Monex Group (8698) Q4 2025 earnings summary

Executive summary

• Achieved record-high US brokerage revenue and strong asset management growth, but consolidated results were impacted by one-time De-SPAC and Coincheck Nasdaq listing expenses, as well as deconsolidation of Monex Securities.

• Coincheck Group listed on Nasdaq, incurring approximately ¥18.2B in one-time costs and expanding global crypto and web3 business; acquired Next Finance Tech and 20% of Westfield Capital Management.

• Group AUM and assets under custody rose to ¥11.3T, driven by alliances and new product launches.

• Major business portfolio changes included the transfer of Monex, Inc. to an equity-method affiliate and the sale of Monex Boom Securities and other subsidiaries, reclassified as discontinued operations.

Financial highlights

• Consolidated net loss of ¥7.2B for FYE Mar. 2025, mainly due to one-time Coincheck listing and De-SPAC costs; normalized profit before tax was ¥13.6B, normalized profit ¥9.4B.

• US segment posted record operating revenue and profit of ¥7.1B, highest since joining the group.

• Coincheck revenue surged with active crypto markets and IEOs, but segment loss was ¥12.3B due to De-SPAC expenses; normalized profit before tax ¥4.7B.

• Total operating revenue after deducting financial expenses and cost of sales fell 15% YoY to ¥67.6B, while revenue from continuing operations rose 12.3% YoY to ¥73.8B.

• Cash and cash equivalents at year-end decreased to ¥53.5B from ¥97.9B.

Outlook and guidance

• Focus on profit growth in existing and new businesses, further investment in asset management and technology, and pursuit of group synergies for FYE Mar. 2026.

• No earnings forecast disclosed for the next fiscal year due to high market sensitivity.

• ROE target set at 15%; year-end dividend forecasted at ¥25.2 per share, including a ¥10 special dividend from Boom Securities sale.

• Minimum annual dividend of ¥30/share maintained.

• Ongoing share buyback program up to ¥5B through June 2025.