Nomura Holdings (NMR) lifts profits, buys Macquarie assets and launches major share buyback

Rhea-AI Filing Summary

Nomura Holdings reported stronger results for the nine months ended December 31, 2025 under U.S. GAAP. Net revenue rose to 1,590.5 billion yen, up 10.5% year on year, while income before income taxes increased 15.5% to 432.1 billion yen. Net income attributable to Nomura shareholders grew 7.2% to 288.2 billion yen, lifting annualized return on equity to 10.8%.

Wealth Management and Wholesale both delivered higher net revenue and double‑digit growth in pretax income, while Investment Management and Banking saw pretax earnings decline despite higher revenues due to rising expenses. Total assets reached 61,935.2 billion yen and total equity increased to 3,814.6 billion yen.

Nomura completed the acquisition of several Macquarie asset management companies for approximately 1.8 billion U.S. dollars (about 281.4 billion yen), adding 100% of their shares and making them consolidated subsidiaries. The Board also approved a share buyback program of up to 100 million shares (about 3.2% of issued shares) or 60,000 million yen between February 17 and September 30, 2026, and separately resolved to cancel 75 million shares (about 2.4% of issued shares) on March 2, 2026.

Positive

• Double-digit profit growth with higher ROE: Net revenue grew 10.5% to 1,590.5 billion yen and income before income taxes rose 15.5% to 432.1 billion yen, lifting annualized ROE to 10.8%.
• Strategic Macquarie asset management acquisition: Nomura acquired 100% of several Macquarie asset management companies for about 1.8 billion U.S. dollars, taking them on as consolidated subsidiaries and boosting assets under management to 134.7 trillion yen.
• Material shareholder return via buyback and cancellation: The Board approved a buyback of up to 100 million shares (about 3.2% of issued shares) or 60,000 million yen and a cancellation of 75 million shares (about 2.4% of issued shares).

Negative

• None.

Insights

Equity research analyst

Nomura posts broad-based profit growth, completes a major asset management acquisition, and adds sizable buyback and share cancellation.

Nomura Holdings delivered a solid nine-month performance. Net revenue increased 10.5% to 1,590.5 billion yen, and income before income taxes rose 15.5% to 432.1 billion yen, showing operating leverage as non-interest expenses grew 8.7%. Net income attributable to shareholders climbed 7.2% to 288.2 billion yen, with annualized ROE improving to 10.8%.

Business mix was mixed but resilient. Wealth Management and Wholesale achieved net revenue growth of 6.3% and 6.9%, respectively, and increased pretax income, while Investment Management and Banking saw pretax declines of 5.2% and 17.6% as expenses outpaced revenue. Assets under management reached 134.7 trillion yen, helped by newly acquired Macquarie asset management entities.

The completed Macquarie transaction, for approximately 1.8 billion U.S. dollars (about 281.4 billion yen), expands Nomura’s global investment management platform. At the same time, capital actions are meaningful: a share buyback of up to 100 million shares (about 3.2% of issued shares) or 60,000 million yen, and cancellation of 75 million shares (about 2.4% of issued shares), together support capital efficiency alongside balance sheet growth.

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FORM 6-K

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

Commission File Number: 1-15270

For the month of January 2026

NOMURA HOLDINGS, INC.

(Translation of registrant’s name into English)

13-1, Nihonbashi 1-chome

Chuo-ku, Tokyo 103-8645

Japan

(Address of principal executive offices)

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

Form 20-F   X    Form 40-F    

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):    

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):    

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Information furnished on this form:

EXHIBIT

Exhibit Number
1.		Financial Summary – Nine months ended December 31, 2025.

The registrant hereby incorporates Exhibit 1 to this report on Form 6-K by reference (i) in the prospectus that is part of the Registration Statement on Form F-3 (Registration No. 333-283915) of the registrant, originally filed with the SEC on December 19, 2024, as amended by Post-Effective Amendment No. 1 thereto, filed with the SEC on August 29, 2025 and (ii) in the prospectus that is part of the Registration Statement on Form F-3 (Registration No. 333-273353) of the registrant and of Nomura America Finance, LLC, filed with the SEC on July 20, 2023.

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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.

		NOMURA HOLDINGS, INC.
Date: January 30, 2026		By:		/s/ Yoshifumi Kishida
				Yoshifumi Kishida
				Senior Managing Director

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Financial Summary for the Nine Months Ended December 31, 2025 (U.S. GAAP)

Date:		January 30, 2026
Company name (code number):		Nomura Holdings, Inc. (8604)
Stock exchange listings:		(In Japan) Tokyo, Nagoya (Overseas) New York, Singapore
Representative:		Kentaro Okuda President and Group CEO, Nomura Holdings, Inc.
For inquiries:		Akihiro Koseki Managing Director, Head of Investor Relations, Nomura Holdings, Inc. Tel: (Country Code 81) 3-5255-1000 URL: https://www.nomura.com

1. Consolidated Operating Results

(1) Operating Results

		(Rounded to nearest million)
		(Millions of yen, except per share data)
		For the nine months ended December 31
		2024								2025
						% Change from December 31, 2023								% Change from December 31, 2024
Total revenue			3,657,389				22.5	%			3,545,729				(3.1	%)
Net revenue			1,439,750				28.9	%			1,590,532				10.5	%
Income before income taxes			374,220				105.9	%			432,148				15.5	%
Net income attributable to Nomura Holdings, Inc. (“NHI”) shareholders			268,766				146.3%				288,196				7.2%
Comprehensive income			343,791				106.4	%			322,552				(6.2	%)
Basic-Net income attributable to NHI shareholders per share (Yen)			90.95								97.73
Diluted-Net income attributable to NHI shareholders per share (Yen)			87.66								94.67
Return on shareholders’ equity - annualized			10.4	%							10.8	%

Note: Return on shareholders’ equity is a ratio of Net income attributable to NHI shareholders to Total NHI shareholders’ equity.

