Full Year 2026 Netwealth Group Ltd Earnings Call

August 25, 2026

Speaker #2: Thank you for standing by, and welcome to Netwealth Group Limited's full-year results for the fiscal year 2026. All participants are in listen-only mode. There will be a presentation followed by a question-and-answer session.

Operator 2: Thank you for standing by, and welcome to Netwealth Group Limited Full Year Results for the fiscal year 2026. All participants are in a listen-only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Mr. Matt Heine, CEO and Managing Director. Please go ahead.

Operator: Thank you for standing by, and welcome to Netwealth Group Limited Full Year Results for the fiscal year 2026. All participants are in a listen-only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Mr. Matt Heine, CEO and Managing Director. Please go ahead.

Speaker #2: If you wish to ask a question, you will need to press the star key followed by the number 1 on your telephone keypad. I would now like to hand the conference over to Mr. Matt Pellnar, CEO and Managing Director.

Speaker #2: Please go ahead.

Speaker #3: Thank you very much, and good morning. Thank you, everyone, for joining Netwealth Group's FY26 financial results call. We've got quite a lot to cover today, so we'll jump straight into it.

Matt Heine: Thank you very much, and good morning, and thank you everyone for joining Netwealth Group's FY26 financial results. We have quite a lot to cover today, so we will jump straight into it. Thanks again for joining. This financial year, or last financial year I should say, was a two-speed year in many ways. As has been well covered, particularly at the H1 results, on the one hand, we had the First Guardian matter, which was pleasingly resolved in late December. More importantly, on the other hand, we had a very strong and successful financial year. If we turn to page 7, you will see some key financial results, which I will walk through quickly. For the financial year, and I should also mention that the numbers are adjusted for the impact of First Guardian, and that can be seen in detail throughout the deck.

Speaker #3: But thanks again for joining. This financial year—or last financial year, I should say—was a two-speed year in many ways. And, as has been well covered, particularly at the half-year results, on the one hand we had the first Guardian matter, which was pleasantly resolved in late December.

Speaker #3: And more importantly, on the other hand, we had a very strong and successful financial year. If we turn to page 7, you'll see some key financial results, which I'll walk through quickly.

Speaker #3: For the financial year, and I should also mention that the numbers are adjusted for the impact of First Guardian, and that can be seen in detail throughout the deck.

Speaker #3: From a NetFlow perspective, starting off with the NetFlow number, ex-pensions, it was a very strong year of $16.9 billion. Including pension outflows, $15.4 billion, which was marginally lower than the prior financial year, but still an incredibly strong result.

Matt Heine: From a net flow perspective, starting off with the net flow number ex pensions, it was a very strong year of AUD 16.9 billion, and including pension outflows, AUD 15.4 billion, which was marginally lower than the prior financial year, but still an incredibly strong result. We finished the year with record FUA of AUD 135.7 billion, up AUD 22.9 billion or a 20.3% increase. By way of an interim update, FUA, funds under administration on 21 August was AUD 138.8 billion, which represents net flow of AUD 2 billion, which does exclude AUD 600 million accounting for two large institutional accounts, low margin, which were refinanced elsewhere. Again, a good start to the year and sets us up well for our forecast. Just to reiterate, our guidance for FY27 is to achieve net inflows of between AUD 18 billion and AUD 20 billion, and we reaffirm that today.

Speaker #3: We finished the year with record PUA of $135.7 billion, up $22.9 billion, or a 20.3% increase. And by way of an interim update, PUA funds under administration, on the 21st of August, were $138.8 billion, which represents NetFlow of $2 billion. This does exclude $600 million accounting for two large institutional accounts—low margin—which were refinanced elsewhere.

Speaker #3: So again, a good start to the year and it sets us up well for our forecast. Just to reiterate, our guidance for FY27 is to achieve net inflows of between $18 billion and $20 billion, and we reaffirm that today.

Speaker #3: Total income for FY26 was $391.1 million, an increase of $66.7 million, or a 20.6% increase. Adjusted EBITDA was $192.9 million, a $29.5 million increase, or 18%.

Matt Heine: Total income for FY26 was AUD 391.1 million, an increase of AUD 66.7 million or a 20.6% increase. Adjusted EBITDA, AUD 192.9 million, a AUD 29.5 million increase, 18%. Also pleased this morning to declare a fully franked dividend of AUD 0.21, which gives a fully franked dividend for the financial year of AUD 0.42, an increase of AUD 0.035 and an increase of therefore 9.1%. Again, a good year for increasing income as well as continuing to drive stronger profits. On page 8, you will see how this converts. Again, we have had a very successful year of not only raising funds and growing our funds under administration, but also increasing our total income, as per our previous slide, by 20.6%, and resulting in an adjusted EBITDA margin of 41.1%, as guided.

Speaker #3: And also pleased this morning to declare a fully franked dividend of 21 cents, which gives a fully franked dividend for the financial year of 42 cents, an increase of 3.5 cents.

Speaker #3: And an increase of, therefore, 9.1%. So again, a good year for increasing income as well as continuing to drive stronger profits. On page 8, you'll see how this converts in. Again, we've had a very successful year of not only raising funds and growing our funds under administration, but also increasing our total income, as per the previous slide, by 20.6%.

Speaker #3: And resulting in an adjusted EBITDA margin of 49.1% as guided. So, that does represent an increase to the underlying EBITDA—sorry, adjusted EBITDA in absolute terms—of 18%.

Matt Heine: That does represent an increase to the underlying, or adjusted EBITDA, in absolute of 18%. On page 9, you will see how this actually played out throughout the year. These are numbers derived from Plan For Life and do go to the end of March, but tell a very consistent story. The two leading platforms, ourselves and one other, accounted for about 80% of industry net flows, and this has been a number that has been very consistent now for a number of years. Importantly, we are approximately 5 times higher from a net flow perspective than number 3 or 4. So we have got significant market leadership, and as I mentioned, us and one other have around 80% of the total net flows of the industry.

Speaker #3: On page 9, you'll see how this actually played out throughout the year. These are numbers derived from Plan for Life, and they do go to the end of March, but tell a very consistent story.

Speaker #3: The two leading platforms—ourselves and one other—accounted for about 80% of industry net flows, and this has been a number that's been very consistent now for a number of years.

Speaker #3: Importantly, we are approximately five times higher from a net flow perspective than number three or four. So, we have got significant market leadership. And as I mentioned, us and one other have around 80% of the total net flows of the industry.

Speaker #3: Interestingly, when you look at the market share, and the market share changes in particular, there were only two platforms over the 12 months ending 31 March that actually increased their market share.

Matt Heine: Interestingly, when you look at the market share, and the market share changes in particular, there was only two platforms over the 12 months ending 31 March that actually increased their market share. Netwealth moved to 9.7% of the platform market, and we will come back to that during the presentation, an increase of 1%, whereas others either stayed flat or went backwards. Legacy platforms, so largely those sitting above us in the chart, collectively actually reduced market share by 2.2%. Again, tells a very consistent story, and one that gives us great comfort in our future growth prospects, and also in our forecasts.

Speaker #3: So Netwealth moved to 9.7% of the platform market, and we'll come back to that during the presentation. That's an increase of 1%, whereas others either stayed flat or went backwards.

Speaker #3: And legacy platforms—so, largely those sitting above us in the chart—collectively actually reduced market share by 2.2%. So, again, it tells a very consistent story.

Speaker #3: And one that gives us great comfort in our future growth prospects, and also in our forecasts. A big part of, I guess, the ongoing success of the company and the adoption by a broad range of advisors across the industry is that.

Matt Heine: A big part of, I guess, the ongoing success of the company, and the adoption by a broad range of advisers across the industry, is that in FY26, we again executed extremely well on our strategy, which has now been in place for a number of years. On page 11, whilst I am not going to go through every single one of these items, you can see that under each of our key pillars, that is to accelerate the capacity to compete and scale, both for advisers and also internally, we have delivered on a number of very important initiatives for ourselves. Probably the major initiative here was a significant uplift to our managed account infrastructure, which has been a major project that has been underway now for a couple of years and gives us incredible scale moving forward, as well as a lot of additional capability which is being rolled out.

Speaker #3: In FY26, we again executed extremely well on our strategy, which has now been in place for a number of years. On page 11—whilst I'm not going to go through every single one of these items—you can see that under each of our key pillars, that is to accelerate the capacity to compete and scale both for advisors and also internally, we delivered on a number of very important initiatives for ourselves.

Matt Heine: On page 11, whilst I am not going to go through every single one of these items, you can see that under each of our key pillars, that is to accelerate the capacity to compete and scale, both for advisers and also internally, we have delivered on a number of very important initiatives for ourselves. Probably the major initiative here was a significant uplift to our managed account infrastructure, which has been a major project that has been underway now for a couple of years and gives us incredible scale moving forward, as well as a lot of additional capability which is being rolled out.

Speaker #3: Probably the major initiative here was a significant uplift to our managed accounting infrastructure, which has been a major project that's been underway now for a couple of years and gives us incredible scale moving forward, as well as a lot of additional capability, which is being rolled out.

Speaker #3: Managed accounts continue to be a major driver of new business, and you'll see that in the preceding slides. We also drove a lot of efficiency through things like Workflow Tracker, digital onboarding, and document vaults, which we will continue to invest in for the benefit of clients, advisors, and also Netwealth efficiency.

Matt Heine: Managed accounts continue to be a major driver of new business, and you will see that in the preceding slides. We also drove a lot of efficiency through things like Workflow Tracker, digital onboarding, and document vaults, which we will continue to invest into for the benefit of both clients, advisors, and also Netwealth efficiency. The two key parts of our strategy, though, and no doubt we will be very familiar with these, is that we are very focused on making sure that we leverage our core technology and our foundational technology to accelerate our share of affluence advice. That is typically your mum and dad's AUD 500,000 to AUD 750,000, even up to AUD 1 million, where advisors that are servicing this very important segment are looking for ultimate efficiency.

Speaker #3: The two key parts to our strategy, though—and no doubt you will be very familiar with these—are that we are very focused on making sure that we leverage our core technology and our foundational technology to accelerate our share of affluent advice. That is typically your mums and dads, $500,000 to $750,000, even up to $1 million, where advisors that are servicing this very important segment are looking for ultimate efficiency.

Speaker #3: So how can we help them drive better adoption and the tools that we offer? But also help them service more customers, but importantly, without degrading the quality of the advice that they provide or the service that they provide.

Matt Heine: How can we help them drive better adoption of the tools that we offer, but also help them service more customers, but importantly, without degrading the quality of the advice that they provide or the service that they provide? This is really important, and we will keep referencing back to this repeatedly throughout this presentation, but also over the next couple of years as we continue to build out and roll out this strategy, which is we do see a pathway for those that are wanting to come on the journey with us for advisors to service more than the current 123 clients that they do. We can see that very easily going to 150, potentially even 200 or more in the future. But again, just to reiterate, that is not at the degradation of service or advice.

Speaker #3: And this is really important, and we'll keep referencing back to this repeatedly throughout this presentation, but also over the next couple of years as we continue to build out and roll out this strategy. We do see a pathway for those that are wanting to come on the journey with us—for advisors to service more than the current 123 clients that they do.

Speaker #3: We can see that very easily going to 150, potentially even 200 or more in the future. But again, just to reiterate, that is not to the degradation of service or advice.

Speaker #3: It's actually looking at how do we improve the service they provide, how do we provide improved advice they provide, and also the ability to service more customers, which is increasingly important given the supply and demand.

Matt Heine: It is actually looking at how do we improve the service they provide, how do we improve the advice they provide, and also the ability to service more customers, which is increasingly important given the supply and demand. Affluence continues to be extremely important, and we have had a very successful year in that space.

Speaker #3: So, affluence continues to be extremely important, and we have had a very successful year in that space. Equally, through our private wealth and stockbroking segment—again leveraging our core capability and core platform technology—we've delivered on a number of major initiatives.

Matt Heine: Equally, through our private wealth and stockbroking segment, again, leveraging our core capability and core platform technology, we have delivered on a number of major initiatives, the two big ones being the launch of our individual HIN service, which unlocks the broking market, and allows investors and advisors operating within the broking market to really benefit from all of the capabilities sitting on the Netwealth platform that we have built now over a decade and a bit, including bonds, structured products, managed accounts, Aussie equities, international equities, that combine it very neatly and integrated with the individual HIN offerings in partnership, in conjunction with FinClear, who service a very significant part of the broking market in the vicinity of around 70%. We are very excited to have launched that product, and there is a lot of really good conversations going on across the market and the industry.

Speaker #3: The two big ones being the launch of our individual HIN service, which unlocks the broking market and allows investors and advisors operating within the broking market to really benefit from all of the capability sitting on the Netwealth platform that we've built now over decades and a bit, including bonds, structured products, managed accounts, Aussie equities, and international equities.

Speaker #3: But combine it very neatly and integrated with the individual hint offerings, in partnership and conjunction, we've been clear who service a very significant part of the broking market in the vicinity of around 70%.

Speaker #3: So, we are very excited to have launched that product, and there's a lot of really good conversations going on across the market and the industry.

