# EDGAR Filing Document

**Accession Number:** 0001163653
**File Stem:** 0001193125-26-174868
**Filing Date:** 2026-4
**Character Count:** 68261
**Document Hash:** bcee7c8c32fc9652ea1c66ba8231b231
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-174868.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0001193125-26-174868

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260424

**FILED AS OF DATE**: 20260424

**DATE AS OF CHANGE**: 20260424

**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:** 26890359

**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 April 2026** 

## 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> 

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>

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Information furnished on this form:

**EXHIBIT** 

---

| | |
|:---|:---|
| **<u>Exhibit Number</u>** | **<u>Exhibit Number</u>** |
| 1. | <u>[Financial Summary – Year ended March 31, 2026.](#fs247098_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, originally filed with the SEC on December 19, 2024, as amended by Post-Effective Amendment No. 1 thereto, filed with the SEC on August 29, 2025 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.

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**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: April 24, 2026 | By: | /s/ Akito Bato |
|  |  | Akito Bato |
|  |  | Senior Managing Director |

---

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##### [**Table of Contents**](#toc)
**Financial Summary for the Year Ended March 31, 2026 (U.S. GAAP)** 

---

| | |
|:---|:---|
| Date: | April 24, 2026 |
| 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 year ended March 31** | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** |
|  | **2025** | **2025** | **2026** | **2026** |
|  | | **% Change from**<br>**March 31, 2024** | | **% Change from**<br>**March 31, 2025** |
|  Total revenue | 4736743 | 13.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4758486 | 0.5% |
|  Net revenue | 1892485 | 21.2% | 2167713 | 14.5% |
|  Income before income taxes | 471964 | 72.3% | 539821 | 14.4% |
|  Net income attributable to Nomura Holdings, Inc. ("NHI") shareholders | 340736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105.4% | 362129 | 6.3% |
|  Comprehensive income | 333836 | 4.1% | 480009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.8% |
|  Basic-Net income attributable to NHI shareholders per share (Yen) | 115.30 |  | 123.08 |  |
|  Diluted-Net income attributable to NHI shareholders per share (Yen) | 111.03 |  | 118.99 |  |
|  Return on shareholders' equity | 10.0% |  | 10.1% |  |
|  Income before income taxes to total assets | 0.8% |  | 0.9% |  |
|  Income before income taxes divided by total revenue | 10.0% |  | 11.3% |  |
|  Equity in earnings of affiliates | 52454 |  | 33019 |  |

---

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 March 31** |
| | **2025** | **2026** |
|  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;62645925 |
|  Total equity | 3580999 | 3854915 |
|  Total NHI shareholders' equity | 3470879 | 3707868 |
|  Total NHI shareholders' equity as a percentage of total assets | 6.1% | 5.9% |
|  Total NHI shareholders' equity per share (Yen) | 1174.10 | 1277.99 |

---

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(3) Cash Flows

---

| | | |
|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** |
| | **For the year ended March 31** | **For the year ended March 31** |
| | **2025** | **2026** |
|  Net cash used in operating activities | (678611) | (842960) |
|  Net cash used in investing activities | (848647) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1498923) |
|  Net cash provided by financing activities | 1679697 | 2095851 |
|  Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4425441 | 4318722 |

---

**2. Cash Dividends** 

---

| | | |
|:---|:---|:---|
|  | **(Yen amounts, except total annual dividends)** | **(Yen amounts, except total annual dividends)** |
| | **For the year ended March 31** | **For the year ended March 31** |
| | **2025** | **2026** |
|  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 | 23.00 | 27.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At December 31 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At March 31 | 34.00 | 24.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; For the year | 57.00 | 51.00 |
|  Total annual dividends (Millions of yen) | 168498 | 148859 |
|  Consolidated payout ratio | 49.4% | 41.4% |
|  Consolidated dividends as a percentage of shareholders' equity per share | 5.0% | 4.2% |

---

Note: Breakdown of dividend for the year ended March 31, 2025 : Ordinary dividend 24.00 yen, Commemorative dividend 10.00 yen.

For details, please refer to "Nomura Declares Year-end Dividend Payment including 100th Anniversary Commemorative Dividend" announced on April 25, 2025.

**3. Earnings Forecasts for the year ending March 31, 2027** 

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 dividends forecasts.

**Notes** 

(1) Significant changes in the scope of consolidation during the period: Yes

Inclusion 1 (Delaware Management Company)

Exclusion None

For details, please refer to "Notice Regarding Change in Specified Subsidiary" announced on January 30, 2026.

(2) 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) : No

Note) Please refer to P.12 "3. Consolidated Financial Statements (7) Changes in Accounting Policies" for further details.

