Slide 1: ASX Release: 1H26 Financial Results Briefing 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 ASX RELEASE 24 August 2026 1H26 Financial Results Briefing Presentation Regal Partners Limited (ASX:RPL, “Regal Partners” or the “Company”) will hold its
Slide 2: 1H26 Results Presentation
For personal use only Regal Partners Limited (ASX:RPL) 1H26 Results Presentation 24 August 2026
Slide 3: Important information
Important information This presentation has been prepared by Regal Partners Limited (ABN 33 129 188 450) (“Regal Partners” or “RPL”) and contains summary information about Regal Partners, its related bodies corporate and its affiliates (together, the "Group"), current as at the date of this presenta
Slide 4: Contents
Contents Page Section Speaker For personal use only Page 4 Section 1: Result Highlights Brendan O’Connor (CEO) Page 9 Section 2: Business Update Brendan O’Connor Page 20 Section 3: Financials Ilana Stringer (CFO & Head of Strategy) Page 26 Section 4: Strategic Focus for 2H26 Brendan O’Connor Page 28
Slide 5: 1. Result Highlights
For personal use only 1. Result Highlights Brendan O’Connor (CEO) 4
Slide 6: Regal Partners today
Regal Partners today Scaled and growing alternative ASX-listed Experienced, highly investment manager credentialled team For personal use only $21.4bn ~$1.1bn ~90 FUM1 Market capitalisation2 Investment professionals HEDGE FUNDS CREDIT & ROYALTIES $11.2bn $7.6bn • Market Neutral • Structured Finance
Slide 7: Key highlights of 1H26 results
Key highlights of 1H26 results MANAGEMENT & LOAN MANAGEMENT & LOAN NORMALISED STATUTORY For personal use only FEE REVENUE1,2 FEE PRE-TAX PROFIT1 NPAT1,3 NPAT1,3 $113.9m $44.3m $93.3m $94.1m +14%, 1.08% margin +6% +108% +258% NET FUM EARNINGS PER DIVIDEND CAPITAL6 INFLOWS1,4 SHARE5 $1.4bn 21.4cps 12.
Slide 8: Key themes of 1H26 results
Key themes of 1H26 results • $1.4bn net FUM inflows in 1H26 – 11 consecutive quarters of positive net inflows Very strong net inflows and impressive • Two-thirds of our strategies, including all of Regal’s flagship multi-strategy funds and listed investment long-term investment performance For perso
Slide 9: Resilient business delivering for shareholders
Resilient business delivering for shareholders NORMALISED MANAGEMENT & LOAN NORMALISED PERFORMANCE NORMALISED NPAT ($M)1 FEE REVENUE ($M) FEE REVENUE ($M) For personal use only $240m 216.9 $300m $250m 201.6 252.0 209.1 $200m 2.2x $250m $200m 2.7x 3.3x 25.6 $160m $200m $150m $120m 96.6 $150m 83.3 131
Slide 10: 2. Business Update
For personal use only 2. Business Update Brendan O’Connor (CEO) 9
Slide 11: Three key strategic goals
Three key strategic goals: For personal use only 1. Grow and diversify our investment capabilities 2. Grow and diversify our client base 3. Evolve our centralised and scalable platform 10
Slide 12: Consistent track record of positive and diversified net flows
Consistent track record of positive and diversified net flows Quarterly net FUM inflows ($m) +$1.1bn +$0.9bn +$1.9bn +$2.2bn For personal use only 23% of opening FUM2 15% of opening FUM 11% of opening FUM 12% of opening FUM $1,600m 911 $1,400m $1,200m $1,000m Includes first close of Taurus Mining $8
Slide 13: FUM is highly diversified by capability and strategy team
FUM is highly diversified by capability and strategy team RPL FUM BY CAPABILITY HEDGE FUND FUM BY STRATEGY TEAM For personal use only Multi-strategy $21.4bn $10.7bn Real & natural assets 3% Growth equity 7% 1% 6% 9% Royalties 4% 7% Credit 4% 10% Hedge funds - specialist 4% Hedge funds - global 29% 1
Slide 14: Highly diversified by client channel, with long duration
And highly diversified by client channel, with long duration RPL FUM BY CLIENT CHANNEL RPL FUM BY LIQUIDITY For personal use only 30k+ investors, 60+ institutions Institutional & other Daily $21.4bn $21.4bn HNW / family office Monthly Advised / platform Quarterly, semi-annual and annual 24% 33% Inte
Slide 15: Strong long-term performance across strategies
Strong long-term performance across strategies ANNUALISED NET PORTFOLIO RETURNS TO 30 JUNE 2026 (SINCE INCEPTION AND 3 YEARS)1 Regal Tactical Opportunities 30.8% For personal use only Regal Australian Small Companies 21.5% Regal Resources Long Short 17.2% PM Capital Global Opportunities (ASX:PGF
