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Monex Group Financial Results for 1Q of Fiscal Year Ending March 31 , 2027 August 6 , 2026 MONEX GROUP TSE Prime : 8698
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1 Always a step ahead of the “Y” in “MONEY,” our name MONEX expresses our desire to embrace all people who are engaged at the forefront of our future. With state-of-the-art IT technology, globally universal values and a sense of professionalism, Monex Group designs innovative ways of managing money and realizing individual self-fulfillment for an ever-changing future. Our ultimate goal is to optimize each person’s lifetime balance sheet. Revised on Apr. 1st, 2021 Corporate Philosophy
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This is an English translation of Japanese presentation materials prepared in connection with the disclosure of the financial results of Monex Group, Inc. It includes information derived from the consolidated financial statements of Monex Group, Inc. which are prepared in accordance with International Financial Reporting Standards (“IFRSs”). This material is not intended to recommend or conduct solicitation for any product or s ervice, etc. <Forward-looking Statements> This presentation material contains forward-looking statements that are based on our current expectations, assumptions, estimates and projections about our industry and us. These forward- looking statements are subject to various risks and uncertainties. Generally, these forward- looking statements can be identified by the use of terms such as "may" "will“ "expect" "anticipate" "estimate" "plan" and other similar words. T hese statements discuss future expectations, identify strategies, contain projections of results of operations or of our financi al condition and state other "forward-looking" information. Our operations are subject to risks, uncertainties and other factors that could cause our actual results to diff er materially from those contained in any forward-looking statement. Corporate Philosophy p. 1 Table of Contents p. 2 Ⅰ. Highlights p. 3 - p.10 Ⅱ. Consolidated Performance p.11 - p.39 Ⅲ. Business Update p.40 - p.60 Appendix p.61 - p.66 2
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Ⅰ. Highlights 3
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What Makes Monex Group Unique 4 Business expanded from online brokerage to asset management and digital asset. Customers diversified from retail to global institutional investors. *1 Online Brokerage, Digital Asset, and Asset Management / Wealth Management business Online Finance / Traditional Finance On-chain Finance Capital and business alliance with NTT DOCOMO Business partnership with AEON Bank Founded in 1999 2026 Non-equity-method investment in Coincheck group, and business alliance with Coincheck Coincheck formed business alliances with Mercoin and Credit Saison Established the Monex Laboratory for On-chain Finance to bridge online and on-chain finance Committed to capital- efficient management - Optimized business portfolio - Alliance / Partnership strategy Clear Growth Strategy - Defined growth strategy leveraging the strengths of 3 core businesses*1 (proprietary systems, APIs, alliances, and creating synergies). - Large market opportunity and favorable business environment. Proven Track Record in Retail and Institutional Businesses - Strong track record not only in Japan but at a global level. Unique Business Portfolio - Online brokerage, asset management, and digital asset business for both retail and institutional investors.
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Retail Alliance Strategy in Domestic Online Brokerage and Digital Asset Business 5 Domestic Online Brokerage Business Digital Asset Business Expand the Customer Base through Existing Ecosystems Build New Ecosystems through Coincheck CaaS 50.95%49.05% Number of Accounts in Monex Securities：3.01M*1 Number of Accounts in Coincheck：2.67M*1 Business Partnership Business Alliance Business Alliance 71.1% 14.9% 14.9% of non- equity-method investment Capital and Business Alliance Docomo Monex Holdings, Inc. *1 As of Jul. 31, 2026
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1Q FYE Mar. 2027 Highlights 6 Commitment for FYE Mar. 2027 1. Growth strategies and profitability 2. Growth investment 3. Management that is more conscious of cost of capital and stock price 4. Unlocking the conglomerate premium by realizing group synergies Financial Highlights (Consolidated) KPI Highlights Total operating revenue after deducting financial expenses and cost of sales:¥16.7 billion (QoQ -12%, YoY +5%) Quarterly profit attributable to owners of the Company: ¥1.9 billion (QoQ -34%、YoY +4%) Adjusted EBITDA: ¥3.7 billion (QoQ +15%、YoY +6%) Monex Securities: 3M accounts achieved in July. Number of accounts in June: 2.99M (QoQ +2%), Customer assets: ¥12.1 trillion (QoQ +12%) TradeStation: Number of active traders: 18K (QoQ +2%) Coincheck: Number of accounts: 2.62M (QoQ +2%) *Monthly new account openings in June reached a record high (78k) Asset Management Business: AUM*1: ¥2.4 trillion (QoQ +15%) Assets under Custody of Major Group Companies*2: ¥14.1 trillion (QoQ +11%、YoY +25%) *1 AUM: Assets Under Management. The same applies to the following pages *2 Monex Securities, TradeStation, and Coincheck
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2025/3 1Q 2025/3 2Q 2025/3 3Q 2025/3 4Q 2026/3 1Q 2026/3 2Q 2026/3 3Q 2026/3 4Q 2027/3 1Q Growth in Asset Management Business AUM for the asset management business*1 continues to expand. Profitability maintained relative to AUM. 7 Trends in Adjusted Net Revenue*3Trends in AUM*2 (JPY billion) 1,582 694 718 793 780 1,819 1,927 2,077 Acquisition of 3iQ Investment in Westfield (Acquired a 20% stake) Adjusted Net Revenue / AUM※4：58bps (JPY million) ※5 2,392 2,075 2,876 2,753 3,650 2,216 2026/3 1Q 2026/3 2Q 2026/3 3Q 2026/3 4Q 2027/3 1Q YoY+51% *1 Including 3iQ Digital Holdings Inc. to illustrate asset management business as a business model. *2 AUM in the chart reflects figures adjusted for the Monex Group’s economic interest, and it is shown as quarter-end balance. It includes AUM of Westfield Capital Management Company, L.P., an equity-method affiliate of the Company. *3 Adjusted net revenue is calculated by deducting fees received from funds by each asset management company and is presented on a basis that reflects the Monex Group’s economic interest. *4 The number of AUM represents the average AUM for the quarter. *5 Adjusted net revenue / AUM is calculated by using the numbers for the most recent 4 quarters.
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Consolidated Pre-tax Income (QoQ) 8 Despite the decrease of success fees from MAF*1 and the absence of the fair value gain on the Westfield earnout liability, online brokerage business drove overall performance. Consolidated pre-tax income was ¥2.3 billion. 3,095 1,260 146 178 1,356 2,280 -1,172 -2,527 -55 2026/3 4Q Pre-tax income 2027/3 1Q Pre-tax Income *1 Monex Activist Fund Online brokerage business segment Asset management / Wealth management business segment Digital asset business segment(JPY million) Absence of the fair value gain on the earn-out liability related to Westfield Decrease of pre- tax income in investment business Others Increase of profit of equity-method investment from Westfield Decrease of operating income in asset management business Decrease of success fees of MAF Increase of pre-tax income in digital asset business Increase of pre-tax income in online brokerage business Increase of operating income in TradeStation and profit of equity- method investment from Monex Securities Increase in unrealized gains on securities held by Monex Group
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Adjusted EBITDA 9 Although consolidated operating income declined, profit of equity-method investments from Monex Securities and Westfield increased. Adjusted EBITDA, adding depreciation and share-based compensation expenses, is ¥3.7 billion (QoQ +15%). 2,165 1,678 405 1,419 831 3,809 3,338 496 28 664 594 475 210 963 281 1,042 677 1,494 1,439 1,326 1,332 1,368 1,314 1,768 1,733 1,550 1,772 74 75 75 74 372 411 434 484 401 4,342 3,673 2,287 3,072 3,479 6,268 6,547 3,208 3,694 2025/3 1Q 2025/3 2Q 2025/3 3Q 2025/3 4Q 2026/3 1Q 2026/3 2Q 2026/3 3Q 2026/3 4Q 2027/3 1Q *1 (JPY million) Profits of equity method investmentsConsolidated operating income Depreciation expense Share-based payment expense *1 Depreciation expense: depreciation expense + amortization equivalent of identifiable intangible assets related to equity-method affiliates. QoQ +15%
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Capital Management Disciplined Capital Management (announced on Oct. 28, 2024) 1. ROE target is 15%. 2. Promote growth investment and pursue sustainable profit growth. 3. The basic policy on returning profits to shareholders is maintained. (see P .38) Clarified the Company’s shareholder distribution policy with a focus on management that is more conscious of cost of capital and stock price in January 2024. The Company aims to achieve an ROE of 15% while appropriately and actively promoting investment in growth areas and strengthening its business base. In addition, the Company aims to further increase corporate value and improve TSR*1 by returning profits to shareholders in a balanced manner.The total return to shareholders on equity*2 for the past two fiscal years, ended March 31, 2025 and March 31, 2026, was 18.3%. *1 Total shareholder return = (total capital gain + total dividends paid) / invested amount. *2 Total return to shareholders on equity = (total dividends paid + total value of share repurchase) / shareholders’ equity. 10
