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, 2026 Scheduled date of start of dividend payment: December 1, 2026 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, 2026 131,002 46.7 84,668 65.1 85,469 66.0 58,529 63.8 57,210 65.6 58,513 63.8 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 Basic earnings per share Diluted earnings per share yen yen Six months ended September 30, 2026 55.95 － Six months ended September 30, 2025 33.46 － 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, 2026 57,979,495 359,180 345,266 0.6 As of March 31, 2026 71,599,566 357,609 345,015 0.5 (Reference Translation) October 27, 2026 Japan Exchange Group, Inc. and Consolidated Subsidiaries Consolidated financial results for the six months ended September 30, 2026 (Based on IFRS), unaudited 1. Consolidated financial results for the six months ended September 30, 2026 (from April 1, 2026 to September 30, 2026) (Figures are rounded down to the nearest million yen) (1) Consolidated operating results (cumulative) (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," "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, 2026 － 25.00 － 36.00 61.00 Year ending March 31, 2027 － 41.00 Year ending March 31, 2027 (forecast) － － 41.00 82.00 (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, 2027 252,500 27.1 154,500 32.9 156,500 33.9 107,000 31.4 105,000 32.7 102.88 2. Dividends Note: Change in dividend forecast from the most recent announcement: None 3. Consolidated earnings forecast for the fiscal year ending March 31, 2027 (from April 1, 2026 to March 31, 2027) Note: Change in earnings forecast from the most recent announcement: None
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As of September 30, 2026: 1,031,785,336 As of March 31, 2026: 1,031,785,336 As of September 30, 2026: 13,086,503 As of March 31, 2026: 3,857,437 Six months ended September 30, 2026: 1,022,517,021 Six months ended September 30, 2025: 1,032,700,335 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: • 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, 2025 Six months ended September 30, 2026 Change (%) Trading services revenue 34,767 53,870 54.9 Transaction fees 29,125 47,408 62.8 Cash equities 24,223 42,210 74.3 Financial derivatives 4,324 4,893 13.1 TOPIX Futures 869 873 0.4 Nikkei 225 Futures* 1,702 1,689 (0.8) Nikkei 225 Options 1,090 1,188 8.9 10-year JGB Futures 969 1,249 28.9 Others (307) (107) － Commodity derivatives 577 304 (47.2) Basic fees 478 481 0.6 Access fees 3,087 3,770 22.1 Trading system facilities usage fees 2,025 2,161 6.7 Others 50 48 (3.6) 1. OVERVIEW OF OPERATING RESULTS AND FINANCIAL POSITION (1) Explanation on Operating Results During the interim consolidated accounting period (from April 1, 2026 to September 30, 2026), JPX Group recorded operating revenue of ¥131,002 million (increased 46.7% from the same period of the previous fiscal year (i.e., year on year)), and operating expenses were ¥48,270 million (increased 24.0% year on year). As a result, JPX Group recorded operating income of ¥84,668 million (increased 65.1% year on year) and income before income tax of ¥85,469 million (increased 66.0% year on year). In addition, net income attributable to owners of the parent company after tax was ¥57,210 million (increased 65.6% year on year). (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 interim consolidated accounting period, trading services revenue increased 54.9% year on year to ¥53,870 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, 2025 Six months ended September 30, 2026 Change (%) Listing services revenue 7,902 9,198 16.4 Initial/additional listing fees 1,215 1,884 55.0 Annual listing fees 6,686 7,314 9.4 (Mil. yen) Six months ended September 30, 2025 Six months ended September 30, 2026 Change (%) System services revenue 6,855 7,237 5.6 arrownet usage fees 1,801 2,029 12.7 Co-location services usage fees 3,194 3,492 9.3 Other 1,859 1,715 (7.8) 2) Clearing services revenue Clearing services revenue comprises clearing fees related to the provision of financial instruments obligation assumption services carried out by Japan Securities Clearing Corporation, and other similar fees. During the interim consolidated accounting period, clearing services revenue increased 79.5% year on year to ¥41,399 million. 