Stock Code：8624
November 27, 2025 Hirofumi Tamada
President, Representative Executive Officer
Ⅰ: Business Result (Cons olidated)1. Profit and Loss
Operating revenue amounted to 10,603 million yen, an increase of 878 million yen (up 9.0%) from the year-earlier period.
Current income amounted to 1,898 million yen, an increase of 315 million yen (up 20.0%) from the year-earlier period.
Net income attributable to owners of parent for first half of fiscal 2025 amounted to 1,286 million yen, an increase of 245 million yen (up 23.5%) from the year-earlier period.
(JPY mil.) (JPY mil.)
First half of fiscal 2024 | First half of fiscal 2025 | Year-on-year (%) | Year-on-Year | |
Operating revenue | 9,725 | 10,603 | 9.0% | 878 |
Net operating revenue | 9,706 | 10,572 | 8.9% | 866 |
Operating cost & expenses | 8,181 | 8,729 | 6.7% | 548 |
Operating income | 1,524 | 1,843 | 20.9% | 318 |
Current income | 1,582 | 1,898 | 20.0% | 315 |
Extraordinary income & loss | 1 | 33 | 2,321.6% | 32 |
Income taxes | 542 | 645 | 19.0% | 103 |
Net income attributable to owners of parent | 1,041 | 1,286 | 23.5% | 245 |
FY 2024 | FY 2025 | ||||
1Q | 2Q | 3Q | 4Q | 1Q | 2Q |
4,998 | 4,726 | 4,732 | 4,347 | 4,627 | 5,976 |
4,990 | 4,715 | 4,722 | 4,334 | 4,615 | 5,957 |
4,108 | 4,073 | 4,209 | 4,085 | 4,235 | 4,494 |
882 | 641 | 512 | 248 | 380 | 1,463 |
900 | 681 | 537 | 286 | 401 | 1,496 |
0 | 1 | 4 | ▲27 | 10 | 22 |
310 | 232 | 187 | 90 | 186 | 459 |
590 | 451 | 354 | 168 | 226 | 1,060 |
2. Breakdown of Net Operating Revenue
Commissions amounted to 10,259 million yen, an increase of 770 million yen (up 8.1%) from the year-earlier period, mainly due to increased in brokerage commissions and other sources (mainly trust fees on investment trusts).
(JPY mil.) (JPY mil.)
First half of fiscal 2024 | First half of fiscal 2025 | Year-on-year (%) | Year-on-year | |
Commissions | 9,488 | 10,259 | 8.1% | 770 |
Gains on trading | 25 | 110 | 330.8% | 84 |
Other operating balance | 125 | 142 | 13.6% | 17 |
Interest & dividend income | 66 | 60 | ▲7.9% | ▲5 |
Total | 9,706 | 10,572 | 8.9% | 866 |
FY 2024 | FY 2025 | ||||
1Q | 2Q | 3Q | 4Q | 1Q | 2Q |
4,882 | 4,606 | 4,624 | 4,232 | 4,419 | 5,839 |
20 | 5 | 12 | 7 | 75 | 35 |
56 | 69 | 52 | 64 | 86 | 56 |
31 | 34 | 32 | 29 | 34 | 26 |
4,990 | 4,715 | 4,722 | 4,334 | 4,615 | 5,957 |
3. Breakdown of Commission Revenue
Brokerage commissions on stocks amounted to 2,583 million yen, an increase of 291 million yen (up 12.7%) from the year-earlier period.
Commissions from distribution on investment trusts amounted to 766 million yen, a decrease of 151 million yen (down 16.5%) from the year-earlier period.
Commissions from other sources (mainly trust fees on investment trusts) amounted to 6,600 million yen, an increase of
669 million yen(up 11.3%) from the year-earlier period.
First half of fiscal 2024 | First half of fiscal 2025 | Year-on-year (%) | Year-on-year | |
Commissions | 9,488 | 10,259 | 8.1% | 770 |
Brokerage (Major item) | ||||
Stocks | 2,291 | 2,583 | 12.7% | 291 |
Distribution (Major item) | ||||
Investment trusts | 918 | 766 | ▲16.5% | ▲151 |
Commissions from other sources (Major items) | ||||
Investment trusts (trust fees, etc.) | 5,931 | 6,600 | 11.3% | 669 |
Other than investment trusts | 291 | 256 | ▲12.0% | ▲34 |
Total | 6,223 | 6,857 | 10.2% | 634 |
FY 2024 | FY 2025 | ||||
1Q | 2Q | 3Q | 4Q | 1Q | 2Q |
4,882 | 4,606 | 4,624 | 4,232 | 4,419 | 5,839 |
1,180 | 1,110 | 1,040 | 987 | 1,125 | 1,458 |
519 | 399 | 396 | 288 | 331 | 435 |
3,012 | 2,918 | 3,029 | 2,795 | 2,813 | 3,787 |
144 | 147 | 132 | 136 | 117 | 139 |
3,156 | 3,066 | 3,161 | 2,932 | 2,930 | 3,926 |
(JPY mil.) (JPY mil.)