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Ⅱ. Consolidated Performance 11
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― QoQ Comparison 12
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QoQ Comparison (3 months) Consolidated Performance (JPY million) FYE Mar. 2026 4Q (Jan. 2026 – Mar. 2026) FYE Mar. 2027 1Q (Apr. 2026 – Jun. 2026) Variance Rate of change Total operating revenue after deducting financial expenses and cost of sales 18,900 16,685 -2,215 -12% SG&A 18,403 16,657 -1,746 -9% The amount equivalent to operating income 496 28 -469 -94% Other income / expenses (net) 2,599 2,252 -347 -13% Profits of equity method investments 677 1,494 +816 +121% Quarterly profit before income taxes 3,095 2,280 -815 -26% Quarterly profit attributable to owners of the Company 2,902 1,922 -980 -34% *1 Including fair value gain of 2,527 million yen on the earnout liability related to Westfield Capital Management. *1 13
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(JPY million) Online Brokerage Digital Asset Asset Management- Wealth Management Investment 2026/3 4Q 2027/3 1Q 2026/3 4Q 2027/3 1Q 2026/3 4Q 2027/3 1Q 2026/3 4Q 2027/3 1Q Total operating revenue after deducting financial expenses and cost of sales 12,047 11,773 3,362 2,901 2,917 1,464 -72 -132 SG&A 10,784 9,895 4,756 4,274 1,530 1,250 25 26 The amount equivalent to operating income 1,263 1,878 -1,394 -1,373 1,387 214 -97 -158 Other income / expenses (net) 443 1,088 40 164 2,709 440 -13 -8 Profits of equity method investments 455 1,094 -17 -24 257 436 -13 -8 Quarterly profit before income taxes 1,706 2,966 -1,355 -1,209 4,095 654 -110 -166 Quarterly profit attributable to owners of the Company 1,511 2,504 -1,033 -982 3,727 518 -81 -115 Note See P15 Operating Revenue for more details See P16 SG&A for more details See P20 Operating Revenue for more details See P21 SG&A for more details See P23 Operating Revenue for more details See P24 SG&A for more details QoQ Comparison (3 months) Segment Performance *1 Including RSU (Restricted Stock Units) granted to executives and others of the Coincheck Group N.V. (4Q of FYE Mar. 2026: 384 million yen, 1Q of FYE Mar. 2027: 331 million yen). *2 Including valuation gain/loss resulting from changes in the fair value of warrant liabilities (4Q of FYE Mar. 2026: valuation gain of 152 million yen, 1Q of FYE Mar. 2027: valuation loss of 50 million yen). *3 Including fair value gain of 2,527 million yen on the earnout liability related to Westfield Capital Management. 14 *1 *1 *2 *2 *3
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【Online Brokerage Business】 QoQ Comparison (3 months) Analysis: Operating Revenue (USD) Quarterly total operating revenue after deducting financial expenses and cost of sales -4.3% (-3,328) * Figures in parentheses indicate the variance from the previous quarter（USD thousand） * Average VIX：20.3 → 18.4 (-1.9ppt) DARTs QoQ : 263,662 → 247,955 (-6%) DARTs QoQ (Equities)：-9% DARTs QoQ (Options)：+8% DARTs QoQ (Futures)：-7% (USD thousand) Total operating revenue after deducting financial expenses and cost of sales 15 ■ Other (-323) ■ Net financial income (+85) ■ Other commissions (-1,563)* ■ Brokerage commissions (-1,526)* Commissions decreased due to lower trading volume in equities and futures. Net financial income increased as total customer cash remained stable. 23,952 24,522 26,142 25,384 23,858 14,298 17,357 19,278 19,873 18,310 33,862 35,075 32,648 30,638 30,723 1,146 1,212 1,397 1,341 1,018 73,257 78,167 79,465 77,236 73,908 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 2026/3 1Q 2026/3 2Q 2026/3 3Q 2026/3 4Q 2027/3 1Q
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【Online Brokerage Business】 QoQ Comparison (3 months) Analysis: SG&A (USD) The prior quarter includes a non-recurring futures options customer trading loss*. Advertising expenses decreased as planned. 16 ■ Other (-3,195)* ■ Advertising expenses (-1,888) ■ Amortization and depreciation (+58) ■ Communication, freight and information expenses (+566) ■ Commissions paid and association dues (-2,413) ■ Compensation and benefits (-397) * Prior quarter includes futures options customer trading loss: 4,069 Total SG&A Total SG&A -10.5% (-7,270) * Figures in parentheses indicate the variance from the previous quarter（USD thousand）(USD thousand) 25,799 25,873 26,488 25,907 25,510 11,099 10,454 11,326 12,850 10,437 4,690 4,684 4,589 4,406 4,972 5,890 5,765 5,850 5,853 5,911 6,241 6,278 7,368 8,735 6,847 7,284 6,831 7,372 11,637 8,442 61,003 59,885 62,993 69,389 62,118 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 2026/3 1Q 2026/3 2Q 2026/3 3Q 2026/3 4Q 2027/3 1Q
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【Online Brokerage Business】(Equity-method affiliate – Monex Securities) QoQ Comparison (3 months) Analysis: Net Operating Revenue 17 Net Operating Revenue (JGAAP) Net Operating Revenue +10.1% (+1,184) 2,573 2,953 3,276 3,532 3,689 2,804 2,766 3,173 3,455 4,212 2,004 2,226 2,290 1,996 2,302 1,736 1,945 2,105 2,154 2,303 510 474 606 641 457 9,629 10,365 11,452 11,780 12,964 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 2026/3 1Q 2026/3 2Q 2026/3 3Q 2026/3 4Q 2027/3 1Q (JPY million) ■ Other (-183) ■ Mutual funds related revenue (+148)*1 ■ FX & fixed income (+305)*2 ■ Net financial income (+757)*3 ■ Brokerage commissions (+157)*4 * Figures in parentheses indicate the variance from the previous quarter（JPY million） *1 Mutual fund balance (average at the end of each month): ¥2.63 trillion → ¥3.77 trillion *2 FX revenue: +18, Bond related revenue: +204, Investment gains on clients’ USD cash deposit: +62 *3 Net financial income of margin trading: +531, Net financial income of stock lending: +218 (dividend received: +214), Customer segregated funds trust: +151 *4 Brokerage commission from Japanese equities: +52, Brokerage commission from U.S. equities: +74 YoY+35% Net financial income, FX, and fixed income drove overall performance. Higher margin trading balances led to an increase in higher interest income from margin trading balances.
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【Online Brokerage Business】(Equity-method affiliate – Monex Securities) QoQ Comparison (3 months) Analysis: SG&A 18 Total SG&A (JGAAP) Total SG&A+0.4% (+40) * Figures in parentheses indicate the variance from the previous quarter（JPY million） (JPY million) Operating revenue outpaced SG&A expense growth. As planned, advertising expenses decreased (the March quarter is generally the strongest quarter to acquire new customers), and overall expenses were well controlled at an appropriate level. 3,001 3,114 3,212 3,221 3,377 1,180 1,210 1,288 1,230 1,397 1,985 2,143 2,415 2,342 2,621 436 432 464 479 483 676 948 882 1,708 1,020 638 647 689 650 772 7,918 8,498 8,954 9,633 9,673 0 2,000 4,000 6,000 8,000 10,000 2026/3 1Q 2026/3 2Q 2026/3 3Q 2026/3 4Q 2027/3 1Q ■ Other (+121) ■ Advertising expenses (-687) ■ Communication, freight and information expenses (+3) ■ Commissions paid, exchange and association dues (+279) ■ Compensation and benefits (+166) ■ System related expenses (+156)
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1,878 -6 1,094 -462 2,504 【Online Brokerage Business】 Quarterly Operating Income and Profit Attributable to Owners of the Company Quarterly Operating Income and Profit Attributable to Owners of the Company (Five-Quarter Trend) Operating Income and Profit Attributable to Owners of the Company (1Q of FYE Mar. 2027) （JPY million） 19 Operating income Other income / expenses Profits of equity method investment Profit attributable to owners of the company Income tax expense Profit of equity method investment in Monex Securities 1,780 2,699 2,541 1,263 1,878 2,981 2,297 2,562 1,511 2,504 2026/3 1Q 2026/3 2Q 2026/3 3Q 2026/3 4Q 2027/3 1Q 営業利益 親会社の所有者に帰属する当期利益 Operating Income Quarterly profit attributable to owners of the Company
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【Digital Asset Business】 QoQ Comparison (3 months) Analysis: Operating Revenue Quarterly total operating revenue after deducting financial expenses and cost of sales -13.7% (-461) Total operating revenue after deducting financial expenses and cost of sales*1 Net trading income decreased due to lower marketplace trading value. Investment management fee income and net staking income also decreased due to lower crypto asset prices. *Figures in parentheses indicate the variance from the previous quarter (JPY million) 20 (JPY million) Marketplace Trading Value 4Q of FYE Mar. 2026 ¥68.7B 1Q of FYE Mar. 2027 ¥59.1B *2 ■ Other (-67) ■ Investment management fee income (-48) ■ Net staking income (-86) ■ Net trading income (-260)*2 2,075 3,260 2,784 2,157 1,897 263 515 507 379 293 547 641 589 452 404 222 325 723 373 306 3,106 4,740 4,602 3,362 2,901 0 1,000 2,000 3,000 4,000 5,000 2026/3 1Q 2026/3 2Q 2026/3 3Q 2026/3 4Q 2027/3 1Q *1 Following an internal group reorganization, 3iQ was transferred from the Asset Management / Wealth Management business segment to the Digital Asset business segment. Accordingly, figures prior to 3Q of FYE Mar. 2026 have been retrospectively revised.
