Consolidated Financial Results (Japanese Accounting Standards)
for the First Quarter of the Fiscal Year ending March 31, 2025
July 25, 2024
Company name SBI Global Asset Management Co., Ltd.
Stock exchange listing: Tokyo Stock Exchange
Stock code
4765
URL https://www.sbiglobalam.co.jp
Representative (Title) Representative Director and President(Name) Tomoya Asakura
Person responsible for disclosure (Title) Executive Officer and CFO (Name) Yasuyuki Ogasawara +81 3 6229-0812
Scheduled date of payment of dividends: Supplementary documents for quarterly financial results: None
Quarterly financial results briefing: Yes (We will post a video of the briefing on our official website, targeting analysts andinstitutional investors.)(Amounts of less than one million yen are rounded down)

1. Consolidated Financial Results for the First Quarter of the Fiscal Year ending March 31, 2025
(April 1, 2024 to June 30, 2024)(1) Consolidated Results of Operations (cumulative)
Net salesFirst quarter of Fiscal Yearending March 31, 2025
First quarter of Fiscal Year
ended March 31, 2024
(Note) Comprehensive income(Percentages show year-on-year changes)

Operating income

Net income attributableto owners of parent

Ordinary income

Million yen%

Million yen%

Million yen%

Million yen

%

2,843

16.3

601

11.0

735

8.3

473

9.1

2,446

21.9

541

5.1

678

9.3

434

20.2

Q1 of the Fiscal Year ending March 31, 2025 756 Million yen (172.4%)
Q1 of the Fiscal Year ended March 31, 2024 277 Million yen (‫ڹ‬20.5%)

Net income per share (basic)

Net income per share (diluted)

yenFirst quarter of Fiscal Year ending March 31, 2025
First quarter of Fiscal Year ended March 31, 2024

5.28
4.84

(2) Consolidated financial position
Total assets
First quarter of Fiscal Yearending March 31, 2025
Fiscal Year ended March
31, 2024

yen

Net assets――

Equity ratio

Net assets per share

Million yen

Million yen%

yen

18,171

15,70085.6

173.37

18,625

16,11085.7

178.03(Reference) Shareholders’ equity Q1 of the Fiscal Year ending March 31, 2025 15,546 Million yen
Fiscal Year ended March 31, 2024 15,964 Million yen

2. Dividends
End of firstquarter

End of second
quarteryen

Fiscal Year ended March 31, 2024
Fiscal Year ending March 31, 2025
Fiscal Year ending March 31,2025(forecast)

Dividend
End of third
quarter
yen

―
―

8.50
―

Year-end
yen

―
 
―

(Note) Revision to the most recently announced dividend forecast: None
Forecast of the annual dividend for the year ending March 31, 2025, is yet to be determined.

―

Annual

yen

yen

13.00

21.50
―

3. Forecasts of Consolidated Financial Results for the Fiscal Year ending March 31, 2025 (April 1, 2024, to March 31, 2025)
Consolidated Forecasts for the Fiscal Year Ending March 31, 2024, are yet to be determined.

(Note) Revision to the most recently announced earnings forecast: None

*Notes(1) Changes in significant subsidiaries during the Fiscal Year ending March 31, 2025
(changes in specified subsidiaries affecting the scope of consolidation): None    New company (Company name): ―   Excluded company (Company name): ―(2) Application of special accounting treatment for preparing quarterly consolidated financial statements: None
(3) Changes in accounting policies and estimates, and retrospective restatements
1) Changes in accounting policies caused by revision of accounting standards
2) Changes in accounting policies other than 1)
3) Changes in accounting estimates
4) Retrospective restatements(4) Number of shares issued (common stock)1) Number of shares outstanding at end of Q1, Fiscal Year ending
period (including treasury stocks)
March 31, 2025
2) Number of treasury stocks at end of
Q1, Fiscal Year ending
periodMarch 31, 2025
3) Average number of shares during period Q1, Fiscal Year ending(quarterly cumulative)
March 31, 2025

