# EDGAR Filing Document

**Accession Number:** 0001163653
**File Stem:** 0001193125-25-167088
**Filing Date:** 2025-7
**Character Count:** 56300
**Document Hash:** 2c4ff691c43ae332a8da47f421723aa9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-167088.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001193125-25-167088

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250729

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NOMURA HOLDINGS INC
- **CENTRAL INDEX KEY:** 0001163653
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 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:** 251157402

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 1-13-1 NIHONBASHI
- **STREET 2:** CHUO-KU
- **CITY:** TOKYO
- **PROVINCE COUNTRY:** M0
- **ZIP:** 103-8645
- **BUSINESS PHONE:** 81-3-5255-1000

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 1-13-1 NIHONBASHI
- **STREET 2:** CHUO-KU
- **CITY:** TOKYO
- **PROVINCE COUNTRY:** 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 July 2025** 

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

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

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

**Japan** 

**(Address of principal executive offices)** 

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

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

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):<u> </u> <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 – Three months ended June 30, 2025.](#fs98017_1)</u> |

---

The registrant hereby incorporates Exhibit 1 to this report on Form 6-K by reference (i) in the prospectus that is part of the Registration Statement on Form F-3 (Registration No. 333-283915) of the registrant, filed with the SEC on December 19, 2024 and (ii) in the prospectus that is part of the Registration Statement on Form F-3 (Registration No. 333-273353) of the registrant and of Nomura America Finance, LLC, filed with the SEC on July 20, 2023.

------

##### [**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: July 29, 2025 | By: | /s/ Yoshifumi Kishida |
|  |  | Yoshifumi Kishida |
|  |  | Senior Managing Director |

---

------

##### [**Table of Contents**](#toc)
**Financial Summary For the Three Months Ended June 30, 2025 (U.S. GAAP)** 

---

| | |
|:---|:---|
| Date: | July 29, 2025 |
| 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: | Akihiro Koseki<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)** |
|  | **(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)** |
|  | **For the three months ended June 30** | **For the three months ended June 30** | **For the three months ended June 30** | **For the three months ended June 30** |
|  | **2024** | **2024** | **2025** | **2025** |
|  | | **% Change from**<br>**June 30, 2023** | | **% Change from**<br>**June 30, 2024** |
|  Total revenue | 1217885 | 36.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156588 | (5.0%) |
|  Net revenue | 454442 | 30.2% | 523315 | 15.2% |
|  Income before income taxes | 102931 | 122.3% | 160282 | 55.7% |
|  Net income attributable to Nomura Holdings, Inc. ("NHI") shareholders | 68938 | 195.5% | 104565 | 51.7% |
|  Comprehensive income | 189295 | &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;49.9% | 61629 | &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;(67.4%) |
|  Basic-Net income attributable to NHI shareholders per share (Yen) | 23.33 |  | 35.19 |  |
|  Diluted-Net income attributable to NHI shareholders per share (Yen) | 22.36 |  | 34.04 |  |
|  Return on shareholders' equity - annualized | 8.1% |  | 12.0% |  |

---

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)** | **(Millions of yen, except per share data)** |
| | **At March 31** | **At June 30** |
| | **2025** | **2025** |
|  Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56802170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58101087 |
|  Total equity | 3580999 | 3588951 |
|  Total NHI shareholders' equity | 3470879 | 3476014 |
|  Total NHI shareholders' equity as a percentage of total assets | 6.1% | 6.0% |
|  Total NHI shareholders' equity per share (Yen) | 1174.10 | 1177.31 |

---

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | | | **(Yen amounts)** |
| | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** |
| | **2025** | **2026** | **2026 (Plan)** |
|  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; At September 30 | 23.00 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unconfirmed |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At December 31 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At March 31 | 34.00 |  | Unconfirmed |
| &nbsp;&nbsp;&nbsp;&nbsp; For the year | 57.00 |  | Unconfirmed |

---

Note: Fiscal year 2026 Q2 and Q4 dividends are not presented per reasons stated in "3. Earnings forecasts for the year ending March 31, 2026".

**3. Earnings Forecasts for the year ending March 31, 2026** 

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 policies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a) Changes in accounting policies due to amendments to the accounting standards : Yes

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

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)

---

| | | |
|:---|:---|:---|
| | **At March 31** | **At June 30** |
| | **2025** | **2025** |
|  Number of shares outstanding (including treasury stock) | 3163562601 | 3163562601 |
|  Number of treasury stock | 207351636 | 211064772 |
|  | **For the three months ended June 30** | **For the three months ended June 30** |
|  | **2024** | **2025** |
|  Average number of shares outstanding (year-to-date) | 2954604002 | 2971653091 |

---

\*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 7, 2025.

