Citi projects stronger second-quarter flows for Australian wealth platform HUB24 than Netwealth

Hub24

07/01/2026 03:11

** Shares of wealth platforms HUB24 HUB.AX climb 1.7% to A$93.5, while Netwealth Group NWL.AX rises 0.2% to A$25.22

** Citi sees HUB24 to report another strong quarter of flows in Q2; forecasts net flows of A$4.76 billion ($3.21 billion), up +20% yoy and down 8% qoq after a record first quarter

** Brokerage also expects HUB24 to see strong EBITDA margin expansion in 1H26

** For Netwealth, Citi sees net flows to be flat qoq at A$4 billion and do not expect material impact from Netwealth's exposure to First Guardian

** However, Citi retains "neutral" on HUB24 with FY26 NPAT estimates up 1% but FY27 estimates down 2% due to higher costs

** HUB24 up 38.3% in 2025, while Netwealth down 10.7%

($1 = 1.4828 Australian dollars)

 (Reporting by John Biju in Bengaluru)

 ((John.Biju@thomsonreuters.com;))