Mirae Asset’s quarterly performance ‘stumbles’… Due to sluggish business conditions and loss of valuation for Space

Mirae Asset Securities [006800], which recorded record-breaking performance in the first half of this year, recorded a net loss of 405.6 billion won in the third quarter and turned into a loss.

In addition to worsening business conditions such as the stock market slump, valuation losses on investment assets due to the decline in SpaceX's stock price had an impact.

Mirae Asset Securities announced on the 12th that the operating loss on a consolidated basis in the third quarter of 2026 was 502.3 billion won, which was provisionally calculated to have turned into a deficit compared to the same period last year (operating profit 1.6223 trillion won).

This operating loss is 15.8% lower than the market forecast of 596.4 billion won compiled by Yonhap Infomax.

Sales amounted to 7.5 trillion won, a 7.1% decrease compared to the same period last year. The net loss was 405.6 billion won, turning into a deficit. Pre-tax loss was calculated at 520.6 billion won.

Consolidated net profit in the second quarter of this year was KRW 1.9052 trillion, becoming the first in the domestic securities industry to exceed KRW 1 trillion in net profit for two consecutive quarters. This is in contrast to sales and operating profit of KRW 21.6314 trillion and KRW 2.4899 trillion, and pre-tax profit of KRW 2.5287 trillion.

Accordingly, the cumulative consolidated pre-tax profit and net profit for the first to third quarters were KRW 3.3657 trillion and KRW 2.516 trillion, a slight decrease from the end of the first half (pre-tax profit KRW 3.8863 trillion, net profit KRW 2.9072 trillion), but still an increase of 156% and 148% compared to the same period last year.

The annualized return on equity (ROE) based on net profit was 24%, which was also lower than the first half (39.5%) but increased by 13 percentage points compared to the same period of the previous year.

The cumulative pre-tax profit of overseas subsidiaries was KRW 713 billion, an increase of 138% compared to the same period last year, reaching the highest cumulative total in the third quarter.

Mirae Asset Securities explained, "Performance decreased compared to the previous quarter as market trading activities slowed and investment asset valuation losses were reflected. However, excluding proprietary account investment (PI) investment losses in the third quarter, ordinary profit showed a solid performance of approximately KRW 380 billion."

Meanwhile, Mirae Asset Securities also announced a new shareholder return policy that will be applied from 2027 to 2029.

Mirae Asset Securities plans to cancel 65 million shares, equivalent to approximately 60% of its currently held common stock (108,338,501 shares), immediately after next year's regular general shareholders' meeting, taking comprehensive consideration of related systems and procedures.

This is worth 1.4 trillion won as of the closing price on the 11th.

We decided to consider additional cancellation of the remaining treasury stocks or use them as a resource for shareholder return, and we also maintained the existing policy of returning at least 35% of the consolidated adjusted net profit to shareholders through dividends and acquisition of treasury stocks.

An official from Mirae Asset Securities explained, “This is the result of a multi-faceted review of ways to utilize the treasury stocks held after the merger in a way that is consistent with the purpose of the Commercial Act and can enhance shareholder value.”

He emphasized, "Based on the know-how and experience accumulated through overseas expansion, we will speed up the timing of monetization in advanced markets so that it can lead to visible results," and added, "We will actively utilize the profits generated through local investment and business through overseas corporations back to the domestic headquarters as dividends and as a resource for shareholder return."