MURRAY COD AUSTRALIA LIMITED — Interim / Quarterly Report 2026

Feb 26, 2026

Murray Cod Australia Ltd ACN: 143 928 625

This interim financial report incorporating Appendix 4D is provided to the Australian Securities Exchange (ASX under ASX Listing Rule 4.2A.3). The information contained in this report is to be read in conjunction with Murray Cod Australia Ltd’s 2025 Annual Report and any announcements to the market by Murray Cod Australia Ltd during the half-year period ending 31 December 2025. ABN: 74 143 928 625. ASX: MCA. Appendix 4D. Current Period 1 July 2025 to 31 December 2025. Prior Corresponding 1 July 2024 to 31 December 2024.

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Murray Cod Australia Ltd

ASX:MCA

ABN: 74 143 928 625

Interim Financial Report For The Half-Year Ended 31 December 2025

This interim financial report incorporating Appendix 4D is provided to the Australian Securities Exchange (ASX under ASX Listing Rule 4.2A.3) The information contained in this report is to be read in conjunction with Murray Cod Australia Ltd’s 2025 Annual Report and any public announcements made in the period by the Group in accordance with the continuous disclosure requirements of the Corporations Act 2001 (Cth) and the ASX Listing Rules.

Appendix 4D Current Period 1 July 2025 to 31 December 2025 Prior Corresponding 1 July 2024 to 31 December 2024

This report is made on 27 February 2026.

MURRAY COD AUSTRALIA LIMITED – FINANCIAL REPORT

CORPORATE DIRECTORY ABN 74 143 928 625

Directors

Brett Paton (Non-Executive Chairman) Mathew Ryan (Executive Director) George Roger Commins (Non-Executive Director) Steven Chaur (Non-Executive Director) Peter McCluskey (Non-Executive Director)

Company Secretary

Wendy Dillon

Registered office

2-4 Lasscock Road Griffith, NSW 2680 Australia Telephone +61 2 69625470 Mail PO Box 492 Griffith, NSW 2680

Solicitors

HWL Ebsworth Lawyers Level 14, Australia Square 264-278 George Street SYDNEY NSW 2000

Bankers

Westpac Bank Level 1, 76 Morgan Street WAGGA WAGGA NSW 2650

Auditors

RSM Australia Partners 12 Anderson Street West Ballarat, VIC 3350

Website www.aquna.com

This interim financial report incorporating Appendix 4D is provided to the Australian Securities Exchange (ASX under ASX Listing Rule 4.2A.3).

The information contained in this report is to be read in conjunction with Murray Cod Australia Ltd’s 2025 Annual Report and any public announcements made in the period by the Group in accordance with the continuous disclosure requirements of the Corporations Act 2001 (Cth) and the ASX Listing Rules

ABN: 74 143 928 625. ASX: MCA. Appendix 4D Current Period 1 July 2024 to 31 December 2025. Prior Corresponding 1 July 2023 to 31 December 2024.

MURRAY COD AUSTRALIA LIMITED AND CONTROLLED ENTITIES

ABN: 74 143 928 625

Interim Financial Report For The Half-Year Ended 31 December 2025

CONTENTS

Appendix 4D	4
Directors' Report	6
Auditor's Independence Declaration	8
Consolidated Statement of Profit or Loss and Other Comprehensive Income 9
Consolidated Statement of Financial Position	10
Consolidated Statement of Changes in Equity	11
Consolidated Statement of Cash Flows	12
Note to the Consolidated Financial Statements	13
Directors’ Declaration	27
Independent Auditor's Review Report	28

MURRAY COD AUSTRALIA LIMITED AND CONTROLLED ENTITIES

ABN: 74 143 928 625 INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

APPENDIX 4D

RESULTS FOR ANNOUNCEMENT TO THE MARKET

KEY INFORMATION

KEY INFORMATION
	Half Year ended 31 December 2025	Half Year ended 31 December 2024	% Change
Revenue from ordinary activities	6,692,134	4,767,993	40%
(Loss)/profit after tax from ordinary activities attributable to members	(4,062,682)	1,330,963	(405%)
Net (Loss)/profit attributable to members	(4,062,682)	1,330,963	(405%)

Key Highlights

• Successfully completed a $17 million capital raise on 2 October 2025.

• Biomass reached 2,787 tonnes at 31 December 2025, up 12% from June 2025.

• Doubling of the retail footprint through Woolworths, expanding from 67 to 134 stores across NSW and Victoria, with distribution supported by PFD Foods.

• Stocked additional ponds at its Stanbridge site, bringing total grow-out capacity to 108 ponds.

• Hatchery upgrades completed at Silverwater and Euberta.

• Achieved Halal certification to open Middle Eastern markets.

• Best Aquaculture Practices ('BAP') 3-star certification.

• The spawning season of Spring 2025 delivered positive early results.

• Secured approval for live exports to China.

DIVIDENDS PAID AND PROPOSED

Nil.

NET TANGIBLE ASSETS PER SHARE

31 Dec 2025 $0.89 31 Dec 2024 $0.09

CONTROL GAINED OR LOST OVER ENTITIES IN THE HALF-YEAR

Nil.

DIVIDEND DETAILS

Nil.

DIVIDEND REINVESTMENT PLANS

Nil.

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INVESTMENTS IN ASSOCIATES AND JOINT VENTURES

Nil.

INDEPENDENT AUDIT REVIEW

There is no modified opinion, no emphasis of matter or other matter paragraph in the Audit review report.

