Murray Cod Australia Limited · ASX:MCA
Murray Cod Australia — Shareholder Meeting (November 2025)
36 slides from Murray Cod Australia's shareholder meeting presentation, Nov 18, 2025
Slide 1: Murray Cod Australia Limited 2025 Annual General Meeting
Murray Cod Australia Limited 2025 Annual General Meeting
Slide 2: Voting online
Voting online Lodging your votes Click “Get a Voting Card” (top and bottom of platform) Enter your SRN/HIN or Proxy Number and Postcode Click “Submit Details and Vote” Fill out your voting card for each item of business Click “Submit Vote” Corporate Markets
Slide 3: Asking questions online
Asking questions online Asking questions Only Shareholders and Proxyholders are able to ask questions Click on “Ask a Question” Select “General Business” or a specific resolution Type in your question and click “Submit” Comments on resolutions can also be submitted through “Ask a Question” Corporate
Slide 4: Brett Paton Chairman
Brett Paton Chairman 4
Slide 5: Ross Anderson Chief Executive Officer and Executive Director
Ross Anderson Chief Executive Officer and Executive Director
Slide 6: 2025 Annual General Meeting
2025 Annual General Meeting Murray Cod Australia Ltd (ASX.MCA) 18 November 2025
Slide 7: Disclaimer
Disclaimer This presentation has been prepar ed by Murray C o d Australia Limited ( “ M C A ” or the “ C o m p a n y ” ) . It does not pur por t to contai n all the information that a prospective investor m ay require in c onnec ti on with any potential investm en t in the Com pany . You shoul d not
Slide 8: FY25 Highlights
FY25 Highlights Financial Performance Operational Achievements Strategic Position Market & Outlook FY25 profit: Record Grow-out biomass Westpac financing secured: Positive Q1 FY26 Performance: • NPAT $8.6m vs ($6.2m) FY24. achieved: • $43m facility replacing iPartners, • Q1 FY26 sales up 45% vs pcp
Slide 9: FY25 Financial Performance
FY25 Financial Performance Record Financial Results Despite Investment Phase Strategic Revenue Management • Fish sales of $10.6m in FY25 (total revenue $10.9m including cattle and FY24 FY25 Change Comments other income) • Limited by availability of saleable-sized fish Revenue $10.6m $10.9m +2.6% L
Slide 10: Infrastructure Platform & Asset Base
Infrastructure Platform & Asset Base Complete Infrastructure Facilities Site Status Function Capacity Utilisation Key Operational Metrics • 128 ponds across 4 sites (Juvenile and Growout) with ~4,000t capacity at full utilisation 65% Stanbridge¹ Complete Grow-out 78 ponds (100% - Q3 • 108 grow-out p
Slide 11: Scaled Up Production Capacity
Scaled Up Production Capacity Major infrastructure investment phase complete – transitioning to harvest and cash generation from FY26 Nursery and Grow-out Ponds – excluding Hatcheries 128 27 Key Production Capacity Achievements 27 ponds • 128 ponds operational and stocking across 4 sites (Juvenile a
Slide 12: Biomass Composition & Strategy
Biomass Composition & Strategy Focus on growth in high-value biomass categories to support margin and revenue expansion Building Premium Inventory for Margin Optimisation Biomass Evolution (tonnes) Production Achievements As at June 25 Fish Tonnes Avg weight • Record growth delivered: Grow-out bioma
Slide 13: Keeping More Larvae for Biomass Growth
Keeping More Larvae for Biomass Growth Commentary • Biomass has been built as fingerlings have been retained for MCA production • All time high of 2,481 tonnes in grow-out stock as at 30 June 2025. Sold more Larvae* Improvements in feeding and increased fish numbers has led to acceleration in during
Slide 14: Sales Inflection 1Q FY26
Sales Inflection 1Q FY26 Sales Volume Q1 FY26 vs Q1 FY25 Key Developments Woolworths Retail Expansion - LAUNCHED PFD Foods Distribution - LAUNCHED Period Q1 FY25 Q1 FY26 Growth • Expanded from 67 to 134 selected stores (NSW & • National distribution commenced - October 2025 Victoria) - completed Oct
Slide 15: Market Expansion Strategy & FY26 Outlook
Market Expansion Strategy & FY26 Outlook From Biomass to Revenue - 790k fish >1kg (1.642kg average), positions MCA to accelerate sales across three channels Domestic International Product Innovation • Fine Dining: Expanded chef partnerships • Asia-Pacific: Singapore, Hong Kong, Japan • Aquna Gold Ca
Slide 16: CSIRO Selective Breeding Program
CSIRO Selective Breeding Program Developing “Aquna” as a registered Breed of Murray Cod The programme overview is in partnership with CSIRO using modern selective breeding methodologies. Commencing in 2021, the programme is multi-generational and designed with identify and amplify superior genetic t
Slide 17: Key FY26 Milestones
Key FY26 Milestones 1 Securing New • Underpinning domestic and international revenue Channel Partners opportunities into developed markets 2 Further development • Approvals now in place. Timing of further development of Gogeldrie planned to match cashflow • Domestic growth may impact margins in shor
Slide 18: MCA's Competitive Advantage
