Nomura Holdings, Inc. TSE:8604
Nomura : Quarterly Earnings (2026 full pres)
Source: MarketScreener
Consolidated Results of Operations
Fourth quarter, year ended March 2026
(US GAAP)
April 2026
Nomura Holdings, Inc.
© Nomura
1
Investment Management related data (p. 30-31)
Wholesale related data (p. 32)
Number of employees (p. 33)
Robust financial position (p. 17)
Wealth Management related data (p. 26-29)
Non-interest expenses (p. 16)
Segment "Other" (p. 25)
Banking (p. 15)
Consolidated results: Income (loss) before income taxes by
segment and region (p. 24)
Investment Management (p. 10-11)
Wholesale (p. 12-14)
Consolidated financial highlights (p. 21)
Consolidated income (p. 22)
Main revenue items (p. 23)
Overview of results (p. 5)
Business segment results (p. 6)
Wealth Management (p. 7-9)
Value at risk (p. 20)
Trend in stable revenue (p. 4)
Consolidated balance sheet (p. 19)
Executive summary (p. 2-3)
FY2024/25 full year | FY2025/26 full year | YoY | |
Net revenue | Y1,892.5bn | Y2,167.7bn | 15% |
Income before income taxes | Y472.0bn | Y539.8bn | 14% |
Net income1 | Y340.7bn | Y362.1bn | 6% |
EPS2 | Y111.03 | Y118.99 | 7% |
ROE | 10.0% | 10.1% |
Income before income taxes: Segment information3 | FY2024/25 full year | FY2025/26 full year | YoY |
Wealth Management | Y166.2bn | Y204.0bn | 23% |
Investment Management | Y89.6bn | Y88.3bn | -1% |
Wholesale | Y166.3bn | Y200.6bn | 21% |
Banking | Y16.4bn | Y14.0bn | -14% |
Four segment total | Y438.4bn | Y506.9bn | 16% |
Other | Y35.1bn | Y24.6bn | -30% |
Unrealized gain (loss) on investments held for operating purposes | Y-1.5bn | Y8.3bn | - |
Income before income taxes | Y472.0bn | Y539.8bn | 14% |
-
Net income1 of Y362.1bn, setting a record high for the second straight year
Full-year ROE of 10.1%, meeting the quantitative target in our 2030 Vision for second year in a row
Four segment income before income taxes reached an all-time high of Y506.9bn
~Wealth Management and Wholesale drove companywide earnings, with both achieving highest income before income taxes since their
respective establishments4
- Wealth Management's asset management-based business model gained further momentum, with substantial growth in major KPIs
- Investment Management's assets under management rose by more than 50% over the year to around Y137trn, with substantial increase in stable business revenue base
- Wholesale saw revenue growth in all regions. In addition to the overall division, both Global Markets and Investment Banking achieved record-high revenues
- Banking saw solid growth in its business base, also making steady advances towards scheduled launch of deposit sweep service in FY2026/27
- Proactive shareholder returns: Dividend per share; Year-end Y24, Annual Y51 (Dividend payout ratio of 41%)
1. Net income (loss) attributable to Nomura Holdings shareholders.
Retrospective adjustments made to prior years following the establishment of the Banking Division, a portion of whose businesses were previously included in Wealth Management Division, in April 2025.
Wealth Management Division: Established in the fiscal year ended March 2002 Wholesale Division: Established in the f iscal year ended March 2011
2. Diluted net income (loss) attributable to Nomura Holdings shareholders per share.
2
First of all, our full-year results.
As you can see in the bottom left, Group net revenue increased 15 percent year on year to 2,167.7 billion yen, while income before income taxes grew 14 percent to 539.8 billion yen, and net income increased 6 percent to 362.1 billion yen, setting a record high for the second consecutive year. We achieved full-year ROE of 10.1 percent, on target for the second year in a row since we set our ROE target range of 8 to 10 percent or more by 2030.
Four segment income before income taxes reached an all-time high of 506.9 billion yen.
Wealth Management and Wholesale drove companywide earnings, with both divisions achieving their highest income since their respective establishments.
Wealth Management achieved growth of 23 percent in income before income taxes, as the recurring revenue-based business model gained further momentum and major KPIs also saw substantial growth. Investment Management saw its assets under management rise by more than 50 percent over the year to around 137 trillion yen, with a substantial increase in the stable business revenue base. Meanwhile, Wholesale saw revenue growth across all regions, and both Global Markets and Investment Banking achieved record-high revenue, resulting in income growth of 21 percent. As for the Banking, it has steadily expanded its business base since the division was established and is making solid progress toward implementing deposit sweep.
In view of our strong performance, for the period ended March 2026, we expect to pay an ordinary dividend of 24 yen per share. This brings the annual dividend to 51 yen per share, for a dividend payout ratio of 41 percent.
4Q
Diluted net income (loss) attributable to Nomura Holdings shareholders per share.
Retrospective adjustments made to prior years following the establishment of the Banking Division, a portion of whose businesses were previously included in Wealth Management, in April 2025.
A record quarter since comparisons possible in FY2016/17 3
Investment Management:
Net revenue hit an all-time high thanks to growth in existing businesses and a contribution from
acquired businesses
However, expenses related to acquired businesses and an impairment loss on equity interests in an investee company was recognized
(billions of yen)
Investment Management Wealth Management4
132.6
Banking Wholesale
142.9
125.6
Wholesale:
- In Global Markets, although revenue fell QoQ, Equities reached an all-time high5, while in Investment Banking momentum remained solid thanks to performance in Japan
105.8
92.0
Banking:
- Net revenue was solid but income before income taxes was down on upfront investment in business expansion
FY24/25 FY25/26
4Q 1Q 2Q
3Q
4Q
1. Calculated using annualized net income attributable to Nomura Holdings shareholders for each period.
2. Net income (loss) attributable to Nomura Holdings shareholders.
3Q
FY24/25 FY25/26
4Q 1Q 2Q
107.7
73.9
135.2
91.6
104.6
97.7
72.0
Four segment income before income taxes4 of Y125.6bn (-12% QoQ)
Wealth Management:
Recurring revenue assets remained at a high level while recurring revenue hit an all-time high as in the previous quarter
Amid volatile market conditions, flow revenue also remained at a high level supported by effective
support of customers' needs
136.6
92.1
160.3
Net income
(billions of yen)
GroupwideIncome before income taxes
Income before income taxes and net income2 FY2025/26 4Q highlightsIncome before income taxes and net income both fell QoQ and ROE1 came in at 8.0%
Net revenue: Y577.2bn (+5% QoQ); Income before income taxes: Y107.7bn (-20% QoQ); Net income2:
Y73.9bn (-19% QoQ); EPS3: Y24.34
Revenue increased in the four main segments combined, but the share of profit/loss from affiliates declined in segment "Other"
Recognized an impairment loss at an investee company in Investment Management
Next, let me give an overview of our fourth quarter results. Please turn to Page three. All the percentages I mention from here on are quarter-on-quarter comparisons.
First of all, Group net revenue rose 5 percent to 577.2 billion yen, income before income taxes fell 20 percent to 107.7 billion yen, and net income was down 19 percent at 73.9 billion yen. Earnings per share came to 24.34 yen and ROE was 8.0 percent.
While four segment net revenue rose, income fell due to factors including a decrease in the amount of profit/loss recognized from affiliates in the Other segment, as well as an impairment loss at an investee company in Investment Management.
Next, please turn to page seven, and I will present an overview of each business in the fourth quarter.
120.7
0.0
FY20/21 FY21/22 FY22/23 FY23/24 FY24/25 FY25/26
400.0
Mar Mar Mar Mar Mar
Mar
47.2
Investment Management (IM)
(trillions of yen)
300.0
42.9
223.7
AuM163.7
200.0
119.9
53.9
137.2
111.9
100.0
180.1
205.2
107.1
131.7
134.4
138.2
0.0
FY20/21 FY21/22 FY22/23 FY23/24 FY24/25
FY25/26
Retrospective adjustments to align with the new segment classification for FY23/24 and FY24/252
Total of recurring revenue assets in Wealth Management, business revenue in Investment Management, and revenue in Banking.
Banking revenue is separately disclosed from FY25/26 1Q following the establishment of the Banking Division in April 2025. A portion of Banking revenue was previously included in recurring revenue in the Wealth
Management Division. Retrospective adjustments have been made to figures for FY23/24 and FY24/25 to reflect the establishment of the Banking Division, but not to figures for earlier fiscal years.
