Financial Data and Key Metrics Changes - Return on equity was 10.3%, meeting the 2030 target of 8%-10% for the seventh consecutive quarter [3] - Group-wide net revenue reached JPY 551.8 billion, a 7% increase from the previous quarter [3] - Income before income taxes decreased by 1% to JPY 135.2 billion, while net income also fell by 1% to JPY 91.6 billion [3] - Earnings per share for the quarter were JPY 30.19 [3] - Pre-tax income across all four divisions rose 8% to JPY 142.9 billion, the highest level in 18.5 years [4] Business Line Data and Key Metrics Changes - Wealth Management saw a growth of approximately 30% compared to the previous quarter, with net revenue increasing by 14% to JPY 132.5 billion [4][8] - Investment Management's business revenue reached an all-time high, but profits fell due to weaker investment gains and one-time expenses from an acquisition [4][12] - Wholesale net revenue rose 12% to JPY 313.9 billion, with Investment Banking net revenue increasing by 31% to JPY 57.1 billion [15][17] Market Data and Key Metrics Changes - Recurring revenue assets experienced a net inflow of JPY 503.9 billion, reaching an all-time high of JPY 28.1 trillion [10][11] - The number of flow business clients increased by around 270,000 to 1.53 million, driven by buoyant market conditions [11] - Equities revenue grew by 4%, while bonds saw a decline of 25% due to market conditions [10] Company Strategy and Development Direction - The company announced a share buyback program to enhance shareholder returns, with a limit of 100 million shares and JPY 60 billion in total [5] - The focus remains on maximizing synergies between existing and newly acquired businesses, particularly in the Investment Management division [25][26] - The company aims to continue fostering growth in the digital asset market while managing volatility [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong performance across all divisions, despite one-time costs associated with acquisitions [21] - The outlook for January indicated stable client sentiment and a shift in household financial assets towards investments [21] - Management acknowledged the challenges in the domestic rates business due to increased market volatility but noted solid performance in other areas [46] Other Important Information - Group-wide expenses increased by 10% to JPY 416.5 billion, driven by one-time costs and strategic investments [19] - The Common Equity Tier 1 ratio at the end of December was 12.8%, with a slight decrease attributed to changes in regulatory capital calculations [20] Q&A Session Summary Question: Regarding losses in Laser Digital and position management - Management acknowledged the losses and stated that they are taking measures to control volatility while maintaining long-term commitments in the digital asset space [31][32] Question: Sustainability of net inflow in Wealth Management - Management refrained from making definitive comments on sustainability but noted a significant shift from savings to investments among retail investors [32] Question: Wealth Management pricing strategy - Management declined to comment on internal discussions regarding commission rate increases, focusing instead on value provision to customers [38][39] Question: Timing and scale of buyback - Management explained that the timing was influenced by the recent acquisition and the need to meet investor expectations [39][40] Question: Impact of personnel costs and deferred compensation - Management provided details on the expected impact of accounting changes on personnel costs, estimating around JPY 8 billion for the current quarter [52] Question: Long-term strategy for Laser Digital - Management emphasized the need for a thorough discussion on risk management and the growth strategy for the digital asset business [55]

Financial Data and Key Metrics Changes - Return on equity was 10.3%, meeting the 2030 target of 8%-10% for the seventh consecutive quarter [3] - Group-wide net revenue reached JPY 551.8 billion, a 7% increase from the previous quarter [3] - Income before income taxes decreased by 1% to JPY 135.2 billion, while net income also fell by 1% to JPY 91.6 billion [3] - Earnings per share for the quarter were JPY 30.19 [3] - Pre-tax income for all four divisions rose 8% to JPY 142.9 billion, the highest level in 18.5 years [4] Business Line Data and Key Metrics Changes - Wealth Management saw a growth of around 30% compared to the previous quarter, with net revenue increasing 14% to JPY 132.5 billion [4][7] - Investment Management's business revenue reached an all-time high, but profits fell due to weaker investment gains and one-time expenses from the Macquarie acquisition [4][12] - Wholesale net revenue rose 12% to JPY 313.9 billion, with Investment Banking net revenue increasing by 31% to JPY 57.1 billion [15][17] - Banking net revenue increased by 7% to JPY 13.7 billion, with income before income taxes rising 31% to JPY 4.2 billion [18] Market Data and Key Metrics Changes - Recurring revenue assets saw a net inflow of JPY 503.9 billion, reaching an all-time high of JPY 28.1 trillion [11] - Total sales rose to JPY 6.6 trillion, with equities growing by 4% and bonds declining by 25% [9][10] - The number of flow business clients increased by approximately 270,000 to 1.53 million, driven by buoyant market conditions [11] Company Strategy and Development Direction - The company announced a share buyback program to enhance shareholder return and capital efficiency, with a limit of 100 million shares and JPY 60 billion [5] - The focus remains on maximizing synergies between existing and newly acquired businesses, particularly in the Investment Management division [25][26] - The company aims to continue capturing growth in crypto markets while managing volatility through tighter control over positions and risk exposure [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong performance across all segments, with stable revenue growth and positive client flows [21] - The outlook for January indicated that Wealth Management's net revenue was on par with Q3 levels, despite some market selling pressures [21] - Management acknowledged the challenges posed by market volatility but emphasized a solid pipeline in Investment Banking [22] Other Important Information - Group-wide expenses increased by 10% to JPY 416.5 billion, driven by one-off costs and strategic investments [19] - The common equity Tier 1 ratio at the end of December was 12.8%, with Tier 1 capital rising to JPY 3.6 trillion [20] Q&A Session Summary Question: Regarding Laser Digital's losses and position management - Management confirmed that there were long positions taken and emphasized the importance of a robust risk management framework to control volatility [30][31] Question: Sustainability of Wealth Management's net inflow - Management refrained from making definitive comments on sustainability but noted a significant shift from savings to investment among retail investors [32] Question: Wealth Management pricing strategy - Management focused on value provision to customers and did not provide specific details on potential pricing changes [36] Question: Timing and scale of buyback - The buyback was timed to align with the completion of the Macquarie acquisition, and the size was determined based on investment strategy and shareholder return considerations [37] Question: Impact of personnel costs and deferred compensation - Management indicated an expected impact of about JPY 8 billion in Q4, with a gradual normalization of costs in subsequent years [41] Question: Long-term strategy for Laser Digital - Management acknowledged the need for a thorough discussion on growing the business while managing risk exposure [42]

