Nomura Holdings, Inc. · TSE:8604
Nomura — Q3 2026 Earnings Presentation
36 slides from Nomura's earnings presentation, Jan 30, 2026
Slide 1: Consolidated Results of Operations
Consolidated Results of Operations Third quarter, year ending March 2026 (US GAAP) January 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) Income before income taxes and FY2025/26 3Q highlights net income2 ◼ ROE1: At 10.3%, ROE meets target of 8 to 10% or more for the seventh consecutive quarter – Net revenue: Y551.8bn (+7% QoQ); Income before income taxes: Y135.2bn (-1% QoQ); Net income2: Groupwide (billions of
Slide 4: Executive summary (2/2)
Executive summary (2/2) FY2025/26 1Q-3Q highlights ◼ Income before income taxes: Y432.1bn (+15% YoY); Net income1: Y288.2bn (+7% YoY); EPS2: Y94.67; ROE3: 10.8% - Strong performance at four main segments; growth combined with qualitative improvement in revenue base ◼ Four segment income before incom
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 expanding2 Wealth Management (WM) (trillions of yen) Recurring revenue assets (billions of yen) WM Recurring revenue IM Business
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 YoY QoQ YoY 3Q 4Q 1Q 2Q 3Q 1Q-3Q 1Q-3Q Net revenue 502.0 452.7 523.3 515.5 551.8 7% 10% 1,439.8 1,590.5 10% Non-interest expenses 363.7 355.0 363.0 378.8 416.5 10% 15% 1,065.5 1,158.4 9% Inco
Slide 7: Business segment results
Business segment results Net revenue and income (loss) before income taxes (billions of yen) FY2024/25 FY2025/26 F2024/25 FY2025/26 QoQ YoY YoY 3Q 4Q 1Q 2Q 3Q 1Q-3Q 1Q-3Q Net Wealth Management1 111.6 99.9 105.8 116.5 132.5 14% 19% 333.6 354.8 6% revenue Investment Management 45.7 43.0 50.6 60.8 60.9
Slide 8: Wealth Management
Wealth Management Net revenue and income before income taxes1 Key points Net revenue: Y132.5bn (+14% QoQ, +19% YoY) (billions of yen) FY2024/25 FY2025/26 Income before income taxes: Y58.5bn (+29% QoQ, +31% YoY) QoQ YoY 3Q 4Q 1Q 2Q 3Q ◼ Income before income taxes up around 30% QoQ Net revenue 111.6 9
Slide 9: Wealth Management: Purchase of assets based on long-term diversified investments increased further
Wealth Management: Purchase of assets based on long-term diversified investments increased further Total sales1 (billions of yen) Total sales1 were 6,663.4bn, +5% QoQ Sales remained strong across a wide range of products 7,000 Discretionary investments, 6,000 ◼ Stocks: +4% QoQ Insurance products – G
Slide 10: Wealth Management: KPI summary
Wealth Management: KPI summary Net inflows of recurring revenue assets1 Recurring revenue assets and recurring revenue2, 3 ◼ Net inflow of recurring revenue assets for 15 th consecutive quarter, reaching all- ◼ Recurring revenue and recurring revenue assets at end-quarter both at all-time high time
Slide 11: Investment Management
Investment Management Net revenue and income before income taxes1 Key points (billions of yen) Net revenue: Y60.9bn (+0.1% QoQ, +33% YoY) FY2024/25 FY2025/26 QoQ YoY Income before income taxes: Y17.9bn (-42% QoQ, -5% YoY) 3Q 4Q 1Q 2Q 3Q ◼ Business revenue at all-time high since establishment of divi
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) Assets under management benefit from inclusion of Macquarie Group Domestic investment advisory and international businesses, etc. Domestic investment trust business
