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Daiwa Securities Group Inc. 2Q FY2026 Earnings Announcement The purpose of this material is to provide information on our business performance through the second quarter of FY2026 and our management vision for the future, and is not intended as a solicitation to invest in securities issued by the Company. This material has been prepared based on information available as of October 30, 2026. The opinions, forecasts and other statements contained herein are based on the Company’s judgment as of the date of preparation. The Company does not guarantee the accuracy or completeness of such information, and forecasts are subject to change without notice. October 30, 2026
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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツ タイトル ページ タイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・ 注釈9.80 4.00 4.60 8.80 2 Financial Results for the Second Quarter of FY2026 ⚫Highlights 3-4 ⚫Financial Summary 5-8 ⚫B/S and Financial Management Summary 9-10 ⚫P/L Summary 11 ⚫Breakdown of SG&A 12-13 ⚫Overseas Operations 14 ⚫Segment Information 15-23 ⚫Reference 24-36 Definitions of the terms used in this document WM Wealth Management AM Asset Management GM&IB Global Markets & Investment Banking GM Global Markets GIB Global Investment Banking Base income The sum of ordinary income of Wealth Management Division, Securities Asset Management, and Real Estate Asset Management Asset-based revenues Agency fee for investment trust, Investment advisory and account managed fees, Bank agency fees and other, revenues from asset-based fee plan for investment trusts, etc. FICC Fixed Income, Currency and Commodities
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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツ タイトル ページ タイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・ 注釈9.80 4.00 4.60 8.80 3 Highlights (1H/FY2026, YoY) Ordinary income and net income reached record highs for the first half, with higher profits across all business segments. Overall profitability improved substantially, while the consolidation of ORIX Bank further enhanced earnings stability. ◼ Base income*1, the sum of ordinary income of WM Division, Securities and Real Estate AM, increased by 60.2% to ¥125.2 bn. 1H Base Income exceeded 80% of the ¥150.0 bn Mid-Term Plan target. ◼ WM Division posted ordinary income of ¥77.0 bn (+56.2%), a record high on a half-year basis. ➢ Net asset inflows*2 remained strong, supported by continued progress in total asset consulting, while higher balances, particularly in investment trusts and wrap account services, drove asset-based revenues*3 to a record ¥74.2 bn. ➢ Daiwa Next Bank posted ordinary income of ¥21.9 bn (+117.8%). ORIX Bank has been consolidated from 2Q (July–September). ◼ AM Division posted ordinary income of ¥54.2 bn (+102.1%). Securities AM achieved record highs in both assets under management*4 and ordinary income. ◼ GM&IB Division posted ordinary income of ¥38.4 bn (+93.8%). ◼ FY2026 1H ROE was 12.0%. ¥97.9 bn ¥107.8 bn ¥444.3 bn ¥166.3 bn ¥78.9 bn ¥327.8 bn FY2026 1H FY2025 1H Profit attributable to owners of parent Net operating revenues Ordinary income Consolidated earnings results % Change vs 1H/FY2025 +35.5% +69.9% +36.6% *1 For the trend in base income, see p.8 *2 For the trend in net asset inflows, see p.28 Interim dividend: 39 yen (a record high), dividend pay-out ratio: 50.3% *3 For the trend in asset-based revenues, see p.29 *4 Assets under management of Daiwa Asset Management
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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツ タイトル ページ タイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・ 注釈9.80 4.00 4.60 8.80 161.0161.5174.2 155.2 172.6 194.6197.8 220.3223.9 0 50 100 150 200 250 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY2024 FY2025 FY2026 72.8 63.0 51.0 43.7 54.1 69.5 67.0 88.0 78.2 0 20 40 60 80 100 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY2024 FY2025 FY2026 53.7 46.6 29.9 31.2 47.7 46.4 49.8 56.4 51.4 0 20 40 60 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY2024 FY2025 FY2026 4 Summary (2Q/FY2026, QoQ) ◼ WM Division (Daiwa Securities) saw lower income due to the market correction; however, net inflows into wrap account services and equity investment trusts continued, and asset-based revenues* reached a record high. ◼ In the AM Division, assets under management reached a record high on continued net inflows, while income declined mainly due to lower capital gains in Alternative AM. ◼ GM steadily captured customer flows in Japan and overseas, but income declined due to lower overseas FICC revenues. GIB saw higher income, supported by debt underwriting and domestic M&A. ◼ ORIX Bank’s three months of financial results are consolidated from 2Q. Profit attributable to owners of parent Net operating revenues Ordinary income -11.2% ¥51.4 bn ¥223.9 bn ¥78.2 bn -8.8% +1.6% FY2026 2Q % Change vs 1Q/FY2026Consolidated earnings results Despite challenging market conditions, the build-up of stable asset-based profits from wrap accounts and equity investment trusts supported profitability. Annualized ROE was 11.3%. (¥ Billions) (¥ Billions) (¥ Billions) Net Operating Revenues Ordinary Income Profit Attributable to Owners of Parent * For the trend in asset-based revenues and flow revenues, see p.29
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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツ タイトル ページ タイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・ 注釈9.80 4.00 4.60 8.80 FY2025 FY2026 2Q 3Q 4Q 1Q 2Q 1H 1H Operating revenues 375,349 373,862 392,369 434,364 431,090 -0.8% 14.9% 701,750 865,454 23.3% 1,467,983 Net operating revenues 172,628 194,646 197,899 220,399 223,902 1.6% 29.7% 327,880 444,301 35.5% 720,427 SG&A 122,785 132,882 138,351 142,887 152,986 7.1% 24.6% 241,859 295,873 22.3% 513,094 Ordinary income 54,192 69,559 67,042 88,089 78,262 -11.2% 44.4% 97,908 166,352 69.9% 234,510 Profit (loss) attributable to owners of parent 47,726 46,462 49,854 56,414 51,431 -8.8% 7.8% 78,964 107,846 36.6% 175,281 Total assets 36,915,300 38,595,380 38,077,646 39,867,264 40,407,118 36,915,300 40,407,118 38,077,646 Net assets 1,944,434 1,989,781 2,045,809 2,077,378 2,119,547 1,944,434 2,119,547 2,045,809 Shareholders' equity* 1,667,999 1,706,702 1,763,569 1,796,774 1,841,041 1,667,999 1,841,041 1,763,569 EPS (¥) 34.31 33.66 36.02 40.68 36.90 56.44 77.57 126.04 BPS (¥) 1,201.74 1,235.69 1,272.72 1,294.66 1,318.82 1201.74 1,318.82 1,272.72 ROE (Annualized) 11.6% 11.0% 11.5% 12.7% 11.3% 9.5% 12.0% 10.3% FY2025(¥ Millions) FY2025 % Change vs 1Q/FY26 % Change vs 2Q/FY25 FY2026 % Change vs 1H/FY25 5 Financial Summary Consolidated * Shareholders' equity = Owners’ equity + Accumulated other comprehensive income 44 yen Full-year minimum dividend FY2024-FY2026 39 yen FY2026 Interim Dividend
