Mizuho Financial Group, Inc. · TSE:8411
Mizuho Financial — Debt Investor Presentation (May 2026)
85 slides from Mizuho Financial's debt investor presentation, May 2026
Slide 1: FY25 Q4 Update for Fixed Income Investors
FY25 Q4 Update for Fixed Income Investors Apr. 2025 - Mar. 2026 May 2026 © 2026 Mizuho Financial Group, Inc.
Slide 2: Executive Summary
Executive Summary Profit Performance Asset Quality Ratings (HoldCo) (JPY B) (As of Apr-26) Consolidated Net Business Profits1 Profit Attributable to Owners of Parent 1,461 1.17% 0.97% NPL Ratio2 S&P Moody’s Fitch 1,248 0.80% 1,005 678 1,144 885 A- A1 A- FY23 FY24 FY25 Mar-24 Mar-25 Mar-26 CET1 Capit
Slide 3: Becoming a leading global financial institution
1 Becoming a leading global financial institution 2 Establishing our unique competitive edges - Maintaining a sound & stable portfolio - Commitment to disciplined financial management - Focus Business Areas: strengthening edges & addressing challenges 3 Capital regulations 4 Issuance summary 5 Finan
Slide 4: Japan at a historic turning point
Japan at a historic turning point Prolonged Cash-heavy Weak Labor shortage & Challenges deflation household savings Corporate investment population decline Structural changes ◼ Transition out of a prolonged deflationary regime from the pandemic ◼ Increased need for supply chain rebuilding ◼ Cost-pus
Slide 5: Exiting the lost decades – Japan's revitalization and a shift in corporate mindset
Exiting the “lost decades” – Japan’s revitalization and a shift in corporate mindset & momentum (JPY) Nikkei 225 Japanese companies’ total Net Profit13 59,284 (Apr 2026) 57.7T (2025) Improving Increasing Macro environment 2010s Now corporate actions 2010s Now Rate of inflation1 +0.4% +3.1% Domestic
Slide 6: Proven strengths, rooted in legacy
Proven strengths, rooted in legacy. Our predecessors helped shape Japan’s industrial rise; and that DNA still underpins the strengths we deliver today. Global CIB League Table 1873 First National Bank 2000 1971 1880 1948 Dai-Ichi Kangyo Bank No.1 Yasuda Bank Fuji Bank Asian FI 1902 Industrial Bank o
Slide 7: Navigating global uncertainty with decisive actions
Navigating global uncertainty with decisive actions V olatility U ncertainty C omplexity A mbiguity keeping maintaining leveraging following Discipline Flexibility & Agility Diversity Guiding principles to prepare for market to navigate through to remain competitive, to set clear direction in and ec
Slide 8: Inter-connecting: delivering Mizuho's unique value in a VUCA world
Further growth executing our institutional aspiration: delivering Mizuho’s unique value in a VUCA world In an era of division, connecting our core capabilities to empower the “self-dependency” and “indispensability” of our clients and society Realizing personal financial well-being ◼ From daily conv
Slide 9: Preparing for risks & capitalizing on tailwinds
Preparing for risks & capitalizing on tailwinds Risks V olatility U ncertainty C omplexity A mbiguity Flexibility & Guiding Our Discipline Diversity Agility Principles nature “A collection of individuals with shared aspirations” Growing through our Focus Business Areas, and interconnecting them with
Slide 10: Expecting to deliver another all-time high for Net Income in FY26
Expecting to deliver another all-time high for Net Income in FY261 ◼ Some forward-looking credit reserves recorded in FY25 in light of uncertainty deriving from the Middle East conflict ◼ We expect continued expansion of earnings, driven by steady growth in our Focus Business Areas （JPY B, rounded f
Slide 11: Raising our Medium-term Financial Targets
Raising our Medium-term Financial Targets1 Including potential Previous Now upside effects from further BOJ Policy FY27 Target FY28 Target Rate hikes To consistently achieve To consistently achieve ROE2 Over 10% Over 12% Consolidated Net Approx. Approx. Over 12% Business Profits3 JPY 1.4-1.6T JPY 1.
