Matsui Securities Co., Ltd.

Matsui Securities Co., Ltd. (First Section of Tokyo Stock Exchange: 8628) Financial Results for 1H FY25 November 25

Contents Section 1 Highlights of 1H FY25 2 Section 2 Summary of Financial Results (Consolidated) 6 Section 3 Retail Brokerage Market Overview and Matsui s Performance 13 Section 4 Supplemental Information 25 The material is intended to provide the financial results for the six months ended September 3, 25 and the company s business strategy, and does not constitute a solicitation of an offer to buy the securities issued by the company. The material is created based upon information as of November 25. The information herein identifies our views at the time of creation of the material, and the company does not make any representation or warranty as to its accuracy or completeness, therefore, the information may be changed without any notices. The company does not assume responsibility for any omissions or errors of any data and descriptions in the material. This presentation may contain forward looking information. Please keep in mind that they are based on projections of the company and subject to changes depending on the situation. We will under no circumstances assume the obligation to revise this presentation in case such situation occurs. 1

Highlights of 1H FY25 Section 1

Highlights of Financial Results for 1H FY25 Operating revenues ( mn) 25, 22,463 SG&A ( mn) 8 7,48 2, 15, 14,962 18,942 17,976 6 4,495 4,958 5,844 6,172 1, 1,74 4 5, 2 ( mn) 1H FY3 2H 1H FY4 2H 1H FY5 Ordinary income 15, 14,26 11,918 12, 1,653 9,59 9, 1H FY3 2H 1H FY4 2H 1H FY5 Net income ( mn) 1, 7,839 8, 6,733 5,911 6, 4,772 6, 4,957 4, 2,57 3, 2, 1H FY3 2H 1H FY4 2H 1H FY5 1H FY3 2H 1H FY4 2H 1H FY5 3

Matsui s Business Model of Increasing Marginal Profit Analysis of equity trading value and data processing & office supplies expenses 8 Volume discount effect effect 7.2 8 12 Profitability analysis Increase Increase in in Ordinary Ordinary income income ratio(ordinary income/operating revenues) revenues) =Increasing Margin Margin Pfofit Pfofit 66% 7% Trading value( tn) 6 4 2 523 1.2 461 1.9 3.5 294 3.8 262 4.5 246 6.4 27 4.5 4.1 279 332 5.5 265 4.8 315 229 6 4 2 Data processing & office supplies( ) ( bn) 1 8 6 4 2 63% 63% 62% 62% 57% 55% 56% 6.59 6.22 4% 5.12 5.33 4.43 3.94 3.38 1.57 58% 8.37 5.66 6% 5% 4% 3%.73 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY2 FY3 FY4 FY5 Data processing & office supplies expenses per 1mn of trading value Trading value 23% 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY2 FY3 FY4 FY5 Ordinary income Ordinary income ratio 2% 4

Comparison with On-line Brokers Operating revenues 1 (1H FY5) Ordinary income 1 (1H FY5) Ordinary income ratio (1H FY5) ( bn) 3 2 1 22.5 24.1 15.2 11. 8.2 ( bn) 2 16 12 8 4 62% 14. 45% 1.9 57% 8.6 49% 5.5 55% 4.5 7% 6% 5% 4% 3% 2% 1% Matsui E*Trade MBH Rakuten Kabu. Com Matsui E*Trade MBH Rakuten Kabu. Com % Ordinary income Ordinary income ratio Source: Company data Note: Consolidated results (except for Kabu.Com) 5

Summary of Financial Results (Consolidated) Section 2

Summary of Financial Results for 1H FY25 ( mn) Operating Revenues 18,942 22,463 19% Commissions 14,16 16,242 15% Interest & dividend income 4,824 6,39 31% 1,137 1,396 23% Interest expenses Net operating revenues 17,85 21,67 18% SG&A FY24 1H(Apr Sep) FY25 1H(Apr Sep) %change (1H FY25 /1H FY24) 5,844 7,48 21% Operating income 11,961 14,19 17% Ordinary income 11,918 14,26 18% Net income 6,733 7,839 16% 7

Breakdown of Net Operating Revenues ( mn) FY24 1H(Apr Sep) FY25 1H(Apr Sep) %change (1H FY25 /1H FY24) Commissions 14,16 16,242 15% Brokerage 13,261 14,793 12% Underwriting & selling 153 1-34% Subscription & distribution 22 3-86% Others 67 1,346 11% Net gain (loss) on trading 12-89 - Interest & dividend income (1) 4,824 6,39 31% Total operating revenues 18,942 22,463 19% Interest expenses (2) 1,137 1,396 23% Net operating revenues 17,85 21,67 18% Net interest income (1)-(2) 3,688 4,914 33% 8

