SEC Form 6-K filed by Mizuho Financial Group Inc. Sponosred ADR (Japan)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2025

Commission File Number 001-33098

Mizuho Financial Group, Inc.

(Translation of registrant’s name into English)

5-5, Otemachi 1-chome

Chiyoda-ku, Tokyo 100-8176

Japan

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

 

THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE INTO THE PROSPECTUS FORMING A PART OF MIZUHO FINANCIAL GROUP, INC.’S REGISTRATION STATEMENT ON FORM F-3 (FILE NO. 333-282497) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

UNAUDITED INTERIM CONSOLIDATED JAPANESE GAAP FINANCIAL STATEMENTS

AS OF AND FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025

On November 28, 2025, we published our unaudited interim consolidated financial statements as of and for the six months ended September 30, 2025 prepared in accordance with Japanese GAAP as part of our interim securities report (hanki hokokusho) for the same period filed by us with the relevant Japanese authorities. We have included in this report on Form 6-K an English translation of the unaudited interim consolidated financial statements and the notes thereto included in such interim securities report. Japanese GAAP differs in certain respects from U.S. GAAP. For a description of certain differences between U.S. GAAP and Japanese GAAP, see “Item 5. Operating and Financial Review and Prospects—Reconciliation with Japanese GAAP” in our most recent annual report on Form 20-F filed with the U.S. Securities Exchange Commission.

 

- 1 -

Financial Information

 

1.	Mizuho Financial Group, Inc. (“MHFG”) is a specified business company under Article 18, Paragraph 2 of the Cabinet Office Ordinance on Disclosure of Corporate Information, etc. and prepares the interim consolidated financial statements.

 

2.

The interim consolidated financial statements of MHFG are prepared in accordance with the “Ordinance on the Terminology, Forms, and Preparation Methods of Consolidated Financial Statements” (Ordinance of the Ministry of Finance No. 28 of 1976). The classification of assets and liabilities and that of income and expenses are in accordance with the “Ordinance for Enforcement of the Banking Act” (Ordinance of the Ministry of Finance No. 10 of 1982).

Additionally, MHFG is subject to a company listed in the upper column of No. 2 in the table of Article 24-5, Paragraph 1 of the Financial Instruments and Exchange Act, and prepares “dainishu” interim consolidated financial statements pursuant to Part 1 and Part 4 of the “Ordinance on the Terminology, Forms, and Preparation Methods of Consolidated Financial Statements.”

 

3.	Ernst & Young ShinNihon LLC conducted a semiannual audit on the interim consolidated financial statements of MHFG for the six months ended September 30, 2025, pursuant to Article 193-2, Paragraph 1 of the Financial Instruments and Exchange Act.

 

- 2 -

I. Interim Consolidated Financial Statements

(1) Interim Consolidated Balance Sheet

 

		(Millions of yen)
		As of March 31, 2025						As of September 30, 2025
Assets
Cash and Due from Banks		*5			72,483,086			*5			67,287,879
Call Loans and Bills Bought					688,473						807,153
Receivables under Resale Agreements					28,107,374						29,283,179
Guarantee Deposits Paid under Securities Borrowing Transactions					2,078,999						1,947,582
Monetary Claims Bought					3,932,427						4,480,575
Trading Assets		*5			22,240,796			*5			25,710,230
Money Held in Trust					632,025						755,149
Securities		*1, *2, *3, *5, *12			34,307,574			*1, *2, *3, *5, *12			38,395,250
Loans and Bills Discounted		*3, *4, *5, *6			94,108,757			*3, *4, *5, *6			94,264,066
Foreign Exchanges		*3, *4			2,237,879			*3, *4			2,291,125
Derivatives other than for Trading Assets					3,497,747						4,079,390
Other Assets		*3, *5			7,008,874			*3, *5			6,711,452
Tangible Fixed Assets		*7, *8			1,122,592			*7, *8			1,119,842
Intangible Fixed Assets					808,897						861,951
Net Defined Benefit Asset					758,783						630,260
Deferred Tax Assets					237,630						152,571
Customers’ Liabilities for Acceptances and Guarantees		*3			9,824,242			*3			10,469,462
Allowance for Loan Losses					(755,751	)					(490,037	)
Allowance for Investment Losses					(5	)					(3	)
Total Assets					283,320,404						288,757,081

 

- 3 -

		(Millions of yen)
		As of March 31, 2025						As of September 30, 2025
Liabilities
Deposits		*5			158,746,762			*5			160,362,897
Negotiable Certificates of Deposit					14,398,784						13,767,971
Call Money and Bills Sold					2,745,165						3,185,385
Payables under Repurchase Agreements		*5			38,393,650			*5			35,925,311
Guarantee Deposits Received under Securities Lending Transactions		*5			1,604,389			*5			2,031,700
Commercial Paper					2,138,133						2,245,275
Trading Liabilities					14,290,572						15,501,391
Borrowed Money		*5, *9			4,008,514			*5, *9			4,621,890
Foreign Exchanges					840,486						1,259,088
Short-term Bonds					724,118						722,727
Bonds and Notes		*10			12,877,794			*10			14,090,298
Due to Trust Accounts					950,946						975,398
Derivatives other than for Trading Liabilities					4,566,669						5,202,260
Other Liabilities					6,267,822						6,989,717
Reserve for Bonus Payments					224,246						147,240
Reserve for Variable Compensation					2,226						1,388
Net Defined Benefit Liability					68,259						68,475
Reserve for Director and Corporate Auditor Retirement Benefits					484						417
Reserve for Possible Losses on Sales of Loans					1,266						40
Reserve for Contingencies					22,542						18,232
Reserve for Reimbursement of Deposits					7,146						6,035
Reserve for Reimbursement of Debentures					19,965						16,039
Reserves under Special Laws					4,247						4,244
Deferred Tax Liabilities					21,155						22,900
Deferred Tax Liabilities for Revaluation Reserve for Land		*7			47,059			*7			45,281
Acceptances and Guarantees					9,824,242						10,469,462
Total Liabilities					272,796,651						277,681,073
Net Assets
Common Stock					2,256,767						2,256,767
Capital Surplus					1,129,730						1,129,730
Retained Earnings					6,046,578						6,451,923
Treasury Stock					(9,462	)					(11,319	)
Total Shareholders’ Equity					9,423,614						9,827,101
Net Unrealized Gains (Losses) on Other Securities					867,697						1,200,477
Deferred Gains (Losses) on Hedges					(465,204	)					(587,866	)
Revaluation Reserve for Land		*7			98,680			*7			94,820
Foreign Currency Translation Adjustments					398,783						364,091
Remeasurements of Defined Benefit Plans					119,654						98,241
Own Credit Risk Adjustments, Net of Tax					(1,014	)					(1,225	)
Total Accumulated Other Comprehensive Income					1,018,596						1,168,538
Stock Acquisition Rights					5						5
Non-controlling Interests					81,536						80,362
Total Net Assets					10,523,753						11,076,007
Total Liabilities and Net Assets					283,320,404						288,757,081

