Earnings Report for First Three Quarters of Fiscal 2025

Released on January 29, 2026 (English translation for reference purposes only)

（April 1 to December 31, 2025）

(Consolidated under Japanese GAAP)

Name of Company: Ichiyoshi Securities Co., Ltd.

Listed on: Tokyo Stock Exchange (Prime Section) (Stock code: 8624)

Corporate representative: Mr. Hirofumi Tamada, President & Representative Executive Officer Inquiry to: Mr. Hiroki Kamijo, Executive Chief of Finance and Planning

Tel: (03) 4346-4512 (URL https://www.ichiyoshi.co.jp) Supplementary documents for earnings: Provided.

Earnings-reporting meeting: None.

(Figures less than one million yen are discarded)

1. Highlights of consolidated business result (in millions of yen except for per-share figures)

   (% shows year-on-year change)

   	Operating revenue	(%)	Net operating revenue	(%)	Operating profit	(%)	Ordinary profit	(%)
   Nine months	17,217	(+19.1)	17,172	(+19.0)	3,670	(+80.2)	3,753	(+77.0)
   ended December 31, 2025
   Nine months	14,457	(+7.1)	14,428	(+7.0)	2,036	(+28.7)	2,120	(+30.2)
   ended December 31, 2024

   	Profit attributable to	(%)	Earnings per share		Diluted earnings per share
   	owners of parent
   Nine months	2,516	(+80.3)	78.78	yen	78.59	yen
   ended December 31, 2025
   Nine months	1,395	(+25.3)	41.52	yen	41.33	yen
   ended December 31, 2024

   Note: Comprehensive income for the first three quarters of fiscal 2025: 2,505 million yen (+80.4%) Comprehensive income for the first three quarters of fiscal 2024: 1,389 million yen (+21.0%)

2. Consolidated financial condition (in millions of yen)

Note: Shareholders' equity as of December 31, 2025: 28,600 million yen Shareholders' equity as of March 31, 2025: 27,418 million yen

Additional points to note:

1. Quarterly earnings figures included in this report are not subject to reviewing by certified public accountants or accounting office.

2. Explanation for proper use of earnings forecast and other special points to note:

For the same reason that the Company does not provide an earnings forecast prior to the end of each quarter as stated in " 3. Outlook for Business Result for Fiscal 2025 (from April 1, 2025 to March 31, 2026)" on page 2, the Company does not provide a dividend forecast.

1. Outline of Business Result
   1. Outline on Business Result for the First Three Quarters of Fiscal 2025

      During the first three quarters of fiscal 2025, the Japanese economy remained on a mild recovery path while it was affected by U.S. tariffs. Individual consumption continued its recovery path, sustained by an improvement on employment and income, amid continuous rises of prices. On the corporate side, production activities showed some signs of weakness in certain areas while equipment investments such as those for DX purposes continued to grow steadily. Meanwhile, the global economy maintained its solid growth amid a declining inflationary pressure despite uncertainties resulting from U.S. tariff policies.

      The Japanese stock market rose substantially with the Nikkei Stock Average (the Nikkei Average) on the Tokyo Stock Exchange (the TSE) going above the 50,000 yen level in October for the first time in its history. The Nikkei Average started off the period on a weak tone buffeted by the Trump tariffs and fell down to 31,136 yen on April 7, 2025, Thereafter, however, a sense of security spread as Japan and the U.S. agreed on reciprocal tariffs in the latter half of July and fears over the worsening relations between the U.S. and China eased. On the U.S. side, interest cuts resumed amid the declining inflationary pressure, and expectations for AI-related growth rose, speeding up the rise of the U.S. stock market. In Japan, similar expectations spilled over to buying of semiconductor- and AI-related stocks. Furthermore, expectations for a proactive fiscal policy by the New Takaichi Government pushed up the Nikkei Average to 52,636 yen on November 4, the record intra-day high. Thereafter, however, the Nikkei Average underwent corrective stages as AI- and semiconductor-related stocks were seen as relatively too expensive. In the meantime, TOPIX recorded a historical high on December 15. The Nikkei Average closed the period at 50,339 yen.

