Matsui Securities Co (8628) Q4 2025 earnings summary

Executive summary

• Operating revenues rose 7% year-over-year to ¥39.2bn, with net income up 7% to ¥10.5bn for FY2024.

• Operating profit increased 3% to ¥15.6bn, ordinary profit up 2% to ¥15.3bn, and net operating revenue grew 5% to ¥37.1bn.

• Growth was driven by a 36% increase in net trading income and a 10.9% rise in net financial revenue, offsetting a 2% decline in commissions.

• U.S. stock trading value surged 200% year-over-year, and MATSUI Bank deposits doubled.

Financial highlights

• ROE improved to 14%, exceeding the 8% cost of equity target.

• Basic earnings per share was ¥40.80, and net assets per share reached ¥296.48.

• Capital adequacy ratio at 382%, well above the industry average of 324%.

• SG&A expenses rose 7% year-over-year, mainly from higher personnel and depreciation costs.

• Cash and cash equivalents at year-end were ¥81,716 million, up from ¥76,249 million.

Outlook and guidance

• Plans to expand product lineup, enhance service quality, and grow customer base in FY2025.

• Focus on improving UI/UX, customer support, and security.

• No earnings forecast issued due to high market dependency; monthly business data will be disclosed.