HUB24 FY26 result - srtong result and the door could be opening again
HUB FY26 Result commentary Strong result: 3% higher on my revenue estimate and 8% higher on NPAT. There was a noticeable slowdown in 2H net flows, which raised concerns. Overall revenues up 23%, costs 19% higher and underlying NPAT up 40%. Underlying adds back amortisation. Year-end platform FUM was $139B, a billion less than my estimate, showing the extent of the 2H slowdown, with earnings being better. The problem with net flows was identified as discretionary investments; super continues to remain resilient. Therefore, likely impact of the Budget or cash tightness, with investors moving to cash before making a decision what to do. If the funds permanently leave the platform, it is an issue for HUB. That remains to be seen, with the base case being investors will reinvest the funds at some stage. Overall net flows were $18.9B, but skewed to the FH. HUB ended the year with 9.9% market share, up 1.3% over the year. HUB sees itself going to a high-teens market share and has p...