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Regal Partners Limited (ASX:RPL) 2025 Results Presentation 24 February 2026 For personal use only
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Disclaimer 2 The information in this presentation (“Information”) has been prepared by Regal Partners Limited (ABN 33 129 188 450) (“Regal Partners” or “RPL”) and is current as at the date of this presentation. All currency data in this presentation is in Australian dollars (A$) unless stated otherwise. No solicitation or investment advice: The Information has been prepared for general information purposes only and without taking into account any recipient’s investment objectives, financial situation or particular circumstances (including financial and taxation position). The Information does not (and does not intend to) contain a recommendation or statement of opinion intended to be investment advice or to influence a decision to deal with any financial product nor does it constitute an offer, solicitation or commitment by Regal Partners. Past performance and forward-looking statements: Investing involves risk. Past performance and forward-looking statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance or events. The Information may contain forward-looking statements that involve a number of risks and uncertainties. Forward-looking statements include statements regarding Regal Partners’ intent, belief, current expectations and projections about future events, based on the information currently available. The Information is given in summary form and does not purport to be complete. Normalisation adjustments: Financial Information is presented on both a statutory basis (prepared in accordance with Australian accounting standards which include the Australian equivalent to the International Financial Reporting Standards (“IFRS”)) as well as information provided on a non-IFRS basis. Regal Partners considers that the non-IFRS financial information is important to assist in evaluating Regal Partners’ performance. The information is presented to assist in making appropriate comparisons with prior periods and to assess the operating performance of the Regal Partners business. For a reconciliation of the non-IFRS financial Information contained in this document, refer to slides 33-34 of this presentation. No liability: It is the sole responsibility of the recipient to consider the risks connected with any investment strategy contained in the Information. Neither Regal Partners, its affiliates (together the “Group”) nor any of their respective directors, employees, officers or agents accepts any liability for any loss or damage arising directly or indirectly from the use of all or any part of the Information. While the Information has been prepared in good faith and due care, neither Regal Partners, its affiliates nor any of their respective directors, employees, officers or agents represents or warrants that the Information in this document is accurate, complete or up to date and accepts no liability if it is not. Regal Partners is under no obligation to update the Information and does not undertake to do so. Regal Partners strongly suggests that investors obtain professional advice prior to making an investment decision. Information dissemination: The Information may not be reproduced, disseminated, quoted or referred to, in whole or in part, without the express consent of Regal Partners. Ownership: Regal Partners and its affiliates have interests in financial products mentioned in this presentation. For personal use only
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3 Tex t Contents Page Page 4 Page 10 Page 19 Page 24 Page 26 Page 27 Speaker Brendan O’Connor (CEO) Brendan O’Connor (CEO) Ian Cameron (CFO) Brendan O’Connor (CEO) Brendan O’Connor (CEO) and Ian Cameron (CFO) Section Section 1: Result Highlights Section 2: Business Update Section 3: Financials Section 4: Trading Update & 2026 Priorities Section 5: Q&A Appendices For personal use only
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1. Result Highlights Brendan O’Connor (CEO) For personal use only
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1. Management estimate of funds under management (FUM) for 31 December 2025, net of distributions and reinvestments. 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. 2. As at market close on 23 February 2026. 3. Includes full-time and part-time staff in all Group entities except Argyle Group (where RPL’s stake is a minority interest). Headcount includes active, permanent and fixed term employees only (i.e. excludes employees on parental leave, extended leave, casuals, contractors and consultants). Prior to 29 May 2025, staff numbers included all staff, contractors and consultants. 4. FUM managed via multi-strategy funds have been allocated to their underlying strategy. 5 $20.9bn FUM1 Scale and growing alternative investment manager ~$1.1bn MARKET CAPITALISATION2 ASX listed ~90 INVESTMENT PROFESSIONALS3 Experienced, highly credentialled team HEDGE FUNDS • Market Neutral • Absolute Return • Active Extension • High Conviction • Power $11.4bn FUM1,4 • Structured Finance • Mining Finance • Agri Debt • CRE Lending • Corporate Lending • Listed Credit $6.4bn FUM1,4 CREDIT & ROYALTIES REAL & NATURAL ASSETS • Water • Agriculture • Carbon • Hotels (Aug 2025) $2.0bn FUM1,4 GROWTH EQUITY • Pre-IPO $1.1bn FUM1,4 Regal Partners aims to be recognised as a leading provider of alternative investment strategies. Leading multi-strategy offerings Regal Partners today For personal use only
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Regal Partners 6 WHO ARE WE? HOW DO WE SOURCE? WHY WILL WE WIN? Regal Partners is one of Australia’ s leading providers of alternative investment strategies We provide access to Australian alternatives We believe a persistent edge in alpha generation comes from direct deal origination. Leveraging our extensive network, we originate and structure investments across the capital structure in equity , credit and royalties We create unique opportunities Alignment is our core competitive advantage. We remain true to our founder-led history: our interests are directly tied to our clients' success through significant investment in both our company (ASX:RPL) and our funds We win when our clients win 1 2 3 For personal use only
