Nomura (NMR) H1 FY2025 revenue ¥1,038.8B; ROE 11.3%

Nomura Holdings (NMR) filed a Form 6-K with financial highlights for the six months ended September 30, 2025.

Rhea-AI Filing Summary

Nomura Holdings (NMR) filed a Form 6-K with financial highlights for the six months ended September 30, 2025. Net revenue was ¥1,038.8 billion, up 10.8% year over year, while non-interest expenses rose 5.7% to ¥741.9 billion. Income before income taxes reached ¥296.9 billion and net income attributable to shareholders was ¥196.6 billion. Basic EPS was ¥66.54 and diluted EPS was ¥64.53. Return on shareholders’ equity was 11.3%.

By segment, Wealth Management was broadly flat on revenue. Investment Management revenue rose 7.4% but pretax income declined 5.2%. Wholesale revenue increased 6.3% with pretax income up 43.1%, as Equities grew 21.0% and Fixed Income dipped 2.6%. Banking revenue rose 9.5% with lower pretax income. “Other” recorded ¥137.5 billion of net revenue and ¥56.9 billion of pretax income, primarily from the April 2025 sale of land and buildings. Value at Risk was ¥4.9 billion, a 28.9% increase versus March 31, 2025. Headcount was 27,876.

Insights

Banking & Capital Markets Analyst

Solid top-line growth; earnings mix aided by asset sale.

Nomura delivered higher revenue and profitability for the six months ended September 30, 2025: net revenue ¥1,038.8B (up 10.8%) and income before income taxes ¥296.9B. ROE was 11.3%. Segment trends were mixed: Wholesale pretax income rose 43.1% on stronger Equities (net revenue up 21.0%), while Fixed Income slipped 2.6%. Investment Management grew revenue but saw lower pretax income.

Results included a notable boost in “Other” from the April 2025 real estate sale, which contributed to net revenue of ¥137.5B and pretax income of ¥56.9B. Value at Risk was ¥4.9B, up 28.9% versus March 31, 2025, indicating higher modeled trading risk at a 95% confidence level.

Key items to watch include the sustainability of Wholesale Equities momentum and the earnings run-rate excluding one-time gains. Subsequent disclosures may clarify underlying performance as the new Banking Division structure, effective April 1, 2025, settles.

FAQ

What were Nomura (NMR) net revenue and profit for H1 FY2025?

Net revenue was ¥1,038.8 billion. Income before income taxes was ¥296.9 billion, and net income attributable to shareholders was ¥196.6 billion.

What EPS and ROE did Nomura report for the six months ended September 30, 2025?

Basic EPS was ¥66.54, diluted EPS ¥64.53, and return on shareholders’ equity was 11.3%.

How did Nomura’s business segments perform in H1 FY2025?

Wealth was flat; Investment Management revenue rose 7.4% with lower pretax income; Wholesale revenue grew 6.3% with pretax income up 43.1%; Banking revenue rose 9.5% with lower pretax income.

What drove the increase in Wholesale at Nomura?

Equities net revenue increased to ¥212.1 billion (up 21.0%), while Fixed Income decreased to ¥246.7 billion (down 2.6%).

Were there any notable one-time items in Nomura’s results?

“Other” recorded ¥137.5 billion net revenue and ¥56.9 billion pretax income, primarily from the April 2025 sale of land and buildings.

What was Nomura’s Value at Risk (VaR) at September 30, 2025?

VaR was ¥4.9 billion, a 28.9% increase versus March 31, 2025, measured at the 95% confidence level over one day.

How many employees did Nomura have as of September 30, 2025?

Nomura had 27,876 employees globally.

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Accepted by SEC EDGAR 11/05/2025 - 06:02 AM Learn about SEC filing dates

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 November 2025

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):    

Information furnished on this form:

EXHIBIT

Exhibit Number
1.		Supplement for Financial Highlights – Six months ended September 30, 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.

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: November 5, 2025		By:		/s/ Yoshifumi Kishida
				Yoshifumi Kishida
				Senior Managing Director

Presentation of Financial and Other Information

As used in this Form 6-K, references to “Nomura” are to Nomura Holdings, Inc. and its consolidated entities. References to “NHI” are to Nomura Holdings, Inc.

