Regal Partners Limited · ASX:RPL
Regal Partners — ASX SMIDcaps Conference 2025
25 slides from Regal Partners's conference presentation, Sep 24, 2025
Slide 1: ASX SMIDcaps Conference Presentation
Regal Partners Limited ABN 33 129 188 450 Level 46 Gateway, 1 Macquarie Place Sydney NSW 2000 Australia T. +61 2 8197 4350 www.regalpartners.com 24 September 2025 ASX Market Announcements Office ASX Limited Exchange Centre 20 Bridge Street Sydney NSW 2000 ASX SMIDcaps Conference Presentation Regal P
Slide 2: About Regal Partners Limited
ABOUT REGAL PARTNERS LIMITED Regal Partners Limited is an ASX-listed, specialist alternative investment manager. With a track record dating back more than 20 years, the group manages a broad range of investment strategies covering hedge funds, growth equity, real & natural assets and credit & royalt
Slide 3: Regal Partners Limited (ASX:RPL)
Regal Partners Limited (ASX:RPL) CEO Brendan O’Connor | ASX SMIDcaps Conference 24 September 2025
Slide 4: Disclaimer
Disclaimer The information in this presentation (“Information”) has been prepared by Regal Partners Limited (ABN 33 129 188 450) (“Regal Partners” or “RPL”) and is current as at the date of this presentation. All currency data in this presentation is in Australian dollars (A$) unless stated otherwis
Slide 5: Regal Partners at a glance: $19.2bn FUM
Regal Partners Limited $19.2bn $1.0bn >80 RPL FUM 1 RPL market capitalisation2 Investment professionals3 HEDGE FUNDS4 CREDIT AND REAL AND GROWTH EQUITY4 ROYALTIES NATURAL ASSETS4 Regal Partners aims to be recognised as a leading • • Market Neutral Absolute Return • • Structured Finance Mining Financ
Slide 6: Three key pillars to our strategy
Three key pillars to our strategy: 1. Growth and diversification of our investment capabilities 2. Growth and diversification of our client base 3. Evolve our centralised and scalable platform 4
Slide 7: The rise of passive investing in public markets creates opportunity
The rise of passive investing in public markets creates opportunity Passive investing now makes up over 50% of global ETFs and mutual funds PASSIVE SHARE OF GLOBAL ETFS AND MUTUAL FUNDS (%)1 60% Inefficient pricing 50% + 40% Correlation risk + 30% Volatility 20% = 10% Opportunity 0% 2012 2013 2014 2
Slide 8: Increasing demand for alternative investments creates tailwinds
Increasing demand for alternative investments creates tailwinds WORLDWIDE ALTERNATIVE ASSETS UNDER MANAGEMENT (US$TN) US$30tn Alternatives can provide uncorrelated US$25tn and absolute return strategies US$20tn 10.6% growth p.a. Strongest demand from High Net Worth and Ultra High Net Worth investors
Slide 9: Growth & diversification of RPL's capabilities, clients and platform
Growth & diversification of RPL’s capabilities, clients and platform Just over 3 years since merger: June 2022 - August 2025 JUNE 2022 FUM1 AUGUST 2025 FUM1 +$14.5bn increase in FUM +$4.4bn Multi-Strategy (incl ASX:RF1) Hedge Funds - Mkt Neutral, Abs Return, Royalties Active Extension net inflows Mu
Slide 10: RPL's investment team led by deeply experienced CIOs
RPL’s investment team led by deeply experienced CIOs, leveraging the 80+ person investment team across the group Long/Short Equities Global Equities Income Strategies CIO Philip King CIO Paul Moore CIO Adrian Redlich >30 years’ experience ~40 years’ experience ~30 years’ experience Philip King is Ch
Slide 11: Key RPL metrics have grown strongly over last 3 years
Key RPL metrics have grown strongly over last 3 years FUM1 NET FUM INFLOWS MANAGEMENT & LOAN FEE REVENUE2 $20bn 17.7 $2.0bn 1.9 $250m Total 201.6 3.8x 3.8 $200m 3.4x $15bn $1.5bn 12.3 1.1 $150m $10bn $1.0bn 0.9 96.6 5.8 $100m 4.7 59.2 $5bn $0.5bn $50m - - - Jun-22 Jun-23 Jun-24 Jun-25 12m to Jun-23
Slide 12: RPL's performance fee-eligible FUM continues to grow & diversify