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(3) Number of shares issued (common stock)

---

| | | |
|:---|:---|:---|
| | **At March 31** | **At March 31** |
| | **2025** | **2026** |
|  Number of shares outstanding (including treasury stock) | 3163562601 | 3088562601 |
|  Number of treasury stock | 207351636 | 187225377 |
|  | **For the year ended**<br>**March 31** | **For the year ended**<br>**March 31** |
|  | **2025** | **2026** |
|  Average number of shares outstanding | 2955204882 | 2942280410 |

---

\*This financial summary is not subject to certified public accountant's or audit firm's audits

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

---

| | |
|:---|:---|
| **[1. Overview of Consolidated Operating Results](#tx247098_1)** | P. 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(1) Overview of Consolidated Operating Results](#tx247098_2) | P. 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(2) Overview of Consolidated Financial Position](#tx247098_3) | P. 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) Overview of Cash Flows](#tx247098_4) | P. 4 |
| **[2. Considerations in the selection of accounting standards](#tx247098_5)** | P. 5 |
| **[3. Consolidated Financial Statements](#tx247098_6)** | P. 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(1) Consolidated Balance Sheets](#tx247098_7) | P. 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(2) Consolidated Statements of Income](#tx247098_8) | P. 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) Consolidated Statements of Comprehensive Income](#tx247098_9) | P. 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(4) Consolidated Statements of Changes in Equity](#tx247098_10) | P.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(5) Consolidated Statements of Cash Flows](#tx247098_11) | P.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(6) Note with respect to the Assumption as a Going Concern](#tx247098_12) | P.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(7) Changes in Accounting Policies](#tx247098_13) | P.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(8) Notes to the Consolidated Financial Statements](#tx247098_14) | P.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(9) Other Financial Information](#tx247098_15) | P.15 |
| **[4. Other Information](#tx247098_16)** | P.17 |

---

– 1 –

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##### [**Table of Contents**](#toc)
**1.** **Overview of Consolidated Operating Results** 

**(1)** **Overview of Consolidated Operating Results** 

**<u>Operating Results</u>**

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

---

| | | | |
|:---|:---|:---|:---|
| | **Billions of yen** | **Billions of yen** | **% Change** |
| | **For the year ended** | **For the year ended** | **(B-A)/(A)** |
| | **March 31,**<br>**2025 (A)** | **March 31,**<br>**2026 (B)** | **(B-A)/(A)** |
|  Net revenue | &nbsp;&nbsp;&nbsp;&nbsp;1892.5 | &nbsp;&nbsp;&nbsp;&nbsp;2167.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5 |
|  Non-interest expenses | 1420.5 | 1627.9 | 14.6 |
|  Income (loss) before income taxes | 472.0 | 539.8 | 14.4 |
|  Income tax expense | 124.7 | 165.4 | 32.7 |
|  Net income (loss) | 347.3 | 374.4 | 7.8 |
|  Less: Net income (loss) attributable to noncontrolling interests | 6.5 | 12.3 | 88.0 |
|  Net income (loss) attributable to NHI shareholders | 340.7 | 362.1 | 6.3 |
|  Return on shareholders' equity\* | 10.0% | 10.1% |  |

---

\* 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 ("Nomura") reported net revenue of 2,167.7 billion yen for the fiscal year ended March 31, 2026, an increase of 14.5% from the previous year. Non-interest expenses increased by 14.6% from the previous year to 1,627.9 billion yen. Income before income taxes was 539.8 billion yen and net income attributable to NHI shareholders was 362.1 billion yen for the fiscal year ended March 31, 2026.

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

---

| | | | |
|:---|:---|:---|:---|
| | **Billions of yen** | **Billions of yen** | **% Change** |
| | **For the year ended** | **For the year ended** | **(B-A)/(A)** |
| | **March 31,**<br>**2025 (A)** | **March 31,**<br>**2026 (B)** | **(B-A)/(A)** |
|  Net revenue | 1894.0 | 2159.4 | 14.0 |
|  Non-interest expenses | &nbsp;&nbsp;&nbsp;&nbsp;1420.5 | &nbsp;&nbsp;&nbsp;&nbsp;1627.9 | 14.6 |
|  Income (loss) before income taxes | 473.5 | 531.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 |

---

In business segment totals, which exclude a part of unrealized gain (loss) on investments in equity securities held for operating purposes, net revenue for the fiscal year ended March 31, 2026 was 2,159.4 billion yen, an increase of 14.0% from the previous year. Non-interest expenses increased by 14.6% from the previous year to 1,627.9 billion yen. Income before income taxes increased by 12.3% to 531.6 billion yen for the fiscal year ended March 31, 2026. Please refer to page 13 for further details of the differences between U.S. GAAP and business segment amounts.

– 2 –

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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.

**Operating Results of Wealth Management** 

---

| | | | |
|:---|:---|:---|:---|
| | **Billions of yen** | **Billions of yen** | **% Change** |
| | **For the year ended** | **For the year ended** | **(B-A)/(A)** |
| | **March 31,**<br>**2025 (A)** | **March 31,**<br>**2026 (B)** | **(B-A)/(A)** |
|  Net revenue | 433.6 | 487.9 | 12.5 |
|  Non-interest expenses | 267.4 | 283.9 | 6.2 |
|  Income (loss) before income taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.8 |

---

Net revenue increased by 12.5% from the previous year to 487.9 billion yen. Non-interest expenses increased by 6.2% to 283.9 billion yen. As a result, income before income taxes increased by 22.8% to 204.0 billion yen.

