Regal Partners (RPL) H1 2025 earnings summary

Executive summary

• Normalized net profit after tax for 1H25 was $44.8 million ($0.105 per share), with statutory NPAT at $26.3 million and a fully franked interim dividend of $0.06 per share approved, reflecting strong cash generation and capital position.

• Funds under management (FUM) reached $17.7 billion at 30 June 2025, increasing to $18.5 billion by 31 July 2025, driven by strong net inflows and investment performance.

• Net inflows for 1H25 were $0.7 billion, with 12-month net inflows at a record $1.9 billion, up 120% year-over-year.

• Significant growth in institutional and offshore clients, with $1.1 billion in net inflows from offshore in the past three years and $300 million in new offshore inflows in the last two months.

• The group completed the acquisition of 50% of Ark Capital Partners and expanded into hotel real estate investment, including the Mayfair Hotel in Adelaide.

Financial highlights

• Total revenue for the half was $148 million, with management and loan management fees rising to $100.1 million and performance fees at $42 million.

• Average FUM for the half was $17.5 billion, up 49% year-over-year, with an average management fee margin of 1.15%.

• Total expenses were $74.4 million, with employee benefits at $43.9 million and other expenses at $21 million.

• Normalized NPAT up 16% from 2H24 but down 24% from 1H24; total costs increased 17% year-over-year due to acquisitions.

• Net tangible assets per share increased to $0.68 at 30 June 2025.

Outlook and guidance

• Strong start to the second half with over $300 million in net inflows and FUM at $18.5 billion by July 2025.

• Performance fee eligible funds at or near high watermark now stand at a record $10.8 billion, positioning for further performance fee upside.

• Offshore distribution remains a strategic priority, with a new Head of Distribution appointed for North America.

• Continued focus on organic growth, product innovation, and disciplined approach to M&A, with opportunities in real estate, infrastructure, private equity, and credit.