Monex Group, Inc. · TSE:8698
Monex — Q1 FY2026 Earnings Presentation
69 slides from Monex's earnings presentation, Aug 7, 2025
Slide 1: Financial Results for 1Q of Fiscal Year Ending March 31, 2026
TSE Prime : 8698 Monex Group Financial Results for 1Q of Fiscal Year Ending March 31, 2026 August 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. 10 Ⅱ. Consolidated Performance p. 11 - p. 40 Ⅲ. Business Update p. 41 - p. 60 Appendix: Group Overview p. 61 - p. 67 This is an English translation of Japanese presentation materials prepared in connection with the disclosure o
Slide 4: Ⅰ. Highlights
MONEX GROUP I . Highlights
Slide 5: Progress on FYE Mar. 2026 Commitments
Progress on FYE Mar. 2026 Commitments Achieved significant growth in asset management business, launched “Easy Asset Management (users easily open a Monex securities account and set up periodic purchasing service for mutual funds via d Payment app)” service, and Coincheck announced a business allian
Slide 6: New Business Segments
New Business Segments Reflecting the optimization of business portfolio, the segment structure was realigned in April 2025. (TSE：8698) * Shareholding ratio in the chart means economic interest. Listed Holding Company Segments Business Online Brokerage Crypto Asset Asset & Wealth Management Investmen
Slide 7: AUM and Profit Growth in Asset Management Business
AUM and Profit Growth in Asset Management Business Recognized as a strategic growth engine, asset management business continues to deliver consistent and significant increase in both AUM*1 and profit. AUM・Profit Attributable to Owners of the Company (5 Consecutive Quarters) (JPY Million) 719 Owners
Slide 8: Strategic Partnership between Coincheck and Mercoin
Strategic Partnership between Coincheck and Mercoin Coincheck, Inc. announced a business alliance with Mercoin, Inc. to enable account opening and trading through Mercari’s*1 crypto asset platform. This collaboration marks a significant step toward expanding access to Japan’s crypto market and promo
Slide 9: 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 10: Consolidated Pre-tax Income (QoQ)
Consolidated Pre-tax Income (QoQ) Despite a decline in revenue from the crypto asset business and the recognition of professional fees incurred in Coincheck Group as a Nasdaq-listed company, solid performance in online brokerage business and asset management businesses drove overall earnings. Growth
Slide 11: 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. Disciplined Capital Management (announced on Oct. 28, 2024) 1. ROE target is 15%. 2. Promote growth investment and pursue sustainable pr
Slide 12: Ⅱ. Consolidated Performance
Ⅱ. Consolidated Performance 11
Slide 13: QoQ Comparison
MONEX GROUP — QoQ Comparison 12
Slide 14: Highlights 1Q of FYE Mar. 2026 (3 months)
Highlights 1Q of FYE Mar. 2026 (3 months) Although expenses incurred in Coincheck Group as a Nasdaq-listed company were recorded in crypto asset business, solid performance in the online brokerage business and asset management businesses drove overall earnings, resulting in consolidated quarterly pr
Slide 15: QoQ Comparison (3 months) Consolidated Performance
QoQ Comparison (3 months) Consolidated Performance FYE Mar. 2026 FYE Mar. 2025 1Q (JPY million) 4Q Variance Rate of change (Apr. 2025 – (Jan. 2025 – Mar. 2025) June. 2025) Adjusted for Adjusted for Adjusted for Actuals one-time Actuals Actuals one-time Actuals one-time factors factors factors Total
Slide 16: QoQ Comparison (3 months) Segment Performance
QoQ Comparison (3 months) Segment Performance Asset & Wealth Online Brokerage Crypto Asset Investment Management (JPY million) 2025/3 2026/3 2025/3 2026/3 2025/3 2026/3 2025/3 2026/3 4Q 1Q 4Q 1Q 4Q 1Q 4Q 1Q Total operating revenue after deducting financial expenses and cost of sales 11,552 10,642 3,
Slide 17: Online Brokerage: Operating Revenue (USD)
【Online Brokerage Business】 QoQ Comparison (3 months) Analysis: Operating Revenue (USD) Brokerage commissions decrease primarily due to lower trading from our futures customers. Net financial income increased due to securities lending performance. Total operating revenue after deducting Quarterly to
Slide 18: Online Brokerage: SG&A (USD)
【Online Brokerage Business】 QoQ Comparison (3 months) Analysis: SG&A (USD) Commissions paid and association dues decreased in line with lower trading volume. Advertising expenses decreased (due to seasonality as the March quarter is generally the strongest quarter of the fiscal year with the most sp
