Highlights

  • A joint venture bid including roughly A$12 million of Rubicon solutions was selected for Morocco's Tadla irrigation project.
  • Formal contract execution is expected after a statutory 15-day appeal period, with the contract denominated in euros.
  • Rubicon won an A$1 million Canalone automation project in Calabria, lifting Italian orders to A$14 million over two years.
  • Lukasz Hansdorfer became Chief Financial Officer on 28 September 2026, ahead of a virtual AGM on 19 November.

A Moroccan Government agency has picked a joint venture bid built around Rubicon Water (ASX:RWL) technology to modernise the main canals of the Béni Moussa irrigation perimeter, handing the irrigation automation specialist what would become its largest contract in Europe, the Middle East and Africa once signed.

The selection, disclosed on 28 September 2026, follows a run of smaller international wins in Italy and the United States, and arrives as the company prepares for its Annual General Meeting later this month.

Tadla Bid Puts Rubicon Technology Into a 69,600-Hectare Perimeter

The Office Régional de Mise en Valeur Agricole du Tadla (ORMVAT) announced the outcome through Morocco's public procurement portal on 25 September 2026. The winning joint venture bid incorporates approximately A$12 million of Rubicon solutions, including Total Channel Control technology, automated canal regulation gates, communications infrastructure and the NeuroFlo software platform for real-time monitoring and autonomous control of canal flows.

The Béni Moussa perimeter covers about 69,600 hectares, and its existing regulation infrastructure dates from the 1950s. Rubicon is not a joint venture member; it will Supply its technology through a contracting arrangement with Spanish and Moroccan partners. On execution, the company said the work would be its second-largest single contract outside Australia.

ASX later queried the timing of the disclosure after a sharp share price rise. Rubicon responded on 2 October 2026 that it considered the selection material, first learned of it late on 25 September, and convened its Disclosure Committee before trading on 28 September.

Italy and North America Add Smaller Reference Projects

In late August 2026, Rubicon secured the Canalone project with Consorzio di Bonifica Tirreno Catanzarese, an A$1 million contract to automate canal regulators and irrigation offtakes using FlumeGate and SlipMeter products controlled through NeuroFlo. It is the company's first significant project in Calabria.

Both Canalone and Tadla belong to five major incremental opportunities, totalling A$47 million, that Rubicon categorised as close to contracting in its FY26 results presentation. In North America, the company listed an A$2.3 million Glenn-Colusa Irrigation District contract in California and an A$1.4 million Nebraska contract signed in August 2026.

Finance Leadership Change and AGM Agenda

Andrew Bendall retired as Chief Financial Officer effective 25 September 2026. Group Financial Controller Lukasz Hansdorfer, who joined Rubicon in May 2019 and previously served as interim CFO, took over from 28 September. The board said the internal appointment would maintain continuity during international growth.

The virtual AGM is scheduled for 19 November 2026. Shareholders will vote on the FY26 remuneration report and the re-election of executive director David Aughton, who has served on the board since 1995.

Contract Execution Is the Next Milestone

Formal execution of the Tadla contract is expected once the appeal period ends, although no signing date has been given. Rubicon said it is still working to secure the remaining opportunities in its close-to-contract group and is pursuing further prospects in the region.

Shares were unchanged at A$0.225 on 2 November 2026, giving a Market Capitalisation of A$54.98 million and a flat 12-month performance.