Regal Partners Limited · ASX:RPL
Regal Partners — FY2025 Earnings Presentation
46 slides from Regal Partners's earnings presentation, Feb 24, 2026
Slide 1: 2025 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 February 2026 2025 Financial Results Briefing Presentation Regal Partners Limited (ASX:RPL, “Regal Partners” or the “Company”) will hold it
Slide 2: About Regal Partners Limited
ABOUT REGAL PARTNERS LIMITED Regal Partners Limited is an ASX-listed, specialist alternatives 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 & royal
Slide 3: Regal Partners Limited 2025 Results Presentation
Regal Partners Limited (ASX:RPL) 2025 Results Presentation 24 February 2026
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: Contents
Contents Page Section Speaker Page 4 Text Section 1: Result Highlights Brendan O’Connor (CEO) Page 10 Section 2: Business Update Brendan O’Connor (CEO) Page 19 Section 3: Financials Ian Cameron (CFO) Page 24 Section 4: Trading Update & 2026 Priorities Brendan O’Connor (CEO) Page 26 Section 5: Q&A Br
Slide 6: 1. Result Highlights
1. Result Highlights Brendan O’Connor (CEO)
Slide 7: Regal Partners today
Regal Partners today Scale and growing alternative ASX listed Experienced, highly investment manager credentialled team $20.9bn ~$1.1bn ~90 FUM1 MARKET CAPITALISATION2 INVESTMENT PROFESSIONALS3 HEDGE FUNDS CREDIT & ROYALTIES $11.4bn $6.4bn • • Regal Partners aims to be Market Neutral Structured Fina
Slide 8: Who are we? How do we source? Why will we win?
Regal Partners 1 2 3 WHO ARE WE? HOW DO WE SOURCE? WHY WILL WE WIN? Regal Partners is one of Australia’s We believe a persistent edge in Alignment is our core competitive leading providers of alternative alpha generation comes from direct advantage. We remain true to our investment strategies deal o
Slide 9: Key highlights of 2025 results
Key highlights of 2025 results Strong growth year on year1 MANAGEMENT FEE NORMALISED STATUTORY FULL YEAR REVENUE2 NPAT3 NPAT3 DIVIDEND4 $203m $160.5m $130.5m 21 cps +25%, 1.09% margin +65% +97% +17%, fully-franked NET FUM FUM AT OR WITHIN 5% RETURN ON CAPITAL7 INFLOWS5 OF HIGH-WATER MARK5 $14.8bn EQ
Slide 10: Key themes of 2025 results
Key themes of 2025 results • Client base and reach expanding: Client-first approach – ~$6.8bn+ FUM in retail products, ~30,000 retail and wholesale investors, including ~3,000 direct – $610m inflows from offshore, and international team gaining momentum Impressive business • Extremely strong investm
Slide 11: Resilient business model delivering for shareholders
Resilient business model delivering for shareholders NORMALISED NPAT ($M)1 NORMALISED DILUTED EPS (CPS) DIVIDENDS (100% FRANKED) PER SHARE (CPS)2 $200m 45c 24c 160.5 37.5 21.0 $150m +110% 4.9x 35c 19c Other 3.3x 97.5 18.0 $100m 114.1 25c NPAT 14c 26.0 60.1 $50m 32.7 15c 9c Mgt fee 10.0 21.1 46.4 37.