4
(trillions of yen)
FY20/21 FY21/22 FY22/23 FY23/24 FY24/25 FY25/26
Mar Mar Mar Mar Mar Mar
0.0
40.0
67.3
67.9
64.7
80.0
89.0 89.3
120.0
136.9
160.0
Trend in stable revenue:
Building recurring business to expand the revenue base for growth
Recurring revenue assets and AuM increased with inflowsWealth Management (WM)
Stable revenue1 steadily expanding500.0
Recurring revenue assets(billions of yen)
WM Recurring revenue
IM Business revenue
30.0
27.9
Banking revenue
23.0
23.5
19.6
600.0
18.7
20.0
18.2
10.0
FY25/26
FY25/26
Mar
FY25/26
Mar
(billions of yen, excluding EPS, BPS and ROE | ) FY24/25 | FY25/26 | QoQ | YoY | FY24/25 | FY25/26 | YoY | |||
4Q | 1Q | 2Q | 3Q | 4Q | Full year | Full year | ||||
Net revenue | 452.7 | 523.3 | 515.5 | 551.8 | 577.2 | 5% | 27% | 1,892.5 | 2,167.7 | 15% |
Non-interest expenses | 355.0 | 363.0 | 378.8 | 416.5 | 469.5 | 13% | 32% | 1,420.5 | 1,627.9 | 15% |
Income before income taxes | 97.7 | 160.3 | 136.6 | 135.2 | 107.7 | -20% | 10% | 472.0 | 539.8 | 14% |
Net income1 | 72.0 | 104.6 | 92.1 | 91.6 | 73.9 | -19% | 3% | 340.7 | 362.1 | 6% |
Effective tax rate | 24.3% | 32.9% | 29.9% | 30.1% | 28.9% | 26.4% | 30.6% | |||
EPS2 | Y23.39 | Y34.04 | Y30.49 | Y30.19 | Y24.34 | -19% | 4% | Y111.03 | Y118.99 | 7% |
BPS3 | Y1,174.10 | Y1,177.31 | Y1,188.05 | Y1,244.72 | Y1,277.99 | 3% | 9% | Y1,174.10 | Y1,277.99 | 11% |
ROE4 | 8.2% | 12.0% | 10.6% | 10.3% | 8.0% | 10.0% | 10.1% | |||
Income before income taxes from three international regions5,6 | 28.5 | 27.5 | 44.9 | 16.3 | 2.9 | -82% | -90% | 137.0 | 91.5 | -33% |
1. Net income (loss) attributable to Nomura Holdings shareholders. 2. Diluted net income (loss) attributable to Nomura Holdings shareholders per share.
3. Total Nomura Holdings shareholders' equity per share. 4. Calculated using annualized net income attributable to Nomura Holdings shareholders for each period.
Three international regions refers to (i) the Americas, (ii) Europe and (iii) Asia and Oceania (Including Powai office in India).
Geographic information is based on U.S. GAAP. Nomura's revenues and expenses are allocated based on the country of domicile of the legal entity providing the service. This information is not used for business management purposes.
5
(billions of yen) | FY24/25 | FY25/26 | QoQ | YoY | FY24/25 | FY25/26 | YoY | ||||
4Q | 1Q | 2Q | 3Q | 4Q | Full year | Full year | |||||
Net revenue | Wealth Management1 | 99.9 | 105.8 | 116.5 | 132.5 | 133.1 | 0.5% | 33% | 433.6 | 487.9 | 13% |
Investment Management | 43.0 | 50.6 | 60.8 | 60.9 | 86.2 | 42% | 100% | 192.5 | 258.5 | 34% | |
Wholesale | 259.2 | 261.1 | 279.2 | 313.9 | 308.1 | -2% | 19% | 1,057.9 | 1,162.2 | 10% | |
Banking1 | 11.4 | 12.8 | 12.9 | 13.7 | 14.5 | 6% | 27% | 47.2 | 53.9 | 14% | |
Subtotal1 | 413.5 | 430.3 | 469.3 | 521.0 | 542.0 | 4% | 31% | 1,731.1 | 1,962.6 | 13% | |
Other*1 | 39.4 | 93.2 | 44.4 | 28.1 | 31.2 | 11% | -21% | 162.9 | 196.9 | 21% | |
Unrealized gain (loss) on investments in equity securities held for operating purpose | -0.2 | -0.1 | 1.8 | 2.7 | 4.0 | 50% | - | -1.5 | 8.3 | - | |
Net revenue | 452.7 | 523.3 | 515.5 | 551.8 | 577.2 | 5% | 27% | 1,892.5 | 2,167.7 | 15% | |
Income (loss) before income taxes | Wealth Management1 | 35.9 | 38.8 | 45.5 | 58.5 | 61.2 | 5% | 70% | 166.2 | 204.0 | 23% |
Investment Management | 15.5 | 21.5 | 30.7 | 17.9 | 18.1 | 1% | 17% | 89.6 | 88.3 | -1% | |
Wholesale | 37.5 | 41.9 | 53.1 | 62.3 | 43.2 | -31% | 15% | 166.3 | 200.6 | 21% | |
Banking1 | 3.1 | 3.6 | 3.2 | 4.2 | 3.0 | -27% | -0.1% | 16.4 | 14.0 | -14% | |
Subtotal1 | 92.0 | 105.8 | 132.6 | 142.9 | 125.6 | -12% | 37% | 438.4 | 506.9 | 16% | |
Other*1 | 5.9 | 54.6 | 2.3 | -10.3 | -22.0 | - | - | 35.1 | 24.6 | -30% | |
Unrealized gain (loss) on investments in equity securities held for operating purpose | -0.2 | -0.1 | 1.8 | 2.7 | 4.0 | 50% | - | -1.5 | 8.3 | - | |
Income (loss) before income taxes | 97.7 | 160.3 | 136.6 | 135.2 | 107.7 | -20% | 10% | 472.0 | 539.8 | 14% | |
*Additional information on "Other" (FY2025/26 4Q)
Loss related to economic hedging (Y-2.9bn)
Loss on changes to own and counterparty credit spread relating to Derivatives (Y-1.2bn)
1. Retrospective adjustments made to prior years following the establishment of the Banking Division, a portion of whose businesses were previously included in Wealth Management, in April 2025.
6
(billions of yen) | FY24/ 25 | FY25/ 26 | FY24/ 25 | FY25/ 26 | QoQ | YoY | |||
Full year | Full year | ||||||||
4Q | 1Q | 2Q | 3Q | 4Q | |||||
Net revenue | 433.6 | 487.9 | 99.9 | 105.8 | 116.5 | 132.5 | 133.1 | 0.5% | 33% |
Non-interest expenses | 267.4 | 283.9 | 64.0 | 67.0 | 71.0 | 74.0 | 71.9 | -3% | 12% |
Income before income taxes | 166.2 | 204.0 | 35.9 | 38.8 | 45.5 | 58.5 | 61.2 | 5% | 70% |
FY24/ 25 | FY25/ 26 | FY24/ 25 | FY25/ 26 | QoQ | YoY | ||||
Full year | Full year | ||||||||
4Q | 1Q | 2Q | 3Q | 4Q | |||||
Recurring revenue1,2 | 180.1 | 205.2 | 47.0 | 44.5 | 51.2 | 52.7 | 56.8 | 8% | 21% |
Flow revenue, etc.3 | 253.4 | 282.7 | 52.9 | 61.3 | 65.3 | 79.8 | 76.4 | -4% | 44% |
Net revenue1 | 433.6 | 487.9 | 99.9 | 105.8 | 116.5 | 132.5 | 133.1 | 0.5% | 33% |
Growth of client assets | FY2025/26 3Q | FY2025/26 4Q |
Investment trust net inflows5 | +Y369.3bn | +Y335.7bn |
Discretionary investment net inflows5 | +Y104.3bn | +Y98.8bn |
Net inflows of cash and securities6 | -Y460.6bn | +Y2,720.0bn |
Full year
Net revenue: Y487.9bn (+13% YoY) Income before income taxes: Y204.0bn (+23% YoY)Income before income taxes at highest level since the division was established in the fiscal year ended March 2002
Major advances in all KPIs, with the foundation of asset management-
based business model steadily strengthened
The recurring revenue cost coverage ratio4 rose to 72%, mainly reflecting revenue growth, while disciplined cost control was maintained
(billions of yen) 500.0
400.0
Flow
revenue, etc.300.0
Recurring revenue
200.0
100.0
0.0
140.0
120.0
100.0
80.0
60.0
40.0
20.0
0.0
Fourth quarter
Net revenue: Y133.1bn (+0.5% QoQ, +33% YoY) Income before income taxes: Y61.2bn (+5% QoQ, +70% YoY) Recurring revenueNet inflows of recurring revenue assets remained at a high level (+Y422.8bn); 16th consecutive quarter of strong net inflows
Recurring revenue also at record high; steady growth in recurring revenue assets facilitated growth in income
Flow revenue, etc.Flow revenue edged down, but remained at a high level, second only to 3Q level; supported by effective responses to client needs amid volatile market conditions
Retrospective adjustments made to prior years following the establishment of the Banking Division, a portion of whose businesses were previously included in Wealth Management, in April 2025.
Revenue from client assets and ongoing revenue (investment trusts, discretionary investments, insurance, loans, level fee ass ets, etc.).
Revenue from transactions (brokerage revenue, consulting-related revenue), interest income, etc. other than from loans. 4. Recurring revenue divided by non-interest expenses using four-quarter cumulative.
5. Excludes Corporate section. 6. Cash and securities inflows minus outflows, excluding regional financial institutions.
7
As you can see in the top left, in Wealth Management, net revenue was more or less flat versus the previous quarter at 133.1 billion yen, while income before income taxes exceeded the strong previous quarter, rising 5 percent to 61.2 billion yen. The recurring revenue cost coverage ratio reached 72 percent, and the division achieved a high level of profitability, with the margin on income before income taxes remaining above 40 percent, which is higher than the industry average.
As shown on the bottom left, recurring revenue reached an all-time high of 56.8 billion yen. Net inflows of recurring revenue assets remained at a high level, exceeding 400 billion yen once again this quarter.
Flow revenue was down slightly, but at 76.4 billion remained high in absolute terms, second only to the level the previous quarter, as we were able to effectively support customers' needs amid volatile market conditions.
