Nomura (NMR) - 2026 Q3 - Quarterly Report

Revenue Performance - Total revenue for the nine months ended December 31, 2025, was ¥3,545,729 million, a decrease of 3.1% from the previous year[12] - Net revenue increased to ¥1,590,532 million, reflecting a growth of 10.5% compared to the same period in 2024[12] - Nomura reported net revenue of 1,590.5 billion yen for the nine months ended December 31, 2025, an increase of 10.5% from the previous year[21] - Total net revenue for the same period rose by 10.1% to ¥1,586,243 million compared to ¥1,441,125 million in 2024[45] - Net revenue for the three months ended December 31, 2024, was ¥501,981 million, a 7.0% increase from ¥515,462 million in 2025[56] Income and Profitability - Income before income taxes rose to ¥432,148 million, marking a 15.5% increase year-over-year[12] - Net income attributable to Nomura Holdings, Inc. shareholders was ¥288,196 million, up 7.2% from the previous year[12] - Net income for the nine months ended December 31, 2025, increased by 9.0% to ¥297,813 million from ¥273,281 million in 2024[40] - Income before income taxes for the Wholesale segment surged by 22.2% to ¥157,337 million, while the Banking segment saw a decline of 17.6% to ¥10,969 million[45] - The company reported a net gain on trading of ¥142,013 million for the three months ended December 31, 2024, which increased by 10.9% to ¥171,944 million in 2025[56] Assets and Liabilities - Total assets increased to ¥61,935,173 million as of December 31, 2025, compared to ¥56,802,170 million at March 31, 2025[13] - Total liabilities rose by 4,899.4 billion yen to 58,120.6 billion yen, mainly driven by an increase in trading liabilities[31] - Total assets increased by 5,133.0 billion yen to 61,935.2 billion yen as of December 31, 2025, primarily due to an increase in trading assets[31] - Total liabilities increased by ¥4,899,410 million from ¥58,120,581 million as of December 31, 2025 to ¥53,221,171 million as of March 31, 2025[38] Equity and Shareholder Information - Total equity rose to ¥3,814,592 million, up from ¥3,580,999 million at the end of March 2025[13] - The return on shareholders' equity (annualized) improved to 10.8% from 10.4% in the previous year[12] - The number of shares outstanding remained constant at 3,163,562,601, with treasury stock increasing to 229,707,701[17] - Common stock held in treasury increased by ¥27,628 million from ¥171,306 million as of December 31, 2025 to ¥143,678 million as of March 31, 2025[38] Expenses - Non-interest expenses rose by 8.7% to 1,158.4 billion yen for the same period[21] - Non-interest expenses rose by 8.7% to ¥1,158,384 million, with significant increases in Investment Management (35.4%) and Banking (26.6%) segments[45] - Interest expense for the nine months was ¥217.63 million, down 11.8% from the previous year[39] - Compensation and benefits expenses for the three months ended December 31, 2024, rose to ¥190,888 million, a 13.2% increase from ¥195,079 million in 2025[56] Future Outlook - Nomura Holdings does not provide earnings forecasts for the year ending March 31, 2026, due to uncertainties in the global capital markets[15] - The company plans to expand its market presence and invest in new product development to drive future growth[39] - Future guidance indicates a cautious outlook with expected revenue growth of 1-2% for the next fiscal year[39] Acquisitions and Changes - Significant changes in the scope of consolidation included the inclusion of Delaware Management Company[16] - Nomura completed the acquisition of Macquarie Management Holdings and related entities for approximately 281.4 billion yen, enhancing its global investment management platform[26][27] - The Banking Division was newly established on April 1, 2025, leading to reclassification of prior period amounts[23] Other Financial Metrics - The company reported a substantial unrealized gain on investments in equity securities held for operating purposes, increasing from a loss of ¥1,375 million to a gain of ¥4,289 million[45] - The new accounting policy for crypto assets, effective from April 1, 2025, is not expected to have a material impact on the company's consolidated financial statements[41] - The company’s total assets information is not disclosed as it is not considered for operating decisions by the Executive Management Board[42]