Slide 12: 2. Business Update
2. Business Update Brendan O’Connor (CEO)
Slide 13: Three key strategic goals
Three key strategic goals: 1. Growth and diversification of our investment capabilities 2. Growth and diversification of our client base 3. Evolve our centralised and scalable platform 11
Slide 14: Growth & diversification of RPL's capabilities
Growth & diversification of RPL’s capabilities JUNE 2022 FUM1 DECEMBER 2025 FUM1 Between June 2022-Dec 2025 20k+ investors, 3 institutions 30k+ investors, 50+ institutions +$16.2bn INCREASE IN FUM Multi-Strategy (incl ASX:RF1) Hedge Funds - Mkt +$4.6bn Neutral, Abs Return, Royalties Active Extension
Slide 15: Consistent track record of positive and diversified net flows
Consistent track record of positive and diversified net flows Quarterly net FUM inflows ($m) +$0.5bn +$1.9bn +$1.5bn 12m to Dec-23 12m to Dec-24 12m to Dec-25 $800m 720 723 $700m $600m 559 $500m 461 444 404 341 $400m $300m 273 185 75 149 193 $200m 177 108 -3 $100m $0m -$100m MONTH OF -$200m 3Q22 4Q2
Slide 16: Strong long-term net performance track record
Strong long-term net performance track record ANNUALISED NET PORTFOLIO RETURNS TO 31 DECEMBER 2025 (SINCE INCEPTION AND 3 YEARS)1 Taurus Mining Royalty 76.9% Regal Tactical Opportunities 37.6% Regal Resources Royalties 24.8% Regal Australian Small Companies 23.5% Taurus Mining Finance Fund II
Slide 17: Performance fee-eligible FUM continues to grow and diversify
Performance fee-eligible FUM continues to grow and diversify Only performance fee-eligible FUM shown1 Funds/strategies at or above high-water mark (HWM) include: At or above HWM $18bn • Regal Investment Fund (RF1) 0-5% below HWM • Regal Partners Private Fund (A$ and Offshore) 5-10% below HWM • Regal
Slide 18: Recurring revenue from growing management fees and diversified performance fees
Recurring revenue from growing management fees and diversified performance fees NORMALISED FEE REVENUES ($M) & FEE YIELDS (%) DIVERSIFICATION OF PERFORMANCE FEES ($M) 400.0 2.30% 200,000,000 40.00 2.10% 350.0 2.04% 175.7 180,000,000 35.00 1.90% #34 300.0 160,000,000 175.7 30.00 1.71% 1.70% #30 140,0
Slide 19: Expanded and diversified distribution across channels
Meaningfully expanded and diversified distribution across channels, creating a platform for continued growth JUNE 2022 FUM1 DECEMBER 2025 FUM1 Significant reach3 20k+ investors, 3 institutions 30k+ investors, 50+ institutions 28 4 DISTRIBUTION AND DISTRIBUTION HUBS: MARKETING FTE AUSTRALIA AND Insti
Slide 20: The 'One RPL' approach
The ‘One RPL’ approach Global offices housing staff from all One centralised group investment managers under one roof Integrated technology platforms One sales and marketing team Consolidated group of service One RPL approach to balance sheet providers utilisation Optimised corporate structure One g
Slide 21: 3. Financials
3. Financials Ian Cameron (CFO)
Slide 22: 2025 financial highlights
2025 financial highlights • Average FUM of $18.5bn (up 28% on 2024) • Management fees (incl. loan management fees & establishment fees) of $203.1m, up 25% on $419.0m Up 49% on pcp, driven by strong investment performance, businesses acquired, additional net flows. Average Total net income 2024 fee m
Slide 23: Normalised profit or loss statement
Normalised profit or loss statement Year to Year to 2025 vs $m Dec 20241 Dec 20251 2024 FUM (including non-fee-earning) ($bn)2 18.0 20.9 +16% Management fees up +25% on pcp driven by businesses acquired and Average FUM (including non-fee-earning) ($bn)2 14.4 18.5 +28% additional flows Average manage
Slide 24: Robust balance sheet
Robust balance sheet $m 31 Dec 2024 31 Dec 2025 Cash and cash equivalents 52.2 60.0 $376.5m capital available Trade and other receivables 60.7 194.3 • $246.5m capital: net cash, receivables and fund investments offset by near-term payables2 Investment in financial assets 120.8 120.3 • $130m facility
Slide 25: Strong cash generation provides balance sheet flexibility
Strong cash generation provides balance sheet flexibility CAPITAL AS AT 31 DECEMBER 2025 ($M) – $120M SEED CAPITAL LIQUIDITY PROFILE CAPITAL MANAGEMENT FOCUSING POST-PRO FORMA ADJUSTMENTS & DIVIDEND1 AS AT 31 DECEMBER 2025 (%)3 ON MAXIMISING SHAREHOLDER RETURNS $300m Strong operating cash collection
Slide 26: 4. Trading Update & 2026 Priorities
4. Trading Update & 2026 Priorities Brendan O’Connor (CEO)
Slide 27: Trading update & 2026 priorities
