1H FY25 Results Release

• Revenue of $32.0m, up 27% on previous half
• Underlying EBITDA loss of ($1.7m), up 64% on previous half
• Net loss after tax improved 75% to ($1.4m)

Rubicon Water Limited (ASX: RWL) announced its half-year results for the period ended 31 December 2024, reporting revenue of $32.0m and an underlying EBITDA loss of ($1.7m). The company saw further strong progress in the US market, where it has signed A$13.8m of contracts year-to-date and has a strong pipeline of expected signings for the remainder of the year. Rubicon also recouped $4.4m of aged debtors in its Asia segment, which, combined with healthy collections in other regions, helped deliver positive operating cashflows of $2.2m for the first half of the financial year and $3.7m in total for the 2024 calendar year. Net Debt dropped to $14.9m, from $31.3m as at 30 June 2024, on the back of the positive operating cashflow result and a successful $16.0m capital raising undertaken in August/September 2024. Rubicon's globalisation strategy continues to produce encouraging results, with progress in new market opportunities, including Egypt, Morocco, and Kazakhstan. The company also saw significant new opportunities opening in other Indian states, such as Rajasthan and Maharashtra, in addition to its historical focus in Karnataka. Rubicon signed its second-largest FarmConnect solution with Gila River Farms for A$3.1m in the US and renewed a major software contract with a value of $4m p.a. extended for 4 years.

The company is confident in delivering on its pipeline opportunities across both established and emerging markets, demonstrated by $8.4 million in signings since December, including major projects at Paloma, USA ($1.6m) and Chadchan, India ($3.5m).

Rubicon has laid a strong foundation for substantial growth in FY25 and beyond, particularly evidenced by FarmConnect's pivotal role in the US market, which has generated $7.8m in sales over the last 12 months. With water prices continuing to drive investment in the USA - a market ten times Australia's size - and the near-term pipeline at its strongest to date, Rubicon is well-positioned to capitalise on growing global demand for water management solutions.