HUB24 Ltd (ASX: HUB) reports its half-year results tomorrow, and with rival Netwealth Group Ltd (ASX: NWL) delivering a standout set of numbers today, expectations are building.
Netwealth shares are up 12% after it announced its half year results today, and HUB24 shares are up around 3% today (at the time of writing) likely reflecting optimism that it too could deliver strong results tomorrow.
HUB24 has already given investors a glimpse of its platform momentum and so the question for tomorrow is how well those flows convert into revenue and profit growth.
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Solid platform net inflows
In January, HUB24 reported record half-year platform net inflows of $10.7 billion and quarterly inflows of $5.6 billion. Total funds under administration (FUA) reached $152.3 billion at 31 December 2025, up 26% on the prior corresponding period, with platform FUA up 29%.
The business also continued to grow its adviser base, with active advisers increasing 8% year-on-year to 5,277.
The growth engine is clearly firing but the question for tomorrow's result is how well that 29% FUA growth is translating into uplift in revenue and EBITDA and whether margins remain resilient as the company continues investing in its product.
Netwealth a good test case
Netwealth demonstrated how strong FUA growth can drive both revenue expansion and margin stability. HUB24 now faces a similar test tomorrow.
HUB24's model, like Netwealth's, benefits from increasing platform net inflows but fee mix, pricing discipline, and competitive dynamics all play a role in how effectively flows convert into earnings.
Structurally, the tailwinds in the industry remain strong and adviser-led flows continue to shift toward technology-enabled platforms with HUB24, Netwealth and Macquarie Group Ltd (ASX: MQG) being clear beneficiaries.
Share price snapshot
HUB24 shares have had a volatile run over the past year. At one point over the past 12 months, HUB24 shares were up 40%, before dropping 26% from their October 2025 peak. This reflects the broader sentiment swings in high-multiple financial technology stocks. Today's 3% rise however suggests investors are positioning for a potentially strong result tomorrow.
Its hard to tell how much of that is already priced in but if HUB24 can consistently increase its FUA whilst translating that into strong revenue and earnings growth, long-term investors will likely have much to be happy about.
Tomorrow's result will be a key progress marker in that journey.
