Rivco Australia Limited · ASX:RIV
Rivco Australia — H1 2026 Earnings Presentation
25 slides from Rivco Australia's earnings presentation, Aug 28, 2026
Slide 1: 2026 Half-Year Results Presentation
2026 HALF-YEAR For personal use only RESULTS PRESENTATION Rivco Australia Limited | ASX:RIV August 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 Highlights 5 Results 7 Portfolio Performance 12 Outlook 17 Contents Key Contacts 24 Rivco Australia I 2026 Half-Year Results Presentation 3
Slide 4: Half-Year 2026 Snapshot
HALF-YEAR 2026 SNAPSHOT Rivco Australia offers a range of water For personal use only supply solutions that help customers PORTFOLIO RETURN (PRE-TAX)1 WATER PORTFOLIO VALUE PORTFOLIO LEASED (6 MONTHS) (30 JUNE 2026) FROM 1 JULY 2026 manage water risk and take a multi-year approach to water security.
Slide 5: Half-Year 2026 Highlights
Half-Year 2026 Highlights The first half of 2026 was the Company’s first half-year as Rivco Australia Limited, and the first as a fully internalised business. 01. FINANCIAL PERFORMANCE 02. RECORD LEASE COVERAGE 03. DIVIDEND For personal use only $3.0M 80% 3.72 CPS NET PROFIT BEFORE TAX PORTFOLIO LEA
Slide 6: Strategic Priorities Dashboard
Strategic Priorities Dashboard Progress against the focus areas presented at the Company’s April 2026 AGM. STRATEGIC PRIORITY 2026 OBJECTIVE PROGRESS IN 1H2026 STATUS For personal use only Increase lease coverage to 70% - 80% to enhance Increase Earnings Stability 80% of the portfolio leased from 1
Slide 7: HY2026 Results
For personal use only HY2026 Results Rivco Australia I 2026 Half-Year Results Presentation 7
Slide 8: Financial Results
Financial Results The Company reported a $3.0 million Profit Before Tax for the half-year ended 30 June 2026 (1H2025: $35.3 million). Key Metrics 1H2026 1H2025 Difference % Change For personal use only Lease revenue $3.0m $2.9m +$0.1m +3% Water allocation sales $2.8m $6.0m -$3.2m -53% Realised gains
Slide 9: Financial Results
Financial Results The Company delivered a pre-tax NAV total return of +3.6% in 1H2026, including fully franked dividends paid. Net Asset Summary HY2026 FY2025 Difference % Change For personal use only Permanent water assets (fair value) 1, 2 $309.0m $286.3m +$22.7m +8% Temporary water assets (fair v
Slide 10: Capital Management
Capital Management The Company drew $15.5 million of debt during the half to acquire attractively valued water entitlements. For personal use only Loan to Valuation Ratio The effective cost of Based on $38.0 million of Debt Summary HY2026 FY2025 Difference % Change (“LVR”) of 12% at 30 borrowings fo
Slide 11: Dividends
Dividends The Company paid a fully franked final 2025 dividend of 3.72 cents per share in April 2026, its 18th consecutive dividend. FINAL 2025 DIVIDEND CONSECUTIVE DIVIDENDS PAID SINCE INCEPTION DECLARED FOR OCTOBER 2026 3.72 cps 18 56.2 cps 1.8 cps For personal use only Paid 30 April 2026 (April 2
Slide 12: Portfolio Performance
For personal use only Portfolio Performance Rivco Australia I 2026 Half-Year Results Presentation 12
Slide 13: Portfolio Performance
Portfolio Performance Delivered a pre-tax NAV total return of 3.6% for the half-year, with portfolio returns increasingly supported by lease income. NAV vs SHARE PRICE PERFORMANCE (2016-2026) The Company delivered a pre-tax NAV total return of 3.6% for the half- For personal use only year, compared
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 (FROM 1 JULY 2026) 17% 13% 4% 80% 3% 3% 4% 20% 80% 76%
Slide 15: Lease Portfolio
Lease Portfolio The Company has met its 70% to 80% lease coverage target, with 80% of the portfolio leased from 1 July 2026. Lease revenue for 1H2026 was $3.0 million (1H2025: $2.9 million). For personal use only ANNUALISED LEASE REVENUE AND ROLL-OFF SCHEDULE The leased percentage increased from 54%
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 2008. For personal use only WSP WATER ENTITLEMENT PRICE INDEX Water entitlement values have demonstrated a strong long-term track 30 Jun 2026 record, delivering a ~6% p.a. CAGR
Slide 17: Outlook
For personal use only Outlook Rivco Australia I 2026 Half-Year Results Presentation 17
Slide 18: Evolved Dividend Framework
Evolved Dividend Framework From 1 January 2027, the Company intends to pay a semi-annual dividend comprised of two components. For personal use only CORE COMPONENT DISCRETIONARY COMPONENT 60–100% + 0–100% of Adjusted NPAT* of after-tax realised gains Designed to deliver a baseline dividend yield tha
Slide 19: Investment Thesis Update
Investment Thesis Update A growing structural imbalance between water demand and supply in the southern MDB underpins the long-term thesis. The Company has substantially completed its updated investment Water Supply vs Permanent Horticulture Demand For personal use only POST 450 GL BUYBACK · LOWER M
Slide 20: Dam Storage Levels
Dam Storage Levels Southern Basin storages closed the water year at a weighted average of 47%, the lowest 30 June level since 2020. RAINFALL DECILE CHART 1 May 2026 – 31 July 2026 For personal use only Southern Basin Dam Since Aug Aug Aug Aug Aug Aug Aug Aug Storages 1980* 2019 2020 2021 2022 2023 2
Slide 21: Allocation Determinations (%)
Allocation Determinations (%) Allocation determinations at 15 August 2026 were broadly consistent with the same period last year across several regions. Water Allocation %’s Class 15-Aug-22 15-Aug-23 15-Aug-24 15-Aug-25 15-Aug-26 For personal use only High 93% 100% 92% 39% 42% Opening allocation det
Slide 22: Summary
Summary The first half of 2026 delivered record lease coverage and a more predictable earnings base. FINANCIAL PERFORMANCE INVESTMENT PERFORMANCE LOOKING AHEAD For personal use only $3.0m 3.6% AUGUST 2026 · CURRENT NET PROFIT BEFORE TAX PRE-TAX NAV TOTAL RETURN Release of the Company’s 2026 half-yea
Slide 23: Thank You
Thank You On behalf of the Board and Management, we extend our sincere thanks to our shareholders for their continued trust and support For personal use only through the Company’s first half-year under a fully internalised business. We’d also like to thank our customers, lessees, and service provide
Slide 24: Key Contacts
Brendan Rinaldi Executive 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
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