Announcement PDF 2026 HALF-YEAR RESULTS PRESENTATION Rivco Australia Limited | ASX:RIV August 2026 Disclaimer Rivco Australia I 2026 Half-Year Results Presentation 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. Forward looking statements can generally be identified using forward looking words such as, “expect”, “anticipate”, “likely”, “intend”, “should”, “could”, “may”, “predict”, “plan”, “propose”, “will”, “believe”, “forecast”, “estimate”, “target” and other similar expressions. Forward looking statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Forward looking statements involve known and unknown risks, uncertainties, assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends which are based on interpretations of current market conditions. Actual results, performance or achievements may vary materially from any forward-looking statements and the assumptions on which statements are based. 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. Certain market and industry data used in connection with this document may have been obtained from research, surveys or studies conducted by third parties, including industry or general publications. Neither Rivco nor its representatives have independently verified any such market or industry data provided by third parties or industry or general publications. Although the information was compiled from sources believed to be reliable as at the date of this document, no liability for any error or omission is accepted by Rivco or its related entities, their affiliates or any of their officers or employees. The information and opinions contained in this document may also change over time. To the maximum extent permitted by law, Rivco and its advisers expressly disclaim all liabilities and responsibility in respect of any expenses, losses, damages or costs incurred by any recipient as a result of the use or reliance on anything contained in or omitted from the information in this document, including, without limitation, any liability arising from fault or negligence or otherwise, and make no representation or warranty, express or implied, as to the fairness, currency, accuracy, reliability or completeness of the information contained in this document. This presentation has been authorised for release by the Board of Rivco Australia Limited. 2 Contents Rivco Australia I 2026 Half-Year Results Presentation 5 Highlights 7 Results 12 Portfolio Performance 17 Outlook 24 Key Contacts 3 HALF-YEAR 2026 SNAPSHOT Rivco Australia offers a range of water supply solutions that help customers manage water risk and take a multi-year approach to water security. Each year, Rivco Australia supports hundreds of customers across diverse industries, including tree nuts, grapes, dairy, citrus, potatoes, cotton, cereals, and rice. Rivco Australia I 2026 Half-Year Results Presentation 4 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 value, adjusting for water entitlements held at cost in the Financial Statements of $244.0m. PORTFOLIO RETURN (PRE-TAX)1 (6 MONTHS) 3.6% WATER PORTFOLIO VALUE (30 JUNE 2026) $309M PORTFOLIO LEASED FROM 1 JULY 2026 80% NET ASSET VALUE (PRE-TAX) 2 (NON STATUTORY) $1.76 PER SHARE NET ASSET VALUE (POST-TAX) 2 (NON STATUTORY) $1.60 PER SHARE CLOSING SHARE PRICE $1.46 Half-Year 2026 Highlights Rivco Australia I 2026 Half-Year Results Presentation 5 The first half of 2026 was the Company’s first half-year as Rivco Australia Limited, and the first as a fully internalised business. 01. FINANCIAL PERFORMANCE $3.0M NET PROFIT BEFORE TAX 1H2025: $35.3m. A 6-month total portfolio return of 3.6% (1H2025: 15.0%) reflects the absence of gains on entitlement sales, which contributed $34.3m in 1H2025. 02. RECORD LEASE COVERAGE 80% PORTFOLIO LEASED FROM 1 JULY 2026 Increased from 54% at 31 December 2025, as the Company took advantage of favourable leasing conditions to reach the upper end of the 70%–80% target range communicated at the April 2026 AGM. 03. DIVIDEND 3.72 CPS FULLY FRANKED Final 2025 dividend paid in April 2026 (April 2025: 3.71 cps). An evolved dividend framework announced, commencing 1 January 2027. 