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Earnings presentation8697Japan Exchange Group,Inc.Financials (excluding banks)

[Supplementary Materials] Overview of Financial Results for the Fiscal Year Ending March 2026

In FY2025, operating revenue, operating profit and profit for the period increased, supported by active equity markets and higher collateral management revenue from interest rate swap transactions. In FY2026, operating revenue is expected to increase, but operating profit and profit for the period are forecast to decline due to higher expenses. The company also plans to repurchase treasury shares.

Worth reading
56In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.
Direction
Mixed performance
Direction inferred from the company’s description.
Scale
36504
¥ million (year-on-year increase in operating revenue)
Wording
Conditional
How definitive the wording is.

Contents of this document

Supplementary materials to the earnings reportFY2025 (fiscal year ending March 2026)10 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥198,735 million+22.5%
Operating profit¥116,289 million+29.0%
Net income¥79,139 million +29.5%attributable to owners of the parent
Results for the three months of the current quarter
Operating revenue
¥59,108 million+45.4%
Operating Expenses
¥24,017 million+9.5%
Operating profit
¥34,980 million+69.1%
Profit for the period
¥24,146 million+71.0%
Full-year earnings forecast
Operating revenue
¥205,000 million
Operating Expenses
¥91,000 million
Operating profit
¥115,000 million
Profit for the period
¥77,500 million attributable to owners of the parent
Earnings per share
¥75.39
Dividend per share
¥61
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Operating revenue
Trading-related revenue12,884
Clearing-related revenue19,796
Listing-related revenue1,373
Information-related revenue1,769
System-related revenue569
Other111
Operating Expenses
Personnel Expenses566
Real estate-related expenses79
System maintenance and operating expenses339
Depreciation and amortization-441
Other7,982
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Average daily trading value of securities and other instruments¥7.5 trillion assumptions for the three-year calculations under Medium-Term Management Plan 2027
New initiatives
  • Planned repurchase of treasury shares
  • Total shareholder returns of approximately ¥230 billion over 3 years under Medium-Term Management Plan 2027
  • Total system investments of approximately ¥45 billion over 3 years
  • Expansion of the market for derivatives products, primarily interest rate-related products
  • Enhancement of value-added services, including market-related services, through investments and collaboration with external parties
Key KPIsA metric the company considers important as a management benchmark.
  • Average daily trading value of securities and other instruments¥7.52 trillion+31.9%
  • Average daily trading volume of financial derivatives (converted into trading units)0.94 100 million units-6.7%
  • Average daily trading volume of TOPIX futures9 10,000 units+1.5%
  • Average daily trading volume of Nikkei 225 futures13.7 10,000 passes-16.7%
  • Average daily trading value of Nikkei 225 options¥288 million+34.8%
  • Average daily trading volume of long-term Japanese government bond futures4.5 10,000 units-6.2%
  • Average daily trading volume of commodity derivatives (converted into trading units)1,280 10,000 units-7.2%
  • PBR5.4 times
  • ROE23.1 %
Medium-term management plan targets
Plan nameMedium-Term Management Plan 2027
Target fiscal yearFinal year (fiscal year ending March 2027)
Operating revenue
2,120 Approximately ¥100 million
Profit for the period
760 Approximately ¥100 million attributable to owners of the parent
Financial targetsROE of at least 20.0% for 3 consecutive fiscal years
Comparison with actual results
Actual ROE23.1 %
Financial targets
ROE targetAt least 20.0% for 3 consecutive fiscal years
Actual ROE23.1 %
Cost of shareholders’ equityApproximately 6–8%
Capital expenditures
450 Approximately ¥100 million system investments over 3 years
Annual Dividend
¥61 per share
Interim30
End of period31
Payout ratio
80.9 %
Total payout ratioApproximately 106%
Acquisition of treasury shares
Buyback limitUp to ¥20 billion
Number of shares acquiredUp to 40,000,000 shares (3.9% of total shares issued)
Period1 June 2026–26 October 2026
MethodPurchases on the auction market
Contents of this document
ItemDetails
Document typeSupplementary materials to the earnings report
Fiscal Period CoveredFY2025 (fiscal year ending March 2026)