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Key highlights of 2025 results 1. In this slide, revenue, net profit after tax (NPAT), dividend per share and net funds under management (FUM) inflows refer to calendar 2025, with percentage referring to growth vs calendar 2024. Measures of FUM and capital refer to data as at 31 December 2025, with percentage referring to growth vs 31 December 2024. 2 . Management estimate of net FUM inflows and FUM relative to high-water mark (shown on a 100% ownership basis). 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. 6 . Management fees relates to management fees (including loan management and establishment fees) on a normalised basis, as shown on slide 21. Management fee margin is the average margin for calendar 2025. 3 All NPATs in this presentation refer to Net Profit After Tax attributable to RPL shareholders. Normalised NPAT has been calculated by adding back certain non-cash items (e.g. amortisation of intangible assets) and one-off transaction and integration costs (all tax-effected where appropriate). Normalised NPAT includes fair value movements on seed investments. 4. Full year dividend comprised of interim dividend of 6cps and final dividend of 15cps. 5. . Return on equity calculated based on normalised NPAT averaged over the twelve-month period. 7. Refer to slide 23. 7 NORMALISED NPAT3 $160.5m +65% STATUTORY NPAT3 $130.5m +97% FULL YEAR DIVIDEND4 21 cps +17%, fully-franked RETURN ON EQUITY6 ~19% NET FUM INFLOWS5 $1.5bn CAPITAL7 ~$250m +$130m undrawn debt MANAGEMENT FEE REVENUE2 $203m +25%, 1.09% margin FUM AT OR WITHIN 5% OF HIGH-WATER MARK5 $14.8bn +69% Strong growth year on year1 For personal use only
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Investing in growth Key themes of 2025 results 8 Strong financial position One RPL approach Earnings resilience and diversification Impressive business momentum Client-first approach • Client base and reach expanding: – ~$6.8bn+ FUM in retail products, ~30,000 retail and wholesale investors, including ~3,000 direct – $610m inflows from offshore, and international team gaining momentum • Extremely strong investment performance, and very strong growth in FUM • Record FUM at or within 5% of high-water mark ($14.8bn)1 • Performance across a range of strategies underpinning revenue and performance fees • Strong growth in recurring management fee revenue • Progress made on the One RPL approach: centralised key corporate capabilities, rationalised and centralised property , and integrated a number of key systems • Strong organic cash generation creates flexibility for growth and shareholder returns ($75m buy-back program announced post-balance date) • Launched and seeded multiple new products, strategies and assets: Regal Global Small Companies Fund, T actical Opportunities (offshore); Mayfair Hotel opportunity; Regal Resources Royalties Fund new royalty • Maintained a disciplined approach to M&A Management estimate of FUM relative to high-water mark (shown on a 100% ownership basis). 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. 1. For personal use only
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9 1. NPAT refers to NPAT attributable to RPL shareholders. Normalised NPAT has been calculated by adding back certain non-cash items (e.g. amortisation of intangible assets) and one-off transaction and integration costs (all tax-effected where appropriate). Normalised NPAT includes fair value movements on seed investments. Management Fee NPAT reflects the portion of total NPAT generated from management fees (post deducting relevant non-controlling interests) and excludes any contribution from performance fees, other income, loan establishment revenue and costs, and any variable remuneration. 2. Dividends determined in relation to that 12 month period. 3. Management estimate of funds under management (FUM) for 31 December of relevant year (shown on a 100% ownership basis). 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. Resilient business model delivering for shareholders 5.1 11.0 18.0 20.9 - $5bn $10bn $15bn $20bn $25bn Dec-22 Dec-23 Dec-24 Dec-25 FUM ($BN)3 10.0 18.0 21.0 4c 9c 14c 19c 24c 12m to Dec-23 12m to Dec-24 12m to Dec-25 11.6 37.4 46.421.1 60.1 114.1 - $50m $100m $150m $200m 12m to Dec-23 12m to Dec-24 12m to Dec-25 NORMALISED NPAT ($M)1 97.5 160.5 32.7 4.9x DIVIDENDS (100% FRANKED) PER SHARE (CPS)2 Mgt fee NPAT Other NPAT 0.5 1.9 1.5 - $0.5bn $1.0bn $1.5bn $2.0bn 12m to Dec-23 12m to Dec-24 12m to Dec-25 NET FUM INFLOWS ($BN) 4.4 8.4 14.3 17.0 - $5bn $10bn $15bn $20bn Dec-22 Dec-23 Dec-24 Dec-25 PERFORMANCE FEE-ELIGIBLE FUM ($BN)3 4.1x 3.9x +110% 11.5 26.0 37.5 5c 15c 25c 35c 45c 12m to Dec-23 12m to Dec-24 12m to Dec-25 NORMALISED DILUTED EPS (CPS) 3.3x Gross inflows of $3.5bn Gross inflows of ~$1bn 3.5x For personal use only
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2. Business Update Brendan O’Connor (CEO) For personal use only
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11 Three key strategic goals: 1. Growth and diversification of our investment capabilities 2. Growth and diversification of our client base 3. Evolve our centralised and scalable platform For personal use only
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Hedge Funds - Mkt Neutral, Abs Return, Active Extension Hedge Funds - Global (incl. ASX:PGF, ASX:RG8, ASX:RG1) Hedge Funds - Specialist Growth Equity Water Hotels Credit Royalties Multi-Strategy (incl ASX:RF1) Hedge Funds Real & Natural Assets Credit & Royalties Hedge Funds - Mkt Neutral, Abs Return, Active Extension Hedge Funds - Global Hedge Funds - Specialist Growth Equity Water Royalties Multi-Strategy Growth & diversification of RPL’s capabilities 1. June 2022 represents RPL post the merger between Regal Funds Management Pty Limited and VGI Partners Limited. December 2025 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. Past performance is not a reliable indicator of future performance. Real & natural assets Credit & royaltiesHedge funds Growth equity Multi-strategy 12 +$16.2bn INCREASE IN FUM +$4.6bn NET INFLOWS +$5.1bn INVESTOR RETURNS TO S&P/ASX300 INDEX SINCE JUNE 2022 Correlation EXPOSURE SINCE JUNE 2022 Private Assets JUNE 2022 FUM1 DECEMBER 2025 FUM1 $4.7bn $20.9bn 20k+ investors, 3 institutions 30k+ investors, 50+ institutions Between June 2022-Dec 2025 For personal use only
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13 Consistent track record of positive and diversified net flows 3Q23 outflows in hedge funds (long/short equities) relate to outflows from VGI Partners. Quarterly net FUM inflows ($m) -$200m -$100m $0m $100m $200m $300m $400m $500m $600m $700m $800m 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 JAN - 26 461 444 341404 108-3 273 185 177 720 149 559 723 75 193 +$0.5bn 12m to Dec-23 Real & natural assets Credit & royalties ex co-investmentsHedge funds Growth equity Multi-strategy +$1.5bn 12m to Dec-25 +$1.9bn 12m to Dec-24 Credit co-investments and managed accounts MONTH OF For personal use only
