Annual Report 2025 Bhagwan Marine Limited ACN 009 154 349 bhagwanmarine.com 2025 Annual Report About this report This Annual Report provides an overview of Bhagwan Marine Limited’s operations and performance for the 2025 financial year (FY25), covering the period from 1 July 2024 to 30 June 2025. On 26 July 2024, the Company was admitted to the ASX (ASX: BWN). This report reflects the first year as an ASX listed entity. Unless otherwise stated: References to ‘Bhagwan’, ‘the Group’, ‘the Company’, ‘we’, ‘us’ or ‘our’’ refer to Bhagwan Marine Limited and its controlled entities. References to a ‘year’ relate to the financial year ended 30 June. All dollar figures are expressed in Australian dollars ($) unless otherwise stated. Further information We welcome questions or feedback about the Company. Please contact us at investor.relations@bhagwanmarine.com BHAGWAN MARINE ANNUAL REPORT 2025 3 CONTENTS BUSINESS OVERVIEW 6 About Bhagwan Marine 6 Our Diversified Business Model 9 Comprehensive Vessel Services 10 Nationwide Facilities Providing Local Support 12 Diverse and Multi-Functional Vessel Fleet 13 Leading Marine Innovation & Technologies 15 FY25 Highlights 16 Chairman’s Address 18 Board of Directors 20 MD & CEO Review of Operations 23 Executive Leadership Team 27 FINANCIAL PERFORMANCE 30 Year-on-year Core Revenue Growth 30 Year-on-year Core EBITDA Growth 31 Revenue & EBITDA Breakdown 32 Cash Flow 33 Capital Expenditure Detail 33 Balance Sheet 35 Debt & Lease Structure 35 OPERATING ENVIRONMENT 37 Positive Long-Term Industry Outlook 37 CORPORATE GOVERNANCE & SUSTAINABILITY 38 GROWTH STRATEGY 40 Growth Strategy 40 FY26 Focus Areas 40 DIRECTORS’ REPORT 44 REMUNERATION REPORT 52 FINANCIAL REPORT 69 Additional ASX Information 120 Our Proud History 125 BHAGWAN MARINE ANNUAL REPORT 2025 5 BUSINESS OVERVIEW ABOUT BHAGWAN MARINE Bhagwan Marine is Australia’s largest listed marine solutions company operating within the offshore energy, subsea, ports & inshore and defence sectors. Our diverse, multifunctional fleet is equipped to support a wide range of client operations. We are Australia’s largest in-house marine crewing provider, employing more than 1,000 skilled professionals, including up to 200 qualified divers. Our locally based crews are recognised for their strong safety culture, operational excellence, and ability to deliver high-quality outcomes in complex environments. Our long-standing partnerships with major energy and mining companies, construction firms, and government agencies reflect our reputation as a trusted and capable partner in marine operations. 6 Australia’s largest listed marine solutions company with a leading market position Diversified revenue streams with a presence across all key marine locations Large, diverse and multi-functional fleet in a market where global vessel supply is limited Strong and sustained demand for core services Significant expansion potential in high-growth sectors, including decommissioning, offshore wind and defence A strong financial platform to drive organic and acquisitive growth Founder-led, with a strong culture of safety, service delivery and operational excellence Experienced and engaged Board, committed to supporting robust governance and financial discipline BHAGWAN MARINE ANNUAL REPORT 2025 7 OUR DIVERSIFIED BUSINESS MODEL Supporting Core and Emerging Markets OFFSHORE ENERGY SUBSEA PORTS & INSHORE DEFENCE LARGE COMPLEX PROJECTS MEDIUM PROJECTS SPOT MARKET & VESSEL CHARTERS CORE MARKETS EMERGING MARKET Resources & Capabilities 1. Nationwide Facilities Providing Local Support 2. Diverse and Multi-Functional Vessel Fleet 3. Highly Experienced Team & Local Crews 4. Leading Marine Innovation & Technology BHAGWAN MARINE ANNUAL REPORT 2025 9 COMPREHENSIVE VESSEL SERVICES Offshore Energy Subsea Our diverse fleet, outstanding safety record and deep offshore experience enable us to deliver efficient support across all phases of offshore operations – from exploration to decommissioning, including the emerging offshore wind sector. We operate purpose-built vessels, subsea systems and marine assets – backed by an experienced team of air divers – to deliver integrated subsea IMR, construction and decommissioning