TSE Prime : 8698

Monex Group

Financial Results for
1Q of Fiscal Year Ending March 31, 2025
July 26, 2024

Corporate Philosophy

Always a step ahead of the “Y” in “MONEY,”
our name MONEX expresses our desire toembrace all people who are engaged
at the forefront of our future.
With state-of-the-art IT technology, globally universal values and a sense of professionalism,
Monex Group designs innovative ways of managing money and realizing individual self-fulfillment
for an ever-changing future. Our ultimate goal is to optimize each person’s lifetime balance sheet.
Revised on Apr. 1st, 2021

1

Corporate Philosophy

p.1

Table of Contents

p.2

Ⅰ. Highlights

p.3 - p.11

Ⅱ. Consolidated Performance p.12 - p.35
Ⅲ. Business Update

p.36 - p.53

Appendix: Group Overview

p.54 -p.65

Disclaimer

p.66

This is an English translation of Japanese presentation materials prepared in connection with the disclosure of the financial results of Monex Group, Inc. It includes information derived from the consolidated financial statements of Monex Group, Inc. which are prepared in accordance with International
Financial Reporting Standards (“IFRSs”). This material is not intended to recommend or conduct solicitation for any product or service, etc.
<Forward-looking Statements>
This presentation material contains forward-looking statements that are based on our current expectations, assumptions, estimates and projections about our industry and us. These forward-looking statements are subject to various risks and uncertainties. Generally, these forward-looking statements
can be identified by the use of terms such as "may" "will“ "expect" "anticipate" "estimate" "plan" and other similar words. These statements discuss future expectations, identify strategies, contain projections of results of operations or of our financial condition and state other "forward-looking"information. Our operations are subject to risks, uncertainties and other factors that could cause our actual results to differ materially from those contained in any forward-looking statement

2

Ⅰ. Highlights

3Commitment for FYE Mar. 2025
Commit to “growth investment” while pursuing each group company’s strategy. Aim for sustainableprofit growth and increased corporate value through management that is more conscious of cost ofcapital and stock price.
FYE Mar. 2024

FYE Mar. 2025

Done

Commitment✓Clarify Each Company’s Growth Strategy
Asset Gathering Model x Alliance Strategy
Focus on High Value Customers
Optimize Cost Structure x IEO / INO / OnRamp✓ Optimize Business Portfolio• Capital and Business Alliance
between Monex Securities and NTT DOCOMO• Divesting Boom Securities (announced in Jun. 2024)• Expand Asset Management Businesses (acquired 3iQ)

Strive for Growth Strategy and Profitability
・Profit Growth in Existing Businesses
・Profit Contribution from New Business

Growth Investment

・Asset Management Business・Technology Investment
・Innovation

Management that is more conscious of
cost of capital and stock price4

Additional Shareholder Distribution

Announced share buyback to practice management that is more conscious of
cost of capital and stock price.
◆ Overview of Share Buyback◆ Our Basic Policy for Shareholders Distribution

Announced the following share buyback on Jul. 26, 2024
(1) Total cost for repurchase

Up to 5,000,000,000 yen(2) Repurchase Period

From July 29, 2024 to June 30, 2025

* For more information, please refer to the press release “Decision to Repurchase Shares”.

1. The Company pays the minimum annual dividend of 30 yen per
share*3.

◆ Return to Shareholders(JPY million)

15,000
Amount of dividends

Amount of share buyback

Share Buyback(planned)
5,000

12,000*1 Press release dated October 4, 2023, “Revision of Shareholder Distribution Policy,”
https://www.monexgroup.jp/en/news_release/irnews/auto_20231004562798/main/0/link/press
2023_10_04_FINAL.pdf

5,000

6,000
4,030

0

2. In addition, if 50% of profit attributable to owners of the Company pershare exceeds the minimum amount stated in 1. above, then theminimum dividend payment shall be 50% of profit attributable toowners of the Company per share.
3. The Company conducts share buyback in response to circumstances.

9,000

3,000

Our basic principle is to increase our corporate value in a sustainable way
as we drive investments in the growth areas and enhancing our operatingbase in an aggressive yet proper manner, while keeping a right balance ofreturning profits to our shareholders. Therefore, shareholder returns shallbe as follows*1. The Company will aim to pursue enhanced total
shareholder return*2.

1,000
1,459

2,721

2,000
1,435

3,389
1,510

3,092

4,010

4,111

Dividend
7,700
5,924

FYE
FYE
FYE
FYE
FYE
FYE
FYE
FYE
FYE
Mar.2017 Mar.2018 Mar.2019 Mar.2020 Mar.2021 Mar.2022 Mar.2023 Mar.2024 Mar.2025*2 Total shareholder return = (total capital gain + total dividends paid) /invested amount.
*3 The amount is double from the previous minimum dividend per share of 15 yen, resulting in
an increase of total annual dividend payment by 3.9 billion yen, or a total annual dividend of
approximately ¥7.7 billion.

5

Sustainable Profit Growth

Utilize the funds obtained from the optimization of business portfolio for growthinvestments. Aim for stable EPS* growth by pursuing leaping growth opportunities.
Existing Businesses and Growth Investment Area

Consolidated Performance

Capital and Business Alliancewith NTT DOCOMO

Turning cash
to profit

Decrease in short-term
profit contribution

Time

Time

EPS

Time

EPS

EPS

Growth Investment

Time

Time

* Earnings per share

6

Boom Securities (Hong Kong)

Decided to sell all of its shares in Boom Securities* (“Boom”), which belongs to the
Asia Pacific segment, in an attempt to optimize the Group's business portfolio.
Overview
The Company holds shares in Boom through Monex International Limited (“MIL”) and has decided
to sell all shares of Boom held by MIL for the purpose of selection and concentration ofmanagement resources.
Going forward, the Group aims to further optimize its business portfolio and increase corporate
value by investing management resources previously used for Boom in the areas with higher
growth potential.

Outlook
All shares of Boom will be sold by the end of this year and Boom will be no longer subsidiariesof the Company.
* Monex Boom Securities (H.K.) Limited, Monex Solutions Limited, and Baby Boom Limited

7

Consolidated Profit Attributable to Owners of the Company

Quarterly profit attributable to owners of the Company remains stable due tofavorable performance of TradeStation and Monex Securities.
(JPY Million)

Profit attributable to owners of the Company
Crypto Asset segment

US segment

Monex Securities

8,000

Other

7,000

Consolidated profit*1

6,000

4,000

Consolidated profit*1

1.46B

3,000

115

2,000

1,209

1,242
(95)

(53)

4Q of FYE Mar.2023

1,361

Consolidated profit*1

1.84B

(272)

1Q of FYE Mar.2024

Consolidated profit*1

2.28B
102

198

364

1,000
0

2.41B

24.8B

*2

Consolidated profit*1

5,000

684

21,205

3,546

475
1,952

3,166

Profits of equity
method investment
in Monex
Securities(51% shareholding
ratio)

396

895

1,103

1,119

3Q of FYE Mar.2024

4Q of FYE Mar.2024

2Q of FYE Mar.2024

2.47B
678

862
(112)

Consolidated profit*1

436
2,052
(694)

1Q of FYE Mar.2025(1,000)(2,000)*1 Quarterly consolidated profit attributable to owner of the Company.
*2 Including 21.7B (after tax and tax effect) of gain on sales and a valuation gain from the application of the equity method of shares in the intermediate company(holding(Docomo Monex Holdings, Inc.).

