HUB24 (HUB) H1 2025 earnings summary

Executive summary

• Achieved record platform and superannuation net inflows of $9.5 billion, with platform FUA up 36% to $98.9 billion and total FUA at $120.9 billion, maintaining #1 industry position for flows and market share gains.

• Recognized as best platform for third consecutive year, received multiple industry awards for product, innovation, and advisor support, and admitted to the S&P/ASX100 in September 2024.

• Strong advisor growth with 361 net additions in 1H25, adviser count up 14% to 4,886, and significant expansion in usage per adviser.

• Continued investment in technology, automation, and AI to drive operational efficiency, product enhancements, and avoid hiring additional FTEs.

• Fully franked interim dividend of 24.0 cents per share, up 30% year-over-year, reflecting strong profitability and cash flow.

Financial highlights

• Group revenue up 25% year-over-year to $195.2 million; underlying EBITDA up 41% to $77.6 million; statutory NPAT up 54% to $33.2 million.

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

• Platform revenue up 29% to $154.2 million; Tech Solutions revenue up 9% to $38.0 million.

• Operating cash flows of $67.1 million, representing 86% EBITDA conversion; net cash position of $73 million.

• Underlying EBITDA margin expanded to 39.8%, up 4.7 percentage points year-over-year.

Outlook and guidance

• Upgraded FY26 platform FUA guidance to $123–$135 billion, reflecting strong pipeline, large planned migrations, and market momentum.

• Net flow guidance broadened to $11–15 billion due to positive sentiment and market conditions, with caution on volatility.

• Operating expense growth expected in mid- to high-teens, driven by headcount increases and reinvestment.

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

• Continued improvement in financial results expected with ongoing FUA growth and business scale.