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 6 ASX Announcement 27 August 2026 Bhagwan Delivers Strong FY26 Cash Generation and Expands Growth Platform Leading Australian marine solutions company, Bhagwan Marine Limited (ASX: BWN) (Bhagwan or the Company), is pleased to announce its full year results for the 2026 financial year (FY26). During FY26 the Company delivered strong cash generation, completed the transformational acquisition of Riverside Marine, maintained strong cost and margin discipline, and continued to build on its solid foundations for sustainable earnings growth. The Group delivered statutory revenue of $235.9 million and EBITDA of $42.5 million for FY26, with a statutory net loss after tax of $0.2 million. Statutory results reflect the reported performance of the Group during the period and include acquisition-related transaction and integration costs of $3.6 million. FY26 FINANCIAL HIGHLIGHTS i • Revenue: Net revenue was $235.9 million (FY25: $283.0 million), down 16.6%, reflecting the deferral of short-term projects in the second half due to uncertainty in the Middle East and organisational restructuring within the energy sector. Activity recovered in May and June and demand across Bhagwan's core markets remains strong. • EBITDA: Pro forma EBITDA was $46.1 million (FY25: $50.9 million). The pro forma EBITDA margin increased to 20% (FY25: 18%), supported by gross margin improvement, effective projectexecution and disciplined cost management across the Group. • Cash generation: Pro forma net cash from operations increased by 9.6% to $40.0 million (FY25: $36.5 million). Pro forma free cash flow was $8.3 million, and cash conversion remained strong at 90%. • Dividends: Fully franked dividends totalled 0.8 cents per share for FY26, up from 0.5 for FY25. 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 6 FY26 OPERATIONAL HIGHLIGHTS • Maintained a disciplined focus on margins and costs, supporting an increase in pro forma EBITDA margin to 20% from 18% in FY25. • Embedded the COO function, strengthened business development capability and enhanced financial governance and operational processes to support execution, scalability and future returns. • Built a stronger financial platform through disciplined governance and overhead optimisation, driving sustainable margin expansion and long-term value creation. • Secured a five-year contract with Jadestone Energy for the Coral Knight, increasing long-term recurring revenue and validating investment in larger-vessel capability. • Acquired the Bhagwan Ocean, expanding capability to pursue high-value marine construction and logistics projects, and delivered additional decommissioning projects strengthening Bhagwan’s position in a significant emerging market. • Completed the transformational acquisition of Riverside Marine and progressed integration, expanding recurring revenue, fleet scale and capability. • Continuing to build a pipeline of opportunities in emerging sectors, including decommissioning, offshore wind and defence, leveraging existing capabilities and strategic investment to support future growth. FY26 KEY METRICS i $MILLIONS (unless otherwise stated) FY26 FY25 Core revenue 220.8 256.6 TVI project revenue - 26.4 Riverside Marine revenue 15.1 - Total net revenue 235.9 283.0 Statutory EBITDA 42.5 50.2 Pro Forma EBITDA 46.1 50.9 Pro Forma EBITDA Margin % 20% 18% Statutory NPAT (0.2) 12.5 Pro Forma NPATA 3.2 13.0 Pro Forma Net cash from operations 40.0 36.5 Full Year Fully Franked Dividend (cents per share) 0.8 0.5 NTA per share (excluding leased assets) (cents) 0.42 0.47 i) Note: FY26 includes the Riverside Marine acquisition completed on 31 March 2026; Riverside Marine’s contribution is for 4Q FY26. FY25 Bhagwan only. Please refer totheaccompanying 2026Fully Year Results Presentation for a reconciliation of statutory to pro forma results. 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 6 Commenting on the Company’s FY26 performance, Bhagwan’s Founder and Managing Director, Loui Kannikoski, said: “FY26 demonstrated the strength of Bhagwan’s core business. While selected short-term project deferrals impacted second-half revenue, activity strengthened in May and June and we continued to deliver strong margins and cash generation. Importantly, we also maintained a strong safety performance, reflecting the professionalism and commitment of our teams across Australia. The integration of Riverside Marine is progressing well, further strengthening our recurring revenue base, fleet scale andcapability. As wemove into FY27, our focus remains on disciplined execution, increasing cash flow and delivering sustainable earnings growth.” Bhagwan’s Chairman, Anthony Wooles, added: “FY26 was an important year in Bhagwan’s progression as a listed company. We strengthened the systems, governance and commercial capability required to support a business of our scale, while completing the transformational acquisition of Riverside Marine. These initiatives have created a stronger platform for growth. Bhagwan is underpinned by a strong core business, the power of incumbency andan unrivalled multifunctionalfleet, withfurther upside from organic growth, disciplined M&A and emerging markets.” DIVIDENDS The Board has declared a fully franked final dividend of 0.3 cents per share, bringing fully franked total dividends for FY26 to 0.8 cents per share. The dividend reflects the strength and cash-generative nature of Bhagwan’s core business. The Company remains focused on disciplined capital management, balancing shareholder returns with debt reduction and continued investment in the core business and strategic growth opportunities. The final dividend record and payment dates are 10 September 2026 and 6 October 2026, respectively. 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 6 INVESTMENT THESIS Bhagwan's investment thesis is underpinned by a strong core business, with multiple pathways to sustainable earnings growth and shareholder value creation. • Strong Core Business – Power of Incumbency: A market-leading position, large multifunctional fleet, broad geographic footprint and longstanding client relationships generate consistent opportunities. Bhagwan’s established presence at key marine hubs and long-term contracts provide a strong base of recurring activity. • Organic Growth – Significant Upside from Existing Opportunities: The ability to deepen client relationships and increase service offerings, expand into adjacent markets and project types, and drive greater utilisation of the enlarged fleet andcapabilities. Arobust pipeline of actionable organic growth opportunities is already evident, providing strong momentum for sustained expansion and value creation. • Acquisitive Growth – Proven Capability: The Riverside Marine acquisition demonstrates Bhagwan’s capability to identify and execute strategic M&A. The Company will continue to assess opportunities to expand scale, capability and market reach, with a disciplined focus on strategic and commercial fit. • Blue Sky – Emerging Opportunities: Energy transition initiatives, decommissioning and defence represent significant growth markets. Bhagwan’s early positioning provides a platform to capture future activity as these markets develop over the medium to longer-term. OUTLOOK Bhagwan enters FY27 with a stronger core business, increasing recurring revenue and a broader national platform following the Riverside Marine acquisition. Integration is on track, with opportunities to strengthen revenue and earnings as a combined business. Incumbency at key marine hubs, enhanced business development capability and positive long-term industry fundamentals support organic growth, while decommissioning and defence provide additional upside as those markets develop. Management will remain focused on execution, operational efficiency, free cash flow and sustainable earnings growth. 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 6 FY26 RESULTS WEBCAST DETAILS Bhagwan will present its FY26 results via a webinar. Participants are encouraged to pre-register prior to the commencement of the presentation. Date: 27 August 2026 Start Time: 8:30am AWST (10:30am AEDT) Registration and Access Link: https://investors.bhagwanmarine.com/webinars/PKaB7e-fy26-results-presentation-q-a This ASX announcement has been authorised for release by the Boardof Bhagwan Marine Limited. View this release on InvestorHUB: https://investors.bhagwanmarine.com/link/y142VP For further information, please contact: Loui Kannikoski Founder, Managing Director & CEO 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 Andrew Wackett Executive Director Finance Bhagwan Marine Limited (08) 9424 2300 investor.relations@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 6 of 6 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 recognisedfor their strong safetyculture, operational excellence andability to deliverhigh-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