Navigator Global Investments (NGI) investor relations material

Transaction overview and strategic rationale

• Announced acquisition of Net Revenue Share interests in 17 alternative asset managers for US $195m, funded by A$145m entitlement offer and A$136m scrip consideration to vendors.

• Strategic partnership with Stable extends reach into earlier-stage, high-growth managers, enhancing diversification and addressable market.

• Target Portfolio will reside in a new vehicle, NGI Stable Growth Portfolio, forming part of the NGI Strategic segment.

• Stable’s management and LPs will own 9.6% of NGI post-transaction, with escrow arrangements to align interests.

• Stable will manage the new portfolio under a perpetual agreement, with a flat fee of US $1.56m for the first six years.

Financial impact and growth profile

• Acquisition expected to be low double-digit EPS accretive in the first full year of ownership.

• Ownership-adjusted AUM grows to US $33.4bn, with the Target Portfolio contributing US $1.8bn and CY25 distributions of US $27.1m.

• EBITDA margin for the NGI Stable Growth Portfolio is 92% for CY25, supporting strong profitability.

• Pro forma metrics show improved revenue, NPAT, and EBITDA margins, with significant step-up in debt capacity.

• Diversification across investment strategies, growth profiles, and investor base is enhanced.

Portfolio and partnership details

• Stable is a leading GP stake builder with US $5.2bn deployed and US $27bn partnership AUM, supporting 45 GPs since inception.

• Target Portfolio consists of 17 Net Revenue Share interests, with 5-25% stakes in each manager and US $15bn portfolio-level AUM as of March 2026.

• Portfolio features frequent distributions, high performance fee eligibility, and attractive economics for earlier-stage managers.

• Stable’s ongoing management ensures continuity, expertise, and value creation for the portfolio.

• Partnership with Stable and Blue Owl GP Strategic Capital creates proprietary channels for future inorganic growth.