Announcement PDF Rivco Australia Limited Half-Year Report - 2026 | 1 Half-Year Report 2026 PROUDLY SUPPORTING AUSTRALIAN IRRIGATORS AND FARMERS ACN 611 976 517 2 | Rivco Australia Limited Half-Year Report - 2026 Rivco Australia Limited Half-Year Report - 2026 | 3 Contents Half-Year 2026 Snapshot 4 Half-Year Highlights 6 Directors’ Report 8 Lead Auditor’s Independence Declaration 22 Statement of Profit or Loss and Other Comprehensive Income 24 Statement of Financial Position 25 Statement of Changes in Equity 26 Statement of Cash Flows 27 Condensed Notes to the Financial Statements 28 Directors’ Declaration 36 Independent Auditor’s Review Report 38 Corporate Directory 40 Rivco Australia Limited Half-Year Report - 2026 | 3 2 | Rivco Australia Limited Half-Year Report - 2026 4 | Rivco Australia Limited Half-Year Report - 2026 Rivco Australia Limited Half-Year Report - 2026 | 5 Half-Year 2026 Snapshot Rivco Australia Limited provides water supply solutions to Australian irrigators. These products enable businesses to manage water risk while allowing irrigators to take a multi-year approach to water security. Each year, Rivco supports hundreds of customers across diverse industries, including tree nuts, grapes, dairy, citrus, potatoes, cotton, wheat, cereals, and rice. 3.6% 61.3 GL PRE-TAX PORTFOLIO RETURN1 (6 MONTHS) $309m WATER ENTITLEMENT PORTFOLIO VALUE2 WATER ENTITLEMENTS OWNED 1 Total portfolio return is based on Pre-Tax NAV movements, including franking credits and dividends for the 6-month period to 30 June 2026. 2 Non-statutory Net Asset Value (NAV), adjusting for water entitlements held at cost in the Financial Statements of $244.0m. A reconciliation of statutory NAV to non-statutory (post-tax) NAV is provided on page 20. $1.76 PER SHARE NON-STATUTORY NET ASSET VALUE (PRE-TAX)2 LEASED PORTFOLIO FROM 1 JULY 2026 OVER THE LAST 6 MONTHS: HY2026 FY2025 DIFFERENCE Share Price $1.46 $1.44 +2 cents NAV per share (pre-tax)2 $1.76 $1.75 +1 cent Water Entitlement Portfolio Valuation ($m)2 $309m $286m +$23m Water Entitlements Owned (GL) 61.3GL 58.7GL +2.6GL Leased % (from 1 July / 1 January) 80% 54% +26 points Rivco Australia Limited Half-Year Report - 2026 | 5 4 | Rivco Australia Limited Half-Year Report - 2026 80% $1.60 PER SHARE NON-STATUTORY NET ASSET VALUE (POST-TAX)2 6 | Rivco Australia Limited Half-Year Report - 2026 Rivco Australia Limited Half-Year Report - 2026 | 7 Half-Year Highlights The first half of 2026 was the Company’s first half-year as Rivco Australia Limited ("Rivco" or "the Company") and the first under our fully internalised operating model. This period has been defined by the substantial expansion of our lease book and continued active management of our portfolio. We have also refined our strategy and capital management framework, while the Board and leadership team have evolved to support the Company through its next phase of growth. 01 03 02 04 FINANCIAL PERFORMANCE: Strategic Priorities Dashboard DIVIDEND: RECORD LEASE COVERAGE: CAPITAL MANAGEMENT: REDUCED OPERATING COSTS: Delivered a Net Profit Before Tax of $3.0m (1H2025: $35.3m), alongside a 6-month total portfolio return of 3.6% (1H2025: 15.0%). This reflects the absence of gains on entitlement sales, which contributed $34.3m in 1H2025. Increased the leased percentage of the portfolio from 54% at 31 December 2025 to 80% from 1 July 2026, meeting the upper end of the 70% - 80% target range as communicated at our April 2026 AGM. Paid a fully franked final 2025 dividend of 3.72 cents per share in April 2026 (April 2025: 3.71 cents per share). Loan to Valuation Ratio of 12% at 30 June 2026 and the Company’s on-market share buy-back was restarted in May 2026. Operating costs have decreased materially following internalisation, as communicated in the Company’s FY25 Annual Report. Management expense ratio is 0.4% of gross assets. BOARD AND LEADERSHIP TRANSITION: Appointed Mr Brendan Rinaldi as Executive Chairman for 12 months, effective 22 June 2026, to support the Company’s strategic priorities and growth initiatives. Dr Vivienne Brand appointed Lead Independent Director and Deputy Chair. STRATEGIC PRIORITY 2026 OBJECTIVE PROGRESS IN 1H2026 STATUS Increase Earnings Stability Increase lease coverage to 70% - 80% to enhance recurring cash flow and reduce earnings volatility. 