Netwealth FY26 slides: record growth, but shares fall on guidance

Netwealth Group (ASX:NWL) released its FY26 results on August 26, 2026, indicating record growth across key metrics, though shares declined 4.73% to $21.17 as investors scrutinized near-term flows and margin guidance. The wealth platform achieved total income of $391.1 million, a 20.6% increase year-over-year, with assets under management reaching $135.7 billion.

The company captured an increasing share of industry flows alongside HUB24, while traditional competitors continued to decline. Adjusted EBITDA grew 18% to $192.9 million, with an adjusted EBITDA margin of 49.1%, excluding significant legal expenses. Total dividends increased 9.1% to 42.0 cents per share, reflecting strong cash generation.

Netwealth's market share increased to 9.7%, accounting for 80% of total industry net flows. The company's diversified revenue streams, including increased management fees and transaction fees, contributed to its resilience. Management projects FY27 net flows of $18 billion to $20 billion, with an adjusted EBITDA margin of around 47% in FY27, marking continued investment in growth initiatives.