services. • IMR, asset integrity and life extension • Air diving and integrated ROV operations • Pipeline, riser and structure inspection and repair • Full asset lifecycle support from exploration, construction to decommissioning • Oil and gas field support • Subsea tie-ins and light construction • Platform supply and logistics • Hydrographic, geophysical and geotechnical surveys • Crew change operations • Subsea engineering and site clearance • Vessel and ROV support for drilling, completions and production • In-water inspections, class surveys and UWILD • Anode fitting, pile wrapping and vessel husbandry • Complete marine project management • Mooring, navigation aid and marine asset support • Decommissioning, salvage and stabilisation • Pipeline pigging, testing and invasive species surveys • Wharf, jetty and scour remediation works Remotely Operated Vehicle (ROV) Inspection Maintenance & Repair (IMR) Underwater Inspection in Lieu of Drydocking (UWILD) 10 Ports & Inshore Defence We provide extensive port and inshore marine services – including harbour towage, vessel handling, mooring, crew transfers and support for wharf and jetty construction. Our proven capability is demonstrated through long-term contracts with the Ports of Melbourne and Brisbane. We hold security clearances to support both the Australian Defence Force and the United States Department of Defense, with strategically located facilities at key marine precincts and defence bases enabling 24/7 operational readiness. • Harbour and coastal towage • Base and port security • Crew transfers, line boats and ship supply runs • Crew transfers • Port logistics, berthing and transhipping • Marine logistics and support operations • Wharf and jetty construction, deconstruction and maintenance support • Dredging support, bed levelling and mooring services • Inshore survey, geotechnical and environmental monitoring • Navigational aid and infrastructure maintenance • Marine fauna and flora observation • General marine project support and port security vessels • Supply of specialist labour, equipment and marine plant BHAGWAN MARINE ANNUAL REPORT 2025 11 NATIONWIDE FACILITIES PROVIDING LOCAL SUPPORT We operate at 15 locations around Australia, close to the assets and operations of our key clients and major projects in the sectors we serve. DARWIN GOVE DAMPIER PORT HEDLAND ONSLOW POINT SAMSON EXMOUTH GLADSTONE BRISBANE PORT GERALDTON PERTH HENDERSON PORT WELSHPOOL BHAGWAN HEAD OFFICE BHAGWAN OPERATING LOCATION 12 MELBOURNE PORT PORT ANTHONY DIVERSE AND MULTI-FUNCTIONAL VESSEL FLEET We operate Australia’s largest vessel fleet, comprising approximately 100 inshore and offshore vessels. Our broad range of purpose-built charter vessels and marine assets enable us to deliver tailored solutions that meet specific client requirements quickly and efficiently, with the highest levels of safety and reliability. We take pride in upgrading and maintaining our quality fleet, ensuring that new vessels incorporate the latest technologies and standards. Dive Support Vessels Tug Boats Multicats Utility Vessels Barges Crew Transfer Vessels Anchor Handling Tug Supply (AHTS) Vessels BHAGWAN MARINE ANNUAL REPORT 2025 13 14 LEADING MARINE INNOVATION & TECHNOLOGIES We are constantly evaluating, trialling and implementing new and evolving technologies that enhance the safety and efficiency of our operations and reduce our environmental impact. Remote Operations Vessels During 2025, we commenced a paid trial with a large global energy company using our remote operations vessel, 26m inspection vessel. This is the first remote operations vessel of its size in Australia and will reduce crew numbers and costs. Additionally, with reduced crew on board, we are significantly reducing safety risks of our operations, while minimising the need for crews to spend extended periods away from their loved ones. We will continue to explore and evaluate the development of remote operations vessels which have the potential to deliver a range of benefits to our clients, as well as enhancing Bhagwan’s operations. Advancing Sustainability We are evaluating a range of initiatives to upgrade our existing vessels by incorporating green technologies