(2) Financial Position

		(Millions of yen, except per share data)
		At March 31				At December 31
		2025				2025
Total assets			56,802,170				61,935,173
Total equity			3,580,999				3,814,592
Total NHI shareholders’ equity			3,470,879				3,651,817
Total NHI shareholders’ equity as a percentage of total assets			6.1	%			5.9	%
Total NHI shareholders’ equity per share (Yen)			1,174.10				1,244.72

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2. Cash Dividends

										(Yen amounts)
		For the year ended March 31
		2025				2026				2026 (Plan)
Dividends per share
Dividends record dates
At June 30			—				—				—
At September 30			23.00				27.00				—
At December 31			—				—				—
At March 31			34.00				—				Unconfirmed
For the year			57.00				—				Unconfirmed

Note: The dividends for the fourth quarter of the year ending March 31, 2026, are not presented for the reasons stated in “ 3. Earnings forecasts for the year ending March 31, 2026.”

3. Earnings Forecasts for the year ending March 31, 2026

Nomura provides investment, financing and related services in the capital markets on a global basis. In the global capital markets there exist uncertainties due to, but not limited to, economic and market conditions. Nomura, therefore, does not present earnings forecasts.

Notes

(1) Significant changes in the scope of consolidation during the period: Yes

  Inclusion 1 ( Delaware Management Company )

  For details, please refer to “Notice Regarding Change in Specified Subsidiary” announced on January 30, 2026.

  Exclusion None

(2) Adoption of the simplified and particular accounting treatments: None

(3) Changes in accounting policies

  a)  Changes in accounting policies due to amendments to the accounting standards: Yes

  b)  Changes in accounting policies due to other than a): None

Note) Please refer to P.10 “2. Quarterly Consolidated Financial Statements (4) Changes in Accounting Policies” for further details.

(4) Number of shares issued (common stock)

		At March 31				At December 31
		2025				2025
Number of shares outstanding (including treasury stock)			3,163,562,601				3,163,562,601
Number of treasury stock			207,351,636				229,707,701
		For the nine months ended December 31
		2024				2025
Average number of shares outstanding (year-to-date)			2,954,969,973				2,948,846,541

*Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants or an audit firm: None

*Proper use of earnings forecasts, and other special matters

We voluntarily have engaged our independent auditor to conduct a review of the quarterly consolidated financial statements. We plan

to release the quarterly financial statements with the accompanying review report on February 10, 2026.

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Table of Contents for the Accompanying Materials

1. Qualitative Information of the Quarterly Consolidated Results			P. 2
(1) Consolidated Operating Results			P. 2
(2) Consolidated Financial Position			P. 4
(3) Consolidated Earnings Forecasts			P. 5
2. Quarterly Consolidated Financial Statements			P. 5
(1) Consolidated Balance Sheets			P. 6
(2) Consolidated Statements of Income			P. 8
(3) Consolidated Statements of Comprehensive Income			P. 9
(4) Changes in Accounting Policies			P.10
(5) Segment Information – Operating Segment			P.10
(6) Significant Changes in Equity			P.12
(7) Note with respect to the Assumption as a Going Concern			P.13
(8) Note with respect to Consolidated Statements of Cash Flows			P.13
(9) Significant Subsequent Events			P.13
3. Supplementary Information			P.14
(1) Consolidated Statements of Income – Quarterly Comparatives			P.14
(2) Business Segment Information – Quarterly Comparatives			P.15
(3) Other			P.16

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1. Qualitative Information of the Quarterly Consolidated Results

(1) Consolidated Operating Results

U.S. GAAP

		Billions of yen								% Change
		For the nine months ended								(B-A)/(A)
		December 31, 2024 (A)				December 31, 2025 (B)
Net revenue			1,439.8				1,590.5				10.5
Non-interest expenses			1,065.5				1,158.4				8.7
Income (loss) before income taxes			374.2				432.1				15.5
Income tax expense			100.9				134.3				33.1
Net income (loss)			273.3				297.8				9.0
Less: Net income (loss) attributable to noncontrolling interests			4.5				9.6				113.0
Net income (loss) attributable to NHI shareholders			268.8				288.2				7.2
Return on shareholders’ equity - annualized			10.4	%			10.8	%			—

Note: Return on shareholders’ equity is a ratio of Net income (loss) attributable to NHI shareholders to Total NHI shareholders’ equity.

Nomura Holdings, Inc. and its consolidated entities (collectively, “Nomura”) reported net revenue of 1,590.5 billion yen for the nine months ended December 31, 2025, an increase of 10.5% from the same period in the prior year. Non-interest expenses increased by 8.7% from the same period in the prior year to 1,158.4 billion yen. Income before income taxes was 432.1 billion yen and net income attributable to NHI shareholders was 288.2 billion yen for the nine months ended December 31, 2025.