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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツ タイトル ページ タイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・ 注釈9.80 4.00 4.60 8.80 FY2025 FY2026 2Q 3Q 4Q 1Q 2Q 1H 1H 74,689 77,100 81,093 88,230 99,259 12.5% 32.9% 137,595 187,490 36.3% 295,788 WM Division (Daiwa Securities) 65,759 68,988 71,447 77,031 72,662 -5.7% 10.5% 121,259 149,693 23.4% 261,695 Daiwa Next Bank◇ 7,922 7,080 8,551 9,924 24,940 151.3% 214.8% 14,521 34,864 140.1% 30,154 24,996 32,605 26,114 40,928 38,013 -7.1% 52.1% 53,210 78,941 48.4% 111,930 Global MarketsSecurities AM 17,158 18,637 19,734 21,271 22,941 7.9% 33.7% 32,350 44,212 36.7% 70,722 Real Estate AM 8,039 10,125 9,055 13,327 12,035 -9.7% 49.7% 17,704 25,363 43.3% 36,885 Global Investment BankingAlternative AM -201 3,841 -2,674 6,329 3,036 -52.0% - 3,154 9,365 196.9% 4,321 60,745 71,339 75,482 76,512 69,137 -9.6% 13.8% 110,572 145,650 31.7% 257,395 Securities Asset ManagementGM 39,281 45,289 51,347 53,854 45,712 -15.1% 16.4% 71,835 99,567 38.6% 168,472 Real Estate Asset ManagementGIB 21,464 26,050 24,134 22,658 23,424 3.4% 9.1% 38,737 46,082 19.0% 88,922 12,197 13,601 15,209 14,727 17,491 - - 26,502 32,219 - 55,313 172,628 194,646 197,899 220,399 223,902 1.6% 29.7% 327,880 444,301 35.5% 720,427 FY2025 FY2026 2Q 3Q 4Q 1Q 2Q 1H 1H 29,565 29,573 33,159 37,274 39,737 6.6% 34.4% 49,300 77,011 56.2% 112,033 WM Division (Daiwa Securities) 23,933 24,804 27,034 29,878 25,190 -15.7% 5.2% 39,544 55,068 39.3% 91,383 Daiwa Next Bank◇ 5,702 4,818 6,273 7,262 14,645 101.7% 156.9% 10,058 21,907 117.8% 21,149 12,072 22,232 16,355 30,362 23,879 -21.4% 97.8% 26,844 54,241 102.1% 65,432 Global MarketsSecurities AM 8,493 10,227 11,414 15,709 12,836 -18.3% 51.1% 16,011 28,545 78.3% 37,652 Real Estate AM 5,905 10,394 9,817 9,837 9,810 -0.3% 66.1% 12,840 19,648 53.0% 33,053 Global Investment BankingAlternative AM -2,326 1,609 -4,875 4,815 1,232 -74.4% - -2,007 6,047 - -5,272 14,861 18,731 20,400 22,710 15,786 -30.5% 6.2% 19,862 38,496 93.8% 58,995 Securities Asset ManagementGM 8,414 11,968 17,783 18,198 11,168 -38.6% 32.7% 11,054 29,366 165.7% 40,805 Real Estate Asset ManagementGIB 6,086 5,430 2,146 3,273 4,017 22.7% -34.0% 6,989 7,290 4.3% 14,566 -2,306 -978 -2,873 -2,257 -1,139 - - 1,901 -3,397 - -1,950 54,192 69,559 67,042 88,089 78,262 -11.2% 44.4% 97,908 166,352 69.9% 234,510 43,963 50,195 54,390 62,821 62,384 -0.7% 41.9% 78,152 125,205 60.2% 182,738 FY2025 FY2025 Net operating revenues % Change vs 1Q/FY26 WM AM GM&IB % Change vs 2Q/FY25 FY2025 Other/Adjustments Consolidated total FY2026 % Change vs 1H/FY25 % Change vs 1H/FY25 % Change vs 2Q/FY25 Other/Adjustments Base Income Consolidated total % Change vs 1Q/FY26 FY2025 Ordinary income WM AM FY2026 GM&IB 6 Segment Summary Consolidated (¥ Millions) ◇ From 2Q FY2026, Daiwa Next Bank figures are on a consolidated basis including ORIX Bank (ordinary income is after amortization of goodwill). ※ Results for each segment are calculated based on the management accounting of each group company. For equity-method affiliates, equity in earnings (losses) of affiliates are recorded in the relevant segment.
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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツ タイトル ページ タイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・ 注釈9.80 4.00 4.60 8.80 19.7 29.5 29.5 33.1 37.2 39.7 62.9 74.6 77.1 81.0 88.2 99.2 WM Division (Daiwa Securities) Daiwa Next Bank◇ 34.1 43.9 50.1 54.3 62.8 62.3 43.7 54.1 69.5 67.0 88.0 78.2 1 2 3 4 5 6 千 WM Division AM Division GM&IB Division Other/Adjustments Base Income 28.2 24.9 32.6 26.1 40.9 38.0 14.7 12.0 22.2 16.3 30.3 23.8 Securities AM Real Estate AM Alternative AM 5.0 14.8 18.7 20.4 22.7 15.7 49.8 60.7 71.3 75.4 76.5 69.1 GM GIB 7 Segment Summary Consolidated WM Division AM Division GM&IB Division (¥ Billions) Net operating revenues Ordinary income 1Q 2Q 3Q 4Q 1Q 2Q FY2025 FY2026 1Q 2Q 3Q 4Q 1Q 2Q FY2025 FY2026 1Q 2Q 3Q 4Q 1Q 2Q FY2025 FY2026 1Q 2Q 3Q 4Q 1Q 2Q FY2025 FY2026 ◇ From 2Q FY2026, Daiwa Next Bank figures are on a consolidated basis including ORIX Bank (ordinary income is after amortization of goodwill). ※ Results for each segment are calculated based on the management accounting of each group company. For equity-method affiliates, equity in earnings (losses) of affiliates are recorded in the relevant segment. Consolidated Ordinary Income / Base Income
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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツ タイトル ページ タイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・ 注釈9.80 4.00 4.60 8.80 87.8 73.1 114.2 137.5 182.7 125.2 0 50 100 150 200 250 300 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 1H WM Division Securities AM Real Estate AM Base Income ▲ 20 0 20 40 60 80 100 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 WM Division Securities AM Real Estate AM Base Income 8 Trends in Consolidated Ordinary Income and Base Income Consolidated Consolidated Ordinary Income / Base Income (annually) Consolidated Ordinary Income / Base Income (quarterly) ◼ Base income for 2Q FY2026 was ¥62.3 bn (YoY +41.9%, QoQ -0.7%). ◼ 1H base income totaled ¥125.2 bn, exceeding 80% of the ¥150.0 bn Mid-Term Plan target. (¥ Billions) 62.3 39.7 12.8 9.8 78.2 135.8 86.9 174.5 224.7 ※ Results for each segment are calculated based on the management accounting of each group company. For equity-method affiliates, equity in earnings (losses) of affiliates are recorded in the relevant segment. 234.5 166.3
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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツ タイトル ページ タイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・ 注釈9.80 4.00 4.60 8.80 Sept. 30 vs. Mar. 31 Sept. 30 vs. Mar. 31 Current assets 38,349 2,129 Current liabilities 35,095 2,115 Cash and deposits 4,720 930 Trading products 10,508 1,747 Short-term investment securities 2,239 98 Trading securities and other 3,396 -302 Trading products 13,589 1,197 Stocks, Convertible bonds 219 -94 Trading securities and other 7,415 -589 Bonds 2,971 -268 Stocks, Convertible bonds 1,500 398 Other 205 60 Bonds 3,877 -791 Derivatives transactions 7,112 2,050 Beneficiary certificates 86 22 Loans payable secured by securities 11,600 -2,208 Other 1,951 -219 Deposits for banking business 7,502 2,460 Derivatives transactions 6,174 1,787 Short-term loans payable 2,175 141 Operational investment securities* 99 -23 Current portion of bonds 432 -27 Operating loans receivable 5,536 1,926 Loans secured by securities 9,927 -2,225 Non-current assets 2,057 199 Long-term liabilities 3,183 139 Property, plant and equipment 1,007 30 Bonds payable 1,128 97 Intangible assets 290 135 Long-term loans payable 1,877 26 Investments and other assets 759 33 Total liabilities 38,287 2,255 Listed stocks 180 12 Net assets 2,119 73 Unlisted stocks 42 3 Owners' equity 1,554 69 Affliated company stocks, etc. 355 6 Accumulated other comprehensive income 286 8 Other 180 11 Non-controlling interests 273 -3 Total Assets 40,407 2,329 Total liabilities and net assets 40,407 2,329 9 B/S Summary * Net of the provision for investment losses. (¥ Billions) Consolidated Balance Sheet (September 30, 2026) Total assets: ¥40.40 tn Net assets: ¥2.11 tn Shareholders‘ equity***: ¥1.84 tn ◼ 75.4% of total assets have high liquidity**. ** Cash and deposits + Short-term investment securities + Trading products + Loans secured by securities ◼ Shareholders’ equity*** increased by ¥77.4 bn from March 31, 2026. *** Shareholders‘ equity = Owners’ equity + Accumulated other comprehensive income Consolidated
