# EDGAR Filing Document

**Accession Number:** 0001335730
**File Stem:** 0001193125-25-281411
**Filing Date:** 2025-11
**Character Count:** 264124
**Document Hash:** c492f8c997ad0cd8c231b941c3065501
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-281411.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001193125-25-281411

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20251114

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MIZUHO FINANCIAL GROUP INC
- **CENTRAL INDEX KEY:** 0001335730
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33098
- **FILM NUMBER:** 251481018

**BUSINESS ADDRESS:**
- **STREET 1:** 1-5-5, OTEMACHI
- **CITY:** CHIYODA-KU, TOKYO
- **STATE:** M0
- **ZIP:** 100-8176
- **BUSINESS PHONE:** 81-3-5224-1111

**MAIL ADDRESS:**
- **STREET 1:** 1-5-5, OTEMACHI
- **CITY:** CHIYODA-KU, TOKYO
- **STATE:** M0
- **ZIP:** 100-8176

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 6-K** 

**REPORT OF FOREIGN PRIVATE ISSUER** 

**PURSUANT TO RULE 13a-16 OR 15d-16** 

**UNDER THE SECURITIES EXCHANGE ACT OF 1934** 

**For the month of November 2025** 

**Commission File Number 001-33098** 

## Mizuho Financial Group, Inc.
(Translation of registrant's name into English)

**5-5, Otemachi 1-chome** 

**Chiyoda-ku, Tokyo 100-8176** 

**Japan** 

(Address of principal executive office)

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

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THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE INTO THE PROSPECTUS FORMING A PART OF MIZUHO FINANCIAL GROUP, INC.'S REGISTRATION STATEMENT ON FORM F-3 (FILE NO. 333-282497) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

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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.

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| | |
|:---|:---|
| Date: | November 14, 2025 |
| Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
| By: | /s/ Takefumi Yonezawa |
| Name: | Takefumi Yonezawa |
| Title: | Senior Managing Corporate Executive / Group CFO |

---

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**For Immediate Release:** 

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| | |
|:---|:---|
| **Consolidated Financial Statements for the Second Quarter of Fiscal 2025**<br> **(Six months ended September 30, 2025)**<br> **(Under Japanese GAAP)** | ![LOGO](g36983g1113165325688.jpg) |

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| | | |
|:---|:---|:---|
| Company Name: | **Mizuho Financial Group, Inc. ("MHFG")** | November 14, 2025 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| Stock Code Number (Japan): | 8411 |  |  |  |
| Stock Exchange Listings: | Tokyo Stock Exchange (Prime Market), New York Stock Exchange | Tokyo Stock Exchange (Prime Market), New York Stock Exchange |  |  |
| URL: | https://www.mizuhogroup.com | https://www.mizuhogroup.com |  |  |
| Representative: | Masahiro Kihara | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President & Group CEO |  |  |
| For Inquiry: | Hikaru Osuga | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Manager of Accounting | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phone: | +81-3-6838-6101 |
| Filing of Hanki Hokokusho (scheduled): | Filing of Hanki Hokokusho (scheduled): | November 28, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading Accounts:  | Established |
| Commencement of Dividend Payment (scheduled): | Commencement of Dividend Payment (scheduled): | December 5, 2025 |  |  |
| Supplementary Materials on Quarterly Results: | Supplementary Materials on Quarterly Results: | Attached |  |  |
| IR Conference on Quarterly Results: | IR Conference on Quarterly Results: | Scheduled |  |  |

---

Amounts less than one million yen are rounded down.

**1. Financial Highlights for the Second Quarter (First Half) of Fiscal 2025 (for the six months ended September 30, 2025)** 

**(1) Consolidated Results of Operations** 

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (%: Changes from the previous first half) | (%: Changes from the previous first half) | (%: Changes from the previous first half) | (%: Changes from the previous first half) | (%: Changes from the previous first half) | (%: Changes from the previous first half) | (%: Changes from the previous first half) | (%: Changes from the previous first half) | (%: Changes from the previous first half) | (%: Changes from the previous first half) | (%: Changes from the previous first half) |  |
|  | **Ordinary Income** | **Ordinary Income** | **Ordinary Income** | **Ordinary Profits** | **Ordinary Profits** | **Ordinary Profits** |  | **Profit<br>Attributable to<br>Owners of Parent** | **Profit<br>Attributable to<br>Owners of Parent** | **Profit<br>Attributable to<br>Owners of Parent** |  |
|  | **¥ million** | **%** | **%** | **¥ million** | **%** | **%** |  | **¥ million** | **%** | **%** |  |
|  1H F2025 | 4337537 | | *(5.4* | 849626 | | *13.7* | | 689947 | | *21.8* | |
|  1H F2024 | 4585215 | | *8.0* | 747079 | | *30.1* | | 566141 | | *36.1* | |

---

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| | |
|:---|:---|
| Note: | Comprehensive Income:<br> 1H F2025: ¥845,578 million, 42.8%; 1H F2024: ¥591,838 million, 6.1% |

---

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| | | |
|:---|:---|:---|
|  | **Earnings**<br>**per Share of<br>Common Stock** | **Diluted Earnings**<br>**per Share of<br>Common Stock** |
|  | **¥** | **¥** |
|  1H F2025 | 276.20 | 276.20 |
|  1H F2024 | 223.35 | 223.35 |

---

**(2) Consolidated Financial Conditions** 

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| | | | |
|:---|:---|:---|:---|
|  | **Total Assets** | **Total Net Assets** | **Own Capital Ratio** |
|  | **¥ million** | **¥ million** | **%** |
|  1H F2025 | 288757081 | 11076007 | 3.8 |
|  Fiscal 2024 | 283320404 | 10523753 | 3.6 |

---

Reference: Own Capital: As of September 30, 2025: ¥10,995,640 million; As of March 31, 2025: ¥10,442,211 million

---

| | |
|:---|:---|
| Note: | Own Capital Ratio is calculated as follows: (Total Net Assets - Stock Acquisition Rights - Non-controlling Interests) / Total Assets × 100<br> Own Capital Ratio stated above is not calculated based on the public notice of Own Capital Ratio. |

---

**2. Cash Dividends for Shareholders of Common Stock** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Annual Cash Dividends per Share** | **Annual Cash Dividends per Share** | **Annual Cash Dividends per Share** | **Annual Cash Dividends per Share** | **Annual Cash Dividends per Share** |
|  | **First<br>Quarter-end** | **Second<br>Quarter-end** | **Third<br>Quarter-end** | **Fiscal<br>Year-end** | **Total** |
|  | **¥** | **¥** | **¥** | **¥** | **¥** |
|  Fiscal 2024 |  | 65.00 |  | 75.00 | 140.00 |
|  Fiscal 2025 |  | 72.50 |  |  |  |
|  Fiscal 2025 (estimate) |  |  |  | 72.50 | 145.00 |

---

Note: Revision of the latest announced estimates for cash dividends for shareholders of common stock: No

