Monex Group, Inc. · TSE:8698
Monex — Q2 FY2026 Earnings Presentation
74 slides from Monex's earnings presentation, Nov 7, 2025
Slide 1: Financial Results for 2Q of Fiscal Year Ending March 31, 2026
TSE Prime : 8698 Monex Group Financial Results for 2Q of Fiscal Year Ending March 31, 2026 November 7, 2025
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.12 Ⅱ. Consolidated Performance p.13 - p.42 Ⅲ. Business Update p.43 - p.65 Appendix p.66 - p.72 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: Progress on FYE Mar. 2026 Commitments
Progress on FYE Mar. 2026 Commitments The Asset Management business continued to grow steadily. Monex Securities achieved ¥10 trillion in asset under custody, and Coincheck Group completed the acquisition of Aplo SAS, advancing initiatives toward further growth. Commitment for FYE Mar. 2026 2Q highl
Slide 6: Growth in Asset Management Business
Growth in Asset Management Business AUM*1 and operating revenue of the asset management business continues to expand. In this quarter, strong performance of the Monex Activist Fund particularly made a significant contribution to earnings. AUM・Total operating revenue (JPY Million) after deducting fin
Slide 7: Business Progress of Coincheck Group
Business Progress of Coincheck Group Coincheck Group completed the acquisition of Aplo SAS. In addition, Coincheck and Next Finance Tech announced a joint initiative to support corporate crypto treasury management. Coincheck Group promotes institutional and corporate businesses by leveraging synergi
Slide 8: Consolidated Pre-tax Income (QoQ)
Consolidated Pre-tax Income (QoQ) In the asset management business, amortization of identifiable intangible assets related to Westfield*1 and a fair value loss on the earn-out liability*2 were recognized, performance fees were recognized in the Monex Activist Fund. The Online Brokerage and Crypto As
Slide 9: Adjusted EBITDA
Adjusted EBITDA As a result of business portfolio optimization, adjusted EBITDA*1 continued to grow. In this quarter, it increased to ¥6,268 million (QoQ+80%), driven by higher operating income in the online brokerage and crypto asset business. 6,268 411 *2 Consolidated operating income Profits of e
Slide 10: Business Portfolio
Business Portfolio Each business segment will advance its growth strategy while also creating synergies across segments. Shareholding ratio (TSE：8698) * Shareholding ratio in the chart means economic interest. (As of October 2025) Listed Holding Company Figures have been rounded to one decimal place
Slide 11: Pursuit of Group Synergies
Pursuit of Group Synergies Aim to further enhance corporate value by creating new value through synergies across segments, in addition to the organic growth of each company. Synergy within segments Synergy already realized (TSE：8698) Synergy between segments Synergy under consideration Listed Holdin
Slide 12: Toward the Further Growth of Monex Group
Toward the Further Growth of Monex Group Monex Group aims to strengthen its earnings foundation by leveraging the robust online brokerage business, the asset management business as a medium- to long-term profit engine, and the crypto asset business as a driver of exponential growth. Business Busines
Slide 13: Capital Management
Capital Management Strengthened the Company’s capital management with a focus on “management that is conscious of cost of capital and stock price” in January 2024. The interim dividend for the FYE Mar. 31, 2026, is ¥15.30 per share. Disciplined Capital Management (announced on Oct. 28, 2024) 1. ROE
Slide 14: II. Consolidated Performance
Ⅱ. Consolidated Performance 13
Slide 15: QoQ Comparison
— QoQ Comparison MONEX GROUP 14
Slide 16: Highlights 2Q of FYE Mar. 2026 (3 months)
Highlights 2Q of FYE Mar. 2026 (3 months) Due to the active market environment and favorable performance, all business segments achieved sequential growth in both revenue and profit (QoQ increase in revenue and earnings). Although there were expenses recorded outside of business activities, consolid
Slide 17: QoQ Comparison (3 months) Consolidated Performance
QoQ Comparison (3 months) Consolidated Performance FYE Mar. 2026*1 FYE Mar. 2026 (JPY million) Variance Rate of change (Apr. 2025 – Jun. 2025) (Jul. 2025 – Sep. 2025) *1 Total operating revenue after deducting financial expenses and cost of sales 15,683 19,056 +3,374 +22% *1 SG&A 14,852 15,247 +395
