Consolidated [PDF:246KB]

Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.

Code number: 8601

Stock Exchange Listings: Tokyo, Nagoya URL: https://www.daiwa-grp.jp/english/

Scheduled date of filing semi-annual securities report: November 13, 2025 Scheduled date to commence dividend payments: December 3, 2025 Preparation of supplementary material on financial results: Yes

Holding of financial results briefing: Yes (for analysts)

November 4, 2025

Financial Summary (Consolidated)

For the six months period ended September 30, 2025

(Figures less than one million yen are rounded down)

1. Consolidated financial results (April 1, 2025 to September 30, 2025)

   1. Consolidated operating results (Millions of yen, % of change from previous year)

      	Operating revenue		Net operating revenue		Operating income		Ordinary income
      FY 2025 FY 2024	701,750 689,688	1.7% 21.0%	327,880 310,238	5.7% 11.4%	86,020 76,790	12.0% 12.0%	97,908 110,627	(11.5)% 43.8%

      (Note) Comprehensive income:

      FY 2025: 105,873 million yen , 58.3% ; FY 2024: 66,880 million yen , (50.1)%

      	Profit attributable to owners of parent		Net income per share	Diluted net income per share
      FY 2025	78,964	1.5%	56.44 Yen	55.68 Yen
      FY 2024	77,785	45.4%	55.31 Yen	54.27 Yen

   2. Consolidated financial conditions (Millions of yen, except per share amounts and percentage)

      	Total assets	Total net assets	Equity ratio	Net assets per share
      As of Sep. 30, 2025 As of Mar. 31, 2025	36,915,300 36,024,346	1,944,434 1,923,287	4.5 % 4.6 %	1,201.74 Yen 1,158.82 Yen

      (Reference) Stockholders’ equity (Total net assets - Share acquisition rights - Non-controlling interests): As of Sep. 30, 2025: 1,667,999 million yen ; As of Mar. 31, 2025: 1,639,738 million yen

2. Cash dividends

   	Dividends per share (yen)
   	First quarter-end	Second quarter-end	Third quarter-end	Fiscal year-end	Total
   FY 2024	—	28.00	—	28.00	56.00
   FY 2025 (actual)	—	29.00
   FY 2025 (expected)*			—	—	44.00

   (Note) Modification from the most recently announced dividend forecast: None

   * Daiwa Securities Group Inc. (hereinafter the “Company”) will basically pay dividends semiannually (interim and year-end dividends) at a payout ratio of 50% or more based on consolidated financial performance. In addition to this, the Company has set a minimum dividend per share (full year) of 44 yen from the fiscal year ending March 31, 2025 to the fiscal year ending March 31, 2027. For convenience, the minimum dividend for the full year is shown in the total column of FY 2025 (expected) in the above table. As indicated in 3. below, the Company does not forecast operating results and it does not present the actual amount of the full-year dividends for FY 2025 because those amounts are currently undetermined. Those amounts will be determined in line with the aforementioned policy, taking into consideration the consolidated operating results.

   Representative: Akihiko Ogino, President and CEO

   For inquiry: Kana Nakamura, Executive Director, Corporate Planning Dept. Investor Relations Office (Phone [phone])

3. Earnings forecasts for the fiscal year ending March 31, 2026 (consolidated)

   Daiwa Securities Group’s (hereinafter the “Group”) principal business is securities-related business, and the performance of the Group is significantly influenced by the economic and market environment in which it operates. Therefore, the Company does not disclose the forecasts of consolidated operating results, considering the difficulty to forecast the performance.

4. Other notes

   1. Significant changes in the scope of consolidation during the period: None Newly included companies: None

      Excluded companies: None

   2. Application of accounting methods which are exceptional for semi-annual consolidated financial statements: None

   3. Changes in accounting policies, estimates, and restatements:

      1. Changes in accounting policies due to the revision of accounting standards: None

      2. Changes in accounting policies other than (ⅰ): None

      3. Changes in accounting estimates: None

      4. Restatements: None

   4. Number of shares issued (common stock)

      1. Number of shares issued (including treasury shares):

         As of Sep. 30, 2025 : 1,569,378,772 ; As of Mar. 31, 2025 : 1,569,378,772

      2. Number of treasury shares:

         As of Sep. 30, 2025 : 181,470,506 ; As of Mar. 31, 2025 : 154,402,735

      3. Average number of shares issued and outstanding during the period:

As of Sep. 30, 2025 : 1,399,140,668 ; As of Sep. 30, 2024 : 1,406,227,455

Implementation status of audit procedure:

Semi-annual financial results reports are exempt from review conducted by certified public accountants or an audit firm.

