# EDGAR Filing Document

**Accession Number:** 0001163653
**File Stem:** 0001193125-23-020786
**Filing Date:** 2023-2
**Character Count:** 54608
**Document Hash:** 1d6687a5437b40ec6d3e174e98833d08
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-020786.hdr.sgml**: 20230201

**ACCESSION NUMBER**: 0001193125-23-020786

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20230201

**FILED AS OF DATE**: 20230201

**DATE AS OF CHANGE**: 20230201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NOMURA HOLDINGS INC
- **CENTRAL INDEX KEY:** 0001163653
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** M0
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-15270
- **FILM NUMBER:** 23574647

**BUSINESS ADDRESS:**
- **STREET 1:** 1-13-1 NIHONBASHI
- **STREET 2:** CHUO-KU
- **CITY:** TOKYO
- **STATE:** M0
- **ZIP:** 103-8645
- **BUSINESS PHONE:** 81-3-5255-1000

**MAIL ADDRESS:**
- **STREET 1:** 1-13-1 NIHONBASHI
- **STREET 2:** CHUO-KU
- **CITY:** TOKYO
- **STATE:** M0
- **ZIP:** 103-8645

##### [**Table of Contents**](#toc)

------

**FORM 6-K** 

**U.S. SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**Report of Foreign Private Issuer** 

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

**the Securities Exchange Act of 1934** 

**Commission File Number: 1-15270** 

**For the month of February 2023** 

## NOMURA HOLDINGS, INC.
**(Translation of registrant's name into English)** 

**13-1, Nihonbashi 1-chome** 

**Chuo-ku, Tokyo 103-8645** 

**Japan** 

**(Address of principal executive offices)** 

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

Form 20-F <u>X</u> Form 40-F <u> </u>

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

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

------

##### [**Table of Contents**](#toc)
Information furnished on this form:

**EXHIBIT** 

---

| | |
|:---|:---|
| **<u>Exhibit Number</u>** | **<u>Exhibit Number</u>** |
| 1. | [<u>Financial Summary – Nine months ended December 31, 2022.</u>](#fs430243_1) |

---

------

##### [**Table of Contents**](#toc)
**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **NOMURA HOLDINGS, INC.** | **NOMURA HOLDINGS, INC.** |
| Date: February 1, 2023 | By: | /s/ Yoshifumi Kishida |
|  |  | Yoshifumi Kishida |
|  |  | Senior Managing Director |

---

------

##### [**Table of Contents**](#toc)
**Financial Summary For the Nine Months Ended December 31, 2022 (U.S. GAAP)** 

---

| | |
|:---|:---|
| Date: | February 1, 2023 |
| Company name (code number): | **Nomura Holdings, Inc. (8604)** |
| Stock exchange listings: | (In Japan) Tokyo, Nagoya<br> (Overseas) New York, Singapore |
| Representative: | Kentaro Okuda<br> President and Group CEO, Nomura Holdings, Inc. |
| For inquiries: | Junko Tago<br> Managing Director, Head of Investor Relations, Nomura Holdings, Inc.<br> Tel: (Country Code 81) 3-5255-1000<br> URL: https://www.nomura.com |

---

**1. Consolidated Operating Results** 

(1) Operating Results

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **(Rounded to nearest million)** | **(Rounded to nearest million)** | **(Rounded to nearest million)** | **(Rounded to nearest million)** |  |
|  | **For the nine months ended December 31** | **For the nine months ended December 31** | **For the nine months ended December 31** | **For the nine months ended December 31** |  |
|  | **2021** | **2021** | **2022** | **2022** |  |
|  | **(Millions of yen, except per share data)** | **(Millions of yen, except per share data)** | **(Millions of yen, except per share data)** | **(Millions of yen, except per share data)** |  |
|  | | **% Change from**<br>**December 31, 2020** | | **% Change from**<br>**December 31, 2021** |  |
|  Total revenue | 1188133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14.5%) | 1716061 | 44. | 4% |
|  Net revenue | 1023106 | (16.9%) | 1010644 | (1. | 2%) |
|  Income before income taxes | 177100 | (55.4%) | 126783 | (28. | 4%) |
|  Net income attributable to Nomura Holdings, Inc. ("NHI") shareholders | 112033 | (63.7%) | 85411 | (23. | 8%) |
|  Comprehensive income | 174521 | (15.6%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41. | 0% |
|  Basic-Net income attributable to NHI shareholders per share (Yen) | 36.40 |  | 28.40 |  |  |
|  Diluted-Net income attributable to NHI shareholders per share (Yen) | 35.33 |  | 27.44 |  |  |
|  Return on shareholders' equity - annualized | 5.4% |  | 3.8% |  |  |

