Japan Securities Finance Co., Ltd. TSE:8511
Japan Securities Finance : Financial Results for the Third Quarter of the Fiscal Year Ending March 31, 2026
Source: MarketScreener
This document has been translated from the Japanese original for reference purposes only. Although Japan Securities Finance intends this to serve as a faithful translation of the Japanese original, it does not guarantee the accuracy and correctness of the translation, and encourages you to refer to the Japanese original.
March 31, 2026 [Japanese GAAP] (Consolidated)
February 12, 2026 Company name：Japan Securities Finance Co., Ltd. Listing：Tokyo Stock Exchange
Securities code：8511 URL: https://www.jsf.co.jp
Representative: (Title) Representative Executive Officer & President (Name) Shigeki Kushida Contact Person: (Title) General Manager of Corporate Planning Dept. (Name) Katsuhiko Yamamoto
Tel. +81-03-3666-3184
Scheduled date to file semi-annual securities report: -
Preparation of supplementary explanatory materials on quarterly financial statements: Yes Convening of quarterly financial results briefing: None
(Millions of yen, rounded down to nearest million)
-
Consolidated Financial Results for the Third Quarter of Fiscal 2025 (from April 1, 2025 to December 31, 2025)
-
Consolidated Operating Results
(% change from year-on-year for those items)
Operating revenues
(Millions of Yen) (% change)
Operating profit
(Millions of Yen) (% change)
Ordinary
(Millions of Yen)
profit
(% change)
Profit attributable
to owners of parent
(Millions of Yen) (% change)
Third Quarter o f Fiscal 202 5
79,154
97.7
10,604
9.9
11,444
9.5
8,123
-8.1
T h i r d Q u a r t e r o f Fisc al 2 02 4
40,046
7.6
9,646
5.8
10,450
7.3
8,840
25.2
(Note) Comprehensive income: Third Quarter of Fiscal 2025: 10,501 millions of yen (687.0%)
Third Quarter of Fiscal 2024: 1,334 millions of yen (-87.9%)
Net income per share
(Yen)
Net income per share
- diluted
(Yen)
Third Quarter o f Fiscal 2025
99.12
-
T h i r d Q u a r t e r o f Fisca l 20 24
105.83
-
- Consolidated Financial Position
Total assets
(Millions of Yen)
Net assets
(Millions of Yen)
Shareholders' equity ratio
(%)
Third Quarter
of Fiscal 2025
15,905,768
136,002
0.9
Fiscal 2024
13,769,589
134,346
1.0
(Reference) Net worth: Third Quarter of Fiscal 2025: 136,002 millions of yen
Fiscal 2024: 134,346 millions of yen
-
Consolidated Operating Results
-
Dividends
Dividends per Share
First Quarter
(Yen)
Second Quarter
(Yen)
Third Quarter
(Yen)
Year-end
(Yen)
Annual
(Yen)
Fiscal 2024
-
42.00
-
42.00
84.00
Fiscal 2025
-
40.00
-
Fiscal 2025 (Forecast)
46.00
86.00
(Note 1) Revision to most recently published dividend forecast: Yes
(Note 2) Second Quarter of Fiscal 2024: Ordinary dividend 34.00 yen Special dividend 8.00 yen Fiscal 2024 End of the period: Ordinary dividend 34.00 yen Special dividend 8.00 yen
-
Consolidated Performance Forecast for Fiscal 2025 (April 1, 2025－March 31, 2026)
(% change from the previous fiscal year)
Operating profit
Ordinary profit
Profit attributable to owners of parent
Net income per share
Full Year
Millions of yen
13,900
%
22.7
Millions of yen
14,900
%
19.1
Millions of yen
10,500
%
1.2
Yen
128.31
(Notes) Revision to most recently published performance forecast: Yes
-
Notes
Changes in scope of significant consolidated subsidiaries (changes in the case of specified subsidiaries accompanying change in the scope of consolidation): None
Adoption of specified accounting methods for quarterly consolidated financial statements: None
Changes in accounting policies and changes or restatement of accounting estimates
Changes in accounting policies caused by revision of accounting standards: None
Changes in accounting policies other than (i): None
Changes in accounting estimates: None
Restatements: None
Number of issued and outstanding shares (common stock)
Number of issued and outstanding shares (including treasury stock)
as of Dec. 31, 2025: 88,000,000 as of Mar. 31, 2025: 88,000,000
Number of treasury stock shares
as of Dec. 31, 2025: 6,479,945 as of Mar. 31, 2025: 5,601,375
Average number of shares (quarter-to-date)
-
Notes
for three months ended Dec. 31, 2025: 81,956,692
for three months ended Dec. 31, 2024: 83,539,368
(Note) The number of treasury stock shares deducted in the calculation of the number of treasury stock shares at the end of the period and the average number of issued and outstanding shares during the period (quarter-to-date ) includes the shares of the Company held by the Share Benefit Trust (BBT and BBT-RS).