**3. Consolidated Earnings Estimates for Fiscal 2025 (for the fiscal year ending March 31, 2026)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | (%: Changes from the previous fiscal year) | (%: Changes from the previous fiscal year) | (%: Changes from the previous fiscal year) | (%: Changes from the previous fiscal year) | (%: Changes from the previous fiscal year) |
|  | **Profit<br>Attributable to<br>Owners of**<br>**Parent** | **Profit<br>Attributable to<br>Owners of**<br>**Parent** | **Profit<br>Attributable to<br>Owners of**<br>**Parent** |  | **Earnings**<br>**per Share of<br>Common Stock** |
|  | **¥ million** | **%** | **%** |  | **¥** |
|  Fiscal 2025 | 1130000 | | *27.6* | | 453.49 |

---

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| | | |
|:---|:---|:---|
| Notes: | 1. | Revision of the latest announced earnings estimates for Fiscal 2025: Yes |
|  |  | Following the result from 1H, MHFG revised Consolidated Earnings Estimates for Fiscal 2025 (for the fiscal year ending March 31, 2026). |
|  |  | Profit Attributable to Owners of Parent: The latest announced estimates: ¥1,020,000 million, Revised estimates: ¥1,130,000 million, Changes from the original estimates: ¥110,000 million, 10.7% |
|  | 2. | The number of shares of common stock used in the above per share information is based on the weighted average of the average number of outstanding shares (excluding treasury stock and others) during the 1Q and 2Q, and the number of outstanding shares during the remainder of the relevant period (which is substituted with the number of outstanding shares (excluding treasury stock and others) as of September 30, 2025). |

---

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**Notes** 

**(1) Significant changes in the scope of consolidation during the period: No** 

**(2) Changes in Accounting Policies and Accounting Estimates / Restatements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Changes in accounting policies due to revisions of accounting standards: No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Changes in accounting policies other than i above: No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Changes in accounting estimates: No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Restatements: No

**(3) Issued Shares of Common Stock** 

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| | | | | |
|:---|:---|:---|:---|:---|
| i. Period-end issued shares (including treasury stock): | As of September 30, 2025 | 2,489,848,594 shares | As of March 31, 2025 | 2,513,757,794 shares |
| ii. Period-end treasury stock: | As of September 30, 2025 | 4,339,630 shares | As of March 31, 2025 | 4,233,302 shares |
| iii. Average outstanding shares: | 1st Half Fiscal 2025 | 2,497,975,963 shares | 1st Half Fiscal 2024 | 2,534,759,156 shares |

---

This immediate release is outside the scope of semi-annual audit by certified public accountants or an audit firm.

*This immediate release contains statements that constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, including estimates, forecasts, targets and plans. Such forward-looking statements do not represent any guarantee by management of future performance.*<br> *In many cases, but not all, we use such words as "aim," "anticipate," "believe," "endeavor," "estimate," "expect," "intend," "may," "plan," "probability," "project," "risk," "seek," "should," "strive," "target" and similar expressions in relation to us or our management to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions. These statements reflect our current views with respect to future events and are subject to risks, uncertainties and assumptions.*<br> *We may not be successful in implementing our business strategies, and management may fail to achieve its targets, for a wide range of possible reasons, including, without limitation: impact of geopolitical disruptions; intensification of competition in the market for financial services; incurrence of significant credit-related costs; declines in the value of our securities portfolio; changes in interest rates; foreign currency fluctuations; decrease in the market liquidity of our assets; revised assumptions or other changes related to our pension plans; a decline in our deferred tax assets; impairment of the carrying value of our long-lived assets; problems related to our information technology systems, including as a result of cyber attacks; the effect of financial transactions entered into for hedging and other similar purposes; failure to maintain required capital adequacy ratio levels and meet other financial regulatory requirements; downgrades in our credit ratings; our ability to avoid reputational harm; our ability to implement our medium-term business plan, and implement other strategic initiatives and measures effectively; the effectiveness of our operational, legal and other risk management policies; the effect of changes in general economic conditions in Japan and elsewhere; changes to applicable laws and regulations; and the effects of climate change.*<br> *Further information regarding factors that could affect our financial condition and results of operations is included in "Item 3. D. Key Information-Risk Factors" and "Item 5. Operating and Financial Review and Prospects" in our most recent Form 20-F filed with the U.S. Securities and Exchange Commission ("SEC"), which is available in the Financial Information section of our web page at www.mizuhogroup.com and also at the SEC's web site at www.sec.gov.*<br> *We do not intend to update our forward-looking statements. We are under no obligation, and disclaim any obligation, to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by the rules of the Tokyo Stock Exchange.*<br> *MHFG is a specified business company under "Cabinet Office Ordinance on Disclosure of Corporate Information, etc." Article 18 clause 2 and prepares the interim consolidated financial statements in the second quarter.*<br>

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*Mizuho Financial Group, Inc.* 

🔾 Contents of Attachment

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| | |
|:---|:---|
| 1. Interim Consolidated Financial Statements and Others | p.1-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;(1) Consolidated Balance Sheets | p.1-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income | p.1-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;(3) Consolidated Statements of Changes in Net Assets | p.1-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;(4) Note for Assumption of Going Concern | p.1-7 |
| &nbsp;&nbsp;&nbsp;&nbsp; ※SELECTED FINANCIAL INFORMATION For the Second Quarter (First Half) of Fiscal 2025 |  |

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Note to XBRL

Please note that the names of the English accounts contained in XBRL data, which are available through EDINET and TDNet, may be different from those of the English accounts in our financial statements.

An MHFG IR conference for institutional investors and analysts is scheduled for Friday, November 21, 2025. The IR conference presentation materials and audio archive will be available for use by individual investors in the IR Information section of the Mizuho Financial Group website immediately after the conference.

1-1

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*Mizuho Financial Group, Inc.* 

**1. Interim Consolidated Financial Statements and Others** 

**(1) Consolidated Balance Sheets** 

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| | | |
|:---|:---|:---|
|  | ***Millions of yen*** | ***Millions of yen*** |
|  | **As of**<br> **March 31, 2025** | **As of<br>September 30, 2025** |
|  **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and Due from Banks | ¥72483086 | ¥67287879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Call Loans and Bills Bought | 688473 | 807153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables under Resale Agreements | 28107374 | 29283179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guarantee Deposits Paid under Securities Borrowing Transactions | 2078999 | 1947582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monetary Claims Bought | 3932427 | 4480575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading Assets | 22240796 | 25710230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Held in Trust | 632025 | 755149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities | 34307574 | 38395250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans and Bills Discounted | 94108757 | 94264066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Exchanges | 2237879 | 2291125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivatives other than for Trading Assets | 3497747 | 4079390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets | 7008874 | 6711452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tangible Fixed Assets | 1122592 | 1119842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible Fixed Assets | 808897 | 861951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Defined Benefit Asset | 758783 | 630260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred Tax Assets | 237630 | 152571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customers' Liabilities for Acceptances and Guarantees | 9824242 | 10469462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance for Loan Losses | (755751) | (490037) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance for Investment Losses | (5) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | ¥283320404 | ¥288757081 |