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

---

| | | | |
|:---|:---|:---|:---|
| | **Billions of yen** | **Billions of yen** | **% Change** |
| | **For the year ended** | **For the year ended** | **(B-A)/(A)** |
| | **March 31,**<br>**2025 (A)** | **March 31,**<br>**2026 (B)** | **(B-A)/(A)** |
|  Net revenue | 192.5 | 258.5 | 34.3 |
|  Non-interest expenses | 102.9 | 170.2 | 65.5 |
|  Income (loss) before income taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.4) |

---

Net revenue increased by 34.3% from the previous year to 258.5 billion yen. Non-interest expenses increased by 65.5% to 170.2 billion yen. As a result, income before income taxes decreased by 1.4% to 88.3 billion yen. Assets under management were 136.9 trillion yen as of March 31, 2026, reflecting an increase due to the acquisition of the following asset management companies within the Macquarie Group.

On December 1, 2025, Nomura completed the acquisition of all equity interests in Macquarie Management Holdings, Inc., Macquarie Investment Management Holdings (Luxembourg) S.à r.l., and Macquarie Investment Management Holdings (Austria) GmbH, pursuant to the share purchase agreement entered into on April 22, 2025. Upon completion, Nomura acquired 100% of the outstanding shares of these companies for a total cash consideration of approximately 1.8 billion U.S. dollar (equivalent to approximately 281.4 billion yen, based on an exchange rate of 1 U.S. dollar = 156.35 yen as of December 1, 2025). Nomura has determined that a substantial portion of the purchase price has provisionally been allocated to intangible assets and goodwill. As a result, these companies have become consolidated subsidiaries of Nomura.

These companies are leading asset management firms providing a broad range of investment management services to clients worldwide. This acquisition is part of Nomura's strategy to enhance its global investment management platform and strengthen its presence in key overseas markets.

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

---

| | | | |
|:---|:---|:---|:---|
| | **Billions of yen** | **Billions of yen** | **% Change** |
| | **For the year ended** | **For the year ended** | **(B-A)/(A)** |
| | **March 31,**<br>**2025 (A)** | **March 31,**<br>**2026 (B)** | **(B-A)/(A)** |
|  Net revenue | 1057.9 | 1162.2 | 9.9 |
|  Non-interest expenses | 891.7 | 961.7 | 7.9 |
|  Income (loss) before income taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.6 |

---

Net revenue increased by 9.9% from the previous year to 1,162.2 billion yen. Non-interest expenses increased by 7.9% to 961.7 billion yen. As a result, income before income taxes increased by 20.6% to 200.6 billion yen.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Operating Results of Banking** 

---

| | | | |
|:---|:---|:---|:---|
| | **Billions of yen** | **Billions of yen** | **% Change** |
| | **For the year ended** | **For the year ended** | **(B-A)/(A)** |
| | **March 31,**<br>**2025 (A)** | **March 31,**<br>**2026 (B)** | **(B-A)/(A)** |
|  Net revenue | 47.2 | 53.9 | 14.3 |
|  Non-interest expenses | 30.8 | 39.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.5 |
|  Income (loss) before income taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.0 | (14.3) |

---

Net revenue increased by 14.3% from the same period in the prior year to 53.9 billion yen. Non-interest expenses increased by 29.5% to 39.9 billion yen. As a result, income before income taxes decreased by 14.3% to 14.0 billion yen.

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

---

| | | | |
|:---|:---|:---|:---|
| | **Billions of yen** | **Billions of yen** | **% Change** |
| | **For the year ended** | **For the year ended** | **(B-A)/(A)** |
| | **March 31,**<br>**2025 (A)** | **March 31,**<br>**2026 (B)** | **(B-A)/(A)** |
|  Net revenue | 162.9 | 196.9 | 20.9 |
|  Non-interest expenses | 127.8 | 172.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.8 |
|  Income (loss) before income taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.6 | (29.8) |

---

Net revenue was 196.9 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 24.6 billion yen.

**(2)** **Overview of Consolidated Financial Position** 

Total assets as of March 31, 2026, were 62,645.9 billion yen, an increase of 5,843.8 billion yen compared to March 31, 2025, mainly due to the increase in *Trading assets*. Total liabilities as of March 31, 2026 were 58,791.0 billion yen, an increase of 5,569.8 billion yen compared to March 31, 2025, mainly due to the increase in *Long-term borrowings*. Total equity as of March 31, 2026 was 3,854.9 billion yen, an increase of 273.9 billion yen compared to March 31, 2025.

**(3)** **Overview of Cash Flows** 

*Cash, cash equivalents, restricted cash and restricted cash equivalents* as of March 31, 2026, decreased by 106.7 billion yen compared to March 31, 2025. Cash flows from operating activities for the year ended March 31, 2026 were outflows of 843.0 billion yen due mainly to the increase in *Trading assets and private equity and debt investments*. Cash flows from investing activities for the year ended March 31, 2026 were outflows of 1,498.9 billion yen due mainly to *Payments for purchases or origination of other non-trading loans.* Cash flows from financing activities for the year ended March 31, 2026 were inflows of 2,095.9 billion yen due primarily to *Proceeds from issuances of long-term borrowings*.

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**2.** **Considerations in the selection of accounting standards** 

Nomura currently adopts U.S. generally accepted accounting principles. Depending on factors such as trends by other companies and the impact of International Financial Reporting Standards ("IFRS") on Nomura's businesses, Nomura may consider in adopting IFRS in the future.

