Netwealth Group (NWL) Q3 2026 TU earnings summary

Executive summary

• Achieved total FUA of $125.8B as of 31 March 2026, up 20.9% year-over-year, with net flows of $4.0B for the quarter, offsetting $3.7B in market declines.

• Managed Account net flows reached $1.2B, up 34.8% on PCP, with record trailing twelve-month net flows of $5.6B.

• Number of accounts grew 2.6% sequentially and 13.4% year-over-year to 176,675.

• FUM rose to $31.8B, up 28.5% on PCP, driven by Managed Account FUM growth.

Financial highlights

• Custodial FUA inflows totaled $7.6B, up 19.4% on PCP; total FUA net flows (ex-pension) were $4.3B.

• Non-custodial FUA ended at $1.2B, up 56.6% on PCP.

• FUA per account increased 6.5% year-over-year to $712k.

• Average cash balances held steady at 5.7% of custodial FUA.

Outlook and guidance

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

• EBITDA margin guidance of approximately 49%, excluding First Guardian impact.

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