Slide 13: Wholesale
Wholesale Net revenue and income before income taxes Key points (billions of yen) Net revenue: Y313.9bn (+12% QoQ, +8% YoY) FY2024/25 FY2025/26 QoQ YoY Income before income taxes: Y62.3bn (+17% QoQ, -0.1% YoY) 3Q 4Q 1Q 2Q 3Q Net revenue 290.5 259.2 261.1 279.2 313.9 12% 8% ◼ Maintained the strong pe
Slide 14: Wholesale: Global Markets
Wholesale: Global Markets Net revenue Key points (billions of yen) Net revenue: Y256.8bn (+9% QoQ, +7% YoY) 300.0 ◼ Fixed Income revenue uptick driven by growth in Rates and FX/EM ◼ Equities revenue hit a record high7 driven by robust performance in Execution ◼ FI: Others1 250.0 Services and record-
Slide 15: Wholesale: Investment Banking
Wholesale: Investment Banking Net revenue Major Deals (billions of yen) Advisory 60.0 ◼ Sumitomo Corp’s deal to take SCSK private (Y881.8bn) Financing, ◼ Sapporo Holdings’ sale of Sapporo Real Estate to KKR and PAG (Y504.7bn) 40.0 Solutions, etc. ◼ Gutsche Family Investments and other investors’ sal
Slide 16: Banking
Banking Net revenue and income before income taxes1 Key points (billions of yen) Net revenue: Y13.7bn (+7% QoQ, +12% YoY) FY2024/25 FY2025/26 Income before income taxes: Y4.2bn (+31% QoQ, -10% YoY) QoQ YoY 3Q 4Q 1Q 2Q 3Q ◼ Performance remained solid, with smooth progress in the execution of loans; t
Slide 17: Non-interest expenses
Non-interest expenses Key points (billions of yen) Full year Quarter (billions of yen) Non-interest expenses: Y416.5bn (+10% QoQ) Other 1,500.0 1,420.5 500.0 ◼ Compensation and benefits (+13% QoQ) 1,288.2 416.5 Business development - Higher bonus provisions in line with expenses 378.8 363.7 355.0 36
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 Sep 2025 Dec 2025 Post Basel III finalization CET 1 capital ratio (rhs) Total assets Y56.8trn Y60.4trn Y61.9trn 25.0 20.0% 16.3% Shareholders’ equity Y3.5t
Slide 19: Financial Supplement
NOMURA Financial Supplement
Slide 20: Consolidated balance sheet
Consolidated balance sheet Consolidated balance sheet (billions of yen) Mar 31, Dec 31, Increase Mar 31, Dec 31, Increase 2025 2025 (Decrease) 2025 2025 (Decrease) Assets Liabilities Total cash and cash deposits 5,515 5,997 482 Short-term borrowings 1,117 1,315 197 Total payables and deposits 7,249
Slide 21: Value at risk
Value at risk ◼ Definition ◼ From April 1, 2025, to December 31, 2025 (billions of yen) − 95% confidence level − Maximum: 6.6 − 1-day time horizon for outstanding portfolio − Minimum: 3.1 − Inter-product price fluctuations considered − Average: 4.6 (billions of yen) FY2023/24 FY2024/25 FY2024/25 FY2
Slide 22: Consolidated financial highlights
Consolidated financial highlights (billions of yen) 400 12% 120 12.0% 12% 11.3% 340.7 101.4 104.6 10.8% 10.0% 10.0% Net income (loss) 10.4% 92.1 91.6 300 9% 90 9% attributable to Nomura 72.0 Holdings, Inc. ("NHI") shareholders 165.9 200 6% 60 6% 5.1% ROE(%) 100 3% 30 3% 0 0% 0 0% FY2024/25 FY2025/26
Slide 23: Consolidated income
Consolidated income (billions of yen) FY2024/25 FY2025/26 FY2023/24 FY2024/25 3Q 4Q 1Q 2Q 3Q Revenue Commissions 364.1 407.0 102.6 100.3 100.6 105.0 119.2 Fees from investment banking 173.3 212.2 64.4 53.3 38.4 44.6 59.0 Asset management and portfolio service fees 310.2 378.2 97.2 96.8 92.9 102.5 12
