Annual report
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Acknowledgement of Country We acknowledge the Traditional Owners of the lands on which we work and live. Our offices are located on the lands of the Traditional Owners of the Wurundjeri Woi-wurrung people of the Kulin Nation in Melbourne, the Turrbal and Jagera peoples in Brisbane, the Gadigal people of the Eora Nation in Sydney, the Kaurna people of the Adelaide Plains, and the Whadjuk Nyoongar people in Perth. We celebrate the stories, culture, and traditions of the Aboriginal and T orres Strait Islander peoples of all nations, and we pay our respects to Elders past and present. This statement is made by Netwealth Group Limited (Netwealth) on behalf of its reporting entities for the financial year ended 30 June 2026. netwealth Annual Report 2026 For the year ended 30 June 2026
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Our purpose is to enable people to see wealth differently and discover a brighter future netwealth Annual Report 2026 For the year ended 30 June 2026
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Contents Appendix 4E 5 About Netwealth 7 Letter from the Chair and CEO & Managing Director 8 Corporate Highlights 10 Operating and Financial Review 12 Risk Management 20 Corporate Governance Statement 23 Governance at a Glance 24 Corporate Sustainability 40 Directors’ Report 42 Remuneration Report (audited) 46 Auditor’s Independence Declaration 73 Consolidated Statement of Profit or Loss and Other Comprehensive Income 74 Consolidated Statement of Financial Position 75 Consolidated Statement of Changes in Equity 76 Consolidated Statement of Cash Flows 77 Notes to the Financial Statements 78 Consolidated Entity Disclosure Statement 122 Directors’ Declaration 123 Independent Auditor’s Report 124 Five Years Financial Information Summary 128 Shareholder Information 129 Company Information 131 netwealth Annual Report 2026 For the year ended 30 June 2026
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5 | netwealth Annual Report 2026 For the year ended 30 June 2026 Appendix 4E Report for the year ended 30 June 2026. Netwealth Group Limited ABN: 84 620 145 404 1. Details of the reporting period Report for the year ended 30 June 2026 (FY26). Previous corresponding period year ended 30 June 2025 (FY25). 2. Results for announcement to the market FY26 $’000 FY25 $’000 Increase/ (Decrease) Var % Revenue from ordinary activities 382,901 316,408 66,493 21.0% Profit from ordinary activities before tax attributable to members 77,457 157,107 (79,650) (50.7%) Net profit for the period attributable to members 60,652 116,520 (55,868) (47.9%) The revenue from ordinary activities was $383 million in FY26, an increase of 21.0% from FY25. The statutory net profit of $60.6 million reported in FY26 includes $105.2 million ($100.7 million in compensation & settlement expense and $4.5 million in associated legal and consulting costs) in extraordinary expenses relating to the First Guardian Master Fund (FG) collapse and subsequent regulatory response. Excluding the First Guardian expenses (FG expenses), net profit attributable to members was $135.4 million, an increase of 16.2% on the prior corresponding period. Refer to the attached Annual Report (Directors’ report – Review of operations section), for further commentary on the full year results. 3. Net tangible assets per ordinary security FY26 FY25 Net tangible assets per ordinary security 52.5 cents 70.7 cents The decrease in NTA per security reflects dividends paid during the year exceeding statutory net profit after tax, which was impacted by the FG expenses. Refer to the Directors' Report for further detail.
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6 | netwealth Annual Report 2026 For the year ended 30 June 2026 4. Dividends information Amount per Share (cents) Franked Amount per Share (cents) % Franked Tax rate for Franking Credit Final 2025 dividend per share (paid 25 Sep 2025) 21.0 9.0 100% 30% Interim 2026 dividend per share (paid 26 Mar 2026) 21.0 9.0 100% 30% Final 2026 dividend per share (to be paid 29 Sep 2026) 21.0 9.0 100% 30% Final 2026 dividend dates Ex-dividend date 9 September 2026 Record date 10 September 2026 Payment date 29 September 2026 There is no dividend reinvestment plan. 5. Compliance statement This report is based on the consolidated financial statements for the year ended 30 June 2026 which have been audited by Netwealth Group Limited’s auditors, Deloitte Touche Tohmatsu, with the audit report attached pages 124 to 127. Matt Heine CEO & Managing Director 26 August 2026
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7 | netwealth Annual Report 2026 For the year ended 30 June 2026
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8 | netwealth Annual Report 2026 For the year ended 30 June 2026 A personal note from the Chair It has been a privilege to join the Netwealth Board and subsequently assume the role of Chair during the year. During this time, I have gained an even greater appreciation for the culture, capability and client focus that have underpinned Netwealth's success. I would like to thank my fellow directors, management, and employees for their support throughout this transition, and acknowledge Tim Antonie for his significant contribution and stewardship of the Company over many years. Netwealth enters this period from a position of considerable strength, and I look forward to working with the Board and management team as we continue to build on the strong foundations and realise the opportunities ahead. Chair and CEO Message On behalf of the Board of Directors, we are pleased to present Netwealth Group Limited's Annual Report for the year ended 30 June 2026. FY26 was shaped by conflict in the Middle East, a higher inflation setting and periods of market volatility, though the impact varied across sectors and markets. Australians and their advisers nonetheless continued to navigate this with resilience and adaptability. Against that backdrop, FY26 was another year of record growth for Netwealth. Funds Under Administration (FUA) increased 20.3% to a record $135.7 billion, driven by gross inflows of $32.9 billion. This growth outpaced the broader platform market, with Netwealth increasing its market share to 9.7%, up 98 basis points over the year. The number of client accounts grew 12.4% to 182,276 and financial intermediaries using our platform increased 5.9% to 4,205. Funds Under Management (FUM) grew 27.9% to $34.6 billion, with managed accounts increasing 29.9% to $30.5 billion, reflecting the continuing shift by advisers toward scalable, professionally managed investment solutions. Total income increased 20.6% to $391.1 million, underpinned by the increase in FUA and demonstrating diversification across all key revenue sources. Adjusted EBITDA1 increased 18.0% to $192.9 million. Adjusted net profit after tax1 increased 16.2% to $135.4 million and adjusted earnings per share1 increased 16.0% to 55.2 cents. The Board declared a fully franked final dividend of 21.0 cents per share, bringing total fully franked dividends for FY26 to 42.0 cents per share, up 9.1% on FY25. These results were underpinned by sustained investment in our platform, our people and our technology capability, including cloud infrastructure and cybersecurity. Operational headcount increased by 194 to 911 people at 30 June 2026, directed toward product and technology, service and support, investment governance and sales and marketing, across both our Australian and offshore teams. 1 This excludes the impact of FG expenses: a $100.7M compensation payment and $4.5M in associated legal and consulting fees. These items, and their associa ted tax impact have been excluded to present the ongoing operating performance of Netwealth.
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9 | netwealth Annual Report 2026 For the year ended 30 June 2026 Part of that investment went into how we work. During FY26 we rolled out AI productivity tools across all our teams, with strong adoption, and launched NOVA, a client-facing generative artificial intelligence (AI) assistant that gives advisers instant access to product and process information and intelligently routes more complex queries to the right team. We have also begun modernising how we design, build and deliver new products and platform features, piloting AI- enabled development and product tools and practices across several initiatives. These investments are helping us strengthen the consistency, scalability and control of our operations as expectations from clients, regulators and other stakeholders continue to increase. While this work is still in its early stages, the results are already benefiting our teams and enhancing the way we design, build and deliver products and services. Netwealth exists to enable people to see wealth differently and discover a brighter future. In practice, that means two things: making quality financial advice more accessible to Australians, many of whom remain under-advised, and supporting advisers to deliver that advice efficiently so they can serve their clients more effectively. We launched Netwealth Private in FY26, purpose-built for high-net-worth and ultra-high-net-worth clients and their advisers. As wealth grows, so does financial complexity. Family groups, different legal entities and generations increasingly need to be viewed as a whole within a legislative framework that continues to evolve. Netwealth Private brings together wholesale managed funds, private markets, bonds, structured products and derivatives with consolidated reporting and administration across these structures, within our existing platform. In July 2026, our Individual HIN offer went to market, and we announced an expansion of our existing relationship with Morgan Stanley Wealth Management Australia to include a platform solution for ASX-listed and domestic investments. This marks Netwealth's entry into a segment we estimate at $600 billion in addressable opportunity. Together, these initiatives extend our platform into segments we see as a meaningful source of future growth. The collapse of the First Guardian Master Fund had a material impact on affected members of the Netwealth Superannuation Master Fund, and responding to it was the Board's foremost priority this year. In December 2025, Netwealth agreed with ASIC to pay compensation to affected members, and paid $100.7 million into their accounts by 30 January 2026. We also entered into an enforceable undertaking with APRA and established Program RISE (Reviewing Investment Standards and Excellence) to strengthen our investment governance framework. Netwealth has grown considerably since 1999, and has maintained the culture and client focus that underpinned our success. The past year has shown that our governance, risk and oversight frameworks need to evolve alongside the scale and complexity that growth has created and these changes are being embedded across the business. The Board will continue to oversee Program RISE, along with the broader governance and risk initiatives underway across the business. We continue to see significant opportunity ahead of us. The investments made over recent years, together with advances in technology and our growing capabilities in private wealth and broking, position Netwealth well to meet our ambition of doubling Funds Under Administration over the next four years. On behalf of the Board and management team, we thank our clients, advisers, employees and shareholders for their continued trust and support through FY26. Yours sincerely, Michael Wachtel Matt Heine Chair CEO & Managing Director 26 August 2026 26 August 2026
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12 | netwealth Annual Report 2026 For the year ended 30 June 2026 Operating and Financial Review Operational performance highlights Set out in the below table is a summary of key platform statistics for FY26 and FY25. Consolidated Group for Year Ended 30 June 2026 30 June 2025 Variance Variance % FUA – Custodial - End of Period (EOP*) ($’M) 134,316 111,872 22,444 20.1% FUA – Non-custodial (EOP*) ($’M) 1,403 914 489 53.6% Total FUA ($’M) 135,719 112,785 22,934 20.3% FUA Inflows – Custodial ($’M) 32,318 28,689 3,629 12.6% FUA Outflows – Custodial ($’M) (17,272) (13,288) (3,984) (30.0%) FUA Net flows – Custodial ($’M) 15,046 15,400 (354) (2.3%) FUA Net flows – Non-custodial ($’M) 397 357 40 11.1% FUA Market Movement – Custodial ($’M) 7,399 8,917 (1,518) (17.0%) FUA Market Movement – Non-custodial ($’M) 93 109 (16) (14.7%) Platform revenue/average FUA (bps) 30.7 bps 31.5 bps (0.8 bps) - FUM (EOP*) ($’M) 34,561 27,014 7,547 27.9% FUM Net flows ($’M) 6,097 4,738 1,359 28.7% Managed Account (EOP*) ($’M) 30,501 23,482 7,019 29.9% Managed Account Net flows ($’M) 5,707 4,293 1,414 33.0% Managed Funds (EOP*) ($’M) 4,060 3,532 528 15.0% Managed Funds net flows ($’M) 390 445 (55) (12.5%) Cash transaction account as % of custodial FUA (EOP*) 5.8% 6.1% (30 bps) - Accounts (EOP*) (number) 182,276 162,234 20,042 12.4% Financial intermediaries (EOP*) (number) 4,205 3,971 234 5.9% Average FUA per average number of Accounts ($’000) 726 662 64 9.6% Platform revenue/average number of accounts ($) 2,227 2,088 139 6.7% * EOP=End of Period
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13 | netwealth Annual Report 2026 For the year ended 30 June 2026 Netwealth delivered strong operating performance with FUA increasing 20.3% to $135.7 billion and FUM increasing 27.9% to $34.6 billion, demonstrating continued market share growth in Australia's wealth management sector. Netwealth had record FUA gross inflows of $32.9 billion during FY26 (FY25: $29.2 billion), supported by consistently high transition rates from existing financial intermediaries and robust new business conversion across all client segments. Net inflows totalled $15.4 billion for the year, representing a $0.3 billion or 2.0% decrease compared to the prior financial year. Higher market volatility in the second half of the financial year contributed to elevated FUA outflows of $17.4 billion during the year (FY25: $13.4 billion). These outflows were primarily partial withdrawals from larger accounts with lower revenue-generating FUA. Platform revenue per account increased 6.7% to $2,227 in FY26, reflecting higher client trading activity, cash balances and increased utilisation of managed accounts and international investment capabilities. Netwealth's revenue base remains diversified across client segments and revenue streams, including administration fees, transaction-based fees, fund management fees, cash and ancillary services, supporting the sustainability of earnings through varying market conditions. Platform revenue as a percentage of average FUA decreased by 0.8 basis points to 30.7 basis points. The decline primarily reflects the effect of tiered fee arrangements on revenue generated from positive market movements and was partly offset by stronger trading and ancillary revenues. Client acquisition and retention metrics reinforced Netwealth's strong market position across all customer segments. Total client accounts grew by 20,042 to 182,276, representing 12.4% growth, while the number of financial intermediaries using the platform increased 5.9% to 4,205. The expanding base of financial intermediaries provides multiple benefits including increased distribution reach and greater diversification of client acquisition channels. Average account size increased to $726,000, up from $662,000 in FY25 demonstrating continued success in attracting higher-value clients across the various segments. The managed account segment continued to perform strongly, with balances growing 29.9% to $30.5 billion, supported by net inflows of $5.7 billion. The growth reflects the increased adviser and practice efficiency that managed accounts provide, enabling advisers to serve more clients with professional portfolio management while reducing administrative burden. The use of managed accounts allows advisers to focus on higher-value client advice activities rather than individual investment selection and rebalancing, driving both adviser productivity and client outcomes, which contributes to the accelerating use of this service offering and overall appeal of our platform.
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14 | netwealth Annual Report 2026 For the year ended 30 June 2026 Review of FY26 financial performance The strong growth in platform scale, client activity and managed account services delivered another strong year of financial performance. Total income increased to approximately $391.1 million, up 20.6% on FY25, driven by continued FUA growth, stable cash balances, elevated transactional activity and broad-based growth across recurring and ancillary platform revenue streams. Platform revenue increased to approximately $382.9 million, up 21.0%, with administration fees, cash fees, management fees and transaction fees all contributing to the growth in income. Administration fee revenue remained the largest contributor to platform revenue, while cash fees benefited from higher average pooled cash balances and transaction revenue continued to be supported by trading, brokerage and foreign exchange activity. Operating expenses increased as Netwealth continued to invest in people, product, technology, governance and risk capability to support scale and longer-term growth. FY26 presented total operating expenses of approximately $198.2 million, compared with $161.0 million in FY25, reflecting deliberate investment across product and technology, delivery, sales and marketing, and general and administration functions. Technology and communication expenses increased by $8.2 million or 37.1% to $30.5 million, representing 7.8% of total revenue compared to 6.9% in FY25. This investment reflects Netwealth's commitment to investing in platform capability, cloud infrastructure and delivery capacity in order to improve organisational workflows and enable the business to continue to scale. During FY26, Netwealth agreed to pay compensation to members of the Netwealth Superannuation Master Fund who had suffered losses through the collapse of the First Guardian Master Fund after reaching an agreement with ASIC. This amounted to compensation expenses of $100.7M and an increase in professional and employee expenses by the $4.5 million of legal and consulting fees associated with First Guardian. Netwealth delivered adjusted EBITDA1 of $192.9 million for FY26, an increase of $29.5 million (18.0%) compared to FY25, reflecting the exceptional income growth achieved, largely offset by continued strategic operational expensed investments. An adjusted NPAT1 of $135.4 million was achieved, representing an increase of $18.9 million or 16.2% over FY25, 1 This excludes the impact of FG expenses: a $100.7M compensation payment and $4.5M in associated legal and consulting fees. These items, and their associated tax impact have been excluded to present the ongoing operating performance of Netwealth. with an adjusted NPAT margin of 34.6% compared to 35.9% in the prior year. Earnings per share increased 16.0% to 55.2 cents in FY26, delivering strong returns to shareholders. Set out in the table below is the consolidated statement of profit or loss and other comprehensive income for FY26 presented in full to reflect other financial metrics.
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15 | netwealth Annual Report 2026 For the year ended 30 June 2026 1FY26 results include significant items relating to the FG expenses: a $100.7M compensation payment and $4.5M in associated legal and consulting fees (within professional fees). These items, and their associated tax impact have been excluded to present the ongoing operating performance of Netwealth. Consolidated Group for Year Ended 30 June 2026 $’000 Adjusted for FG Expenses1 FY Results Excluding FG Expenses 30 June 2025 $’000 Variance $’000 Variance % Income Platform revenue 382,901 - 382,901 316,408 66,493 21.0% Other income 8,226 - 8,226 8,027 199 2.5% Total income 391,127 - 391,127 324,435 66,692 20.6% Expenses Employee benefits expenses (135,080) 1,000 (134,080) (108,630) 25,450 23.4% Share-based payment expense (2,060) - (2,060) (1,764) 296 16.8% Technology and communication (30,478) - (30,478) (22,229) 8,249 37.1% Professional fees and insurance (13,837) 3,518 (10,319) (8,928) 1,391 15.6% Brokerage, investment & custody (7,131) - (7,131) (6,198) 933 15.1% Advertising and marketing (3,914) - (3,914) (3,745) 169 4.5% Compensation & Settlement Expense (100,726) 100,726 - - - - Other costs and expenses (10,211) - (10,211) (9,464) 747 7.9% Total operating expenses (303,437) 105,244 (198,193) (160,958) 37,235 23.1% EBITDA 87,690 105,244 192,934 163,477 29,457 18.0% Interest expense (2,078) 1,555 (523) (601) (78) (12.9%) Depreciation and amortisation (8,155) 28 (8,127) (5,769) 2,358 40.9% NPBT 77,457 106,827 184,284 157,107 27,177 17.3% Income tax expense (16,805) (32,040) (48,845) (40,587) 8,258 20.3% NPAT 60,652 74,787 135,439 116,520 18,919 16.2% NPAT margin 15.5% - 34.6% 35.9% (130bps) (3.6%) EPS (cents per share) 24.7 - 55.2 47.6 7.6 16.0%
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16 | netwealth Annual Report 2026 For the year ended 30 June 2026 Cash flow statement (pre-tax) FY26 Consolidated Group for Period Ended 30 June 2026 $’000 30 June 2025 $’000 Variance $’000 Variance % Receipts from customers 405,282 334,664 70,618 21.1% Payment to suppliers and employees (322,115) (173,150) (148,965) (86.0%) Dividends and interest received 6,937 6,688 249 3.7% Statutory operating net cash flows before tax 90,104 168,202 (78,098) (46.4%) Addback: Legal & consulting fees* 4,518 - 4,518 (100%) Addback: Compensation & settlement amount paid 100,726 - 100,726 (100%) Operating net cash flows before tax 195,348 168,202 27,146 16.1% Less: Investing activities (13,452) (39,497) 26,045 65.9% Add back: Term Deposit - 24,000 (24,000) (100%) Add back: Acquisition of subsidiaries - 7,743 (7,743) (100%) Payments and Interest on lease (2,517) (2,440) (77) 3.2% Free cash flows before tax 179,379 158,008 21,371 13.5% *FY26 operating net cash flows before tax includes the cash impact of FG expenses: a $100.7M compensation payment and $4.5M in associated legal and consulting fees. Free cash flows before tax is a non-International Financial Reporting Standard (IFRS) measure and should not be considered in isolation from, or as a substitute for financial information prepared in accordance with IFRS. Management considers free cash flow to be a performance measure that provides useful information to management and investors about the amount of cash generated by Netwealth (before tax) available for strategic opportunities, dividends and for strengthening Netwealth’s financial position. The table above provides the reconciliation to IFRS financial information in this financial report.
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17 | netwealth Annual Report 2026 For the year ended 30 June 2026 Innovation, growth and recognition FY26 was a year of continued innovation, capability expansion and strategic investment as Netwealth strengthened its position as a leading provider of technology-enabled wealth solutions. Throughout the year, Netwealth delivered a range of enhancements designed to improve adviser productivity, client engagement and platform scalability. This included the launch of new managed account infrastructure to support future growth and capability, the continued rollout of enhanced reporting functionality and customisation options, and the introduction of streamlined onboarding processes to improve the experience for advisers and clients. Netwealth also continued to expand the capabilities of Netwealth Unify, its data management, analytics and integration platform, supporting more connected and data- driven advice businesses. Netwealth continued to invest in its technology foundations to support long-term growth, including progressing a large- scale migration to Snowflake cloud infrastructure to enhance performance, scalability and accessibility of data across the business. Alongside this, AI was increasingly adopted across product, technology, operations and customer support teams, supported by AI training initiatives and new AI-enabled development tools aimed at improving efficiency and accelerating innovation. Netwealth also expanded its offering for high-net-worth and sophisticated investors through the launch of Netwealth Private and the delivery of its Individual HIN solution. These initiatives broaden Netwealth's addressable market and enhance its ability to support complex wealth management needs through whole-of-wealth functionality, direct ownership structures and access to a wider range of investment opportunities, including private market offerings and enhanced bond trading capabilities. Netwealth remained focused on supporting advisers through education and enablement initiatives, including the delivery of its Accelerate on Tour program and ongoing investment in technology, integration and research capabilities designed to improve adviser efficiency and client outcomes. These investments contributed to continued growth in adviser relationships, platform adoption and managed account utilisation throughout FY26. Netwealth's culture and employee experience were also recognised externally during the year when Netwealth received a Silver Award in the Technology category at the 2026 Australian Financial Review BOSS Best Places to Work Awards. The award reflects Netwealth's ongoing commitment to collaboration, flexibility, learning and employee wellbeing. First Guardian Master Fund During the year, Netwealth continued to respond to the collapse of the First Guardian Master Fund (FGMF), a registered managed investment scheme operated by Falcon Capital Limited, in which a number of Netwealth Superannuation Master Fund members had invested through the Netwealth Superannuation Master Fund. In December 2025, Netwealth reached an agreement with ASIC under which Netwealth entered an enforceable undertaking with ASIC, agreeing to provide compensation to members of the Netwealth Superannuation Master Fund who suffered a net capital loss as a result of the collapse of First Guardian. Compensation payments of $100.7 million were subsequently processed to eligible members' accounts in January 2026, restoring affected members to the value of their net capital invested in First Guardian. Netwealth also acquired the remaining First Guardian units held within affected member accounts. Netwealth Superannuation Services also agreed to an enforceable undertaking with APRA to uplift its investment governance processes, to be overseen by an independent expert. Netwealth established a program of work to respond to the APRA enforceable undertaking, known as RISE – Reviewing Investment Standards and Excellence to further strengthen its investment governance framework. During the year, Netwealth enhanced its investment governance and oversight processes, including additional investment governance resources, greater integration of investment governance and adviser oversight activities, and improvements to the review, approval and ongoing monitoring of investment options available through the platform. The First Guardian matter has reinforced the importance of robust investment governance, effective oversight and a strong risk management culture across all aspects of the investment option lifecycle. During the year, Netwealth undertook several activities to address the learning of First Guardian including: a comprehensive review of its investment governance framework including improvement to the investment
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18 | netwealth Annual Report 2026 For the year ended 30 June 2026 strategy, operational due diligence activities and stress testing and liquidity policies; a review of investment options available to superannuation members (except those excluded for review by APRA) to assess whether they continue to remain in members best financial interests. The review resulted in the closure to new investment of a very small number of investment options; introduction of enhanced onboarding processes for approval of new investment options; introduction of a new Superannuation Management Investment Committee comprising members of the Netwealth Executive and Office of the Trustee to provide oversight, review and endorsement or approval of recommendations from the Investment Management and Research team. These initiatives were informed by both internal reviews and external expert input and are focused on designing and implementing investment governance activities, proportionate to risk, and supported by appropriate challenge and scrutiny, and centred on the best financial interests of members. Netwealth has also enhanced the information and reporting provided to governance forums to support more effective oversight of investment decisions and emerging risks. Additional monitoring processes, escalation pathways and governance controls have been introduced to strengthen the identification, assessment and management of investment-related risks throughout the life of an investment option. A key focus of the governance uplift has been providing clear accountability for investment governance activities, strengthening risk-based monitoring arrangements and embedding a culture that encourages constructive challenge, professional scepticism and timely escalation of issues. These enhancements, which we will continue to prioritise as we deliver the key milestones from RISE are designed to improve outcomes for members and support the continued evolution of Netwealth's risk management and investment governance framework. The Board also undertook an independent review of accountability for First Guardian matters. Variable remuneration adjustments have been determined, and are set out in the Remuneration Report, together with the Board's reasoning on the performance measures applied for FY26. Please refer to pages 59 to 60 for more information. While the events surrounding First Guardian have been challenging for affected members, Netwealth remains committed to acting in the best financial interests of members, maintaining high standards of investment governance and continuing to support regulatory and industry initiatives aimed at strengthening member protection and confidence in the financial services and superannuation system. FY27 Outlook Netwealth enters FY27 from a position of strength following another year of strong financial and operational performance in FY26. Netwealth delivered continued growth in FUA, gross inflows, client accounts, adviser relationships and revenue, while further increasing its market share in a growing and evolving wealth management industry. These outcomes reflect the strength of Netwealth's technology platform, the quality of its service offering and the continued preference of advisers and clients for contemporary, technology-enabled wealth management solutions. This also provides a strong foundation for Netwealth's next phase of growth. The long-term drivers that have supported Netwealth's growth remain firmly in place. Structural industry trends continue to favour specialist platforms as advisers and investors seek greater efficiency, flexibility, transparency and digital capability. Netwealth remains well positioned to benefit from these trends through its continued focus on innovation, adviser productivity and client outcomes. Building on the foundations established in FY26, Netwealth is increasingly focused on expanding the opportunities available to the business beyond its traditional platform market. During the year, Netwealth continued to invest in Netwealth Private, individual HIN capability and broader wealth management solutions designed to meet the evolving needs of advisers, clients, brokers and private wealth participants. These capabilities support a broader proposition and expand Netwealth's addressable market. A significant milestone was the expansion of Netwealth's relationship with Morgan Stanley Wealth Management Australia. The agreement reflects the strength of Netwealth's platform capabilities and validates the investments made in individual HIN functionality, governance, service and technology. Importantly, it provides Netwealth with an entry point into the stockbroking and
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19 | netwealth Annual Report 2026 For the year ended 30 June 2026 private wealth market, a segment that offers a significant long-term growth opportunity and the potential to expand Netwealth's future growth runway. At the same time, Netwealth remains focused on supporting the productivity and success of advisers operating on the platform. Ongoing investment in technology, workflow automation, managed account capabilities, data and analytics, client engagement tools and AI are intended to help advisers operate more efficiently, service more clients and deliver increasingly personalised experiences. Adviser productivity, alongside adviser acquisition and retention, will continue to be a key driver of future growth. Netwealth also continues to invest in scale, resilience and capability of its platform. During FY26, Netwealth continued to invest in technology, service capacity, governance and operational infrastructure to support future growth and increasing platform complexity. These investments are designed to support continued platform growth while preserving the service standards and client experience that distinguish Netwealth in the market. These initiatives collectively underpin Netwealth's long-term ambition to double FUA over the four years to FY30 (Dx30). The ambition is supported by multiple growth drivers, including continued market share gains, adviser-led growth, increasing adviser productivity, product innovation, expansion into adjacent markets and the benefits of operating leverage as the platform scales. Management believes the investments being made today strengthen Netwealth's ability to capture these opportunities and create sustainable long-term value. Looking ahead, management expects FY27 FUA net flows of between $18 billion and $20 billion; EBITDA margin (excluding FG expenses and project RISE expenses) of approximately 47%; and Capitalised software investment of approximately $17 million The Board remains confident in Netwealth's long-term outlook. Netwealth maintains a strong balance sheet, high levels of recurring revenue, robust cash generation and the financial flexibility to continue investing in growth opportunities.
