NH Investment & Securities (005940) Q4 2025 earnings summary

Executive summary

• Net income for 4Q25 reached W379.4bn, up 1.9% QoQ and 137.4% YoY, with full-year 2025 net income at W1,347.7bn, up 45.7% YoY.

• Operating revenue in 4Q25 was W5,112.3bn, a 47.7% QoQ increase, driven by gains on financial assets and higher commissions.

• ROE for 4Q25 was 12.2%, with full-year 2025 ROE at 11.8%.

Financial highlights

• Brokerage commissions rose to W222.1bn (+30.7% QoQ), supported by a 43% QoQ increase in market average daily trading value.

• Financial product sales commission fell to W26.2bn (-27.2% QoQ), with declines across funds, wrap accounts, and trusts.

• Investment banking income grew to W213.9bn (+19.3% QoQ), led by debt guarantees and trading gains.

• Trading & related interest income increased to W349.0bn (+14.5% QoQ), with retail loan interest income at W117.8bn (+8.3% QoQ).

• Total assets at year-end 2025 were W83.4tn, with shareholders' equity at W9.4tn.

Outlook and guidance

• Continued focus on digital channel expansion, with digital client assets up 14% QoQ and MAU up 8.8% QoQ.

• IB pipeline remains robust, with notable ECM, DCM, and real estate projects completed in 4Q25.