Mirae Asset Securities (006800) Q1 2026 earnings summary

Executive summary

• Achieved record-high consolidated pre-tax income of KRW 1,357.6 billion and net income of KRW 1,001.9 billion in Q1 2026, with consolidated ROE reaching 29.1%, driven by strong brokerage, wealth management, and principal investment gains.

• Overseas subsidiaries delivered record pre-tax income of KRW 243.2 billion, with developed markets contributing KRW 192.4 billion and emerging markets KRW 50.8 billion; ROE for overseas units reached 14%.

• Total client assets rose from KRW 602 trillion at 2025 year-end to KRW 776 trillion, a KRW 174 trillion increase, outpacing previous years.

• The business model is evolving toward a global, digital wealth management platform, with expansion into digital assets and international markets, including the acquisition and integration of Sharekhan Limited in India.

• Maintained robust capital adequacy, with a net capital ratio of 3,524.2% and a leverage ratio of 770.3% as of March 31, 2026.

Financial highlights

• Q1 2026 consolidated pre-tax income: KRW 1,357.6 billion; net income: KRW 1,001.9 billion, up 229% and 228% year-over-year, and 77% and 74% quarter-on-quarter.

• Fair value gains from principal investments were KRW 804 billion, mainly from SpaceX and other innovative companies.

• Brokerage fee revenue hit KRW 459.4 billion, up 38% QoQ, with domestic equity brokerage fees up 72% QoQ.

• Trading and financial income reached KRW 405 billion, up 83% QoQ, with trading income and others at KRW 293.5 billion (+124% QoQ).

• Total assets grew to KRW 169.9 trillion, with equity of KRW 14.3 trillion.

Outlook and guidance

• WM and pension net operating revenue projected to reach KRW 4.25 trillion at the start of next year, up KRW 0.6 trillion YoY, and KRW 8.2 trillion by 2030.

• Anticipates KRW 1.3 trillion in additional earnings from SpaceX IPO if valuation reaches $1.75 trillion.

• Plans to launch a global MTS in Hong Kong in June 2026, pursue a U.S. brokerage acquisition, and continue expanding global operations and digital platforms.

• Ongoing investments in AI, semiconductor, and aerospace sectors, and focus on innovative financial products.

• Aims to maintain a stable dividend policy and strong capital position, focusing on sustainable growth.