Rivco Australia Limited · ASX:RIV
Rivco Australia — Investor Presentation (September 2026)
30 slides from Rivco Australia's investor presentation, Sep 16, 2026
Slide 1: Investment Update
Investment Update Rivco Australia Limited | ASX:RIV September 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
01 About Rivco Australia 4 02 The Investment Thesis 7 03 Strategy 16 04 Capital Management & Dividends 22 05 Governance & Strategic Roadmap 25 06 Key Takeaways 28 07 Contact 29 Contents Rivco Australia I 2026 Investment Update 3
Slide 4: About Rivco Australia
About Rivco Australia Rivco Australia I 2026 Investment Update 4
Slide 5: Rivco Australia at a glance (ASX:RIV)
Rivco Australia at a glance (ASX:RIV) Australia’s only ASX-listed company providing investors with direct access to Australian water entitlements. 2016 61 Gigalitres ~$309m 80% 19 LISTED ON THE ASX ENTITLEMENT PORTFOLIO GROSS ASSETS LEASED BY VALUE CONSECUTIVE DIVIDENDS September 2016 100% southern
Slide 6: Investment Proposition
Investment Proposition A unique investment proposition offering direct access to a real and uncorrelated asset class. Our Mission: To be the industry leading provider of reliable water solutions through innovation, collaboration, and long-term stewardship. Our Purpose: To deliver sustainable water s
Slide 7: The Investment Thesis
The Investment Thesis Rivco Australia I 2026 Investment Update 7
Slide 8: Water as an Asset Class
Water as an Asset Class A scarce and essential resource with structural tailwinds expected to drive long-term value. THEME WHY IT MATTERS INVESTMENT RELEVANCE Water is essential to life and food production. It cannot be manufactured, and accessible fresh water Essential and Finite Capped Supply repr
Slide 9: What happens when the water runs out?
What happens when the water runs out? Mandated by law, the Sustainable Groundwater Management Act is causing a structural reset in California. 01 THE REGULATION 02 THE RESPONSE 03 THE PRICE SIGNAL 04 THE OPPORTUNITY 2040 105,000 ha 10-year high Australia Introduced in 2014, SGMA requires In response
Slide 10: Demand: Permanent Plantings
Demand: Permanent Plantings Permanent crops continue to expand in the southern Murray-Darling Basin, embedding further inelastic demand. Southern Basin permanent plantings (hectares) Crop 2021 2024 2026 Change 2021-26 Demand still to come: Almonds 53,806 60,747 69,969 +30% Citrus 23,308 28,018 28,90
Slide 11: Supply: Fixed and Shrinking
Supply: Fixed and Shrinking No new entitlements can be created, while government recovery continues to reduce the consumptive pool. Supply is Capped: Basin Plan Water Recovery To Date: Australian water markets operate under a cap-and-trade system. The consumptive pool, being the water entitlements a
Slide 12: Headroom: Southern Connected System
Headroom: Southern Connected System What happens when fixed supply meets embedded demand, across five climate scenarios. Connected Murray: availability vs permanent crop demand, post buyback (GL p.a.) Key findings: 6,000 5,783 • Available water in the southern connected system exceeds permanent-crop
Slide 13: Headroom: The Lower Murray
Headroom: The Lower Murray Two thirds of permanent crop demand sits where the river physically limits resupply. The Pinch Point (Barmah Narrows): Lower Murray: availability vs permanent crop demand, post 450GL buyback (GL p.a.) 1,800 1,691 • The Barmah Narrows limits the volume of water that can be
Slide 14: Competitive Returns
Competitive Returns The asset class has rewarded owners with competitive risk adjusted returns over a 10-year period. CAPITAL GROWTH (10-YEARS) 10-year total returns vs other asset classes (% p.a. to 30 June 2026) WSP Entitlement Index 14% 13.6% 8% p.a. capital growth over the ten years to 30 June 2
Slide 15: Correlation & Portfolio Diversification
Correlation & Portfolio Diversification Water entitlements offer low to negative correlation to traditional asset classes. Correlation with major asset classes (annual returns, 2008 to 2025) Resilient when it matters: • GFC (2008-09): Equity markets fell sharply, while WSP Entitlement Index 1.00 ent
Slide 16: Strategy
