RIVCO AUSTRALIA LTD — Net Asset Value 2025

Aug 14, 2025

Monthly Update

JULY 2025

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COMPANY NAME INVESTMENT UNIVERSE NET ASSET VALUE (POST -TAX)
Duxton Water Limited (ASX: D2O) Australian Water Entitlements $1.66 per share
WATER PORTFOLIO VALUE MARKET CAPITALIS A T ION SHARES ON ISSUE: 155,558,916
$294 million $237 million OPTIONS ON ISSUE : 38,165,498
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Duxton Water Limited (ASX:D2O)

Monthly Update

JULY 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

The 2025–2026 water year commenced on 1 July 2025. In the lower Murray, allocation prices reached as high as $350/ML in the first two weeks of July, before easing back to $260/ML at the end of the month. These were the highest opening allocation prices seen in the lower Murray since July 2020.

At 31 July 2025, 52% of the entitlement portfolio is leased with a weighted average lease expiry (“WALE”) of 3.7 years. This is the Company’s highest 31 July WALE since inception. Management continues to engage proactively with its irrigation partners to increase lease coverage and enhance portfolio utilisation.

Demand for leases was robust in May and June but softened in July as rainfall increased and near-term irrigation requirements remain minimal. Despite recent rain events and an above-average three-month rainfall outlook, major storages remain at their lowest levels for this time of year since 2020.

These reduced dam storage levels have resulted in the lowest opening allocation determinations to NSW general security entitlements since 1 July 2020. The Company anticipates that rainfall and inflows to major dams in the coming months will influence allocation determinations and spot prices leading into summer.

In addition to new leases, the Company has locked in several forward contracts that will be delivered throughout the new water year. These forward contracts act as a hedge against spot market price volatility and provide the Company with increased revenue stream visibility.

July also saw recognition of new-season unleased allocations, which contributed positively to portfolio performance and contributed to a 1-cent increase in NAV per share during the month.

Several small parcels of lower Murray entitlements were also acquired at attractive prices during the month.

Separately, the Department of Climate Change, Energy, the Environment and Water released the 2025 Murray–Darling Basin Evaluation Report. Of the 450 GL targeted for recovery by 31 December 2027, 157.3 GL has been recovered or contracted, leaving 292.7 GL outstanding. The quantum and timing of any further water buyback programs outside of the EOI 1 and EOI 2 that were completed late last year, will be communicated by the Commonwealth Government in due course.

Regarding the 605 GL SDLAM target, which primarily involves water recovery through infrastructure projects, the estimated shortfall ranges from 190 to 315 GL. The Company understands that this target is not currently planned to be achieved through water buybacks. However, the report also indicates that, given the costs associated with these projects, water buybacks have proven to be a more efficient method thus far.

The Company is looking forward to releasing its half-year report in the coming weeks.

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Lachlan Campbell Lachlan Beech Portfolio Manager Portfolio Manager

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COMPANY PERFORMANCE (31 JULY 2025)

1 Month	3 Months	6 Months	12 Months	Inception
0.85%	0.23%	11.13%	13.46%	119.76%

*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

JULY 2025

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COMPANY SNAPSHOT

	Mar-25	Apr-25	May-25	Jun-25	Jul-25
NAV (Post-Tax)	$1.71	$1.66	$1.66	$1.65	$1.66
NAV (Pre-Tax)	$1.87	$1.86	$1.85	$1.84	$1.86
Portfolio Size ($)	$290m	$289m	$289m	$291m	$294m
Shares on Issue	156m	157m	157m	156m	156m
Options on Issue	38m	38m	38m	38m	38m
Net Debt*	28%	30%	3%	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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52% 48%
Leased Unleased
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PO RTFO LIO S UM M ARY

	Mar-25	Apr-25	May-25	Jun-25	Jul-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%	52%
WALE	2.7 years	2.6 years	2.5 years	2.4 years	3.7 years
WALE (inc. options)	4.3 years	4.2 years	4.1 years	4.0 years	4.6 years

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

	Mar-25	Apr-25	May-25	Jun-25	Jul-25
Lower Murray	$185	$250	$280	$270	$260
Upper Murray	$112	$125	$170	$165	$225
Goulburn	$110	$120	$180	$200	$190
Murrumbidgee	$180	$240	$260	$240	$270
Lachlan	$110	$110	$115	$110	$130

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

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

	Jul-21	Jul-22	Jul-23	Jul-24	Jul-25
Dartmouth	68%	95%	97%	95%	67%
Hume	70%	94%	96%	72%	45%
Lake Eildon	62%	84%	98%	89%	57%
Blowering	97%	97%	93%	80%	55%
Burrinjuck	99%	89%	94%	78%	53%
Menindee Lakes	66%	112%	83%	64%	79%
Weighted Average	72%	94%	95%	82%	59%

^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

JULY 2025

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HISTORICAL PERFORMANCE (& DIVIDENDS) – SINCE INCEPTION

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C HA NC E O F A BO VE -A VERA GE RA I NFA LL

S E P T E M B E R 2 0 2 5 – N O V E M B E R 2 0 2 5

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Source: Bureau of Meteorology – issued 7 August 2025

RA I NFA LL DEC I LE C HA RT ( WI NTER)

J U N E 2 0 2 5 – A U G U S T 2 0 2 5

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Source: Bureau of Meteorology
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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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