Speaker #3: We also launched our Netwealth Private product, and again, this has been a really important milestone for the business as we continue to—excuse me—differentiate between the Affluent product and the Private Wealth product.

Matt Heine: We also launched our Netwealth Private product. Again, this has been a really important milestone for the business as we continue to, excuse me, differentiate between the Affluent product and the Private Wealth product. As a starting point, they share very common functionality and capability, but we see that capability diverging over the next couple of years as we add more and more sophistication to the Netwealth Private product. The feedback from the market has been extremely positive. Again, lots of great conversations happening both with existing and also new customers, and we continue to expand the investment offering. Sitting above these three pillars, and these really do, I guess, underpin the whole strategy, is that we remain very focused on operational and service excellence.

Speaker #3: As a starting point, they share very common functionality and capability, but we see that capability diverging over the next couple of years as we add more and more sophistication to the Netwealth Private product.

Speaker #3: The feedback from the market has been extremely positive, and again, lots of great conversations are happening, both with existing and also new customers. And we continue to expand the investment offering.

Speaker #3: Sitting above these three pillars—and these really do, I guess, underpin the whole strategy—is that we remain very focused on operational and service excellence.

Speaker #3: That means both making sure that we deliver outstanding service—and that's everything from reducing call wait times to the quality of administration—through to also being able to scale efficiently internally.

Matt Heine: That is both making sure that we deliver outstanding service, and that is everything from reducing call wait times to quality of administration, through to also being able to scale efficiently internally. The other really important part is that we know and we can see, and we have demonstrated, that our investment into clearly differentiating our product range and our services means that we are getting access to significantly greater and expanded number of opportunities through both our existing core markets as well as the new markets, including the broking one, which I have touched on. So, a great year, lots done, and the team executed flawlessly. On page 12, just a bit of an example. I know that many of you are keen to sort of see how this all actually comes to life.

Speaker #3: The other really important part is that we know, and we can see, and we've demonstrated, that our investment into clearly differentiating our product range and our services means that we are getting access to a significantly greater and expanded number of opportunities through both our existing pool markets, as well as the new markets, including the broking one, which I've touched on.

Speaker #3: So, a great year—lots done—and the team executed flawlessly. On page 12, just as a bit of an example, I know that many of you are keen to see how this all actually comes to life.

Speaker #3: But one of the key points I did want to also raise is that, whilst we continue to step up our investment in our product and tech teams—and we see this as a key advantage and a key differentiator for the business—it's really important that we also take a very disciplined approach to making sure that investment goes into scaling up our core infrastructure, our scalability, our security, but also delivering fantastic new capability at the front end and a great user experience. The screenshot that you can see in front of you on page 12 is just an example of some of the new portfolio screens that are coming to market in the next four to six weeks.

Matt Heine: One of the key points I did want to also raise is that whilst we continue to step up our investment in our product and tech teams, and we see this as a key advantage and a key differentiator for the business, it is really important that we also take a very disciplined approach to making sure that that investment goes into scaling up our core infrastructure, our scalability, our security, but also delivering fantastic new capability at the front end and a great user experience.

Matt Heine: The screenshot that you can see in front of you on page 12 is just an example of some of the new portfolio screens that are coming to market in the next four to six weeks, which are really not only feature rich but provide a lot of information, both visually as well as through tables, to help advisors, again, be more efficient, to help customers really understand what is going on in their portfolio. What I like to always talk about is to help advisors and their customers actually understand the strategies that are being put in place for them. So visualizing the impact of whether it is the investment decisions or the tax structures or the contribution strategies they are putting in place.

Speaker #3: Which are really not only feature-rich, but provide a lot of information both visually as well as through tables to help advisors, again, be more efficient—to help customers really understand what's going on in their portfolio. And what I like to always talk about is helping advisors and their customers actually understand the strategies that are being put in place for them.

Speaker #3: So, visualizing the impact of whether it's the investment decisions, the tax structures, or the contribution strategies they're putting in place. And we'll continue to really bring to life a lot of those strategies in the visualization, as well as making sure that it's a great user experience sitting on an incredibly stable base.

Matt Heine: We continue to really bring to life a lot of those strategies and the visualization, as well as making sure that it is a great user experience sitting on an incredibly stable base. Equally, we have continued to execute and to invest into diversifying our revenue streams. On the previous slides, you would have seen a number of these in addition to things like launching individual HIN product and our Netwealth Private product. We launched a bond trading desk during the year. We continued to enhance our international trading solution, introducing capabilities such as VWAP. That is all really starting to flow through on the revenue lines, which you will see on page 14.

Speaker #3: Equally, we have continued to execute and to invest in diversifying our revenue streams, and on the previous slides, you would have seen a number of these. In addition to things like launching the individual HIN product and our private product, we launched a bond trading desk during the year.

Speaker #3: We've continued to enhance our international trading solution, introducing capabilities such as VWAP, and that's all really starting to flow through on the revenue lines, which you'll see on page 14.

Speaker #3: Equally, jumping around a little bit, back to page 13, you can see that the strategies that we've actually employed have also made sure that those key markets that I've touched on before—being affluent and private wealth—are continuing to grow, and we're seeing a really good diversification across all of those key client segments.

Matt Heine: Equally, jumping around a little bit back to page 13, you can see that the strategies that we have actually employed have also made sure that those key markets that I touched on before being Affluent and Private Wealth are continuing to grow. We have seen a really good diversification across all of those key client segments, and good growth in the areas that we are investing. Again, very pleased with the outcomes of our investments. Also really pleased to see that our superannuation product as well as investment and private wealth continues to see really strong support with a total super fund value now of 45.2% for the year at 30 June.

Speaker #3: And good growth in the areas that we're investing. So, again, very pleased with the outcomes of our investments. And also really pleased to see that our superannuation product, as well as investment and private wealth, continues to see really strong support, with a total super fund value now of $45.2 billion for June 30.

Matt Heine: On page 15, another slide that was very pleasing to see from the recent Investment Trends Technology Needs report, is that versus market, and you can see the last couple of years detailed at the bottom. Netwealth share of wallet, so that is advisers using Netwealth as their primary platform, sits at 78%, which is actually above the market numbers of 73%, which have been very stable across the industry. What that really means is that the customers that use us are using us for far more of their new customer money, as well as their existing customer money. That trend is really pleasing to see and obviously one that we will look to continue to expand and grow upon. Important to note that whilst we would love to see 100%, it is also unfortunately not a realistic number.

Speaker #3: On page 15, another slide—but what is very pleasing to see from the recent Investment Trends Technology Needs Report—is that versus market, and you can see the last couple of years detailed at the bottom, Netwealth's share of wallet, so that is advisors using Netwealth as their primary platform, sits at 78%, which is actually above the market numbers of 73%, which have been very stable across the industry.

Speaker #3: So what that really means is that the customers that use us are using us for far more of their new customer money, as well as their existing customer money, and the trend is really pleasing to see.

Speaker #3: And obviously, one that we'll look to continue to expand and grow upon. It's important to note that, whilst we would love to see 100%, it's unfortunately not a realistic number.

Speaker #3: There is a lot of M&A activity in the market, so we're seeing diversification of platforms, where they're buying legacy platforms which then are moving across to us. And you've also got legacy issues, such as sort of tax and central link issues, which will mean that, whilst we'll never get to 100%, we'll certainly continue to really look at growing that number of our primary platform share of wallet.

Matt Heine: There is a lot of M&A activity in the market, so we are seeing diversification of platforms where they are buying legacy platforms, which then they are moving across to us. You have also got legacy issues such as tax and centering issues which will mean that whilst we will never get to 100%, we will certainly continue to really look at growing that number of our primary platform share wallet. Moving across to slide 17. Admittedly early days, and you may not have had a chance to go through the announcement in a lot of detail, but we are pleased to launch our new strategy for FY27 and more importantly, for the next 4 years. We have previously launched the concept or our ambition, and again, just to stress, this is an ambition, not a forecast, to double our funds under administration by 2030. That is what we have called our DX30 strategy.

Speaker #3: Moving across to slide 17. So, admittedly, it's early days and you may not have had a chance to go through the announcement in a lot of detail, but we are pleased to launch our new strategy for FY27.

Matt Heine: Moving across to slide 17. Admittedly early days, and you may not have had a chance to go through the announcement in a lot of detail, but we are pleased to launch our new strategy for FY27 and more importantly, for the next 4 years. We have previously launched the concept or our ambition, and again, just to stress, this is an ambition, not a forecast, to double our funds under administration by 2030. That is what we have called our DX30 strategy.

Speaker #3: And more importantly, for the next four years. So, we have previously launched the concept or our ambition—and again, just to stress, this is an ambition, not a forecast—to double our funds under administration by 2030.

Speaker #3: That is what we've called our DX30 strategy—so, double by 2030. And we have a great level of confidence in achieving that strategy and that ambition because of some of the areas that I'm going to talk through.

Matt Heine: Double by 2030. We have a great level of confidence in achieving that strategy and that ambition because of some of the areas that I am going to talk through. The first is, and we have sought to quantify a lot of this for you, is that whilst we have talked about market share of platform being the number that we have looked at before, the platform market is only really one part of our total opportunity set. When you look at the total opportunity set, and the areas that we are investing into, and the products that we are bringing to market, it really is about expanding into many of the areas that you see on slide 17 in the dark green. That is where we compete today, and that is the untapped or TAM that we believe is available in the future.

Speaker #3: The first is—and we've sought to quantify a lot of this for you—that whilst we've talked about market share of platform, being the number that we looked at before, the platform market is only really one part of our total opportunity set.

Speaker #3: And when you look at the total opportunity set, and the areas that we're investing into, and the products that we're bringing to market, it really is about expanding into many of the areas that you see on slide 17, in the dark green.

Speaker #3: So that's where we compete today, and that's the untapped, or TAM, that we believe is available in the future. When you look at these various parts of the market, we actually only really have approximately 2% market share.

Matt Heine: When you look at these various parts of the market, we actually only really have approximately 2% market share. So, plenty of runway, and plenty of opportunity, and gives us, again, great confidence in our DX30 strategy, and well beyond. Interestingly, if you have not done the maths, to get to double our FUA by 2030, that represents a CAGR of approximately 19%, which is a combination of net flow, you will see FY27 our guidance of AUD 18 billion to AUD 20 billion, and also market movement. That currently tracks at 5%. To do that, though, we do need to keep investing. Again, an area that we have talked about, and we have guided to March and for FY27. There is a range of capability that we need to keep bringing to market and to working through. That is the things that we have already talked about. So workflow efficiency, AI-enabled capability.

Speaker #3: So, plenty of runway and plenty of opportunity, and it gives us, again, great confidence in our DX30 strategy and well beyond. Interestingly, if you haven't done the maths, to double our FUA by 2030 represents a CAGR of approximately 19%, which is a combination of net flow.

Speaker #3: So you'll see in FY27 our guidance of $18 to $20 billion, and also market movement. So that currently tracks at 5%. Let's do that though.

Matt Heine: To do that, though, we do need to keep investing. Again, an area that we have talked about, and we have guided to March and for FY27. There is a range of capability that we need to keep bringing to market and to working through. That is the things that we have already talked about. So workflow efficiency, AI-enabled capability.

Speaker #3: We do need to keep investing. Again, it's an area that we've talked about, and we've guided to margin for FY27. There is a range of capability that we need to keep bringing to market and to work through.

Speaker #3: Those are the things that we've already talked about—so workflow efficiency, AI-enabled capability. We're really pleased to launch our first generative AI chatbot, Nova, throughout the course of the year.

Matt Heine: We are really pleased to launch our first generative AI chatbot, Nova, throughout the course of the year. Also a lot of self-service capability. So helping advisers find information quicker and easier, enhanced workflow tools, et cetera. Clearly, we need to be able to keep investing into and bringing broader products to those key market segments that we have touched on. One of the other key areas of our strategy, which again, differentiates us and we believe is really important, you can see on slide 19, we have deliberately tried not to delve into too much detail around individual product features. What you can see here and hopefully start to make a lot more sense is the ecosystem play that we have been investing into now for a number of years, and that that ecosystem play really sitting on and being grounded on our unified data management platform.

Speaker #3: And also, a lot of self-service capability—so helping advisors find information quicker and easier, enhanced workflow tools, et cetera. And clearly, we need to be able to keep investing in and bringing broader products to those key market segments that we've touched on.

Speaker #3: One of the other key areas of our strategy, which again differentiates us and we believe is really important—you can see on slide 19—we've deliberately tried not to delve into too much detail around individual product features. But what you can see here, and what will hopefully start to make a lot more sense, is the ecosystem play that we've been investing into now for a number of years, and that ecosystem play really sits on and is grounded in our unified data management platform.

Speaker #3: So Unified is a business that we bought two to three years ago. It was called Zeppo. We've rebranded that and really sort of stripped it back to its core capability, which is an intelligent data management platform that connects to 32 enterprise solutions and aggregates, matches, and organizes information across the ecosystem.

