Navigator Global Investments Ltd · ASX:NGI
Navigator Global Investments — FY2025 Earnings Presentation
51 slides from Navigator Global Investments's earnings presentation, Aug 25, 2025
Slide 1: 2025 Full Year Results
2025 Full Year Results 25 August 2025 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 partnering Snapshot with leading alternative asset managers Highly diversified earnings Partner Firms’ generated from operating over investment strategies USD 84 billion USD 28 billion 223 products deploying ov
Slide 5: Record Earnings and Strong Growth across Key Metrics
Record Earnings and Strong Growth across Key Metrics USD 204m USD 114m USD 119m USD 21.7cps USD 3.0cps USD 794m 0.6x Revenue1 Adjusted Statutory Earnings per Final Net Assets Net Debt to Up 18% EBITDA2 NPAT share Dividend Up 20% Adjusted Up 26% Up 80% Up 46% EBITDA ratio3 The numbers in this present
Slide 6: FY25 Financial Results
NGI | FY25 Financial Results Strong Revenue Growth, Record Earnings AUM Revenue1 Adjusted EBITDA2 Drivers USD 27.7 billion USD 203.7 million USD 113.6 million - Higher management AUD42.3 billion3 AUD314.4 million4 AUD175.4 million4 fees, with stable fee rates 120 - Strong risk-adjusted +6% $203.7 $1
Slide 7: AUM Growth
NGI | AUM Growth Consistent Investment Performance & NGI Strategic inflows drive sustained long-term AUM growth NGI Ownership Adjusted AUM1 FY25 Ownership Adjusted AUM1 growth Total Firm Level AUM2 of USD84 billion USD billions YoY growth to USD billions With growth for FY25 30 June 2025 27.7 0.7 27
Slide 8: Underlying Revenue Composition
NGI | Underlying Revenue Composition Consistent Management Fee Growth + Stable, Resilient Performance Fees Underlying Revenues1 & Fee Yields MANAGEMENT FEES Underlying management fees growing consistently in line USD millions with AUM 400 2.00% Underlying management fees (USD millions) High manageme
Slide 9: Earnings Power and Attribution
NGI | Earnings Power and Attribution Record earnings from both NGI Business Segments Adjusted EBITDA1 26% growth on pcp NGI long-term EBITDA USD millions USD millions2 growth driven by: 113.6 113.6 - Higher base & +26% 90.5 +58% 90.5 39.1 performance fees from Prior to initial partial Prior to acqui
Slide 10: NGI Business Update
NGI Business Update Ross Zachary, NGI CIO and Head of NGI Strategic Investments
Slide 11: Leading Alternative Investment Firms
NGI | Leading Alternative Investment Firms Diversified assets and earnings from scaled firms, who have demonstrated leadership in their respective strategies and asset classes NGI Strategic $1 billion AUM $3 billion AUM1 $11 billion AUM $20 billion AUM $1 billion AUM/AUA $16 billion AUM Partner Grow
Slide 12: Highly Diversified Business
NGI | Highly Diversified Business Broad exposure across alternatives through scaled, institutional organisations Commingled Funds Hedge Funds Firm Level AUM by Firm Level AUM by Business1,2 Business1,2 $68 $16 billion Customised billion Funds NGI Strategic Lighthouse Managed Account Services Liquid
Slide 13: NGI Strategic | Highlights
NGI Strategic | Highlights Portfolio Activity in the NGI Strategic segment during 2H FY 2025 illustrates the strong growth profile of the business and high quality of our Partner Firms On 17 March 2025, NGI In H2 FY25, Marble Capital Select Recent Awards On 16 July 2025, Man Group, announced a partn
Slide 14: AUM Trends
NGI | AUM Trends Steady growth driven by wide range of existing and new products across predominantly institutional client channels Group AUM for 12 months to 30 June 2025 NGI Strategic • Commitments to private markets strategies drove inflows across the segment • New product launches, strong perfor
Slide 15: NGI Strategic | Executing on Growth Initiatives
NGI Strategic | Executing on Growth Initiatives NGI Strategic Portfolio Private Market Partner Firms1 Transformative strategic transaction to diversify and scale NGI Addition of established and fast-growing Partner Firms focused on earnings while establishing long term partnership with Blue Owl GPSC
Slide 16: Partnership with 1315 Capital
NGI Strategic | Executing on Growth Initiatives Partnership with Strategic Minority Stake in an Industry Leading Healthcare Investment Firm 1315 Capital Addition of a diversifying and growth-oriented Partner Firm, further broadening NGI’s exposure to Private Equity Firm Highlights Transaction Date •
Slide 17: NGI Strategic | Criteria Focused on Sustainable Growth
NGI Strategic | Criteria Focused on 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 experience team with global network results in high quality sourcing A Sourcing
Slide 18: Financial Results
Financial Results Amber Stoney, CFO
Slide 19: FY25 Financial Highlights