3) Listing services revenue Listing services revenue comprises "initial/additional listing fees" that are mainly received based on the issue amount when a company initially lists or when a listed company issues additional shares, and "annual listing fees" that are mainly received from listed companies based on their market capitalization. During the interim consolidated accounting period, listing services revenue increased 16.4% year on year to ¥9,198 million due mainly to increases in revenue from initial/additional listing fees and annual listing fees. Breakdown of listing services revenue 4) Information services revenue Information services revenue comprises mainly 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 interim consolidated accounting period, information services revenue increased 15.7% year on year to ¥18,831 million due mainly to increases in revenue from market information fees and the index business. 5) System services revenue System services revenue comprises 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 interim consolidated accounting period, system services revenue increased 5.6% year on year to ¥7,237 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, 2026 57,979,495 359,180 345,266 0.6 *458,046 *331,232 *317,318 *69.3 As of March 31, 2026 71,599,566 357,609 345,015 0.5 *453,661 *329,661 *317,067 *69.9 (Operating expenses) During the interim consolidated accounting period, personnel expenses increased 20.3% year on year to ¥13,492 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 10.6% year on year to ¥11,407 million. Depreciation and amortization decreased 1.4% year on year to ¥8,919 million. Other operating expenses increased 73.3% year on year to ¥14,450 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 deposits," 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, 2026 decreased by ¥13,620,071 million from the end of the previous fiscal year to ¥57,979,495 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 increased by ¥4,384 million from the end of the previous fiscal year to ¥458,046 million. Total liabilities as of September 30, 2026 decreased by ¥13,621,641 million from the end of the previous fiscal year to ¥57,620,314 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 deposits," liabilities increased by ¥935 million from the end of the previous fiscal year to ¥114,108 million. Total equity as of September 30, 2026 increased by ¥1,570 million from the end of the previous fiscal year to ¥359,180 million due to a capital increase from net income attributable to owners of the parent company despite a capital reduction mainly as a result of dividend payment and acquisition of own shares. In addition, after excluding "default compensation reserve funds," total equity as of the same date was ¥331,232 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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(3) Explanation on Forecast Information Such as Consolidated Earnings Forecast 1) Consolidated Earnings Forecast There are no revisions to the consolidated earnings forecast from the forecast figures announced in "Notice of Revisions to Earnings Forecast and Dividend Forecast" on September 24, 2026 (hereinafter "previously disclosed material"). The consolidated earnings forecast for the fiscal year ending March 31, 2027 is based on the assumptions that the average daily trading values and volumes are ¥11 trillion for cash equities,* 52,000 contracts for 10-year JGB Futures, 88,000 contracts for TOPIX Futures, 133,000 contracts for Nikkei 225 Futures,** and ¥38.5 billion for Nikkei 225 Options. *The trading value of stocks listed on the TSE Prime, Standard, and Growth Markets and TOKYO PRO Market, and that of ETFs, ETNs, REITs, etc. (includes auction and off-auction trading) **Includes Nikkei 225 mini and Nikkei 225 micro Futures contract volumes converted into large-sized contracts 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, 2026 As of September 30, 2026 Mil. yen Mil. yen Assets Current assets Cash and cash equivalents 110,471 141,854 Trade and other receivables 24,666 23,627 Clearing business financial assets 63,401,208 51,210,758 Specified assets for deposits from clearing participants 7,716,198 6,282,191 Specified assets for legal guarantee funds 549 550 Other financial assets 164,010 139,410 Other current assets 3,990 2,765 Total current assets 71,421,095 57,801,159 Non-current assets Property and equipment 12,264 10,366 Goodwill 69,360 69,360 Intangible assets 30,286 30,626 Retirement benefit assets － 49 Investments accounted for using the equity method 21,276 22,392 Specified assets for default compensation reserve funds 27,948 27,948 Other financial assets 3,617 3,591 Other non-current assets 6,816 6,888 Deferred tax assets 6,900 7,113 Total non-current assets 178,471 178,336 Total assets 71,599,566 57,979,495 2. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND NOTES (1) Condensed Consolidated Statement of Financial Position - 6 -
