Navigator Global Investments Ltd · ASX:NGI
Navigator Global Investments — Investor Day (November 2025)
60 slides from Navigator Global Investments's investor day presentation, Nov 13, 2025
Slide 1: Navigator 2025 Investor Day
WELCOME TO Navigator 2025 Investor Day ASX: NGI Approved by: Board of Directors 13 November 2025
Slide 2: Agenda
1 Redefining Alternatives Expanding Resources & Support Infrastructure 2 Through a Strategic Partnership 3 Diving into Asset Backed Finance 4 NGI: A Unique Value Proposition Uncovering Alternative Platforms and 5 Bespoke Solutions 6 What the Future Holds Agenda 2
Slide 3: Navigator Business Model
Navigator Business Model Our Vision Our Mandate How? Value • Preferred partner • Own & partner with • Provide growth • Diversified globally the best asset capital, and exposure and • Leading ASX managers strategic advice growing earnings Alternatives asset • Facilitate the growth • Preserve • Recurr
Slide 4: Leading Alternative Investment Firms
Leading Alternative Investment Firms NGI Strategic Partner Firms1 $1 billion $11 billion $21 billion $1 billion AUM AUM AUM AUM/AUA Healthcare Derivatives Global Multi-strategy $17 billion AUM Global Diversified $5 billion $3 billion $3 billion $3 billion $6 billion $13 billion Alternatives AUM AUM
Slide 5: Strategic Partner: $295 billion AUM
Leading Alternative Investment Firms $295 billion AUM Partner of choice for businesses seeking private capital solutions. Through its partnership with GP Strategic Capital1, NGI receives support on growth initiatives, and access to its Business Services Platform. Marc Pillemer Senior Managing Direct
Slide 6: Partner Firm: $1 billion AUM
Leading Alternative Investment Firms $1 billion AUM A growth equity and buyout firm that invests exclusively in commercial- Adele Oliva stage healthcare companies. Founding Partner 6 PARTNER FIRM
Slide 7: Partner Firm: $13 billion AUM
Leading Alternative Investment Firms $13 billion AUM Investing in asset-backed finance markets with a focus on structured credit securities, whole loans, and Jack Ross related strategies. Managing Partner 7 PARTNER FIRM
Slide 8: NGI: A Unique Value Proposition
NGI: A Unique Value Proposition1 8 1. NGI is a unique value proposition in the Australian market. It is the only ASX listed company which focuses solely on partnering with alternative asset managers.
Slide 9: Topics
1 NGI’s Business Model – A Deeper Dive Uncovering the Benefits of 2 Minority Stakes 3 Unpacking Performance Fees 4 Key Financial Metrics in Action 9 Topics
Slide 10: NGI's Business Model: A Deeper Dive
NGI’s Business Model: A Deeper Dive 10
Slide 11: A Simple Business Model
A Simple Business Model Our Business Partnership Growth Capital Strategic Engagement Our Model To Own Partner Firms Value Add from NGI & Blue Owl Alternatives Private Markets Liquid Alternatives Current Platform The Future Partner Firm Organic Growth + Addition of New Partner Firms 11
Slide 12: Private Markets & Liquid Alternatives
Private Markets & Liquid Alternatives A blended portfolio has the potential to combine Growth + Stability Private Markets Alternatives managers Liquid Alternatives Illustrative Profile are high-margin1 Illustrative Profile 44% HIGH GROWTH ~45% Alts managers avg. EBIT margin HIGH CASHFLOW LONG TERM A
Slide 13: Lets Compare Them Briefly…
Lets Compare Them Briefly… Liquid Alternative Private Assets Managers Manager Lower Very High How Market Values Forward P/E ratio Forward P/E ratio Fee Level Duration of Capital Fee Security Potential Speed of Growth For successful managers Source: Market values – Hedge fund range: Man Group. Privat
Slide 14: High Margin Business with Barriers to Entry…
High Margin Business with Barriers to Entry… Significant Partner Material and High quality operating margins Firm Growth sustainable industry tailwinds → strategies, people, and earnings → Scalable growth potential High Barriers Many entrants Need track record, to Entry conflicted or with term capit
Slide 15: NGI Value Creation
NGI Value Creation Corporate Capital Strategy Provide Strategic and M&A Strategy Growth Advice Capital ESG & Business Private Wealth Resilience Advisory Operational Human & IT Business Capital NGI Value Aligned Advisory Services Platform Advisory Affiliate Synergies Creation Partnership Structure (B
Slide 16: Our Fundraising Model