FY24/25 | FY25/26 | ||||
4Q | 1Q | 2Q | 3Q | 4Q | |
Stocks | 3,870.6 | 4,967.5 | 4,539.9 | 4,741.3 | 9,953.3 |
Bonds | 462.7 | 660.6 | 633.4 | 473.4 | 447.6 |
Investment trusts | 791.0 | 754.7 | 815.2 | 1,095.1 | 953.7 |
Discretionary Investments | 149.5 | 140.2 | 187.0 | 221.0 | 223.6 |
Insurance | 87.1 | 137.3 | 185.5 | 132.7 | 96.7 |
Total sales1 | 5,360.9 | 6,660.3 | 6,361.0 | 6,663.4 | 11,675.0 |
(billions of yen)
Total sales1 were Y11.675trn, +75% QoQ12,000
Discretionary investments, Insurance products
Investment trusts
10,000
8,000
Stocks: +2x QoQ
Sales of Japanese stock rose thanks to major tender offers (around Y4trn) and primary deals
Primary stock subscriptions fell by 38% QoQ to Y202.3bn
6,000
Bonds
4,000
Bonds: -5% QoQ
Sales of Japanese bonds fell slightly on absence of primary deals
Demand for foreign bonds was solid
Stocks
2,000
0
Investment trusts: -13% QoQ
Remained at a high level despite falling QoQ amid increasingly widespread investment diversification for portfolio management purposes
Discretionary investments: +1% QoQ
Existing contracts grew and new contracts also increased, thanks to high-quality product lineup and provision of services geared to customer needs
Insurance: -27% QoQ
Sales of foreign currency-denominated products declined on weaker yen, but contract value for yen-denominated products increased
1. Excludes Corporate section and Workplace Solution Department.
8
Next, I will give you an update on total sales by product. Please turn to page eight.
Total sales rose 75 percent quarter on quarter, to around 11.7 trillion yen. This was largely due to major tender offer totalling 4 trillion yen, but even excluding this factor total sales remained at a high level.
By product, excluding the tender offer, sales of Japanese stocks remained high thanks to a contribution from primary deals. Sales of bonds fell by 5 percent. While demand for foreign bonds was solid, sales of Japanese bonds fell slightly on the absence of primary deals.
Sales of investment trusts and discretionary investments, which constitute recurring revenue assets, saw some fluctuations but remained at a high level as the flow from savings to investments continued. In insurance, meanwhile, sales of foreign currency-denominated products declined on weaker yen.
28.1
0.0
30.0
27.9
26.2
24.6
23.5
15.0
40.0
50.0
44.5
25.0
20.0
422.8
403.2
289.5
278.9
9
265.6
Workplace servicesProvision of workplace services on growth trajectory driven mainly by ESOP
FY24/25 FY25/26
Mar Jun Sep Dec Mar
Excludes investment trust distributions, and investment trust net inflows in level fee accounts, etc.
Revenue from client assets and ongoing revenue (investment trusts, discretionary investments, insurance, loans, level fee ass ets, etc.).
Retrospective adjustments made to prior years following the establishment of the Banking Division, a portion of whose businesses were previously included in Wealth Management, on Apr. 1, 2025.
3,963
3,883
4,082
4,035
4,142
4,200
4,000
3,800
3,600
3,400
3,200
3,000
(thousands)
10.0
Flow business clientsFlow business client numbers well above prior-year level; customer access increased steadily as transformation of business model improved productivity
(thousands)
Mar/4Q
Dec/3Q
Sep/2Q
20.0
FY25/26
Jun/1Q
FY24/25 FY25/26 FY24/25
4Q 1Q 2Q 3Q 4Q Mar/4Q
1,000
1,800
1,741
1,600
1,538
1,644
1,400
1,200
1,263
1,251
1,482
Wealth Management: KPI summary914
925
FY2024/25
FY2025/26
800
Jun
Sep
Dec
Mar
539.0
377.4
428.0
450.0
300.0
150.0
60.0
52.7
51.2
56.8
30.0
47.0
(billions of yen)
Recurring revenue assets
Recurring revenue (rhs)
(trillions of yen)
Excluding Corporate section
606.6
503.9
(billions of yen) Wealth Management total
600.0
Recurring revenue assets and recurring revenue2, 3Fiscal year-end recurring revenue assets fell on market factors but remained at high level; recurring revenue at all-time high thanks to half-yearly investment advisory fees
Net inflows for 16th straight quarter on progress in asset management business
Mar
Next we take a look at the KPIs on Page nine.
Net inflows of recurring revenue assets, shown on the top left, were 422.8 billion yen, the sixteenth straight quarter for inflows to exceed outflows. Recurring revenue assets at the end of March, shown on the top right, were down owing to market factors, but recurring revenue came to 56.8 billion yen, a record high even when factoring out the receipt of half-yearly investment advisory fees.
As shown on the bottom left, the number of flow business clients rose by around 200 thousand from the previous quarter, reaching 1.74 million. Business has been growing against a backdrop of high market volatility, primarily in face-to-face channels.
(billions of yen) | FY24/ 25 | FY25/ 26 | FY24/ 25 | FY25/ 26 | QoQ | Full year Net revenue: Y258.5bn (+34% YoY) YoY Income before income taxes: Y88.3bn (-1% YoY) | |||
Full year | Full year | ||||||||
4Q | 1Q | 2Q | 3Q | 4Q | |||||
Net revenue | 192.5 | 258.5 | 43.0 | 50.6 | 60.8 | 60.9 | 86.2 | 42% |
100% the business base |
Non-interest expenses | 102.9 | 170.2 | 27.5 | 29.0 | 30.1 | 43.0 | 68.1 | 58% | 148% - Business revenue, which constitutes stable revenue reached a record high4 driven by growth in existing businesses and the expansion of international |
Income before income taxes | 89.6 | 88.3 | 15.5 | 21.5 | 30.7 | 17.9 | 18.1 | 1% | 17% businesses through acquisition |
FY24/ 25 | FY25/ 26 | FY24/ 25 | FY25/ 26 | QoQ | YoY | ||||
Full year | Full year | ||||||||
4Q | 1Q | 2Q | 3Q | 4Q | |||||
Business revenue1,2 | 163.7 | 223.7 | 43.3 | 40.6 | 44.1 | 57.8 | 81.2 | 40% | 88% |
Investment gain/loss3 | 28.8 | 34.8 | -0.2 | 9.9 | 16.8 | 3.1 | 5.0 | 64% | - |
Net revenue | 192.5 | 258.5 | 43.0 | 50.6 | 60.8 | 60.9 | 86.2 | 42% | 100% |
Investment Management
Net revenue and income before income taxes1 Key points,
Breakdown of net revenue- Costs increased due to expenses attributable to acquired businesses, as
well as an impairment loss in the fourth quarter on our equity interest in an investee company5
(billions of yen)
250.0
200.0
Investment 150.0
100.0
80.0
60.0
gain/loss 100.0
Business
revenue 50.0
0.0
40.0
20.0
0.0
Fourth quarter
Net revenue: Y86.2bn (+42% QoQ, +100% YoY) Income before income taxes: Y18.1bn (+1% QoQ, +17% YoY) Business revenueNet revenue: Y81.2bn (+40% QoQ, +88% YoY)
Asset management business continued to deliver solid performance, with all-time high performance fees4 as well as solid growth in asset management fees and contributions from acquired businesses
QoQ growth in revenue at aircraft leasing business Nomura Babcock &
Brown
Investment gain/loss
Net revenue: Y5.0bn (+64% QoQ)
American Century Investments related valuation gain/loss increased QoQ
Includes gain/loss from Nomura Fiduciary Research & Consulting Co., Ltd. starting in FY2025/26 1Q. Includes gain/loss from public asset management business of Macquarie Group since 1 December 2025.
Includes revenues from asset management business, aircraft leasing-related revenues, and general partner management fees gained from private assets and other investment businesses.
Consists of net revenue arising from American Century Investments-related gain/loss, investment business in private assets & other, and investments (including changes in fair valuations, funding costs, management fees,
dividends, etc.)
Record high since the division's establishment in 2021
A minority interest in a forestry asset management company
10
Next is Investment Management. Please turn to page 10.
As seen on the top left, net revenue increased 42 percent to 86.2 billion yen, and income before income taxes was more or less flat at 18.1 billion yen. Business revenue which is a stable type of revenue was at an all-time high owing to growth in existing business and the expansion of international business through acquisitions. At the same time, expenses related to acquired businesses and losses on the impairment of our equity stake in an investee company were recognized.
An explanation of the breakdown of net revenues can be found on the bottom right. Solid asset management business, and the aircraft leasing business, Nomura Babcock and Brown, both contributed to the increase in business revenue, while investment gains related to American Century Investments rose quarter on quarter.
Moving on, on page 11, we look at our asset management business, the backbone of business revenue.
-500
2,941
500
314
274
40
108
315
-207
3,000 2,608
2,658
525
816
0
-26
115 44
71
2,000
498
-1,095
1,000
-1,000
-279
0
-1,500 FY24/25 FY25/26
4Q 1Q
2Q
3Q
4Q
FY24/25 FY25/26
Mar Jun
Sep
Dec
Mar
Assets under management (net) are calculated by deducting overlapping assets within the Investment Management division from the simple aggregate (gross) of AuM of asset management companies within Investment Management division
Based on assets under management (net)
Total of Nomura Asset Management alternative AuM and private assets AuM of other asset management companies within Investment Management division 11
68.1
Investment Management:
AuM, inclusive of alternative assets, remains at a record-high
Assets under management (net)1(trillions of yen)
Domestic Investment advisory and international businesses, etc.
