Japan Exchange Group, Inc. · TSE:8697
Japan Exchange — FY2025 Earnings Presentation
42 slides from Japan Exchange's earnings presentation, Apr 30, 2026
Slide 1: Medium-Term Management Plan 2027 Update FY2025 Earnings Conference
Medium-Term Management Plan 2027 Update FY2025 Earnings Conference Japan Exchange Group, Inc. April 30, 2026 © 2026 Japan Exchange Group, Inc.
Slide 2: Medium-Term Management Plan 2027 Update for FY2026
Medium-Term Management Plan 2027 Update for FY2026
Slide 3: Corporate Philosophy
Corporate Philosophy Contributing to realizing an affluent society through sustainable market development We shall contribute to the realization of an affluent society by promoting sustainable development of the market by ensuring reliability and public visibility, laying the foundation of a market
Slide 4: Review of First Year of Plan (FY2025)
Review of First Year of Plan (FY2025) Results of Main Initiatives (includes activities up to April 28, 2026) Core Theme Core Theme Core Theme Forge a new era for the Strive to become a Collaborate for digital Japanese stock market comprehensive platform innovation ◼ Action on "management that is con
Slide 5: Policy Updates From Second Year of Plan
Policy Updates From Second Year of Plan ⚫ In the first year of the plan, in addition to continued progress in corporate governance reforms at listed companies – driven by the spread of "management that is conscious of cost of capital and stock price" and advancements in Growth Market reform – busine
Slide 6: Basic Policy and Core Initiatives
Basic Policy and Core Initiatives 6
Slide 7: Basic Policy for Medium-Term Management Plan 2027
Basic Policy for Medium-Term Management Plan 2027 Core Themes for 2027 ⚫ We will strictly maintain our customer-oriented, Forge a new era for "market-in" approach based around societal issues the Japanese stock and user needs, and will continue to actively venture into new fields while developing th
Slide 8: Forge a New Era for the Japanese Stock Market
Core Theme Forge a New Era for the Japanese Stock Market As a core infrastructure of Japan's financial and capital markets, we will continue to support the growth of listed companies and advance the development of platforms where anyone can investment with confidence to further boost Japan as a lead
Slide 9: Strive to Become a Comprehensive Platform
Core Theme Strive to Become a Comprehensive Platform In this era of rapid change and in order to contribute to the promotion of Japan as a leading asset management center, we will aim for optimization of risk allocation across society by providing internationalized and diversified market functions.
Slide 10: Collaborate for Digital Innovation
Core Theme Collaborate for Digital Innovation By actively utilizing rapidly evolving digital technologies, we will improve the convenience of our data and other services as well as seeking solutions to cross-industry issues such as labor shortages caused by the declining population in Japan. Main In
Slide 11: JPX Group's Future-Focused Investments
JPX Group's Future-Focused Investments Main Initiatives Research & development to pioneer the next Expansion of market functionality and service areas generation of market infrastructure ◼ Development of entire interest rate-related ecosystem through linkage with external partners ◼ R&D on a variety
Slide 12: To Realize a Sustainable and Affluent Society
Approach to Sustainability We aim for the "realization of an affluent society" by promoting "sustainable development of the market" and resolving societal issues through the Medium‐Term Management Plan 2027. To Realize a Medium‐Term Management Plan 2027 Sustainable and Affluent Society Core themes P
Slide 13: Management Targets and Capital Policy
Management Targets and Capital Policy 13
Slide 14: Financial Targets and Non-Financial Commitments
Financial Targets and Non-Financial Commitments Financial Targets UPDATED Non-financial Commitments ⚫ We have edited financial targets based on the level of ROE in Strengthening human resources through ongoing investment in human capital FY2025. Key KPIs ⚫ We will aim for "ROE of 20.0% or more" for
Slide 15: Capital Policy
Capital Policy ⚫ Based on an increase in forecasted total cash inflows for the three years of the Plan, we will increase total returns to shareholders over the three years while advancing future-focused investments. ⚫ Further returns to shareholders will be flexibly considered based on the future fi