(US GAAP) Consolidated Results of Operations Third quarter, year ending March 2026 January 2026 Nomura Holdings, Inc. © Nomura Outline Presentation Financial Supplement 1 ◼ Executive summary (p. 2-3) ◼ Trend in stable revenue (p. 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) ◼ Banking (p. 15) ◼ Non-interest expenses (p. 16) ◼ Robust financial position (p. 17) ◼ Consolidated balance sheet (p. 19) ◼ Valu ...

智通财经APP获悉，日本最大券商野村控股(NMR.US)周五公布的财报显示，在截至2025年12月31日的第三财季，该公司净营收为5518亿日元，同比增长 10%;税前利润为1352亿日元，同比下降2%;净利润为916亿日元，同比下降10%;每股收益为30.19日元，上年同期为33.08日元。Q3非利息支出同比增长15%至 4165亿日元;有效税率为30.1%，高于上年同期的24.7%和上一季度的29.9%。 | (billions of yen, excluding EPS, BPS and ROE) | FY24/25 | | | FY25/26 | | QoQ | YoY | FY24/25 | FY25 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 3Q | 4Q | 1Q | 2Q | 3Q | | | 1Q-3Q | 1Q- | | Net revenue | 502.0 | 452.7 | 523.3 | 515.5 | 551.8 | 7% | 10% | 1,439.8 | 1,59 | | Non-i ...

美国财政部的一句话，正在削弱日元最后一道"心理防线"。 据追风交易台，野村在最新外汇策略报告中指出，美国财政部长贝森特公开否认美方正在进行外汇干预，等于间接拆掉了此前压在美元/日元上的"干预预期 锚"，令市场在做空日元时，少了一层顾忌。 从市场反应看，这一表态并非象征性。1月28日贝森特在CNBC直言"Absolutely not"之后，美元/日元迅速反弹，从152.7附近拉升至153.8一线，几乎抹去此前 因"纽约联储查价"传闻引发的跌幅。 真正被击穿的，并不是点位，而是"干预预期" 此前一周，美元/日元从160附近快速回落，很大程度并非基本面逆转，而是市场高度警惕两件事： 美方是否已通过纽约联储"查价"，为联合干预铺路 日本财务省（MOF）是否已悄然入场买入日元 另一条防线来自日本自身。 但野村强调，贝森特的表态实质上弱化了第一条假设。即便纽约联储确实进行过查价，那也只是流程性动作，并不等同于已经、或即将干预。 结果是：美元/日元的"政策风险溢价"被迅速压缩，做空日元重新变成一笔"性价比更高"的交易。 日本是否已经干预？数据给出的答案是：证据不足 野村通过日本央行每日资金账户数据估算发现，在美元/日元大幅 ...

（来源：吴说） 据《金融时报》报道，日本野村控股支持的数字资产业务 Laser Digital 已向美国货币监理署（OCC）申 请全国性信托银行牌照，以在联邦监管框架下开展业务。若获批，该牌照将允许其在全美范围内提供加 密资产托管及相关服务，无需逐州申请牌照，但不涉及吸收零售存款，并预计将提供现货加密货币交 易。（The Block） ...

格隆汇1月28日｜野村证券的外汇策略师表示，日元最近的上涨与此前日本政府干预日元时出现的情况 类似。周二，美元/日元一度下跌0.8%至152.93，创11月7日以来最弱，从接近155的盘中高点逐步回 落；日本财务大臣片山皋月再度警告称政府已准备好与美国协调，对汇率采取"适当措施"。"今天的美 元/日元价格走势类似于2022年和2024年政府出手干预时的走势，"Yujiro Goto牵头的外汇策略师团队在 报告中写道。他们承认，目前仍难以断定是存在实际的官方干预，还是存在"汇率核查"等其他因素，不 过他们指出，最新一轮走势"并非美元/日元的一次性下跌，而是在最初急挫之后又出现了陆续的进一步 走低"，这与此前几次干预时期所见的走势相仿。 ...

