News Release

July 30, 2024

NOMURA HOLDINGS, INC.
Financial Summary–Three months ended June 30, 2024

We are pleased to report the following consolidated financial summary based on the consolidated
financial information under U.S. GAAP for three months ended June 30, 2024.

For further information, please contact:
Junko TagoManaging Director,
Head of Investor Relations,
Nomura Holdings, Inc.
2-2 Otemachi 2-chome, Chiyoda-ku
Tokyo 100-8130, Japan
TEL: +81 (0)3 5255-1000

Financial Summary For the Three Months Ended June 30, 2024 (U.S. GAAP)
Date:

July 30, 2024

Company name (code number):

Nomura Holdings, Inc. (8604)

Stock exchange listings:(In Japan) Tokyo, Nagoya(Overseas) New York, Singapore

Representative:
For inquiries:

Kentaro Okuda
President and Group CEO, Nomura Holdings, Inc.
Junko TagoManaging Director, Head of Investor Relations, Nomura Holdings, Inc.
Tel: (Country Code 81) 3-5255-1000
URL: https://www.nomura.com

1. Consolidated Operating Results(1) Operating Results(Rounded to nearest million)(Millions of yen, except per share data)
For the three months ended June 30

Total revenue

2023% Change from
June 30, 2022
893,353
117.9%Net revenue

348,91316.7%

454,44230.2%

Income before income taxes

46,310294.7%

102,931122.3%

23,331－%

68,938195.5%

126,258(25.5%)

189,295

49.9%

Net income attributable to
Nomura Holdings, Inc. (“NHI”) shareholders
Comprehensive income
Basic-Net income attributable to NHI shareholders per share (Yen)
Diluted-Net income attributable to NHI shareholders per share (Yen)
Return on shareholders’ equity - annualized

7.71
7.40
2.9%

2024
% Change from
June 30, 2023
1,217,885
36.3%

23.33
22.36
8.1%

Note: Return on shareholders’ equity is a ratio of Net income attributable to NHI shareholders to Total NHI shareholders’ equity.
(2) Financial Position(Millions of yen, except per share data)
At March 31

At June 30

2024

2024

Total assets

55,147,203

59,741,126

Total equity
Total NHI shareholders’ equity

3,448,513
3,350,189

3,563,197
3,462,951

6.1%

5.8%

1,127.72

1,172.07

Total NHI shareholders’ equity as a percentage of total assets
Total NHI shareholders’ equity per share (Yen)2. Cash Dividends(Yen amounts)
For the year ended March 31
2024

2025

2025 (Plan)

Dividends per share
Dividends record dates
At June 30
At September 30
At December 31
At March 31
For the year

－
8.00

－
－

－
Unconfirmed

－
15.00

－

－
Unconfirmed

23.00

－
－

Unconfirmed

Note: Fiscal year 2025 Q2 and Q4 dividends are not presented per reasons stated in “3. Earnings forecasts for the year ending March
31, 2025”.

3. Earnings Forecasts for the year ending March 31, 2025
Nomura provides investment, financing and related services in the capital markets on a global basis. In the global capital markets
there exist uncertainties due to, but not limited to, economic and market conditions. Nomura, therefore, does not present earnings
forecasts.
Notes(1) Significant changes in the scope of consolidation during the period: None

(2) Adoption of the simplified and particular accounting treatments: None
(3) Changes in accounting policiesa) Changes in accounting policies due to amendments to the accounting standards : Yesb) Changes in accounting policies due to other than a) : Yes
Note) Please refer to P.10 “2. Quarterly Consolidated Financial Statements (4) Changes in Accounting Policies” for further details.
(4) Number of shares issued (common stock)

Number of shares outstanding (including treasury stock)
Number of treasury stock

At March 31

At June 30

2024

2024

3,163,562,601
192,807,441

3,163,562,601
209,008,426

For the three months ended June 30
2023
Average number of shares outstanding (year-to-date)

3,025,892,670

2024
2,954,604,002*Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants
or an audit firm: None
*Proper use of earnings forecasts, and other special matters
We voluntarily have engaged our independent auditor to conduct a review of the quarterly consolidated financial statements. We plan
to release the quarterly financial statements with the accompanying review report on August 8, 2024.

