Presentation Materials

1

May 19, 2026

Apr. 2025 - Mar. 2026

Mizuho and Art

Based on the concepts of "Feeling Energized by Art," "Making Art More Accessible," and "Changing yourself through Art," Mizuho, in collaboration with Tokyo University of the Arts, contributes to social innovation, and the overcoming of social challenges like improving gender equality and people's wellbeing, aiming to co-create a sustainable and abundant society in terms of its art and culture as well as its economics.

We asked students at the Tokyo University of the Arts, Department of DESIGN to give form to the ideas they took from Mizuho's Purpose, "Proactively innovate together with our clients for a prosperous and sustainable future". Beginning in November 2023, this marks our 11th featuring of their artwork for shareholder and investor presentations.

Artist:

Title:

Mona Kawanabe

Tokyo University of the Arts, Department of DESIGN Fourth-year student

"Circle of fruition"

Mizuho's legacy of challenge, built up layer by layer. Firm at its core, yet supple in the face of change,

it breathes life into a more hopeful society.

2

A circle of rich fruition, stretching into the future.

Key Messages

Solid performance delivers record Net Income

Growth in our Focus Business Areas, together with external tailwinds such as BOJ policy rate hikes, drove strong results. All-time high Net Income delivered, exceeding JPY 1T for the first time.

Profit Attributable to Owners of Parent

JPY 1,248.6B

(FY25)

Balancing growth investments with

shareholder return

In FY25, strengthened our Focus Business Areas, expanded RWAs to meet client funding demands, and stepped up shareholder return through share buybacks.

Share buybacks & TPR

(FY25)

Updating our medium-term financial targets

Delivered on our medium-term financial targets two years ahead of schedule. New target for FY28 is ROE over 12% without further BOJ rate hikes.

New Medium-term target (FY28): Stably achieving ROE >12%

Further improving our P/B ratio

Our P/B ratio has been improving steadily. Aiming to close the valuation gap to exemplary global peers by strengthening ROE and expanding our P/E ratio.

P/B ratio

(Apr-26)

3

3

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

Japan at a historic turning point

Challenges

Prolonged

deflation

Cash-heavy household savings

Weak Corporate investment

Labor shortage & population decline

Catalysts

Structural changes

from the pandemic

Shift in geopolitical landscape

Technological advancements

• Transition out of a prolonged deflationary regime

• Increased need for supply chain rebuilding

• Cost-push inflation from geopolitical tensions, etc.

• Pressing need for Japanese industries to enhance "self-dependency" and "indispensability"

• Rapid evolution of AI technology and increase in AI-related investments

  Reform momentum & policy tailwinds

  • Government-led corporate governance reforms & TSE initiatives

  • Initiatives to achieve a virtuous cycle of growth and distribution

Moving into a new era

Virtuous cycle of higher prices & higher wages

Retail financial investment increasing

Domestic corporate investment

increasing

Expected AI-driven

productivity gains

Tailwinds

Improving macro environment Growing overseas interest

in the Japanese market

Retail shift from savings to investment

Increasing corporate actions

5

Exiting the "lost decades" - Japan's revitalization and a shift in corporate mindset & momentum

(JPY)

Nikkei 225

59,284(Apr 2026)

Japanese companies'

total Net Profit13

57.7T

Improving

Macro environment

Rate of inflation1 Rate of wage growth2 BOJ Policy rate

2010s

+0.4%

(Avg. 2010-2019)

+1.92%

(Avg. 2010-2019)

-0.1%

(Feb 2016-Mar 2024)

Now

Increasing corporate actions

Domestic corporate capital investment7

Transaction value

of M&A deals8

Take-private deals9

2010s

102T

(2019)

18.0T

(2019)

42

(2019)

(2025)

Now

Retail shift from savings to investment

Outstanding corporate loans10

Domestic bond issuance5

Foreign bond issuance6

315T

(2019)

10.9T

(Avg. 2015-2019)

9.3T

(Avg. 2015-2019)

Growing overseas interest in the Japanese market

Funding for Startups11 398.0B

Foreign investors' JGB

trading volume5

Foreign investment in Japanese equities6

35.9T

(Monthly avg. 2019)

-2.2T

(Avg. 2015-2019)

(Avg. 2015-2019)

10,198(Jan 2010)

2010

2026

13.6T(2010)

2010

2026

1. Source: Ministry of Internal Affairs and Communications, excluding fresh food. 2. Wage increase rate in the spring wage negotiations. 3. Source: Bank of Japan. 4. Source: Financial Services Agency.

