Mizuho Financial raises FY2026 profit forecast to ¥1.6T

Q: What is MFG's fiscal 2026 profit estimate?

MFG's fiscal 2026 profit estimate is ¥1,600 billion for the year ending March 31, 2027. The group revised it from the latest announced estimate of ¥1,400 billion; it reports a ¥200 billion, or 14.2%, change from original estimates and forecast growth of 28.1% from fiscal 2025.

Q: What dividend does MFG estimate for fiscal 2026?

MFG estimates total fiscal 2026 annual cash dividends of ¥200 per common share, consisting of ¥100 for the second quarter and an estimated ¥100 for fiscal year-end. Commencement of the dividend payment is scheduled for December 4, 2026.

Available on EDGAR 11/13/2026 - 07:18 AM EST Accepted by SEC EDGAR 11/13/2026 - 07:18 AM EST

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(Moderate)

Filing Sentiment

(Neutral)How Sentiment works

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Form Type

6-K

Rhea-AI Filing Summary

Mizuho Financial Group, Inc. (MFG) reported first-half fiscal 2026 ordinary income of ¥4,993.079 billion, up 15.1% from a year earlier; ordinary profits were ¥1,252.326 billion, up 47.3%, and profit attributable to owners of the parent was ¥896.492 billion, up 29.9%, for the six months ended September 30, 2026. Earnings per common share were ¥368.81.

The group revised its fiscal 2026 profit estimate for the year ending March 31, 2027, to ¥1,600 billion, from the latest announced estimate of ¥1,400 billion; the revised forecast is 28.1% above fiscal 2025. MFG estimates total annual cash dividends of ¥200 per common share, including ¥100 for the second quarter. Comprehensive income was ¥257.332 billion, compared with ¥845.578 billion in the prior-year first half, reflecting other comprehensive income of negative ¥642.315 billion. The consolidated Common Equity Tier 1 Capital Ratio was 12.74% as of September 30, 2026 (preliminary), versus 13.16% as of March 31, 2026.

2 points · 1 major

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance works How Sentiment works

0 major · 0 points

Hollow bars mark forward-looking points. How the balance works

Positive

Major point. Forward-looking: it has not happened yet and may not happen.Fiscal 2026 parent-profit estimate rose ¥200 billion to ¥1,600 billion.
Moderate pointFirst-half profit attributable to owners rose 29.9% to ¥896.492 billion.

Negative

None.

Filing Explained

Mizuho recorded ¥204,763 million in treasury-stock repurchases during the first half.

This Form 6-K reports Mizuho's interim results for the six months ended September 30, 2026, including issued common shares of 2,442,831,994 at period-end, compared with 2,489,848,594 at March 31, 2026.

The equity statement records ¥204,763 million of treasury-stock repurchases during the half-year.

The consolidated non-performing loan ratio was 0.63% at September 30, 2026, versus 0.80% at March 31, 2026.

Key Figures

Ordinary income: ¥4,993.079 billion Ordinary profits: ¥1,252.326 billion Profit attributable to owners of the parent: ¥896.492 billion +5 more

8 metrics

Ordinary income ¥4,993.079 billion Six months ended September 30, 2026; up 15.1% from the prior-year first half

Ordinary profits ¥1,252.326 billion Six months ended September 30, 2026; up 47.3% from the prior-year first half

Profit attributable to owners of the parent ¥896.492 billion Six months ended September 30, 2026; up 29.9% from the prior-year first half

Earnings per common share ¥368.81 First half of fiscal 2026; ¥276.20 in the prior-year first half

Fiscal 2026 profit estimate ¥1,600 billion For the year ending March 31, 2027; revised from ¥1,400 billion; 28.1% above fiscal 2025

Annual cash dividends per common share ¥200 Fiscal 2026 estimate, including ¥100 for the second quarter and ¥100 for fiscal year-end

Comprehensive income ¥257.332 billion Six months ended September 30, 2026, compared with ¥845.578 billion in the prior-year first half

Common Equity Tier 1 Capital Ratio 12.74% MFG consolidated, preliminary, as of September 30, 2026; 13.16% as of March 31, 2026

Key Terms

Common Equity Tier 1 Capital Ratio, Allowance Coverage Ratio, Non Performing Loans, Other Comprehensive Income, +2 more

6 terms

Common Equity Tier 1 Capital Ratio financial

"Common Equity Tier 1 Capital Ratio: 12.74%"

A bank’s common equity tier 1 (CET1) capital ratio measures the size of its strongest loss-absorbing capital—mainly common shares and retained earnings—relative to the bank’s assets after adjusting those assets for how risky they are (riskier loans count more). Think of it as the safety cushion compared with the weight of risky business; investors use it to judge a bank’s ability to survive losses, meet rules, and sustain dividends or growth.

Allowance Coverage Ratio financial

"Allowance Coverage Ratio calculated as Allowance for Loan Losses divided by NPLs"

A measure of how large a company’s reserve for expected losses is compared with the amount of problem assets (like bad loans or overdue receivables) on its books. Think of it as a rainy‑day fund compared with the size of known leaks: a higher ratio means the company has set aside more cushion to absorb losses, which matters to investors because it signals how well the firm can withstand credit losses without damaging earnings or capital.

Non Performing Loans financial

"Status of Non Performing Loans based on the Banking Act"

Other Comprehensive Income financial

"Other Comprehensive Income: (642,315)"

Other comprehensive income is a section of a company’s financial statements that records gains and losses not shown in the regular profit-and-loss line, such as paper gains or losses on certain investments, pension plan adjustments, and changes from converting foreign operations. These items don’t represent cash earned or spent today but change a company’s reported net worth, like value swings in things stored in a closet rather than money in your wallet, and help investors spot hidden strengths or risks to long-term financial health.

Net Interest Margin financial

"Net Interest Margin: 0.49%"

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

Unrealized Gains (Losses) on Other Securities financial

"Unrealized Gains (Losses) on Other Securities"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were MFG's first-half fiscal 2026 earnings?

Mizuho Financial Group reported profit attributable to owners of the parent of ¥896.492 billion for the six months ended September 30, 2026, up 29.9% from the prior-year first half. Ordinary income was ¥4,993.079 billion, up 15.1%, and ordinary profits were ¥1,252.326 billion, up 47.3%.

What is MFG's fiscal 2026 profit estimate?

MFG's fiscal 2026 profit estimate is ¥1,600 billion for the year ending March 31, 2027. The group revised it from the latest announced estimate of ¥1,400 billion; it reports a ¥200 billion, or 14.2%, change from original estimates and forecast growth of 28.1% from fiscal 2025.

What dividend does MFG estimate for fiscal 2026?

MFG estimates total fiscal 2026 annual cash dividends of ¥200 per common share, consisting of ¥100 for the second quarter and an estimated ¥100 for fiscal year-end. Commencement of the dividend payment is scheduled for December 4, 2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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 2026

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 13, 2026

Mizuho Financial Group, Inc.

By:		/s/ Makoto Samejima
Name:		Makoto Samejima
Title:		Senior Managing Corporate Executive / Group CFO

For Immediate Release:

Consolidated Financial Statements for the Second Quarter of Fiscal 2026

(Six months ended September 30, 2026)

(Under Japanese GAAP)


Company Name:		Mizuho Financial Group, Inc. (“MHFG”)		November 13, 2026


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 27, 2026		Trading Accounts: Established
Commencement of Dividend Payment (scheduled): December 4, 2026
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 2026 (for the six months ended September 30, 2026)

(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 F2026		4,993,079		15.1			1,252,326		47.3		896,492		29.9
1H F2025		4,337,537		(5.4	)		849,626		13.7		689,947		21.8

Note:

Comprehensive Income:

1H F2026: ¥257,332 million, (69.5)%; 1H F2025: ¥845,578 million, 42.8%


	Earnings per Share of Common Stock		Diluted Earnings per Share of Common Stock
	¥		¥
1H F2026		368.81		368.81
1H F2025		276.20		276.20

(2) Consolidated Financial Conditions


	Total Assets		Total Net Assets		Own Capital Ratio
	¥ million		¥ million		%
1H F2026		320,856,742		11,268,494		3.4
Fiscal 2025		302,240,042		11,403,890		3.7

Reference:

Own Capital:

As of September 30, 2026: ¥11,190,917 million; As of March 31, 2026: ¥11,315,320 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 2025			—		72.50		—		72.50		145.00
Fiscal 2026			—		100.00
Fiscal 2026 (estimate)							—		100.00		200.00



Note:		Revision of the latest announced estimates for cash dividends for shareholders of common stock: Yes

3. Consolidated Earnings Estimates for Fiscal 2026 (for the fiscal year ending March 31, 2027)


	(%: Changes from the previous fiscal year)
		Profit Attributable to Owners of Parent				Earnings per Share of Common Stock
		¥ million		%		¥
Fiscal 2026			1,600,000		28.1		660.42



Notes:	1.	Revision of the latest announced earnings estimates for Fiscal 2026: Yes
		Following the result from 1H, MHFG revised Consolidated Earnings Estimates for Fiscal 2026 (for the fiscal year ending March 31, 2027).
		Profit Attributable to Owners of Parent: The latest announced estimates: ¥1,400,000 million, Revised estimates: ¥1,600,000 million, Changes from the original estimates: ¥200,000 million, 14.2%
	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, 2026).

Notes

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

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

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, 2026

2,442,831,994 shares

As of March 31, 2026

2,489,848,594 shares

ii. Period-end treasury stock:

As of September 30, 2026

28,245,706 shares

As of March 31, 2026

51,325,298 shares

iii. Average outstanding shares:

1st Half Fiscal 2026

2,430,716,556 shares

1st Half Fiscal 2025

2,497,975,963 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
	ø SELECTED FINANCIAL INFORMATION For the Second Quarter (First Half) of Fiscal 2026

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 20, 2026. 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, 2026			As of September 30, 2026
Assets
Cash and Due from Banks	¥	61,567,751		¥	64,181,979
Call Loans and Bills Bought		904,328			635,940
Receivables under Resale Agreements		30,571,427			33,179,796
Guarantee Deposits Paid under Securities Borrowing Transactions		1,771,938			1,524,527
Monetary Claims Bought		4,162,850			4,426,193
Trading Assets		30,477,937			37,302,238
Money Held in Trust		622,709			921,922
Securities		42,632,517			46,616,353
Loans and Bills Discounted		99,753,193			102,827,831
Foreign Exchanges		2,754,033			2,834,080
Derivatives other than for Trading Assets		6,187,816			5,993,185
Other Assets		7,202,972			5,814,514
Tangible Fixed Assets		1,137,346			1,106,114
Intangible Fixed Assets		882,257			888,669
Net Defined Benefit Asset		776,413			760,668
Deferred Tax Assets		238,473			483,696
Customers’ Liabilities for Acceptances and Guarantees		11,233,375			11,904,407
Allowance for Loan Losses		(637,302	)		(545,377	)

Total Assets	¥	302,240,042		¥	320,856,742

1-2

Mizuho Financial Group, Inc.


