Announcement PDF Investment Update Rivco Australia Limited | ASX:RIV September 2026 Disclaimer Rivco Australia I 2026 Investment Update 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 is not a recommendation or advice in relation to Rivco or any product or service offered by Rivco or any of its subsidiaries and 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. This document has been prepared for the purposes of providing general information only and is not a prospectus, disclosure document, product disclosure statement or other offering document under Australian law or under any other law. The release, publication or distribution of this document (including an electronic copy) outside of Australia may be restricted by law. If you come into possession of this document, you should observe such restrictions and should seek your own advice on such restrictions. Any non-compliance with these restrictions may contravene applicable securities laws. 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. 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Except as required by law or regulation, Rivco disclaims all obligations to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise. Past performance information given in this document is given for illustrative purposes only and should not be relied upon as an indication 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 consider whether it is a suitable investment for you in light of your own investment objectives, financial situation and particular needs, having regard to the merits or risks involved. 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This presentation has been authorised for release by the Board of Rivco AustraliaLimited. 2 Contents Rivco Australia I 2026 Investment Update 01 About Rivco Australia 02 The Investment Thesis 03 Strategy 04 Capital Management & Dividends 06 Key Takeaways 3 07 Contact 4 7 16 22 28 29 05 Governance & Strategic Roadmap 25 About Rivco Australia Rivco Australia I 2026 Investment Update 4 Rivco Australia at a glance (ASX:RIV) Rivco Australia I 2026 Investment Update 5 Australia’s only ASX-listed company providing investors with direct access to Australian water entitlements. 2016 LISTED ON THE ASX September 2016 61 Gigalitres ENTITLEMENT PORTFOLIO 100% southern MDB, 30 June 2026 ~$309m GROSS ASSETS At 30 June 2026 80% LEASED BY VALUE From 1 July 2026 19 CONSECUTIVE DIVIDENDS Paid since inception Company Performance (to 30 June 2026) 1-Year (p.a.) 3-Years (p.a.) 5-Years (p.a.) Inception4 Annualised (p.a.)4 NAV Total Return (Pre-tax)1 1.5% 0.3% 4.5% 141.4% 9.4% NAV Total Return (Post-tax)2 3.2% 2.0% 5.1% 123.4% 8.6% Total Shareholder Return3 3.1% 1.3% 6.6% 104.4% 7.6% Sep 2016 Listed on the ASX, raising $42m 2016 to 2025 Portfolio scaled to $300m+ Oct 2025 Rebranded from Duxton Water to Rivco Australia Nov 2025 Management internalised Sep 2026 2026 Investment Update released C O M P A N Y T I M E L I N E 1. NAV Total Return(Pre-tax): Changein pre-tax NAV per share adding back dividends paid and the value of franking credits. Pre-tax NAV excludestaxes payable and provisionsfor deferred taxes on unrealised capital gains. 2. NAV Total Return(Post-tax): Changein post-tax NAV per share adding back dividends paid and the value of franking credits. Post-tax NAV includes taxes payable and provisionsfor deferredtaxes on unrealisedcapital gains. 3. Total Shareholder Return: Changein the Company’s share price adding back dividendspaid and the value of franking credits. 4. Inceptionand Annualised: for the period 30 September2016 to 30 June 2026. Investment Proposition Rivco Australia I 2026 Investment Update 6 A unique investment proposition offering direct access to a real and uncorrelated asset class. Our Mission: To be the industry leading provider of reliable water solutions through innovation, collaboration, and long-term stewardship. Our Purpose: To deliver sustainable water solutions that generate lasting value for our customers, communities, and investors. Australian Water Markets Australia operates the most sophisticated water market in the world. Water entitlements are legally separated, independently valued and freely tradeable. Rivco is the only ASX listed company providing direct exposure to Australian water entitlements as an asset class. Proven Track Record Internally Managed & Aligned Internalisation completed in November 2025, delivering a lower cost model, eliminating external