July 25, 2024

Consolidated Financial Results
For the Three Months from April 1 to June 30, 2024
<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/
Satoshi Arai, President and Representative Director

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

Email :
Scheduled starting date for dividend payments :nrehd-ir@nomura-re.co.jp

Preparation of explanatory materials for financial results :Information meetings arranged related to financial results :No
Yes (for institutional investors and analysts)-(Values of less than one million yen rounded down)

I. Consolidated operating results for the Three Months from April 1, 2024 to June 30, 2024
(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 three months ended

Millionsof yen%Millionsof yen%Millionsof yen%Millionsof yen%Millionsof yen%Jun. 30, 2024

200,915(4.0)

38,197(0.7)

38,393(0.5)

33,721(4.9)

24,4180.4

Jun. 30, 2023

209,366

4.8

38,485

3.2

38,593(1.0)

35,471(2.3)

24,318(9.7)(Note) Comprehensive income: From April 1, 2024 to June 30, 2024 : 26,274 million yen (up 0.5%)
From April 1, 2023 to June 30, 2023 : 26,132 million yen (down 15.5%)(Note) Business profit = operating profit + share of profit (loss) of entities accounted for using equity method + amortization of
intangible assets associated with corporate acquisitions + gain or loss on sale of equity interest in project companies (*1) in theOverseas Business Unit (*2)
*1 They refer to SPCs, etc. which are mainly engaged in holding/development of real estate.
*2 “Gain or loss on sale of equity interest in project companies in the Overseas Business Unit” has been added to the definitionof business profit. The change to this definition has been applied from the fiscal year ending March 31, 2025.
(Note) The rate of changes from previous fiscal year in business profit for the previous fiscal year has also been calculated based on
this definition.

Basic earnings
per shareFirst three months ended

Diluted earnings
per share

Yen

Yen

Jun. 30, 2024

141.39141.20Jun. 30, 2023

139.91139.60(2) Consolidated financial position
Total assets

Shareholders’ equity ratio

Net assets

As ofMillions of yen

Millions of yen%

Jun. 30, 2024

2,293,655

706,119

30.7

Mar. 31, 2024

2,251,456

692,440

30.7(Reference) Shareholders’ equity: As of June 30, 2024 : 704,735 million yen

As of March 31, 2024 : 690,930 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, 2024

-

65.00

-

75.00

140.00Fiscal year ending
Mar. 31, 2025

-

82.50

-

82.50

165.00Fiscal year ending
Mar. 31, 2025
(Forecasts)(Note) Revision of dividend forecasts during this quarter: No

III. Forecasts of consolidated operating results for the fiscal year from April 1, 2024 to March 31, 2025(% 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, 2025

790,000

7.5

114,000

1.7

118,000

3.8

100,000

1.8

70,0002.7

404.85(Note) Revision of operating results forecasts during this quarter: No

Ordinary profit

Basic earnings
per share

Operating revenue

* Notes(1) Significant changes in the scope of consolidation during the period: 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 (4) Notes to Quarterly Consolidated Financial
Statements (Notes to Changes in Accounting Policies)” on page 10 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 Jun. 30

As of Mar. 31

2024

2024

183,359,537
10,469,549

183,268,237
10,656,043

From April 1 toJun. 30, 2024
3) Average number of shares outstanding during the period

172,700,842

From April 1 toJun. 30, 2023
173,823,908(Note) The number of treasury shares at end of each period includes the shares of Nomura Real Estate Holdings, Inc. (the“Company”) owned by BIP (Board Incentive Plan) trust and ESOP (Employee Stock Ownership Plan) trust (2,866,757
shares as of June 30, 2024 and 3,053,251 shares as of March 31, 2024). The Company’s shares owned by executive
compensation BIP trust and ESOP trust are included in the number of treasury shares deducted in the calculation of
average number of shares outstanding during the period (3,005,853 shares from April 1 to June 30, 2024 and 3,482,516
shares from April 1 to June 30, 2023).
* Review of either Japanese original or English translation of the attached quarterly consolidated financial statements by certified
public accountants or an audit firm: None
* Proper use of forecasts of operating results, and other special matters
1. 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
to various 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 3 of the Attachments.
2. From the fiscal year ending March 31, 2025, the breakdown of business results for each business unit, etc. in the “Overview of
the Current Quarter Business Results” section of the Attachments of this Consolidated Financial Results report, and theinformation presented in the Fact Sheets have been moved to the Presentation Materials disclosed on the Company’s website(https://www.nomura-re-hd.co.jp/english/ir/ir_library/).