Summary of Key Points from the Conference Call Industry Overview: China’s Economic Performance Economic Growth - Q4 2025 real GDP growth slowed to **4.5% y-o-y**, down from **4.8% in Q3** [1] - Nominal GDP growth increased slightly to **3.8% y-o-y** in Q4 from **3.7% in Q3**, with the GDP deflator improving to **-0.7% y-o-y** from **-1.1%** [1] Industrial Production - Industrial production (IP) growth rose to **5.2% y-o-y** in December from **4.8% in November**, driven by a **6.6% y-o-y** increase in exports [1][8] - Manufacturing sector output growth increased to **5.7% y-o-y** in December, while mining and utility sectors saw declines [9] Retail Sales - Retail sales growth decelerated sharply to **0.9% y-o-y** in December from **1.3% in November**, indicating weak consumer demand [22] - Full-year retail sales growth was marginally up to **3.7% in 2025** from **3.5% in 2024**, with a notable drop in H2 [23] Fixed Asset Investment (FAI) - FAI growth plunged to **-16.0% y-o-y** in December from **-11.1% in November**, marking the lowest since the onset of COVID-19 [14] - The property sector continued to be a significant drag, with FAI in this sector down **-36.3% y-o-y** in December [27] Key Concerns and Policy Responses Domestic Demand Slowdown - Beijing is increasingly concerned about the significant slowdown in domestic demand, prompting a new round of fiscal and financial policy easing measures [3] - Interest rates were cut by **25 basis points** on various lending facilities to stimulate demand [3] Population and Consumption - The newborn population fell to **7.92 million** in 2025, the lowest since 1949, contributing to weak domestic consumption growth [4][5] - The household savings rate increased to **32.0%** in 2025, indicating a shift towards saving rather than spending [7] Future Outlook - The current economic conditions suggest that the worst may be yet to come, particularly in retail and investment sectors [2] - Policymakers may need to implement more comprehensive measures to stabilize growth and support the property sector [3] Sector-Specific Insights Automotive Sector - Auto output growth dipped to **-2.8% y-o-y** in December, with domestic demand remaining weak despite a surge in exports [12] - Passenger car sales saw a **-32.0% y-o-y** collapse in early January 2026, indicating ongoing challenges [2] Property Market - Property investment growth fell to **-36.3% y-o-y** in December, with new home sales also deeply negative [27] - Average home prices continued to decline, with a **6.1%** drop in existing home prices for the year [28] Export Challenges - Despite a strong performance in December, China's export sector is expected to face headwinds in 2026, particularly due to tariffs imposed by Mexico [13] Conclusion - The economic landscape in China is characterized by slowing growth, weak domestic demand, and significant challenges in the property and retail sectors. Policymakers are expected to take further actions to stimulate the economy, but the effectiveness of these measures remains uncertain.

Core Viewpoint - Nomura Group successfully held its global charity challenge for the sixth consecutive year, promoting employee participation in sports while contributing to social responsibility and charitable causes [3]. Group 1: Company Overview - Nomura, established in 1925, is a global financial services institution that connects markets and provides wealth management, investment management, institutional business, and banking services to individuals, institutions, corporations, and government clients [2]. Group 2: Charity Challenge Participation - Approximately 1,000 employees globally participated in this year's charity challenge, engaging in activities such as cycling, running, walking, trail running, yoga, and tai chi, while raising funds to support educational initiatives [3]. - In mainland China, nearly 300 employees from various branches participated, with funds raised directed towards the "Hope Project 1+1" to support rural education [4]. - In Japan, 163 employees participated, with funds raised supporting extracurricular learning activities for economically disadvantaged children [8]. - Over 300 employees in Asia (excluding Japan) contributed funds to support organizations promoting quality education, aligning with UNESCO's sustainable development goals [10]. - In Europe, 38 employees cycled 490 kilometers from Milan to Zurich, raising funds for employment capability training projects, while 19 employees in Paris ran a historic 10-mile route to support a local youth charity [12]. Group 3: Employee Engagement and Impact - Employees not only improved their physical health but also spread love and positive energy through their actions, with one employee expressing pride in contributing to charity through their efforts [5]. - The chairman of Nomura Oriental International Securities emphasized the importance of providing equitable and quality education opportunities for economically disadvantaged youth in rural China [4].

Some three years after Adani first faced questions about fraud and stock manipulation at his ports-to-power conglomerate, Tokyo-based Nomura was sued by a fund owned by Elara Capital Plc over an urgent cash demand that allegedly cost it tens of millions of dollars. The Elara fund, known as Some of Nomura’s most senior bankers in Asia were spooked and wanted to cut the size of the loans, according to the bank’s defense filed Jan. 5. The Elara fund claimed that the bank requested $205 million in cash to rec ...