Summary of Financial Results for FY2025

‌Summary of Financial Results for FY2025

(Under Japanese GAAP)

1

May 15, 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

FY25

Results

All-time high Net Business Profits and Net Income. Delivered ROE of 11.4%, achieving our medium-term target of >10% two years ahead of schedule.

Profit Attributable to Owners of Parent

JPY 1,248.6B

110% vs Outlook

FY26

Outlook

Expecting stable expansion of core earnings led by further progress in Focus Business Areas, while exercising sufficient caution to downside risks in the business environment, including from the Middle East conflict.

Profit Attributable to Owners of Parent

JPY 1,300.0B

+150B YoY on a normalized basis

Medium-term financial targets

Updated medium-term financial targets. Aiming to further enhance our unique competitive edges and capital efficiency.

FY28 Target: Stably achieving

ROE >12%

Shareholder Return

Returning capital in line with our Policy:

• Annual Cash Dividend Estimate: JPY 150 per Share (+5 YoY)

• Share buyback of up to JPY 100B resolved at present

Share buyback

100.0B

3

3

‌(JPY B)

A B C D E F

G

H I J

(Ref.)

K L

Consolidated Gross Profits: +18.5% YoY

1

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 YoY. Realized losses of approx.

-JPY 150B in Securities portfolio as forward-looking provision.

2

G&A Expenses

Increase YoY from Yen depreciation and inflation, continued investment in growth areas and governance-related costs. Though, effectively controlled expenses overall with Expense ratio improving YoY.

3

Consolidated Net Business Profits: +27.6% YoY

Strong performance in Customer Groups and Markets leading to JPY 316.8B increase YoY and all-time high profits.

Achievement rate of 108% vs Outlook of 1.35T.

4

Credit-related Costs

Costs recorded for specific companies in and outside Japan. Also recorded reserves of -JPY 54.7B from a forward-looking perspective considering uncertainty in business environment, such as Middle East conflict.

5

Profit Attributable to Owners of Parent: +41.0% YoY

Net Gains related to Stocks contributing alongside strong Net Business Profits, leading to large increase YoY and achievement rate of 110% vs Outlook of 1.13T.

6

ROE

Increase of 2.9ppts YoY from steady profit growth.

Achieved FY27 target of >10% two years ahead of schedule.

4. Figures for YoY

1. Incl. Net Gains (Losses) related to ETFs and others of JPY 38.3B (JPY -6.9B YoY). 2. Excl. Non-Recurring Losses and others. 3. Excl. Net Gains (Losses) related to ETFs and others. are recalculated using FY25 management accounting rules. 5. Of which JPY 69.7B is from the cancellation of the Employee Retirement Benefit Trust (JPY +57.3B YoY).

‌Consolidated Net Business Profits1 & Expense ratio Profit Attributable to Owners of Parent & ROE

(JPY B)

Expense ratio

Consolidated Net Business Profits1

FY25

Outlook 1,350.0

1,461.1

(JPY B)

11.4%

1,144.2

1,005.8

68.0%

853.1

Progress

108%

799.7

807.1

672.5

0%

64.6%

62.7%

62.9%

62.5%

59.4%

64.

FY19

FY20

FY21

FY22

FY23

FY24

FY25

ROE

Profit Attributable to Owners of Parent

8.5%

FY25

Outlook 1,130.0

1,248.6

7.0%

6.1%

5.7%

5.1%

5.2%

885.4

Progress

110%

678.9

530.4

555.5

448.5

471.0

FY19

FY20

FY21

FY22

FY23

FY24

FY25

FY19 FY20 FY21 FY22 FY23 FY24 FY25

1. Incl. Net Gains (Losses) related to ETFs and others.

   ‌(JPY B, Group aggregate, preliminary figures)