 

- 4 -

(2) Interim Consolidated Statement of Income and Interim Consolidated Statement of Comprehensive Income

  Interim Consolidated Statement of Income

 

		(Millions of yen)
		For the six months ended September 30, 2024						For the six months ended September 30, 2025
Ordinary Income					4,585,215						4,337,537
Interest Income					3,045,939						2,891,300
Interest on Loans and Bills Discounted					1,373,557						1,324,754
Interest and Dividends on Securities					431,507						435,441
Trust Fees					30,291						31,570
Fee and Commission Income					512,874						584,789
Trading Income					558,460						424,618
Other Operating Income					228,699						156,662
Other Ordinary Income		*1			208,950			*1			248,595
Ordinary Expenses					3,838,136						3,487,910
Interest Expenses					2,563,082						2,238,619
Interest on Deposits					874,568						815,178
Fee and Commission Expenses					110,088						117,402
Trading Expenses					—						1,397
Other Operating Expenses					182,395						102,450
General and Administrative Expenses		*2			877,168			*2			966,147
Other Ordinary Expenses		*3			105,401			*3			61,891
Ordinary Profits					747,079						849,626
Extraordinary Gains		*4			49,527			*4			54,228
Extraordinary Losses		*5			5,447			*5			5,138
Profit before Income Taxes					791,158						898,716
Income Taxes:
Current					187,649			*6			204,950
Deferred					35,483						1,187
Total Income Taxes					223,133						206,138
Profit					568,025						692,578
Profit Attributable to Non-controlling Interests					1,884						2,630
Profit Attributable to Owners of Parent					566,141						689,947

 

- 5 -

  Interim Consolidated Statement of Comprehensive Income

 

		(Millions of yen)
		For the six months ended September 30, 2024						For the six months ended September 30, 2025
Profit					568,025						692,578
Other Comprehensive Income					23,813						153,000
Net Unrealized Gains (Losses) on Other Securities					18,120						332,513
Deferred Gains (Losses) on Hedges					(6,897	)					(122,945	)
Foreign Currency Translation Adjustments					18,117						(13,314	)
Remeasurements of Defined Benefit Plans					(15,925	)					(21,295	)
Own Credit Risk Adjustments, Net of Tax					(75	)					(210	)
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method					10,474						(21,746	)
Comprehensive Income					591,838						845,578
(Breakdown)
Comprehensive Income Attributable to Owners of Parent					588,854						843,748
Comprehensive Income Attributable to Non-controlling Interests					2,983						1,830

 

- 6 -

(3) Interim Consolidated Statement of Changes in Net Assets

  For the six months ended September 30, 2024

 

		(Millions of yen)
		Shareholders’ Equity
		Common Stock				Capital Surplus				Retained Earnings				Treasury Stock				Total Shareholders’ Equity
Balance as of the beginning of the period			2,256,767				1,129,730				5,538,891				(9,402	)			8,915,987
Changes during the period
Cash Dividends											(139,610	)							(139,610	)
Profit Attributable to Owners of Parent											566,141								566,141
Repurchase of Treasury Stock															(2,772	)			(2,772	)
Disposition of Treasury Stock							1								2,636				2,637
Transfer from Revaluation Reserve for Land											25,315								25,315
Net Changes in Items other than Shareholders’ equity
Total Changes during the period			—				1				451,846				(136	)			451,710
Balance as of the end of the period			2,256,767				1,129,731				5,990,738				(9,539	)			9,367,698

 

		Accumulated Other Comprehensive Income																												Stock Acquisition Rights				Non- controlling Interests				Total Net Assets
		Net Unrealized Gains (Losses) on Other Securities				Deferred Gains or Losses on Hedges				Revaluation Reserve for Land				Foreign Currency Translation Adjustments				Remeasurements of Defined Benefit Plans				Own Credit Risk Adjustments, Net of Tax				Total Accumulated Other Comprehensive Income
Balance as of the beginning of the period			929,815				(298,280	)			126,879				344,250				214,337				(452	)			1,316,550				5				79,591				10,312,135
Changes during the period
Cash Dividends																																							(139,610	)
Profit Attributable to Owners of Parent																																							566,141
Repurchase of Treasury Stock																																							(2,772	)
Disposition of Treasury Stock																																							2,637
Transfer from Revaluation Reserve for Land																																							25,315
Net Changes in Items other than Shareholders’ equity			17,464				(6,770	)			(25,315	)			28,290				(16,195	)			(75	)			(2,601	)			—				75				(2,526	)
Total Changes during the period			17,464				(6,770	)			(25,315	)			28,290				(16,195	)			(75	)			(2,601	)			—				75				449,184
Balance as of the end of the period			947,280				(305,050	)			101,564				372,540				198,141				(527	)			1,313,948				5				79,667				10,761,319

 

- 7 -

  For the six months ended September 30, 2025

 

		(Millions of yen)
		Shareholders’ Equity
		Common Stock				Capital Surplus				Retained Earnings				Treasury Stock				Total Shareholders’ Equity
Balance as of the beginning of the period			2,256,767				1,129,730				6,046,578				(9,462	)			9,423,614
Changes during the period
Cash Dividends											(188,463	)							(188,463	)
Profit Attributable to Owners of Parent											689,947								689,947
Repurchase of Treasury Stock															(103,830	)			(103,830	)
Disposition of Treasury Stock							1								1,973				1,975
Cancellation of Treasury Stock							(99,999	)							99,999				—
Transfer from Revaluation Reserve for Land											3,859								3,859
Transfer from Retained Earnings to Capital Surplus							99,998				(99,998	)							—
Net Changes in Items other than Shareholders’ Equity
Total Changes during the period			—				—				405,345				(1,857	)			403,487
Balance as of the end of the period			2,256,767				1,129,730				6,451,923				(11,319	)			9,827,101

 