Slide 19: Monex Securities: Net Operating Revenue
【Online Brokerage Business】(Equity-method affiliate) Monex Securities QoQ Comparison (3 months) Analysis: Net Operating Revenue Increased revenue compared to the previous quarter due to growth in stock lending income, FX earnings, and others. Net operating revenue (JGAAP) Net operating revenue +5.8%
Slide 20: Monex Securities: SG&A
【Online Brokerage Business】(Equity-method affiliate) Monex Securities QoQ Comparison (3 months) Analysis: SG&A Overall expenses were controlled and led to a reduction in SG&A. Total SG&A(JGAAP) Total SG&A -1.3%（-105） * Figures in parentheses indicate the variance from the previous quarter (JPY milli
Slide 21: 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 (FYE Mar. 31, 2025) Owners of the Company (1Q of FYE Mar. 31, 2026) （JPY mil
Slide 22: Crypto Asset: Operating Revenue
【Crypto Asset Business】 QoQ Comparison (3 months) Analysis: Operating Revenue Revenue decreased primarily due to lower trading volume at the marketplace. Staking service, launched in January 2025, generated steady revenue growth. Notably, July marketplace trading value shows signs of improvement. To
Slide 23: Crypto Asset: SG&A
【Crypto Asset Business】 QoQ Comparison (3 months) Analysis: SG&A Compensation and benefits and professional fees, such as audit expenses, required as a Nasdaq- listed company were recorded in Coincheck Group. Commissions paid increased due to the growth of staking service. Advertising expenses were
Slide 24: 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 (FYE Mar. 31, 2025) Owners of the Company (1Q of FYE Mar. 31, 2026) （JPY million
Slide 25: Asset & Wealth Management: Operating Revenue
【Asset & Wealth Management Business】 QoQ Comparison (3 months) Analysis: Operating Revenue The performance of the Monex Activist Fund has been strong, resulting in the recognition of success fees and increased revenue. Total operating revenue after deducting Quarterly total operating revenue after d
Slide 26: Asset & Wealth Management: SG&A
【Asset & Wealth Management Business】 QoQ Comparison (3 months) Analysis: SG&A Overall expenses were controlled and remained almost the same level from the previous quarter. Total SG&A Total SG&A +6.1% (+80) *Figures in parentheses indicate the variance from the previous quarter (JPY million) (JPY mi
Slide 27: 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 (FYE Mar. 31, 2025) Owners of the Company (1Q of FYE Mar. 31, 2026)
Slide 28: YoY Comparison
MONEX GROUP — YoY Comparison 27
Slide 29: YoY Comparison (3 months) Consolidated Performance
YoY Comparison (3 months) Consolidated Performance FYE Mar. 2025*1 FYE Mar. 2026 (JPY million) Variance Rate of change (Apr. 2024 – June. 2024) (Apr. 2025 – June. 2025) Total operating revenue after deducting financial expenses and cost of sales 16,965 15,938 -1,028 -6% SG&A 14,800 15,107 +307 +2% T
Slide 30: YoY Comparison (3 months) Segment Performance
YoY Comparison (3 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 1Q 1Q 1Q 1Q 1Q 1Q 1Q 1Q Total operating revenue after deducting financial expenses and cost of sales 11,617
Slide 31: Online Brokerage: Operating Revenue (USD) YoY
【Online Brokerage Business】 YoY Comparison (3 months) Analysis: Operating Revenue (USD) Commissions decreased due to the lower trading volume. Net financial income increased as customer cash deposit remained steady and revenue from securities lending increased. Total operating revenue after deductin
Slide 32: Online Brokerage: SG&A (USD) YoY
【Online Brokerage Business】 YoY Comparison (3 months) Analysis: SG&A (USD) Although information expenses increased from lower market data billing*1, and provision for regulators was recognized, overall expenses have been controlled at appropriate level. Total SG&A Total SG&A +2.6% (+1,555) * Figures
Slide 33: Monex Securities: Net Operating Revenue YoY
【Online Brokerage Business】(Equity-method affiliate) Monex Securities YoY Comparison (3 months) Analysis: Net Operating Revenue In the net financial income, the margin balance primarily decreased, but due to the alliance effect with NTT DOCOMO, the number of accounts and mutual fund balances increas
Slide 34: Monex Securities: SG&A YoY
【Online Brokerage Business】(Equity-method affiliate of the company) Monex Securities YoY Comparison (3 months) Analysis: SG&A Due to the growth of automated credit card investment in mutual fund, payment fees increased, and system-related expenses also rose as various initiatives were implemented. T
