Monex Group, Inc. · TSE:8698
Monex — Q3 FY2026 Earnings Presentation
70 slides from Monex's earnings presentation, Feb 12, 2026
Slide 1: Financial Results for 3Q of Fiscal Year Ending March 31, 2026
TSE Prime : 8698 Monex Group Financial Results for 3Q of Fiscal Year Ending March 31, 2026 February 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.13 Ⅱ. Consolidated Performance p.14 - p.43 Ⅲ. Business Update p.44 - 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: Commitment for FYE Mar. 2026 and 3Q Highlights
Commitment for FYE Mar. 2026 and 3Q Highlights 1. Growth Strategies and Profitability Commitment for 2. Growth Investment FYE Mar. 2026 3. Management that is more conscious of cost of capital and stock price 4. Pursuit of Group Synergies • Consolidated performance: Profit attributable to owners of t
Slide 6: Business Alliance among Monex Securities, NTT DOCOMO and Sumishin SBI Net Bank
Business Alliance among Monex Securities, NTT DOCOMO and Sumishin SBI Net Bank Monex Securities leverages its collaboration with NTT DOCOMO and Sumishin SBI Net Bank to introduce new services and products, with a focus on accelerating account growth and reinforcing its revenue base. Overview of the
Slide 7: Growth in Asset Management Business
Growth in Asset Management Business AUM*1, adjusted net revenue, and adjusted EBITDA continue to expand. High profitability maintained relative to AUM. Trends in AUM*2 Trends in adjusted net revenue*3 and adjusted EBITDA*4 Investment in Westfield (JPY billion) (Acquired a 20% stake) (JPY million) Ad
Slide 8: 3iQ: Accelerating Growth and Market Presence
3iQ: Accelerating Growth and Market Presence 3iQ announced the establishment of a fund with Further Asset Management, a digital asset investment manager backed by a UAE sovereign wealth fund. Beyond North America, 3iQ captures global institutional investors’ needs for digital asset management. Launc
Slide 9: Intra-Group Organizational Restructuring
Intra-Group Organizational Restructuring 3iQ, with a strong track record in institutional digital asset investment products, will be transferred to the Crypto Asset Business Segment to strengthen collaboration across the Coincheck Group and generate group synergies. Synergies from collaboration betw
Slide 10: Business Portfolio
Business Portfolio Each business segment advances its growth strategy while also creating synergies across segments. 3iQ will be transferred to the Crypto Asset Business Segment in April 2026. Shareholding ratio * Shareholding ratio in the chart means economic interest. (As of Jan. 2026) (TSE：8698)
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: Japan's Crypto Asset Landscape and Business Opportunity for Monex Group
Japan’s Crypto Asset Landscape and Business Opportunity for Monex Group Leveraging major shifts in Japan’s crypto asset environment to drive new business opportunities. • Reclassification of crypto asset under the Financial Instruments and Exchange Act from the Payment Services Act. Regulations and
Slide 13: Adjusted EBITDA and Adjusted Profit after Tax
Adjusted EBITDA and Adjusted Profit after Tax Adjusted EBITDA*1 grew steadily to ¥6,547 million this quarter, while adjusted profit after tax*2, adding amortization of identifiable intangible assets at consolidated subsidiaries and equity-method affiliates, increased to ¥4,143 million. Trends in adj
Slide 14: 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 15: II. Consolidated Performance
Ⅱ. Consolidated Performance 14
Slide 16: QoQ Comparison
— QoQ Comparison MONEX GROUP 15
Slide 17: Highlights 3Q of FYE Mar. 2026 (3 months)
Highlights 3Q of FYE Mar. 2026 (3 months) Online brokerage and asset management business drove overall performance. Consolidated quarterly profit*1 was ¥3.5B. TradeStation achieved record quarterly operating revenue on a U.S. dollar basis. Since profits of Online Brokerage equity-method investment i
Slide 18: QoQ Comparison (3 months) Consolidated Performance
