Murray Cod Australia (MCA) investor relations material

Corporate update and strategic direction

• Biomass at record 3,700 tonnes, representing a potential $78 million in revenue if fully realised, with all 128 ponds stocked and operational as of March 2026.

• New CEO and Chief Commercial Officer appointed to drive a customer-led, volume-based FMCG strategy, shifting focus from price per kilogram to predictable sales and multi-channel domestic growth.

• Infrastructure build-out and biomass replenishment completed, enabling unconstrained sales and expansion into new product formats and distribution channels.

• CSIRO feed and breeding trials show 30% growth improvement, supporting productivity and premium certifications (BAP, Kosher, Halal) for broader market access.

Business model and operations

• Operates a vertically integrated, land-based aquaculture model with 8 farm sites and 1 processing plant in the Murray-Darling basin, focusing on sustainable breeding and marketing of Murray Cod and other native species.

• Production cycle from egg to plate takes 18 months to 2.5 years, with fish grown in self-contained ponds and harvested at optimal sizes for various markets.

• The business recycles nutrient-rich water for crop irrigation, maintaining a low environmental footprint and supporting a circular economy.

Market expansion and sales strategy

• Domestic sales strategy prioritises foodservice, retail, and distributor partnerships, with Woolworths expansion to 134 stores and new frozen product launches.

• Export focus remains on Asia-Pacific, China, Middle East, and North America, leveraging certifications and frozen formats for easier market access.

• Sales initiatives include launching a second-tier brand, expanding wet fish counter sales, and targeting large volume venue operators and premium distributors.