Slide 35: Crypto Asset: Operating Revenue YoY
【Crypto Asset Business】 YoY Comparison (3 months) Analysis: Operating Revenue Trading revenue decreased due to lower trading volume at the marketplace. The absence of revenue from the IEO*¹ recorded in the previous year was offset by income generated from the staking service. Total operating revenue
Slide 36: Crypto Asset: SG&A YoY
【Crypto Asset Business】 YoY Comparison (3 months) Analysis: SG&A Compensation and benefits and professional fees, such as audit expenses, required as a Nasdaq- listed company were recorded in Coincheck Group. Commissions paid increased due to the growth of staking service. Total SG&A Total SG&A +44%
Slide 37: Asset & Wealth Management: Operating Revenue YoY
【Asset & Wealth Management Business】 YoY Comparison (3 months) Analysis: Operating Revenue The performance of the Monex Activist Fund has been strong, with a significant increase in success fees. Assets under management have also grown steadily. Wealth management business also performed steadily. To
Slide 38: Asset & Wealth Management: SG&A YoY
【Asset & Wealth Management Business】 YoY Comparison (3 months) Analysis: SG&A The increase in assets under management has led to higher Commissions paid, which have been appropriately controlled overall. Total SG&A Total SG&A +17.1%（+204） * Figures in parentheses indicate the variance from the previ
Slide 39: Shareholder Distribution
― Shareholder Distribution 38
Slide 40: Additional Shareholder Distribution
Additional Shareholder Distribution The share buyback of up to ¥5 billion, announced on July 26, 2024, has been completed. 1. The Company pays the minimum annual dividend of 30 yen per share. Our Basic Policy for 2. In addition, if 50% of profit attributable to owners of the Company per share exceed
Slide 41: Shareholder Distribution (Actual and Forecast)
Shareholder Distribution (Actual and Forecast) The dividend forecast for the FYE Mar. 2026 is ¥30.4 per share. Dividend Per Share TSR (Total Shareholders Return: five-year basis) 30.4 (JPY) 45 (Forecasted) Interim Year-end Special Monex Group, Inc.(dividend included) 474% 10.0 500% TOPIX(dividend in
Slide 42: Ⅲ. Business Update
MONEX GROUP Il. Business Update 41
Slide 43: Assets Under Custody in Monex Group
Assets Under Custody in Monex Group Monex Group's total assets under custody increased to 11.2 trillion yen, steadily expanding the Group's business base. Assets under Custody of Major Group Companies*1 (Trillion JPY) 12 Monex Securities ¥11.2 T TradeStation 10 Coincheck 8 6 4 2 0 Mar.31, Sep 30, De
Slide 44: TradeStation 1/3
【Online Brokerage Business】TradeStation 1/3 The number of target customers*1 has been growing steadily. TradeStation continues to pursue expanding revenue by increasing its target customers through marketing, outbound sales and API integration with third parties. Number of Target Customers*1 Revenue
Slide 45: TradeStation 2/3
【Online Brokerage Business】TradeStation 2/3 Net interest income from deposits remained steady. TradeStation will continue to manage its cash portfolio to optimize revenues in a potential downward rate environment. Interest on Cash* ・Interest income from customer cash deposits ($2.4B, average for the
Slide 46: TradeStation 3/3
【Online Brokerage Business】TradeStation 3/3 TradeStation keeps enhancing customer experience through updates of its trading platform, seamless account opening and onboarding via Hub*1, and support users for launch of complex option trading. Complex Options Grouping Complex Options Enablement TITAN X
Slide 47: Monex Securities 1/3
【Online Brokerage Business】Monex Securities1/3 The alliance with nationwide partners and the reinforced wealth management business drive rapid growth in the customer base as well as steady progress of the asset gathering model. 15 Trillion JPY Customer Assets at Monex Securities 5 Million accounts M
Slide 48: 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 49: Monex Securities 3/3
Monex Securities 3/3 “Easy Asset Management” allows users to complete everything seamlessly, from account opening to product selection, within the d Payment app. Supporting asset formation for investment beginners with a simple and user-friendly UI/UX. Steps for “Easy Asset Management” : From accoun
Slide 50: The Future Outlook of Coincheck Group N.V. (CCG)