Breakdown of SG&A ( mn) FY24 1H(Apr Sep) FY25 1H(Apr Sep) %change (1H FY25 /1H FY24) Transaction related expenses 1,68 2,8 24% Advertisement 196 215 1% Employees' compensation & benefits 921 886-4% Occupancy & rental 134 152 14% Data processing & office supplies 2,577 3,156 22% Depreciation 356 489 37% Duties & taxes other than income taxes Provision of allowance for doubtful accounts 13 138 34% - 29 - Others 73 117 61% Total SG&A 5,844 7,48 21% 9

Quarterly Summary of Financial Results ( mn) Operating Revenues 7,989 9,986 9,693 12,77 32% Commissions 5,531 7,446 6,718 9,524 42% Interest & dividend income 2,466 2,633 3,5 3,34 1% 626 532 62 776 25% Interest expenses Net operating revenues 7,363 9,454 9,73 11,994 32% SG&A FY24 3Q(Oct Dec) FY24 4Q(Jan Mar) FY25 1Q(Apr Jun) FY25 2Q(Jul Sep) %change (2Q FY25 /1Q FY25) 2,95 3,221 3,427 3,621 6% Operating income 4,412 6,233 5,646 8,373 48% Ordinary income 4,435 6,218 5,655 8,371 48% Net income 2,478 3,433 3,224 4,615 43% 1

Quarterly Breakdown of Net Operating Revenues ( mn) FY24 3Q(Oct Dec) FY24 4Q(Jan Mar) FY25 1Q(Apr Jun) FY25 2Q(Jul Sep) %change (2Q FY25 /1Q FY25) Commissions 5,531 7,446 6,718 9,524 42% Brokerage 5,127 6,795 6,149 8,643 41% Underwriting & selling 9 64 6 41-31% Subscription & distribution 6 1 2 1-56% Others 37 586 57 839 65% Net gain (loss) on trading -7-92 -31-58 - Interest & dividend income (1) 2,466 2,633 3,5 3,34 1% Total operating revenues 7,989 9,986 9,693 12,77 32% Interest expenses (2) 626 532 62 776 25% Net operating revenues 7,363 9,454 9,73 11,994 32% Net interest income (1)-(2) 1,839 2,11 2,385 2,528 6% 11

Quarterly Breakdown of SG&A ( mn) FY24 3Q(Oct Dec) FY25 1Q(Apr Jun) FY25 2Q(Jul Sep) %change (2Q FY25 /1Q FY25) Transaction related expenses 77 89 981 1,99 12% Advertisement 127 19 18 17-1% Employees' compensation & benefits FY24 4Q(Jan Mar) 489 517 51 384-23% Occupancy & rental 69 7 72 8 11% Data processing & office supplies 1,348 1,449 1,497 1,659 11% Depreciation 191 27 237 252 6% Duties & taxes other than income taxes Provision of allowance for doubtful accounts 4 51 58 8 38% - - 21 8-64% Others 44 37 58 59 1% Total SG&A 2,95 3,221 3,427 3,621 6% 12

Retail Brokerage Market Overview and Matsui s Performance Section 3

Retail Equity Trading Market Equity trading value of individuals 1 Proportion to total equity trading value Total value of shares held by individuals Proportion to total financial assets of individuals 8 6 19% 17% 22% 22% 21% 25% 46 23% 23% 26% 46 25% 42 3% 7 3% 25% 2% 15 1 4.3% 3.9% 3.8% 4.9% 4.3% 5.9% 5.9% 5.7% 5.6% 5.8% 5.4% 4.9% 81 84 77 79 84 83 6% 4% ( tn) 4 14% 14% 29 31 36 32 32 15% ( tn) 59 54 52 59 68 68 1% 5 2% 2 12 16 1 16 5% N.A. % 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY2 FY3 FY4 FY5 Equity trading value of individuals Proportion % 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY2 FY3 FY4 FY5 Total value of shares held by individuals Proportion Source: TSE, JASDAQ, BOJ Note: Sum of the equity trading value on 3 stock exchanges (through securities companies with over 3bn capital) and JASDAQ 14

