Bhagwan Marine Reports Strong EBITDA Margin Despite Revenue Decline

Financial Resilience Amid Contract Timing Challenges

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Bhagwan Marine, a leading marine services operator, has reported a core EBITDA margin of 19% for the six months ending 31 December 2025.

This marks an increase from the previous period's 18%, achieved despite an 8.5% decline in core revenue to $116.9 million.

The revenue dip is attributed to the timing of major contract awards, while underlying demand remains robust.

Operating cash flow surged by 21% to $25.4 million, resulting in free cash flow of $8.6 million. In light of this performance, the Board has declared an interim dividend of 0.5 cents per share, fully franked, with a record date of 12 March 2026.

CEO Loui Kannikoski stated that the fiscal year has commenced positively, with steady activity across markets and a strong pipeline of opportunities. This financial resilience underscores the company's effective pricing discipline and cost control measures, positioning it to capitalise on improving market conditions.

For individuals interested in the marine sector, Bhagwan Marine's performance highlights the industry's potential for growth and stability. Prospective boat owners may find this an opportune time to explore financing options, taking advantage of competitive loan rates and flexible repayment terms available in the market.

Published:Thursday, 21st May 2026
Author: Paige Estritori

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