designed to improve fuel efficiency and reduce carbon emissions. This includes upgrading engines and systems with more efficient and environmentally friendly alternatives, including hybrid or fully electric engine systems. BHAGWAN MARINE ANNUAL REPORT 2025 15 FY25 HIGHLIGHTS RECORD NET REVENUE RECORD​ EBITDA2 $283.0 M​illion $50.9 Million Up 5% on FY24 $268.8m1 Up 23% on FY24 $41.3m STRENGTHENING ​ AS AN ASX COMPANY MAINTAINED​ SAFETY FOCUS Refined strategy and appointed highly experienced COO to lead operations, deliver results and focus on growth. Enhanced systems for greater internal efficiencies. Implemented InvestorHub to increase shareholder engagement. LTIFR3 ZERO – improved from 0.90 TRIFR3 11.05 – up from 7.65 Implemented Safety Improvement Plan 1 FY25 gross revenue of $292.2m inclusive of pass-through revenue, FY24 gross revenue $303.2m 2 Pro Forma EBITDA 3 Total Recordable Injury Frequence Tate (TRIFR) and Lost Time Injury Frequency Rate (LTIFR) per million hours worked v FY24 4 Thevanard Island (TVI) 16 “Over the past 12 months, we focused on strengthening all parts of the business to set ourselves up for long-term, sustainable growth.” LOUI KANNIKOSKI – MANAGING DIRECTOR AND CEO NET CASH FROM OPERATIONS INAUGURAL DIVIDEND $35.8 Million 0.5cps Up 23% on FY24 $29.0m Fully franked GROWTH & INNOVATION WITHIN CORE BUSINESS PROGRESSION WITHIN NEW GROWTH SECTORS Strong performance across all sectors. Six-year contract extension with Port of Melbourne. Further expansion into larger vessel market supported by Coral Knight acquisition. Invested in electrification and remote technologies. Grew presence in decommissioning and completed significant TVI4 project. Expanded operations to support offshore wind projects. Positioning for growth within emerging defence sector. BHAGWAN MARINE ANNUAL REPORT 2025 17 CHAIRMAN’S ADDRESS Dear Shareholders, Safety & Wellbeing On behalf of Bhagwan Marine’s Board of Directors, I am delighted to present the Company’s Annual Report for the 2025 fiscal year (FY25). Importantly, Bhagwan’s Lost Time Injury Frequency Rate (LTIFR) was zero, improving from 0.90 in FY24. The Total Recordable Injury Frequency Rate (TRIFR) was 11.05, up from 7.65. These outcomes reflect the strength of the Company’s safety culture, supported by engaged leadership and a sustained focus on the wellbeing of its people, particularly those operating in remote and challenging marine environments. This year marked Bhagwan’s first full reporting period as a public company, following its successful IPO in July 2024. In the short time since listing, the Company has made significant operational progress and delivered solid financial results, despite broader market volatility. Throughout FY25, Bhagwan’s Board and leadership team concentrated on three priorities: strengthening internal capabilities; embedding financial discipline and robust governance; and refining its strategy to deliver sustainable earnings growth. As always, the Company’s progress was underpinned by its commitment to operational excellence, customer service and safety. Financial Performance During FY25, Bhagwan generated record net revenue of $283.0 million, representing a 5% increase over FY24 and a three-year compound annual growth rate of 28%. Pro Forma EBITDA reached $50.9 million, a 23% uplift from the previous year and a three-year CAGR of 33%. EBITDA margins increased to 18%, up from 15% in FY24. It was also pleasing to declare the Company’s maiden fully franked dividend of 0.5 cps, reflecting confidence in Bhagwan’s financial strength and outlook. 18 Growth Strategy Acknowledgements Bhagwan’s immediate focus remains on strengthening its diverse core business and pursuing opportunities in emerging growth markets, including the decommissioning, offshore wind and defence sectors. In parallel, the Company is exploring targeted, value-enhancing acquisitions to further expand its national presence. Bhagwan’s approach to mergers and acquisitions prioritises fleet capability and operational fit, reflecting a disciplined and deliberate growth strategy. I sincerely thank Loui, Kerren and the entire Leadership Team for their outstanding stewardship in guiding Bhagwan through its first