: None: None: None: None89,673,600
As of March 31, 2024
shares89,673,600
shares

120 shares As of March 31, 2024

120 shares

89,673,480 Q1, Fiscal Year ended
shares March 31, 2024

89,673,480
shares*Review of the Japanese-language originals of the attached consolidated quarterly consolidated financial statements
by certified public accountants or an audit firm: None

*Explanation regarding the appropriate use of financial forecasts and other special items(How to obtain the financial results briefing)A briefing of financial results for analysts is scheduled to be held on July 25, 2024. We will post a video of the briefing on our official website promptly
after it is held.


SBI Global Asset Management Co., Ltd. (4765) Consolidated Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2025



Table of contents of attachments
1. Qualitative Information on Quarterly Financial Results ……………………………………………………………………

2(1) Explanation of Business Results ………………………………………………………………………………………

2(2) Explanation of Financial Position ………………………………………………………………………………………

3(3) Explanation about Future Forecast Information such as Consolidated Earnings Forecast ……………………………

4(4) Priority Business and Financial Issues to Be Addressed ………………………………………………………………

4

2. Quarterly Consolidated Financial Statements and Major Notes ……………………………………………………………

4(1) Quarterly Consolidated Balance Sheet …………………………………………………………………………………

5(2) Quarterly Consolidated Statement of Income and Quarterly Consolidated Statement of Comprehensive Income ……

7(Quarterly Consolidated Statement of Income)(First quarter of the fiscal year) ……………………………………………………………………………………

7(Quarterly Consolidated Statement of Comprehensive Income)(First quarter of the fiscal year) …………………………………………………………………………………

7(3) Notes on Quarterly Consolidated Financial Statements ………………………………………………………………

8(Notes on segment information, etc.)………………………………………………………………………………

8(Notes on significant change in shareholders' equity) ……………………………………………………………

9(Notes on the premise of a going concern)…………………………………………………………………………

9(Notes on quarterly consolidated statement of cash flows) …………………………………………………………

9
SBI Global Asset Management Co., Ltd. (4765) Consolidated Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2025



1. Qualitative Information on Quarterly Financial Results(1) Explanation of Business Results
In the Asset Management Business for the first quarter of the fiscal year under review (from April 1, 2024 to June 30, 2024), theinvestment balance of publicly offered investment trusts of SBI Asset Management Co., Ltd., the core of this Business, reached 3.17
trillion yen, a significant increase of 80.7% from the end of the same period of the previous year, and Carret Asset Management in the
U.S. also continued to expand its investment balance, and the investment balance of the Group increased 30.5% year on year to 6.49
trillion yen. Management fees (trust fees) also increased accordingly. As a result, net sales of the Asset Management Businessincreased by 412 million yen (21.3%) from the same period of the previous fiscal year to 2,353 million yen.
In addition, in the Financial Services Business, Wealth Advisor Co., Ltd., which is in charge of this Business, held five seminars
during the first quarter of the fiscal year under review, a significant increase from the same period of the previous fiscal year when no
seminars were held due to the COVID-19 pandemic, especially for asset management-related seminars, coupled with the start of the
new NISA. The asset management fairs held in partnership with regional banks in various regions, together with Wealth Advisor's
existing tablet apps and online content, contribute to providing sales financial institutions with optimal investment advice andimproving client literacy, and we believe that the need for Wealth Advisor's information, tools, and seminar arrangements will continue
to grow as part of regional revitalization efforts. Due to service reductions and cancellations by some financial institutions, net sales of
the Financial Services Business for the first quarter of the fiscal year under review decreased by 15 million yen (ᶭ3.0%) from thesame period of the previous fiscal year to 489 million yen.
For the consolidated business results for the first quarter of the fiscal year under review, net sales amounted to 2,843 million yen,
an increase of 397 million yen (16.3%) from 2,446 million yen for the same period of the previous fiscal year, reaching a record high.
Cost of sales was 1,380 million yen, an increase of 230 million yen (20.0%) from 1,150 million yen for the same period of theprevious fiscal year. Selling, general and administrative expenses were 862 million yen, an increase of 107 million yen (14.3%) from754 million yen for the same period of the previous fiscal year.
As a result, for the first quarter of the fiscal year under review, operating income amounted to 601 million yen, an increase of 59
million yen (11.0%) from 541 million yen for the same period of the previous fiscal year. In addition, ordinary income totaled 735
million yen, an increase of 56 million yen (8.3%) from 678 million yen for the same period of the previous fiscal year, as nonoperating income less non-operating expenses decreased by 3 million yen compared with the same period of the previous fiscal year.
Based on the above-mentioned results, net income attributable to owners of parent for the first quarter of the fiscal year underreview was 473 million yen, an increase of 39 million yen (9.1%) from 434 million yen for the same period of the previous fiscal year.
Operating income, ordinary income, and net income reached record highs as a first quarter.