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Strong long-term net performance track record 14 ANNUALISED NET PORTFOLIO RETURNS TO 31 DECEMBER 2025 (SINCE INCEPTION AND 3 YEARS)1 5.1% 7.1% 8.0% 9.7% 10.0% 11.3% 11.5% 11.6% 12.1% 14.0% 16.5% 17.1% 18.3% 20.0% 23.2% 23.5% 24.8% 37.6% 76.9% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% PM Capital Enhanced Yield Regal Partners Global Investments (ASX:RG1) Regal Asian Investments (ASX:RG8) Merricks Capital Partners Merricks Capital Agriculture Credit PM Capital Global Companies Kilter Water Attunga Power and Enviro Argyle Water Regal Australian Long Short PM Capital Global Opportunities (ASX:PGF) Regal Emerging Companies Opportunities Regal Investment Fund (ASX:RF1) Regal Resources Long Short Taurus Mining Finance Fund II Regal Australian Small Companies Regal Resources Royalties Regal Tactical Opportunities Taurus Mining Royalty Real & natural assets Credit & royaltiesHedge funds Growth equity Multi-strategy N.A. Performance fee is fixed hurdle or HWM only3Annualised 3 year 1. Past performance is not a reliable indicator of future performance. Performance is net of fees and costs and is adjusted for capital flows including those associated with the payment of distributions/dividends and tax, share issuance and/or cancellations (option exercise, distribution/dividend reinvestment plan (pre franking benefits), share purchase plan, and equal access buyback) where relevant. Taurus fund returns reflect IRR. PM Capital Enhanced Yield return relates to the Performance Fee Option class. Argyle Water return relates to its Lead Series. 3. Performance fee is calculated on investment performance in relation to a fixed hurdle (such as an absolute value or RBA cash rate) or high-water mark only. PHILIP KING - CIO Long/Short >30 years’ experience PAUL MOORE - CIO Global Equities ~40 years’ experience ADRIAN REDLICH - CIO Income Strategies ~30 years’ experience Since inception: For personal use only
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- $3bn $6bn $9bn $12bn $15bn $18bn Dec-23 Dec-24 Dec-25 At or above HWM 0-5% below HWM 5-10% below HWM 10-20% below HWM >20% below HWM 54% $4.5bn at or within 5% of HWM 61% $8.7bn at or within 5% of HWM 87% $14.8bn at or within 5% of HWM 15 Performance fee-eligible FUM continues to grow and diversify 1. All performance fee-eligible FUM shown on a 100% ownership basis. FUM for December 2023 has been adjusted to include the staff FUM managed by Regal Funds Management where the rebate was reduced from 100% to 50% effective 1 January 2024. December 2023 includes 100% of all performance fee-eligible funds for Taurus Funds Management where Regal Partners has an economic interest in the performance fees. During 1H24, the Group purchased the carry interest from Taurus Funds Management (“Taurus”), such that all of Taurus’ FUM now has the potential for generating performance fees for the Group. 2. Performance fee is calculated on investment performance in relation to a fixed hurdle (such as an absolute value or RBA cash rate) or high-water mark only. Only performance fee-eligible FUM shown1 Funds/strategies at or above high-water mark (HWM) include: • Regal Investment Fund (RF1) • Regal Partners Private Fund (A$ and Offshore) • Regal Asian Investments (RG8) • Regal Global Investments (RG1) • Regal Australian Small Companies • PM Capital Global • Regal Resources Long Short (A$ and Offshore) • Regal Resources High Conviction • Regal Tactical Opportunities (A$ and Offshore) • Regal Global Small Companies • Regal Resources Royalties • Regal Private Credit • PM Capital Enhanced Yield • Taurus Mining Finance 56% OF PERFORMANCE-FEE ELIGIBLE FUM SUBJECT TO FIXED HURDLE OR HIGH-WATER MARK ONLY 2 For personal use only
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#20 #30 #34 #10 #21 #28 - 5.00 10.00 15.00 20.00 25.00 30.00 35.00 40.00 - 20,000,000 40,000,000 60,000,000 80,000,000 100,000,000 120,000,000 140,000,000 160,000,000 180,000,000 200,000,000 2023 2024 2025 DIVERSIFICATION OF PERFORMANCE FEES ($M) Hedge Funds - Specialist Multi-strategy Hedge Funds – Mkt Neutral, Abs Return, Active Extension Recurring revenue from growing management fees and diversified performance fees 16 1. Number of client vehicles that performed above their high-water mark and hurdle rate and accordingly crystallised performance fees during the year. 2. Key contributors are those client vehicles that generated >$0.5m of performance fees individually. 65.5 150.3 187.8 11.8 15.3 24.9 84.5 175.7 0.59% 0.95% 1.09% 1.13% 1.09% 1.51% 1.71% 2.04% 0.30% 0.50% 0.70% 0.90% 1.10% 1.30% 1.50% 1.70% 1.90% 2.10% 2.30% - 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0 2023 2024 2025 NORMALISED FEE REVENUES ($M) & FEE YIELDS (%) 0.41% # of vehicles > HWM1 # of key contributors2 175.7 84.5 24.9 Performance fees Establishment fees Management fees (excluding establishment fees) Average management fee (inc. establishment fee) (%) Average total fee yield (%) Average performance fee yield (%) Water Credit Royalties Hedge Funds - Global For personal use only
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Meaningfully expanded and diversified distribution across channels, creating a platform for continued growth 28 DISTRIBUTION AND MARKETING FTE Deep strategic relationships across core client channels3 JUNE 2022 FUM1 DECEMBER 2025 FUM1 20k+ investors, 3 institutions 30k+ investors, 50+ institutions LIC / LIT 15% Retail unlisted unit trusts 17% Internal & philanthropic 6%Advised / platform 29% HNW / family office 10% Institutional & other 23% LIC / LIT 38% Internal & philanthropic 17% Advised / platform 17% HNW / family office 23% Institutional & other 5% $4.7bn $20.9bn Significant reach3 4 DISTRIBUTION HUBS: AUSTRALIA AND OFFSHORE $6.8bn FUM ACROSS RETAIL PRODUCTS >3,000 DIRECT HNW AND FAMILY OFFICE INVESTORS 50+ NO. OF INSTITUTIONAL CLIENTS $3.5bn GROSS INFLOWS 2025 17 1. June 2022 represents RPL post the merger between Regal Funds Management Pty Limited (RFM) and VGI Partners Limited. December 2025 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. 3. Data as at 31 December 2025 aside from $3.5 billion of gross inflows that related to calendar 2025. For personal use only
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One centralised group Integrated technology platforms Consolidated group of service providers Optimised corporate structure Investment management ecosystem The ‘One RPL’ approach 18 Global offices housing staff from all investment managers under one roof One sales and marketing team One RPL approach to balance sheet utilisation One group philosophy One RPL approach to M&A Drives alignment with RPL For personal use only
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3. Financials Ian Cameron (CFO) For personal use only
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2025 financial highlights 20 1. Refer to slide 23 for definition. 2. Includes the impact of 6c per share dividend (relating to the 1H25 period) paid in October 2025 and 15c per share dividend (relating to 2H25 period) that will be paid in March 2026. $419.0m Total net income $160.5m Normalised NPAT ~$250m Capital 1 Up 49% on 2024 Up 65% on 2024 Up 111%2 on Dec-24 • Average FUM of $18.5bn (up 28% on 2024) • Management fees (incl. loan management fees & establishment fees) of $203.1m, up 25% on pcp, driven by strong investment performance, businesses acquired, additional net flows. Average fee margin 1.09% • Performance fees of $175.7m, up 108% on pcp, with strong performance in 2H25 and a large portion of strategies above HWM continuing into January 2026 • Increase in total costs from 2024 primarily driven by: – Increase in variable remuneration due to strong performance fees – Annualisation of costs from acquired businesses • Continued investment in the One RPL corporate platform whilst maintaining cost discipline • Robust balance sheet, debt-free at 31 Dec 2025 • Low gearing ratio during 2025 (corporate credit facility repaid by end of the year) • 2H25 dividend of 15c reflects 54% payout ratio, preserving balance sheet flexibility for future growth. The full year payout ratio is also 54%. For personal use only
