27/3 Q1 results: Better than expected performance in terms of both profit levels and qualitative details: Quick Note

Research evidence excerpt

27/3 Q1 results: Better than expected performance in terms of both profit levels and qualitative details: Quick Note

Global Markets Research

31 July 2026SBI Holdings

8473.T 8473 JP / EQUITY: JAPAN INSURANCE & DIVERSIFIED FINANCIALS

27/3 Q1 results: Better than expected performance in terms of Ratingboth profit levels and qualitative details Buy

Target price JPY 3,700Quick Note

Closing price

31 July 2026 JPY 3,038First impression positive: Performance ahead of our forecasts

27/3 Q1 results: SBI Holdings announced results at 10:10 JST on 31 July, posting pretax (Note: Quick Note reports are not a

profits of ¥225.8bn (up 2.7-fold q-q and 2.5-fold y-y, annualized ROE of 29%), versus the vehicle for changes to ratings, target

31 July QUICK consensus forecast of ¥57.0bn, and equivalent to 68% of our full-year prices, or earnings forecasts)

forecast. At the PE investment segment, the company booked around ¥120.0bn in

valuation and sales gains mainly on equity holdings related to defense, energy, and

quantum computing, while profits at the financial services segment, which encompasses

the core banking, securities, and insurance businesses, came in at 37% of our full-year Research Analysts

forecast. Our first impression is positive as Q1 results were better than we had expected in

Japan insurance & diversifiedterms of both absolute profit levels and the underlying qualitative details.

financials

Q1 core business earnings: SBI Securities generated ordinary profits of ¥32.0bn (up Futoshi Sasaki - NSC

55% q-q, up 45% y-y, J-GAAP basis) in Q1, driven by increases in financial revenues futoshi.sasaki@nomura.com

related to margin trading, trading revenues related to equities and forex, and brokerage +81 3 6703 1053

commissions related to foreign equities.