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【Digital Asset Business】 QoQ Comparison (3 months) Analysis: SG&A SG&A expenses decreased primarily due to lower professional fees and compensation and benefits at Coincheck Group on a standalone basis. 21 Total SG&A*1 Total SG&A -10.1% (-483) *Figures in parentheses indicate the variance from the previous quarter (JPY million) ■ Other (-255) ■ Advertising expenses (-132) ■ Communication, freight and information expenses (+100) ■ Commissions paid and association dues (-17) ■ RSU (-53) ■ Compensation and benefits (-251)*2 ■ System related expenses (+125) *2 Severance payments to the former CEO of Coincheck Group was recognized in the 4Q of FYE Mar. 2026 (¥282 million). (JPY million) 559 621 681 578 703 644 829 1,116 1,704 1,453 298 321 316 384 331 91 118 107 84 67 272 301 310 407 508 516 627 442 436 305 1,189 876 830 1,163 908 3,867 4,013 4,118 4,756 4,274 0 1,000 2,000 3,000 4,000 5,000 2026/3 1Q 2026/3 2Q 2026/3 3Q 2026/3 4Q 2027/3 1Q *1 Following an internal group reorganization, 3iQ was transferred from the Asset Management / Wealth Management business segment to the Digital Asset business segment. Accordingly, figures prior to 3Q of FYE Mar. 2026 have been retrospectively revised.
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【Digital Asset Business】 Quarterly Operating Income and Profit Attributable to Owners of the Company Quarterly Operating Income and Profit Attributable to Owners of the Company (Five-Quarter Trend)*1 Operating Income and Profit Attributable to Owners of the Company (1Q of FYE Mar. 2027) 22 Operating income Other income / expenses Income taxes Profit attributable to owners of the company Profit attributable to non- Controlling interests Profits of equity method investment Including a valuation loss of JPY 50M due to the change in the fair value of the warrant liability (JPY million) -761 727 485 -1,394 -1,373 -1,170 398 415 -1,033 -982 2026/3 1Q 2026/3 2Q 2026/3 3Q 2026/3 4Q 2027/3 1Q 営業利益 親会社の所有者に帰属する当期利益 Operating Income Quarterly profit attributable to owners of the Company 188 33 193 -1,373 -24 -982 *1 Following an internal group reorganization, 3iQ was transferred from the Asset Management / Wealth Management business segment to the Digital Asset business segment. Accordingly, figures prior to 3Q of FYE Mar. 2026 have been retrospectively revised.
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【Asset & Wealth Management Business】 QoQ Comparison (3 months) Analysis: Operating Revenue (JPY million) ■ Wealth management (+68) ■ Asset management (-1,520)*2 *2 AUM (Quarter-End Balances) Monex Asset Management： Robo-advisor services: ¥134.0 billion → ¥151.7 billion Monex Activist Fund (Public Fund / Private Fund): ¥53.1 billion → ¥60.7 billion Private Fund for Qualified Institutional Investors (Mainly bonds): ¥993.6 billion → ¥ 1,071.6 billion Performance fees from the Monex Activist Fund decreased QoQ. AUM across our investment products continued to grow steadily, while the Wealth Management business also delivered solid performance. * Figures in parentheses indicate the variance from the previous quarter (JPY million) Quarterly total operating revenue after deducting financial expenses and cost of sales -49.8% (-1,452) Total operating revenue after deducting financial expenses and cost of sales*1 23 1,040 1,494 1,479 2,601 1,081 250 257 295 315 383 1,290 1,752 1,774 2,917 1,464 0 500 1,000 1,500 2,000 2,500 3,000 2026/3 1Q 2026/3 2Q 2026/3 3Q 2026/3 4Q 2027/3 1Q *1 Following an internal group reorganization, 3iQ was transferred from the Asset Management / Wealth Management business segment to the Digital Asset business segment. Accordingly, figures prior to 3Q of FYE Mar. 2026 have been retrospectively revised.
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【Asset & Wealth Management Business】 QoQ Comparison (3 months) Analysis: SG&A ■ Other (-17) ■ Commissions paid, exchange and association dues (+75) ■ Compensation and benefits (-338) ■ System related expenses (+0) Total SG&A -18.3% (-280) *Figures in parentheses indicate the variance from the previous quarter (JPY million) Total SG&A*1 (JPY million) Personnel expenses decreased due to a decline in performance-based compensation reflecting the lower success fees from Monex Activist Fund. 24*1 Following an internal group reorganization, 3iQ was transferred from the Asset Management / Wealth Management business segment to the Digital Asset business segment. Accordingly, figures prior to 3Q of FYE Mar. 2026 have been retrospectively revised. 139 147 149 159 159 236 462 334 734 397 399 440 509 547 62268 96 85 89 72 842 1,145 1,077 1,530 1,250 0 200 400 600 800 1,000 1,200 1,400 1,600 2026/3 1Q 2026/3 2Q 2026/3 3Q 2026/3 4Q 2027/3 1Q
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214 436 4 518 -116 -20 【Asset & Wealth Management Business】 Quarterly Operating Income and Profit Attributable to Owners of the Company Quarterly Operating Income and Profit Attributable to Owners of the Company (Five-Quarter Trend)*1 Operating Income and Profit Attributable to Owners of the Company (1Q of FYE Mar. 2027) 25 (JPY million) Operating income Profits of equity method investment Other income / expenses Income tax expense Profit attributable to owners of the company Profit attributable to non- controlling interests Profits of equity method investment in Westfield 448 606 697 1,387 214 741 -30 551 3,727 518 2026/3 1Q 2026/3 2Q 2026/3 3Q 2026/3 4Q 2027/3 1Q 営業利益 親会社の所有者に帰属する当期利益Operating Income Quarterly profit attributable to owners of the Company *1 Following an internal group reorganization, 3iQ was transferred from the Asset Management / Wealth Management business segment to the Digital Asset business segment. Accordingly, figures prior to 3Q of FYE Mar. 2026 have been retrospectively revised.
