Regal Partners Global Investments (RG!) H1 2025 earnings summary

Executive summary

• VG1 Partners Global Investments Limited reported a half-year operating loss after tax of $43.1 million, a significant increase from the $4.6 million loss in the prior year period.

• The investment portfolio returned -9.7% net of fees for the six months to 31 December 2024, compared to 0.0% in the prior year.

• A fully franked dividend of 6.0 cents per share will be paid on 24 March 2025, with the profits reserve at $261.2 million as of 31 December 2024.

• The company executed an on-market share buy-back, repurchasing 30.2 million shares for $57.7 million during the half-year.

Financial highlights

• Net assets declined to $528.4 million as of 31 December 2024 from $643.1 million at 30 June 2024.

• Post-tax NTA per share was $2.01 at 31 December 2024, down from $2.23 at 30 June 2024.

• Share price return for the half-year was -4.4%, compared to 8.9% in the prior year period.

• Basic and diluted EPS was a loss of 1.4 cents per share, compared to a loss of 15.8 cents per share in the prior year.

• Operating cash inflow was $176.2 million, with $71.6 million used for share buy-backs and dividends.

Outlook and guidance

• The Board updated the dividend policy to target at least 6.0 cents per share on a six-monthly basis, up from 5.0 cents.

• Portfolio returned 8.4% in January 2025, indicating a positive start to the second half.