Netwealth Group (NWL) Q2 2026 TU earnings summary

Executive summary

• Achieved record custodial funds under administration (FUA) inflows of $8.4B for the December 2025 quarter, marking a second consecutive quarterly record.

• Total FUA reached $125.6B, up 23.6% year-over-year, with net flows of $4.2B and positive market movement of $0.6B.

• Number of accounts grew 2.9% sequentially and 13.7% year-over-year to 172,221.

Financial highlights

• Managed Account net flows hit a record $1.8B, up 12.8% sequentially and 61.4% year-over-year; Managed Account FUM rose 32.3% to $27.5B.

• Total FUM ended at $31.4B, up 30.6% year-over-year, with total FUM net flows of $1.9B for the quarter.

• Non-custodial FUA was $1.1B, up 63.7% year-over-year.

• FUA per account increased 8.7% year-over-year to $729K.

Outlook and guidance

• FY26 FUA net flows expected to be similar to FY25.

• EBITDA margin forecast at approximately 49%, excluding the impact of First Guardian compensation.

• Capitalised software investment projected at $12M for FY26.

• FY26 dividends to be based on underlying earnings, excluding the one-off compensation payment.