Matsui s Performance I (vs. Market) Matsui s trading value Matsui s share of retail equity trading value Assets under Matsui s customer s accounts Matsui s share of value of shares held by individuals ( tn) 12 9 6 12% 9% 15% 15% 14% 13% 13% 13% 13% 13% 13% 12% 11% 3.5 3.8 4.5 6.4 5.5 4.8 4.5 4.1 7.2 16% 14% 12% 1% 8% 6% ( bn) 1,6 1,3 1, 7.8%.7%.7%.7% 1.%.9% 641 71 1.4% 1.3% 1.3% 1.3% 1.2% 944 1,86 1,3 1,135 1,13 1.6% 1,333 1,517 1.6% 1.2%.8% 3 1.9 1.4 1.4 1.2 4% 2% 4 399 369 38 478.4% % 1 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY2 FY3 FY4 FY5 FY2 FY3 FY4 FY5 Matsui's trading value Matsui's share Assets under Matsui's customer's accounts Matsui's share.% Source: TSE, BOJ Note: Sum of the equity trading value on 3 major stock exchanges 15

Matsui s Performance II (vs. Conventional Brokers ( Off-line )) Market share in retail equity trading value 1 Market share in retail equity trading value 1 for 2Q FY5 25% 2% 15% 1% Matsui Nomura Others 75% Matsui 11% Market Share of Retail Brokers Nomura 7% Daiwa 4% Nikko 3% 5% Daiwa % Nikko 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY2 FY3 FY4 FY5 Source: TSE, Company data (estimated value based on company reports) Note: 1 Sum of the retail equity trading value on 3 major stock exchanges Nomura: Retail business division of Nomura Securities, Nikko: Nikko Cordial Securities, Daiwa: Daiwa Securities 16

Matsui s Performance III(vs. On-line Brokers) Market share (retail equity trading value) 1 3% E*trade 25% Market share for 2Q FY5 (retail equity trading value) 1 2% 15% 1% 5% % -5% -1% -15% -2% 13.7 Matsui Rakuten MBH Kabu.com 39.6 25.6 27. 26.1 15.1 18.3 2.4 19.8 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY3 FY4 FY5 Total of equity trading value of 5 on-line brokers( tn) Others 39% Kabu.com 5% Market Share of Retail Brokers MBH 9% E*trade 25% Rakuten 11% Matsui 11% Source: TSE, Company data, Company websites Note: Sum of the retail equity trading value on 3 major stock exchanges 17

Matsui s Performance Ⅳ(Commission Rate and Trading Turnover) Matsui s average commission rate 1 Equity trading turnover of Matsui s customers 2 1.%.8%.6%.4%.2%.%.9%.83%.25% Deregulation of brokerage commissions Average commission rate.11%~.13%.11% (x) 1.66 1.49 1.49 1.41 1.44 1.32 1.25 1.28 1.2 1.27 1.24.89.83.92.72 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q FY99 FY FY1 FY2 FY3 FY4 FY5 FY99 FY FY1 FY2 FY3 FY4 FY5 3. 2.5 2. 1.5 1..5. Deregulation of brokerage commissions.12.21 2.36 2.23 2.22 2.58 1.71 1.82 1.98 1.5 1.44 Monthly equity trading turnover 1.98x (2Q FY5) Notes: 1 Average commission rate = (quarterly brokerage commission) / (quarterly equity trading value) 2 Equity trading turnover = (monthly average trading value) / (quarterly average assets under customer s accounts*) * From 2Q FY1, assets under customer s accounts of Matsui s board members and related persons are excluded 18

Retail Margin Trading Margin trading value of individuals 1 Proportion to total equity transaction by individuals Outstanding value of shares of margin trading 2 4 35 3 35% 47% 45% 47% 44% 43%43% 45% 44% 45% 43% 42% 31.8 5% 4% 3 3. Outstanding value of shares bought on margin 2.4 2.9 2.3 3.1 3. 3.2 ( tn) 25 2 15 1 5 28% 19.4 2.5 18.3 3% ( tn) 15.5 1.3 1.7 12.6 13.5 14.615. 2% 1.1.9.9 1.4 1 1.2 1.3 7.1 1. 1.1 1%.9.8.9.9 1. 4.2 4.5 4.6.7.7 Outstanding value of short position in margin trading % 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY2 FY3 FY4 FY5 FY2 FY3 FY4 FY5 Margin trading value Propotion Outstanding value of shares bought on margin Outstanding value of short position in margin trading 2 1.9 2. Source: TSE, JASDAQ Notes: 1 Sum of the equity trading value of 3 major stock exchanges and JASDAQ 2 Sum of the balance in each quarter on 3 major stock exchanges 19

