HUB24 (HUB) H2 2026 earnings summary

Executive summary

• Achieved record FY26 growth with group revenue up 23% to AUD 501.1 million, underlying EBITDA up 30% to AUD 211.4 million, and statutory NPAT up 51% to AUD 120.2 million; underlying NPAT increased 40% to AUD 137.3 million.

• Funds under administration (FUA) reached AUD 164.3 billion, up 20%, with platform FUA at AUD 139.5 billion and record net inflows of AUD 18.9 billion (excluding prior year migrations).

• Maintained #1 position in net inflows for 10 consecutive quarters, with market share rising to 9.9% and 37% of Australian advisers now using the platform.

• Fully franked final dividend of AUD 0.42 per share, total FY26 dividend at AUD 0.78, up 39% year-over-year.

• Continued industry recognition for innovation, customer service, and product leadership, ranking #1 in multiple adviser and platform categories.

Financial highlights

• Platform segment revenue up 26% to AUD 406.9 million; Tech Solutions revenue up 9% to AUD 84 million.

• Underlying EBITDA margin expanded 2.3% to 42.2%; platform EBITDA margin up 1.7% to 45.9%.

• Operating expenses rose 19% to AUD 289.7 million, mainly from employment and admin costs.

• Operating cash flow of AUD 197.5 million, 93% conversion to EBITDA, with a four-year CAGR of 34%.

• Statutory effective tax rate decreased to 17% due to timing of treasury share purchases and R&D benefits.

Outlook and guidance

• FUA target for FY28 raised to AUD 186–200 billion, up from prior FY27 target of AUD 160–170 billion.

• Expecting flat to slightly growing underlying EBITDA margins at both group and platform levels in FY27, with expense growth in the low to mid-teens.

• Custody revenue margin expected to compress by 0.5–1 basis points in FY27.

• Integration of HUB24 Super Fund trustee inhouse expected to complete in 1HFY27, with no material EBITDA impact anticipated.

• Guidance range for net flows accommodates both continued IDPS outflows and potential acceleration in superannuation inflows.