The S&P/ASX 200 Financials Index lifted 7.97% in 2025, with total returns (including dividends) of 12.05%.
By comparison, the S&P/ASX 200 Index (ASX: XJO) rose 6.8% and produced total returns of 10.32%.
ASX financials were the third-best performer among the 11 market sectors last year.
Looking ahead, here are five ASX financial shares that the experts are backing for price growth in 2026.
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5 ASX financial shares with new year buy ratings
Hub24 Ltd (ASX: HUB)
The Hub24 share price rose by 38% to finish 2025 at $96.25 per share.
Bell Potter has a buy rating on Hub24 shares with a price target of $125.
On Thursday, the investment and superannuation platform provider is trading at $95.53 per share, up 2%.
The broker's price target suggests potential gains of 31% in the new year.
Infratil Ltd (ASX: IFT)
The Infratil share price fell 15.8% in 2025 to close at $9.74 on 31 December.
Today, Infratil shares are $9.88 apiece, up 0.5%.
Morgans has just initiated coverage on this ASX financial share with an accumulate rating.
The broker has put a price target of $11.30 on the New Zealand-based investment company.
This suggests a potential 14% upside over the new year ahead.
Morgans said:
Infratil (IFT) is a high quality, concentrated structural growth investor targeting 11-15% pa post fee returns. IFT's investors have enjoyed c.18% pa returns over the last ~30 years.
Assuming delivery of target returns, post fees the Net Asset Value (NAV) should nearly double over the next five years and create substantial value for equity holders.
The share price is currently trading at a 30% discount to NAV.
Generation Development Group Ltd (ASX: GDG)
Retirement and investment solutions provider Generation Development Group was the best performer of the financials sector in 2025.
The Generation Development Group share price rose 66% to finish the year at $5.89.
Macquarie gives Generation Development Group shares an outperform rating with a 12-month price target of $6.70.
Today, the ASX financial share is trading for $5.90, up 0.3%.
The broker's target implies a potential upside of 14% for investors who buy the stock today.
Navigator Global Investments Ltd (ASX: NGI)
Navigator Global Investments shares increased 72% last year to close at $2.96 on 31 December.
Ord Minnett has a buy rating on this ASX small-cap financial share with a price target of $3.50.
Today, the alternative asset manager is trading at $2.98 per share, up 4.9%.
The broker's price target suggests potential gains of 17% in the new year.
Challenger Ltd (ASX: CGF)
Challenger shares also performed strongly last year, rising 57% to finish the year at $9.41 apiece.
Citi has a buy rating on this ASX financial share with a price target of $10.25.
Today, the Challenger share price is $9.39, down 0.2%.
The broker's price target implies a potential upside of 9% for 2026.
