Nomura Holdings, Inc. · TSE:8604
Nomura — Q1 2027 Earnings Presentation
37 slides from Nomura's earnings presentation, Jul 29, 2026
Slide 1: Consolidated Results of Operations
Consolidated Results of Operations First quarter, year ending March 2027 (US GAAP) Nomura Holdings, Inc. July 2026 © Nomura
Slide 2: Outline
Outline Presentation Financial Supplement Executive summary P2 Consolidated balance sheet P20 Trend in stable revenue P3 Value at risk P21 Rolling four-quarter average P4 Consolidated financial highlights P22 Overview of results P5 Consolidated income P23 Business segment results P6 Main revenue ite
Slide 3: Executive summary
Executive summary Income before income taxes and FY2026/27 1Q highlights net income3 Revenue and income before income taxes rose QoQ at all segments and ROE 1 Groupwide came in at 15.4%: Benefits of structural reforms are being steadily reflected in earnings, progress towards 2030 Management Vision
Slide 4: Trend in stable revenue
Trend in stable revenue: Stable revenues up around 1.6x YoY on expansion of asset management-based business Recurring revenue assets and AuM increased with inflows Stable revenue1 steadily expanding2 Wealth Management (WM) (billions of yen) WM Recurring revenue IM Business revenue Banking revenue Re
Slide 5: Rolling four-quarter average
Rolling four-quarter average1 Revenue and income before income taxes by Division Wealth Management2 Investment Management (billions of yen) Avg. recurring revenue (billions of yen) Avg. business revenue Avg. flow revenue, etc. Avg. investment gain/loss Avg. income before income taxes Avg. income bef
Slide 6: Overview of results
Overview of results Highlights (billions of yen, excluding EPS, BPS and ROE) FY25/26 FY26/27 QoQ YoY 1Q 2Q 3Q 4Q 1Q Net revenue 523.3 515.5 551.8 577.2 686.7 19% 31% Non-interest expenses 363.0 378.8 416.5 469.5 475.2 1% 31% Income before income taxes 160.3 136.6 135.2 107.7 211.5 96% 32% Net income
Slide 7: Business segment results
Business segment results Net revenue and income (loss) before income taxes (billions of yen) FY25/26 FY26/27 QoQ YoY 1Q 2Q 3Q 4Q 1Q Wealth Management 105.8 116.5 132.5 133.1 145.4 9% 37% Investment Management 50.6 60.8 60.9 86.2 98.3 14% 94% Wholesale 261.1 279.2 313.9 308.1 369.1 20% 41% Banking 12
Slide 8: Wealth Management
Wealth Management Net revenue and income (loss) before income taxes1 Key points (billions of yen) FY25/ FY26/ 26 27 QoQ YoY Net revenue：Y145.4bn (+9% QoQ、+37% YoY) 1Q 2Q 3Q 4Q 1Q Income before income taxes： Y71.1bn (+16% QoQ、+83% YoY) Net revenue 105.8 116.5 132.5 133.1 145.4 9% 37% ◼ Progress in sh
Slide 9: Wealth Management: Asset purchases based on long-term, diversified investment continued to grow
Wealth Management: Asset purchases based on long- term, diversified investment continued to grow Total sales1 (billions of yen) Total sales1 were Y8.5237trn, -27% QoQ 12,000 Discretionary Strong performance mainly in investment trusts and discretionary investments, Insurance 10,000 investments produ
Slide 10: Wealth Management: KPI summary
Wealth Management: KPI summary Net inflows of recurring revenue assets1 Recurring revenue assets and recurring revenue2 ◼ Net inflows of recurring revenue assets for 17th consecutive quarter, reaching ◼ Both recurring revenue and recurring revenue assets reached all-time highs all-time high for both
Slide 11: Investment Management
Investment Management Net revenue and income (loss) before income taxes1 Key points (billions of yen) FY25/ FY26/ 26 27 QoQ YoY Net revenue: Y98.3bn (+14% QoQ, +94%YoY) 1Q 2Q 3Q 4Q 1Q Income before income taxes: Y45.0bn (+148%QoQ, +109%YoY) Net revenue 50.6 60.8 60.9 86.2 98.3 14% 94% ◼ Net revenue
