October 27, 2022

Consolidated Financial Results
For the Six Months from April 1 to September 30, 2022
<under Japanese GAAP>
Note: The accompanying consolidated financial statements were not audited since they have been prepared only for reference purpose. All statements werebased on Tanshin report prepared in accordance with the provisions set forth in accounting regulations and principals generally accepted in Japan.

Name of company listed :Nomura Real Estate Holdings, Inc.

Shares traded :Code number :

TSE
3231

URL :
Representative :https://www.nomura-re-hd.co.jp/english/
Eiji Kutsukake, President and Representative Director

Inquiries :Hidehiro Sasaki,
General Manager, Corporate Communications Dept.

Email :
Scheduled submitting date of quarterly securities report :nrehd-ir@nomura-re.co.jp
November 14, 2022

Scheduled starting date for dividend payments :Preparation of explanatory materials for financial results :December 1, 2022
Yes

Information meetings arranged related to financial results :Yes (for institutional investors and analysts, in Japanese)(Values of less than one million yen rounded down)

I. Consolidated operating results for the Six Months from April 1, 2022 to September 30, 2022
(1) Consolidated business results(% indicates the rate of changes from previous fiscal term)
Operating revenue

Operating profit

Business profit

Profit attributableto owners of parent

Ordinary profit

First six months ended

Millionsof yen%Millionsof yen%Millionsof yen%Millionsof yen%Millionsof yen%Sep. 30, 2022

314,756

22.4

48,88421.1

52,44929.6

47,04633.9

33,874

44.1

Sep. 30, 2021

257,126

14.8

40,36066.9

40,45864.1

35,14380.9

23,513

95.5(Note) Comprehensive income: From April 1, 2022 to September 30, 2022: 38,876 million yen (up 47.4%)
From April 1, 2021 to September 30, 2021: 26,382 million yen (up 146.6%)(Note) Business profit = operating profit + share of profit (loss) of entities accounted for using equity method + amortization of
intangible assets associated with corporate acquisitions

Basic earnings
per shareFirst six months ended

Diluted earnings
per share

Yen

Yen

Sep. 30, 2022

190.66190.14

Sep. 30, 2021

130.43129.99(2) Consolidated financial position
Total assets

Shareholders’ equity ratio

Net assets

As ofMillions of yen

Millions of yen%

Sep. 30, 2022

2,024,916

648,841

31.9

Mar. 31, 2022

2,040,506

621,398

30.3(Reference) Shareholders’ equity: As of September 30, 2022: 646,280 million yen As of March 31, 2022: 618,762 million yen

II. Dividends
Dividend per share
1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Total

Yen

Yen

Yen

Yen

Yen

Fiscal year ended
Mar. 31, 2022

-

42.50

-

55.00

97.50

Fiscal year ending
Mar. 31, 2023

-

55.00

-

55.00

110.00Fiscal year ending
Mar. 31, 2023
(Forecasts)(Note) Revision of dividend forecasts during this quarter: NoneIII. Forecasts of consolidated operating results for the fiscal year from April 1, 2022 to March 31, 2023(% indicates the rate of changes from previous fiscal year)
Profit attributable toowners of parent

Operating profit

Business profit

Fiscal year ending

Millionsof yen%Millionsof yen%Millionsof yen%Millionsof yen%Millionsof yen%Yen

Mar. 31, 2023

680,000

5.4

90,500(0.8)

97,0004.6

85,0003.0

57,0003.1

322.35(Note) Revision of operating results forecasts during this quarter: None

Ordinary profit

Basic earnings
per share

Operating revenue

* Notes(1) Significant changes to subsidiaries during the period (Changes in scope of consolidation of specified subsidiaries): None
(2) Adoption of specific accounting policies for quarterly consolidated financial statements: None
(3) Changes in accounting policies, changes in accounting estimates and restatements
1) Changes in accounting policies due to revision of accounting standards, etc.
2) Changes in accounting policies other than the above: Yes: None3) Changes in accounting estimates
4) Restatements: None: None(Note) For details, please refer to “2. Quarterly Consolidated Financial Statements and Notes (4) Notes to Quarterly
Consolidated Financial Statements (Changes in Accounting Policies)” on page 14 of the Attachments(4) Number of shares issued (common stock)1) Number of shares issued at end of period (including treasury shares)
2) Treasury shares at end of period

