Monex Group, Inc. · TSE:8698
Monex — FY2025 Earnings Presentation
68 slides from Monex's earnings presentation, May 9, 2025
Slide 1: Financial Results for Fiscal Year Ending March 31, 2025
TSE Prime : 8698 Monex Group Financial Results for Fiscal Year Ending March 31, 2025 May 9, 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
Corporate Philosophy p. 1 Table of Contents p. 2 Ⅰ. Highlights p. 3 - p. 12 Ⅱ. Consolidated Performance p. 13 - p. 37 Ⅲ. Business Update p. 38 - p. 56 Appendix: Group Overview p. 57 - p. 66 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: Review of Commitment for FYE Mar. 2025
Review of Commitment for FYE Mar. 2025 Steadily implemented the growth strategies of each group company, investment in growth areas, and management that is more conscious of cost of capital and stock price. Laid a foundation for further growth. Commitment for FYE Mar. 2025 Results ・Strengthening par
Slide 6: Reform of Business Segments
Reform of Business Segments Completed optimization of business portfolio, and reformed business segments from April 2025. ※Shareholding ratio below in the chart means economic interest. (TSE：8698) Listed Holding Company Segments New Asset Management Online Brokerage Crypto Asset Investment Others We
Slide 7: Growth Investment
Growth Investment Incorporating technological advances, the Company has created and expanded its business with proactive growth investments to provide innovative values. Spread of the Internet Advances in Technology Emergence of Blockchain Evolution of AI and Other Tech Trends Asset Corporate Busine
Slide 8: Growth Investment in Westfield Capital Management Company, L.P.
Growth Investment in Westfield Capital Management Company, L.P. Monex Group acquired a 20% stake in Westfield Capital Management Company, L.P. and made it an equity method affiliate of the company. Overview of Westfield Capital Management Company, L.P. 3 Years of Historical AUM Westfield expanded it
Slide 9: Commitment for FYE Mar. 2026
Commitment for FYE Mar. 2026 Promote the pursuit of synergies among group this fiscal year in addition to the 3 main commitments for FYE Mar. 2025. Commitment for FYE Mar. 2026 1. Growth Strategies and Profitability 1. Growth Strategies and Profitability - Profit Growth in Existing Businesses - Prof
Slide 10: Pursuit of Group Synergies
Pursuit of Group Synergies Aim at increasing corporate value by fostering group synergy rather than just growing at each company. (TSE：8698) Synergy within segments Synergy between segments Listed Holding Company Segments New Asset Management Online Brokerage Crypto Asset Investment Others Wealth Ma
Slide 11: Consolidated Pre-tax Income (QoQ)
Consolidated Pre-tax Income (QoQ) In this quarter additional one-time De-SPAC related professional fees of CCG were recorded. Valuation gains and losses on investment securities due to foreign exchange fluctuations and others were also recorded. Normalized (Million JPY) One-time expense and others p
Slide 12: Consolidated Pre-tax Income (YoY)
Consolidated Pre-tax Income (YoY) Although profit contributions from Monex Securities decreased due to the capital and business alliance with NTT DOCOMO starting in January 2024, TradeStation has recorded its highest profit since joining our group. (Million JPY) +8%(YoY) Gains on sales of shares in
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 October 2024. Disciplined Capital Management (announced on Oct. 28, 2024) 1. ROE target is 15%. 2. Promote growth investment and pursue sustainable pr
