Revenue and earnings growth, including the two consolidated companies, will continue, but the difference in the scope of consolidation remains in year-on-year comparisons

FY2027-Q1 revenue was ¥12,823.074 million, operating profit was ¥2,663.303 million, ordinary profit was ¥2,701.009 million, and net income attributable to owners of the parent was ¥1,389.138 million. Compared with revenue of ¥2,844.585 million and operating profit of ¥513.102 million in the previous-year period, revenue was 4.5 times higher and operating profit was 5.2 times higher. The operating margin also rose 2.8 percentage points, from 18.0% in the previous-year period to 20.8%, setting a record high for a first quarter.

However, this growth cannot be explained by organic business growth alone. SBI Okasan Asset Management and Rheos Capital Works were not included in the scope of consolidation in the previous-year period, so the expansion of the consolidation scope made a significant contribution to the current period’s revenue and earnings growth. SBI Okasan Asset Management became a subsidiary in September 2026, and SBI Rheos Hifumi was absorbed through a merger on 1 December 2025. Accordingly, the FY2027-H1 year-on-year comparison must take into account the different periods during which SBI Okasan and Rheos were consolidated.

For FY2026, full-year revenue was ¥27,859.646 million and operating profit was ¥5,154.581 million, but newly consolidated companies and investment partnerships were added from the current period, reducing comparability. At the interim results stage, it will be important to determine whether the increases in revenue and operating profit can be broken down into new consolidations, higher assets under management at existing subsidiaries, market factors, and the effects of organisational restructuring. In particular, without disclosure of the growth rate of existing businesses excluding the simple consolidation effect and the amount of post-integration cost savings, it will be difficult to assess sustainability based solely on the headline Q1 increases of 4.5 times in revenue and 5.2 times in operating profit.

Next time, revenue, operating profit, and the operating margin for the six months including SBI Okasan Asset Management and Rheos Capital Works should be reviewed. Whether the margin, which improved to 20.8% in Q1, can be maintained at around 20% for the interim period, and whether assets under management have increased further from approximately ¥14 trillion at 30 June 2026, will be key tests of the group’s underlying performance after the expansion of the consolidation scope.