Nomura Holdings, Inc. · TSE:8604
Nomura — Q2 2026 Earnings Presentation
36 slides from Nomura's earnings presentation, Oct 28, 2025
Slide 1: Consolidated Results of Operations
Consolidated Results of Operations Second quarter, year ending March 2026 (US GAAP) October 2025 Nomura Holdings, Inc. © Nomura
Slide 2: Outline
Outline Presentation Financial Supplement ◼ Executive summary (p. 2-3) ◼ Consolidated balance sheet (p. 18) ◼ Trend in stable revenue (p. 4) ◼ Value at risk (p. 19) ◼ Overview of results (p. 5) ◼ Consolidated financial highlights (p. 20) ◼ Business segment results (p. 6) ◼ Consolidated income (p. 21
Slide 3: Executive summary (1/2)
Executive summary (1/2) Income before income taxes and net FY2025/26 2Q highlights income1 ◼ Performance remained strong; ROE3: 10.6% Groupwide (billions of yen) – Net revenue: Y515.5bn (-2% QoQ); Income before income taxes: Y136.6bn (-15% QoQ); Net Income before income taxes Net income income1: Y92
Slide 4: Executive summary (2/2)
Executive summary (2/2) FY2025/26 1H highlights ◼ Income before income taxes: Y296.9bn (+26% YoY); Net income1: Y196.6bn (+18% YoY); EPS2: Y64.53; ROE3: 11.3% - ROE exceeded 11% in 1H as medium to long-term initiatives bore fruit - Net revenue continued to grow (+11% YoY), and profits also benefited
Slide 5: Trend in stable revenue: Building recurring business to expand the revenue base for growth
Trend in stable revenue: Building recurring business to expand the revenue base for growth Recurring assets increased with inflows Stable revenue1 steadily expanding2 Wealth Management (WM) (trillions of yen) Recurring revenue assets (billions of yen) 30.0 WM Recurring revenue IM Business revenue Ba
Slide 6: Overview of results
Overview of results Highlights (billions of yen, excluding EPS, BPS and ROE) FY24/25 FY25/26 FY24/25 FY25/26 QoQ YoY YoY 2Q 3Q 4Q 1Q 2Q 1H 1H Net revenue 483.3 502.0 452.7 523.3 515.5 -2% 7% 937.8 1,038.8 11% Non-interest expenses 350.3 363.7 355.0 363.0 378.8 4% 8% 701.8 741.9 6% Income before inco
Slide 7: Business segment results
Business segment results Net revenue and income (loss) before income taxes (billions of yen) FY2024/25 FY2025/26 F2024/25 FY2025/26 QoQ YoY YoY 2Q 3Q 4Q 1Q 2Q 1H 1H Net Wealth Management1 112.3 111.6 99.9 105.8 116.5 10% 4% 222.0 222.3 0% revenue Investment Management 56.1 45.7 43.0 50.6 60.8 20% 8%
Slide 8: Wealth Management
Wealth Management Net revenue and income before income taxes1 Key points (billions of yen) FY2024/25 FY2025/26 Net revenue: Y116.5bn (+10% QoQ, +4% YoY) QoQ YoY Income before income taxes: Y45.5bn (+17% QoQ, +3% YoY) 2Q 3Q 4Q 1Q 2Q ◼ Sustained growth momentum in revenues and profits Net revenue 112.
Slide 9: Wealth Management: Purchase of assets based on long-term diversified investments increased
Wealth Management: Purchase of assets based on long-term diversified investments increased Total sales1 (billions of yen) 7,000.0 Total sales1 declined 4% QoQ Discretionary investments, Insurance 6,000.0 ◼ Stocks: -9% QoQ products – Decrease in purchases of Japanese stocks, partly due to the drop-ou
Slide 10: Wealth Management: KPI summary
Wealth Management: KPI summary Net inflows of recurring revenue assets1 Recurring revenue assets and recurring revenue2,3 ◼ Net inflow of recurring revenue assets for 14th consecutive quarter, powered by ◼ Recurring revenue assets up thanks to favorable market conditions; recurring the provision of
Slide 11: Investment Management
Investment Management Net revenue and income before income taxes1 Key points (billions of yen) FY2024/25 Net revenue: Y60.8bn (+20% QoQ, +8% YoY) FY2025/26 QoQ YoY 2Q 3Q 4Q 1Q 2Q Income before income taxes: Y30.7bn (+43% QoQ, -4% YoY) ◼ Solid growth in stable business revenue Net revenue 56.1 45.7 4
Slide 12: Investment Management: AuM and alternative AuM both at record high