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20 | netwealth Annual Report 2026 For the year ended 30 June 2026 Risk Management Netwealth has a continuous improvement focus with ongoing enhancement to its Risk Management Framework which includes the Risk Management Strategy and Risk Appetite Statement. The Risk Management Framework also describes the interactions between the Strategic Business Plan, Assurance Universe and Board Policies. The Risk Management Strategy sets out Netwealth’s approach for identifying, controlling, managing and reporting on risk and defines the material risks that Netwealth may face. Further information on Netwealth’s material risks and examples of how Netwealth manages these risks is provided below. Netwealth’s Compliance and Risk Management Committee (CRMC) assists the Board in reviewing and monitoring the integrity of Netwealth’s Risk Management Framework. The CRMC recommends the Risk Management Framework and its supporting policies to the Board for approval. In June 2026, the CRMC reviewed and recommended, and the Board subsequently approved, updates to the Risk Management Framework, including the Risk Management Strategy and Risk Appetite Statement. Risk management of material business risks Netwealth has defined seven Level 1 material risk categories that impact our business: Governance Risk; Strategic Risk; Entity Risk; Culture, Conduct and People Risk; Operational Risk; Technology Risk; and Product Risk. For each Risk category, the Board establishes a risk appetite and key risk indicators for managing and monitoring the risk. Below is an explanation of the Netwealth risk categories, and examples of how Netwealth manages the risk. Risk category Description Examples of how Netwealth manages the risk Governance Risk Risk of an inadequate corporate governance framework impacting the ability to make reasonable and impartial business decisions having regard to the interests of the relevant stakeholder (for example, shareholders, investors, members, employees, suppliers, financial intermediaries) Board approved Committee Charters, Policies and delegations in place to manage governance risks, including conflicts management. Board and Committee oversight of key strategic, financial, risk and compliance matters through regular reporting and escalation processes. Open and transparent communication with shareholders, for example through Annual General Meetings, ASX announcements and investor briefings. Strategic Risk Risk of failing to achieve the stated objectives and goals of its strategic business plan and/or change strategic direction to meet market needs. Strategic Business Plan developed and approved annually by the Board, with quarterly monitoring and reporting of progress against key initiatives. Strategic initiatives are assessed for risk implications, including operational, regulatory, technology and resourcing impacts. Performance against strategic objectives is monitored through key performance indicators and Board reporting.
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21 | netwealth Annual Report 2026 For the year ended 30 June 2026 Risk category Description Examples of how Netwealth manages the risk Entity Risk Risk of failing to maintain our brand, reputation and standing in the industry and community. Regular monitoring and oversight of the corporate sustainability framework, including by the PCSC 1and the Board, with oversight proportionate to Netwealth’s exposure to sustainability-related risks and opportunities. Ongoing monitoring of customer feedback, complaints, stakeholder sentiment and media coverage to identify emerging reputation risks. Existence of a Whistleblowing Policy to provide open and transparent interactions with employees, suppliers and other eligible whistleblowers. Culture, Conduct and People Risk Risk of misalignment between Netwealth Values and the behaviours, capabilities and decisions of our people. Board approved Code of Conduct which all Netwealth employees, and directors are expected to abide by. Board and Remuneration Committee oversight to assess remuneration policy outcomes are aligned to company values. Risk management responsibilities are embedded within role accountabilities, training and performance management processes. Operational Risk Risk of loss resulting from inadequate or failed internal processes, people and systems, or from external events. Board approved policies governing operational and compliance risks including financial services and superannuation regulatory requirements, business continuity, privacy, data governance, whistleblowing, AML/CTF, complaints handling, fraud and scams management, workplace health and safety, records management, and issue, incident and breach handling. Oversight of risk., compliance and regulatory matters, by applicable Board Committees, supported by Netwealth’s Risk, Legal and Governance function and the Office of the Trustee for Netwealth’s superannuation business. Regular monitoring of operational risks and controls, which includes reconciliations, peer review, and testing performed to understand and mitigate impact of any operational control failures and identify potential errors (if applicable). Independent audits and assurance reviews of information technology, security, business continuity, controls, financial statements and application of process and policy overseen by the Audit Committee. Application of a Supplier Code of Conduct for suppliers and ongoing supplier monitoring to confirm adherence for supplier requirements. 1 The People and Corporate Sustainability CommiƜee has been dissolved effective 30 June 2026 with its responsibilities reallocated to other standing Board CommiƜees from 1 July 2026.
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22 | netwealth Annual Report 2026 For the year ended 30 June 2026 Risk category Description Examples of how Netwealth manages the risk Technology Risk Risk of inadequate or inappropriate delivery of technology services and/or technology changes that fail to meet business needs. Ongoing evaluation and prioritisation of strategic projects, major technology and new technology developments based on their ability to provide value and meet the needs of the business. Enterprise architecture principles and standards are documented, maintained, reviewed, and approved by the Chief Technology Officer. Implementation of a Software Development Lifecycle Ongoing independent Offensive Security testing of the; Internal Infrastructure, External Infrastructure, Web Application and Mobile Application. Product Risk Risks relating to Netwealth products and services involving market conditions, custody, investment decisions, liquidity profile of assets or product design and distribution. Frameworks, policies, delegations and controls in place to manage product risk, including product governance policy, investment governance frameworks and annual stress testing and liquidity management plans. Governance processes support the approval and oversight of new products, services, features and material product changes. Segregation of custody function both physically and for decision making.
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23 | netwealth Annual Report 2026 For the year ended 30 June 2026 Corporate Governance Statement A Governance B Board of Directors C Board committees D Responsibilities of the Chair of the Board E Director nomination and appointment F Board Director performance and training G Financial reporting & Auditor Independence H The Company Secretary I Director shareholding requirements J Netwealth’s values K Board Policies L Director Information and Experience M Board skills matrix N Netwealth’s CEO and the Executive O Executive Leadership Information and Experience A Governance Netwealth Group Limited (NWL, Netwealth) through its subsidiaries operates in the highly regulated superannuation and investment sectors of the financial services industry. The Board of Netwealth (Board) believes that sound governance is fundamental to the ongoing success and growth of Netwealth. Accordingly, the Board has established a comprehensive governance framework encompassing culture, and accountability to effectively manage Netwealth. This includes the implementation of appropriate internal controls, risk management procedures, and the adoption of corporate governance policies and practices. These measures are intended to support compliance with the ASX Listing Rules and the ASX Corporate Governance Principles and Recommendations, while meeting Netwealth’s subsidiaries’ obligations to the users of their financial products and services as superannuation trustee, IDPS operator and responsible entity. This approach is intended to maintain high standards of corporate governance for the benefit of Netwealth’s shareholders and other stakeholders. Netwealth Superannuation Services Pty Ltd (NSS), a Registrable Superannuation Entity (RSE) is subject to the Financial Accountability Regime Act 2023 (FAR). NSS together with its significant related entities including NWL, have integrated FAR into their remuneration, governance and risk management frameworks. The FAR further supports Netwealth’s risk and governance culture, reinforcing our commitment to ethical conduct, transparency, and long-term value creation. In December 2025, Netwealth reached agreement with ASIC in relation to the First Guardian matter, and entered enforceable undertakings with ASIC and APRA. Please refer to pages 17 to 18 for further detail on Netwealth’s response to First Guardian. This Corporate Governance Statement forms part of Netwealth's FY26 Annual Report and describes the governance framework and practices in place during the reporting period. Netwealth's corporate governance arrangements are consistent with the ASX Corporate Governance Council's Corporate Governance Principles and Recommendations (4th Edition), unless otherwise disclosed in this Statement. Shareholders can access information about Netwealth’s governance framework from Netwealth’s public website. Information including the Annual Report, ASX announcements, shareholder meeting details, sustainability, and Netwealth’s governance policies can be located on the shareholder page of our website at https://www.netwealth.com.au/web/about- netwealth/shareholders/ . Netwealth encourages electronic communication with shareholders, however, we will provide hard copy information on request27.
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25 | netwealth Annual Report 2026 For the year ended 30 June 2026 B Board of Directors A high performing, effective Board is essential for the proper governance of Netwealth. The Board’s responsibilities include: Represent and serve the interests of shareholders by overseeing and appraising Netwealth’s strategies, values, policies, and performance; Define Netwealth’s purpose and strategic direction, approving the corporate strategy, including strategic performance objectives and overseeing the implementation of that strategy; Approving operating budgets, corporate performance and sustainability targets and overseeing the ongoing monitoring of operational performance; Select, appoint, and evaluate the performance of the Chief Executive Officer and Managing Director (CEO) and the Executive Team (the Executive); Approve the Remuneration Policy, in accordance with Netwealth’s purpose, values, strategic objectives and risk appetite; Determine the remuneration of the CEO, the Executive, and the Board; Approve and monitor Netwealth’s risk management framework, including Netwealth’s appetite for risk; Review, ratify, and monitor the systems of risk management, internal control, and compliance, including overseeing risk culture and the implementation of appropriate systems to manage financial and non-financial risks; Review and approve Netwealth’s values, Code of Conduct and corporate governance policies; Approve and oversee major capital expenditure and financial commitments, acquisitions, divestitures, and capital management; Approve Netwealth’s dividend policy and any dividend payments; Monitor and review management processes to maintain the integrity and accuracy of financial and other reporting; Approve financial reports, forward looking statements, and other reports required by law or under the ASX Listing Rules, including overseeing NWL’s process for timely and balanced disclosure of material information; Satisfy itself that appropriate frameworks exist for relevant information to be reported to the Board and where required, challenge the recommendations of the Executive; Oversee and monitor frameworks to manage workplace mental health and wellbeing, diversity and inclusion, culture, psychological and psychosocial safety, occupational health and safety; Oversee and monitor the corporate sustainability framework; and Communicate to shareholders, stakeholders and the market generally on Netwealth’s performance and other material matters, as required. The responsibilities of the Board are detailed in Netwealth’s Board Charter, including the role and responsibilities of the Chair. The Board Charter can be located at: https://www.netwealth.com.au/web/about- netwealth/shareholders/. Directors are expected to attend all Board meetings where possible, either in person or via teleconference or videoconference. Details of Director attendance at Board meetings up to 30 June 2026 are included on page 43. C Board committees At 30 June 2026, the Board had five standing committees to assist the Board in discharging its duties: the Audit Committee, the Compliance and Risk Management Committee (CRMC), the Remuneration Committee, the Nomination Committee, and the People and Corporate Sustainability Committee (PCSC), which are described below. The role and responsibilities of each Committee are set out in a charter. On 30 June 2026, the Board dissolved the PCSC. The PCSC’s responsibilities have been reallocated by the Board to existing standing Board committees from 1 July 2026. Day-to-day management of Netwealth is delegated to Netwealth’s CEO and the Executive (refer page 36) All Directors have access to agendas and papers of all committee meetings through Netwealth’s board portal. All Directors who are not members of a committee have an open invitation to attend every meeting. The signed minutes of each committee meeting are tabled at a subsequent Board meeting. The Chair of each committee is invited by the Board Chair to report any relevant matters to the Board at each scheduled board meeting. If required, matters can be escalated to the Board at any time, and Board meetings can be called, if required, to consider a matter before the next scheduled Board meeting. Details of each Director committee member’s attendance at Board Committee meetings up to 30 June 2026 are detailed on page 43.
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1 RSM Australia Pty Ltd is currently responsible for Netwealth’s Internal Audit function. 2 The PCSC has been dissolved with effect from 30 June 2026, with its responsibilities reallocated to other standing Board Committees from 1 July 2026. NWL Board Audit Committee Compliance & Risk Management Committee (CRMC) Remuneration Committee Nomination Committee People & Corporate Sustainability Committee (PCSC) Responsibilities The Audit Committee assists the Board by overseeing Netwealth’s engagement with both external and internal auditors1, assessing the quality, objectivity, and independence of these functions, and ensuring the accuracy and integrity of external financial reporting. It is also responsible for monitoring the effectiveness of Netwealth’s financial controls and systems. The CRMC assists the Board by overseeing the performance of Netwealth’s risk management framework, including making recommendations on the Board’s risk appetite, evaluating exposure to fraud risk, monitoring complaints, incidents, and breaches, and supervising the management of business risks, internal controls, and the operational effectiveness of policies and processes relating to risk and control. The CRMC also oversees cyber security, information security and technology resilience risks, including receiving regular reporting on control effectiveness, testing outcomes and material incidents. Netwealth sets out the material risks it is exposed to and how it manages these risks on pages 20 to 22. The Remuneration Committee assists the Board by recommending the Remuneration Policy and Framework, advising on remuneration arrangements for executives and directors, overseeing employee equity incentive plans, approving remuneration above prescribed thresholds, monitoring pay equity, and facilitating engagement with shareholders and stakeholders on remuneration matters. The Nomination Committee assists the Board by maintaining a board skills matrix, supporting director induction, and making recommendations on board composition, succession planning, and appointments. It also reviews the independence of Non-Executive Directors and oversees performance evaluations of the Board, its committees, and individual Directors. The PCSC assisted the Board by recommending and overseeing Netwealth’s corporate sustainability framework, advising on improvements to Netwealth’s social, ethical, and environmental impact, workplace health and safety compliance, and people, culture, and diversity initiatives. The PCSC2 was dissolved effective 30 June 2026 with sustainability matters reallocated to the Audit Committee, people matters reallocated to the Remuneration Committee and modern slavery and supplier matters reallocated to the CRMC from 1 July 2026. Composition A minimum of three members all of whom are non- executive independent Directors. Chair must be an independent director, who is not Chair of the NWL Board A minimum of three NWL Directors, the majority of whom are independent NWL Directors. Chair must be an independent director, who is not Chair of the NWL Board A minimum of three members that are only Non-Executive Directors of NWL, and a majority of who are independent. Chair must be an independent director, who is not Chair of the NWL Board A minimum of three members, the majority of whom are independent NWL Directors. Chair must be an independent Non- Executive Director of NWL. A minimum of two independent NWL Directors and the Chief Executive Officer & Managing Director. Chair must be an independent Director.
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27 | netwealth Annual Report 2026 For the year ended 30 June 2026 D Responsibilities of the Chair of the Board At 30 June 2026, the Chair of Netwealth’s Board (Chair) is Michael Wachtel, who is an independent Non-Executive Director. The Chair’s responsibilities include: Leading the Board; Representing the Board to shareholders, and communicating the Board’s position; Facilitating the effective contribution of all Directors; Promoting constructive and respectful relationships between Directors and between the Board and management; Conducting Board meetings in accordance with Netwealth’s constitution and the law; and Approving the Board agendas. E Director nomination, appointment and independence The Board currently consists of seven Directors comprising an independent Chair, five Non-Executive Directors and the CEO & Managing Director. Five of the six Non-Executive Directors are considered by the Board to be independent. Details of Netwealth’s Directors are listed on pages 32 to 34. The Board assesses the independence of Non-Executive Directors annually having regard to the factors set out in the Board Renewal and Performance Evaluation Policy. The Nomination Committee reviews Director independence and makes recommendations to the Board as part of this process. When considering appointments to the Board, the Board considers the candidate's skills, experience, strategic capability, independence, judgement, diversity and capacity to devote sufficient time to the role. The Board uses a skills matrix (refer Section M) to assist with assessing the collective capabilities of the Board and identifying areas for succession planning and future appointments. Prior to appointment, comprehensive checks are undertaken on a candidate's education, employment history, character, criminal history and bankruptcy status. Non-Executive Directors are generally appointed for a term of three years and will stand for election or re- election by Shareholders in accordance with the Company’s Constitution. At the Annual General Meeting (AGM) held in November 2025, Michael Wachtel was elected, and Sally Freeman and Davyd Lewis were re-elected for three years. In November 2026, Michael Heine will stand for re-election. For each Director that is put forward for election, Netwealth will make available information about the Director to shareholders so that they can make an informed decision. New Directors receive a formal letter of appointment and a copy of Netwealth's Board Directors' Handbook. Together, these documents outline Netwealth's expectations of Directors and provide information about Netwealth's business, strategy, governance framework, risk management arrangements, policies and Board processes. The Company Secretary is responsible for coordinating the induction of new Directors and supporting their ongoing professional development. F Board Director performance and training Directors are required to comprehensively prepare for, attend and participate in Board meetings. Every year each Director is requested to assess the Board’s performance. A summary of this performance review is provided to the Board for discussion. In addition to the Board discussion, where appropriate, the Chair meets one-on-one with each Director to specifically address performance and effectiveness of the Board as a whole and of the Director. The performance of the Chair is reviewed by the Board as part of the annual Board Performance Review. This occurred for calendar year 2025 by way of an anonymous survey issued to all Directors by the Company Secretary in
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28 | netwealth Annual Report 2026 For the year ended 30 June 2026 March 2026, which included specific questions about the performance of the Chair. The outcomes of this survey were provided to the Nomination Committee. The Board keeps up to date with relevant market and industry developments through a range of training and briefings. In FY26, each Director was required to complete at least 20 hours of continuous professional development (CPD), and all have met this requirement. The Company Secretary collects Directors’ training registers annually and retains this information. Each year, the Company Secretary conducts a thorough assessment of the Board’s compliance with the fit and proper requirements outlined in Netwealth’s Fit & Proper Policy. This evaluation encompasses a review of the Board’s skills, expertise and knowledge, CPD obligations and any disclosed conflicts of interest. Directors are obligated to take all reasonable steps to avoid actual, potential or perceived conflicts of interest. Declaration of Conflicts is a standing agenda item at all Board and Committee meetings, and each Director is required to disclose any potential conflicts of interest. G Financial reporting & auditor independence The Audit Committee assists the Board in reviewing and monitoring the accuracy and integrity of Netwealth’s financial reports and statements. The Audit Committee reviews the financial reports and statements with the Chief Financial Officer (CFO), the CEO and Netwealth’s external auditor to verify their accuracy, compliance with accounting standards and compliance with other policies and laws. The CFO and the CEO provide declarations to the Board, consistent with the requirements of the Corporations Act 2001 (Corporations Act). These declarations assist the Board in its consideration of the full-year and interim financial statements by showing that, in the opinion of the CFO and CEO, Netwealth’s financial records have been properly maintained, that the financial statements comply with the appropriate accounting standards and give a true and fair view of the financial position and performance of Netwealth, and that the consolidated entity disclosure statement is true and correct. Netwealth’s external auditor, Deloitte Australia, appointed since April 2017, is invited regularly to Netwealth’s Audit Committee meetings, and at least annually, meets with the Audit Committee without members of management present. Ms Lani Cockrem, lead audit engagement partner was appointed in the 2022 financial year and following an auditor rotation to promote independence and comply with the requirements of the Corporations Act, Heather Baister will lead the audit engagement from FY27. The external audit appointment is formally reviewed by the Audit Committee at least every five years and the external auditor’s performance is reviewed annually. The lead audit partner attends Netwealth’s AGM to answer queries relevant to the external audit and content of the auditor's report. Netwealth maintains a non-audit services policy that identifies prohibited non-audit services that may compromise external auditor independence and establishes pre-approval processes for engaging the external auditor in non-audit work. Depending on fee thresholds and service types, approval is required by the Chief Financial Officer and/or the Audit Committee. The policy is appended to the Audit Committee Charter and available on the Netwealth website. The external auditor provides formal independence declarations during interim and full-year reporting, confirming compliance with auditor independence requirements under the Corporations Act and APES 110 Code of Ethics for Professional Accountants. These declarations specifically confirm that no prohibited non- audit services have been provided and that the auditor maintains independence from the Company and its subsidiaries throughout the audit engagement. H The Company Secretary All Directors have direct access to the Company Secretary, Jodie Henson (Chief Risk, Legal and Governance Officer). The Company Secretary is appointed by the Board and accountable to the Board, through the Chair, on all matters to do with the proper functioning of the Board. The Company Secretary is responsible for advising the Board on governance matters and confirming compliance with Board charters and procedures. The Company Secretary is appointed as the person responsible for communication
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29 | netwealth Annual Report 2026 For the year ended 30 June 2026 with the ASX in relation to listing rule matters in accordance with listing rule 12.6. The Chair meets regularly with the Company Secretary to discuss Board activities and evaluate the performance of the secretariat in supporting the Board. The Chair may also provide feedback to the CEO regarding the Company Secretary’s performance for consideration in their formal performance review. I Director shareholding requirements To align with shareholder’s interests, it is a condition of appointment that Non-Executive Directors of NWL are expected to directly or indirectly own shares in Netwealth., with a total value equal to at least one year’s remuneration. It is expected that a Non-Executive Director acquire the shares within 3 years of their appointment. Non-Executive Directors must abide by Netwealth’s Trading Policy and obtain approval from the Chair before any trading in Netwealth shares is undertaken. J Netwealth’s values At Netwealth, the Board, Executive and employees pride themselves on living and breathing our shared values, which impact the way we work, communicate and live. Netwealth’s values were formulated by the Netwealth Board, Executive, and employees, and reflect the unique point of difference that we bring to the market. As part of its governance responsibilities, the Board is ultimately accountable for defining Netwealth’s values and promoting their integration across the business, including through leadership, culture and strategic decision making. We believe our values strongly represent Netwealth, and we encourage all employees to embrace these values because they help drive Netwealth’s continued success. During induction, new employees are introduced to Netwealth’s values. Netwealth recognises employees across the business who demonstrate exceptional alignment to one or more values as part of Netwealth’s value awards, which are presented periodically at Town Hall meetings. We embed our values into our performance framework and hold our people to account for behaviours aligned with the long term interests of Netwealth, our people, our community and Stakeholders. This approach supports a values-led culture and reinforces the Board’s commitment to ethical conduct, sound governance, and long-term value creation for Netwealth’s stakeholders.
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30 | netwealth Annual Report 2026 For the year ended 30 June 2026 Netwealth’s values are: K Board policies Netwealth’s policies are designed to support compliance with the ASX Listing Rules and ASX Corporate Governance Principles and Recommendations, as well as Netwealth’s obligations as a superannuation trustee, IDPS operator and responsible entity. They support sound corporate governance for the benefit of shareholders, clients and other stakeholders. Netwealth promotes a culture of speaking up and acting lawfully, ethically, responsibly, honestly, and fairly. Netwealth prides itself as an organisation that lives by our Values creating a positive, employee-focused workplace. The following policies and documents are available in the Governance section of the shareholder page on our website (https://www.netwealth.com.au/web/about- netwealth/shareholders/), unless stated otherwise. Code of Conduct The Board recognises the importance of maintaining high standards of integrity and ethical behaviour across Netwealth. Accordingly, the Board has adopted a Code of Conduct that applies to Directors, employees and others acting on behalf of Netwealth. Netwealth’s Code of Conduct is the foundation for all Netwealth policies and standards. It sets out the principles guiding ethical decision-making and professional conduct and reinforces integrity, accountability and speaking up. The Code supports employees to act lawfully and in line with Netwealth’s values, promotes a collaborative and risk-aware culture and supports long-term outcomes for shareholders, clients and other stakeholders.
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31 | netwealth Annual Report 2026 For the year ended 30 June 2026 Inclusion & Diversity Policy Netwealth values and promotes an inclusive and diverse workplace. The Board has adopted an Inclusion & Diversity Policy, which establishes the framework for setting and measuring diversity and inclusion objectives. Further information on these objectives and the actions that Netwealth has taken to embrace diversity on a broader scale are included within Netwealth’s Corporate Sustainability Report FY26 and include gender equality and gender pay equity. Netwealth also publishes its annual Workplace Gender Equality Act Report to provide reporting transparency around workplace gender equality outcomes. Work Health & Safety Policy and Anti-Discrimination, Bullying & Harassment Policy Netwealth is committed to proactively identifying and appropriately managing risk to reduce the likelihood of injury or illness arising from Netwealth’s business and providing a safe, respectful and inclusive workplace for all employees, clients, and other stakeholders. Accordingly, the Board has adopted: the Work Health & Safety Policy which outlines our commitment to the physical and psychological health and safety of our people, including our positive duty to prevent physical and psychosocial hazards; and the Anti-Discrimination, Bullying & Harassment Policy which outlines our commitment to provide a workplace that is free from all forms of discrimination, bullying and harassment, including our duty to proactively prevent gender discrimination and harassment. Trading Policy Netwealth’s Trading Policy sets out the procedures and obligations for employees and Directors, and their connected persons, when buying and selling Netwealth securities. All Directors and employees are required to comply with Netwealth’s Trading Policy to maintain public confidence in the reputation of Netwealth, its Directors, its employees, and in the trading of Netwealth securities. Shareholder Communications Statement The Shareholder Communications Statement sets out the objectives for Netwealth when communicating with shareholders. This includes outlining the type of communications that Netwealth will make to shareholders, such as timely and transparent reporting, and information relating to shareholder meetings. The Shareholders Communications Statement should be read alongside Netwealth’s Continuous Disclosure & External Communications Policy. Together these documents describe the process undertaken by Netwealth to approve communications to the market (including analyst presentations) and how Netwealth conducts voting on substantive matters. Continuous Disclosure & External Communications Policy Netwealth is required to comply with the continuous disclosure requirements of the ASX Listing Rules and the Corporations Act. Netwealth is aware of its obligation to keep the market fully informed of any material price- sensitive information, subject to certain exceptions. Whistleblowing Policy Netwealth’s Whistleblowing Policy provides information for eligible whistleblowers, including Directors, employees, contractors, service providers, and their family members on how to raise concerns, including anonymously, to Netwealth in relation to unlawful, unethical, or irresponsible behaviour. Annual training is provided to Netwealth employees on what whistleblowing is, how to make a whistleblowing complaint, the process Netwealth will follow if it receives such a complaint and the protections that are available for eligible whistleblowers. The Policy creates multiple reporting channels for any potential whistleblower, including the option to report anonymously via a form on Netwealth’s website. Netwealth provides regular training to eligible recipients of protected disclosures so they understand their legal obligations, can handle disclosures confidentially and appropriately, and are equipped to protect whistleblowers from retaliation. Netwealth takes disclosures made by a whistleblower seriously and deidentified whistleblower reports are, to the extent permitted by law, notified to the Board. Anti-Bribery and Corruption Policy The Anti-Bribery and Corruption Policy reflects that the giving or receiving of bribes or other improper payments is prohibited. The Policy requires periodic review and breaches to be reported to the Risk and Compliance team and, where appropriate, to the Board. Annual training is provided to Netwealth employees. Remuneration Policy Netwealth has adopted a Remuneration Policy, details of which are provided within Netwealth’s FY26 Remuneration Report (refer pages 46 to 72). The Policy outlines Netwealth’s remuneration objectives and framework including the systems and processes that support implementation of the remuneration arrangements. The Policy applies to all employees and Directors.
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32 | netwealth Annual Report 2026 For the year ended 30 June 2026 L Directors’ information and experience At 30 June 2026, Netwealth has six Non-Executive Directors (five of whom are independent). Michael Wachtel Chair Independent Non- Executive Director • Michael has been a Director of Netwealth since June 2025 and became Chair of Netwealth on 1 September 2025. • Michael brings a strong professional services background and extensive global experience in governance, risk management, finance and complex international transactions to the role. Through his Future Fund Board role, he had a deep involvement in global markets and monetary policy trends. • Michael has previously held a number of leadership roles in professional services organisations, including as Chair (Asia Pacific and Oceania) of EY and a member of the EY Global Governance Council and Global Risk Executive Committee. • Michael is currently Deputy Chair and a Non-Executive Director of PACT Group Holdings Limited (ASX:PGH) and a Non-Executive Director of Seek Ltd (ASX:SEK). Michael recently retired from the Board of St Vincents Medical Research Institute and was a former member of the Future Fund Board of Guardians. • Michael holds a Bachelor of Commerce, Bachelor of Laws and Master of Laws. Michael is a Fellow of the Australian Institute of Company Directors and a Chartered Tax Advisor. Matt Heine Chief Executive Officer (CEO) and Managing Director • Matt joined Netwealth in July 2001 and was appointed a Director in March 2004. In January 2015 he was promoted to Joint Managing Director before moving into his current role as CEO & Managing Director in October 2022. • Matt has been instrumental in the development and management of Netwealth’s Strategy, Platform and products as well as the distribution, branding and marketing of Netwealth. • Outside of his Executive role, Matt is a Director of Heide Museum of Modern Art and a member of the National Gallery of Australia Foundation Board. • Matt holds a Diploma of Financial Services and an Advanced Diploma of Management. Davyd Lewis Independent Non- Executive Director • Davyd has been a Director of Netwealth since July 2009. • Davyd was a partner of Mallesons Stephen Jaques for 20 years until his retirement in 2008. Davyd’s role included Partner in Charge of the Melbourne centre, Managing Partner Practice of Mergers & Acquisitions, Property and Construction, Dispute Resolution and Intellectual Property, National Practice Team Leader of the Mergers & Acquisitions Group and was responsible for supervising the relationship with 50 of the firm’s biggest clients. • Davyd holds a Bachelor of Economics, a Bachelor of Laws and a Master of Laws (majoring in securities markets and takeovers).