Slide 12: Middle East conflict: Impact on business
Middle East conflict: Impact on business Current environment (as of May 26) External environment overview Business impacts and direction ◼ Prices of energy and oil-based products ◼ Liquidity-driven working-capital demand in some increasing, adding inflationary pressures segments ◼ Momentum in corpor
Slide 13: Toward & Beyond P/B ratio 2.0x
Toward & Beyond P/B ratio 2.0x1 ◼ Improving ROE and PER, aiming for a P/B ratio comparable with global peers FY28 target: Achieving Growth PER(x) ROE over 12% (assuming policy rate of 0.75%) 20 Westpac 18 α (Alpha) NAB MS TD GS RBC BMO Establishing 16 CIBC Mizuho’s unique Scotia DBS competitive edge
Slide 14: Becoming a leading global financial institution
1 Becoming a leading global financial institution 2 Establishing our unique competitive edges - Maintaining a sound & stable portfolio - Commitment to disciplined financial management - Focus Business Areas: strengthening edges & addressing challenges 3 Capital regulations 4 Issuance summary 5 Finan
Slide 15: Business Portfolio (FY25)
Business Portfolio (FY25) (Rounded figures) Gross Profits1 CIB Business JPY 3.5T ◼ Stable revenue structure, with Corporate Banking as the core earnings base ◼ Approx. 70% of credit exposure (domestic and international) is investment- EM- grade, primarily to large corporates EA Domestic ◼ S&T busine
Slide 16: Credit Exposure: largely Investment Grade and centered on large corporates
Credit Exposure: largely Investment Grade and centered on large corporates (Rounded figures) FY25 Loan Balance1 By Customer Group In Japan Exposure (avg. loan balance) JPY 91T Individuals Individuals2 SMEs Others Large (40% BB) Mid-cap Corps. Investment Corps. Cover approx. 80% Grade of listed compa
Slide 17: Credit Portfolio outside Japan (Mar-26)
Credit Portfolio outside Japan (Mar-26) (USD) Americas: 59% By Industry2: Well-diversified portfolio Autos IG Corporate Basic Materials 59% Consumer Exposure1 Non-IG Corporate Energy (Approx. 70% BB+) Outside Japan: Financial Institutions 906.5B Central Banks/ Healthcare Government Bonds Industrials
Slide 18: Americas CIB: Stability and strength
Americas Corporate & Investment Banking (CIB): Stability and strength (USD) Mizuho Americas Gross Profit1 Mizuho Americas Gross Profit (monthly basis)1 ◼ CIB strategy anchored on delivering value-add client ◼ Reduced earnings volatility, stable growth by revenue diversification solutions across an i
Slide 19: Becoming a leading global financial institution
1 Becoming a leading global financial institution 2 Establishing our unique competitive edges - Maintaining a sound & stable portfolio - Commitment to disciplined financial management - Focus Business Areas: strengthening edges & addressing challenges 3 Capital regulations 4 Issuance summary 5 Finan
Slide 20: Maintaining discipline on expenses
Maintaining discipline on expenses (JPY T) Inevitable cost increase from inflation & upgrading our governance Gross Profits1 +1.69 Expenses2 +0.65 Investing in Focus Business Areas Net Business CAGR +20% ◼ Strengthening overseas governance Profits1 ◼ Scaling our customer base/brand in mass retail bu
Slide 21: Balance Sheet management: balancing both stability and profitability
Balance Sheet management: balancing both stability and profitability (JPY T) Stronger corporate demand for loans Preparing for rising significance of deposits ◼ Disciplined asset allocation & higher RORA ◼ Strengthening deposit base - Efficient RWA deployment that balances both quality - JPY loan to
Slide 22: RWA growth from robust demand for financing
RWA growth from robust demand for financing. Commitment (JPY T, rounded figures) to improve RORA through disciplined RWA allocation unchanged. Gross Profit RORA & RWAs1 Asset Recycling4 3.6% 97 RORA 2.4% 3.5 FX effects, etc. 97 Banking Gross Profits2 1.8 85 S&T RWAs 78 Domestic Others Corporate (Ban
Slide 23: Cross-shareholdings: continuing reduction in line with targets
Cross-shareholdings: continuing reduction in line with targets, aiming to achieve market value of less than 20% of Net Assets1 Progress vs plans 1.96 Acquisition value (JPY T) (JPY B) Plans Progress 5-year Business Plan FY15-24 FY25-27 FY25 -JPY 450B Listed stocks -114.6 Mar-19~Mar-24 Previous targe
Slide 24: Bond Portfolio: cautious approach toward JGBs and Foreign bonds unchanged
Bond Portfolio: cautious approach toward JGBs and Foreign bonds unchanged JGBs1 Foreign Bonds1 (JPY T, 2 Banks) (JPY T, 2 Banks) Available-for-Sale2 Avg. remaining period3 (yrs) Available-for-Sale2 Avg. remaining period3 (yrs) 2.4 2.0 1.2 1.6 1.2 1.0 0.9 1.1 0.7 0.3 25.1 12.4 12.4 11.8 Others 8.9 9.
