Navigator Global Investments (NGI) H2 2025 earnings summary

Executive summary

• Achieved record earnings for FY 2025, with revenue up 18% and adjusted EBITDA up 26% year-over-year, supported by strong performance fees and diversified growth across 12 alternative asset managers managing over $84 billion in AUM, up 12% year-over-year.

• Statutory NPAT surged 80% year-over-year, driven by higher performance fees and strong investment performance across both business segments.

• Net asset value exceeded AUD 1.2 billion (USD 794 million), up 20%, with net debt to adjusted EBITDA ratio at 0.6x.

• Diversified earnings from 12 partner firms and 46 alternative investment strategies, with low correlation to global equity and fixed income markets.

• Announced a $0.03 per share dividend, with a board review underway to assess the dividend policy in light of growth opportunities.

Financial highlights

• Ownership-adjusted AUM grew 6% to $27.7 billion, with $203.7 million in revenue and record adjusted EBITDA of $113.6 million, up 26% from FY 2024.

• Performance fee revenue at Lighthouse was $35.7 million, up $23.8 million year-over-year.

• Statutory EBITDA and NPAT grew 54% and 80% respectively, benefiting from strong fair value gains on partner firm investments.

• Diluted EPS rose 46% year-over-year to 21.7 cents.

• Net assets reached USD 794 million, up 20% year-over-year.

Outlook and guidance

• Expectation of higher net inflows across partner firms in FY 2026, subject to market conditions and continued strong investment performance.

• Management remains focused on measured acquisitive growth, targeting one to two partner firm investments per year.

• Too early to provide specific FY 2026 guidance, but anticipate performance in line with long-term averages.

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

• Ongoing review of dividend policy to ensure optimal capital allocation during growth phase.