Netwealth Group (NWL) H1 2026 earnings summary

Executive summary

• Achieved record half-year results for 2026, with FUA up 23.6% year-over-year to $125.6B and record inflows, supported 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; adjusted net profit was $69.0M, up 19.9%.

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

• Continued investment in technology, product development, and AI to drive advisor efficiency and maintain a competitive moat.

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.

• Total income for the half was $193.8M, up 24.7% year-over-year.

• EBITDA grew 23.9% to $96.7M, with an EBITDA margin of 49.9%.

• EPS increased 22.2% (adjusted EPS up 20.5% to 28.1 cents); interim dividend up 20% to 21 cents per share, with a 75% payout ratio.

Outlook and guidance

• FY 2026 guidance reiterated: FUA net flows expected to be similar to FY 2025, EBITDA margin (excluding First Guardian) around 49%.

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

• Strategic focus on governance, technology, and expanding high net worth offerings.

• Strong balance sheet and recurring revenue streams support continued investment and dividend payments.