HUB24 (HUB) H1 2025 earnings summary

Executive summary

• Achieved record platform net inflows of $9.5b and platform FUA up 36% to $98.9b, with 361 net advisor additions in 1H25 and market share rising to 7.9%.

• Recognized as the best platform for the third consecutive year, with multiple industry awards for product, managed accounts, and innovation.

• Significant investments in technology, automation, and AI to drive operational efficiency and enhance customer and advisor experience.

• Admitted to the S&P/ASX100 in September 2024, with a market cap of ~$6.6 billion as of February 2025.

• Employs 882 FTEs and operates across Australia, offering platform, technology, and data solutions to the wealth industry.

Financial highlights

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

• Underlying NPAT up 40% to $42.6m; underlying diluted EPS up 41% to 51.0c; basic EPS up 54% to 40.92c.

• Dividend increased 30% to 24.0c per share, with a four-year CAGR of 52%, payable April 2025.

• Operating cash flow conversion at 86% of EBITDA; net cash position of $73m.

• Platform FUA reached $98.9b at December 31, 2024, up 36% year-over-year; total FUA (including non-custody) at $120.9b.

Outlook and guidance

• Updated FY26 custodial FUA guidance to $123–135b, up from previous range of $115–123b, driven by strong net inflows and large planned migrations.

• Embedded inflows expected at $11–15b per annum, excluding large migrations.

• Strong pipeline and positive sentiment, but guidance range reflects market volatility and uncertainty.

• Operating expenses expected to grow in the mid- to high-teens percentage, driven by headcount increases and reinvestment.

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