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MURRAY COD AUSTRALIA LIMITED AND CONTROLLED ENTITIES ABN: 74 143 928 625 DIRECTORS' REPORT

Your directors present their report on the consolidated entity (referred to herein as the Group) consisting of Murray Cod Australia Limited and its controlled entities for the half- year ended 31 December 2025.

General Information Directors

The following persons were directors of Murray Cod Australia Limited during or since the end of the financial year up to the date of this report:

Brett Paton (Non-Executive Chairman) Ross Anderson (Executive Director) (ceased 20/02/2026) Mathew Ryan (Executive Director) George Roger Commins (Non-Executive Director) Steven Chaur (Non-Executive Director) Peter McCluskey (Non-Executive Director) (effective 30/01/2026)

Dividends Paid or Recommended

No dividends have been declared or paid during the half-year ended 31 December 2025.

Principal Activities

The principal activity of the Company is Aquaculture.

Review and Results of Operations

Set out below is a review of significant activity for Murray Cod Australia Limited for the half-year ended 31 December 2025:

• Successfully completed a $17 million capital raise on 2 October 2025.

• Biomass reached 2,787 tonnes at 31 December 2025, up 12% from June 2025.

• Doubling of the retail footprint through Woolworths, expanding from 67 to 134 stores across NSW and Victoria, with distribution supported by PFD Foods.

• Stocked additional ponds at its Stanbridge site, bringing total grow-out capacity to 108 ponds.

• Hatchery upgrades completed at Silverwater and Euberta.

• Achieved Halal certification to open Middle Eastern markets.

• Best Aquaculture Practices ('BAP') 3-star certification.

• The spawning season of Spring 2025 delivered positive early results.

• • Secured approval for live exports to China.

Financial Review

The Company reported a loss for the half-year ended 31 December 2025 of $4,062,682 (31 December 2024: profit $1,330,963.)

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Significant Events after Balance Date

No significant events have occurred since balance date other than:

On 6 February 2026 MCA advised in ASX announcement that Mr Ross Anderson would cease in his role as Managing Director and Chief Executive Officer effective 20 February 2026, and that existing directors Mr Mat Ryan and Mr Roger Commins would act as interim Joint CEOs until such time as a new Chief Executive Officer is appointed.

On 20 February 2026 MCA advised in ASX announcement that Mr Steven Chaur, currently a Non-Executive Director of MCA, has been appointed Managing Director and Chief Executive Officer, effective Monday, 20 April 2026.

Significant Changes in the State of Affairs

Other than the activities described in the Directors report above, there were no other significant changes in the state of affairs of the Company in the six months ended 31 December 2025.

Going Concern

The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, we continue to adopt the going concern basis in preparing the accounts.

Auditor’s Independence Declaration

The lead auditor’s independence declaration for the half-year ended 31 December 2025 has been received.

Indemnification and Insurance of Officers and Directors

The Company indemnifies its past and present Directors and Officers against liabilities arising out of their position with the company, except where the liability arises out of conduct involving a lack of good faith. The deed stipulates that the company will meet the full amount of any such liabilities, including costs and expenses.

Under the Company's directors' and officers' liability insurance policy, the Company cannot release to any third party or otherwise publish details of the nature of the liabilities insured by the policy or the amount of the premium. Accordingly, the Company relies on section 300(9) of the Corporations Act 2001 to exempt it from the requirements to disclose the nature of the liability insured against and the premium amount of the policy.

ASIC Corporations (Rounding in Financial/Directors' Reports) Instrument 2016/191

The company is an entity to which ASIC Corporations (Rounding in Financial/Directors' Reports) Instrument 2016/191 applies and, accordingly, amounts in the directors’ report have been rounded to the nearest dollar.

Signed in accordance with a resolution of the Directors.

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Brett Paton Chairman

27th February 2026

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AUDITOR’S INDEPENDENCE DECLARATION

RSM Australia Partners

12 Anderson Street West, Ballarat VIC 3350 PO Box 685 Ballarat VIC 3353

T +61 (0) 3 5330 5800 F +61 (0) 3 5330 5890 www.rsm.com.au

As lead auditor for the review of the financial report of Murray Cod Australia Ltd and its Controlled Entities for the half-year ended 31 December 2025, I declare that, to the best of my knowledge and belief, there have been no contraventions of:

• (i) the auditor independence requirements as set out in the Corporations Act 2001 in relation to the review; and

• (ii) any applicable code of professional conduct in relation to the review.

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RSM AUSTRALIA PARTNERS

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JOHN FINDLAY Partner

Ballarat, Victoria Dated this 27[th] day of February 2026

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RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction. RSM Australia Partners ABN 36 965 185 036 Liability limited by a scheme approved under Professional Standards Legislation

MURRAY COD AUSTRALIA LIMITED AND CONTROLLED ENTITIES ABN: 74 143 928 625

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

Note Continuing operations Revenue from contracts with customers 3 Other Income 3 Net gain from change in fair value of biological assets Adjustment to fair value of biological assets Employee benefits expense Cost of sales - fish Cost of sales - processing plant Cost of sales - cattle Administrative and other expenses Finance Costs Fish farm operating expenses Depreciation and amortisation expense Share based payment expense Net (Loss)/profit before Income tax 4 Tax (expense)/benefit 5 Net (Loss)/profit from continuing operations Discontinued operations Net (Loss)/profit for the half-year after tax Other comprehensive income: Items that will not be reclassified subsequently to profit or loss: Revaluation gain on land and buildings and water rights and licences net of tax Total other comprehensive income for the half-year Total comprehensive income for the half-year Earnings per share From continuing and discontinued operations: Basic earnings per share (cents) Diluted earnings per share (cents) From continuing operations: Basic earnings per share (cents) Diluted earnings per share (cents)

