Rubicon Water Limited · ASX:RWL
Rubicon Water — H1 FY26 Earnings Presentation
22 slides from Rubicon Water's earnings presentation, Feb 27, 2026
Slide 1: H1 FY26 Results Presentation
H1 FY26 Results Presentation Rubicon Water Limited | ASX:RWL Presented by Bruce Rodgerson CEO, Andrew Bendall CFO 27 February 2026
Slide 2: Important notice and disclaimer
Important notice and disclaimer This presentation has been prepared by Rubicon Water Limited (Company) to provide summary information approval of a formal disclosure document or any other filing or formality in accordance with the laws of that about the Company and its associated entities which carr
Slide 3: Important notice and disclaimer
Important notice and disclaimer None of the Advisers have authorised, permitted or caused the issue or lodgement, submission, dispatch or accuracy of any forward looking statements contained in this presentation. Forward looking statements speak provision of this presentation and there is no stateme
Slide 4: Company at a glance
$1.21bn 300+ ~70% 36K+ 23 ~2Mha Infra & services Employees Revenue Products Countries, Irrigated land globally globally outside of ANZ installed 6 continents serviced 4 Rubicon Water Limited Half Year Presentation FY26
Slide 5: Overview
Overview Rubicon’s solutions combat the impacts of climate change and water scarcity by delivering intelligent technology to transform the distribution, scheduling, and application of agricultural water. Financial snapshot US Market impact Contract signings Revenue of A$29.0m (A32.0m pcp) was Four U
Slide 6: Our unique end to end value proposition
Our unique end to end value proposition Purpose-built for irrigation Distributed intelligence Hydraulic-aware control Robust to real world Only proven solution globally Truly scalable Turnkey integration Continuous innovation 6 Rubicon Water Limited Half Year Presentation FY26
Slide 7: Global highlights – H1 FY26
Global highlights – H1 FY26 Secured a privately funded, Europe momentum continues with record A$2.3m contract in California, FY YTD contract signings, totalling A$8m validating a new and scalable across the region. revenue stream. Asia momentum building, with significant project opportunities in bot
Slide 8: United States A$11.6m
United States FY YTD Summary H1 FY26 results were negatively impacted by the funding freeze imposed by the current US administration and the record US Government shutdown across Oct and Nov. The expected re-opening of funding in H2 should improve FY26 outcomes. The US 'Base Business' has remained st
Slide 9: Europe A$8.0m
Europe Strong performance in Europe Secured a combined A$6.9m in contract signings in H1 FY26 (A$8.0m FY YTD), indicating confidence and continued investment in Rubicon technology throughout the region. Key signings in Spain Contract signings in Spain of A$2.4m FY YTD, underpinned by wins at Bardena
Slide 10: Latin America A$5.1m
Latin America Costa Rica contract extension Secured A$1.8m contract for the second phase of the Guanacaste region project in Costa Rica, strengthening the Company’s foothold in the region. This follows the successful delivery of the initial phase, valued at A$2.5m, in FY25 and represents the Company
Slide 11: First significant project for FloodGate
First significant project for FloodGateTM Market need Rubicon’s global presence has enabled the Company to identify increased interest in dual acting hydraulic control systems, capable of delivering irrigation water as part of an autonomous Rubicon solution while also managing storm and flood water
Slide 12: Corporate funding
Corporate funding Growing adoption Measurable targets Long-term investment Global opportunities Increasing importance of basin-level Multinational corporates committing Investment is increasingly focussed Large technology and industrial water stewardship initiatives among to water-positive outcomes
Slide 13: Corporate funding
Corporate funding Existing projects In H1 FY26, Rubicon secured a A$2.3m contract for the Glenn-Colusa Irrigation District, in the US. Funding was provided directly to Rubicon by a private sector entity seeking to advance its Environmental, Social, and Governance (ESG) and water sustainability objec
Slide 14: Growth of corporate water stewardship commitments
Growth of corporate water stewardship commitments VWBA Guidance Published AWS Standard V2.0 Heineken Levi Strauss & Co Chipotle Perno Ricard Gap BP Haleon Corporate Water Stewardship: Brown Forman Achieving a Sustainable Balance - Cummins peer-reviewed paper Google CEO Water Mandate Cox Enterprises
Slide 15: H1 FY26 Results
H1 FY26 Results
Slide 16: Profit & Loss
Profit & Loss H1 FY26 H1 FY25 (pcp.) $'m $'m • Revenue down 9% vs pcp Revenue 29.0 32.0 • The stronger $A negatively impacted translated revenues by $1.7m pcp Gross margin 10.3 13.5 • US $3.8m lower vs pcp • ANZ $2.6m lower vs pcp Gross margin (%) 35.5% 42.2% • Europe $4.3m higher vs pcp Underlying
Slide 17: Cash flow
Cash flow H1 FY26 H1 FY25 By type $’m $’m Cash flows from operating activities (2.9) 2.2 Cash flows from investing activities (1.4) (0.9) Cash flows from financing activities 2.0 4.7 Summ ar y Operating cashflows for the period were Further collections of the Indian KBJNL Investment in our next gene
Slide 18: Balance sheet
Balance sheet 31 Dec 2025 30 Jun 2025 $’m $’m Current assets 69.2 75.6 Non-current assets 32.0 28.3 Total assets 101.2 103.9 Current liabilities 40.4 34.8 Non-current liabilities 3.7 5.2 Total liabilities 44.1 40.0 Equity 57.1 64.0 Cash and Receivables Stock and Contract Assets Deferred Tax Assets h
Slide 19: Pipeline & summary
Pipeline & summary
Slide 20: Major projects of focus
Major projects of focus Near-Term Major Projects (A$m) 19 November 2025 vs. 27 February 2026 22 Major Projects 24 Major Projects at 19 November 2025 at 27 February 2026 (A$184m) Close Likely Won H1 FY26 (A$189m) Possible Expected Next FY 6 4 2 $47m Started FY26 with: 22 major $18m projects identifie
Slide 21: Summary and outlook
Summary and outlook Confidence in H2 FY26 New funding avenues Proven customer outcomes Improved market conditions and conversion of Major global corporates are stepping up to Proven outcomes at both on-farm and several near-term projects expected in H2 FY26. directly fund projects that deliver measu
Slide 22: Thank you.
Thank you. © 2026 Rubicon Water. RUBICON logo and BayDrive, BladeMeter, BladeValve, CableDrive, FarmConnect, FerIT, FlumeGate, FlumeMeter, FormiPanel, MicronLevel, NeuroFlo, PikoGate, PikoMeter, SCADAConnect, SlipGate, SlipMeter, SolarDrive, Sonaray, TCC and Total Channel Control are trademarks and