Navigator Global Investments (NGI) investor relations material

Executive summary

• Ownership-adjusted AUM rose 21% to USD33.6 billion, with total firm-level AUM at USD104 billion, driven by robust net inflows and strong investment performance.

• Revenues increased 1% to USD206.5 million, with higher management and performance fees offset by lower distributions from NGI Strategic and increased expenses.

• Adjusted EBITDA was USD102 million, down 10% year-over-year, at the midpoint of guidance.

• Statutory NPAT dropped 82% to USD21.2 million due to non-cash fair value adjustments and lower distributions.

• The acquisition of the NGI Stable Growth Portfolio closed post-period, adding USD2 billion AUM and further diversification.

Financial highlights

• Statutory revenue grew 8% to USD470.5 million; statutory EBITDA fell to USD55.1 million and NPAT to USD21.2 million, down 82% due to non-cash fair value movements.

• Management fees rose 11% year-over-year, with performance fees up to USD45.5 million.

• NGI Strategic distributions moderated to USD63.7 million from USD80.1 million, with private market partner firm distributions up 44% to USD20.8 million.

• Net assets increased 17% to USD930.3 million, supported by strong operating cash flow and capital raising.

• Employee and operating expenses increased, impacting adjusted EBITDA margin.

Outlook and guidance

• Continued net inflows and strong risk-adjusted returns expected in FY27, supported by new product launches and sector tailwinds.

• Stable Growth Portfolio expected to meaningfully increase FY27 earnings and diversify AUM and revenue streams.

• Robust M&A pipeline and capital management focused on funding new investments and maintaining balance sheet strength.

• Dividend remains suspended; capital prioritized for growth.