management and performance fees, and directly aligning management incentives with shareholder outcomes. Structural Demand/Supply Imbalance The Australian Government's permanent retirement of entitlements under the Basin Plan, combined with growing agricultural demand, food security and climate change, is expected to underpin entitlement values over the long-term. Rivco has delivered total portfolio returns of 9.4% p.a. since 20161 , driven by recurring income and capital appreciation, through active management by a specialist team. 1. Total portfolio return reflects the change in pre-tax NAV per share plus gross dividends paid since listing in September 2016. The Investment Thesis Rivco Australia I 2026 Investment Update 7 Water as an Asset Class Rivco Australia I 2026 Investment Update 8 A scarce and essential resource with structural tailwinds expected to drive long-term value. THEME WHY IT MATTERS INVESTMENT RELEVANCE Essential and Finite Water is essential to life and food production. It cannot be manufactured, and accessible fresh water represents approximately 0.5% of the Earth’s total water supply. Capped Supply Demand Growing, Supply Shrinking By 2050 the global population is expected to approach 10 billion, and food production is estimated to need to increase by approximately 50%, achieved with less water rather than more. Inelastic Demand Global Scarcity Intensifying Global water use has risen by approximately 25% since 2000, while renewable water availability per person has declined by 7% over the past decade. Intensifying Tailwind Strategic Real Asset Exposure Agriculture accounts for approximately 70% of global freshwater withdrawals. Water entitlements provide direct exposure to this scarce and essential resource. Uncorrelated Returns Proven Long-Term Returns Australia is home to the most developed and sophisticated water market in the world. Entitlement values have seen strong capital growth over the last 20+ years. Defensive Growth What happens when the water runs out? Rivco Australia I 2026 Investment Update 9 0 1 T H E R E G U L A T I O N 2040 Introduced in 2014, SGMA requires California’s most stressed groundwater basins to achieve long-term sustainability by 2040, permanently constraining access to groundwater for irrigators. 0 2 T H E R E S P O N S E 105,000 ha In response to tighter water availability, California growers have reduced permanent crop area. Between 2022 and 2025, approximately 105,000 hectares of almond orchards were removed, equivalent to around 150% of Australia’s total almond footprint. 0 3 T H E P R I C E S I G N A L 10-year high California produces approximately 80% of the world’s almonds, making it the key driver of global supply and pricing. Reduced Californian production has contributed to almond prices rising to a 10-year high, with prices at approximately AUD $10.50 per kilogram as of August 2026. 0 4 T H E O P P O R T U N I T Y Australia Higher almond prices improve the economics of Australian production and support further permanent crop development. However, expansion remains constrained by secure access to water, giving entitlement holders a critical competitive advantage. G L O B A L A L M O N D P R O D U C T I O N ( K E R N E L T O N N A G E ) California ~80% Australia ~10% Europe ~7% Other ~3% W H Y I T M A T T E R S F O R A U S T R A L I A • Australia is the world’s second-largest almond producer and one of the most suitable geographies for further global almond expansion. • Higher global almond prices improve investment economics and are likely to support additional permanent crop development. • Australian acreage expansion is ultimately constrained by access to secure water rather than land, increasing competition for a finite pool of entitlements. • This dynamic is likely to support long-term demand for water security in Australia and reinforce the strategic value of high-quality water entitlements. Source: Land IQ / Almond Board of California (2025, 2026); Public Policy Institute of California; California DWR; industry price data. Mandated by law, the Sustainable Groundwater Management Act is causing a structural reset in California. Demand: Permanent Plantings Rivco Australia I 2026 Investment Update 10 Permanent crops continue to expand in the southern Murray-Darling Basin, embedding further inelastic demand. Southern Basin permanent plantings (hectares) Crop 2021 2024 2026 Change 2021-26 Almonds 53,806 60,747 69,969 +30% Citrus 23,308 28,018 28,907 +24% Grapes 73,056 70,066 63,586 -13% Total 150,170 158,831 162,462 +8% Demand still to come: 162,462 ha Permanent plantings in the southern Murray-Darling Basin +32,000 ha Immature plantings yet to reach full water demand +136 GL Added annual demand as the 32,000 ha of plantings mature Source: WSP/Ricardo (2025); SunRISE(2025); Almond Board of Australia; Citrus Australia; Wine Australia. 