Nomura Holdings, Inc. · TSE:8604
Nomura — Debt Investor Presentation (June 2026)
65 slides from Nomura's debt investor presentation, June 2026
Slide 1: Fixed Income Investor Presentation
Fixed Income Investor Presentation June 2026 Nomura Holdings, Inc. © Nomura
Slide 2: Disclaimer
Disclaimer ◼ This document has been prepared by Nomura Holdings, Inc. (“Nomura” or “NHI”) solely for your information and is subject to change without notice. ◼ Nothing in this document shall be considered as an invitation or solicitation of an offer to subscribe for or purchase any security, commod
Slide 3: Agenda of the Presentation
Agenda of the Presentation Agenda ◼ Company Overview ◼ Recent Financial Results ◼ Investment Highlights / Recent Updates ◼ Capital and Funding Plan ◼ Risk Management ◼ Appendix – Financial Supplement
Slide 4: Company Overview
NOMURA Company Overview
Slide 5: Nomura Group at a glance
Nomura Group at a glance Asia’s standalone global brokerage and investment bank Serving customers through four business divisions: Wealth Management, Investment Management, Wholesale (comprised of Global Markets and Investment Banking) and Banking Growing presence worldwide in addition to a leading
Slide 6: Nomura Group key message
Nomura Group key message Financial Results (billions of yen) Diversification of Net Revenues Risk Management Net Revenue Income before Income Taxes Others Banking Conducted comprehensive review of Risk Wholesale Wealth 9% (Americas) Management framework for Wholesale business 2,400 2,167.7 Managemen
Slide 7: Our services
Our services Wealth Management Investment Management Wholesale Banking ◼ Providing diverse financial ◼ Offering investment ◼ Global Markets provides ◼ Nomura established the services to individual and opportunities in a wide research, sales and trading Banking Division on April 1, corporate clients
Slide 8: Review of 2030 Vision: Record-high pre-tax profit for two years in a row
Review of 2030 Vision: Record-high pre-tax profit for two years in a row ◼ Earning power has improved steadily since the 2030 Vision was announced in May 2024 ◼ ROE target met for two years running; income before income taxes exceeded our numerical target in FY25/26 ROE1 Income before income taxes2
Slide 9: Revision of 2030 Vision: numerical targets revised upward
Revision of 2030 Vision: Based on performance to date and the outlook ahead, the numerical targets have been revised upward Pre-Announcement Latest results Previous KGI/KPIs Revised KGI/KPIs (FY23/24) (FY25/26) ROE 5.1% 10.1% 8~10%+ 10~12%+ Numerical targets for 2030 Income before income taxes Y273.
Slide 10: History of Nomura
History of Nomura 175.8 trillion yen (As of March 31, 2026) 100 years of contributing to the development of financial and capital 51,063 markets and growing with clients 38,916 Nikkei Stock Average (JPY) The Nomura Securities Co., Ltd. established Client Assets (trillions of yen) 1925 1930 1935 1940
Slide 11: Our broker-dealer entities and funding vehicles
Our broker-dealer entities and funding vehicles Nomura Holdings, Inc. (JPN) EMEA Asia ex-JPN Japan Americas Broker Dealer Entities Nomura International Nomura Singapore Nomura Securities Nomura Securities plc (UK) Limited Co., Ltd. International, Inc. Funding Vehicles Nomura Bank Nomura Internationa
Slide 12: Diversified board of directors
Diversified board of directors Diverse board members Outside directors Victor J.Christopher Patricia Takahisa Miyuki Masahiro Taku Nellie Chu Giancarlo Mosser Takahara Ishiguro Ishizuka Oshima Liang Experience Management ✓ ✓ ✓ ✓ International Business ✓ ✓ ✓ ✓ ✓ ✓ Financial Industry ✓ ✓ ✓ ✓ Accountin
Slide 13: Recent Financial Results
NOMURA Recent Financial Results
Slide 14: Executive summary (1/2)
Executive summary (1/2) Income before income taxes and FY2025/26 4Q highlights net income2 ◼ Income before income taxes and net income both fell QoQ and ROE1 came in at 8.0% Groupwide (billions of yen) – Net revenue: Y577.2bn (+5% QoQ); Income before income taxes: Y107.7bn (-20% QoQ); Net income2: I
Slide 15: Executive summary (2/2)
Executive summary (2/2) FY2025/26 full year highlights ◼ Net income1 of Y362.1bn, setting a record high for the second straight year - Full-year ROE of 10.1%, meeting the quantitative target in our 2030 Vision for the second year in a row ◼ Four segment income before income taxes reached an all-time
Slide 16: 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 4Q 1Q 2Q 3Q 4Q Full year Full year Net revenue 452.7 523.3 515.5 551.8 577.2 5% 27% 1,892.5 2,167.7 15% Non-interest expenses 355.0 363.0 378.8 416.5 469.5 13% 32% 1,420.5 1,627.9
Slide 17: Business segment results
Business segment results Net revenue and income (loss) before income taxes (billions of yen) FY24/25 FY25/26 FY24/25 FY25/26 QoQ YoY YoY 4Q 1Q 2Q 3Q 4Q Full year Full year Net Wealth Management1 99.9 105.8 116.5 132.5 133.1 0.5% 33% 433.6 487.9 13% revenue Investment Management 43.0 50.6 60.8 60.9 8
Slide 18: Wealth Management
Wealth Management Net revenue and income before income taxes1 Key points Full year (billions of yen) FY24/ FY25/ FY24/ FY25/ 25 26 25 26 Net revenue: Y487.9bn (+13% YoY) QoQ YoY Income before income taxes: Y204.0bn (+23% YoY) Full Full 4Q 1Q 2Q 3Q 4Q year year Net revenue 99.9 105.8 116.5 132.5 133.