**3.** **Consolidated Financial Statements** 

The 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 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 (7) Changes in Accounting Policies.

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**(1) Consolidated Balance Sheets** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Millions of yen** | **Millions of yen** | **Millions of yen** |
|  | **March 31,**<br>**2025** | **March 31,**<br>**2026** | **Increase/**<br>**(Decrease)** |
| **ASSETS** |  |  |  |
|  Cash and cash deposits: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | 4424462 | 4298693 | (125769) |
| &nbsp;&nbsp;&nbsp;&nbsp; Time deposits | 642388 | 709639 | 67251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposits with stock exchanges and other segregated cash | 447846 | 640642 | 192796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total cash and cash deposits | 5514696 | 5648974 | 134278 |
|  Loans and receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Loans receivable | 6025008 | 7745214 | 1720206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivables from customers | 410722 | 470341 | 59619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivables from other than customers | 1030023 | 1345631 | 315608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allowance for credit losses | (16920) | (18381) | (1461) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total loans and receivables | 7448833 | 9542805 | 2093972 |
|  Collateralized agreements: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities purchased under agreements to resell | 14004757 | 13210236 | (794521) |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities borrowed | 4658828 | 4339659 | (319169) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total collateralized agreements | 18663585 | 17549895 | (1113690) |
|  Trading assets and private equity and debt investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trading assets\* | 22372339 | 26128073 | 3755734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Private equity and debt investments\* | 151710 | 214014 | 62304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total trading assets and private equity and debt investments | 22524049 | 26342087 | 3818038 |
|  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> ¥ 600,417 million as of March 31, 2026) | 436454 | 543847 | 107393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-trading debt securities\* | 485290 | 761267 | 275977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in equity securities\* | 98401 | 123191 | 24790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in and advances to affiliated companies\* | 506389 | 535402 | 29013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 1124473 | 1598457 | 473984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other assets | 2651007 | 3562164 | 911157 |
|  Total assets | 56802170 | 62645925 | 5843755 |

---

\* Including securities pledged as collateral

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Millions of yen** | **Millions of yen** | **Millions of yen** |
|  |  | **March 31,**<br>**2025** | **March 31,**<br>**2026** | **Increase/**<br>**(Decrease)** |
| **LIABILITIES AND EQUITY** | **LIABILITIES AND EQUITY** |  |  |  |
|  Short-term borrowings | Short-term borrowings | 1117292 | 1752669 | 635377 |
|  Payables and deposits: | Payables and deposits: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables to customers | &nbsp;&nbsp;&nbsp;&nbsp; Payables to customers | 1377222 | 1598758 | 221536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables to other than customers | &nbsp;&nbsp;&nbsp;&nbsp; Payables to other than customers | 2766112 | 3432040 | 665928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposits received at banks | &nbsp;&nbsp;&nbsp;&nbsp; Deposits received at banks | 3105581 | 3667090 | 561509 |
| &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 | 8697888 | 1448973 |
|  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 | 15233838 | (1053920) |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities loaned | &nbsp;&nbsp;&nbsp;&nbsp; Securities loaned | 1964682 | 2448284 | 483602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other secured borrowings | &nbsp;&nbsp;&nbsp;&nbsp; Other secured borrowings | 393420 | 384156 | (9264) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total collateralized financing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total collateralized financing | 18645860 | 18066278 | (579582) |
|  Trading liabilities | Trading liabilities | 11378828 | 12915584 | 1536756 |
|  Other liabilities | Other liabilities | 1456598 | 1813635 | 357037 |
|  Long-term borrowings | Long-term borrowings | 13373678 | 15544956 | 2171278 |
|  Total liabilities | Total liabilities | 53221171 | 58791010 | 5569839 |
|  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 |  |  |  |
|  | 3,088,562,601 shares as of March 31, 2026 |  |  |  |
|  Outstanding | 2,956,210,965 shares as of March 31, 2025 and |  |  |  |
|  | 2,901,337,224 shares as of March 31, 2026 | 594493 | 594493 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 704877 | 706261 | 1384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retained earnings | &nbsp;&nbsp;&nbsp;&nbsp; Retained earnings | 1867379 | 2013986 | 146607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive income (loss) | 447808 | 548221 | 100413 |
| &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 | 3862961 | 248404 |
| &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; 187,225,377 shares as of March 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187,225,377 shares as of March 31, 2026 | (143678) | (155093) | (11415) |
|  Total NHI shareholders' equity | Total NHI shareholders' equity | 3470879 | 3707868 | 236989 |
|  Noncontrolling interests | Noncontrolling interests | 110120 | 147047 | 36927 |
|  Total equity | Total equity | 3580999 | 3854915 | 273916 |
|  Total liabilities and equity | Total liabilities and equity | 56802170 | 62645925 | 5843755 |

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**(2) Consolidated Statements of Income** 