---

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

(2) Financial Position

---

| | | |
|:---|:---|:---|
| | **At March 31** | **At December 31** |
| | **2022** | **2022** |
|  | **(Millions of yen, except per share data)** | **(Millions of yen, except per share data)** |
|  Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43412156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49242426 |
|  Total equity | 2972803 | 3199908 |
|  Total NHI shareholders' equity | 2914605 | 3138826 |
|  Total NHI shareholders' equity as a percentage of total assets | 6.7% | 6.4% |
|  Total NHI shareholders' equity per share (Yen) | 965.80 | 1045.65 |

---

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##### [**Table of Contents**](#toc)
**2. Cash Dividends** 

---

| | | | |
|:---|:---|:---|:---|
| | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** |
| | **2022** | **2023** | **2023 (Plan)** |
|  | **(Yen amounts)** | **(Yen amounts)** | **(Yen amounts)** |
|  Dividends per share |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends record dates |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At June 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At September 30 | 8.00 | 5.00 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At December 31 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At March 31 | 14.00 |  | Unconfirmed |
| &nbsp;&nbsp;&nbsp;&nbsp; For the year | 22.00 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unconfirmed |

---

Note: Fiscal year 2023 Q4 dividend is not presented per reasons stated in "3. Earnings Forecasts for the year ending March 31, 2023".

**3. Earnings Forecasts for the year ending March 31, 2023** 

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) Changes in significant subsidiaries during the period: None

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Changes in Specified Subsidiaries accompanying changes in scope of consolidation.)

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

(3) Changes in accounting policies

a) Changes in accounting policies due to amendments to the accounting standards: None

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

(4) Number of shares issued (common stock)

---

| | | |
|:---|:---|:---|
| | **At March 31** | **At December 31** |
| | **2022** | **2022** |
|  Number of shares outstanding (including treasury stock) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3233562601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3233562601 |
|  Number of treasury stock | 215758589 | 231754893 |
|  | **For the nine months ended December 31** | **For the nine months ended December 31** |
|  | **2021** | **2022** |
|  Average number of shares outstanding (year-to-date) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3077505526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3007925168 |

---

<u>\*This financial summary is not subject to certified public accountant's or audit firm's quarterly review.</u> 

------

##### [**Table of Contents**](#toc)
<u>**Table of Contents** for the Accompanying Materials</u> 

---

| | |
|:---|:---|
| [**1. Qualitative Information of the Quarterly Consolidated Results**](#tx430243_1) | P. 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(1) Consolidated Operating Results](#tx430243_2) | P. 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(2) Consolidated Financial Position](#tx430243_3) | P. 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) Consolidated Earnings Forecasts](#tx430243_4) | P. 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(4) Risks related to the COVID-19 pandemic](#tx430243_5) | P. 4 |
| [**2. Quarterly Consolidated Financial Statements**](#tx430243_6) | P. 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(1) Consolidated Balance Sheets](#tx430243_7) | P. 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(2) Consolidated Statements of Income](#tx430243_8) | P. 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) Consolidated Statements of Comprehensive Income](#tx430243_9) | P. 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(4) Note with respect to the Assumption as a Going Concern](#tx430243_10) | P. 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(5) Segment Information – Operating Segment](#tx430243_11) | P.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(6) Significant Changes in Equity](#tx430243_12) | P.11 |
| [**3. Supplementary Information**](#tx430243_13) | P.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(1) Consolidated Statements of Income – Quarterly Comparatives](#tx430243_14) | P.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(2) Business Segment Information – Quarterly Comparatives](#tx430243_15) | P.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) Other](#tx430243_16) | P.14 |

---

– 1 –

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##### [**Table of Contents**](#toc)
**1.** **Qualitative Information of the Quarterly Consolidated Results** 

**(1)** **Consolidated Operating Results** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. GAAP** 

---

| | | | |
|:---|:---|:---|:---|
| | **Billions of yen** | **Billions of yen** | **% Change** |
| | **For the nine months ended** | **For the nine months ended** | **(B-A)/(A)** |
| | **December 31,**<br>**2021 (A)** | **December 31,**<br>**2022 (B)** | **(B-A)/(A)** |
|  Net revenue | 1023.1 | 1010.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.2) |
|  Non-interest expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883.9 | 4.5 |
|  Income (loss) before income taxes | 177.1 | 126.8 | (28.4) |
|  Income tax expense | 60.0 | 43.7 | (27.2) |
|  Net income (loss) | 117.1 | 83.1 | (29.1) |
|  Less: Net income (loss) attributable to noncontrolling interests | 5.1 | (2.3) |  |
|  Net income (loss) attributable to NHI shareholders | 112.0 | 85.4 | (23.8) |
|  Return on shareholders' equity - annualized | 5.4% | 3.8% |  |

---

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

Nomura Holdings, Inc. and its consolidated entities (collectively, "Nomura") reported net revenue of 1,010.6 billion yen for the nine months ended December 31, 2022, a decrease of 1.2% from the same period in the prior year. Non-interest expenses increased by 4.5% from the same period in the prior year to 883.9 billion yen. Income before income taxes was 126.8 billion yen and net income attributable to NHI shareholders was 85.4 billion yen for the nine months ended December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Segment Information** 

