Navigator Global Investments Ltd · ASX:NGI
Navigator Global Investments — FY2026 Earnings Presentation
47 slides from Navigator Global Investments's earnings presentation, Aug 24, 2026
Slide 1: 2026 Full Year Results
2026 Full Year Results 24 August 2026 Authorised by: Board of Navigator Global Investments Limited
Slide 2: Agenda
Agenda 1 Overview & Highlights 2 NGI Business Update 3 Financial Results 4 Outlook 5 Q&A 2
Slide 3: Overview & Highlights
Overview & Highlights Stephen Darke, NGI CEO
Slide 4: Company Snapshot
Company Navigator Global Investments (NGI) is the only ASX company focused exclusively on Snapshot partnering with leading alternative asset managers Highly diversified earnings Partner Firms’ generated from operating over investment strategies USD 104 billion USD 34 billion 242 have low correlation
Slide 5: Scaled & growing platform with compounding AUM, diversified earnings, and a strong balance sheet
Scaled & growing platform with compounding AUM, diversified earnings, and a strong balance sheet USD 34 b USD 207m USD 102m USD 21m USD 3.6cps USD930m Ownership- Revenue1 Adjusted Statutory Earnings per Net Assets adjusted AUM Up 1% EBITDA2 NPAT3 share Up 17% Up 21% Down 10% Down 82% Down 82% FY26 r
Slide 6: FY26 Financial Results
NGI | FY26 Financial Results Record AUM, with Earnings positioned for meaningful growth in FY27 Drivers Higher management fees, with stable fee rates Adjusted EBITDA AUM Revenue1 Adjusted EBITDA2 per share3 Strong risk-adjusted USD 33.6b USD 206.5m USD 101.9m USD 17.4 cps investment performance, and
Slide 7: AUM Growth
NGI | AUM Growth Consistent Investment Performance & Net Inflows driving sustained long-term AUM growth Total Firm Level AUM2 of NGI Ownership Adjusted AUM1 FY26 Ownership Adjusted AUM1 growth USD104 billion USD billions USD billions With growth for FY26 YoY growth to +24% in USD 0.8 33.6 30 June
Slide 8: Underlying Revenue Composition
NGI | Underlying Revenue Composition Consistent Management Fee Growth + Stable, Resilient Performance Fees Management Fees Underlying Revenues1 & Fee Yields Underlying management fees growing consistently in line USD millions Underlying management fees (USD millions) with AUM 450 2.00% Underlying pe
Slide 9: Earnings Power and Attribution
NGI | Earnings Power and Attribution Continued Lighthouse earnings growth alongside lower YoY distributions from NGI Strategic NGI long-term EBITDA Adjusted EBITDA1 10% reduction on PCP growth driven by USD millions 4yr USD millions2 Higher Lighthouse base CAGR & performance fees of 22% YoY 113.6 ch
Slide 10: NGI Business Update
NGI Business Update Ross Zachary, NGI CIO and Head of NGI Strategic Investments
Slide 11: Broad and Highly Diversified Platform
NGI | Broad and Highly Diversified Platform Diversified assets and earnings from established firms, who have demonstrated leadership in their respective strategies and asset classes NGI Strategic Partner Firms $101 billion AUM NGI Stable $20 billion AUM NGI Strategic Growth Portfolio Portfolio $13 b
Slide 12: Highly Diversified Business
NGI | Highly Diversified Business Broad exposure across alternatives through scaled, institutional organisations NGI Strategic Lighthouse Firm Level AUM by Business1 Firm Level AUM by Asset Class Firm Level AUM by Business1 Firm Level AUM by Strategy P riva te Re a l Es ta te Ca p ita l Solutions 3%
Slide 13: NGI Strategic | Highlights
NGI Strategic | Highlights Portfolio Activity in the NGI Strategic segment during 2H FY 2026 illustrates the growth profile of the business and quality of our Partner Firms On 2 February 2026, Roundtable On 24 February 2026, Marble On 30 March 2026, NGI Select Recent Awards Healthcare Partners annou
Slide 14: AUM Trends
NGI | AUM Trends Strong growth driven by wide range of existing and new products across predominantly institutional client channels Group AUM for 12 months to 30 June 2026 NGI Strategic • New commitments to private markets strategies and certain NGI Strategic Portfolio Partner Firms drove inflows ac
Slide 15: Executing on Growth Initiatives: Partnership with Georgian
NGI Strategic | Executing on Growth Initiatives Strategic minority ownership interest1 and a preferred economic interest in a leading Partnership with Artificial Intelligence-focused technology investor Georgian Canada-based growth-stage B2B investor focused on its Applied AI investment thesis (with
Slide 16: Executing on Growth Initiatives: Partnership with Stable
NGI Strategic | Executing on Growth Initiatives Acquisition of a diversified portfolio of Net Revenue Sharing1 interests in 17 alternative Partnership with investment management firms and establishment of a strategic partnership with Stable Stable1 The NGI Stable Growth Portfolio adds meaningful sca
Slide 17: Identifying Sustainable Growth
NGI Strategic | Identifying Sustainable Growth Diversification by asset class, strategy, geography and vintage is key to resilient earnings Our partnership with Blue Owl GPSC, dedicated focus on alternatives and experienced team with a global network results in high-quality A Sourcing Edge sourcing.
