Netwealth Group reported record growth in its annual results for the 12 months to March 2026, with total income up 20.6% to $391.1 million and adjusted EBITDA rising 18.0% to $192.9 million. Funds under administration (FUA) increased 20.3% to $135.7 billion, while adjusted earnings per share grew 16.0% to 55.2 cents. The company declared a 9.1% higher dividend of 42.0 cents per share.
Custodial gross inflows reached a record $32.3 billion, though net flows totaled $15.4 billion, slightly below the prior year’s $15.8 billion. Excluding pension payments, net flows were $16.9 billion. Adjusted operating cash flow before tax rose 16.1% to $195.3 million, and the Rule of 40 metric improved to 69.9.
Market share expanded by 98 basis points to 9.7%, with Netwealth and HUB24 capturing approximately 80% of total industry net flows. Netwealth secured $15.6 billion in net flows over the period, while legacy competitors collectively lost 2.2 percentage points of market share. Primary platform adoption reached 78%, outperforming the market average of 73%.
Revenue diversification continued, with non-administration fees accounting for 61% of platform revenue. Funds under management grew 14.9% to $34.6 billion, driven by a 29.9% increase in managed account FUM. Transaction fee income rose 21.5%, supported by a 21.8% increase in domestic ASX trade value to $26.3 billion. Ancillary fee income grew 26.0%, with average cash transaction account balances up 24.5% to $7.4 billion.
Client segmentation showed growth in high-net-worth and ultra-high-net-worth segments, which now represent 24.3% and 12.1% of FUA, respectively. Total accounts increased 12.4% to 182,276, while adviser numbers rose 5.9% to 4,205. Average FUA per account reached $726,000, up from $662,000 in FY25.
Management reaffirmed FY27 net flows guidance of $18 billion to $20 billion, representing roughly 13–15% growth on the FY26 closing FUA base. Adjusted EBITDA margin guidance for FY27 was set at approximately 47%, down from 49.1% in FY26, reflecting continued investments in product, technology, sales, and marketing. As of August 21, 2026, early FY27 FUA stood at $138.8 billion with net flows of $2.0 billion, excluding $0.6 billion of institutional outflows.
Shares in Netwealth fell 4.73% to $21.17 following the presentation, extending declines from a 52-week high of $36.66.
