RIVCO AUSTRALIA LTD — Net Asset Value 2026

Apr 14, 2026

March 2026

Net Asset Value (Pre-tax)

$1.80

per share (unaudited)

Net Asset Value (Post-tax)

$1.62

per share (unaudited)

Closing Share Price

$1.43

per share

SHARES 158,815,094 ON ISSUE:

OPTIONS 38,165,498 ON ISSUE:

MARKET $227 million CAP:

Company Snapshot

Key Highlights

• Pre-tax NAV increased by 1 cent per share during the month, primarily reflecting higher valuations for high security water entitlements across key trading zones.

$304m TOTAL WATER ASSETS

60.5 GL WATER ENTITLEMENTS

52%

LEASED % OF PORTFOLIO

• Executed a new 1,000 ML lease during March, taking Rivco’s committed lease and forward percentage to 68% from 1 July 2026 (based on current contracts).

3.1 yrs

7.4%

5.2%

WEIGHTED AVERAGE LEASE EXPIRY (WALE)

DIVIDEND YIELD DIVIDEND YIELD (GROSS)[1] (CASH)[2]

• Entitlement transaction volumes remain subdued, reflecting the likelihood that a large volume is still tied up in Government buyback tenders.

1. Calculated as the cash dividends paid over the previous 12 months, grossed up for franking credits, divided by the EOM share price.

2. Calculated as the cash dividends paid over the previous 12 months, divided by the EOM share price (relevant for non-resident investors).

Southern Basin Dam Storages – 31 March 2026

• Lower Murray spot prices ended March at ~$390/ML before increasing to ~$400/ML by midApril.

		Dartmouth	Hume	Eildon	**Blowering **	Burrinjuck	**Menindee **	Average*
	Current Month	65%	27%	43%	20%	38%	36%	42%
	Previous MonthPrevious Year	67%82%	25%25%	46%66%	21%32%	37%46%	39%30%	43%52%

• While parts of the basin received moderate rainfall during the month, dam storage levels continued to decline. Weightedaverage Southern Basin dam storages declined by 1% during the month.

* Weighted Average

Awarded Allocation Percentages – 1 April 2026

	Goulburn	VIC Murray	**NSW Murray **	Murrumbidgee	SA Murray
High Security	81%	100%	97%	95%	100%
General Security*	0%	0%	20%	32%	N/A

Contact Details

*General Security entitlements in NSW share similar characteristics to Low Reliability entitlements in Victoria.

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Lachlan Campbell Executive Manager - Corporate lachlan.campbell@rivco.com.au +61 410 107 158

Lachlan Beech

Executive Manager – Portfolio & Trading lachlan.beech@rivco.com.au +61 414 742 197

This announcement has been authorised for release by the Chairman of Rivco Australia Limited (“Rivco” or “the Company”).

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 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.

The release, publication or distribution of this document (including an electronic copy) outside of Australia may be restricted by law.

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 are provided as a general guide only and should not be relied upon as an indication or guarantee 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 obtain your own professional advice.

Rivco Australia Limited (ASX:RIV)

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