Slide 1: Results Presentation FY25
See wealth differently Results Presentation FY25 21 August 2025 Disclaimer: This document is for general use. Modification of content is prohibited unless you have Netwealth’s express prior written consent.
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 pr
Slide 3: Our purpose is to see wealth differently
Our purpose is To enable people to see wealth differently and discover a brighter future 3 NWL Results Presentation FY25 21 August 2025
Slide 4: Today’s presenters and agenda
Today’s presenters and agenda Meet Discover 1. FY25 business and financial highlights 2. Strategy and product update 3. Corporate sustainability Matt Heine CEO & Managing Director 4. FY25 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: FY25 Business & financial highlights
FY25 Business & financial highlights
Slide 7: FY25 Highlights
FY25 Highlights Strong growth across key metrics including net flows, income, and profit. Total FUA as at 18 August 2025 was $118.5B FUA net flows $15.8B +$4.5B +40.4% FUA $112.8B +$24.8B +28.2% Total income $324.4M +$69.2M +27.1% EBITDA $163.5M +$38.8M +31.1% EBITDA margin 50.4% +150bps +3.2% NPAT
Slide 8: Consistent growth and operational efficiency
Consistent growth and operational efficiency Delivered as a result of strong revenue growth and conversion of FUA to EBITDA FUA growth Income growth EBITDA margin EBITDA growth FY25 +28.2% +27.1% 50.4% +31.1% FY24 +25.2% +18.9% 48.8% +23.8% FY23 +26.3% +21.6% 46.9% +18.4% + Changes compared to FY24
Slide 9: Key business drivers
Key business drivers Platform product innovation delivering growth and diversification of income FUM: Managed Account & Managed Funds Trading volumes: domestic & international Netwealth cash transaction account average balance $27.0B $20.5B FUM 6.0% FUA FUM 6.1% FUA custodial $3.5B $3.5B 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, from multiple years Increase in No. of Financial Intermediary leads to increase in No. of FUA net flows in FY24 and FY25 by cohort year of new Financial accounts Intermediar
Slide 11: Strategy and product update
Strategy and product update
Slide 12: Netwealth’s advantage and Strategic Focus
Netwealth’s advantage and Strategic Focus We seek to drive change that matters by delivering differentiated products and service that leverage data, technology and connectivity Our advantage is that we drive WEALTHTECH INSIGHTS & change that matters by delivering Powerful transaction, innovative pro
Slide 13: Netwealth’s advantage and Strategic Focus
Netwealth’s advantage and Strategic Focus Our products and services support key market segments and levels of sophistication Accelerate share of Exclusive investment opportunities affluent advice Individual HIN reporting* Netwealth Private* SOPHISTICATION OF NEEDS Wealth Accelerator - Non-custodial
Slide 14: NWL Results Presentation FY25 21 August 2025
14 NWL Results Presentation FY25 21 August 2025
Slide 15: NWL Results Presentation FY25
15 NWL Results Presentation FY25
Slide 16: Platform quality is a strong driver of FUA net flows
Platform quality is a strong driver of FUA net flows 30% Quality ratings with Netwealth rated #1 Subscale Platforms 25% platforms with scale Ease of Business and growth and growth 20% Overall quality of offering 1 year Net Flows (% of opening FUA) 15% Overall admin service quality 10% 5% Digital 0%
Slide 17: Broad-based growth across customer segments
Broad-based growth across customer segments Successful strong expansion in key high-value 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 Institutional Investment Retail Investment
Slide 18: Consistent track record of growth and market share gains
Consistent track record of growth and market share gains Netwealth is a leading specialist investment platform, increasing market share by 14.0% (107 bps) to 8.7%. Legacy platforms (with 54.9% of the market) are losing market share Platform providers net funds flows 12 months to Mar 25 Platform prov
Slide 19: Trends that matter
Trends that matter Platform market Affluent advice Private wealth and broking ~$3.3T FUA of $1.2T and 2 year CAGR of 10.2%1 UHNW investment allocation (those with investable assets of $10M or more)2 Affluent and UHNW Cash & Other total investable assets2 $1.2T 19% Alternative $1.1T 5% investments $0
Slide 20: Focus on client needs through differentiation and capability
Focus on client needs through differentiation and capability Create capacity Accelerate share of affluent advice Accelerate share of private wealth & broking • Reduce reliance on 3rd party systems for • Develop solutions to support more • Expand our offering to include individual HIN core platform f
Slide 21: Corporate Sustainability
Corporate Sustainability
Slide 22: Netwealth’s corporate sustainability
