• Record biomass growth of 2,481 tonnes (+198% YoY)
• Profitable FY25 with NPAT of $8.6m, marking a turnaround
• Secured $43m Westpac financing facility for growth capital

Murray Cod Australia Ltd (MCA) has reported strong financial and operational performance in FY25, marking a significant turnaround for the company. Key highlights include a record biomass growth of 2,481 tonnes (+198% YoY), a profitable FY25 with NPAT of $8.6m, and the securing of a $43m Westpac financing facility to provide growth capital. MCA has successfully built the scale, infrastructure, and inventory required to transition into sustainable cash generation, with FY26 expected to be the commercial inflection point. The company has also made progress in expanding its sales channels, both domestically and internationally, with new customers in the fine dining and retail sectors, as well as growing export markets in Southeast Asia. MCA has also achieved key certifications, such as Halal approval, which will enable entry into new markets. The company's focus on building premium inventory and optimizing production metrics has resulted in a significant increase in the fair value of its biological assets, which have more than doubled to $67.8m. With a strong platform in place, MCA is well-positioned to capitalize on the growing demand for its sustainably produced Murray Cod products.

MCA is targeting a harvest of 1,000t+ in FY26, representing approximately 40% of its current 2,481t biomass. The company expects to continue growing its biomass, with a focus on higher-margin, 2.8kg+ fish, to support revenue and margin expansion.

MCA is transitioning from a biomass growth strategy to a harvest and cash generation phase, with FY26 marking the commercial inflection point. The company is focused on expanding its sales channels, both domestically and internationally, and achieving key certifications to enable growth in new markets. MCA is well-positioned to capitalize on the growing demand for its sustainably produced Murray Cod products.