Navigator Global Investments (NGI) H1 2026 earnings summary

Executive summary

• Adjusted EBITDA for H1 2026 was $48.2 million, up 17% year-over-year, with a margin of 45%.

• Revenue for H1 2026 rose 17% to $108.3 million, with ownership-adjusted AUM reaching $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.

• Performance fee revenue rose 23% to $39.0 million, and management fee revenue increased 7% to $46.7 million.

• The sale of Bardin Hill was completed, impacting AUM and generating a gain and contingent consideration.

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 loss of $4.3 million due to negative fair value changes in financial assets.

• Distributions from strategic investments 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 the NGI Strategic segment 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.

• Continued growth in hedge fund products and strong performance fee revenue expected to drive future results.

• The group remains focused on minority stake acquisitions to diversify and enhance revenue streams.