• Customer receipts increased 39% on prior corresponding period to $3.7 million
• Sales increased 61% on prior corresponding period to 140.6 tonnes
• Processed fish sales increased 71% on prior corresponding period to 121.8 tonnes

Murray Cod Australia Ltd (MCA) reported its Quarterly Cash Flow Report and Quarterly Activities Report for the quarter ended 31 December 2025 (Q2 FY26). Highlights for the quarter include: customer receipts increased 39% on prior corresponding period (pcp) to $3.7 million, sales increased 61% on pcp to 140.6 tonnes, processed fish sales increased 71% on pcp to 121.8 tonnes, biomass reached 2,787 tonnes at 31 December 2025, up 12% from June 2025, and the company received Best Aquaculture Practices (BAP) 3-star certification and Halal certification during the quarter. Sales performance was not as high as the company's earlier expectations due to factors such as management's initial reluctance to accept discounts on smaller fish, delays in BAP certification, initial operational issues, and temporary illness and injury of key processing personnel. The company is focused on increasing harvest activity to meet growing customer demand, leveraging BAP certification to access new customers, completing additional infrastructure expansion, progressing China processed product registration, and securing additional long-term offtake arrangements to underpin revenue growth in FY27.

MCA enters H2 FY26 with 1,597 tonnes of biomass over 1kg and expanded distribution channels becoming operational. The company's infrastructure can support significantly higher harvest volumes than current sales, providing capacity to respond to increased customer demand as channels begin to activate.

Key priorities for H2 FY26 include increasing harvest activity to meet growing customer demand, leveraging BAP certification to access new customers, completing Cells 4 and 5 stocking to achieve 100% pond utilisation, progressing China processed product registration, and securing additional long-term offtake arrangements to underpin revenue growth in FY27. MCA remains focused on executing its sales and distribution strategy, converting biomass into consistent cash flows, and continuing the trajectory towards cashflow breakeven.