Netwealth Group Reports Higher FY26 Net Flows, Expands Morgan Stanley Partnership, Shares Up 6%

Netwealth Group (ASX:NWL) said it recorded preliminary fiscal year 2026 funds under administration (FUA) net flows of AU$15.4 billion, compared with AU$15.8 billion in the prior year, with fourth quarter net flows modestly impacted by the Middle East conflict, associated market volatility, and recently proposed tax changes, according to a Tuesday Australian bourse filing. The company said it expects fiscal year 2027 FUA net flows of AU$18 billion to AU$20 billion, an increase of 17% to 30% on fiscal 2026, reflecting underlying momentum and new growth initiatives, with an expected fiscal year 2027 earnings before interest, taxes, depreciation, and amortization (EBITDA) margin of 47%. Netwealth reaffirmed its fiscal 2026 year EBITDA margin of about 49%, investment in capitalised software of about AU$12 million, and its fiscal year 2026 dividend to be based on underlying earnings, while outlining an ambition to double FUA over the next four years, with EBITDA margin trending toward 50% over that time. The company said it expanded its existing relationship with Morgan Stanley by providing a platform for ASX-listed and domestic investments, offering consolidated portfolio,.