MCA's Competitive Advantage MCA’s competitive advantage is changing Market Fundamentals MCA’s Natural Advantage • Growing consumption driving demand: Australian per capita seafood • Native s p e c i e s thriving: Murray Cod is perfectly adapted to Australian consumption has reached 20.7kg annually (
Slide 19: Sustainability & Social Report
Sustainability & Social Report At MCA, we’re challenging ourselves to continually improve our sustainability performance for our planet and our people. Refining our approach a s we learn, innovate and grow. As stewards of sustainability, here are our key strengths: Feeding our fish We’re working on
Slide 20: What We Believe In
ity WHAT WE BELIEVE IN AOUNA — BRANC POSITIONING — LIFE TASTES BETTER OUR WAY. At Aquna Sustainable Murray Cod, we believe the best product comes from the best approach. We want to make ar impact on people's plates and their wider lives by inspiring a better way to deliver the future of food product
Slide 21: Appendix
esse ses8s ee AQUNA ‘Sustainable Murray Cod Appendix
Slide 22: About Murray Cod Australia (MCA)
About Murray Cod Australia (MCA) MCA engages in the sustainable breeding, growing and marketing of Murray Cod, Golden Perch and Silver Perch as fingerlings, with the Aquna Sustainable Murray Cod the marquee branded product. MCA’s science-based innovation and marketing has led to branded Aquna Murray
Slide 23: Location of MCA sites
Location of MCA sites 3283 mn FARM SITES er e SILVERWATER HATCHERY osinem @ sversnrcrew “ Paucar
Slide 24: Capacity and Use of MCA Sites
Capacity and Use of MCA Sites Excludes Contract Growers From 1 stocked grow-out pond in 2017. Today MCA has over 101 ponds stocked and 128 ponds now operational Current Capacity MCA Site Current Usage Structure in Fish Numbers* Bilbul Nursery 12 ponds of 8 nets each (96 nets) 3,360,000 juveniles Rec
Slide 25: Board & Management
Board & Management Brett Paton Ross Anderson Matthew Ryan George ‘Roger’ Commins Steven Chaur Non-executive Chairman Chief Executive Officer Executive Director - Production Non-executive Director Non-executive Director and Development Mr Brett Paton brings extensive Ross Anderson brings extensive As
Slide 26: Why the MCA model is different
Why the MCA model is different It’s a luxury food – not a commodity Land-based Production • Aquna Sustainable Murray Cod is one of the rarest fine dining fish in the world; Biosecurity – allows for better control. • Each pond is isolated, with dedicated piping, wiring and catchment zone; • Is native
Slide 27: Murray Cod Australia Limited contact details
Murray Cod Australia Limited 2 – 4 Lasscock Road, Griffith NSW 2680 Email: info@aquna.com Phone:+61 2 6962 5470 Website: www.aquna.com 27
Slide 28: Formal Business
Formal Business
Slide 29: Financial Statements
Financial Statements
Slide 30: Proxies received for Resolution 1: Re-Election of Director: Mr Steven Chaur
Proxies received for Resolution 1: Re-Election of Director: Mr Steven Chaur In favour* Against Abstention 70,619,161 113,084 135,498 (99.84%) (0.16%) * Includes open proxies directed to the Chairman. The Chairman intends to vote all available undirected proxies in favour of all of resolutions.
Slide 31: Proxies received for Resolution 2: Re-Election of Director: Mr Ross Anderson
Proxies received for Resolution 2: Re-Election of Director: Mr Ross Anderson In favour* Against Abstention 63,086,422 2,168,347 5,612,974 (96.68%) (3.32%) * Includes open proxies directed to the Chairman. The Chairman intends to vote all available undirected proxies in favour of all of resolutions.
Slide 32: Proxies received for Resolution 3: Issue of Incentive Options to Directors
Proxies received for Resolution 3: Issue of Incentive Options to Directors 3(a) – Ross Anderson In favour* Against Abstention 56,377,054 2,534,048 134,535 (95.7%) (4.30%) 3(b) – Mat Ryan In favour* Against Abstention 56,216,359 2,654,743 174,535 (95.49%) (4.51%) * Includes open proxies directed to t
Slide 33: Proxies received for Resolution 4: Remuneration Report
Proxies received for Resolution 4: Remuneration Report In favour* Against Abstention 48,937,838 162,861 5,630,652 (99.67%) (0.33%) * Includes open proxies directed to the Chairman. The Chairman intends to vote all available undirected proxies in favour of all of resolutions.
Slide 34: Proxies received for Resolution 5: Ratification of Prior Placement
Proxies received for Resolution 5: Ratification of Prior Placement In favour* Against Abstention 41,690,371 419,063 16,823,517 (99%) (1%) * Includes open proxies directed to the Chairman. The Chairman intends to vote all available undirected proxies in favour of all of resolutions.
Slide 35: Proxies received for Resolution 6: Additional 10% Placement Capacity
Proxies received for Resolution 6: Special Resolution: Additional 10% Placement Capacity In favour* Against Abstention 68,234,946 2,499,248 133,549 (96.46%) (3.53%) * Includes open proxies directed to the Chairman. The Chairman intends to vote all available undirected proxies in favour of all of res
Slide 36: Conclusion of General Meeting Voting is Closed
Conclusion of General Meeting Voting is Closed
Murray Cod Australia — Shareholder Meeting (November 2025) on 6ix