Slide 25: JPY Deposit Base: aiming for further acquisition but staying disciplined on cost
JPY Deposit Base: aiming for further acquisition but staying disciplined on cost JPY Deposits: Balance & Cost1 ◼ With our JPY loan balance roughly half of our 0.56% (JPY T) (Avg. for each FY, deposit balance, we are able to optimize cost rounded figures) when setting pricing ◼ Need to further scale
Slide 26: BOJ: estimating annual pre-tax benefit of JPY 120B per 25bps hike
BOJ: estimating annual pre-tax benefit of JPY 120B per 25bps hike1 As of Mar-26 (change vs Mar-25) (JPY T) JPY B/S2 Loans Deposits Floating: Approx. 60% Loans Base Rate Tibor 3M 1.27 % 61 Fixed: Approx. 20% (+0.45 %) Current Deposit: Approx. 80% Current 0.300 % Prime rate, etc.: Approx. 20% Deposits
Slide 27: Earnings per Share (EPS) & Total Shareholder Return (TSR)
Earnings per Share (EPS) & Total Shareholder Return (TSR) Aiming to quickly return EPS to historical high Aiming to maintain top-tier TSR Profit Attributable to Owners of Parent (JPY T) (Since Feb-24, %) Total shares outstanding (Common Stock, B) 1.24 EPS (JPY) 180 (Highest ever) 160 0.65 140 Eur. p
Slide 28: Becoming a leading global financial institution
1 Becoming a leading global financial institution 2 Establishing our unique competitive edges - Maintaining a sound & stable portfolio - Commitment to disciplined financial management - Focus Business Areas: strengthening edges & addressing challenges 3 Capital regulations 4 Issuance summary 5 Finan
Slide 29: Our Winning Formula
Our “Winning Formula” Mass market retail business WM & AM in Japan in Japan Ideal State Ideal State Most user friendly & trusted partner Most reliable partner in asset & for mass retail customers wealth management Seamless Experience in One MIZUHO + Open alliances “Face-to-Face” + “Online” + “Remote
Slide 30: Our Winning Formula – an earnings base that delivers stable growth through the rate cycle
Our “Winning Formula” – an earnings base that delivers stable growth through the rate cycle Gross Profits1 (JPY T, rounded figures) Negative Interest “World with Positive Interest Rates” Rate Policy (March 2024~) Banking, Bond portfolio that complements others +0.2 3.5 customer business revenue Rate
Slide 31: Looking back – strong growth delivered even throughout NIRP
Looking back – strong growth delivered even throughout NIRP by diversifying revenue sources Gross Profits since NIRP1 (JPY T, vs FY152) Outside By revenue source JPY 3.2T (FY15=0, rounded figures) +1.4 32, 000 Japan +1.3 CAGR +6.3% 30, 000 +1.2 S&T +JPY 250B (excl. impact of rate hikes +5.3%) +1.1 2
Slide 32: Progress by Focus Business Area (1)
Progress by Focus Business Area (1) Gross Profits1 ◼ Originating and capturing corporate action of large and mid-cap corporates YoY +17% YoY contributed to stronger interest and IB income: Progress non-interest income Supporting - CIBC +13 % the growth of ◼ Continued to supply risk capital to - RBC
Slide 33: Strengthening our competitive edge in CIB business (IB League Tables)
Strengthening our competitive edge in CIB business (IB League Tables) Supporting growth of Japanese companies Global CIB Business Domestic FY22 FY25 Global6 FY22 FY25 No.1 - DCM1,2 1st 1st - IG LCM/DCM 4th 8th Asian FI (24.6%) (23.0%) (4.7%) (3.8%) - LCM1 1st 1st - Non-IG LCM/DCM 14th 12th No.1 Asia
Slide 34: Solid progress in domestic corporate business
Solid progress in domestic corporate business Accomplishments Initiatives Loan Spread1,2 IB Income2 CAGR 24% ◼ Enhancing deal origination and acquisition by leveraging our Industry Research function Large ◼ Driving cross-border deals Product-related loans3 through our global sector Corps. coverage a
