2025 Financial Results

24 Feb 2026

Regal Partners Limited, a specialist alternative investment manager, is pleased to report its financial results for the year ended 31 December 2025.

 

HIGHLIGHTS

  • Funds under management (FUM)1 of $20.9bn at 31 December 2025, up 16% over the year
  • Net FUM inflows of $1.5bn and positive investment performance of approximately $3.2bn in 20252
  • Statutory 2025 Net Profit after Tax (“NPAT”)3 of $130.5m, up 97% on the prior corresponding period (pcp)
  • Normalised 2025 NPAT4 of $160.5m, up 65% on pcp
  • Performance fees $175.7m driven by strong performance across a diversified range of strategies2
  • Consequently, performance fee-eligible FUM at or within 5% of high-water mark has risen from $14.8bn (87% of
    all performance fee-eligible FUM) at 31 December 2025 to $15.0bn (87%) at 31 January 2026. This is materially
    higher than the $8.7bn of equivalent FUM at 31 December 2024.
  • Fully franked dividend for 2H25 of 15c per share, reflecting strong organic generation of cash, surplus capital
    and franking credits in the period
  • Strong balance sheet, with approximately $250m of capital at 31 December 2025 (pro forma for certain
    receivables and payables and after deducting the upcoming payment of the 2H25 dividend)5 and an undrawn
    $130m debt facility
  • Positive start to 2026, with FUM rising a further 1.5% in January to $21.2bn1, supported by net inflows of $0.2bn
    and positive investment performance of $0.4bn, partly offset by forex and mid-month distributions
  • On-market share buy-back program of up to $75m recently announced

Read the announcement here

 

1 Management estimate of FUM (including 100% of Taurus Funds Management, Attunga Capital, Kilter Rural, Argyle Group and Ark Capital Partners) is rounded, unaudited and includes non-fee-earning FUM but excludes non-fee-earning commitments. FUM for Merricks Capital includes the net asset value of funds across various strategies managed by Merricks Capital and, in respect of single asset investment opportunities, the committed capital from co-investors. Taurus Funds Management FUM is presented on the basis of fee-earning capital. End of period FUM data is shown post distributions (net of reinvestment). Past performance is not a reliable indicator of future performance.

2 Past performance is not a reliable indicator of future performance.

3 All NPATs refer to NPAT attributable to RPL shareholders.

4 Normalised NPAT has been calculated by adding back certain non-cash items (e.g. amortisation of intangible assets, long-term variable remuneration) and one-off transaction and integration costs (all tax-effected where appropriate). Normalised NPAT includes fair value movements on seed investments other than strategic assets.

5 Reflects cash and investments, adjusted to include trade and other receivables, net of trade and other payables and after deducting upcoming near-term variable renumeration payments and the upcoming payment of 2H25 dividend of 15 cents per share.