Segment Information

		Billions of yen								% Change
		For the nine months ended								(B-A)/(A)
		December 31, 2024 (A)				December 31, 2025 (B)
Net revenue			1,441.1				1,586.2				10.1
Non-interest expenses			1,065.5				1,158.4				8.7
Income (loss) before income taxes			375.6				427.9				13.9

In the above segment information totals, which exclude a part of unrealized gain (loss) on investments in equity securities held for operating purposes, net revenue for the nine months ended December 31, 2025 was 1,586.2 billion yen, an increase of 10.1% from the same period in the prior year. Non-interest expenses increased by 8.7% from the same period in the prior year to 1,158.4 billion yen. Income before income taxes increased by 13.9% to 427.9 billion yen for the nine months ended December 31, 2025. Please refer to page 10 for further details of the differences between U.S. GAAP and business segment amounts.

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<Business Segment Results>

On April 1, 2025, the Banking Division was newly established. As a result, the prior period amounts have been reclassified to conform to the current year presentation.

Operating Results of Wealth Management

		Billions of yen								% Change
		For the nine months ended								(B-A)/(A)
		December 31, 2024 (A)				December 31, 2025 (B)
Net revenue			333.6				354.8				6.3
Non-interest expenses			203.4				212.0				4.2
Income (loss) before income taxes			130.3				142.8				9.6

Net revenue increased by 6.3% from the same period in the prior year to 354.8 billion yen. Non-interest expenses increased by 4.2% to 212.0 billion yen. As a result, income before income taxes increased by 9.6% to 142.8 billion yen.

Operating Results of Investment Management

		Billions of yen								% Change
		For the nine months ended								(B-A)/(A)
		December 31, 2024 (A)				December 31, 2025 (B)
Net revenue			149.5				172.3				15.3
Non-interest expenses			75.4				102.1				35.4
Income (loss) before income taxes			74.1				70.2				(5.2	)

Net revenue increased by 15.3% from the same period in the prior year to 172.3 billion yen. Non-interest expenses increased by 35.4% to 102.1 billion yen. As a result, income before income taxes decreased by 5.2% to 70.2 billion yen. Assets under management were 134.7 trillion yen as of December 31, 2025, reflecting an increase due to the acquisition of the following asset management companies within the Macquarie Group.

On December 1, 2025, Nomura completed the acquisition of all equity interests in Macquarie Management Holdings, Inc., Macquarie Investment Management Holdings (Luxembourg) S.à r.l., and Macquarie Investment Management Holdings (Austria) GmbH, pursuant to the share purchase agreement entered into on April 22, 2025. Upon completion, Nomura acquired 100% of the outstanding shares of these companies for a total cash consideration of approximately 1.8 billion U.S. dollar (equivalent to approximately 281.4 billion yen, based on an exchange rate of 1 U.S. dollar = 156.35 yen as of December 1, 2025). As a result, these companies have become consolidated subsidiaries of Nomura.

These companies are leading asset management firms providing a broad range of investment management services to clients worldwide. This acquisition is part of Nomura’s strategy to enhance its global investment management platform and strengthen its presence in key overseas markets.

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Operating Results of Wholesale

		Billions of yen								% Change
		For the nine months ended								(B-A)/(A)
		December 31, 2024 (A)				December 31, 2025 (B)
Net revenue			798.8				854.2				6.9
Non-interest expenses			670.0				696.8				4.0
Income (loss) before income taxes			128.8				157.3				22.2

Net revenue increased by 6.9% from the same period in the prior year to 854.2 billion yen. Non-interest expenses increased by 4.0% to 696.8 billion yen. As a result, income before income taxes increased by 22.2% to 157.3 billion yen.

Operating Results of Banking

		Billions of yen								% Change
		For the nine months ended								(B-A)/(A)
		December 31, 2024 (A)				December 31, 2025 (B)
Net revenue			35.8				39.4				10.2
Non-interest expenses			22.4				28.4				26.6
Income (loss) before income taxes			13.3				11.0				(17.6	)

Net revenue increased by 10.2% from the same period in the prior year to 39.4 billion yen. Non-interest expenses increased by 26.6% to 28.4 billion yen. As a result, income before income taxes decreased by 17.6% to 11.0 billion yen.

Other Operating Results

		Billions of yen								% Change
		For the nine months ended								(B-A)/(A)
		December 31, 2024 (A)				December 31, 2025 (B)
Net revenue			123.5				165.6				34.1
Non-interest expenses			94.3				119.0				26.2
Income (loss) before income taxes			29.2				46.6				59.6

Net revenue was 165.6 billion yen, primarily due to profits related to the sale of land and buildings located in Takanawa 2-chome, Minato-ku, Tokyo, recorded in April 2025. Income before income taxes was 46.6 billion yen.

(2) Consolidated Financial Position

Total assets as of December 31, 2025 were 61,935.2 billion yen, an increase of 5,133.0 billion yen compared to March 31, 2025, mainly due to the increase in Trading assets. Total liabilities as of December 31, 2025 were 58,120.6 billion yen, an increase of 4,899.4 billion yen compared to March 31, 2025, mainly due to the increase in Trading liabilities. Total equity as of December 31, 2025 was 3,814.6 billion yen, an increase of 233.6 billion yen compared to March 31, 2025.

