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    SEC Form 6-K filed by Nomura Holdings Inc ADR

    5/2/25 6:06:28 AM ET
    $NMR
    Investment Bankers/Brokers/Service
    Finance
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    6-K 1 d914957d6k.htm FORM 6-K Form 6-K
     
     

    FORM 6-K

     

     

    U.S. SECURITIES AND EXCHANGE COMMISSION

    Washington, D.C. 20549

    Report of Foreign Private Issuer

    Pursuant to Rule 13a-16 or 15d-16 of

    the Securities Exchange Act of 1934

    Commission File Number: 1-15270

    For the month of May 2025

     

     

    NOMURA HOLDINGS, INC.

    (Translation of registrant’s name into English)

     

     

    13-1, Nihonbashi 1-chome

    Chuo-ku, Tokyo 103-8645

    Japan

    (Address of principal executive offices)

     

     

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

    Form 20-F  X   Form 40-F    

    Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):   

    Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):   

     

     
     


    Information furnished on this form:

    EXHIBIT

    Exhibit Number

     

    1.  Consolidated Results of Operations (US GAAP), Fourth quarter, year ended March 2025


    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.

     

      NOMURA HOLDINGS, INC.

    Date: May 2, 2025

      By:   

    /s/ Yoshifumi Kishida

         Yoshifumi Kishida
         Senior Managing Director


     

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    Consolidated Results of Operations Fourth quarter, year ended March 2025 (US GAAP) April 2025 Nomura Holdings, Inc. We aspire to create a better world by harnessing the power of financial markets ©Nomura


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    Outline Presentation Executive summary (p. 2-4) Overview of results (p. 5) Business segment results (p. 6) Wealth Management (p. 7-9) Investment Management (p. 10-11) Wholesale (p. 12-14) Non-interest expenses (p. 15) Robust financial position (p. 16) Financial Supplement Consolidated balance sheet (p. 18) Value at risk (p. 19) Consolidated financial highlights (p. 20) Consolidated income (p. 21) Main revenue items (p. 22) Consolidated results: Income (loss) before income taxes by segment and region (p. 23) Segment “Other” (p. 24) Wealth Management related data (p. 25-28) Investment Management related data (p. 29-30) Wholesale related data (p. 31) Number of employees (p. 32) 1


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    Executive summary (1/2) FY2024/25 full year highlights Net income¹ of Y340.7bn, a new record high - Three segment performance was strong and there was evidence of further progress with our medium to long-term initiatives, including growth in stable revenues², efforts to diversify Wholesale revenues, and cost controls - Three international regions income before income taxes of Y137.0bn: Profitability improved substantially, pushing down groupwide effective tax rate to 26% Three segment income before income taxes up 80%: Profits up steeply thanks to growth in net revenue in all segments and success in controlling costs - Wealth Management income before income taxes at 11-year high: Progress in asset management business initiatives led to 30% growth in recurring revenue YoY - Investment Management income before income taxes reaches highest level since division established: Business revenue at the highest level since division established in April 2021; investment gain/loss also improved - Wholesale income before income taxes at 15-year high: Revenues up in all business lines and all regions and we maintained stringent cost controls Proactive shareholder returns Dividend per share Year-end Y34 (Ordinary dividend Y24, Commemorative dividend Y10) Annual Y57 (Dividend payout ratio of 49.4%) Share buyback Number of Shares: 100mn (Max) Value: Y60bn (Max) Period: May 15 to December 30 FY2023/24 FY2024/25 YoY Full year Full year Net revenue Y1,562.0bn Y1,892.5bn 21% Income (loss) before income taxes Y273.9bn Y472.0bn 72% Net income1 Y165.9bn Y340.7bn 105% EPS3 Y52.69 Y111.03 111% ROE 5.1% 10.0% Income (loss) before income taxes: Segment information FY2023/24 Full year FY2024/25 Full year YoY Wealth Management Y122.7bn Y170.8bn 39% Investment Management Y60.2bn Y89.6bn 49% Wholesale Y53.9bn Y166.3bn 3.1x Three segment total Y236.8bn Y426.6bn 80% Other Y47.4bn Y46.9bn -1% Unrealized gain (loss) on investments held for operating purposes -Y10.3bn -Y1.5bn - Income (loss) before income taxes Y273.9bn Y472.0bn 72% 1. Net income (loss) attributable to Nomura Holdings shareholders. 2. Recurring revenue of Wealth Management and Business revenue of Investment Management, etc. 3. Diluted net income (loss) attributable to Nomura Holdings shareholders per share. 2


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    Appendix: Key points of FY2024/25 full year results Three segment income before income taxes up sharply thanks to medium to longer-term initiatives KGIs presented at the Investor Day 2023 all achieved Three segment income (loss) before income taxes (billions of yen) 500 Wholesale Investment Management 400 Wealth Management 166 300 288 237 205 130 90 200 106 63 100 171 95 0 FY2021/22 FY2022/23 FY2023/24 FY2024/25 FY2024/25 (KGI targets of Investor Day 2023) Three international regions contributing more to profits Income before income taxes at record high1 of Y137bn, coming to account for 29% of groupwide profits Three international regions income (loss) before income taxes (billions of yen) 150 137 US International EMEA 51 29% AEJ 66 100 Total FY2024/25 20 20 Groupwide 51 50 Income before income taxes 66 Y472.0bn 335 5 0 Japan 71% -50 FY2023/24 FY2024/25 1. Since FY2002/03, when the disclosure of geographic information began. 3


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    Executive summary (2/2) FY2024/25 4Q highlights Income before income taxes and net income both slowed following a strong previous quarter, but ROE held up well at 8.2% – Net revenue: Y452.7bn (-10% QoQ); Income before income taxes: Y97.7bn (-29% QoQ); Net income1: Y72.0bn (-29% QoQ); EPS2: Y23.39; ROE3: 8.2% – All three international regions profitable (Y28.5bn) for a seventh straight quarter, pushing the effective tax rate down to 24% Three segment income before income taxes of Y90.1bn (-29% QoQ): Decline in flow revenue, etc. and Fixed Income revenues, but steady growth in stable revenues, strength maintained in Equities and Investment Banking Wealth Management: – Recurring revenue cost coverage ratio rose to 76% on record-high stable recurring revenue and an assist from cost reductions; flow revenue, etc. slowed due to uncertain market conditions Investment Management: – Strength in asset management business lifted stable business revenue to the highest level since the division’s establishment4; investment gain/loss deteriorated Wholesale: – Continued revenue growth in Equities and Investment Banking – Revenues down in Fixed Income after a strong previous quarter 1. Net income (loss) attributable to Nomura Holdings shareholders. 2. Diluted net income (loss) attributable to Nomura Holdings shareholders per share. 3. Calculated using annualized net income attributable to Nomura Holdings shareholders for each period. 4. April 2021 Income (loss) before income taxes and net income (loss)1 Groupwide (billions of yen) Income (loss) before income taxes Net income (loss) 133.0 138.3 97.7 102.9 92.1 101.4 78.7 98.4 56.7 68.9 46.3 72.0 56.8 35.2 50.5 23.3 FY2023/24 FY2024/25 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Three segment income before income taxes (billions of yen) Wholesale Investment Management 127.5 122.5 Wealth Management 86.6 90.1 77.1 70.5 60.5 28.7 FY2023/24 FY2024/25 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 4