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33 | netwealth Annual Report 2026 For the year ended 30 June 2026 Kate Temby Independent Non- Executive Director • Kate joined Netwealth as a Director in February 2021. • Kate brings extensive experience across investment management, people leadership, sustainable investing and has worked globally across New York, Toronto and Asia. Kate’s career spans roles which include Managing Director at Goldman Sachs and Metlife Investment Management and Partner at Affirmative Investment Management and consultant at PwC. • Kate is a director of Conscious Investment Management. Kate has also been a Board member of Melbourne Girls Grammar, Investment Committee member of Melbourne Grammar School. • Kate holds a Bachelor of Commerce, is a member of the Australian Institute of Company Directors and a member of Chief Executive Women. Michael Heine Non-Executive Director • Michael is the founder of Netwealth and has been a Director and major shareholder since its establishment in 1999. • Michael was Managing Director from 1999 to 2014. Michael and his son Matt were Joint Managing Director’s from January 2015 until October 2022 when Matt became sole Managing Director. • Michael transitioned from Executive Director to Non-Executive Director at the end of FY24. • Michael has experience in Australian and International markets, including commodity trading, international financing, mortgage lending and property development. Michael established the Heine Brothers funds management business in 1982 and was its Managing Director from 1982 to 1999 when the company was acquired by ING (then Mercantile Mutual). • Michael continues to have a long-term commitment to the ongoing success of Netwealth. Sally Freeman Independent Non- Executive Director • Sally joined Netwealth as a Director in October 2019. • Sally is an experienced listed company director with a focus on governance, risk and audit. Sally’s executive career, spanned 20 years of partnership, culminating in several leadership roles with KPMG: Global Executive –- Risk Consulting Services, Australia, Managing Partner Risk Consulting, Partner in Charge Board Advisory and Managing Partner Internal Audit. • Sally is currently a Non-Executive Director at Regional Investment Corporation, Melbourne Football Club, Suburban Rail Loop Authority and ASX-listed Regis Healthcare (ASX:REG). • Sally holds a Bachelor of Commerce, is a Fellow of the Australian Institute of Chartered Accountants, Global Certified Information Systems Auditor, Graduate of the Australian Institute of Company Directors, Fellow of the Victorian Williamson Leadership Program and a member of Chief Executive Women.
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34 | netwealth Annual Report 2026 For the year ended 30 June 2026 Sarah Brennan Independent Non- Executive Director • Sarah joined Netwealth as a Director in February 2024. • Sarah has over 30 years’ experience in financial services, encompassing life insurance, financial planning, superannuation, private client advisory, broking and banking. • Sarah is currently Non-Executive Director and Chair of Noble Oak Life Insurance Limited (ASX:NOL), a Non-Executive Director of Argo Global Infrastructure Limited (ASX:ALI) and Credit Corp Group (ASX: CCI). • Sarah was formerly a Non-Executive Director at AMP Superannuation, Mortgage Choice (ASX:MOC) and a past Deputy Chair and Director of the Financial Planning Association of Australia. • Sarah holds a Bachelor of Arts, a Graduate Management Diploma from the Australian Graduate School of Management, is a graduate of the Australian Institute of Company Directors and a member of Chief Executive Women. Former Directors Tim Antonie Former Chair and Independent Non- Executive Director • Timothy was a Director of Netwealth since November 2015 and independent Chair from 17 February 2021. Tim retired from the Netwealth Board on 31 August 2025. • Timothy commenced his career at Price Waterhouse (now PwC) and qualified as a chartered accountant. He subsequently worked at several investment banks, including at UBS Investment Bank as a Managing Director, where he advised major Australian companies in large scale mergers, acquisitions, sales and restructures and equity transactions, as well as day-to-day equity market facing matters. Timothy is a principal of Stratford Advisory Group providing independent financial advice to Australian and international corporations. • Timothy is currently the chair of Breville Group Ltd (ASX:BRG). The lead independent Director of Premier Investments Ltd (ASX:PMV) and a director of Stratford Advisory Group Holdings Pty Ltd. • Timothy holds a Bachelor of Economics (majoring in Accounting) from Monash University.
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35 | netwealth Annual Report 2026 For the year ended 30 June 2026 M Board skills matrix The Board uses a skills matrix to assess the collective skills, experience and knowledge of Directors against the capabilities considered important to the effective governance and oversight of Netwealth. The matrix is reviewed annually by the Nomination Committee and the Board. The Board considers that its Directors collectively possess an appropriate mix of skills, experience and knowledge relevant to Netwealth’s strategy, operations and governance requirements. ● Expert Deep expertise; can lead and challenge debate. ● Experienced Sound working knowledge; can contribute meaningfully to decisions. ● Aware Working awareness; able to participate in discussions. Category Explanation Michael Wachtel Davyd Lewis Kate Temby Matt Heine Michael Heine Sally Freeman Sarah Brennan Strategy Ability to contribute to and challenge the strategic direction of Netwealth, including competitive positioning and listed-entity strategy. ● ● ● ● ● ● ● Wealth platform & superannuation industry Understanding of Netwealth’s products and clients, and knowledge of the wealth platform and adviser distribution markets. ● ● ● ● ● ● ● Member & customer outcomes Understanding of consumer protection obligations and how customer outcomes are governed across Netwealth, including complaints and product governance. ● ● ● ● ● ● ● Investments Ability to contribute to and challenge proposals relating to Netwealth’s investment menu, managed accounts and investment governance. ● ● ● ● ● ● ● Financial acumen, capital & financial resilience Financial literacy, including financial reporting, capital management and dividend policy. ● ● ● ● ● ● ● Legal, regulatory & governance Knowledge of director duties, ASX Listing Rules and Corporate Governance Principles, regulatory requirements applicable to Netwealth’s products and services, with experience as a director of an ASX-listed entity. ● ● ● ● ● ● ● Risk management, compliance, audit & operational resilience Experience in risk management frameworks, compliance oversight, audit functions and operational resilience, including business continuity and service provider risk. ● ● ● ● ● ● ● People, culture, remuneration & accountability Leadership skills and experience in organisational design, succession planning, remuneration frameworks, culture and workforce wellbeing. ● ● ● ● ● ● ● Technology, data & AI Ability to contribute to Netwealth’s technology and data strategy, with understanding of AI governance, data privacy, IT infrastructure and platform resilience. ● ● ● ● ● ● ● Cyber security & information security Ability to contribute to Netwealth’s cyber strategy, with understanding of cyber risk management, incident response, data breach obligations and supply-chain cyber risk. ● ● ● ● ● ● ● Sustainability & climate Understanding of climate-related risks and opportunities, ESG implications in decision-making, and ability to oversee Netwealth’s climate-related disclosures. ● ● ● ● ● ● ● Stakeholder engagement & communications Ability to support investor relations, ASX market disclosure and engagement with institutional investors and proxy advisers. ● ● ● ● ● ● ● Netwealth Values Commitment to Netwealth’s company values and behaviours. ● ● ● ● ● ● ●
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36 | netwealth Annual Report 2026 For the year ended 30 June 2026 N Netwealth’s CEO and the Executive The Board has delegated the day-to-day business activities associated with Netwealth to the CEO and the Executive. This includes the execution of the Netwealth’s strategy, managing risk, and acting in accordance with policy as approved by Netwealth’s Board. Members of the Executive are appointed by Board, following a recommendation by the CEO. Each member of the Executive is subject to comprehensive reference checks on education, employment, character, criminal history and bankruptcy. Each member of the Executive is provided with an employment contract and job description as relevant to their role. Netwealth has a formal performance review process for evaluating the performance of all employees, including the Executive. Each member of the Executive’s performance evaluation is in accordance with their job description, compliance with the Risk Management Framework, Netwealth’s agreed company performance objectives, the strategic objectives of Netwealth and Netwealth’s values. This occurred for FY26 via Netwealth’s mid year and annual performance review processes. Netwealth has in place a Netwealth Group Limited Equity Incentive Plan for employees. Key details of Netwealth’s Equity Incentive Plan are provided within the Remuneration Report on pages 52 to 58.
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37 | netwealth Annual Report 2026 For the year ended 30 June 2026 O Executive leadership information and experience Profiles of Netwealth’s senior management team are set out below. Matt Heine CEO & Managing Director • Refer to Board of Directors section Jodie Henson Chief Risk, Legal and Governance Officer and Company Secretary • Jodie joined Netwealth in February 2023. • Jodie is responsible for managing Netwealth’s Risk, Legal and Governance team and the Office of the Trustee. • Jodie has almost 25 years’ experience across the financial services industry in compliance, risk management, corporate governance, legal advice, and regulatory change. Prior to joining Netwealth, Jodie held roles with Westpac, Morningstar, ANZ and Standard & Poor’s. • Jodie holds a Bachelor of Law/Arts from Deakin University, a Master of Laws from Monash University, is a graduate of the Governance Institute of Australia and the Australian Institute of Company Directors and a member of Chief Executive Women. • Jodie has been a member of the Financial Services Council Board Superannuation Committee since August 2025. Outside of her Executive role, Jodie is a Non-Executive Director of the Combat Multiple System Atrophy (MSA) since May 2026 and is a member of the Walter and Eliza Hall Institute (WEHI) Board Sub-Committee – Advocacy and Support since November 2024. Damian Holland Executive General Manager - Sales & Distributions • Damian joined Netwealth in October 2019 and is responsible for managing Netwealth’s National Sales & Distribution Team. • He brings more than 25 years of financial services experience working with major global and Australian wealth management firms in range of executive leadership roles. • Damian holds a Bachelor of Finance from the University of Illinois and an MBA from Bond University.
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38 | netwealth Annual Report 2026 For the year ended 30 June 2026 David Sutherland Chief Customer Operations Officer • David joined Netwealth in July 2013. • During his time at Netwealth, David has managed multiple teams across the Investment Operations division including Corporate Actions & Managed Accounts. • David holds a Bachelor of Commerce (Finance & Marketing) and a diploma of Financial Planning. Hayden Stockdale Chief Financial Officer • Hayden joined Netwealth in November 2024. • Hayden has more than 30 years' experience in C-suite and investment banking roles with a focus on technology sectors, driving growth and transformational change. Most recently he was CFO at Catapult Sports. • Hayden holds honours degrees in Law and Commerce from Melbourne University Jason Huddy Executive General Manager Investment Solutions and Governance • Jason joined Netwealth in November 2025. • Jason is responsible for leading Netwealth's investment solutions and governance function, covering its IDPS and Superannuation menu of investment options available on the platform. • Jason has over 35 years' experience in wealth management with roles spanning investment management, platform development, investment research and governance. • Holds a BA (University of Western Australia), Graduate Diploma in Applied Finance and Investment (Finsia) and is a Graduate member of the Australian Institute of Company Directors.
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39 | netwealth Annual Report 2026 For the year ended 30 June 2026 Lindsay Coates Executive General Manager, Private Wealth & Banking • Lindsay joined Netwealth in August 2012 and is responsible for managing Netwealth’s Strategic Accounts, including Private Wealth, Stockbroking, and Private Banking clients. • With 25 years in financial services, Lindsay has held various sales, distribution, and investment management roles at global investment managers, investment banks, and asset consulting firms in London and Australia. Matt West Executive General Manager - Product and Marketing • Matt joined Netwealth in August 2020. • Matt has responsibility for Product Management, Investment Governance & Research, and strategy implementation. • He has over 20 years’ experience in wealth management and financial services industry. • Matt holds a Bachelor of Commerce and an MBA. Nick Walker Chief Technology Officer • Nick joined Netwealth in December 2025. • Nick brings 20+ years of experience primarily in financial services as well as retail, hospitality, project management and logistics working with major global and Australian Financial Institutions leading engineering, digital, delivery, strategy, transformation and architecture functions. • Nick holds a Bachelors Degree in Information Technology. Shanyn Payne Chief People Officer • Shanyn joined Netwealth in July 2023. • Shanyn has more than 20 years’ Human Resources experience across several industries, including financial services, technology and retail. Shanyn has previously held several Chief People Officer and HR Executive roles at Finder, Afterpay and Online Education Services. • Shanyn holds a Bachelor of Behavioural Science from LaTrobe University, a Graduate Diploma in Human Resources from Deakin University, an MBA from Deakin University, a certified member of the Australian Human Resources Institute and a graduate of the Australian Institute of Directors course (GAICD).
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40 | netwealth Annual Report 2026 For the year ended 30 June 2026 Corporate Sustainability At Netwealth, we understand that sound governance, responsible business practices and transparent reporting support the long-term sustainability of our business. Our corporate sustainability framework is aligned to our purpose, business strategy, governance structures and stakeholder expectations and structured around four pillars: enhance our core business, be genuine and transparent, foster diversity, talent and wellbeing, and create positive social and environmental impact. To maintain ongoing alignment between our business strategy and our corporate sustainability framework, we assess sustainability-related risks, opportunities and priorities relevant to our business and stakeholders. These insights inform updates to our framework, including the focus areas under each pillar. Our FY26 focus areas are organised under each of the four sustainability pillars and reflect the sustainability-related priorities most relevant to our business and stakeholders during the reporting period. Operational excellence Accelerating our capacity to compete at scale and the speed at which we deliver through automation, AI and value-adding services that support ongoing investment in our platform and operations. Market differentiation Accelerating our share of the affluent advice, private wealth and stockbroking segments through deeper adviser relationships and expanded platform capabilities. Enhance our core business Be genuine and transparent Compliance Strengthening our financial crime compliance in line with the AML/CTF Act 2024, and progressing preparation for mandatory climate-related financial disclosures under AASB S2 Climate-related Disclosures. Governance Maintaining strong governance frameworks that support transparent decision-making, uphold high standards of accountability, and reinforce the trust our clients, shareholders and regulators place in us. Risk Management Continuing to embed strong risk management practices to increase resilience and proactively identify and address emerging risks and opportunities. Foster diversity, talent and wellbeing Diversity, equity and inclusion Building a workplace where people feel they belong, are valued for who they are, and can do their best work. Culture and values Continuing to build on our values-led culture, embedded into our performance frameworks and reflected in how we work, communicate and hold ourselves to account. Create a positive social and environmental impact Environment Assessing Netwealth's environmental impact and identifying opportunities to improve environmental outcomes, including preparation for mandatory climate-related financial disclosures. Community Seeking to create positive social impact through employee giving, volunteering and partnerships that improve the financial futures and wellbeing of Australians.
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41 | netwealth Annual Report 2026 For the year ended 30 June 2026 The table below outlines our FY26 focus areas and key achievements during the reporting period. Pillar Focus area What we achieved Enhance our core business Operational excellence Continued to invest in our core platform, strengthening capability, reliability, scalability and automation, supported by increased use of data and artificial intelligence (AI) across the business and service offerings. Market differentiation Expanded capability through Netwealth Private, the integration of i-HIN functionality, and our AI agent Nova. Be genuine and transparent Compliance Uplifted the AML/CTF program and progressed preparation for mandatory climate-related financial disclosures. Governance Implemented Netwealth's first AI Governance Policy and strengthened data governance capability. Risk management Enhanced the Risk in Change process and improved measurement of risk tolerances. Foster diversity, talent and wellbeing Culture and values Rolled out the Code of Conduct education program. Diversity, equity and inclusion Developed the 2026–28 DEI Strategy and launched our leadership development framework, SCALE. The table below provides a final update on Netwealth’s gender diversity at Board and Executive level. Group Gender FY25 target FY25 actual FY26 target FY26 actual The Board Women 40-60% 43% 40-60% 43% Men 40-60% 57% 40-60% 57% Executive team Women 40-60% 44% 40-60% 30% Men 40-60% 56% 40-60% 70% Create a positive social and environmental impact Environment Continued climate disclosure readiness activities and maintained 100% GreenPower procurement in buildings where Netwealth has operational control. Community Supported community impact through partnerships with the Centre for Women's Economic Safety, Banqer Primary, Bridge It and All Things Equal, together with employee volunteering and workplace giving initiatives. Further information about Netwealth’s sustainability approach, governance, focus areas and performance is available in the FY26 Corporate Sustainability Report. Feedback on this Report or any other sustainability-related content can be provided to the Sustainability team at CSR@netwealth.com.au
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42 | netwealth Annual Report 2026 For the year ended 30 June 2026 Directors’ Report The Directors present their report on Netwealth Group Limited “the Company” and its controlled entities for the year ended 30 June 2026 (FY26). The consolidated entity, comprising the Company and its controlled entities, is referred to as “the Group or Netwealth”. In order to comply with the provisions of the Corporations Act 2001, the Directors Report is as follows: Directors The Directors (unless stated otherwise) in office since the start of the financial year to the date of this report are: Non-Executive Directors: Michael Wachtel (Chair from 1 September 2025) Davyd Lewis Kate Temby Michael Heine Sally Freeman Sarah Brennan Timothy Antonie (Chair, retired on 31st August 2025) Executive Director: Matt Heine Details of the qualifications, experience and special responsibilities of the Directors and qualifications and experience of the Company Secretary at the date of this report are set out on pages 32 to 39 of this Annual Report. Principal Activities The principal activities of the Group are to provide financial Intermediaries and customers with wealth administration and management services including managed funds, investor directed portfolio services, a superannuation master fund, managed accounts service, self-managed superannuation and non-custodial administration services. There were no significant changes to the principal activities of the Group during the financial year that are not otherwise disclosed in this Annual Report. State of affairs There were no other significant changes in the state of affairs during the year that are not otherwise disclosed in this Annual Report. Dividends On 26 August 2026, the Company declared a final dividend of 21.0 cents per share making a total final dividend of $51,533,308 which is payable on 29 September 2026. On 18 February 2026, the Company declared an interim dividend and paid on 26 March 2026 a fully franked dividend of 21.0 cents per share, representing a total dividend of $51,532,456. The Company does not have a Dividend Reinvestment Plan. Operating and Financial Review Information on the operating and financial performance of the Group, its strategic and sustainability initiatives, risks and outlook are set out on pages 12 to 19 of this Annual Report. External outlook Netwealth remains well positioned to navigate market challenges and capitalise on emerging opportunities for the benefit of its clients, communities and shareholders. The Group's established market presence, built on deep financial services expertise and sustained platform investment, provides a strong foundation for continued growth. Our robust capital position, supported by substantial cash reserves, promotes financial resilience and strategic flexibility. The Board continues to actively monitor domestic and global economic conditions, with particular attention to their potential impact on client behaviour, market volatility, and regulatory developments. In recognition of the evolving cyber threat landscape, Netwealth has further strengthened its security framework through enhanced monitoring capabilities, comprehensive staff training programs, and refined its business continuity protocols. This multifaceted approach to risk management, combined with our strong financial fundamentals including high profitability, predictable recurring revenue streams, and exceptional cash generation, positions Netwealth to deliver sustainable value creation in FY26 and beyond.
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43 | netwealth Annual Report 2026 For the year ended 30 June 2026 Subsequent Events to Reporting Date In the opinion of the Board, there are no other matters or circumstances which have arisen between 30 June 2026 and the date of this Report that have significantly affected or may significantly affect the operations of the Group, the results of those operations and the state of affairs for the Group in subsequent financial periods. Directors’ meetings During the financial year, 14 Board of Directors’ meetings were held. Attendance by each Director during the year of Board meetings and Committee meetings where the Director is a member were as follows: Board of Directors’ meetings Audit Committee Remuneration Committee Nomination Committee Compliance & Risk Committee People and Corporate Sustainability Committee** (A) (B) (A) (B) (A) (B) (A) (B) (A) (B) (A) (B) Directors Michael Wachtel 14 14 - - 9 9 2 2 - - 4 4 Davyd Lewis 14 14 10 10 9 9 2 2 6 6 - - Sally Freeman 14 14 10 10 9 9 2 2 6 6 - - Kate Temby 14 14 10 10 9 9 2 2 6 6 4 4 Sarah Brennan 14 14 10 10 - - - - 6 6 - - Michael Heine 14 13 - - - - - - - - - - Matt Heine 14 12 - - - - - - - - 4 4 Timothy Antonie* 2 2 - - 1 1 - - - - 1 1 (A) Number of meetings held during the time the director held office and was eligible to attend as a member (B) Number of meetings attended as a member * Retired 31 August 2025. ** The Board dissolved the People and Corporate Sustainability Committee effective 30 June 2026. It is the Group’s policy that its Directors and employees should be protected from any liability they incur as a result of acting in the course of their employment in their respective capacities, subject to appropriate conditions. During the financial year, the Company has paid premiums for insurance for the benefit of the Directors and Executive team. In accordance with common commercial practice, the insurance policy prohibits disclosure of the nature of the liability insured against and the amount of the premium. The Company has not otherwise, during or since the end of the financial year, except to the extent permitted by law, indemnified or agreed to indemnify the auditor of the company against a liability incurred as such by auditor. Key Management Personnel (KMPs) and Employee Share and Option Plans Information about the remuneration of KMPs is set out in the remuneration report section of this Directors’ report. During the year, eligible employees who had served 3 or more years were offered ordinary shares valued at $1,000 as a gift for no consideration resulting in 9,296 new ordinary shares issued at $31.38 and 31 new ordinary shares issued at $31.64 (FY25: 10,800 employee gift shares). A number of employees were granted performance rights as part of the Group’s long-term incentive plan during the year. This resulted in the Group issuing 111,723 performance rights at an exercise price of $nil during the year (FY25: 118,299 performance rights). There was no new issue of options in FY26 (FY25: Nil).
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44 | netwealth Annual Report 2026 For the year ended 30 June 2026 Shares, options and performance rights granted to Directors and KMPs during the year: Issuing entity Type Number Class of shares Executive Director Matt Heine Rights 30,926 Ordinary Senior Executive Hayden Stockdale Rights 6,365 Ordinary Details of all rights unvested as at the date of this report are: Issuing entity Type Number Class of shares Exercise price of the equity Vesting date Netwealth Group Limited FY25 Rights 103,744 Ordinary nil 30 Jun 27 Netwealth Group Limited FY26 Rights 111,723 Ordinary nil 30 Jun 28 Details of all options and rights vested but not yet exercised as at the date of this report are: Issuing entity Type Number Class of shares Exercise price of the equity Expiry date of equity Netwealth Group Limited FY20 Options 98,931 Ordinary $7.5544 30 Jun 37 Netwealth Group Limited FY22 Options 869,656 Ordinary $15.74 30 Jun 39 Netwealth Group Limited FY24 Rights 109,707 Ordinary nil N/A
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45 | netwealth Annual Report 2026 For the year ended 30 June 2026 Environmental Regulations The Group operations are currently not subject to any significant environmental regulation under either Commonwealth or State legislation. The Directors are not aware of any material non-compliance with environmental regulations during the year. Our Corporate Sustainability Report, released alongside this Annual Report, highlights the social environmental and governance impact we delivered this Financial Year. A summary of our corporate sustainability initiatives is set out in pages 40 to 41 of this report. The full annual Corporate Sustainability, and latest initiatives are available on the Company’s website at: https://www.netwealth.com.au/web/about- netwealth/corporate-sustainability/ Corporate governance Netwealth is committed to being ethical, transparent and accountable. We believe this is essential for the long-term performance and sustainability of our Company and supports the interests of our shareholders, clients and other stakeholders. Netwealth’s 2026 corporate governance statement is set out at pages 23 to 39. Proceedings on behalf of the Group No person has applied for leave of court to bring proceedings on behalf of the Group or intervene in any proceedings to which the Group is a part for the purpose of taking responsibility on behalf of the Group for all or any part of those proceedings. The Group was not a party to any such proceedings during the year. Non-audit services During the year, Deloitte Touche Tohmatsu, the Group’s auditor has performed internal controls assurance services in addition to its statutory duties. Details of the amounts paid or payable to the auditor for audit and non-audit services provided during the year are set out in Note 29 to the financial statements. The Directors, in accordance with advice received from the Audit Committee, are satisfied that the provision of those non-audit services during the year did not compromise the auditor independence requirements of the Corporations Act 2001 for the following reasons: All non-audit services have been approved in accordance with the Company’s non-audit services policy to ensure that they do not impact the impartiality and objectivity of the auditor; and None of the services undermine the general principles relating to auditor independence as set out in APES 110 Code of Ethics for Professional Accountants, including reviewing or auditing the auditor’s own work, acting in a management or a decision making capacity for the Group, acting as advocate for the Group or jointly sharing economic risk and rewards. Rounding of amounts The Group is of a kind referred to in the Australian Securities and Investments Commissions Corporations (Rounding in Financials/Directors’ Reports) Instrument 2016/191 and therefore the amounts contained in the financial statements have been rounded to the nearest thousand dollars, unless otherwise stated. Auditor’s independence declaration A copy of the auditor’s independence declaration as required under s307C of the Corporations Act 2001 is set out on page 73. Signed in accordance with a resolution of the Board of Directors: Michael Wachtel Chair 26 August 2026
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46 | netwealth Annual Report 2026 For the year ended 30 June 2026 Remuneration Report (audited) Letter from the Remuneration Committee Chair On behalf of the Board, I am pleased to present Netwealth’s FY26 Remuneration Report. Our aim is to have a remuneration framework that embeds our core values, aligns with our strategic objectives, is attractive to our employees, is compliant with regulatory requirements, is transparent, and meets the expectations of our shareholders, employees, clients and the communities in which we operate. The following Remuneration Report explains our remuneration objectives and framework and our FY26 remuneration outcomes in the context of Group performance and the First Guardian matter outlined on pages 17 to 18 of this Annual Report. FY26 Performance FY26 was a year of strong business performance at a time where Netwealth was responding to the First Guardian matter. On an adjusted basis excluding the costs associated with the First Guardian matter, Netwealth again achieved excellent growth, with total income increasing by 20.6% to a record $391.1 million and adjusted NPAT increasing by 16.2% to a record $135.4 million. This growth was primarily driven by a 20.3% increase in FUA to $135.7 billion, reflecting the exceptional performance of our Executive Team and all our other employees. Our Response to the First Guardian Matter Notwithstanding our strong FY26 results, the First Guardian matter was a significant event that required considerable Remuneration Committee and Board attention. The Board recognises the seriousness of the matter and its impact on our superannuation fund members, as well as the expectations of regulators and shareholders that accountability is reflected in remuneration outcomes. We believe it is important that remuneration consequences appropriately reflect the impact of the First Guardian matter and reinforce accountability for the management of risks and stakeholder outcomes. The Board has applied the following remuneration consequences: Chief Executive Officer and Managing Director (CEO): As the executive with ultimate accountability, 100% of the CEO’s FY26 short-term incentive (STI) was forfeited. The CEO’s increase to fixed remuneration and STI that the Board was otherwise intending to apply in FY27 was also foregone. The combination of forfeiture of the FY26 STI (which would have been $640,687) and the foregone increases to his FY27 total reward resulted in remuneration consequences of approximately $1 million for the CEO. Other Executives and Employees: Consequences for employees other than the CEO were assessed and applied on an individual basis, with regard to each person’s level of accountability and responsibility in the matter. Accountable executives and responsible employees received a reduction of between 25% and 100% to their FY26 STI (with larger reductions for individuals considered to have higher accountability in the matter). Non-Executive Directors: No increases have been made to the Non-Executive Director fees (including Committee fees) for FY27, reflecting the Board’s commitment to having remuneration outcomes that appropriately recognise the significance of the First Guardian matter. Further detail on the consequences that have been applied in relation to the First Guardian Matter are outlined in Section F. Additional information on our broader response to the First Guardian matter (including how our investment governance process is being uplifted) is outlined on pages 17 to 18 of this Annual Report. Response to FY25 Shareholder Feedback At last year’s Annual General Meeting, Netwealth received a material vote against the FY25 Remuneration Report (21.38%). The Board and the Remuneration Committee engaged with shareholders and their advisers following the meeting. This was a valuable and constructive process. While the report was supported by a majority, the consistent message was that the primary concern related Davyd Lewis Independent Non-Executive Chair of Remuneration CommiƜee
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47 | netwealth Annual Report 2026 For the year ended 30 June 2026 to the application of consequences in relation to the First Guardian matter and the transparency of disclosure (particularly in relation to the STI) rather than the design or quantum of remuneration, which were supported. The Board has responded in this Report by substantially expanding the disclosure of the FY26 STI strategic-initiative outcomes (see Section G), and by setting out the process and outcomes of its remuneration consequences for the First Guardian matter (see Section F). We thank you for your support and look forward to your feedback on this FY26 Remuneration Report. Yours faithfully, Davyd Lewis Chair of the Remuneration Committee 26 August 2026
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48 | netwealth Annual Report 2026 For the year ended 30 June 2026 Contents A. Introduction B. Remuneration Overview C. Remuneration Objectives D. Remuneration Governance E. Remuneration Framework F. First Guardian – Remuneration Consequences G. Remuneration Outcomes H. Executive Remuneration I. Non-Executive Directors Remuneration J. Other Information K. Remuneration Consultant A. Introduction This FY26 Remuneration Report for Netwealth (Report ) is prepared in accordance with the requirements of the Corporations Act 2001 and its regulations. The Report outlines the remuneration arrangements in place for the Key Management Personnel (KMP) of Netwealth. KMP are the individuals who have authority and responsibility for planning, directing and controlling the activities of Netwealth, as defined under AASB 124 Related Party Disclosure. The following table lists Netwealth’s KMP for FY26: Name Position Term as KMP Non-Executive Directors Michael Wachtel Independent Non-Executive Chair Full Year1 Davyd Lewis Independent Non-Executive Director Full Year Kate Temby Independent Non-Executive Director Full Year Michael Heine Non-Executive Director Full Year Sally Freeman Independent Non-Executive Director Full Year Sarah Brennan Independent Non-Executive Director Full Year Former Non-Executive Directors Timothy Antonie Independent Non-Executive Chair Ceased on 31 August 20251 Executive Director Matt Heine Chief Executive Officer & Managing Director (CEO) Full Year Senior Executives Hayden Stockdale Chief Financial Officer ( CFO) Full Year 1 Michael Wachtel was appointed as an independent non-executive director effective 3 June 2025, and became Chair of the Board from 1 September 2025, following the retirement of Tim Antonie on 31 August 2025.
