Navigator Global Investments (NGI) H1 2026 earnings summary

Executive summary

• Adjusted EBITDA rose 17% to $48.2 million for H1 FY26, with a margin of 45%, and revenue increased 17% to $108.3 million, driven by strong performance from Lighthouse and higher cash distributions from NGI Strategic.

• Ownership-adjusted AUM reached $29.0 billion, up 5% from June 2025 and 7% year-over-year, supported by consistent investment performance and new fund initiatives.

• Diversified earnings base across 11 partner firms and 42 alternative investment strategies, with low correlation to global markets.

• The sale of Bardin Hill was completed, impacting AUM and generating non-recurring gains.

• Dividend payments were suspended to prioritize capital for growth opportunities.

Financial highlights

• Revenue up 17% to $108.3 million in H1 FY26, with management fees up 7% and performance fees up 23%.

• Adjusted EBITDA reached $48.2 million, a 17% increase year-over-year, with a margin of 45%.

• Adjusted NPAT rose 7% to $29.8 million, but statutory NPAT was a $4.3 million loss due to negative fair value changes in investments.

• Distributions from partner firms increased 34% to $22.3 million.

• Proforma Adjusted EPS increased 7% to 6.1 cents per share.

Outlook and guidance

• FY26 Adjusted EBITDA is expected to be lower than FY25 due to anticipated lower investment performance in NGI Strategic and timing of profit distributions.

• Long-term growth outlook remains positive, supported by structural tailwinds in alternative asset management and continued focus on acquiring high-quality, scalable managers.

• Continued focus on measured, acquisitive growth and adding new partner firms to further diversify earnings.