Slide 35: Americas CIB: Product and client expansion driving balanced growth
Americas Corporate & Investment Bank (CIB): Product and client expansion driving balanced growth Mizuho Americas Gross Profits1 Accelerated Growth Phase Sustained Growth Phase Progression of total product coverage of Americas Corporate & Investment Bank 60+% 70+% 80+% (CIB) fee pool２ Sustained growt
Slide 36: Accelerating growth in high-potential areas within EMEA and APAC
Accelerating growth in high-potential areas within EMEA and APAC (JPY) High-potential areas Strategic moves toward growth FY25 GCIBC EMEA CIB Fee pool2 Strengthening transatlantic collaboration Gross Profits1 FY23 FY25 857.0B Banking Markets Others approx. EMEA Coverage Americas Products Team 1.2x P
Slide 37: Progress by Focus Business Area (2)
Progress by Focus Business Area (2) ◼ Sustained steady growth in account openings and Gross Profits retail deposit balances Progress ◼ More MAU1 through further enhancements to our online YoY +11% YoY banking app Account ‒ App Store rating: 4.5 openings +26 % ◼ Optimization of branch network with em
Slide 38: Mass Market Retail Business: steady execution, further growth potential
Mass Market Retail Business: steady execution, further growth potential Account openings Mizuho-Rakuten Card Retail deposit balance2 YoY transaction value rose JPY 48.5T Settlements1 +26% 4x Cards issued 4x FY23 FY24 FY25 Mar-25 Mar-26 FY23 FY24 FY25 Progress made, but significant growth potential r
Slide 39: Alliance with Rakuten Group
(Ref.) Alliance with Rakuten Group: expanding our customer base by connecting everyday consumer activities with financial solutions Approx. Expansion of customer 21M 100M IDs retail customers base for both parties Maximizing customer benefits through Refining our services connection and collaboratio
Slide 40: Strategic Capital and Business Alliance with Rakuten Securities
(Ref.) Complementing customer base through Strategic Capital and Business Alliance with Rakuten Securities Total accounts1 Account Openings1 Existing Accounts1 (M) (CY25) (Dec-25) (Ref.) Accounts held by Top 5 Online Securities Companies (Dec-25) <40 Rakuten Other 3 Co. A Securities Over 5 major sec
Slide 41: Working smarter with AI, making more time for human creativity
Working smarter with AI, making more time for human creativity Centralized promotion of AI by our AI CoE1 Delivering AI-based solutions to key business areas CDTO Our specialized Large Language Models (Chief Digital Transformation Officer) Project promotion Technology development Driving key AI proj
Slide 42: Becoming a leading global financial institution
1 Becoming a leading global financial institution 2 Establishing our unique competitive edges - Maintaining a sound & stable portfolio - Commitment to disciplined financial management - Focus Business Areas: strengthening edges & addressing challenges 3 Capital regulations 4 Issuance summary 5 Finan
Slide 43: Basel Capital Regulations in Japan
Basel Capital Regulations in Japan Capital Ratio1 Leverage Ratio (JPY T) (JPY) 26.38% Risk Weighted Assets Total Exposure 80.9T 261.0T4 7.0T 18.0% 17.61% 1.5T 15.73% 4.87% TLAC 2.0T AT1 3.0T 13.16% 11.5% 3.7% 0.55% Capital Tier2 4.1T Leverage distribution (5.16%) Buffer constraints2,3 9.5% AT1 Capit
Slide 44: Regulatory Ratios
Regulatory Ratios Capital Ratio Leverage Ratio 13.50% 13.23% 12.50% 4.83% 4.87% 13.16% 4.77% 4.70% 13.00% 12.00% 4.56% 12.73% Transitional 4.46% 12.46% Regulation basis 12.50% 11.50% 12.00% 11.00% 11.63% Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 11.80% 10.3% External TLAC Ratio 11.50% 10.50% CET1 op