      In the foreign currency market, the yen rate against the U.S. dollar was on the 149 yen per 1

      U.S. dollar level at the beginning of the period. The yen strengthened to 139 yen per 1 U.S. dollar on April 22. From the summer on, depreciation pressure on the yen increased. The yen recorded the higher side of the 157 yen per 1 U.S. dollar level on November 20. Levelling off thereafter, the yen closed the period at the 156 yen per 1 U.S. dollar level.

      In the Growth Section of the TSE for companies with high growth potential, the TSE Growth Section Index started the period at 820. The Index plummeted to 686 on April 7. Thereafter, it began to rebound, rising to 1,037 on August 19. Then, it started to adjust again, closing the period at 883. TSE Growth Section 250 Index began the period at 636 and plummeted to 534 on April 7. Thereafter, the Index rebounded, registering 800 on August 19, but ended the period at 675.

      In the Prime Section of the TSE, the average daily turnover was 6,022.2 billion yen. In the Standard Section of the TSE, the average daily turnover was 194.0 billion yen. In the Growth Section of the TSE, the average daily turnover was 195.4 billion yen.

      Under these circumstances, the Company has been exerting its efforts to build customer-focused "Stock-Type Business Model" and increase core-stock assets in fund-wrap accounts and investment trust funds in order to expand its customers' assets in custody to 3 trillion yen as a numerical target under the Medium-Term Management Plan "3・D."

      The Company regards the cost coverage ratio as an important management index which indicates the degree of the Company's advance towards "Stock-Type Business Model"

      (asset-accumulation type business model). The cost coverage ratio for the first three quarters of fiscal 2025 was 80.2%, up from 72.3% for the year-earlier period.

      (The cost coverage ratio is the ratio at which the sum of fund management fees, trailer fees and wrap-account fees cover selling, general and administrative expenses.)

      Also, fees on stable-income sources accounted for 64.8% of total fees and commissions

      received, up from 63.5%.

      With regard to "Dream Collection," a fund wrap account vehicle and a core of "Stock-Type Business Model" with its ten-year anniversary behind, it enjoys an increasing popularity among customers as a medium- to long-term investment vehicle for customers' conservative assets. Its outstanding balance as of December 31, 2025, amounted to 421 billion yen, up 33.8%.

      The Company started new services from 2024: namely, "Dre-Colle NISA" (which can be used as a growth investment frame for NISA investments) and "Dre-Colle Mini" (which is an automatic monthly subscription type). By combining "Dre-Colle Pass" (which makes the succession of the fund to next generations possible without cashing in the fund) with the new two services, the Company can support its clients' asset-formation for a medium- to long-term across generations.

      With respect to investment trust funds (other than Dream Collection), the Company has recommended stock funds matching customers' needs, such as "BlackRock World High Dividend Equity Open," "Ichiyoshi Japan Select Dividend Equity & J-REIT Fund" and "Ichiyoshi Global Equity Fund."

      The outstanding balances of these funds as of December 31, 2025, amounted to 864.9 billion yen, up 7.3%.

      With respect to Ichiyoshi Asset Management Co., Ltd. the assets under its management continued to increase and amounted to recorded 719 billion yen as of December 31, 2025, up 22.3%.

      With respect to activities on stocks, the Company has proposed to customers asset-backed stocks with stress on stability and stable dividends under inflationary circumstances. In addition, the Company has recommended to customers investment in small- and medium-cap growth stocks selected based on Ichiyoshi Research Institute's strength in research. The Company has thus continued to make various proposals and recommendations to promote stocks as means of medium-to long-term asset-formation.

      Under such environment and activities, net operating revenue for the first three quarters of fiscal 2025 amounted to 17,172 million yen, up 19.0% from the first three quarters of fiscal 2024. Selling, general and administrative expenses amounted to 13,502 million yen, up 9.0%. Hence, operating profit registered 3,670 million yen, up 80.2%.

      Customers' assets in custody as of December 31, 2025, amounted to 2,600.9 billion yen, up 18.0%.

      Set forth below are revenue sources, cost and expenses and financial condition.

      1. Commissions and fees received

         Total commissions for the first three quarters of fiscal 2025 amounted to 16,719 million yen, up

         18.5 % from the year-earlier period.