Slide 12: Investment Management: AuM, inclusive of alternative assets, 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) Domestic Investment Advisory and international business, etc. Assets under management at record high of Y156.4trn Domestic Investment trust business 156.4 Domestic
Slide 13: Wholesale
Wholesale Net revenue and income (loss) before income taxes Key points (billions of yen) FY25/ FY26/ 26 27 QoQ YoY Net revenue: Y369.1bn (+20% QoQ, +41%YoY) 1Q 2Q 3Q 4Q 1Q Income before income taxes: Y93.3bn (+116% QoQ, +123% YoY) Net revenue 261.1 279.2 313.9 308.1 369.1 20% 41% ◼ Initiatives to st
Slide 14: Wholesale: Global Markets
Wholesale: Global Markets Net revenue Key points (billions of yen) Net Revenue: Y318.7bn (+26% QoQ, +43%YoY) 350 ◼ Fixed Income: Saw revenue growth in Credit and FX/EM. International Wealth 300 Management revenue continued to grow steadily as the client base expanded, contributing to revenue diversi
Slide 15: Wholesale: Investment Banking
Wholesale: Investment Banking Net revenue Major Deals ~ Utilizing global franchise to participate in deals (billions of yen) ◼ EDF Power Solutions’ (France) sale of North American renewable energy business to KKR ($4.6bn) 60 ◼ Blackstone’s equity investment in Eurowind Energy (Denmark) (€2.0bn) Fina
Slide 16: Banking
Banking Net revenue and income (loss) before income taxes Key points (billions of yen) FY25/ FY26/ 26 27 Net Revenue: Y15.2bn (+5% QoQ, +19% YoY) QoQ YoY 1Q 2Q 3Q 4Q 1Q Income before income taxes: Y3.6bn (+19% QoQ, +1% YoY) Net revenue 12.8 12.9 13.7 14.5 15.2 5% 19% ◼ Achieved revenue and profit gr
Slide 17: Banking: KPI summary
Banking: KPI summary Loans outstanding (Nomura Trust and Banking) KPI highlights (billions of yen) Loans outstanding 1,300 1,247 ◼ Growth in loans outstanding primarily for Nomura Web loans, reflecting 1,177 increased use of internet banking, rise in profile of securities-backed loans 1,131 1,093 th
Slide 18: Non-interest expenses
Non-interest expenses Full year Quarter Key points (billions of yen) (billions of yen) First quarter 2,000 469.5 475.2 500 Non-interest expenses: Y475.2bn Other 416.5 (+1% QoQ) 1,627.9 Business development 378.8 400 1,420.5 363.0 expenses 1,500 ◼ Compensation and benefits (+4% QoQ) Occupancy and rel
Slide 19: 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 2026 Jun 2026 CET 1 capital ratio (rhs) 30 25% Total assets Y62.6trn Y68.2trn 25 20% Shareholders’ equity Y3.7trn Y3.8trn 20 13.2% 13.0% 13.0% 12.8% 12.9% 15% G
Slide 20: Financial Supplement
NOA\URA |100vears Financial Supplement
Slide 21: Consolidated balance sheet
Consolidated balance sheet Consolidated balance sheet (billions of yen) Mar 31, Jun 30, Increase Mar 31, Jun 30, Increase 2026 2026 (Decrease) 2026 2026 (Decrease) Assets Liabilities Total cash and cash deposits 5,649 6,160 511 Short-term borrowings 1,753 1,933 181 Total payables and deposits 8,698
Slide 22: Value at risk
Value at risk ◼ Definition ◼ From April 1, 2026, to June 30, 2026 (billions of yen) − 95% confidence level − Maximum: 6.7 − 1-day time horizon for outstanding portfolio − Minimum: 5.5 − Inter-product price fluctuations considered − Average: 6.0 (billions of yen) FY2024/25 FY2025/26 FY2025/26 FY2026/
Slide 23: Consolidated financial highlights
Consolidated financial highlights (billions of yen) 400 362.1 12% 150 15.4% 16% 340.7 10.1% 145.6 10.0% Net income (loss) 120 12.0% 300 9% 11.3% 10.8% 12% attributable to Nomura 104.6 10.1% Holdings, Inc. ("NHI") 92.1 91.6 shareholders 90 200 6% 73.9 8% 60 ROE 100 3% 4% 30 0 0% 0 0% FY2025/26 FY2026
Slide 24: Consolidated income
Consolidated income (billions of yen) FY2025/26 FY2026/27 FY2024/25 FY2025/26 1Q 2Q 3Q 4Q 1Q Revenue Commissions 407.0 455.3 100.6 105.0 119.2 130.4 128.2 Fees from investment banking 212.2 200.5 38.4 44.6 59.0 58.6 56.2 Asset management and portfolio service fees 378.2 468.6 92.9 102.5 122.7 150.6