5. Source: Japan Securities Dealers Association. 6. Source: Ministry of Finance. 7. Source: Cabinet Office, nominal. 8. Source: RECOFDATA Corporation, "M&A回顧2026年2月号 376号 (2026/01/05)" https://www.marr.jp/menu/ma_statistics/ma_markettrend/entry/66036 "M&A回顧2020年2月号 304号(2020/01/20)" https://www.marr.jp/marr/marr202002/entry/19844 9. Source: Japan Exchange Group, including closures, etc. 10. Source: Ministry of Finance, excluding finance and insurance. 11. Source: Uzabase, Inc., "Japan Startup Finance 2025". 12. Percentage of Nikkei 225 constituent companies with P/B ratio under 1x. 13. Source: LESG, listed companies with fiscal years ending in March, last 4 quarters.

6

Companies with P/B

ratio under 1x12

40％

（Dec 2019）

Proven strengths, rooted in legacy. Our predecessors helped shape Japan's industrial rise;

and that DNA still underpins the strengths we deliver today.

1873

Global CIB League Table

First National Bank

1880

Yasuda Bank

1902

Industrial Bank of Japan

1948

Fuji Bank

1971

Dai-Ichi Kangyo Bank

Market cap

2000

JPY 8.0T1

3

No.1

Asian FI

JPY 16.4T2

In-house Global CIB

+Global Collaboration

Modernization & wartime

Post-war recovery Rapid economic growth

Stable growth & bubble economy

The "Lost Decades"

1. Sep 2000 2. End of Apr. 2026. 3. Source: Cabinet Office. 4. Source: Japan Securities Dealers Association, publicly offered private bonds. 5. Source: Japanese Bankers Association.

6. Source: Bank of Japan, as of Dec. 2025, Investment trust beneficiary certificates held by households.

7

Contributed to debt

market development Became an early provider of long-term financing

1952: IBJ converted into a long-term credit bank

Pioneered syndicated loans

1998: Japan's first syndicated loan

Channeled growth capital through Asset Management

1985: AM-One's predecessor established

Annual

is suance4

JPY 16T

Annual

origination5

JPY 44T

Total investment

trust assets 6

JPY 165T

Client relationships built over 150 years , now with a well-established Profound customer base

Supporting clients' financing needs since the early days of Japan's debt market, becoming Japan's

Industry research function since 1969, supporting clients' growth strategies with

The only Japanese bank with a fully integrated

No. 1 Debt House

Deep Industry insight

Navigating global uncertainty with decisive actions

V olatility

U ncertainty

C omplexity

A mbiguity

following

Guiding principles

leveraging

Diversity

to remain competitive, even amidst growing complexity

Proactive lateral hiring

Diversity among Executive Officers

maintaining

Flexibility & Agility

to navigate through geopolitical and economic uncertainty

Utilization of forward-looking provisions

Shift from periodic medium term plans to agile, rolling approach

Agile updates to guidance and execution of shareholder returns

A global CIB model resilient to

environmental changes

keeping

Discipline

to set clear direction in

an era of uncertainty

to prepare for market and economic volatility

Establishing our

"Purpose" and

sharing Aspirations

Appropriate risk appetite management

A new performance-

based HR system that rewards results

Developing self-

directed talent

Active recruitment

and appointment of global talent

Fostering a sound culture of constructive dialogue

Cautious management of bond portfolio

8

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

daily convenience to future prosperity:

Connecting

the "customer journey" - from daily digWitalM & AM

convenience to expert wealth and succession pilannnJinga. pan

Enhancing the competitiveness

of Japan's industry

• StrengtheninSg suupppply ochratinisn&g

+

Inter-

connecting

Becoming a bridge for

global collaboration

• Building cross-border supply chains:

  business succession:

  Connecting R&D, manufacturing,

  Connecting

  ◼

  largtehcoerpograrteos wwiththSMEs of Japanese

  GandlosubppalielrsCIB

  • PromotiBnguSussitanineabsilsity:

Fostering new indus tries for

the next generation:

Connecting

startups and large corporates,

Connecting

large corporates with startups

both domestically and globally

Sustainability & Innovation

"All individuals across the Group sharing self-owned aspirations, connecting our core capabilities and putting strategy into action" 9

Preparing for risks & capitalizing on tailwinds

Risks

Our nature

Our "winning formula"