(Summary of consolidated financial results)
First Quarter of Previous Fiscal
Year
From April 1, 2023
to June 30, 2023
AmountProfit rate
(Thousand yen)
Sales

(%)

First Quarter of Current Fiscal
Year
From April 1, 2024
to June 30, 2024
AmountProfit rate
(Thousand yen)

2,446,028(%)

2,843,521

Increase/Decrease

Amount(Thousand yen)

Rate (%)

397,493

16.3

Operating income

541,54122.1

601,206

21.1

59,664

11.0

Ordinary income

678,92027.8

735,566

25.9

56,6468.3

Net income
attributable to ownersof parent

434,20917.8

473,887

16.7

39,677

9.1

Consolidated net sales increased for the fifth consecutive period as a first quarter and recorded the highest sales for the fifth
consecutive period.
Consolidated operating income increased for the fourth consecutive period as a first quarter and reached a record high.
Consolidated ordinary income increased for the fourth consecutive period as a first quarter and reached a record high for thesecond consecutive quarter.

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SBI Global Asset Management Co., Ltd. (4765) Consolidated Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2025

Net profit attributable to owners of parent increased for the second consecutive period as a first quarter and reached the highest
income for the second consecutive period.
Sales by segment are as follows.
First Quarter of Previous Fiscal Year First Quarter of Current Fiscal YearSales by Segment

From April 1, 2023 to June 30, 2023 From April 1, 2024 to June 30, 2024
Amount (Thousandyen)

Rate (%)

Amount (Thousandyen)

Rate (%)

Rate ofchange(%)

