“We're continuing to run with momentum": HUB24 powers ahead

This interview was filmed 19th August, 2025.

Momentum is the word when it comes to talking about HUB24 (ASX: HUB).

The company reported strong financial results, with FUA reaching $118 billion (up 30%) and net inflows of $19.8 billion (up 25%). The company's underlying EBITDA was up 40%.

Of particular significance to the company is the substantial growth in the number of advisors using its platform, with 527 new advisors in the last 12 months, a record for the company. As CEO, Andrew Alcock told me, “it spells out the opportunity we deliver and that we're on our game with servicing and looking after customers and advisors. That's a great sign for further momentum."

While the results might have fallen short of elevated market expectations, the underlying performance was solid and continues to demonstrate why HUB24 remains a market favourite.

In this interview, I spoke to Alcock about what drives value in the business, how HUB thinks it can continue to lead in a competitive market, and how it plans to expand market share and continue to deliver the strong numbers expected of it, driving sustainable long-term growth.

For the full experience, watch the video above, or read a summary below.

INTERVIEW SUMMARY

Strong momentum and confidence in sustained organic growth

Revenue and EBITDA were described as “really, really positive,” with tech solutions also growing 9%, demonstrating the company’s ability to leverage mature business lines to build a broader ecosystem. The addition of 527 new advisors over the past 12 months was noted as a strong lead indicator for continued momentum.

Alcock indicated optimism about maintaining record organic flows despite the absence of one-off events:

“Since FY21, we haven't had that many new advisors. That's a lead indicator for people choosing to use the platform…We're certainly targeting a full range between now and FY 27, which would mean you have to get between $14 and $18 billion a year. So, certainly replicating the $15.8 [billion] organic is possible in that range.

Resilience in volatile markets

Despite market turbulence in April, inflows remained steady. Alcock attributes this to the resilient nature of its clients and the platform’s underlying use cases:

“Advisors and their clients have become quite resilient about those sort of periods. They're not stock trading…risk on, risk off, yes, you might adjust your asset allocation, but it is for the long term.”

Mandated superannuation and retirement planning also underpin the company’s steady inflows and reduce exposure to macro events and market swings.

The plan to stay at the head of the pack

Having overtaken its competition in custodial FUA, Alcock notes they "have to work hard at that" but the company plans to sustain and expand its lead through consistent customer service and product innovation:

"We've launched some new features and products this year to keep making sure we're on the game and on the money with looking after client expectations, great customer service, great NPS scores, and so it's more of the same...and hopefully you'll see that trajectory continue."

Recent developments include a wholesale private invest offer and a new reporting tool called  Engage, enabling advisors to consolidate data and enhance client conversations.

Expanding market share

The platform currently has 9% market share, leaving an ample runway for further growth toward historical peaks of 20% seen by other industry participants.

Alcock outlined HUB24’s long-term market share ambitions:

“We've grown our market share from 4% to 9% in four years, and so it's quite possible we keep going in that direction. There are less participants today and certainly we have market leading functionality…the strategy is to stick to knitting, keep looking after your customers, keep finding better ways to do things.”

The focus remains on improving efficiency for advisors, streamlining document creation, and building a technology-driven ecosystem to use and capitalise across the wealth value chain.

Future planning and future proofing

The company had a large increase in its EBITDA margin this year, but the expansion of that margin depends on what it's investing in. Alcock explains how the company plans to continue to prioritise both shareholder returns and strategic investment:

"If there's opportunities to make a difference, we're certainly not shy about making an investment, which slows down that profitability emergence over time. But we've done that for 12 years now….So it is a balancing act."