Domestic Investment trust business
136.9
140.0
134.7
120.0
100.0
80.0
60.0
40.0
20.0
0.0
101.2
89.3
25.0
94.3
55.7
55.7
26.3
27.9
64.3
3,334
73.4
79.0
81.2
FY24/25
Mar
Net inflows2FY25/26
Jun
Fourth quarter
Assets under management at record high of Y136.9trn Domestic investment trust businessDespite sharp fall in the overall market in March, net inflows continued, particularly into ETFs
Investment trusts (excl. ETFs, MRFs etc): Inflows into balanced funds,
Japan equity active funds, and private asset products
ETFs: Inflows mainly into Japanese stocks
Domestic investment advisory and international businesses
In Japan, saw outflows mainly for equities
Internationally, saw outflows from acquired business and US high-yield bonds
Sep
Dec
Mar
(billions of yen)
Domestic investment advisory and international businesses, etc.
Domestic investment trust business
Alternative AuM3: net inflows continue, reaching a record high(billions of yen)
4,000 3,633
1,000
The graph on the upper left shows that assets under management hit an all-time high of
136.9 trillion yen at the end of March.
Shifting our focus to the bottom left, we see there were net outflows of 279 billion yen. In the domestic investment trust business, which had inflows of 816 billion yen, funds went mostly into Japan equities products in the ETF category, and into balanced funds, Japan equity active funds, and private asset-related products in the investment trust category. In the domestic investment advisory and international businesses, outflows came to about 1 trillion yen, mainly from businesses targeted for acquisition. In line with industry trends in the US, we expect funds to continue flowing from active-type mutual funds for now, but we aim to grow assets under management by boosting total sales and bringing net flows to neutral as soon as possible with enhancements to marketing capabilities and expansion of active ETF/SMA business opportunities.
Alternative assets under management, on the bottom right, grew to a record-high 3.6 trillion yen, an increase of about 300 billion yen from the end of December, of which fund inflows account for more than half.
(billions of yen) | FY24/ 25 | FY25/ 26 | FY24/ 25 | FY25/ 26 | QoQ | YoY | |||
Full year | Full year | 4Q | 1Q | 2Q | 3Q | 4Q | |||
Net revenue | 1,057.9 | 1,162.2 | 259.2 | 261.1 | 279.2 | 313.9 | 308.1 | -2% | 19% |
Non-interest expenses | 891.7 | 961.7 | 221.7 | 219.2 | 226.0 | 251.6 | 264.8 | 5% | 19% |
Income before income taxes | 166.3 | 200.6 | 37.5 | 41.9 | 53.1 | 62.3 | 43.2 | -31% | 15% |
CIR | 84% | 83% | 86% | 84% | 81% | 80% | 86% | ||
Revenue/modified RWA1 | 7.6% | 7.4% | 7.3% | 6.9% | 7.1% | 7.8% | 7.6% | ||
FY24/ 25 | FY25/ 26 | FY24/ 25 | FY25/ 26 | QoQ | YoY | |||||
Full year | Full year | |||||||||
4Q | 1Q | 2Q | 3Q | 4Q | ||||||
Global Markets | 874.6 | 968.1 | 206.9 | 223.1 | 235.7 | 256.8 | 252.5 | -2% | 22% | |
Investment Banking | 183.3 | 194.1 | 52.3 | 37.9 | 43.5 | 57.1 | 55.6 | -3% | 6% | |
Net revenue | 1,057.9 | 1,162.2 | 259.2 | 261.1 | 279.2 | 313.9 | 308.1 | -2% | 19% | |
FY24/ 25 | FY25/ 26 | FY24/ 25 | FY2025/26 | |||
Full year | Full year | 4Q | 1Q | 2Q | 3Q | 4Q |
Wholesale
Net revenue and income before income taxes Net revenue by business line(billions of yen)
1,200.0
Key pointsFull year
Net revenue: Y1,162.2bn (+10% YoY) Income before income taxes: Y200.6bn (+21% YoY)Net revenue and income before income taxes both at all-time high since establishment of the division in April 2010
Revenue in Global Markets and Investment Banking both at all-time high2
YoY growth in revenue across all regions
Fourth quarter
Net revenue: Y308.1bn (-2% QoQ, +19% YoY) Income before income taxes: Y43.2bn (-31% QoQ, +15% YoY)Global Markets revenue fell QoQ but revenue in Equities reached an all-time high2
Momentum in Investment Banking remained solid thanks to performance in Japan
(billions of yen)
1,200.0
Americas
EMEA
AEJ
Japan
400.0
400.0
Investment
Banking
800.0
300.0
437.5
200.0
300.0
800.0
401.9
Global Markets 400.0
124.1 105.5
100.0
190.8
109.9
100.6
107.4
200.0
0.0
0.0
400.0
175.5
182.7
195.9
54.0
48.5
48.1
52.3
297.8
45.5
40.5
63.3
45.0
46.0
69.5
43.7
49.1
79.0
100.0
338.1
87.3
102.2
0.0 0.0
Wholesale net revenue (annualized) divided by modified risk-weighted assets (daily average for the accounting period) used by Wholesale. Modified risk-weighted assets (daily average for the accounting period) is a non-GAAP financial measure and is the total of (i) risk-weighted assets (as calculated and presented under Basel III) and (ii) an adjustment equal to the regulatory adjustment to common equity tier 1 capital calculated and presented under Basel III divided by our internal minimum capital ratio target. Starting from FY2025/26 1Q, based on Basel III finalization rule.
A record quarter since comparisons possible in FY2016/17
12
Next is Wholesale. Please refer to page 12.
On the top left you can see that Wholesale net revenue fell 2 percent to 308.1 billion yen and income before income taxes declined 31 percent to 43.2 billion yen. Looking at the breakdown on the bottom left, Global Markets net revenue slid 2 percent and Investment Banking net revenue fell 3 percent.
Discussion by business line can be found on page 13.
FY24/ 25 | FY25/ 26 | FY24/ 25 | FY2025/26 | QoQ | YoY | ||||
Full year | Full year | ||||||||
4Q | 1Q | 2Q | 3Q | 4Q | |||||
Fixed Income (FI) | 499.2 | 509.0 | 105.8 | 124.8 | 121.9 | 136.9 | 125.3 | -8% | 18% |
Equities (EQ) | 375.4 | 459.2 | 101.1 | 98.3 | 113.8 | 119.9 | 127.2 | 6% | 26% |
Global Markets | 874.6 | 968.1 | 206.9 | 223.1 | 235.7 | 256.8 | 252.5 | -2% | 22% |
Wholesale: Global Markets
Net revenue(billions of yen)
Key points1,000.0
300
Full year
Net revenue: Y968.1bn (+11% YoY)Fixed income revenue and equities revenue both at all-time high7
800.0
FI: Others1
YoY growth in revenue across all regions
250
600.0
FI: Macro Products2
200
FI: Spread
150 Products3
400.0
EQ: Others4
100
200.0 ◼ EQ: Equity
50 Products5
EQ: Execution
0.0 0 Services6
Fourth quarter
Net revenue: Y252.5bn (-2% QoQ, +22% YoY)In Fixed income, growth in FX/EM partially offset by slower Rates
In Equities, revenue in Equity Products reached all-time high7
Fixed IncomeNet revenue: Y125.3bn (-8% QoQ, +18% YoY)
Macro Products: Rates revenue saw slowdown in the Americas amid increased market volatility but rose in Japan. FX/EM revenue rose across all regions on accurate perception of client flows
Spread Products: Securitized Products revenue remained strong in the Americas while AEJ declined from a strong previous quarter. Credit revenue held steady QoQ despite spreads widening
Equities
Net revenue: Y127.2bn (+6% QoQ, +26% YoY)
Equity Products: Substantial revenue growth in Japan and AEJ from strong performance across Financing and Derivatives
Execution Services: Revenue growth across all regions from increased client activity
1. International Wealth Management, businesses run together with Investment Banking, and other revenue not attributed to a particular desk. 2. Rates, FX/EM. 3. Credit, Securitized Products.
4. Businesses run together with Investment Banking, Other gains and losses not attributable to a particular desk. 5. Cash and derivatives trading and Prime Services. 6. Equities execution business
7. A record quarter since comparisons possible in FY2016/17
13
Global Markets net revenue was down 2 percent at 252.5 billion yen.
Please find the middle section on the right. Fixed income revenue declined 8 percent to
125.3 billion yen.
In Macro Products, Rates revenue was weak in the Americas with market volatility rising, but rose in Japan. FX/EM revenue offset some of the weakness in Rates revenue as client flows were accurately captured.
In Spread Products, Securitized Products revenue remained high, mainly in the Americas, and fell quarter on quarter in AEJ. Credit revenue was unchanged despite widening spreads.
Equities revenue was up 6 percent to 127.2 billion yen. Equity Products revenue reached a record-high, as revenue rose sharply in Japan and AEJ on strong Financing and Derivatives performances. Execution Services revenue rose in all regions, benefiting from a pick-up in client activity.
Please go to page 14 next.