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(3) Consolidated Earnings Forecasts

Nomura provides investment, financing and related services in the capital markets on a global basis. In the global capital markets there exist uncertainties due to, but not limited to, economic and market conditions. Nomura, therefore, does not present earnings and dividend forecasts.

2. Quarterly Consolidated Financial Statements

Nomura’s quarterly consolidated financial statements, which comprise the consolidated balance sheet, consolidated statement of income, consolidated statement of comprehensive income and notes, have been prepared in accordance with Article 5, Paragraph 4 of the Tokyo Stock Exchange Inc. and Nagoya Stock Exchange Inc.’s Standards for the Preparation of Quarterly Financial Statements (the Standards) and accounting principles generally accepted in the United States, applying the provisions for reduced disclosures as set forth in Article 5, Paragraph 5 of the Standards.

The quarterly consolidated financial statements herein have been prepared in accordance with Nomura’s accounting policies which are disclosed in the notes to the consolidated financial statements of Nomura Holdings, Inc.’s Annual Securities Report (the annual report filed in Japan on June 23, 2025) and Form 20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 23, 2025) for the year ended March 31, 2025, with the exception of matters described in (4) Changes in Accounting Policies.

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(1) Consolidated Balance Sheets

		Millions of yen
		March 31, 2025				December 31, 2025				Increase/ (Decrease)
ASSETS
Cash and cash deposits:
Cash and cash equivalents			4,424,462				4,905,870				481,408
Time deposits			642,388				687,309				44,921
Deposits with stock exchanges and other segregated cash			447,846				403,638				(44,208	)
Total cash and cash deposits			5,514,696				5,996,817				482,121
Loans and receivables:
Loans receivable			6,025,008				6,898,281				873,273
Receivables from customers			410,722				398,100				(12,622	)
Receivables from other than customers			1,030,023				960,327				(69,696	)
Allowance for credit losses			(16,920	)			(17,683	)			(763	)
Total loans and receivables			7,448,833				8,239,025				790,192
Collateralized agreements:
Securities purchased under agreements to resell			14,004,757				13,946,580				(58,177	)
Securities borrowed			4,658,828				4,679,620				20,792
Total collateralized agreements			18,663,585				18,626,200				(37,385	)
Trading assets and private equity and debt investments:
Trading assets*			22,372,339				25,532,377				3,160,038
Private equity and debt investments*			151,710				195,440				43,730
Total trading assets and private equity and debt investments			22,524,049				25,727,817				3,203,768
Other assets:
Office buildings, land, equipment and facilities (net of accumulated depreciation and amortization of ¥546,117 million as of March 31, 2025 and ¥585,807 million as of December 31, 2025)			436,454				516,252				79,798
Non-trading debt securities*			485,290				703,613				218,323
Investments in equity securities*			98,401				114,420				16,019
Investments in and advances to affiliated companies*			506,389				539,297				32,908
Other			1,124,473				1,471,732				347,259
Total other assets			2,651,007				3,345,314				694,307
Total assets			56,802,170				61,935,173				5,133,003

^*  Including securities pledged as collateral

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						Millions of yen
						March 31, 2025				December 31, 2025				Increase/ (Decrease)
LIABILITIES AND EQUITY
Short-term borrowings							1,117,292				1,314,714				197,422
Payables and deposits:
Payables to customers							1,377,222				1,515,387				138,165
Payables to other than customers							2,766,112				3,556,722				790,610
Deposits received at banks							3,105,581				3,387,990				282,409
Total payables and deposits							7,248,915				8,460,099				1,211,184
Collateralized financing:
Securities sold under agreements to repurchase							16,287,758				15,414,988				(872,770	)
Securities loaned							1,964,682				2,142,323				177,641
Other secured borrowings							393,420				386,213				(7,207	)
Total collateralized financing							18,645,860				17,943,524				(702,336	)
Trading liabilities							11,378,828				13,875,188				2,496,360
Other liabilities							1,456,598				1,630,504				173,906
Long-term borrowings							13,373,678				14,896,552				1,522,874
Total liabilities							53,221,171				58,120,581				4,899,410
Equity
NHI shareholders’ equity:
Common stock
Authorized		-		6,000,000,000 shares
Issued		-		3,163,562,601 shares as of March 31, 2025 and
				3,163,562,601 shares as of December 31, 2025
Outstanding		-		2,956,210,965 shares as of March 31, 2025 and
				2,933,854,900 shares as of December 31, 2025			594,493				594,493				—
Additional paid-in capital							704,877				694,527				(10,350	)
Retained earnings							1,867,379				2,067,359				199,980
Accumulated other comprehensive income (loss)							447,808				466,744				18,936
Total NHI shareholders’ equity before treasury stock							3,614,557				3,823,123				208,566
Common stock held in treasury, at cost -
207,351,636 shares as of March 31, 2025 and
229,707,701 shares as of December 31, 2025							(143,678	)			(171,306	)			(27,628	)
Total NHI shareholders’ equity							3,470,879				3,651,817				180,938
Noncontrolling interests							110,120				162,775				52,655
Total equity							3,580,999				3,814,592				233,593
Total liabilities and equity							56,802,170				61,935,173				5,133,003

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(2) Consolidated Statements of Income

