Praemium delivers record FUA and 14.5% EBITDA lift in FY2026 results
In its FY2026 results presentation delivered 31 August 2026, wealth platform Praemium detailed a year of record funds under administration (FUA) and expanding margins, with custodial and non-custodial FUA reaching $77.9b, up 21.1% on the prior comparative period (pcp).
Management outlined how underlying earnings growth outpaced revenue, with underlying EBITDA rising 14.5% to $32.1m and the margin expanding 223bps to 29.1%. Net inflows of $1.9b, up 130.1% pcp, and a fully franked full-year dividend of 2.5 cps, up 11.1% pcp, rounded out a result the company framed as evidence its high-net-worth (HNW) strategy is delivering.
When big ASX news breaks, our subscribers know first
FY2026 financial highlights at a glance
The presentation detailed the headline metrics against the prior year, showing operating leverage flowing from revenue growth through to margin expansion.
| Metric | FY26 | FY25 | Change | Note |
|---|---|---|---|---|
| Revenue | $110.5m | $104.5m | +5.7% | Record FUA-driven flows |
| Underlying EBITDA | $32.1m | $28.1m | +14.5% | Operating leverage |
| Underlying EBITDA margin | 29.1% | 26.9% | +223bps | Cost discipline |
| Underlying NPAT | $15.4m | $15.0m | +2.9% | Higher D&A |
| Statutory NPAT | $6.5m | $11.9m | −45.2% | One-off items |
| Total FUA | $77.9b | $64.3b | +21.1% | Record level |
The company was explicit that the statutory NPAT decline reflected one-off items rather than any underlying deterioration. These included OneVue and Technotia transition and restructure costs, and the discontinuation of software assets under development, which are discussed further below.
Operating leverage engine drives margin to 29.1%
Management explained how revenue outpacing cost growth expanded margins. The leverage math was straightforward:
-
Revenue up +5.7%
-
Underlying operating costs up only +2.5%
-
Underlying EBITDA up +14.5%
The margin trajectory has been steadily climbing, moving from 25.1% in FY24 to 26.9% in FY25 and 29.1% in FY26, a +400bps improvement over two years. The company attributed this to technology and AI automation, the Technotia platform removing manual processing, and a disciplined cost base.
The presentation also flagged a runway ahead, with synergies achieved in FY26 expected to be fully realised in FY27. The OneVue FY26 EBITDA uplift of $0.7m is expected to increase to approximately $3m in FY27, while the technology uplift of $2.6m is anticipated to rise to around $7m. Management positioned this as an earnings tailwind already banked and flowing into the next financial year.
HNW strategy and Spectrum traction fuel record inflows
The growth story centred on Praemium’s HNW focus across two revenue engines. Platform FUA rose 10.8% to $34.0b, with Spectrum FUA up 78.2%, supported by gross inflows of $2.3b since its launch in October 2024. Scope+ FUA reached $43.9b across 12.8k portfolios, up 30.5% and 33.7% respectively.
Active advisers, defined as those with platform activity in the period, accounted for 85% of platform FUA and contributed $5.1bn of FUA growth in FY26. Net flows of $1,926m, up 130.1%, were driven by strong Spectrum net inflows and Powerwrap returning to positive net inflows. The OneVue book is now fully transitioned onto the Praemium platform across Spectrum, SMA and Scope, contributing to total platform FUA growth.
Note: No direct CEO quote was provided in the source presentation.
Management, led by CEO Anthony Wamsteker, characterised the year as evidence that the strategic focus on the HNW market is delivering, pointing to strong demand for Spectrum and high adviser engagement underpinning low churn.
What is a managed accounts platform, and why HNW matters
A wealth or managed accounts platform is technology that lets financial advisers administer, report on and manage client portfolios in one place, reducing back-office burden.
The HNW (high-net-worth) segment covers wealthier clients with more complex needs. Praemium’s non-custody administration was, in its own framing, “purpose built for HNW, not adapted for it.” Non-custody administration means the platform can report on and administer assets held elsewhere, rather than requiring them to sit in a single custodian.
For investors, HNW clients tend to be stickier and higher-value, supporting recurring flat-fee revenue through Scope and Scope+ that the company describes as “largely insulated from market movements” — a resilient earnings base alongside more market-linked platform revenue.
A large market opportunity still early in the runway
The presentation positioned Praemium against sizeable structural tailwinds, noting the addressable market extends well beyond current revenue:
-
$4.4t in HNW investable assets in Australia, a market estimated to be around 8,000 advisers short of demand
-
$3.5t in ASX Chess holdings within the broker segment, with 65% of the stockbroking segment serviced by Praemium
-
49% of brokers expect advice-led models to take share from transactional broking, and 79% say half or more of their clients are HNW
-
A serviceable market estimated at approximately 2-3x current revenue, with total addressable market potential of more than 10x revenue
Management framed the migration of the broker and stockbroking segment toward recurring revenue models as a largely untapped lever, positioning the FUA uplift as still early in its runway.
Technology transformation and cash flow position
The company reported the technology restructure and OneVue migration as completed, with approximately $9m in technology synergies and around $3m in OneVue synergies expected to fully land in FY27.
On cash flow, underlying free cash flow was $16.6m, while statutory free cash flow of $2.4m was impacted by one-off items including OneVue transition and restructure costs, redundancy costs, and Technotia technology investment. The balance sheet remained sound, with cash of $30.1m and net assets of $109.5m, against a regulatory net tangible asset requirement of approximately $18m.
The discontinuation of software assets under development was presented as a deliberate move to build a new core technology platform, framed by management as investment in future capability rather than a loss of value.
Outlook — momentum carrying into FY27
Closing on forward guidance, management outlined four priorities mirroring the presentation’s outlook slide:
-
Strong operating and financial momentum carrying into FY27
-
OneVue and Technotia synergies now flowing through to earnings
-
Building momentum in new business wins and enterprise onboarding
-
Technology transformation underpinning scalable, sustainable earnings growth
The company declared a final $6.1m fully franked dividend, bringing the full-year payout to 2.5 cps, up 11.1%. With synergies already banked and expected to flow through in FY27, structural HNW tailwinds, and a recurring revenue base described as largely insulated from market movements, management positioned Praemium for continued earnings growth built on a multi-year track record that includes a five-year revenue CAGR of 14.7% excluding discontinued operations.
Don’t Miss the Next Finance Sector Winner
Big News Blast delivers FREE breaking ASX news straight to your inbox within minutes of release, complete with in-depth analysis already done for you. Join 20,000+ investors who stay ahead of market-moving announcements across Finance and beyond. Click the “Free Alerts” button to start receiving real-time alerts the moment ASX news breaks.