Monex Group, Inc. · TSE:8698
Monex — FY2026 Earnings Presentation
70 slides from Monex's earnings presentation, May 12, 2026
Slide 1: Financial Results for Fiscal Year Ending March 31, 2026
TSE Prime : 8698 Monex Group Financial Results for Fiscal Year Ending March 31, 2026 May 12, 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.14 Ⅱ. Consolidated Performance p.15 - p.45 Ⅲ. Business Update p.46 - p.64 Appendix p.65 - p.68 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: Review of Commitment for FYE Mar. 2026
Review of Commitment for FYE Mar. 2026 Steadily implemented the 4 commitments set at the beginning of the fiscal year. Laid a foundation for further growth. Commitment for FYE Mar. 2026 Review Results • TradeStation: achieved the highest annual revenue*1, launched TITAN X and MCP integration. 1 • Mo
Slide 6: Growth in Asset Management Business
Growth in Asset Management Business AUM*1 and adjusted net revenue continue to expand*2. High profitability maintained relative to AUM. Trends in AUM*1 Trends in adjusted net revenue*3 *5 (JPY billion) (JPY billion) Investment in Westfield Adjusted net revenue / AUM※4: 72bps (Acquired a 20% stake) 2
Slide 7: Coincheck Group's Strategic Roadmap
Coincheck Group’s Strategic 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 accelerate its business
Slide 8: Coincheck Group: Strategic Partnership with KDDI
Coincheck Group: Strategic Partnership with KDDI Coincheck Group has entered into a strategic partnership with KDDI Corporation, which serves more than 30 million customers. KDDI will invest in Coincheck Group and Coincheck will provide digital asset services to KDDI’s nationwide customer base. Summ
Slide 9: Commitment for FYE Mar. 2027
Commitment for FYE Mar. 2027 From Building the Foundation to Creating Values Strategy A Defining Year to Realize Group Synergies 1 Growth Strategies and Profitability 2 Growth Investment Commitment for FYE Mar. 2027 3 Management that is more conscious of cost of capital and stock price 4 Unlocking t
Slide 10: 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 crypto asset business as a driver for exponential growth. Oper
Slide 11: 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 12: Capital Management
Capital Management Clarified the Company’s capital management with a focus on “management that is conscious of cost of capital and stock price” in January 2024. Year-end dividend for FYE Mar. 2026 is ¥15.40 per share. Disciplined Capital Management (announced on Oct. 28, 2024) 1. ROE target is 15%.
Slide 13: Consolidated Pre-tax Income (QoQ)
Consolidated Pre-tax Income (QoQ) Although online brokerage business recorded unexpected expenses and the profit in crypto asset business decreased due to market conditions, asset management business segment drove overall performance. Consolidated pre-tax income was ¥3,095 million. Online brokerage
Slide 14: Consolidated Pre-tax Income (YoY)
Consolidated Pre-tax Income (YoY) Asset management business drove overall performance. Consolidated pre-tax income increased 16% YoY to ¥15,758 million. (JPY million) Online brokerage business segment YoY +16% Crypto asset business segment Fair value gain Increase of on the earnout Asset management
Slide 15: Adjusted EBITDA
Adjusted EBITDA Although consolidated operating income and profits of equity-method investments were impacted by unexpected expenses, adjusted EBITDA*1 adding depreciation and share-based compensation expenses remained solid at ¥3,208 million. 6,547 (JPY million) *2 *3 *4 6,268 Consolidated operatin
Slide 16: II. Consolidated Performance
Ⅱ. Consolidated Performance 15
Slide 17: QoQ Comparison
— QoQ Comparison MONEX GROUP 16
Slide 18: Highlights 4Q of FYE Mar. 2026 (3 months)
Highlights 4Q of FYE Mar. 2026 (3 months) Online brokerage and asset management business drove overall performance. Consolidated quarterly profit*1 was ¥2.9B. Quarterly profit*1 was ¥1.5B, impacted by cost related to futures options customer trading loss at Online Brokerage TradeStation, as well as
Slide 19: QoQ Comparison (3 months) Consolidated Performance
QoQ Comparison (3 months) Consolidated Performance FYE Mar. 2026 FYE Mar. 2026 (JPY million) 3Q 4Q Variance Rate of change (Oct. 2025 – Dec. 2025) (Jan. 2026 – Mar. 2026) Total operating revenue after deducting financial expenses and cost of sales 19,468 18,900 -568 -3% SG&A 16,129 18,403 +2,274 +14
