Regal Partners Limited · ASX:RPL
Regal Partners — H1 2025 Earnings Presentation
47 slides from Regal Partners's earnings presentation, Aug 25, 2025
Slide 1: 1H25 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 25 August 2025 ASX Market Announcements Office ASX Limited Exchange Centre 20 Bridge Street Sydney NSW 2000 1H25 Financial Results Briefing Presentation Re
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 long/short equities, private markets, real & natural assets and cred
Slide 3: Regal Partners Limited 1H25 Results Presentation
Regal Partners Limited (ASX:RPL) 1H25 Results Presentation 25 August 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
Regal Partners Limited $17.7bn $1.0bn >80 FUM 1 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 Finance • • Wa
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: Growth and diversification of capabilities, clients and platform
Growth and diversification of capabilities, clients and platform 3 years since merger: June 2022 - June 2025 +$13.0bn increase in FUM 7% +$3.8bn net inflows 11% 32% $17.7bn +$2.4bn 47% 1% 5% 30k+ investors 50+ institutions investor returns 14% $4.7bn 20k+ investors 3 institutions 69% Correlation 10%
Slide 8: Contents
Contents Page Section Speaker Text Page 7 Section 1: Result Highlights Brendan O’Connor (CEO) Page 9 Section 2: Financials Ian Cameron (CFO) Page 14 Section 3: Business Update Brendan O’Connor (CEO) Page 23 Section 4: Trading Update & Strategy Brendan O’Connor (CEO) Page 25 Section 5: Q&A Brendan O’
Slide 9: 1. Result Highlights
1. Result Highlights Brendan O’Connor (CEO)
Slide 10: Highlights of 1H25 results
Highlights of 1H25 results NORMALISED 1H25 NPAT FUM AT 30 JUNE 2025 STRONG MOMENTUM TOTAL 1H25 REVENUE $148M $44.8M 1 $17.7BN 3 IN NET INFLOWS PERFORMANCE FEES $42.4M 5 • Statutory NPAT of $26.3m • Strong net inflows and fund • +$0.7bn in net inflows in 1H25, • Management fees up 65% on pcp • Normal
Slide 11: 2. Financials
2. Financials Ian Cameron (CFO)
Slide 12: 1H25 financial highlights
1H25 financial highlights • Average FUM of $17.5bn (up 49% on 1H24) $148.4m Flat on pcp • Management fees and loan management fees of $100.1m, up +65% compared to 1H24 driven despite by businesses acquired, additional new net flows. Average fee margin 1.15% Total net income headwinds • Performance f
Slide 13: 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 14: Robust balance sheet
Robust balance sheet $m 30 Jun 2024 31 Dec 2024 30 Jun 2025 Cash and cash equivalents 78.1 52.2 57.7 Trade and other receivables 87.2 60.7 90.7 $244.2m Investment in financial assets 134.5 120.8 108.4 Cash, receivables and fund investments (net of facility) Investment in other fund investments (via
Slide 15: Disciplined approach to capital management
Disciplined approach to capital management Pro forma adjustments to cash, receivables and financial and fund asset balances as at 30 June 2025 ($m) How we deploy capital Support organic growth 30 June 2025 +65.7 (65.7) 30 June 2025 $244.2m pro forma With a focus on investment capabilities, client ba
Slide 16: 3. Business Update
3. Business Update Brendan O’Connor (CEO)
Slide 17: Key metrics have grown strongly over last 3 years
Key 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 $50m - - - Jun-22 Jun-23 Jun-24 Jun-25 12m to Jun-23 12m
Slide 18: Domestic distribution engine driving net flows
Domestic distribution engine driving net flows A$ product base has expanded by +$9.1 bn in three years, increasingly diversified by client, product and investment capability JUNE 2022 FUM JUNE 2025 FUM Leading Domestic Fundraising Capability Delivered +$2.7bn in net inflows to RPL +$2.7bn Wholesale
Slide 19: Investing in offshore: aiming to double offshore FUM in 3 yrs
Investing in offshore: aiming to double offshore FUM in 3 yrs Investments made in sales executives; offshore fund launches and global offices to support growing interest and demand JUNE 2022 FUM JUNE 2025 FUM Accelerating Net Flows +$1.1bn net inflows from offshore investors in last 3 years, includi
Slide 20: Diversification of business now reflected in resilient earnings
Diversification of business now reflected in resilient earnings JUNE 2022 FUM1 JUNE 2025 FUM1 FUM-weighted correlation to equity Multi-Strategy Hedge Funds - Mkt markets has decreased significantly Neutral, Abs Return, Active Extension since listing, improving revenue Royalties resilience of the gro
Slide 21: 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 22: 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 23: 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 24: 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 25: 4. Trading Update and Strategy