Wholesale: Investment Banking Net revenue
FY24/ 25 | FY25/ 26 | FY24/ 25 | FY25/ 26 | 60.0 40.0 20.0 0.0 QoQ | Fi S A YoY | |||
Full year | Full year | |||||||
4Q | 1Q | 2Q | 3Q | 4Q | ||||
183.3 | 194.1 | 52.3 | 37.9 | 43.5 | 57.1 | 55.6 | -3% | 6% |
(billions of yen)
200.0
150.0
100.0
50.0
0.0
Key pointsFull year
Net revenue: Y194.1bn (+6% YoY)nancing, olutions, etc.
dvisory
Major Deals2Advisory
Business integration between Gunma Bank and Daishi Hokuetsu Financial Group (share exchange, Y859.7bn)
- KKR's deal to take Taiyo Holdings private (Y402.9bn)
- Carlyle acquisition of Omron's device & module solutions business (Y81.0bn)
- Itochu Corp.'s deal to take Itochu-Shokuhin private (Y78.4bn)
Acquisition by TCL Electronics (Hong Kong) of a 51% stake in JV company taking
over Sony's home entertainment business (Y75.4bn)
Acquisition by Molson Coors Beverage (US) of Atomic Brands (US) (amount undisclosed)
- IK Partners acquires majority interest in Trustmoore Netherlands BV (amount undisclosed)
Series D capital raise by Oxa (UK) ($103m)
Financing, Solutions, etc.
- Nippon Steel: Euroyen CB (Y600.0bn)
- Nintendo: FO (Y227.2bn)
Japan and international net revenues both at highest level since comparisons possible in FY2016/17
Strong performance in Japan across a broad range of products amid buoyant corporate actions, while overseas M&A was the main driver
Fourth quarter
Net revenue: Y55.6bn (-3% QoQ, +6% YoY)Net revenue down QoQ, but kept at a high level; M&A and ECM remained
AdvisoryMaintained net revenue growth momentum through steady execution of diverse M&A deals
Financing and Solutions, etc.1ECM revenues continued to grow on contributions from major CB and PO deals
Solid performance too from solutions business catering to need to unwind
cross-shareholdings
- Medline (US): FO ($3.1bn)
- European Union: Euro-denominated bonds (€11.0bn)
- Republic of Poland: Samurai bonds (Y211.6bn)
- NTT Finance: Euro- and Sterling-denominated bonds (€2.25bn/£350mn)
- Mitsui Sumitomo Insurance: Euro-denominated bonds (€1.4bn)
- Investindustrial: TreeHouse Foods (US) LBO loan for privatization ($1.8bn)
Awarded Major Financial Honors
M&A-Japan ECM-Japan
FY25/263
1st place
FY25/263
1st place
House of the Year
DCM also involved in multiple cross-border deals
Global Ranking 16th4
4-year streak at No.1 Top in the Overall Category1. ECM, DCM, ALF, businesses run together with Global Markets, and other revenue not attributed to a particular product. 2. Major deals in Q4 3. April 2025 to March 2026 4. January to December 2025 14
As shown on the bottom left, Investment Banking net revenue came to 55.6 billion yen, down 3 percent, but still at a high level.
By product, in Advisory, revenue growth momentum continued based on involvement in many M&A deals, chiefly in Japan. The range of deals was varied, and included domestic realignment, privatization, and cross-border deals.
In Financing and Solutions, etc., ECM revenue rose, partly on contributions from large-scale CB and PO deals. Solutions business continued to perform well as it tapped demand for the unwinding of cross-shareholdings.
FY24/ 25 | FY25/ 26 | FY24/ 25 | FY25/ 26 | QoQ | Full year Net Revenue: Y53.9bn (+14% YoY) YoY Income before income taxes: Y14.0bn (-14% YoY) | ||||
(billions of yen) | Full year | Full year | |||||||
4Q | 1Q | 2Q | 3Q | 4Q |
| ||||
Net revenue | 47.2 | 53.9 | 11.4 | 12.8 | 12.9 | 13.7 | 14.5 | 6% | 27% upfront investment in business expansion |
Non-interest expenses | 30.8 | 39.9 | 8.4 | 9.2 | 9.7 | 9.5 | 11.5 | 21% | 37% Fourth quarter Net revenue: Y14.5bn (+6% QoQ, +27% YoY) |
Income before income taxes | 16.4 | 14.0 | 3.1 | 3.6 | 3.2 | 4.2 | 3.0 | -27% | -0.1% Income before income taxes: Y3.0bn (-27% QoQ, -0.1% YoY) |
Account openings and loan executions both at high on increased profile of loan
business
Investment trust balance grew thanks to both market factors and the establishment of new trusts
Expenses rose on due to IT investments associated with the standardization of business processes and the public charges
Loans Outstanding
(Nomura Trust and Banking)
(billions of yen)
1,200
Investment Trust balance
(Nomura Trust and Banking)2
Assets under administration
(Nomura Bank Luxembourg)
1,044
1,069
1,093
1,131 1,177
(trillions of yen)
50.0
40.5
40.0
40.0
40.4
41.2
42.9
(billions of dollar) Nomura Group 70.0
59.3
60.2
Others
62.4
64.6
800
30.0
10.0
60.0
50.0
40.0
30.0
20.0
10.0
0.0
56.6
29.2
26.7
28.0
28.1
29.2
20.0
400
29.9
31.4
32.1
33.2
35.3
0
0.0
FY24/25 FY25/26 FY24/25 FY25/26 FY24/25 FY25/26
Mar Jun Sep Dec Mar Mar
Jun
Sep
Dec
Mar
Mar
Jun
Sep
Dec
Mar
Retrospective adjustments made to prior years following the establishment of the Banking Division, a portion of whose businesses were previously included in Wealth Management, in April 2025.
Investment trust balance (Nomura Trust and Banking) is the total net asset value of each fund as of the end of its most recen t fiscal period 15
Let's continue to a discussion of Banking, which you can find on page 15.
As can be seen on the top left, Banking net revenue was up 6 percent at 14.5 billion yen, and income before income taxes was down 27 percent at 3.0 billion yen.
Loans outstanding accumulated steadily during the quarter as recognition of loan products on offer grew. The investment trust balance grew thanks to both market factors and the establishment of new trusts. Income fell as expenses rose, including spending on IT as part of the standardization of business processes and recognition of taxes and public charges. We would like you to view this as an upfront investment aimed for future business expansion.
Compensation and benefits | 732.4 | 829.5 | 172.3 | 186.3 | 195.1 | 220.7 | 227.4 | 3.0% |
Commissions and floor brokerage | 177.5 | 221.9 | 44.9 | 44.8 | 47.2 | 54.0 | 75.9 | 40.5% |
Information processing and communications | 227.0 | 248.4 | 60.1 | 57.2 | 59.2 | 63.5 | 68.6 | 7.9% |
Occupancy and related depreciation | 70.2 | 71.5 | 17.8 | 16.0 | 17.3 | 17.9 | 20.4 | 14.4% |
Business development expenses | 27.1 | 33.7 | 7.7 | 7.0 | 7.3 | 10.0 | 9.4 | -5.7% |
Other | 186.4 | 222.9 | 52.2 | 51.8 | 52.8 | 50.4 | 67.8 | 34.5% |
Total | 1,420.5 | 1,627.9 | 355.0 | 363.0 | 378.8 | 416.5 | 469.5 | 12.7% |
(billions of yen)
Other
2,000.0
(billions of yen) Full year
Non-interest expenses: Y1,627.9bn (+15% YoY)469.5 500.0
Business development expenses
Occupancy and related depreciation
1,627.9
416.5
1,500.0
1,420.5
355.0
363.0
378.8
Information processing 1,000.0 250.0
and communications
Commissions and floor
brokerage
Compensation and benefits
500.0
Compensation and benefits (+13% YoY)
Increase in bonus provisions linked to performance and effect of business acquisition
Commissions and floor brokerage (+25% YoY)
Higher trading volume, temporary increase due to changes in accounting presentation, and effect of business acquisition
0.0
FY24
/25
FY25
/26
FY24/25 FY25/26
0.0
4Q
1Q
2Q
3Q
4Q QoQFourth quarter
Non-interest expenses: Y469.5bn (+13% QoQ)Commissions and floor brokerage (+41% QoQ)
Temporary increase due to changes in accounting presentation and effect of business acquisition
Other (+35% QoQ)
Impairment loss booked in relation to equity stake in an investee company
16
Quarter
Full year
Next we look at expenses. Please see page 16.
Groupwide expenses were 469.5 billion yen, a quarter-on-quarter increase of about 13%, or 53 billion yen. Extraordinary factors that boosted expenses include impairment losses associated with our equity stake in an investee company , compensation and benefits accompanying changes to remuneration regulation, and effects from changes to the method of presentation of financial statements. When these factors are excluded, we think it is evident that the cost structure in place is appropriate for the revenue growth. We aim to balance revenue growth and cost controls, while making steady investments in growth.
