Matsui Securities Co (8628) investor relations material

Executive summary

• H1 FY2027 operating revenue rose 42.8% YoY to ¥34,048m; operating profit increased 60.6% to ¥16,484m and net profit rose 59.7% to ¥10,435m.

• Higher individual-investor activity and net financial revenue supported growth, while 2Q operating revenue and net income declined QoQ.

Financial highlights

• H1 net operating revenue increased 38.2% YoY to ¥30,858m; ordinary profit rose 62.8% to ¥16,528m.

• SG&A rose 19.2% YoY to ¥14,374m, driven by higher transaction-related and administrative expenses.

• 2Q operating revenue was ¥16,750m, down 3% QoQ; operating income fell 12% to ¥7,722m and ordinary income fell 13% to ¥7,672m.

• 2Q net operating revenue declined 6% QoQ to ¥14,973m; net income fell 14% to ¥4,826m.

• Extraordinary losses were ¥1,302m, primarily a ¥1,261m provision for financial instruments transaction liabilities.

Outlook and guidance

• No earnings forecast is issued because brokerage results depend heavily on market conditions; monthly trading value and major revenue indicators are disclosed instead.

• FY2027 full-year dividend remains undecided; the ¥28-per-share interim dividend was scheduled for payment from November 24, 2026.

• Each 25bp rate hike is estimated to add ¥0.75bn in annual net interest income, assuming ¥700bn in deposit investments, ¥400bn in borrowings and equal rate increases.

• U.S. stock trading hours are scheduled to expand to 23 hours from Dec. 6, 2026; planned initiatives include CFD services and improved UI/UX and customer support.