04. CAPITAL MANAGEMENT 12% LOAN TO VALUATION RATIO Loan to Valuation Ratio of 12% at 30 June 2026, and the Company’s on-market share buy-back was recommenced in May 2026. 05. REDUCED OPERATING COSTS 0.4% MANAGEMENT EXPENSE RATIO (% OF GROSS ASSETS) Operating costs have decreased materially following internalisation, as communicated in the Company’s FY25 Annual Report. 06. BOARD AND LEADERSHIP Brendan Rinaldi EXECUTIVE CHAIRMAN Appointed for 12 months, effective 22 June 2026, to support the Company’s strategic priorities and growth initiatives. Dr Vivienne Brand appointed as Lead Independent Director and Deputy Chair. Strategic Priorities Dashboard Progress against the focus areas presented at the Company’s April 2026 AGM. Rivco Australia I 2026 Half-Year Results Presentation 6 Status assessments are as at the date of this presentation and reflect the Board’s view of progress against the focus areas presented at the April 2026 AGM. 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 2026. ● Ongoing Leadership and 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 HY2026 Results Rivco Australia I 2026 Half-Year Results Presentation 7 Financial Results Rivco Australia I 2026 Half-Year Results Presentation 8 Key Metrics 1H2026 1H2025 Difference % Change Lease revenue $3.0m $2.9m +$0.1m +3% Water allocation sales $2.8m $6.0m -$3.2m -53% Realised gains on entitlement sales - $34.3m -$34.3m n/a Operating and finance costs ($2.5m) ($9.1m) +$6.6m -73% Non-cash impairment (expense)/reversal ($0.3m) $1.2m -$1.5m n/a Profit before tax $3.0m $35.3m -$32.3m -91% The Company reported a Net Profit Before Tax of $3.0 million for the half- year ended 30 June 2026 (1H2025: $35.3 million). The prior corresponding period included $34.3 million of capital gains from the sale of entitlements to the Australian Government. The result was underpinned by recurring lease revenue and temporary water allocation sales, with no entitlement sales in the current half. The half-year result included a $0.3 million non-cash impairment expense, reversible through the profit or loss if the market value of the affected zone recovers above cost. Net profit after tax was $2.1 million (1H2025: $24.5 million), translating to an EPS of 1.3 cents per share in 1H2026, compared with 15.8 cents per share in 1H2025. Given the Company's high leased percentage and forward sales already in place, approximately $2.6 million of temporary water allocations were deliberately carried into the 2026/27 water year rather than sold this half. They are expected to be progressively sold down or used to deliver on forward sale contracts. The Company reported a $3.0 million Profit Before Tax for the half-year ended 30 June 2026 (1H2025: $35.3 million). Financial Results Rivco Australia I 2026 Half-Year Results Presentation 9 Net Asset Summary HY2026 FY2025 Difference % Change Permanent water assets (fair value) 1, 2 $309.0m $286.3m +$22.7m +8% Temporary water assets (fair value) 2 $2.6m $5.3m -$2.7m -51% Total net assets (fair value) 2 $252.3m $252.6m -$0.3m -0.1% Non-statutory NAV per share (Pre-tax) $1.76 $1.75 +$0.01 +1% Non-statutory NAV per share (Post-tax) $1.60 $1.59 +$0.01 +1% Net Asset Value (“NAV”) closed at $1.60 per share, increasing by 1 cent per share during the half-year. The movement reflects operating earnings and portfolio revaluation, offset by dividends paid during the half of 3.72 cps. Adding back franked dividends, pre-tax NAV performance in 1H2026 was +3.6%. The water portfolio was valued at $309 million at 30 June 2026, up from $286 million at 31 December 2025. The increase reflects acquisitions completed during the half together with valuation uplift across the portfolio, supported by continued Government buybacks. The Company held approximately $2.6 million (Fair Market Value) of unsold allocations at 30 June 2026. These have a nil cost base and are expected to be realised in the 2026/27 water year. The Company continues to monitor water markets for well-priced opportunities in zones that complement the portfolio. 1. The Company is carrying $67.6 million (or $0.43 per share) of unrealised gains on the water portfolio, excluded from the statutory accounts. 2. 