Half-Year Report - Appendix 4D

• Net Profit Before Tax of $35.3 million
• Paid fully franked dividend of 3.71 cents per share
• Realised $34.3 million of capital gains on entitlement sales

Duxton Water Ltd has reported a strong set of results for the half-year ended 30 June 2025. The company delivered a Net Profit Before Tax of $35.3 million, up 197% from the previous corresponding period. This was driven by a 75% increase in revenue from ordinary activities to $8.87 million and the realisation of $34.3 million in capital gains on entitlement sales. The company paid a fully franked dividend of 3.71 cents per share during the period. From a fair market value perspective, the company's net asset value per share increased to $1.65 at 30 June 2025, compared to $1.54 at the end of the 2024 financial year. This includes $61.7 million (or $0.40 per share) of unrealised capital gains on the water portfolio, which are excluded from the statutory financial statements. The company's net asset value per share in accordance with Australian Accounting Standards, which excludes these unrealised gains, was $1.37 per share at 30 June 2025.