HUB24 Annual Report 2024

FY2024 Annual Report · HUB24

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HUB24 | YEAR ENDED 30 JUNE 2024
Empowering
better ﬁnancial
futures, together.

HUB24 has delivered strong growth
during FY24 whilst remaining focused
on enhancing value for our customers,
delivering on our strategic objectives,
and pursuing our purpose to empower
better ﬁnancial futures together.
CONTENTS
1
Appendix 4E – Year Ended 30 June 2024
2
FY24 Financial Highlights and Key Metrics
3
Chair and Managing Director’s reports
10 Directors’ report
20 Remuneration report
39 Auditor’s independence declaration
40 Financial statements
41
Consolidated statement of proﬁt or loss and
other comprehensive income
42 Consolidated statement of ﬁnancial position
43 Consolidated statement of changes in equity
44 Consolidated statement of cash ﬂows
45 Notes to the ﬁnancial statements
98 Consolidated entity disclosure statement
99 Directors’ declaration
100 Independent auditor’s report
104 Additional information
106 Glossary
107 Corporate information
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
CHAIR AND MANAGING DIRECTOR’S REPORTS
APPENDIX 4E

Appendix 4E
Year ended 30 June 2024 under ASX Listing Rule 4.3A
Results for announcement to the market
Current period:
1 July 2023 to 30 June 2024
Prior corresponding period: 1 July 2022 to 30 June 2023

Year ended
Year ended

30 June 2024
30 June 2023

Key information
$’000
$’000
% change
Revenue from ordinary activities 1
327,358
279,532
17%
Net proﬁt/(loss) after tax for the period attributable to equity holders
46,477
38,166
22%

Cents
Cents
% change
Basic earnings per share
58.15
47.69
22%
Diluted earnings per share
56.38
46.06
22%
1. Includes revenue from customers, interest and income from investments in associates, excludes gain on sale of investment in associates.
See page 47 and note 2.1 for further details.

Amount per
Franked per

security
security
Total Amount
Dividends
cents
%
$’000
Interim dividend (per share)
18.50
100
15,025
Final dividend (per share)
19.50
100
15,826
Subsequent to the year ended 30 June 2024 the directors have determined a fully franked ﬁnal dividend of 19.5 cents per share
(a fully franked 18.5 cents per share ﬁnal dividend was paid following the year ended 30 June 2023). The ﬁnal dividend is payable
on 11 October 2024 and is not recognised as a liability as at 30 June 2024.
Dates for the dividend are as follows
Ex-date
9 September 2024
Record date
10 September 2024
Dividend payment date
11 October 2024
Explanation of results
Refer to the attached Directors’ Report and review of operations for further explanation.

Year ended
Year ended

30 June 2024
30 June 2023
Net tangible assets (per fully paid ordinary share) 1
$0.87
$0.63
1. Net tangible assets (NTA) used for the calculation of NTA per fully paid ordinary share are inclusive of both right of use asset and lease liabilities.
Entities over which control has been gained or lost during the period
During the year ended 30 June 2024, the HUB24 Group voluntarily deregistered Xplore Equity Finance Pty Ltd, Topdocs Edge Pty Ltd,
Margaret Street Investment Consulting Services Pty Ltd, Aracon Superannuation Pty Ltd, Marketsplus Australia Pty Ltd, Margaret Street
Nominees Pty Ltd, Accounting & Legal Dynamics Pty Ltd and Company Dynamics Pty Ltd. Please refer to note 6.2 in the ﬁnancial report for
more information.
Details of associates and joint venture entities
Prior to 1 March 2024 the HUB24 Group had a 34.4% (30 June 2023: 31.5%) investment in Diverger Limited (Diverger), an accounting and
wealth management service provider. On 1 March 2024 Count Limited (Count) completed the acquisition of Diverger resulting in the HUB24
Group no longer holding an investment in Diverger.
On 1 March 2024, the HUB24 Group became a strategic shareholder in Count with a 11.55% holding. Count is a diversiﬁed ﬁnancial services
business providing integrated accounting and wealth management services to the Australian market. The investment in Count is recognised
as an equity investment and revalued through other comprehensive income for presentation and disclosure purposes.
Please refer to Directors’ Report for more information.
Auditor review
This report is based on the consolidated ﬁnancial statements which have been audited by the HUB24 Group’s auditors, Deloitte Touche Tohmatsu.
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
1

FY24 Financial Highlights
and Key Metrics
$327.3m
17%
Total revenue 1
15%
$118.0m
Underlying EBITDA 2
15%
$67.8m
Underlying NPAT 3
14%
81.1¢
Underlying diluted earnings per share
GROUP
PLATFORM
TECH SOLUTIONS
Platform revenue
$252.8m 21%
Platform net inﬂows 4
$15.8b 62% 4
Platform FUA of
$84.4b 35% 5
PARS FUA of
$20.3b 15% 6
Number of active advisers
4,525 13%
Tech Solutions revenue
$70.7m 5%
207,669
Class number of accounts 7
3%
191,094
Class document orders8
7%
792,922
Companies on Class
corporate messenger 9
23%
36.1%
Underlying EBITDA margin
50bps
All percentage changes shown above are relative to FY23, unless stated otherwise.
1. Includes revenue from customers, interest and income from investments in associates,
excludes gain on sale on investment in associates. See page 47 and note 2.1 for further details.
2. Refer to Note 2.1 for more information.
3. Refer to Directors’ Report for more information on Group Underlying NPAT.
4. Platform net inﬂows of $15.8 billion from continuing business operations
(including a $4.4 billion from large migrations).
5. Custodial FUA Administration Services.
6. Non-custodial FUA as Portfolio Administration and Reporting Services (PARS).
7. Number of Class accounts as at 30 June 2024 consists of Class Super, Class Portfolio and
Class Trust licenses.
8. Documents paid for by PAYG and subscription customers for the last 12 months. Prior periods
have been adjusted to reﬂect an updated methodology due to increased data quality.
9. Number of active companies as at 30 June 2024.
Fully franked ﬁnal dividend
Interim dividend was 18.5 cents per
share, taking the total FY24 dividend
to 38.0 cents per share (up 17%)
FY23 ﬁnal dividend: 18.5 cents per share
5%
19.5¢ per share
CHAIR AND MANAGING DIRECTOR’S REPORTS
FINANCIAL HIGHLIGHTS
2
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS

Chair and Managing Director’s reports
DELIVERING SHAREHOLDER OUTCOMES
In FY24, HUB24 has delivered strong ﬁnancial results
with Underlying Net Proﬁt After Tax (UNPAT) of $67.8 million
representing an increase of 15%. Our Underlying Earnings
Per Share was 83.45 cents (up 14% on FY23), and our
statutory NPAT was $47.2 million (up 24% on FY23).
These record results have been achieved alongside
record net inﬂows onto the HUB24 Platform, the successful
delivery of large, complex client migrations and continued
industry recognition and customer advocacy.
We also reached a milestone with total Funds Under
Administration (including both Platform and Portfolio
Administration & Reporting Services (PARS) FUA)
exceeding $100 billion.
These results demonstrate the resilience of HUB24
having been achieved during what has been a period
of ongoing market volatility and uncertainty in the
macroeconomic environment.
As shown in the chart below, over the last three years,
HUB24 has generated a Total Shareholder Return (TSR)
of 67% compared to the ASX 200 at 20%.
KEY FINANCIAL HIGHLIGHTS
Our preferred measure of proﬁtability is Underlying
Earnings Before Interest, Tax, Depreciation,
Amortisation and Notable items (UEBITDA). This
increased 15% to $118.0 million for FY24 ($102.4 million
in FY23), with Underlying Net Proﬁt After Tax (UNPAT)
up 15% to $67.8 million for FY24 ($58.8 million in FY23).
Total Group Revenue increased 17% to $327.3 million
($279.5 million in FY23), which includes the Platform,
Tech Solutions and Corporate segments.
It is with great pleasure that I write to you as the new Chair of HUB24
Limited. Having spent six years as Chair of the Audit and Risk Committee
and three years serving on the Remuneration and Nominations Committee,
it was an honour to be appointed Chair in November 2023 to lead the
Board and work together with the HUB24 team to deliver on our purpose
to ‘empower better ﬁnancial futures, together’.
Paul Rogan
Chair, HUB24 Limited
75%
50
25
0
(25)
(50)
Jun 21
Jun 22
Jun 23
Jun 24
3 year TSR: 67%
CAGR: 19% p.a.
3 year TSR: 20%
CAGR: 6% p.a.
HUB24
ASX200
HUB24 vs S&P/ASX200 3-year TSR 1
1. TSR data sourced from Morningstar 1 July 2021 – 30 June 2024.
Chair's report
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
3

DISCIPLINED CAPITAL MANAGEMENT
Our record ﬁnancial performance coupled with strong
cashﬂow conversion, the strength of our balance sheet,
and the opportunities available for future growth has
resulted in the Board declaring a fully franked ﬁnal dividend
of 19.5 cents per share. This brings the total FY24 dividends
to a record 38 cents per share, up 17% on the previous year
and within our targeted payout range of 40-60% of UNPAT.
CONTINUING TO DELIVER ON OUR
STRATEGIC OBJECTIVES
During the year, HUB24 has continued to progress our
strategic objectives, consolidating our market leadership
in our core propositions, investing to build products and
solutions for emerging client needs, and collaborating with
other industry participants to build a thriving professional
advice industry.
Leveraging our capabilities across the Group to deliver
value for our customers has remained a priority and this
year, an example of which is launching an enterprise oﬀer
to national licensees for myprosperity’s market-leading
client portal. We are also well progressed in leveraging
myprosperity’s capability to deliver a new customer
interface for Class in FY25.
SOUND CORPORATE GOVERNANCE
The Board remains committed to ongoing improvement of
our corporate governance and during FY24, we continued
to review and improve our frameworks. This included
conducting risk culture and engagement surveys, to
understand our people’s experiences at HUB24, and to
seek input regarding the day-to-day conduct and culture
of our business.
As noted in our Remuneration Report and Sustainability
Report, employee engagement across HUB24 Group
increased during the year to 76% (up from 74% in FY23).
This reﬂects our increased focus on further strengthening
our culture and enhancing our overall employee value
proposition. Pleasingly, we also increased our risk culture
survey outcomes.
Investing in continuing to develop our unique culture
remains a priority and during the year, we launched a new
set of Group-wide values, co-created by our people, to align
HUB24’s teams together for continued success. The new
values recognise our evolution to the HUB24 Group, and
reﬂect how our people across the business work together
to create value for our customers and shareholders, and
empower better ﬁnancial futures, together.
The Board remains committed to diversity and inclusion
and ensuring we have the skills, experience and diverse
attributes to execute on our strategy. The Board currently
maintains gender diversity of 50% female and 50% male,
which exceeds the Board’s diversity policy target of
40% for each gender. Gender representation targets
have also been maintained across HUB24’s Executive
Leadership team and the broader Group.
During the year, we farewelled our long-serving
Chair Mr. Bruce Higgins whom I again thank for his passion,
leadership, support and encouragement during his 11-year
tenure. In June 2024, we appointed Ms. Michelle Tredenick
as Non-Executive Director who is an experienced ASX-listed
company director.
Michelle’s broad executive experience across wealth
management, superannuation, and technology for ASX-listed
companies, combined with her extensive experience as
an ASX and private company director, further strengthens
and extends HUB24’s Board expertise.
Interim dividend
Final dividend
Share price ($)
10
20
30
40
Cents per share
Share price
$50
40
30
20
10
0
0
FY20
FY21
FY22
FY23
FY24
SHARE PRICE AND DIVIDEND TRENDS
Net cash inﬂow from operating activities (prior to strategic costs and tax)
10
20
60
50
40
30
90
80
70
100
$110m Net cash inﬂow
0
FY20
4 year CAGR 43%
FY21
FY22
FY23
FY24
Group Operating Cashﬂow
(prior to strategic costs and tax)
3.5
4.5
7.5
14.0
18.5
3.5
5.5
12.5
18.5
19.5
7.0
10.0
20.0
32.5
38.0
Chair and Managing Director’s reports
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
4
CHAIR AND MANAGING DIRECTOR’S REPORTS

A SUSTAINABLE FUTURE
The HUB24 Board recognises the importance of
sustainability for the long-term prosperity of our customers,
people, shareholders and communities. Our FY24
Sustainability Report (issued alongside this Annual Report)
details our environmental, social and governance (ESG)
focus areas and the progress we’ve made over the year.
Throughout FY24 we’ve continued to evolve our
sustainability approach and deliver on our objectives.
Some of the key highlights have included:
– Achieved whole of company gender diversity targets.
– Increased employee engagement, above the
industry average.
– Continued to deliver innovative products and solutions
that enhance customer experience.
– Achieved our community contribution target by
contributing to a range of initiatives and increased
employee engagement and awareness around
our programs.
– Established an emissions reduction plan towards our
target to achieve net zero by 2030 for Scope 1 and 2
carbon emissions.
– Continued to enhance our cyber and data security
protocols across the Group.
This year we also formalised our commitment to the
United Nations Global Compact on human rights, labour,
environment and anti-corruption.
Over FY25 and beyond, we are committed to further
embedding our sustainability strategy through all aspects
of our business, aligning our actions and progress to the
UN Sustainable Development Goals.
THE YEAR AHEAD
As we move into FY25, the HUB24 Group is well-positioned
to continue to leverage opportunities for proﬁtable growth.
I sincerely express my thanks and gratitude to my
colleagues on the Board for their support and counsel
in the period since I assumed the role of Chair, and to
our Managing Director and CEO Andrew Alcock, his highly
capable Executive team and our broader team for their
ongoing commitment to delivering on our purpose and
strategic objectives.
Our talented people are integral to the success of our
Company and on behalf of the Board, I would like to thank
them for their hard work and dedication to our customers
which has contributed to our strong results this year.
To our shareholders, on behalf of the Board I want to
express our appreciation for your ongoing support
during the year.
Paul Rogan
Chair, HUB24 Limited
Chair and Managing Director’s reports
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
5

Chair and Managing Director’s reports
We’re proud to have consolidated our position as Australia’s
Best Platform and as a result of our commitment to delivering
innovative products and solutions and customer service
excellence, we’ve achieved industry-leading and record
platform annual net inﬂows.
During FY24, we’ve continued to extend our market
leadership in our core propositions whilst maximising our
unique capabilities to leverage opportunities, and we’ve
delivered strong growth and further value for our customers
and shareholders. This is reﬂected in our key ﬁnancial metrics.
As the wealth industry continues to transform, HUB24 is
uniquely positioned to capitalise on emerging opportunities
and lead the wealth industry as the best provider of
integrated platform, data and technology solutions.
PLATFORM SEGMENT
Key performance metrics
– Platform revenue increased by 21% to
$252.8 million ($208.8 million for FY23)
– Expenses grew by 21% to $149.8 million
($123.7 million in FY23).
– Underlying EBITDA increased by 21%
to $103.0 million ($85.1 million in FY23).
Strong revenue growth and Underlying EBITDA
growth was driven by record net inﬂows and
a 30% increase in FUA.
Platform segment results
During FY24, the HUB24 Platform achieved strong results,
with industry-leading and record net inﬂows of $15.8 billion,
which included complex, large migrations from Insignia
Financial and Equity Trustees Limited (EQT). Excluding large
migrations, record net inﬂows of $11.4 billion were achieved
(in line with FY22).
Total Platform Funds Under Administration reached
$84.4 billion (up 35% from FY23).
According to the latest available data, the HUB24 Platform
achieved ﬁrst place for quarterly and annual net inﬂows,
increasing market share to 7.3% (up from 6.1% in FY23)
and maintaining its ranking in 7th place.1
For superannuation and pension products, HUB24
ranked 1st for quarterly and annual net inﬂows amongst
platform providers, and 1st for annual net inﬂows into retail
super funds. When compared to all Australian super funds
(including industry super funds), HUB24 Super ranked
2nd for net inﬂows from members choosing to switch
funds and 4th for net inﬂows into super funds overall.1,2
In FY24, 141 new distribution agreements were signed and
the number of advisers using the HUB24 Platform increased
to 4,525, up 13% and now representing 29% of total advisers
in Australia.3
HUB24’s non-custodial Portfolio, Administration and
Reporting Services (PARS), which provides comprehensive
administration, corporate action management and tax
reporting services increased FUA by 15% to $20.3 billion,
driven by growth in accounts and positive market movements.
The total number of PARS accounts increased to 8,362.
Total Platform segment FUA increased from $80.3 billion
as at 30 June 2023 to $104.7 billion as at 30 June 2024,
an increase of 30%. Overall, the HUB24 Platform segment
continues to deliver strong growth with a four-year compound
annual growth rate of 57% in FUA (HUB24 Platform and PARS).
I am pleased to write to you and provide you with an update on the HUB24
Group’s performance this ﬁnancial year.
During FY24 we have achieved record growth and strong ﬁnancial results
while remaining focused on progressing our strategic objectives and our
purpose of empowering better ﬁnancial futures, together.
Andrew Alcock
CEO and Managing Director, HUB24 Limited
CEO and Managing Director’s report
1. Platform market share and net inﬂow data based on Plan for Life. Data for period ended 31 March 2024 and based on Administrator View. Ranking of
net inﬂows and organic market share gains are adjusted to exclude the $33.6bn merger of BT Super and Mercer Super Trust in the June 2023 quarter.
2. All super fund rankings and net inﬂow data for FY23, based on The Conexus Institute, State of Super 2024 report. Includes all APRA regulated
superannuation funds. Switching refers to member fund-switching.
3. Adviser market share based on Adviser Ratings data.
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
6
CHAIR AND MANAGING DIRECTOR’S REPORTS

Chair and Managing Director’s reports
The integration of the Xplore Wealth program was ﬁnalised
with the majority of migrations now complete and synergy
beneﬁts realised.
myprosperity’s client portal (acquired in May 2023) is now
used by more than 490 accounting and ﬁnancial advisory
ﬁrms (up 57 from FY23), and around 75,000 households
(up 12,000 on FY23), as at 30 June 2024.
HUB24 Platform
During FY24, HUB24’s commitment to delivering innovative
platform capabilities and customer service excellence was
recognised by both advisers and the industry, resulting in
the following achievements:
Investment Trends Platform Competitive Analysis and
Benchmarking Report 2023
– No 1 Overall Best Platform
– Best Managed Accounts Functionality
– Best Mobile Platform
– Best Reporting
– Best Online Business Management
Adviser Ratings Financial Advice Landscape Report 2024
– Best Overall Advice Platform
– Best Adviser Experience
– Best Client Experience
– Best Investment Options
– Best BDM Support
Investment Trends 2024 Adviser Technology Needs Report
– No 1 NPS for platform users
– No 1 Platform Advocacy
– No 1 Tax Optimisation Tools
– No 1 Regulatory Support Tools
2024 Wealth Insights Platform Service Level Report
– No 1 Overall Satisfaction
– No 1 Brand Image and Reputation
– No. 1 Reporting and Communication
SMSF Adviser Awards 2023 – SMSF Advice Platform of
the Year
To increase productivity and provide advisers with a range
of solutions to service client needs across the lifecycle,
HUB24 delivered a number of platform enhancements
during the year.
– In November 2023, we launched Discover on the HUB24
Platform. Designed in conjunction with portfolio managers,
the new oﬀer provides a streamlined selection of managed
portfolios in a cost-eﬀective platform and investment
solution. Discover complements our Core and Choice
oﬀers, providing a solution for advised clients with less
complex needs.
– During the year, HUB24 collaborated with Allianz Retire+
to launch AGILE (Allianz Guaranteed Income For Life),
an innovative longevity product designed to support the
growth of clients’ retirement assets and the delivery of
a guaranteed retirement income stream.
– HUB24 delivered enhancements to our HNW platform
oﬀer including the addition of non-custodial administration
and reporting capability integrated with HUB24 Invest
for directly held client assets. Currently in pilot, the new
functionality delivers streamlined administration and
enables a ‘whole of wealth’ view.
– HUB24 continued to enhance our leading HUB24
Present reporting capabilities, providing advisers with
more ﬂexibility to deliver personalised client reports.
myprosperity
During the year, integrating and leveraging myprosperity’s
capabilities to enhance our core propositions and extend our
market leadership remained a priority. myprosperity’s all-in-
one client portal technology enables ﬁnancial professionals
and their clients to securely share, store and access their
ﬁnancial information.
Following strong demand from national licensees for
a customised solution for advisers in their network, HUB24
launched an enterprise oﬀer which has been well received,
with two large national licensees (who combined have
more than 1,800 advisers in their networks), providing
opportunities to increase adoption of myprosperity.
TECH SOLUTIONS SEGMENT
Key performance metrics
– Revenue increased by 5% to $70.7 million
($67.5 million in FY23).
– Expenses grew by 6% to $48.6 million
($45.7 million in FY23).
– Underlying EBITDA increased by 1% to $22.1 million
($21.8 million in FY23).
Consistent revenue growth was supported by above
system growth in Class and NowInﬁnity. A strategic
investment was also made into data infrastructure
to support the integration of Group capabilities.1
1. SMSFs administered on Class software growing at 1.5x system, based on ATO SMSF statistics and using ﬁrst reported data, 12 months to
31 March 2024. NowInﬁnity growing companies on Corporate Messenger at 2.0x system, excluding companies transitioned from an exiting provider.
Based on ASIC company registration statistics, 12 months to June 2024.
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
7

Tech Solutions segment results
The Tech Solutions segment continued to deliver consistent
growth over FY24 supported by above system growth in
Class and NowInﬁnity.1
Over the year to 30 June 2024, the number of Class
accounts grew to more than 207,000, the number of
companies on NowInﬁnity’s Corporate Messenger reached
over 790,000, and Document Orders on NowInﬁnity
increased to over 190,000.
According to the latest available data, Class is the 2nd
largest provider of SMSF software with 30.7% of all SMSFs
administered on Class Super, increasing from 28.3%
ﬁve years ago.2
NowInﬁnity is currently ranked 2nd in terms of market share
for corporate compliance solutions.3
Class and NowInﬁnity
During FY24, Class continued to focus on enhancing the
customer experience and delivering product enhancements
that drive productivity and value for customers, with Class
Super being named SMSF Software Provider of the Year
in the 2023 SMSF Adviser Awards.
The ﬁrst phase of delivery of a program of signiﬁcant
enhancements to increase eﬃciencies for Class customers
is underway. Recently, direct share registry connections
were added to Class Super, making it easier for auditors
and accountants to service SMSF clients by reducing
manual processing and enhancing accuracy.
Further enhancements are scheduled over FY25,
including additional share registry integrations and access
to statements from widely-used ﬁnancial institutions.
NowInﬁnity’s SMSF deed was also enhanced, providing
greater ﬂexibility and clarity for advisers and trustees
to support estate planning on behalf of their clients
more eﬃciently.
To enable improved customer experience for Class
customers and their clients, Class began development of
a new customer interface, which leverages myprosperity
capabilities. The new portal is expected to be progressively
available to customers from FY25.
HUBconnect
HUBconnect leverages data and technology capabilities
to provide our customers with data and insights, enabling
growth and to increase eﬃciency and reduce risk in
their business.
During FY24, our HUBconnect solution for licensees, which
consolidates information from multiple sources to provide
proactive monitoring of compliance obligations and business
insights, was extended to create a solution for individual
advice practices and advisers. Currently in pilot, a broader
rollout is planned for 1HFY25.
Creating tomorrow, building together and being
future ready
At HUB24 we’re privileged to be able to leverage
our technology and data and invest in solutions that
enable enhanced eﬃciencies for ﬁnancial professionals,
so more Australians can beneﬁt from having access
to professional advice.
As part of this journey, we’ve mobilised dedicated
resources initially focussed on leveraging our combined
Group capabilities, to provide market-leading, innovative and
integrated solutions for both current and new client segments.
To achieve this, we’ve continued to invest in developing
our data infrastructure to facilitate access to trusted data
sources whilst maintaining security and privacy in support
of our strategy to deliver a ‘whole of wealth’ view and
eﬃcient advice delivery.
Across the business we are leveraging Artiﬁcial Intelligence
(AI) and Machine Learning initiatives generated from our
Innovation Lab, which was established in 2018, to drive
operational eﬃciency and enhance customer experience.
An example of this is our digital mail house which uses AI
to read, classify and process up to 17,000 documents per
month. This capability is now being leveraged to solve
similar challenges for our clients.
As a market leader, we are committed to driving industry
transformation, and together with other industry participants,
solve key industry challenges, to build a thriving and
sustainable advice industry.
Over FY24, we continued to work with licensee ‘Think Tank’
participants to explore solutions to better integrate sources
of data and technology to provide certainty, enhance
eﬃciencies and reduce risk in advice practices.
We also continued to advocate on behalf of our customers
to help shape the future of the advice industry. This included
participating in the formal consultation process for the APRA
performance test and Your Super, Your Future frameworks,
and contributing to industry forums around the Quality
of Advice Review, to advocate for accessible advice for
more Australians.
Chair and Managing Director’s reports
1. SMSFs administered on Class software growing at 1.5x system, based on ATO SMSF statistics and using ﬁrst reported data, 12 months to
31 March 2024. NowInﬁnity growing companies on Corporate Messenger at 2.0x system, excluding companies transitioned from an exiting provider.
Based on ASIC company registration statistics, 12 months to June 2024.
2. Market share based on ATO SMSF statistics. As at 31 March 2024.
3. Market share based on ASIC company registration statistics. As at 30 June 2024.
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
8
CHAIR AND MANAGING DIRECTOR’S REPORTS

HUB24 has experienced strong growth for a number of years
and to position for further growth, we continue to invest in
our people and develop our capabilities and infrastructure.
This includes a continued focus on attracting, retaining
and developing our people, leveraging innovation to build
operational scale, and prioritising risk management, cyber
resilience and security for our customers and shareholders.
Outlook
HUB24 is proud to have delivered strong FY24 results with
industry-leading and record platform net inﬂows and FUA
growth. The HUB24 Group’s strong ﬁnancial and operating
performance has delivered further value to our shareholders,
with increased proﬁts allowing us to declare our highest
dividend to date. These strong results are underpinned by
the long-standing investment in our technology, the strength
of our oﬀerings and our talented teams who are focused
on delivering better outcomes for our customers and
shareholders.
Given the ongoing opportunities for growth through
leveraging the collective capability of HUB24, Class and
myprosperity, the HUB24 Group remains focused on
maintaining our market leadership today and creating
tomorrow’s technology ecosystem for ﬁnancial professionals.
We’re committed to collaborating with other industry
participants and our customers to shape the future of
the wealth industry, and ensuring we are future ready by
investing in our people, infrastructure and capabilities.
We enter FY25 with positive momentum across all our
businesses and remain well positioned for ongoing success.
Moving forward, we expect ongoing strong net inﬂows
to the Platform and are now targeting a FUA range of
$115-$123 billion by 30 June 2026.
We look forward to speaking with shareholders at the
Annual General Meeting in November 2024. I would like to
thank our shareholders and customers for their continued
support, as well as our talented team for their ongoing
commitment to both our customers and HUB24.
Andrew Alcock
CEO and Managing Director, HUB24 Limited
Chair and Managing Director’s reports
Our strategic pillars:
Lead today
Delivering customer
value and growth
Create tomorrow
Creating integrated wealth
technology and platform solutions
Build together
Collaborating to shape the
future of the wealth industry
Be future ready
Developing our people, capabilities,
and infrastructure to support our
future growth strategies
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
9

Directors’ report
Your Directors present their report together with
the ﬁnancial statements on the Consolidated
Group (referred to hereafter as “HUB24 Group”)
consisting of HUB24 Limited (referred to hereafter
as “the Company”) and the entities it controlled
for the full year ended 30 June 2024 (“FY24”)
and the Auditor’s Report thereon.
The Directors’ Report has been prepared in accordance with
requirements of the Corporations Act 2001; the information
below forms part of this Directors’ Report:
– Directors’ interest in shares of the Company on page 34;
– Remuneration Report on pages 20 to 38; and
– Auditor’s Independence Declaration on page 39.
DIRECTORS
The following persons were Directors of the Company, from the
beginning of the ﬁnancial year and up to the date of this report,
unless otherwise stated:
Mr Paul Rogan (appointed Chair 16 November 2023,
Director prior to 16 November 2023)
Mr Andrew Alcock (Managing Director)
Ms Rachel Grimes AM
Ms Catherine Kovacs
Mr Anthony McDonald
Ms Michelle Tredenick (appointed 11 June 2024)
Mr Bruce Higgins (Chair retired from the Board on 16 November 2023)
JOINT COMPANY SECRETARIES
Mr Andrew Brown
Ms Kitrina Shanahan
Board of Directors
Paul Rogan
Chair and Independent Non-Executive Director
Term
Appointed Non-Executive Director
on 20 December 2017 and as the
Chair on 16 November 2023.
Listed Company Directorships
(within the last 3 years)
Nil
Board Committee Memberships
– Member of the Audit, Risk and
Compliance Committee (retired
as Chair on 16 November 2023)
– Member of the Remuneration
and Nomination Committee
Experience & Qualiﬁcations
Bachelor of Business University of Technology Sydney, Fellow of the Australian
Institute of Company Directors, Fellow of Certiﬁed Practicing Accountants Australia.
Paul has signiﬁcant senior executive experience in the ﬁnancial services and
wealth management sectors. His more recent executive roles at Challenger
Limited (ASX: CGF) included Chief Executive, Distribution, Product and Marketing,
Executive General Manager, Capital, Risk and Strategy and Group CFO. Prior to
that Paul held the roles of CEO of the UK and Irish subsidiaries of MLC/NAB,
and CEO of MLC Building Society.
Paul is also a non-executive director of Household Capital Pty Ltd and
Fourth Line Pty Ltd.
Andrew Alcock
Managing Director Executive Director
Term
Appointed Managing Director
on 29 August 2014.
Listed Company Directorships
(within the last 3 years)
Nil
Board Committee Memberships
Nil
Experience & Qualiﬁcations
Bachelor of Business (Accounting) University of Technology Sydney, Graduate
of the Australian Institute of Company Directors.
Andrew was appointed Chief Executive Oﬃcer of the HUB24 Group in 2013 and
Managing Director in 2014. With HUB24’s leadership team, he has led the company’s
evolution from a new entrant platform business to be a market-leading, integrated
provider of platform, data and technology solutions to the wealth industry. HUB24
has grown over the last decade to administer over $100 billion in client assets and
has expanded to incorporate the HUB24 and Xplore Wealth platforms, HUBconnect,
Class and myprosperity.
Andrew has almost three decades of experience across wealth management,
encompassing advice, platforms, superannuation, insurance and information technology.
After a successful career as a senior executive in information technology,
Andrew held various executive roles within the Wealth Management sector
including with Genesys Wealth Advisers Limited, Tyndall and Asteron.
In these roles Andrew worked closely with ﬁnancial advisers, including holding
board director roles for over 20 advice practices and was responsible for the
design and delivery of ﬁnancial products for the wealth market. Previously,
Andrew was Chief Executive Oﬃcer of Australian Administration Services
(a subsidiary of Link Group) providing superannuation administration and
technology services to some of Australia’s largest superannuation funds.
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
CHAIR AND MANAGING DIRECTOR’S REPORTS
10

Directors’ report
Rachel Grimes AM
Independent Non-Executive Director
Term
Appointed Non-Executive Director
on 29 May 2023.
Listed Company Directorships
(within the last 3 years)
Nil
Board Committee Memberships
Chair of the Audit, Risk and
Compliance Committee (appointed
as Chair 16 November 2023)
Experience & Qualiﬁcations
Bachelor of Business (Accounting) University of Technology Sydney, Fellow of
Chartered Accountants Australia and New Zealand, Fellow of Certiﬁed Practicing
Accountants Australia, Fellow of Institute of Public Accountants and is a Member
of Australian Institute of Company Directors.
Rachel has signiﬁcant senior executive experience in the ﬁnancial services
and wealth management sectors. Her more recent executive roles include
Chief Financial Oﬃcer at Challenger Limited (ASX: CGF) and General Manager
Finance at Westpac (ASX: WBC).
Rachel became a Member of the Order of Australia in 2022 for her signiﬁcant
service to business in the ﬁeld of accountancy, and to professional associations.
Rachel is also a non-executive director of Australian Payments Plus Limited and
its subsidiaries, Angusknight Pty Limited, Digital Finance CRC Limited and Loreto
Ministries Limited. Furthermore, Rachel is the Chair of the Surﬁng Australia Finance
and Risk Committee and is a Member of the Financial Reporting Council and
The Accounting Professional & Ethical Standards Board.
Catherine Kovacs
Independent Non-Executive Director
Term
Appointed Non-Executive Director
on 19 July 2021.
Listed Company Directorships
(within the last 3 years)
– OFX Group Limited (ASX: OFX)
(appointed 22 February 2021)
– Magellan Financial Group
Limited (ASX: MFG) (appointed
06 November 2023)
Board Committee Memberships
– Member of the Audit, Risk
and Compliance Committee
– Member of the Remuneration
and Nomination Committee
Experience & Qualiﬁcations
Bachelor of Commerce (University of NSW), Master of Applied Finance
(Macquarie University), Graduate of the Australian Institute of Company Directors,
Member of the Association of Superannuation Funds of Australia.
Catherine has over 30 years’ experience in the ﬁnancial services industry,
having held senior executive leadership roles at Westpac Banking Corporation
(ASX: WBC), Ellerston Capital Limited, Macquarie Group Limited (ASX: MQG)
and BT Financial Group.
Catherine’s most recent executive role was as Group Head of Business
Development at Westpac Banking Corporation until March 2019, where she
was responsible for advising the Westpac Executive Committee and Board
on business disruption and the future of banking and wealth strategy,
as well as managing strategic partnerships.
Catherine is also a non-executive director of OFX Group Limited (ASX: OFX),
Magellan Financial Group Limited (ASX: MFG), Magellan Asset Management
Limited, Universities Admission Centre, Kincoppal-Rose Bay School of the
Sacred Heart and Grapple Holding Pty Ltd.
Anthony McDonald
Independent Non-Executive Director
Term
Appointed Non-Executive Director
on 01 September 2015.
Listed Company Directorships
(within the last 3 years)
– Diverger Limited
(appointed 1 February 2021,
resigned 1 March 2024)
Board Committee Memberships
Chair of the Remuneration
and Nomination Committee
Experience & Qualiﬁcations
Bachelor of Laws (LLB) & Bachelor of Commerce (Marketing) – University of NSW.
Anthony (Tony) McDonald co-founded ﬁnancial planning ﬁrm Snowball Group
Limited in 2000, which merged with Shadforth Financial Group in 2011 to
become ASX-listed SFG Australia Limited.
As a ﬁnancial services executive, Tony worked in a variety of senior roles with
the Snowball Group Limited, SFG Australia Limited, Jardine Fleming Holdings
Limited (Hong Kong), and Paciﬁc Mutual Australia Limited. Prior to entering the
ﬁnancial services industry, Tony worked as a solicitor with two global law ﬁrms.
Tony is also Chairman of Newington College Council and a non-executive director
of Fourth Line Pty Ltd.
Board to Directors continued
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
11
DIRECTORS’ REPORT