Table of Contents for the Accompanying Materials
1. Qualitative Information of the Quarterly Consolidated Results .........................................................
(1) Consolidated Operating Results ...........................................................................................................
(2) Consolidated Financial Position ..........................................................................................................

P. 2
P. 2
P. 4

(3) Consolidated Earnings Forecasts .........................................................................................................

P. 4

2. Quarterly Consolidated Financial Statements ......................................................................................

P. 5(1) Consolidated Balance Sheets ...............................................................................................................
(2) Consolidated Statements of Income .....................................................................................................

P. 6
P. 8

(3) Consolidated Statements of Comprehensive Income ...........................................................................
(4) Changes in Accounting Policies ..........................................................................................................
(5) Segment Information – Operating Segment .........................................................................................

P. 9
P. 10
P. 11

(6) Significant Changes in Equity .............................................................................................................
(7) Note with respect to the Assumption as a Going Concern ..................................................................
(8) Note with respect to Consolidated Statements of Cash Flows ............................................................

P. 12
P. 13
P. 13

3. Supplementary Information ...................................................................................................................
(1) Consolidated Statements of Income – Quarterly Comparatives ..........................................................

P. 14
P. 14

(2) Business Segment Information – Quarterly Comparatives ..................................................................
(3) Other ....................................................................................................................................................

P. 15
P. 16

- 1 -

1. Qualitative Information of the Quarterly Consolidated Results(1) Consolidated Operating Results
U.S. GAAP
Billions of yen% Change

For the three months ended
June 30,2023 (A)(B-A)/(A)June 30,2024 (B)Net revenue

348.9

454.4

Non-interest expenses

302.6

351.5

16.2

Income (loss) before income taxes
Income tax expense

46.3
20.4

102.9
31.5

122.3
54.2

Net income (loss)

25.9

71.4

176.0

Less: Net income (loss) attributable to noncontrolling interests

2.6

2.5

(2.2)

Net income (loss) attributable to NHI shareholders

23.3

68.9

195.5

Return on shareholders’ equity - annualized

2.9%

8.1%

－

30.2

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

Nomura Holdings, Inc. and its consolidated entities (collectively, “Nomura”) reported net revenue of 454.4
billion yen for the three months ended June 30, 2024, an increase of 30.2% from the same period in the prioryear. Non-interest expenses increased by 16.2% from the same period in the prior year to 351.5 billion yen.
Income before income taxes was 102.9 billion yen and net income attributable to NHI shareholders was 68.9
billion yen for the three months ended June 30, 2024.

Segment Information
Billions of yen% Change

For the three months ended
June 30,2023 (A)Net revenue

June 30,2024 (B)(B-A)/(A)Non-interest expenses

353.2
302.6

453.2
351.5

28.3
16.2

Income (loss) before income taxes

50.6

101.7

101.1

In the above segment information totals, which exclude a part of unrealized gain (loss) on investments in equity
securities held for operating purposes, net revenue for the three months ended June 30, 2024 was 453.2 billion
yen, an increase of 28.3% from the same period in the prior year. Non-interest expenses increased by 16.2% fromthe same period in the prior year to 351.5 billion yen. Income before income taxes increased by 101.1% to 101.7

billion yen for the three months ended June 30, 2024. Please refer to page 11 for further details of the differences
between U.S. GAAP and business segment amounts.

- 2 -<Business Segment Results>
The Retail Division has been renamed the “Wealth Management Division”, effective April 1, 2024.
Operating Results of Wealth Management
Billions of yen% Change

For the three months ended
June 30,2023 (A)Net revenue(B-A)/(A)June 30,2024 (B)Non-interest expenses

92.1
69.1

114.0
71.7

23.8
3.8

Income (loss) before income taxes

22.9

42.3

84.2

Net revenue increased by 23.8% from the same period in the prior year to 114.0 billion yen. Non-interest
expense increased by 3.8% to 71.7 billion yen. As a result, income before income taxes increased by 84.2% to42.3 billion yen.