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1-2

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*Mizuho Financial Group, Inc.* 

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| | | |
|:---|:---|:---|
|  | ***Millions of yen*** | ***Millions of yen*** |
|  | **As of**<br> **March 31, 2025** | **As of<br>September 30, 2025** |
|  **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits | ¥158746762 | ¥160362897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Negotiable Certificates of Deposit | 14398784 | 13767971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Call Money and Bills Sold | 2745165 | 3185385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables under Repurchase Agreements | 38393650 | 35925311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guarantee Deposits Received under Securities Lending Transactions | 1604389 | 2031700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Paper | 2138133 | 2245275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading Liabilities | 14290572 | 15501391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowed Money | 4008514 | 4621890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Exchanges | 840486 | 1259088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term Bonds | 724118 | 722727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds and Notes | 12877794 | 14090298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to Trust Accounts | 950946 | 975398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivatives other than for Trading Liabilities | 4566669 | 5202260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Liabilities | 6267822 | 6989717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reserve for Bonus Payments | 224246 | 147240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reserve for Variable Compensation | 2226 | 1388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Defined Benefit Liability | 68259 | 68475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reserve for Director and Corporate Auditor Retirement Benefits | 484 | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reserve for Possible Losses on Sales of Loans | 1266 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reserve for Contingencies | 22542 | 18232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reserve for Reimbursement of Deposits | 7146 | 6035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reserve for Reimbursement of Debentures | 19965 | 16039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reserves under Special Laws | 4247 | 4244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred Tax Liabilities | 21155 | 22900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred Tax Liabilities for Revaluation Reserve for Land | 47059 | 45281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acceptances and Guarantees | 9824242 | 10469462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | ¥272796651 | ¥277681073 |
|  **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stock | ¥2256767 | ¥2256767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Surplus | 1129730 | 1129730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained Earnings | 6046578 | 6451923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasury Stock | (9462) | (11319) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Shareholders' Equity** | 9423614 | 9827101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Unrealized Gains (Losses) on Other Securities | 867697 | 1200477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred Gains (Losses) on Hedges | (465204) | (587866) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revaluation Reserve for Land | 98680 | 94820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Translation Adjustments | 398783 | 364091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurements of Defined Benefit Plans | 119654 | 98241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Own Credit Risk Adjustments, Net of Tax | (1014) | (1225) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Accumulated Other Comprehensive Income** | 1018596 | 1168538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Stock Acquisition Rights** | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Non-controlling Interests** | 81536 | 80362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | 10523753 | 11076007 |
|  **Total Liabilities and Net Assets** | ¥283320404 | ¥288757081 |

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1-3

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*Mizuho Financial Group, Inc.* 

**(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income** 

**Consolidated Statements of Income** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Millions of yen*** | ***Millions of yen*** | ***Millions of yen*** |  |
|  | **For the six months<br>ended**<br>**September 30, 2024** |  | **For the six months<br>ended**<br>**September 30, 2025** |  |
|  **Ordinary Income** | ¥4585215 |  | ¥4337537 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Income | 3045939 |  | 2891300 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Interest on Loans and Bills Discounted* | *1373557* | | *1324754* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Interest and Dividends on Securities* | *431507* | | *435441* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trust Fees | 30291 |  | 31570 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fee and Commission Income | 512874 |  | 584789 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading Income | 558460 |  | 424618 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Operating Income | 228699 |  | 156662 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Ordinary Income | 208950 |  | 248595 |  |
|  **Ordinary Expenses** | 3838136 |  | 3487910 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Expenses | 2563082 |  | 2238619 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Interest on Deposits* | *874568* | | *815178* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fee and Commission Expenses | 110088 |  | 117402 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading Expenses |  |  | 1397 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Operating Expenses | 182395 |  | 102450 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and Administrative Expenses | 877168 |  | 966147 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Ordinary Expenses | 105401 |  | 61891 |  |
|  **Ordinary Profits** | 747079 |  | 849626 |  |
|  **Extraordinary Gains** | 49527 |  | 54228 |  |
|  **Extraordinary Losses** | 5447 |  | 5138 |  |
|  **Profit before Income Taxes** | 791158 |  | 898716 |  |
|  Income Taxes: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current | 187649 |  | 204950 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred | 35483 |  | 1187 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Income Taxes | 223133 |  | 206138 |  |
|  **Profit** | 568025 |  | 692578 |  |
|  **Profit Attributable to Non-controlling Interests** | 1884 |  | 2630 |  |
|  **Profit Attributable to Owners of Parent** | ¥566141 |  | ¥689947 |  |

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1-4

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*Mizuho Financial Group, Inc.* 

**Consolidated Statements of Comprehensive Income** 

---

| | | |
|:---|:---|:---|
|  | ***Millions of yen*** | ***Millions of yen*** |
|  | **For the six months<br>ended**<br>**September 30, 2024** | **For the six months<br>ended**<br>**September 30, 2025** |
|  Profit | ¥568025 | ¥692578 |
|  Other Comprehensive Income | 23813 | 153000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Unrealized Gains (Losses) on Other Securities | 18120 | 332513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred Gains (Losses) on Hedges | (6897) | (122945) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Translation Adjustments | 18117 | (13314) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurements of Defined Benefit Plans | (15925) | (21295) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Own Credit Risk Adjustments, Net of Tax | (75) | (210) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share of Other Comprehensive Income of Associates Accounted for Using Equity Method | 10474 | (21746) |
|  Comprehensive Income | &nbsp;&nbsp;&nbsp;&nbsp;591838 | &nbsp;&nbsp;&nbsp;&nbsp;845578 |
| (Breakdown) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comprehensive Income Attributable to Owners of Parent | 588854 | 843748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comprehensive Income Attributable to Non-controlling Interests | 2983 | 1830 |

---

1-5

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*Mizuho Financial Group, Inc.* 