Attachments- Contents
1. Business Results and Financial Position -------------------------------------------------------------------------------------------------------- 2(1) Overview of the Current Quarter Business Results ------------------------------------------------------------------------------------- 2(2) Overview of the Current Quarter Financial Position ------------------------------------------------------------------------------------ 3(3) Consolidated Operating Result Forecasts ------------------------------------------------------------------------------------------------- 3
2. Quarterly Consolidated Financial Statements -------------------------------------------------------------------------------------------------- 4(1) Quarterly Consolidated Balance Sheets --------------------------------------------------------------------------------------------------- 4(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income ----------- 6
Quarterly Consolidated Statements of Income for the First Three Months from April 1 to June 30, 2024 ---------------------- 6
Quarterly Consolidated Statements of Comprehensive Income for the First Three Months from April 1 to June 30, 2024 -- 7
(3) Quarterly Consolidated Statements of Cash Flows -------------------------------------------------------------------------------------- 8(4) Notes to Quarterly Consolidated Financial Statements --------------------------------------------------------------------------------- 10(Notes to Changes in Accounting Policies) ---------------------------------------------------------------------------------------------- 10(Notes to Segment Information, Etc.) ----------------------------------------------------------------------------------------------------- 11(Notes to Significant Changes in Shareholder’s Equity) -------------------------------------------------------------------------------- 13(Notes to Going Concern Assumptions) -------------------------------------------------------------------------------------------------- 13-1-

1. Business Results and Financial Position(1) Overview of the Current Quarter Business Results
The Nomura Real Estate Group (the “Group”) posted the following consolidated performance for the three months ended June30, 2024: Operating revenue of 200,915 million yen, which represents a decrease of 8,451 million yen, or 4.0% year on year;
operating profit of 38,197 million yen, a decrease of 288 million yen, or 0.7%; business profit of 38,393 million yen, a decrease of
199 million yen, or 0.5%; ordinary profit of 33,721 million yen, a decrease of 1,750 million yen, or 4.9%; and profit attributable toowners of parent of 24,418 million yen, an increase of 99 million yen, or 0.4%.
(Note) Business profit = operating profit + share of profit (loss) of entities accounted for using equity method + amortization of
intangible assets associated with corporate acquisitions + gain or loss on sale of equity interest in project companies (*1)
in the Overseas Business Unit (*2)
*1 They refer to SPCs, etc. which are mainly engaged in holding/development of real estate.
*2 “Gain or loss on sale of equity interest in project companies in the Overseas Business Unit” has been added to the definitionof business profit. The change to this definition has been applied from the fiscal year ending March 31, 2025.
(Note) The rate of changes from previous fiscal year in business profit for the previous fiscal year has also been calculated basedon this definition.
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. From the first quarter ended June 30, 2024, hotel businesses of Nomura Real Estate Development Co., Ltd. and Nomura Real
Estate Hotels Co., Ltd., etc., which had been classified under “Commercial Real Estate Business Unit,” have been reclassified
as “Residential Development Business Unit.” In conjunction with these changes, the figures for the three months ended June30, 2023 and the fiscal year ended March 31, 2024 have been presented based on the aforementioned changes to the segments.
In addition, as of April 1, 2024, the Company acquired all the shares of UDS Ltd. and classified it under “Residential
Development Business Unit.”<Residential Development Business Unit>
Operating revenue in this Business Unit totaled 119,202 million yen, which represents an increase of 10,307 million yen, or
9.5% year on year, and business profit totaled 19,841 million yen, an increase of 2,610 million yen, or 15.2%, resulting in increases
in both operating revenue and business profit compared with the financial results of the three months ended June 30, 2023.
<Commercial Real Estate Business Unit>
Operating revenue in this Business Unit totaled 40,143 million yen, which represents a decrease of 24,960 million yen, or 38.3%
year on year, and business profit totaled 8,886 million yen, a decrease of 7,867 million yen, or 47.0%, resulting in decreases inboth operating revenue and business profit compared with the financial results of the first three months ended June 30, 2023.
<Overseas Business Unit>
Operating revenue in this Business Unit totaled 4,913 million yen, which represents an increase of 3,899 million yen year on
year, and business profit totaled 3,411 million yen (business loss of the first three months ended June 30, 2023 was 490 millionyen), resulting in increases in both operating revenue and business profit compared with the financial results of the first threemonths ended June 30, 2023. Share of loss of entities accounted for using equity method included in the business loss in thisBusiness Unit was 9 million yen.
<Investment Management Business Unit>
Operating revenue in this Business Unit totaled 4,009 million yen, which represents a decrease of 95 million yen, or 2.3% year
on year, and business profit totaled 2,643 million yen, a decrease of 134 million yen, or 4.8%, resulting in decreases in both
operating revenue and business profit compared with the financial results of the first three months ended June 30, 2023.
<Property Brokerage & CRE Business Unit>
Operating revenue in this Business Unit totaled 12,354 million yen, which represents an increase of 1,264 million yen, or 11.4%
year on year, and business profit totaled 3,624 million yen, an increase of 832 million yen, or 29.8%, resulting in increases both inoperating revenue and business profit compared with the financial results of the first three months ended June 30, 2023.

