Monex Group, Inc. · TSE:8698
Monex — Q1 FY2027 Earnings Presentation
68 slides from Monex's earnings presentation, Aug 6, 2026
Slide 1: Financial Results for 1Q of Fiscal Year Ending March 31, 2027
TSE Prime : 8698 Monex Group Financial Results for 1Q of Fiscal Year Ending March 31, 2027 August 6, 2026
Slide 2: Corporate Philosophy
Corporate Philosophy Always a step ahead of the “Y” in “MONEY,” our name MONEX expresses our desire to embrace all people who are engaged at the forefront of our future. With state-of-the-art IT technology, globally universal values and a sense of professionalism, Monex Group designs innovative ways
Slide 3: Table of Contents and Forward-looking Statements
Corporate Philosophy p. 1 Table of Contents p. 2 Ⅰ. Highlights p. 3 - p.10 Ⅱ. Consolidated Performance p.11 - p.39 Ⅲ. Business Update p.40 - p.60 Appendix p.61 - p.66 This is an English translation of Japanese presentation materials prepared in connection with the disclosure of the financial results
Slide 4: I. Highlights
MONEX GROUP I . Highlights
Slide 5: What Makes Monex Group Unique
What Makes Monex Group Unique Business expanded from online brokerage to asset management and digital asset. Customers diversified from retail to global institutional investors. Unique Business Portfolio Online Finance / Traditional Finance - Online brokerage, asset management, and digital asset bus
Slide 6: Retail Alliance Strategy in Domestic Online Brokerage and Digital Asset Business
Retail Alliance Strategy in Domestic Online Brokerage and Digital Asset Business Domestic Online Brokerage Business Digital Asset Business Expand the Customer Base through Existing Ecosystems Build New Ecosystems through Coincheck CaaS Number of Accounts in Monex Securities：3.01M*1 Number of Account
Slide 7: 1Q FYE Mar. 2027 Highlights
1Q FYE Mar. 2027 Highlights 1. Growth strategies and profitability Commitment for 2. Growth investment FYE Mar. 2027 3. Management that is more conscious of cost of capital and stock price 4. Unlocking the conglomerate premium by realizing group synergies Total operating revenue after deducting fi
Slide 8: Growth in Asset Management Business
Growth in Asset Management Business AUM for the asset management business*1 continues to expand. Profitability maintained relative to AUM. Trends in AUM*2 Trends in Adjusted Net Revenue*3 YoY+51% ※5 (JPY billion) (JPY million) Investment in Westfield 2,392 Adjusted Net Revenue / AUM※4：58bps (Acquire
Slide 9: Consolidated Pre-tax Income (QoQ)
Consolidated Pre-tax Income (QoQ) Despite the decrease of success fees from MAF*1 and the absence of the fair value gain on the Westfield earnout liability, online brokerage business drove overall performance. Consolidated pre-tax income was ¥2.3 billion. Online brokerage business segment (JPY milli
Slide 10: Adjusted EBITDA
Adjusted EBITDA Although consolidated operating income declined, profit of equity-method investments from Monex Securities and Westfield increased. Adjusted EBITDA, adding depreciation and share-based compensation expenses, is ¥3.7 billion (QoQ +15%). (JPY million) Consolidated operating income Prof
Slide 11: Capital Management
Capital Management Clarified the Company’s shareholder distribution policy with a focus on management that is more conscious of cost of capital and stock price in January 2024. Disciplined Capital Management (announced on Oct. 28, 2024) 1. ROE target is 15%. 2. Promote growth investment and pursue s
Slide 12: II. Consolidated Performance
Ⅱ. Consolidated Performance 11
Slide 13: QoQ Comparison
— QoQ Comparison MONEX GROUP 12
Slide 14: QoQ Comparison (3 months) Consolidated Performance
QoQ Comparison (3 months) Consolidated Performance FYE Mar. 2026 FYE Mar. 2027 (JPY million) 4Q 1Q Variance Rate of change (Jan. 2026 – Mar. 2026) (Apr. 2026 – Jun. 2026) Total operating revenue after deducting financial expenses and cost of sales 18,900 16,685 -2,215 -12% SG&A 18,403 16,657 -1,746
Slide 15: QoQ Comparison (3 months) Segment Performance