------

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

---

| | |
|:---|:---|
| [**1. Qualitative Information of the Quarterly Consolidated Results**](#tx98017_1) | P. 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(1) Consolidated Operating Results](#tx98017_2) | P. 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(2) Consolidated Financial Position](#tx98017_3) | P. 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) Consolidated Earnings Forecasts](#tx98017_4) | P. 4 |
| [**2. Quarterly Consolidated Financial Statements**](#tx98017_5) | P. 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(1) Consolidated Balance Sheets](#tx98017_6) | P. 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(2) Consolidated Statements of Income](#tx98017_7) | P. 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) Consolidated Statements of Comprehensive Income](#tx98017_8) | P. 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(4) Changes in Accounting Policies](#tx98017_9) | P. 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(5) Segment Information – Operating Segment](#tx98017_10) | P. 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(6) Significant Changes in Equity](#tx98017_11) | P. 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(7) Note with respect to the Assumption as a Going Concern](#tx98017_12) | P. 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(8) Note with respect to Consolidated Statements of Cash Flows](#tx98017_13) | P. 13 |
| [**3. Supplementary Information**](#tx98017_14) | P. 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(1) Consolidated Statements of Income – Quarterly Comparatives](#tx98017_15) | P. 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(2) Business Segment Information – Quarterly Comparatives](#tx98017_16) | P. 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) Other](#tx98017_17) | P. 16 |

---

– 1 –

------

##### [**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 three months ended** | **For the three months ended** | **(B-A)/(A)** |
| | **June 30,**<br>**2024 (A)** | **June 30,**<br>**2025 (B)** | **(B-A)/(A)** |
|  Net revenue | &nbsp;&nbsp;&nbsp;&nbsp;454.4 | 523.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 |
|  Non-interest expenses | 351.5 | 363.0 | 3.3 |
|  Income (loss) before income taxes | 102.9 | 160.3 | 55.7 |
|  Income tax expense | 31.5 | 52.8 | 67.7 |
|  Net income (loss) | 71.4 | 107.5 | 50.5 |
|  Less: Net income (loss) attributable to noncontrolling interests | 2.5 | 2.9 | 16.6 |
|  Net income (loss) attributable to NHI shareholders | 68.9 | 104.6 | 51.7 |
|  Return on shareholders' equity - annualized | 8.1% | 12.0% |  |

---

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 523.3 billion yen for the three months ended June 30, 2025, an increase of 15.2% from the same period in the prior year. Non-interest expenses increased by 3.3% from the same period in the prior year to 363.0 billion yen. Income before income taxes was 160.3 billion yen and net income attributable to NHI shareholders was 104.6 billion yen for the three months ended June 30, 2025.

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

---

| | | | |
|:---|:---|:---|:---|
| | **Billions of yen** | **Billions of yen** | **% Change** |
| | **For the three months ended** | **For the three months ended** | **(B-A)/(A)** |
| | **June 30,**<br>**2024 (A)** | **June 30,**<br>**2025 (B)** | **(B-A)/(A)** |
|  Net revenue | 453.2 | 523.4 | 15.5 |
|  Non-interest expenses | &nbsp;&nbsp;&nbsp;&nbsp;351.5 | &nbsp;&nbsp;&nbsp;&nbsp;363.0 | 3.3 |
|  Income (loss) before income taxes | 101.7 | 160.4 | &nbsp;&nbsp;&nbsp;&nbsp;57.7 |

---

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, 2025 was 523.4 billion yen, an increase of 15.5% from the same period in the prior year. Non-interest expenses increased by 3.3% from the same period in the prior year to 363.0 billion yen. Income before income taxes increased by 57.7% to 160.4 billion yen for the three months ended June 30, 2025. Please refer to page 10 for further details of the differences between U.S. GAAP and business segment amounts.

– 2 –

------

##### [**Table of Contents**](#toc)
On April 1, 2025, the Banking Division was newly established. As a result, the prior period amounts have been reclassified to conform to the current year presentation.

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

---

| | | | |
|:---|:---|:---|:---|
| | **Billions of yen** | **Billions of yen** | **% Change** |
| | **For the three months ended** | **For the three months ended** | **(B-A)/(A)** |
| | **June 30,**<br>**2024 (A)** | **June 30,**<br>**2025 (B)** | **(B-A)/(A)** |
|  Net revenue | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109.7 | 105.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.6) |
|  Non-interest expenses | 68.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67.0 | (2.2) |
|  Income (loss) before income taxes | 41.2 | 38.8 | (5.9) |

---

Net revenue decreased by 3.6% from the same period in the prior year to 105.8 billion yen. Non-interest expenses decreased by 2.2% to 67.0 billion yen. As a result, income before income taxes decreased by 5.9% to 38.8 billion yen.