As of Sep. 30

As of Mar. 31

2022

2022

182,835,137
5,688,053

182,604,637
4,704,422

From April 1 toSep 30, 2022
3) Average number of shares outstanding during the period

From April 1 toSep 30, 2021

177,666,427

180,277,605(Note) The number of treasury shares at end of each period includes the shares of the company owned by BIP (Board IncentivePlan) trust and ESOP (Employee Stock Ownership Plan) trust (3,135,646 shares as of September 30, 2022 and 2,522,837
shares as of March 31, 2022). The Company’s share owned by executive compensation BIP trust and ESOP trust areincluded in the number of treasury shares deducted in the calculation of average number of shares outstanding during theperiod (2,559,394 shares from April 1 to September 30, 2022 and 2,109,445 shares from April 1 to September 30, 2021).
* This Quarterly “Consolidated Financial Results” is not required to be audited by certified public accountants or audit corporations.
* Proper use of forecasts of operating results, and other special matters
Forward-looking statements in this document, including the forecasts of financial results, etc., are based on the information
currently available to the Company and certain assumptions deemed to be reasonable. These statements do not purport that theCompany pledges to realize such statements. Actual performance and other results may differ materially from these forecasts due tovarious factors. For matters related to the forecasts of financial results, please refer to “1. Business Results and Financial Position (3)Consolidated Operating Result Forecasts” on page 7 of the Attachments.
(How to obtain the fact sheets)
The fact sheets will be disclosed on TDnet on October 27, 2022 and will be uploaded on the Company’s website.

Attachments- Contents
1. Business Results and Financial Position ------------------------------------------------------------------------------------------------(1) Business Results -----------------------------------------------------------------------------------------------------------------------

22(2) Financial Position ---------------------------------------------------------------------------------------------------------------------(3) Consolidated Operating Result Forecasts ------------------------------------------------------------------------------------------

7
7

2. Quarterly Consolidated Financial Statements and Notes -----------------------------------------------------------------------------(1) Quarterly Consolidated Balance Sheets --------------------------------------------------------------------------------------------

88(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income ---Quarterly Consolidated Statements of Income for the First Six Months from April 1 to September 30, 2022 -----------

10
10

Quarterly Consolidated Statements of Comprehensive Income for the First Six Months from April 1 to September 30,
2022 -------------------------------------------------------------------------------------------------------------------------------------

11(3) Quarterly Consolidated Statement of Cash Flows -------------------------------------------------------------------------------(4) Notes to Quarterly Consolidated Financial Statements --------------------------------------------------------------------------

12
14(Notes to Going Concern Assumptions) ------------------------------------------------------------------------------------------(Notes to Significant Changes in Shareholder’s Equity) -------------------------------------------------------------------------

14
14(Changes in Accounting Policies) --------------------------------------------------------------------------------------------------(Segment Information) ----------------------------------------------------------------------------------------------------------------