		Accumulated Other Comprehensive Income																												Stock Acquisition Rights				Non- controlling Interests				Total Net Assets
		Net Unrealized Gains  (Losses) on Other Securities				Deferred Gains or Losses  on Hedges				Revaluation Reserve for Land				Foreign Currency Translation Adjustments				Remeasurements of Defined Benefit Plans				Own Credit Risk Adjustments, Net of Tax				Total Accumulated Other Comprehensive Income
Balance as of the beginning of the period			867,697				(465,204	)			98,680				398,783				119,654				(1,014	)			1,018,596				5				81,536				10,523,753
Changes during the period
Cash Dividends																																							(188,463	)
Profit Attributable to Owners of Parent																																							689,947
Repurchase of Treasury Stock																																							(103,830	)
Disposition of Treasury Stock																																							1,975
Cancellation of Treasury Stock																																							—
Transfer from Revaluation Reserve for Land																																							3,859
Transfer from Retained Earnings to Capital Surplus																																							—
Net Changes in Items other than Shareholders’ Equity			332,779				(122,662	)			(3,859	)			(34,692	)			(21,413	)			(210	)			149,941				—				(1,174	)			148,767
Total Changes during the period			332,779				(122,662	)			(3,859	)			(34,692	)			(21,413	)			(210	)			149,941				—				(1,174	)			552,254
Balance as of the end of the period			1,200,477				(587,866	)			94,820				364,091				98,241				(1,225	)			1,168,538				5				80,362				11,076,007

 

- 8 -

(4) Interim Consolidated Statement of Cash Flows

 

		(Millions of yen)
		For the six months ended September 30, 2024								For the six months ended September 30, 2025
Cash Flow from Operating Activities
Profit before Income Taxes							791,158								898,716
Depreciation							93,560								105,310
Losses on Impairment of Fixed Assets							1,564								992
Amortization of Goodwill							3,598								3,655
Equity in Loss (Gain) from Investments in Affiliates							(27,771	)							(26,680	)
Increase (Decrease) in Allowance for Loan Losses							(56,765	)							(267,417	)
Increase (Decrease) in Allowance for Investment Losses							0								(2	)
Increase (Decrease) in Reserve for Possible Losses on Sales of Loans							115								(1,225	)
Increase (Decrease) in Reserve for Contingencies							(2,842	)							(4,413	)
Increase (Decrease) in Reserve for Bonus Payments							(56,591	)							(77,109	)
Increase (Decrease) in Reserve for Variable Compensation							(1,359	)							(837	)
Decrease (Increase) in Net Defined Benefit Asset							(32,099	)							122,015
Increase (Decrease) in Net Defined Benefit Liability							(372	)							465
Increase (Decrease) in Reserve for Director and Corporate Auditor Retirement Benefits							(109	)							(67	)
Increase (Decrease) in Reserve for Reimbursement of Deposits							(1,538	)							(1,110	)
Increase (Decrease) in Reserve for Reimbursement of Debentures							(1,407	)							(3,925	)
Interest Income - accrual basis							(3,045,939	)							(2,891,300	)
Interest Expenses - accrual basis							2,563,082								2,238,619
Losses (Gains) on Securities							(146,335	)							(118,319	)
Losses (Gains) on Money Held in Trust							(514	)							(1,082	)
Foreign Exchange Losses (Gains) - net							685,703								(4,582	)
Losses (Gains) on Disposition of Fixed Assets							(32,238	)							(7,637	)
Losses (Gains) on Revision of Retirement Benefit Plan							(9,015	)							—
Losses (Gains) on Cancellation of Employee Retirement Benefit Trust							(3,788	)							(38,566	)
Net Decrease (Increase) in Trading Assets							(560,035	)							(3,359,884	)
Net Increase (Decrease) in Trading Liabilities							(35,999	)							1,087,405
Net Decrease (Increase) in Derivatives other than for Trading Assets							(253,372	)							(565,708	)
Net Increase (Decrease) in Derivatives other than for Trading Liabilities							353,337								623,488
Net Decrease (Increase) in Loans and Bills Discounted							(422,171	)							102,355
Net Increase (Decrease) in Deposits							(3,419,380	)							1,254,296
Net Increase (Decrease) in Negotiable Certificates of Deposit							860,863								(780,729	)
Net Increase (Decrease) in Borrowed Money (excluding Subordinated Borrowed Money)							250,345								599,636
Net Decrease (Increase) in Due from Banks (excluding Due from Central Banks)							(787	)							(89,283	)
Net Decrease (Increase) in Call Loans, etc.							(2,011,283	)							(1,771,999	)
Net Decrease (Increase) in Guarantee Deposits Paid under Securities Borrowing Transactions							180,360								131,416
Net Increase (Decrease) in Call Money, etc.							3,463,557								(2,103,366	)
Net Increase (Decrease) in Commercial Paper							(94,194	)							116,293
Net Increase (Decrease) in Guarantee Deposits Received under Securities Lending Transactions							55,948								427,310
Net Decrease (Increase) in Foreign Exchanges (Assets)							(18,388	)							(55,495	)
Net Increase (Decrease) in Foreign Exchanges (Liabilities)							222,258								418,057
Net Increase (Decrease) in Short-term Bonds (Liabilities)							183,876								(1,390	)
Increase (Decrease) in Bonds and Notes							70,696								891,231
Net Increase (Decrease) in Due to Trust Accounts							50,086								24,451
Interest and Dividend Income - cash basis							3,021,212								2,833,811
Interest Expenses - cash basis							(2,696,385	)							(2,200,296	)
Other - net							(1,159,212	)							422,139
Subtotal							(1,238,572	)							(2,070,763	)
Cash Refunded (Paid) in Income Taxes							16,420								(176,360	)
Net Cash Provided by (Used in) Operating Activities							(1,222,151	)							(2,247,123	)

 

- 9 -

		(Millions of yen)
		For the six months ended September 30, 2024								For the six months ended September 30, 2025
Cash Flow from Investing Activities
Payments for Purchase of Securities							(38,088,448	)							(29,945,009	)
Proceeds from Sale of Securities							26,467,039								23,025,505
Proceeds from Redemption of Securities							11,964,533								4,103,657
Payments for Increase in Money Held in Trust							(35,511	)							(128,181	)
Proceeds from Decrease in Money Held in Trust							6,172								5,401
Payments for Purchase of Tangible Fixed Assets							(31,440	)							(40,670	)
Payments for Purchase of Intangible Fixed Assets							(119,135	)							(101,301	)
Proceeds from Sale of Tangible Fixed Assets							86,513								21,164
Proceeds from Sale of Intangible Fixed Assets							—								8
Purchase of Shares of Subsidiaries Resulting in Change in Scope of Consolidation							—								(45,542	)
Payment from Sales of Stocks of Subsidiaries (affecting the scope of consolidation)							2,970								2,225
Net Cash Provided by (Used in) Investing Activities							252,694								(3,102,742	)
Cash Flow from Financing Activities
Proceeds from Issuance of Subordinated Bonds							514,500								384,000
Payments for Redemption of Subordinated Bonds							(135,000	)							(60,000	)
Proceeds from Investments by Non-controlling Shareholders							341								1,428
Cash Dividends Paid							(139,509	)							(188,342	)
Cash Dividends Paid to Non-controlling Shareholders							(3,289	)							(3,745	)
Payments for Repurchase of Treasury Stock							(2,772	)							(103,830	)
Proceeds from Sale of Treasury Stock							2,637								1,975
Net Cash Provided by (Used in) Financing Activities							236,905								31,485
Effect of Foreign Exchange Rate Changes on Cash and Cash Equivalents							(556,569	)							(11,741	)
Net Increase (Decrease) in Cash and Cash Equivalents							(1,289,121	)							(5,330,122	)
Cash and Cash Equivalents at the beginning of the period							71,165,815								70,723,361
Cash and Cash Equivalents at the end of the period			*1				69,876,694				*1				65,393,238

 

- 10 -

Notes to Interim Consolidated Financial Statements

Fundamental and Important Matters for the Preparation of Interim Consolidated Financial Statements

 

1.	Scope of Consolidation

 

(1)	Number of consolidated subsidiaries: 253

Names of principal companies:

Mizuho Bank, Ltd.