**(3) Consolidated Statements of Changes in Net Assets** 

For the six months ended September 30, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | ***Millions of yen*** | ***Millions of yen*** | ***Millions of yen*** | ***Millions of yen*** | ***Millions of yen*** |
| | **Shareholders' Equity** | **Shareholders' Equity** | **Shareholders' Equity** | **Shareholders' Equity** | **Shareholders' Equity** |
| | **Common<br>Stock** | **Capital<br>Surplus** | **Retained<br>Earnings** | **Treasury<br>Stock** | **Total Shareholders'<br>Equity** |
|  Balance as of the beginning of the period | 2256767 | 1129730 | 5538891 | (9402) | 8915987 |
|  Changes during the period |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash Dividends |  |  | (139610) |  | (139610) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit Attributable to Owners of Parent |  |  | 566141 |  | 566141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase of Treasury Stock |  |  |  | (2772) | (2772) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposition of Treasury Stock |  | 1 |  | 2636 | 2637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer from Revaluation Reserve for Land |  |  | 25315 |  | 25315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Changes in Items other than Shareholders' Equity |  |  |  |  |  |
|  Total Changes during the period |  | 1 | 451846 | (136) | 451710 |
|  Balance as of the end of the period | 2256767 | 1129731 | 5990738 | (9539) | 9367698 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Accumulated Other Comprehensive Income** | **Accumulated Other Comprehensive Income** | **Accumulated Other Comprehensive Income** | **Accumulated Other Comprehensive Income** | **Accumulated Other Comprehensive Income** | **Accumulated Other Comprehensive Income** | **Accumulated Other Comprehensive Income** | **Stock<br>Acquisition<br>Rights** | **Non-<br>Controlling<br>Interests** | **Total<br>Net**<br>**Assets** |
| | **Net<br>Unrealized<br>Gains<br>(Losses)<br>on Other<br>Securities** | **Deferred<br>Gains or<br>Losses on<br>Hedges** | **Revaluation<br>Reserve for<br>Land** | **Foreign<br>Currency<br>Translation<br>Adjustments** | **Remeasurements<br>of Defined**<br>**Benefit Plans** | **Own Credit<br>Risk<br>Adjustments,<br>Net of Tax** | **Total<br>Accumulated<br>Other<br>Comprehensive<br>Income** | **Stock<br>Acquisition<br>Rights** | **Non-<br>Controlling<br>Interests** | **Total<br>Net**<br>**Assets** |
|  Balance as of the beginning of the period | 929815 | (298280) | 126879 | 344250 | 214337 | (452) | 1316550 | 5 | 79591 | 10312135 |
|  Changes during the period |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash Dividends |  |  |  |  |  |  |  |  |  | (139610) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit Attributable to Owners of Parent |  |  |  |  |  |  |  |  |  | 566141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase of Treasury Stock |  |  |  |  |  |  |  |  |  | (2772) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposition of Treasury Stock |  |  |  |  |  |  |  |  |  | 2637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer from Revaluation Reserve for Land |  |  |  |  |  |  |  |  |  | 25315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Changes in Items other than Shareholders' Equity | 17464 | (6770) | (25315) | 28290 | (16195) | (75) | (2601) |  | 75 | (2526) |
|  Total Changes during the period | 17464 | (6770) | (25315) | 28290 | (16195) | (75) | (2601) |  | 75 | 449184 |
|  Balance as of the end of the period | 947280 | (305050) | 101564 | 372540 | 198141 | (527) | 1313948 | 5 | 79667 | 10761319 |

---

1-6

------

*Mizuho Financial Group, Inc.* 

For the six months ended September 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | ***Millions of yen*** | ***Millions of yen*** | ***Millions of yen*** | ***Millions of yen*** | ***Millions of yen*** |
| | **Shareholders' Equity** | **Shareholders' Equity** | **Shareholders' Equity** | **Shareholders' Equity** | **Shareholders' Equity** |
| | **Common<br>Stock** | **Capital<br>Surplus** | **Retained<br>Earnings** | **Treasury<br>Stock** | **Total Shareholders'<br>Equity** |
|  Balance as of the beginning of the period | 2256767 | 1129730 | 6046578 | (9462) | 9423614 |
|  Changes during the period |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash Dividends |  |  | (188463) |  | (188463) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit Attributable to Owners of Parent |  |  | 689947 |  | 689947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase of Treasury Stock |  |  |  | (103830) | (103830) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposition of Treasury Stock |  | 1 |  | 1973 | 1975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cancellation of Treasury Stock |  | (99999) |  | 99999 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer from Revaluation Reserve for Land |  |  | 3859 |  | 3859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer from Retained Earnings to Capital Surplus |  | 99998 | (99998) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Changes in Items other than Shareholders' Equity |  |  |  |  |  |
|  Total Changes during the period |  |  | 405345 | (1857) | 403487 |
|  Balance as of the end of the period | 2256767 | 1129730 | 6451923 | (11319) | 9827101 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Accumulated Other Comprehensive Income** | **Accumulated Other Comprehensive Income** | **Accumulated Other Comprehensive Income** | **Accumulated Other Comprehensive Income** | **Accumulated Other Comprehensive Income** | **Accumulated Other Comprehensive Income** | **Accumulated Other Comprehensive Income** | **Stock<br>Acquisition<br>Rights** | **Non-<br>Controlling<br>Interests** | **Total<br>Net<br>Assets** |
| | **Net<br>Unrealized<br>Gains<br>(Losses)<br>on Other<br>Securities** | **Deferred<br>Gains or<br>Losses on<br>Hedges** | **Revaluation<br>Reserve for<br>Land** | **Foreign<br>Currency<br>Translation<br>Adjustments** | **Remeasurements<br>of Defined**<br>**Benefit Plans** | **Own Credit<br>Risk<br>Adjustments,<br>Net of Tax** | **Total<br>Accumulated<br>Other<br>Comprehensive<br>Income** | **Stock<br>Acquisition<br>Rights** | **Non-<br>Controlling<br>Interests** | **Total<br>Net<br>Assets** |
|  Balance as of the beginning of the period | 867697 | (465204) | 98680 | 398783 | 119654 | (1014) | 1018596 | 5 | 81536 | 10523753 |
|  Changes during the period |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash Dividends |  |  |  |  |  |  |  |  |  | (188463) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit Attributable to Owners of Parent |  |  |  |  |  |  |  |  |  | 689947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase of Treasury Stock |  |  |  |  |  |  |  |  |  | (103830) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposition of Treasury Stock |  |  |  |  |  |  |  |  |  | 1975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cancellation of Treasury Stock |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer from Revaluation Reserve for Land |  |  |  |  |  |  |  |  |  | 3859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer from Retained Earnings to Capital Surplus |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Changes in Items other than Shareholders' Equity | 332779 | (122662) | (3859) | (34692) | (21413) | (210) | 149941 |  | (1174) | 148767 |
|  Total Changes during the period | 332779 | (122662) | (3859) | (34692) | (21413) | (210) | 149941 |  | (1174) | 552254 |
|  Balance as of the end of the period | 1200477 | (587866) | 94820 | 364091 | 98241 | (1225) | 1168538 | 5 | 80362 | 11076007 |

---

**(4) Note for Assumption of Going Concern** 

There is no applicable information.

