Nomura Holdings, Inc. · TSE:8604
Nomura — Q1 FY2025/26 Earnings Presentation
34 slides from Nomura's earnings presentation, Aug 1, 2025
Slide 1: Consolidated Results of Operations First quarter, year ending March 2026
Consolidated Results of Operations First quarter, year ending March 2026 (US GAAP) July 2025 Nomura Holdings, Inc. © Nomura We aspire to create a better world by harnessing the power of financial markets
Slide 2: Outline
Outline Presentation Financial Supplement Executive summary (p. 2) Consolidated balance sheet (p. 17) Overview of results (p. 3) Value at risk (p. 18) Business segment results (p. 4) Consolidated financial highlights (p. 19) Wealth Management (p. 5-7) Consolidated income (p. 20) Investment Managemen
Slide 3: Executive summary
Executive summary FY2025/26 1Q highlights Revenues and profits rose QoQ in all segments, with gains from the sale of fixed assets also contributing to profits; ROE3: 12.0% Net revenue: Y523.3bn (+16% QoQ); Income before income taxes: Y160.3bn (+64% QoQ); Net income1Y104.6bn (+45% QoQ); EPS2Y34.04; R
Slide 4: Overview of results
Overview of results Highlights (billions of yen, excluding EPS and ROE) FY2024/25 FY2025/26 1Q 2Q 3Q 4Q 1Q QoQ YoY Net revenue 454.4 483.3 502.0 452.7 523.3 16% 15% Non-interest expenses 351.5 350.3 363.7 355.0 363.0 2% 3% Income (loss) before income 102.9 133.0 138.3 97.7 160.3 64% 56% taxes Net in
Slide 5: Business segment results
Business segment results Net revenue and income (loss) before income taxes (billions of yen) FY2024/25 FY2025/26 1Q 2Q 3Q 4Q 1Q QoQ YoY Net revenue Wealth Management1 109.7 112.3 111.6 99.9 105.8 6% -4% Investment Management 47.7 56.1 45.7 43.0 50.6 18% 6% Wholesale 244.8 263.4 290.5 259.2 261.1 1%
Slide 6: Wealth Management
Wealth Management Net revenue and income (loss) before income taxes1 (billions of yen) FY2024/25 FY25/26 QoQ YoY 1Q 2Q 3Q 4Q 1Q Net revenue 109.7 112.3 111.6 99.9 105.8 6% -4% Non-interest expenses 68.5 68.1 66.8 64.0 67.0 5% -2% Income (loss) before 41.2 44.2 44.8 35.9 38.8 8% -6% income taxes Brea
Slide 7: Wealth Management: Total sales increased underpinned by comprehensive consulting service
Wealth Management: Total sales increased underpinned by comprehensive consulting service Total sales1 7,000.0 Discretionary 6,000.0 investments, Insurance products 5,000.0 Investment trusts 4,000.0 Bonds 3,000.0 2,000.0 Stocks 1,000.0 0.0 FY2024/25 FY2025/26 (billions of yen) 1Q 2Q 3Q 4Q 1Q Stocks 4
Slide 8: Wealth Management: KPI summary
Wealth Management: KPI summary Net inflows of recurring revenue assets1 Despite uncertain market environment, recurring revenue assets saw net inflow for 13th consecutive quarter on provision of services that met clients’ needs (billions of yen) Wealth Management total Excluding Corporate section 50
Slide 9: Investment Management
Investment Management Net revenue and income (loss) before income taxes1 (billions of yen) FY2024/25 FY25/26 QoQ YoY 1Q 2Q 3Q 4Q 1Q Net revenue 47.7 56.1 45.7 43.0 50.6 18% 6% Non-interest expenses 24.5 24.2 26.8 27.5 29.0 6% 19% Income (loss) before 23.2 31.9 18.9 15.5 21.5 39% -7% income taxes Bre
Slide 10: Investment Management: AuM and alternative AuM both at record high
Investment Management: AuM and alternative AuM both at record high Assets under management (net)1 (trillions of yen) Investment advisory and international businesses, etc. Investment trust business 92.5 93.5 94.3 100.0 88.8 89.3 80.0 26.1 26.3 25.0 26.3 25.0 60.0 40.0 66.4 63.8 67.2 64.3 68.1 20.0 0