Mizuho Trust & Banking Co., Ltd.

Mizuho Securities Co., Ltd.

Change in scope of consolidation

During the six months ended September 30, 2025, UPSIDER Holdings, Inc. and twenty-nine other companies were newly included in the scope of consolidation as a result of business acquisition and other factors.

During the six months ended September 30, 2025, J.Score CO., LTD and eleven other companies were excluded from the scope of consolidation as a result of dissolution and other factors.

 

(2)	Number of non-consolidated subsidiaries: 0

 

2.	Application of the Equity Method

 

(1)	Number of non-consolidated subsidiaries under the equity method: 0

 

(2)	Number of affiliates under the equity method: 27

Names of principal companies:

Custody Bank of Japan, Ltd.

Orient Corporation

Mizuho Leasing Company, Limited

Change in scope of equity method

During the six months ended September 30, 2025, NestBlue Co., Ltd. was newly included in the scope of equity method as a result of establishment.

During the six months ended September 30, 2025, UPSIDER Capital was excluded from the scope of equity method and included in the scope of consolidation as a result of capital restructuring.

 

(3)	Number of non-consolidated subsidiaries not under the equity method: 0

 

(4)	Affiliates not under the equity method:

Pec International Leasing Co., Ltd.

Affiliates not under the equity method are excluded from the scope of the equity method since such exclusion has no material effect on MHFG’s interim consolidated financial statements in terms of Profit (Loss) (amount corresponding to MHFG’s equity position), Retained Earnings (amount corresponding to MHFG’s equity position), Accumulated Other Comprehensive Income (amount corresponding to MHFG’s equity position) and others.

 

3.	Interim Balance Sheet Dates of Consolidated Subsidiaries

 

(1)	Interim balance sheet dates of consolidated subsidiaries are as follows:

 

 

- 11 -

(2)

The subsidiaries with an interim balance sheet date of October 31 are consolidated based on interim financial statements as of July 31, and the subsidiary with an interim balance sheet data of January 31 is consolidated based on its tentative interim financial statement as of and for the period ended the interim balance sheet date. Other consolidated subsidiaries were consolidated based on their interim financial statements as of and for the period ended their respective interim balance sheet dates.

The necessary adjustments have been made to the interim financial statements for any significant transactions that took place between their respective interim balance sheet dates and the date of the interim consolidated financial statements.

 

4.	Standards of Accounting Method

 

(1)	Trading Assets & Liabilities and Trading Income & Expenses

Trading transactions intended to take advantage of short-term fluctuations and arbitrage opportunities in interest rates, currency exchange rates, market prices of securities and related indices are recognized on a trade date basis and recorded in Trading Assets or Trading Liabilities on the interim consolidated balance sheet. Income or expenses generated on the relevant trading transactions are recorded in Trading Income or Trading Expenses on the interim consolidated statement of income.

Securities and other monetary claims held for trading purposes are stated at fair value at the interim consolidated balance sheet date. Derivative financial products, such as swaps, futures and option transactions, are stated at fair value, assuming that such transactions are terminated and settled at the interim consolidated balance sheet date.

Trading Income and Trading Expenses include the interest received and the interest paid during the six months ended September 30, 2025, the gains or losses resulting from any change in the value of securities and other monetary claims between the beginning and the end of the six months ended September 30, 2025, and the gains or losses resulting from any change in the value of financial derivatives between the beginning and the end of the six months ended September 30, 2025, assuming they were settled at the end of the six months ended September 30, 2025.

For financial derivatives, fair value is calculated on the basis of net assets or liabilities after offsetting financial assets and liabilities with respect to specific market risks and specific credit risk.

 

(2)	Securities

 

(a)

Bonds held to maturity are stated at amortized cost (straight-line method) and determined by the moving average method. Investments in affiliates not under the equity method are stated at acquisition cost and determined by the moving average method. Other Securities are stated at market price (cost of securities sold is calculated primarily by the moving average method). Stocks and others without a quoted market price are stated at acquisition cost and determined by the moving average method.

The net unrealized gains (losses) on Other Securities are included directly in Net Assets, net of applicable income taxes after excluding gains and losses as a result of the fair-value hedge method.

 

(b)

Securities which are held as trust assets in Money Held in Trust accounts are valued in the same way as described in (a) above.

 

(3)	Derivative Transactions

Derivative transactions (other than transactions for trading purposes) are valued at fair value.

Fair value is calculated on the basis of net assets or liabilities after offsetting financial assets and liabilities with respect to specific market risks and specific credit risk.

 

(4)	Depreciation of Fixed Assets

 

1)

Tangible Fixed Assets (Except for Lease Assets)

Depreciation of buildings is computed mainly by the straight-line method, and that of others is computed mainly by the declining-balance method. The amount based on estimated annual depreciation expenses is allocated to each period.

The range of useful lives is as follows:

 

 

- 12 -

2)

Intangible Fixed Assets (Except for Lease Assets)

Amortization of Intangible Fixed Assets is computed by the straight-line method. Development costs for internally-used software are capitalized and amortized over their estimated useful lives of mainly from five to ten years as determined by MHFG and consolidated subsidiaries.

 

3)

Lease Assets

Depreciation of lease assets booked in Tangible Fixed Assets and Intangible Fixed Assets which relate to finance lease transactions that do not transfer ownership is mainly computed by the same method as the one applied to fixed assets owned by us.

 

(5)	Deferred Assets

Bond issuance costs are expensed as incurred.

 

(6)	Allowances for Loan Losses

Allowances for Loan Losses of major domestic consolidated subsidiaries are maintained in accordance with internally established standards for write-offs and reserve provisions.