   	Gross Profits		G&A Expenses		Net Business Profits			Profit Attributable to Owners of Parent			ROE
   	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	+14%	10.8%
   RBC	984.6	+152.4	-756.7	-54.4	237.5	+97.2	+69%	118.7	-4.7	-4%	5.9%
   CIBC	739.3	+102.5	-250.6	-10.9	499.8	+93.8	+23%	521.2	+116.7	+29%	16.0%
   GCIBC	857.0	+47.6	-510.7	-47.3	367.7	+2.3	+1%	219.5	-20.82	-9%	8.0%
   AMC	73.6	+13.7	-46.3	-7.8	19.7	+7.8	+66%	18.8	+17.9	+1,885%	15.3%

   Markets (GMC)3	664.9	+156.2	-404.9	-53.1	260.0	+103.1	+66%	177.3	+69.9	+65%	7.9%
   Banking3	154.1	+102.1	-52.6	+2.4	101.5	+104.5	-
   Sales & Trading	510.7	+54.1	-352.3	-55.5	158.5	-1.4	-1%

   1. Figures for YoY are recalculated using FY25 management accounting rules. 2. Correction in association of specific Credit-Related Costs from FY24. 3. Incl. Net Gains (Losses) related to ETFs of 2 Banks.

   ‌Total Assets JPY 302T (+18.9)

   Loans 99 (+5.6)		Deposits/NCDs 177 (+4.7) JPY in Japan2123.9 (+0.2) o/w Individual 48.9 (+0.1) o/w Corporate 75.0 (+0.0) Non-JPY in Japan25.1 (+1.6) Outside Japan348.7 (+2.8)
   Securities 42 (+8.3) JGBs 15.3（+6.5） Foreign Bonds 17.2（+1.3） Other Assets
   		Other Liabilities 112 (+13.3)

   Of which Non-JPY4

   • Loans covered by customer deposits and stable mid-long term funding, such as corporate bonds and currency swaps

JP Clients (inside

+ outside Japan)

Non-JP Clients outside Japan

Americas EMEA APAC

50%

50%

15%

10%

25%

Customer deposits5

219.3 (+30.8)

USD 498.7B (-22.3)

Cash and Due from Banks 61.5 (-10.9)

o/w Bank of Japan

Current Account Balance2 47.6 (-7.7)

159 (+4.9)

11 (+0.8)

Net Assets

1. Figures in ( ) represent change vs Mar-25. 2. 2 Banks. 3. Branches and other subsidiaries. 4. BK+TB. FY25 management accounting rules. 5. Break downs are approximate. Incl. loans/deposits in Japan and subsidiaries outside Japan. 6. Corporate bonds, currency swaps, etc. 7. Repos, interbank, Central bank deposits and others.

‌(JPY T)

55.8

56.9

57.8

Average bal.

(vs. FY24 avg bal.)

RBC

Individual

(-0.3)

Loan and Deposit Rate Margin2

Returns on Loans and Bills Discounted (a) Cost of Deposits (b)

Loans and Deposit Rate Margin (a-b)

0.98%

1.10%

0.76%

0.92%

1.32%

RBC

Corporate

(+1.0)

0.76%

0.00%

0.06%

0.21%

FY23 FY24 FY25

CIBC

(+0.2)

Loan Spread

RBC Corporate CIBC

0.61%

0.61%

0.61%

0.59%

0.64%

0.55%

FY23 FY24 FY25 FY23 FY24 FY25

1. BK+TB. FY25 management accounting rules. Figures from FY23 to FY24 recalculated based on the new rules. Excl. loans between consolidated entities and loans to Japanese Government and others.

2. 2 Banks. Excl. loans to financial institutions (incl. FG), Japanese Government and others. Domestic operations.

‌Loans outside Japan1

(USD B)

242.9

235.6

240.4

Average bal.

(vs. FY24 avg bal.)