Michelle Tredenick
Independent Non-Executive Director
Term
Appointed Non-Executive Director
on 11 June 2024.
Listed Company Directorships
(within the last 3 years)
– Insurance Australia Group
Limited (ASX: IAG)
(appointed 13 March 2018)
– IDP Education Limited (ASX: IEL)
(appointed 12 September 2022)
Board Committee Memberships
Member of the Remuneration
and Nomination Committee
(appointed 1 July 2024)
Experience & Qualiﬁcations
Bachelor of Science (University of Queensland), Fellow of the Australian Institute of
Company Directors, Fellow of the Financial Services Institute of Australasia (FINSIA).
Michelle has over 30 years’ experience in ﬁnancial services, having held senior
executive leadership roles at National Australia Bank (ASX: NAB), MLC and Suncorp
(ASX: SUN), including Chief Information Oﬃcer, Head of Strategy and Corporate
Development and senior leadership roles managing corporate superannuation,
insurance and wealth management businesses.
Michelle is also a non-executive director of Urbis Pty Ltd, First Sentier Investors
Holdings Pty Ltd as well as IAG Limited (ASX: IAG) and IDP Education Limited
(ASX: IEL).
Bruce Higgins
Independent Non-Executive Director
Term
Appointed as Chair of the Board on
19 October 2012 and retired from
the Board on 16 November 2023.
Board Committee Memberships
Member of the Audit, Risk
and Compliance Committee
(retired 16 November 2023)
Experience & Qualiﬁcations
Bachelor of Electronic Engineering, Member of the Institution of Engineers Australia, Chartered Professional
Engineer, Master of Business Administration (Technology Management), Fellow of the Australian Institute
of Company Directors.
Bruce has more than 20 years’ experience as a senior executive or CEO, with companies such as
Honeywell Australia, Raytheon Australia and listed technology companies. He is a specialist in rapid growth
entrepreneurial companies, ﬁnancial and software services companies, M&A and corporate governance
and has also served on ASX boards as a non-executive director or Chairman for more than 15 years.
Bruce was awarded the Ernst & Young Entrepreneur of the Year award in Southern California in 2005.
Joint Company Secretaries
The name and details of the Company Secretaries in oﬃce during the 2024 ﬁnancial year and at the date of this report are as follows:
Andrew Brown
Diploma in Law, FCG, MAICD
Company Secretary
Andrew has extensive experience in the
ﬁnancial services industry. Prior to joining the
Company, Andrew held senior governance
and compliance management positions at
Challenger Limited.
Andrew was appointed Company Secretary
on 30 April 2021.
Kitrina Shanahan
CIMA, CPA, AGSM MBA
Company Secretary and
Chief Financial Oﬃcer
Kitrina has over 25 years of experience
in ﬁnance, governance and risk. Prior to
HUB24, Kitrina was Chief Financial Oﬃcer
Insurance at Westpac Banking Corporation.
She has also held roles across BT Financial
Group as Deputy Chief Financial Oﬃcer and
as Group Financial Controller at Westpac
Banking Corporation. With deep experience
in platforms, advice and broader ﬁnancial
services, Kitrina has executive leadership
experience delivering large strategic
transformation projects.
Kitrina was appointed Company Secretary and
Chief Financial Oﬃcer on 7 September 2020.
Directors’ report
Board to Directors continued
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
CHAIR AND MANAGING DIRECTOR’S REPORTS
12

Directors’ report
OPERATING AND FINANCIAL REVIEW
Group overview
HUB24 Limited (“the Company”) is a ﬁnancial services company
that was established in 2007 and is a leading provider of integrated
platform, technology and data solutions to the Australian wealth
industry. HUB24 Limited is listed on the Australian Securities Exchange
(ASX) under the code ‘HUB’ and includes the award-winning HUB24
platform, the Class businesses, HUBconnect and the myprosperity
business. As at 16 August 2024, HUB24’s market capitalisation was
approximately $4.1 billion.
The HUB24 Group’s purpose is to empower better ﬁnancial futures,
together. To fulﬁl this purpose, the HUB24 Group delivers platform
and technology solutions that empower ﬁnancial professionals to
deliver better ﬁnancial futures for their clients.
The HUB24 Group’s head oﬃce is based in Sydney and it provides
its products and services across all Australian states and territories.
As at 30 June 2024, the HUB24 Group employed 893 people on a
full-time equivalent (FTE) basis.
Principal activities
HUB24 operates two core revenue generating segments and a
Corporate segment as shown in the diagram below:
Platform
The Platform segment comprises the HUB24 investment and
superannuation platform (HUB24 platform), Portfolio Administration
& Reporting Services (PARS) and myprosperity.
HUB24 platform
The HUB24 Group is an issuer of ﬁnancial services products
including the HUB24 platform, which is used by ﬁnancial
professionals to eﬃciently administer, invest and report on their
clients’ assets. The HUB24 platform oﬀers superannuation or
investment products to suit a range of client needs.
As one of the fastest growing platform providers in the market, the
HUB24 platform is recognised for providing choice and innovative
product solutions. It oﬀers ﬁnancial professionals and their
clients a comprehensive range of investment options, including
market-leading managed portfolio solutions, and enhanced
transaction and reporting functionality.
During FY24 the HUB24 Group substantially completed
the Xplore integration program with the majority of Xplore
products and services substantially migrated to the HUB24
platform. The Xplore acquisition provided HUB24 Group with
complementary capabilities including high net worth product
features, enhanced managed accounts functionality, and
PARS capability. With integration largely complete, Xplore
integration costs will no longer be reported separately and will
be included in Underlying EBITDA rather than Notable items.
PARS
HUB24 also oﬀers PARS, a non-custody portfolio service which
provides administration, corporate action management and tax
reporting services for ﬁnancial professionals and their clients with
a ‘whole of wealth’ view of their assets.
myprosperity
myprosperity is a leading provider of client portals for accountants and
ﬁnancial professionals. Its all-in-one secure portal delivers a total view
of household wealth, making it easier for households to collaborate
with their ﬁnancial professionals across all aspects of their ﬁnancial
lives. myprosperity’s client portal is used by over 497 accounting and
ﬁnancial advisory ﬁrms, representing circa 75,000 households 1.
Tech solutions
The Tech Solutions segment comprises Class and HUBconnect.
Class
Class delivers trust accounting, portfolio management, legal
documentation, corporate compliance and SMSF administration
solutions to around 6,500 customers across Australia who utilise
Class to drive business automation, increase proﬁtability and deliver
better client service 2.
Class’s core oﬀering is self-managed superannuation fund
(SMSF) administration software. Its solutions have gained industry
recognition for product innovation and customer service excellence.
Customers using the Class Super, Class Portfolio and Class Trust
solutions represented circa 208,000 accounts as at 30 June 2024.
Class also operates in the legal entity document and corporate
compliance segment through the service oﬀerings provided under
the NowInﬁnity brand 3.
HUBconnect
HUBconnect provides technology and data services to the
wealth industry, delivering innovative solutions to enable ﬁnancial
professionals to eﬃciently run their businesses and service
their clients.
HUBconnect leverages data and technology capability to provide
solutions that solve common challenges faced by stockbrokers,
licensees and professional advisers in the delivery of ﬁnancial advice.
HUBconnect Broker has a long history of working with
stockbrokers to deliver innovative business reporting and support
tools. HUBconnect Broker streamlines and integrates client
data and connects to a range of broking business reporting and
back-oﬃce support tools that provide key insights and enable the
eﬃcient delivery of stockbroking operations.
1. HUB24 data as at June 2024.
2. Class service providers represents practices of accountants, administrators and advisers as at 30 June 2024.
3. NowInﬁnity is a wholly owned subsidiary of Class.
HUB24 Limited
(ASX: HUB)
Class
HUBconnect
HUB24 platform
Portfolio
Administration
& Reporting
Services (PARS)
myprosperity
Group support
functions
Strategic
investments
Treasury
Platform
Tech Solutions
Corporate
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
13
DIRECTORS’ REPORT

Directors’ report
For ﬁnancial advisers and licensees HUBconnect utilises innovative
technology such as machine learning, artiﬁcial intelligence, and
natural language processing. HUBconnect integrates, reﬁnes,
stores and supplies structured and unstructured data.
Through integrated data feeds, automated reporting and analytics,
HUBconnect delivers eﬃciencies for some of the time-consuming
and costly processes that increase the cost of delivering advice.
HUBconnect serves a growing number of respected and high
proﬁle ﬁnancial services companies and their clients.
Corporate
The HUB24 Group was a strategic shareholder in Diverger Limited
(Diverger), an accounting and wealth management service provider,
until Diverger and Count Limited (Count) entered into a Scheme
Implementation Agreement under which Count acquired 100% of
the issued shares in Diverger by way of a Scheme of Arrangement
(the “Scheme”) between Diverger and its shareholders. The
scheme was completed on 1 March 2024.
On 1 March 2024, the HUB24 Group became a strategic
shareholder in Count, a diversiﬁed ﬁnancial services business
providing integrated accounting and wealth management services
to the Australian Market.
Upon completion an accounting gain on sale of $3.0 million
pre tax (which was recorded as a notable item in FY24) and
an 11.55% investment in Count was recorded.
REVIEW AND RESULTS OF OPERATIONS
The key items regarding the Group’s performance for FY24 were:
Funds under administration 1
– Total Funds Under Administration (FUA) increased by
30% to $104.7 billion (FY23: $80.3 billion);
– Platform 2 FUA increased by 35% to $84.4 billion
(FY23: $62.7 billion); and
– PARS 3 FUA increased by 15% to $20.3 billion (FY23: $17.6 billion).
Year ended
Year ended

30 June 2024
30 June 2023
Reconciliation of Underlying NPAT to Statutory NPAT
$ million
$ million
Underlying NPAT
67.8
58.8
Strategic transactions and project costs
(9.5)
(9.7)
Acquisition amortisation
(22.9)
(16.2)
Impairment of non-ﬁnancial assets
—
(3.3)
Gain on sale of investment in associate
3.0
—
Tax eﬀect on notable items
8.8
8.6
Statutory NPAT
47.2
38.2
Revenue
– Group operating revenue increased by 17% to $327.3 million
(FY23: $279.5 million);
– Platform segment revenue increased by 21% to $252.8 million
(FY23: $208.8 million); and
– Tech Solutions revenue increased by 5% to $70.7 million
(FY23: $67.5 million).
UEBITDA
– The HUB24 Group’s preferred measure of proﬁtability is
Underlying Earnings Before Interest, Tax, Depreciation and
Amortisation (UEBITDA) before Notable items (refer to note 2.1),
increased by 15% to $118.0 million (FY23: $102.4 million); and
– UEBITDA performance included expenses of $209.3 million
(FY23: $177.1 million).
Underlying net proﬁt after tax
– Underlying Net Proﬁt After Tax represents NPAT before
Notable Items. Underlying NPAT increased by 15% to
$67.8 million (FY23: $58.8 million).
Items recognised below Underlying NPAT
– Strategic transactions and project costs4 of $9.5 million have
been recognised in FY24 (FY23: $9.7 million). This includes
administrative and resourcing costs related to strategic
transactions and projects including Xplore integration and large
migrations;
– Acquisition amortisation of $22.9 million includes Class of
$14.8 million, Xplore of $5.1 million, myprosperity of $1.9 million
and Ord Minnett of $1.1 million. During the year the expected
useful life of some acquired intangible assets was determined
to be shorter than previous estimates. The amortisation period
for these assets was changed accordingly. This resulted in
an increase (included in the $22.9 million noted above) in
amortisation of $7.1 million recognised in the second half; and
– A gain on sale of investment in associates of $3.0 million
in relation to the sale of Diverger.

1. Non-IFRS measures.
2. Platform FUA refers to the custodial portfolio.
3. PARS FUA refers to the non-custodial portfolio.
4. Includes administrative and resourcing costs related to strategic transactions and project costs.
Statutory NPAT
– Statutory Net Proﬁt After Tax (NPAT) increased by 24% to
$47.2 million (FY23: $38.2 million).
Cash ﬂows
– The HUB24 Group generated strong operating cashﬂows of
$88.2 million ($97.6 million before strategic transaction costs),
17% up from $75.5 million ($85.2 million before strategic
transaction costs) in 2023.
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
CHAIR AND MANAGING DIRECTOR’S REPORTS
14

Directors’ report
Capital management
The HUB24 Group has access to a $5 million working capital
facility, which remained undrawn during the period.
The HUB24 Group has in place a revolving line of credit facility with
CBA which covers the whole Group totaling $31 million. $1 million
remained undrawn during the period.
In addition, an accordion facility of $50 million is available to
the HUB24 Group speciﬁcally for strategic transactions 1, which
remained undrawn during the period.
The HUB24 Group, through its licensed subsidiaries, fully complied
with the minimum regulatory capital requirements for Investor
Directed Portfolio Service (IDPS) Operators and providers of
custodial services for the year ended 30 June 2024.
During FY24, the HUB24 Group purchased $10 million of treasury
shares on market to service the HUB24 Group’s Employee Share
Plans (FY23: $10 million).
During FY24, the HUB24 Group purchased 363,760 HUB24
shares on market as part of the share buy-back announced in
August 2023 at an average price of $34.34 for total consideration
of $12.5 million (FY23: $nil). All shares purchased have been
cancelled. The on market share buy-back has a targeted maximum
value of $50m over the 12 months to September 2024.
Options and performance rights
The following options, performance rights and shares were issued
in accordance with schemes approved by shareholders. These
schemes contain ambitious targets, including Custodial FUA targets
of greater than $100 billion by FY25, in order to incentivise and
align key employees towards the HUB24 Group achieving its
strategic objectives:
– 194,053 performance rights were issued to employees,
executives and the Managing Director in the ﬁnancial year ended
30 June 2024 (FY23: 399,947 performance rights were issued to
employees, executives and the Managing Director and 416,213
performance rights were issued to myprosperity key employees).
Signiﬁcant changes in the state of aﬀairs
There have been no other signiﬁcant changes in the nature or state
of aﬀairs of the HUB24 Group.
Dividends
Subsequent to 30 June 2024, the Directors have determined a
ﬁnal dividend of 19.5 cents per share fully franked to be paid on
11 October 2024.
Together with the fully franked interim dividend of 18.5 cents per
share, the fully franked full year dividend of 38.0 cents per share
represents a 17% increase in dividends for shareholders
(FY23: 32.5 cents per share) and a payout ratio of 46% of
Underlying NPAT (FY23: 45%).
The Board’s dividend policy targets a payout ratio between
40% and 60% of the HUB24 Group’s annual underlying net proﬁt
after tax over the medium term subject to prevailing market
conditions and alternate uses of capital.
Signiﬁcant events occurring after balance sheet date
As disclosed above, subsequent to year end, the following items
have occurred:
– Directors have determined a fully franked ﬁnal dividend of
19.5 cents per share (a fully franked ﬁnal dividend of 18.5 cents
per share was determined in FY23).
No other signiﬁcant matter or circumstance has arisen since 30 June
2024 that has signiﬁcantly aﬀected, or may signiﬁcantly aﬀect the
HUB24 Group’s operations, the results of those operations, or the
HUB24 Group’s state of aﬀairs in future ﬁnancial years.
Likely developments and expected results
With the continued growth in FUA onto the HUB24 investment and
superannuation platform and continuing success of its supporting
businesses, the HUB24 Group expects its ﬁnancial results to
continue improving with scale.
Other than the information included in the operating and ﬁnancial
review and throughout this Annual Report by cross reference,
information on other likely developments, business strategies
and prospects for future ﬁnancial years of the HUB24 Group’s
operations has not been included in this report as it would be likely
to result in unreasonable prejudice to the HUB24 Group.
Global economic impacts and people and culture impacts
The current geopolitical events and global inﬂation concerns
have had a global market impact and uncertainty exists as to their
implications. Such disruptions can adversely aﬀect the Group’s
assets, liabilities, performance and liquidity.
Market volatility may impact Funds Under Administration (FUA)
and trading based fees, and any movement in the Reserve Bank
of Australia (RBA) Oﬃcial Cash Rate may impact cash account
fee income. Net inﬂows have proven to be resilient; our new
business pipeline remains strong and assisted FUA transitions
are continuing.
Risk management
The HUB24 Group has adopted the ASX Corporate Governance
Principles and Recommendations (4th Edition) and is committed to
recognising and managing risk. We recognise risk as the eﬀect of
uncertainty, both positive and negative, on our objectives and we
manage risk to create and sustain value for shareholders and other
stakeholders. We foster a risk aware culture with consideration of
risk supporting our formulation of strategy and informing business
decision-making.
Our Board-approved Risk Appetite Statement and Risk
Management Framework considers the full scope of risks we
face, including emerging risks. These have been organised into
the following nine material risks with a description of the risk and
a high level overview of how these risks are managed. This is
not intended to be a comprehensive or exhaustive list of all risks
the business is exposed to or controls operated by the business.
Investors should form their own assessment and conclusions.
Single Executive Accountability applies for each of our nine material
risks and risk management is regularly monitored and reported
against the Board’s approved Risk Appetite using Key Risk Indicators
and metrics that determine the level of management attention
applied. While the HUB24 Group seeks to manage risks to prevent
adverse outcomes, there are aspects of each of the risks below
that are outside the control of the HUB24 Group, the Board and
the Executive.
1. Subject to standard lending terms and conditions.
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
15
DIRECTORS’ REPORT

Directors’ report
Risk
Description
Mitigation of the Risk
Strategic
The risk that the Group makes
inappropriate strategic choices,
does not implement its strategies
successfully, or does not
respond eﬀectively to changes in
the operating environment.
– HUB24 has a dedicated product development and strategy function responsible for
monitoring competitors for various issues relating to product features, distribution
and performance.
– HUB24 has a business planning process to consider, set and monitor business
objectives and strategy including the pursuit of opportunities through appropriate
investment and monitoring against ﬁnancial and resourcing capacity.
Operational
The risk of loss resulting from
inadequate or failed internal
processes, people and systems
or from external events.
– HUB24 has dedicated product and operations functions responsible for various issues
relating to product features, price, performance and customer service.
– HUB24 has Business Continuity Management processes to ensure that adequate
arrangements are made should systems or premises become unavailable.
– HUB24 has a dedicated complaints management function who respond to complaints
within regulatory timeframes and provide reporting on any trends.
– HUB24 has processes for the selection, approval and monitoring of outsource
providers. Periodic meetings are held with material outsource providers.
– HUB24 uses dedicated systems to store customer information which is
appropriately deidentiﬁed.
– Administration processes and procedures are documented and available to
employees. Monitoring and exception reporting is in place to detect errors. Process
controls are in place for transaction processing, including separation of duties.
– HUB24 has internal controls in place to mitigate the risk of inappropriate access to funds.
Compliance
& Conduct
The risk of failing to abide
by compliance obligations
required of us or otherwise
failing to have behaviours and
practices that deliver suitable,
fair and clear outcomes for our
customers and that support
market integrity.
– HUB24 maintains a centralised register of policies to ensure compliance with
key regulatory requirements.
– HUB24 maintains a centralised regulatory change framework and register to identify
and track all regulatory change through to implementation.
– HUB24 has implemented a Group Incident and Breach Management Policy.
– HUB24 has established and maintains an operationally independent Group Risk and
Compliance function led by the Chief Risk Oﬃcer (CRO).
– HUB24 has operationalised a Code of Conduct which outlines the standards of
behaviour expected from all people.
– HUB24 has a Group Compliance Policy that covers forms of misconduct.
– HUB24 has a Whistleblowing Oﬃcer and Policy to ensure transparent interactions
with employees.
Reputation &
Sustainability
The risk that an action, inaction,
investment or event will reduce
trust in the Group’s integrity
and competence.
– HUB24 has a dedicated customer support team including a complaints function
and Internal Dispute Resolution process.
– HUB24 publishes a Modern Slavery Statement which outlines how the Group
address Modern Slavery Risk in its operations.
– HUB24 publishes a Sustainability Report that provides information on our ESG
focus areas.
– HUB24 carries out regular monitoring of media to understand the perception
of the HUB24 Group brands.
– HUB24 has established a dedicated Investor relationship team that prepare all
ASX disclosures and handle investor inquiries.
– HUB24 participates in consultation processes and industry forums.
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
CHAIR AND MANAGING DIRECTOR’S REPORTS
16

Directors’ report
Risk
Description
Mitigation of the Risk
Financial
The risk that Group does not
achieve its ﬁnancial objectives
or fails to comply with ﬁnancial
disclosure, liquidity, capital
and tax requirements.
– HUB24 has an established Group Finance function which is responsible for preparing
ﬁnancial disclosures, managing capital and liquidity risk and complying with
corporate tax requirements.
– HUB24 monitors the external environment and provide recommendation to the
Executive and Board on actions to manage interest rate and market risk.
– HUB24 has a capital adequacy framework is in place for assessing, measuring and
monitoring ﬁnancial resources in accordance with regulatory requirements and
banking covenants.
– HUB24 has in place a business planning process that determines the appropriate
investment needed to execute on strategic and business objectives.
Distribution
The risk of inappropriate
market distribution, including
our approach to sales and
distribution strategies, channels,
clients and/or inappropriate
management of client and
customer relationships
and activities.
– HUB24 has a dedicated distribution team in place who are responsible for
identifying and maintaining relationships with our Australian Financial Service
(AFS) licensee customers.
– HUB24 conducts due diligence and ongoing monitoring on AFS licensees and
other users of the platform before access is granted.
– HUB24 monitors platform activity on an ongoing basis to identify any
inappropriate activity.
People
The risk that the Group does
not have suﬃciently capable
people or does not create an
environment that is conducive
to achieving our strategy.
– HUB24 has a dedicated People and Culture function (P&C) responsible for providing
advice regarding employment obligations and advising on people management issues.
– HUB24 conducts periodic culture and engagement surveys to facilitate feedback on
culture, working practices and other people related issues.
– HUB24 has operationalised the Code of Conduct across the Group.
– HUB24 utilises a centralised training system to roll-out mandatory training to all
employees across the Group to ensure employees have the capabilities to execute
their roles and the Group’s strategy in accordance with regulatory requirements.
– HUB24 carries out recruitment processes which include the creation of job
descriptions with clear accountabilities, skill and capability requirements.
Onboarding due diligence includes probity and other background checks prior
to commencing employment.
Financial
Crime &
Fraud
The risk that the Group fails
to prevent illicit activities such
as fraud, money laundering,
terrorism ﬁnancing, corruption
or comply with sanction
requirements.
– HUB24 maintains a dedicated Line 2 Financial Crime team and has implemented
transaction monitoring and sanction controls.
– HUB24 has implemented policies and guidance in relation to the acceptance and
oﬀering of gifts and hospitality.
– HUB24 has process controls in place for transaction monitoring, including dual
authorisation and separation of duties to mitigate the risk of internal fraud.
– Suspicious Matters are raised and reported in accordance with regulatory requirements.
Cyber,
Data and
technology
The risk that the Group’s or its
third parties’ data or technology
are inappropriately accessed,
manipulated or damaged or
unable to be accessed due to
outages, cybersecurity threats
and vulnerabilities.
– HUB24 has a dedicated technology and cybersecurity teams who maintain and
monitor the stability, performance and security of key systems.
– HUB24 has key policies, procedures are in place to mitigate and respond to
cybersecurity threats.
– HUB24 has developed the Group’s Crisis Management Plan and incorporates cyber
and technology elements. A simulation exercise is run as part of the annual review
of the Plan.
– HUB24 conducts independent testing of network security to identify and
resolve vulnerabilities.
– HUB24 has data governance policies in place to identify, classify and protect
conﬁdential data (electronic or physical) from unauthorised access.
– HBU24 conducts regular upskilling of employees on cyber and data risks through
training and simulation exercises.
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
17
DIRECTORS’ REPORT

Environmental regulation and performance
The HUB24 Group’s operations are not subject to signiﬁcant
environmental regulations under either Commonwealth or State
legislation and the Directors are not aware of any material non-
compliance with environmental regulations pertaining to the
operations or activities during the period covered by this report.
The HUB24 Group released its Sustainability Report in August
2024. This report covers the 2024 ﬁnancial year from 1 July 2023
to 30 June 2024 (FY24). This report reﬂects our most material
social, environmental and governance opportunities.
Non-audit services
During the year Deloitte Touche Tohmatsu (Deloitte), the Group’s
auditor (Auditor) provided other services in addition to their
statutory duties.
In accordance with advice received from the Audit, Risk and
Compliance Committee, the Directors are satisﬁed that the
provision of non-audit services during FY24 by the Auditor is
compatible with and did not compromise the general standard of
auditor independence requirements of the Corporations Act 2001
for the following reasons:
– The Audit, Risk and Compliance Committee reviewed the non-
audit services to ensure that they do not impact the integrity and
objectivity of the Auditor and are of the view that they do not
impact the integrity and objectivity of Deloitte; and
– The fact that none of the non-audit services provided by Deloitte
during the ﬁnancial year had the characteristics of acting in a
management or decision-making capacity for the Company,
acting as advocate for the Company or jointly sharing economic
risks and rewards.
Details of the amounts paid to the Auditor, which includes amounts
paid for non-audit services and other assurance services, are set
out in note 8.3 to the Financial Statements.
A copy of the Auditor’s Independence Declaration, as required
under Section 307C of the Corporations Act 2001, is included at
the end of the Remuneration Report.
Oﬃcers of the Group who are former Directors of Deloitte
There are no oﬃcers of the Company who are former Directors or
Partners of Deloitte.
Proceedings on behalf of the company
No person has applied to the Court under section 237 of the
Corporations Act 2001 for leave to bring proceedings on behalf
of the Company, or to intervene in any proceedings to which the
Company is a party for the purpose of taking responsibility on
behalf of the Company for all or part of those proceedings.
Directors’ report
Rounding of amounts
In accordance with ASIC Corporations (Rounding in Financial/
Directors’ Reports) Instrument 2016/191, amounts have been
rounded oﬀ in the Directors’ Report and the Financial Report
to the nearest thousand dollars or, in certain cases, to dollars
where indicated.
Directors’, oﬃcers’, and auditors’ indemnity and Insurance
Insurance of Directors and Oﬃcers
During FY24 the Company paid a premium in respect of insuring
all past and present directors and oﬃcers of the HUB24 Group
against liability, except willful breach of duty, of a nature that is
required to be disclosed under section 300(8) of the Corporations
Act 2001. In accordance with commercial practice, the amount
of the premium and the nature of the liabilities covered by the
insurance policy is prohibited to be disclosed by the conﬁdentiality
clause of the contract of insurance.
Indemniﬁcation of Directors, Oﬃcers and Auditor
As permitted by HUB24’s Constitution, the Company indemniﬁes
current and past oﬃcers and directors to the extent permitted
by law and subject to the restrictions in section 199A of the
Corporations Act and any other applicable law against any liability
including reasonable legal costs incurred in in defending an
action that arises as a result of actions as an oﬃcer or director.
The Company has entered into Deeds of Access, Insurance and
Indemnity policies for each of its directors and oﬃcers.
To the extent permitted by law the Company has agreed to
indemnify its auditor, Deloitte, as part of the terms of its audit
engagement agreement dated 11 January 2024.
The Company has not otherwise, during or since the end of FY24,
except to the extent permitted by law, indemniﬁed or agreed
to indemnify an oﬃcer or auditor of the HUB24 Group or of any
related body corporate against a liability incurred as such an oﬃcer
or auditor.
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
CHAIR AND MANAGING DIRECTOR’S REPORTS
18

Meeting of directors
The numbers of meetings of the HUB24 Group’s Board of Directors and of each Board Committee held during the year ended 30 June
2024, and the numbers of meetings attended by each Director are noted below.
All Directors have a standing invitation to attend Board Committee meetings.
The table below excludes the attendance of those Directors who attended the Board Committee meetings of which they were not a member:
Board
meetings
Chair
Mr Paul Rogan
Audit, Risk &
Compliance
Committee meetings
Chair
Ms Rachel Grimes AM
Remuneration
& Nomination
Committee meetings
Chair
Mr Anthony McDonald

Eligible

Attended
to Attend
Attended
to Attend
Attended
to Attend
Mr Paul Rogan (Chair) 1
14
14
5
5
7
7
Mr Andrew Alcock (Managing Director)2
14
14
—
—
—
—
Ms Rachel Grimes AM 3
14
14
5
5
—
—
Ms Catherine Kovacs
14
14
5
5
7
7
Mr Anthony McDonald
14
14
—
—
7
7
Ms Michelle Tredenick 4
1
1
—
—
—
—
Mr Bruce Higgins5
7
7
2
2
—
—
1. Mr Rogan replaced Mr Higgins as Chair of the Board and ceased as the Chair of the Audit, Risk and Compliance Committee on 16 November 2023.
2. The Managing Director and CEO attends the Audit, Risk & Compliance Committee and the Remuneration & Nomination Committee meetings as a standing invitee of
these Committees.
3. Ms Grimes AM was appointed as Chair of the Audit, Risk & Compliance Committee on 16 November 2023.
4. Ms Tredenick was appointed to the Board on 11 June 2024 and appointed as a member of the Remuneration & Nomination Committee on 1 July 2024.
5. Mr Higgins was a standing invitee to the Remuneration & Nomination Committee and ceased to be a Director on 16 November 2023.
This report is made in accordance with a resolution of Directors.
Mr Paul Rogan
Chair, Independent Non-Executive Director
Sydney
20 August 2024
Directors’ report
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
19
DIRECTORS’ REPORT

Remuneration report
TO OUR SHAREHOLDERS
I am pleased to present HUB24’s FY24 Remuneration Report, on behalf of the Board and the HUB24 Remuneration and Nomination
Committee.
The Remuneration Report outlines our remuneration philosophy, framework and alignment of outcomes. The format of this
report is consistent with previous years, ensuring shareholders have clear visibility of the relationship between performance and
remuneration outcomes for our Key Management Personnel (KMP) across a mix of ﬁnancial, strategic, operational and people
and culture objectives.
The HUB24 Group’s remuneration approach continues to align individual remuneration targets (including short term incentives
(STIs) and long-term incentives (LTIs)) to our Company’s strategic objectives, ensuring our people are motivated and incentivised
to deliver strong performance across short, medium and longer-term outcomes.
We continue our commitment to maintaining competitive market remuneration in order to attract, engage and retain capable
talent that is committed to delivering to our clients and shareholders, and importantly, are aligned to our organisational values
which is critical to the HUB24 Group’s ongoing success. We consistently review appropriate remuneration and benchmark data
to ensure we stay informed of current remuneration structures, trends and relativities.
CONTINUING TO PERFORM IN LINE WITH STRATEGY
The HUB24 Group has continued deliver to shareholders in line with the Group strategy during FY24, achieving strong organic
growth whilst leveraging investments from strategic M&A activity to diversify the business.
Eﬀective support and proactive delivery to our clients has continued to be the key business priority, whilst also maintaining
the integrity of client data, cyber security and continuing to invest in our products and systems. Progressing our sustainability
commitments has also been an important focus during FY24, as well as maintaining good corporate governance across the
Group, consistent with our corporate values and obligations.
FY24 has continued to see the HUB24 Group deliver strong annual net inﬂows, net proﬁts and dividends whilst progressing
broader strategic objectives for the Group.
“ During FY24, HUB24 refreshed the core organisational values,
cognisant of HUB24’s rapid growth, the dynamic market
environment and the vital importance of our people. The updated
values reﬂect our heritage, history, core beliefs and future
aspirations – and we are delighted with the outcome of this Group-
wide initiative.
FY24 also represented a renewed focus on our employee
experience, with a greater investment in learning, talent
development, and diversity and inclusion. An enhanced employee
recognition program has been a key part of the FY24 strategic
plan. Overall, we believe these initiatives have resulted in positive
outcomes for clients, enhanced shareholder returns and an
increase in employee engagement.”
Anthony (Tony) McDonald
Chair, Remuneration and Nomination Committee
Message from the Chair, Remuneration and Nomination Committee
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
CHAIR AND MANAGING DIRECTOR’S REPORTS
20

Remuneration report
ENHANCING OUR CULTURE & INVESTING IN OUR PEOPLE
The HUB24 Group continues to prioritise people and culture as a core enabler of our business strategy, recognising the
importance of attracting, retaining and developing talent and capability to deliver our commitments consistently and ethically. To
achieve this, the HUB24 Group is committed to building and nurturing a diverse, inclusive and high-performing team and working
environment.
FY24 has been a pivotal year from a people and culture perspective. Following key business acquisitions made in recent years
and organic headcount investments in line with business growth, the HUB24 Group has grown a capable, diverse workforce of
893 people, (up from 838 in 2023).
The validation and reinvigoration of the HUB24 Group’s purpose, vision and culture has been a key priority for the HUB24 Board
and Executive Team during FY24, facilitated by the Chief People Oﬃcer (Amy Rixon) who was appointed in FY23. A key focus
has been listening to employees and involving them in the design and actioning our employee value proposition (including the
employee recognition program, employee engagement activities and importantly, the refresh of the HUB24 Group values).
The refreshed HUB24 values were launched during FY24. These values reﬂect the founding ethos of the HUB24 Group, the
foundational ethics and behaviours on which the business has grown successfully, and the intrinsic link to delivering HUB24’s
purpose to “empower better ﬁnancial futures, together”.
Importantly, the initiative to refresh the values has been driven and guided by our people. A number of initiatives and workshops
involved employees across the business, including long-term employees, recent hires and employees that have joined the
HUB24 Group through acquisition. The values are now being embedded in the HUB24 Group employee lifecycle, including
policies and procedures, recruitment processes, performance processes and recognition programs.
Our values
During FY24, we continued to listen to our employees through multiple channels and surveys and saw an improvement in
employee engagement and sentiment overall year on year (overall engagement lifted to 76% from 74% year on year), driven
through management’s focus on the strategy, increased communication, management support and focus on learning and
career development.
The HUB24 Group also continued to invest in key roles and capabilities including early career professionals (interns and
graduates), and a number of technical areas including cyber, security, data and broader management and leadership capability.
An enhanced focus on learning and development has been an important focus during FY24, including broad based professional
development, technical skill enhancements and targeted programs for key talent and identiﬁed succession opportunities.
We were also pleased to be recognised in the ‘Top 10 employers’ by AFR Boss Best Place to Work in April 2024 in the Banking,
Superannuation and Financial Services sector.
PERFORMANCE DURING FY24
The HUB24 Group delivered another year of growth in FY24, achieving strong platform net inﬂows of $15.8 billion and ﬁnishing
the year with total FUA of $104.7 billion, consisting of $84.4 billion of platform FUA and $20.3 billion of PARS FUA.
As highlighted elsewhere in this report, our performance has translated to strong outcomes for our shareholders, delivering a full
year dividend of 38.0 cents up 17% on FY23. Our underlying net proﬁt after tax was $67.8 million (up 15% on FY23). Our UEBITDA
was $118.0 million (up 15% on FY23) which reﬂects a 4 year CAGR of 48%.
Additionally, the HUB24 Group continues to be recognised by advisers and the industry as a market-leader in terms of innovative
product solutions, customer service excellence and value.
Looking ahead to FY25, the business remains committed to achieving sustainable growth for our shareholders by focusing
on our key strategic pillars to deliver on our purpose to continue to lead the wealth industry as the best provider of integrated
platform, technology and data solutions and empowering better ﬁnancial futures, together with our customers.
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
21
REMUNERATION REPORT

