Nomura Holdings, Inc. · TSE:8604
Nomura — FY2024/25 Earnings Presentation
35 slides from Nomura's earnings presentation, May 2, 2025
Slide 1: Consolidated Results of Operations Fourth quarter, year ended March 2025
Consolidated Results of Operations Fourth quarter, year ended March 2025 (US GAAP) April 2025 Nomura Holdings, Inc. We aspire to create a better world by harnessing the power of financial markets ©Nomura
Slide 2: Outline
Outline Presentation Executive summary (p. 2-4) Overview of results (p. 5) Business segment results (p. 6) Wealth Management (p. 7-9) Investment Management (p. 10-11) Wholesale (p. 12-14) Non-interest expenses (p. 15) Robust financial position (p. 16) Financial Supplement Consolidated balance sheet
Slide 3: Executive summary (1/2)
Executive summary (1/2) FY2024/25 full year highlights Net income¹ of Y340.7bn, a new record high - Three segment performance was strong and there was evidence of further progress with our medium to long-term initiatives, including growth in stable revenues², efforts to diversify Wholesale revenues,
Slide 4: Key points of FY2024/25 full year results
Appendix: Key points of FY2024/25 full year results Three segment income before income taxes up sharply thanks to medium to longer-term initiatives KGIs presented at the Investor Day 2023 all achieved Three segment income (loss) before income taxes (billions of yen) 500 Wholesale Investment Manageme
Slide 5: Executive summary (2/2)
Executive summary (2/2) FY2024/25 4Q highlights Income before income taxes and net income both slowed following a strong previous quarter, but ROE held up well at 8.2% – Net revenue: Y452.7bn (-10% QoQ); Income before income taxes: Y97.7bn (-29% QoQ); Net income1: Y72.0bn (-29% QoQ); EPS2: Y23.39; R
Slide 6: Overview of results
Overview of results Highlights (billions of yen, excluding EPS and ROE) FY2023/24 FY2024/25 FY23/24 FY24/25 QoQ YoY YoY 4Q 1Q 2Q 3Q 4Q Full year Full year Net revenue 445.1 454.4 483.3 502.0 452.7 -10% 2% 1,562.0 1,892.5 21% Non-interest expenses 353.0 351.5 350.3 363.7 355.0 -2% 1% 1,288.2 1,420.5
Slide 7: Business segment results
Business segment results Net revenue and income (loss) before income taxes (billions of yen) FY2023/24 FY2024/25 FY23/24 FY24/25 QoQ YoY YoY 4Q 1Q 2Q 3Q 4Q Full year Full year Net revenue Wealth Management 108.8 114.0 116.7 116.3 104.5 -10% -4% 402.4 451.5 12% Investment Management 43.6 47.7 56.1 45
Slide 8: Wealth Management
Wealth Management Net revenue and income (loss) before income taxes (billions of yen) FY23/ FY24/ FY20 FY2024/25 24 25 23/24 QoQ YoY Full Full 4Q 1Q 2Q 3Q 4Q year year Net revenue 402.4 451.5 108.8 114.0 116.7 116.3 104.5 -10% -4% Non-interest expenses 279.7 280.7 70.0 71.7 71.4 70.1 67.5 -4% -4% In
Slide 9: Wealth Management: Total sales
Wealth Management: Total sales Total sales1 Discretionary 7,000.0 investments, 6,000.0 Insurance products Investment trusts 5,000.0 4,000.0 Bonds 3,000.0 Stocks 2,000.0 1,000.0 0.0 FY2023/24 FY2024/25 (billions of yen) 4Q 1Q 2Q 3Q 4Q Stocks 4,491.3 4,785.8 4,149.9 3,644.4 3,870.6 Bonds 749.3 695.6 6
Slide 10: Wealth Management: All FY2024/25 KPI targets achieved
Wealth Management: All FY2024/25 KPI targets achieved Net inflows of recurring revenue assets1 Continued net inflows into recurring revenue assets led by investment trusts, loans, insurance, and discretionary investmentsn FY2024/25 KPI target of Y800bn achieved, with full-year net inflows of Y1,374b
Slide 11: Investment Management