14
15

-1-

1. Business Results and Financial Position(1) Business Results
The Nomura Real Estate Group (the “Group”) posted the following consolidated performance for the six months ended
September 30, 2022: Operating revenue of 314,756 million yen, which represents an increase of 57,629 million yen, or 22.4% year
on year; operating profit of 48,884 million yen, an increase of 8,524 million yen, or 21.1%; business profit of 52,449 million yen,
an increase of 11,990 million yen, or 29.6%; ordinary profit of 47,046 million yen, an increase of 11,902 million yen, or 33.9%;
and profit attributable to owners of parent of 33,874 million yen, an increase of 10,361 million yen, or 44.1%.
(Note) Business profit = operating profit + share of profit (loss) of entities accounted for using equity method + amortization of
intangible assets associated with corporate acquisitions
An overview of Business Unit achievements is given below:
1. Operating revenue for each Business Unit includes internal sales and transfer amount among Business Units.
2. Total figures may not match due to the rounding of fractions.
3. As of April 1, 2022, the Company made the following changes and an organization restructure.
*Overseas Business Unit was newly established and the classification of Overseas Business Division of Nomura Real Estate
Development Co., Ltd. and overseas subsidiaries, etc., which had been classified under the “Other”, have been reclassified.
*Nomura Real Estate Development Co., Ltd. and Nomura Real Estate Building Co., Ltd. were merged. (Nomura Real Estate
Development Co., Ltd. as the surviving company) Due to this change, partial revisions were made to the method used to
calculate the breakdown of operating revenue and to the method used to calculate the net lettable area and the vacancy rate.
(The figures for the six months ended September 30, 2021, and the fiscal year ended March 31, 2022, are also calculated inaccordance with the above change.)*Nomura Real Estate Hotels Co., Ltd. and UHM Co., Ltd. were merged. (Nomura Real Estate Hotels Co., Ltd. as thesurviving company)-2-

<Residential Development Business Unit>
Operating revenue in this Business Unit totaled 141,126 million yen, which represents an increase of 42,032 million yen, or
42.4% year on year, and business profit totaled 12,742 million yen, an increase of 6,610 million yen, or 107.8% resulting inincreases in both operating revenue and business profit compared with the financial results of the six months ended September 30,
2021.
This was mainly due to an increase in the number of housing units sold in the housing sales business.
In regard to housing sales, 2,058 units were recorded as sales (an increase of 652 units year on year) against the planned 4,300
units for this fiscal year. The contract progress rate was 93.8% at the end of this second quarter against the projected operating
revenue of housing sales for this fiscal year.
The number of housing contracted but not recorded as sales were 3,937 units as of the end of this second quarter (an increase of
21 units year on year).
Number of units, sales, and outstanding contract amount as sold for the joint-venture projects are calculated based on thebusiness’s share.
Breakdown of operating revenue
First six months ended
Sep. 30, 2021
Housing units soldFirst six months ended
Sep. 30, 2022

Fiscal year ended
Mar. 31, 2022

Operating revenue
Operating revenue
Operating revenue
Housing units sold
Housing units sold(Millions of yen)
(Millions of yen)
(Millions of yen)

Tokyo metropolitan area

1,021 units

69,7681,369 units

91,121

2,944 units

210,413

Kansai area

131 units

7,074

290 units

16,556496 units

26,522Other

253 units

13,279398 units

19,873889 units

47,079Subtotal(Detached housing)

1,406 units(232 units)

90,121(15,113)

2,058 units(235 units)

127,551(17,057)

4,329 units(451 units)

284,015(29,990)

Rental housing (Note)

-

739

-

4,455

-

5,621

Senior / Other

-

8,232

-

9,119

-

19,588-99,094-

141,126-

309,225

Housing sales

Total(Note) Rental housing refers to properties developed for real estate investment market.
Housing sales period-end completed housing inventory (released for sale)
As of Sep. 30, 2021

As of Sep. 30, 2022

As of Mar. 31, 2022

Tokyo metropolitan area

97 units

90 units

74 units

Kansai area

35 units

40 units

18 units

Other

30 units

65 units

38 units

Total

163 units

195 units

130 units(Detached housing)(6 units)(8 units)(0 unit)

Housing sales period-end completed housing inventory (unreleased)
As of Sep. 30, 2021
Total
(Detached housing)

As of Sep. 30, 2022

79 units(1 unit)-3-

234 units(0 unit)

As of Mar. 31, 2022
253 units(0 unit)Housing sales contracted but not recorded as housing sales
As of Sep. 30, 2021

As of Sep. 30, 2022

As of Mar. 31, 2022

Housing units

Outstanding
contract amount(Millions of yen)

Housing units

Outstanding
contract amount(Millions of yen)

Housing units

Outstanding
contract amount(Millions of yen)

Tokyo metropolitan area

2,671 units

202,424

2,995 units

232,634

2,555 units

197,478

Kansai area

480 units

26,305473 units

24,553439 units

23,687

Other

764 units

40,745468 units

24,941553 units

28,705

Total(Detached housing)