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49 | netwealth Annual Report 2026 For the year ended 30 June 2026 B. Remuneration overview The following table provides a summary of the key items in the Report. FY26 Fixed Remuneration (FR) Effective 1 July 2025, the CEO’s FR was increased from $875,000 to $915,000 and the CFO’s was increased from $545,000 to $565,000. The remuneration increases were determined as part of the Board’s ordinary annual remuneration review at a time before the accountabilities in relation to First Guardian matter had been assessed. Having regard to the First Guardian matter, no increase will be applied to the CEO’s FR for FY27. The Board determined that an increase to FY27 FR will be applied to the CFO given that he was not employed at the time of the First Guardian matter. FY26 Short Term Incentive (STI) Reflecting Netwealth’s FY26 financial performance and achievement of individual risk and behavioural responsibilities, the individual FY26 STI outcomes were as follows: The CEO’s FY26 STI was 100% forfeited (nil award) in consideration of the First Guardian matter. The CFO received an FY26 STI vesting outcome of 90.0% of maximum opportunity, equating to an award of $203,458. The Board determined that no adjustment should be made to the CFO’s FY26 STI given that he was not employed at the time of the First Guardian matter. FY24 Long Term Incentive (LTI) Vesting Outcome The individual FY24 LTI vesting outcome for the performance period FY24 to FY26 was: For the CEO, 66.2% of maximum opportunity, equating to 27,448 Rights vested. The CFO did not have LTI eligible to be tested and vest in FY26. FY26 LTI Grants The CEO received a grant of Performance Rights equivalent to 120% of FR. The CFO received a grant of Performance Rights equivalent to 40% of FR. Changes to Executive Remuneration Framework for FY27 Reflecting our four-year Dx30 strategy, the LTI vesting period has been extended to four years. The LTI plan metrics for FY27 give equal weighting to Customer Satisfaction (Platform), Earnings Per Share (EPS) and relative Total Shareholder Return (TSR). The Customer Satisfaction (Platform) metric increases to 30% (from 20%) the EPS and TSR weightings are each adjusted to 30% (from 35%), and the long-term initiative is retained at 10%. Following feedback that greater clarity on what target-performance equates to, the STI plan moves to a target-anchored approach from FY27. Out-performance against metrics will be capped at 150% of the target opportunity. Independent Executive Remuneration Review for FY27 • Aon was engaged to undertake benchmarking in respect of executive remuneration (including for KMP). CEO: While Aon’s review identified that both the CEO’s FR and variable remuneration were below market, as noted above, the Board determined to not make any increases to the CEO’s FY27 FR or maximum STI opportunity (80% of FR), reflecting the executive with ultimate accountability in relation to the First Guardian matter. The Board considered it appropriate, however, to increase the CEO’s FY27 LTI opportunity (from 120% to 150% of FR) to strengthen alignment with long-term shareholder outcomes and performance (in particular the Dx30 strategy), recognising that any value ultimately realised would remain contingent on the achievement of challenging long-term vesting conditions. The FY27 LTI will be assessed over a four year performance period, with the additional two year deferral applying following the performance period. CFO: As the CFO was not employed at the time of the First Guardian matter, his remuneration review was undertaken in line with normal practice and independent benchmarking.
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50 | netwealth Annual Report 2026 For the year ended 30 June 2026 As a first step in a phased repositioning of executive remuneration towards market median, the CFO’s FR is set at $650 ,000 for FY27, with his target STI opportunity set at 50% (maximum 75%) and maximum LTI opportunity set at 75% (up from a maximum of 40%) of FR. These changes represent a first step in a phased repositioning, with the CFO’s remuneration continuing to sit significantly below relevant market benchmarks. Non-Executive Director (NED) Fee Increases As part of the FY26 fee review, effective 1 July 2025: the base NED fees were increased to $165,000 from $155,000. the Remuneration Committee (Committee) Member fees were increased to $15,000. Directors of Netwealth Group Limited (NWL) who also serve on the board of Netwealth Superannuation Services Pty Ltd (NSS and NSS Board) receive an annual fee of $45,000 (increased from $30,000 in FY25). In consideration of the First Guardian matter, NED fees will not be increased for FY27. NED Fee Pool Per shareholder approval at the 12 November 2025 AGM, the NED fee pool was increased from $1,500,000 to $1,750,000 for FY26. Chair Transition Michael Wachtel became Chair of the Board from 1 September 2025, following the retirement of Tim Antonie on 31 August 2025. C. Remuneration objectives The Board is committed to a remuneration framework that aligns employees’ performance and remuneration outcomes to Netwealth’s business plan, strategic objectives and risk management. The Board’s objectives in relation to employees’ remuneration are: align remuneration outcomes with long-term sustainable performance; remuneration is set and awarded at a fair, reasonable and consistent level to attract and retain top talent and balance market and community expectations including that remuneration not be biased towards gender or other inappropriate personal attributes; maintain compliance with applicable legal and regulatory requirements; promote and reward individual and company performance whilst also supporting; the prevention and mitigation of conduct risk; and the effective governance and management of both financial and non-financial risks having regard to the interests of Netwealth’s stakeholders; and remuneration outcomes are to be consistent with and promote behaviour aligned to Netwealth’s values. The Board’s objectives for remuneration of NEDs are: remuneration must be sufficient to attract and retain high quality NEDs; remuneration for NEDs must not create a conflict with their obligation to bring an independent judgement to matters before the Board; remuneration for each NED should be appropriate based on their role and responsibilities, including the time commitment involved; and remuneration must not be biased towards gender or other inappropriate personal attributes. D. Remuneration governance The Board is responsible for establishing Netwealth’s group remuneration policy (Remuneration Policy) and determining NED remuneration, Senior Executive remuneration and Netwealth’s incentive structures. The Board is assisted by the Committee, which is comprised of four of Netwealth’s independent NEDs. The Committee’s responsibilities include: overseeing the design, operation and monitoring of the remuneration framework;
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51 | netwealth Annual Report 2026 For the year ended 30 June 2026 at least annually reviewing and making recommendations to the Board on the Remuneration Policy including its effectiveness; annually reviewing and recommending to the Board the performance review outcomes of the CEO and the Executive Team; review and recommend to the Board, whether the CEO and Executive Team have met the conditions for payment of their variable remuneration under the terms of their contract and/or under the terms of relevant STI and LTI schemes; annually reviewing and recommending remuneration arrangements for the CEO, the Executive Team, any other categories of persons covered under the Remuneration Policy including Responsible Persons and the NEDs of the Board and the boards of Netwealth’s subsidiaries; approving remuneration packages over a threshold amount; overseeing the operation of Netwealth’s employee equity incentive plans including recommending to the Board changes and developments in relation to Netwealth’s employee equity incentive plans; recommending to the Board whether offers are to be made under Netwealth’s employee equity incentive plans and, if so, the form of the offers and eligibility to receive them; determining or, where required, recommending to the relevant Board whether bonus payments are to be made to employees, in accordance with the Board Delegation Policy and the Remuneration Policy; considering the results of any gender pay equity and/or gender pay gap audits that have been conducted, including any required disclosures; reviewing and recommending the Remuneration Report; consulting with the Chief Risk, Legal and Governance Officer, Compliance and Risk Management Committee and NSS’ Audit Risk and Compliance Committee to enable risk outcomes to be appropriately reflected in remuneration outcomes; structuring remuneration for NEDs so that it does not create a conflict with their obligations; and where applicable, approving the appointment of remuneration advisers for the purposes of the Corporations Act. Board Discretion and Reduction of Benefits The Board may reduce benefits in a range of circumstances such as where an employee has acted fraudulently or dishonestly or engaged in gross misconduct, has brought Netwealth into disrepute, has breached their duties or obligations to Netwealth or is convicted of an offence in connection with the affairs of Netwealth. The reduction of benefits may be implemented through various means, including the forfeiture of unvested or vested performance securities or any unpaid STI. Additionally, a participant may be required to repay or treat as a debt any dividends received on or proceeds from the sale of, performance securities granted. Alignment of Remuneration with Risk, Governance and Strategy The remuneration framework supports compliance with APRA Prudential Standard CPS 511 Remuneration (CPS 511) and the Financial Accountability Regime Act 2023 (FAR) as well as alignment between remuneration and risk. In addition to our consequence management process (which includes the application of malus and clawback provisions as outlined above), other mechanisms which support this include: Deferral of variable remuneration: A portion of the CEO’s and CFO’s total variable remuneration is deferred for six and five years respectively. Additional deferrals for other employees covered by CPS 511 and/or FAR and will be disclosed separately, as required. Risk gateways: These gateways provide the Board with discretion to reduce award outcomes, including reducing awards to zero for poor conduct, risky behaviours and compliance failures cover all variable awards.
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52 | netwealth Annual Report 2026 For the year ended 30 June 2026 E. Remuneration framework The Board monitors changing market conditions as well as any regulatory and corporate governance developments and alters remuneration arrangements if appropriate to respond to changing conditions. The remuneration framework is structured to use FR and variable remuneration, such as STIs and LTIs, to promote the effective management of both financial and non-financial strategies and risk management. Our purpose is to enable people to see wealth differently and discover a brighter future. We achieve this through the focused delivery of our strategic initiatives. Supported by our remuneration framework objectives Align remuneration outcomes with long- term sustainable performance Award fair, reasonable and consistent remuneration to aƜract, motivate and retain the best Maintain compliance with applicable legal and regulatory requirements Achieve effective governance and management of risks having regard to the interests of Netwealth’s stakeholders Promote behaviours in line with our values By embedding and rewarding achievements and behaviours through both FR and variable remuneration Component Purpose Alignment Mechanism Fixed Remuneration Set to aƜract and retain high-quality employees, who will enable achievement of strategic objectives. Reviewed at least annually having regard to individual responsibilities, skills and experience and market parities of roles in comparable companies. Mix of base salary, superannuation and salary sacrificed items including non- monetary benefits. Executive Short Term Incentives Rewards Executives for annual performance against financial and non- financial metrics. Awarded based on achievement of earnings growth, execution of strategic initiatives and performance and behaviours aligned with Netwealth’s values. Cash bonuses paid in two tranches – 50% aƍer year 1 and 50% aƍer year 2. Executive Long Term Incentives Rewards Executives for achievement of longer term strategic objectives. Awarded based on achievement of earnings growth and longer term execution enabling alignment with the Board’s risk appetite and the protection of the interests of Netwealth’s stakeholders. Performance Rights with a performance period (4 years from FY27) and applicable deferrals. General Long Term Incentives To aƜract, retain and incentivise key personnel critical to the delivery of strategic initiatives and long-term value creation. Awards are targeted to individuals whose contribution materially supports Netwealth’s strategy, risk appetite and stakeholder interests. Rights based awards with vesting subject to service, performance and risk-based conditions. Sales Bonus Rewards sales and distribution staff for net sales performance. Awarded typically on achievement of fee paying FUA and FUM targets and longer term execution enabling alignment with the Board’s risk appetite and the protection of the interests of Netwealth’s stakeholders. Cash bonus paid in two tranches with a portion payable aƍer mid-year and the remaining portion payable aƍer the end of financial year. Short Term Incentives Rewards senior leaders for annual performance against financial and non- financial metrics. Awards achievement of earnings growth and performance and behaviours aligned with Netwealth’s values. Bonuses awarded in two tranches – a portion in cash aƍer year 1 and the remaining in equity vesting aƍer year 2. High Performers Plan Rewards employees with an award where high performing. Where Netwealth exceeds its financial objectives, awards may be made on a discretionary basis to eligible employees. Cash bonus paid aƍer the end of financial year. Share Giƍ Plan Offer of $1,000 worth of shares to eligible employees. Awarded based on minimum tenure to support employees becoming Netwealth shareholders. Restricted shares typically released 3 years aƍer grant. Risk Alignment To enable alignment between risk and remuneration outcomes the Board retains the discretion to adjust variable awards, including downward to zero subject to: • Risk, performance and behavioural gateways enabling consistency with Netwealth’s ethics, values and controls; • Deferral requirements including application of FAR/CPS 511 requirements (as assessed by role); and • Forfeiture and clawback (malus) conditions.
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53 | netwealth Annual Report 2026 For the year ended 30 June 2026 FY26 KMP Remuneration Mix The following tables highlight the significant emphasis placed on variable pay for KMPs to drive strong alignment between remuneration, performance, and the Netwealth stakeholder interests. Remuneration mix refers to the proportion of total KMP remuneration that is made up of each remuneration component. The variable remuneration components are calculated based on the maximum amount of the STI opportunity and LTI granted to the KMP. The delivery of each remuneration component in FY26 is outlined below. The LTI component is deferred to enable compliance with CPS 511 and FAR. KMP FR STI cash (maximum) STI deferred cash (maximum) LTI (maximum) CEO 33.3% 13.3% 13.3% 40.0% CFO 55.6% 11.1% 11.1% 22.2% FY26 KMP remuneration structure and time horizons KMP Max % of FR Form of payment FY26 FY27 FY28 FY29 FY30 FY31 CEO FR Base plus superannuation STI 80% 50% cash and 50% deferred cash Year 2 LTI 120% Performance rights Year 4 Year 5 Year 6 CFO FR Base plus superannuation STI 40% 50% cash and 50% deferred cash Year 2 LTI 40% Performance rights Year 4 Year 5 Payment and deferrals FR FR paid on a monthly basis. Performance period Remuneration paid/vested based on achievement of performance and gateway conditions at end of the performance period. Deferral year Remuneration paid/vested on a pro-rata basis at the completion of each deferral period tranche based on achievement of deferral gateways. Deferral years are counted from the commencement of the performance period, so the first three years of the CEO’s and CFO’s mandatory deferral fall within the LTI’s three-year performance period. The mandatory deferral required under CPS 511 and FAR continues beyond the end of the performance period, to the end of the sixth year for the CEO and the fiƍh year for the CFO. The percentage of vested LTI Rights to be deferred and the length of the deferral is determined in accordance with CPS 511 and FAR. CPS 511 and FAR only apply to the proportion of KMP’s duties that relate to services performed for NSS as an APRA-regulated registerable superannuation entity licensee and NSMF. This proportion is determined by the Board in respect of each financial year in the Performance Period. For FY26 the proportion was determined to be 51.9%.
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54 | netwealth Annual Report 2026 For the year ended 30 June 2026 FY26 Remuneration Structure Fixed remuneration Form Each employee’s FR is set having regard to their individual responsibilities, skills and experience and with consideration to the remuneration paid to employees of comparable companies, particularly companies within the financial services industry. To achieve market competitive remuneration, roles are benchmarked at least annually with reference to peer companies within the industry. Remuneration reviews normally occur annually and apply from 1 July. FY26 Short term incentive Form Cash bonus which is earnt and paid over 2 years, subject to continuously being employed, malus and clawback conditions: 50% within 30 days after the release of the FY26 annual report; and 50% within 30 days after the release of the FY27 annual report. Maximum Opportunity CEO: 80% of FR; and CFO: 40% of FR Performance period 1 July 2025 to 30 June 2026 Gateway Gateways linked to the below conditions apply. If any of the gateway conditions are not met, the Board may adjust the bonus down including to zero if appropriate: Subject to a ‘gateway’ condition based on personal behaviour and performance measured against our values; Subject to satisfaction of our Risk Gateway; and Subject to Netwealth achieving at least 95% of budget NPAT in FY26. Deferral gateway If any of the gateway conditions are not met, the Board may adjust the deferred bonus down including to zero if appropriate: Subject to remaining continually employed until payment date; and Subject to a ‘gateway’ condition based on personal behaviour and performance measured against our values. Board Discretion and Reduction of Benefits If certain specified circumstances occur (commonly referred to as ‘malus’ events) at any time up to two years after the payment or vesting date, the Board may determine that some or all of any unpaid STI is forfeited and/or that some or all of STI already paid is required to be repaid to Netwealth. See Section D for further detail. Balanced Scorecard To reward balanced performance and align with CPS 511 and FAR, the STI plan includes a material weighting to non-financial measures. Measure Design Rationale Weight NPAT Based on Netwealth’s FY26 NPAT relative to budget NPAT. Between 95% and 105% of budget, a proportionate amount is paid. NPAT is used as the primary financial measure because it provides a clear, objective view of annual profitability and aligns STI outcomes to the delivery of the Board-approved annual budget. 65% Contribution to effective execution of business plan Based on the effective execution of the Board’s strategic initiatives in FY26 which was monitored by the Board on a quarterly basis and assessed at the end of FY26. Provides line-of-sight to execution of the business plan and supports alignment between remuneration and longer-term sustainable performance by recognising progress against the initiatives the Board monitors throughout the year. 25% Individual Performance and Behaviours Based on individual overall rating, incorporating performance and behaviours, in FY26. This measure reinforces “how” results are achieved matters, by linking a portion of STI to individual performance and behaviours. 10%
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55 | netwealth Annual Report 2026 For the year ended 30 June 2026 FY26 Long term incentive Form Performance rights granted under the Netwealth Equity Incentive Plan (NEIP) in FY26, (FY26 Rights). Allocation method Performance rights (zero exercise price options) are valued based on the market value of shares at the time of offer being the Volume Weighted Average Price (VWAP) of Netwealth’s ordinary shares over the five days after the release of the full year annual results. Maximum Opportunity CEO: 120% of FR. CFO: 40% of FR. Performance period The vesting conditions are tested over 3 financial years (FY26, FY27 and FY28). Upon exercise (and after applicable deferrals), the rights convert to ordinary shares on a one for one basis. Gateway A gateway linked to the below conditions applies. If any of the gateway conditions are not met, the Board may adjust the award down including to zero if appropriate: Must be either continuously employed or hold office with Netwealth until the vesting date; Subject to a ‘gateway’ condition based on personal behaviour and performance measured against our values; and Subject to satisfaction of our Risk Gateway. Deferral of vesting A proportion of the holder’s FY26 Rights (Deferred Rights) are subject to deferral of vesting based on the Board’s assessment of the proportion of holder’s duties and responsibilities that is related to NSS and Netwealth Superannuation Master Fund (NSMF). The deferral is required because of the deferral of performance-based remuneration requirements of CPS 511 and FAR. For the CEO: One third of the Deferred Rights will vest after FY29; One third of the Deferred Rights will vest after FY30; and One third of the Deferred Rights will vest after FY31. For the CFO: One half of the Deferred Rights will vest after FY29; and One half of the Deferred Rights will vest after FY30. Deferral gateway Subject to a ‘gateway’ condition based on personal behaviour and performance measured against our values. If any of the deferral gateway conditions are not met, the Board may adjust any deferred award down including to zero if appropriate: Board Discretion and Reduction of Benefits Under the NEIP, the Board may also reduce benefits in a range of circumstances such as where an employee participant has acted fraudulently or dishonestly or engaged in gross misconduct, has brought Netwealth into disrepute, has breached their duties or obligations to Netwealth or is convicted of an offence in connection with the affairs of Netwealth. The reduction of benefits may be implemented through various means, including the forfeiture of unvested or vested rights, options, or shares or any unpaid STI. Additionally, participants may be required to repay or treat as a debt any dividends received on, or proceeds from the sale of, performance securities granted under the NEIP. See Section D for further detail. Balanced Scorecard The FY26 LTI incorporates a balanced scorecard of financial and non-financial performance measures against which KMP are assessed. The Board has deliberately weighted these metrics to support sustainable financial performance, customer and longer term strategic outcomes, and strong risk and conduct management, while enabling alignment with CPS 511 and FAR. Measure Design Rationale Weight EPS Based on Netwealth’s EPS compound annual growth rate (CAGR) over the vesting period. Between 14% and 17% CAGR, a proportionate amount of rights vest. EPS CAGR as a key performance metric in the LTI due to its strong alignment with shareholder value creation and its ability to reflect the underlying financial performance of the business over time. 35% TSR Based on Netwealth’s Total Shareholder Return (TSR) Rank over Relative TSR is used as a performance metric as it directly reflects the value 35%
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56 | netwealth Annual Report 2026 For the year ended 30 June 2026 Measure Design Rationale Weight the vesting period in a comparator group made up of companies within the S&P/ASX 300 Index operating in the sectors of Diversified Financials in Financial Services (excluding Banks and Insurance) and Software & Services in Technology (excluding Technology Hardware & Equipment and Semiconductors), with market capitalisation between A$1 billion and A$15 billion. TSR must be positive for rights to vest under this metric. If Netwealth’s TSR Rank against the comparator group is at the 50th percentile, 50% of the maximum number of Rights will be eligible to vest. If Netwealth’s TSR Rank is at or above the 75th percentile, 100% of the maximum number of Rights will be eligible to vest. Between the 50th and 75th percentile, a proportionate amount of Rights vest on a straight- line basis. No vesting occurs below the 50th percentile. The peer group is defined at the start of FY26 as follows: delivered to shareholders over the performance period. This peer group reflects organisations with similar scale, business models and competitive dynamics to Netwealth, providing a relevant benchmark for relative shareholder returns. Inclusion of both financial services and technology companies recognises the hybrid nature of Netwealth’s platform-led business model. Peer group composition is determined at the commencement of each performance period and may change due to corporate actions such as mergers, acquisitions or delistings. Code Company Name Code Company Name 360 Life360 JDO Judo Bank AMP AMP MAF MA Financial Group ASX ASX MFG Magellan Financial Group CAR CAR Group MMS McMillan Shakespeare CNI Centuria Capital MP1 Megaport DHG Domain Holdings Australia NXT NEXTDC DRR Deterra Royalties PNI Pinnacle Investment Management DTL Data#3 PPT Perpetual GDG Generation Development Group SDR SiteMinder GTK Gentrack Group SEK SEEK HUB HUB24 TNE TechnologyOne IFT Infratil ZIP Zip Co IRE IRESS Customer Satisfaction (Platform) As assessed by the average ranking for select NMG Consulting "Platform ratings by advisers – ‘Factors that matter’". Target: If the average NMG ranking across select ratings is at or above a ranking of 2, 100% of the maximum number of Rights will be eligible to vest; Threshold: If the average NMG ranking is at 3, then 50% of the maximum The Customer Satisfaction metric was introduced to align leadership focus with core value creation drivers namely, platform usability, innovation, and adviser experience. It also reinforces the strategic priority of continuous enhancement to maintain market leadership. NMG is a leading multinational consultancy focussing on financial institutions. The NMG survey is a respected, independent industry benchmark that captures adviser sentiment. 20%
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57 | netwealth Annual Report 2026 For the year ended 30 June 2026 Measure Design Rationale Weight number of Rights will be eligible to vest; and The average NMG ranking must be at or above 3 for Rights to vest under this metric. The Board holds discretion to determine vesting outcomes between threshold and target, considering the extent of deviation from the target ranking. While the Board’s current intention is to rely on NMG rankings for each year in the performance period, where future circumstances make this appropriate, the Board may also take into account rankings by other organisations that it considers relevant and to the extent it considers appropriate or, if NMG rankings are not available, to use the rankings of another organisation or organisations. Delivery of Key Long Term Initiative Delivery of milestones associated with a key long-term initiative, as assessed by the Board with reference to progress against defined deliverables. The initiative is a key strategic priority and will make a significant contribution to Netwealth’s long-term enterprise value. This metric is distinct from the annual initiatives included in STI in its scope, time horizon, and impact on Netwealth. To maintain transparency while protecting commercial sensitivities, disclosure of the achievement against defined milestones is intended to be provided retrospectively, at the end of the performance period. 10% FY27 Remuneration Framework – Key Changes The Board has revised parts of the STI and LTI framework for FY27. The changes relevant to KMPs are set out below. All other components remain the same as the FY26 framework outlined above. During FY26, the Board undertook a comprehensive benchmarking of executive remuneration, with roles benchmarked against Financial Services and Technology peers selected by the Board as well as publicly-disclosed ASX-listed data. This work was predominantly delivered through an independent remuneration benchmarking review conducted by Aon. The findings of this review confirmed that all elements of remuneration for our KMP sat well below the market median. Despite this finding, having regard to the First Guardian matter, the Board has decided not to apply increases to the CEO’s FR or STI opportunity levels for FY27. However, in order to continue to align the CEO with Netwealth’s shareholders and its long-term sustainable performance, particularly Dx30, an adjustment has been made to his FY27 LTI opportunity to align more closely with market. Acknowledging the need over time to position executive remuneration at competitive and market-aligned levels, the Board will adopt a phased approach for the broader repositioning of CEO remuneration. This will commence at the beginning of FY28 and be completed over two years (FY28 and FY29). Given the CFO was not employed at the time of the First Guardian matter (having commenced in November 2024), the CFO’s remuneration will begin to be repositioned in FY27 including an adjustment to his STI and LTI opportunity. Similar to the CEO, further adjustments may be considered in future years to align the CFO more closely with market. Each step will remain subject to Board discretion and to satisfactory progress against our risk and control commitments, including the APRA enforceable undertaking (refer to pages 17 to 18 of this Annual Report). The phased approach is reflective of market position considerations identified by Aon’s independent remuneration benchmarking. The Board will continue to disclose the basis for any future increases.