Note: Quarterly financial report is not subject to quarterly review by a certified public accountant or auditing firm.
Note: Explanation on proper use of business performance forecasts and other notes
The performance forecasts contained in this document are based on information available at the present and certain assumptions deemed reasonable by the company. These statements are not intended to serve as a guarantee for the achievement of the forecasted performance. Additionally, actual performance may differ significantly due to a variety of factors.
Qualitative Information on the Current Quarter Results
Review of Operating Results
(Results for the Third Quarter of Fiscal Year Ending March 2026)
In the third quarter cumulative consolidated accounting period, our group posted an increase in its consolidated gross operating profit to 16,316 million yen (up 7.8% year-on-year). This was due to robust performance in security finance operations, such as loans for margin transactions and equity repo transactions, driven by a robust stock market and increased demand for financing brought on by rising market interest rates. As a result, our consolidated operating profit increased to 10,604 million yen (up 9.9% year-on-year), and our consolidated ordinary profit also increased to 11,444 million yen (up 9.5% year-on-year). The profit attributable to owners of the parent amounted to 8,123 million yen (a decrease of 8.1% year-on-year) due to the absence of the extraordinary gain of 1,828 million yen recorded in the same period of the previous year.
(millions of yen)
Consolidated profits & losses
Year-on-year comparison
Rate of increase/decrease
Operating revenues (Excluding premium charges)
73,136
35,995
96.9%
Including premium charges
79,154
39,108
97.7%
Operating expenses (Excluding premium charges)
56,836
34,816
158.1%
Including premium charges
62,838
37,931
152.3%
Gross profit
16,316
1,177
7.8%
General and administrative expenses
5,711
219
4.0%
Operating profit
10,604
958
9.9%
Non-operating income
840
36
4.6%
Ordinary profit
11,444
994
9.5%
Extraordinary income
-
-1,828
-100.0%
Profit before income taxes etc.
11,444
-833
-6.8%
Profit attributable to owners of the parent
8,123
-717
-8.1%
Overview of Financial Status
(Status of Assets, Liabilities, and Net Assets)
As of the end of the third quarter of the consolidated accounting period (December 31, 2025), total assets amounted to 15,905.7 billion yen (an increase of 2,136.1 billion yen from the previous fiscal
year-end), due to an increase in securities purchased under resale agreements. Total liabilities amounted to 15,769.7 billion yen (an increase of 2,134.5 billion yen from the previous fiscal year-end), due to an increase in securities sold under repurchase agreements. Total net assets amounted to 136.0 billion yen (an increase of 1.6 billion yen from the previous fiscal year-end) due to a decrease in accumulated other comprehensive income.
[Reference]
Status of the Group's Gross Profits by Business Sector
Previous Third Quarter Consolidated Cumulative Period (from April 1, 2024
to December 31, 2024)
Current Third Quarter Consolidated Cumulative Period (from April 1, 2025
to December 31, 2025)
Previous Consolidated Fiscal Year (Full Year) (from April 1, 2024
to March 31, 2025)
Amount
(Millions of yen)
Composition ratio (%)
Amount
(Millions of yen)
Composition ratio (%)
Amount
(Millions of yen)
Composition ratio (%)
Securities Finance Business
12,110
78.5
12,919
77.7
14,905
77.9
Loans for margin
transactions (Excluding premium charges)
3,196
20.7
4,635
27.9
4,390
22.9
Securities financing
5,363
34.8
5,267
31.7
7,351
38.4
Equity repo transactions, etc.
