• Adjusted EBITDA up 17-22% to USD106-110m
• Strong profit distributions from NGI Partner Firms drives 18-25% H2 earnings uplift
• Diversified and uncorrelated nature of NGI's Partner Firms remains resilient

Navigator Global Investments Limited (ASX:NGI) has upgraded its FY25 earnings outlook, with stronger than expected profit distributions from NGI's Partner Firms driving a significant H2 earnings uplift, ahead of NGI's expectations. Full year Adjusted EBITDA is now expected to be between USD106.0 million to 110.0 million (AUD163.6 million to 169.7 million), representing an increase of between 17% and 22% on FY24 Adjusted EBITDA of USD90.5 million. The Company expects H2 FY25 Adjusted EBITDA of between USD64.9 million and 68.9 million, representing an increase of between 18% and 25% on the prior corresponding period. NGI's second-half earnings have benefited from strong investment performance across its portfolio of Partner Firms in CY24, with assets under management increasing to USD80.8 billion. The diversified and uncorrelated nature of Lighthouse and NGI's Partner Firms continues to prove resilient to global market volatility; however, subject to market conditions, FY26 distributions and direct performance fee revenue could potentially be at lower levels than FY25.

NGI expects FY25 Adjusted EBITDA of USD106.0 to 110.0 million (AUD163.6 to 169.7 million), representing an increase of 17-22% on FY24 Adjusted EBITDA.

NGI continues to maintain that the medium to long-term averages of both NGI Strategic distributions and Lighthouse direct hedge fund performance fee revenues are an appropriate guide for investors when assessing future NGI earnings.