EMEA

(-1.7)

Americas

Loan and Deposit Rate Margin2

Returns on Loans and Bills Discounted (a) Cost of Deposits (b)

Loans and Deposit Rate Margin (a-b)

5.84%

5.54%

4.48% 4.18%

4.71%

3.44%

(+5.7)

1.36%

1.36%

1.26%

FY23

FY24 FY25

Loan Spread

1.06%

APAC

(+0.8)

1.12% 1.11%

FY23 FY24 FY25 FY23 FY24 FY25

1. FY25 management accounting rules. Figures from FY23 to FY24 recalculated based on new rules. Excl. loans between consolidated entities. BK, incl. subsidiaries in China, the U.S., the Netherlands, Indonesia, Malaysia, Russia, Brazil and Mexico. 2. BK, International Operations.

‌(JPY B, Figures in ( ) represent YoY)

1,330.2

+133.2

1,463.4

Domestic Corporate Solutions Business

330.1

Individual Wealth Management3:

153.5

(+13.0)

264.1

IB Business: Real estate:

74.4

79.7

(+10.9)

(+19.7)

(Ref.)

Total Assets in Custody4:

NISA Accounts5:

66.9T

840k

(+4.4T) (+30k)

Credit-related fees: 176.0 (+35.3)

CIBC:

Solutions Business2:

373.8

226.9

(+60.3)

(+54.2)

FY24 FY25

GCIBC by region

445.0 476.4

FY24 FY25 FY24 FY25

EMEA:

Americas:

IB Business:

Credit-related fees:

FX & Derivatives, others:

APAC:

71.3

269.0

109.1

147.6

12.3

136.1

(+3.2)

(+26.1)

(+12.0)

(+12.2)

(+2.5)

(+2.1)

1. FY25 management accounting rules. Past figures were recalculated (FY24: originally JPY 1,312.4B). 2. Incl. fees related to investment banking business and real estate brokerage. 3. BK investment trusts, annuities+SC individual segment, PB segment. 4. Combination of SC’s Retail Banking Business Division and 2 Banks (Individual annuities, Investment trusts (excl. MMF), Foreign currency deposits). 5. BK+SC

‌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

Others

RBC: CIBC: GCIBC:

-64.6

-24.1

-31.3

NPL Ratio

1.17%

Claims against Bankrupt and Substantially

1.25

-106.3

-133.0

Bankrupt Obligors

-51.6

Claims with Collection Risk

1.04

0.97%

0.92

0.80%

Cost Reversal

FY23 FY24 FY25

Claims for Special Attention

Balance of reserves recorded from a forward-looking perspective

(period-end balance)

15.3

107.4

162.1

Mar-24 Mar-25 Mar-26

1. Banking Act. 2. Financial Reconstruction Act. 3. Incl. Trust Account.

‌Other Securities

(JPY B, Consolidated)

1. Total

   JGB Portfolio5

   (JPY T, 2 Banks)

   0.3

   4.7

10.9

1.0

1.0 0.9

14.9

8.3

Average remaining period6(yrs)

Medium to long term bonds

1. Japanese Stocks

2. Japanese Bonds

3. o/w JGBs

4. Foreign Bonds

5. o/w Debt Securities issued in US3

   9.8

   Mar-24

   Mar-24

   5.7

Mar-25

Mar-25

10.2

Mar-26

Mar-26

Treasury Discount bills

1. Other

Foreign Bond Portfolio5

2.4

2.0

1.2

(JPY T, 2 Banks)

Japanese Stock Reduction

Reduction (Mar-26)

12.4 11.8 12.4

Average remaining period6(yrs)

Acquisition value

Deemed holdings4

vs Mar-25

-114.6

(incl. sales accepted -152.4)

-274.4

vs Mar-15

-1,215.2

-1,197.8

Other

Debt Securities issued in US3

24/3末

25/9末

25/3末

Mar-24

Mar-25

Mar-26

1. Other Securities with readily determinable fair values, excl. Investments in Partnerships. 2. Changes in value to be recorded directly to Net Assets. After applying Net deferred gains/losses of deferred hedging accounting among hedging instruments. 3. US Treasury / GSE Bonds. 4. Partially incl. amount recorded as assets of BK and TB. Market value. 5. Acquisition value.

