RIVCO AUSTRALIA LTD — Net Asset Value 2025

Sep 14, 2025

Monthly Update

AUGUST 2025

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COMPANY NAME INVESTMENT UNIVERSE NET ASSET VALUE (POST -TAX)
Duxton Water Limited (ASX: D2O) Australian Water Entitlements $1.67 per share
WATER PORTFOLIO VALUE MARKET CAPITALIS A T ION SHARES ON ISSUE: 155,558,916
$292 million $230 million OPTIONS ON ISSUE : 38,165,498
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Duxton Water Limited (ASX:D2O)

Monthly Update

AUGUST 2025

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The primary investment objective of Duxton Water (“the Company”) is to build a portfolio of permanent water entitlements and utilise this portfolio to provide flexible water supply solutions to our Australian farming partners. The Company generates a return by offering irrigators a range of supply solutions including long-term entitlement leases, forward allocation contracts and spot allocation supply.

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Portfolio Managers’ Update

Dividend Declared

Operational Update

On 29 August 2025, Duxton Water announced an interim dividend of 3.72 cents per share, payable on 31 October 2025. This represents the Company’s 17th consecutive and increasing dividend, bringing total dividends paid since inception to 52 cents per share. Further details, including key dates, are available in the Company’s recent ASX announcement.

August NAV Update

The Company’s NAV increased by 1 cent during August, driven by strategic trades, additional entitlement allocations, and improved allocation prices. Over the past six months, NAV has grown by 9.1% (or 12.2% pre-tax).

Water Markets

The permanent water market experienced subdued trading activity in August. Entitlement price movements were mixed, with Murray entitlements generally holding firm or rising, while Goulburn and Murrumbidgee entitlements softened slightly. As a result, changes across the permanent portfolio largely offset each other.

By contrast, allocation prices rose by approximately 6% across most catchments. While July rainfall temporarily reduced prices at the start of August, the return of average to drier conditions across the southern Murray-Darling Basin supported a rebound. Allocation prices ended winter 2025 at their highest seasonal levels since 2019.

Demand for leases was subdued for the month of August. However, irrigator interest has risen significantly in early September. The Company currently has several lease offers out with both new and existing customers to consider.

August marks the beginning of the irrigation season. Duxton Water remains well-positioned to meet irrigator demand through its diversified portfolio of leases, forwards, and allocation holdings. Currently, 53% of the portfolio is leased, supported by approximately $1 million in forward contracts due for delivery in the coming months. Forward contracts provide a hedge against price volatility while maintaining flexibility to meet irrigators’ allocation needs.

Extraordinary General Meeting (“EGM”)

The Company proposes to change its name from ‘Duxton Water Limited’ to ‘Rivco Australia Limited’. Following the approval of the internalisation of management at the Company’s Annual General Meeting on 30 May 2025, the Board believes the new name better reflects the Company’s long-term strategy, vision, and independence as a dedicated Australian water business. It also provides clearer differentiation from the Company’s former externally managed structure.

An EGM will be held on 2 October 2025 to seek shareholder approval for the proposed name change. Further details are available in the Company’s recent ASX announcement.

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Lachlan Campbell Portfolio Manager

Lachlan Beech Portfolio Manager

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COMPANY PERFORMANCE (31 AUGUST 2025)

1 Month	3 Months	6 Months	12 Months	Inception
0.19%	0.52%	9.14%	13.23%	120.05%

*These figures are based on post-tax NAV movements and include franked dividends for the period

Duxton Water Limited (ASX:D2O)

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Monthly Update

AUGUST 2025

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COMPANY SNAPSHOT

	Apr-25	May-25	Jun-25	Jul-25	Aug-25
NAV (Post-Tax)	$1.66	$1.66	$1.65	$1.66	$1.67
NAV (Pre-Tax)	$1.86	$1.85	$1.84	$1.86	$1.86
Portfolio Size ($)	$289m	$289m	$291m	$294m	$292m
Shares on Issue	157m	157m	156m	156m	156m
Options on Issue	38m	38m	38m	38m	38m
Net Debt*	30%	3%	5%	5%	5%

• Net Debt = Debt Drawn / (Total Water Assets + outstanding water receivables - outstanding water payables)

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W A T E R P O R T F O L I O
D I V E R S I F I C AT I O N
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53% 47%
Leased Unleased
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PO RTFO LIO S UM M ARY

	Apr-25	May-25	Jun-25	Jul-25	Aug-25
Portfolio Size (ML)	59 GL	59 GL	59 GL	59 GL	59 GL
Zones Held (#)	17	17	17	17	17
Leased %	52%	52%	52%	52%	53%
WALE	2.6 years	2.5 years	2.4 years	3.7 years	3.7 years
WALE (inc. options)	4.2 years	4.1 years	4.0 years	4.6 years	4.5 years

ALLO C ATIO N PRIC ES (END O F M O NTH)

	Apr-25	May-25	Jun-25	Jul-25	Aug-25
Lower Murray	$250	$280	$270	$260	$268
Upper Murray	$125	$170	$165	$225	$233
Goulburn	$120	$180	$200	$190	$205
Murrumbidgee	$240	$260	$240	$270	$255
Lachlan	$110	$115	$110	$130	$125

^Approximate water allocation prices at the end of each period.

