Traders Holdings (8704) Q4 2025 earnings summary

Executive summary

• Achieved record operating revenue and profit, with revenue up 32.9% and profit attributable to owners up 36.4% year-over-year, driven by strong FX trading, swap appeal strategy, and increased assets under custody, outperforming most FX peers.

• Maintained top position in net increase of assets under custody for the second consecutive year, despite industry-wide declines after the August 2024 market crash.

• Continued focus on high ROE and wage increases to attract and retain talent, with personnel expenses rising 11.3% year-over-year.

• System development segment saw higher internal sales but a decline in external customer revenue.

Financial highlights

• Operating revenue reached ¥13,429 million, up 32.9% year-over-year; operating profit rose to ¥6,634 million, up 50.4%.

• Profit attributable to owners of parent increased to ¥4,547 million, up 36.4% year-over-year.

• Assets under custody grew by ¥11.2 billion to ¥112.2 billion, despite a temporary 2Q decline due to customer realized losses.

• Dividends increased for the fourth consecutive year, with DOE exceeding 5% and FY2025 dividend per share at ¥32.00.

• Cash and cash equivalents at year-end were ¥12,090 million, up from ¥8,820 million.

Outlook and guidance

• FY2026/3 forecast: operating revenue of ¥14,700 million (+9.5%), operating profit of ¥7,000 million (+5.5%), and profit attributable to owners of parent of ¥4,800 million (+5.6%).

• Targeting assets under custody of ¥130 billion, a ¥17.8 billion increase, with continued focus on product innovation and customer engagement.

• Continued investments in marketing and system development to support expansion, including DX/AI consulting.

• Plans to maintain high operating margin despite increased advertising and personnel expenses.