NWL +13.58%: Netwealth reported a statutory loss for the half, driven by the impact of First Guardian-related expenses, though underlying platform momentum remained strong. Revenue growth and FUA expansion were solid, and management reiterated FY26 flow and margin guidance.
- Net loss $2.2mn (vs $57.6mn profit YoY)
- Stripping out the one off, underlying profit of $69m was ahead of the 65.8m expected
- FUA A$124.4bn, +23% YoY
- Net inflows $8.07bn, -2.7% YoY
- Interim dividend 21.0cps (vs 17.5c YoY)
Excluding First Guardian expenses, NPAT was up ~20%, and QTD netflows into 2H were already $1.6bn, supporting continued momentum. While the headline loss looks messy, the core platform continues to grow strongly, with demographic tailwinds and automation opportunities underpinning the medium-term outlook.
- A good result meeting a depressed stock price
MM still prefers HUB in the platform space
Add To Hit List