Half-year Ended 31-Dec-25 Half-year Ended 31-Dec-24 $ $ 6,692,134 4,767,993 230,516 96,871 7,516,716 17,225,788 226,624 115,253 (5,584,792) (4,831,708) (10,953,100) (8,315,262) (30,901) (58,555) - 2,232 (1,020,231) (1,492,322) (991,748) (1,302,491) (4,046,077) (2,401,008) (1,425,357) (1,405,326) 2,871,969 (502,185) (6,514,247) 1,899,280 2,451,565 (568,317) (4,062,682) 1,330,963 - - (4,062,682) 1,330,963 (193,798) 23,143 (193,798) 23,143 (4,256,480) 1,354,106 (3.5) cents 0.13 cents (3.4) cents 0.12 cents (3.5) cents 0.13 cents (3.4) cents 0.12 cents Consolidated Group

The accompanying notes form part of these financial statements.

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MURRAY COD AUSTRALIA LIMITED AND CONTROLLED ENTITIES ABN: 74 143 928 625

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025

Note ASSETS CURRENT ASSETS Cash and cash equivalents 6 Trade and other receivables 7 Inventories 8 Other assets 9 TOTAL CURRENT ASSETS NON-CURRENT ASSETS Other financial assets Property, plant and equipment 10 Deferred tax assets 14 Right of use assets 20 Intangible assets 11 TOTAL NON-CURRENT ASSETS TOTAL ASSETS LIABILITIES CURRENT LIABILITIES Trade and other payables 12 Borrowings 13 Lease liabilities 20 Provisions 15 TOTAL CURRENT LIABILITIES NON-CURRENT LIABILITIES Borrowings 13 Lease liability 20 Deferred tax liabilities 14 Provisions 15 TOTAL NON-CURRENT LIABILITIES TOTAL LIABILITIES NET ASSETS EQUITY Issued capital Reserves Retained earnings TOTAL EQUITY

As at 31-Dec-25 As at 30-Jun-25 $ $ 279,219 355,214 590,969 280,758 73,318,258 69,542,576 291,947 339,967 74,480,393 70,518,515 247 167 65,895,081 65,513,743 13,420,342 11,091,989 9,356,988 9,646,114 5,848,905 6,264,580 94,521,563 92,516,593 169,001,956 163,035,108 4,624,561 4,415,204 3,702,724 338,508 765,548 790,178 668,296 742,481 9,761,129 6,286,371 20,453,060 26,617,948 9,216,472 9,422,783 19,396,984 19,584,795 261,564 210,584 49,328,080 55,836,110 59,089,209 62,122,481 109,912,747 100,912,627 114,178,711 97,984,142 24,697,541 27,829,308 (28,963,505) (24,900,823) 109,912,747 100,912,627 Consolidated Group

The accompanying notes form part of these financial statements.

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MURRAY COD AUSTRALIA LIMITED AND CONTROLLED ENTITIES ABN: 74 143 928 625

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

Consolidated Group Balance at 1 July 2024 Adjustment for change in accounting standard Profit or (loss) and other comprehensive income Profit or (loss) for the period Other comprehensive income for the period Total profit or (loss) and other comprehensive income for the period Transactions with owners and other transfers Shares issued during the period Options exercised or lapsed Options issued and expensed during the period Total other Balance at 31 December 2024 Consolidated Group Balance at 1 July 2025 Adjustment for change in accounting standard Profit or (loss) and other comprehensive income Profit or (loss) for the period Other comprehensive income for the period Total profit or (loss) and other comprehensive income for the period Transactions with owners and other transfers Shares issued during the period Transaction Costs Options exercised or lapsed Options issued and expensed during the period Total transactions owners and other transfers Total other Balance at 31 December 2025

Ordinary Retained Asset Revaluation Option Earnings Reserve Reserve TOTAL 97,896,642 (33,458,513) 20,669,548 5,977,129 91,084,806 - - - - - - 1,330,963 - - 1,330,963 - - 23,143 - 23,143 - 1,330,963 23,143 - 1,354,106 87,500 - - - 87,500 - - - - - - - - 414,685 414,685 87,500 - - 414,685 502,185 97,984,142 (32,127,550) 20,692,691 6,391,814 92,941,097 97,984,142 (24,900,823) 21,642,294 6,187,014 100,912,627 - - - - - - (4,062,682) - - (4,062,682) - - - - - - (4,062,682) - - (4,062,682) 17,101,000 - - - 17,101,000 (906,431) - - - (906,431) - - - (3,572,908) (3,572,908) - - - 634,939 634,939 - - (193,798) - (193,798) 16,194,569 - (193,798) (2,937,969) 13,062,802 114,178,711 (28,963,505) 21,448,496 3,249,045 109,912,747 Share Capital Reserves

The accompanying notes form part of these financial statements.

