[6-K] MIZUHO FINANCIAL GROUP INC Current Report (Foreign Issuer)

Rhea-AI Filing Summary

Mizuho Financial Group reported stronger first-half FY2025 results and raised its full‑year outlook. Ordinary profits reached ¥849,626 million (up 13.7%), with profit attributable to owners rising to ¥689,947 million (up 21.8%). Ordinary income was ¥4,337,537 million (down 5.4%), while diluted EPS was ¥276.20.

Total assets were ¥288,757,081 million and total net assets ¥11,076,007 million. Capital strength improved on international measures: the preliminary consolidated Common Equity Tier 1 ratio was 13.70% and the total capital ratio 18.41%. Asset quality remained solid, with the consolidated NPL ratio at 0.72%, improving from 0.97%.

The company lifted its FY2025 profit attributable to owners estimate to ¥1,130,000 million (up 27.6% year over year), a 10.7% increase versus its prior forecast. The second‑quarter dividend was ¥72.50 per share, and the total FY2025 dividend estimate is ¥145.00 per share.

Positive

• FY2025 profit outlook raised to ¥1,130,000 million (up 10.7% vs. prior estimate; up 27.6% year over year).

Negative

• None.

Insights

Banking equity analyst

Guidance raised 10.7% with solid capital and lower NPLs.

Mizuho delivered higher profitability in 1H FY2025: ordinary profits rose to ¥849.6B and profit to owners to ¥689.9B. Despite a 5.4% decline in ordinary income, cost discipline and better non-interest contributions supported margins and earnings.

Balance sheet quality and capital buffers strengthened. The preliminary consolidated CET1 ratio was 13.70% and total capital ratio 18.41%, while the consolidated NPL ratio improved to 0.72%. These metrics provide resilience amid rate and credit cycles.

The company raised its FY2025 profit attributable to owners outlook to ¥1.13T (up 27.6% year over year), 10.7% above the prior estimate. Actual impact will depend on sustaining fee and trading income and maintaining credit costs near current levels.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2025

Commission File Number 001-33098

Mizuho Financial Group, Inc.

(Translation of registrant’s name into English)

5-5, Otemachi 1-chome

Chiyoda-ku, Tokyo 100-8176

Japan

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F ☒ Form 40-F ☐

THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE INTO THE PROSPECTUS FORMING A PART OF MIZUHO FINANCIAL GROUP, INC.’S REGISTRATION STATEMENT ON FORM F-3 (FILE NO. 333-282497) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date:		November 14, 2025
Mizuho Financial Group, Inc.
By:		/s/ Takefumi Yonezawa
Name:		Takefumi Yonezawa
Title:		Senior Managing Corporate Executive / Group CFO

For Immediate Release:

Consolidated Financial Statements for the Second Quarter of Fiscal 2025 (Six months ended September 30, 2025) (Under Japanese GAAP)

Company Name: Mizuho Financial Group, Inc. (“MHFG”) November 14, 2025

Stock Code Number (Japan):		8411
Stock Exchange Listings:		Tokyo Stock Exchange (Prime Market), New York Stock Exchange
URL:		https://www.mizuhogroup.com
Representative:		Masahiro Kihara		President & Group CEO
For Inquiry:		Hikaru Osuga		General Manager of Accounting		Phone:		+81-3-6838-6101
Filing of Hanki Hokokusho (scheduled):				November 28, 2025		Trading Accounts:		Established
Commencement of Dividend Payment (scheduled):				December 5, 2025
Supplementary Materials on Quarterly Results:				Attached
IR Conference on Quarterly Results:				Scheduled

Amounts less than one million yen are rounded down.

1. Financial Highlights for the Second Quarter (First Half) of Fiscal 2025 (for the six months ended September 30, 2025)

(1) Consolidated Results of Operations

(%: Changes from the previous first half)
		Ordinary Income								Ordinary Profits								Profit Attributable to Owners of Parent
		¥ million				%				¥ million				%				¥ million				%
1H F2025			4,337,537				(5.4	)			849,626				13.7				689,947				21.8
1H F2024			4,585,215				8.0				747,079				30.1				566,141				36.1

Note: Comprehensive Income: 1H F2025: ¥845,578 million, 42.8%; 1H F2024: ¥591,838 million, 6.1%

		Earnings per Share of Common Stock				Diluted Earnings per Share of Common Stock
		¥				¥
1H F2025			276.20				276.20
1H F2024			223.35				223.35

(2) Consolidated Financial Conditions

		Total Assets				Total Net Assets				Own Capital Ratio
		¥ million				¥ million				%
1H F2025			288,757,081				11,076,007				3.8
Fiscal 2024			283,320,404				10,523,753				3.6

Reference: Own Capital: As of September 30, 2025: ¥10,995,640 million; As of March 31, 2025: ¥10,442,211 million

Note: Own Capital Ratio is calculated as follows: (Total Net Assets - Stock Acquisition Rights - Non-controlling Interests) / Total Assets × 100 Own Capital Ratio stated above is not calculated based on the public notice of Own Capital Ratio.

2. Cash Dividends for Shareholders of Common Stock

		Annual Cash Dividends per Share
		First Quarter-end				Second Quarter-end				Third Quarter-end				Fiscal Year-end				Total
		¥				¥				¥				¥				¥
Fiscal 2024			—				65.00				—				75.00				140.00
Fiscal 2025			—				72.50
Fiscal 2025 (estimate)											—				72.50				145.00

Note: Revision of the latest announced estimates for cash dividends for shareholders of common stock: No

3. Consolidated Earnings Estimates for Fiscal 2025 (for the fiscal year ending March 31, 2026)

		(%: Changes from the previous fiscal year)
										Profit Attributable to Owners of Parent								Earnings per Share of Common Stock
										¥ million				%				¥
Fiscal 2025											1,130,000				27.6				453.49

Notes:		1.		Revision of the latest announced earnings estimates for Fiscal 2025: Yes
				Following the result from 1H, MHFG revised Consolidated Earnings Estimates for Fiscal 2025 (for the fiscal year ending March 31, 2026).
				Profit Attributable to Owners of Parent: The latest announced estimates: ¥1,020,000 million, Revised estimates: ¥1,130,000 million, Changes from the original estimates: ¥110,000 million, 10.7%
		2.		The number of shares of common stock used in the above per share information is based on the weighted average of the average number of outstanding shares (excluding treasury stock and others) during the 1Q and 2Q, and the number of outstanding shares during the remainder of the relevant period (which is substituted with the number of outstanding shares (excluding treasury stock and others) as of September 30, 2025).

Notes

(1) Significant changes in the scope of consolidation during the period: No

(2) Changes in Accounting Policies and Accounting Estimates / Restatements

i. Changes in accounting policies due to revisions of accounting standards: No

ii. Changes in accounting policies other than i above: No

iii. Changes in accounting estimates: No

iv. Restatements: No

(3) Issued Shares of Common Stock

i.  Period-end issued shares (including treasury stock):		As of September 30, 2025		2,489,848,594 shares		As of March 31, 2025		2,513,757,794 shares
ii.  Period-end treasury stock:		As of September 30, 2025		4,339,630 shares		As of March 31, 2025		4,233,302 shares
iii. Average outstanding shares:		1st Half Fiscal 2025		2,497,975,963 shares		1st Half Fiscal 2024		2,534,759,156 shares

This immediate release is outside the scope of semi-annual audit by certified public accountants or an audit firm.

This immediate release contains statements that constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, including estimates, forecasts, targets and plans. Such forward-looking statements do not represent any guarantee by management of future performance.

In many cases, but not all, we use such words as “aim,” “anticipate,” “believe,” “endeavor,” “estimate,” “expect,” “intend,” “may,” “plan,” “probability,” “project,” “risk,” “seek,” “should,” “strive,” “target” and similar expressions in relation to us or our management to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions. These statements reflect our current views with respect to future events and are subject to risks, uncertainties and assumptions.

We may not be successful in implementing our business strategies, and management may fail to achieve its targets, for a wide range of possible reasons, including, without limitation: impact of geopolitical disruptions; intensification of competition in the market for financial services; incurrence of significant credit-related costs; declines in the value of our securities portfolio; changes in interest rates; foreign currency fluctuations; decrease in the market liquidity of our assets; revised assumptions or other changes related to our pension plans; a decline in our deferred tax assets; impairment of the carrying value of our long-lived assets; problems related to our information technology systems, including as a result of cyber attacks; the effect of financial transactions entered into for hedging and other similar purposes; failure to maintain required capital adequacy ratio levels and meet other financial regulatory requirements; downgrades in our credit ratings; our ability to avoid reputational harm; our ability to implement our medium-term business plan, and implement other strategic initiatives and measures effectively; the effectiveness of our operational, legal and other risk management policies; the effect of changes in general economic conditions in Japan and elsewhere; changes to applicable laws and regulations; and the effects of climate change.

Further information regarding factors that could affect our financial condition and results of operations is included in “Item 3. D. Key Information-Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in our most recent Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”), which is available in the Financial Information section of our web page at www.mizuhogroup.com and also at the SEC’s web site at www.sec.gov.

We do not intend to update our forward-looking statements. We are under no obligation, and disclaim any obligation, to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by the rules of the Tokyo Stock Exchange.

MHFG is a specified business company under “Cabinet Office Ordinance on Disclosure of Corporate Information, etc.” Article 18 clause 2 and prepares the interim consolidated financial statements in the second quarter.

Mizuho Financial Group, Inc.

m Contents of Attachment

1. Interim Consolidated Financial Statements and Others			p.1-2
(1) Consolidated Balance Sheets			p.1-2
(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income			p.1-4
(3) Consolidated Statements of Changes in Net Assets			p.1-6
(4) Note for Assumption of Going Concern			p.1-7
øSELECTED FINANCIAL INFORMATION For the Second Quarter (First Half) of Fiscal 2025

Note to XBRL

Please note that the names of the English accounts contained in XBRL data, which are available through EDINET and TDNet, may be different from those of the English accounts in our financial statements.

An MHFG IR conference for institutional investors and analysts is scheduled for Friday, November 21, 2025. The IR conference presentation materials and audio archive will be available for use by individual investors in the IR Information section of the Mizuho Financial Group website immediately after the conference.

1-1

Mizuho Financial Group, Inc.

1. Interim Consolidated Financial Statements and Others

(1) Consolidated Balance Sheets

		Millions of yen
		As of   March 31, 2025				As of September 30, 2025
Assets
Cash and Due from Banks		¥	72,483,086			¥	67,287,879
Call Loans and Bills Bought			688,473				807,153
Receivables under Resale Agreements			28,107,374				29,283,179
Guarantee Deposits Paid under Securities Borrowing Transactions			2,078,999				1,947,582
Monetary Claims Bought			3,932,427				4,480,575
Trading Assets			22,240,796				25,710,230
Money Held in Trust			632,025				755,149
Securities			34,307,574				38,395,250
Loans and Bills Discounted			94,108,757				94,264,066
Foreign Exchanges			2,237,879				2,291,125
Derivatives other than for Trading Assets			3,497,747				4,079,390
Other Assets			7,008,874				6,711,452
Tangible Fixed Assets			1,122,592				1,119,842
Intangible Fixed Assets			808,897				861,951
Net Defined Benefit Asset			758,783				630,260
Deferred Tax Assets			237,630				152,571
Customers’ Liabilities for Acceptances and Guarantees			9,824,242				10,469,462
Allowance for Loan Losses			(755,751	)			(490,037	)
Allowance for Investment Losses			(5	)			(3	)
Total Assets		¥	283,320,404			¥	288,757,081

1-2

Mizuho Financial Group, Inc.

		Millions of yen
		As of   March 31, 2025				As of September 30, 2025
Liabilities
Deposits		¥	158,746,762			¥	160,362,897
Negotiable Certificates of Deposit			14,398,784				13,767,971
Call Money and Bills Sold			2,745,165				3,185,385
Payables under Repurchase Agreements			38,393,650				35,925,311
Guarantee Deposits Received under Securities Lending Transactions			1,604,389				2,031,700
Commercial Paper			2,138,133				2,245,275
Trading Liabilities			14,290,572				15,501,391
Borrowed Money			4,008,514				4,621,890
Foreign Exchanges			840,486				1,259,088
Short-term Bonds			724,118				722,727
Bonds and Notes			12,877,794				14,090,298
Due to Trust Accounts			950,946				975,398
Derivatives other than for Trading Liabilities			4,566,669				5,202,260
Other Liabilities			6,267,822				6,989,717
Reserve for Bonus Payments			224,246				147,240
Reserve for Variable Compensation			2,226				1,388
Net Defined Benefit Liability			68,259				68,475
Reserve for Director and Corporate Auditor Retirement Benefits			484				417
Reserve for Possible Losses on Sales of Loans			1,266				40
Reserve for Contingencies			22,542				18,232
Reserve for Reimbursement of Deposits			7,146				6,035
Reserve for Reimbursement of Debentures			19,965				16,039
Reserves under Special Laws			4,247				4,244
Deferred Tax Liabilities			21,155				22,900
Deferred Tax Liabilities for Revaluation Reserve for Land			47,059				45,281
Acceptances and Guarantees			9,824,242				10,469,462
Total Liabilities		¥	272,796,651			¥	277,681,073
Net Assets
Common Stock		¥	2,256,767			¥	2,256,767
Capital Surplus			1,129,730				1,129,730
Retained Earnings			6,046,578				6,451,923
Treasury Stock			(9,462	)			(11,319	)
Total Shareholders’ Equity			9,423,614				9,827,101
Net Unrealized Gains (Losses) on Other Securities			867,697				1,200,477
Deferred Gains (Losses) on Hedges			(465,204	)			(587,866	)
Revaluation Reserve for Land			98,680				94,820
Foreign Currency Translation Adjustments			398,783				364,091
Remeasurements of Defined Benefit Plans			119,654				98,241
Own Credit Risk Adjustments, Net of Tax			(1,014	)			(1,225	)
Total Accumulated Other Comprehensive Income			1,018,596				1,168,538
Stock Acquisition Rights			5				5
Non-controlling Interests			81,536				80,362
Total Net Assets			10,523,753				11,076,007
Total Liabilities and Net Assets		¥	283,320,404			¥	288,757,081

1-3

Mizuho Financial Group, Inc.

(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income

Consolidated Statements of Income

		Millions of yen
		For the six months ended September 30, 2024				For the six months ended September 30, 2025
Ordinary Income		¥	4,585,215			¥	4,337,537
Interest Income			3,045,939				2,891,300
Interest on Loans and Bills Discounted			1,373,557				1,324,754
Interest and Dividends on Securities			431,507				435,441
Trust Fees			30,291				31,570
Fee and Commission Income			512,874				584,789
Trading Income			558,460				424,618
Other Operating Income			228,699				156,662
Other Ordinary Income			208,950				248,595
Ordinary Expenses			3,838,136				3,487,910
Interest Expenses			2,563,082				2,238,619
Interest on Deposits			874,568				815,178
Fee and Commission Expenses			110,088				117,402
Trading Expenses			—				1,397
Other Operating Expenses			182,395				102,450
General and Administrative Expenses			877,168				966,147
Other Ordinary Expenses			105,401				61,891
Ordinary Profits			747,079				849,626
Extraordinary Gains			49,527				54,228
Extraordinary Losses			5,447				5,138
Profit before Income Taxes			791,158				898,716
Income Taxes:
Current			187,649				204,950
Deferred			35,483				1,187
Total Income Taxes			223,133				206,138
Profit			568,025				692,578
Profit Attributable to Non-controlling Interests			1,884				2,630
Profit Attributable to Owners of Parent		¥	566,141			¥	689,947

1-4

Mizuho Financial Group, Inc.