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― YoY Comparison 26
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YoY Comparison (3 months) Consolidated Performance (JPY million) FYE Mar. 2026 (Apr. 2025 – Jun. 2025) FYE Mar. 2027 (Apr. 2026 – Jun. 2026) Variance Rate of change Total operating revenue after deducting financial expenses and cost of sales 15,938 16,685 +747 +5% SG&A 15,107 16,657 +1,550 +10% The amount equivalent to operating income 831 28 -803 -97% Other income / expenses (net) 2,108 2,252 +144 +7% Profits of equity method investments 963 1,494 +531 +55% Quarterly profit before income taxes 2,939 2,280 -659 -22% Quarterly profit attributable to owners of the Company 1,856 1,922 +67 +4% *1 Including unrealized gain on securities in online brokerage segment (1,410 million yen). 27 *1
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(JPY million) Online Brokerage Digital Asset Asset Management- Wealth Management Investment 2026/3 1Q 2027/3 1Q 2026/3 1Q*1 2027/3 1Q 2026/3 1Q*1 2027/3 1Q 2026/3 1Q 2027/3 1Q Total operating revenue after deducting financial expenses and cost of sales 10,642 11,773 3,106 2,901 1,290 1,464 -137 -132 SG&A 8,862 9,895 3,867 4,274 842 1,250 27 26 The amount equivalent to operating income 1,780 1,878 -761 -1,373 448 214 -164 -158 Other income / expenses (net) 1,979 1,088 -394 164 433 440 18 -8 Profits of equity method investments 518 1,094 - -24 433 436 18 -8 Quarterly profit before income taxes 3,760 2,966 -1,155 -1,209 881 654 -146 -166 Quarterly profit attributable to owners of the Company 2,981 2,504 -1,170 -982 741 518 -109 -115 Note See P29 Operating Revenue for more details See P30 SG&A for more details See P33 Operating Revenue for more details See P34 SG&A for more details See P35 Operating Revenue for more details See P36 SG&A for more details YoY Comparison (3 months) Segment Performance *1 Following an internal group reorganization, 3iQ was transferred from the Asset Management / Wealth Management business segment to the Digital Asset business segment. Accordingly, figures for 1Q of FYE Mar. 2026 have been retrospectively revised. *2 Unrealized gain on securities in online brokerage segment (1,410 million yen). *3 Including RSU (Restricted Stock Units) granted to executives and others of the Coincheck Group N.V. (1Q of FYE Mar. 2026: 298 million yen, 1Q of FYE Mar. 2027: 331 million yen). *4 Including valuation gain/loss resulting from changes in the fair value of warrant liabilities (1Q of FYE Mar. 2026: valuation loss of 223 million yen, 1Q of FYE Mar. 2027: valuation loss of 50 million yen). 28 *2 *3 *3 *4 *4
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【Online Brokerage Business】 YoY Comparison (3 months) Analysis: Operating Revenue (USD) Although net financial income declined due to lower interest rates, other commissions increased due to higher PFOF*1 resulting from record high options volume. Total operating revenue increased YoY. 29 *2 Average VIX：23.6 → 18.4 (-5.2ppt) DARTs YoY：225,599 → 247,955 (+10%) DARTs YoY (Equities)：+15% DARTs YoY (Options)：+31% DARTs YoY (Futures)：-5% 23,952 23,858 14,298 18,310 33,862 30,723 1,146 1,018 73,257 73,908 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 2026/3 1Q 2027/3 1Q * Figures in parentheses indicate the variance from the previous year（USD thousand） Total operating revenue after deducting financial expenses and cost of sales +0.9% (+651) Total operating revenue after deducting financial expenses and cost of sales (USD thousand) *1 Payment for Order Flow (PFOF) is earned from market makers (wholesalers) that provide liquidity and is based on trading volumes routed for execution. ■ Other (-128) ■ Net financial income (-3,139) ■ Other commissions (+4,011)*2 ■ Brokerage commissions (-94)*2
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【Online Brokerage Business】 YoY Comparison (3 months) Analysis: SG&A (USD) Overall expenses were maintained at an appropriate level. 30 ■ Other (+1,158) ■ Advertising expenses (+606) ■ Amortization and depreciation (+21) ■ Communication, freight and information expenses (+282) ■ Commissions paid and association dues (-662)* ■ Compensation and benefits (-289) Total SG&A Total SG&A +1.8% (+1,116) * Figures in parentheses indicate the variance from the previous year（USD thousand） (USD thousand) * Commissions paid and association dues for 1Q of FYE Mar. 2026 include a provision for regulators. 25,799 25,510 11,099 10,437 4,690 4,972 5,890 5,911 6,241 6,847 7,284 8,442 61,003 62,118 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 2026/3 1Q 2027/3 1Q
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【Online Brokerage Business】(Equity-method affiliate – Monex Securities) YoY Comparison (3 months) Analysis: Net Operating Revenue 31 Net Operating Revenue (JGAAP) Net Operating Revenue +34.6% (+3,335) 2,573 3,689 2,804 4,212 2,004 2,302 1,736 2,303 510 457 9,629 12,964 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 2026/3 1Q 2027/3 1Q * Figures in parentheses indicate the variance from the previous year (JPY million) (JPY million) Net financial income increased driven by higher margin trading balances, rising interest rates, and a review of the management of customer segregated funds trust.Also, higher trading activity led to an increase of brokerage commissions, resulting in higher net operating revenue. ■ Other (-52) ■ Mutual funds related revenue (+566)*1 ■ FX & fixed income (+297)*2 ■ Net financial income (+1,407)*3 ■ Brokerage commissions (+1,115)*4 *1 Mutual fund balance (average at the end of each month): ¥1.97 trillion → ¥3.77 trillion *2 FX revenue: -139, Bond related revenue: +190, Investment gains on clients’ USD cash deposit: +148 *3 Net financial income of margin trading: +669, Net financial income of stock lending: +181 (dividend received: +21), Customer segregated funds trust: +692 *4 Brokerage commission from Japanes equities: +964, Brokerage commission from U.S. equities: +104
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【Online Brokerage Business】(Equity-method affiliate – Monex Securities) YoY Comparison (3 months) Analysis: SG&A 32 Total SG&A (JGAAP) Total SG&A +22.2%(+1,755) 3,001 3,377 1,180 1,397 1,985 2,621436 483 676 1,020 638 772 7,918 9,673 0 2,000 4,000 6,000 8,000 10,000 2026/3 1Q 2027/3 1Q *1 Number of new account openings: 2026/3 1Q：+21,891 2027/3 1Q：+68,363 (YoY+46,472 accounts) * Figures in parentheses indicate the variance from the previous year (JPY million) (JPY million) Commissions paid increased with higher trading activity. Advertising expenses for new customer acquisition and system related expenses for enhanced security also increased. ■ Other (+134) ■ Advertising expenses (+344)*1 ■ Communication, freight and information expenses (+46) ■ Commissions paid, exchange and association dues (+636) ■ Compensation and benefits (+216) ■ System related expenses (+376)
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【Digital Asset Business】 YoY Comparison (3 months) Analysis: Operating Revenue Net trading income decreased due to lower marketplace trading value. Investment management fee income also decreased due to lower crypto asset prices. * Figures in parentheses indicate the variance from the previous year (JPY million) Total operating revenue after deducting financial expenses and cost of sales -6.6% (-206) Total operating revenue after deducting financial expenses and cost of sales*1 33 (JPY million) ■ Other (+84) ■ Invest management fee income (-142) ■ Net staking income (+31) ■ Net trading income (-178)*2 Marketplace Trading Value 1Q of FYE Mar. 2026 ¥61.5B 1Q of FYE Mar. 2027 ¥59.1B *2 2,075 1,897 263 293 547 404 222 306 3,106 2,901 0 500 1,000 1,500 2,000 2,500 3,000 3,500 2026/3 1Q 2027/3 1Q *1 Following an internal group reorganization, 3iQ was transferred from the Asset Management / Wealth Management business segment to the Digital Asset business segment. Accordingly, figures for 1Q of FYE Mar. 2026 have been retrospectively revised.
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【Digital Asset Business】 YoY Comparison (3 months) Analysis: SG&A Although professional fees at Coincheck Group on a standalone basis declined, compensation and benefits increased primarily due to a higher headcount following M&A. ■ Other (-281) ■ Advertising expenses (-212) ■ Communication, freight and information expenses (+235) ■ Commissions paid and association dues (-24) ■ RSU (+33) ■ Compensation and benefits (+511)*2 ■ System related expenses (+144) Total SG&A*1 Total SG&A +10.5% (+407) * Figures in parentheses indicate the variance from the previous year (JPY million) 34 (JPY million) 559 703 942 1,453 298 331 91 67 272 508 516 3051,189 908 3,867 4,274 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 2026/3 1Q 2027/3 1Q *2 Headcounts in the digital asset business segment: - 2026/3 1Q：289 - 2027/3 1Q：323 *1 Following an internal group reorganization, 3iQ was transferred from the Asset Management / Wealth Management business segment to the Digital Asset business segment. Accordingly, figures for 1Q of FYE Mar. 2026 have been retrospectively revised.
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【Asset & Wealth Management Business】 YoY Comparison (3 months) Analysis: Operating Revenue *2 AUM (End Balances) Monex Asset Management : Robo-advisor services: ¥107.4 billion → ¥151.7 billion Monex Activist Fund (Public Fund / Private Fund): ¥31.2 billion → ¥60.7billion Private Fund for Qualified Institutional Investors (Mainly bonds): ¥635.3 billion → ¥1,071.6 billion Total operating revenue after deducting financial expenses and cost of sales*1 Total operating revenue after deducting financial expenses and cost of sales +13.5%（+175） * Figures in parentheses indicate the variance from the previous year (JPY million) ■ Wealth management (+133) ■ Asset management (+42)*2 (JPY million) AUM across all investment products continued to grow steadily, while the Wealth Management business also delivered solid performance. 35 1,040 1,081 250 383 1,290 1,464 0 1,000 2,000 2026/3 1Q 2027/3 1Q *1 Following an internal group reorganization, 3iQ was transferred from the Asset Management / Wealth Management business segment to the Digital Asset business segment. Accordingly, figures for 1Q of FYE Mar. 2026 have been retrospectively revised.