Slide 18: Financial Results
Financial Results Amber Stoney, CFO
Slide 19: FY26 Financial Highlights
NGI | FY26 Financial Highlights Revenue growth of 1% on pcp USD 33.6 billion USD 206.5 million AUD 48.9 billion AUD 303.5 million • Lighthouse management fee growth of 11% on pcp Ownership-adjusted AUM Fees & Distributions1 • Lighthouse performance fees of $45.5m, up $9.8m on pcp 21% from 30 June
Slide 20: Statutory & Adjusted EBITDA & NPAT
NGI | Statutory & Adjusted EBITDA & NPAT Adjusted EBITDA1 of $101.9 million, midpoint of guidance range USD AUD5 billions 30 June 2026 30 June 2025 Change to pcp 30 June 2026 30 June 2025 Ownership-adjusted AUM 33.6 27.7 5.9 21% 48.9 42.3 millions 30 June 2026 30 June 2025 30 June 2026 30 June 2025
Slide 21: FY26 Adjusted EBITDA
NGI | FY26 Adjusted EBITDA Diversification across the NGI business delivers earnings growth NGI Strategic Lighthouse Corporate NGI Group 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June USD millions 2026 2025 2024 2026 2025 2024 2026 2025 2024 2026 2025
Slide 22: Revenue diversification
NGI | Revenue diversification Lighthouse fee growth alongside variability in NGI Strategic distributions NGI Strategic Lighthouse Total Segment Profit Distributions Generated1 Management fees 96.5 84.2 87.1 USD millions USD millions 73.5 76.7 80.1 71.3 73.0 49.8 H2 66.9 42.3 43.6 63.7 36.3 39.7 H2 H
Slide 23: Balance Sheet
NGI | Balance Sheet Strong Balance Sheet and additional borrowing capacity to support growth Movement in NGI Strategic Suspension of NGI Key Metrics Dividend Investments4 USD millions FY26 FY25 FY24 Total Assets USD 1.13bn AUD 1.65bn1 Fair value movements As announced on 15 Through P&L (FVTPL) (42.8
Slide 24: NGI Pro Forma | Key Financial Metrics
NGI Pro Forma | Key Financial Metrics The components driving NGI profitability NGI Strategic Proforma1 US$15.3 1.23% Refer to slide 17% 82% 90 - 100% 35-45% billion pa 32 30 June 2026 Average Average AUM that Investment Distribution Indicative AUM management Performance can earn Performance as a % o
Slide 25: Outlook
Outlook Stephen Darke, NGI CEO
Slide 26: FY27 Outlook
NGI | FY27 Outlook Significant business momentum going into FY27 Continued Core Growth of Partner Firms Execution of Growth Strategy • NGI expects our portfolio of Partner Firms to continue to: • We are focussed on established but growing Partner Firm investments that meet our criteria (i) grow earn
Slide 27: NGI Stable Growth Portfolio
NGI Stable Growth Portfolio Expected to meaningfully increase FY27 earnings Portfolio AUM AUM Growth Strong Performance: Strategic & Financial Outlook $17 billion Up 19% 11% net returns Improves NGI Strategic Key Financial Metrics, organic Firm level AUM added this YTD June YTD June growth outlook a
Slide 28: Shareholder Value Creation
NGI | Shareholder Value Creation Long-term growth Sustainable earnings growth and shareholder value creation through a diversified, scalable and resilient alternative investments platform. NGI ADVANTAGE GROWTH DIVERSIFICATION STABILITY NGI has evolved Structure, Sourcing Scalable & Diversified Resil
Slide 29: Q&A
Q&A
Slide 30: Disclaimer
Disclaimer This presentation has been prepared by Navigator Global Investments Limited (NGI) and provides information regarding NGI and its activities current as at 24 August 2026. It is in summary form and is not necessarily complete. It should be read in conjunction with NGI’s 30 June 2026 Annual
Slide 31: Appendices
Appendices ee gr
Slide 32: Investment Performance
NGI | Investment Performance Performance across both segments illustrative strong track records and diversification benefit Past performance is not indicative of future results. CYTD2 1 Year 3 Year 5 Year Performance may vary among different share classes or series within a Fund. Past performance is
Slide 33: Diversification Benefit
NGI Strategic | Dive rs ific a tion Be ne fit Dive rs e s tra te g ie s d e p loye d a c ros s the NGI Stra te g ic a nd NGI Sta b le Growth Portfolios Low Correlation to Global Markets ..and to one another 3 Year 1 3 Year 1 Partner Firms / Funds 1A 1B 2A 2B 3A 3B 4A 4B 5A 6A Market Indices Partner
Slide 34: Liquid Alternatives lead 2H26 Allocation Plans
Liquid Alternatives lead 2H26 Allocation Plans Supportive Secular Trends, Projected Continued Industry Growth, with focus on hedge funds Liquid alternatives lead 2H26 allocation plans New Investor Channels for Alts – Private Wealth/Retail & Retirement Alternative asset allocation plans channels, but
Slide 35: Core Growth Drivers
