Navigator Global Investments (NGI) H2 2025 earnings summary

Executive summary

• Achieved record earnings for FY25, with revenue up 18%-20%, adjusted EBITDA up 26% to USD114 million, and statutory NPAT up 80% to USD119 million, driven by strong performance fees and investment performance across a diversified portfolio of 12 alternative asset managers managing over USD84 billion in AUM.

• Ownership-adjusted AUM reached USD27.7-28 billion, up 6%, with diversified earnings from 46 alternative investment strategies and low correlation to global equity and fixed income markets.

• Net asset value exceeded USD794 million (AUD1.2 billion), up 20%, and net debt to adjusted EBITDA ratio remained at 0.6x.

• Dividend of USD3c per share declared, with a board review underway to assess the dividend policy in light of growth opportunities and capital allocation.

• Sustained momentum in asset growth and earnings power, supported by a robust acquisition pipeline and leadership succession announced for November 2025.

Financial highlights

• Revenue increased 18%-20% year-over-year to USD203-204 million, with adjusted EBITDA margin expanding to 56% and diluted EPS up 46%.

• Statutory NPAT grew 80% to USD119 million, benefiting from strong fair value gains and performance fees.

• Performance fee revenue at Lighthouse reached USD35.7 million, up from USD11.9 million year-over-year.

• Distributions from NGI Strategic Partner Firms totaled USD80.1 million, up from USD73 million.

• Dividend payout ratio at 14% of reported NPAT.

Outlook and guidance

• Expectation of higher net inflows and continued core growth across partner firms in FY26, subject to market conditions and investment performance.

• Management targets 1-2 new partner firm investments per year, focusing on measured acquisitive growth.

• Strong operating net cash flow and flexible USD100 million credit facility to fund additional investments.

• Board reviewing dividend policy to maximize shareholder returns during growth phase.

• Too early to provide specific FY26 guidance, but anticipate performance in line with long-term averages.