• FUM rose to $20.9 billion, a 4% increase on the $20.0 billion at 30 September 2025
• FUM grew 16% over calendar 2025, while total FUM and Commitments rose 21% to $22.0 billion
• Growth driven by strong net client inflows of $1.5 billion and investment performance of $3.15 billion

During the December 2025 quarter ('4Q25'), FUM for Regal Partners Limited (ASX:RPL, 'Regal' or the 'Company') rose to approximately $20.9 billion, a 4% increase on the $20.0 billion of FUM at 30 September 2025. The $20.9 billion is marginally higher than the preliminary estimate of $20.8 billion announced by the Company on 12 January 2026. This equates to a 16% increase in FUM over calendar 2025, while total FUM and Commitments rose 21% to $22.0 billion. Pleasingly, FUM growth in calendar 2025 was driven by both strong net client inflows of $1.5 billion and investment performance of $3.15 billion. Net FUM inflows in 4Q25 were approximately +$75 million. These included strong inflows into the PM Capital Global Companies Fund as well as demand for the Regal Global Small Companies Fund, the unlisted multi-strategy Regal Partners Private Fund, Regal Australian Small Companies Fund and Regal Resources Royalties Fund. These were partly offset by a number of loan repayments within Merricks Capital co-investments, which were treated as net outflows, alongside some small redemptions in the Growth Equity and Real & Natural Assets capabilities. For calendar 2025, the net FUM inflows of +$1.5 billion were primarily driven by the Hedge Funds and Credit & Royalties asset strategies, and ongoing interest in Multi-Strategy.