Deputy Chair Update - 29 August 2025

Murray Irrigation held a Board meeting yesterday, Thursday 28 August 2025.
 
It was a constructive meeting, with the following items discussed and decided upon.
 
Projected financials results for 2025
 
The CEO provided the Board an update on the projected 2025 financials. Due to the above average water deliveries and good returns on the investment fund, the company’s profit is ahead of budget. This is a pleasing result as the company continues to honour our commitment to keep fees and prices to CPI only (excluding government passthroughs) until 2029.
 
July Shareholder meetings
 
The Board discussed the shareholder meetings that were held throughout the footprint during July. These meetings were very well attended with constructive discussions and great feedback from shareholders. A full report on these meetings will be released next week, which will be of particular interest to those who were unable to attend in person.
 
Committee Updates
 
Directors received updates from the respective Chairs of the Board's three Committees:

• Water Policy and Management Committee
• Remuneration and Nominations Committee
• Water Risk Committee

 
The Board noted the current allocations for the 2025/26 water season and given the dry start to the season we encourage irrigators to attend the Season Outlook Briefings being hosted by Murray Irrigation in early September to gain a better understanding of the allocation process and the seasonal outlook. Information on these meetings can be found here https://www.murrayirrigation.com.au/season-outlook-briefings. 

These updates highlight the ongoing important work and function of these Committees in bringing recommendations to the Board for approval.
 
Planning for 2026
 
Time was spent discussing and finalising the Board's calendar and workplan for 2026.
 
2025 EPA Annual Return
 
The Board approved the 2025 Environment Protection Authority (EPA) Annual Return for submission. 
 
After the Board meeting, members of the Board and staff met with key members of the MDBA, DCCEEW and NSW DCCEEW including Daryl Quinlivan (MDBA Chair) Andrew McConville (MDBA CEO) for an update on our environmental watering program, Restoring Murray Waterways. It was a great opportunity to discuss the ongoing work being done in this area, and to see the MDBA and related agencies show a keen interest in the area, the on-ground works to achieve set outcomes, and the efficiency that Murray Irrigation is aiming to get from river operations and environmental watering. 

The Board will be meeting again in September, and I look forward to providing you with an update post that meeting.

If shareholders have any questions, please contact the Company Secretary on:

T. 1300 138 265
E. companysecretary@murrayirrigation.com.au
 
Geoff McLeod
Murray Irrigation Deputy Chair