NGI | Core Growth Drivers Opportunities to Drive Growth + Compound Earnings at high rate of return Increases Scale, Diversification & Resilience of NGI Portfolio Growth in Alternatives Partner Firm Growth NGI Value Creation New Partner Firms 1. Greater demand for our leading 1. Investment Performanc
Slide 36: The NGI Flywheel
The NGI “Flywheel” Compounding Growth & Earnings Net Inflows Partner Firm Investment Performance New Partner Firms Diversification Growing Revenues, NGI Strong Sustainable Growth Cashflow, and Partnerships with Enterprise Value Value Creation Cashflow Generation Permanent & Diversified Flexible Capi
Slide 37: Capital Management Principles
NGI | Approach to Capital Framework focused on maximising long-term value and shareholder returns Free cash flow from operations Prioritise preserving a strong 01 Capital Management Principles balance sheet Growth focus through adding new 02 partnerships with quality alternative asset managers Prese
Slide 38: Firm Level AUM Growth
NGI | Firm Level AUM Growth Distribution of Firm Level AUM by Partner Firm1 NGI Firm Level AUM USD billions has increased materially every year 104 is diversified across the portfolio of Partner Firms, 84 and across the (current) 75 underlying 42 strategies 69 and 242 products 58 48 Over the longe
Slide 39: Underlying Performance Fee Diversification
NGI | Underlying Performance Fee Diversification Attribution of performance fees Distribution of underlying performance fees by Partner Firm1 (PF) generated by Partner Firms reflects diversification across managers & their underlying USD millions strategies, and lack of correlation 118 126 across NG
Slide 40: NGI Strategic | Aggregated Ownership Adjusted P&L
NGI Strategic | Aggregated Ownership Adjusted P&L CY22 CY23 CY24 CY25 Highlights Ownership-adjusted total AUM – USD billions 8.6 10.0 10.4 10.9 Long term AUM growth rate Annual growth rate 18% 17% 4% 4% Revenue1 The scale and growth of the Management and other fee revenue 93.8 100.8 119.2 123.4 unde
Slide 41: Stable – Leading Partner to Growing Alternative Asset Managers
Stable – Leading Partner to Growing Alternative Asset Managers Industry-leading investment firm focused on building the next generation of alternative asset managers Focused on sourcing, launching and scaling new and growing investment firms US$5.3bn 46 US$31bn Global 20+ deployed across GPs built s
Slide 42: FY26 Adjusted EBITDA
NGI | FY26 Adjusted EBITDA1 Continued Lighthouse earnings growth, lower NGI Strategic distributions led to Adjusted EBITDA of $101.9 million USD millions 30 June 2026 30 June 20252 Change to pcp 11% increase in management fee revenue on pcp reflects higher average AUM Management fees revenue 96.5 87
Slide 43: FY26 Statutory Results
NGI | FY26 Statutory Results Reductions to the carrying value of investments through P&L led to a Statutory profit of $21.2 million USD millions 30 June 2026 30 June 20251 Change to pcp Higher average AUM and strong performance in CY25 are the drivers of revenue growth, as well as the 14% increase i
Slide 44: Statutory NPBT to Adjusted EBITDA Reconciliation
NGI | Statutory NPBT to Adjusted EBITDA1 Reconciliation USD millions 30 June 2026 30 June 2025 Change to pcp Statutory net profit before tax 38.2 132.7 (71%) Adjusted EBITDA is presented to give a clearer view of the Group's Depreciation and amortisation expense 10.9 9.5 15% underlying operating per
Slide 45: Statutory to Adjusted NPAT Reconciliation
NGI | Statutory to Adjusted NPAT1 Reconciliation Adjusted NPAT is presented to give a clearer view of the USD millions 30 June 2026 30 June 2025 Change to pcp Group’s underlying after-tax profitability. It continues to adjust for non-cash, non-recurring or otherwise unrelated impacts to Statutory ne
Slide 46: Statutory Balance Sheet summary
NGI | Statutory Balance Sheet summary A balance sheet of strength during a period of growth USD millions 30 June 2026 30 June 2025 Change to pcp Cash and cash equivalents 165.8 55.5 199% The Group issued 60.4 million shares toward the end of FY26, raising $101.4 million Trade and other receivables 4
Slide 47: Statutory Cash Flow summary
NGI | Statutory Cash Flow summary Resilient operating cash flows USD millions 30 June 2026 30 June 2025 Change to pcp The Group continues to generate positive operating cash flows exceeding $100 million Cash receipts from operating activities 412.3 355.3 16% in consecutive years. Cash generated from
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