Regal Partners (ASX:RPL) FY24 Net Income Soars 151%, FUM Hits AUD 11Bn

Sonal Goyal

31 July 2025 12:45 PM AEST

Regal Partners (ASX:RPL) FY24 Net Income Soars 151%, FUM Hits AUD 11Bn

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Highlights

RPL posted a 151% YoY rise in FY24 net income to AUD 281.1 million.

FUM increased by 64% YoY to AUD 11.0 billion in FY24.

RPL expects to deliver at least AUD 40 million normalised NPAT in 1H25.

Regal Partners Limited (ASX: RPL) is an Australian alternatives investment manager that offers long/short equities, private markets, real and natural assets, and credit and royalty strategies to institutions, family offices, charitable groups, and private investors.

In the full year ended 31 December 2024 (FY24), RPL reported a 151% YoY increase in total net income to AUD 281.1 million, up from AUD 111.9 million in FY23. Normalised NPAT surged 198% to AUD 97.5 million in FY24, compared to AUD 32.7 million in the prior year, driven by increased revenues and contributions from PM Capital, Taurus, Merricks Capital, and Argyle. Funds Under Management (FUM), including non-fee-earning assets, increased by 64% YoY to AUD 11.0 billion from AUD 18.0 billion in FY23. The average management fees stood at 1.13% vs 1.09% in FY23 due to increased diversification and product mix as well as acquisition of Merricks Capital and Argyle in H2FY24.

In the quarter ended 30 June 2025 (Q2FY25), RPL reported a 7% increase in FUM to AUD 17.7 billion, with total FUM and commitments reaching AUD 18.9 billion, primarily driven by AUD 0.6 billion in net inflows and AUD 1.0 billion in positive investment performance, especially in long/short equities and multi-strategy funds. The quarter included AUD 0.2 billion in distribution payments and FX impacts, with the Ark Capital Partners acquisition expected to support future growth.

RPL will release its H1FY25 results on 25 August 2025.

Company Outlook

RPL has raised its 1H25 performance fee revenue estimates to approximately AUD 40 million from previous estimate of AUD 35 million due to positive results in global long/short equity and alternative strategies. It also anticipates a Normalised NPAT of at least AUD 40 million in 1H25, with contributions from PM Capital, Regal’s funds, and others entities such as Attunga and Taurus.

Despite variability in performance fees and pending auditor review, average FUM for H1FY25 is estimated at AUD 17.5 billion.

Share performance of RPL

RPL shares closed 2.67% lower at AUD 2.920 per share on 31 July 2025. In a year, the stock has declined by 21.08%, but has risen significantly in the short term, with a 50.52% gain over the past three months and a 28.07% rise in the last month.

The 52-week high for RPL is AUD 4.270, recorded on 22 November 2024, while the 52-week low is AUD 1.620, recorded on 11 April 2025.

Support and Resistance Summary

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 31 July 2025. The reference data in this report has been partly sourced from EODHD/Others.

Technical Indicators Defined:

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.

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