8

Business Performance of the US Segment
Transaction related revenue remained steady and the gains on management of cash deposits
remained strong due to high interest rate. Quarterly revenue and profit achieved their record highs
in USD as well as after conversion to JPY.
Quarterly Revenue of the US Segment(USD Million)
80

Other Revenues (left axis)

Transaction Related Revenues (left axis)

Gains on Management of USD Cash Deposit (left axis)

Profit to owners of the Company (right axis)

The highest revenue
The highest profit(USD Million)
20

60

15

40

10

20

5

0

2Q of FYE Mar. 2023

3Q of FYE Mar. 2023

4Q of FYE Mar. 2023

1Q of FYE Mar. 2024

2Q of FYE Mar. 2024

3Q of FYE Mar. 2024

4Q of FYE Mar. 2024

1Q of FYE Mar. 2025

0

(20)

(5)

(40)

(10)

9

Business Performance of the Crypto Asset Segment
While trading income decreased due to lower market volatility, we recorded IEO* revenues during thequarter. Within this segment, Coincheck continues to control expenses and maintain a structure thathas the potential to generate significant profits when the market is active.
Quarterly Revenue and Profit of Crypto Asset Segment(JPY Million)

6,000

Trading Income (left axis)
Other Revenues (left axis)(JPY Million)

Profit attributable to owners of the Company (right axis)

3,000

5,000

2,500

4,000

2,000

3,000

1,500

2,000

1,000

1,000

500

0

2Q of FYE Mar. 2023 3Q of FYE Mar. 2023 4Q of FYE Mar. 2023 1Q of FYE Mar. 2024 2Q of FYE Mar. 2024 3Q of FYE Mar. 2024 4Q of FYE Mar. 2024 1Q of FYE Mar. 2025(500)

(1,000)(2,000)0* Initial Exchange Offering(1,000)10

Reference : Business Performance of Monex Securities (JGAAP)

Steady growth in net financial income and mutual fund related revenue offset a decline inbrokerage commissions. Further revenue growth is expected through the progress in thealliance strategies going forward.
Quarterly Revenue and Net Income of Monex Securities(Reference: equity method affiliate of the Company)(JPY Million)
12,00010,000Net Financial Income (left axis)

Mutual funds (left axis)

Forex and fixed income (left axis)

Brokerage commission of Japan equities (left axis)

Brokerage commission of Global equities(left axis)
Profit to owener of the Company (right axis)

Others (left axis)(JPY Million)
1,600
1,400
1,200

8,000

1,000
800

6,000

600

4,000

400
2,000

0

200

2Q of FYE Mar. 2023

3Q of FYE Mar. 2023

4Q of FYE Mar. 2023

1Q of FYE Mar. 2024

2Q of FYE Mar. 2024

3Q of FYE Mar. 2024

4Q of FYE Mar. 2024

1Q of FYE Mar. 2025

011

Ⅱ. Consolidated Performance12

Highlights 1Q of FYE Mar. 2025 (3 months)
Strong Japan and U.S. brokerage businesses generated stable consolidated profits. Even with a lower
market volatility in crypto asset market and subdued customer transactions at Coincheck,consolidated quarterly profit* was ¥2.5B.
Japan

US

Reported ¥0.7B as a profit of equity method investment in Monex Securities. Profit newly
added from 3iQ Digital Holdings starting this quarter. Despite recorded professional fees
due to the acquisition of 3iQ Digital Holdings, quarterly profit* was ¥0.2B.

TradeStation recorded its highest quarterly revenue due to strong commissions and net
interest income. SG&A decreased QoQ, resulting in the highest quarterly profit* of ¥2.1B.

Crypto Asset

Trading value of the market place decreased due to lower crypto asset market volatility while
IEO related revenues were recorded. SG&A increased due to the start of TV commercial,

Asia Pacific

Quarterly loss* was ¥32M..All shares of Boom Securities will be sold by the end of this year.

Investment

Quarterly loss* was ¥0.2B primarily due to a mix of gains and losses of portfolio companies.

resulting in quarterly profit* of ¥0.4B.

* Quarterly profit / loss = quarterly profit / loss attributable to owners of the Company

13

QoQ Comparison (3 months) Consolidated Performance(JPY million)FYE Mar. 2024
4Q
(Jan. 2024– Mar. 2024)

FYE Mar. 2025
1Q
(Apr. 2024– Jun. 2024)

Variance

Rate ofchangeReference

Total operating revenue after
deducting financial expenses andcost of sales

17,435

16,962-474

P16: Analysis of Japan segment-3% P18: Analysis of US segment (USD)
P20: Analysis of Crypto Asset segment

SG&A

14,00014,796+796+6% P19: Analysis of US segment (USD)

The amount equivalent to operating
income

3,435

2,165

-1,270-37%-34,000

Includes the sum of the gain on sales and avaluation gain from the application of the equity-97% method of shares in Docomo Monex Holdings, Inc.
for 4Q of FYE Mar. 2024 : 34,553

Other income / expenses (net)34,994

994

P17: Analysis of Japan segment

P21: Analysis of Crypto Asset segment

Includes profit of equity method investment inMonex Securities :+45% 475(for 4Q of FYE Mar. 2024),
678(for 1Q of FYE Mar. 2025)

459

664

+205

Quarterly profit before income taxes

38,4293,160-35,269-92%

Quarterly profit attributable toowners of the Company

24,751

2,472-22,279-90%

Quarterly adjusted profit attributable toowners of the Company*

3,043*

2,472

-571

-19%

Profits of equity method investments* Quarterly profit attributable to owners of the Company excluding the sum of the gain on sales and a valuation gain from the application of the equity
method of shares in Docomo Monex Holdings, Inc, totaling ¥21,708 million (after tax and tax effect).

14

QoQ Comparison (3 months) Segment PerformanceJapan(JPY million)

2024/34Q

US2025/3
1Q

2024/3
4Q

Crypto Asset
2025/3
1Q

2024/3
4Q

RecordAsia Pacific2025/3
1Q

2024/3
4Q

Investment

2025/3
1Q

2024/34Q

2025/3
1Q

Total operating revenue after deducting
financial expenses and cost of sales

2,062

2,301

10,946

11,617

4,420

3,113

263

291

-26

-200

SG&A

2,641

2,822

9,265

9,324

2,019

2,472

280

307

27

34

The amount equivalent to operating
income

-579

-521

1,681

2,294

2,401

641

-16

-16

-53

-234

16,534*

920

-48

85

404

3

0

-15

-27

3

505

678

-

-

-

-

-2

-6

-45

-8

Quarterly profit before incomeTaxes

15,956

398

1,633

2,379

2,805

644

-16

-31

-80

-231

Quarterly profit attributable toowners of the Company

10,107

174

1,119

2,052

1,952

436

-13

-32

-69

-158

Other income / expenses (net)Profits of equity method investments

Note

See P16 “Operating
Revenue” for more details
See P17 “SG&A” for moredetails

RecordRecordSee P18 “Operating
Revenue” for more details
See P19 “SG&A” for moredetails

See P20 “Operating
Revenue” for more details
See P21 “SG&A” for moredetails* In the previous quarter a valuation gain of ¥15,767M from the application of the equity method of shares in the intermediate holding company is recorded in the Japan segment,
while the gain of ¥18,786M from the sales does not belong to any segment and is recorded directly in the consolidated financial statements.

15

QoQ Comparison (3 months) Analysis: Operating Revenue
Japan: Management fees, etc. from 3iQ Digital Holdings, a newly acquired subsidiary, were recorded
and offset a decrease in success fees from the Monex Activist Fund.
■ Total operating revenue after deducting financial expenses
and cost of sales

Quarterly total operating revenue after deducting financial
expenses and cost of sales +11.6％（+238）* Figures in parentheses indicate the variance from the previous quarter (JPY million)(JPY million)
10,000

8,976
346

8,000

1,412

6,000

2,589

4,000

2,067

9,029
453

Jan. 4, 2024

1,446

1,474

Monex Securities
Deconsolidated

2,719

2,745

1,678

2,015

573

2,000

2,562
0

2024/3 1Q■ Other (+79) *1

8,922

2,506
2024/3 2Q

2,341
2024/3 3Q■ Mutual funds related revenues (+161) *2■ Net financial income (-1) *3■ FX & fixed income (-)■ Brokerage commissions (-)

*
2,062

1,119
930

Net financial
income2024/3 4Q

14*1 Business support fees from group companies, etc.

2,301

Other

1,198

Mutual fundrevenues

1,090

Net financial
income2025/3 1Q* Differences of the figures above from the financial accounting: (1) Gains/losses related to point services recorded in "brokeragecommissions" are reclassified to "other." (2) Foreign exchange gains/losses recorded in financial income are reclassified to FX &fixed income..