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MURRAY COD AUSTRALIA LIMITED AND CONTROLLED ENTITIES ABN: 74 143 928 625

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

Note CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers and grants Payments to suppliers and employees Interest received Net cash used in operating activities 17 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of trademarks Purchase of shares Purchase of property, plant and equipment Disposal of property, plant and equipment Net cash used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of shares Proceeds from borrowings Capital Costs on Issue of Share Capital Repayment of borrowings Repayment of lease principal Net cash provided by/(used in) financing activities Net (decrease) in cash held Cash and cash equivalents at beginning of financial year Cash and cash equivalents at the end of the period 6

Half-year Ended 31-Dec-25 Half-year Ended 31-Dec-24 $ $ 5,836,979 4,354,802 (17,659,784) (14,743,503) 4,498 93,613 (11,818,307) (10,295,088) (14,276) - (78) - (1,304,590) (5,696,061) 58,984 - (1,259,960) (5,696,061) 17,101,000 - 3,726,372 20,000,000 (906,431) - (6,526,552) (20,142,204) (391,625) (372,008) 13,002,764 (514,212) (75,503) (16,505,361) 329,182 20,724,947 253,679 4,219,586 Consolidated Group

The accompanying notes form part of these financial statements

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MURRAY COD AUSTRALIA LIMITED AND CONTROLLED ENTITIES

ABN: 74 143 928 625

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

These consolidated financial statements and notes represent those of Murray Cod Australia Limited and Controlled Entities (the "consolidated group" or "group").

The financial statements were authorised for issue on the 27th February 2026 by the directors of the company.

Note 1 Summary of Material Accounting Policies

(a) Basis of Preparation

These general purpose interim financial statements for the half-year reporting period ended 31 December 2025 have been prepared in accordance with requirements of the Corporations Act 2001 and Australian Accounting Standard AASB 134: Interim Financial Reporting. The Group is a for-profit entity for financial reporting purposes under Australian Accounting Standards.

This interim financial report is intended to provide users with an update on the latest annual financial statements of Murray Cod Australia Limited and its controlled entities (referred to as the "consolidated group" or "group"). As such, it does not contain information that represents relatively insignificant changes occurring during the half-year within the Group. It is therefore recommended that this financial report be read in conjunction with the annual financial statements of the Group for the year ended 30 June 2025, together with any public announcements made during the following half-year.

Except for cash flow information, the financial statements have been prepared on an accrual basis and are based on historical costs, modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities.

(b) Accounting Policies

The same accounting policies and methods of computation have been followed in this interim financial report as were applied in the most recent annual financial statements.

(c) New and Amended Standards Adopted by the Group

The Group has considered the implications of new or amended Accounting Standards which have become applicable for the current financial reporting period and has applied them if relevant and material.

Note 2 : Changes in Accounting Policies

There has been no changes to accounting policies.

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MURRAY COD AUSTRALIA LIMITED AND CONTROLLED ENTITIES

ABN: 74 143 928 625

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

Note 3 Revenue and Other Income

Revenue from contracts with customers Sales revenue - Fish sales - Equipment sales Other revenue - Interest received - Dividends received - Insurance proceeds - Sundry income Total revenue Other Income - Subsidies and rebates Total other income Total revenue and other income	Half-year Ended 31-Dec-25 Half-year Ended 31-Dec-24 $ $ 6,567,601 4,670,096 6,396 - 6,573,997 4,670,096 4,498 93,613 3 - 100,834 1,781 12,802 2,503 118,137 97,897 6,692,134 4,767,993 230,516 96,871 230,516 96,871 6,922,650 4,864,864 Consolidated Group

The group has disaggregated revenue into product sales. There is no other means of disaggregating revenue. All products are sold at a point in time not over time. The sales currently from overseas is minimal not warranting revenue to be disaggregated by geographical markets.

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MURRAY COD AUSTRALIA LIMITED AND CONTROLLED ENTITIES

ABN: 74 143 928 625

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

Note 4 Profit for the Year

(Loss)/profit before income tax from continuing operations includes the following specific expenses: Expenses Interest expense on financial liabilities - Related parties - Unrelated parties Total finance cost Interest on lease liability Depreciation and amortisation Depreciation right of use asset Superannuation	Half-year Ended 31-Dec-25 Half-year Ended 31-Dec-24 $ $ - - 991,748 1,302,491 991,748 1,302,491 197,256 204,971 975,547 962,522 449,810 442,804 1,425,357 1,405,326 532,287 413,952 Consolidated Group

Note part of employee benefits expenses, veterinary and depreciation are expenses incurred in Research and Development but are not listed separately as Research and Development.

Note 5 Tax Expense

a) The components of tax expense (income) comprise: Current tax Deferred tax b) The prima facie tax on profit from ordinary activities before income tax is reconciled to income tax as follows: Prima facie tax payable on profit from ordinary activities before income tax at 25% Add: Tax effect of - non-allowable items - decrease in corporate tax rate Less: Tax effect of - deductible expenses capitalised on balance sheet or otherwise claimable - income not assessable - decrease in corporate tax rate Income tax attributable to entity

Half-year Ended 31-Dec-25 Half-year Ended 31-Dec-24 $ $ - - (2,451,565) 568,317 (2,451,565) 568,317 (1,628,562) 474,820 (712,290) 126,412 - - (2,340,852) 601,232 110,713 32,915 - - - - (2,451,565) 568,317 Consolidated Group

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MURRAY COD AUSTRALIA LIMITED AND CONTROLLED ENTITIES ABN: 74 143 928 625

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

Note 6 Cash and Cash Equivalents

Note Cash at bank and on hand Reconciliation of cash Cash at the end of the financial year as shown in the statement of cash flows is reconciled to items in the statement of financial position as follows: Cash and cash equivalents Credit cards 13	As at 31-Dec-25 As at 30-Jun-25 $ $ 279,219 355,214 279,219 355,214 Half-year Ended 31-Dec-25 Half-year Ended 31-Dec-24 279,219 4,236,113 (25,540) (16,527) 253,679 4,219,586 Consolidated Group

A floating charge over cash and cash equivalents has been provided for certain debts.