Slide 14: II. Consolidated Performance
Ⅱ. Consolidated Performance 13
Slide 15: Highlights 4Q of FYE Mar. 2025 (3 months)
Highlights 4Q of FYE Mar. 2025 (3 months) The U.S. brokerage business recorded its highest quarterly revenue on a USD basis. On the other hand, one-time expenses related to De-SPAC listing of Coincheck Group were additionally recorded in this quarter, resulting in consolidated quarterly profit* of ￥
Slide 16: QoQ Comparison (3 months) Consolidated Performance
QoQ Comparison (3 months) Consolidated Performance FYE Mar. 2025 FYE Mar. 2025 (JPY million) 3Q 4Q Variance Rate of change (Oct. 2024– Dec. 2024) (Jan. 2025– Mar. 2025) Adjusted for Adjusted for Adjusted for Adjusted for Actuals one-time Actuals one-time Actuals one-time Actuals one-time factors fac
Slide 17: QoQ Comparison (3 months) Segment Performance
QoQ Comparison (3 months) Segment Performance Japan US Crypto Asset Investment (JPY million) 2025/3 2025/3 2025/3 2025/3 2025/3 2025/3 2025/3 2025/3 3Q 4Q 3Q 4Q 3Q 4Q 3Q 4Q Total operating revenue after deducting financial expenses and cost of sales 2,490 2,241 11,086 11,552 4,790 3,525 -61 -295 SG&
Slide 18: QoQ Analysis: Operating Revenue (Japan)
QoQ Comparison (3 months) Analysis: Operating Revenue Japan: Although revenue declined due to the impact of high volatility and market instability, the performance of the Monex Activist Fund remained strong. Total operating revenue after deducting Quarterly total operating revenue after deducting fi
Slide 19: QoQ Analysis: SG&A (Japan)
QoQ Comparison (3 months) Analysis: SG&A Japan: Overall expenses were controlled and remained almost the same level from the previous quarter. Total SG&A Total SG&A +1.2％ (+30) *Figures in parentheses indicate the variance from the previous quarter (JPY million) (JPY million) 3,000 2,822 2,641 ■ Oth
Slide 20: QoQ Analysis: Operating Revenue (USD) US
QoQ Comparison (3 months) Analysis: Operating Revenue (USD) US: As a result of higher market volatility, commissions grew as trading volume increased and net financial income remained steady, achieving the highest revenue ever. Total operating revenue after deducting Quarterly total operating revenu
Slide 21: QoQ Analysis: SG&A (USD) US
QoQ Comparison (3 months) Analysis: SG&A (USD) US: Commissions paid and association dues increased in line with futures revenue growth. Advertising expenses increased as planned as March quarter represents the most optimal time to acquire clients. Total SG&A Total SG&A +4.3%（+2,546） Figures in paren
Slide 22: QoQ Analysis: Operating Revenue Crypto
QoQ Comparison (3 months) Analysis: Operating Revenue Crypto: Revenue decreased as marketplace trading volume decreased. Revenue from staking service, launched in January 2025, is recorded under “Other.” Total operating revenue after deducting Quarterly total operating revenue after deducting financ
Slide 23: QoQ Analysis: SG&A Crypto
QoQ Comparison (3 months) Analysis: SG&A Crypto: Additional one-time professional fees related to the De-SPAC were recorded while other expenses were maintained at appropriate levels. Total SG&A Total SG&A -41.8%（-2,652） Total SG&A excluding one-time professional fees -14.7%（-435） （JPY million） Figu
Slide 24: Monex Securities QoQ Net Operating Revenue
Reference: Monex Securities QoQ Comparison (3 months) Analysis: Net Operating Revenue Monex Securities: Trading volume increased in a challenging market. On the other hand, mutual funds related revenues rose with short-term interest rates rise. Net operating revenue (JGAAP) Net operating revenue -4.