full year as a listed company. They have embraced the rigours of public markets, whilst preserving the unique culture, authenticity and professionalism, which remain central to Bhagwan’s identity and success. Innovation & Leading Marine Technologies Together, this collective effort positions Bhagwan for further success as Australia’s leading marine solutions provider. Innovation remains central to Bhagwan’s strategy and its broader commitment to sustainable operations. The Company is partnering with battery and hybrid vessel technology firms, along with other emerging solutions aimed at reducing its environmental footprint. Trials of autonomous vessel technology are also progressing, in collaboration with strategic partners. I also extend my gratitude to my fellow Board members for their ongoing contributions and commitment, which continue to strengthen the Company’s governance and strategic direction. Anthony Wooles Non-Executive Chairman BHAGWAN MARINE ANNUAL REPORT 2025 19 BOARD OF DIRECTORS The Bhagwan Board comprises Directors with extensive experience and skills in the marine industry, business management, financial oversight and corporate governance. Anthony Wooles Loui Kannikoski BCom, MBA (Finance), FAICD, SA FIN Founder Non-Executive Chairman Managing Director and Chief Executive Officer Anthony Wooles was appointed Non-Executive Chairman of Bhagwan Marine on 8 March 2012. Loui Kannikoski is the Founder and Managing Director & CEO of Bhagwan Marine. He brings considerable experience in executive and advisory roles across diverse industries, including mining, oil and gas, power generation, manufacturing, telecommunications, food and beverages and retail. Anthony currently serves as Chairman of IMDEX Limited and as a Non-Executive Director of High Peak Royalties Limited. He began his career in the family cray fishing business and led the enterprise from the mid-1980s. In 1998, Loui expanded the family’s marine operations into the oil and gas sector as a marine charter operator, and in 2000 he formally established Bhagwan. He is a Fellow of the Australian Institute of Company Directors (AICD) and holds a Bachelor’s degree in Commerce (Economics) and an MBA in Finance from the Wharton School, University of Pennsylvania. Anthony chairs Bhagwan’s Remuneration Committee and is a member of the Audit and Risk Committee. 20 His deep knowledge of all aspects of the marine industry, combined with strategic and operational expertise, underpins his ability to drive Bhagwan’s performance and growth. Tracey Horton AO Andrew Wackett BEc (Hons), MBA, FAICDLife BCom, FCPA, FFIN, GAICD Independent Non-Executive Director Executive Director – Finance Tracey Horton was appointed Independent NonExecutive Director of Bhagwan Marine on 5 June 2024. Andrew Wackett joined Bhagwan Marine as Executive Director – Finance on 1 May 2024. She is a professional director with experience across ASX-listed companies, together with government and not-for-profit boards. Tracey currently serves as Chair of IDP Education Limited and as a Non-Executive Director of GPT Group and IMDEX Limited. He brings extensive knowledge in investment banking, securities management, and finance, with significant commercial experience in large Australian and international listed companies. Tracey has comprehensive knowledge as a management consultant in Australia and internationally, holding executive and senior roles with Bain & Company, Poynton and Partners and the Reserve Bank of Australia. She also served as Winthrop Professor and Dean of the Business School at the University of Western Australia. Tracey is a Life Fellow of the Australian Institute of Company Directors (AICD) and holds a Bachelor of Economics (Hons) from the University of Western Australia and an MBA from Stanford Graduate School of Business. Andrew has held executive roles guiding businesses, departments, and teams in strategy development and execution. He was previously CFO of Fleetwood Limited and served for 20 years as a Division Director at Macquarie Securities Group, following six years at Wesfarmers. Andrew holds a Bachelor of Commerce, is a Fellow of CPA Australia, a Fellow of the Financial Services Institute of