Financials Daiwa Securities Group Inc.

Equities

8601

JP3502200003

Investment Banking & Brokerage Services

Delayed Japan Exchange Other stock markets 07:26:12 2025-12-11 pm EST			5-day change	1st Jan Change
1,374.50 ^JPY	+1.40%		+2.46%	+31.20%

Dec. 03	Daiwa Securities Group Inc - Notice on investment in Ambit Wealth Private Limited	RE
Dec. 03	Daiwa Securities Buys 5 Billion Yen Ambit Wealth Stake	MT

Projected Income Statement: Daiwa Securities Group Inc.

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	576,172	619,471	866,090	1,277,482	1,372,014	1,436,950	1,466,150	1,492,100
Change	-	7.51%	39.81%	47.5%	7.4%	4.73%	2.03%	1.77%
EBITDA	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
EBIT ¹	92,859	115,534	66,273	153,705	166,742	186,727	205,931	224,070
Change	-	24.42%	-42.64%	131.93%	8.48%	11.99%	10.28%	8.81%
Interest Paid ¹	-	-	-	-525,853	-603,940	-626,082	-627,000	-630,000
Earnings before Tax (EBT) ¹	144,567	141,666	96,766	179,997	219,026	229,193	236,597	250,495
Change	-	-2.01%	-31.69%	86.01%	21.68%	4.64%	3.23%	5.87%
Net income ¹	108,396	94,891	63,875	121,557	154,368	148,061	154,847	169,112
Change	-	-12.46%	-32.69%	90.3%	26.99%	-4.09%	4.58%	9.21%
Announcement Date	4/28/21	4/27/22	4/27/23	4/25/24	4/28/25	-	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2
Net sales ¹	151,636	167,356	149,836	-	166,600	-	146,640	192,552	233,036	293,861	266,259	-	335,378	335,357	-	336,748	345,577	326,400	-	386,000	383,051	-	-
Change	-	10.37%	-10.47%	-	-	-	-	31.31%	21.02%	26.1%	-9.39%	-	-	-0.01%	-	-	2.62%	-5.55%	-	-	-0.76%	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	31,941	24,587	31,848	30,677	36,050	16,959	8,847	11,990	21,520	23,915	30,733	37,828	38,061	35,115	41,674	37,036	52,916	36,177	49,842	43,447	46,854	43,384	44,309
Change	-	-23.02%	29.53%	-3.68%	17.51%	-52.96%	-47.83%	35.53%	79.48%	11.13%	28.51%	23.09%	0.62%	-7.74%	18.68%	-11.13%	42.88%	-31.63%	37.77%	-12.83%	7.84%	-7.41%	2.13%
Charge d'intérêts ¹	-	-	-	-	-	-	-	-	-	-	-113,701	-	-141,751	-158,592	-	-153,661	-	-	-	-165,000	-165,000	-	-
Earnings before Tax (EBT)	35,152	62,248	35,176	40,052	40,863	25,575	20,180	24,355	23,864	28,366	36,844	42,701	42,007	38,020	69,092	64,913	47,000	44,794	-	-	-	-	-
Change	-	77.08%	-43.49%	13.86%	2.02%	-37.41%	-21.09%	20.69%	-2.02%	18.87%	29.89%	15.9%	-1.63%	-9.49%	81.73%	-6.05%	-27.6%	-4.69%	-	-	-	-	-
Net income ¹	24,985	50,607	23,560	26,643	26,699	17,989	11,878	19,576	15,295	17,125	23,712	29,793	28,457	23,993	53,791	46,628	29,954	31,237	47,726	36,456	36,161	31,644	32,266
Change	-	102.55%	-53.45%	13.09%	0.21%	-32.62%	-33.97%	64.81%	-21.87%	11.96%	38.46%	25.65%	-4.48%	-15.69%	124.19%	-13.32%	-35.76%	4.28%	52.79%	-23.61%	-0.81%	-12.49%	1.97%
Announcement Date	1/28/21	4/28/21	7/29/21	10/27/21	1/28/22	4/27/22	7/29/22	10/31/22	1/30/23	4/27/23	7/31/23	10/31/23	1/31/24	8/1/24	10/29/24	1/31/25	4/28/25	7/30/25	11/4/25	-	-	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2022 S1	2023 S1	2023 S2	2024 S1	2025 S1	2026 S1
Net sales ¹	304,538	339,193	-	570,087	689,688	701,750
Change	-	11.38%	-	-	20.98%	1.75%
EBITDA	-	-	-	-	-	-
Change	-	-	-	-	-	-
EBIT ¹	62,525	20,838	-	68,561	76,790	86,020
Change	-	-66.67%	-	-	12%	12.02%
Charge d'intérêts	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	75,228	44,536	-	79,545	107,113	120,426
Change	-	-40.8%	-	-	34.66%	12.43%
Net income ¹	50,203	31,455	32,420	53,505	77,785	78,964
Change	-	-37.34%	3.07%	65.04%	45.38%	1.52%
Announcement Date	10/27/21	10/31/22	4/27/23	10/31/23	10/29/24	11/4/25