---

| | | | |
|:---|:---|:---|:---|
| | **Millions of yen** | **Millions of yen** | **% Change** |
| | **For the year ended** | **For the year ended** | **(B-A)/(A)** |
| | **March 31,**<br>**2025(A)** | **March 31,**<br>**2026(B)** | **(B-A)/(A)** |
|  Revenue: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commissions | 407011 | 455289 | 11.9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fees from investment banking | 212234 | 200548 | (5.5) |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset management and portfolio service fees | 378196 | 468600 | 23.9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain on trading | 580099 | 696894 | 20.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gain on private equity and debt investments | 7634 | 12604 | 65.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 2927861 | 2669640 | (8.8) |
| &nbsp;&nbsp;&nbsp;&nbsp; Gain on investments in equity securities | 444 | 13066 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 223264 | 241845 | 8.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenue | 4736743 | 4758486 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 2844258 | 2590773 | (8.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net revenue | 1892485 | 2167713 | 14.5 |
|  Non-interest expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Compensation and benefits | 732390 | 829502 | 13.3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commissions and floor brokerage | 177452 | 221857 | 25.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information processing and communications | 227018 | 248439 | 9.4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Occupancy and related depreciation | 70166 | 71523 | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Business development expenses | 27055 | 33679 | 24.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 186440 | 222892 | 19.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total non-interest expenses | 1420521 | 1627892 | 14.6 |
|  Income before income taxes | 471964 | 539821 | 14.4 |
|  Income tax expense | 124709 | 165439 | 32.7 |
|  Net income | 347255 | 374382 | 7.8 |
|  Less: Net income attributable to noncontrolling interests | 6519 | 12253 | 88.0 |
|  Net income attributable to NHI shareholders | 340736 | 362129 | 6.3 |
|  Per share of common stock: |  |  |  |
|  | **Yen** | **Yen** | **% Change** |
|  Basic- |  |  |  |
|  Net income attributable to NHI shareholders per share | 115.30 | 123.08 | 6.7 |
|  Diluted- |  |  |  |
|  Net income attributable to NHI shareholders per share | 111.03 | 118.99 | 7.2 |

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

---

| | | | |
|:---|:---|:---|:---|
| | **Millions of yen** | **Millions of yen** | **% Change** |
| | **For the year ended** | **For the year ended** | **(B-A)/(A)** |
| | **March 31,**<br>**2025(A)** | **March 31,**<br>**2026(B)** | **(B-A)/(A)** |
|  Net income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347255 | &nbsp;&nbsp;&nbsp;&nbsp;374382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 |
|  Other comprehensive income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cumulative translation adjustments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cumulative translation adjustments | (35768) | 149812 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes | (1569) | (2074) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | (37337) | 147738 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Defined benefit pension plans: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pension liability adjustments | 17734 | 11653 | (34.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes | (5327) | (4670) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 12407 | 6983 | (43.7) |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-trading debt securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized loss on non-trading debt securities | (1675) | (3233) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes | 528 | 1018 | 92.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | (1147) | (2215) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Own credit adjustments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Own credit adjustments | 20636 | (57597) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes | (7978) | 10718 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 12658 | (46879) |  |
|  Total other comprehensive income (loss) | (13419) | 105627 |  |
|  Comprehensive income | 333836 | 480009 | 43.8 |
|  Less: Comprehensive income attributable to noncontrolling interests | 5276 | 17467 | 231.1 |
|  Comprehensive income attributable to NHI shareholders | 328560 | 462542 | 40.8 |

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##### [**Table of Contents**](#toc)
**(4) Consolidated Statements of Changes in Equity** 

---

| | | |
|:---|:---|:---|
|  | **Millions of yen** | **Millions of yen** |
| | **For the year ended** | **For the year ended** |
| | **March 31, 2025** | **March 31, 2026** |
|  Common stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at beginning of year | 594493 | 594493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at end of year | 594493 | 594493 |
|  Additional paid-in capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at beginning of year | 708785 | 704877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation awards | (3929) | 1400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in ownership interests in subsidiaries | 36 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in an affiliated company's interests | (15) | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at end of year | 704877 | 706261 |
|  Retained earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at beginning of year | 1705725 | 1867379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income attributable to NHI shareholders | 340736 | 362129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash dividends | (168477) | (148840) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of treasury stock | (10605) | (9016) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cancellation of treasury stock |  | (57666) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at end of year | 1867379 | 2013986 |
|  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 | 444071 | 407977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change during the year | (36094) | 142524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at end of year | 407977 | 550501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Defined benefit pension plans |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at beginning of year | (19512) | (7105) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pension liability adjustments | 12407 | 6983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at end of year | (7105) | (122) |
| &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 loss on non-trading debt securities | (1147) | (2215) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at end of year | (1147) | (3362) |
| &nbsp;&nbsp;&nbsp;&nbsp; Own credit adjustments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at beginning of year | 35425 | 48083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Own credit adjustments | 12658 | (46879) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at end of year | 48083 | 1204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Balance at end of year | 447808 | 548221 |
|  Common stock held in treasury |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at beginning of year | (118798) | (143678) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchases of common stock | (58835) | (101499) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales of common stock | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock issued to employees | 33955 | 32418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cancellation of treasury stock |  | 57666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at end of year | (143678) | (155093) |
|  Total NHI shareholders' equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at end of year | 3470879 | 3707868 |
|  Noncontrolling interests |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at beginning of year | 98324 | 110120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change during the year | 11796 | 36927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at end of year | 110120 | 147047 |
|  Total equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at end of year | 3580999 | 3854915 |

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##### [**Table of Contents**](#toc)
**(5) Consolidated Statements of Cash Flows** 

