Slide 1: See wealth differently – 1H FY2026 Results Presentation
See wealth differently HY Results 20 Presentation 1H FY2026 18 February 202 6 Disclaimer: This document is for general use. Modification of content is prohibited unless you have Netwealth’s express prior written consent. 1 26
Slide 2: Important notice and disclaimer
Important notice and disclaimer General Information only forecast result will be achieved, or that there is a reasonable basis for any of these statements or forecasts. Forward -looking statements speak only as at the date of this presentation and to the Information provided is general information p
Slide 3: Our purpose
Our purpose is To enable people to see wealth differently and discover a brighter future 3 NWL Results Presentation 1H26 18 February 2026
Slide 4: Today’s presenters and agenda
Today’s presenters and agenda Meet Discover 1. 1H26 business and financial highlights 2. Strategy and product update 3. Corporate sustainability Matt Heine CEO & Managing Director 4. 1H26 financial performance 5. Outlook & Questions 6. Appendix and additional information Hayden Stockdale Chief Finan
Slide 5: Acknowledgement of Country
Acknowledgement of Country We acknowledge the traditional owners of the lands that we work and live on. Our office here in Melbourne is on the lands of the traditional owners, the Wurundjeri people of the Kulin Nation. We celebrate the stories, culture and traditions of the Aboriginal and Torres Str
Slide 6: 1H26 Business & financial highlights
1H26 Business & financial highlights
Slide 7: 1H26 Highlights
1H26 Highlights 1 Strong growth across key metrics including FUA, net flows, income, and EBITDA. Total FUA as at 16th February 2026 was $127.3B, with QTD netflows of $1.6B 1H 26 Change % Change FUA inflows $16.6B +$1.6B +10.4% FUA net flows $8.2B ($0.2B) (2.9%) FUA $125.6B +$24.0B +23.6% Total incom
Slide 8: Consistent growth and operational leverage
Consistent growth and operational leverage Delivered strong revenue growth and conversion of FUA to EBITDA Total Income 1 1 FUA growth EBITDA margin EBITDA growth growth 2 1H26 +23.6% +24.7% +49.9% +23.9% 3 1H25 +30.2% +26.0% +50.2% +32.8% 1H24 +24.9% +20.0% +47.6% +27.2% 1 These measures remove the
Slide 9: Ancillary revenue expanding with Investment
Ancillary revenue expanding with Investment Platform product innovation and investment delivering growth and diversification of income FUM: Managed Account & Managed Funds Trading value: domestic & international Cash transaction account: average balance $31.4B 6.2% FUA $24.0B FUM 6.1% FUA custodial
Slide 10: Increasing adviser base underpins continued growth
Increasing adviser base underpins continued growth Track record of growing FUA from existing and new financial intermediaries over multiple years Increase in Financial Intermediaries (FI) delivering strong account growth FUA net flows by cohort year of new Financial Intermediaries +13.7% $15.0B $15.
Slide 11: Strategy and product update
Strategy and product update The image shown is for illustrative purposes only and is intended to provide a general indication of proposed Netwealth functionality.