【Crypto Asset Business】The Future Outlook of Coincheck Group N.V. (CCG) Strengthening its dominant position in Japan, CCG will leverage its Nasdaq-listed status to strategically expand our business through global M&A initiatives. The Future Outlook of CCG Non-financial business Domestic and non- Glo
Slide 51: Coincheck 1/2
【Crypto Asset Business】Coincheck 1/2 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 collaborates with corporate entities and provides services to institutional investors. M
Slide 52: Coincheck 2/2
【Crypto Asset Business】Coincheck 2/2 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 53: The Update on Next Finance Tech Initiatives
【Crypto Asset Business】The Update on Next Finance Tech (Next Finance) Initiatives CCG acquired Next Finance, a crypto staking platform service provider, in March 2025. Next Finance is exploring avenues to enhance revenue opportunities, including with affiliates and third parties. Next Finance x Baby
Slide 54: Monex Asset Management
【Asset & Wealth Management Business】 Monex Asset Management Strengthening Bond Management Alongside Quantitative Investment. Developing services for both individual and institutional. As of the end of June 2025, asset under management have increased to 770 billion yen, aiming for further growth with
Slide 55: Monex Asset Management, Japan Catalyst: ON COMPASS and MAF
【Asset & Wealth Management Business】 Monex Asset Management 、Japan Catalyst, Inc “ON COMPASS” Series, which contributes to individual asset building through a statistical approach and risk management, and MAF, which guides investee companies toward value enhancement through dialogue with corporation
Slide 56: 3iQ Digital Holdings Inc.
【Asset & Wealth Management Business】 3iQ Digital Holdings Inc. Canadian crypto asset management company, 3iQ Digital Holdings Inc., aims to capture the crypto asset management needs of institutional investors and global exchanges, which are expected to grow in the future. Asset Under Management (AUM
Slide 57: 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, contributed to profits this quarter as a result of stable AUM*1 trends and high performance. Overview of Westfield Capital Mana
Slide 58: Others 1/2 (Viling, Inc.)
Others 1/2 (Viling, Inc.) Viling, Inc. operates private educational facilities for STEAM* education, bilingual education, and development support business. Business area Service Business KPI for FYE Mar. 2026 “STEMON” Operating Japan's first STEAM education school utilizing science, math, and IT A S
Slide 59: 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 60: Sustainability 1/2
Sustainability 1/2 The name of the most important item in the materiality matrix has been changed. Materiality Matrix Review Renaming "DEI" to "Inclusive Talent Culture“ To more clearly convey the concept of “a culture that transforms diversity into strength,” the term “DEI” (Diversity, Equity, and
Slide 61: Sustainability 2/2
Sustainability 2/2 Promoting sustainable management through enhanced efforts in human rights, diversity, and human capital. Advancing Sustainability Initiatives Enhancing ESG Ratings through Initiatives for Inclusive Talent Culture and Human Capital Improved Initiatives and Disclosures ・2Continued S
Slide 62: Appendix: Group Overview
MONEX GROUP Appendix: Group Overview 61
Slide 63: Appendix: Highlights 1Q of FYE Mar. 2026 (3 months) 1/3
Appendix: Highlights 1Q 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 Total operating revenue after deducting financial expenses and cost of sales Quarterly profit attributable
Slide 64: Appendix: Highlights 1Q of FYE Mar. 2026 (3 months) 2/3
Appendix: Highlights 1Q 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 65: Appendix: Highlights 1Q of FYE Mar. 2026 (3 months) 3/3
Appendix: Highlights 1Q of FYE Mar. 2026 (3 months) 3/3 ◆Total operating revenue after deducting financial expenses, and Segment profit (JPY Million) Total operating revenue after deducting financial expenses and cost of sales Segment profit (Quarterly profit before income taxes) 500 Investment 47 0
Slide 66: Consolidated balance sheet
Consolidated balance sheet Key points of the consolidated balance sheet of Monex Group 1. Actual net debt is¥10.3B 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 depo
Slide 67: 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 68: 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 69: © Monex Group, Inc.
© Monex Group, Inc. www.monexgroup.jp/