Consolidated Statements of Comprehensive Income

		Millions of yen
		For the six months ended September 30, 2024				For the six months ended September 30, 2025
Profit		¥	568,025			¥	692,578
Other Comprehensive Income			23,813				153,000
Net Unrealized Gains (Losses) on Other Securities			18,120				332,513
Deferred Gains (Losses) on Hedges			(6,897	)			(122,945	)
Foreign Currency Translation Adjustments			18,117				(13,314	)
Remeasurements of Defined Benefit Plans			(15,925	)			(21,295	)
Own Credit Risk Adjustments, Net of Tax			(75	)			(210	)
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method			10,474				(21,746	)
Comprehensive Income			591,838				845,578
(Breakdown)
Comprehensive Income Attributable to Owners of Parent			588,854				843,748
Comprehensive Income Attributable to Non-controlling Interests			2,983				1,830

1-5

Mizuho Financial Group, Inc.

(3) Consolidated Statements of Changes in Net Assets

For the six months ended September 30, 2024

		Millions of yen
		Shareholders’ Equity
		Common Stock				Capital Surplus				Retained Earnings				Treasury Stock				Total Shareholders’ Equity
Balance as of the beginning of the period			2,256,767				1,129,730				5,538,891				(9,402	)			8,915,987
Changes during the period
Cash Dividends											(139,610	)							(139,610	)
Profit Attributable to Owners of Parent											566,141								566,141
Repurchase of Treasury Stock															(2,772	)			(2,772	)
Disposition of Treasury Stock							1								2,636				2,637
Transfer from Revaluation Reserve for Land											25,315								25,315
Net Changes in Items other than Shareholders’ Equity
Total Changes during the period			—				1				451,846				(136	)			451,710
Balance as of the end of the period			2,256,767				1,129,731				5,990,738				(9,539	)			9,367,698

		Accumulated Other Comprehensive Income																												Stock Acquisition Rights				Non- Controlling Interests				Total Net Assets
		Net Unrealized Gains (Losses) on Other Securities				Deferred Gains or Losses on Hedges				Revaluation Reserve for Land				Foreign Currency Translation Adjustments				Remeasurements of Defined Benefit Plans				Own Credit Risk Adjustments, Net of Tax				Total Accumulated Other Comprehensive Income
Balance as of the beginning of the period			929,815				(298,280	)			126,879				344,250				214,337				(452	)			1,316,550				5				79,591				10,312,135
Changes during the period
Cash Dividends																																							(139,610	)
Profit Attributable to Owners of Parent																																							566,141
Repurchase of Treasury Stock																																							(2,772	)
Disposition of Treasury Stock																																							2,637
Transfer from Revaluation Reserve for Land																																							25,315
Net Changes in Items other than Shareholders’ Equity			17,464				(6,770	)			(25,315	)			28,290				(16,195	)			(75	)			(2,601	)			—				75				(2,526	)
Total Changes during the period			17,464				(6,770	)			(25,315	)			28,290				(16,195	)			(75	)			(2,601	)			—				75				449,184
Balance as of the end of the period			947,280				(305,050	)			101,564				372,540				198,141				(527	)			1,313,948				5				79,667				10,761,319

1-6

Mizuho Financial Group, Inc.

For the six months ended September 30, 2025

		Millions of yen
		Shareholders’ Equity
		Common Stock				Capital Surplus				Retained Earnings				Treasury Stock				Total Shareholders’ Equity
Balance as of the beginning of the period			2,256,767				1,129,730				6,046,578				(9,462	)			9,423,614
Changes during the period
Cash Dividends											(188,463	)							(188,463	)
Profit Attributable to Owners of Parent											689,947								689,947
Repurchase of Treasury Stock															(103,830	)			(103,830	)
Disposition of Treasury Stock							1								1,973				1,975
Cancellation of Treasury Stock							(99,999	)							99,999				—
Transfer from Revaluation Reserve for Land											3,859								3,859
Transfer from Retained Earnings to Capital Surplus							99,998				(99,998	)							—
Net Changes in Items other than Shareholders’ Equity
Total Changes during the period			—				—				405,345				(1,857	)			403,487
Balance as of the end of the period			2,256,767				1,129,730				6,451,923				(11,319	)			9,827,101

		Accumulated Other Comprehensive Income																												Stock Acquisition Rights				Non- Controlling Interests				Total Net Assets
		Net Unrealized Gains (Losses) on Other Securities				Deferred Gains or Losses on Hedges				Revaluation Reserve for Land				Foreign Currency Translation Adjustments				Remeasurements of Defined Benefit Plans				Own Credit Risk Adjustments, Net of Tax				Total Accumulated Other Comprehensive Income
Balance as of the beginning of the period			867,697				(465,204	)			98,680				398,783				119,654				(1,014	)			1,018,596				5				81,536				10,523,753
Changes during the period
Cash Dividends																																							(188,463	)
Profit Attributable to Owners of Parent																																							689,947
Repurchase of Treasury Stock																																							(103,830	)
Disposition of Treasury Stock																																							1,975
Cancellation of Treasury Stock																																							—
Transfer from Revaluation Reserve for Land																																							3,859
Transfer from Retained Earnings to Capital Surplus																																							—
Net Changes in Items other than Shareholders’ Equity			332,779				(122,662	)			(3,859	)			(34,692	)			(21,413	)			(210	)			149,941				—				(1,174	)			148,767
Total Changes during the period			332,779				(122,662	)			(3,859	)			(34,692	)			(21,413	)			(210	)			149,941				—				(1,174	)			552,254
Balance as of the end of the period			1,200,477				(587,866	)			94,820				364,091				98,241				(1,225	)			1,168,538				5				80,362				11,076,007

(4) Note for Assumption of Going Concern

There is no applicable information.

1-7

SELECTED FINANCIAL INFORMATION

For the Second Quarter (First Half) of Fiscal 2025

(Six months ended September 30, 2025)

(Under Japanese GAAP)

Mizuho Financial Group, Inc.

C O N T E N T S

Notes:

“CON”: Consolidated figures for Mizuho Financial Group, Inc. (“MHFG”)

“NON”: Non-consolidated figures for Mizuho Financial Group, Inc., Mizuho Bank, Ltd. (“MHBK”) and Mizuho Trust & Banking Co., Ltd. (“MHTB”)

I. FINANCIAL DATA FOR THE FIRST HALF OF FISCAL 2025

See above Notes

Page

1. Income Analysis

CON

NON

2-1

2. Interest Margins (Domestic Operations)

NON

2-5

3. Use and Source of Funds

NON

2-6

4. Net Gains/Losses on Securities

CON

NON

2-8

5. Unrealized Gains/Losses on Securities

CON

NON

2-10

6. Projected Redemption Amounts for Securities

NON

2-12

7. Employee Retirement Benefits

NON

CON

2-13

8. Capital Ratio

CON

NON

2-16

II. REVIEW OF CREDITS

See above Notes

Page

1. Status of Non Performing Loans based on the Banking Act (“BA”) and the Financial Reconstruction Act (“FRA”)

CON

NON

2-17

2. Status of Allowances for Loan Losses

CON

NON

2-21

3. Allowance Coverage Ratios for Non Performing Loans based on the BA and the FRA

CON

NON

2-22

4. Coverage on Non Performing Loans based on the BA and the FRA

NON

2-23

5. Overview of Non-Performing Loans(“NPLs”)

NON

2-26

6. Results of Removal of NPLs from the Balance Sheet

NON

2-27

7. Status of Loans by Industry

(1) Outstanding Balances by Industry

NON

2-28

(2) Non Performing Loans based on the BA and the FRA and Coverage Ratio by Industry

NON

2-30

8. Housing and Consumer Loans & Loans to Small and Medium-Sized Enterprises

(“SMEs”) and Individual Customers

(1) Balance of Housing and Consumer Loans

NON

2-31

(2) Loans to SMEs and Individual Customers

NON

2-31

9. Status of Loans by Region

(1) Outstanding Balances by Region

NON

2-32

(2) Non Performing Loans based on the BA and the FRA by Region

NON

2-33

III. OTHERS

See above Notes

Page

1. Estimation for Calculating Deferred Tax Assets

NON

2-34

2. Breakdown of Deposits (Domestic Offices)

NON

2-36

Attachments

Page

Mizuho Bank, Ltd.

Comparison of Non-Consolidated Balance Sheets (selected items)

2-37

Comparison of Non-Consolidated Statements of Income (selected items)

2-38

This immediate release contains statements that constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, including estimates, forecasts, targets and plans. Such forward-looking statements do not represent any guarantee by management of future performance.

In many cases, but not all, we use such words as “aim,” “anticipate,” “believe,” “endeavor,” “estimate,” “expect,” “intend,” “may,” “plan,” “probability,” “project,” “risk,” “seek,” “should,” “strive,” “target” and similar expressions in relation to us or our management to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions. These statements reflect our current views with respect to future events and are subject to risks, uncertainties and assumptions.

We may not be successful in implementing our business strategies, and management may fail to achieve its targets, for a wide range of possible reasons, including, without limitation: impact of geopolitical disruptions; intensification of competition in the market for financial services; incurrence of significant credit-related costs; declines in the value of our securities portfolio; changes in interest rates; foreign currency fluctuations; decrease in the market liquidity of our assets; revised assumptions or other changes related to our pension plans; a decline in our deferred tax assets; impairment of the carrying value of our long-lived assets; problems related to our information technology systems, including as a result of cyber attacks; the effect of financial transactions entered into for hedging and other similar purposes; failure to maintain required capital adequacy ratio levels and meet other financial regulatory requirements; downgrades in our credit ratings; our ability to avoid reputational harm; our ability to implement our medium-term business plan, and implement other strategic initiatives and measures effectively; the effectiveness of our operational, legal and other risk management policies; the effect of changes in general economic conditions in Japan and elsewhere; changes to applicable laws and regulations; and the effects of climate change.

Further information regarding factors that could affect our financial condition and results of operations is included in “Item 3.D. Key Information-Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in our most recent Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”), which is available in the Financial Information section of our web page at www.mizuhogroup.com and also at the SEC’s web site at www.sec.gov.

We do not intend to update our forward-looking statements. We are under no obligation, and disclaim any obligation, to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by the rules of the Tokyo Stock Exchange.

MHFG is a specified business company under “Cabinet Office Ordinance on Disclosure of Corporate Information, etc.” Article 18 clause 2 and prepares the interim consolidated financial statements in the second quarter.

Mizuho Financial Group, Inc.

I. FINANCIAL DATA FOR THE FIRST HALF OF FISCAL 2025

1. Income Analysis

Consolidated

						(Millions of yen)
						First Half of Fiscal 2025								First Half of Fiscal 2024
										Change
Consolidated Gross Profits			1				1,629,070				108,371				1,520,698
Net Interest Income			2				652,680				169,823				482,856
Trust Fees			3				31,570				1,279				30,291
Credit Costs of Trust Accounts			4				—				—				—
Net Fee and Commission Income			5				467,387				64,601				402,786
Net Trading Income			6				423,220				(135,240	)			558,460
Net Other Operating Income			7				54,212				7,908				46,303
General and Administrative Expenses			8				(966,147	)			(88,978	)			(877,168	)
Expenses related to Portfolio Problems (including Reversal of (Provision for) General Allowance for Loan Losses)			9				(16,954	)			(5,987	)			(10,966	)
Losses on Write-offs of Loans			10				(14,221	)			(6,269	)			(7,952	)
Gains on Reversal of Allowances for Loan Losses, and others			11				49,348				23,694				25,653
Net Gains (Losses) related to Stocks			12				130,448				50,492				79,955
Equity in Income from Investments in Affiliates			13				26,680				(1,091	)			27,771
Other			14				(2,819	)			16,045				(18,865	)
Ordinary Profits			15				849,626				102,547				747,079
Net Extraordinary Gains (Losses)			16				49,089				5,009				44,079
Profit before Income Taxes			17				898,716				107,557				791,158
Income Taxes - Current			18				(204,950	)			(17,300	)			(187,649	)
- Deferred			19				(1,187	)			34,296				(35,483	)
Profit			20				692,578				124,552				568,025
Profit Attributable to Non-controlling Interests			21				(2,630	)			(746	)			(1,884	)
Profit Attributable to Owners of Parent			22				689,947				123,806				566,141
Credit-related Costs (including Credit Costs of Trust Accounts)			23				32,394				17,707				14,686
* Credit-related Costs [23] = Expenses related to Portfolio Problems (including Reversal of (Provision for) General Allowance for Loan Losses) [9] + Gains on Reversal of Allowances for Loan Losses, and others [11] + Credit Costs of Trust Accounts [4]
(Reference)
Consolidated Net Business Profits			24				685,799				30,066				655,732
* Consolidated Net Business Profits [24] = Consolidated Gross Profits [1] - General and Administrative Expenses (excluding Non-Recurring Losses) + Equity in Income from Investments in Affiliates and certain other consolidation adjustments
Number of consolidated subsidiaries			25				253				27				226
Number of affiliates under the equity method			26				27				1				26

2-1

Mizuho Financial Group, Inc.