80% of the portfolio leased from 1 July 2026 (31 December 2025: 54%). ✓ Complete Capital Management Deploy capital to the highest risk-adjusted return opportunities while preserving flexibility. Loan to Valuation Ratio of 12% at 30 June 2026; on-market share buy-back restarted in May 2026. ● Ongoing Dividend Sustainability Adopt an evolved dividend framework underpinned by core operational earnings. Evolved dividend framework released alongside this report; effective from 1 January 2027. ✓ Complete Refine Investment Proposition Launch an updated investment thesis and clearly communicate our future strategy. Investment thesis to be released in September. ● Ongoing Leadership & Governance Finalise leadership structure and continue to enhance Board capability and composition. Executive Chairman appointed in June 2026 for a 12-month period. Lead Independent Director and Deputy Chair appointed. New Company Secretary onboarded in July 2026. ● Ongoing Portfolio Optimisation Rebalance capital into high- income and high-growth zones using a selective, valuation-led approach. Continued to actively monitor water markets for accretive opportunities. Several entitlement acquisitions completed in 1H2026 at attractive valuations. ● Ongoing Status assessments are as at the date of this report and reflect the Board’s view of progress against the focus areas presented at the April 2026 AGM. Rivco Australia Limited Half-Year Report - 2026 | 7 6 | Rivco Australia Limited Half-Year Report - 2026 05 06 8 | Rivco Australia Limited Half-Year Report - 2026 Rivco Australia Limited Half-Year Report - 2026 | 9 Directors’Report For the Half-Year ended 30 June 2026 The Directors of Rivco Australia Limited submit herewith the Directors’ report, the financial report of Rivco Australia Limited ("the Company") or ("Rivco") for the half-year ended 30 June 2026 and the Independent Auditor’s Review Report. In order to comply with provisions of the Corporations Act 2001, the Directors’ Report is as follows: Directors The names of the Directors of the Company that held office during and since the end of the interim period are: Mr Brendan Rinaldi Dr Vivienne Brand Mr Stephen Duerden Mr Chris Larsen Mr Dirk Wiedmann (retired 17 April 2026) Mr Edouard Peter (retired 17 April 2026) The above named Directors held office since the start of the financial period unless otherwise stated. Ms Katelyn Adams held the office of Company Secretary throughout the interim period and until her resignation on 6 July 2026. Ms Kaitlin Smith was appointed Company Secretary effective 6 July 2026 and holds that office as at the date of this report. Principal Activities The Company’s primary focus is acquiring and managing a portfolio of Australian water entitlements in the southern Murray-Darling Basin. The Company generates income by providing water supply solutions to mainly primary producers through a combination of long-term lease arrangements and the sale of temporary water allocations to support Australian agricultural production. There have not been any significant changes in the nature of the Company’s activities during the period. Rivco Australia Limited Half-Year Report - 2026 | 9 8 | Rivco Australia Limited Half-Year Report - 2026 KEY METRICS SUMMARY Net profit before tax was $3.0 million for the half-year, compared with $35.3 million in 1H2025, which included substantial realised gains from entitlement sales to the Australian Government. Lease revenue remained consistent in the current half, while temporary water allocation sales were lower following the decision to carry unsold allocations with a fair market value of $2.6 million into the 2026/27 water year. These allocations are expected to support revenue over the next 12 months as they are sold or used to meet existing contractual obligations. The current period result also includes impairment of $0.3 million relating to water entitlements held at cost in the financial statements. This is a non-cash accounting adjustment and does not affect the Company’s non-statutory NAV, which is based on the independent fair valuation of the water portfolio. KEY METRICS 1H2026 1H2025 CHANGE Lease revenue $3.0m $2.9m $0.1m Water allocation sales $2.8m $6.0m ($3.2m) Realised gains on entitlement sales - $34.3m ($34.3m) Non-cash (impairments)/reversal on water entitlements ($0.3m) $1.2m ($1.5m) Operating and Finance Costs ($2.5m) ($9.1m) $6.6m Net Profit Before Tax $3.0m $35.3m ($32.3m) Components may not sum due to rounding. FROM 1 JULY 2026 LEASES FORWARDS COMMITTED TOTAL Revenue $ 10,581,346 $830,000 $11,411,346 Volume 39,917 2,000 41,917 Entitlement Fair Market Value $248,016,915 $15,600,000 $263,616,915 Effective Yield 4.3% 5.3% 4.3% % of Entitlement Portfolio 80% 5% 85% WALE 3.5 1.0 3.4 WALE + Options 4.0 1.0 3.8 % of High Security Entitlement 89% 6% 95% Annualised Lease Revenue and Roll-Off Schedule 11 10 9 8 7 6 5 4 3 2 1 0 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Annualised Lease Revenue ($m) Leased Portfolio (%) Water Year WY28 WY29 WY30 WY31 WY32 WY27 $10.6m $11.0m $7.0m $5.9m $4.1m $0.4m 80% 80% 48% 40% 25% 2% Review of Operations RECORD LEASE COVERAGE ENHANCES EARNINGS STABILITY The Company has a long-standing target to have 70% - 80% of the portfolio leased, reflecting its focus on increasing recurring cash flow and reducing earnings volatility. At the April 2026 AGM, the Company reaffirmed its intention to achieve this target and is pleased to report that it was met by 30 June 2026, with 80% of the portfolio leased by value from 1 July 2026, compared with 54% for the previous water year. The achievement of this target was supported by the execution of several significant new lease agreements, including a material five-year lease with Australia’s largest almond producer, announced in April 2026. Committed lease revenue for the 2026/27 water year is $10.6 million, with 80% of the portfolio leased by value and a Weighted Average Lease Expiry ("WALE") of 3.5 years. The portfolio’s effective lease yield of 4.3% represents a blended rate across recently committed leases and contracts executed in prior years when spot allocation and lease prices were lower. Demand for long-term leases has remained strong as irrigators seek to secure multi-year water supply amid drier seasonal conditions. Rivco Australia Limited Half-Year Report - 2026 | 11 10 | Rivco Australia Limited Half-Year Report - 2026 Includes annual escalations resulting from CPI clauses. 12 | Rivco Australia Limited Half-Year Report - 2026 Rivco Australia Limited Half-Year Report - 2026 | 13 Management Costs and Expense Ratio Following the completion of management internalisation in November 2025, the first half of 2026 was the Company’s first half-year under the new cost structure. Total overhead costs for the half-year were approximately $1.6 million (1H2025: $3.0 million, excluding the $3.3 million IMA termination fee), noting that several other one-off items were incurred in the prior corresponding period. This is consistent with the material expected cost savings the Company previously communicated. Under the internalised structure the Company does not pay performance fees, which were payable under the previous investment manager. Considering employee and office costs only, internal management expenses equate to a Management Expense Ratio ("MER") of approximately 0.40% of gross assets, positioning Rivco competitively when compared to externally managed listed investment vehicles. Board and Leadership Transition Following the completion of the internalisation in November 2025, Mr Brendan Rinaldi was appointed Executive Chairman for a 12-month period from 22 June 2026, with a focus on strategic leadership and growth initiatives. Dr Vivienne Brand was appointed Lead Independent Director and Deputy Chair to maintain independent governance oversight during this period. After being appointed to the Board in November 2025, Mr Chris Larsen was formally elected as an Independent Non-Executive Director of the Company at its AGM held on 17 April 2026. Mr Edouard Peter, the Company’s founder and former Chairman, and Mr Dirk Wiedmann both retired from the Board on 17 April 2026. Mr Peter and Mr Wiedmann had both served on the Board since 2016, and the Board thanks them both for their significant service to the Company. Effective 6 July 2026, Ms Katelyn Adams resigned as Company Secretary and Ms