Slide 45: Capital Policy
Capital Policy Capital Policy Pursuing the optimal balance between capital adequacy, growth investment (unchanged) and enhancement of shareholder return CET1 ratio1 within operational range Allocation of Profit Attributable to Owners of Parent Primarily accumulating Allocation primarily to sharehold
Slide 46: FY24-25 Allocation Track Record for CET1 capital
FY24-25 Allocation Track Record for CET1 capital ◼ With a robust CET1 position, we have shifted allocation primarily to Shareholder Return and growth +1.3% Share buybacks Share Dividend +1.0% buybacks RWAs Accrual Dividend -0.8% Accrual +0.1% 10.3% RWAs -0.5% Inorganic -0.1% Growth Inorganic +0.0% 9
Slide 47: Maintaining disciplined approach to growth investments
Maintaining disciplined approach to growth investments to further develop Focus Business Areas Alignment Cultural fit & Approach for disciplined growth investment with 採算性 Profitability Governance strategy Growth investments contributing to our Focus Business Areas Mass market retail business in Jap
Slide 48: Driving Portfolio Value Uplift and Core Business Growth through Partner Synergies
Driving Portfolio Value Uplift and Core Business Growth through Partner Synergies Share Maintaining Subscription for Share transfer equity stake of 33.8%1 special-class shares of 8.7%2 transfer （Before:48.8%1) (After subscription: 23.6%2) Equity Equity Installment payment/ The advanced credit partic
Slide 49: Strategic Capital and Business Alliance with Rakuten Bank
Strategic Capital and Business Alliance with Rakuten Bank Summary Capital Alliance ◼ Entering into strategic business alliance between BK (At Present) BK: Own 14.99% of Rakuten Card and Rakuten Bank SC: Own 49.0% of Rakuten Securities ◼ Exchange of Rakuten Card stock owned by BK with Rakuten Bank st
Slide 50: Basel Regulatory Disclosures
Basel Regulatory Disclosures (JPY B, Consolidated) Capital Ratios Other Regulatory Ratios (Regulatory (Regulatory minimum1) Mar-24 Mar-25 Mar-26 Minimum) 17.75% 17.61% Total (11.5%) 16.93% Leverage Ratio 4.70% 4.77% 4.87% （3.7%） 15.65% 15.73% Tier1（9.5%) 14.85% External TLAC Ratio RWAs Basis 25.35%
Slide 51: The finalization of Basel III is being phased in
(Ref.) The finalization of Basel III is being phased in, and is due to finish in Mar-29 in Japan1 (JPY) CET1 Ratio Calculation (Mar-26) Finalized Basel III calculation mechanism ✓ From Mar-24, progressive minimum capital output floors introduced as RWA part of the Basel III finalization through Mar-
Slide 52: Becoming a leading global financial institution
1 Becoming a leading global financial institution 2 Establishing our unique competitive edges - Maintaining a sound & stable portfolio - Commitment to disciplined financial management - Focus Business Areas: strengthening edges & addressing challenges 3 Capital regulations 4 Issuance summary 5 Finan
Slide 53: Bond Issuance Overview
Bond Issuance Overview1 Outstanding by FY25 Issuance Notes currency Capital Purpose AUD GBP Funding Purpose 1% 1% USD 4.8 B FY26 Issuance Plan: USD 7B equivalent HoldCo EUR 2.0 B EUR ◼ Mainly issue in USD and EUR Senior Bonds 34% (TLAC eligible) USD (Ref.) ◼ Determine Callable/Bullet format 64% Tota
Slide 54: HoldCo Senior Bond (TLAC eligible) Issuances and Redemptions by FY
HoldCo Senior Bond (TLAC eligible) Issuances and Redemptions by FY1 (USD B) 9.5 Issuance 5.8 5.2 7.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -3.5 -1.6 -2.9 -3.2 -5.3 -6.0 -4.6 Redemption -7.4 -6.2 -6.6 -6.7 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 Past issuance (announcement date) : Including Gree