---

| | | |
|:---|:---|:---|
|  | **Millions of yen** | **Millions of yen** |
|  | **For the year ended** | **For the year ended** |
|  | **March 31,<br>2025** | **March 31,<br>2026** |
|  **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net income | 347255 | 374382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile net income to<br> Net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 61653 | 68269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for credit losses | (1060) | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on investments in equity securities | (444) | (13066) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on investments in subsidiaries and affiliates | (205) | 11995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on disposal of office buildings, land, equipment and facilities | 2344 | (58744) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits with stock exchanges and other segregated cash | (144542) | (133311) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading assets and private equity and debt investments | (3026277) | (2861869) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading liabilities | 574231 | 1111331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities purchased under agreements to resell, net of securities sold under agreements to repurchase | 1108828 | (441013) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities borrowed, net of securities loaned | 526233 | 882237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Margin loans and receivables | (179668) | (653334) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables | (16725) | 703622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonus accrual | 26496 | 63422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other, net | 43270 | 102871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash used in operating activities | (678611) | (842960) |
|  **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments for placements of time deposits | (679945) | (747618) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from redemption or maturity of time deposits | 572947 | 746174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments for purchases of office buildings, land, equipment and facilities | (189971) | (353818) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of office buildings, land, equipment and facilities | 131078 | 234693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments for purchases of equity investments | (10712) | (33900) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of equity investments | 8112 | 23491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash outflows from loans receivable at banks | (129829) | (131647) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments for purchases or origination of other non-trading loans | (5939225) | (7625952) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales or repayments of other non-trading loans | 5530064 | 6952187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments for purchases of available-for-sale debt securities | (113702) | (167408) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of available-for-sale debt securities | 4982 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments for purchases of other non-trading debt securities | (179032) | (316858) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales or maturity of other non-trading debt securities | 131200 | 226985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions, net of cash acquired |  | (275014) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Divestures, net of cash disposed of | 8141 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments for purchases of investments in affiliated companies | (19007) | (11919) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of investments in affiliated companies | 10098 | 1684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other, net | 16154 | (20015) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash used in investing activities | (848647) | (1498923) |
|  **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from issuances of long-term borrowings | 4334376 | 4611984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments for repurchases or maturity of long-term borrowings | (3313452) | (3174186) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from issuances of short-term borrowings | 1850155 | 2468863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments for repurchases or maturity of short-term borrowings | (1876894) | (2358223) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash inflows from interbank money market borrowings | 130455 | 443081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash outflows from other secured borrowings | (23560) | (7649) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash inflows from deposits received at banks | 785385 | 387377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments for withholding taxes on stock-based compensation | (20583) | (18214) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of common stock | 1412 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments for repurchases of common stock | (59006) | (101499) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments for cash dividends | (112541) | (179742) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from noncontrolling interests | 64549 | 122335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions to noncontrolling interests | (80599) | (98698) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by financing activities | 1679697 | 2095851 |
|  Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents | (26020) | 139313 |
|  Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | 126419 | (106719) |
|  Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of the year | 4299022 | 4425441 |
|  Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year | 4425441 | 4318722 |

---

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

Not applicable.

**(7) 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.

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##### [**Table of Contents**](#toc)
**(8) Notes to the Consolidated Financial Statements** 

**<u>Segment Information – Operating Segment</u>**

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.

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 year ended** | **For the year ended** | **(B-A)/(A)** |
| | **March 31,**<br>**2025 (A)** | **March 31,**<br>**2026 (B)** | **(B-A)/(A)** |
|  **Net revenue** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Business segment information: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wealth Management | 433551 | 487906 | 12.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Management | 192473 | 258516 | 34.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wholesale | 1057938 | 1162229 | 9.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banking | 47172 | 53918 | 14.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal | 1731134 | 1962569 | 13.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 162900 | 196873 | 20.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net revenue | 1894034 | 2159442 | 14.0 |
| &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 | (1549) | 8271 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net revenue | 1892485 | 2167713 | 14.5 |
|  **Non-interest expenses (\*1)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Business segment information: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wealth Management | 267369 | 283882 | 6.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Management | 102882 | 170219 | 65.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wholesale | 891656 | 961662 | 7.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banking | 30815 | 39902 | 29.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal | 1292722 | 1455665 | 12.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 127799 | 172227 | 34.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-interest expenses | 1420521 | 1627892 | 14.6 |
| &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 | 1420521 | 1627892 | 14.6 |
|  **Income (loss) before income taxes** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Business segment information: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wealth Management | 166182 | 204024 | 22.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Management | 89591 | 88297 | (1.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wholesale | 166282 | 200567 | 20.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banking | 16357 | 14016 | (14.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal | 438412 | 506904 | 15.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other (\*2) | 35101 | 24646 | (29.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income (loss) before income taxes | 473513 | 531550 | 12.3 |
| &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 | (1549) | 8271 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income (loss) before income taxes | 471964 | 539821 | 14.4 |

---

(\*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".