Slide 25: Monex Securities QoQ SG&A
Reference: Monex Securities QoQ Comparison (3 months) Analysis: SG&A Monex Securities: Increase in new account openings led to an increase in affiliate advertising expenses. Total SG&A(JGAAP) Total SG&A +1.4％ (+110) *Figures in parentheses indicate the variance from the previous quarter (JPY million
Slide 26: Highlights of FYE Mar. 2025 (12 months)
Highlights of FYE Mar. 2025 (12 months) In addition to the stable performance of Japan and U.S. brokerage business, the revenue of Coincheck was significantly increased. On the other hand, one-time expenses related to the De-SPAC listing of Coincheck Group were recorded, resulting in a consolidated
Slide 27: YoY Comparison (12 months) Consolidated Performance
YoY Comparison (12 months) Consolidated Performance FYE Mar. 2024 FYE Mar. 2025 (JPY million) Variance Rate of change (Apr. 2023 – Mar. 2024) (Apr. 2024 – Mar. 2025) Adjusted for Adjusted for Adjusted for Adjusted for Actuals one-time Actuals one-time Actuals one-time Actuals one-time factors factor
Slide 28: YoY Comparison (12 months) Segment Performance
YoY Comparison (12 months) Segment Performance Japan US Crypto Asset Asia Pacific*4 Investment (JPY million) 2024/3 2025/3 2024/3 2025/3 2024/3 2025/3 2024/3 2025/3 2024/3 2025/3 Total operating revenue after deducting Record financial expenses and cost of sales 28,989 9,314 41,621 9,231 13,448 939
Slide 29: YoY Analysis: Operating Revenue (Japan)
YoY Comparison (12 months) Analysis: Operating Revenue Japan: Deconsolidation of Monex Securities lightened the revenue structure since Q4 FYE2024 Mar. Monex Securities’ business performance has been recorded as a profit of equity method investment within non-operating revenue. Total operating reven
Slide 30: YoY Analysis: SG&A (Japan)
YoY Comparison (12 months) Analysis: SG&A Japan: With the deconsolidation of Monex Securities, SG&A related to Monex Securities has been eliminated from Q4 FYE2024 Mar. Total SG&A Total SG&A -58.9％ (-15,003) *Figures in parentheses indicate the variance from the previous year (JPY million) (JPY mill
Slide 31: YoY Analysis: Operating Revenue (USD) US
YoY Comparison (12 months) Analysis: Operating Revenue (USD) US: Other commissions increased due to strong trading volume of equities and options from high value customer base. Annual revenue was the highest ever. Total operating revenue after deducting Total operating revenue after deducting financ
Slide 32: YoY Analysis: SG&A (USD) US
YoY Comparison (12 months) Analysis: SG&A (USD) US: Information expenses decreased as TradeStation started to charge their customers for futures market data fees. Overall expenses have been maintained at appropriate levels. Total SG&A Total SG&A -2.1%（-5,095） *Figures in parentheses indicate the var
Slide 33: YoY Analysis: Operating Revenue Crypto
YoY Comparison (12 months) Analysis: Operating Revenue Crypto: Revenue increased as a result of the booming crypto asset market and implementation of IEO (Initial Exchange Offering) in 1Q. Total operating revenue after deducting Quarterly total operating revenue after deducting financial financial e
Slide 34: YoY Analysis: SG&A Crypto
YoY Comparison (12 months) Analysis: SG&A Crypto: One-time professional fees related to the De-SPAC were recorded. Advertising expenses increased due to TV commercials aired in the first half of the year but other expenses were appropriately controlled. Total SG&A Total SG&A +116.7%（+7,886） Total SG
Slide 35: Monex Securities YoY Net Operating Revenue
Reference: Monex Securities YoY Comparison (12 months) Analysis: Net Operating Revenue Monex Securities: Account transfer from AEON Bank and capital & business alliance with NTT DOCOMO have led to a significant growth in mutual funds related revenues. Fixed income related revenue increased due to gr
Slide 36: Monex Securities YoY SG&A
Reference: Monex Securities YoY Comparison (12 months) Analysis: SG&A Monex Securities: Advertising expenses increased due to a collaborative marketing with NTT DOCOMO. Commissions paid for mutual funds and fixed income increased driven by expansion of the intermediary business. Total SG&A Total SG&
Slide 37: Additional Shareholder Distribution
Additional Shareholder Distribution In accordance with the shareholder return policy that came into effect on Jan.4, 2024, a share buyback program is proceeding. Capital Management Overview of Share Buyback Announced the following share buyback on Jul. 26, 2024 The Company aims to achieve an ROE of
Slide 38: Shareholder Distribution (Actual and Forecast)
Shareholder Distribution (Actual and Forecast) The Company is in the middle of a share buyback period, while at the same time it announced a special year-end dividend. Dividend Per Share TSR (Total Shareholders Return: five-year basis) 30.4 (JPY) 45 (Forecasted) Interim Year-end Special Monex Group,
