Market Overview - US stock index futures are all up, with Dow futures rising by 0.13%, S&P 500 futures by 0.30%, and Nasdaq futures by 0.47% [1] - European indices also show positive movement, with Germany's DAX up 1.17%, UK's FTSE 100 up 0.55%, France's CAC40 up 1.10%, and the Euro Stoxx 50 up 1.02% [2][3] - WTI crude oil increased by 0.07% to $66.76 per barrel, while Brent crude oil rose by 0.13% to $69.41 per barrel [3][4] Federal Reserve Insights - The Federal Reserve is not yet prepared to lower interest rates, with officials divided on the timing and evidence needed for such a decision [5] - The upcoming cryptocurrency policy report from the White House is anticipated to be a catalyst for the crypto market, alongside the Fed's interest rate decision [5] Company News - Oppenheimer raised its year-end target for the S&P 500 to 7100 points, citing easing trade tensions and strong corporate earnings, indicating an 11% upside from the latest closing price [6] - Novo Nordisk lowered its 2025 sales growth and profit expectations, projecting sales growth of 8%-14% compared to a previous forecast of 13%-21% [7] - UnitedHealth's second-quarter earnings guidance fell short of expectations, forecasting adjusted EPS of at least $16, significantly below the analyst consensus of $20.40 [8] - UPS refrained from providing earnings guidance due to market volatility, reporting Q2 revenue of $21.2 billion, a 2.8% year-over-year decline [8][9] - Stellantis restored its earnings guidance but warned of a €1.2 billion (approximately $1.4 billion) tariff impact in the second half of the year [9] - Nomura Holdings reported a 52% year-over-year increase in Q1 net profit, driven by strong trading and investment banking performance [10] - Barclays announced a 23% increase in first-half profits and a $1.3 billion stock buyback plan, benefiting from market trading activity [11] - Whirlpool's Q2 sales fell 5.4% to $3.77 billion, below market expectations, and it lowered its full-year EPS guidance [12] - Philips slightly raised its adjusted operating margin forecast for the year, indicating that the impact of trade tensions was less severe than previously feared [13] Economic Data and Events - Upcoming economic data includes the US wholesale inventory month-on-month change and the Conference Board Consumer Confidence Index [14][15] - Earnings reports are expected from Visa, Booking, Starbucks, UBS, Rio Tinto, UMC, New Oriental, and HSBC [17]

Financial Data and Key Metrics Changes - Group net revenue was JPY 523.3 billion, up 16% from the previous quarter [4] - Income before income taxes increased by 64% to JPY 160.3 billion, while net income rose by 45% to JPY 104.6 billion [4] - Earnings per share (EPS) was JPY 34.04, and annualized return on equity (ROE) was 12% [4][21] Business Line Performance Changes - Wealth Management net revenue increased by 6% to JPY 105.8 billion, with income before income taxes rising by 8% to JPY 38.8 billion [5] - Investment Management net revenue was up 18% to JPY 50.6 billion, while income before income taxes rose by 39% to JPY 21.5 billion [8] - Wholesale net revenue increased by 1% to JPY 261.1 billion, with income before income taxes rising by 12% to JPY 41.9 billion [11] Market Data and Key Metrics Changes - Total sales increased by 24% to JPY 6.7 trillion, with stock sales rising sharply due to a tender offer exceeding JPY 1 trillion [6] - Assets under management reached a record high of JPY 94.3 trillion, driven by market recovery [9] - Net inflows in the investment trust business were around JPY 280 billion, while ETFs saw outflows of approximately JPY 670 billion [10] Company Strategy and Industry Competition - The company aims to maintain a steady growth trajectory across all divisions despite geopolitical risks and market uncertainties [4][20] - The newly established banking division is expected to contribute positively to overall performance [4][15] - The company is focusing on improving capital efficiency and growth in the investment banking sector, particularly in Japan [14][22] Management's Comments on Operating Environment and Future Outlook - Management noted that client sentiment is gradually improving, with a rise in business volume related to stocks and investment trusts [22] - The company anticipates that Wealth Management will perform well due to changing market conditions [22] - Management expressed confidence in the stability of the investment banking pipeline and ongoing corporate governance improvements in Japan [51][52] Other Important Information - Group-wide expenses increased by 2% to JPY 363 billion, with compensation and benefits rising by 8% [16] - The common equity Tier 1 ratio was 13.2%, down from 14.5% in March, attributed to an increase in risk assets [19] - The company is implementing enhanced security measures in response to phishing scams affecting client accounts [23] Q&A Session Summary Question: Regarding phishing scams and compensation for losses - Management confirmed that all illegal transactions up to June have been reflected in the costs, which are included in other expenses [25][26] Question: Trends in fixed income and equity - Management acknowledged that fixed income was weak while equity was strong, with some recovery in Japan's rates products after April [28][29] Question: Situation in global markets and regional performance - Management indicated that overall performance in global markets is in line with the first quarter, with equities performing well and fixed income relatively weak [31][32] Question: Capital policy and M&A updates - Management emphasized that business strategy drives capital policy, with a focus on investment opportunities and shareholder returns [39][40] Question: ETF outflows and investment management costs - Management stated that the ETF outflow situation has stabilized by June, and the increase in investment management costs is due to higher personnel and performance-linked bonuses [46][47]

Financial Data and Key Metrics Changes - Group net revenue was JPY 523.3 billion, up 16% from the previous quarter [5] - Income before income taxes increased by 64% to JPY 160.3 billion, while net income rose by 45% to JPY 104.6 billion [5] - Earnings per share (EPS) was JPY 34.04, and annualized return on equity (ROE) was 12% [5][22] Business Line Performance - Wealth Management net revenue increased by 6% to JPY 105.8 billion, with income before income taxes rising by 8% to JPY 38.8 billion [6] - Investment Management net revenue was up 18% to JPY 50.6 billion, with income before income taxes increasing by 39% to JPY 21.5 billion [9] - Wholesale net revenue rose by 1% to JPY 261.1 billion, while income before income taxes increased by 12% to JPY 41.9 billion [12] Market Data and Key Metrics Changes - Total sales increased by 24% to JPY 6.7 trillion, with stock sales rising sharply due to a tender offer exceeding JPY 1 trillion [7] - Assets under management reached a record high of JPY 94.3 trillion, driven by market recovery [10] - Recurring revenue assets recovered to JPY 24.6 trillion by June, despite earlier declines [8] Company Strategy and Industry Competition - The company aims to balance investment opportunities with shareholder returns, committing to return over 50% of benefits to shareholders when opportunities are limited [43] - The banking division was established as an independent division in April, contributing to overall revenue growth [16] - The company is focusing on improving capital efficiency and growth in Japan, with a strong pipeline of M&A deals [15][57] Management's Comments on Operating Environment and Future Outlook - Management noted an uncertain start to the quarter due to geopolitical risks and tariff policies, but revenue and profit rose across all divisions [21] - Client sentiment has improved, leading to increased business volume in stocks and investment trusts [23] - The company plans to enhance security measures in response to phishing scams, with a focus on restoring client positions [24][62] Other Important Information - Group-wide expenses increased by 2% to JPY 363 billion, with compensation and benefits rising by 8% [17] - The common equity Tier 1 ratio was 13.2%, down from 14.5% in March, due to increased risk assets [20] Q&A Session Summary Question: Regarding phishing scams and compensation for losses - The company confirmed that all illegal transactions up to June have been reflected in the costs, which are included in other expenses [26][28] Question: Trends in fixed income and equity - Management acknowledged that fixed income was weak while equity was strong, with Japan's rates lagging behind [30][31] Question: Global markets situation in July - Overall performance in global markets was in line with the first quarter, with equities performing strongly and fixed income relatively weak [34][35] Question: Capital policy and M&A updates - The CFO discussed the priority of business strategy in capital policy and confirmed that the acquisition of Macquarie is proceeding smoothly [40][46] Question: ETF outflows and investment management - The situation regarding ETF outflows has stabilized by June, attributed to specific investor activities [51] Question: Client sentiment in Investment Banking and Wealth Management - Management noted a unique enthusiasm in the Japanese corporate sector for governance and stewardship, with a stable pipeline for deals [56][58]