QoQ Comparison (3 months) Segment Performance Asset Management- Online Brokerage Digital Asset Investment Wealth Management (JPY million) 2026/3 2027/3 2026/3 2027/3 2026/3 2027/3 2026/3 2027/3 4Q 1Q 4Q 1Q 4Q 1Q 4Q 1Q Total operating revenue after deducting financial expenses and cost of sales 12,04
Slide 16: Online Brokerage: Operating Revenue (USD)
【Online Brokerage Business】 QoQ Comparison (3 months) Analysis: Operating Revenue (USD) Commissions decreased due to lower trading volume in equities and futures. Net financial income increased as total customer cash remained stable. Total operating revenue after deducting Quarterly total operating
Slide 17: Online Brokerage: SG&A (USD)
【Online Brokerage Business】 QoQ Comparison (3 months) Analysis: SG&A (USD) The prior quarter includes a non-recurring futures options customer trading loss*. Advertising expenses decreased as planned. Total SG&A Total SG&A -10.5% (-7,270) * Figures in parentheses indicate the variance from the previ
Slide 18: Online Brokerage (Monex Securities): Net Operating Revenue
【Online Brokerage Business】(Equity-method affiliate – Monex Securities) QoQ Comparison (3 months) Analysis: Net Operating Revenue Net financial income, FX, and fixed income drove overall performance. Higher margin trading balances led to an increase in higher interest income from margin trading bala
Slide 19: Online Brokerage (Monex Securities): SG&A
【Online Brokerage Business】(Equity-method affiliate – Monex Securities) QoQ Comparison (3 months) Analysis: SG&A Operating revenue outpaced SG&A expense growth. As planned, advertising expenses decreased (the March quarter is generally the strongest quarter to acquire new customers), and overall exp
Slide 20: Online Brokerage: Operating Income and Profit
【Online Brokerage Business】 Quarterly Operating Income and Profit Attributable to Owners of the Company Quarterly Operating Income and Profit Attributable to Operating Income and Profit Attributable to Owners of the Company (Five-Quarter Trend) Owners of the Company (1Q of FYE Mar. 2027) Profit of e
Slide 21: Digital Asset Business: Operating Revenue
【Digital Asset Business】 QoQ Comparison (3 months) Analysis: Operating Revenue Net trading income decreased due to lower marketplace trading value. Investment management fee income and net staking income also decreased due to lower crypto asset prices. Total operating revenue after deducting Quarter
Slide 22: Digital Asset Business: SG&A
【Digital Asset Business】 QoQ Comparison (3 months) Analysis: SG&A SG&A expenses decreased primarily due to lower professional fees and compensation and benefits at Coincheck Group on a standalone basis. Total SG&A*1 Total SG&A -10.1% (-483) *Figures in parentheses indicate the variance from the prev
Slide 23: Digital Asset Business: Operating Income and Profit
【Digital Asset Business】 Quarterly Operating Income and Profit Attributable to Owners of the Company Quarterly Operating Income and Profit Attributable to Operating Income and Profit Attributable to Owners of the Company (Five-Quarter Trend)*1 Owners of the Company (1Q of FYE Mar. 2027) (JPY million
Slide 24: Asset & Wealth Management: Operating Revenue
【Asset & Wealth Management Business】 QoQ Comparison (3 months) Analysis: Operating Revenue Performance fees from the Monex Activist Fund decreased QoQ. AUM across our investment products continued to grow steadily, while the Wealth Management business also delivered solid performance. Total operatin
Slide 25: Asset & Wealth Management: SG&A
【Asset & Wealth Management Business】 QoQ Comparison (3 months) Analysis: SG&A Personnel expenses decreased due to a decline in performance-based compensation reflecting the lower success fees from Monex Activist Fund. Total SG&A*1 Total SG&A -18.3% (-280) *Figures in parentheses indicate the varianc
Slide 26: Asset & Wealth Management: Operating Income and Profit
【Asset & Wealth Management Business】 Quarterly Operating Income and Profit Attributable to Owners of the Company Quarterly Operating Income and Profit Attributable to Operating Income and Profit Attributable to Owners of the Company (Five-Quarter Trend)*1 Owners of the Company (1Q of FYE Mar. 2027)