Slide 16: Performance fee-eligible FUM continues to grow and diversify
Performance fee-eligible FUM continues to grow and diversify PERFORMANCE FEE-ELIGIBLE FUM1 TOTAL FUM: WITH PERFORMANCE FEE-ELIGIBLE FUM SHOWN BY HURDLE For personal use only $18bn RBA cash rate, No performance fee, 11% 15% RBA cash rate & $15bn certain agreed return (IRR), 3% $12bn $13.7bn $8.7bn $1
Slide 17: A changing investment landscape requires an alternative strategy
A changing investment landscape requires an alternative strategy Regal’s breadth and INFLATION & INTEREST FISCAL SPENDING ARTIFICIAL GEOPOLITICS, SECURITY For personal use only depth of investment RATES & PUBLIC DEBT INTELLIGENCE & DEFENCE capability intersects Inflation is proving persistent and ra
Slide 18: Leading multi-strategy capability for evolving client needs
Leading multi-strategy capability providing solutions for evolving client needs INVESTMENT GOVERNANCE REGAL PARTNERS PRIVATE FUND • Regal Investment Committee will oversee investment performance and governance across strategies, Sub-strategy allocations as at 30 June 20261 For personal use only and
Slide 19: Expanding distribution footprint
Expanding distribution footprint GROUP FUM AT 30 JUN 2026 RECORD NET FUM INFLOWS RETAIL AND WHOLESALE INVESTORS DISTRIBUTION, MARKETING & IR PROFESSIONALS For personal use only $21.4bn1 $1.4bn >30K 27 >4.5x since June 2022 1H26 across all channels one integrated team Client Segments Solutions-led Pr
Slide 20: Unified brand converting reach into direct investor engagement
Unified brand converting reach into direct investor engagement OWNED REACH For personal use only 57k 32k Investors and advisors LinkedIn Following1 reached directly1 PROVEN ENGAGEMENT 54% 43k Average monthly email Email opens per month1 open rate2, 3 EARNED AMPLIFICATION 42% Growth in media coverage
Slide 21: 3. Financials
For personal use only 3. Financials Ilana Stringer (CFO & Head of Strategy) 20
Slide 22: Normalised profit or loss statement
Normalised profit or loss statement 1H26 v 1H26 v 1H25 2H25 1H26 1H25 2H25 KEY METRICS FUM (including non-fee-earning) ($bn)1 17.7 20.9 21.4 21% 3% Normalised NPAT +108% v 1H25 to $93.3m Average FUM (including non-fee-earning) ($bn) 17.5 19.6 21.1 21% 7% • Management and loan fee pre-tax profit, per
Slide 23: Recurring management fee revenue and profits
Recurring management fee revenue and profits NORMALISED MANAGEMENT AND LOAN FEE REVENUE ($M) AND YIELD (%)1 NORMALISED MANAGEMENT AND LOAN FEE PRE-TAX PROFIT ($M) For personal use only $160m 1.20% $50m 1.15% 1.04% 1.05% 1.08% $45m $140m 0.85% 0.85% 0.87% 0.86% 44.3 1.04% $40m 41.5 41.8 $120m 113.9 1
Slide 24: Diversification of performance fees drives earnings resilience
Diversification of performance fees drives earnings resilience NORMALISED PERFORMANCE FEE REVENUE ($M) AND ROLLING 12-MONTH YIELD (%)1,2 For personal use only $140m 133 1.3% 1.2% 119 1.1% $120m 0.9% 0.8% 0.9% $100m 0.7% 0.6% $80m 0.4% 0.5% 60 $60m 0.3% 42 0.1% $40m 25 -0.1% $20m -0.3% - -0.5% 1H24 2
Slide 25: Capital management framework
Capital management framework A disciplined framework that funds a sustainable and growing fully-franked dividend from recurring earnings and preserves flexibility to invest for growth For personal use only Consistent growth in Diversified Investment Strong long-term Track record of FUM highly divers
Slide 26: Strong cash generation provides balance sheet flexibility
Strong cash generation provides balance sheet flexibility for growth and shareholder returns NORMALISED NPAT IF COMPENSATION WAS DIVIDEND PER SHARE (CENTS) BALANCE SHEET CAPITAL ($M) – NOT DEFERRED OR AT RISK ($M)1 Final Interim POST-PRO FORMA ADJUSTMENTS & DIVIDEND2 For personal use only 21c 98.0 2
Slide 27: 4. Strategic Focus for 2H26
For personal use only 4. Strategic Focus for 2H26 Brendan O’Connor (CEO) 26
Slide 28: 2H26 Priorities
2H26 Priorities Maintain strong FUM momentum — $0.3bn in net inflows in July 2026. Additional $0.2bn ASX:PGF capital raise and $0.2bn For personal use only commitment from a sovereign fund in Credit in August 2026 New products, strategies, or vehicles — Regal Partners Multi-Strategy Income Fund targ
Slide 29: 5. Q&A
For personal use only 5. Q&A Brendan O’Connor (CEO) Ilana Stringer (CFO & Head of Strategy) 28
Slide 30: Appendix