Netwealth’s corporate sustainability We are dedicated to creating long-term value through responsible business practices, empowering people, and genuine community engagement. Foster diversity, talent and wellbeing Be genuine and transparent in our dealings • Employee engagement score = 8.1, top half
Slide 23: FY25 Financial performance
FY25 Financial performance
Slide 24: Business drivers delivering attractive growth
Business drivers delivering attractive growth Record financial year FUA net flows, strong revenue and NPAT growth Growth percentage increase in FUA net flows, FUA, total income, and NPAT FY24 to FY25 Strong FUA net flows +40.4% +28.2% +27.1% +39.8% • Growth driven across all customer segments • Mark
Slide 25: Platform Revenue is diversified in its nature and sources
Platform Revenue is diversified in its nature and sources Platform Revenue of $316M, up 26.8% YoY Platform Revenue split FY23 to FY25 Platform Revenue diversifying • Transaction fee income increased by 47.7% to $316M represent 14.0% of Platform Revenue, up 200 bps 6.1% $250M • Management fee income
Slide 26: Key performance metrics
Key performance metrics Platform innovation delivering growth in the size and value of customer accounts Average FUA / average no. of accounts (#039;000) Platform Revenue / average FUA (bps) Platform Revenue / average no. of accounts ($) 662 33.6 32.0 31.5 583 2,088 521 1.9 1.9 1.9 1,864 3.6 3.8 1,747
Slide 27: Operating leverage delivered in FY25
Operating leverage delivered in FY25 Operating leverage was delivered from strong revenue growth, while continuing to invest. Total operating expenses for FY23 to FY25 Operational leverage delivered in FY25. Expenses up 23.3%, 380 bps less than revenue growth over the same 53.1% period. 51.2% 49.6%
Slide 28: Operating leverage driving business efficiency
Operating leverage driving business efficiency Growing EBITDA, expanding EBITDA margin driving cash generation Growth percentage increase in EBITDA, EBITDA margin and operating net cash flow pre-tax, FY24 to FY25 +31.1% +3.2% +32.1% EBITDA up 31.1% • Revenue growth exceeded operating costs by 380 bp
Slide 29: Delivering strong returns
Delivering strong returns Strong EPS and dividend growth, demonstrating sustainable value creation Growth percentage increase in EPS, annual DPS and Rule of 40 Earnings per share growth up 39.7% +39.7% +37.5% • Reflective of high growth, highly efficient operating model and lower tax rate Dividend p
Slide 30: Investing for the future
Investing for the future 104 additional roles to support growth, service, innovation and technology. 22 team members integrated from Xeppo and Flux acquisitions Xeppo and Flux Operational headcount1 of 717 people at 30 June 2025 acquisition Operational headcount by function 30 June 2025 Technology 3
Slide 31: Strong revenue delivering attractive growth
Strong revenue delivering attractive growth Financials FY25 FY24 Change % Change Substantial callouts: Platform Revenue 316.4 249.5 66.9 26.8% • Other Income includes a $1.2M gain from revaluing Other Income 8.0 5.7 2.3 40.3% Netwealth's 25% Xeppo investment to fair value on 12 Total Income 324.4 25
Slide 32: Strong FUA / FUM growth demonstrating momentum
Strong FUA / FUM growth demonstrating momentum Platform statistics FY25 FY24 Change % Change Platform metrics and highlights FY25 vs FY24 Funds Under Administration (FUA) • Record financial year FUA inflows of $15.8B, up 40.4% FUA - Custodial 111,872 87,555 24,317 27.8% FUA - Non-custodial 914 448 4
Slide 33: Summary | Strong financial and market position
Summary | Strong financial and market position Strong FUA growth and Attractive operating leverage Investing for the future momentum • Expenses growing at 380 bps • Ongoing strategic investment • Total FUA growth of +28% lower than revenue across technology • Record financial year FUA net • EBITDA m
Slide 34: Outlook
Outlook
Slide 35: 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 36: Outlook
Outlook Netwealth has commenced FY26 maintaining strong FUA net flows momentum. Total FUA as at 18 August 2025 was $118.5B. Strong momentum was evident in the business demonstrated by strong growth: • in FUA and FUA net flows; • in conversion rates across all customer segments; • in new adviser and
Slide 37: Outlook
Outlook Netwealth has commenced FY26 maintaining strong FUA net flows momentum. Total FUA as at 18 August 2025 was $118.5B. Netwealth is in excellent financial position: • Highly profitable, with strong EBITDA margin; • Strong correlation between EBITDA and operating cash flow, resulting in strong c
Slide 38: Questions
Questions
Slide 39: FY25 Appendix and additional information
FY25 Appendix and additional information
Slide 40: Cash Flow
Cash Flow The table below sets out the summary of the consolidated statement of cash flows for FY25 and FY24 Consolidated Group for Period Ended FY25 FY24 Change Change $’M $’M $’M % Receipts from customers 334.7 258.1 76.6 29.7% Payments to suppliers and employees (173.2) (136.4) (36.8) (27.0%) Div