Slide 27: YoY Comparison
— YoY Comparison MONEX GROUP 26
Slide 28: YoY Comparison (3 months) Consolidated Performance
YoY Comparison (3 months) Consolidated Performance FYE Mar. 2026 FYE Mar. 2027 (JPY million) Variance Rate of change (Apr. 2025 – Jun. 2025) (Apr. 2026 – Jun. 2026) Total operating revenue after deducting financial expenses and cost of sales 15,938 16,685 +747 +5% SG&A 15,107 16,657 +1,550 +10% The
Slide 29: YoY Comparison (3 months) Segment Performance
YoY Comparison (3 months) Segment Performance Asset Management- Online Brokerage Digital Asset Investment Wealth Management (JPY million) 2026/3 2027/3 2026/3 2027/3 2026/3 2027/3 2026/3 2027/3 1Q 1Q 1Q*1 1Q 1Q*1 1Q 1Q 1Q Total operating revenue after deducting financial expenses and cost of sales 1
Slide 30: Online Brokerage: Operating Revenue (USD)
【Online Brokerage Business】 YoY Comparison (3 months) Analysis: Operating Revenue (USD) Although net financial income declined due to lower interest rates, other commissions increased due to higher PFOF*1 resulting from record high options volume. Total operating revenue increased YoY. Total operati
Slide 31: Online Brokerage: SG&A (USD)
【Online Brokerage Business】 YoY Comparison (3 months) Analysis: SG&A (USD) Overall expenses were maintained at an appropriate level. Total SG&A Total SG&A +1.8% (+1,116) * Figures in parentheses indicate the variance from the previous year（USD thousand） (USD thousand) 70,000 61,003 62,118 ■ Other (+
Slide 32: Online Brokerage (Monex Securities): Net Operating Revenue
【Online Brokerage Business】(Equity-method affiliate – Monex Securities) YoY Comparison (3 months) Analysis: Net Operating Revenue Net financial income increased driven by higher margin trading balances, rising interest rates, and a review of the management of customer segregated funds trust. Also, h
Slide 33: Online Brokerage (Monex Securities): SG&A
【Online Brokerage Business】(Equity-method affiliate – Monex Securities) YoY Comparison (3 months) Analysis: SG&A Commissions paid increased with higher trading activity. Advertising expenses for new customer acquisition and system related expenses for enhanced security also increased. Total SG&A (JG
Slide 34: Digital Asset Business: Operating Revenue
【Digital Asset Business】 YoY Comparison (3 months) Analysis: Operating Revenue Net trading income decreased due to lower marketplace trading value. Investment management fee income also decreased due to lower crypto asset prices. Total operating revenue after deducting Total operating revenue after
Slide 35: Digital Asset Business: SG&A
【Digital Asset Business】 YoY Comparison (3 months) Analysis: SG&A Although professional fees at Coincheck Group on a standalone basis declined, compensation and benefits increased primarily due to a higher headcount following M&A. Total SG&A*1 Total SG&A +10.5% (+407) * Figures in parentheses indica
Slide 36: Asset & Wealth Management: Operating Revenue
【Asset & Wealth Management Business】 YoY Comparison (3 months) Analysis: Operating Revenue AUM across all investment products continued to grow steadily, while the Wealth Management business also delivered solid performance. Total operating revenue after deducting Total operating revenue after deduc
Slide 37: Asset & Wealth Management: SG&A
【Asset & Wealth Management Business】 YoY Comparison (3 months) Analysis: SG&A Commission expenses and performance-based compensation increased, primarily due to growth in AUM. Total SG&A*1 Total SG&A +48.4%（+408） (JPY million) * Figures in parentheses indicate the variance from the previous year (JP
Slide 38: Shareholder Distribution
― Shareholder Distribution 37
Slide 39: Shareholder Distribution
Shareholder Distribution Basic Policy for Shareholder Distribution Overview of Dividend Interim Year-end Total FYE Mar. 2026 1. The Company pays the minimum annual (Actual) ¥15.30 ¥15.40 ¥30.70 dividend of 30 yen per share. FYE Mar. 2027 (Forecast) ¥15.40 ¥15.40 ¥30.80 2. In addition, if 50% of prof