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. The Company delivered a pre-tax NAV total return of +3.6% in 1H2026, including fully franked dividends paid. Capital Management Rivco Australia I 2026 Half-Year Results Presentation 10 Debt Summary HY2026 FY2025 Difference % Change Total debt drawn $38.0m $22.5m +$15.5m +69% Loan to Valuation Ratio 12% 7% +5 pp. n/a Total variable debt $38.0m $22.5m +$15.5m +69% Effective cost of borrowings 5.7% 5.8% -0.1 pp. -2% Loan to Valuation Ratio (“LVR”) of 12% at 30 June 2026 (31 December 2025: 7%), remaining well within the Company’s maximum LVR covenant of 40%. The effective cost of borrowings for 1H2026 was 5.7%, down from 5.8% in FY2025. Based on $38.0 million of drawn debt at 30 June 2026, a 25 bps change in interest rates would impact annual interest expenses by ~$95k p.a. Net finance expense for 1H2026 of $0.7 million (1H2025: $2.6 million). The Company does not have any interest rate hedging arrangements in place but continues to monitor markets and pricing. The on-market share buy-back was restarted in May 2026. During the half the Company bought back 1.1 million shares at an average price of $1.42 per share. The Company drew $15.5 million of debt during the half to acquire attractively valued water entitlements. Interest Summary 1H2026 1H2025 Difference % Change Interest and finance costs paid $0.7m $2.8m -$2.1m -75% Net finance expenses $0.7m $2.6m -$1.9m -72% Rivco Australia I 2026 Half-Year Results Presentation 11 Dividends The Company paid a fully franked final 2025 dividend of 3.72 cents per share in April 2026, its 18th consecutive dividend. FINAL 2025 DIVIDEND 3.72cps Paid 30 April 2026 (April 2025:3.71 cps) CONSECUTIVE DIVIDENDS 18 Paid every period since November 2017 PAID SINCE INCEPTION 56.2cps Total dividends paid to shareholders DECLARED FOR OCTOBER 2026 1.8cps Fully franked, to be paid in October 2026 DIVIDEND HISTORY (CENTS PER SHARE) A Deliberate Reset The October 2026 dividend of 1.8 cps steps down from 3.72 cps paid in April 2026. This decision is made from a position of strength. With 80% of the portfolio leased, internalisation complete, and gearing of just 12%, this allows capital to be allocated to where it generates the most value for shareholders. October 2026 Dividend – Key Dates Ex-Dividend Date Record Date Last Day for DRP Elections Payment Date Thursday, 15 October 2026 Friday, 16 October 2026 Monday, 19 October 2026 Friday, 30 October 2026 Dividend paid Dividend announced Evolved Framework The Company’s evolved dividend framework will take effect from 1 January 2027, with dividends underpinned by core operational earnings. Capital gains will be assessed separately and allocated subject to prevailing market conditions. Further information is set out on slide 18. 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 3.72 1.8 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 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 Cents per Share Portfolio Performance Rivco Australia I 2026 Half-Year Results Presentation 12 Portfolio Performance Rivco Australia I 2026 Half-Year Results Presentation 13 The Company delivered a pre-tax NAV total return of 3.6% for the half- year, compared with 15.0% in 1H2025, when returns benefited from significant gains on entitlement sales. At 30 June 2026, pre-tax NAV was $1.76 per share, with post-tax NAV of $1.60 per share and a closing share price of $1.46. The Company continued to actively manage the portfolio during the period, taking advantage of favourable leasing conditions to increase the proportion of the portfolio under lease. Since inception in December 2016, the Company has delivered a pre- tax NAV total return of 141.4%, or 9.4% per annum. Looking forward, portfolio returns are expected to be increasingly underpinned by recurring lease revenue, while retaining flexibility to pursue entitlement sales, acquisitions and other portfolio rebalancing opportunities as market conditions allow. NAV vs SHARE PRICE PERFORMANCE (2016-2026) $0.90 $1.10 $1.30 $1.50 $1.70 $1.90 $2.10 $2.30 $ per share NAV (Post-tax) NAV (Pre-tax) Share Price $1.76 $1.60 $1.46 Company Performance 6 Months 12 Months Inception Annualised NAV Total Return (Pre-tax)1 3.6% 1.5% 141.4% 9.4% NAV Total Return (Post-tax)2 3.7% 3.2% 123.3% 8.6% Total Shareholder Return3 4.7% 3.1% 104.4% 7.6% Delivered a pre-tax NAV total return of 3.6% for the half-year, with portfolio returns increasingly supported by lease income. 