Slide 18: QoQ Comparison (3 months) Segment Performance
QonQ Comparison (3 months) Segment Performance Asset Management- Online Brokerage Crypto Asset Investment Wealth Management (JPY million) 2026/3 2026/3 2026/3 2026/3 2026/3 2026/3 2026/3 2026/3 1Q 2Q 1Q 2Q 1Q 2Q 1Q 2Q Total operating revenue after deducting *3 financial expenses and cost of sales 10
Slide 19: Online Brokerage: Operating Revenue (USD)
【Online Brokerage Business】 QoQ Comparison (3 months) Analysis: Operating Revenue (USD) Commissions increased due to higher trading volumes in equities and options. Combined with strong performance in net financial income, TradeStation achieved the highest quarterly operating revenue on a U.S. dolla
Slide 20: Online Brokerage: SG&A (USD)
【Online Brokerage Business】 QoQ Comparison (3 months) Analysis: SG&A (USD) Overall expenses decreased as costs were appropriately controlled. Total SG&A Total SG&A -1.8% (-1,117) (USD thousand) * Figures in parentheses indicate the variance from the previous quarter（USD thousand） 80,000 ■ Other (-45
Slide 21: Monex Securities: Net Operating Revenue
【Online Brokerage Business】(Equity-method affiliate) Monex Securities QoQ Comparison (3 months) Analysis: Net Operating Revenue Brokerage commissions increased, driven by active Japanese stock trading. Furthermore, mutual fund related revenue also rose due to the growth in investment trust balances
Slide 22: Monex Securities: SG&A
【Online Brokerage Business】(Equity-method affiliate) Monex Securities QoQ Comparison (3 months) Analysis: SG&A Commissions paid increased due to a rise in client transactions. Advertising and promotional expenses were actively and efficiently leveraged to acquire new accounts. Total SG&A(JGAAP) Tota
Slide 23: 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 (2Q of FYE Mar. 2026) （JPY millio
Slide 24: Crypto Asset: Operating Revenue
【Crypto Asset Business】 QoQ Comparison (3 months) Analysis: Operating Revenue In addition to the increase in marketplace trading value, revenue from the staking service, which commenced in January 2025, has grown steadily, leading to an increase in revenue. Total operating revenue after deducting Qu
Slide 25: Crypto Asset: SG&A
【Crypto Asset Business】 QoQ Comparison (3 months) Analysis: SG&A Although performance-linked bonuses increased due to strong financial results, Coincheck Group implemented a reduction in professional fees, among other expenses. We will continue to optimize overall costs going forward. Total SG&A Tot
Slide 26: Crypto Asset: Operating Income and Profit
【Crypto 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) Owners of the Company (2Q of FYE Mar. 2026) （JPY million） I
Slide 27: Asset & Wealth Management: Operating Revenue
【Asset & Wealth Management Business】 QoQ Comparison (3 months) Analysis: Operating Revenue The Monex Activist Fund maintained high performance and recorded a significant amount of success fees this quarter. 3iQ's assets under management also performed favorably, contributing to revenue. Total operat
Slide 28: Asset & Wealth Management: SG&A
【Asset & Wealth Management Business】 QoQ Comparison (3 months) Analysis: SG&A Compensation and benefits rose as bonus expenses increased, following the strong performance of funds managed by each company. Total SG&A Total SG&A +28.4% (+395) *Figures in parentheses indicate the variance from the prev
Slide 29: 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) Owners of the Company (2Q of FYE Mar 2026) Los
Slide 30: YoY Comparison
— YoY Comparison MONEX GROUP 29
Slide 31: YoY Comparison (6 months) Consolidated Performance
YoY Comparison (6 months) Consolidated Performance *1 FYE Mar. 2025 FYE Mar. 2026 (JPY million) Variance Rate of change (Apr. 2024 – Sep. 2024) (Apr. 2025 – Sep. 2025) Total operating revenue after deducting financial expenses and cost of sales 32,402 34,739 +2,337 +7% SG&A 28,559 30,099 +1,540 +5%
Slide 32: YoY Comparison (6 months) Segment Performance
YoY Comparison (6 months) Segment Performance Asset Management- Online Brokerage Crypto Asset Investment Wealth Management (JPY million) 2025/3 2026/3 2025/3 2026/3 2025/3 2026/3 2025/3 2026/3 2Q 2Q 2Q 2Q 2Q 2Q 2Q 2Q Total operating revenue after deducting financial expenses and cost of sales 22,479
