Rivco Australia (RIV) AGM 2025 summary

Opening remarks and agenda

• Meeting opened at 11:06 at the Convention Center for the 9th AGM, with full board attendance and live stream for remote participants.

• Board members, management, and key team members were introduced and thanked for their contributions over the past year.

• Notice of meeting was dispatched to shareholders on 30 April 2025, and the meeting was declared properly constituted.

• Chairman's address, portfolio update, outlook, internalisation proposal, business items, voting, and Q&A were included in the agenda.

Board and executive committee updates

• Edouard Peter announced his resignation as Chair, with Brendan Rinaldi set to succeed him as Independent Chair from 1 June 2025; Peter will remain as a non-executive director.

• Portfolio managers Lachlan Campbell and Lachlan Beech to become direct employees from 1 June 2025.

• The board's composition has evolved to include diverse expertise, with recent additions aimed at broadening governance and succession planning.

• The board emphasized a strong moral compass and commitment to doing the right thing.

Financial performance review

• FY2024 profit before tax was $13.3m, up 48% from FY2023; net profit after tax was $9.3m, up 47%.

• Earnings per share rose 25% to 6.0c; dividends per share increased 6% to 7.3c.

• NAV per share at 31 Dec 2024 was $1.54, down 5% due to dividend payments; total post-tax NAV performance was 1.2%.

• Portfolio size increased to 91.5 GL; water entitlement values softened in H1 2024 but recovered in H2.

• Net debt ratio reduced from 31% to 3% by April 2025 after a major asset sale and debt repayment.