Remuneration report
EFFECTIVE PERFORMANCE INCENTIVES
During FY24, the Board engaged advisers Aon Advisory Australia to undertake a benchmark remuneration review of key
executive roles against the external market, identify market remuneration trends taking into consideration the increasing
demands on executives based on the scale and complexity of the HUB24 Group’s business.
Benchmark remuneration data has been assessed across both ﬁnancial services and ﬁntech industry sectors, to ensure the
competitive landscape has been fully considered. Remuneration increases for KMP were awarded as part of the annual cycle
in September 2023 to ensure that the HUB24 Groups overall remuneration remained competitive and supported the ongoing
retention of key executives. In addition, there were changes to KMP’s during the year with associated changes to remuneration
to reﬂect the KMP changes during the year.
Consistent with previous years, overall STI targets for the year were directly linked to delivery against base and stretch Key
Performance Indicators (KPIs) in the focus areas of operational excellence, ﬁnancial performance, customer outcomes and the
strategic development of the HUB24 Group in order to maximise shareholder value. FY24 STI performance measures included
a combination of ﬁnancial, strategic, growth, people/culture and operational measures. Key metrics against each of these
performance measures have been applied to assess the HUB24 Group’s success over the short-term (i.e. the FY24 annual
performance period).
The Managing Director met an overall aggregate of 87% of the FY24 assigned KPI targets, which included the base and stretch
target components. (Refer to section 4 for the details of the targets and achievement breakdown).
An LTI grant was oﬀered to the Managing Director, KMP, and other key employees during the year (the Managing Director’s
were approved by shareholders at the 2023 Annual General Meeting). The oﬀer was for Performance Rights and had a three
year vesting period with performance conditions based on FUA Compound Annual Growth Rate (CAGR) and
Relative Total Shareholder Return (RTSR).
BOARD AND EXECUTIVE KMP CHANGES
During FY24, we welcomed our new Chair Paul Rogan following the farewell of our long-serving Chair Bruce Higgins,
whom we thank for his contribution to the HUB24 business. Most recently in June 2024, we welcomed Michelle Tredenick
as a Non-Executive Director and are looking forward to her contribution which has started on a very positive note.
Paul Biggs was also added as KMP on 8 January 2024, in line with his role change to Chief Product & Technology Oﬃcer. Paul
Biggs joined the HUB24 Group in 2017 as a founding director of Agility Applications Pty Limited (Agility). Following the integration
of Agility into the HUB24 Group, Paul was appointed as Chief Technology Oﬃcer and has led the evolution of technology
function, data and cyber capability across the Group, and most recently, taken on accountability for leading the Product &
Innovation division. The appointment of Paul Biggs to KMP reﬂects the signiﬁcant contribution he has made to HUB24, and the
importance of the HUB24 product and technology strategy, plans and delivery.
LOOKING AHEAD TO FY25
The Board continues to monitor and assess market movements and trends in remuneration practices with particular focus on
appropriate market comparator groups across the ﬁnancial services and technology sectors, and ensuring the HUB24 Group’s
executive remuneration framework remains relevant with the appropriate mix of ﬁxed and variable incentives that work to attract,
motivate and retain talented leaders for our business.
The signiﬁcant growth of the Group, delivered through the execution of our strategy, has consolidated our leadership position
within the industry. Given this, the comparator groups for remuneration benchmarking will include some larger Groups within the
ASX 300 Diversiﬁed Financials Index. The Board continues to review appropriate benchmarking and remuneration structures
to retain, motivate and attract key talent. In addition, the Board are committed to listening to shareholder feedback and as such
continue to benchmark appropriate long term incentive structure and inputs.
The momentum we have created during FY24 on enhancing our culture and employee workplace experience initiatives will be
an ongoing focus for the year ahead, along side a focus on talent development and succession planning across the organisation.
We continue our commitment to transparently review and evolve our reward structures in line with the evolution of our market and
industry sector.
I would like to take this opportunity to thank all employees and the HUB24 Group management team for their consistent
eﬀort and input during FY24. The culture at HUB24 is strong and the recent refreshed core organisational values with broad
involvement from employees across the Group reﬂect this. We also have a strong performance culture and the FY24 results
squarely reﬂect this. Our team is to be congratulated and we look forward to the year ahead.
Anthony (Tony) McDonald
Chair, Remuneration and Nomination Committee
20 August 2024
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
CHAIR AND MANAGING DIRECTOR’S REPORTS
22

Remuneration report
This Remuneration Report (on pages 20 to 38) sets out the HUB24 Group’s remuneration framework and details of remuneration outcomes
for KMP for the year ended 30 June 2024 (FY24).
AASB 124 Related Party Disclosures deﬁnes KMP as those executives and non-executive directors with the authority and responsibility for
planning, directing and controlling the activities of the HUB24 Group, either directly or indirectly, being the Non-Executive Directors (NEDs),
Managing Director and Chief Executive Oﬃcer (MD), Chief Financial Oﬃcer (CFO), Director, Strategic Development, Chief Operating Oﬃcer
(COO) and the Chief Product and Technology Oﬃcer (CPTO).
The FY24 Remuneration Report has been prepared and audited in accordance with the disclosure requirements of the Corporations Act 2001.
1. Key Management Personnel (KMP)
2. Remuneration snapshot
3. Business performance in FY24
4. Executive KMP remuneration outcomes
5. Executive KMP remuneration structure
6. KMP employment agreements
7. NED remuneration
8. Remuneration governance
9. Other statutory disclosures
1. KEY MANAGEMENT PERSONNEL
The KMP for FY24 were:
Name
Role in FY24
Term as KMP in FY24
Independent Non-Executive Directors (NEDs)
Paul Rogan
Independent Non-Executive Director, Chair
Full year (appointed as Chair 16 November 2023)
Rachel Grimes AM
Independent Non-Executive Director
Full year
Catherine Kovacs
Independent Non-Executive Director
Full year
Anthony McDonald
Independent Non-Executive Director
Full year
Michelle Tredenick
Independent Non-Executive Director
Part year (appointed 11 June 2024)
Bruce Higgins
Independent Non-Executive Director, Chair
Part year (retired from the Board 16 November 2023)
Executive KMP
Andrew Alcock
Managing Director
Full year
Paul Biggs
Chief Product and Technology Oﬃcer
Part year (KMP from 8 January 2024)
Jason Entwistle
Director, Strategic Development
Full year
Craig Lawrenson
Chief Operating Oﬃcer
Full year
Kitrina Shanahan
Chief Financial Oﬃcer and Joint Company Secretary
Full year
2. REMUNERATION SNAPSHOT
Our remuneration framework is designed to support the HUB24 Group’s objectives by engaging exceptional people to deliver strong
customer value and growth in an innovative and collaborative manner. Our remuneration principles outlined below continue to shape our
remuneration framework.
OUR REMUNERATION PRINCIPLES
Remuneration
Ensure our people
are rewarded via
market competitive
remuneration
structures and
practices.
Design incentive
schemes to reward
achievement of
targets aligned to
HUB24’s strategy.
Ensure key people
are aligned to
shareholder interest
via appropriate
long-term equity
incentives.
Align incentives to
cultural and
compliance outcomes,
subject to deductions
for signiﬁcant
non-compliance.
Provide competitive and
reasonable rewards to
attract, motivate and retain
high calibre individuals to
drive the success of the
HUB24 Group.
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
23
REMUNERATION REPORT

Remuneration report
2. REMUNERATION SNAPSHOT continued
EXECUTIVE KMP REMUNERATION FRAMEWORK
HUB24’s Executive KMP Remuneration Framework is made up of three components that, when combined, create the total
remuneration opportunity.
FIXED REMUNERATION (FR)
FR consists of Base Salary,
Superannuation and Beneﬁts.
FR is set to attract and retain Executive
KMP with the capability and experience
to deliver on our business strategy.
FR is reviewed annually based on
individual performance and relevant
comparative remuneration in the market,
and where appropriate, external advice
on practices and market comparisons.
SHORT TERM INCENTIVE (STI)
STI paid in three equal instalments,
with one third paid at the end of
the performance year, one third
after 6 months and the remaining
third, 12 months after the end of
the performance period.
STI rewards Executive KMP based
on the achievement of structured
qualitative and quantitative scorecard
measures, as determined by the Board.
The scorecard measures include ‘target’
and ‘stretch’ KPIs.
Deferral periods applied to Executive
KMP STI payments act as a malus and
clawback mechanism intended to
protect shareholder interests.
LONG TERM INCENTIVE (LTI)
LTI has historically been delivered in a
mixture of Options and/or Performance
Award Rights (PARS), recently
switching to 100% PARS awards that
are performance-tested over a 3 year
period, with a 4 year retest in certain
circumstances.
LTI rewards Executive KMP for long-term
performance, encourages shareholder
alignment and delivers long-term value
creation for shareholders based on:
– Compound Annual Growth Rate
(CAGR) in FUA; and
– Total Shareholder Return performance.
Special awards of PARS under diﬀerent
terms and conditions may be granted
to Executives in limited circumstances
to recognise their additional contribution
in the growth of the HUB24 Group.
In FY24, in consultation with our external remuneration advisers AON Advisory Australia (AON), the Board adjusted the previous Absolute
Shareholder Return performance condition to become a Relative Shareholder Return (RTSR) condition. This measures HUB24’s Total
Shareholder Return (TSR) against the TSR of the ASX300 Diversiﬁed Financials Index.
FY24 EXECUTIVE KMP REMUNERATION MIX
The weighting of each remuneration component of an executive’s total remuneration opportunity is aligned to the executive remuneration
framework outlined in section 5. The following diagrams set out the weighting of each remuneration component for the Managing Director
and other Executive KMP based on their maximum potential STI and LTI opportunities and does not represent actual remuneration
received for FY24.
FY27
FY26
FY25
Assessed over a
1 year period against
ﬁnancial, strategic
and individual
performance metrics
Base salary,
superannuation
and other beneﬁts
FR
STI
LTI
FY24
33%
33%
33%
Delivered in Performance Award Rights (PARS) and assessed against:
– Funds Under Administration Compound Annual Growth Rate
(50% weighting)
– Relative Total Shareholder Return (50% weighting)
STI paid in 3 equal instalments, with one
third paid at the end of the performance
year, one third after 6 months and the
remaining third 12 months after the end of
the performance period. 50% of the total STI
can be delivered in Shares
12 month disposal
restriction applies to
any Shares acquired
from the exercise of
vested Options and
vested PARS
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
CHAIR AND MANAGING DIRECTOR’S REPORTS
24

Remuneration report
2. REMUNERATION SNAPSHOT continued
Managing Director Pay Mix at Maximum for FY24
Other Executive KMP Pay Mix at Maximum for FY24 (average)
LTI
33.33%
FR
33.33%
STI
33.33%
LTI
26.67%
FR
42.16%
STI
31.17%
3. BUSINESS PERFORMANCE IN FY24
$104.7b
Total FUA
$15.8b
Net ﬂows
$118.0m
Underlying EBITDA
$67.8 m
Underlying NPAT
67%
3 Year Total
Shareholder Return
The graph below shows HUB24’s Underlying EBITDA outcomes over the last ﬁve years compared to the Managing Director’s STI outcomes
over the same period. The graph shows that STI outcomes have been fair in comparison to Company performance against one of our key
ﬁnancial metrics.
Underlying EBITDA v Managing Director’s STI outcome
25
50
UEBITDA ($m)
140
STI Outcomes as % of Fixed Rem
100
120
100
80
60
40
20
0
75
FY24
FY20
FY21
FY22
FY23
0
Awarded STI (%) (RHS)
Maximum STI (%) (RHS)
UEBITDA ($m)
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
25
REMUNERATION REPORT

Remuneration report
3. BUSINESS PERFORMANCE IN FY24 continued
The table below details the HUB24 Group’s performance against key ﬁnancial and operational metrics for the ﬁve-year period ended
30 June 2024.

FY24
FY23
FY22
FY21
FY20
PARS FUA ($b)
20.3
17.6
15.9
17.2
0.2
Platform FUA ($b)
84.4
62.7
49.7
41.4
17.2
Revenue ($m)
327.3
279.5
192.5
110.9
82.5
Underlying EBITDA ($m)
118.0
102.4
70.4
36.2
24.7
Underlying Proﬁt/(Loss) after income tax ($m)
67.8
58.8
35.9
15.4
9.8
Earnings per share (statutory basic) (cents)
58.15
47.69
20.18
14.83
13.13
Dividends per share ($)
0.38
0.325
0.20
0.10
0.07
Total dividends paid and payable ($m)
30.9
26.3
16.0
6.8
4.4
Share Price – closing ($)
46.50
25.45
20.27
28.51
9.30
TSR in the ﬁnancial year 1
85%
27%
(29%)
208%
(21%)
1. TSR is calculated using the closing and opening share price and dividends for the ﬁnancial year.
4. EXECUTIVE KMP REMUNERATION OUTCOMES
Executives delivered strong results against their KPIs for FY24. Our Company performance and the resulting shareholder value creation
over the longer-term leads us to expect that the LTI issued in 2022 will vest at 100% once tested on 17 September 2024 using the 40 day
volume weighted average price (VWAP) spanning the FY24 full year results announcement.
FIXED REMUNERATION
Consistent with previous practice, the Board sought advice from external advisers AON in benchmarking Executive KMP remuneration
against both ﬁnancial services and ﬁntech comparator groups with similar scale, revenue and market capitalisation, in addition to wealth
management businesses within larger ﬁnancial institutions. Industry experience continues to be highly valued in the market and retaining
our Executive team in a competitive labour environment is a critical focus. Consideration of detailed market data against several external
groups of talent competitors ensures that appropriate and compelling adjustments to ﬁxed remuneration arrangements can be made
which also align to shareholder interests. Eﬀective 1 September 2023, the Board made ﬁxed remuneration adjustments to Executive KMP
of between 4.1% and 6.4%, as shown in the ﬁxed remuneration table below, to align total remuneration to the market reﬂecting HUB24’s
growth and the responsibilities of these key roles. Other Executive increases were between 3.5% and 4.5%. These FY24 ﬁxed remuneration
adjustments ensured that the executive remuneration framework continues to support the achievement of our strategy and the future
needs of our business by attracting, motivating and retaining key executive talent. Short term incentive arrangements were also considered
as part of the benchmarking process, with existing arrangements for the Chief Financial Oﬃcer recommended to be recalibrated from 60%
to 70% to align with market. No further adjustments to STI % opportunity were applied for KMP roles.

Fixed Remuneration

Fixed Remuneration
(including superannuation)
Name
(including superannuation)
eﬀective from 1 September 2022
A. Alcock – Managing Director
$744,244 1
$706,698
P. Biggs – Chief Product and Technology Oﬃcer
$550,000 2
— 3
J. Entwistle – Director, Strategic Development
$584,962 1
$555,000
C. Lawrenson – Chief Operating Oﬃcer
$460,000 1
$440,000
K. Shanahan – Chief Financial Oﬃcer and Joint Company Secretary
$550,000 2
$500,000
1. Fixed remuneration eﬀective from 1 September 2023.
2. Fixed remuneration eﬀective from 8 January 2024.
3. Mr Biggs was appointed a KMP on 8 January 2024.
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
CHAIR AND MANAGING DIRECTOR’S REPORTS
26

Remuneration report
4. EXECUTIVE KMP REMUNERATION OUTCOMES continued
STI OUTCOMES – LINK TO PERFORMANCE
Following the market benchmark review of remuneration completed in August 2023, the Managing Director’s FY24 scorecard capturing
corporate and individual goals, their weighting and the performance level achieved are summarised below. Further detail on the STI
structure is provided in section 5.
FY24 STI
Measure
FY24 outcome
Commentary
Financial performance: 32.5% weighting
Result: 25%
Proﬁtability
Group proﬁtability
– Group underlying EBITDA of $118.0m up $15.6m (15%) year-on-year. Base met
and stretch partially met.
Platform proﬁtability
– Platform underlying EBITDA of $103.0m up $17.9m (21%) year-on-year. Base met
and stretch partially met.
Cost to income ratio
– Cost to income ratio of 63.9%.
Operating
& Investing
cash ﬂow
– $97.5m. Target not met due to increased tax payments.
Strategy & Growth: 35.5% weighting
Result: 31%
Platform
net ﬂows
– Industry leading platform annual net ﬂows of $15.78b (including large migrations).
Non-custody
growth
– Base measure partially met.
Xplore
integration and
development
of non-custody
capability
– Enhancements to non-custody service oﬀers were progressed with pilot of
new service in market.
– Integration of Xplore Wealth into HUB24 program of work was ﬁnalised in FY24.
– Acquisition beneﬁt realisation (synergies) for FY24 were achieved.
myprosperity
– Business integrated and portal delivered. Upside remains on growth targets.
Current and
future growth
initiatives
– Development of strong opportunity pipeline to support future FUA growth.
– Active adviser growth to 4,525 using platform.
– 145 new licensee agreements.
– Secured large FUA transitions.
– Developed new platform menu oﬀer partnering with investment managers
to drive growth.
Class business
performance
and strategy
development
– Improved market share position.
– High level of sales.
– Created eﬃciencies in the operation of the business to allow for the
acceleration of growth.
– Compliance of the Future initiative on track.
– MYOB clients onboarded.
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
27
REMUNERATION REPORT

Remuneration report
Measure
FY24 outcome
Commentary
Customer and Service Delivery: 17% weighting
Result: 16%
Delivery and
governance
of strategic
and operational
work programs
– Ongoing delivery of enterprise project portfolio across:
> Regulatory change projects;
> New and enhanced product and service enhancements;
> Operational eﬃciency;
> Technology scale and security; and
> Client and product migrations.
Customer
experience
and market
leadership
– Customer satisfaction: Industry leading satisfaction rates maintained.
– Various awards and recognition including:
> Ranked ﬁrst in overall functionality from Adviser Ratings including 1st for
Best Advice Platform, Best Client Experience, Best Adviser Experience,
Ease of Onboarding, Online/Call Centre Support, BDM Support.
> Ranked ﬁrst for overall adviser satisfaction from Wealth Insights; and
> Achieved Best Platform award from Investment Trends.
– HUB24 platform usage across advisers and licensees increased year-on-year,
with the number of advisers using the platform increasing by 13%.
– Industry leading retention rate.
Product
and service
development
– Achieved Best Platform award from Investment Trends (and other industry awards).
– Expansion of our product and service development to deliver adviser eﬃciency,
ﬂexibility and choice including:
> Leverage the myprosperity acquisition to create a client portal;
> Introduced a new integrated retirement product as an accessible
investment option;
> Added product features to the platform to better align with the needs
of High Net Worth investors; and
> Commenced a pilot of our non-custody oﬀer.
Industry
innovation
and market
leadership
– Launch of industry leading Discover menu option providing lower cost options
for clients with simpler needs.
– Development of enterprise myprosperity to assist advisers with cyber security,
record keeping and compliance monitoring.
– Introduced our HUB24 ecosytem core integrated technology spine.
4. EXECUTIVE KMP REMUNERATION OUTCOMES continued
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
CHAIR AND MANAGING DIRECTOR’S REPORTS
28

Remuneration report
Measure
FY24 outcome
Commentary
People, Compliance and Business Operations: 15% weighting
Result: 15%
People
and Culture
– Improvement in employee engagement.
– Improved employee retention measures.
– Increased score in employees sentiment relating to a culture that values
outcomes and behaviors, conﬁdence in the company direction and being
positioned to succeed and communicating a motivating vision.
– Positive overall rating with alignment on servicing the customer and leading
the industry as measured by survey activity conducted on behalf of the Board.
– Continued focus on employee development, leadership development and
succession planning.
– Developed and delivered the new HUB24 Group employee values.
Risk,
Compliance
and Markets
– Eﬀective operation of risk and compliance framework with continuing
maturation of people, system, processes and culture to support robust risk
and compliance outcomes.
– Enhanced risk and compliance capability with the implementation of a new
risk and compliance system and improvements to processes and controls.
– Maintained HUB24 ISO 27001 accreditation.
– Continued investment in cyber resilience aiming to protect all stakeholders
and respond to the evolving environment and emerging threats.
Group
Sustainability
– Further developed our ESG capabilities.
– Achieved key ESG targets.
Group
Operating
Model
– Continued investment in systems and processes to ensure operational
continuity, scalability and provide foundations for future growth.
– Initiatives implemented across the business to build capacity and scale
successfully transacting record ﬂows and transitions into the business.
– Ongoing core system architecture and performance improvements creating
operational eﬃciencies and improved customer service outcomes.
– Maintained rolling platform service metrics, system uptime and availability.
Total Overall Outcome: 87%
Outcome
Base and stretch targets apply
Base target only
Stretch target only
Where there are two circles for a FY24 outcome the one on the left refers to stretch and the one on the right refers to base.
The STI outcomes for Executive KMP against their maximum opportunities are disclosed below.

STI maximum
% of maximum
% of maximum
Name
opportunity
STI earned
STI forfeited
A. Alcock – Managing Director
$744,244
87
13
P. Biggs – Chief Product and Technology Oﬃcer
$273,0271
89
11
J. Entwistle – Director, Strategic Development
$584,962
87
13
C. Lawrenson – Chief Operating Oﬃcer
$299,000
85
15
K. Shanahan – Chief Financial Oﬃcer and Joint Company Secretary
$385,000
89
11
4. EXECUTIVE KMP REMUNERATION OUTCOMES continued
1. Mr Biggs (Chief Product and Technology Oﬃcer) was appointed as a KMP from 8 January 2024. The STI disclosed of $273,027 comprises the amount for the period
1 July 2023 – 7 January 2024 ($108,027) and the amount from his tenure as a KMP from 8 January 2024 – 30 June 2024 ($165,000).
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
29
REMUNERATION REPORT

Remuneration report
4. EXECUTIVE KMP REMUNERATION OUTCOMES continued
LTI VESTING OUTCOMES – LINK TO PERFORMANCE
The FY22 LTI will be tested over the 3-year period to 30 June 2024, with the Absolute TSR (ATSR) hurdle tested using the 40 day VWAP
spanning the FY24 full year results announcement (being 17 September 2024).
Executive KMP have achieved the FUA hurdle (which is 50% of the performance measures). The remaining 50% of Options and PARS that
relates to the ATSR hurdle requires ﬁnal performance testing on 17 September 2024.
If tested as at the date of this report the ATSR stretch target would have been achieved. The following graphs also show TSR and FUA
performance over the FY22 LTI performance period.
Non-custodial FUA
Custodial FUA
ASX200
HUB24
(25)
0
25
50
75%
(50)
30
50
70
90
110 Total FUA ($b)
10
Jun 24
Jun 21
Jun 22
Jun 23
FY24
FY21
FY22
FY23
HUB24 vs S&P/ASX200 3-year TSR 1
3 year TSR: 20%
CAGR: 6% p.a.
3 year TSR: 67%
CAGR: 19% p.a.
3 year FUA growth: 158%
CAGR: 37% p.a.
HUB24 Platform FUA
Minimum
vesting
level
FY22 LTI
1. TSR data sourced from Morningstar 1 July 2021 – 30 June 2024.
FY22 LTI GRANT PERFORMANCE CONDITIONS
Measure
Weighting
Vesting criteria
Result (% vested)
ATSR
50%
The CAGR in the ATSR over the three-year period until 17 September 2024 is assessed as follows:
– Threshold: 10% ATSR CAGR – 25% vesting; and
– Stretch: 15% ATSR CAGR – 100% vesting.
Straight-line vesting will occur between threshold and stretch.
To be tested
17 September
2024
Growth
in FUA
50%
The growth in FUA over the three-year period until 30 June 2024, assessed via a calculated
score assessing relative growth of custody and non-custody FUA, as follows:
– Zero vesting if the FUA did not exceed 70.6% by 30 June 2024;
– 50% vesting if the FUA reached 70.6% growth by 30 June 2024;
– 100% vesting if the FUA reached 94.5% growth by 30 June 2024; and
– Straight-line vesting will occur between 70.6% and 94.5% growth
(for between 50% and 100% vesting).
100%
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
CHAIR AND MANAGING DIRECTOR’S REPORTS
30

Remuneration report
5. EXECUTIVE KMP REMUNERATION STRUCTURE
STI
The objective of the STI is to reward Executive KMP for delivery against tailored KPIs aligned to key strategic goals and creation of
shareholder value. Below we have set out the key terms of the STI for FY24:
Element
Description
Opportunity
Managing Director: 100% of Fixed Remuneration at maximum.
Other Executive KMP: 60–100% of Fixed Remuneration at maximum.
Delivery
STI is paid in three equal instalments, with one third paid at the end of the performance year, one third after
6 months and the remaining third paid 12 months after the end of the performance period.
These deferral periods are intended to enhance malus and clawback mechanisms and mitigate risk.
STI is oﬀered in cash, however, at the election of Executive KMP, 50% of the total STI earned can be delivered in Shares.
Performance period
1 year (i.e. 1 July to 30 June).
Performance
measures
HUB24’s STI strategy aims to focus Executive KMP on a balance of ﬁnancial, operational, people and culture
and strategic targets. This ensures Executive KMP are rewarded for achieving that are fundamental to the success
of HUB24.
The weightings for each category in the Managing Director’s FY24 scorecard are outlined below.
Financial Performance – 32.5% weighting
Strategy objectives & Growth – 35.5% weighting
Customer & Service Delivery – 17% weighting
People, Compliance & Business Operations – 15% weighting
– The ﬁnancial measures were chosen as they represent key drivers of HUB24’s ﬁnancial performance: Underlying
EBITDA, Operating Cashﬂow and Cost to Income aimed at protecting revenue margins and proﬁtability from the
impact of competitive pressures, while also providing a framework for delivering shareholder returns;
– Growth and strategic measures were chosen as they represent HUB24’s go-forward strategy and assess
progress against new initiatives that ensure HUB24’s longevity and success. This may involve (not intended
to be exhaustive) assessments against any mergers and acquisitions which occur, customer acquisitions and
development of new target markets;
– Customer & Service Delivery measures represent key metrics related to HUB24’s interactions with customers
(service and experience), rollout of new products and new product oﬀerings, the progress of strategic innovation
and the delivery of strategic projects; and
– People, Compliance & Business Operations measures focus on critical objectives related to people and
culture improvements to our risk framework, our regulatory compliance and our progress in building HUB24’s
sustainable scalability and growth. Most importantly it drives our cultural framework and employee engagement.
The Board determines the relative weighting and mix of performance measures for Executive KMP in order to
deliver long-term sustainable shareholder value.
LTI
The objective of the LTI Plan is to reward Executive KMP for delivering sustained growth in shareholder value and to provide HUB24 with
the ability to attract, motivate and retain high calibre senior leaders in a competitive market.
Below we have set out the key terms of the LTI issued in FY24:
Element
Description
Opportunity
Managing Director: 100% of Fixed Remuneration.
Other Executive KMP: 40–100% of Fixed Remuneration.
Delivery
PARS (100%).
Performance period
3 years. A further 12-month disposal restriction applies to Shares issued upon the exercise of vested PARS.
A 4 year retest in certain circumstances.
Exercise price
No exercise price will be payable in respect of the exercise of vested PARS.
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
31
REMUNERATION REPORT

Remuneration report
Element
Description
Expiry period
15 years from the date of issue.
Performance
measures
50% of the value of the PARS will be subject to and will vest based on achievement of a hurdle measuring compound
annual growth rate of custody funds under administration (FUA) for the three years ending on 30 June 2026.
This hurdle has been set at a three year CAGR of FUA between 16.84% and 21.33% p.a., and a FUA growth of
between 59.5% and 78.6%, over three years to 30 June 2025. Based on data at 30 June 2023 this would equate
to total FUA of $100-112b by 30 June 2026.
50% of the value of the PARS will be subject to, and will vest on, the achievement of a hurdle measuring the
Relative Total Shareholder Return (RTSR) over the next three years. The RTSR measure compares the Company’s
Total Shareholder Return (TSR) performance against the TSR performance of companies in the S&P/ASX300
Diversiﬁed Financials Index (Index). Vesting is calibrated as follows:
– 25% vesting of PC2 Performance Rights will occur when the Company’s TSR is at a threshold of the 50th
percentile performance when compared against the companies in the Index;
– 100% vesting of PC2 Performance Rights will occur when the Company’s TSR is at a threshold of 80th
percentile performance when compared against the companies in the Index; and
– vesting between 50th percentile and 80th percentile performance against the companies in the Index
will be on a straight-line basis between these two levels.
General terms applying to variable awards
The occurrence of particular events may aﬀect the grant and vesting of the STI and LTI. The table below outlines how these awards may be
treated, noting that the Board retains absolute discretion with respect to the incentive plans.
Element
STI
LTI
Treatment
on cessation
of employment
The Board has discretion to determine how to
treat an executive’s STI in the case of cessation
of employment, taking into account the circumstances
of the executive’s departure. This applies to in-year
STI as well as deferred STI which may be forfeited
in speciﬁc circumstances.
Unless the Board exercises its discretion, vested
Options and PARS will remain on-foot and unvested
Options and PARS will remain on-foot to be tested
in the ordinary course.
Change of control
The Board has discretion to determine how STI is
treated in the event of a change of control event
(CoC), depending on the circumstances of transaction.
Upon a CoC event, LTI grants will vest on a pro rata
“period of time” basis unless the Board exercises
discretion to allow the grant to vest in full, dependent
upon circumstances.
Clawback
and malus
The Board has the discretion to reduce, cancel or recover any and all awards in ‘for cause’ circumstances
including serious misconduct.
Board discretion
Awards under the STI and LTI are subject to Board discretion at all times.
During FY24 all exercises in relation to the LTI scheme were serviced through treasury shares.
6. KMP EMPLOYMENT AGREEMENTS
Remuneration and other terms of employment for Executive KMP are formalised in employment agreements.
All Executive KMP have ongoing employment agreements. HUB24 may terminate the employment agreement by providing 12 month
written notice or providing payment in lieu of the notice period (based on the ﬁxed component of the relevant KMP’s remuneration).
The major provisions of the Executive KMP agreements relating to remuneration are set out below. Salaries set out below reﬂect
arrangements as at 30 June 2024 and are subject to review by the Remuneration and Nomination Committee on an annual basis.

Contractual

Fixed remuneration
Notice period
termination
Name
(including superannuation)
– either party
payments
A. Alcock – Managing Director
$744,244
12 months
Nil
P. Biggs – Chief Product and Technology Oﬃcer
$550,000
12 months
Nil
J. Entwistle – Director, Strategic Development
$584,962
12 months
Nil
C. Lawrenson – Chief Operating Oﬃcer
$460,000
12 months
Nil
K. Shanahan – Chief Financial Oﬃcer and Joint Company Secretary
$550,000
12 months
Nil
5. EXECUTIVE KMP REMUNERATION STRUCTURE continued
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
CHAIR AND MANAGING DIRECTOR’S REPORTS
32

Remuneration report
KMP have no entitlement to termination payments in the event of termination for misconduct.
7. NED REMUNERATION
On appointment to the Board, all Non-Executive Directors (NED) enter into an agreement with HUB24 in the form of a letter of appointment.
The letter summarises the Board’s policies and terms, including compensation relevant to the oﬃce of Non-Executive Director.
REMUNERATION POLICY AND ARRANGEMENTS
The objective of HUB24’s policy regarding NED fees is below:
– To set aggregate remuneration at a level which provides HUB24 with the ability to attract, motivate and retain NEDs of the highest calibre
whilst incurring a cost which is acceptable to shareholders; and
– The Remuneration and Nomination Committee may from time to time receive advice from independent remuneration consultants or
utilise market base comparative data to ensure NED fees and payments are appropriate and in line with the market.
NED fees (including superannuation) are limited to a maximum aggregate amount approved by shareholders. The current limit of
$1,300,000 per ﬁnancial year was approved by HUB24 shareholders at the 2023 AGM. The total of Board and Committee fees, including
superannuation paid to Non-Executive Directors in FY24 remained within the shareholder approved NED fee pool.
NED remuneration comprises Board fees, Committee fees and superannuation contributions at the statutory superannuation guarantee
contribution rate. The payment of additional fees for serving on a Committee recognises the additional time commitment required by NEDs
who serve on a Committee. Prior to his appointment as Board Chair, Paul Rogan received a Special Fee of $10,000 for the additional work
he undertook in considering growth opportunities with the Chair and management.
In the context of the change to the HUB24 Limited Board Chair and in considering the circumstances, the Board approved an increase
to the NED Board fee eﬀective 1 January 2024, and a reduction in the HUB24 Limited Chair fee eﬀective 17 November 2023. The total of
Board and Committee fees remains within the shareholder approved NED fee pool.
HUB24’s current Board and Committee fees are as per the table below (inclusive of superannuation).
Board fees are not paid to the Managing Director and Chief Executive Oﬃcer. Executive KMP do not receive fees for directorships of any subsidiaries.
The Chair of the Board receives a higher Board fee to reﬂect the additional time commitment and responsibilities of the role and does not
receive any additional fees for participation in Board Committees.

