Nomura (NMR) - 2026 Q1 - Quarterly Report

FORM 6-K Filing Information This section outlines Nomura Holdings, Inc.'s Form 6-K filing, including SEC details, exhibit incorporation, and official signatures SEC Filing Details 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] - The registrant files annual reports under Form 20-F[3] Exhibit Information and Incorporation by Reference 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] - 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] 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] - The signing date was July 29, 2025[10] Qualitative Information of the Quarterly Consolidated Results This section provides a qualitative overview of Nomura's quarterly consolidated results, including operating performance, financial position, and earnings forecasts Consolidated Operating Results 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] Operating Results of Wealth Management 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 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] Operating Results of Wholesale 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 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 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] Consolidated Financial Position 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] - The increase in total liabilities was mainly due to an increase in Trading liabilities[29] Consolidated Earnings Forecasts 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][30] Quarterly Consolidated Financial Statements 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 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 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 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] Changes in Accounting Policies 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] - The new policy requires in-scope crypto assets to be measured at fair value through earnings at each reporting period[39] - These accounting changes have not had a material impact on Nomura's consolidated financial statements[39] Segment Information – Operating Segment 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] 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][44] Significant Changes in Equity 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] Note with respect to the Assumption as a Going Concern 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] Note with respect to Consolidated Statements of Cash Flows 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 This section provides supplementary quarterly comparative financial information for Nomura Holdings, Inc. and its business segments Consolidated Statements of Income – Quarterly Comparatives 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] - Other revenue increased by 229.5% from March 31, 2025, to June 30, 2025[50] Business Segment Information – Quarterly Comparatives 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][53] 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]