Slide 39: III. Business Update
MONEX GROUP Il. Business Update 38
Slide 40: Assets Under Custody and Assets Under Management
Assets Under Custody and Assets Under Management Monex Group's total assets under custody and assets under management increased to 11.3 trillion yen, steadily expanding the Group's business base. Assets under Custody and Assets under Management of Major Group Companies (Trillion JPY) Total ¥11.3 T 1
Slide 41: Monex Securities 1/2
Monex Securities 1/2 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. Customer Assets at Monex Securities 15 Trillion JPY 5 Million accounts Mutual Fund Others Japanese
Slide 42: Monex Securities 2/2
Monex Securities 2/2 Has launched a “periodic purchasing service using d CARD*” and “d ACCOUNT* linkage service,” etc. through the alliance with NTT DOCOMO. The partnership will keep striving for creating benefits to the users of this ecosystem. Under Development ddアカウント ACCOUNT* d Payment app dカード積
Slide 43: TradeStation 1/4
TradeStation 1/4 Increase of futures trading drove 4Q revenue growth. TradeStation continues to expand revenue by increasing its target customers*1 through outbound sales and API integration with third parties. DARTs Trends Revenue from Target Customers*1 （USD Million） Revenue from target customers
Slide 44: TradeStation 2/4
TradeStation 2/4 Net interest income from customer deposits remained steady. TradeStation will continue to manage its cash portfolio to optimize revenues in a potential downward rate environment. Interest on Customer Cash ・Interest income from customer cash deposits ($2.5B, average for the 4Q) benef
Slide 45: TradeStation 3/4
TradeStation 3/4 Leveraging such as award-winning products and concierge services to enhance customer experiences, aiming at increasing revenue from target customers. TradeStation’s Value Creation Cycle Product and Services Award-winning sophisticated and active trader brokerage and analysis technol
Slide 46: TradeStation 4/4
TradeStation 4/4 In order to create the ultimate trading experience for traders, TradeStation continues to build on the successful launch of Hub, increase automation, and capitalize on extended trading hours. HUB – The All-New Core of TradeStation Extended Market Hours and PFOF (Equity) Expansion In
Slide 47: The Future Outlook of Coincheck Group N.V. (CCG)
The Future Outlook of Coincheck Group N.V. (CCG) Recently having become a Nasdaq-listed public company helps increase CCG’s ability to expand through acquisitions and to attract top executive and technology talent. The Future Outlook of CCG Non-financial business Domestic and non- Global and non- fi
Slide 48: Next Finance Tech Co, Ltd (NFT) Now Part of CCG
Next Finance Tech Co, Ltd (NFT) Now Part of CCG NFT, which we believe is the only Japanese company that offers a crypto staking platform vendor service in Japan, will both enhance Coincheck, Inc.’s staking product and be better positioned to offer its services globally. Services of NFT Customers Bef
Slide 49: Coincheck 1/3
Coincheck 1/3 With its strong reputation and large customer base, Coincheck promotes not only trading services but services for corporate entities and institutional investors to support their web3 business. Moat of Coincheck and Its Growth Strategy 3 Main Business Domains Main Services and Products
Slide 50: Coincheck 2/3
Coincheck 2/3 Coincheck continues to attract customers as one of Japan’s premier and most trusted crypto assets trading platform. Crypto asset exchange and marketplace App Downloads Share by Accounts*2 Coincheck’s Wallet Management for Crypto Asset No.1 domestic market share for 18% 2.29M - In order
Slide 51: Coincheck 3/3
Coincheck 3/3 Coincheck is the leading player in the Japanese IEO market, completing the most IEOs. It is now preparing for the 4th IEO with Fanpla. Track Record of IEO Implementations Led by Coincheck 1st IEO：PLT 3rd IEO：BRIL 4th IEO (Scheduled) Completed in 2Q of FYE Mar. 31, 2022 Completed in 1Q
Slide 52: Monex Asset Management
Monex Asset Management Monex Asset Management has reached approximately ¥700B AUM(asset under management) and will continue to focus on the asset management business to expand. Asset Under Management of ■ Robo-advisor services Robo-advisor service and Monex Activist Fund*1 ON COMPASS (JPY Billion) A
Slide 53: Monex Activist Fund (MAF)
Monex Activist Fund （MAF） Monex Activist Fund pursues the improvement in capital productivity of listed companies and the development of capital markets in Japan. Its performance has been strongly supported by the engagements with portfolio companies. Performance Comparison of MAF and TOPIX MAF Pric
Slide 54: 3iQ Digital Holdings Inc.