Unless otherwise stated, references in this Form 6-K to “yen” are to Japanese yen. Amounts shown in this Form 6-K have been rounded to the nearest indicated digit unless otherwise specified. In tables and paragraphs with rounded figures, sums may not add up due to rounding.

Except as otherwise indicated, all financial information with respect to Nomura presented in this Form 6-K is presented on an unaudited consolidated basis in accordance with U.S. generally accepted accounting principles.

Supplement for Financial Highlights—6 months ended September 30, 2025

Nomura reported net revenue of 1,038.8 billion yen for the 6 months ended September 30, 2025, an increase of 10.8% from the same period in the previous year. Non-interest expenses increased by 5.7% from the same period in the previous year to 741.9 billion yen. Income before income taxes was 296.9 billion yen and net income attributable to NHI shareholders was 196.6 billion yen for the 6 months ended September 30, 2025. Basic-Net income attributable to NHI shareholders per share was 66.54 yen and Diluted-Net income attributable to NHI shareholders per share was 64.53 yen. Return on shareholders’ equity was 11.3%. Return on shareholders’ equity annualized is calculated as the ratio of net income attributable to NHI shareholders to total NHI shareholders’ equity multiplied by 2 to annualize the figure.

i.) Financial Position

As of September 30, 2025, Nomura’s main balance sheet indicators were as follows:

• Total assets: 60.4 trillion yen (an increase of 3.6 trillion yen compared to March 31, 2025 due mainly to an increase in Trading assets)

• Total liabilities: 56.8 trillion yen (an increase of 3.5 trillion yen compared to March 31, 2025 due mainly to an increase in Trading liabilities)

• Total equity: 3.6 trillion yen (an increase of 0.03 trillion yen compared to March 31, 2025 due mainly to an increase in Retained earnings)

• Total NHI shareholders’ equity: 3.5 trillion yen

As of September 30, 2025, Nomura’s capital-related indicators were as follows¹:

• Tier 1 Capital: 3,569 billion yen (3,500 billion yen as of March 31, 2025)

• Tier 2 Capital: 135.0 billion yen (0.6 billion yen as of March 31, 2025)

• Total Capital: 3,703 billion yen (3,500 billion yen as of March 31, 2025)

• Tier 1 Capital ratio: 15.1% (16.2% as of March 31, 2025)

• Common Equity Tier 1 Capital ratio: 12.9% (14.5% as of March 31, 2025)

• Consolidated Capital Adequacy ratio: 15.7% (16.2% as of March 31, 2025)

• Consolidated Leverage ratio (Tier 1 capital divided by exposure (the sum of on-balance sheet exposures and off-balance sheet items)): 4.81% (5.16% as of March 31, 2025)

• Risk weighted assets: 23,548 billion yen (an increase from 21,497 billion yen as of March 31, 2025 due mainly to an increase of Credit Risk)

¹  Ratios and figures in this paragraph represent preliminary estimates as of the date of this supplement release and may be revised NHI’s Semi-annual Securities Report on Form 6-K for the period ended September 30, 2025.

NHI has been assigned as a Final Designated Parent Company who must calculate a consolidated capital adequacy ratio according to the “Establishment of standards on sufficiency of capital stock of a final designated parent company and its subsidiary entities, etc. compared to the assets held thereby” (2010 FSA Regulatory Notice No. 130; “Capital Adequacy Notice on Final Designated Parent Company”). Since then, the Capital Adequacy Notice on Final Designated Parent Company has been revised to be in line with Basel 2.5 and Basel III.

Since its designation as a Final Designated Parent Company in April 2011, NHI has been calculating its consolidated capital adequacy ratio according to the Capital Adequacy Notice on Final Designated Parent Company and, from the end of March 2013, according to a Basel III-based consolidated capital adequacy ratio.

ii.) Value at Risk

Value at risk as of September 30, 2025 was 4.9 billion yen, 28.9% increase compared to March 31, 2025. Value at risk is defined at 95% confidence level. The time horizon for our outstanding portfolio is 1 day. Inter-product price fluctuations are considered.

iii.) Number of Employees

As of September 30, 2025, Nomura had 27,876 employees globally (Japan: 15,144, Europe: 3,173, Americas: 2,450, Asia and Oceania (including Powai office in India): 7,109).