Slide 33: Online Brokerage: Operating Revenue (USD) YoY
【Online Brokerage Business】 YoY Comparison (6 months) Analysis: Operating Revenue (USD) Although commissions decreased due to lower equities DARTs, net financial income increased significantly. Interest income on customer cash declined with lower interest rates, while securities lending grew strongl
Slide 34: Online Brokerage: SG&A (USD) YoY
【Online Brokerage Business】 YoY Comparison (6 months) Analysis: SG&A (USD) Although information expenses increased from lower market data billing and higher cloud costs*1*2, overall expenses have been controlled at appropriate level. Total SG&A Total SG&A +1.8% (+2,151) * Figures in parentheses indi
Slide 35: Monex Securities: Net Operating Revenue YoY
【Online Brokerage Business】(Equity-method affiliate) Monex Securities YoY Comparison (6 months) Analysis: Net Operating Revenue Although financial revenue declined due to lower margin trading earnings, brokerage commissions rose amid active Japanese and U.S. markets. Mutual fund revenues also increa
Slide 36: Monex Securities: SG&A YoY
【Online Brokerage Business】(Equity-method affiliate of the company) Monex Securities YoY Comparison (6 months) Analysis: SG&A Commissions paid increased due to the growth in mutual fund accumulation via credit card. Furthermore, system-related costs increased due to the strengthening of security mea
Slide 37: Crypto Asset: Operating Revenue YoY
【Crypto Asset Business】 YoY Comparison (6 months) Analysis: Operating Revenue The increase in trading volume at marketplace led to higher trading revenue, and net staking income, which started in January 2025, also saw favorable growth. Total operating revenue after deducting Total operating revenue
Slide 38: Crypto Asset: SG&A YoY
【Crypto Asset Business】 YoY Comparison (6 months) Analysis: SG&A The Coincheck Group's listing on Nasdaq led to an increase in compensation and benefits and professional fees. Total SG&A Total SG&A +44.6% (+2,061) * Figures in parentheses indicate the variance from the previous year (JPY million) (J
Slide 39: Asset & Wealth Management: Operating Revenue YoY
【Asset & Wealth Management Business】 YoY Comparison (6 months) Analysis: Operating Revenue The performance of the Monex Activist Fund has been strong, with a significant increase in success fees. Assets under management of each asset management company have also grown steadily. Wealth management bus
Slide 40: Asset & Wealth Management: SG&A YoY
【Asset & Wealth Management Business】 YoY Comparison (6 months) Analysis: SG&A The increase in assets under management has led to higher commissions paid and bonus expenses. Overall expenses have been appropriately controlled. Total SG&A Total SG&A +21.3%（+558） * Figures in parentheses indicate the v
Slide 41: Shareholder Distribution
― Shareholder Distribution 40
Slide 42: Additional Shareholder Distribution
Additional Shareholder Distribution The interim dividend for the FYE Mar. 2026, is ¥15.30 per share. 1. The Company pays the minimum annual dividend of 30 yen per share. Our Basic 2. In addition, if 50% of profit attributable to owners of the Company per share exceeds the minimum Policy for Sharehol
Slide 43: Shareholder Distribution (Actual and Forecast)
Shareholder Distribution (Actual and Forecast) Dividend Per Share TSR (Total Shareholders Return: five-year basis) (JPY) 30.6 45 (Forecasted) Interim Year-end Special Monex Group, Inc.(dividend included) 474% 10.0 500% TOPIX(dividend included) 30 400% 334% 15.2 15.3 300% 264% 250% 15 15.0 7.7 7.9 15
Slide 44: III. Business Update
IT. Business Update MONEX GROUP 43
Slide 45: Assets Under Custody in Monex Group
Assets Under Custody in Monex Group Major Monex Group companies' total assets under custody increased to 13.3 trillion yen, steadily expanding the Group's business base. Assets under Custody of Major Group Companies*1 (Trillion JPY) 14 ¥13.3T 12 Monex Securities TradeStation Coincheck 10 8 6 4 2 0 M
Slide 46: TradeStation 1/4
【Online Brokerage Business】TradeStation 1/4 The number of target customers*1 has been growing steadily. TradeStation continues to pursue expanding customer base through outbound sales and API integration with third parties. Number of Target Customers*1 Revenue from Target Customers*1 18,000 17,356 1