Operating Results of Investment Management
Billions of yen% Change

For the three months ended
June 30,2023 (A)Net revenue(B-A)/(A)June 30,2024 (B)Non-interest expenses

26.5
22.9

47.7
24.5

79.7
7.0

Income (loss) before income taxes

3.6

23.2

539.1

Net revenue increased by 79.7% from the same period in the prior year to 47.7 billion yen. Non-interest
expense increased by 7.0% to 24.5 billion yen. As a result, income before income taxes increased by 539.1% to23.2 billion yen. Assets under management were 92.5 trillion yen as of June 30, 2024.
Operating Results of Wholesale
Billions of yen% Change

For the three months ended
June 30,2023 (A)Net revenue
Non-interest expenses
Income (loss) before income taxes(B-A)/(A)June 30,2024 (B)

190.9
188.7

244.8
223.7

28.3
18.5

2.1

21.1

905.3

Net revenue increased by 28.3% from the same period in the prior year to 244.8 billion yen. Non-interest
expense increased by 18.5% to 223.7 billion yen. As a result, income before income taxes increased by 905.3% to21.1 billion yen.

- 3 -Other Operating Results
Billions of yen% Change

For the three months ended
June 30,2023 (A)(B-A)/(A)June 30,2024 (B)Net revenue

43.8

46.7

6.8

Non-interest expenses

21.9

31.6

44.6

Income (loss) before income taxes

21.9

15.1

(30.9)Net revenue was 46.7 billion yen. Income before income taxes was 15.1 billion yen.

(2) Consolidated Financial Position
Total assets as of June 30, 2024 were 59,741.1 billion yen, an increase of 4,593.9 billion yen compared toMarch 31, 2024, mainly due to the increase in Trading assets and Securities purchased under agreements toresell. Total liabilities as of June 30, 2024 were 56,177.9 billion yen, an increase of 4,479.2 billion yen comparedto March 31, 2024, mainly due to the increase in Securities sold under agreements to repurchase and Trading
liabilities. Total equity as of June 30, 2024 was 3,563.2 billion yen, an increase of 114.7 billion yen compared toMarch 31, 2024.

(3) Consolidated Earnings Forecasts
Nomura provides investment, financing and related services in the capital markets on a global basis. In the
global capital markets there exist uncertainties due to, but not limited to, economic and market conditions.

Nomura, therefore, does not present earnings and dividend forecasts.

- 4 -2. Quarterly Consolidated Financial Statements
Nomura’s quarterly consolidated financial statements, which comprise the consolidated balance sheet,consolidated statement of income, consolidated statement of comprehensive income and notes, have been preparedin accordance with Article 5, Paragraph 4 of the Tokyo Stock Exchange Inc.'s Standards for the Preparation of
Quarterly Financial Statements (the Standards) and accounting principles generally accepted in the United States,
applying the provisions for reduced disclosures as set forth in Article 5, Paragraph 5 of the Standards.
The quarterly consolidated financial statements herein have been prepared in accordance with Nomura’s
accounting policies which are disclosed in the notes to the consolidated financial statements of Nomura Holdings,
Inc.’s Annual Securities Report (the annual report filed in Japan on June 26, 2024) and Form 20-F (the annual
report filed with the U.S. Securities and Exchange Commission on June 26, 2024) for the year ended March 31,
2024, with the exception of matters described in (4) Changes in Accounting Policies.