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58 | netwealth Annual Report 2026 For the year ended 30 June 2026 A summary of the changes for FY27 are outlined below. FY27 Short term incentive Change Rationale CFO opportunity: increased to a target of 50% of FR, with a maximum of 75% (from a maximum of 40%). This represents a first step in a phased repositioning of the CFO’s total reward toward the market median, informed by independent remuneration benchmarking. The CFO’s total reward is currently positioned materially below the market. Clarifying the target opportunity: The STI framework is being reframed to clarify the incentive opportunity payable for performance at target. Each STI metric will be calibrated with an “at target” performance level and a “stretch” performance level, and outcomes will be assessed against both to calculate the award. Performance above target is earned only for genuine outperformance, with total STI outcomes capped at 150% of the target opportunity. The independent benchmarking review confirmed that a target-anchored structure, with a maximum opportunity of around 150% of target, represents prevailing market practice among comparable companies. This clarification also incorporates remuneration report feedback to provide a clearer distinction of amounts payable and performance attributable to at target and genuine outperformance, improving the transparency of expected pay outcomes. This represents the following at risk targets by KMP for FY27: CEO: At target equates to 53.3% of FR, maximum of 80% of FR. CFO: At target equates to 50.0% of FR, maximum of 75% of FR. FY27 Long term incentive Change Rationale Performance period: The LTI performance (vesting) period has been extended from three to four years to align with the four-year Dx30 strategy. The extension of the LTI performance (vesting) period from three to four years reflects the four-year Dx30 strategy. The FY27 grant is forward-looking alignment to the four-year strategy, wholly at-risk and earned over four years. Performance metrics and targets: The LTI metrics are rebalanced to provide equal weighting between Customer Satisfaction, EPS and TSR. The Customer Satisfaction (Platform) metric will increase from 20% to 30%. As a result of increasing this metric by 10%, the EPS and TSR metrics are reduced to 30% each (from 35%), with the long-term strategic initiative(s) metric (intended to be disclosed retrospectively) retained at 10%. The EPS targets have also been adjusted to 13% at threshold and 16% at target (from 14% and 17%). The increased weighting of the Customer Satisfaction (Platform) metric reflects the Board’s intent to place greater emphasis on sustained customer satisfaction as a leading indicator of client retention and net flows, and therefore of long-term, sustainable shareholder value. Customer satisfaction is currently measured by Netwealth’s average adviser ranking in the independent NMG “Factors that matter” survey, providing an externally sourced and objective measure of platform performance. The Board reduced the EPS CAGR vesting hurdles in FY27 to 13% (threshold) and 16% (target), from 14% and 17% previously, reflecting the Group’s larger earning base. The Board considers the revised hurdles remain suitably challenging and consistent with the Group’s long-term objectives and delivery of long-term shareholder value. LTI opportunity levels: CEO maximum LTI opportunity: increased to 150% of fixed remuneration (from 120%). CFO’s maximum LTI opportunity: increased to 75% of fixed remuneration (from 40%). The LTI increase forms part of the phased repositioning of the KMP’s total reward toward the market median, as informed by independent remuneration benchmarking.
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59 | netwealth Annual Report 2026 For the year ended 30 June 2026 F. First Guardian – remuneration consequences In FY26, the Board and Committee considered the First Guardian matter when determining remuneration outcomes. Consistent with Netwealth’s remuneration policy (including risk gateways, malus and clawback) and CPS 511 and FAR requirements, the Board sought to make remuneration outcomes appropriately reflect, on an individual basis, the risk and governance issues arising from the First Guardian matter. The Committee adopted a set of guiding principles to be applied in determining individual remuneration consequences, including proportionality, risk alignment, individual responsibility and accountability (including inaction), and procedural fairness. The Committee’s assessment, approved by the board, took into account a number of considerations including: the nature and impact of the First Guardian matter, and the importance of clear consequence management and accountability reflected in remuneration outcomes; the need to apply consequences consistently and proportionately, with differentiation based on assessed individual accountability, responsibility and role context, supported by appropriate governance and procedural fairness; input from Chairs of the CRMC and NSS Audit Risk and Compliance Committee to enable consequences to appropriately reflect risk outcomes and regulatory expectations; and plan rules, award terms and tools available for adjustments. Decision framework (how consequences were determined) In determining whether, and to what extent, remuneration should be adjusted, the Board applied the following framework: Identify relevant adverse outcomes and severity (e.g., member/customer impact, financial loss, prudential standing and reputational impact); and Assess accountability (collective and individual), including the extent to which actions or inaction contributed to the outcome, and consideration of mitigating factors. Application in FY26 (what was done) The Board applied an approach whereby remuneration consequences clearly reflected the accountability of senior executives for the First Guardian matter, while remaining proportionate to each individual’s assessed level of accountability and the severity of the outcomes. In doing so, the Board sought to enable for remuneration outcomes to be appropriately aligned with risk outcomes and that consequences were applied in a manner that is fair, defensible and consistent with prudential expectations. Based on the framework above, the Board determined the following adjustments in FY26: Individual Adjustment and rationale: CEO FY27 FR: • No increase applied for FY27. • Independent benchmarking indicated that the CEO’s FR was significantly below the market median and supported a material increase in total reward. Notwithstanding this, the Board determined that it was not appropriate to implement this increase in light of the First Guardian matter, reflecting the CEO’s accountability. Together with the FY26 STI forfeiture outlined below, this results in remuneration consequences of approximately $1 million for the CEO in FY27. FY26 STI: • 100% forfeited ($nil payable). The CEO’s FY26 STI outcome before the forfeiture was 87.5% of his maximum opportunity, being $640,687 of value forfeited. While the CEO was found not to be individually responsible for the investment governance issues relating to the First Guardian matter, the Board considered that as CEO, they retain ultimate accountability. Accordingly, the Board determined that a full forfeiture was considered appropriate. FY25 deferred STI: • No reduction. The deferred FY25 STI of $331,800 remains payable in line with its original terms.
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60 | netwealth Annual Report 2026 For the year ended 30 June 2026 Individual Adjustment and rationale: • The Board considered this outcome appropriate, having regard to the CEO’s leadership in implementing and overseeing the timely remediation of members affected by the First Guardian matter. In reaching its decision, the Board also noted that no increase has been applied to FY27 FR and the FY27 STI opportunity, and that the FY26 STI was fully forfeited. FY24 LTI: • The EPS metric was assessed based on the FY26 EPS adjusted to exclude costs associated with the First Guardian matter. The Board considered this approach to be appropriate, noting that applying this metric on a statutory basis, when considered alongside the 100% STI forfeiture of the FY26 STI and the decision to defer remuneration increases for FY27, would have resulted in an outcome that was disproportionate to the nature of the investment governance failures and the Group’s adjusted performance over the three-year period. • No other adjustments were made including in respect of the TSR and Strategic Initiatives Metrics. CFO FY26 STI: No reduction. The CFO was not employed at the time of the First Guardian matter. Consistent with this, the corporate NPAT gateway and metric were assessed on an adjusted basis to reflect the adjusted performance of the business, excluding the costs associated with the First Guardian matter. FY24 LTI: Having commenced on 25 November 2024, the CFO had no LTI entitlements on foot. Employees other than KMP Consequences for employees other than the CEO were assessed and applied on an individual basis, with regard to each person’s level of accountability and responsibility in the matter, enabling for consequences to remain proportionate and aligned with the guiding principles adopted by the Committee. • Accountable executives and responsible employees received a reduction of between 25% and 100% to their FY26 STI (with higher reductions for individuals considered to have higher accountability in the matter). No malus was applied to deferred awards. • Former executives had no on-foot entitlements to adjust. The Board considered whether clawback should be exercised but concluded this would be disproportionate to the failures that occurred. • Executives who were not accountable, or who joined after the relevant period, received no reduction, as the Board did not consider it appropriate to apply consequences to individuals who were not responsible for, or not present during, the relevant period. For these executives, the corporate NPAT gateway and metric was assessed on an adjusted basis to exclude the costs associated with the First Guardian matter. Non-Executive Directors • While market benchmarking indicated scope for NED fee increases, the Board determined that it was not appropriate to increase Board or Committee fees for FY27 in light of the First Guardian matter. • The Board has determined to restructure some Committee memberships and subsidiary company directorships and has also determined that fees should be paid for each Committee membership by each director. There will be no material change in total directorship fees as a result of this restructure in FY27.
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61 | netwealth Annual Report 2026 For the year ended 30 June 2026 G. Remuneration outcomes Overview of the Group Performance The following table sets out Netwealth’s NPAT, dividend payments, EPS and share price over five years: Financial period ended 30 June 2026 2025 2024 2023 2022 NPAT ($ thousands) 60,652 116,520 83,370 67,153 55,552 Ordinary dividends (cents per share) 42.0 38.5 28.0 24.0 20.0 EPS (cents) 24.7 47.6 34.2 27.5 22.8 Netwealth share price* $20.56 $33.59 $22.17 $13.84 $12.16 *Closing price for the last trading day in the financial year. Dividends (cents per share) and EPS (cents) rounded to 1 decimal place. On an adjusted basis, excluding the costs associated with the First Guardian matter, Netwealth delivered strong FY26 NPAT and EPS growth of 16.2% compared to the prior year. Netwealth increased its full year dividend by 9.1% to 42.0 cents per share. The EPS CAGR since FY24 on an adjusted basis was 24.1%, reflecting the continued success in executing Netwealth’s long-term strategy in delivering sustainable increasing returns to its shareholders. Fixed Remuneration Set out below is the fixed remuneration of the CEO and CFO effective 1 July 2025: CEO: $915,000; and CFO: $565,000. FY26 Short Term Incentives The Board determined the following STI outcomes for KMP: CEO: no STI was awarded (0% of the maximum 80.0%), reflecting the 100% forfeiture of his FY26 STI as the executive with ultimate accountability for the First Guardian matter. CFO: 36% of FR was awarded, which represents 90% of the maximum 40.0%. No adjustment was applied to the CFO’s FY26 STI given he was not employed at the time of the First Guardian matter. KMP FR for STI Opportunity % of FR (Max) $ of FR (Max) % of FR Payable Total STI Payable Payable by Sep 2026 Payable by Sep 2027 Matt Heine $915,000 80.0% $732,000 0.0% $nil $nil $nil Hayden Stockdale $565,000 40.0% $226,000 36.0% $203,458 $101,729 $101,729 FY24 Long Term Incentives – Vesting Outcome The FY24 LTI outcome for the FY24 to FY26 performance period reflects Netwealth’s strong growth and financial performance against its long- term objectives, including continued growth in earnings and the successful delivery of strategic objectives. The vesting result for the FY24 LTI was the following: CEO: 66.2% of the maximum opportunity vested, with 33.8% lapsed. CFO: The CFO did not have any LTI awards on-foot which were eligible to be tested and vest in FY26.
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62 | netwealth Annual Report 2026 For the year ended 30 June 2026 KMP % of FR (Max) Rights Granted LTI Value Granted1 Rights Lapsed Rights Vested Matt Heine 75% 41,450 $637,500 14,002 27,448 1 The LTI Values are based off the 5-day VWAP post the announcement of the FY23 annual financial results which was $15.38. FY25 Long Term Incentives - Grants For the FY25 LTI, the maximum amounts of FR granted were: KMP % of FR (Max) Rights Granted LTI Value Granted1 Rights Lapsed Rights Vested Matt Heine 120% 47,968 $1,050,000 - - Hayden Stockdale2 35% 7,544 $165,142 - - 1 The LTI Values are based off the 5-day VWAP post the announcement of the FY24 annual financial results which was $21.89. 2 Hayden Stockdale’s grant was pro-rated for time served in the performance period commencing from his hire date, 25 November 2024. FY26 Long Term Incentives - Grants For the FY26 LTI, the maximum amounts of FR granted were: KMP % of FR (Max) Rights Granted LTI Value Granted1 Rights Lapsed Rights Vested Matt Heine 120% 30,926 $1,098,000 - - Hayden Stockdale 40% 6,365 $226,000 - - 1 The LTI Values are based off the 5-day VWAP post the announcement of the FY25 annual financial results which was $35.50. FY26 STI Outcomes - Summary The CEO fully forfeited his FY26 STI. As the CFO was not employed by the Group at the time of the First Guardian matter, the Board assessed the CFO’s FY26 STI independent of this matter. In its assessment, the Board determined that the applicable STI gateways had been satisfied. The following table summarises Netwealth’s FY26 group performance and the KMP STI outcomes. Metric Below threshold Threshold to target Target Above Target Key Results Outcome NPAT (65%) As noted above, NPAT was assessed on an adjusted basis for the CFO given he was not employed at the time of the First Guardian matter. Adjusted NPAT was 104.3% of budget NPAT. As this fell between 95% and 105% of budget, the percentage achieved for this metric was 93.2%, giving an STI outcome for this measure of 60.6% (being 93.2% of the 65% available). CFO: 60.6% Effective execution of business plan (25%) The FY26 business plan was assessed as 77.7% achieved, giving an STI outcome of 19.4% (being 77.7% of the 25% available). The key milestones achieved in FY26 are outlined in the next table. CFO: 19.4% Performance & Behaviours (10%) CFO was rated "Delivered Above" for goals and "Role Model" for behaviours, which combine under Netwealth's rating matrix to an overall rating of Exceptional. This gave an STI outcome for this measure of 10.0% (being 100% of the 10.0% available). CFO: 10.0% Board discretion The Board applied discretion to forfeit the entire CEO STI. The Board also assessed the NPAT measure on an adjusted basis for the CFO. Applied Total Outcome CEO: Nil Payable (100% forfeiture) CFO: 90.0% (60.6% + 19.4% + 10.0%)
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63 | netwealth Annual Report 2026 For the year ended 30 June 2026 FY26 STI Outcomes – Strategic Initiatives in Detail The 25% strategic component of the STI rewards delivery of the Board-approved business plan, organised under five corporate objectives, Growth, Quality, Revenue, Efficiency and Culture. Each is measured against defined success metrics with equal weighting approved by the Board in June 2025 and monitored quarterly. This retrospective disclosure of targets against outcomes responds directly to shareholder and proxy feedback. Strategic initiative Below threshold Threshold to target Target Above Target Key target Key results Net flows $15.8bn+ pa $15.4 billion of net inflows for the year. FUA per active adviser +10% FUA per active adviser grew 10.9% over the year, ahead of the market. Advisers +300 practices Adviser numbers grew by 234 over the year, just behind the +300 target. Adviser service ranking Average ranking ≤2 Average independent adviser ranking marginally below target. Adviser Net Promoter Score (NPS) 36+ Adviser NPS of 37 (rolling 12-month average) against the 36+ target. Platform availability Within service levels Platform availability met agreed service levels through the year; functionality improved over the period. Platform capacity (to double FUA) On plan On plan - foundational data-infrastructure upgrade completed; further capacity work underway. Revenue growth ≥18% pa Income up 20.6% for the year. Private-markets growth +$250m FUM Private-markets growth fell short of the $250m FUM target due to change in strategy. Revenue per active adviser +15% Average revenue per active adviser up 16% over the year. New revenue streams $4m+ in FY26 New transactional revenue lines established (trading desk, bonds, foreign exchange). Trading-desk revenue +50% in FY26 Trading-desk revenue grew 44% against the +50% target (trading volumes up 20% year-on-year). Contribution margin Within target range Contribution margin maintained within the target range for the year. Registry-system upgrade To plan Registry-system upgrade progressing, with some elements re-planned behind higher-priority programs. Reinvestment in the platform At target level Some items re-prioritised throughout the year due to regulatory change and client wins. Priority technology debt repaid 5 of 5 items Two of five items completed; three paused behind higher- priority programs. AI embedded across roles Most roles AI productivity tools rolled out across the technology teams and broader business, with strong adoption. Employee engagement Score >8.0 Score of 8.1. Health & wellbeing Score >7.9 Score of 8.1. Diversity & inclusion Score >8.3 Score of 8.7. Total Achieved 77.7% Payable
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64 | netwealth Annual Report 2026 For the year ended 30 June 2026 FY24 LTI Outcomes - Detail The CEO was the only KMP eligible for the FY24 LTI. The Board confirmed that both plan gateways were met: the CEO was continuously employed or held office with Netwealth until the vesting date, and achieved a rating of “Aligned” or above for behaviours and performance across the performance period. The table below sets out performance against each vesting condition. Metric Below threshold Threshold to target Target Above Target Key Results Outcome TSR exceeding 50% and 75% at target (35%) The percentage of Rights that vest, if any, was based on the Company’s TSR ranking over the vesting period against a comparator group of companies comprising the S&P/ASX 300 Diversified Financials Index as at 1 July 2023 over the performance period. Netwealth ranked at the 55.9th percentile of the comparator group. The percentage achieved for this metric was 23.5%, giving a vesting result of 8.2% (being 23.5% of the 35% available)1. TSR over the period was greater than zero, so the threshold condition was met. 8.2% EPS exceeding 12.5% and 15% at target (35%) Netwealth’s adjusted EPS CAGR over the vesting period was 24.1%, exceeding the 15% required for full vesting. The percentage achieved for this metric was 100%, giving a vesting result of 35.0% (being 100% of the 35% available). 35.0% Contribution to effective execution of business plan (30%) The average achievement of strategic deliverables across the three financial years was 76.6%, giving a vesting result of 23.0% (being 76.6% of the 30% available). 23.0% FY24 strategic initiatives – 72.9% achieved Stable & Scalable Technology Platform: Initiatives progressed with platform stability, scalability and security improvements significantly. Service & Admin Enabling Advice Practice Efficiency: Planned enhancements to onboarding remain in progress, while other initiatives progressed. Market Leading Platform Products & Features: New domestic and offshore funds available, new online portal released, and performance reporting enhancements were delivered. Risk Management & Regulatory Compliance: Key frameworks and systems were implemented or piloted, including CPS 511, CPS 230, FAR, and Protecht modules. Enhanced Trading Capabilities: International trading enhancements live. Leader & Innovator in Investment Reporting: Enhancements delivered (e.g. non-custodial tax). Enhancements to bulk reporting progressed. Adviser’s & Client Portal: Chat and document sharing progressed. Xeppo Integration: Integration planning was completed, with acquisition scheduled for FY24. Generative AI Opportunities: Copilot was rolled out, a hackathon was held, and GitHub Copilot was deployed to engineering teams. 1 The TSR vesting schedule applicable to the FY24 LTI provides for nil vesting at the 50th percentile, increasing on a straight-line basis to 100% vesting at the 75th percentile. This schedule was amended for the FY25 and FY26 LTI grants to align with market practice, under which 50% of the Rights subject to the TSR metric vest at the 50th percentile and 100% vesting at the 75th percentile (with straight line vesting in between).
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65 | netwealth Annual Report 2026 For the year ended 30 June 2026 Metric Below threshold Threshold to target Target Above Target Key Results Outcome Inorganic Growth: The Xeppo acquisition was accelerated, Flux was pending final due diligence, and other targets were assessed. People & Culture – Good to Great: Leadership programs, performance frameworks, and inclusion strategies were delivered. Workplace Health and Safety policies were updated. FY25 strategic initiatives delivery – 79.2% delivered Leverage Emerging Technologies: Automation was introduced in selected operational areas, and foundational work for future AI-driven reporting. Optimise Systems and Processes: Platform stability and scalability enhanced through architectural upgrades and registry system simplification. Cultivate People Experience: Leadership programs and reward frameworks were delivered. Employee engagement strong, and a new HRIS, Workday, was selected with implementation underway. Enhance Platform Experience: Multi-factor authentication adoption increased, and adviser portal and mobile enhancements progressed. UI and UX redesign continues to be rolled out to further align external- facing features. Expand Investment Options: Trading desk capabilities expanded. Growth in FX, bonds and international equities. Improve Advice Efficiency: Progress was made on pricing and broking initiatives. New advice enablement capability delivered including online Pension and Super transfers and workflow visibility. Explore New Markets: Proof of concept for individual HIN reporting was completed. A pure wholesale offer scoped and designed with launch set for late 2025. Develop New Products: Document Vault, Signing, Sharing & Chat entered pilot phase with active adviser and client participation. Multiple new Models added to managed account and addition of structured products to wealth accelerator and managed account completed. Establish Strategic Partnerships: The Xeppo acquisition was completed and Flux has signed new strategic education partners and advice firms. Strategic reviews of other opportunities were undertaken. FY26 strategic initiatives – 77.7% achieved: See FY26 STI for detail. Board discretion As noted above, the Board assessed the EPS CAGR metric on an adjusted basis, excluding the costs of the First Guardian matter from the FY26 EPS outcome. See Section F for rationale. No further discretion was applied. Applied Total Outcome CEO: 66.2% (8.2% + 35.0% + 23.0%)
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66 | netwealth Annual Report 2026 For the year ended 30 June 2026 H. Executive remuneration The table below sets out the remuneration details of the two KMP for FY26 being the CEO and the CFO. CEO & Managing Director CFO Matt Heine Hayden Stockdale Total 2026 2025 2026 2025 2026 2025 $ $ $ $ $ $ Short term benefits: Cash salary1 885,000 845,000 535,000 298,397 1,420,000 1,143,397 STI2 - 663,600 203,458 105,156 203,458 768,756 Long term benefits: Leave3 (77,066) (58,342) 8,912 5,378 (68,154) (52,964) Post-employment benefits: Superannuation4 30,000 30,000 30,000 30,000 60,000 60,000 Share-based payments: FY23 Rights - 135,030 - - - 135,030 FY24 Rights 122,476 158,186 - - 122,476 158,186 FY25 Rights 309,547 308,699 44,818 44,695 354,365 353,394 FY26 Rights 183,480 - 35,777 219,257 - Termination benefits: Termination payments - - - - - - Total 1,453,437 2,082,173 857,965 483,626 2,311,402 2,565,799 % Performance related 42% 61% 33% 31% 39% 55% 1. Following the Committee’s review, the Board approved increases in Matt Heine’s and Hayden Stockdale’s FY26 FR to better align with comparable companies. 2. Matt Heine’s maximum STI and LTI entitlements were 80% and 120% respectively of his FR for FY26. Hayden Stockdale’s maximum STI and LTI entitlements were 40% of his FR for FY26. 3. Long term benefits related to long service leave entitlements accrued for the year, net of leave taken. 4. Superannuation payments are made in accordance with the relevant statutory requirements. Service agreements The remuneration and other terms of employment for the executive KMPs are formalised in employment contracts, which are reviewed annually. The CEO and CFO are entitled to receive pay in lieu of notice of resignation, in addition to any leave entitlements upon cessation of employment. All services agreements are for unlimited duration but may be terminated immediately in the event of serious misconduct, in which case the executive is not entitled to any payment in lieu of notice. The following table outlines the key contractual arrangements for the CEO and CFO. Position Contractual term Employer Notice period Employee Notice period Post-employment restraints CEO Ongoing Six months Six months Twelve-month non-competition period CFO Ongoing Six months Six months Twelve-month non-competition period
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67 | netwealth Annual Report 2026 For the year ended 30 June 2026 Position Contractual term Employer Notice period Employee Notice period Post-employment restraints How unvested equity is treated on leaving Netwealth Executive KMPs who resign or are terminated will forfeit all their unvested equity, unless the Board determines otherwise. If the executive KMP is terminated due to redundancy or they are classified as a ‘good leaver’, unvested equity and unpaid STI will not be forfeited unless the Board determines otherwise. The handling of unvested equity, and any pro-rata applied, will typically be based on time served in the performance period. On an executive KMP’s death or total and permanent disability, their unvested equity will vest unless the Board determines otherwise. I. Non-Executive Directors remuneration Under the constitution of NWL, directors’ remuneration is determined by the Board. The total aggregate amount provided to all NEDs of NWL must not exceed in any financial year the amount fixed by the company at the general meeting. The amount currently fixed is $1,750,000. This was increased from $1,500,000 as approved by shareholders at the 2025 AGM to account for: additional remuneration for NEDs if they undertake additional duties; the appointment of an additional NED if appropriate; and/or a future increase to directors’ fees, if required, to meet market and attract and retain high-calibre directors. At the commencement of FY26, directors’ fees for NWL and its subsidiary NSS, were reviewed against comparable ASX- listed companies and, in the case of NSS, comparable superannuation fund trustee companies. To align fees with current market benchmarks and appropriately recognise the time commitment and responsibilities of committee service, the following fee adjustments were implemented in FY26 to support the attraction and retention of high-calibre directors: Board Chair; no increase; Board Member; increase to $165,000 (from $155,000) for all Board Members to reflect market median; NSS Board; increase to $45,000 (from $30,000) for all NWL Board Members who also serve on the NSS Board to better reflect the level of responsibility and time commitment required; Committee Chair; no increase; and Committee Member; increase to $15,000 (from the introductory fee of $5,000) for all Committee Members to reflect market median. As outlined in Section F, there will be no increase to Non- Executive Director fees for FY27 in recognition of the First Guardian matter. While benchmarking indicated that market fee levels have continued to increase, the Board determined it was not appropriate to increase Director fees at this time. This is in line with the CEO outcome.
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68 | netwealth Annual Report 2026 For the year ended 30 June 2026 Board Fees FY26 $ FY25 $ Board Chair 350,000 350,000 Members 165,000 155,000 NSS Board1 Members 45,0001 30,000 1 Audit Committee Chair Members 30,000 15,000 30,000 5,000 Remuneration Committee Chair Members 30,000 15,000 30,000 5,000 Compliance and Risk Management Committee Chair Members 30,000 15,000 30,000 5,000 People and Corporate Sustainability Committee Chair 30,000 30,000 Nomination Committee2 Chair Members - - - - NIL3 Investment Committee Chair 30,000 30,000 NSS Audit Risk & Compliance Committee Chair 30,000 30,000 Superannuation The fees set out above include superannuation payment in accordance with the relevant statutory requirements. Superannuation is paid up to the relevant concessional contributions cap, with the remainder paid in cash. Other benefits NEDs are entitled to reimbursement for business-related expenses, including travel expenses and all receive the benefit of coverage under a Director and Officers insurance policy. Netwealth has paid premiums to insure each Director and officer under a Directors and Officers Insurance policy. Further disclosure of information relating to this policy is not permitted under the contract of insurance. NEIP The NEDs are not eligible to participate in the NEIP. 1 NSS, a subsidiary of NWL is the trustee of NSMF. Directors of NWL who also serve on the NSS Board receive an annual fee of $45,000 (increased from $30,000 in FY25). 2 No fees paid for Nomination Committee in FY26. 3Netwealth Investments Limited (NIL) is a subsidiary of NWL.
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69 | netwealth Annual Report 2026 For the year ended 30 June 2026 The table below sets out the total NED benefits paid for FY26 and FY25. Fees and allowances Post-employment benefits Board and Committee fees $ Superannuation $ Total $ Michael Wachtel1, 3 2026 338,854 30,000 368,854 2025 13,880 1,596 15,476 Davyd Lewis 2026 214,286 25,714 240,000 2025 197,309 22,691 220,000 Kate Temby 2026 200,893 24,107 225,000 2025 174,888 20,112 195,000 Michael Heine2, 3 2026 49,107 5,893 55,000 2025 49,327 5,673 55,000 Sally Freeman3 2026 241,071 28,929 270,000 2025 201,794 23,206 225,000 Sarah Brennan3 2026 268,214 31,786 300,000 2025 228,700 26,300 255,000 Former Non-Executive Directors Timothy Antonie4 2026 53,333 5,000 58,333 2025 320,000 30,000 350,000 1 Michael Wachtel was appointed as an independent NED effective 3 June 2025 and received the Board Members Fee and two committee fees. He transitioned to Board Chair on 1 September 2025. 2 Michael Heine continues to receive a reduced Board Member Fee in FY26. 3 Michael Heine, Michael Wachtel, Sally Freeman and Sarah Brennan are current directors of NSS. 4 Tim Antonie retired from Board Chair on 31 August 2025.
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70 | netwealth Annual Report 2026 For the year ended 30 June 2026 J. Other information KMP share movements The table below sets out the holdings and changes of holdings of ordinary shares for each KMP in FY26. Ordinary shares Balance at beginning of financial period Purchase of shares Sale of shares Other changes during the year Balance at end of financial period FY26 Number Number Number Number Number Non-Executive Directors Michael Wachtel 6,850 - - - 6,850 Davyd Lewis 93,010 - - - 93,010 Kate Temby 8,000 - - - 8,000 Michael Heine 100,039,999 - - - 100,039,999 Sally Freeman 10,436 - - - 10,436 Sarah Brennan 2,210 3,080 - - 5,290 Former Non-Executive Directors Timothy Antonie 60,000 - - - 60,000 Executive Directors Matt Heine 3,200,076 - - 181,699 3,381,775 Senior Executive Hayden Stockdale - 2,900 - - 2,900
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71 | netwealth Annual Report 2026 For the year ended 30 June 2026 KMP option and rights holdings The table below sets out the holdings of options and rights issued under the NEIP to each KMP. All figures expressed as number of units held. Type of equity Balance at 1 July 2025 Equity granted during the year Lapsed/ Forfeited Exercised /Sold Balance at 30 June 2026 Vested during the year Vested as at 30 June 2026 Vested and exercisable Vested but non- exercisable Executive Directors Matt Heine FY20 Options 78,232 - - (78,232)^ - - - - - FY22 Options 75,000 - - (75,000)^ - - - - - FY23 Rights 28,467 - - (28,467) ~ - - - - - FY24 Rights 41,450 - 14,002 - 27,448 27,448 27,448 27,448 - FY25 Rights 47,968 - - - 47,968 - - - - FY26 Rights - 30,926* - - 30,926 - - - - Senior Executive Hayden Stockdale FY25 Rights 7,544 - - - 7,544 - - - - FY26 Rights - 6,365# - - 6,365 - - - - * Equity fair value at grant date of 12/11/2025 was $28.71. # Equity fair value at grant date of 15/09/2025 was $29.13. ^ Market value at exercise date of 15/09/2025 was $30.51. ~ Market value at exercise date of 25/08/2025 was $36.31. Employee Share Gift Plan Under the Group’s Employee Gift Plan, all eligible permanent and part-time employees of the Group may be offered the opportunity to receive, for no consideration, up to $1,000 in shares at market value. Employees who receive employee gift shares are restricted from dealing in those shares until the earlier of three years from grant date or the date the employees ceases employment. The operation of this plan is assessed annually by the Board. During FY26, the Group made offers under its Employee Gift Plan to grant $1,000 worth of shares to all eligible permanent and part-time employees that have been employed by the Group for a continuous period of 3 years as at 1 July 2025, resulting in 9,296 new ordinary shares being issued at $31.38 on 15 September 2025 and 31 new ordinary shares being issued at $31.64 on 3 November 2025 (FY25: 10,800 ordinary shares). Overview of unvested equity awards All awards are subjected to the employee’s continued employment, individual values ratings and malus and clawback provisions. In line with the Remuneration Policy, participants who receive equity or equity-linked deferred remuneration are prohibited from entering into any transaction (such as a hedge or derivative arrangement) that would limit the economic risk of, or their economic exposure to, unvested entitlements before those entitlements have vested and are able to be sold for cash. Where a participant is found to have breached this requirement, the Board may determine that the relevant variable remuneration is forfeited, in whole or in part.
