Regal Partners Limited · ASX:RPL
Regal Partners — FY2024 Earnings Presentation
43 slides from Regal Partners's earnings presentation, Feb 26, 2025
Slide 1: 2024 Financial Results Briefing Presentation
Regal Partners Limited ABN 33 129 188 450 Level 47 Gateway, 1 Macquarie Place Sydney NSW 2000 Australia T. +61 2 8197 4350 www.regalpartners.com 26 February 2025 ASX Market Announcements Office ASX Limited Exchange Centre 20 Bridge Street Sydney NSW 2000 2024 Financial Results Briefing Presentation
Slide 2: Contact information and About Regal Partners
CONTACT INFORMATION: Ingrid Groer, CFA Head of Corporate Affairs Regal Partners Limited Phone: +61 2 8197 4350 Email: investorrelations@regalpartners.com ABOUT REGAL PARTNERS LIMITED Regal Partners Limited is an ASX-listed, specialist alternatives investment manager with over $18.0 billion 1 in fund
Slide 3: Regal Partners Limited 2024 Results Presentation
Regal Partners Limited (ASX:RPL) 2024 Results Presentation 26 February 2025
Slide 4: Disclaimer
Disclaimer The information in this presentation (“Information”) has been prepared by Regal Partners Limited (ABN 33 129 188 450) (“Regal Partners” or “RPL”) and is current as at the date of this presentation. All currency data in this presentation is in Australian dollars (A$) unless stated otherwis
Slide 5: Regal Partners Limited overview
Regal Partners Limited (ASX:RPL) overview Regal Partners Limited is an ASX-listed, specialist alternative investment manager with $18.0 billion1 in funds under management. $18.0bn $1.2bn >95 FUM 1 Market capitalisation2 Investment professionals3 • The Group manages a broad range of investment strate
Slide 6: Contents
Contents Page Section Speaker Text Page 5 Section 1: Result Highlights Brendan O’Connor (CEO) Page 10 Section 2: Financials Ian Cameron (CFO) Page 14 Section 3: Business Update Brendan O’Connor (CEO) Page 23 Section 4: Strategy and Outlook Brendan O’Connor (CEO) Page 25 Section 5: Q&A Brendan O’Conn
Slide 7: 1. Result Highlights
1. Result Highlights Brendan O’Connor (CEO)
Slide 8: Highlights of 2024 results
Highlights of 2024 results NORMALISED 2024 NPAT OF $97.5M, +198% ON PRIOR YEAR1 1 • Statutory NPAT of $66.2m, vs $1.6m in pcp • Normalised EPS (full dilution)2 26.0c per share, +126% on pcp • 2H24 dividend of 10c per share (100% franked), +100% on pcp FUM UP +64% IN 2024 TO $18.0BN3 2 • Increase in
Slide 9: Key metrics growing strongly
Key metrics growing strongly END-OF-YEAR FUM1 NET FUM INFLOWS NORMALISED REVENUE2 $20bn 18.0 $2.0bn 1.9 $300m 281.1 +64% $250m $14.4bn +151% $15bn $1.5bn Avg FUM +310% $200m 11.0 $10bn $1.0bn $150m 111.9 $6.0bn 0.5 $100m $5bn Avg FUM $0.5bn $50m - - - 2023 2024 2023 2024 2023 2024 NORMALISED NPAT3 N
Slide 10: FUM growth driven by flows, performance and acquisitions
FUM growth driven by flows, performance and acquisitions FUM up +64% over the 12 months to December 20241 $0.3bn – $18.0bn $18bn $1.2bn 6% $1.4bn FUM has risen to $18.3bn as at $16bn $2.9bn 31 January 2025 $14bn $1.2bn ($0.6bn) 37% $12.3bn $12bn $0.7bn $11.0bn 6% 5% $10bn 27% 12% 29% $8bn 6% 3% 4% 7
Slide 11: Performance fee-eligible FUM continues to grow and diversify
Performance fee-eligible FUM continues to grow and diversify Performance fee-eligible FUM shown only1 Asset strategy mix of performance fee- eligible FUM above High-Water Mark (HWM) $15,000m At or above HWM Multi- 0-5% below HWM strategy Long/short equities 5-10% below HWM $12,000m Private 10-20% be
Slide 12: 2. Financials
2. Financials Ian Cameron (CFO)
Slide 13: Normalised profit or loss statement
Normalised profit or loss statement Year to Year to 2024 vs $m Dec 20231 Dec 20241 2023 FUM (including non-fee-earning) ($bn)2 11.0 18.0 +64% • Results include earnings of the following post their respective acquisition dates: Average FUM (including non-fee-earning) ($bn)2 6.0 14.4 +141% - Taurus Fu
Slide 14: Robust balance sheet