2026 figures are preliminary and subject to confirmationwhen updated survey data is available. Grape plantings mask two divergent trends Table grapes have grown modestly while wine grapes have contracted, and the vines coming out use 8 to 10 ML per hectare against up to 14 ML for the orchards replacing them. Shifting toward more water-intensive crops Almonds now represent approximately 43% of permanent plantings by area, up from around 36% in 2021, so water demand per irrigated hectare continues to rise even where total area is stable. Supply: Fixed and Shrinking Rivco Australia I 2026 Investment Update 11 No new entitlements can be created, while government recovery continues to reduce the consumptive pool. Supply is Capped: Australian water markets operate under a cap-and-trade system. The consumptive pool, being the water entitlements available for productive use, is fixed by regulation. No new entitlements can be created, so higher prices cannot induce new supply. Supply is Reducing: The consumptive pool is reducing. Since 2007, the Government has acquired approximately 25% of entitlements on issue for the environment. The 450 GL recovery program has approximately 70 GL remaining, to be completed by 31 December 2027. This program is expected to reduce the Lower Murray consumptive pool by 7% to 8%. Consumptive Pool: Surface water in the Connected Murray each year ranges from 5,783 GL in wet years to just 1,406 GL in extreme dry, excluding groundwater. In the Lower Murray, annual water availability ranges from 1,691 GL in a wet year, to just 440 GL in an extreme dry year. Basin Plan Water Recovery To Date: Component Target Recovered Remaining Bridging the Gap 2,075 GL 2,062 GL 13 GL 450 GL recovery 450 GL 380 GL 70 GL by Dec 2027 SDLAM projects 605 GL 291-415 GL 190-314 GL short Source: As per update provided by DCCEEW in July 2026. A D D I T I O N A L W A T E R P U R C H A S E S The SDLAM supply projects outlined above face a shortfall of 190 to 314 GL which, if not delivered by the deadline, may need to be met through further Government water buyback programs. S U R F A C E W A T E R A V A I L A B L E I N T H E C O N N E C T E D M U R R A Y ( P O S T 4 5 0 G L B U Y B A C K ) B Y C L I M A T E S C E N A R I O * *Modelled surface water availability in the Connected Murray, excluding groundwater, based on the reference years shown.Source: WSP. System Wet Modelled on 2022-23 Average Modelled on 2014-15 Dry Modelled on 2015-16 Moderately dry Modelled on 2019-20 Extreme dry Modelled on 2007-08 Connected Murray (ex. Groundwater) 5,783 GL 3,844 GL 3,138 GL 2,195 GL 1,406 GL Lower Murray (ex. Groundwater) 1,691 GL 1,357 GL 1,271 GL 994 GL 440 GL Headroom: Southern Connected System Rivco Australia I 2026 Investment Update 12 What happens when fixed supply meets embedded demand, across five climate scenarios. Key findings: • Available water in the southern connected system exceeds permanent-crop demand in only three of the five scenarios, with the buffer narrowing as the climate dries. • Assuming the full 450 GL recovery is completed by 31 December 2027, the system moves to a small 34 GL deficit under moderately dry conditions and an 823 GL deficit under extreme dry. Inter-valley trade of at least 250 GL is expected to partly mitigate these shortfalls. • Notably, almond plantings have increased by 15% since 2024 to around 70,000 hectares, increasing demand from permanent crops at full maturity to 2,229 GL. • Federal Government water recovery initiatives permanently remove water from the consumptive pool, further reducing headroom. Connected Murray: availability vs permanent crop demand, post buyback (GL p.a.) 5,783 3,844 3,138 2,195 1,406 0 1,000 2,000 3,000 4,000 5,000 6,000 Wet Average Dry Moderately dry Extreme dry Gigalitres Water available for irrigation Permanent crop demand at maturity (~2,229 GL) The southern connected system comprises the Murray, Murrumbidgee and Goulburn valleys, and supports most of the Basin’s permanent horticulture. Headroom represents the