Derayah Financial (4984) Q4 2025 earnings summary

Executive summary

• Operating income rose 6% year-over-year to 933 million, driven by brokerage and asset management momentum, as well as revaluation gains on private holdings.

• Client accounts increased 17% to 620,000, with AUM up 31% to 22.5 billion and AUC up 11% to 33.5 billion.

• Brokerage revenue grew 10% year-over-year to 542 million, with total traded value at 447 billion.

• Core net profit (excluding associate/D360 losses) reached 532 million, up 3% year-over-year; reported net profit was 400 million, down 10% year-over-year due to associate losses.

• D360 Bank reached 2.4 million customers in its first year, achieved positive operating income, and is undergoing a funding round.

Financial highlights

• Cost-to-income ratio held at 43%.

• Capital adequacy improved to 22%.

• Total equity exceeded 1.1 billion; current assets at 550%.

• ESOP expense for 2025 was 54 million, expected to decline by 30% in 2026.

• No material one-off costs in 2025; cost increases mainly recurring, driven by IT, ESOP, and higher marketing spend.

Outlook and guidance

• Trading value for 2026 expected to grow at a high single-digit rate.

• Strategic priorities include building a unified commercial engine, expanding brokerage and asset management, and enhancing technology.

• Regulatory changes and market opening are expected to expand the addressable market, especially for foreign investors.

• Dividend policy set at no less than 1.30 per share for 2025 and at least 60% payout for 2026 and 2027.