Appendix 4E and FY25 Annual Report

• Significant expansion of production capacity with new Stanbridge grow-out facility
• Domestic sales growth and brand visibility in premium channels
• Successful international market expansion, with exports to 6 Southeast Asian regions
• Profitable FY25 results, with plans to convert biomass into cash in the year ahead

This year marks a significant step in Murray Cod Australia's journey, defined by resilience, innovation, and strategic execution. A highlight was the construction of the Stanbridge grow-out facility, the company's most advanced and large-scale site to date. This facility will expand production capacity, strengthen harvest planning, and position MCA to meet rising demand with consistency and confidence. Domestically, MCA's branded products continue to build momentum with chefs, premium retailers, and direct-to-consumer channels, driven by provenance, sustainable farming, and the uniqueness of Murray cod. Internationally, MCA advanced market development with shipments to six Southeast Asian regions, generating strong interest and repeat orders. To support further growth, the company invested in export readiness, including enhanced processing, tailored packaging, and compliance with international standards. Looking ahead, MCA's strategic pillars are clear: domestic strength first, disciplined international expansion, excellence in operations, and continued innovation and leadership in land-based aquaculture. The year ahead is about converting investment into cash and opportunity into outcomes, as the company leverages its reliable harvest cycle and established biomass to drive commercial success.

MCA expects a marked uplift in cashflow and a further strengthening of its financial position as it efficiently converts its growing biomass of harvest-ready fish into sales revenue in the year ahead.

With the Stanbridge site complete and production footprint expanded, MCA is positioned to generate strong operational leverage as volumes increase. The company's medium-term objective is to build diversified, high-value international revenue streams, with domestic market credibility as the launchpad.