Murray Cod Australia Limited · ASX:MCA
Murray Cod Australia — ASX SMIDCaps Conference (September 2025)
26 slides from Murray Cod Australia's conference presentation, Sep 24, 2025
Slide 1: ASX SMIDCaps Conference
ASX SMIDCaps Conference Company Presentation Murray Cod Australia Ltd (ASX.MCA)
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Murray Cod Australia Limited (“MCA” or the “Company”). It does not purport to contain all the information that a prospective investor may require in connection with any potential investment in the Company. You should not treat the contents of this pr
Slide 3: Our Fish
Our Fish Delicate. Clean. Sweet. Aquna Murray Cod has a firm texture and naturally clean, creamy flavour. The pristine white fillet has a large flake and relatively high fat content making it perfect for most cooking conditions. That is why Aquna is coveted as a fine-dining fish at top restaurants a
Slide 4: 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 Biosecurity – allows for better control. world; • Each pond can be isolated, with dedicated piping, wiring and catchment zone; • Is na
Slide 5: FY25 Highlights – Executive Summary
FY25 Highlights – Executive Summary Financial Performance Operational Achievements Strategic Position Market & Outlook FY25 profit: Record Grow-out (Whitton and Westpac financing secured: Positive FY26 Revenue Growth to Date • NPAT $8.6m (vs ($6.2m) FY24) Stanbridge) biomass achieved: • $43m facilit
Slide 6: FY25 Financial Performance
FY25 Financial Performance Strategic Revenue Management Record Financial Results Despite Investment Phase • Fish sales of $10.6m in FY25, limited by availability of saleable sized fish • Built numbers of sized fish to enable sales growth in FY26 FY24 FY25 Change Comments • Creating consistent supply
Slide 7: Biomass Composition & Strategy
Biomass Composition & Strategy Building Premium Inventory for Margin Optimisation Biomass Evolution Grow-out (tonnes) Production Achievements • Record growth delivered: Grow-out (Whitton and Stanbridge) Biomass reached 2,481t (+198% YoY), from 535t grow-out (Whitton and McFarlane's) in FY23 • Fish i
Slide 8: 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. Improvements in feeding and increased fish numbers has led to acceleration in biomass volume. • As fis
Slide 9: Infrastructure Platform & Asset Base
Infrastructure Platform & Asset Base Complete Infrastructure Supporting 4,000t Production Capacity Facilities Key Operational Metrics Site Status Function Capacity Utilisation • Now 128 ponds across 4 sites (Juvenile and Growout) with ~4,000t capacity at 65% Stanbridge1 Complete Grow-out 78 ponds fu
Slide 10: Sales Growth Starting in 1st Quarter FY26
Sales Growth Starting in 1st Quarter FY26 Key Developments Channel Achievements FY25: Harvest Volume Q1FY26 vs Q1FY25 • Fine Dining: Exclusive supplier to top-tier restaurants nationally 1 July 25 to 19th Sept 25 • Woolworths: Strong performance in 68 select stores, expansion discussions underway +6
Slide 11: Market Expansion Strategy & FY26 Outlook
Market Expansion Strategy & FY26 Outlook Market Expansion Strategy – Capturing Premium Positioning Key Success Metrics FY26 Sales Strategy - "From Biomass to Revenue" Average price 790k 1kg+fish at an average weight of 1.642kg , MCA is positioned to accelerate sales: Customer New market target: rete
Slide 12: Top seafood importers who could afford Aquna
Top seafood importers who could afford Aquna • US$ 7.52 billion imported fish fillets Imported US$26.6B of seafood • Major suppliers: Chile, China, Norway, Vietnam & Indonesia United States • 4.5 million tons imported China Imported US$22.4B of seafood • Fresh Atlantic Salmon- 92,851 tons imported •
Slide 13: Key FY26 Milestones
Key FY26 Milestones • Underpinning domestic and international revenue 1 Securing New Channel opportunities into developed markets Partners • Reviewing logistics to fulfil live fish orders from China 2 Further development of • Approvals now in place. Timing of further development Gogeldrie planned to
Slide 14: Appendix
sesse AQUNA Sustainable Murray Cod Appendix
Slide 15: 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 16: Location of MCA sites
Location of MCA sites 2833 ee AQUNA $2332 Bi AQUNA 2 = ~ef 4 @ FARM SITES @, x) @ moro gan one COOLAMON @ vwermusnes ram ~~ @ verre @ SILVERWATER HATCHERY osu @ seerawrcren sumgo9 : SeESESSER Sse scecses C00d0e00 codeerecectecedcos
Slide 17: 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 128 ponds which include 81 stocked grow-out ponds Current Capacity MCA Site Current Usage Structure in Fish Numbers* Bilbul Nursery 12 ponds of 8 nets each (96 nets) 3,360,000 juveniles Recirc
Slide 18: 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 19: MCAs Competitive Advantage
MCAs Competitive Advantage MCA’s competitive advantage is changing Market Fundamentals MCA’s Natural Advantage • Growing consumption driving demand: Australian per capita seafood • Native species thriving: Murray Cod is perfectly adapted to Australian consumption has reached 20.7kg annually (up from
Slide 20: Prices of Comparable Fish
Prices of Comparable Fish Australian & International International Atlantic Salmon HOG European Sea Bass Australia $26 (yield 65%) Blue Eyed Cod Farmed $9 Wild $22 $25-$30 (yield 52%) (Yield 45%) USA $13.50 Kingfish Halibut $35 (Yield 50%) Barramundi $18-$23 (Yield 40%) $12 (yield 50%) Patagonian Co
Slide 21: Market Dynamics
Market Dynamics Overfishing is real, and pushing up prices Global White Fish Quotas Five centuries of Cod catches in Eastern Canada Estimated UK Turbot Prices (2002- 2024) 21
Slide 22: Fair Value of Biological Asset change reconciliation & impact
Fair Value of Biological Asset change reconciliation & impact Understanding Our Profit Drivers Key Drivers Statutory to Operating Profit Reconciliation • Volume: 2,481t biomass (+198% YoY) A$m FY23 FY24 FY25 • Fair Value: $23.82/kg based on FY25 Average market prices Fair Value of Biological Asset +
Slide 23: Stages / Timing of Production Cycle
Stages / Timing of Production Cycle Spend 6 - 9 months in Nursery To Nursery To Grow- out In summary a fish can spend from 26 - 38 months to go from egg to plate 23
Slide 24: Sustainability & Social Report
Sustainability & Social Report At Murray Cod Australia, we’re challenging ourselves to continually improve our sustainability performance for our planet and our people. Refining our approach as we learn, innovate and grow. As stewards of sustainability, here are our key strengths: Feeding our fish W
Slide 25: What We Believe In
WHAT WE BELIEVE IN AQUNA — BRAND 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 an impact on people’s plates and their wider lives by inspiring a better way to deliver the future of food production.
Slide 26: Murray Cod Australia Limited
Murray Cod Australia Limited 2 – 4 Lasscock Road, Griffith NSW 2680 Email: info@aquna.com Phone:+61 2 6962 5470 Website: www.aquna.com
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