Matt Heine: Netwealth Unify is a business that we bought 2 to 3 years ago. It was called Xeppo. We have rebranded that and really stripped it back to its core capability, which is an intelligent data management platform that connects to 32 enterprise solutions and aggregates, matches, and organizes information across the ecosystem. Why is this important? We know that advisers in the industry, particularly where they are multidisciplinary, so operating across wealth, accounting, and debt, that there are multiple systems sitting in their tech stack. Many of them do not talk. There are disparate data silos within their businesses. So being able to bring together and connect all of those different data points, and consolidate them into a clean data lake or data warehouse to then push up into the various things that we are doing and other systems that they use is incredibly important.

Speaker #3: Why is this important? We know that advisors in the industry, particularly where they're multidisciplinary—so operating across wealth, accounting, and debt—that there are multiple systems sitting in their tech stack. Many of them don't talk.

Speaker #3: There are disparate data silos within their businesses, so being able to bring together and connect all of those different data points, and consolidate them into a clean data lake or data warehouse to then push up into the various things that we're doing and other systems that they use, is incredibly important.

Speaker #3: We're seeing great responses from those using the system, and we continue to evolve and also invest in the reporting and the insights that practices and multidisciplinary firms, as well as licensees, are able to get from that unified data set.

Matt Heine: We are seeing great responses from those using the system, and we continue to evolve and also invest into the reporting and the insights that practices and multidisciplinary firms, as well as licensees are able to get from that unified data set. As mentioned, that sits at the foundation or the core of a lot of our other product development. Clearly, the adviser platform is our core business and continues to be the key financial driver of everything that we do. We are also investing into and bringing more product features into our client portal. Again, the stats are very strong. Circa 65% of the industry is looking for a portal or using a portal.

Speaker #3: As mentioned, that sits at the foundation, or the core, of a lot of our other product development. Clearly, the advisor platform is our core business and continues to be the key financial driver of everything that we do.

Speaker #3: But we're also investing in and bringing more product features into our client portal. So again, the stats are very strong—approximately 65% of the industry is looking for a portal or using a portal.

Speaker #3: And that's really driven in many cases, not only by a great customer experience or wanting to deliver digital experiences to their customers in a branded environment, but also by solving for probably the industry's biggest risk, which is cybersecurity.

Matt Heine: That is really driven, in many cases, not only by a great customer experience, so wanting to deliver a digital experience to their customers in a branded environment, but also solving for probably the industry's biggest risk, which is cybersecurity. Through the client portal, with new capability being brought to market in the next 4 to 6 weeks, advisers will be able to connect into their Microsoft Teams instance. They will be able to share documents securely. They will be able to chat live with their customers, all in a secure, branded environment that is connected into the Netwealth ecosystem. Naturally works extremely well with the adviser platform for things like digital consent, live portfolio updates, as well as news, and other services. Advice tools will continue to evolve, and we offer a range of advice tools already on the platform.

Speaker #3: So, through the client portal, with new capability being brought to market in the next four to six weeks, advisors will be able to connect into their Microsoft Teams instance.

Speaker #3: They'll be able to share documents securely. They'll be able to chat live with their customers, all in a secure, branded environment that is connected into the network ecosystem.

Speaker #3: And naturally, works extremely well with the adviser platform for things like digital consent, portfolio or live portfolio updates, as well as news and other services.

Speaker #3: Advice tools will continue to evolve, and we offer a range of advice tools already on the platform. We are actively investigating and looking at a whole range of ways in which we can help enhance the overall adviser experience. Again, generative AI and what we're seeing is really changing the game when it comes to things that maybe even 12 or 24 months ago we may not have considered being part of the broader platform set. ROAs, file note tools, all of those things we're actively investigating and looking to invest into as part of the broader ecosystem.

Matt Heine: We are actively investigating and looking at a whole range of ways in which we can help enhance the overall adviser experience. Again, generative AI, and what we are seeing is really changing the game when it comes to things that maybe even 12 or 24 months ago, we may have not considered being part of the broader platform set. ROAs, file note tools, all of those things we are actively investigating and looking to invest into as part of the broader ecosystem. Licensee solutions just make it really easy for them to work with us and to understand what is going on in their client bases and give them better access to not only what is happening across the platform, but also more broadly across their whole licensee, leveraging that unified data. We think this is a really exciting strategy. We are getting great feedback on it from the market.

Speaker #3: And licensee solutions—just making it really easy for them to work with us and to understand what's going on in their client bases, and giving them better access to not only what's happening across the platform, but also more broadly across their whole licensee, leveraging their unified data.

Matt Heine: Licensee solutions just make it really easy for them to work with us and to understand what is going on in their client bases and give them better access to not only what is happening across the platform, but also more broadly across their whole licensee, leveraging that unified data. We think this is a really exciting strategy. We are getting great feedback on it from the market.

Speaker #3: So, we think this is a really exciting strategy. We're getting great feedback on it from the market, and more importantly, it really does differentiate what we're doing against our competitors—particularly the legacy platforms, who are still staying very narrow in their focus on just the platform piece.

Matt Heine: More importantly, it really does differentiate what we are doing against our competitors, particularly the legacy platforms who are still staying very narrow in their focus on just the platform piece. We believe that platforms can and should do a lot more when looking at all the different jobs that need to be done across an advice firm, and that is where we will keep investigating and investing. Coming to AI. It would not be a full year result presentation without talking about AI. We are also conscious that there is a lot of discussion about AI, and so we are very keen to actually give some very tangible outcomes and areas that we are seeing the benefits. On page 20, we are basically detailing what our strategy is for AI. Not surprisingly, it is around growth, it is around productivity, and it is around scale.

Speaker #3: We believe that platforms can and should do a lot more when looking at all the different jobs that need to be done across an advice firm.

Speaker #3: And that's where we'll keep investigating and investing. Coming to AI, it wouldn't be a full-year results presentation without talking about AI. We're also conscious that there is a lot of discussion about AI, and so we are very keen to actually give some very tangible outcomes and areas where we're seeing benefits.

Speaker #3: On page 20, we are basically detailing what our strategy is for AI. Not surprisingly, it's focused on growth, productivity, and scale.

Speaker #3: Again, I'm not going to go through all of these individual dot points, but looking at the dark blue boxes, you can see some of the actual outcomes that we're seeing and that we've been able to deliver as a result of generative AI and AI more generally.

Matt Heine: Again, I am not going to go through all of these individual dot points, but looking at the dark blue boxes, you can see some of the actual outcomes that we are seeing and that we have been able to deliver as a result of generative AI and AI more generally. Nova, I have talked about. Nova went live about 2 months ago. That generative AI chatbot to help self-service for advisers. in the first month, it was already answering between 15% and 19% for incoming inquiries, basically just sitting on top of our knowledge base and some other government websites. We will continue to connect that to more and more data sources in a safe and secure way, and allow advisers to find out and uncover more about their customers and client base through that channel.

Speaker #3: Nova went live about two months ago. That's the generative AI chatbot to help with self-service for advisors. In the first month, it was already answering between 15% and 19% of incoming inquiries.

Speaker #3: Basically, we're just sitting on top of our knowledge base and some other government websites. We'll continue to connect that to more and more data sources in a safe and secure way, and allow advisors to find out and uncover more about their customers and client base through that channel.

Speaker #3: We're also seeing large-scale benefits. Just internally, as we sort of automate and use data extraction and data management tools, that can be automatically processed.

Matt Heine: We are also seeing large scale benefits just internally, as we sort of automate and use data extraction and data management tools that can be automatically processed. We are seeing very significant, like all companies, productivity gains from the introduction of Cowork and Copilot across all staff. Something that I am using actively on a daily basis with many of our team. We have also recently, in the last month, appointed our first ever general manager of data and AI, who comes from very significant Australian companies with a fantastic skill set and capability across very large data sets and is now getting stuck into a whole range of different opportunities and projects. So, an exciting time. Again, we are seeing tangible outcomes from AI.

Speaker #3: We're seeing very significant productivity gains—from the introduction of Co-Work and Copilot across all staff—like all companies. And something that I'm using actively on a daily basis is, as are many of our team.

Speaker #3: And we've also, recently in the last month, appointed our first-ever General Manager of Data and AI, who comes from very significant Australian companies, with a fantastic skill set and capability across very large data sets.

Speaker #3: And he's now getting stuck into a whole range of different opportunities and projects, so an exciting time. Again, we are seeing tangible outcomes from AI. We are investing heavily in AI, and we are using AI where it makes sense.

Matt Heine: We are investing heavily in AI, and we are using AI where it makes sense, and also making sure that we manage any cost associated with AI very carefully. Corporate sustainability is very important to Netwealth, and a key part of our culture and our values. Again, it has been a very busy year and a very productive year for our sustainability team, and also from a giving and community perspective. There is a lot of information there, which I will not go through now. We continue to be extremely proud of our partnerships with the companies that we have got listed there. Banqer, our financial literacy program, continues to grow rapidly across the country. I believe more recently we have put through more than 160,000 children in that program, which is outstanding.

Speaker #3: And also making sure that we manage any costs associated with AI very carefully. Corporate sustainability is very important to Netwealth and a key part of our culture and our values.

Speaker #3: Again, it's been a very busy year and a very productive year for our sustainability team, and also from a giving community perspective. There's a lot of information there, which I won't go through now.

Speaker #3: We continue to be extremely proud of our partnerships with the companies that we have got listed there. The bank for our financial literacy program continues to grow rapidly across the country.

Speaker #3: And I believe, more recently, we've put through more than 160,000 children in that program, which is outstanding. Bridget, the Center for Financial for Women's Safety—all fantastic charities and ones that we're very proud to support.

Matt Heine: BridgIT, the Centre for Women's Economic Safety, all fantastic charities and ones that we are very proud to support. On that, I am going to stop talking, and I am going to hand over to Hayden Stockdale, our CFO, who is going to give you some more color and detail around the financials. Hayden.

Speaker #3: On that, I'm going to stop talking, and I'm going to hand over to Hayden Stockdale, our CFO, who's going to give you some more color and detail around the financials.

Speaker #3: Hayden, wonderful. Thanks, Beck. Yeah, thanks. And a warm welcome to everyone as well. Now, to start off, I just want to reiterate what Matt said earlier.

Hayden Stockdale: Wonderful. Thanks, Matt. Thanks. A warm welcome everyone as well. To start off, I just want to reiterate what Matt said earlier, that this has been a very positive year for us from an operational and financial perspective. I think also a year where we've taken important steps to resolve that First Guardian matter, and how it affected members. To that end, while the accounts have been impacted by First Guardian, we have actually covered that in some detail six months or so ago. Given its unusual nature, we've excluded it from all of the underlying financials that are presented today. I won't really be covering it in any further detail. Let's start off with the financials on slide 24.

Speaker #3: And that is, this has been a very positive year for us from an operational and financial perspective. But I think also a year where we've taken important steps to resolve that First Guardian matter.

Speaker #3: And how it affected members. And to that end, while the accounts have been impacted by First Guardian, we have actually covered that in some detail about six months or so ago.

Speaker #3: So, given its unusual nature, we've excluded it from all of the underlying financials that were presented today, and I won't really be covering it in any further detail.

Speaker #3: So, let's start off with the financials on slide 24. Now, I think the headline story for the year here is actually very similar to that of previous years, which is that our broad-based momentum continues to just roll on across all of our business.

Hayden Stockdale: I think the headline story for the year here is actually very similar to that of previous years, which is that our broad-based momentum continues to just roll on across all of our business. As you'll see here, we delivered 20% growth in total income to over AUD 391 million. That was driven by growth in all four of our major revenue streams. Total FUA, which drives our admin fees, was up 20%. Funds under management, which drives our management fees, was up 28%. Cash, which drives our ancillary fees, was up 14% year on year. Trading volumes, which drive our transaction fees, were up 21% too.

Speaker #3: And as you'll see here, we delivered 20% growth in total income to over $391 million. That was driven by growth in all four of our major revenue streams.

Speaker #3: So total FUA, which drives our admin fees, was up 20%. Funds under management, which drives our management fees, was up 28%. Cash, which drives our ancillary fees, was up 14% year on year.

Speaker #3: And trading volumes, which drive our transaction fees, are up 21% too. We're also driving greater productivity and efficiencies for our customers, with account growth outpacing advisor growth by 12% to 6%, meaning our advisors are getting more efficient as we deliver them more functionality.

Hayden Stockdale: We're also driving greater productivity and efficiencies for our customers, with account growth outpacing advisor growth by 12% to 6%, meaning our advisors are getting more efficient as we deliver them more functionality. It's also worth noting here too that every single one of the metrics on this slide is actually at a record level. If we turn to slide 25, you'll see we also delivered record gross FUA flows for the year of over AUD 32 billion, with gross flows remaining actually quite solid into the Q4 too. As we reported six weeks or so ago, net flows did actually soften slightly following the federal budget. We do believe that's temporary, as financial assets remain advantaged compared to property as an investment class.

Speaker #3: And it's also worth noting here too that every single one of the metrics on this slide is actually at a record level. If we turn to slide 25, you'll see we also delivered record gross fuel flows for the year of over $32 billion.