	(Millions of yen)
	As of March 31, 2026			As of September 30, 2026
Liabilities
Deposits	¥	165,937,062		¥	174,776,152
Negotiable Certificates of Deposit		11,914,568			8,749,968
Call Money and Bills Sold		3,191,543			3,272,941
Payables under Repurchase Agreements		37,731,778			42,546,718
Guarantee Deposits Received under Securities Lending Transactions		1,968,469			1,485,309
Commercial Paper		1,921,799			1,232,644
Trading Liabilities		19,146,460			24,853,318
Borrowed Money		5,098,065			6,655,321
Foreign Exchanges		1,188,938			657,542
Short-term Bonds		524,540			401,800
Bonds and Notes		15,444,980			17,351,017
Due to Trust Accounts		687,707			751,094
Derivatives other than for Trading Liabilities		7,657,456			7,916,212
Other Liabilities		6,737,864			6,702,233
Reserve for Bonus Payments		259,620			164,716
Reserve for Variable Compensation		2,880			1,785
Net Defined Benefit Liability		72,664			51,442
Reserve for Director and Corporate Auditor Retirement Benefits		403			322
Reserve for Possible Losses on Sales of Loans		6,707			11,102
Reserve for Contingencies		15,789			20,814
Reserve for Reimbursement of Deposits		4,936			3,770
Reserve for Reimbursement of Debentures		6,850			—
Reserves under Special Laws		5,386			5,373
Deferred Tax Liabilities		31,222			28,764
Deferred Tax Liabilities for Revaluation Reserve for Land		45,074			43,472
Acceptances and Guarantees		11,233,375			11,904,407

Total Liabilities	¥	290,836,151		¥	309,588,248

Net Assets
Common Stock	¥	2,256,767		¥	2,256,767
Capital Surplus		1,129,730			1,129,730
Retained Earnings		6,831,168			7,254,102
Treasury Stock		(311,529	)		(212,880	)

Total Shareholders’ Equity		9,906,137			10,427,719

Net Unrealized Gains (Losses) on Other Securities		1,314,449			1,039,134
Deferred Gains (Losses) on Hedges		(855,219	)		(1,193,847	)
Revaluation Reserve for Land		94,371			90,889
Foreign Currency Translation Adjustments		630,802			621,054
Remeasurements of Defined Benefit Plans		225,704			206,669
Own Credit Risk Adjustments, Net of Tax		(925	)		(702	)

Total Accumulated Other Comprehensive Income		1,409,182			763,197

Stock Acquisition Rights		1,208			1,571
Non-controlling Interests		87,361			76,005

Total Net Assets		11,403,890			11,268,494

Total Liabilities and Net Assets	¥	302,240,042		¥	320,856,742

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, 2025		For the six months ended September 30, 2026
Ordinary Income	¥	4,337,537	¥	4,993,079
Interest Income		2,891,300		3,127,637
Interest on Loans and Bills Discounted		1,324,754		1,494,995
Interest and Dividends on Securities		435,441		551,002
Trust Fees		31,570		34,027
Fee and Commission Income		584,789		688,276
Trading Income		424,618		444,690
Other Operating Income		156,662		334,028
Other Ordinary Income		248,595		364,419
Ordinary Expenses		3,487,910		3,740,752
Interest Expenses		2,238,619		2,356,356
Interest on Deposits		815,178		941,856
Fee and Commission Expenses		117,402		130,470
Trading Expenses		1,397		—
Other Operating Expenses		102,450		74,019
General and Administrative Expenses		966,147		1,035,998
Other Ordinary Expenses		61,891		143,908

Ordinary Profits		849,626		1,252,326

Extraordinary Gains		54,228		9,479
Extraordinary Losses		5,138		11,546

Profit before Income Taxes		898,716		1,250,260

Income Taxes:
Current		204,950		312,691
Deferred		1,187		37,920

Total Income Taxes		206,138		350,611

Profit		692,578		899,648

Profit Attributable to Non-controlling Interests		2,630		3,155

Profit Attributable to Owners of Parent	¥	689,947	¥	896,492

1-4

Mizuho Financial Group, Inc.

Consolidated Statements of Comprehensive Income


	(Millions of yen)
	For the six months ended September 30, 2025			For the six months ended September 30, 2026
Profit	¥	692,578		¥	899,648
Other Comprehensive Income		153,000			(642,315	)
Net Unrealized Gains (Losses) on Other Securities		332,513			(273,632	)
Deferred Gains (Losses) on Hedges		(122,945	)		(339,412	)
Foreign Currency Translation Adjustments		(13,314	)		(9,582	)
Remeasurements of Defined Benefit Plans		(21,295	)		(16,726	)
Own Credit Risk Adjustments, Net of Tax		(210	)		223
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method		(21,746	)		(3,184	)

Comprehensive Income		845,578			257,332

(Breakdown)
Comprehensive Income Attributable to Owners of Parent		843,748			253,989
Comprehensive Income Attributable to Non-controlling Interests		1,830			3,343

1-5

Mizuho Financial Group, Inc.

(3) Consolidated Statements of Changes in Net Assets

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		Stock Acquisition Rights		Non-Controlling Interests			Total Net Assets
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

1-6

Mizuho Financial Group, Inc.

For the six months ended September 30, 2026


	(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			6,831,168			(311,529	)		9,906,137
Changes during the period
Cash Dividends							(177,037	)					(177,037	)
Profit Attributable to Owners of Parent							896,492						896,492
Repurchase of Treasury Stock										(204,763	)		(204,763	)
Disposition of Treasury Stock				(2	)					3,411			3,408
Cancellation of Treasury Stock				(299,999	)					299,999			—
Transfer from Revaluation Reserve for Land							3,481						3,481
Transfer from Retained Earnings to Capital Surplus				300,002			(300,002	)					—
Net Changes in Items other than Shareholders’ Equity

Total Changes during the period		—		—			422,934			98,648			521,582

Balance as of the end of the period		2,256,767		1,129,730			7,254,102			(212,880	)		10,427,719


	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			Stock Acquisition Rights		Non-Controlling Interests			Total Net Assets
Balance as of the beginning of the period		1,314,449			(855,219	)		94,371			630,802			225,704			(925	)		1,409,182			1,208		87,361			11,403,890
Changes during the period
Cash Dividends																												(177,037	)
Profit Attributable to Owners of Parent																												896,492
Repurchase of Treasury Stock																												(204,763	)
Disposition of Treasury Stock																												3,408
Cancellation of Treasury Stock																												—
Transfer from Revaluation Reserve for Land																												3,481
Transfer from Retained Earnings to Capital Surplus																												—
Net Changes in Items other than Shareholders’ Equity		(275,314	)		(338,627	)		(3,481	)		(9,748	)		(19,035	)		223			(645,984	)		363		(11,356	)		(656,978	)

Total Changes during the period		(275,314	)		(338,627	)		(3,481	)		(9,748	)		(19,035	)		223			(645,984	)		363		(11,356	)		(135,396	)

Balance as of the end of the period		1,039,134			(1,193,847	)		90,889			621,054			206,669			(702	)		763,197			1,571		76,005			11,268,494

(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 2026

(Six months ended September 30, 2026)

(Under Japanese GAAP)

LOGO

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 2026	*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

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.

Mizuho Financial Group, Inc.

I. FINANCIAL DATA FOR THE FIRST HALF OF FISCAL 2026

1. Income Analysis

Consolidated


		(Millions of yen)
		First Half of Fiscal 2026						First Half of Fiscal 2025
					Change			First Half of Fiscal 2025
Consolidated Gross Profits	1		2,067,814			438,744			1,629,070
Net Interest Income	2		771,280			118,600			652,680
Trust Fees	3		34,027			2,456			31,570
Credit Costs of Trust Accounts	4		—			—			—
Net Fee and Commission Income	5		557,806			90,419			467,387
Net Trading Income	6		444,690			21,469			423,220
Net Other Operating Income	7		260,009			205,797			54,212
General and Administrative Expenses	8		(1,035,998	)		(69,850	)		(966,147	)
Expenses related to Portfolio Problems (including Reversal of (Provision for) General Allowance for Loan Losses)	9		(44,082	)		(27,128	)		(16,954	)
Losses on Write-offs of Loans	10		*(35,851*	)		(21,630	)		(14,221	)
Gains on Reversal of Allowance for Loan Losses, and others	11		36,538			(12,809	)		49,348
Net Gains (Losses) related to Stocks	12		205,029			74,580			130,448
Equity in Income from Investments in Affiliates	13		46,576			19,896			26,680
Other	14		(23,551	)		(20,731	)		(2,819	)

Ordinary Profits	15		1,252,326			402,700			849,626

Net Extraordinary Gains (Losses)	16		(2,066	)		(51,156	)		49,089
Profit before Income Taxes	17		1,250,260			351,543			898,716
Income Taxes - Current	18		(312,691	)		(107,740	)		(204,950	)
- Deferred	19		(37,920	)		(36,732	)		(1,187	)
Profit	20		899,648			207,070			692,578
Profit Attributable to Non-controlling Interests	21		(3,155	)		(524	)		(2,630	)

Profit Attributable to Owners of Parent	22		896,492			206,545			689,947


Credit-related Costs (including Credit Costs of Trust Accounts)	23		(7,544	)		(39,938	)		32,394
* Credit-related Costs [23] = Expenses related to Portfolio Problems (including Reversal of (Provision for) General Allowance for Loan Losses) [9] + Gains on Reversal of Allowance for Loan Losses, and others [11] + Credit Costs of Trust Accounts [4]
(Reference)
Consolidated Net Business Profits	24		1,064,465			378,665			685,799
* 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		272			19			253
Number of affiliates under the equity method	26		24			(3	)		27

2-1

Mizuho Financial Group, Inc.

Aggregate Figures for the 2 Banks

Non-Consolidated


		(Millions of yen)
		First Half of Fiscal 2026												First Half of Fiscal 2025
		MHBK			MHTB			Aggregate Figures			Change			First Half of Fiscal 2025
Gross Profits	1		1,587,774			73,144			1,660,919			679,975			980,943
Domestic Gross Profits	2		1,127,651			72,941			1,200,592			536,655			663,937
Net Interest Income	3		742,705			11,166			753,872			346,666			407,206
Trust Fees	4					34,573			34,573			2,815			31,758
Trust Fees for Jointly Operated Designated Money Trust	5					*1,280*			*1,280*			(464	)		1,744
Credit Costs of Trust Accounts ^(1)*	6					—			—			—			—
Net Fee and Commission Income	7		166,885			27,025			193,910			44,744			149,166
Net Trading Income	8		100,220						100,220			61,444			38,776
Net Other Operating Income	9		117,840			174			118,014			80,985			37,029
International Gross Profits	10		460,122			203			460,326			143,320			317,006
Net Interest Income	11		340,997			23			341,021			94,079			246,941
Net Fee and Commission Income	12		86,800			181			86,981			24,565			62,415
Net Trading Income	13		(49,691	)					(49,691	)		(115,871	)		66,180
Net Other Operating Income	14		82,015			(0	)		82,015			140,546			(58,531	)
General and Administrative Expenses (excluding Non-Recurring Losses)	15		(532,327	)		(43,139	)		(575,467	)		(67,163	)		(508,303	)
Expense Ratio	16		*33.5*	%		*58.9*	%		*34.6*	%		(17.1	%)		51.8	%
Personnel Expenses	17		(186,958	)		(23,783	)		(210,742	)		(22,792	)		(187,950	)
Non-Personnel Expenses	18		(307,127	)		(17,208	)		(324,336	)		(35,911	)		(288,425	)
Premium for Deposit Insurance	19		*(7,137*	)		*(130*	)		*(7,268*	)		2,133			(9,401	)
Miscellaneous Taxes	20		(38,241	)		(2,146	)		(40,388	)		(8,460	)		(31,927	)

Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses)	21		1,055,446			30,005			1,085,451			612,812			472,639
Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas ^*(2)	22		998,508			29,577			1,028,086			533,810			494,275
Excluding Net Gains (Losses) from redemption of Investment Trusts	23		*964,563*			*29,577*			*994,141*			514,130			480,011

Reversal of (Provision for) General Allowance for Loan Losses	24		—			—			—			—			—

Net Business Profits	25		1,055,446			30,005			1,085,451			612,812			472,639
Net Gains (Losses) related to Bonds	26		*56,937*			*427*			*57,364*			79,001			(21,636	)

Net Non-Recurring Gains (Losses)	27		185,779			10,684			196,464			43,072			153,391
Net Gains (Losses) related to Stocks	28		186,876			6,050			192,927			63,413			129,513
Expenses related to Portfolio Problems	29		(42,636	)		—			(42,636	)		(26,370	)		(16,266	)
Gains on Reversal of Allowances for Loan Losses, and others	30		40,242			1,504			41,747			(5,238	)		46,985
Other	31		1,296			3,129			4,426			11,268			(6,841	)

Ordinary Profits	32		1,241,225			40,690			1,281,915			655,884			626,030

Net Extraordinary Gains (Losses)	33		5,666			(305	)		5,361			(44,243	)		49,604
Net Gains (Losses) on Disposition of Fixed Assets	34		*(2,174*	)		*(305*	)		*(2,479*	)		(10,622	)		8,143
Losses on Impairment of Fixed Assets	35		*(4,414*	)		—			*(4,414*	)		(3,432	)		(981	)
Gains on Cancellation of Employee Retirement Benefit Trust	36		*3,172*			—			*3,172*			(35,393	)		38,566
Profit before Income Taxes	37		1,246,891			40,385			1,287,276			611,641			675,634
Income Taxes - Current	38		(279,990	)		(8,534	)		(288,524	)		(126,396	)		(162,127	)
- Deferred	39		18,448			(3,284	)		15,164			14,853			310

Profit	40		985,349			28,566			1,013,915			500,098			513,817

(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	41		(2,393	)		1,504			(889	)		(31,608	)		30,719
Credit-related Costs [41] = 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	42					—			—			—			—
Reversal of (Provision for) General Allowance for Loan Losses	43		7,686			1,481			9,168			5,084			4,084
Losses on Write-offs of Loans	44		(29,160	)		0			(29,160	)		(17,893	)		(11,266	)
Reversal of (Provision for) Specific Allowance for Loan Losses	45		26,581			22			26,603			9,071			17,532
Reversal of (Provision for) Allowance for Loan Losses to Restructuring Countries	46		84			—			84			(23,432	)		23,517
Reversal of (Provision for) Reserve for Contingencies	47		(3,707	)		—			(3,707	)		(2,061	)		(1,646	)
Other (including Losses on Sales of Loans)	48		(3,878	)		—			(3,878	)		(2,377	)		(1,501	)
Total	49		(2,393	)		1,504			(889	)		(31,608	)		30,719

2-2

Mizuho Financial Group, Inc.

