Japan Exchange Group's operating profit rose 65.1% to ¥84.67bn in the six months to September 30, 2026, as cash-equity trading fees and clearing income grew at the same time. Operating revenue was ¥131.0bn, up 46.7%, and profit attributable to owners of the parent rose 65.6% to ¥57.21bn, according to the group's interim results report.
The company has not changed its full-year forecast, and the interim dividend is ¥41 a share. For earlier forecast and dividend coverage, see Earlier Tokyo Brief coverage.
Fees and clearing did the work
Trading-related revenue rose 54.9% to ¥53.87bn. Within it, cash-equity trading fees rose 74.3% to ¥42.21bn, while fees on financial derivatives rose 13.1% to ¥4.89bn. JPX's results presentation puts first-half average daily cash-equity trading value, which includes ETFs and REITs, at ¥11.90tn against ¥6.28tn a year earlier, a rise of 89.5%.
Clearing revenue rose 79.5% to ¥41.40bn. The presentation attributes the growth to higher equity-clearing obligations and to income from managing collateral on interest rate swaps, which added ¥9.76bn. Clearing revenue excluding that collateral income rose 48.4% to ¥26.31bn.
Listing revenue rose 16.4% to ¥9.20bn, and information-related revenue rose 15.7% to ¥18.83bn.
Costs grew more slowly
Operating expenses rose 24.0% to ¥48.27bn, so revenue outran costs. Personnel costs rose 20.3% to ¥13.49bn, and system maintenance and operating costs rose 10.6% to ¥11.41bn. The presentation cites wage increases for the first and higher system upkeep for the second. It also says part of the swap-collateral income is returned to clearing participants and booked under other operating expenses, which added ¥6.47bn to costs.
Dividend and the full-year assumptions
The interim dividend is ¥41 a share, against ¥25 for the interim period a year earlier. The year-end forecast is also ¥41, giving a full-year ¥82 against ¥61 for the year to March 2026. JPX says it targets a payout ratio of at least 60%. The presentation lists a payout ratio of about 80% for the current year.
JPX left its forecasts unchanged from the revision it announced on September 24, 2026: operating revenue of ¥252.5bn, operating profit of ¥154.5bn and profit attributable to owners of ¥105.0bn. Those targets assume average daily cash-equity trading value of ¥11tn for the full year. They also assume 88,000 TOPIX futures contracts and 133,000 Nikkei 225 futures contracts a day, plus ¥38.5bn a day in Nikkei 225 options. The presentation's first-half average of ¥11.90tn compares with that ¥11tn full-year assumption.
The report is not subject to an auditor's review. The group plans to file its half-year report on November 13, 2026, and the interim dividend is scheduled to be paid from December 1, 2026.