Regal Partners Global Investments (RG!) H2 2025 earnings summary

Executive summary

• Reported a net loss after tax of $17.6 million for FY25, equating to -6.70 cents per share, compared to a profit of $64.1 million in FY24.

• Net portfolio return was -3.0% for FY25, down from +17.8% in FY24, with total shareholder return at -1.6% pre-franking.

• Increased fully franked dividends to 12.0 cents per share for FY25, representing a net yield of 6.7% and grossed-up yield of 9.6%.

• Profits reserve stands at $246.0 million, supporting approximately 7.8 years of future dividends at the current rate.

• Significant share buy-back activity, with 39.4 million shares repurchased for $73.4 million during FY25.

Financial highlights

• Operating loss before tax: $28.3 million (FY24: profit of $88.4 million).

• Net tangible assets (NTA) per share after tax: $2.06, down 7.6% year-over-year.

• Total assets: $639.1 million; net assets: $523.0 million as of 30 June 2025.

• Management fees paid: $7.8 million; no performance fees earned in FY25.

• Cash and cash equivalents at year-end: $321,420.

Outlook and guidance

• No specific forward guidance provided due to market volatility; ongoing monthly and annual updates available.

• Board intends to maintain or grow dividends, fully franked where possible.