*2 Fund management fees and success fees of Monex Asset Management
and 3iQ Digital Holdings. Please refer to P40 for more information on
P&L of 3iQ Digital Holdings.
*3 Currency swap revenues of Monex Finance Corporation

12
16

QoQ Comparison (3 months) Analysis: SG&A
Japan: Personnel and advertising expenses increased due to the consolidation of 3iQ Digital Holdings.
Professional fees were recorded in “other” expense following the previous quarter,
due to the acquisition of 3iQ Digital Holdings.
■ Total SG&A

Quarterly SG&A Total +6.8％ (+181)(JPY million)
8,000
7,000
6,000
5,000
4,000

7,374

*Figures in parentheses indicate the variance from the previous quarter (JPY million)

7,617

7,829
481
612
484

544
480
408

601
552
431

1,453

1,387

1,476

1,588

1,728

1,721

1,000
0

2,900

2,917

Jan. 4, 2024

3,057

2024/3 2Q

2024/3 3Q■ Communication, freight and information expenses (+4)■ Commissions paid, exchange and association dues (+59)

1,133
279

679
469
2024/3 1Q■ Advertising expenses（+89）

Monex Securities
Deconsolidated

2,822

2,641

3,000
2,000

■ Other（-333）*

2024/3 4Q

800
41
40

338
1,013
498
2025/3 1Q■ Compensation and benefits (+334)
Advertisingexpenses

130
Communication, etc.

■ System related expenses (+28)* Taxes other than income taxes -349
Professional fees -65

44

17

QoQ Comparison (3 months) Analysis: Operating Revenue (USD)
US: Commissions were strong even in a low volatility market and net financial income on client cash stayed
steady due to high US interest rates, achieving highest revenue for two consecutive quarters.
■ Total operating revenue after deducting financial expenses
and cost of sales*Figures in parenthesis reflect the variance from previous quarter (USD thousand)(USD thousand)
80,00070,00070,895
1,181

60,00050,00072,206
1,107

71,278
1,516

73,551

74,07429,81031,542

1,088

1,074

31,24531,36630,284

14,47914,941

14,55916,996

17,08423,99024,79324,91925,657

24,3732024/3 1Q

2024/3 2Q

2024/3 3Q

2024/3 4Q

2025/3 1Q

20,00010,0000■ Other (-14)■ Net financial income (+1,732)■ Other commissions (+89)*■ Brokerage commissions (-1,283)*

40,00030,000Quarterly total operating revenue after deducting financial
expenses and cost of sales +0.7%（+523）* Average VIX QoQ：13.7 → 14.0 (+0.3ppt)
DARTs QoQ: 222,761 → 222,086(-0%)
DARTs QoQ (Equities)：+4％
DARTs QoQ (Options)：-8％
DARTs QoQ (Futures)：-3％

18

QoQ Comparison (3 months) Analysis: SG&A (USD)
US: Compensation and benefits decreased primarily due to the elimination of severance payments recorded in
the previous quarter for the transition to the next-generation management team. Overall expenses decreased
by 4.5% QoQ, resulting in a record high quarterly operating income of 14.6M USD.
■ Total SG&A

Quarterly SG&A Total -4.5％ (-2,799)*Figures in parenthesis reflect the variance from previous quarter (USD thousand)(USD thousand)■ Other（-273）

80,00060,00040,00060,107

61,172

61,036

62,247

7,739

7,855

7,494

7,558

7,051

6,221

6,552

7,025

5,759
4,703

5,942
5,521

5,935

10,187

11,10910,627

7,066

5,659
3,066
11,355■ Advertising expenses（-501）
59,4487,285
6,523■ Communication, freight and information expenses （+656）

5,795
3,723

■ Commissions paid and association dues (-738)

10,617■ Compensation and benefits (-2,079) *20,000024,66924,52523,3622024/3 1Q

2024/3 2Q

2024/3 3Q■ Amortization and depreciation（+136）

27,58425,5052024/3 4Q

2025/3 1Q*

Includes $4.5M of severance payments in 4Q of FYE Mar. 31, 2024

19

QoQ Comparison (3 months) Analysis: Operating Revenue
Crypto: IEO related revenues were recorded in “other” revenue, while marketplace trading volume andtrading income decreased due to lower market volatility.
■ Total operating revenue after deducting financial expenses
and cost of sales*Figures in parentheses indicate the variance from the previous quarter (JPY million)(JPY million)
5,000■ Net trading income (-1,677)*

291

3,113

3,000

661

2,214
230

2,000

1,178

0

■ Other (+370)

4,420

4,000

1,000

Quarterly total operating revenue after deducting financial
expenses and cost of sales -29.6%（-1,307）

164

1,419
166

1,015

1,253

2024/3 1Q

2024/3 2Q

4,128

Trading value at marketplace
4Q of FYE Mar. 31, 2024

¥111.1B

1Q of FYE Mar. 31, 2024

¥73.0B

2,452

1,984

2024/3 3Q*

2024/3 4Q

2025/3 1Q
20

QoQ Comparison (3 months) Analysis: SG&A
Crypto: Advertising expenses increased with the launch of the Coincheck, Inc. television advertising
campaign. Professional fees related to the De-SPAC transaction increased as well.
■ Total SG&A

Total SG&A +22.4％ (+453)(JPY million)*Figures in parentheses indicate the variance from the previous quarter (JPY million)

3,000

2,472
2,000

1,000

0

2,019
1,592
239
148
229
76

1,505

1,642
378

235
140
193
53

126
182
107

613

597

288
2024/3 1Q

530

684
477

246
165
131

197
138

579

628

596

287

268

319

381

2024/3 2Q

2024/3 3Q

2024/3 4Q

2025/3 1Q■ Other (+154)*■ Advertising expenses (+231)■ Communication, freight and information expenses (+32)■ Commissions paid (+7)■ Compensation and benefits (-32)■ System related expenses (+62)* Professional fees related to De-SPAC: ¥459M (+243)

21

Reference : Monex Securities QoQ Comparison (3 months) Analysis: Net Income

Monex Securities: Mutual fund balance and its related revenues increased due to progress in thealliance strategies. Expanded recurring revenues from margin and stock lending.

Net operating revenue +1.2％（+118）■ Net operating revenue (JGAAP)* Figures in parentheses indicate the variance from the previous quarter (JPY million)(JPY million)
10,000

8,000

6,000

4,000

8,607
351

985
2,067

2,641

8,311
345
1,047

1,677

2,734

8,495
323
1,034

9,812

391

416

1,382

1,510

1,997

1,991

2,015

2,781

2,561

2,505

2,341

2024/3 1Q

2024/3 2Q

2024/3 3Q■ Other (+25)■ Mutual funds related revenues (+129)*1■ FX & fixed income (-6)■ Net financial income (+534)*2■ Brokerage commissions (-564)*3

2,755

2,000

0

9,694

3,289
*

*

3,167

2024/3 4Q*1 Mutual Fund Balance (average) : JPY 1.5 trillion -> 1.8 trillion (+18%)

2,604*2 Net financial income of margin trading +250,
Net financial income of stock lending +264 (dividend received +164)*3 Brokerage commissions from Japanese equities -474
Brokerage commissions from US equities -104

2025/3 1Q* Differences of the figures above from the financial accounting: (1) Gains/losses related to point services recorded in "brokeragecommissions" are reclassified to "other." (2) Foreign exchange gains/losses recorded in financial income are reclassified to FX &fixed income..

22Reference : Monex Securities QoQ Comparison (3 months) Analysis: SG&A

Monex Securities: SG&A was appropriately controlled despite the progress in the alliance strategies.

■ Total SG&A (JGAAP)

Quarterly SG&A Total -3.1％ (-247)*Figures in parentheses indicate the variance from the previous quarter (JPY million)(JPY million)
8,000
7,000
6,000
5,000
4,000
3,000

7,428

7,055

7,138

1,015

1,046

444
374

524
389

1,423

1,329

1,427

1,024

1,092

2,773

2024/3 1Q

7,875
648

7,629
636

1,025

828

576
444

438

647
432

1,925

1,906

1,077

1,111

1,125

2,754

2,877

2,923

2,881

2024/3 2Q

2024/3 3Q

2024/3 4Q

2025/3 1Q■ Other（-12）■ Advertising expenses（-181）■ Communication, freight and information expenses (-6)■ Commissions paid, exchange and association dues (-20)■ Compensation and benefits (+15)■ System related expenses (-42)

2,000
1,000
0

23

YoY Comparison (3 months) Consolidated Performance(JPY million)

Total operating revenue after
deducting financial expenses and costof salesFYE Mar. 2024
FYE Mar. 2025
1Q
1Q
(Apr. 2023 – Jun. 2023) (Apr. 2024 – Jun. 2024)

20,203

16,962

Variance

Rate ofchangeReference-3,241

P26: Analysis of Japan segment-16% P28: Analysis of US segment (USD)
P30: Analysis of Crypto Asset segment
P27: Analysis of Japan segment-15% P29: Analysis of US segment (USD)
P31: Analysis of Crypto Asset segment

SG&A

17,315

14,796-2,518The amount equivalent to operating
income

2,888

2,165

-723

-25%

-36

994

+1,030

-

-3

664

+667

Profit before income taxes

2,852

3,160

+307

+11%

Profit attributable to owners of theCompany

2,414

2,472

+58

+2%

Other income / expenses (net)Profits of equity method investments

Includes profit of equity method investment in- Monex Securities for 1Q of FYE Mar. 2025 : 678