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As of March 31, 2026 As of September 30, 2026 Mil. yen Mil. yen Liabilities and equity Liabilities Current liabilities Trade and other payables 8,668 7,643 Bonds and loans payable 52,493 52,497 Clearing business financial liabilities 63,401,208 51,210,758 Deposits from clearing participants 7,716,198 6,282,191 Legal guarantee funds 549 550 Trading participant security deposits 10,827 12,705 Income tax payables 23,404 28,053 Other current liabilities 16,687 14,018 Total current liabilities 71,230,038 57,608,419 Non-current liabilities Retirement benefit liabilities 7,484 7,597 Other non-current liabilities 4,313 4,195 Deferred tax liabilities 120 102 Total non-current liabilities 11,918 11,895 Total liabilities 71,241,956 57,620,314 Equity Share capital 11,500 11,500 Capital surplus 38,929 38,923 Treasury shares (4,092) (23,885) Other components of equity 625 610 Retained earnings 298,052 318,118 Total equity attributable to owners of the parent company 345,015 345,266 Non-controlling interests 12,594 13,913 Total equity 357,609 359,180 Total liabilities and equity 71,599,566 57,979,495 - 7 -
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Six months ended September 30, 2025 Six months ended September 30, 2026 Mil. yen Mil. yen Revenue Operating revenue 89,322 131,002 Other revenue 198 507 Total revenue 89,520 131,509 Expenses Operating expenses 38,917 48,270 Other expenses 3 51 Total expenses 38,921 48,321 Share of income of investments accounted for using the equity method 680 1,480 Operating income 51,279 84,668 Financial income 345 995 Financial expenses 137 194 Income before income tax 51,487 85,469 Income tax expense 15,765 26,940 Net income 35,721 58,529 Net income attributable to Owners of the parent company 34,553 57,210 Non-controlling interests 1,168 1,319 Net income 35,721 58,529 Earnings per share Basic (Yen) 33.46 55.95 Diluted (Yen) － － (2) Condensed Consolidated Statement of Income - 8 -
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Six months ended September 30, 2025 Six months ended September 30, 2026 Mil. yen Mil. yen Net income 35,721 58,529 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 (6) (15) Other comprehensive income, net of tax (6) (15) Comprehensive income 35,715 58,513 Comprehensive income attributable to Owners of the parent company 34,546 57,194 Non-controlling interests 1,168 1,319 Comprehensive income 35,715 58,513 (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, 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 (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, 2026 11,500 38,929 (4,092) 625 Net income － － － － Other comprehensive income, net of tax － － － (15) Total comprehensive income － － － (15) Acquisitions of treasury shares － － (20,514) － Dividends paid － － － － Other － (5) 721 － Total transactions with the owners － (5) (19,793) － Balance as of September 30, 2026 11,500 38,923 (23,885) 610 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, 2026 298,052 345,015 12,594 357,609 Net income 57,210 57,210 1,319 58,529 Other comprehensive income, net of tax － (15) － (15) Total comprehensive income 57,210 57,194 1,319 58,513 Acquisitions of treasury shares － (20,514) － (20,514) Dividends paid (37,144) (37,144) － (37,144) Other － 715 － 715 Total transactions with the owners (37,144) (56,943) － (56,943) Balance as of September 30, 2026 318,118 345,266 13,913 359,180 - 11 -
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Six months ended September 30, 2025 Six months ended September 30, 2026 Mil. yen Mil. yen Trading services revenue 34,767 53,870 Clearing services revenue 23,059 41,399 Listing services revenue 7,902 9,198 Information services revenue 16,280 18,831 System services revenue 6,855 7,237 Other 457 464 Total 89,322 131,002 Six months ended September 30, 2025 Six months ended September 30, 2026 Mil. yen Mil. yen Personnel expenses 11,216 13,492 System maintenance and operation expenses 10,315 11,407 Depreciation and amortization 9,048 8,919 Other 8,337 14,450 Total 38,917 48,270 (5) Notes on Condensed Consolidated Financial Statements (Note on Going Concern Assumption) Not applicable (Operating Revenue) The breakdown of "operating revenue" is as follows: (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 -