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

---

| | | | |
|:---|:---|:---|:---|
| | **Billions of yen** | **Billions of yen** | **% Change** |
| | **For the three months ended** | **For the three months ended** | **(B-A)/(A)** |
| | **June 30,**<br>**2024 (A)** | **June 30,**<br>**2025 (B)** | **(B-A)/(A)** |
|  Net revenue | 47.7 | 50.6 | 6.1 |
|  Non-interest expenses | 24.5 | &nbsp;&nbsp;&nbsp;&nbsp;29.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.6 |
|  Income (loss) before income taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.2 | 21.5 | (7.1) |

---

Net revenue increased by 6.1% from the same period in the prior year to 50.6 billion yen. Non-interest expenses increased by 18.6% to 29.0 billion yen. As a result, income before income taxes decreased by 7.1% to 21.5 billion yen. Assets under management were 94.3 trillion yen as of June 30, 2025.

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

---

| | | | |
|:---|:---|:---|:---|
| | **Billions of yen** | **Billions of yen** | **% Change** |
| | **For the three months ended** | **For the three months ended** | **(B-A)/(A)** |
| | **June 30,**<br>**2024 (A)** | **June 30,**<br>**2025 (B)** | **(B-A)/(A)** |
|  Net revenue | &nbsp;&nbsp;&nbsp;&nbsp;244.8 | 261.1 | 6.6 |
|  Non-interest expenses | 223.7 | 219.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.0) |
|  Income (loss) before income taxes | 21.1 | 41.9 | 98.4 |

---

Net revenue increased by 6.6% from the same period in the prior year to 261.1 billion yen. Non-interest expenses decreased by 2.0% to 219.2 billion yen. As a result, income before income taxes increased by 98.4% to 41.9 billion yen.

– 3 –

------

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

---

| | | | |
|:---|:---|:---|:---|
| | **Billions of yen** | **Billions of yen** | **% Change** |
| | **For the three months ended** | **For the three months ended** | **(B-A)/(A)** |
| | **June 30,**<br>**2024 (A)** | **June 30,**<br>**2025 (B)** | **(B-A)/(A)** |
|  Net revenue | &nbsp;&nbsp;&nbsp;&nbsp;11.2 | 12.8 | 14.4 |
|  Non-interest expenses | 7.2 | 9.2 | 28.2 |
|  Income (loss) before income taxes | 4.0 | 3.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10.4) |

---

Net revenue increased by 14.4% from the same period in the prior year to 12.8 billion yen. Non-interest expenses increased by 28.2% to 9.2 billion yen. As a result, income before income taxes decreased by 10.4% to 3.6 billion yen.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Other Operating Results** 

---

| | | | |
|:---|:---|:---|:---|
| | **Billions of yen** | **Billions of yen** | **% Change** |
| | **For the three months ended** | **For the three months ended** | **(B-A)/(A)** |
| | **June 30,**<br>**2024 (A)** | **June 30,**<br>**2025 (B)** | **(B-A)/(A)** |
|  Net revenue | 39.7 | 93.2 | 134.4 |
|  Non-interest expenses | 27.6 | 38.6 | 39.8 |
|  Income (loss) before income taxes | 12.2 | 54.6 | &nbsp;&nbsp;&nbsp;&nbsp;349.1 |

---

Net revenue was 93.2 billion yen, primarily due to profits related to the sale of land and buildings located in Takanawa 2-chome, Minato-ku, Tokyo, recorded in April 2025. Income before income taxes was 54.6 billion yen.

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

Total assets as of June 30, 2025 were 58,101.1 billion yen, an increase of 1,298.9 billion yen compared to March 31, 2025, mainly due to the increase in *Trading assets*. Total liabilities as of June 30, 2025 were 54,512.1 billion yen, an increase of 1,291.0 billion yen compared to March 31, 2025, mainly due to the increase in *Trading liabilities*. Total equity as of June 30, 2025 was 3,589.0 billion yen, an increase of 8.0 billion yen compared to March 31, 2025.

**(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 –

------

##### [**Table of Contents**](#toc)
**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 prepared in accordance with Article 5, Paragraph 4 of the Tokyo Stock Exchange Inc. and Nagoya 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 23, 2025) and Form 20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 23, 2025) for the year ended March 31, 2025, with the exception of matters described in (4) Changes in Accounting Policies.