24

YoY Comparison (3 months) Segment PerformanceJapan(JPY million)US

2024/3
1Q

2025/3
1Q

2024/3
1Q

Total operating revenue after deducting
financial expenses and cost of sales

8,976

2,301

9,796

SG&A

7,374

2,822

8,306

The amount equivalent to operating
income

1,602

-521

1,491

172

920

-

Profit before income taxes
Profit attributable to owners of theCompany

Other income / expenses (net)Profits of equity method investments

Note

Crypto Asset

Investment

2024/3
1Q

2025/3
1Q

2024/3
1Q

2025/3
1Q

2024/3
1Q

2025/3
1Q

11,617

1,178

3,113

227

291

211

-200

9,324

1,592

2,472

263

307

26

34

2,294

-414

641

-36

-16

186

-234

-117

85

18

3

-9

-15

5

3

678

-

-

-

-

0

-6

-4

-8

1,774

398

1,374

2,379

-396

644

-45

-31

191

-231

1,288

174

1,361

2,052

-272

436

-43

-32

125

-158

See P26 “Operating
Revenue” for more details
See P27 “SG&A” for moredetails

2025/3
1Q

Asia Pacific

RecordRecordRecordSee P28 “Operating
Revenue” for more details
See P29 “SG&A” for moredetails

See P30 “Operating
Revenue” for more details
See P31 “SG&A” for moredetails25

YoY Comparison (3 months) Analysis: Operating Revenue
Japan: Deconsolidation of Monex Securities lightened the revenue structure since the previous quarter.
Monex Securities’ business performance has been recorded as a profit of equity method
investment within non-operating revenue.
■ Total operating revenue after deducting financial expenses
and cost of sales

Total operating revenue after deducting financial expenses andcost of sales -74.4％（-6,675）*Figures in parentheses indicate the variance from the previous year (JPY million)(JPY million)
10,000

8,976
346
1,412

■ Other (+853)

Jan. 4, 2024

■ Mutual funds related revenues (-322)

Monex Securities
Deconsolidated■ Net financial income (-2,576)■ FX & fixed income (-2,067)

2,589
5,000

■ Brokerage commissions (-2,562)
2,067

2,562
0

2024/3 1Q

2,301

Other

1,198

Mutual fundrevenues

1,090

Net financial
12
income2025/3 1Q* Differences of the figures above from the financial accounting: (1) Gains/losses related to point services recorded in "brokeragecommissions" are reclassified to "other." (2) Foreign exchange gains/losses recorded in financial income are reclassified to FX &fixed income..

26

YoY Comparison (3 months) Analysis: SG&A
Japan: With the deconsolidation of Monex Securities,
SG&A related to Monex Securities has been eliminated from the previous quarter.
■ Total SG&A

SG&A Total -61.7％ (-4,552)*Figures in parentheses indicate the variance from the previous year (JPY million)(JPY million)
10,000

7,374
544
480
408
5,000

0

■ Other（+256）

Jan. 4, 2024

■ Advertising expenses（-351）

Monex Securities
Deconsolidated■ Communication, freight and information expenses (-365)■ Commissions paid, exchange and association dues (-1,115)

1,453
1,588

2,822

2,900

800
338
1,013
498

2024/3 1Q■ Compensation and benefits (-575)
Advertisingexpenses■ System related expenses (-2,402)

130
Communication, etc.

44

2025/3 1Q
27

YoY Comparison (3 months) Analysis: Operating Revenue (USD)
US: Net financial income on client cash remained steady as US interest rates stayed at elevatedlevels. Brokerage and other commissions increased due to strong trading volume from high value
customer base despite low market volatility.
■ Total operating revenue after deducting financial expenses
and cost of sales

Total operating revenue after deducting financial expenses andcost of sales +4.5％（+3,179）*Figures in parentheses indicate the variance from the previous year (USD thousand)(USD thousand)
90,000■ Other (-106)

70,895
1,181

60,00031,24530,000074,074
1,074

31,542

14,47917,08423,99024,3732024/3 1Q

2025/3 1Q■ Net financial income (+297)■ Other commissions (+2,605)*■ Brokerage commissions (+383)** Average VIX：16.5→ 14.0 (-2.5ppt)
DARTs YoY : 204,280 → 222,086 (+9%)
DARTs YoY (Equities)：+17％
DARTs YoY (Options)：+3％
DARTs YoY (Futures)：+0％28

YoY Comparison (3 months) Analysis: SG&A (USD)
US: Under the strategy of focusing on active traders, overall expenses remained at
an appropriate level.

■ Total SG&A

Total SG&A -1.1％ (659)*Figures in parentheses indicate the variance from the previous year (USD thousand)(USD thousand)
90,000■ Other (-453)■ Advertising expenses (-528)

60,00030,000060,10759,448

7,739
7,051
5,759
4,703

7,285
6,523
5,795
3,723

10,187

10,617

24,66925,5052024/3 1Q

2025/3 1Q■ Amortization and depreciation (+36)■ Communication, freight and information expenses (-980)■ Commissions paid and association dues (+430)■ Compensation and benefits (+836)

29

YoY Comparison (3 months) Analysis: Operating Revenue
Crypto: Transaction volume increased as a result of the recovery of the crypto asset market, driving an
increase in Marketplace revenues. IEO related revenues were recorded as well.
■ Total operating revenue after deducting financial expenses
and cost of sales*Figures in parentheses indicate the variance from the previous year (JPY million)(JPY million)
4,000

3,113

3,000

2,000

1,000

Total operating revenue after deducting financial expenses andcost of sales +164.2%（+1,935)

661

1,178
164

■ Other (+498)■ Net trading income (+1,437)**

Trading value at marketplace
1Q of FYE Mar. 31, 2024

¥30.2B

1Q of FYE Mar. 31, 2025

¥73.0B

2,452

1,015
0

2024/3 1Q

2025/3 1Q

30

YoY Comparison (3 months) Analysis: SG&A
Crypto: Advertising expenses and professional fees related to the De-SPAC transaction increased.
Overall expenses were appropriately controlled.
■ Total SG&A

Total SG&A +55.3％ (+880)*Figures in parentheses indicate the variance from the previous year (JPY million)(JPY million)
3,000

2,472
2,000

1,000

0

684

1,592
239
148
229
76

477

613

596

288

381

2024/3 1Q

2025/3 1Q

197
138■ Other (+445)*■ Advertising expenses (+329)■ Communication, freight and information expenses (-31)■ Commissions paid (+62)■ Compensation and benefits (-18)■ System related expenses (+93)* Includes professional fees related to De-SPAC of ¥459M (+348)

31

Reference : Monex Securities YoY Comparison (3 months) Analysis: Net Income

Monex Securities: Account transfer from AEON Bank and the expansion of periodic purchase service
for mutual fund have led to a significant YoY growth in mutual fund balance by 60%.
Brokerage commission from Japanese equities contributes to revenue growth.
■ Net operating revenue (JGAAP)*Figures in parentheses indicate the variance from the previous year (JPY million)(JPY million)
10,000

8,000

6,000

4,000

Net operating revenue +14.0％（+1,205）

9,812
8,607
351
985

2,067

2,641

416

■ Other (+65)

1,510■ Mutual funds related revenues (+525)*1

1,991■ FX & fixed income (-75)■ Net financial income (+648)*2

3,289■ Brokerage commissions (+42)*3*1 Mutual Fund Balance (average) : JPY 1.1 trillion -> 1.8 trillion (+63%)

2,000

0

2,561

2,604

2024/3 1Q

2025/3 1Q* Differences of the figures above from the financial accounting: (1) Gains/losses related to point services recorded in "brokeragecommissions" are reclassified to "other." (2) Foreign exchange gains/losses recorded in financial income are reclassified to FX &fixed income..