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. 3iQ Digital Holdings Inc. ■ Business Overview ■ Asset Under Mana
Slide 55: 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 ST
Slide 56: Others (Monex Life Settlement, Inc.)
Others (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 pur
Slide 57: Sustainability
Sustainability Strengthening disclosure of information on innovation as a growth strategy. Disclosure of Innovation Creation Mechanisms Four Special Features Latest Information Added to Website 1. Foresights : Grasping change and creating new business opportunities 2. Risk-taking : Accelerate growth
Slide 58: Appendix: Group Overview
MONEX GROUP Appendix: Group Overview 57
Slide 59: Appendix: Highlights 4Q of FYE Mar. 2025 (3 months) 1/3
Appendix: Highlights 4Q of FYE Mar. 2025 (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 60: Appendix: Highlights 4Q of FYE Mar. 2025 (3 months) 2/3
Appendix: Highlights 4Q of FYE Mar. 2025 (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 61: Appendix: Highlights 4Q of FYE Mar. 2025 (3 months) 3/3
Appendix: Highlights 4Q of FYE Mar. 2025 (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) Investment 500 0 -2
Slide 62: Appendix: Highlights FYE Mar. 2025 (12 months) 1/3
Appendix: Highlights FYE Mar. 2025 (12 months) 1/3 ◆Total operating revenue after deducting financial expenses and cost of sales, and profit attributable to owners of the Company (JPY million) Total operating revenue after deducting financial expences Profit attributable to owners of the Company Pre
Slide 63: Appendix: Highlights FYE Mar. 2025 (12 months) 2/3
Appendix: Highlights FYE Mar. 2025 (12 months) 2/3 ◆Total operating revenue after deducting financial expenses and cost of sales, and Segment profit Total operating revenue after deducting financial expences and cost of sales Segment profit (JPY million) 50,000 45,116 41,621 40,000 34,503 US 30,000
Slide 64: Appendix: Highlights FYE Mar. 2025 (12 months) 3/3
Appendix: Highlights FYE Mar. 2025 (12 months) 3/3 ◆Total operating revenue after deducting financial expenses and cost of sales, and Segment profit (JPY million) 2,000 Investment 1,000 509 438 465 376 308 216 104 13 0 2021/3 2022/3 2023/3 2024/3 2025/3 -1,000 -509 -697 63
Slide 65: Consolidated balance sheet
Consolidated balance sheet Key points of the consolidated balance sheet of Monex Group 1. The holding company Monex Group, Inc. maintains a net cash position at the end of the current period. 2. Trust assets, which are segregated deposits received from customers and guarantee deposits received, acco
Slide 66: 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 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 • President : Yuko Seimei trading app downloads in Japan for 6
Slide 68: © Monex Group, Inc. www.monexgroup.jp/
© Monex Group, Inc. www.monexgroup.jp/