Murray Cod Australia (MCA) Investor Presentation summary

Financial performance and growth

• Achieved FY25 NPAT of $8.6m, a turnaround from a $6.2m loss in FY24, with revenue of $10.9m (+2.6% YoY), constrained by fish size availability but positioned for growth as biomass matures.

• Record biological asset value of $67.8m (+111% YoY), reflecting successful biomass growth strategy and maturity.

• Operating cashflow was -$16.9m due to major investment in infrastructure and biomass, with $16.4m undrawn facilities available for future operations.

• Westpac $43m facility secured, replacing previous financing and supporting growth capital needs.

• Prudent inventory management restricted sales in FY25 to build premium biomass, setting up for consistent high-value supply and positive cashflow from FY26.

Operational achievements and infrastructure

• Record grow-out biomass of 2,481 tonnes (+198% YoY) achieved across Whitton and Stanbridge sites.

• Infrastructure platform now includes 128 ponds across four sites, supporting 4.8 million fish at full utilisation.

• Stanbridge infrastructure completed with 51 ponds operational and 27 more to be stocked, increasing site capacity.

• Hatchery improvements and larval weaning technology increased spawning volumes and improved feed conversion ratios.

• Major infrastructure investment phase is complete, transitioning to harvest and cash generation from FY26.

Market expansion and sales strategy

• FY26 revenue growth is strong, with Q1 volumes up 69% YoY and September sales up 101% YoY.

• Sales channels expanding domestically with new customers, regions, and a frozen product line for food service.

• Export markets active in Singapore, Hong Kong, and SE Asia; China registration pending, and Halal certification now approved for Middle East entry.

• BAP certification expected in Q2 FY26, enabling growth in supermarkets, hotel chains, airlines, and cruise lines.

• Product innovation pipeline includes caviar, smoked products, portion-controlled offerings, and frozen fillets.