Nomura Holdings (CAR) reports 1.8% passive stake in Avis Budget Group stock

Rhea-AI Filing Summary

Nomura Holdings Inc. filed an amended Schedule 13G reporting a passive ownership stake in Avis Budget Group, Inc. common stock. Nomura reports beneficial ownership of 627,961 shares, representing 1.8% of the outstanding common stock, based on 35,196,992 shares outstanding as of October 22, 2025.

The position reflects shares held through wholly owned subsidiaries Nomura Global Financial Products, Inc. and Nomura Securities International, Inc., including shares underlying call options exercisable within 60 days. Nomura certifies the securities are held in the ordinary course of business and not for the purpose of changing or influencing control of Avis Budget Group.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

AVIS BUDGET GROUP, INC.

(Name of Issuer)

Common Stock, $0.01 par value per share

(Title of Class of Securities)

053774105

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 053774105

1

Names of Reporting Persons

NOMURA HOLDINGS INC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

JAPAN

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 627,961.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 627,961.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

627,961.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.8 %

12

Type of Reporting Person (See Instructions)

HC

Comment for Type of Reporting Person: (1) Sole voting and dispositive power represents (i) 395,591 shares of Common Stock beneficially owned by Nomura Global Financial Products, Inc. ("NGFP"), (ii) 111,670 shares of Common Stock beneficially owned by Nomura Securities International, Inc. ("NSI"), and (iii) 120,700 shares of Common Stock underlying call options beneficially owned by NSI that are exercisable within 60 days. NGFP and NSI are wholly owned subsidiaries of Nomura Holdings, Inc., which accordingly may be deemed to beneficially own the shares of Common Stock beneficially owned by NGFP and NSI. (2) The percent of class is calculated based on 35,196,992 shares of Common Stock outstanding as of October 22, 2025, as reported in the Issuer's quarterly report on Form 10-Q for the fiscal quarter ended September 30, 2025 filed with the SEC on October 28, 2025.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: AVIS BUDGET GROUP, INC.
(b)	Address of issuer's principal executive offices: 379 Interpace Parkway, Parsippany, New Jersey, 07054
Item 2.
(a)	Name of person filing: Nomura Holdings, Inc. This Schedule 13G excludes securities beneficially owned, if any, by certain subsidiaries of Nomura Holdings Inc. whose beneficial ownership of securities are disaggregated from that of Nomura Holdings Inc. in accordance with SEC Release No. 34-39538 (January 12, 1998).
(b)	Address or principal business office or, if none, residence: Nomura Holdings, Inc.: 13-1, Nihonbashi 1-chome, Chuo-ku, Tokyo 103-8645, Japan
(c)	Citizenship: Nomura Holdings, Inc.: Japan
(d)	Title of class of securities: Common Stock, $0.01 par value per share
(e)	CUSIP No.: 053774105
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: Items 5-11 of the cover page are incorporated by reference.
(b)	Percent of class: Items 5-11 of the cover page are incorporated by reference.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Items 5-11 of the cover page are incorporated by reference.
	(ii) Shared power to vote or to direct the vote: Items 5-11 of the cover page are incorporated by reference.
	(iii) Sole power to dispose or to direct the disposition of: Items 5-11 of the cover page are incorporated by reference.
	(iv) Shared power to dispose or to direct the disposition of: Items 5-11 of the cover page are incorporated by reference.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Exhibit A
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

NOMURA HOLDINGS INC

Signature:	/s/ Samir Patel
Name/Title:	Samir Patel, Managing Director
Date:	02/17/2026

Exhibit Information

Exhibit A - Subsidiaries

FAQ

What ownership stake does Nomura Holdings report in Avis Budget Group (CAR)?

Nomura Holdings reports beneficial ownership of 627,961 shares of Avis Budget Group common stock, representing 1.8% of the class. This percentage is calculated using 35,196,992 shares outstanding as of October 22, 2025, as disclosed in Avis Budget Group’s Form 10-Q.

How is Nomura’s 627,961-share Avis Budget Group (CAR) position structured?

Nomura’s beneficial ownership consists of 395,591 shares held by Nomura Global Financial Products, 111,670 shares held by Nomura Securities International, and 120,700 shares underlying call options held by Nomura Securities International that are exercisable within 60 days, all attributed to Nomura Holdings.

Is Nomura Holdings’ stake in Avis Budget Group (CAR) a passive investment?

Yes. Nomura certifies the securities were acquired and are held in the ordinary course of business and were not acquired, and are not held, to change or influence control of Avis Budget Group, nor in connection with any transaction having that control-related purpose or effect.

Why is this Avis Budget Group (CAR) filing labeled Amendment No. 1 to Schedule 13G?

The filing is marked Amendment No. 1, indicating an update to a prior Schedule 13G relating to Nomura’s beneficial ownership. It refreshes disclosed holdings and percentage of class as of the December 31, 2025 event date under the beneficial ownership reporting rules.

Which Nomura entities directly hold Avis Budget Group (CAR) shares?

The filing states that Nomura Global Financial Products, Inc. holds 395,591 shares and Nomura Securities International, Inc. holds 111,670 shares plus 120,700 shares underlying call options. Both are wholly owned subsidiaries of Nomura Holdings, which may be deemed to beneficially own these securities.

Does Nomura Holdings own more than 5% of Avis Budget Group (CAR)?

No. Nomura’s reported beneficial ownership is 1.8% of Avis Budget Group’s common stock, which is explicitly described as ownership of 5 percent or less of the class. This reflects holdings relative to 35,196,992 shares outstanding as reported by the issuer.