Matsui Securities Co (8628) Q2 2026 earnings summary

Executive summary

• Operating revenues for 2Q FY2025 rose 18% year-over-year to JPY 23,839 million, with net income up 7% to JPY 6,535 million, reflecting robust trading activity and diversified revenue streams.

• Quarterly, operating revenues increased 9% sequentially, and net income surged 28% from 1Q FY2025, driven by higher trading value and improved margins.

• Market share among individual investors grew, with brokerage trading value up 17% year-over-year.

• The company continues to expand its product lineup, enhance service quality, and strengthen its brand, supporting growth in customer accounts and assets under custody.

• Brand recognition initiatives and digital content expansion contributed to customer engagement.

Financial highlights

• Net operating revenues for 2Q FY2025 were JPY 22,323 million, up 15% year-over-year.

• Operating income increased 15% year-over-year to JPY 10,263 million; ordinary income rose 14% to JPY 10,152 million.

• Commissions received totaled JPY 11,347 million, up 7% year-over-year, with brokerage commissions at JPY 10,819 million, up 7.5%.

• Net trading income surged 59% year-over-year to JPY 3,054 million, mainly from FX trading.

• SG&A expenses grew 15% year-over-year, mainly due to higher personnel and advertising costs.

Outlook and guidance

• Management highlights continued focus on diversifying revenue sources, particularly in FX and U.S. stock businesses.

• Ongoing investment in digital services, customer support, and product innovation is expected to sustain growth.

• No earnings forecast provided due to high sensitivity to market conditions; monthly business metrics are disclosed instead.

• Dividend forecast for the fiscal year ending March 2026 remains undecided.