		Millions of yen								% Change
		For the nine months ended								(B-A)/(A)
		December 31, 2024(A)				December 31, 2025(B)
Revenue:
Commissions			306,743				324,859				5.9
Fees from investment banking			158,961				141,956				(10.7	)
Asset management and portfolio service fees			281,390				318,006				13.0
Net gain on trading			421,718				504,925				19.7
Gain on private equity and debt investments			6,392				12,264				91.9
Interest and dividends			2,296,967				2,014,860				(12.3	)
Gain on investments in equity securities			498				8,476				—
Other			184,720				220,383				19.3
Total revenue			3,657,389				3,545,729				(3.1	)
Interest expense			2,217,639				1,955,197				(11.8	)
Net revenue			1,439,750				1,590,532				10.5
Non-interest expenses:
Compensation and benefits			560,069				602,128				7.5
Commissions and floor brokerage			132,599				145,966				10.1
Information processing and communications			166,941				179,882				7.8
Occupancy and related depreciation			52,330				51,101				(2.3	)
Business development expenses			19,360				24,257				25.3
Other			134,231				155,050				15.5
Total non-interest expenses			1,065,530				1,158,384				8.7
Income before income taxes			374,220				432,148				15.5
Income tax expense			100,939				134,335				33.1
Net income			273,281				297,813				9.0
Less: Net income attributable to noncontrolling interests			4,515				9,617				113.0
Net income attributable to NHI shareholders			268,766				288,196				7.2
Per share of common stock:
		Yen								% Change
Basic-
Net income attributable to NHI shareholders per share			90.95				97.73				7.5
Diluted-
Net income attributable to NHI shareholders per share			87.66				94.67				8.0

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(3) Consolidated Statements of Comprehensive Income

		Millions of yen								% Change
		For the nine months ended								(B-A)/(A)
		December 31, 2024(A)				December 31, 2025(B)
Net income			273,281				297,813				9.0
Other comprehensive income (loss):
Cumulative translation adjustments:
Cumulative translation adjustments			64,223				113,391				76.6
Deferred income taxes			860				38				(95.6	)
Total			65,083				113,429				74.3
Defined benefit pension plans:
Pension liability adjustment			771				(4,286	)			—
Deferred income taxes			(209	)			(113	)			—
Total			562				(4,399	)			—
Non-trading debt securities:
Net unrealized gain (loss) on non-trading debt securities			(575	)			(1,981	)			—
Deferred income taxes			178				624				250.6
Total			(397	)			(1,357	)			—
Own credit adjustments:
Own credit adjustments			8,894				(101,730	)			—
Deferred income taxes			(3,632	)			18,796				—
Total			5,262				(82,934	)			—
Total other comprehensive income (loss)			70,510				24,739				(64.9	)
Comprehensive income			343,791				322,552				(6.2	)
Less: Comprehensive income attributable to noncontrolling interests			6,193				15,420				149.0
Comprehensive income attributable to NHI shareholders			337,598				307,132				(9.0	)

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(4) Changes in Accounting Policies

Intangibles—Goodwill and Other—Crypto Asset: Accounting for and Disclosure of Crypto Assets

In December 2023, the Financial Accounting Standards Board issued Accounting Standards Updates (“ASU”) No. 2023-08 “Intangibles—Goodwill and Other—Crypto Asset: Accounting for and Disclosure of Crypto Assets” which requires all in-scope crypto assets be subsequently measured at fair value at each reporting period through earnings. The ASU requires presentation of in-scope crypto assets separately from other intangible assets in the balance sheet and any changes from the remeasurement of in-scope crypto assets separately from changes in the carrying amounts of other intangible assets in the income statement. The ASU also introduces new disclosure requirements for in-scope crypto assets applicable to all entities. Nomura has applied this new accounting policy based on a modified retrospective approach from April 1, 2025. These accounting changes have not had a material impact on Nomura’s consolidated financial statements.

(5) Segment Information – Operating Segment

Nomura’s Chief Operating Decision Maker is the Executive Management Board (the “EMB”) which is the management function primarily responsible for assessing performance of and allocating resources to the business segments. The EMB reviews business segment results including Net revenue, Non-interest expenses, and Income before income taxes on a regular basis. The EMB uses these measures along with certain segment-specific Key Performance Indicators (KPIs) and budgets to evaluate segment performance and to make key operating decisions, including resource and capital allocations. Business segments’ information on total assets is not disclosed as EMB does not consider such information for its operating decisions and therefore, it is not reported.

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The following table shows business segment information and reconciliation items to the consolidated statements of income.

		Millions of yen								% Change
		For the nine months ended								(B-A)/(A)
		December 31, 2024 (A)				December 31, 2025 (B)
Net revenue
Business segment information:
Wealth Management			333,628				354,759				6.3
Investment Management			149,468				172,305				15.3
Wholesale			798,750				854,154				6.9
Banking			35,751				39,392				10.2
Subtotal			1,317,597				1,420,610				7.8
Other			123,528				165,633				34.1
Net revenue			1,441,125				1,586,243				10.1
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes			(1,375	)			4,289				—
Net revenue			1,439,750				1,590,532				10.5
Non-interest expenses (*1)
Business segment information:
Wealth Management			203,370				211,981				4.2
Investment Management			75,416				102,128				35.4
Wholesale			669,974				696,817				4.0
Banking			22,444				28,423				26.6
Subtotal			971,204				1,039,349				7.0
Other			94,326				119,035				26.2
Non-interest expenses			1,065,530				1,158,384				8.7
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes			—				—				—
Non-interest expenses			1,065,530				1,158,384				8.7
Income (loss) before income taxes
Business segment information:
Wealth Management			130,258				142,778				9.6
Investment Management			74,052				70,177				(5.2)
Wholesale			128,776				157,337				22.2
Banking			13,307				10,969				(17.6	)
Subtotal			346,393				381,261				10.1
Other (*2)			29,202				46,598				59.6
Income (loss) before income taxes			375,595				427,859				13.9
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes			(1,375	)			4,289				—
Income (loss) before income taxes			374,220				432,148				15.5

(*1) Includes primarily personnel expenses, occupancy, technology, and professional fees.