QoQ Comparison (3 months) Consolidated Performance FYE Mar. 2026 FYE Mar. 2026 (JPY million) Variance Rate of change (Jul. 2025 – Sep. 2025) (Oct. 2025 – Dec. 2025) Total operating revenue after deducting financial expenses and cost of sales 19,056 19,468 +412 +2% SG&A 15,247 16,129 +882 +6% The amo
Slide 19: 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 2Q 3Q 2Q 3Q 2Q 3Q 2Q 3Q Total operating revenue after deducting financial expenses and cost of sales 11,57
Slide 20: Online Brokerage Business: Operating Revenue (USD)
【Online Brokerage Business】 QoQ Comparison (3 months) Analysis: Operating Revenue (USD) Commissions increased due to higher trading volumes in equities and futures. Although net financial income declined due to lower interest rates impacting interest income on customer cash, TradeStation achieved th
Slide 21: Online Brokerage Business: SG&A (USD)
【Online Brokerage Business】 QoQ Comparison (3 months) Analysis: SG&A (USD) Although advertising expenses increased due to higher digital advertising expense and commission expenses increased in line with higher futures trading volumes, overall expenses have been controlled at an appropriate level. T
Slide 22: Monex Securities: Net Operating Revenue
【Online Brokerage Business】(Equity-method affiliate) Monex Securities QoQ Comparison (3 months) Analysis: Net Operating Revenue Brokerage commissions increased amid active stock trading in the Japanese and U.S. markets. Net financial income also rose due to a recovery in margin balances. Net operati
Slide 23: Monex Securities: SG&A
【Online Brokerage Business】(Equity-method affiliate) Monex Securities QoQ Comparison (3 months) Analysis: SG&A Commissions paid increased primarily due to active trading, but over all expenses were appropriately controlled. Total SG&A(JGAAP) Total SG&A +5.4%（+456） * Figures in parentheses indicate t
Slide 24: Online Brokerage Business: 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 (3Q of FYE Mar. 2026) （JPY millio
Slide 25: Crypto Asset Business: Operating Revenue
【Crypto Asset Business】 QoQ Comparison (3 months) Analysis: Operating Revenue Although net trading income decreased primarily due to lower trading value at the marketplace, net staking income grew steadily. In this quarter, IEO related revenues were recorded. Total operating revenue after deducting
Slide 26: Crypto Asset Business: SG&A
【Crypto Asset Business】 QoQ Comparison (3 months) Analysis: SG&A Although compensation benefits and system related expenses for Coincheck Group increased due to the acquisition of Aplo SAS, Coincheck, Inc. managed and controlled its total SG&A at appropriate level. Total SG&A Total SG&A +4.1%（+139）
Slide 27: Crypto Asset Business: 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 (3Q of FYE Mar. 2026) One-time share-
Slide 28: Asset & Wealth Management Business: Operating Revenue
【Asset & Wealth Management Business】 QoQ Comparison (3 months) Analysis: Operating Revenue Performance fees from the Monex Activist Fund continued to be recognized, but the fees decreased quarter-on-quarter. 3iQ's assets under management have decreased due to the decline in crypto asset prices. Tota
Slide 29: Asset & Wealth Management Business: SG&A
【Asset & Wealth Management Business】 QoQ Comparison (3 months) Analysis: SG&A As revenue decreased quarter-on-quarter, variable costs such as advertising expenses and compensation and benefits declined. Overall expenses continued to be appropriately controlled. Total SG&A Total SG&A -5.7% (-102) *Fi
Slide 30: Asset & Wealth Management Business: 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 (3Q of FYE Mar. 2026) Pr
Slide 31: YoY Comparison
— YoY Comparison MONEX GROUP 30
Slide 32: YoY Comparison (9 months) Consolidated Performance
YoY Comparison (9 months) Consolidated Performance FYE Mar. 2025 FYE Mar. 2026 (JPY million) Variance Rate of change (Apr. 2024 – Dec. 2024) (Apr. 2025 – Dec. 2025) Total operating revenue after deducting financial expenses and cost of sales 50,568 54,207 +3,638 +7% *1 SG&A 46,319 46,228 -91 -0% The
Slide 33: YoY Comparison (9 months) Segment Performance
YoY Comparison (9 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 3Q 3Q 3Q 3Q 3Q 3Q 3Q 3Q Total operating revenue after deducting financial expenses and cost of sales 33,564