Statement on the proper use of earnings forecasts and other information: Not applicable.

(Accompanying materials)

Contents

1. Semi-annual consolidated financial statements and main notes 2

   1. Semi-annual consolidated balance sheets 2

   2. Semi-annual consolidated statements of income and Semi-annual consolidated statements of comprehensive income 5

   3. Notes to semi-annual consolidated financial statements 8

      (Significant changes in amounts of shareholders’ equity) 8

      (Going concern assumption) 8

2. Supplementary information 9

   1. Quarterly transition of consolidated statements of income 9

(Note) Presentation materials (PDF version) of the financial results briefing are available at our website. URL: https://www.daiwa-grp.jp/english/ir/presentation/index.html

1. Semi-annual consolidated financial statements and main notes

   1. Semi-annual consolidated balance sheets

      2025

      Assets March 31,

      As of

      Millions of yen

      September 30,2025

      Current assets:
      Cash and deposits	3,756,732	4,535,214
      Cash segregated as deposits	574,551	648,937
      Notes and accounts receivable - trade, and contract assets	33,044	34,306
      Securities	1,586,939	1,899,699
      Trading products:	8,327,538	10,432,473
      Trading securities and other	5,544,556	7,151,819
      Derivatives	2,782,981	3,280,653
      Trade date accrual	553,053	—
      Private equity and other investments	107,364	108,703
      Allowance for investment loss	(445)	(566)
      Operating loans receivable	2,793,554	2,412,083
      Work in process	759	1,361
      Margin transaction assets:	160,052	164,720
      Loans on margin transactions	155,847	128,652
      Cash collateral pledged for securities borrowing on margin transactions	4,204	36,068
      Loans secured by securities:	15,377,587	13,910,455
      Cash collateral pledged for securities borrowed	11,469,141	11,266,776
      Securities purchased under resale agreements	3,908,445	2,643,679
      Advances paid	50,789	48,858
      Short-term loans receivable	994	707
      Accrued income	100,569	112,109
      Other current assets	865,790	837,477
      Allowance for doubtful accounts	(13,131)	(14,637)
      Total current assets	34,275,746	35,131,907
      Non-current assets:
      Property, plant and equipment	942,230	938,430
      Intangible assets:	137,398	145,793
      Goodwill	15,622	15,971
      Other	121,775	129,821
      Investments and other assets:	668,972	699,169
      Investment securities	618,456	645,060
      Long-term loans receivable	7,532	7,853
      Long-term guarantee deposits	15,915	15,908
      Deferred tax assets	7,889	7,327
      Other	22,366	26,500
      Allowance for doubtful accounts	(3,187)	(3,481)
      Total non-current assets	1,748,600	1,783,392
      Total assets	36,024,346	36,915,300

      2025Liabilities March 31,

      As of

      Millions of yen

      September 30,2025

      Current liabilities:
      Notes and accounts payable - trade	8,471	9,668
      Trading products:	7,437,195	6,886,473
      Trading securities and other	4,810,648	3,660,055
      Derivatives	2,626,547	3,226,418
      Trade date accrual	—	1,128,393
      Margin transaction liabilities:	39,891	44,156
      Borrowings on margin transactions	2,466	1,717
      Cash received for securities lending on margin transactions	37,425	42,438
      Borrowings secured by securities:	15,445,468	15,226,921
      Cash collateral received for securities lent	8,793,891	9,522,978
      Securities sold under repurchase agreements	6,651,576	5,703,943
      Deposits for the banking business	4,297,685	4,780,929
      Deposits received	602,199	834,350
      Guarantee deposits received	495,532	418,198
      Short-term borrowings	1,415,334	1,579,516
      Commercial papers	322,500	349,000
      Current portion of bonds payable	399,531	370,067
      Income taxes payable	28,724	32,862
      Provision for bonuses	48,644	31,719
      Other current liabilities	154,219	161,917
      Total current liabilities	30,695,399	31,854,175
      Non-current liabilities:
      Bonds payable	1,218,490	1,143,898
      Long-term borrowings	2,036,629	1,814,092
      Deferred tax liabilities	45,403	56,441
      Retirement benefit liability	43,139	43,738
      Provision for loss on litigation	413	357
      Other non-current liabilities	55,309	51,880
      Total non-current liabilities	3,399,386	3,110,409
      Reserves under special laws:
      Reserve for financial instruments transaction liabilities	6,273	6,281
      Total reserves under special laws	6,273	6,281
      Total liabilities	34,101,059	34,970,866