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Normalised profit or loss statement 21 1. Results include Merricks Capital, Argyle Group and Ark Capital Partners only post their respective acquisition dates of 9 Jul 2024, 26 Jul 2024 and 25 Jun 2025. 2. FUM (including 100% of Taurus, Attunga, Kilter, Argyle and Ark) includes non-fee-earning FUM but excludes non-fee-earning commitments. 3. Excludes lease-related finance costs. 4. This is a non-IFRS measure. Earnings per share (EPS) has been calculated using Normalised NPAT and weighted average shares for the period. Normalised diluted EPS above includes the impact of all Performance Share Rights (PSRs), Converting Shares and Regal Options from their respective issue/grant dates. 2025 fully diluted Normalised EPS of 37.5c assumes $160.5m of NPAT and weighted average shares, converting shares, options and rights. See slide 36 for more information on these securities. This treatment differs to statutory diluted EPS (which only includes PSRs and unconditional securities in weighted average shares, as described in Note 7 to the Condensed Consolidated Financial Statements of RPL’s Annual Report). $m Year to Dec 20241 Year to Dec 20251 2025 vs 2024 FUM (including non-fee-earning) ($bn)2 18.0 20.9 +16% Average FUM (including non-fee-earning) ($bn)2 14.4 18.5 +28% Average management fee (%) 1.13% 1.09% (4bp) Management fees (incl. loan management fees & establishment fees) 162.0 203.1 +25% Fund performance fees (net of rebates) 84.5 175.7 +108% Other income 34.6 40.3 +16% Total net income 281.1 419.0 +49% Employee benefits expense (88.5) (105.7) +19% Deferred compensation grant amortisation (10.3) (18.2) +77% Depreciation (0.3) (0.3) +0% Interest expense3 (1.6) (2.3) +44% Other expenses (34.5) (49.3) +43% Total expenses (135.2) (175.8) +30% Profit before income tax 146.0 243.2 +67% Income tax expense (41.1) (70.3) +71% Profit after tax pre non-controlling interests 104.9 173.0 +65% Non-controlling interests (7.3) (12.4) +70% Normalised NPAT 97.5 160.5 +65% Pre-tax profit margin (%) 52% 58% +6% pts Basic earnings per share (cents)4 33.0 45.7 +38% Fully potentially dilutive earnings per share (cents)4 26.0 37.5 +44% Management fees up +25% on pcp driven by businesses acquired and additional flows Normalised NPAT up +65% on pcp, driven by lower performance fees and other income Average management fee (%) changes yoy driven by • Increased diversification and product mix shift • Acquisition of Merricks Capital and Argyle in 2H24 • Slow down in new loan activity, reducing loan establishment revenue Strong performance fees of $176m driven primarily by Regal long/short strategies, including global and domestic small companies, global and domestic tactical opportunities and PM Capital Global strategy Other income primarily includes mark-to-market and net fair value gains as well as cash received as dividend and distribution income from seed investments Other expenses growth driven by: • Annualisation of Merricks & Argyle costs (acquired July 2024) • Investment in One RPL platform • Additional rent on premises from May 2025 For personal use only
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Robust balance sheet 22 1. Non-IFRS measure. Investment in other fund investments (via affiliates) has been reclassified from ‘other assets’ and adjusted for proportional shareholding in the affiliate. 2. Refer to slide 23 for further details on the calculation of capital. $376.5m capital available • $246.5m capital: net cash, receivables and fund investments offset by near-term payables2 • $130m facility undrawn as at 31 December 2025; facility upgraded during 2025 from $50m to $130m 15 cps 2H25 dividend (100% franked) Payment date 25 March 2026 54% dividend payout ratio for full year • Based on full year dividends of 21 cents per share (100% franked). • $20.4m of franking credits available (post payment of 2H25 dividend) $m 31 Dec 2024 31 Dec 2025 Cash and cash equivalents 52.2 60.0 Trade and other receivables 60.7 194.3 Investment in financial assets 120.8 120.3 Investment in other fund investments (via affiliates)1 6.8 12.6 Intangible assets 634.6 621.8 Other assets 73.9 103.4 Total assets 949.2 1,112.4 Trade and other payables 21.3 35.7 Employee entitlements 24.4 41.4 Other liabilities 49.5 87.0 Corporate credit facility (borrowings) — — Total liabilities 95.2 164.1 Net assets 854.0 948.3 Ordinary shares outstanding (m) 338.0 369.4 Franking credits ($m) 31.7 41.0 For personal use only
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20 15 7 13 121 120 10 99 - $50m $100m $150m $200m $250m $300m 2024 2025 Strong cash generation provides balance sheet flexibility 23 1. Reduced by 15c per share dividend for 2H25. 2. Reflects cash available (above minimum regulatory capital) and includes trade and other receivables, net of trade and other payables and after deducting upcoming near-term variable remuneration payments and the upcoming payment of 2H25 dividend of 15c per share. 3. Liquidity classification is based on the terms of the relevant investment. Liquidity for unlisted seed investments reflects the applicable redemption periods as set out in the relevant fund documentation and disclosure documents. Actual redemptions are subject to the terms and conditions of the relevant fund, including notice periods, withdrawal limits, gates, suspensions and other restrictions that may apply from time to time. Listed investments are classified as daily liquidity on the basis that they are traded on an exchange; however, the ability to exit a position within a single trading day is subject to prevailing market conditions and trading volumes. 4. Includes 15c per share dividend for 2H25 result. Investment in financial assets Investment in other fund investments (via affiliates) Net free cash 2 Regulatory capital CAPIT AL AS AT 31 DECEMBER 2025 ($M) – POST-PRO FORMA ADJUSTMENTS & DIVIDEND1 61% 5% 11% 12% 10% $120M SEED CAPIT AL LIQUIDITY PROFILE AS AT 31 DECEMBER 2025 (%)3 CAPITAL MANAGEMENT FOCUSING ON MAXIMISING SHAREHOLDER RETURNS Dividends Minimum 50% dividend payout ratio 53 cents per share (fully franked) over last 3.5 years4 Return excess capital to shareholders $75m on-market buy-back program announced Launch new products, strategies or vehicles Seed capital drives alignment with clients and delivers returns to RPL shareholders M&A Strong acquisition track record, while remaining disciplined in evaluating opportunities Other Daily3 Illiquid Monthly Quarterly, semi annual & annual Strong operating cash collections and seed capital growth 247 158 For personal use only