Slide 20: 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 3Q 4Q 3Q*1 4Q 3Q*1 4Q 3Q 4Q Total operating revenue after deducting financial expenses and cost of sales 1
Slide 21: Online Brokerage: Operating Revenue (USD)
【Online Brokerage Business】 QoQ Comparison (3 months) Analysis: Operating Revenue (USD) Although net financial income declined due to lower interest rates impacting interest income on customer cash, other commissions increased due to higher PFOF*1 resulting from increased equity trading volumes. Tot
Slide 22: Online Brokerage: SG&A (USD)
【Online Brokerage Business】 QoQ Comparison (3 months) Analysis: SG&A (USD) Total SG&A increased due to planned advertising expenses, higher commissions paid resulting from increased equity trading volumes, and an increase in other expenses due to a futures options customer trading loss*. Total SG&A
Slide 23: Monex Securities: Net Operating Revenue
【Online Brokerage Business】(Equity-method affiliate) Monex Securities QoQ Comparison (3 months) Analysis: Net Operating Revenue Brokerage commissions increased against the backdrop of strong activity in the Japanese equity market. Net operating revenue rose due to a review of the management of custo
Slide 24: Monex Securities: SG&A
【Online Brokerage Business】(Equity-method affiliate) Monex Securities QoQ Comparison (3 months) Analysis: SG&A Advertising expenses increased to acquire new accounts, but over all expenses were appropriately controlled. Total SG&A(JGAAP) Total SG&A +7.6%（+679） * Figures in parentheses indicate the v
Slide 25: Online Brokerage: Quarterly 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 (4Q of FYE Mar. 2026) （JPY millio
Slide 26: Crypto Asset Business: Operating Revenue
【Crypto Asset Business】 QoQ Comparison (3 months) Analysis: Operating Revenue Total operating revenue decreased primarily due to lower marketplace trading value. Since there was no IEO in Q4, IEO related revenues recorded in the previous quarter were dropped off. Total operating revenue after deduct
Slide 27: Crypto Asset Business: SG&A
【Crypto Asset Business】 QoQ Comparison (3 months) Analysis: SG&A Total SG&A expenses increased due to higher professional fees at Coincheck Group on a standalone basis, as well as increased personnel costs associated with retirement payments related to the CEO transition. Total SG&A*1 Total SG&A +15
Slide 28: Crypto Asset: Quarterly 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)*1 Owners of the Company (4Q of FYE Mar. 2026) (JPY million)
Slide 29: Asset & Wealth Management: Operating Revenue
【Asset & Wealth Management Business】 QoQ Comparison (3 months) Analysis: Operating Revenue Strong performance of the Monex Activist Fund led to a substantial increase in performance fees, resulting in a significant rise in overall revenue. Total operating revenue after deducting Quarterly total oper
Slide 30: Asset & Wealth Management: SG&A
【Asset & Wealth Management Business】 QoQ Comparison (3 months) Analysis: SG&A Personnel expenses increased due to the recognition of performance-linked compensation driven by the strong performance of the Monex Activist Fund. Total SG&A*1 Total SG&A +42.0% (+453) *Figures in parentheses indicate the
Slide 31: Asset & Wealth Management: Quarterly 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 (4Q of FYE Mar. 2026)
Slide 32: YoY Comparison
— YoY Comparison MONEX GROUP 31
Slide 33: Highlights of FYE Mar. 2026 (12 months)
Highlights of FYE Mar. 2026 (12 months) In addition to stable performance in the online brokerage business, asset management business achieved significant profit growth. Although profits in crypto asset business decreased, consolidated profit*1 increased YoY to ¥10.9B. TradeStation recorded the high
Slide 34: YoY Comparison (12 months) Consolidated Performance
YoY Comparison (12 months) Consolidated Performance FYE Mar. 2025 FYE Mar. 2026 (JPY million) Variance Rate of change (Apr. 2024 – Mar. 2025) (Apr. 2025 – Mar. 2026) Total operating revenue after deducting financial expenses and cost of sales 67,592 73,106 +5,515 +8% *1 SG&A 61,924 64,632 +2,708 +4%
Slide 35: YoY Comparison (12 months) Segment Performance
YoY Comparison (12 months) Segment Performance Asset Management- Online Brokerage Crypto Asset Investment Wealth Management (JPY million) 2025/3 2026/3 2025/3*1 2026/3*1 2025/3*1 2026/3*1 2025/3 2026/3 Total operating revenue after deducting Record 45,116 15,982 15,811 3,468 7,732 -509 127 financial
Slide 36: Online Brokerage: Operating Revenue (USD)
