Riparian Capital Partners

The Riparian Allocation Price Indicator (RAPI) fell by ~$12/ML in the month of August 2025 to $245/ML. The August RAPI price remains the highest price for the month of August since 2019 and is 96% higher than this time last year. Allocations issued to key sMDB water entitlements so far this Water Year remain well below year ago levels, leading to tighter supply conditions. For instance as at the end of August 2025, NSW Murray General Security allocations were only at 3%, as compared to 44% in August 2024. This means that for every 100ML of entitlements owned, irrigators only received 3ML of allocation vs the 44ML received this time in 2024. These lower allocations, and subsequent tighter supply conditions, are a key driver of overall higher allocation prices this water year.   August 2025 represented another month of well below average inflows to major sMDB storages with total volume of water in major storages across the southern Basin sitting around 58% (down from 80% in August 2024).   Demand for allocations in August was somewhat subdued for much of the month, as cooler winter weather and some forecasts for wetter conditions (much of which did not eventuate) meant irrigators chose to delay entering the market. It will be interesting to see as temperatures rise going into spring and crop water requirements increase how demand will affect prices in already tight supply conditions.

The first crop of pyrethrum is almost ready for harvest at our leased asset in northwest Tasmania. Pictured below is a pyrethrum crop 12 months post-planting and on track for windrow harvest this coming summer. It’s fantastic to see the newly commissioned pivots up and running, supporting the crop’s development. Did you know: Pyrethrum is the natural active ingredient in insecticide products globally. Australia produces around 60% of the world’s supply, with 90% of production exported to international markets. We’re excited to watch this asset continue to grow and contribute to an important industry. #agriculture #water #investment #alternatives

Riparian Monthly Water Notes July edition; Water Year 26 commences "The ongoing below average inflows and reduced water storage levels (the trajectory of which has been downward since the peak of circa 96% reached in Jan 2023) have resulted in much lower opening allocations being issued in key regions of the sMDB compared to last year." #agriculture #water #investmentmanagement #watermanagement #sustainability

Investing in productivity improvement at Queensland Citrus. A challenge in horticulture has always been how to replace labour with capital given the smaller scale and labour intensity. The team at Riparian portfolio company Queensland Citrus ran the numbers on upgrading from single side under tree herbicide units to this double sided unit with increased tank capacity and tractor speed. The savings quickly add up – distance travelled per year reduces by 40%, time of operation reduces by 49%, fill time reduces by 67% and labour cost reduces by 54%. Including reduced fuel and R&M the capex project delivers a multiple of 1.53x and a payback of 4 years. Reducing cost of production is the focus.     #agriculture #agproductivity #sustainability #aginvestment #citrus

The citrus export season is in full swing across the Burnett region of Queensland. These ‘Sweetee’ murcott mandarins from Riparian portfolio company Queensland Citrus are finding strong export demand across our north Asian trading partners. Australian mandarins exports YTD are running at a 3 year high with 42,596 tonnes exported to 6th August 2025, a 7% increase on 2024 levels. Yields and quality are strong after a more supportive growing season in the Burnett. The outlook for the Australia citrus sector is strengthening as export demand for total citrus exports (oranges. mandarins, lemons) chases record levels – currently at 142,620 tonnes to 6th August, a 24% increase on 2024 exports. The below video shows these export mandarins being packed by Central Fruit Packers to be ready for export shipping over the next week.

The Riparian Allocation Price Indicator (RAPI) started the new Water Year 2026 strongly at $257/ML, continuing to build on the price growth seen in the second half of Water Year 2025. The July 2025 RAPI price is the highest monthly value since July 2020.    Combined water storage levels across the sMDB remain below long term averages at 60%. The lower volume of water held in storages resulted in opening allocations for Water Year 2026 generally well below those issued in July 2024 (at the start of Water Year 2025), supporting early allocation values across the region. In July 2025, NSW Murray General Security received just 1% allocation (41% lower than Jul-24) while NSW Murrumbidgee General Security received 9% (down 24% from Jul-24). Victorian Murray and Goulburn High Reliability Water Share allocations were also well behind year ago levels, receiving just 40% (down 28%) and 33% (down 40%) respectively.    The past fortnight has seen good rainfall typical of this time of year across much of the sMDB. Inflows in the Murray River system have improved as a result but are still tracking well behind long term average levels for this time of year.

Riparian Monthly Water Notes June edition Water Year 25 wrapup "Average sMDB prices rose 85% from July 2024 to reach their highest levels in 5 years in June 2025. Based on current climate outlooks and forward market pricing for Water Year 2026, allocation prices are expected to be well supported again in the year ahead (absent a shift to wetter conditions)." #agriculture #water #investmentmanagement #watermanagement #sustainability

We are pleased to announce that Brighter Super will invest $75 million across Queensland agriculture including farmland, agribusinesses, agricultural infrastructure, and water entitlements in the next phase of its $500 million Queensland Investment Strategy. The investment will be made through the Queensland Riparian Agriculture and Food Transition Trust (QRAFT) which will be managed by Riparian Capital Partners with a focus on partnering with Queensland regional producers to grow their operations. The investment will take a diversified allocation model and seek to co-invest with leading producers and agribusinesses across a portfolio of real assets, alongside water investments, diversified by commodity and geography. Riparian Managing Partner Michael Blakeney said: "Riparian is delighted to be partnering with the high-quality investment team at Brighter Super to implement the QRAFT mandate. The team at Riparian has an extensive history of investing in partnership with leading agricultural producers to deliver strong and sustainable returns, which in turn contribute to regional communities." Brighter Super Chief Executive, Kate Farrar said "the new $75 million investment managed by Riparian Capital Partners would support Queensland agriculture, agribusinesses and agricultural infrastructure while aiming to deliver solid returns for Brighter Super members." Brighter Super is a 100% member-owned, Queensland-based superannuation fund that manages more than $34 billion in retirement savings for over 280,000 members, as of 1 January 2025. #aginvestment #sustainability #esg #water #agriculture

The Riparian Allocation Price Indicator (RAPI) continued to climb in June 2025, hitting a five-year high of $237/ML as Water Year 2025 came to a close.   Water markets in general were focused on preparation for Water Year 2026, with irrigators competing to secure limited supplies of spot allocation available in order to carry over into the new Water Year 2026. Market participants are now focusing on new season allocation announcements, with the first allocation trades for Water Year 2026 now starting to hit the registers.   With storage levels still well-below average levels for this time of year, Riparian expect that the southern Basin allocation market will remain well supported into 2026, unless a substantial increase in rainfall is received, resulting in inflows into the major storages.   Thanks for following the RAPI through Water Year 2025 - the Riparian team looks forward to continuing to provide water market insights as we move into the new season!

Riparian Monthly Water Notes Looking back at the month of May Allocation prices remain strong . The indicator reached $200/ML in May. The highest monthly level not only for Water Year 2025 but also the highest since October 2020, and the highest for the month of May since 2020 #agriculture #water #investmentmanagement #watermanagement #sustainability