Trading update & 2026 priorities Business update for January 2026 POSITIVE START TO 2026 GROWTH MOMENTUM Regal is undergoing a structural shift, with 2H25 groundwork 31 Jan FUM1 Net inflows delivering results in 2026 • $21.2bn ~$195m Strong momentum domestically, with ~$195m in net inflows in Januar
Slide 28: 5. Q&A
5. Q&A Brendan O’Connor (CEO) Ian Cameron (CFO)
Slide 29: Appendices
Appendices 27
Slide 30: Appendix A: FUM and Investment Performance
Appendix A FUM and Investment Performance
Slide 31: Group FUM
Group FUM FUM over the year to December 20251 Average 31 Dec Investment 31 Dec management Key FUM movements in calendar 2025 $m Net flows Other3 Change 20241 performance2 20251 fee margin (%) +$1.5bn Asset strategy Hedge funds 7,969 705 2,503 (384) 10,794 +35.4% 0.97% Growth equity 474 (57) 172 237
Slide 32: 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 is performance fee eligible, with superior p
Slide 33: Strong long term net performance track record
Strong long term net performance track record Performance fee Capabilities Fund (as at 31 December 2025)1 Inception 1 year2 3 years (p.a)2 5 years (p.a)2 Since inception p.a.2 Brand3 period Regal Tactical Opportunities Fund 2020 10.9% 21.9% 28.1% 37.6% Regal Jun/Dec Regal Australian Long Short Equit
Slide 34: Appendix B: Financials
Appendix B Financials
Slide 35: Reconciliation of statutory to normalised NPAT
Reconciliation of statutory to normalised NPAT1 NOTABLE FOR 2025 Year to Year to $m Dec 2024 1 Dec 2025 • ‘Transaction and integration costs’ include costs related to the acquisitions of Ark Capital Partners and the Mayfair Hotel asset acquisition, deals no longer pursued and Statutory NPAT attribut
Slide 36: Line-by-line reconciliation
Line-by-line reconciliation A 2025 Adjustments Adjustments 2025 Reclass of A• These adjustments reclassify the ‘share of profit of associate’ that the $m Statutory Taurus, Argyle Other adjustments Normalised Group earned in 2025, following the acquisition of 50% of the and Ark Capital ordinary share
Slide 37: Schedule of variable remuneration amortisation
Schedule of variable remuneration amortisation CY26 CY27 CY28 CY29 CY30 Total $m CY24 CY25 (est.) (est.) (est.) (est.) (est.) incl. prior Short-term incentive compensation 2022 annual grant 1 1.7 – – – – – – 13.9 • RPL’s normalised expenses include the 2023 annual grant 2 2.8 0.7 – – – – – 4.7 impac
Slide 38: 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) 1H26 2H26 1H27 2H27 CY28 CY29 CY30 At 30 Jun 2026 No. of shares
Slide 39: 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 Year to $m • ‘Normalised profit before income tax and non-controlling interests - Dec 2023 Dec 2024 Dec 2025 adjusted’ is presented to: Normalised profit before income tax and non
Slide 40: Appendix C: Business and Management
Appendix C Business and Management
Slide 41: Highly credentialled investment and management team
Highly credentialled investment and management team Brendan O’Connor Chief Executive Officer Chief Investment Officers (CIOs) Leadership 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 42: Origins of Regal Partners Limited
Origins of Regal Partners Limited Investing differently, delivering consistently since 19981 PM Capital Regal Funds Taurus Funds Merricks VGI Regal Funds Regal Funds Regal Regal Regal Regal founded in Management Management Capital Partners Management Management Partners Partners Partners Partners 19
Slide 43: Leading multi-strategy offerings provide solutions for evolving client needs
Leading multi-strategy offerings provide solutions for evolving client needs REGAL PARTNERS PRIVATE FUND Sub-strategy allocations as at 31 December 20251 TWO MULTI-STRATEGY OFFERINGS1 REGAL INVESTMENT FUND REGAL PARTNERS PRIVATE FUND Aus Small (ASX:RF1) (unlisted) Resources Royalties Companies 9% 9%
Slide 44: Recycling capital to accelerate growth
Recycling capital to accelerate growth Case studies: Regal Resources Royalties Fund & 45 King William Street Fund (Mayfair Hotel) Regal Resources Royalties Fund 45 King William Street Fund Larger deals, greater relevance, increased revenue & cash Opportunity generation $95m ROYALTIES RAISE AUG-SEP 2
Slide 45: $3.2bn in listed investment vehicles
$3.2bn in listed investment vehicles, up 23% on pcp1 Represents ~15% of group FUM1 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 Equities
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