-2-

<Property & Facility Management Business Unit>
Operating revenue in this Business Unit totaled 23,923 million yen, which represents an increase of 1,377 million yen, or 6.1%
year on year, and business profit totaled 1,628 million yen, an increase of 278 million yen, or 20.7%, resulting in increases in both
operating revenue and business profit compared with the financial results of the first three months ended June 30, 2023.
<Other>Operating revenue totaled 66 million yen, which represents a decrease of 0 million yen, or 0.7% year on year, and businessprofit totaled 35 million yen, which represents a decrease of 10 million yen, or 23.1% year on year.

(2) Overview of the Current Quarter Financial Position
As of March 31, 2024
(Millions of yen)

As of Jun. 30, 2024
(Millions of yen)

Changes(Millions of yen)

Changes

Total assets

2,251,456

2,293,655

42,199

1.9%

Total liabilities

1,559,015

1,587,536

28,520

1.8%

Net assets

692,440

706,119

13,6782.0%

Shareholders’ equity ratio

30.7%

30.7%

-

-

Total assets were 2,293,655 million yen, which represents an increase of 42,199 million yen compared to the end of the previous
fiscal year. This was mainly because construction in progress increased by 27,442 million yen and goodwill increased by 17,127
million yen.
Total liabilities were 1,587,536 million yen, which represents an increase of 28,520 million yen compared to the end of theprevious fiscal year. This was mainly because interest-bearing debt increased by 92,525 million yen, while notes and accounts
payable - trade decreased by 29,198 million yen, advances received decreased by 12,484 million yen, deposits received decreasedby 10,755 million yen, and income taxes payable decreased by 9,397 million yen.
Net assets were 706,119 million yen, which represents an increase of 13,678 million yen compared to the end of the previous
fiscal year. This was mainly because retained earnings increased by 11,243 million yen and foreign currency translation adjustment
increased by 3,638 million yen, while valuation difference on available-for-sale securities decreased by 1,570 million yen.
The shareholders’ equity ratio was 30.7%, an increase of 0.0 percentage point from the end of the previous fiscal year.
(Cash Flows)
Cash and cash equivalents as of the end of this first quarter totaled 27,231 million yen, which represents a decrease of 26,580
million yen compared to the end of the previous fiscal year.
Net cash used in operating activities amounted to 38,427 million yen (a year-on-year decrease in cash flow of 76,110 millionyen). This was mainly due to a decrease in trade payables, the payment of income taxes, a decrease in advances received, and adecrease in deposits received, while profit before income taxes of 33,721 million yen was recorded.
Net cash used in investing activities amounted to 67,925 million yen (a year-on-year decrease in cash flow of 44,543 millionyen). This was mainly due to the purchase of property, plant and equipment and intangible assets and the purchase of shares ofsubsidiaries.
Net cash provided by financing activities amounted to 79,689 million yen (a year-on-year increase in cash flow of 83,904
million yen). This was mainly due to the fund procurement by the issuance of commercial papers and proceeds from long-termborrowings, despite the payment of dividends.

(3) Consolidated Operating Result Forecasts
No change in the consolidated operating result forecast which was announced on April 25, 2024.

-3-

2. Quarterly Consolidated Financial Statements(1) Quarterly Consolidated Balance Sheets(Millions of yen)
As of March 31, 2024
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-4-

As of June 30, 2024

54,942

28,292

27,53420,962

499,137
340,601
171,401
48,014
115,155(10)
1,256,777503,826
302,235
198,263
56,208
113,709(10)
1,223,489

174,801
490,547
74,953740,301
17,336

174,856
498,878
103,027
776,762
34,668

178,949
32,467
19,3676,255(0)
237,039994,6782,251,456

186,545
34,724
18,284
19,596(415)
258,735
1,070,166
2,293,655

(Millions of yen)
As of March 31, 2024
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Commercial papers
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-5-

As of June 30, 2024

78,651
97,688－10,00017,46729,983
12,66749,452
185,21350,00030,0008,069
19,227
6,052

564

141

1
84,040331,064

1
70,558418,717140,000
945,040
60,05742,2403,906
5,016
12,79818,892
1,227,951
1,559,015

