Navigator Global Investments Ltd · ASX:NGI
Navigator Global Investments — H1 FY26 Earnings Presentation
45 slides from Navigator Global Investments's earnings presentation, Feb 23, 2026
Slide 1: 2026 Interim Results
2026 Interim Results 23 February 2026 Authorised by: Board of Navigator Global Investments Limited
Slide 2: Agenda
Agenda 1 Overview 2 NGI Business Update 3 Financial Results 4 Outlook 5 Q&A 2
Slide 3: Overview
Overview Stephen Darke, NGI CEO
Slide 4: Company Snapshot
Company Navigator Global Investments (NGI) is the only ASX asset management 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 29 billion 197 prod
Slide 5: H1 FY26 Financial Results
NGI | H1 FY26 Financial Results Strong Revenue and Earnings Growth AUM Revenue1 Adjusted EBITDA2 Adjusted EPS3 USD 29.0 billion USD 108.3 million USD 48.2 million USD 6.1 cps AUD 43.3 billion4 AUD 165.1 million5 AUD 73.4 million5 +5% $29.0 +17% $108.3 +17% $48.2 +7% $27.7 million million 6.1 cps bil
Slide 6: AUM Growth and Drivers
NGI | AUM Growth and Drivers Sustained Asset Growth - Driven by Consistent Investment Performance As of 31 Dec 2025, NGI has CY NGI Ownership Adjusted AUM1 CY25 Ownership Adjusted AUM1 growth total Firm Level AUM2 of USD billions USD billions USD84 bn YoY growth to 29.0 With growth for CY25 0.2 31 D
Slide 7: 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 Underlying performa
Slide 8: Segment Revenue Composition
NGI | Segment Revenue Composition Growing Base Fees and Consistent Performance Fee Generation Management Fee Revenues Performance Fee Revenues USD millions USD millions 3yr CAGR of 8% Revenues presented on a calendar year basis Revenues presented on a calendar year basis $101m 3yr average annual per
Slide 9: Earnings Power and Attribution
NGI | Earnings Power and Attribution 17% growth in Adjusted EBITDA on pcp Adjusted EBITDA1 HY Adjusted EBITDA1 NGI continues to benefit from a diversified and resilient USD millions USD millions2 earnings base. 48.2 Prior to acquisition of 113.6 41.1 +9% FY26 Outlook Prior to initial partial remaini
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 Partner Firms $1 billion AUM $12 billion AUM $20 billion AUM $1 billion AUM/AUA $17 billion AUM Growth equity/
Slide 12: Highly Diversified Business
Highly Diversified Business Broad exposure across alternatives through scaled, institutional organisations Hedge Funds Commingled Funds Firm Level AUM by Firm Level AUM by Business1 Business1 $67 $17 billion billion Customised Solutions NGI Strategic Managed Account Lighthouse Services Hedge Equity
Slide 13: NGI Strategic Highlights
NGI Strategic | Highlights Portfolio Activity in the NGI Strategic segment during 1H FY 2026 illustrates the high quality of our Partner Firms Made strategic growth In 2025, Marble Capital Announced new partnership Select Recent Awards investment in Coating Place, invested $360 million in with Moore
Slide 14: AUM Trends
AUM Trends Steady growth driven by wide range of existing and new products across various client channels globally Group AUM for six months to 31 December 2025 NGI Strategic • Strong performance and increased investor interest has led to inflows into certain alpha generating strategies 31 December 2
Slide 15: Investment Performance
Investment Performance Strong net performance across both segments’ strategies in CY25 with continued low correlation to one another CY25 CY24 3 Year 5 Year NGI Strategic • Strong performance at the segment NGI Strategic: level with only one flagship product ending 2025 negative NGI Strategic Portfo
Slide 16: Criteria Focus on Sustainable Growth
NGI Strategic | Criteria Focus 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 Ed
Slide 17: Financial Results
Financial Results Amber Stoney, CFO
Slide 18: H1 FY26 Financial Highlights
