Regal Partners (RPL) Investor Presentation summary

Business overview and strategy

• Market capitalisation of $1.3bn and funds under management (FUM) of $20.0bn as of September 2025, with ~90 investment professionals across multiple asset classes and strategies.

• Strategic focus on growth and diversification of investment capabilities, client base, and evolving a centralised, scalable platform.

• Significant expansion since June 2022 merger, with FUM increasing by $15.3bn, client base growing to 30k+ investors and 50+ institutions, and broadening into new asset classes.

• Integrated 'One RPL' approach consolidates technology, service providers, and sales teams to drive alignment and operational efficiency.

Financial performance and key metrics

• FUM grew 3.8x over three years, reaching $20bn by June 2025, with net inflows of $4.5bn and investor returns of $4.1bn since June 2022.

• 1H25 total net income was $148.4m, flat year-on-year, with management and loan fees up 65% to $100.1m and performance fees of $42m.

• Normalised NPAT for 1H25 was $44.8m, up 16% on 2H24 but down 24% on 1H24, reflecting lower performance fees and other income.

• Interim dividend of 6c per share (55% payout ratio), with robust balance sheet including $244.2m in cash, receivables, and fund investments as of June 2025.

Investment performance and product offering

• Strong long-term net performance across multiple funds, with annualised returns since inception up to 38.1% and several strategies above high-water marks.

• Performance fee-eligible FUM reached $13.7bn at or within 5% of high-water marks by September 2025, supporting future fee generation.

• Listed investment vehicles represent $3.0bn (15% of group FUM), with flagship funds delivering annualised returns between 12.7% and 18.1% since merger or inception.

• Multi-strategy offerings include the Regal Investment Fund (ASX: RF1) and Regal Partners Private Fund, both delivering strong annualised returns since launch.