Earnings release
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1 | Rivco Australia Ltd ACN 611 976 517 Appendix 4D HALF-YEAR REPORT 1. Reporting Period Reporting period “Current period” From 1 January 2026 to 30 June 2026 Previous corresponding period From 1 January 2025 to 30 June 2025 2. Results for Announcement to the Market $’000 Revenue from ordinary activities Down 35% to 5,781 Profit from ordinary activities after tax attributable to shareholders Down 91% to 2,099 Net profit after tax for the period attributable to shareholders Down 91% to 2,099 30 JUN 2026 31 DEC 2025 Net asset value per share $1.298 $1.322 Net asset value per share at fair market value $1.597 $1.591 RECORD DATE DATE PAID AMOUNT PER SECURITY FRANKED AMOUNT PER SECURITY Final Dividend 09 April 2026 30 April 2026 $0.0372 $0.0372 Commentary on Results for the Period DURING THE HALF-YEAR ENDED 30 JUNE 2026, THE COMPANY: • Delivered a Net Profit Before Tax of $2.1 million. • Inreased its lease percentage to 80% of the portfolio, providing visibility over contracted revenue. • Paid a fully franked dividend of 3.72 cents per share. The NAV from a Fair Market Value perspective at 30 June 2026 was $1.60 compared to $1.59 at the end of the Company’s 2025 financial year. At 30 June 2026, the Company is carrying $67.6 million (or $0.43 per share) of unrealised gains on its portfolio of water entitlements and allocations. This is excluded from the statutory financial statements due to the application of Australian Accounting Standards. The NAV of the Company in accordance with Australian Accounting Standards (which excludes unrealised gains) at 30 June 2026 is $1.30 per share (31 December 2025: $1.32 per share). This includes the payment of a $0.0372 dividend during the half-year.
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2 | Rivco Australia Ltd ACN 611 976 517 HALF-YEAR ENDED 30 JUNE 2026 PER COMPANY STATEMENT OF FINANCIAL POSITION $’000 PER FAIR MARKET VALUE (UNREVIEWED) $’000 VARIANCE $’000 Permanent water entitlements 244,010 308,959 64,949 Temporary water entitlements - 2,648 2,648 Net current and deferred tax liabilities 1,063 (19,219) (20,282) Other net current liabilities (2,187) (2,187) - Other net non-current liabilities (37,883) (37,883) - Total net assets 205,003 252,318 47,315 Net asset value per share $1.30 $1.60 $0.30 Net asset value per share $1.298 $1.597 $0.299 3. Net Tangible Assets Per Share 30 JUNE 2026 31 DECEMBER 2025 Net tangible assets per ordinary share $(0.25) $(0.13) Net assets per ordinary share $1.30 $1.32 4. Control Gained Or Lost During The Period Not applicable. 5. Dividends RECORD DATE DATE PAYABLE AMOUNT PER SECURITY FRANKED AMOUNT PER SECURITY Current half-year 09 April 2026 30 April 2026 $0.0372 $0.0372 Previous half-year 07 April 2025 24 April 2025 $0.0371 $0.0371 6. Dividend Reinvestment Plan The Company’s DRP was in operation for the period relating to the 2025 final dividend (paid April 2026). Participants in the DRP were eligible to receive new shares in the Company at the 5-day VWAP prior to the record date, as determined in accordance with the DRP rules. 7. Associates and Joint Ventures There are no associates or joint venture entities. 8. Foreign Entities Not Applicable. 9. Other Information This report is based on the half-year financial statements which have been reviewed by Grant Thornton Audit Pty Ltd.