【Online Brokerage Business】 YoY Comparison (12 months) Analysis: Operating Revenue (USD) Commissions increased due to higher trading volumes in options and equities. Despite reduced interest income on customer cash primarily due to lower interest rates, net financial income showed strong growth driv
Slide 37: Online Brokerage: SG&A (USD)
【Online Brokerage Business】 YoY Comparison (12 months) Analysis: SG&A (USD) Commissions paid and compensation and benefits increased due to strong business performance. Other expenses include futures options customer trading loss*1; however, excluding the loss, operating income reached a record high
Slide 38: Monex Securities: Net Operating Revenue
【Online Brokerage Business】(Equity-method affiliate) Monex Securities YoY Comparison (12 months) Analysis: Net Operating Revenue Account acquisition driven by the alliance strategy with NTT DOCOMO, along with growth in mutual fund balances. In addition, Brokerage commissions increased due to active
Slide 39: Monex Securities: SG&A
【Online Brokerage Business】(Equity-method affiliate) Monex Securities YoY Comparison (12 months) Analysis: SG&A Expenses increased due to higher commissions paid driven by strong equity trading activity, as well as increased advertising expenses for account acquisition and brand awareness, and syste
Slide 40: Crypto Asset Business: Operating Revenue
【Crypto Asset Business】 YoY Comparison (12 months) Analysis: Operating Revenue The decrease in net trading revenue due to lower trading volume at the marketplace was offset by the growth of net staking income. Total operating revenue after deducting Total operating revenue after deducting financial
Slide 41: Crypto Asset Business: SG&A
【Crypto Asset Business】 YoY Comparison (12 months) Analysis: SG&A Coincheck Group's listing on Nasdaq (in December 2024) led to an increase in business expansion- related expenses, including compensation and benefits and professional fees. Total SG&A*1 Total SG&A +0.7% (+112) * Figures in parenthese
Slide 42: Asset & Wealth Management: Operating Revenue
【Asset & Wealth Management Business】 YoY Comparison (12 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 investment product have also grown steadily. Wealth management business
Slide 43: Asset & Wealth Management: SG&A
【Asset & Wealth Management Business】 YoY Comparison (12 months) Analysis: SG&A Assets under management increased, and along with the strong performance of the Monex Activist Fund, both commission paid and performance-linked compensation rose. The increase in costs was limited relative to the growth
Slide 44: Shareholder Distribution
― Shareholder Distribution 43
Slide 45: Additional Shareholder Distribution
Additional Shareholder Distribution Dividend for FYE Mar. 2026 was ¥30.70 per share. The forecast dividend for FYE Mar. 2027 is ¥30.80 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
Slide 46: 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 47: III. Business Update
IT. Business Update MONEX GROUP 46
Slide 48: Assets Under Custody in Monex Group
Assets Under Custody in Monex Group Major Monex Group companies' total assets under custody increased to 13.6 trillion yen, steadily expanding the Group's business base. Assets under Custody of Major Group Companies*1 (Trillion JPY) 16 14 ¥13.6 T 12 Monex Securities TradeStation Coincheck 10 8 6 4 2
Slide 49: Online Brokerage Business: TradeStation 1/4
【Online Brokerage Business】TradeStation 1/4 The number of target customers*1 has remained steady. 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 17,804 17,764 Revenue
Slide 50: Online Brokerage Business: TradeStation 2/4
【Online Brokerage Business】TradeStation 2/4 TradeStation continues to enhance its options offering and expand its customer base through third party referral partners. Q4 results reflect sustained growth in complex options volume. Growth in Complex Options Complex Options Ratio 26% 24% 24% 23% 22% (U
Slide 51: Online Brokerage Business: 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 ・Interest income from customer cash deposits ($2.4B, average for the 4Q) benefits TradeStation and is recorded
Slide 52: Online Brokerage Business: TradeStation 4/4
【Online Brokerage Business】TradeStation 4/4 TradeStation delivered major product and growth milestones this quarter — extending pro-derivatives workflows, unifying the cross-platform experience, and driving new Assets Under Custody through the Capitalize 401(k) rollover partnership — opening a new r