NGI | FY25 Financial Highlights Adjusted EBITDA up 26% on pcp driven by: USD 27.7 billion USD 203.7 million AUD 42.3 billion AUD 314.4 million • Strong performance fees from Lighthouse at $35.7 million, up from $11.9 million in pcp Ownership-adjusted AUM Revenue (Non-IFRS) 1 • Lighthouse management
Slide 20: Statutory & Adjusted EBITDA & NPAT
NGI | Statutory & Adjusted EBITDA & NPAT Adjusted EBITDA1 of $113.6 million, up 26% on pcp USD AUD4 billions 30 June 2025 30 June 2024 Change to pcp 30 June 2025 30 June 2024 Ownership-adjusted AUM 27.7 26.2 1.5 6% 42.3 39.6 millions 30 June 2025 30 June 2024 30 June 2025 30 June 2024 Statutory fina
Slide 21: FY25 delivers 26% growth on pcp
NGI | FY25 delivers 26% growth on pcp 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 2025 2024 2023 2025 2024 2023 2025 2024 202
Slide 22: Key Financial Metrics
NGI | Key Financial Metrics The components driving NGI profitability NGI Strategic Refer US$11.8 1.18% 17% 80% slide 90 - 95% 34 - 44% billion pa 34 30 June 2025 Average Average AUM that Investment Distribution Indicative Ownership management Performance can earn Performance as a % of margin on adju
Slide 23: Balance Sheet
NGI | Balance Sheet Strong Balance Sheet supporting growth Key Metrics Dividends Total Assets USD 0.94bn AUD 1.43bn1 Determined for FY25 USD 3.0 cps Unfranked Franking Net Debt to Adjusted EBITDA2 FY25: 0.6x FY24: 0.5x 100% CFI credits Ex date: 11 September 2025 Key dates Record date: 12 September 2
Slide 24: 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 25: Outlook
Outlook Stephen Darke, NGI CEO
Slide 26: Since 2020: Transformational Growth…
NGI | Since 2020: Transformational Growth… • NGI has an established track record of identifying, and acquiring leading alternative asset managers, 2.3x 2.2x that have scaled over the long term, generating material, resilient and growing cashflow streams Ownership Revenues1 Adjusted AUM • Across mark
Slide 27: A Business Model delivering Value to Stakeholders
NGI | A Business Model delivering Value to Stakeholders Our Vision Our Mandate Value to Partner Firms Shareholder Value • A preferred partner to • To identify and partner with management teams who • Provide growth capital, and • By building a portfolio of alternative asset managers operate instituti
Slide 28: Growth Drivers
NGI | 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 Performance 1.
Slide 29: FY26 Outlook
NGI | FY26 Outlook Continued Core Growth of Partner Firms Execution of Growth Strategy • NGI expects our portfolio of Partner Firms to continue to • We are targeting 1-2 new Partner Firm investments per perform at both (i) management company and (ii) year that meet our investment criteria and are po
Slide 30: Long-term Investment Case
NGI | Long-term Investment Case 1 2 3 4 5 NGI is the only ASX Highly diversified Established track Global NGI team Very well positioned asset management and resilient record of identifying with specialised to benefit from the company focused portfolio – mostly and partnering with alternatives signif
Slide 31: Q&A
Q&A
Slide 32: Disclaimer
Disclaimer This presentation has been prepared by Navigator Global Investments Limited (NGI) and provides information regarding NGI and its activities current as at 25 August 2025. It is in summary form and is not necessarily complete. It should be read in conjunction with NGI’s 30 June 2025 Annual
Slide 33: Appendices
Appendices ee gr
Slide 34: Investment Performance
NGI | Investment Performance Performance across both segments illustrative strong track records and diversification benefit CYTD2 1 Year 3 Year 5 Year Net IRR MOIC NGI Strategic Portfolio1: NGI Strategic Private Market Partner Firms: NGI Strategic Portfolio Composite1 3.04% 7.55% 8.39% 9.65% Marble
Slide 35: NGI Strategic | Diversification Benefit
NGI Strategic | Diversification Benefit Diverse and unique strategies deployed across the NGI Strategic Portfolio Low Correlation to Global Markets …and to one another 5 Year1 3 Year1 1A 1B 2A 2B 3A 3B 3C 4A 4B 5A 5B Market Partner Firms / Funds 1A 1.0 0.8 0.2 0.0 0.0 -0.1 -0.1 0.3 0.0 0.0 0.2 MSCI
Slide 36: Firm Level AUM Growth
NGI | Firm Level AUM Growth Distribution of Firm Level AUM by Partner Firm1 USD billions NGI Firm Level AUM: 84 has increased materially 78 every year 73 is diversified across the 64 portfolio of Partner Firms, and across the (current) 54 underlying 46 strategies and 223 products Over the longer
Slide 37: 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 USD millions underlying strategies, and lack of correlation across NGI 124
Slide 38: NGI Strategic | Aggregated Ownership Adjusted P&L