4. Trading Update and Strategy Brendan O’Connor (CEO)
Slide 26: Trading update and strategy
Trading update and strategy Business update for July 2025 POSITIVE START TO 2H25 GROWTH-FOCUSED STRATEGY 31 July FUM Net inflows 1 Diversified, scalable and growing platform $18.5bn >$0.3bn up 4.7% since Jun 2025 in July 2025 Investment Performance fee 2 Attractive market tailwinds performance eligi
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: 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 31: Investments led by deeply experienced CIOs
Investments 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 Philip King is Chief Investment Officer, L/S Equity Strategies and Paul Moore is Chief Invest
Slide 32: Ark Capital Partners
Ark Capital Partners Institutional-Grade Hospitality Investment Platform Delivering Scalable, Value-Add Hotel Investments in the Asia Pacific Region WHY HOTELS Hotels emerging as an institutional real estate asset class, with sufficient liquidity and transaction depth in Australia, with the U.S. hot
Slide 33: Material increase in free float to 70%
Material increase in free float to 70% 30 JUNE 2022 FREE FLOAT1 22 AUGUST 2025 FREE FLOAT1 Free float, 9% Non-free float, 30% Free float, 70% Non-free float, 91% Components of non-free float Components of non-free float New Highland Pty Ltd & associates (Philip King) 42.5% New Highland Pty Ltd & ass
Slide 34: Appendix B: FUM and Investment Performance
Appendix B FUM and Investment Performance
Slide 35: Group FUM
Group FUM FUM over the 6 months to June 20251 6 MONTHS TO JUNE 2025 31 Dec Investment 30 Jun Key FUM movements $m Net flows Other3 Change 20241 performance2 20251 Asset strategy Net flows in 1H25 Hedge funds 7,969 225 329 (233) 8,290 +4.0% Growth equity 474 (35) 17 243 699 +47.5% +709m Real & natura
Slide 36: Ongoing inflows in 1H25; diversified by asset class & strategy
Ongoing inflows in 1H25; diversified by asset class & strategy Quarterly net FUM inflows ($m) +$1.1bn +$0.9bn +$1.9bn $850m 12m to Jun-25 12m to Jun-23 12m to Jun-24 $720m $750m $650m $559m $550m $461m $444m $450m $404m $341m $350m $273m $250m $185m $177m $149m $108m $150m -$3m $50m -$50m +$0.7BN IN
Slide 37: Strong long term net performance track record
Strong long term net performance track record Capabilities Fund (as at 31 July 2025) Inception 1 year 3 years (p.a) 5 years (p.a) Since inception p.a.1 Brand2 Regal Tactical Opportunities Fund 2020 6.5% 17.9% 37.1% 37.7% Regal Regal Tasman Market Neutral Fund 2007 12.6% 4.1% 10.2% 12.6% Regal Regal
Slide 38: Performance fee-eligible FUM continues to grow and diversify
Performance fee-eligible FUM continues to grow and diversify Performance fee-eligible FUM shown only1 At or above HWM 0-5% below HWM 5-10% below HWM $15,000m 10-20% below HWM 74% >20% below HWM $10.8bn at or $12,000m within 5% of HWM 66% $9.1bn 61% $9,000m $8.7bn 54% $6,000m 100% $4.5bn 90% 80% 70%
Slide 39: 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: • PM Capital Global • Attunga Power & Enviro • Regal Resources Long Short (Offshore) At or above HWM • $15,000m Regal Global Small Compani
Slide 40: 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 41: $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
Slide 42: Appendix C: Financials
Appendix C Financials
Slide 43: Reconciliation of statutory to normalised NPAT
Reconciliation of statutory to normalised NPAT1 NOTABLE FOR 1H25 $m 1H24 1 1H25 • ‘Unrealised and realised gains on strategic asset’ have been removed from the normalised results. Other fair value movements on seed capital remain within Statutory NPAT attributable to RPL shareholders 50.2 26.3 norma
Slide 44: Line-by-line reconciliation
Line-by-line reconciliation A 1H25 Adjustments Adjustments 1H25 Reclass of A• These adjustments reclassify the ‘share of profit of associate’ that the $m Statutory Taurus, Argyle Other adjustments Normalised Group earned in 1H 2025, following the acquisition of 50% of the and Ark Capital ordinary sh
Slide 45: Schedule of variable remuneration amortisation
Schedule of variable remuneration amortisation 2H25 CY26 CY27 CY28 CY29 $m CY22 CY23 CY24 1H25 Total (est.) (est.) (est.) (est.) (est.) Short-term incentive compensation 1.7 – – – – – – 13.9 • RPL’s normalised expenses include the 2022 annual grant 1 3.7 8.5 impact of any ‘short-term incentive 2023
Slide 46: 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) 2H25 1H26 2H26 1H27 2H27 CY28 CY29 No. of shares / rights (mill
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