3,916 units(189 units)269,476(12,708)

3,937 units(140 units)

282,129(9,173)3,548 units(226 units)249,870(15,689)<Commercial Real Estate Business Unit>
Operating revenue in this Business Unit totaled 102,631 million yen, which represents an increase of 10,909 million yen, or
11.9% year on year, and business profit totaled 26,131 million yen, an increase of 1,351 million yen, or 5.5%, resulting in increases
in both operating revenue and business profit compared with the financial results of the first six months ended September 30, 2021.
This was mainly due to an increase in revenue from property for sales business.
Breakdown of operating revenue
First six months ended
Sep. 30, 2021
(Millions of yen)First six months ended
Sep. 30, 2022
(Millions of yen)

Fiscal year ended
Mar. 31, 2022
(Millions of yen)

Leasing (offices)

23,06021,26945,666

Leasing (retail facility)

5,862

7,943

12,302

Leasing (other)

2,055

1,670

4,131

Property for sales(sale) (Note)

45,48952,617

106,451

6,569

7,851

13,977

Fitness

6,474

7,433

13,624

Other

2,208

3,845

6,306

91,721

102,631202,460

Property for sales(leasing) (Note)

Total(Note) Property for sales refers to properties such as office building, retail facility and logistic facility developed for real estate
investment market.
Net lettable area
As of Sep. 30, 2021

As of Sep. 30, 2022

As of Mar. 31, 2022

Offices

708,002 ㎡

572,987 ㎡

658,902 ㎡

Retail facilities

120,358 ㎡

157,991 ㎡

131,874 ㎡

828,360 ㎡

730,978 ㎡

790,776 ㎡

Total

Vacancy rate (offices and retail facilities)
As of Sep. 30, 2021

As of Sep. 30, 2022
5.6%

As of Mar. 31, 2022
5.3%

-4-

5.9%

<Overseas Business Unit>
Operating revenue in this Business Unit totaled 1,857 million yen, which represents an increase of 541 million yen, or 41.2%
year on year, and business profit totaled 2,804 million yen (business loss of the first six months ended September 30, 2021 was 547
million yen), resulting in increases in both operating revenue and business profit compared with the financial results of the six
months ended September 30, 2021. Share of profit of entities accounted for using equity method included in the business profit inthis Business Unit was 3,184 million yen.
Breakdown of operating revenue
First six months ended
Sep. 30, 2021
(Millions of yen)First six months ended
Sep. 30, 2022
(Millions of yen)

Fiscal year ended
Mar. 31, 2022
(Millions of yen)

Housing sales

909

1,404

1,785

Leasing

345

348

692

Other

60

104

150

1,315

1,857

2,628

Total

<Investment Management Business Unit>
Operating revenue in this Business Unit totaled 6,824 million yen, which represents an increase of 576 million yen, or 9.2% year
on year, and business profit totaled 4,208 million yen, an increase of 323 million yen, or 8.3%, resulting in increases in both
operating revenue and business profit compared with the financial results of the first six months ended September 30, 2021.

First six months ended
Sep. 30, 2021
(Millions of yen)
Operating revenue

First six months ended
Sep. 30, 2022
(Millions of yen)

6,248

Fiscal year ended
Mar. 31, 2022
(Millions of yen)

6,824

12,804

Assets under management
As of Sep. 30, 2021
(Millions of yen)Domestic
asset

REITs

managerPrivate funds, etc.

Overseas asset manager
Total

As of Sep. 30, 2022
(Millions of yen)

As of Mar. 31, 2022
(Millions of yen)

1,399,523

1,445,650

1,424,772

182,758

251,549

196,370

312,891

358,807326,929

1,895,173

2,056,006

1,948,071<Property Brokerage & CRE Business Unit>
Operating revenue in this Business Unit totaled 23,755 million yen, which represents an increase of 3,056 million yen, or 14.8%
year on year, and business profit totaled 7,533 million yen, an increase of 2,489 million yen, or 49.3%, resulting in increases inboth operating revenue and business profit compared with the financial results of the first six months ended September 30, 2021.
This was mainly due to increases in the number of transactions and transaction value in property brokerage business.
Breakdown of operating revenue
First six months ended
Sep. 30, 2021
(Millions of yen)First six months ended
Sep. 30, 2022
(Millions of yen)

