Mirae Asset Securities (006800) Q4 2025 earnings summary

Executive summary

• Achieved record consolidated pre-tax income of KRW 2,080 billion and net income of KRW 1,593.6 billion in 2025, up 70% and 72% year-over-year, with consolidated ROE at 12.4%.

• Shareholders' equity rose to KRW 13.5 trillion, with ROE improving to 12.4%.

• Solid earnings across all business lines, with no overreliance on a single segment; brokerage and WM revenues reached all-time highs.

• Overseas subsidiaries delivered record pre-tax income of KRW 498.1 billion, up 200% YoY, with developed markets contributing 67% and emerging markets 33%.

• Strategic priorities for 2026 include strengthening sustainable earnings, expanding investments in innovative companies, leading digital and traditional asset innovation, and enhancing customer protection.

Financial highlights

• Brokerage revenue reached KRW 1,011 billion, up 43% YoY; domestic brokerage revenue up 35% YoY, overseas up 57% YoY.

• WM revenue was KRW 342.1 billion, up 21% YoY; WM AUM increased 11% YoY to KRW 211.1 trillion.

• Trading and financial income totaled KRW 1,265.7 billion, up 14% YoY; trading financial income reached KRW 882.1 billion, up 19% YoY.

• PI investment asset gain was KRW 645 billion for the year, driven by higher valuations of innovative companies.

• IB revenue declined 10% YoY to KRW 167.4 billion; 21 IPOs completed; underwriting fees up 29%, PF/advisory fees down 31%.

Outlook and guidance

• Targeting client assets of KRW 700 trillion or more in 2026, a 17% YoY increase.

• Plans to expand investments in AI, aerospace, and other innovative sectors globally, including venture capital.

• Intends to increase overseas contribution to total earnings and further global diversification.

• Will continue to build digital asset platforms and expand market making and S&T businesses.