Speaker #3: With gross flows remaining actually quite solid into the fourth quarter too. So, as we reported six weeks or so ago, net flows did actually soften slightly following the Federal Budget, but we do believe that's temporary as financial assets remain advantaged compared to property as an investment class.

Speaker #3: And certainly, the $2 billion of flows that we've experienced in the quarter to date, I think, give us cause for continued optimism. On the right-hand side of this slide, you'll see that net flows from new financial intermediaries grew from 6% to 10% of total net flows.

Hayden Stockdale: Certainly the AUD 2 billion of flows that we've experienced in the quarter to date, I think give us cause for continued optimism. On the right-hand side of this slide, you'll see that net flows from new financial intermediaries grew from 6% to 10% of total net flows. Which in dollar terms for FY26 were up over 70% to more than AUD 1.5 billion, compared to less than AUD 900 million the previous year. That's actually really encouraging because flows from new intermediaries are typically a key driver of ongoing flows for several years to come. The other point to note here too is that most of those new intermediary net flows actually did come in the Q3 and Q4 of the year, including post-budget. They're not really fully run rate in that number. If we turn now to slide 26.

Speaker #3: In dollar terms, for FY26, this was up over 70% to more than $1.5 billion, compared to less than $900 million the previous year.

Speaker #3: And that's actually really encouraging, because flows from new intermediaries are typically a key driver of ongoing flows for several years to come. The other point to note here, too, is that most of those new intermediary net flows actually did come in the third and fourth quarter of the year, including post-budget.

Speaker #3: So they're not really fully run-rated on that number. If we turn now to slide 26, here we show platform revenue for FY26 was up 21% year-on-year.

Hayden Stockdale: Here we show platform revenue for FY26 was up 21% year-on-year. As I noted earlier, all major revenue streams were at record levels. Statistically, our revenue base is also now more diversified. Within our revenue mix, ancillary fees benefited from a full year of higher cash margins, while organic growth in our management fees was a standout again for the year. In fact, at the end of the year, funds under management represented over 25%, about 25.5% of total FUA, compared to less than 24% a year earlier. That trend continues to be very strong for us. Let's flip to slide 27. As I said earlier, one of our key growth drivers has been our number of accounts and how these have outpaced growth in our adviser base, meaning advisers are becoming more efficient.

Speaker #3: And as I noted earlier, all major revenue streams grew to record levels. Statistically, our revenue base is also now more diversified. Within our revenue mix, ancillary fees benefited from a full year of higher cash margins.

Speaker #3: While organic growth in our management fees was a standout again for the year. And in fact, at the end of the year, funds under management represented over 25, about 25 and a half percent of total filler compared to less than 24% a year earlier.

Speaker #3: That trend continues to be very strong for us. Okay, let's flip to slide 27. As I said earlier, one of our key growth drivers has been our number of accounts and how these have outpaced growth in our advisor base, meaning advisors are becoming more efficient.

Speaker #3: But not only are our number of advisors and accounts growing, but the fee revenue we're generating on each account is also growing, and now actually stands at record levels, as you can see.

Hayden Stockdale: Not only are our number of advisers and accounts growing, but the FUA and the revenue we are generating on each account is also growing and now actually stand at record levels, as you can see. Average FUA per account is now over AUD 700,000, with average revenue per account over AUD 2,000, with this last metric being a real key bellwether of growth hygiene for us. As accounts grow in size and as we add a larger proportion of high-balance accounts, the combined effect with fee tiers and caps means that FUA growth is actually slightly outpacing revenue, with the resulting revenue margin that you see here at 30.7 basis points, which we see is very healthy. I will turn to slide 28 now, and a little bit about our operating leverage and investment.

Speaker #3: So, average fuel per account is now over $700,000, with average revenue per account over $2,000. This last metric is a real key bellwether of growth hygiene for us.

Speaker #3: Now, as accounts grow in size and as we add a larger proportion of high-balance accounts, the combined effect with fee tiers and caps means that FUA growth is actually slightly outpacing revenue.

Speaker #3: The resulting revenue margin that you see here is 30.7 basis points, which we see is very healthy. I'll turn to slide 28 now.

Speaker #3: And a little bit about our operating leverage and investment—pardon me—I think we've proven in the past that we can grow well, and as we do grow, we're getting the benefits of scale efficiencies.

Hayden Stockdale: I think we have proven in the past that we can grow well, and as we do grow, we are getting the benefits of scale efficiencies. To put some numbers to this, you will see on the chart here on the left-hand side that over the last two years, we have generated 135 basis points of operating leverage from our delivery, sales, and G&A functions. Then we have invested the bulk of this into our RISE Project, as well as product and tech to drive long-term growth, leaving us with a net 45 basis points of EBITDA margin improvement. Also noting that we are quite conservative in fully expensing the vast bulk of our products and tech investment. If we want to isolate just the numbers for FY26, I have included those in the narrative on the right, and the pattern there is actually very similar.

Speaker #3: But to put some numbers to this, you'll see on the chart here on the left-hand side that over the last two years, we've generated 135 basis points of operating leverage.

Speaker #3: From our delivery, sales, and G&A functions, we've invested the bulk of this into our Rise project, as well as product and tech, to drive long-term growth.

Speaker #3: Leaving us with a net 45 basis points of either margin improvement. Also noting that we're quite conservative in fully expensing the vast bulk of our product and tech investment.

Speaker #3: If we want to isolate just the numbers for FY26, I've included those in the narrative on the right. And the pattern is actually very similar.

Speaker #3: So our incremental investment in Product and Tech was around 100 basis points of margin, and in Sales and Marketing, it was around 10 basis points.

Hayden Stockdale: Our incremental investment in products and tech was around 100 basis points of margin, and in sales and marketing, it was around 10 basis points as we added half a dozen plus new BDMs, while we actually got just over 50, about 55 basis points of efficiencies across our delivery and G&A functions. To summary there, we are actually getting operational leverage in all the areas you would expect while we are limiting investment to only those areas that are either generating long-term growth or that are required for regulatory governance purposes. The net impact of this is that we are delivering strong returns to our shareholders, as you will see on slide 29. Adjusted EBITDA is up 18% to almost AUD 193 million, with an EBITDA margin of 49.1%, which is square in line with our guidance.

Speaker #3: As we added half a dozen-plus new BDMs, we actually achieved just over 50—about 55—basis points of efficiencies across our delivery and GNA functions.

Speaker #3: So I can summarise there: we're actually getting operational leverage in all the areas you'd expect, while we're limiting investment to only those areas that are either generating long-term growth or are required for regulatory governance purposes.

Speaker #3: Now, the net impact of this is that we're delivering strong returns to our shareholders, as you'll see on slide 29. Adjusted EBITDA is up 18% to almost $193 million.

Speaker #3: With an EBITDA margin of 49.1%, which is squarely in line with our guidance. I just want to note here too that the transparency of our accounts is really highlighted in the conversion of EBITDA to pre-tax operating cash.

Hayden Stockdale: I just want to note here too, that the transparency of our accounts is really highlighted in the conversion of EBITDA to pre-tax operating cash, which again, similar to last year, was greater than 100%. Our earnings per share rose 16% to AUD 0.65 a share, with dividends of AUD 0.42 a share for the year, including a final dividend, as Matt noted earlier, of AUD 0.21 that the board declared today. I am told we have the second highest Rule of 40 in the ASX at almost 70%, which is a really strong testament to both our growth and our margins. I will not propose to go through slides 30 or 31, but I will close out on slide 32, if that is okay, which is our summary. Bringing it all together, we are scaling, we are diversifying, investing, and we are earning.

Speaker #3: Which again, similar to last year, was greater than 100%. Our earnings per share rose 16% to 55 cents per share, with dividends of 42 cents a share for the year.

Speaker #3: Including a final dividend, as Matt noted earlier, at 21 cents that the Board declared today. And then finally, I'm told we have the second highest Rule of 40 in the ASX at almost 70%.

Speaker #3: Which is a really strong testament to both our growth and our margins. Okay, I won't propose to go through slides 30 or 31, but I'll close out with slide 32 if that's okay.

Speaker #3: Which is our summary. So, bringing it all together, we're scaling, we're diversifying, investing, and we're earning. We've got strong growth and momentum—sorry, strong growth and momentum.

Hayden Stockdale: We have strong growth and momentum, achieving record levels across all our key business driver metrics. We are leveraging adviser and account numbers into outsized FUA and revenue growth, with an investment program that is driving adviser productivity and also assisted by structural tailwinds. We are adding new adviser relationships at a pace, and we expect to underpin FUA flows for several years to come. We have a 2% market share of our TAM, as Matt noted, with plenty of growth opportunities ahead. We have outlined an ambition to double our FUA over the next four years. We have the confidence to support our guidance that we have given for strong FUA growth in FY27. We have delivered on a set of results which are in line with our guidance.

Speaker #3: Achieving record levels across all our key business driver metrics. We're leveraging advisor and account numbers into outsized FUA and revenue growth, with an investment program that's driving advisor productivity and also assisted by structural tailwinds.

Speaker #3: We're adding new advisor relationships at a strong pace, and we expect to underpin fewer flows for several years to come. We have a 2% market share of our TAM, as Matt noted.

Speaker #3: With plenty of growth opportunities ahead, we've outlined an ambition to double our FUA over the next four years. We have the confidence to support our guidance that we've given for strong FUA growth in FY27.

Speaker #3: We've delivered a set of results which are in line with our guidance. We've proven our operating leverage over many years now and have delivered that again this year, with deliberate and well-flagged investments in growth.

Hayden Stockdale: We have proven our operating leverage over many years now and have delivered that again this year with deliberate and well-flagged investments in growth. We convert every AUD of EBITDA to cash, and we have increased our total dividends for the year. All up, we score extremely highly on that balanced scorecard of the growth and margins, which is the real affordability metric. On that note, I will pause and hand back to Matt.

Speaker #3: We convert every dollar of EBITDA to cash, and we've increased our total dividends for the year. All up, we score extremely highly on that balanced scorecard of growth and margins, which is the Rule of 40 metric.

Speaker #3: So, on that note, I'll pause and hand back to Matt.

Speaker #1: Thanks, Adam. To avoid reiterating or going over what Hayden so succinctly just went over, from an outlook perspective, I would just reiterate, though, that we remain extremely excited about the opportunity ahead of us.

Matt Heine: Thanks, Hayden. To avoid reiterating or going over what Hayden so succinctly just went over then, from an outlook perspective, I would just reiterate, though, that we remain extremely excited about the opportunity ahead of us, and also, more importantly, the structural growth tailwinds that sit behind us. There is a huge opportunity in the market, and I believe we have done a great job executing on the strategy to make sure that we maximize our growth in those areas. There are numerous proof points now that we can point to around where the investment that we have been made is actually delivering results. We are also continuing to invest into the growth, and we believe there are many opportunities to not only drive significant efficiency for ourselves and for our advisers, but also to bring exciting new products which will differentiate us in the market to our peer group.

Speaker #1: And also, more importantly, the structural growth tailwinds that sit behind us. There is a huge opportunity in the market, and I believe we've done a great job executing on the strategy to make sure that we maximize our growth in those areas.

Speaker #1: And there's numerous proof points now that we can point to around where the investment that we've made is actually delivering results. We're also continuing to invest in growth.

Speaker #1: And we believe there are many opportunities to not only drive significant efficiency for ourselves and for our advisors, but also to bring exciting new products which will differentiate us in the market compared to our peer group.

Speaker #1: Finally, on page 35, we reiterate our FY27 guidance. That is net flows or fewer net flows of 18 to 20 billion dollars. And EBITDA margin excluding any first guardian and rise expenses of approximately 47%.

Matt Heine: Finally, on page 35, we reiterate our FY27 guidance, that is net flows or full net flows of AUD 18 billion to AUD 20 billion. An EBITDA margin excluding any First Guardian and RISE expenses of approximately 47%, and capitalized software investment of approximately AUD 17 million. Our FY30 DX30 strategy continues to excite us and the team. Just to finish on that, we do believe we can double FUA on the platform in the coming four years. Over those four years, return operating EBITDA margins towards 50%. On that, we will stop and take any questions from those listening. Thanks very much for listening.

Speaker #1: And capitalized software investment of approximately $17 million. Our FY30 DX30 strategy continues to excite us and the team. And just to finish on that, we do believe we can double the FUA on the platform in the coming four years.

Speaker #1: And over those four years, return operating EBITDA margins towards 50%. So on that, we will stop and take any questions from those listening. Thank you very much for listening.

Speaker #2: Thank you. If you wish to ask a question, please press *1 on your telephone and wait for your name to be announced. If you wish to cancel your request, please press *2.

Operator 2: Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you are on a speaker phone, please pick up the handset to ask your question. Our first question comes from Elizabeth Miliatis with Macquarie. Please proceed.

Operator: Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you are on a speaker phone, please pick up the handset to ask your question. Our first question comes from Elizabeth Miliatis with Macquarie. Please proceed.

Speaker #2: If you are on a speakerphone, please pick up the handset to ask your question. Our first question comes from Elizabeth Miladis with Macquarie. Please proceed.