Slide 40: Shareholder Distribution (Actual and Forecast)
Shareholder Distribution (Actual and Forecast) Dividend Per Share TSR (Total Shareholders Return: five-year basis) (JPY) 45 30.8 Monex Group, Inc.(dividend included) Interim Year-end Special 474% (Forecasted) 500% TOPIX(dividend included) 10.0 30 400% 334% 15.2 15.4 15.4 264% 250% 300% 15 15.0 7.7 7
Slide 41: III. Business Update
IT. Business Update MONEX GROUP 40
Slide 42: Assets Under Custody in Monex Group
Assets Under Custody in Monex Group Major Monex Group companies' total assets under custody increased to 14.1 trillion yen, steadily expanding the Group's business base. Assets under Custody of Major Group Companies*1 (Trillion JPY) Monex Securities 16 TradeStation 5-Year CAGR ¥14.1 T 14 Coincheck +
Slide 43: TradeStation 1/5
【Online Brokerage Business】TradeStation 1/5 TradeStation is built for the active trader. We focus on trading activity and value of our target customers, aiming at deepening customer engagement and maximizing revenue per customer. Number of Target Customers*1 Revenue from Target Customers*1 Record Hi
Slide 44: TradeStation 2/5
【Online Brokerage Business】TradeStation 2/5 TradeStation strengthens its marketing strategy to grow target customers and maximize revenue per customer. Organic Traffic Engine Interactive Destination Funnel Monetization Organic Acquisition Engagement & Tools New Revenue Pathways Content engine levera
Slide 45: TradeStation 3/5
【Online Brokerage Business】TradeStation 3/5 TradeStation continues to enhance its options offering and expand its customer base through third party referral partners. This quarter continues to show consistent growth in complex options. Growth in Complex Options (Unit: USD thousand) Single leg option
Slide 46: TradeStation 4/5
【Online Brokerage Business】TradeStation 4/5 Interest income remained stable, supported by steady customer cash deposits. Interest on Cash ・Interest income from customer cash deposits ($2.5B, average for the 1Q) benefits TradeStation and is recorded as net financial income. ・About 46% of cash investe
Slide 47: TradeStation 5/5
【Online Brokerage Business】TradeStation 5/5 This quarter, TradeStation enhanced the TITAN X trading experience, brought options and research portal on Client Hub, and launched TradeStation Europe as a new regulated market. TITAN X HUB Complex Options TradeStation Europe Launch Pro-Trading Enhancemen
Slide 48: Monex Securities 1/2
【Online Brokerage Business】Monex Securities 1/2 Customer accounts and customer assets have grown significantly since the transition to an asset gathering model in 2020 and the form of alliance with NTT DOCOMO and AEON Bank in 2024. Number of Customer Accounts Customer Assets 3.33-Year CAGR: +9.7% (1
Slide 49: Monex Securities 2/2
【Online Brokerage Business】Monex Securities 2/2 Following the capital and business alliance with NTT DOCOMO, Monex Securities have launched various initiatives. Monex Securities plans to introduce simultaneous account opening of bank and securities, fund sweep function, and preferential benefits wit
Slide 50: Coincheck Group's Roadmap
【Digital Asset Business】Coincheck Group’s Roadmap Coincheck Group offers a comprehensive set of capabilities*1 required to provide crypto asset related services to retail, corporate, and institutional customers. The company aims to position itself as Japan’s first crypto asset platform and accelerat
Slide 51: Coincheck 1/2
【Digital Asset Business】Coincheck 1/2 Through Coincheck CaaS*¹, Coincheck aims to strengthen partnerships with platforms and other partners to significantly expand its domestic market share. Coincheck’s Strategy Number of Accounts • Enactment of amendments to the Financial Instruments and Exchange A
Slide 52: Coincheck 2/2
【Digital Asset Business】Coincheck 2/2 *2 Share by Customers’ App Downloads Share by Accounts Assets in Custody *2 No.1 Domestic Market Share for *1 7 consecutive years and in 1H 2026 ¥0.63T 18% 2.62M 23% Total 8.49M DLs Total Total 14.4M ¥2.75T 82% 77% Share of BTC *3 Spot Trading Volume 25% ¥0.18T
Slide 53: 3iQ Digital Holdings Inc.