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---

| | | | |
|:---|:---|:---|:---|
| | **Millions of yen** | **Millions of yen** | **% Change** |
| | **For the year ended** | **For the year ended** | **(B-A)/(A)** |
| | **March 31,**<br>**2025 (A)** | **March 31,**<br>**2026 (B)** | **(B-A)/(A)** |
|  Net gain (loss) related to economic hedging transactions | (5809) | (2940) |  |
|  Realized gain (loss) on investments in equity securities held for operating purposes | 1475 | 3349 | 127.1 |
|  Equity in earnings of affiliates | 51221 | 36452 | (28.8) |
|  Corporate items | (5884) | (41982) |  |
|  Other | (5902) | 29767 |  |
|  Total | 35101 | 24646 | (29.8) |

---

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

**<u>Per share data</u>**

Shareholders' equity per share is calculated based on the following number of shares.

Number of shares outstanding as of March 31, 2026 2,901,337,224

Net income attributable to NHI shareholders per share is calculated based on the following number of shares.

Average number of shares outstanding for the year ended March 31, 2026 2,942,280,410

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##### [**Table of Contents**](#toc)
**(9) Other Financial Information** 

**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** | **Millions of yen** | **% Change** |
|  | **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 three months ended** | **(B-A)/(A)** |
|  | **June 30,**<br>**2024** | **September 30,**<br>**2024** | **December 31,**<br>**2024** | **March 31,**<br>**2025** | **June 30,**<br>**2025** | **September 30,**<br>**2025** | **December 31,**<br>**2025(A)** | **March 31,**<br>**2026(B)** | **(B-A)/(A)** |
|  Revenue: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commissions | 102750 | 101363 | 102630 | 100268 | 100606 | 105049 | 119204 | 130430 | 9.4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fees from investment banking | 41251 | 53335 | 64375 | 53273 | 38357 | 44554 | 59045 | 58592 | (0.8) |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset management and portfolio service fees | 90333 | 93848 | 97209 | 96806 | 92855 | 102487 | 122664 | 150594 | 22.8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain on trading | 131994 | 147711 | 142013 | 158381 | 142239 | 171944 | 190742 | 191969 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gain on private equity and debt investments | 3153 | 1598 | 1641 | 1242 | 6330 | 4370 | 1564 | 340 | (78.3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 788550 | 762958 | 745459 | 630894 | 649561 | 652830 | 712469 | 654780 | (8.1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Gain (loss) on investments in equity securities | 1442 | (2554) | 1610 | (54) | (377) | 4365 | 4488 | 4590 | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 58412 | 83307 | 43001 | 38544 | 127017 | 75614 | 17752 | 21462 | 20.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenue | 1217885 | 1241566 | 1197938 | 1079354 | 1156588 | 1161213 | 1227928 | 1212757 | (1.2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 763443 | 758239 | 695957 | 626619 | 633273 | 645751 | 676173 | 635576 | (6.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net revenue | 454442 | 483327 | 501981 | 452735 | 523315 | 515462 | 551755 | 577181 | 4.6 |
|  Non-interest expenses: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Compensation and benefits | 184510 | 184671 | 190888 | 172321 | 186310 | 195079 | 220739 | 227374 | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commissions and floor brokerage | 43629 | 45325 | 43645 | 44853 | 44778 | 47191 | 53997 | 75891 | 40.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information processing and communications | 55769 | 56741 | 54431 | 60077 | 57164 | 59202 | 63516 | 68557 | 7.9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Occupancy and related depreciation | 17635 | 16810 | 17885 | 17836 | 15965 | 17283 | 17853 | 20422 | 14.4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Business development expenses | 6572 | 5981 | 6807 | 7695 | 6992 | 7272 | 9993 | 9422 | (5.7) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 43396 | 40789 | 50046 | 52209 | 51824 | 52790 | 50436 | 67842 | 34.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total non-interest expenses | 351511 | 350317 | 363702 | 354991 | 363033 | 378817 | 416534 | 469508 | 12.7 |
|  Income before income taxes | 102931 | 133010 | 138279 | 97744 | 160282 | 136645 | 135221 | 107673 | (20.4) |
|  Income tax expense | 31498 | 35304 | 34137 | 23770 | 52808 | 40852 | 40675 | 31104 | (23.5) |
|  Net income | 71433 | 97706 | 104142 | 73974 | 107474 | 95793 | 94546 | 76569 | (19.0) |
|  Less: Net income (loss) attributable to noncontrolling interests | 2495 | (681) | 2701 | 2004 | 2909 | 3715 | 2993 | 2636 | (11.9) |
|  Net income attributable to NHI shareholders | 68938 | 98387 | 101441 | 71970 | 104565 | 92078 | 91553 | 73933 | (19.2) |
|  | **Yen** | **Yen** | **Yen** | **Yen** | **Yen** | **Yen** | **Yen** | **Yen** | **% Change** |
|  Per share of common stock: |  |  |  |  |  |  |  |  |  |
|  Basic- |  |  |  |  |  |  |  |  |  |
|  Net income attributable to NHI shareholders per share | 23.33 | 33.30 | 34.32 | 24.35 | 35.19 | 31.34 | 31.21 | 25.29 | (19.0) |
|  Diluted- |  |  |  |  |  |  |  |  |  |
|  Net income attributable to NHI shareholders per share | 22.36 | 32.26 | 33.08 | 23.39 | 34.04 | 30.49 | 30.19 | 24.34 | (19.4) |

