Nomura (8604) investor relations material

Executive summary

• Return on equity reached 10.3% for Q3 and 10.8% for the nine months, meeting or exceeding targets for the seventh consecutive quarter.

• Group-wide net revenue for Q3 was ¥551.8 billion (+7% QoQ), and for the nine months ended December 31, 2025, rose 10.5% year-over-year to ¥1,590.5 billion; net income for Q3 was ¥91.6 billion, and for the nine months up 7.2% to ¥288.2 billion.

• All four main divisions performed solidly, with Wealth and Wholesale showing robust growth, while digital asset-related businesses in 'Other' incurred losses due to market volatility.

• The Macquarie acquisition was completed in December 2025, boosting assets under management to ¥134.7 trillion but resulting in one-time costs.

• A share buyback program of up to 100 million shares or ¥60 billion was announced, running from February to September.

Financial highlights

• Pre-tax income for the four main divisions rose 8% quarter-on-quarter to ¥142.9 billion, the highest in 18.5 years.

• For the nine months, income before income taxes increased 15.5% year-over-year to ¥432.1 billion; net income up 7.2% to ¥288.2 billion.

• EPS for Q3 was ¥30.19; nine-month EPS was ¥94.67 (+8% YoY); basic EPS for the period was ¥97.73 (+7.5% YoY).

• Total assets as of December 31, 2025, were ¥61,935.2 billion, up ¥5,133.0 billion from March 31, 2025.

• Total equity increased by ¥233.6 billion to ¥3,814.6 billion; NHI shareholders' equity per share rose to ¥1,244.72.

Outlook and guidance

• Wealth Management net revenue in January is tracking at Q3 levels; client sentiment remains favorable.

• Global Markets in Q4 expected to be in line with Q3, while Investment Banking started slower but has a solid pipeline.

• Preparations for a new deposit sweep service in Banking are progressing for FY26/27.

• No earnings or dividend forecasts provided due to global market uncertainties.