Audit Risk and
Remuneration
Board and Committee Fees

Compliance
and Nomination
(inclusive of superannuation)
Year
Board Fee
Committee
Committee
Special Fee
Chair
2024
$285,000

2023
$325,000
Member Fee
2024
$135,000
$15,000
$15,000
$10,000

2023
$125,000
$15,000
$15,000
$10,000
Committee Chair Fee
2024

$30,000
$30,000

2023

$30,000
$30,000
ADDITIONAL FEES AND RETIREMENT ALLOWANCES
No additional amounts are paid to each NED other than reimbursements for reasonable travel, accommodation and other expenses
incurred as a consequence of their attendance at Board meetings and otherwise in the execution of their duties as Directors. NEDs do not
currently participate in any short-term or long term incentive arrangements and are not entitled to any retirement schemes or retirement
beneﬁts other than statutory superannuation beneﬁts.
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
33
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Remuneration report
7. NED REMUNERATION continued
NED STATUTORY REMUNERATION
The remuneration of NEDs for the year ended 30 June 2024 and 30 June 2023 is detailed below.
Short-term
beneﬁts
Post
Employment
Beneﬁts
End of
service
Share-based
payments
Total
remuner
-ation

Cash

Non-

Long

Salary

monetary
Super-
Service

Options
Non-Executive

and fees
Bonus
beneﬁts
annuation
Leave
Shares
& PARS
Total
Directors

$
$
$
$
$
$
$
$
P. Rogan
FY24
221,450
—
—
23,891
—
—
—
245,341

FY23
151,584
—
—
15,916
—
—
—
167,500
R. Grimes AM
FY24
139,025
—
—
15,293
—
—
—
154,318

FY23
11,935
—
—
1,253
—
—
—
13,188
C. Kovacs
FY24
144,144
—
—
15,856
—
—
—
160,000

FY23
118,778
—
—
12,472
—
—
—
131,250
A. McDonald
FY24
144,144
—
—
15,856
—
—
—
160,000

FY23
128,959
—
—
13,541
—
—
—
142,500
M. Tredenick 1
FY24
—
—
—
—
—
—
—
—

FY23
—
—
—
—
—
—
—
—
B. Higgins 2
FY24
124,001
—
—
12,305
—
—
—
136,306

FY23
266,370
—
—
24,880
—
—
—
291,250
R. Stringer 3
FY24
—
—
—
—
—
—
—
—

FY23
94,268
—
—
9,898
—
—
—
104,166
Total
FY24
772,764
—
—
83,201
—
—
—
855,965

FY23
771,894
—
—
77,960
—
—
—
849,854
1. The appointment of Ms Tredenick as Director was on the 11th June 2024 and therefore payment for services from this date to year-end will be made after 30 June
2024. The payment will be subject to the usual terms and conditions applicable to Non-Executive Director remuneration and will be part of the remuneration disclosed
in the FY25 Annual Report. This disclosure is designed to align with the Group’s ﬁnancial reporting period and ensure accurate disclosure of NED remuneration.
2. Mr Higgins retired as a Director 16 November 2023.
3. Ms Stringer retired as a Director 30 April 2023.
NED SHAREHOLDINGS
HUB24 requires Non-Executive Directors to be shareholders in the Company. NEDs must hold either directly or indirectly at least 1,000
HUB24 shares as soon as practical and permissible following their appointment or election.
The number of shares in HUB24 held during the ﬁnancial year by each NED, including their personally related parties, is set out below.

Balance at the beginning
Other changes
Balance at the end
Ordinary Shares
of the ﬁnancial year
during the year
of the ﬁnancial year
P. Rogan
45,000
—
45,000
R. Grimes AM
—
1,000
1,000
C. Kovacs
3,750
—
3,750
A. McDonald
41,644
—
41,644
M. Tredenick 1
—
—
—
B. Higgins 2
538,611
(274,223)
264,388 3
1. Ms Tredenick was appointed as a Director 11 June 2024.
2. Mr Higgins retired as a Director 16 November 2023.
3. Mr Higgins balance as at 16 November 2023 per Appendix 3Z - Final Director’s Interest Notice lodged with the ASX.
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
CHAIR AND MANAGING DIRECTOR’S REPORTS
34

Remuneration report
8. REMUNERATION GOVERNANCE
The HUB24 Group’s remuneration governance structure provides oversight over HUB24’s remuneration practices and policies.
Activities of the Remuneration and Nomination Committee are governed by its Charter, which is available on HUB24’s website at
www.HUB24.com.au
The following diagram illustrates the HUB24 Group’s remuneration governance framework. The Board has the ultimate responsibility
for the oversight of the executive remuneration framework including variable pay outcomes, policies and processes, informed by the
Remuneration & Nomination Committee’s recommendations.
GENDER PAY EQUITY
The HUB24 Group is committed to all employees being remunerated fairly and equitably. Annual gender pay equity reviews are completed
and submitted via the Workplace Gender Equality Agency (WGEA) process and outcomes are made available to our employees and
reviewed at the Remuneration and Nomination Committee. During FY24 the HUB24 Group submitted its ﬁrst WGEA Pay Gap Statement
to provide context to our gender pay gap results which were published by WGEA for the ﬁrst time relating to the 2023-2024 period.
HUB24 Board
The Remuneration and Nomination Committee
The Remuneration and Nomination Committee is delegated
responsibility by the Board for amongst other matters, reviewing
and making recommendations on remuneration policies for HUB24,
including policies governing the remuneration of executives and NEDs.
The Remuneration and Nomination Committee assists the Board
in its oversight of:
– remuneration policy for Executive KMP;
– the remuneration framework for Executive KMP, including STI
and LTI plans;
– the remuneration framework for Directors;
– HUB24’s compliance with applicable legal and regulatory
requirements in respect of remuneration matters;
– approval of the allocation of shares and incentives under
HUB24’s schemes;
– monitoring and reporting any gender or other inappropriate
bias in remuneration for Directors, senior executives
and other employees;
– promoting diversity within the HUB24 Group; and
– monitoring and reporting on Work, Health and Safety (WHS)
matters within the HUB24 Group.
Speciﬁc responsibilities are detailed in the Committee’s
Charter which is reviewed annually.
The Remuneration & Nomination Committee consists only
of independent Non-Executive Directors.
Management
Management provides
relevant information to
the Remuneration and
Nomination Committee
to assist with its decision-
making and advises
the Remuneration and
Nomination Committee of
statutory requirements.
Management may also
seek advice from external
advisers as required.
The Managing Director is
responsible for reviewing
the performance of
HUB24’s Executive KMP
and the Remuneration and
Nomination Committee
reviews the Managing
Director’s performance.
External Advisors
External Advisors
External advisors may
be engaged directly by
the Remuneration and
Nomination Committee
to provide advice or
information relating to
KMP remuneration that
is free from the inﬂuence
of management.
HUB24 engaged
external remuneration
advisors to assist in
Non-Executive Director
fee benchmarking against
a comparator group
of companies. During
FY24, the Committee and
management received
information from AON.
SECURITIES TRADING POLICY
All employees and directors are required to comply with the HUB24 Group Securities Trading Policy at all times and in respect of all HUB24
shares held. Trading is subject to pre-clearance and is not permitted during designated blackout periods unless there are exceptional
circumstances.
LOANS AND TRANSACTIONS
HUB24 has not provided any loans or entered into transactions with any KMP and/or related parties in FY24 (FY23: Nil).
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
35
REMUNERATION REPORT

Remuneration report
9. OTHER STATUTORY DISCLOSURES
Statutory remuneration disclosures are prepared in accordance with Australian Accounting Standards and include share-based payments
expensed during the ﬁnancial year, calculated in accordance with AASB 2 Share-based Payments.
EXECUTIVE KMP REMUNERATION
The following table includes statutory remuneration disclosures for FY24 and FY23.
Short-term
beneﬁts
Post
Employment
Beneﬁts
End of
service
Share-based
payments
Total
remuner
-ation

Cash

Non-

Long

Perfor

Salary
monetary
Super-
Service

Options

-mance

and fees 1
Bonus
beneﬁts
annuation
Leave
Shares
& PARS
Total
related
Executive KMP
$
$
$
$
$
$
$
$
%
A. Alcock
FY24
710,939
568,134
26,424
27,399
27,144
—
2,459,536
3,819,576
15%

FY23
675,797
521,027
27,055
25,292
15,140
—
2,253,691
3,518,002
15%
P. Biggs 2
FY24
259,377
57,614
2,332
13,699
22,884
—
362,061
717,967
8%

FY23
—
—
—
—
—
—
—
—
—
J. Entwistle
FY24
552,921
441,490
5,907
27,399
18,620
1,000
2,198,456
3,245,793
14%

FY23
525,106
408,938
6,422
25,292
11,952
980
2,241,453
3,220,143
13%
C. Lawrenson FY24
430,699
208,080
4,960
27,399
14,836
1,000
605,829
1,292,803
16%

FY23
412,771
226,199
4,481
25,292
32,709
980
613,324
1,315,756
17%
K. Shanahan FY24
508,359
231,740
5,467
27,399
7,521
1,000
768,469
1,549,955
15%

FY23
468,389
217,153
3,482
25,292
7,801
980
879,463
1,602,560
14%
Total
FY24
2,462,295
1,507,058
45,090
123,295
91,005
3,000
6,394,351
10,626,094

FY23
2,082,063
1,373,317
41,440
101,168
67,602
2,940
5,987,931
9,656,461
1. Includes movements in leave balances.
2. Mr Biggs was appointed a KMP in FY24, and this disclosure relates to the period from 8 January 2024.
KMP INTERESTS IN OPTIONS AND PARS
We have detailed beneﬁcial interests in Options and PARS granted as at 30 June 2024 in the table below. We discuss the service and
performance criteria for the equity awards vesting in FY24 in section 4.

Balance at

Lapsed/
Other
Balance at
Executive KMP
Type
1 July 2023
Granted
Exercised
Forfeited
transactions
30 June 2024
A. Alcock
Options
139,508
—
105,950
—
—
33,558

PARS
575,211
31,708
148,748
—
—
458,171
P. Biggs¹
Options
—
—
—
—
—
—

PARS
93,860
—
—
—
—
93,860
J. Entwistle
Options
112,283
—
40,000
—
—
72,283

PARS
484,497
24,922
—
—
—
509,419
C. Lawrenson
Options
39,170
—
15,352
—
—
23,818

PARS
141,551
7,839
44,603
—
—
104,787
K. Shanahan
Options
10,974
—
—
—
—
10,974

PARS
127,403
13,606
27,511
—
—
113,498
Total
Options
301,935
—
161,302
—
—
140,633

PARS
1,422,522
78,075
220,862
—
—
1,279,735
1. Mr Biggs’ opening balance is based on holdings as at the date of commencement as a KMP (8 January 2024).
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
CHAIR AND MANAGING DIRECTOR’S REPORTS
36

Remuneration report
9. OTHER STATUTORY DISCLOSURES continued
KMP OPTIONS
KMP hold the following Options:

Number of

Financial

Number of
Options

Financial
year in which
Number of
Value of Options
Options vested
lapsed/forfeited
Executive KMP
year of grant
Options may vest
Options held
held at grant $
during the year
during the year
A. Alcock
2021
2024
33,558
371,990
33,558
—
P. Biggs
—
—
—
—
—
—
J. Entwistle
2021
2024
27,435
304,117
27,435
—

2020
2023
44,848
170,406
—
—
C. Lawrenson
2021
2024
10,380
115,062
10,380
—

2020
2023
13,438
51,059
—
—
K. Shanahan
2021
2024
10,974
121,647
10,974
—
The assessed fair value at grant date of the Options granted to individuals is allocated over the period from grant date to expected vesting
date and the amount is included in the remuneration tables in this section of this Remuneration Report. Fair values at grant date are
independently determined using the Black Scholes and the Hoadleys 1 Hybrid ESO model that takes into account the exercise price, term
of the Option, share price at grant date, expected price volatility of the underlying share price and the risk free rate for the term of the Option.
KMP PARS
KMP hold the following PARS:

Financial

Fair value
Number of
Number of PARS

Financial
year in which
Number of
of PARS held
PARS vested
lapsed/forfeited
Executive KMP
year of grant
PARS may vest
PARS held
at grant $
during the year
during the year
A. Alcock
2024
2027
31,708
877,000 1
—
—

2023
2026
53,163
1,168,722
—
—

2022
2025
35,901
800,882
—
—

2021
2024
301,395
6,078,887
31,395
—

2020
2023
21,932
206,507
—
—

2018
2022
14,072
157,034
—
—
P. Biggs
2024
2027
7,669
200,357
—
—

2023
2026
12,939
284,449
—
—

2022
2025
8,252
154,000
—
—

2021
2024
65,000
1,331,850
—
—
J. Entwistle
2024
2027
24,922
651,092
—
—

2023
2026
41,751
917,845
—
—

2022
2025
28,132
658,538
—
—

2021
2024
295,653
5,978,919
25,653
—

2020
2023
17,961
169,117
—
—

2019
2023
90,000
1,142,224
—
—

2019
2022
11,000
117,852
—
—
C. Lawrenson
2024
2027
7,839
204,801
—
—

2023
2026
13,240
291,064
—
—

2022
2025
9,002
210,732
—
—

2021
2024
74,706
1,500,831
9,706
—
K. Shanahan
2024
2027
13,606
355,457
—
—

2023
2026
22,568
496,134
—
—

2022
2025
12,324
288,500
—
—

2021
2024
65,000
1,331,850
—
—
1. A. Alcock grant issued in Financial Year 2024 has a face value of $1,066,657 based on the closing share price of $33.64 for ASX:HUB on 13 October 2023
(being the day before the issue of the Notice of Annual General Meeting).
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
37
REMUNERATION REPORT

Remuneration report
9. OTHER STATUTORY DISCLOSURES continued
The assessed fair value at grant date of the PARS granted to individuals is allocated over the period from grant date to expected vesting
date and the amount is included in the remuneration tables in this section of this Remuneration Report. Fair values at grant date are
independently determined using the Black Scholes and the Hoadleys 1 Hybrid ESO model that takes into account the term of the PAR,
share price at grant date, probability of service condition being met, expected volatility of the underlying share price and risk free rate.
PARS granted carry no dividend or voting rights.
EXECUTIVE KMP SHAREHOLDINGS
The number of shares held in HUB24 during the ﬁnancial year by each Executive KMP, including their personally related parties, is set out below.

Balance at
Received due

Balance at

the start of the
to tax exempt
Other changes
the end of the
Ordinary Shares
ﬁnancial year
share plan issue
during the year
ﬁnancial year
A. Alcock
1,081,824
—
4,698
1,086,522
P. Biggs 1
165,855
—
(4,596)
161,259
J. Entwistle
699,777
30
(210,000)
489,807
C. Lawrenson
216
30
53,968
54,214
K. Shanahan
78
30
27,511
27,619
1. Mr Biggs’ opening balance is based on holdings as at the date of commencement as a KMP (8 January 2024).
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
CHAIR AND MANAGING DIRECTOR’S REPORTS
38

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ŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐ

DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
39
REMUNERATION REPORT

Financial statements
For the year ended 30 June 2024
Consolidated Financial statements
41
Consolidated statement of proﬁt or loss and other comprehensive income
42
Consolidated statement of ﬁnancial position
43
Consolidated statement of changes in equity
44
Consolidated statement of cash ﬂows
Notes to the ﬁnancial statements

1
Overview
45
1.1
Corporate information
45
1.2
Basis of preparation
46
1.3
Critical accounting judgements and estimates

2
Group performance
47
2.1
Operating segments
49
2.2 Revenue
50
2.3 Other income
50
2.4 Expenses
51
2.5 Earnings per share

3
Financial position
51
3.1
Trade and other receivables
52
3.2 Trade and other payables
52
3.3 Provisions
54
3.4 Right of use assets and lease liabilities
56
3.5 Intangible assets
59
3.6 Property, plant and equipment
60
3.7
Equity securities

4
Capital structure and ﬁnancing
62
4.1
Borrowings
62
4.2 Contributed equity & reserves
64
4.3 Dividends
65
4.4 Financial instruments
68
4.5 Reconciliation of cash ﬂows
68
4.6 Commitments and contingencies

5
Income tax
69
5.1
Reconciliation of prima facie tax to income tax expense
70
5.2 Deferred taxes
71
5.3 Other taxes

6
Group structure
72
6.1
Business combinations
73
6.2 Controlled entities
74
6.3 Associated entities
75
6.4 Parent entity ﬁnancial information
76
6.5 Deed of cross guarantee ﬁnancials

7
Employee remuneration
78
7.1
Share based payments
96
7.2
Key management personnel

8
Other information
96
8.1
New and amended accounting standards adopted by the Group
96
8.2 Signiﬁcant events after report date
97
8.3 Remuneration of auditors
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
CHAIR AND MANAGING DIRECTOR’S REPORTS
40

Consolidated statement of proﬁt or loss
and other comprehensive income
For the year ended 30 June 2024

2024
2023

Notes
$’000
$’000
Income
Revenue from customers
2.1, 2.2
323,488
276,307
Interest and other income
2.3
3,240
2,319
Share of proﬁt from associates
6.3
630
906
Gain on sale of investment in associate
6.3
2,987
—
Total income

330,345
279,532
Expenses
Platform and custody expenses

(28,115)
(23,864)
Employee related expenses
2.4
(141,646)
(122,450)
Depreciation and amortisation expense
2.4
(36,823)
(27,706)
Administrative expenses
2.4
(49,082)
(40,497)
Share based payments expense
7.1
(13,521)
(11,096)
Interest expense – lease liability
3.4.2
(443)
(315)
Interest expense – other

(1,889)
(1,614)
Impairment charge on non-ﬁnancial assets
6.3
—
(3,248)
Total expenses

(271,519)
(230,790)
Proﬁt before income tax

58,826
48,742
Income tax expense
5.1
(11,667)
(10,576)
Proﬁt after income tax for the year

47,159
38,166
Other comprehensive income/(loss)
3.7
(682)
—
Total comprehensive income for the year attributable to ordinary equity holders of HUB24 Limited
46,477
38,166

Notes
Cents
Cents
Earnings per share, attributable to ordinary equity holders of HUB24 Limited
Basic earnings per share
2.5
58.15
47.69
Diluted earnings per share
2.5
56.38
46.06
The consolidated statement of proﬁt or loss and other comprehensive income should be read in conjunction with the accompanying notes.
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
41
FINANCIAL STATEMENTS

2024
2023

Notes
$’000
$’000
Assets
Current assets
Cash and cash equivalents
4.5
88,048
72,747
Trade and other receivables
3.1
37,824
29,531
Current tax receivables

8,119
1,847
Other current assets

8,034
6,817
Total current assets

142,025
110,942
Non-Current assets
Investment in associates
6.3
—
12,172
Equity securities
3.7
11,115
—
Intangible assets (including goodwill)
3.5
449,347
459,205
Right of use assets
3.4.1
14,637
9,556
Deferred tax assets (net of deferred tax liabilities)
5.2
—
539
Property, plant and equipment
3.6
3,008
3,017
Other non-current assets

2,602
1,250
Total non-current assets

480,709
485,739
Total assets

622,734
596,681
Liabilities
Current liabilities
Trade and other payables
3.2
14,584
16,630
Provisions
3.3
30,227
24,425
Lease liabilities
3.4.2
2,651
3,765
Other current liabilities

252
127
Total current liabilities

47,714
44,947
Non-current liabilities
Lease liabilities
3.4.2
12,596
6,434
Provisions
3.3
5,078
4,548
Borrowings
4.1
29,975
29,975
Deferred tax liabilities (net of deferred tax assets)
5.2
6,589
—
Deferred income

271
365
Other non-current liabilities

809
—
Total non-current liabilities

55,318
41,322
Total liabilities

103,032
86,269
Net assets

519,702
510,412
Equity
Issued capital
4.2.1
476,986
491,477
Proﬁt reserve
4.2.3
84,234
67,178
Share based payment reserves
4.2.2
34,157
26,750
Equity securities at FVOCI 1 reserve
4.2.4
(682)
—
Retained earnings

(74,993)
(74,993)
Total equity

519,702
510,412
The consolidated statement of ﬁnancial position should be read in conjunction with the accompanying notes.
1. Fair Value through Other Comprehensive Income (FVOCI).
Consolidated statement of ﬁnancial position
As at 30 June 2024
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
CHAIR AND MANAGING DIRECTOR’S REPORTS
42

Equity

Share based

securities

Issued
payment
Proﬁt
at FVOCI
Retained

capital
reserves
reserves
reserve
earnings
Total

Notes
$’000
$’000
$’000
$’000
$’000
$’000
Consolidated 2024
Opening balance as at 1 July 2023

491,477
26,750
67,178
—
(74,993)
510,412
Total comprehensive income/(loss) for the year

—
—
—
(682)
47,159
46,477
Transfer to proﬁt reserves

—
—
47,159
—
(47,159)
—
Transactions with owners in their
capacity as owners
Dividends paid on ordinary shares

—
—
(30,103)
—
—
(30,103)
Shares issued transaction costs

(12)
—
—
—
—
(12)
Shares issued through employee
share option plan

636
—
—
—
—
636
On-market share buy back

(12,493)
—
—
—
—
(12,493)
Options and rights exercised
4.2.1
7,401
(5,153)
—
—
—
2,248
Options and rights granted – employees

—
12,560
—
—
—
12,560
Treasury shares purchased on-market
4.2.1
(10,023)
—
—
—
—
(10,023)
Balance as at 30 June 2024

476,986
34,157
84,234
(682)
(74,993)
519,702
Consolidated 2023
Opening balance as at 1 July 2022

460,447
19,975
50,231
—
(74,993)
455,660
Total comprehensive income for the year

—
—
—
—
38,166
38,166
Transfer to proﬁt reserves

—
—
38,166
—
(38,166)
—
Transactions with owners in their
capacity as owners
Dividends paid on ordinary shares

—
—
(21,219)
—
—
(21,219)
Shares issued transaction costs

(49)
—
—
—
—
(49)
Shares issued through employee
share option plan

461
—
—
—
—
461
Options and rights exercised
4.2.1
4,065
(2,837)
—
—
—
1,228
Options and rights granted – employees

—
9,612
—
—
—
9,612
myprosperity settlement consideration
6.1
36,565
—
—
—
—
36,565
Treasury shares purchased on-market
4.2.1
(10,012)
—
—
—
—
(10,012)
Balance as at 30 June 2023

491,477
26,750
67,178
—
(74,993)
510,412
The consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
Consolidated statement of changes in equity
For the year ended 30 June 2024
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
43
FINANCIAL STATEMENTS

2024
2023

Notes
$’000
$’000
Cash ﬂows from operating activities
Receipts from customers

313,525
273,753
Payments to suppliers and employees

(207,595)
(176,402)
Interest received
2.3
3,252
2,102
Interest paid on lease liability
3.4.2
(443)
(315)
Short-term lease payments
3.4.2
(201)
(244)
Strategic transactions and project costs

(9,319)
(9,669)
Income tax payment

(10,970)
(13,735)
Net cash inﬂow from operating activities
4.6
88,249
75,490
Cash ﬂows from investing activities
Payments for acquisitions net of cash acquired
6.1
—
(353)
Payments for oﬃce equipment

(1,344)
(1,639)
Payment for further investment in associates
6.3
(1,393)
—
Proceeds on sale of investment in an associate

3,415
—
Payments for intangible assets

(21,387)
(16,187)
Dividends received from investment in associate
6.3
1,969
653
Net cash (outﬂow) from investing activities

(18,740)
(17,526)
Cash ﬂows from ﬁnancing activities
Loan facility repayment

—
14,405
Payment for issuance of shares
4.2
(12)
(49)
Proceeds from issues of shares

2,249
1,228
Repayment of borrowings

—
(9,320)
Treasury shares purchased on-market
4.2.1
(10,023)
(10,012)
On-market share buy back

(12,493)
—
Repayment of lease liabilities
3.4.2
(3,826)
(3,704)
Dividends paid on ordinary shares
4.2.3
(30,103)
(21,219)
Net cash (outﬂow) from ﬁnancing activities

(54,208)
(28,671)
Net increase in cash and cash equivalents

15,301
29,293
Cash and cash equivalents at beginning of year

72,747
43,454
Cash and cash equivalents at end of year
4.5
88,048
72,747
The consolidated statement of cash ﬂows should be read in conjunction with the accompanying notes.
Consolidated statement of cash ﬂows
For the year ended 30 June 2024
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
CHAIR AND MANAGING DIRECTOR’S REPORTS
44

1. OVERVIEW
1.1
CORPORATE INFORMATION
The Annual Report of HUB24 Limited (“the Company”) and its
controlled entities (‘HUB24 Group) for the year ended 30 June
2024 was authorised for issue in accordance with a resolution
of the Board of Directors on 20 August 2024 and covers the
company as an individual entity as well as the HUB24 Group
consisting of the company and its subsidiaries as required by the
Corporations Act 2001.
HUB24 Limited is a public company limited by shares. It was
incorporated and is domiciled in Australia. Its shares are publicly
traded on the Australian Securities Exchange (ASX:HUB).
The nature of the operations and principal activities of the HUB24
Group are described in the Directors’ Report.
1.2 BASIS OF PREPARATION
This general purpose consolidated ﬁnancial report for the year
ended 30 June 2024 has been prepared in accordance with
Australian Accounting Standards (AAS) as issued by the Australian
Accounting Standards Board and the Corporations Act 2001,
as appropriate for proﬁt orientated companies. The ﬁnancial
statements have also been prepared under the historical cost
convention, except for, where applicable, the revaluation of certain
classes of assets and liabilities.
The Report includes the four primary statements, namely the
consolidated statement of proﬁt and loss and other comprehensive
income, consolidated statement of ﬁnancial position, consolidated
statement of changes in equity and consolidated statement
of cash ﬂows as well as associated notes which the Directors
believe is required to understand the ﬁnancial statements and
is material and relevant to the performance and results of the
HUB24 Group. Disclosures have been grouped into the following
categories in order to assist users in their understanding of
the ﬁnancial statements:
1
Overview contains information that impacts the Annual
Report as a whole;
2
Group performance brings together the results and operating
segment disclosures relevant to the HUB24 Group’s activities;
3
Financial position provides disclosure on the HUB24 Group’s
assets and liabilities;
4
Capital structure and ﬁnancing provides information about
the debt and equity components of the HUB24 Group’s capital,
and commentary on the HUB24 Group’s exposure to various
ﬁnancial and capital risks, including the potential impact on the
results and how the HUB24 Group manages these risks;
5
Income tax includes disclosures relating to the HUB24 Group’s
tax expense and balances;
6
Group structure includes disclosures in relation to transactions
impacting the HUB24 Group structure;
7
Employee remuneration provides commentary on the
HUB24 Group’s share based payment expenses; and
8
Other includes additional disclosures required to comply
with Australian Accounting Standards (AAS).
Where applicable within each note, disclosures are further
analysed as follows:
– Overview provides some context to assist users in
understanding the disclosures;
– Disclosures (both numbers and commentary) provide analysis
of balances as required by AAS;
– Accounting policies summarises the accounting policies
relevant to an understanding of the numbers; and
– Critical accounting judgements and estimates explains the
key estimates and judgements applied by the HUB24 Group
in determining the numbers.
Parent entity information
In accordance with the Corporations Act 2001, these ﬁnancial
statements present the results of the HUB24 Group only.
Supplementary information about the parent entity is disclosed
in note 6.4.
Compliance with IFRS
The ﬁnancial report complies with AAS and International Financial
Reporting Standards (IFRS) as issued by the International
Accounting Standards Board.
New and amended Accounting Standards and Interpretations
New and amended Accounting Standards and Interpretations
issued by the Australian Accounting Standards Board (AASB)
that are now eﬀective are detailed in note 8.1. These Accounting
Standards and Interpretations did not have any notable impact on
the ﬁnancial performance or position of the HUB24 Group. The
HUB24 Group has not adopted any Accounting Standards and
Interpretations that have been issued or amended but are not yet
eﬀective.
Rounding
The HUB24 Group is of a kind referred to in the ASIC Corporations
(Rounding in Financial/Directors’ Reports) Instrument 2016/191.
The HUB24 Group has elected to round oﬀ amounts in the Annual
Report (and subsequent reports) for the current period and prior
comparative period to the nearest thousand dollars or, in certain
cases, to dollars in accordance with that instrument.
Notes to the ﬁnancial statements
For the year ended 30 June 2024
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
45
FINANCIAL STATEMENTS

1. OVERVIEW continued
Going concern
The ﬁnancial report has been prepared on a going concern
basis. The Directors have, at the time of approving the ﬁnancial
statements, a reasonable expectation that the HUB24 Group have
adequate resources to continue in operational existence for the
foreseeable future. Thus they continue to adopt the going concern
basis of accounting in preparing the ﬁnancial statements.
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 the 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.
Where necessary, adjustments are made to the ﬁnancial statements
of subsidiaries to bring the accounting policies used into line with
the HUB24 Group’s accounting policies.
All intragroup assets and liabilities, equity, income, expenses and
cash ﬂows relating to transactions between the members of the
Group are eliminated on consolidation.
Proﬁt or loss and each component of other comprehensive
income are attributed to the owners of the Company.
When the HUB24 Group loses control of a subsidiary, the gain
or loss on disposal recognised in proﬁt or loss is calculated
as the diﬀerence between (i) the aggregate of the fair value of
the consideration received and the fair value of any retained
interest and (ii) the previous carrying amount of the assets
(including goodwill), less liabilities of the subsidiary and any
non-controlling interests. All amounts previously recognised in
other comprehensive income in relation to that subsidiary are
accounted for as if the HUB24 Group had directly disposed of
the related assets or liabilities of the subsidiary (i.e. reclassiﬁed
to proﬁt or loss or transferred to another category of equity as
required/permitted by applicable Accounting Standards). The fair
value of any investment retained in the former subsidiary at the
date when control is lost is regarded as the fair value on initial
recognition for subsequent accounting under AASB 9 when
applicable, or the cost on initial recognition of an investment in
an associate or a joint venture.
Functional and presentation currency
Items included in the ﬁnancial statements of each of the HUB24
Group’s entities are measured using the currency of the primary
economic environment in which the entity operates (‘the functional
currency’). The consolidated ﬁnancial statements are presented
in Australian dollars ($), which is the Company’s functional and
presentation currency.
Comparatives
Where required by the Accounting Standards and/or for improved
presentation purposes, certain comparative ﬁgures have been
adjusted to conform to changes in presentation for the current year.
1.3 CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES
The preparation of the ﬁnancial statements requires management
to make judgements, estimates and assumptions that aﬀect
the reported amounts in the ﬁnancial statements. Management
regularly evaluates its judgements and estimates in relation to
assets, liabilities, contingent liabilities, revenue and expenses.
Management bases its judgements, estimates and assumptions
on historical experience and on other various factors, including
expectations of future events, management believes to be
reasonable under the circumstances. The resulting accounting
judgements and estimates will seldom equal the related
actual results.
The current geopolitical events and global inﬂation concerns
have had a global market impact and uncertainty exists as to their
implications. Such disruptions can adversely aﬀect the assets,
liabilities, performance and liquidity.
Market volatility may impact Funds Under Administration (FUA)
and trading based fees, and any movement in the Reserve Bank
of Australia (RBA) Oﬃcial Cash Rate may impact cash account
fee income. Net inﬂows have proven to be resilient, our new
business pipeline remains strong and assisted FUA transitions
are continuing.
Our estimates and assumptions have been prepared based upon
conditions existing at the date of this report. The key areas in
which critical estimates and judgements are applied are as follows:
– recognition of intangible assets and impairment testing (note 3.5)
– recoverability of deferred tax assets (note 5.2)
– valuation of share based payments (note 7.1)
– assessment of useful life of intangible assets recognised (note 3.5)
Notes to the ﬁnancial statements
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
CHAIR AND MANAGING DIRECTOR’S REPORTS
46

2. GROUP PERFORMANCE
Overview
This section provides analysis and commentary on the HUB24 Group’s operating activities.
The HUB24 platforms are used by ﬁnancial advisers to eﬃciently administer their clients’ investments held through a custodial
agreement, and PARS is a non-custody portfolio service which provides administration, corporate action management and tax
reporting services for stockbrokers and ﬁnancial advisers.
HUB24 provides technology and data services to the wealth industry, bringing innovative solutions to support licensees,
accountants, advisers and stockbrokers to deliver services to their clients, these services are provided through HUBconnect and
Class. Class is a market-leading SMSF administration software provider. Their customers include accountants, SMSF administrators,
investment advisers, ﬁnancial planners and lawyers. Class’s revenue comprises both subscription and recurring pay per use (PPU)
transactional revenue.
myprosperity is a leading provider of client portals for accountants and ﬁnancial advisers. myprosperity’s revenue comprises
subscription revenue.
2.1. OPERATING SEGMENTS
Overview
Information is provided by operating segment to assist the understanding of the HUB24 Group’s performance. The operating segments
are consistent with the basis on which information is provided to the HUB24 Group Executive (identiﬁed as the Chief Operating Decision
Maker (“CODM”)) for measuring performance, being the basis upon which the HUB24 Group’s operating activities are managed within the
various markets in which HUB24 operates. The Board and Group Executive reviews segment revenues and proﬁts (Underlying EBITDA)
on a monthly basis.
No single customer contributed 10 per cent or more to the HUB24 Group’s income in either 2024 or 2023.
The HUB24 Group’s operating segments are as follows:
Platform
Platform operating segment comprises the Platform, PARS and myprosperity businesses. The segment provides development of investment
and superannuation platform services to ﬁnancial advisers, stockbrokers, accountants and their clients. This segment includes both custody
and non-custody products, and as noted above, incorporates the HUB24, PARS businesses and myprosperity.
Tech Solutions
Tech Solutions segment comprises Class and HUBconnect. Class provides cloud-based wealth accounting and corporate compliance
services to its clients. Fees are generated via licensing, subscription and pay per use basis (PPU) fees.
HUBconnect provide application and technology products for the ﬁnancial services sector. Fees are generated from license and consulting
services relating to data management, software and infrastructure.
Corporate
Provision of support services to the two operating segments which includes property, strategy, ﬁnance, risk and compliance, legal, human
resources, and other corporate services. Investments in associates are also recognised within this segment.
Notes to the ﬁnancial statements
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
47
FINANCIAL STATEMENTS

2. GROUP PERFORMANCE continued

Platform
Tech Solutions
Corporate
Total

$’000
$’000
$’000
$’000
Year ended 30 June 2024
Sales to external customers
252,814
70,674
—
323,488
Share of proﬁt from associates
—
—
630
630
Interest and other income
—
—
3,240
3,240
Revenue from ordinary activities 1
252,814
70,674
3,870
327,358
Expenses
(149,766)
(48,568)
(10,994)
(209,328)
Underlying EBITDA
103,048
22,106
(7,124)
118,030
Share based payment expense (including payroll tax)
—
—
(13,521)
(13,521)
Strategic transactions and project costs 2
(9,515)
—
—
(9,515)
Depreciation and amortisation
(17,231)
(19,592)
—
(36,823)
Gain on sale of investment in associate
—
—
2,987
2,987
Interest expense
—
—
(2,332)
(2,332)
Proﬁt/(loss) before income tax
76,302
2,514
(19,990)
58,826
Income tax expense
—
—
(11,667)
(11,667)
Proﬁt/(loss) after income tax
76,302
2,514
(31,657)
47,159
Year ended 30 June 2023
Sales to external customers
208,803
67,504
—
276,307
Share of proﬁt from associates
—
—
906
906
Interest and other income
—
—
2,319
2,319
Revenue from ordinary activities 1
208,803
67,504
3,225
279,532
Expenses
(123,644)
(45,742)
(7,734)
(177,120)
Underlying EBITDA
85,159
21,762
(4,509)
102,412
Share based payment expense (including payroll tax)
—
—
(11,096)
(11,096)
Strategic transactions and project costs 3
(9,691)
—
—
(9,691)
Depreciation and amortisation
(13,687)
(14,019)
—
(27,706)
Impairment of non-ﬁnancial assets
—
—
(3,248)
(3,248)
Interest expense
—
—
(1,929)
(1,929)
Proﬁt/(loss) before income tax
61,781
7,743
(20,782)
48,742
Income tax expense
—
—
(10,576)
(10,576)
Proﬁt/(loss) after income tax
61,781
7,743
(31,358)
38,166
1. Includes revenue from customers, interest and income from investments in associates, excludes gain on sale of investment in associates.
2. Strategic transactions and project costs of $9.5m largely relate to Xplore integration and large migrations. Refer to page 14 within the Directors’ report for more information.
3. Strategic transactions and project costs of $9.7m largely relate to the Xplore implementation product development costs related to the pilot launch of the HUB24
SMSF Access product, costs related to large transitions and myprosperity acquisition costs. Refer to page 14 within the Directors’ report for more information.
Notes to the ﬁnancial statements
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
CHAIR AND MANAGING DIRECTOR’S REPORTS
48

2. GROUP PERFORMANCE continued
2.2. REVENUE
Overview
Platform revenue comprises fees (both FUA, transaction and licensing fees) charged for providing custodial and non-custodial wealth
management services to customers and subscriptions charged for myprosperity services. Such services include:
– Custodial platform services via superannuation, Managed Investment Schemes (MIS), and Investor Directed Portfolio Service (IDPS) products;
– Managed Discretionary Account solutions that incorporate speciﬁc requirements of advisory ﬁrms, wealth managers and
stockbrokers into a private label service;
– Non-custodial portfolio administration and reporting services; and
– myprosperity client portal services.
Tech Solutions revenue comprises fees (license and transaction fees) and commissions from services that include:
– Class develops and distributes cloud-based accounting, investment reporting, document and corporate compliance and
administration solutions; and
– HUBconnect provisions application and technology products for the ﬁnancial services sector. Fees are generated from license
and consulting services relating to data management, software and infrastructure as well as fees charged for the provision
and maintenance of existing licenses.