S O UTHERN B AS IN DAM S TO RAGE LEV ELS (ANNUAL)

	Aug-21	Aug-22	Aug-23	Aug-24	Aug-25
Dartmouth	73%	99%	97%	96%	69%
Hume	93%	95%	97%	73%	52%
Lake Eildon	73%	95%	97%	89%	57%
Blowering	93%	97%	91%	85%	58%
Burrinjuck	92%	87%	98%	82%	59%
Menindee Lakes	89%	111%	82%	64%	79%
Weighted Average	83%	98%	95%	84%	62%

^Dam storage levels at the end of each period.

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E N T I T L E M E N T
V A L U E B Y R E G I O N
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14%
2%
4%
77%
3%
Murray Murrumbidgee
Goulburn Lachlan
Mallee
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W A T E R S E C U R I T Y B R E A K D O W N

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17%
80%
3%
High Security General Security
Groundwater
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Duxton Water Limited (ASX:D2O)

Monthly Update

AUGUST 2025

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WA TER A LLO C A TI O NS ( %) – 1 SEP TEM B ER 20 25

	WA TER A LLO C A TI O NS ( %) – 1 SEP TEM B ER 20 25
Determinations	Class 1-Sep-21 1-Sep-22 1-Sep-23 1-Sep-24 1-Sep-25
Goulburn	High 71% 100% 100% 97% 44%
	Low 0% 0% 0% 0% 0%
VIC Murray	High 57% 100% 100% 79% 60%
	Low 0% 0% 0% 0% 0%
NSW Murray	High 97% 100% 100% 97% 97%
	General 30% 110% 110% 44% 5%
SA Murray	High 100% 100% 100% 100% 100%
	General n/a n/a n/a n/a n/a
Murrumbidgee	High 95% 95% 95% 95% 95%
	General 52% 46% 39% 34% 21%

Source: Water allocation percentages as of 1 September 2025, as per the relevant state resource managers.

HISTORICAL PERFORMANCE (& DIVIDENDS) – SINCE INCEPTION

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DUXTON WATER LIMITED

ABN: 53 611 976 517

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7 Pomona Road, Stirling, SA, 5152

+61 (8) 81350 9500

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enquiries@duxtonwater.com.au www.duxtonwater.com.au

This announcement has been authorised for release by the Chairman of Duxton Water Limited

DISCLAIMER: This factsheet is prepared by Duxton Water Limited [ACN 611 976 517] (“Duxton Water”). This factsheet has been prepared for the purposes of providing general information only and does not constitute an offer, invitation, solicitation or recommendation with respect to the purchase or sale of any securities in Duxton Water. Information from this factsheet must not be issued in any jurisdiction where prohibited by law and must not be used in any way that would be contrary to local law or regulation. The terms of Duxton Water are set out in the prospectus of Duxton Water (“Prospectus”), and should there be any conflict between the terms set out in this factsheet and the Prospectus, the terms in the Prospectus shall prevail. The forecasts provided are based upon Duxton Water’s opinion of the market as at this date and are subject to change, dependent on future changes in the market. Any prediction, projection or forecast on the economy, stock market, bond market or the economic trends of the markets is not necessarily indicative of the future or likely performance. Investments are subject to risks, including possible loss of principal amount invested. The value of shares/ units and their derived income may fall as well as rise. Past performance or any prediction or forecast is not necessarily indicative of future performance. No assurance is given that the investment objective or the targets will be met. 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 who may receive it. Investors should study all relevant information and consider whether the investment is appropriate for them. If you require investment or financial advice please contact a regulated financial adviser. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this presentation. Although the information was compiled from sources believed to be reliable, no liability for any error or omission is accepted by Duxton Water or its affiliates or any of their directors or employees. The information and opinions contained may also change. Copyright protection exists in this presentation. To the extent permitted by applicable law, none of Duxton Water, Duxton Capital (Australia) Pty Ltd, their respective affiliates, or any of their respective officers or employees accepts any liability whatsoever for any direct or consequential loss arising from any use of this factsheet or its contents, including for negligence.

Duxton Water Limited (ASX:D2O) Duxton Water Limited (ASX:D2O)

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