Investment Management Net revenue and income (loss) before income taxes (billions of yen) FY23 FY24 FY23 FY2024/25 /24 /25 /24 QoQ YoY Full Full 4Q 1Q 2Q 3Q 4Q year year Net revenue 154.1 192.5 43.6 47.7 56.1 45.7 43.0 -6% -1% Non-interest expenses 93.9 102.9 25.8 24.5 24.2 26.8 27.5 3% 6% Income (l
Slide 12: Investment Management: Alternative AuM up to a record high
Investment Management: Alternative AuM up to a record high, thanks to net inflows Assets under management (net)1 (trillions of yen) Investment advisory and international businesses, etc. Investment trust business 100.0 89.0 92.5 93.5 89.3 88.8 80.0 24.4 26.1 25.0 26.3 25.0 60.0 40.0 64.6 66.4 63.8 6
Slide 13: Wholesale
Wholesale Net revenue and income (loss) before income taxes FY23 FY24 FY23 (billions of yen) FY2024/25 /24 /25 /24 QoQ YoY Full Full 4Q 1Q 2Q 3Q 4Q year year Net revenue 866.1 1,057.9 254.2 244.8 263.4 290.5 259.2 -11% 2% Non-interest expenses 812.2 891.7 233.6 223.7 218.1 228.2 221.7 -3% -5% Income
Slide 14: Wholesale: Global Markets
Wholesale: Global Markets Net revenue (billions of yen) 1,000.0 250.0 n FI: Others1 800.0 200.0n FI: Macro Products2 600.0 150.0n FI: Spread Products3 400.0 100.0n EQ: Others4 n EQ: Equity 200.0 50.0 Products5 n EQ: Execution Services6 0.0 0.0 FY23 FY24 FY23 FY2024/25 /24 /25 /24 QoQ YoY Full Full 4
Slide 15: Wholesale: Investment Banking
Wholesale: Investment Banking Net revenue (billions of yen) 60.0 200.0 Financing, 150.0 40.0 Solutions, etc. 100.0 20.0 Advisory 50.0 0.0 0.0 FY23/ FY24/ FY23/ FY2024/25 24 25 24 QoQ YoY Full Full 4Q 1Q 2Q 3Q 4Q year year 159.0 183.3 49.8 37.2 42.3 51.5 52.3 2% 5% Key points Full year Net revenue: Y
Slide 16: Non-interest expenses
Non-interest expenses (billions of yen) 400.0 1,500.0 363.7 355.0 Other 1,420.5 353.0 351.5 350.3 1,288.2 Business development expenses 1,000.0 Occupancy and related depreciation 200.0 Information processing and communications 500.0 Commissions and floor brokerage Compensation and benefits 0.0 0.0 F
Slide 17: Robust financial position
Robust financial position Balance sheet related indicators and capital ratios Mar 2024 Dec 2024 Mar 2025 Total assets Y55.1trn Y60.5trn Y56.8trn Shareholders’ equity Y3.4trn Y3.6trn Y3.5trn Gross leverage 16.5x 17.0x 16.4x Net leverage1 10.2x 11.1x 11.0x Level 3 assets2 (net) Y1.0trn Y1.4trn Y1.3trn
Slide 18: Financial Supplement
NOMURA Financial Supplement
Slide 19: Consolidated balance sheet
Consolidated balance sheet Consolidated balance sheet (billions of yen) Mar 31, Mar 31, Increase Mar 31, Mar 31, Increase 2024 2025 (Decrease) 2024 2025 (Decrease) Assets Liabilities Total cash and cash deposits 5,155 5,515 360 Short-term borrowings 1,055 1,117 63 Total payables and deposits 6,490 7
Slide 20: Value at risk
Value at risk Definition From April 1, 2024, to March 31, 2025 (billions of yen)- 95% confidence level- Maximum: 6.9- 1-day time horizon for outstanding portfolio- Minimum: 3.5- Inter-product price fluctuations considered- Average: 5.2 (billions of yen) FY2023/24 FY2024/25 FY2023/24 FY2024/25 Mar Ma
Slide 21: Consolidated financial highlights
Consolidated financial highlights (billions of yen) 400 12% 340.7 10.0% Net income (loss) 300 9% attributable to Nomura Holdings, Inc. (“NHI”) shareholders 165.9 200 6% 5.1% ROE(%) 100 3% 0 0% FY2023/24 FY2024/25 Net revenue 1,562.0 1,892.5 Income (loss) before income taxes 273.9 472.0 Net income (l
Slide 22: Consolidated income
Consolidated income (billions of yen) FY2023/24 FY2024/25 FY2023/24 FY2024/25 4Q 1Q 2Q 3Q 4Q Revenue Commissions 364.1 407.0 106.7 102.8 101.4 102.6 100.3 Fees from investment banking 173.3 212.2 48.3 41.3 53.3 64.4 53.3 Asset management and portfolio service fees 310.2 378.2 84.2 90.3 93.8 97.2 96.
