Mirae Asset Securities (006800) Q2 2025 earnings summary

Executive summary

• Achieved record-high consolidated profit before tax of KRW 520.2 billion in Q2 and net income of KRW 405.9 billion, up 50% and 57% QoQ, with annualized ROE at 10.9%.

• H1 2025 net income was KRW 664.1 billion, with annualized ROE of 10.87% and ROA of 0.95%.

• Shareholders' equity at Q2 end was KRW 12.4 trillion, up from the previous quarter.

• Focus areas include global expansion, digital and AI innovation, risk management, and shareholder value enhancement.

• No going concern uncertainties identified by external auditors; unqualified audit opinion received.

Financial highlights

• H1 2025 consolidated revenue was KRW 13.75 trillion; operating income was KRW 846.6 billion; net income was KRW 664.1 billion.

• Global client assets reached KRW 533 trillion, up KRW 50 trillion from year-end.

• Overseas subsidiaries posted H1 profit before tax of KRW 224.2 billion, exceeding last year’s total by KRW 58.1 billion.

• ETF-related revenue more than doubled year-over-year in H1.

• Brokerage revenue grew 9% QoQ to KRW 216.3 billion, with domestic brokerage up 23% QoQ.

Outlook and guidance

• Management targets continued growth in global business, digital transformation, and risk-adjusted returns.

• Plans to expand WM and digital PB teams, launch a WM studio, and further develop digital asset and AI capabilities.

• Shareholder return policy: at least 35% of adjusted net income for 2024–2026, including annual share buybacks and cancellations.

• Positive outlook for Indian subsidiary Sharekhan as it transitions to a comprehensive securities company.