Mizuho Bank

Non-Consolidated


		(Millions of yen)
		First Half of Fiscal 2026						First Half of Fiscal 2025
					Change			First Half of Fiscal 2025
Gross Profits	1		1,587,774			665,732			922,041
Domestic Gross Profits	2		1,127,651			520,942			606,709
Net Interest Income	3		742,705			346,721			395,983
Net Fee and Commission Income	4		166,885			31,576			135,308
Net Trading Income	5		100,220			61,444			38,776
Net Other Operating Income	6		117,840			81,199			36,640
International Gross Profits	7		460,122			144,790			315,331
Net Interest Income	8		340,997			95,600			245,397
Net Fee and Commission Income	9		86,800			24,516			62,283
Net Trading Income	10		(49,691	)		(115,871	)		66,180
Net Other Operating Income	11		82,015			140,544			(58,528	)
General and Administrative Expenses (excluding Non-Recurring Losses)	12		(532,327	)		(65,286	)		(467,040	)
Expense Ratio	13		*33.5*	%		(17.1	%)		50.6	%
Personnel Expenses	14		(186,958	)		(20,604	)		(166,354	)
Non-Personnel Expenses	15		(307,127	)		(36,226	)		(270,901	)
Premium for Deposit Insurance	16		*(7,137*	)		2,037			(9,174	)
Miscellaneous Taxes	17		(38,241	)		(8,456	)		(29,784	)

Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses)	18		1,055,446			600,445			455,000
Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas *	19		998,508			521,710			476,797
Excluding Net Gains (Losses) from redemption of Investment Trusts	20		*964,563*			502,030			462,532

Reversal of (Provision for) General Allowance for Loan Losses	21		—			—			—

Net Business Profits	22		1,055,446			600,445			455,000
Net Gains (Losses) related to Bonds	23		*56,937*			78,734			(21,797	)

Net Non-Recurring Gains (Losses)	24		185,779			39,940			145,839
Net Gains (Losses) related to Stocks	25		186,876			62,768			124,107
Expenses related to Portfolio Problems	26		(42,636	)		(26,376	)		(16,259	)
Gains on Reversal of Allowances for Loan Losses, and others	27		40,242			(6,226	)		46,469
Other	28		1,296			9,775			(8,478	)

Ordinary Profits	29		1,241,225			640,386			600,839

Net Extraordinary Gains (Losses)	30		5,666			(32,425	)		38,092
Net Gains (Losses) on Disposition of Fixed Assets	31		*(2,174*	)		(9,462	)		7,287
Losses on Impairment of Fixed Assets	32		*(4,414*	)		(3,442	)		(971	)
Gains on Cancellation of Employee Retirement Benefit Trust	33		*3,172*			(27,856	)		31,029
Profit before Income Taxes	34		1,246,891			607,960			638,931
Income Taxes - Current	35		(279,990	)		(128,751	)		(151,239	)
- Deferred	36		18,448			20,117			(1,668	)

Profit	37		985,349			499,326			486,023

* 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	38		(2,393	)		(32,603	)		30,209
Credit-related Costs [38] = 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	39		7,686			4,097			3,589
Losses on Write-offs of Loans	40		(29,160	)		(17,890	)		(11,269	)
Reversal of (Provision for) Specific Allowance for Loan Losses	41		26,581			9,060			17,520
Reversal of (Provision for) Allowance for Loan Losses to Restructuring Countries	42		84			(23,432	)		23,517
Reversal of (Provision for) Reserve for Contingencies	43		(3,707	)		(2,061	)		(1,646	)
Other (including Losses on Sales of Loans)	44		(3,878	)		(2,377	)		(1,501	)
Total	45		(2,393	)		(32,603	)		30,209

2-3

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

Non-Consolidated


		(Millions of yen)
		First Half of Fiscal 2026						First Half of Fiscal 2025
					Change			First Half of Fiscal 2025
Gross Profits	1		73,144			14,242			58,902
Domestic Gross Profits	2		72,941			15,713			57,227
Net Interest Income	3		11,166			(55	)		11,222
Trust Fees	4		34,573			2,815			31,758
Trust Fees for Jointly Operated Designated Money Trust	5		*1,280*			(464	)		1,744
Credit Costs of Trust Accounts^(1)*	6		—			—			—
Net Fee and Commission Income	7		27,025			13,168			13,857
Net Other Operating Income	8		174			(214	)		389
International Gross Profits	9		203			(1,470	)		1,674
Net Interest Income	10		23			(1,521	)		1,544
Net Fee and Commission Income	11		181			49			132
Net Other Operating Income	12		(0	)		1			(2	)
General and Administrative Expenses (excluding Non-Recurring Losses)	13		(43,139	)		(1,876	)		(41,262	)
Expense Ratio	14		*58.9*	%		(11.0	%)		70.0	%
Personnel Expenses	15		(23,783	)		(2,187	)		(21,596	)
Non-Personnel Expenses	16		(17,208	)		315			(17,523	)
Premium for Deposit Insurance	17		*(130*	)		96			(226	)
Miscellaneous Taxes	18		(2,146	)		(4	)		(2,142	)

Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses)	19		30,005			12,366			17,639
Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas^*(2)	20		29,577			12,099			17,478
Excluding Net Gains (Losses) from redemption of Investment Trusts	21		*29,577*			12,099			17,478

Reversal of (Provision for) General Allowance for Loan Losses	22		—			—			—

Net Business Profits	23		30,005			12,366			17,639
Net Gains (Losses) related to Bonds	24		*427*			266			161

Net Non-Recurring Gains (Losses)	25		10,684			3,132			7,552
Net Gains (Losses) related to Stocks	26		6,050			644			5,406
Expenses related to Portfolio Problems	27		—			6			(6	)
Gains on Reversal of Allowances for Loan Losses, and others	28		1,504			988			516
Other	29		3,129			1,493			1,636

Ordinary Profits	30		40,690			15,498			25,191

Net Extraordinary Gains (Losses)	31		(305	)		(11,817	)		11,512
Net Gains (Losses) on Disposition of Fixed Assets	32		*(305*	)		(1,160	)		855
Losses on Impairment of Fixed Assets	33		—			10			(10	)
Gains on Cancellation of Employee Retirement Benefit Trust	34		—			(7,536	)		7,536
Profit before Income Taxes	35		40,385			3,681			36,703
Income Taxes - Current	36		(8,534	)		2,354			(10,888	)
- Deferred	37		(3,284	)		(5,263	)		1,978

Profit	38		28,566			772			27,793

(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	39		1,504			994			509

Credit-related Costs [39] = 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	40		—			—			—
Reversal of (Provision for) General Allowance for Loan Losses	41		1,481			987			494
Losses on Write-offs of Loans	42		0			(3	)		3
Reversal of (Provision for) Specific Allowance for Loan Losses	43		22			10			11
Reversal of (Provision for) Allowance for Loan Losses to Restructuring Countries	44		—			—			—
Reversal of (Provision for) Reserve for Contingencies	45		—			—			—
Other (including Losses on Sales of Loans)	46		—			—			—
Total	47		1,504			994			509

2-4

Mizuho Financial Group, Inc.

2. Interest Margins (Domestic Operations)

Non-Consolidated


			*(%)*
Mizuho Bank			First Half of Fiscal 2026		Change			First Half of Fiscal 2025
Return on Interest-Earning Assets		1		1.64		0.75			0.89
Return on Loans and Bills Discounted ⁽¹⁾		2		1.68		0.43			1.24
Return on Securities		3		3.07		1.91			1.16
Cost of Funding (including Expenses)		4		1.15		0.31			0.83
Cost of Deposits (including Expenses)		5		1.05		0.27			0.78
Cost of Deposits ⁽²⁾		6		0.37		0.18			0.18
Cost of Other External Liabilities		7		1.11		0.37			0.74

Net Interest Margin	(1)-(4)	8		0.49		0.43			0.05
Loan and Deposit Rate Margin (including Expenses)	(2)-(5)	9		0.62		0.16			0.45
Loan and Deposit Rate Margin	(2)-(6)	10		1.31		0.25			1.05
(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		1.68		0.40			1.27
Loan and Deposit Rate Margin (including Expenses)	(11)-(5)	12		0.62		0.13			0.48
Loan and Deposit Rate Margin	(11)-(6)	13		1.31		0.22			1.08

			*(%)*
Mizuho Trust & Banking			First Half of Fiscal 2026		Change			First Half of Fiscal 2025
Return on Interest-Earning Assets		14		1.42		0.39			1.03
Return on Loans and Bills Discounted ⁽¹⁾		15		1.35		0.32			1.02
Return on Securities		16		2.71		(0.83	)		3.54
Cost of Funding		17		0.78		0.27			0.50
Cost of Deposits ⁽²⁾		18		0.40		0.16			0.23

Net Interest Margin	(14)-(17)	19		0.64		0.11			0.52
Loan and Deposit Rate Margin	(15)-(18)	20		0.95		0.16			0.78
(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		1.35		0.32			1.02
Loan and Deposit Rate Margin	(21)-(18)	22		0.95		0.16			0.78

Reference
			*(%)*
Aggregate Figures for the 2 Banks			First Half of Fiscal 2026		Change			First Half of Fiscal 2025
Return on Loans and Bills Discounted ⁽¹⁾		23		1.67		0.43			1.23
Cost of Deposits ⁽²⁾		24		0.37		0.18			0.18

Loan and Deposit Rate Margin	(23)-(24)	25		1.29		0.25			1.04
(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		1.67		0.40			1.26
Loan and Deposit Rate Margin	(26)-(24)	27		1.29		0.22			1.07

2-5

Mizuho Financial Group, Inc.

