HUB24 Smashes 1HFY26 Earnings with Record Inflows and Upgraded Outlook
HUB24 Limited (ASX: HUB) has delivered a standout first-half result, smashing analyst forecasts with a 60% surge in underlying NPAT, record platform net inflows of $10.7 billion, and a material upgrade to its FY27 Platform FUA target.
“We’ve delivered outstanding results and growth in 1HFY26… Our recognition again as Australia’s best platform reflects our commitment to delivering innovative solutions that enable advisers to support the needs of their clients throughout their life stages and empower better financial futures for more Australians.” — Andrew Alcock, Managing Director & CEO. HUB24 earnings lift on record platform inflows, margin expansion and innovation momentum The Group reported Underlying EBITDA of $104.9 million, up 35% on 1HFY25, and Underlying NPAT of $68.3 million, up 60%. Statutory NPAT rose 80% to $59.7 million while total revenue grew 26% to $245.9 million, overwhelmingly driven by the high-growth Platform segment. Platform delivered another dominant performance. Net inflows hit a company-record $10.7 billion for the half (up 13% YoY and +34% excluding prior-year large migrations), securing #1 ranking for both quarterly and annual net inflows for the eighth consecutive quarter. Platform FUA reached $127.9 billion at 31 December (+29% YoY) and had already climbed further to $129.8 billion by 16 February. Platform revenue rose 30% to $199.7 million and Underlying EBITDA climbed 40% to $93.3 million, delivering clear operating leverage. Tech Solutions posted consistent growth with revenue up 10% to $41.9 million and Underlying EBITDA up 2% to $14.1 million. Class recorded its strongest annual account increase since 2020 while NowInfinity continued to grow companies administered above system levels. Group operating expenses rose a controlled 20% to $141.0 million as the business invested in technology, operations and people to support increased scale, higher inflows and strategic initiatives. Despite the investment, the Group Underlying EBITDA margin expanded a healthy 290 basis points to 42.7%, highlighting the scalability of the model and benefits of automation. Strong balance sheet and rising shareholder returns The Board declared a fully franked interim dividend of 36.0 cents per share, up 50% on the prior corresponding period. Total Group FUA stood at $152.3 billion (+26%), with Platform FUA now representing the vast majority and PARS FUA at $24.4 billion (+11%). The result underscores robust cash generation and confidence in the earnings trajectory. What’s next… HUB24 upgraded its FY27 Platform FUA target (ex-PARS) to $160–170 billion from the previous $148–162 billion, reflecting sustained record inflows, market-share gains to 9.3% and strong pipeline momentum across all segments. With its fourth consecutive “Best Platform Overall” award, accelerating adoption of new solutions (Engage now with ~4,700 users, Private Invest at ~$0.3 billion FUA, IRIS retirement solution with TAL in development) and the upcoming pilot of the AI-powered myhub ecosystem in 1HFY27, the company is perfectly positioned to extend its leadership in integrated wealth technology. The strategic move to internalise the HUB24 Super trustee (subject to APRA approval) will further strengthen control and margins over time. Brokers already rate the stock overwhelmingly Buy/Overweight with an average target around $112 (30%+ upside) and multiple houses flagged further upgrades after today’s clear earnings and guidance beat. Near-term catalysts include continued record flows, further margin leverage from scale, myhub releases and potential positive broker revisions.
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