HUB24 (HUB) H1 2025 earnings summary

Executive summary

• Achieved record platform net inflows of $9.5 billion, with platform FUA up 36% to $98.9 billion and total FUA at $120.9 billion as of December 2024.

• Underlying EBITDA rose 41% to $77.6 million and statutory NPAT increased 54% to $33.2 million year-over-year.

• Fully franked interim dividend of 24.0 cents per share, up 30% year-over-year, payable April 2025.

• Continued market leadership with #1 ranking for net inflows, managed account capability, and multiple industry awards for platform, product, and innovation.

• Significant investments in technology, automation, and AI to drive operational efficiency and enhance customer and adviser experience.

Financial highlights

• Group revenue up 25% year-over-year to $195.2 million; platform revenue up 29% to $154.2 million; Tech Solutions revenue up 9% to $38.0 million.

• Underlying NPAT up 40% to $42.6 million; underlying diluted EPS up 41% to 51.0 cents per share.

• Operating cash flow conversion at 86% of EBITDA; net cash position of $73 million.

• Underlying EBITDA margin for the group increased to 39.8%, up 4.7 percentage points year-over-year.

• Dividend payout ratio at 46% of underlying NPAT.

Outlook and guidance

• FY26 Platform FUA target upgraded to $123–$135 billion, up from previous $115–$123 billion, driven by strong net inflows and large planned migrations.

• Embedded inflows expected at $11–$15 billion per annum, excluding large migrations.

• Ongoing investment in automation, AI, and product enhancements to support future growth and operational efficiency.

• Guidance range reflects market volatility and uncertainty; operating expenses expected to grow in the mid- to high-teens percentage.

• Dividend policy targets payout ratio of 40–60% of annual underlying NPAT, subject to market conditions.