Regal Partners’ Sharp Turnaround Raises Questions on Future Buy-Backs and Strategy

• Profit after tax of $103.5 million, reversing prior period loss
• Investment portfolio returned +31.4% net of fees
• Declared fully franked interim dividend of 6.0 cents per share
• Completed on-market share buy-back of over 5 million shares
• Company rebranded from VGI Partners Global Investments to Regal Partners Global Investments

Strong Financial Turnaround

Regal Partners Global Investments Limited (ASX – RG1) has delivered a striking financial performance for the half-year ended 31 December 2025, reporting a profit after tax of $103.5 million. This marks a significant reversal from the loss of $43.1 million recorded in the same period last year. The company’s revenue surged by 459%, driven by robust gains on its investment portfolio.

The investment portfolio returned an impressive +31.4% net of fees, reflecting the effectiveness of Regal Partners’ concentrated, actively managed strategy that combines long investments with short positions in global listed securities. This performance also translated into a 26.8% share price return over the six months, a strong signal of market confidence.

Dividend and Capital Management

In line with its strong earnings, RG1 declared a fully franked interim dividend of 6.0 cents per share, payable on 23 March 2026. The dividend is supported by a healthy profits reserve of approximately $335 million, preserved for future dividend payments. Shareholders also have the option to participate in the company’s Dividend Reinvestment Plan (DRP), which continues to be in operation.

Capital management remains a priority, with the company completing an on-market share buy-back of 5.19 million shares at a cost of $10.2 million during the half-year. This buy-back forms part of a broader shareholder-approved program allowing up to 25% of shares to be repurchased over 12 months, underscoring the board’s commitment to enhancing shareholder value.

Strategic Rebranding and Management Realignment

November 2025 saw the company rebrand from VGI Partners Global Investments Limited (VG1) to Regal Partners Global Investments Limited (RG1), a move approved by shareholders to better reflect its market proposition. Alongside the name change, investment management oversight transitioned to Paul Moore, Chief Investment Officer, Global Equities at Regal Partners. This realignment aims to strengthen portfolio management continuity and leverage Moore’s expertise.

The company’s net tangible assets per share rose by 27% post-tax to $2.55, further highlighting the firm’s enhanced financial position. Regal Partners continues to benefit from the support of its investment manager, which covered over $257,000 of operating expenses during the period, demonstrating strong alignment with shareholder interests.

Outlook and Market Position

Subsequent to the reporting period, the company recorded a further portfolio return of +6.6% in January 2026, suggesting momentum is sustained into the new year. With a net equity exposure of 96%, RG1 maintains a balanced approach between long and short positions, aiming to navigate global market volatility effectively.

Independent auditor KPMG reviewed the half-year financial report with no issues noted, providing additional assurance on the company’s financial disclosures. As Regal Partners consolidates its gains and executes its capital management strategies, investors will be watching closely to see how the new management structure influences future performance.

Bottom Line?

Regal Partners’ robust turnaround and strategic moves set the stage for a pivotal year ahead.

Questions in the middle?

• How will the new CIO’s oversight impact RG1’s investment strategy and returns?
• What is the potential scale and timing of further share buy-backs under the approved program?
• How might global market conditions affect the company’s net equity exposure and portfolio positioning?