Slide 19: Wealth Management: Robust total sales underpinned by comprehensive asset management services
Wealth Management: Robust total sales underpinned by comprehensive asset management services Total sales1 (billions of yen) Total sales1 were Y11.675trn, +75% QoQ 12,000 Discretionary ◼ Stocks: +2x QoQ investments, 10,000 – Sales of Japanese stock rose thanks to major tender offers (around Y4trn) In
Slide 20: Wealth Management: KPI summary
Wealth Management: KPI summary Net inflows of recurring revenue assets1 Recurring revenue assets and recurring revenue2, 3 ◼ Net inflows for 16th straight quarter, primarily driven by progress in asset ◼ Fiscal year-end recurring revenue assets fell on market factors but remained at high management
Slide 21: Investment Management
Investment Management Net revenue and income before income taxes1 Key points (billions of yen) FY24/ FY25/ FY24/ FY25/ Full year 25 26 25 26 Net revenue: Y258.5bn (+34% YoY) QoQ YoY Full Full Income before income taxes: Y88.3bn (-1% YoY) 4Q 1Q 2Q 3Q 4Q year year ◼ Assets under management at all-time
Slide 22: Investment Management: AuM remains at a record-high
Investment Management: AuM, inclusive of alternative assets, remains at a record-high Assets under management (net)1 (trillions of yen) Fourth quarter Domestic Investment advisory and international businesses, etc. Assets under management at record high of Y136.9trn Domestic Investment trust busines
Slide 23: Wholesale
Wholesale Net revenue and income before income taxes Key points Full year (billions of yen) FY24/ FY25/ FY24/ FY25/ Net revenue: Y1,162.2bn (+10% YoY) 25 26 25 26 Income before income taxes: Y200.6bn (+21% YoY) QoQ YoY Full Full ◼ Net revenue and income before income taxes both at all-time high sinc
Slide 24: Wholesale: Global Markets
Wholesale: Global Markets Net revenue Key points (billions of yen) Full year Net revenue: Y968.1bn (+11% YoY) 1,000.0 ◼ Fixed income revenue and equities revenue both at all-time high7 300.0 ◼ FI: Others1 ◼ YoY growth in revenue across all regions 800.0 250.0 Fourth quarter ◼ FI: Macro Products2 Net
Slide 25: Wholesale: Investment Banking
Wholesale: Investment Banking Net revenue Major Deals2 (billions of yen) Advisory 200.0 60.0 ◼ Business integration between Gunma Bank and Daishi Hokuetsu Financial Group (share exchange, Y859.7bn) 150.0 Financing, ◼ KKR’s deal to take Taiyo Holdings private (Y402.9bn) 40.0 Solutions, etc. 100.0 ◼ C
Slide 26: Banking
Banking Net revenue and income before income taxes1 Key points Full year FY24/ FY25/ FY24/ FY25/ 25 26 25 26 Net Revenue: Y53.9bn (+14% YoY) (billions of yen) QoQ YoY Income before income taxes: Y14.0bn (-14% YoY) Full Full 4Q 1Q 2Q 3Q 4Q ◼ Steady progress in the business, but income before income t
Slide 27: Non-interest expenses
Non-interest expenses Key points (billions of yen) Full year Quarter (billions of yen) Full year Non-interest expenses: Y1,627.9bn (+15% YoY) Other 2,000.0 500.0 469.5 416.5 Business development 1,627.9 ◼ Compensation and benefits (+13% YoY) 378.8 expenses 355.0 363.0 1,500.0 1,420.5 - Increase in b
Slide 28: Investment Highlights / Recent Updates
Investment Highlights / Recent Updates
Slide 29: Historical net revenue by four business segments
Historical net revenue by four business segments ◼ All segment revenues have shown an upward trend over the past few years ◼ Despite fluctuation of net revenue over the years, there has been an overall upward trend from FY2018/19 to FY2025/26 Net revenue of four segments (billions of yen) 1 2 Wealth
Slide 30: Historical income before income taxes by four business segments