Aggregate Figures for the 2 Banks

Non-Consolidated

						(Millions of yen)
						First Half of Fiscal 2025																First Half of Fiscal 2024
						MHBK				MHTB				Aggregate Figures				Change
Gross Profits			1				922,041				58,902				980,943				53,081				927,861
Domestic Gross Profits			2				606,709				57,227				663,937				152,566				511,370
Net Interest Income			3				395,983				11,222				407,206				95,391				311,814
Trust Fees			4								31,758				31,758				1,242				30,516
Trust Fees for Jointly Operated Designated Money Trust			5								1,744				1,744				(112	)			1,857
Credit Costs of Trust Accounts *(1)			6								—				—				—				—
Net Fee and Commission Income			7				135,308				13,857				149,166				12,470				136,695
Net Trading Income			8				38,776								38,776				31,665				7,110
Net Other Operating Income			9				36,640				389				37,029				11,796				25,233
International Gross Profits			10				315,331				1,674				317,006				(99,484	)			416,491
Net Interest Income			11				245,397				1,544				246,941				55,260				191,680
Net Fee and Commission Income			12				62,283				132				62,415				4,122				58,293
Net Trading Income			13				66,180								66,180				(106,945	)			173,125
Net Other Operating Income			14				(58,528	)			(2	)			(58,531	)			(51,922	)			(6,608	)
General and Administrative Expenses (excluding Non-Recurring Losses)			15				(467,040	)			(41,262	)			(508,303	)			(22,029	)			(486,274	)
Expense Ratio			16				50.6	%			70.0	%			51.8	%			(0.5	%)			52.4	%
Personnel Expenses			17				(166,354	)			(21,596	)			(187,950	)			(3,398	)			(184,551	)
Non-Personnel Expenses			18				(270,901	)			(17,523	)			(288,425	)			(20,777	)			(267,647	)
Premium for Deposit Insurance			19				(9,174	)			(226	)			(9,401	)			(604	)			(8,796	)
Miscellaneous Taxes			20				(29,784	)			(2,142	)			(31,927	)			2,146				(34,074	)
Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses)			21				455,000				17,639				472,639				31,052				441,586
Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas *(2)			22				476,797				17,478				494,275				120,989				373,286
Excluding Net Gains (Losses) from redemption of Investment Trusts			23				462,532				17,478				480,011				114,990				365,020
Reversal of (Provision for) General Allowance for Loan Losses			24				—				—				—				—				—
Net Business Profits			25				455,000				17,639				472,639				31,052				441,586
Net Gains (Losses) related to Bonds			26				(21,797	)			161				(21,636	)			(89,937	)			68,300
Net Non-Recurring Gains (Losses)			27				145,839				7,552				153,391				53,977				99,413
Net Gains (Losses) related to Stocks			28				124,107				5,406				129,513				54,207				75,306
Expenses related to Portfolio Problems			29				(16,259	)			(6	)			(16,266	)			(6,257	)			(10,009	)
Gains on Reversal of Allowances for Loan Losses, and others			30				46,469				516				46,985				22,471				24,514
Other			31				(8,478	)			1,636				(6,841	)			(16,443	)			9,601
Ordinary Profits			32				600,839				25,191				626,030				85,030				541,000
Net Extraordinary Gains (Losses)			33				38,092				11,512				49,604				6,688				42,915
Net Gains (Losses) on Disposition of Fixed Assets			34				7,287				855				8,143				(24,527	)			32,671
Losses on Impairment of Fixed Assets			35				(971	)			(10	)			(981	)			(127	)			(854	)
Gains on Cancellation of Employee Retirement Benefit Trust			36				31,029				7,536				38,566				34,777				3,788
Accumulation (Amortization) of Unrecognized Prior Service Cost			37				—				—				—				(7,310	)			7,310
Profit before Income Taxes			38				638,931				36,703				675,634				91,718				583,916
Income Taxes - Current			39				(151,239	)			(10,888	)			(162,127	)			27,030				(189,158	)
- Deferred			40				(1,668	)			1,978				310				(23,585	)			23,895
Profit			41				486,023				27,793				513,817				95,164				418,653
*(1)  Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) for MHTB excludes the amounts of “Credit Costs of Trust Accounts” [6].
*(2)  Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas[22]
=Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses)[21]-Net Gains (Losses) related to Bonds[26]
Credit-related Costs			42				30,209				509				30,719				16,214				14,505
Credit-related Costs [42] = Expenses related to Portfolio Problems [29] + Reversal of (Provision for) General Allowance for Loan Losses [24] + Gains on Reversal of Allowances for Loan Losses, and others [30] + Credit Costs of Trust Accounts [6]
(Reference) Breakdown of Credit-related Costs
Credit Costs of Trust Accounts			43								—				—				—				—
Reversal of (Provision for) General Allowance for Loan Losses			44				3,589				494				4,084				(31,978	)			36,062
Losses on Write-offs of Loans			45				(11,269	)			3				(11,266	)			(9,575	)			(1,691	)
Reversal of (Provision for) Specific Allowance for Loan Losses			46				17,520				11				17,532				40,958				(23,426	)
Reversal of (Provision for) Allowance for Loan Losses to Restructuring Countries			47				23,517				—				23,517				17,586				5,930
Reversal of (Provision for) Reserve for Contingencies			48				(1,646	)			—				(1,646	)			(2,183	)			537
Other (including Losses on Sales of Loans)			49				(1,501	)			—				(1,501	)			1,405				(2,906	)
Total			50				30,209				509				30,719				16,214				14,505

2-2

Mizuho Financial Group, Inc.

Mizuho Bank

Non-Consolidated

								(Millions of yen)
								First Half of Fiscal 2025								First Half of Fiscal 2024
												Change
Gross Profits					1				922,041				48,097				873,944
Domestic Gross Profits					2				606,709				149,347				457,361
Net Interest Income					3				395,983				95,114				300,869
Net Fee and Commission Income					4				135,308				11,073				124,235
Net Trading Income					5				38,776				31,665				7,110
Net Other Operating Income					6				36,640				11,494				25,146
International Gross Profits					7				315,331				(101,250	)			416,582
Net Interest Income					8				245,397				53,729				191,667
Net Fee and Commission Income					9				62,283				3,880				58,403
Net Trading Income					10				66,180				(106,945	)			173,125
Net Other Operating Income					11				(58,528	)			(51,914	)			(6,614	)
General and Administrative Expenses (excluding Non-Recurring Losses)					12				(467,040)				(24,733)				(442,307)
Expense Ratio					13				50.6	%			0.0	%			50.6	%
Personnel Expenses					14				(166,354	)			(3,656	)			(162,698	)
Non-Personnel Expenses					15				(270,901	)			(23,485	)			(247,416	)
Premium for Deposit Insurance					16				(9,174	)			(635	)			(8,539	)
Miscellaneous Taxes					17				(29,784	)			2,408				(32,193	)
Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses)					18				455,000				23,363				431,636
Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas *					19				476,797				113,463				363,334
Excluding Net Gains (Losses) from redemption of Investment Trusts					20				462,532				107,464				355,068
Reversal of (Provision for) General Allowance for Loan Losses					21				—				—				—
Net Business Profits					22				455,000				23,363				431,636
Net Gains (Losses) related to Bonds					23				(21,797	)			(90,099	)			68,302
Net Non-Recurring Gains (Losses)					24				145,839				59,998				85,840
Net Gains (Losses) related to Stocks					25				124,107				58,383				65,724
Expenses related to Portfolio Problems					26				(16,259	)			(6,250	)			(10,009	)
Gains on Reversal of Allowances for Loan Losses, and others					27				46,469				22,133				24,336
Other					28				(8,478	)			(14,267	)			5,788
Ordinary Profits					29				600,839				83,362				517,476
Net Extraordinary Gains (Losses)					30				38,092				(3,816	)			41,908
Net Gains (Losses) on Disposition of Fixed Assets					31				7,287				(25,671	)			32,959
Losses on Impairment of Fixed Assets					32				(971	)			(117	)			(854	)
Gains on Cancellation of Employee Retirement Benefit Trust					33				31,029				27,595				3,434
Accumulation (Amortization) of Unrecognized Prior Service Cost					34				—				(6,368	)			6,368
Profit before Income Taxes					35				638,931				79,546				559,384
Income Taxes - Current					36				(151,239	)			33,096				(184,336	)
- Deferred					37				(1,668	)			(27,316	)			25,648
Profit					38				486,023				85,326				400,696
*  Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas[19]       =Net Business Profits(before Reversal of (Provision for) General Allowance for Loan Losses)[18]-Net Gains (Losses) related to Bonds[23]
Credit-related Costs					39				30,209				15,882				14,327
Credit-related Costs [39] = Expenses related to Portfolio Problems [26] + Reversal of (Provision for) General Allowance for Loan Losses [21] + Gains on Reversal of Allowances for Loan Losses, and others [27]
Reference: Breakdown of Credit-related Costs
Reversal of (Provision for) General Allowance for Loan Losses					40				3,589				(32,476	)			36,065
Losses on Write-offs of Loans					41				(11,269	)			(9,578	)			(1,691	)
Reversal of (Provision for) Specific Allowance for Loan Losses					42				17,520				41,128				(23,607	)
Reversal of (Provision for) Allowance for Loan Losses to Restructuring Countries					43				23,517				17,586				5,930
Reversal of (Provision for) Reserve for Contingencies					44				(1,646	)			(2,183	)			537
Other (including Losses on Sales of Loans)					45				(1,501	)			1,405				(2,906	)
Total					46				30,209				15,882				14,327

2-3

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

Non-Consolidated

								(Millions of yen)
								First Half of Fiscal 2025								First Half of Fiscal 2024
												Change
Gross Profits					1				58,902				4,984				53,917
Domestic Gross Profits					2				57,227				3,219				54,008
Net Interest Income					3				11,222				277				10,945
Trust Fees					4				31,758				1,242				30,516
Trust Fees for Jointly Operated Designated Money Trust					5				1,744				(112	)			1,857
Credit Costs of Trust Accounts *(1)					6				—				—				—
Net Fee and Commission Income					7				13,857				1,396				12,460
Net Other Operating Income					8				389				302				86
International Gross Profits					9				1,674				1,765				(91	)
Net Interest Income					10				1,544				1,531				13
Net Fee and Commission Income					11				132				242				(110	)
Net Other Operating Income					12				(2	)			(7	)			5
General and Administrative Expenses (excluding Non-Recurring Losses)					13				(41,262)				2,703				(43,966)
Expense Ratio					14				70.0	%			(11.4	%)			81.5	%
Personnel Expenses					15				(21,596	)			257				(21,853	)
Non-Personnel Expenses					16				(17,523	)			2,707				(20,231	)
Premium for Deposit Insurance					17				(226	)			30				(257	)
Miscellaneous Taxes					18				(2,142	)			(261	)			(1,881	)
Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses)					19				17,639				7,688				9,950
Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas *(2)					20				17,478				7,525				9,952
Excluding Net Gains (Losses) from redemption of Investment Trusts					21				17,478				7,525				9,952
Reversal of (Provision for) General Allowance for Loan Losses					22				—				—				—
Net Business Profits					23				17,639				7,688				9,950
Net Gains (Losses) related to Bonds					24				161				162				(1	)
Net Non-Recurring Gains (Losses)					25				7,552				(6,020	)			13,573
Net Gains (Losses) related to Stocks					26				5,406				(4,176	)			9,582
Expenses related to Portfolio Problems					27				(6	)			(6	)			—
Gains on Reversal of Allowances for Loan Losses, and others					28				516				338				178
Other					29				1,636				(2,175	)			3,812
Ordinary Profits					30				25,191				1,667				23,523
Net Extraordinary Gains (Losses)					31				11,512				10,504				1,007
Net Gains (Losses) on Disposition of Fixed Assets					32				855				1,144				(288	)
Losses on Impairment of Fixed Assets					33				(10	)			(10	)			—
Gains on Cancellation of Employee Retirement Benefit Trust					34				7,536				7,182				354
Accumulation (Amortization) of Unrecognized Prior Service Cost					35				—				(941	)			941
Profit before Income Taxes					36				36,703				12,172				24,531
Income Taxes - Current					37				(10,888	)			(6,066	)			(4,822	)
- Deferred					38				1,978				3,731				(1,752	)
Profit					39				27,793				9,837				17,956
*(1)  Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) excludes the amounts of “Credit Costs of Trust Accounts” [6].
*(2)  Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas[20]
=Net Business Profits(before Reversal of (Provision for) General Allowance for Loan Losses)[19]-Net Gains (Losses) related to Bonds[24]
Credit-related Costs					40				509				331				178
Credit-related Costs [40] = Expenses related to Portfolio Problems [27] + Reversal of (Provision for) General Allowance for Loan Losses [22] + Gains on Reversal of Allowances for Loan Losses, and others [28] + Credit Costs of Trust Accounts [6]
Reference: Breakdown of Credit-related Costs
Credit Costs of Trust Accounts					41				—				—				—
Reversal of (Provision for) General Allowance for Loan Losses					42				494				497				(2	)
Losses on Write-offs of Loans					43				3				3				0
Reversal of (Provision for) Specific Allowance for Loan Losses					44				11				(169)				180
Reversal of (Provision for) Allowance for Loan Losses to Restructuring Countries					45				—				—				—
Reversal of (Provision for) Reserve for Contingencies					46				—				—				—
Other (including Losses on Sales of Loans)					47				—				—				—
Total					48				509				331				178

2-4

Mizuho Financial Group, Inc.

2. Interest Margins (Domestic Operations)

Non-Consolidated

						(%)
						First Half of Fiscal 2025								First Half of Fiscal 2024
Mizuho Bank										Change
Return on Interest-Earning Assets				1			0.89				0.35				0.53
Return on Loans and Bills Discounted (1)				2			1.24				0.36				0.87
Return on Securities				3			1.16				0.50				0.65
Cost of Funding (including Expenses)				4			0.83				0.27				0.56
Cost of Deposits (including Expenses)				5			0.78				0.21				0.57
Cost of Deposits (2)				6			0.18				0.15				0.02
Cost of Other External Liabilities				7			0.74				0.33				0.41
Net Interest Margin		(1)-(4)		8			0.05				0.08				(0.02	)
Loan and Deposit Rate Margin (including Expenses)		(2)-(5)		9			0.45				0.15				0.30
Loan and Deposit Rate Margin		(2)-(6)		10			1.05				0.20				0.84
(1)   Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG).
(2)   Deposits include Negotiable Certificates of Deposit (“NCDs”).
Reference: After excluding loans to the Japanese government and others
Return on Loans and Bills Discounted				11			1.27				0.37				0.90
Loan and Deposit Rate Margin (including Expenses)		(11)-(5)		12			0.48				0.15				0.32
Loan and Deposit Rate Margin		(11)-(6)		13			1.08				0.21				0.87
						(%)
						First Half of Fiscal 2025								First Half of Fiscal 2024
Mizuho Trust & Banking										Change
Return on Interest-Earning Assets				14			1.03				0.40				0.63
Return on Loans and Bills Discounted (1)				15			1.02				0.29				0.73
Return on Securities				16			3.54				0.00				3.54
Cost of Funding				17			0.50				0.33				0.16
Cost of Deposits (2)				18			0.23				0.18				0.04
Net Interest Margin		(14)-(17)		19			0.52				0.06				0.46
Loan and Deposit Rate Margin		(15)-(18)		20			0.78				0.10				0.68
(1)   Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG).
(2)   Deposits include NCDs.
Reference: After excluding loans to the Japanese government and others
Return on Loans and Bills Discounted				21			1.02				0.29				0.73
Loan and Deposit Rate Margin		(21)-(18)		22			0.78				0.10				0.68
Reference						(%)
						First Half of Fiscal 2025								First Half of Fiscal 2024
Aggregate Figures for the 2 Banks										Change
Return on Loans and Bills Discounted (1)				23			1.23				0.36				0.87
Cost of Deposits (2)				24			0.18				0.15				0.02
Loan and Deposit Rate Margin		(23)-(24)		25			1.04				0.20				0.84
(1)   Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG).
(2)   Deposits include NCDs.
Reference: After excluding loans to the Japanese government and others
Return on Loans and Bills Discounted				26			1.26				0.37				0.89
Loan and Deposit Rate Margin		(26)-(24)		27			1.07				0.21				0.86

2-5

Mizuho Financial Group, Inc.