Fiscal year ended
Mar. 31, 2022
(Millions of yen)

Property brokerage

18,71922,39839,833(retail business)(10,447)(12,159)(21,825)(middle business)(3,675)(4,319)(8,326)(wholesale business)(4,596)(5,919)(9,681)-5-Other
Total

1,979

1,357

3,929

20,69923,75543,762The classification of property brokerage is as follows.
*Retail business: Real estate brokerage business for individuals*Middle business: Real estate brokerage business for small and midsize companies, business owners, some individual investors andhigh net worth individuals*Wholesale business: Real estate brokerage business for large corporations, funds and overseas investors
Number of transactions and transaction value of property brokerageFirst six months ended
Sep. 30, 2021

First six months ended
Sep. 30, 2022

Fiscal year ended
Mar. 31, 2022

Number of transactions

4,909

5,059

10,081

Total transaction value(Millions of yen)

456,499

532,159

964,882<Property & Facility Management Business Unit>
Operating revenue in this Business Unit totaled 47,727 million yen, which represents an increase of 1,093 million yen, or 2.3%
year on year, and business profit totaled 4,113 million yen, an increase of 157 million yen, or 4.0%, resulting in increases in both
operating revenue and business profit compared with the financial results of the first six months ended September 30, 2021.
Breakdown of operating revenue
First six months ended
Sep. 30, 2021
(Millions of yen)First six months ended
Sep. 30, 2022
(Millions of yen)

Fiscal year ended
Mar. 31, 2022
(Millions of yen)

Property & facility management

28,981

29,40258,264

Construction ordered

14,893

15,16635,215

Other

2,759

3,158

5,750

46,63447,727

99,230

Total

Number of properties under management
As of Sep. 30, 2021

As of Sep. 30, 2022

As of Mar. 31, 2022

Buildings under management

782

791

772

Housings under management(unit)

183,184

187,970

186,549<Other>Operating revenue totaled 133 million yen which represents an increase of 105 million yen, or 372.8% year on year, andbusiness profit totaled 71 million yen (business loss of the first six months ended September 30, 2021 was 96 million yen).

-6-(2) Financial Position
As of Mar. 31, 2022
(Millions of yen)

As of Sep. 30, 2022
(Millions of yen)

Changes(Millions of yen)

Total assets

2,040,506

2,024,916(15,589)(0.8%)

Total liabilities

1,419,107

1,376,074(43,032)(3.0%)Net assets

621,398

648,841

27,443

4.4%

Shareholders' equity ratio

30.3%

31.9%

-

-

Changes

Total assets were 2,024,916 million yen, which represents a decrease of 15,589 million yen compared to the end of the previous
fiscal year. This was mainly because other in current assets, including tax receivable due to income tax refund, decreased by
41,485 million yen, cash and deposits decreased by 24,359 million yen and land decreased by 15,754 million yen, while
inventories increased by 62,948 million yen.
Total liabilities were 1,376,074 million yen, which represents a decrease of 43,032 million yen compared to the end of theprevious fiscal year. This was mainly because notes and accounts payable - trade decreased by 37,475 million yen, deposits
received decreased by 30,817 million yen and accounts payable decreased by 15,678 million yen, while interest-bearing debt
increased by 51,238 million yen.
Net assets were 648,841 million yen, which represents an increase of 27,443 million yen compared to the end of the previous
fiscal year. This was mainly because retained earnings increased by 23,951 million yen, deferred gains or losses on hedges
increased by 2,402 million yen and foreign currency translation adjustment increased by 2,202 million yen.
The shareholders’ equity ratio was 31.9%, an increase of 1.6 percentage point from the end of the previous fiscal year.
(Cash Flows)
Cash and cash equivalents as of the end of this second quarter totaled 43,499 million yen, which represents a decrease of 24,294
million yen compared to the end of the previous fiscal year.
Net cash provided by (used in) operating activities decreased by 55,213 million yen (a year-on-year increase of 22,071 millionyen). This was mainly due to an increase in inventories and a decrease in trade payables, while profit before income taxes of
45,516 million yen was recorded.
Net cash provided by (used in) investing activities decreased by 9,197 million yen (a year-on-year increase of 13,430 millionyen). This was mainly due to the purchase of property, plant and equipment and intangible assets.
Net cash provided by (used in) financing activities increased by 39,747 million yen (a year-on-year decrease of 19,592 millionyen). This was mainly due to fund procurement by long-term borrowings, while there were redemption of bonds and payment ofdividends.
(3) Consolidated Operating Result Forecasts
No change in the consolidated operating result forecast which was announced on April 26, 2022.