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72 | netwealth Annual Report 2026 For the year ended 30 June 2026 Equity plan Grant Date Vesting Period Vesting Conditions Start Date End Date FY25 Rights 11 Sep 2024 01 Jul 2024 30 Jun 2027 Personal and behavioural performance gateway which must be met. Risk gateway which must be met. Proportions vesting: 35% based on Netwealth’s EPS CAGR over the vesting period. 35% based on Netwealth’s TSR Rank in the relevant comparator group during the vesting period; and 30% based on effective execution of business plan. FY25 Rights - CEO 20 Nov 2024 01 Jul 2024 30 Jun 2027 Same as above FY25 Rights FY25 Rights - CFO 13 Dec 2024 01 Jul 2024 30 Jun 2027 Same as above FY25 Rights FY26 Rights 15 Sep 2025 01 Jul 2025 30 Jun 2028 Personal and behavioural performance gateway which must be met. Risk gateway which must be met. Proportions vesting: 35% based on Netwealth’s EPS CAGR over the vesting period. 35% based on Netwealth’s TSR Rank in the relevant comparator group during the vesting period; and 20% based on customer satisfaction metric 10% based on effective long-term initiative FY26 Rights - CEO 12 Nov 2025 01 Jul 2025 30 Jun 2028 Same as above FY26 Rights Loans and other transactions with key management personnel No loans were made, guaranteed or secured, directly or indirectly, by the Group to any member of KMP or their related parties during FY26, and no such loans were outstanding at 30 June 2026. Other than the remuneration disclosed in this Report, there were no other transactions with KMP or their related parties during FY26 that require disclosure under the Corporations Act 2001. K. Remuneration consultant In accordance with section 300A of the Corporations Act 2001, Netwealth advises that no remuneration recommendations, as defined under the Act, were received from external remuneration consultants in relation to any of the KMP during FY26. The Board and the Remuneration Committee continued to rely on internal resources and market benchmarking data to inform remuneration decisions during the year.
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73 | netwealth Annual Report 2026 For the year ended 30 June 2026 Auditor’s Independence Declaration
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74 | netwealth Annual Report 2026 For the year ended 30 June 2026 Consolidated Statement of Profit or Loss and Other Comprehensive Income For the year ended 30 June 2026. Consolidated Group for Year Ended Note 30 June 2026 $’000 30 June 2025 $’000 Income Revenue 4 382,901 316,408 Other income 4 8,226 8,027 Total income 391,127 324,435 Expenses Employee benefits expenses* 5 (135,080) (108,630) Share-based payment expense (2,060) (1,764) Brokerage, investment & custody (7,131) (6,198) Technology and communication expenses (30,478) (22,229) Client transactions & communication (1,910) (1,927) Professional fees* (10,885) (5,825) Insurance (2,951) (3,103) Advertising & Marketing (3,914) (3,745) Depreciation (3,412) (3,089) Amortisation 15, 18 (4,743) (2,680) Interest expense 13, 18 (2,078) (601) Compensation expense* (100,726) - Other operating expenses 5 (8,302) (7,525) Share of joint venture NPAT - (12) Total expenses (313,670) (167,328) Profit before income tax 77,457 157,107 Income tax expense 6 (16,805) (40,587) Profit for the period 60,652 116,520 Total comprehensive income for the period 60,652 116,520 Total comprehensive income attributable to: Members of the parent entity 60,652 116,520 Earnings per share Basic (cents per share) 9 24.7 47.6 Diluted (cents per share) 9 24.7 47.5 *These expenses include FG expenses: a $100.7M compensation payment and $4.5M in associated legal and consulting fees. The accompanying notes form part of these financial statements
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75 | netwealth Annual Report 2026 For the year ended 30 June 2026 Consolidated Statement of Financial Position As at 30 June 2026. Consolidated Group as at Note 30 June 2026 $’000 30 June 2025 $’000 Assets Current assets Cash and cash equivalents 149,396 148,518 Trade and other receivables 10 31,766 27,563 Current tax asset 4,574 - Financial assets 12 24,000 24,000 Other current assets 11 12,762 10,449 Financial assets at FVTPL* 12 452 527 Total current assets 222,950 211,057 Non-current assets Property, plant and equipment 14 2,682 2,200 Intangible assets 15 33,063 26,027 Lease assets 13 10,431 12,035 Deferred tax assets 6 7,152 5,999 Total non-current assets 53,328 46,261 Total assets 276,278 257,318 Current liabilities Trade and other payables 16 30,576 24,357 Bank Loan 18 23,340 - Provisions 17 11,511 9,906 Current tax liabilities - 7,422 Lease liability 13 571 1,997 Other current liabilities 159 129 Total current liabilities 66,157 43,811 Non-current liabilities Bank Loan 18 34,990 - Lease liability 13 11,508 11,507 Contingent consideration 23 - 1,451 Provisions 17 1,731 1,412 Total non-current liabilities 48,229 14,370 Total liabilities 114,386 58,181 Net assets 161,892 199,137 Equity Issued capital 19 45,801 42,032 Reserves 20 12,461 11,103 Retained earnings 103,630 146,002 Total equity 161,892 199,137 *Fair value through Profit & Loss The accompanying notes form part of these financial statements
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76 | netwealth Annual Report 2026 For the year ended 30 June 2026 Consolidated Statement of Changes in Equity For the year ended 30 June 2026. Consolidated Group Note Issued capital $’000 Reserves $’000 Retained earnings $’000 Total $’000 Balance at 1 July 2024 28,381 9,591 106,548 144,520 Shares issued and fully paid during the period 13,651 - - 13,651 Total comprehensive income for the period - - 116,520 116,520 Share-based payments - 1,512 - 1,512 Dividends paid 8 - - (77,066) (77,066) Balance at 30 June 2025 42,032 11,103 146,002 199,137 Balance at 1 July 2025 42,032 11,103 146,002 199,137 Shares issued and fully paid during the period 3,769 - - 3,769 Total comprehensive income for the period - - 60,652 60,652 Share-based payments - 1,358 - 1,358 Dividends paid 8 - - (103,024) (103,024) Balance at 30 June 2026 45,801 12,461 103,630 161,892 The accompanying notes form part of these financial statements.
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77 | netwealth Annual Report 2026 For the year ended 30 June 2026 Consolidated Statement of Cash Flows For the year ended 30 June 2026. Consolidated Group for Year Ended Note 30 June 2026 $’000 30 June 2025 $’000 Cash flows from operating activities Receipts from customers 405,282 334,664 Payments to suppliers and employees* (221,389) (173,150) Compensation and settlement expense paid* (100,726) - Dividends received 13 15 Interest received 6,924 6,673 Interest paid on leases (524) (601) Income tax paid (29,954) (40,756) Net cash generated by operating activities 26 59,626 126,845 Cash flows from investing activities Purchase of property, plant and equipment (1,724) (1,613) Purchase of term deposit - (24,000) Proceeds from sale of investments 810 345 Acquisition of subsidiaries - (7,743) Purchase of investments (790) (196) Purchase of intangibles 15 (11,752) (6,290) Net cash used in investing activities (13,452) (39,497) Cash flows from financing activities Proceeds from issue of shares 3,068 13,399 Proceeds from borrowings 18 70,000 - Repayment of borrowings 18 (11,670) - Interest paid on loan 18 (1,555) - Borrowing costs paid (122) - Payment of lease liabilities 13 (1,993) (1,839) Dividends paid 8 (103,024) (77,066) Net cash used in financing activities (45,296) (65,506) Net increase in cash held 878 21,842 Cash and cash equivalents at beginning of year 148,518 126,676 Cash and cash equivalents at end of year 149,396 148,518 These cash flows include cash outflows relating to the FG expenses. The accompanying notes form part of these financial statements
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78 | netwealth Annual Report 2026 For the year ended 30 June 2026 Notes to the Financial Statements 1. General information The Financial Report of Netwealth Group Limited which covers ‘the Company’ as an individual entity (disclosed in Note 27) and its controlled entities (together referred to as ‘the Group’) for the year ended 30 June 2026 as required by the Corporations Act 2001 was authorised for issue in accordance with a resolution of the Directors on 26 August 2026. The Company is limited by shares and incorporated and domiciled in Australia. Registered office of the company and principal place of business: Netwealth Group Limited Level 6, 180 Flinders Street MELBOURNE VIC 3000 The principal activities of the Group are to provide Financial Intermediaries and clients with financial services including managed funds, investor directed portfolio services, a superannuation master fund, separately managed accounts, self-managed superannuation administration services and non-custodial administration service. 2. Material accounting policies Basis of preparation The financial statements for the year ended 30 June 2026: is for the consolidated entity consisting of Netwealth Group Limited and its controlled entities (trading on the ASX under the symbol ‘NWL’); is presented in Australian dollars, with all values rounded to the nearest thousand dollars, or in certain cases, the nearest dollar, in accordance with the Australian Securities and Investment Commission Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191; has been prepared on a going concern basis using historical costs except for financial instruments required to be measured at fair value through profit or loss (FVTPL), in accordance with Australian Accounting Standards (AASBs) and Interpretations issued by the Australian Accounting Standards Board, and the Corporations Act 2001; complies with International Financial Reporting Standards as issued by the International Accounting Standards Board; and has accounting policies and methods of computation which are consistent for all periods presented, unless stated otherwise. Certain comparative figures have been amended to conform with the financial statement’s presentation adopted in the current year. Principles of consolidation The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company and its subsidiaries. Control is achieved when the Company: has power over the investee; is exposed, or has rights, to variable returns from its involvement with the investee; and has the ability to use its power to affect its returns. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. The financial statements of all the entities are prepared for the same reporting period as the parent entity with consistent accounting policies. Profit or loss and each component of other comprehensive income are attributed to the owners of the Company. All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.
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79 | netwealth Annual Report 2026 For the year ended 30 June 2026 New and revised Australian Accounting Standards and Interpretation on issue but not yet adopted New and revised Standards and Interpretations issued by the AASB which are not mandatory for the 30 June 2026 reporting period have not yet been applied in these financial standards. The Group’s assessment of the relevant new Standards and Interpretations are as below: AASB 18 Presentation and Disclosure in Financial Statements (applicable to annual reporting periods beginning on or after 1 January 2027) From 1 January 2027, the Group is required to adopt the new presentation and disclosure standard, AASB 18 Presentation and Disclosure in Financial Statements which replaces the existing standard, AASB 101 Presentation of Financial Statements. The new standard will not change the recognition and measurement of items in the financial statements but will affect the presentation and disclosures in the financial statements. As per the new standard, the following key features are required: New categories and defined subtotals in the Statement of Profit or Loss and Other Comprehensive Income New disclosures about management-defined performance measures (MPMs) Enhanced guidance on the grouping of information in the financial statements. The transition to AASB 18 has an impact on how financial information is presented to users of the financial statements and requires retrospective application on comparative numbers. The Group is currently assessing the full impact of adopting AASB 18 and is not early adopting this standard. AASB S1 General Requirements for Disclosure of Sustainability-related Financial Information and AASB S2 Climate-related Disclosures (applicable to annual reporting periods beginning on or after 1 July 2026) The Australian Accounting Standards Board has issued AASB S1 General Requirements for Disclosure of Sustainability-related Financial Information and AASB S2 Climate-related Disclosures. AASB S1 is voluntary, while AASB S2 is mandatory for entities required to prepare climate-related financial disclosures under the Corporations Act 2001. As a Group 2 reporting entity, the Group is required to apply AASB S2 for annual reporting periods beginning on or after 1 July 2026, with the Group’s first mandatory climate-related financial disclosures to be included in the Annual Report for the year ending 30 June 2027. The adoption of AASB S2 is expected to result in additional climate-related financial disclosures within the Group’s annual reporting suite and is not expected to have a material impact on the recognition or measurement of the Group’s assets, liabilities, income or expenses in the consolidated financial statements on initial application. The Group is continuing to assess the disclosure, systems, process and control requirements arising from AASB S2, including the application of available transition reliefs and the full impact of adopting this standard. Critical accounting estimates and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions in relation to assets, liabilities, contingent liabilities, revenues and expenses. The estimates and underlying assumptions are evaluated on an ongoing basis and are based on historical experience and other factors, including reasonable expectations of future events. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The key areas in which critical estimates and judgements are applied include: First Guardian member compensation. The recognition and measurement of the $100.7 million compensation expense required significant judgement in determining the amount and timing of the obligation. The amount was determined by management, formalised through an Enforceable Undertaking with ASIC, independently reviewed by KPMG, and paid in full during the year. As the obligation was settled in the period, no liability remains recognised at 30 June 2026 and no ongoing estimation uncertainty arises (refer to pages 17 to 18). Impairment. Assessment of impairment indicators and recoverable amounts, determination of useful lives based on usage patterns and technological factors and whether software related costs create a separable intangible asset. Judgement is also applied in assessing assets with indefinite useful life and in determining whether any impairment indicators exist (Note 15); and
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80 | netwealth Annual Report 2026 For the year ended 30 June 2026 Fair value measurement of equity instruments issued to employees and assessment of vesting probability based on performance conditions and expected forfeitures over the performance period (Note 24) Foreign currency translation The functional currency in the Group is determined as the currency of the primary economic environment in which Netwealth operates in. The Group’s financial statements are presented in Australian dollars (the presentation currency), which is also the Group’s functional currency. At initial recognition, a foreign currency transaction is translated into the Group’s functional currency using the spot exchange rate between the functional currency and the foreign currency at the date of the transaction. Where a foreign currency transaction is over a period of time, an average exchange rate can be used unless the exchange rate fluctuates significantly during the period. At the end of each reporting period, the foreign currency monetary assets and liabilities are translated using the closing spot exchange rate. Foreign exchange gains and losses arising from the settlement or translation is measured at fair value and recognised as part of income or loss. All subsidiaries and joint ventures use the same functional currency as the Group. 3. Segment information The operating segment is consistent with the basis on which internal financial reports are provided to the Board of Directors and Executive Management Team, also known as Chief Operating Decision Maker (CODM), to assess performance and allocate resources. The accounting policies adopted for internal reporting to the CODM are consistent with those adopted in the financial statements. The Group operates and discloses a single reportable segment, ‘Platform Operations’ segment, as prescribed by the Accounting Standard AASB 8 Operating Segments. The Group’s operations are based solely in Australia. No single customer contributed 10 per cent or more to the Group’s revenue.
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81 | netwealth Annual Report 2026 For the year ended 30 June 2026 4. Revenue Revenue and other income Consolidated Group Note 30 June 2026 $’000 30 June 2025 $’000 Platform Revenue Administration fees 149,443 129,975 Ancillary fees 147,234 115,549 Transaction fees 53,637 44,141 Management fees 24,737 19,253 Cost of capital recovery 7,850 7,490 Total Revenue from Contracts with Customers 382,901 316,408 Other income Interest received 6,925 6,672 Net gain on disposal of investments 3 6 Unrealised investment loss (179) (13) Dividend and distributions received 23 23 Gain on revaluation on investment - 1,229 Gain on remeasurement of contingent consideration 1,451 - Other Income 3 110 Total other income 8,226 8,027 Total income 391,127 324,435 Material Accounting Policies Revenue is measured by reviewing each revenue contract and its respective services to clients to determine the performance obligations. The transaction price is then allocated to each performance obligation, either over time or at a specific point in time. Revenue contracts such as the Product Disclosure Statement (PDS) were assessed. The performance obligations identified are: Platform revenue – which comprises the following fees: Administration fee are recognised over time as clients receive ongoing access to and benefit from platform services. Fees are calculated by applying contractual percentage rates to daily client account balances and collected monthly in arrears through direct deduction from client accounts. Ancillary fee are recognised over time or at the point of service delivery to platform clients. This includes interest retained on pooled cash accounts and revenues generated by Xeppo and Flux subsidiaries. Transaction fees are recognised at the point of transaction completion. Fees are based on agreed contractual rates and collected monthly in arrears. Management fees are recognised over time as clients receive ongoing fund management services. Fees are calculated based on a contractual percentage rates applied to the daily value of the client account balance under management. Cost of capital recovery is recognised over time as superannuation clients on the platform receive ongoing benefit from the Operational Risk Financial Requirement (ORFR) reserve maintained on their behalf. Other income – which comprises the following income: Interest revenue is accrued over time, by reference to the principal outstanding and the effective interest rate applicable. Gain or loss from disposal of investments is recognised when the asset has been disposed of. Unrealised gain or loss from investments is recognised when the fair value of the underlying asset changes but has not been disposed of. Dividend revenue is recognised when the right to receive a dividend has been established. Gain on revaluation on investment is recognised in profit or loss when the previously held equity interest is remeasured to fair value upon obtaining control in a step-up acquisition. Gain on remeasurement of contingent consideration is recognised in profit or loss when the fair value of a liability-classified contingent consideration decrease after the acquisition date.
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82 | netwealth Annual Report 2026 For the year ended 30 June 2026 5. Expenses 5.1 Employee benefits expenses Consolidated Group 30 June 2026 $’000 30 June 2025 $’000 Salaries and wages (including payroll tax) 115,991 92,437 Contributed superannuation 11,482 8,729 Other employee benefits expenses 7,607 7,464 Total employee benefits expenses 135,080 108,630 5.2 Other operating expenses Consolidated Group 30 June 2026 $’000 30 June 2025 $’000 Admin and other overhead expenses 4,512 4,668 Travel and entertainment expenses 1,972 1,389 Product expenses 1,818 1,468 Total other operating expenses 8,302 7,525 Material Accounting Policies Other employee benefits expenses Long service leave is measured at the present value of the probability weighted expected future payments to be made to employees and are discounted at rates determined by reference to Group of 100 (G100) discount rate. Contributed superannuation All employees of the Group receive defined contribution superannuation entitlements, for which the Group pays the fixed superannuation guarantee contribution to the employee’s superannuation fund of choice in accordance with relevant statutory requirements. Other operating expenses Admin and other overhead expenses are incidental operational costs such as cleaning, postage & courier. These are recorded at the amounts at which the obligation will be seƜled.
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83 | netwealth Annual Report 2026 For the year ended 30 June 2026 6. Income taxes Consolidated Group 30 June 2026 $’000 30 June 2025 $’000 a) The components of tax expense/(income) comprise: Current tax 18,108 43,557 Deferred tax (1,152) (1,480) Transfer from Assets acquired - (1,489) Over provision from prior years (151) (1) 16,805 40,587 b) The prima facie tax on profit before income tax is reconciled to income tax as follows: Prima facie tax before income tax at 30% 23,237 47,132 Research & Development tax offset (5,030) (2,497) Employee share scheme deductions (2,594) (3,907) Non-deductible expenses 1,609 226 Non-assessable income (435) (367) Other tax credits (carry forward losses, franking credits) 18 - Income tax expense attributable to entity 16,805 40,587 Consolidated Group 30 June 2026 $’000 30 June 2025 $’000 c) The components of deferred tax assets comprise: Expenditure deductible over 5 years 176 35 Lease liability 3,624 4,051 Provisions 4,813 3,829 Tax losses carried over from acquisition 2,174 2,224 Other temporary differences 2,705 692 13,492 10,831 d) The components of deferred tax liabilities comprise: Property, equipment and intangible assets 3,203 1,214 Right-of-use assets 3,129 3,610 Other temporary differences 9 8 6,341 4,832
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84 | netwealth Annual Report 2026 For the year ended 30 June 2026 Effective tax rate 30 June 2026 30 June 2025 Consolidated Group 21.7% 25.8% Opening Balance 30 Jun 2024 Charged to Income Transferred from Assets acquired Closing Balance 30 Jun 2025 $’000 $’000 $’000 $’000 Deferred tax assets/liabilities Expenditure deductible over 5 years 60 (33) 9 36 Provisions 2,862 968 - 3,830 Property, plant & equipment and intangible assets (669) 199 (744) (1,214) Leases 353 88 - 441 Tax Losses from acquisition - - 2,224 2,224 Other temporary difference 424 258 - 682 3,030 1,480 1,489 5,999 Opening Balance 30 Jun 2025 Charged to Income Transferred from Assets acquired Closing Balance 30 Jun 2026 $’000 $’000 $’000 $’000 Deferred tax assets/liabilities Expenditure deductible over 5 years 35 141 - 176 Provisions 3,830 983 - 4,813 Property, plant & equipment and intangible assets (1,214) (1,295) - (2,509) Leases 441 54 - 495 Tax Losses from acquisition 2,224 (50) - 2,174 Other temporary differences 683 1,320 - 2,003 5,999 1,153 - 7,152
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85 | netwealth Annual Report 2026 For the year ended 30 June 2026 Offsetting within tax consolidated group Netwealth and its wholly owned subsidiaries have chosen to be taxed as a consolidated entity, where each of the entities in the tax consolidated group are taken to be part of the head entity for the purposes of the tax consolidation legislation, The deferred tax assets and deferred tax liabilities of these entities have been offset in the consolidated financial statements. Material Accounting Policies Current tax The Group's current tax liabilities are calculated using the Australian company tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax Deferred tax liabilities are recognised for taxable temporary differences associated with investments in subsidiaries and associates, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets shall be recognised for the carry forward of unused tax losses and unused tax credits to the extent that it is probable that there will be sufficient taxable profits against which to utilise unused tax losses in the foreseeable future. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Material Accounting Policies Netwealth Group Limited (NWL) and its wholly-owned Australian subsidiaries formed an income tax consolidated group under Australian tax consolidation legislation with NWL as the head entity of the Group. The Group operates under a tax funding arrangement using the ‘standalone taxpayer method’. Transactions between entities in the tax consolidated group will be ignored for tax purposes. While each subsidiary recognises current and deferred tax assets and liabilities as if it were a standalone taxpayer, with corresponding receivables from or payables to NWL, the head entity will be liable for the current income tax liabilities of that group. Current tax liabilities and deferred tax assets arising from unused tax losses and tax credits in subsidiaries are assumed by NWL. While NWL has the legal obligation to the Australian Taxation Office, tax effects are allocated to the entity where transactions occurred, with each entity bearing the tax consequences of its own activities.
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86 | netwealth Annual Report 2026 For the year ended 30 June 2026 7. Key management personnel compensation Consolidated Group 30 June 2026 30 June 2025 $ $ Short term employee benefits 2,989,217 3,472,733 Post-employment benefits 143,275 94,707 Share based payments 696,098 706,554 Key management personnel compensation 3,828,590 4,273,994 The remuneration paid to KMP of the Group during the year, was paid by Netwealth Group Services Pty Ltd, a subsidiary of the Company. The remuneration disclosures are provided in the ‘Remuneration Report’ on pages 46 to 72 of the Annual Report. 8. Dividends Dividends paid by the Company in the year ended 30 June 2026 were: Cents Per Share Total Amount $’000 % Franked Date of Payment Final 2025 ordinary 21.0 51,492 100% 25 Sep 2025 Interim 2026 ordinary 21.0 51,532 100% 26 Mar 2026 Total dividends paid 42.0 103,024 Dividends paid by the Company in the year ended 30 June 2025 were: Cents Per Share Total Amount $’000 % Franked Date of Payment Final 2024 ordinary 14.0 34,203 100% 26 Sep 2024 Interim 2025 ordinary 17.5 42,863 100% 27 Mar 2025 Total dividends paid 31.5 77,066 There is no dividend reinvestment plan. Franking credits Franking credits available as at 30 June 2026 to shareholders of the Company amount to $38,954,526 (2025: $55,143,760) at the 30 percent corporate tax rate.