*2 Net financial income of margin trading +481,
Net financial income of stock lending +97 (Dividend received +8),
*3 Brokerage commissions from Japanese equities -106
Brokerage commissions from US equities +170

32

Reference : Monex Securities YoY Comparison (3 months) Analysis: SG&A

Monex Securities: Commissions paid related to mutual fund transaction increased in line with theprogress of the alliance strategies. The number of account openings increased byapproximately 65% YoY.
■ Total SG&A (JGAAP)

SG&A Total +8.1％ (+573)*Figures in parentheses indicate the variance from the previous year (JPY million)(JPY million)
10,000

8,000

6,000

4,000

2,000

0

■ Other（-379）

7,055

7,629

■ Advertising expenses（+203）

636
647
432

■ Communication, freight and information expenses (+58)

1,906■ Compensation and benefits (+101)

1,024

1,125

■ System related expenses (+108)

2,773

2,881

2024/3 1Q

2025/3 1Q

1,015
444
374
1,423

■ Commissions paid, exchange and association dues (+483)

33

Shareholder Distribution
The year-end dividend for FYE Mar. 2024 was 15.0 yen per share.
The Company also announced a share buyback of up to 5 billion yen.
◆ Dividend Per Share◆ TSR (Total Shareholder Return : five-year basis)

(JPY)
30
Interim

25

Year-end

15.0 or More

20
15
10
5
0

6.3

7.5

7.9

7.6

7.8

8

15.0 or More

3.7

2.7
2.7

3.2
2.7

4.5

FYE

FYE

FYE

FYE

FYE

FYE

FYE

FYE

Mar.31,

Mar.31,

Mar.31,

Mar.31,

Mar.31,

Mar.31,

Mar.31,

Mar.31,

Mar.31,

2017

2018

2019

2020

2021

2022

2023

2024

2025

2.6
2.6
FYE

Share Buyback(planned)
5,000

Amount of dividends
Amount of acquisition of own shares

5,000

6,000

0

0%

4,030
1,000
1,459

2,721

2,000
1,435

3,389
1,510

250%

172%
105%

105%
2017/3

2018/3

2019/365%
2020/3

ROE（％）

2021/32022/32023/32024/3

ROE(Based on actual performance*)
27%

30%

17%

20%

9,000

3,000

200%

154%

◆ ROE (Return on equity)(JPY million)

12,000264%

100%◆ Return to Shareholders
15,000

334%

300%

15.0

7.7

Monex Group, Inc.(dividend included)
TOPIX(dividend included)

400%

3,092

4,010

4,111

5,924

Dividend
7,700

FYE
FYE
FYE
FYE
FYE
FYE
FYE
FYE
FYE
Mar.2017 Mar.2018 Mar.2019 Mar.2020 Mar.2021 Mar.2022 Mar.2023 Mar.2024 Mar.2025

8%

10%

FYE
Mar.2017

8%
1%

0%
0%

13%

FYE
Mar.2018

FYE
Mar.2019

4%
FYE
Mar.2020

3%
FYE
Mar.2021

FYE
Mar.2022

FYE
Mar.2023

FYE
Mar.2024* the profit from the sale and valuation of the shares in Docomo Monex Holdings was excluded

34

Investors’ Guide
Shareholders distribution

Shareholders & indicators per share◆ Our Basic Policy for Shareholders Distribution◆ Major shareholders and shareholder breakdown (as of Mar. 31, 2024)

2. In addition, if 50% of profit attributable to owners of the Company pershare exceeds the minimum amount stated in 1. above, then theminimum dividend payment shall be 50% of profit attributable toowners of the Company per share.
3. The Company conducts share buyback in response to circumstances.
*1 Press release dated October 4, 2023, “Revision of Shareholder Distribution Policy,”
https://www.monexgroup.jp/en/news_release/irnews/auto_20231004562798/main/0/link/press2023_10_04_FINAL.pdf*2 Total shareholder return = (total capital gain + total dividends paid) /invested amount.

Shizuoka
Financial Group,
Inc.
20.7%

Securities company 4.0%

Foreign institutions,
etc.
22.7%

Individuals, etc.
25.4%

Other institutions
3.5%

1. The Company pays the minimum annual dividend of 30 yen per
share.

Monex Group, Inc. 0.6%

MOMO&Co. and Oki Matsumoto 9.0％*2

Financial
institutions
14.6%

Our basic principle is to increase our corporate value in a sustainable way
as we drive investments in the growth areas and enhancing our operatingbase in an aggressive yet proper manner, while keeping a right balance ofreturning profits to our shareholders. Therefore, shareholder returns shallbe as follows*1. The Company will aim to pursue enhanced total
shareholder return*2.

*1 The graph made by Monex based on shareholders’ list as of Mar. 31, 2024.
The number of outstanding shares is 257,947,100 shares.
*2 MOMO&Co. is an asset management company in which Oki Matsumoto personally owns 100% of theoutstanding shares. As already disclosed in a change report (Report on Large Volume Holding) dated March
15, 2024, approximately 6.5 million of the Company shares held by Oki Matsumoto have been transferred to
MOMO&Co.

◆Indicators per share
FYE
Mar. 2021

FYE
Mar. 2022

FYE
Mar. 2023

FYE
Mar. 2024

1Q FYE
Mar. 2025

Equity attributable to owners of theCompany per share (BPS)

347.67yen

391.64yen

388.67yen

511.38yen

516.86yen

Earnings per share attributable toowners of the Company (EPS)

55.82yen

50.00yen

12.85yen

121.67yen

38.39yen*

Rate of Return on Equity (ROE)

17.3%

13.4%

3.3%

27.1%

7.5%*

12.0yen15.3yen

15.7yen23.0yen

TBD

Dividends per share* EPS and ROE for 1Q FYE Mar. 2025 show annualized figures obtained by multiplying four to actual figures for the quarter

35

Ⅲ. Business Update

36

Monex Securities 1/2
The alliance with nationwide partners and the reinforced asset management business drive rapid
growth in the customer base and their assets in custody as well as steady progress of the asset
gathering model.
(JPY Trillion)

Customer Assets at Monex Securities

15
12
9

Japanese Equities

OthersForeign Equities

Mutual Fund

¥8.7T

Advocatedasset gathering model

6
30

2014/3

2015/3

2016/32017/3

2018/3

2019/32020/32021/32022/32023/32024/6

202X/337

Monex Securities 2/2
Following the announcement of periodic purchase service using d CARD in Jul. 2024, the partnershipwill strive for delivering investment capability to DOCOMO economic zone. Mini app for asset building
service for beginners within d-Barai app is scheduled to be launched within this fiscal year.
Initiatives for FYE Mar. 2025
① Periodic purchase service formutual fund using d CARD
Periodic purchaseusing d CARD became
available since Jul. 5.

Relevant Marketing•

Commemorative d-Point reward program togive 15,000 points.

•

Service announcements via various platformsof Monex Securities and NTT DOCOMO.

•

New web commercials are scheduled to belaunched in Aug.

② Mutual fund investment with d POINT (fall 2024)
Enable to invest in mutual fund with d POINTs.

③ d POINT reward for mutual fund balance (fall 2024)
Rewarding d POINTs based on customers’ mutual fund holdings.

④ d-Barai mini app for beginners

Asset building services for beginners through the d-Barai app
within this fiscal year.
38

Monex Asset Management
Asset under management (AUM) of Robo-advisory services is reaching to ¥100B.
Robo-advisor services have seen rapid increases in balances■ Robo-advisor services
ON COMPASS

Asset Under Management of
Robo-advisor service and Monex Activist Fund

1

Ranked No.1 in Sharpe Ratio and returns for the past three andfive years in the "2022 Fund Wrap Performance Net of
Expenses" report*.

■ Monex Activist Fund(JPY Billion)
1400
1200
1000

Invests primarily in Japanese companies facing a period ofchange through open and inclusive engagement
incorporating voices of retail investors.

800■ Management of Institutional Money

400

Monex Asset Management collects and manages institutional
money from regional banks and other institutional investors.
Rapid growth in AUM of private mutual fund balance.
AUM as of Jul. 24, 2024 was approximately ¥490B.

Robo-advisor services(ON COMPASS, ON COMPASS+)
Activist Fund (public and private)
Others600

200
0* Data source: Japan Financial Service Agency https://www.fsa.go.jp/common/about/research/20230421.html

39

Monex Activist Fund
Through engagement with portfolio companies, Monex Activist Fund pursues not only its performance,
but also the improvement in productivity of listed companies and the development of capital markets inJapan.
Net asset value and mother fund price reached record highs in Jun. 2024.
Changes in Asset Under Management ofMonex Activist Mother FundPrice of Mother Fund and Net Asset Value

Recent Engagement Practices(JPY)（2020/4/9～2024/3/29）(JPY Billion)

25,000Assets Under Management of Mother Fund (right axis)

40

23,000Mother Fund Price (left axis)

35

21,000Net Asset Value (left axis)

30

19,00025

17,00020

15,00015

13,00010

11,000

5

9,000

0

■ Dai Nippon Printing Co., Ltd.
Submitted a shareholder proposal to appoint Ken Kusunoki,a management scientist, as an outside director to promote
structural reforms in low profitable businesses in matureindustries. Although the shareholder proposal was rejected,
the ratio of approval was 27.7%.
It was an unprecedented high ratio of approval without any
hostile or theatrical campaign as conventional activists do.
Monex Activist Fund is recognized as having created a major
milestone in Japan's corporate governance reforms.

