Interim report
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Company name: Japan Exchange Group, Inc. Stock Exchange Listings: Tokyo Code number: 8697 URL: https://www.jpx.co.jp/english/ Representative: Yamaji Hiromi, Director & Representative Executive Officer, Group CEO Contact: Takada Masahiro, Director, Corporate Communications Scheduled date to file semiannual securities report: November 13, 2025 Scheduled date of start of dividend payment: December 1, 2025 Preparation of supplementary material on financial results: Yes Holding of financial results briefing: Yes (for institutional investors and analysts) (Percentages represent changes year on year) Operating revenue Operating income Income before income tax Net income Net income attributable to owners of the parent company Comprehensive income Mil. yen % Mil. yen % Mil. yen % Mil. yen % Mil. yen % Mil. yen % Six months ended September 30, 2025 89,322 9.2 51,279 7.5 51,487 7.9 35,721 7.9 34,553 6.9 35,715 8.0 Six months ended September 30, 2024 81,810 11.5 47,718 7.2 47,726 7.2 33,112 3.3 32,308 2.8 33,060 3.1 Basic earnings per share Diluted earnings per share yen yen Six months ended September 30, 2025 33.46 － Six months ended September 30, 2024 31.05 － Total assets Total equity Total equity attributable to owners of the parent company Ratio of total equity attributable to owners of the parent company to total assets Mil. yen Mil. yen Mil. yen % As of September 30, 2025 79,154,759 336,758 325,266 0.4 As of March 31, 2025 85,396,761 351,148 340,823 0.4 (Reference Translation) October 29, 2025 Japan Exchange Group, Inc. and Consolidated Subsidiaries Consolidated financial results for the six months ended September 30, 2025 (Based on IFRS), unaudited 1. Consolidated financial results for the six months ended September 30, 2025 (from April 1, 2025 to September 30, 2025) (Figures are rounded down to the nearest million yen) (1) Consolidated operating results (cumulative) The Company conducted a 2-for-1 split of its common shares with an effective date of October 1, 2024. Therefore, basic earnings per share has been calculated on the assumption that the share split occurred at the beginning of the previous fiscal year. (2) Consolidated financial position Note: Sizable amounts of "clearing business financial assets and liabilities" and "deposits from clearing participants" pertaining to the clearing business conducted by consolidated subsidiary Japan Securities Clearing Corporation are included in the assets and liabilities of JPX Group (meaning JPX and its subsidiaries). For JPX Group’s financial position excluding "clearing business financial assets and liabilities" and "deposits from clearing participants," etc., see "1. QUALITATIVE INFORMATION ON OPERATING RESULTS AND FINANCIAL POSITION - (2) Explanation on Financial Position" on page 4 of the Appendix.
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Annual dividends per share First quarter-end Second quarter-end Third quarter-end Fiscal year-end Total yen yen yen yen yen Year ended March 31, 2025 － 33.00 － 29.00 － Year ending March 31, 2026 － 25.00 Year ending March 31, 2026 (forecast) － 25.00 50.00 (Percentages represent changes year on year) Operating revenue Operating income Income before income tax Net income Net income attributable to owners of the parent company Basic earnings per share Mil. yen % Mil. yen % Mil. yen % Mil. yen % Mil. yen % yen Year ending March 31, 2026 176,000 8.5 96,500 7.1 97,000 7.4 67,500 7.6 65,000 6.4 63.09 2. Dividends Note 1: Change in dividend forecast from the most recent announcement: None Note 2: Breakdown of year-end dividend for the fiscal year ended March 31, 2025: ordinary dividend ¥19; special dividend ¥10. The Company conducted a 2-for-1 split of its common shares with an effective date of October 1, 2024. Therefore, second quarter-end for the year ended March 31, 2025 is the actual dividend before said share split. 3. Consolidated earnings forecast for the fiscal year ending March 31, 2026 (from April 1, 2025 to March 31, 2026) Note: Change in earnings forecast from the most recent announcement: Yes