2024
2023

$’000
$’000
Platform fees
252,814
208,803
License fees
60,426
57,795
Transaction fees
7,973
7,441
Commissions
2,275
2,268
Tech Solutions fees
70,674
67,504
Total
323,488
276,307
Accounting policies
Revenue is measured by reviewing each revenue contract and its respective services to customers to determine its performance
obligation while allocating the transaction price to each performance obligation either over time or at a point in time.
Platform fees
– FUA fee revenue is recognised over time which include tiered administration fees and fees on client funds held as cash.
FUA fees are accrued daily, paid monthly in arrears for the ongoing provision for agreed services;
– Transaction fees are recognised at a point in time when platform trading for equities, managed funds and insurance occurs; and
– Subscription fee revenue is recognised over time over the duration of the agreement or for as long as the customer has been
provided access, the fee is ﬁxed or determinable and collectability is probable.
Tech Solutions fees
Class
– License fee revenue is recognised over time over the duration of the agreement or for as long as the customer has been provided
access, the fee is ﬁxed or determinable and collectability is probable;
– Transaction revenue is recognised at a point in time when the documents are sold to customers on a pay per use basis (PPU); and
– Commissions revenue is recognised commission and partner fees at the point in time of sale of a third party’s products to
customers which provides these customers with a right to access such products.
HUBconnect
– Licence fee revenue is recognised over time in accordance with the performance delivery of agreed services, within a period
of 1-6 months; and
– Consulting and transaction fee revenue is recognised at a point in time when advice provided to clients on a time and materials basis.
Notes to the ﬁnancial statements
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
49
FINANCIAL STATEMENTS

2. GROUP PERFORMANCE continued
2.3. OTHER INCOME

2024
2023

$’000
$’000
Interest income
3,252
2,102
Other income 1
(12)
217

3,240
2,319
1. Includes deferred research and development credits and foreign exchange movements, which were negative in FY24.
Accounting policies
Interest revenue is accrued on a time basis, by reference to the principal outstanding and the eﬀective interest rate applicable.
2.4. EXPENSES

2024
2023

Notes
$’000
$’000
a) Employee beneﬁts expenses
Wages and salaries (including superannuation and payroll tax)

136,354
116,263
Other employee beneﬁts expenses

2,357
3,579
Travel and entertainment

2,935
2,608

141,646
122,450
b) Depreciation and amortisation
Depreciation of right-of-use assets

3,793
3,688
Depreciation of oﬃce equipment

1,627
1,793
Amortisation of intangible assets
3.5
31,403
22,225

36,823
27,706
c) Administrative expenses
Corporate fees

3,343
3,458
Professional and consultancy fees

9,923
7,979
Information services and communication

21,649
16,551
Property and occupancy costs

776
645
Strategic transactions and project costs 1

9,515
9,691
Other administrative expenses

3,876
2,173

49,082
40,497
d) Impairment charge on non-ﬁnancial assets
Impairment charge on non-ﬁnancial assets
6.3
—
3,248
1. Includes administrative and resourcing costs related to strategic transactions and project costs.
Notes to the ﬁnancial statements
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
CHAIR AND MANAGING DIRECTOR’S REPORTS
50

2. GROUP PERFORMANCE continued
2.5. EARNINGS PER SHARE
Overview
Earnings per share (EPS) is the amount of proﬁt or loss after income tax attributable to each share. Diluted EPS adjusts the EPS for the
impact of shares that are not yet issued but which may be in the future, such as shares potentially issuable from rights, options and
employee share-based payments plans.

2024
2023

Cents
Cents
Earnings per share, attributable to ordinary equity holders of HUB24 Limited
Basic earnings per share
58.15
47.69
Diluted earnings per share
56.38
46.06
2.5.1 Earnings used for earnings per share measures
Earnings per share is based on proﬁt or loss after income tax attributable to ordinary equity
holders of the Company, as follows:
2024
2023

$’000
$’000
Proﬁt after income tax attributable to the owners of HUB24 Ltd used
in calculating basic and diluted earnings per share
47,159
38,166
Proﬁt after tax
47,159
38,166

2024
2023
2.5.2 Weighted average number of ordinary shares
Number
Number
Weighted average number of ordinary shares used in calculating basic earnings per share
81,095,890
80,021,546
Weighted average number of ordinary shares used in calculating diluted earnings per share
83,642,736
82,859,360
3. FINANCIAL POSITION
3.1 TRADE AND OTHER RECEIVABLES
Overview
Trade and other receivables are principally amounts owed to HUB24 by Platform or Tech Solutions customers. Due to the short-term nature
of these receivables, their carrying value is assumed to approximate their fair value.
The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivables. Collectability of trade
receivables is reviewed on an ongoing basis at an operating unit level.

2024
2023

$’000
$’000
Trade receivables 1
36,658
29,013
Other receivables
1,166
518

37,824
29,531
1. Net of an allowance for expected credit losses of $522 thousand (FY23: $371 thousand).
Accounting policies
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the eﬀective interest
method, less an allowance for impairment.
The HUB24 Group’s impairment model calculates expected credit losses on trade receivables using a provision matrix. Under the
model, historic provision rates with current and forward looking estimates are used.
The HUB24 Group measures the loss allowance for trade receivables at an amount equal to lifetime expected credit losses (ECL).
The ECL on trade receivables are estimated using a provision matrix by applying historical loss rates to the trade receivable balances
and adjusted for forward looking factors to reﬂect general economic condition of the industry in which the debtors operate and
assessment of both the current as well as the forecast direction of conditions at the reporting date.
Notes to the ﬁnancial statements
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
51
FINANCIAL STATEMENTS

3. FINANCIAL POSITION continued
3.2 TRADE AND OTHER PAYABLES
Overview
Trade payables, deferred consideration and other payables are carried at amortised cost and represent liabilities for goods and services
provided to the HUB24 Group prior to the end of the ﬁnancial year that are unpaid and arise when the HUB24 Group becomes obliged to
make future payments in respect of the purchase of these goods and services.

2024
2023

$’000
$’000
Trade payables
2,063
4,422
Other payables 1
12,521
12,208
Total trade and other payables
14,584
16,630
1. Other payables includes accruals, deferred revenue and other payables due.
Accounting policies
Trade and other payables are carried at amortised cost and represent liabilities for goods and services provided to the HUB24 Group
prior to the end of the period that are unpaid and arise when the HUB24 Group becomes obliged to make future payments in respect
of the purchase of these goods and services.
3.3 PROVISIONS
Overview
Provisions are recognised when the HUB24 Group has a present obligation (legal or constructive) as a result of a past event, it is probable
that the HUB24 Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the
reporting period, taking into account the risks and uncertainties surrounding the obligation. When the eﬀect of the time value of money is
material, provision is discounted using the current pre-tax rate that reﬂects the risks speciﬁc to the liability.
Employee beneﬁts
Short and long-term beneﬁts
Liabilities for wages and salaries, short term incentives, including non-monetary beneﬁts and annual leave expected to be settled within
12 months (short term) and long service leave after 12 months (long term) of the reporting date are recognised in respect of employees’
services up to the reporting date. They are measured at the amounts expected to be paid when the liabilities are settled.
Deferred short term incentive
The provision represents the deferred portion of STI bonus of senior staﬀ members relating to the ﬁnancial year.
Lease make good
The provision represents the present value of estimated costs of improvements to the leased premises of the Group at the end of the
respective lease term.
Third party claims
The estimate of ongoing claims made by third parties in respect of Platform services.
Restructuring Provision
The Group has recognised $665 thousand in FY24 for redundancy provisions in relation to restructuring of Class and Group
Technology functions. (FY23: $Nil).
Notes to the ﬁnancial statements
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
CHAIR AND MANAGING DIRECTOR’S REPORTS
52

3. FINANCIAL POSITION continued

2024
2023

$’000
$’000
Current Liabilities
Employee beneﬁts – annual leave
7,836
7,231
Employee beneﬁts – other
20,990
16,509
Third party claims
133
469
Restructuring provision
665
—
Lease make good provision
603
216
Current Liabilities
30,227
24,425
Non-current Liabilities
Employee beneﬁts – long service leave
3,396
3,036
Employee beneﬁts – deferred short term incentive
875
614
Lease make good provision
807
898
Non-current liabilities
5,078
4,548
Total Provisions
35,305
28,973
Movements in each class of provision during the ﬁnancial year, other than employee beneﬁts, are set out below:

Third party
Restructuring
Lease make

claims
provision
good provision
Consolidated
$’000
$’000
$’000
2024
Carrying amount at the start of the year
469
—
216
Additional provisions recognised/(released)
(336)
665
387
Carrying amount at the end of the year
133
665
603
2023
Carrying amount at the start of the year
704
649
558
Additional provisions recognised/(released)
(235)
(649)
(342)
Carrying amount at the end of the year
469
—
216
Accounting policies
Provisions are recognised when the HUB24 Group has a present obligation (legal or constructive) as a result of a past event, it is probable
that the HUB24 Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end
of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When the eﬀect of the time value
of money is material, provision is discounted using the current pre-tax rate that reﬂects the risks speciﬁc to the liability.
Notes to the ﬁnancial statements
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
53
FINANCIAL STATEMENTS

3. FINANCIAL POSITION continued
3.4 RIGHT OF USE ASSETS AND LEASE LIABILITIES
Overview
The HUB24 Group leases various property and equipment. Lease agreements are negotiated on an individual basis with bespoke terms
and conditions and are typically made for ﬁxed periods of 2 years to 7 years.
Under AASB 16 Leases, the HUB24 Group will recognise for all leases with a term of more than 12 months except for those leases
where the underlying asset is deemed to be of a low-value:
– a right-of-use asset representing its right to use the underlying asset; and
– a lease liability.
3.4.1 Right of use assets

2024
2023

$’000
$’000
Total right-of-use assets
14,637
9,556
The additions to right of use assets during FY24 were $8.9 million (FY23 $3.7 million). These relate to the following:
– A new 5-year property lease was signed in April 2024 by HUB24 in Brisbane.
– A new 5-year property lease was signed in May 2024 by HUB24 in Melbourne; and
– An extension of a 1-year property lease by Myprosperity.

2024
2023
Right of Use
$’000
$’000
Cost
25,483
19,183
Accumulated Depreciation
(10,846)
(9,627)
Net book amount
14,637
9,556
Reconciliations of the carrying amounts at the beginning and end of the year
Opening net book amount
9,556
9,525
Additions
8,878
3,719
Disposals
(4)
—
Depreciation charge
(3,793)
(3,688)
Closing net book amount
14,637
9,556
3.4.2 Lease liabilities

2024
2023

$’000
$’000
Current
2,651
3,765
Non-current
12,596
6,434

15,247
10,199
Reconciliations of the carrying amounts at the beginning and end of the year
Opening net book amount
10,199
10,184
Additions
8,870
3,719
Disposals
(5)
—
Lease payments
(4,260)
(4,019)
Interest payments
443
315
Closing net book amount
15,247
10,199
Notes to the ﬁnancial statements
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
CHAIR AND MANAGING DIRECTOR’S REPORTS
54

3. FINANCIAL POSITION continued

Future value

Present value

of minimum

lease payments
Interest
lease payments

$’000
$’000
$’000
30 June 2024
Within 1 year
3,532
(881)
2,651
After 1 year and less than 5 years
8,140
(2,745)
5,395
More than 5 years
8,608
(1,407)
7,201
Total
20,280
(5,033)
15,247
30 June 2023
Within 1 year
4,080
(316)
3,764
After 1 year and less than 5 years
5,901
(573)
5,328
More than 5 years
1,316
(209)
1,107
Total
11,297
(1,098)
10,199
Accounting policies
Under AASB 16, as a lessee the HUB24 Group recognises a right-of-use asset, representing its right to use the underlying asset, and
a lease liability, for all leases with a term of more than 12 months, exempting those leases where the underlying asset is deemed to be
of a low-value.
The HUB24 Group recognises a right-of-use asset and a lease liability at the lease commencement date, i.e. when the underlying asset is
ﬁrst available for use.
The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the
commencement day, less any lease incentives received and any initial direct costs. They are subsequently measured at cost less
accumulated depreciation and impairment losses.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted
using the interest rate implicit in the lease or, if that rate cannot be readily determined, the HUB24 Group’s incremental borrowing
rate, being the rate that the lessee would pay to borrow the funds necessary to obtain an asset of similar value in a similar economic
environment with similar terms and conditions.
The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. It is
remeasured when there is a change in future lease payments arising from a change in an index or rate, a change in the estimate of the
amount expected to be payable under a residual value guarantee, or as appropriate, changes in the assessment of whether purchase;
renewal or termination options are reasonably certain to be exercised.
The HUB24 Group has applied judgement to determine the lease term for some lease contracts in which it is a lessee that includes
purchase, renewal, or termination options. The assessment of whether the HUB24 Group is reasonably certain to exercise such options
impacts the lease term, which aﬀects the value of lease liabilities and right-of-use assets recognised.
The Consolidated statement of proﬁt or loss and the related Notes to the Financial Statements show the following amounts relating to leases:

2024
2023

$’000
$’000
Depreciation charge on right-of-use assets
3,793
3,688
Interest expense on lease liabilities
443
315
Expenses relating to short-term leases
201
244

4,437
4,247
The total cash outﬂow for leases in the year ended 30 June 2024 was $4.3 million (FY23: $4 million).
Notes to the ﬁnancial statements
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
55
FINANCIAL STATEMENTS

3. FINANCIAL POSITION continued
3.5 INTANGIBLE ASSETS
Overview
Intangible assets are assets with no physical substance. The most signiﬁcant classes of intangible assets of the HUB24 Group
by Cash Generating Unit (CGU) are detailed below:
Platforms Segment
Technology Solutions Segment
Investment Platform CGU
PARS CGU
HUB Connect CGU
Class CGU
Investment Platform (Software)
PARS customer relationships
Agility connect software
Software
Customer Relationship

Agility customer relationship
Customer Relationship
Software

Brand
Goodwill on acquisitions

Goodwill on acquisition
The table above is representative of the FY24 and FY23 Intangible assets. Refer to table on the following page for the movement.

Computer
Customer

Software
Relationship
Brand
Goodwill
Total
Consolidated
$’000
$’000
$’000
$’000
$’000
Year ended 30 June 2024
At cost
178,121
103,630
8,761
246,246
536,758
Accumulated amortisation and impairment
(69,069)
(18,342)
—
—
(87,411)
Net carrying amount
109,052
85,288
8,761
246,246
449,347
Reconciliations of the carrying amount at the
beginning and end of the ﬁnancial year
Opening carrying amount
112,827
91,530
8,761
246,087
459,205
Other additions 1
21,387
—
—
—
21,387
Addition through acquisition 2
—
—
—
159
159
Amortisation from acquisition
(16,665)
(6,157)
—
—
(22,822)
Amortisation
(8,497)
(85)
—
—
(8,582)
Closing carrying amount
109,052
85,288
8,761
246,246
449,347
Year ended 30 June 2023
At cost
156,734
103,630
8,761
246,087
515,212
Accumulated amortisation and impairment
(43,907)
(12,100)
—
—
(56,007)
Net carrying amount
112,827
91,530
8,761
246,087
459,205
Reconciliations of the carrying amount at the
beginning and end of the ﬁnancial year
Opening carrying amount
101,801
97,180
8,761
221,630
429,372
Other additions 1
16,188
—
—
—
16,188
Addition through acquisition 2
10,884
529
—
24,457
35,870
Amortisation from acquisition
(10,117)
(6,094)
—
—
(16,211)
Amortisation
(5,929)
(85)
—
—
(6,014)
Closing carrying amount
112,827
91,530
8,761
246,087
459,205
1. Other additions relate to internally generated software across the Platform and Tech Solutions segments.
2. A Purchase Price Accounting (PPA) assessment has been ﬁnalised as at 31 December 2023 with the outcomes included in the half year ﬁnancial report and above.
30 June 2023 Provisional PPA balances have been adjusted to reﬂect the ﬁnalisation of the PPA for the myprosperity business acquired. Refer to note 6.1 for
more information.
Notes to the ﬁnancial statements
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
CHAIR AND MANAGING DIRECTOR’S REPORTS
56

3. FINANCIAL POSITION continued
Accounting policies
Indeﬁnite life intangible assets
Goodwill
Goodwill acquired in a business combination is initially measured at cost being the excess of the cost of the business combination
over the HUB24 Group’s interest in the net fair value of the acquirer’s identiﬁable assets, liabilities and contingent liabilities.
Following initial recognition, goodwill is measured at cost less any accumulated impairment losses and is tested for impairment at
least annually or whenever there is an indication for impairment.
For the purpose of impairment testing, goodwill is allocated to the CGU or group of CGU’s that are expected to beneﬁt from
synergies arising from the acquisition. Operating segments reﬂect the level at which goodwill is monitored for impairment by
management and is the level at which the HUB24 Group monitors and manage its operations. As the HUB24 Group acquires or
disposes of operations, or reorganises the way that operations are managed, reporting structures may change, giving rise to a
reassessment of operating segments, CGUs and the allocation of goodwill to those operating segments periodically.
When the recoverable amount of the CGU (or group of CGUs) is less than the carrying amount, an impairment loss is recognised.
Brand names
Brand names acquired in a business information including Class are recognised at cost. Subsequently, brand names are not
amortised but tested for impairment at least annually or whenever there is an indication of impairment.
Finite Life intangible assets (Software and customer relationships)
Intangible assets acquired are initially measured at cost. The cost of an intangible asset acquired in a business combination is its fair
value as at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation
and any accumulated impairment losses. Internally generated intangible assets, excluding capitalised development costs, are not
capitalised and expenditure is recognised in proﬁt or loss as an expense in the year in which the expenditure is incurred.
An intangible asset’s recoverable value is the greater of its value in use and its fair value less cost to sell. For intangible assets with a
ﬁnite life, if there are indicators that the intangible asset’s recoverable value has fallen below its carrying value (e.g. due to changing
market conditions), an impairment test is performed and a loss is recognised for the amount by which the carrying value exceeds the
asset’s recoverable value.
Estimate of useful lives for ﬁnite life intangible assets
Intangible assets with ﬁnite lives are amortised over their useful life. The amortisation period and the amortisation method for an
intangible asset with a ﬁnite useful life is reviewed at least at each reporting date and changes are accounted for prospectively.
The amortisation expense on intangible assets with ﬁnite lives is recognised in proﬁt or loss in the expense category consistent with
the function of the intangible asset.
The HUB24 Group has recognised internally generated intangible assets associated with the development of new information
technology infrastructure. These assets have a ﬁnite useful life in range of up to 10 years and are amortised on a straight line basis
from the date each asset is determined to be available for use.
During second half 2024 the expected useful life of some intangible assets was determined to be shorter than previous estimates.
The amortisation period for these assets was changed accordingly. This resulted in an increase in amortisation of $7.1 million
recognised in second half 2024.
Management have assessed the remaining useful life of indeﬁnite life intangible assets as follows:

Operating segment
Intangible
Platform
Technology solutions
Core databases
FY24: 10 years (FY23: 20 years)
FY24: 5 years (FY23: 10 years)
Applications
FY24: 10 years (FY23: 10 years)
FY24: 5 years (FY23: 5 years)
User Interfaces and Product Development
FY24: 5 years (FY23: 5 years)
FY24: 5 years (FY23: 5 years)
Critical accounting judgements and estimates
The assessment of useful life is a key management judgement and the useful life adopted could change signiﬁcantly as a result of
technical innovations or some other event. The amortisation charge will increase where the useful lives are deemed shorter than
previously estimated, or technically obsolete or non-strategic assets that have been abandoned or sold will be written down or oﬀ.
Notes to the ﬁnancial statements
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
57
FINANCIAL STATEMENTS

3. FINANCIAL POSITION continued
Accounting policies
Impairment testing of goodwill and intangible assets
The recoverable amount of goodwill and other intangible assets
with an indeﬁnite useful life have been determined based on a
value-in-use calculation derived from cash ﬂow forecasts for each
group of CGU’s, which make up the HUB24 Group operating
segments. Cash ﬂow forecasts are based on a combination of
extrapolated performance to date and management’s expectations
of future performance based on prevailing and anticipated market
factors. Cash ﬂows beyond the forecasting period are extrapolated
using a terminal value. The cash ﬂows are then used to calculate
the Net Present Value and compared to the carrying value.
Key assumptions by each operating segment are detailed below:
Investment Platform
Cash generated by the Investment Platform segment has been
used to assess the recoverable amount for all intangible assets
associated with the Investment Platforms.
Assumptions
1. Growth in FUA on the platform – Growth in the number of client
accounts and consequently FUA. Management have estimated
future FUA on the platform at a 5 year CAGR of 16% (FY23: 20%)
with reference to current client transition rates, industry data
and pipeline monitoring;
2. Post-tax discount rate – 10% (FY23: 10.5%) which approximates
the weighted average cost of capital of the Investment Platform;
3. Terminal growth rate – 2.5% (FY23: 2.5%);
4. Capital expenditure has been held consistent with current
expenditure across the 5 years that have been modelled; and
5. Tax rate (eﬀective) – 27.5% (FY23: 27.5%).
There were no other key assumptions used for the investment
platform intangible value in use calculation.
Based on the above assessment there was no impairment of
the investment platform intangible in FY24 (FY23: nil).
Sensitivities of assumptions
There is no reasonably possible change in the key assumptions on
which the recoverable amount of the Investment Platform is based,
which would cause the recoverable amount to be less than the
carrying amount.
CGU PARS Customer Relationships
The PARS Customer Relationship CGU forms part of the Investment
Platform segment. No impairment indicators were identiﬁed for
the PARS Customer relationship intangible asset.
Technology Solutions Segment (HUBconnect and Class CGUs)
Technology Solutions segment is comprised of two CGUs –
HUBconnect and Class. The Class CGU is the larger CGU and the
key focus area of management during the 2024 ﬁnancial year.
The Group has undertaken a detailed impairment assessment
as at 30 June 2024, given the lower headroom within the
Class CGU and the uncertain market conditions which
existed during the period.
Class has been focused on the opportunities present
within the core business, leveraging further cost synergies
opportunities available by being part of the Group, and
aligning strategic priorities to enable the Group to capitalise
on the long-term strategic intent for Class. Given this, revenue
growth is based on past performance and management’s
expectations of market development. Expenses growth
anticipates Class leverages more Group wide processes
and capabilities in the future.
The result of the detailed impairment assessment as at
30 June 2024 concluded that the recoverable amount
for this CGU is greater than its carrying value. The key
assumptions that have been adopted in respect of the
impairment assessment include:
1. Management have estimated revenue growth of the Tech
Solutions segment, which reﬂect the forecast assumptions
for the year ended 30 June 2024 at a 5 year CAGR of 6%
(FY23: between 5% to 21% for the subsequent 6 years),
with reference to current client rates, industry data and
pipeline monitoring;
2. Post-tax discount rate – 10.25% (FY23: 11.25%). This has
been determined based on the weighted average cost
of capital for the Tech Solutions segment;
3. Terminal growth rate – 2.5% (FY23: 2.5%);
4. Period over which cashﬂows have been discounted –
5 years (FY23: 6 years); and
5. Tax rates:
5a. HUBconnect CGU tax rate (eﬀective) – 30% (FY23: 30%).
5b. Class CGU tax rate (eﬀective) – 18% 1 (FY23: 16%).
Sensitivities of assumptions
– If the post-tax discount rate was 0.65% higher (10.9%
instead of 10.25%), or if there were a 0.75% decrease in
the terminal growth rate (+1.75% instead of +2.5%) the
recoverable amount of the Tech Solutions CGU would
equal the carrying amount.
Projected outcomes for Tech Solutions exclude beneﬁts
from future revenue initiatives currently in development that
involve leveraging the Group’s larger distribution footprint
and technology capabilities.
1. Corporate tax rate of 30% has been adopted however a one-oﬀ tax
beneﬁt associated with the acquisition of Class has been included which
reduces the eﬀective tax rate from 30% to 18%.
Critical accounting judgements and estimates
When assessing for impairment of intangible assets, signiﬁcant judgment is needed to determine the appropriate cash ﬂows, discount rate
and terminal growth rates applied to the calculations. The key assumptions applied and their sensitivity to the result are outlined above.
Notes to the ﬁnancial statements
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
CHAIR AND MANAGING DIRECTOR’S REPORTS
58

3. FINANCIAL POSITION continued
3.6 PROPERTY, PLANT AND EQUIPMENT
Overview
Property, plant and equipment is stated at historical cost less accumulated depreciation and any accumulated impairment losses.
Such cost includes the cost of replacing parts that are eligible for capitalisation when the cost of replacing the parts is incurred.
Similarly, when each major inspection is performed, its cost is recognised in the carrying amount of the oﬃce equipment as a
replacement only if it is eligible for capitalisation. All other repairs and maintenance are recognised in proﬁt or loss as incurred.

Computer
Oﬃce furniture

equipment
and ﬁttings
Total

$’000
$’000
$’000
Year ended 30 June 2024
Cost or fair value
7,305
5,161
12,466
Accumulated depreciation and impairment
(5,761)
(3,697)
(9,458)
Net book amount
1,544
1,464
3,008
Reconciliations of the carrying amounts at the beginning and end of the ﬁnancial year
Opening net book amount
1,780
1,237
3,017
Other Additions
823
818
1,641
Disposals
(23)
—
(23)
Depreciation charge
(1,036)
(591)
(1,627)
Closing net book amount
1,544
1,464
3,008
Year ended 30 June 2023
Cost or fair value
6,879
4,801
11,680
Accumulated depreciation and impairment
(5,099)
(3,564)
(8,663)
Net book amount
1,780
1,237
3,017
Reconciliations of the carrying amounts at the beginning and end of the ﬁnancial year
Opening net book amount
1,793
1,163
2,956
Acquisitions through business combinations
17
74
91
Other Additions
1,060
735
1,795
Disposals
(22)
(10)
(32)
Depreciation charge
(1,068)
(725)
(1,793)
Closing net book amount
1,780
1,237
3,017
Accounting policies
Property, plant and equipment is carried at cost less, any accumulated depreciation and impairment losses.
The assets’ residual values, useful lives and amortisation methods are reviewed, and adjusted if appropriate, at each reporting date.
Depreciation is calculated on a straight-line basis over the estimated useful life of the speciﬁc assets as follows:
– Oﬃce furniture and ﬁttings – over 2.5 to 5 years
– Computer equipment – 3 years.
Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains or losses are included
in proﬁt or loss in the period in which they arise.
An item of property, plant and equipment is derecognised upon disposal or when no future economic beneﬁts are expected to
arise from the continued use of the asset.
Notes to the ﬁnancial statements
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
59
FINANCIAL STATEMENTS

3. FINANCIAL POSITION continued
3.7 EQUITY SECURITIES
The Group has a 11.55% investment in Count Limited.
Overview
Prior to 1 March 2024 the HUB24 Group had a 34.4% (30 June 2023: 31.5%) investment in Diverger Limited (Diverger), an accounting
and wealth management service provider. On 1 March 2024 Count Limited (Count) completed the acquisition of Diverger resulting
in the HUB24 Group no longer holding an investment in Diverger.
On 1 March 2024, the HUB24 Group became a strategic shareholder in Count with a 11.55% holding. Count is a diversiﬁed ﬁnancial
services business providing integrated accounting and wealth management services to the Australian Market. The investment
in Count is recognised as an equity investment and revalued through other comprehensive income for presentation and
disclosure purposes.

2024
2023
Consolidated
$’000
$’000
Investment in Count Reconciliation
Initial Investment made in the year
11,797
—
Unrealised gains/(losses) in other comprehensive income
(682)
—
Closing investment
11,115
—
Accounting policies
Equity securities are measured at FVOCI where they are not held for trading, the group does not have control or signiﬁcant inﬂuence
over the investee and where an irrevocable decision is made to measure them at FVOCI.
These securities are measured at fair value with unrealised gains and losses recognised in Other Comprehensive Income (OCI)
except for dividend income which is recognised in the income statement. The cumulative gain or loss recognised in OCI is not
subsequently recognised in the income statement when the instrument is disposed.
Notes to the ﬁnancial statements
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
CHAIR AND MANAGING DIRECTOR’S REPORTS
60

4. CAPITAL STRUCTURE AND FINANCING
Overview
Risk management policies are established to identify and analyse the risks faced by the HUB24 Group, to set appropriate risk limits
and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reﬂect
changes in market conditions and the HUB24 Group’s activities. The HUB24 Group, through training and management standards and
procedures, aims to develop a disciplined and constructive control environment in which all employees and consultants understand
their roles and obligations.
The Audit, Risk and Compliance Committee (ARCC) oversees how management monitors compliance with the HUB24 Group’s risk
management policies, procedures and reviews the adequacy of the risk management framework in relation to risks faced. The ARCC
is assisted by external professional advisers from time to time.
Credit Risk
Credit risk is the risk of ﬁnancial loss to the HUB24 Group arises from the potential non-performance by counterparties of contract
obligations that could lead to a ﬁnancial loss to the Group.
Exposure at reporting date is addressed at each particular note. The HUB24 Group does not hold any credit derivatives to oﬀset its
credit exposure. The Group’s objective in managing credit risk is to minimise the credit losses incurred, mainly on trade and other
receivables and loans.
It is the HUB24 Group’s policy that credit risk is managed through maintaining procedures ensuring, to the extent possible, that
customers and counterparties to transactions are of sound credit worthiness and the monitoring of the ﬁnancial stability of signiﬁcant
customers and counterparties. In addition, credit risk exposures and receivable balances are monitored on an ongoing basis with the
objective that the HUB24 Group’s exposure to bad debts is not signiﬁcant.
Management has assessed the expected credit losses on trade receivables, generally 30 days from the date of invoice and have
used a provision matrix to measure the HUB24 Group’s impairment losses. For fees with longer settlements, terms are speciﬁed in
the individual client contracts. In the case of loans advanced, the terms are speciﬁc to each loan.
The HUB24 Group provides ﬁnancial guarantees to wholly-owned subsidiaries and has provided a guarantee to Commonwealth
Bank of Australia (CBA) with regards to the borrowing facilities in operation during the ﬁnancial year.
Liquidity Risk
Liquidity risk is the risk that the HUB24 Group will not be able to meet its ﬁnancial obligations as they fall due. The HUB24 Group’s
approach to managing liquidity risk is to ensure, as far as possible, that there are always cash contingency above regulatory
requirements equal to a minimum of one-month average of operational cashﬂow (on a rolling 12-month average basis) and access to
banking facilities (e.g. overdrafts), excluding the potential impact of extreme circumstances that cannot be reasonably predicted.
The HUB24 Group forecasts and actual cash ﬂows are continuously monitored, matching the maturity of assets and liabilities, to meet
its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the
HUB24 Group’s reputation.
Market Risk
Market risk is the risk that changes in market prices will aﬀect the HUB24 Group’s income and includes price risk.
Capital Management
It is noted that the HUB24 Group, through its licensed subsidiaries, fully complied with the minimum regulatory capital requirements
for IDPS Operators and providers of custodial services for the year ended 30 June 2024 so as to ensure ongoing capital adequacy.
As part of broader capital management plans, the HUB24 Group has a $31 million revolving bank loan facility (refer to note 4.1),
a $5 million overdraft facility which remained undrawn during the year and an accordion facility for $50 million speciﬁcally for
strategic transactions which remained undrawn during the year.
There were no other changes in the Group’s approach to capital management during the year.
Interest Rate Risk
Interest rate risk is the risk that RBA Oﬃcial Cash Rate changes potentially aﬀecting the HUB24 Group’s income and includes price risk.
Foreign Exchange Risk
Foreign currency exchange rate risk is the risk that the fair value or future cash ﬂow of an exposure will ﬂuctuate because of a change
in foreign currency rates. The HUB24 Group’s exposure to the risk of a change in foreign currency relates primarily to the HUB24
Group’s operating activities (when revenue and expenses are denominated in a foreign currency).
Notes to the ﬁnancial statements
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
61
FINANCIAL STATEMENTS

4. CAPITAL STRUCTURE AND FINANCING continued
4.1 BORROWINGS
Overview
The HUB24 Group has in place loan facilities with The Commonwealth Bank of Australia (CBA).
The HUB24 Group has in place a $31 million 3 year debt facility with CBA. $1 million remained undrawn during the period.
In addition, an accordion facility of $50 million is available to the HUB24 Group speciﬁcally for strategic transactions, which remained
undrawn during the period.
A $5 million overdraft facility is available (but undrawn) to the HUB24 Group to assist with working capital requirements.