– 5 –

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Millions of yen** | **Millions of yen** | **Millions of yen** |
|  | **March 31,**<br>**2025** | **June 30,**<br>**2025** | **Increase/**<br>**(Decrease)** |
| **ASSETS** |  |  |  |
|  Cash and cash deposits: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | 4424462 | 4983234 | 558772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time deposits | 642388 | 569880 | (72508) |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposits with stock exchanges and other segregated cash | 447846 | 494678 | 46832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total cash and cash deposits | 5514696 | 6047792 | 533096 |
|  Loans and receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Loans receivable | 6025008 | 6146160 | 121152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivables from customers | 410722 | 379901 | (30821) |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivables from other than customers | 1030023 | 976170 | (53853) |
| &nbsp;&nbsp;&nbsp;&nbsp; Allowance for credit losses | (16920) | (16702) | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total loans and receivables | 7448833 | 7485529 | 36696 |
|  Collateralized agreements: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities purchased under agreements to resell | 14004757 | 12964351 | (1040406) |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities borrowed | 4658828 | 4346746 | (312082) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total collateralized agreements | 18663585 | 17311097 | (1352488) |
|  Trading assets and private equity and debt investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trading assets\* | 22372339 | 24233906 | 1861567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Private equity and debt investments\* | 151710 | 153785 | 2075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total trading assets and private equity and debt investments | 22524049 | 24387691 | 1863642 |
|  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> ¥ 546,117 million as of March 31, 2025 and<br> ¥ 534,830 million as of June 30, 2025) | 436454 | 414971 | (21483) |
|  Non-trading debt securities\* | 485290 | 558924 | 73634 |
|  Investments in equity securities\* | 98401 | 96963 | (1438) |
|  Investments in and advances to affiliated companies\* | 506389 | 508806 | 2417 |
|  Other | 1124473 | 1289314 | 164841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total other assets | 2651007 | 2868978 | 217971 |
|  Total assets | 56802170 | 58101087 | 1298917 |

---

<sup>\*</sup> Including securities pledged as collateral

– 6 –

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Millions of yen** | **Millions of yen** | **Millions of yen** |
|  |  | **March 31,**<br>**2025** | **June 30,**<br>**2025** | **Increase/**<br>**(Decrease)** |
| **LIABILITIES AND EQUITY** | **LIABILITIES AND EQUITY** |  |  |  |
|  Short-term borrowings | Short-term borrowings | 1117292 | 1322134 | 204842 |
|  Payables and deposits: | Payables and deposits: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables to customers | &nbsp;&nbsp;&nbsp;&nbsp; Payables to customers | 1377222 | 1545461 | 168239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables to other than customers | &nbsp;&nbsp;&nbsp;&nbsp; Payables to other than customers | 2766112 | 2501203 | (264909) |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposits received at banks | &nbsp;&nbsp;&nbsp;&nbsp; Deposits received at banks | 3105581 | 3085645 | (19936) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total payables and deposits | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total payables and deposits | 7248915 | 7132309 | (116606) |
|  Collateralized financing: | Collateralized financing: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities sold under agreements to repurchase | &nbsp;&nbsp;&nbsp;&nbsp; Securities sold under agreements to repurchase | 16287758 | 15378015 | (909743) |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities loaned | &nbsp;&nbsp;&nbsp;&nbsp; Securities loaned | 1964682 | 1679632 | (285050) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other secured borrowings | &nbsp;&nbsp;&nbsp;&nbsp; Other secured borrowings | 393420 | 341410 | (52010) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total collateralized financing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total collateralized financing | 18645860 | 17399057 | (1246803) |
|  Trading liabilities | Trading liabilities | 11378828 | 13281663 | 1902835 |
|  Other liabilities | Other liabilities | 1456598 | 1448150 | (8448) |
|  Long-term borrowings | Long-term borrowings | 13373678 | 13928823 | 555145 |
|  Total liabilities | Total liabilities | 53221171 | 54512136 | 1290965 |
|  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;Authorized | 6,000,000,000 shares |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 3,163,562,601 shares as of March 31, 2025 and |  |  |  |
|  | 3,163,562,601 shares as of June 30, 2025 |  |  |  |
|  Outstanding | 2,956,210,965 shares as of March 31, 2025 and |  |  |  |
|  | 2,952,497,829 shares as of June 30, 2025 | 594493 | 594493 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 704877 | 670541 | (34336) |
| &nbsp;&nbsp;&nbsp;&nbsp; Retained earnings | &nbsp;&nbsp;&nbsp;&nbsp; Retained earnings | 1867379 | 1963109 | 95730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive income (loss) | 447808 | 401525 | (46283) |
| &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 | 3614557 | 3629668 | 15111 |
| &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; 207,351,636 shares as of March 31, 2025 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; 207,351,636 shares as of March 31, 2025 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; 211,064,772 shares as of June 30, 2025 | &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; 211,064,772 shares as of June 30, 2025 | (143678) | (153654) | (9976) |
|  Total NHI shareholders' equity | Total NHI shareholders' equity | 3470879 | 3476014 | 5135 |
|  Noncontrolling interests | Noncontrolling interests | 110120 | 112937 | 2817 |
|  Total equity | Total equity | 3580999 | 3588951 | 7952 |
|  Total liabilities and equity | Total liabilities and equity | 56802170 | 58101087 | 1298917 |