Note 7 Trade and Other Receivables

CURRENT Trade receivables Provision for impairment Other receivables Total current trade and other receivables	As at 31-Dec-25 As at 30-Jun-25 $ $ 572,855 235,148 (13,249) (4,021) 559,606 231,127 31,363 49,631 590,969 280,758 Consolidated Group

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MURRAY COD AUSTRALIA LIMITED AND CONTROLLED ENTITIES ABN: 74 143 928 625

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

Note 8 Inventories

CURRENT At cost: Fish feed and chemical inventory Processing plant inventory Cage building stock and parts At net realisable value: Biological assets Total inventory Biological Assets Biological assets Murray Cod Broodstock Murray Cod Fingerlings and Juveniles Murray Cod Pond Fish Less: Provision for biological assets Biological assets - Murray cod Carrying amount at the beginning of the period Purchases Decreases due to harvest for sale Gain from physical changes at fair value Carrying amount at the end of the period Biological assets - Cattle Carrying amount at the beginning of the period Purchases Decreases due to harvest for sale Gain from physical changes at fair value Carrying amount at the end of the period Note 9 Other Assets CURRENT Prepayments and deposits

As at 31-Dec-25 As at 30-Jun-25 $ $ 2,632,763 1,561,583 140,370 142,356 8,265 8,265 2,781,398 1,712,204 70,536,860 67,830,372 73,318,258 69,542,576 As at 31-Dec-25 As at 30-Jun-25 $ $ 2,814,041 2,536,871 5,592,666 4,334,005 64,031,112 63,087,079 (1,900,959) (2,127,583) 70,536,860 67,830,372 69,957,955 34,715,853 1,313,373 2,221,132 (6,350,226) (10,235,525) 7,516,716 43,256,495 72,437,818 69,957,955 - 22,232 - - - (22,232) - - - - As at 31-Dec-25 As at 30-Jun-25 $ $ 291,947 339,967 291,947 339,967 Consolidated Group Consolidated Group Consolidated Group

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MURRAY COD AUSTRALIA LIMITED AND CONTROLLED ENTITIES ABN: 74 143 928 625

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

Note 10 Property, Plant and Equipment

LAND AND BUILDINGS Land and buildings - at cost - Independent valuation Total land and buildings Carrying amount of all land and buildings had it been carried under the cost model	As at 31-Dec-25 As at 30-Jun-25 $ $ 3,324,986 3,324,986 36,750,000 36,750,000 40,074,986 40,074,986 10,038,681 10,038,681 Consolidated Group

The Group's land and buildings held at 31 December 2025 were revalued at the 2nd October 2023 by independent valuers.

PLANT & EQUIPMENT Plant and equipment At cost Accumulated depreciation At valuation Accumulated depreciation Total plant and equipment Total property, plant and equipment	32,466,852 31,284,863 (6,646,757) (5,861,817) 25,820,095 25,423,046 351,000 351,000 (351,000) (335,289) - 15,711 25,820,095 25,438,757 65,895,081 65,513,743

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MURRAY COD AUSTRALIA LIMITED AND CONTROLLED ENTITIES ABN: 74 143 928 625

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

Note 11 Intangible Assets

Water rights and licences at market value Trademarks & intellectual property at cost Goodwill Total intangible assets Year ended 30 June 2025 Balance at the beginning of the year Additions Revaluation Closing value at 30 June 2025 Half Year ended 31 December 2025 Balance at the beginning of the year Additions Revaluation Closing value at 31 December 2025	As at 31-Dec-25 As at 30-Jun-25 $ $ 3,613,950 4,043,900 121,788 107,513 2,113,167 2,113,167 5,848,905 6,264,580 Goodwill Water Rights & Licences 2,113,167 3,117,500 - - - 926,400 2,113,167 4,043,900 2,113,167 4,043,900 - - - (429,950) 2,113,167 3,613,950 Consolidated Group

Water licences held by the company are classified as intangible assets. The licences are issued by the NSW Government and by Murrumbidgee Irrigation Limited and provide the company with the right to receive allocations of water from Murrumbidgee river supplies and from underground aquifers. The volume of water allocated to the general security Murrumbidgee licences each year is dependent upon the volumes available within the Snowy Mountains storages each year. The allocations are announced progressively throughout the irrigation season each year by the government. Both the licences and the annual allocations of water are readily tradeable assets. There is a sophisticated and well regulated market network which provides daily prices of the permanent licences and the annual allocations. The company revalues the water licences each half year in accordance with the prevailing market prices at balance date. The value of annual allocations is not accounted for by the company as such allocations expire on 30 June each year.

Impairment of goodwill is determined annually. Goodwill is allocated to cash-generating units which are based on the Group's reporting divisions. Goodwill was purchased via acquisition of Murray Darling Fisheries Pty Ltd on 30 April 2020. There is no impairment of goodwill in the 2025 year or the six months to 31 December 2025. The recoverable amount of each cash-generating unit above is determined based on value-in-use calculations.