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4. Trading Update & 2026 Priorities Brendan O’Connor (CEO) For personal use only
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25 Trading update & 2026 priorities Business update for January 2026 POSITIVE START TO 2026 $21.2bn UP 1.5% SINCE DEC 2025 31 Jan FUM1 ~$195m IN JAN 2026 Net inflows +$0.4bn ACROSS ALL STRATEGIES Investment performance2 87% ($15.0bn) AT OR WITHIN 5% OF HWM AT 31 JAN 2026 Performance fee eligible FUM GROWTH MOMENTUM Regal is undergoing a structural shift, with 2H25 groundwork delivering results in 2026 • Strong momentum domestically, with ~$195m in net inflows in January 2026 • Strong pipeline of offshore SMAs • Expect to launch the Regal Partners Income multi-strategy product in 2Q26 • Accelerating One RPL approach: Integration of platforms and processes to deliver operational efficiency and effectiveness on one platform • Pursuing opportunities for growth, while remaining disciplined in pursuit of M&A • Outcome-driven culture, team alignment, and strength of our talent create a core competitive advantage 1. Management estimate of funds under management (FUM) for 31 December 2025, net of distributions and reinvestments. 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. 2. Past performance is not a reliable indicator of future performance. For personal use only
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5. Q&A Brendan O’Connor (CEO) Ian Cameron (CFO) For personal use only
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27 Appendices For personal use only
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Appendix A FUM and Investment Performance For personal use only
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Group FUM 1. FUM adjusted for balance date subscriptions, redemptions and distributions net of reinvestments. 2. 3. “Other” includes buy-backs within listed investment vehicles, investor dividends and distributions (net of reinvestment), foreign exchange, income and tax. 4. Commitments comprise non-fee-earning commitments only. FUM (including 100% of Taurus Funds Management, Attunga Capital, Kilter Rural, Argyle Group and Ark Capital Partners) includes non-fee-earning FUM but excludes non-fee-earning commitments. Past performance is not a reliable indicator of future performance and should not be relied upon as an indication of the future performance of any fund or strategy. 29 FUM over the year to December 20251 • Positive investment performance (+17.5% growth in FUM): – mainly contributed by PM Capital’s long/short strategy, Regal Funds Management long/short strategies including domestic and global small companies, resources long/short, Asian long/short and multi-strategy funds • Net inflows (+8.4% growth in FUM): – highly diversified by asset class, investment strategy and client channel, including into new and existing investment strategies and vehicles – flows were predominantly driven by ongoing demand for PM Capital’s long/short strategy, Merricks Capital co-investments, domestic and offshore global small companies, domestic and offshore tactical opportunities and demand for multi-strategy funds in the second half in particular • The change within “Other” includes Taurus Mining Finance Fund II transition of phases from committed capital to invested capital $m 31 Dec 20241 Net flows Investment performance2 Other3 31 Dec 20251 Change Average management fee margin (%) Asset strategy Hedge funds 7,969 705 2,503 (384) 10,794 +35.4% 0.97% Growth equity 474 (57) 172 237 826 +74.3% 1.42% Real & natural assets 1,785 67 33 (24) 1,862 4.3% 0.90% Credit & royalties 6,636 626 231 (1,558) 5,935 -10.6% 1.27% Multi-strategy 1,158 165 210 (94) 1,439 +24.3% 1.28% Total FUM 18,022 1,507 3,150 (1,822) 20,856 +15.7% 1.09% Commitments4 182 – – 968 1,150 +531.9% 1.12% Total FUM & Commitments 18,204 1,507 3,150 (854) 22,006 20.9% 1.09% +$1.5bn NET INFLOWS +$3.2bn POSITIVE INVESTMENT PERFORMANCE CONTRIBUTING +17.5% FUM GROWTH Key FUM movements in calendar 2025 For personal use only
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Capital base provides differentiated and resilient earnings 30 1. Management estimate of FUM for 31 December 2025. 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. Past performance is not a reliable indicator of future performance. RPL FUM BY PERFORMANCE FEE DATE1 Monthly 6% Quarterly 2% Semi-annual 32% Annual June 29% Annual December 5% At maturity 9% No performance fee 17% Australian wholesale unit trust 31% SMA / fund of One 21% Offshore vehicle 17% Australian retail unit trust 16% LIC/LIT 15% RPL FUM BY INVESTMENT VEHICLE1RPL FUM BY LIQUIDITY1 Diversification of fund liquidity profile provides superior portfolio construction and resilient earnings profile for RPL Daily, 25% Monthly, 12% Quarterly, semi- annual and annual, 26% Term & closed-end capital, 38% Diversification of investment vehicles reflects increasingly diversified client base 83% of FUM is performance fee eligible, with 40% crystallised at least semi-annually For personal use only
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Strong long term net performance track record 31 1. Australian funds only. 2. Past performance is not a reliable indicator of future performance and should not be relied upon. Performance is net of fees and costs and assumes reinvestment of distributions. 3. ‘Regal’ refers to Regal Funds Management. 4. Rise in NAV since inception on 1 April 2025 (Global Small Companies) and August 2025 (45 King William Street), net of fees and costs. Capabilities Fund (as at 31 December 2025)1 Inception 1 year2 3 years (p.a)2 5 years (p.a)2 Since inception p.a.2 Brand3 Performance fee period Regal Tactical Opportunities Fund 2020 10.9% 21.9% 28.1% 37.6% Regal Jun/Dec Regal Australian Long Short Equity Fund 2009 18.8% 15.8% 13.7% 14.0% Regal Jun/Dec Regal Australian Small Companies Fund 2015 26.1% 28.2% 16.9% 23.5% Regal Jun/Dec Regal Resources Long Short Fund 2021 15.9% 8.6% - 20.0% Regal Jun/Dec Regal Resources High Conviction Fund 2023 41.3% - - 20.7% Regal Jun/Dec Regal Global Small Companies Fund 2025 - - - 79.4% (1 April 2025)4 Regal Jun/Dec Attunga Enviro & Power 2006 -1.5% 2.5% 8.0% 11.6% Attunga Capital Jun/Dec Regal Asian Investments Limited (RG8) 2019 44.8% 16.8% 8.1% 8.0% Regal Jun/Dec Regal Partners Global Investments Limited (RG1) 2017 41.2% 21.6% 6.4% 7.1% Regal Jun/Dec PM Capital Global Opps Fund Ltd (PGF) 2013 43.7% 28.3% 24.5% 16.5% PM Capital Jun PM Capital Global Companies Fund 1998 38.3% 25.6% 22.8% 11.3% PM Capital Jun PM Capital Australian Companies Fund 2000 28.9% 9.2% 12.5% 10.9% PM Capital Jun Regal Emerging Cos Opportunities Fund 2020 30.9% 17.7% 11.7% 17.1% Regal Jun/Dec Argyle Water Fund 2012 3.2% 1.0% 4.5% 12.1% Argyle Jun Kilter Balanced Water Fund 2015 10.6% 1.4% 5.1% 9.6% Kilter Rural Jun Kilter Water Fund 2014 11.5% 3.4% 8.2% 11.5% Kilter Rural Jun 45 King William Street Fund 2025 - - - 23.2% (5 Aug 2025)4 Ark Capital Partners End of term PM Capital Enhanced Yield Fund 2002 4.6% 5.7% 3.7% 5.1% PM Capital Monthly Regal Resources Royalties Fund 2019 21.6% 20.5% 32.1% 24.8% Regal Jun/Dec Regal Private Credit Opportunities Fund 2022 10.0% - - 9.9% Regal Jun/Dec Regal Tactical Credit Fund 2023 9.7% - - 13.2% Regal N/A Taurus Mining Finance Fund No. 2 2019 - - - 23.2% net IRR Taurus End of term Taurus Mining Royalty Fund 2023 - - - 76.9% net IRR Taurus End of term Merricks Capital Partners Fund 2017 8.2% 8.4% 8.7% 9.7% Merricks Capital N/A Merricks Capital Agriculture Credit Fund 2021 9.2% 10.3% - 10.0% Merricks Capital Jun Regal Investment Fund (RF1) 2019 16.2% 16.6% 13.2% 18.3% Regal Jun/Dec Regal Partners Private Fund 2023 15.8% - - 20.1% Regal Partners Jun/Dec Hedge Funds Growth Equity Credit & Royalties Real & Natural Assets Multi-strategy For personal use only
