attached 2026 AGM Presentation includes the above Chairman’s address to be delivered by Anthony Wooles at the meeting, the presentation to be delivered by Managing Director & CEO Loui Kannikoski following the AGM, and the proxy votes received for each resolution before the meeting. Ends 23 OCTOBER 2026 2026 Annual General Meeting 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. IMPORTA NT NOTICE A ND DISCL A IME R 3 | bhagwanmarine.com OUR BOA RD OF DIRECTORS 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. 4 AGE NDA 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 Chairman’s Address 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 Y26 F INA NCIA L HIGHLIGHTS $ 235.9m 20% $ 40.0m 0.8cps NET REVENUE EBITDA MARGIN3 NET CASH FROM OPERATIONS4 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 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 Y26 OPE RATIONA L HIGHLIGHTS 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 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 HOW WE GROW 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 Image: Rivtow Tugs Resolutions & Voting 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 Y26 ANNUAL F INANCIAL STATEMENTS AND REPORTS 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 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.” RESOLUTION 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 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.” RESOLUTION 2 R E - 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 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.” RESOLUTION 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 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.” RESOLUTION 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 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.” RESOLUTION 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 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.” RESOLUTION 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 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.” RESOLUTION 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 W A 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 18 18 | bhagwanmarine.com Close of 2026 Annual General Meeting MD & CEO Presentation 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 Y26 RIVE RSIDE MA RINE PE RFORMA NCE • 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 % 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 STRE NGTHE NING RE VE NUE PROF ILE 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% 1Q27 Update & Outlook 23 | bhagwanmarine.com 1Q27 UPDATE 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 1Q27 1Q241 • 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 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 POSITIVE OUTLOOK 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 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 WO E X A MPLE SUBSE A SE RVICE CONTRACTS SECURE D IN 1Q27 “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 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. BHAGWA N SECURE S MULTI -YE A R CONTRACT FOR RIVE RSIDE GUA RDIAN "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 27 RIVE RSIDE INDUSTRIA L SA NDS 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 Bri