Regal reports $2.2bn net inflows and $122.7m CY26 fee revenue

Performance Fees Reach $122.7 Million Minimum

Regal Partners Limited (ASX:RPL) has locked in at least $122.7 million of fund performance fee revenue for CY26, with the bulk already crystallised and received in cash. The figure includes $118.7 million recorded in the first half and a further $4.0 million generated between 1 July and 31 October.

The update is less a new earnings upgrade than a boundary around the year ahead of Regal’s February results. The company said current market conditions and recent fund performance mean it does not currently expect any incremental second-half performance fee revenue to be material relative to the amount already crystallised.

RG8 Decline Offsets Other Investment Income

Other Income is shaping up as a drag rather than a contributor. Regal said its investment in Regal Asian Investments Limited (ASX:RG8) had a “material negative impact” in the second half so far, reflecting RG8’s share-price decline during the period. Regal currently expects Other Income to have no material impact on CY26 Normalised NPAT.

That qualification matters because performance fees and returns on seed investments can move sharply over short periods, particularly in volatile markets. The $122.7 million figure is therefore a minimum crystallised amount, not a full-year Normalised NPAT forecast.

Net Inflows Extend a Twelve-Quarter Run

The more durable signal in the release is the continued demand for Regal’s strategies. Net inflows reached $2.2 billion for the ten months to 31 October after another $0.1 billion in October, extending the company’s run of positive quarterly net flows to 12 consecutive quarters. The September quarter had already marked the latest stage of that run in September quarter inflows, when funds under management reached approximately $21.9 billion.

Regal reported approximately $22 billion in funds under management at 30 September, although that figure is a management estimate, unaudited, and includes non-fee-earning assets. Sustained inflows can broaden the fee base over time, but this release does not quantify the effect on future fee revenue or provide a final CY26 earnings figure.

February Results Set the Earnings Test

Investors now have a clearer floor for performance fee revenue but not a complete view of profitability. The February 2027 CY26 results will need to show how the crystallised fees, RG8-related weakness and underlying fund flows combine in Normalised NPAT, particularly if market conditions continue to limit additional performance fees before year-end.