Nomura Holdings, Inc. · TSE:8604
Nomura — Q4 2026 Earnings Presentation
36 slides from Nomura's earnings presentation, Apr 24, 2026
Slide 1: Consolidated Results of Operations
Consolidated Results of Operations Fourth quarter, year ended March 2026 (US GAAP) April 2026 Nomura Holdings, Inc. © Nomura
Slide 2: Outline
Outline Presentation Financial Supplement ◼ Executive summary (p. 2-3) ◼ Consolidated balance sheet (p. 19) ◼ Trend in stable revenue (p. 4) ◼ Value at risk (p. 20) ◼ Overview of results (p. 5) ◼ Consolidated financial highlights (p. 21) ◼ Business segment results (p. 6) ◼ Consolidated income (p. 22
Slide 3: Executive summary (1/2)
Executive summary (1/2) 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 second year in a row ◼ Four segment income before income taxes reached an all-time hig
Slide 4: Executive summary (2/2)
Executive summary (2/2) 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 5: Trend in stable revenue
Trend in stable revenue: Building recurring business to expand the revenue base for growth Recurring revenue assets and AuM increased with inflows Stable revenue1 steadily expanding Wealth Management (WM) (trillions of yen) Recurring revenue assets (billions of yen) 27.9 WM Recurring revenue IM Busi
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 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 7: 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 8: 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 9: 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 10: 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 on progress in asset management business ◼ Fiscal year-end recurring revenue assets fell on market factors but remained at high level; re
Slide 11: 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 12: Investment Management: AuM remains at 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 13: 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 14: 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 ◼ FI: Others1 ◼ YoY growth in revenue across all regions 800.0 250 Fourth quarter ◼ FI: Macro Products2 Net rev
Slide 15: 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 16: 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 17: 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 2,000.0 469.5 500.0 416.5 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 18: 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 19: Financial Supplement
NOMURA Financial Supplement
Slide 20: Consolidated balance sheet
Consolidated balance sheet Consolidated balance sheet (billions of yen) 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 21: 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 22: 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 23: 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 24: 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 25: 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 26: 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 27: 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 28: 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 29: Wealth Management related data (3)
Wealth Management related data (3) Net inflows 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 FY2025/26
Slide 30: 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 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 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 32: 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 33: 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 34: 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
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