Interim report
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1 SBI HOLDINGS, INC. (Incorporate d in Japa n with limite d liability) INTERIM RESULTS ANNOUNCEMENT FOR THE THREE MONTHS ENDED JUNE 30, 2026 The board of directors (the “Directors”) of SBI HOLDINGS, INC. (the “Company”) is pleased to announce the consolidated results of the Company and its subsidiaries (collectively the “Group”) for the three months ended June 30, 2026. (Amounts are rounded to the nearest million Japanese yen) 1. Consolidated Financial Results (1) Consolidated Operating Results (Percentages represent year-on-year changes) (Note) On December 1, 2025, the Company conducted a two -for-one stock split of its common shares. The calculation of “Basic earnings per share attributable to owners of the Company” and “Diluted earnings per share attributable to owners of the Company” is done under the assumption that the stock split occurred at the start of the previous fiscal year. Millions of yen % Millions of yen % Millions of yen % Millions of yen % Three months ended June 30, 2026 571,013 28.8 225,814 149.9 156,781 91.3 148,065 75.0 Three months ended June 30, 2025 443,189 34.1 90,352 74.6 81,968 113.3 84,605 295.9 Revenue Profit before income tax expense Profit for the period Profit attributable to owners of the Company Basic earnings per share attributable to owners of the Company Diluted earnings per share attributable to owners of the Company Millions of yen % Yen Yen Three months ended June 30, 2026 139,728 56.1 229.07 214.32 Three months ended June 30, 2025 89,536 106.7 139.60 130.48 Total comprehensive income
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2 (2) Consolidated Financial Position 2. Dividends (Note) 1. For the revision to the dividend forecast, please refer to the “Notice Regarding Revision of Interim Dividend Forecast” released July 31, 2026. (Note) 2. On December 1, 2025, the Company conducted a two -for-one stock split of its common shares. The dividend amount at the end of the second quarter of the fiscal year ended March 31, 2026 is stated at the actual amount before the stock split. If the stock split were deemed to have taken place at the beginning of that fiscal year, the interim dividend for the fiscal year ended March 31, 2026 would be ¥20, and the forecast interim dividend for the fiscal year ending March 31, 2027 would be ¥30 per share, representing an increase of ¥10. (Note) 3. The Company aims to maintain an annual dividend of no less than ¥95 per share (adjusted to reflect the stock split), which was the actual annual dividend for the fiscal year ended March 31, 2026. The forecast year-end dividend and forecast annual dividend for the fiscal year ending March 31, 2027 will be determined in consideration of the full-year operating results and other factors, and are therefore currently undetermined. 3. Total number of shares outstanding (Common stock) (Note) On December 1, 2025, the Company conducted a two-for-one stock split of its common shares. The calculation of “Total number of shares outstanding (Common stock)” is done under the assumption that the stock split occurred at the start of the previous fiscal year. The Group prepared the consolidated financial statements in accordance with IFRSs. This financial summary is exempt from review procedures required by Financial Instruments and Exchange Act. Total assets Total equity Equity attributable to owners of the Company Ratio of equity attributable to owners of the Company to total assets Millions of yen Millions of yen Millions of yen % June 30, 2026 39,187,133 2,474,137 1,865,271 4.8 March 31, 2026 38,290,797 2,413,363 1,794,942 4.7 (Declared date) End of 1st Q End of 2nd Q End of 3rd Q Year-end Full year Yen Yen Yen Yen Yen Fiscal year ended March 31, 2026 － 40.00 － 75.00 － Fiscal year ending March 31, 2027 － Fiscal Year ending March 31, 2027 (forecast) (Note) 30.00 － － － (at least ¥95.00) Dividend per share (1) Number of shares outstanding (including : June 30, 2026 : 661,164,214 shares treasury stock) March 31, 2026 : 661,122,614 shares (2) Number of treasury stock : June 30, 2026 : 14,761,098 shares March 31, 2026 : 14,760,216 shares (3) Average number of shares outstanding : Three months ended June 30, 2026 : 646,375,240 shares Three months ended June 30, 2025 : 606,054,412 shares