1-7

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**SELECTED FINANCIAL INFORMATION** 

**For the Second Quarter (First Half) of Fiscal 2025** 

**(Six months ended September 30, 2025)** 

**(Under Japanese GAAP)**![LOGO](g36983g1113170157289.jpg)

------

**C O N T E N T S** 

**Notes:** 

**"CON":** Consolidated figures for Mizuho Financial Group, Inc. ("MHFG")

**"NON":** Non-consolidated figures for Mizuho Financial Group, Inc., Mizuho Bank, Ltd. ("MHBK") and Mizuho Trust & Banking Co., Ltd. ("MHTB")

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **I. FINANCIAL DATA FOR THE FIRST HALF OF FISCAL 2025** | ***See above Notes*** | ***See above Notes*** | ***See above Notes*** | ***See above Notes*** |  | ***Page*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Income Analysis | | *CON* | | *NON* | | 2-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Interest Margins (Domestic Operations) | | *NON* | |  |  | 2-5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Use and Source of Funds | | *NON* | |  |  | 2-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Net Gains/Losses on Securities | | *CON* | | *NON* | | 2-8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Unrealized Gains/Losses on Securities | | *CON* | | *NON* | | 2-10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Projected Redemption Amounts for Securities | | *NON* | |  |  | 2-12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Employee Retirement Benefits | | *NON* | | *CON* | | 2-13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Capital Ratio | | *CON* | | *NON* | | 2-16 |
| **II. REVIEW OF CREDITS** | ***See above Notes*** | ***See above Notes*** | ***See above Notes*** | ***See above Notes*** |  | ***Page*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Status of Non Performing Loans based on the Banking Act ("BA") and the Financial Reconstruction Act ("FRA") | | *CON* | | *NON* | | 2-17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Status of Allowances for Loan Losses | | *CON* | | *NON* | | 2-21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Allowance Coverage Ratios for Non Performing Loans based on the BA and the FRA | | *CON* | | *NON* | | 2-22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Coverage on Non Performing Loans based on the BA and the FRA | | *NON* | |  |  | 2-23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Overview of Non-Performing Loans("NPLs") | | *NON* | |  |  | 2-26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Results of Removal of NPLs from the Balance Sheet | | *NON* | |  |  | 2-27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Status of Loans by Industry |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Outstanding Balances by Industry | | *NON* | |  |  | 2-28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Non Performing Loans based on the BA and the FRA and Coverage Ratio by Industry | | *NON* | |  |  | 2-30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Housing and Consumer Loans & Loans to Small and Medium-Sized Enterprises |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ("SMEs") and Individual Customers |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Balance of Housing and Consumer Loans | | *NON* | |  |  | 2-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Loans to SMEs and Individual Customers | | *NON* | |  |  | 2-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Status of Loans by Region |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Outstanding Balances by Region | | *NON* | |  |  | 2-32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Non Performing Loans based on the BA and the FRA by Region | | *NON* | |  |  | 2-33 |
| **III. OTHERS** | ***See above Notes*** | ***See above Notes*** | ***See above Notes*** | ***See above Notes*** |  | ***Page*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Estimation for Calculating Deferred Tax Assets | | *NON* | |  |  | 2-34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Breakdown of Deposits (Domestic Offices) | | *NON* | |  |  | 2-36 |

---

------

---

| | |
|:---|:---|
| **Attachments** | *Page* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mizuho Bank, Ltd. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comparison of Non-Consolidated Balance Sheets (selected items) | 2-37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comparison of Non-Consolidated Statements of Income (selected items) | 2-38 |

---

*This immediate release contains statements that constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, including estimates, forecasts, targets and plans. Such forward-looking statements do not represent any guarantee by management of future performance.* <br>*In many cases, but not all, we use such words as "aim," "anticipate," "believe," "endeavor," "estimate," "expect," "intend," "may," "plan," "probability," "project," "risk," "seek," "should," "strive," "target" and similar expressions in relation to us or our management to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions. These statements reflect our current views with respect to future events and are subject to risks, uncertainties and assumptions.* <br>*We may not be successful in implementing our business strategies, and management may fail to achieve its targets, for a wide range of possible reasons, including, without limitation: impact of geopolitical disruptions; intensification of competition in the market for financial services; incurrence of significant credit-related costs; declines in the value of our securities portfolio; changes in interest rates; foreign currency fluctuations; decrease in the market liquidity of our assets; revised assumptions or other changes related to our pension plans; a decline in our deferred tax assets; impairment of the carrying value of our long-lived assets; problems related to our information technology systems, including as a result of cyber attacks; the effect of financial transactions entered into for hedging and other similar purposes; failure to maintain required capital adequacy ratio levels and meet other financial regulatory requirements; downgrades in our credit ratings; our ability to avoid reputational harm; our ability to implement our medium-term business plan, and implement other strategic initiatives and measures effectively; the effectiveness of our operational, legal and other risk management policies; the effect of changes in general economic conditions in Japan and elsewhere; changes to applicable laws and regulations; and the effects of climate change.* <br>*Further information regarding factors that could affect our financial condition and results of operations is included in "Item 3.D. Key Information-Risk Factors" and "Item 5. Operating and Financial Review and Prospects" in our most recent Form 20-F filed with the U.S. Securities and Exchange Commission ("SEC"), which is available in the Financial Information section of our web page at www.mizuhogroup.com and also at the SEC's web site at www.sec.gov.* <br>*We do not intend to update our forward-looking statements. We are under no obligation, and disclaim any obligation, to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by the rules of the Tokyo Stock Exchange.* <br>*MHFG is a specified business company under "Cabinet Office Ordinance on Disclosure of Corporate Information, etc." Article 18 clause 2 and prepares the interim consolidated financial statements in the second quarter.*<br>

