Komori
Financial results presentation8601Daiwa Securities Group Inc.Financials (excluding banks)

Q2 FY2026 Earnings Presentation Materials

In the first half of FY2026, net operating revenue, ordinary income and net income attributable to owners of the parent exceeded the year-earlier period, with ordinary income and net income reaching record highs for a first half. Although ordinary income and net income for Q2 alone fell below the previous quarter, the consolidation of ORIX Bank Corporation and growth in wrap account and equity investment trust balances boosted revenue.

Worth reading
49Recurring
0–100. This measures how worthwhile something is to read, not how good or bad the company is.
Direction
Improvement
Direction inferred from the company’s description.
Scale
69.9
Year-on-year change in ordinary profit (%)
Wording
Conditional
How definitive the wording is.

Contents of this document

Financial results presentationFY2026 second quarter8 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales865,454 Millions of yen+23.3%
Operating profit148,427 Millions of yen+72.5%
Ordinary income166,352 Millions of yen+69.9%
Net income107,846 Millions of yen+36.6%
Selling, general and administrative expenses295,873 Millions of yen
Results for the three months of the current quarter
Net operating revenue
223,902 Millions of yen
Operating profit
70,915 Millions of yen
Ordinary income
78,262 Millions of yen
Profit attributable to owners of parent
51,431 Millions of yen
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
  • Lower equity revenue in the WM division-6,200 Millions of yen
  • Higher fixed-income revenue in the WM division300 Millions of yen
  • Higher investment trust agency fees600 Millions of yen
  • Higher wrap-related revenue1,600 Millions of yen
  • Higher transaction-related expenses1,958 Millions of yen
  • Increase in personnel expenses1,835 Millions of yen
  • Higher administrative expenses1,614 Millions of yen
  • Increase in depreciation and amortization expense935 Millions of yen
New initiatives
  • Commencement of consolidation of ORIX Bank Corporation
  • Increased fund inflows into wrap account services and equity investment trusts
Key KPIsA metric the company considers important as a management benchmark.
  • First-half ROE12 %
  • Annualized ROE11.3 %
  • Balance-based revenue74,200 Millions of yen
    Year on year against the same period last yearRecord high
  • Assets introduced312,600 Millions of yen
  • Assets under management (Daiwa Asset Management)¥50,495 billion
Segment results
  • WM segment
    Net operating revenue187,490 Millions of yen
    Ordinary income77,011 Millions of yen
    Ordinary Profit_yoy_pct56.2
  • AM segment
    Net operating revenue78,941 Millions of yen
    Ordinary income54,241 Millions of yen
    Ordinary Profit_yoy_pct102.1
  • GM&IB segment
    Net operating revenue145,650 Millions of yen
    Ordinary income38,496 Millions of yen
    Ordinary Profit_yoy_pct93.8
Medium-term management plan targets
Base Profit
150,000 Millions of yen
Actual results
First half of fiscal 2026125,205 Millions of yen
Financial targets
First-half ROE
12 %
TypeTrack record
Annual Dividend
AnnualMinimum dividend of ¥44
Interim
39 Yen
Payout ratio
50.3
Contents of this document
ItemDetails
Document typeFinancial results presentation
Fiscal Period CoveredFY2026 second quarter
Net Sales865,454 Millions of yen (YoY +23.3%)
Operating profit148,427 Millions of yen (YoY +72.5%)
Ordinary income166,352 Millions of yen (YoY +69.9%)
Net income107,846 Millions of yen (YoY +36.6%)
Selling, general and administrative expenses295,873 Millions of yen
Results for the three months of the current quarterNet operating revenue 223,902 Millions of yen / Operating profit 70,915 Millions of yen / Ordinary income 78,262 Millions of yen / Profit attributable to owners of parent 51,431 Millions of yen
Segment resultsSegment WM segment / Net operating revenue 187,490 Millions of yen / Ordinary income 77,011 Millions of yen / Ordinary Profit_yoy_pct 56.2, Segment AM segment / Net operating revenue 78,941 Millions of yen / Ordinary income 54,241 Millions of yen / Ordinary Profit_yoy_pct 102.1, Segment GM&IB segment / Net operating revenue 145,650 Millions of yen / Ordinary income 38,496 Millions of yen / Ordinary Profit_yoy_pct 93.8
Breakdown of Factors Affecting the ChangeFactors Lower equity revenue in the WM division / Amount -6,200 Millions of yen, Factors Higher fixed-income revenue in the WM division / Amount 300 Millions of yen, Factors Higher investment trust agency fees / Amount 600 Millions of yen, Factors Higher wrap-related revenue / Amount 1,600 Millions of yen, Factors Higher transaction-related expenses / Amount 1,958 Millions of yen, Factors Increase in personnel expenses / Amount 1,835 Millions of yen, Factors Higher administrative expenses / Amount 1,614 Millions of yen, Factors Increase in depreciation and amortization expense / Amount 935 Millions of yen
Key KPIsIndicator name First-half ROE / Value 12 % / Year on year against the same period last year Not disclosed, Indicator name Annualized ROE / Value 11.3 % / Year on year against the same period last year Not disclosed, Indicator name Balance-based revenue / Value 74,200 Millions of yen / Year on year against the same period last year Record high, Indicator name Assets introduced / Value 312,600 Millions of yen / Year on year against the same period last year Not disclosed, Indicator name Assets under management (Daiwa Asset Management) / Value ¥50,495 billion / Year on year against the same period last year Not disclosed
Medium-term management plan targetsBase Profit 150,000 Millions of yen / Actual results 125,205 Millions of yen
Financial targetsFirst-half ROE 12 %
Annual DividendAnnual Minimum dividend of ¥44 / Interim 39 Yen / End of period Not disclosed
Payout ratio50.3
New initiativesCommencement of consolidation of ORIX Bank Corporation, Increased fund inflows into wrap account services and equity investment trusts
Items this document does not state (15)
Gross Profit MarginOperating profit marginFull-year earnings forecastProgress against full-year forecastSelf-assessment against the planUnit price and quantity metricsNumber of stores and locationsNumber of employeesAssumptions Underlying the Business OutlookRisk amount incorporated into the outlookAcquisition of treasury sharesCapital expendituresOrders received and order backlogMarket Size / ShareKey points of the Q&A

These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.

The reasons the company gives

The company's own explanation, not something inferred from the numbers.

The factors cited included the accumulation of assets, primarily through wrap account services and equity investment trusts, continued inflows of funds, and the commencement of consolidation of ORIX Bank Corporation. Meanwhile, the factors behind the decline in profit for Q2 alone were explained as market adjustments, lower capital gains in alternative asset management, and lower revenue from overseas FICC.

How to read this page

This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.
Q2 FY2026 Earnings Presentation Materials | Daiwa Securities Group Inc. (8601) timely disclosure | Komori