3. Use and Source of Funds

Non-Consolidated

Mizuho Bank

		(Millions of yen, %)
		First Half of Fiscal 2025																First Half of Fiscal 2024
										Change
		Average Balance				Rate				Average Balance				Rate				Average Balance				Rate
Total
Use of Funds			208,976,378				2.26				2,319,388				(0.14	)			206,656,989				2.40
Loans and Bills Discounted			92,491,614				2.65				1,197,456				(0.12	)			91,294,158				2.78
Securities			35,316,025				2.39				(3,136,149	)			0.28				38,452,174				2.10
Source of Funds			209,995,172				1.64				(908,403	)			(0.24	)			210,903,575				1.88
Deposits			154,265,751				0.99				(113,131	)			(0.08	)			154,378,883				1.08
NCDs			13,930,535				3.46				2,452,776				(0.38	)			11,477,758				3.85
Domestic Operations
Use of Funds			131,553,431				0.89				2,677,569				0.35				128,875,861				0.53
Loans and Bills Discounted			56,320,760				1.22				289,295				0.36				56,031,465				0.86
Securities			16,367,743				1.16				(2,440,761	)			0.50				18,808,504				0.65
Source of Funds			131,469,372				0.29				(649,236	)			0.22				132,118,608				0.06
Deposits			115,547,261				0.17				(930,100	)			0.15				116,477,361				0.02
NCDs			2,803,221				0.39				(152,533	)			0.35				2,955,755				0.04
International Operations
Use of Funds			78,721,796				4.54				53,023				(0.89	)			78,668,773				5.44
Loans and Bills Discounted			36,170,853				4.88				908,160				(0.95	)			35,262,693				5.84
Securities			18,948,282				3.46				(695,387	)			(0.03	)			19,643,670				3.49
Source of Funds			79,824,650				3.87				152,037				(1.02	)			79,672,613				4.89
Deposits			38,718,490				3.43				816,968				(0.90	)			37,901,522				4.34
NCDs			11,127,313				4.23				2,605,310				(0.93	)			8,522,003				5.16

2-6

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (Banking Account)

		(Millions of yen, %)
		First Half of Fiscal 2025																First Half of Fiscal 2024
										Change
		Average Balance				Rate				Average Balance				Rate				Average Balance				Rate
Total
Use of Funds			4,025,984				1.11				(621,795	)			0.47				4,647,779				0.64
Loans and Bills Discounted			2,502,252				1.04				(310,458	)			0.29				2,812,710				0.75
Securities			264,386				4.57				88,730				1.20				175,656				3.37
Source of Funds			3,788,781				0.51				(654,518	)			0.33				4,443,300				0.18
Deposits			1,776,365				0.23				(869,680	)			0.18				2,646,045				0.04
NCDs			224,180				0.27				(84,018	)			0.19				308,199				0.08
Domestic Operations
Use of Funds			4,018,026				1.03				(617,542	)			0.40				4,635,568				0.63
Loans and Bills Discounted			2,488,748				1.03				(305,704	)			0.29				2,794,452				0.73
Securities			256,298				3.54				88,958				0.00				167,340				3.54
Source of Funds			3,780,217				0.50				(650,533	)			0.33				4,430,750				0.16
Deposits			1,774,515				0.23				(868,982	)			0.18				2,643,497				0.04
NCDs			224,180				0.27				(84,018	)			0.19				308,199				0.08
International Operations
Use of Funds			30,005				11.53				(5,009	)			9.78				35,014				1.75
Loans and Bills Discounted			13,503				3.34				(4,753	)			0.00				18,257				3.33
Securities			8,088				37.19				(228	)			37.19				8,316				—
Source of Funds			30,612				1.24				(4,741	)			(0.41	)			35,353				1.65
Deposits			1,850				0.08				(697	)			0.05				2,548				0.03
NCDs			—				—				—				—				—				—

2-7

Mizuho Financial Group, Inc.

4. Net Gains/Losses on Securities

Consolidated

		(Millions of yen)
		First Half of Fiscal 2025								First Half of Fiscal 2024
						Change
Net Gains (Losses) related to Bonds			(17,421	)			(84,876	)			67,454
Gains on Sales and Others			49,870				(42,479	)			92,349
Losses on Sales and Others			(65,850	)			(36,453	)			(29,397	)
Impairment (Devaluation)			(222	)			136				(359	)
Reversal of (Provision for) Allowance for Investment Losses			—				0				(0	)
Gains (Losses) on Derivatives other than for Trading			(1,219	)			(6,081	)			4,861
		First Half of Fiscal 2025								First Half of Fiscal 2024
						Change
Net Gains (Losses) related to Stocks			130,448				50,492				79,955
Gains on Sales			153,428				1,383				152,045
Losses on Sales			(13,596	)			51,980				(65,576	)
Impairment (Devaluation)			(5,310	)			(1,926	)			(3,383	)
Reversal of (Provision for) Allowance for Investment Losses			—				—				—
Gains (Losses) on Derivatives other than for Trading			(4,073	)			(944	)			(3,128	)
Non-Consolidated Aggregate Figures for the 2 Banks
		(Millions of yen)
		First Half of Fiscal 2025								First Half of Fiscal 2024
						Change
Net Gains (Losses) related to Bonds			(21,636	)			(89,937	)			68,300
Gains on Sales and Others			48,394				(43,986	)			92,380
Losses on Sales and Others			(68,589	)			(40,006	)			(28,582	)
Impairment (Devaluation)			(222	)			136				(359	)
Reversal of (Provision for) Allowance for Investment Losses			—				—				—
Gains (Losses) on Derivatives other than for Trading			(1,219	)			(6,081	)			4,861
		First Half of Fiscal 2025								First Half of Fiscal 2024
						Change
Net Gains (Losses) related to Stocks			129,513				54,207				75,306
Gains on Sales			145,344				3,079				142,264
Losses on Sales			(9,487	)			52,752				(62,239	)
Impairment (Devaluation)			(2,269	)			(680	)			(1,589	)
Reversal of (Provision for) Allowance for Investment Losses			—				—				—
Gains (Losses) on Derivatives other than for Trading			(4,073	)			(944	)			(3,128	)

2-8

Mizuho Financial Group, Inc.

Mizuho Bank
		(Millions of yen)
		First Half of Fiscal 2025								First Half of Fiscal 2024
						Change
Net Gains (Losses) related to Bonds			(21,797	)			(90,099	)			68,302
Gains on Sales and Others			48,226				(44,154	)			92,380
Losses on Sales and Others			(68,581	)			(40,000	)			(28,581	)
Impairment (Devaluation)			(222	)			136				(359	)
Reversal of (Provision for) Allowance for Investment Losses			—				—				—
Gains (Losses) on Derivatives other than for Trading			(1,219	)			(6,081	)			4,861
		First Half of Fiscal 2025								First Half of Fiscal 2024
						Change
Net Gains (Losses) related to Stocks			124,107				58,383				65,724
Gains on Sales			139,807				7,224				132,582
Losses on Sales			(9,359	)			52,812				(62,172	)
Impairment (Devaluation)			(2,266	)			(709	)			(1,557	)
Reversal of (Provision for) Allowance for Investment Losses			—				—				—
Gains (Losses) on Derivatives other than for Trading			(4,073	)			(944	)			(3,128	)
Mizuho Trust & Banking
		(Millions of yen)
		First Half of Fiscal 2025								First Half of Fiscal 2024
						Change
Net Gains (Losses) related to Bonds			161				162				(1	)
Gains on Sales and Others			168				168				—
Losses on Sales and Others			(7	)			(5	)			(1	)
Impairment (Devaluation)			—				—				—
Reversal of (Provision for) Allowance for Investment Losses			—				—				—
Gains (Losses) on Derivatives other than for Trading			—				—				—
		First Half of Fiscal 2025								First Half of Fiscal 2024
						Change
Net Gains (Losses) related to Stocks			5,406				(4,176	)			9,582
Gains on Sales			5,536				(4,144	)			9,681
Losses on Sales			(127	)			(59	)			(67	)
Impairment (Devaluation)			(3	)			28				(31	)
Reversal of (Provision for) Allowance for Investment Losses			—				—				—
Gains (Losses) on Derivatives other than for Trading			—				—				—

2-9

Mizuho Financial Group, Inc.

5. Unrealized Gains/Losses on Securities

• Stocks and others without a quoted market price and Investments in Partnerships are excluded.

Consolidated

(1) Other Securities

		(Millions of yen)
		As of September 30, 2025																As of March 31, 2025
		Book Value				Unrealized Gains/Losses												Book Value				Unrealized Gains/Losses
		(= Fair Value)								Gains				Losses				(= Fair Value)								Gains				Losses
Other Securities			32,394,328				1,722,284				2,254,464				532,180				28,315,442				1,244,399				1,851,895				607,496
Japanese Stocks			2,943,420				2,153,059				2,156,179				3,120				2,602,868				1,785,453				1,791,933				6,480
Japanese Bonds			13,590,063				(110,303	)			7,401				117,705				11,250,832				(79,654	)			7,249				86,903
Japanese Government Bonds			10,992,499				(46,358	)			533				46,891				8,370,439				(18,664	)			64				18,728
Other			15,860,844				(320,470	)			90,884				411,354				14,461,741				(461,398	)			52,713				514,112
Foreign Bonds			13,210,043				(318,152	)			27,875				346,028				12,116,540				(384,921	)			18,368				403,290
•  In addition to “Securities” on the consolidated balance sheets, NCDs in “Cash and Due from Banks,” certain items in “Monetary Claims Bought” and certain items in “Other Assets” are also included. •  Other Securities mainly including Foreign Bonds are hedged by using derivative instruments, which apply the deferred method of hedge accounting. Deferred Hedge Gains/Losses before tax adjustment as of September 30, 2025 and March 31, 2025 are ¥(63,848) million (Foreign Bonds ¥(13,584) million and Japanese Government Bonds ¥858 million) and ¥33,528 million (Foreign Bonds ¥39,715 million and Japanese Government Bonds ¥975 million), respectively. Unrealized Gains/Losses applying deferred hedging accounting among hedging instruments as of September 30, 2025 and March 31, 2025 are ¥1,658,436 million (Foreign Bonds ¥(331,737) million and Japanese Government Bonds ¥(45,499) million) and ¥1,277,928 million (Foreign Bonds ¥(345,206) million and Japanese Government Bonds ¥(17,688) million), respectively. •  Unrealized Gains/Losses on Other Securities as of September 30, 2025 and March 31, 2025 include translation differences and others regarding stocks and others without a quoted market price and Investments in Partnerships, and are recorded directly to Net Assets after tax and consolidation adjustments, excluding the amount recognized in the consolidated balance sheet by applying the fair-value hedge accounting and others. (2) Bonds Held to Maturity
		(Millions of yen)
		As of September 30, 2025																As of March 31, 2025
		Book Value				Unrealized Gains/Losses												Book Value				Unrealized Gains/Losses
										Gains				Losses												Gains				Losses
Bonds Held to Maturity			4,168,170				(125,634	)			35,751				161,386				4,183,129				(155,748	)			23,297				179,045

Non-Consolidated

(1) Other Securities

Aggregate Figures for the 2 Banks

		(Millions of yen)
		As of September 30, 2025																As of March 31, 2025
		Book Value				Unrealized Gains/Losses												Book Value				Unrealized Gains/Losses
		(= Fair Value)								Gains				Losses				(= Fair Value)								Gains				Losses
Other Securities			31,467,740				1,643,293				2,173,479				530,185				27,411,717				1,172,231				1,775,925				603,694
Japanese Stocks			2,850,413				2,075,790				2,078,128				2,337				2,516,624				1,713,916				1,719,812				5,896
Japanese Bonds			13,533,087				(109,885	)			7,401				117,286				11,193,302				(78,786	)			7,249				86,035
Japanese Government Bonds			10,981,344				(46,358	)			533				46,891				8,359,271				(18,664	)			64				18,728
Other			15,084,239				(322,611	)			87,949				410,561				13,701,790				(462,898	)			48,863				511,761
Foreign Bonds			12,598,794				(319,218	)			26,036				345,254				11,465,424				(386,209	)			15,035				401,245
Mizuho Bank
Other Securities			31,159,664				1,524,032				2,053,479				529,446				27,108,684				1,074,796				1,677,413				602,617
Japanese Stocks			2,684,216				1,956,168				1,958,242				2,073				2,370,411				1,616,347				1,621,572				5,225
Japanese Bonds			13,395,198				(109,566	)			7,326				116,893				11,040,790				(78,566	)			7,101				85,667
Japanese Government Bonds			10,881,434				(46,352	)			533				46,885				8,260,550				(18,643	)			64				18,707
Other			15,080,250				(322,569	)			87,910				410,479				13,697,483				(462,984	)			48,739				511,724
Foreign Bonds			12,598,794				(319,218	)			26,036				345,254				11,465,424				(386,209	)			15,035				401,245
Mizuho Trust & Banking
Other Securities			308,075				119,261				120,000				739				303,032				97,434				98,511				1,077
Japanese Stocks			166,197				119,621				119,885				263				146,213				97,568				98,239				671
Japanese Bonds			137,889				(318	)			74				393				152,511				(220	)			147				368
Japanese Government Bonds			99,910				(5	)			—				5				98,720				(21	)			—				21
Other			3,989				(42	)			39				81				4,307				86				123				37
Foreign Bonds			—				—				—				—				—				—				—				—

• In addition to “Securities” on the balance sheets, NCDs in “Cash and Due from Banks” and certain items in “Monetary Claims Bought” are also included.

• Other Securities mainly including Foreign Bonds are hedged by using derivative instruments, which apply the deferred method of hedge accounting. Deferred Hedge Gains/Losses before tax adjustment (aggregate figures for the 2 banks) as of September 30, 2025 and March 31, 2025 are ¥(63,848) million (Foreign Bonds ¥(13,584) million and Japanese Government Bonds ¥858 million) and ¥33,528 million (Foreign Bonds ¥39,715 million and Japanese Government Bonds ¥975million), respectively. Unrealized Gains/Losses applying deferred hedging accounting among hedging instruments (aggregate figures for the 2 banks) as of September 30, 2025 and March 31, 2025 are ¥1,579,445 million (Foreign Bonds ¥(332,802) million and Japanese Government Bonds ¥(45,494) million) and ¥1,205,759 million (Foreign Bonds ¥(346,494) million and Japanese Government Bonds ¥(17,667) million), respectively.

• Unrealized Gains/Losses on Other Securities as of September 30, 2025 and March 31, 2025 include translation differences and others regarding stocks and others without a quoted market price and Investments in Partnerships, and are recorded directly to Net Assets after tax adjustment, excluding the amount recognized in the balance sheet by applying the fair-value hedge accounting.

2-10

Mizuho Financial Group, Inc.

(2) Bonds Held to Maturity

Aggregate Figures for the 2 Banks

		(Millions of yen)
		As of September 30, 2025																As of March 31, 2025
						Unrealized Gains/Losses																Unrealized Gains/Losses
		Book Value								Gains				Losses				Book Value								Gains				Losses
Aggregate Figures			4,168,170				(125,634	)			35,751				161,386				4,183,129				(155,748	)			23,297				179,045
Mizuho Bank			4,168,170				(125,634	)			35,751				161,386				4,183,129				(155,748	)			23,297				179,045
Mizuho Trust & Banking			—				—				—				—				—				—				—				—
(3) Investment in Subsidiaries and Affiliates Aggregate Figures for the 2 Banks
		(Millions of yen)
		As of September 30, 2025																As of March 31, 2025
						Unrealized Gains/Losses																Unrealized Gains/Losses
		Book Value								Gains				Losses				Book Value								Gains				Losses
Aggregate Figures			106,131				413,598				413,598				—				106,131				276,514				276,514				—
Mizuho Bank			106,131				413,598				413,598				—				106,131				276,514				276,514				—
Mizuho Trust & Banking			—				—				—				—				—				—				—				—

(Reference)

Unrealized Gains/Losses on Other Securities

(the base amount to be recorded directly to Net Assets after necessary adjustments)

For certain Other Securities, Unrealized Gains/Losses were recognized in the statement of income by applying the fair-value hedge accounting and others. Unrealized Gains/Losses on Other Securities after excluding such Income/Loss (the “base amount”) are recorded directly to Net Assets after necessary adjustments.