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Appendix B Financials For personal use only
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Reconciliation of statutory to normalised NPA T1 33 1. The statutory results include Merricks Capital and Argyle Group from 2H24 following completion of the acquisition. 2. Related to one-off incentive grants related to the merger of VGI Partners Limited and Regal Funds Management Pty Ltd in 2022; and Regal Options issued on the acquisition of Merricks Capital in July 2024. NOTABLE FOR 2025 • ‘Transaction and integration costs’ include costs related to the acquisitions of Ark Capital Partners and the Mayfair Hotel asset acquisition, deals no longer pursued and restructuring related costs following integration of acquired businesses. • ‘Non-recurring professional services and other costs’ relate to legal, professional and other costs occurring during the period that relate to specific non-recurring matters. • Share-based payments in relation to the Deferred Bonus Grants and 2024 & 2025 Long- Term Incentive (LTI) Grants remain within the normalised results. NOTABLE FOR 2024 • ‘Unrealised and realised gains on a strategic asset’ have been removed from the normalised results. Other fair value movements on seed capital remain within normalised result. • ‘Transaction and integration costs’ include costs related to the acquisitions of Merricks Capital, Argyle Group, as well as deals no longer pursued. • ‘Non-recurring professional services and other costs’ relate to legal, professional and other costs occurring during the year that relate to specific non-recurring matters. • Capital raise costs related to cost of raising capital in 2H24 from PM Capital Global Opportunities Fund (ASX:PGF) and Regal Investment Fund (ASX:RF1). $m Year to Dec 2024 1 Year to Dec 2025 Statutory NPAT attributable to RPL shareholders 66.2 130.5 Non-cash amortisation of contract assets and intangible assets 11.4 14.2 Non-cash amortisation of share-based payments2 13.8 14.8 Realised and unrealised (gains)/losses on strategic asset (7.0) (0.2) Transaction and integration costs 5.3 2.2 Capital raise costs related to two listed investment vehicles managed by the Group 5.8 – Non-recurring professional services and other costs 2.4 4.8 Normalised tax adjustments (0.5) (5.7) Normalised NPAT attributable to RPL shareholders 97.5 160.5 For personal use only
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Line-by-line reconciliation 34 2025 Adjustments Adjustments 2025 $m Statutory Reclass of Taurus, Argyle and Ark Capital Other adjustments Normalised Management fees (net) and loan management fees 167.7 35.4 – 203.1 Performance fees (net of rebates) 172.6 3.1 – 175.7 Share of profit of associate 8.4 (8.4) – – All other income 28.7 11.7 (0.2) 40.3 Total net income 377.4 41.9 (0.2) 419.0 Employee benefits expense (personnel expenses) (89.3) (17.6) 1.3 (105.6) Amortisation of employee benefits (including share based payments and other deferrals) (33.0) – 14.8 (18.2) All other expenses (67.2) (4.6) 19.8 (52.0) Total expenses (189.5) (22.2) 35.9 (175.8) Profit before income tax 187.9 19.7 35.7 243.2 Income tax expense (56.0) (8.6) (5.7) (70.3) Profit after tax pre non-controlling interests 131.9 11.0 30.0 172.9 Non-controlling interests (1.4) (11.0) – (12.4) Normalised NPAT 130.5 – 30.0 160.5 A B C D • These adjustments reclassify the ‘share of profit of associate’ that the Group earned in 2025, following the acquisition of 50% of the ordinary shares of Taurus SM Holdings Pty Ltd (in late 2023), 40% of ordinary shares of Argyle Group Holdings Pty Ltd and 40% of the units of Argyle Group Holdings Unit Trust on 26 July 2024, and 50% of the ordinary shares of Ark Capital Partners Pty Limited on 25 June 2025. The reclassification breaks this amount into its component parts to present the Group’s pro forma figures on a line-by-line basis. There was no overall change to NPAT as a result of this reclassification. • Realised and unrealised gains in Pacific Current Group Limited (ASX:PAC) have been normalised, other fair value movements on seed capital remain within normalised results. • Amortisation on one-off share-based payment schemes on: (1) merger between VGI Partners Limited and Regal Funds Management Pty Limited and (2) acquisition of Merricks Capital. Both amortisations have been removed from share-based payments with only amortisation on Deferred Bonuses/LTI Grants remaining. • Other normalisations including amortisation of intangible assets (non- cash), ‘transaction and integration costs’, and other ‘non-recurring professional services and other costs’. A B C D For personal use only
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Schedule of variable remuneration amortisation 35 1. Deferred Bonus Grant of Performance Share Rights (PSRs) issued Aug 2022 (vested in Aug 2023 and Aug 2024). 2. Deferred Bonus Grant of PSRs issued Sept 2023 (vesting dates of Sept 2024 and Sept 2025). 3. Deferred Bonus Grant of PSRs and deferral via exposure to funds issued Sept 2024 (vesting in Sept 2025 and Sept 2026 for PSRs and Sept 2026 and Sept 2027 for deferral via exposure to funds). 4. Deferred Bonus Grant of PSRs and fund units issued Sept 2025 (vesting in Sept 2026 and Sept 2027). 5. Proposed Deferred Bonus Grant of PSRs and fund units to be issued March 2026 (vesting in March 2027 and March 2028). Amortisation presented is indicative based on management’s estimate of fair value as at the time of this report and an issue value of $31.6m. Variable remuneration grant to align with financial year. 6. LTI grant issued under an employee incentive plan and vesting in 2027 (subject to service and market vesting conditions). 7. LTI grant of PSRs issued under an employee incentive plan and vesting in 2028- 2030 (subject to service and market vesting conditions). 8. One-off Integration and LTI Grants of PSRs issued Aug 2022 (vested in Aug 2025). 9. One-off grant under the Restricted Share Plan in Apr 2022 prior to the merger (vested in Jun 2024). 