HUB24 Delivers Strong Q3 Net Inflows as Adviser Growth and Product Momentum Support Ongoing Scale

About HUB24 Limited

HUB24 Limited (ASX: HUB) is an Australian wealth management technology company whose operations include the HUB24 Platform, Class, NowInfinity and myprosperity. The business provides platform administration, portfolio and reporting services, SMSF and wealth accounting software, legal documentation and compliance tools, and digital client engagement solutions for advisers, accountants and other financial professionals. Its growth strategy is built around product innovation, adviser productivity, managed accounts capability and broader technology-enabled administration services.

Platform inflows remain the core driver

The headline result in the March quarter was the strength of platform net inflows. HUB24 reported $4.0 billion of net inflows for Q3 FY26, which it described as up 9 per cent on the prior corresponding period when excluding large migrations. That distinction is important because the March 2025 quarter included a $1.3 billion large migration, whereas there were no large migrations in Q3 FY26. On a like-for-like basis, the underlying platform growth was stronger than the reported headline comparison initially suggests.

Gross platform inflows were $7.8 billion for the quarter, while platform FUA finished at $127.8 billion. That platform FUA figure was effectively flat over the quarter, but the flat outcome masks strong underlying business momentum because it came despite negative market movements of $4.1 billion. In other words, net inflows were largely offset by market weakness rather than by any slowdown in client activity.

HUB24 noted that the March quarter represented a record March quarter for net inflows when excluding large migrations, driven by strong year-on-year growth in retail net inflows. Institutional flows were softer because of a one-off outflow from an institutional client in March. That matters because it suggests the retail advice channel, rather than one-off institutional activity, remains the main engine of platform expansion.

Scale continues to build across the platform

The quarter also showed continued growth in the platform’s distribution footprint. HUB24 signed 37 new licensee agreements during the period, while the number of advisers using the platform increased by 272 to 5,549. Adviser growth of 11 per cent over the prior corresponding period is a meaningful signal because adviser adoption is one of the clearest leading indicators of future funds flow potential in platform businesses.

The mix of platform FUA also remained stable, with retail assets accounting for 88 per cent of platform FUA and institutional assets representing 12 per cent. That stable retail-heavy mix reinforces the view that HUB24’s growth is anchored in adviser-led client relationships rather than being overly dependent on large institutional mandates.

At the group level, total FUA reached $151.7 billion, up 22 per cent on the prior corresponding period, comprising platform FUA of $127.8 billion and PARS FUA of $23.9 billion. Although PARS FUA was slightly lower than the December quarter, it remained 11 per cent above the prior corresponding period, and the number of PARS accounts rose to 9,344, up 8 per cent year on year.

Market share gains continue to reinforce competitive strength

One of the more important competitive signals in the release was HUB24’s continued lead in net inflows. Based on the latest available Plan for Life data, the platform ranked first for quarterly and annual net inflows for a ninth consecutive quarter. It also recorded the largest quarterly and annual market share gains of all platform providers, lifting market share to 9.7 per cent at 31 December 2025 from 8.3 per cent a year earlier, and ranking as the sixth largest platform by FUA.

That is significant because platform markets often reward scale, functionality, adviser trust and service quality in a cumulative way. Once a provider starts consistently taking market share, that momentum can become self-reinforcing as more advisers adopt the platform, more client assets flow on, and more resources can be reinvested into product development and service improvements.

HUB24 framed its resilience in the context of market volatility, arguing that momentum in net inflows reflects innovative products, customer service and strong relationships. While that is management’s interpretation, the underlying numbers do support the broader point that the business is still attracting flows even when market conditions are less supportive.

Awards and product development support the growth narrative

The quarter also featured a range of third-party validations and product enhancements that help explain the adviser traction. HUB24 was awarded Best Platform Overall for the fourth consecutive year in the Investment Trends 2025 Platform Competitive Analysis and Benchmarking Report, while also winning Best in Platform Managed Accounts Functionality, Best in Product Offering, Best in Decision Support Tools, Best in Reporting and Best in Online Business Management. Advisers also ranked HUB24 first for overall satisfaction in the 2026 Investment Trends Managed Accounts Report.

Those awards matter because adviser platforms compete on capability and experience as much as on price. HUB24’s managed accounts strength, in particular, remains a differentiator. During the quarter the company also enhanced its offering through a multi-step transitions capability designed to help advisers execute complex advice strategies more seamlessly, and broadened its high-net-worth proposition with an upgrade to third-party managed fund clearing. It also expanded managed portfolio functionality through integration with third-party rebalancing tools.

Taken together, these developments reinforce the strategic focus on adviser efficiency and tailored client outcomes. In platform businesses, usability and workflow integration can be a major determinant of both retention and new adviser wins.

Class and NowInfinity continue to add breadth

Beyond the core platform, HUB24’s adjacent software and administration businesses also continued to grow. The number of accounts across Class Super, Class Portfolio and Class Trust reached 222,469, up 4 per cent on the prior corresponding period. NowInfinity document orders rose 17 per cent to 239,551, while the number of companies using Corporate Messenger increased 11 per cent to 924,351.

These are not just supplementary metrics. They help show that HUB24 is building a broader advice technology ecosystem rather than relying solely on platform FUA growth. During the quarter, Class launched an AI-powered SMSF Financial Reporting Tool in collaboration with Digital Rapport, while NowInfinity began a multi-year enhancement program that includes expanding its legal document suite, integrating with myprosperity and improving user experience. It also launched a new identity and verification solution aimed at supporting accountants with regulatory obligations.

This broader software stack can deepen client engagement and create cross-sell opportunities across the adviser, accounting and compliance ecosystem. It also provides an additional growth lever beyond market-linked platform balances.

Trustee transition adds a further strategic step

Another notable development was HUB24’s decision to exercise its call option to acquire HTFS Nominees Pty Limited, the current trustee for the HUB24 Super Fund. The consideration is nominal, and HUB24 said the integration of HTFS is not expected to have a material financial impact on EBITDA in FY27 and beyond. The acquisition remains subject to APRA and other regulatory approvals and is expected to complete by the end of 2026.

Strategically, this move matters because it brings the trustee role for the HUB24 Super Fund into the group, giving HUB24 greater operational alignment around a core product set. While the financial impact may not be large in the near term, the transaction appears consistent with HUB24’s broader strategy of building tighter control and integration across key parts of its platform ecosystem.

Outlook

HUB24’s Q3 FY26 update reinforces the core strengths of the business: strong organic inflows, continued adviser growth, rising market share and a broader technology ecosystem that is still expanding. Negative market movements limited quarter-end platform balance growth, but the underlying flow result remained solid and retail momentum appears intact. With total FUA above $151 billion, active advisers now above 5,500, ongoing recognition for platform capability and further product enhancement across HUB24, Class and NowInfinity, the group looks well positioned to continue taking share in structurally growing wealth administration and advice technology markets.