Speaker #4: Good morning, and thank you for taking my questions. The first one's just on flows. Obviously, you've included the flows year to date.

Elizabeth Miliatis: Good morning, and thank you for taking my questions. The first one's just on flows. Obviously, you included the flows year to date in the last six weeks or so. They do seem a little weaker than where we were last year. Obviously, the budget is still impacting things. Do you have any strong view as to when this weakness will subside? Are there any green shoots? What's your view longer term? Obviously, you've got those FY30 targets, so hopefully a decent amount of conviction that things will come back pretty strongly.

Speaker #4: In the last six weeks or so, they do seem a little weaker than where we were last year. Obviously, the budget is still impacting things.

Speaker #4: Do you have any strong view as to when this weak ness will subside? Are there any green shoots? And what's your view longer term?

Speaker #4: Obviously, you've got those FY2030 targets, so hopefully there's a decent amount of conviction that things will come back pretty strongly.

Speaker #1: Yes, I think the first thing to comment on is that it is only six weeks into the year, and I think that is important to note.

Matt Heine: Yes. I think the first thing to comment on is that it is only six weeks into the year, and I think that is important to note. Excluding the large or the two institutional accounts, AUD 2 billion is actually not a bad start. We will just go to pains again, just to reiterate our FY guidance for AUD 18 billion to AUD 20 billion. Timing is something that is unfortunately a little bit out of our control, but certainly we have got good line of sight of what's coming through, and we are still confident in that guidance. There is always going to be things going on in the market, but I think it was Warren Buffett that once upon a time said, "It's important to look at the climate, not the weather." From time to time, you will get accelerated transitions and some of the delays as well as new business.

Speaker #1: Excluding the large or the two institutional accounts, $2 billion is actually not a bad start. And we'll just go to pains again to reiterate our FY guidance for $18 to $20 billion.

Matt Heine: Timing is something that is unfortunately a little bit out of our control, but certainly we have got good line of sight of what's coming through, and we are still confident in that guidance. There is always going to be things going on in the market, but I think it was Warren Buffett that once upon a time said, "It's important to look at the climate, not the weather." From time to time, you will get accelerated transitions and some of the delays as well as new business.

Speaker #1: Timing is something that is, unfortunately, a little bit out of our control. But certainly, we've got good line of sight on what's coming through.

Speaker #1: And yeah, we're still confident in that guidance. There's always going to be things going on in the market. But I think it was Warren Buffett that once upon a time said, it's important to look at the climate, not the weather.

Speaker #1: And from time to time, you will get accelerated transitions and some that are delayed, as well as new business. But yeah, we're very confident in the flow outlook.

Matt Heine: But yeah, we are very confident in the flow outlook.

Speaker #3: Yeah. And to add to that, Liz, I'm obviously overly disappointed by the number at all. Halfway through the quarter, you double two and you make a four.

Hayden Stockdale: Yeah. To add to that, Liz, look, I am not overly disappointed by the number at all. Halfway through the quarter, you double 2 and you make it 4. You think of the guidance, the guidance is averaging AUD 4.5 billion to AUD 5 billion a quarter. You would not expect us going from 15.5 to 18 to 20 to doing 5 from the get-go. So the number that we have achieved here, I think is actually quite reasonable and fits in line with the guidance we have got for the full year.

Speaker #3: You think of the guidance, the guidance is averaging four and a half to five. Billion a quarter. You wouldn't expect us going from 15 and a half to 18 to 20 to the doing five from the get-go.

Speaker #3: So, the number that we've achieved here, I think, is actually quite reasonable and sits in line with the guidance that we've got for the full year.

Speaker #4: Okay, got it. Thank you. Then, maybe a second one from me — obviously, you gave us an update about a month or so ago on Morgan Stanley and signing that contract.

Elizabeth Miliatis: Okay, got it. Thank you. Then maybe a second one from me. Obviously you gave us an update about a month or so ago on Morgan Stanley and signing that contract. Just curious as to how that is progressing. Are we starting to see any flow benefit from that? Then also maybe with regards to the longer term targets for FUA and flows, how much of that captures Morgan Stanley, roughly? Thank you.

Speaker #4: Just curious as to how that's progressing. Are we starting to see any flow benefit from that? And then also, maybe with regards to the longer-term targets for FUA and flows.

Speaker #4: How much of that captures Morgan Stanley, roughly? Thank you.

Speaker #1: Yeah, thanks. I'm not going to get in the habit of commenting necessarily on individual customers, but clearly, we have called this one out. What I would say is, in the first six weeks of the year, there would be probably a handful of accounts that have come across.

Matt Heine: Yeah, thanks. I am not going to get in the habit of commenting necessarily on individual customers, but certainly we have called this one out. What I would say in the first 6 weeks of the year, there would be probably a handful of accounts that have come across. But we obviously expect that to ramp up as we work with them and look at which clients will move across. But equally, moving forward, it is always a blend. We have got a lot of very significant accounts across all of the segments. We are working really well with the aggregators, as well as now the broker community, and the pipeline remains very full.

Speaker #1: But we obviously expect that to ramp up as we sort of work with them and look at which clients will move across. But equally, moving forward, it is always a blend.

Speaker #1: We've got a lot of very significant accounts across all of the segments. We're working really well with the aggregators, as well as now the broker community, and the pipeline remains very full.

Speaker #4: Okay. Thank you.

Elizabeth Miliatis: Okay, thank you.

Speaker #2: Our next question is from Blake Dalsa with Darting Group. Please proceed.

Operator 2: Our next question is from Blake Dousa with Darting Group. Please proceed.

Operator: Our next question is from Blake Dousa with Darting Group. Please proceed.

Speaker #5: Hi, guys. Thanks for taking my call. I just had a couple of questions on the Morgan Stanley flows. I know it's a little bit out of your hands, but I'm just trying to understand how the cadence could look throughout the year.

Blake Dousa: Hi, guys. Thanks for taking my call. I just had a couple of questions on the Morgan Stanley flows. I know it is a little bit out of your hands, but just trying to understand how the cadence can look throughout the year. I appreciate, Matt, you gave us color on that beforehand, but just helping from a forecasting point of view, do we expect this to be back-loaded or front-loaded in terms of how the FUM is going to drop through?

Blake Dowsett: Hi, guys. Thanks for taking my call. I just had a couple of questions on the Morgan Stanley flows. I know it is a little bit out of your hands, but just trying to understand how the cadence can look throughout the year. I appreciate, Matt, you gave us color on that beforehand, but just helping from a forecasting point of view, do we expect this to be back-loaded or front-loaded in terms of how the FUM is going to drop through?

Speaker #5: I appreciate Matthew gave us a little color on that beforehand. But just helping from a forecasting point of view, do we expect this to be back-loaded or front-loaded in terms of how the MS is going to drop through?

Speaker #1: Yes. Again, we probably won't comment longer term on individual customer flows, but we would expect to see that coming through this quarter.

Matt Heine: Yes. Again, probably will not comment longer term on individual customer flows, but we would expect to see that coming through this quarter.

Speaker #3: Starting to come through, yeah, but there are ramp-ups with all these things.

Hayden Stockdale: Starting to come through.

Matt Heine: Yeah.

Hayden Stockdale: But there's ramp-ups with all these things.

Speaker #1: Exactly.

Matt Heine: Exactly.

Blake Dousa: Okay.

Blake Dowsett: Okay.

Matt Heine: But I would say they're visible to date.

Speaker #5: But just.

Speaker #3: I would say negligible to date.

Speaker #1: Correct.

Hayden Stockdale: Correct.

Speaker #3: Yeah.

Matt Heine: Yeah.

Speaker #5: Just thinking about that client, or more generally just on the broker-dealer channel—if you don't want to talk specifically about an individual client—I'm just trying to understand the revenue margin of that broker-dealer channel.

Blake Dousa: Just thinking about that client or more generally, just on the broker-dealer channel, if you don't want to talk specifically about an individual client. I'm just trying to understand the revenue margin of that broker-dealer channel, in relation to the revenue margin of the existing custody book of business, whether we should be expecting any impact of that as it flows through the year.

Blake Dowsett: Just thinking about that client or more generally, just on the broker-dealer channel, if you don't want to talk specifically about an individual client. I'm just trying to understand the revenue margin of that broker-dealer channel, in relation to the revenue margin of the existing custody book of business, whether we should be expecting any impact of that as it flows through the year.

Speaker #5: In relation to the revenue margin of the existing custody book of business, should we be expecting any impact as that flows through the year?

Speaker #1: Yeah, so existing broker opportunities have exactly the same margins as our broader book. Moving forward, there's a range of different business models that will have different margins attached to them.

Matt Heine: Yeah. Existing broker opportunities, it is exactly the same margins as our broader book. Moving forward, there is a range of different business models that will have different margins attached to them. I know that does not necessarily answer your question, but there will be some groups where they will be looking for a reporting-only service. There will be some groups where they are looking for a fully integrated trading solution, and each of those different models will have slightly different revenue models attached to them. What I would say is we are not really chasing that reporting only, so any broker opportunity will be standard margins plus the incremental benefit of any individual thing reporting that we provide them. It should be an incremental play in the majority of cases.

Speaker #1: So I know that doesn't necessarily answer your question, but there will be some groups where they will be looking for a reporting-only service, there'll be some groups where they're looking for a fully integrated trading solution, and each of those different models will have slightly different revenue models attached to them.

Speaker #1: What I would say is we're not really chasing that reporting-only. So any sort of broker opportunity will be standard margins plus the incremental benefit of any individual thing—reporting—that we provide them.

Speaker #1: So, it should be an incremental play in the majority of cases.

Speaker #3: Yeah, and what I'd say there, Blake, is I'd just be cautious around the revenue margin, because the metric is an output metric.

Hayden Stockdale: Yeah, and what I would say too there, Blake, is I would just be cautious around the revenue margin as a metric. It is an output metric. It is not an input metric. Directionally, whether it goes up or down is not necessarily a positive or negative sign. As I said, the bellwether for us is more revenue per account, and we are expecting that revenue per account number to continue its trend, which is upwards.

Speaker #3: It's not an input metric, and directionally, whether it goes up or down is not necessarily a positive or negative sign. As I said, the bellwether for us is more revenue per account.

Speaker #3: And we are expecting that revenue per account number to continue its trend, which is upwards.

Speaker #1: Yeah, and really, basically, where that's heading, it's a great revenue number per account.

Matt Heine: Yeah. Really, Blake, it is where that is heading, it is a great revenue number per account.

Speaker #3: Yeah, and that's the input metric.

Hayden Stockdale: Yeah. That is the input metric.

Speaker #5: Understood. I think I'll take it up.

Blake Dousa: Understood. I think I will take it offline to get a little bit more color. Thank you. I appreciate your time.

Blake Dowsett: Understood. I think I will take it offline to get a little bit more color. Thank you. I appreciate your time.

Speaker #1: To get a little bit more color. Thank you, appreciate your time.

Speaker #2: Thanks , thanks a lot

Matt Heine: Thanks.

Hayden Stockdale: Thanks, Blake.

Speaker #3: As a reminder, press star one on your telephone keypad if you would like to ask a question, and please limit yourself to two questions.

Operator 2: As a reminder, just star one on your telephone keypad if you would like to ask a question, and please limit to two questions. Our next question is from Nick Morganti with Barrenjoey. Please proceed.

Operator: As a reminder, just star one on your telephone keypad if you would like to ask a question, and please limit to two questions. Our next question is from Nick Morganti with Barrenjoey. Please proceed.

Speaker #3: Our next question is from Nick McGarrigle with Barrenjoey. Please proceed.

Speaker #4: Okay . Just another one on the close . Can you can you talk through what you're seeing on the ground in terms of the gross flows Are gross flows still running at a decent pace compared to last year .

Nick Morganti: Okay. Just another one on the

Nick McGarrigle: Okay. Just another one on the

Matt Heine: Nick

Nick Morganti: flows. Can you talk through what you are seeing on the ground in terms of the gross flows? Are gross flows still running at a decent pace compared to last year, and we are seeing some of the IDPS larger accounts parking money off-platform as they await more clarity around tax and investment strategy?

Nick McGarrigle: flows. Can you talk through what you are seeing on the ground in terms of the gross flows? Are gross flows still running at a decent pace compared to last year, and we are seeing some of the IDPS larger accounts parking money off-platform as they await more clarity around tax and investment strategy?

Speaker #4: And we're seeing some of the IDPs' larger accounts parking money off-platform as they await more clarity around tax and investment strategy.

Speaker #2: Yeah , I think that's a fair characterization , Nick . There's there's still a little bit of choppiness around some of the outflows .

Hayden Stockdale: Yeah, I think that is a fair characterization, Nick Morganti. There is still a little bit of choppiness around some of the outflows. We do believe there is a range of positioning that sort of sits behind that. Sometimes these are seasonal. So, pre-30 June, you get a little bit of tax positioning and the like. But we have, in the Q4 as well as continuing to see as, we have called it out, with a couple of large institutional outflows in the quarter, a little bit of that choppiness. Now, we are, I think, also expecting the ball to bounce our way a little bit more so than it has bounced against our way over the last six weeks or quarter or so. But I think, yeah, that is a fair characterization.