For claims extended to obligors that are legally bankrupt under the Bankruptcy Law, Special Liquidation under the Company Law or other similar laws (“Bankrupt Obligors”), and to obligors that are effectively in similar conditions (“Substantially Bankrupt Obligors”), reserves are maintained at the amounts of claims net of direct write-offs described below and the expected amounts recoverable from the disposition of collateral and the amounts recoverable under guarantees. For claims extended to obligors that are not yet legally or formally bankrupt but are likely to be bankrupt (“Intensive Control Obligors”), reserves are maintained at the amounts deemed necessary based on overall solvency analyses of the amounts of claims net of expected amounts recoverable from the disposition of collateral and the amounts recoverable under guarantees.

For claims extended to Intensive Control Obligors and Obligors with Restructured Loans and others, if the exposure to an obligor exceeds a certain specific amount, reserves are provided as follows: (i) if future cash flows of the principal and interest can be reasonably estimated, the discounted cash flow method is applied, under which the reserve is determined as the difference between the book value of the loan and its present value of future cash flows discounted using the contractual interest rate before the loan was classified as a Restructured Loan, and (ii) if future cash flows of the principal and interest cannot be reasonably estimated, reserves are provided for the losses estimated for each individual loan.

For claims extended to other obligors, reserves for the next one year or three years are maintained at rates derived from historical credit loss experience or historical bankruptcy experience for one or three years and making necessary adjustments such as future prospects and others. Allowance for Loan Losses to Restructuring Countries is maintained in order to cover possible losses based on analyses of the political and economic climates of the countries.

All claims are assessed by each claim origination department in accordance with the internally established “Self-assessment Standard,” and the results of the assessments are verified and examined by the independent examination departments.

In the case of claims to Bankrupt Obligors and Substantially Bankrupt Obligors, which are collateralized or guaranteed by a third party, the amounts deemed uncollectible (calculated by deducting the anticipated proceeds from the sale of collateral pledged against the claims and amounts that are expected to be recovered from guarantors of the claims) are written off against the respective claims balances. The total directly written-off amount was ¥322,250 million (¥96,218 million at the end of the fiscal year ended March 31, 2025).

Other consolidated subsidiaries provide the amount necessary to cover the loan losses based upon past experience and other factors for general claims and the assessment for each individual loan for other claims.

 

- 13 -

(Additional Information)

In light of the principles set forth in the report entitled “JFSA’s supervisory approaches to lending business and loan loss provisioning” published by JFSA on December 18, 2019, we have reflected the potential impact of macroeconomic uncertainty and others on credit risks on Allowances for Loan Losses for some credit. More specifically, we used scenarios based on developments in monetary policy, trade and industry policies, and their ripple effects, and others. These scenarios include the forecasted GDP growth rate, energy prices, financial variables, including interest rates and exchange rates, increased rate of labor costs, the future outlook of the business environment for specific portfolio segments considering the impact of tariff policies and other factors in the United States, and concerns about deteriorating earnings on the future prospects such as the ripple effect on the automotive supply chain, etc. Expected impacts on the portfolio from these scenarios, based on our comprehensive judgmental analysis, are reflected in the Allowances for Loan Losses. There are no material changes in the methods of the above accounting estimates and the major assumptions used in the consolidated financial statements from those of the previous fiscal year.

 

(7)	Allowance for Investment Losses

Allowance for Investment Losses is maintained to provide against possible losses on investments in securities, after taking into consideration the financial condition and other factors concerning the investee company.

 

(8)	Reserve for Bonus Payments

Reserve for Bonus Payments, which is provided for future bonus payments to employees, is maintained at the amount accrued at the end of the six months ended September 30, 2025, based on the estimated future payments.

 

(9)	Reserve for Variable Compensation

Reserve for Variable Compensation, which is prepared for the payments of performance payments and stock compensation to be paid as variable compensation within compensation for directors, group executive officers and operating officers of Mizuho Financial Group, Inc., Mizuho Bank, Ltd., Mizuho Trust & Banking Co., Ltd., and Mizuho Securities Co., Ltd., is maintained to provide estimated payments based on the standard amount regarding variable compensation of the fiscal year ending March 31, 2026.

 

(10)	Reserve for Director and Corporate Auditor Retirement Benefits

Reserve for Director and Corporate Auditor Retirement Benefits, which is provided for future retirement benefit payments to directors, corporate auditors and executive officers, is recognized at the amount accrued by the end of the six months ended September 30, 2025, based on internally established standards.

 

(11)	Reserve for Possible Losses on Sales of Loans

Reserve for Possible Losses on Sales of Loans is provided for possible future losses on sales of loans at the amount deemed necessary based on a reasonable estimate of possible future losses.

 

(12)	Reserve for Contingencies

Reserve for Contingencies is maintained to provide against possible losses from contingencies which are not covered by other specific reserves. The balance is an estimate of possible future losses considered to require a reserve.

 

(13)	Reserve for Reimbursement of Deposits

Reserve for Reimbursement of Deposits is provided against the losses for the deposits derecognized from liabilities at the estimated amount of future claims for withdrawal by depositors.

 

(14)	Reserve for Reimbursement of Debentures

Reserve for Reimbursement of Debentures is provided for the debentures derecognized from liabilities at the estimated amount for future claims.

 

- 14 -

(15)	Reserve under Special Laws

Reserve under Special Laws is Reserve for Contingent Liabilities from Financial Instruments and Exchange.

This is the reserve pursuant to Article 46-5 of the Financial Instruments and Exchange Law and Article 175 of the Cabinet Office Ordinance regarding Financial Instruments Business, etc. to indemnify the losses incurred from accidents in the purchase and sale of securities, other transactions or derivative transactions.

 

(16)	Accounting Method for Retirement Benefits

In calculating retirement benefit obligations, a benefit formula basis is used as a method of attributing expected retirement benefits to the period up to the end of the six months ended September 30, 2025.

Unrecognized prior service cost and unrecognized actuarial differences are recognized as follows:

Unrecognized prior service cost: Recognized mainly as income or expenses in the period of occurrence.

Unrecognized actuarial difference: Recognized as income or expenses from the following fiscal year under the straight-line method over a certain term within the average remaining service period of the employees (mainly 10 years) of the respective fiscal years.

Certain consolidated subsidiaries apply the simplified method that assumes the amount required for voluntary resignation at the end of the six months ended September 30, 2025 to be retirement benefit obligations in computing net defined benefit liability and retirement benefit expenses.

 

(17)

Revenues

Securities-related business fees mainly consist of brokerage fees and commissions, and asset-based revenues. Brokerage fees and commissions include fees earned from the execution of customer transactions and sales commissions of stocks, bonds and investment trusts, which are recognized at the point in time on the transaction date with the customer. Asset-based revenues include fees received from investment trust management companies in return for administration services, such as record keeping services, of investment trusts, which are recognized over time in the period when the related service is provided.

Deposits and Lending business fees consist of deposit-related fees and lending-related fees. Deposit related fees are within the scope of “Accounting Standard for Revenue Recognition,” while most of Lending-related fees such as commitment fees and arrangement fees are not. Deposit-related fees include account transfer fees, which are recognized at the point in time on the transaction date with the customer or at the point in time when the related service is provided.