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    Overview of results Highlights (billions of yen, excluding EPS and ROE) FY2023/24 FY2024/25 FY23/24 FY24/25 QoQ YoY YoY 4Q 1Q 2Q 3Q 4Q Full year Full year Net revenue 445.1 454.4 483.3 502.0 452.7 -10% 2% 1,562.0 1,892.5 21% Non-interest expenses 353.0 351.5 350.3 363.7 355.0 -2% 1% 1,288.2 1,420.5 10% Income (loss) before 92.1 102.9 133.0 138.3 97.7 -29% 6% 273.9 472.0 72% income taxes Net income (loss)1 56.8 68.9 98.4 101.4 72.0 -29% 27% 165.9 340.7 105% EPS2 Y18.02 Y22.36 Y32.26 Y33.08 Y23.39 -29% 30% Y52.69 Y111.03 111% ROE3 6.8% 8.1% 11.6% 11.8% 8.2% 5.1% 10.0% 1. Net income (loss) attributable to Nomura Holdings shareholders. 2. Diluted net income (loss) attributable to Nomura Holdings shareholders per share. 3. Calculated using annualized net income attributable to Nomura Holdings shareholders for each period. 5


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    Business segment results Net revenue and income (loss) before income taxes (billions of yen) FY2023/24 FY2024/25 FY23/24 FY24/25 QoQ YoY YoY 4Q 1Q 2Q 3Q 4Q Full year Full year Net revenue Wealth Management 108.8 114.0 116.7 116.3 104.5 -10% -4% 402.4 451.5 12% Investment Management 43.6 47.7 56.1 45.7 43.0 -6% -1% 154.1 192.5 25% Wholesale 254.2 244.8 263.4 290.5 259.2 -11% 2% 866.1 1,057.9 22% Subtotal 406.5 406.5 436.2 452.5 406.7 -10% 0% 1,422.7 1,701.9 20% Other* 34.4 46.7 50.4 48.8 46.2 -5% 34% 149.7 192.1 28% Unrealized gain (loss) on investments in equity securities held 4.2 1.2 -3.2 0.6 -0.2 -10.3 -1.5 -for operating purpose Net revenue 445.1 454.4 483.3 502.0 452.7 -10% 2% 1,562.0 1,892.5 21% Wealth Management 38.8 42.3 45.3 46.2 37.0 -20% -4% 122.7 170.8 39% Income (loss) before income taxes Investment Management 17.8 23.2 31.9 18.9 15.5 -18% -13% 60.2 89.6 49% Wholesale 20.6 21.1 45.3 62.4 37.5 -40% 82% 53.9 166.3 3.1x Subtotal 77.1 86.6 122.5 127.5 90.1 -29% 17% 236.8 426.6 80% Other* 10.8 15.1 13.7 10.2 7.8 -23% -27% 47.4 46.9 -1% Unrealized gain (loss) on investments in equity securities held 4.2 1.2 -3.2 0.6 -0.2 -10.3 -1.5 - for operating purpose Income (loss) before income taxes 92.1 102.9 133.0 138.3 97.7 -29% 6% 273.9 472.0 72% *Additional information on “Other” (FY2024/25 4Q) Gain related to economic hedging (Y2.2bn) Gain on changes to own and counterparty credit spread relating to Derivatives (Y0.6bn) 6


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    Wealth Management Net revenue and income (loss) before income taxes (billions of yen) FY23/ FY24/ FY20 FY2024/25 24 25 23/24 QoQ YoY Full Full 4Q 1Q 2Q 3Q 4Q year year Net revenue 402.4 451.5 108.8 114.0 116.7 116.3 104.5 -10% -4% Non-interest expenses 279.7 280.7 70.0 71.7 71.4 70.1 67.5 -4% -4% Income (loss) before 122.7 170.8 38.8 42.3 45.3 46.2 37.0 -20% -4% income taxes Breakdown of net revenue (billions of yen) 500.0 120.0 400.0 100.0 Flow 80.0 revenue, etc. 300.0 60.0 200.0 Recurring 40.0 revenue 100.0 20.0 0.0 0.0 FY23/ FY24/ FY20 FY2024/25 24 25 23/24 QoQ YoY Full Full 4Q 1Q 2Q 3Q 4Q year year Recurring revenue1 153.5 198.1 41.8 45.8 50.3 50.4 51.6 2% 24% Flow revenue, etc.2 248.9 253.4 67.0 68.2 66.4 65.9 52.9 -20% -21% Net revenue 402.4 451.5 108.8 114.0 116.7 116.3 104.5 -10% -4% Key points Full year Net revenue: Y451.5bn (+12% YoY) Income before income taxes: Y170.8bn (+39% YoY) n Income before income taxes at highest level in the 11 years since FY2013/14 - All FY2024/25 KPIs achieved on further progress in asset management business; stable recurring revenue up 29% YoY on growth in recurring revenue assets with net inflows - Multi-year cost-cutting efforts bearing fruit Fourth quarter Net revenue: Y104.5bn (-10% QoQ, -4% YoY) Income before income taxes: Y37.0bn (-20% QoQ, -4% YoY) Recurring revenue n Continued net inflows into recurring revenue assets (+Y265.6bn), with net purchases across a range of products and services, led by investment trustsn Recurring revenue at all-time high, with contribution from investment advisory fees received half-yearly Flow revenue, etc. n Flow revenue, etc. fell on a decline in primary stock subscriptions and a slowdown in secondary stock transactions and investment trust purchases due to the uncertain market outlook Growth of client assets FY2024/25 FY2024/25 3Q 4Q Investment trust net inflows3 +Y203.7bn +Y301.9bn Discretionary investment net inflows3 +Y65.9bn +Y35.2bn Net inflows of cash and securities4 -Y131.5bn +Y380.5bn Recurring revenue cost coverage ratio5 72% 76% 1. Revenue from client assets and ongoing revenue (investment trusts, discretionary investments, insurance, loans, level fee assets, etc.). 2. Revenue from transactions (brokerage revenue, consulting-related revenue), interest income, etc. other than from loans. 3. Excludes Corporate section. 4. Cash and securities inflows minus outflows, excluding regional financial institutions. 5. Recurring revenue divided by non-interest expenses. 7


