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Japan Exchange Group (8697) investor relations material
Japan Exchange Group Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Operating revenue for Q2 FY2025 rose 9.2% year-over-year to JPY 89,322 million, with net income up 6.9% to JPY 34,553 million and operating income up 7.5% to JPY 51,279 million.
The group implemented a new Medium-Term Management Plan and revised its revenue breakdown to six categories, reflecting strategic business development.
All revenue categories increased, driven by a vibrant Japanese stock market and significant growth in clearing services revenue from deposited collateral assets related to interest rate swap transactions.
Financial highlights
Operating expenses increased 11.1% year-over-year to JPY 38,917 million, mainly due to higher returns to clearing participants and a sharp 85.1% rise in other operating expenses after new system launches.
EBITDA for Q2 FY2025 was JPY 30,808 million, up 6.3% year-over-year.
Basic earnings per share for the period was JPY 33.46, up from JPY 31.05 year-over-year, adjusted for a 2-for-1 share split effective October 1, 2024.
Total assets as of September 30, 2025, were JPY 79,154,759 million, down from JPY 85,396,761 million at March 31, 2025, mainly due to a decrease in clearing business financial assets.
Cash equities trading value increased 9.5% year-over-year, while financial derivatives trading volume declined 18.6%.
Outlook and guidance
FY2025 operating revenue forecast revised upward to JPY 176,000 million, with net income forecast at JPY 65,000 million and EPS at JPY 63.09.
Dividend per share forecast maintained at JPY 50.0, with a payout ratio of approximately 80%.
Average daily trading value for cash equities expected at JPY 6 trillion for FY2025.
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