Highlights

  • Praemium reported record FY26 funds under administration of A$77.9 billion on 22 July 2026, up 21.1% YoY.
  • Net inflows reached A$1.9 billion for FY26 as Powerwrap returned to positive territory and legacy OneVue outflows continued to moderate.
  • Custodial platform FUA increased 10.8% to A$34.0 billion, while non-custodial administration rose 30.5% to A$43.9 billion.
  • H1'FY26 revenue was A$56.0 million, with underlying EBITDA of A$15.2 million and underlying net profit after tax of A$8.8 million.
  • The completion of the Technotia integration in January 2026 could support lower transition costs and greater operating efficiency into FY27.

Praemium (ASX:PPS) entered FY27 with a larger administration base, improving net flows and a clearer pathway beyond the integration and adviser-retention issues that had weighed on the business in earlier periods.

The company’s FY26 funds under administration update, released on 22 July 2026, showed total FUA reaching a record A$77.9 billion, up 21.1% from a year earlier.

Net inflows reached A$1.9 billion over the twelve months.

Those figures are important because Praemium’s recent investment case has not simply been about gathering assets. It has also been about proving that growth in platform volumes can outweigh legacy outflows, support recurring revenue and eventually translate into stronger profitability.

The company’s position in high-net-worth administration and managed accounts gives it a differentiated role within Australia’s competitive wealth-platform market, but the key test remains how effectively growing FUA converts into earnings.

Praemium’s Position in Wealth Administration

Praemium provides investment platforms, managed accounts and portfolio-administration technology to financial advisers, private wealth businesses and institutional customers.

Its operating model broadly spans two areas.

The first is custodial administration, covering traditional investment platforms where assets are held and administered within Praemium’s platform infrastructure.

The second is non-custodial administration, where Praemium provides reporting and administration services for assets held across multiple external custodians, structures and asset classes.

This non-custodial offering operates under the Scope brand and is particularly relevant to high-net-worth individuals, family offices and more complex advisory relationships.

These clients often hold investments across different accounts and structures, making consolidated reporting and portfolio administration increasingly important.

Praemium also operates separately managed account products, the Powerwrap business acquired in 2021 and the newer Spectrum platform.

Together, these offerings give the company exposure to both traditional platform flows and more specialised wealth-administration demand.

FY26 FUA Reached A$77.9 Billion

The July 2026 update showed broad growth across Praemium’s administration base.

Total FUA reached A$77.9 billion.

The custodial platform accounted for A$34.0 billion, representing growth of 10.8% YoY.

Non-custodial administration increased 30.5% to A$43.9 billion, making it the larger of the two segments.

That growth reinforces the importance of Praemium’s position in the non-custodial market.

Within the custodial platform, separately managed accounts and Powerwrap each held approximately A$14.1 billion in FUA.

Spectrum reached A$4.0 billion.

The spread across these products provides Praemium with more than one source of asset growth and reduces reliance on a single platform proposition.

The performance of the non-custodial business is particularly notable because it reflects demand from clients with more complex portfolios, where reporting, administration and technology services can become embedded in adviser workflows.

Net Flows Showed Signs of Improvement

Praemium reported A$1.9 billion in net inflows for FY26.

Powerwrap returned to positive net-flow territory, while the impact of adviser exits from the inherited OneVue portfolio continued to moderate.

Approximately A$522 million of gross outflows during the year were associated with advisers leaving that legacy book.

These outflows had previously been an important headwind because they reduced the benefit of new business wins.

The fact that total net flows still reached A$1.9 billion indicates that underlying inflows were sufficient to absorb the legacy drag.

The next stage is whether this improvement can continue as OneVue-related exits become less material.

If legacy outflows continue to decline, headline net flows should provide a clearer view of underlying adviser and client demand across Praemium’s core platforms.

H1'FY26 Provided the Latest Profitability Base

Praemium had not yet released its full FY26 accounts at the time of the July FUA update, so the H1'FY26 result provides the latest detailed profitability picture.

For the six months to December 2025, Praemium reported revenue of A$56.0 million.

Underlying Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) was A$15.2 million, representing a margin of approximately 27.1%.

Underlying net profit after tax was A$8.8 million.

Directors also declared a fully franked interim dividend of 1.25 cents per share.