NGI | H1 FY26 Financial Highlights Adjusted EBITDA up 17% on pcp driven by: USD 29.0 billion USD 108.3 million AUD 43.3 billion AUD 165.1 million • Very strong performance fees from Lighthouse at $39.0 million, up from $31.7 million in pcp. Ownership-adjusted AUM Revenue & other income (Non-IFRS) 1
Slide 19: Statutory & Adjusted EBITDA & NPAT
NGI | Statutory & Adjusted EBITDA & NPAT Adjusted EBITDA1 of $48.2 million, up 17% on pcp USD AUD3 millions 31 Dec 2025 31 Dec 2024 Change to pcp 31 Dec 2025 31 Dec 2024 Statutory financial metrics Fee and fund reimbursement revenue 170.2 142.2 28.0 20% 259.6 215.3 Other revenue & income, including
Slide 20: H1 FY26 delivers 17% growth on pcp
NGI | H1 FY26 delivers 17% growth on pcp Diversification across the NGI business delivers earnings growth NGI Strategic Lighthouse Corporate NGI Group 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec USD millions 2025 2024 2023 2025 2024 2023 2025 2024 2023 2025 20
Slide 21: Revenue growth
NGI | Revenue growth Positive growth trends on major revenue items NGI Strategic Lighthouse Total Segment Profit Distributions Generated1 Management fees 84.2 86.9 USD millions USD millions 76.7 80.1 73.5 71.3 73.0 66.9 42.3 43.6 36.3 39.7 H2 50.5 63.5 H2 71.3 63.7 56.4 H1 41.9 43.3 46.7 37.2 37.0 6
Slide 22: Key Financial Metrics
NGI | Key Financial Metrics The components driving NGI profitability NGI Strategic Refer US$11.7 1.20% 17% 80% slide 90 - 95% 33 - 43% billion pa 15 Closing AUM Average Average AUM that Investment Distribution Indicative management Performance can earn Performance as a % of margin on fee rate fee ra
Slide 23: Balance Sheet
NGI | Balance Sheet Strong Balance Sheet supporting growth Key Metrics Suspension of Dividend Total Assets USD 0.96bn AUD 1.44bn1 As announced on 15 November 2025, the Board has determined that the best current use of NGI’s capital is to allocate these funds towards growth opportunities. Net Debt to
Slide 24: Outlook
Outlook Stephen Darke, NGI CEO
Slide 25: H1 Recap
NGI | H1 Recap A scaled and diversified platform, positioned for increased organic and acquisitive growth Consistent Strong investment Financial performance across Outperformance Partner Firms Flexible Tailwinds Balance sheet benefiting & Significant global Cashflow alternatives 25
Slide 26: 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 27: 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 • Continued measured, acquisitive growth in 2026,with a perform at both (i) management company and (ii) focus on adding new Partner Firms that meet our i
Slide 28: 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 29: Q&A
Q&A
Slide 30: Performance Notes
Performance Performance may vary among different share classes or series within a Fund. Past performance is not indicative of future results. This information has been prepared by Navigator Global Investments Limited (NGI) for release to the Australian Securities Exchange and is not intended for dis
Slide 31: Disclaimer
Disclaimer This presentation has been prepared by Navigator Global Investments Limited (NGI) and provides information regarding NGI and its activities current as at 23 February 2026. It is in summary form and is not necessarily complete. It should be read in conjunction with NGI’s 30 June 2025 Annua
Slide 32: Appendices
Appendices ee gr
Slide 33: NGI "Flywheel": A Focus on Value Creation
NGI “Flywheel”: A Focus on Value Creation Net Inflows Partner Firm Investment Performance New Partner Firms Diversification Growing Revenues, NGI Strong Value Creation Cashflow, Partnerships with and Enterprise Value Creation Cashflow Generation Value Permanent & Diversified Flexible Portfolio of Ca
Slide 34: 2026 Investor Allocation Outlook