Historical income before income taxes by four business segments ◼ Wealth Management and Wholesale have delivered sustained pre-tax earnings growth over the past few years, while Investment Management generates stable pre-tax earnings ◼ Pre-tax profit reached record high for two years in a row Income
Slide 31: Healthy balance sheet
Healthy balance sheet ◼ With a highly liquid, healthy balance sheet structure, we maintain a high quality liquidity portfolio of 17% of total assets (billions of yen) Assets Liabilities and Equity (As of March 31, 2026) Balance sheet structure ◼ Highly liquid, healthy balance sheet structure: – 70%
Slide 32: Capital and Funding Plan
NOMURA Capital and Funding Plan
Slide 33: Robust financial position & sufficient liquidity
Robust financial position & sufficient liquidity ◼ We have maintained sufficient financial flexibility and liquidity even under extreme market stress ◼ Liquidity portfolio remains at elevated levels of 10.7 trillion yen as of March 31, 2026 CET1 capital ratio1 and risk-weighted assets Consolidated l
Slide 34: Robust financial position
Robust financial position Balance sheet related indicators and capital ratios RWA and CET 1 capital ratio3 (trillions of yen) RWA (lhs) Mar 2025 Dec 2025 Mar 2026 Post Basel III finalization CET 1 capital ratio (rhs) Total assets Y56.8trn Y61.9trn Y62.6trn 28.0 20.0% Shareholders’ equity Y3.5trn Y3.
Slide 35: Corporate strategy: Creating appropriate capital structure
Corporate strategy: Creating appropriate capital structure by striking balance between growth investment and shareholder returns ◼ Shareholder return policy remains unchanged, consisting of consolidated dividend payout ratio of at least 40% and total payout ratio of at least 50% ◼ Interim DPS of Y27
Slide 36: Total shareholder return
Total shareholder return ◼ In 2023, target dividend payout ratio was increased to “over 40%” from “30%” ◼ Aim for a total payout ratio of “50% or more” including share buybacks Total shareholder return (bn of JPY) Net Income (Loss) Attributable to Nomura Holdings Shareholders Dividend Amount Share B
Slide 37: Capital requirements for Nomura
Capital requirements for Nomura Nomura’s capital requirements1 Nomura’s capital strategy Capital ratio ◼ Maintain a sufficient level of each capital ratio for compliance Finalized Basel III standards with the minimum requirements subsequent to the Tier 2 implementation of the finalized Basel III sta
Slide 38: TLAC requirements for Nomura
TLAC requirements for Nomura ◼ The TLAC requirements began to apply to us from March 2021 ◼ We have been replacing existing liabilities with TLAC-eligible debt to maintain compliance with the TLAC standard Requirements for minimum TLAC of RWA Total capital ratio requirement Minimum TLAC requirement
Slide 39: Global issuance and redemption schedule
Global issuance and redemption schedule1 Non-JPY issuance2 and redemption schedule (fiscal year basis) (millions of dollars equivalent) USD Senior USD AT1 USD T2 8,000 EUR Senior AUD Senior 5,750 6,000 3,800 3,809 4,000 3,000 2,500 750 2,262 2,000 1,500 1,250 2,000 587 1,000 1,675 809 0 -982 -809 -6
Slide 40: Domestic issuance and redemption schedule
Domestic issuance and redemption schedule1 JPY issuance and redemption schedule (fiscal year basis)2 (billion of JPY) Senior AT1 T2 400 345.0 370.0 70.0 300 120.0 200 150.0 150.0 63.5 50.0 40.0 50.0 100 225.0 150.0 50.0 0 -30.0 -90.0 -90.0 -4.5 -100 -150.0 -26.5 -20.0 -34.5 -30.0 -30.0 -30.0 -60.0 -
Slide 41: Credit ratings of global banks
Credit ratings of global banks S&P Nomura MUFG SMFG Mizuho JPM BAC Citi HSBC Barclays StanChart UBS BNP 3 SocGen 3 DB 3 Santander 3 AA AA- A+ 2 A 2 3 2 3 3 2 2 2 1 1 1 1 A- 1 3 3 1 1 1 1 1 1 BBB+ 3 1 1 1 BBB 4 4 3 3 3 3 1 1 BBB- 3 3 3 BB+ 3 3 BB BB- Moody’s Nomura MUFG SMFG Mizuho JPM BAC Citi HSBC