Speaker #2: And we do believe there's, you know, a range of positioning that sort of sits behind that sometimes. These are seasonal.

Speaker #2: So , you know , pre 30th June , you get a little bit of tax positioning and the like . But we have , you know , in the fourth quarter as well as , you know , continuing to see as you know , we've called it out with a couple of large institutional outflows in the quarter .

Speaker #2: A little bit of that choppiness . Now we are , I think , also expecting , you know , the ball to bounce our way a little bit more so than it stands To gainst our way over the last six weeks or quarter or so .

Speaker #2: But I think , yeah , that's a fair characterization . Yeah . I think if you're using gross flows as a , I guess an indicator of growing support , then yes , gross flows continue to grow .

Matt Heine: Yeah. Because I think if you are using gross flows as, I guess, the indicator of growing support, then yes, gross flows continue to grow.

Speaker #4: Okay. And I assume, just to dig into the guidance for $18 to $20 billion, the current annualized... And it's always dangerous.

Nick Morganti: Okay. I assume, just to dig into the guidance to AUD 18 billion to AUD 20 billion, the current annualization, and it is always dangerous annualizing seven weeks, but that gets you to kind of AUD 14 billion. Is it fair to say that you are assuming something in that range of AUD 5 billion from Morgan Stanley over the year that bridges that difference between kind of the annualization of where we are now and the AUD 18 billion to AUD 20 billion guidance?

Nick McGarrigle: Okay. I assume, just to dig into the guidance to AUD 18 billion to AUD 20 billion, the current annualization, and it is always dangerous annualizing seven weeks, but that gets you to kind of AUD 14 billion. Is it fair to say that you are assuming something in that range of AUD 5 billion from Morgan Stanley over the year that bridges that difference between kind of the annualization of where we are now and the AUD 18 billion to AUD 20 billion guidance?

Speaker #4: Annualizing seven weeks . But that gets you to kind of 14 billion . Is is it fair to say that you're assuming something in that range of 5 billion from Morgan Stanley over the year that bridges that difference between kind of the annualization of where we are now and , and the 18 to 20 guidance ?

Speaker #2: I know everyone's desperate for the answer to that, but I won't answer that today. Nick.

Matt Heine: I know everyone's desperate for the answer to that, but I won't answer that today, Nick.

Speaker #4: Okay. Does that count as my question? Because it was a brief answer.

Nick Morganti: Okay. Does that count as my question? Because it was a brief.

Nick McGarrigle: Okay. Does that count as my question? Because it was a brief.

Speaker #2: You can have another one. I think you knew what the answer to that was going to be.

Matt Heine: You can have another one. I think you knew what the answer to that was going to be.

Speaker #4: Okay . All right . Good . Yeah . Maybe just to dive into the EBITDA margins , then you've obviously you want can you just detail maybe some of the deliverables that you're expecting to get with the incremental EBITDA margin investment that you've made in the business over the last two years ?

Nick Morganti: Okay. All right, good. Yeah, maybe just to dive into the EBITDA margins then. Can you just detail maybe some of the deliverables that you're expecting to get with the incremental EBITDA margin investment that you've made in the business over the last two years? What do you think coming into 2028 and 2029 you'll have to kind of show for that, and then how that then delivers a trajectory back to 50?

Nick McGarrigle: Okay. All right, good. Yeah, maybe just to dive into the EBITDA margins then. Can you just detail maybe some of the deliverables that you're expecting to get with the incremental EBITDA margin investment that you've made in the business over the last two years? What do you think coming into 2028 and 2029 you'll have to kind of show for that, and then how that then delivers a trajectory back to 50?

Speaker #4: Like , what do you think coming into 28 and 29 , you'll have to , to kind of show for that . And then how that then delivers a trajectory back to , to 50 .

Speaker #2: Yeah , absolutely . Look , and there's a big revenue effect here , right ? So You know , we have circa 2% market share .

Hayden Stockdale: Yeah, absolutely. Look, there is a big revenue effect here, right? We have circa 2% market share, circa 50% margins, and circa 20% growth. When you look at that, we should absolutely be optimizing for growth, and that is what we are doing within reason. Hence the strategy of putting some more funds into products and tech, and also sales and marketing to drive that. We are expecting very strong returns on that investment. In the world of software, it can be very hard to attribute revenue to particular investments. When we can do that and we actually circa up with what the ROIs are, they are extremely attractive. You are talking typically sort of north of 100%. The issue is that the payback period is typically two to three years, right? Which means, you do get a little bit of compression, in particular in year 1.

Speaker #2: Circa 50% margins and circa 20% growth. And when you look at that, we should absolutely be optimizing for growth. And that's what we're doing, within reason.

Speaker #2: And hence, the strategy of putting some more funds into product and tech, and also sales and marketing, to drive that. But we are expecting very strong returns on that investment.

Speaker #2: You know , in the , in the in the world of software , it can be very hard to attribute revenue to particular investments .

Speaker #2: But when we can do that and we actually circle up with what the ROI are , they're extremely attractive . Like , you know , you're talking typically sort of north of 100% .

Speaker #2: But the issue is that the payback period is typically two to three years, right? Which means you do get a little bit of compression, in particular in year one.

Speaker #2: But then , you know , fairly quickly the revenue starts to land . And then dilutes the , the impact of the expenses on the product and tech .

Hayden Stockdale: Fairly quickly, the revenue starts to land, and then dilutes the impact of the expenses on the product and tech. Look, we are not giving a trajectory as to what those margins will look like other than to say what we have reiterated in the guidance, which is a trend back towards 50% over that sort of four-year time frame.

Speaker #2: So, look, we're not giving a trajectory as to what those margins will look like, other than to say what we've written in guidance, which is—

Speaker #2: You know , trend back towards 50% over that four year time frame . Yeah , we've given a lot of data points there as far as what we're looking to achieve .

Matt Heine: Yeah. We have given a lot of data points there as far as what we are looking to achieve. There is a whole range of things that we are investing into, and I have touched on a lot of them. Reporting, continuing to enhance that and add sophistication, mobile and mobile connectivity, the ecosystem, human and private. There are plenty of things that we are investing into that we know are going to keep driving adoption and growth.

Speaker #2: And there's a whole range of things that we're investing into . And I've touched on a lot of them , but you know , reporting , continuing to enhance that and add sophistication , mobile and mobile connectivity .

Speaker #2: The ecosystem in, and private, there's plenty of things that we're investing into that we know are going to keep driving adoption and growth.

Speaker #4: Cool . Thank you

Simon Fitzgerald: Cool. Thank you.

Nick McGarrigle: Cool. Thank you.

Speaker #3: Our next question is from Simon Fitzgerald with Jefferies. Please proceed.

Operator 2: Our next question is from Simon Fitzgerald with Jefferies. Please proceed.

Operator: Our next question is from Simon Fitzgerald with Jefferies. Please proceed.

Speaker #5: Are they, Matt Hayden? Thank you very much for taking my questions. My first question relates a little bit more to the guidance around net inflows.

Simon Fitzgerald: Hi there, Matt, Hayden. Thank you very much for taking my questions. My first question relates a little bit more to the guidance around net inflows. I would have thought that the number of agreements or new financial intermediaries that you signed up in Q4 of the year, I think it was 75, from memory, was the number. That must be giving you a fair bit of confidence in meeting that AUD 18 billion to AUD 20 billion. I just wanted to know how many advisors that would cover.

Speaker #5: I would have thought that the number of agreements or new financial intermediaries that you signed up in the fourth quarter of the year , I think it was 75 from memory , was the number that must be giving you a fair bit of confidence in meeting that 18 to 20 billion , but also , I just wanted to know how many advisors that would cover

Hayden Stockdale: Well, the 75 is advisors, so that is individual.

Speaker #2: The 75 is advisers, so that's individual reps.

Simon Fitzgerald: Oh, right.

Hayden Stockdale: Reps.

Speaker #5: Okay . Yep . Okay . Okay . All right . That's fair And then just a second question relates a little bit .

Simon Fitzgerald: Okay. Yep. Okay. All right, that's fair. Then just a second question relates a little bit.

Speaker #2: Yeah . I was going to say Simon to answer the first part of that question . Yes , absolutely . It does give us confidence .

Hayden Stockdale: Yeah, I was going to say, Simon Fitzgerald, to answer the first of that question, yes, absolutely, it does give us confidence. As I said in a little, I think, of my narrative too, the fact that they came in in the Q3 and Q4 means that they're not fully rate based yet in terms of their flow.

Speaker #2: And as I said, I think my narrative to, you know, the fact that they came in in the third and fourth quarter means that they're not fully rated yet in terms of their flow.

Simon Fitzgerald: It's also big numbers, isn't it, 75 compared to prior history? For a quarter only.

Speaker #5: It's also a big number, isn't it? Seventy-five compared to prior history, and for a quarter only.

Speaker #2: Okay. It's a reasonable number. It's a reasonable number. Yeah.

Hayden Stockdale: It's a reasonable number, isn't it? Yeah.

Speaker #5: Yeah yeah .

Matt Heine: Yeah.

Hayden Stockdale: Also, one advisor is not the same as another advisor necessarily too, right? So it is actually the capability of the individuals. We are encouraged by the level of flows that we got from new intermediaries in Q4.

Speaker #2: And also, one advisor is not the same as another advisor necessarily, too. Right. So, it's actually the capability of the individual.

Speaker #2: And we are , we are encouraged by the level of flows that we got from new intermediaries in the fourth quarter . Yeah .

Matt Heine: Yeah. Just to reiterate, as you would probably expect, if we are going to put guidance in the market, we do build that up and look at it from many different dimensions to make sure that it is an accurate reflection of what we are going to achieve. So we build up from opportunities, pipelines, new advisors, organic flows, and the installed base. So it is absolutely one of the metrics that we look at and which gives us confidence.

Speaker #2: And just to reiterate, as you probably expect, if we're going to put guidance in the market, we do build that up and look at it from many different dimensions to make sure that it is an accurate reflection of what we're going to achieve.

Speaker #2: So we build up from opportunities , pipelines , new advisors , organic flows , and the installed base . So it's absolutely one of the metrics that we look at and which gives us confidence

Speaker #5: Yeah . Good . And then just another question following on from the previous ones in terms of returns and things like that . On the various projects that you have in the sort of development phase , I'm curious in terms of how you pick these projects , I imagine there's a number of them that compete , and given that , I think they're more so designed or aimed at winning , where do a lot of these sort of ideas come up from ?

Simon Fitzgerald: Very good. Just another question following on from the previous ones in terms of returns and things like that on the various projects that you have in the development phase. I am curious in terms of how you pick these projects. I imagine there are a number of them that compete, and given that I think they are more so designed or aimed at winning, where do a lot of these ideas come up from? Is it from the existing base or is it when you missed out on a new mandate or something like that you get the idea that we need to do this or do that? I am just curious to know in terms of how they come up and how you also filter in terms of which ones you give the nod to and which ones you might reject.

Speaker #5: Is it from the existing base or is it , you know , when you missed out on , on a on a new mandate or something like that , that you're sort of get the idea that we need to do this or do that .

Speaker #5: I can just curious to know in terms of how they , they come up and how you also filter in terms of which ones you sort of give the nod to and which ones you might reject .

Speaker #2: Yeah , that's a pretty big question . If we take a long time to answer , but something I learnt many years ago was that our business , like many businesses , our ambition is always bigger than our budget .

Hayden Stockdale: Yeah. That is a pretty big question that could take a long time to answer.

Matt Heine: Yeah. That is a pretty big question that could take a long time to answer.

Simon Fitzgerald: I know.

Hayden Stockdale: Something I learned many years ago was that our business, like many businesses, our ambition is always bigger than our budget. There is never a shortage of items to debate and argue about when it comes to prioritization. It is, I think, like every business, one of the hardest parts of business and making sure that you are working on the right things at the right time. We, a number of years ago, which we have, I think, talked about, moved to what they call a product operating model. That was a very deliberate move to make sure that our team, particularly the product and tech team, get much closer to all of our customers.

Matt Heine: Something I learned many years ago was that our business, like many businesses, our ambition is always bigger than our budget. There is never a shortage of items to debate and argue about when it comes to prioritization. It is, I think, like every business, one of the hardest parts of business and making sure that you are working on the right things at the right time. We, a number of years ago, which we have, I think, talked about, moved to what they call a product operating model. That was a very deliberate move to make sure that our team, particularly the product and tech team, get much closer to all of our customers.

Speaker #2: So there's never a shortage of items to debate . And argue about when it comes to prioritization . It is , I think , like every business , you know , one of the hardest parts of business and making sure that you're working on the right things at the right time .

Speaker #2: We a number of years ago , which we've , I think talked about , moved to what they call a product operating model .

Speaker #2: And that was a very deliberate move to make sure that our team, particularly the product and tech team, get much closer to all of our customers.

Speaker #2: And the way that we organize around feature sets means that they're in active dialogue with a very broad set of customers, digging deep into what the problems are that we're trying to solve and how we're going to best solve them.