Slide 47: TradeStation 2/4: Contracts Traded
【Online Brokerage Business】TradeStation 2/4 TradeStation continues to strengthen its futures and options offerings to meet the needs of active traders. In this quarter, trading in complex options increased significantly. Growth in Complex Options Since complex options include multiple legs within Co
Slide 48: TradeStation 3/4
【Online Brokerage Business】TradeStation 3/4 Despite the decline in interest rates, interest income remained relatively stable. Customer cash deposits also remained stable. Interest on Cash*1 ・Interest income from customer cash deposits ($2.3B, average for the 2Q) benefits TradeStation and is recorde
Slide 49: TradeStation 4/4
【Online Brokerage Business】TradeStation 4/4 TradeStation continues to enhance the customer experience through platform upgrades, seamless onboarding via HUB*1, and expanded support for complex options trading. Complex Options Suite HUB Customer Lens TITAN X Beta 2 Launch Enabling Full Lifecycle Mana
Slide 50: Monex Securities 1/3
【Online Brokerage Business】Monex Securities 1/3 Assets under custody surpassed 10 trillion yen. Monex Securities will continue to strengthen momentum by boarding its customer reach and revenue base through alliance strategies and the evolution of its asset gathering model. 15 Trillion JPY 5 Million
Slide 51: Monex Securities 2/3
【Online Brokerage Business】Monex Securities 2/3 Launching a series of collaborative services with NTT DOCOMO, such as “periodic purchasing service using d CARD”, “d Account linkage service” and app “Easy Asset Management”. These initiatives aim to broaden the base for asset formation. d Payment app
Slide 52: Monex Securities 3/3: Post-Launch Progress
【Online Brokerage Business】Monex Securities 3/3 NTT DOCOMO synergies are materializing, boosting Monex Securities' accounts and assets under custody. Monex Securities will strengthen collaboration for business expansion. Key Services Launched Since the Partnership with NTT DOCOMO and Their Progress
Slide 53: The Future Outlook of Coincheck Group
【Crypto Asset Business】The Future Outlook of Coincheck Group As cash, equities, bonds, crypto assets, and intellectual property are all expected to become tokenized, Coincheck Group aims to provide integrated tokenized financial services on a global scale. Current and Future Landscape of Financial A
Slide 54: Coincheck 1/3
【Crypto Asset Business】Coincheck 1/3 With its strong reputation and large customer base, well-designed UI/UX, a diverse product lineup, and APIs (enabling partner interfaces, such as Embedded Finance), Coincheck is also working to stabilize the revenue base through staking services and collaboration
Slide 55: Coincheck 2/3
【Crypto Asset Business】Coincheck 2/3 Starting from the business alliance with Mercoin, Coincheck strengthens its alliance strategy to drive substantial growth in domestic market share. A Business Alliance with Mercoin, Inc. Coincheck’s Market Leadership in Japan Account opening and trading will be e
Slide 56: Coincheck 3/3
【Crypto Asset Business】 Coincheck 3/3 Coincheck has the largest track record of IEO implementation in Japan. The fourth IEO, for Fanpla Inc., is conducted in November 2025 with total applications exceeding the target offering amount of ¥1 billion. Track Record of IEO Implementations Led by Coincheck
Slide 57: Next Finance Tech 1/2
【Crypto Asset Business】Next Finance Tech 1/2 CCG acquired Next Finance Tech, a crypto staking platform service provider, in April 2025. Next Finance Tech is seeking to expand revenue opportunities through collaboration both within and outside the group. Next Finance Tech x Coincheck Group x Next Fin
Slide 58: Next Finance Tech 2/2
【Crypto Asset Business】Next Finance Tech 2/2 Next Finance Tech was selected as a validator for the Canton Network, in which major global financial institutions participate. As efforts to revolutionize and efficiently streamline the existing financial infrastructure using blockchain technology advanc
Slide 59: Monex Asset Management