Slide 24: Main revenue items
Main revenue items (billions of yen) FY2024/25 FY2025/26 FY2023/24 FY2024/25 3Q 4Q 1Q 2Q 3Q Commissions Stock brokerage commissions 242.7 264.5 66.3 66.3 62.8 67.2 79.9 Other brokerage commissions 15.6 17.5 4.4 4.7 4.7 4.5 3.3 Commissions for distribution of 56.2 66.1 17.3 14.0 14.3 14.3 20.9 invest
Slide 25: 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 3Q 4Q 1Q 2Q 3Q 1 Wealth Management 119.0 166.2 44.8 35.9 38.8 45.5 58.5 In
Slide 26: Segment “Other”
Segment “Other” Income (loss) before income taxes (billions of yen) 60 54.6 45 36.0 35.1 30 15 6.9 5.9 2.3 0 -15 -10.3 1 2 FY2024/25 FY2025/26 FY2023/24 FY2024/25 3Q 4Q 1Q 2Q 3Q Net gain (loss) related to economic 2.0 -5.8 -7.0 2.2 1.1 -0.2 -1.0 hedging transactions Realized gain (loss) on investmen
Slide 27: Wealth Management related data (1)
Wealth Management related data (1) (billions of yen) FY2024/25 FY2025/26 FY2023/24 FY2024/25 3Q 4Q 1Q 2Q 3Q QoQ YoY Commissions 173.5 183.6 47.1 43.3 46.2 52.1 58.7 12.8% 24.7% Of which, stock brokerage commission 80.2 72.2 18.1 17.4 18.3 22.7 24.7 9.1% 36.8% 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 172.6 162.3 Foreign investment 153.5 152.2 153.2 trusts 150 143.8 143.8 Bond investment trusts Stock investment 100 trusts Domestic bonds 50 Foreign currency bonds Equities 0 . FY2023/24 FY2024/25 FY2024/
Slide 29: Wealth Management related data (3)
Wealth Management related data (3) Net inflows of cash and securities1 (billions of yen) Wealth Management total 2,259 2,500 Retail only 2,000 1,500 1,273 1,288 1,276 1,000 744 755 519 380 398 500 296 181 168 0 -131 -500 FY2024/25 FY2025/26 -461 FY2023/24 FY2024/25 3Q 4Q 1Q 2Q 3Q Wealth Management t
Slide 30: Wealth Management related data (4)
Wealth Management related data (4) Number of accounts (thousands) FY2023/24 FY2024/25 FY2024/25 FY2025/26 Mar Mar Dec Mar Jun Sep Dec Accounts with balance 5,496 5,934 5,925 5,934 5,965 5,998 6,075 Equity holding accounts 2,972 3,285 3,275 3,285 3,292 3,292 3,301 NISA accounts opened1 1,780 1,779 1,
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 FY2023/24 FY2024/25 QoQ YoY 3Q 4Q 1Q 2Q 3Q Business revenue 137.2 163.7 42.0 43.3 40.6 44.1 57.8 31.3% 37.8% Investment gain/loss 16.9 28.8 3.7 -0.2 9.9 16.8 3.1 -81.7% -17.
Slide 32: 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 3Q 4Q 1Q 2Q 3Q Domestic investment trusts business 1,845 2,113 489 274 -207 525 71 of which ETFs 473 987 -352 673 -667 77 -105 Domesetic investment advisory and 1,915
Slide 33: 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 3Q 4Q 1Q 2Q 3Q Net revenue 866.1 1,057.9 290.5 259.2 261.1 279.2 313.9 12.4% 8.0% Non-interest expenses 812.2 891.7 228.2 221.7 219.2 226.0 251.6 11.3% 10.3% Inc
Slide 34: Number of employees
Number of employees FY2023/24 FY2024/25 FY2024/25 FY2025/26 Mar Mar Dec Mar Jun Sep Dec Japan 14,870 14,877 14,977 14,877 15,317 15,144 15,061 Europe 3,053 3,133 3,114 3,133 3,155 3,173 3,237 Americas 2,440 2,417 2,433 2,417 2,476 2,450 3,030 Asia and Oceania1 6,487 6,815 6,736 6,815 6,960 7,109 7,2
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