Navigator Global Investments (NGI) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with confirmation of quorum, chairman and CEO addresses, and outlined agenda including director introductions, formal business, and a Q&A session.

• Shareholders could participate online or by teleconference, with instructions for submitting questions and voting.

• Board of directors and executives introduced, highlighting a mix of independent and executive directors, including new board members.

Financial performance review

• Adjusted EBITDA reached USD90.5 million, up 85% year-on-year and surpassing guidance by 4%.

• Revenue (non-IFRS) increased 46% year-on-year to USD172.3 million, with strong cash flow and robust balance sheet.

• Ownership-adjusted AUM grew 3% to USD26.6 billion, with strong investment performance and fee growth despite a challenging fundraising environment.

• Earnings per share increased by 15%; final dividend of AUD 0.03 per share declared.

• Private market investments contributed USD11.5 million, more than doubling prior year results.

Board and executive committee updates

• Stephen Darke appointed CEO in October 2023, bringing expertise in alternative asset management and driving global growth initiatives.

• Sean McGould transitioned to focus on Lighthouse; remains executive director and significant shareholder.

• Board expanded to seven members, including four independent directors; new appointments and one resignation noted.