Slide 34: Online Brokerage Business: Operating Revenue (USD)
【Online Brokerage Business】 YoY Comparison (9 months) Analysis: Operating Revenue (USD) Commissions increased due to higher trading volumes in options. Despite reduced interest income on customer cash primarily due to lower interest rates, net financial income showed strong growth driven by record s
Slide 35: Online Brokerage Business: SG&A (USD)
【Online Brokerage Business】 YoY Comparison (9 months) Analysis: SG&A (USD) Information expenses increased due to higher cloud costs and decreased market data billing.*1*2 While commissions and compensation expenses increased due to strong revenue performance, overall expenses have been appropriately
Slide 36: Monex Securities: Net Operating Revenue
【Online Brokerage Business】(Equity-method affiliate) Monex Securities YoY Comparison (9 months) Analysis: Net Operating Revenue Significant revenue growth in Mutual funds related revenues due to increased account acquisitions and mutual fund balances through the alliance strategy with NTT DOCOMO. Br
Slide 37: Monex Securities: SG&A
【Online Brokerage Business】(Equity-method affiliate of the company) Monex Securities YoY Comparison (9 months) Analysis: SG&A Commissions paid increased due to the active stock trading, while system-related expenses rose due to the strengthening of security measures. Total SG&A (JGAAP) Total SG&A +8
Slide 38: Crypto Asset Business: Operating Revenue
【Crypto Asset Business】 YoY Comparison (9 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 e
Slide 39: Crypto Asset Business: SG&A
【Crypto Asset Business】 YoY Comparison (9 months) Analysis: SG&A Coincheck Group's listing on Nasdaq led to an increase in business expansion-related expenses, including compensation and benefits and professional fees. Total SG&A Total SG&A -7.0% (-767) One-time professional fees related to De-SPAC
Slide 40: Asset & Wealth Management Business: Operating Revenue
【Asset & Wealth Management Business】 YoY Comparison (9 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 41: Asset & Wealth Management Business: SG&A
【Asset & Wealth Management Business】 YoY Comparison (9 months) Analysis: SG&A The increase in assets under management has led to higher commissions paid and bonus expenses. Overall, the increase in costs was limited relative to the increase in revenue. Total SG&A Total SG&A +26.5%（+1,019） * Figures
Slide 42: Shareholder Distribution
― Shareholder Distribution 41
Slide 43: Additional Shareholder Distribution
Additional Shareholder Distribution The forecast dividend per share at the end of the FYE Mar. 2026 is ¥15.30. 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 fo
Slide 44: 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 45: III. Business Update
IT. Business Update MONEX GROUP 44
Slide 46: 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 47: Assets Under Custody in Monex Group
Assets Under Custody in Monex Group Major Monex Group companies' total assets under custody increased to 13.8 trillion yen, steadily expanding the Group's business base. Assets under Custody of Major Group Companies*1 (Trillion JPY) 16 ¥13.8 T 14 Monex Securities TradeStation Coincheck 12 10 8 6 4 2
Slide 48: Online Brokerage Business: 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 17,804 17,356 R
Slide 49: Online Brokerage Business: TradeStation 2/4
【Online Brokerage Business】TradeStation 2/4 TradeStation continues to strengthen its futures and options offerings to meet the needs of active traders. This quarter continues to show consistent growth in complex options, following last quarter’s trend. Growth in Complex Options Complex Options 26% R
Slide 50: 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 ($2.3B, average for the 3Q) benefits TradeStation and is recorded
Slide 51: Online Brokerage Business: TradeStation 4/4
【Online Brokerage Business】TradeStation 4/4 TradeStation continues to enhance the customer experience through next-generation platform and AI- powered innovation. TradeStation wins #1 innovation award in StockBrokers.com 2026 annual industry awards. TITAN X Launch TradeStation MCP Awards in StockBro