Slide 25: Main revenue items
Main revenue items (billions of yen) FY2025/26 FY2026/27 FY2024/25 FY2025/26 1Q 2Q 3Q 4Q 1Q Commissions Stock brokerage commissions 264.5 295.2 62.8 67.2 79.9 85.3 84.7 Other brokerage commissions 17.5 20.3 4.7 4.5 3.3 7.8 6.7 Commissions for distribution of 66.1 66.3 14.3 14.3 20.9 16.9 22.1 invest
Slide 26: 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) FY2025/26 FY2026/27 FY2024/25 FY2025/26 1Q 2Q 3Q 4Q 1Q 1 Wealth Management 166.2 204.0 38.8 45.5 58.5 61.2 71.1 In
Slide 27: Segment “Other”
Segment “Other” Income (loss) before income taxes (billions of yen) 60 54.6 45 35.1 30 24.6 15 2.3 0 -7.0 -15 -10.3 -22.0 -30 1 2 FY2025/26 FY2026/27 FY2024/25 FY2025/26 1Q 2Q 3Q 4Q 1Q Net gain (loss) related to economic -5.8 -2.9 1.1 -0.2 -1.0 -2.9 -2.0 hedging transactions Realized gain (loss) on
Slide 28: Wealth Management related data (1)
Wealth Management related data (1) (billions of yen) FY2025/26 FY2026/27 FY2024/25 FY2025/26 QoQ YoY 1Q 2Q 3Q 4Q 1Q Commissions 183.6 217.5 46.2 52.1 58.7 60.6 66.9 10.4% 44.9% Of which, stock brokerage commission 72.2 96.0 18.3 22.7 24.7 30.3 30.9 2.2% 68.9% Of which, commissions for distribution o
Slide 29: Wealth Management related data (2)
Wealth Management related data (2) Wealth Management client assets (trillions of yen) 200 Other 183.7 175.8 172.6 175.8 162.3 Foreign investment 153.2 trusts 150 143.8 Bond investment trusts Stock investment 100 trusts Domestic bonds 50 Foreign currency bonds Equities 0 FY2024/25 FY2025/26 FY2025/26
Slide 30: 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 4,000 5,263 3,000 2,720 5,000 2,259 4,000 2,000 1,000 744 519 398 477 3,000 296 309 0 2,000 1,521 1,288 1,276 -461 -1,000 1,000 -2,000 0 -3,000 -1,000 -4,000 -8,558 FY20
Slide 31: Wealth Management related data (4)
Wealth Management related data (4) Number of accounts (thousands) FY2024/25 FY2025/26 FY2025/26 FY2026/27 Mar Mar Jun Sep Dec Mar Jun Accounts with balance 5,934 6,095 5,965 5,998 6,075 6,095 6,136 Equity holding accounts 3,285 3,310 3,292 3,292 3,301 3,310 3,336 NISA accounts opened 1,779 1,900 1,8
Slide 32: Investment Management related data (1)
Investment Management related data (1) Net revenue and income (loss) before income taxes (billions of yen) FY2025/26 FY2026/27 FY2024/25 FY2025/26 QoQ YoY 1Q 2Q 3Q 4Q 1Q Business revenue 163.7 223.7 40.6 44.1 57.8 81.2 86.2 6.2% 112.0% Investment gain/loss 28.8 34.8 9.9 16.8 3.1 5.0 12.1 140.8% 22.1
Slide 33: Investment Management related data (2)
Investment Management related data (2) Investment Management asset inflows/outflows by business1 (billions of yen) FY2025/26 FY2026/27 FY2024/25 FY2025/26 1Q 2Q 3Q 4Q 1Q Domestic investment trusts business 2,113 1,204 -207 525 71 816 -367 of which ETFs 987 -23 -667 77 -105 673 -941 Domestic investme
Slide 34: Wholesale related data
Wholesale related data Net revenue and income (loss) before income taxes (billions of yen) FY2025/26 FY2026/27 FY2024/25 FY2025/26 QoQ YoY 1Q 2Q 3Q 4Q 1Q Net revenue 1,057.9 1,162.2 261.1 279.2 313.9 308.1 369.1 19.8% 41.4% Non-interest expenses 891.7 961.7 219.2 226.0 251.6 264.8 275.8 4.1% 25.8% I
Slide 35: Number of employees
Number of employees FY2024/25 FY2025/26 FY2025/26 FY2026/27 Mar Mar Jun Sep Dec Mar Jun Japan 14,877 15,017 15,317 15,144 15,061 15,017 15,339 Europe 3,133 3,269 3,155 3,173 3,237 3,269 3,265 Americas 2,417 3,028 2,476 2,450 3,030 3,028 3,079 Asia and Oceania 1 6,815 7,363 6,960 7,109 7,273 7,363 7,
Slide 36: 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 37: Nomura Holdings, Inc.
Nomura Holdings, Inc. www.nomura.com 36 36