Hayden Stockdale: The way that we are all going to organize around feature sets means that they are in active dialogue with a very broad set of customers, digging deep into what the problems are that we are trying to solve and how we are going to best solve them. Sometimes it is an efficiency item. One of the areas that we are working on, for example, is our fees. Again, I do not want to go into too much detail, but just the way that advisers generate fee renewals and fee consent forms. We are building out a new solution which will be incredibly efficient and effective for the adviser and at the same time will drive very significant efficiency for our back office. Clearly that is going to be important as we scale and move towards our DX30 strategy.

Matt Heine: The way that we are all going to organize around feature sets means that they are in active dialogue with a very broad set of customers, digging deep into what the problems are that we are trying to solve and how we are going to best solve them. Sometimes it is an efficiency item. One of the areas that we are working on, for example, is our fees. Again, I do not want to go into too much detail, but just the way that advisers generate fee renewals and fee consent forms. We are building out a new solution which will be incredibly efficient and effective for the adviser and at the same time will drive very significant efficiency for our back office. Clearly that is going to be important as we scale and move towards our DX30 strategy.

Speaker #2: Sometimes it's a it's an efficiency item . So one of the areas that we're working on , for example , is our fees .

Speaker #2: Again, I don't want to go into too much detail, but just the way that advisors generate fee renewals and fee consent forms—we're building out a new solution which will be incredibly efficient and effective for the advisor.

Speaker #2: And at the same time, we'll drive very significant efficiency for our back office. So clearly, that's going to be important as we sort of scale and move towards our 2030 strategy.

Speaker #2: So often, it's around existing capability. What we're hearing from the market is always an element of, "Are our competitors doing something interesting?"

Matt Heine: Often it is around existing capability. What we are hearing from the market is always an element of are our competitors doing something interesting? Then you also take strategic bets, and individual HIN is one of those strategic bets where we just see a huge opportunity. We believe we have got capability in that area, and now it is now a good time to invest into it. It is no different to 15 years ago when we decided to make a bet on the high net worth private wealth part of the market, invested heavily into the off-platform capability and reporting. As a result, that was extremely successful. It is actually a great process. Not everyone is always happy. I think we have got a pretty solid list of things that we are working on and a very big team, to execute on it.

Speaker #2: And then you also take strategic bets and Individual In is, you know, one of those strategic bets where we just see a huge opportunity.

Speaker #2: We believe we've got capability in that area and now makes it's now's a good time to invest into it . It's no different to 15 years ago when we decided to make a bet on the the high net worth private wealth part of the market and invested heavily into the off platform capability and reporting .

Speaker #2: And as a result of that , was extremely successful . So it's a it is actually a great process . Not everyone's always happy , but I think we've got a pretty solid list of things that we're working on in a very big team to execute on it .

Speaker #5: Okay, good. Thank you, Matt.

Simon Fitzgerald: Yeah, good. Thank you, Matt.

Speaker #3: Our next question is from Darren Johnson with JP Morgan. You may begin.

Operator 2: Our next question is from Terence Johnson with JPMorgan. You may begin.

Operator: Our next question is from Terence Johnson with JPMorgan. You may begin.

Terence Johnson: Morning, gentlemen. Thank you for taking my questions. Perhaps the first question, just back again on flows. Just interested on how we should be thinking about the AUD 18 billion to AUD 20 billion range you've provided. I think even at the lower end, there's quite a lot of growth there. Is it fair to say that you're assuming a hockey stick style recovery from the post-budget slowdown? I think it's important to understand, given that there is a lot of growth there and near-term trends have been quite weak and also different to your peers, guide. If there's any color you can provide on your assumptions, would be helpful. Thank you.

Speaker #6: Morning , morning , gentlemen . Thank you for taking my questions . Perhaps the first question just back again on flows . I'm just interested on how we should be thinking about the 18 to 20 bil range .

Speaker #6: You've provided . I think even at the lower end , you know , there's quite a lot of growth there . So is it fair to say that you're assuming a hockey stick style recovery from the Post-budget slowdown ?

Speaker #6: I think it's important to understand, given, you know, there is growth there and near-term trends have been quite weak. And also, it's different to your peers' guidance.

Speaker #6: So any color you can provide on your assumptions would be helpful. Thank you.

Speaker #2: Again , I don't think it's a hockey stick recovery . We're only six weeks into the year . We've clearly had some very successful large wins of late and a great pipeline with a very broad investor base .

Matt Heine: Again, I don't think it's a hockey stick recovery. We're only 6 weeks into the year. We've clearly had some very successful large wins of late, and a great pipeline with a very broad investor base. Yeah, I think clearly things are going to have to increase from here, to hit the guidance number. But yeah, certainly don't think it's going to be sort of a total back end hockey stick play.

Speaker #2: So yeah, I think clearly things are going to have to increase from here to hit the guidance number. But certainly, I don't think it's going to be sort of a total back-end hockey stick play.

Speaker #6: And so is it the post-budget kind of recovery that you're you're kind of banking on , or would you say even at the or perhaps just talking to the midpoint , I know you're not you're not speaking to any specific clients , but just wanted to stand the assumptions in terms of contribution from Miss Wealth at the lower end of guidance versus recovery from the current environment and just any , any comments you can provide ?

Terence Johnson: Is it the post-budget kind of recovery that you are kind of banking on? Or would you say even at the, or perhaps just talking to the midpoint, I know you are not speaking to any specific clients, but just want to understand the assumptions, in terms of contribution from Morgan Stanley Wealth Management at the lower end of guidance versus recovery from the current environment and just any comments you can provide.

Speaker #2: Probably the reason for putting a range of 18 to 20 is that we're still, call it, 11 months away from the end of the year, and to be able to pinpoint exactly where we're going to land, with as much science as we've put into it, is difficult.

Matt Heine: Probably the reason for putting a range of 18 to 20 is that we are still, call it, 11 months away from the end of the year. To be able to pinpoint exactly where we are going to land, with as much science as we have put into it is difficult. We just wanted to make sure that we are giving the market a sensible range that we think is achievable and anything can happen between now and then. There is a lot of very strong support from our existing base as well as new opportunities and recent wins.

Speaker #2: So we just wanted to make sure that we were giving the market a sensible range that we think is achievable , and , you know , anything can happen between now and then , but there's a lot of very strong support from our existing base , as well as new opportunities and recent wins .

Speaker #6: Yeah , I think

Hayden Stockdale: Yeah, I think from your perspective, it is probably easier to see this from top-down. The way that we actually pull this together is more bottom-up.

Speaker #7: From your perspective, it's probably easier to see this from the top down. You know, the way that we actually pull this together is more bottom up.

Speaker #7: Yeah . So when we look across the relationships , we have , the relationships that we're seeking to build , it gives us confidence around that number .

Matt Heine: Yeah.

Hayden Stockdale: When we look across the relationships we have, the relationships that we are seeking to build, it gives us confidence around that number.

Speaker #6: Okay . No that's clear . Thank you . And just maybe up on the Miss Wealth partnership . Just interested in the process there .

Terence Johnson: Okay. No, that is clear. Thank you. Just maybe a follow-up on the MS Wealth partnership. Just interested in the process there. I think you had mentioned before there would need to be new SOAs signed and things like that. Just what else is required there and how you are thinking about timing. Is it fair to say that early flows would be non-custody fee-based as opposed to custody, with the custody being the opportunity to follow? Is that the right way to think about it?

Speaker #6: I think you had mentioned before there would need to be new . So signed and things like that . Just what else is required there and how you're thinking about timing and is , is it fair to say that early flows would be non custody fee based as opposed to custody with the custody being the opportunity to follow ?

Speaker #6: Is that the right way to think about it?

Speaker #2: I think he's getting into a little bit too much detail. It is, for all intents and purposes, a transition of a client, and all of the normal things apply.

Matt Heine: I think it is probably getting into a little bit too much detail. It is, for all intents and purposes, a transition of a client, and all the normal things apply.

Speaker #6: Okay, I understand. And maybe just the last question around how you're thinking about your margin guidance for FY27. There's obviously a level of expense growth assumed within that.

Terence Johnson: Okay, I understand. Maybe just a last question around how you are thinking about your margin guidance for FY27. There is obviously a level of expense growth assumed within that. So, interested to get your thoughts on how much flex you have in that expense growth assumption. Particularly if, for were to come in below expectations given the uncertainty that we are seeing. Basically, are you managing to your margin guidance or is it the other way around?

Speaker #6: So interested to get your thoughts on how much flex you have in that expense growth assumption , particularly if for were to come in below expectations , given the uncertainty that we're seeing , you know , basically , are you managing to your margin guidance or is it the other way around

Speaker #7: We are targeting margin, and we have a lot of flex in our ability to manage to that. The vast, vast bulk of the investment is in product and tech.

Hayden Stockdale: We are targeting margin, and we have a lot of flex in our ability to manage to that. The vast bulk of the investment is in product and tech. We use a range of internal and external spend for that. We cadence it through the year. Ultimately, it is discretionary. This is not of a fixed or variable nature, where we have to spend it. We do want to spend it because we see benefit in doing so.

Speaker #7: We use a range of internal and external spend for that, and we cadence it through the year, and ultimately it is discretionary, right.

Speaker #7: This is not of a fixed or variable nature, where we have to spend it, but we do want to spend it because we see benefit in doing so.

Speaker #6: Okay. That's clear. Thank you.

Terence Johnson: Okay. That is clear. Thank you.

Speaker #3: Our next question is from Sotirio with MST Financial. Please proceed.

Operator 2: Our next question is from Lasse Tirio with MST Financial. Please proceed.

Operator: Our next question is from Lasse Tirio with MST Financial. Please proceed.

Speaker #8: Hi. Good morning, and thank you for the opportunity to ask a couple of questions. I wouldn't mind digging into two bucket areas you're moving into.

Lasse Tirio: Good morning, and thank you for the opportunity to ask a couple questions. I would not mind digging into two buckets, areas you are moving into. It is interesting to see industry super high balances, on the mapping and some targeting of it. Can you give us some specifics as to how you are actually going about that? Typically, where the platform space has been, you are competing with other platforms and share of wallet from advisers. Can you talk to any specific strategies or approach on how you think you can better break into the high balances in industry super?

Lafitani Sotiriou: Good morning, and thank you for the opportunity to ask a couple questions. I would not mind digging into two buckets, areas you are moving into. It is interesting to see industry super high balances, on the mapping and some targeting of it. Can you give us some specifics as to how you are actually going about that? Typically, where the platform space has been, you are competing with other platforms and share of wallet from advisers. Can you talk to any specific strategies or approach on how you think you can better break into the high balances in industry super?

Speaker #8: It's interesting to see industry super high balances on the on the on the mapping and , and some , you know , targeting of it .

Speaker #8: But can you give us some specifics as to how you are actually going about that ? You know , typically , you know , where the platform space has been , you're competing with other platforms and , and share of wallet from advisors , but can you talk to any specific strategies or approach on how you think you can better break into the high balances in industry ?

Speaker #8: Super .

Speaker #2: Yeah , absolutely . It's a , it's a great question . So we're certainly seeing good flows from industry funds at the moment .

Matt Heine: Yes, absolutely. It is a great question. We are certainly seeing good flows from industry funds at the moment. As I often say, and I will just repeat again, this is not us entering into a super war, despite what the press would like to run as headlines. The reality is that there is a very large cohort of Australians in small industry fund balances, and whilst we have certainly got products, including our core product, that compete head to head from a pricing perspective with industry funds for those smaller balances. Our real focus is that affluent advice and that is clients that have got more than AUD 500,000 in their super balances, where we believe that they need more than just guided advice or advice from a new class of adviser, as an example.

Speaker #2: And as I often say, and I'll just repeat again, you know, this is not us entering into a super war, despite what the press would like to run as headlines.

Speaker #2: But the reality is that there is a very large cohort of Australians in small industry fund balances . And whilst we've certainly got products , including our core products , that compete head to head from a pricing perspective with industry funds for those smaller balances , our real focus is that affluent advice , and that's clients that have got more than 500 thousand in their super balances , where we believe that they need more than just guided advice or advice from a new class of advisor .

Speaker #2: As an example, they'll typically have debt insurance needs. They may have assets outside of their super and are looking for holistic wealth solutions.

Matt Heine: They will typically have debt, insurance needs, they may have assets outside of their super and are looking for holistic wealth solutions. The numbers are pretty remarkable, as you would have seen on that chart. Accounts sitting over AUD 500,000 accounts for about AUD 600 billion currently within industry funds. Our understanding is that over the next four years, that AUD 600 billion actually grows to AUD 1 trillion. a very significant volume and tailwind in that respect. The strategy really is around advice, though. We are there to support advisers. A lot of the capability and work that we are doing is around that efficiency piece I touched on at the start, which is how do we help advisers service more than their current customer base?

Speaker #2: So the numbers are pretty remarkable, as you would have seen on that chart. So accounts sitting over 500,000 account for about $600 billion.

Speaker #2: Currently, within industry funds, our understanding is that over the next four years, that $600 billion actually grows to $1 trillion.