---

– 7 –

------

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

---

| | | | |
|:---|:---|:---|:---|
| | **Millions of yen** | **Millions of yen** | **% Change** |
| | **For the three months ended** | **For the three months ended** | **(B-A)/(A)** |
| | **June 30,**<br>**2024(A)** | **June 30,**<br>**2025(B)** | **(B-A)/(A)** |
|  Revenue: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commissions | 102750 | 100606 | (2.1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fees from investment banking | 41251 | 38357 | (7.0) |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset management and portfolio service fees | 90333 | 92855 | 2.8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain on trading | 131994 | 142239 | 7.8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gain on private equity and debt investments | 3153 | 6330 | 100.8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 788550 | 649561 | (17.6) |
| &nbsp;&nbsp;&nbsp;&nbsp; Gain (loss) on investments in equity securities | 1442 | (377) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 58412 | 127017 | 117.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenue | 1217885 | 1156588 | (5.0) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 763443 | 633273 | (17.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net revenue | 454442 | 523315 | 15.2 |
|  Non-interest expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Compensation and benefits | 184510 | 186310 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commissions and floor brokerage | 43629 | 44778 | 2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information processing and communications | 55769 | 57164 | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Occupancy and related depreciation | 17635 | 15965 | (9.5) |
| &nbsp;&nbsp;&nbsp;&nbsp; Business development expenses | 6572 | 6992 | 6.4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 43396 | 51824 | 19.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total non-interest expenses | 351511 | 363033 | 3.3 |
|  Income before income taxes | 102931 | 160282 | 55.7 |
|  Income tax expense | 31498 | 52808 | 67.7 |
|  Net income | 71433 | 107474 | 50.5 |
|  Less: Net income attributable to noncontrolling interests | 2495 | 2909 | 16.6 |
|  Net income attributable to NHI shareholders | 68938 | 104565 | 51.7 |
|  Per share of common stock: |  |  |  |
|  | **Yen** | **Yen** | **% Change** |
|  Basic- |  |  |  |
|  Net income attributable to NHI shareholders per share | 23.33 | 35.19 | 50.8 |
|  Diluted- |  |  |  |
|  Net income attributable to NHI shareholders per share | 22.36 | 34.04 | 52.2 |

---

– 8 –

------

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

---

| | | | |
|:---|:---|:---|:---|
| | **Millions of yen** | **Millions of yen** | **% Change** |
| | **For the three months ended** | **For the three months ended** | **(B-A)/(A)** |
| | **June 30,**<br>**2024(A)** | **June 30,**<br>**2025(B)** | **(B-A)/(A)** |
|  Net income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71433 | &nbsp;&nbsp;&nbsp;&nbsp;107474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.5 |
|  Other comprehensive income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cumulative translation adjustments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cumulative translation adjustments | 113443 | (40858) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes | (1608) | 1258 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 111835 | (39600) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Defined benefit pension plans: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pension liability adjustment | (1797) | (4197) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes | 578 | (3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | (1219) | (4200) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-trading debt securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized gain (loss) on non-trading debt securities | (103) | 565 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes | 32 | (178) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | (71) | 387 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Own credit adjustments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Own credit adjustments | 9856 | (3880) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes | (2539) | 1448 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 7317 | (2432) |  |
|  Total other comprehensive income (loss) | 117862 | (45845) |  |
|  Comprehensive income | 189295 | 61629 | (67.4) |
|  Less: Comprehensive income attributable to noncontrolling interests | 3983 | 3347 | (16.0) |
|  Comprehensive income attributable to NHI shareholders | 185312 | 58282 | (68.5) |

---

– 9 –

------

##### [**Table of Contents**](#toc)
**(4) Changes in Accounting Policies** 

*<u>Intangibles—Goodwill and Other—Crypto Asset: Accounting for and Disclosure of Crypto Assets</u>*