1. NAV Total Return (Pre-tax): Change in pre-tax NAV per share adding back dividends paid and the value of franking credits. Pre-tax NAV excludes taxes payable and provisions for deferred taxes on unrealised capital gains. 2. NAV Total Return (Post-tax): Change in post-tax NAV per share adding back dividends paid and the value of franking credits. Post-tax NAV includes taxes payable and provisions for deferred taxes on unrealised capital gains. 3. Total Shareholder Return: Change in the Company’s share price adding back dividends paid and the value of franking credits. Portfolio Diversification Diversification remains a strategic focus, providing stability and hedging through variable weather conditions. Rivco Australia I 2026 Half-Year Results Presentation 14 Rivco Australia remains committed to maintaining a diversified portfolio with the intention of providing shareholders with balanced returns across various climatic scenarios. Rivco owns a diversified portfolio across 18 entitlement types and zones, with 61.3 GL held at 30 June 2026, valued at $309 million. High security entitlements remain the main driver of income returns in drier years, with general security entitlements providing stronger income returns in average to wetter conditions. From 1 July 2026, 80% of the portfolio was leased by value, up from 54% at 31 December 2025. The high leased percentage places a floor under earnings, while the unleased portfolio generates additional income in average to wetter conditions, when general security entitlements receive larger allocations. The Company actively monitors water markets for opportunities that complement its targeted portfolio composition. WATER PORTFOLIO DIVERSIFICATION (FROM 1 JULY 2026) WATER SECURITY BREAKDOWN ENTITLEMENT VALUE BY REGION 80% 20% Leased Unleased 80% 17% 3% High Security General Security Groundwater 76% 13% 4% 3% 4% Murray Murrumbidgee Goulburn Lachlan Mallee Lease Portfolio The Company has met its 70% to 80% lease coverage target, with 80% of the portfolio leased from 1 July 2026. Rivco Australia I 2026 Half-Year Results Presentation 15 ANNUALISED LEASE REVENUE AND ROLL-OFF SCHEDULE Lease & Forward Contracts* (from 1 July 2026) Leases Forwards Committed Total Revenue $10.6m $0.8m $11.4m Volume 39,917 ML 2,000 ML 41,917 ML Effective Yield 4.3% 5.3% 4.3% % of Portfolio 80% 5% 85% WALE 3.5 yrs 1.0 yrs 3.4 yrs % of High Security 89% 6% 95% *Committed lease and forward contracts as at the date of release of this presentation. Includes annual escalations resulting from price escalation clauses. Lease revenue for 1H2026 was $3.0 million (1H2025: $2.9 million). The leased percentage increased from 54% at 31 December 2025 to 80% from 1 July 2026. This is the upper end of the target range set at the April 2026 AGM. The target was met through several new lease agreements, including a five-year lease with Australia’s largest almond producer. Committed lease revenue of $10.6 million for the 2026/27 water year, or $11.4 million including forwards, is 85% of the portfolio by value. $10.6m $11.0m $7.0m $5.9m $4.1m $0.4m 80% 80% 48% 40% 25% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 0 2 4 6 8 10 12 WY27 WY28 WY29 WY30 WY31 WY32 Leased Percentage (%) Annualised Lease Revenue ($m) Water Year Water Entitlement Market Update Water is a defensive asset class with a proven track record of strong capital growth since 2008. Rivco Australia I 2026 Half-Year Results Presentation 16 WSP WATER ENTITLEMENT PRICE INDEX Water entitlement values have demonstrated a strong long-term track record, delivering a ~6% p.a. CAGR since 2008, reinforcing water’s role as a long-term, defensive and largely uncorrelated real asset. High security lease yields remained strong during the first half of 2026, between 4% and 6%, supported by continued demand from irrigators seeking multi-year water security. Government buybacks continue to absorb entitlements. Approximately 380 GL of the 450 GL target had been recovered or contracted as reported in June 2026 (31 December 2025: 220 GL). The portfolio continues to be valued monthly on a dry-equivalent basis (excluding allocation water) by WSP, using an evidence-based methodology informed by recent transaction data from the relevant state water registers. 