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As of September 30, 2025: 1,044,578,366 As of March 31, 2025: 1,044,578,366 As of September 30, 2025: 16,668,448 As of March 31, 2025: 4,131,952 Six months ended September 30, 2025: 1,032,700,335 Six months ended September 30, 2024: 1,040,400,140 Notes: (1) Significant changes in the scope of consolidation during the period: None (2) Changes in accounting policies/changes in accounting estimates 1) Changes in accounting policies due to revisions in accounting standards under IFRS: None 2) Changes in accounting policies other than the above: None 3) Changes in accounting estimates: None (3) Number of issued shares (common shares) 1) Number of issued shares at the end of the period (including treasury shares): 2) Number of treasury shares at the end of the period: 3) Average number of shares: The Company conducted a 2-for-1 split of its common shares with an effective date of October 1, 2024. Therefore, the number of issued shares at the end of the period, the number of treasury shares at the end of the period, and the average number of shares have been calculated on the assumption that the share split occurred at the beginning of the previous fiscal year. • Second quarter (semiannual) earnings reports are exempt from the requirement for a review conducted by certified public accountants or an audit firm. • Explanation on appropriate use of forecast and other special items This material contains an earnings forecast and other forward-looking statements which are based on available information and certain assumptions that are considered reasonable at the time of preparation. Various factors may cause actual results, etc. to be materially different from those expressed in these forward-looking statements. DISCLAIMER: This translation may be used for reference purposes only. This English version is not an official translation of the original Japanese document. In cases where any differences occur between the English version and the original Japanese version, the Japanese version shall prevail. This translation is subject to change without notice. Japan Exchange Group, Inc., and/or its affiliates shall individually or jointly accept no responsibility or liability for damage or loss caused by any error, inaccuracy, misunderstanding, or changes with regard to this translation.
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(Appendix) Contents of Appendix 1. QUALITATIVE INFORMATION ON OPERATING RESULTS AND FINANCIAL POSITION …2 (1) Explanation on Operating Results …2 (2) Explanation on Financial Position …4 (3) Explanation on Forecast Information such as Consolidated Earnings Forecast …5 2. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND NOTES …6 (1) Condensed Consolidated Statement of Financial Position …6 (2) Condensed Consolidated Statement of Income …8 (3) Condensed Consolidated Statement of Comprehensive Income …9 (4) Condensed Consolidated Statement of Changes in Equity …10 (5) Notes on Condensed Consolidated Financial Statements …12 (Note on Going-Concern Assumption) …12 (Operating Revenue) …12 (Operating Expenses) …12 - 1 -
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(Mil. yen) Six months ended September 30, 2024 Six months ended September 30, 2025 Change (%) Trading services revenue 33,479 34,767 3.8 Transaction fees 28,185 29,125 3.3 Cash equities 22,099 24,223 9.6 Financial derivatives 5,203 4,324 (16.9) TOPIX Futures 943 869 (7.8) Nikkei 225 Futures* 2,176 1,702 (21.8) Nikkei 225 Options 1,140 1,090 (4.4) 10-year JGB Futures 1,171 969 (17.2) Others (228) (307) － Commodity derivatives 881 577 (34.5) Basic fees 482 478 (0.7) Access fees 2,841 3,087 8.7 Trading system facilities usage fees 1,910 2,025 6.0 Others 60 50 (17.6) 1. QUALITATIVE INFORMATION ON OPERATING RESULTS AND FINANCIAL POSITION (1) Explanation on Operating Results During the current interim consolidated accounting period (from April 1, 2025 to September 30, 2025), JPX Group recorded operating revenue of ¥89,322 million (increased 9.2% from the same period of the previous fiscal year (i.e., year on year)), and operating expenses were ¥38,917 million (increased 11.1% year on year). As a result, JPX Group recorded operating income of ¥51,279 million (increased 7.5% year on year) and income before income tax of ¥51,487 million (increased 7.9% year on year). In addition, net income attributable to owners of the parent company after tax was ¥34,553 million (increased 6.9% year on year). (Operating revenue) JPX Group has formulated the "Medium-Term Management Plan 2027," the first year of which is FY2025, and has revised the breakdown of operating revenue starting from Q1 FY2025 to reflect the importance of the business development that the Group aims to achieve. As a result, the breakdown of operating revenue has been revised from the previous five categories of "Trading services revenue," "Clearing services revenue," "Listing services revenue," "Information services revenue," and "Other operating revenue" to the six categories of "Trading services revenue," "Clearing services revenue," "Listing services revenue," "Information services revenue," "System services revenue," and "Other operating revenue." The breakdown of operating revenue for the previous interim consolidated accounting period has been presented in figures reclassified to reflect the revised breakdown of operating revenue. 