3. Use and Source of Funds

Non-Consolidated

Mizuho Bank

(Millions of yen, %)

First Half of Fiscal 2026

First Half of Fiscal 2025

Change

Average Balance

Rate

Average Balance

Rate

Average Balance

Rate

Total

Use of Funds

211,474,499

2.69

2,498,121

0.43

208,976,378

2.26

Loans and Bills Discounted

100,149,931

2.83

7,658,316

0.18

92,491,614

2.65

Securities

45,603,571

3.57

10,287,545

1.17

35,316,025

2.39

Source of Funds

211,991,392

1.66

1,996,220

0.02

209,995,172

1.64

Deposits

161,871,494

1.10

7,605,742

0.10

154,265,751

0.99

NCDs

10,958,205

3.30

(2,972,330

)

(0.15

)

13,930,535

3.46

Domestic Operations

Use of Funds

131,648,248

1.64

94,816

0.75

131,553,431

0.89

Loans and Bills Discounted

59,172,851

1.67

2,852,090

0.44

56,320,760

1.22

Securities

24,229,505

3.07

7,861,761

1.91

16,367,743

1.16

Source of Funds

131,269,402

0.52

(199,969

)

0.23

131,469,372

0.29

Deposits

118,230,858

0.36

2,683,596

0.18

115,547,261

0.17

NCDs

1,835,556

0.66

(967,665

)

0.26

2,803,221

0.39

International Operations

Use of Funds

82,770,054

4.31

4,048,257

(0.23

)

78,721,796

4.54

Loans and Bills Discounted

40,977,080

4.52

4,806,226

(0.36

)

36,170,853

4.88

Securities

21,374,066

4.13

2,425,783

0.67

18,948,282

3.46

Source of Funds

83,665,793

3.45

3,841,142

(0.41

)

79,824,650

3.87

Deposits

43,640,636

3.11

4,922,145

(0.32

)

38,718,490

3.43

NCDs

9,122,648

3.83

(2,004,664

)

(0.40

)

11,127,313

4.23

2-6

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (Banking Account)

(Millions of yen, %)

First Half of Fiscal 2026

First Half of Fiscal 2025

Change

Average Balance

Rate

Average Balance

Rate

Average Balance

Rate

Total

Use of Funds

3,135,770

1.42

(890,214

)

0.31

4,025,984

1.11

Loans and Bills Discounted

2,233,087

1.37

(269,164

)

0.32

2,502,252

1.04

Securities

293,944

2.71

29,558

(1.86

)

264,386

4.57

Source of Funds

2,866,902

0.78

(921,879

)

0.27

3,788,781

0.51

Deposits

1,350,846

0.38

(425,518

)

0.15

1,776,365

0.23

NCDs

70,304

0.68

(153,876

)

0.40

224,180

0.27

Domestic Operations

Use of Funds

3,131,142

1.42

(886,884

)

0.39

4,018,026

1.03

Loans and Bills Discounted

2,229,972

1.36

(258,775

)

0.33

2,488,748

1.03

Securities

293,639

2.71

37,341

(0.83

)

256,298

3.54

Source of Funds

2,862,061

0.78

(918,155

)

0.27

3,780,217

0.50

Deposits

1,349,135

0.38

(425,379

)

0.15

1,774,515

0.23

NCDs

70,304

0.68

(153,876

)

0.40

224,180

0.27

International Operations

Use of Funds

11,122

1.96

(18,882

)

(9.56

)

30,005

11.53

Loans and Bills Discounted

3,115

7.01

(10,388

)

3.67

13,503

3.34

Securities

305

—

(7,783

)

(37.19

)

8,088

37.19

Source of Funds

11,335

1.51

(19,276

)

0.27

30,612

1.24

Deposits

1,711

0.15

(139

)

0.06

1,850

0.08

NCDs

—

2-7

Mizuho Financial Group, Inc.

4. Net Gains/Losses on Securities

Consolidated


	(Millions of yen)
	First Half of Fiscal 2026			Change			First Half of Fiscal 2025
	First Half of Fiscal 2026			Change			First Half of Fiscal 2025
Net Gains (Losses) related to Bonds		54,555			71,976			(17,421	)
Gains on Sales and Others		82,473			32,602			49,870
Losses on Sales and Others		(23,178	)		42,672			(65,850	)
Impairment (Devaluation)		(222	)		(0	)		(222	)
Gains (Losses) on Derivatives other than for Trading		(4,517	)		(3,297	)		(1,219	)


	First Half of Fiscal 2026			Change			First Half of Fiscal 2025
	First Half of Fiscal 2026			Change			First Half of Fiscal 2025
Net Gains (Losses) related to Stocks		205,029			74,580			130,448
Gains on Sales		273,525			120,097			153,428
Losses on Sales		(67,253	)		(53,657	)		(13,596	)
Impairment (Devaluation)		(2,015	)		3,294			(5,310	)
Gains (Losses) on Derivatives other than for Trading		772			4,845			(4,073	)

Non-Consolidated

Aggregate Figures for the 2 Banks


	(Millions of yen)
	First Half of Fiscal 2026			Change			First Half of Fiscal 2025
	First Half of Fiscal 2026			Change			First Half of Fiscal 2025
Net Gains (Losses) related to Bonds		57,364			79,001			(21,636	)
Gains on Sales and Others		84,721			36,326			48,394
Losses on Sales and Others		(22,615	)		45,973			(68,589	)
Impairment (Devaluation)		(222	)		(0	)		(222	)
Reversal of (Provision for) Allowance for Investment Losses		—			—			—
Gains (Losses) on Derivatives other than for Trading		(4,517	)		(3,297	)		(1,219	)


	First Half of Fiscal 2026			Change			First Half of Fiscal 2025
	First Half of Fiscal 2026			Change			First Half of Fiscal 2025
Net Gains (Losses) related to Stocks		192,927			63,413			129,513
Gains on Sales		256,273			110,929			145,344
Losses on Sales		(63,609	)		(54,122	)		(9,487	)
Impairment (Devaluation)		(509	)		1,760			(2,269	)
Reversal of (Provision for) Allowance for Investment Losses		—			—			—
Gains (Losses) on Derivatives other than for Trading		772			4,845			(4,073	)

2-8

Mizuho Financial Group, Inc.

Mizuho Bank


	(Millions of yen)
	First Half of Fiscal 2026			Change			First Half of Fiscal 2025
Net Gains (Losses) related to Bonds		56,937			78,734			(21,797	)
Gains on Sales and Others		84,293			36,066			48,226
Losses on Sales and Others		(22,615	)		45,966			(68,581	)
Impairment (Devaluation)		(222	)		(0	)		(222	)
Reversal of (Provision for) Allowance for Investment Losses		—			—			—
Gains (Losses) on Derivatives other than for Trading		(4,517	)		(3,297	)		(1,219	)


	First Half of Fiscal 2026			Change			First Half of Fiscal 2025
Net Gains (Losses) related to Stocks		186,876			62,768			124,107
Gains on Sales		250,091			110,284			139,807
Losses on Sales		(63,478	)		(54,119	)		(9,359	)
Impairment (Devaluation)		(509	)		1,757			(2,266	)
Reversal of (Provision for) Allowance for Investment Losses		—			—			—
Gains (Losses) on Derivatives other than for Trading		772			4,845			(4,073	)

Mizuho Trust & Banking


	(Millions of yen)
	First Half of Fiscal 2026			Change		First Half of Fiscal 2025
Net Gains (Losses) related to Bonds		427			266		161
Gains on Sales and Others		428			259		168
Losses on Sales and Others		(0	)		6		(7	)
Impairment (Devaluation)		—			—		—
Reversal of (Provision for) Allowance for Investment Losses		—			—		—
Gains (Losses) on Derivatives other than for Trading		—			—		—


	First Half of Fiscal 2026			Change			First Half of Fiscal 2025
Net Gains (Losses) related to Stocks		6,050			644			5,406
Gains on Sales		6,181			644			5,536
Losses on Sales		(130	)		(3	)		(127	)
Impairment (Devaluation)		—			3			(3	)
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, 2026

As of March 31, 2026

Book Value

Unrealized Gains/Losses

Book Value

Unrealized Gains/Losses

(= Fair Value)

Gains

Losses

(= Fair Value)

Gains

Losses

Other Securities

39,743,587

1,489,544

2,392,418

902,873

35,809,154

1,878,505

2,406,203

527,698

Japanese Stocks

3,009,398

2,337,394

2,338,095

701

3,021,598

2,323,197

2,324,436

1,239

Japanese Bonds

19,740,729

(192,485

)

5,686

198,172

16,783,354

(138,563

)

7,122

145,685

Japanese Government Bonds

18,092,758

(92,887

)

154

93,041

14,924,920

(58,728

)

322

59,051

Other

16,993,459

(655,363

)

48,636

703,999

16,004,201

(306,128

)

74,644

380,773

Foreign Bonds

13,417,774

(589,839

)

5,381

595,220

12,846,710

(321,105

)

14,099

335,204

•

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, 2026 and March 31, 2026 are ¥66,695 million (Foreign Bonds ¥80,205 million and Japanese Government Bonds ¥5,011 million) and ¥27,984 million (Foreign Bonds ¥(33,769) million and Japanese Government Bonds ¥4,741 million), respectively. Unrealized Gains/Losses applying deferred hedging accounting among hedging instruments as of September 30, 2026 and March 31, 2026 are ¥1,556,240 million (Foreign Bonds ¥(509,633) million and Japanese Government Bonds ¥(87,875) million) and ¥1,850,520 million (Foreign Bonds ¥(354,874) million and Japanese Government Bonds ¥(53,987) million), respectively.

•

Unrealized Gains/Losses on Other Securities as of September 30, 2026 and March 31, 2026 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, 2026

As of March 31, 2026

Book Value

Unrealized Gains/Losses

Book Value

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Bonds Held to Maturity

4,933,154

(368,836

)

701

369,537

4,849,445

(138,382

)

36,804

175,186

Non-Consolidated

(1) Other Securities

Aggregate Figures for the 2 Banks


	(Millions of yen)
	As of September 30, 2026									As of March 31, 2026
	Book Value		Unrealized Gains/Losses							Book Value		Unrealized Gains/Losses
	(= Fair Value)					Gains		Losses		(= Fair Value)					Gains		Losses
Other Securities		38,254,266		1,413,338			2,314,535		901,197		34,694,344		1,795,139			2,321,861		526,721
Japanese Stocks		2,922,113		2,261,920			2,262,633		713		2,925,435		2,240,911			2,242,175		1,264
Japanese Bonds		19,688,711		(192,250	)		5,686		197,936		16,735,050		(138,510	)		7,116		145,627
Japanese Government Bonds		*18,089,622*		*(92,887*	)		*154*		*93,041*		14,921,775		(58,728	)		322		59,051
Other		15,643,441		(656,332	)		46,215		702,547		15,033,858		(307,260	)		72,569		379,830
Foreign Bonds		*12,375,688*		*(591,261*	)		*3,577*		*594,838*		12,106,852		(322,292	)		12,659		334,951
Mizuho Bank
Other Securities		37,874,613		1,301,629			2,201,627		899,998		34,412,236		1,684,756			2,210,574		525,817
Japanese Stocks		2,780,712		2,149,209			2,149,785		575		2,782,662		2,129,942			2,130,979		1,036
Japanese Bonds		19,453,936		(191,380	)		5,665		197,046		16,599,502		(137,932	)		7,061		144,994
Japanese Government Bonds		*17,879,725*		*(92,531*	)		*154*		*92,685*		14,821,965		(58,688	)		322		59,011
Other		15,639,964		(656,199	)		46,176		702,376		15,030,070		(307,253	)		72,533		379,786
Foreign Bonds		*12,375,688*		*(591,261*	)		*3,577*		*594,838*		12,106,852		(322,292	)		12,659		334,951
Mizuho Trust & Banking
Other Securities		379,653		111,708			112,907		1,199		282,108		110,382			111,287		904
Japanese Stocks		141,401		112,710			112,847		137		142,772		110,968			111,196		227
Japanese Bonds		234,774		(869	)		21		890		135,547		(578	)		54		633
Japanese Government Bonds		*209,896*		*(355*	)		—		*355*		99,810		(40	)		—		40
Other		3,477		(132	)		38		170		3,787		(7	)		36		43
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, 2026 and March 31, 2026 are ¥66,695 million (Foreign Bonds ¥80,205 million and Japanese Government Bonds ¥5,011 million) and ¥27,984 million (Foreign Bonds ¥(33,769) million and Japanese Government Bonds ¥4,741million), respectively. Unrealized Gains/Losses applying deferred hedging accounting among hedging instruments (aggregate figures for the 2 banks) as of September 30, 2026 and March 31, 2026 are ¥1,480,033 million (Foreign Bonds ¥(511,055) million and Japanese Government Bonds ¥(87,519) million) and ¥1,767,155 million (Foreign Bonds ¥(356,062) million and Japanese Government Bonds ¥(53,946) million), respectively.

