Daiwa Securities Group Inc. · TSE:8601
Daiwa Securities — Q4 2025 Earnings Presentation
37 slides from Daiwa Securities's earnings presentation, Apr 27, 2026
Slide 1: 4Q FY2025 Earnings Announcement
4Q FY2025 Earnings Announcement Daiwa Securities Group Inc. April 27, 2026 The purpose of this material is to provide information on our business performance through the fourth quarter of FY2025 and our management vision for the future, and is not intended as a solicitation to invest in securities i
Slide 2: Financial Results for the Fourth Quarter of FY2025
Financial Results for the Fourth Quarter of FY2025 ⚫ Highlights 3-4 ⚫ Financial Summary 5-8 ⚫ B/S and Financial Management Summary 9-10 ⚫ P/L Summary 11 ⚫ Breakdown of SG&A 12-14 ⚫ Overseas Operations 15 ⚫ Segment Information 16-24 ⚫ Reference 26-36 Definitions of the terms used in this document WM
Slide 3: Highlights (4Q/FY2025, YoY)
Highlights (4Q/FY2025, YoY) Net income reached a record high. Ordinary income remained at a high level, supported by the steady accumulation of stable revenues linked to asset under custody and contribution from securities-related businesses. % Changes vs Consolidated earnings results FY2025 1Q-4Q F
Slide 4: Summary (4Q/FY2025, QoQ)
Summary (4Q/FY2025, QoQ) Amid heightened market volatility, both ordinary income and net income remained at high levels. % Changes vs Consolidated earnings results FY2025 4Q 3Q/FY2025 Net operating revenues ¥197.8 bn +1.7% Ordinary income ¥67.0 bn -3.6% Profit attributable to owners of parent ¥49.8
Slide 5: Financial Summary
Consolidated Financial Summary FY2024 FY2025 % Change % Change % Change (¥ Millions) vs vs FY2024 FY2025 vs 4Q 1Q 2Q 3Q 4Q 3Q/FY25 4Q/FY24 FY24 Operating revenues 345,577 326,400 375,349 373,862 392,369 5.0% 13.5% 1,372,014 1,467,983 7.0% Net operating revenues 174,218 155,252 172,628 194,646 197,89
Slide 6: Segment Summary
Consolidated Segment Summary (¥ Millions) % Change FY2024 FY2025 % Change % Change Net operating revenues vs vs FY2024 FY2025 vs 4Q 1Q 2Q 3Q 4Q 3Q/FY25 4Q/FY24 FY24 WM 66,455 62,905 74,689 77,100 81,093 5.2% 22.0% 255,841 295,788 15.6% WM Division (Daiwa Securities) 59,837 55,500 65,759 68,988 71,44
Slide 7: Segment Summary
Consolidated Segment Summary (¥ Billions) Net operating revenues Ordinary income WM Division AM Division WM Division (Daiwa Securities) Daiwa Next Bank Securities AM Real Estate AM Alternative AM 81.0 77.1 74.6 66.0 66.4 62.6 60.6 62.9 33.1 32.6 29.5 29.5 29.1 29.2 30.0 28.2 23.1 23.7 24.9 22.2 26.1
Slide 8: Trends in Consolidated Ordinary Income and Base Income
Consolidated Trends in Consolidated Ordinary Income and Base Income ◼ For FY2025, base income reached ¥182.7 bn, +32.9% YoY. ◼ Significantly exceeded the final-year target of ¥150.0 bn in the second year of the Mid-Term Management Plan. (¥ Billions) Consolidated Ordinary Income / Base Income (annual
Slide 9: B/S Summary
Consolidated B/S Summary Consolidated Balance Sheet (March 31, 2026) (¥ Billions) Total assets: ¥38.07 tn Current assets 36,219 (1,943) Current liabilities 32,979 (2,284) Net assets: ¥2.04 tn Cash and deposits 3,790 (33) Trading products 8,760 (1,323) Short-term investment securities 2,140 (553) Tra
Slide 10: Financial Management (Regulatory Capital & Regulatory Liquidity)
Consolidated Financial Management (Regulatory Capital & Regulatory Liquidity) Consolidated Capital Adequacy Ratio Total qualifying capital (¥ billions) Common equity tier 1 (¥ billions) 【Regulatory Capital (Basel III)】 Consolidated total capital ratio Consolidated common equity tier 1 capital ratio