[FORM 6-K Filing Information](index=1&type=section&id=FORM%206-K%20Filing%20Information) This section outlines Nomura Holdings, Inc.'s Form 6-K filing, including SEC details, exhibit incorporation, and official signatures [SEC Filing Details](index=1&type=section&id=SEC%20Filing%20Details) Nomura Holdings, Inc. filed a Form 6-K report with the U.S. Securities and Exchange Commission for the month of July 2025, indicating it files annual reports under Form 20-F - Nomura Holdings, Inc. filed a Form 6-K report for July 2025[2](index=2&type=chunk) - The registrant files annual reports under Form 20-F[3](index=3&type=chunk) [Exhibit Information and Incorporation by Reference](index=2&type=section&id=Exhibit%20Information%20and%20Incorporation%20by%20Reference) The report includes Exhibit 1, a Financial Summary for the three months ended June 30, 2025, which is incorporated by reference into existing Form F-3 Registration Statements - Exhibit 1, 'Financial Summary – Three months ended June 30, 2025,' is furnished with this report[5](index=5&type=chunk) - Exhibit 1 is incorporated by reference into Registration Statement on Form F-3 (No. 333-283915) filed on December 19, 2024, and Registration Statement on Form F-3 (No. 333-273353) filed on July 20, 2023[6](index=6&type=chunk) [Signatures](index=3&type=section&id=Signatures) The report was duly signed on behalf of Nomura Holdings, Inc. by Yoshifumi Kishida, Senior Managing Director, on July 29, 2025 - The report was signed by Yoshifumi Kishida, Senior Managing Director of Nomura Holdings, Inc[10](index=10&type=chunk) - The signing date was July 29, 2025[10](index=10&type=chunk) [Qualitative Information of the Quarterly Consolidated Results](index=7&type=section&id=Qualitative%20Information%20of%20the%20Quarterly%20Consolidated%20Results) This section provides a qualitative overview of Nomura's quarterly consolidated results, including operating performance, financial position, and earnings forecasts [Consolidated Operating Results](index=7&type=section&id=Consolidated%20Operating%20Results) Nomura Holdings, Inc. reported a significant increase in net income attributable to shareholders for the three months ended June 30, 2025, driven by strong net revenue and improved income before income taxes, with the new Banking Division impacting reclassifications Consolidated Operating Results (Three Months Ended June 30) | Metric (Billions of Yen) | 2024 (A) | 2025 (B) | % Change (B-A)/(A) | | :------------------------ | :------- | :------- | :------------------ | | Net revenue | 454.4 | 523.3 | 15.2 | | Non-interest expenses | 351.5 | 363.0 | 3.3 | | Income before income taxes| 102.9 | 160.3 | 55.7 | | Net income attributable to NHI shareholders | 68.9 | 104.6 | 51.7 | | Return on shareholders' equity - annualized | 8.1% | 12.0% | — | - The Banking Division was newly established on April 1, 2025, and prior period amounts have been reclassified to conform to the current year presentation[22](index=22&type=chunk) [Operating Results of Wealth Management](index=8&type=section&id=Operating%20Results%20of%20Wealth%20Management) Wealth Management experienced a slight decrease in net revenue and income before income taxes for the three months ended June 30, 2025 Wealth Management Operating Results (Three Months Ended June 30) | Metric (Billions of Yen) | 2024 (A) | 2025 (B) | % Change (B-A)/(A) | | :------------------------ | :------- | :------- | :------------------ | | Net revenue | 109.7 | 105.8 | (3.6) | | Non-interest expenses | 68.5 | 67.0 | (2.2) | | Income before income taxes| 41.2 | 38.8 | (5.9) | [Operating Results of Investment Management](index=8&type=section&id=Operating%20Results%20of%20Investment%20Management) Investment Management reported increased net revenue but a decrease in income before income taxes for the three months ended June 30, 2025 Investment Management Operating Results (Three Months Ended June 30) | Metric (Billions of Yen) | 2024 (A) | 2025 (B) | % Change (B-A)/(A) | | :------------------------ | :------- | :------- | :------------------ | | Net revenue | 47.7 | 50.6 | 6.1 | | Non-interest expenses | 24.5 | 29.0 | 18.6 | | Income before income taxes| 23.2 | 21.5 | (7.1) | - Assets under management were **94.3 trillion Yen** as of June 30, 2025[24](index=24&type=chunk) [Operating Results of Wholesale](index=8&type=section&id=Operating%20Results%20of%20Wholesale) Wholesale segment saw strong growth in net revenue and a significant increase in income before income taxes for the three months ended June 30, 2025 Wholesale Operating Results (Three Months Ended June 30) | Metric (Billions of Yen) | 2024 (A) | 2025 (B) | % Change (B-A)/(A) | | :------------------------ | :------- | :------- | :------------------ | | Net revenue | 244.8 | 261.1 | 6.6 | | Non-interest expenses | 223.7 | 219.2 | (2.0) | | Income before income taxes| 21.1 | 41.9 | 98.4 | [Operating Results of Banking](index=9&type=section&id=Operating%20Results%20of%20Banking) The newly established Banking segment reported increased net revenue but a slight decrease in income before income taxes for the three months ended June 30, 2025 Banking Operating Results (Three Months Ended June 30) | Metric (Billions of Yen) | 2024 (A) | 2025 (B) | % Change (B-A)/(A) | | :------------------------ | :------- | :------- | :------------------ | | Net revenue | 11.2 | 12.8 | 14.4 | | Non-interest expenses | 7.2 | 9.2 | 28.2 | | Income before income taxes| 4.0 | 3.6 | (10.4) | [Other Operating Results](index=9&type=section&id=Other%20Operating%20Results) The 'Other' segment experienced a substantial increase in net revenue and income before income taxes, primarily due to a significant asset sale Other Operating Results (Three Months Ended June 30) | Metric (Billions of Yen) | 2024 (A) | 2025 (B) | % Change (B-A)/(A) | | :------------------------ | :------- | :------- | :------------------ | | Net revenue | 39.7 | 93.2 | 134.4 | | Non-interest expenses | 27.6 | 38.6 | 39.8 | | Income before income taxes| 12.2 | 54.6 | 349.1 | - The significant increase in net revenue was primarily due to profits from the sale of land and buildings in Takanawa 2-chome, Minato-ku, Tokyo, recorded in April 2025[28](index=28&type=chunk) [Consolidated Financial Position](index=9&type=section&id=Consolidated%20Financial%20Position) As of June 30, 2025, Nomura's total assets increased, mainly driven by a rise in trading assets, while total liabilities also increased due to higher trading liabilities. Total equity saw a modest increase Consolidated Financial Position (Millions of Yen) | Metric | At March 31, 2025 | At June 30, 2025 | Increase/ (Decrease) | | :------------ | :---------------- | :--------------- | :------------------- | | Total assets | 56,802,170 | 58,101,087 | 1,298,917 | | Total liabilities | 53,221,171 | 54,512,136 | 1,290,965 | | Total equity | 3,580,999 | 3,588,951 | 7,952 | - The increase in total assets was mainly due to an increase in Trading assets[29](index=29&type=chunk) - The increase in total liabilities was mainly due to an increase in Trading liabilities[29](index=29&type=chunk) [Consolidated Earnings Forecasts](index=9&type=section&id=Consolidated%20Earnings%20Forecasts) Due to uncertainties in global capital markets, Nomura Holdings, Inc. does not provide earnings or dividend forecasts - Nomura does not present earnings and dividend forecasts due to uncertainties in global capital markets, including economic and market conditions[15](index=15&type=chunk)[30](index=30&type=chunk) [Quarterly Consolidated Financial Statements](index=10&type=section&id=Quarterly%20Consolidated%20Financial%20Statements) This section presents Nomura's quarterly consolidated financial statements, including balance sheets, income statements, comprehensive income, accounting policy changes, segment information, and equity changes [Consolidated Balance Sheets](index=11&type=section&id=Consolidated%20Balance%20Sheets) The consolidated balance sheet shows an increase in total assets, primarily driven by trading assets, and a corresponding increase in total liabilities, mainly from trading liabilities. Total equity also saw a slight increase Key Balance Sheet Items (Millions of Yen) | Item | March 31, 2025 | June 30, 2025 | Increase/ (Decrease) | | :---------------------------------------- | :------------- | :------------ | :------------------- | | Total assets | 56,802,170 | 58,101,087 | 1,298,917 | | Cash and cash equivalents | 4,424,462 | 4,983,234 | 558,772 | | Trading assets* | 22,372,339 | 24,233,906 | 1,861,567 | | Total liabilities | 53,221,171 | 54,512,136 | 1,290,965 | | Trading liabilities | 11,378,828 | 13,281,663 | 1,902,835 | | Total NHI shareholders' equity | 3,470,879 | 3,476,014 | 5,135 | | Total equity | 3,580,999 | 3,588,951 | 7,952 | [Consolidated