1,312
8.5
1,555
9.4
1,762
9.2
Bond repo and
gensaki transactions
2,936
19.0
2,370
14.3
4,060
21.2
Loans for negotiable margin transactions
239
1.5
302
1.8
358
1.9
General stock lending
490
3.2
604
3.6
664
3.5
Retail loans
384
2.5
434
2.6
505
2.6
Other
3,550
23.0
3,015
18.1
3,164
16.5
Trust and Banking Business
2,413
15.6
2,876
17.3
3,043
15.9
Real Estate Leasing Business
906
5.9
832
5.0
1,185
6.2
Total (Non-Consolidated)
15,431
100.0
16,628
100.0
19,134
100.0
Total (Consolidated)
15,138
-
16,316
-
18,746
-
Status of the Group's Transaction Balances by Business Sector (Average Balance)
Previous Third Quarter Consolidated Cumulative Period (from April 1, 2024
to December 31, 2024)
Current Third Quarter Consolidated Cumulative Period (from April 1, 2025
to December 31, 2025)
Previous Consolidated Fiscal Year (Full Year) (from April 1, 2024
to March 31, 2025)
Loans for margin transactions
(billions of yen)
383.6
(billions of yen)
355.8
(billions of yen)
370.8
Securities loaned for margin transactions
154.7
241.7
159.5
Securities financing
11,923.2
13,074.0
12,215.8
Equity repo transactions, etc.
804.1
1,026.2
806.9
Bond repo and gensaki transactions
11,009.6
11,951.1
11,299.6
Loans for negotiable margin transactions
41.1
44.5
44.6
General stock lending
43.5
21.2
39.2
Retail loans
24.8
30.8
25.3
Trust Bank Loans
174.3
84.2
175.7
Future Outlook
In light of recent performance trends and other factors, the company has revised its fiscal 2025 earnings forecast which was originally disclosed on May 15, 2025. Driven by a robust stock market, profits are expected to exceed the previous forecast as securities financing, centered on the loans for margin transaction, performed better than anticipated.
Reflecting this revised outlook, our consolidated operating profit is expected to increase to 13,900 million yen (up 12.1% over our previous outlook), and our consolidated ordinary profit is also expected to increase to 14,900 million yen (up 12.9% over our previous outlook). The profit attributable to owners of the parent is expected to reach to 10,500 million yen (an increase of 11.7 over our previous outlook).
For more details, please see the "Notice on Revisions to Full-Year Consolidated Earnings Forecast" released on February 12, 2026.
Quarterly Consolidated Financial Statements and Notes
Quarterly Consolidated Balance Sheet
(Millions of yen)
As of March 31, 2025 As of December 31, 2025
Assets
Cash and deposits
1,435,297
2,072,544
Call loans
10,000
5,000
Securities
96,241
66,506
Operating loans
796,827
727,396
Securities purchased under resale 6,441,120 7,294,170
agreements
Cash collateral provided for securities borrowed
4,307,086
4,965,907
Other
92,480
68,760
Allowance for doubtful accounts
-111
-137
Total current assets
13,178,942
15,200,148
Non-current assets
Property, plant and equipment
5,578
5,495
Intangible assets
618
535
Investments and other assets
Investment securities
544,475
653,082
Bad debts
63
56
Retirement benefit asset
3,832
3,905
Deferred tax assets
857
761
Other
35,283
41,838
Allowance for doubtful accounts
-63
-56
Total investments and other assets
584,450
699,588
Total non-current assets
590,647
705,619
Total assets
13,769,589
15,905,768
Current assets
(Millions of yen)
As of March 31, 2025 As of December 31, 2025
Liabilities
Current liabilities
Call money
1,506,000
2,313,400
Short-term borrowings
92,005
92,000
Current portion of long-term borrowings
1,000
-
Commercial papers
Securities sold under repurchase agreements
438,466
8,044,038
490,011
8,599,126
Cash collateral received for securities lent
2,549,554
3,242,751
Income taxes payable
1,547
979
Provision for bonuses
Provision for bonuses for directors (and other officers)
550
103
307
-
Borrowed money from trust account
575,934
603,125
Other
106,460
107,643
Total current liabilities
13,315,661
15,449,345
Non-current liabilities
Long-term borrowings
315,600
316,600
Deferred tax liabilities
1,354
2,473
Deferred tax liabilities for land revaluation
76
76
Provision for share awards for directors
(and other officers)
222
62
Retirement benefit liability
269
233
Asset retirement obligations
58
59
Derivative liabilities
1,500
406
Other
498
508
Total non-current liabilities
319,581
320,420
Total liabilities
13,635,242
15,769,765
Net assets
Shareholders' equity
Share capital
10,000
10,000
Capital surplus