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MURRAY COD AUSTRALIA LIMITED AND CONTROLLED ENTITIES ABN: 74 143 928 625

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

Note 12 Trade and Other Payables

Note 12 Trade and Other Payables
		Consolidated Group
	As at 31-Dec-25		As at 30-Jun-25
		$	$
CURRENT
Unsecured liabilities
Trade payables		4,270,263	3,612,734
Other payables and accrued expenses		354,298	802,470
		4,624,561	4,415,204
Financial liabilities classified as trade and other payables Trade and other payables - Total current - Total non-current		4,624,561 -	4,415,204 -
		4,624,561	4,415,204
Note 13 Borrowings CURRENT Secured Liabilities Equipment Finance Facilities Credit Card Facilities Bank Overdrafts	As at 31-Dec-25 As at 30-Jun-25 $ $ 253,449 312,476 25,540 26,032 3,423,735 - Consolidated Group
		3,702,724	338,508
NON-CURRENT Secured Liabilities Equipment Finance Facilities Westpac Bank Bill Loan		453,060 20,000,000	377,948 26,240,000
		20,453,060	26,617,948
Total Borrowings		24,155,784	26,956,456
Murray Cod Australia Limited (MCA) repaid the iPartners Loan Facility on the 18th December 2024.
MCA settled the following facilities with Westpac Bank on 18th December 2024:
1. Term Loan Facility	$	30,000,000
2. Overdraft Facility	$	10,000,000
3. Equipment Finance Facility	$	3,000,000
The funds will be used to:
1. Re-finance and extinguish the existing $20million facility with iPartners

1. Purchase a property adjoining the Company's existing Bilbul Site, 7390 Burley Griffin Way, Bilbul

2. Provide monies for completion of Stanbridge & other capital works; and

3. Provide the ongoing working capital requirements of the Company, including growing existing fish out to harvest and increasing the hatchery and nursery stocks for future years.

The Term Loan Facility and Overdraft Facility are secured with a mortgage over land and water interests of the MCA Group and a General Security Agreement over all existing and future assets and undertakings. Equipment Finance Facilities are secured by the underlying assets.

The Financial Covenants of the Westpac Loan Facilities are:

1. Interest cover ratio is not less than 3.5 times, calculated as EBIT divided by Gross interest expense. The first period applicable for the covenants is 30 June 2026.

Page 20

MURRAY COD AUSTRALIA LIMITED AND CONTROLLED ENTITIES ABN: 74 143 928 625

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

Note 14 Tax

CURRENT Income tax payable NON-CURRENT Deferred tax liabilities Property, plant and equipment - tax allowance and revaluations Opening balance Charged to income Revaluations Account for new right of use asset and lease liability Closing balance Deferred tax assets Accrued expenses, provisions and carry forward losses Opening balance Charged to income Account for new right of use asset and lease liability Closing balance Note 15 Provisions CURRENT Employee benefits Opening balance at 1 July Additional provisions Amounts used Closing balance Analysis of total provisions Current Non-current

Half-year Ended 31-Dec-25 Half-year Ended 31-Dec-24 $ $ - - - - 19,584,795 10,924,090 (163,383) (138,520) (64,599) 7,714 40,171 106,126 19,396,984 10,899,410 11,091,989 7,825,531 2,288,182 (706,839) 40,171 106,126 13,420,342 7,224,818 As at 31-Dec-25 As at 30-Jun-25 $ $ 953,065 838,390 416,113 1,136,460 (439,317) (1,021,785) 929,861 953,065 As at 31-Dec-25 As at 30-Jun-25 $ $ 668,296 742,481 261,564 210,584 929,860 953,065 Consolidated Group Consolidated Group Consolidated Group

Page 21

MURRAY COD AUSTRALIA LIMITED AND CONTROLLED ENTITIES

ABN: 74 143 928 625

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

Note 16 Contingent Liabilities and Contingent Assets

There were no contingent assets or liabilities outstanding at 31 December 2025 (30 June 2025: nil)

Note 17 Cash Flow Information

(a) Reconciliation of Cash Flows from Operating Activities with (Loss)/profit after Income Tax (Loss)/profit after income tax Non-cash-flows in profit(loss) Depreciation and amortisation Profit on disposal of plant Share Based Payment Changes in assets and liabilities, net of the effects of purchase and disposal of subsidiaries: (Increase)/decrease in trade and term receivables (Increase)/decrease in other assets (Increase)/decrease in inventories Increase/(decrease) in trade payables and accruals Increase/(decrease) in deferred taxes payable (Increase)/decrease in deferred taxes receivable Increase/(decrease) in provisions Cash flows from operating activities

Half-year Ended 31-Dec-25 Half-year Ended 31-Dec-24 $ $ (4,062,682) 1,330,963 1,425,357 1,405,326 (6,396) - (2,871,969) 502,185 (310,210) (23,681) 48,687 696,307 (3,775,683) (14,207,091) 209,358 (621,610) (123,211) (32,394) (2,328,353) 600,713 (23,205) 54,194 (11,818,307) (10,295,088) Consolidated Group

Note 18 Events after the Reporting Period

No significant events have occurred since balance date, other than changes in the Board of Directors.

On 6 February 2026 MCA advised in ASX announcement that Mr Ross Anderson would cease in his role as Managing Director and Chief Executive Officer effective 20 February 2026, and that existing directors Mr Mat Ryan and Mr Roger Commins would act as interim Joint CEOs until such time as a new Chief Executive Officer is appointed.

On 20 February 2026 MCA advised in ASX announcement that Mr Steven Chaur, currently a Non-Executive Director of MCA, has been appointed Managing Director and Chief Executive Officer, effective Monday, 20 April 2026.

