Netwealth Group (NWL) H2 2025 earnings summary

Executive summary

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

• Total income rose 27.1% to $324.4 million, with EBITDA up 31% to $164 million and a margin of 50.4%.

• NPAT surged 39.8% to $116.5 million, and EPS increased 40%, with a final dividend 50% higher at $0.21 per share.

• Market share increased to 8.7%, up 1.1 percentage points, with broad-based growth across all customer segments.

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

Financial highlights

• FUA net inflows of $15.8 billion (+40% YoY), total FUA at $113 billion (+28%).

• Revenue up 27% to $324 million; NPAT up 40% to $117 million.

• EBITDA margin expanded by 150 bps to 50.4%; EBITDA up 31% to $164 million.

• Transaction fees and management fees grew 48% and 31%, respectively.

• Expenses grew 23.3%, 380bps less than revenue growth, driving operating leverage.

Outlook and guidance

• FY26 net flows expected to be similar to FY25 on a dollar basis, with total FUA at $118.5B as of 18 August 2025.

• Operating expenses projected around $190 million, with a slight CapEx increase and capitalised software investment to rise 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.