Kaitlin Smith was appointed to the role. Ms Smith is a Chartered Accountant and Fellow of the Governance Institute of Australia with 18 years of accounting and governance experience. The transition has progressed smoothly, with continuity maintained across the Company’s governance, compliance and ASX reporting functions. Dividends Since Inception 4.00 3.50 3.00 2.50 2.00 1.50 1.00 0.50 0.00 Cents per share 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 Jun-26 Dec-26 Dividend paid Dividend announced 2.30 2.40 2.50 2.60 2.70 2.80 2.90 3.00 3.10 3.20 3.30 3.40 3.50 3.60 3.70 3.71 3.72 3.72 1.80 Dividends The Company paid a fully franked final 2025 dividend of 3.72 cents per share on 30 April 2026, its 18th consecutive dividend. For the second half of 2026, the Board is pleased to declare a fully franked interim dividend of 1.8 cents per share, payable on Friday, 30 October 2026. This is the Company's 19th consecutive dividend and will take total dividends paid since inception to 57.95 cents per share. The Dividend Reinvestment Plan will continue to operate. Rivco's dividends have historically been supported in part by realised gains from the sale of water entitlements. In some years this has enabled the Company to pay a dividend per share above its operational earnings per share. As communicated in previous announcements, the Company is transitioning to a framework whereby dividends will be underpinned by core operational earnings. Realised gains will be assessed separately from operational profits and subject to market conditions, may be allocated to the acquisition of water entitlements, repayment of debt, the Company’s on-market share buy-back, or paid as additional dividends. This approach is designed to enhance the sustainability and discipline of the Company's capital management decisions while prioritising long-term value for shareholders. The Company's evolved dividend framework will come into effect on 1 January 2027. From 1 January 2027, the Company intends to pay a semi-annual dividend, franked to the greatest extent possible, comprising two components: • Core Component: 60% - 100% of Adjusted NPAT (statutory NPAT excluding impairments and after-tax capital gains), designed to deliver a baseline dividend yield that aligns with operational profitability. • Discretionary Component: 0% - 100% of after-tax realised gains. Any additional distribution from realised gains will be assessed by the Board against the prevailing market conditions and strategic objectives, and should not be relied upon each year. From 1 January 2027, the Company intends to pay dividends in April and October each year, with both payments expected to be equal in cents per share and based on the prior financial year's performance. The Board recognises that the October 2026 dividend is lower than the 3.72 cents per share paid in April 2026. This is a deliberate decision, made from a position of strength. Retaining a greater proportion of earnings keeps more value within the Company and provides the Board with greater flexibility to allocate capital where it will generate the most value for shareholders. All future dividends remain subject to Board discretion, market conditions and the Company's financial position at the relevant time. 14 | Rivco Australia Limited Half-Year Report - 2026 Rivco Australia Limited Half-Year Report - 2026 | 15 SOUTHERN BASIN DAM STORAGE LEVELS (ANNUAL) 30-JUN-21 30-JUN-22 30-JUN-23 30-JUN-24 30-JUN-25 30-JUN-26 Dartmouth 67% 95% 97% 94% 69% 67% Hume 61% 94% 97% 67% 34% 36% Lake Eildon 59% 83% 97% 88% 56% 43% Blowering 96% 97% 93% 74% 48% 44% Burrinjuck 98% 87% 91% 75% 43% 42% Menindee Lakes 63% 110% 83% 62% 71% 32% Weighted Average 69% 94% 94% 80% 55% 47% Investment Thesis Update The Company has completed its updated investment thesis, a summary of which will be released in September 2026. The thesis outlines the key characteristics of Australian water entitlements as an asset class, the role they can play in an investment portfolio, and how Rivco manages its portfolio across products, security classes and regions. It also incorporates updated demand and supply modelling prepared by WSP (the Company’s independent water portfolio valuer, formerly Ricardo