The base amounts are as follows:

Consolidated

		(Millions of yen)
		As of September 30, 2025								As of March 31, 2025
		Unrealized Gains/Losses								Unrealized Gains/Losses
						Change
Other Securities			1,688,697				478,346				1,210,350
Japanese Stocks			2,118,391				369,833				1,748,558
Japanese Bonds			(110,303	)			(30,649	)			(79,654	)
Japanese Government Bonds			(46,358	)			(27,693	)			(18,664	)
Other			(319,390	)			139,162				(458,553	)
Foreign Bonds			(317,073	)			65,003				(382,076	)

Non-Consolidated

Aggregate Figures for the 2 Banks

		(Millions of yen)
		As of September 30, 2025								As of March 31, 2025
		Unrealized Gains/Losses								Unrealized Gains/Losses
						Change
Other Securities			1,609,400				473,289				1,136,110
Japanese Stocks			2,041,897				364,101				1,677,795
Japanese Bonds			(109,885	)			(31,098	)			(78,786	)
Japanese Government Bonds			(46,358	)			(27,693	)			(18,664	)
Other			(322,611	)			140,286				(462,898	)
Foreign Bonds			(319,218	)			66,991				(386,209	)

2-11

Mizuho Financial Group, Inc.

6. Projected Redemption Amounts for Securities

• The redemption schedule by term for Bonds Held to Maturity and Other Securities with maturities is as follows:

Non-Consolidated

Aggregate Figures for the 2 Banks

		(Billions of yen)
		Maturity as of September 30, 2025								Change																Maturity as of March 31, 2025
		Within 1 year		1 - 5 years		5 - 10 years		Over 10 years		Within 1 year				1 - 5 years				5 - 10 years				Over 10 years				Within 1 year		1 - 5 years		5 - 10 years		Over 10 years
Japanese Bonds		5,741.3		6,579.7		1,312.8		409.9			(1,098.3	)			3,130.6				326.5				13.6			6,839.6		3,449.0		986.3		396.3
Japanese Government Bonds		5,169.5		5,280.6		957.4		20.0			(982.6	)			3,226.5				387.9				20.0			6,152.2		2,054.1		569.5		—
Japanese Local Government Bonds		55.9		289.8		194.7		5.0			(5.8	)			38.3				(56.9	)			(2.5	)		61.8		251.4		251.6		7.5
Japanese Corporate Bonds		515.7		1,009.3		160.7		384.9			(109.7	)			(134.2	)			(4.3	)			(3.8	)		625.5		1,143.5		165.1		388.8
Other		5,078.9		4,106.5		1,546.1		7,215.0			2,096.1				(548.3	)			17.4				(206.2	)		2,982.8		4,654.8		1,528.7		7,421.2
Mizuho Bank
Japanese Bonds		5,638.4		6,544.4		1,312.7		409.9			(1,095.6	)			3,142.4				326.5				13.6			6,734.0		3,402.0		986.2		396.3
Japanese Government Bonds		5,069.5		5,280.6		957.4		20.0			(983.8	)			3,226.5				387.9				20.0			6,053.4		2,054.1		569.5		—
Japanese Local Government Bonds		55.9		289.8		194.7		5.0			(5.8	)			38.3				(56.9	)			(2.5	)		61.8		251.4		251.6		7.5
Japanese Corporate Bonds		512.8		974.0		160.6		384.9			(105.8	)			(122.4	)			(4.3	)			(3.8	)		618.7		1,096.4		165.0		388.8
Other		5,077.6		4,098.4		1,540.3		7,215.0			2,096.2				(548.6	)			13.7				(206.2	)		2,981.3		4,647.1		1,526.6		7,421.2
Mizuho Trust & Banking
Japanese Bonds		102.9		35.2		0.1		—			(2.7	)			(11.7	)			—				—			105.6		47.0		0.1		—
Japanese Government Bonds		100.0		—		—		—			1.2				—				—				—			98.8		—		—		—
Japanese Local Government Bonds		—		—		—		—			—				—				—				—			—		—		—		—
Japanese Corporate Bonds		2.9		35.2		0.1		—			(3.9	)			(11.7	)			—				—			6.8		47.0		0.1		—
Other		1.2		8.0		5.7		—			(0.1	)			0.3				3.6				—			1.4		7.7		2.0		—

2-12

Mizuho Financial Group, Inc.

7. Employee Retirement Benefits

Non-Consolidated

Retirement Benefit Obligations

Aggregate Figures for the 2 Banks

				(Millions of yen)
				First Half of  Fiscal 2025				Change				First Half of   Fiscal 2024
Retirement Benefit Obligations (at the beginning of the fiscal year)		(A)			872,630				(79,024	)			951,654
Discount Rate (%)					0.79~2.88								0.14~2.08
Fair Value of Plan Assets (at the beginning of the fiscal year)		(B)			1,484,297				(166,320	)			1,650,618
Unrecognized Actuarial Differences (at the beginning of the fiscal year)		(C)			(162,800	)			122,397				(285,198	)
Prepaid Pension Cost/Reserve for Employee Retirement Benefits (at the beginning of the fiscal year)		(B)+ (C) - (A)			448,866				35,101				413,764
Mizuho Bank
Retirement Benefit Obligations (at the beginning of the fiscal year)		(A)			763,041				(69,990	)			833,031
Discount Rate (%)					0.79~2.88								0.14~2.08
Fair Value of Plan Assets (at the beginning of the fiscal year)		(B)			1,274,208				(116,401	)			1,390,609
Unrecognized Actuarial Differences (at the beginning of the fiscal year)		(C)			(135,521	)			86,054				(221,576	)
Prepaid Pension Cost (at the beginning of the fiscal year)		(B)+ (C) - (A)			375,645				39,643				336,001
Mizuho Trust & Banking
Retirement Benefit Obligations (at the beginning of the fiscal year)		(A)			109,589				(9,034	)			118,623
Discount Rate (%)					0.79~2.88								0.14~2.08
Fair Value of Plan Assets (at the beginning of the fiscal year)		(B)			210,089				(49,919	)			260,008
Unrecognized Actuarial Differences (at the beginning of the fiscal year)		(C)			(27,279	)			36,342				(63,621	)
Prepaid Pension Cost/Reserve for Employee Retirement Benefits (at the beginning of the fiscal year)		(B)+ (C) - (A)			73,221				(4,542	)			77,763

2-13

Mizuho Financial Group, Inc.

Income (Expenses) related to Employee Retirement Benefits

Aggregate Figures for the 2 Banks

				(Millions of yen)
				First Half of  Fiscal 2025				Change				First Half of   Fiscal 2024
Service Cost					(5,148	)			1,406				(6,554	)
Interest Cost					(7,143	)			(2,089	)			(5,054	)
Expected Return on Plan Assets					13,201				457				12,743
Accumulation (Amortization) of Unrecognized Actuarial Differences					8,791				(10,100	)			18,891
Accumulation (Amortization) of Unrecognized Prior Service Cost					—				(7,310	)			7,310
Gains on Cancellation of Employee Retirement Benefit Trust					38,566				34,777				3,788
Other					(4,428	)			(1,740	)			(2,687	)
Total					43,838				15,400				28,438
Note: Accumulation (Amortization) of Unrecognized Prior Service Cost and Gains on Cancellation of Employee Retirement Benefit Trust are recorded to Extraordinary Gains (Losses).
Mizuho Bank
				(Millions of yen)
				First Half of Fiscal 2025				Change				First Half of Fiscal 2024
Service Cost					(4,342	)			1,194				(5,536	)
Interest Cost					(6,266	)			(1,824	)			(4,441	)
Expected Return on Plan Assets					11,585				569				11,016
Accumulation (Amortization) of Unrecognized Actuarial Differences					6,983				(7,678	)			14,661
Accumulation (Amortization) of Unrecognized Prior Service Cost					—				(6,368	)			6,368
Gains on Cancellation of Employee Retirement Benefit Trust					31,029				27,595				3,434
Other					(3,774	)			(1,473	)			(2,300	)
Total					35,215				12,013				23,201
Note: Accumulation (Amortization) of Unrecognized Prior Service Cost and Gains on Cancellation of Employee Retirement Benefit Trust are recorded to Extraordinary Gains (Losses).
Mizuho Trust & Banking
				(Millions of yen)
				First Half of Fiscal 2025				Change				First Half of Fiscal 2024
Service Cost					(805	)			212				(1,018	)
Interest Cost					(877	)			(264	)			(612	)
Expected Return on Plan Assets					1,615				(111	)			1,727
Accumulation (Amortization) of Unrecognized Actuarial Differences					1,808				(2,422	)			4,230
Accumulation (Amortization) of Unrecognized Prior Service Cost					—				(941	)			941
Gains on Cancellation of Employee Retirement Benefit Trust					7,536				7,182				354
Other					(653	)			(267	)			(386	)
Total					8,623				3,386				5,236

Note: Accumulation (Amortization) of Unrecognized Prior Service Cost and Gains on Cancellation of Employee Retirement Benefit Trust are recorded to Extraordinary Gains (Losses).

2-14

Mizuho Financial Group, Inc.

Consolidated

Retirement Benefit Obligations

				(Millions of yen)
				First Half of Fiscal 2025				Change				First Half of   Fiscal 2024
Retirement Benefit Obligations (at the beginning of the fiscal year)		(A)			1,068,287				(82,192	)			1,150,480
Fair Value of Plan Assets (at the beginning of the fiscal year)		(B)			1,758,811				(171,635	)			1,930,446
Unrecognized Actuarial Differences (at the beginning of the fiscal year)		(C)			(173,478	)			131,111				(304,590	)
Net Defined Benefit Asset (at the beginning of the fiscal year)		(D)			758,783				(88,333	)			847,116
Net Defined Benefit Liability (at the beginning of the fiscal year)		(A)-(B)+(D)			68,259				1,108				67,151
Income (Expenses) related to Employee Retirement Benefits
				(Millions of yen)
				First Half of  Fiscal 2025				Change				First Half of Fiscal 2024
Service Cost					(8,898	)			1,874				(10,773	)
Interest Cost					(8,378	)			(2,514	)			(5,864	)
Expected Return on Plan Assets					15,469				421				15,048
Accumulation (Amortization) of Unrecognized Actuarial Differences					8,962				(10,617	)			19,579
Accumulation (Amortization) of Unrecognized Prior Service Cost					11				(9,015	)			9,026
Gains on Cancellation of Employee Retirement Benefit Trust					38,566				34,777				3,788
Other					(12,917	)			(4,157	)			(8,759	)
Total					32,815				10,769				22,046

Note: Accumulation (Amortization) of Unrecognized Prior Service Cost and Gains on Cancellation of Employee Retirement Benefit Trust are recorded to Extraordinary Gains (Losses), except for a portion thereof.

2-15

Mizuho Financial Group, Inc.

8. Capital Ratio

Mizuho Financial Group

International Standard

		Consolidated								(%, Billions of yen)
		As of September 30, 2025 (Preliminary)				Change				As of March 31, 2025
(1)   Total Capital Ratio			18.41				0.66				17.75
(2)   Tier 1 Capital Ratio			16.55				0.90				15.65
(3)   Common Equity Tier 1 Capital Ratio			13.70				0.47				13.23
(4)   Total Capital			13,662.3				906.5				12,755.7
(5)   Tier 1 Capital			12,287.4				1,039.1				11,248.2
(6)   Common Equity Tier 1 Capital			10,166.2				659.9				9,506.2
(7)   Risk weighted Assets			74,205.0				2,360.6				71,844.4
(8)   Total Required Capital (7) X8%			5,936.4				188.8				5,747.5
Mizuho Bank International Standard
		Consolidated												Non-Consolidated
		As of September 30, 2025 (Preliminary)				Change				As of March 31, 2025				As of September 30, 2025 (Preliminary)
(1)   Total Capital Ratio			17.50				1.23				16.27				16.77
(2)   Tier 1 Capital Ratio			15.48				1.42				14.06				14.58
(3)   Common Equity Tier 1 Capital Ratio			12.34				0.92				11.42				11.15
(4)   Total Capital			11,836.9				1,118.1				10,718.8				10,347.5
(5)   Tier 1 Capital			10,473.0				1,205.6				9,267.3				8,993.6
(6)   Common Equity Tier 1 Capital			8,350.9				821.8				7,529.0				6,882.1
(7)   Risk weighted Assets			67,632.6				1,753.2				65,879.4				61,680.1
(8)   Total Required Capital (7) X8%			5,410.6				140.2				5,270.3				4,934.4
Mizuho Trust & Banking International Standard
		Consolidated												Non-Consolidated
		As of September 30, 2025 (Preliminary)				Change				As of March 31, 2025				As of September 30, 2025 (Preliminary)
(1)   Total Capital Ratio			34.58				2.98				31.60				34.44
(2)   Tier 1 Capital Ratio			34.58				2.98				31.60				34.44
(3)   Common Equity Tier 1 Capital Ratio			34.57				2.97				31.60				34.44
(4)   Total Capital			549.8				55.8				493.9				512.0
(5)   Tier 1 Capital			549.7				55.8				493.8				512.0
(6)   Common Equity Tier 1 Capital			549.7				55.8				493.8				512.0
(7)   Risk weighted Assets			1,589.6				27.0				1,562.5				1,486.3
(8)   Total Required Capital (7) X8%			127.1				2.1				125.0				118.9

2-16

Mizuho Financial Group, Inc.

II. REVIEW OF CREDITS

1. Status of Non Performing Loans based on the Banking Act (“BA”) and the Financial Reconstruction Act (“FRA”)

• The figures below are presented net of partial direct write-offs.

• Treatment of accrued interest is based on the results of the self-assessment of assets.

(All loans to obligors classified in the self-assessment of assets as Bankrupt Obligors, Substantially Bankrupt Obligors, and Intensive Control Obligors are categorized as non-accrual loans.)

Consolidated

		(Millions of yen)
		As of September 30, 2025				Change				As of March 31, 2025
Claims against Bankrupt and Substantially Bankrupt Obligors			43,699				11,215				32,484
Claims with Collection Risk			318,516				(257,684	)			576,200
Claims for Special Attention			430,465				(8,160	)			438,626
Loans Past Due for 3 Months or More			584				313				271
Restructured Loans			429,881				(8,474	)			438,355
Sub-total[1]			792,681				(254,629	)			1,047,311
Normal Claims			107,911,422				1,481,261				106,430,161
Total[2]			108,704,104				1,226,631				107,477,473
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs			319,626				223,676				95,949
		(%)
NPL ratio[1]/[2]			0.72				(0.24	)			0.97
Trust Account
		(Millions of yen)
		As of September 30, 2025				Change				As of March 31, 2025
Claims against Bankrupt and Substantially Bankrupt Obligors			—				—				—
Claims with Collection Risk			—				—				—
Claims for Special Attention			—				—				—
Loans Past Due for 3 Months or More			—				—				—
Restructured Loans			—				—				—
Sub-total[3]			—				—				—
Normal Claims			1,085				(306	)			1,392
Total[4]			1,085				(306	)			1,392
		(%)
NPL ratio[3]/[4]			—				—				—

2-17

Mizuho Financial Group, Inc.