Slide 11: P/L Summary
Consolidated P/L Summary ※ Comparisons of increase/decrease are quarter-on-quarter unless otherwise noted from this page onward. FY2024 FY2025 % Change % Change % Change (¥ Millions) vs vs FY2024 FY2025 vs 4Q 1Q 2Q 3Q 4Q 3Q/FY25 4Q/FY24 FY24 ◼ Commissions received increased (+2.0%). Operating revenu
Slide 12: Breakdown of SG&A
Consolidated Breakdown of SG&A FY2024 FY2025 % Change % Change % Change (¥ Millions) vs vs FY2024 FY2025 vs 4Q 1Q 2Q 3Q 4Q 3Q/FY25 4Q/FY24 FY24 SG&A 121,302 119,074 122,785 132,882 138,351 4.1% 14.1% 479,247 513,094 7.1% ◼ SG&A increased (+4.1%). ◼ Personnel expenses increased as Trading related exp
Slide 13: Cost Structure
Consolidated Cost Structure FY2023 FY2024 FY2025 (¥ Billions) 4Q 1Q-4Q 1Q 2Q 3Q 4Q 1Q-4Q 1Q 2Q 3Q 4Q 1Q-4Q Total SG&A 117.5 437.2 114.0 119.4 124.4 121.3 479.2 119.0 122.7 132.8 138.3 513.0 Variable costs 50.3 174.6 45.2 50.1 54.9 52.1 202.5 47.4 50.0 58.4 61.0 217.0 Trading related expenses 21.2 80
Slide 14: Trends in Net Operating Revenues and SG&A
Trends in Net Operating Revenues and SG&A ◼ Through appropriate cost control, the expense ratio remained at a low level. ◼ The FY2025 expense ratio was 68.6% on a consolidated basis and 65.1% at the Wealth Management Division (Daiwa Securities). (¥ Billions) Consolidated WM Division (Daiwa Securitie
Slide 15: Ordinary Income of Overseas Operations
Consolidated Ordinary Income of Overseas Operations % Change % Change % Change FY2024 FY2025 (¥ Millions) vs vs FY2024 FY2025 vs 3Q/FY25 4Q/FY24 FY24 4Q 1Q 2Q 3Q 4Q ◼ In Europe, M&A revenues contributed to profits. Overseas Operations Total 5,944 3,813 7,619 8,393 6,919 -17.6% 16.4% 20,798 26,745 28
Slide 16: WM Division
WM Division FY2025 % Change % Change Net Operating Revenues and Ordinary Income (¥ Millions) vs FY2025 vs 4Q 3Q/FY25 FY24 Equity 100 Net operating 81,093 5.2% 295,788 15.6% revenues Fixed income Ordinary 80 33,159 12.1% 112,033 38.9% income Distribution commission for investment trust 【Equity】 Agenc
Slide 17: WM Division Daiwa Securities
WM Division Daiwa Securities Sales and Distribution Amount by Product 【Wrap Account Service】 ◼ Both the contract amount of ¥386.2 bn and the net inflow of ¥276.2 bn Equity 1,500 marked record highs. ◼ Contract AUM reached a record-high of ¥6.04 tn*. SMA + Fund Wrap 【Stock Investment Trusts】 Insuranc
Slide 18: Steady Progress in Total Asset Consulting
WM Division Daiwa Securities Steady Progress in Total Asset Consulting ◼ The asset-based revenue reached ¥123.2 bn in FY2025, continuing its steady growth. The fixed cost coverage ratio of asset-based revenue rose to 112%, and the total cost coverage ratio increased to 73%. ◼ Continued to implement
Slide 19: WM Division Daiwa Next Bank
WM Division Daiwa Next Bank FY2025 % Change % Change Daiwa Next Bank Deposit Balance & Number of Accounts (¥ Millions) vs FY2025 vs 4Q 3Q/FY25 FY24 (¥ Billions) (Thousands) Net interest 6,000 2,500 11,235 11.2% 42,151 13.2% income, etc. Yen deposits Ordinary 6,273 30.2% 21,149 49.9% 5,000 income 2,0
Slide 20: AM Division Securities AM
AM Division Securities AM % Change % Change Daiwa Asset Management FY2025 (¥ Millions) vs FY2025 vs Publicly Offered Securities Investment Trusts AUM 4Q 3Q/FY25 FY24 Net operating 40,000 19,734 5.9% 70,722 22.0% revenues Stock investment trusts Bond investment trusts Ordinary 11,414 11.6% 37,652 35.