Robust balance sheet $m 31 Dec 2023 31 Dec 2024 Cash and cash equivalents 17.2 52.2 • Debt-free balance sheet at 31 December 2024. A portion of the cash and seed capital at Trade and other receivables 32.2 60.7 30 June 2024 was utilised to fund the acquisitions of Merricks Capital and Argyle Group,
Slide 15: Strong net cash position
Strong net cash position (post transactions and dividend) Pro forma adjustments to cash, receivables and financial asset balances as at 31 December 2024 Argyle Net cash payments Other Receipt of Financial Proposed from Financial and Merricks (dividends fees (net of Pro forma $m 30 Jun 2024 assets –
Slide 16: 3. Business Update
3. Business Update Brendan O’Connor (CEO)
Slide 17: Investments led by deeply experienced CIOs
Investments led by deeply experienced CIOs, leveraging the 95+ person investment team across the group Long/Short Equities Global Equities Income Strategies CIO Philip King CIO Paul Moore CIO Adrian Redlich Philip King is Chief Investment Officer, L/S Equity Strategies and Paul Moore is Chief Invest
Slide 18: Strong investment performance track record
Strong investment performance track record Achieved across a diverse range of strategies and asset classes 1 YEAR AND 3 YEAR ANNUALISED NET PORTFOLIO RETURNS TO 31 DECEMBER 20241 Regal Tactical Opportunities 46.7% Regal Resources Royalties 26.7% Regal Tasman Market Neutral 26.2% PM Capital Global Op
Slide 19: Client-driven sales approach driving record flows
Client-driven sales approach driving record flows 2024 POSITIVE NET FLOWS OF +$1.9BN IN 2024, INCREASINGLY DIVERSIFIED BY STRATEGY AND CLIENT CHANNEL +$1.9bn • Record year of net inflows, up +310% on pcp. 1 • • 96% of all inflows in 2024 into strategies that are performance fee-eligible. >30% of flo
Slide 20: Flows accelerated in 2024
Flows accelerated in 2024; diversified by asset class & strategy Quarterly net FUM inflows ($m) +$1.9BN IN 2024 $850m Excludes +$0.2bn of commitments in 4Q24 $750m $720m $650m $550m $461m $444m $450m $404m $341m $350m $273m $250m $185m $177m $150m $108m -$3m $50m -$50m -$150m 3Q22 4Q22 1Q23 2Q23 3Q2
Slide 21: Strategic priority to grow offshore client base
Strategic priority to grow offshore client base and prioritise long-dated capital shaping FUM mix RPL FUM BY INVESTMENT VEHICLE1 RPL FUM BY CLIENT CHANNEL1 RPL FUM BY LIQUIDITY1 Organic development Includes offshore client wins Biased to long-term – $7bn of offshore and tailored from globally-signif
Slide 22: Benefits are flowing from integration of group operations
Benefits are flowing from integration of group operations Investment teams benefit from RPL’s groupwide operating infrastructure and distribution teams. Investment philosophy and security selection process of each investment team unchanged. PEOPLE DISTRIBUTION & MARKETING IT & OPERATIONS RISK & GOVE
Slide 23: Strong performance & reinvigorated approach to capital raising
Strong performance & reinvigorated approach to capital raising resulting in step change in growth for PM Capital 31 Dec 31 Dec $m Change PM Capital cumulative net FUM flows, 12 months pre and post acquisition ($m)1 2023 2024 Net flows +114 +533 +368% RPL ACQUISITION $700m Investment Performance +388
Slide 24: Regal is a leading provider of multi-strategy investment solutions
Regal is a leading provider of multi-strategy investment solutions in Australia 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, covering 11 underlying strateg
Slide 25: 4. Strategy and Outlook
4. Strategy and Outlook Brendan O’Connor (CEO)
Slide 26: Growth-focused strategy of RPL remains unchanged
Growth-focused strategy of RPL remains unchanged With multiple opportunities for expansion • $18.0 billion of FUM with over 95 investment professionals as at 31 December 2024 1 Diversified, scalable and growing platform • Record net FUM flows in 2024 • 25% FUM growth in 2024 excluding $4.3 billion f