Statements of Income](index=13&type=section&id=Consolidated%20Statements%20of%20Income) Nomura reported a substantial increase in net income attributable to NHI shareholders for the three months ended June 30, 2025, driven by higher net revenue and income before income taxes, despite a decrease in total revenue Consolidated Statements of Income (Three Months Ended June 30) | Metric (Millions of Yen) | 2024 (A) | 2025 (B) | % Change (B-A)/(A) | | :------------------------ | :------- | :------- | :------------------ | | Total revenue | 1,217,885| 1,156,588| (5.0) | | Net revenue | 454,442 | 523,315 | 15.2 | | Non-interest expenses | 351,511 | 363,033 | 3.3 | | Income before income taxes| 102,931 | 160,282 | 55.7 | | Net income attributable to NHI shareholders | 68,938 | 104,565 | 51.7 | | Basic EPS (Yen) | 23.33 | 35.19 | 50.8 | | Diluted EPS (Yen) | 22.36 | 34.04 | 52.2 | [Consolidated Statements of Comprehensive Income](index=14&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) While net income increased significantly, total comprehensive income attributable to NHI shareholders decreased substantially due to negative cumulative translation adjustments and other comprehensive income components Consolidated Statements of Comprehensive Income (Three Months Ended June 30) | Metric (Millions of Yen) | 2024 (A) | 2025 (B) | % Change (B-A)/(A) | | :------------------------ | :------- | :------- | :------------------ | | Net income | 71,433 | 107,474 | 50.5 | | Total other comprehensive income (loss) | 117,862 | (45,845) | — | | Comprehensive income | 189,295 | 61,629 | (67.4) | | Comprehensive income attributable to NHI shareholders | 185,312 | 58,282 | (68.5) | - Cumulative translation adjustments shifted from a gain of **113,443 million Yen** in 2024 to a loss of **(40,858) million Yen** in 2025[38](index=38&type=chunk) [Changes in Accounting Policies](index=15&type=section&id=Changes%20in%20Accounting%20Policies) Nomura adopted ASU No. 2023-08, 'Intangibles—Goodwill and Other—Crypto Asset: Accounting for and Disclosure of Crypto Assets,' from April 1, 2025, requiring fair value measurement for in-scope crypto assets. This change did not materially impact the consolidated financial statements - Nomura applied ASU No. 2023-08, 'Intangibles—Goodwill and Other—Crypto Asset: Accounting for and Disclosure of Crypto Assets,' from April 1, 2025[39](index=39&type=chunk) - The new policy requires in-scope crypto assets to be measured at fair value through earnings at each reporting period[39](index=39&type=chunk) - These accounting changes have not had a material impact on Nomura's consolidated financial statements[39](index=39&type=chunk) [Segment Information – Operating Segment](index=15&type=section&id=Segment%20Information%20%E2%80%93%20Operating%20Segment) The Executive Management Board reviews business segment performance and resource allocation, with varied results across segments for the three months ended June 30, 2025, notably a significant increase in 'Other' segment income before taxes due to an asset sale - The Executive Management Board (EMB) is the Chief Operating Decision Maker, assessing performance and allocating resources to business segments[40](index=40&type=chunk) Business Segment Net Revenue (Millions of Yen, Three Months Ended June 30) | Segment | 2024 (A) | 2025 (B) | % Change (B-A)/(A) | | :------------------ | :------- | :------- | :------------------ | | Wealth Management | 109,716 | 105,796 | (3.6) | | Investment Management | 47,670 | 50,574 | 6.1 | | Wholesale | 244,846 | 261,072 | 6.6 | | Banking | 11,232 | 12,845 | 14.4 | | Other | 39,739 | 93,160 | 134.4 | Business Segment Income Before Income Taxes (Millions of Yen, Three Months Ended June 30) | Segment | 2024 (A) | 2025 (B) | % Change (B-A)/(A) | | :------------------ | :------- | :------- | :------------------ | | Wealth Management | 41,199 | 38,755 | (5.9) | | Investment Management | 23,179 | 21,527 | (7.1) | | Wholesale | 21,121 | 41,908 | 98.4 | | Banking | 4,032 | 3,614 | (10.4) | | Other | 12,161 | 54,610 | 349.1 | - The significant increase in 'Other' income before income taxes was primarily due to profits from the sale of land and buildings[28](index=28&type=chunk)[44](index=44&type=chunk) [Significant Changes in Equity](index=17&type=section&id=Significant%20Changes%20in%20Equity) Nomura's total NHI shareholders' equity increased slightly for the three months ended June 30, 2025, primarily due to net income attributable to NHI shareholders, partially offset by stock-based compensation