•

Unrealized Gains/Losses on Other Securities as of September 30, 2026 and March 31, 2026 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, 2026									As of March 31, 2026
	Book Value		Unrealized Gains/Losses							Book Value		Unrealized Gains/Losses
	Book Value					Gains		Losses		Book Value					Gains		Losses
Aggregate Figures		4,933,154		(368,836	)		701		369,537		4,849,445		(138,382	)		36,804		175,186
Mizuho Bank		4,933,154		(368,836	)		701		369,537		4,849,445		(138,382	)		36,804		175,186
Mizuho Trust & Banking		—		—			—		—		—		—			—		—

(3) Investment in Subsidiaries and Affiliates

Aggregate Figures for the 2 Banks


	(Millions of yen)
	As of September 30, 2026								As of March 31, 2026
	Book Value		Unrealized Gains/Losses						Book Value		Unrealized Gains/Losses
	Book Value				Gains		Losses		Book Value				Gains		Losses
Aggregate Figures		88,435		402,331		402,331		—		106,131		418,452		418,452		—
Mizuho Bank		88,435		402,331		402,331		—		106,131		418,452		418,452		—
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, 2026						As of March 31, 2026
	Unrealized Gains/Losses						Unrealized Gains/ Losses
				Change			Unrealized Gains/ Losses
Other Securities		1,459,679			(387,323	)		1,847,002
Japanese Stocks		2,307,134			15,535			2,291,598
Japanese Bonds		(192,485	)		(53,922	)		(138,563	)
Japanese Government Bonds		*(92,887*	)		(34,158	)		(58,728	)
Other		(654,968	)		(348,936	)		(306,032	)
Foreign Bonds		*(589,444*	)		(268,435	)		(321,008	)

Non-Consolidated

Aggregate Figures for the 2 Banks

(Millions of yen)

As of September 30,
2026

As of
March 31,
2026

Unrealized Gains/Losses

Unrealized
Gains/
Losses

Change

Other Securities

1,383,078

(381,236

)

1,764,315

Japanese Stocks

2,231,660

21,574

2,210,086

Japanese Bonds

(192,250

)

(53,739

)

(138,510

)

Japanese Government Bonds

(92,887

)

(34,158

)

(58,728

)

Other

(656,332

)

(349,071

)

(307,260

)

Foreign Bonds

(591,261

)

(268,969

)

(322,292

)

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, 2026								Change												Maturity as of March 31, 2026
	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		14,003.6		4,620.5		1,293.6		371.1		1,607.5			1,376.7			52.1			(28.8	)		12,396.0		3,243.8		1,241.5		399.9
Japanese Government Bonds		13,793.9		3,677.9		1,119.1		—		1,656.7			1,491.5			74.0			(20.0	)		12,137.1		2,186.4		1,045.1		20.0
Japanese Local Government Bonds		22.4		64.2		46.8		—		(18.0	)		(1.0	)		(4.6	)		(0.3	)		40.5		65.2		51.4		0.3
Japanese Corporate Bonds		187.2		878.4		127.7		371.1		(31.1	)		(113.7	)		(17.2	)		(8.5	)		218.4		992.1		144.9		379.6

Other		5,583.0		5,207.4		890.0		7,281.0		128.1			627.5			(350.9	)		369.3			5,454.9		4,579.8		1,240.9		6,911.7

Mizuho Bank

Japanese Bonds		13,783.3		4,604.2		1,293.5		371.1		1,493.1			1,390.7			52.1			(28.8	)		12,290.1		3,213.5		1,241.4		399.9

Japanese Government Bonds		13,582.6		3,677.9		1,119.1		—		1,545.4			1,491.5			74.0			(20.0	)		12,037.1		2,186.4		1,045.1		20.0

Japanese Local Government Bonds		22.4		64.2		46.8		—		(18.0	)		(1.0	)		(4.6	)		(0.3	)		40.5		65.2		51.4		0.3

Japanese Corporate Bonds		178.2		862.1		127.6		371.1		(34.2	)		(99.7	)		(17.2	)		(8.5	)		212.5		961.8		144.8		379.6

Other		5,582.0		5,201.0		879.2		7,281.0		127.4			629.7			(354.5	)		369.3			5,454.6		4,571.2		1,233.8		6,911.7

Mizuho Trust & Banking

Japanese Bonds		220.3		16.2		0.1		—		114.4			(14.0	)		—			—			105.8		30.2		0.1		—

Japanese Government Bonds		211.3		—		—		—		111.3			—			—			—			100.0		—		—		—

Japanese Local Government Bonds		—		—		—		—		—			—			—			—			—		—		—		—

Japanese Corporate Bonds		9.0		16.2		0.1		—		3.1			(14.0	)		—			—			5.8		30.2		0.1		—

Other		0.9		6.4		10.7		—		0.6			(2.1	)		3.5			—			0.2		8.5		7.1		—

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 2026			Change			First Half of Fiscal 2025
Retirement Benefit Obligations (at the beginning of the fiscal year)	(A	)		870,442			(2,187	)		872,630
Discount Rate (%)				1.31~4.14						0.79~2.88

Fair Value of Plan Assets (at the beginning of the fiscal year)	(B	)		1,530,837			46,540			1,484,297
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C	)		(304,388	)		(141,587	)		(162,800	)
Prepaid Pension Cost (at the beginning of the fiscal year)	(B)+ (C)-(A	)		356,006			(92,859	)		448,866

Mizuho Bank

Retirement Benefit Obligations (at the beginning of the fiscal year)	(A	)		768,769			5,728			763,041
Discount Rate (%)				1.31~4.14						0.79~2.88

Fair Value of Plan Assets (at the beginning of the fiscal year)	(B	)		1,332,468			58,260			1,274,208
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C	)		(263,100	)		(127,578	)		(135,521	)
Prepaid Pension Cost (at the beginning of the fiscal year)	(B)+ (C)-(A	)		300,598			(75,046	)		375,645

Mizuho Trust & Banking

Retirement Benefit Obligations (at the beginning of the fiscal year)	(A	)		101,673			(7,915	)		109,589
Discount Rate (%)				1.31~4.14						0.79~2.88

Fair Value of Plan Assets (at the beginning of the fiscal year)	(B	)		198,369			(11,719	)		210,089
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C	)		(41,288	)		(14,009	)		(27,279	)
Prepaid Pension Cost(at the beginning of the fiscal year)	(B)+ (C)-(A	)		55,408			(17,813	)		73,221

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 2026			Change			First Half of Fiscal 2025
Service Cost		(5,622	)		(474	)		(5,148	)
Interest Cost		(10,730	)		(3,586	)		(7,143	)
Expected Return on Plan Assets		13,106			(94	)		13,201
Accumulation (Amortization) of Unrecognized Actuarial Differences		22,176			13,384			8,791
Gains on Cancellation of Employee Retirement Benefit Trust		3,172			(35,393	)		38,566
Other		(5,170	)		(742	)		(4,428	)

Total		16,932			(26,906	)		43,838

Note: Gains on Cancellation of Employee Retirement Benefit Trust are recorded to Extraordinary Gains (Losses).

Mizuho Bank


	(Millions of yen)
	First Half of Fiscal 2026			Change			First Half of Fiscal 2025
Service Cost		(4,871	)		(529	)		(4,342	)
Interest Cost		(9,500	)		(3,234	)		(6,266	)
Expected Return on Plan Assets		11,697			112			11,585
Accumulation (Amortization) of Unrecognized Actuarial Differences		18,874			11,891			6,983
Gains on Cancellation of Employee Retirement Benefit Trust		3,172			(27,856	)		31,029
Other		(4,461	)		(686	)		(3,774	)

Total		14,912			(20,303	)		35,215

Note: Gains on Cancellation of Employee Retirement Benefit Trust are recorded to Extraordinary Gains (Losses).

Mizuho Trust & Banking


	(Millions of yen)
	First Half of Fiscal 2026			Change			First Half of Fiscal 2025
Service Cost		(750	)		55			(805	)
Interest Cost		(1,230	)		(352	)		(877	)
Expected Return on Plan Assets		1,409			(206	)		1,615
Accumulation (Amortization) of Unrecognized Actuarial Differences		3,301			1,492			1,808
Gains on Cancellation of Employee Retirement Benefit Trust		—			(7,536	)		7,536
Other		(709	)		(55	)		(653	)
Total		2,020			(6,603	)		8,623

Note: 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 2026			Change			First Half of Fiscal 2025
Retirement Benefit Obligations (at the beginning of the fiscal year)	(A	)		989,938			(78,349	)		1,068,287

Fair Value of Plan Assets (at the beginning of the fiscal year)	(B	)		1,693,687			(65,123	)		1,758,811
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C	)		(324,261	)		(150,783	)		(173,478	)
Net Defined Benefit Asset (at the beginning of the fiscal year)	(D	)		776,413			17,630			758,783
Net Defined Benefit Liability (at the beginning of the fiscal year)	(A)-(B)+(D	)		72,664			4,404			68,259

Income (Expenses) related to Employee Retirement Benefits
			(Millions of yen)
			First Half of Fiscal 2026			Change			First Half of Fiscal 2025
Service Cost				(8,610	)		288			(8,898	)
Interest Cost				(11,694	)		(3,316	)		(8,378	)
Expected Return on Plan Assets				14,298			(1,171	)		15,469
Accumulation (Amortization) of Unrecognized Actuarial Differences				23,600			14,637			8,962
Accumulation (Amortization) of Unrecognized Prior Service Cost				11			(0	)		11
Gains on Cancellation of Employee Retirement Benefit Trust				3,172			(35,393	)		38,566
Other				(13,440	)		(523	)		(12,917	)

Total				7,336			(25,478	)		32,815

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, 2026
(Preliminary)

Change

As of March 31, 2026

(1) Total Capital Ratio

17.52

(0.09

)

17.61

(2) Tier 1 Capital Ratio

15.64

(0.09

)

15.73

(3) Common Equity Tier 1 Capital Ratio

12.74

(0.42

)

13.16

(4) Total Capital

14,752.6

499.8

14,252.8

(5) Tier 1 Capital

13,172.3

438.7

12,733.5

(6) Common Equity Tier 1 Capital

10,729.0

78.5

10,650.5

(7) Risk weighted Assets

84,185.4

3,260.0

80,925.3

(8) Total Required Capital (7) X8%

6,734.8

260.8

6,474.0

Mizuho Bank

International Standard

Consolidated

Non-Consolidated

As of September 30, 2026
(Preliminary)

Change

As of March 31, 2026

As of September 30, 2026
(Preliminary)

(1) Total Capital Ratio

16.92

0.54

16.38

16.27

(2) Tier 1 Capital Ratio

14.88

0.50

14.38

14.03

(3) Common Equity Tier 1 Capital Ratio

11.75

0.18

11.57

10.59

(4) Total Capital

13,258.2

1,096.3

12,161.9

11,531.2

(5) Tier 1 Capital

11,655.4

982.3

10,673.0

9,945.6

(6) Common Equity Tier 1 Capital

9,208.1

621.3

8,586.8

7,510.3

(7) Risk weighted Assets

78,317.0

4,111.5

74,205.5

70,864.4

(8) Total Required Capital (7) X8%

6,265.3

328.9

5,936.4

5,669.1

Mizuho Trust & Banking

Domestic Standard

Consolidated

Non-Consolidated

As of September 30, 2026
(Preliminary)

Change

As of March 31, 2026

As of September 30, 2026
(Preliminary)

(1) Capital Ratio

25.50

(3.78

)

29.28

25.24

(2) Core Capital

3,643

(720

)

4,364

3,403

(3) Risk weighted Assets

14,283

(616

)

14,900

13,481

(4) Total Required Capital (3) X4%

571

(24

)

596

539

Mizuho Trust & Banking

International Standard (Reference)

Consolidated

Non-Consolidated

As of September 30, 2026
(Preliminary)

Change

As of March 31, 2026

As of September 30, 2026
(Preliminary)

(1) Total Capital Ratio

28.93

(3.39

)

32.32

28.87

(2) Tier 1 Capital Ratio

28.86

(3.39

)

32.25

28.79

(3) Common Equity Tier 1 Capital Ratio

28.86

(3.38

)

32.24

28.79

Note: Risk-adjusted capital ratio of Mizuho Financial Group is calculated in accordance with the Notification of the Financial Services Agency No.20, 2006. Risk-adjusted capital ratio of Mizuho Bank and Mizuho Trust & Banking are calculated in accordance with the Notification of the Financial Services Agency No.19, 2006.

