Rivco Australia (RIV) Q1 2025 TU earnings summary

Executive summary

• NAV per share increased to $1.71 at 31 March 2025, up 17 cents from the previous quarter, marking the strongest quarterly result since inception in 2016.

• Sale of $121.3 million in water entitlements to the Australian Government drove significant NAV growth and will support environmental water flows.

• Total water portfolio value stands at $290 million, with 58.9 GL of entitlements expected post-settlement.

• Company continues to focus on reducing debt and seeking new acquisition opportunities.

Financial highlights

• Post-tax NAV per share rose 11% quarter-over-quarter to $1.71; pre-tax NAV reached $1.87, up 22 cents.

• Receipts from customers doubled year-over-year to $6.8 million, driven by higher water allocation prices.

• Net cash from operating activities was $1.2 million for the quarter.

• Fully franked dividend of 3.71 cents per share declared and paid, marking the 16th consecutive dividend since 2017.

• On-market share buyback continued, with 736,000 shares repurchased at an average price of $1.35 per share.

Outlook and guidance

• Funds from entitlement sales will be used to reduce net debt to below 5% of water assets upon settlement.

• Company remains focused on expanding its leased portfolio and pursuing well-priced acquisitions.

• Market for leases and forwards is expected to become more active as irrigators secure future water needs.