Consolidated + Trust Account

		(Millions of yen)
		As of September 30, 2025				Change				As of March 31, 2025
Claims against Bankrupt and Substantially Bankrupt Obligors			43,699				11,215				32,484
Claims with Collection Risk			318,516				(257,684	)			576,200
Claims for Special Attention			430,465				(8,160	)			438,626
Loans Past Due for 3 Months or More			584				313				271
Restructured Loans			429,881				(8,474	)			438,355
Sub-total[5]			792,681				(254,629	)			1,047,311
Normal Claims			107,912,508				1,480,954				106,431,553
Total[6]			108,705,190				1,226,324				107,478,865
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs			319,626				223,676				95,949
		(%)
NPL ratio[5]/[6]			0.72				(0.24	)			0.97

Trust account represents trust accounts that guarantee principals in the agreement.

2-18

Mizuho Financial Group, Inc.

Non-Consolidated

Aggregate Figures for the 2 Banks (Banking Account + Trust Account)

		(Millions of yen)
		As of September 30, 2025				Change				As of March 31, 2025
Claims against Bankrupt and Substantially Bankrupt Obligors			33,809				11,580				22,229
Claims with Collection Risk			307,702				(261,668	)			569,370
Claims for Special Attention			419,704				(7,254	)			426,959
Loans Past Due for 3 Months or More			584				313				271
Restructured Loans			419,119				(7,568	)			426,688
Sub-total[1]			761,216				(257,343	)			1,018,559
Normal Claims			109,110,837				1,052,050				108,058,786
Total[2]			109,872,053				794,707				109,077,346
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs			317,271				223,259				94,011
		(%)
NPL ratio[1]/[2]			0.69				(0.24	)			0.93
Mizuho Bank
		(Millions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors			33,769				11,617				22,151
Claims with Collection Risk			303,360				(258,434	)			561,794
Claims for Special Attention			413,527				(5,936	)			419,464
Loans Past Due for 3 Months or More			584				313				271
Restructured Loans			412,943				(6,249	)			419,192
Sub-total[3]			750,658				(252,752	)			1,003,410
Normal Claims			106,639,265				1,160,298				105,478,966
Total[4]			107,389,923				907,546				106,482,377
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs			317,058				223,281				93,777
		(%)
NPL ratio[3]/[4]			0.69				(0.24	)			0.94

2-19

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

(Banking Account)

		(Millions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors			40				(37	)			78
Claims with Collection Risk			4,341				(3,234	)			7,575
Claims for Special Attention			6,176				(1,318	)			7,495
Loans Past Due for 3 Months or More			—				—				—
Restructured Loans			6,176				(1,318	)			7,495
Sub-total[5]			10,558				(4,590	)			15,148
Normal Claims			2,470,486				(107,941	)			2,578,427
Total[6]			2,481,044				(112,531	)			2,593,576
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs			212				(21	)			233
		(%)
NPL ratio[5]/[6]			0.42				(0.15	)			0.58
(Trust Account)
		(Millions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors			—				—				—
Claims with Collection Risk			—				—				—
Claims for Special Attention			—				—				—
Loans Past Due for 3 Months or More			—				—				—
Restructured Loans			—				—				—
Sub-total[7]			—				—				—
Normal Claims			1,085				(306	)			1,392
Total[8]			1,085				(306	)			1,392
		(%)
NPL ratio[7]/[8]			—				—				—

Trust account represents trust accounts that guarantee principals in the agreement.

2-20

Mizuho Financial Group, Inc.

2. Status of Allowances for Loan Losses

Consolidated

		(Millions of yen)
		As of September 30, 2025				Change				As of March 31, 2025
Allowances for Loan Losses			490,037				(265,713	)			755,751
General Allowance for Loan Losses			329,537				(6,747	)			336,285
Specific Allowance for Loan Losses			157,937				(237,189	)			395,127
Allowance for Loan Losses to Restructuring Countries			2,562				(21,776	)			24,339
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs			322,250				226,032				96,218

Non-Consolidated

Aggregate Figures for the 2 Banks

		(Millions of yen)
		As of September 30, 2025				Change				As of March 31, 2025
Allowances for Loan Losses			463,957				(262,211	)			726,169
General Allowance for Loan Losses			316,632				(4,084	)			320,716
Specific Allowance for Loan Losses			144,763				(236,350	)			381,113
Allowance for Loan Losses to Restructuring Countries			2,562				(21,776	)			24,339
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs			319,577				225,566				94,011
Mizuho Bank
Allowances for Loan Losses			458,473				(260,796	)			719,269
General Allowance for Loan Losses			311,276				(3,589	)			314,866
Specific Allowance for Loan Losses			144,634				(235,430	)			380,064
Allowance for Loan Losses to Restructuring Countries			2,562				(21,776	)			24,339
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs			319,365				225,588				93,777
Mizuho Trust & Banking
Allowances for Loan Losses			5,484				(1,415	)			6,899
General Allowance for Loan Losses			5,355				(494	)			5,850
Specific Allowance for Loan Losses			128				(920	)			1,049
Allowance for Loan Losses to Restructuring Countries			—				—				—
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs			212				(21	)			233

Allowance for Entrusted Loan Losses (¥3 million and ¥4 million for September 30, 2025 and March 31, 2025, respectively) is not included in the above figures for Trust Account.

2-21

Mizuho Financial Group, Inc.

3. Allowance Coverage Ratios for Non Performing Loans based on the BA and the FRA

Consolidated

		(%)
		As of September 30, 2025				Change				As of March 31, 2025
Mizuho Financial Group			61.82				(10.34	)			72.16
Above figures are presented net of partial direct write-offs.
Non-Consolidated
		(%)
		As of September 30, 2025				Change				As of March 31, 2025
Total			60.94				(10.34	)			71.29
Mizuho Bank			61.07				(10.60	)			71.68
Mizuho Trust & Banking (Banking Account)			51.94				6.39				45.54

Above figures are presented net of partial direct write-offs.

2-22

Mizuho Financial Group, Inc.

4. Coverage on Non Performing Loans based on the BA and the FRA

Non-Consolidated

(1) Non Performing Loans based on the BA and the FRA and Coverage Amount

Aggregate Figures for the 2 Banks (Banking Account)

		(Billions of yen)
		As of September 30, 2025				Change				As of March 31, 2025
Claims against Bankrupt and Substantially Bankrupt Obligors			33.8				11.5				22.2
Collateral, Guarantees, and equivalent			21.9				0.5				21.4
Allowance for Losses			11.8				11.0				0.7
Claims with Collection Risk			307.7				(261.6	)			569.3
Collateral, Guarantees, and equivalent			116.3				(18.2	)			134.5
Allowance for Losses			132.9				(247.3	)			380.3
Claims for Special Attention			419.7				(7.2	)			426.9
Collateral, Guarantees, and equivalent			124.7				7.1				117.6
Allowance for Losses			97.5				(5.2	)			102.8
Total			761.2				(257.3	)			1,018.5
Collateral, Guarantees, and equivalent			263.1				(10.5	)			273.6
Allowance for Losses			242.3				(241.6	)			483.9
Mizuho Bank
Claims against Bankrupt and Substantially Bankrupt Obligors			33.7				11.6				22.1
Collateral, Guarantees, and equivalent			21.9				0.5				21.3
Allowance for Losses			11.8				11.0				0.7
Claims with Collection Risk			303.3				(258.4	)			561.7
Collateral, Guarantees, and equivalent			112.1				(17.4	)			129.6
Allowance for Losses			132.8				(246.4	)			379.2
Claims for Special Attention			413.5				(5.9	)			419.4
Collateral, Guarantees, and equivalent			124.1				8.7				115.3
Allowance for Losses			96.6				(5.3	)			101.9
Total			750.6				(252.7	)			1,003.4
Collateral, Guarantees, and equivalent			258.2				(8.1	)			266.3
Allowance for Losses			241.2				(240.7	)			482.0
Mizuho Trust & Banking (Banking Account)
Claims against Bankrupt and Substantially Bankrupt Obligors			0.0				(0.0	)			0.0
Collateral, Guarantees, and equivalent			0.0				(0.0	)			0.0
Allowance for Losses			—				—				—
Claims with Collection Risk			4.3				(3.2	)			7.5
Collateral, Guarantees, and equivalent			4.1				(0.7	)			4.9
Allowance for Losses			0.1				(0.9	)			1.0
Claims for Special Attention			6.1				(1.3	)			7.4
Collateral, Guarantees, and equivalent			0.6				(1.6	)			2.3
Allowance for Losses			0.9				0.0				0.9
Total			10.5				(4.5	)			15.1
Collateral, Guarantees, and equivalent			4.8				(2.4	)			7.3
Allowance for Losses			1.0				(0.8	)			1.9
Reference: Trust Account
Claims against Bankrupt and Substantially Bankrupt Obligors			—				—				—
Collateral, Guarantees, and equivalent			—				—				—
Claims with Collection Risk			—				—				—
Collateral, Guarantees, and equivalent			—				—				—
Claims for Special Attention			—				—				—
Collateral, Guarantees, and equivalent			—				—				—
Total			—				—				—
Collateral, Guarantees, and equivalent			—				—				—

* Trust account represents trust accounts that guarantee principals in the agreement.

2-23

Mizuho Financial Group, Inc.

(2) Coverage Ratio

Aggregate Figures for the 2 Banks (Banking Account)

		(Billions of yen)
		As of September 30, 2025				Change				As of March 31, 2025
Coverage Amount			505.4				(252.2	)			757.6
Allowances for Loan Losses			242.3				(241.6	)			483.9
Collateral, Guarantees, and equivalent			263.1				(10.5	)			273.6
		(%)
Coverage Ratio			66.3				(7.9	)			74.3
Claims against Bankrupt and Substantially Bankrupt Obligors			100.0				—				100.0
Claims with Collection Risk			81.0				(9.4	)			90.4
Claims for Special Attention			52.9				1.3				51.6
Claims against Special Attention Obligors			53.4				1.7				51.7
Allowance Coverage Ratio against Non-collateralized Claims
		(%)
Claims against Bankrupt and Substantially Bankrupt Obligors			100.0				—				100.0
Claims with Collection Risk			69.4				(18.0	)			87.4
Claims for Special Attention			33.0				(0.1	)			33.2
Claims against Special Attention Obligors			32.5				0.2				32.2
Reference: Allowance Coverage Ratio
		(%)
Claims against Special Attention Obligors			22.43				(0.53	)			22.97
Claims against Watch Obligors excluding Special Attention Obligors			3.04				0.01				3.03
Claims against Normal Obligors			0.14				0.00				0.14
Mizuho Bank
		(Billions of yen)
Coverage Amount			499.4				(248.9	)			748.3
Allowances for Loan Losses			241.2				(240.7	)			482.0
Collateral, Guarantees, and equivalent			258.2				(8.1	)			266.3
		(%)
Coverage Ratio			66.5				(8.0	)			74.5
Claims against Bankrupt and Substantially Bankrupt Obligors			100.0				—				100.0
Claims with Collection Risk			80.7				(9.8	)			90.5
Claims for Special Attention			53.3				1.5				51.8
Claims against Special Attention Obligors			53.8				1.5				52.3
Allowance Coverage Ratio against Non-collateralized Claims
		(%)
Claims against Bankrupt and Substantially Bankrupt Obligors			100.0				—				100.0
Claims with Collection Risk			69.4				(18.2	)			87.7
Claims for Special Attention			33.3				(0.1	)			33.5
Claims against Special Attention Obligors			32.8				0.0				32.7
Reference: Allowance Coverage Ratio
		(%)
Claims against Special Attention Obligors			22.53				(0.68	)			23.22
Claims against Watch Obligors excluding Special Attention Obligors			3.02				(0.00	)			3.03
Claims against Normal Obligors			0.14				0.00				0.14

2-24

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (Banking Account)

		(Billions of yen)
		As of September 30, 2025				Change				As of March 31, 2025
Coverage Amount			5.9				(3.3	)			9.2
Allowances for Loan Losses			1.0				(0.8	)			1.9
Collateral, Guarantees, and equivalent			4.8				(2.4	)			7.3
		(%)
Coverage Ratio			56.5				(4.7	)			61.2
Claims against Bankrupt and Substantially Bankrupt Obligors			100.0				—				100.0
Claims with Collection Risk			98.6				19.7				78.9
Claims for Special Attention			26.6				(16.4	)			43.0
Claims against Special Attention Obligors			25.4				(6.0	)			31.4
Allowance Coverage Ratio against Non-collateralized Claims
		(%)
Claims against Bankrupt and Substantially Bankrupt Obligors			—				—				—
Claims with Collection Risk			66.8				27.3				39.4
Claims for Special Attention			17.3				(0.0	)			17.4
Claims against Special Attention Obligors			17.3				(0.0	)			17.3
Reference: Allowance Coverage Ratio
		(%)
Claims against Special Attention Obligors			15.69				1.26				14.43
Claims against Watch Obligors excluding Special Attention Obligors			4.98				3.28				1.70
Claims against Normal Obligors			0.14				0.00				0.14

2-25

Mizuho Financial Group, Inc.

5. Overview of Non-Performing Loans (“NPLs”)

Non-Consolidated

Aggregate Figures for the 2 Banks (Banking Account)

(Billions of yen)

Notes:		Claims for Special Attention is denoted on an individual loans basis.
		Claims against Special Attention Obligors includes all claims, not limited to Claims for Special Attention.

2-26

Mizuho Financial Group, Inc.

6. Results of Removal of NPLs from the Balance Sheet

Non-Consolidated

(1) Outstanding Balance of Claims against Bankrupt and Substantially Bankrupt Obligors and Claims with Collection Risk (under the BA and the FRA)

Aggregate Figures for the 2 Banks (Banking Account + Trust Account)

		(Billions of yen)
		Fiscal 2022				Fiscal 2023				Fiscal 2024				Fiscal 2025
		As of March 31, 2023				As of March 31, 2024				As of March 31, 2025				As of September 30, 2025
														MHBK				MHTB*				Aggregate Figures for the 2 Banks				Change from March 31, 2025
Claims against Bankrupt and Substantially Bankrupt Obligors			34.0				15.9				9.3				18.2				0.0				18.3				8.9
Claims with Collection Risk			658.4				499.8				398.6				125.6				4.2				129.8				(268.7	)
Amount Categorized as above up to Fiscal 2022			692.5				515.7				408.0				143.9				4.2				148.2				(259.8	)
of which the amount which was in the process of being removed from the balance sheet			30.5				15.3				9.1				18.0				0.0				18.1				8.9
Claims against Bankrupt and Substantially Bankrupt Obligors							10.7				3.8				3.3				—				3.3				(0.5	)
Claims with Collection Risk							208.7				64.7				57.8				0.0				57.9				(6.8	)
Amount Newly Categorized as above during Fiscal 2023							219.5				68.5				61.1				0.0				61.2				(7.3	)
of which the amount which was in the process of being removed from the balance sheet							9.4				2.9				2.5				—				2.5				(0.4	)
Claims against Bankrupt and Substantially Bankrupt Obligors											9.0				3.8				—				3.8				(5.1	)
Claims with Collection Risk											105.9				67.9				0.0				67.9				(37.9	)
Amount Newly Categorized as above during Fiscal 2024											115.0				71.8				0.0				71.8				(43.1	)
of which the amount which was in the process of being removed from the balance sheet											5.8				3.4				—				3.4				(2.3	)
Claims against Bankrupt and Substantially Bankrupt Obligors															8.3				—				8.3				8.3
Claims with Collection Risk															51.8				0.0				51.9				51.9
Amount Newly Categorized as above during the First Half of Fiscal 2025															60.1				0.0				60.2				60.2
of which the amount which was in the process of being removed from the balance sheet															3.8				—				3.8				3.8
Claims against Bankrupt and Substantially Bankrupt Obligors			34.0				26.6				22.2				33.7				0.0				33.8				11.5
Claims with Collection Risk			658.4				708.6				569.3				303.3				4.3				307.7				(261.6	)
Total			692.5				735.3				591.6				337.1				4.3				341.5				(250.0	)
of which the amount which was in the process of being removed from the balance sheet			30.5				24.7				17.9				27.9				0.0				28.0				10.0

* Trust account represents trust accounts that guarantee principals in the agreement.
*				denotes newly categorized amounts.

