Kiwoom Securities (039490) Q2 2025 earnings summary

Executive summary

• Net revenue for 2Q25 reached KRW 537bn, up 18.1% QoQ and 32.4% YoY, with net income at KRW 337bn, up 46.3% QoQ and 63.0% YoY.

• Achieved consolidated operating income of KRW 733.8 billion and net income of KRW 545.7 billion for H1 2025, up 12.9% and 14.4% year-over-year, respectively.

• Maintained #1 market share in domestic online stock brokerage since 2005, with a 19.3% overall and 29.5% retail market share in H1 2025.

• Expanded business through strong S&T, investment management, and IB divisions, with robust performance in ETF liquidity, derivatives, and project financing.

• Strategic focus on integrated financial investment platform and asset management for continued growth.

Financial highlights

• Consolidated revenue for H1 2025: KRW 8.17 trillion; operating income: KRW 733.8 billion; net income: KRW 545.7 billion.

• Operating income (separate) for 2Q25 was KRW 374bn, up 26.4% QoQ and 40.8% YoY.

• Net commission revenue increased 23.8% QoQ and 32.8% YoY to KRW 251bn.

• Net fee and commission income for H1 2025: KRW 462.8 billion.

• Net interest income for H1 2025: KRW 368.5 billion.

Outlook and guidance

• Continued growth in brokerage and investment banking expected, supported by robust trading activity and successful major IB deals.

• Plans to maintain leading market share in online brokerage and expand integrated asset management services.

• Continued focus on digital platform investment, product diversification, and risk management.

• Strategic capital allocation to support growth in IB, S&T, and investment management.