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3 1. BUSINESS RESULTS (1) Results of Operations The Group’s consolidated results of operations for the three months ended June 30, 2026 were as follows. Revenue increased 28.8% year-on-year to ¥571,013 million, profit before income tax expense increased 149.9% to ¥225,814 million and profit attributable to owners of the Company increased 75.0% to ¥148,065 million. The results of operations for each reporting segment of the Group for the three months ended June 30, 2026 were as follows. Certain securities investments that had previously been included in the Financial Services Business segment have been reclassified into the PE Investment Business segment since the second quarter of the fiscal year ended March 31, 2026. Accordingly, the segment information for the three months ended June 30, 2025, has been restated to conform to the segment composition for the first quarter of the current fiscal year. (% represents year-on-year changes) (Financial Services Business) The Financial Services Business consists of a wide range of finance -related business inside and outside Japan, including securities brokerage business, banking services business, and life, property, and casualty insurance business. The results of operation s of the Financial Services Business for the three months ended June 30, 2026 were as follows. Revenue increased 5.2% year-on-year to ¥404,773 million, and profit before income tax expense increased 59.5% year-on-year to ¥115,992 million. (Asset Management Business) The Asset Management Business primarily consists of setting, solicitation, and management of investment trust, investment advice, and provision of financial products information. The results of operations of the Asset Management Business for the three months ended June 30, 2026 were as follows. Revenue increased 45.5% year-on-year to ¥12,478 million, and profit before income tax expense increased 103.6% year-on-year to ¥2,737 million. (PE Investment Business) The PE Investment Business primarily consists of fund management and investment in Internet technology, fintech, AI and big data, blockchain, finance, and biotechnology -related venture companies in Japan and overseas. Three months ended June 30, 2025 Three months ended June 30, 2025 Millions of Yen Millions of Yen % Millions of Yen Millions of Yen % Financial Services Business 384,818 404,773 5.2 72,733 115,992 59.5 Asset Management Business 8,578 12,478 45.5 1,345 2,737 103.6 PE Investment Business 42,125 136,050 223.0 28,016 119,916 328.0 Crypto-asset Business 11,060 13,928 25.9 (531) (1,444) - Next Gen Business 6,645 13,201 98.7 996 3,610 262.5 Total 453,226 580,430 28.1 102,559 240,811 134.8 Elimination or Corporate (10,037) (9,417) - (12,207) (14,997) - Consolidated Total 443,189 571,013 28.8 90,352 225,814 149.9 Revenue Profit before income tax expense Three months ended June 30, 2026 Three months ended June 30, 2026
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4 The results of operations of the PE Investment Business for the three months ended June 30, 2026 were as follows. Revenue increased 223.0% year -on-year to ¥136,050 million, and profit before income tax expense increased 328.0% year-on-year to ¥119,916 million. (Crypto-asset Business) The Crypto-asset Business primarily consists of crypto-asset exchange business which provides crypto - asset exchange and trading services. The results of operations of the Crypto-asset Business for the three months ended June 30, 2026 were as follows. Revenue increased 25.9% year-on-year to ¥13,928 million, and loss before income tax expense amounted to ¥1,444 million for the three months ended June 30, 2026 (¥531 million of loss before income tax expense for the three months ended June 30, 2025). (Next Gen Business) The Next Gen Business primarily consists of the Biotechnology & Healthcare Business, which includes the development and distribution of pharmaceutical products, health foods, and cosmetics with the natural 5-aminolevulinic acid (5-ALA). The Next Gen Business also includes the media-related business, the business of working on advanced fields related to Web3, the renewable energy business, and human resources-related business. The results of operation s of the Next Gen Business for the three months ended June 30, 2026 were as follows. Revenue increased 98.7% year-on-year to ¥13,201 million, and profit before income tax expense increased 262.5% year-on-year to ¥3,610 million. (2) Financial Conditions and Cash Flows As at June 30, 2026, total assets amounted to ¥39,187,133 million and increased by ¥896,336 million from total assets of ¥38,290,797 million as at March 31, 2026. The