Asset Management Business

1,941,174

79.4

2,353,816

82.8

21.3

Financial Services Business

504,85420.6

489,705

17.2

ᶭ3.0

2,446,028

100.0

2,843,521

100.0

16.3

Consolidated net sales

1) Asset Management Business
The balance of assets under management (including the balance of advisory assets) in the Asset Management Business, mainly
by SBI Asset Management Co., Ltd. and Carret Asset Management in the U.S., increased 1.51 trillion yen (30.5%) from 4.97
trillion yen at the end of the same period of the previous fiscal year (end of June 2023) to 6.49 trillion yen at the end of this period(end of June 2024). As a result, the year-on-year growth rate for the first quarter exceeded 30% for the second consecutive year.
This was mainly due to a significant increase of 1.41 trillion yen (80.7%) year on year in the balance of publicly offeredinvestment trusts (index funds and active funds) under management at SBI Asset Management Co., Ltd. This was made possible
by gaining the support of investors through aggressive efforts to respond to the new NISA, including the introduction of a total of
26 new publicly offered investment trusts during the last fiscal year. In addition, in conjunction with this, management fees (trustfees) have also increased in line with the increase in the overall investment balance of the Group.
As a result, net sales of the Asset Management Business amounted to 2,353 million yen, an increase of 412 million yen (21.3%)
from the same period of the previous fiscal year. Segment income was 512 million yen, an increase of 105 million yen (25.8%)
from 407 million yen for the same period of the previous fiscal year.
The Asset Management Business accounted for 82.8% of net sales and 85.2% of operating income in the first quarter of thecurrent fiscal year.
2) Financial Services Business
Wealth Advisor Co., Ltd., which is in charge of this business, conducted a total of five asset management-related seminars
jointly with regional banks during the first quarter of the fiscal year under review and other events, and face-to-face events, forwhich the need has been particularly strong since the reclassification of COVID-19 to a Category 5 infectious disease in May lastyear, performed well. In addition, the market share of “Wealth Advisor,” an information support tool used mainly by financial
institutions that sell investment trusts, continues to grow through tablet terminals, and we also provide various information
support tools provided as added value, such as life plan simulations, Robo Advisor, and an inheritance simulation.
Due to service reductions and cancellations by some financial institutions, net sales in the Financial Services Business declined
15 million yen (ᶭ3.0%) from the same period of the previous fiscal year to 489 million yen in the first quarter of the fiscal year
under review. Segment income was 88 million yen, a decrease of 45 million yen (ᶭ33.9%) from 134 million yen for the same
period of the previous fiscal year, due in part to an increase in subcontracting costs and personnel expenses.
The Financial Services Business accounted for 17.2% of net sales and 14.8% of operating income in the first quarter of the fiscal
year under review.

(2) Explanation of Financial Position
Total assets decreased by 453 million yen from the end of the previous fiscal year to 18,171 million yen. This was mainly due toa decrease of 773 million yen in current assets, and an increase of 320 million yen in non-current assets. The decrease in current
assets was mainly due to a 955 million yen decrease in cash and deposits resulting from the payment of dividends, payment ofincome taxes payable, and other factors, and a 245 million yen increase in accounts receivable.
The increase in non-current assets was mainly due to investment securities, which increased by 161 million yen in acquisitions
and 76 million yen in sales, and by 158 million yen due to an increase in net asset value, and an increase of 34 million yen in thebalance of goodwill, net of its amortization treatment and foreign currency translation.
Total liabilities decreased by 44 million yen from the end of the previous fiscal year to 2,471 million yen. This was mainly due
SBI Global Asset Management Co., Ltd. (4765) Consolidated Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2025

to the final payment of income taxes payable and their recognition in the first quarter of the fiscal year under review, as well as anincrease in other liabilities such as one-time deposits as withholding taxes related to year-end dividends, legal printing costs frommanaged funds, and others.
Total net assets decreased by 409 million yen from the end of the previous fiscal year to 15,700 million yen.
For the period under review, net income attributable to owners of parent of 473 million yen was recorded and dividends of 1,165
million yen were paid, and as a result, retained earnings decreased by 691 million yen.
Valuation difference on available-for-sale securities increased by 158 million yen due to an increase in net asset value ofinvestment securities.
Foreign currency translation adjustments increased by 115 million yen due to the difference between the exchange rate at thetime of acquisition of shares of a U.S. subsidiary and the exchange rate for the period under review.
(3) Explanation about Future Forecast Information such as Consolidated Earnings Forecast
Regarding the forecast for the current fiscal year, it is difficult to predict the trends over the course of the current fiscal year in thefinancial market closely related to our business, making it challenging to make a rational calculation of the business results, so
we have yet to decide the forecast at this time.
(4) Priority Business and Financial Issues to Be Addressed
There are no significant changes in the issues that the Group should address during the first quarter of the fiscal year underreview.