Revenue growth during the half was affected by adviser departures from the acquired OneVue book, highlighting how legacy client retention can influence short-term financial performance even when other areas are growing.

That is why the FY26 flow update matters: it suggests the broader business is increasingly generating enough new activity to offset those inherited outflows.

Non-Custodial Administration Is a Key Growth Engine

Praemium’s non-custodial administration business is increasingly central to its growth strategy.

FUA in this segment rose 30.5% to A$43.9 billion in FY26.

The business is well suited to sophisticated investors whose assets may sit across multiple custodians, structures and asset classes.

Rather than forcing those clients into a single custody arrangement, Praemium provides reporting, administration and technology across the portfolio.

This can be particularly relevant for high-net-worth investors and family offices, where portfolio complexity often increases as wealth grows.

The segment also gives Praemium a way to differentiate itself from competitors whose models are more heavily weighted toward traditional custody platforms.

Maintaining that differentiation could be important in an industry where fee pressure remains persistent.

Spectrum and Powerwrap Add Further Growth Options

Praemium’s growth opportunity is not limited to Scope.

Spectrum reached A$4.0 billion in FUA by the end of FY26, giving the company an additional platform through which it can target advisers seeking a more contemporary technology offering.

Powerwrap also returned to positive flows, which is important because sustained improvement in that business would provide another source of custodial growth.

Separately managed accounts remain a meaningful component of the platform, with approximately A$14.1 billion in FUA.

Together, these businesses create multiple avenues for asset growth across different client types and adviser segments.

The longer-term opportunity lies in combining increasing FUA with a more efficient operating base.

Technotia Integration Could Improve Operating Leverage

Praemium completed the Technotia integration in January 2026.

The integration had required transition activity and associated staffing costs, but management expected those costs to decline as the programme moved beyond implementation.

A lower cost base could become increasingly relevant if FUA and net flows continue expanding.

Investment platforms typically carry a significant fixed-cost component in technology, administration and compliance.

Once those systems are in place, additional FUA can potentially generate incremental revenue without requiring the same rate of cost growth.

That creates operating leverage.

For Praemium, the key question is whether record FUA translates into higher margins and stronger profit growth as integration expenses recede.

Competition Remains a Major Risk

Praemium operates in a highly competitive segment of Australian wealth management.

Larger platform providers benefit from greater scale, substantial technology budgets and established adviser networks.

That means Praemium needs to maintain product differentiation rather than compete only on price.

Its non-custodial capability, managed-account offering and focus on sophisticated wealth clients provide one way to do that.

Adviser retention also remains important.

The OneVue experience demonstrated how quickly FUA can leave when adviser relationships change.

Market movements create another risk because much of the platform’s revenue is linked to assets under administration.

A broad decline in investment markets could reduce FUA and fee income even if net flows remain positive.

Technology execution also remains important after the Technotia integration. Any service disruption or transition issue could affect adviser confidence.

What Matters From Here

The next important measure is whether record FUA translates into improved earnings.

The full-year FY26 result should provide greater clarity on revenue growth, underlying EBITDA margins, net profit and the extent of cost savings following the Technotia integration.

Quarterly net flows will remain equally important.

Continued positive flows in Powerwrap, further moderation in OneVue-related outflows and growth in Spectrum would indicate that momentum is becoming broader across the platform suite.

Non-custodial FUA should also be monitored after increasing 30.5% in FY26.

If that segment continues to grow faster than the broader platform business, it could become an increasingly important contributor to Praemium’s differentiation and revenue mix.

Conclusion

Praemium closed FY26 with record funds under administration of A$77.9 billion and net inflows of A$1.9 billion.

The composition of that growth is equally relevant.

Custodial FUA increased to A$34.0 billion, while non-custodial administration reached A$43.9 billion after growing 30.5%.

Powerwrap returned to positive flows, Spectrum reached A$4.0 billion and the impact of legacy OneVue adviser departures continued to moderate.

The financial opportunity now lies in converting that larger asset base into higher earnings.

With the Technotia integration completed and transition costs expected to decline, FY27 provides an important test of whether improving flows and record FUA can translate into greater operating leverage.

Praemium’s longer-term position will depend on maintaining adviser relationships, defending its differentiated non-custodial niche and turning administration growth into consistent profit expansion.