- 5 -(1) Consolidated Balance Sheets
Millions of yen
March 31,2024

June 30,
2024

Increase/(Decrease)

ASSETSCash and cash deposits:
Cash and cash equivalents
Time deposits

4,239,359
545,842

Deposits with stock exchanges and other segregated cash
Total cash and cash deposits
Loans and receivables:
Loans receivable
Receivables from customers
Receivables from other than customers
Allowance for credit losses

3,855,800
581,478(383,559)
35,636

369,770368,993(777)

5,154,971

4,806,271(348,700)

5,469,195

5,923,302

454,107453,937
928,632

353,777
1,085,213(100,160)
156,581(18,047)(18,851)(804)

6,833,717

7,343,441

509,724

Securities purchased under agreements to resell

15,621,132

16,785,266

1,164,134

Securities borrowed

5,373,663

4,914,359(459,304)

20,994,795

21,699,625

704,830

19,539,742
117,066

22,949,394
130,1713,409,652
13,105

19,656,808

23,079,565

3,422,757¥ 560,343 million as of June 30, 2024)
Non-trading debt securities*

448,785
335,401

451,329
351,577

2,544
16,176

Investments in equity securities*
Investments in and advances to affiliated companies*

105,088
462,017

104,746478,341(342)
16,324

1,155,621

1,426,231

270,6102,506,912

2,812,224

305,31255,147,203

59,741,126

4,593,923

Total loans and receivables
Collateralized agreements:

Total collateralized agreements
Trading assets and private equity and debt investments:
Trading assets*
Private equity and debt investments*
Total trading assets and private equity and debt investments
Other assets:
Office buildings, land, equipment and facilities(net of accumulated depreciation and amortization of¥ 529,605 million as of March 31, 2024 and

Other
Total other assets
Total assets*

Including securities pledged as collateral- 6 -Millions of yen
March 31,2024

June 30,
2024

Increase/(Decrease)

LIABILITIES AND EQUITY
Short-term borrowings
Payables and deposits:

1,054,717

1,186,187

131,470

Payables to customers
Payables to other than customers
Deposits received at banks

1,310,825
2,823,100
2,356,202

1,425,684
2,832,292
2,587,324

114,859
9,192
231,122

Total payables and deposits

6,490,127

6,845,300

355,173

16,870,303
2,133,066

18,650,772
1,757,574

1,780,469(375,492)

393,206

353,200(40,006)

19,396,575

20,761,546

1,364,971

Trading liabilities
Other liabilities

10,890,610
1,414,546

12,558,102
1,594,532

1,667,492
179,986

Long-term borrowings

12,452,115

13,232,262

780,147

Total liabilities

51,698,690

56,177,929

4,479,239

594,493594,493

708,785

672,591－(36,194)

1,705,725

1,764,334

58,609Collateralized financing:
Securities sold under agreements to repurchase
Securities loaned
Other secured borrowings
Total collateralized financing

EquityNHI shareholders’ equity:
Common stock
Authorized - 6,000,000,000 shares
Issued -3,163,562,601 shares as of March 31, 2024 andOutstanding -3,163,562,601 shares as of June 30, 2024
2,970,755,160 shares as of March 31, 2024 and
2,954,554,175 shares as of June 30, 2024

Additional paid-in capital
Retained earnings
Accumulated other comprehensive income (loss)
Total NHI shareholders’ equity before treasury stock

459,984

576,358

116,374

3,468,987

3,607,776

138,789

Common stock held in treasury, at cost 192,807,441 shares as of March 31, 2024 and
209,008,426 shares as of June 30, 2024
Total NHI shareholders’ equity
Noncontrolling interests(118,798)(144,825)(26,027)

3,350,189

3,462,951

112,762

98,324

100,246

1,922

Total equity

3,448,513

3,563,197

114,684

Total liabilities and equity

55,147,203

59,741,126

4,593,923- 7 -(2) Consolidated Statements of Income
Millions of yen% Change

For the three months ended
June 30,2023(A)

June 30,2024(B)(B-A)/(A)Revenue:Commissions
Fees from investment banking

82,77031,146

102,750
41,251

24.1
32.4

Asset management and portfolio service fees
Net gain on trading

71,807
115,563

90,333
131,994

25.8
14.2

Gain on private equity and debt investments
Interest and dividends
Gain on investments in equity securities
Other