Remittance business fees include service charges for domestic and international funds transfers and collections, which are recognized at the point in time when the related service is provided.

Trust-related business fees mainly consist of brokerage commissions of real estate property, consulting fees of real estate property and charges of stock transfer agent services. Brokerage commissions of real estate property are commissions that are received as consideration for services related to real estate brokerage, and are recognized in principle at the time of the conclusion of a sales contract for the subject real estate or trust beneficiary rights. Consulting fees of real estate property are commissions that are received as consideration for services related to real estate consulting, which are recognized at the point in time when the related service is provided or over time in the period when the related service is provided. Stock transfer agent service fees are commissions that are received as consideration for services related to transfer agent business and associated services, which are recognized at the point in time when the related service is provided or over time in the period when the related service is provided.

Agency business fees mainly consist of administration service fees related to MHFG Group’s agency business such as Japan’s principal public lottery program and revenues from standing proxy services related to stocks and others, which are recognized at the point in time when the related service is provided or over time in the period when the related service is provided.

 

- 15 -

Fees for other customer services include various revenues such as sales commissions of life insurance, service charges for electronic banking, financial advisory fees, and service charges for software development.

Sales commissions of life insurance are received in return for selling insurance products and recognized mainly at the point in time on transaction date with the customer. Service charges for electronic banking are mainly monthly basic usage fees and recognized over time in the period when the related service is provided.

Financial advisory fees are received as consideration for services supporting market research and business strategy planning, which are recognized over time in the period when the related service is provided. Service charges for software development are recognized mainly over time in the period when the related service is provided.

Trust Fees mainly consists of trust fees earned through fiduciary asset management and administrative service, which are recognized at the point on creation of the trust or completion date specified in the contract, or over time in the period when the related service is provided.

Part of other ordinary income includes underwriting fees from trading securities, credit card interchange fees and asset management business fees which are within the scope of “Accounting Standard for Revenue Recognition.” Underwriting fees are recognized at the point on the date which all the consideration of the transaction are fixed. Credit card interchange fees are recognized at the point on the settlement of the credit card payment transactions. Asset management business fees consist of investment trust management fees and investment advisory fees for investment trusts, which are recognized over time in the period when the related service is provided.

 

(18)	Assets and Liabilities denominated in foreign currencies

Assets and liabilities denominated in foreign currencies and accounts of overseas branches of domestic consolidated banking subsidiaries and a domestic consolidated trust banking subsidiary are translated into Japanese yen primarily at the exchange rates in effect at the interim consolidated balance sheet date, with the exception of the investments in affiliates not under the equity method, which are translated at historical exchange rates.

Assets and liabilities denominated in foreign currencies of the consolidated subsidiaries, except for the transactions mentioned above, are translated into Japanese yen primarily at the exchange rates in effect at the respective interim balance sheet dates.

 

(19)	Hedge Accounting

 

(a)

Interest Rate Risk

The deferred method, the fair-value hedge method or the exceptional accrual method for interest rate swaps are applied as hedge accounting methods.

The portfolio hedge transaction for a large volume of small-value monetary claims and liabilities of domestic consolidated banking subsidiaries and domestic consolidated trust banking subsidiaries is accounted for in accordance with the method stipulated in the “Accounting and Auditing Treatment relating to Adoption of Accounting Standards for Financial Instruments for Banks” (JICPA Industry Committee Practical Guideline No.24, March 17, 2022).

The effectiveness of hedging activities for the portfolio hedge transaction for a large volume of small-value monetary claims and liabilities is assessed as follows:

 

i)

as for hedging activities to offset market fluctuation risks, effectiveness is assessed by bracketing both the hedged instruments, such as deposits and loans, and the hedging instruments, such as interest-rate swaps, in the same maturity bucket.

 

ii)

as for hedging activities to fix the cash flows, effectiveness is assessed based on the correlation between a base interest rate index of the hedged instrument and that of the hedging instrument.

The effectiveness of the individual hedge is assessed based on the comparison of the fluctuation in the market or of cash flows of the hedged instruments with that of the hedging instruments.

 

- 16 -

(b)

Foreign Exchange Risk

Domestic consolidated banking subsidiaries and domestic consolidated trust banking subsidiaries apply the deferred method of hedge accounting to hedge foreign exchange risks associated with various financial assets and liabilities denominated in foreign currencies as stipulated in the “Accounting and Auditing Treatment relating to Adoption of Accounting Standards for Foreign Currency Transactions for Banks” (JICPA Industry Committee Practical Guideline No.25, October 8, 2020). The effectiveness of the hedge is assessed by confirming that the amount of the foreign currency position of the hedged monetary claims and liabilities is equal to or larger than that of currency-swap transactions, exchange swap transactions, and similar transactions designated as the hedging instruments of the foreign exchange risk.

In addition to the above methods, these subsidiaries apply the deferred method or the fair-value hedge method to portfolio hedges of the foreign exchange risks associated with investments in subsidiaries and affiliates in foreign currency and Other Securities in foreign currency (except for bonds) identified as hedged items in advance, as long as the amount of foreign currency payables of spot and forward foreign exchange contracts exceeds the amount of acquisition cost of the hedged foreign securities in foreign currency.

 

(c)

Inter-company Transactions

Inter-company interest rate swaps, currency swaps and similar derivatives among consolidated companies or between trading accounts and other accounts, which are designated as hedges, are not eliminated, and related gains and losses are recognized in the statement of income or deferred under hedge accounting, because these inter-company derivatives are executed according to the criteria for appropriate outside third-party cover operations which are treated as hedge transactions objectively in accordance with JICPA Industry Committee Practical Guideline No. 24 and 25.

As for certain assets and liabilities of MHFG and its consolidated subsidiaries, the deferred method, the fair-value hedge method or the exceptional accrual method for interest rate swaps are applied.

 

(20)	Scope of Cash and Cash Equivalents on Interim Consolidated Statements of Cash Flows

In the interim consolidated statements of cash flows, Cash and Cash Equivalents consist of cash and due from central banks included in “Cash and Due from Banks” on the interim consolidated balance sheet.

 

(21)	Adoption of the Japanese Group Relief System

MHFG and some of its domestic consolidated subsidiaries have adopted the Japanese Group Relief System.

 

- 17 -

Additional Information

The Board Benefit Trust (“BBT”) Program

Since MHFG operates its business to contribute to the creation of value for diverse stakeholders and realize improved corporate value through the continuous and stable growth of the MHFG Group pursuant to MHFG’s basic management policy defined under the Mizuho Financial Group’s Corporate Identity, MHFG has introduced a stock compensation program using a trust (the “Program”) that functions as an incentive for each director, executive officer, operating officer, and others (the “Officers”) to exert maximum effort in performing his or her duties, and also as consideration for such exertion of effort.

