Announcement PDF Quarterly Update September 2025 Company Snapshot Rivco Australia Limited (ASX:RIV) 1 Net Asset Value (Pre-tax) $1.86 per share SHARES ON ISSUE: 155,558,916 MARKET CAP: $239 million Net Asset Vale (Post-tax) $1.67 per share Gross Dividend Yield1 6.9% ^FY2025 Gross Dividend Yield (dividends + franking) / share price $292m TOTAL WATER ASSETS 58.8 GL WATER ENTITLEMENTS 53% LEASED % OF PORTFOLIO 3.6 yrs WEIGHTED AVERAGE LEASE EXPIRY (WALE) 4.5 yrs WALE (INCL. RENEWAL OPTIONS) 5.4% NET DEBT TO WATER RATIO (LVR) Company Performance - 30 September 2025 3 MONTHS 6 MONTHS 12 MONTHS INCEPTION* ANNUALISED* NAV Performance (Pre-tax) + Dividends + Franking 1.0% 2.3% 16.7% 140.5% 10.2% NAV Performance (Post-tax) + Dividends + Franking 1.0% 0.9% 12.8% 120.0% 9.1% Share Price Performance + Dividends + Franking 1.0% 9.9% 15.9% 102.4% 8.1% OPTIONS ON ISSUE: 38,165,498 * For the period 30 September 2016 to 30 September2025 1. Unfranked dividend yield (for non-resident investors) equals 4.8% p.a. 2 Quarterly Update September 2025 Key Highlights • Shareholders approved the Company’s name change to Rivco Australia Limited, effective 15 October 2025, marking a major milestone in its transition to a fully internalised business. • Declared a fully franked interim dividend of 3.72 cents per share, payable on 31 October 2025, representing the Company’s 17th consecutive and increasing dividend since inception. • Leased % remained steady at 53%, supported by new leases that offset the expiry of existing arrangements. WALE increased to 3.6 years, up from 2.4 years at 30 June 2025. • Southern Basin dam storages declined to ~65%, the lowest September level since 2020, with indicative forward prices for next season (from 1 July 2026) now exceeding $400/ML in the lower Murray. About Rivco Australia The primary investment objective of Rivco Australia (“the Company”) is to build a portfolio of permanent water entitlements and utilise this portfolio to provide flexible water supply solutions to our Australian farming partners. The Company generates a return by offering irrigators a range of supply solutions including long-term entitlement leases, forward allocation contracts, and spot allocation supply. Allocation Market Allocation prices increased during the quarter, driven by limited supply and early-season irrigation demand. Warm and windy conditions combined with lower awarded allocations, placed upwards pressure on prices, particularly as irrigators commenced spring irrigation programs. NSW general security and Goulburn high security allocation determinations remained minimal which constrained market supply in these regions, while Victoria’s low risk of spill declaration had little influence on the market. At 30 September 2025, spot allocation prices were approximately $300/ML in the lower Murray, $280/ML in the upper Murray, $265/ML in the Murrumbidgee, and $280/ML in the Goulburn. Cashflow Overview The September quarter delivered stronger operational performance as the Company entered the new water year. Receipts from customers rose to $2.8 million, driven by higher allocation sales under forward contracts. Net operating cashflows improved, reflecting the delivery of forward sales at stronger prices than in the previous year. The Company also benefited from lower finance costs, with quarterly interest expenses falling to $0.26 million, compared to $1.1 million and $1.7 million in the prior two quarters. Investing / Financing activities included $2.6 million of well priced lower Murray entitlement acquisitions and $0.3 million under the on-market share buy-back. Monthly payments of $0.23 million under the Transitional Services Agreement replaced monthly management fees. Entitlement Market Demand for high security lower Murray entitlements has increased over the last quarter, which saw ~4-5% price increases in some lower Murray zones. By contrast, most general security assets and non lower Murray entitlements decreased in value during the period. Overall, the Ricardo Entitlement Index recorded an uplift of 0.6% during the quarter. The Australian Government has continued to acquire water entitlements via its buyback initiatives. The Company contracted $8.1 million of entitlement sales to the Government during the period, with pricing outcomes comparable to those achieved in the entitlement sale announced in March 2025. Rivco Australia Limited (ASX:RIV) Internalisation Update Strong progress was made towards internalisation during the quarter. Key external service providers have been engaged, and the rollout of the Company’s new branding, logos, and website is underway. All systems and data have also been transferred into the Company’s own IT environment. The team is set to move into the Company’s new offices in November. Progress continues to be made in relation to defining the Company’s strategy for 2026 and beyond. The current focus is on enhancing and stabilising earnings, refining dividend frameworks, and strengthening debt and capital management practices to support long-term shareholder value. The Company will continue to keep shareholders informed on the progress of its internalisation and looks forward to providing further updates on its future strategy in due course. 