2024
2023
Loan Facility
$’000
$’000
Non-current
29,975
29,975
Total Non-current
29,975
29,975
Total Group Borrowings
29,975
29,975
HUB24 Group facilities
The overdraft facility was undrawn throughout the year. The HUB24 Group incurs a commitment fee of 0.50% per annum to maintain the
overdraft facility with an interest rate of the reference rate on that date less a margin of 6.96% pa.
The 3 year revolving CBA bank loan facility was secured to enable the consolidation of the HUB24 Group debt. $1 million remained
undrawn during the period. The HUB24 Group incurs an undrawn commitment fee of 0.50% per annum to maintain the revolving loan
facility with an interest rate of BBSY + 1.9% margin paid quarterly.
The CBA accordion facility of $50 million was secured speciﬁcally for strategic transactions. The HUB24 Group does not incur any line fees,
the terms of the facility are aligned to those of the loan facility.
The overdraft, loan and accordion facilities are guaranteed by HUB24 Limited and its operating subsidiaries: Agility Applications Pty Ltd;
HUB24 Management Services Pty Ltd; HUB24 Administration Pty Ltd; HUB24 Custodial Services Ltd; HUBconnect Pty Ltd; Xplore Wealth
Pty Limited; Xplore Business Services Pty Ltd; Investment Administration Services Pty Limited; Margaret Street Financial Holdings Pty Ltd;
Margaret Street Administration Services Pty Ltd; Margaret Street Promoter Services Pty Ltd; Margaret Street Attorney Services Pty Ltd; DIY
Master Pty Ltd; Class Pty Limited; Class Technology Pty Ltd; Class Investment Reporter Pty Ltd; NowInﬁnity Pty Ltd; NowInﬁnity 3505 Pty Ltd.
The HUB24 Group’s regulatory capital requirements are ring-fenced from the CBA security arrangements.
The loan facility and overdraft facility have common and referrable security charges with each facility. Refer to note 4.4 for debt maturity proﬁle.
4.2 CONTRIBUTED EQUITY AND RESERVES
4.2.1 Issued capital
Overview
Ordinary shares in the Company rank after all creditors, have no par value and entitle the holder to participate in dividends and the
proceeds on winding up of the Company in proportion to the number of shares held.
During the current year, the HUB24 Group issued share capital and purchased shares on market (treasury shares) for the purposes of
settling employee share scheme options and performance rights, utilising a share based payments reserve for this purpose. The HUB24
Group has discretion in settling employee share scheme options and performance rights via the issuance of treasury shares or via
issuance of new ordinary shares.
Incremental costs directly attributable to the issue of new equity instruments are shown in equity as a deduction, net of GST from the proceeds.
During FY24, the HUB24 Group purchased 363,760 HUB24 shares on market as part of the share buy-back announced in August
2023 at an average price of $34.34 for total consideration of $12.5 million (FY23: $nil). All of the shares that were purchased have been
cancelled. The on market share buy-back has a targeted maximum value of $50m.
Notes to the ﬁnancial statements
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
CHAIR AND MANAGING DIRECTOR’S REPORTS
62

4. CAPITAL STRUCTURE AND FINANCING continued

2024
2023
2024
2023

Number
Number
$’000
$’000
Issued and paid-up capital
Ordinary shares, fully paid
81,157,658
81,502,338
480,543
501,123
Treasury shares
(108,630)
(356,229)
(3,557)
(9,646)
Total issued and paid up capital
81,049,028
81,146,109
476,986
491,447
Movements in issued and paid up capital
Beginning of the ﬁnancial year
81,502,338
80,058,178
501,123
468,018
Shares issued through employee share option plan
19,080
20,284
636
461
On-market share buy back
(363,760)
—
(12,493)
—
Options and rights exercised
553,134
377,428
7,401
4,065
myprosperity settlement consideration
—
1,423,876
—
36,565
Treasury shares issued from Trust
(553,134)
(377,428)
(16,112)
(7,937)
Total shares
81,157,658
81,502,338
480,555
501,172
Shares issued transaction costs
—
—
(12)
(49)
End of the ﬁnancial year
81,157,658
81,502,338
480,543
501,123
Movement in Treasury shares
Beginning of the ﬁnancial year
356,229
312,632
9,646
7,571
Employee share issue
(553,134)
(377,428)
(16,112)
(7,937)
Treasury shares purchased on-market
305,535
421,025
10,023
10,012
End of the ﬁnancial year
108,630
356,229
3,557
9,646
Fully paid ordinary shares carry one vote per share and carry the right to dividends.
Ordinary shares – for the year ended 30 June 2024
On 10 November 2023, the HUB24 Group issued 19,080 shares to eligible employees under the HUB24 Employee Share Scheme.
Ordinary shares – for the year ended 30 June 2023
On 15 February 2023, the HUB24 Group issued 20,284 shares to eligible employees under the HUB24 Employee Share Scheme.
On 30 May 2023, the HUB24 Group issued 1,423,876 ordinary shares as HUB24 Limited scrip consideration for the purchase of myprosperity.
Accounting policies
Ordinary shares are classiﬁed as equity. Incremental costs directly attributable to the issue of new equity instruments are shown in
equity as a deduction, net of GST from the proceeds.
4.2.2 Share based payment reserves

2024
2023

$’000
$’000
Share based payments share reserve
34,157
26,750
Movement in reserve
Opening balance
26,750
19,975
Reserve reclassiﬁed to share capital through exercised options and rights
(5,153)
(2,837)
Employee Share Based Payment expense
12,560
9,612

34,157
26,750
For accounting policy refer to note 7.1.
Notes to the ﬁnancial statements
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
63
FINANCIAL STATEMENTS

4. CAPITAL STRUCTURE AND FINANCING continued
4.2.3 Proﬁt reserves
Overview
To the extent possible under the Corporations Act 2001 and applicable tax laws, the proﬁts reserve is preserved for future dividend payments.

2024
2023

$’000
$’000
Opening balance
67,178
50,231
Transfer to proﬁt reserves
47,159
38,166
Dividends paid on ordinary shares
(30,103)
(21,219)

84,234
67,178
4.2.4 Equity securities at Fair Value through Other Comprehensive Income reserve

2024
2023

$’000
$’000
Opening balance
—
—
Net gains/(losses) from changes in fair value
(682)
—
Closing balance
(682)
—
4.3 DIVIDENDS
Overview
The HUB24 Group’s dividend policy is a target payout ratio of 40%-60% of the HUB24 Group’s Underlying Net Proﬁt After Tax.
The dividend policy is designed to ensure that shareholders are rewarded relative to underlying net proﬁt after tax and maintain
suﬃcient capital for future investment and growth of the business, subject to market conditions.

2024
2024
2023
2023

Final
Interim
Final
Interim
Dividend cents per share
19.5
18.5
18.5
14.0
Franking percentage
100
100
100
100
Dividend payout ($’000)
15,826
15,025
15,078
11,211
Payout ratio
46%
49%
47%
42%
Payment Date
11 October 2024
16 April 2024
13 October 2023
18 April 2023
The Board has elected to determine a ﬁnal dividend of 19.5 cents per share franked at 100%.
Franking credits
Franking credits available as at 30 June 2024 to shareholders of the Company amount to $6.7 million (2023: $13.7 million) at the 30 percent
corporate tax rate.
Notes to the ﬁnancial statements
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
CHAIR AND MANAGING DIRECTOR’S REPORTS
64

4. CAPITAL STRUCTURE AND FINANCING continued
4.4 FINANCIAL INSTRUMENTS
Key accounting policies
Interest rate risk
The Group is not materially exposed to movements in short-term variable interest rates on cash and cash equivalents, loans receivable
and borrowings. All other ﬁnancial assets and liabilities are non-interest bearing. The Directors believe a 0.5% decrease is a reasonable
sensitivity given current market conditions. A 0.5% increase and a 0.5% decrease in interest rates would increase/decrease proﬁt and loss
in the consolidated entity and the Company by:

2024
2023
Consolidated
$’000
$’000
Cash and cash equivalents at end of period
88,048
72,747
Other non-current assets
1,750
1,250
Borrowings
(29,975)
(29,975)
Financial Instruments subject to interest rate risk at the end of period
59,823
44,022
Cash and cash equivalents at end of period
88,048
72,747
0.5% increase in interest rate
440
364
0.5% decrease in interest rate
(440)
(364)
Loans receivable
1,750
1,250
0.5% increase in interest rate
9
6
0.5% decrease in interest rate
(9)
(6)
Borrowings
(29,975)
(29,975)
0.5% increase in interest rate
(150)
(150)
0.5% decrease in interest rate
150
150
Net impact on proﬁt after tax
Proﬁt for the year
47,159
38,166
0.5% increase in interest rate
47,458
38,380
0.5% decrease in interest rate
46,860
37,952
Credit risk
Exposure to credit risk relating to ﬁnancial assets arises from the potential non-performance by counterparties of contract obligations that
could lead to a ﬁnancial loss to the Group. The Group’s objective in managing credit risk is to minimise the credit losses incurred, mainly on
trade and other receivables and loans.
Credit risk is managed through maintaining procedures ensuring, to the extent possible, that customers and counterparties to transactions
are of sound credit worthiness and the monitoring of the ﬁnancial stability of signiﬁcant customers and counterparties. Such monitoring is
used in assessing receivables for impairment. Credit terms are generally 30 days from the date of invoice. For fees with longer settlements,
terms are speciﬁed in the individual client contracts. In the case of loans advanced, the terms are speciﬁc to each loan.
Credit risk exposures
The maximum exposure to credit risk by class of recognised ﬁnancial assets at the end of the reporting period is equivalent to the carrying
value and classiﬁcation of those ﬁnancial assets as presented in the statement of ﬁnancial position.
The Group advanced a $1,750,000 (FY23: $1,250,000) loan to a strategic partner who used the proceeds solely for the purpose of
development of advice production and advice delivery tools. The loan agreement is a ﬁxed rate arrangement, entered on an arm’s length
basis and on commercial terms which were prevailing during 2022, which has an interest rate of 4% per annum.
Notes to the ﬁnancial statements
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
65
FINANCIAL STATEMENTS

4. CAPITAL STRUCTURE AND FINANCING continued
Liquidity risk
Financing arrangements and capital management
The Group had access to the following borrowing facilities during the reporting period:

2024
2023
Consolidated
$’000
$’000
HUB24 Financial Instruments
Floating rate – Expiring within one year (bank overdraft facility)
5,000
5,000
Floating rate – 3 year term (revolving loan facility)
31,000
31,000
Accordion facility
50,000
50,000
Drawn at balance date
29,975
29,975
The $5 million bank overdraft facility may be drawn at any time and may be cancelled by giving the bank 5 business days notice. During the
year ended and as at 30 June 2024, the overdraft facility was not drawn down. The bank loan facilities are subject to annual review.
The HUB24 Group incurs a line fee of 0.50% per annum to maintain the bank overdraft facility. The applicable rate is the reference rate on
that date less a margin of 6.96% pa.
The 3 year revolving CBA bank loan facility was secured to enable the consolidation of Group debt. $1 million remained undrawn during the
period. The HUB24 Group incurs an undrawn commitment fee of 0.50% per annum to maintain the revolving loan facility with an interest
rate of BBSY + 1.9% margin paid quarterly.
The CBA accordion facility of $50m was secured speciﬁcally for strategic transactions. The HUB24 Group does not any incur any line fees,
the terms of the facility are aligned to those of the loan facility.
The overdraft, loan and accordion facilities are guaranteed by HUB24 Limited and its operating subsidiaries: Agility Applications Pty Ltd;
HUB24 Management Services Pty Ltd; HUB24 Administration Pty Ltd; HUB24 Custodial Services Ltd; HUBconnect Pty Ltd; Xplore Wealth
Pty Limited; Xplore Business Services Pty Ltd; Investment Administration Services Pty Limited; Margaret Street Financial Holdings Pty Ltd;
Margaret Street Administration Services Pty Ltd; Margaret Street Promoter Services Pty Ltd; Margaret Street Attorney Services Pty Ltd; DIY
Master Pty Ltd; Class Pty Limited; Class Technology Pty Ltd; Class Investment Reporter Pty Ltd; NowInﬁnity Pty Ltd; NowInﬁnity 3505 Pty Ltd.
The Group’s regulatory capital requirements are ring-fenced from the CBA security arrangements.
Notes to the ﬁnancial statements
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
CHAIR AND MANAGING DIRECTOR’S REPORTS
66

4. CAPITAL STRUCTURE AND FINANCING continued
Maturity analysis of ﬁnancial assets and liabilities
The risk implied from the values shown in the table below is based on best estimates and reﬂect a balanced view of cash inﬂows and
outﬂows, excluding the HUB24 Groups future cashﬂow generated from operations. Leasing obligations, trade payables and other ﬁnancial
liabilities mainly originate from the ﬁnancing of assets used in our ongoing operations such as oﬃce equipment, platform development and
investments in working capital e.g. receivables. These assets are considered in the Group’s overall liquidity risk.

0-1 month
1-3 months
4-12 months
1-5 years
5 years plus
Total
Consolidated
$’000
$’000
$’000
$’000
$’000
$’000
30 June 2024
Consolidated ﬁnancial assets
Cash and cash equivalents
88,048
—
—
—
—
88,048
Trade and other receivables
35,079
1,484
714
547
—
37,824
Other non-current assets
—
—
—
—
1,750
1,750

123,127
1,484
714
547
1,750
127,622
Consolidated ﬁnancial liabilities
Trade and other payables
11,624
453
2,507
—
—
14,584
Borrowings
—
—
—
29,975
—
29,975
Lease Liability
397
783
2,351
8,140
8,608
20,279

12,021
1,236
4,858
38,115
8,608
64,838
Net Maturity
111,106
248
(4,144)
(37,568)
(6,858)
62,784
30 June 2023
Consolidated ﬁnancial assets
Cash and cash equivalents
72,290
—
400
57
—
72,747
Trade and other receivable
29,255
108
96
72
—
29,531
Other non-current assets
—
—
—
—
1,250
1,250

101,545
108
496
129
1,250
103,528
Consolidated ﬁnancial liabilities
Trade and other payables
13,609
2,057
964
—
—
16,630
Borrowings
—
—
—
29,975
—
29,975
Lease Liability
326
715
3,038
5,901
1,317
11,297

13,935
2,772
4,002
35,876
1,317
57,902
Net Maturity
87,610
(2,664)
(3,506)
(35,747)
(67)
45,626
The HUB24 Group monitors rolling forecasts of liquidity reserves on the basis of expected cash ﬂow and aims to maintain a minimum cash
contingency above regulatory requirements to be freely available equal to a minimum one-month average operational cashﬂow (on a rolling
12-month average basis), however this metric is often exceeded.
Market risk
The HUB24 Group balance sheet is not materially exposed to movements in market prices.
The net fair value of ﬁnancial assets and liabilities approximates their carrying values and the methods for estimating fair values are outlined
in the relevant notes to the ﬁnancial statements, excluding other loans receivable.
Foreign exchange risk
The HUB24 Group balance sheet is not materially exposed to movements in exchange rates.
Fair value measurement
No other ﬁnancial instruments for the year ended 30 June 2024 required fair value assessment (FY23: nil).
Notes to the ﬁnancial statements
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
67
FINANCIAL STATEMENTS

4. CAPITAL STRUCTURE AND FINANCING continued
4.5 RECONCILIATION OF CASH FLOWS
Key accounting policies
Cash and cash equivalents
Cash and cash equivalents in the statement of ﬁnancial position comprise cash at bank and short-term deposits with an original maturity
of three months or less that are readily convertible to known amounts of cash and which are subject to an insigniﬁcant risk of changes
in value and bank overdrafts. Bank overdrafts are shown within borrowings current liabilities in the balance sheet.
For the purposes of the statement of cash ﬂows, cash and cash equivalents consist of cash and cash equivalents as deﬁned above,
net of outstanding bank overdrafts.

2024
2023
Consolidated
$’000
$’000
a) Reconciliation of the net proﬁt/(loss) after tax to cash ﬂow from operations
Net proﬁt/(loss) after tax for the year
47,159
38,166
Non-cash items
Depreciation and amortisation
36,823
27,706
Share based payment expense – Employee
13,196
10,073
Share of proﬁt from associates
(630)
(906)
Impairment losses on ﬁnancial assets
—
3,248
(Gains)/losses on disposal of leasehold improvements
23
(38)
Gain on sale of investment in associate
(2,987)
—
Changes in operating assets and liabilities
(Increase)/decrease in trade and other receivables
(8,293)
(2,981)
(Increase)/decrease in current tax receivables
(6,272)
(1,847)
(Increase)/decrease in deferred tax assets
6,970
628
(Increase)/decrease in other assets
(1,254)
(1,454)
Increase/(decrease) in trade and other payables
(2,046)
1,293
Increase/(decrease) in current tax liabilities
—
—
Increase/(decrease) in provisions
5,560
1,602
Net cash ﬂow from operating activities
88,249
75,490
b) Reconciliation of cash and cash equivalents
Cash and cash equivalents comprises
Cash at bank
88,048
72,747
c) Terms and conditions
For the purposes of the Statement of cash ﬂows, cash and cash equivalents includes cash at bank, deposits held at call with ﬁnancial
institutions, other short term, highly liquid investments with maturities of three months or less, that are readily convertible to known amounts
of cash and which are subject to an insigniﬁcant risk of changes in value and bank overdrafts.
4.6 COMMITMENTS AND CONTINGENCIES
The HUB24 Group has signed a long-term lease for a new Sydney CBD oﬃce premises, the commencement date is not until the 2025
ﬁnancial year, there are no other commitments or contingencies as at 30 June 2024 (FY23 nil).
The Group has a $15 million loan agreement in place with HTFS Holdings Pty Ltd “HTFS”, a wholly owned subsidiary of EQT Holdings
Limited (ASX:EQT), which is the Trustee for the HUB24 Super Fund (“the Fund”). The loan agreement enables HTFS to access funding
for the sole purpose of meeting the Operational Risk Financial Requirement (ORFR) for the Fund in accordance with APRA Prudential
Standard SPS114. The loan agreement is entered into on an arm’s length basis and on commercial terms at an interest rate of 10% per
annum. There was no funding drawn down for either FY24 or FY23.
Notes to the ﬁnancial statements
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
CHAIR AND MANAGING DIRECTOR’S REPORTS
68

5. INCOME TAX
Overview
Income taxable income based on the applicable income tax rate for each jurisdiction, adjusted for changes in deferred tax assets and
liabilities attributable to temporary diﬀerences and unused tax losses.
The relationship between accounting proﬁt or loss and income tax expense or credit is provided in the reconciliation of prima facie
tax to income tax expense or beneﬁt (refer to note 5.1). Income tax expense does not equate to the amount of tax actually paid to tax
authorities, as it is based upon accrual accounting.
Accounting income and expenses do not always have the same recognition pattern as taxable income and expenses, creating a
timing diﬀerence as to when a tax expense or beneﬁt can be recognised. These diﬀerences usually reverse over time but, until they
do, a deferred tax asset or liability is recognised on the balance sheet. Note 5.2 details the composition and movements in deferred
tax balances and the key management assumptions applied in recognising tax losses.
5.1 RECONCILIATION OF PRIMA FACIE TAX TO INCOME TAX EXPENSE

2024
2023

$’000
$’000
a) Income tax expense
Current tax expense
9,394
11,886
Decrease/(increase) in deferred tax assets
1,851
(796)
Prior period deferred tax under/(over) provision
2,618
(1,890)
Prior period under/(over) provision
(4,696)
(1,937)
(Decrease)/Increase in deferred tax liabilities
2,500
3,313
Income Tax Expense/(Beneﬁt)
11,667
10,576
b) Reconciliation of income tax expense to pre-tax accounting proﬁt
Proﬁt before income tax expense
58,826
48,742
Prima facie income tax at 30%
17,648
14,623
Tax eﬀect of amounts which are not deductible (taxable) in calculating taxable income
Non-deductible expenses
75
219
Non-assessable income
(29)
(243)
Other deductible amounts
(3,358)
(3,669)
Tax credits (carry forward losses, franking credits)
(591)
(196)
Prior period deferred tax under/(over) provision
(2,078)
(158)
Income tax expense
11,667
10,576
Accounting policies
Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities
based on the current year’s taxable income. The tax rates and legislation used to compute the amount are those that are enacted
or substantively enacted by the reporting date.
Tax consolidation
Members of the tax consolidated entity and the tax sharing arrangement
The HUB24 Group and its 100% owned Australian resident subsidiaries have formed a tax consolidated entity. HUB24 Limited is
the head entity of the tax consolidated entity. Members of the HUB24 Group have entered into a tax sharing agreement.
Tax eﬀect accounting by members of the tax consolidated Group
The head entity and the controlled entities in the tax consolidated Group continue to account for their own current and deferred
tax amounts as per UIG 1052 Tax Consolidation Accounting. The consolidated Group has applied the consolidated Group
allocation approach in determining the appropriate amount of current taxes and deferred taxes to allocate to members of the tax
consolidated Group. The current and deferred tax amounts are measured in a systematic manner that is consistent with the broad
principles in AASB 112 Income Taxes.
In addition to its own current and deferred tax amounts, the head entity also recognises current tax liabilities (or assets) and the
deferred tax assets and liabilities arising from unused tax losses and unused tax credits (if any) assumed from controlled entities
in the tax consolidated Group.
Notes to the ﬁnancial statements
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
69
FINANCIAL STATEMENTS

5. INCOME TAX continued
5.2 DEFERRED TAXES

2024
2023

$’000
$’000
a) Deferred tax asset
Deferred tax asset comprises temporary diﬀerences attributable to
Investments
—
824
Accrued expenses
444
611
Provisions
10,509
8,700
Blackhole expenses
920
1,484
Carry forward tax losses
5,320
6,640
Employee share costs
4,834
5,800
Lease liabilities
183
193
Deferred revenue
398
—
Closing Balance
22,608
24,252
Movements
Opening balance
24,252
17,584
Additions acquired through acquisition
—
1,891
Prior period deferred tax provision
207
3,981
Recognised in the Statement of proﬁt or loss
(1,851)
796
Closing balance
22,608
24,252
b) Deferred tax liability
Temporary diﬀerences attributable to
Intangibles
29,056
23,664
Depreciable assets
141
49
Closing balance
29,197
23,713
Movements
Opening balance
23,714
18,309
Additions acquired through acquisition
159
—
Prior period deferred tax provision
2,825
2,091
Recognised in the Statement of proﬁt or loss
2,499
3,313
Closing balance
29,197
23,713
Net deferred tax asset/(Net deferred tax liability)
(6,589)
539
Notes to the ﬁnancial statements
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
CHAIR AND MANAGING DIRECTOR’S REPORTS
70

5. INCOME TAX continued
Critical accounting judgements and estimates
Deferred tax is provided on all temporary diﬀerences at the reporting date between the tax bases of assets and liabilities and their
carrying amounts for ﬁnancial reporting purposes. Deferred tax liabilities are recognised for all taxable temporary diﬀerences except:
– When the deferred tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a
business combination and that, at the time of the transaction, aﬀects neither the accounting proﬁt nor taxable proﬁt or loss; and
– When the temporary diﬀerence is associated with investments in subsidiaries, associates or interests in joint ventures, and the
timing of the reversal of the temporary diﬀerence can be controlled and it is probable that the temporary diﬀerence will not reverse
in the foreseeable future.
Deferred tax assets are recognised for all deductible temporary diﬀerences, carry-forward of unused tax credits and unused tax
losses, to the extent that it is probable that taxable proﬁt will be available against which the deductible temporary diﬀerences and the
carry-forward of unused tax credits and unused tax losses can be utilised, except:
– When the deferred tax asset relating to the deductible temporary diﬀerence arises from the initial recognition of an asset or liability
in a transaction that is not a business combination and, at the time of the transaction, aﬀects neither the accounting proﬁt nor
taxable proﬁt or loss; and
– When the deductible temporary diﬀerence is associated with investments in subsidiaries, associates or interests in joint ventures,
in which case a deferred tax asset is only recognised to the extent that it is probable that the temporary diﬀerence will reverse
in the foreseeable future and taxable proﬁt will be available against which the temporary diﬀerence can be utilised.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable
that suﬃcient taxable proﬁt will be available to allow all or part of the deferred tax asset to be utilised.
Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has become
probable that future taxable proﬁt will allow the deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or
the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.
Deferred tax assets and deferred tax liabilities are oﬀset only if a legally enforceable right exists to set oﬀ current tax assets against
current tax liabilities and the deferred tax assets and liabilities relate to the same taxable entity and the same taxation authority.
Recovery of deferred tax assets
Deferred tax assets are recognised for prior periods income tax losses, research and development tax oﬀsets and deductible
temporary diﬀerences to the extent that Directors consider that it is probable that future taxable proﬁts will be available to oﬀset
these amounts.
The deferred tax asset continues to be recognised based on the following management judgements:
– The HUB24 Group continues to generate consistent proﬁtable growth, with improving margins and proﬁt line trends; and
– For the year ended 30 June 2024, the HUB24 Group increased proﬁts and is expected to remain proﬁtable.
The HUB24 Group assumes and will continue to monitor that there will be ongoing compliance with relevant tax legislation.
5.3 OTHER TAXES
Revenues, expenses and assets are recognised net of the amount of GST except:
– When the GST incurred on a purchase of goods and services is not recoverable from the taxation authority, in which case the GST is
recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable;
– Receivables and payables, which are stated with the amount of GST included (UIG 1031.8). The net amount of GST recoverable from, or
payable to, the taxation authority is included as part of receivables or payables in the statement of ﬁnancial position; and
– Cash ﬂows are included in the statement of cash ﬂow on a gross basis and the GST component of cash ﬂows arising from investing and
ﬁnancing activities, which is recoverable from, or payable to, the taxation authority is classiﬁed as part of operating cash ﬂows.
Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the taxation authority.
Notes to the ﬁnancial statements
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
71
FINANCIAL STATEMENTS

6. GROUP STRUCTURE
6.1 BUSINESS COMBINATIONS
Acquisition of Subsidiaries
myprosperity Pty Ltd
In the ﬁnancial year ended 30 June 2023, the HUB24 Group acquired 100 per cent of the issued share capital of myprosperity Pty Ltd,
obtaining control of myprosperity Pty Ltd.
myprosperity is a leading provider of client portals for accountants and ﬁnancial advisers. Integration of myprosperity’s unique capability
with HUB24’s portfolio of products and services, is expected to extend the company’s market-leadership position and deliver both
increased customer advocacy and new opportunities to further grow market share across the HUB24 Group.

$’000
Purchase consideration
Cash paid – at completion
658
Equity instruments (1,423,876 ordinary shares of the Company)
36,565
Total purchase consideration
37,223
Net cash outﬂow arising on acquisition
Cash consideration
658
Less: cash and cash equivalent balances acquired
(305)
Net cash outﬂow arising on acquisition
353
A Purchase Price Accounting (PPA) assessment has been ﬁnalised with the outcomes included in the 31 December 2023 Interim Report.
30 June 2023 Provisional PPA balances have been adjusted to reﬂect the ﬁnalisation of the PPA for the myprosperity business acquired.
From the provisional PPA disclosed in the 30 June 2023 ﬁnancial report, the allocation between goodwill and intangibles identiﬁed
has been updated retrospectively in accordance with AASB 3 Business Combinations. This has resulted in an increase in intangibles
identiﬁed and a decrease of goodwill recognised of $11.4m.

Fair value

$’000
The completed fair values of the acquisition are as follows
Cash & Cash Equivalents
305
Trade receivables
243
Prepayments
72
Other current assets
765
Property, plant and equipment
91
Right of use assets
147
Deferred tax assets/(liabilities)
1,891
Total Identiﬁable assets
3,514
Trade & other payables
(1,393)
Lease liability
(147)
Provisions
(621)
Total Liabilities assumed
(2,161)
Customer relationships acquired
529
Software acquired
10,885
Intangibles identiﬁed
11,414
Total identiﬁable assets acquired and liabilities assumed
12,767
Goodwill
24,616
Deferred tax on intangible assets identiﬁed
(160)
Total purchase consideration
37,223
Notes to the ﬁnancial statements
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
CHAIR AND MANAGING DIRECTOR’S REPORTS
72

6. GROUP STRUCTURE continued
The fair value of the ﬁnancial assets includes receivables (Net trade debtors and other receivables) with a fair value of $1.4 million.
The goodwill of $24.6 million represents the beneﬁts from the synergistic opportunities that will arise from the acquisition. None of the
goodwill is expected to be deductible for income tax purposes.
The fair value of the 1,423,876 ordinary shares issued as part of the consideration paid for myprosperity Pty Ltd ($36.6 million) was
determined on the basis of the HUB24 Closing Price of $25.68 on acquisition date at 30 May 2023.
Acquisition related costs (included in administrative expenses within FY23) amount to $0.4 million.
6.2 CONTROLLED ENTITIES
Overview
HUB24 subsidiaries are entities which it controls and consolidates as it is exposed to, or has rights to, variable returns from the entity,
and can aﬀect those returns through its power over the entity.
When the HUB24 Group ceases to control a subsidiary, any retained interest in the entity is remeasured to fair value, with any
resulting gain or loss recognised in the income statement.
Changes in the HUB24 Group’s ownership interest in a subsidiary which do not result in a loss of control are accounted for as
transactions with equity holders in their capacity as equity holders.
In the Parent Entity’s ﬁnancial statements, investments in subsidiaries are initially recorded at cost and are subsequently held at the
lower of cost and recoverable amount.
When the HUB24 Group acquires a subsidiary, the fair value of the consideration transferred and valuation of assets acquired and
liabilities assumed are measured on a provisional basis.
All transactions between HUB24 Group entities are eliminated on consolidation.

% Equity Interest

as at
as at

30 June 2024
30 June 2023
Operating Entities
HUB24 Custodial Services Ltd
100
100
HUB24 Management Services Pty Ltd 1
100
100
HUB24 Administration Pty Ltd 1
100
100
Firstfunds Pty Ltd 1
100
100
HUBconnect Pty Ltd 1
100
100
Agility Applications Pty Ltd 1
100
100
Xplore Wealth Pty Ltd 1
100
100
Xplore Business Services Pty Ltd 1
100
100
Investment Administration Services Pty Limited
100
100
Margaret Street Financial Holdings Pty Ltd 1
100
100
Margaret Street Administration Services Pty Ltd 1
100
100
Margaret Street Promoter Services Pty Ltd
100
100
DIY Master Pty Ltd
100
100
HUB24 Limited Employee Share Trust
100
100
Class Pty Limited 1
100
100
Class Technology Pty Ltd 1
100
100
Class Investment Reporter Pty Ltd 1
100
100
NowInﬁnity Pty Ltd 1
100
100
NowInﬁnity 3505 Pty Ltd 1
100
100
myprosperity Pty Ltd
100
100
myprosperity Aust Pty Ltd
100
100
myprosperity UK Pty Ltd
100
100
1. Entities included within the Scope of HUB24 Limited Deed of Cross Guarantee (DOCG) and pursuant to ASIC Corporations (wholly-Owned Companies) Instrument
2016/785. These controlled entities are relieved from the Corporations Act requirement for the preparation, audit and lodgement of ﬁnancial reports.
Notes to the ﬁnancial statements
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
73
FINANCIAL STATEMENTS

6. GROUP STRUCTURE continued

% Equity Interest

as at
as at

30 June 2024
30 June 2023
Non-operating Entities
HUB24 Services Pty Ltd
100
100
Planner Holdings Pty Limited
100
100
PHL Securities Pty Ltd
100
100
Margaret Street Nominees Pty Ltd 1
—
100
Xplore Equity Finance Pty Ltd 1
—
100
Margaret Street Attorney Services Pty Ltd
100
100
Margaret Street Investment Consulting Services Pty Ltd 1
—
100
Aracon Superannuation Pty Ltd 1
—
100
Marketsplus Australia Pty Ltd 1
—
100
Assuriti Pty Ltd
100
100
Topdocs Pty Ltd
100
100
Topdocs Edge Pty Ltd 1
—
100
Accounting & Legal Dynamics Pty Ltd 1
—
100
Company Dynamics Pty Ltd 1
—
100
1. Entities voluntarily deregistered during the 2024 ﬁnancial year. The deregistered entities had been dormant and were no longer required for ongoing business purposes.
6.3 ASSOCIATED ENTITIES
Prior to 1 March the HUB24 Group was a strategic shareholder in Diverger Limited (Diverger), an accounting and wealth management
service provider, until Diverger and Count Limited (Count) entered into a Scheme Implementation Agreement under which Count acquired
100% of the issued shares in Diverger by way of a Scheme of Arrangement (the “Scheme”) between Diverger and its shareholders.
The scheme was completed on 1 March 2024, resulting in an accounting gain on sale of $3.0 million pre tax (which was recorded as a
notable item in FY24).
On 1 March 2024 the HUB24 Group became a strategic shareholder in Count with an 11.55% holding. Count is a diversiﬁed ﬁnancial services
business providing integrated accounting and wealth management services to the Australian Market.

