Netwealth Group (ASX: NWL) – NWL Files 2026 Full Year Results

Netwealth Group Limited delivered strong results for the 2026 financial year, with funds under administration reaching $135.7 billion, a 20.3 percent increase on the prior year, alongside market share gains that position the platform ahead of its peer group. The company’s total revenue grew 20.6 percent to $391.1 million, while adjusted EBITDA expanded 18 percent to $192.9 million, demonstrating that Netwealth is converting its growing FUA base into profits at an accelerating rate. Adjusted EBITDA margins strengthened to 49.1 percent, reflecting the operational leverage embedded in the platform model.

The growth was driven across multiple dimensions. Custodial inflows reached a record $32.3 billion, up 12.6 percent, while the adviser base grew 5.9 percent to 4,205 advisers and client accounts expanded 12.4 percent to 182,276. Market share increased 98 basis points to 9.7 percent, making Netwealth the second largest platform by FUA and capturing approximately 5 times the net flows of the third largest competitor. Management noted that 78 percent of new flows from existing financial intermediaries directed to Netwealth came from clients using Netwealth as their primary platform, indicating sticky relationships and strong adviser preference for the platform.

Revenue diversification has improved materially. Non-administration fees now represent 61 percent of platform revenue, up from 59 percent in the prior year, with management and transaction fee income growing faster than the overall revenue line. Managed account FUM grew 29.9 percent to $34.6 billion, and trading volumes increased across both domestic and international equities, suggesting elevated adviser and client activity. This mix shift reduces Netwealth’s reliance on the tiered administration fee structure and creates a more stable, diversified earnings base less exposed to regulatory fee caps.

The company expanded its addressable market through several new capabilities including individual HINs for direct ASX share ownership, enhanced bond trading functionality, and the Netwealth Private offering targeting high net worth and ultra-high net worth clients. Management guided for FY27 custodial net flows of $18 billion to $20 billion, with EBITDA margins of approximately 47 percent excluding First Guardian and RISE expenses. For the medium term, Netwealth targets doubling FUA over the four years to FY30 while operating leverage supports EBITDA margins trending toward 50 percent.

Investors should monitor the company’s execution against several key metrics. The trajectory of adviser and client acquisition, particularly within the high net worth and private wealth segments, will be critical to validating the Dx30 growth ambition. The success of new capabilities like individual HINs and Netwealth Private in attracting inflows from adjacent markets will shape whether the company can sustain above-market growth rates. The pace at which management deploys operating leverage into technology and distribution investment will also determine whether Netwealth can continue gaining market share in an increasingly competitive platform landscape.

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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