Net Sales¥198,735 million (YoY +22.5%)
Operating profit¥116,289 million (YoY +29.0%)
Net income¥79,139 million (attributable to owners of the parent) (YoY +29.5%)
Results for the three months of the current quarterOperating revenue ¥59,108 million (YoY +45.4%) / Operating Expenses ¥24,017 million (YoY +9.5%) / Operating profit ¥34,980 million (YoY +69.1%) / Profit for the period ¥24,146 million (YoY +71.0%)
Full-year earnings forecastOperating revenue ¥205,000 million / Operating Expenses ¥91,000 million / Operating profit ¥115,000 million / Profit for the period ¥77,500 million (attributable to owners of the parent) / Earnings per share ¥75.39 / Dividend per share ¥61
Breakdown of Factors Affecting the ChangeOperating revenue Trading-related revenue 12,884 / Clearing-related revenue 19,796 / Listing-related revenue 1,373 / Information-related revenue 1,769 / System-related revenue 569 / Other 111 / Operating Expenses Personnel Expenses 566 / Real estate-related expenses 79 / System maintenance and operating expenses 339 / Depreciation and amortization -441 / Other 7,982
Key KPIsAverage daily trading value of securities and other instruments ¥7.52 trillion (YoY +31.9%), Average daily trading volume of financial derivatives (converted into trading units) 0.94 100 million units (YoY -6.7%), Average daily trading volume of TOPIX futures 9 10,000 units (YoY +1.5%), Average daily trading volume of Nikkei 225 futures 13.7 10,000 passes (YoY -16.7%), Average daily trading value of Nikkei 225 options ¥288 million (YoY +34.8%), Average daily trading volume of long-term Japanese government bond futures 4.5 10,000 units (YoY -6.2%), Average daily trading volume of commodity derivatives (converted into trading units) 1,280 10,000 units (YoY -7.2%), PBR 5.4 times, ROE 23.1 %
Assumptions Underlying the Business OutlookAverage daily trading value of securities and other instruments ¥7.5 trillion (assumptions for the three-year calculations under Medium-Term Management Plan 2027)
Medium-term management plan targetsPlan name Medium-Term Management Plan 2027 / Target fiscal year Final year (fiscal year ending March 2027) / Operating revenue 2,120 Approximately ¥100 million / Profit for the period 760 Approximately ¥100 million (attributable to owners of the parent) / Financial targets ROE of at least 20.0% for 3 consecutive fiscal years / Comparison with actual results Actual ROE 23.1 %
Financial targetsROE target At least 20.0% for 3 consecutive fiscal years / Actual ROE 23.1 % / Cost of shareholders’ equity Approximately 6–8%
Annual Dividend¥61 per share
Payout ratio80.9 %
Acquisition of treasury sharesBuyback limit Up to ¥20 billion / Number of shares acquired Up to 40,000,000 shares (3.9% of total shares issued) / Period 1 June 2026–26 October 2026 / Method Purchases on the auction market
Capital expenditures450 Approximately ¥100 million (system investments over 3 years)
New initiativesPlanned repurchase of treasury shares, Total shareholder returns of approximately ¥230 billion over 3 years under Medium-Term Management Plan 2027, Total system investments of approximately ¥45 billion over 3 years, Expansion of the market for derivatives products, primarily interest rate-related products, Enhancement of value-added services, including market-related services, through investments and collaboration with external parties
Items this document does not state (14)
Ordinary incomeGross Profit MarginOperating profit marginSelling, general and administrative expensesProgress against full-year forecastSelf-assessment against the planSegment resultsUnit price and quantity metricsNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookOrders 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.

In FY2025, revenue growth was driven by active Japanese equity markets, higher collateral management revenue from interest rate swap transactions, an increase in debt obligations related to securities and other instruments, growth in net assets of domestic ETFs, and increased revenue from market information and index licenses and use of colocation services. In FY2026, revenue from collateral management associated with interest rate swap transactions is expected to increase, while operating profit and profit for the period are expected to decline due to higher system-related expenses and increased rebates to clearing participants, among other factors.

How to read this page

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[Supplementary Materials] Overview of Financial Results for the Fiscal Year Ending March 2026 | Japan Exchange Group,Inc. (8697) timely disclosure | Komori