Netwealth Group’s FY26 results demonstrate sustained momentum across its core platform business, with record total income reaching $391.1 million, an increase of 20.6% year-on-year. More significantly, the company delivered record NPAT of $135.4 million, up 16.2%, as it maintains strong operating leverage with EBITDA margin expanding to 49.1% (EBITDA grew 18.0% to $192.9 million). These metrics suggest the wealth platform operator is translating revenue growth into expanding profitability while managing costs effectively.
The FUA performance underpins this financial achievement. Netwealth reported record funds under administration of $138.8 billion as of August 21, 2026, with year-to-date net flows of $2.0 billion excluding $0.6 billion in institutional outflows. This combination of record scale and positive retail net flows indicates the company continues to gain market share in its core retail wealth advisory channel, even as it navigates competitive pressure in institutional segments. All major revenue streams grew during the year, with management fees up 28.5% and transaction fees up 21.5%, supporting the overall 21.0% platform revenue increase.
The capital management approach also deserves attention. Netwealth declared record total dividends for the full year of 42.0 cents per share, up 9.1%, with a 100% franked final dividend of 21.0 cents per share. This progressive dividend policy reflects management confidence in underlying cash generation and signals a commitment to returning capital to shareholders while reinvesting in growth.
Beyond the financial metrics, Netwealth’s strategic execution in FY26 positions it for expanded addressable markets. The company launched Netwealth Private and Individual HIN capabilities during the year, expanding the range of clients and markets it can serve without departing from its core platform technology. This approach matters because it leverages existing infrastructure to pursue higher-margin or higher-growth segments. The subsequent agreement with Morgan Stanley Wealth Management Australia to deliver Individual HIN capability demonstrates commercial validation of this strategy and suggests the company is competing successfully for partnership opportunities with larger wealth players.
Management articulated a four-year ambition to double funds under administration from current levels, Dx30 as internal branding calls it, a target that appears grounded in demonstrated growth rates and improving market position. Delivering on this ambition will require sustained execution on product expansion, adviser recruitment, and market share gains while maintaining the operational discipline evident in this year’s results.
Investors should monitor whether Netwealth can sustain platform revenue growth momentum, how quickly the new Private and Individual HIN segments contribute to earnings, and whether the Morgan Stanley relationship generates material flows or additional partnership opportunities. The company also remains subject to regulatory changes in its superannuation and advice channels, which could accelerate or constrain growth. This announcement is price sensitive information flagged as material by the ASX.
View the full ASX announcement (PDF)
About Netwealth Group Limited (ASX: NWL)
Netwealth Group Limited is an Australian financial services company that operates a cloud-based investment administration software platform serving financial advisers, private clients, and other intermediaries. The company provides superannuation products, managed accounts, self-managed superannuation administration, and investment wrap services, charging software-as-a-service fees based on funds under administration and management. Founded in 1999 and headquartered in Melbourne, Australia, Netwealth also offers Netwealth-branded investment products managed by third-party investment managers.
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