Slide 12: Netwealth’s AI and Data advantage
Netwealth’s AI and Data advantage We are uniquely positioned to drive adviser efficiency and intelligence across products and service that leverage data, technology and connectivity in a heavily regulated market Netwealth provides access to the WEALTHTECH INSIGHTS & largest data set of any platform
Slide 13: Future solutions delivered on today’s data and infrastructure
Future solutions delivered on today’s data and infrastructure Netwealth is well positioned to benefit from AI opportunities and is protected from AI threats Potential AI Impact Opportunity / Threat Netwealth Position Australian market remains significantly Advice processes become significantly Oppor
Slide 14: Market leading wealth solutions for key segments
Market Leading wealth solutions for key Segments Regulated products and services designed for key market segments and level of sophistication Accelerate share of Exclusive investment opportunities affluent advice Individual HIN service* Netwealth Private* OF NEEDS Wealth Accelerator - Non -custodial
Slide 15: Delivering to client needs with differentiated capability
Delivering to client needs with differentiated capability Create capacity Increase the provision of advice for Accelerate share of private wealth & • Trading Solutions : Consolidation of order affluent clients broking management for managed funds, • Reporting: Continuous rollout of new • Netwealth P
Slide 16: Strong and diverse organic growth
Strong and diverse organic growth Investment in product, technology and distribution has driven expansion in key client segments Expansion of high -value customer segments FUA by client type Growth in new products targeting Emerging and Affluent and UHNW customers HNW UHNW, Family Office Institution
Slide 17: Strong growth from within the platform sector
Strong growth from within the platform sector Market share increased by 12.6% (103 bps) to 9.2%. Legacy platforms share was 54.3%, down from 55.8% over the last 12 months Platform providers net funds flows 12 months to Sept 25 Platform providers by FUA and market share % at 30 Sept 25 and market sha
Slide 18: Growth occurring from outside the platform sector
Growth occurring from outside the platform sector Netwealth is taking market share from both retail platforms and industry funds. Australia is forecast to become the second largest pension market globally by 2030 (currently fifth) at over $6T 1, up over 50% from today FUA is shifting from industry s
Slide 19: New growth opportunity in Broking and Private Wealth
New growth opportunity in Broking and Private Wealth Netwealth Private and individual HIN offering unlocks new market segment Market size and Opportunity Progress update • Individual HIN and custodial TAM is c.$600B 1 across 55+ • Soft launch underway with first groups & clients brokers of meaningfu
Slide 20: Regulatory Update and Response
Regulatory Update and Response Reviewing Investment Standards and Excellence - “RISE” Industry -wide changes Netwealth will continue to advocate • The regulatory landscape is changing across the industry • Stronger protections for members' best financial interests • Due diligence, onboarding and mon
Slide 21: Corporate Sustainability
Corporate Sustainability
Slide 22: Corporate sustainability at Netwealth
C orporate sustainability at Netwealth At Netwealth we focus on four pillars to deliver sustainability for our stakeholders – our core business, our people, strong gov ernance, and positive impact Enhance our core business • Growth from the number of clients supported per adviser, while maintaining
Slide 23: 1H26 Financial performance
1H26 Financial performance
Slide 24: Business drivers delivering attractive growth
Business drivers delivering attractive growth Record half year FUA inflows, strong revenue and EBITDA growth Growth percentage increase in FUA net flows, FUA, total income and EBITDA from 1H25 to 1H26 +10.7% +23.6% +24.7% +23.9% Strong FUA net flows • Growth driven across all customer segments • Mar
Slide 25: Platform Revenue is diversified in its nature and sources
Platform Revenue is diversified in its nature and sources Platform Revenue of $189M, up 25.3% YoY Platform Revenue split 1H24 to 1H26 Platform Revenue broadening $189.0M • Transaction fee income increased by 21.6% to represent +25.3% 6.3% 13.7% of Platform Revenue. $150.8M • Management fee income in
Slide 26: Key performance metrics
Key performance metrics Platform innovation delivering growth in the size and value of customer accounts Average FUA / average no. of accounts (#039;000) Annualised Platform Revenue / average FUA Annualised Platform Revenue / average no. of (bps) accounts ($) 2,241 720 2,032 647 33.0 31.4 31.1 1,849 1.