6. Management accounting basis. After taking into accounting hedging activities, excl. bonds held to maturity.

‌(JPY B, Consolidated)

Capital Ratios

Other Regulatory Ratios

16.93%

14.85%

12.73%

(Regulatory minimum1)

Total (11.5%)

Tier1（9.5%)

CET1（8.0%)

External TLAC Ratio

RWAs Basis

Total Exposure Basis

25.35%

9.17%

26.86%

9.29%

(Regulatory Minimum)

（3.7%）

（18.0%）

（7.1%）

（100.0%）

1. Excl. countercyclical buffer. 2. Common Equity Tier 1 Capital. 3. Additional Tier 1 Capital.

(JPY B, Consolidated)

FY25

FY26

Result

Outlook

YoY

‌Earnings Outlook

[Assumed financial indicators] BOJ Policy Rate: 0.75%. Nikkei 225: JPY 57,000. USD/JPY: 150.

Shareholder Return

(JPY B)

FY26

Cumulative total amount for this

fiscal year (maximum)

100.0

FY25 FY26

Result Estimate YoY

72.5

75.0

+2.5

72.5

75.0

+2.5

145.0

150.0

+5.0

• Share buyback of up to JPY 100B resolved (all shares purchased to be cancelled)

  Cash dividend per share

(JPY)

Interim

FY28

ROE

Over 12%

Consolidated Net Business Profits1

JPY 1.8-2.0T

Medium-term Financial Targets

Fiscal Year-end Annual

• Annual Cash Dividend (estimate):

JPY 150.0 (+JPY 5.0 YoY) in line with our Shareholder Return Policy

1. Incl. Net Gains (Losses) related to ETFs and others. 2. Excl. Net Gains (Losses) related to ETFs and others.

   • ‌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

300

Forward-looking preparations considering business uncertainties 240

Losses realized in Securities PF,

+110

New All-timeHigh

Losses realized in Securities PF, FL reserves, etc.

885.4

One-time profits, reversals, Tax, etc.

1,000.0

FL reserves, etc.

1,248.6

One-time profits, reversals, Tax, etc.

1,150.0

+160

Consolidated Net Business Profits

Net Gains related

to Stocks

Tax, etc.

1,300.0

FY24

FY24

FY25

FY25

FY26

（Normalized basis1）

（Normalized basis1)

(Outlook)

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

‌ROE

Consolidated Net Business Profits1

FY27

Stably achieving

Over 10%

Approx.

JPY 1.4-1.6T

FY28

Stably achieving

Over 12%

Approx.

JPY 1.8-2.0T

Upside from further BOJ Policy Rate hikes

Over 12%

(

ROE

Approx.

9.5％

Approx.

10.5％

（On a normalized basis2） Previous: Over 10%

Achieved 2 years

（On a normalized basis2）

ahead of schedule

FY24 FY25

FY27

FY28 (Target)

1. Incl. Gains (Losses) related to ETFs and others. 2. Performance reflecting true operation in an ordinary business environment and excluding financial adjustments.

‌In addition to keeping progressive increase of dividends per share, execute flexible and intermittent share buybacks

Dividends: Share buybacks:

FY26 Shareholder Return Outlook

TPR

2

51%

42%

40%

39%

33%

32

%

38% 38%

400

100

100~

Share buybacks (B)

Cash Dividend per Share1 (JPY)

Increase dividends per share by approximately JPY 5.0 each fiscal year, based on the steady growth of our stable earnings base

Decide share buybacks, based on our business results, capital adequacy, stock price and opportunities for growth investment, using Total Payout Ratio (TPR) of 50% or more as a guide

JPY 150（+5 vs FY25）

FY26 Cash Dividend Outlook:

Interim: JPY 75.0

Per Share

Year-end: JPY 75.0

Share buybacks:

JPY 100B

60%

Will consider additional Shareholder Return (through share buybacks) in line with business results, capital adequacy, stock price and opportunities for growth investment