         1. Brokerage commissions

            Total brokerage commissions on stocks rose 23.6% to 4,119 million yen. Brokerage commissions on small- and medium-cap stocks registered 472 million yen, up 35.5%, accounting for 11.5% of total brokerage commissions on stocks.

         2. Fees for offering, secondary distribution and solicitation for selling and others for professional investors

            Fees on investment trust funds amounted to 1,285 million yen, down 2.3%. Thus, total fees for offering, secondary distribution and solicitation for selling and others for professional investors recorded 1,293 million yen, down 2.4%.

         3. Other fees received

         The trailer fees related to the outstanding balances of investment trusts under custody registered 4,160 million yen, up 20.6%. Fees on fund-wrap accounts amounted to 4,414 million yen, up 23.5%. Investment trust management fees at Ichiyoshi Asset Management Co., Ltd. recorded 2,254 million yen, up 16.4%. Thus, total other fees received amounted to 11,238 million yen, up 19.8%.

      2. Gains or loss on trading

         Trading in stocks, etc. recorded net gains of 59 million yen, up 199.4% from the year-earlier period. Trading in bonds and foreign exchange, etc. registered net gains of 96 million yen, up 433.6%. As a result, total net gains on trading amounted to 156 million yen, up 310.8%.

      3. Net Financial revenue

         Interest and dividend income rose 14.1% to 145 million yen. Interest expenses grew 53.2% to 44 million yen. As a result, net financial revenue recorded 101 million yen, up 2.6%.

         Resultantly, net operating revenue for the first three quarters of fiscal 2025 stood at 17,172 million yen, up 19.0% from the year-earlier period.

      4. Selling, general and administrative expenses

         Selling, general and administrative expenses rose 9.0% to 13,502 million yen chiefly as personnel expenses increased.

      5. Non-operating income and expenses

         The Company recorded non-operating income of 84 million yen, mainly consisting of investment gains of 23 million yen on investment partnerships and 20 million yen in the form of insurance proceeds, dividends etc. and non-operating loss of approximately 1 million yen, mainly in the form of loss on cancellation of leases. As a result, net non-operating income amounted to 82 million yen, down 0.6%.

         Resultantly, current profit for the first three quarters of fiscal 2025 amounted to 3,753 million yen, up 77.0%.

      6. Extraordinary income and loss

      Extraordinary income registered 34 million yen, mainly consisting of gains of 33 million yen on sales of investment securities. After deducting extraordinary loss on disposal of fixed assets, net extraordinary income amounted to 33 million yen, up 479.0%.

      Resultantly, income before taxes and tax adjustments for the first three quarters of fiscal 2025 registered 3,787 million yen, up 78.1%, and net income attributable to owners of parent (after deduction of corporate income taxes, resident's taxes and enterprise taxes in the aggregate amount of 1,197 million yen and corporate tax adjustments of 72 million yen) recorded 2,516 million yen, up 80.3%.

   2. Outline on Financial Condition for the First Three Quarters of Fiscal 2025

      1. Assets

         Assets amounted to 58,464 million yen as of December 31, 2025, an increase of 16,563 million yen (up 39.5%) from March 31, 2025, mainly as cash and deposits rose by 16,469 million yen.

      2. Liabilities

         Liabilities stood at 29,820 million yen as of December 31, 2025, a rise of 15,381 million yen (up 106.5%) from March 31, 2025, mainly as deposits received swelled by 14,293 million yen and guarantee deposits received rose by 623 million yen.

      3. Net worth

         Net worth amounted to 28,644 million yen as of December 31, 2025, a rise of 1,182 million yen (up 4.3%) from March 31, 2025. The rise resulted mainly as the Company registered net income (payable to owners of parent) of 2,516 million yen while the Company paid dividends in the amount of 1,502 million yen.

         As a result, shareholders' equity ratio as of December 31, 2025, stood at 48.9% as compared to 65.4% as of March 31, 2025.

         Capital adequacy ratio as of December 31, 2025, as defined under regulations, recorded 441.4%, as compared to 448.0% as of March 31, 2025.