Slide 11: Wholesale
Wholesale Net revenue and income (loss) before income taxes (billions of yen) FY2024/25 FY25/26 QoQ YoY 1Q 2Q 3Q 4Q 1Q Net revenue 244.8 263.4 290.5 259.2 261.1 1% 7% Non-interest expenses 223.7 218.1 228.2 221.7 219.2 -1% -2% Income (loss) before 21.1 45.3 62.4 37.5 41.9 12% 98% income taxes CIR 91
Slide 12: Wholesale: Global Markets
Wholesale: Global Markets Net revenue (billions of yen) 250.0 FI: Others1 200.0 FI: Macro Products2 150.0 FI: Spread Products3 100.0 4 EQ: Others EQ: Equity Products5 50.0 EQ: Execution Services6 0.0 FY2024/25 FY2025/26 QoQ YoY 1Q 2Q 3Q 4Q 1Q Fixed 125.6 127.8 139.9 105.8 124.8 18% -1% Income Equiti
Slide 13: Wholesale: Investment Banking
Wholesale: Investment Banking Net revenue (billions of yen) 60.0 Financing, 40.0 Solutions, etc. Advisory 20.0 0.0 FY24/25 FY25/26 QoQ YoY 1Q 2Q 3Q 4Q 1Q 37.2 42.3 51.5 52.3 37.9 -27% 2% Key points Net revenue Y37.9 bn (-27% QoQ, +2% YoY) Net revenue, driven by business in Japan, reached highest lev
Slide 14: Banking (Newly established in April 2025)
Banking (Newly established in April 2025) Net revenue and income (loss) before income taxes1 Key points Net revenue Y12.8bn (+12% QoQ, +14%YoY) (billions of yen) FY2025 FY2024/25 Income before income taxes Y3.6bn (+19% QoQ, -10%YoY) /26 QoQ YoY 1Q 2Q 3Q 4Q 1Q ? Revenue from lending activities as wel
Slide 15: Non-interest expenses
Non-interest expenses Key points (billions of yen) Full year Quarter (billions of yen) Non-interest expenses: Y363.0bn (+2% QoQ) 400.0 363.7 355.0 363.0 Other 1,500.0 1,420.5 351.5 350.3 ? Compensation and benefits (+8% QoQ) 1,288.2—Increase in bonus provisions in line with Business development perf
Slide 16: Robust financial position
Robust financial position Our Common Equity Tier 1 capital ratio2,3 stood at 13.2% as of end-June 2025, thereby remaining within our target range (11-14%), including the impact (-0.8%7) of the agreement to acquire all shares in the US asset management company of Macquarie Group Balance sheet related
Slide 17: Financial Supplement
Financial Supplement Nomura
Slide 18: Consolidated balance sheet
Consolidated balance sheet Consolidated balance sheet (billions of yen) Mar 31, Jun 30, Increase Mar 31, Jun 30, Increase 2025 2025 (Decrease) 2025 2025 (Decrease) Assets Liabilities Total cash and cash deposits 5,515 6,048 533 Short-term borrowings 1,117 1,322 205 Total payables and deposits 7,249
Slide 19: Value at risk
Value at risk Definition From April 1, 2025, to June 30, 2025 (billions of yen) - 95% confidence level—Maximum: 5.2 - 1-day time horizon for outstanding portfolio—Minimum: 3.1 - Inter-product price fluctuations considered—Average: 4.3 (billions of yen) FY2023/24 FY2024/25 FY2024/25 FY2025/26 Mar Mar
Slide 20: Consolidated financial highlights
Consolidated financial highlights (billions of yen) 400 12% 120 12.0% 12% 340.7 101.4 104.6 10.0% 98.4 Net income (loss) 10.1% 10.4% 10.0% 300 9% 90 9% attributable to Nomura Holdings, Inc. (“NHI”) 8.1% 72.0 shareholders 165.9 68.9 200 6% 60 6% 5.1% ROE(%) 100 3% 30 3% 0 0% 0 0% FY2024/25 FY2025/26
Slide 21: Consolidated income
Consolidated income (billions of yen) FY2024/25 FY2025/26 FY2023/24 FY2024/25 1Q 2Q 3Q 4Q 1Q Revenue Commissions 364.1 407.0 102.8 101.4 102.6 100.3 100.6 Fees from investment banking 173.3 212.2 41.3 53.3 64.4 53.3 38.4 Asset management and portfolio service fees 310.2 378.2 90.3 93.8 97.2 96.8 92.