【Digital Asset Business】3iQ Digital Holdings Inc. 3iQ, with a strong track record in institutional digital asset management, announced a strategic partnership with Bhutan’s Gelephu Mindfulness City (GMC)*1. A Strategic Partnership between 3iQ and GMC AUM and Management Fee Ratio Management Fee Ratio
Slide 54: Digital Asset Business: Market Environment
【Digital Asset Business】Market Environment Establishment of the Monex Laboratory Market Environment in Japan for On-chain Finance • Enactment of amendments to the Financial Instruments and Exchange Act (July 15, 2026) • Progress in discussions on tax reform following proposed amendments to industry
Slide 55: Monex Asset Management 1/2
【Asset & Wealth Management Business】 Monex Asset Management 1/2 AUM for the ON COMPASS discretionary investment service surpassed JPY 150 billion. Total AUM reached JPY 1.3 trillion as of the end of June 2026, and we will continue to pursue further growth. Investment Products Trends in AUM by Produc
Slide 56: Monex Asset Management 2/2
【Asset & Wealth Management Business】 Monex Asset Management 2/2 AUM*1 of private investment funds for institutional investors reached ¥1.1 trillion as of June 30, 2026. Despite largely flat industry-wide AUM, the firm maintained steady growth and ranked 6th*2 out of 92 companies in domestic private
Slide 57: Monex Asset Management, Japan Catalyst
【Asset & Wealth Management Business】 Monex Asset Management, Japan Catalyst, Inc AUM of the Monex Activist Mother Fund (MAMF) exceeded JPY 60 billion.*1 Contributing to the revitalization of Japan's capital markets through comprehensive engagement. Key Features of the Monex Activist Fund Comparison
Slide 58: Westfield Capital Management Company, L.P.
【Asset & Wealth Management Business】 Westfield Capital Management Company, L.P. Westfield Capital Management Company, L.P., which became an equity-method affiliate in April 2025, continues to show strong Assets*1 and performance. Overview of Westfield Capital Management Company, L.P. Historical Tren
Slide 59: Investment Business Achievements
【Investment Business】 Investing in startups utilizing cutting-edge technologies to help shape the future of individual lifestyles and society. Track Record to Date Key Achievements in 1Q of FYE Mar. 2027 Investments and Fund Size Total Number of Fund Size Investments Total Number of Japan Legal Netw
Slide 60: Sustainability Initiatives
Sustainability Initiatives Annual review confirmed no change in the highest-priority material issues under executive ownership. We continue to strengthen human capital and enhance risk management to balance growth investment, shareholder returns and financial soundness. Materiality Matrix*1 Main Ini
Slide 61: Corporate Governance
Corporate Governance Revision to the Officer Remuneration System Amendments to the Articles of Incorporation Stronger linkage between performance and remuneration, with greater Related to the General Meeting of Shareholders transparency and objectivity in the remuneration system General Meeting was
Slide 62: Appendix
Appendix MONEX GROUP 61
Slide 63: Monex Group's Business Portfolio
Monex Group’s Business Portfolio Shareholding ratio (TSE: 8698) Shareholding ratio in the chart means economic interest as of Jun. 2026. Figures have been rounded to one decimal place. Listed Holding Company segments Business Asset Management / Online Brokerage Digital Asset Investment Others Wealth
Slide 64: Monex Group's Business Overview and Strategy
Monex Group’s Business Overview and Strategy Monex Group aims to strengthen its earnings foundation by leveraging its robust online brokerage business, asset management business as a medium- to long-term profit engine and ROE driver, and digital asset business as a driver for exponential growth. Ope
Slide 65: Unlocking the Conglomerate Premium by Realizing Group Synergies
Unlocking the Conglomerate Premium by Realizing Group Synergies Aims to unlock the conglomerate premium by realizing group synergies within and across business segments and enhancing the Group’s shared infrastructure. Strategic initiatives for FYE Mar. 2027 to realize group synergies Asset Managemen
Slide 66: Consolidated Balance Sheet
Consolidated balance sheet Key points of the consolidated balance sheet of Monex Group 1. Actual net debt is¥8.2B for the holding company Monex Group, Inc., which does not engage in securities transactions, etc. 2. Trust assets, which are segregated deposits received from customers and guarantee dep
Slide 67: Overview of Monex Group and Main Group Companies
Overview of Monex Group and Main Group Companies ■ Monex, Inc. (Tokyo, Japan) ■ Coincheck, Inc. (Tokyo, Japan) One of the major online brokerage firms in Japan Crypto asset exchange/marketplace agency that is ranked No.1 in crypto asset • Managing Director & President : Yuko Seimei trading app downl
Slide 68: Monex Group, Inc.
© Monex Group, Inc. www.monexgroup.jp/