Key Highlights

  • HUB24 reported FY26 group Revenue of AUD 501.1 million, increasing 23% YoY, while underlying net profit after tax rose 40% to AUD 137.3 million.
  • Platform funds under administration reached AUD 143.7 billion at 30 September 2026, increasing 18% YoY, despite quarterly net inflows declining 23% to AUD 4.0 billion.
  • Active platform advisers increased to 5,860 during Q1 FY27, supported by 211 additional advisers and 45 new licensee agreements.
  • The company maintains its FY28 platform FUA target of AUD 186–200 billion, supported by adviser adoption, technology development and continued platform expansion.

HUB24 Limited (ASX:HUB) provides Investment administration, Superannuation platforms and financial technology solutions to Australian financial advisers, Wealth Management businesses and their clients. Its operations include the HUB24 investment platform, portfolio administration services and technology businesses supporting self-managed superannuation funds and corporate compliance. Following record FY26 financial results, the company continued expanding its adviser network and funds under administration during Q1 FY27. However, slower quarterly net inflows highlighted the importance of sustaining organic growth as HUB24 progresses towards its FY28 platform targets.

September Quarter Inflows and Adviser Growth

For the first quarter of FY27, ended 30 September 2026, HUB24 reported platform net inflows of AUD 4.0 billion, declining 23% compared with the previous corresponding period.

Platform funds under administration (FUA) reached AUD 143.7 billion, increasing 18% YoY and 3% compared with 30 June 2026.

Total FUA, including portfolio administration and reporting services (PARS), reached AUD 168.6 billion.

Although quarterly inflows moderated, adviser adoption continued to increase.

The number of active advisers using the HUB24 platform rose by 211 during the quarter to 5,860.

The company also secured 45 new licensee agreements, reflecting continued engagement with financial advice businesses.

PARS accounts increased 9% YoY to 9,697, supporting growth in non-custodial administration services.

Management identified changing market conditions and government tax policy developments as factors influencing short-term investment decisions.

Superannuation inflows remained comparatively resilient, while investor-directed portfolio service inflows moderated.

The continued expansion of adviser relationships provides opportunities for future FUA growth, although the timing of client asset transfers remains uncertain.

FY26 Financial Performance and Profitability

For the financial year ended 30 June 2026, HUB24 reported group revenue of AUD 501.1 million, increasing 23% compared with FY25.

Underlying EBITDA rose 30% to AUD 211.4 million, while the underlying EBITDA Margin increased to 42.2%.

Underlying net profit after tax increased 40% to AUD 137.3 million, supported by higher platform revenue and operational scale.

Statutory net profit after tax reached AUD 120.2 million, representing 51% YoY growth.

The Platform segment generated revenue of AUD 406.9 million, accounting for approximately 81% of group revenue.

Technology Solutions contributed AUD 84.0 million, supported by software subscriptions and financial administration services.

Annual platform net inflows reached AUD 18.9 billion, reflecting continued Demand for investment administration solutions.

The company declared a fully franked final Dividend of 42 Australian cents per share, bringing total FY26 dividends to 78 cents per share.

Technology Development and Platform Expansion

HUB24 continues investing in platform functionality, adviser productivity and integrated technology solutions.

Its Technology Solutions division includes Class, which provides administration software for self-managed superannuation funds, and NowInfinity, which offers corporate compliance and document management services.

The company is also developing myhub, an open-architecture technology ecosystem intended to integrate financial advice applications, data services and administration capabilities.

A pilot programme is planned for H1 FY27, providing an opportunity to assess adviser adoption and operational functionality.

HUB24 has also announced arrangements to acquire the Trustee of the HUB24 Super Fund, subject to regulatory approvals.

The transaction is intended to improve operational control and support the development of its superannuation offering.

However, technology integration, regulatory compliance and implementation costs remain relevant considerations as the Business expands.

FY28 Funds Under Administration Target

HUB24 is targeting platform FUA of AUD 186–200 billion by FY28, excluding PARS assets.

At 30 September 2026, platform FUA stood at AUD 143.7 billion, leaving a difference of approximately AUD 42.3–56.3 billion relative to the target range.

Achieving the target will depend on continued net inflows, adviser adoption and investment market movements.

The company reported a platform Market Share of 9.9% at 30 June 2026, reflecting an increase of 1.3 percentage points over the preceding year.

Management also identified additional opportunities to increase asset penetration among existing adviser relationships.

For FY27, the company expects underlying EBITDA margins to remain broadly stable or improve slightly, with Operating Expense growth moderating to the low-to-mid teens.

These expectations reflect continued investment in technology and platform capabilities alongside anticipated revenue growth.

Business Risks and Operational Priorities

HUB24 remains exposed to changing financial market conditions because a substantial portion of revenue is linked to Assets under administration.

Lower investment valuations or sustained reductions in net inflows could affect fee income and Earnings growth.

Competition among wealth management platforms may also influence administration fees, customer Acquisition costs and technology investment requirements.

Further risks include regulatory changes, Cybersecurity requirements, platform reliability and delays in implementing new technology products.

The company's priorities include maintaining adviser growth, improving platform efficiency and progressing its superannuation trustee transaction.

The next scheduled operational update is expected on 19 January 2027, followed by the H1 FY27 results on 16 February 2027.

Key Insights

HUB24 Limited (ASX:HUB) enters FY27 with an expanding adviser network, increased funds under administration and improved profitability following record FY26 results. Although September-quarter net inflows moderated, continued adviser adoption provides opportunities for further asset growth. Achieving the FY28 platform FUA target of AUD 186–200 billion will depend on consistent client inflows, market conditions and technology execution. Maintaining operating margins while expanding platform capabilities will remain an important measure of business performance.