Monex Group (8698) Q2 2025 earnings summary

Executive summary

• Quarterly profit attributable to owners was ¥1.6B, down 36% sequentially, mainly due to lower trading value at Coincheck and JPY appreciation against USD.

• Operating income from continuing operations rose to ¥35,813 million for the six months ending Sep. 30, 2024, up from ¥31,012 million year-over-year.

• Major structural changes included the reclassification of Monex, Inc. and Monex Boom Securities (H.K.) Limited as discontinued operations following share transfers.

• Brokerage businesses in Japan and the US generated stable profits, while the crypto asset segment saw a revenue decline sequentially but strong year-over-year growth.

• Growth investments continued, including the acquisition of 3iQ and expansion of asset management businesses.

Financial highlights

• Total operating revenue after deducting financial expenses and cost of sales was ¥15.4B, down 9% sequentially and 21% year-over-year for the quarter.

• Total revenue from continuing operations increased to ¥39,160 million from ¥31,744 million year-over-year.

• Operating income for the quarter was ¥1.7B, down 23% sequentially.

• Profit attributable to owners for the first half was ¥4.1B, down 5% year-over-year.

• Basic earnings per share from continuing operations improved to ¥15.75 from ¥9.15 year-over-year.

Outlook and guidance

• Management remains committed to growth investment and sustainable profit growth, with a focus on cost of capital and stock price.

• ROE target raised from 10% to 15%; shareholder return policy maintained.

• Year-end dividend forecast newly disclosed; special dividend to be paid from asset sales.

• Recent divestitures and segment changes indicate a focus on core businesses and equity-method investments.