Overview of FY2025 Third Quarter Financial Results

Performance Overview

For the third quarter of FY2025, operating revenue was JPY 139,626 million (an increase of 14.8% YoY), operating expenses totaled JPY 59,581 million (up 12.1% YoY), operating income reached JPY 81,308 million (up 17.1% YoY), and net income stood at JPY 54,993 million (up 17.1% YoY). Transaction-related revenue was JPY 54,492 million (up 11.7% YoY), driven by an increase in trading value of stocks and related securities. Clearing-related revenue increased substantially by 41.1% YoY to JPY 36,675 million, reflecting a significant rise in collateral management income relating to interest rate swap transactions. Listing-related, information-related, and system-related revenues also posted increases. Operating expenses rose 12.1% YoY, mainly due to higher collateral management costs for interest rate swap transactions and increased expenses associated with the operation of new systems; despite this, operating income increased.

Market Trends and Outlook

Supported by a robust Japanese stock market, the daily average trading value of stocks and related securities reached JPY 6.79 trillion (up 20.4% YoY), with volumes on the Prime Market increasing 18.0%. Although derivative trading volumes have decreased partially, overall transaction volumes remain steady. There is no revision to the FY2025 earnings forecast announced on October 29, 2025, with operating revenue expected to be JPY 1.76 trillion, operating income JPY 96.5 billion, and net income JPY 65.0 billion. Dividends are planned at JPY 50.0 per share, with a payout ratio of approximately 80%.