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    Wealth Management: Total sales Total sales1 Discretionary 7,000.0 investments, 6,000.0 Insurance products Investment trusts 5,000.0 4,000.0 Bonds 3,000.0 Stocks 2,000.0 1,000.0 0.0 FY2023/24 FY2024/25 (billions of yen) 4Q 1Q 2Q 3Q 4Q Stocks 4,491.3 4,785.8 4,149.9 3,644.4 3,870.6 Bonds 749.3 695.6 610.8 399.8 462.7 Investment trusts 764.2 971.0 793.7 863.4 791.0 Discretionary investments 125.5 200.8 180.9 174.4 149.5 Insurance 82.0 113.3 115.7 109.4 87.1 Total sales1 6,212.2 6,766.6 5,851.0 5,191.4 5,360.9 Total sales1 up 3% QoQ Stocks: +6% QoQ – Sales rose thanks to a large deal; secondary stock sales declined as the range-bound market and the lack of forward visibility convinced investors to stay on the sidelines again – Primary stock subscriptions fell by 45% QoQ to Y261.5bn Bonds: +16% QoQ – Sales of foreign bonds increased, with a contribution from primary transactions Investment trusts: -8% QoQ – Despite a contribution from a newly established publicly offered investment trust that invests in private infrastructure company stocks, purchases slowed towards the end of the quarter amid heightened market uncertainty Discretionary investments: -14% QoQ – SMA and Fund Wrap contracts declined QoQ Insurance: -20% QoQ – Sales of insurance products fell QoQ, partly for seasonal reasons, but demand for retirement funds and estate planning remained robust 1. Excludes Corporate section and Workplace Solution Department. 8


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    Wealth Management: All FY2024/25 KPI targets achieved Net inflows of recurring revenue assets1 Continued net inflows into recurring revenue assets led by investment trusts, loans, insurance, and discretionary investmentsn FY2024/25 KPI target of Y800bn achieved, with full-year net inflows of Y1,374bn (billions of yen) Wealth Management total Excluding Corporate section 500.0 488.2 471.9 428.0 344.3 387.9 438.3 346.3 400.0 282.2 265.6 300.0 227.3 200.0 100.0 0.0 FY2023/24 FY2024/25 4Q 1Q 2Q 3Q 4Q Flow business clients Growth in flow business client numbers slowed towards the quarter-end amid heightened uncertainty but exceeded FY2024/25 KPI target of 1.46 million (thousands) 1,800 1,692 1,600 1,482 1,644 1,400 1,251 1,456 1,200 1,247 925 1,000 FY2023/24 FY2024/25 896 800 Jun Sep Dec Mar Recurring revenue assets and recurring revenue2 Quarter-end recurring revenue assets fell QoQ due to market conditions, but above FY2024/25 KPI target of Y22.3trn; recurring revenue rose to a record high with a contribution from investment advisory fees collected half-yearly (trillions of yen) Recurring revenue assets Recurring revenue (rhs) (billions of yen) 25.0 50.3 50.4 51.6 45.8 50.0 20.0 41.8 40.0 23.0 24.3 23.4 24.9 23.5 15.0 30.0 10.0 20.0 FY2023/24 FY2024/25 Mar/4Q Jun/1Q Sep/2Q Dec/3Q Mar/4Q Workplace services Steady growth in provision of workplace services, mainly driven by ESOP; went well beyond FY2024/25 target of 3.66 million (thousands) 4,000 3,883 3,792 3,825 3,800 3,732 3,627 3,600 3,400 3,200 3,000 FY2023/24 FY2024/25 Mar Jun Sep Dec Mar 1. Excludes investment trust distributions, and investment trust net inflows in level fee accounts. Figures from before FY2023/24 4Q have been reclassified following a change in definition of net inflows of recurring assets in FY2024/25 1Q. 2. Revenue from client assets and ongoing revenue (investment trusts, discretionary investments, insurance, loans, level fee assets, etc.). 9


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    Investment Management Net revenue and income (loss) before income taxes (billions of yen) FY23 FY24 FY23 FY2024/25 /24 /25 /24 QoQ YoY Full Full 4Q 1Q 2Q 3Q 4Q year year Net revenue 154.1 192.5 43.6 47.7 56.1 45.7 43.0 -6% -1% Non-interest expenses 93.9 102.9 25.8 24.5 24.2 26.8 27.5 3% 6% Income (loss) before 60.2 89.6 17.8 23.2 31.9 18.9 15.5 -18% -13% income taxes Breakdown of net revenue (billions of yen) 200.0 150.0 50.0 Investment gain/loss 100.0 30.0 Business revenue 50.0 10.0 0.0 -10.0 FY23 FY24 FY23 FY2024/25 /24 /25 /24 QoQ YoY Full Full 4Q 1Q 2Q 3Q 4Q year year Business revenue1 137.2 163.7 38.0 39.1 39.4 42.0 43.3 3% 14% Investment gain/loss2 16.9 28.8 5.6 8.6 16.7 3.7 -0.2 - Net revenue 154.1 192.5 43.6 47.7 56.1 45.7 43.0 -6% -1% Key points Full year Net revenue Y192.5bn (+25% YoY) Income before income taxes: Y89.6bn (+49% YoY) Net revenue and income before income taxes both at highest levels since division established in April 2021- Stable business revenue up 19% YoY; net inflows of Y2.6trn helped drive growth in AuM - Investment gain/loss also up; investment valuation gain on American Century Investments (ACI) doubled Fourth quarter Net revenue: Y43.0bn (-6% QoQ, -1% YoY) Income before income taxes: Y15.5bn (-18% QoQ, -13% YoY) Business revenue Net revenue: Y43.3bn (+3% QoQ, +14% YoY) - Asset management business strong again, lifting business revenue to an all-time high for a fifth straight quarter since division established in April 2021 - Quarter-end AuM fell QoQ due to market factors, but management fees remained at a high level, as in the previous quarter - Revenue also grew QoQ at aircraft leasing business Nomura Babcock & Brown Investment gain/loss Net revenue: -Y0.2bn - ACI-related investment valuation gain/loss turned slightly downward, but unrealized gains from Nomura Capital Partners portfolio companies rose QoQ 1. Includes revenues from asset management business (excl. ACI-related gain/loss), Nomura Babcock & Brown aircraft leasing-related revenues and general partner management fees gained from private equity and other investment businesses but excludes investment gains/losses. 2. Comprised of returns from investments (changes in fair valuation, funding costs, management fees, dividends, etc.) including ACI-related gain/loss, private equity/credit and other investment businesses gain/loss. 10