Matsui s Performance I Matsui s margin trading value and market share 1 Market share of retail margin trading by value 2 (2Q FY5) ( tn) 1 9 8 7 6 5 4 3 2 1 26% 24% 23% 21% 21% 2% 2% 21% 1.1 1.1 1. 1.4 3.2 2.8 2.5 4.6 22% 19% 19% 18% 16% 3.7 3.1 3.1 2.8 4.8 28% 24% 2% 16% 12% 8% 4% Others 36% Kabu.com 7% Rakuten 13% E*trade 28% Matsui 16% 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY2 FY3 FY4 FY5 % Matsui's margin trading value Market share Source: TSE, JASDAQ, Company data, Company websites Notes: 1 Sum of trading value on 3 major stock exchanges and JASDAQ 2 Sum of margin trading value on 3 major stock exchanges 2

Matsui s Performance II Matsui s outstanding value of shares bought on margin 1 and its market share 2 Matsui s outstanding value of short position in margin trading 2 ( bn) 6 5 4 3 2 1 8.9% 9.3% 8.7%8.2% 8.9% 7.9% 16 76 73 96 176 173 252 12.1% 12.4% 12.4% 1.7%1.8% 12.% 1.4% 38 31 279 385 377 382 14% 12% 1% 8% 6% 4% 2% ( bn) 1 8 6 4 2 3.3% 2.9% 2.8% 2.5% 19 19 2 29 3.8% 3.5% 3.2% 3.1% 3.1% 2.9% 2.6% 2.7% 31 25 37 31 28 39 4 36 4.2% 7 4% 3% 2% 1% % 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY2 FY3 FY4 FY5 FY2 FY3 FY4 FY5 Outstanding value of shares bought on margin Outstanding value of short position in margin trading Market share Market share % Source: TSE Notes: 1 As of the end of each quarter 2 Total market share in 3 major stock exchanges 21

Unlimited Margin Trading Outstanding value of shares bought on unlimited margin tradingat Matsui 1 Ratio of outstanding value of shares bought on unlimited margin trading to the total outstanding value of shares bought on margin trading Outstanding value of short position in unlimited margin trading at Matsui 1 Ratio of outstanding value of short position in unlimited margin trading to the total outstanding value of short position in margin trading 25 2 41% 4% 39% 4% 4% 37% 39% 38% 38% 39% 38% 36% 36% 37% 35% 45% 4% 35% 1. 8. 1% 1% 1% 9% 1% 1% 9% 9% 9% 9% 9% 12% 1% ( bn) 15 1 5 3% 5.9 6.3 8% 6. 25% 6% 4.9 6% 2% 4.1 4. 4. 4. 4% 3.7 3.4 15% 3. 2.4 2.8 4% 3% 1% 1.8 2. 1.1 2% 5% 1%.7.2 %. % Jul. Sep. Nov. Jan. Mar. May Jul. Sep. Jul. Sep. Nov. Jan. Mar. May Jul. Sep. 4 5 4 5 112 113 11 114 117 112 13 137 145 147 143 145 147 147 141 Outstanding value of shares bought on unlimited margin trading Ratio of the unlimited margin trading to the total margin trading ( bn) Outstanding value of short position in unlimited margin trading Ratio of the unlimited margin trading to the total margin trading Note: Outstanding amount as of the end of each month (based on transaction date) 22

Monthly Number of New Accounts Number of new accounts (Monthly) Number of new margin trade accounts (Monthly) 18, 15, 12, 9, 15,448 (Apr.5) 13,44 (Sep.5) 2,5 2, 1,5 2,332 (Jun.5) 1,666 (Sep.5) 6, 1, 3, 5 Jan. May Sep. Jan. May Sep. Jan. May Sep. Jan. May Sep. Jan. May Sep. Jan. May Sep. Jan. May Sep. Jan. May Sep. Jan. May Sep. Jan. May Sep. Jan. May Sep. Jan. May Sep. 1 2 3 4 5 1 2 3 4 5 23

Performance in Underwriting Business Underwriting deals (1H FY5) (Number of deals) (Total size) 1Q 2 1,259mn 2Q 13 898mn TOTAL 33 2,157mn Distribution deals (1H FY5) (Number of deals) (Total size) 1Q 1 1mn 2Q 3 291mn TOTAL 4 292mn Number of IPOs underwritten by on-line brokers (1H FY5 (excl. REIT)) 6 5 Off-trading floor distributions (1H FY5) 4 28 3 22 (Number of deals) (Total size) 1Q 41 2,543mn 2 2Q 54 2,56mn Matsui E*trade MBH Rakuten Source: Company websites *Listing date basis TOTAL 95 4,599mn 24

