** Shares of Netwealth Group NWL.AX fall as much as 3% to A$25.08, logging their biggest intraday pct decline since December 29

** Financial services firm says total funds under management (FUA) stood at A$125.6 billion ($85.36 billion), as of December 31, 2025, up 23.6% on prior corresponding period

** Expects FY26 EBITDA margin of around 49%, excluding any impact from its First Guardian Master Fund

** Citi says the EBITDA margin forecast a negative surprise, compared with its and Visible Alpha estimate of 50.7%

** Says outlook suggests costs are higher than previously guided, partly due to strategic sales hires; flags capitalised software investment forecast also higher than market expectations

** Stock fell 10.7% in 2025

($1 = 1.4715 Australian dollars)

(Reporting by Nikita Maria Jino in Bengaluru)

((Nikita.Jino@thomsonreuters.com;))