Group’s equity increased by ¥60,774 million to ¥2,474,137 million from the fiscal year ended March 31, 2026. As at June 30, 2026, the Group’s cash and cash equivalents amounted to ¥6,142,647 million and decreased by ¥257,933 million from that of ¥6,400,580 million as at March 31, 2026. The changes of cash flows for each activity and the reasons for changes are as follows: (Operating Cash Flows) Cash flows from operating activities amounted to ¥269,543 million in net cash inflows (¥1,056,521 million in net cash inflows for the three months ended June 30, 2025). The net cash inflows were primarily due to a ¥326,434 million cash inflow from an increase in bonds and loans payable in banking busines s and a ¥311,753 million cash inflow from a n increase in trade and other accounts payable , despite a ¥493,761 million cash outflow from an increase in assets/liabilities related to securities business. (Investing Cash Flows) Cash flows from investing activities amounted to ¥661,644 million in net cash outflows (¥159,004 million in net cash outflows for the three months ended June 30, 2025). The net cash outflows were primarily due to a ¥890,529 million cash outflow from a purchases of investment securities, despite a ¥297,966 million cash inflow from a proceeds from sales or redemption of investment securities. (Financing Cash Flows) Cash flows from financing activities amounted to ¥139,063 million in net cash inflows (¥84,948 million in net cash outflows for the three months ended June 30, 2025). The net cash inflows were primarily due to a ¥861,047 million cash inflow from a proceeds from issuance of bonds payable and a ¥142,152 million cash inflow from an increase in short term loans payable, despite a ¥827,562 million cash outflow from redemption of bonds payable.
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5 2. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND NOTES (1) Interim Condensed Consolidated Statement of Financial Position As at March 31, 2026 As at June 30, 2026 Millions of Yen Millions of Yen Assets Cash and cash equivalents 6,400,580 6,142,647 Trade and other accounts receivable 14,153,217 14,695,322 Inventories 204,305 143,816 Assets related to securities business 7,569,984 8,482,636 Other financial assets 1,574,886 1,588,666 Operational investment securities 941,448 1,129,710 Other investment securities (includes ¥1,365,314 million and ¥1,724,786 million pledged as collateral as at March 31, 2026 and June 30, 2026, respectively) 4,360,287 5,035,167 Reinsurance contracts assets 25,909 24,859 Investments accounted for using the equity method 534,627 812,636 Investment properties 35,470 51,026 Property and equipment 151,150 148,756 Intangible assets 331,811 338,039 Assets held for sale 1,738,359 326,235 Other assets 222,903 220,995 Deferred tax assets 45,861 46,623 Total assets 38,290,797 39,187,133 Liabilities Bonds and loans payable 7,010,122 7,493,143 Trade and other accounts payable 793,559 1,197,054 Liabilities related to securities business 6,585,043 7,003,259 Customer deposits for banking business 17,504,429 17,664,867 Insurance contract liabilities 156,210 159,405 Income tax payable 33,780 18,144 Other financial liabilities 1,970,093 2,376,118 Provisions 29,204 28,144 Liabilities directly associated with assets held for sale 1,332,703 237,237 Other liabilities 300,620 328,280 Deferred tax liabilities 161,671 207,345 Total liabilities 35,877,434 36,712,996 Equity Capital stock 238,019 238,049 Capital surplus 301,565 288,783 Treasury stock (50,110) (50,112) Other components of equity 144,237 127,733 Retained earnings 1,161,231 1,260,818 Equity attributable to owners of the Company 1,794,942 1,865,271 Non-controlling interests 618,421 608,866 Total equity 2,413,363 2,474,137 Total liabilities and equity 38,290,797 39,187,133
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6 (2) Interim Condensed Consolidated Statements of Income and Comprehensive Income Interim Condensed Consolidated Statement of Income (Note) On December 1, 2025, the Company conducted a two-for-one stock split of its common shares. The calculation of Earnings per share attributable to owners of the Company is done under the assumption that the stock split occurred at the start of the previous fiscal year. Three months ended June 30, 2025 Three months ended June 30, 2026 Millions of Yen Millions of Yen Revenue (Interest income of ¥144,863 million and ¥159,529 million and Insurance revenue ¥25,962 million and ¥29,570 million included for the