Reef Casino Trust (RCT) investor relations material

Executive summary

• Revenue and other income for the half year ended 30 June 2025 was $11.238 million, down from $11.623 million year-over-year, mainly due to higher regulatory and transaction costs impacting rental income.

• Distributable profit was $3.300 million, a decrease from $4.336 million in the prior year, with unitholder distributions at 6.63 cents per unit versus 8.71 cents per unit last year.

• A Takeover Bid Implementation Agreement was executed with Iris Cairns Property Pty Ltd, offering $3.72 per unit, supported by major unitholders and recommended by the board.

Financial highlights

• EBITDA for the period was $6.068 million, down from $6.885 million year-over-year.

• Profit for the period was $1.650 million, compared to $2.168 million in the prior year.

• Total assets stood at $100.957 million as of 30 June 2025, with an unused debt facility of $12.999 million.

• Cash and cash equivalents at period end were $1.783 million, down from $3.186 million at the start of the year.

Outlook and guidance

• The second half is expected to remain challenging due to ongoing inflation, elevated interest rates, and slow recovery in international tourism.

• The Trust will continue a low risk appetite, focus on cost control, and monitor capital investment closely.

• Growth in cruise line and airline capacity, as well as business events, is expected to support visitation.