Netwealth Group (NWL) Q4 2026 TU earnings summary

Executive summary

• Total funds under administration (FUA) reached a record $135.7B, up 20.3% year-over-year, with $15.4B in net flows for FY26.

• Managed Account funds under management (FUM) hit $30.5B, up 30% year-over-year, with $1.2B in net flows for the quarter.

• Number of accounts grew 12.4% year-over-year to 182,276, with 5,601 new accounts added in the quarter.

• 75 new intermediary relationships established during the quarter, supporting growth across all market segments.

Financial highlights

• Custodial FUA inflows for the quarter were $8.4B, up 10.9% on the prior corresponding period (PCP).

• Total FUA per account increased 7.1% year-over-year to $745k.

• Non-custodial FUA rose 53.6% year-over-year to $1.4B.

• Total FUM reached $34.6B, up 27.9% year-over-year, with Managed Funds up 15% to $4.1B.

• Market movement contributed $6.7B to FUA in the June quarter, reversing negative trends from the previous quarter.

Outlook and guidance

• FY26 EBITDA margin expected at approximately 49%.

• FY27 FUA net flows forecasted at $18B–$20B, a 17–30% increase over FY26.

• FY27 EBITDA margin expected to be around 47%, reflecting increased investment in growth initiatives.

• Capitalised software investment projected at $12M for FY26 and $17M for FY27.