6,887
549,651
4,777
30,752

3,153
788,550
1,442
58,412(54.2)
43.5(69.8)
89.9

Interest expense

893,353
544,440

1,217,885
763,443

36.3
40.2

Net revenue

348,913454,44230.2

158,673
31,365

184,510
43,62916.3
39.1

Total revenue

Non-interest expenses:
Compensation and benefits
Commissions and floor brokerage
Information processing and communications

52,83655,769

5.6

Occupancy and related depreciation

16,601

17,635

6.2

Business development expenses
Other

6,144
36,984

6,572
43,396

7.0
17.3

Total non-interest expenses

302,603351,511

16.2

Income before income taxes

46,310102,931

122.3

Income tax expense

20,42831,49854.2

Net income

25,882

71,433176.0

Less: Net income attributable to noncontrolling interests

2,551

2,495

(2.2)

Net income attributable to NHI shareholders

23,331

68,938195.5

Per share of common stock:Yen% Change

BasicNet income attributable to NHI shareholders per share

7.71

23.33

202.6

7.40

22.36

202.2

DilutedNet income attributable to NHI shareholders per share- 8 -(3) Consolidated Statements of Comprehensive Income
Millions of yen% Change

For the three months ended
June 30,2023(A)Net income(B-A)/(A)June 30,2024(B)

25,882

71,433

176.0

Cumulative translation adjustments
Deferred income taxes

128,926(345)

113,443(1,608)(12.0)

Total

128,581

111,835(13.0)

Pension liability adjustment

532(1,797)

Deferred income taxes

(125)

578

－
－

Total

407

(1,219)－Net unrealized gain (loss) on non-trading debt securities
Deferred income taxes

－
－

(103)
32

－
－

Total

－

(71)

－

(37,693)

9,856－

Other comprehensive income (loss):
Cumulative translation adjustments:－

Defined benefit pension plans:

Non-trading debt securities:

Own Credit Adjustments:
Own Credit Adjustments
Deferred income taxes

9,081(2,539)－(28,612)

7,317－

Total other comprehensive income

100,376

117,862

17.4

Comprehensive income
Less: Comprehensive income attributable to noncontrolling interests

126,258
3,279

189,295
3,983

49.9
21.5

Comprehensive income attributable to NHI shareholders

122,979

185,312

50.7

Total

- 9 -

(4) Changes in Accounting Policies
Fair value measurement of equity securities subject to contractual sale restrictions
The Financial Accounting Standards Board issued Accounting Standards Updates (“ASU”) 2022-03 “Fair Value Measurement:
Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” in June 2022 which clarifies that acontractual restriction on the sale of an equity security is an entity-specific characteristic and therefore should not be considered in
the fair value measurement of the equity security. The ASU also requires specific disclosures for equity securities subject tocontractual sale restrictions. Nomura has applied this new accounting policy prospectively from April 1, 2024.
Voluntary change in accounting policy
Effective from April 1, 2024, Nomura has changed its accounting policy in respect of how accounting guidance provided by
Financial Accounting Standards Board Accounting Standards Codification 940 “Financial Services — Brokers and Dealers” (“ASC940”) is applied to the Company and its consolidated subsidiaries. For the year ended March 31, 2024 and prior, ASC 940 was
applied on a consolidated basis to all entities included within the consolidated financial statements of Nomura. Effective from April
1, 2024, the Company and consolidated subsidiaries that are not registered as a broker-dealer (“non-BD entities”) no longer apply
ASC 940.
This accounting policy change is primarily due to a planned expansion of Nomura’s banking and investment management businessand is therefore intended to allow certain non-BD entities to prospectively classify purchases of new non-trading debt securities as
either held to maturity (“HTM”) or available for sale (“AFS”) as defined in ASC 320 “Investments - Debt Securities”. Non-trading
debt securities classified as HTM are securities that a non-BD entity has both the ability and the intent to hold until maturity and are
carried at amortized cost, while non-trading debt securities classified as AFS are carried at fair value with changes in fair value
reported in the consolidated statements of comprehensive income, net of applicable income taxes within Other comprehensive
income (loss) and in the consolidated balance sheets, net of applicable income taxes within Accumulated other comprehensive
income (loss), a component of NHI shareholders’ equity.
As retrospective application of this accounting policy change is impracticable since it would require use of hindsight regarding
historical accounting matters such as the initial classification of non-trading debt securities, Nomura has applied this new
accounting policy prospectively from April 1, 2024.
As part of this accounting policy change, existing loans for trading purposes and non-trading debt securities held by non-BD
entities elect the fair value option on April 1, 2024 and therefore continue to be measured at fair value through earnings. A similarelection is made for subsequent originations or purchases of loans held for trading purposes. Such loans continue to be reported in
Trading assets in the consolidated balance sheet with changes in fair value reported in the consolidated statements of income within
Revenue－Net gain on trading.
Following the accounting policy change, fair value changes of non-trading debt securities newly acquired on or after April 1, 2024
and classified as HTM or AFS by non-BD entities are not recognized through earnings, unless an impairment loss is recognized.