      Millions of yen

      As of

      Net assets	March 31, 2025	September 30, 2025
      Shareholders’ equity:
      Share capital	247,397	247,397
      Capital surplus	266,290	267,132
      Retained earnings	1,041,490	1,080,835
      Treasury shares	(113,139)	(144,458)
      Deposits for subscriptions of treasury shares	40	99
      Total shareholders’ equity	1,442,079	1,451,005
      Accumulated other comprehensive income:
      Valuation difference on available-for-sale securities	50,173	73,310
      Deferred gains or losses on hedges	13,837	13,869
      Foreign currency translation adjustment	133,623	129,870
      Remeasurements of defined benefit plans	24	(56)
      Total accumulated other comprehensive income	197,659	216,994
      Share acquisition rights	6,344	5,966
      Non-controlling interests	277,204	270,467
      Total net assets	1,923,287	1,944,434
      Total liabilities and net assets	36,024,346	36,915,300

   2. Semi-annual consolidated statements of income and Semi-annual consolidated statements of comprehensive income

      Semi-annual consolidated statements of income

      Millions of yen Six Months Ended

      	September 30,	September 30,
      	2024	2025
      Operating revenue:
      Commission received:	191,793	218,698
      Brokerage commission	44,363	48,122
      Commission for underwriting, secondary distribution, and solicitation for selling and others for professional investors	19,413	19,733
      Fees for offering, secondary distribution, and solicitation for selling and others for professional investors	11,519	11,037
      Other commission received	116,496	139,806
      Net trading income	56,218	45,685
      Net gain on private equity and other investments	4,065	633
      Financial revenue	346,584	335,792
      Other operating revenue	91,027	100,940
      Total operating revenue	689,688	701,750
      Financial expenses	307,737	296,083
      Other operating expenses	71,712	77,786
      Net operating revenue	310,238	327,880
      Selling, general and administrative expenses:
      Trading related expenses	44,571	48,295
      Personnel expenses	118,768	118,770
      Real estate expenses	21,637	22,431
      Office expenses	13,756	16,417
      Depreciation	17,463	16,564
      Taxes and dues	7,203	8,163
      Provision of allowance for doubtful accounts	15	139
      Other	10,032	11,077
      Total selling, general and administrative expenses	233,448	241,859
      Operating income	76,790	86,020
      Non-operating income:
      Dividend income	2,625	2,388
      Share of profit of entities accounted for using the equity method	29,495	8,502
      Gain on investments in investment partnerships	1,412	4,278
      Other	3,358	2,387
      Total non-operating income	36,893	17,557
      Non-operating expenses:
      Interest expenses	1,232	1,802
      Foreign exchange losses	787	1,799
      Bond issuance costs	2	219
      Other	1,033	1,848
      Total non-operating expenses	3,055	5,669
      Ordinary income	110,627	97,908

      Millions of yen Six Months Ended

      	September 30,	September 30,
      	2024	2025
      Extraordinary income:
      Gain on sale of non-current assets	—	22,793
      Gain on sale of investment securities	245	2,128
      Gain on reversal of share acquisition rights	248	134
      Total extraordinary income	494	25,057
      Extraordinary losses:
      Loss on sale and retirement of non-current assets	97	48
      Impairment losses	2,335	41
      Loss on sale of investment securities	4	5
      Loss on valuation of investment securities	619	26
      Loss on sale of stocks of subsidiaries and affiliates	—	1,410
      Loss on valuation of stocks of subsidiaries and affiliates	—	23
      Loss on change in equity	55	37
      Provision of reserve for financial instruments transaction liabilities	5	7
      Business restructuring expenses	890	—
      Provision of allowance for compensation losses	—	938
      Total extraordinary losses	4,009	2,539
      Income before income taxes	107,113	120,426
      Income taxes - current	23,898	31,017
      Income taxes - deferred	727	2,942
      Total income taxes	24,626	33,959
      Profit	82,486	86,466
      Profit attributable to non-controlling interests	4,701	7,501
      Profit attributable to owners of parent	77,785	78,964

