Netwealth Group (NWL) H2 2026 earnings summary

Executive summary

• Achieved record financial results for FY 2026, with total income up 20.6% to $391.1M, Adjusted EBITDA up 18% to $192.9M, and FUA up 20.3% to $135.7B, excluding the impact of the First Guardian matter.

• Net flows (ex-pensions) reached $15.9B, with gross FUA flows exceeding $32B and over 20,000 new accounts added.

• Market share increased to 9.7%, gaining 98 bps, with leadership in net flows and outperforming most competitors.

• Revenue diversification improved, with non-administration fees now 61% of platform revenue.

• Continued execution of a multi-year strategy focused on technology, adviser efficiency, product innovation, and deliberate reinvestment in growth initiatives.

Financial highlights

• Total income for FY 2026 was $391.1M, up $66.7M year-over-year; Adjusted EBITDA rose $29.5M to $192.9M, with a margin of 49.1%.

• Adjusted NPAT was $135.4M, up 16.2%, and EPS increased 16% to 55.2 cents; fully franked dividend for the year was 42.0 cps, up 9.1%.

• Platform revenue grew 21% to $382.9M, with management fee income up 28.5% and all major revenue streams at record levels.

• Gross FUA flows exceeded $32B, with net flows from new intermediaries up over 70% to $1.5B.

• Managed Accounts FUM grew 27.9% to $34.6B.

Outlook and guidance

• Reaffirmed FY 2027 net inflow guidance of $18B–$20B and EBITDA margin guidance of approximately 47%.

• Capitalized software investment for FY 2027 expected to be around $17M.

• Ambition to double FUA by 2030 (DX30 strategy), targeting a 19% CAGR and a return to 50% EBITDA margins over four years.

• Management confident in guidance, citing strong adviser pipeline, recent large client wins, and operating leverage to support margin expansion.