Speaker #2: So very significant volume and tailwind in that respect . The strategy really is around advice . So we're there to support advisors . And a lot of the capability and sort of work that we're doing is around that efficiency piece is touched on at the start , which is how do we help advisors service more than their current customer base ?

Speaker #2: And based on their unified data , actually , the average number of customers per advisor is currently sitting at 123 . There is circa three and a half to 5 million Australians that will be retiring over the next 5 to 10 years .

Matt Heine: Based on their unified data, the average number of customers per adviser is currently sitting at 123. There is circa 3.5 million to 5 million Australians that will be retiring over the next five to 10 years, and only circa 10,000 to 12,000 advisers to service them. This efficiency piece and this road to 200 or this road to 300 is really important. We are not the only ones investing in trying to solve this problem, but it is about helping advisers service more customers if they want to, which many do, but without segregating the quality of advice and without segregating the quality of service. It is things like self-service, it is about automation of advice, it is about easier access to information.

Speaker #2: And only around 10,000 to 12,000 advisors to service them. So, this efficiency piece and this road to 200 or this road to 300 is really important.

Speaker #2: We're not the only ones investing in trying to solve this problem, but it is about helping advisors service more customers if they want to, which many do.

Speaker #2: But without degradating , the quality of advice , without degradating the quality of service . So it is things like self service . It's about automation of advice .

Speaker #2: It's about easier access to information . You know , there's a whole range of areas across an advice firm , which is what we call jobs to be done , where we think we can actually add value .

Matt Heine: There is a whole range of areas across an advice firm, which is what we call jobs to be done, where we think we can actually add value and help drive that efficiency to get our share of those complex advice clients.

Speaker #2: And , and help drive that efficiency to , to get our share of those complex advice clients .

Speaker #8: Yeah . Got it . And , but just moving on to that servicing more underlying clients . And , you know , if you are to move towards 200 and you sort of flagged some stuff on slide 19 and beyond around about building more advice tools , can you talk us through how we should think about how far you were looking to expand into features to , to gain those efficiencies ?

Lasse Tirio: Yeah, got it. Just moving on to that, servicing more underlying clients and if you are to move towards 200 and you flagged some stuff on slide 19 and beyond around building more advice tools. Can you talk us through how we should think about how far you are looking to expand into features to gain those efficiencies? For example, whether it is Xplan or Xero or other feature sets that may be done externally, are you looking at creating an Xplan Lite, for example, so that your advisers do not need to move as much off-platform? How many of these tools that you are looking to build will there be revenue associated?

Lafitani Sotiriou: Yeah, got it. Just moving on to that, servicing more underlying clients and if you are to move towards 200 and you flagged some stuff on slide 19 and beyond around building more advice tools. Can you talk us through how we should think about how far you are looking to expand into features to gain those efficiencies? For example, whether it is Xplan or Xero or other feature sets that may be done externally, are you looking at creating an Xplan Lite, for example, so that your advisers do not need to move as much off-platform? How many of these tools that you are looking to build will there be revenue associated?

Speaker #8: So , for example , whether it's X plan or zero or other feature sets that may be done externally are , are any of these are you looking at creating an X plan , like for example , so that the advisors don't need to move as much off platform or , and how many of these tools that you are looking to build , will there be revenue associated ?

Speaker #2: Yeah . So again , it's a fairly large question . So the advice ecosystem is , is pretty big . I think the average number of software solutions in an advice firm is 14 .

Matt Heine: Yeah. So again, it is a fairly large question. The advice ecosystem is pretty big. I think the average number of software solutions in an advice firm is 14. It continues to increase. We are being very disciplined in looking at all of those jobs that need to be done across an advice firm, and being quite deliberate where we think it makes sense for us to play. As an example, a record of advice solution, which we are uplifting, it makes sense because often it is investment related or it might be withdrawal related. To have that integrated into an advisor's workflow at the point that they are doing a transaction makes good sense. With Unify, we look to continue to integrate that through into the reporting, but it also allows you to expand the range of solutions that we can offer through the client portal, for example.

Speaker #2: It continues to increase. So we're being very disciplined in looking at all of those jobs that need to be done across an advice firm.

Speaker #2: And being quite deliberate where we think it makes sense for us to play . So as an example , record of advice , solution , which we're sort of uplifting , it makes sense because often it's investment related , or it might be withdrawal related .

Speaker #2: So, to have that integrated into an advisor's workflow at the point that they're doing a transaction makes good sense. With Unify, we'll look to continue to integrate that through into the reporting.

Speaker #2: But it also allows you to expand the range of solutions that we can offer through the client portal , for example . So do we want to go into full blown X plan territory , which is a huge product ?

Matt Heine: Do we want to go into full-blown Xplan territory, which is a huge product? No. Are there parts of it, like file noting in other areas that we think probably do make a lot of sense? Yes. Then there are other areas which generative AI are making possible, such as SOAs, et cetera, that whilst we are not committing to it, we are certainly quite interested in understanding and exploring further. Your last question,

Speaker #2: No . Are there parts of it like in other areas that we think probably do make a lot of sense ? Yes . And then there's other areas which generative AI are making it possible , you know , such as sort of psoas , etc.

Speaker #2: That whilst we're not committing to it, we're certainly quite interested in understanding and exploring further. Last question—to that revenue attached to it, I was going to say, it does have revenue attached to it.

Lasse Tirio: I understand.

Lafitani Sotiriou: I understand.

Matt Heine: Does it have revenue attached to it?

Lasse Tirio: Sorry, Jon.

Lafitani Sotiriou: Sorry, Jon.

Matt Heine: I was going to say, does it have revenue attached to it? I think, ideally things that we do, we try and attach revenue to. We are big believers in user pays. Sometimes that works, sometimes it does not. But certainly, if we think that we are delivering enough value that it should be revenue accretive, we will. Is it going to massively move the dial? Probably not.

Speaker #2: Look , I think , you know , ideally things that we do , we try and attach revenue to with big , big believers in user pays .

Speaker #2: Sometimes that works , sometimes it doesn't . But yeah , certainly if we think that we're delivering enough value that it should be revenue accretive , we will .

Speaker #2: Is it going to massively move the dial? Probably not.

Speaker #7: But let me answer that slightly differently . Whether it's direct or indirect revenue , the answer is yes . Yeah , yeah .

Hayden Stockdale: Let me answer that slightly differently. Whether it is direct or indirect revenue, the answer is yes.

Matt Heine: Yeah. I think what Hayden means is that we have got a vested interest in making this work, because if we can help our advisers double the number of clients, our business doubles as well.

Speaker #2: And I think what it means is that we've got a vested interest in making this work, because if we can help our advisors double the number of clients, our business doubles as well.

Speaker #2: Yeah .

Hayden Stockdale: Yeah. That might be the indirect route.

Speaker #7: And that might be the indirect. Yeah.

Matt Heine: Yeah.

Speaker #8: Thank you

Lasse Tirio: Thank you.

Lafitani Sotiriou: Thank you.

Speaker #3: Our next question is from Anthony, who is from Ord Minnett. Please proceed.

Operator 2: Our next question is from Anthony Hu from Ord Minnett. Please proceed.

Operator: Our next question is from Anthony Hu from Ord Minnett. Please proceed.

Speaker #9: Good morning . Thank you . Just a couple of questions . First one just on costs , picking up on an earlier question , as you look into FY 27 , you said there's quite a bit of discretion .

Anthony Hu: Good morning. Thank you. Just a couple of questions. First one, just on costs, picking up on the earlier question. As you look into FY27, you said there is quite a bit of discretion around how much you spend, but interested in the profile of that spend. Are there large significant projects involved in that where there is an extended timeline or a profile of that beyond FY27 that might extend into 2028 and 2029? Just interested in what the profile looks like, not just 2027, but also 2028, 2029.

Anthony Hoo: Good morning. Thank you. Just a couple of questions. First one, just on costs, picking up on the earlier question. As you look into FY27, you said there is quite a bit of discretion around how much you spend, but interested in the profile of that spend. Are there large significant projects involved in that where there is an extended timeline or a profile of that beyond FY27 that might extend into 2028 and 2029? Just interested in what the profile looks like, not just 2027, but also 2028, 2029.

Speaker #9: Discretion around how much you spend . But interested in the profile of that spend , you know , are there sort of large , significant projects involved in that where , you know , there's an extended timeline of a profile of that beyond FY 27 that might extend in 28 and 29 , just interested in what the profile looks like , you know , not just 27 , but also 2829 .

Speaker #7: Look , Anthony , we haven't given specific guidance out into 28 and 29 and I'd , I'd hesitate to even comment on it because we haven't gone through a board approval process to even contemplate what our budget spend might be for those years , other than having , you know , a , an idea of what our product roadmap looks like over a multi-year time frame .

Matt Heine: Look, Anthony, we haven't given specific guidance out into 2028 and 2029.

Hayden Stockdale: Look, Anthony, we haven't given specific guidance out into 2028 and 2029.

Hayden Stockdale: I'd hesitate to even comment on it because we haven't gone through a board approval process to even contemplate what our budget spend might be for those years, other than having an idea of what our product roadmap looks like over a multi-year timeframe and the type of investment that we as management would like to undertake. As with anything product and tech, it is discretionary. If you ever see a software company turn off its investment in product and tech and go for higher margins over high growth, that's a warning sign. I think we're effectively the opposite of that. We have a very healthy pipeline of opportunities with very attractive returns associated with them. It is multi-year. We are also very respectful of delivering to the market what's coming that is acceptable.

Speaker #7: And the type of investment that we as management would like to undertake But as , as with anything , product and tech , it is discretionary , you know , and if you ever see a software company turn off its investment in product and tech and , you know , go for higher margins over high growth , you know , that's a long time , right ?

Speaker #7: And I think we're the , you know , effectively the opposite of that . We have a very healthy pipeline of , of opportunities with very attractive returns associated with them .

Speaker #7: And it is multi , but we are also very respectful of delivering to the market , you know , what that is acceptable .

Speaker #7: And we believe the margin profile that we've outlined of 47% this year trending towards 50% over time , is a good balance .

Hayden Stockdale: We believe the margin profile that we've outlined of 47% this year trending towards 50% over time is a good balance.

Speaker #9: Yeah . Okay . Got it . Thank you . Second question , just on your FY 29 ambition to double also FY 30 , ambition to double your Für .

Anthony Hu: Yeah. Okay, got it. Thank you. Second question, just on your FY30 ambition to double FUA. Can you talk a little bit around the revenue margin that you're contemplating in that? There's been a bit of talk, a bit of discussion around impact of your growth in the high net worth segment and ultra-high net worth segment, but just some broad thoughts around the revenue margin as you look over the next four years.

Anthony Hoo: Yeah. Okay, got it. Thank you. Second question, just on your FY30 ambition to double FUA. Can you talk a little bit around the revenue margin that you're contemplating in that? There's been a bit of talk, a bit of discussion around impact of your growth in the high net worth segment and ultra-high net worth segment, but just some broad thoughts around the revenue margin as you look over the next four years.

Speaker #9: Can you talk a little bit around the revenue margin that you contemplating in that spend a bit of talk , the discussion around , you know , impact of your growth in the high net worth segment and ultra high net worth segment , which is , you know , some thoughts around the revenue margin as you look for over the next four years .

Speaker #7: Yeah , look , that's a hard one to Anthony . You know , the guidance we have is for doubling für . Obviously , that does not imply a doubling of revenue , but we haven't put out any guidance as to what that revenue growth might be Yeah .

Hayden Stockdale: Yeah, look, that's a hard one too, Anthony. The guidance we have is for doubling FUA. Obviously, that does not imply a doubling of revenue, but we haven't put out any guidance as to what that revenue growth might be. I can't really comment further on that. In relation to margin, we've also said that it will move back towards 50%, so we probably won't provide any more than that.

Speaker #7: So, I can't really comment further on that.

Speaker #2: In relation to margin, we've also said that it will move back towards 50. So we probably can't provide, or won't provide, any more than that.

Speaker #9: Okay. All right. Thank you.

Anthony Hu: Okay. All right. Thank you.

Anthony Hoo: Okay. All right. Thank you.

Speaker #3: We have reached the end of our question and answer session. I will now hand the call back over to Mr. Holder for closing remarks.

Operator 2: We have reached the end of our question and answer session. I will now hand the call back over to Mr. Milner for closing remarks.

Operator: We have reached the end of our question and answer session. I will now hand the call back over to Mr. Milner for closing remarks.

Hayden Stockdale: Great. Thanks, everyone. Fantastic questions following the presentation, and look forward to discussing further with you in the coming weeks or months. Appreciate you all dialing in.

Matt Heine: Great. Thanks, everyone. Fantastic questions following the presentation, and look forward to discussing further with you in the coming weeks or months. Appreciate you all dialing in.

Speaker #2: Thanks , everyone . Fantastic questions . Following the presentation and look forward to discussing further with you in in the coming weeks or months .

Speaker #2: I appreciate you dialing in. Thanks, all.

Matt Heine: Thanks, all.

Hayden Stockdale: Thanks, all.

Operator 2: Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.

Operator: Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.