FY26 in line, strong start to FY27

Research evidence excerpt

Not for redistribution without written consent of Morgan Stanley

M

Update

August 17, 2026 10:51 PM GMT

Morgan Stanley Australia Limited+

Hub24 Ltd | Asia Pacific

James Bales

Equity Analyst

FY26 in line, strong start to

FY27

Edward Xu

Research Associate

Chenny Wang, CFA

Equity Analyst

AlphaSignals Earnings Reaction

Strengthens our thesis

In-line

Modest revision higher

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Hub24 Ltd (HUB.AX, HUB AU)

Key Takeaways

At first look, HUB's FY26 result was in line with VA cons. (-0.5% at EBITDA, +3%

at EPS).

Trading update suggests 1Q26 FUA tracking ahead of Cons. at A$145.2bn.

FY28 Platform FUA Target issued at A$186-200bn, in line with Cons. at A

$195.2bn.

Reiterate Overweight.

Australia Emerging Companies | Australia

Stock Rating

Industry View

Price target

Up/downside to price target (%)

Shr price, close (Aug 17, 2026)

52-Week Range

Sh out, dil, curr (mn)

Mkt cap, curr (mn)

EV, curr (mn)

Avg daily trading value (mn)

Fiscal Year Ending

FY26 numbers - in line

Rev +23% A$501.1m (-0.3% v VA cons A$502.6m).

EBITDA (Underlying) +30% A$211.4m (-0.5% vs Cons A$212.5m), margin 42.2% v

Cons. 42.3%.

EPS +42% 166.7c (Cons of 161.5 cps).

Cash flow conversion 93% (vs. 98% in pcp).

Net cash A$41m (vs. A$85m FY25).

EPS (A$)**

Prior EPS (A$)**

Revenue, net (A$ mn)

EBITDA (A$ mn)

ModelWare net inc (A$

mn)

P/E

ROE (%)

EV/EBITDA

Div yld (%)

FCF yld ratio (%)**

Overweight

In-Line

A$121.00

40

A$86.19

A$122.03-68.70

83

A$7,155

A$7,049

A$27

06/25 06/26e 06/27e 06/28e

1.18

407

162

80

1.59

497

209

131

1.96

576

252

161

2.37

664

300

195

93.1

15.3

44.9

0.6

1.4

45.7

24.8

27.9

1.1

2.4

44.1

25.1

27.3

1.1

2.6

36.3

26.3

22.5

1.4

3.1

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

e = Morgan Stanley Research estimates

Composition

Platform: Rev +26% to A$406.9m (margin -1bps YoY to 31bps); EBITDA +31% to A

$186.7m (margins 45.9%). Total FUA 24% y/y to A$139.5bn.

Tech: Rev +9% to A$84m; EBITDA +8% to A$29.3m (margins 34.9%).

Outlook - very strong start

…