awards and repurchases of common stock Changes in NHI Shareholders' Equity (Millions of Yen, Three Months Ended June 30, 2025) | Item | Amount | | :---------------------------------------- | :----------- | | Balance at beginning of year (Total NHI shareholders' equity) | 3,470,879 | | Net income attributable to NHI shareholders | 104,565 | | Stock-based compensation awards | (34,321) | | Repurchases of common stock | (41,935) | | Common stock issued to employees | 31,959 | | Balance at end of period (Total NHI shareholders' equity) | 3,476,014 | - Total equity increased by **7,952 million Yen**, from **3,580,999 million Yen** at March 31, 2025, to **3,588,951 million Yen** at June 30, 2025[36](index=36&type=chunk) [Note with respect to the Assumption as a Going Concern](index=18&type=section&id=Note%20with%20respect%20to%20the%20Assumption%20as%20a%20Going%20Concern) The assumption as a going concern is not applicable to this report - The note with respect to the assumption as a going concern is not applicable[47](index=47&type=chunk) [Note with respect to Consolidated Statements of Cash Flows](index=18&type=section&id=Note%20with%20respect%20to%20Consolidated%20Statements%20of%20Cash%20Flows) Depreciation and amortization for the three months ended June 30, 2025, decreased slightly compared to the prior year Depreciation and Amortization (Millions of Yen, Three Months Ended June 30) | Metric | 2024 | 2025 | | :------------------------ | :----- | :----- | | Depreciation and amortization | 16,112 | 15,407 | [Supplementary Information](index=19&type=section&id=Supplementary%20Information) This section provides supplementary quarterly comparative financial information for Nomura Holdings, Inc. and its business segments [Consolidated Statements of Income – Quarterly Comparatives](index=19&type=section&id=Consolidated%20Statements%20of%20Income%20%E2%80%93%20Quarterly%20Comparatives) Quarterly comparative data for consolidated statements of income shows fluctuations across revenue and expense categories. Net income attributable to NHI shareholders for Q1 FY2026 (June 30, 2025) significantly increased compared to the previous quarter (March 31, 2025) Key Consolidated Income Statement Metrics (Millions of Yen) | Metric (Millions of Yen) | June 30, 2024 | March 31, 2025 (A) | June 30, 2025 (B) | % Change (B-A)/(A) | | :------------------------ | :------------ | :----------------- | :---------------- | :------------------ | | Total revenue | 1,217,885 | 1,079,354 | 1,156,588 | 7.2 | | Net revenue | 454,442 | 452,735 | 523,315 | 15.6 | | Income before income taxes| 102,931 | 97,744 | 160,282 | 64.0 | | Net income attributable to NHI shareholders | 68,938 | 71,970 | 104,565 | 45.3 | | Basic EPS (Yen) | 23.33 | 24.35 | 35.19 | 44.5 | - Gain on private equity and debt investments saw a substantial increase of **409.7%** from March 31, 2025, to June 30, 2025[50](index=50&type=chunk) - Other revenue increased by **229.5%** from March 31, 2025, to June 30, 2025[50](index=50&type=chunk) [Business Segment Information – Quarterly Comparatives](index=20&type=section&id=Business%20Segment%20Information%20%E2%80%93%20Quarterly%20Comparatives) Quarterly comparative business segment information highlights varied performance, with 'Other' segment showing significant growth in net revenue and income before income taxes, while other segments experienced more moderate changes Business Segment Net Revenue (Millions of Yen, Quarterly Comparatives) | Segment | June 30, 2024 | March 31, 2025 (A) | June 30, 2025 (B) | % Change (B-A)/(A) | | :------------------ | :------------ | :----------------- | :---------------- | :------------------ | | Wealth Management | 109,716 | 99,923 | 105,796 | 5.9 | | Investment Management | 47,670 | 43,005 | 50,574 | 17.6 | | Wholesale | 244,846 | 259,188 | 261,072 | 0.7 | | Banking | 11,232 | 11,421 | 12,845 | 12.5 | | Other | 39,739 | 39,372 | 93,160 | 136.6 | Business Segment Income Before Income Taxes (Millions of Yen, Quarterly Comparatives) | Segment | June 30, 2024 | March 31, 2025 (A) | June 30, 2025 (B) | % Change (B-A)/(A) | | :------------------ | :------------ | :----------------- | :---------------- | :------------------ | | Wealth Management | 41,199 | 35,924 | 38,755 | 7.9 | | Investment Management | 23,179 | 15,539 | 21,527 | 38.5 | | Wholesale | 21,121 | 37,506 | 41,908 | 11.7 | | Banking | 4,032 | 3,050 | 3,614 | 18.5 | | Other | 12,161 | 5,899 | 54,610 | 825.8 | - The 'Other' segment's income before income taxes increased by **825.8%** from March 31, 2025, to June 30, 2025, largely due to a significant increase in 'Other' major components[52](index=52&type=chunk)[53](index=53&type=chunk) [Other](index=21&type=section&id=Other) Additional quarterly financial information for Nomura Securities Co., Ltd. is available via a provided URL - Quarterly financial information for Nomura Securities Co., Ltd. is available at https://www.nomuraholdings.com/en/company/group/nsc/nsc/main/019/teaserItems2/0/linkList/0/link/2026_1q.pdf[54](index=54&type=chunk)[55](index=55&type=chunk)