40

3iQ Digital Holdings Inc.
Acquired a Canadian crypto asset management company, 3iQ Digital Holdings Inc. Monex Group aims to capture
the crypto asset management needs of institutional investors and exchanges around the world, which are
expected to grow in the future.
3iQ Digital Holdings Inc.

■ Business Overview■ Asset Under Management (AUM)- Provides BTC※1 & ETH※1 ETFs listed on the Toronto
Stock Exchange.

(CAD
Million)- QMAP, an investment product that allows investors tocustomize their own crypto asset portfolios.
- Offer those products in five countries, including Canada,
U.S., and the UAE.

Average AUM for the Quarter
Blended Management Fee Ratio

1,400

3.0%

1,200

2.5%

1,000

2.0%

800

■ 3iQ Group (from Apr. to Jun. 2024, economic interest of 66%)
- Revenue : C$6.0M (USD 4.4M)- Net Income : C$1.8M (USD 1.3M)

1.5%

600

1.0%

400

0.5%

200
-

Jun-23*1 BTC = Bitcoin, ETH = Ethereum *2 CAD/USD rate (1.37) used on this page is as of the end of Jun. 2024

Sep-23

Dec-23Mar-24Jun-240.0%

41

TradeStation 1/4
Commissions stayed strong as trading from active customers remained steady.
Brokerage commissions and other commissions

Other commissions and DARTs (Equities + Options)

Brokerage commission and VIX（USD Million）

Equities

Options

Futures（USD Million）

Crypto*18

VIX (right)
30

30

25
20

10

0

2Q

3Q
FYE Mar. 31, 2023

4Q

1Q

2Q

3Q

FYE Mar. 31, 2024

4Q

1Q
FYE Mar.
31, 2025* TradeStation's crypto asset trading service was terminated in 4Q FYE Mar.31, 2024.

140
120

12

15

8

0

160

14

10

5

DARTs (Equities + Options) (right)

16

20

10

Other commissions(left)（DARTs: Thousand）

100
80
60

6

40

4

20

2
0

2Q

3Q
FYE Mar 31, 2023

4Q

1Q

2Q

3Q

FYE Mar 31, 2024

4Q

1Q

0

FYE Mar31, 202542

TradeStation 2/4
Net interest income from customer deposits remained strong due to high US interest rates.
Interest on customer cash
Interest income from customer cash deposits ($2.5 B as of the end of Jun. 2024) benefits TradeStation and is recorded as net financial
income. About 54% of customer cash invested at fixed rates to prepare for potential decline in US interest rates in the future.
Interest on customer cash and Fed Funds rate
（USD Million）

Interest on customer cash

Fed Funds rate

30

6.00%

25

5.00%

20

4.00%

15

3.00%

10

2.00%

5

1.00%

0

1Q

2Q

3Q

FYE Mar. 31, 2024

4Q

1Q

The percentage of floating rate and fixed rate
on investment of customer cash
(As of the end of Jun. 2024)

Floating rate
46%

Fixed rate
54%

0.00%

FYE Mar. 31,
2025
43

TradeStation 3/4
The number of target customers* remained stable, achieving the highest revenues in this quarter.
TradeStation will continue to strengthen its outbound sales team and aim to further acquire target customers.
The number of target customers

Target customers

12,00010,000

9,816

9,979

10,050

9,798

4Q

1Q

2Q

3Q

10,083

8,974

9,557

8,192
8,000

6,000

4,000

2,000

0

2Q

3Q
FYE Mar. 31, 2023

FYE Mar. 31, 2024

* Sophisticated and active customers whose monthly revenue is $500 or more in any month of each quarter (3 months)

4Q

1Q
FYE Mar. 31, 2025

44

TradeStation 4/4
Leveraging award-winning products and services along with marketing and education, outbound sales
and concierge services to attract and retain target customers.
TradeStation’s value creation cycle
Product & Services
Award-winning sophisticated and active trader brokerage andanalysis technology.

1Concierge Service
Specialized Private Brokerage service offering
highly personalized and hands-on approach tosupport clients.

4

Deliver Ultimate Trading
Experience forTarget Customers

32Marketing & Education
Client-centric digital experiences to acquireand engage customers through cutting-edge
tools, robust analytics, and creative content

Sales
Leveraging our award-winning brand and products to expand ourhigh-value retail and institutional client base45

Coincheck 1/5
Strong retail customer base has enabled the expansion and growth of the institutional business.
As the corporate related business grows, more users will be connected to the Coincheck platform.

Exchange/Marketplace- Maintains a solid industry position and a large retailcustomer base as a leading crypto asset trading
platform in Japan.

Coincheck for Business-Corporate services to support a wide range ofweb3 businesses from token and NFT*1 sales to
UX improvement.
Coincheck IEO*2, Coincheck INO, Coincheck
OnRamp*1 Non Fungible Token *2 Initial Exchange Offering

46

Coincheck 2/5
Coincheck continues to attract customers as Japan’s premier and most trusted crypto assets trading
platform.
Crypto asset exchange and marketplace

App Downloads

No.1 domestic market share for
5 consecutive years*1

Coincheck started airing TV commercials on
May 9, 2024 to acquire new customers andfoster its brand awareness.

6.51 M DLs*2

Leading market share with 20%*3
share of verified accounts.

2.06M accounts(+79K QoQ)

Number of tokens supported
by Coincheck trading platform*4

30 coins(+1 coin QoQ)

*1 Among Japanese crypto asset exchange apps. Term: 2019-2023. Data source: AppTweak. *2 As of June. 30, 2024.
*3 Monthly crypto asset trading status table of JVCEA. As of May 31, 2024. Data source: https://jvcea.or.jp/about/statistics/*4 As of July. 26, 2024.

47

Coincheck 3/5
With it’s strong reputation and large customer base, Coincheck promotes corporate services to support
web3 business
Coincheck for Business

Services provided- IEO (Initial Exchange Offering)

Support companies who want to form or
expand a token economic zone.

- INO（NFT to be sold for the first time）
Support companies who want to help
people build community by using NFT.

- OnRamp

Support companies who want to improvethe UX associated with the purchase of
crypto assets.

48

Coincheck 4/5
Coincheck is the leading player in the Japanese IEO market, completing the most and largest Yen valueof IEO’s.
Coincheck Initial Exchange Offering (IEO)

The 3rd IEO – BRIL is the first IEO of a listed company’s subsidiary.
1st IEO - PLT

3rd IEO - BRIL

4th IEO (scheduled)Completed in 2Q of FYE Mar. 31, 2022

2nd IEO - FNCT

Completed in 4Q of FYE Mar. 31, 2023

- Funding amount : 1.512 billion yen
The largest amount ever raised by an IEO
in Japan.
- Applied amount : 33.3 billion yen,
the number of applicants: 79,400
The highest number conducted by
Coincheck.

- Coincheck and Fanpla enteredinto an agreement for an IEO.
- This partnership aims to issue
tokens that will be used by paying
members of fan clubs/fan sites thatare operated by Fanplus.
49

Coincheck 5/5
Coincheck Group (CCG)*1 is proceeding with listing procedures.
Plans to become a publicly listed company on the Nasdaq in order to secure global talent and maximize business opportunities.

- After the proposed business combination with a Nasdaq-listed SPAC, Thunder Bridge CapitalPartners IV, Inc. (THCP), CCG will be a public company listed on the Nasdaq exchange in the US.
- Working together with THCP, CCG aims to become a publicly traded company on the Nasdaq to gain
exposure to global investors and utilize Nasdaq-listed shares as a global and effective currency torecruit global talent and acquire companies, thereby further expanding its crypto asset/web3 business.
- Coincheck made the registration statement public in May of 2024.*2- Extended the termination date of Business Combination Agreement*3 to January 2, 2025 following theapproval at the special meeting of shareholders of THCP in June 2024.

*1 Coincheck Group will be the holding company for Coincheck, Inc.
*2 The registration statement : https://www.sec.gov/edgar/browse/?CIK=1913847*3 Extension of the termination date of Business Combination Agreement : https://www.monexgroup.jp/en/news_release/irnews/auto_20230623509260/pdfFile.pdf*4 Business Combination Agreement：https://www.monexgroup.jp/en/news_release/irnews/auto_20220309503075/pdfFile.pdf

50New Businesses (Japan segment)
Promote new businesses based on a corporate philosophy that aims to optimize an individual's
lifetime balance sheet.
Human Resource Development BusinessLife Settlement Business

Operates classrooms for STEAM education.

Launched “insurance purchase” service

Viling Inc. operates private
educational facilities for STEAM
education and programming.