2. Quarterly Consolidated Financial Statements

   1. Quarterly Consolidated Balance Sheets

      (in millions of yen)

      As of March 31 As of December 31 2025 2025

      Assets Current assets
      Cash and deposits	15,333	31,803
      Segregated deposits	6,965	7,015
      Trading products	0	0
      Derivatives	0	0
      Trade date accrual	6	-
      Margin transaction assets	8,332	7,258
      Margin loans	8,297	7,169
      Cash collateral provided for securities borrowed in margin transactions	35	89
      Loans secured by securities	70	4
      Cash collateral provided for securities borrowed	70	4
      Advances paid	135	17
      Deposits paid for underwritten offering, etc.	2,654	3,431
      Short-term loans receivable	35	17
      Accrued revenue	2,240	2,920
      Other current assets	155	161
      Allowance for doubtful accounts	â–³ 3	â–³ 2
      Total current assets	35,927	52,628
      Non-current assets
      Property, plant and equipment	2,912	2,826
      Buildings, net	973	910
      Equipment	592	559
      Land	1,329	1,329
      Leased assets, net	16	27
      Intangible assets	750	938
      Software	749	937
      Other	1	0
      Investments and other assets	2,310	2,070
      Investment securities	731	531
      Long-term loans receivable	19	14
      Long-term guarantee deposits	929	921
      Retirement benefit asset	501	541
      Deferred tax assets	131	64
      Other	75	76
      Allowance for doubtful accounts	â–³79	â–³79
      Total non-current assets	5,972	5,835
      Total assets	41,900	58,464
      Liabilities Current liabilities Trade date accrual	-	0
      Margin transaction liabilities	2,018	1,875
      Margin borrowings	1,967	1,704
      Cash received for securities sold in margin transactions	50	170
      Borrowings secured by securities	26	33
      Cash collateral received for securities lent	26	33
      Deposits received	8,913	23,207
      Guarantee deposits received	590	1,213
      Short-term borrowings	230	230
      Lease liabilities	7	8
      Income taxes payable	478	867
      Provision for bonuses	759	662
      Other current liabilities	1,092	1,412
      Total current liabilities	14,116	29,510
      Non-current liabilities
      Long-term borrowings	66	51
      Lease liabilities	9	19
      Deferred tax liabilities for land revaluation	8	8
      Other noncurrent liabilities	34	26
      Total non-current liabilities	118	105
      Reserves under special laws
      Reserve for financial instruments transaction liabilities	203	203
      Total reserves under special laws	203	203
      Total liabilities	14,438	29,820
      Net assets Shareholders' equity Share capital	14,577	14,577
      Capital surplus	3,930	3,915
      Retained earnings	14,354	15,368
      Treasury shares	â–³ 4,484	â–³ 4,291
      Deposits for subscriptions of treasury shares	-	0
      Total shareholders' equity	28,377	29,570
      Accumulated other comprehensive income
      Valuation difference on available-for-sale securities	70	71
      Revaluation reserve for land	â–³1,125	â–³1,125
      Remeasurements of defined benefit plans	95	83
      Total accumulated other comprehensive income	â–³ 958	â–³ 970
      Share acquisition rights	43	43
      Total net assets	27,461	28,644
      Total liabilities and net assets	41,900	58,464

   2. Quarterly Consolidated Income Statements and Quarterly Comprehensive Income Statements Quarterly Consolidated Income Statements

      (in millions of yen)

      	Fiscal year ended December 31,2024		Fiscal year ended December 31,2025
      Operating revenue
      Commission received		14,113		16,719
      Net trading income		38		156
      Financial revenue		127		145
      Other operating revenue		177		195
      Total operating revenue		14,457		17,217
      Financial expenses		28		44
      Net operating revenue		14,428		17,172
      Selling, general and administrative expenses
      Trading related expenses		1,078		1,132
      Personnel expenses		6,737		7,546
      Real estate expenses		1,736		1,798
      Office expenses		1,695		1,845
      Depreciation		363		319
      Taxes and dues		216		248
      Other		563		610
      Total selling, general and administrative expenses		12,391		13,502
      Operating profit		2,036		3,670
      Non-operating income
      Dividends from investment securities		16		19
      Gain on investments in investment partnerships		27		23
      Insurance claim and dividend income		20		20
      Other		18		20
      Total non-operating income		83		84
      Non-operating expenses Loss on investments in investment partnerships	0		0
      Loss on cancellation of leases	-		1
      Other	0		0
      Total non-operating expenses	0		1
      Ordinary profit	2,120		3,753
      Extraordinary income
      Gain on sale of investment securities	10		33
      Gain on reversal of share acquisition rights	0		1
      Total extraordinary income	10		34
      Extraordinary losses
      Loss on sale of investment securities	4		-
      Loss on retirement of non-current assets	0		0
      Settlement payments	-		0
      Total extraordinary losses	4		0
      Profit before income taxes	2,125		3,787
      Income taxes - current	623		1,197
      Income taxes - deferred	106		72
      Total income taxes	730		1,270
      Profit	1,395		2,516
      Profit attributable to owners of parent	1,395		2,516