NGI Strategic | Aggregated Ownership Adjusted P&L CY21 CY22 CY23 CY24 Ownership-adjusted total AUM – USD billions 7.2 8.6 10.0 10.4 Highlights: Annual growth rate 10% 18% 17% 4% Long term AUM growth rate Revenue1 Management and other fee revenue 82.4 93.8 100.8 119.2 The scale and growth of the
Slide 39: Lighthouse | Firm Summary
Lighthouse| Firm Summary https://www.lighthousepartners.com/ 1999 $15.8 billion 580+ 2,100+ FOUNDED TOTAL AUM1 PERSONNEL2 INVESTORS MACRO & TACTICAL & SPECIALTY EQUITY QUANTITATIVE OPPORTUNISTIC FINANCE Global relative value Discretionary macro Credit Reinsurance Japanese market neutral
Slide 40: NGI Strategic | Partner Firm Summaries
NGI Strategic | Partner Firm Summaries https://www.capstoneco.com https://www.cfm.com • Capstone was founded in 2004 by Paul Britton OBE, and now manages USD11 billion AUM with 11 offices • Founded in 1991, when financial markets were increasingly executed electronically, Capital Fund worldwide, inc
Slide 41: NGI Strategic | Partner Firm Summaries
NGI Strategic | Partner Firm Summaries https://www.invictuscp.com https://marblecapitallp.com https://longreachalternatives.com/ • Established in 2008 and based in Washington DC, Invictus Capital • Established in 2016, Marble Capital manages USD4 billion • Founded in 2016, Longreach Alternatives Ltd
Slide 42: NGI Strategic | Partner Firm Summaries
NGI Strategic | Partner Firm Summaries https://www.mkpcap.com/ https://www.1315capital.com https://www.waterfallam.com/ • MKP Capital Management combines discretionary • Established in 2014, and based in Philadelphia, with over 20 staff, 1315 • Waterfall Asset Management (WAM) was founded in 2005 by
Slide 43: Blue Owl Value Creation
NGI | Blue Owl Value Creation Business Services Platform Blue Owl GP Strategic Capital1 has raised permanent capital to establish value-added partnerships and create maximum alignment to help their Partner Firms, including NGI, achieve their goals Corporate Strategy and M&A Capital Strategy • Advise
Slide 44: Long Term Alternative Asset Management Tailwinds
Long Term Alternative Asset Management Tailwinds Supportive Secular Trends, Projected Continued Industry Growth New Investor Channels for Alts – Private Wealth/Retail & Retirement Alternatives AUM by Primary Region (2010 – 2029F) channels (eg 401(k)), but regulation in focus Bifurcated Fundraising –
Slide 45: FY25 Adjusted EBITDA
NGI | FY25 Adjusted EBITDA1 $113.6 million, up 26% on pcp USD millions 30 June 2025 30 June 2024 Change to pcp 4% increase in management fee revenue on pcp reflects higher average AUM and Management fees revenue 87.5 84.2 4% steady average management fee rate of 0.54bps Performance fee revenue 35.7
Slide 46: FY25 Statutory Results
NGI | FY25 Statutory Results $119.4 million, up 80% on pcp USD millions 30 June 2025 30 June 2024 Change to pcp The increase in performance fee revenue is the key driver of revenue growth, as well as the 35% increase in revenue from reimbursement of fund operating Management fees revenue 87.5 84.2 4
Slide 47: Statutory NPBT to Adjusted EBITDA
NGI | Statutory NPBT to Adjusted EBITDA1 USD millions 30 June 2025 30 June 2024 Change to pcp Statutory NPBT and EBITDA has significantly increased due to strong performance Statutory NPBT 132.7 81.9 62% fees, unrealised gains on the carrying value of the Group’s investments and the prior Depreciati
Slide 48: Statutory to Adjusted NPAT Reconciliation
NGI | Statutory to Adjusted NPAT1 Reconciliation USD millions 30 June 2025 30 June 2024 Change to pcp Statutory NPAT 119.4 66.3 80% Adjustments to NPAT are largely consistent with those made for Adjusted EBITDA. Non-cash adjustments The main differences include: Fair value adjustment of financial as
Slide 49: FY25 delivered strong EPS growth
NGI | FY25 delivered strong EPS growth USD millions 30 June 2025 30 June 2024 Change to pcp Diluted Statutory EPS Statutory NPAT 119.4 66.3 80% Diluted weighted number of shares on issue1 (millions) 551.3 443.8 24% 21.65 14.94 46% The improvement in Diluted Statutory Earnings Per Share is a combinat
Slide 50: Statutory Balance Sheet summary
NGI | Statutory Balance Sheet summary USD millions 30 June 2025 30 June 2024 Change to pcp Cash and cash equivalents 55.5 61.6 (10%) Trade and other receivables 39.5 32.9 20% Current tax assets 5.3 2.5 116% Total current assets 100.3 97.0 3% Increase in trade and other receivables can be attributed
Slide 51: Statutory Cash Flow summary
NGI | Statutory Cash Flow summary USD millions 30 June 2025 30 June 2024 Change to pcp Cash receipts from operating activities 355.3 269.1 32% Cash paid to suppliers and employees (328.3) (245.0) 34% Cash generated from operations 27.0 24.1 12% Distributions received from investments 80.1 73.0 10% D
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