Rivco Australia (RIV) H2 2025 earnings summary

Executive summary

• Achieved record profit before tax of $33.5 million in FY25, up 152% year-over-year, driven by disciplined portfolio management and favorable market conditions.

• Completed internalisation of management, resulting in a simplified structure, lower cost base, and improved governance.

• Strengthened balance sheet by repaying $93.5 million in debt, reducing gearing to 7% at year-end.

• Paid fully franked dividends totaling 7.43 cents per share, with a positive outlook supported by increased lease demand and higher yields.

Financial highlights

• Net profit after tax rose to $21.9 million, up 135% from FY24.

• Earnings per share increased to 14.0 cents, a 133% rise year-over-year.

• Portfolio size decreased by 36% to 58.7 GL due to net entitlement sales.

• Pre-tax NAV total return was 12.9% for FY25, with NAV per share rising to $1.59.

• Realised capital gains from entitlement sales reached $38.7 million, executed above carrying value.

Outlook and guidance

• Entered 2026 with strong momentum and a positive operating outlook.

• Focus on increasing lease coverage to ≥70% to enhance recurring cash flow and reduce earnings volatility.

• Portfolio optimisation to target high-income and high-growth zones.

• Evolved dividend framework to prioritize operational earnings and flexible capital allocation.