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    Investment Management: Alternative AuM up to a record high, thanks to net inflows Assets under management (net)1 (trillions of yen) Investment advisory and international businesses, etc. Investment trust business 100.0 89.0 92.5 93.5 89.3 88.8 80.0 24.4 26.1 25.0 26.3 25.0 60.0 40.0 64.6 66.4 63.8 67.2 64.3 20.0 0.0 FY2023/24 FY2024/25 Mar Jun Sep Dec Mar Net inflows2 (billions of yen) Investment advisory and international businesses, etc. Investment trust business 1,500 1,128 1,123 951 1,000 347 256 468 500 314 780 695 655 489 40 260 274 0 -229 -500 FY2023/24 FY2024/25 4Q 1Q 2Q 3Q 4Q Fourth quarter AuM above FY2024/25 KPI target of Y89trn as net inflows sustained for an eighth straight quarter Investment trust business n MRFs, etc. saw outflows of Y420bn, but ETFs booked inflows of Y670bn and investment trusts (excl. ETFs and MRFs, etc.) saw inflows of Y23bn- ETFs: Inflows into Japanese stocks mainly during March market drop- Investment trusts (excl. ETFs, MRFs, etc.): Outflows from privately placed investment trusts for institutional investors, but inflows into new private asset products and balanced funds Investment advisory and international businesses, etc. n In Japan, won mandates mainly for global stocks n Internationally, saw inflows into active Japanese stocks but outflows from high-yield bonds Net inflows drive growth in alternative AuM3 (billions of yen) 3,000 2,608 2,501 2,500 2,130 2,103 1,861 2,000 1,500 1,000 500 0 FY2023/24 FY2024/25 Mar Jun Sep Dec Mar 1. Net after deducting duplications from assets under management (gross) of Nomura Asset Management, Nomura Corporate Research and Asset Management, and Wealth Square, as well as third party investments related to assets under management of asset management companies under Investment Management. 2. Based on assets under management (net). 3. Total of Nomura Asset Management alternative AuM and third-party investments related to assets under management of asset management companies under Investment Management. 11


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    Wholesale Net revenue and income (loss) before income taxes FY23 FY24 FY23 (billions of yen) FY2024/25 /24 /25 /24 QoQ YoY Full Full 4Q 1Q 2Q 3Q 4Q year year Net revenue 866.1 1,057.9 254.2 244.8 263.4 290.5 259.2 -11% 2% Non-interest expenses 812.2 891.7 233.6 223.7 218.1 228.2 221.7 -3% -5% Income (loss) before 53.9 166.3 20.6 21.1 45.3 62.4 37.5 -40% 82% income taxes CIR 94% 84% 92% 91% 83% 79% 86% Revenue/modified RWA1 6.8% 7.6% 7.9% 7.3% 7.4% 8.2% 7.3% Net revenue by business line (billions of yen) 400 1,000.0 300 Investment 200 Banking 500.0 Global Markets 100 0.0 FY23 FY24 FY23 0 FY2024/25 /24 /25 /24 QoQ YoY Full Full 4Q 1Q 2Q 3Q 4Q year year Global Markets 707.1 874.6 204.4 207.7 221.1 239.0 206.9 -13% 1% Investment Banking 159.0 183.3 49.8 37.2 42.3 51.5 52.3 2% 5% Net revenue 866.1 1,057.9 254.2 244.8 263.4 290.5 259.2 -11% 2% Key points Full year Net revenue: Y1,057.9bn (+22% YoY) Income before income taxes: Y166.3bn (3.1x YoY) Revenues up YoY in all business lines and in all regions Income before income taxes the highest in the 15 years since FY2009/10, as costs rose by only 10% while revenues rose by 22% Fourth quarter Net revenue: Y259.2bn (-11% QoQ, +2% YoY) Income before income taxes: Y37.5bn (-40% QoQ, +82% YoY) Equities revenues up for a fifth straight quarter, led by strength in the Americas; Fixed Income revenues down QoQ Investment Banking revenues continued rising, with contribution from EMEA Net revenue by region (billions of yen) Americas EMEA AEJ Japan 400 1,000.0 401.9 300 800.0 313.9 108.5 600.0 175.5 98.4 88.9 139.5 94.6 109.9 200 400.0 182.7 39.5 53.5 143.8 40.7 37.0 45.5 48.2 54.6 100 44.2 39.4 40.5 200.0 268.9 297.8 86.7 71.0 73.9 73.9 63.3 0.0 0 FY23 FY23/24 FY24/25 FY2024/25 /24 Full Full 4Q 1Q 2Q 3Q 4Q year year 1. 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. 12


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    Wholesale: Global Markets Net revenue (billions of yen) 1,000.0 250.0 n FI: Others1 800.0 200.0n FI: Macro Products2 600.0 150.0n FI: Spread Products3 400.0 100.0n EQ: Others4 n EQ: Equity 200.0 50.0 Products5 n EQ: Execution Services6 0.0 0.0 FY23 FY24 FY23 FY2024/25 /24 /25 /24 QoQ YoY Full Full 4Q 1Q 2Q 3Q 4Q year year Fixed 420.3 499.2 122.6 125.6 127.8 139.9 105.8 -24% -14% Income(FI) Equities 286.8 375.4 81.9 82.0 93.2 99.1 101.1 2% 24% (EQ) Global 707.1 874.6 204.4 207.7 221.1 239.0 206.9 -13% 1% Markets Key points Full year Net revenue: Y874.6bn (+24% YoY) n Revenues up YoY in all major products: Strong showing in Equity Products, Execution Services and Securitized Products, steep revenue growth in International Wealth Management business in Asia and the Middle Eastn Revenues up YoY in all regions: Revenue growth in all three international regions, led by the Americas Fourth quarter Net revenue: Y206.9bn (-13% QoQ, +1% YoY) n Fixed Income revenues down coming off strong performance through the previous quartern Equities revenues up for a fifth straight quarter, with strong performance in the Americas on increased client activity Fixed Income n Net revenue: Y105.8bn (-24% QoQ, -14% YoY) - Macro Products: Rates revenues declined amidst market uncertainty and lower client activity in the latter half of the quarter; and FX/EM normalized after a strong previous quarter - Spread Products: Revenues stayed strong but witnessed normalization in Securitized Products revenues following a strong previous quarter. Credit revenues fell amidst widening spreads Equities n Net revenue: Y101.1bn (+2% QoQ, +24% YoY) - Equity Products: Revenues down in AEJ and Japan, but up steeply in the Americas amid higher volatility and increased client activity - Execution Services: Revenues up for a seventh straight quarter on increased volume 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, and other gains and losses not attributable to a particular desk. 5. Cash and derivatives trading and Prime Services. 6. Equities execution business. 13


