Daiwa Securities Group
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Daiwa Securities Group (8601) investor relations material

Daiwa Securities Group Q3 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2026 earnings summary2 Feb, 2026

Executive summary

  • Net operating revenues for Q3 FY2025 reached JPY 194.6 billion, up 12.8% sequentially, marking a record high for the third quarter.

  • Net income for 3Q FY2025 reached its highest level in 12 years, with profit attributable to owners of parent up 0.8% year-over-year to JPY 125.4 billion.

  • Ordinary income rose 28.4% quarter-on-quarter to JPY 69.5 billion, driven by a recovery in Global Markets and record M&A revenues.

  • Annualized ROE stood at 11%, reflecting balanced growth in both stable and flow revenues.

  • Comprehensive income grew 31.8% year-over-year to JPY 199.2 billion.

Financial highlights

  • Net operating revenues for 1Q-3Q FY2025 were JPY 522.5 billion, up 10.8% year-over-year; ordinary income was JPY 167.4 billion, down 3.6% year-over-year.

  • Commission received totaled JPY 347.2 billion, up 15.1% year-over-year, driven by a 17.7% rise in brokerage commissions.

  • Selling, general, and administrative expenses were JPY 374.7 billion, up 4.7% year-over-year.

  • EPS for 3Q FY2025 was JPY 33.66; diluted net income per share at JPY 88.80.

  • Shareholders' equity increased by JPY 66.9 billion from March 2025, reaching JPY 1.70 trillion.

Outlook and guidance

  • Strong Q3 momentum in Wealth Management is continuing into Q4, with cumulative base income on track to exceed the medium-term management plan's final-year target of JPY 150.0 billion.

  • No earnings forecast disclosed for the fiscal year ending March 31, 2026, due to market uncertainty.

  • Dividend payout ratio remains at 50%, with JPY 44 as the minimum dividend level through FY2027.

  • Share buybacks will be considered based on full-year performance and capital needs.

Strategy for sustaining wrap account growth
Daiwa Next Bank's strategy for interest margins
Customer retention strategy amid market volatility
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Frequently asked questions

Daiwa Securities Group Inc. is a Japanese financial services company that provides a broad range of investment and financial solutions. Its offerings include securities brokerage, investment banking, asset management, and research services. The company serves individual and institutional clients, offering products such as equities, bonds, mutual funds, and structured financial instruments. The company is headquartered in Tokyo, Japan, and its shares are listed on the Tokyo Stock Exchange.

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