1) Trading services revenue Trading services revenue comprises "transaction fees" based on the value of cash equities traded or volume of financial and commodity derivatives traded, "basic fees" based on the types of the trading participant’s trading qualification, "access fees" based on the number of orders, "trading system facilities usage fees" based on the types of trading system facilities used, and other similar fees. During the current interim consolidated accounting period, trading services revenue increased 3.8% year on year to ¥34,767 million due mainly to an increase in revenue from transaction fees resulting from a year-on-year increase in trading value of cash equities. Breakdown of trading services revenue *Figures include Nikkei 225 mini and Nikkei 225 micro Futures. - 2 -
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(Mil. yen) Six months ended September 30, 2024 Six months ended September 30, 2025 Change (%) Listing services revenue 7,851 7,902 0.6 Initial/additional listing fees 1,568 1,215 (22.5) Annual listing fees 6,283 6,686 6.4 (Mil. yen) Six months ended September 30, 2024 Six months ended September 30, 2025 Change (%) System services revenue 6,641 6,855 3.2 arrownet usage fees 1,794 1,801 0.4 Co-location services usage fees 2,937 3,194 8.8 Other 1,909 1,859 (2.6) 2) Clearing services revenue Clearing services revenue comprises clearing fees related to the assumption of obligations of financial instrument transactions carried out by Japan Securities Clearing Corporation and other similar fees. During the current interim consolidated accounting period, clearing services revenue increased 32.1% year on year to ¥23,059 million. 3) Listing services revenue Listing services revenue comprises "initial/additional listing fees" that are received based on the issue amount when a company initially lists or when a listed company issues additional shares, "annual listing fees" received from listed companies based on their market capitalization, and other similar fees. During the current interim consolidated accounting period, listing services revenue increased 0.6% year on year to ¥7,902 million due mainly to an increase in revenue from annual listing fees. Breakdown of listing services revenue 4) Information services revenue Information services revenue comprises mainly of market information fees, which consist of revenue related to the provision of market information to information vendors, etc., and revenue related to the index business. During the current interim consolidated accounting period, information services revenue increased 1.5% year on year to ¥16,280 million due mainly to an increase in revenue from market information fees. 5) System services revenue System services revenue includes mainly usage fees for arrownet, which connects trading, market information, and other systems to trading participants and other users, and usage fees related to co-location services that allow trading participants, information vendors, and other users to install devices in the system center for the purpose of improving trade execution efficiency by shortening order transmission time. During the current interim consolidated accounting period, system services revenue increased 3.2% year on year to ¥6,855 million. Breakdown of system services revenue - 3 -
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Total assets Total equity Total equity attributable to owners of the parent company Ratio of total equity attributable to owners of the parent company to total assets Mil. yen Mil. yen Mil. yen % As of September 30, 2025 79,154,759 336,758 325,266 0.4 *419,783 *308,810 *297,317 *70.8 As of March 31, 2025 85,396,761 351,148 340,823 0.4 *428,497 *323,199 *312,875 *73.0 (Operating expenses) During the current interim consolidated accounting period, personnel expenses decreased 0.1% year on year to ¥11,216 million. System maintenance and operation expenses include expenses related to maintenance and management/operations of various systems including the cash equities and derivatives trading systems. System maintenance and operation expenses increased 1.6% year on year to ¥10,315 million. Depreciation and amortization decreased 0.9% year on year to ¥9,048 million. Other operating expenses increased 85.1% year on year to ¥8,337 million. (2) Explanation