• Normalised NPAT up 65% to $160.5 million
• FUM increased 16% to $20.9 billion
• Strong demand for hedge funds and credit/royalties strategies

Regal Partners Limited reported a strong financial performance for the year ended 31 December 2025, with normalised net profit after tax (NPAT) exceeding $160 million, up 65% on the prior year. This generated a 19% return on equity, while normalised diluted earnings per share increased 44% to 37.5 cents. Funds under management (FUM) rose 16% during the year to $20.9 billion, supported by strong investment performance of over $3.1 billion and net inflows of $1.5 billion. The group saw particularly strong demand for its hedge fund capabilities, including the recently launched Regal Global Small Companies Fund which delivered a 79% portfolio return to initial investors. The credit and royalties asset class also saw robust net inflows, driven by the deployment of capital for Taurus mining finance investors and a $95 million raising for the Regal Resources Royalties Fund. The company also made progress in growing its offshore presence, launching the Cayman version of its Tactical Opportunities strategy which generated a 23% net portfolio return in its first six months. Despite heightened market volatility during the year, the group was able to deliver strong absolute investment performance across a diverse range of strategies. The company did experience a disappointing outcome from its investment in Opthea, which was written down to zero in March 2025, but has since implemented a number of refinements to its risk management and portfolio construction processes. Overall, Regal Partners enters 2026 in a strong position, with positive momentum, a robust balance sheet, and a clear strategic direction.

Regal Partners Ltd declared a fully franked final dividend of 15 cents per share for the 2H25 period, bringing the total dividends for the 2025 financial year to 21 cents per share. This represents approximately 54% of normalised NPAT.

The company remains confident in its leadership team and underlying fundamentals, and believes that sustained investment performance, disciplined execution, clear market engagement and prudent capital management will support improved shareholder returns over time.