Slide 42: Multiple safeguards before incurring loss at PoNV
Multiple safeguards before incurring loss at PoNV1 ◼ In addition to the existence of capital subordinated to TLAC senior bonds, there are multiple measures that can contribute to avoiding PoNV. At PoNV, Tier 2 and AT1 (if any) will be fully written-down before TLAC senior bonds absorb loss Nomura’s
Slide 43: Safeguards to prevent systemic disruption
Safeguards to prevent systemic disruption ◼ In Japan, preemptive safeguards under the Deposit Insurance Act are applicable to Nomura Applicable to Nomura Deposit Insurance Act, Article 126-2 (Ref.) Deposit Insurance Act, Article 102 ◼ Framework to avoid the sequential suspension of transaction among
Slide 44: TLAC in Japan: orderly resolution under the SPE approach
TLAC in Japan: A model of procedures of orderly resolution under the SPE approach in Japan ◼ The below is based on a possible model of TLAC Covered SIBs1 resolution under the SPE approach2 as stated in the FSA’s explanatory paper outlining its approach to the introduction of the TLAC framework in Ja
Slide 45: TLAC in Japan: Historical capital injections by the government
TLAC in Japan: Historical capital injections and other actions by the Japanese government ◼ The Japanese government has made capital injections in, and taken other corrective actions regarding, troubled banks under the Deposit Insurance Act (DIA). No such actions have been taken with respect to any
Slide 46: Risk Management
NOMURA Risk Management
Slide 47: Risk management enhancement
Risk management enhancement ◼ Nomura Group has strengthened risk management framework through various measures aiming for a stronger business platform Newly added function Execution side Oversight side 2021 Board Meeting Before Delegation Mar. 2021 Loss arising from Integrated Risk Mgmt. Meeting Mgm
Slide 48: Appendix
NOMURA Appendix
Slide 49: Growth strategy: Investment Management acquired overseas asset management platform
Growth strategy built on solid earning power: Investment Management ~ Acquired an overseas asset management platform ◼ Closed on the acquisition of Macquarie’s US and European public asset management business, a significant step towards our 2030 goal of becoming an asset manager with $1trn AuM ◼ Pur
Slide 50: Financial Supplement
NOMURA Financial Supplement
Slide 51: Consolidated balance sheet
Consolidated balance sheet (billions of yen) Consolidated balance sheet Mar 31, Mar 31, Increase Mar 31, Mar 31, Increase 2025 2026 (Decrease) 2025 2026 (Decrease) Assets Liabilities Total cash and cash deposits 5,515 5,649 134 Short-term borrowings 1,117 1,753 635 Total payables and deposits 7,249
Slide 52: Value at risk
Value at risk ◼ Definition ◼ From April 1, 2025, to March 31, 2026 (billions of yen) − 95% confidence level − Maximum: 7.7 − 1-day time horizon for outstanding portfolio − Minimum: 3.1 − Inter-product price fluctuations considered − Average: 5.1 (billions of yen) FY2024/25 FY2025/26 FY2024/25 FY2025
Slide 53: Consolidated financial highlights
Consolidated financial highlights (billions of yen) 400 12% 120 12.0% 12% 362.1 11.3% 340.7 10.1% 104.6 10.8% 10.0% 10.1% 92.1 91.6 Net income (loss) 10.0% 300 9% 90 9% attributable to Nomura 72.0 Holdings, Inc. ("NHI") 73.9 shareholders 200 6% 60 6% ROE 100 3% 30 3% 0 0% 0 0% FY2024/25 FY2025/26 FY
Slide 54: Consolidated income
Consolidated income (billions of yen) FY2024/25 FY2025/26 FY2024/25 FY2025/26 4Q 1Q 2Q 3Q 4Q Revenue Commissions 407.0 455.3 100.3 100.6 105.0 119.2 130.4 Fees from investment banking 212.2 200.5 53.3 38.4 44.6 59.0 58.6 Asset management and portfolio service fees 378.2 468.6 96.8 92.9 102.5 122.7 1