Slide 21: AM Division Real Estate AM
AM Division Real Estate AM FY2025 % Change % Change Real Estate Asset Management Business AUM of Two Companies* (¥ Millions) vs FY2025 vs 4Q 3Q/FY25 FY24 * Daiwa Real Estate Asset Management, Samty Residential Investment Corp. 2,000 Net operating Daiwa Office Investment Corp. 9,055 -10.6% 36,885 24.
Slide 22: AM Division Alternative AM
AM Division Alternative AM % Change % Change FY2025 Principal Investment Balance (¥ Millions) vs FY2025 vs 4Q 3Q/FY25 FY24 Net operating 400 -2,674 - 4,321 -71.1% revenues Ordinary Energy and -4,875 - -5,272 - infrastructure* income 300 【Alternative AM】 Private equity ◼ Recorded provisions and impai
Slide 23: GM&IB Division GM
GM&IB Division GM % Change % Change Net Operating Revenues and Ordinary Income FY2025 (¥ Millions) vs FY2025 vs 4Q 3Q/FY25 FY24 60 Net operating 51,347 13.4% 168,472 13.0% revenues Ordinary 50 17,783 48.6% 40,805 40.7% income Equity 40 【Equity】 FICC ◼ As Japanese equities remained at elevated levels
Slide 24: GM&IB Division GIB
GM&IB Division GIB % Change % Change Net Operating Revenues and Ordinary Income FY2025 (¥ Millions) vs FY2025 vs 4Q 3Q/FY25 FY24 30 Net operating 24,134 -7.4% 88,922 4.4% Equity revenues underwriting Ordinary 2,146 -60.5% 14,566 25.5% income 20 Debt ◼ Domestic M&A remained strong, while overseas M&A
Slide 25: Reference
Reference
Slide 26: Breakdown of Commission
Consolidated Breakdown of Commission FY2024 FY2025 % Change % Change % Change (¥ Millions) vs vs FY2024 FY2025 vs 4Q 1Q 2Q 3Q 4Q 3Q/FY25 4Q/FY24 FY24 Total commission 114,899 100,398 118,300 128,579 131,203 2.0% 14.2% 416,489 478,481 14.9% Brokerage commission 23,043 21,153 26,968 29,578 31,983 8.1%
Slide 27: Assets under Custody
Assets under Custody 120 Equity 100 Japanese bonds Foreign bonds 80 Stock investment 60 trusts Bond investment 40 trusts Foreign investment trusts 20 Others 0 FY2023 FY2024 FY2025 (¥ Trillions) 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Equity 62.2 61.3 60.2 62.7 60.2 63.2 68.5 72.7 70.7 Japanese bonds 12.6 13.1 13
Slide 28: Number of Accounts and Equity Trading
Number of Accounts and Equity Trading FY2023 FY2024 FY2025 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Accounts with balance (thousands) 3,120 3,132 3,171 3,183 3,209 3,210 3,235 3,246 3,277 Accounts holding equity (thousands) 1,465 1,467 1,488 1,493 1,507 1,501 1,494 1,491 1,492 Online trading accounts (thousands)
Slide 29: Net Asset Inflow
Net Asset Inflow WM Division (Daiwa Securities) WM Division (Daiwa Securities) Net Asset Inflow Net Asset Inflow (Individuals) 600 Corporation 600 Net inflow of cash Individual Net inflow of securities 500 500 400 400 300 300 200 200 100 100 0 0 -100 FY23 FY2024 FY2025 FY23 FY2024 FY2025 (¥ Billions