 

(1)	Outline of the Program

The Program has adopted the Board Benefit Trust (“BBT”) framework. MHFG’s shares on the stock market will be acquired through a trust established based on the underlying funds contributed by MHFG, and MHFG’s shares will be distributed to each of the Officers of MHFG, Mizuho Bank, Ltd., Mizuho Trust & Banking Co., Ltd., and Mizuho Securities Co., Ltd. set forth in the Rules on Distribution of Shares to be prescribed in advance. The framework consists of the stock compensation program based on the Officers’ responsibilities in their respective company (“Stock Compensation I”), the stock compensation program based on the performance evaluation of the MHFG Group (“Stock Compensation II”) and the stock benefit program based on the Officers’ responsibilities in their respective company and the performance evaluation of the MHFG Group, which distributes MHFG’s shares (“Stock Benefit”).

Stock Compensation I will be paid at the time of retirement in the form of shares of MHFG calculated based on the Officers’ responsibilities. A system is adopted which enables a decrease or forfeiture of the amount depending on the performance of the company or the individual.

Stock Compensation II will be paid in the form of shares of MHFG and will be deferred over three years, which is calculated based on the status of achieving financial-related indicators and evaluation of stakeholder-related indicators that the MHFG Group regard as important in order to improve corporate value over the medium to long term. A system is adopted which enables a decrease or forfeiture of the amount of the deferred portion depending on the performance of the company or the individual.

Stock Benefit will be paid in the collective form of MHFG’s share which is based on responsibilities in their respective company and the performance evaluation of the MHFG Group. Reduction and forfeit of the benefit can occur in the program.

Upon the payment of stock compensation under the Program, MHFG may, for a certain portion, pay a monetary amount equivalent to the market value of its stock in lieu of stock compensation set forth in the Rules on Distribution of Shares.

Voting rights related to MHFG’s shares belonging to the trust assets under the trust shall not be exercised.

 

(2)	MHFG’s Shares Outstanding in the Trust

MHFG’s shares outstanding in the trust are recognized as Treasury Stock under Net Assets at the carrying amount (excluding the amount of incidental expenses) in the trust. The carrying amount of such Treasury Stock as of September 30, 2025 was ¥5,540 million for 2,171 thousand shares (the carrying amount as of March 31, 2025 was ¥5,034 million for 2,376 thousand shares).

 

(3)	The Scope of the Officers Eligible to Receive Beneficiary Rights and Other Rights under This Program

The Officers of MHFG and certain consolidated subsidiaries who have satisfied the requirements for benefits set forth in the Rules on Distribution of Shares.

 

- 18 -

Notes to Interim Consolidated Balance Sheet

 

*1.	The total amount of shares and investments in affiliates

 

		(Millions of yen)
		As of March 31, 2025				As of September 30, 2025
Shares			638,999				639,576
Investments			595				595

 

*2.	Secured loaned securities, which are included in Japanese Government Bonds under Securities, are as follows:

 

		(Millions of yen)
		As of March 31, 2025				As of September 30, 2025
			138,735				138,796

In certain transactions, MHFG has the right to sell or repledge the following unsecured borrowed securities, securities purchased under resale agreements and securities borrowed with cash collateral.

 

		(Millions of yen)
		As of March 31, 2025				As of September 30, 2025
Securities repledged			28,999,101				28,244,457
Securities neither repledged nor re-loaned at the end of the period/the fiscal year			8,188,227				10,586,548

 

*3.

Claims based on Banking Act and the Act on Emergency Measures for the Revitalization of Financial Functions are as follows. The claims consist of those included in the accounts of bonds included in “Securities” (its principal’s redemption and interest payments are guaranteed, in whole or in part, and the corporate bonds issue is limited to a private placement of the securities (Article 2, Paragraph 3 of the Financial Instruments and Exchange Act.)), “Loans,” “Foreign Exchanges Assets,” accrued interest and suspense payment in “Other Assets” and “Customers’ Liabilities for Acceptances and Guarantees” in the interim consolidated balance sheet, and securities in the notes in case they are loans (limited to those under a loan for use or lease agreement).

 

		(Millions of yen)
		As of March 31, 2025				As of September 30, 2025
Claims against Bankrupt and Substantially Bankrupt Obligors			32,484				43,699
Claims with Collection Risk			576,200				318,516
Claims for Special Attention			438,626				430,465
Loans Past Due for 3 Months or More			271				584
Restructured Loans			438,355				429,881
Sub-total			1,047,311				792,681
Normal Claims			106,430,161				107,911,422
Total			107,477,473				108,704,104

 

- 19 -

Claims against Bankrupt and Substantially Bankrupt Obligors are claims against debtors in bankruptcy due to the commencement of bankruptcy procedures, the commencement of reorganization proceedings, the petition for the commencement of rehabilitation proceedings, and claims equivalent to these.

Claims with Collection Risk are claims of which the debtor is not yet in a state of bankruptcy, but its financial position and business performance have deteriorated, and it is highly probable that principal’s collection and interest on claims in accordance with the terms of the contract will not be received. These claims do not fall under the category of Claims against Bankrupt and Substantially Bankrupt Obligors.

Loans Past Due for 3 Months or More are loans on which payments of principal and/or interest have not been made for a period of three months or more since the next day following the first due date, and which are not included in Claims against Bankrupt and Substantially Bankrupt Obligors, or Claims with Collection Risk.

Restructured Loans represent loans whose contracts were amended in favor of obligors (e.g., reduction of, or exemption from, stated interest, deferral of interest payments, extension of maturity dates and renunciation of claims) in order to assist or facilitate the restructuring of the obligors. Claims against Bankrupt and Substantially Bankrupt Obligors, Claims with Collection Risk and Loans Past Due for 3 Months or More are not included.

Normal Claims are deemed to have no particular problem with the obligor’s financial position and business performance and are classified as other than Claims against Bankrupt and Substantially Bankrupt Obligors, Claims with Collection Risk, Loans Past Due for 3 Months or More and Restructured Loans.

The amounts given in above are gross amounts before deduction of amounts for the Allowances for Loan Losses.