Our Fundraising Model WHY a “Decentralised Distribution” approach can be optimal Strategic NGI Partnership Blue Owl BSP – Capital Strategy Group Capital Introduction Larger Partner Firm Smaller Partner Firm Mid-size Partner Firm AUM: USD1-5 billion AUM: USD5-15 billion AUM: USD15 billion+ Client Ser
Slide 17: Benefits of Decentralised Distribution Model
Benefits of Decentralised Distribution Model Profitable asset managers have the resources to implement this approach Each Partner Who are Who protect Alongside Builds Firm builds “captive” to Partner Firm Blue Owl BSP maximum value top tier sales that asset brand, have no providing for the Partner t
Slide 18: The NGI Flywheel
The NGI “Flywheel” Net Inflows Partner Firm It’s all about: Investment New Performance Partner Firms Diversification Growing Revenues, NGI Strong Value Creation Cashflow, and Partnerships with Enterprise Value Creation Value Cashflow Generation Permanent & Diversified Flexible Portfolio of Capital H
Slide 19: Uncovering the Benefits of Minority Stakes
Uncovering the Benefits of Minority Stakes 19
Slide 20: Sustained Trend in Established Firms Seeking a Partner
Sustained Trend in Established Firms Seeking a Partner Supply of GP Capital and Strategic Partners Demand for GP Capital and Partnership Exceeding the number of strategic partners and capital available The industry opportunity is robust 20
Slide 21: Primary Target Partner Firm Rationale
Primary Target Partner Firm Rationale Growing Fund Growth Partnership GP Commitments Initiatives Evolution • Increased investments • New product launches • Implementation and • Fund sizes increasing • Key hiring advancement of succession planning • Attractive market • Geographic expansion • Transiti
Slide 22: Options for Partner Firms to Fund Growth
Options for Partner Firms to Fund Growth Benefits Drawbacks Retained Earnings + 100% ownership − Limited resources, timing − Availability, covenants, LP Debt Raise + Cost of Capital preferences + Financial − Loss of control or autonomy Control Sale + Distribution − Talent and LP retention + Alignmen
Slide 23: Benefits of Minority Partnerships
Benefits of Minority Partnerships Benefits For NGI For the Partner Firm 1 Alignment 2 Autonomy 3 Potential for operating leverage 4 Access to the long-term enterprise value growth 5 Provides diversified exposure 6 Provides capital for growth & expansion Minority Partnerships can mitigate several key
Slide 24: Unpacking Performance Fees
Unpacking Performance Fees 24
Slide 25: Quick Refresher on the Alternatives Universe…
Quick Refresher on the Alternatives Universe… Alternatives allow 20% Real Estate investors to solve Other Real Assets Private Markets for various Hedge Funds outcomes 15% Private Equity Venture Capital Correlations, returns 10-year annualised return and yields Transport 10-year correlations and 10-y
Slide 26: But Are They Correlated To Each Other?
But Are They Correlated To Each Other? Public and Private Market Correlations Quarterly returns Global Global U.S. Core Europe APAC Core Global Direct Venture Private Equity Relative 2Q08 - 1Q25 Bonds Equities RE Core RE* RE Core Infra Transport Timber Lending Capital Equity Long/Short Value Macro G
Slide 27: No Year Has Been The Same In 10…
No Year Has Been The Same In 10…. Alternative Asset Class Returns 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Infra. Infra. Private Equity Venture Capital 60/40 Portfolio Venture Capital Venture Capital Transport 60/40 Portfolio 60/40 Portfolio 15.5% 14.2% 23.0% 21.2% 22.4% 58.5% 49.9% 12.1% 1
Slide 28: Time to Unpack Performance Fees…
Time to Unpack Performance Fees…. Illustrative Allocation of Cashflows between Investors and Managers Traditional Asset Managers NGI Partners Benchmarked Private Market Hedge Fund Performance Fees Performance Fees Performance Fees RETURNS RETURNS RETURNS Manager Investor Manager Investor Manager Inv
Slide 29: For NGI, All of That Leads to This…
For NGI, All of That Leads to This… Composition of Underlying Performance Fees by Partner Firm1 USD millions 124 91 89 65 CY21 CY22 CY23 CY24 1 Underlying performance fee revenues for the NGI Strategic Portfolio (comprising Bardin Hill, Capstone, CFM, MKP, Pinnacle and Waterfall), Private Markets fi
Slide 30: Which Forms Part of NGI's Underlying Revenues…
Which Forms Part of NGI’s Underlying Revenues… Composition of Underlying Fee Revenue by Partner Firm1 USD millions 400 2.00% Underlying management fees (USD millions) Underlying performance fees (USD millions) 27.1 Ownership Adjusted AUM at end of period (USD billions) 26.1 350 CY Performance fee
Slide 31: How Does This Compare?