Performance of Other Products and Services FY4 FY5 1Q 2Q 3Q 4Q 1Q 2Q Designated deposit account for shares acquired through stock option 1 Green sheet market offering Number of accounts 1,66 2,195 2,53 2,661 4,785 5,5 Value of assets under customers' accounts Number of companies that have appointed Matsui as their custodian 5.7bn 6.3bn 9.2bn 1.3bn 12.2bn 12.8bn 32 38 4 47 53 62 Number of offerings 1 6 6 1 1 1 Total size 54mn 24mn 117mn 27mn 44mn 19mn Stock deposit service NetFx Number of accounts 6,936 7,857 8,853 1,383 11,995 13,116 Outstanding value of orders (similar to assets under customers' accounts) 22.7bn 21.2bn 17.3bn 18.bn 19.5bn 19.bn Number of accounts 5,235 7,868 1,933 15,243 18,93 22,553 Monthly average trading value 93.2bn 9.bn 114.3bn 196.1bn 247.4bn 331.6bn Note1: Account for custody of shares acquired through exercise of stock option (*) The figures for (1) number of accounts, (2) assets under customers accounts, (3) number of companies that have appointed Matsui as their custodian for shares acquired through stock options and (4) outstanding value under stock deposit services state figures as of the end of each quarter. 25

Supplemental Information Section 4

Netstock Accounts Number of Netstock accounts (Quarterly) 3% 2% 1% 28% 28% 27% 27% 28% 28% 26% 24% 22% 2% 19% 18% 17% 23,614 24,431 25,15 26,478 3,324 34,69 37,763 42,52 84,18 44,711 47,688 87,922 92,87 51,316 97,266 55,88 6,171 18,311 12,448 143,229 177,84 21,2 232,88 269,471 314,216 351,47 4, 35, 3, 25, 2, 15, 1, 5, Ratio of margin accounts to the total Netstock accounts 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY2 FY3 FY4 FY5 Number of Netstock accounts Number of marging trading accounts 27

28 543.6 45.3 416.5 498.5 488. 385.2 415.4 432.8 398.7 483.9 567.3 84.7 1,142.3 967.9 1,361.8 1,3.1 96.4 1,214.8 1,73.5 1,855.6 2,212.7 1,671. 1,982.6 1,699.3 1,369.6 1,48. 1,311.5 1,39.6 1,442.6 1,648.8 1,678.4 2,139.1 1,616.4 1,425.4 1,78.6 1,774.9 2,76.9 2,548.3 2,925.2 3, 2,5 2, 1,5 ( bn) 1, 5 Jul. Oct. Jan. Apr. Jul. Oct. Jan. Apr. Jul. Oct. Jan. Apr. Jul. 2 3 4 5 2.4 2. 1.6 ( tn) Equity Trading Value Equity trading value via Netstock (Monthly) Daily average trading value on TSE Monthly equity trading value via Netstock Matsui 's trading value (left axis) Daily average trading value on TSE (right axis) 1.2.8.4.

Number of Orders Placed and Executed Number of orders placed & executed (Daily average) 8% Number of orders executed / Number of orders placed (%) 7% 6% 5% 29 73,643 5,944 71,885 46,496 84,786 58,363 93,623 66,576 71,883 48,935 66,56 41,878 89,27 56,469 82,88 49,936 115,844 79,36 14,363 98,99 17,89 76,852 121,818 75,21 19,418 69,99 92,56 56,89 17,645 67,892 16,976 65,889 112,346 69,82 117,293 72,84 145,35 91,63 149,118 92,212 154,197 98,712 135,959 83,169 132,133 83,527 148,81 87,833 161,484 96,575 165,34 14,481 188,153 126,223 16, 12, 8, 4, Jul. Oct. Jan. Apr. Jul. Oct. Jan. Apr. Jul. 3 4 5 Number of orders placed Number of orders executed

Assets under Customers Accounts Balance of assets under customer s accounts (Quarterly) 3 4,963 42,571 432,235 45,781 399,316 369,123 38,117 478,354 64,929 71,233 944,413 1,85,982 1,3,57 1,134,91 1,13,372 1,332,7 1,516,682 1,8, 1,5, 1,2, 9, 6, 3, 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY1 FY2 FY3 FY4 FY5 Note: As of the end of the each quarter ( mn)

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