120,000
900,039
60,63742,0093,906
5,332
12,94523,9481,168,819
1,587,536

119,479
115,653472,152(31,903)675,381

119,574
115,747
483,395(31,385)
687,332

5,309

3,738

(4,293)
7,876
4,576
2,079
15,548355
1,154
692,4402,251,456(4,544)
7,876
8,215
2,116
17,403257
1,126
706,1192,293,655

(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income(Quarterly Consolidated Statements of Income for the First Three Months from April 1 to June 30, 2024)(Millions of yen)Three months ended
June 30, 2023
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 losses
Impairment losses
Loss on building reconstruction
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-6-

Three months ended
June 30, 2024

209,366
139,965
69,40130,91538,485200,915
129,159
71,75533,55838,197

38
52

21
54

－

113

337
428

192
381

3,155

3,860

59

－

228
3,443
35,471997
4,858
33,721

16450
21435,256
8,221
2,689
10,91024,34526
24,318－－－33,721
7,632
1,667
9,299
24,421
3
24,418(Quarterly Consolidated Statements of Comprehensive Income for the First Three Months from April 1 to June 30, 2024)(Millions of yen)Three months ended
June 30, 2023
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-7-

Three months ended
June 30, 2024

24,34524,421

2,763(3,534)
(0)
516
132

(1,570)
(251)
(0)
2,387
37

1,909

1,250

1,787
26,132

1,853
26,27426,097

26,27235

1

(3) Quarterly Consolidated Statements of Cash Flows(Millions of yen)Three months ended
June 30, 2023
Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment losses
Share of loss (profit) of entities accounted for using
equity method
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 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 shares of subsidiaries resulting in change
in scope of consolidation
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
Purchase of shares of subsidiaries not resulting inchange in scope of consolidation
Net cash provided by (used in) financing activities-8-

Three months ended
June 30, 2024

35,2565,055
164

33,721
4,926
－

59

(113)

(0)

(0)

4
(91)
3,155
23,29231,302(594)(30,560)
5,082(12,996)
59,13086(2,071)(19,461)
37,683

146
(76)
3,860
8,348
5,929
(7,169)(29,584)(10,839)(27,545)(18,395)
91(3,383)(16,739)(38,427)(13,354)(7,840)－

5－(20,963)(10,900)(39,420)

17

77

(838)

(839)

968

416

(717)
1,108
334
(23,382)

(883)
1,057
464
(67,925)(13,765)(15)
27,00024,458(9,487)175(20,000)
726(831)(11,535)
(38)

7,209
(79)
50,00043,744(8,500)83－
436－(13,174)
(30)

(900)

－

(4,215)79,689Effect of exchange rate change on cash and cash
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

-9-

197

82

10,283
27,77038,053(26,580)
53,811
27,231

(4) Notes to Quarterly Consolidated Financial Statements(Notes to Changes in Accounting Policies)(Application of the “Accounting Standard for Current Income Taxes” and other relevant Accounting Standards Board of Japan(ASBJ) regulations)
The Company has applied the “Accounting Standard for Current Income Taxes” (ASBJ Statement No. 27, October 28, 2022;
the “Revised Accounting Standard of 2022”) and other relevant ASBJ regulations from the beginning of the first quarter ended
June 30, 2024.
Revisions to categories for recording current income taxes (taxation on other comprehensive income) conform to thetransitional treatment in the proviso of paragraph 20-3 of the Revised Accounting Standard of 2022 and the transitional
treatment in the proviso of paragraph 65-2 (2) of the “Guidance on Accounting Standard for Tax Effect Accounting” (ASBJ
Guidance No. 28, October 28, 2022, Accounting Standards Board of Japan). These changes to our accounting policy do notaffect our quarterly consolidated financial statements.

- 10 -

(Notes to Segment Information, Etc.)
I First three months from April 1 to June 30, 2023
1. Information regarding sales, gains or losses, by reportable segment(Millions of yen)Amountrecorded inquarterly
Adjustments
consolidated(Note) 2
statement ofincome(Note) 3

Reportable segments
Residential
Commercial
Develop
Real Estate
ment
Operating revenue
Externalcustomers
Internal sales andtransfer amountamong segments

Overseas

Investment
Management

Property
Brokerage& CRE

Property&
Facility
Management

Subtotal

Other(Note) 1

Total

108,634

64,494

1,013

4,080

10,766

20,311

209,30066

209,366-

209,366

259

609

-

24

323

2,235

3,452

1

3,453

(3,453)-

Subtotal

108,894

65,103

1,013

4,105

11,08922,546

212,75367

212,820(3,453)

