Murray Cod Australia (MCA) Investor Presentation summary

Business overview and operations

• Engages in sustainable breeding, growing, and marketing of Murray Cod, Golden Perch, and Silver Perch, with a marquee branded product featured in top restaurants.

• Operates a vertically integrated, land-based aquaculture model with 8 farm sites and 1 processing plant in the Murray-Darling basin.

• Production capacity scaled to 128 ponds across four sites, supporting up to 4,000 tonnes at full utilisation.

• Record 2,481 tonnes in grow-out stock as of June 2025, targeting 2,700 tonnes by June 2026.

• Focus on premium inventory, with 3.1 million fish in grow-out and a shift to larger, higher-margin fish categories.

Financial performance and capital raising

• Achieved FY25 statutory NPAT of $8.6m, a turnaround from a $6.2m loss in FY24.

• Revenue grew 2.6% to $10.9m, with sales strategy prioritising higher-margin, larger fish.

• Biological assets doubled to $67.8m, with a $43.3m biological gain reflecting successful growth strategy.

• Undertaking a $17m non-underwritten institutional placement at $0.95 per share, an 8.7% discount to last close.

• Proceeds to strengthen balance sheet, complete Stanbridge development, expand Gogeldrie, upgrade processing, and support sales and marketing.

Market expansion and sales strategy

• Transitioning from biomass growth to harvest and cash generation, with FY26 as the commercial inflection point.

• Harvest volumes up 69% year-on-year, with strong domestic and growing international sales.

• Active in Southeast Asia, with Halal certification enabling Middle East entry and BAP certification pending.

• Retail expansion planned, including Woolworths store growth and new foodservice partnerships.

• Product innovation pipeline includes caviar, smoked products, and portion-controlled offerings for QSR channels.