Navigator Global Investments (NGI) H1 2025 earnings summary

Executive summary

• Adjusted EBITDA rose 16% year-over-year to USD 41.1 million for H1 FY25, driven by strong performance and management fee growth, especially from Lighthouse, and resilient contributions from NGI Strategic partner firms.

• Statutory net profit after tax surged to USD 68.8 million, reflecting higher revenues and fair value gains.

• Revenue increased 28% year-over-year to USD 92.3 million, with total revenue and income at USD 165.1 million.

• Ownership-adjusted AUM reached USD 27.1 billion as of 31 December 2024, up 4% year-over-year and 3% from 30 June 2024, with firm-level AUM at USD 78.5 billion.

• The business is highly diversified, with 11 partner firms and over 205 products across 43 alternative investment strategies, providing low correlation to global equity and fixed income markets.

Financial highlights

• Management fee revenue increased 4% year-over-year to USD 43.5 million; performance fee revenue surged 403% to USD 31.7 million, with Lighthouse as a key driver.

• Adjusted EBITDA margin was 45% for H1 FY25, down from 50% in the prior period.

• Statutory NPAT was USD 68.8 million, up 589% year-over-year, and basic EPS rose to 15.3 cents.

• Net assets increased to USD 733.3 million as of 31 December 2024.

• Net cash from operating activities was USD 31.8 million, up from USD 7.9 million in the prior period.

Outlook and guidance

• FY25 earnings are expected to exceed FY24, subject to market conditions and timing of revenue receipts.

• Higher net inflows anticipated in 2025 due to strong investment performance, new product launches, and positive allocator sentiment.

• Active pipeline of inorganic growth opportunities and minority stake acquisitions under review.