Regal posts jump in net profit for FY25 despite Opthea write down
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The news: Regal Partners has posted a normalised net profit after tax jump for the full-year to December 2025 and lifted its dividend despite writing down its Opthea investment.
The numbers: The investment group posted a 65% increase in NPAT to $160.51 million and a 105% surge in performance fees to $172.59 million.
The company declared a full-year total dividend of 21 cents up from 18 cents per share in FY24.
Funds under management (FUM) reached $20.9 billion, a 16% increase over the year.
The context: The investment manager said FY25 saw a “particularly high” demand for the group’s hedge fund capabilities and pointed to PM Capital’s global long/short strategy and Regal Global Small Companies Fund. It said the latter fund returned 79% by year end.
It also said FUM inflows were strong in its credit and royalties asset class, growth in its Regal Partners Private Fund was strong, and that it experience positive offshore momentum.
However, it noted its disappointing outcome from the investment in Opthea which was written down to zero in March 2025. Regal said the size of the investment was a small portion of the group’s FUM.
What they said: On Opthea Regal chief executive Brendan O’Connor said: “Following this, we implemented a number of refinements across the business, including additional appointments to certain investment committees and changes to our risk management and portfolio construction process to limit single-stock concentration risk”.
“We believe the firm has learned valuable lessons from this episode, and we expect investors will benefit over time from the improvements that have been implemented.”
The source: ASX