-7-

2. Quarterly Consolidated Financial Statements and Notes(1) Quarterly Consolidated Balance Sheets(Millions of yen)
As of March 31, 2022
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract
assetsReal estate for sale
Real estate for sale in process
Land held for development
Equity investments
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Land
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Leasehold and guarantee deposits
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets-8-

As of September 30, 2022

69,03844,67922,02518,454

371,504
333,860
188,41733,871
108,106(20)
1,126,802

413,629357,759
185,044
42,192
67,488(20)
1,129,228

200,163497,599
28,623726,386
19,933

190,521481,844
29,477
701,843
20,556

101,155
30,04727,3228,858(0)167,383
913,7032,040,506

113,418
31,00818,274
10,586(0)
173,287895,688
2,024,916

(Millions of yen)
As of March 31, 2022
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Current portion of bonds payable
Income taxes payable
Deposits received
Provision for bonuses
Provision for bonuses for directors (and otherofficers)
Provision for loss on business liquidation
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Leasehold and guarantee deposits received
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Provision for share awards
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets-9-

As of September 30, 2022

80,992
108,500
10,00022,29943,857
9,934

43,516
111,500
20,00015,787
13,040
9,818

549

277

8
81,838357,980

6
66,944
280,891

150,000
754,235
59,301
58,207
3,902
3,567
16,644
15,267
1,061,127
1,419,107

130,000
812,474
59,42846,874
3,902
3,478
16,78622,237
1,095,183
1,376,074

118,604
114,993382,382(11,864)
604,115

118,932
115,322406,333(13,761)
626,827

7,337

7,274

(332)
7,868
1,254
(1,481)
14,646927
1,708
621,398
2,040,506

2,069
7,868
3,457
(1,216)
19,453
777
1,783
648,841
2,024,916

(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income(Quarterly Consolidated Statements of Income for the First Six Months from April 1 to September 30, 2022)(Millions of yen)Six months ended
September 30, 2021
Operating revenue
Operating costs
Operating gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity
methodOther
Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity
methodOther
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Total extraordinary income
Extraordinary losses
Impairment losses
Loss on building reconstruction
Loss on COVID-19
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent- 10 -

Six months ended
September 30, 2022

257,126
163,497
93,62953,26840,360314,756
206,698
108,057
59,17348,884

37
63

38
36

－

3,217

293
393

218
3,511

4,405

4,778

227

－

976
5,610
35,143571
5,349
47,046

－
－

6,729
6,729

405
－
281
686
34,456
14,583(3,694)
10,88923,56754
23,513

5,855
2,404
－
8,259
45,516
14,928(3,365)
11,562
33,95379
33,874

(Quarterly Consolidated Statements of Comprehensive Income for the First Six Months from April 1 to September 30, 2022)(Millions of yen)Six months ended
September 30, 2021
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparentComprehensive income attributable to non-controllinginterests- 11 -

