Netwealth Group (NWL) AGM 2024 summary

Opening remarks and agenda

• Meeting began with acknowledgment of traditional land owners and respect for traditional owners.

• Board and executive team introduced, with agenda covering Chair's and CEO's addresses and formal business items.

Financial performance review

• FUA increased 25.2% to AUD 88 billion for FY24, with a further rise to AUD 98.6 billion by November 2024.

• Total income grew 18.9% to AUD 255.2 million, with a 4-year CAGR of 19.1%.

• EBITDA margin was 48.8%, EBITDA up 23.8% to AUD 124.7 million, and NPAT up 24.1% to AUD 83.4 million.

• Return on equity post-tax rose to 62.3%, and operating net cash flow before tax was AUD 127.3 million, up 19.8%.

• Netwealth's market share increased 0.9% to 7.9% of the total industry platform FUA.

Board and executive committee updates

• Michael Heine transitioned to Non-Executive Director; Sarah Brennan joined as Non-Executive Director.

• Grant Boyle, outgoing CFO, was thanked; Hayden Stockdale appointed as new CFO.

• Four executive committee appointments in FY23 enhanced leadership capability.