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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツ タイトル ページ タイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・ 注釈9.80 4.00 4.60 8.80 2,635 2,632 2,799 2,815 2,642 2,800 3,007 3,078 3,409 3,777 2,009 1,926 1,957 1,970 1,908 1,970 2,242 2,446 2,550 2,705 131.1% 136.6% 142.9% 142.9% 138.4% 142.1% 134.1% 125.8% 133.6% 139.6% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY2024 FY2025 FY2026 High-quality liquid assets (¥ billions) Net cash outflows (¥ billions) Consolidated liquidity coverage ratio 1,557 1,470 1,615 1,547 1,550 1,547 1,626 1,622 1,719 1,367 1,274 1,413 1,351 1,355 1,356 1,435 1,434 1,522 20.96% 20.45% 21.50% 21.84% 21.83% 20.97% 21.67% 20.06% 21.04% 18.41% 17.72% 18.82% 19.07% 19.08% 18.37% 19.13% 17.73% 18.63% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q FY2024 FY2025 FY2026 Total qualifying capital (¥ billions) Common equity tier 1 (¥ billions) Consolidated total capital ratio Consolidated common equity tier 1 capital ratio 28,623 26,665 29,240 28,859 28,286 29,273 30,752 31,705 33,977 1,554 1,462 1,605 1,540 1,544 1,542 1,622 1,618 1,711 5.43% 5.48% 5.48% 5.33% 5.45% 5.27% 5.27% 5.10% 5.03% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q FY2024 FY2025 FY2026 Total exposures (¥ billions) Tier 1 capital (¥ billions) Consolidated levarage ratio 10 Financial Management (Regulatory Capital & Regulatory Liquidity) Consolidated leverage ratio Consolidated Liquidity Coverage Ratio 【Regulatory Capital (Basel III)】 (As at June 30, 2026) ◼ Consolidated Total Capital Ratio: 21.04% ◼ Consolidated Tier 1 Capital Ratio: 20.95% ◼ Consolidated Common Equity Tier 1 Capital Ratio: 18.63% ◼ Consolidated Leverage Ratio: 5.03% ※ Figures are as at the end of each quarter 【Regulatory Liquidity (Basel III)】 (Daily average Jul. – Sept. 2026) ◼ Consolidated Liquidity Coverage Ratio: 139.6% Consolidated Consolidated Capital Adequacy Ratio
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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツ タイトル ページ タイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・ 注釈9.80 4.00 4.60 8.80 FY2025 FY2026 2Q 3Q 4Q 1Q 2Q 1H 1H Operating revenues 375,349 373,862 392,369 434,364 431,090 -0.8% 14.9% 701,750 865,454 23.3% 1,467,983 Commission received 118,300 128,579 131,203 143,423 137,735 -4.0% 16.4% 218,698 281,158 28.6% 478,481 Net trading income 23,375 28,249 31,919 33,213 28,910 -13.0% 23.7% 45,685 62,123 36.0% 105,855 Net gain (loss) on private equity -1,164 3,921 -2,915 4,107 1,259 -69.3% - 633 5,367 747.8% 1,639 Financial revenue 175,175 177,115 177,564 175,588 206,313 17.5% 17.8% 335,792 381,901 13.7% 690,472 Other operating revenue 59,662 35,996 54,597 78,031 56,870 -27.1% -4.7% 100,940 134,901 33.6% 191,534 Financial expenses 155,261 152,824 148,959 151,059 166,158 10.0% 7.0% 296,083 317,217 7.1% 597,866 Other operating expenses 47,459 26,392 45,510 62,905 41,030 -34.8% -13.5% 77,786 103,935 33.6% 149,689 Net operating revenues 172,628 194,646 197,899 220,399 223,902 1.6% 29.7% 327,880 444,301 35.5% 720,427 SG&A 122,785 132,882 138,351 142,887 152,986 7.1% 24.6% 241,859 295,873 22.3% 513,094 Operating income 49,842 61,764 59,548 77,512 70,915 -8.5% 42.3% 86,020 148,427 72.5% 207,333 Non-operating income 4,349 7,795 7,494 10,577 7,347 -30.5% 68.9% 11,887 17,924 50.8% 27,177 Ordinary income/loss 54,192 69,559 67,042 88,089 78,262 -11.2% 44.4% 97,908 166,352 69.9% 234,510 Extraordinary income/loss 21,438 201 6,698 228 3,954 17x -81.6% 22,517 4,182 -81.4% 29,417 Income before income taxes 75,631 69,760 73,741 88,317 82,217 -6.9% 8.7% 120,426 170,535 41.6% 263,927 Total income taxes 23,205 18,963 20,771 26,998 27,170 0.6% 17.1% 33,959 54,168 59.5% 73,695 47,726 46,462 49,854 56,414 51,431 -8.8% 7.8% 78,964 107,846 36.6% 175,281 FY2025 Profit (loss) attributable to owners of parent (¥ Millions) FY2025 % Change vs 1Q/FY26 % Change vs 2Q/FY25 FY2026 % Change vs 1H/FY25 11 P/L Summary ※ Comparisons of increase/decrease are quarter-on-quarter unless otherwise noted from this page onward. ◼ Commissions received decreased (-4.0%). • Brokerage commission* was ¥26.4 bn (-24.4%). • Underwriting and secondary offering commissions* were ¥11.7 bn (-31.2%). • Distribution commission* was ¥7.7 bn (-16.4%). • M&A related commission* was ¥15.1 bn (+20.5%). * Breakdown of total commission received (See p.25). Consolidated
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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツ タイトル ページ タイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・ 注釈9.80 4.00 4.60 8.80 FY2025 FY2026 2Q 3Q 4Q 1Q 2Q 1H 1H 122,785 132,882 138,351 142,887 152,986 7.1% 24.6% 241,859 295,873 22.3% 513,094 Trading related expenses 24,798 25,926 25,944 28,866 30,824 6.8% 24.3% 48,295 59,691 23.6% 100,165 Personnel expenses 60,606 67,751 69,675 71,610 73,445 2.6% 21.2% 118,770 145,055 22.1% 256,197 Real estate expenses 11,320 11,893 12,921 12,202 12,788 4.8% 13.0% 22,431 24,990 11.4% 47,245 Office cost 8,101 8,822 9,807 9,844 11,458 16.4% 41.4% 16,417 21,303 29.8% 35,047 Depreciation 8,292 8,645 8,770 9,495 10,430 9.8% 25.8% 16,564 19,926 20.3% 33,980 Taxes and dues 4,232 4,058 4,456 5,143 5,465 6.3% 29.1% 8,163 10,609 30.0% 16,679 Other 5,433 5,785 6,775 5,724 8,572 49.8% 57.8% 11,217 14,296 27.5% 23,778 FY2025 SG&A (¥ Millions) FY2025 % Change vs 1Q/FY26 % Change vs 2Q/FY25 FY2026 % Change vs 1H/FY25 12 Breakdown of SG&A ◼ SG&A increased (+7.1%). ◼ Expenses increased mainly due to the consolidation of ORIX Bank from 2Q, including transaction-related expenses (+6.8%), personnel expenses (+2.6%), office cost (+16.4%), and depreciation (+9.8%). Consolidated
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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツ タイトル ページ タイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・ 注釈9.80 4.00 4.60 8.80 2Q 3Q 4Q 1Q-4Q 1Q 2Q 3Q 4Q 1Q-4Q 1Q 2Q Total SG&A 119.4 124.4 121.3 479.2 119.0 122.7 132.8 138.3 513.0 142.8 152.9 50.1 54.9 52.1 202.5 47.4 50.0 58.4 61.0 217.0 63.7 64.8 Trading related expenses 22.5 23.0 24.1 91.7 23.4 24.7 25.9 25.9 100.1 28.8 30.8 Advertising and promotion expenses 2.5 2.4 2.6 9.8 2.0 2.2 2.1 2.0 8.5 2.0 2.3 20.5 24.2 20.2 81.6 16.1 17.8 24.6 26.1 84.7 26.8 24.2 Overtime, part-time 1.8 1.9 1.8 7.5 1.9 2.0 2.1 2.1 8.2 2.2 2.4 69.2 69.5 69.1 276.7 71.6 72.6 74.4 77.3 296.0 79.1 88.1 Personnel expenses 39.1 38.9 38.7 155.4 39.9 40.6 40.9 41.3 162.8 42.3 46.6 Real estate expenses 10.9 10.7 11.3 43.8 11.1 11.3 11.8 12.9 47.2 12.2 12.7 Depreciation 8.8 8.5 8.3 34.3 8.2 8.2 8.6 8.7 33.9 9.4 10.4 Office expenses 6.5 7.1 6.9 27.3 8.0 7.7 8.5 9.4 33.7 9.5 11.1 Taxes and dues 3.4 3.7 3.3 14.2 3.9 4.2 4.0 4.4 16.6 5.1 5.4 FY2026 (¥ Billions) FY2024 FY2025 Variable costs Bonus and others Fixed costs 13 Cost Structure Consolidated
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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツ タイトル ページ タイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・ 注釈9.80 4.00 4.60 8.80 FY2025 FY2026 2Q 3Q 4Q 1Q 2Q 1H 1H Overseas Operations Total 7,619 8,393 6,919 13,144 7,276 -44.6% -4.5% 11,432 20,420 78.6% 26,745 Europe 324 160 38 -409 1,119 - 245.0% -1,633 710 - -1,435 Asia / Oceania 1,501 2,223 2,504 4,673 2,242 -52.0% 49.4% 3,949 6,916 75.1% 8,677 Americas 5,793 6,010 4,376 8,879 3,914 -55.9% -32.4% 9,116 12,794 40.3% 19,503 FY2025(¥ Millions) FY2025 % Change vs 1Q/FY26 % Change vs 2Q/FY25 FY2026 % Change vs 1H/FY25 -5 0 5 10 15 Europe Asia / Oceania Americas Overseas Operations Total 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY2026(¥ Billions) FY2024 FY2025 14 Ordinary Income of Overseas Operations Ordinary Income ◼ Overseas operations posted ordinary income of ¥20.4 bn for the 1H, a record high on a half-year basis. ◼ Europe: Returned to profitability in 2Q. ◼ Asia / Oceania: Ordinary income declined, reflecting a decrease in equity revenues from the strong levels seen in 1Q, as well as lower equity-method investment income. ◼ Americas: Ordinary income declined due to lower FICC revenues. Consolidated