---

| | | | |
|:---|:---|:---|:---|
| | **Billions of yen** | **Billions of yen** | **% Change** |
| | **For the nine months ended** | **For the nine months ended** | **(B-A)/(A)** |
| | **December 31,**<br>**2021 (A)** | **December 31,**<br>**2022 (B)** | **(B-A)/(A)** |
|  Net revenue | 1018.6 | 1036.0 | 1.7 |
|  Non-interest expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883.9 | 4.5 |
|  Income (loss) before income taxes | 172.6 | 152.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11.9) |

---

In the above segment information totals, which exclude a part of unrealized gain (loss) on investments in equity securities held for operating purposes, net revenue for the nine months ended December 31, 2022 was 1,036.0 billion yen, an increase of 1.7% from the same period in the prior year. Non-interest expenses increased by 4.5% from the same period in the prior year to 883.9 billion yen. Income before income taxes decreased by 11.9% to 152.1 billion yen for the nine months ended December 31, 2022. Please refer to page 10 for further details of the differences between U.S. GAAP and business segment amounts.

– 2 –

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##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Operating Results of Retail** 

---

| | | | |
|:---|:---|:---|:---|
| | **Billions of yen** | **Billions of yen** | **% Change** |
| | **For the nine months ended** | **For the nine months ended** | **(B-A)/(A)** |
| | **December 31,**<br>**2021 (A)** | **December 31,**<br>**2022 (B)** | **(B-A)/(A)** |
|  Net revenue | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224.9 | (12.7) |
|  Non-interest expenses | 203.5 | 201.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.1) |
|  Income (loss) before income taxes | 54.0 | 23.7 | (56.2) |

---

Net revenue decreased by 12.7% from the same period in the prior year to 224.9 billion yen. Non-interest expenses decreased by 1.1% to 201.2 billion yen. As a result, income before income taxes decreased by 56.2% to 23.7 billion yen.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Operating Results of Investment Management** 

---

| | | | |
|:---|:---|:---|:---|
| | **Billions of yen** | **Billions of yen** | **% Change** |
| | **For the nine months ended** | **For the nine months ended** | **(B-A)/(A)** |
| | **December 31,**<br>**2021 (A)** | **December 31,**<br>**2022 (B)** | **(B-A)/(A)** |
|  Net revenue | 137.9 | 90.7 | (34.2) |
|  Non-interest expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 |
|  Income (loss) before income taxes | 80.3 | 27.1 | (66.2) |

---

Net revenue decreased by 34.2% from the same period in the prior year to 90.7 billion yen. Non-interest expenses increased by 10.3% to 63.6 billion yen. As a result, income before income taxes decreased by 66.2% to 27.1 billion yen. Assets under management were 64.7 trillion yen as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Operating Results of Wholesale** 

---

| | | | |
|:---|:---|:---|:---|
| | **Billions of yen** | **Billions of yen** | **% Change** |
| | **For the nine months ended** | **For the nine months ended** | **(B-A)/(A)** |
| | **December 31,**<br>**2021 (A)** | **December 31,**<br>**2022 (B)** | **(B-A)/(A)** |
|  Net revenue | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593.5 | 16.8 |
|  Non-interest expenses | 470.7 | 549.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.8 |
|  Income (loss) before income taxes | 37.4 | 43.6 | 16.5 |

---

Net revenue increased by 16.8% from the same period in the prior year to 593.5 billion yen. Non-interest expenses increased by 16.8% to 549.9 billion yen. As a result, income before income taxes increased by 16.5% to 43.6 billion yen.

– 3 –

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##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Other Operating Results** 

---

| | | | |
|:---|:---|:---|:---|
| | **Billions of yen** | **Billions of yen** | **% Change** |
| | **For the nine months ended** | **For the nine months ended** | **(B-A)/(A)** |
| | **December 31,**<br>**2021 (A)** | **December 31,**<br>**2022 (B)** | **(B-A)/(A)** |
|  Net revenue | 115.0 | 126.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 |
|  Non-interest expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69.1 | (39.5) |
|  Income (loss) before income taxes | 0.9 | 57.7 |  |

---

Net revenue was 126.9 billion yen including income of 28.0 billion yen recognized in December 2022 from the sale of a part of our shares held in Nomura Research Institute, Ltd. Income before income taxes was 57.7 billion yen.

**(2)** **Consolidated Financial Position** 

Total assets as of December 31, 2022 were 49,242.4 billion yen, an increase of 5,830.3 billion yen compared to March 31, 2022, mainly due to the increase in *Securities purchased under agreements to resell*. Total liabilities as of December 31, 2022 were 46,042.5 billion yen, an increase of 5,603.2 billion yen compared to March 31, 2022, mainly due to the increase in *Securities sold under agreements to repurchase.* Total equity as of December 31, 2022 was 3,199.9 billion yen, an increase of 227.1 billion yen compared to March 31, 2022.