288.9 0 50 100 150 200 250 300 350 30 Jun 2026 1. Compound annual growth rate of the WSP Water Entitlement Price Index from inception in July 2008 to 30 June 2026, based on month-end index values. 2. The WSP Water Entitlement Price Index measures movements in the value of water entitlements across the southern Murray-Darling Basin on a dry-equivalent basis, with an index base of 100 at July 2008. 3. The index reflects entitlement values only and excludes allocation (temporary) water and income returns. It is not a measure of the Company's portfolio performance. Past performance is not an indication of future performance. Outlook Rivco Australia I 2026 Half-Year Results Presentation 17 Evolved Dividend Framework From 1 January 2027, the Company intends to pay a semi-annual dividend comprised of two components. Rivco Australia I 2026 Half-Year Results Presentation 18 + C O R E C O M P O N E N T 60–100% of Adjusted NPAT* Designed to deliver a baseline dividend yield that aligns with operational profitability. D I S C R E T I O N A R Y C O M P O N E N T 0–100% of after-tax realised gains Assessed by the Board against prevailing market conditions and strategic objectives and should not be relied upon each year. A More Sustainable Dividend Base Timing of Dividends Dividends have historically been supported in part by realised capital gains. Under the evolved framework they will instead be underpinned by core operational earnings, comprising recurring lease income, forward sales and spot allocation sales. Capital gains will be assessed separately and directed to entitlement reinvestment, debt repayment, buy-backs or additional dividends. Dividends are expected to be paid semi-annually in April and October, with both payments expected to be equal in cents per share and based on the prior financial year’s performance. This approach is intended to provide shareholders with at least six months visibility over the Company’s expected dividend payments at any point in time. All dividends remain subject to Board discretion, prevailing market conditions and the Company’s financial position. H O W T H E F R A M E W O R K O P E R A T E S - F Y 2 0 2 6 F I N A N C I A L Y E A R January – December 2026 → A P R I L 2 0 2 7 First Dividend paid O C T O B E R 2 0 2 7 Second Dividend paid *Adjusted NPAT is statutory NPAT excluding impairments and after-tax capital gains. All future dividends remain subject to Board discretion, market conditions and the Company’s financial position at the relevant time. F E B R U A R Y 2 0 2 7 Results Released, Dividends Communicated → → Investment Thesis Update A growing structural imbalance between water demand and supply in the southern MDB underpins the long-term thesis. Rivco Australia I 2026 Half-Year Results Presentation 19 The Company has substantially completed its updated investment thesis, incorporating demand and supply modelling by WSP, an independent consultant and Australian water market expert. WSP projects permanent horticulture demand in the Lower Murray of approximately 1,494 GL per annum at full maturity, while Government buybacks permanently remove supply from the consumptive pool. Assuming the 450 GL target is achieved, estimated surface water available would range from 1,691 GL in a wet year to 440 GL in extreme drought. In four of the five scenarios modelled, supply falls below projected permanent demand. Under a repeat of 2007-08 conditions, supply would cover less than one third of projected demand. These dynamics are expected to support the long-term value of entitlements in the southern Basin. FU LL INV EST M E NT T H ESIS T O B E RELEA S E D IN SEP T EM B ER 2026 Water Supply vs Permanent Horticulture Demand P O S T 4 5 0 G L B U Y B A C K · L O W E R M U R R A Y · S U R F A C E W A T E R O N L Y ( G L P . A . ) 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) Scenario Analysis Wet 2022-23 Average 2014-15 Dry 2015-16 Mod. dry 2019-20 