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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツ タイトル ページ タイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・ 注釈9.80 4.00 4.60 8.80 Net operating revenues 99,259 12.5% 187,490 36.3% Ordinary income 39,737 6.6% 77,011 56.2% (¥ Millions) FY2026 2Q % Change vs 1Q/FY26 FY2026 1H % Change vs 1H/FY25 0 20 40 60 80 100 120Equity Fixed income Distribution commission for investment trust Agency fee for investment trust Wrap-related revenues Daiwa Next Bank Other Ordinary income 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Equity 15.0 18.4 19.7 14.6 19.7 21.9 23.1 24.0 17.7 Fixed income 5.6 5.2 4.8 5.9 5.8 6.3 6.8 7.7 8.0 Distribution commission for investment trust 4.7 6.6 6.4 4.6 5.9 7.7 7.5 9.0 7.3 Agency fee for investment trust 7.6 8.1 8.1 7.8 9.0 9.8 10.1 10.9 11.6 Wrap-related revenues 13.7 14.1 14.1 14.2 15.3 16.9 18.0 19.1 20.8 Daiwa Next Bank *1 6.4 5.6 5.8 6.5 7.9 7.0 8.5 9.9 24.9 Other 7.4 7.9 7.1 8.9 10.7 7.1 6.8 7.3 8.6 Net operating revenues 60.6 66.0 66.4 62.9 74.6 77.1 81.0 88.2 99.2 Ordinary income 15.9 21.0 23.1 19.7 29.5 29.5 33.1 37.2 39.7 FY2026 (¥ Billions) FY2024 FY2025 15 WM Division 【Equity】 ◼ Equity trading declined in Japan and overseas from strong 1Q levels, resulting in a ¥6.2 bn (-26.1%) decline in revenue. Meanwhile, investment demand remained solid for AI and semiconductors, as well as for emerging growth themes. 【Fixed Income】 ◼ Bond sales, led by SoftBank Group corporate bonds, remained strong amid rising interest rates, driving a ¥0.3 bn (+4.7%) increase in revenue and maintaining high revenue levels. 【Equity Investment Trusts】 ◼ Net increase expanded despite lower purchase volume, as cancellations and redemptions declined. Investment trust agency fees increased by ¥0.6 bn (+6.1%) to a record high. 【Wrap Account Service】 ◼ Demand for lower-risk and diversified investments remained strong, supporting high levels of both contract volume and net inflows, which exceeded the previous quarter. Wrap account-related revenue rose ¥1.6 bn (+8.8%) to a record high of ¥20.8 bn. 【Asset-Based Revenue】 ◼ Continued net inflows in equity investment trusts and wrap accounts lifted asset-based revenue to a record ¥38.3 bn. ◼ The fixed cost coverage ratio of asset-based revenues was 128.4%, while the total expense coverage ratio rose to 82.1%. 【Net Asset Inflow】 ◼ Net inflows totaled ¥312.6 bn. Retail recorded net inflows for the 11th consecutive quarter, with continued inflows into equity investment trusts and fund wrap accounts, as well as from yen time deposits and other products. * For details, see the quarterly trend of asset -based revenues (p.29) and net asset inflows (p.28) Net Operating Revenues and Ordinary Income *1 For Daiwa Next Bank, net interest income, etc. + net fees and commissions ( -). From 2Q FY2026, figures are consolidated with ORIX Bank (Ordinary Income after goodwill amortization). Net interest income etc. = Net interest income/expenses plus foreign exchange gains/losses, gains/losses related to securities transactions inclu ding derivatives, etc.; Net fees and commissions = fees paid to Daiwa Securities and Daiwa Connect Securities as banking agents, etc.
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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツ タイトル ページ タイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・ 注釈9.80 4.00 4.60 8.80 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Equity 91.2 168.0 389.0 62.7 105.5 99.0 108.1 156.6 63.9 Wrap *1 239.5 237.0 195.7 194.9 258.9 356.2 386.2 357.7 418.2 Insurance *2 25.1 26.0 27.5 64.6 83.1 38.8 37.5 34.0 46.3 Japanese bonds *3 128.3 122.0 54.0 263.4 97.5 127.2 109.3 247.4 311.8 Foreign bonds *4 238.5 204.4 185.0 160.9 200.9 167.6 219.7 225.4 233.8 390.1 490.1 458.0 357.8 481.8 568.5 586.7 582.2 502.7 Asset-based fee plan for investment trust 79.1 92.5 81.2 62.8 94.7 92.5 101.2 116.9 79.9 (¥ Billions) Equity investment trusts *5 FY2024 FY2025 FY2026 0 500 1,000 1,500 2,000Equity SMA + Fund Wrap Insurance Japanese bonds Foreign bonds Equity investment trusts 【Wrap Account Service】 ◼ Contract amount was ¥418.2 bn and net inflow was ¥294.6 bn, both quarterly record highs. ◼ Contract AUM reached a record high of ¥6.94 tn*. 【Equity Investment Trusts】 ◼ Sales amount was ¥502.7 bn. With fewer redemptions and cancellations, the net increase was ¥165.0 bn, at a high level. ◼ Fund sales expanded across a broad range of products, led by the Global Equity Open with strong sales also seen in the Growth Opportunity Fund and Physical AI Equity Fund. ◼ Net inflows into wrap accounts and equity investment trusts hit a quarterly record of ¥459.6 bn. 16 WM Division Daiwa Securities Sales and Distribution Amount by Product * Includes GM&IB Division Net Inflow Wrap Account Service and Equity Investment Trusts (¥ Billions) *1 Total contract amount of fund wrap and SMA *2 Insurance include pension insurance, life insurance and business insurance *3 Solicitation of new bond issuance *4 Foreign bonds include yen-denominated foreign bonds *5 Equity investments trusts include switching transactions between funds 94.2 108.4 174.6 88.9 130.8 117.3 146.6 115.7 165.0 156.3 125.7 94.2 100.3 146.6 224.1 276.2 237.6 294.6 0 100 200 300 400 500 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY2024 FY2025 FY2026 Wrap account service net inflow Equity investment trusts (Excl. wrap account service) net increase
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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツ タイトル ページ タイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・ 注釈9.80 4.00 4.60 8.80 Ordinary revenue 35,452 -10.2% 74,910 34.2% Net interest income, etc 13,439 3.0% 26,493 27.3% Ordinary income 7,876 8.5% 15,138 50.5% FY2026 1H % Change vs 1H/FY25 (¥ Millions) FY2026 2Q % Change vs 1Q/FY26 0 500 1,000 1,500 2,000 2,500 0 1,000 2,000 3,000 4,000 5,000 6,000 Yen deposits Foreign currency deposits Number of accounts (thousands) 0 10 20 30 40 50 Net interest income, etc. (annually) Net interest income, etc. (quarterly) Ordinary income (annually) Ordinary income (quarterly) 1Q 2Q 2,163 2,007 2,296 2,158 2,226 2,309 2,212 2,005 1,905 2,194 2,137 2,815 2,981 2,827 29 27 37 12 21 17 15 4,197 3,940 4,528 4,309 5,063 5,308 5,055 Foreign currency deposits 569 499 597 688 741 758 721 1,569 1,662 1,786 1,894 2,288 2,378 2,412 Time deposits (¥ Billions) Ordinary deposits Negotiable certificate of deposits / Other Deposit balance Number of accounts (thousands) FY2021 FY2022 FY2026 FY2023 FY2024 FY2025 1Q 2Q Net interest income, etc. 17.4 24.1 32.4 37.2 42.1 13.0 13.4 Ordinary income 4.2 6.0 10.5 14.1 21.1 7.2 7.8 (¥ Billions) FY2021 FY2022 FY2023 FY2026 FY2025FY2024 17 WM Division Daiwa Next Bank Daiwa Next Bank Deposit Balance & Number of Accounts (¥ Billions) ※ All figures are as at the end of each quarter ※ Net interest income, etc. = Net interest income/expenses plus foreign exchange gains/losses, gains/losses related to securities transactions including derivatives, etc. ※ Net interest income, etc. are unaudited reference value. Net Interest Income, etc. / Ordinary Income (Thousands) ◼ Ordinary income reached a record high of ¥7.8 bn (+8.5%). ◼ Deposit balances declined, as increased withdrawals at maturity and the shift of funds into securities investments more than offset campaign-driven inflows into time deposits.