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    Wholesale: Investment Banking Net revenue (billions of yen) 60.0 200.0 Financing, 150.0 40.0 Solutions, etc. 100.0 20.0 Advisory 50.0 0.0 0.0 FY23/ FY24/ FY23/ FY2024/25 24 25 24 QoQ YoY Full Full 4Q 1Q 2Q 3Q 4Q year year 159.0 183.3 49.8 37.2 42.3 51.5 52.3 2% 5% Key points Full year Net revenue: Y183.3bn (+15% YoY) - Japan and international revenues both at highest levels since comparisons possible in FY2016/17 - Steep growth in ECM and M&A revenues in Japan amid ongoing plentiful corporate actions; growth in M&A in EMEA as well - Retained top spot1 in Japan-related ECM league table - Growth in solutions business revenues in all regions Fourth Quarter Net revenue: Y52.3bn (+2% QoQ, +5% YoY) Net revenue at all-time high2: Decline in ECM deals, but numerous M&A deals Advisory - Executed numerous M&A deals in Japan, including public tender offers and cross-border deals; internationally, saw revenue contributions from renewable energy and beverage-related deals, mainly in EMEA Financing and Solutions, etc.3 - ECM and ALF revenues down from a strong previous quarter Sustained momentum by monetizing deals in progress and winning major deals Advisory Won numerous cross-border and intra-regional deals through interregional collaboration Major transactions Mitsui Tank Terminals OSK Lines’ (€1.6bn) agreement with Ardian, APG and PGGM to acquire LBC (Y108.1bn) Aeon’s tender offer to make Aeon Delight a wholly owned subsidiary Intermediate (France) (€2.1bn) Capital Group’s (UK) sale of Akuo Energy (France) to Ardian Sale (Sweden) of Scale (value Microgrids undisclosed) Solutions (US) to EQT Transition Infrastructure Financing Solid trend in Japanese ECM deals, strength in European SSA bonds, Americas and EMEA ALF deals Major transactions Japan Post Bank: Global PO (Y592.0bn) KKR (US): Mandatory convertible preferred stock ($2.6bn) Dai-ichi Life Insurance: Dollar-denominated subordinated notes ($2.0bn)n Kingdom of Spain: Government bonds (€7.0bn) Applied Systems (US): Refinancing ($3.0bn) LBO finance in relation to Clayton Dubilier & Rice (US) acquisition of a controlling stake in Opella Healthcare Group (France) from Sanofi (France) ($5.6bn) 1. Source: LSEG, Apr 2024 to Mar 2025. 2. Since comparisons possible in FY2016/17. 3. ECM, DCM, ALF, businesses run together with Global Markets, and other revenue not attributed to a particular product. 14


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    Non-interest expenses (billions of yen) 400.0 1,500.0 363.7 355.0 Other 1,420.5 353.0 351.5 350.3 1,288.2 Business development expenses 1,000.0 Occupancy and related depreciation 200.0 Information processing and communications 500.0 Commissions and floor brokerage Compensation and benefits 0.0 0.0 FY2023 FY2024 FY2023 FY2024/25 /24 /25 /24 QoQ Full year Full year 4Q 1Q 2Q 3Q 4Q Compensation and benefits 673.5 732.4 177.1 184.5 184.7 190.9 172.3 -9.7% Commissions and floor 137.3 177.5 37.3 43.6 45.3 43.6 44.9 2.8% brokerage Information processing and 217.1 227.0 56.3 55.8 56.7 54.4 60.1 10.4% communications Occupancy and related 68.7 70.2 17.8 17.6 16.8 17.9 17.8 -0.3% depreciation Business development 24.2 27.1 6.5 6.6 6.0 6.8 7.7 13.0% expenses Other 167.2 186.4 57.9 43.4 40.8 50.0 52.2 4.3% Total 1,288.2 1,420.5 353.0 351.5 350.3 363.7 355.0 -2.4% Key points Full year Non-interest expenses: Y1,420.5bn (+10% YoY) Compensation and benefits (+9% YoY) - Increase due to yen depreciation and higher bonus provisions in line with performance Commissions and floor brokerage (+29% YoY) - Increase due to higher trading volume in all regions and yen depreciation Fourth quarter Non-interest expenses: Y355bn (-2% QoQ) Compensation and benefits (-10% QoQ) - Decline in bonus provisions in line with performance, drop-back in deferred compensation and welfare expenses after an increase in the previous quarter Other expenses (+4% QoQ) - Drop-out of forex translation adjustment amount recorded as loss in the previous quarter following progress with overseas subsidiary’s liquidation proceedings, but increase in professional fees and other transaction-related expenses 15


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    Robust financial position Balance sheet related indicators and capital ratios Mar 2024 Dec 2024 Mar 2025 Total assets Y55.1trn Y60.5trn Y56.8trn Shareholders’ equity Y3.4trn Y3.6trn Y3.5trn Gross leverage 16.5x 17.0x 16.4x Net leverage1 10.2x 11.1x 11.0x Level 3 assets2 (net) Y1.0trn Y1.4trn Y1.3trn Liquidity portfolio Y8.4trn Y10.3trn Y10.2trn (billions of yen) Mar 20252 Mar 2024 Dec 2024 (Post Basel III Basel 3 basis finalization) Tier 1 capital 3,468 3,633 3,501 Tier 2 capital 0.5 0.5 0.5 Total capital 3,468 3,634 3,501 RWA 18,976 19,877 21,480 Tier 1 capital ratio 18.2% 18.2% 16.2% CET 1 capital ratio3 16.2% 16.3% 14.5% Consolidated capital adequacy ratio 18.2% 18.2% 16.2% Consolidated leverage ratio4 5.24% 5.02% 5.18% HQLA5 Y6.5trn Y7.2trn Y7.2trn LCR5 202.7% 213.8% 234.1% TLAC ratio (RWA basis) 33.0% 32.1% 28.1% TLAC ratio (Total exposure basis) 10.4% 9.7% 9.9% RWA and CET 1 capital ratio3 Post Basel III (trillions of yen) finalization RWA (lhs) CET 1 capital ratio (rhs) 20.0% 20.0 16.3% 16.2% 15.7% 15.7% 15.0% 15.0 14.5% 10.0% 10.0 5.0 5.0% 0.0 0.0% FY2023/24 FY2024/25 Mar Jun Sep Dec Mar Changes in RWA2 (trillions of yen) 25.0 -0.5 -1.0 21.5 19.9 0.0 3.1 20.0 3.0 3.7 Operational risk Response to 15.0 Fluctuations regulatory 6.2 Market risk 6.7 during the period changes7 10.0 11.5 Credit risk6 5.0 10.1 0.0 Dec 24 Mar 25 (Post Basel III finalization) 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 2025 are final figures. Other figures are preliminary. 3. CET 1 capital ratio is defined as Tier 1 capital minus Additional Tier 1 capital divided by risk-weighted assets. 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. 7. Estimated value that includes the impact of regulatory responses conducted during the period. 16


