Regal Partners (RPL) H2 2025 earnings summary

Executive summary

• Funds under management reached AUD 20.9 billion as of December 2025, up 16% year-over-year, with net inflows of AUD 1.5 billion and strong investment performance across strategies.

• Normalised NPAT rose 65% to AUD 160.5 million, and statutory NPAT increased 97% to AUD 130.5 million compared to 2024.

• 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.

• Strong balance sheet with AUD 250 million capital and no debt at year-end; AUD 130 million undrawn debt facility.

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.

• Performance fee-eligible FUM at or within 5% of high-water mark reached AUD 14.8 billion (87% of eligible FUM).

• Return on equity was 19% for FY25.

Outlook and guidance

• Positive start to 2026 with FUM at AUD 21.2 billion as of January, up 1.5% since December 2025, and net inflows of AUD 193–195 million.

• Strong pipeline for offshore SMAs and new product launches expected in Q2 2026, including the Regal Partners Income Multi-Strategy product.

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