10. One-off grant issued under the Merricks Acquisition relating to 1,639,329 Regal Options issued to replace existing options in Merricks Capital. • RPL’s normalised expenses include the impact of any ‘short-term incentive compensation’. The amortisation expense is spread over the vesting period for PSRs and fund units. It is also adjusted for annualised dividend yields (as the PSRs do not have entitlements to dividends during the vesting period and to account for the probability of not meeting vesting conditions) for PSRs. • An LTI grant was approved by the RPL Board in 2H24 and 2H25. For accounting purposes, the fair value of the grant and related amortisation is summarised under ‘Long-term incentive compensation’ on the left. • Amortisation of ‘acquisition-related incentive compensation’ is considered one-off in nature and accordingly, is not included in RPL’s normalised expenses but is included in RPL’s statutory expenses. $m CY24 CY25 CY26 (est.) CY27 (est.) CY28 (est.) CY29 (est.) CY30 (est.) Total incl. prior Short-term incentive compensation 2022 annual grant 1 1.7 – – – – – – 13.9 2023 annual grant 2 2.8 0.7 – – – – – 4.7 2024 annual grant 3 5.7 13.2 3.8 0.4 – – – 23.1 2025 annual grant 4 – 3.7 8.0 3.2 – – – 15.0 2H25 grant (March 2026) – indicative 5 – – 18.7 9.7 1.2 – – 29.7 Total 10.2 17.6 30.5 13.3 1.2 – – 86.4 Long-term incentive compensation 2024 LTI grant 6 0.1 0.4 0.4 0.3 – – – 1.2 2025 LTI grant 7 – 0.1 1.1 1.1 0.9 0.6 0.3 4.1 Total 0.1 0.5 1.5 1.4 0.9 0.6 0.3 5.3 Acquisition-related incentive compensation (one-off) 2022 grant (integration and LTI) 8 12.4 13.3 – – – – – 46.7 2022 restricted share grant 9 0.7 – – – – – – 3.0 Regal Options issued for acquisition of Merricks Capital10 0.7 1.5 1.5 0.7 – – – 4.3 Total 13.8 14.8 1.5 0.7 – – – 54.0 For personal use only
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Conversion of RPL securities into ordinary shares 36 1. Deferred Bonus Grant of PSRs issued Sept 2023 (vested in Sept 2024 and Sept 2025). 2. Deferred Bonus Grant of PSRs issued Sept 2024 (vesting dates of Sept 2025 and Sept 2026). 3. Deferred Bonus Grant of PSRs issued Sept 2025 (vesting in Sept 2026 and Sept 2027). 4. Deferred Bonus Grant of PSRs to be issued in Mar 2026 (vesting in Mar 2027 and Mar 2028), the number of rights issued is based on an indicative spot price of $3.00 per RPL share as a proxy for a 5-day WAP price closer to the date of issue and an issue value of $21.8m. 5. One-off Integration and LTI Grants of PSRs issued Aug 2022 (vested in Aug 2025). 6. LTI grants issued Sept 2024 and Sept 2025 (vesting in 2027-2030, subject to service, performance and market vesting conditions). 7. Deferred Converting Shares issued which are either unconditional (5.3 million) or are conditional on portfolio management targets (15.9 million). Holders of Deferred Converting Shares issued pursuant to the PM Capital Transaction may elect to convert a pro rata portion of their holding upon certain triggers including where entities associated with Philip King sell or transfer their RPL shares after the date of completion of the acquisition of PM Capital. In addition, the Deferred Converting Shares and the Contingent Converting Shares issued pursuant to the acquisition of PM Capital will convert in certain circumstances, including where Philip King ceases to be employed by the Group, where Paul Moore’s employment is terminated (other than for cause or where Paul Moore has voluntarily departed), RPL becomes subject to an insolvency event or a change of control and in other limited circumstances. 8. Contingent Converting Shares issued which are contingent on revenue or FUM targets with earliest vesting on 30 Jul 2026; balance will grow over time as these securities must participate in a DRP. 9. Regal Unlisted Options issued to current employees of Merricks Capital in exchange for the cancellation of the options which they held in Merricks Capital as at the date of acquisition of Merricks Capital by RPL. • Where conversion may occur over a period, conversion is assumed to be the earliest possible date where all conditions may be met. • Where conversion conditions exist, conversion assumes those conditions are met at the earliest possible date. Fully dilutive securities (end of period)Estimated conversion of RPL Performance Share Rights, Converting Shares and Options into ordinary shares – assuming earliest conversion possible * indicates future DRP issuances should be included where applicable. No. of shares / rights / options (millions) Notes 1H25 2H25 1H26 (est.) 2H26 (est.) 1H27 (est.) 2H27 (est.) CY28 (est.) CY29 (est.) CY30 (est.) Ordinary shares Opening balance of ordinary shares 338.0 338.8 369.4 369.4 416.8 420.4 433.1 437.3 438.1 RPL DRP issuances 0.1 0.1 * * * * * * * Conversion of Performa nce Sha re Rights (PSRs) PSR conversion – 2023 Deferred Grant 1 0.0 1.0 PSR conversion – 2024 Deferred Grant 2 0.4 1.8 1.7 PSR conversion – 2025 Deferred Grant 3 1.2 1.2 PSR conversion – 2H25 grant (March 2026) – indicative 4 3.6 3.6 PSR conversion – Integration / LTI Grants 5, 6 0.3 14.5 0.7 0.6 0.8 1.2 Converting Sha res Deferred Converting Shares 7 13.2 21.2 Contingent Converting Shares 8 * 23.3* Conversion of Rega l Unlisted Options (issued under a cquisition of Merricks Ca pita l ) Regal Unlisted Options 9 10.8 Closing balance of ordinary shares 338.8 369.4 369.4 416.8 420.4 433.1 437.3 438.1 439.2 At 31 Dec 2025 At 30 Jun 2026 (est.) Ordina ry sha res 369.4 369.4 * * PSRs 1.7 1.7 2.4 2.4 7.2 3.3 3.3 Converting Sha res 21.2 21.2 23.3* 23.3* Options 10.8 10.8 432.2 439.2 For personal use only
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Normalised NPBT if compensation was not deferred or at risk 37 $m Year to Dec 2023 Year to Dec 2024 Year to Dec 2025 Normalised profit before income tax and non- controlling interests 46.9 146.0 243.2 Add back: Deferred compensation expense from previous period’s performance +9.8 +10.3 +18.2 Deduct: variable compensation expense related to current period performance (11.3) (24.4) (42.8) Normalised profit before income tax and non- controlling interests – adjusted for above 45.4 131.9 218.7 Growth (%) +190% +65% • ‘Normalised profit before income tax and non-controlling interests - adjusted’ is presented to: – show underlying drivers of cash generation in the business – re-allocate deferred compensation from the previous periods into those respective periods while allocating deferred compensation from the current period to the same period (i.e., as though all compensation was paid in cash each period) • Key changes include: • adding back remuneration expense from previous performance periods that amortised in the current period • deducting the amortisation of remuneration that would occur in future periods, as though it was paid in cash in that respective performance period (and as though not at risk) A B A B Pro forma presentation of normalised profits For personal use only
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Appendix C Business and Management For personal use only
