Netwealth Model Update: 4Q26 mark to market

Research evidence excerpt

Netwealth Model Update: 4Q26 mark to market

J P M O R G A N Asia Pacific Equity Research

30 June 2026

Netwealth Neutral

NWL.AX, NWL AU

Model Update: 4Q26 mark to market Price (30 Jun 26):A$20.56

▼Price Target (Jun-27):A$24.00

Prior (Dec-26):A$25.00

We revise our forecasts to reflect movements in investment markets over the period

spanning 1 April 2026 to 29 June 2026. Investment markets saw favourable moves Australia

over the quarter, leading us to upgrade our earnings and FUA-based revenue Insurance and Diversified Financials

estimates for FY26 and going forward (as we adjust forecast revenues based on AC Tharan Jeyathasan

higher closing balances). The changes are summarised in the table overleaf. Key (61-2) 9003-6098

points to note are: tharan.jeyathasan@jpmorgan.com

J.P. Morgan Securities Australia Limited

• Netwealth does not disclose its asset allocation, but we assume roughly a third Siddharth Parameswaran

in Australian equities, a third in international equities and a third in fixed (61-2) 9003-8629

income and cash. Over the quarter to 29 June 2026, Australian equities grew siddharth.x.parameswaran@jpmorgan.com

4.1%, international equities grew 12.2% and fixed income assets grew 1.9%. J.P. Morgan Securities Australia Limited

This led to an assumed weighted performance over the quarter of +6.0%. Rishi S Parihar

• We have slightly moderated our flows expectations in Platforms for 4Q, to (91-22)rishi.parihar@jpmchase.com6157-3775

reflect feedback of heightened uncertainty following the Middle East conflict J.P. Morgan India Private Limited

and 2026 budget changes slowing down client/advisor decision making and

deployment of funds.

Key Changes (FYE Jun)

• Based on this, closing FUA forecast increased by 4.2%. Favourable market Prev Cur Δ