5,194
5,194
Retained earnings
125,323
126,642
Treasury shares
-7,764
-9,805
Total shareholders' equity
132,754
132,031
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
-11,778
-7,464
Deferred gains or losses on hedges
11,673
9,896
Revaluation reserve for land
165
165
Remeasurements of defined benefit plans
1,531
1,373
Total accumulated other comprehensive
income
1,592
3,970
Total net assets
134,346
136,002
Total liabilities and net assets
13,769,589
15,905,768
Quarterly Consolidated Income Statement and Quarterly Consolidated Comprehensive Income Statement
(Quarterly Consolidated Income Statement)
Previous Third Quarter Consolidated Cumulative Period
(from April 1, 2024
to December 31, 2024)
(Millions of yen)
Current Third Quarter Consolidated Cumulative Period
(from April 1, 2025
to December 31, 2025)
Operating revenue
Interest income on securities purchased under resale agreements
6,110
21,476
Interest on loans 3,969 5,969
Interest income on cash collateral provided for securities borrowed
7,727
20,375
Securities lending fees
5,924
8,578
Other
16,314
22,754
Total operating revenue
40,046
79,154
Operating expenses
Interest expenses
11,080
22,097
Interest expenses on securities sold under repurchase agreements
4,552
25,936
Securities borrowing fees
6,601
9,495
Other
2,673
5,310
Total operating expenses
24,907
62,838
Operating gross profit
15,138
16,316
General and administrative expenses
5,492
5,711
Operating profit
9,646
10,604
Non-operating income
Dividend income
276
307
Share of profit of entities accounted for 460 281
using equity method
Gain on investments in investment partnerships
53
153
Other
44
123
Total non-operating income
835
865
Non-operating expenses
Commission for purchase of treasury shares
7
6
Loss on investments in investment partnerships
24
18
Other
0
0
Total non-operating expenses
32
25
Ordinary profit
10,450
11,444
Extraordinary income
Gain on sale of non-current assets
1,163
-
Gain on sale of investment securities
664
-
Total extraordinary income
1,828
-
Profit before income taxes
12,278
11,444
Income taxes - current
3,137
3,209
Income taxes - deferred
301
111
Total income taxes
3,438
3,321
Profit
8,840
8,123
Profit attributable to non-controlling interests
-
-
Profit attributable to owners of parent
8,840
8,123
(Quarterly Consolidated Comprehensive Income Statement)
Previous Third Quarter Consolidated Cumulative Period
(from April 1, 2024
to December 31, 2024)
(Millions of yen)
Current Third Quarter Consolidated Cumulative Period
(from April 1, 2025
to December 31, 2025)
Profit 8,840
8,123
Other comprehensive income
Valuation difference on available-for-sale -5,428
4,242
Deferred gains or losses on hedges -1,940
-1,777
Remeasurements of defined benefit plans, -148
-150
Share of other comprehensive income of 11
63
Total other comprehensive income -7,506
2,377
securities
net of tax
entities accounted for using equity method
Comprehensive income 1,334 10,501
Comprehensive income attributable to
Comprehensive income attributable to
owners of parent
1,334 10,501
Comprehensive income attributable to non-controlling interests
-
-
Notes Regarding Quarterly Consolidated Financial Statements (Segment Information)
Previous Third Quarter Consolidated Cumulative Period (from April 1, 2024 to December 31, 2024)
Information on the amount of operating revenue and profits or losses for each reporting segment
(millions of yen)
Securities Finance Business
Trust and Banking Business
Real Estate Leasing Business
Total
Operating Revenue
Revenue from sales to outside customers
Internal operating revenues or balance of transfers among
segments
35,896
102
3,520
70
630
294
40,046
467
Total
35,998
3,590
924
40,513
Segment profit (ordinary profit)
9,349
1,418
569
11,336
Difference between the total amount of profits or losses for each reporting segment and amount recorded in the quarterly consolidated income statement, and the main content of this difference (matters related to difference adjustments)
(millions of yen)
Profits
Amount
Total for reporting segments
11,336
Elimination of inter-segment transactions
-1,347
Equity in gains of affiliates
460
Other adjustments
-
Ordinary profit in the quarterly consolidated income statement
10,450
Information on impairment losses on fixed assets or goodwill, etc., for each reporting segment Not applicable.
