Futu (FUTU) Q4 2025 Earnings Call Transcript

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March 12, 2026

• Founder and CEO — Leaf Li

• CFO — Arthur Chen

• Director of Investor Relations — Daniel Yuan

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Leaf Li: [Foreign Language]

Daniel Yuan: [Interpreted] Thank you each for joining our net telephone today. In 2025, we delivered different twelvemonth of beardown lawsuit acquisition, adding much than 950,000 paper funded accounts and surpassing our afloat twelvemonth guidance by 19%. Total funded accounts reached astir $3.4 million, up 40% year-over-year. We stay assured successful our quality to get 800,000 nett caller funded accounts successful 2026, supported by beardown bottom-up maturation opportunities crossed some our established markets and newer ones.

Leaf Li: [Foreign Language]

Daniel Yuan: [Interpreted] And the robust maturation successful funded accounts successful 2025 was broad-based, driven chiefly by coagulated lawsuit additions from Hong Kong and Malaysia. In 2025, nett caller funded accounts successful Hong Kong recorded precocious double-digit year-over-year summation arsenic we proceed to widen our marketplace enactment connected apical of a precocious marketplace share. Significant stock summation was besides observed successful Malaysia, and we expect this momentum to proceed fixed our competitory merchandise offering and increasing marque trust. In Japan, cumulative app downloads arsenic of November past twelvemonth crossed 2 million, further solidifying our presumption arsenic the #1 overseas securities firm. Momo was besides the astir downloaded trading app successful Australia successful 2025.

Leaf Li: [Foreign Language]

Daniel Yuan: [Interpreted] In the 4th quarter, we added astir 230,000 nett caller funded accounts, down 8% quarter-over-quarter, but up 9% year-over-year. While lawsuit maturation successful Hong Kong moderated sequentially pursuing a crisp downturn successful the section banal market, nett caller funded accounts successful Japan and Malaysia recorded double-digit sequential growth, underpinned by beardown lawsuit involvement successful U.S. banal trading and our superior U.S. banal offerings. In the U.S., we rolled retired different circular of off-line selling run highlighting cardinal features for progressive traders. During the quarter, the fig of auction contracts traded at, banal and crypto grooming measurement successful the U.S. marketplace each posted double-digit sequential growth.

Leaf Li: [Foreign Language]

Daniel Yuan: [Interpreted] In the 4th quarter, nett plus inflow remained strong. The mark-to-market losses connected clients' Hong Kong banal holdings weighed connected wide lawsuit assets. Total lawsuit assets were HKD 1.23 trillion astatine 4th end, up 66% year-over-year and level quarter-over-quarter, with Hong Kong and Singapore saw rising nett extracurricular travel publication from precocious nett worthy clients. While successful the U.S., mean lawsuit assets recorded the fastest sequential summation among each regions. Underpinned by heightened U.S. banal borderline trading activity, borderline financing and securities lending equilibrium expanded 7% sequentially to HKD 67.7 cardinal arsenic of 4th end.