Nomura Holdings, Inc. · TSE:8604
Nomura — Q3 FY2024/25 Earnings Presentation
34 slides from Nomura's earnings presentation, Feb 10, 2025
Slide 1: Consolidated Results of Operations Third quarter, year ending March 2025
Consolidated Results of Operations Third quarter, year ending March 2025 (US GAAP) February 2025 Nomura Holdings, Inc. © Nomura We aspire to create a better world by harnessing the power of financial markets
Slide 2: Outline
Outline 1 Presentation Financial Supplement Consolidated balance sheet (p. 17) Value at risk (p. 18) Consolidated financial highlights (p. 19) Consolidated income (p. 20) Main revenue items (p. 21) Consolidated results: Income (loss) before income taxes by segment and region (p. 22) Segment “Other”
Slide 3: FY2024/25 3Q highlights: Executive summary (1/2)
2 FY2024/25 3Q highlights Income (loss) before income taxes, and net income (loss)1 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY2023/24 FY2024/25 1Q 2Q 3Q 4Q 1Q 2Q 3Q Income before income taxes and net income exceeded strong previous quarter to reach the highest levels in the four and a half years since FY2020/21 1Q; pr
Slide 4: FY2024/25 1Q-3Q highlights: Executive summary (2/2)
FY2024/25 1Q-3Q highlights Executive summary (2/2) 1. Net income (loss) attributable to Nomura Holdings shareholders. 2. Diluted net income (loss) attributable to Nomura Holdings shareholders per share. 3. Calculated using annualized net income attributable to Nomura Holdings shareholders for each p
Slide 5: Overview of results
Highlights Overview of results 1. Net income (loss) attributable to Nomura Holdings shareholders. 2. Diluted net income (loss) attributable to Nomura Holdings shareholders per share. 3. Calculated using annualized net income attributable to Nomura Holdings shareholders for each period. 4 (billions o
Slide 6: Business segment results
Business segment results 5 Net revenue and income (loss) before income taxes *Additional information on “Other” (FY2024/25 3Q) Loss related to economic hedging (Y7.0bn) Gain on changes to own and counterparty credit spread relating to Derivatives (Y1.3bn) FY2023/24 FY2024/25 QoQ YoY FY2023/24 FY2024
Slide 7: Wealth Management
Wealth Management 1. Revenue from client assets and ongoing revenue (investment trusts, discretionary investments, insurance, loans, level fee assets, etc.). 2. Revenue from transactions (brokerage revenue, consulting-related revenue), interest income, etc. other than from loans. 3. Excludes Corpora
Slide 8: Wealth Management: Total sales
Wealth Management: Total sales 1. Excludes Corporate section and Workplace Solution Department 7 Total sales1 FY2023/24 FY2024/25 3Q 4Q 1Q 2Q 3Q Stocks 3,146.7 4,491.3 4,785.8 4,149.9 3,644.4 Bonds 617.8 749.3 695.6 610.8 399.8 Investment trusts 605.0 764.2 971.0 793.7 863.4 Discretionary investment
Slide 9: Wealth Management: KPI summary
Wealth Management: KPI summary 1. Excludes investment trust distributions, and investment trust net inflows in level fee accounts. Figures from before FY2023/24 4Q have been reclassified following a change in definition of net inflows of recurring assets in FY2024/25 1Q. 2. Revenue from client asset
Slide 10: Investment Management
Investment Management 1. Includes revenues from asset management business (excl. ACI-related gain/loss), Nomura Babcock & Brown aircraft leasing-related revenues and general partner management fees gained from private equity and other investment businesses but excludes investment gains/losses. 2. Co
Slide 11: Investment Management: AuM and alternative AuM both at record highs
