Hub24 Shares Surge 10% on Record Second-Quarter Performance

2 min read | January 21, 2025 11:25 AM AEDT | By Team Kalkine Media

Hub24 Shares Surge 10% on Record Second-Quarter Performance — Image source: shutterstock

Record-Breaking Quarter

Hub24 delivered a standout performance in Q2 FY2025, achieving an 8% increase in Platform Funds Under Administration (FUA) to AU$98.9 billion. This represents a 36% rise compared to the same period last year.

The company’s record quarterly net inflows of AU$5.5 billion were a key driver of this growth, reflecting a 23% increase year-on-year. Positive market movements of AU$1.8 billion also contributed significantly. Excluding large migrations, net inflows reached AU$4 billion, up 47% on the prior corresponding period and matching Q1 figures.

Distribution Expansion

The company’s growth was supported by the signing of 40 new distribution agreements during the quarter. Additionally, the number of advisers using Hub24’s platform increased by 166 to a total of 4,886, representing a 14% year-on-year rise.

Industry data further confirmed Hub24’s leading position, as the company ranked first for quarterly and annual net inflows while achieving the largest annual market share gain among platform providers. Hub24's market share grew to 7.9%, up from 6.6% as of September 30, 2023, securing its position as the seventh-largest platform provider overall.

Xplore Wealth MDA Closure

While Hub24's core platform continues to thrive, the company announced that it will wind down its Xplore Wealth Managed Discretionary Account (MDA) services in 2025. Despite approximately AU$2 billion in FUA being managed through Xplore Wealth MDA, management expects the closure to have an "immaterial" impact on earnings.

Positive Outlook

Hub24 remains optimistic about its future, reaffirming its FY2026 FUA target of AU$115–AU$123 billion. Management highlighted strong first-half net inflows of AU$9.5 billion, which are ahead of target assumptions, and a robust pipeline across all customer segments.

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