Page 22

MURRAY COD AUSTRALIA LIMITED AND CONTROLLED ENTITIES ABN: 74 143 928 625

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

Note 19 Fair Value Measurements

The Group measures and recognises the following assets and liabilities at fair value on a recurring basis after initial recognition:

• Biological assets

• — Water rights and licences

The Group measures some items of freehold land and buildings at fair value on a recurring basis after initial recognition.

The Group does not subsequently measure any liabilities at fair value on a non-recurring basis.

(a) Fair value hierarchy AASB 13: Fair Value Measurement requires the disclosure of fair value information by level of the fair value hierarchy, which categorises fair value measurements into one of three possible levels based on the lowest level that an input that is significant to the measurement can be categorised into as follows:

Level 1 Level 2 Level 3 Measurements based on Measurements based on quoted prices (unadjusted) in inputs other than quoted Measurements based on active markets for identical prices included in Level 1 assets or liabilities that the that are observable for the unobservable inputs for the asset or liability. entity can access at the asset or liability, either measurement date. directly or indirectly.

The fair values of assets and liabilities that are not traded in an active market are determined using one or more valuation techniques. These valuation techniques maximise, to the extent possible, the use of observable market data. If all significant inputs required to measure fair value are observable, the asset or liability is included in Level 2. If one or more significant inputs are not based on observable market data, the asset or liability is included in Level 3.

Valuation techniques

The Group selects a valuation technique that is appropriate in the circumstances and for which sufficient data is available to measure fair value. The availability of sufficient and relevant data primarily depends on the specific characteristics of the asset or liability being measured. The valuation techniques selected by the Group are consistent with one or more of the following valuation approaches:

• Market approach: valuation techniques that use prices and other relevant information generated by market transactions for identical or similar assets or liabilities.

• Income approach: valuation techniques that convert estimated future cash flows or income and expenses into a single discounted present value.

• Cost approach: valuation techniques that reflect the current replacement cost of an asset at its current service capacity.

Each valuation technique requires inputs that reflect the assumptions that buyers and sellers would use when pricing the asset or liability, including assumptions about risks. When selecting a valuation technique, the Group gives priority to those techniques that maximise the use of observable inputs and minimise the use of unobservable inputs. Inputs that are developed using market data (such as publicly available information on actual transactions) and reflect the assumptions that buyers and sellers would generally use when pricing the asset or liability are considered observable, whereas inputs for which market data are not available and therefore are developed using the best information available about such assumptions are considered unobservable.

The following tables provide the fair values of the Group’s assets and liabilities measured and recognised on a recurring basis after initial recognition and their categorisation within the fair value hierarchy.

Page 23

MURRAY COD AUSTRALIA LIMITED AND CONTROLLED ENTITIES

ABN: 74 143 928 625

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

— Non-financial assets Water rights and licences Recurring fair value measurements Biological assets - current Total inventory recognised at fair value on a recurring basis Inventory Inventory at fair value through profit or loss Total non-financial assets recognised at fair value on a non-recurring basis Non-recurring fair value measurements Land and buildings Total non-financial assets recognised at fair value Total non-financial assets recognised at fair value on a recurring basis 31 Dece

Level 1 Level 2 Level 3 Total $ $ $ $ - - 70,536,860 70,536,860 - - 70,536,860 70,536,860 3,613,950 - - 3,613,950 3,613,950 - - 3,613,950 - 36,750,000 - 36,750,000 - 36,750,000 - 36,750,000 3,613,950 36,750,000 - 40,363,950 mber 2025

(i) The land and buildings:

• "Silverwater"563 Pinehope Road, GRONG GRONG NSW 2652

• "Bilbul" Farm 1444d, Bilbul Road, BILBUL NSW 2680

• "Euberta" 1795 Old Narrandera Road, EUBERTA NSW 2650

• "Gogeldrie" 396 Kirkup Road, GOGELDRIE NSW 2705

Were revalued in accordance with the Valuations prepared at 2nd October 2023 by: LAWD, The Annex, Level 1, 12 Creek Street, BRISBANE QLD 4000

The land:

"Stanbridge"181 Murrami Road, STANBRIDGE NSW 2705 was purchased on 21st December 2023 and is accounted for at cost 7390 Burley Griffin Way, BILBUL NSW 2680 was purchased on 17th December 2024 and is accounted for at cost

Page 24

MURRAY COD AUSTRALIA LIMITED AND CONTROLLED ENTITIES ABN: 74 143 928 625

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

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----- Start of picture text -----

30 June 2025
Level 1 Level 2 Level 3 Total
Recurring fair value measurements $ $ $ $
Inventory
Inventory at fair value through profit or loss
— Biological assets - current - - 67,830,372 67,830,372
Total inventory recognised at fair value on a
recurring basis - - 67,830,372 67,830,372
Non-financial assets
Water rights and licences 4,043,900 - - 4,043,900
Total non-financial assets recognised at fair value on a recurring basis 4,043,900 - - 4,043,900
Non-recurring fair value measurements
Land and buildings - 36,750,000 - 36,750,000
Total non-financial assets recognised at fair value
on a non-recurring basis - 36,750,000 - 36,750,000
Total non-financial assets recognised at fair value 4,043,900 36,750,000 - 40,793,900
(b) Valuation techniques and inputs used to measure Level 2 fair values
Fair Value ($) at
31 Dec Valuation Technique(s) Inputs Used
Description 2025
Non-financial assets Market approach using recent Price per hectare; market borrowing rate
Land and buildings 36,750,000 observable market data for similar
properties: income approach using
discounted cash flow methodology
----- End of picture text -----

The fair value of freehold land and buildings is determined at least every three years based on valuations by an independent valuer. At the end of each intervening period, the directors review the independent valuation and, when appropriate, update the fair value (i) measurement to reflect current market conditions using a range of valuation techniques, including recent observable market data and discounted cash flow methodologies.