¹JPY in Million

Estimates

Forecast Balance Sheet: Daiwa Securities Group Inc.

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	-	-	-	-	-1,031,691	-1,168,659	-1,244,008	-
Change	-	-	-	-	-	-13.28%	-6.45%	-
Announcement Date	4/28/21	4/27/22	4/27/23	4/25/24	4/28/25	-	-	-

¹JPY in Million

Estimates

Cash Flow Forecast: Daiwa Securities Group Inc.

Fiscal Period: March	2020	2021	2022	2023	2024	2025
CAPEX ¹	21,799	29,329	62,564	47,702	27,781	46,823
Change	-	34.54%	113.32%	-23.75%	-41.76%	68.54%
Free Cash Flow (FCF) ¹	-	-	-	-	-	-
Change	-	-	-	-	-	-
Announcement Date	6/26/20	6/24/21	6/29/22	6/29/23	6/24/24	6/18/25

¹JPY in Million

Estimates

Forecast Financial Ratios: Daiwa Securities Group Inc.

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	-	-	-	-	-	-	-	-
EBIT Margin (%)	16.12%	18.65%	7.65%	12.03%	12.15%	12.99%	14.05%	15.02%
EBT Margin (%)	25.09%	22.87%	11.17%	14.09%	15.96%	15.95%	16.14%	16.79%
Net margin (%)	18.81%	15.32%	7.38%	9.52%	11.25%	10.3%	10.56%	11.33%
FCF margin (%)	62.74%	-60.72%	-	52.43%	-35.87%	-	-	-
FCF / Net Income (%)	333.48%	-396.42%	-	550.95%	-318.83%	-	-	-
Profitability
ROA	0.46%	0.51%	0.32%	0.6%	0.66%	0.4%	0.4%	0.4%
ROE	8.5%	7%	4.6%	8.3%	9.8%	9.15%	9.54%	9.82%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	5.12%	3.66%	3.73%	2.77%	2.78%	-	-	-
CAPEX / EBITDA (%)	-	-	-	-	-	-	-	-
CAPEX / FCF (%)	8.16%	-6.03%	-	5.29%	-7.74%	-	-	-
Items per share
Cash flow per share ¹	98.24	92.71	73.48	116.6	141	-	-	-
Change	-	-5.63%	-20.74%	58.66%	20.96%	-	-	-
Dividend per Share ¹	36	33	23	44	56	56.29	58.29	65
Change	-	-8.33%	-30.3%	91.3%	27.27%	0.51%	3.55%	11.52%
Book Value Per Share ¹	875.1	925.8	968.9	1,086	1,159	1,202	1,264	1,338
Change	-	5.79%	4.66%	12.1%	6.69%	3.74%	5.11%	5.93%
EPS ¹	71.2	63.06	43.53	84.94	109.5	109.7	114.8	125.7
Change	-	-11.43%	-30.97%	95.13%	28.95%	0.12%	4.7%	9.46%
Nbr of stocks (in thousands)	1,523,160	1,482,764	1,452,803	1,394,878	1,411,463	1,378,836	1,378,836	1,378,836
Announcement Date	4/28/21	4/27/22	4/27/23	4/25/24	4/28/25	-	-	-