Netwealth Group (NWL) Q1 2026 TU earnings summary

Executive summary

• Total Funds Under Administration (FUA) reached $120.8B at 30 September 2025, up 26.6% year-over-year, with record first-quarter net flows of $4.1B and positive market movement of $3.9B.

• Managed Account net flows hit a record $1.6B, up 49.4% from the prior quarter, and 44 new Managed Account models were added.

• The number of accounts grew by 5,146 (3.2%) during the quarter, totaling 167,380.

• Non-custodial FUA exceeded $1.0B for the first time, up 82.4% year-over-year.

Financial highlights

• FUA net flows for the quarter were $4.1B, and $15.8B on a trailing twelve-month basis, both records.

• Total FUA inflows were $8.0B for the quarter and $30.0B for the trailing 12 months.

• Funds Under Management (FUM) ended at $29.5B, up 31.3% year-over-year, with Managed Account FUM at $25.7B (+32.6%) and Managed Funds at $3.8B (+23.0%).

• Net flows for Managed Funds were $213M, up 61.7% year-over-year.

Outlook and guidance

• FY26 guidance reaffirmed: FUA net flows expected to be similar to FY25, operating expense growth in line with FY25 (excluding First Guardian impact), and capitalised software investment to increase by ~$1M on 2H25 run rate.