There were no changes during the period in the valuation techniques used by the Group to determine Level 2 fair values.

• (c) Valuation techniques and unobservable inputs used to measure Level 3 fair values

Valuation processes

The biological assets of the company are considered Level 3 and are valued internally by the company as there is no observable market for them. The value is based on the estimated exit price per kilogram and the value changes for the average weight of each fish as it progresses through the growth and transformation cycle. The average weight of the fish is sample measured periodically, and the value is determined by applying the average weight to the estimated price based on staged weight values (100 gram stages). The life cycle of the fish is approximately 2 years to minimum initial harvest size. The value per fish is based on the weight estimate, multiplied by the expected market price at the relevant point of transformation. Significant changes in any of the significant unobservable inputs in isolation would result in significant changes in fair value measurement.

The net increment/decrement in the fair value of Murray Cod Fish is recognised as income/(expense) in the reporting period. There has been a decrease in the fair value per unit of Murray Cod Fish from 30 June 2025 to 31 December 2025, from $23.82 to $21.65, this increase is based on observed market selling information.

Page 25

MURRAY COD AUSTRALIA LIMITED AND CONTROLLED ENTITIES ABN: 74 143 928 625

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

Note 20: Right of Use Assets

The Group's lease portfolio includes land and buildings. These leases have an average term of 12 years.

Options to Extend or Terminate: The option to extend or terminate are contained in the clauses of several property leases in the Group. These clauses provide the Group with opportunities to manage leases in order to align with its strategies. All of the extension or termination options are only excerciseable by the Group. The extension options or termination options which were probable to be exercised have been included in the calculation of the right of use asset.

AASB 16 related amounts recognised in the balance sheet

Leases commenced and remeasured Depreciation charge related to right-of-use assets AASB 16 related amounts recognised in the statement of profit or loss Lease Liabilities: Leased Land and Buildings Current TOTAL Non-Current Right of Use Assets: Leased Land and Buildings Opening balance Net carrying amount Depreciation expense for the period Current Non-Current Total	As at 31-Dec-25 As at 30-Jun-25 $ $ 9,646,114 10,044,149 160,684 491,927 (449,810) (889,962) 9,356,988 9,646,114 - - 9,356,988 9,646,114 9,356,988 9,646,114 765,548 790,178 9,216,472 9,422,783 9,982,020 10,212,961 Half-year Ended 31-Dec-25 Half-year Ended 31-Dec-24 449,810 442,804 Consolidated Group

Page 26

MURRAY COD AUSTRALIA LIMITED AND CONTROLLED ENTITIES ABN: 74 143 928 625 DIRECTORS’ DECLARATION

In accordance with a resolution of the directors of Murray Cod Australia Limited, the directors of the company declare that:

1. the financial statements and notes as set out on pages 9 to 26, are in accordance with the Corporations Act 2001, including:

2. (a) complying with Australian Accounting Standard AASB 134: Interim Financial Reporting; and

3. (b) give a true and fair view of the Consolidated Group’s financial position as at 31 December 2025 and of its performance for the half-year ended on that date.

4. In the directors' opinion there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

Director

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Brett Paton Chairman

Dated this 27[th] Day of February 2026

Page 27

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INDEPENDENT AUDITOR’S REVIEW REPORT To the Members of Murray Cod Australia Ltd and its Controlled Entities

Report on the Half-Year Financial Report

RSM Australia Partners

12 Anderson Street West, Ballarat VIC 3350 PO Box 685 Ballarat VIC 3353 T +61 (0) 3 5330 5800 F +61 (0) 3 5330 5890 www.rsm.com.au

Conclusion

We have reviewed the accompanying half-year financial report of Murray Cod Australia Ltd and its Controlled Entities which comprises the consolidated statement of financial position as at 31 December 2025, the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the half-year ended on that date, notes comprising material accounting policy information and other explanatory information, and the directors’ declaration.

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of Murray Cod Australia Ltd and its Controlled Entities is not in accordance with the Corporations Act 2001 including:

• (a) giving a true and fair view of the consolidated entity’s financial position as at 31 December 2025 and of its performance for the half-year ended on that date; and

• (b) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

Basis for Conclusion

We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity . Our responsibilities are further described in the Auditor’s Responsibilities for the Review of the Financial Report section of our report. We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the annual financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

We confirm that the independence declaration required by the Corporations Act 2001 , which has been given to the directors of Murray Cod Australia Ltd and its Controlled Entities, would be in the same terms if given to the directors as at the time of this auditor’s report.

Directors' Responsibility for the Half-Year Financial Report

The directors of the Murray Cod Australia Ltd and its Controlled Entities are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report that is free from material misstatement, whether due to fraud or error.

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RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction. RSM Australia Partners ABN 36 965 185 036 Liability limited by a scheme approved under Professional Standards Legislation

Auditor’s Responsibility for the Review of the Financial Report

Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity , in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the consolidated entity’s financial position as at 31 December 2025 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

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RSM AUSTRALIA PARTNERS

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JOHN FINDLAY Partner

Ballarat, Victoria Dated this 27[th] day of February 2026

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29

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