In its FY2026 full-year results presentation delivered on 17 August 2026, Fiducian Group (ASX: FID) reported record Funds Under Management, Advice and Administration (FUMAA) of $15.88 billion, up 7% on the prior year, alongside a 15% lift in underlying profit.
Management framed the FY2026 results within a broader milestone: 30 years of delivering value for shareholders and clients. Underlying Net Profit After Tax (UNPAT) reached $24.23 million, while Operating Revenue rose 8% to $96.14 million.
Statutory NPAT fell to $13.41 million, reduced by a one-off ASIC penalty that has since been resolved by Court Order, detailed later in this coverage. On an underlying basis, which strips out that one-off, earnings capacity remained intact.
Key headline metrics presented for FY2026 included:
- FUMAA: $15.88B (FY2025: $14.84B)
- Operating Revenue: $96.14M (+8%)
- Underlying EBITDA: $33.94M (+16%), with a UEBITDA margin of 45.7%
- Underlying NPAT: $24.23M (+15%)
- Underlying EPS: 76.8 cents (+15%)
FY2026 financial results at a glance
The presentation emphasised the divergence between underlying and statutory outcomes. While underlying metrics recorded double-digit growth, statutory NPAT declined due to a single non-recurring regulatory cost.
| Metric | FY2026 | FY2025 | Change |
|---|---|---|---|
| Operating Revenue | $96.14M | $89.37M | +8% |
| Net Revenue | $74.38M | $68.23M | +9% |
| Underlying EBITDA | $33.94M | $29.22M | +16% |
| Underlying NPAT | $24.23M | $21.05M | +15% |
| Statutory NPAT | $13.41M | $18.57M | −28% |
| Underlying EPS | 76.8c | 66.9c | +15% |
The company outlined that statutory NPAT was reduced by a $7.95 million one-off ASIC penalty and regulator costs, which cut basic EPS by approximately 25.2 cents. Dividends were unaffected, as they are calculated on UNPAT.
Over a five-year horizon, management highlighted:
- +63% gross revenue growth
- +71% UNPAT growth
- +100% dividend growth
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Divisional performance across four business segments
The presentation detailed growth across all four operating segments in FY2026:
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Funds Management — net revenue up 8.7%, EBITDA up 10.2%; FUM grew to $6.06B (from $5.79B)
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Financial Planning — net revenue up 10.3%, EBITDA up 5.3%; FUA grew to $5.51B (from $4.97B), supported by 75 advisers across 45 offices and two new offices in Norwest and Brisbane
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Platform Administration — net revenue up 8.3%, EBITDA up 8.1%; FUAdm reached $4.31B, with net inflows of $264M from aligned advisers
Management noted that Platform gross revenue ran at 62 basis points on average FUAdm, while Funds Management annualised revenue (after fund manager costs) sat at 49 basis points on average FUM.
The Auxilium IFA platform was highlighted as gaining scale, with $261M in FUAdm, $4M in net inflows during the year, and management targeting an industry opportunity of approximately 10,000 Authorised Representatives.
What is a “manage-the-manager” funds model?
Fiducian operates a multi-manager, or “Manage-The-Manager”, approach. Under this model, Fiducian selects and blends multiple underlying fund managers within a single fund, paying those managers’ fees itself.
For investors, the model offers operating leverage: as volumes grow, Fiducian’s margins increase. Clients gain diversification across several managers while paying fees the company describes as market competitive relative to single-manager funds.
Management pointed to a long-term track record. Over more than 20 years, the four Fiducian diversified funds ranked in the top half in 41 of 64 readings against up to 158 fund managers on the FE Fundinfo survey. Past performance is not a reliable indicator of future performance, and Fiducian does not guarantee the performance of the funds or any specific rate of return.
Underpinning this scale is proprietary FinTech, including the Fastrack platform administration system, the FORCe adviser financial planning software, and Fiducian Online client reporting.
Regulatory matters resolved and underway
The presentation addressed two regulatory items directly.
On the Fiducian Diversified Social Aspirations Fund (DSAF) matter, the NSW Supreme Court approved the settlement terms by Court Order on 11 August 2026. The order required Fiducian Investment Management Services Ltd (FIMS) to pay a combined pecuniary penalty of $7.3 million plus ASIC’s costs of $650,000 within 14 days.
The judgement confirmed the parties agreed there was “no evidence of any direct financial loss suffered by retail investors” in the DSAF, and that the contravening conduct “was not deliberate, but involved a lack of appropriate care.”
The court declared that FIMS contravened s12DF of the ASIC Act and s601FC(1)(b) of the Corporations Act, and ordered FIMS to send notices to affected members within 30 days.
Separately, following its platform thematic review conducted after the Shield and First Guardian fund failures, APRA imposed additional licence conditions on Fiducian Portfolio Services Limited (FPSL) on 2 April 2026. The company confirmed these conditions “do not affect the continuing operations of the Fund or safety of members’ assets.”
Fiducian stated it had avoided high-risk products such as the Shield Master Fund and First Guardian Master Fund, and has engaged two external independent expert firms to review its Investment Governance and Board frameworks.
With the ASIC penalty a one-off now quantified within FY2026 statutory results, management indicated the group’s underlying earnings capacity remained intact.
Shareholder returns and long-term outperformance
Dividend growth and total-return performance formed a central part of the presentation.
Key figures included:
- FY2026 full-year dividend: 53.70 cents per share, fully franked (H2 2026: 28.2 cents)
- Dividend payout policy: 60–80% of Underlying NPAT
- $1,000 invested on 1 July 2012 delivered a $553.61 fully franked dividend in FY2026, representing approximately 17% annualised dividend growth
- Double-digit EPS growth (based on UNPAT) in 20 of 26 years since listing
Long-term performance highlight
Since June 2012, FID has outperformed the All Ordinaries Accumulation Index by 1,322% (including dividend reinvestments). FID closed at $8.49 on 13 August 2026.
Measured since inception in September 2000, the presentation showed FID up 2,032% against the All Ordinaries at 710%.
Growth roadmap and key investor dates
Management presented a conceptual illustration of how increasing FUMAA scale could lift UEBITDA at an accelerating rate above a corresponding increase in the cost base. The company was explicit that this “is not a projection or forward-looking statement” and may or may not prove correct or accurate.
The presentation identified several growth drivers: organic inflows via advisers, inorganic flows via acquisitions (with the PCCU acquisition in February 2022 referenced as an accelerator), salaried adviser revenue targets raised to 10–20% per annum, and the ongoing transition of clients from external platforms ($1.73B) to Fiducian’s process where in their best interest.
Key dates outlined for investors:
- Final dividend record date: 31 August 2026; payment date: 14 September 2026
- AGM (hybrid): 15 October 2026
The presentation positioned Fiducian’s 30-year track record, scalable multi-manager model and vertically integrated platform as the foundation for continued FUMAA growth.
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