SBI Global Asset Management Q1 Revenue Quadruples to ¥12.8 Billion as Group AUM Reaches ¥14 Trillion

SBI Global Asset Management Co., Ltd. (TSE: 4765), the asset-management holding company of the SBI group, reported consolidated results for the first quarter of the fiscal year ending March 2027 — the three months from April 1 to June 30, 2026 — under Japanese GAAP. Revenue rose 4.5 times to ¥12,823 million, an increase of ¥9,978 million from ¥2,845 million a year earlier. Operating profit rose 5.2 times to ¥2,663 million from ¥513 million, ordinary profit rose 3.4 times to ¥2,701 million from ¥794 million, and net profit attributable to owners of the parent rose 2.8 times to ¥1,389 million from ¥501 million. All four headline lines were record highs for a first quarter.

Integration transforms the scale

The quarter was the first reported under the group's current three-company structure, built around SBI Asset Management, SBI Okasan Asset Management and Rheos Capital Works, which is due to be renamed SBI Rheos Capital Works in December 2026. The two integrated companies contributed fully from the fourth quarter of the previous fiscal year but were not in the consolidation scope in the year-earlier quarter, which is the main reason for the scale of the increases. Cost of sales and selling, general and administrative expenses rose with the wider consolidation, but revenue growth more than absorbed them: the operating margin improved to 20.8% from 18.0%. Basic earnings per share came to ¥10.06, against ¥5.59 a year earlier — up about 80% even though the share count rose roughly 50% as a result of the mergers, so profit growth outpaced the dilution.

AUM approaches ¥14 trillion

Group assets under management stood at about ¥14.0 trillion at June 30, 2026, up from about ¥12.2 trillion at March 31, 2026 — a gain of roughly ¥1.8 trillion in three months. On a year-on-year basis, assets under management grew 34.8% at SBI Asset Management, 53.5% at SBI Okasan Asset Management and 26.1% at Rheos Capital Works, helped by rising markets and net inflows. In the Investment Trusts Association's tally for June 2026, the group ranked 9th in Japan by total net assets.

Product push into index and alternatives

The SBI・NASDAQ 100 Index Fund, launched in May 2026, passed ¥80 billion in net assets within 34 business days. From June the group began managing a ¥20 billion private fund for domestic institutional investors that invests in U.S. bank loans managed by KKR, extending its alternatives line-up beyond traditional index and active products. Rheos Capital Works continued to grow the number of direct accounts, helped by distributions of its shareholder-benefit fund.

No full-year forecast

SBI Global Asset Management does not publish full-year guidance. The company says the financial-market conditions closely tied to its business are hard to project over a full year, so a reasonable estimate is not possible and the forecast remains undetermined at this stage. The absence of guidance sits against a long record of first-quarter growth: first-quarter revenue rose for a seventh straight year and set a seventh consecutive record; ordinary profit rose for a sixth straight year and set a fourth consecutive record; and net profit rose for a fourth straight year and set a fourth consecutive record.

On the balance sheet, total assets were ¥54,136 million at June 30, up ¥1,108 million from ¥53,027 million at March 31. Total liabilities rose ¥1,028 million to ¥12,130 million from ¥11,102 million, and net assets edged up ¥80 million to ¥42,006 million from ¥41,926 million. Retained earnings fell ¥509 million over the quarter, as the ¥1,389 million of quarterly profit was more than offset by ¥1,898 million of dividends paid.

JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.