Slide 55: AT1 Capital Securities Issuances and Redemptions by FY
AT1 Capital Securities Issuances and Redemptions by FY1 (JPY B) 574 Issuance 77 314 0 0 261 0 0 0 0 0 -235 -195 -140 -163 -225 -150 -44 Redemption -317 -392 -313 -305 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 Past issuance Total Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar (JPY B) FY
Slide 56: Tier 2 Capital Securities Issuances and Redemptions by FY
Tier 2 Capital Securities Issuances and Redemptions by FY1 (JPY B) Issuance 238 200 131 150 0 -89 -69 -50 -192 -214 -163 -173 Redemption -275 -205 -241 -238 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 Past issuance Total Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar (JPY B) FY21 $ 10y 1
Slide 57: Becoming a leading global financial institution
1 Becoming a leading global financial institution 2 Establishing our unique competitive edges - Maintaining a sound & stable portfolio - Commitment to disciplined financial management - Focus Business Areas: strengthening edges & addressing challenges 3 Capital regulations 4 Issuance summary 5 Finan
Slide 58: Summary of Financial Results
Summary of Financial Results (JPY B) 1 Consolidated Gross Profits: +18.5% YoY FY25 YoY Strong growth in Fee business both in and outside Japan, external factors such as Yen depreciation, and a higher BOJ policy rate led to significant increase A Consolidated Gross Profits1 1 3,515.6 +549.9 YoY. Real
Slide 59: Financial Results by In-house Company
Financial Results by In-house Company (JPY B, Group Aggregate, preliminary figures) Profit Attributable to Gross Profits G&A Expenses Net Business Profits ROE Owners of Parent FY25 YoY1 FY25 YoY1 FY25 YoY1 FY25 YoY1 FY25 Customer Groups 2,654.4 +316.3 -1,564.2 -120.4 1,124.7 +201.1 +22% 878.3 +109.0
Slide 60: Financial Results by In-house Company (Details) (1)
Financial Results by In-house Company (Details) (1) (JPY B, Group Aggregate1, preliminary figures) RBC CIBC GCIBC FY24 FY25 YoY FY24 FY25 YoY FY243 FY25 YoY Gross Profits 1 832.2 984.6 +152.4 1 636.7 739.3 +102.5 1 809.4 857.0 +47.6 o/w Interest Income 2 370.1 482.0 +111.9 2 323.3 365.5 +42.2 2 288.
Slide 61: Financial Results by In-house Company (Details) (2)
Financial Results by In-house Company (Details) (2) (JPY B, Group Aggregate1, preliminary figures) GMC AMC FY24 FY25 YoY FY24 FY25 YoY Gross Profits2 1 508.6 664.9 +156.2 Gross Profits 1 59.8 73.6 +13.7 Banking2 2 52.0 154.1 +102.1 o/w Investment Trusts 2 38.1 39.3 +1.2 S&T 3 456.6 510.7 +54.1 o/w P
Slide 62: Financial Results by Group Company
Financial Results by Group Company (JPY B) Net Business Profits1 FY24 FY25 YoY Profit Attributable to Owners of Parent1 BK on a non-consolidated basis 690.1 907.6 +217.5 FG TB on a non-consolidated basis 46.7 108.0 +61.3 Consolidated 1,248.6 SC (U.S. and Europe-based entities 214.7 261.5 +46.7 aggre
Slide 63: Consolidated Gross Profits (1): Net Interest Income (NII)
Consolidated Gross Profits (1): Net Interest Income (NII)1 (JPY B) 1,577.7 158.0 1,276.1 1,057.3 173.0 388.9 993.5 1,009.6 170.6 199.7 Others 87.4 119.0 79.4 Dom. Others 72.4 69.8 518.0 418.7 487.3 Dom. Loans / Deposits 398.9 404.4 Int’l. Loans / Deposits 358.6 507.0 472.3 508.5 424.6 Int’l. Others
Slide 64: Breakdown of NII
Breakdown of NII Domestic Operations International Operations (JPY B, 2 Banks) (JPY B, 2 Banks) Loans and Deposits Markets Loans and Deposits Markets +30.6 +189.1 +36.2 +60.5 Others1 Funding Loans Deposits +131.6 +483.5 +199.7 -169.0 Deposits Investment +199.0 -423.0 Loans -162.8 JGBs +57.5 906.9 51