estimated volume water remaining after permanent crop demand is met. Source: WSP (2026), commissioned by Rivco. Excludes groundwater; assumes permanent crop demand at full maturity and full 450 GL recovery. Historical climate scenarios, not forecasts. LINK TO INVESTMENT THESIS: In a capped system, deficits cannot be closed with new supply. They can only be resolved through price. The buffer above permanent crop demand must also serve every other consumptive user, and competition for a fixed pool intensifies as conditions dry. This dynamic is likely to continue to worsen over time, underpinning entitlement values over the long term. LINK TO INVESTMENT THESIS: The Lower Murray is where a scarcity pricing premium exists. Deficits emerge in four of the five scenarios, and the region cannot be fully resupplied from upstream, so competition for allocations in average to drier conditions is most prevalent here. Rivco has 61% of its portfolio (by value) deliberately positioned in the Lower Murray, where the imbalance is sharpest. Headroom: The Lower Murray Rivco Australia I 2026 Investment Update 13 Two thirds of permanent crop demand sits where the river physically limits resupply. The Pinch Point (Barmah Narrows): • The Barmah Narrows limits the volume of water that can be delivered into the Lower Murray, restricting the region’s ability to draw supply from upstream. • Against permanent crop demand of approximately 1,494 GL at maturity, post-buyback deficits emerge in four of the five climate scenarios, from 137 GL in an average year to 1,054 GL in extreme dry conditions. • The wet scenario is the exception. As conditions move from wet to dry, available supply falls rapidly below permanent crop requirements, creating an increasingly pronounced imbalance. • Permanent crop demand is largely non-discretionary. Orchard owners must continue irrigating through dry periods to protect high-value, long-life productive assets. • This structural scarcity is expected to support a pricing premium for Lower Murray water, particularly during average to dry conditions when the supply- demand imbalance is greatest. Lower Murray: availability vs permanent crop demand, post 450GL buyback (GL p.a.) 1,691 1,357 1,271 994 440 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 Wet Average Dry Moderately dry Extreme dry Gigalitres Water available for irrigation Permanent crop demand at maturity (~1,494 GL) The Lower Murray sits downstream of the Barmah Narrows and is home to the Basin’s greatest concentration of permanent horticulture. Source: WSP (2026), commissioned by Rivco. Excludes groundwater; assumes permanent crop demand at full maturity and full 450 GL recovery. Historical climate scenarios, not forecasts. Competitive Returns Rivco Australia I 2026 Investment Update 14 The asset class has rewarded owners with competitive risk adjusted returns over a 10-year period. 10-year total returns vs other asset classes (% p.a. to 30 June 2026) 12.0% 13.6% 10.7% 8.6% 6.8% 5.6% 1.7% 0% 2% 4% 6% 8% 10% 12% 14% Australian Water S&P 500 US Timberland ASX 200 US Farmland A-REITs Aus Bonds Source: Rivco Australia and WSP. Modified Index (includes a ~4% income yield as an assumption); NCREIF; S&P; Bloomberg. Past performance is not indicative of future returns. CAPIT A L GROWTH (10-YE A RS ) 8% p.a. WSP Entitlement Index capital growth over the ten years to 30 June 2026. ASSUME D INCO ME YIELD 4% p.a. Estimated annual income yield an entitlement can deliver through leasing or spot allocation sales. A Rivco assumption, not a WSP figure. MODIF I E D TOTAL RETURN (2016 – 2026) ~12% p.a. Capital growth plus assumed income equals the modified index total return shown in the chart. + = Correlation & Portfolio Diversification Rivco Australia I 2026 Investment Update 15 Water entitlements offer low to negative correlation to traditional asset classes. Source: Rivco analysis; WSP Entitlement Index; Bloomberg and public index providers. Correlations of calendar-year annual returns, 2008 to 2025.Past performance is not indicative of future results. Correlation with major asset classes (annual returns, 2008 to 2025) Resilient when it matters: • GFC (2008-09): Equity markets fell sharply, while entitlement values were supported by drought conditions and tighter water availability. • COVID-19 (2020): Entitlement values were largely unaffected by broader market volatility, with performance driven primarily by seasonal water conditions. • 