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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツ タイトル ページ タイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・ 注釈9.80 4.00 4.60 8.80 1Q 2Q Ordinary revenue 62.9 63.3 64.3 70.3 85.8 22.2 24.1 Ordinary income 29.2 28.1 28.2 29.9 25.1 6.9 8.3 (¥ Billions) FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 1Q 2Q 1,907 1,875 1,815 1,853 1,947 1,980 2,005 206 259 343 549 633 678 651 80 75 71 67 64 62 62 11 13 27 44 43 45 47 2,205 2,224 2,259 2,515 2,688 2,767 2,767 (¥ Billions) Other FY2026 Real estate investment loans Corporate loans FY2021 FY2022 FY2023 FY2024 FY2025 Card loans Total loans outstanding 0 1,000 2,000 3,000 Other Card loans Corporate loans Real estate investment loans Ordinary revenue 24,146 8.5% Ordinary income 8,392 20.5% (¥ Millions) FY2026 2Q % Change vs 1Q/FY26 0 20 40 60 80 100 Ordinary Revenue (annually) Ordinary Revenue (quarterly) Ordinary Income (annually) Ordinary Income (quarterly) 18 WM Division ORIX Bank Loan Balance (¥ Billions) ※ Figures are for ORIX Bank on a non-consolidated basis. Figures for 1Q FY2026 and earlier are provided for reference only, as they predate ORIX Bank’s consolidation as a subsidiary of the Company and are not included in the Company’s consolidated results. Ordinary Revenue / Ordinary Income ◼ ORIX Bank was consolidated from 2Q (July–September), contributing ¥6.7 bn to the WM segment’s ordinary income after goodwill amortization. ◼ Loan balances remained flat, with growth in investment property loans offset by lower corporate lending.
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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツ タイトル ページ タイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・ 注釈9.80 4.00 4.60 8.80 1Q 2Q 20,261 20,225 27,481 27,378 35,739 42,466 42,613 8,268 8,038 10,418 11,425 14,231 16,771 16,968 Net Inflow 347 516 663 1,242 1,062 422 479 11,993 12,186 17,063 15,952 21,508 25,695 25,644 Net Inflow 275 -80 187 -122 128 -245 74 1,434 1,365 1,544 1,359 1,466 1,503 1,463 21,696 21,590 29,026 28,737 37,206 43,970 44,076 1,626 1,802 2,449 2,380 3,220 3,146 3,028 351 318 438 1,830 3,025 3,362 3,390 23,674 23,712 31,914 32,948 43,452 50,479 50,495 Private Investment Trust AUM Investment Advisory AUM FY2026 FY2021 FY2022 FY2023 FY2024 Equity investment trusts excl. ETF ETF Bond Investment Trusts Total FY2025(¥ Billions) Public Investment Trust AUM 21.9 18.0 20.9 27.8 37.6 28.5 0 10 20 30 40 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 1H 0 10,000 20,000 30,000 40,000 50,000 60,000 Investment Advisory AUM Private Investment Trusts Public Investment Trusts Net operating revenues 22,941 7.9% 44,212 36.7% Ordinary income 12,836 -18.3% 28,545 78.3% (¥ Millions) FY2026 2Q % Change vs 1Q/FY26 FY2026 1H % Change vs 1H/FY25 19 AM Division Securities AM 【Securities AM】 ◼ Revenue increased due to growth in average assets under management during the period, while income declined due to valuation losses. ◼ Daiwa Asset Management recorded net inflows of ¥479.1 bn into publicly offered equity investment trusts (excluding ETFs), bringing AUM in publicly offered investment trusts to a record high of over ¥44 tn. Daiwa Asset Management Publicly Offered Securities Investment Trusts AUM ※ All figures are as at the end of each quarter (¥ Billions) Ordinary Income (annually)
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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツ タイトル ページ タイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・ 注釈9.80 4.00 4.60 8.80 22.9 26.3 27.0 29.0 33.0 19.6 0 10 20 30 40 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 1H Other AUM-linked Net operating revenues *1 12,035 -9.7% 25,363 43.3% Ordinary income *2 9,810 -0.3% 19,648 53.0% (¥ Millions) FY2026 2Q % Change vs 1Q/FY26 FY2026 1H % Change vs 1H/FY25 0 500 1,000 1,500 2,000 Daiwa Office Investment Corp. Daiwa Residential Private Investment Corp. Daiwa Securities Living Investment Corp. Daiwa Hotel Private Investment Corp. Daiwa Securities Logistics Private Investment Corp. Other Samty Residential Investment Corp. 1Q 2Q Daiwa Office Investment Corp. 466 462 468 470 489 487 487 Daiwa Residential Private Investment Corp. 146 164 173 224 243 253 259 Daiwa Securities Living Investment Corp. 343 363 397 399 394 399 399 Daiwa Hotel Private Investment Corp. 54 54 54 58 70 70 77 Daiwa Securities Logistics Private Investment Corp. 35 51 58 58 67 67 67 Other 85 110 142 212 361 361 361 Total 1,131 1,206 1,295 1,424 1,626 1,639 1,653 Samty Residential Investment Corp. (Sub sponsor) 147 162 163 171 171 171 173 1,279 1,369 1,459 1,596 1,797 1,810 1,826 FY2026FY2025 Total (Including sub sponsor) (¥ Billions) FY2021 FY2022 FY2023 FY2024 20 AM Division Real Estate AM 【Real Estate AM】 ◼ AUM reached a record high, supported by steady asset accumulation. ◼ Ordinary income was broadly in line with the previous quarter, supported by stable AUM-linked revenues and property sales gains at Daiwa Securities Realty and Samty. Real Estate Asset Management Business AUM of Two Companies* * Daiwa Real Estate Asset Management, Samty Residential Investment Corp. ※ All figures are as at the end of each quarter Ordinary Income (annually) (¥ Billions) * AUM-linked: Stock income such as rental income from owned real estate and asset management fees linked to AUM and rental income. Other: Equity method investment income from Samty Holdings and gains on sales associated with property replacements. *1 Includes Daiwa Real Estate Asset Management, Daiwa Office Investment, Samty Residential Investment, and Daiwa Securities Realty. *2 Equity earnings of affiliates is included in non-operating revenues.
