Rivco Australia (RIV) Q4 2025 TU earnings summary

Executive summary

• Completed internalisation and rebranded as Rivco Australia Limited, transitioning to a fully internalised business model.

• Moved to new office premises in Unley, South Australia, finalising the transition.

• Southern Basin dam storages declined to lowest December levels since 2020, impacting water availability.

• Lower Murray spot prices rose 27% during the quarter, with further increases in early January 2026.

Financial highlights

• Pre-tax NAV per share at $1.77 and post-tax NAV at $1.59 as of 31 December 2025.

• Market cap at $229 million; 158.8 million shares and 38.2 million options on issue.

• Gross dividend yield of 7.4% (cash yield 5.2% for non-residents), with 3.72 cps fully franked dividend paid in October 2025.

• NAV performance (pre-tax) for 12 months: +13.8%; share price performance for 12 months: +15.4%.

• Net cash used in operating activities for the quarter: $(3.8) million; cash and equivalents at period end: $2.5 million.

Outlook and guidance

• High security asset yields expected to remain strong, with market pricing for 2026 reflecting 5-7% p.a. cash yields.

• Ongoing discussions for new water security products and lease agreements for the next season.

• Government buyback programs expected to recover up to 230 GL of entitlements in 2026, potentially impacting supply.