(*2) Major components

Transactions between operating segments are recorded within segment results on commercial terms and conditions, and are eliminated in “Other.” The following table presents the major components of income (loss) before income taxes in “Other.”

		Millions of yen								% Change
		For the nine months ended								(B-A)/(A)
		December 31, 2024 (A)				December 31, 2025 (B)
Net gain (loss) related to economic hedging transactions			(8,041	)			(74	)			—
Realized gain (loss) on investments in equity securities held for operating purposes			1,141				3,343				193.0
Equity in earnings of affiliates			41,551				42,411				2.1
Corporate items			(767	)			(36,448	)			—
Other			(4,682	)			37,366				—
Total			29,202				46,598				59.6

Note) Prior period amounts have been reclassified to conform to the current year presentation.

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(6) Significant Changes in Equity

Not applicable. For further details of the changes, please refer below.

		Millions of yen
		For the nine months ended December 31, 2025
Common stock
Balance at beginning of year			594,493
Balance at end of period			594,493
Additional paid-in capital
Balance at beginning of year			704,877
Stock-based compensation awards			(10,335	)
Changes in an affiliated company’s interests			(15	)
Balance at end of period			694,527
Retained earnings
Balance at beginning of year			1,867,379
Net income attributable to NHI shareholders			288,196
Cash dividends			(79,207	)
Loss on disposal of treasury stock			(9,009	)
Balance at end of period			2,067,359
Accumulated other comprehensive income (loss)
Cumulative translation adjustments
Balance at beginning of year			407,977
Net change during the period			107,626
Balance at end of period			515,603
Defined benefit pension plans
Balance at beginning of year			(7,105	)
Pension liability adjustment			(4,399	)
Balance at end of period			(11,504	)
Non-trading debt securities
Balance at beginning of year			(1,147	)
Net unrealized loss on non-trading debt securities			(1,357	)
Balance at end of period			(2,504	)
Own credit adjustments
Balance at beginning of year			48,083
Own credit adjustments			(82,934	)
Balance at end of period			(34,851	)
Balance at end of period			466,744
Common stock held in treasury
Balance at beginning of year			(143,678	)
Repurchases of common stock			(60,015	)
Sale of common stock			0
Common stock issued to employees			32,387
Balance at end of period			(171,306	)
Total NHI shareholders’ equity
Balance at end of period			3,651,817
Noncontrolling interests
Balance at beginning of year			110,120
Net change during the period			52,655
Balance at end of period			162,775
Total equity
Balance at end of period			3,814,592

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(7) Note with respect to the Assumption as a Going Concern

Not applicable.

(8) Note with respect to Consolidated Statements of Cash Flows

The following table shows depreciation and amortization for the nine months ended December 31, 2024 and 2025.

		Millions of yen
		For the nine months ended
		December 31, 2024				December 31, 2025
Depreciation and amortization			46,498				48,412

(9) Significant Subsequent Events

Share buyback Program

On January 30, 2026, the Board of Directors of the Company approved a resolution to set up a share buyback program, pursuant to the company’s articles of incorporation set out in accordance with Article 459-1 of the Companies Act of Japan.

(1) Reasons

To use the acquired treasury stock to raise capital efficiency and ensure a flexible capital management policy, and to deliver as stock-based compensation.

(2) Contents of Buyback

1) Type of stock to be purchased

Common Stock

2) Total number of stocks to be purchased

Upper limit of 100 million shares (Approximately 3.2% of issued shares)

3) Total amount of stocks

Maximum of 60,000 million yen

4) Term

February 17, 2026 to September 30, 2026

(Excluding the ten business days following the announcement of quarterly operating results)

5) Method

Purchase on the stock exchange via a trust bank

(The details of the trust agreement, including the timing to start the buyback, will be decided separately by a Representative Executive Officer or the CFO.)

Cancellation of Own Shares

On January 30, 2026, the Board of Directors of the Company approved a resolution to cancel a part of its own shares in accordance with Article 178 of the Companies Act of Japan.