Investment Management: AuM and alternative AuM both at record highs 1. Net after deducting duplications from assets under management (gross) of Nomura Asset Management, Nomura Corporate Research and Asset Management, and Wealth Square, as well as third party investments related to assets under manag
Slide 12: Wholesale
Wholesale 1. Wholesale net revenue (annualized) divided by modified risk-weighted assets (daily average for the accounting period) used by Wholesale. Modified risk-weighted assets (daily average for the accounting period) is a non-GAAP financial measure and is the total of (i) risk-weighted assets (
Slide 13: Wholesale: Global Markets
Net revenue: Y239.0bn (+8% QoQ; +39% YoY) Global Markets net revenue grew for the seventh straight quarter on growth in EMEA, the Americas, and AEJ—Fixed Income revenues grew 9% QoQ, driven by contributions from Securitized Products and FX/EM—Equities revenues grew 6% QoQ on strong performance in Eq
Slide 14: Wholesale: Investment Banking
Wholesale: Investment Banking 1. ECM, DCM, ALF, businesses run together with Global Markets, and other revenue not attributed to a particular product. 2. Source LSEG, Apr – Dec 2024 Net revenue: Y51.5bn (+22% QoQ; +14% YoY) Revenues at highest level since comparisons possible in FY2016/17 as we exec
Slide 15: Non-interest expenses
Non-interest expenses: Y363.7bn (+4% QoQ) Compensation and benefits (+3% QoQ)—Booked higher deferred compensation due to a rise in our share price; welfare expenses also rose Other expenses (+23% QoQ)—Professional fees and transaction-related expenses rose, as did expenses accompanying disposal of s
Slide 16: Robust financial position
Robust financial position 1. Net leverage: Total assets minus securities purchased under agreements to resell and securities borrowed, divided by Nomura Holdings shareholders’ equity. 2. HQLA and LCR as of the end of December 2024 are final figures. Other figures are preliminary. 3. CET 1 capital ra
Slide 17: Financial Supplement
NOMURA Financial Supplement
Slide 18: Consolidated balance sheet
Consolidated balance sheet Consolidated balance sheet 1. Including securities pledged as collateral. 17 (billions of yen) Mar 31, 2024 Dec 31, 2024 Increase (Decrease) Mar 31, 2024 Dec 31, 2024 Increase (Decrease) Assets Total cash and cash deposits 5,155 5,575 420 Short-term borrowings 1,055 992 -6
Slide 19: Value at risk
Value at risk 18 (billions of yen) Definition—95% confidence level—1-day time horizon for outstanding portfolio—Inter-product price fluctuations considered From April 1, 2024, to December 31, 2024 (billions of yen)—Maximum: 6.9—Minimum: 4.5—Average: 5.4 FY2022/23 FY2023/24 FY2024/25 Mar Mar Dec Mar
Slide 20: Consolidated financial highlights
Consolidated financial highlights 1. Quarterly ROE is calculated using annualized year-to-date net income. 19 (billions of yen) 50.5 56.8 68.9 98.4 101.4 4.5% 5.1% 8.1% 10.1% 10.4% 0% 3% 6% 9% 12% 0 30 60 90 120 92.8 165.9 3.1% 5.1% 0% 2% 4% 6% 8% 10% 0 50 100 150 200 Net income (loss) attributable
Slide 21: Consolidated income
Consolidated income 20 (billions of yen) FY2024/25 3Q 4Q 1Q 2Q 3Q Commissions 279.9 364.1 85.7 106.7 102.8 101.4 102.6 Fees from investment banking 113.2 173.3 55.2 48.3 41.3 53.3 64.4 Asset management and portfolio service fees 271.7 310.2 77.5 84.2 90.3 93.8 97.2 Net gain on trading 563.3 491.6 12
Slide 22: Main revenue items
Asset Management and portfolio service fees Fees from Investment banking Commissions Main revenue items 21 (billions of yen) FY2024/25 3Q 4Q 1Q 2Q 3Q Stock brokerage commissions 190.8 242.7 56.4 72.7 64.9 66.9 66.3 Other brokerage commissions 17.9 15.6 3.9 3.8 4.1 4.4 4.4 Commissions for distributio