Slide 22: Main revenue items
Main revenue items (billions of yen) FY2024/25 FY2025/26 FY2023/24 FY2024/25 1Q 2Q 3Q 4Q 1Q Commissions Stock brokerage commissions 242.7 264.5 64.9 66.9 66.3 66.3 62.8 Other brokerage commissions 15.6 17.5 4.1 4.4 4.4 4.7 4.7 Commissions for distribution of 56.2 66.1 20.3 14.5 17.3 14.0 14.3 invest
Slide 23: 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) FY2024/25 FY2025/26 FY2023/24 FY2024/25 1Q 2Q 3Q 4Q 1Q Wealth Management2 119.0 166.2 41.2 44.2 44.8 35.9 38.8 Inv
Slide 24: Segment “Other”
Segment “Other” Income (loss) before income taxes (billions of yen) 60 54.6 50 40 36.0 35.1 30 20 12.2 10.2 10 6.9 5.9 0 Net gain (loss) related to economic 2.0 -5.8 -2.9 1.8 -7.0 2.2 1.1 hedging transactions Realized gain (loss) on investments in equity 21.0 1.5—0.5 0.6 0.3 0.0 securities held for
Slide 25: Wealth Management related data (1)
Wealth Management related data (1) (billions of yen) FY2024/25 FY2025/26 FY2023/24 FY2024/25 1Q 2Q 3Q 4Q 1Q QoQ YoY Commissions 173.5 183.6 49.8 43.3 47.1 43.3 46.2 6.5% -7.4% Of which, stock brokerage commission 80.2 72.2 19.1 17.7 18.1 17.4 18.3 5.4% -3.9% Of which, commissions for distribution of
Slide 26: Wealth Management related data (2)
Wealth Management related data (2) Wealth Management client assets (trillions of yen) 153.5 160 153.5 152.2 153.2 Other 143.8 146.1 143.8 Foreign investment trusts 120 Bond investment trusts Stock investment 80 trusts Domestic bonds 40 Foreign currency bonds Equities 0 FY2023/24 FY2024/25 FY2024/25
Slide 27: Wealth Management related data (3)
Wealth Management related data (3) Net inflows of cash and securities1 (billions of yen) Wealth Management total Retail only 2,400 2,259 2,000 1,600 1,273 1,288 1,276 1,200 755 803 800 460 467 380 519 400 236 181 168 0 -131 -400 FY2024/25 FY2025/26 FY2023/24 FY2024/25 1Q 2Q 3Q 4Q 1Q Wealth Managemen
Slide 28: Wealth Management related data (4)
Wealth Management related data (4) Number of accounts (thousands) FY2023/24 FY2024/25 FY2024/25 FY2025/26 Mar Mar Jun Sep Dec Mar Jun Accounts with balance 5,496 5,934 5,524 5,888 5,925 5,934 5,965 Equity holding accounts 2,972 3,285 2,978 3,265 3,275 3,285 3,292 NISA accounts opened1 1,780 1,779 1,
Slide 29: 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 FY2023/24 FY2024/25 QoQ YoY 1Q 2Q 3Q 4Q 1Q Business revenue 137.2 163.7 39.1 39.4 42.0 43.3 40.6 -6.0% 4.0% Investment gain/loss 16.9 28.8 8.6 16.7 3.8 -0.2 9.9—15.7% Net re
Slide 30: Investment Management related data (2)
Investment Management related data (2) Asset inflows/outflows by business1 (billions of yen) FY2024/25 FY2025/26 FY2023/24 FY2024/25 1Q 2Q 3Q 4Q 1Q Investment trusts business 1,845 2,113 695 655 489 274 -207 of which ETFs 473 987 145 521 -352 673 -667 Investment advisory and international 1,915 536
Slide 31: Wholesale related data
Wholesale related data Net revenue and income (loss) before income taxes (billions of yen) FY2024/25 FY2025/26 FY2023/24 FY2024/25 QoQ YoY 1Q 2Q 3Q 4Q 1Q Net revenue 866.1 1,057.9 244.8 263.4 290.5 259.2 261.1 0.7% 6.6% Non-interest expenses 812.2 891.7 223.7 218.1 228.2 221.7 219.2 -1.1% -2.0% Inco
Slide 32: Number of employees
Number of employees FY2023/24 FY2024/25 FY2024/25 FY2025/26 Mar Mar Jun Sep Dec Mar Jun Japan 14,870 14,877 15,215 15,045 14,977 14,877 15,317 Europe 3,053 3,133 3,057 3,111 3,114 3,133 3,155 Americas 2,440 2,417 2,450 2,502 2,433 2,417 2,476 Asia and Oceania1 6,487 6,815 6,622 6,724 6,736 6,815 6,9
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 sel
Slide 34: Nomura Holdings, Inc. www.nomura.com
Nomura Holdings, Inc. www.nomura.com