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139 159 236 397 399 62268 72 842 1,250 0 500 1,000 1,500 2026/3 1Q 2027/3 1Q 【Asset & Wealth Management Business】 YoY Comparison (3 months) Analysis: SG&A ■ Other (+4) ■ Commissions paid, exchange and association dues (+223) ■ Compensation and benefits (+161) ■ System related expenses (+20) (JPY million) Total SG&A*1 Commission expenses and performance-based compensation increased, primarily due to growth in AUM. 36 * Figures in parentheses indicate the variance from the previous year (JPY million) Total SG&A +48.4%（+408） *1 Following an internal group reorganization, 3iQ was transferred from the Asset Management / Wealth Management business segment to the Digital Asset business segment. Accordingly, figures for 1Q of FYE Mar. 2026 have been retrospectively revised.
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― Shareholder Distribution 37
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Shareholder Distribution 38 Basic Policy for Shareholder Distribution 1. The Company pays the minimum annual dividend of 30 yen per share. 2. In addition, if 50% of profit attributable to owners of the Company per share exceeds the minimum amount stated in 1. above, then the minimum dividend payment shall be 50% of profit attributable to owners of the Company per share. 3. The Company conducts share buyback in response to circumstances. Overview of Dividend Interim Year-end Total FYE Mar. 2026 (Actual) FYE Mar. 2027 (Forecast) ¥15.30 ¥15.40 ¥30.70 ¥15.40 ¥15.40 ¥30.80 Reference: Major Shareholders and Shareholding Distribution*1 Shizuoka Financial Group, Inc. 20.3% MOMO&Co. and Oki Matsumoto 9.2% Foreign Institutions 17.4% Individuals etc. 30.1% Domestic Institutional Investors etc. 16.0% Securities Company 6.0% Other Institutions 0.8% Monex Group, Inc. 0.1% *1 The chart is made by Monex Group, Inc. based on shareholders’ list as of Mar. 31, 2026. The number of outstanding shares is 251,647,100 shares. *2 MOMO&Co. is an asset management company in which Oki Matsumoto personally owns 100% of the outstanding shares. As of Mar. 31, 2026, Oki owns 1,120,300 shares, and MOMO&Co. owns 22,080,200 shares, totaled 23,200,500 shares.
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27 14 15 31 40 41 59 77 77 77 25 40 20 34 50 40 10 0 20 40 60 80 100 120 140 160 FYE Mar.2018 FYE Mar.2019 FYE Mar.2020 FYE Mar.2021 FYE Mar.2022 FYE Mar.2023 FYE Mar.2024 FYE Mar.2025 FYE Mar.2026 FYE Mar.2027 Shareholder Distribution (Actual and Forecast) *2 The profit from the sale and valuation of the shares in DOCOMO Monex Holdings was excluded. *3 One-time fees related to De-SPAC listing of Coincheck Group N.V. was excluded. (JPY million) (JPY) Dividend Per Share TSR (Total Shareholders Return: five-year basis) Return to Shareholders ROE (Return on Equity) The total return to shareholders on equity*1 over the past 2 years was 18.3%.*1 Total return to shareholders on equity = (total dividends paid + total value of share repurchase) / shareholders’ equity 39 105% 65% 334% 264% 154% 250% 474% 85% 0% 100% 200% 300% 400% 500% 2019/3 2020/3 2021/3 2022/3 2023/3 2024/3 2025/3 2026/3 Monex Group, Inc.(dividend included) TOPIX(dividend included) 3.7 2.7 2.7 4.5 7.6 7.8 8 15.1 15.3 15.46.3 2.7 3.2 7.5 7.7 7.9 15.0 15.2 15.4 15.4 10.0 0 15 30 45 FYE Mar. 2018 FYE Mar. 2019 FYE Mar. 2020 FYE Mar. 2021 FYE Mar. 2022 FYE Mar. 2023 FYE Mar. 2024 FYE Mar. 2025 FYE Mar. 2026 FYE Mar. 2027 Interim Year-end Special 30.8 (Forecasted) 3% 8% 7% 9% 0% 8% 1% 4% 17% 13% 27% -4% 9% -10% 0% 10% 20% 30% FYE Mar.2017 FYE Mar.2018 FYE Mar.2019 FYE Mar.2020 FYE Mar.2021 FYE Mar.2022 FYE Mar.2023 FYE Mar.2024 FYE Mar.2025 FYE Mar.2026 ROE(Based on actual performance*) ROE(%) (Forecasted) Amount of dividends (ordinary) Amount of dividends (special) Amount of acquisition of own shares *3*2 Dividend Payout Ratio: 70.7%
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Ⅲ. Business Update 40
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0 2 4 6 8 10 12 14 16 Jun. 30, 2021 Sep. 30, 2021 Dec. 31, 2022 Mar. 31, 2022 Jun. 30, 2022 Sep 30, 2022 Dec 31, 2022 Mar. 31, 2023 Jun. 30, 2023 Sep 30, 2023 Dec 31, 2023 Mar. 31, 2024 Jun. 30, 2024 Sep 30, 2024 Dec 31, 2024 Mar. 31, 2025 Jun. 30, 2025 Sep. 30, 2025 Dec. 30, 2025 Mar. 31, 2026 Jun. 30, 2026 Monex Securities TradeStation Coincheck Assets Under Custody in Monex Group Assets under Custody of Major Group Companies*1 Major Monex Group companies' total assets under custody increased to 14.1 trillion yen, steadily expanding the Group's business base. 41*1 Deduct U.S. dollar cash and U.S. equities balance in custody held by Monex Securities’ customers deposited in TradeStation. (Trillion JPY) 5-Year CAGR +17% T¥14.1 T¥6.4
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*1 Requirements to qualify as target customers : At least one month within a rolling 12-month period,> $200k Assets under custody, or > 100k Equities shares traded, or > 500 Options contracts traded, or > 500 Futures contracts trades, or > $500 revenue (excluding interest) 【Online Brokerage Business】TradeStation 1/5 Revenue from Target Customers*1Number of Target Customers*1 （USD Million） Revenue from target customers Revenue from target customers (net interest from customer cash excluded) 42 16,552 16,471 16,539 16,701 16,958 17,356 17,804 17,764 18,073 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2025年3月期 2026年3月期 2027年3月 期 FYE Mar. 2025 FYE Mar. 2026 FYE Mar. 2027 60.6 60.5 58.8 61.6 55.1 59.5 61.5 60.3 56.4 41.4 40.8 39.8 43.9 38.2 42.6 45.5 45.4 41.5 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2025年3月期 2026年3月期 2027年3月FYE Mar. 2025 FYE Mar. 2026 FYE Mar. 2027 TradeStation is built for the active trader. We focus on trading activity and value of our target customers, aiming at deepening customer engagement and maximizing revenue per customer. Record High
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【Online Brokerage Business】TradeStation 2/5 43 Organic Traffic Engine Organic Acquisition Content engine leveraging AEO/GEO* to drive organic acquisition to www.tradestation.com. Interactive Destination Engagement & Tools New destination on www.tradestation.com featuring interactive content and tools. Funnel Monetization New Revenue Pathways New subscription pathways to monetize portions of the funnel not currently possible. FYE27 Q1 Highlights Optimization of paid spend Sponsorship of the TradingView LEAP trading competition Completion of website content management system migration 3rd-party website review — SEO/AEO/GEO* positioning Launch of TradeStation Europe on TradingView * SEO: Search Engine Optimization; AEO: Answer Engine Optimization; GEO: Generative Engine Optimization TradeStation strengthens its marketing strategy to grow target customers and maximize revenue per customer.
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44 【Online Brokerage Business】TradeStation 3/5 9,257 11,130 12,986 14,196 14,732 2,927 3,945 4,178 4,339 4,511 0% 5% 10% 15% 20% 25% 30% 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 2026/3 1Q 2026/3 2Q 2026/3 3Q 2026/3 4Q 2027/3 1Q Growth in Complex Options Complex Options YoY +54% Ratio for complex options TradeStation continues to enhance its options offering and expand its customer base through third party referral partners. This quarter continues to show consistent growth in complex options. (Unit: USD thousand) Complex options contracts traded*1Single leg options contracts traded*1 *1 Contracts traded represents the number of contracts and not the number of trades. 15,075 17,164 18,536 12,184 19,243
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0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 0 5 10 15 20 25 30 1Q 2Q 3Q 4Q 1Q 2026年3月期 2027年3月期 【Online Brokerage Business】TradeStation 4/5 Interest on Cash ・Interest income from customer cash deposits ($2.5B, average for the 1Q) benefits TradeStation and is recorded as net financial income. ・About 46% of cash invested at fixed rates to hedge against potential decline in US interest rates in the future. ・A 0.25% change in the Fed Funds rate would result in a change in net interest income of approximately $2.8M per year. This impact is on both customer and firm funds, swaps, and interest sharing expense with customers. The percentage of floating rate and fixed rate on investment on cash (As of the end of June 2026) Interest on customer cash and Fed Funds rate (Unit: USD Million) Fixed rateFloating rate 45％55％ 45 Interest on customer cash Fed funds rate FYE Mar. 2026 FYE Mar. 2027 Floating rate 46％54％ Fixed rate Interest income remained stable, supported by steady customer cash deposits.