Energy, Environment & Planning Pty Ltd). At a high level, the investment thesis concludes that there is a growing structural imbalance between water demand and supply in the southern Murray-Darling Basin (SMDB), with inelastic demand from permanent horticulture continuing to expand. WSP’s modelling projects that permanent horticulture demand in the Lower Murray will reach approximately 1,494 GL per annum once existing plantings reach full maturity. At the same time, available supply continues to contract, with Government buybacks permanently removing entitlements from the consumptive pool. Assuming the 450 GL enhanced environmental outcomes target is achieved, WSP’s modelling indicates that surface water available for irrigation in the Lower Murray would range from 1,691 GL in a wet year to 440 GL under extreme dry conditions (illustrated in the chart below). In four of the five climate scenarios modelled (all but wet), available supply falls below projected permanent horticulture demand. Under a repeat of conditions seen throughout 2007-08, available supply would cover approximately 29% of projected demand in this region. The Company believes these dynamics will continue to support the long-term value of water entitlements in the SMDB. Supportive Market Conditions YIELDS REMAIN ELEVATED High-security lease yields remained strong during the first half of 2026, between 4% - 6%, supported by continued demand from irrigators seeking multi-year water security. Allocation prices reached approximately $500/ML in early 2026 before easing to around $400/ML through autumn and closing the 2025/26 water year at approximately $380/ML. Prices in July 2026 remained broadly consistent with year-end levels, trading at approximately $380 - $400/ML. The Australian Government’s buyback program has continued to absorb entitlements from the market, with approximately 380 GL of the 450 GL target recovered as reported in June 20261 (31 December 2025: 220 GL). This sustained buyback activity continues to reduce available supply in the entitlement market, supporting the long-term investment thesis for Australian water entitlements as an asset class. EL NIÑO AND WEATHER CONDITIONS In June 2026, the Bureau of Meteorology declared the emergence of an El Niño event2 . El Niño events have historically been associated with drier winter and spring conditions, higher daytime temperatures, lower inflows to dam storages, and lower allocation percentages across the southern Basin. However, this has not always been the case and actual allocation price outcomes will largely depend on rainfall events and dam storage inflows over the coming months. The Company’s high lease percentage positions it well across a range of climatic scenarios. If average-to-wetter conditions prevail, the Company’s general security entitlements will likely generate a meaningful cash return. Therefore, with the Company’s current portfolio composition, and a high leased percentage, an average-to-wetter period may deliver stronger operational cash flows than a dry scenario. SYSTEM INFLOWS AND STORAGE LEVELS At 30 June 2026, Southern Murray-Darling Basin ("sMDB") storages closed at a weighted average of 47%. This is the lowest 30-June weighted average storage level recorded since 2020. This result reflects a combination of below-average rainfall, reduced inflows, and elevated demand from irrigators in response to persistent drier conditions. Across the 2025/26 water year, the sMDB experienced its most notable storage drawdown during late summer and early autumn, when rainfall across key catchments was limited. The Company anticipates that rainfall and inflows to major dams in the coming months will influence allocation determinations and spot prices leading into summer. The SMDB has experienced a wetter-than- average winter, with most dam storages replenishing, lifting the weighted average from 47% at 30 June 2026 to 56% at 31 July 2026. Water Supply vs Permanent Horticulture Demand, post-450 GL Buyback LOWER MURRAY, SURFACE ONLY (GL P.A.) - ACROSS FIVE CLIMATE SCENARIOS 1 691 1 357 1 271 994 440 1,494 GL 0 200 400 600 800 1 000 1 200 1 400 1 600 1 800 Wet (2022-23) Average (2014-15) Dry (2015-16) Moderately dry (2019-20) Extreme dry (2007-08) Volume of water (GL) Estimated water available, surface water only (post 450 GL buyback) Projected permanent horticulture demand at full maturity (1,494 GL) 1 Department of Climate Change, Energy, the Environment and Water, Restoring Our Rivers: Framework for delivering the 450 GL, accessed 3 August 2026. https://www.dcceew.gov.au/water/policy/implementing-the-plan/450-framework 2 Bureau of Meteorology, Southern hemisphere monitoring, accessed 3 August 2026. https://www.bom.gov.au/climate/enso/ 1,800 1,691 1,271 1,600 1,400 1,200 1,000 1,357 16 | Rivco Australia Limited Half-Year Report - 2026 Rivco Australia Limited Half-Year Report - 2026 | 17 Aggregate sMDB Dam Storages 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Jun-81 Jun-01 Jun-86 Jun-06 Jun-91 Jun-11 Jun-21 Jun-96 Jun-16 Jun-26 Dartmouth Hume Lake Eildon Blowering Burrinjuck Menindee OPENING WATER ALLOCATIONS – 1 JULY 2026 Opening allocation determinations announced by the relevant state water authorities on 1 July 2026 were lower than the opening determinations of recent years across several key southern Basin systems. This reflects conservative resource assessments by state water authorities, given low starting storage levels and an uncertain seasonal outlook. Lower opening allocations constrain available supply early in the season and have historically supported firmer allocation prices, particularly through the peak summer demand period. DETERMINATIONS CLASS 1-JUL-22 1-JUL-23 1-JUL-24 1-JUL-25 1-JUL-26 Goulburn High 66% 100% 69% 31% 15% Low 0% 0% 0% 0% 0% VIC Murray High 94% 88% 66% 39% 29% Low 0% 0% 0% 0% 0% NSW Murray High 97% 97% 97% 97% 97% General 43% 55% 35% 1% 0% SA Murray High 100% 100% 100% 100% 92% General n/a n/a n/a n/a n/a Murrumbidgee High 95% 95% 95% 95% 95% General 35% 37% 28% 4% 0% Opening water allocation percentages as at 1 July each year, as per the relevant state resource managers. Water Allocation Prices (Southern Basin) $- $ 100 $ 200 $ 300 $ 400 $ 500 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Apr-26 Jul-26 Price per ML ($) Lower Murray Upper Murray Murrumbidgee Goulburn $- $ 100 $ 200 $ 300 $ 400 $ 500 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Apr-26 Jul-26 Price per ML ($) Lower Murray Upper Murray Murrumbidgee Goulburn Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 WATER PORTFOLIO DIVERSIFICATION (FROM 1 JULY 2026) 80% 20% Leased Unleased ENTITLEMENT VALUE BY REGION High Security General Security Groundwater 81% 16% 3% WATER SECURITY BREAKDOWN 76% 13% 4% 3% 4% Murray Murrumbidgee Goulburn Lachlan Mallee 18 | Rivco Australia Limited Half-Year Report - 2026 Rivco Australia Limited Half-Year Report - 2026 | 19 Financial Overview DURING THE HALF-YEAR ENDED 30 JUNE 2026, THE COMPANY: • Delivered a net profit after tax of $2.1 million for the half-year ended 30 June 2026 (1H2025: $24.5 million). The prior corresponding period included substantial gains from the sale of water entitlements to the Australian Government, while the 2026 result was underpinned by recurring lease revenue and the sale of water allocations. • Paid a fully franked dividend of 3.72 cents per share to shareholders in the first half of 2026 (1H2025: 3.71 cents per share). • Non-statutory NAV per share (pre-tax) increased by 0.6%. As at 30 June 2026, the Company’s pre-tax NAV¹ based on Fair Market Value was $1.76 per share, compared to $1.75 per share as of 31 December 2025. The Company is carrying $67.6 million (or $0.43 per share) in unrealised gains on the water portfolio. These unrealised gains are excluded from the statutory financial statements due to the application of Australian Accounting Standards. The statutory NAV of the Company, in accordance with Australian Accounting Standards (which excludes unrealised gains), is $1.30 per share as at 30 June 2026, down from $1.32 per share at 31 December 2025. Valuation Expert The portfolio continues to be valued on a dry equivalent basis by its independent valuer, WSP (formerly Ricardo Energy, Environment & Planning Pty Ltd). On 9 October 2025, Ricardo PLC, the group’s former UK‑listed parent, was acquired by, and became a member of, WSP Global Inc. (TSX: WSP). The Australian water markets business through which the