How Does This Compare? Variability of Performance Fees vs Peers 69.7% 55.9% 52.5% 31.5% 14.3% NGI Strategic Peer 1 Peer 2 Peer 3 Peer 4 31 Source: UBS Global Research – Diversified Financial – Navigating growth through Strategic M&A Report © UBS 2025.
Slide 32: Key Financial Metrics in Action
Key Financial Metrics in Action 32
Slide 33: Key Financial Metrics: Components Driving NGI Profitability
Key Financial Metrics The Components Driving NGI Profitability NGI Strategic USD 11.8 1.18% As 90 - 34 - 17% 80% billion pa disclosed1 95% 44% 30 June 2025 Average Average AUM that Investment Distribution as a Indicative Ownership management performance can earn performance % of underlying margin on
Slide 34: Applying Financial Metrics to FY25
Applying Financial Metrics to FY25 Estimating Underlying Revenue NGI Strategic Lighthouse NGI Group 1 Average Ownership Adjusted AUM (USD bn)1 10.3 16.1 26.4 2 Estimated management fees2 Avg management fee rate 1.18% 0.54% Estimated management fees (USD m) 121.1 87.1 208.3 3 Estimated Performance fe
Slide 35: Applying Financial Metrics to FY25
Applying Financial Metrics to FY25 How revenues relate to EBITDA NGI Strategic Lighthouse NGI Group 2+3 Total revenues (USD m) 209.1 122.9 332.0 4 Estimated operating result Partner firm operating margin 38% 33% % distributed to NGI 95% Net NGI carry, operating & finance costs (USD m) 1.1 NGI corpor
Slide 36: Key Take-Aways
A business model providing a combination of growth, stability and high cashflows A partnership with NGI provides material benefits for Partner Firms A diversified portfolio of stakes in Alternatives asset managers generating performance fees is very attractive Key At its core, NGI is a simple busine
Slide 37: Partner Firm: $17 billion AUM
Leading Alternative Investment Firms $17 billion AUM A global diversified alternative asset management firm focusing on delivering competitive risk-adjusted returns and Sean McGould innovative solutions to investors. CEO and CIO 37
Slide 38: What the Future Holds
<3 Navigator - 28 _ What the Future 7 ~ Holds. : -
Slide 39: An Agenda for Growth
1 A Focus on Growth 2 Our Approach 3 Capitalising on the Opportunity 4 Question and Answer An Agenda 39 for Growth
Slide 40: Growth Expansion at Our Core
Growth Expansion at Our Core Key Drivers of Growth Industry Partner Firm NGI Value Inorganic Growth Outperformance Creation Growth 40
Slide 41: Diversification Approach: Client Type and Geography
Diversification Approach Client Type and Geography HOW WHY Institutional North America New products Consultant Europe Broadening adoption of Alternatives Insurance Middle East Mitigate downside from change in UHNW Asia investor behavior Retail Australia Mitigate regulatory or policy risks Subadvisor
Slide 42: Diversification Approach: Product Type and Revenue Profile
Diversification Approach Product Type and Revenue Profile HOW WHY Open end funds Durability Closed end funds Visibility Separately Managed Accounts Ability to withstand fee pressure Margin expansion, when possible Evergreen / Permanent Capital Vehicles Performance related cash flow supports Advisory
Slide 43: Diversification Approach: Growth Profile and Maturity
Diversification Approach Growth Profile and Maturity HOW WHY Startup Cash flow, with downside protection Emerging Stability Scaled Focus on innovation Established Maturing Market share 43
Slide 44: Diversification Approach: Asset Class and Investment Strategy
Diversification Approach Asset Class and Investment Strategy HOW WHY Hedge Funds AUM growth through market cycles Private Credit Downside protection Private Equity Reducing volatility Real Assets Market insight 44
Slide 45: Diversifying with Alternatives
Diversifying with Alternatives Role Liquidity Return Profile Tactical flexibility and stability, Hedge Funds Medium Strategy-dependent risk mitigation Private Equity Long-term growth Low Higher volatility Private Credit Income generation Low Moderate risk-return Real Assets Inflation sensitivity and
Slide 46: Preserving and Prioritising Alignment
Preserving and Prioritising Alignment Clients & Investors Founders, Employees Partners & Stakeholders 46