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【Online Brokerage Business】TradeStation 5/5 46 The browser platform moves closer to feature parity with TITAN X/Mobile: full multi-leg options chain with Greeks/IV and strategy presets, plus synced watchlists, streaming chart analytics, and chart-to-ticket trading. Drives activation, faster time-to-first-trade, and cross-platform retention. Since launching our next-generation platform, positioned to become our flagship product, we've kept up a steady pace of releases, adding professional-grade order entry, expanded options tools, and cloud-synced saved orders that aim to drive higher-value trading and strengthen trader retention. HUB Complex Options Cross-Platform Unified TITAN X Pro-Trading Enhancements Launched as a Netherlands-licensed broker/dealer — live client acquisition and trading across the EU via Client Hub, TS Pro, desktop and mobile. TradeStation Europe Launch Global Expansion This quarter, TradeStation enhanced the TITAN X trading experience, brought options and research portal on Client Hub, and launched TradeStation Europe as a new regulated market. 46
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4.1 3.8 5.1 6.1 6.2 8.3 8.5 10.8 12.1 12.1 Mar.2019 Mar.2020 Mar.2021 Mar.2022 Mar.2023 Mar.2024 Mar.2025 Mar.2026 Jun.2026 Jul.2026 【Online Brokerage Business】Monex Securities 1/2 Customer accounts and customer assets have grown significantly since the transition to an asset gathering model in 2020 and the form of alliance with NTT DOCOMO and AEON Bank in 2024. Customer AssetsNumber of Customer Accounts 182 186 194 219 221 260 272 293 299 301 Mar.2019 Mar.2020 Mar.2021 Mar.2022 Mar.2023 Mar.2024 Mar.2025 Mar.2026 Jun.2026 Jul.2026 4-YEAR CAGR: +5.0% 3.33-Year CAGR: +9.7% (10,000 accounts) Launch of NTT DOCOMO and AEON Bank partnership (JPY Trillion) Transition to asset gathering model 47
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【Online Brokerage Business】Monex Securities 2/2 48 Following the capital and business alliance with NTT DOCOMO, Monex Securities have launched various initiatives. Monex Securities plans to introduce simultaneous account opening of bank and securities, fund sweep function, and preferential benefits within the DOCOMO financial ecosystem in late August, 2026. Periodic investment with d CARD d account linkage＋ d point investments d Payment App Easy Asset Management In-person support at DOCOMO shops Simultaneous account opening of bank and securities, fund sweep function, and preferential benefits within the DOCOMO financial ecosystem Capital and business alliance with NTT DOCOMO Business alliance among Monex Securities, NTT DOCOMO and DOCOMO SMTB Net Bank 2023.10 2024.7 2025.7 2026.1 2026.8 onward 2024.9 2025.12
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【Digital Asset Business】Coincheck Group’s Roadmap 49 Coincheck Group offers a comprehensive set of capabilities*1 required to provide crypto asset related services to retail, corporate, and institutional customers. The company aims to position itself as Japan’s first crypto asset platform and accelerate its business. *1 Including the functions of exchange, marketplace, product design, custody, asset management, staking. Roadmaps and Strategic Initiatives Current: Toward Regulatory and Tax Reform in JapanCompleted to Date Future: Evolving into a Global Platform Leader Completed initiatives: ・Acquisition of Next Finance Tech ・Acquisition of Aplo ・Transfer of 3iQ ・Acquisition of companies necessary to provide crypto asset related services. ・Strengthening of business for institutional investors. ・Global expansion・View regulatory reforms, including the amended Financial Instruments and Exchange Act, and upcoming tax reforms in Japan as new growth opportunities. ・Becoming Japan’s first digital asset platform for institutional investors by leveraging group synergies. ・Acquiring customers through Coincheck CaaS. ・Developing products, such as crypto ETFs, for institutional investors. ・In-house development of staking. ・Establishing custody infrastructure. ・Acquiring Japanese and global investors. ・Cross-selling of staking, custody, and other services to clients acquired globally. (Expanding the platform into regions where 3iQ has established its presence.) ・Strategic M&A and functional integration into the platform.
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【Digital Asset Business】Coincheck 1/2 50 Through Coincheck CaaS*¹, Coincheck aims to strengthen partnerships with platforms and other partners to significantly expand its domestic market share. Number of AccountsCoincheck’s Strategy • Enactment of amendments to the Financial Instruments and Exchange Act on Jul. 15, 2026. • Expected tax reforms to support growth in crypto asset trading volumes. • Coincheck is rapidly expanding its customers by leveraging CaaS model. Partners (Service Providers) Customers Crypto Asset Exchange Trading Balance Display Custody API integration Use services Provide services *1 Coincheck CaaS (Crypto as a Service) enables partners and service providers to integrate crypto asset exchange functions into their services through API. 120 162 180 198 229 253 262 Mar.2021 Mar.2022 Mar.2023 Mar.2024 Mar.2025 Mar.2026 Jun.2026 (Unit: 10,000 accounts) June 2026 Monthly New Account Openings 78,000 (Record High)
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25% 75% 18% 82% 23% 77% 【Digital Asset Business】Coincheck 2/2 51 App Downloads Share by Accounts Share by Customers’ Assets in Custody Share of BTC Spot Trading Volume No.1 Domestic Market Share for 7 consecutive years and in 1H 2026 8.49M DLs Total 14.4M Total ¥2.75T Total ¥0.75T 2.62M ¥0.63T ¥0.18T *1 Among Japanese crypto exchange apps. Term: 2019 – 2025, Jan. 2026 – Jun. 2026. Data Source: AppTweak. *2 As of Jun. 30, 2026. Monthly crypto asset trading status table of JVCEA. Data source: https://jvcea.or.jp/statistics/information/https://jvcea.or.jp/about/statistics/ *3 During Jun. 30, 2026. Share of BTC. BTC Monthly trading volume in Japan. Data source: https://jpbitcoin.com/market/volume *1 *2 *2 *3 Total
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【Digital Asset Business】3iQ Digital Holdings Inc. 3iQ, with a strong track record in institutional digital asset management, announced a strategic partnership with Bhutan’s Gelephu Mindfulness City (GMC)*1. 52 AUM and Management Fee RatioA Strategic Partnership between 3iQ and GMC In Dec. 2025, it was announced that up to 10,000 BTC would be allocated from Bhutan’s national holding to support the city’s development. 3iQ secures a dedicated mandate to manage a portion of GMC’s BTC reserves and provides long-term support including talent development and expertise in digital asset management. The Gelephu Mindfulness City Special Administrative Region (SAR) is a visionary initiative creating a world-class economic hub in southern Bhutan, centered on mindfulness, sustainability, and innovation. The SAR integrates traditional Bhutanese values with globally recognized legal frameworks, cutting-edge design and technology, while harnessing the Kingdom’s abundant renewable energy resources to serve as a global exemplar of holistic development. *1 1,285 1,035 1,490 1,446 1,498 1,901 1,698 1,176 1,178 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2025年3月期 2026年3月期 2027年3月FYE Mar. 2025 FYE Mar. 2026 FYE Mar. 2027 1.84% 1.84% 1.70% 1.75% 1.80% 1.81% 1.73% 1.90% 1.61% Impact of declining crypto asset prices Management Fee Ratio Quarterly Average Balance of AUM
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【Digital Asset Business】Market Environment 53 Market Environment in Japan Establishment of the Monex Laboratory for On-chain Finance • Enactment of amendments to the Financial Instruments and Exchange Act (July 15, 2026) • Progress in discussions on tax reform following proposed amendments to industry regulations • "Promotion of on-chain finance" included in the government's Basic Policy on Economic and Fiscal Management and Reform • Retail adoption of digital assets remains limited • Emergence of Digital Asset Treasury companies and growing institutional interest in digital assets Meanwhile, global interest and the importance of on- chain financial services - such as tokenized financial assets and stablecoin - are rapidly increasing. Recognizing these significant changes as a growth opportunity, the Company established the Monex Laboratory for On-chain Finance to research global standards for on-chain finance and promote its real- world implementation in Japan. The Laboratory will focus on research on on-chain financial infrastructure and regulatory frameworks, structuring and utilization of tokenized assets and stablecoins, and other related initiatives. https://www.monex-onchain.jp