Slide 55: Main revenue items
Main revenue items (billions of yen) FY2024/25 FY2025/26 FY2024/25 FY2025/26 4Q 1Q 2Q 3Q 4Q Commissions Stock brokerage commissions 264.5 295.2 66.3 62.8 67.2 79.9 85.3 Other brokerage commissions 17.5 20.3 4.7 4.7 4.5 3.3 7.8 Commissions for distribution of 66.1 66.3 14.0 14.3 14.3 20.9 16.9 invest
Slide 56: Income 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 FY2024/25 FY2025/26 4Q 1Q 2Q 3Q 4Q 1 Wealth Management 166.2 204.0 35.9 38.8 45.5 58.5 61.2 In
Slide 57: Segment Other
Segment “Other” Income (loss) before income taxes (billions of yen) 60 54.6 45 35.1 30 24.6 15 5.9 2.3 0 -15 -10.3 -22.0 -30 1 2 FY2024/25 FY2025/26 FY2024/25 FY2025/26 4Q 1Q 2Q 3Q 4Q Net gain (loss) related to economic -5.8 -2.9 2.2 1.1 -0.2 -1.0 -2.9 hedging transactions Realized gain (loss) on in
Slide 58: Wealth Management related data (1)
Wealth Management related data (1) (billions of yen) FY2024/25 FY2025/26 FY2024/25 FY2025/26 4Q 1Q 2Q 3Q 4Q QoQ YoY Commissions 183.6 217.5 43.3 46.2 52.1 58.7 60.6 3.1% 39.8% Of which, stock brokerage commission 72.2 96.0 17.4 18.3 22.7 24.7 30.3 22.4% 74.3% Of which, commissions for distribution o
Slide 59: Wealth Management related data (2)
Wealth Management related data (2) Wealth Management client assets (trillions of yen) 200 Other 175.8 172.6 175.8 162.3 Foreign investment 153.2 150 143.8 143.8 trusts Bond investment trusts Stock investment 100 trusts Domestic bonds 50 Foreign currency bonds Equities 0 FY2024/25 FY2025/26 FY2024/25
Slide 60: Wealth Management related data (3)
Wealth Management related data (3) Net inflows (outflows) of cash and securities1 (billions of yen) Wealth Management total 6,000 Retail only 3,000 5,263 2,720 5,000 2,500 2,259 4,000 2,000 3,000 1,500 2,000 1,521 1,000 744 1,288 1,276 519 1,000 500 380 398 296 309 168 0 0 -1,000 -500 -461 FY2024/25
Slide 61: Wealth Management related data (4)
Wealth Management related data (4) Number of accounts (thousands) FY2024/25 FY2025/26 FY2024/25 FY2025/26 Mar Mar Mar Jun Sep Dec Mar Accounts with balance 5,934 6,095 5,934 5,965 5,998 6,075 6,095 Equity holding accounts 3,285 3,310 3,285 3,292 3,292 3,301 3,310 NISA accounts opened 1,779 1,900 1,7
Slide 62: 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 FY2024/25 FY2025/26 QoQ YoY 4Q 1Q 2Q 3Q 4Q Business revenue 163.7 223.7 43.3 40.6 44.1 57.8 81.2 40.4% 87.7% Investment gain/loss 28.8 34.8 -0.2 9.9 16.8 3.1 5.0 63.7% - Net
Slide 63: Investment Management related data (2)
Investment Management related data (2) Asset inflows/outflows by business1 (billions of yen) FY2024/25 FY2025/26 FY2024/25 FY2025/26 4Q 1Q 2Q 3Q 4Q Domestic investment trusts business 2,113 1,204 274 -207 525 71 816 of which ETFs 987 -23 673 -667 77 -105 673 Domesetic investment advisory and 536 -76
Slide 64: Wholesale related data
Wholesale related data Net revenue and income (loss) before income taxes (billions of yen) FY2024/25 FY2025/26 FY2024/25 FY2025/26 QoQ YoY 4Q 1Q 2Q 3Q 4Q Net revenue 1,057.9 1,162.2 259.2 261.1 279.2 313.9 308.1 -1.9% 18.9% Non-interest expenses 891.7 961.7 221.7 219.2 226.0 251.6 264.8 5.3% 19.5% I
Slide 65: Number of employees
Number of employees FY2024/25 FY2025/26 FY2024/25 FY2025/26 Mar Mar Mar Jun Sep Dec Mar Japan 14,877 15,017 14,877 15,317 15,144 15,061 15,017 Europe 3,133 3,269 3,133 3,155 3,173 3,237 3,269 Americas 2,417 3,028 2,417 2,476 2,450 3,030 3,028 Asia and Oceania1 6,815 7,363 6,815 6,960 7,109 7,273 7,3
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