4Q26 Update - There‘s a Clue

Research evidence excerpt

4Q26 Update - There‘s a Clue

Australia | Diversified Financials

Netwealth EquityJulyResearch16, 2026

COMPANY UPDATE4Q26 Update - There's a Clue

NWL 4Q26 was encouraging, FUA +19% vs pcp and MA FUM +30%. Net RATING BUY

Inflows of $3.2bn were impacted by a small number of partial withdrawals PRICE AUD23.73^

from UHNW accounts, which is not entirely uncommon, with payments PRICE TARGET | % TO PT AUD30.25 | +28%

to beneficiaries, and the purchase of off-platform assets. However, the 52W HIGH-LOW AUD38.30 - AUD19.81

most interesting news likely relates to the 75 new financial intermediary FLOAT (%) | ADV MM (USD) 47.1% | 16.21

relationships. In our view, this sheds some light on the group's inflow target MARKET CAP AUD5.8B | $4.1B

of $18-$20bn for FY27. TICKER NWL AU

^Prior trading day's closing price unless otherwise

noted.

JEFe View: No changes to EPS forecast or Rating.

4Q26 FUA net flows were +$3.2bn, slightly below cons. at $3.4bn, with moderation driven FY (Jun) CHANGE TO JEFe JEF vs CONS

by custodial outflows of $5.3bn, reflecting partial withdrawals across a small number of 2026 2027 2026 2027

UNHW accounts, alongside investor caution related to proposed tax changes. Importantly, EPS* NA NA -8% -11%

the underlying client relationships remain on-platform, while gross custodial inflows increased NP* NA NA NA NA

+11% on pcp to $8.4bn. In our view, the continued strength in gross activity supports

management’s FY27e inflow target. 2026 (AUD) 1Half 2Half FY

Total FUA increased 7.9% q/q to $135.7bn vs cons of $134.3bn, underpinned by $6.7bn of NP* -- -- 129.3

positive market movements and reversing the negative market impact recorded in the March PREV

quarter. Custodial FUA reached $134.3bn, up 20% on pcp, although fee-paying custodial FUA *Adj*Adj EPSNet Profit