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87 | netwealth Annual Report 2026 For the year ended 30 June 2026 Subsequent events Since the end of the financial year, the Company declared the following fully franked dividend on 26 August 2026. The dividend has not been provided for as at 30 June 2026. Cents Per Share Total Amount $’000 % Franked Date of Payment Final 2026 ordinary 21.0 51,533 100% 29 Sep 2026 Total dividend 21.0 51,533 9. Earnings per share Basic earnings per share (EPS) is calculated by dividing the profit/(loss) attributable to owners of the Company by the weighted average number of ordinary shares on issue during the year. Diluted EPS is determined by adjusting the profit/(loss) attributable to owners of the Company and the weighted average number of ordinary shares on issue for the effects of all dilutive ordinary shares. The basic and diluted EPS are summarised below. The basic and diluted earnings per share are similar as total dilutive options were less than 1.0% of total ordinary shares on issue as at 30 June 2026. Consolidated Group 30 June 2026 Cents per Share 30 June 2025 Cents per Share Basic earnings per share 24.7 47.6 Diluted earnings per share 24.7 47.5 The earnings and weighted average number of ordinary shares used in the calculation of basic and diluted earnings per share are as follows: Consolidated Group 30 June 2026 $’000 30 June 2025 $’000 Profit for the year attributable to owners of the Company 60,652 116,520 Profit for the year attributable to owners of the Company 60,652 116,520 30 June 2026 Number 30 June 2025 Number Weighted average number of issued ordinary shares 245,311,511 244,651,602 Effect of Dilution: LTI options 495,366 776,751 Weighted average number of ordinary shares used in the calculation of diluted earnings per share 245,806,877 245,428,353
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88 | netwealth Annual Report 2026 For the year ended 30 June 2026 10. Trade and other receivables Consolidated Group 30 June 2026 $’000 30 June 2025 $’000 Products account receivables 31,565 1 27,3811 Trade and sundry receivables 201 182 Total current receivables 31,766 27,563 Total trade and other receivables 31,766 27,563 Trade and other receivables classified as financial assets2 31,766 27,563 1Net of expected credit loss. Refer to table below. 2Refer to Note 12 for further information about Financial Assets The table below presents the provision matrix by referencing to past provision rates and considerations for future outlooks. 2026 Not past due $’000 1-30 days $’000 31-60 days $’000 61-90 days $’000 Over 90 days $’000 Total $’000 Gross products account receivable 30,950 123 22 190 324 31,610 Expected Credit Loss (ECL) Probability 0.05% 0.50% 0.75% 1.00% 3.00% ECL Allowance 18 1 1 2 24 45 2025 Gross products account receivable 26,822 143 96 200 144 27,405 Expected Credit Loss (ECL) Probability 0.05% 0.50% 0.75% 1.00% 3.00% ECL Allowance 16 1 1 2 4 24 The table below presents the gross exposure and related expected credit losses allowance for assets, subject to impairment requirements of AASB 9. 2026 2025 Gross Exposure $’000 ECL Allowance $’000 Net Balance $’000 Gross Exposure $’000 ECL Allowance $’000 Net Balance $’000 Products account receivables 31,610 (45) 31,565 27,405 (24) 27,381 Total 31,610 (45) 31,565 27,405 (24) 27,381
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89 | netwealth Annual Report 2026 For the year ended 30 June 2026 11. Other current assets Consolidated Group 30 June 2026 $’000 30 June 2025 $’000 Accrued income 5,976 5,917 Prepayments 6,665 4,444 Other receivables 121 88 Total other current assets 12,762 10,449 Material Accounting Policies Measurement of Trade and Other Receivables Products account receivables and trade and sundry receivables are measured at amortised cost. The receivables arises when the Group has provided services to clients where the consideration for the service remains unpaid at the end of the financial year. Expected credit losses (ECL) Trade receivables are continuously reviewed using an expected credit loss (ECL) model with a provision matrix based on historical loss rates. Additionally, receivables unlikely to be collected are provided for separately. The ECL is assessed collectively, applying a simplified model that considers probability of default and forward-looking information. Management has determined the Expected Loss Probability for each of the following ageing categories as: Debtors Aging Category ECL Probability Not past due 0.05% 1-30 days 0.50% 31-60 days 0.75% 61-90 days 1.00% Over 90 days 3.00%
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90 | netwealth Annual Report 2026 For the year ended 30 June 2026 12. Financial assets Consolidated Group 30 June 2026 $’000 30 June 2025 $’000 Term Deposit 24,000 24,000 FVTPL1 financial assets 330 527 Finance Costs 122 - Total financial assets 24,452 24,527 Note Consolidated Group 30 June 2026 $’000 30 June 2025 $’000 FVTPL1 financial assets comprise: Netwealth wrap accounts 330 527 Total FVTPL financial assets 22 330 527 1Fair Value through Profit or Loss (FVTPL) Refer to Note 22 for further information about Financial Assets. 13. Leases Property $’000 Office Equipment $’ 000 Total $’ 000 Right-of-use assets Balance as at 30 June 2024 13,691 50 13,741 Additions 410 - 410 Depreciation (2,121) (13) (2,134) Remeasurement - 18 18 Balance as at 30 June 2025 11,980 55 12,035 Additions 568 - 568 Depreciation (2,157) (15) (2,172) Total right-of-use assets as at 30 June 2026 10,391 40 10,431
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91 | netwealth Annual Report 2026 For the year ended 30 June 2026 Property $’000 Office Equipment $’ 000 Total $’ 000 Lease liability Balance as at 30 June 2024 14,864 51 14,915 Additions 409 - 409 Payment of lease liabilities (2,424) (15) (2,439) Interest on leases 598 3 601 Remeasurement - 18 18 Balance as at 30 June 2025 13,447 57 13,504 Additions 568 - 568 Payment of lease liabilities (2,498) (18) (2,516) Interest on leases 520 3 523 Total lease liability as at 30 June 2026 12,037 42 12,079 Current 571 - 571 Non-current 11,466 42 11,508 Total lease liability as at 30 June 2026 12,037 42 12,079 Amounts recognised in Statement of Comprehensive Income 30 June 2026 $’000 30 June 2025 $’000 Depreciation charge on right-of-use assets 2,172 2,134 Interest expense on lease liabilities 523 601 Amounts recognised in Statement of Cash Flows 30 June 2026 $’000 30 June 2025 $’000 Total cash outflows for leases (1,993) (1,839)
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92 | netwealth Annual Report 2026 For the year ended 30 June 2026 Property $’000 Office Equipment $’ 000 Total $’ 000 Maturity analysis of lease liabilities Year 1 2,571 15 2,586 Year 2 2,479 17 2,495 Year 3 2,373 10 2,384 Year 4 2,227 - 2,227 Year 5 2,387 - 2,387 > 5 years - - - Total 12,037 42 12,079 The Group’s incremental borrowing rate (IBR) applied to lease liabilities was 4.14%% for the year ended 30 June 2026. Impact of new lease On 1 June 2026, Netwealth entered into a new 1.5-year lease for an additional floor at its office in Melbourne, recognising a right of use asset and lease liability of $0.57 million. Short-term leases Payments associated with short-term leases are directly expensed within ‘Other operating expenses’ in the consolidated income statement. Short-term leases are leases with a contractual term of 12 months or less. For the year ended 30 June 2026, $0.31 million of short-term lease payments has been recognised in the income statement. Material Accounting Policies At the lease commencement date, NWL recognises the “Right of Use assets” (ROU) with the equivalent lease liability measured at cost less incentives received. The ROU depreciates in a straight line over the lease term. The lease liability is measured at the present value of the lease’s future lease payments from commencement date, discounted using the Group’s IBR. NWL uses the lease specific IBR rate during the period. Any rental abatement taken was recognised across the life of the lease. Lease liability is subsequently remeasured when there is a change in future lease payments arising from a change in lease term, an index or rate, change in amount payable under a residual value guarantee, lease term or termination penalties. When it is remeasured, a corresponding adjustment is made to the carrying value of the ROU asset. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option. Such option is only included in the lease term if the lease is reasonably certain to be extended. The assessment is reviewed if an event of significant change in circumstances occurs which affects this assessment that is within the control of the Group.
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93 | netwealth Annual Report 2026 For the year ended 30 June 2026 14. Property and equipment Consolidated Group Carrying amount of: 30 June 2026 $’000 30 June 2025 $’000 Leasehold improvements 298 349 Equipment 2,384 1,851 Total property and equipment 2,682 2,200 Leasehold Improvements $’000 Equipment $’000 Total $’000 Cost Balance at 30 June 2024 895 4,658 5,553 Additions 6 1,605 1,611 Disposals - - - Balance at 30 June 2025 901 6,263 7,164 Additions 9 1,714 1,724 Disposals - (265) (265) Balance at 30 June 2026 910 7,712 8,623 Accumulated depreciation Balance at 30 June 2024 (490) (3,518) (4,008) Depreciation expense (62) (894) (956) Disposals - - - Balance at 30 June 2025 (552) (4,412) (4,964) Depreciation expense (61) (1,175) (1,236) Disposals - 260 260 Balance at 30 June 2026 (613) (5,327) (5,940) Leasehold Improvements $’000 Equipment $’000 Total $’000 Net carrying amount At 30 June 2025 349 1,851 2,200 At 30 June 2026 298 2,384 2,682
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94 | netwealth Annual Report 2026 For the year ended 30 June 2026 15. Intangible assets Consolidated Group Carrying amount of: 30 June 2026 $’000 30 June 2025 $’000 Software and website developments costs 20,379 22,101 Software – Work in Progress (WIP) 11,011 2,253 Goodwill 1,673 1,673 Total intangibles 33,063 26,027 Customer relationship $’000 Software and website $’000 Software - Work in Progress $’000 Goodwill $’000 Total $’000 Cost Balance at 30 June 2024 300 7,591 4,028 - 11,919 Additions - 11,301 1 6,089 1,673 19,063 Transfer - 7,864 (7,864) - - Disposal (300) - - - (300) Balance at 30 June 2025 - 26,756 2,253 1,673 30,682 Additions - 2,994 8,758 - 11,752 Disposal - - - - - Balance at 30 June 2026 - 29,750 11,011 1,673 42,434 1Software and website acquired from the acquisition of Xeppo and Flux amounted to $11.1M.
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95 | netwealth Annual Report 2026 For the year ended 30 June 2026 Customer relationship $’000 Software and website $’000 Software - Work in progress $’000 Goodwill $’000 Total $’000 Accumulated amortisation and impairment Balance at 30 June 2024 (300) (1,975) - - (2,275) Disposal 300 - - - 300 Amortisation - (2,680) - - (2,680) Balance at 30 June 2025 - (4,655) - - (4,655) Disposal - - - - - Amortisation - (4,715) - - (4,715) Balance at 30 June 2026 - (9,370) - - (9,370) The software acquired from the acquisition of Xeppo and Flux are amortised over their remaining useful life, estimated to be 8 years. The goodwill arising from the acquisition of Xeppo and Flux has been allocated to a single Cash-Generating Unit (CGU) following their integration into the Group's existing operations. The annual impairment testing determined that the recoverable amount of the CGU exceeds its carrying amount, with no impairment required to be recognised. Management remains confident in the strategic rationale for the acquisitions and the long-term prospects of the integrated operations. Material Accounting Policies Intangible assets acquired separately Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over their estimated useful lives. The estimated useful lives and amortisation method are reviewed at the end of each reporting period. Intangible assets with indefinite useful lives that are acquired separately are carried at cost less accumulated impairment losses. Intangible assets acquired in a business combination Intangible assets acquired in a business combination in accordance with AASB 3 Business Combination must be recognised separately from goodwill if it meets the definition and recognition criteria of an intangible asset. The asset is measured at its fair value at acquisition date. Amortisation is recognised on a straight-line basis over their estimated useful lives. Customisation and Configuration costs in Software as a Service (SaaS) arrangements Customisation and configuration costs in SaaS arrangements are capitalised when the software upgrade results in new code written that are separately identifiable, have measurable costs, and meets the condition for Netwealth having obtained control of the intellectual property from the upgrade. The development of the SaaS code enhances and creates new additional capabilities where it is probable that future economic benefits will be obtained. Judgement is continuously applied in determining whether the additional code meets the definition of and recognition criteria as an intangible asset under AASB 138 Intangible Assets.
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96 | netwealth Annual Report 2026 For the year ended 30 June 2026 Material Accounting Policies (cont.) Internally generated intangibles - Work In Progress (WIP) Intangibles – WIP is recognised when it can be demonstrated that there is an intention to complete the work in progress and it is feasible that the intangible assets will be ready for use or sale and the amount can be reliably measured. Impairment of goodwill Goodwill is not amortised but is subject to impairment testing at least annually, or more frequently when there is indication that it may be impaired. Impairment of intangible assets other than goodwill At the end of each reporting period, the Group reviews the carrying amounts of its intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. Intangible assets with either indefinite useful lives or not yet available for use are tested for impairment at least annually or where there is an indicator of impairment. Intangible assets with indefinite useful lives or not yet available for use are tested for impairment at least annually or where there is an indicator of impairment. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss. When an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. Employee benefits expenses Employee benefit expenses, including salaries and associated on-costs, are capitalised as part of the cost of internally generated intangible assets only where they are directly aƜributable to the development phase of a qualifying asset, meet the recognition criteria of AASB 138 and can be measured reliably. Employee benefit costs that do not meet these criteria are recognised as an expense in the period in which they are incurred. Amortisation The intangibles is amortised on a straight-line basis over it’s estimated useful life from the time the asset is ready for use. Amortisation is recognised in profit or loss. The amortisation rates used for each class of amortisable assets are: Class of Intangibles Amortisation rate (currently in use) Customer relationships 20% Existing software and website 20%
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97 | netwealth Annual Report 2026 For the year ended 30 June 2026 16. Trade and other payables Consolidated Group 30 June 2026 $’000 30 June 2025 $’000 Measured at amortised cost: Trade payables 29,112 23,073 GST payables 1,464 1,284 Total trade and other payables measured at amortised cost 30,576 24,357 Financial liabilities at amortised costs classified as trade and other payables Total trade and other payables at amortised cost 30,576 24,357 Less: GST payable 1,464 1,284 Total financial liabilities as trade and other payables 29,112 23,073 Material Accounting Policies Measurement of Trade and Other Payables Trade creditors and other payables are initially measured at amortised cost. The above liabilities are recognised when the goods and services are received but are unpaid at the end of the financial year and the Group has a present obligation to make payments to the supplier. Goods and Services T ax (GST) Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Taxation Office (ATO). Receivables and payables are stated inclusive of the amount of GST receivables or payable. The net amount of GST recoverable from, or payable to, the ATO is included as part of trade and other payables in the statement of financial position.
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98 | netwealth Annual Report 2026 For the year ended 30 June 2026 17. Provisions Consolidated Group 30 June 2026 $’000 30 June 2025 $’000 Employee benefits 13,160 11,237 Make good provisions 82 81 Total provisions 13,242 11,318 Current 11,511 9,906 Non-current 1,731 1,412 Total provisions 13,242 11,318 Employee Benefits Make good provisions Total Provisions $’000 $’000 $’000 Analysis of provisions consolidated Group Balance at 30 June 2025 11,237 81 11,318 Additional amounts raised during the year 8,744 1 8,745 Amount used or reversed during the year (6,821) - (6,821) Balance at 30 June 2026 13,160 82 13,242 17.1 Employee benefits liability Consolidated Group 30 June 2026 $’000 30 June 2025 $’000 Current Annual leave 7,089 5,738 Long service leave 4,340 4,087 Total current employee benefits liability 11,429 9,825 Non-current Long service leave 1,731 1,412 Total non-current employee benefits liability 1,731 1,412 Total employee benefits liability 13,160 11,237
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99 | netwealth Annual Report 2026 For the year ended 30 June 2026 18. Borrowings 18.1 Loan Facility Consolidated Group 30 June 2026 $’000 30 June 2025 $’000 Secured borrowings at amortised cost Bank loans 58,330 - Total borrowings 58,330 - Non-current 34,990 - Current 23,340 - 18.2 Reconciliation of the movement in borrowings to financing cash flows Consolidated Group 30 June 2026 $’000 30 June 2025 $’000 Balance at 30 June 2025 - - Drawdown of loan facility 70,000 - Net proceeds recognised 70,000 - Principal repayments (11,670) - Balance at 30 June 2026 58,330 - Material Accounting Policies Employee benefits liability Employee benefits liability is recognised when the employee has provided service to the Group in exchange for employee benefits to be paid in the future. Where the employee benefit liabilities are not expected to be seƜled wholly within 12 months aƍer the end of the annual reporting period in which the obligation arises, the liability is discounted to present value based on management’s best estimate of the timing of seƜlement and the expenditure required to seƜle the liability at the reporting date. The discount rates used to determine the present value of employee-related provisions are determined by reference to the Group of 100 discount rates at the end of the reporting period with terms to maturity and currencies that match, as closely as possible, the estimated future cash outflows of the related liability.
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100 | netwealth Annual Report 2026 For the year ended 30 June 2026 18.3 Interest expense and financing costs Consolidated Group 30 June 2026 $’000 30 June 2025 $’000 Interest expense 1,555 - Amortisation of borrowing costs 28 - Net interest expense and financing costs 1,583 - During the year, the Group established a $100 million secured term loan facility to fund the First Guardian member compensation payment. The facility was approved in December 2025, matures in March 2028 and bears interest at a variable rate referenced to the bank bill swap rate (BBSY) plus a margin. Principal is repayable in half- yearly instalments, with a final repayment due at maturity. The facility is secured by corporate guarantees and indemnities provided by the wholly owned subsidiaries of the Group, together with general security agreements over the present and future assets of Netwealth Holdings Limited and these subsidiaries. Facility establishment costs of $0.1 million (2025: nil) have been offset against the carrying amount of the borrowing and amortised over the term of the facility using the effective interest method. Refer to Note 12 Financial Assets. The facility is subject to financial covenants, including a gearing ratio, an interest coverage ratio, and a minimum FUA requirement. The Group complied with all covenants during, and at the end of, the reporting period, and monitors compliance through regular forecasting. 19. Issued capital Consolidated Group 30 June 2026 $’000 30 June 2025 $’000 Balance at beginning of the reporting period 898,090 884,439 Cash received on vested options converted 3,484 13,399 Employee gift shares issued 285 252 Total share capital 901,859 898,090 Reorganisation reserve (856,058) (856,058) Issued capital at the end of the reporting period 45,801 42,032 The reorganisation reserve of $856.1 million arose on the restructure of equity at listing in FY18, reflecting the market value of $3.70 per Fully Paid Ordinary share.
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101 | netwealth Annual Report 2026 For the year ended 30 June 2026 Consolidated group 30 June 2026 Number 30 June 2025 Number Fully Paid Ordinary shares At the beginning of the reporting period 245,021,517 244,034,237 Vested options converted 365,858 976,480 Employee gift shares issued 9,327 10,800 At the end of the reporting period 245,396,703 245,021,517 On 28 August 2025, 74,359 Rights were exercised for no cash consideration and converted to Fully Paid Ordinary Shares. On 1 September 2025, 15 September 2025 and 3 November 2025, 265,741 ($3,101,603) Options that have vested were exercised and converted to Fully Paid Ordinary shares. On 15 September 2025 and 3 November 2025, 9,296 ($291,708) and 31 ($980.84) Fully Paid Ordinary shares were issued at no cost to eligible employees as part of the Employee Gift Offer respectively. On 2 March 2026 and 28 April 2026, 25,758 ($382,855) Options that have vested were exercised and converted to Fully Paid Ordinary shares. During the financial year, Netwealth received $3,484,458 for the exercise of vested Options and their conversion to Fully Paid Ordinary shares and gifted $284,577 shares to employees. The Company has issued share capital amounting to 245,396,703 Fully Paid Ordinary shares (2025: 245,021,517 shares). At shareholders’ meetings each Ordinary share is entitled to one vote when a poll is called, otherwise each Ordinary shareholder has one vote on a show of hands. 20. Reserves Consolidated Group Share-based payments reserve 30 June 2026 $’000 30 June 2025 $’000 Balance at beginning of the reporting period 11,102 9,591 Share based payment expense 1,359 1,512 Share-based payments reserve 12,461 11,103 The Share-based payments reserve records the fair value of shares granted via Share-based payment transactions. Material Accounting Policies The grants under the Employee Share Plan result in the recognition of employment expenses with a corresponding increase in share reserve.
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102 | netwealth Annual Report 2026 For the year ended 30 June 2026 21. Controlled entities Note Country of Incorporation Percentage Owned 30 June 2026 % 30 June 2025 % Subsidiaries of Netwealth Group Limited Netwealth Holdings Limited (a) Australia 100 100 Wealthtech Pty Ltd Australia 100 100 Netwealth Employee Equity Plan Trust Australia 100 100 Subsidiaries of Netwealth Holdings Limited Netwealth Investment Limited Australia 100 100 Netwealth Group Services Pty Ltd (a) Australia 100 100 Netwealth Fiduciary Services Pty Ltd (a) Australia 100 100 Netwealth Superannuation Services Pty Ltd Australia 100 100 Xeppo Pty Ltd Australia 100 100 Flux Corp Pty Ltd Australia 100 100 Subsidiaries of Flux Corp Pty Ltd Flux Media Pty Ltd Australia 100 100 Flux Technologies Pty Ltd Australia 100 100 Flux Insights Pty Ltd Australia 100 100 Compeer Finance Pty Ltd Australia 100 100 (a) Parties to a Deed of Cross Guarantee with Netwealth Group Limited as detailed in Note 28. Wealthtech Pty Ltd is not operational as of 30 June 2026.
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103 | netwealth Annual Report 2026 For the year ended 30 June 2026 22. Financial instruments The carrying amount for each category of financial instruments, measured in accordance with AASB 9 Financial Instruments, as detailed in the accounting policies to these financial statements, are as follows: 1This liability comprises borrowings under the ANZ bank loan facility established to fund the FG expenses. Consolidated Group 30 June 2026 $’000 30 June 2025 $’000 Financial assets Cash and cash equivalents 149,396 148,518 Trade and other receivables 31,766 27,563 Term Deposit 24,000 24,000 Finance costs 122 - Financial assets at FVTPL 330 527 Total financial assets 205,614 200,608 Financial liabilities Trade and other payables 29,112 23,073 Lease liabilities 12,079 13,504 Bank loan1 62,121 - Contingent consideration - 1,451 Total financial liabilities 103,312 38,028 Material Accounting Policies Initial recognition and measurement Financial instruments are initially measured at fair value. If the market for the financial instrument is unlisted or no market quotes are available, fair values is obtained using discounted cash flow analysis or other valuation techniques, using inputs based on market condition prevailing at the measurement date. Transaction costs that are directly aƜributable to the acquisition or issue of financial instruments (other than those classified at fair value) are adjusted against the fair value on initial recognition. Transaction costs directly aƜributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss (FVTPL) are recognised immediately in profit and loss. Classification of Financial assets Debt instruments that meet the following conditions are measured subsequently at amortised cost: The financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. By default, all other financial assets except for cash are measured subsequently at FVTPL.
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104 | netwealth Annual Report 2026 For the year ended 30 June 2026 The Group’s financial instruments consist of deposits with banks, local money markets investments, short term investments, loan to joint venture, accounts receivable and payable and lease liabilities. For the year ended 30 June 2026, the Group did not utilise derivatives and has not traded in financial instruments including derivatives other than listed and unlisted securities. The financial instruments the Group has exposes it to the following risks: Capital management Credit risk Liquidity risk Market risk Interest rate risk In relation to the exposure of the above risks, the objectives, policies, process, measurement and the management of capital are outlined in the disclosures below. Material Accounting Policies cont… A financial asset is held for trading if: It has been acquired principally for the purpose of selling it in the near term; It is a derivative. Cash & cash equivalent Cash and cash equivalents with no fixed maturity are short-term instruments in nature or are payable on demand whose carrying value is equivalent to fair value. Term Deposits Term deposits are recognised as financial assets measured at amortised cost, held to collect contractual cash flows. The contractual terms of the deposit give rise, on specified dates, to cashflows that are solely payments of principal and interest on the principal amount outstanding. FVTPL financial assets FVTPL financial assets includes trading assets which includes financial investments classified as FVTPL. The quoted prices of the financial assets are quoted on the active market. Derecognition of financial assets The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. Financial liabilities and equity instruments Debt and equity instruments issued by a group entity are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. The contingent consideration arising from a business combination are classified as Financial Liabilities as at FVTPL. Financial Liabilities at FVTPL are measured at fair value, with any gains or losses arising on changes in fair value recognised in profit or loss. Bank Loan The bank loan facility is recognised as a financial liability at amortised cost. The contractual terms of the facility give rise, on specified dates, to cash flows comprising repayments of principal and payments of interest on the principal amount of outstanding.
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105 | netwealth Annual Report 2026 For the year ended 30 June 2026 22.1 Capital management & Regulatory requirements The Group's capital comprises share capital, reserves and retained earnings. Following the establishment of the $58.3 million term loan facility during the year (refer Note 18), the Group also manages its capital with regard to its external borrowings. The Group manages its capital to safeguard its ability to continue as a going concern, meet its regulatory capital obligations, and provide returns to shareholders. During the year, the Group funded the $100.7 million First Guardian member compensation payment through a combination of operating cash flows and the term loan facility, with the facility partially repaid by year end. Certain subsidiaries within the Group are subject to externally imposed capital requirements, including Net Tangible Assets requirements under their Australian Financial Services Licences and, in respect of the superannuation trustee, the Operational Risk Financial Requirement (ORFR) set by APRA. Effective 1 July 2025, APRA reduced the ORFR target from 25 to 20 basis points of FUM, which reduced the required operational risk reserve by approximately $17 million. As at 30 June 2026, the superannuation trustee has an operational risk reserve of $92 million, and the Group's licensed entities held net tangible assets in excess of the aggregate requirement of $30.2 million. The Group monitors compliance with these requirements on an ongoing basis. All regulated entities held capital in excess of their minimum regulatory requirements throughout the year ended 30 June 2026 (2025: complied). 22.2 Credit risk The Group holds cash and cash equivalents with Australian authorised deposit-taking institutions with strong external credit ratings. The Group's principal exposure to credit risk arises from products account receivables, which represent platform fees receivable from clients and are settled by direct deduction from client account balances held on the Group's platform. As a result, credit risk on these receivables is low. Expected credit loss approach Note Gross Carrying Value Expected Credit Loss Carrying Value $’000 $’000 $’000 2026 Cash and cash equivalents Lifetime ECL (i) 149,396 - 149,396 Trade and other receivables Lifetime ECL (ii) 31,811 (45) 31,766 Term Deposit Lifetime ECL (iii) 24,000 - 24,000 2025 Cash and cash equivalents Lifetime ECL (i) 148,518 - 148,518 Trade and other receivables Lifetime ECL (ii) 27,587 (24) 27,563 Term Deposit Lifetime ECL (iii) 24,000 - 24,000 (i) Cash and cash equivalents, directly or indirectly through the Netwealth Wrap Service are held with large reputable financial institutions within Australia where the credit risk is considered low. (ii) The Group determines the expected credit losses on these items based on historical credit loss using probability of default, and forward-looking expectations. (iii) The Group determines that no expected credit loss is recognised on the term deposit as it is held with a large reputable financial institution. The Group has not experienced material credit losses on these financial assets.
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106 | netwealth Annual Report 2026 For the year ended 30 June 2026 22.3 Liquidity risk management The Group manages liquidity risk by maintaining sufficient cash reserves and monitoring forecast and actual cash flows. During the year, liquidity was also managed with regard to the term loan facility used to fund the First Guardian compensation payment. Cash flows realised from financial assets reflect management’s expectation as to the timing of realisation. Actual timing may therefore differ from that disclosed. Year 1 Year 2 Year 3 Year 4 Year 5 More than 5 Years Total $’000 $’000 $’000 $’000 $’000 $’000 $’000 2026 Trade & other payables 29,112 - - - - - 29,112 Lease liabilities 2,586 2,495 2,384 2,227 2,387 - 12,079 Bank loan1 25,965 36,156 62,121 Total expected outflows 57,663 38,651 2,384 2,227 2,387 - 103,312 Cash and cash equivalents 149,396 - - - - - 149,396 Trade and other receivables 31,766 - - - - - 31,766 Term Deposit 24,000 - - - - - 24,000 Financial assets at FVTPL 330 - - - - - 330 Total anticipated inflows 205,492 - - - - - 205,492 Net inflow/(outflow) of financial instruments 147,829 (37,485) (2,384) (2,227) (2,387) - 102,180 1Bank loan relates to term loan facility with ANZ to fund the First Guardian member compensation payment and is inclusive of both principal and interest repayments.
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107 | netwealth Annual Report 2026 For the year ended 30 June 2026 Year 1 Year 2 Year 3 Year 4 Year 5 More than 5 Years Total $’000 $’000 $’000 $’000 $’000 $’000 $’000 2025 Trade & other payables 23,073 - - - - - 23,073 Lease liabilities 1,996 2,163 2,347 2,384 2,227 2,387 13,504 Contingent consideration 1,451 - - - - - 1,451 Total expected outflows 26,520 2,163 2,347 2,384 2,227 2,387 38,028 Cash and cash equivalents 148,518 - - - - - 148,518 Trade and other receivables 27,563 - - - - - 27,563 Term Deposit 24,000 - - - - - 24,000 Financial assets at FVTPL 527 - - - - - 527 Total anticipated inflows 200,608 - - - - - 200,608 Net inflow/(outflow) of financial instruments 174,088 (2,163) (2,347) (2,384) (2,227) (2,387) 162,580 22.4 Market risk Price risk arises from the Group's investments in financial assets measured at fair value through profit or loss. As at 30 June 2026, these totalled $0.3 million and the Group is not materially exposed to price risk. 22.5 Interest rate risk The Group is exposed to interest rate risk primarily through its cash and cash equivalents, term deposit, and its variable-rate term loan facility (referenced to BBSY). A movement of +/- 0.5% in interest rates, applied to the Group's net floating-rate financial instruments, would impact profit before tax by approximately $2.3 million (refer sensitivity analysis below). This reflects the benefit of higher or lower rates on corporate cash and pooled cash balances exceeding $2 million, partly offset by higher interest expense on the term loan facility.
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108 | netwealth Annual Report 2026 For the year ended 30 June 2026 Material Accounting Policies Initial recognition and measurement on foreign currency At initial recognition, a foreign currency transaction is translated into the Group’s function currency using the spot exchange rate between the functional currency and the foreign currency at the date of the transaction. Where a foreign currency transaction is over a period of time, an average exchange rate can be used unless the exchange rate fluctuate significantly during the period. Subsequent measurement on foreign currency At the end of each reporting period, the foreign currency monetary assets and liabilities are translated using the closing spot exchange rate. Foreign exchange gains and losses arising from the seƜlement or translation is measured at fair value and recognised as part of income or loss. Foreign exchange risk As the Group is holding cash in a foreign currency, it is exposed to foreign currency translation movements which is captured as part of income or loss. Sensitivity analysis The following table illustrates sensitivities to the Group’s exposures to changes in interest rates. The table indicates the impact on how profit and equity values reported at the end of the reporting period would have been affected by changes in the relevant risk variable that management considers to be reasonably possible. These sensitivities assume that the movement in a variable is independent of other variables. Consolidated Group Profit (Before Tax) $’000 Profit (After Tax) $’000 Year ended 30 June 2026 +/- 0.5% cash rate +2,315/-2,315 +1,621/-1,621 Year ended 30 June 2025 +/- 0.5% cash rate +2,096/-2,096 +1,467/-1,467 22.6 Foreign currency risk The Group is exposed to foreign currency risk on cash holdings denominated in foreign currencies, principally US dollars. As at 30 June 2026, the Group held the AUD equivalent of USD 3.4 million. A reasonably possible movement in the AUD/USD exchange rate would not have a material impact on profit or equity.