- 10 -

(5) Segment Information – Operating Segment
The following table shows business segment information and reconciliation items to the consolidated statements
of income.
Millions of yen
For the three months ended
June 30,
June 30,2023 (A)2024 (B)% Change(B-A)/(A)Net revenue
Business segment information:
Wealth Management
Investment Management
Wholesale
Subtotal
Other
Net revenue
Reconciliation items:
Unrealized gain (loss) on investments in equity
securities held for operating purposes
Net revenue

92,05026,525
190,850
309,425
43,755353,180

113,963
47,670244,846
406,479
46,724453,203

23.8
79.7
28.3
31.4
6.8
28.3

(4,267)

1,239－

348,913454,44230.2

69,10322,898
188,749
280,750
21,853
302,60371,70524,491
223,725
319,921
31,590351,511

3.8
7.0
18.5
14.0
44.6
16.2

－

－

－

302,603351,51116.2

22,9473,627
2,101

42,25823,17921,121

84.2
539.1
905.3

28,675
21,90250,57786,55815,134
101,692201.9(30.9)
101.1(4,267)

1,239－

46,310102,931122.3

Non-interest expenses
Business segment information:
Wealth Management
Investment Management
Wholesale
Subtotal
Other
Non-interest expenses
Reconciliation items:
Unrealized gain (loss) on investments in equity
securities held for operating purposes
Non-interest expenses

Income (loss) before income taxes
Business segment information:
Wealth Management
Investment Management
Wholesale
Subtotal
Other *
Income (loss) before income taxes
Reconciliation items:
Unrealized gain (loss) on investments in equity
securities held for operating purposes
Income (loss) before income taxes*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.”Net gain (loss) related to economic hedging transactions
Realized gain (loss) on investments in equity securities held for operating purposes
Equity in earnings of affiliates
Corporate items
Other
Total

Millions of yen
For the three months ended
June 30,
June 30,2023 (A)2024 (B)3,394(2,853)
8,191－
13,71814,8001,942
5,519(5,343)(2,332)
21,902
15,134Note) The Retail Division has been renamed the “Wealth Management Division”, effective April 1, 2024.

- 11 -% Change(B-A)/(A)
－
－
7.9
184.2
－
(30.9)

(6) Significant Changes in Equity
Not applicable. For further details of the changes, please refer below.
Millions of yen
For the three months ended
June 30, 2024
Common stock
Balance at beginning of year
Balance at end of period

594,493594,493

Additional paid-in capital
Balance at beginning of year
Stock-based compensation awards
Changes in an affiliated company's interests
Balance at end of period

708,785(36,184)(10)
672,591

Retained earnings
Balance at beginning of year
Net income attributable to NHI shareholders
Loss on disposal of treasury stock
Balance at end of period

1,705,725
68,938(10,329)
1,764,334

Accumulated other comprehensive income (loss)
Cumulative translation adjustments
Balance at beginning of year
Net change during the period
Balance at end of period