Slide 47: Where We Are Today
Where We Are Today Deepening A partnership Diversifying and exposure to growth focused foundation broadening the oriented Private to scale platform Market Alternatives FY 2021 FY 2025 47
Slide 48: Broad and Evolving Opportunity Set
Broad and Evolving Opportunity Set Alternative Asset Management Firms with $1bn – $10bn of AUM Market Size (AUM) No. of Firms Est. No. of Firms Hedge Funds $5 trillion ~8,500 4,822 Private Equity $7 trillion 1,622 Private Credit $2 trillion ~17,000 344 Real Assets $2 trillion 1,787 48 Source: Hedge
Slide 49: Our Focus
Our Focus Our criteria is designed to identify those firms who will continue their growth trajectory Strong investment Proven and Attractive market performance / track repeatable opportunity record investment process Navigator seeks Long term and opportunities Currently profitable; High quality sust
Slide 50: Where We Are Spending Time
Where We Are Spending Time Exploratory Pipeline Activity 14 12 10 Target Firm AUM (USD billions) 8 6 4 2 0 Private Equity Private Credit Real Assets Hedge Fund 50 Alternative Asset Management Asset Class
Slide 51: A Refined Approach
A Refined Approach Transaction Structure Attractive Return Profile 01 02 Use of transaction proceeds Immediate cash flow from pro- to support growth, rata share of profits and fees in specifically structured and designed to align interests Key addition to increased enterprise value growth over time
Slide 52: In Closing
In Closing Identifying top-performing, growth-oriented alternative asset managers A flexible partnership approach Applying our expertise to position us as a partner of choice Focused and differentiated strategy, driving long term growth 52
Slide 53: Bringing it all together…
<3 Navigator | Bringing it all PORE: j
Slide 54: NGI's strategy is paying off
Transformational Growth Since 2020 2.3x 2.2x Ownership Revenues1 Adjusted AUM NGI’s strategy is paying off 4.0x 1 11 Adjusted Partner Firms EBITDA2 1. Non-IFRS revenue includes management fees, performance fees and distribution income from Partner Firms and share of profits from associates. 54 2. Un
Slide 55: Growth Drivers
Growth Drivers Opportunities to drive growth + compound earnings at high rate of return Increases scale, diversification & resilience of NGI portfolio Growth in Partner Firm NGI Value New Partner Alternatives Growth Creation Firms 55
Slide 56: Long-Term Tailwinds
Long-Term Tailwinds Alternatives AUM by Primary Region (2010 – 2029F) 30,000 25,000 20,000 AUM (USD bn) 15,000 10,000 5,000 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024F 2025F 2026F 2027F 2028F 2029F North America Europe APAC Rest of world Total*** Supportive secular
Slide 57: Our 5 Year Ambition
Our 5 Year Ambition A clear path to doubling Adjusted EBITDA in the next 5 years 2020 Historical drivers 2025 Future drivers 2030 > USD 200 m • AUM and management • 5% annual growth of fee growth Lighthouse EBITDA > USD 45 b • Sustained investment • 10% annual EBITDA performance and growth from exis
Slide 58: Key Messages
Partnering with diversified Alternative asset managers is a compelling 1 strategy to generate long-term shareholder value Our Partner Firms are leading Alternative asset managers globally in 2 their respective strategies and asset classes Is the market properly reflecting the potential sustainabilit
Slide 59: Disclaimer
Disclaimer This presentation has been prepared by Navigator Global Investments Limited (NGI) and provides information regarding NGI and its activities current as at 13 November 2025. It should be read in conjunction with NGI’s 30 June 2025 Annual Financial and other periodic and continuous disclosur
Slide 60: Disclaimer (continued)
Disclaimer (continued) PAST PERFORMANCE Past performance is not necessarily a guide to future performance and past performance information given in this presentation is given for illustrative purposes only and should not be relied upon (and is not) as an indication of future performance. Nothing con
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