Slide 65: Loans in Japan
Loans in Japan1 (JPY T) Average bal. <Period-end bal.> (vs. FY24 avg bal.) Loan and Deposit Rate Margin2 56.9 57.8 54.7 55.8 <60.4> Returns on Loans and Bills Discounted (a) 54.6 <56.6> <56.3> Cost of Deposits (b) <54.1> <54.6> RBC Loans and Deposit Rate Margin (a-b) 7.5 Individual 1.32% 7.8 <7.4> 8
Slide 66: Loans outside Japan
Loans outside Japan1 (USD B) Average bal. <Period-end bal.> 260.5 (vs. FY24 avg bal.) Loan and Deposit Rate Margin2 <251.0> Returns on Loans and Bills Discounted (a) 242.8 242.9 240.4 Cost of Deposits (b) <248.2> <228.4> 235.6 <241.8> Loans and Deposit Rate Margin (a-b) <231.6> 5.84% 5.54% 56.6 4.71
Slide 67: Consolidated Gross Profits (2): Net Fee and Commission Income + Fiduciary Income
Consolidated Gross Profits (2): Net Fee and Commission Income + Fiduciary Income (JPY B) 1,147.4 61.2 969.0 115.4 918.0 39.7 810.6 62.2 103.5 801.4 235.4 78.2 Others1 84.9 77.6 43.4 138.7 188.8 MSUSA etc2 34.3 126.6 SC Consolidated 140.5 112.2 92.0 101.2 90.3 TB non-consolidated 103.2 608.6 546.8 53
Slide 68: Non-interest Income
Non-interest Income1 (JPY B, Figures in () represent YoY) 1,463.4 Domestic Corporate Solutions Business RBC: 502.6 (+40.0) 1,330.2 330.1 Solution Business2: 152.0 (+19.1) IB Business: 74.4 (+10.9) Individual Wealth 264.1 1,178.9 Management3: 153.5 (+13.0) (Ref.) Real estate: 79.7 (+19.7) 1,106.4 1,1
Slide 69: Consolidated Gross Profits (3): Net Trading Income + Net Other Operating Income
Consolidated Gross Profits (3): Net Trading Income + Net Other Operating Income1 (JPY B) Breakdown of BK/SC/MSUSA7 924.2 Others Others 792.0 68.9 Int’l. Equity AM-One 819.1 Int’l. FICC 696.0 766.9 63.3 656.9 63.3 Dom. Equity 51.1 59.6 Dom. FICC 641.8 58.7 MSUSA etc2 311.0 530.3 54.5 506.8 57.0 261.1
Slide 70: Overview of Balance Sheet (Mar-26)
Overview of Balance Sheet1 (Mar-26) Total Assets JPY 302T (+18.9) Of which Non-JPY4 Loans Deposits/NCDs ◼ Loans covered by customer deposits and stable mid-long term funding, such as corporate bonds and currency swaps 177 (+4.7) USD 498.7B (-22.3) 99 (+5.6) JPY in Japan2 123.9 (+0.2) Customer deposi
Slide 71: Securities Portfolio
Securities Portfolio1 Other Securities JGB Portfolio5 (JPY B, Consolidated) (JPY T, 2 Banks) 1.0 0.9 Net Unrealized 0.3 Average remaining Acquisition cost basis period6(yrs) Gains (Losses)2 14.9 Mar-26 vs Mar-25 Mar-26 vs Mar-25 10.9 A Total 33,930.6 +6,859.6 1,819.0 +575.1 Treasury 8.3 10.2 Discoun
Slide 72: Asset Quality
Asset Quality Credit-related Costs Non-performing Loans based on BA1 and FRA2,3 (JPY B, Consolidated) (JPY T, Consolidated) Reserves recorded from a forward-looking perspective NPL Ratio (entirely) Others NPL Ratio outside Japan4 RBC： -64.6 CIBC： -24.1 1.25 GCIBC： -31.3 1.9 0% 1.2 0 -106.3 -133.0 1.
Slide 73: Appendix
1 Becoming a leading global financial institution 2 Establishing our unique competitive edges - Maintaining a sound & stable portfolio - Commitment to disciplined financial management - Focus Business Areas: strengthening edges & addressing challenges 3 Capital regulations 4 Issuance summary 5 Finan
Slide 74: Principal loss events and government support: Unique safety features of Japanese Bank HoldCo and OpCo Bonds
Principal loss events and government support1: Unique safety features of Japanese Bank HoldCo and OpCo Bonds Principal loss events Potential government support & Quantitative buffer Capital ratio HoldCo required action3 (as of Mar-26, JPY) Bankruptcy requirement PoNV2 AT1 capital CET1 ratio: 6.5T 5.