In December 2023, the Financial Accounting Standards Board issued Accounting Standards Updates ("ASU") No. 2023-08 "*Intangibles—Goodwill and Other—Crypto Asset: Accounting for and Disclosure of Crypto Assets*" which requires all in-scope crypto assets be subsequently measured at fair value at each reporting period through earnings. The ASU requires presentation of in-scope crypto assets separately from other intangible assets in the balance sheet and any changes from the remeasurement of in-scope crypto assets separately from changes in the carrying amounts of other intangible assets in the income statement. The ASU also introduces new disclosure requirements for in-scope crypto assets applicable to all entities. Nomura has applied this new accounting policy based on a modified retrospective approach from April 1, 2025. These accounting changes have not had a material impact on Nomura's consolidated financial statements.

**(5) Segment Information – Operating Segment** 

Nomura's Chief Operating Decision Maker is the Executive Management Board (the "EMB") which is the management function primarily responsible for assessing performance of and allocating resources to the business segments. The EMB reviews business segment results including Net revenue, Non-interest expenses, and Income before income taxes on a regular basis. The EMB uses these measures along with certain segment-specific Key Performance Indicators (KPIs) and budgets to evaluate segment performance and to make key operating decisions, including resource and capital allocations. Business segments' information on total assets is not disclosed as EMB does not consider such information for its operating decisions and therefore, it is not reported.

– 10 –

------

##### [**Table of Contents**](#toc)
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 three months ended** | **For the three months ended** | **(B-A)/(A)** |
| | **June 30,**<br>**2024 (A)** | **June 30,**<br>**2025 (B)** | **(B-A)/(A)** |
|  **Net revenue** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Business segment information: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wealth Management | 109716 | 105796 | (3.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Management | 47670 | 50574 | 6.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wholesale | 244846 | 261072 | 6.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banking | 11232 | 12845 | 14.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal | 413464 | 430287 | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 39739 | 93160 | 134.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net revenue | 453203 | 523447 | 15.5 |
| &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 | 1239 | (132) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net revenue | 454442 | 523315 | 15.2 |
|  **Non-interest expenses (\*1)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Business segment information: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wealth Management | 68517 | 67041 | (2.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Management | 24491 | 29047 | 18.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wholesale | 223725 | 219164 | (2.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banking | 7200 | 9231 | 28.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal | 323933 | 324483 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 27578 | 38550 | 39.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-interest expenses | 351511 | 363033 | 3.3 |
| &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 | 351511 | 363033 | 3.3 |
|  **Income (loss) before income taxes** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Business segment information: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wealth Management | 41199 | 38755 | (5.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Management | 23179 | 21527 | (7.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wholesale | 21121 | 41908 | 98.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banking | 4032 | 3614 | (10.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal | 89531 | 105804 | 18.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other (\*2) | 12161 | 54610 | 349.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income (loss) before income taxes | 101692 | 160414 | 57.7 |
| &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 | 1239 | (132) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income (loss) before income taxes | 102931 | 160282 | 55.7 |

---

---

| | |
|:---|:---|
| **(\*1)** | Includes primarily personnel expenses, occupancy, technology, and professional fees.  |

---

---

| | |
|:---|:---|
| **(\*2)** | **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 three months ended** | **For the three months ended** | **(B-A)/(A)** |
| | **June 30,**<br>**2024 (A)** | **June 30,**<br>**2025 (B)** | **(B-A)/(A)** |
|  Net gain (loss) related to economic hedging transactions | (2853) | 1067 |  |
|  Realized gain (loss) on investments in equity securities held for operating purposes |  | 5 |  |
|  Equity in earnings of affiliates | 14800 | 12321 | (16.8) |
|  Corporate items | 5519 | (11637) |  |
|  Other | (5305) | 52854 |  |
|  Total | 12161 | 54610 | 349.1 |

---

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

– 11 –

------

##### [**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 three months ended**<br>**June 30, 2025** |
|  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 | 704877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation awards | (34321) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in an affiliated company's interests | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at end of period | 670541 |
|  Retained earnings |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at beginning of year | 1867379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income attributable to NHI shareholders | 104565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of treasury stock | (8835) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at end of period | 1963109 |
|  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 | 407977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change during the period | (40038) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at end of period | 367939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Defined benefit pension plans |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at beginning of year | (7105) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pension liability adjustment | (4200) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at end of period | (11305) |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-trading debt securities |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at beginning of year | (1147) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized gain on non-trading debt securities | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at end of period | (760) |
| &nbsp;&nbsp;&nbsp;&nbsp; Own credit adjustments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at beginning of year | 48083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Own credit adjustments | (2432) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at end of period | 45651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Balance at end of period | 401525 |
|  Common stock held in treasury |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at beginning of year | (143678) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchases of common stock | (41935) |
| &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 | 31959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at end of period | (153654) |
|  Total NHI shareholders' equity |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at end of period | 3476014 |
|  Noncontrolling interests |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at beginning of year | 110120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change during the period | 2817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at end of period | 112937 |
|  Total equity |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at end of period | 3588951 |

---

– 12 –

------

##### [**Table of Contents**](#toc)
**(7) Note with respect to the Assumption as a Going Concern** 

Not applicable.