Profound Customer Base

No.1 Debt House

Deep Industry Insight

In-house Global CIB

+ Global Collaboration

Tailwinds

10

Discipline

Flexibility &

Agility

Diversity

Guiding

Principles

"A collection of individuals with shared aspirations"

Growing through our Focus Business Areas, and interconnecting them with our unique strengths

Mass market

retail business

in Japan

WM & AM in Japan

+

Interconnecting

Supporting the growth

of Japanese companies

Global Corporate &

Investment Banking

Improving

Macro environment

Retail shift

from savings to investment

Growing overseas

interest in the

Japanese market

Increasing

Corporate actions

Expecting to deliver another all-time high for Net Income in FY26

• 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 figures）

Forward-looking preparations

considering business uncertainties

Forward-looking preparations considering business uncertainties 240

Losses realized

+110

New All-time High

300

Losses realized in Securities PF, FL reserves, etc.

One-time profits, reversals, Tax, etc.

in Securities PF,

FL reserves, etc.

1,248.6

One-time profits, reversals, Tax, etc.

1,150.0

+160

Net Gains related

to Stocks

Tax, etc.

1,300.0

885.4

1,000.0

Consolidated Net Business Profits

FY24

FY24

FY25

FY25

FY26

（Normalized basis1）

（Normalized basis1)

(Outlook)

1. Performance reflecting true operation in an ordinary business environment and excluding financial adjustments.

11

Raising our Medium-term Financial Targets

FY27 FY28

ROE

1 Constantly achieving

Over 10%

Constantly achieving

Over 12%

Consolidated Net Business Profits 2

Approx.

JPY 1.4-1.6T

Approx.

JPY 1.8-2.0T

Over 12%

(

Approx.

10.5％

（On a normalized basis3） Previous: Over 10%

ROE1

Approx.

9.5％

Achieved 2 years

（On a normalized basis3）

ahead of schedule

FY24 FY25

1. TSE ROE. Incl. Net Unrealized Gains(Losses) on Others Securities. 2. Incl. Gains(Losses) relater to ETFs and others .

3. Performance reflecting true operation in an ordinary business environment and excluding financial adjustments.

FY27

FY28 (Target)

12

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 increasing, adding inflationary pressures

• Liquidity-driven working-capital demand in some segments

• Momentum in corporate action sustained

  Some forward-looking provisions implemented in FY25. Pursue additional upside by capturing emergent business opportunities.

If the situation prolongs

• Supply constraints in Asia including Japan may change the mindset of corporates with CEOs in Japan potentially becoming more conservative.

• Particularly challenging environment for

• Preparing for risks & capitalizing on tailwinds

Discipline Flexibility &

Agility

Guiding

companies that cannot sufficiently pass through

cost increases

Diversity

principles

13

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)

20

ROE over 12%

(assuming policy rate of 0.75%)

Westpac

18

BMO

16

NAB

Scotia

TD GS

CIBC

MS

RBC

Establishing Mizuho's unique

competitive edges

14

12

10

8 FY22

(0.52)

6

FY23 (0.75)

FY24 (0.97)

FY25 (1.49)

DBS

JPMorgan

Improving capital

efficiency

Additional

P/B ratio

2.0x

1.5x

1.25x

1.0x

ROE(%)

Maintaining a sound & stable portfolio

Commitment to disciplined

financial management

Strengthening

competitive edges & addressing challenges

BOJ rate hikes

1. Created by Mizuho based on Bloomberg data. Closing prices as of April 30, 2026 used for P/B ratio.

14

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

Business Portfolio (FY25)

(Rounded figures)

Gross Profits1

JPY 3.5T

CIB Business

APAC

EMEA

Domestic

Outside Japan: 35%

In Japan: 55%

Banking, others

• Complementary to customer business

  - Reserving room for investment in mid-long term JGBs, as future upside potential

  JGBs: Avg. remaining period3: 0.9 yrs

  Mass Retail Business in Japan

  • Stable revenue structure, with Corporate Banking as the core earnings base

  • Approx. 70% of credit exposure (domestic and international) is investment-grade, primarily to large corporates

  • S&T business is centered on customer flow rather than proprietary trading

  Mizuho vs major US/European FIs 2

  Sales & Trading

  Investment Banking Corporate Banking

  o/w Corporate

  Banking

  Solution Business Interest & Others Income

  Credit-related Fees

  US/European FIs

  Mizuho

  
  
  

  (JPY, rounded figures)

  +200B

  • The move out of low interest rates

  and the retail shift from savings to investment providing potential for stable revenue growth

  FY22 FY23 FY24 FY25 FY26

  plan

  1. Incl. Net Gains (Losses) related to ETFs and others. 2. Average CIB income composition based on disclosures. 3. Management accounting basis. After taking into account hedging activities. Excl. HTM.