SBI Global Asset Management Co., Ltd. (4765) Consolidated Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2025



2. Quarterly Consolidated Financial Statements and Major Notes(1)

Quarterly Consolidated Balance Sheet(Thousand yen)
Fiscal Year ended March 31,
2024(March 31, 2024)

First Quarter of Current
Fiscal Year
(June 30, 2024)

ASSETS
Current assets
Cash and cash equivalents

3,637,848

2,682,628

Accounts receivable

2,273,701

2,519,179

3,698

2,586

Other accounts receivable

146,925ʷ

Other current assets

485,296569,790

Total current assets

6,547,470

5,774,184

120,696

120,696

ᶭ46,776

ᶭ49,333

Inventories

Non-current assets
Tangible fixed assets
Leasehold improvement
Accumulated depreciation
Leasehold improvement: net

73,91971,362

Furniture, fixtures and equipment

185,458

187,081

Accumulated depreciation

ᶭ161,900

ᶭ164,439

23,55722,641

Lease equipment under capital

216,568

215,987

Total tangible fixed assets

314,046309,991

Goodwill

1,633,229

1,667,552

Software986,883

951,688

9,124

9,098

2,629,237

2,628,339

Investment securities

8,712,813

9,113,769

Deferred tax assets

294,214215,802

Other current assets

126,228

128,649

9,133,256

9,458,222

12,076,540

12,396,553

1,632

1,191

1,632

1,191

18,625,643

18,171,929

Furniture, fixtures and equipment: net

Intangible fixed assets

Other intangible assets
Total intangible fixed assets
Investments and other assets

Total investments and other assets
Total non-current assets
Deferred assets
Stock issuance cost
Total deferred assets
TOTAL ASSETS(All the figures less than 1,000 are rounded down)
SBI Global Asset Management Co., Ltd. (4765) Consolidated Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2025

(Thousand yen)
Fiscal Year ended March 31,
2024(March 31, 2024)
LIABILITIESCurrent liabilities
Accounts payable-trade
Accounts payable–other
Lease payable
Income taxes payable
Consumption taxes payable
Other current liabilities

18,765
1,162,069
58,881
430,601
108,637
578,594

15,937
1,168,185
64,180277,929
109,931
683,215

Total current liabilities

2,357,550

2,319,380

157,686

151,806

Non-current liabilities
Lease payable
Total non-current liabilities
TOTAL LIABILITIESNET ASSETS
Shareholders’ equity
Common stock
Capital surplus
Retained earnings
Treasury stocks
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on other securities
Foreign currency translation adjustments
Total accumulated other comprehensive income
Non-controlling shareholders’ equity
TOTAL NET ASSETSTOTAL LIABILITIES AND NET ASSETS
First Quarter of Current 
Fiscal Year
(June 30, 2024)

157,686

151,806

2,515,237

2,471,187

3,363,635
4,528,571
8,019,263
ᶭ20

3,363,635
4,528,571
7,327,395
ᶭ20

15,911,449

15,219,581

ᶭ330,513
383,462ᶭ171,869
498,761

52,948326,891

146,008

154,269

16,110,406

15,700,742

18,625,643

18,171,929


SBI Global Asset Management Co., Ltd. (4765) Consolidated Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2025

(2) Quarterly Consolidated Statement of Income and Quarterly Consolidated Statement of Comprehensive Income
Quarterly Consolidated Statement of Incomer (First quarter of the fiscal year)(Thousand yen)First Quarter of Previous Fiscal
Year(From April 1, 2023
To June 30, 2023)

First Quarter of Current Fiscal
Year(From April 1, 2024
To June 30, 2024)

2,446,028
1,150,158
1,295,870
754,328
541,541

2,843,521
1,380,277
1,463,243
862,037
601,206

1,351
100,078
38,592803
140,825

21,47863,01849,1001,445
135,041

2,665
780
3,446
678,920
678,920
190,732
37,842
228,575
450,345
16,135434,209

239
441
680
735,566
735,566
244,057
9,101
253,159
482,4078,520
473,887

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividends income
Gain on sale of investment securities
Other non-operating income
Total non-operating income
Non-operating expenses
Foreign exchange losses
Amortization of stock issuance cost
Other non-operating expenses
Total non-operating expenses
Ordinary income
Income before income taxes
Income taxes-current
Income taxes-deferred
Total income taxes
Profit
Net income attributable to non-controlling interests
Net income attributable to owners of parentQuarterly Consolidated Statement of Comprehensive Income (First quarter of the fiscal year)(Thousand yen)First Quarter of Previous 
Fiscal Year
(From April 1, 2023
To June 30, 2023)
ProfitOther comprehensive income
Valuation difference on other securities
Foreign currency translation adjustments

