Mirae Asset Securities (006800) Q4 2025 earnings summary

Executive summary

• Achieved record consolidated pre-tax income of KRW 2,080 billion and net income of KRW 1,593.6 billion in 2025, up 70% and 72% year-over-year, with consolidated ROE at 12.4% for FY2025, up 4.5 percentage points YoY.

• Brokerage and wealth management (WM) revenues reached all-time highs, with brokerage fees exceeding KRW 1,011 billion and WM fees at KRW 342.1 billion.

• Overseas subsidiaries delivered record pre-tax income of KRW 498.1 billion, up 200% YoY, with developed markets contributing 67% and emerging markets 33%.

• Shareholders' equity rose to KRW 13.5 trillion, with ROE improving to 12.4% due to solid earnings across all business lines.

• Strategic priorities for 2026 include strengthening sustainable earnings, expanding investments in innovative companies and venture capital, leading in digital and traditional asset innovation, and enhancing customer protection and data security.

Financial highlights

• Brokerage revenue reached KRW 1,011 billion, up 43% YoY; domestic brokerage revenue up 35% YoY, overseas up 57% YoY.

• Wealth management (WM) revenue was KRW 342.1 billion, up 21% YoY; WM AUM increased 11% YoY to KRW 211.1 trillion.

• Trading and financial income totaled KRW 1,265.7 billion, up 14% YoY, with PI investment asset gain at KRW 645 billion for the year.

• Overseas subsidiaries delivered pre-tax income of KRW 498.1 billion, a 200% YoY increase, accounting for 24% of total pre-tax income.

• IB revenue decreased 10% YoY to KRW 167.4 billion; corporate loans fell 3% YoY to KRW 96.3 billion.

Outlook and guidance

• Targeting client assets of KRW 700 trillion in 2026, a 17% YoY increase.

• Plans to expand investments in AI, aerospace, and other innovative sectors globally, reinvesting proceeds to drive future growth.

• Intends to increase overseas earnings contribution and further develop digital asset platforms and products.

• Expects continued positive PI results, especially if high-profile investments like SpaceX and xAI IPOs materialize.