209,366

Operating profit(Note) 3

17,206

16,660

(360)

2,693

2,792

1,313

40,30546

40,351(1,865)38,485

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

10

34

(139)

(1)

-

35

(59)

-

(59)

-

(59)

Amortization of
intangible assets
associated withcorporateacquisitions(Note) 3

13

58

9

85

-

-

167

-

167

-

167

Gain or loss on saleof equity interest in
project companies in
the Overseas
Business Unit
(Note) 3

-

-

-

-

-

-

-

-

-

-

-

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

17,23016,753

(490)

2,777

2,792

1,349

40,41346

40,459(1,865)38,593(Notes) 1. The “Other” category represents operating segments that are not included in reportable segments.
2. The deduction of 1,865 million yen shown in the adjustments column for segment profit or loss (business profit or loss)
includes elimination of intersegment transactions of 976 million yen and a deduction of 2,842 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 + gain or loss on sale of equity
interest in project companies (*1) in the Overseas Business Unit
*1 They refer to SPCs, etc. which are mainly engaged in holding/development of real estate.
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-

164

Investment
Management

Overseas-- 11 --

Property Brokerage Property &&Facility
CRE
Management
-

-

Total

164

Ⅱ First three months from April 1 to June 30, 2024
1. Information regarding sales, gains or losses, by reportable segment(Millions of yen)
Reportable segments
Residential
Commercial
Develop
Real Estate
ment
Operating revenue
External customers
Internal sales andtransfer amountamong segments

Overseas

Investment
Management

Property
Brokerage& CRE

Property&
Facility
Management

Subtotal

Other(Note) 1

Total

Amountrecorded inquarterly
Adjustments
consolidated(Note) 2
statement ofincome(Note) 3

118,939

39,489

4,913

3,943

12,206

21,356200,84965

200,915-

200,915

262

653

-

65

147

2,567

3,697

0

3,698

(3,698)-Subtotal

119,20240,143

4,913

4,009

12,35423,923

204,54766

204,614(3,698)200,915

Operating profit(Note) 3

19,821

8,775

3,410

2,603

3,624

1,604

39,84035

39,876(1,678)38,197

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

6

52

(9)

40

-

23

113

-

113

-

113

Amortization of
intangible assets
associated withcorporate acquisitions(Note) 3

13

58

10

-

-

-

82

-

82

-

82

Gain or loss on saleof equity interest in
project companies in
the Overseas
Business Unit
(Note) 3

-

-

-

-

-

-

-

-

-

-

-

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

19,841

8,886

3,411

2,643

3,624

1,628

40,03635

40,072(1,678)38,393(Notes) 1. The “Other” category represents operating segments that are not included in reportable segments.
2. The deduction of 1,678 million yen shown in the adjustments column for segment profit or loss (business profit or loss)
includes elimination of intersegment transactions of 898 million yen and a deduction of 2,576 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 + gain or loss on sale of equity
interest in project companies (*1) in the Overseas Business Unit
*1 They refer to SPCs, etc. which are mainly engaged in holding/development of real estate.

2. Information regarding changes in reportable segments etc.
From the first quarter ended June 30, 2024, hotel businesses of Nomura Real Estate Development Co., Ltd. andNomura Real Estate Hotels Co., Ltd., etc., which had been classified under “Commercial Real Estate Business Unit,”
have been reclassified as “Residential Development Business Unit” to promote businesses in an integrated manner withthe residential development business.
The figures by reportable segment for the first quarter ended June 30, 2023 are classified under the new reportablesegments.
3. Notes relating to changes in profit or loss calculation methods for each reportable segment
From the first quarter ended June 30, 2024, has considered the gain and loss of the Overseas Business Unit and has
added “gain or loss on sale of equity interest in project companies in the Overseas Business Unit” to the definition ofbusiness profit. The aforementioned change will not have an impact on the segment profit or loss (business profit or loss)
for the three months ended June 30, 2024.

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The figures by reportable segment for the first quarter ended June 30, 2023 are classified under the new calculation
methods.
4. Information regarding impairment loss on non-current assets or goodwill by reportable segment(Significant changes in amount of goodwill)In the Residential Development Business Unit, goodwill increased by 17,179 million yen in the first quarter ended
June 30, 2024 mainly because of the inclusion of UDS Ltd. and Okinawa UDS Ltd. in the scope of consolidation.
The amount of goodwill is a tentative calculation, as the distribution of acquisition cost has not been completed.
(Notes to Significant Changes in Shareholder’s Equity)
Not applicable.
(Notes to Going Concern Assumptions)Not applicable.

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