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    Financial Supplement


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    Consolidated balance sheet Consolidated balance sheet (billions of yen) Mar 31, Mar 31, Increase Mar 31, Mar 31, Increase 2024 2025 (Decrease) 2024 2025 (Decrease) Assets Liabilities Total cash and cash deposits 5,155 5,515 360 Short-term borrowings 1,055 1,117 63 Total payables and deposits 6,490 7,249 759 Total loans and receivables 6,834 7,449 615 Total collateralized financing 19,397 18,646 -751 Trading liabilities 10,891 11,379 488 Total collateralized agreements 20,995 18,664 -2,331 Other liabilities 1,415 1,457 42 Long-term borrowings 12,452 13,374 922 Total trading assets and private 1 19,657 22,524 2,867 Total liabilities 51,699 53,221 1,522 equity and debt investments Total other assets1 2,507 2,651 144 Equity Total NHI shareholders’ equity 3,350 3,471 121 Noncontrolling interest 98 110 12 Total assets 55,147 56,802 1,655 Total liabilities and equity 55,147 56,802 1,655 1. Including securities pledged as collateral. 18


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    Value at risk Definition From April 1, 2024, to March 31, 2025 (billions of yen)- 95% confidence level- Maximum: 6.9- 1-day time horizon for outstanding portfolio- Minimum: 3.5- Inter-product price fluctuations considered- Average: 5.2 (billions of yen) FY2023/24 FY2024/25 FY2023/24 FY2024/25 Mar Mar Mar Jun Sep Dec Mar Equity 3.3 2.0 3.3 3.2 3.0 3.3 2.0 Interest rate 2.6 2.1 2.6 2.6 2.4 2.4 2.1 Foreign exchange 2.1 1.5 2.1 2.4 2.4 1.7 1.5 Sub-total 8.0 5.6 8.0 8.2 7.8 7.4 5.6 Diversification benefit -2.5 -1.8 -2.5 -2.9 -2.4 -2.3 -1.8 VaR 5.5 3.8 5.5 5.3 5.4 5.1 3.8 19


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    Consolidated financial highlights (billions of yen) 400 12% 340.7 10.0% Net income (loss) 300 9% attributable to Nomura Holdings, Inc. (“NHI”) shareholders 165.9 200 6% 5.1% ROE(%) 100 3% 0 0% FY2023/24 FY2024/25 Net revenue 1,562.0 1,892.5 Income (loss) before income taxes 273.9 472.0 Net income (loss) attributable to Nomura 165.9 340.7 Holdings, Inc. (“NHI”) shareholders Total NHI shareholders’ equity 3,350.2 3,470.9 ROE (%)1 5.1% 10.0% Basic-Net income (loss) attributable to NHI 54.97 115.30 shareholders per share (yen) Diluted-Net income (loss) attributable to NHI 52.69 111.03 shareholders per share (yen) Total NHI shareholders’ equity per share (yen) 1,127.72 1,174.10 120 12% 101.4 98.4 10.0% 90 10.1% 10.4% 9% 8.1% 72.0 68.9 56.8 60 6% 5.1% 30 3% 0 0% FY2023/24 FY2024/25 4Q 1Q 2Q 3Q 4Q 445.1 454.4 483.3 502.0 452.7 92.1 102.9 133.0 138.3 97.7 56.8 68.9 98.4 101.4 72.0 3,350.2 3,463.0 3,300.8 3,569.9 3,470.9 5.1% 8.1% 10.1% 10.4% 10.0% 18.92 23.33 33.30 34.32 24.35 18.02 22.36 32.26 33.08 23.39 1,127.72 1,172.07 1,117.00 1,207.81 1,174.10 1. Quarterly ROE is calculated using annualized year-to-date net income. 20


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    Consolidated income (billions of yen) FY2023/24 FY2024/25 FY2023/24 FY2024/25 4Q 1Q 2Q 3Q 4Q Revenue Commissions 364.1 407.0 106.7 102.8 101.4 102.6 100.3 Fees from investment banking 173.3 212.2 48.3 41.3 53.3 64.4 53.3 Asset management and portfolio service fees 310.2 378.2 84.2 90.3 93.8 97.2 96.8 Net gain on trading 491.6 580.1 134.4 132.0 147.7 142.0 158.4 Gain (loss) on private equity and debt investments 11.9 7.6 2.0 3.2 1.6 1.6 1.2 Interest and dividends 2,620.9 2,927.9 726.4 788.6 763.0 745.5 630.9 Gain (loss) on investments in equity securities 9.6 0.4 5.4 1.4 -2.6 1.6 -0.1 Other 175.8 223.3 63.4 58.4 83.3 43.0 38.5 Total revenue 4,157.3 4,736.7 1,170.8 1,217.9 1,241.6 1,197.9 1,079.4 Interest expense 2,595.3 2,844.3 725.7 763.4 758.2 696.0 626.6 Net revenue 1,562.0 1,892.5 445.1 454.4 483.3 502.0 452.7 Non-interest expenses 1,288.2 1,420.5 353.0 351.5 350.3 363.7 355.0 Income (loss) before income taxes 273.9 472.0 92.1 102.9 133.0 138.3 97.7 Net income (loss) attributable to NHI shareholders 165.9 340.7 56.8 68.9 98.4 101.4 72.0 21


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    Main revenue items (billions of yen) FY2023/24 FY2024/25 FY2023/24 FY2024/25 4Q 1Q 2Q 3Q 4Q Commissions Stock brokerage commissions 242.7 264.5 72.7 64.9 66.9 66.3 66.3 Other brokerage commissions 15.6 17.5 3.8 4.1 4.4 4.4 4.7 Commissions for distribution of 56.2 66.1 15.7 20.3 14.5 17.3 14.0 investment trusts Other 49.5 58.9 14.5 13.4 15.5 14.6 15.3 Total 364.1 407.0 106.7 102.8 101.4 102.6 100.3 Fees from Equity underwriting and distribution 45.5 52.9 9.9 7.4 19.3 17.6 8.6 Investment banking Bond underwriting and distribution 27.5 48.4 9.0 8.8 11.4 14.9 13.2 M&A / Financial advisory fees 61.6 78.7 17.0 16.6 15.3 22.0 24.7 Other 38.8 32.2 12.4 8.4 7.3 9.8 6.7 Total 173.3 212.2 48.3 41.3 53.3 64.4 53.3 Asset Management Asset management fees 193.5 235.9 52.5 55.9 58.3 61.0 60.8 and portfolio Administration fees 88.2 109.1 23.9 26.5 27.3 27.8 27.6 service fees Custodial fees 28.5 33.2 7.7 8.0 8.3 8.4 8.5 Total 310.2 378.2 84.2 90.3 93.8 97.2 96.8 22


