• Revenue and Adjusted EBITDA up 17% on pcp
• Lighthouse performance fees drive segment growth
• NGI Strategic distributions increase, with private markets firms contributing
• AUM grows 5% to $29.0 billion

NGI reported a strong set of financial results for H1 FY26, with revenue and Adjusted EBITDA both increasing 17% on the prior corresponding period. The results were driven by very strong performance fees from the Lighthouse segment, which increased to $39.0 million from $31.7 million in the prior period. Lighthouse also saw an 8% increase in management fees. In the NGI Strategic segment, distributions received from the partner firms increased to $22.3 million, up from $16.6 million in the prior period, with the majority of the increase coming from the private markets partner firms. This demonstrates the diversification and resilience of NGI's earnings. The results were partially offset by a $6.0 million increase in employee expenses, mainly due to higher bonus accruals driven by the improved Lighthouse performance, and a $4.4 million increase in other operating expenses. NGI's ownership-adjusted AUM grew 5% to $29.0 billion during the period, with strong net inflows and investment performance across both the Lighthouse and NGI Strategic segments.

Subject to market conditions and the timing of revenue receipts, NGI expects FY26 Adjusted EBITDA to be lower than FY25. This reflects comparatively lower investment performance in the NGI Strategic segment, which may result in lower profit distributions in the second half when compared with a strong H2 FY25.