2026 Investor Allocation Outlook 2026 Allocation Plans by Asset Class1 Increase $ allocation Decrease $ allocation 50% For 2026, the asset classes ranked highest by investors for allocation increases (by net interest)2 are : 31% 26% Hedge Funds at 50% 54% Co-Investments at 31%; 16% 21% 20% 15% 8
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 Partner Firms / Funds 1A 1B 2A 2B 3A 3B 4A 4B 5A Partner Firms / Funds Market Indices 1A 1.0 0.7 0.2 0.0 -0.1 0.0 0
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 every year 78 73 is diversified across the portfolio of Partner Firms, 64 and across the (current) underlying 42 strategies 54 and 197 products Over the longer
Slide 37: Underlying Performance Fee Diversification
NGI | Underlying Performance Fee Diversification Distribution of underlying performance fees by Partner Firm1,2 Attribution of performance fee USD millions revenues (PF) generated by Partner Firms over the medium 124 and longer term is expected to 115 reflect diversification across managers & thei
Slide 38: NGI Strategic | Aggregated Ownership Adjusted P&L
NGI Strategic | Aggregated Ownership Adjusted P&L CY21 CY22 CY23 CY24 CY254 Highlights: Ownership-adjusted total AUM – USD billions1 7.2 8.6 10.0 10.4 10.9 The scale and growth of Annual growth rate 10% 18% 17% 4% 4% the underlying management fees and the Revenue2 resiliency and consistency of the
Slide 39: H1 FY26 Adjusted EBITDA
NGI | H1 FY26 Adjusted EBITDA1 $48.2 million, up 17% on pcp 7% increase in management fee revenue on pcp reflects higher average AUM and a 2bps increase in average management fee rate to USD millions 31 Dec 2025 31 Dec 2024 Change to pcp 0.56%pa. Another very strong half of performance fees increasi
Slide 40: Statutory Results
NGI | Statutory Results Reductions to the carrying value of investments through P&L led to a $4.3 million net loss in H1 USD millions 31 Dec 2025 31 Dec 2024 Change to pcp Management fees revenue 46.7 43.5 7% Performance fee revenue 39.0 31.7 23% Revenue from reimbursement of fund operating expenses
Slide 41: Statutory PBT to Adjusted EBITDA Reconciliation
NGI | Statutory PBT to Adjusted EBITDA Reconciliation USD millions 31 Dec 2025 31 Dec 2024 Change to pcp Statutory net profit before tax 10.8 77.9 (86%) Depreciation and amortisation expense 5.2 4.5 15% Net interest income/(expense) 3.4 2.2 55% Adjusted EBITDA excludes non-cash items, fees and costs
Slide 42: Statutory to Adjusted NPAT Reconciliation
NGI | Statutory to Adjusted NPAT Reconciliation USD millions 31 Dec 2025 31 Dec 2024 Change to pcp Statutory net profit after tax (4.3) 68.8 (106%) The largest driver of reduction in statutory NPAT was the $34.9 million of net finance costs, of which $31.0 million related to Non-cash items reduction
Slide 43: H1 FY26 delivered strong EPS growth
NGI | H1 FY26 delivered strong EPS growth USD millions 31 Dec 2025 31 Dec 2024 Change to pcp The negative diluted statutory EPS is largely driven by the $31.0 million reduction in the value of investments recognised at fair Diluted Statutory EPS1 value through profit and loss (pcp: gain on fair valu
Slide 44: Summary from Statutory Balance Sheet
NGI | Summary from Statutory Balance Sheet USD millions 31 Dec 2025 30 June 2025 Change to pcp Cash and cash equivalents 62.6 55.5 13% Trade and other receivables 69.9 39.5 77% Current tax assets 4.5 5.3 (16%) Total current assets 137.0 100.3 37% Increase in trade and other receivables is due to sig
Slide 45: Summary of Statutory Cash Flow
NGI | Summary of Statutory Cash Flow USD millions 31 Dec 2025 31 Dec 2024 Change to pcp Cash receipts from operating activities 145.3 114.5 27% Cash paid to suppliers and employees (121.3) (95.3) 27% Cash generated from operations 24.0 19.2 25% Distributions received from investments 22.3 16.6 34% N
Navigator Global Investments — H1 FY26 Earnings Presentation on 6ix