**(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)** **Risks related to the COVID-19 pandemic** 

The COVID-19 pandemic has affected Nomura's business, and this may continue in the future.

Various risks recognized related to the COVID-19 pandemic is disclosed in Risk Factors in Nomura Holdings, Inc.'s Annual Securities Report (the annual report filed in Japan on June 24, 2022) and Item 3. D. Risk Factors. in Form 20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 24, 2022) for the year ended March 31, 2022.

– 4 –

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##### [**Table of Contents**](#toc)
**2.** **Quarterly Consolidated Financial Statements** 

The quarterly consolidated financial information herein has 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 24, 2022) and Form 20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 24, 2022) for the year ended March 31, 2022.

– 5 –

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##### [**Table of Contents**](#toc)
**(1) Consolidated Balance Sheets** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Millions of yen** | **Millions of yen** | **Millions of yen** |
|  | **March 31,**<br>**2022** | **December 31,**<br>**2022** | **Increase/**<br>**(Decrease)** |
| **ASSETS** |  |  |  |
|  Cash and cash deposits: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | 3316238 | 3395791 | 79553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time deposits | 320754 | 401027 | 80273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposits with stock exchanges and other segregated cash | 426519 | 312834 | (113685) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total cash and cash deposits | 4063511 | 4109652 | 46141 |
|  Loans and receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Loans receivable | 3579727 | 3799803 | 220076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivables from customers | 417661 | 337637 | (80024) |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivables from other than customers | 1069660 | 1427719 | 358059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allowance for credit losses | (66346) | (64039) | 2307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total loans and receivables | 5000702 | 5501120 | 500418 |
|  Collateralized agreements: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities purchased under agreements to resell | 11879312 | 15851006 | 3971694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities borrowed | 4997129 | 4273703 | (723426) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total collateralized agreements | 16876441 | 20124709 | 3248268 |
|  Trading assets and private equity and debt investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trading assets\* | 15230817 | 17289782 | 2058965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Private equity and debt investments\* | 65193 | 58724 | (6469) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total trading assets and private equity and debt investments | 15296010 | 17348506 | 2052496 |
|  Other assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Office buildings, land, equipment and facilities<br> (net of accumulated depreciation and amortization of<br> ¥426,081 million as of March 31, 2022 and<br> ¥461,317 million as of December 31, 2022) | 419047 | 445337 | 26290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-trading debt securities\* | 484681 | 359610 | (125071) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in equity securities\* | 133897 | 105041 | (28856) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in and advances to affiliated companies\* | 364281 | 378699 | 14418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 773586 | 869752 | 96166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other assets | 2175492 | 2158439 | (17053) |
|  Total assets | 43412156 | 49242426 | 5830270 |

---

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\* Including securities pledged as collateral

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##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Millions of yen** | **Millions of yen** | **Millions of yen** |
|  |  | **March 31,**<br>**2022** | **December 31,**<br>**2022** | **Increase/**<br>**(Decrease)** |
| **LIABILITIES AND EQUITY** | **LIABILITIES AND EQUITY** |  |  |  |
|  Short-term borrowings | Short-term borrowings | 1050141 | 1079047 | 28906 |
|  Payables and deposits: | Payables and deposits: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables to customers | &nbsp;&nbsp;&nbsp;&nbsp; Payables to customers | 1522961 | 1439851 | (83110) |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables to other than customers | &nbsp;&nbsp;&nbsp;&nbsp; Payables to other than customers | 1636725 | 1893830 | 257105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposits received at banks | &nbsp;&nbsp;&nbsp;&nbsp; Deposits received at banks | 1760679 | 2041602 | 280923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total payables and deposits | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total payables and deposits | 4920365 | 5375283 | 454918 |
|  Collateralized financing: | Collateralized financing: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities sold under agreements to repurchase | &nbsp;&nbsp;&nbsp;&nbsp; Securities sold under agreements to repurchase | 12574556 | 15929529 | 3354973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities loaned | &nbsp;&nbsp;&nbsp;&nbsp; Securities loaned | 1567351 | 1285684 | (281667) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other secured borrowings | &nbsp;&nbsp;&nbsp;&nbsp; Other secured borrowings | 396291 | 333137 | (63154) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total collateralized financing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total collateralized financing | 14538198 | 17548350 | 3010152 |
|  Trading liabilities | Trading liabilities | 9652118 | 11229727 | 1577609 |
|  Other liabilities | Other liabilities | 1020225 | 1007406 | (12819) |
|  Long-term borrowings | Long-term borrowings | 9258306 | 9802705 | 544399 |
|  Total liabilities | Total liabilities | 40439353 | 46042518 | 5603165 |
|  Equity | Equity |  |  |  |
|  NHI shareholders' equity: | NHI shareholders' equity: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stock | &nbsp;&nbsp;&nbsp;&nbsp; Common stock |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized | 6,000,000,000 shares |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 3,233,562,601 shares as of March 31, 2022 and |  |  |  |
|  | 3,233,562,601 shares as of December 31, 2022 |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outstanding | 3,017,804,012 shares as of March 31, 2022 and |  |  |  |
|  | 3,001,807,708 shares as of December 31, 2022 | 594493 | 594493 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 697507 | 698248 | 741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retained earnings | &nbsp;&nbsp;&nbsp;&nbsp; Retained earnings | 1606987 | 1675557 | 68570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive income (loss) | 127973 | 290071 | 162098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total NHI shareholders' equity before treasury stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total NHI shareholders' equity before treasury stock | 3026960 | 3258369 | 231409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stock held in treasury, at cost - | &nbsp;&nbsp;&nbsp;&nbsp; Common stock held in treasury, at cost - |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215,758,589 shares as of March 31, 2022 and | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215,758,589 shares as of March 31, 2022 and |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231,754,893 shares as of December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231,754,893 shares as of December 31, 2022 | (112355) | (119543) | (7188) |
|  Total NHI shareholders' equity | Total NHI shareholders' equity | 2914605 | 3138826 | 224221 |
|  Noncontrolling interests | Noncontrolling interests | 58198 | 61082 | 2884 |
|  Total equity | Total equity | 2972803 | 3199908 | 227105 |
|  Total liabilities and equity | Total liabilities and equity | 43412156 | 49242426 | 5830270 |