The 6 months ended September 30, 2025—Business Highlights

Business Segment Information

Wealth Management

 Results of operation*

		Billions of yen								% Change
		For the 6 months ended								(B-A)/(A)
		September 30,				September 30,
		2024 (A)				2025 (B)
Net revenue			222.0				222.3				0.1
Non-interest expenses			136.6				138.0				1.0
Income (loss) before income taxes			85.4				84.3				(1.4)

Net revenue increased from ¥222.0 billion for the 6 months ended September 30, 2024 to ¥222.3 billion for the 6 months ended September 30, 2025 primarily due to an increase in commissions. Non-interest expenses were ¥138.0 billion and income before income taxes was ¥84.3 billion.

*We established a new Banking Division, effective April 1, 2025. Accordingly, prior period amounts have been reclassified to conform to the current year presentation.

 KPIs

Trillions of yen

% Change

March 31,

September 30,

(B-A)/(A)

2025 (A)

2025 (B)

Recurring revenue assets

23.5

26.2

11.5

Billions of yen

% Change

For the 6 months ended

(B-A)/(A)

September 30,

September 30,

2024 (A)

2025 (B)

Net inflows of recurring revenue assets(1)

826.2

568.4

(31.2

)

Thousands

% Change

For the 6 months ended

(B-A)/(A)

September 30,

September 30,

2024 (A)

2025 (B)

Flow business clients

1,251

1,263

1.0

Thousands

% Change

March 31,

September 30,

(B-A)/(A)

2025 (A)

2025 (B)

Workplace services

3,883

4,035

3.9

(1) Net inflows of recurring revenue assets are defined and calculated by subtracting the amount of sell-offs and outflows from the amount of purchase and inflows of recurring revenue assets, and is an index used to measure the expansion of recurring revenue assets excluding changes in market value.

– 1 –

Investment Management

 Results of operation

		Billions of yen								% Change
		For the 6 months ended								(B-A)/(A)
		September 30,				September 30,
		2024 (A)				2025 (B)
Net revenue			103.8				111.4				7.4
Non-interest expenses			48.6				59.2				21.6
Income (loss) before income taxes			55.1				52.2				(5.2	)

Net revenue increased from ¥103.8 billion for the 6 months ended September 30, 2024 to ¥111.4 billion for the 6 months ended September 30, 2025, primarily due to an increase in Business revenue. Non-interest expenses were ¥59.2 billion and income before income taxes was ¥52.2 billion.

The breakdown of net revenue for Investment Management is as follows:

		Billions of yen								% Change
		For the 6 months ended								(B-A)/(A)
		September 30,				September 30,
		2024 (A)				2025 (B)
Business revenue(1)			78.5				84.7				7.9
Investment gain/ loss(2)			25.3				26.7				5.5
Net revenue			103.8				111.4				7.4

(1) Consists of divisional revenue, other than investment gain/loss, including revenue generated by our asset management business (excluding gains and losses related to our investment in American Century Investments), revenues generated by Nomura Babcock & Brown Co., Ltd.’s aircraft leasing related businesses and management fee revenues generated from our private equity and other investment businesses.

(2) Consists of divisional revenue attributable to investments (including fair value fluctuations, funding cost and dividends), including gains and losses related to our investment in American Century Investments, our investments held in our private equity and other investment businesses.

 KPIs

Trillions of yen

% Change

March 31, 2025 (A)

September 30, 2025 (B)

(B-A)/(A)

Asset Under Management

89.3

101.2

13.3

Billions of yen

% Change

For the 6 months ended

(B-A)/(A)

September 30, 2024 (A)

September 30, 2025 (B)

Net inflows

2,074

606

(70.8

)

– 2 –

Wholesale

 Results of operation

		Billions of yen								% Change
		For the 6 months ended								(B-A)/(A)
		September 30,				September 30,
		2024 (A)				2025 (B)
Net revenue			508.2				540.3				6.3
Non-interest expenses			441.8				445.2				0.8
Income (loss) before income taxes			66.4				95.0				43.1

The breakdown of net revenue for Wholesale is as follows:

