Rivco Australia (RIV) investor relations material

Executive summary

• Pre-tax NAV rose 2.7% in the March quarter, driven by capital appreciation in high reliability water entitlements.

• Fully franked dividend of 3.72 cents per share declared, with a new dividend framework to be implemented from October 2026, focusing on operational earnings.

• Several new lease agreements executed, increasing expected lease coverage to 82% from July 2026.

• Company reviewing investment thesis and capital management, noting increased institutional interest in water assets.

Financial highlights

• Pre-tax NAV: $1.80/share (unaudited); post-tax NAV: $1.62/share (unaudited) as of 31 March 2026.

• Market cap: $227 million; total water assets: $304 million.

• Dividend yield (gross): 7.4%; cash dividend yield: 5.2% p.a.

• NAV performance (pre-tax): +2.7% for the quarter, +2.0% for 12 months; share price performance: -0.7% for the quarter, +5.9% for 12 months (all including dividends and franking).

• Operating receipts: $4.4 million for the quarter; net cash from operating activities: $3.2 million.

Outlook and guidance

• Long-term lease contracts expected to generate ~$10.6 million revenue for the 2026-27 water year.

• Forecast opening allocations for 2026-27 expected to remain low, indicating constrained supply.

• Company intends to pay a dividend in October 2026 under the updated framework, primarily based on operational earnings.