450,345

482,407ᶭ201,795
29,008158,384
115,299

Total other comprehensive incomeᶭ172,786

273,683

277,558

756,091

262,191

747,829

15,366

8,261

Comprehensive income(Breakdown)Comprehensive income attributable to owners ofparentComprehensive income attributable to noncontrolling interests
First Quarter of Current 
Fiscal Year
(From April 1, 2024
To June 30, 2024)


SBI Global Asset Management Co., Ltd. (4765) Consolidated Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2025

(3) Notes on Quarterly Consolidated Financial Statements(Notes on segment information, etc.)[Segment information]
1. Information on sales and income or loss for each reporting segment
First quarter of the previous fiscal year (from April 1, 2023 to June 30, 2023)(Thousand yen)
Reporting segment
Asset
Management
Business

Financial
Services
Business

Matters
concerning
difference
adjustment

Total

Amount recordedon consolidated
financialstatements

Sales
Sales to external customers

1,941,174

504,8542,446,028-

2,446,028

181

1,149

1,330

ᶭ1,330-Total

1,941,355

506,0032,447,358

ᶭ1,3302,446,028

Segment operating income

407,250

134,291

541,541-

541,541

Internal sales or transfers between segments

First quarter of the current fiscal year (from April 1, 2024 to June 30, 2024)(Thousand yen)
Reporting segment
Asset
Management
Business

Financial
Services
Business

Matters
concerning
difference
adjustment

Total

Amount recordedon consolidated
financialstatements

Sales
Sales to external customers

2,353,816

489,705

2,843,521-

2,843,521

187

1,149

1,336

ᶭ1,336-

Total

2,354,003

490,854

2,844,857

ᶭ1,336

2,843,521

Segment operating income

512,478

88,728601,206-

601,206

Internal sales or transfers between segments

2. Difference between the total of reporting segments and the quarterly consolidated statement of income and the main content of
the difference (matters concerning difference adjustment)
Net SalesFirst Quarter of Previous Fiscal
Year(Thousand yen)First Quarter of Current Fiscal
Year2,447,358

2,844,857

ᶭ1,330ᶭ1,3362,446,028

2,843,521

First Quarter of Previous Fiscal
Year(Thousand yen)First Quarter of Current Fiscal
Year541,541

601,206--

541,541

601,206

Total of reporting segment
Elimination of transactions between segments
Net sales in the quarterly consolidated statement of income

Operating Income
Total of reporting segment
Elimination of transactions between segments
Operating income in the quarterly consolidated statement ofincome3. Information on impairment loss on fixed assets or on goodwill of each reporting segment(Significant impairment loss on non-current assets)
Not applicable.
(Significant changes in the amount of goodwill)
Not applicable.
(Significant gain on bargain purchase)
Not applicable.


SBI Global Asset Management Co., Ltd. (4765) Consolidated Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2025



(Notes on significant change in shareholders' equity)
Not applicable.
(Notes on the premise of a going concern)
Not applicable.
(Notes on quarterly consolidated statement of cash flows)
We did not prepare any quarterly consolidated statement of cash flows for the period under review. Shown below are
depreciation and amortization expenses (including amortization expense of intangible fixed assets, excluding goodwill) andamortization expense of goodwill for the period under review.
First Quarter of Previous Fiscal Year
From April 1, 2023
to June 30, 2023
Depreciation
Amortization of goodwill

76,433 thousand yen
25,542
First Quarter of Current Fiscal Year
From April 1, 2024
to June 30, 2024
103,924 thousand yen
27,296