Financial Performance Highlights - Nomura Holdings' net revenue reached Y523.3 billion, a 16% increase QoQ and a 15% increase YoY[12, 13] - Income before income taxes was Y160.3 billion, up 64% QoQ and 56% YoY[12, 13] - Net income attributable to Nomura Holdings shareholders was Y104.6 billion, a 45% increase QoQ and a 52% increase YoY[12, 13] - Return on Equity (ROE) was 12.0%[12, 13] Segment Performance - Four segment income before income taxes rose to Y105.8 billion, a 15% increase QoQ[12] - Wealth Management net revenue was Y105.8 billion, up 6% QoQ but down 4% YoY[14, 19] - Investment Management net revenue was Y50.6 billion, up 18% QoQ and 6% YoY[14, 42] - Wholesale net revenue was Y261.1 billion, up 1% QoQ and 7% YoY[14, 56] - Banking net revenue was Y12.8 billion, up 12% QoQ and 14% YoY[14, 75] Wealth Management - Recurring revenue assets saw net inflow for the 13th consecutive quarter[12, 23] - Total sales increased 24% QoQ[27] - Net inflows of recurring revenue assets were Y278.9 billion[23] Investment Management - Assets under management reached a record high of Y94.3 trillion[12, 45, 47] - Investment trusts (excluding ETFs, MRFs, etc) saw net inflow of Y280 billion[52] Wholesale - Global Markets net revenue was Y223.1 billion, up 8% QoQ and 7% YoY[63] - Investment Banking net revenue was Y37.9 billion, down 27% QoQ but up 2% YoY[66]

Group 1 - Nomura Holdings reported a 52% year-on-year increase in net profit for Q1, reaching 104.6 billion JPY (approximately 705.7 million USD), compared to 68.9 billion JPY in the same period last year, driven by strong trading and investment banking performance [1] - The company's performance continues to build on its record annual profit achieved in the fiscal year ending March 2025, reinforcing its leading position in the Japanese market and advancing its long-term strategy to become a global financial powerhouse [1] - Despite global M&A activity being hindered by tariff uncertainties, Nomura benefited from large domestic transactions, including the privatization of NTT and a subsidiary of Toyota [1] Group 2 - According to LSEG data, Nomura ranked 11th in global M&A advisory fee income for the first half of 2025, indicating its competitive position in the market [2] - To mitigate performance volatility, Nomura has been expanding its wealth and asset management business, which now accounts for nearly 40% of pre-tax profit, capitalizing on the trend of Japanese households shifting from savings to investments [2] - The asset management division reached a record high of 94.3 trillion JPY in assets under management during the same period [2] Group 3 - In the current quarter, Nomura generated a pre-tax profit of 56 billion JPY from the sale of a Tokyo real estate project through its subsidiary [3] - In April, Nomura Securities announced the acquisition of Macquarie Group's asset management business, adding approximately 180 billion USD in client assets [3] - The company faced challenges in its overseas expansion efforts, including difficulties encountered during the 2008 acquisition of assets from the bankrupt Lehman Brothers, which later resulted in asset write-downs [3]

Group 1 - The core viewpoint of the article highlights that Nomura Holdings reported a net profit of 104.57 billion yen for the first fiscal quarter, representing a year-on-year increase of 52% [1] - The total revenue for the first fiscal quarter was 1.16 trillion yen, showing a year-on-year decline of 5% [1] - The investment banking fee income for the first fiscal quarter was 38.36 billion yen, which is a year-on-year decrease of 7.1% [1] Group 2 - The asset management fees for the first fiscal quarter amounted to 92.86 billion yen, reflecting a year-on-year growth of 2.8% [1] - Trading profits for the first fiscal quarter reached 142.24 billion yen, indicating a year-on-year increase of 7.8% [1] - Brokerage commissions for the first fiscal quarter totaled 100.61 billion yen, which is a year-on-year decline of 2.1% [1]

智通财经7月29日电，野村控股第一季度净利润1045.7亿日元，同比增长52%。 ...

