Mirae Asset Securities (006800) Q2 2025 earnings summary

Executive summary

• Q2 consolidated profit before tax reached KRW 520.2 billion and net income was KRW 405.9 billion, up 50% and 57% sequentially, with annualized ROE at 10.9%.

• H1 consolidated profit before tax was KRW 856.3 billion and net income was KRW 664.1 billion, up 71% and 80% year-over-year, with total assets of KRW 140.3 trillion and equity of KRW 12.4 trillion.

• Overseas subsidiaries posted H1 profit before tax of KRW 224.2 billion, exceeding last year’s total, with developed markets contributing 63% of overseas income.

• Global client assets hit an all-time high of KRW 533 trillion, with brokerage and WM client assets surpassing KRW 450 trillion and pension reserves at a record KRW 47.3 trillion.

• Digital and AI initiatives are expanding, including a new STO platform, AI-driven wealth management tools, and new digital and token securities businesses.

Financial highlights

• Q2 trading income hit a record KRW 476.2 billion, up 46% QoQ, driven by PI performance and investment asset valuation gains.

• Brokerage fee revenue rose 9% QoQ to KRW 216.3 billion; domestic brokerage fees up 23% QoQ, overseas down 5% QoQ.

• WM assets grew 3% QoQ to KRW 197.4 trillion; pension reserves reached KRW 47.3 trillion, up 6% QoQ.

• Investment banking fee revenue up 45% QoQ to KRW 49.6 billion, with strong PF advisory and IPO activity.

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

Outlook and guidance

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

• Strategic focus on increasing profitability in wealth management, pension, and global businesses, with continued global expansion in the U.S., Hong Kong, Singapore, and India.

• Preparing for regulatory changes in digital assets and tokenized securities, aiming to offer integrated digital-traditional asset services.

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

• Ongoing focus on capital efficiency, cost control, and expansion in overseas markets.