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0 200 400 600 800 1,000 1,200 2023/3/31 2024/3/31 2025/3/31 2026/3/31 2026/6/30 Monex Gold Fund Monex Activist Fund ON COMPASS Series Institutional 【Asset & Wealth Management Business】 Monex Asset Management 1/2 Trends in AUM by Product (JPY billion) A robo-advisory service that constructs portfolios using a mathematical approach emphasizing logic and objectivity. Eligible for the NISA (tax- exempt small investment scheme) and delivering strong performance, AUM reached ¥151.7 billion *2. ■ ON COMPASS Series ■ Monex Activist Fund (MAF) Engagement fund managed by Monex Asset Management with advice from Japan Catalyst Inc. (the Company’s wholly-owned subsidiary). Driven by strong performance, AUM reached ¥60.7 billion *2. ■ Asset Management for Institutional Investors *1 Investment Management Association of Japan Investment Products AUM for the ON COMPASS discretionary investment service surpassed JPY 150 billion. Total AUM reached JPY 1.3 trillion as of the end of June 2026, and we will continue to pursue further growth. 54 Private investment funds were structured for financial institutions in metropolitan and regional areas. Through consulting-based sales tailored to individual needs, the company gained strong support from institutional investors, contributing to an increase in AUM. The firm ranked 6th *1 out of 92 companies in terms of fund inflows for domestic private investment funds from from April 2025 to March 2026. ■ Monex Gold Fund The fund aims to achieve investment results comparable to movements in physical gold prices. AUM reached ¥5.3 billion *2. *2 As of the end of June 2026 181 692 542 1,185 1,289
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2023/3/31 2024/3/31 2025/3/31 2026/3/31 2026/6/30 Private investment funds (Monex Asset Management) Private investment funds (Overall industry) 【Asset & Wealth Management Business】 Monex Asset Management 2/2 AUM*1 of private investment funds for institutional investors reached ¥1.1 trillion as of June 30, 2026. Despite largely flat industry-wide AUM, the firm maintained steady growth and ranked 6th*2 out of 92 companies in domestic private fund inflows from April 2025 to March 2026. 55*2 Investment Management Association of Japan AUM Trend for Institutional Private Investment Funds (JPY billion) 116,699 109,476 115,380 116,266 119 443 568 999 AUM of private investment funds Ranked 27th out of 92 companies*2*3 *1 AUM at Monex Asset Management includes private investment trusts of the Monex Activist Fund. 117,771 1,078 *3 As of the end of Jun. 2026
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【Asset & Wealth Management Business】 Monex Asset Management, Japan Catalyst, Inc 56 Key Features of the Monex Activist Fund Comparison of Performance Monex Activist Mother Fund (MAMF) and TOPIX, and Trends in Net Asset Value *1 As of the end of June 2026. (JPY 100 million) AUM of the Monex Activist Mother Fund (MAMF) exceeded JPY 60 billion.*1 Contributing to the revitalization of Japan's capital markets through comprehensive engagement. Based on the fund inception date (April 9, 2020), outperforming TOPIX*2 *2 The Monex Activist Fund does not set TOPIX as a benchmark and includes it for reference only. Investment Management Structure Managed by Monex Asset Management with advice from Japan Catalyst Inc. Selective Investment Invests in a relatively limited number of stocks selected through a bottom-up approach that emphasizes in-depth analysis of individual companies. Holistic Engagement Engages in dialogue not only with target companies but also with the TSE and the government, with the aim of enhancing corporate value and shareholder value over the medium to long term. June 30, 2026 MAMF：＋369％ TOPIX：＋226％ 0 100 200 300 400 500 600 700 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.00 Assets Under Management of Mother Fund (right axis) Mother Fund Price (left axis) TOPIX（Total Return） April 9, 2020
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2025/6 2025/9 2025/12 2026/3 2026/6 【Asset & Wealth Management Business】 Westfield Capital Management Company, L.P. 57 The assets (balance at the end of each month) expanded through strategic sales efforts within the sub advisory and retirement channels 25.7 Location: Boston, Massachusetts, U.S.A. Assets*: $32.8 billion（as of the end of June 2026） Investment Strategy: Managing US Growth stocks across the Market Cap spectrum Annual Operating Revenue: More than $100 million（2025） *1 Balance at the end of each month includes Discretionary and Non-Discretionary Assets. As of June 30, 2026, Non-Discretionary Assets Under Advisement (AUA) represent $1.2 billion of the $32.8 billion in total assets. Overview of Westfield Capital Management Company, L.P. Historical Trend of Assets (Unit : $ billions) Westfield Capital Management Company, L.P., which became an equity-method affiliate in April 2025, continues to show strong Assets*1 and performance. 25.424.824.9 32.8
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【Investment Business】 58 Investing in startups utilizing cutting-edge technologies to help shape the future of individual lifestyles and society. Track Record to Date Key Achievements in 1Q of FYE Mar. 2027 Total Number of InvestmentsandFund Size Key Investment Achievements 153 ¥9.28B Total Number of Investments Fund Size 5x investment multiple UZABASE, Inc. Money Forward, Inc. Providing business information infrastructure to support corporate decision-making Development and provision of PFM and cloud services Investment: ¥39M (2009) EXIT (IPO): 2016 Multiple: 32x Investment: ¥20M (2012) EXIT (IPO): 2017 Multiple: 142x 4 managed funds *1 As of Jun. 30, 2026 *1 *1 Japan Legal Network Co., Ltd. Operates ATERA, Japan's first after-the-event legal expense coverage service, available even after a legal issue arises (provided through its wholly owned subsidiary, ATE.), operates the Legal Medical Center, which provides medical expert opinion services for lawyers and other legal professionals, and develops and provides LegalTech services. EXIT （M&A） Investment: ¥80M (2019, 2021) Multiple：1.46x
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Sustainability Initiatives 59 Annual review confirmed no change in the highest-priority material issues under executive ownership. We continue to strengthen human capital and enhance risk management to balance growth investment, shareholder returns and financial soundness. Main InitiativesMateriality Matrix*1 ・Sustainable Finance ・Risk Management ・Financial Inclusion ・Customer Usability ・Data Security & Privacy ・Innovation ・AML & Anti-corruption ・Corporate Governance ・Recruiting & Human Development ・Climate Change ・Well-being ・Human Rights ・Fair Financial Transactions ・Inclusive Talent Culture ・Labor Practices ・Procurement Management ・Policy Advocacy ・Waste Management ・Ecosystem Conservation ・Effluent Management ・Water Consumption ・Air Pollution ・Community Development ・Tax Policy Respect of Human Rights Talent Acquisition / Development Risk Management Strengthening Human Capital to Drive Growth Finance and technology are key sources of competitive advantage. The Group regards people with diverse expertise as its most important resource. It is advancing talent acquisition and development, building AI and digital expertise, and enabling everyone to perform at their best— strengthening the foundation for growth and long-term corporate value. (Disclosed in the 22 nd Annual Securities Report, pp.15-17, 67-69) Enhancing Risk Management for Financial Soundness and Capital Efficiency Alongside Group VaR, the Group introduced financial soundness indicators to provide a broader view of its capacity for growth investment and shareholder returns, and its debt repayment capacity. The indicators support decisions on investment, shareholder returns, financing and risk response. (Disclosed in the 22 nd Annual Securities Report, pp.20-24) Human Rights Awareness Across the Supply Chain Conducted training on human rights in the supply chain. This spring, established the Supplier Guidelines for Procurement Personnel for domestic Group companies to foster fair and equitable supplier partnerships. *1 Materiality Matrix: https://www.monexgroup.jp/en/sustainability/mg_esg.htmlImportance to Stakeholders Impact on the Business of Monex Group Moderate Significant Major Moderate Significant Major
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Corporate Governance 60 Revision to the Officer Remuneration System Stronger linkage between performance and remuneration, with greater transparency and objectivity in the remuneration system Amendments to the Articles of Incorporation Related to the General Meeting of Shareholders General Meeting was moved to Sep. to enhance shareholder convenience Higher proportion of performance-based remuneration to reinforce the pay-for- performance principle and strengthen value sharing with shareholders and investors. Transition from fixed share-based compensation to performance-based share awards (Performance Shares) to drive medium- to long- term growth. Remuneration linked to ROE, relative TSR, and the achievement of material issues, with payouts ranging from 0% to 200% based on performance. Enhanced remuneration governance through an objective process incorporating external expertise and the application of malus and claw back provisions. Changed the record date for voting rights to June 30 and moved the General Meeting of shareholders to September, allowing shareholders sufficient time to review the Annual Securities Report and enabling more constructive dialogue. Enabled virtual-only General Meetings of Shareholders, allowing shareholders to participate and exercise their voting rights online for greater accessibility. Allowed the Chairman of the General Meeting of Shareholders to be selected from among all Directors, rather than limiting the role to a Director concurrently serving as Representative Executive Officer, providing greater flexibility based on the circumstances.