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    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) FY2023/24 FY2024/25 FY2023/24 FY2024/25 4Q 1Q 2Q 3Q 4Q Wealth Management 122.7 170.8 38.8 42.3 45.3 46.2 37.0 Investment Management 60.2 89.6 17.8 23.2 31.9 18.9 15.5 Wholesale 53.9 166.3 20.6 21.1 45.3 62.4 37.5 Three business segments total 236.8 426.6 77.1 86.6 122.5 127.5 90.1 Other 47.4 46.9 10.8 15.1 13.7 10.2 7.8 Segments total 284.2 473.5 87.9 101.7 136.2 137.7 97.9 Unrealized gain (loss) on investments in equity securities held for operating -10.3 -1.5 4.2 1.2 -3.2 0.6 -0.2 purposes Income (loss) before income taxes 273.9 472.0 92.1 102.9 133.0 138.3 97.7 Geographic information: Income (loss) before income taxes1 (billions of yen) FY2023/24 FY2024/25 FY2023/24 FY2024/25 4Q 1Q 2Q 3Q 4Q Americas 14.7 65.8 14.3 13.3 19.8 18.3 14.4 Europe -33.1 20.3 -18.8 -4.8 3.0 16.2 5.9 Asia and Oceania 23.8 50.9 9.3 8.4 17.0 17.3 8.1 Subtotal 5.4 137.0 4.8 17.0 39.8 51.8 28.5 Japan 268.5 335.0 87.3 86.0 93.3 86.5 69.3 Income (loss) before income taxes 273.9 472.0 92.1 102.9 133.0 138.3 97.7 1. Geographic information is based on U.S. GAAP. (Figures are preliminary for the three months ended March 31, 2025). 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. 23


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    Segment “Other” Income (loss) before income taxes (billions of yen) 60 50 47.4 46.9 40 30 20 15.1 13.7 10.8 10.2 7.8 10 0 1 2 FY2023/24 FY2024/25 FY2023/24 FY2024/25 4Q 1Q 2Q 3Q 4Q Net gain (loss) related to economic 2.0 -5.8 0.0 -2.9 1.8 -7.0 2.2 hedging transactions Realized gain (loss) on investments in equity 21.0 1.5 1.0 - 0.5 0.6 0.3 securities held for operating purposes Equity in earnings of affiliates 46.4 51.2 14.9 14.8 11.6 15.2 9.7 Corporate items -12.0 -5.9 -8.9 5.5 -5.3 -1.0 -5.1 Others -10.1 5.9 3.8 -2.3 5.2 2.3 0.7 Income (loss) before income taxes 47.4 46.9 10.8 15.1 13.7 10.2 7.8 24


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    Wealth Management related data (1) (billions of yen) FY2023/24 FY2024/25 FY2023/24 FY2024/25 4Q 1Q 2Q 3Q 4Q QoQ YoY Commissions 173.5 183.6 49.1 49.8 43.3 47.1 43.3 -8.0% -11.8% Of which, stock brokerage commission 80.2 72.2 25.1 19.1 17.7 18.1 17.4 -3.9% -30.9% Of which, commissions for distribution of 54.9 65.9 15.0 20.2 14.1 17.3 14.3 -17.2% -4.4% investment trusts Sales credit 55.9 52.5 14.0 14.5 15.6 11.5 10.8 -5.7% -22.6% Fees from investment banking and other 23.1 27.3 5.1 4.4 10.5 8.7 3.7 -57.6% -27.6% Investment trust administration fees and other 124.4 156.7 33.9 37.5 39.0 40.1 40.2 0.3% 18.7% Net interest revenue 25.5 31.4 6.7 7.7 8.2 8.9 6.5 -27.1% -2.9% Net revenue 402.4 451.5 108.8 114.0 116.7 116.3 104.5 -10.1% -3.9% Non-interest expenses 279.7 280.7 70.0 71.7 71.4 70.1 67.5 -3.7% -3.6% Income before income taxes 122.7 170.8 38.8 42.3 45.3 46.2 37.0 -19.8% -4.5% Domestic distribution volume of investment trusts 3,271.8 3,882.8 966.9 1,203.5 899.0 942.0 838.3 -11.0% -13.3% Stock investment trusts 2,525.9 3,107.2 664.0 955.6 719.8 719.5 712.3 -1.0% 7.3% Foreign investment trusts 745.9 775.6 302.9 247.9 179.2 222.5 126.0 -43.3% -58.4% Other Sales of JGBs for individual investors (transaction 398.9 317.9 68.5 113.4 38.6 89.0 76.8 -13.7% 12.1% base) 25


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    Wealth Management related data (2) Wealth Management client assets (trillions of yen) 153.5 153.5 153.5 152.2 160 Other 146.1 143.8 143.8 Foreign investment trusts 120 Bond investment trusts Stock investment 80 trusts Domestic bonds 40 Foreign currency bonds Equities 0 FY2023/24 FY2024/25 FY2023/24 FY2024/25 Mar Mar Mar Jun Sep Dec Mar Equities 102.5 92.2 102.5 100.6 94.6 98.9 92.2 Foreign currency bonds 6.4 6.5 6.4 6.8 6.5 6.5 6.5 Domestic bonds1 13.7 14.2 13.7 13.7 14.0 14.0 14.2 Stock investment trusts 13.3 13.3 13.3 14.2 13.5 14.4 13.3 Bond investment trusts 7.3 6.7 7.3 7.3 7.0 7.2 6.7 Foreign investment trusts 1.8 2.0 1.8 2.0 1.8 2.0 2.0 Other2 8.6 8.8 8.6 8.9 8.7 9.2 8.8 Total 153.5 143.8 153.5 153.5 146.1 152.2 143.8 1. Including CBs and warrants. 2. Including annuity insurance. 26


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    Wealth Management related data (3) Net inflows of cash and securities1 (billions of yen) Wealth Management total Retail only 1,600 1,273 1,288 1,276 1,200 755 803 800 460 467 380 400 236 138 181 168 0 -400 -131 -800 -656 FY2023/24 FY2024/25 FY2023/24 FY2024/25 4Q 1Q 2Q 3Q 4Q Wealth Management total 1,273 1,288 -656 803 236 -131 380 Retail only2 755 1,276 138 460 467 181 168 Inflows of cash and securities3 5,305 6,256 1,430 1,750 1,649 1,477 1,381 1. Cash and securities inflows minus outflows, excluding regional financial institutions. 2. Retail excludes Corporate section, Private Wealth Management and Workplace Service from Wealth Management total. Figures from before FY2023/24 4Q have been reclassified following a change in definition in FY2024/25 1Q. 3. Retail Only. Figures from before FY2023/24 4Q have been reclassified following a change in definition in FY2024/25 1Q. 27


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    Wealth Management related data (4) Number of accounts (thousands) FY2023/24 FY2024/25 FY2023/24 FY2024/25 Mar Mar Mar Jun Sep Dec Mar Accounts with balance 5,496 5,934 5,496 5,524 5,888 5,925 5,934 Equity holding accounts 2,972 3,285 2,972 2,978 3,265 3,275 3,285 NISA accounts opened1 1,780 1,779 1,780 1,745 1,763 1,771 1,779 Online service accounts 5,582 5,974 5,582 5,655 5,796 5,881 5,974 New individual accounts / IT share2 (thousands) FY2023/24 FY2024/25 FY2023/24 FY2024/25 4Q 1Q 2Q 3Q 4Q New individual accounts 334 372 99 83 81 99 109 IT share2 No. of orders 84% 85% 84% 84% 86% 85% 87% Transaction value 59% 60% 59% 58% 61% 59% 62% 1. Junior NISA accounts are not included from the figure at the end of June 2024. 2. Ratio of cash stocks traded via online service. 28