Investment Management: AuM and alternative AuM both at record high Assets under management (net)1 (trillions of yen) Assets under management at record high of Y101.2trn Investment advisory and international businesses, etc. Investment trust business Investment trust business 120.0 ◼ Net inflows into
Slide 13: Wholesale
Wholesale Net revenue and income before income taxes Key points (billions of yen) FY2024/25 FY2025/26 Net revenue: Y279.2bn (+7% QoQ, +6% YoY) QoQ YoY 2Q 3Q 4Q 1Q 2Q Income before income taxes: Y53.1bn (+27% QoQ, +17% YoY) Net revenue 263.4 290.5 259.2 261.1 279.2 7% 6% ◼ Maintained the strong perfo
Slide 14: Wholesale: Global Markets
Wholesale: Global Markets Net revenue Key points Net revenue: Y235.7bn (+6% QoQ, +7% YoY) (billions of yen) ◼ Fixed Income revenue in line with the previous quarter; slowdown in FX/EM partially offset by Securitized Products and Credit 250.0 ◼ Equities revenue climbing to a record high7 driven by st
Slide 15: Wholesale: Investment Banking
Wholesale: Investment Banking Net revenue Major Deals (billions of yen) ◼ Blackstone Group’s (US) tender offer to make TechnoPro Holdings a wholly- 60.0 owned subsidiary (Y475.0bn) Financing, ◼ NTT Docomo’s offer to take SBI Sumishin Net Bank private (tender offer and 40.0 Solutions, etc. share buyb
Slide 16: Banking
Banking Net revenue and income before income taxes1 Key points (billions of yen) Net revenue: Y12.9bn (+0% QoQ, +5% YoY) FY2024/25 FY2025/26 QoQ YoY Income before income taxes: Y3.2bn (-12% QoQ, -31% YoY) 2Q 3Q 4Q 1Q 2Q ◼ Revenue from lending activities as well as trust and agent services remained N
Slide 17: Non-interest expenses
Non-interest expenses Key points (billions of yen) Full year Quarter (billions of yen) Non-interest expenses: Y378.8bn (+4% QoQ) 378.8 400.0 363.7 355.0 363.0 ◼ Compensation and benefits (+5% QoQ) Other 1,500.0 1,420.5 350.3 1,288.2 - Higher bonus provisions in line with Business development perform
Slide 18: Robust financial position
Robust financial position Balance sheet related indicators and capital ratios RWA and CET 1 capital ratio3 Mar 2025 Jun 2025 Sep 2025 (trillions of yen) RWA (lhs) Post Basel III finalization Total assets Y56.8trn Y58.1trn Y60.4trn CET 1 capital ratio (rhs) 25.0 20.0% 16.3% Shareholders’ equity Y3.5t
Slide 19: Financial Supplement
NOMURA Financial Supplement
Slide 20: Consolidated balance sheet
Consolidated balance sheet Consolidated balance sheet (billions of yen) Mar 31, Sep 30, Increase Mar 31, Sep 30, Increase 2025 2025 (Decrease) 2025 2025 (Decrease) Assets Liabilities Total cash and cash deposits 5,515 6,832 1,317 Short-term borrowings 1,117 1,222 104 Total payables and deposits 7,24
Slide 21: Value at risk
Value at risk ◼ Definition ◼ From April 1, 2025, to September 30, 2025 (billions of yen) − 95% confidence level − Maximum: 5.2 − 1-day time horizon for outstanding portfolio − Minimum: 3.1 − Inter-product price fluctuations considered − Average: 4.4 (billions of yen) FY2023/24 FY2024/25 FY2024/25 FY
Slide 22: Consolidated financial highlights
Consolidated financial highlights (billions of yen) 400 12% 120 12.0% 12% 11.3% 340.7 98.4 101.4 104.6 10.0% 10.1% 10.4% 10.0% 92.1 Net income (loss) 300 9% 90 9% attributable to Nomura Holdings, Inc. ("NHI") 72.0 shareholders 165.9 200 6% 60 6% 5.1% ROE(%) 100 3% 30 3% 0 0% 0 0% F FY2024/25 FY2025/
Slide 23: Consolidated income
Consolidated income (billions of yen) FY2024/25 FY2025/26 FY2023/24 FY2024/25 2Q 3Q 4Q 1Q 2Q Revenue Commissions 364.1 407.0 101.4 102.6 100.3 100.6 105.0 Fees from investment banking 173.3 212.2 53.3 64.4 53.3 38.4 44.6 Asset management and portfolio service fees 310.2 378.2 93.8 97.2 96.8 92.9 102
Slide 24: Main revenue items
Main revenue items (billions of yen) FY2024/25 FY2025/26 FY2023/24 FY2024/25 2Q 3Q 4Q 1Q 2Q Commissions Stock brokerage commissions 242.7 264.5 66.9 66.3 66.3 62.8 67.2 Other brokerage commissions 15.6 17.5 4.4 4.4 4.7 4.7 4.5 Commissions for distribution of 56.2 66.1 14.5 17.3 14.0 14.3 14.3 invest