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Appendix 61
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Monex Group’s Business Portfolio (TSE: 8698) Online Brokerage InvestmentAsset Management / Wealth Management OthersDigital Asset Business segments Listed Holding Company Consolidatedsubsidiaries Equitymethod affiliate of the Company Shareholding ratio in the chart means economic interest as of Jun. 2026. Figures have been rounded to one decimal place. Shareholding ratio 100% Intermediate Holding Company TradeStation Securities, Inc. Investment service provider focusing on active traders TradeStation Technologies, Inc. 51% DOCOMO Monex Holdings, Inc. Intermediate Holding Company Comprehensive investment service provider 71% Intermediate Holding Company Offering Coincheck, a crypto asset exchange Providing staking service Providing services for institutional investors Providing crypto asset management services for institutional investors (NASDAQ: CNCK) 20% Asset management company engaged in investment advisory 100% 100% 55% 97% 33% 100% Venture capital business Education and development support 100% Genome & health Japan Catalyst, Inc. Monex SP Trust, Inc. Providing asset management services for institutional investors Investment advisory Private banking service for high-net-worth clients A custodial trust service Most of customers are in the U.S. They are active traders who frequently trade not only equities but also options and futures. Monex Securities serves a broad range of customers. Newly acquired customers, including those who from NTT DOCOMO, tend to start investments with mutual funds.
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Monex Group’s Business Overview and Strategy Key features of the 3 core businessesOperating revenue*1*2, profit*3, and overseas revenue ratio in FYE Mar. 2026 Online Brokerage 〇 Digital Asset Asset Management 〇 ◎ Medium- to long-term profit engine With limited capital needs and recurring revenues, the business is expected to be a strong ROE driver. Growth will be driven through organic expansion, M&A, and group synergies. Core business driving stable growth Since its establishment, the business has steadily grown and already delivers strong ROE. Further expansion will be driven through organic growth and synergies across the group. Driver of future exponential growth In addition to revenue from the marketplace, the business is diversifying earnings through IEO, staking, and custody services, while also expanding its focus on institutional business. 46,531 22,046 15,811 7,732 3,290 3,032 9,352 -1,389 4,989 -2,038 Breakdown: operating revenue of ¥98,422 million Breakdown: profit of ¥10,914 million Online brokerage business: TradeStation Online brokerage business: Monex Securities (51%) Digital asset business segment Asset management business segment Investment and other business Asset management business: Westfield (20%) Online brokerage business: TradeStation Digital asset business segment Asset management business segment Investment and other business Overseas revenue ratio in consolidated operating revenue Overseas revenue ratio in consolidated operating revenue + operating revenue of equity-method affiliates*4 68% 32% 54%46% Overseas Domestic Overseas Domestic *1 Operating revenue of Monex Securities is based on JGAAP, and reflects the Group’s 51% of economic interest. *2 Operating revenue of Westfield reflects the Group’s 20% of economic interest. *3 Profit attributable to owners of the Company *4 Including Monex Securities and Westfield Overseas revenue TradeStation 3iQ Aplo Overseas revenue TradeStation 3iQ Aplo Westfield Monex Group aims to strengthen its earnings foundation by leveraging its robust online brokerage business, asset management business as a medium- to long-term profit engine and ROE driver, and digital asset business as a driver for exponential growth. 63 Contribution to ROE and Further Strategy Operating revenue includes the Group’s consolidated operating revenue, 51% of Monex Securities’ JGAAP revenue and 20% of Westfield’s revenue.
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Unlocking the Conglomerate Premium by Realizing Group Synergies 64 Aims to unlock the conglomerate premium by realizing group synergies within and across business segments and enhancing the Group’s shared infrastructure. Strategic initiatives for FYE Mar. 2027 to realize group synergies Synergies within segment Synergies across segments Synergies as a group Online Brokerage Business Asset Management / Wealth Management Business Investment / Other BusinessDigital Asset Business Major upgrade of U.S. equity services (Stock lending, 24-hour trading) Becoming Japan’s first crypto asset platform for both retail and institutional investors. Launch of crypto ETFs / Investment trusts for Japanese investors Seamless experience across traditional and crypto asset (One platform, multi-asset) From AI-first to an AI-native group Sharing human capital and expertise Sharing cybersecurity intelligence and jointly procuring IT infrastructure Collaboration in response to changes in Japan’s regulatory and tax environment Digital Asset business Product / Fund origination in the Asset Management / Wealth Management segment, with distribution to clients through Monex Securities. Asset management / Wealth management Strengthening competitive advantage through integration of strengths Creating new markets and values Enhancing shared infrastructure of the whole group
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Consolidated balance sheet Key points of the consolidated balance sheet of Monex Group 1. Actual net debt is¥8.2B for the holding company Monex Group, Inc., which does not engage in securities transactions, etc. 2. Trust assets, which are segregated deposits received from customersand guarantee deposits received, account for more than half of the total assets. 3. Since the balance of assets and liabilities related to securities transactions, etc., changes depending on customer transaction trends, securities companies secures sufficient liquidity by raising funds through bonds and loans payable. <Net debt> (Unit: JPY Billion) Cash and cash equivalents（held by the holding company）*1 17.3 Bonds and loans payable（held by the holding company） 25.4 Net debt ¥25.4B – ¥17.3B = ¥8.2B <Segregated deposits received, etc. from customers> Cash segregated as deposits (Segregation of customer deposits and others) 389.7 Deposits received・guarantee deposits received (Mainly deposits from customers and others) 447.6 <Assets and liabilities related to securities transactions, etc.> Assets related to securities transactions, etc. (Margin transaction assets and others) 166.3 Liabilities related to securities transactions, etc. (Loans payable secured by securities and others) 73.9 Assets related to crypto asset (holding and lending of crypto assets for customer transactions) 33.0 Crypto asset related liabilities (deposits received and borrowing of crypto assets for customer transactions) 32.7 Cash and cash equivalents (held by subsidiaries) 29.1 Bonds and loans payable (Subsidiaries) 31.4 <Other assets/liabilities> Other assets 13.6 Other liabilities 28.6 <Fixed assets and & equity capital> Fixed assets*2 129.9 Total equity 139.3 Total assets 778.8 Total liabilities and equity 778.8 As of Mar. 31, 2026 *1 Includes Deposit and Money held in trust. *2 Property and equipment +Intangible assets + Equity method investments + Investments in securities Level 3 (unlisted stocks, etc.) 65
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■ Monex, Inc. (Tokyo, Japan) One of the major online brokerage firms in Japan • Managing Director & President : Yuko Seimei • Founded in 1999 • Aims to provide retail investors the level of creative products and services offered to institutional investors • Products and services: Equities (Japan, US, China), futures and options, FX, mutual funds, bonds, crypto asset CFD, etc. • # of total accounts: 2.99 million • Customer assets held in custody: JPY 12.1 trillion ■ TradeStation Group, Inc. (Florida, US) Online securities group with award-winning trading technology development capabilities • President and CEO: John Bartleman • Founded in 1982, joined Monex Group in Jun. 2011 • An award-winning TradeStation platform recognized and highly regarded by active traders. Executes and clears US equities for group's securities companies • Products and services: Equities, options and futures, etc. • # of total accounts: 148 thousand • Customer assets held in custody: USD 14.9 billion ■ Monex Ventures, Inc. (Tokyo, Japan) Venture capital • Representative Director & President : Atsushi Mandai • Founded in 2005 • Flagship fund “MV I & MV II Investment Limited Partnership” • Portfolio (Japanese only): http://www.monexventures.com/ ■ Coincheck, Inc. (Tokyo, Japan) Crypto asset exchange/marketplace agency that is ranked No.1 in crypto asset trading app downloads in Japan for 7 consecutive years. • Representative Director, President & CEO: Tomoyuki Isaka • Founded in 2012, joined Monex Group in Apr. 2018 • Cryptocurrencies available: Bitcoin (BTC), Ethereum (ETH), Ethereum Classic (ETC), Ripple (XRP), NEM (XEM), etc. • # of verified users: 2.62 million • Customer assets held in custody: JPY 0.6 trillion ■ Monex Asset Management, Inc. Investment management service • Representative Director & President : Satoru Adachi • Founded in 2015 • AUM: ¥1.3 trillion ■ Japan Catalyst, Inc. Investment Advisory Business • President: Taro Hirano • Founded in 2019 Overview of Monex Group and Main Group Companies 66As of Jun. 30, 2026
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