Six months ended
September 30, 2022

23,56733,953

(725)
1,615
(8)
1,190
259

(60)
2,402
(0)
2,174
264

482

142

2,814
26,382

4,922
38,87626,18538,681

197

195

(3) Quarterly Consolidated Statements of Cash Flows(Millions of yen)Six months ended
September 30, 2021
Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment losses
Gain on sale of non-current assets
Share of loss (profit) of entities accounted for using
equity method
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for loss on businessliquidation
Increase (decrease) in retirement benefit liability
Interest and dividend income
Interest expenses
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Decrease (increase) in equity investments
Increase (decrease) in trade payables
Increase (decrease) in deposits received
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes refund (paid)
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of investment securities
Proceeds from sales and liquidation of investment
securities
Purchase of property, plant and equipment andintangible assets
Proceeds from sale of property, plant and equipment
and intangible assets
Payments of leasehold and guarantee deposits
Proceeds from refund of leasehold and guarantee
deposits
Repayments of lease and guarantee deposits received
Proceeds from lease and guarantee deposits received
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Repayments of finance lease liabilities
Net increase (decrease) in commercial papers
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from issuance of shares
Redemption of bonds
Proceeds from sale of treasury shares
Purchase of treasury shares
Dividends paid
Dividends paid to non-controlling interests
Proceeds from investments in silent partnerships
Purchase of shares of subsidiaries not resulting inchange in scope of consolidation
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash

- 12 -

Six months ended
September 30, 2022

34,456
9,441
405－

45,516
10,1085,855(6,729)227(3,217)

(0)

(0)

(2)

(1)

190
(100)
4,405
1,242
(18,678)(1,745)(31,246)(10,192)(2,245)(13,839)386(3,702)(60,128)(77,284)

138
(74)
4,778
3,633
(53,123)(7,758)(37,514)(30,823)(3,404)(72,617)297(4,090)21,196(55,213)(9,341)(2,039)33－(15,166)(23,586)322

16,728

(976)

(722)

795

927

(2,717)
3,031
1,390(22,627)(3,445)2,857
83(9,197)

5,500
(133)
62,00027,991(16,000)
599(10,000)
248(3,077)(7,759)
(23)
－

1,500
(140)
－
89,865(30,500)
514(10,000)
387(2,645)(9,923)
(120)
810

(5)

－

59,340214

39,747369

equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period(40,357)
70,62430,267- 13 -(24,294)
67,79343,499(4) Notes to Quarterly Consolidated Financial Statements(Notes to Going Concern Assumptions)Not applicable.
(Notes to Significant Changes in Shareholders’ Equity)
Not applicable.
(Changes in Accounting Policies)
Application of Implementation Guidance on Accounting Standard for Fair Value Measurement
The Company has applied the “Implementation Guidance on Accounting Standard for Fair Value Measurement” (ASBJ
Guidance No. 31, June 17, 2021), from the beginning of the first three months from April 1 to June 30, 2022. The company has
prospectively applied new accounting policies based on the Implementation Guidance on Accounting Standard for Fair Value
Measurement, in accordance with the transitional measurement in Article 27-2 of Implementation Guidance on AccountingStandard for Fair Value Measurement. The impact of application of Implementation Guidance on Accounting Standard for Fair
Value Measurement, on consolidated financial statements on the first six months from April 1 to September 30, 2022 isimmaterial.

- 14 -

(Segment Information)【Segment information】
I First six months from April 1 to September 30, 2021
1. Information regarding sales, gains or losses, by reportable segment(Millions of yen)
Reportable segments
Adjustments(Note) 2

Amountrecorded inconsolidated
financialstatements(Note) 3

257,126-

257,126

2

8,615(8,615)-

265,71328

265,741(8,615)257,126

3,904

43,151(96)

43,055(2,694)40,360

-

37

(227)

-

(227)

-

(227)

159

-

14

326

-

326

-

326

3,885

5,044

3,956

43,250(96)

43,153(2,694)40,458

Other(Note) 1

Residential
Development

Commercial
Real Estate

Overseas
Business

Investment
Management

Property
Brokerage& CRE

Property &Facility
Management

Subtotal

98,76190,751

1,315

6,223

19,28740,762

257,100

25

332

970

-

25

1,411

5,871

8,612

Subtotal

99,09491,721

1,315

6,248

20,69946,634

Operating profit(Note) 3

6,121

24,612

(256)