 

*4.	In accordance with Committee Practical Guideline No. 24, bills discounted are accounted for as financing transactions. The banking subsidiaries have rights to sell or pledge these commercial bills, foreign exchange bills purchased and others. The face values of these bills are as follows:

 

		(Millions of yen)
		As of March 31, 2025				As of September 30, 2025
			1,190,173				1,290,065

 

- 20 -

*5.	Breakdown of assets pledged as collateral is as follows:

 

		(Millions of yen)
		As of March 31, 2025				As of September 30, 2025
The following assets are pledged as collateral
Trading Assets			5,691,565				9,146,955
Securities			13,435,741				8,795,904
Loans and Bills Discounted			9,740,159				7,633,814
Total			28,867,466				25,576,673
The following liabilities are collateralized by the above assets:
Deposits			843,563				910,768
Payables under Repurchase Agreements			16,668,981				16,906,520
Guarantee Deposits Received under Securities Lending Transactions			1,750,426				678,625
Borrowed Money			2,574,980				3,196,265

In addition to the above, the following items are pledged as collateral in connection with the settlement accounts of foreign and domestic exchange transactions or derivatives transactions and others or as a substitute for margins for futures transactions and others:

 

		(Millions of yen)
		As of March 31, 2025				As of September 30, 2025
Cash and Due from Banks			52,102				36,942
Trading Assets			819,159				971,542
Securities			3,697,668				4,205,458
Loans and Bills Discounted			43,800				42,119

In addition, the following item is pledged as collateral under general collateral repurchase agreements using the subsequent collateral allocation method:

 

		(Millions of yen)
		As of March 31, 2025				As of September 30, 2025
Securities			499,798				1,134,106

Other Assets includes margins for futures transactions, guarantee deposits, and collateral pledged for financial instruments and others as follows:

 

		(Millions of yen)
		As of March 31, 2025				As of September 30, 2025
Margins for Futures Transactions			229,718				226,969
Guarantee Deposits			82,351				79,680
Collateral Pledged for Financial Instruments and Others			1,506,895				1,516,154

 

- 21 -

*6.

Overdraft protection on current accounts and contracts of the commitment line for loans are contracts by which banking subsidiaries are bound to extend loans up to a prearranged amount, at the request of customers, unless the customer is in breach of contract conditions. The unutilized balance of these contracts amounts is as follows:

 

		(Millions of yen)
		As of March 31, 2025				As of September 30, 2025
Unutilized balance			122,456,400				123,458,002
Amount relating to contracts of which the original contractual maturity is one year or less, or which are unconditionally cancelable at any time			81,050,047				81,286,434

Since many of these contracts expire without being exercised, the unutilized balance itself does not necessarily affect future cash flows. A provision is included in many of these contracts that entitles the banking subsidiaries to refuse the execution of loans, or reduce the maximum amount under contracts when there is a change in the financial situation, necessity to preserve a claim or other similar reasons. The banking subsidiaries require collateral such as real estate and securities when deemed necessary at the time the contract is entered into. In addition, they periodically monitor customers’ business conditions in accordance with internally established standards and take necessary measures to manage credit risks such as amendments to contracts.

 

*7.

In accordance with the Land Revaluation Law (Proclamation No. 34 dated March 31, 1998), land used for business operations of domestic consolidated banking subsidiaries was revalued. The applicable income taxes on the entire excess of revaluation are included in Deferred Tax Liabilities for Revaluation Reserve for Land under Liabilities, and the remainder, net of applicable income taxes, is stated as Revaluation Reserve for Land included in Net Assets.

Revaluation date: March 31, 1998

Revaluation method as stated in Article 3, Paragraph 3 of the above law: Land used for business operations was revalued by calculating the value on the basis of the valuation by road rating stipulated in Article 2, Paragraph 4 of the Enforcement Ordinance relating to the Land Revaluation Law (Government Ordinance No. 119 promulgated on March 31, 1998) with reasonable adjustments to compensate for sites with long depth and other factors, and also on the basis of the appraisal valuation stipulated in Paragraph 5.

 

*8.	Accumulated Depreciation of Tangible Fixed Assets

 

		(Millions of yen)
		As of March 31, 2025				As of September 30, 2025
Accumulated Depreciation			759,727				769,921

 

*9.	Borrowed Money includes subordinated borrowed money with a covenant that performance of the obligation is subordinated to that of other obligations.

 

		(Millions of yen)
		As of March 31, 2025				As of September 30, 2025
Subordinated Borrowed Money			214,000				214,000

 

*10.	Bonds and Notes includes subordinated bonds.

 

		(Millions of yen)
		As of March 31, 2025				As of September 30, 2025
Subordinated Bonds			3,352,677				3,675,557

 

- 22 -

11.	The principal amounts of money trusts with contracts indemnifying the principal amounts, which are entrusted to domestic consolidated trust banking subsidiaries, are as follows:

 

		(Millions of yen)
		As of March 31, 2025				As of September 30, 2025
Money trusts			714,696				680,292

 

*12.	Liabilities for guarantees on corporate bonds included in “Securities,” which are issued by private placement (Article 2, Paragraph 3 of the Financial Instruments and Exchange Act)

 

		(Millions of yen)
		As of March 31, 2025				As of September 30, 2025
			767,900				662,099

 

- 23 -

Notes to Interim Consolidated Statement of Income

 

*1.	Other Ordinary Income includes the following:

 

		(Millions of yen)
		For the six months ended September 30, 2024				For the six months ended September 30, 2025
Gains on Sales of Stocks			152,045				153,428
Provision of Allowance for Doubtful Accounts			13,923				49,472
Share of Profit of Entities Accounted for Using Equity Method			27,771				26,680

 

*2.	Operating Expenses includes the following:

 

		(Millions of yen)
		For the six months ended September 30, 2024				For the six months ended September 30, 2025
Personnel Expenses			419,962				466,899
Depreciation			93,560				105,310

 

*3.	Other Ordinary Expenses includes the following:

 

		(Millions of yen)
		For the six months ended September 30, 2024				For the six months ended September 30, 2025
Loan Write-off			7,952				14,221
Losses on Sales of Stocks			65,576				13,596

 

*4.	Extraordinary Gains includes the following:

 

		(Millions of yen)
		For the six months ended September 30, 2024				For the six months ended September 30, 2025
Gains on Cancellation of Employee Retirement Benefit Trust			3,788				38,566
Gains on Disposition of Fixed Assets			36,122				11,783
Accumulation (Amortization) of Unrecognized Prior Service Cost			9,015				—

“Accumulation (Amortization) of Unrecognized Prior Service Cost” resulted from prior service cost incurred in connection with the revision of the retirement benefit plan.

 

*5.	Extraordinary Losses is as follows:

 

		(Millions of yen)
		For the six months ended September 30, 2024				For the six months ended September 30, 2025
Losses on Disposition of Fixed Assets			3,883				4,146
Losses on Impairment of Fixed Assets			1,564				992

 

*6.

MHFG Group applies paragraph 7 of Accounting for and Disclosure of Current Taxes Related to the Global Minimum Tax Rules (ASBJ PITF No. 46, March 22, 2024) and does not record income taxes related to the global minimum tax rules in the consolidated financial statements for the first six months of the fiscal year under review.

 

- 24 -