------

*Mizuho Financial Group, Inc.* 

**I. FINANCIAL DATA FOR THE FIRST HALF OF FISCAL 2025** 

**<u>1. Income Analysis</u>**

**Consolidated** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** |
|  | | **First Half of Fiscal 2025** | **First Half of Fiscal 2025** | **First Half of Fiscal 2025** | **First Half of Fiscal 2025** | **First Half of Fiscal 2024** | **First Half of Fiscal 2024** |
|  | | | | **Change** | **Change** | | |
|  Consolidated Gross Profits | 1 |  | **1629070** |  | 108371 |  | 1520698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Interest Income | 2 |  | **652680** |  | 169823 |  | 482856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trust Fees | 3 |  | **31570** |  | 1279 |  | 30291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Credit Costs of Trust Accounts* | 4 |  | **—** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Fee and Commission Income | 5 |  | **467387** |  | 64601 |  | 402786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Trading Income | 6 |  | **423220** |  | (135240) |  | 558460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Other Operating Income | 7 |  | **54212** |  | 7908 |  | 46303 |
|  General and Administrative Expenses | 8 |  | **(966147)** |  | (88978) |  | (877168) |
|  Expenses related to Portfolio Problems (including Reversal of (Provision for) General Allowance for Loan Losses) | 9 |  | **(16954)** |  | (5987) |  | (10966) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Losses on Write-offs of Loans* | 10 | **** | ***(14221*** ***)*** | | *(6269)* | | *(7952)* |
|  Gains on Reversal of Allowances for Loan Losses, and others | 11 |  | **49348** |  | 23694 |  | 25653 |
|  Net Gains (Losses) related to Stocks | 12 |  | **130448** |  | 50492 |  | 79955 |
|  Equity in Income from Investments in Affiliates | 13 |  | **26680** |  | (1091) |  | 27771 |
|  Other | 14 |  | **(2819)** |  | 16045 |  | (18865) |
|  Ordinary Profits | 15 |  | **849626** |  | 102547 |  | 747079 |
|  Net Extraordinary Gains (Losses) | 16 |  | **49089** |  | 5009 |  | 44079 |
|  Profit before Income Taxes | 17 |  | **898716** |  | 107557 |  | 791158 |
|  Income Taxes - Current | 18 |  | **(204950)** |  | (17300) |  | (187649) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Deferred | 19 |  | **(1187)** |  | 34296 |  | (35483) |
|  Profit | 20 |  | **692578** |  | 124552 |  | 568025 |
|  Profit Attributable to Non-controlling Interests | 21 |  | **(2630)** |  | (746) |  | (1884) |
|  Profit Attributable to Owners of Parent | 22 |  | **689947** |  | 123806 |  | 566141 |
|  Credit-related Costs (including Credit Costs of Trust Accounts) | 23 |  | **32394** |  | 17707 |  | 14686 |
|  <br> \* Credit-related Costs [23] = Expenses related to Portfolio Problems (including Reversal of (Provision for) General Allowance for Loan Losses) [9]<br>+ Gains on Reversal of Allowances for Loan Losses, and others [11] + Credit Costs of Trust Accounts [4] | <br> \* Credit-related Costs [23] = Expenses related to Portfolio Problems (including Reversal of (Provision for) General Allowance for Loan Losses) [9]<br>+ Gains on Reversal of Allowances for Loan Losses, and others [11] + Credit Costs of Trust Accounts [4] | <br> \* Credit-related Costs [23] = Expenses related to Portfolio Problems (including Reversal of (Provision for) General Allowance for Loan Losses) [9]<br>+ Gains on Reversal of Allowances for Loan Losses, and others [11] + Credit Costs of Trust Accounts [4] | <br> \* Credit-related Costs [23] = Expenses related to Portfolio Problems (including Reversal of (Provision for) General Allowance for Loan Losses) [9]<br>+ Gains on Reversal of Allowances for Loan Losses, and others [11] + Credit Costs of Trust Accounts [4] | <br> \* Credit-related Costs [23] = Expenses related to Portfolio Problems (including Reversal of (Provision for) General Allowance for Loan Losses) [9]<br>+ Gains on Reversal of Allowances for Loan Losses, and others [11] + Credit Costs of Trust Accounts [4] | <br> \* Credit-related Costs [23] = Expenses related to Portfolio Problems (including Reversal of (Provision for) General Allowance for Loan Losses) [9]<br>+ Gains on Reversal of Allowances for Loan Losses, and others [11] + Credit Costs of Trust Accounts [4] | <br> \* Credit-related Costs [23] = Expenses related to Portfolio Problems (including Reversal of (Provision for) General Allowance for Loan Losses) [9]<br>+ Gains on Reversal of Allowances for Loan Losses, and others [11] + Credit Costs of Trust Accounts [4] | <br> \* Credit-related Costs [23] = Expenses related to Portfolio Problems (including Reversal of (Provision for) General Allowance for Loan Losses) [9]<br>+ Gains on Reversal of Allowances for Loan Losses, and others [11] + Credit Costs of Trust Accounts [4] |
| (Reference) | (Reference) | (Reference) | (Reference) | (Reference) | (Reference) | (Reference) | (Reference) |
|  Consolidated Net Business Profits | 24 |  | **685799** |  | 30066 |  | 655732 |
|  <br> \* Consolidated Net Business Profits [24] = Consolidated Gross Profits [1] - General and Administrative Expenses (excluding Non-Recurring Losses)<br>+ Equity in Income from Investments in Affiliates and certain other consolidation adjustments | <br> \* Consolidated Net Business Profits [24] = Consolidated Gross Profits [1] - General and Administrative Expenses (excluding Non-Recurring Losses)<br>+ Equity in Income from Investments in Affiliates and certain other consolidation adjustments | <br> \* Consolidated Net Business Profits [24] = Consolidated Gross Profits [1] - General and Administrative Expenses (excluding Non-Recurring Losses)<br>+ Equity in Income from Investments in Affiliates and certain other consolidation adjustments | <br> \* Consolidated Net Business Profits [24] = Consolidated Gross Profits [1] - General and Administrative Expenses (excluding Non-Recurring Losses)<br>+ Equity in Income from Investments in Affiliates and certain other consolidation adjustments | <br> \* Consolidated Net Business Profits [24] = Consolidated Gross Profits [1] - General and Administrative Expenses (excluding Non-Recurring Losses)<br>+ Equity in Income from Investments in Affiliates and certain other consolidation adjustments | <br> \* Consolidated Net Business Profits [24] = Consolidated Gross Profits [1] - General and Administrative Expenses (excluding Non-Recurring Losses)<br>+ Equity in Income from Investments in Affiliates and certain other consolidation adjustments | <br> \* Consolidated Net Business Profits [24] = Consolidated Gross Profits [1] - General and Administrative Expenses (excluding Non-Recurring Losses)<br>+ Equity in Income from Investments in Affiliates and certain other consolidation adjustments | <br> \* Consolidated Net Business Profits [24] = Consolidated Gross Profits [1] - General and Administrative Expenses (excluding Non-Recurring Losses)<br>+ Equity in Income from Investments in Affiliates and certain other consolidation adjustments |
|  Number of consolidated subsidiaries | 25 |  | **253** |  | 27 |  | 226 |
|  Number of affiliates under the equity method | 26 |  | **27** |  | 1 |  | 26 |