3,725

5,044

Share of profit (loss)of entities accounted
for using equity
method (Note) 3

10

30

(305)

-

Amortization of
intangible assets
associated withcorporate acquisitions(Note) 3

-

136

15

Segment profit or loss
(Business profit orloss) (Note) 3

6,131

24,779(547)

Operating revenue
External customers
Internal sales andtransfer amountamong segments

Total(Notes) 1. The “Other” category represents operating segments that are not included in reportable segments.
2. The deduction of 2,694 million yen shown in the adjustments column for segment profit or loss (Business profit or loss)
includes elimination of intersegment transactions of 1,305 million yen and corporate expenses not allocated to eachreportable segment of 4,000 million yen. These corporate expenses mainly consist of general and administrative expenses
not attributable to reportable segments.
3. Segment profit or loss (Business profit or loss) = operating profit + share of profit (loss) of entities accounted for using
equity method + amortization of intangible assets associated with corporate acquisitions
2. Information regarding impairment loss on non-current assets or goodwill by reportable segment(Significant impairment loss relating to non-current assets)(Millions of yen)

Impairment loss

Residential
Development

Commercial
Real Estate-

405

Overseas
Business

Investment
Management-- 15 --

Property Brokerage Property &&Facility
CRE
Management
-

-

Total

405

Ⅱ First six months from April 1 to September 30, 2022
1. Information regarding sales, gains or losses, by reportable segment(Millions of yen)
Reportable segments
Adjustments(Note) 2

Amountrecorded inconsolidated
financialstatements(Note) 3

314,756-

314,756

2

9,301(9,301)-

323,924133

324,057(9,301)

314,756

4,082

53,96971

54,040(5,155)48,884

-

15

3,217

3,217

-

3,217

169

-

14

346

-

346

-

346

4,208

7,533

4,113

57,53371

57,604(5,155)52,449

Other(Note) 1

Residential
Development

Commercial
Real Estate

Overseas
Business

Investment
Management

Property
Brokerage& CRE

Property &Facility
Management

Subtotal

140,799

101,457

1,857

6,732

22,652

41,126314,625

131

327

1,173

-

92

1,103

6,601

9,299

Subtotal

141,126

102,631

1,857

6,824

23,75547,727

Operating profit(Note) 3

12,74025,970

(397)

4,038

7,533

Share of profit (loss)of entities accounted
for using equity
method (Note) 3

(6)

23

3,184

-

Amortization of
intangible assets
associated withcorporate acquisitions(Note) 3

7

136

17

Segment profit or loss
(Business profit orloss) (Note) 3

12,742

26,131

2,804

Operating revenue
External customers
Internal sales andtransfer amountamong segments

Total

-

(Notes) 1. The “Other” category represents operating segments that are not included in reportable segments.
2. The deduction of 5,155 million yen shown in the adjustments column for segment profit or loss (Business profit or loss)
includes elimination of intersegment transactions of 744 million yen and corporate expenses not allocated to eachreportable segment of 5,900 million yen for corporate expenses not allocated to each reportable segment. These corporate
expenses mainly consist of general and administrative expenses not attributable to reportable segments.
3. Segment profit or loss (Business profit or loss) = operating profit + share of profit (loss) of entities accounted for using
equity method + amortization of intangible assets associated with corporate acquisitions
2. Notes relating to changes in reportable segments etc.
From the first three months from April 1 to June 30, 2022, Overseas Business Unit was added as a reportable segmentwith a review of the organizational structure. The Overseas Business Division of Nomura Real Estate Development Co.,
Ltd. and overseas subsidiaries, etc., which had been classified under the Other, have been reclassified under the Overseas
Business Unit.
The figures by reportable segment for the first six months from April 1 to September 30, 2021 are classified under the
new reportable segment.
3. Information regarding impairment loss on non-current assets or goodwill by reportable segment(Significant impairment loss relating to non-current assets)(Millions of yen)

Impairment loss

Residential
Development

Commercial
Real Estate

-

5,855

Overseas
Business

Investment
Management-- 16 --

Property Brokerage Property &&Facility
CRE
Management
-

-

Total

5,855