2022 rate cycle: Higher interest rates combined with softening in commodity prices and wet conditions contributed to a correction in entitlement values in the seasons that followed. • Equity beta of 0.27: RIV’s share price has historically exhibited materially lower sensitivity to movements in the broader equity market. • Correlation: Since 2008, water entitlements have exhibited correlations of between -0.16 and +0.07 against the major asset classes modelled, reinforcing its potential diversification benefits in an investment portfolio. LOW 0.0 to 0.4 MODERATE 0.4 to 0.7 HIGH 0.7 to 1.0 Correlation strength;bands apply equally to negative values. -0.16 -0.10 -0.10 -0.09 -0.08 -0.07 -0.07 -0.03 0.07 1.00 -1.00 -0.80 -0.60 -0.40 -0.20 0.00 0.20 0.40 0.60 0.80 1.00 German DAX FTSE 100 ASX 200 All Ordinaries S&P 500 NASDAQ Nikkei 225 Gold A-REITs Australian bonds WSP Entitlement Index Strategy Rivco Australia I 2026 Investment Update 16 Our Five Strategic Pillars Rivco Australia I 2026 Investment Update 17 STRATEGIC PILLAR WHAT IT MEANS WHAT IT DELIVERS Water Partner of Choice Become the preferred water solutions provider for irrigators across the MDB, supporting annual and permanent horticulture with long-term leases, allocation supply, carry-over, and forwards. Recurring revenue Build Long-Term Value Build and grow a diversified portfolio of high-quality water entitlements, providing investors with exposure to an uncorrelated real asset. Asset quality Enhance Shareholder Returns Seek to enhance shareholder returns through disciplined capital management, active portfolio optimisation and the consideration of opportunities that are accretive to shareholder value. Returns per share People & Culture Attract, develop and retain leading talent, with deep expertise across Australian water markets. Foster a high-performance culture grounded in integrity, accountability, and alignment with long-term shareholder outcomes. Execution capability Responsible Stewardship Operate as responsible stewards of shareholder capital invested in one of Australia’s most precious resources, supporting domestic food production and the long-term prosperity of regional communities. Licence to operate Five pillars underpin the Company’s strategy and the delivery of long-term shareholder value. Rivco Australia Business Model Rivco Australia I 2026 Investment Update 18 P R O F I T A N D L O S S B A L A N C E S H E E T 1. Lease Income Long-term leases to irrigators provide Rivco with stable, recurring revenue. Targeting 70 – 80% of the portfolio leased (by value), with a target Weighted Average Lease Expiry of 3+ years. 2. Allocation Sales Active management of annual water allocations and forward contracts generates annual revenue. Rivco's diversified portfolio of water entitlements enables income to be generated each year. 3. Capital Profits Strategic portfolio rebalancing captures value through entitlement sales. Rivco has a track record of selling entitlements above market value and acquiring them at attractive valuations leading into a rising market. 4. Capital Growth Water entitlements have a long history of capital appreciation. Growth in the value of the portfolio is held in NAV as unrealised gains until entitlements are sold. + Target Total Return: 10% p.a.* NAV Growth + Dividends All-Weather Model Designed to generate returns across all climate scenarios Low Operating Cost Model Management expense ratio of 0.4% Active Portfolio Management Rivco actively manages its portfolio across all climate scenarios by leveraging the knowledge of its experienced team, proprietary models, industry networks, and daily monitoring of market conditions. Key leading indicators are used to dynamically optimise lease, trading, and capital allocation strategies. Scalable, Low-Cost Operating Model Rivco operates a highly scalable platform with a relatively low fixed-cost base. As the portfolio grows, additional assets can be managed with limited incremental operating cost, creating the potential for improved operating leverage and stronger returns per share over time. *Target total return is a pre-tax measure, comprising growth in pre-tax net asset value per share, plus grossed up dividends declared per share, measured over the medium to long term. It is an objective through the cycle, not a forecast, and is not guaranteed. Rivco employs an actively managed, buy and lease business model, with returns coming from income and capital growth. Portfolio Positioning Rivco Australia I 2026 Investment Update 19 Deliberately concentrated where scarcity exists and where it is most likely to occur. 