• FUM increased 13.1% to $20 billion in Q3 2025
• Net client inflows of $0.7 billion and positive investment performance of $1.8 billion
• 85% of performance fee-eligible FUM at or within 5% of high water mark

Regal Partners Limited (ASX:RPL) reported that its funds under management (FUM) rose to $20.0 billion as of 30 September 2025, a 13.1% increase from the $17.7 billion recorded at 30 June 2025. When including additional non-fee-earning commitments, total FUM & Commitments was $21.2 billion, a rise of 12.0% over the quarter. The increase in FUM was driven by a combination of continued net client inflows of approximately $0.7 billion and positive investment performance of almost $1.8 billion, reflecting favourable returns across a wide range of strategies, including strong performance across the Hedge Funds and Multi-Strategy asset strategies. The change within the 'Other' category includes $0.1 billion of dividend and distribution payments (net of reinvestments) as well as other factors such as buy-backs and adverse foreign exchange movements. The Company noted that $13.7 billion of performance fee-eligible FUM, or 85% of such FUM, sits at or within 5% of its high water mark as of 30 September 2025. While the Company cautioned that fund performance and performance fees can vary significantly over short time periods, it stated that the current quantum of crystallised and uncrystallised performance fee revenue accumulated for the second half of 2025 (pre-tax and on a normalised basis) sits materially above the top end of the current broker consensus forecasts.

The Company noted that the current quantum of crystallised and uncrystallised performance fee revenue accumulated for the second half of 2025 (pre-tax and on a normalised basis) sits materially above the top end of the current broker consensus forecasts of $22 million to $52 million.