Group 1: Positive Sentiment Towards Chinese Economy - Global asset management giant Schroders Capital has launched a private real estate equity investment fund with a total scale of approximately 3 billion yuan, focusing on investment opportunities in core cities of the Yangtze River Delta [1] - Following the release of China's Q2 economic data, over ten foreign financial institutions and international investment banks have raised their growth forecasts for the Chinese economy, indicating a positive outlook [2][6] - Morgan Stanley and Goldman Sachs have both adjusted their GDP growth forecasts for China, with Morgan Stanley increasing its 2025 growth forecast by 0.3 percentage points and Goldman Sachs raising its predictions for Q2 and the second half of the year [4][5] Group 2: Manufacturing Sector Strength - Experts from multiple foreign institutions highlight the resilience of China's manufacturing sector, which is supported by a complete industrial system and competitive advantages in cost and quality [9] - The acceleration of high-end, intelligent, and green development in domestic manufacturing is drawing significant attention from foreign analysts [10] - China is significantly enhancing the added value of its manufacturing sector, focusing on high-tech and green products, achieving notable success in global technology advancement [11] Group 3: Real Estate Investment Opportunities - The collaboration between Schroders Capital and Zhejiang's Xizi International aims to invest in high-quality office buildings and consumer infrastructure in key cities [13] - There is a growing trend of foreign capital entering the Chinese real estate market, with several foreign firms establishing private fund management companies, indicating increased interest and investment willingness [13] - Analysts suggest that the real estate sector is currently at a historical low in valuation, with policies aimed at stabilizing the market and creating opportunities for top-tier real estate companies [14][15] Group 4: Market Trends and Investment Strategies - The A-share market has shown a recent upward trend, with a slight adjustment noted on July 25, indicating a short-term market outlook of steady upward movement [3][16] - Analysts recommend focusing on sectors such as semiconductors, cultural media, software development, and internet services for investment opportunities [17] - Insurance capital is becoming a significant incremental funding source for A-shares, with projections of annual investments ranging from 347.7 billion to 659.8 billion yuan starting in 2025 [17]

Core Viewpoint - Nomura Group is launching its 2025-2026 campus recruitment and internship programs, offering diverse positions across various departments to meet students' career development needs [2] Group 1: Recruitment Activities - Nomura will conduct both online and offline recruitment activities in the coming months, including events like "Nomura Carnival" and "Meet Nomura" to engage with potential candidates [2][3] - The "Nomura Carnival" will take place in Hong Kong and Singapore, allowing current interns and employees to share their experiences with students [2] - An Open Day event will also be held in Hong Kong and Singapore to provide insights into different career paths within the company [3] Group 2: Internship and Graduate Programs - Nomura offers three main programs for undergraduate and master's students: Summer Internship Program, Graduate Internship Program, and Graduate Program, with durations ranging from 9 weeks to 2 years [4][5] - The Summer Internship Program lasts 9-10 weeks, starting with training and business awareness courses, providing practical experience in departments like Global Markets, Investment Banking, and International Wealth Management [5][6] - The Graduate Internship Program is a 9-week opportunity for recent graduates to gain experience in sales, trading, product structuring, or research, with support from peers and mentors [7][8] - The Graduate Program spans 1-2 years, offering basic training and potential cross-functional rotations, with ongoing support and feedback from the team [9][10] Group 3: Recruitment Process - The recruitment process at Nomura includes steps from online application to formal onboarding, emphasizing the importance of thorough preparation for interviews [11][12] - Candidates are advised to research the company and departments of interest, articulating their motivations for joining Nomura during interviews [12] - Resources for interview preparation include the company website, press releases, annual reports, social media, and networking with faculty, alumni, and friends [13]