Mar 2025 | Dec 2025 | Mar 2026 | |
Total assets | Y56.8trn | Y61.9trn | Y62.6trn |
Shareholders' equity | Y3.5trn | Y3.7trn | Y3.7trn |
Gross leverage | 16.4x | 17.0x | 16.9x |
Net leverage1 | 11.0x | 11.9x | 12.2x |
Level 3 assets (net) 2 | Y1.3trn | Y1.4trn | Y1.3trn |
Liquidity portfolio | Y10.2trn | Y10.8trn | Y10.7trn |
Basel 3 basis | Mar 2025 | Dec 2025 | Mar 20262 |
Tier 1 capital | 3,500 | 3,670 | 3,848 |
Tier 2 capital | 0.6 | 187.6 | 189.3 |
Total capital | 3,500 | 3,858 | 4,037 |
RWA | 21,497 | 23,959 | 24,459 |
CET 1 capital ratio3 | 14.5% | 13.0% | 12.9% |
Tier 1 capital ratio | 16.2% | 15.3% | 15.7% |
Consolidated capital adequacy ratio | 16.2% | 16.1% | 16.5% |
Consolidated leverage ratio4 | 5.16% | 5.03% | 5.09% |
HQLA5 | Y7.2trn | Y8.0trn | Y7.9trn |
LCR5 | 234.1% | 212.9% | 214.0% |
TLAC ratio (RWA basis) | 28.1% | 27.2% | 26.8% |
TLAC ratio (Total exposure basis) | 9.9% | 10.0% | 9.7% |
(trillions of yen)
Post Basel III finalization28.0
RWA (lhs)
CET 1 capital ratio (rhs)
20.0%
14.5%
21.0
13.2%
13.0%
13.0%
12.9%
15.0%
14.0
10.0%
7.0
5.0%
(billions of yen)
0.0
FY24/25
Mar
FY25/26
Jun
0.0%
Sep
Dec
Mar
Changes in RWA2(trillions of yen)
30.0
25.0
24.0
3.7
0.2
-0.2
20.0
15.0
6.7
0.5 24.5
4.2 Operational risk
6.5 Market risk
10.0
5.0
13.5
13.7 Credit risk6
0.0
Dec 25
Mar 26
1. Net leverage: Total assets minus securities purchased under agreements to resell and securities borrowed, divided by Nomura Holdings shareholders' equity
2. HQLA and LCR as of the end of March 2026 are final figures. Other figures are preliminary.
4. Tier 1 capital divided by exposure (sum of on-balance sheet exposures and off-balance sheet items). 5. Daily average for each quarter. 6. Credit risk includes CVA.
3. CET 1 capital ratio is defined as Tier 1 capital minus Additional Tier 1 capital divided by risk-weighted assets.
17
Last, we look at financial position. Please turn to page 17.
As you can see in the bottom left table, the Common Equity Tier 1 capital ratio stood at
12.9 percent at the end of March, down 0.1 percentage point from 13.0 percent at the
end of December.
This concludes our overview of our fourth quarter results.
Financial Supplement
In closing, we announced "Reaching for Sustainable Growth", our vision for business in 2030, in May 2024, and set as numerical targets the consistent attainment of ROE of 8-10 percent or more and income before income taxes of more than 500 billion yen. With the targets attained now in the span of two years, great strides have been made to build the franchise required to realize sustained growth for the Nomura Group.
I would like to briefly touch on our situation as of now in April. In Wealth Management, net revenue is largely at the same level as in the fourth quarter. Uncertainty remains in the market from the manifestation of geopolitical risk, but the flow of funds into products and services assuming the long-term diversification of investments remains firm, and client sentiment has been recovering.
In Wholesale, net revenue has been trending much higher than in the fourth quarter. With equity markets rebounding sharply from the end of March and rising to new all-time highs, client activity has picked up and Equity Products revenue has been strong, and Rates has also been steadily monetizing client flows amid moderate market volatility.
We aim to monetize business opportunities while keeping mindful of appropriate risk
levels and cost controls. Your continued support is appreciated.
Total cash and cash deposits | 5,515 | 5,649 | 134 | Short-term borrowings | 1,117 | 1,753 | 635 | |
Total payables and deposits | 7,249 | 8,698 | 1,449 | |||||
Total loans and receivables | 7,449 | 9,543 | 2,094 | Total collateralized financing | 18,646 | 18,066 | -580 | |
Trading liabilities | 11,379 | 12,916 | 1,537 | |||||
Total collateralized agreements | 18,664 | 17,550 | -1,114 | Other liabilities | 1,457 | 1,814 | 357 | |
Long-term borrowings | 13,374 | 15,545 | 2,171 | |||||
Total trading assets and private equity and debt investments1 22,524 | 26,342 | 3,818 | Total liabilities | 53,221 | 58,791 | 5,570 | ||
Total other assets1 2,651 | 3,562 | 911 | Equity | |||||
Total NHI shareholders' equity | 3,471 | 3,708 | 237 | |||||
Noncontrolling interest | 110 | 147 | 37 | |||||
Total assets 56,802 | 62,646 | 5,844 | Total liabilities and equity | 56,802 | 62,646 | 5,844 | ||
Consolidated balance sheet
Consolidated balance sheet(billions of yen)
Mar 31, Mar 31, Increase
2025 2026 (Decrease)
Mar 31, Mar 31, Increase
2025 2026 (Decrease)
Assets Liabilities
1. Including securities pledged as collateral.
19
Mar | Mar | Mar | Jun | Sep | Dec | Mar | ||
Equity | 2.0 | 4.5 | 2.0 | 3.2 | 3.6 | 4.8 | 4.5 | |
Interest rate | 2.1 | 2.9 | 2.1 | 2.2 | 2.2 | 2.6 | 2.9 | |
Foreign exchange | 1.5 | 1.1 | 1.5 | 1.6 | 1.5 | 1.3 | 1.1 | |
Sub-total | 5.6 | 8.5 | 5.6 | 7.0 | 7.3 | 8.7 | 8.5 | |
Diversification benefit | -1.8 | -2.7 | -1.8 | -2.5 | -2.4 | -2.5 | -2.7 | |
VaR | 3.8 | 5.8 | 3.8 | 4.5 | 4.9 | 6.2 | 5.8 |
Value at risk
Definition
− 95% confidence level
− 1-day time horizon for outstanding portfolio
− Inter-product price fluctuations considered
◼
From April 1, 2025, to March 31, 2026 (billions of yen)
− Maximum:
− Minimum:
− Average:
7.7
3.1
5.1
(billions of yen)
FY2024/25 FY2025/26 FY2024/25 FY2025/26
19
Net revenue 1,892.5 | 2,167.7 | 452.7 | 523.3 | 515.5 | 551.8 | 577.2 | |
Income (loss) before income taxes 472.0 | 539.8 | 97.7 | 160.3 | 136.6 | 135.2 | 107.7 | |
Net income (loss) attributable to Nomura 340.7 | 362.1 | 72.0 | 104.6 | 92.1 | 91.6 | 73.9 | |
Total NHI shareholders' equity 3,470.9 | 3,707.9 | 3,470.9 | 3,476.0 | 3,485.3 | 3,651.8 | 3,707.9 | |
ROE (%)1 10.0% | 10.1% | 10.0% | 12.0% | 11.3% | 10.8% | 10.1% | |
Basic-Net income (loss) attributable to NHI 115.30 | 123.08 | 24.35 | 35.19 | 31.34 | 31.21 | 25.29 | |
Diluted-Net income (loss) attributable to NHI 111.03 | 118.99 | 23.39 | 34.04 | 30.49 | 30.19 | 24.34 | |
Total NHI shareholders' equity per share (yen) 1,174.10 | 1,277.99 | 1,174.10 | 1,177.31 | 1,188.05 | 1,244.72 | 1,277.99 |
Consolidated financial highlights
(billions of yen)
400
340.7
362.1
12%
120
12.0%
12%
10.0%
10.1%
104.6
11.3%
Net income (loss) attributable to Nomura Holdings, Inc. ("NHI") shareholders
92.1
10.8%
91.6
10.1%
300
9%
90
10.0%
9%
72.0
73.9
200
6%
60
6%
ROE
100
3%
30
3%
0
0%
0
0%
FY2024/25 FY2025/26
FY2024/25 FY2025/26
4Q 1Q
2Q
3Q
4Q
Holdings, Inc. ("NHI") shareholders
shareholders per share (yen)
shareholders per share (yen)