Slide 23: Income (loss) before income taxes by segment and region
Consolidated results: Income (loss) before income taxes by segment and region 1. Geographic information is based on U.S. GAAP. Nomura’s revenues and expenses are allocated based on the country of domicile of the legal entity providing the service. This information is not used for business management
Slide 24: Segment Other
Income (loss) before income taxes Segment “Other” 23 (billions of yen) 73.4 47.4 0 20 40 60 80 100 1 2 21.2 10.8 15.1 13.7 10.2 1 2 FY20324/25 4 5 3Q 4Q 1Q 2Q 3Q Net gain (loss) related to economic hedging transactions -4.8 2.0 7.6 0.0 -2.9 1.8 -7.0 Realized gain (loss) on investments in equity secu
Slide 25: Wealth Management related data (1)
Wealth Management related data (1) 24 (billions of yen) FY2024/25 3Q 4Q 1Q 2Q 3Q QoQ YoY Commissions 112.5 173.5 41.1 49.1 49.8 43.3 47.1 8.7% 14.6% Of which, stock brokerage commission 50.9 80.2 17.2 25.1 19.1 17.7 18.1 1.9% 5.3% Of which, commissions for distribution of investment trusts 30.2 54.9
Slide 26: Wealth Management related data (2): client assets
Wealth Management client assets Wealth Management related data (2) 1. Including CBs and warrants. 2. Including annuity insurance. 25 (trillions of yen) 122.2 153.5 0 40 80 120 Other 160 Foreign investment trusts Bond investment trusts Stock investment trusts Domestic bonds Foreign currency bonds Equ
Slide 27: Wealth Management related data (3): net inflows
Net inflows of cash and securities1 Wealth Management related data (3) 1. Cash and securities inflows minus outflows, excluding regional financial institutions. 2. Retail excludes Corporate section, Private Wealth Management and Workplace Service from Wealth Management total. Figures from before FY2
Slide 28: Wealth Management related data (4)
Wealth Management related data (4) 1. Junior NISA accounts are not included from the figure at the end of June 2024. 2. Ratio of cash stocks traded via online service. 27 Number of accounts New individual accounts / IT share2 (thousands) (thousands) FY2024/25 3Q 4Q 1Q 2Q 3Q New individual accounts 1
Slide 29: Investment Management related data (1)
Investment Management related data (1) 1. From June 2024, assets under management (gross) of Nomura Asset Management and Group company overlap assets decreased similarly due to the reorganization in the Americas made on April 1, 2024. 2. Total of assets under management (gross) of Nomura Asset Manag
Slide 30: Investment Management related data (2)
Investment Management related data (2) 1. Based on assets under management (net). 2. Source: Investment Trusts Association, Japan. 29 Asset inflows/outflows by business1 Domestic public investment trust market and Nomura Asset Management market share2 (billions of yen) (trillions of yen) FY2024/25 3
Slide 31: Wholesale related data
Wholesale related data 30 Net revenue and income (loss) before income taxes Breakdown of Wholesale revenue (billions of yen) (billions of yen) FY2024/25 3Q 4Q 1Q 2Q 3Q Net revenue 772.4 866.1 217.0 254.2 244.8 263.4 290.5 10.3% 33.9% Non-interest expenses 743.0 812.2 194.0 233.6 223.7 218.1 228.2 4.
Slide 32: Number of employees
Number of employees 1. Includes Powai office in India. 31 FY2022/23 FY2023/24 FY2024/25 Mar Mar Dec Mar Jun Sep Dec Japan 15,131 14,870 14,996 14,870 15,215 15,045 14,977 Europe 2,937 3,053 3,015 3,053 3,057 3,111 3,114 Americas 2,387 2,440 2,458 2,440 2,450 2,502 2,433 Asia and Oceania1 6,320 6,487
Slide 33: 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 sell, s
Slide 34: Nomura Holdings, Inc. www.nomura.com
Nomura Holdings, Inc. www.nomura.com