Strategy Rivco Australia I 2026 Investment Update 16
Slide 17: Our Five Strategic Pillars
Our Five Strategic Pillars Five pillars underpin the Company’s strategy and the delivery of long-term shareholder value. STRATEGIC PILLAR WHAT IT MEANS WHAT IT DELIVERS Become the preferred water solutions provider for irrigators across the MDB, supporting annual and Water Partner of Choice permanen
Slide 18: Rivco Australia Business Model
Rivco Australia Business Model Rivco employs an actively managed, buy and lease business model, with returns coming from income and capital growth. PROFIT AND LOSS BALANCE SHEET 1. Lease Income 2. Allocation Sales 3. Capital Profits 4. Capital Growth Long-term leases to irrigators provide Active man
Slide 19: Portfolio Positioning
Portfolio Positioning Deliberately concentrated where scarcity exists and where it is most likely to occur. 61 Gigalitres 61% 80% Portfolio Volume · 100% Southern MDB Lower Murray weighting · of portfolio value High security · of portfolio value Concentrated where scarcity exists PORTFOLIO SECURITY
Slide 20: Earnings Stability & Leasing Strategy
Earnings Stability & Leasing Strategy A disciplined leasing framework locks in earnings across all seasons and underpins a sustainable dividend framework. 70-80% 3+ years < 25% Lease Coverage Target Target WALE Counterparty Limit of portfolio by value weighted average lease expiry no single lessee e
Slide 21: Growth & Scale
Growth & Scale Building a larger, more diversified business to enhance long-term shareholder returns. Why Scale Matters Portfolio Growth Strategy A larger business delivers compounding structural advantages that benefit shareholders Rivco pursues disciplined portfolio expansion into high-income and
Slide 22: Capital Management & Dividends
Capital Management & Dividends Rivco Australia I 2026 Investment Update 22
Slide 23: Capital Management
Capital Management Rivco aims to enhance returns per share through disciplined capital management. 0-20% 12% Enhance Returns Target Gearing Range* Gearing (Net Debt to Water Ratio) Capital Priority maintain prudent leverage At 30 June 2026 allocate capital to the highest risk-adjusted opportunity Ca
Slide 24: Evolved Dividend Framework
Evolved Dividend Framework From 1 January 2027, the Company intends to pay a semi-annual dividend comprised of two components. CORE COMPONENT DISCRETIONARY COMPONENT 60–100% + 0–100% of Adjusted NPAT* of after-tax realised gains Designed to deliver a baseline dividend yield that aligns with operatio
Slide 25: Governance & Strategic Roadmap
Governance & Strategic Roadmap Rivco Australia I 2026 Investment Update 25
Slide 26: Governance & Leadership
Governance & Leadership A strengthened Board and experienced management team aligned with shareholders. Board Members Brendan Rinaldi — Executive Chairman Chris Larsen — Independent Non-Executive Director Executive Chair < 1% < 0.5% Dr Vivienne Brand — Independent Non-Executive Director Appointed fo
Slide 27: Strategic Roadmap
Strategic Roadmap Measurable milestones under each pillar to guide delivery over the short, medium, and long term. Short Term Medium - Long Term Strategic Pillar FY26 FY27+ Build a deep lease portfolio that includes 10 of Australia’s largest Water Partner of Choice 70%+ of portfolio leased by value,
Slide 28: Key Takeaways
Key Takeaways The investment case and pathway forward from here. Unique listed access to Australian water 01 Australia's only ASX-listed company providing direct exposure to water entitlements, internally managed with no external fees. Strong long-term macro drivers 02 Climate change and rising glob
Slide 29: Key Contacts
Brendan Rinaldi Executive Chairman brendan.rinaldi@rivco.com.au +61 415 299 711 Key Lachlan Campbell Executive Manager – Corporate Contacts lachlan.campbell@rivco.com.au +61 410 107 158 Lachlan Beech Executive Manager – Portfolio & Trading lachlan.beech@rivco.com.au +61 414 742 197 Rivco Australia I
Slide 30: Contact Details
Contact Details Rivco Australia Limited Ground Floor, 5-7 King William Road, Unley SA 5061 +61 8 8211 5555 enquiries@rivco.com.au rivco.com.au
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