A newly established Monex Life Settlement, Inc. launched the
new “Monex Insurance Purchase” service in Japan.

Increased demand for “AI Therapist, co-mii”.
"AI Therapist, co-mii" is a service that performs "diagnosis of developmental
characteristics," "automatic issuance of individual support plans," and"presentation of support menus" for after-school day care services and childdevelopment support. “co-mii” is gaining reputation on the back of the legal
revision in Apr. 2024 and the number of contracts remain strong against thetarget.

Patients with cancer, who consider
canceling their life insurance, areable to sell their life insurance formore than the surrender value.
Website for more information(Japanese only)
https://life-settlement.monex.co.jp/51

ESG and Sustainability 1/2
Promoting sustainability management by enhancing human rights, DEI*1, and human resource
development initiatives.
Initiatives to strengthens human capital
Initiatives in line with the Human Rights Policy andInternal Environmental Improvement Policy

Improve ESG scores by the index by enhancing
initiatives and disclosures•

Human Rights Training: Conducted the training forexecutives and employees of eight Japan-based
operating companies (250 participants in total).

••

DEI Training: The heads of departments and divisions
at five Japan-based operating companies attended thetraining, following the ones held in Feb. for directors.

Re-selected as constituents of the FTSE
Blossom Japan Index and the FTSE Blossom
Japan Sector Relative Index, which are includedin the GPIF's*2 ESG indices (adopted for thefollowing 6 indices).

•

FTSE score increased from 3.3 to 4.1 out of 5.

•

1-on-1 Meeting Training: The training was held formembers of the Company and Monex Securities withan aim of improving organizational engagement.

*1 Diversity, Equity, and Inclusion*2 Government Pension Investment Fund

52

ESG and Sustainability 2/2
Reviewed the materiality matrix by quantifying the impact on the Company's performance andinterviewing relevant stakeholders.
Annual review of materiality matrix
Review Process for 2024
- The “Impact on Stakeholders” was reviewed based on therespective weights of each item from multiple ESG evaluation
organizations and the results of a survey of the major
stakeholders (shareholders, customers and employees).
- The “Impact on Monex Group Business” was calculated basedon the financial impact and contribution to the realization of thecorporate philosophy.

Updates- “Respect for Human Rights” becomes a part of the mostimportant items (in yellow box).
- “Well-being” is placed independently from the former “Lifetime
Balance Sheet Support”.
53

Appendix: Group Overview

54Appendix: Highlights 1Q of FYE Mar. 2025 (3 months) 1/3◆Total operating revenue after deducting financial expenses and cost of sales, and quarterly profit attributable to owners of the Company

Total operating revenue after deducting financial expenses and cost of sales(JPY Million)
30,000Consolidated

20,0002024/3
1Q

2024/3
2Q

17,435

16,962

2,284

1,844

2,414

24,751

21,36920,74920,203

10,0000Pre-tax income 3,160

Quarterly profit attributable to owners of the Company

2,472

2024/33Q

2024/34Q

2025/3
1Q◆Total operating revenue after deducting financial expenses and cost of sales, and Segment profit

Total operating revenue after deducting financial expenses and cost of sales(JPY Million)

Segment profit (Quarterly profit before income taxes)

20,000Japan

15,95615,00010,000
5,000
0

8,976

9,029

8,922
1,774

2024/31Q

1,625
2024/32Q

1,3112024/33Q

2,062
2024/3
4Q

2,301

398

2025/3
1Q

55

Appendix: Highlights 1Q of FYE Mar. 2025 (3 months) 2/3◆Total operating revenue after deducting financial expenses and cost of sales, and Segment profit(JPY Million)

12,000US

Total operating revenue after deducting financial expenses and cost of sales

11,617

10,946

10,438

8,000
4,000
0

1,374

1,255

1,412

1,633

2024/3…

2024/3…

2024/3…

2024/3…

(JPY Million)

CryptoAsset

10,4409,796

Segment profit (Quarterly profit before income taxes)

Total operating revenue after deducting financial expenses and cost of sales

2,500
0-2,500

1,178

1,419
-396

2024/3
1Q

2,805

2,214
-160

2024/32Q

589
2024/33Q

2025/3…

Segment profit (Quarterly profit before income taxes)
4,420

5,000

2,379

3,113
644

2024/34Q

2025/3
1Q

56

Appendix: Highlights 1Q of FYE Mar. 2025 (3 months) 3/3◆Total operating revenue after deducting financial expenses, and Segment profit(JPY Million)
Total operating revenue after deducting financial expense

Asia
Pacific

400
200
0
-200

240

227

2024/3
2Q

291

263

208
7

-45
2024/3
1Q

Segment profit (Quarterly profit before income taxes)

-16

-38
2024/33Q

2024/34Q-312025/3
1Q(JPY Million)
500

Investment
0
-500

211

191

2024/31Q-432024/3
2Q

-64

-38

-34

2024/3
3Q

-26

-80

2024/3
4Q

-200

-231

2025/3
1Q

57

Consolidated balance sheet
Key points of the consolidated balance sheet of Monex Group
1.
2.
3.
4.

The holding company Monex Group, Inc. maintains a net cash position at the end of the current period.
Trust assets, which are segregated deposits received from customers and guarantee deposits received, account for more than half ofthe total assets.
Since the balance of assets and liabilities related to securities transactions, etc., changes depending on customer transaction trends,
securities companies secures sufficient liquidity by raising funds through bonds and loans payable.
Fixed assets are about 76% of the total equity. Low fixed ratio and high financial soundness.

<Net cash>

Cash and cash equivalents（held by the holding company）

Net cash ¥18.8B – ¥13.2B = ¥5.6B

18.8 Bonds and loans payable（held by the holding company）(Unit: JPY Billion)
13.2<Segregated deposits received, etc. from customers>
Cash segregated as deposits (Segregation of customer deposits andothers)416.5

Deposits received・guarantee deposits received (Mainly deposits from
customers and others)

473.8<Assets and liabilities related to securities transactions, etc.>
Assets related to securities transactions, etc. (Margin transaction assets
and others)
Assets related to crypto asset (holding and lending of crypto assets forcustomer transactions)
Cash and cash equivalents (held by subsidiaries)

135.7

Liabilities related to securities transactions, etc. (Loans payable secured
by securities and others)

Crypto asset related liabilities (deposits received and borrowing of
crypto assets for customer transactions)47.4 Bonds and loans payable (Subsidiaries)
40.8

63.3
40.7
35.3

<Other assets/liabilities>
Other assets

22.7 Other liabilities

23.9

Fixed assets*

103.2 Total equity

135.0

Total assets

785.2 Total liabilities and equity

785.2<Fixed assets and & equity capital>* Property and equipment +Intangible assets + Equity method investments + Investments in securities Level 3 (unlisted stocks, etc.)

As of Jun. 30, 2024 58

Corporate Governance
Established global-standard corporate governance practices and emphasis on dialogue withretail/institutional investors.
Adoption of “company with three committees” structure - highly effective executive managementmonitoring system- Adopted “company with committees” structure in June 2013.
- Became a company with a nominating committee, etc. on May. 2015, in accordance with the revision of the Companies Act- Each of the three committees is chaired by an independent and outside director.

Directors with various backgrounds- Independent and outside directors accounts for approx. 60% of the board of directors.
- Appointed a lead outside director. Actively exchanges opinions at meetings led by the lead outside director and composed mainly by independent and outside
directors.
- Various backgrounds: Management experience (current/former CEOs of listed companies), expertise (CPA, patent attorney), business experience (finance, IT,
global business), culture and society (gender, country of residence, age).