(2) Breakdown of Reasons for Removal of NPLs from the Balance Sheet in the First Half of Fiscal 2025

		(Billions of yen)
		Aggregate Figures for the 2 Banks (Banking Account + Trust Account)				MHBK				MHTB (Banking Account + Trust Account)
Liquidation			(1.0	)			(1.0	)			—
Restructuring			(1.3	)			(1.3	)			—
Improvement in Business Performance due to Restructuring			—				—				—
Loan Sales			(12.1	)			(9.6	)			(2.4	)
Direct Write-off			(222.7	)			(222.7	)			0.0
Other			(73.0	)			(72.2	)			(0.8	)
Debt recovery			(27.9	)			(27.2	)			(0.6	)
Improvement in Business Performance			(45.1	)			(44.9	)			(0.1	)
Total			(310.3	)			(307.0	)			(3.3	)

2-27

Mizuho Financial Group, Inc.

7. Status of Loans by Industry

(1) Outstanding Balances by Industry

Non-Consolidated

Aggregate Figures for the 2 Banks (Banking Account + Trust Account)

		(Billions of yen)
		As of September 30, 2025								As of March 31, 2025
		Outstanding Balance				Change				Outstanding Balance
Domestic Total (excluding Loans Booked Offshore)			63,256.9				(1,082.3	)			64,339.3
Manufacturing			10,062.8				(246.8	)			10,309.7
Agriculture & Forestry			50.2				1.2				48.9
Fishery			12.2				(0.6	)			12.9
Mining, Quarrying Industry & Gravel Extraction Industry			147.9				(12.3	)			160.3
Construction			1,051.5				(3.6	)			1,055.1
Utilities			3,197.9				0.6				3,197.3
Communication			1,408.0				237.2				1,170.7
Transportation & Postal Industry			2,275.3				8.4				2,266.9
Wholesale & Retail			4,902.4				22.8				4,879.6
Finance & Insurance			9,122.0				(198.1	)			9,320.1
Real Estate			12,638.9				191.2				12,447.6
Commodity Lease			3,627.8				384.3				3,243.4
Service Industries			3,006.2				(14.4	)			3,020.7
Local Governments			340.8				(28.1	)			368.9
Governments			1,275.5				(1,707.2	)			2,982.7
Other			10,136.9				283.0				9,853.9
Overseas Total (including Loans Booked Offshore)			31,497.1				1,162.1				30,335.0
Governments			253.4				(39.6	)			293.0
Financial Institutions			13,810.6				32.8				13,777.7
Other			17,433.1				1,168.9				16,264.2
Total			94,754.1				79.7				94,674.3

* Loans to Finance & Insurance sector includes loans to MHFG as follows:

As of September 30, 2025: ¥265.0 billion (from MHBK)

As of March 31, 2025: ¥530.0 billion (from MHBK)

* Amounts of Outstanding Balances are the aggregate figures for banking and trust accounts.

2-28

Mizuho Financial Group, Inc.

Mizuho Bank

		(Billions of yen)
		As of September 30, 2025								As of March 31, 2025
		Outstanding Balance				Change				Outstanding Balance
Domestic Total (excluding Loans Booked Offshore)			60,223.6				(1,056.5	)			61,280.1
Manufacturing			9,784.0				(206.6	)			9,990.7
Agriculture & Forestry			50.2				1.2				48.9
Fishery			12.2				(0.6	)			12.9
Mining, Quarrying Industry & Gravel Extraction Industry			147.0				(12.2	)			159.2
Construction			997.3				(10.1	)			1,007.5
Utilities			3,002.1				19.5				2,982.6
Communication			1,355.6				222.6				1,133.0
Transportation & Postal Industry			2,158.9				18.0				2,140.8
Wholesale & Retail			4,797.9				18.7				4,779.1
Finance & Insurance			8,607.3				(253.8	)			8,861.2
Real Estate			11,332.4				230.1				11,102.3
Commodity Lease			3,435.1				370.6				3,064.5
Service Industries			2,989.7				(7.1	)			2,996.8
Local Governments			340.8				(27.9	)			368.7
Governments			1,275.5				(1,707.2	)			2,982.7
Other			9,936.9				288.4				9,648.5
Overseas Total (including Loans Booked Offshore)			31,497.1				1,162.1				30,335.0
Governments			253.4				(39.6	)			293.0
Financial Institutions			13,810.6				32.8				13,777.7
Other			17,433.1				1,168.9				16,264.2
Total			91,720.8				105.5				91,615.2
Mizuho Trust & Banking (Banking Account + Trust Account)
Domestic Total (excluding Loans Booked Offshore)			3,033.3				(25.8	)			3,059.1
Manufacturing			278.8				(40.1	)			319.0
Agriculture & Forestry			0.0				(0.0	)			0.0
Fishery			—				—				—
Mining, Quarrying Industry & Gravel Extraction Industry			0.9				(0.1	)			1.0
Construction			54.1				6.5				47.6
Utilities			195.7				(18.8	)			214.6
Communication			52.4				14.6				37.7
Transportation & Postal Industry			116.3				(9.6	)			126.0
Wholesale & Retail			104.4				4.0				100.4
Finance & Insurance			514.6				55.7				458.8
Real Estate			1,306.4				(38.8	)			1,345.2
Commodity Lease			192.6				13.7				178.8
Service Industries			16.5				(7.2	)			23.8
Local Governments			—				(0.2	)			0.2
Governments			—				—				—
Other			200.0				(5.3	)			205.4
Overseas Total (including Loans Booked Offshore)			—				—				—
Governments			—				—				—
Financial Institutions			—				—				—
Other			—				—				—
Total			3,033.3				(25.8	)			3,059.1

* Amounts of Outstanding Balances are the aggregate figures for banking and trust accounts.

2-29

Mizuho Financial Group, Inc.

(2) Non Performing Loans based on the BA and the FRA and Coverage Ratio by Industry

Non-Consolidated

Aggregate Figures for the 2 Banks (Banking Account + Trust Account)

		(Billions of yen, %)
		As of September 30, 2025																As of March 31, 2025
		Non Performing Loans based on the BA and the FRA				Coverage Ratio				Change								Non Performing Loans based on the BA and the FRA				Coverage Ratio
										Non Performing Loans based on the BA and the FRA				Coverage Ratio
Domestic Total (excluding Loans Booked Offshore)			690.2				65.0				(247.9	)			(8.7	)			938.2				73.8
Manufacturing			364.9				63.3				(245.3	)			(12.8	)			610.3				76.2
Agriculture & Forestry			7.7				85.5				4.4				9.2				3.2				76.3
Fishery			—				—				—				—				—				—
Mining, Quarrying Industry & Gravel Extraction Industry			0.0				100.0				0.0				—				—				—
Construction			3.2				77.8				0.1				(4.3	)			3.0				82.1
Utilities			3.8				63.9				2.7				(4.8	)			1.0				68.7
Communication			12.8				55.7				1.1				(3.6	)			11.7				59.3
Transportation & Postal Industry			8.3				77.8				(3.4	)			0.4				11.8				77.4
Wholesale & Retail			119.3				54.2				8.1				(1.7	)			111.2				55.9
Finance & Insurance			12.8				51.8				(1.0	)			(3.0	)			13.9				54.8
Real Estate			22.2				84.8				(4.0	)			(2.0	)			26.3				86.8
Commodity Lease			0.2				72.3				(0.0	)			0.8				0.2				71.5
Service Industries			86.5				63.6				(8.7	)			(3.5	)			95.2				67.2
Local Governments			—				—				—				—				—				—
Other			47.8				97.4				(1.9	)			0.3				49.8				97.1
Overseas Total (including Loans Booked Offshore)			70.9				79.6				(9.3	)			(1.2	)			80.3				80.8
Governments			—				—				—				—				—				—
Financial Institutions			—				—				—				—				—				—
Other			70.9				79.6				(9.3	)			(1.2	)			80.3				80.8
Total			761.2				66.3				(257.3	)			(7.9	)			1,018.5				74.3

* Trust account represents trust accounts that guarantee principals in the agreement.

2-30

Mizuho Financial Group, Inc.

8. Housing and Consumer Loans & Loans to Small and Medium-Sized Enterprises (“SMEs”) and Individual Customers

(1) Balance of Housing and Consumer Loans

Non-Consolidated

Aggregate Figures for the 2 Banks (Banking Account + Trust Account)

		(Billions of yen)
		As of September 30, 2025								As of March 31, 2025
						Change
Housing and Consumer Loans			7,257.3				(82.1	)			7,339.5
Housing Loans for owner’s residential housing			6,817.3				(73.4	)			6,890.7
Mizuho Bank
Housing and Consumer Loans			7,227.7				(79.3	)			7,307.1
Housing Loans			6,858.4				(77.0	)			6,935.5
for owner’s residential housing			6,789.0				(70.8	)			6,859.8
Consumer loans			369.2				(2.2	)			371.5
Mizuho Trust & Banking (Banking Account + Trust Account)
Housing and Consumer Loans			29.6				(2.8	)			32.4
Housing Loans for owner’s residential housing			28.2				(2.6	)			30.9
* Above figures are aggregate banking and trust account amounts.
(2) Loans to SMEs and Individual Customers
Non-Consolidated
Aggregate Figures for the 2 Banks (Banking Account + Trust Account)
		(%, Billions of yen)
		As of September 30, 2025								As of March 31, 2025
						Change
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans			57.7				1.0				56.7
Loans to SMEs and Individual Customers			36,527.1				22.1				36,504.9
Mizuho Bank
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans			58.2				1.2				57.0
Loans to SMEs and Individual Customers			35,086.0				126.9				34,959.1
Mizuho Trust & Banking (Banking Account + Trust Account)
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans			47.5				(3.0	)			50.5
Loans to SMEs and Individual Customers			1,441.0				(104.7	)			1,545.8

* Above figures are aggregate banking and trust account amounts.

* Above figures do not include loans booked at overseas offices and offshore loans.

* The definition of “Small and Medium-sized Enterprises” is as follows:

Enterprises of which the capital is ¥300 million or below (¥100 million or below for the wholesale industry, and ¥50 million or below for the retail, restaurant and commodity lease industries, etc.), or enterprises with full-time employees of 300 or below (100 or below for the wholesale and commodity lease industries etc., 50 or below for the retail and restaurant industries.)

2-31

Mizuho Financial Group, Inc.

9. Status of Loans by Region

(1) Outstanding Balances by Region

Non-Consolidated

Aggregate Figures for the 2 Banks (Banking Account + Trust Account)

		(Billions of yen)
		As of September 30, 2025								As of March 31, 2025
		Outstanding Balance				Change				Outstanding Balance
Asia			7,914.2				938.3				6,975.9
Hong Kong			933.6				36.2				897.3
Singapore			1,501.9				134.9				1,366.9
Thailand			1,186.0				157.0				1,029.0
Taiwan			1,120.2				413.9				706.3
India			1,010.5				83.3				927.1
South Korea			752.2				19.9				732.3
Indonesia			490.6				60.6				430.0
Philippines			286.3				19.4				266.8
China			151.3				9.8				141.4
Malaysia			103.1				14.3				88.8
Central and South America			4,393.9				(48.2	)			4,442.1
Mexico			278.8				(75.1	)			353.9
Brazile			219.8				19.6				200.1
North America			14,339.3				590.3				13,748.9
United States			12,907.5				794.7				12,112.8
Eastern Europe			63.3				(58.4	)			121.7
Russia			20.3				(80.6	)			100.9
Western Europe			4,602.6				45.2				4,557.3
United Kingdom			1,378.8				(1.4	)			1,380.2
Netherlands			934.3				(129.6	)			1,064.0
Germany			15.7				(64.7	)			80.4
Ireland			528.1				(8.7	)			536.9
Switzerland			79.2				(6.5	)			85.8
France			252.5				120.5				132.0
Turkey			128.9				30.2				98.7
Italy			13.6				0.9				12.7
Other			4,406.7				34.5				4,372.1
Australia			2,308.0				148.1				2,159.9
Total			35,720.1				1,501.8				34,218.2
The above figures are based on obligor country of location. The outstanding balance of loans in major banking subsidiaries outside Japan in the consolidated financial statement is as follows.
		As of September 30, 2025								As of March 31, 2025
		Outstanding Balance				Change				Outstanding Balance
Mizuho Bank Europe N.V.			1,763.3				1,188.7				574.6
Mizuho Bank (China) ,Ltd			932.1				(231.3	)			1,163.4
PT. Bank Mizuho Indonesia			570.1				(39.9	)			610.0

2-32

Mizuho Financial Group, Inc.

(2) Non Performing Loans based on the BA and the FRA by Region

Non-Consolidated

Aggregate Figures for the 2 Banks (Banking Account + Trust Account)

		(Billions of yen)
		As of September 30, 2025								As of March 31, 2025
		Non Performing Loans based on the BA and the FRA				Change				Non Performing Loans based on the BA and the FRA
Asia			35.9				(22.3	)			58.2
Hong Kong			0.9				(0.0	)			1.0
Singapore			3.3				(10.3	)			13.7
Thailand			0.5				(0.4	)			1.0
Taiwan			15.3				(8.9	)			24.2
India			—				—				—
South Korea			—				(0.0	)			0.0
Indonesia			—				—				—
Philippines			0.0				(0.0	)			0.0
China			0.1				(0.0	)			0.1
Malaysia			—				—				—
Central and South America			10.4				(3.5	)			13.9
Mexico			—				—				—
Brazile			—				—				—
North America			14.2				5.9				8.2
United States			14.2				5.9				8.2
Eastern Europe			8.4				(0.1	)			8.5
Russia			8.4				(0.1	)			8.5
Western Europe			29.6				(0.0	)			29.7
United Kingdom			13.2				0.2				13.0
Netherlands			0.3				(0.6	)			0.9
Germany			—				(3.2	)			3.2
Ireland			—				—				—
Switzerland			1.1				0.0				1.0
France			—				—				—
Turkey			—				—				—
Italy			10.4				0.7				9.7
Other			6.0				4.3				1.7
Australia			6.0				4.3				1.6
Total			104.8				(15.7	)			120.5

The above figures are based on obligor country of location.