3 Quarterly Update September 2025 Net Asset Value Update At 30 September 2025, the Company’s pre-tax NAV (excluding tax provisions) was $1.86 per share, increasing by 2 cps during the quarter. The Company’s Post-tax NAV ended the quarter at $1.67 per share, also increasing by 2 cps during the quarter. The increase in NAV during the quarter was primarily driven by the award of new season allocations from 1 July 2025. Water allocation prices are at their highest levels heading into a peak irrigation season since 2020, which has also contributed to the recorded NAV uplift. Dividends On 31 October 2025, the Company will pay a fully franked dividend of 3.72 cents per share, marking its 17th consecutive and increasing dividend. Together with the 3.71 cents paid in April 2025, shareholders will receive dividends of 7.43 cents per share for FY2025. Rivco Australia remains committed to maintaining its bi-annual dividend payment, reflecting a disciplined and consistent approach to returning capital to shareholders. September 2025 NAV (pre-tax) $1.86 per Share September 2025 NAV (post-tax) $1.67 per Share Payments to Associates/Related Parties During the September quarter, the following cash payments to Associates and Related Parties occurred (inc. GST): Duxton Capital – Transitional Services Fees (As per the Services Agreement) $506k Duxton Capital – Reimbursements (On-charged Reimbursements) $20k 2.3 2.4 2.5 2.6 2.7 2.8 2.9 3.0 3.1 3.2 3.3 3.4 3.5 3.6 3.7 3.71 3.72 0 0.5 1 1.5 2 2.5 3 3.5 4 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 $ per Share Dividend Announced Unfranked Percentage Franked Dividend Paid Debt Update At 30 September 2025, the Company maintained a drawn debt balance of $18.0 million under its $40.0 million facility, leaving $22.0 million of undrawn capacity. The facility, which matures in March 2027, remains secured against water entitlements and carries a variable rate of BBSY plus 1.3% in fees. The Company reduced its maximum facility size from $130.0 million to $40.0 million in the prior quarter, to minimise facility fees and better align with current capital requirements. The lower facility size continues to reduce facility fees payable, while preserving balance sheet flexibility for future acquisitions and capital management initiatives. Lease and Forward Market With spot prices strengthening, water security has become front of mind for many irrigators. As a result, interest in leases and forward contracts has grown noticeably in recent months. The Company has been working with several irrigators to support their long-term water planning through lease arrangements. The Company remains committed to increasing its leased percentage where suitable opportunities present. In addition, the Company is exploring hedging opportunities through forward allocation contracts. Demand for forwards has been strong, with elevated pricing reflecting continued uncertainty around future climate outlooks. Rivco Australia Limited (ASX:RIV) September 2025 Debt Drawn $18m Equal to Q2 September 2025 Net Debt Ratio 5.4% Up from 4.7% in Q2 53% 47% Leased Unleased 77% 14% 2% 4% 3% Murray Murrumbidgee Goulburn Lachlan Mallee 80% 17% 3% High Security General Security Groundwater 4 Quarterly Update September 2025 ENTITLEMENT VALUE BY REGION PORTFOLIO LEASED PERCENTAGE WATER SECURITY BREAKDOWN Growth of $10,000 - Rivco Australia Performance $21,995 $24,049 $20,242 8,000 10,000 12,000 14,000 16,000 18,000 20,000 22,000 24,000 26,000 Sep-16 Sep-17 Sep-18 Sep-19 Sep-20 Sep-21 Sep-22 Sep-23 Sep-24 Sep-25 Value of $10,000 NAV (POST-TAX) TSR (Index) NAV (PRE-TAX) TSR (Index) Share Price TSR (Index) Rivco Australia Limited (ASX:RIV) Southern Basin – Dam Storage Levels (15-years) 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Sep-20 Sep-21 Sep-22 Sep-23 Sep-24 Sep-25 Dam Storage Levels (%) Dartmouth Hume Lake Eildon Blowering Burrinjuck Menindee Quarterly Update September 2025 DETERMINATIONS CLASS 1-OCT-21 1-OCT-22 1-OCT-23 1-OCT-24 1-OCT-25 Goulburn High 100% 100% 100% 100% 51% Low 0% 0% 0% 0% 0% VIC Murray High 93% 100% 100% 89% 80% Low 0% 12% 0% 0% 0% NSW Murray High 97% 100% 100% 97% 97% General 55% 110% 110% 44% 18% SA Murray High 100% 100% 100% 100% 100% General n/a n/a n/a n/a n/a Murrumbidgee High 95% 95% 95% 95% 95% General 52% 50% 46% 34% 32% This announcement has been authorised for release by the Board of Rivco AustraliaLimited. DISCLAIMER: This document is prepared by Rivco Australia Limited ACN 611 976 517 (“Rivco”). This document contains summary information about Rivco, its subsidiaries and their respective activities current as at the date of this document unless otherwise stated. This document does not contain all the information about Rivco's assets and liabilities, financial position and performance, profits and losses and prospects and does not purport to be complete or comprise all information which is relevant to an investment decision or that would be required in a prospectus or product disclosure statement prepared in accordance with the requirements of the Corporations Act 2001(Cth). This document should be read in conjunction with Rivco's other periodic and continuous disclosure announcements lodged with ASX which are available at www.asx.com.au. The release, publication or distribution of this document (including an electronic copy) outside of Australia may be restricted by law. This document may contain forward looking statements, including statements regarding Rivco's intentions, beliefs or current expectations about its business and operations, and market conditions. Forward looking statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. This document does not constitute investment, tax, legal or any other form of advice or recommendation and was prepared without regard to the specific objectives, financial situation or needs of any particular person. Before making an investment decision, you should make your own enquiries and investigations and obtain your own professional advice. Rivco Australia Limited (ASX:RIV) Water Allocations (%) – 1 October 2025 Water Allocation Prices – 30 