      Quarterly Consolidated Comprehensive Income Statements
      			(in millions of yen)
      	Fiscal year ended		Fiscal year ended
      	December 31,2024		December 31,2025
      Profit Other comprehensive income		1,395	2,516
      Valuation difference on available-for-sale securities Remeasurements of defined benefit plans, net of tax		14 â–³20	0 â–³12
      Total other comprehensive income		â–³6	â–³11
      Comprehensive income		1,389	2,505
      Comprehensive income attributable to
      Comprehensive income attributable to owners of parent		1,389	2,505

   3. Notes to Consolidated Financial Statements for the First Three Quarters of Fiscal 2025

      (Changes in accounting policies and accounting estimates and restatement of financial statement) None.

      (Application of accounting methods specific to preparation of financial statements for the first three quarters of fiscal year)

      None.

      (Notes to segment information) [Segment information]

      Since the Company and its group companies are engaged in one single segment of business

      defined as "investment and finance services," the description of segment information is omitted.

      (Notes if there are significant changes in the amount of shareholders' equity) None.

      (Notes on going concern assumption) None.

      (Notes to cash flow statement)

      The cash flow statement for the first three quarters of fiscal 2025 is not prepared. The amount of consolidated depreciation (which includes the amount of depreciation for intangible fixed assets) for the first three quarters of fiscal 2025 was 319 million yen as compared with 363 million yen for the year-earlier quarter.

3. Supplementary Information for First Three Quarters of Fiscal 2025

1. Commissions and fees received

   1. Commissions and fees by sources (in millions of yen)

      First three quarters of fiscal year ended year-on-year

      Fiscal year ended

      December 31, 2024 December 31, 2025

      change

      March 31, 2025

      Brokerage commissions		3,404		4,188		23.0 %		4,413
      (Stocks)	(	3,332	) (	4,119	) (	23.6 % )	(	4,320	)
      (Beneficiary certificates)	(	71	) (	68	) ( â–³	4.7 % )	(	93	)
      Fees for offering, secondary distribution and solicitation for selling and others for		1,325		1,293	â–³	2.4 %		1,615
      professional investors
      (Beneficiary certificates)	(	1,315	) (	1,285	) ( â–³	2.3 % )	(	1,603	)
      Other fees received		9,384		11,238		19.8 %		12,317
      (Beneficiary certificates*1、2)	(	8,960	) (	10,829	) (	20.9 % )	(	11,756	)
      Total		14,113		16,719		18.5 %		18,346

      First three quarters of fiscal year ended year-on-year

      Fiscal year ended

      December 31, 2024 December 31, 2025

      change

      March 31, 2025

      Fees on beneficiary certificates as % total commissions and fees

      63.5 % 64.8 % 1.3 % 64.1 %

      *1 Breakdown of Beneficiary certificates (in millions of yen)

      First three quarters of fiscal year ended year-on-year

      Fiscal year ended

      December 31, 2024 December 31, 2025

      change

      March 31, 2025

      Trailer fees relating to balances of funds	3,450	4,160	20.6 %	4,538
      Fund management fees	1,936	2,254	16.4 %	2,594
      Fees from wrap-accounts	3,573	4,414	23.5 %	4,623
      Total	8,960	10,829	20.9 %	11,756

      *2 The ratio at which selling, general and administrative expenses are covered by fees on wrap-accounts and trailer and management fees on investment trust funds = Cost-coverage ratio

      (in millions of yen)

