• Acquisition of a portfolio of Net Revenue Share interests in 17 alternative asset managers from Stable Asset Management
• $145M fully underwritten equity raise and $136M in NGI scrip consideration
• Expands NGI's ecosystem across asset manager lifecycle, including more private markets exposure
• Strategic partnership with Stable to drive further growth and inorganic opportunities

Navigator Global Investments Limited (NGI) has entered into an agreement to acquire a diversified portfolio of Net Revenue Share interests (the 'Target Portfolio') from funds managed by and clients of Stable Asset Management LP ('Stable') for a total consideration of US$195 million. The Target Portfolio, to be named the NGI Stable Growth Portfolio, will form part of NGI's Strategic segment and comprises 17 Net Revenue Share interests in alternative asset managers spanning early-stage to established firms across various alternative strategies. As of March 2026, the NGI Stable Growth Portfolio had US$15.0 billion in firm-level AUM and US$1.8 billion in ownership-adjusted AUM, generating US$27 million in distributions in CY2025. NGI will fund the acquisition through a A$145 million fully underwritten pro rata accelerated non-renounceable entitlement offer and A$136 million of NGI scrip consideration. The strategic partnership with Stable will provide continuity, expertise and ongoing value creation to drive further scale in the Target Portfolio and any additional Net Revenue Share interests added in the future. The acquisition is expected to be low double-digit EPS accretive in the first full year of ownership and improve NGI's key financial metrics. NGI expects FY26 Adjusted EBITDA to be between US$100 million and US$104 million.

NGI expects FY26 Adjusted EBITDA to be between US$100 million and US$104 million.

The strategic partnership with Stable is expected to provide NGI with access to an attractive pipeline of additional opportunities to drive both organic and inorganic growth.