【Asset & Wealth Management Business】 Monex Asset Management Strengthening bond management alongside quantitative investment. Developing services for both individual and institutional. Assets under management surpassed 900 billion yen in October 2025. The Company aims for further growth, targeting 1
Slide 60: Monex Asset Management, Japan Catalyst, Inc
【Asset & Wealth Management Business】 Monex Asset Management , Japan Catalyst, Inc The MAF*1 maintained strong performance, contributing to capital market revitalization through holistic engagement with investee companies, the TSE*2, and the government. Assets under management in the ON COMPASS serie
Slide 61: 3iQ Digital Holdings Inc. 1/2
【Asset & Wealth Management Business】 3iQ Digital Holdings Inc. 1/2 AUM*1 increased significantly by capturing the crypto asset investment needs of institutional investors worldwide through distinctive product offerings. Furthermore, the AUM*1 of the ETFs for SOL*2 and XRP*2, which are listed on the
Slide 62: 3iQ Digital Holdings Inc. 2/2
【Asset & Wealth Management Business】 3iQ Digital Holdings Inc. 2/2 The business has achieved significant growth, driven by key developments such as the adoption by major ETFs into the Ball Metaverse Index*1 and the establishment of a partnership with Further Asset Management Holdings. Overview of th
Slide 63: 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 AUM*1 and performance. Overview of Westfield Capital Management Company, L.P. Historical AUM*2 Th
Slide 64: Others 1/2 (Viling, Inc.)
Others 1/2 (Viling, Inc.) Viling, Inc. operates human resource development businesses focusing on STEAM* education, English education, and development support and welfare services. We expect to achieve profitability for the full fiscal year and aim for sustainable growth going forward. Education-rel
Slide 65: Others 2/2 (Monex Life Settlement, Inc.)
Others 2/2 (Monex Life Settlement, Inc.) Monex Life Settlement (MLS) launched “insurance purchase” service. Monex Insurance Purchase “Insurance purchase” is a service whereby our company purchases the right to receive insurance payments under your insurance contract in a lump sum Overview Payment of
Slide 66: Business Update / Sustainability Initiatives
Business Update / Sustainability Initiatives Monex Group continues to promote sustainability management and human capital enhancement. ・Stakeholder Engagement Advancing Human Capital and Inclusive Talent Culture From FY2025, Monex Group will publish shareholder Evolved from the former Global DEI Ste
Slide 67: Appendix
Appendix MONEX GROUP 66
Slide 68: Appendix: Highlights 2Q of FYE Mar. 2026 (3 months) 1/3
Appendix: Highlights 2Q of FYE Mar. 2026 (3 months) 1/3 ◆Total operating revenue after deducting financial expenses and cost of sales, and quarterly profit attributable to owners of the Company Pre-tax income 4,719 (JPY Million) Total operating revenue after deducting financial expenses and cost of
Slide 69: Appendix: Highlights 2Q of FYE Mar. 2026 (3 months) 2/3
Appendix: Highlights 2Q of FYE Mar. 2026 (3 months) 2/3 ◆Total operating revenue after deducting financial expenses and cost of sales, and Segment profit (JPY Million) Total operating revenue after deducting financial expenses and cost of sales Segment profit (Quarterly profit before income taxes) 1
Slide 70: Appendix: Highlights 2Q of FYE Mar. 2026 (3 months) 3/3
Appendix: Highlights 2Q of FYE Mar. 2026 (3 months) 3/3 ◆Total operating revenue after deducting financial expenses and cost of sales, and Segment profit (JPY Million) Total operating revenue after deducting financial expenses and cost of sales Segment profit (Quarterly profit before income taxes) 5
Slide 71: Consolidated balance sheet
Consolidated balance sheet Key points of the consolidated balance sheet of Monex Group 1. Actual net debt is¥12.6B 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 72: Corporate Governance
Corporate Governance Established global-standard corporate governance practices and emphasis on dialogue with retail/institutional investors. Adoption of “company with three committees” structure - highly effective executive management monitoring system - Adopted “company with committees” structure
Slide 73: 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 74: Monex Group, Inc. www.monexgroup.jp
© Monex Group, Inc. www.monexgroup.jp/