Slide 16: (Reference) Operating Revenue by Asset Class and Service
(Reference) Operating Revenue by Asset Class and Service System-related revenue ◼ Co-location services Others 0.4 ◼ Network services (arrownet) Systems ◼ System development 13.8 Equity-related revenue² Information-related revenue Information ◼ Stocks ◼ Market information 33.6 ◼ ETFs, REITs, etc. ser
Slide 17: Highlights
Highlights Operating Revenue Operating Expenses Operating Income Net Income* Up 22.5% Up 11.4% Up 29.0% Up 29.5% (JPY mil.) 198,735 162,230 116,289 83,598 90,122 75,071 79,139 61,092 FY2024 FY2025 FY2024 FY2025 FY2024 FY2025 FY2024 FY2025 * Net income attributable to owners of the parent company. ©
Slide 18: Operating Revenue
Operating Revenue • All revenue categories increased due to the lively Japanese stock market. • Revenue from deposited collateral assets related to interest rate swap transactions, etc. contributed significantly to the increase in clearing services revenue. - Revenue from deposited collateral assets
Slide 19: Operating Expenses
Operating Expenses • Other operating expenses increased due to an increase in the amount returned to clearing participants for deposited collateral assets related to interest rate swap transactions, etc.*1 y/y +8,526 (+11.4%) (JPY mil.) System Maintenance Other & Operation Depreciation & +7,982 83,5
Slide 20: Trading Services Revenue
Trading Services Revenue • Although trading volume for financial derivatives increased as JPX entered the fourth quarter, trading volume was sluggish through the third quarter in light of a reactionary decline following the surge in volatility in April 2025, resulting in lower trading volume and fee
Slide 21: Market Trends (Cash Equities)
Market Trends (Cash Equities) Cash Equities Average Daily Trading Value (JPY tril.) Average Daily Trading Value by Market Division (JPY) 10.9 FY2024 FY2025 10.2 y/y Prime Market 8.4 8.6 8.6 Domestic 4.42 tril. 5.74 tril. +30.0% Stocks 6.9 6.8 Standard 6.5 128.8 bil. 193.5 bil. +50.2% 6.3 6.2 Market
Slide 22: Market Trends (Derivatives)
Market Trends (Derivatives) Monthly Trading Volume (100mil. contracts) Average Daily Trading Volume/Value of Major Products 0.7 (Trading volume : 10,000 contracts) 30 FY2024 FY2025 0.6 20 y/y 0.57 TOPIX Futures 8.8 9.0 +1.5% 10 (Large) 0.49 0.5 0 0.47 Nikkei 225 Futures 0.46 7.1 6.0 (15.5%) 0.44 -10
Slide 23: Clearing Services Revenue
Clearing Services Revenue • Revenue from deposited collateral assets related to interest rate swap transactions, etc. increased significantly. • In addition, the increase in obligations assumed for cash equities, etc. and interest rate swaps contributed to the increase in clearing services revenue.
Slide 24: Listing Services Revenue
Listing Services Revenue • Annual listing fees increased due to an increase in assets under management resulting from domestic ETF prices exceeding the previous years’ prices as of the calculation of annual listing fees (end of each year). Listing Services Revenue Breakdown of Listing Services Reven
Slide 25: Information Services Revenue & System Services Revenue
Information Services Revenue & System Services Revenue • Information services revenue increased due to an increase in revenue from market information usage fees resulting from the expanded use of market data and an increase in revenue from index licensing fees. Information Services Revenue (Ref.) TO
Slide 26: FY2026 Forecast
FY2026 Forecast • Although operating revenue is expected to increase due to higher revenue from deposited collateral assets related to interest rate swap transactions, operating income and net income are forecast to decrease as higher operating expenses are expected due to increases in system-relate
Slide 27: Shareholder Return for FY2025
Shareholder Return for FY2025 • To further enhance capital efficiency and shareholder returns in accordance with the capital policy set forth in the Medium-Term Management Plan 2027, JPX will pay ordinary dividends and acquire own shares as shown below. As a result, the total return ratio is expecte
Slide 28: Analysis of Capital Profitability
Analysis of Capital Profitability Current Understanding of Capital Profitability • Although the level of cost of shareholders' equity has been gradually increasing recently, ROE continually exceeds it. PBR has also remained above 3.0 on an ongoing basis. • While remaining conscious of cost of shareh
Slide 29: Major Initiatives to Enhance Corporate Value