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, 2026		Change			As of March 31, 2026
Claims against Bankrupt and Substantially Bankrupt Obligors		38,731		3,510			35,220
Claims with Collection Risk		347,799		(127,137	)		474,937
Claims for Special Attention		367,648		(42,274	)		409,922
Loans Past Due for 3 Months or More		770		(3,148	)		3,919
Restructured Loans		366,877		(39,125	)		406,003
Sub-total[1]		754,179		(165,901	)		920,080
Normal Claims		117,612,746		3,733,439			113,879,307

Total[2]		118,366,926		3,567,537			114,799,388

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		361,409		29,310			332,099

	(%)
NPL ratio[1]/[2]		0.63		(0.16	)		0.80

Trust Account
	(Millions of yen)
	As of September 30, 2026		Change			As of March 31, 2026
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		924		(78	)		1,002

Total[4]		924		(78	)		1,002


	(%)
NPL ratio[3]/[4]		—		—			—

2-17

Mizuho Financial Group, Inc.

Consolidated + Trust Account


	(Millions of yen)
	As of September 30, 2026		Change			As of March 31, 2026
Claims against Bankrupt and Substantially Bankrupt Obligors		38,731		3,510			35,220
Claims with Collection Risk		347,799		(127,137	)		474,937
Claims for Special Attention		367,648		(42,274	)		409,922
Loans Past Due for 3 Months or More		770		(3,148	)		3,919
Restructured Loans		366,877		(39,125	)		406,003
Sub-total[5]		754,179		(165,901	)		920,080
Normal Claims		117,613,671		3,733,360			113,880,310

Total[6]		118,367,850		3,567,459			114,800,391

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		361,409		29,310			332,099

	(%)
NPL ratio[5]/[6]		0.63		(0.16	)		0.80

Trust account represents trust accounts with contracts indemnifying the principal amounts.

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, 2026		Change			As of March 31, 2026
Claims against Bankrupt and Substantially Bankrupt Obligors		35,797		3,824			31,973
Claims with Collection Risk		334,276		(128,812	)		463,089
Claims for Special Attention		356,254		(40,784	)		397,038
Loans Past Due for 3 Months or More		770		(3,148	)		3,919
Restructured Loans		355,484		(37,635	)		393,119
Sub-total[1]		726,328		(165,772	)		892,101
Normal Claims		120,587,565		4,463,508			116,124,057

Total[2]		121,313,893		4,297,735			117,016,158

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		358,349		29,146			329,203

	(%)
NPL ratio[1]/[2]		0.59		(0.16	)		0.76
Mizuho Bank
	(Millions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors		35,768		3,840			31,927
Claims with Collection Risk		331,209		(128,052	)		459,262
Claims for Special Attention		355,147		(39,292	)		394,440
Loans Past Due for 3 Months or More		770		(3,148	)		3,919
Restructured Loans		354,377		(36,144	)		390,521
Sub-total[3]		722,126		(163,504	)		885,630
Normal Claims		118,441,781		4,638,091			113,803,690

Total[4]		119,163,907		4,474,586			114,689,321

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		358,080		29,146			328,933

	(%)
NPL ratio[3]/[4]		0.60		(0.16	)		0.77

2-19

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

(Banking Account)


	(Millions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors		28	(16	)	45
Claims with Collection Risk		3,066	(760	)	3,826
Claims for Special Attention		1,106	(1,491	)	2,598
Loans Past Due for 3 Months or More		—	—		—
Restructured Loans		1,106	(1,491	)	2,598
Sub-total[5]		4,202	(2,268	)	6,470
Normal Claims		2,144,859	(174,504	)	2,319,364

Total[6]		2,149,061	(176,772	)	2,325,834

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		269	(0	)	269

	(%)
NPL ratio[5]/[6]		0.19	(0.08	)	0.27
(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		924	(78	)	1,002

Total[8]		924	(78	)	1,002


	(%)
NPL ratio[7]/[8]		—	—		—

Trust account represents trust accounts with contracts indemnifying the principal amounts.

2-20

Mizuho Financial Group, Inc.

2. Status of Allowances for Loan Losses

Consolidated


	(Millions of yen)
	As of September 30, 2026		Change			As of March 31, 2026
Allowances for Loan Losses		545,377		(91,925	)		637,302
General Allowance for Loan Losses		389,441		(4,215	)		393,657
Specific Allowance for Loan Losses		153,369		(87,570	)		240,939
Allowance for Loan Losses to Restructuring Countries		2,565		(139	)		2,705

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		364,065		29,337			334,727
Non-Consolidated Aggregate Figures for the 2 Banks
	(Millions of yen)
	As of September 30, 2026		Change			As of March 31, 2026
Allowances for Loan Losses		516,700		(99,082	)		615,783
General Allowance for Loan Losses		370,227		(9,168	)		379,395
Specific Allowance for Loan Losses		143,907		(89,773	)		233,681
Allowance for Loan Losses to Restructuring Countries		2,565		(139	)		2,705

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		360,656		29,146			331,510
Mizuho Bank
Allowances for Loan Losses		512,313		(97,578	)		609,891
General Allowance for Loan Losses		365,917		(7,686	)		373,604
Specific Allowance for Loan Losses		143,829		(89,751	)		233,581
Allowance for Loan Losses to Restructuring Countries		2,565		(139	)		2,705

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		360,386		29,146			331,240
Mizuho Trust & Banking
Allowances for Loan Losses		4,387		(1,504	)		5,891
General Allowance for Loan Losses		4,309		(1,481	)		5,791
Specific Allowance for Loan Losses		77		(22	)		100
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		269		(0	)		269

Allowance for Entrusted Loan Losses (¥2 million and ¥3 million for September 30, 2026 and March 31, 2026, 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,
2026

Change

As of
March 31,
2026

Mizuho Financial Group

72.31

3.04

69.26

Allowance Coverage Ratio (calculated as Allowance for Loan Losses divided by NPLs based on the Banking Act and the Reconstruction Act, excluding normal claims) are presented net of partial direct write-offs.

Non-Consolidated

(%)

As of
September 30,
2026

Change

As of
March 31,
2026

Total

71.13

2.11

69.02

Mizuho Bank

70.94

2.07

68.86

Mizuho Trust & Banking (Banking Account)

104.41

13.35

91.06

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, 2026

Change

As of
March 31, 2026

Claims against Bankrupt and Substantially Bankrupt Obligors

35.7

3.8

31.9

Collateral, Guarantees, and equivalent

35.2

14.9

20.2

Allowance for Losses

0.5

(11.1

)

11.6

Claims with Collection Risk

334.2

(128.8

)

463.0

Collateral, Guarantees, and equivalent

123.5

(48.2

)

171.8

Allowance for Losses

143.1

(78.8

)

221.9

Claims for Special Attention

356.2

(40.7

)

397.0

Collateral, Guarantees, and equivalent

110.0

(5.9

)

115.9

Allowance for Losses

78.4

(4.4

)

82.8

Total

726.3

(165.7

)

892.1

Collateral, Guarantees, and equivalent

268.8

(39.2

)

308.0

Allowance for Losses

222.0

(94.4

)

316.5

Mizuho Bank

Claims against Bankrupt and Substantially Bankrupt Obligors

35.7

3.8

31.9

Collateral, Guarantees, and equivalent

35.2

15.0

20.2

Allowance for Losses

0.5

(11.1

)

11.6

Claims with Collection Risk

331.2

(128.0

)

459.2

Collateral, Guarantees, and equivalent

120.5

(47.5

)

168.0

Allowance for Losses

143.0

(78.8

)

221.8

Claims for Special Attention

355.1

(39.2

)

394.4

Collateral, Guarantees, and equivalent

109.5

(5.8

)

115.3

Allowance for Losses

78.3

(4.2

)

82.5

Total

722.1

(163.5

)

885.6

Collateral, Guarantees, and equivalent

265.3

(38.3

)

303.7

Allowance for Losses

221.9

(94.2

)

316.1

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

3.0

(0.7

)

3.8

Collateral, Guarantees, and equivalent

2.9

(0.7

)

3.7

Allowance for Losses

0.0

(0.0

)

0.0

Claims for Special Attention

1.1

(1.4

)

2.5

Collateral, Guarantees, and equivalent

0.4

(0.1

)

0.6

Allowance for Losses

0.1

(0.2

)

0.3

Total

4.2

(2.2

)

6.4

Collateral, Guarantees, and equivalent

3.5

(0.8

)

4.3

Allowance for Losses

0.1

(0.2

)

0.4

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 with contracts indemnifying the principal amounts.

2-23

Mizuho Financial Group, Inc.

(2) Coverage Ratio

Aggregate Figures for the 2 Banks (Banking Account)


	(Billions of yen)
	As of September 30, 2026		Change			As of March 31, 2026
Coverage Amount		490.9		(133.6	)		624.6
Allowances for Loan Losses		222.0		(94.4	)		316.5
Collateral, Guarantees, and equivalent		268.8		(39.2	)		308.0

	*(%)*
Coverage Ratio		67.5		(2.4	)		70.0
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		79.7		(5.2	)		85.0
Claims for Special Attention		52.8		2.8			50.0
Claims against Special Attention Obligors		*53.3*		2.0			51.3

Allowance Coverage Ratio against Non-collateralized Claims

	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		67.9		(8.2	)		76.2
Claims for Special Attention		31.8		2.3			29.4
Claims against Special Attention Obligors		*31.1*		1.8			29.2

Reference: Allowance Coverage Ratio

	*(%)*
Claims against Special Attention Obligors		21.09		0.93			20.15
Claims against Watch Obligors excluding Special Attention Obligors		3.25		(0.47	)		3.72
Claims against Normal Obligors		0.18		(0.00	)		0.18

Mizuho Bank

	(Billions of yen)
Coverage Amount		487.2		(132.5	)		619.8
Allowances for Loan Losses		221.9		(94.2	)		316.1
Collateral, Guarantees, and equivalent		265.3		(38.3	)		303.7

	*(%)*
Coverage Ratio		67.4		(2.5	)		69.9
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		79.6		(5.3	)		84.9
Claims for Special Attention		52.8		2.7			50.1
Claims against Special Attention Obligors		*53.3*		1.9			51.4

Allowance Coverage Ratio against Non-collateralized Claims

	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		67.9		(8.2	)		76.2
Claims for Special Attention		31.8		2.3			29.5
Claims against Special Attention Obligors		*31.1*		1.7			29.3

Reference: Allowance Coverage Ratio

	*(%)*
Claims against Special Attention Obligors		21.12		0.92			20.20
Claims against Watch Obligors excluding Special Attention Obligors		3.20		(0.44	)		3.65
Claims against Normal Obligors		0.18		(0.00	)		0.18

2-24

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (Banking Account)


	(Billions of yen)
	As of September 30, 2026		Change			As of March 31, 2026
Coverage Amount		3.6		(1.1	)		4.8
Allowances for Loan Losses		0.1		(0.2	)		0.4
Collateral, Guarantees, and equivalent		3.5		(0.8	)		4.3

	*(%)*
Coverage Ratio		88.0		13.6			74.4
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		100.0		0.2			99.7
Claims for Special Attention		54.6		17.9			36.6
Claims against Special Attention Obligors		*54.7*		22.2			32.4

Allowance Coverage Ratio against Non-collateralized Claims

	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			—
Claims with Collection Risk		100.0		9.7			90.2
Claims for Special Attention		17.6		0.4			17.1
Claims against Special Attention Obligors		*17.6*		0.5			17.1

Reference: Allowance Coverage Ratio

	*(%)*
Claims against Special Attention Obligors		9.72		(4.25	)		13.97
Claims against Watch Obligors excluding Special Attention Obligors		6.18		(1.31	)		7.50
Claims against Normal Obligors		0.10		(0.01	)		0.12

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)

LOGO

Notes:

Claims for Special Attention are denoted on an individual loans basis.