Australasia, and a Graduate of the Australian Institute of Company Directors (AICD). She chairs Bhagwan’s Audit & Risk Committee and is a member of the Remuneration Committee. BHAGWAN MARINE ANNUAL REPORT 2025 21 “I am immensely proud of our teams and all we have achieved during FY25.” LOUI KANNIKOSKI – MANAGING DIRECTOR AND CEO MANAGING DIRECTOR & CHIEF EXECUTIVE OFFICER REVIEW OF OPERATIONS Dear Shareholders, FY25 Review: Strengthening our Foundations for Long-Term Success FY25 marked a significant milestone for Bhagwan, our first full year as a listed company. Over the past 12 months, we focused on strengthening all parts of the business to set ourselves up for long-term, sustainable growth. We maintained growth across our core sectors, progressed further expansion within new growth sectors and made meaningful improvements to our operations, systems and strategic capability. All of this was achieved against a backdrop of an inflationary cost environment, oil and gas price volatility and broader macroeconomic uncertainty, demonstrating the strength and adaptability of our business and our people. For FY26, generating quality revenue alongside pricing discipline, cost control, enhanced operational efficiencies and procurement optimisation will remain priorities. Operational Overview During FY25 we remained focussed on our operations, which span offshore energy, subsea, ports and inshore and defence. Through disciplined execution and strong project delivery across these core sectors, we extended key contracts, secured new work with both existing and new clients and delivered high-quality outcomes on complex projects. Notable operational highlights and achievements within our core sectors included: • Completion of horizontal directional drilling support at Australia’s largest LNG project off Barrow Island, Western Australia • Support services for the Mardie Salt and Potash wharf project in the Pilbara, Western Australia • Completion of subsea pipe laying support for a major gas and condensate project off the coast of Darwin, Northern Territory We delivered a record Pro Forma EBITDA of $50.9 million, an uplift of 23% on FY24 with an EBITDA margin of 18%, up from 15% in FY24, or 17% in FY24 excluding the TVI project. Pro Forma EBIT was $22.8 million, an uplift of 27% on $17.8 million in FY24. • Continuation of a five-year contract for standby support off the Pilbara coast, Western Australia • Ongoing support for the Groote Eylandt wharf repair project, Northern Territory Cash generated from operations was $35.8 million, with the 23% uplift reflecting higher EBITDA and lower interest charges partially offset by high activity levels towards the end of the financial year resulting in temporary working capital use. • A six-year contract extension with the Port of Melbourne, Victoria plus subsequent associated works Financial Performance This resilience was reflected in our financial performance for FY25. Net revenue of $283.0 million represented an uplift of 5% on the prior year. This result includes the significant Thevenard Island (TVI) project, which contributed $26.4 million in FY25 compared with $65.4 million in FY24. Importantly, our core business expanded by 26% on the prior corresponding period. Sustaining capital expenditure was higher than in FY24 principally due to completion of the 10-year docking of our largest vessel, the Bhagwan Dryden. Other factors included a larger fleet along with cost inflation and lead times in the maintenance market. Growth capital expenditure included the acquisition of an anchor handling vessel, the Coral Knight, to expand within the larger vessel market. Within our growth sectors, decommissioning, offshore wind and defence, a major milestone was the commercial completion of the multi-year TVI project in the Northwest. This multidisciplinary operation involved offshore teams of approximately 180 people and the successful removal of nine wells. It clearly demonstrated Bhagwan’s capability in large-scale project delivery and lays a strong foundation for future opportunities within the growing decommissioning market. BHAGWAN MARINE ANNUAL REPORT 2025 23 Safety Culture We expanded our fleet services to support offshore wind