(1) Type of stock to be cancelled

Common Stock

(2) Number of stocks to be cancelled

75 million shares (Approximately 2.4% of issued shares)

(3) Scheduled cancellation date

March 2, 2026

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3. Supplementary Information

(1) Consolidated Statements of Income – Quarterly Comparatives

		Millions of yen																												% Change				Millions of yen
		For the three months ended																												(B-A)/(A)				For the year ended March 31, 2025
		June 30, 2024				September 30, 2024				December 31, 2024				March 31, 2025				June 30, 2025				September 30, 2025(A)				December 31, 2025(B)
Revenue:
Commissions			102,750				101,363				102,630				100,268				100,606				105,049				119,204				13.5				407,011
Fees from investment banking			41,251				53,335				64,375				53,273				38,357				44,554				59,045				32.5				212,234
Asset management and portfolio service fees			90,333				93,848				97,209				96,806				92,855				102,487				122,664				19.7				378,196
Net gain on trading			131,994				147,711				142,013				158,381				142,239				171,944				190,742				10.9				580,099
Gain on private equity and debt investments			3,153				1,598				1,641				1,242				6,330				4,370				1,564				(64.2	)			7,634
Interest and dividends			788,550				762,958				745,459				630,894				649,561				652,830				712,469				9.1				2,927,861
Gain (loss) on investments in equity securities			1,442				(2,554	)			1,610				(54	)			(377	)			4,365				4,488				2.8				444
Other			58,412				83,307				43,001				38,544				127,017				75,614				17,752				(76.5	)			223,264
Total revenue			1,217,885				1,241,566				1,197,938				1,079,354				1,156,588				1,161,213				1,227,928				5.7				4,736,743
Interest expense			763,443				758,239				695,957				626,619				633,273				645,751				676,173				4.7				2,844,258
Net revenue			454,442				483,327				501,981				452,735				523,315				515,462				551,755				7.0				1,892,485
Non-interest expenses:
Compensation and benefits			184,510				184,671				190,888				172,321				186,310				195,079				220,739				13.2				732,390
Commissions and floor brokerage			43,629				45,325				43,645				44,853				44,778				47,191				53,997				14.4				177,452
Information processing and communications			55,769				56,741				54,431				60,077				57,164				59,202				63,516				7.3				227,018
Occupancy and related depreciation			17,635				16,810				17,885				17,836				15,965				17,283				17,853				3.3				70,166
Business development expenses			6,572				5,981				6,807				7,695				6,992				7,272				9,993				37.4				27,055
Other			43,396				40,789				50,046				52,209				51,824				52,790				50,436				(4.5	)			186,440
Total non-interest expenses			351,511				350,317				363,702				354,991				363,033				378,817				416,534				10.0				1,420,521
Income before income taxes			102,931				133,010				138,279				97,744				160,282				136,645				135,221				(1.0	)			471,964
Income tax expense			31,498				35,304				34,137				23,770				52,808				40,852				40,675				(0.4	)			124,709
Net income			71,433				97,706				104,142				73,974				107,474				95,793				94,546				(1.3	)			347,255
Less: Net income (loss) attributable to noncontrolling interests			2,495				(681	)			2,701				2,004				2,909				3,715				2,993				(19.4	)			6,519
Net income attributable to NHI shareholders			68,938				98,387				101,441				71,970				104,565				92,078				91,553				(0.6	)			340,736
		Yen																												% Change				Yen
Per share of common stock:
Basic-
Net income attributable to NHI shareholders per share			23.33				33.30				34.32				24.35				35.19				31.34				31.21				(0.4	)			115.30
Diluted-
Net income attributable to NHI shareholders per share			22.36				32.26				33.08				23.39				34.04				30.49				30.19				(1.0	)			111.03

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(2) Business Segment Information – Quarterly Comparatives

The following table shows quarterly business segment information and reconciliation items to the consolidated statements of income.

		Millions of yen																												% Change				Millions of yen
		For the three months ended																												(B-A)/(A)				For the year ended March 31, 2025
		June 30, 2024				September 30, 2024				December 31, 2024				March 31, 2025				June 30, 2025				September 30, 2025(A)				December 31, 2025(B)
Net revenue
Business segment information:
Wealth Management			109,716				112,301				111,611				99,923				105,796				116,475				132,488				13.7				433,551
Investment Management			47,670				56,087				45,711				43,005				50,574				60,825				60,906				0.1				192,473
Wholesale			244,846				263,381				290,523				259,188				261,072				279,183				313,899				12.4				1,057,938
Banking			11,232				12,245				12,274				11,421				12,845				12,851				13,696				6.6				47,172
Subtotal			413,464				444,014				460,119				413,537				430,287				469,334				520,989				11.0				1,731,134
Other			39,739				42,545				41,244				39,372				93,160				44,366				28,107				(36.6	)			162,900
Net revenue			453,203				486,559				501,363				452,909				523,447				513,700				549,096				6.9				1,894,034
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes			1,239				(3,232	)			618				(174	)			(132	)			1,762				2,659				50.9				(1,549	)
Net revenue			454,442				483,327				501,981				452,735				523,315				515,462				551,755				7.0				1,892,485
Non-interest expenses (*1)
Business segment information:
Wealth Management			68,517				68,061				66,792				63,999				67,041				70,952				73,988				4.3				267,369
Investment Management			24,491				24,152				26,773				27,466				29,047				30,114				42,967				42.7				102,882
Wholesale			223,725				218,087				228,162				221,682				219,164				226,043				251,610				11.3				891,656
Banking			7,200				7,632				7,612				8,371				9,231				9,671				9,521				(1.6	)			30,815
Subtotal			323,933				317,932				329,339				321,518				324,483				336,780				378,086				12.3				1,292,722
Other			27,578				32,385				34,363				33,473				38,550				42,037				38,448				(8.5	)			127,799
Non-interest expenses			351,511				350,317				363,702				354,991				363,033				378,817				416,534				10.0				1,420,521
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes			—				—				—				—				—				—				—				—				—
Non-interest expenses			351,511				350,317				363,702				354,991				363,033				378,817				416,534				10.0				1,420,521
Income (loss) before income taxes
Business segment information:
Wealth Management			41,199				44,240				44,819				35,924				38,755				45,523				58,500				28.5				166,182
Investment Management			23,179				31,935				18,938				15,539				21,527				30,711				17,939				(41.6	)			89,591
Wholesale			21,121				45,294				62,361				37,506				41,908				53,140				62,289				17.2				166,282
Banking			4,032				4,613				4,662				3,050				3,614				3,180				4,175				31.3				16,357
Subtotal			89,531				126,082				130,780				92,019				105,804				132,554				142,903				7.8				438,412
Other (*2)			12,161				10,160				6,881				5,899				54,610				2,329				(10,341	)			—				35,101
Income (loss) before income taxes			101,692				136,242				137,661				97,918				160,414				134,883				132,562				(1.7	)			473,513
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes			1,239				(3,232	)			618				(174	)			(132	)			1,762				2,659				50.9				(1,549	)
Income (loss) before income taxes			102,931				133,010				138,279				97,744				160,282				136,645				135,221				(1.0	)			471,964

