FY2027 Q1: sharp transaction-volume-driven growth in revenue and profit; sustainability to be tested in H1

In FY2027 Q1, operating revenue was ¥17,299 million, operating income was ¥8,763 million, ordinary income was ¥8,856 million and quarterly net income was ¥5,609 million. Year on year, operating revenue increased 51.6%, operating income 87.7%, ordinary income 95.2% and net income 95.3%, with profit growing faster than the top line. A simple calculation of operating income as a percentage of operating revenue gives approximately 50.7%, well above the approximately 40.9% calculated from FY2026 Q1 operating revenue of ¥11,407 million and operating income of ¥4,668 million.

In the year-to-year comparison, operating revenue increased from ¥39,204 million and operating income from ¥15,636 million in FY2025 to ¥52,660 million and ¥23,462 million, respectively, in FY2026. However, 松井証券’s revenue is affected by activity in the equity market and individual investor trading volumes, so Q1’s profit growth rate cannot simply be treated as the full-year growth rate. In particular, it is necessary to determine whether Q1’s high standalone margin resulted from a temporary concentration of trading volume or from structural improvement driven by the customer base and expanded services.

FY2026 H1 operating revenue was ¥23,839 million, operating income was ¥10,263 million, ordinary income was ¥10,152 million and interim net income was ¥6,535 million. Accordingly, in FY2027 H1 we will check not only whether results increase year on year but also whether operating revenue and operating income exceed ¥23,839 million and ¥10,263 million, respectively. Since no full-year earnings forecast has been disclosed, H1 will be assessed through an actual-results comparison combining the prior-year first half, Q1 results and Q2 standalone momentum, rather than by progress against a company plan.