on Financial Position (Assets, liabilities, and equity) For assets and liabilities of JPX Group, "clearing business financial assets and liabilities" assumed by Japan Securities Clearing Corporation as a clearing organization and "deposits from clearing participants" deposited by clearing participants as collateral are included under both assets and liabilities. "Clearing business financial assets and liabilities" and "deposits from clearing participants" have a large impact on the amount of assets and liabilities of JPX Group due to their sizable amounts and daily fluctuations subject to changes in clearing participants’ positions. In addition, "legal guarantee funds," "trading participant security money," and "default compensation reserve funds" based on the rules for securing safety of financial instruments transactions and other transactions are included under both assets and either liabilities or equity. Total assets as of September 30, 2025 decreased by ¥6,242,002 million from the end of the previous fiscal year to ¥79,154,759 million due mainly to a decrease in "clearing business financial assets." Excluding "clearing business financial assets," "deposits from clearing participants," "legal guarantee funds," and "default compensation reserve funds," assets decreased by ¥8,714 million from the end of the previous fiscal year to ¥419,783 million. Total liabilities as of September 30, 2025 decreased by ¥6,227,613 million from the end of the previous fiscal year to ¥78,818,000 million due mainly to the same decrease in "clearing business financial liabilities." Excluding "clearing business financial liabilities," "deposits from clearing participants," "legal guarantee funds," and "trading participant security money," liabilities increased by ¥5,121 million from the end of the previous fiscal year to ¥100,144 million. Total equity as of September 30, 2025 decreased by ¥14,389 million from the end of the previous fiscal year to ¥336,758 million due to a capital reduction as a result of dividend payment and acquisition of own shares despite a capital increase from net income attributable to owners of the parent company. In addition, after excluding "default compensation reserve funds," total equity as of the same date was ¥308,810 million. Reference Note: Figures marked * under total assets exclude "clearing business financial assets," "deposits from clearing participants," "legal guarantee funds," and "default compensation reserve funds," and those marked * under total equity and total equity attributable to owners of the parent company exclude "default compensation reserve funds." - 4 -
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Operating revenue Operating income Income before income tax Net income Net income attributable to owners of the parent company Basic earnings per share* Mil. yen Mil. yen Mil. yen Mil. yen Mil. yen yen Previous forecast (A) 175,000 95,500 96,000 66,500 64,500 62.60 Revised forecast (B) 176,000 96,500 97,000 67,500 65,000 63.09 Change (B – A) 1,000 1,000 1,000 1,000 500 Change (%) 0.6% 1.0% 1.0% 1.5% 0.8% (Reference) Consolidated results for the fiscal year ended March 31, 2025 162,230 90,122 90,277 62,727 61,092 58.72 (3) Explanation on Forecast Information such as Consolidated Earnings Forecast 1) Consolidated Earnings Forecast In light of the financial results for the second quarter of the fiscal year ending March 31, 2026, JPX has revised its consolidated earnings forecast for the fiscal year ending March 31, 2026 in the "Notice of Revisions to Earnings Forecast and Dividend Forecast" disclosed on September 24, 2025 (hereinafter "previously disclosed material"). The consolidated earnings forecast for the fiscal year ending March 31, 2026 is based on revised assumptions that the average daily trading values and volumes (changes from previously disclosed material indicated in parentheses) are ¥6 trillion for cash equities* (no change), 44,000 contracts for 10-year JGB Futures (no change), 88,000 contracts for TOPIX Futures (up 1,000 contracts), 147,000 contracts for Nikkei 225 Futures** (down 1,000 contracts), and ¥24.0 billion for Nikkei 225 Options (no change). *The trading value of stocks listed on the TSE Prime, Standard, and Growth Markets and TOKYO PRO Market, and that of ETFs, ETNs, and REITs, etc. (includes auction and off-auction trading) **Includes Nikkei 225 mini and Nikkei 225 micro Futures contract volumes converted into large-sized contracts *The Company conducted a 2-for-1 split of its common shares with an effective date of October 1, 2024. Therefore, basic earnings per share has