---

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##### [**Table of Contents**](#toc)
**(2) Consolidated Statements of Income** 

---

| | | | |
|:---|:---|:---|:---|
| | **Millions of yen** | **Millions of yen** | **% Change** |
| | **For the nine months ended** | **For the nine months ended** | **(B-A)/(A)** |
| | **December 31,**<br>**2021(A)** | **December 31,**<br>**2022(B)** | **(B-A)/(A)** |
|  Revenue: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commissions | 257095 | 216085 | (16.0) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fees from investment banking | 115624 | 85257 | (26.3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset management and portfolio service fees | 201128 | 204323 | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain on trading | 249942 | 444955 | 78.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gain on private equity and debt investments | 31082 | 9253 | (70.2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 217097 | 679225 | 212.9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gain (loss) on investments in equity securities | 2964 | (2621) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 113201 | 79584 | (29.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenue | 1188133 | 1716061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705417 | 327.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net revenue | 1023106 | 1010644 | (1.2) |
|  Non-interest expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Compensation and benefits | 403883 | 450230 | 11.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commissions and floor brokerage | 78343 | 88946 | 13.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information processing and communications | 135831 | 155863 | 14.7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Occupancy and related depreciation | 52069 | 50182 | (3.6) |
| &nbsp;&nbsp;&nbsp;&nbsp; Business development expenses | 11596 | 16363 | 41.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 164284 | 122277 | (25.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total non-interest expenses | 846006 | 883861 | 4.5 |
|  Income before income taxes | 177100 | 126783 | (28.4) |
|  Income tax expense | 60006 | 43710 | (27.2) |
|  Net income | 117094 | 83073 | (29.1) |
|  Less: Net income (loss) attributable to noncontrolling interests | 5061 | (2338) |  |
|  Net income attributable to NHI shareholders | 112033 | 85411 | (23.8) |
|  Per share of common stock: |  |  |  |
|  | **Yen** | **Yen** | **% Change** |
|  Basic- |  |  |  |
|  Net income attributable to NHI shareholders per share | 36.40 | 28.40 | (22.0) |
|  Diluted- |  |  |  |
|  Net income attributable to NHI shareholders per share | 35.33 | 27.44 | (22.3) |

---

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##### [**Table of Contents**](#toc)
**(3) Consolidated Statements of Comprehensive Income** 

---

| | | | |
|:---|:---|:---|:---|
| | **Millions of yen** | **Millions of yen** | **% Change** |
| | **For the nine months ended** | **For the nine months ended** | **(B-A)/(A)** |
| | **December 31,**<br>**2021(A)** | **December 31,**<br>**2022(B)** | **(B-A)/(A)** |
|  Net income | 117094 | 83073 | (29.1) |
|  Other comprehensive income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cumulative translation adjustments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cumulative translation adjustments | 45935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104090 | 126.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes | (477) | (278) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 45458 | 103812 | 128.4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Defined benefit pension plans: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pension liability adjustment | 1493 | 1881 | 26.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes | (421) | (492) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 1072 | 1389 | 29.6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Own credit adjustments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Own credit adjustments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15608 | 73947 | 373.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes | (4711) | (16169) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 10897 | 57778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430.2 |
|  Total other comprehensive income | 57427 | 162979 | 183.8 |
|  Comprehensive income | 174521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246052 | 41.0 |
|  Less: Comprehensive income (loss) attributable to noncontrolling interests | 6605 | (1457) |  |
|  Comprehensive income attributable to NHI shareholders | 167916 | 247509 | 47.4 |

---

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

Not applicable.