Slide 75: Orderly resolution system under the Deposit Insurance Act of Japan and principal loss hierarchy
Orderly resolution system under the Deposit Insurance Act of Japan and principal loss hierarchy1 Bankrupcy Pre HoldCo HoldCo Status proceedings of OpCo bankrupcy PoNV2 PoNV2 Non-viable HoldCo Potential Material OpCo may continue Government Statutory public capital their business under Specified Brid
Slide 76: Attractiveness of Japanese Financial System and Regulatory Framework
Attractiveness of Japanese Financial System and Regulatory Framework1 Public Capital injection prior to PoNV Yes No ◼ 3 types of statutory public capital injections that do not constitute PoNV ◼ More than 40 cases in total that have actually been implemented2 1. It is uncertain which measures will b
Slide 77: Japanese Financial System and Regulatory Framework
Japanese Financial System and Regulatory Framework1 Pre PoNV or # of cases # Framework Subject entities PoNV Trigger after 20023 Act on Special Measures for Strengthening 40 1 Financial Function (Capital injection) Banks and BHCs2 Pre PoNV (1 case in FY25) Cases of capital injection Deposit Insuranc
Slide 78: Japanese G-SIBs' HoldCo obtained the highest rating among peers by Moody's and S&P
Japanese G-SIBs’ HoldCo obtained the highest rating among peers by Moody’s and S&P ◼ These ratings are assumed to be based on their view of a likelihood of regulatory actions of pre-emptive capital and/or liquidity support by Japanese Government. Credit Ratings of selected G-SIBs1 (as of Apr-26) Aaa
Slide 79: Multiple requirements prior to Point of Non-Viability (PoNV)
Multiple requirements prior to Point of Non-Viability (PoNV) (JPY) CET1 ratio 13.16% 4.1T 5.16% Actions 8.00% G-SIB buffer [Bucket 1] ◼ Capital remediation plan to be required ◼ Pre-determined (1.0%) ◼ Capital distribution to be limited recovery plan to be (including dividend on and buy-back / imple
Slide 80: Comparison of loss absorption mechanism of capital instruments in selected countries
Comparison of loss absorption mechanism of capital instruments in selected countries Public capital injection Tier 2 AT1 Country Capital injection prior to constitutes PoNV or Gone Concern Going Concern Gone Concern /Region PoNV1 triggers going concern Loss absorption CET1 Loss absorption Loss absor
Slide 81: Sustainability Highlights (1)
Sustainability Highlights (1) Responses to climate change Conservation of natural capital (Scope 1, 2) Emissions from our own business ◼ Issued a joint research report with SoftBank on natural capital impacts ◼ Progress in switching to renewable energy expected to achieve a 67% associated with data
Slide 82: Sustainability Highlights (2)
Sustainability Highlights (2) Financing track record External Recognition3 (Mar-26) Sustainable finance1 o/w Environment and climate-change related S&P Global 0 25 50 73 100 JPY 51T JPY 28T FY19~FY25 FY30 Target MSCI CCC B BB BBB A AA AAA 1st 3rd In Japan Globally FTSE Sustainable Finance (Loans)2 0
Slide 83: Green Bonds
Green Bonds Issuances and allocation of net proceeds ◼ Periodically issued Green Bonds in EUR and USD Allocation1 (as of Sep-25) Issue Date Maturity Date Tenor Format Currency Amount Biomass 41 Clean #1 2020/10 2025/10 5yr RegS EUR 500 M Transportation 445 SEC Solar + Wind #2 2022/2 2030/5 8NC7 USD
Slide 84: Abbreviations, Foreign exchange rate, Definitions
Abbreviations Foreign exchange rate FG ： Mizuho Financial Group, Inc. RBC ： Retail & Business Banking Company ◼ Management accounting ◼ Financial accounting (TTM at the respective period-end) BK ： Mizuho Bank, Ltd. CIBC ： Corporate & Investment Banking Company TB ： Mizuho Trust & Banking Co., Ltd. G
Slide 85: Disclaimer
Disclaimer This presentation contains statements that constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 in regard to Mizuho Financial Group, Inc. (“Mizuho FG”), including estimations, forecasts, targets and plans. Such forw
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