Regal Partners (RPL) H2 2025 earnings summary

Executive summary

• Achieved record FUM of AUD 20.9 billion as of December 2025, up 16% year-over-year, with net inflows over AUD 1.5 billion and strong client support into January 2026.

• Normalised NPAT rose 65% to AUD 160.5 million, statutory NPAT increased 97% to AUD 130.5 million, and EPS reached AUD 0.375.

• Management fee revenue grew 25% to AUD 203 million, with a 1.09% average margin; performance fees surged 108% to AUD 175.7 million.

• Full-year dividend increased 17% to AUD 0.21 per share, fully franked, with a 54% payout ratio.

• Ended FY25 with AUD 250 million in capital, no drawn debt, and an upgraded undrawn credit facility of AUD 130 million.

Financial highlights

• Total net income reached AUD 419 million, up 49% on 2024, driven by higher management and performance fees.

• Average FUM for 2025 was AUD 18.5 billion, up 28% year-over-year.

• Net FUM inflows totaled AUD 1.5 billion, with gross inflows of AUD 3.5 billion.

• Return on equity was 19% for FY25.

• 87% of FUM (AUD 14.8 billion) at or within 5% of high-water mark, supporting future performance fees.

Outlook and guidance

• Strong start to 2026 with FUM over AUD 21 billion and net inflows of AUD 193–195 million in January.

• Robust pipeline for domestic and offshore FMAs and new product launches expected in Q2 2026.

• Continued disciplined M&A agenda, operational efficiency, and focus on scaling the One RPL platform.