1. Quarterly ROE is calculated using annualized year-to-date net income.
21
22
130.4 58.6 150.6 192.0 0.3 654.8 4.6 21.5 1,212.8 635.6 577.2 469.5 107.7 73.9119.2
59.0
122.7
190.7
1.6
712.5
4.5
17.8
1,227.9
676.2
551.8
416.5
135.2
91.6
105.0
44.6
102.5
171.9
4.4
652.8
4.4
75.6
1,161.2
645.8
515.5
378.8
136.6
92.1
100.6
38.4
92.9
142.2
6.3
649.6
-0.4
127.0
1,156.6
633.3
523.3
363.0
160.3
104.6
100.3
53.3
96.8
158.4
1.2
630.9
-0.1
38.5
1,079.4
626.6
452.7
355.0
97.7
72.0
455.3 200.5 468.6 696.9 12.6 2,669.6 13.1 241.8 4,758.5 2,590.8 2,167.7 1,627.9 539.8 362.1407.0
212.2
378.2
580.1
7.6
2,927.9
0.4
223.3
4,736.7
2,844.3
1,892.5
1,420.5
472.0
340.7
Revenue
Commissions
Fees from investment banking
Asset management and portfolio service fees Net gain on trading
Gain (loss) on private equity and debt investments Interest and dividends
Gain (loss) on investments in equity securities Other
Total revenue Interest expense Net revenue
Non-interest expenses
Income (loss) before income taxes
Net income (loss) attributable to NHI shareholders
4Q
3Q
2Q
FY2024/25 FY2025/26
FY2024/25 FY2025/26
4Q 1Q
(billions of yen)
Consolidated income
(billions of yen) FY2024/25 4Q | FY2025/26 1Q | 2Q | 3Q | 4Q | ||||||
Commissions | Stock brokerage commissions | 264.5 | 295.2 | 66.3 | 62.8 | 67.2 | 79.9 | 85.3 | ||
Other brokerage commissions | 17.5 | 20.3 | 4.7 | 4.7 | 4.5 | 3.3 | 7.8 | |||
Commissions for distribution of investment trusts | 66.1 | 66.3 | 14.0 | 14.3 | 14.3 | 20.9 | 16.9 | |||
Other | 58.9 | 73.5 | 15.3 | 18.7 | 19.1 | 15.1 | 20.5 | |||
Total | 407.0 | 455.3 | 100.3 | 100.6 | 105.0 | 119.2 | 130.4 | |||
Fees from | Equity underwriting and distribution | 52.9 | 41.0 | 8.6 | 3.6 | 5.0 | 15.1 | 17.3 | ||
Investment banking | Bond underwriting and distribution | 48.4 | 47.0 | 13.2 | 13.8 | 11.4 | 10.8 | 10.9 | ||
M&A / Financial advisory fees | 78.7 | 83.0 | 24.7 | 15.6 | 19.7 | 24.2 | 23.5 | |||
Other | 32.2 | 29.5 | 6.7 | 5.4 | 8.4 | 8.9 | 6.9 | |||
Total | 212.2 | 200.5 | 53.3 | 38.4 | 44.6 | 59.0 | 58.6 | |||
Asset Management | Asset management fees | 235.9 | 311.7 | 60.8 | 58.3 | 64.5 | 81.6 | 107.3 | ||
and portfolio | Administration fees | 109.1 | 120.6 | 27.6 | 26.3 | 29.0 | 31.8 | 33.5 | ||
service fees | ||||||||||
Custodial fees | 33.2 | 36.3 | 8.5 | 8.2 | 9.0 | 9.3 | 9.8 | |||
Total | 378.2 | 468.6 | 96.8 | 92.9 | 102.5 | 122.7 | 150.6 | |||
Main revenue items
FY2024/25 FY2025/26
23
FY2024/25 FY2025/26 | FY2024/25 4Q | FY2025/26 1Q | 2Q | 3Q | 4Q | |||
Wealth Management1 | 166.2 | 204.0 | 35.9 | 38.8 | 45.5 | 58.5 | 61.2 | |
Investment Management | 89.6 | 88.3 | 15.5 | 21.5 | 30.7 | 17.9 | 18.1 | |
Wholesale | 166.3 | 200.6 | 37.5 | 41.9 | 53.1 | 62.3 | 43.2 | |
Banking1 | 16.4 | 14.0 | 3.1 | 3.6 | 3.2 | 4.2 | 3.0 | |
Four business segments total1 | 438.4 | 506.9 | 92.0 | 105.8 | 132.6 | 142.9 | 125.6 | |
Other1 | 35.1 | 24.6 | 5.9 | 54.6 | 2.3 | -10.3 | -22.0 | |
Segments total | 473.5 | 531.6 | 97.9 | 160.4 | 134.9 | 132.6 | 103.7 | |
FY2024/25 FY2025/26 | FY2024/25 4Q | FY2025/26 1Q | 2Q | 3Q | 4Q | |||
Americas | 65.8 | 61.9 | 14.4 | 15.6 | 29.1 | 17.1 | 0.1 | |
Europe | 20.3 | -31.1 | 5.9 | -7.0 | 0.4 | -10.6 | -13.8 | |
Asia and Oceania | 50.9 | 60.8 | 8.1 | 18.9 | 15.4 | 9.8 | 16.6 | |
Subtotal | 137.0 | 91.5 | 28.5 | 27.5 | 44.9 | 16.3 | 2.9 | |
Japan | 335.0 | 448.3 | 69.3 | 132.8 | 91.8 | 118.9 | 104.8 | |
Income (loss) before income taxes | 472.0 | 539.8 | 97.7 | 160.3 | 136.6 | 135.2 | 107.7 | |
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)
Unrealized gain (loss) on investments in equity securities held for operating purposes
Income (loss) before income taxes
-1.5
8.3-0.2
-0.1
1.8
2.7
4.0472.0
539.897.7
160.3
136.6
135.2
107.7 Geographic information: Income (loss) before income taxes 2(billions of yen)
Retrospective adjustments made to prior years figures following the establishment of Banking Division.
Geographic information is based on U.S. GAAP (Figures are preliminary for the three months ended March 31, 2026). Nomura's re venues and expenses are allocated based on the country of domicile of the legal entity providing the service. This information is not used for business management purposes.
24
Equity in earnings of affiliates | 51.2 | 36.5 | 9.7 | 12.3 | 12.4 | 17.6 | -6.0 | |
Corporate items | -5.9 | -42.0 | -5.1 | -11.6 | -15.2 | -9.6 | -5.5 | |
Others1 | -5.9 | 29.8 | -1.2 | 52.9 | 3.0 | -18.5 | -7.6 | |
Income (loss) before income taxes1 | 35.1 | 24.6 | 5.9 | 54.6 | 2.3 | -10.3 | -22.0 |
Segment "Other"
Income (loss) before income taxes(billions of yen)
60
54.6
45
35.1
30
24.6
15
5.9
2.3
0
-15
-10.3
-30
-22.0
1
2
FY2024/25 FY2025/26
FY2024/25 FY2025/26
4Q 1Q
Net gain (loss) related to economic
hedging transactions Realized gain (loss) on investments in equity
-5.8 -2.9
2.2
1.1
2Q
-0.2
3Q
-1.0
4Q
-2.9securities held for operating purposes
1.5 3.3
0.3
0.0
2.2
1.1
0.01. Retrospective adjustments made to prior years figures following the establishment of Banking Division.
25
Commissions | 183.6 | 217.5 | 43.3 | 46.2 | 52.1 | 58.7 | 60.6 | 3.1% | 39.8% | |
Of which, stock brokerage commission | 72.2 | 96.0 | 17.4 | 18.3 | 22.7 | 24.7 | 30.3 | 22.4% | 74.3% |
Sales credit | 52.5 | 49.3 | 10.8 | 11.6 | 12.6 | 13.1 | 12.0 | -8.9% | 10.3% | |
Fees from investment banking and other | 27.3 | 25.6 | 3.7 | 5.2 | 3.9 | 8.8 | 7.6 | -13.3% | 106.7% | |
Investment trust administration fees and other | 156.7 | 176.1 | 40.2 | 38.7 | 42.9 | 46.4 | 48.1 | 3.6% | 19.6% | |
Net interest revenue1 | 13.4 | 19.4 | 1.9 | 4.0 | 5.0 | 5.4 | 4.9 | -9.0% | 160.5% | |
Net revenue1 | 433.6 | 487.9 | 99.9 | 105.8 | 116.5 | 132.5 | 133.1 | 0.5% | 33.2% | |
Non-interest expenses1 | 267.4 | 283.9 | 64.0 | 67.0 | 71.0 | 74.0 | 71.9 | -2.8% | 12.3% | |
Income before income taxes1 | 166.2 | 204.0 | 35.9 | 38.8 | 45.5 | 58.5 | 61.2 | 4.7% | 70.5% | |
Domestic distribution volume of investment trusts | 3,882.8 | 4,097.9 | 838.3 | 827.1 | 854.6 | 1,178.9 | 1,237.4 | 5.0% | 47.6% | |
Stock investment trusts | 3,107.2 | 3,252.4 | 712.3 | 724.1 | 708.5 | 984.0 | 835.8 | -15.1% | 17.3% | |
Foreign investment trusts | 775.6 | 844.7 | 126.0 | 102.9 | 146.0 | 194.3 | 401.4 | 106.6% | 3.2x | |
Other | ||||||||||
Sales of JGBs for individual investors (transaction 317.9 | 278.9 | 76.8 | 82.0 | 33.5 | 80.8 | 82.6 | 2.3% | 7.6% | ||
Wealth Management related data (1)
(billions of yen)
FY2024/25 FY2025/26 FY2024/25 FY2025/26
4Q 1Q
2Q
3Q
4Q
QoQ YoYOf which, commissions for distribution of
investment trusts
65.9
66.114.3
14.2
14.3
20.8
16.8 -19.0% 17.6%base)
1. Retrospective adjustments made to prior years figures following the establishment of Banking Division.
26
FY2024/25 | FY2025/26 | FY2024/25 FY2025/26 | ||||||
Mar | Mar | Mar | Jun | Sep | Dec | Mar | ||
Equities | 92.2 | 117.6 | 92.2 | 99.7 | 106.2 | 114.3 | 117.6 | |
Foreign currency bonds | 6.5 | 6.9 | 6.5 | 6.5 | 6.8 | 7.0 | 6.9 | |
Domestic bonds1 | 14.2 | 14.7 | 14.2 | 14.7 | 14.8 | 14.8 | 14.7 | |
Stock investment trusts | 13.3 | 16.1 | 13.3 | 14.2 | 15.2 | 16.5 | 16.1 | |
Bond investment trusts | 6.7 | 7.0 | 6.7 | 6.8 | 7.2 | 7.2 | 7.0 | |
Foreign investment trusts | 2.0 | 2.7 | 2.0 | 2.0 | 2.1 | 2.3 | 2.7 | |
Other2 | 8.8 | 10.8 | 8.8 | 9.3 | 10.0 | 10.5 | 10.8 | |
Total | 143.8 | 175.8 | 143.8 | 153.2 | 162.3 | 172.6 | 175.8 | |
Wealth Management related data (2)
Wealth Management client assets(trillions of yen)
Other
200
175.8
172.6
175.8
162.3
Foreign investment trusts
Bond investment
trusts
Stock investment trusts
Domestic bonds
153.2
150
143.8
143.8
100
50
Foreign currency bonds
Equities
0
Including CBs and warrants
Including annuity insurance.