– 9 –

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##### [**Table of Contents**](#toc)
**(5) Segment Information – Operating Segment** 

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

---

| | | | |
|:---|:---|:---|:---|
| | **Millions of yen** | **Millions of yen** | **% Change** |
| | **For the nine months ended** | **For the nine months ended** | **(B-A)/(A)** |
| | **December 31,**<br>**2021 (A)** | **December 31,**<br>**2022 (B)** | **(B-A)/(A)** |
|  **Net revenue** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Business segment information: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retail | 257528 | 224885 | (12.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Management | 137919 | 90715 | (34.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wholesale | 508155 | 593543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal | 903602 | 909143 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 115036 | 126858 | 10.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net revenue | &nbsp;&nbsp;&nbsp;&nbsp;1018638 | &nbsp;&nbsp;&nbsp;&nbsp;1036001 | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reconciliation items: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized gain (loss) on investments in equity securities held for operating purposes | 4468 | (25357) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net revenue | 1023106 | 1010644 | (1.2) |
|  **Non-interest expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Business segment information: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retail | 203487 | 201221 | (1.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Management | 57626 | 63574 | 10.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wholesale | 470709 | 549936 | 16.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal | 731822 | 814731 | 11.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 114184 | 69130 | (39.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-interest expenses | 846006 | 883861 | 4.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reconciliation items: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized gain (loss) on investments in equity securities held for operating purposes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-interest expenses | 846006 | 883861 | 4.5 |
|  **Income (loss) before income taxes** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Business segment information: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retail | 54041 | 23664 | (56.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Management | 80293 | 27141 | (66.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wholesale | 37446 | 43607 | 16.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal | 171780 | 94412 | (45.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other\* | 852 | 57728 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income (loss) before income taxes | 172632 | 152140 | (11.9) |
| &nbsp;&nbsp;&nbsp;&nbsp; Reconciliation items: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized gain (loss) on investments in equity securities held for operating purposes | 4468 | (25357) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income (loss) before income taxes | 177100 | 126783 | (28.4) |

---

------

**\*** **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** | **Millions of yen** | **% Change** |
| | **For the nine months ended** | **For the nine months ended** | **(B-A)/(A)** |
| | **December 31,**<br>**2021 (A)** | **December 31,**<br>**2022 (B)** | **(B-A)/(A)** |
|  Net gain (loss) related to economic hedging transactions | (1509) | (11164) |  |
|  Realized gain (loss) on investments in equity securities held for operating purposes | 215 | 22190 |  |
|  Equity in earnings of affiliates | 20554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70.3 |
|  Corporate items | (56645) | (4798) |  |
|  Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38237 | 16500 | (56.8) |
|  Total | 852 | 57728 |  |

---

– 10 –

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##### [**Table of Contents**](#toc)
**(6) Significant Changes in Equity** 

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

---

| | |
|:---|:---|
| | **Millions of yen** |
| | **For the nine months ended**<br>**December 31, 2022** |
|  Common stock |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at beginning of year | 594493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at end of period | 594493 |
|  Additional paid-in capital |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at beginning of year | 697507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation awards | 758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in an affiliated company's interests | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at end of period | 698248 |
|  Retained earnings |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at beginning of year | 1606987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income attributable to NHI shareholders | 85411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash dividends | (15006) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on sales of treasury stock | (1835) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at end of period | 1675557 |
|  Accumulated other comprehensive income (loss) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cumulative translation adjustments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at beginning of year | 136912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change during the period | 102931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at end of period | 239843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Defined benefit pension plans |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at beginning of year | (43803) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pension liability adjustment | 1389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at end of period | (42414) |
| &nbsp;&nbsp;&nbsp;&nbsp; Own credit adjustments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at beginning of year | 34864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Own credit adjustments | 57778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at end of period | 92642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Balance at end of period | 290071 |
|  Common stock held in treasury |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at beginning of year | (112355) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchases of common stock | (24725) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sale of common stock | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock issued to employees | 17537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at end of period | (119543) |
|  Total NHI shareholders' equity |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at end of period | 3138826 |
|  Noncontrolling interests |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at beginning of year | 58198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change during the period | 2884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at end of period | 61082 |
|  Total equity |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at end of period | 3199908 |

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– 11 –

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##### [**Table of Contents**](#toc)
**3. Supplementary Information** 