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39 Highly credentialled investment and management team Adrian Redlich CIO – Income Strategies Philip King CIO – Long/Short Equities Paul Moore CIO – Global Equities Brendan O’Connor Chief Executive Officer (61%) (61%) (50%) (40%) Ian Cameron Chief Financial Officer Kathleen Liu General Counsel Hai Nguyen Chief Technology Officer James Persson Chief Risk Officer Ilana Stringer Head of Strategy Rob Saunders Chief Commercial Officer & Head of Distribution, Australia Leadership teamChief Investment Officers (CIOs) Partial ownership stakes1 Maya Takegami Human Resources Director 1. Percentage of ownership stakes based on total outstanding ordinary shares on issue. Charlie Aitken Group Investment Director (50%) For personal use only
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Origins of Regal Partners Limited 40 Investing differently, delivering consistently since 19981 2007 2008 ... 2019 2020 2021 20222018 2023 2024 20252006200520041998 ... PM Capital founded in 1998 by Paul Moore Regal Funds Management founded in 2004 by brothers; Phil and Andrew King Kilter Rural founded in 2004 Taurus Funds Management founded in 2006 Attunga Capital founded in 2005 Merricks Capital founded by Adrian Redlich in 2007 Argyle Group founded in 2007 VGI Partners founded in 2008 Regal Funds Management acquires 50% of Kilter Rural Regal Funds Management acquires 51% of Attunga Capital Regal Funds Management acquires an additional 11% of Kilter Rural Regal Funds Management acquires 100% of VGI Partners Regal Partners acquires 100% of PM Capital Regal Partners acquires 50% of Taurus Funds Management Regal Partners acquires additional 10% of Attunga Capital Regal Partners acquires 100% of Merricks Capital Regal Partners acquires 40% of Argyle Group Regal Partners formed [ASX:RPL] 25+ year track record of attractive risk-adjusted returns through market cycles Regal Partners acquires 50% of Ark Capital Partners Ark Capital founded by hotel sector specialists 1. Percentage of ownership stakes based on total outstanding ordinary shares on issue. For personal use only
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Leading multi-strategy offerings provide solutions for evolving client needs 1. FUM and portfolio performance as at 31 December 2025. FUM is net of estimated distributions and reinvestment where applicable. Performance is net of fees and costs and assumes reinvestment of distributions. Past performance is not a reliable indicator of future performance and should not be relied upon. REGAL PARTNERS PRIVATE FUND Sub-strategy allocations as at 31 December 20251 TWO MULTI-STRATEGY OFFERINGS1 Aus Small Companies 9% Global Long Short 6% Resources High Conviction 7% Emerging Companies 19% Tactical Opportunities 9%Resources Long Short 3% Market Neutral 6% Power 6% Water 10% Private Credit 16% Resources Royalties 9% Alternative Growth Strategies Uncorrelated Strategies Alternative Income Strategies 41 REGAL INVESTMENT FUND (ASX:RF1) REGAL PARTNERS PRIVATE FUND (unlisted) Fund launch Jun 2019 Fund launch Dec 2023 31 Dec 2025 FUM $784m 31 Dec 2025 FUM $655m including Cayman Annualised return since inception 18.3% p.a. Annualised return since inception 20.1% p.a. For personal use only
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Recycling capital to accelerate growth 42 Case studies: Regal Resources Royalties Fund & 45 King William Street Fund (Mayfair Hotel) Regal Resources Royalties Fund 45 King William Street Fund Fund Launch August 2019 Fund Launch August 2025 Annualised return since inception 1 24.8% p.a. Return since inception 1 23.2% since launch 31 Dec 2025 FUM post raise 2 ~$440m 31 Dec 2025 FUM post raise 2 ~$92m Opportunity Successful origination of specialised asset RPL balance sheet helps secure asset External fundraising replaces initial RPL financial support Larger deals, greater relevance, increased revenue & cash generation $95m ROYALTIES RAISE AUG-SEP 2025 ~$35m HOTEL RAISE 2H25 1. As at 31 December 2025. Performance is net of fees and costs and assumes reinvestment of distributions. Past performance is not a reliable indicator of future performance and should not be relied upon. 2. Fund sizes include the raises that occurred in 2025 and described on this slide. For personal use only
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RG8 43 $3.2bn in listed investment vehicles, up 23% on pcp1 1. Portfolio sizes and returns as at 31 Dec 2025. Past performance is not a reliable indicator of future performance. Performance is net of fees and costs and is adjusted for capital flows including those associated with the payment of distributions/dividends and tax, share issuance and/or cancellations (option exercise, distribution/dividend reinvestment plan (pre franking benefits), share purchase plan, and equal access buyback) where relevant. RPL’s LICs/LITs represented 15% of group FUM on a 100% FUM ownership basis at 31 Dec 2025. 2. Returns for RG1 and RG8 have been calculated from 1 Jul 2022 as a proxy for returns since Regal Funds Management Pty Limited merged with VGI Partners Limited to form Regal Partners Limited and exclude franking credit benefits. 3. Dividend target announced on 16 Feb 2026. RG8 provides investors with access to an actively-managed, concentrated portfolio, comprising long investments and short positions in Asian listed securities. It may also take positions in other companies with significant exposure to the Asian market. RF1 provides investors with exposure to a diversified range of alternative investment strategies across the Regal Partners group, with an objective to produce attractive risk-adjusted returns over a period of more than five years with limited correlation to equity markets. RG1 provides investors with access to a concentrated portfolio, predominantly comprised of long investments and short positions in global listed securities. It is actively managed by Regal Partners. PGF provides long-term capital growth over a seven-year plus investment horizon through investment in a concentrated portfolio of undervalued global (including Australian) equities and other investment securities. RF1 Listed: 2017 Portfolio return since merger2: 16.6% p.a. Share price return since merger2: 19.0% p.a. Portfolio size: $602m Multi-Strategy Alternatives The Best of Regal Partners Group Listed: 2019 Portfolio return since inception: 18.3% p.a. Distributions since inception: $2.43 Portfolio size: $784m Asian L/S High Conviction The Best of Regal Asian Equities Global L/S High Conviction The Best of Regal Global Equities RG1 PGF Listed: 2019 Portfolio return since merger2: 17.2% p.a. Share price return since merger2: 17.6% p.a. Portfolio size: $453m Listed: 2013 Portfolio return since inception: 16.5% p.a. Dividend target3: 13.5c in FY26 Portfolio Size: $1,367m Global L/S Equities The Best of PM Capital’s Global Ideas Represents ~15% of group FUM1 For personal use only
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44 For personal use only