  
  
  

  16

  Credit Exposure: largely Investment Grade and centered on large corporates

  (Rounded figures)

  FY25

  Loan Balance1

  JPY 91T

  By Customer Group

  In Japan

(avg. loan balance)

Individuals

SMEs

Large

Exposure

Others (40% BB)

Mid-cap Corps.

Corps.

Cover approx. 80%

of listed companies in Japan

Investment Grade Approx. 70%

Corporates: approx.

90%

By Region

(avg. loan balance)

Exposure

Others

APAC

Americas

(70% BB)

Investment

EMEA

Cover approx. 90% of Non-Japanese companies in

Forbes Global 2005

Mainly blue chip corporates

Grade

Approx. 70%

1. Avg. loan balance. FY25 management accounting rule. In Japan: BK+TB, Excl. loans between consolidated entities and loans to Japanese Government and others. Outside Japan: BK, incl. subsidiaries in China, the U.S., the Netherlands, Indonesia, Malaysia, Russia, Brazil and Mexico. 2. RBC individual. 3. RBC corporate+CIBC. 4. GCIBC. 5. Top 200 corporations from Forbes Global 2000.

17

Credit Portfolio outside Japan (Mar-26)

59%

Exposure1 Outside Japan: 906.5B

6% 2%

(USD)

Project Finance

Americas: 59%

IG Corporate

Non-IG Corporate (Approx. 70% BB+)

Central Banks/ Government Bonds

Securitization

By Industry2: Well-diversified portfolio

Autos

Basic Materials Consumer Energy

Financial Institutions Healthcare

Industrials & Diversified Industries

TMT3

(Incl. Data centers )

Interbank

Power & Utilities

LBO Finance (business with selected sponsors)

Others

Real Estate Others

China, HK, Taiwan: 6%

• Controlled in both quantity and quality

  12.0B

Primarily state-

owned global

Middle East: 2%

• Mostly government-related and interbank

  22.1B

  Real Estate Exposure2

  
  
  

• Selective approach based on client's credit

  Corporate + REIT

  BDCs4: 2.2B (JPY 0.3T)

• Financing repaid primarily from interest and dividends generated from loans and equity investments held by BDCs, mainly targeting SMEs

  China

  Hong Kong

  Taiwan

  automobile, petroleum/chemicals, and major private-sector companies such

  as TMT3

  Primarily IG

  Hong Kong

  UAE

  Saudi Arabia

  Qatar Others

  43.9B

  o/w China

  Approx. 0.6B

  Non-Recourse Loans

  • Assessing the financial health of each BDC and monitoring investor redemption demands

  • Investment Grade: Approx. 90%

  • Senior and secured facilities only

  conglomerates

  o/w no exposure to

  U.S. office buildings

  1. BK consolidated+TB consolidated. Loans, commitment lines, guarantee transactions, derivative credit, etc. Balance after taking into account guarantees on a risk country basis. 2. Management accounting basis. BK consolidated+TB non-consolidated. Total amount of loans, foreign exchange, unused committed lines, etc. 3. Technology, media and telecommunication. 4. Business Development Company. An investment company established and regulated under the U.S. Investment Company Act of 1940.

  
  
  

  18

  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 solutions across an integrated product suite

  FY25

  Financing

  
  
  

• Reduced earnings volatility, stable growth by revenue diversification

Stable revenue stream,

mainly grounded

in IG corporates

Fee

Solutions-oriented products, emphasizing relationship-driven, repeat client activity

Avg. monthly revenue: Approx. 435M

Volatility of avg. monthly rev.: Approx. 20%

Stable growth Reduced volatility

Mizuho Americas Gross Profits 5.2B

(FY25)

Trading

Facilitation

Disciplined S&T footprint intentionally focused on

FY19

supporting broader client activity, less exposed to trading volatility

Americas Industry Average CIB Revenue Mix2

Avg. monthly revenue: Approx. 190M

Volatility of avg. monthly rev.: Approx. 60%

Financing

Fee

FY25

Trading

Facilitation

Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar

1. Mizuho Americas management accounting basis. 2. (Source) Coalition Americas CIB fee pool comprised of Fee, Financing, and Trading revenues across the CIB Banking and Markets landscape

19

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