**(1) Consolidated Statements of Income – Quarterly Comparatives** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Millions of yen** | **Millions of yen** | **Millions of yen** | **Millions of yen** | **Millions of yen** | **Millions of yen** | **Millions of yen** | **% Change** | **Millions of yen** |
| | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | | **For the year ended**<br>**March 31,**<br>**2022** |
| | **June 30,**<br>**2021** | **September 30,**<br>**2021** | **December 31,**<br>**2021** | **March 31,**<br>**2022** | **June 30,**<br>**2022** | **September 30,**<br>**2022(A)** | **December 31,**<br>**2022(B)** |<br>**(B-A)/(A)** | **For the year ended**<br>**March 31,**<br>**2022** |
|  Revenue: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commissions | 82886 | 91636 | 82573 | 75249 | 70431 | 68152 | 77502 | 13.7 | 332344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fees from investment banking | 35703 | 33901 | 46020 | 33979 | 27285 | 24189 | 33783 | 39.7 | 149603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset management and portfolio service fees | 64044 | 67193 | 69891 | 68857 | 68250 | 69038 | 67035 | (2.9) | 269985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain on trading | 51994 | 91142 | 106806 | 118857 | 141918 | 160905 | 142132 | (11.7) | 368799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gain (loss) on private equity and debt investments | 25988 | 475 | 4619 | (314) | (4535) | 5738 | 8050 | 40.3 | 30768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 64536 | 69925 | 82636 | 67125 | 109049 | 196893 | 373283 | 89.6 | 284222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gain (loss) on investments in equity securities | 3468 | 2082 | (2586) | 2482 | (1742) | (1523) | 644 |  | 5446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 76553 | 22855 | 13793 | 39631 | (688) | 10460 | 69812 | 567.4 | 152832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenue | 405172 | 379209 | 403752 | 405866 | 409968 | 533852 | 772241 | 44.7 | 1593999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 51897 | 60343 | 52787 | 65082 | 110940 | 215894 | 378583 | 75.4 | 230109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net revenue | 353275 | 318866 | 350965 | 340784 | 299028 | 317958 | 393658 | 23.8 | 1363890 |
|  Non-interest expenses: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Compensation and benefits | 135603 | 129245 | 139035 | 125623 | 143061 | 150894 | 156275 | 3.6 | 529506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commissions and floor brokerage | 26816 | 27397 | 24130 | 26861 | 28488 | 28183 | 32275 | 14.5 | 105204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information processing and communications | 44099 | 45136 | 46596 | 48488 | 49732 | 52127 | 54004 | 3.6 | 184319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Occupancy and related depreciation | 16716 | 17846 | 17507 | 17673 | 16359 | 16643 | 17180 | 3.2 | 69742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Business development expenses | 3294 | 3902 | 4400 | 4045 | 4699 | 5353 | 6311 | 17.9 | 15641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 48214 | 76873 | 39197 | 68571 | 44956 | 33274 | 44047 | 32.4 | 232855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total non-interest expenses | 274742 | 300399 | 270865 | 291261 | 287295 | 286474 | 310092 | 8.2 | 1137267 |
|  Income before income taxes | 78533 | 18467 | 80100 | 49523 | 11733 | 31484 | 83566 | 165.4 | 226623 |
|  Income tax expense | 28540 | 12984 | 18482 | 20084 | 11340 | 14741 | 17629 | 19.6 | 80090 |
|  Net income | 49993 | 5483 | 61618 | 29439 | 393 | 16743 | 65937 | 293.8 | 146533 |
| Less: Net income (loss) attributable to noncontrolling interests | 1506 | 2270 | 1285 | (1524) | (1303) | (28) | (1007) |  | 3537 |
| Net income attributable to NHI shareholders | 48487 | 3213 | 60333 | 30963 | 1696 | 16771 | 66944 | 299.2 | 142996 |
|  | **Yen** | **Yen** | **Yen** | **Yen** | **Yen** | **Yen** | **Yen** | **% Change** | **Yen** |
|  Per share of common stock: |  |  |  |  |  |  |  |  |  |
|  Basic- |  |  |  |  |  |  |  |  |  |
| Net income attributable to NHI shareholders per share | 16.12 | 1.04 | 19.66 | 10.26 | 0.56 | 5.59 | 22.30 | 298.9 | 46.68 |
|  Diluted- |  |  |  |  |  |  |  |  |  |
| Net income attributable to NHI shareholders per share | 15.59 | 1.01 | 19.07 | 9.89 | 0.52 | 5.41 | 21.51 | 297.6 | 45.23 |

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##### [**Table of Contents**](#toc)
**(2) Business Segment Information – Quarterly Comparatives** 