---

2-1

------

*Mizuho Financial Group, Inc.* 

**Aggregate Figures for the 2 Banks** 

**Non-Consolidated** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** |
|  | | **First Half of Fiscal 2025** | **First Half of Fiscal 2025** | **First Half of Fiscal 2025** | **First Half of Fiscal 2025** | **First Half of Fiscal 2025** | **First Half of Fiscal 2025** | **First Half of Fiscal 2025** | **First Half of Fiscal 2025** | **First Half of Fiscal 2024** | **First Half of Fiscal 2024** |
|  | | **MHBK** | **MHBK** | **MHTB** | **MHTB** | **Aggregate<br>Figures** | **Aggregate<br>Figures** | **Change** | **Change** | | |
|  Gross Profits | 1 |  | **922041** |  | **58902** |  | **980943** |  | 53081 |  | 927861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic Gross Profits | 2 |  | **606709** |  | **57227** |  | **663937** |  | 152566 |  | 511370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Interest Income | 3 |  | **395983** |  | **11222** |  | **407206** |  | 95391 |  | 311814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trust Fees | 4 |  |  |  | **31758** |  | **31758** |  | 1242 |  | 30516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Trust Fees for Jointly Operated Designated Money Trust* | 5 |  |  | **** | ***1744*** | **** | ***1744*** | | *(112* | | *1857* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Credit Costs of Trust Accounts <sup>\*(1)</sup>* | 6 |  |  |  | **—** |  | **—** | | *—* | | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Fee and Commission Income | 7 |  | **135308** |  | **13857** |  | **149166** |  | 12470 |  | 136695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Trading Income | 8 |  | **38776** |  |  |  | **38776** |  | 31665 |  | 7110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Other Operating Income | 9 |  | **36640** |  | **389** |  | **37029** |  | 11796 |  | 25233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Gross Profits | 10 |  | **315331** |  | **1674** |  | **317006** |  | (99484) |  | 416491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Interest Income | 11 |  | **245397** |  | **1544** |  | **246941** |  | 55260 |  | 191680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Fee and Commission Income | 12 |  | **62283** |  | **132** |  | **62415** |  | 4122 |  | 58293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Trading Income | 13 |  | **66180** |  |  |  | **66180** |  | (106945) |  | 173125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Other Operating Income | 14 |  | **(58528** |  | **(2** |  | **(58531** |  | (51922) |  | (6608) |
|  General and Administrative Expenses (excluding Non-Recurring Losses) | 15 |  | **(467040** |  | **(41262** |  | **(508303** |  | (22029) |  | (486274) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Expense Ratio* | 16 | **** | ***50.6*** | **** | ***70.0*** | **** | ***51.8*** | | *(0.5* | | *52.4* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personnel Expenses | 17 |  | **(166354** |  | **(21596** |  | **(187950** |  | (3398) |  | (184551) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Personnel Expenses | 18 |  | **(270901** |  | **(17523** |  | **(288425** |  | (20777) |  | (267647) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Premium for Deposit Insurance* | 19 | **** | ***(9174*** | **** | ***(226*** | **** | ***(9401*** | | *(604* | | *(8796* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous Taxes | 20 |  | **(29784** |  | **(2142** |  | **(31927** |  | 2146 |  | (34074) |
|  Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) | 21 |  | **455000** |  | **17639** |  | **472639** |  | 31052 |  | 441586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas <sup>\*(2)</sup> | 22 |  | **476797** |  | **17478** |  | **494275** |  | 120989 |  | 373286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Excluding Net Gains (Losses) from redemption of Investment Trusts* | 23 | **** | ***462532*** | **** | ***17478*** | **** | ***480011*** | | *114990* | | *365020* |
|  Reversal of (Provision for) General Allowance for Loan Losses | 24 |  | **—** |  | **—** |  | **—** |  |  |  |  |
|  Net Business Profits | 25 |  | **455000** |  | **17639** |  | **472639** |  | 31052 |  | 441586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Gains (Losses) related to Bonds* | 26 | **** | ***(21797*** | **** | ***161*** | **** | ***(21636*** | | *(89937* | | *68300* |
|  Net Non-Recurring Gains (Losses) | 27 |  | **145839** |  | **7552** |  | **153391** |  | 53977 |  | 99413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Gains (Losses) related to Stocks | 28 |  | **124107** |  | **5406** |  | **129513** |  | 54207 |  | 75306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses related to Portfolio Problems | 29 |  | **(16259** |  | **(6** |  | **(16266** |  | (6257) |  | (10009) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains on Reversal of Allowances for Loan Losses, and others | 30 |  | **46469** |  | **516** |  | **46985** |  | 22471 |  | 24514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 31 |  | **(8478** |  | **1636** |  | **(6841** |  | (16443) |  | 9601 |
|  Ordinary Profits | 32 |  | **600839** |  | **25191** |  | **626030** |  | 85030 |  | 541000 |
|  Net Extraordinary Gains (Losses) | 33 |  | **38092** |  | **11512** |  | **49604** |  | 6688 |  | 42915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Gains (Losses) on Disposition of Fixed Assets* | 34 | **** | ***7287*** | **** | ***855*** | **** | ***8143*** | | *(24527* | | *32671* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Losses on Impairment of Fixed Assets* | 35 | **** | ***(971*** | **** | ***(10*** | **** | ***(981*** | | *(127* | | *(854* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Gains on Cancellation of Employee Retirement Benefit Trust* | 36 | **** | ***31029*** | **** | ***7536*** | **** | ***38566*** | | *34777* | | *3788* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Accumulation (Amortization) of Unrecognized Prior Service Cost* | 37 | **** | ***—*** | **** | ***—*** | **** | ***—*** | | *(7310* | | *7310* |
|  Profit before Income Taxes | 38 |  | **638931** |  | **36703** |  | **675634** |  | 91718 |  | 583916 |
|  Income Taxes - Current | 39 |  | **(151239** |  | **(10888** |  | **(162127** |  | 27030 |  | (189158) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Deferred | 40 |  | **(1668** |  | **1978** |  | **310** |  | (23585) |  | 23895 |
|  Profit | 41 |  | **486023** |  | **27793** |  | **513817** |  | 95164 |  | 418653 |
|  <br> \*(1) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) for MHTB excludes the amounts of "Credit Costs of Trust Accounts" [6]. | <br> \*(1) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) for MHTB excludes the amounts of "Credit Costs of Trust Accounts" [6]. | <br> \*(1) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) for MHTB excludes the amounts of "Credit Costs of Trust Accounts" [6]. | <br> \*(1) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) for MHTB excludes the amounts of "Credit Costs of Trust Accounts" [6]. | <br> \*(1) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) for MHTB excludes the amounts of "Credit Costs of Trust Accounts" [6]. | <br> \*(1) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) for MHTB excludes the amounts of "Credit Costs of Trust Accounts" [6]. | <br> \*(1) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) for MHTB excludes the amounts of "Credit Costs of Trust Accounts" [6]. | <br> \*(1) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) for MHTB excludes the amounts of "Credit Costs of Trust Accounts" [6]. | <br> \*(1) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) for MHTB excludes the amounts of "Credit Costs of Trust Accounts" [6]. | <br> \*(1) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) for MHTB excludes the amounts of "Credit Costs of Trust Accounts" [6]. | <br> \*(1) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) for MHTB excludes the amounts of "Credit Costs of Trust Accounts" [6]. | <br> \*(1) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) for MHTB excludes the amounts of "Credit Costs of Trust Accounts" [6]. |
|  \*(2) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas[22] | \*(2) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas[22] | \*(2) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas[22] | \*(2) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas[22] | \*(2) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas[22] | \*(2) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas[22] | \*(2) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas[22] | \*(2) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas[22] | \*(2) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas[22] | \*(2) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas[22] | \*(2) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas[22] | \*(2) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas[22] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; =Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses)[21]-Net Gains (Losses) related to Bonds[26] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; =Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses)[21]-Net Gains (Losses) related to Bonds[26] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; =Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses)[21]-Net Gains (Losses) related to Bonds[26] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; =Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses)[21]-Net Gains (Losses) related to Bonds[26] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; =Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses)[21]-Net Gains (Losses) related to Bonds[26] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; =Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses)[21]-Net Gains (Losses) related to Bonds[26] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; =Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses)[21]-Net Gains (Losses) related to Bonds[26] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; =Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses)[21]-Net Gains (Losses) related to Bonds[26] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; =Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses)[21]-Net Gains (Losses) related to Bonds[26] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; =Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses)[21]-Net Gains (Losses) related to Bonds[26] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; =Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses)[21]-Net Gains (Losses) related to Bonds[26] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; =Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses)[21]-Net Gains (Losses) related to Bonds[26] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit-related Costs | 42 |  | **30209** |  | **509** |  | **30719** |  | 16214 |  | 14505 |
|  <br> Credit-related Costs [42] = Expenses related to Portfolio Problems [29] + Reversal of (Provision for) General Allowance for Loan Losses [24] + Gains on Reversal of Allowances for Loan Losses, and others [30] + Credit Costs of Trust Accounts [6] | <br> Credit-related Costs [42] = Expenses related to Portfolio Problems [29] + Reversal of (Provision for) General Allowance for Loan Losses [24] + Gains on Reversal of Allowances for Loan Losses, and others [30] + Credit Costs of Trust Accounts [6] | <br> Credit-related Costs [42] = Expenses related to Portfolio Problems [29] + Reversal of (Provision for) General Allowance for Loan Losses [24] + Gains on Reversal of Allowances for Loan Losses, and others [30] + Credit Costs of Trust Accounts [6] | <br> Credit-related Costs [42] = Expenses related to Portfolio Problems [29] + Reversal of (Provision for) General Allowance for Loan Losses [24] + Gains on Reversal of Allowances for Loan Losses, and others [30] + Credit Costs of Trust Accounts [6] | <br> Credit-related Costs [42] = Expenses related to Portfolio Problems [29] + Reversal of (Provision for) General Allowance for Loan Losses [24] + Gains on Reversal of Allowances for Loan Losses, and others [30] + Credit Costs of Trust Accounts [6] | <br> Credit-related Costs [42] = Expenses related to Portfolio Problems [29] + Reversal of (Provision for) General Allowance for Loan Losses [24] + Gains on Reversal of Allowances for Loan Losses, and others [30] + Credit Costs of Trust Accounts [6] | <br> Credit-related Costs [42] = Expenses related to Portfolio Problems [29] + Reversal of (Provision for) General Allowance for Loan Losses [24] + Gains on Reversal of Allowances for Loan Losses, and others [30] + Credit Costs of Trust Accounts [6] | <br> Credit-related Costs [42] = Expenses related to Portfolio Problems [29] + Reversal of (Provision for) General Allowance for Loan Losses [24] + Gains on Reversal of Allowances for Loan Losses, and others [30] + Credit Costs of Trust Accounts [6] | <br> Credit-related Costs [42] = Expenses related to Portfolio Problems [29] + Reversal of (Provision for) General Allowance for Loan Losses [24] + Gains on Reversal of Allowances for Loan Losses, and others [30] + Credit Costs of Trust Accounts [6] | <br> Credit-related Costs [42] = Expenses related to Portfolio Problems [29] + Reversal of (Provision for) General Allowance for Loan Losses [24] + Gains on Reversal of Allowances for Loan Losses, and others [30] + Credit Costs of Trust Accounts [6] | <br> Credit-related Costs [42] = Expenses related to Portfolio Problems [29] + Reversal of (Provision for) General Allowance for Loan Losses [24] + Gains on Reversal of Allowances for Loan Losses, and others [30] + Credit Costs of Trust Accounts [6] | <br> Credit-related Costs [42] = Expenses related to Portfolio Problems [29] + Reversal of (Provision for) General Allowance for Loan Losses [24] + Gains on Reversal of Allowances for Loan Losses, and others [30] + Credit Costs of Trust Accounts [6] |
| (Reference) Breakdown of Credit-related Costs |  |  |  |  |  |  |  |  |  |  |  |
|  Credit Costs of Trust Accounts | 43 |  |  |  | **—** |  | **—** |  |  |  |  |
|  Reversal of (Provision for) General Allowance for Loan Losses | 44 |  | **3589** |  | **494** |  | **4084** |  | (31978) |  | 36062 |
|  Losses on Write-offs of Loans | 45 |  | **(11269** |  | **3** |  | **(11266** |  | (9575) |  | (1691) |
|  Reversal of (Provision for) Specific Allowance for Loan Losses | 46 |  | **17520** |  | **11** |  | **17532** |  | 40958 |  | (23426) |
|  Reversal of (Provision for) Allowance for Loan Losses to Restructuring Countries | 47 |  | **23517** |  | **—** |  | **23517** |  | 17586 |  | 5930 |
|  Reversal of (Provision for) Reserve for Contingencies | 48 |  | **(1646** |  | **—** |  | **(1646** |  | (2183) |  | 537 |
|  Other (including Losses on Sales of Loans) | 49 |  | **(1501** |  | **—** |  | **(1501** |  | 1405 |  | (2906) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 50 |  | **30209** |  | **509** |  | **30719** |  | 16214 |  | 14505 |

