Rivco Australia (RIV) investor relations material

Executive summary

• Pre-tax NAV ended 30 September at $1.74/share (unaudited), down 1.2% total return for the quarter amid softer entitlement values; post-tax NAV was $1.58/share.

• The portfolio had 61.3 GL of water entitlements, $306m gross water assets, 80% leased by value and a 12% net debt-to-assets ratio.

• The 2026 half-year report recorded $3.0m pre-tax profit; a fully franked 1.8 cents/share interim dividend was declared for payment on 30 October.

Financial highlights

• Quarterly operating receipts were $2.8m, up $0.3m QoQ, supported by lease growth and contractual rental escalations; net operating cash flow was $1.061m.

• Quarterly operating costs included $0.33m for product manufacturing and operations, $0.27m staff costs, $0.37m administration and $0.53m interest paid.

• September-quarter pre-tax NAV total return was -1.2%; share-price total return including dividends and franking was -18.2%.

• 2026 dividends totalled 5.5 cents/share, including 3.72 cents paid in April and 1.80 cents payable in October; gross dividend yield was 6.6% and cash yield 4.6%.

Outlook and guidance

• Contracted lease revenue for the 2026/27 water year was $10.6m, with a 3.2-year WALE; leases commencing 1 July 2026 were secured at yields of ~5%, versus 4.3% effective portfolio yield.

• From 1 January 2027, annual dividends are planned to comprise 60%-100% of Adjusted NPAT plus a discretionary 0%-100% of after-tax realised capital gains, generally paid in equal April and October instalments.

• Strategy prioritises 70%-80% portfolio leasing, portfolio optimisation toward high-income and high-growth zones, and gearing within a 0%-20% target range.