      First three quarters of fiscal year ended year-on-year

      December 31, 2024 December 31, 2025

      change

      Other fees (beneficiary certificates) 8,960 10,829 1,869

      Selling, general and administrative expenses

      12,391 13,502 1,110

      Cost-coverage ratio 72.3 % 80.2 % 7.9 %

   2. Amount of distribution(Beneficiary certificates) (in 100 millions of yen)

      First three quarters of fiscal year ended year-on-year

      Fiscal year ended

      December 31, 2024 December 31, 2025

      change

      March 31, 2025

      Beneficiary certificates		4,351		5,049		16.0 %		5,533
      (Front-end load fund)	(	558	) (	589	) (	5.7 % )	(	692 )
      (No-load fund)	(	3,793	) (	4,459	) (	17.6 % )	(	4,841 )

   3. Commissions by products (in millions of yen)

   First three quarters of fiscal year ended year-on-year

   Fiscal year ended

   December 31, 2024 December 31, 2025

   change

   March 31, 2025

   Stocks	3,349	4,133		23.4 %	4,341
   Bonds	18	17	â–³	6.4 %	19
   Beneficiary certificates	10,347	12,183		17.7 %	13,454
   Others	398	385	â–³	3.2 %	530
   Total	14,113	16,719		18.5 %	18,346

2. Net trading income (in millions of yen)

   First three quarters of fiscal year ended year-on-year

   Fiscal year ended

   December 31, 2024 December 31, 2025

   change

   March 31, 2025

   Stocks, etc.		19		59	199.4 %		25
   Bonds, foreign exchange, etc.		18		96	433.6 %		19
   (Bonds, etc.)	(	1	) (	0	) ( â–³ 30.3 %)	(	1 )
   (Foreign exchange, etc.)	(	17	) (	95	) ( 461.3 %)	(	18 )
   Total		38		156	310.8 %		45

3. Stock trading volume (excluding futures trading)

   (in millions of shares, millions of yen except brokerage commission per share)

   First three quarters of fiscal year ended year-on-year

   Fiscal year ended

   December 31, 2024 December 31, 2025

   change

   March 31, 2025

   Number of shares

   Amount Number of shares

   Amount Number of shares

   Amount Number of shares

   Amount

   Total	969	1,971,220	1,143	2,114,614	17.9%	7.3%	1,251	2,545,629
   (Dealing)	(2)	(2,825)	(5)	(6,487)	(97.6%)	(129.6%)	(3)	(3,457)
   (Brokerage)	(967)	(1,968,394)	(1,138)	(2,108,127)	(17.7%)	(7.1%)	(1,248)	(2,542,172)
   Brokerage ratio	99.7%	99.9%	99.6%	99.7%			99.8%	99.9%

   Share of transaction on

   TSE*

   Brokerage commission per share

   *Tokyo Stock Exchange, Inc.

   0.09% 0.10% 0.08% 0.09% 0.09% 0.09%

   3.44 yen 3.62yen 3.46 yen

4. Capital adequacy ratio (in millions of yen)

   First three quarters of fiscal year ended Fiscal year ended

   		December 31, 2024	December 31, 2025	March 31, 2025
   Basic items	(Ａ)	25,779	27,134		25,412
   Supplementary items	(ï¼¢)	â–³ 839	â–³ 805	â–³	820

   Valuation difference on available-for-sale securities	â–³	1,031	â–³	1,010	â–³	1,026
   Reserve for financial instruments transaction liability		189		203		203
   General allowance for doubtful accounts		1		1		2
   Deductible assets		(ï¼£)	5,921	6,179	6,097
   Equity capital (non-fixed)	(Ａ)＋(Ｂ)－(Ｃ)	(Ｄ)	19,017	20,149	18,494
   Amount of risk equivalent		(ï¼¥)	4,104	4,563	4,127
   Amount of market risk equivalent	12		17		13
   Amount of counterparty risk equivalent	477		698		409
   Amount of fundamental risk equivalent	3,614		3,848		3,704
   Capital adequacy ratio (Ｄ)／(Ｅ)×100(%)	463.3 %		441.4 %		448.0 %

   Note : The data in the table above are calculated based on figures adjusted after the settlement of accounts.

5. Quarterly Consolidated Income Statements for Recent Seven Quarters

(in millions of yen)

( END )