For personal use only Appendix 29
Slide 31: Appendix A: FUM & Investment Performance
For personal use only Appendix A FUM & Investment Performance 30
Slide 32: Group FUM
Group FUM FUM over the 6 months to June 20261 For personal use only 6 MONTHS TO JUNE 2026 Average Investment $m 31 Dec 20251 Net flows performance2 Other3 30 Jun 20261 Change management Key FUM movements in 1H26 fee margin (%) +$1.4bn Asset strategy Hedge Funds 10,794 668 (120) (635) 10,707 (1%) 1.0
Slide 33: Strong long-term net performance track record
Strong long-term net performance track record Since inception Performance Fund at/above HWM Capabilities Fund (as at 30 June 2026)1 Inception 1 year2 3 years (p.a.)2 5 years (p.a.)2 p.a.2 fee period at 30 June 20263 Regal Tactical Opportunities Fund 2020 9.0% 14.0% 19.3% 30.8% Jun/Dec Regal Australi
Slide 34: Multi-Strategy Income platform
Multi-Strategy Income - A single platform that draws on the full breadth of Regal’s income-generating capabilities Strategy Fund (as at 30 June 2026)1 Inception Since inception p.a.2 Diversified Portfolio Hard Asset Credit Merricks Capital Partners Fund 2017 9.6% For personal use only Diversified an
Slide 35: $3.2bn in listed investment vehicles
$3.2bn in listed investment vehicles Represents ~15% of group FUM1 For personal use only RF1 RG1 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 Equ
Slide 36: Appendix B: Financials
For personal use only Appendix B Financials 35
Slide 37: Robust balance sheet
Robust balance sheet $m 30 Jun 2025 31 Dec 2025 30 Jun 2026 Balance sheet capital3 1H26 fully franked dividend For personal use only Cash and cash equivalents 57.7 60.0 106.7 Trade and other receivables Investment in financial assets 90.7 108.4 194.3 120.3 175.0 132.7 $289m 12c $130m facility undraw
Slide 38: Reconciliation of statutory to normalised NPAT
Reconciliation of statutory to normalised NPAT NOTABLE FOR 1H26 For personal use only $m 1H25 1H26 • ‘Impairments – Ark Capital write-off’ relates to the impairment of upfront cost of the Statutory NPAT attributable to RPL shareholders 26.3 94.1 purchase of 50% of Ark Capital, following the restruct
Slide 39: Line-by line reconciliation
Line-by line reconciliation A $m 1H26 Adjustments Adjustments 1H26 For personal use only Reclass of Other Statutory Taurus, Argyle Normalised adjustments and Ark Capital •A These adjustments reclassify the ‘share of profit of associate’ that the Group Fund management fees (net of rebates) 75.4 15.6
Slide 40: Schedule of variable remuneration amortisation
Schedule of variable remuneration amortisation 2H 2026 2027 2028 2029 2030 Total $m 2025 1H 2026 (est.) (est.) (est.) (est.) (est.) incl. prior Short-term incentive compensation Sep 2023 Deferred Grant1 0.7 – – – – – – 4.7 • RPL’s normalised expenses include the For personal use only Sep 2024 Deferr
Slide 41: Conversion of RPL securities into ordinary shares
Conversion of RPL securities into ordinary shares Estimated conversion of RPL Performance Share Rights, Converting Shares and Options into ordinary shares – assuming earliest conversion possible Fully dilutive securities (end of period) 2H26 1H27 2H27 2028 2029 2030 At 30 Jun At 31 Dec No. of shares
Slide 42: Normalised NPBT if compensation was not deferred or at risk
Normalised NPBT if compensation was not deferred or at risk Pro forma presentation of normalised profits Year to Year to For personal use only $m 1H26 Dec 2024 Dec 2025 • ‘Normalised profit before income tax and non-controlling Normalised profit before income tax and non-controlling 146.0 243.2 136.
Slide 43: Explanation of new P&L format
Explanation of new P&L format 1H24 2H24 1H25 2H25 1H26 CY24 CY25 A ‘Management fees & loan management fees (net of rebates)’ has KEY METRICS been split into component parts: ‘Fund management fees (net of For personal use only FUM (including non-fee-earning) ($bn) 12.3 18.0 17.7 20.9 21.4 18.0 20.9 r
Slide 44: Prior Normalised P&L format
Prior Normalised P&L format $m 1H24 2H24 1H25 2H25 1H26 CY24 CY25 This reflects the P&L format prior to the announcement by Regal FUM (including non-fee-earning) ($bn) 12.3 18.0 17.7 20.9 21.4 18.0 20.9 of a change to this format on 14 August 2026. For personal use only Average FUM (including non-fe
Slide 45: For personal use only
For personal use only