Navigator Global Investments (NGI) H1 2026 earnings summary

Executive summary

• Adjusted EBITDA for H1 FY26 was $48.2 million, up 17% year-over-year, with a margin of 45%.

• Revenue for H1 FY26 rose 17% to $108.3 million, with performance fee revenue up 23% and management fee revenue up 7%.

• Ownership-adjusted AUM reached $29.0 billion, up 7% for the calendar year, driven by strong investment performance and new fund initiatives.

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

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

Financial highlights

• Total revenue and income grew 20% to $198.2 million compared to H1 2025.

• Adjusted NPAT rose 7% to $29.8 million, while 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.

• Net assets stable at $795.3 million as of December 2025.

Outlook and guidance

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

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

• NGI Strategic business is anticipated to deliver higher cash flows in H2 2026.