**(8) Note with respect to Consolidated Statements of Cash Flows** 

The following table shows depreciation and amortization for the three months ended June 30, 2024 and 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Millions of yen** | **Millions of yen** | **Millions of yen** | **Millions of yen** |
| | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** |
| | **June 30, 2024** | **June 30, 2024** | **June 30, 2025** | **June 30, 2025** |
|  Depreciation and amortization |  | 16112 |  | 15407 |

---

– 13 –

------

##### [**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** | **% 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 year ended**<br>**March 31,**<br>**2025** |
|  | **June 30,**<br>**2024** | **September 30,**<br>**2024** | **December 31,**<br>**2024** | **March 31,**<br>**2025(A)** | **June 30,**<br>**2025(B)** |<br>**(B-A)/(A)** | **For the year ended**<br>**March 31,**<br>**2025** |
|  Revenue: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commissions | 102750 | 101363 | 102630 | 100268 | 100606 | 0.3 | 407011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fees from investment banking | 41251 | 53335 | 64375 | 53273 | 38357 | (28.0) | 212234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset management and portfolio service fees | 90333 | 93848 | 97209 | 96806 | 92855 | (4.1) | 378196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain on trading | 131994 | 147711 | 142013 | 158381 | 142239 | (10.2) | 580099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gain on private equity and debt investments | 3153 | 1598 | 1641 | 1242 | 6330 | 409.7 | 7634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 788550 | 762958 | 745459 | 630894 | 649561 | 3.0 | 2927861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gain (loss) on investments in equity securities | 1442 | (2554) | 1610 | (54) | (377) |  | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 58412 | 83307 | 43001 | 38544 | 127017 | 229.5 | 223264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenue | 1217885 | 1241566 | 1197938 | 1079354 | 1156588 | 7.2 | 4736743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 763443 | 758239 | 695957 | 626619 | 633273 | 1.1 | 2844258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net revenue | 454442 | 483327 | 501981 | 452735 | 523315 | 15.6 | 1892485 |
|  Non-interest expenses: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Compensation and benefits | 184510 | 184671 | 190888 | 172321 | 186310 | 8.1 | 732390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commissions and floor brokerage | 43629 | 45325 | 43645 | 44853 | 44778 | (0.2) | 177452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information processing and communications | 55769 | 56741 | 54431 | 60077 | 57164 | (4.8) | 227018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Occupancy and related depreciation | 17635 | 16810 | 17885 | 17836 | 15965 | (10.5) | 70166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Business development expenses | 6572 | 5981 | 6807 | 7695 | 6992 | (9.1) | 27055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 43396 | 40789 | 50046 | 52209 | 51824 | (0.7) | 186440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total non-interest expenses | 351511 | 350317 | 363702 | 354991 | 363033 | 2.3 | 1420521 |
|  Income before income taxes | 102931 | 133010 | 138279 | 97744 | 160282 | 64.0 | 471964 |
|  Income tax expense | 31498 | 35304 | 34137 | 23770 | 52808 | 122.2 | 124709 |
|  Net income | 71433 | 97706 | 104142 | 73974 | 107474 | 45.3 | 347255 |
|  Less: Net income (loss) attributable to noncontrolling interests | 2495 | (681) | 2701 | 2004 | 2909 | 45.2 | 6519 |
|  Net income attributable to NHI shareholders | 68938 | 98387 | 101441 | 71970 | 104565 | 45.3 | 340736 |
|  | **Yen** | **Yen** | **Yen** | **Yen** | **Yen** | **% Change** | **Yen** |
|  Per share of common stock: |  |  |  |  |  |  |  |
|  Basic- |  |  |  |  |  |  |  |
|  Net income attributable to NHI shareholders per share | 23.33 | 33.30 | 34.32 | 24.35 | 35.19 | 44.5 | 115.30 |
|  Diluted- |  |  |  |  |  |  |  |
|  Net income attributable to NHI shareholders per share | 22.36 | 32.26 | 33.08 | 23.39 | 34.04 | 45.5 | 111.03 |