---

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##### [**Table of Contents**](#toc)
**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** | **Millions of yen** | **Millions of yen** | **Millions of yen** | **% Change** |
|  | **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 three months ended** | **(B-A)/(A)** |
|  | **June 30,**<br>**2024** | **September 30,**<br>**2024** | **December 31,**<br>**2024** | **March 31,**<br>**2025** | **June 30,**<br>**2025** | **September 30,**<br>**2025** | **December 31,**<br>**2025(A)** | **March 31,**<br>**2026(B)** | **(B-A)/(A)** |
|  **Net revenue** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Business segment information: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wealth Management | 109716 | 112301 | 111611 | 99923 | 105796 | 116475 | 132488 | 133147 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Management | 47670 | 56087 | 45711 | 43005 | 50574 | 60825 | 60906 | 86211 | 41.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wholesale | 244846 | 263381 | 290523 | 259188 | 261072 | 279183 | 313899 | 308075 | (1.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banking | 11232 | 12245 | 12274 | 11421 | 12845 | 12851 | 13696 | 14526 | 6.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal | 413464 | 444014 | 460119 | 413537 | 430287 | 469334 | 520989 | 541959 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 39739 | 42545 | 41244 | 39372 | 93160 | 44366 | 28107 | 31240 | 11.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net revenue | 453203 | 486559 | 501363 | 452909 | 523447 | 513700 | 549096 | 573199 | 4.4 |
| &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) | 1762 | 2659 | 3982 | 49.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net revenue | 454442 | 483327 | 501981 | 452735 | 523315 | 515462 | 551755 | 577181 | 4.6 |
|  **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 | 70952 | 73988 | 71901 | (2.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Management | 24491 | 24152 | 26773 | 27466 | 29047 | 30114 | 42967 | 68091 | 58.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wholesale | 223725 | 218087 | 228162 | 221682 | 219164 | 226043 | 251610 | 264845 | 5.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banking | 7200 | 7632 | 7612 | 8371 | 9231 | 9671 | 9521 | 11479 | 20.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal | 323933 | 317932 | 329339 | 321518 | 324483 | 336780 | 378086 | 416316 | 10.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 27578 | 32385 | 34363 | 33473 | 38550 | 42037 | 38448 | 53192 | 38.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-interest expenses | 351511 | 350317 | 363702 | 354991 | 363033 | 378817 | 416534 | 469508 | 12.7 |
| &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 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-interest expenses | 351511 | 350317 | 363702 | 354991 | 363033 | 378817 | 416534 | 469508 | 12.7 |
|  **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 | 45523 | 58500 | 61246 | 4.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Management | 23179 | 31935 | 18938 | 15539 | 21527 | 30711 | 17939 | 18120 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wholesale | 21121 | 45294 | 62361 | 37506 | 41908 | 53140 | 62289 | 43230 | (30.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banking | 4032 | 4613 | 4662 | 3050 | 3614 | 3180 | 4175 | 3047 | (27.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal | 89531 | 126082 | 130780 | 92019 | 105804 | 132554 | 142903 | 125643 | (12.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other (\*2) | 12161 | 10160 | 6881 | 5899 | 54610 | 2329 | (10341) | (21952) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income (loss) before income taxes | 101692 | 136242 | 137661 | 97918 | 160414 | 134883 | 132562 | 103691 | (21.8) |
| &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) | 1762 | 2659 | 3982 | 49.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income (loss) before income taxes | 102931 | 133010 | 138279 | 97744 | 160282 | 136645 | 135221 | 107673 | (20.4) |

---

(\*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** | **Millions of yen** | **Millions of yen** | **Millions of yen** | **% Change** |
|  | **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 three months ended** | **(B-A)/(A)** |
|  | **June 30,**<br>**2024** | **September 30,**<br>**2024** | **December 31,**<br>**2024** | **March 31,**<br>**2025** | **June 30,**<br>**2025** | **September 30,**<br>**2025** | **December 31,**<br>**2025(A)** | **March 31,**<br>**2026(B)** | **(B-A)/(A)** |
|  Net gain (loss) related to economic hedging transactions | (2853) | 1826 | (7014) | 2232 | 1067 | (166) | (975) | (2866) |  |
|  Realized gain (loss) on investments in equity securities held for operating purposes |  | 496 | 645 | 334 | 5 | 2209 | 1129 | 6 | (99.5) |
|  Equity in earnings of affiliates | 14800 | 11551 | 15200 | 9670 | 12321 | 12448 | 17642 | (5959) |  |
|  Corporate items | 5519 | (5332) | (954) | (5117) | (11637) | (15181) | (9630) | (5534) |  |
|  Other | (5305) | 1619 | (996) | (1220) | 52854 | 3019 | (18507) | (7599) |  |
|  Total | 12161 | 10160 | 6881 | 5899 | 54610 | 2329 | (10341) | (21952) |  |

---

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

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##### [**Table of Contents**](#toc)
**4.** **Other Information** 

Financial information for Nomura Securities Co., Ltd. can be found on the following URL.

<u>https://www.nomuraholdings.com/en/company/group/nsc/nsc/main/019/teaserItems5/0/linkList/0/link/2026_4q.pdf</u>

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