Core Viewpoint - Nomura Holdings reported a mixed financial performance for the third quarter ending December 31, 2025, with net revenue increasing but declines in pre-tax profit and net income [1][2]. Financial Performance Summary - Net revenue reached 551.8 billion yen, a 10% year-over-year increase [1][2]. - Pre-tax profit was 135.2 billion yen, down 2% year-over-year [1][2]. - Net income fell to 91.6 billion yen, a 10% decrease compared to the previous year [1][2]. - Earnings per share (EPS) decreased to 30.19 yen from 33.08 yen year-over-year [1][2]. Expense and Tax Overview - Non-interest expenses rose by 15% year-over-year to 416.5 billion yen [1][2]. - The effective tax rate increased to 30.1%, up from 24.7% in the same quarter last year [1][2]. Segment Performance - Wealth Management segment saw net revenue grow by 19% to 132.5 billion yen, with pre-tax profit increasing by 31% to 58.5 billion yen [2][3]. - Investment Management segment reported a 33% increase in net revenue to 60.9 billion yen, but pre-tax profit declined by 5% to 17.9 billion yen [3]. - Wholesale segment net revenue increased by 8% to 313.9 billion yen, with pre-tax profit remaining stable at 62.3 billion yen [3]. - Banking segment net revenue grew by 12% to 13.7 billion yen, while pre-tax profit decreased by 10% to 4.2 billion yen [4]. Strategic Initiatives - Nomura is focusing on building a more stable revenue base in its Wealth Management and Investment Management divisions, which are crucial for long-term growth [5]. - The company announced a share buyback plan worth 60 billion yen, representing up to 3.2% of its shares [5].