Slide 27: 5. Q&A
5. Q&A Brendan O’Connor (CEO) Ian Cameron (CFO)
Slide 28: Appendix
Appendix 26
Slide 29: Appendix A: Business and Management
Appendix A Business and Management
Slide 30: RPL is a significant provider of capital to Australian companies
RPL is a significant provider of capital to Australian companies Expansion Capital Agriculture Real Estate Equity Power and Energy Infrastructure Equity Pre-IPO Capital Listed Australian Microcap Equities Listed Australian Small-Cap Companies Better deal Listed Australian Large-Cap Companies origina
Slide 31: Highly credentialled investment and management team
Highly credentialled investment and management team Brendan O’Connor Chief Executive Officer Chief Investment Officers (CIOs) Management team Philip King Paul Moore Adrian Redlich Ian Cameron James Persson Kathleen Liu CIO – Long/Short Equities CIO – Global Equities CIO – Income Strategies Chief Fin
Slide 32: Appendix B: FUM and Investment Performance
Appendix B FUM and Investment Performance
Slide 33: Group FUM
Group FUM FUM up +64% over the 12 months to December 20241 12 MONTHS TO DECEMBER 2024 31 Dec Investment 31 Dec $m 20231 Net flows performance2 Other3 20241 Change +25% FUM growth excluding Asset strategy $4.3bn from acquisitions Long/short equities 5,906 1,106 1,087 (535) 7,564 +28% +$1.9bn of net f
Slide 34: Capital base provides differentiated and resilient earnings
Capital base provides differentiated and resilient earnings RPL FUM BY LIQUIDITY1 RPL FUM BY INVESTMENT VEHICLE1 RPL FUM BY PERFORMANCE FEE DATE1 Diversification of fund liquidity profile provides Diversification of investment vehicles reflects 83% of FUM performance fee eligible, with 39% superior
Slide 35: $2.6bn in listed investment vehicles
$2.6bn in listed investment vehicles1 Represents ~14% 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
Slide 36: Performance fee-eligible FUM continues to grow and diversify
Performance fee-eligible FUM continues to grow and diversify Performance fee-eligible FUM shown only1 Funds/strategies at or above high-water mark (HWM) include: • Regal Investment Fund $15,000m • Regal Australian Small Companies • Regal Tactical Opportunities • Regal Partners Private • Attunga Powe
Slide 37: Strong long-term performance track record
Strong long-term performance track record Since Performance Since Performance Fund (as at 31 December 2024) Inception Manager4 Fund (as at 31 December 2024) Inception Manager4 inception p.a.1 fee period inception p.a.1 fee period Long/Short Equities – Global Equities Private Markets Regal Atlantic A
Slide 38: Appendix C: Financials
Appendix C Financials
Slide 39: Reconciliation of statutory to normalised NPAT
Reconciliation of statutory to normalised NPAT NOTABLE FOR 2024 Year to Year to $m Dec 2023 Dec 2024 • ‘Unrealised and realised gains on strategic asset’ have been removed from the normalised results. Other fair value movements on seed capital remain Statutory NPAT attributable to RPL shareholders 1
Slide 40: Line-by-line reconciliation
Line-by-line reconciliation A 2024 Adjustments Adjustments 2024 A• These adjustments reclassify the ‘share of profit of associate’ $m Statutory Reclass of Taurus Other adjustments Normalised that the Group earned in 2024, following the acquisition of and Argyle 50% of the ordinary shares of Taurus S
Slide 41: Schedule of variable remuneration amortisation
Schedule of variable remuneration amortisation $m CY22 CY23 CY24 CY25 (est.) CY26 (est.) CY27 (est.) Total • RPL’s normalised expenses include Short-term incentive compensation the impact of any ‘short-term 2022 annual grant 1 3.7 8.5 1.7 – – – 13.9 incentive compensation’. The amortisation expense
Slide 42: 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) 1H25 2H25 1H26 2H26 1H27 2H27 No. of shares / rights (millions)
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