Will record AUM and IFA growth continue to translate into FY2027 H1 revenue?

Revenue in Q1 of FY2027 was ¥1,158.446 million, up 33.6% year on year. The company attributed the result to an expansion in assets under intermediation to ¥478.343 billion, up 27.8% from the same quarter a year earlier, against a backdrop of an active investment environment and rising equity markets. The number of affiliated IFAs also increased to 216, with both AUM and headcount supporting revenue growth.

Subsequent key operating metrics showed AUM of ¥489.8 billion at the end of August 2026 and 226 affiliated IFAs at the end of September 2026, both new record highs. From the end of Q1, AUM increased by ¥11.5 billion and the number of affiliated IFAs by 10, confirming that the business base continued to expand through the end of September. However, the disclosure does not indicate whether the increase in AUM resulted from higher market prices, net inflows of customer funds, or both.

For comparison, AUM was ¥402.521 billion and the number of affiliated IFAs was 215 at the end of the first half of FY2026, while AUM was ¥429.738 billion and the number of affiliated IFAs was 214 at the end of that fiscal year. The build-up in AUM is relatively clear, whereas the number of IFAs declined by 1 from the first half to the end of FY2026. This suggests that AUM growth may have been supported not only by an increase in new IFAs, but also by higher assets per existing IFA and market valuation gains.

In H1 of FY2027, we will look for whether AUM remained around ¥489.8 billion at the end of September and whether the number of affiliated IFAs reached at least 226, as well as which revenue items, including financial product intermediary revenue, system usage fees and recurring fees, reflected the increase in AUM. Although Q1 disclosed AUM and IFA figures, it did not show their contribution to revenue or the breakdown between financial product intermediary revenue and system usage fees. If this breakdown is added in the H1 results, it will be easier to assess whether the increase in assets reflects a temporary market factor or an expansion of the recurring earnings base.