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

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Millions of yen** | **Millions of yen** | **Millions of yen** | **Millions of yen** | **Millions of yen** | **Millions of yen** | **Millions of yen** | **% Change** | **Millions of yen** |
| | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | | |
| | **June 30,**<br>**2021** | **September 30,**<br>**2021** | **December 31,**<br>**2021** | **March 31,**<br>**2022** | **June 30,**<br>**2022** | **September 30,**<br>**2022(A)** | **December 31,**<br>**2022(B)** |<br>**(B-A)/(A)** | **For the year ended**<br>**March 31,**<br>**2022** |
|  **Net revenue** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Business segment information: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retail | 84986 | 85191 | 87351 | 70457 | 71386 | 72480 | 81019 | 11.8 | 327985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Management | 63482 | 34329 | 40108 | 10074 | 7579 | 26171 | 56965 | 117.7 | 147993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wholesale | 132777 | 172669 | 202709 | 194900 | 198987 | 205499 | 189057 | (8.0) | 703055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal | 281245 | 292189 | 330168 | 275431 | 277952 | 304150 | 327041 | 7.5 | 1179033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 68659 | 24809 | 21568 | 64198 | 23925 | 15623 | 87310 | 458.9 | 179234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net revenue | 349904 | 316998 | 351736 | 339629 | 301877 | 319773 | 414351 | 29.6 | 1358267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reconciliation items: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized gain (loss) on investments in equity<br> securities held for operating purposes | 3371 | 1868 | (771) | 1155 | (2849) | (1815) | (20693) |  | 5623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net revenue | 353275 | 318866 | 350965 | 340784 | 299028 | 317958 | 393658 | 23.8 | 1363890 |
|  **Non-interest expenses** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Business segment information: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retail | 65964 | 68207 | 69316 | 65258 | 66470 | 66995 | 67756 | 1.1 | 268745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Management | 18569 | 19300 | 19757 | 18852 | 19293 | 20618 | 23663 | 14.8 | 76478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wholesale | 161134 | 147700 | 161875 | 157854 | 173715 | 185310 | 190911 | 3.0 | 628563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal | 245667 | 235207 | 250948 | 241964 | 259478 | 272923 | 282330 | 3.4 | 973786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 29075 | 65192 | 19917 | 49297 | 27817 | 13551 | 27762 | 104.9 | 163481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-interest expenses | 274742 | 300399 | 270865 | 291261 | 287295 | 286474 | 310092 | 8.2 | 1137267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reconciliation items: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized gain (loss) on investments in equity<br> securities held for operating purposes |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-interest expenses | 274742 | 300399 | 270865 | 291261 | 287295 | 286474 | 310092 | 8.2 | 1137267 |
|  **Income (loss) before income taxes** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Business segment information: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retail | 19022 | 16984 | 18035 | 5199 | 4916 | 5485 | 13263 | 141.8 | 59240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Management | 44913 | 15029 | 20351 | (8778) | (11714) | 5553 | 33302 | 499.7 | 71515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wholesale | (28357) | 24969 | 40834 | 37046 | 25272 | 20189 | (1854) |  | 74492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal | 35578 | 56982 | 79220 | 33467 | 18474 | 31227 | 44711 | 43.2 | 205247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other\* | 39584 | (40383) | 1651 | 14901 | (3892) | 2072 | 59548 |  | 15753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income (loss) before income taxes | 75162 | 16599 | 80871 | 48368 | 14582 | 33299 | 104259 | 213.1 | 221000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reconciliation items: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized gain (loss) on investments in equity<br> securities held for operating purposes | 3371 | 1868 | (771) | 1155 | (2849) | (1815) | (20693) |  | 5623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income (loss) before income taxes | 78533 | 18467 | 80100 | 49523 | 11733 | 31484 | 83566 | 165.4 | 226623 |

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**\*** **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."

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Millions of yen** | **Millions of yen** | **Millions of yen** | **Millions of yen** | **Millions of yen** | **Millions of yen** | **Millions of yen** | **% Change** | **Millions of yen** |
| | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | | **For the year ended**<br>**March 31,**<br>**2022** |
| | **June 30,**<br>**2021** | **September 30,**<br>**2021** | **December 31,**<br>**2021** | **March 31,**<br>**2022** | **June 30,**<br>**2022** | **September 30,**<br>**2022(A)** | **December 31,**<br>**2022(B)** |<br>**(B-A)/(A)** | **For the year ended**<br>**March 31,**<br>**2022** |
| Net gain (loss) related to economic hedging transactions | 3444 | (3825) | (1128) | (8428) | (9807) | 98 | (1455) |  | (9937) |
| Realized gain (loss) on investments in equity securities held for operating purposes | 173 | 23 | 19 | 1140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | 55 | &nbsp;&nbsp;&nbsp;&nbsp;21895 |  | 1355 |
|  Equity in earnings of affiliates | 9617 | 5571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5366 | 16236 | &nbsp;&nbsp;&nbsp;&nbsp;16993 | 9114 | 8893 | (2.4) | 36790 |
|  Corporate items | (9272) | (45566) | (1807) | (34428) | (5988) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4513 | (3323) |  | (91073) |
|  Other | &nbsp;&nbsp;&nbsp;&nbsp;35622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3414 | (799) | 40381 | (5330) | (11708) | 33538 |  | 78618 |
|  Total | 39584 | (40383) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1651 | &nbsp;&nbsp;&nbsp;&nbsp;14901 | (3892) | 2072 | 59548 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15753 |

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##### [**Table of Contents**](#toc)
**(3)** **Other** 

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

<u>https://www.nomuraholdings.com/company/group/nsc/pdf/2023_3q.pdf</u>

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