Total Payout Ratio of 50% or more as a guide

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

1. Reflecting impact of reverse stock split (Oct 2020). 2. Not incl. one-time losses (197% incl. one-time losses).

‌(JPY B)

Profit Attributable to Owners of Parent1

Profit Attributable to Owners of Parent1

FG

AM-One3

Other

2 Banks

945.8

TB

on a non-consolidated basis

Equity in

Income from Investments in Affiliates

o/w Vietcombank: 28.2

BK

on a non-consolidated basis

SC (U.S. and

Europe-based entities aggregated basis)2

822.4

Consolidated 1,248.6

1. Incl. Net Gains (Losses) related to ETFs and others. Rounded figures before consolidation adjustment. 2. Net Business Profits are the sum of figures from SC consolidation and U.S. and Europe-based entities which are not consolidated subsidiaries of SC. Profit is Management accounting basis, which includes the figures of such entities. Figures of U.S.-based entities and Mizuho Bank Europe (Securities Divisions) are: Net Business Profits JPY 127.6B, Profit Attributable to Owners of Parent JPY 95.9B. 3. Consolidated basis. Excl. Amortization of Goodwill and other.

Abbreviations Foreign exchange rates

FG : Mizuho Financial Group, Inc.

BK : Mizuho Bank, Ltd.

TB : Mizuho Trust & Banking Co., Ltd.

RBC CIBC

: Retail & Business Banking Company

: Corporate & Investment Banking Company

Management accounting (FY25)

Financial accounting

(TTM at the respective period-end)

SC : Mizuho Securities Co., Ltd. GCIBC: Global Corporate & Investment

AM-One : Asset Management One Co., Ltd.

GMC AMC

Banking Company

: Global Markets Company

: Asset Management Company

Definitions

Financial accounting

Consolidated Net Business Profits

Net Gains (Losses) related to ETFs and others

G&A Expenses (excl. Non-Recurring Losses and others) Expense ratio

Profit Attributable to Owners of Parent 2 Banks

CET1 Capital Ratio

(excl. Net Unrealized Gains (Losses) on Other Securities)

: Consolidated Gross Profits - G&A Expenses (excl. Non-Recurring Losses) + Equity in Income from Investments in Affiliates and other certain consolidation adjustments

: Net Gains (Losses) related to ETFs (2 Banks) + Net Gains (Losses) on Operating Investment Securities (SC Consolidated)

: G&A Expenses (excl. Non-Recurring Losses) - Amortization of Goodwill and other items

: G&A Expenses (excl. Non-Recurring Losses and others) ÷ (Consolidated Gross Profits + Net Gains (Losses) related to ETFs and others)

: Net Income for the period Attributable to Shareholders of the Parent Company

: BK + TB (non-consolidated basis)

: Includes the effect of partially fixing unrealized gains on Japanese stocks through hedging transactions, management accounting basis

Management accounting

[Numerator] [Denominator]

Excludes Net Unrealized Gains (Losses) on Other Securities and its associated Deferred Gains (Losses) on Hedges Excludes RWA associated with Net Unrealized Gains (Losses) on Other Securities (stocks)

Customer Groups Markets

Group aggregate

Net Business Profits by In-house Company

: Aggregate of RBC, CIBC, GCIBC and AMC

: GMC

: BK + TB + SC + other major subsidiaries

: Gross Profits + Net Gains (Losses) related to ETFs and others - G&A Expenses (excl. Non-Recurring Losses and others)

+ Equity in Income from Investments in Affiliates and certain other consolidation adjustments

- Amortization of Goodwill and other items

Internal risk capital : Risk capital includes factors such as regulatory risk-weighted assets (RWA) and interest rate risk in the banking account. Internal risk capital for RBC, CIBC, GCIBC are calculated on a Basel III finalization fully-effective basis. Preliminary figures

19

Company ROE : Profit Attributable to Owners of Parent divided by internal risk capital.