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NETWEALTH GROUP LIMITED Management Reports 2026

Feb 17, 2026

65460_rns_2026-02-17_71bd60b8-8d7b-482d-97e8-f9df016552f3.pdf

Management Reports

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Potential AI Impact Time savings Advice processes become significantly more efficient Cost compression Lower costs through whole supply and value chain Value of data Ownership of proprietary data (capable of yielding important insights) becomes critical in the value chain Velocity of innovation Pace of change increases, necessitating faster iteration and reaction times to survive and thrive Disintermediation of advisers AI - powered robo - advisers erode demand for human advisers Platform replication by vibe - coding SaaS code base no longer a competitive moat Commoditisation of features Competitors replicate unique functionality	Potential AI Impact Time savings Advice processes become significantly more efficient Cost compression Lower costs through whole supply and value chain Value of data Ownership of proprietary data (capable of yielding important insights) becomes critical in the value chain Velocity of innovation Pace of change increases, necessitating faster iteration and reaction times to survive and thrive Disintermediation of advisers AI - powered robo - advisers erode demand for human advisers Platform replication by vibe - coding SaaS code base no longer a competitive moat Commoditisation of features Competitors replicate unique functionality	Potential AI Impact Time savings Advice processes become significantly more efficient Cost compression Lower costs through whole supply and value chain Value of data Ownership of proprietary data (capable of yielding important insights) becomes critical in the value chain Velocity of innovation Pace of change increases, necessitating faster iteration and reaction times to survive and thrive Disintermediation of advisers AI - powered robo - advisers erode demand for human advisers Platform replication by vibe - coding SaaS code base no longer a competitive moat Commoditisation of features Competitors replicate unique functionality	Opportunity / Threat	Netwealth Position Australian market remains significantly under - advised. Well positioned to capture further growth Increasing focus on products that include valuable data insights to advisers and their clients Culture and internal processes around agility and innovation are well embedded. Further work on processes planned Have prospered despite price compression. Continue to broaden revenue base. Benefits on the supply side Well counter - positioned in HNW and UHNW segments with complex and sophisticated advice requirements Strong and strengthening regulatory moats (licencing, KYC/AML/CTF, etc) No shortage of product innovation opportunities to keep ahead of competition. Significant adjacent TAM opportunities as well
Time savings		Advice processes become significantly more efficient	Opportunity to provide advice to broader audience	Australian market remains significantly under - advised. Well positioned to capture further growth
Cost compression	Lower costs through whole supply and value chain Ownership of proprietary data (capable of yielding important insights) becomes critical in the value chain Pace of change increases, necessitating faster iteration and reaction times to survive and thrive AI - powered robo - advisers erode demand for human advisers Competitors replicate unique functionality	Lower costs through whole supply and value chain	Competitive pressure on traditional revenue and cost streams	Have prospered despite price compression. Continue to broaden revenue base. Benefits on the supply side
Value of data		Ownership of proprietary data (capable of yielding important insights) becomes critical in the value chain	SaaS value shifts from code - base to unique non - replicable proprietary assets (i.e. data)	Increasing focus on products that include valuable data insights to advisers and their clients
Velocity of innovation		Pace of change increases, necessitating faster iteration and reaction times to survive and thrive	The most innovative and forward - thinking should prevail	Culture and internal processes around agility and innovation are well embedded. Further work on processes planned
Commoditisation of features		Competitors replicate unique functionality	Timespan shortens on competitive product advantages	No shortage of product innovation opportunities to keep ahead of competition. Significant adjacent TAM opportunities as well
		AI - powered robo - advisers erode demand for human advisers	Threat to business models reliant on retail and low - balance accounts.	Well counter - positioned in HNW and UHNW segments with complex and sophisticated advice requirements
Platform replication by vibe - coding		SaaS code base no longer a competitive moat	Threat of more competitive new entrants	Strong and strengthening regulatory moats (licencing, KYC/AML/CTF, etc)

The half year to 31 December 2025 '$000	31 December 2025 Statutory Reporting	Compensation Expense		31 December 2025 Results (excluding FG expenses)
Income
Platform revenue	188,970			188,970
Other income	4,816			4,816
Total income	193,786			193,786
Expenses
Employee benefits expenses	(65,250)			(65,250)
Share - based payment expense	(1,234)			(1,234)
Technology and communication	(14,374)			(14,374)
Professional and insurance	(5,443)		1,015	(4,428)
Brokerage, investment & custody	(3,666)			(3,666)
Advertising and marketing	(2,162)			(2,162)
Compensation & Settlement Expense	(100,700)	100,700		-
Other costs and expenses	(5,949)			(5,949)
Total operating expenses	(198,778)	100,700	1,015	(97,063)
EBITDA	(4,992)	100,700	1,015	96,723
EBITDA margin	(2.6%)			49.9%
Interest on leases	(271)			(271)
Depreciation and amortisation	(3,897)			(3,897)
NPBT	(9,160)	100,700	1,015	92,555
Income tax expense	6,987	(30,210)	(304)	(23,527)
NPAT	(2,173)	70,490	711	69,028
NPAT margin	(1.1%)			35.6%

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NETWEALTH GROUP LIMITED — Management Reports 2026

65460_rns_2026-02-17_71bd60b8-8d7b-482d-97e8-f9df016552f3.pdf

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NETWEALTH GROUP LIMITED Management Reports 2026