Slide 25: Consolidated results: Income (loss) before income taxes by segment and region
Consolidated results: Income (loss) before income taxes by segment and region Adjustment of consolidated results and segment results: Income (loss) before income taxes (billions of yen) FY2024/25 FY2025/26 FY2023/24 FY2024/25 2Q 3Q 4Q 1Q 2Q 2 Wealth Management 119.0 166.2 44.2 44.8 35.9 38.8 45.5 In
Slide 26: Segment “Other”
Segment “Other” Income (loss) before income taxes (billions of yen) 60 54.6 50 40 36.0 35.1 30 20 10.2 10 6.9 5.9 2.3 0 1 2 FY2024/25 1 2 3 FY2025/26 4 5 FY2023/24 FY2024/25 2Q 3Q 4Q 1Q 2Q Net gain (loss) related to economic 2.0 -5.8 1.8 -7.0 2.2 1.1 -0.2 hedging transactions Realized gain (loss) on
Slide 27: Wealth Management related data (1)
Wealth Management related data (1) (billions of yen) FY2024/25 FY2025/26 FY2023/24 FY2024/25 2Q 3Q 4Q 1Q 2Q QoQ YoY Commissions 173.5 183.6 43.3 47.1 43.3 46.2 52.1 12.8% 20.1% Of which, stock brokerage commission 80.2 72.2 17.7 18.1 17.4 18.3 22.7 23.9% 27.9% Of which, commissions for distribution
Slide 28: Wealth Management related data (2)
Wealth Management related data (2) Wealth Management client assets (trillions of yen) 200 Other 162.3 Foreign investment 153.5 152.2 153.2 trusts 150 143.8 146.1 143.8 Bond investment trusts Stock investment 100 trusts Domestic bonds 50 Foreign currency bonds Equities 0 . FY2023/24 FY2024/25 FY2024/
Slide 29: Wealth Management related data (3)
Wealth Management related data (3) Net inflows of cash and securities1 (billions of yen) Wealth Management total Retail only 2,400 2,259 2,000 1,600 1,273 1,288 1,276 1,200 755 744 800 467 519 380 400 236 296 181 168 0 -131 -400 FY2024/25 FY2025/26 FY2023/24 FY2024/25 2Q 3Q 4Q 1Q 2Q Wealth Managemen
Slide 30: Wealth Management related data (4)
Wealth Management related data (4) Number of accounts (thousands) FY2023/24 FY2024/25 FY2024/25 FY2025/26 Mar Mar Sep Dec Mar Jun Sep Accounts with balance 5,496 5,934 5,888 5,925 5,934 5,965 5,998 Equity holding accounts 2,972 3,285 3,265 3,275 3,285 3,292 3,292 NISA accounts opened1 1,780 1,779 1,
Slide 31: Investment Management related data (1)
Investment Management related data (1) Net revenue and income (loss) before income taxes (billions of yen) FY2024/25 FY2025/26 FY2023/24 FY2024/25 QoQ YoY 2Q 3Q 4Q 1Q 2Q Business revenue 137.2 163.7 39.4 42.0 43.3 40.6 44.1 8.4% 11.9% Investment gain/loss 16.9 28.8 16.7 3.7 -0.2 9.9 16.8 68.9% 0.4%
Slide 32: Investment Management related data (2)
Investment Management related data (2) Asset inflows/outflows by business1 (billions of yen) FY2024/25 FY2025/26 FY2023/24 FY2024/25 2Q 3Q 4Q 1Q 2Q Investment trusts business 1,845 2,113 655 489 274 -207 525 of which ETFs 473 987 521 -352 673 -667 77 Investment advisory and international 1,915 536 4
Slide 33: Wholesale related data
Wholesale related data Net revenue and income (loss) before income taxes (billions of yen) FY2024/25 FY2025/26 FY2023/24 FY2024/25 QoQ YoY 2Q 3Q 4Q 1Q 2Q Net revenue 866.1 1,057.9 263.4 290.5 259.2 261.1 279.2 6.9% 6.0% Non-interest expenses 812.2 891.7 218.1 228.2 221.7 219.2 226.0 3.1% 3.6% Income
Slide 34: Number of employees
Number of employees FY2023/24 FY2024/25 FY2024/25 FY2025/26 Mar Mar Sep Dec Mar Jun Sep Japan 14,870 14,877 15,045 14,977 14,877 15,317 15,144 Europe 3,053 3,133 3,111 3,114 3,133 3,155 3,173 Americas 2,440 2,417 2,502 2,433 2,417 2,476 2,450 Asia and Oceania1 6,487 6,815 6,724 6,736 6,815 6,960 7,1
Slide 35: Disclaimer
Disclaimer ◼ This document is produced by Nomura Holdings, Inc. (“Nomura”). ◼ Nothing in this document shall be considered as an offer to sell or solicitation of an offer to buy any security, commodity or other instrument, including securities issued by Nomura or any affiliate thereof. Offers to sel
Slide 36: Nomura Holdings, Inc.
Nomura Holdings, Inc. www.nomura.com 35