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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツ タイトル ページ タイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・ 注釈9.80 4.00 4.60 8.80 6.4 12.1 18.4 20.5 -5.2 6.0 -10 -5 0 5 10 15 20 25 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 1H Net operating revenues 3,036 -52.0% 9,365 196.9% Ordinary income 1,232 -74.4% 6,047 - (¥ Millions) FY2026 2Q % Change vs 1Q/FY26 FY2026 1H % Change vs 1H/FY25 0 100 200 300 400 Energy and infrastructure* Private equity and PIPEs Monetary claims Real estate investment 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Daiwa PI Partners Private equity and PIPEs 45 45 42 50 32 30 29 23 18 Monetary claims 64 65 79 81 84 66 71 72 71 Real estate investment 19 20 21 21 16 15 15 6 6 Daiwa Energy & Infrastructure 169 166 140 161 154 163 173 173 164 299 298 284 315 288 277 290 276 261 FY2026(¥ Billions) Total FY2024 FY2025 21 AM Division Alternative AM 【Alternative AM】 ◼ Capital gains declined due to lower gains realized from investment exits. ◼ Daiwa Energy & Infrastructure recorded losses on renewable energy- related investments. Principal Investment Balance ※ All figures are as at the end of each quarter * Energy & Infrastructure investment is the investment balance of Daiwa Energy & Infrastructure. Ordinary Income (annually) (¥ Billions)
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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツ タイトル ページ タイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・ 注釈9.80 4.00 4.60 8.80 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Equity 16.9 17.1 17.4 15.6 21.5 22.2 23.6 28.7 23.5 FICC 18.2 22.1 17.7 15.9 16.9 22.2 26.7 24.0 21.1 Others 1.2 1.0 0.9 0.9 0.7 0.7 1.0 1.0 1.0 Net operating revenues 36.3 40.3 36.0 32.5 39.2 45.2 51.3 53.8 45.7 Ordinary income 6.6 9.0 6.3 2.6 8.4 11.9 17.7 18.1 11.1 FY2026(¥ Billions) FY2024 FY2025 Net operating revenues 45,712 -15.1% 99,567 38.6% Ordinary income 11,168 -38.6% 29,366 165.7% (¥ Millions) FY2026 2Q % Change vs 1Q/FY26 FY2026 1H % Change vs 1H/FY25 0 10 20 30 40 50 60 Equity FICC Others Ordinary income 22 GM&IB Division GM Net Operating Revenues and Ordinary Income 【Equity】 ◼ Performance remained solid despite lower global equity trading value, supported by institutional investor flows. ◼ Equity derivatives saw growth in both the number and value of new trades, as client demand remained firm despite lower volatility. 【FICC] ◼ Domestic: Performance remained solid despite rising interest rates, driven by steady client flows, particularly in domestic bonds and derivatives. ◼ Overseas: Performance was affected by lower client flows amid rising U.S. interest rates and challenging position management.
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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツ タイトル ページ タイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・ 注釈9.80 4.00 4.60 8.80 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Equity underwriting 3.9 6.1 7.1 2.3 4.0 4.8 4.3 4.1 2.6 Debt underwriting 3.4 3.2 2.2 3.1 3.2 2.7 2.2 3.7 4.5 M&A / others 11.7 15.9 16.3 11.7 14.1 18.3 17.5 14.7 16.2 Net operating revenues 19.0 25.3 25.8 17.2 21.4 26.0 24.1 22.6 23.4 Ordinary income 1.1 5.5 6.9 0.9 6.0 5.4 2.1 3.2 4.0 Group M&A related revenues *1 13.7 16.8 17.8 12.5 15.1 18.7 18.8 13.7 17.5 (¥ Billions) FY2024 FY2025 FY2026 Net operating revenues 23,424 3.4% 46,082 19.0% Ordinary income 4,017 22.7% 7,290 4.3% (¥ Millions) FY2026 2Q % Change vs 1Q/FY26 FY2026 1H % Change vs 1H/FY25 0 5 10 15 20 25 30 Equity underwriting Debt underwriting M&A / others Ordinary income 23 GM&IB Division GIB Net Operating Revenues and Ordinary Income 【Equity】 <Offering size> Japan Airport Terminal Co., Ltd. Oliver Corporation Nichicon Corporation Mitsui & Co. Digital Real Estate STO (Shinagawa office & hotel) Valor Holdings Co., Ltd. Mech Mind Robotics Technologies 【Debt】 <Offering size> SoftBank Group Corp. (7 years) Sumitomo Forestry Co., Ltd. (35NC5, 37NC7, 40NC10) Asian Development Bank (7 years) United Mexican States (3.5/5/10/20 years) PT Integrasi Jaringan Ekosistem (3/5 years) Japan Bank for International Cooperation (7 years) East Japan Railway Company (9 years) The Chiba Bank, Ltd. (5 years) 【M&A】 • SoftBank Corp.’s execution of a capital alliance agreement and business alliance agreement with Seven & i Holdings Co., Ltd., and underwriting of treasury shares through a third-party allotment • Benesse Group’s transfer of Tokyo Educational Institute (Tetsuryokukai) to Hulic • Management buyout (MBO) and going-private transaction of Satudora Holdings Co., Ltd. by Marunouchi Capital Co., Ltd. • NIPPON SEIKI CO., LTD.’s execution of a business transfer agreement for the acquisition of DENSO CORPORATION’s head-up display business • CVC Capital Partners’ sale of FineToday Holdings Co., Ltd. shares to Bain Capital • Transfer of KYORIN Pharmaceutical Co., Ltd.’s generic drug business by DAITO PHARMACEUTICAL CO., LTD., Meiji Seika Pharma Co., Ltd., and Development Bank of Japan Inc. • COSEL CO., LTD.’s sale of Powerbox International (Sweden) to Hypax (Germany) • Padesa’s (Spain) sale to Lusiaves (Portugal) and Tecavi (Peru) • Epicutis (U.S.) raises growth capital from GroundForce Capital (U.S.) ¥1,000.0 bn ¥243.5 bn ¥20.0 bn ¥282.8 bn ¥21.4 bn EUR1.5 bn EUR0.5 bn USD3.0 bn Retail Bond Subordinated Bond Euro Yen Bond◆ Samurai Bond◆ Samurai Bond Benchmark Benchmark◆ Benchmark PO IPO Euro Yen CB Real Estate STO PO Hong Kong IPO ¥64.3 bn ¥26.0 bn ¥22.0 bn ¥17.4 bn ¥17.0 bn USD0.3 bn ◆ Sustainability-related *1 Includes M&A revenues, M&A-related revenues recorded in other segments within the Group, and M&A-related revenues generated by equity-method affiliates etc.