      Semi-annual consolidated statements of comprehensive income

      Millions of yen Six Months Ended

      September 30,2024September 30,2025

      Profit 82,486 86,466

Other comprehensive income:

Valuation difference on available-for-sale securities	2,816	19,979
Deferred gains or losses on hedges	(12,805)	1,117
Foreign currency translation adjustment	(15,693)	4,411
Share of other comprehensive income of entities accounted for using the equity 10,074 (6,100) method
Total other comprehensive income	(15,606)	19,407
Comprehensive income	66,880	105,873
Comprehensive income attributable to:
Comprehensive income attributable to owners of parent	61,470	98,299
Comprehensive income attributable to non-controlling interests	5,409	7,574

1. Notes to semi-annual consolidated financial statements (Significant changes in amounts of shareholders’ equity)

   Not applicable.

   (Going concern assumption)

   Not applicable.

1. Supplementary information

   1. Quarterly transition of consolidated statements of income

Three Months Ended

Millions of yen

	September 30, 2024		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025
Operating revenue:
Commission received:	98,355		109,796		114,899		100,398		118,300
Brokerage commission Commission for underwriting, secondary distribution, and solicitation for selling and	21,195 10,970		21,638 13,271		23,043 15,245		21,153 8,901		26,968 10,831
others for professional investors Fees for offering, secondary distribution, and solicitation for selling and others for	4,963		6,710		6,670		4,761		6,275
professional investors Other commission received	61,226		68,175		69,941		65,581		74,224
Net trading income	28,704		28,021		23,133		22,310		23,375
Net gain on private equity and other investments	3,880		(195)		8,490		1,797		(1,164)
Financial revenue	169,568		171,885		163,482		160,616		175,175
Other operating revenue	53,823		27,240		35,571		41,277		59,662
Total operating revenue	354,330		336,748		345,577		326,400		375,349
Financial expenses	149,145		153,661		142,541		140,821		155,261
Other operating expenses	44,085		21,554		28,817		30,326		47,459
Net operating revenue	161,099		161,532		174,218		155,252		172,628
Selling, general and administrative expenses:
Trading related expenses	22,579		23,069		24,115		23,496		24,798
Personnel expenses	61,629		65,280		60,952		58,163		60,606
Real estate expenses	10,916		10,791		11,379		11,110		11,320
Office expenses	6,857		7,400		7,292		8,316		8,101
Depreciation	8,810		8,534		8,315		8,271		8,292
Taxes and dues	3,413		3,706		3,347		3,930		4,232
Provision of allowance for doubtful accounts	4		29		(45)		109		30
Other	5,212		5,684		5,944		5,674		5,402
Total selling, general and administrative expenses	119,424		124,496		121,302		119,074		122,785
Operating income	41,674		37,036		52,916		36,177		49,842
Non-operating income	32,559		26,645		(521)		10,710		6,846
Non-operating expenses	1,347		620		1,366		3,172		2,497
Ordinary income	72,887		63,061		51,027		43,716		54,192
Extraordinary income	83		3,198		425		1,806		23,250
Extraordinary losses	3,878		1,346		4,452		728		1,811
Income before income taxes	69,092		64,913		47,000		44,794		75,631
Income taxes - current	18,089		12,412		18,993		3,853		27,163
Income taxes - deferred	(4,854)		2,817		(4,917)		6,901		(3,958)
Total income taxes	13,234		15,229		14,076		10,754		23,205
Profit	55,858		49,683		32,923		34,039		52,426
Profit attributable to non-controlling interests	2,066		3,055		2,968		2,802		4,699
Profit attributable to owners of parent	53,791		46,628		29,954		31,237		47,726