Slide 52: Online Brokerage Business: Monex Securities 1/3
【Online Brokerage Business】Monex Securities 1/3 Assets under custody expanded to JPY 10.7 trillion. Monthly new account openings in January 2026 reached a record high of 47 thousands accounts since the company’s founding. Going forward, we will continue to expand our business foundation through the
Slide 53: Online Brokerage Business: Monex Securities 2/3
【Online Brokerage Business】Monex Securities 2/3 In addition to expanding our “Easy Asset Management” service, account opening support at DOCOMO retail stores was launched in January 2006. Monex Securities will accelerate our collaboration with NTT DOCOMO to drive account acquisition and increase ass
Slide 54: Online Brokerage Business: Monex Securities 3/3
【Online Brokerage Business】Monex Securities 3/3 Monex Securities will revamp U.S. equity trading services in February 2026. Leveraging the expertise gained from being an early pioneer in U.S. equity trading since 2008, Monex Securities will further enhance customer convenience. February 2026 Overvie
Slide 55: Crypto Asset Business: 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’s long-term goal is to provide integrated tokenized financial services on a global scale. Current and Future Landscape
Slide 56: Crypto Asset Business: Coincheck 1/3
【Crypto Asset Business】Coincheck 1/3 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 2/3
【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*1. Coincheck’s Market Leadership in Japan Account opening and trading will be
Slide 58: Crypto Asset Business: 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., was conducted in November 2025. Track Record of IEO Implementations Led by Coincheck 1st IEO：PLT*1 2nd IEO：FNCT*2 3rd IEO：BRIL*3 4th：FPL*4 Start of trading:
Slide 59: Crypto Asset Business: Next Finance Tech
【Crypto Asset Business】 Next Finance Tech Next Finance Tech has been designated as a Node-as-a-Service (NaaS) provider for the Canton Network. As part of global efforts to establish next-generation financial infrastructure, the company will play a key role in supporting network stability as a valida
Slide 60: Asset & Wealth Management: Monex Asset Management
【Asset & Wealth Management Business】 Monex Asset Management Assets under management surpassed 1 trillion yen and the Company aims for further growth. The Monex Gold Fund was launched in December 2025, and AUM reached ¥2.8 billion within two months of launch. Investment Products Trends in Assets Unde
Slide 61: Monex Activist Fund
【Asset & Wealth Management Business】 Monex Asset Management, Japan Catalyst, Inc The MAF*1 contributes to capital market revitalization through holistic engagement with investee companies, the TSE*2, and the government. The assets under management reached ¥53.4 billion*3. Key Features of the Monex A
Slide 62: 3iQ Digital Holdings Inc.
【Asset & Wealth Management 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 S
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 Assets*1 and performance. Overview of Westfield Capital Management Company, L.P. Historical Asset
Slide 64: Investment Business
【Investment Business】 Investing in startups utilizing cutting-edge technologies to help shape the future of individual lifestyles and society. As of Dec. 31, 2025, the total size of the funds amounted ¥9.06 billion, and the funds have invested in 142 startups to date. Total number of Fund size inves
Slide 65: Sustainability Initiatives
Sustainability Initiatives Multiple initiatives were implemented during the quarter in accordance with the materiality matrix defined by our Group. Our Group’s Materiality Matrix Key Initiatives During the Quarter Establishment of the Regulations for Global Whistleblowing The internal regulations go
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¥10.8B 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 de
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. www.monexgroup.jp
© Monex Group, Inc. www.monexgroup.jp/