September 2025 Lachlan Campbell Portfolio Manager lachlan.campbell@rivco.com.au +61 410 107 158 Lachlan Beech Portfolio Manager lachlan.beech@rivco.com.au +61 414 742 197 Contact Details 5 $300 $265 $280 $- $50 $100 $150 $200 $250 $300 $350 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 May-25 Jul-25 Sep-25 Price per ML ($) Lower Murray Upper Murray Murrumbidgee Goulburn ^Approximate water allocation prices at the end of each period. Source: Water allocation percentages as per the relevant state resource managers. Rule 4.7B ASX Listing Rules Appendix 4C (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B Name of entity Rivco Australia Limited ABN Quarter ended (“current quarter”) 53 611 976 517 30 September 2025 Consolidated statement of cash flows Current quarter $A’000 Year to date (9 months) $A’000 1. Cash flows from operating activities 2,804 11,880 1.1 Receipts from customers 1.2 Payments for - - (a) research and development (b) product manufacturing and operating costs (198) (524) (c) advertising and marketing - - (d) leased assets - - (e) staff costs - - (f) administration and corporate costs (456) (1,584) 1.3 Dividends received (see note 3) - - 1.4 Interest received - - 1.5 Interest and other costs of finance paid (258) (3,024) 1.6 Income taxes paid (651) (9,572) 1.7 Government grants and tax incentives - - 1.8 Other (provide details if material) - Management Fees - IMA Termination Fee - Transitional Services Fee - - (506) (1,089) (3,586) (759) 1.9 Net cash from / (used in) operating activities 735 (8,258) 2. Cash flows from investing activities - - 2.1 Payments to acquire or for: (a) entities (b) businesses - - (c) property, plant and equipment - - Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B ASX Listing Rules Appendix 4C (17/07/20) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (9 months) $A’000 (d) investments (2,624) (20,440) (e) intellectual property - - (f) other non-current assets - - 2.2 Proceeds from disposal of: - - (a) entities (b) businesses - - (c) property, plant and equipment - - (d) investments - 135,202 (e) intellectual property - - (f) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material) - - 2.6 Net cash from / (used in) investing activities (2,624) 114,762 3. Cash flows from financing activities (299) (2,438) 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities - - 3.5 Proceeds from borrowings - 10,000 3.6 Repayment of borrowings - (108,000) 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - (4,765) 3.9 Other (Bank Overdraft) - - 3.10 Net cash from / (used in) financing activities (299) (105,203) 4. Net increase / (decrease) in cash and cash equivalents for the period 4,314 825 4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 735 (8,258) Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B ASX Listing Rules Appendix 4C (17/07/20) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (9 months) $A’000 4.3 Net cash from / (used in) investing activities (item 2.6 above) (2,624) 114,762 4.4 Net cash from / (used in) financing activities (item 3.10 above) (299) (105,203) 4.5 Effect of movement in exchange rates on cash held - - 4.6 Cash and cash equivalents at end of period 2,126 2,126 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 2,126 4,314 5.2 Call deposits - - 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 2,126 4,314 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 526 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B ASX Listing Rules Appendix 4C (17/07/20) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities 40,000 18,000 7.2 Credit standby arrangements 7.3 Other 7.4 Total financing facilities 40,000 18,000 7.5 Unused financing facilities available at quarter end 22,000 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. On 4th June 2025, following the settlement of a large sale of permanent water entitlements, the Company cancelled $90m of its debt facility with NAB, leaving the remaining facility in place as follows: Debt Facility A Lender: National Australia Bank Max Debt: $40,000,000 Variable Interest Rate: BBSY plus 0.65% p.a. + Facility Fee of 0.65% Maturity Date: 31 March 2027 Secured: Yes 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) 735 8.2 Cash and cash equivalents at quarter end (item 4.6) 2,126 8.3 Unused finance facilities available at quarter end (item 7.5) 22,000 8.4 Total available funding (item 8.2 + item 8.3) 24,126 8.5 Estimated quarters of funding available (item 8.4 divided by item 8.1) N/A Note: if the entity has reported positive net operating cash flows in item 1.9, answer item 8.5 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.5. 8.6 If item 8.5 is less than 2 quarters, please provide answers to the following questions: 8.6.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: N/A 8.6.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: N/A Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B ASX Listing Rules Appendix 4C (17/07/20) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms. 8.6.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: N/A Note: where item 8.5 is less than 2 quarters, all of questions 8.6.1, 8.6.2 and 8.6.3 above must be answered. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: ................................................................................... Authorised by: ................................................................................... (Name of body or officer authorising release – see note 4) Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standard applies to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively. 31 October 2025 The Board of Rivco Australia Limited