projects and commenced upgrading our facility at the Henderson Marine Precinct to meet rising demand, particularly from government-backed defence projects. Concurrently, we invested in innovation, including remote operations and the conversion of vessels to hybrid power. This includes the commencement of our first commercial contract using remotely operated technology for a major global oil and gas client, as well as our first vessel conversion to hybrid power, demonstrating our commitment to sustainable, technology-driven growth. Safety remains central to everything we do – it is not an area we ‘set and forget’. In FY25, we achieved two key safety highlights that underscore our strong safety culture: • Achieving an LTIFR of zero, down from 0.90 in FY24 • Completion of over 850,000 offshore working hours without a lost-time injury during the major TVI project, an outstanding reflection of our team’s care for one another and focus on safe execution As reported with our FY24 results, we welcomed Daniel Shields to lead our QHSE function. A key aspect of Daniel’s role is the implementation of a new Safety Improvement Plan across the business. During the year we were also pleased to welcome Mark Annand as our Chief Operational Officer. Mark shares the importance we place on safety and is tasked with driving efficient operations and supporting growth across both our core and new sectors. 24 Looking Ahead My Thanks to a Talented Team During FY26, our focus is on four priorities: I am immensely proud of our teams and all we have achieved during FY25. I also extend my sincere appreciation to our Board members for their ongoing guidance, support and strategic leadership. Their contributions have been invaluable in helping us navigate our first year as a listed company and establish strong foundations for future growth. 1. Market penetration and technology development within our core sectors 2. Further market development within our new growth sectors 3. Continued margin expansion 4. Refinement of our strategy and systems as we mature as an ASX-listed company As always, we will pursue these priorities without losing sight of safety, operational excellence for our customers and our unique company culture. While short-term macroeconomic uncertainty is likely to continue, the medium-term outlook for pricing and utilisation across our sectors remains positive. With a solid operational base and momentum across multiple markets, we are ready to take on the opportunities ahead. Together, we remain confident in our ability to continue our steady progress in FY26, while building a stronger and more resilient business. As a leading marine solutions provider with facilities at key marine hubs across the country, supported by a diverse multi-functional fleet and a team of quality people, we are well equipped to create lasting value for our customers and shareholders. Loui Kannikoski Managing Director and CEO BHAGWAN MARINE ANNUAL REPORT 2025 25 EXECUTIVE LEADERSHIP TEAM Loui Kannikoski Andrew Wackett Managing Director & Chief Executive Officer Executive Director - Finance Managing Director and CEO, Loui Kannikoski, and Executive Director – Finance, Andrew Wackett, are supported by a talented executive leadership team. Together, they combine deep knowledge of the Bhagwan business and the broader marine industry, drawing on experience and expertise to drive operational performance and growth. Cheryl Williams Chief Financial Officer and Joint Company Secretary Cheryl commenced with Bhagwan in February 2018. She has over 15 years’ experience within strategic financial leadership roles across diverse corporate environments including global enterprises, private sector firms, and advisory practice. Cheryl is a Certified Chartered Accountant (ACCA) who holds a Certificate in Governance Practice from the Governance Institute of Australia and a BA(Hons) degree in Accounting and Human Resource Management from the National College of Ireland. BHAGWAN MARINE ANNUAL REPORT 2025 27 Mark Annand Chief Operating Officer Mark joined Bhagwan in May 2025 to lead the company’s growth strategy and drive operational excellence. He brings strong capabilities in commercial leadership and transformation, with