Claims against Special Attention Obligors include 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 2023		Fiscal 2024		Fiscal 2025		Fiscal 2026
	As of March 31, 2024		As of March 31, 2025		As of March 31, 2026		As of September 30, 2026
							MHBK		MHTB*		Aggregate Figures for the 2 Banks		Change from March 31, 2026
Claims against Bankrupt and Substantially Bankrupt Obligors		26.6		13.1		21.2		8.0		0.0		8.0		(13.1	)
Claims with Collection Risk		708.6		463.4		144.8		121.5		3.0		124.5		(20.3	)
Amount Categorized as above up to Fiscal 2023		735.3		476.5		166.0		129.5		3.0		132.5		(33.5	)
of which the amount which was in the process of being removed from the balance sheet		24.7		12.1		21.0		8.0		0.0		8.0		(12.9	)
Claims against Bankrupt and Substantially Bankrupt Obligors				9.0		2.3		1.4		—		1.4		(0.8	)
Claims with Collection Risk				105.9		60.1		21.2		—		21.2		(38.9	)
Amount Newly Categorized as above during Fiscal 2024				115.0		62.4		22.6		—		22.6		(39.8	)
of which the amount which was in the process of being removed from the balance sheet				5.8		1.8		1.4		—		1.4		(0.4	)
Claims against Bankrupt and Substantially Bankrupt Obligors						8.4		18.9		0.0		18.9		10.5
Claims with Collection Risk						258.0		128.7		0.0		128.7		(129.2	)
Amount Newly Categorized as above during Fiscal 2025						266.4		147.6		0.0		147.7		(118.7	)
of which the amount which was in the process of being removed from the balance sheet						8.4		3.2		—		3.2		(5.2	)
Claims against Bankrupt and Substantially Bankrupt Obligors								7.3		—		7.3		7.3
Claims with Collection Risk								59.7		0.0		59.7		59.7
Amount Newly Categorized as above during the First Half of Fiscal 2026								67.1		0.0		67.1		67.1
of which the amount which was in the process of being removed from the balance sheet								7.3		—		7.3		7.3
Claims against Bankrupt and Substantially Bankrupt Obligors		26.6		22.2		31.9		35.7		0.0		35.7		3.8
Claims with Collection Risk		708.6		569.3		463.0		331.2		3.0		334.2		(128.8	)
Total		735.3		591.6		495.0		366.9		3.0		370.0		(124.9	)
of which the amount which was in the process of being removed from the balance sheet		24.7		17.9		31.3		20.0		0.0		20.0		(11.2	)


* Trust account represents trust accounts with contracts indemnifying the principal amounts.
*				denotes newly categorized amounts.

(2) Breakdown of Reasons for Removal of NPLs from the Balance Sheet in the First Half of Fiscal 2026


	(Billions of yen)
	Aggregate Figures for the 2 Banks (Banking Account + Trust Account)			MHBK			MHTB (Banking Account + Trust Account)
Liquidation		(0.6	)		(0.6	)		—
Restructuring		(20.5	)		(20.5	)		—
Improvement in Business Performance due to Restructuring		(1.7	)		(1.7	)		—
Loan Sales		(74.3	)		(74.3	)		—
Direct Write-off		(7.5	)		(7.5	)		—
Other		(87.3	)		(86.5	)		(0.8	)
Debt recovery		(61.4	)		(60.6	)		(0.7	)
Improvement in Business Performance		(25.8	)		(25.8	)		(0.0	)

Total		(192.1	)		(191.3	)		(0.8	)

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, 2026					As of March 31, 2026
	Outstanding Balance		Change			Outstanding Balance
Domestic Total (excluding Loans Booked Offshore)		68,730.8		2,572.6			66,158.2
Manufacturing		11,250.3		68.1			11,182.1
Agriculture & Forestry		48.1		(1.0	)		49.1
Fishery		12.7		(0.0	)		12.7
Mining, Quarrying Industry & Gravel Extraction Industry		199.1		5.7			193.3
Construction		1,922.0		349.4			1,572.6
Utilities		3,394.4		241.6			3,152.8
Communication		1,808.3		25.6			1,782.6
Transportation & Postal Industry		2,512.3		140.8			2,371.5
Wholesale & Retail		5,494.1		321.2			5,172.9
Finance & Insurance		10,577.1		609.7			9,967.3
Real Estate		13,910.1		460.2			13,449.8
Commodity Lease		3,899.5		203.8			3,695.6
Service Industries		3,160.5		53.5			3,107.0
Local Governments		289.5		(18.5	)		308.1
Governments		—		—			—
Other		10,252.0		112.0			10,140.0
Overseas Total (including Loans Booked Offshore)		35,623.3		756.4			34,866.9
Governments		832.8		391.1			441.7
Financial Institutions		16,543.8		756.2			15,787.6
Other		18,246.6		(390.9	)		18,637.6

Total		104,354.2		3,329.0			101,025.1

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


As of September 30, 2026:		¥630.0 billion (from MHBK)
As of March 31, 2026:		¥815.0 billion (from MHBK)

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

2-28

Mizuho Financial Group, Inc.


	(Billions of yen)
	As of September 30, 2026					As of March 31, 2026
	Outstanding Balance		Change			Outstanding Balance

Mizuho Bank
Domestic Total (excluding Loans Booked Offshore)		65,581.1		2,822.3			62,758.8
Manufacturing		10,809.6		155.9			10,653.7
Agriculture & Forestry		48.1		(0.9	)		49.1
Fishery		12.7		(0.0	)		12.7
Mining, Quarrying Industry & Gravel Extraction Industry		198.4		5.9			192.5
Construction		1,868.4		347.4			1,521.0
Utilities		3,204.5		244.8			2,959.6
Communication		1,771.6		26.9			1,744.7
Transportation & Postal Industry		2,400.0		146.0			2,253.9
Wholesale & Retail		5,408.1		340.6			5,067.5
Finance & Insurance		9,888.3		662.2			9,226.0
Real Estate		12,751.8		520.6			12,231.2
Commodity Lease		3,738.2		224.4			3,513.7
Service Industries		3,148.4		58.1			3,090.3
Local Governments		289.5		(18.5	)		308.1
Governments		—		—			—
Other		10,042.7		108.5			9,934.2
Overseas Total (including Loans Booked Offshore)		35,623.3		756.4			34,866.9
Governments		832.8		391.1			441.7
Financial Institutions		16,543.8		756.2			15,787.6
Other		18,246.6		(390.9	)		18,637.6

Total		101,204.5		3,578.7			97,625.7


Mizuho Trust & Banking (Banking Account + Trust Account)
Domestic Total (excluding Loans Booked Offshore)		3,149.6		(249.7	)		3,399.3
Manufacturing		440.6		(87.8	)		528.4
Agriculture & Forestry		—		(0	)		0.0
Fishery		—		—			—
Mining, Quarrying Industry & Gravel Extraction Industry		0.6		(0.1	)		0.8
Construction		53.5		2.0			51.5
Utilities		189.9		(3.1	)		193.1
Communication		36.6		(1.3	)		37.9
Transportation & Postal Industry		112.3		(5.2	)		117.5
Wholesale & Retail		85.9		(19.3	)		105.3
Finance & Insurance		688.8		(52.5	)		741.3
Real Estate		1,158.2		(60.3	)		1,218.6
Commodity Lease		161.3		(20.6	)		181.9
Service Industries		12.1		(4.5	)		16.6
Local Governments		—		—			—
Governments		—		—			—
Other		209.2		3.4			205.8
Overseas Total (including Loans Booked Offshore)		—		—			—
Governments		—		—			—
Financial Institutions		—		—			—
Other		—		—			—

Total		3,149.6		(249.7	)		3,399.3

*	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, 2026										As of March 31, 2026
					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			Non Performing Loans based on the BA and the FRA		Coverage Ratio
Domestic Total (excluding Loans Booked Offshore)		607.0		65.6		(78.3	)		0.5			685.4		65.1
Manufacturing		287.6		60.8		(54.1	)		0.4			341.7		60.3
Agriculture & Forestry		7.3		87.4		4.0			22.0			3.2		65.4
Fishery		4.8		56.9		4.0			(13.5	)		0.8		70.5
Mining, Quarrying Industry & Gravel Extraction Industry		—		—		—			—			—		—
Construction		5.8		84.5		0.0			4.0			5.8		80.4
Utilities		3.3		63.8		(0.4	)		0.0			3.7		63.8
Communication		11.1		58.5		(2.3	)		1.3			13.5		57.2
Transportation & Postal Industry		2.2		67.6		(4.8	)		(9.6	)		7.1		77.3
Wholesale & Retail		139.5		65.6		(11.3	)		2.5			150.9		63.1
Finance & Insurance		12.2		62.3		2.2			7.0			9.9		55.2
Real Estate		23.2		89.9		(3.3	)		(1.3	)		26.6		91.3
Commodity Lease		0.4		47.4		0.1			(17.6	)		0.3		65.0
Service Industries		77.7		62.8		3.0			0.5			74.7		62.3
Local Governments		—		—		—			—			—		—
Other		31.2		94.8		(15.5	)		(1.5	)		46.7		96.3
Overseas Total (including Loans Booked Offshore)		119.2		77.5		(87.3	)		(8.6	)		206.6		86.2
Governments		—		—		—			—			—		—
Financial Institutions		—		—		—			—			—		—
Other		119.2		77.5		(87.3	)		(8.6	)		206.6		86.2

Total		726.3		67.5		(165.7	)		(2.4	)		892.1		70.0

*	Trust account represents trust accounts with contracts indemnifying the principal amounts.

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,
2026

As of
March 31,
2026

Change

Housing and Consumer Loans

6,968.6

(158.0

)

7,126.6

Housing Loans for owner’s residential housing

6,540.9

(151.4

)

6,692.3

Mizuho Bank

Housing and Consumer Loans

6,943.5

(155.7

)

7,099.3

Housing Loans

6,575.3

(154.7

)

6,730.0

for owner’s residential housing

6,516.9

(149.2

)

6,666.2

Consumer loans

368.1

(1.0

)

369.2

Mizuho Trust & Banking (Banking Account + Trust Account)

Housing and Consumer Loans

25.0

(2.3

)

27.3

Housing Loans for owner’s residential housing

23.9

(2.1

)

26.1

* 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,
2026

As of
March 31,
2026

Change

Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans

58.2

(0.1

)

58.4

Loans to SMEs and Individual Customers

40,036.1

1,398.9

38,637.2

Mizuho Bank

Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans

59.0

(0.2

)

59.3

Loans to SMEs and Individual Customers

38,751.5

1,482.7

37,268.7

Mizuho Trust & Banking (Banking Account + Trust Account)

Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans

40.7

0.5

40.2

Loans to SMEs and Individual Customers

1,284.6

(83.8

)

1,368.5

*	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, 2026

As of March 31,
2026

Outstanding
Balance

Change

Outstanding
Balance

APAC

10,881.8

431.7

10,450.1

South Korea

766.1

18.9

747.2

Hong Kong

893.3

(9.2

)

902.6

Taiwan

800.8

37.5

763.3

China

139.1

(20.6

)

159.8

India

1,154.8

171.6

983.2

Indonesia

459.5

17.4

442.0

Singapore

1,647.9

166.4

1,481.4

Thailand

1,114.6

(1.9

)

1,116.5

Philippines

348.8

(16.9

)

365.8

Vietnam

392.7

42.5

350.1

Malaysia

70.8

(41.3

)

112.2

Australia

2,880.0

74.8

2,805.1

Americas

21,495.5

358.8

21,136.6

15,322.8

369.7

14,953.1

Canada

1,230.3

(130.0

)

1,360.4

Chile

107.8

(36.8

)

144.6

Brazile

230.2

(35.4

)

265.7

Mexico

188.8

(83.2

)

272.1

EMEA

8,364.1

689.9

7,674.1

1,594.2

(26.2

)

1,620.5

Netherlands

949.7

(64.6

)

1,014.4

Spain

21.8

(11.3

)

33.1

Germany

27.4

1.0

26.3

France

262.0

3.8

258.2

Russia

18.9

(1.6

)

20.6

UAE

750.2

14.5

735.7

Saudi Arabia

781.0

230.7

550.3

South Africa

6.4

(3.3

)

9.8

Total

40,741.6

1,480.6

39,260.9

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, 2026					As of March 31, 2026
	Outstanding Balance		Change			Outstanding Balance
Mizuho Bank Europe N.V.		1,644.6		(104.2	)		1,748.8
Mizuho Bank (China) ,Ltd		1,100.9		(3.3	)		1,104.3
PT. Bank Mizuho Indonesia		600.3		35.9			564.4

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, 2026					As of March 31, 2026
	Non Performing Loans based on the BA and the FRA		Change			Non Performing Loans based on the BA and the FRA
APAC		53.5		(4.5	)		58.1
Americas		64.3		(43.3	)		107.7
EMEA		18.5		(53.3	)		71.8
Total		136.4		(101.3	)		237.7

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, 2026					As of March 31, 2026
	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.		14.0		(24.9	)		39.0
Mizuho Bank (China) ,Ltd		—		—			—
PT. Bank Mizuho Indonesia		—		—			—

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, 2026 to September 30, 2031)
Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses)	1		6,322.1
Profit before Income Taxes	2		6,848.6
Tax Adjustments ⁽¹⁾	3		(102.7	)
Taxable Income before Current Deductible Temporary Differences ⁽²⁾	4		6,745.9
Effective Statutory Tax Rate	5		31.52%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		2,126.3

(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, 2026.