		Billions of yen								% Change
		For the 6 months ended								(B-A)/(A)
		September 30,				September 30,
		2024 (A)				2025 (B)
Fixed Income			253.4				246.7				(2.6	)
Equities			175.2				212.1				21.0
Global Markets			428.7				458.8				7.0
Investment Banking			79.5				81.5				2.5
Net revenue			508.2				540.3				6.3

Global Markets net revenue was ¥ 458.8 billion. Fixed Income net revenue decreased from ¥ 253.4 billion for the 6 months ended September 30, 2024 to ¥ 246.7 billion for the 6 months ended September 30, 2025 because of weak performance in spread products. Equities net revenue increased from ¥175.3 billion for the 6 months ended September 30, 2024 to ¥212.1 billion for the 6 months ended September 30, 2025 due to strong performances in equity products. Investment banking net revenue was ¥ 81.5 billion.

 KPIs

		Three months ended
		June 30,				September 30,
Cost-to-income ratio
2024/25			91	%			83	%
2025/26			84	%			81	%
Revenue/modified RWA
2024/25			7.3	%			7.4	%
2025/26			6.9	%			7.1	%

– 3 –

Banking

 Results of operation*

		Billions of yen								% Change
		For the 6 months ended								(B-A)/(A)
		September 30,				September 30,
		2024 (A)				2025 (B)
Net revenue			23.5				25.7				9.5
Non-interest expenses			14.8				18.9				27.4
Income (loss) before income taxes			8.6				6.8				(21.4	)

Net revenue increased from ¥23.5 billion for the 6 months ended September 30, 2024 to ¥25.7 billion for the 6 months ended September 30, 2025. Non-interest expenses were ¥18.9 billion and income before income taxes was ¥6.8 billion.

*We established a new Banking Division, effective April 1, 2025. Accordingly, prior period amounts have been reclassified to conform to the current year presentation.

 KPIs

Billions of yen

% Change

March 31,

September 30,

(B-A)/(A)

2025 (A)

2025 (B)

Loan Outstanding (The Nomura Trust and Banking Co., Ltd.) (1)

1,044

1,093

4.7

Trillions of yen

% Change

March 31,

September 30,

(B-A)/(A)

2025 (A)

2025 (B)

Investment Trust balance (The Nomura Trust and Banking Co., Ltd.)(2)

40.5

40.4

(0.2

)

Billions of dollars

% Change

March 31,

September 30,

(B-A)/(A)

2025 (A)

2025 (B)

Assets under administration (Nomura Bank (Luxembourg) S.A.)(3)

56.6

60.2

6.4

————————

(1) The total balance of loans conducted by The Nomura Trust and Banking Co., Ltd. (“NTB”), such as private banking loans and the “Nomura Web Loan” securities-backed loan product, corresponds to the figure for “Loans” disclosed on the asset side of NTB’s standalone balance sheet. Such figure is disclosed on the basis of regulatory standards based on accounting principles generally accepted in Japan and does not necessarily correspond to “Loans receivable” as disclosed by NHI on its consolidated balance sheet, which is prepared on the basis of accounting principles generally accepted in the United States.

(2) The asset balance of investment trusts entrusted to NTB, calculated as the total net asset value of each fund as of its respective most recent fiscal period end. Such fiscal period end may not align with the date shown, and, for funds with only annual or semi-annual accounting, such period-end may not have occurred, and the amount may not have been updated, during the relevant quarter. The amount shown corresponds to the figure for “Investment Trusts” disclosed on the liability side of NTB’s standalone Statement of Trust Account. Such figure, which is disclosed on the basis of Japanese regulatory standards, is not included in NHI’s consolidated balance sheet.

(3) The total asset amount of each investment trust for which Nomura Bank (Luxembourg) S.A. is responsible for calculating the net asset value, accounting treatment, order processing, nominee management, and creating preparation of various reports.

– 4 –

 Other Operating Results*

		Billions of yen								% Change
		For the 6 months ended								(B-A)/(A)
		September 30,				September 30,
		2024 (A)				2025 (B)
Net revenue			82.3				137.5				67.1
Non-interest expenses			60.0				80.6				34.4
Income (loss) before income taxes			22.3				56.9				155.1

Net revenue was ¥ 137.5 billion, 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 ¥ 56.9 billion.

