Nomura (8604) Q3 2025 earnings summary

Executive summary

• Net revenue for Q3 rose 4% quarter-on-quarter to JPY 502 billion, with net income up 3% to JPY 101.4 billion and EPS at JPY 33.08; for the nine months ended December 31, 2024, net revenue rose 28.9% year-over-year to JPY 1,439.8 billion, and net income attributable to shareholders surged 146.3% to JPY 268.8 billion.

• This marks the seventh consecutive quarter of profit growth, with all divisions reporting strong gains and surpassing the full-year income before tax target with three months remaining.

• International operations contributed nearly 40% of group income before income taxes, with a 30% increase over last quarter, and digital assets subsidiary Laser Digital turned profitable.

• Income before income taxes for 1Q-3Q FY2024/25 reached JPY 374.2 billion, up 106% year-over-year, and comprehensive income attributable to shareholders increased 109.5% year-over-year to JPY 337.6 billion.

• EPS for 1Q-3Q was JPY 87.66, up 153% year-over-year, and annualized ROE for Q3 was 11.8%, the highest since December 2020.

Financial highlights

• Group-wide income before income taxes for Q3 was JPY 138.3 billion, up 4% sequentially and 76% year-over-year.

• Net revenue for 3Q FY2024/25 was JPY 502.0 billion (+4% QoQ, +25% YoY); 1Q-3Q: JPY 1,439.8 billion (+29% YoY).

• Non-interest expenses for 3Q were JPY 363.7 billion (+4% QoQ, +13% YoY); 1Q-3Q: JPY 1,065.5 billion (+14% YoY).

• Basic EPS rose to JPY 90.95 from JPY 36.08, and diluted EPS to JPY 87.66 from JPY 34.69 year-over-year.

• Total assets grew to JPY 60,529.8 billion, up JPY 5,382.6 billion from March 31, 2024, mainly due to higher trading assets.

Outlook and guidance

• Aims for consistent ROE of 8%-10% or more by 2030, targeting 8% in challenging markets and over 10% in favorable conditions.

• Expects further accumulation of stable, recurring profits to enhance earnings stability.

• No earnings or dividend forecasts provided due to uncertainties in global capital markets.

• A 100th anniversary commemorative dividend of JPY 10 per share is planned.

• Sale of Takanawa property expected to book pre-tax income of approximately JPY 56 billion in mid-March to mid-April.