been calculated on the assumption that the share split occurred at the beginning of the previous fiscal year. 2) Dividend Forecast There are no revisions to the dividend forecast from the forecast figures announced in previously disclosed material. JPX adopts a dividend policy with a target payout ratio of at least 60% tied to business performance while giving due consideration to the importance of internal reserves for the following purposes: － Maintaining sound financial health as a financial instruments exchange group, － Preparing for risks as a clearing organization, and － Enabling JPX Group to pursue investment opportunities to raise the competitiveness of its markets as they arise. - 5 -
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As of March 31, 2025 As of September 30, 2025 Mil. yen Mil. yen Assets Current assets Cash and cash equivalents 98,428 105,499 Trade and other receivables 19,790 17,137 Clearing business financial assets 77,647,699 72,011,986 Specified assets for deposits from clearing participants 7,292,039 6,694,494 Specified assets for legal guarantee funds 577 547 Income tax receivables 80 － Other financial assets 156,910 141,490 Other current assets 3,628 3,295 Total current assets 85,219,154 78,974,451 Non-current assets Property and equipment 9,095 12,962 Goodwill 69,360 69,360 Intangible assets 35,039 31,944 Retirement benefit assets 296 308 Investments accounted for using the equity method 20,241 20,551 Specified assets for default compensation reserve funds 27,948 27,948 Other financial assets 3,531 3,472 Other non-current assets 5,709 7,205 Deferred tax assets 6,384 6,553 Total non-current assets 177,607 180,308 Total assets 85,396,761 79,154,759 2. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND NOTES (1) Condensed Consolidated Statement of Financial Position - 6 -
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As of March 31, 2025 As of September 30, 2025 Mil. yen Mil. yen Liabilities and equity Liabilities Current liabilities Trade and other payables 5,813 5,932 Bonds and loans payable 32,500 32,500 Clearing business financial liabilities 77,647,699 72,011,986 Deposits from clearing participants 7,292,039 6,694,494 Legal guarantee funds 577 547 Trading participant security money 10,274 10,827 Income tax payables 15,454 16,677 Other current liabilities 9,962 11,986 Total current liabilities 85,014,321 78,784,952 Non-current liabilities Bonds and loans payable 19,987 19,990 Retirement benefit liabilities 7,999 8,201 Other non-current liabilities 3,294 4,856 Deferred tax liabilities 11 － Total non-current liabilities 31,292 33,048 Total liabilities 85,045,613 78,818,000 Equity Share capital 11,500 11,500 Capital surplus 38,935 38,929 Treasury shares (4,305) (24,110) Other components of equity 536 529 Retained earnings 294,157 298,418 Total equity attributable to owners of the parent company 340,823 325,266 Non-controlling interests 10,324 11,492 Total equity 351,148 336,758 Total liabilities and equity 85,396,761 79,154,759 - 7 -
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Six months ended September 30, 2024 Six months ended September 30, 2025 Mil. yen Mil. yen Revenue Operating revenue 81,810 89,322 Other revenue 147 198 Total revenue 81,957 89,520 Expenses Operating expenses 35,022 38,917 Other expenses 2 3 Total expenses 35,024 38,921 Share of income of investments accounted for using the equity method 785 680 Operating income 47,718 51,279 Financial income 81 345 Financial expenses 73 137 Income before income tax 47,726 51,487 Income tax expense 14,613 15,765 Net income 33,112 35,721 Net income attributable to Owners of the parent company 32,308 34,553 Non-controlling interests 804 1,168 Net income 33,112 35,721 Earnings per share Basic (Yen) 31.05 33.46 Diluted (Yen) － － (2) Condensed Consolidated Statement of Income - 8 -
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Six months ended September 30, 2024 Six months ended September 30, 2025 Mil. yen Mil. yen Net income 33,112 35,721 Other comprehensive income Items that will not be reclassified to profit or loss Net gain (loss) on revaluation of financial assets measured at fair value through other comprehensive income (51) (6) Other comprehensive income, net of tax (51) (6) Comprehensive income 33,060 35,715 Comprehensive income attributable to Owners of the parent company 32,256 34,546 Non-controlling interests 804 1,168 Comprehensive income 33,060 35,715 (3) Condensed Consolidated Statement of Comprehensive Income - 9 -