Major Initiatives to Enhance Corporate Value Fundamental Approach to Enhancing Corporate Value In pursuing the sustainable development of our markets, we must continue to accommodate the diverse needs of shareholders and other stakeholders, and through this we will enhance our corporate value over t
Slide 30: Major Initiatives to Enhance Corporate Value (Capital Policy)
Major Initiatives to Enhance Corporate Value(Capital Policy) * Excerpt from “Medium-Term Management Plan 2027” （Update for FY2026）used as a reference for “Capital Policy” on the previous page. https://www.jpx.co.jp/english/corporate/investor-relations/management/mid-business-plan/index.html ⚫ Based
Slide 31: Status of Dialogue With Shareholders
Status of Dialogue With Shareholders Policy for Constructive Dialogue With Shareholders We aim to sustainably enhance our corporate value by fostering the development of fair, transparent, and highly convenient markets. To achieve this, it is important to listen to the opinions of various stakeholde
Slide 32: Reference Materials
Reference Materials © 2026 Japan Exchange Group, Inc. 32
Slide 33: Referential Financial Data
Referential Financial Data ■Quarterly Business Performance * A portion of real estate-related expenses, which are reported under depreciation in line with IFRS 16, Leases, is included under "Real Estate-related Expenses" in this chart. (JPY mil.) FY2024 FY2025 FY2024 FY2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 y
Slide 34: Referential Financial Data
Referential Financial Data ■Quarterly Operating Revenue (JPY mil.) FY2024 FY2025 FY2024 FY2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Ratio y/y Trading Services Revenue 16,354 17,125 15,319 15,715 17,356 17,410 19,724 22,907 64,515 77,399 38.9% +20.0% Transaction Fees 13,755 14,430 12,683 13,018 14,504 14,621 16,8
Slide 35: Referential Financial Data
Referential Financial Data ■Annual Business Performance*1*2 (JPY mil.) FY2021 FY2022 FY2023 FY2024 FY2025 Operating Revenue 135,432 133,991 152,871 162,230 198,735 Trading Services Revenue 53,196 53,089 61,585 64,515 77,399 Clearing Services Revenue 27,945 28,008 32,885 34,445 54,242 Listing Service
Slide 36: Referential Financial Data
Referential Financial Data ■Consolidated Statement of Financial Position (JPY mil.) As of Mar. 31,2025 As of Mar. 31,2026 As of Mar. 31,2025 As of Mar. 31,2026 Assets Liabilities and equity Current assets Liabilities Cash and cash equivalents 98,428 110,471 Current liabilities Trade and other receiv
Slide 37: Referential Financial Data
Referential Financial Data ■Assets, Liabilities, and Equity For assets and liabilities of JPX Group, "clearing business financial assets and liabilities"*1 assumed by JSCC as a clearing organization and "deposits from clearing participants"*2 deposited by clearing participants as collateral are incl
Slide 38: Operating Income Margin and ROE of Overseas Exchanges
Operating Income Margin and ROE of Overseas Exchanges 80% 70% (March 2026) OIM 58.5% ROE 23.1% 60% JPX 50% Operating Income Margin 40% 30% 20% 10% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% ROE © 2026 Japan Exchange Group, Inc. 38
Slide 39: Major Products Data
Major Products Data ■Trading Volume/Value FY2024 FY2025 FY2025 FY2024 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 y/y y/y Trading Value of Cash Equities (JPY mil.) Prime *1 307,704,114 321,205,257 306,641,680 299,858,591 327,014,654 359,552,707 433,573,319 515,034,530 +71.8% 1,235,409,644 1,635,175,211 +32.4% Standard
Slide 40: Major Products Data
Major Products Data ■Average Daily Trading Volume/Value FY2024 FY2025 FY2025 FY2024 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 y/y y/y Trading Value of Cash Equities (JPY mil.) *1 5,599,304 5,876,691 5,439,518 5,918,790 6,008,839 6,556,436 7,792,190 9,892,590 +67.1% 5,703,166 7,524,316 +31.9% Financial Derivatives Tra
Slide 41: Outline of JPX Stock
Outline of JPX Stock Stock Code 8697 Listed Exchange Tokyo Stock Exchange Prime Market Fiscal Year End March 31 Annual General Shareholders Meeting June Annual general shareholders meeting: March 31 Record Date Year-end dividend: March 31 Interim dividend: September 30 Number of Shares in One Tradin
Slide 42: Disclaimer
Disclaimer These materials are prepared solely for the purpose of providing information regarding Japan Exchange Group, Inc., and as such, they are not intended as an offer or sale of securities or other similar action whether inside or outside Japan. Our securities have not been and will not be reg