Rivco Australia (RIV) Q2 2025 TU earnings summary

Executive summary

• Internalisation of management approved at AGM, with progress ongoing and operations prioritized.

• $108 million of debt repaid following entitlement sales, reducing gearing to 5%.

• 16th consecutive and increasing dividend of 3.71 cents per share paid in April 2025.

• On-market share buyback continued, with 1.46 million shares repurchased at $1.50 per share.

Financial highlights

• Post-tax NAV at 30 June 2025 was $1.65 per share, down 6 cents for the quarter.

• Pre-tax NAV (excluding tax provisions) was $1.84 per share, down 3 cents for the quarter.

• $135.2 million in water entitlement sales settled at a premium to fair value.

• Net operating cash outflow of $10.2 million for the quarter, influenced by higher income taxes and early termination fees.

• Net cash from investing activities was $117.4 million, reflecting entitlement sales and purchases.

Outlook and guidance

• Actively pursuing new lease opportunities to increase lease percentage for the year ahead.

• Forward contracts on unleased allocation holdings for 2025/26 water year to manage pricing uncertainty.