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Equity attributable to owners of the parent company Share capital Capital surplus Treasury shares Other components of equity Mil. yen Mil. yen Mil. yen Mil. yen Balance as of April 1, 2024 11,500 38,840 (3,839) 522 Net income － － － － Other comprehensive income, net of tax － － － (51) Total comprehensive income － － － (51) Acquisitions of treasury shares － － (726) － Dividends paid － － － － Other － － 240 － Total transactions with the owners － － (485) － Balance as of September 30, 2024 11,500 38,840 (4,325) 470 Equity attributable to owners of the parent company Non-controlling interests Total equity Retained earnings Total Mil. yen Mil. yen Mil. yen Mil. yen Balance as of April 1, 2024 281,336 328,359 10,206 338,566 Net income 32,308 32,308 804 33,112 Other comprehensive income, net of tax － (51) － (51) Total comprehensive income 32,308 32,256 804 33,060 Acquisitions of treasury shares － (726) － (726) Dividends paid (31,337) (31,337) － (31,337) Other － 240 － 240 Total transactions with the owners (31,337) (31,823) － (31,823) Balance as of September 30, 2024 282,306 328,792 11,011 339,803 (4) Condensed Consolidated Statement of Changes in Equity - 10 -
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Equity attributable to owners of the parent company Share capital Capital surplus Treasury shares Other components of equity Mil. yen Mil. yen Mil. yen Mil. yen Balance as of April 1, 2025 11,500 38,935 (4,305) 536 Net income － － － － Other comprehensive income, net of tax － － － (6) Total comprehensive income － － － (6) Acquisitions of treasury shares － － (20,514) － Dividends paid － － － － Other － (5) 708 － Total transactions with the owners － (5) (19,805) － Balance as of September 30, 2025 11,500 38,929 (24,110) 529 Equity attributable to owners of the parent company Non-controlling interests Total equity Retained earnings Total Mil. yen Mil. yen Mil. yen Mil. yen Balance as of April 1, 2025 294,157 340,823 10,324 351,148 Net income 34,553 34,553 1,168 35,721 Other comprehensive income, net of tax － (6) － (6) Total comprehensive income 34,553 34,546 1,168 35,715 Acquisitions of treasury shares － (20,514) － (20,514) Dividends paid (30,292) (30,292) － (30,292) Other － 702 － 702 Total transactions with the owners (30,292) (50,104) － (50,104) Balance as of September 30, 2025 298,418 325,266 11,492 336,758 - 11 -
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Six months ended September 30, 2024 Six months ended September 30, 2025 Mil. yen Mil. yen Trading services revenue 33,479 34,767 Clearing services revenue 17,455 23,059 Listing services revenue 7,851 7,902 Information services revenue 16,039 16,280 System services revenue 6,641 6,855 Other 342 457 Total 81,810 89,322 Six months ended September 30, 2024 Six months ended September 30, 2025 Mil. yen Mil. yen Personnel expenses 11,229 11,216 System maintenance and operation expenses 10,152 10,315 Depreciation and amortization 9,135 9,048 Other 4,504 8,337 Total 35,022 38,917 (5) Notes on Condensed Consolidated Financial Statements (Note on Going-concern Assumption) Not applicable (Operating Revenue) The breakdown of "operating revenue" is as follows: Note: JPX Group has formulated the “Medium-Term Management Plan 2027,” the first year of which is FY2025, and has revised the breakdown of operating revenue starting from Q1 FY2025 to reflect the importance of the business development that the Group aims to achieve. As a result, the breakdown of operating revenue has been revised from the previous five categories of "Trading services revenue," "Clearing services revenue," "Listing services revenue," "Information services revenue," and "Other" to the six categories of "Trading services revenue," "Clearing services revenue," "Listing services revenue," "Information services revenue," "System services revenue," and "Other." The breakdown of operating revenue for the previous interim consolidated accounting period has been presented in figures reclassified to reflect the revised breakdown of operating revenue. (Operating Expenses) The breakdown of "operating expenses" is as follows: DISCLAIMER: This translation may be used for reference purposes only. This English version is not an official translation of the original Japanese document. In cases where any differences occur between the English version and the original Japanese version, the Japanese version shall prevail. This translation is subject to change without notice. Japan Exchange Group, Inc., and/or its affiliates shall individually or jointly accept no responsibility or liability for damage or loss caused by any error, inaccuracy, misunderstanding, or changes with regard to this translation. - 12 -