444,071
110,347
554,418

Defined benefit pension plans
Balance at beginning of year
Pension liability adjustment
Balance at end of period(19,512)(1,219)(20,731)

Non-trading debt securities
Balance at beginning of year
Net unrealized loss on non-trading debt securities
Balance at end of period

－
(71)
(71)

Own credit adjustments
Balance at beginning of year
Own credit adjustments
Balance at end of period

35,425
7,317
42,742

Balance at end of period

576,358

Common stock held in treasury
Balance at beginning of year
Repurchases of common stock
Sale of common stock
Common stock issued to employees
Balance at end of period(118,798)(58,822)0
32,795(144,825)

Total NHI shareholders’ equity
Balance at end of period

3,462,951

Noncontrolling interests
Balance at beginning of year
Net change during the period
Balance at end of period

98,324
1,922
100,246

Total equity
Balance at end of period

3,563,197- 12 -

(7) Note with respect to the Assumption as a Going Concern
Not applicable.
(8) Note with respect to Consolidated Statements of Cash FlowsThe following table shows depreciation and amortization for the three months ended June 30, 2023 and 2024.
Millions of yen
For the three months ended
June 30, 2023
Depreciation and amortization

14,993- 13 -

June 30, 2024
16,112

3. Supplementary Information(1) Consolidated Statements of Income – Quarterly Comparatives
Millions of yen
June 30,2023

For the three months ended
September 30, December 31,
March 31,2023
2023
2024(A)

June 30,2024(B)% Change

Millions of yen(B-A)/(A)For the year ended
March 31,2024

Revenue:Commissions
Fees from investment banking
Asset management and portfolio service fees
Net gain on trading
Gain on private equity and debt investments
Interest and dividends
Gain (loss) on investments in equity securities
Other
Total revenue
Interest expense
Net revenue

82,77031,14671,807
115,5636,887
549,651
4,777
30,752
893,353
544,440
348,91388,92238,60476,666116,613
1,123
658,458
2,792
29,522
1,012,700
644,940
367,760

85,71855,22977,496125,069
1,882
686,300(3,350)52,143
1,080,487
680,262400,225

106,685
48,286
84,185
134,366
1,985
726,447
5,393
63,407
1,170,754
725,652
445,102102,750
41,251
90,333
131,994
3,153
788,550
1,442
58,412
1,217,885
763,443454,442(3.7)(14.6)
7.3
(1.8)
58.8
8.5
(73.3)
(7.9)
4.0
5.2
2.1

364,095
173,265
310,154491,611
11,8772,620,856
9,612
175,824
4,157,294
2,595,294
1,562,000

Non-interest expenses:
Compensation and benefits
Commissions and floor brokerage
Information processing and communications
Occupancy and related depreciation
Business development expenses
Other
Total non-interest expenses

158,673
31,36552,836
16,601
6,144
36,984
302,603

167,138
34,336
53,616
17,477
5,396
33,062311,025

170,629
34,31554,342
16,806
6,157
39,265
321,514

177,083
37,31256,332
17,814
6,539
57,928353,008

184,510
43,62955,76917,635
6,572
43,396
351,511

4.2
16.9
(1.0)
(1.0)
0.5
(25.1)(0.4)

673,523
137,328
217,126
68,69824,236167,239
1,288,150

Income before income taxes
Income tax expense
Net income

46,31020,42825,882

56,735
21,15035,58578,711
26,57352,13892,09428,47963,615102,931
31,49871,433

11.8
10.6
12.3

273,850
96,630177,220

Less: Net income attributable to noncontrolling interests
Net income attributable to NHI shareholders

2,551
23,331

353
35,232

1,588
50,5506,865
56,7502,495
68,938(63.7)
21.5

11,357
165,863

Per share of common stock:
BasicNet income attributable to NHI shareholders per share
DilutedNet income attributable to NHI shareholders per share