Reference: Past results of taxable income (tax loss)
	(Billions of yen)
Fiscal 2022		157.7
Fiscal 2023		406.1
Fiscal 2024		796.7
Fiscal 2025		1,161.2
First Half of Fiscal 2026 (estimate)		943.9

•	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 2026 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets


		(Billions of yen)
		As of September 30, 2026			Change			As of March 31, 2026
Allowances for Loan Losses	7		268.1			(7.6	)		275.8
Impairment of Securities	8		79.5			(12.3	)		91.8
Securities Contributed to Employee Retirement Benefit Trust	9		85.9			2.0			83.9
Net Unrealized Losses on Other Securities	10		—			—			—
Depreciation and Impairment	11		50.8			(4.7	)		55.6
Net Deferred Hedge Losses	12		554.2			155.9			398.2
Tax Losses Carried Forward	13		—			(2.9	)		2.9
Other	14		187.3			(5.6	)		193.0

Total Deferred Tax Assets	15		1,226.1			124.6			1,101.5

Valuation Allowance	16		(130.9	)		12.3			(143.3	)

Sub-Total [ 15 + 16 ]	17		1,095.1			137.0			958.1

Amount related to Retirement Benefits Accounting	18		(102.7	)		(23.0	)		(79.6	)
Net Unrealized Gains on Other Securities	19		(354.1	)		123.5			(477.6	)
Net Deferred Hedge Gains	20		—			—			—
Other	21		(50.2	)		43.6			(93.8	)

Total Deferred Tax Liabilities	22		(507.0	)		144.1			(651.2	)

Net Deferred Tax Assets (Liabilities) [17 + 22]	23		588.0			281.1			306.9
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *	24		(354.1	)		123.5			(477.6	)
Tax effects related to Net Deferred Hedge Losses (Gains)	25		554.2			155.9			398.2
Tax effects related to others	26		388.0			1.6			386.3

*	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, 2026 to September 30, 2031)
Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses)	1		294.4
Profit before Income Taxes	2		361.9
Tax Adjustments ⁽¹⁾	3		1.4
Taxable Income before Current Deductible Temporary Differences ⁽²⁾	4		363.4
Effective Statutory Tax Rate	5		31.52%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		114.5

(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, 2026.


Reference: Past results of taxable income (tax loss)
	(Billions of yen)
Fiscal 2022		30.0
Fiscal 2023		29.4
Fiscal 2024		71.6
Fiscal 2025		133.6
First Half of Fiscal 2026 (estimate)		22.7

•	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 2026 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets


		(Billions of yen)
		As of September 30, 2026			Change			As of March 31, 2026
Allowances for Loan Losses	7		1.4			(0.4	)		1.9
Impairment of Securities	8		1.4			(0.3	)		1.8
Securities Contributed to Employee Retirement Benefit Trust	9		11.6			0.2			11.4
Net Unrealized Losses on Other Securities	10		—			—			—
Depreciation and Impairment	11		2.7			(0.6	)		3.3
Net Deferred Hedge Losses	12		—			—			—
Tax Losses Carried Forward	13		—			—			—
Other	14		5.6			(1.0	)		6.6

Total Deferred Tax Assets	15		23.0			(2.2	)		25.3

Valuation Allowance	16		(1.7	)		0.3			(2.0	)

Sub-Total [ 15 + 16 ]	17		21.3			(1.8	)		23.2

Amount related to Retirement Benefits Accounting	18		(18.9	)		(1.5	)		(17.4	)
Net Unrealized Gains on Other Securities	19		(28.7	)		(0.7	)		(28.0	)
Net Deferred Hedge Gains	20		(1.1	)		(0.0	)		(1.0	)
Other	21		(0.3	)		0.1			(0.5	)

Total Deferred Tax Liabilities	22		(49.2	)		(2.1	)		(47.0	)

Net Deferred Tax Assets (Liabilities) [17 + 22]	23		(27.8	)		(4.0	)		(23.8	)
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *	24		(28.7	)		(0.6	)		(28.0	)
Tax effects related to Net Deferred Hedge Losses (Gains)	25		(1.1	)		(0.0	)		(1.0	)
Tax effects related to others	26		2.0			(3.3	)		5.3

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

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


	(Billions of yen)
Aggregate Figures for the 2 Banks	As of September 30, 2026		Change			As of March 31, 2026
Deposits		129,526.5		3,026.1			126,500.4

Individual Deposits		49,250.7		28.9			49,221.7
Corporate Deposits		71,518.7		3,218.7			68,300.0
Financial/Government Institutions		8,757.0		(221.5	)		8,978.5

Mizuho Bank
Deposits		128,258.8		3,121.9			125,136.8

Individual Deposits		48,618.5		47.5			48,570.9
Corporate Deposits		70,990.0		3,263.8			67,726.1
Financial/Government Institutions		8,650.2		(189.4	)		8,839.7

Mizuho Trust & Banking
Deposits		1,267.7		(95.7	)		1,363.5

Individual Deposits		632.1		(18.6	)		650.7
Corporate Deposits		528.7		(45.1	)		573.9
Financial/Government Institutions		106.8		(32.0	)		138.8

*	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, 2026 (A)			As of March 31, 2026 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	61,942,509		¥	59,080,362		¥	2,862,147
Call Loans		163,121			678,825			(515,704	)
Receivables under Resale Agreements		7,499,570			9,218,778			(1,719,207	)
Guarantee Deposits Paid under Securities Borrowing Transactions		131,599			137,402			(5,803	)
Monetary Claims Bought		576,410			576,260			149
Trading Assets		11,092,970			9,766,056			1,326,913
Money Held in Trust		500			500			0
Securities		46,176,630			42,655,427			3,521,202
Loans and Bills Discounted		101,204,585			97,625,798			3,578,787
Foreign Exchanges		2,817,577			2,610,072			207,504
Derivatives other than for Trading Assets		10,147,477			8,290,290			1,857,187
Other Assets		4,335,471			5,822,896			(1,487,425	)
Tangible Fixed Assets		852,825			861,568			(8,742	)
Intangible Fixed Assets		567,538			546,405			21,133
Prepaid Pension Cost		325,826			252,806			73,019
Deferred Tax Assets		588,081			306,924			281,157
Customers’ Liabilities for Acceptances and Guarantees		14,337,809			13,442,049			895,760
Allowances for Loan Losses		(512,313	)		(609,891	)		97,578

Total Assets	¥	262,248,193		¥	251,262,535		¥	10,985,658

Liabilities
Deposits	¥	169,082,555		¥	160,600,608		¥	8,481,946
Negotiable Certificates of Deposit		8,661,825			12,064,547			(3,402,722	)
Call Money		2,440,427			2,568,699			(128,271	)
Payables under Repurchase Agreements		14,678,937			14,165,093			513,844
Guarantee Deposits Received under Securities Lending Transactions		90,517			292,689			(202,171	)
Commercial Paper		1,232,644			1,921,799			(689,155	)
Trading Liabilities		8,498,193			7,402,184			1,096,009
Borrowed Money		17,630,355			15,668,322			1,962,032
Foreign Exchanges		734,448			1,352,174			(617,726	)
Bonds and Notes		2,079,997			801,202			1,278,794
Derivatives other than for Trading Liabilities		12,102,871			9,784,858			2,318,013
Other Liabilities		3,571,745			3,938,509			(366,764	)
Reserve for Bonus Payments		45,656			64,900			(19,243	)
Reserve for Variable Compensation		602			883			(280	)
Reserve for Possible Losses on Sales of Loans		11,102			6,707			4,394
Reserve for Contingencies		10,696			7,122			3,574
Reserve for Reimbursement of Deposits		3,770			4,850			(1,080	)
Reserve for Reimbursement of Debentures		—			6,850			(6,850	)
Deferred Tax Liabilities for Revaluation Reserve for Land		43,472			45,074			(1,602	)
Acceptances and Guarantees		14,337,809			13,442,049			895,760

Total Liabilities		255,257,629			244,139,128			11,118,501

Net Assets
Common Stock and Preferred Stock		1,404,065			1,404,065			—
Capital Surplus		2,274,941			2,259,392			15,548
Capital Reserve		660,805			660,805			—
Other Capital Surplus		1,614,135			1,598,587			15,548
Retained Earnings		3,505,787			3,042,389			463,397
Appropriated Reserve		844,538			724,535			120,002
Other Retained Earnings		2,661,248			2,317,853			343,394
Retained Earnings Brought Forward		2,661,248			2,317,853			343,394

Total Shareholders’ Equity		7,184,793			6,705,847			478,946

Net Unrealized Gains (Losses) on Other Securities, net of Taxes		917,677			1,186,487			(268,810	)
Net Deferred Hedge Gains (Losses), net of Taxes		(1,202,799	)		(863,301	)		(339,497	)
Revaluation Reserve for Land, net of Taxes		90,892			94,373			(3,481	)

Total Valuation and Translation Adjustments		(194,229	)		417,559			(611,789	)

Total Net Assets		6,990,563			7,123,406			(132,842	)

Total Liabilities and Net Assets	¥	262,248,193		¥	251,262,535		¥	10,985,658

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, 2026 (A)			For the six months ended September 30, 2025 (B)		Change (A) - (B)
Ordinary Income	¥	3,877,587		¥	3,109,884	¥	767,702
Interest Income		2,856,861			2,370,481		486,380
Interest on Loans and Bills Discounted		*1,426,000*			1,233,123		192,877
Interest and Dividends on Securities		*817,108*			424,095		393,013
Fee and Commission Income		430,593			341,193		89,399
Trading Income		50,529			106,354		(55,824	)
Other Operating Income		240,895			93,085		147,809
Other Ordinary Income		298,706			198,768		99,937

Ordinary Expenses		2,636,361			2,509,045		127,316
Interest Expenses		1,773,159			1,729,101		44,058
Interest on Deposits		*897,615*			771,573		126,041
Fee and Commission Expenses		176,908			143,601		33,306
Trading Expenses		—			1,397		(1,397	)
Other Operating Expenses		41,039			114,974		(73,934	)
General and Administrative Expenses		516,849			461,898		54,950
Other Ordinary Expenses		128,405			58,071		70,333

Ordinary Profits		1,241,225			600,839		640,386

Extraordinary Gains		13,412			42,551		(29,139	)

Extraordinary Losses		7,745			4,459		3,286

Profit before Income Taxes		1,246,891			638,931		607,960
Income Taxes:
Current		279,990			151,239		128,751
Deferred		(18,448	)		1,668		(20,117	)

Profit	¥	985,349		¥	486,023	¥	499,326

2-38

Source: View Original Filing on SEC EDGAR

Mizuho Financial raises FY2026 profit forecast to ¥1.6T

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