• Ownership-adjusted AUM up 5% to USD29 billion
• Revenue up 17% to USD108.3 million
• Adjusted EBITDA up 17% to USD48.2 million

Navigator Global Investments Ltd (NGI.ASX) has reported its financial results for the half year ended 31 December 2025 (H1 FY26), delivering Adjusted EBITDA of USD48.2 million, up 17% on the prior corresponding period (pcp). Adjusted EPS also increased by 7% on pcp. The company's ownership-adjusted assets under management (AUM) grew by 5% to USD29 billion during H1 FY26, and by 7% during the 2025 calendar year, in line with NGI's longer-term AUM growth rate. Revenue increased by 17% to USD108.3 million, driven by higher management fees (with higher fee rates) from both business segments, and continued strong risk-adjusted investment performance from Lighthouse Investment Partners, generating higher performance fees. Lighthouse grew earnings by 9% to USD28.9 million, while NGI Strategic grew earnings by 32% to USD19.3 million. NGI continues to benefit from a diversified and resilient earnings base, underpinned by overall positive investment performance from its Partner Firms and a robust balance sheet that provides flexibility to fund future growth opportunities. The company remains confident in the long-term growth outlook for its Partner Firms and the opportunities to add additional high-quality new Partner Firms.

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

NGI continues to benefit from a diversified and resilient earnings base, underpinned by overall positive investment performance from its Partner Firms and a robust balance sheet that provides flexibility to fund future growth opportunities. The company remains confident in the long-term growth outlook for its Partner Firms, the attractive structural tailwinds supporting the alternative asset management sector, and the opportunities to additional high-quality new Partner Firms.