Mirae Asset Securities (006800) Q3 2025 earnings summary

Executive summary

• Consolidated pre-tax income reached KRW 447.2 billion and net income was KRW 343.8 billion for Q3 2025, with annualized ROE at 10.8%, maintaining over 10% for two consecutive quarters.

• Record-high quarterly brokerage and WM revenues, with brokerage fee revenue at KRW 263.7 billion and WM fee revenue at KRW 91.8 billion.

• Overseas subsidiaries posted stable operating profit, though pre-tax income declined 30% QOQ to KRW 74.8 billion, with YTD EBT at KRW 299 billion.

• Surplus in investment asset portfolio for three consecutive quarters, posting net profit of KRW 93 billion.

• Achieved consolidated net income of KRW 1,007.9 billion for the first nine months of 2025, up from KRW 925.5 billion in 2024.

Financial highlights

• Brokerage fee revenue rose 22% QOQ to KRW 263.7 billion, with domestic stock brokerage up 27% QOQ and overseas up 16% QOQ.

• WM revenue from financial product sales increased 21% QOQ to KRW 91.8 billion; wrap-related revenue up 35% QOQ.

• Trading profit fell 49% QOQ to KRW 241.2 billion due to reduced gains and valuation losses on alternative investments.

• IB brokerage revenue dropped 18% QOQ to KRW 40.7 billion; corporate loan revenue down 7% QOQ.

• Segment operating income for the first nine months: Wealth Management KRW 782.2 billion, IB KRW 113.4 billion, Sales & Trading KRW 486.5 billion, Principal Investment and others KRW (52.6) billion.

Outlook and guidance

• Expectation of stable and sustainable earnings base in pensions and WM, with a virtuous growth cycle anticipated.

• Strategic focus on increasing profitability in WM, pension, and global businesses, with continued investment in AI and digital platforms.

• Fixed income management strategy for Q4 will be cautious, considering U.S. inflation and increased domestic bond issuance.

• Anticipate performance expansion in overseas subsidiaries, especially in New York and Southeast Asia, in Q4.

• Positive outlook for investment asset recovery if rate cut cycle continues.