Navigator Global Investments Limited

Navigator said first-half FY26 revenue was USD 108.3 million, up 17%, adjusted EBITDA was USD 48.2 million, up 17%, and adjusted EPS was up 7%. Ownership-adjusted AUM increased 5% during the period to $29 billion, and partner-firm AUM was over USD 84 billion, up 6% over the past 12 months. Statutory net loss was $4.3 million versus a significant profit in the prior period, driven mainly by fair value movements on investments; adjusted NPAT was $29.8 million, up 7%. Lighthouse performance fees were $39 million versus $31.7 million, NGI Strategic distributions were $22.3 million versus $16.6 million, and net assets were $795 million at 31 December 2025. For the full year, management continued to expect FY26 adjusted EBITDA to be lower than FY25 and said the full-year adjusted EBITDA margin should trend closer to FY25’s 56% due to a heavier second-half weighting to NGI Strategic.

Stephen Darke struck an upbeat but measured tone, emphasizing Navigator’s diversified model, resilient fee yields, and the benefit of partnering with established alternative managers. He highlighted continued organic growth, better sentiment for alternatives, and a pipeline for additional acquisitions in 2026. He also repeatedly framed the business as resilient across market cycles, while warning that FY26 EBITDA should still come in below FY25 because of weaker NGI Strategic performance and lower second-half distributions.

Amber Stoney focused on the drivers of the half and the balance sheet. She cited adjusted EBITDA of $48.2 million, helped by Lighthouse performance fees of $39 million, NGI Strategic distributions of $22.3 million, and higher management fees, but partly offset by $6 million more in employee costs and $4.4 million more in other operating expenses. She said net debt to adjusted EBITDA was 0.6x, comfortably within the target leverage range of up to 1.5x, and noted the company had a $100 million credit facility with 2029 maturity; she also said the board suspended dividends to reinvest capital into growth.

Analysts pressed on exposure to Blue Owl and private credit, and management said Blue Owl’s stake is held through its GP staking fund and is independent of Blue Owl’s private credit business, with little if any impact on Navigator. On second-half earnings, management explained that the apparent gap between the $15 million performance-fee change and the expected drop in distributions is not linear because compensation, manager mix, and fee realization affect what flows through to profit. Questions on the pipeline and new investments drew a positive response: management said activity has picked up, the pipeline remains full, and there are 2 to 3 developed opportunities, while Lighthouse is seeing interest in new products, mandates, and joint-venture-type structures such as Fortress.