61 Gigalitres Portfolio Volume · 100% Southern MDB 61% Lower Murray weighting · of portfolio value 80% High security · of portfolio value PORTFOLIO SECURITY MIX of entitlement value PORTFOLIO VALUE BY REGION of entitlement value 80% 17% 3% High Security General Security Groundwater 76% 13% 4% 3% 4% Murray Murrumbidgee Goulburn Lachlan Mallee Source: Rivco Australia Limited, at 30 June 2026. Concentrated where scarcity exists Rivco’s portfolio is comprised of 61 GL of water entitlements all located within the southern Murray-Darling Basin. Approximately 61% of the portfolio (by value) is located in the Lower Murray, where the structural demand and supply imbalance is greatest. Security mix balances resilience and upside Approximately 80% of Rivco’s portfolio (by value) is held in high security entitlements, which typically receive near-full allocations each year regardless of weather conditions. The balance of the portfolio is general security entitlements, which can deliver materially higher allocation volumes in wetter years. Diversified across key trading zones Water cannot always move freely between regions, with physical and regulatory constraints causing prices to diverge between connected markets. Rivco therefore maintains a diversified portfolio across the southern connected system. Earnings Stability & Leasing Strategy Rivco Australia I 2026 Investment Update 20 A disciplined leasing framework locks in earnings across all seasons and underpins a sustainable dividend framework. 70-80% Lease Coverage Target of portfolio by value 3+ years Target WALE weighted average lease expiry < 25% Counterparty Limit no single lessee exceeds Why We Lease Rivco’s leasing strategy is designed to generate stable, recurring annual revenue that underpins the Company's core dividend. Provides cash flow visibility across the cycle, reducing exposure to unpredictable weather conditions and volatile spot prices. A target WALE of 3+ years provides greater earnings visibility, supporting sustainable profitability and dividend growth over time. Lease coverage of 70%+ ensures the majority of portfolio income is contractually committed, providing stable income and reduced earnings volatility. A well-leased high security portfolio locks in base earnings across all conditions, while general security entitlements deliver additional upside in average to wetter seasons. How We Protect It Diversification Leases are spread across multiple lessees, regions, and crop types to avoid concentration risk. No single counterparty represents a disproportionate share of total lease income. Rigorous Screening All counterparties undergo a stringent credit and operational assessment prior to lease execution. Rivco's lessee base is weighted toward strong institutional and corporate counterparties, reflecting the Company's focus on financial capacity, scale of farming operations, and payment history. Commercial Protections Rivco’s leases incorporate mechanisms to mitigate default risk, including upfront deposits, water delivery conditional on receipt of payment, bank guarantees, and contractual remedies for non- performance. Growth & Scale Rivco Australia I 2026 Investment Update 21 Building a larger, more diversified business to enhance long-term shareholder returns. Portfolio Growth Strategy Rivco pursues disciplined portfolio expansion into high-income and high-growth zones, with all acquisitions assessed to ensure per-share accretion. Acquisition Criteria Australian water entitlements in regulated systems Zones with strong lease demand from permanent crop irrigators Priced at or below fair value, based on internal assessment and/or independent valuations Portfolio complementary (regional and security class diversification) Expected to be accretive to yield and/or NAV on a per-share basis Why Scale Matters A larger business delivers compounding structural advantages that benefit shareholders over time, reducing costs per unit, strengthening market positioning, and creating a more resilient and diversified earnings base. Lower Cost Per ML • Fixed operating costs spread across a larger asset base, driving Rivco’s expense ratio down and enhancing shareholder returns. Improved Market Positioning • A larger water portfolio enables Rivco to engage with corporate