2024
2023
Consolidated
$’000
$’000
Investment in Diverger Reconciliation
Opening investment in Diverger
12,172
15,167
Add: Additional investment during the period
1,393
—
Add: Share of associate proﬁts
630 1
906
Less: Dividend declared
(1,969)
(653)
Impairment of investment in Diverger
—
(3,248)
Less: Sale of investment in Diverger
(15,213) 2
—
Gain on sale of investment in Diverger
2,987 1
—
Closing investment in Diverger
—
12,172
1. Share of associate proﬁts is based upon Diverger’s earnings prior to impacts associated with the Count scheme implementation.
One-oﬀ costs associated with the scheme implementation have been recognised within the net gain on sale.
2. Includes $3.4 million cash consideration and $11.8 million shares in Count Limited. Refer to Note 3.7 for further details.
Notes to the ﬁnancial statements
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
CHAIR AND MANAGING DIRECTOR’S REPORTS
74

6. GROUP STRUCTURE continued
Accounting policies
Associates are entities in which the HUB24 Group has signiﬁcant inﬂuence, but not control, over the operating and ﬁnancial policies. The
HUB24 Group accounts for associates using the equity method. The investments are initially recognised at cost (except where recognised
at fair value due to a loss of control of a subsidiary), and increased (or decreased) each year by the HUB24 Group’s share of the associate’s
proﬁt or loss. Dividends received from the associate reduce the investment in associate.
The carrying value of the investment in associate, is assessed for indicators of impairment annually.
If there is objective evidence that the HUB24 Group’s net investment in an associate is impaired, the requirements of AASB 136 are applied
to determine whether it is necessary to recognise any impairment loss with respect to the HUB24 Group’s investment. When necessary,
the entire carrying amount of the investment is tested for impairment in accordance with AASB 136 as a single asset by comparing its
recoverable amount (higher of value in use and fair value less costs of disposal) with its carrying amount. Any reversal of that impairment
loss is recognised in accordance with AASB 136 to the extent that the recoverable amount of the investment subsequently increases.
In determining the value in use of the investment, an entity estimates its share of the present value of the estimated future cash ﬂows
expected to be generated by the associate, including the cash ﬂows from the operations of the associate and the proceeds from the
ultimate disposal of the investment.
In determining the amount of impairment for equity accounted investees that are listed, management has made judgements in identifying
non-ﬁnancial assets that are impaired due to industry factors or whose decline in fair value below original cost is considered signiﬁcant or
prolonged. A signiﬁcant decline is assessed based on the percentage decline from acquisition cost of the share, while a prolonged decline
is based on the length of the time over which the share price has been below cost.
6.4 PARENT ENTITY FINANCIAL INFORMATION
Signiﬁcant accounting policies
The accounting policies of the parent entity are consistent with those of the HUB24 Group except for investments in subsidiaries which are
accounted for at cost, less any impairment, in the parent entity.
Summary ﬁnancial information
Set out below is the supplementary information about the parent entity.

2024
2023
Consolidated
$’000
$’000
Statement of proﬁt or loss and other comprehensive income
Proﬁt after income tax
36,831
48,100
Total comprehensive income
36,831
48,100
Statement of ﬁnancial position
Total assets
539,980
539,836
Total liabilities
(31,798)
(30,615)
Equity
508,182
509,221
Contingent liabilities
The parent entity did not have any contingent liabilities as at 30 June 2024 or 30 June 2023.
Capital commitments
The parent entity had no capital commitments as at 30 June 2024 or 30 June 2023.
Deferred tax asset
In addition to its own current and deferred tax amounts, the parent entity also recognises current tax liabilities (or assets) and the deferred
tax assets arising from unused tax losses and unused tax credits (if any) assumed from controlled entities in the HUB24 Group. Refer to
Note 5 for further details.
Guarantees entered into by the parent entity in relation to the debts of its subsidiaries
The parent entity entered into a DOCG with the wholly owned controlled entities marked 1 in note 6.2.
Notes to the ﬁnancial statements
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
75
FINANCIAL STATEMENTS

6. GROUP STRUCTURE continued
6.5 DEED OF CROSS GUARANTEE FINANCIALS
Pursuant to ASIC Corporations (wholly Owned Companies) Instrument 2016/785 (“instrument”) the wholly owned controlled entities
footnoted 1 in note 6.2 are relieved from the Corporations Act 2001 requirement for preparation, audit and lodgment of ﬁnancial reports
and Directors’ report.
The eﬀect of the Deed is that the Company guarantees to each creditor payments in full of any debt in the event of winding up of any
of the parties to the Deed under certain provisions of the Corporations Act 2001. If a winding up occurs under other provisions of the
Corporations Act 2001, the Company will only be liable in the event that after six months any creditors have not been paid in full. The
subsidiaries are also given a similar guarantee in the event that the Company is wound up.
A combined statement of comprehensive income and combined statement of ﬁnancial position, comprising the Company and the
controlled entities which are party to the Deed, are set out below.

2024
2023

$’000
$’000
Income
Revenue
85,668
82,532
Interest and other income
38,876
38,452
Share of proﬁts from associates
630
906
Gain on sale of investment in associate
2,987
—
Total income
128,161
121,890
Expenses
Platform and custody fees
(8,524)
(6,723)
Employee related expenses
(41,794)
(37,357)
Depreciation and amortisation expense
(10,683)
(8,515)
Administrative expenses
(13,700)
(11,560)
Share based payments expense
(13,521)
(11,096)
Interest expense – lease liability
(434)
(314)
Interest expense – other
(1,878)
(1,614)
Impairment charge on non-ﬁnancial assets
—
(3,248)
Total expenses
(90,534)
(80,427)
Proﬁt/(loss) before income tax
37,627
41,463
Income tax expense
(5,277)
(6,857)
Proﬁt after income tax for the year
32,350
34,606
Notes to the ﬁnancial statements
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
CHAIR AND MANAGING DIRECTOR’S REPORTS
76

6. GROUP STRUCTURE continued

2024
2023

$’000
$’000
Assets
Current assets
Cash and cash equivalents
56,365
35,049
Trade and other receivables
29,993
22,492
Current tax receivables
8,119
1,847
Other current assets
7,834
6,579
Total current assets
102,311
65,967
Non-Current assets
Investment in associates
_
12,172
Investment in subsidiaries
104,056
104,461
Equity securities
11,115
—
Intangible assets (including goodwill)
443,499
456,606
Other non-current assets
2,603
1,250
Right of use assets
14,392
9,418
Property, plant and equipment
2,954
2,929
Total non-current assets
578,619
586,836
Total assets
680,930
652,803
Liabilities
Current liabilities
Trade and other payables
10,090
11,104
Provisions
30,095
23,716
Lease liabilities
2,547
3,654
Deferred tax liabilities (net of deferred tax assets)
7,892
1,478
Other current liabilities
252
127
Total current liabilities
50,876
40,079
Non-current liabilities
Lease liabilities
12,451
6,407
Provisions
5,017
4,387
Borrowings
29,975
29,975
Deferred income
271
365
Other non-current liabilities
809
—
Total non-current liabilities
48,523
41,134
Total liabilities
99,399
81,213
Net assets
581,531
571,590
Equity
Issued capital
532,654
547,310
Proﬁt reserve
47,347
35,007
Share based payment reserves
34,157
26,750
Equity securities at FVOCI reserve
(682)
—
Retained earnings
(31,945)
(37,477)
Total equity
581,531
571,590
Notes to the ﬁnancial statements
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
77
FINANCIAL STATEMENTS

7. EMPLOYEE REMUNERATION
7.1 SHARE BASED PAYMENTS
Overview
Share-based payments are equity-based compensation schemes provided to employees, executives, and directors. There are
currently three plans in place to provide these beneﬁts, collectively known as the Plans:
– The Employee Share Option Plan (ESOP);
– The Performance Rights (PARS); and
– The Employee Share Plan (ESP).
The HUB24 Group can either issue shares from time to time, or meet any obligation via treasury shares acquired on-market.
Any fulltime or part-time employee of the HUB24 Group or any equally-owned joint venture who is oﬀered shares or options is
eligible to participate in the Plans.
7.1.1 Recognised share-based payment expense
During the year ended 30 June 2024, the HUB24 Group recognised $13.2 million ($13.5m when including the impact of payroll tax)
of equity-settled share-based payment transactions (FY23: $10.1 million, $11.1 when including the impact of payroll tax).
Accounting policies
The cost of share based payments is recognised by expensing the fair value of options or rights granted, over the period during
which the employees become unconditionally entitled to these beneﬁts. Where the plan will be settled by issuing equity, the
corresponding entry is an increase in the share based payment reserve.
At each subsequent reporting date until vesting, the vesting probability is assessed and upon board approval, the cumulative charge
will be reﬂected to the statement of proﬁt or loss and other comprehensive income and share based payment reserve. This takes into
account factors such as the likelihood of employee turnover during the vesting period and the likelihood of nonmarket performance
conditions being met.
Critical accounting judgements and estimates
Calculating the fair value of share based payments can be complex. Independent consultants use Black-Scholes or similar option pricing
models to value options and rights. This calculation includes any market performance conditions and the impact of any non-vesting
conditions. Once the fair value has been determined at grant date, it is not revised.
The impact of any service and non-market vesting conditions is excluded from the fair value. Instead, this is included in assumptions
about the number of options that are expected to vest. These assumptions are revised at the end of each reporting period. The impact
of any revision to original estimates is recognised as an expense in the Consolidated Statement of proﬁt and loss, with a corresponding
adjustment to equity.
Notes to the ﬁnancial statements
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
CHAIR AND MANAGING DIRECTOR’S REPORTS
78

7. EMPLOYEE REMUNERATION continued
7.1.2 Types of share-based payment plans
1. Share based payment plans issued during the year ended 30 June 2024
PARs (Rights)
Issue Date
Number Issued
MD
23 November 2023
31,708
Employees
3 November 2023
162,345
Vesting Terms
Expiry Date
15 years after date of issue
Expected Vesting Period
3 years
Exercise Price
Nil
Vesting Conditions
I. Service
Must be an employee at date of issue.
II. FUA
Performance condition (a) 50% Performance Rights will be subject to the hurdle based on growth in custody FUA
which has been set to between $100 billion and $112 billion which represents a three year compound annual
growth rate (CAGR) of FUA between 16.84% and 21.33% per annum, and a FUA growth of between 59.5% and
78.6%, over the three years to 30 June 2026.
The vesting is calibrated as follows: zero vesting will occur if the CAGR in custody FUA is below a minimum
level of 16.84% per annum (an increase of 59.5% over three years representing approximately $100 billion by
30 June 2026); 25% vesting will occur if the CAGR in custody FUA reaches 16.84% per annum (an increase
of 59.5% over three years representing approximately $100 billion by 30 June 2026); 100% vesting will occur
if the CAGR in custody FUA reaches 21.33% per annum (an increase of 78.6% over three years representing
approximately $112 billion by 30 June 2026); and vesting between 16.84% and 21.33% per annum CAGR in
custody FUA (representing approximately $100 billion and $112 billion in FUA for between 25% and 100%
vesting) will be on a straight-line basis between these two levels.
III. Market
Performance condition (b)50% Performance Rights will be subject to, and will vest on, the achievement of a
hurdle measuring the Relative Total Shareholder return (RTSR). The RTSR measure compares the Company’s
total share return (TSR) performance against the TSR performance of companies in the S&P/ASX300 Diversiﬁed
Financials Index (Index) over the next three years.
The vesting is calibrated as follows: zero vesting occurs when the Company’s TSR is below a threshold of the
50th percentile performance when compared against the companies in the Index; 25% vesting occurs when the
Company’s TSR is at a threshold of the 50th percentile performance when compared against the companies
in the Index; 100% vesting occurs the Company’s TSR is at a threshold of 80th percentile performance when
compared against the companies in the Index ; and vesting between 50th percentile and 80th percentile
performance against the companies in the Index will be on a straight-line basis between these two levels.
Thresholds
The measurement of the Company’s TSR will be from a baseline using the 40 trading day VWAP for the
Company’s Shares commencing on 4 August 2023 and ending on 29 September 2023. The 40 trading day
VWAP for the Hub24 Share price up to that date was $31.67. The determination of the TSR achieved over
the three year performance period will be on the 40 trading day VWAP of the Shares as traded on the ASX
in the 20 trading day period prior to, and post, the 31 August for the relevant prior ﬁscal year and include
dividends during the three year performance period. The TSR of the comparison companies in the Index will be
measured in the same way.
Disposal Restrictions
Restriction on sale of shares for 12 months from exercise, except to fund options exercised for associated tax liabilities.
Notes to the ﬁnancial statements
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
79
FINANCIAL STATEMENTS

7. EMPLOYEE REMUNERATION continued
2. Share based payment plans issued during the year ended 30 June 2023
PARs (Rights)
Issue Date
Number Issued
MD
7 December 2022
53,163
Employees
7 December 2022
314,991
Employees
6 June 2023
6,319
Vesting Terms
Expiry Date
15 years after date of issue
Expected Vesting Period
3 years
Exercise Price
Nil
Vesting Conditions
I. Service
Must be an employee at date of issue.
II. FUA
Performance condition (a) 50% Performance Rights will be subject to the hurdle based on growth in custody FUA
which has been set to between $85 billion and $100 billion which represents a three year compound annual
growth rate (CAGR) of FUA between 19.59% and 26.25% per annum, and a FUA growth of between 71% and
101%, over the three years to 30 June 2025.
The vesting is calibrated as follows: zero vesting will occur if the CAGR in custody FUA is below a minimum level
of 19.59% per annum (an increase of 71% over three years representing approximately $85 billion by 30 June
2025); 25% vesting will occur if the CAGR in custody FUA reaches 19.59% per annum (an increase of 71% over
three years representing approximately $85 billion by 30 June 2025); 100% vesting will occur if the CAGR in
custody FUA reaches 26.25% per annum (an increase of 101.2% over three years representing approximately
$100 billion by 30 June 2025); and vesting between 19.59% and 26.25% per annum CAGR in custody FUA
(representing approximately $85 billion and $100 billion in FUA for between 25% and 100% vesting) will be on a
straight-line basis between these two levels.
III. Market
Performance condition (b) 50% Performance Rights will be subject to, and will vest on, the achievement of a
hurdle measuring the Absolute Total Shareholder return (ATSR) of 10% to 15% per annum over the next three
years. The vesting is calibrated as follows: zero vesting occurs below a threshold of 10% ATSR compounded
annually is achieved; 25% vesting occurs when a threshold vesting of 10% ATSR compounded annually is
achieved; 100% vesting occurs when a threshold vesting of 15% ATSR compounded annually is achieved; and
vesting between 10% and 15% ATSR will be on a straight-line basis between these two levels.
Thresholds
The determination of the ATSR thresholds will be based upon the 40 trading day VWAP for Shares spanning the
full year results announcement on 23 August 2022 (20 days prior to and 20 days post results announcement).
The 40 trading day VWAP for Shares on that basis (i.e. 27 July 2022 to 20 September 2022 was $23.98,
therefore (in the absence of any dividends) the 10% threshold is $31.92 and the 15% threshold is $36.47, or
$35.11 and $41.94 respectively when tested over a four year period as described further below.
Disposal Restrictions
Restriction on sale of shares for 12 months from exercise, except to fund options exercised for associated tax liabilities.
Notes to the ﬁnancial statements
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
CHAIR AND MANAGING DIRECTOR’S REPORTS
80

7. EMPLOYEE REMUNERATION continued
Rights – Employees
PARs (Rights)
Issue Date
7 December 2022
Number Issued
25,474
Vesting Terms
Expiry Date
15 years after date of issue
Expected Vesting Period
3 years
Exercise Price
Nil
Vesting Conditions
I. Service
Must be an employee at date of issue.
II. Growth
Performance condition to eﬀectively undertake:
– Eﬀective protection of the business in relation to key legal matters across the HUB24 Group over the period
from 1 July 2022 to 30 June 2025; and
– Eﬀective protection of the business in relation to key risk and compliance matters across the HUB24 Group
over the period from 1 July 2022 to 30 June 2025.
Disposal Restrictions
Restriction on sale of shares for 12 months from exercise, except to fund options exercised for associated tax liabilities.
Rights – MyProsperity
PARs (Rights)
Issue Date
30 May 2023
Number Issued
416,213
Vesting Terms
Expiry Date
15 years after date of issue
Expected Vesting Period
3 years
Exercise Price
Nil
Vesting Conditions
I. Service
Must be an employee at date of issue.
II. Delivery of portals
Performance condition (a) for the 3 year performance period from 1 July 2023 to 30 June 2026, 10% of your
Performance Rights will be eligible to vest subject to myprosperity’s successful delivery of the HUB24 Simple
Portal by 30 September 2023 and the HUB24 Group Portal by 30 June 2024.
III. Financial revenue
Performance condition (b) 90% of your Performance Rights will be eligible to vest subject to the successful
achievement of the ﬁnancial revenue milestones identiﬁed in the following table (FY Revenue Milestones).

% of total Performance
Financial Year
FY Revenue Milestone
Rights eligible for vesting
FY24
$7.2m
25%
FY25
$13.1m
25%
FY26
$21 2m
40%
Disposal Restrictions
Restriction on sale of shares for 12 months from exercise, except to fund options exercised for associated tax liabilities.
Notes to the ﬁnancial statements
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
81
FINANCIAL STATEMENTS

7. EMPLOYEE REMUNERATION continued
3. Share based payment plans issued during the year ended 30 June 2022
Tax Exempt Share Plan – Employees
Number of Shares Issued 8,806
Issue Date
4 February 2022
Issue Price
$30.12
Vesting Conditions
for All Shares
Interests held in the shares are not at risk of forfeiture. There is no condition or requirement that needs to be
satisﬁed in order to acquire the shares
Voting
Shareholders are entitled to vote
Dividends
The shares provide entitlement to dividends or other distributions paid to ordinary shareholders
Speciﬁc Terms
The shares must not be sold, transferred or otherwise disposed of, or mortgaged, charged or otherwise
encumbered, on or before the 3rd anniversary of the date employees acquired the Shares or the date they
cease to be employed, whichever occurs ﬁrst
PARs (Rights)
Issue Date
Number Issued
MD
14 December 2021
35,901
KMP (excluding MD)
22 November 2021
49,458
Employees
22 November 2021
101,306
Vesting Terms
Expiry Date
15 years after date of issue
Expected Vesting Period
3 years
Exercise Price
Nil
Vesting Conditions
I. Service
Must be an employee at date of issue.
II. FUA
Performance condition (a) 50% of the Performance Rights will be subject to, and will vest based on a calculated
score (Score) that measures the achievement of a funds under administration (FUA) target that has been set for
the three years ending on 30 June 2024. The Score will have regard to the relative growth in Platform (Custody)
FUA and Portfolio Administration and Reporting Services (Non-Custody) FUA as well as the relative ﬁnancial
contribution of Custody FUA and Non-Custody FUA to HUB24’s ﬁnancial results.
The Score is calculated as:
Score = ((PR-PVC)/PFUA) x PFUA + CFUA ((CR-CVC)/CFUA)
Where:
– CFUA = Custodial FUA (divided by 1 billion)
– PFUA = Non-custodial FUA (divided by 1 billion)
– CR = Custodial Revenue
– PR = Non-custodial Revenue
– CVC = Custodial speciﬁed variable costs
– PVC = Non-custodial speciﬁed variable costs
The vesting is calibrated as follows: zero vesting will occur where the achievement is below a minimum score
of 88.5 (a FUA increase of 70.6% over three years); 50% vesting will occur where the achievement reaches
a score of 88.5 (an increase of 70.6% over three years); 100% vesting will occur where the achievement
reaches a score of 100 (an increase of 94.5% over three years); and vesting between a score of 88.5 and 100
(for between 50% and 100% vesting) will be on a straight-line basis between these two levels.
Notes to the ﬁnancial statements
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
CHAIR AND MANAGING DIRECTOR’S REPORTS
82

PARs (Rights)
Issue Date
Number Issued
III. Market
Performance condition (b) 50% of the Performance Rights will be subject to, and will vest on, the achievement of
a hurdle measuring the Absolute Total Shareholder return (ATSR) of 10% to 15% per annum over the next three
years. The vesting is calibrated as follows: 25% vesting occurs when a threshold vesting of 10% ATSR compounded
annually is achieved; 100% vesting occurs when a threshold vesting of 15% ATSR compounded annually is
achieved; and vesting between 10% and 15% ATSR will be on a straight-line basis between these two levels.
Thresholds
The determination of the ATSR thresholds will be based upon the 40 trading day VWAP for Shares spanning the
full year results announcement on 24 August 2021 (20 days prior to and 20 days post results announcement).
The 40 trading day VWAP for Shares on that basis (i.e. 27 July 2021 to 20 September 2021 was $27.92,
therefore (in the absence of any dividends) the 10% threshold is $37.16 and the 15% threshold is $42.46, or
$40.87 and $48.83 respectively when tested over a four year period.
Disposal Restrictions
Restriction on sale of shares for 12 months from exercise, except to fund options exercised for associated tax liabilities.
Rights – Employees
PARs (Rights)
Issue Date
22 November 2021
Number Issued
3,979
Expiry Date
21 November 2036
Expected Vesting Period
3 years
Exercise Price
Nil
Vesting Conditions
I. Service
Must be an employee at date of issue.
II. Growth
Restriction on sale of shares for 12 months from exercise, except to fund options exercised for associated
tax liabilities.
III. Performance
conditions
Performance condition (b) Eﬀective protection of the business in relation to key legal, risk and compliance
matters across the HUB24 Group.
Disposal Restrictions
Restriction on sale of shares for 12 months from exercise, except to fund options exercised for associated tax liabilities.
Rights – Chief Financial Oﬃcer
PARs (Rights)
Issue Date
22 November 2021
Number Issued
17,250
Expiry Date
21 November 2036
Expected Vesting Period
15 years
Exercise Price
—
Vesting Conditions
I. Service
Must be an employee at date of issue.
II. FUA
100% of the Performance Rights will be subject to, and will vest on, the achievement of a hurdle measuring
Platform (Custody) funds under administration (FUA) over the next two years. The vesting is calibrated as follows:
zero vesting will occur if Custody FUA is below a minimum level of $63 billion by 30 June 2023); 50% vesting
will occur if Custody FUA reaches $63 billion by 30 June 2023); 100% vesting will occur if Custody FUA reaches
$70 billion by 30 June 2023); and vesting between $63 billion and $70 billion (between 50% and 100% vesting)
will be on a straight-line basis between these two levels.
Disposal Restrictions
Restriction on sale of shares for 12 months from exercise, except to fund options exercised for associated tax liabilities.
Notes to the ﬁnancial statements
7. EMPLOYEE REMUNERATION continued
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
83
FINANCIAL STATEMENTS

7. EMPLOYEE REMUNERATION continued
4. Share based payment plans issued during the year ended 30 June 2021.
Tax Exempt Share Plan – Employees
Number of Shares Issued 13,224
Issue Date
21 October 2020
Issue Price
$17.16
Vesting Conditions
for All Shares
Interests held in the shares are not at risk of forfeiture. There is no condition or requirement that needs to be
satisﬁed in order to acquire the shares
Voting
Shareholders are entitled to vote
Dividends
The shares provide entitlement to dividends or other distributions paid to ordinary shareholders
Speciﬁc Terms
The shares must not be sold, transferred or otherwise disposed of, or mortgaged, charged or otherwise
encumbered, on or before the 3rd anniversary of the date employees acquired the Shares or the date they
cease to be employed, whichever occurs ﬁrst
Tax Exempt Share Plan – Employees
Number of Shares Issued 696
Issue Date
17 December 2020
Issue Price
$17.16
Vesting Conditions
for All Shares
Interests held in the shares are not at risk of forfeiture. There is no condition or requirement that needs to be
satisﬁed in order to acquire the shares
Voting
Shareholders are entitled to vote
Dividends
The shares provide entitlement to dividends or other distributions paid to ordinary shareholders
Speciﬁc Terms
The shares must not be sold, transferred or otherwise disposed of, or mortgaged, charged or otherwise
encumbered, on or before the 3rd anniversary of the date employees acquired the Shares or the date they
cease to be employed, whichever occurs ﬁrst
Options & Rights – Key Management Personnel (excluding MD)
Options
Rights
Issue Date
4 Feb 2021
4 Feb 2021
Number of
Options Issued
57,826
54,071
Expiry Date
4 February 2026
4 February 2036
Expected Vesting Period
3 years
3 years
Exercise Price
$14.29
—
Vesting Conditions
I. Service
Must be an employee at date of issue.
II. Market
50% of the options and 50% of the performance rights will be subject to, and will vest on, the achievement of a
hurdle measuring the Absolute Total Shareholder Return (ATSR) of 11.5% to 16.5% over the next three years. The
vesting is calibrated as follows: 25% vesting occurs when a threshold of 11.5% ASTR compounded annually is
achieved; 100% vesting occurs when a threshold of 16.5% ASTR compounded annually is achieved; and vesting
between 25% and 100% will be on a straight-line basis between the two levels.
Thresholds
Determination of the TSR thresholds was $14.29, therefore the 11.5% threshold is $19.81 and the 16.5% threshold
is $22.59, or $22.09 and $26.32 respectively when tested over a four year periods.
Notes to the ﬁnancial statements
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
CHAIR AND MANAGING DIRECTOR’S REPORTS
84

Options & Rights – Key Management Personnel (excluding MD)
III. FUA
100% of the performance rights will be subject to, and will vest on, the achievement of a hurdle measuring
the compound annual growth (CAGR) in FUA over the next three years. The vesting is calibrated as follows:
zero vesting will occur if the FUA is below a minimum level of 26.8% (an increase of 103.9% over three years
representing approximately $35 billion by 30 June 2023); 50% vesting will occur if the FUA reaches 26.8%
per annum; 100% vesting will occur if the FUA reaches 35.7% per annum (an increase of 150% over three years
representing approximately $43 billion by 30 June 2023); and vesting for between 26.8% and 35.7% per annum
(for between 50% and 100% vesting) will be on a straight-line basis between the two levels.
Disposal Restrictions
Restriction on sale of shares for 12 months from exercise, except to fund options exercised for associated tax liabilities.
Options & Rights – Key Management Personnel (excluding MD)
Options
Rights
Issue Date
24 December 2020
24 December 2020
Number of
Options Issued
33,558
31,395
Expiry Date
24 December 2025
24 December 2035
Expected Vesting Period
3 years
3 years
Exercise Price
$14.29
—
Vesting Conditions
I. Service
Must be an employee at date of issue.
II. Market
50% of the options and 50% of the performance rights will be subject to, and will vest on, the achievement of a
hurdle measuring the Absolute Total Shareholder Return (ATSR) of 11.5% to 16.5% over the next three years. The
vesting is calibrated as follows: 25% vesting occurs when a threshold of 11.5% ASTR compounded annually is
achieved; 100% vesting occurs when a threshold of 16.5% ASTR compounded annually is achieved; and vesting
between 25% and 100% will be on a straight-line basis between the two levels.
Thresholds
Determination of the TSR thresholds was $14.29, therefore the 11.5% threshold is $19.81 and the 16.5% threshold
is $22.59, or $22.09 and $26.32 respectively when tested over a four year periods.
III. FUA
100% of the performance rights will be subject to, and will vest on, the achievement of a hurdle measuring
the compound annual growth (CAGR) in FUA over the next three years. The vesting is calibrated as follows:
zero vesting will occur if the FUA is below a minimum level of 26.8% (an increase of 103.9% over three years
representing approximately $35 billion by 30 June 2023); 50% vesting will occur if the FUA reaches 26.8%
per annum; 100% vesting will occur if the FUA reaches 35.7% per annum (an increase of 150% over three years
representing approximately $43 billion by 30 June 2023); and vesting for between 26.8% and 35.7% per annum
(for between 50% and 100% vesting) will be on a straight-line basis between the two levels.
Disposal Restrictions
Restriction on sale of shares for 12 months from exercise, except to fund options exercised for associated tax liabilities.
Notes to the ﬁnancial statements
7. EMPLOYEE REMUNERATION continued
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
85
FINANCIAL STATEMENTS

7. EMPLOYEE REMUNERATION continued
Rights – Employees
Issue Date
4 February 2021
Number issued
82,700
Expiry date
4 February 2036
Expected Vesting Period 3 years
Exercise Price
—
I. Service
Must be an employee from date of issue until options are exercised, unless considered a good leaver (in which
case must exercise within 30 days).
II. FUA
100% of the performance rights will be subject to, and will vest on, the achievement of a hurdle measuring
the compound annual growth (CAGR) in FUA over the next three years. The vesting is calibrated as follows:
zero vesting will occur if the FUA is below a minimum level of 26.8% (an increase of 103.9% over three years
representing approximately $35 billion by 30 June 2023); 50% vesting will occur if the FUA reaches 26.8%
per annum; 100% vesting will occur if the FUA reaches 35.7% per annum (an increase of 150% over three years
representing approximately $43 billion by 30 June 2023); and vesting for between 26.8% and 35.7% per annum
(for between 50% and 100% vesting) will be on a straight-line basis between the two levels.
Disposal Restrictions
Restriction on sale of shares for 12 months from exercise, except to fund options exercised for associated tax liabilities.
Special 5 Year LTI Performance Rights – Employees
Special LTI – Tranche 1
Special LTI – Tranche 2
Issue Date
2 March 2021
2 March 2021
Number issued
565,000
127,500
Expiry Date
30 June 2025
30 June 2025
Expected Vesting Period
5 years
5 years
Exercise Price
—
—
Performance Period
1 July 2020 to 30 June 2025
1 July 2020 to 30 June 2025
Performance
Conditions 1
Zero vesting will occur if the CAGR in FUA is below
a minimum level of 23.8% per annum (an increase
of 191% over ﬁve years representing approximately
$50 billion by 30 June 2025). 50% vesting will occur
if the CAGR in FUA reaches 23.8% per annum. 100%
vesting will occur if the CAGR in FUA reaches 28.4%
per annum; and vesting between 23.8% and 28.4%
(representing approximately $60 billion by 30 June
2025) per annual CAGR in FUA will be on a straight-
line basis between these two levels.
Zero vesting will occur if the CAGR in FUA is below
a minimum level of 32.4% per annum (an increase of
307% over ﬁve years representing approximately
$70 billion by 30 June 2025). 100% vesting will occur
if the CAGR in FUA reaches 32.4% per annum.
1. In measuring the achievement of performance and FUA targets, the Board reserves the right to vary the percentage of options and ordinary performance rights which
may vest as well as the FUA dollar thresholds to account for acquisitions of businesses, assets, companies or other entities which may be undertaken by the Group
during the performance period and adjust for non-custodial FUA on a proportionality basis.
Notes to the ﬁnancial statements
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
CHAIR AND MANAGING DIRECTOR’S REPORTS
86

7. EMPLOYEE REMUNERATION continued
Special 5 Year LTI Performance Rights – MD
Special LTI – Tranche 1
Special LTI – Tranche 2
Issue Date
24 December 2020
24 December 2020
Number issued
220,000
50,000
Expiry Date
30 June 2025
30 June 2025
Expected Vesting Period
5 years
5 years
Exercise Price
—
—
Performance Period
1 July 2020 to 30 June 2025
1 July 2020 to 30 June 2025
Performance
Conditions 1
Zero vesting will occur if the CAGR in FUA is below
a minimum level of 23.8% per annum (an increase
of 191% over ﬁve years representing approximately
$50 billion by 30 June 2025). 50% vesting will occur
if the CAGR in FUA reaches 23.8% per annum. 100%
vesting will occur if the CAGR in FUA reaches 28.4%
per annum; and vesting between 23.8% and 28.4%
(representing approximately $60 billion by 30 June
2025) per annual CAGR in FUA will be on a straight-
line basis between these two levels.
Zero vesting will occur if the CAGR in FUA is below
a minimum level of 32.4% per annum (an increase
of 307% over ﬁve years representing approximately
$70 billion by 30 June 2025). 100% vesting will occur
if the CAGR in FUA reaches 32.4% per annum.
1. In measuring the achievement of performance and FUA targets, the Board reserves the right to vary the percentage of options and ordinary performance rights which
may vest as well as the FUA dollar thresholds to account for acquisitions of businesses, assets, companies or other entities which may be undertaken by the Group
during the performance period and adjust for non-custodial FUA on a proportionality basis.
5. Share based payment plans issued during the year ended 30 June 2020.
Tax Exempt Share Plan – Employees
Number of Shares Issued 16,960
Issue Date
10 October 2019
Issue Price
$12.50
Vesting Conditions
for All Shares
Interests held in the shares are not at risk of forfeiture. There is no condition or requirement that needs to be
satisﬁed in order to acquire the shares.
Voting
Shareholders are entitled to vote.
Dividends
The shares provide entitlement to dividends or other distributions paid to ordinary shareholders.
Speciﬁc Terms
The shares must not be sold, transferred or otherwise disposed of, or mortgaged, charged or otherwise
encumbered, on or before the 3rd anniversary of the date employees acquired the Shares or the date they
cease to be employed, whichever occurs ﬁrst.
Notes to the ﬁnancial statements
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
87
FINANCIAL STATEMENTS

7. EMPLOYEE REMUNERATION continued
Options and Rights – Employees
Share Ownership Plan
PARS (Rights)
Issue Date
25 November 2019
25 November 2019
Number of
Options Issued
323,151
129,404
Expiry Date
25 November 2024
25 November 2034
Expected Vesting Period
3 years
3 years
Exercise Price
$12.36
nil
Vesting Conditions
I. Service
Must be an employee from date of issue until options are exercised, unless considered a good leaver (in which
case must exercise within 30 days).
II. Market
50% of the options and performance rights will be subject to, and will vest on, the achievement of a hurdle
measuring the Absolute Total Shareholder Return (ATSR) of 12.5% to 17.5% over the next three years. The vesting
is calibrated as follows: 25% vesting occurs when a threshold of 12.5% ASTR compounded annually is achieved;
100% vesting occurs when a threshold of 17.5% ASTR compounded annually is achieved; and vesting between
25% and 100% will be on a straight line basis between the two levels.
III. FUA
50% of the options and 50% of the performance rights will be subject to, and will vest on, the achievement
of a hurdle measuring the compound annual growth (CAGR) in FUA over the next three years. The vesting is
calibrated as follows: zero vesting will occur if the FUA does not exceed $27 billion by 30 June 2022; 25%
vesting will occur if the FUA reaches $27 billion by 30 June 2022; 80% vesting will occur if the FUA reaches
$29 billion by 30 June 2022; 100% vesting will occur if the FUA reaches $32 billion by 30 June 2022. vesting
for between $27 billion and $29 billion (for between 25% and 80%) will be on a straight line basis between
the two levels; and vesting for between $29 billion and $32 billion (for between 80% and 100%) will be on a
straight line basis between the two levels.
Disposal Restrictions
Restriction on sale of shares for 12 months from exercise, except to fund options exercised for associated tax liabilities.
Options and Rights – Employees
Share Ownership Plan
PARS (Rights)
Issue Date
25 November 2019
25 November 2019
Number of
Options Issued
8,181
3,276
Expiry Date
25 November 2024
25 November 2034
Expected Vesting Period
3 years
3 years
Exercise Price
$12.36
nil
Vesting Conditions
I. Service
Must be an employee from date of issue until options are exercised, unless considered a good leaver (in which
case must exercise within 30 days).
II. Leadership
Eﬀective leadership of the Group’s Legal and Compliance functions together with the development of
enhancements to these functions.
III. Strategy
Eﬀective leadership and management of key legal and compliance matters across the Group such that the
contribution of the Legal & Compliance team through its management of these matters supports the Group in
achieving is strategic outcomes and priorities.
Disposal Restrictions
Restriction on sale of shares for 12 months from exercise, except to fund options exercised for associated tax liabilities.
Notes to the ﬁnancial statements
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
CHAIR AND MANAGING DIRECTOR’S REPORTS
88