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Reference
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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツ タイトル ページ タイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・ 注釈9.80 4.00 4.60 8.80 FY2025 FY2026 2Q 3Q 4Q 1Q 2Q 1H 1H Total commission 118,300 128,579 131,203 143,423 137,735 -4.0% 16.4% 218,698 281,158 28.6% 478,481 26,968 29,578 31,983 34,975 26,440 -24.4% -2.0% 48,122 61,416 27.6% 109,684 10,831 11,047 9,158 17,072 11,750 -31.2% 8.5% 19,733 28,823 46.1% 39,939 6,275 7,741 7,731 9,276 7,758 -16.4% 23.6% 11,037 17,034 54.3% 26,509 74,224 80,211 82,330 82,098 91,785 11.8% 23.7% 139,806 173,883 24.4% 302,348 Agency fee and others 7,545 8,391 8,625 9,341 9,889 5.9% 31.1% 13,889 19,231 38.5% 30,906 Investment advisory and account management fees 15,003 16,587 17,825 19,000 20,650 8.7% 37.6% 28,898 39,651 37.2% 63,311 Insurance sales commission 4,036 1,230 1,161 1,051 1,390 32.2% -65.6% 7,279 2,441 -66.5% 9,672 M&A related commission 13,808 18,860 17,399 12,546 15,114 20.5% 9.5% 24,991 27,660 10.7% 61,251 Management fee 25,832 27,836 28,869 31,465 33,824 7.5% 30.9% 49,355 65,290 32.3% 106,062 Other 7,998 7,304 8,448 8,692 10,915 25.6% 36.5% 15,390 19,607 27.4% 31,143 FY2025 Brokerage commission Underwriting and secondary offering commissions Distribution commission Other commission (¥ Millions) FY2025 % Change vs 1Q/FY26 % Change vs 2Q/FY25 FY2026 % Change vs 1H/FY25 25 Breakdown of Commission Consolidated
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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツ タイトル ページ タイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・ 注釈9.80 4.00 4.60 8.80 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Equity 60.2 62.7 60.2 63.2 68.5 72.7 70.7 80.2 82.8 Japanese bonds 13.4 13.7 13.5 13.6 14.2 14.4 14.4 14.7 15.0 Foreign bonds 4.6 4.8 4.7 4.5 4.5 4.5 4.5 4.5 4.4 Equity investment trusts 9.3 9.8 8.9 9.4 10.1 10.9 11.0 12.8 12.8 Bond investment trusts 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 Foreign investment trusts 0.3 0.4 0.4 0.5 0.6 0.6 0.7 0.8 0.8 Others 1.4 1.5 1.4 1.5 1.6 1.7 1.6 2.2 1.8 Total 90.3 93.9 90.2 93.8 100.6 106.0 104.0 116.3 118.7 Daiwa Next Bank deposit balance* 4.2 4.3 4.3 4.3 4.7 4.9 5.0 5.3 7.6 (¥ Trillions) FY2024 FY2025 FY2026 0 20 40 60 80 100 120 Equity Japanese bonds Foreign bonds Equity investment trusts Bond investment trusts Foreign investment trusts Others 26 Assets under Custody ※ Data of Daiwa Securities. ※ All figures are as at the end of each quarter. ※ ETFs are included in Equitiy. * FY2026 2Q includes the deposit balance of ORIX Bank.
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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツ タイトル ページ タイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・ 注釈9.80 4.00 4.60 8.80 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3,171 3,183 3,209 3,210 3,235 3,246 3,277 3,314 3,347 Accounts holding equity (thousands) 1,488 1,493 1,507 1,501 1,494 1,491 1,492 1,495 1,502 3,708 3,733 3,756 3,770 3,776 3,802 3,830 3,885 3,915 39 44 38 44 42 51 49 53 49 698 700 701 702 701 702 703 725 727 Contract assets under management (¥ billions) 4,509 4,736 4,686 4,910 5,302 5,783 6,049 6,765 6,946 Number of customers (thousands) 193 199 203 208 213 221 231 238 248 Total number of contracts (thousands) 2,888 2,656 2,688 2,699 2,994 3,179 3,695 3,180 2,773 Online out of total (thousands) 2,547 2,281 2,332 2,387 2,581 2,755 3,228 2,815 2,478 Total trading value (¥ billions) 2,994 2,903 2,997 2,744 3,536 4,096 4,891 5,161 3,996 Online out of total (¥ billions) 2,305 2,051 2,118 2,066 2,595 3,007 3,666 3,966 3,197 Trading value (¥ billions) 267 430 306 474 573 759 506 922 507 Contracts and trading value for individual investors at Daiwa Securities (Japanese Equity) FY2024 FY2025 Foreign equity trading value (WM Division (Daiwa Securities)) NISA accounts (thousands) Wrap account service (end of quarter) Accounts with balance (thousands) Online trading accounts (thousands) Newly opened accounts (thousands) FY2026 27 Number of Accounts and Equity Trading ※ Data of Daiwa Securities.
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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツ タイトル ページ タイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・ 注釈9.80 4.00 4.60 8.80 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Net inflow of cash 131.4 83.2 164.6 48.0 188.8 109.3 261.1 301.7 59.2 Net inflow of securities 41.3 -11.3 59.8 35.1 -8.6 1.7 125.9 45.3 76.0 Total 172.7 71.8 224.4 83.1 180.2 111.1 387.0 347.1 135.3 FY2026FY2025 (¥ Billions) FY2024 -100 0 100 200 300 400 500 600 Net inflow of cash Net inflow of securities -100 0 100 200 300 400 500 600 Corporation Individual 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Corporation 248.2 137.7 308.8 179.1 281.1 228.4 183.9 144.4 177.3 Individual 172.7 71.8 224.4 83.1 180.2 111.1 387.0 347.1 135.3 Total 421.0 209.5 533.3 262.3 461.3 339.5 571.0 491.5 312.6 (¥ Billions) FY2024 FY2025 FY2026 28 Net Asset Inflow WM Division (Daiwa Securities) Net Asset Inflow (Individuals) WM Division (Daiwa Securities) Net Asset Inflow ※ Net Asset Inflow = net inflow of cash and securities, totaled on a quarterly basis.
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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツ タイトル ページ タイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・ 注釈9.80 4.00 4.60 8.80 0 2 4 6 8 10 12 14 AUC of equity investment trusts Contract AUM of Wrap Account Foreign currency deposits 0 10 20 30 40 50 60 70 80 Flow revenues Asset-based revenues 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 52.8 58.1 59.0 54.6 64.7 68.0 70.5 76.1 71.7 Asset-based revenues 27.8 28.6 27.9 27.5 29.9 32.3 33.4 35.8 38.3 Flow revenues 24.9 29.4 31.1 27.1 34.7 35.7 37.0 40.2 33.3 52.7% 49.3% 47.3% 50.4% 46.3% 47.5% 47.4% 47.2% 53.5% 104.6% 108.3% 108.0% 103.7% 109.8% 114.6% 120.0% 125.7% 128.4% 68.5% 70.3% 71.2% 70.1% 72.7% 74.3% 76.5% 77.3% 82.1%Total cost coverage ratio (¥ Billions) Net operating revenues in WM Division (domestic) Fixed cost coverage ratio Asset-based revenue ratio FY2026FY2024 FY2025 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q AUC of equity investment trusts 9.3 9.8 8.9 9.4 10.1 10.9 11.0 12.8 12.8 Contract AUM of Wrap Account 4.5 4.7 4.6 4.9 5.3 5.7 6.0 6.7 6.9 Foreign currency deposits 0.5 0.6 0.6 0.6 0.7 0.7 0.7 0.7 0.7 (¥ Trillions) FY2026FY2024 FY2025 29 Asset-Based Revenues Composition of Revenues ※ Equity investment trusts include portions from wrap account services. Equity Investment Trusts, Wrap Account Assets, and Foreign Currency Deposits
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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツ タイトル ページ タイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・ 注釈9.80 4.00 4.60 8.80 30 League Table Source: Compiled by Daiwa Securities based on LSEG Data & Analytics April 2026 – September 2026 Primary and secondary equity, IPO, Straight bonds, Agency bonds, and Municipal bonds are based on settlement date. Joint lead manager allotment of Primary and secondary equity, IPO, Straight bonds, Municipal bonds and Agency bonds is based on underwritten amount. Amounts captured in the league tables are expressed as percentages. Figures for Mitsubishi UFJMS include transactions involving both Mitsubishi UFJ Morgan Stanley Securities and Morgan Stanley MUFG Securities. Overseas equity underwriting by Japanese companies and M&A transactions involving Japanese companies include Morgan Stanley’s contribution. Primary and secondary equity offerings IPO Straight bonds (excl. family bonds) Agency bonds Municipal bonds M&A (Number of deals) Nomura Nomura Daiwa Nomura Nomura 30.2% 33.8% 22.4% 25.3% 23.2% Mizuho Goldman Sachs Nomura SMBC Nikko Daiwa 22.0% 12.5% 22.1% 22.5% 21.1% Daiwa Bank of America SMBC Nikko Daiwa SMBC Nikko 14.3% 12.3% 21.0% 22.1% 20.5% SMBC Nikko SBI Mizuho Mitsubishi UFJMS Mitsubishi UFJMS 14.1% 12.0% 15.3% 18.4% 15.6% Mitsubishi UFJMS Daiwa Mitsubishi UFJMS Mizuho Mizuho 11.1% 9.0% 14.7% 7.0% 8.8% 4th Nomura 5th Daiwa 3rd Plutus FY2026 2Q League Table 1st Mizuho 2nd SMFG