27
FY2024/25 | FY2025/26 | FY2024/25 4Q | FY2025/26 1Q | 2Q | 3Q | 4Q | ||
Wealth Management total | 1,288 | 5,263 | 380 | 2,259 | 744 | -461 | 2,720 | |
Retail only2 | 1,276 | 1,521 | 168 | 519 | 296 | 398 | 309 | |
Inflows of cash and securities3 | 6,256 | 7,639 | 1,381 | 1,809 | 1,753 | 2,062 | 2,015 | |
Wealth Management related data (3)
Net inflows of cash and securities1(billions of yen)
6,000
Wealth Management total
Retail only
5,263
3,000
2,720
5,000 2,500
2,259
4,000
2,000
3,000
1,500
2,000
1,288 1,276
1,521
1,000
744
519
1,000
500
380
168
296
398
309
0
0
-1,000
-500
-461
Cash and securities inflows minus outflows, excluding regional financial institutions.
Retail excludes Corporate section, Private Wealth Management and Workplace Service from Wealth Management total.
Retail Only.
28
Number of accounts | |||||||||
(thousands) | |||||||||
FY2024/25 Mar | FY2025/26 Mar | FY2024/25 Mar | FY2025/26 Jun | Sep | Dec | Mar | |||
Accounts with balance | 5,934 | 6,095 | 5,934 | 5,965 | 5,998 | 6,075 | 6,095 | ||
Equity holding accounts | 3,285 | 3,310 | 3,285 | 3,292 | 3,292 | 3,301 | 3,310 | ||
NISA accounts opened | 1,779 | 1,900 | 1,779 | 1,800 | 1,816 | 1,877 | 1,900 | ||
Online service accounts | 5,974 | 6,377 | 5,974 | 6,053 | 6,140 | 6,278 | 6,377 | ||
No. of orders | 85% | 85% | 87% | 86% | 85% | 83% | 85% | |
Transaction value | 60% | 59% | 62% | 59% | 60% | 58% | 59% |
Wealth Management related data (4)
New individual accounts / IT share1(thousands)
FY2024/25 FY2025/26
FY2024/25 FY2025/26
4Q 1Q
2Q
3Q
4Q
New individual accounts
372
440109
103
103
113
121IT share1
1. Ratio of cash stocks traded via online service.
29
FY2024/25 FY2025/26 | FY2024/25 4Q | FY2025/26 1Q | 2Q | 3Q | 4Q | QoQ YoY | ||||
Business revenue | 163.7 | 223.7 | 43.3 | 40.6 | 44.1 | 57.8 | 81.2 | 40.4% | 87.7% | |
Investment gain/loss | 28.8 | 34.8 | -0.2 | 9.9 | 16.8 | 3.1 | 5.0 | 63.7% | - | |
Net revenue | 192.5 | 258.5 | 43.0 | 50.6 | 60.8 | 60.9 | 86.2 | 41.5% | 100.5% | |
Non-interest expenses | 102.9 | 170.2 | 27.5 | 29.0 | 30.1 | 43.0 | 68.1 | 58.5% | 147.9% | |
Income (loss) before income taxes | 89.6 | 88.3 | 15.5 | 21.5 | 30.7 | 17.9 | 18.1 | 1.0% | 16.6% | |
Mar | Mar | Mar | Jun | Sep | Dec | Mar | ||
Nomura Asset Management | 88.1 | 111.3 | 88.1 | 93.0 | 99.7 | 108.4 | 111.3 | |
Nomura Asset Management International, etc.2 | 5.5 | 34.1 | 5.5 | 8.8 | 9.3 | 34.9 | 34.1 | |
Assets under management (gross)3 | 93.6 | 145.4 | 93.6 | 101.8 | 109.1 | 143.3 | 145.4 | |
Group company overlap | 4.3 | 8.5 | 4.3 | 7.5 | 7.8 | 8.6 | 8.5 | |
Assets under management (net)4 | 89.3 | 136.9 | 89.3 | 94.3 | 101.2 | 134.7 | 136.9 |
Investment Management related data (1)
Net revenue and income (loss) before income taxes(billions of yen)
Asset under management by company1(trillions of yen)
FY2024/25 FY2025/26 FY2024/25 FY2025/26
From FY 2024/25 onward, assets under management (gross) of Nomura Asset Management and the Group company overlap decreased by a similar amount owing to the reorganization in the Americas on April 1, 2024.
Includes the assets under management of Macquarie Group's Public Asset Management business (acquired on 1 December 2025).
The assets under management (gross) of Nomura Corporate Research and Asset Management etc, and the Group company overlap incr eased by the same amount due to the transfer of Nomura Fiduciary Research & Consulting to the Investment Management division effective April 1, 2025. Established Nomura Asset Management International by integrating Nomura Capital Management and Nomura Corporate Research and Asset Management (Nomura's core U.S. investment management entities) with the acquired business.
Total of assets under management (gross) of asset management companies within the Investment Management division.
Net after deducting Group company overlap from assets under management (gross).
30
FY2024/25 | FY2025/26 | FY2024/25 | FY2025/26 | |||||
Mar | Mar | Mar | Jun | Sep | Dec | Mar | ||
Domestic public investment trusts | ||||||||
Market | 236.3 | 305.5 | 236.3 | 254.3 | 276.8 | 301.6 | 305.5 | |
Nomura Asset Management share (%) | 25% | 25% | 25% | 25% | 24% | 24% | 25% | |
Domestic public stock investment trusts | ||||||||
Market | 221.5 | 289.1 | 221.5 | 239.0 | 260.4 | 284.7 | 289.1 | |
Nomura Asset Management share (%) | 24% | 23% | 24% | 23% | 23% | 23% | 23% | |
Domestic public bond investment trusts | ||||||||
Market | 14.8 | 16.4 | 14.8 | 15.3 | 16.4 | 16.9 | 16.4 | |
Nomura Asset Management share (%) | 44% | 43% | 44% | 44% | 44% | 43% | 43% | |
ETF | ||||||||
Market | 85.8 | 113.9 | 85.8 | 92.3 | 100.4 | 109.9 | 113.9 | |
Nomura Asset Management share (%) | 44% | 44% | 44% | 44% | 44% | 44% | 44% | |
Investment Management related data (2)
Asset inflows/outflows by business1(billions of yen)
FY2024/25
FY2025/26 FY2024/25 FY2025/26
4Q 1Q
2Q
3Q
4Q
Domestic investment trusts business
of which ETFs
Domesetic investment advisory and
2,113
987
1,204 -23274
673
-207
-667
525
77
71
-105
816 673international businesses, etc.
536
-76240 315
-26
44 -1,095
Total net asset inflow
2,648
443314
108
498
115
-279 Domestic public investment trust market and Nomura Asset Management market share2(trillions of yen)
Based on assets under management (net)
Source: Investment Trusts Association, Japan.
31
FY2024/25 FY2024/25 FY2025/26 4Q | FY2025/26 1Q | 2Q | 3Q | QoQ YoY 4Q | ||||||
Net revenue | 1,057.9 | 1,162.2 | 259.2 | 261.1 | 279.2 | 313.9 | 308.1 | -1.9% | 18.9% | |
Non-interest expenses | 891.7 | 961.7 | 221.7 | 219.2 | 226.0 | 251.6 | 264.8 | 5.3% | 19.5% | |
Income (loss) before income taxes | 166.3 | 200.6 | 37.5 | 41.9 | 53.1 | 62.3 | 43.2 | -30.6% | 15.3% | |
FY2024/25 FY2024/25 FY2025/26 4Q | FY2025/26 1Q | 2Q | 3Q | QoQ YoY 4Q | ||||||
Fixed Income | 499.2 | 509.0 | 105.8 | 124.8 | 121.9 | 136.9 | 125.3 | -8.5% | 18.4% | |
Equities | 375.4 | 459.2 | 101.1 | 98.3 | 113.8 | 119.9 | 127.2 | 6.1% | 25.8% | |
Global Markets | 874.6 | 968.1 | 206.9 | 223.1 | 235.7 | 256.8 | 252.5 | -1.7% | 22.0% | |
Investment Banking | 183.3 | 194.1 | 52.3 | 37.9 | 43.5 | 57.1 | 55.6 | -2.6% | 6.3% | |
Net revenue | 1,057.9 | 1,162.2 | 259.2 | 261.1 | 279.2 | 313.9 | 308.1 | -1.9% | 18.9% | |
Wholesale related data
Net revenue and income (loss) before income taxes(billions of yen)
Breakdown of Wholesale revenue(billions of yen)
32
FY2024/25 | FY2025/26 | FY2024/25 | FY2025/26 | |||||
Mar | Mar | Mar | Jun | Sep | Dec | Mar | ||
Japan | 14,877 | 15,017 | 14,877 | 15,317 | 15,144 | 15,061 | 15,017 | |
Europe | 3,133 | 3,269 | 3,133 | 3,155 | 3,173 | 3,237 | 3,269 | |
Americas | 2,417 | 3,028 | 2,417 | 2,476 | 2,450 | 3,030 | 3,028 | |
Asia and Oceania1 | 6,815 | 7,363 | 6,815 | 6,960 | 7,109 | 7,273 | 7,363 | |
Total | 27,242 | 28,677 | 27,242 | 27,908 | 27,876 | 28,601 | 28,677 | |
Number of employees
1. Includes Powai office in India.
33
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 sell, sales, solicitations to buy, or purchases of any securities issued by Nomura or any affiliate thereof may only be made or entered into pursuant to appropriate offering materials or a prospectus prepared and distributed according to the laws, regulations, rules and market practices of the jurisdictions in which such offers or sales may be made.
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Forward-looking statements speak only as of the date they are made, and Nomura undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.
The consolidated financial information in this document is unaudited.
Nomura Holdings, Inc.
www.nomura.com
35