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109 | netwealth Annual Report 2026 For the year ended 30 June 2026 22.7 Fair value of financial instruments The fair values of financial assets and financial liabilities that are measured at amortised cost are presented in the following table: Net Carrying Value 30 Jun 2026 30 Jun 2025 $’000 $’000 Financial assets Cash & cash equivalent 149,396 148,518 Trade & other receivables 31,766 27,563 Term Deposit 24,000 24,000 Total financial assets 205,162 200,081 Financial liabilities Trade & other payables 29,112 23,073 Bank loan 58,330 - Contingent consideration - 1,451 Total financial liabilities 87,442 24,524 For all in the above table, the carrying value approximates their fair value Financial instruments measured at fair value The financial instruments recognised at fair value in the statement of financial position have been analysed and classified using a fair value hierarchy reflecting the significance of the inputs used in making the measurements. The fair value hierarchy consists of the following levels: Unadjusted quoted prices in active markets for identical assets or liabilities (Level 1). The listed and unlisted investments are valued by reference to the quoted prices in active markets and are deemed to be Level 1 instruments in accordance with AASB 13 fair value hierarchy of measurement. In this regard, there is no subjectivity in relation to their value. In valuing investments that maybe included in Level 2 of the hierarchy, valuation techniques, such as comparison to similar investments for which market observable prices are available, are adopted to determine the fair value of these investments. Fair value for investments that maybe included in Level 3 are determined using valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).
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110 | netwealth Annual Report 2026 For the year ended 30 June 2026 Level 1 Level 2 Level 3 Total $’000 $’000 $’000 $’000 2026 Financial assets FVTPL financial assets: Listed investments 45 - - 45 Other - 285 - 285 Total FVTPL financial assets 45 285 - 330 2025 Financial assets FVTPL financial assets: Listed investments 43 - - 43 Other - 484 - 484 Total FVTPL financial assets 43 484 - 527 FVTPL financial liabilities: Contingent consideration arrangement - - 1,451 1,451 Total FVTPL financial liabilities - - 1,451 1,451 Listed investments are valued by reference to the quoted prices in active markets for identical securities and are deemed to be Level 1 securities in accordance with AASB 13 fair value hierarchy of measurement. In this regard, prices are directly observable in an active market as listed investments. In valuing investments that are classified as Level 2 of the hierarchy, valuation techniques, such as comparison to similar investments for which market observable prices are available, are adopted to determine the fair value of these investments. The valuation of investments classified as Level 3 inputs are based on unobservable inputs and involve valuation techniques such as discounted cashflow. The reconciliation is shown in the table below: Reconciliation of Level 3 fair value measurements Contingent consideration arrangement $’000 30 June 2026 Opening balance 1,451 Contingent consideration arrangement (1,451) Closing balance -
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111 | netwealth Annual Report 2026 For the year ended 30 June 2026 23. Contingent consideration Consolidated Group 30 June 2026 $’000 30 June 2025 $’000 Contingent consideration arrangement - 1,451 Total contingent liabilities - 1,451 Acquisition of Flux Group on 14 October 2024 On 14 October 2024, Netwealth acquired all issued share capital of Flux and its subsidiaries for $2.46 million in cash plus up to $1.75 million in contingent consideration, payable after FY26. Total contingent consideration payable is based on Flux meeting specific revenue and profitability targets in FY25 and FY26. During 1H26, Flux and management have assessed and mutually agreed it will not meet its earn out targets for FY26. Based on this assessment, the Group reversed the contingent consideration liability of $1.45 million, recognising this amount as a gain in the statement of profit or loss. 24. Share Based Payments Netwealth Equity Incentive Plan (NEIP) The Group operates an equity-settled share-based compensation plan for which the Board, under the NEIP may make offers of ‘incentive securities” in the form of rights, options, restricted shares or a combination of these to selected employees in exchange for their services. The value of the employee services rendered for the grant of these incentive securities is recognised as an expense over the vesting period, with the amount determined by the fair value of these incentive securities granted. The NEIP does not apply to Non-Executive Directors. At the beginning of FY25, the Group established the Netwealth Employee Equity Plans Trust (NEEPT) which administers the Group’s employee share scheme. The NEEPT is consolidated as it is controlled by the Group. There is no treasury shares retained in the NEEPT as all purchase of the shares is immediately distributed to employees participating in the NEIP. The net contribution by the Group to the NEEPT is deductible for tax purposes. During the year, the Group had the following share-based payment arrangements: Options Granted No options were granted to employees under the NEIP (2025: Nil). Rights Granted The Company granted and issued 111,723 performance rights under the NEIP (2025: 111,295).
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112 | netwealth Annual Report 2026 For the year ended 30 June 2026 The following performance rights remain outstanding at the end of the reporting period: Series Grant date Number Plan Vesting Date Weighted Average Fair Value at Grant Date Series 31 11 September 2024 49,836 FY25 Rights - LTI 30 June 2027 $21.85 Series 33 20 November 2024 47,968 FY25 Rights - LTI 30 June 2027 $28.54 Series 34 13 December 2024 7,544 FY25 Rights - LTI 30 June 2027 $28.12 Series 36 15 September 2025 29,185 FY26 Rights - LTI 30 June 2028 $29.13 Series 37 15 September 2025 1,408 FY26 Rights – LTI (sign on) 30 June 2027 $27.07 Series 38 12 November 2025 34,179 FY26 Rights - LTI 30 June 2028 $28.71 Series 39 13 March 2026 18,667 FY26 Rights – LTI 30 June 2028 $25.41 Series 40 13 March 2026 21,310 FY26 Rights – LTI (sign on) 27 March 2028 $21.50 Series 41 13 March 2026 6,974 FY26 Rights – LTI (retention) 30 June 2028 $21.50 The inputs into the calculation of the Rights using the Black Scholes Model are as follows: 30 June 2026 30 June 2025 Weighted average share price $26.60 $25.22 Expected Volatility 40% 40% Expected life 3 years 3 years Risk-free rate 3.94% 3.75% Expected dividend yields 0.89% 0.99% Expected volatility was determined using the historical volatility of the Group’s share price over the previous 3 years. The expected life used in the model is based on management’s best estimate having considered the effects of non-transferability and exercise restrictions. The following vesting conditions apply to the FY26 LTI Scheme Rights: The holder must be either continuously employed by or hold office continually until 30 June 2028; In each of the four financial years ending with FY29, the holder must achieve performance ratings of ‘achieving’ and achieve all minimum KPIs as detailed in their performance plan applicable for the relevant year; 20% of the Rights are subject to achieving an average ranking of 2 or higher in the select NMG “Platform ratings by advisers – ‘Factors that matter’” category; 10% of the Rights are subject to delivery of key long- term initiatives, with progress assessed against defined deliverables and alignment with Netwealth’s strategic priorities;35% of Rights are subject to achieving a Total Shareholder Return relative to the Group’s ranking in
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113 | netwealth Annual Report 2026 For the year ended 30 June 2026 the Comparator Group (being the ASX 300 Diversified Financial Index); and 35% of Rights are subject to the Group achieving the target EPS growth rate over the vesting period. A proportion of the CEO, CFO and Chief Risk, Legal and Governance Officer’s (CRO) Rights are subject to deferral (Deferred Rights) of vesting based on the Board’s assessment of the proportion of holder’s duties and responsibilities that is related to Netwealth Superannuation Services Pty Ltd as an APRA-related registerable superannuation entity. The CFO and CRO’s Deferred Rights are deferred over an additional 2 years while the CEO’s Rights are deferred over an additional 3 years. The following vesting conditions apply to the FY26 LTI Scheme Rights (Sign-On): The holder must be either continuously employed by or hold office continually until 30 June 2027; and In both financial years, FY26 and FY27, the holder must achieve performance ratings of ‘achieving’ and achieve all minimum KPIs as detailed in the performance plan applicable for the relevant year. The CTO’s Sign-on Rights are subject to tranche-based vesting, with vesting contingent on the satisfaction of specified service and performance conditions. For each vesting tranche, the CTO must achieve a rating of “Aligned” or above for personal behaviour and performance against Netwealth’s values and satisfy the Risk Gateway for the relevant financial year of the vesting period. The following vesting conditions apply to the FY26 LTI Scheme Rights (Retention): The holder must be either continuously employed by or hold office continually until 30 June 2028; and In both financial years, FY26, FY27 and FY28, the holder must achieve performance ratings of ‘aligned’ and achieve all minimum KPIs as detailed in the performance plan applicable for the relevant year; and Support and contribute to NSS's ongoing compliance with APRA requirements through individual performance and accountability. Vested options The number of Options which were exercised and converted to Fully Paid Ordinary shares during the year were: Vested Options Number of Options exercised Weighted average exercise price Weighted average share price FY26 291,499 $11.95 $30.80 FY25 930,272 $14.40 $26.89 The following vested options remain outstanding at the end of the reporting period: Series Grant date Number Plan Expiry Date Exercise Price Fair Value at Grant Date Series 14 17 October 2019 98,931 FY20 Options - LTI 30 June 2034 $7.55 $2.73 Series 16 23 September 2021 670,335 FY22 Options - LTI 30 June 2036 $15.74 $3.14 Series 17 23 September 2021 179,321 FY22 Options – LTI 30 June 2036 $15.74 $2.78 Series 22 24 June 2022 20,000 Options - LTI 30 June 2036 $15.74 $4.52 As at 30 June 2026, the weighted average remaining contractual life of options is 9.8 years.
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114 | netwealth Annual Report 2026 For the year ended 30 June 2026 Vested rights The number of Rights which were exercised and converted to Fully Paid Ordinary shares during the year are: Vested Rights Number of Rights exercised Weighted average share price FY26 74,359 $36.50 The following vested rights remain outstanding at the end of the reporting period: Series Grant date Number Plan Expiry Date Fair Value at Grant Date Series 27 28 September 2023 44,737 FY24 Rights - LTI N/A $14.31 Series 29 22 November 2023 27,448 FY24 Rights - LTI N/A $13.47 Series 32 11 September 2024 2,284 FY25 Rights – LTI (Sign-on) N/A $22.08 25. Related party transactions The Group’s main related parties are as follows: 25.1 Entities exercising control over the Group The parent entity, which exercises control over the Group is Netwealth Group Limited. 25.2 Key management personnel For details of disclosures relating to key management personnel, refer to the Remuneration Report on pages 46 to 72 and Note 7. 25.3 Other related parties Other related parties include immediate family members of key management personnel and entities that are controlled or jointly controlled by those key management personnel, individually or collectively with their close family members. Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated. Balances and transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation and are not disclosed in this note. 25.4 Related parties Netwealth Investments Limited serves as the Responsible Entity for a number of managed investment schemes (Netwealth Global Specialist Series) and earns management and ancillary fee revenues. Material Accounting Policies Equity-seƜled share-based payments to employees and others providing similar services are measured at the fair value of the equity instruments at the grant date. The fair value determined at the grant date of the equity-seƜled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group's estimate of equity instruments that will vest, with a corresponding movement in equity. At the end of each reporting period, the Group reviews the company performance, strategic initiatives likely to be achieved and service conditions to revise its estimate of the number of equity instruments expected to vest at the end of the vesting period. The impact of the revision to the original estimate is recognised in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the equity-seƜled employee benefits reserve.
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115 | netwealth Annual Report 2026 For the year ended 30 June 2026 Consolidated Group 30 June 2026 $ 30 June 2025 $ Management and ancillary fees: Management and ancillary fee revenues 24,972,459 22,374,384 Netwealth Investments Limited holds investments in Netwealth products as follows: Consolidated Group 30 June 2026 $ 30 June 2025 $ Financial assets at FVTPL Netwealth Wrap and Super 691,431 826,426
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116 | netwealth Annual Report 2026 For the year ended 30 June 2026 26. Cash flow note Reconciliation of cash flow from operations with profit after income tax Consolidated Group 30 June 2026 $’000 30 June 2025 $’000 Profit for the year 60,652 116,520 Income tax expense recognised in profit or loss 16,805 40,587 Depreciation & amortisation 8,127 5,769 Share based payment expense 2,060 1,764 Revaluation of investment (1,451) (1,229) Unrealised loss on investments 179 13 Adjustments on make good provision 1 (43) Provision on trade receivables 102 12 Interest on Loan 1,555 (2) Loss on disposal of assets - - Loss on disposal of investments (3) (6) Share of Joint Venture NPAT - 12 88,027 163,397 Movements in working capital Increase in trade & other receivables (4,265) (5,387) Decrease in other assets (2,313) (2,070) Increase in trade & other payables (6,838) 10,179 Increase in provisions 1,820 1,482 Cash generated from operations 76,431 167,601 Income tax paid (16,805) (40,756) Net cash generated by operating activities 59,626 126,845 Net cash generated by operating activities for the year includes the $100.7 million First Guardian member compensation payment made in January 2026. Excluding this payment, net cash from operating activities was $158.8 million.
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117 | netwealth Annual Report 2026 For the year ended 30 June 2026 Reconciliation of liabilities arising from financing activities FY26 30 June 2025 $’000 Cash Flows Non-Cash Changes 30 June 2026 $’000 Acquisitions New Leases Lease liabilities 13,504 (1,993) - 568 12,079 Total liabilities from financing activities 13,504 (1,993) - 568 12,079 FY25 30 June 2024 $’000 Cash Flows Non-Cash Changes 30 June 2025 $’000 Acquisitions New Leases Lease liabilities 14,916 (1,839) - 427 13,504 Total liabilities from financing activities 14,916 (1,839) - 427 13,504
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118 | netwealth Annual Report 2026 For the year ended 30 June 2026 27. Parent entity disclosures The accounting policies of the parent entity, which have been applied in determining the financial information shown below, are the same as those applied in the consolidated financial statements. Refer to Note 2 for a summary of the material accounting policies relating to the Group. Statement of Financial Position Parent Entity 30 June 2026 $’000 30 June 2025 $’000 Assets Cash and cash equivalents 4,023 10,701 Current assets 17,575 9,165 Non-current assets 2,174 - Investment in subsidiaries 56,443 57,023 Total assets 80,215 76,889 Liabilities Current liabilities - 7,422 Total liabilities - 7,422 Net assets 80,215 69,467 Equity Issued capital 901,862 898,086 Reserves (823,913) (825,264) Retained earnings 2,265 (3,355) Total equity 80,215 69,467 Statement of profit or loss and comprehensive income Total Profit for the year 108,643 83,421 Total Comprehensive Profit for the year 108,643 83,421 Contractual commitments: At 30 June 2026, the parent entity had not entered into any contractual commitments for the acquisition of property and equipment or any operating leases (2025: nil). Contingent liabilities: At 30 June 2026, the parent entity does not have contingent liabilities (2025: nil). At 30 June 2026, the Statement of financial position for the parent entity reflected a surplus of current assets over current liabilities by $21.6 million (2025: surplus of $12.4 million). The Group manages its cash levels by maintaining surplus funds across entities within the consolidated group, enabling adequate funding for liabilities as they arise.
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119 | netwealth Annual Report 2026 For the year ended 30 June 2026 28. Deed of Cross Guarantee (DOCG) The wholly owned Australian subsidiaries identified in Note 21 have a deed of cross guarantee with NWL in accordance with ASIC Corporations (Wholly-Owned Companies) Instrument 2016/785 and are relieved from the Corporations Act 2001 requirement to prepare and lodge an audited financial report and directors’ report. The nature of the deed of cross guarantee is such that each company which is party to the deed guarantees to each creditor payment in full of any debt in accordance with the deed of cross guarantee. The following wholly-owned subsidiaries became a party to the Deed of Cross Guarantee since April 2019 and remained during the year ended 30 June 2026: Netwealth Holdings Limited; Netwealth Group Services Pty Ltd; and Netwealth Fiduciary Services Pty Ltd, together referred to as the “Closed Group”. Set out below is the statement of profit or loss and other comprehensive income, statement of financial position and summary of movement in retained earnings of the Closed Group. Statement of profit or loss and other comprehensive income Consolidated Group 30 June 2026 $’000 30 June 2025 $’000 Platform revenue 216,224 170,338 Other income1 113,750 93,635 Expense (207,297) (161,607) Profit before income tax 122,677 102,366 Income tax expense 2,906 3,265 Profit for the period 125,583 105,631 Total comprehensive income for the period 125,583 105,631 1Dividends of $111.0m from NIL to the Closed Group, included in Other Income on the Statement of Profit or Loss and Other Comprehensive Income, are treated as non-assessable income for tax expense purposes.
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120 | netwealth Annual Report 2026 For the year ended 30 June 2026 Statement of financial position Consolidated Group as at 30 June 2026 $’000 30 June 2025 $’000 Assets Current assets Cash and cash equivalents 42,635 28,474 Trade and other receivables 3,744 1,219 Current tax assets 4,574 - Other current assets 8,752 6,475 Financial assets at FVTPL 382 143 Total current assets 60,087 36,311 Non-current assets Property, plant and equipment 2,682 2,200 Intangible assets 31,389 24,354 Lease assets 10,431 12,035 Investment in subsidiaries 209,959 109,959 Goodwill 1,673 1,673 Deferred tax assets 7,019 5,984 Total non-current assets 263,153 156,205 Total assets 323,240 192,516 Current liabilities Trade and other payables 67,374 14,292 Bank loan 23,340 - Provisions 11,511 9,906 Current tax liabilities - 7,422 Lease liability 571 1,997 Total current liabilities 102,796 33,617 Non-current liabilities Lease liability 11,508 11,507 Bank loan 34,990 Provisions 1,731 1,412 Contingent consideration - 1,451 Total non-current liabilities 48,229 14,370 Total liabilities 151,025 47,987 Net assets 172,215 144,529 Equity Issued capital 45,801 42,032 Reserves 12,234 10,875 Retained earnings 114,180 91,622 Total equity 172,215 144,529 The Group manages its cash levels by retaining surplus funds in entities outside the Closed Group but within the consolidated group, ensuring necessary funding is available for liabilities as they arise.
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121 | netwealth Annual Report 2026 For the year ended 30 June 2026 Summary of movements in retained earnings Consolidated Group 30 June 2026 $’000 30 June 2025 $’000 Retained Earnings at beginning of financial year 91,621 63,057 Profit for the year 125,583 105,631 Dividends paid (103,024) (77,066) Retained earnings at end of financial year 114,180 91,622 29. Auditor’s Remuneration Consolidated Group 30 June 2026 $ 30 June 2025 $ Fees payable for audit and review of financial reports Auditor of the Group - Deloitte Consolidated Group 174,772 156,548 Subsidiaries 113,087 98,152 Total audit and review of financial reports 287,859 254,700 Assurance services Auditor of the Group - Deloitte Statutory assurance services 36,836 35,590 Other services Auditor of the Group - Deloitte Audit and review of the Funds 453,060 300,612 Audit on Internal Controls (including GS007 and SOC 2) 330,525 303,991 Audit of IDPS and Investor Statements 35,830 34,618 Total fees paid to group auditor 1,144,110 929,511 30. Events occurring after reporting date In the opinion of the Board, there are no other matters or circumstances which have arisen between 30 June 2026 and the date of this report that have significantly affected or may significantly affect the operations of the Group, the results of those operations and the state of affairs for the Group in subsequent financial periods.
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122 | netwealth Annual Report 2026 For the year ended 30 June 2026 Consolidated Entity Disclosure Statement As at 30 June 2026 Body Corporate Tax Residency Entity Name Entity Type Place formed or incorporated % of share capital held Australian or foreign Foreign Jurisdiction Netwealth Holdings Limited Body Corporate Australia 100 Australian N/A Netwealth Investment Limited Body Corporate Australia 100 Australian N/A Netwealth Group Services Pty Ltd Body Corporate Australia 100 Australian N/A Netwealth Fiduciary Services Pty Ltd Body Corporate Australia 100 Australian N/A Netwealth Superannuation Services Pty Ltd Body Corporate Australia 100 Australian N/A Wealthtech Pty Ltd Body Corporate Australia 100 Australian N/A Xeppo Pty Ltd Body Corporate Australia 100 Australian N/A Flux Corp Pty Ltd Body Corporate Australia 100 Australian N/A Flux Media Pty Ltd Body Corporate Australia 100 Australian N/A Flux Technologies Pty Ltd Body Corporate Australia 100 Australian N/A Flux Insights Pty Ltd Body Corporate Australia 100 Australian N/A Compeer Finance Pty Ltd Body Corporate Australia 100 Australian N/A Netwealth Employee Equity Plans Trust1 Trust Australia N/A Australian N/A 1 Netwealth Employee Equity Plans Trust was formed as a Trust under Australian law. However, the trust is classified as a public trading trust under Australian tax law and is taxed as a company.
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123 | netwealth Annual Report 2026 For the year ended 30 June 2026 Directors’ Declaration The Directors declare that: a. the attached financial statements and notes in accordance with the Corporations Act 2001, comply with Accounting Standards, Corporation Regulations 2001 and other mandatory professional reporting requirements; b. the attached financial statements are in compliance with International Financial Reporting Standards, as stated in Note 1 to the financial statements; c. the attached financial statements and notes thereto give a true and fair view of the financial position and performance of the consolidated entity; d. in the Directors’ opinion, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable; e. the Directors have been given the declarations required by s.295A of the Corporations Act 2001; and f. in the Director’s opinion, the attached consolidated entity disclosure statement is true and correct. At the date of this declaration, the company is within the class of companies affected by ASIC Corporations (Wholly owned Companies) Instrument 2016/785. The nature of the deed of cross guarantee is such that each company which is party to the deed guarantees to each creditor payment in full of any debt in accordance with the deed of cross guarantee. In the Directors’ opinion, there are reasonable grounds to believe that the company and the companies to which ASIC Corporations (Wholly owned Companies) Instrument 2016/785 applies, as detailed in Note 27 to the financial statements will, as a group, be able to meet any liabilities to which they are, or may become, subject because of the deed of cross guarantee. Signed in accordance with a resolution of the Directors made pursuant to s.295(5) of the Corporations Act 2001. On behalf of the Directors Michael Wachtel Chair 26 August 2026
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124 | netwealth Annual Report 2026 For the year ended 30 June 2026 Independent Auditor’s Report
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125 | netwealth Annual Report 2026 For the year ended 30 June 2026
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126 | netwealth Annual Report 2026 For the year ended 30 June 2026
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127 | netwealth Annual Report 2026 For the year ended 30 June 2026
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128 | netwealth Annual Report 2026 For the year ended 30 June 2026 Five Years Financial Information Summary We prepare our Consolidated Financial Report in accordance with Australian Accounting Standards Board (AASB) and in AU dollars. The information in this section has been presented on an adjusted basis to exclude non- recurring expenses. The Directors consider it appropriate to include these non-IFRS financial information as they assist users of this financial report to understand key financial metrics relevant to the operations of the Group. 2026 2025 2024 2023 2022 $’000 $’000 $’000 $’000 $’000 Income Statement Total income 391,127 324,435 255,248 214,749 176,631 Total expenses (313,670) (167,328) (134,799) (117,735) (95,521) Income tax expense (16,805) (40,587) (37,079) (29,861) (25,558) NPAT 60,652 116,520 83,370 67,153 55,552 Statement of Financial Position Total assets 276,278 257,318 189,486 161,885 136,204 Net assets 161,892 199,137 144,520 123,049 104,243 Cash Flow Information Adjusted Operating Net Cash Flows Before Tax 195,348 168,202 127,314 106,262 83,712 Capital Expenditure (13,452) (7,903) (4,908) (5,642) (2,992) Shareholder Value Market Capitalisation7 5,045,356 8,230,273 5,410,239 3,375,131 2,964,735 Dividend (cents) – fully franked 42.0 38.5 28.0 24.0 20.0 Dividend payout ratio 76% 81% 82% 87% 88% Net tangible assets per ordinary share 52.5 70.7 55.3 47.8 41.8 Basic earnings per share 24.7 47.6 34.2 27.5 22.8 Other Information No. of Employees 790 636 539 485 455 Adjusted EBITDA 191,483 163,477 124,678 100,744 85,092 Adjusted NPAT 134,424 116,520 83,370 67,153 55,903 Adjusted EBITDA Margin % 49.1% 50.4% 48.8% 46.9% 48.2% Adjusted NPAT Margin % 34.6% 35.9% 32.7% 31.3% 31.6% 7 Information presented as at end of period.
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129 | netwealth Annual Report 2026 For the year ended 30 June 2026 Shareholder Information Ordinary shares (ASX Listed) The shareholder information set out below was applicable at 4 August 2026. Distribution of shareholdings Range Ordinary Shares Number of shareholders 1-1,000 1,843,524 5,350 1,001-5,000 4,471,294 2,054 5,001-10,000 1,521,045 217 10,001-100,000 2,747,489 123 100,001 and over 234,813,351 34 There was no holder of less than a marketable parcel of ordinary shares. Top 20 Holders Rank Name Ordinary shares % of Issued Capital 1 Heine Brothers Pty Ltd 100,000,000 40.75 2 HSBC Custody Nominees (Australia) Limited 39,363,034 16.04 3 Citicorp Nominees Pty Limited 28,985,822 11.81 4 J P Morgan Nominees Australia Pty Limited 22,254,185 9.07 5 Leslie Max Heine Pty Ltd <ATF The LMH Trust> 12,408,265 5.06 6 Netwealth Investments Limited <Wrap Services A/C> 9,866,224 4.02 7 BNP Paribas Noms Pty Ltd <DRP> 5,839,014 2.38 8 Australian Foundation Investment Company Limited 3,456,839 1.41 9 BNP Paribas Nominees Pty Ltd <Agency Lending DRP A/C> 3,150,639 1.28 10 Netwealth Investments Limited <Super Services A/C> 1,596,873 0.65 11 HSBC Custody Nominees (Australia) Limited <NT-COMNWLTH SUPER CORP A/C> 1,528,800 0.62 12 BNP Paribas Nominees Pty Ltd <Hub24 Custodial Serv Ltd <DRP A/C> 803,692 0.33 13 Djerriwarrh Investments Limited 701,683 0.29 14 Mirrabooka Investments Ltd 507,300 0.21 15 UBS Nominees Pty Ltd 496,308 0.20 16 Asset Plus Pty Ltd <The Headline Investments A/C) 395,308 0.16 17 Citicorp Nominees Pty Limited <Colonial First State Inv A/C> 368,221 0.15 18 AMCIL Limited 329,000 0.13 19 HSBC Custody Nominees (Australia) Limited – A/C 2 307,315 0.13 20 HSBC Custody Nominees (Australia) Limited 262,935 0.11 Total 232,621,457 94.79% Balance of register 12,775,246 5.21% Grand total 245,396,703 100.00%
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130 | netwealth Annual Report 2026 For the year ended 30 June 2026 Substantial holders (as at 30 Jun 2026) Substantial Holder Number of Ordinary shares in which the holder together with their associates have a relevant interest Matthew Heine 103,421,775 Nicholas Heine 100,086,750 Michael Heine 100,040,000 Heine Brothers Pty Ltd 100,040,000 Leslie Max Heine Pty Ltd <ATF The LMH Trust> 13,733,743 Ordinary shares voting rights At a general meeting of the Company, every shareholder presents in person or by proxy has on vote on a show of hands. Upon a poll, each share has one vote. On-market buy-back Currently the Company does not have an on-market buy back scheme in operation.
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131 | netwealth Annual Report 2026 For the year ended 30 June 2026 Company Information Netwealth Group Limited ABN 84 620 145 404 Registered Office Level 6, 180 Flinders Street Melbourne, Victoria, 3000 Phone: 1800 888 223 Email: contact@netwealth.com.au Shareholder Enquiries Email: shareholder@netwealth.com.au Website: https://www.netwealth.com.au/web/about-netwealth/shareholders/ Auditor Deloitte Touche Tohmatsu 477 Collins Street Melbourne, Victoria, 3000 Phone: +61 3 9671 7000 Fax: +61 3 9671 7001 Stock Exchange Netwealth’s shares are listed on the ASX with the code ‘NWL’ Share Registry Netwealth’s register of shares is maintained by MUFG Corporate Markets. MUFG Corporate Markets Liberty Place, Level 41 161 Castlereagh Street Sydney NSW 2000 Locked BagA14 Sydney South NSW 1235 +61 1300 554 474 www.mpms.mufg.com/en/mufg-corporate-markets/au/services/registry/ www.mpms.mufg.com