Fair disclosure and dialogue for retail/institutional investors- Timely and fair information disclosure both in Japanese and English simultaneously.
- Active dialogue with shareholders: CEO holds quarterly presentation sessions for retail shareholders.
- Annual general meeting of shareholders is held on weekend so that retail shareholders can attend the meeting, and stopped to ask the questioner to disclose
his/her name or the shareholder number at its Q&A session.
59

Overview of Monex Group and Main Group Companies■ Monex, Inc. (Tokyo, Japan)■ Coincheck, Inc. (Tokyo, Japan)

One of the major online brokerage firms in Japan• President : Yuko Seimei• Founded in 1999
• Aims to provide retail investors the level of creative products andservices offered to institutional investors• Products and services: Equities (Japan, US, China), futures and options,
FX, mutual funds, bonds, cryptocurrency CFD, etc.
• # of total accounts: 2.63 million• Customer assets held in custody: JPY 8.7 trillion

Crypto asset Exchange/Marketplace agency that is ranked No.1 in crypto asset
trading app downloads in Japan for 5 consecutive years.
• President: Tomoyuki Isaka• Founded in 2012, joined Monex Group in Apr. 2018
• Cryptocurrencies available: Bitcoin (BTC), Ethereum (ETH), Ethereum Classic(ETC), Ripple (XRP), NEM (XEM), etc.
• # of verified users: 2.06 million• Customer assets held in custody: JPY 714.3 billion■ TradeStation Group, Inc. (Florida, US)

First online stockbroker for retail investors in Asia Pacific• COO: Ivan Law• Founded in 1997, joined Monex Group in Dec. 2010
• Products and services: Equities (16 markets such as Hong Kong, US, Japan,etc.), Futures, and Trades available in 6 currencies in a single trading account• # of accounts with balance: 21 thousand• Customer assets held in custody: JPY 281.6 billion

Online securities group with award-winning trading technology
development capabilities• President and CEO: John Bartleman• Founded in 1982, joined Monex Group in Jun. 2011
• An award-winning TradeStation platform recognized and highly regardedby active traders. Executes and clears US equities for group's securities
companies• Products and services: Equities, options and futures, etc.
• # of total accounts: 156 thousand• Customer assets held in custody: USD 12.5 billion■ Monex Ventures, Inc. (Tokyo, Japan)

Venture capital• President: Masataka Suzuki• Founded in 2005
• Investment size of a flagship fund “MV I Investment Limited Partnership”:
JPY 2.65 billion■ Monex Boom Securities (H.K.) Limited (Hong Kong)■ Monex Asset Management, Inc.
Investment management service• President: Katsuki Mandai• Founded in 2015

■ Japan Catalyst, Inc.

Investment Advisory Business• President: Taro Hirano• Founded in 2019

(As of Jun. 30, 2024)

60

Group Overview of the Group
Listed Holding Company[ Japan Segment ]Online Brokerage[Equity method affiliate][ US Segment ]Crypto Asset Exchange Agency

Asset Management

Monex, Inc.
Comprehensive investment service provider

Monex Asset Management, Inc.
Small-lot and low-cost discretionary investment
management wrap service

Asset Management

Asset Management

TradeStation Group, Inc.
Intermediate Holding Company (US)3iQ Digital Holdings Inc.
Crypto asset management company
holding license in Ontario, Canada

Coincheck, Inc.
Offering Coincheck, a crypto asset exchange

Online Brokerage

TradeStation Securities, Inc.
Brokerage firm catering to active traders (US)Japan Catalyst, Inc.
Investment Advisory and Agency Business[ Crypto Asset Segment ]Online Brokerage[ Asia Pacific Segment ]Monex International Limited
Intermediate holding company

TradeStation International Ltd

Online Brokerage

Technology Support

Monex Boom Securities (H.K.) Limited
(HK)

(UK)

Wealth Management

Marketing DX

Monex Private Bank, Inc.
Private banking services for high net worth clients
Crafter, Inc.
Automated-chatbot system provider

Genome Platform

Human Resource Development

Genex, Inc.
Whole genome information platform where
patients utilize one’s data with security

Viling, Inc.
Education and development
support service

TradeStation Technologies, Inc.
(US)

TradeStation Global Services, S.A.
(Costa Rica)[ Investment Business Segment ]Investment and incubation

Monex Ventures, Inc.
Venture capitalist(As of Jun. 30, 2024)

61

Investment Segment – Portfolio 1/4◆ Monex Ventures, Inc.

◆ MONEX EDISON Investment Limited Partnership

62

Investment Segment – Portfolio 2/4◆ MV I Investment Limited Partnership

63

Investment Segment – Portfolio 3/4◆ MV I Investment Limited Partnership◆ MV II Investment Limited Partnership

64

Investment Segment – Portfolio 4/4◆ Social Impact Investment Fund

65

Disclaimer
About Coincheck
Important Information About the Business Combination and Where to Find It
In connection with the proposed business combination in connection with to the business combination agreement among Coincheck, Inc. (“Coincheck”), Coincheck Group B.V. (“CCG”), Thunder Bridge Capital Partners IV, Inc. (“THCP”) and others, CCG
intends to file a registration statement on Form F-4 that will include a preliminary proxy statement to be distributed to stockholders of THCP in connection with THCP’s solicitation of proxies for the vote by its stockholders with respect to the proposedbusiness combination. After the registration statement has been filed and declared effective by the US Securities and Exchange Commission (“SEC”), THCP will mail a definitive proxy statement / prospectus to its stockholders as of the record dateestablished for voting on the proposed business combination and the other proposals regarding the proposed business combination set forth in the proxy statement. CCG or THCP may also file other documents with the SEC regarding the proposedbusiness combination. Before making any investment or voting decision, stockholders and other interested persons are advised to read, when available, the registration statement and preliminary proxy statement / prospectus and any amendments thereto,and the definitive proxy statement / prospectus in connection with THCP’s solicitation of proxies for the special meeting to be held to approve the transactions contemplated by the proposed business combination because these materials will contain
important information about CCG, Coincheck, THCP and the proposed transaction. Stockholders will also be able to obtain a copy of the preliminary proxy statement / prospectus and the definitive proxy statement / prospectus once they are available,
without charge, at the SEC’s website at www.sec.gov, or by directing a request to: Thunder Bridge Capital Partners IV, Inc., 9912 Georgetown Pike, Suite D203, Great Falls, VA 22066.
Participants in the Solicitation
CCG, Coincheck and THCP and their respective directors and officers may be deemed participants in the solicitation of proxies of THCP’s stockholders in connection with the proposed business combination. THCP’s stockholders and other interested
persons may obtain, without charge, more detailed information regarding the directors and officers of Coincheck and THCP at Coincheck’s website at corporate.coincheck.com, or in THCP’s registration statement on Form S-1 filed on June 21, 2021,
respectively.
Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to THCP’s stockholders in connection with the proposed transaction will be set forth in the proxy statement / prospectus for the transaction
when available. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed transaction will be included in the proxy statement / prospectus filed with the SEC in connection with the proposedbusiness combination.
Forward-Looking Statement
This presentation includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995, that reflects the current views with respect to, among other things, the future
operations and financial performance of the Company, THCP, Coincheck and CCG. Forward-looking statements may be identified by the use of words such as “forecast,” “intend,” “seek,” “target,” “anticipate,” “believe,” “could,” “continue,” “expect,”“estimate,” “may,” “plan,” “outlook,” “future,” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward looking statements include, but not limited to, estimatedfinancial information. Such forward looking statements with respect to revenues, earnings, performance, strategies, prospects and other aspects of the businesses of the Company, THCP, Coincheck, or CCG after completion of the proposed businesscombination are based on current expectations that are subject to risks and uncertainties. No assurance can be given that future developments affecting Company, THCP, Coincheck or CCG will be those that are anticipated. Actual results may differ
materially from current expectations due to changes in global, regional or local economic, business, competitive, market, regulatory and other factors, many of which are beyond the control of the Company, CCG, THCP and Coincheck. Should one or moreof these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. A number of factors could cause actual results or outcomesto differ materially from those indicated by such forward looking statements. These factors include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the Business Combination
Agreement (the “Agreement”) and the proposed business combination contemplated thereby; (2) the inability to complete the transactions contemplated by the Agreement due to the failure to obtain approval of the stockholders of THCP or other conditions
to closing in the Agreement; (3) the ability to meet Nasdaq’s listing standards following the consummation of the transactions contemplated by the Agreement; (4) the risk that the proposed transaction disrupts current plans and operations of Coincheck as
a result of the announcement and consummation of the transactions described herein; (5) the ability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, competition, the ability of CCG
to grow and manage growth profitably, maintain relationships with customers and business partners and retain its management and key employees; (6) costs related to the proposed business combination; (7) changes in applicable laws or regulations; (8)the possibility that Coincheck may be adversely affected by other economic, business, and/or competitive factors; and (9) other risks and uncertainties indicated from time to time in other documents filed or to be filed with the SEC by THCP or CCG. The
Company cautions that the foregoing list of factors is not exhaustive. The recipient of this material should not place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company, CCG, THCP and Coincheckundertake no commitment to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
This material is an English translation of a Japanese announcement made on the date above. Although the Company intended to faithfully translate the Japanese document into English, the accuracy and correctness of this English translation is notguaranteed and thus you are encouraged to refer to the original Japanese document. This translation was made as a matter of record only and does not constitute an offer to sell or to solicit an offer to buy securities in the US66

© Monex Group, Inc.
www.monexgroup.jp/