*We established a new Banking Division, effective April 1, 2025. Accordingly, prior period amounts have been reclassified to conform to the current year presentation.

– 5 –

Segment Information—Operating Segment

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

		Millions of yen								% Change
		For the 6 months ended								(B-A)/(A)
		September 30,				September 30,
		2024 (A)				2025 (B)
Net revenue
Business segment information:
Wealth Management			222,017				222,271				0.1
Investment Management			103,757				111,399				7.4
Wholesale			508,227				540,255				6.3
Banking			23,477				25,696				9.5
Subtotal			857,478				899,621				4.9
Other			82,284				137,526				67.1
Net revenue			939,762				1,037,147				10.4
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes			(1,993	)			1,630				—
Net revenue			937,769				1,038,777				10.8
Non-interest expenses
Business segment information:
Wealth Management			136,578				137,993				1.0
Investment Management			48,643				59,161				21.6
Wholesale			441,812				445,207				0.8
Banking			14,832				18,902				27.4
Subtotal			641,865				661,263				3.0
Other			59,963				80,587				34.4
Non-interest expenses			701,828				741,850				5.7
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes			—				—				—
Non-interest expenses			701,828				741,850				5.7
Income (loss) before income taxes
Business segment information:
Wealth Management			85,439				84,278				(1.4	)
Investment Management			55,114				52,238				(5.2	)
Wholesale			66,415				95,048				43.1
Banking			8,645				6,794				(21.4	)
Subtotal			215,613				238,358				10.5
Other*			22,321				56,939				155.1
Income (loss) before income taxes			237,934				295,297				24.1
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes			(1,993	)			1,630				—
Income (loss) before income taxes			235,941				296,927				25.8

* 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 6 months ended								(B-A)/(A)
		September 30,				September 30,
		2024 (A)				2025 (B)
Net gain (loss) related to economic hedging transactions			(1,027	)			901				—
Realized gain (loss) on investments in equity securities held for operating purposes			496				2,214				346.4
Equity in earnings of affiliates			26,351				24,769				(6.0	)
Corporate items			187				(26,818	)			—
Other			(3,686	)			55,873				—
Total			22,321				56,939				155.1

– 6 –

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

Disclaimers

• This document is produced by Nomura. Copyright 2025 Nomura Holdings, Inc. All rights reserved.

• Nothing in this document shall be considered as an offer to sell or solicitation of an offer to buy any security, commodity or other instrument, including securities issued by Nomura or any affiliate thereof. Offers to sell, sales, solicitations to buy, or purchases of any securities issued by Nomura or any affiliate thereof may only be made or entered into pursuant to appropriate offering materials or a prospectus prepared and distributed according to the laws, regulations, rules and market practices of the jurisdictions in which such offers or sales may be made.

• No part of this document shall be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of Nomura.

• The information and opinions contained in this document have been obtained from sources believed to be reliable, but no representations or warranty, express or implied, are made that such information is accurate or complete and no responsibility or liability can be accepted by Nomura for errors or omissions or for any losses arising from the use of this information.

• This document contains statements that may constitute, and from time to time our management may make “forward-looking statements” within the meaning of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. Any such statements must be read in the context of the offering materials pursuant to which any securities may be offered or sold in the United States. These forward-looking statements are not historical facts but instead represent only Nomura’s belief regarding future events, many of which, by their nature, are inherently uncertain and outside Nomura’s control. Important factors that could cause actual results to differ from those in specific forward-looking statements include, without limitation, economic and market conditions, political events and investor sentiments, liquidity of secondary markets, level and volatility of interest rates, currency exchange rates, security valuations, competitive conditions and size, and the number and timing of transactions.

• The review of the consolidated financial statements for the six-month period ended September 30, 2025 has not been completed by the independent auditors as of the date of this supplement. As a result of such audit, certain of the information set forth herein could be subject to revision, possibly material, in NHI’s Semi-annual Securities Report on Form 6-K for the period ended September 30, 2025.

• This document should be read together with and is qualified in its entirety by reference to Nomura’s Annual Report on Form 20-F for the year ended March 31, 2025.

– 7 –