three months ended June 30, 2025 and 2026, respectively) 443,189 571,013 Expense Financial cost associated with financial income (65,967) (79,526) Provision for credit losses (20,104) (10,123) Insurance service expenses (21,201) (25,398) Operating cost (89,075) (93,066) Selling, general and administrative expenses (120,988) (132,093) Other financial cost (12,741) (17,084) Other expenses (28,545) (4,952) Total expense (358,621) (362,242) Gain on bargain purchase 322 - Share of the profit of associates and joint ventures accounted for using the equity method 5,462 17,043 Profit before income tax expense 90,352 225,814 Income tax expense (8,384) (69,033) Profit for the period 81,968 156,781 Profit for the period attributable to Owners of the Company 84,605 148,065 Non-controlling interests (2,637) 8,716 Profit for the period 81,968 156,781 Earnings per share attributable to owners of the Company Basic (Yen) 139.60 229.07 Diluted (Yen) 130.48 214.32
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7 Interim Condensed Consolidated Statement of Comprehensive Income Three months ended June 30, 2025 Three months ended June 30, 2026 Millions of Yen Millions of Yen Profit for the period 81,968 156,781 Other comprehensive income Items that will not be reclassified subsequently to profit or loss Financial assets measured at FVTOCI 870 201 Changes in own credit risk on financial liabilities (503) 163 Remeasurement of defined benefit plans (1,398) 58 Share of other comprehensive income of investments accounted for using the equity method (25) (465) (1,056) (43) Items that may be reclassified subsequently to profit or loss Financial assets measured at FVTOCI 7,558 (10,013) Currency translation differences 6,189 (9,491) Fluctuations in discount rates of insurance contracts 493 681 Cash flow hedge 250 751 Share of other comprehensive income of investments accounted for using the equity method (5,866) 1,062 8,624 (17,010) Other comprehensive income, net of tax 7,568 (17,053) Total comprehensive income 89,536 139,728 Total comprehensive income attributable to Owners of the Company 89,511 132,562 Non-controlling interests 25 7,166 Total comprehensive income 89,536 139,728
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8 (3) Interim Condensed Consolidated Statement of Changes in Equity Three months ended June 30, 2025 Capital stock Capital surplus Treasury stock Other components of equity Retained earnings Total Millions of Yen Millions of Yen Millions of Yen Millions of Yen Millions of Yen Millions of Yen Millions of Yen Millions of Yen As at April 1, 2025 181,925 222,423 (96) 62,600 794,556 1,261,408 502,385 1,763,793 Profit for the period - - - - 84,605 84,605 (2,637) 81,968 Other comprehensive income - - - 4,906 - 4,906 2,662 7,568 Total comprehensive income - - - 4,906 84,605 89,511 25 89,536 Issuance of new shares 78 49 - - - 127 - 127 Change in scope of consolidation - - - - - - (18,623) (18,623) Dividends paid - - - - (42,423) (42,423) (2,263) (44,686) Treasury shares purchased - - (2) - - (2) - (2) Share-based payment transaction - 7 - - - 7 (2) 5 Changes of interests in subsidiaries without losing control - 10,384 - - - 10,384 41,578 51,962 Transfer from other components of equity to retained earnings - - - 10,151 (10,151) - - - As at June 30, 2025 182,003 232,863 (98) 77,657 826,587 1,319,012 523,100 1,842,112 Total equity Non-controlling interests Attributable to owners of the Company
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9 Three months ended June 30, 2026 Capital stock Capital surplus Treasury stock Other components of equity Retained earnings Total Millions of Yen Millions of Yen Millions of Yen Millions of Yen Millions of Yen Millions of Yen Millions of Yen Millions of Yen As at April 1, 2026 238,019 301,565 (50,110) 144,237 1,161,231 1,794,942 618,421 2,413,363 Profit for the period - - - - 148,065 148,065 8,716 156,781 Other comprehensive income - - - (15,503) - (15,503) (1,550) (17,053) Total comprehensive income - - - (15,503) 148,065 132,562 7,166 139,728 Issuance of new shares 30 265 - - - 295 - 295 Change in scope of consolidation - - - - - - (52,733) (52,733) Dividends paid - - - - (48,477) (48,477) (13,299) (61,776) Treasury shares purchased - - (2) - - (2) - (2) Share-based payment transaction - - - - - - 136 136 Changes of interests in subsidiaries without losing control - (13,047) - (1,002) - (14,049) 49,175 35,126 Transfer from other components of equity to retained earnings - - - 1 (1) - - - As at June 30, 2026 238,049 288,783 (50,112) 127,733 1,260,818 1,865,271 608,866 2,474,137 Total equity Attributable to owners of the Company Non-controlling interests