4. Breakdown of Gains or loss on Trading
Net gains on trading amounted to 110 million yen, an increase of 84 million yen (up 330.8%) from the year-earlier period, chiefly as net trading income on forex increased.
(JPY mil.) (JPY mil.)
First half of fiscal 2024 | First half of fiscal 2025 | Year-on-year (%) | Year-on-year | |
Stocks, etc. | 18 | 30 | 66.9% | 12 |
Bonds・Forex, etc. | 7 | 79 | 973.0% | 72 |
(Bonds, etc.) | (0) | (0) | (▲62.9%) | (▲0) |
(Forex, etc.) | (6) | (79) | (1,119.9%) | (73) |
Total | 25 | 110 | 330.8% | 84 |
FY 2024 | FY 2025 | ||||
1Q | 2Q | 3Q | 4Q | 1Q | 2Q |
16 | 1 | 1 | 5 | 29 | 0 |
3 | 4 | 10 | 1 | 45 | 34 |
(0) | (0) | (0) | (0) | (0) | (0) |
(2) | (3) | (10) | (1) | (45) | (34) |
20 | 5 | 12 | 7 | 75 | 35 |
5. Operating Cost and Expenses
Operating cost and expenses amounted to 8,729 million yen, an increase of 548 million yen (up 6.7%) from the year-earlier period, mainly increased in personnel expenses.
First half of fiscal 2024 | First half of fiscal 2025 | Year-on-year (%) | Year-on-year | |
Transaction related expenses | 676 | 715 | 5.8% | 38 |
Personnel expenses | 4,446 | 4,823 | 8.5% | 376 |
Property related expenses | 1,159 | 1,204 | 3.9% | 45 |
Clerical expense | 1,125 | 1,208 | 7.4% | 83 |
Depreciation | 248 | 205 | ▲17.1% | ▲42 |
Public charges | 147 | 160 | 8.9% | ▲13 |
Provision of allowance for doubtful accounts | 0 | - | - | ▲0 |
Others | 377 | 410 | 8.9% | 33 |
Total | 8,181 | 8,729 | 6.7% | 548 |
(JPY mil.)
(JPY mil.)
8,181377
147 248
1,125
8,729410
205 160
1,208
1,204
1,159
4,446
4,823
676
715
10,000
9,000
8,000
7,000
6,000
5,000
＜Reference＞ First half of fiscal 2025 fixed cost and variable cost (non-consolidated basis)
Fixed cost | 6,079 |
Variable cost | 2,092 |
(JPY mil.)
4,000
3,000
2,000
1,000
0
Transaction related expenses Personnel expenses
Property related expenses
Depreciation Others
Clerical expenses
Public charges
First half of fiscal 2024 First half of fiscal 2025
6. Balance Sheets /Financial Result
Balance Sheets
Financial Result
(JPY mil.)
Current assets Fixed assets
52,635
41,900
Increase in cash and
deposits and deposits paid for underwritten offering, etc.
46,585
Decrease in margin
transaction assets
35,927
Increase in intangible
assets
5,972
6,049
Decrease in investments and other assets
FY 2024
First half of fiscal 2025
Sum of Liabilities and Net WorthLiabilities Net worth
52,635
41,900
Increase as a result of recorded net income for first half of fiscal 2025
Decrease due to dividend payments
28,347
27,461
14,438
Increase in deposits received, margin
transaction liabilities and guarantee deposits received
24,287
60,000
50,000
40,000
30,000
20,000
10,000
0
(JPY mil.)
60,000
50,000
40,000
30,000
20,000
10,000
0
Total AssetsFirst half of fiscal 2025 | Year-on-year | |
EPS (JPY) | 40.35 | 9.58 |
ROE (%) | 4.6 | 1.0 |
First half of fiscal 2025 | Change from FY 2024 end. | |
Equity ratio (%) | 53.8 | ▲11.6 |
Net assets per share (JPY) | 883.12 | 21.27 |
Capital adequacy ratio (non-consolidated basis) (%) | 434.1 | ▲13.9 |
FY 2024 First half of fiscal 2025
Ⅱ: Progress of the medium-term management plan "3D"1. Progress of the "3•D" Medium-Term Management Plan
２．Plan period: 3 years from April 2023 to the end of March 2026 １．"3•D" target value
Customer assets under custody 3 trillion yen Cost Coverage Rate ７０％
ＲＯＥ １０％
Cost Coverage Rate = (Trailer fees + Wrap-account fees) / Costs（ selling, general and administrative expenses) ×100(%)
"3•D" progress
March 2023
Customer assets under custody
1.90 trillion yen
Cost Coverage
Rate
53.5％
ＲＯＥ
2.6％
September 2025
Customer assets under custody
2.485 trillion yen
Cost Coverage
Rate
75.6％
ＲＯＥ
9.2％
March 2026
Customer assets under custody
3.0 trillion yen
Cost Coverage
Rate
70.0％
ＲＯＥ
10.0％
(ROE is expressed as an annualized rate.)