Netwealth Group (NWL) H2 2025 earnings summary

Executive summary

• Achieved record FUA net flows of $15.8B, up 40.4% year-over-year, driving FUA to $112.8B, a 28.2% increase.

• Total income rose 27.1% to $324.4M, with EBITDA up 31.1% to $163.5M and margin expanding to 50.4%.

• NPAT increased 39.8% to $116.5M, with EPS up 39.7% to 47.3 cents and a final dividend 50% higher at 21.0 cents per share, bringing the full-year dividend to 38.5 cents.

• Adviser numbers grew to 3,971 (up 5.6%) and client accounts rose 13.3%.

• Strategy focused on product innovation, technology investment, and expanding into high net worth and broking segments.

Financial highlights

• FUA net inflows of $15.8B (+40.4% YoY), total FUA at $112.8B (+28.2%).

• Revenue up 27.1% to $324.4M; NPAT up 39.8% to $116.5M.

• EBITDA margin expanded by 150bps to 50.4%; EBITDA up 31.1% to $163.5M.

• Transaction and management fee income grew 48% and 31%, respectively.

• Operating expenses grew 23.3%, below income growth, supporting operating leverage.

Outlook and guidance

• FY26 FUA net flows expected to remain consistent with FY25, subject to market conditions.

• Operating expenses projected around $190M, with capitalised software investment to increase by ~$1M.

• Continued investment in technology, product, and growth initiatives, including new offerings for high net worth clients.

• EBITDA margin targeted above 50%, with high recurring revenue and strong cash reserves, no debt.