(*1) Includes primarily personnel expenses, occupancy, technology, and professional fees.

(*2) Major components

Transactions between operating segments are recorded within segment results on commercial terms and conditions, and are eliminated in “Other.” The following table presents the major components of income (loss) before income taxes in “Other.”

		Millions of yen																												% Change				Millions of yen
		For the three months ended																												(B-A)/(A)				For the year ended March 31, 2025
		June 30, 2024				September 30, 2024				December 31, 2024				March 31, 2025				June 30, 2025				September 30, 2025(A)				December 31, 2025(B)
Net gain (loss) related to economic hedging transactions			(2,853	)			1,826				(7,014	)			2,232				1,067				(166	)			(975	)			—				(5,809	)
Realized gain (loss) on investments in equity securities held for operating purposes			—				496				645				334				5				2,209				1,129				(48.9	)			1,475
Equity in earnings of affiliates			14,800				11,551				15,200				9,670				12,321				12,448				17,642				41.7				51,221
Corporate items			5,519				(5,332	)			(954	)			(5,117	)			(11,637	)			(15,181	)			(9,630	)			—				(5,884	)
Other			(5,305	)			1,619				(996	)			(1,220	)			52,854				3,019				(18,507	)			—				(5,902	)
Total			12,161				10,160				6,881				5,899				54,610				2,329				(10,341	)			—				35,101

Note) Prior period amounts have been reclassified to conform to the current year presentation.

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Table of Contents

(3) Other

Quarterly financial information for Nomura Securities Co., Ltd. can be found at the following URL.

https://www.nomuraholdings.com/en/company/group/nsc/nsc/main/019/teaserItems4/0/linkList/0/link/2026_3q.pdf

– 16 –

FAQ

How did Nomura Holdings (NMR) perform for the nine months ended December 31, 2025?

Nomura posted higher revenue and profits for the period. Net revenue grew 10.5% to 1,590.5 billion yen, while income before income taxes rose 15.5% to 432.1 billion yen. Net income attributable to shareholders increased 7.2% to 288.2 billion yen, with annualized ROE reaching 10.8%.

How did Nomura’s main business segments perform in the latest nine-month period?

Wealth Management and Wholesale improved, while Investment Management and Banking were mixed. Wealth Management and Wholesale increased pretax income to 142.8 and 157.3 billion yen, respectively. Investment Management and Banking saw pretax income decline to 70.2 and 11.0 billion yen as expenses rose faster than revenue.

What acquisition did Nomura Holdings (NMR) complete involving Macquarie Group companies?

Nomura completed a major asset management acquisition from Macquarie. On December 1, 2025, it bought all equity interests in three Macquarie asset management entities for approximately 1.8 billion U.S. dollars, or about 281.4 billion yen, making them consolidated subsidiaries and expanding global investment management capabilities.

What are Nomura Holdings’ new share buyback program details?

Nomura authorized a sizable share repurchase. The Board approved buying back up to 100 million common shares, about 3.2% of issued shares, for a maximum of 60,000 million yen between February 17 and September 30, 2026, excluding the ten business days following quarterly results announcements.

Is Nomura Holdings planning to cancel any of its own shares?

Yes, Nomura resolved to cancel a portion of its treasury shares. The Board approved cancelling 75 million common shares, approximately 2.4% of issued shares, with a scheduled cancellation date of March 2, 2026, reducing the overall share count outstanding.

How did Nomura’s balance sheet change as of December 31, 2025?

Nomura’s balance sheet expanded during the period. Total assets increased to 61,935.2 billion yen, up 5,133.0 billion yen from March 31, 2025, mainly from higher trading assets. Total equity rose to 3,814.6 billion yen, an increase of 233.6 billion yen over the same timeframe.

What happened to Nomura Holdings’ net revenue and expenses compared with the prior-year period?

Revenues grew faster than expenses, improving profitability. Net revenue rose 10.5% to 1,590.5 billion yen, while non-interest expenses increased 8.7% to 1,158.4 billion yen. This positive spread supported the 15.5% growth in income before income taxes to 432.1 billion yen.