The outstanding balance of Non Performing Loans based on the BA and the FRA in major banking subsidiaries outside Japan in the consolidated financial statement is as follows.

		As of September 30, 2025								As of March 31, 2025
		Non Performing Loans based on the BA and the FRA				Change				Non Performing Loans based on the BA and the FRA
Mizuho Bank Europe N.V.			21.3				0.4				20.9
Mizuho Bank (China) ,Ltd			—				(0.1	)			0.1
PT. Bank Mizuho Indonesia			6.4				(0.5	)			6.9

2-33

Mizuho Financial Group, Inc.

III. OTHERS

1. Estimation for Calculating Deferred Tax Assets

Non-Consolidated

Mizuho Bank

1. Estimate of future taxable income

						(Billions of yen)
						Total amount for five years (from October 1, 2025 to September 30, 2030)
Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses)			1				4,644.4
Profit before Income Taxes			2				5,172.7
Tax Adjustments (1)			3				931.2
Taxable Income before Current Deductible Temporary Differences (2)			4				6,103.9
Effective Statutory Tax Rate			5				30.62% / 31.52%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]			6				1,918.3

(1) Tax Adjustments are estimated future book-tax differences under the provisions of the corporation tax law and others.

(2) Taxable Income before Current Deductible Temporary Differences is an estimate of taxable income before adjusting deductible temporary differences as of September 30, 2025.

Reference: Past results of taxable income (tax loss)
		(Billions of yen)
Fiscal 2021			360.3
Fiscal 2022			157.7
Fiscal 2023			406.1
Fiscal 2024			796.7
First Half of Fiscal 2025 (estimate)			558.8

• Figures are taxable income (tax loss) amounts per the final corporation tax returns before deducting tax losses carried forward from prior years. Subsequent amendments have not been reflected.

• Figure for the first half of fiscal 2025 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets

						(Billions of yen)
						As of September 30, 2025				Change				As of March 31, 2025
Allowances for Loan Losses			7				224.2				(2.2	)			226.4
Impairment of Securities			8				95.9				(10.6	)			106.6
Securities Contributed to Employee Retirement Benefit Trust			9				87.0				(4.5	)			91.5
Net Unrealized Losses on Other Securities			10				—				(50.2	)			50.2
Depreciation and Impairment			11				57.7				(5.1	)			62.9
Net Deferred Hedge Losses			12				278.5				57.5				220.9
Tax Losses Carried Forward			13				8.0				(4.4	)			12.4
Other			14				188.0				(20.6	)			208.6
Total Deferred Tax Assets			15				939.6				(39.9	)			979.5
Valuation Allowance			16				(152.4	)			29.8				(182.3	)
Sub-Total [ 15 + 16 ]			17				787.1				(10.0	)			797.2
Amount related to Retirement Benefits Accounting			18				(93.7	)			24.6				(118.4	)
Net Unrealized Gains on Other Securities			19				(423.2	)			(92.6	)			(330.5	)
Net Deferred Hedge Gains			20				—				—				—
Other			21				(81.7	)			(10.0	)			(71.6	)
Total Deferred Tax Liabilities			22				(598.6	)			(78.0	)			(520.5	)
Net Deferred Tax Assets (Liabilities) [17 + 22]			23				188.5				(88.1	)			276.6
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *			24				(423.2	)			(125.2	)			(298.0	)
Tax effects related to Net Deferred Hedge Losses (Gains)			25				278.5				57.5				220.9
Tax effects related to others			26				333.1				(20.6	)			353.7

* Tax effects related to Net Unrealized Losses (Gains) on Other Securities is the amount after deducting Valuation Allowance.

Assessment of Recoverability of Deferred Tax Assets is based on 19. Company Classification (Category 2) of “Revised Implementation Guidance on Recoverability of Deferred Tax Assets” (ASBJ Guidance No.26).

Future taxable income was estimated using assumptions used in the Business Plan, etc.

The above includes forward-looking information. See the disclaimer at the end of the table of contents located at the beginning of this document.

2-34

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

1. Estimate of future taxable income

						(Billions of yen)
						Total amount for five years (from October 1, 2025 to September 30, 2030)
Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses)			1				200.5
Profit before Income Taxes			2				312.1
Tax Adjustments (1)			3				(20.5	)
Taxable Income before Current Deductible Temporary Differences (2)			4				292.7
Effective Statutory Tax Rate			5				30.62%/31.52%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]			6				91.7

(1) Tax Adjustments are estimated future book-tax differences under the provisions of the corporation tax law and others.

(2) Taxable Income before Current Deductible Temporary Differences is an estimate of taxable income before adjusting deductible temporary differences as of September 30, 2025.

Reference: Past results of taxable income (tax loss)
		(Billions of yen)
Fiscal 2021			33.2
Fiscal 2022			30.0
Fiscal 2023			29.4
Fiscal 2024			71.6
First Half of Fiscal 2025 (estimate)			34.3

• Figures are taxable income (tax loss) amounts per the final corporation tax returns before deducting tax losses carried forward from prior years. Subsequent amendments have not been reflected.

• Figure for the first half of fiscal 2025 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets

						(Billions of yen)
						As of September 30, 2025				Change				As of March 31, 2025
Allowances for Loan Losses			7				1.7				(0.4	)			2.1
Impairment of Securities			8				2.9				(0.6	)			3.6
Securities Contributed to Employee Retirement Benefit Trust			9				11.4				(1.3	)			12.7
Net Unrealized Losses on Other Securities			10				0				0				0
Depreciation and Impairment			11				3.8				(1.7	)			5.5
Net Deferred Hedge Losses			12				—				—				—
Tax Losses Carried Forward			13				—				—				—
Other			14				4.6				(1.0	)			5.6
Total Deferred Tax Assets			15				24.7				(5.1	)			29.8
Valuation Allowance			16				(2.6	)			0.5				(3.1	)
Sub-Total [ 15 + 16 ]			17				22.1				(4.5	)			26.6
Amount related to Retirement Benefits Accounting			18				(16.6	)			6.4				(23.0	)
Net Unrealized Gains on Other Securities			19				(30.0	)			(7.1	)			(22.8	)
Net Deferred Hedge Gains			20				(4.2	)			(1.3	)			(2.9	)
Other			21				(0.3	)			0.1				(0.4	)
Total Deferred Tax Liabilities			22				(51.3	)			(1.9	)			(49.3	)
Net Deferred Tax Assets (Liabilities) [17 + 22]			23				(29.2	)			(6.5	)			(22.7	)
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *			24				(30.0	)			(7.1	)			(22.9	)
Tax effects related to Net Deferred Hedge Losses (Gains)			25				(4.2	)			(1.3	)			(2.9	)
Tax effects related to others			26				5.1				1.9				3.1

* Tax effects related to Net Unrealized Losses (Gains) on Other Securities is the amount after deducting Valuation Allowance.

Assessment of Recoverability of Deferred Tax Assets is based on 19. Company Classification (Category 2) of “Revised Implementation Guidance on Recoverability of Deferred Tax Assets” (ASBJ Guidance No.26).

Future taxable income was estimated using assumptions used in the Business Plan, etc.

The above includes forward-looking information. See the disclaimer at the end of the table of contents located at the beginning of this document.

2-35

Mizuho Financial Group, Inc.

2. Breakdown of Deposits (Domestic Offices)

Non-Consolidated

Aggregate Figures for the 2 Banks

		(Billions of yen)
		As of September 30, 2025				Change				As of March 31, 2025
Deposits			122,353.9				(1,745.9	)			124,099.8
Individual Deposits			48,971.8				(58.1	)			49,030.0
Corporate Deposits			64,464.1				(344.0	)			64,808.2
Financial/Government Institutions			8,917.8				(1,343.7	)			10,261.5
Mizuho Bank
Deposits			120,600.3				(1,616.7	)			122,217.0
Individual Deposits			48,277.9				(56.2	)			48,334.1
Corporate Deposits			63,610.3				(281.5	)			63,891.8
Financial/Government Institutions			8,712.0				(1,278.9	)			9,991.0
Mizuho Trust & Banking
Deposits			1,753.5				(129.1	)			1,882.7
Individual Deposits			693.9				(1.8	)			695.8
Corporate Deposits			853.8				(62.5	)			916.3
Financial/Government Institutions			205.7				(64.7	)			270.5

* Above figures do not include deposits booked at overseas offices and offshore deposits.

2-36

Mizuho Financial Group, Inc.

Attachments

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO BANK

		Millions of yen
		As of September 30, 2025 (A)				As of March 31, 2025 (B)				Change (A) - (B)
Assets
Cash and Due from Banks		¥	64,154,219			¥	69,747,184			¥	(5,592,965	)
Call Loans			259,519				249,360				10,159
Receivables under Resale Agreements			9,905,076				10,023,199				(118,123	)
Guarantee Deposits Paid under Securities Borrowing Transactions			128,778				127,638				1,139
Monetary Claims Bought			564,771				493,032				71,738
Trading Assets			8,646,390				7,782,207				864,182
Money Held in Trust			505				505				0
Securities			38,571,446				34,405,103				4,166,342
Loans and Bills Discounted			91,720,807				91,615,228				105,578
Foreign Exchanges			2,154,470				2,042,083				112,387
Derivatives other than for Trading Assets			6,180,588				6,066,571				114,017
Other Assets			5,329,732				5,558,146				(228,413	)
Tangible Fixed Assets			855,321				855,824				(502	)
Intangible Fixed Assets			531,992				505,728				26,264
Prepaid Pension Cost			297,317				375,645				(78,327	)
Deferred Tax Assets			188,528				276,640				(88,112	)
Customers’ Liabilities for Acceptances and Guarantees			12,370,944				11,573,662				797,282
Allowances for Loan Losses			(458,473	)			(719,269	)			260,796
Allowance for Investment Losses			—				(2	)			2
Total Assets		¥	241,401,937			¥	240,978,492			¥	423,445
Liabilities
Deposits		¥	154,828,114			¥	153,047,861			¥	1,780,253
Negotiable Certificates of Deposit			13,722,701				14,052,123				(329,422	)
Call Money			2,323,253				2,169,376				153,876
Payables under Repurchase Agreements			14,646,838				19,411,662				(4,764,824	)
Guarantee Deposits Received under Securities Lending Transactions			605,928				356,931				248,996
Commercial Paper			2,245,275				2,138,133				107,142
Trading Liabilities			5,522,776				5,646,893				(124,116	)
Borrowed Money			14,269,622				12,955,564				1,314,058
Foreign Exchanges			1,533,921				1,061,680				472,240
Bonds and Notes			693,778				407,973				285,805
Derivatives other than for Trading Liabilities			7,332,522				7,147,566				184,955
Other Liabilities			4,261,301				4,115,826				145,475
Reserve for Bonus Payments			38,341				54,510				(16,169	)
Reserve for Variable Compensation			375				587				(212	)
Reserve for Possible Losses on Sales of Loans			40				1,266				(1,225	)
Reserve for Contingencies			10,299				8,616				1,683
Reserve for Reimbursement of Deposits			5,851				6,814				(962	)
Reserve for Reimbursement of Debentures			16,039				19,965				(3,925	)
Deferred Tax Liabilities for Revaluation Reserve for Land			45,281				47,059				(1,777	)
Acceptances and Guarantees			12,370,944				11,573,662				797,282
Total Liabilities			234,473,209				234,224,077				249,131
Net Assets
Common Stock and Preferred Stock			1,404,065				1,404,065				—
Capital Surplus			2,259,392				2,259,392				—
Capital Reserve			660,805				660,805				—
Other Capital Surplus			1,598,587				1,598,587				—
Retained Earnings			2,705,543				2,715,665				(10,121	)
Appropriated Reserve			724,535				624,534				100,000
Other Retained Earnings			1,981,008				2,091,130				(110,122	)
Retained Earnings Brought Forward			1,981,008				2,091,130				(110,122	)
Total Shareholders’ Equity			6,369,001				6,379,123				(10,121	)
Net Unrealized Gains (Losses) on Other Securities, net of Taxes			1,067,229				752,993				314,236
Net Deferred Hedge Gains (Losses), net of Taxes			(602,326	)			(476,383	)			(125,942	)
Revaluation Reserve for Land, net of Taxes			94,823				98,682				(3,859	)
Total Valuation and Translation Adjustments			559,726				375,291				184,434
Total Net Assets			6,928,728				6,754,415				174,313
Total Liabilities and Net Assets		¥	241,401,937			¥	240,978,492			¥	423,445

2-37

Mizuho Financial Group, Inc.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO BANK

		Millions of yen
		For the six months ended September 30, 2025 (A)				For the six months ended September 30, 2024 (B)				Change (A) - (B)
Ordinary Income		¥	3,109,884			¥	3,273,841			¥	(163,956	)
Interest Income			2,370,481				2,490,924				(120,442	)
Interest on Loans and Bills Discounted			1,233,123				1,276,139				(43,016	)
Interest and Dividends on Securities			424,095				406,426				17,668
Fee and Commission Income			341,193				312,172				29,021
Trading Income			106,354				180,267				(73,912	)
Other Operating Income			93,085				129,072				(35,986	)
Other Ordinary Income			198,768				161,405				37,363
Ordinary Expenses			2,509,045				2,756,364				(247,319	)
Interest Expenses			1,729,101				1,998,387				(269,285	)
Interest on Deposits			771,573				840,978				(69,405	)
Fee and Commission Expenses			143,601				129,533				14,067
Trading Expenses			1,397				31				1,366
Other Operating Expenses			114,974				110,539				4,434
General and Administrative Expenses			461,898				429,260				32,637
Other Ordinary Expenses			58,071				88,612				(30,540	)
Ordinary Profits			600,839				517,476				83,362
Extraordinary Gains			42,551				45,924				(3,372	)
Extraordinary Losses			4,459				4,015				443
Profit before Income Taxes			638,931				559,384				79,546
Income Taxes:
Current			151,239				184,336				(33,096	)
Deferred			1,668				(25,648	)			27,316
Profit		¥	486,023			¥	400,696			¥	85,326

2-38

FAQ

What did Mizuho Financial Group (MFG) report for H1 FY2025 profit?

Profit attributable to owners was ¥689,947 million, up 21.8% year over year; diluted EPS was ¥276.20.

How did Mizuho’s H1 FY2025 revenues and profits change?

Ordinary income was ¥4,337,537 million (down 5.4%), while ordinary profits were ¥849,626 million (up 13.7%).

Did MFG change its FY2025 guidance?

Yes. The company raised profit attributable to owners guidance to ¥1,130,000 million, a 10.7% increase from the prior ¥1,020,000 million estimate.

What are Mizuho’s capital ratios?

Preliminary consolidated ratios: CET1 13.70%, Tier 1 16.55%, and Total capital 18.41%.

How is asset quality trending for MFG?

The consolidated non‑performing loan ratio improved to 0.72% from 0.97%.

What dividends did MFG announce for FY2025?

Second‑quarter dividend was ¥72.50 per share; total FY2025 dividend estimate is ¥145.00 per share.

What were MFG’s balance sheet totals at the half‑year?

Total assets were ¥288,757,081 million and total net assets ¥11,076,007 million.