Slide 27: Operating leverage enabling selective investment in 1H26
Operating leverage enabling selective investment in 1H26 Operating leverage was delivered from strong revenue growth, while continuing to invest for future growth Operating expenses for 1H24 to 1H26 The business continued to scale over the half. Operating leverage was reinvested in the business. • D
Slide 28: Operating leverage driving business efficiency
Operating leverage driving business efficiency Growing EBITDA driving cash generation Growth percentage increase in EBITDA and operating net cash flow before tax, 1H25 to 1H26 1 EBITDA up 23.9% +23.9% -30bps +28.1% • Strong momentum in the business driving revenue • Increase in EBITDA reflects scale
Slide 29: Delivering strong returns
Delivering strong returns Strong EPS and dividend growth, demonstrating sustainable value creation 1 Growth percentage increase in EPS, annual DPS and Rule of 40 Earnings per share growth up 20.5% +20.5% +20.0% • Reflective of high growth, highly efficient operating 74.6 model and lower tax rate Rul
Slide 30: Investing for the future
Investing for the future 74 additional roles to support growth, service, innovation and technology Operational headcount 1 of 791 people at 31 December 2025 74 Operational headcount increased by 74 in 1H26 53 791 51 717 Investment skewed towards: 664 613 • Product and Technology • Service Administra
Slide 31: Strong revenue delivering attractive growth
Strong revenue delivering attractive growth Financials 1H26 1H25 Change % Change Platform Revenue 189.0 150.8 38.2 25.3% Substantial callouts: Other Income 4.8 4.6 0.2 5.2% • Platform revenue continues to broaden and grow Total Income 193.8 155.4 38.4 24.7% across all key revenue line items – eviden
Slide 32: Strong business drivers demonstrating sustained momentum
Strong business drivers demonstrating sustained momentum Platform statistics 1H26 1H25 Change % Change Funds Under Administration (FUA) Platform metrics and highlights 1H26 vs 1H25 FUA - Custodial 124,421 100,878 23,543 23.3% • Record half year custodial FUA inflows of $16.4B, up 10.7% FUA - Non -cu
Slide 33: Group balance sheet update
Group balance sheet update Balance sheet settings remain conservative 1 Proforma view had the funds been drawn during 1H26 Debt facility summary • $100M bank debt facility established. We have since relinquished $30M of this. • The facility was established to pay compensation to impacted First Guard
Slide 34: Summary | Strong financial and market position
Summary | Strong financial and market position Strong FUA growth and Attractive operating leverage Investing for the future momentum • EBITDA growing with • Ongoing strategic investment • Total FUA growth of +23.6% operating leverage reinvested across technology • Record half year FUA custodial into
Slide 35: Outlook
Outlook
Slide 36: Outlook
Outlook Our ongoing focus is to build capability and functionality that: Reduces reliance on third party systems by Increases market share of the affluent advice Increases market share of the private wealth building internal capabilities for core platform market, by delivering new capabilities that
Slide 37: Outlook
Outlook Our strong momentum in the business in 1H26 has continued into 2H26 with QTD netflows of $1.6B Total FUA as at 16th February 2026 was $127.3B Strong momentum was evident in the business demonstrated by strong growth: • in FUA and FUA net flows; • in conversion rates across all customer segme
Slide 38: Outlook
Outlook Netwealth has maintaining strong FUA net flows momentum going into 2H26 Netwealth is a strong financial position: • Highly profitable, with strong EBITDA margin ( excl FG); • Strong correlation between EBITDA ( excl FG) and operating cash flow, resulting in strong cash generation; • Very hig
Slide 39: Questions
Questions
Slide 40: 1H26 Appendix and additional information
1H26 Appendix and additional information
Slide 41: Future solutions delivered on today’s data and infrastructure
Future solutions delivered on today’s data and infrastructure Netwealth is uniquely positioned to drive further adviser efficiency and intelligence across products and service that leverage data, technology and connectivity in a heavily regulated market Investor Advisor business Retrospective Forwar
Slide 42: Data management
Data management Unify, clean, and manage your data Connect • Securely integrates with 30+ systems • Aggregates raw data into one central location • Out-of-the -box C onnectors eliminates need for custom builds Match • Detects duplicates and gaps • High -confidence matches are automatically merged to
Slide 43: Netwealth’s advantage | Partners & integrations
Netwealth’s advantage | Partners & integrations Netwealth integrates deeply with a broad and growing range of specialist technology providers DATA, TECHNOLOGY & INVESTMENT, RESEARCH WEALTHTECH PLATFORM FUNCTIONALITY & PORTFOLIO TOOLS Netwealth Unify InvestmentLink PIMS SS&C Class Financial Simplicit
Slide 44: Cash Flow
Cash Flow The table below sets out the summary of the consolidated statement of cash flows for 1H26 and 1H25 Consolidated Group for Period Ended 1H26 1H25 Change Change $’M $’M $’M % Receipts from customers 200.3 156.5 43.8 28.0% Payments to suppliers and employees (108.3) (84.4) (23.9) (28.3%) Divi
Slide 45: P&L Reconciliation – 1H26
P&L Reconciliation – 1H26 Compensation Legal and Consulting Exp 31 December 2025 The half year to 31 December 2025 31 December 2025 Expense related to First Guardian Results (excluding FG '$000 Statutory Reporting expenses) Income Platform revenue 188,970 188,970 Other income 4,816 4,816 Total incom