Kiwoom Securities (039490) investor relations material

Executive summary

• 3Q26 separate-basis net revenue was KRW 713bn, up 37.4% YoY; net income was KRW 276bn, flat YoY. Consolidated net income was KRW 239bn, down 26.0% YoY.

• QoQ declines in brokerage and S&T/PI weighed on 3Q results, while IB commission revenue increased; a domestic market correction and lower trading activity softened retail commissions and investment results.

• 9M26 consolidated operating income rose 59.0% YoY to ₩1.816T and net income rose 53.9% to ₩1.336T; standalone operating income increased 63.2% to ₩1.679T.

• Domestic brokerage remained the core franchise, with 15.3% overall Korean equity market share and 25.2% retail share; average daily domestic trading value was ₩28.5T.

Financial highlights

• 3Q separate-basis operating income was KRW 454bn, down 34.3% QoQ and up 26.1% YoY; income before tax was KRW 448bn, down 43.2% QoQ and up 20.9% YoY.

• Consolidated 3Q operating income was KRW 406bn, down 48.5% QoQ and 0.7% YoY; net income was KRW 239bn, down 64.9% QoQ and 26.0% YoY.

• 9M consolidated operating revenue was ₩32.399T versus ₩11.535T; operating income was ₩1.816T versus ₩1.143T, and net income was ₩1.336T versus ₩868.1B.

• 9M net fee and commission income rose to ₩1.259T from ₩716.9B; standalone net interest income was ₩363.3B versus ₩364.1B.

• Derivative instruments recorded a cumulative net loss of ₩2.646T, while cumulative gains on FVTPL instruments were ₩3.978T.

Segment performance

• 3Q brokerage commission revenue was KRW 287bn, down 42.9% QoQ and up 30.8% YoY.

• 3Q IB commission revenue was KRW 97bn, up 16.2% QoQ and 62.5% YoY; activity included Hyundai E&C convertible bonds and a TLB ECM offering.

• 3Q interest income was KRW 222bn, down 2.8% QoQ and up 9.7% YoY; retail loan margin share rose to 13.0% from 12.6%.

• 3Q S&T/PI income was KRW 140bn, down 43.7% QoQ and up 90.0% YoY.

• 9M segment revenue was ₩26.950T for S&T, ₩3.155T for Retail, ₩485.4B for Investments and ₩388.7B for IB; operating profit was ₩236.0B, ₩1.134T, ₩126.4B and ₩183.1B, respectively.