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10 (4) Interim Condensed Consolidated Statement of Cash flows Three months ended June 30, 2025 Three months ended June 30, 2026 Millions of Yen Millions of Yen Cash flows from operating activities Profit before income tax expense 90,352 225,814 Depreciation and amortization 16,048 16,841 Gain on bargain purchase (322) - Share of profit of investments accounted for using the equity method (5,462) (17,043) Interest and dividend income (154,217) (171,190) Interest expense 77,827 94,020 Increase in operational investment securities (46,619) (183,769) Increase in trade and other accounts receivable (336,609) (480,546) Increase in trade and other accounts payable 96,312 311,753 Decrease (increase) in assets/liabilities related to securities business 231,356 (493,761) Increase in customer deposits in the banking business 627,350 157,858 Increase in bonds and loans payable in banking business 228,613 326,434 Decrease in receivables under securities borrowing transactions - 75,388 Increase in payables under securities lending transactions 101,922 141,124 Others 74,408 207,067 Subtotal 1,000,959 209,990 Interest and dividend income received 151,300 169,883 Interest paid (66,224) (74,163) Income taxes paid (29,514) (36,167) Net cash generated from operating activities 1,056,521 269,543 Cash flows from investing activities Purchase of investment property (1,296) (15,637) Purchases of intangible assets (8,255) (15,571) Purchases of investment securities (669,200) (890,529) Proceeds from sales or redemption of investment securities 536,357 297,966 Acquisition of subsidiaries, net of cash and cash equivalents acquired (561) (371) Proceeds from sales of subsidiaries, net of cash and cash equivalents divested (1,172) 64,377 Payments of loans receivable (26,509) (42,045) Collection of loans receivable 12,373 2,836 Others (741) (62,670) Net cash used in investing activities (159,004) (661,644)
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11 Three months ended June 30, 2025 Three months ended June 30, 2026 Millions of Yen Millions of Yen Cash flows from financing activities (Decrease) increase in short term loans payable (161,335) 142,152 Proceeds from long-term loans payable 11,830 22,165 Repayment of long-term loans payable (19,704) (12,185) Proceeds from issuance of bonds payable 811,917 861,047 Redemption of bonds payable (712,261) (827,562) Proceeds from issuance of shares 127 295 Proceeds from stock issuance to non-controlling interests 3,255 140 Contributions from non-controlling interests in consolidated investment funds 4,700 13,957 Cash dividends paid (42,061) (48,182) Cash dividends paid to non-controlling interests (1,687) (13,181) Distributions to non-controlling interests in consolidated investment funds (194) (59) Purchase of treasury stock (2) (2) Proceeds from sale of interests in subsidiaries to non- controlling interests 29,781 423 Payments for purchase of interests in subsidiaries from non-controlling interests (5,321) (1,161) Others (3,993) 1,216 Net cash (used in) generated from financing activities (84,948) 139,063 Net increase (decrease) in cash and cash equivalents 812,569 (253,038) Cash and cash equivalents at the beginning of the period 5,500,548 6,400,580 Effect of changes in exchange rate on cash and cash equivalents 5,267 4,702 Transfer to assets held for sale - (9,597) Cash and cash equivalents at the end of the period 6,318,384 6,142,647
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12 (5) Notes to Condensed Interim Consolidated Financial Statements Segment Information The Group reports five business segments, including Financial Services Business, Asset Management Business, PE Investment Business, Crypto-asset Business that is expected to continue to grow, and Next Gen Business which includes Biotechnology & Healthcare Business, Media-related Business, and the business working on advanced fields related to Web3. The reportable segments of the Group represent business activities for which separate financial information of the Group’s components is available and reviewed regularly by the board of directors for the purpose of allocating financial resources and performance evaluation. The following is a description of business activities for the reporting segments. Certain securities investments that had previously