Current Third Quarter Consolidated Cumulative Period (from April 1, 2025 to December 31, 2025)
Information on the amount of operating revenue and profits or losses for each reporting segment
(millions of yen)
Securities Finance Business
Trust and Banking Business
Real Estate Leasing Business
Total
Operating Revenue
Revenue from sales to outside customers
Internal operating revenue or balance of transfers among segments
71,433
129
7,163
40
557
294
79,154
464
Total
71,563
7,204
851
79,619
Segment profit (ordinary profit)
11,492
1,776
615
13,885
Difference between the total amount of profit or loss for each reporting segment and the amount recorded in the quarterly consolidated income statement, and the main content of the difference (matters related to difference adjustments)
(millions of yen)
Profit
Amount
Total for reporting segments
13,885
Elimination of inter-segment transactions
-2,721
Equity in gains of affiliates
281
Other adjustments
-
Ordinary profit in the quarterly consolidated income statement
11,444
Information on impairment losses on fixed assets or goodwill, etc., for each reporting segment Not applicable.
(Notes in the Event of Significant Changes in Shareholders' Equity)
At the Board of Directors meeting held on May 15, 2025, the Company resolved to acquire its own shares, with the total number of shares to be acquired capped at 1,700,000 shares and the total acquisition amount capped at 2.8 billion yen, during the period from May 16, 2025, to March 31, 2026. From May to December 2025, the Company acquired 1,206,800 shares for 2,196 million yen.
As a result of this acquisition and other related activities, treasury shares increased by 2,041 million yen during the current third quarter consolidated cumulative period, and treasury shares amounted to 9,805 million yen as of the end of the consolidated third quarter accounting period.
(Notes Regarding Going Concern Assumptions) Not applicable.
(Note on the Quarterly Consolidated Statement of Cash Flows)
No quarterly consolidated statement of cash flows has been prepared for the cumulative third quarter consolidated period. However, the depreciation expense for the cumulative third quarter consolidated period (including the amortization of intangible fixed assets excluding goodwill) is as follows.
Previous 3Q Apr.1,2024-Dec.31,2024
Current 3Q Apr.1,2025-Dec.31,2025
Depreciation 365million of yen 335million of yen
(Additional Information) (Cancellation of Treasury Stock)
At a meeting held on December 18, 2025,the Board of Directors resolved to cancel treasury stock in accordance with Article 178 of the Companies Act, as follows.
Class of shares to be cancelled: Common stock
Number of shares to be cancelled: 5,000,000 shares
(5.7% of the total number of shares outstanding prior to cancellation)
Date of cancellation: February 20, 2026 [Notes]
The total number of shares outstanding after the cancellation: 83,000,000 shares
(Significant Subsequent Events)
(Expansion of the Share Repurchase Limit)
At a meeting held on February 12, 2026, the Board of Directors resolved to expand the share repurchase limit, as follows, pursuant to the provisions of Article 156 of the Companies Act, as applied by alternative reading in accordance with the provisions of Article 165, Paragraph 3 of the Act.
Reason for change
In light of the upward revision to the consolidated full-year financial results forecast of JSF for the fiscal year ending March 31, 2026, the Board of Directors has decided to expand the share repurchase limit under the shareholder return policy (which targets a total payout ratio of 100% on a cumulative basis from FY 2023 to FY 2025 through the payment of dividends and the flexible implementation of share repurchases, whereby dividends will be proactively paid out at a targeted dividend payout ratio of 70%).
Modified repurchase plan (changes are underlined)
Stock to be repurchased: JSF common stock
Aggregate shares to be repurchased: 2,000,000 shares (maximum, increased by 300,000 shares) (2.4% of total issued and outstanding shares, excluding treasury stock)
Aggregate amount of repurchase price: JPY 3.4 billion (maximum, increased by JPY 0.6 billion)
Repurchase period: May 16, 2025 - March 31, 2026
Reference:
Details of the resolution adopted at a meeting of the Board of Directors held on May 15, 2025
Stock to be repurchased: JSF common stock
Aggregate shares to be repurchased: 1,700,000 shares (maximum) (2.0% of total issued and outstanding shares, excluding treasury stock)
Aggregate amount of repurchase price: JPY 2.8 billion (maximum)
Repurchase period: May 16, 2025 - March 31, 2026
Cumulative progress on share repurchases pursuant to the above resolution (as of January 31, 2026)
Accumulated shares repurchased: 1,351,900 shares
Accumulated amount of repurchase price: JPY 2,505,294,000
Treasury stock holdings as of January 31, 2026
Total shares outstanding, excl. treasury shares: 81,974,464 shares Treasury shares: 6,025,536 shares