Slide 23: Main revenue items
Main revenue items (billions of yen) FY2023/24 FY2024/25 FY2023/24 FY2024/25 4Q 1Q 2Q 3Q 4Q Commissions Stock brokerage commissions 242.7 264.5 72.7 64.9 66.9 66.3 66.3 Other brokerage commissions 15.6 17.5 3.8 4.1 4.4 4.4 4.7 Commissions for distribution of 56.2 66.1 15.7 20.3 14.5 17.3 14.0 invest
Slide 24: Consolidated results: Income (loss) 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) FY2023/24 FY2024/25 FY2023/24 FY2024/25 4Q 1Q 2Q 3Q 4Q Wealth Management 122.7 170.8 38.8 42.3 45.3 46.2 37.0 Inve
Slide 25: Segment "Other"
Segment “Other” Income (loss) before income taxes (billions of yen) 60 50 47.4 46.9 40 30 20 15.1 13.7 10.8 10.2 7.8 10 0 1 2 FY2023/24 FY2024/25 FY2023/24 FY2024/25 4Q 1Q 2Q 3Q 4Q Net gain (loss) related to economic 2.0 -5.8 0.0 -2.9 1.8 -7.0 2.2 hedging transactions Realized gain (loss) on investm
Slide 26: Wealth Management related data (1)
Wealth Management related data (1) (billions of yen) FY2023/24 FY2024/25 FY2023/24 FY2024/25 4Q 1Q 2Q 3Q 4Q QoQ YoY Commissions 173.5 183.6 49.1 49.8 43.3 47.1 43.3 -8.0% -11.8% Of which, stock brokerage commission 80.2 72.2 25.1 19.1 17.7 18.1 17.4 -3.9% -30.9% Of which, commissions for distributio
Slide 27: Wealth Management related data (2)
Wealth Management related data (2) Wealth Management client assets (trillions of yen) 153.5 153.5 153.5 152.2 160 Other 146.1 143.8 143.8 Foreign investment trusts 120 Bond investment trusts Stock investment 80 trusts Domestic bonds 40 Foreign currency bonds Equities 0 FY2023/24 FY2024/25 FY2023/24
Slide 28: Wealth Management related data (3)
Wealth Management related data (3) Net inflows of cash and securities1 (billions of yen) Wealth Management total Retail only 1,600 1,273 1,288 1,276 1,200 755 803 800 460 467 380 400 236 138 181 168 0 -400 -131 -800 -656 FY2023/24 FY2024/25 FY2023/24 FY2024/25 4Q 1Q 2Q 3Q 4Q Wealth Management total
Slide 29: Wealth Management related data (4)
Wealth Management related data (4) Number of accounts (thousands) FY2023/24 FY2024/25 FY2023/24 FY2024/25 Mar Mar Mar Jun Sep Dec Mar Accounts with balance 5,496 5,934 5,496 5,524 5,888 5,925 5,934 Equity holding accounts 2,972 3,285 2,972 2,978 3,265 3,275 3,285 NISA accounts opened1 1,780 1,779 1,
Slide 30: Investment Management related data (1)
Investment Management related data (1) Net revenue and income (loss) before income taxes (billions of yen) FY2023/24 FY2024/25 FY2023/24 FY2024/25 QoQ YoY 4Q 1Q 2Q 3Q 4Q Business revenue 137.2 163.7 38.0 39.1 39.4 42.0 43.3 3.1% 13.9% Investment gain/loss 16.9 28.8 5.6 8.6 16.7 3.8 -0.2 - - Net reve
Slide 31: Investment Management related data (2)
Investment Management related data (2) Asset inflows/outflows by business1 (billions of yen) FY2023/24 FY2024/25 FY2023/24 FY2024/25 4Q 1Q 2Q 3Q 4Q Investment trusts business 1,845 2,113 780 695 655 489 274 of which ETFs 473 987 296 145 521 -352 673 Investment advisory and international 1,915 536 34
Slide 32: Wholesale related data
Wholesale related data Net revenue and income (loss) before income taxes (billions of yen) FY2023/24 FY2024/25 FY2023/24 FY2024/25 QoQ YoY 4Q 1Q 2Q 3Q 4Q Net revenue 866.1 1,057.9 254.2 244.8 263.4 290.5 259.2 -10.8% 2.0% Non-interest expenses 812.2 891.7 233.6 223.7 218.1 228.2 221.7 -2.8% -5.1% In
Slide 33: Number of employees
Number of employees FY2023/24 FY2024/25 FY2023/24 FY2024/25 Mar Mar Mar Jun Sep Dec Mar Japan 14,870 14,830 14,870 15,215 15,045 14,977 14,830 Europe 3,053 3,133 3,053 3,057 3,111 3,114 3,133 Americas 2,440 2,417 2,440 2,450 2,502 2,433 2,417 Asia and Oceania1 6,487 6,815 6,487 6,622 6,724 6,736 6,8
Slide 34: 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 35: Nomura Holdings, Inc. www.nomura.com
Nomura Holdings, Inc. www.nomura.com