Yen% Change

Yen

7.71

11.61

16.77

18.92

23.33

23.3

54.97

7.40

11.21

16.10

18.02

22.36

24.1

52.69

- 14 -

(2) Business Segment Information – Quarterly Comparatives
The following table shows quarterly business segment information and reconciliation items to the consolidated
statements of income.
Millions of yen
For the three months ended
September 30, December 31,
March 31,2023
2023
2024(A)

June 30,
2023

June 30,2024(B)% Change

Millions of yen(B-A)/(A)For the year ended
March 31,2024

Net revenue
Business segment information:
Wealth Management

92,05098,932

102,625

108,754

113,9634.8

402,361

Investment Management

26,525

45,111

38,946

43,56147,6709.4

154,143

Wholesale

190,850

204,087

216,996

254,214244,846(3.7)

866,147

Subtotal

309,425

348,130

358,567

406,529

406,479(0.0)

1,422,651

Other

43,755

16,95354,62034,362

46,72436.0

149,690

Net revenue

353,180

365,083

413,187

440,891

453,203

2.8

1,572,341

Unrealized gain (loss) on investments in equity
securities held for operating purposes(4,267)

2,677(12,962)

4,211

1,239

(70.6)(10,341)

Net revenue

348,913367,760

400,225

445,102454,4422.1

1,562,000

69,10322,89869,887
21,896

70,69823,35069,99425,801

71,70524,491

2.4(5.1)

279,682
93,945Wholesale

188,749

195,823

194,026

233,638

223,725(4.2)

812,236

Subtotal
Other

280,750
21,853

287,606
23,419288,074
33,440329,433
23,575319,921
31,590(2.9)
34.0

1,185,863
102,287

Non-interest expenses

302,603

311,025

321,514353,008

351,511(0.4)

1,288,150

Reconciliation items:

Non-interest expenses
Business segment information:
Wealth Management
Investment Management

Reconciliation items:
Unrealized gain (loss) on investments in equity

－

－

－

－

－

－

－

302,603

311,025

321,514353,008

351,511(0.4)

1,288,150

22,9473,627

29,04523,21531,927
15,596

38,76017,76042,25823,1799.0
30.5

122,679
60,198securities held for operating purposes
Non-interest expenses
Income (loss) before income taxes
Business segment information:
Wealth Management
Investment Management
Wholesale

2,101

8,264

22,97020,57621,121

2.6

53,911

Subtotal
Other *

28,675
21,90260,524(6,466)70,493
21,18077,096
10,78786,55815,134

12.3
40.3

236,788
47,403

Income (loss) before income taxes

50,57754,05891,673

87,883

101,692

15.7

284,191

Reconciliation items:
Unrealized gain (loss) on investments in equity
securities held for operating purposes(4,267)

2,677(12,962)

4,211

1,239

(70.6)(10,341)

Income (loss) before income taxes

46,31056,73578,711

92,094

102,93111.8

273,850* 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
June 30,2023
Net gain (loss) related to economic
hedging transactions
Realized gain (loss) on investments in equity
securities held for operating purposes

3,394

For the three months ended
September 30, December 31,
March 31,2023
2023
2024(A)(8,905)

7,575

(43)

June 30,2024(B)(2,853)% Change

Millions of yen(B-A)/(A)For the year ended
March 31,
2024

－

2,021
21,0278,191

26

11,762

1,048

－

－

Equity in earnings of affiliates

13,718

9,013

8,830

14,85914,800(0.4)

46,420

Corporate items
Other

1,942
(5,343)

1,380(7,980)(6,459)(528)(8,860)
3,783

5,519
(2,332)－－(11,997)(10,068)

Total

21,902(6,466)21,18010,787

15,13440.3

47,403Note) The Retail Division has been renamed the “Wealth Management Division”, effective April 1, 2024.

- 15 -

(3) Other
Quarterly financial information for Nomura Securities Co., Ltd. can be found at the following URL.
https://www.nomuraholdings.com/company/group/nsc/pdf/2025_1q.pdf- 16 -