Company’s valuations are performed was subsequently rebranded to WSP. The valuation engagement, the methodology applied and the personnel performing the work are unchanged. WSP employs a market valuation approach to determine a Fair Market Value, which draws on publicly available water trade data from the relevant state water registers as well as analysis of trade data obtained from market intermediaries to calculate a dollar per ML volume weighted average price for each entitlement and allocation type. These valuations are also used in determining the recoverable amount of each entitlement zone for impairment testing purposes (refer to Note 2). The Fair Market Value is not in accordance with the recognition and measurement requirements of the Australian Accounting Standards in relation to the accounting treatment of water assets (intangible assets). Therefore, increases in the Fair Market Value of water assets are not reported in the statutory accounts. Debt Summary At 30 June 2026, the Company’s total drawn debt was $38.0 million of the Company’s $40.0 million facility, up from $22.5 million drawn as at 31 December 2025. The Company drew down $15.5 million in net debt throughout the period in order to opportunistically acquire attractively valued permanent water entitlements. Some of these entitlements were in turn leased at an attractive rate commencing 1 July 2026, thus supporting the Company’s leased percentage and earnings visibility. At 30 June 2026, the Company’s Loan to Valuation Ratio is at 12%. This remains well below the Company’s maximum LVR covenant of 40%. The Board remains focused on using debt prudently where it enhances per share returns. A summary of the Company’s debt position at 30 June 2026 is shown below: DEBT SUMMARY HY2026 FY2025 DIFFERENCE Total Debt Drawn ($m) $38.0 $22.5 $15.5 Loan to Value Ratio 12% 7% 5 points Total Variable Debt ($m) $38.0 $22.5 $15.5 Effective Cost of Borrowings 5.7% 5.8% (0.1 points) 1. Non-statutory value, which adjusts statutory water entitlements held at cost of $244.0m to fair market value of $309m. This $67.6 million total also includes an adjustment for temporary water allocations, which have nil cost and a fair market value of $2.6m. ENTITLEMENT TYPE HELD 31/12/2025 ML CHANGE 30/06/2026 VIC 1A Goulburn HR - 1,968 1,968 VIC 1A Goulburn LR 1,401 - 1,401 VIC 1B Boort HR 376 - 376 VIC 3 Goulburn HR 421 - 421 VIC 6 Murray HR 5,817 - 5,817 VIC 6 Murray LR 313 - 313 VIC 6B Murray HR 1,344 40 1,384 VIC 7 Murray HR 6,918 - 6,918 NSW Murray 10 HS 3,250 - 3,250 NSW Murray 11 HS 5,650 - 5,650 NSW Murray 11 GS 6,225 - 6,225 NSW Murray 11 Supp 83 - 83 NSW Murrumbidgee 13 HS 2,390 - 2,390 NSW Murrumbidgee 13 GS 7,322 - 7,322 NSW Lachlan Valley – GS 7,164 - 7,164 SA Murray HS 6,466 637 7,103 SA Mallee Prescribed Wells Area – Parilla Red Zone 500 - 500 SA Mallee Prescribed Wells Area – Parilla Green Zone 3,046 - 3,046 Total 58,686 2,645 61,331 Breakdown by zone of permanent water entitlements held by the Company at 30 June 2026. Portfolio Composition Rivco owns and operates a diversified portfolio of Australian water entitlements across 18 different entitlement types and zones. At 30 June 2026, Rivco’s water entitlement portfolio is valued at $309 million (31 December 2025: $286 million). 20 | Rivco Australia Limited Half-Year Report - 2026 Rivco Australia Limited Half-Year Report - 2026 | 21 *Fair Market Value is prepared in accordance with the Company’s monthly NAV statement. The water portfolio is valued on a monthly basis by the Company’s independent valuer, WSP (formerly Ricardo Energy, Environment & Planning Pty Ltd). Fair Market Value is a non-IFRS measure that is not reviewed or audited by the Company’s auditor. Further detail by reported segment is disclosed in Note 5 of the Financial Statements. 30 JUNE 2026 COMPANY STATEMENT OF FINANCIAL POSITION $’000 FAIR MARKET VALUE* (NON-STATUTORY) $’000 VARIANCE $’000 Permanent water entitlements 244,010 308,959 64,949 Temporary water allocations - 2,648 2,648 Net current and deferred tax assets 1,063 (19,219) (20,282) Net other current assets (2,187) (2,187) - 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 31 DECEMBER 2025 COMPANY STATEMENT OF FINANCIAL POSITION $’000 FAIR