Ext. dry 2007-08 Headroom / (Deficit), GL +197 (137) (223) (500) (1,054) Dam Storage Levels Southern Basin storages closed the water year at a weighted average of 47%, the lowest 30 June level since 2020. Rivco Australia I 2026 Half-Year Results Presentation 20 Southern Basin Dam Storages Since 1980* Aug 2019 Aug 2020 Aug 2021 Aug 2022 Aug 2023 Aug 2024 Aug 2025 Aug 2026 Dartmouth (Murray) 69% 60% 55% 73% 99% 97% 96% 69% 73% Hume (Murray) 61% 43% 61% 93% 95% 97% 73% 52% 69% Lake Eildon (Goulburn) 60% 45% 57% 73% 95% 97% 89% 57% 57% Blowering (Bidgee) 69% 54% 75% 93% 97% 91% 85% 58% 61% Burrinjuck (Bidgee) 68% 33% 82% 92% 87% 98% 82% 59% 58% Menindee Lakes 65% 1% 26% 89% 111% 82% 64% 79% 32% Wtd. Average 65% 43% 57% 83% 98% 95% 84% 62% 61% Source: Dataset from Murray-Darling Basin Authority. Dam storage levels are a key supply-side indicator of water availability to agriculture in upcoming seasons. Storages closed the water year at 47% of capacity, the lowest 30 June level since 2020, reflecting below-average rainfall and reduced inflows. Winter rainfall has since driven a strong recovery, lifting the weighted average to 61% at 21 August 2026. RAINFALL DECILE CHART 1 May 2026 – 31 July 2026 Source: The Bureau of Meteorology *Average at 21 August each year - 1980 to 2026. Storages are sitting slightly below the long-term late-August average of 65% and broadly in line with August 2025 levels of 62%. Spring inflows will remain a key driver of allocation determinations and spot prices. Above-average Near-average Below-average Allocation Determinations (%) Allocation determinations at 15 August 2026 were broadly consistent with the same period last year across several regions. Rivco Australia I 2026 Half-Year Results Presentation 21 Water Allocation %’s Class 15-Aug-22 15-Aug-23 15-Aug-24 15-Aug-25 15-Aug-26 Goulburn High 93% 100% 92% 39% 42% Low 0% 0% 0% 0% 0% VIC Murray High 100% 100% 76% 53% 46% Low 0% 0% 0% 0% 0% NSW Murray High 100% 100% 97% 97% 97% General 110% 110% 44% 3% 15% 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 41% 39% 33% 19% 27% High Security Average 98% 99% 92% 77% 76% General Security Average 38% 37% 19% 6% 11% Seasonal Conditions Wet Wet Average Dry Average 1. Averages are simple, unweighted averages of the systems shown; the general / low security average excludes SA Murray, where no general security class exists. Allocation percentages are determinations at 15 August in each year. Seasonal conditions reflect the Company’s characterisation of each water year, having regard to rainfall, storage levels and inflows across the southern Basin. Source: state water registers. Opening allocation determinations announced on 1 July 2026 were low, reflecting conservative resource assessments and low storage levels at the start of the water year. High security allocations have remained comparatively resilient across the period, reinforcing the Company’s focus on high security entitlements. Rainfall through July and August has since delivered meaningful inflows to storages. General security allocations at 15 August 2026 already exceed the same point last year, when conditions were dry. Wet: above-average Average: near long-term average Dry: below-average Summary The first half of 2026 delivered record lease coverage and a more predictable earnings base. Rivco Australia I 2026 Half-Year Results Presentation 22 L O O K I N G A H E A D A U G U S T 2 0 2 6 · C U R R E N T Release of the Company’s 2026 half-year accounts and results presentation. S E P T E M B E R 2 0 2 6 Summary of the updated investment thesis and company strategic framework to be released. 3 0 O C T O B E R 2 0 2 6 Fully franked dividend of 1.8 cents per share to be paid. Dividend reinvestment plan continues to operate. 1 J A N U A R Y 2 0 2 7 Evolved dividend framework takes effect, underpinned by core operational earnings. F E B R U A R Y 2 0 2 7 Full-year 2026 results released, with guidance for 2027 dividends announced. A P R I L / M A Y 2 0 2 7 Company Annual General Meeting. F I N A N C I A L P E R F O R M A N C E $3.0m NET PROFIT BEFORE TAX 1H2025: $35.3m,which included $34.3mof gains on entitlement sales. I N V E S T M E N T P E R F O R M A N C E 3.6% P