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    Investment Management related data (1) Net revenue and income (loss) before income taxes (billions of yen) FY2023/24 FY2024/25 FY2023/24 FY2024/25 QoQ YoY 4Q 1Q 2Q 3Q 4Q Business revenue 137.2 163.7 38.0 39.1 39.4 42.0 43.3 3.1% 13.9% Investment gain/loss 16.9 28.8 5.6 8.6 16.7 3.8 -0.2 - - Net revenue 154.1 192.5 43.6 47.7 56.1 45.7 43.0 -5.9% -1.3% Non-interest expenses 93.9 102.9 25.8 24.5 24.2 26.8 27.5 2.6% 6.5% Income (loss) before income taxes 60.2 89.6 17.8 23.2 31.9 18.9 15.5 -17.9% -12.5% Asset under management by company1 (trillions of yen) FY2023/24 FY2024/25 FY2023/24 FY2024/25 Mar Mar Mar Jun Sep Dec Mar Nomura Asset Management 91.0 88.1 91.0 91.4 87.7 92.2 88.1 Nomura Corporate Research and 5.6 5.5 5.6 6.2 5.9 6.3 5.5 Asset Management, etc. Assets under management (gross)2 96.6 93.6 96.6 97.5 93.6 98.5 93.6 Group company overlap 7.6 4.3 7.6 5.0 4.8 4.9 4.3 Assets under management (net)3 89.0 89.3 89.0 92.5 88.8 93.5 89.3 1. From June 2024, assets under management (gross) of Nomura Asset Management and Group company overlap assets decreased similarly due to the reorganization in the Americas made on April 1, 2024. 2. Total of assets under management (gross) of Nomura Asset Management, Nomura Corporate Research and Asset Management, and Wealth Square, as well as third party investments related to assets under management of asset management companies under Investment Management. 3. Net after deducting duplications from assets under management (gross). 29


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    Investment Management related data (2) Asset inflows/outflows by business1 (billions of yen) FY2023/24 FY2024/25 FY2023/24 FY2024/25 4Q 1Q 2Q 3Q 4Q Investment trusts business 1,845 2,113 780 695 655 489 274 of which ETFs 473 987 296 145 521 -352 673 Investment advisory and international 1,915 536 347 256 468 -229 40 businesses, etc. Total net asset inflow 3,760 2,648 1,128 951 1,123 260 314 Domestic public investment trust market and Nomura Asset Management market share2 FY2023/24 FY2024/25 FY2023/24 FY2024/25 (trillions of yen) Mar Mar Mar Jun Sep Dec Mar Domestic public investment trusts Market 227.0 236.3 227.0 237.4 230.2 246.0 236.3 Nomura Asset Management share (%) 26% 25% 26% 26% 25% 25% 25% Domestic public stock investment trusts Market 211.0 221.5 211.0 221.6 215.2 230.3 221.5 Nomura Asset Management share (%) 25% 24% 25% 24% 24% 24% 24% Domestic public bond investment trusts Market 16.0 14.8 16.0 15.8 15.0 15.7 14.8 Nomura Asset Management share (%) 44% 44% 44% 44% 44% 45% 44% ETF Market 89.6 85.8 89.6 89.6 85.9 89.4 85.8 Nomura Asset Management share (%) 43% 44% 43% 44% 44% 44% 44% 1. Based on assets under management (net). 2. Source: Investment Trusts Association, Japan. 30


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    Wholesale related data Net revenue and income (loss) before income taxes (billions of yen) FY2023/24 FY2024/25 FY2023/24 FY2024/25 QoQ YoY 4Q 1Q 2Q 3Q 4Q Net revenue 866.1 1,057.9 254.2 244.8 263.4 290.5 259.2 -10.8% 2.0% Non-interest expenses 812.2 891.7 233.6 223.7 218.1 228.2 221.7 -2.8% -5.1% Income (loss) before income taxes 53.9 166.3 20.6 21.1 45.3 62.4 37.5 -39.9% 82.3% Breakdown of Wholesale revenue (billions of yen) FY2023/24 FY2024/25 FY2023/24 FY2024/25 QoQ YoY 4Q 1Q 2Q 3Q 4Q Fixed Income 420.3 499.2 122.6 125.6 127.8 139.9 105.8 -24.4% -13.7% Equities 286.8 375.4 81.9 82.0 93.2 99.1 101.1 2.1% 23.5% Global Markets 707.1 874.6 204.4 207.7 221.1 239.0 206.9 -13.4% 1.2% Investment Banking 159.0 183.3 49.8 37.2 42.3 51.5 52.3 1.5% 5.1% Net revenue 866.1 1,057.9 254.2 244.8 263.4 290.5 259.2 -10.8% 2.0% 31


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    Number of employees FY2023/24 FY2024/25 FY2023/24 FY2024/25 Mar Mar Mar Jun Sep Dec Mar Japan 14,870 14,830 14,870 15,215 15,045 14,977 14,830 Europe 3,053 3,133 3,053 3,057 3,111 3,114 3,133 Americas 2,440 2,417 2,440 2,450 2,502 2,433 2,417 Asia and Oceania1 6,487 6,815 6,487 6,622 6,724 6,736 6,815 Total 26,850 27,195 26,850 27,344 27,382 27,260 27,195 1. Includes Powai office in India. 32


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    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. The information and opinions contained in this document have been obtained from sources believed to be reliable, but no representations or warranty, express or implied, are made that such information is accurate or complete and no responsibility or liability can be accepted by Nomura for errors or omissions or for any losses arising from the use of this information. All rights regarding this document are reserved by Nomura unless otherwise indicated. No part of this document shall be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of Nomura. This document contains statements that may constitute, and from time to time our management may make “forward-looking statements” within the meaning of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. Any such statements must be read in the context of the offering materials pursuant to which any securities may be offered or sold in the United States. These forward-looking statements are not historical facts but instead represent only our belief regarding future events, many of which, by their nature, are inherently uncertain and outside our control. Actual results and financial condition may differ, possibly materially, from what is indicated in those forward-looking statements. You should not place undue reliance on any forward-looking statement and should consider all of the following uncertainties and risk factors, as well as those more fully discussed under Nomura’s most recent Annual Report on Form 20-F and other reports filed with the U.S. Securities and Exchange Commission (“SEC”) that are available on Nomura’s website (https://www.nomura.com) and on the SEC‘s website (https://www.sec.gov); Important risk factors that could cause actual results to differ from those in specific forward-looking statements include, without limitation, economic and market conditions, political events and investor sentiments, liquidity of secondary markets, level and volatility of interest rates, currency exchange rates, security valuations, competitive conditions and size, and the number and timing of transactions. 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.


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