RPL’s performance fee-eligible FUM continues to grow & diversify RPL PERFORMANCE FEE-ELIGIBLE FUM ($M)1 At or above HWM $15,000m 0-5% below HWM 5-10% below HWM 78% $12,000m 10-20% below HWM $11.8bn at or 74% within 5% of >20% below HWM 66% $10.8bn High-Water Mark $9.1bn (HWM) 61% $9,000m $8.7bn $6,0
Slide 13: The 'One RPL' approach
The ‘One RPL’ approach One centralised group Global offices housing staff from all investment managers under one roof Streamlining teams, policies and processes for finance, legal, risk management and other back- • Sydney – RPL staff are now in one building office operations where appropriate. • Mel
Slide 14: Enhanced content strategy supporting 'One RPL'
Enhanced content strategy supporting ‘One RPL’ EARNED UNIQUE INSIGHTS DIRECT WHOLESALE MEDIA ‘FROM THE CONTROL TOWER’ CAMPAIGNS Regal: 1.33k mentions | 5.38B potential reach Distribution list: UHNW & advisers This year, the team has facilitated four major capital raisings, Regal Investment managers:
Slide 15: We partner with best-in-class investment capability
We partner with best-in-class investment capability Credit & Royalties Hedge Funds Corporate Credit Australia Agriculture Credit Asia Real Estate Credit Global Royalties Sector Investment Grade (IG) Credit We partner with individuals, Events teams and businesses who Power have a proven edge in their
Slide 16: Regal is a leading provider of multi-strategy investment solutions in Australia
Regal is a leading provider of multi-strategy investment solutions in Australia REGAL PARTNERS PRIVATE FUND STRATEGY PORTFOLIO CONSTRUCTION • The Regal Partners Private Fund provides a singular access point to Regal’s best- REGAL PARTNERS PRIVATE FUND performing alternative investment strategies, co
Slide 17: Trading update and strategy
Trading update and strategy Business update for 2 months to 31 August 2025 POSITIVE START TO 2H25 GROWTH-FOCUSED STRATEGY 31 Aug FUM Net inflows 1 Diversified, scalable and growing platform $19.2bn >$0.6bn up 8% since 30 Jun 2025 in 2 mths to 31 Aug 2025 Investment Performance fee 2 Attractive marke
Slide 18: Q&A
Q&A
Slide 19: Appendix
Appendix 17
Slide 20: 1H25 financial highlights
1H25 financial highlights • Average FUM of $17.5bn (up 49% on 1H24) $148.4m • Management fees and loan management fees of $100.1m, up +65% compared to 1H24 driven Flat on pcp1 by businesses acquired, additional new net flows. Average fee margin 1.15% Total net income • Performance fees of $42m lower
Slide 21: Normalised profit or loss statement
Normalised profit or loss statement 1H25 vs 1H25 vs $m 1H241 2H241 1H251 1H24 2H24 FUM (including non-fee-earning) ($bn)2 12.3 18.0 17.7 +44% -2% Management fees up 65% on pcp driven by Average FUM (including non-fee-earning) ($bn)2 11.7 17.1 17.5 +49% +2% businesses acquired and additional flows Av
Slide 22: Ongoing inflows in 2025; diversified by asset class & strategy
Ongoing inflows in 2025; diversified by asset class & strategy Quarterly net FUM inflows ($m) +$1.1bn +$0.9bn +$1.9bn $850m 12m to Jun-23 12m to Jun-24 12m to Jun-25 $750m $720m $650m $607m $559m $550m $461m $444m $450m $404m $341m $350m $273m $250m $185m $177m $149m $150m $108m -$3m $50m -$50m +$1.
Slide 23: Strong long-term net performance track record
Strong long-term net performance track record Capabilities Fund (as at 31 August 2025) Inception 1 year 3 years (p.a) 5 years (p.a) Since inception p.a.1 Brand2 Regal Tactical Opportunities Fund 2020 5.7% 12.9% 33.8% 37.4% Regal Regal Tasman Market Neutral Fund 2007 12.4% 1.3% 10.3% 12.7% Regal Rega
Slide 24: $2.8bn in listed investment vehicles
$2.8bn in listed investment vehicles1 Represents ~15% of group FUM1 RF1 VG1 RG8 PGF Multi-Strategy Alternatives Global L/S High Conviction Asian L/S High Conviction Global L/S Equities The Best of Regal Partners Group The Best of Regal Global Equities The Best of Regal Asian Equities The Best of PM
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