Slide 53: Online Brokerage Business: Monex Securities 1/2
【Online Brokerage Business】Monex Securities 1/2 Account acquisition and assets under custody grew steadily, driven by the alliance strategy with NTT DOCOMO. Going forward, we will continue to expand our business foundation through the promotion of the asset gathering model. 15 Trillion JPY 500 5 Mil
Slide 54: Online Brokerage Business: Monex Securities 2/2
【Online Brokerage Business】Monex Securities 2/2 Since the commencement of the alliance with NTT DOCOMO, various services have been launched. As the only securities company within the NTT DOCOMO Group, Monex Securities has also been selected as the designated broker for NISA programs for NTT Group em
Slide 55: Crypto Asset Business: Driving Institutional Business
【Crypto Asset Business】Driving Institutional Business With growing institutional interest in crypto assets, Coincheck Group has established a strong competitive position through its expertise and proven track record. Leveraging 3iQ’s global capabilities, the Group aims to further expand its presence
Slide 56: Crypto Asset Business: Coincheck 1/2
【Crypto Asset Business】Coincheck 1/2 With a strong and proven leadership in the retail market, Coincheck is well positioned for continued growth. Leveraging synergies across the Coincheck Group, Coincheck aims to further expand its offerings for both corporate customers and institutional investors.
Slide 57: Crypto Asset Business: Coincheck 2/2
【Crypto Asset Business】Coincheck 2/2 Aiming at significant increase in domestic market share through an alliance strategy. In addition to the partnership with Mercoin, Coincheck entered into a business alliance with Credit Saison in April 2026. Business Alliances with Mercoin, Inc*1 and Credit Saiso
Slide 58: Crypto Asset Business: 3iQ Digital Holdings Inc.
【Crypto Asset Business】3iQ Digital Holdings Inc. 3iQ Digital Holding Inc. is 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 Toronto Stock Exchange,
Slide 59: Monex Asset Management 1/2
【Asset & Wealth Management Business】 Monex Asset Management 1/2 Assets under management (AUM) for each investment product have grown steadily and significantly. As of the end of April 2026, AUM reached JPY 1.23 trillion, and further growth is targeted going forward. Investment Products Trends in Ass
Slide 60: Monex Asset Management 2/2
【Asset & Wealth Management Business】 Monex Asset Management 2/2 Assets under management*1 (AUM) of private investment funds for institutional investors surpassed ¥1 trillion in April 2026. Despite largely flat industry-wide AUM, the firm maintained steady growth and ranked 6th*2 out of 92 companies
Slide 61: Monex Asset Management, Japan Catalyst, Inc
【Asset & Wealth Management Business】 Monex Asset Management, Japan Catalyst, Inc The MAF*1 contributes to capital market revitalization through holistic engagement. The assets under management grew to ¥53.1 billion*3. Key Features of the Monex Activist Fund Comparison of Performance Monex Activist M
Slide 62: 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 63: Investment Business
【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 FYE Mar. 2026 ・Roam Electric AB: Development and sales of electric motorcycles and buses Investments and Fund Size (
Slide 64: Sustainability Initiatives
Sustainability Initiatives Multiple initiatives were implemented during the quarter in accordance with the materiality matrix defined by our Group. The Group’s Materiality Matrix Main Initiatives This Quarter Value Creation Story “Vol.6 Monex Group and 3iQ: How They Came Together — Optimal Solution
Slide 65: Evolution of the General Meeting of Shareholders
Evolution of the General Meeting of Shareholders To further enhance the General Meeting of Shareholders—our most important forum for dialogue with shareholders—we are updating both our meeting operations and disclosure practices. Toward a more open and interactive shareholders meeting Enhancement of
Slide 66: Appendix
Appendix MONEX GROUP 65
Slide 67: Consolidated balance sheet
Consolidated balance sheet Key points of the consolidated balance sheet of Monex Group 1. Actual net debt is¥9.8B 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 68: 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 69: 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 70: © Monex Group, Inc.
© Monex Group, Inc. www.monexgroup.jp/