Kiwoom Securities (039490) Q4 2025 earnings summary

Executive summary

• Net revenue for 4Q25 rose 42.6% year-over-year and 1.7% sequentially, reaching KRW 528 billion.

• Net income for 4Q25 increased 67.0% year-over-year to KRW 256 billion, but declined 7.0% sequentially.

• Consolidated net income for 4Q25 was KRW 247 billion, up 68.8% year-over-year but down 23.4% from 3Q25.

Financial highlights

• Full-year 2025 net revenue grew 27.0% to KRW 2,038 billion; net income rose 34.9% to KRW 1,099 billion.

• Brokerage commission revenue for 4Q25 increased 26.5% sequentially and 48.0% year-over-year.

• Investment banking commission revenue surged 37.8% sequentially and 71.5% year-over-year in 4Q25.

• Interest income for 4Q25 was KRW 205 billion, up 1.5% sequentially and 13.7% year-over-year.

• S&T/PI income for 4Q25 was KRW 61 billion, down 18.0% sequentially but up 48.8% year-over-year.

Outlook and guidance

• Brokerage commission revenue growth driven by improved trading activity in domestic and U.S. equity markets and higher derivatives trading volume.

• Investment banking outlook supported by multiple project financing and M&A acquisition financing transactions.