Netwealth Group (NWL) H1 2026 earnings summary

Executive summary

• Delivered record half-year results for 2026, with FUA up 23.6% year-over-year to $125.6B and record custodial inflows of $16.6B, driven by advisor and account expansion and technology investment.

• Total income rose 24.7% to $193.8M, and EBITDA increased 23.9% to $96.7M, with a margin of 49.9%.

• Statutory net loss of $2.2M due to a $100.7M one-off compensation expense and $1.0M legal costs related to the First Guardian Master Fund collapse; excluding these, net profit was $69.0M, up 19.9%.

• Platform revenue diversified, with transaction, management, ancillary, and administration fees all showing double-digit growth.

• Interim dividend declared at 21.0 cents per share, up 20% year-over-year, fully franked.

Financial highlights

• FUA as of February 16, 2026, reached $127.3B; half-year FUA up 23.6% year-over-year to $125.6B.

• Net flows for the half were $8.2B, with record inflows of $16.6B.

• Platform revenue up 25.3% to $189.0M, with management fee income up 30.0% and ancillary fees up 36.5%.

• Adjusted EBITDA was $96.7M, up 23.9%, with an EBITDA margin of 49.9%.

• Adjusted EPS increased 20.5% to 28.1 cents; NPAT margin (excluding one-offs) was 35.6%.

Outlook and guidance

• FY26 guidance reiterated: FUA net flows expected to be similar to FY25, EBITDA margin (excluding First Guardian) around 49%.

• Ongoing investment in technology, product innovation, and security infrastructure planned.

• Early 2026 flows tracking in line or slightly ahead of prior year, with typical seasonality in January.

• Final FY26 dividend to be based on earnings excluding FG expenses.

• Momentum expected to continue into FY27, supported by demographic trends and process automation.