Slide 30: Asset-Based Revenues
Asset-Based Revenues Composition of Revenues Stock-Related Assets 80 Flow revenues 12 AUC of stock investment trusts Asset-based revenues Contract AUM of Wrap Account 70 Foreign currency deposits 10 60 8 50 40 6 30 4 20 2 10 0 0 FY23 FY2024 FY2025 FY23 FY2024 FY2025 (¥ Billions) (¥ Trillions) 4Q 1Q
Slide 31: League Table
League Table Primary and Straight bonds Samurai bonds M&A secondary equity IPO (excl. family Agency bonds Municipal bonds (excl. family (Number of offerings bonds) bonds) deals) FY2025 4Q League Table Nomura Nomura Daiwa SMBC Nikko Daiwa SMBC Nikko 1st Mizuho 28.9% 29.4% 22.4% 21.7% 21.7% 26.2% Mits
Slide 32: Value at Risk
Consolidated Value at Risk Range and Assumptions of VaR ◼ Confidence level: 99% (one-side test) ◼ Holding period: 1 day ◼ Adjusted for price correlation between products FY2023 FY2024 FY2025 (¥ Billions) 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q VaR （Quarter end） 1.05 1.14 1.13 1.30 1.41 1.09 1.13 0.94 1.08 High 1
Slide 33: Number of Group Employees
Consolidated Number of Group Employees FY2023 FY2024 FY2025 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Total 14,889 15,280 15,229 15,165 15,093 15,558 15,571 15,485 15,298 Overseas 1,954 1,910 1,973 1,952 1,949 1,876 1,892 1,858 1,829 ※ Number of employees as at the end of each quarter. ※ Total figures are the sum
Slide 34: Balance Sheet
Daiwa Securities Balance Sheet Daiwa Securities Balance Sheet (March 31, 2026) (¥ Billions) Current assets 17,499 (-1,273) Current liabilities 15,821 (-1,188) Trading products 8,134 (2,254) Trading products 6,884 (1,348) Trading securities and other 3,790 (696) Trading securities and other 2,561 (-3
Slide 35: Financial Summary I
Daiwa Securities Financial Summary I FY2024 FY2025 % Change % Change % Change (¥ Millions) vs vs FY2024 FY2025 vs 4Q 1Q 2Q 3Q 4Q 3Q/FY25 4Q/FY24 FY24 Operating revenues 123,875 118,567 134,068 142,928 152,057 6.4% 22.8% 470,858 547,621 16.3% Commission received 74,849 67,451 79,588 83,426 84,441 1.2
Slide 36: Financial Summary II
Daiwa Securities Financial Summary II FY2024 FY2025 % Change % Change % Change (¥ Millions) vs vs FY2024 FY2025 vs 4Q 1Q 2Q 3Q 4Q 3Q/FY25 4Q/FY24 FY24 SG&A 67,600 67,641 71,003 74,621 76,377 2.4% 13.0% 271,248 289,643 6.8% Trading related expenses 10,897 11,106 11,695 12,409 12,762 2.8% 17.1% 43,496
Slide 37: Contact Daiwa Securities Group Inc. Investor Relations
Contact Daiwa Securities Group Inc. Investor Relations E-mail: ir-section@daiwa.co.jp URL: https://www.daiwa-grp.jp/english/ir/
Daiwa Securities Group — Q4 2025 Earnings Presentation on 6ix