extensive experience in the energy sector. Mark holds a Higher National Certificate in Mechanical Design Engineering from Robert Gordon University in Scotland. Kerren Kannikoski General Manager - Corporate Services Kerren is a co-founder of the business and commenced employment with Bhagwan in 2000 together with Managing Director and CEO, Loui Kannikoski. Kerren is responsible for human resources, crewing of vessels, payroll, information systems and marketing. Daniel Shields General Manager - QHSE Daniel joined Bhagwan in April 2024. His expertise include quality management, occupational health & safety management and environmental Management. Daniel holds an Advanced Diploma in Occupational Health and Safety. Grant Bedford General Manager - Commercial Grant joined Bhagwan in July 2023, he is responsible for the management of commercial functions and business development activities for the Company. Grant holds a Master of Business Administration (MBA), is a Graduate of the Australian Institute of Company Directors, a Certified Practicing Accountant (CPA Australia) and has a Bachelor of Commerce (BCom) - Accounting from the University of Western Australia. Previously Grant had 19 years’ experience in similar roles globally, including Europe, Middle East and Asia. 28 Peter Carmichael General Manager - Corporate and Strategic Development Peter is an Australian Maritime Safety Authority (AMSA) qualified Marine Master and Engineer who commenced employment with Bhagwan in 2006. Peter has significant operational and marine industry experience. Prior to his current role, Peter was General Manager of Bhagwan’s west coast operations. As General Manager of Corporate and Strategic Development, Peter is responsible for driving business development initiatives and fostering client relationships. Kevin Clifford General Manager - East Coast Operations Kevin commenced employment with Bhagwan in 2014 and is responsible for managing the commercial and operational aspects of tug, barge, towing, marine construction and salvage operations for Bhagwan on the East Coast of Australia. Kevin is an AMSA qualified Marine Master and Engineer. Gregory Standish General Manager - Subsea Gregory commenced employment with Bhagwan in November in 2021. He is responsible for Bhagwan’s Subsea marine services. This includes business development and technical operations. Gregory has 20 years’ experience in the oil and gas and defence sectors with companies including DOF Subsea and defence contractor, Phoenix International. Gregory holds a BEng (Hons), Civil Engineering from the University of Edinburgh. Tom Kannikoski General Manager - West Coast Operations Tom commenced employment with Bhagwan in 2014 and has worked in various positions across all regions of the company. Tom is also the Deputy Designated Person Ashore (DPA) as appointed under the Company’s Safety Management System. Tom is an AMSA qualified Marine Master with over 15 years’ industry experience. Luke Morand General Manager - Northern Territory Luke began his career with Bhagwan in 2014 as the Northern Territory Fleet Manager and grew within the region to his current role due to his extensive operational and technical knowledge. Luke is an AMSA qualified Marine Engineer and has over 15 years of industry experience. BHAGWAN MARINE ANNUAL REPORT 2025 29 FINANCIAL PERFORMANCE YEAR-ON-YEAR CORE REVENUE GROWTH DIVERSIFIED PROFILE NET REVENUE​ CAGR 28% (FY22 - FY25) 134.7 169.0 268.8 283.0 FY22 FY23 FY24 FY25 $M TVI PROJECT CONTRIBUTED $91.9M OVER FY24 & 1H25​ 159.4 154.1 26.4 55.0 109.5 10.4 60.0 74.7 83.3 85.7 99.1 104.3 127.7 128.9 TVI1 Project $M 1H22 2H22 1H23 2H23 1H24 2H24 1H25 2H25 REVENUE PROFILE2 3.3 112.9 26.4 56.5 FY25 46.4 65.4 2.0 64.5 84.1 90.4 1 Thevenard Island (TVI) 2 FY24 revenue profile restated 30 Offshore Energy FY24 Subsea Services Ports & Inshore Defence & Other TVI1 Project YEAR-ON-YEAR CORE EBITDA GROWTH CONTINUED FOCUS ON MARGIN EXPANSION PRO FORMA EBITDA ​ CAGR 33% (FY22 - FY25) 21.5 36.4 41.3 50.9 16% 22% 15% 18% FY22 FY23 FY24 FY25 EBITDA %​ $M PRO FORMA EBITDA 50.9 3.9 41.3 6.0 21.5 36.4 35.3 47.0 16% 22% 15% 18% EBITDA %​ Ex TVI1 Project $M TVI1 Project FY22 FY23 FY24 FY25 15.4 17.8 22.8 9%