"An awesome result": CEO Andrew Alcock on HUB24’s record $18.9bn inflows

If you only looked at the share price movement for HUB24 after its FY26 results announcement on Tuesday, you might think the numbers were overwhelmingly negative. The day closed with the stock down 7.25% despite posting net inflows of $18.9 billion, which CEO Andrew Alcock called “a record for us and the industry”.

“It's a great result. It's testament to what's happening. You've got the dividend up to 42 cents for the second half, which is up 31%. These are strong indicators that we're doing something right,” he says.

Much of the fall was thanks to the company’s softer second half of the financial year, as inflows fell from $10.7 billion in 1H26 to $8.2 billion.

“You get cycles like that where you have the right conditions, where consumer sentiment is there, and the policy settings are right and advisers are able to work. I think in the second half you have Christmas, New Year, you have holidays, but you also went into a situation where there was global uncertainty in the world." 

"There was the Iran war, oil prices, cost of living, leading into Budget changes. All of those things make it difficult for people to decide how to invest and when to invest. It's a timing difference,” he says.

“So, we've had a great second half. Our flows continued or increased as the half went on in terms of superannuation and people putting money into super pre the end of the tax year. So, we still think we had great results. The first half was stellar, the second half was an awesome result, but you do get differences with economic cycles. Those things turn around. You'll see that come back at some point in time, and hopefully that will be soon.”

In the video above, Alcock explains how HUB24 aims to continue its growth trajectory, the barriers it has in place to protect against AI disruption, and the importance of reducing friction in the financial advice process to better serve both advisers and their clients.

Continuing the growth

Outside the platform inflows growing at around 20% year-on-year, total funds under administration (FUA) was up 20% to $164.3 billion and underlying EBITDA up 30% to $211.4 million.

HUB24 has also lifted its platform market share to 9.9%, increased active financial advisers 11% to 5,649 (or about 37% of all advisers) and FUA per adviser has hit $25 million. According to Alcock, there is still more room to grow.

“Look, we're certainly not happy to be at 9.9% market share. Having said that, that's gone up from 5.1% in four years, so it's almost doubled in four years. But there's no reason why we can't be in the high teens and even higher if we continue to stay on the boil with our proposition.”

In order to increase those numbers, the CEO says HUB24 is building out its range of solutions for all life stages and different client demographics, whether that be simple superannuation or ultra-high-net-wealth solutions.

“We can resonate across all sectors of the marketplace and help advisers go on a journey with their clients. It keeps us present, it keeps clients and advisers growing on the platform, it means we have a broader reach,” Alcock says.

“It's about continuing to deliver faithfully to your current clients and increasing the share of their portfolio that they choose to trust you with because you cater for all their client life stages, but also to add new advisers as well. So we'll keep doing that. It's a tried strategy for us, but we're certainly aiming to do far better than the 9.9% moving forward.”

Coming out of the SaaSpocalypse

As far as technology companies are concerned, HUB24 fared better during the broader software sell-off earlier in the year. It took a hit and is still down around 17% since the start of 2026, but that’s better than many in the sector. According to Alcock, being a regulated financial services business has provided a moat.

“Our business is not just software. Part of our business is - Class and NowInfinity are software businesses - but the regulated platform with payment system connections, regulations, and statutory capital are very different. So if you like, there's a moat there already,” he says.

“But we're certainly using AI to increase efficiency and you see that in our results with increasing profit margins.”

The firm is also building AI-based tools, such as an advice review tool and a range of data tools, which Alcock says HUB24 is already earning revenue from and helping create a greater buffer between its offerings and AI disruption.

“Building better propositions and putting barriers around our business by being a tech leader is certainly the approach we've had in the past. And we'll do that with these tools as well.”

Reducing friction in advice

“There are more and more people retiring now with larger and larger sums of money than we envisaged before superannuation. We've built a great accumulation system, we really need to improve access to advice and retirement solutions. I think that's what the industry has to work together on and so do we.

“We want to reduce friction, make it easier for customers to see advisers, to have their data in one place, to make decisions, to have advice delivered and then implemented on the platform."

"If we can get that right, we can get more customers getting access to advice, more people taking control and engaging with their superannuation and their future. I think that's the focus on us from an improvement point of view - to improve that process end to end.”