• 1st Quarter FY26 YOY volumes up 69%, September sales up 101% vs LY
• Domestic growth accelerating, export markets active, China registration pending
• Halal approved, BAP expected, Westpac financing secured

Murray Cod Australia Ltd (MCA) has reported strong performance in the first quarter of FY26, with volumes up 69% year-over-year and September sales up 101% compared to the same period last year. The company is seeing accelerating domestic growth with new customers and regions, as well as expanding its export markets in Singapore, Hong Kong, and Southeast Asia. MCA is also awaiting approval for China registration, which is expected in the first half of FY26. The company has secured Halal certification, enabling entry into Middle East markets, and is expecting Best Aquaculture Practices (BAP) certification in Q2 FY26, which will open up opportunities in supermarkets, hotel chains, airlines, and cruise lines. MCA has also secured a $43 million financing facility with Westpac, providing growth capital. The company has achieved record biomass growth, with 2,481 tonnes in the grow-out stage as of June 2025, up 198% year-over-year. This has translated to a 111% increase in the value of the company's biological assets, which reached $67.8 million. After three years of disciplined biomass investment, MCA is now transitioning into sustainable cash generation, with FY26 marking a commercial inflection point.

MCA is targeting a harvest volume of 1,000+ tonnes from its current inventory, which represents approximately 40% of its current biomass. The company is focused on growing larger fish (2.8kg+) which command premium prices of $27+/kg, compared to $24/kg for fish under 1.2kg.

MCA's sales strategy for FY26 is focused on expanding its presence in fine dining, retail (Woolworths), and foodservice channels, both domestically and internationally. The company is also planning to launch new product innovations, including Aquna Gold Caviar, smoked products, and portion-controlled offerings for foodservice. MCA is well-positioned for continued growth, with strategic priorities including efficient harvest execution, securing long-term offtake agreements, completing sustainability certifications, optimizing feed costs and FCR, and further increasing biomass.