7. EMPLOYEE REMUNERATION continued
6. Share based payment plans issued during the year ended 30 June 2019.
Tax Exempt Share Plan – Employees
Number of Shares Issued 14,193
Issue Date
7 September 2018
Issue Price
$12.04
Vesting Conditions
for All Shares
Interests held in the shares are not at risk of forfeiture. There is no condition or requirement that needs to be
satisﬁed in order to acquire the shares.
Voting
Shareholders are entitled to vote.
Dividends
The shares provide entitlement to dividends or other distributions paid to ordinary shareholders.
Speciﬁc Terms
The shares must not be sold, transferred or otherwise disposed of, or mortgaged, charged or otherwise
encumbered, on or before the 3rd anniversary of the date employees acquired the Shares or the date they
cease to be employed, whichever occurs ﬁrst.
Options and Rights – Employees
PARS (Rights)
PARS (Rights) – Paragem
PARS (Rights)
Issue Date
7 September 2018
7 September 2018
7 September 2018
Number of
Options Issued
70,888
4,000
10,000
Expiry Date
7 September 2033
7 September 2033
7 September 2033
Expected Vesting Period
3 years
2 years
2 years
Exercise Price
nil
nil
nil
Vesting Conditions
I. Service
Must be an employee from date of issue until options are exercised, unless considered a good leaver
(in which case must exercise within 30 days).
II. Market
50% vesting on the achievement of Performance condition 2. Absolute Total Shareholder Return (ATSR) CAGR
in excess of 17.5% over three years, proportional vesting between 12.5% and 17.5%.
III. FUA
50% vesting on the
achievement of Performance
condition 1. Growth in FUA
in excess of 115.8% over
three years, proportional
vesting between 29.23%
and 40.23% p.a.
0% vesting if the CAGR in FUA was
below a minimum level of 25.88%
p.a 99.5% over three years). 50%
vesting will occur if the CAGR in
FUA reaches 29.58% p.a 117.6%
over three years. 100% vesting will
occur if the CAGR in FUA reaches
33.09% p.a (135.7% three years).
0% vesting if the CAGR in FUA was
below a minimum level of 25.88%
p.a 99.5% CAGR over three years).
50% vesting will occur if the CAGR
in FUA reaches 29.58% p.a (117.6%
over three years. 100% vesting
will occur if the CAGR in FUA
reaches 33.09% p.a over (135.7%
over three years).
Disposal Restrictions
Restriction on sale of shares for 12 months from exercise, except to fund options exercised for associated tax liabilities.
Notes to the ﬁnancial statements
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
89
FINANCIAL STATEMENTS

7. EMPLOYEE REMUNERATION continued
Options and Rights – Employees
PARS (Rights) – MD
PARS (Rights) – CFO
Issue Date
12 December 2018
12 December 2018
Number of
Options Issued
14,072
6,981
Expiry Date
12 December 2033
12 December 2033
Expected Vesting Period
3 years
3 years
Exercise Price
nil
nil
Vesting Conditions
I. Service
Must be an employee from date of issue until options are exercised, unless considered a good leaver
(in which case must exercise within 30 days).
II. Market
50% vesting on the achievement of Performance condition 2. Absolute Total Shareholder Return (ATSR) CAGR
in excess of 17.5% over three years, proportional vesting between 12.5% and 17.5%.
III. FUA
50% vesting on the achievement of Performance condition 1. Growth in FUA CAGR in excess of 115.8% over
three years, proportional vesting between 29.23% and 40.23% p.a.
Disposal Restrictions
Restriction on sale of shares for 12 months from exercise, except to fund options exercised for associated tax liabilities.
Options and Rights – Employees
PARS (Rights) – Director
Issue Date
12 December 2018
Number Issued
20,000
Expiry Date
12 December 2033
Expected Vesting Period
3 years
Exercise Price
nil
Vesting Conditions
I. Service
Must be a director from date of issue until options are exercised, unless considered a good leaver
(in which case must exercise within 30 days).
II. Market
Performance condition (a) stipulates that the director must provide support to the HUB24 Managing Director and
KMP in relation to the securing and maintenance of key accounts over the period from 1 July 2018 to 30 June 2021.
II. Growth
Performance condition (b) stipulates that the director must directly liaise with key accounts to facilitate growth
and customer satisfaction as measured by the improvement in the company’s customer satisfaction service
levels over the period from 1 July 2018 to 30 June 2021.
Notes to the ﬁnancial statements
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
CHAIR AND MANAGING DIRECTOR’S REPORTS
90

7. EMPLOYEE REMUNERATION continued
Options and Rights – Employees
PARS (Rights) – Head of Legal & Compliance
Issue Date
12 December 2018
Number Issued
20,000
Expiry Date
12 December 2033
Expected Vesting Period
4 years
Exercise Price
nil
Vesting Conditions
I. Service
Must be an employee from date of issue until options are exercised, unless considered a good leaver
(in which case must exercise within 30 days).
II. Market
Performance condition (a) stipulates that the employee must display eﬀective leadership of the development
and operation of the Group’s risk and compliance framework and policies over the Performance Period.
II. Growth
Performance condition (b) stipulates that the employee must display eﬀective leadership and management
of key legal, risk and compliance matters across the HUB24 Group.
Options and Rights – Employees
PARS (Rights) – Special LTI
Issue Date
12 December 2018
Number Issued
425,000
Expiry Date
12 December 2033
Expected Vesting Period
4 years
Exercise Price
nil
Vesting Conditions
I. FUA
Applying to 425,000 performance rights, 100% vesting will occur if the 4 year CAGR in FUA reaches 33% per annum.
Disposal Restrictions
Restriction on sale of shares for 12 months from exercise, except to fund options exercised for associated tax liabilities.
7. Share based payment plans issued prior to 1 July 2018.
Tax Exempt Share Plan – Employees
Number of Shares Issued 24,160
Issue Date
1 September 2017
Issue Price
$6.25
Vesting Conditions
for All Shares
Interests held in the shares are not at risk of forfeiture. There is no condition or requirement that needs
to be satisﬁed in order to acquire the shares.
Voting
Shareholders are entitled to vote.
Dividends
The shares provide entitlement to dividends or other distributions paid to ordinary shareholders.
Speciﬁc Terms
The shares must not be sold, transferred or otherwise disposed of, or mortgaged, charged or otherwise
encumbered, on or before the 3rd anniversary of the date employees acquired the shares or the date
they cease to be employed, whichever occurs ﬁrst.
Notes to the ﬁnancial statements
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
91
FINANCIAL STATEMENTS

7. EMPLOYEE REMUNERATION continued
Options and Rights – Employees
PARS (Rights)
PARS (Rights) – Paragem
PARS (Rights) – MD
Issue Date
11 October 2017
21 August 2017
11 December 2017
Number of
Options Issued
122,942
11,211
23,897
Expiry Date
11 October 2032
21 August 2032
11 December 2032
Expected Vesting Period
3 years
3 years
3 years
Exercise Price
nil
nil
nil
Vesting Conditions
I. Service
Must be an employee from date of issue until options are exercised, unless considered a good leaver
(in which case must exercise within 30 days).
II. Market
50% vesting on the achievement of Performance condition 2. Absolute Total Shareholder Return (ATSR) CAGR
in excess of 17.5% over three years, proportional vesting between 12.5% and 17.5%.
III. FUA
50% vesting on the
achievement of Performance
condition 1. Growth in FUA
in excess of 117.6% over
three years, proportional
vesting between 25.88%
and 33.09% p.a.
50% vesting on the achievement
of Performance condition 1. Growth
in FUA CAGR in excess of 109.7%
over three years, proportional
vesting between 28% and 45% p.a.
50% vesting on the achievement of
Performance condition 1. Growth in
FUA CAGR in excess of 117.6% over
three years, proportional vesting
between 25.88% and 33.09% pa.
Disposal Restrictions
Restriction on sale of shares for 12 months from exercise, except to fund options exercised for associated tax liabilities.
8. Share based payment plans issued prior to 1 July 2017.
Tax Exempt Share Plan – Employees
Number of Shares Issued 14,112
Issue Date
1 September 2016
Issue Price
$4.46
Vesting Conditions
for All Shares
Interests held in the shares are not at risk of forfeiture. There is no condition or requirement that needs
to be satisﬁed in order to acquire the shares.
Voting
Shareholders are entitled to vote.
Dividends
The shares provide entitlement to dividends or other distributions paid to ordinary shareholders.
Speciﬁc Terms
The shares must not be sold, transferred or otherwise disposed of, or mortgaged, charged or otherwise
encumbered, on or before the 3rd anniversary of the date employees acquired the shares or the date they
cease to be employed, whichever occurs ﬁrst.
Notes to the ﬁnancial statements
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
CHAIR AND MANAGING DIRECTOR’S REPORTS
92

7. EMPLOYEE REMUNERATION continued
Options and Rights – Employees
FY2017
PARS (Rights)
Issue Date
29 November 2016
Number of
Options Issued
137,043
Expiry Date
29 November 2031
Expected Vesting Period
3 years
Exercise Price
nil
Vesting Conditions
I. Service
Must be an employee from date of issue until options are exercised, unless considered a good leaver
(in which case must exercise within 30 days).
II. Market
50% vesting on the achievement of Performance condition 1.
Absolute Total Shareholder Return (ATSR) CAGR in excess of
17.5% years, proportional vesting between 12.5% and 17.5%.
Achieve share price hurdle of 52% greater than
exercise over three price for 20 consecutive
days in the period between 36 months from
the issue date and expiry of options.
III. FUA
50% vesting on the achievement of Performance condition
2. Growth in FUA CAGR in excess of 45% over three years,
proportional vesting between 28% and 45%.
N/A
Disposal Restrictions
Restriction on sale of shares for 12 months from exercise, except to fund options exercised for associated
tax liabilities.
Summary of options and rights granted
The following table illustrates the number, weighted average exercise prices (WAEP) and weighted average share prices (WASP) of, and
movements in, share options issued during the year:
30 June 2024
30 June 2023
Summaries of options granted
Number
WAEP
WASP
Number
WAEP
WASP
Outstanding at the beginning of the ﬁnancial year
484,698
—
—
695,188
—
—
Granted during the year
—
—
—
—
—
—
Forfeited during the year
(4,161)
—
—
(1,926)
—
—
Exercised during the year
(297,306)
$12.24
$32.54
(208,564)
$9.67
$24.04
Expired during the year
—
—
—
—
—
—
Outstanding at the end of the year 1
183,231
—
—
484,698
—
—
Exercisable at the end of the year
118,842
—
—
324,764
—
—
1. The range of exercise prices is $12.05 to $14.29 (FY23 $12.04 to $14.29), and weighted average remaining contractual life is 1.44 years (FY23 1.22 years).
30 June 2024
30 June 2023
Summaries of rights granted
Number
WAEP
WASP
Number
WAEP
WASP
Outstanding at the beginning of the year
2,591,869
—
—
2,018,719
—
—
Granted during the year
194,053
—
—
816,160
—
—
Forfeited during the year
(55,694)
—
—
(43,494)
—
—
Exercised during the year
(298,687)
—
—
(199,516)
—
—
Expired during the year
—
—
—
—
—
—
Outstanding at the end of the year
2,431,541
—
—
2,591,869
—
—
Exercisable at the end of the year
365,794
—
—
491,245
—
—
Notes to the ﬁnancial statements
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
93
FINANCIAL STATEMENTS

7. EMPLOYEE REMUNERATION continued
7.1.3 Option pricing model
The fair value of all equity-settled options issued is estimated at the grant date using the Monte Carlo model and Black Scholes option
pricing model.
The following table lists the inputs to the models used:
1. Share based payment plans issued during the year ended 30 June 2024.
Rights for MD
FUA target Rights
ATSR target Rights
Dividend Yield (%)
1.0%
1.0%
Expected Volatility (%)
30.0%
39.0%
Risk-free Interest Rate (%)
4.6%
4.6%
Life (years)
3.0
3.0
Spot price on Valuation Date ($)
33.81
33.81
Model used
Monte-Carlo Simulation
Monte-Carlo Simulation

& Black Scholes
& Black Scholes
Rights for Employees
FUA target Rights
ATSR target Rights
Dividend Yield (%)
1.0%
1.0%
Expected Volatility (%)
30.0%
39.0%
Risk-free Interest Rate (%)
4.6%
4.6%
Life (years)
3.0
3.0
Spot price on Valuation Date ($)
32.35
32.25
Model used
Monte-Carlo Simulation
Monte-Carlo Simulation

& Black Scholes
& Black Scholes
2. Share based payment plans issued prior to 1 July 2023.

4 Dec 2023
3 Nov 2023
30 May 2023

(Rights) – MD
(Rights)
(Rights) – Myp
Dividend Yield (%)
0.9%
0.9%
1.1%
Expected Volatility (%)
50.0%
50.0%
N/A
Risk-free Interest Rate (%)
3.0%
3.0%
3.4%
Expected Life of Options (Months)
3.0
3.0
3.2
Option Exercise Price ($)
N/A
N/A
N/A
Average Share Price at Measurement Date ($)
27.62
25.00
25.68
Model Used
Monte-Carlo Simulation
Monte-Carlo Simulation
Black Scholes

& Black Scholes
& Black Scholes

14 Dec 2021
2 Mar 2021

22 Nov 2021
(Rights) PRP (Rights)
4 Feb 2021 25 Nov 2019 25 Nov 2019

(Rights)
– MD – Special LTI
PRP (Rights)
SOP PRP (Rights)
Dividend Yield (%)
0.23
0.23
0.34
0.34
0.39
0.39
Expected Volatility (%)
47
47
59
59
44
47
Risk-free Interest Rate (%)
1.38
1.38
0.35
0.35
0.82
0.82
Expected Life of Options (Months)
36
36
36
60
36
36
Option Exercise Price ($)
N/A
N/A
N/A
N/A
12.36
N/A
Average Share Price at Measurement Date ($)
30.17
29.24
20.83
25.37
11.83
11.83
Model Used
Hoadleys/
Hoadleys/
Hoadleys/
Hoadleys/
Hoadleys/
Hoadleys/

Black Scholes Black Scholes Black Scholes Black Scholes Black Scholes Black Scholes
Notes to the ﬁnancial statements
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
CHAIR AND MANAGING DIRECTOR’S REPORTS
94

7. EMPLOYEE REMUNERATION continued

7 Sep 2018
7 Sep 2018

7 Sep 2018
7 Sep 2018
SOP –
PRP (Rights)
7 Sep 2018
7 Sep 2018

SOP
PRP (Rights)
Paragem
Paragem
SOP PRP (Rights)
Dividend Yield (%)
0.54
0.54
0.54
0.54
0.54
0.54
Expected Volatility (%)
41
41
41
41
41
41
Risk-free Interest Rate (%)
2.17
2.17
2.17
2.17
2.17
2.17
Expected Life of Options (Months)
36
36
24
24
24
24
Option Exercise Price ($)
12.04
N/A
12.04
N/A
11.73
N/A
Average Share Price at Measurement Date ($)
12.44
12.44
12.44
12.44
12.44
12.44
Model Used
Hoadleys/
Hoadleys/
Hoadleys/
Hoadleys/
Hoadleys/
Hoadleys/

Black Scholes Black Scholes Black Scholes Black Scholes Black Scholes Black Scholes

12 Dec 2018

12 Dec 2018
12 Dec 2018
12 Dec 2018

12 Dec 2018
PRP (Rights) 12 Dec 2018
PRP (Rights) PRP (Rights) PRP (Rights)

SOP – MD
– MD
SOP – CFO
– CFO
– Director – Special LTI
Dividend Yield (%)
0.54
0.54
0.54
0.54
0.54
0.54
Expected Volatility (%)
45
45
45
45
45
45
Risk-free Interest Rate (%)
2.12
2.12
2.12
2.12
2.12
2.12
Expected Life of Options (Months)
36
36
36
36
36
36
Option Exercise Price ($)
12.04
N/A
13.44
N/A
N/A
N/A
Average Share Price at Measurement Date ($)
12.97
12.97
12.97
12.97
12.97
12.97
Model Used
Hoadleys/
Hoadleys/
Hoadleys/
Hoadleys/
Hoadleys/
Hoadleys/

Black Scholes Black Scholes Black Scholes Black Scholes Black Scholes Black Scholes

11 Oct 2017
11 Oct 2017
21 Aug 2017
21 Aug 2017
11 Dec 2017
11 Dec 2017

SOP
PRP (Rights)
SOP
PRP (Rights)
SOP PRP (Rights)
Dividend Yield (%)
—
—
—
—
—
—
Expected Volatility (%)
45
45
45
45
45
45
Risk-free Interest Rate (%)
2.38
2.38
2.37
2.37
2.37
2.37
Expected Life of Options (Months)
36
36
36
36
36
36
Option Exercise Price ($)
7.09
N/A
6.25
N/A
7.09
N/A
Average Share Price at Measurement Date ($)
8.18
8.18
8.18
8.18
9.68
9.68
Model Used
Hoadleys/
Hoadleys/
Hoadleys/
Hoadleys/
Hoadleys/
Hoadleys/

Black Scholes Black Scholes Black Scholes Black Scholes Black Scholes Black Scholes

4 Dec

29 Nov

17 Oct
4 Dec
2014
14 Oct
7 Dec
30 Mar
29 Nov
29 Nov
2016

2014
2014
SOP
2015
2015
2016
2016
2016
PRP

SOP
SOP CEO
Paragem
SOP
SOP CEO
SOP
SOP
SOP
(Rights)
Dividend Yield (%)
—
—
—
—
—
—
—
—
—
Expected Volatility (%)
35
35
33
48
48
50
45
45
45
Risk-free Interest Rate (%)
2.5
2.5
2.5
1.8
1.8
2.09
2.16
2.16
2.16
Expected Life of Options (Months) 36
36
12-36
36
36
36
36
36
36
Option Exercise Price ($)
0.98
0.98
1.156
2.46
2.46
3.98
4.46
5.17
N/A
Average Share Price at
Measurement Date ($)
0.89
0.89
0.89
2.69
3.52
4.06
5.79
5.79
5.79
Model Used
Black
Black
Black
Hoadleys
Hoadleys
Hoadleys Hoadleys/
Hoadleys Hoadleys/

Scholes
Scholes
Scholes

Black

Scholes

Scholes
Notes to the ﬁnancial statements
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
95
FINANCIAL STATEMENTS

7. EMPLOYEE REMUNERATION continued
7.2 KEY MANAGEMENT PERSONNEL
Key management personnel compensation

2024
2023
Consolidated
$’000
$’000
Short term employment beneﬁts
4,787
4,268
Post employment beneﬁts
298
247
Share based payments
6,397
5,991

11,482
10,506
Key management personnel (KMP) are those who, directly or indirectly, have authority and responsibility for planning, directing and
controlling the activities of HUB24. The KMP are outlined in the Remuneration Report on page 23.
8. OTHER INFORMATION
8.1 NEW AND AMENDED ACCOUNTING STANDARDS ISSUED BY THE AUSTRALIAN ACCOUNTING STANDARDS BOARD (AASB)
The HUB24 Group adopted all of the new, revised, or amended Accounting Standards and Interpretations issued by the AASB that are
mandatory for the current reporting period. The changes to accounting standards did not have any signiﬁcant impact on the ﬁnancial
performance or position of the HUB24 Group.

Eﬀective for annual reporting
Date Issued
Pronouncement
periods beginning on or after
March 2021
AASB 2021-2 Amendments to Australian Accounting Standards –

Disclosure of Accounting Policies and Deﬁnition of Accounting Estimates 1
1 January 2023
June 2021
AASB 2021-5 Amendments to Australian Accounting Standards –

Deferred Tax related to Assets and Liabilities arising from a Single Transaction 1
1 January 2023
December 2022
AASB 2022-7 Editorial Corrections to Australian Accounting Standards

and Repeal of Superseded and Redundant Standards 1
1 January 2023
December 2014
AASB 2014-10 Amendments to Australian Accounting Standards –

Sale or Contribution of Assets between an Investor and its Associate or Joint Venture 2
1 January 2025
March 2020
AASB 2020-1 Amendments to Australian Accounting Standards –

Classiﬁcation of Liabilities as Current or Non-current 1
1 January 2024
November 2022
AASB 2022-5 Amendments to Australian Accounting Standards –

Lease Liability in a Sale and Leaseback 1
1 January 2024
1. Adopted by the HUB24 Group in the current year.
2. New, revised, or amended Accounting Standards but not yet adopted.
8.2 SIGNIFICANT EVENTS AFTER REPORT DATE
Subsequent to year end, the following items have occurred:
– Directors have determined a fully franked ﬁnal dividend of 19.5 cents per share (a fully franked dividend of 18.5 cents per share was
determined in FY23).
No other signiﬁcant matter or circumstance has arisen since 30 June 2024 that has notably aﬀected, or may signiﬁcantly aﬀect the HUB24
Group’s operations, the results of those operations, or the HUB24 Group’s state of aﬀairs in future ﬁnancial years.
Notes to the ﬁnancial statements
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
CHAIR AND MANAGING DIRECTOR’S REPORTS
96

8. OTHER INFORMATION continued
8.3 REMUNERATION OF AUDITORS
During the year the following fees were paid or payable for services provided by professional service ﬁrms:

2024
2023
Consolidated
$’000
$’000
Audit and review of ﬁnancial statements provided by Deloitte Touche Tohmatsu – Group and controlled entities
672
645
Statutory assurance services 1
163
144
Other assurance services 2
690
594
Total assurance services
1,525
1,383
Taxation services
198
155
Other services
242
75
Total non-assurance services
440
230
Total fees
1,965
1,613
1. Statutory assurance services relate to audit engagements required for the Group’s Australian Financial Services Licenses (AFSL) held.
2. Other assurance services relate to engagements pertaining to the Group’s GS007 / ISAE 3402 controls assurance reports.
Notes to the ﬁnancial statements
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
97
FINANCIAL STATEMENTS

Place formed or
% of share
Entity name
Entity Type
Incorporated
capital held
Tax residency
HUB24 Custodial Services Ltd
Body Corporate
Australia
100
Australian
HUB24 Management Services Pty Ltd
Body Corporate
Australia
100
Australian
HUB24 Administration Pty Ltd
Body Corporate
Australia
100
Australian
Firstfunds Pty Ltd
Body Corporate
Australia
100
Australian
HUBconnect Pty Ltd
Body Corporate
Australia
100
Australian
Agility Applications Pty Ltd
Body Corporate
Australia
100
Australian
Xplore Wealth Pty Ltd
Body Corporate
Australia
100
Australian
Xplore Business Services Pty Ltd
Body Corporate
Australia
100
Australian
Investment Administration Services Pty Limited
Body Corporate
Australia
100
Australian
Margaret Street Financial Holdings Pty Ltd
Body Corporate
Australia
100
Australian
Margaret Street Administration Services Pty Ltd
Body Corporate
Australia
100
Australian
Margaret Street Promoter Services Pty Ltd
Body Corporate
Australia
100
Australian
DIY Master Pty Ltd
Body Corporate
Australia
100
Australian
HUB24 Limited Employee Share Trust
Trust
Australia
100
Australian
Class Pty Limited
Body Corporate
Australia
100
Australian
Class Technology Pty Ltd
Body Corporate
Australia
100
Australian
Class Investment Reporter Pty Ltd
Body Corporate
Australia
100
Australian
NowInﬁnity Pty Ltd
Body Corporate
Australia
100
Australian
NowInﬁnity 3505 Pty Ltd
Body Corporate
Australia
100
Australian
myprosperity Pty Ltd
Body Corporate
Australia
100
Australian
myprosperity Aust Pty Ltd
Body Corporate
Australia
100
Australian
myprosperity UK Pty Ltd
Body Corporate
Australia
100
Australian
HUB24 Services Pty Ltd
Body Corporate
Australia
100
Australian
Planner Holdings Pty Limited
Body Corporate
Australia
100
Australian
PHL Securities Pty Ltd
Body Corporate
Australia
100
Australian
Margaret Street Attorney Services Pty Ltd
Body Corporate
Australia
100
Australian
Assuriti Pty Ltd
Body Corporate
Australia
100
Australian
Topdocs Pty Ltd
Body Corporate
Australia
100
Australian
Consolidated entity disclosure statement
As at 30 June 2024
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
CHAIR AND MANAGING DIRECTOR’S REPORTS
98

In the Directors’ opinion:
a. the ﬁnancial statements and notes set out on pages 40 to 97 are in accordance with the Corporations Act 2001, including:
i. giving a true and fair view of the consolidated entity’s ﬁnancial position as at 30 June 2024 and of its performance for the ﬁnancial
year ended on that date, and
ii. complying with Accounting Standards (including the Australian Accounting Interpretations), the Corporations Regulations 2001, and
other mandatory professional reporting requirements; and
b. the ﬁnancial statements and notes comply with International Financial Reporting Standards as disclosed in Note 1, and
c. there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable, and
d. this declaration has been made after receiving the declarations by the Chief Executive Oﬃcer and Chief Financial Oﬃcer required by
section 295A of the Corporations Act 2001.
e. the consolidated entity disclosure statement is true and correct.
Signed in accordance with a resolution of Directors.
Paul Rogan
Chair
Sydney
20 August 2024
Directors’ declaration
DIRECTORS’ REPORT
REMUNERATION REPORT
CORPORATE INFORMATION
GLOSSARY
99
FINANCIAL STATEMENTS
ADDITIONAL INFORMATION

Independent auditor’s report

>iability limited by a scheme approved under Professional Standards >egislation.
Dember of Deloitte Asia Pacific >imited and the Deloitte organisation.

/ndependent Auditor’s Report to the Dembers of
HUBϮϰ >imited
Report on the Audit of the &inancial Report
Kpinion
We have audited the financial report of HUBϮϰ >imited (the “Company”) and its controlled entities (the “Group”)
which comprises the consolidated statement of financial position as at ϯ0 :une Ϯ0Ϯϰ, the consolidated statement
of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the
consolidated statement of cash flows for the year then ended, and notes to the financial statements, including
material accounting policy information, the Directors’ declaration and the Consolidated Entity Disclosure
Statement.

/n our opinion, the accompanying financial report of the Group is in accordance with the orporations Act ϮϬϬϭ,
including͗
•
Giving a true and fair view of the Group’s financial position as at ϯ0 :une Ϯ0Ϯϰ and of their financial
performance for the year then ended͖ and
•
Complying with Australian Accounting Standards and the orporations ReŐulations ϮϬϬϭ.
asis for Kpinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our
report. We are independent of the Group in accordance with the auditor independence requirements of the
orporations Act ϮϬϬϭ and the ethical requirements of the Accounting Professional & Ethical Standards Board’s
APES ϭϭ0 ode of thics for Wrofessional Accountants ;includinŐ /ndependence ^tandardsͿ (the Code) that are
relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in
accordance with the Code.

We confirm that the independence declaration required by the orporations Act ϮϬϬϭ, which has been given to
the Directors of the Company, would be in the same terms if given to the Directors as at the time of this auditor’s
report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
O/ddE dOUCHE dOHDAdSU

Stuart Aleǆander
Partner
Chartered Accountants
Sydney, Ϯ0 August Ϯ0Ϯϰ

DIRECTORS’ REPORT
REMUNERATION REPORT
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
103
FINANCIAL STATEMENTS

Additional information required by the Australian Securities Exchange Limited and not shown elsewhere in this report is as follows.
This information is current as at 31 July 2024.
Distribution of equity securities
Ordinary share capital – 81,157,658 fully paid ordinary shares are held by 8,256 individual security holders.
All issued ordinary shares carry one vote per share without restriction and carry the rights to dividends.
The number of security holders, by size of holding, in each class are:

Number of
Total Number
% of Total
Fully paid ordinary shares – holding ranges
Shareholders
of Shares
Issued Shares
1 to 1,000
6,191
1,871,408
2.31%
1,001 to 5,000
1,689
3,677,920
4.53%
5,001 to 10,000
187
1,332,091
1.64%
10,001 to 100,000
156
4,414,545
5.44%
100,001 and over
33
69,861,694
86.08%
Total
8,256
81,157,658
100.00
There were 229 shareholders holding less than a marketable parcel of 11 securities, based on a close price of $49.56 as at 31 July 2024,
and they hold 390 securities.
Options
183,231 options and 2,431,541 performance rights are held. Options and performance rights do not carry a right to vote.
Substantial shareholders
As at 31 July 2024 the following substantial shareholdings have been disclosed to the Company via substantial holding notices provided:

Number of Ordinary
% of total shares
Substantial Holder
Shares Held
issued 1
Hyperion Asset Management Limited
6,810,576
8.36%
Pinnacle Investment Management Group (and its associated entities)
6,366,072
7.95%
TIGA Trading Pty Ltd (and its associated entities)
5,317,515
6.64%
1. As at the date of the substantial shareholder’s last notice lodged with the ASX.
Additional information
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
CHAIR AND MANAGING DIRECTOR’S REPORTS
104

20 largest shareholders at 31 July 2024
Number held
%IC
Citicorp Nominees Pty Ltd
19,871,929
24.49%
HSBC Custody Nominees (Australia) Ltd
17,132,442
21.11%
J P Morgan Nominees Australia Pty Ltd
14,177,943
17.47%
UBS Nominees Pty Ltd
4,371,926
5.39%
BNP Paribas Nominees Pty Ltd
2,643,266
3.26%
National Nominees Limited
1,789,387
2.20%
BNP Paribas Noms Pty Ltd
1,434,569
1.77%
Paciﬁc Custodians Pty Limited
1,106,378
1.36%
BNP Paribas Nominees Pty Ltd
1,070,396
1.32%
Troncell Pty Ltd
711,449
0.88%
Mr Andrew Alcock
702,566
0.87%
Netwealth Investments Limited
627,926
0.77%
Citicorp Nominees Pty Limited < Colonial First State INV A/C>
532,714
0.66%
Litster & Associates Pty Ltd
522,488
0.64%
HSBC Custody Nominees (Australia) Limited – A/C 2
374,215
0.46%
Mirrabooka Investments Limited
240,500
0.30%
Mrs Jasmin Zheng-Min Zhao Litster
239,311
0.29%
Jasforce Pty Ltd
230,155
0.28%
HSBC Custody Nominees (Australia) Limited
211,240
0.26%
Mac (P&K) Pty Ltd
192,252
0.24%
Total of Top 20 Holdings
68,183,052
84.01%
Corporate Governance Statement
The Board is committed to a high standard of corporate governance, and is responsible for establishing, maintaining and monitoring the
HUB24 Group corporate governance framework.
The Corporate Governance Statement and further details about corporate governance policies, Board and Committee charters may be
accessed via the Company’s website: www.hub24.com.au/shareholder-centre/corporate-governance
On-market buy-back
There is a current On-Market Buy-Back.
For further details, see Appendix 3C lodged with ASX on 22 August 2023.
Additional information
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
105
ADDITIONAL INFORMATION

EBITDA
Earnings before interest, tax, depreciation, amortisation
Funds under administration (FUA)
The value of customer portfolios invested onto the Platform
IDPS
Investor Directed Portfolio Service
MDA
Managed Discretionary Account
MIS
Managed Investment Scheme
Net Tangible Asset per fully
paid ordinary share
Total Assets less Total Liabilities adjusted for Intangible Assets, divided by the number of
outstanding ordinary paid shares
Notable items
Includes administrative and resourcing costs related to strategic transactions and project costs,
and amortisation relating to the acquisition of Xplore, Class, Ord Minnett and myprosperity
ORFR
Operational Risk Financial Requirement relates to the HUB24 Superannuation Fund’s requirement
to hold adequate reserves against operational losses in accordance with APRA Prudential
Standard SPS114
PARS
Performance Rights
PARS FUA
Portfolio And Reporting Services – refers to the non-custodial portfolio
Platform FUA
Refers to the custodial portfolio
PPA
The ﬁnal purchase price accounting for the Xplore, Class and myprosperity acquisitions
PPU
Pay Per Unit
SMSF
Self-managed super fund
STI/LTI
Short term incentive/Long term incentive
Underlying EBITDA
Refers to EBITDA excluding notable items
Glossary
HUB24 ANNUAL REPORT 2024
APPENDIX 4E
FINANCIAL HIGHLIGHTS
CHAIR AND MANAGING DIRECTOR’S REPORTS
106

HUB24 LIMITED
ACN 124 891 685
PRINCIPAL REGISTERED OFFICE IN AUSTRALIA
Level 2, 7 Macquarie Place
Sydney NSW 2000 Australia
DIRECTORS
Mr Paul Rogan (Chair and Independent Non-Executive Director)
Mr Andrew Alcock (Managing Director)
Ms Rachel Grimes AM (Independent Non-Executive Director)
Ms Catherine Kovacs (Independent Non-Executive Director)
Mr Anthony McDonald (Independent Non-Executive Director)
Ms Michelle Tredenick (Independent Non-Executive Director appointed 11 June 2024)
Mr Bruce Higgins (Chair and Independent Non-Executive Director retired on 16 November 2023)
COMPANY SECRETARIES
Ms Kitrina Shanahan
Mr Andrew Brown
AUDITOR
Deloitte Touche Tohmatsu
Quay Quarter Tower,
50 Bridge St, Sydney NSW 2000
SHARE REGISTRY
Link Market Services Limited
Locked Bag A14
Sydney South NSW 1235 Australia
Telephone: +61 1300 554 474
Outside Australia: +61 2 8767 1000
Email: registrars@linkmarketservices.com.au
Website: www.linkmarketservices.com.au
HUB24 Limited shares are listed on the Australian Securities Exchange (ASX: HUB)
ELECTRONIC COMMUNICATIONS
HUB24 encourages our shareholders to receive investor communications
electronically, including the Annual Report.
These reports are available on our website at www.HUB24.com.au.
To register for electronic investor communications, please go to
www.linkmarketservices.com.au and register for online services.
WEBSITE
hub24.com.au
LINKEDIN
www.linkedin.com/company/hub-24/
Corporate information
designdavey
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
CORPORATE INFORMATION
GLOSSARY
ADDITIONAL INFORMATION
107
CORPORATE INFORMATION
GLOSSARY

HUB24.COM.AU