Rivco Australia Limited · ASX:RIV
Rivco Australia — FY2025 Earnings Presentation
25 slides from Rivco Australia's earnings presentation, Mar 11, 2026
Slide 1: 2025 Annual Results Presentation
2025 ANNUAL For personal use only RESULTS PRESENTATION Rivco Australia Limited | ASX:RIV March 2026
Slide 2: Disclaimer
Disclaimer This document is prepared by Rivco Australia Limited ACN 611 976 517 (“Rivco”). This document contains summary information about Rivco, its subsidiaries and their respective activities current as at the date of this document unless otherwise stated. This document is not a recommendation o
Slide 3: Contents
For personal use only Full-Year 2025 Snapshot 4 FY2025 Results 5 Portfolio Performance 12 Outlook 17 Contents Key Contacts 24 Rivco Australia I 2025 Annual Results Presentation 3
Slide 4: Full-Year 2025 Snapshot
FULL-YEAR 2025 SNAPSHOT Rivco Australia offers a range of water For personal use only supply solutions that help customers PORTFOLIO RETURN (PRE-TAX)1 WATER PORTFOLIO PERCENTAGE OF (12 MONTHS) VALUE PORTFOLIO LEASED manage water risk and take a multi-year approach to water security. Each year, Rivco
Slide 5: FY2025 Results
For personal use only FY2025 Results Rivco Australia I 2025 Annual Results Presentation 5
Slide 6: Full-Year 2025 Snapshot
Full-Year 2025 Snapshot FY25 was a transformative year for Rivco Australia, marked by a record profit and the completion of internalisation. NAV vs SHARE PRICE PERFORMANCE (2016-2025) Delivered a Net Profit Before Tax of $33.5 million in FY25, underpinned For personal use only by disciplined portfol
Slide 7: Financial Results
Financial Results The Company is pleased to report a $33.5 million Profit Before Tax in FY25 (+152% when compared to FY24). For personal use only Key Metrics FY2025 FY2024 Difference % Change Profit before tax $33.5m $13.3m +$20.2m +152% Net profit after tax $21.9m $9.3m +$12.6m +135% Earnings per s
Slide 8: Financial Results
Financial Results The Company delivered a pre-tax NAV total return of +12.9% in FY25, including fully franked dividends paid. For personal use only Net Asset Summary FY2025 FY2024 Difference % Change Permanent water assets (fair value) 1, 2 $286.3m $387.1m -$100.8m -26% Temporary water assets (fair
Slide 9: Internalisation & Name Change Complete
Internalisation & Name Change Complete FY25 marked the successful completion of internalisation and the transition to Rivco Australia Limited. For personal use only Completion of the internalisation has strengthened Rivco’s operating model, OPERATING COST COMPARISON: EXTERNAL vs INTERNAL* delivering
Slide 10: Capital Management
Capital Management Significant deleveraging in FY25 strengthened the Company’s balance sheet and reduced interest expenses. For personal use only Gearing reduced to 7% The effective cost of Based on $22.5 million of Debt Summary FY2025 FY2024 Difference % Change following a significant borrowings fo
Slide 11: Dividends
Dividends The Company paid two fully franked dividends during FY25, totalling 7.43 cents per share. The Company delivered on both its dividend targets in FY25 with shareholders For personal use only DIVIDEND HISTORY receiving two fully franked dividends during the year, totalling 7.43 cents per shar
Slide 12: Portfolio Performance
For personal use only Portfolio Performance Rivco Australia I 2025 Annual Results Presentation 12
Slide 13: Portfolio Performance
Portfolio Performance Strategic transactions remained the primary focus for portfolio rebalancing in FY25. For personal use only The Company has continued to focus on rebalancing its portfolio REALISED CAPITAL GAINS SINCE INCEPTION ($m) through a number of sales and acquisitions completed during the
Slide 14: Portfolio Diversification
Portfolio Diversification Diversification remains a strategic focus, providing stability and hedging through variable weather conditions. For personal use only WATER PORTFOLIO DIVERSIFICATION WATER SECURITY BREAKDOWN ENTITLEMENT VALUE BY REGION 17% 13% 1% 3% 5% 4% 46% 54% 80% 77% Leased Unleased Hig
Slide 15: Lease Portfolio
Lease Portfolio Demand for leases starting 1 July 2026 has continued to increase over the last 6 months as irrigators look to the years ahead. Leasing revenue for FY25 totalled $5.8 million (FY24: $7.0 million), For personal use only with 54% of its portfolio locked into long-term leases at 31 Decem
Slide 16: Water Entitlement Market Update
Water Entitlement Market Update Water is a defensive asset class with a proven track record of strong capital growth since 2007. For personal use only RICARDO WATER ENTITLEMENT PRICE INDEX (“REI”) Water entitlement values have demonstrated a strong long-term track record, delivering a ~7% p.a. CAGR
Slide 17: Outlook
For personal use only Outlook Rivco Australia I 2025 Annual Results Presentation 17
Slide 18: Dam Storage Levels
Dam Storage Levels Southern Basin major dam storages are significantly lower when compared to the previous few years. RAINFALL DECILE CHART (2025/2026) 1 November 2025 – 31 January 2026 For personal use only Southern Basin Dam Since Feb Feb Feb Feb Feb Feb Feb Feb Storages 1980* 2019 2020 2021 2022
Slide 19: Allocation Determinations
Allocation Determinations (%’s) Allocation determinations represent how much water has been attributed to entitlements holders in any given season. Water Allocation %’s Class 1-Mar-19 1-Mar-20 1-Mar-21 1-Mar-22 1-Mar-23 1-Mar-24 1-Mar-25 1-Mar-26 For personal use only Drier conditions, and in turn H
Slide 20: Allocation Market Update
Allocation Market Update Drier conditions and lower allocation determinations tend to increase spot and lease prices. For personal use only Combined allocation prices in the southern Murray-Darling Basin reached a peak of approximately $800/ML in late 20191, following a period of prolonged dry AVERA
Slide 21: Share Price Momentum and Discount Improvement
Share Price Momentum and Discount Improvement Recent strategic actions are supporting a narrowing of the Company’s share price discount to NAV. Recent Share Price Performance For personal use only 1. INTERNALISATION OF MANAGEMENT: delivering a lower, more scalable cost (January 2025 to January 2026)
Slide 22: Summary
Summary 2025 was a transformative year for Rivco Australia. Key Focus Areas (2026) For personal use only Profit before tax of $33.5 million (FY24: $13.3 million). Increase Earnings Stability Total shareholder returns of 15.4%. Increase lease coverage to ≥70% to enhance recurring cash flow and reduce
Slide 23: Thank You
Thank You 2025 has been a defining year for Rivco Australia. For personal use only On behalf of the Board and Management, we extend our sincere thanks to our shareholders for their continued trust and support throughout a period of meaningful strategic change. We’d also like to thank our customers,
Slide 24: Key Contacts
Brendan Rinaldi Chairman brendan.rinaldi@rivco.com.au For personal use only +61 415 299 711 Key Lachlan Campbell Executive Manager – Corporate lachlan.campbell@rivco.com.au Contacts +61 410 107 158 Lachlan Beech Executive Manager – Portfolio & Trading lachlan.beech@rivco.com.au +61 414 742 197 Rivco
Slide 25: Contact Details
For personal use only Contact Details Rivco Australia Limited 5-7 King William Road, Unley SA 5061 +61 8 8211 5555 enquiries@rivco.com.au rivco.com.au