been included in the Financial Services Business segment have been reclassified into the PE Investment Business segment since the second quarter of the fiscal year ended March 31, 2026. Accordingly, the segment information for the three months ended June 30, 2025, has been restated to conform to the segment composition for the first quarter of the current fiscal year. “Financial Services Business” The Financial Services Business consists of a wide range of finance -related business inside and outside Japan, including securities brokerage business, banking services business, and life, property and casualty insurance business. “Asset Management Business” The Asset Management Business primarily consists of setting, solicitation, and management of investment trust, investment advice, and provision of financial products information. “PE Investment Business” The PE Investment Business primarily consists of fund management and investment in Internet technology, fintech, AI and big data, blockchain, finance, and biotechnology -related venture companies in Japan and overseas. “Crypto-asset Business” The Crypto-asset Business primarily consists of crypto -asset exchange business which provides crypto - asset exchange and trading services. “Next Gen Business” The Next Gen Business primarily consists of the Biotechnology & Healthcare Business, which includes the development and distribution of pharmaceutical products, health foods, and cosmetics with the natural 5-aminolevulinic acid (5 -ALA). The Next Gen Busine ss also includes the media -related business, the business of working on advanced fields related to Web3, the renewable energy business, and human resources-related business. The results of operations for each reporting segment of the Group for the three months ended June 30, 2026, were as follows. “Elimination or Corporate” includes profit or loss that is not allocated to certain business segments and the elimination of the inter-company transactions within the Group, at a price based on the actual market price.
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13 Assumptions for Going Concern None Financial Reporting Framework The interim condensed consolidated financial statements were prepared in accordance with the Article 5-2 of the Tokyo Stock Exchange's standard for preparation of quarterly financial statements, omitting certain disclosures, which are required in accordanc e with International A ccounting Standard 34 "Interim Financial Reporting", under the Article 5 -5 of the Tokyo Stock Exchange's standard for preparation of quarterly financial statements. Revenue (Note 1) Interest income arising from bonds held in the banking business and from loans in the banking and securities businesses. (Note 2) Interest income arising from bonds in the banking and insurance businesses. Three months ended June 30, 2025 Financial Services Business Asset Management Business PE Investment Business Crypto-asset Business Next Gen Business Total Elimination Consolidated Total Millions of Yen Millions of Yen Millions of Yen Millions of Yen Millions of Yen Millions of Yen Millions of Yen Millions of Yen Revenue 384,818 8,578 42,125 11,060 6,645 453,226 (10,037) 443,189 Profit (loss) before income tax expense 72,733 1,345 28,016 (531) 996 102,559 (12,207) 90,352 Three months ended June 30, 2026 Financial Services Business Asset Management Business PE Investment Business Crypto-asset Business Next Gen Business Total Elimination Consolidated Total Millions of Yen Millions of Yen Millions of Yen Millions of Yen Millions of Yen Millions of Yen Millions of Yen Millions of Yen Revenue 404,773 12,478 136,050 13,928 13,201 580,430 (9,417) 571,013 Profit (loss) before income tax expense 115,992 2,737 119,916 (1,444) 3,610 240,811 (14,997) 225,814 Three months ended June 30, 2025 Three months ended June 30, 2026 Millions of yen Millions of yen Revenue Financial income Interest income Income arising from financial assets measured at amortized cost (Note 1) 139,886 151,844 Income arising from debt instruments measured at FVTOCI (Note 2) 4,977 7,685 Income arising from financial assets measured at FVTPL 114,086 144,566 Income arising from financial liabilities designated at FVTPL (4,169) 4,517 Others 16,821 16,781 Total financial income 271,601 325,393 Insurance Revenue 25,962 29,570 Revenue from contracts with customers Revenue from rendering of services 59,726 74,554 Revenue from sales of goods 44,796 41,238 Others 41,104 100,258 Total revenue 443,189 571,013