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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツ タイトル ページ タイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・ 注釈9.80 4.00 4.60 8.80 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q VaR (Quarter end) 1.13 1.30 1.41 1.09 1.13 0.94 1.08 1.01 1.09 High 1.51 1.75 1.48 1.58 1.32 1.40 1.32 1.54 1.72 Low 1.03 1.03 0.99 0.99 0.88 0.90 0.91 0.95 0.87 Average 1.23 1.29 1.22 1.28 1.10 1.15 1.08 1.16 1.11 By risk factors (Quarter end) Equity 0.24 0.18 0.45 0.63 0.46 0.26 0.70 0.47 0.97 Interest 0.81 0.83 0.80 0.82 0.70 0.60 0.82 0.56 0.77 Currency 0.38 0.58 0.18 0.22 0.28 0.25 0.24 0.51 0.57 Commodities 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 (Ref) Confidence level：95% (one-side test), Holding period：1 day VaR (Quarter end) 0.82 0.79 0.91 0.76 0.70 0.65 0.73 0.68 0.72 (¥ Billions) FY2025FY2024 FY2026 31 Value at Risk ◼ Confidence level: 99% (one-side test) ◼ Holding period: 1day ◼ Adjusted for price correlation between products Range and Assumptions of VaR Consolidated
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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツ タイトル ページ タイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・ 注釈9.80 4.00 4.60 8.80 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 15,229 15,165 15,093 15,558 15,571 15,485 15,298 15,803 16,755 Overseas 1,973 1,952 1,949 1,876 1,892 1,858 1,829 1,839 1,852 Total FY2025FY2024 FY2026 32 Number of Group Employees ※ Number of employees as at the end of each quarter. ※ Total figures are the sum of consolidated group companies. ※ Figures include temporary staff. Consolidated
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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツ タイトル ページ タイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・ 注釈9.80 4.00 4.60 8.80 Sept. 30 vs. Mar. 31 Sept. 30 vs. Mar. 31 Current assets 16,746 -753 Current liabilities 14,894 -927 Trading products 8,941 806 Trading products 8,019 1,135 Trading securities and other 2,889 -900 Trading securities and other 2,014 -546 Derivatives transactions 6,052 1,707 Derivatives transactions 6,005 1,682 Margin transaction assets 227 -70 Margin transaction liabilities 59 15 Loans on margin transactions 184 22 Loans payables secured by securities 3,497 -2,100 43 -93 Short-term loans payable 1,349 -162 Loans secured by securities 4,002 -2,001 Current portion of bonds 316 49 Short-term guarantee deposits 605 100 Long-term liabilities 1,493 211 Short-term loans receivable 409 -21 Bonds payable 412 -2 Long-term loans payable 1,033 212 Non-current assets 218 -0 Total liabilities 16,396 -715 Property, plant and equipment 49 -1 Net assets 568 -37 Intangible assets 97 1 Shareholders' equity 566 -37 Capital stock 100 － Total assets 16,964 -753 Total liabilities and net assets 16,964 -753 Cash collateral pledged for securities borrowing on margin transactions 33 Balance Sheet (¥ Billions) Daiwa Securities Balance Sheet (September 30, 2026) Daiwa Securities
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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツ タイトル ページ タイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・ 注釈9.80 4.00 4.60 8.80 FY2025 FY2026 2Q 3Q 4Q 1Q 2Q 1H 1H 134,068 142,928 152,057 159,491 157,953 -1.0% 17.8% 252,635 317,444 25.7% 547,621 Commission received 79,588 83,426 84,441 94,198 87,365 -7.3% 9.8% 147,040 181,563 23.5% 314,907 Brokerage commission 18,913 20,855 23,077 23,608 18,072 -23.4% -4.4% 33,266 41,680 25.3% 77,199 Stock and others 18,538 20,277 22,306 22,987 17,684 -23.1% -4.6% 32,408 40,672 25.5% 74,993 10,066 10,488 8,067 14,269 10,360 -27.4% 2.9% 18,917 24,630 30.2% 37,472 Equity 3,714 5,991 5,778 7,697 3,070 -60.1% -17.3% 6,823 10,768 57.8% 18,593 Bond and others 4,368 4,196 2,289 6,571 6,754 2.8% 54.6% 9,838 13,326 35.4% 16,324 Distribution commission 6,193 7,651 7,652 9,159 7,667 -16.3% 23.8% 10,894 16,827 54.5% 26,199 Investment trust 6,105 7,620 7,561 9,095 7,394 -18.7% 21.1% 10,756 16,489 53.3% 25,938 Other commissions 44,415 44,430 45,643 47,161 51,264 8.7% 15.4% 83,961 98,425 17.2% 174,036 Agency fee and others 11,609 12,629 12,992 14,094 15,027 6.6% 29.4% 21,747 29,121 33.9% 47,369 Investment advisory and account management fees 15,003 16,587 17,825 19,000 20,650 8.7% 37.6% 28,898 39,651 37.2% 63,311 Insurance sales commission 4,036 1,230 1,161 1,051 1,390 32.2% -65.6% 7,279 2,441 -66.5% 9,672 M&A related commission 6,702 7,534 6,843 5,287 6,690 26.5% -0.2% 11,851 11,977 1.1% 26,229 Net trading income/loss 21,296 26,379 32,942 31,136 31,242 0.3% 46.7% 41,746 62,378 49.4% 101,068 Financial revenues 33,183 33,121 34,674 34,156 39,345 15.2% 18.6% 63,849 73,501 15.1% 131,645 Financial expenses 30,279 29,728 31,283 31,799 35,619 12.0% 17.6% 60,081 67,419 12.2% 121,094 103,789 113,199 120,773 127,691 122,333 -4.2% 17.9% 192,553 250,024 29.8% 426,526 FY2025 Operating revenues Underwriting and secondary offering commissions Net operating revenues (¥ Millions) FY2025 % Change vs 1Q/FY26 % Change vs 2Q/FY25 FY2026 % Change vs 1H/FY25 34 Financial Summary I Daiwa Securities
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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツ タイトル ページ タイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・ 注釈9.80 4.00 4.60 8.80 FY2025 FY2026 2Q 3Q 4Q 1Q 2Q 1H 1H 71,003 74,621 76,377 82,407 82,043 -0.4% 15.5% 138,644 164,450 18.6% 289,643 Trading related expenses 11,695 12,409 12,762 15,114 14,665 -3.0% 25.4% 22,802 29,779 30.6% 47,974 Personnel expenses 29,889 31,470 32,352 34,613 34,057 -1.6% 13.9% 57,798 68,670 18.8% 121,620 Real estate expenses 5,610 5,719 6,548 5,519 5,893 6.8% 5.1% 10,910 11,413 4.6% 23,179 Office cost 16,117 17,060 16,296 18,089 18,019 -0.4% 11.8% 31,742 36,109 13.8% 65,098 Depreciation 5,076 5,324 5,583 6,088 6,160 1.2% 21.3% 10,181 12,249 20.3% 21,089 Taxes and dues 1,432 1,474 1,599 1,680 1,577 -6.1% 10.1% 2,725 3,258 19.5% 5,800 Other 1,179 1,162 1,234 1,302 1,668 28.2% 41.5% 2,483 2,970 19.6% 4,880 33,246 39,004 44,826 45,796 40,748 -11.0% 22.6% 54,866 86,545 57.7% 138,698 22,407 26,756 32,096 30,953 27,306 -11.8% 21.9% 37,353 58,259 56.0% 96,207 16.7% 19.1% 21.8% 21.6% 19.7% 13.2% 19.8% 16.2% 342.6% 351.9% 331.4% 308.2% 325.5% 342.6% 325.5% 331.4% FY2025 Capital adequacy ratio SG&A Ordinary income Net income ROE（Annualized ） (¥ Millions) FY2025 % Change vs 1Q/FY26 % Change vs 2Q/FY25 FY2026 % Change vs 1H/FY25 35 Financial Summary II Daiwa Securities
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36 Daiwa Securities Group Inc. Investor Relations E-mail: ir-section@daiwa.co.jp URL: https://www.daiwa-grp.jp/english/ir/ Contact