---

– 14 –

------

##### [**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.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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** | | |
|  | **June 30,**<br>**2024** | **September 30,**<br>**2024** | **December 31,**<br>**2024** | **March 31,**<br>**2025(A)** | **June 30,**<br>**2025(B)** |<br>**(B-A)/(A)** | **For the year ended**<br>**March 31,**<br>**2025** |
|  **Net revenue** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Business segment information: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wealth Management | 109716 | 112301 | 111611 | 99923 | 105796 | 5.9 | 433551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Management | 47670 | 56087 | 45711 | 43005 | 50574 | 17.6 | 192473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wholesale | 244846 | 263381 | 290523 | 259188 | 261072 | 0.7 | 1057938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banking | 11232 | 12245 | 12274 | 11421 | 12845 | 12.5 | 47172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal | 413464 | 444014 | 460119 | 413537 | 430287 | 4.1 | 1731134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 39739 | 42545 | 41244 | 39372 | 93160 | 136.6 | 162900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net revenue | 453203 | 486559 | 501363 | 452909 | 523447 | 15.6 | 1894034 |
| &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 | 1239 | (3232) | 618 | (174) | (132) |  | (1549) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net revenue | 454442 | 483327 | 501981 | 452735 | 523315 | 15.6 | 1892485 |
|  **Non-interest expenses (\*1)** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Business segment information: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wealth Management | 68517 | 68061 | 66792 | 63999 | 67041 | 4.8 | 267369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Management | 24491 | 24152 | 26773 | 27466 | 29047 | 5.8 | 102882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wholesale | 223725 | 218087 | 228162 | 221682 | 219164 | (1.1) | 891656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banking | 7200 | 7632 | 7612 | 8371 | 9231 | 10.3 | 30815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal | 323933 | 317932 | 329339 | 321518 | 324483 | 0.9 | 1292722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 27578 | 32385 | 34363 | 33473 | 38550 | 15.2 | 127799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-interest expenses | 351511 | 350317 | 363702 | 354991 | 363033 | 2.3 | 1420521 |
| &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 | 351511 | 350317 | 363702 | 354991 | 363033 | 2.3 | 1420521 |
|  **Income (loss) before income taxes** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Business segment information: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wealth Management | 41199 | 44240 | 44819 | 35924 | 38755 | 7.9 | 166182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Management | 23179 | 31935 | 18938 | 15539 | 21527 | 38.5 | 89591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wholesale | 21121 | 45294 | 62361 | 37506 | 41908 | 11.7 | 166282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banking | 4032 | 4613 | 4662 | 3050 | 3614 | 18.5 | 16357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal | 89531 | 126082 | 130780 | 92019 | 105804 | 15.0 | 438412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other (\*2) | 12161 | 10160 | 6881 | 5899 | 54610 | 825.8 | 35101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income (loss) before income taxes | 101692 | 136242 | 137661 | 97918 | 160414 | 63.8 | 473513 |
| &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 | 1239 | (3232) | 618 | (174) | (132) |  | (1549) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income (loss) before income taxes | 102931 | 133010 | 138279 | 97744 | 160282 | 64.0 | 471964 |

---

---

| | |
|:---|:---|
| **(\*1)** | Includes primarily personnel expenses, occupancy, technology, and professional fees.  |

---

---

| | |
|:---|:---|
| **(\*2)** | **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** | **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 year ended**<br>**March 31,**<br>**2025** |
|  | **June 30,**<br>**2024** | **September 30,**<br>**2024** | **December 31,**<br>**2024** | **March 31,**<br>**2025(A)** | **June 30,**<br>**2025(B)** |<br>**(B-A)/(A)** | **For the year ended**<br>**March 31,**<br>**2025** |
|  Net gain (loss) related to economic hedging transactions | (2853) | 1826 | (7014) | 2232 | 1067 | (52.2) | (5809) |
|  Realized gain (loss) on investments in equity securities<br>held for operating purposes |  | 496 | 645 | 334 | 5 | (98.5) | 1475 |
|  Equity in earnings of affiliates | 14800 | 11551 | 15200 | 9670 | 12321 | 27.4 | 51221 |
|  Corporate items | 5519 | (5332) | (954) | (5117) | (11637) |  | (5884) |
|  Other | (5305) | 1619 | (996) | (1220) | 52854 |  | (5902) |
|  Total | 12161 | 10160 | 6881 | 5899 | 54610 | 825.8 | 35101 |

---

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

– 15 –

------

##### [**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/en/company/group/nsc/nsc/main/019/teaserItems2/0/linkList/0/link/2026_1q.pdf</u>

– 16 –