Highlights

• Navigator expanded ownership-adjusted AUM by 21% as Lighthouse and its Partner Firms attracted capital and delivered investment gains.
• Lighthouse recorded higher management and performance fees, partly offsetting weaker distributions from NGI Strategic Investments.
• The Stable transaction broadens Navigator’s alternative asset manager exposure and is expected to contribute to earnings from FY27.

FY26 Results Reflect Mixed Earnings Trends

Navigator Global Investments Limited (ASX: NGI) released its FY26 Annual Report dated 24 August 2026, covering the year ended 30 June 2026. Revenue from ordinary activities increased 14% to US$417.72 million, while statutory EBITDA declined 62% to US$55.10 million. Adjusted EBITDA decreased 10% to US$101.90 million, equivalent to approximately AU$149.80 million, while net profit attributable to members fell 82% to US$21.20 million.

AUM Expansion Supports Revenue Base

Ownership-adjusted assets under management reached US$33.60 billion, or approximately AU$48.90 billion, representing 21% growth compared to FY25. Fees and distributions increased 1% to US$206.50 million, equivalent to around AU$303.50 million. The expansion reflected investment performance, net client inflows and strategic acquisitions. Lighthouse remained a key contributor. Its management fee revenue increased 11% to US$96.50 million, while performance fees advanced 27% to US$45.50 million. Lighthouse AUM grew 28%, and its adjusted EBITDA rose 13% to US$46.70 million. By comparison, NGI Strategic adjusted EBITDA declined 23% to US$58.60 million as distributions from certain strategies moderated following two particularly strong years.

Strategic Portfolio Continues to Broaden

Navigator completed its investment in Georgian during March 2026, increasing exposure to growth equity businesses focused on artificial intelligence-related technology. The Stable transaction subsequently settled on 2 July 2026, adding 17 net revenue share interests across alternative asset managers and approximately US$2.00 billion of ownership-adjusted AUM.

Outlook

For FY27, Navigator is focused on integrating the Stable portfolio, supporting continued Lighthouse growth and selectively pursuing additional investment opportunities. Management expects the enlarged and more diversified platform to strengthen recurring revenue opportunities, although investment performance, fundraising conditions, foreign exchange movements and broader market volatility remain important variables.

Note- All data presented is based on information available at the time of writing.

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