---

2-2

------

*Mizuho Financial Group, Inc.* 

**Mizuho Bank** 

**Non-Consolidated** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** |
|  | | **First Half of Fiscal 2025** | **First Half of Fiscal 2025** | **First Half of Fiscal 2025** | **First Half of Fiscal 2025** | **First Half of Fiscal 2024** | **First Half of Fiscal 2024** |
|  | | | | **Change** | **Change** | | |
|  Gross Profits | 1 |  | **922041** |  | 48097 |  | 873944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic Gross Profits | 2 |  | **606709** |  | 149347 |  | 457361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Interest Income | 3 |  | **395983** |  | 95114 |  | 300869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Fee and Commission Income | 4 |  | **135308** |  | 11073 |  | 124235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Trading Income | 5 |  | **38776** |  | 31665 |  | 7110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Other Operating Income | 6 |  | **36640** |  | 11494 |  | 25146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Gross Profits | 7 |  | **315331** |  | (101250) |  | 416582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Interest Income | 8 |  | **245397** |  | 53729 |  | 191667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Fee and Commission Income | 9 |  | **62283** |  | 3880 |  | 58403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Trading Income | 10 |  | **66180** |  | (106945) |  | 173125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Other Operating Income | 11 |  | **(58528** |  | (51914) |  | (6614) |
|  General and Administrative Expenses (excluding Non-Recurring Losses) | 12 |  | **(467040)** |  | (24733) |  | (442307) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Expense Ratio* | 13 | **** | ***50.6*** | | *0.0* | | *50.6* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personnel Expenses | 14 |  | **(166354** |  | (3656) |  | (162698) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Personnel Expenses | 15 |  | **(270901** |  | (23485) |  | (247416) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Premium for Deposit Insurance* | 16 | | *(9174* | | *(635* | | *(8539* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous Taxes | 17 |  | **(29784** |  | 2408 |  | (32193) |
|  Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) | 18 |  | **455000** |  | 23363 |  | 431636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas \* | 19 |  | **476797** |  | 113463 |  | 363334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Excluding Net Gains (Losses) from redemption of Investment Trusts* | 20 | **** | ***462532*** | | *107464* | | *355068* |
|  Reversal of (Provision for) General Allowance for Loan Losses | 21 |  | **—** |  |  |  |  |
|  Net Business Profits | 22 |  | **455000** |  | 23363 |  | 431636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Gains (Losses) related to Bonds* | 23 | **** | ***(21797*** | | *(90099* | | *68302* |
|  Net Non-Recurring Gains (Losses) | 24 |  | **145839** |  | 59998 |  | 85840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Gains (Losses) related to Stocks | 25 |  | **124107** |  | 58383 |  | 65724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses related to Portfolio Problems | 26 |  | **(16259** |  | (6250) |  | (10009) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains on Reversal of Allowances for Loan Losses, and others | 27 |  | **46469** |  | 22133 |  | 24336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 28 |  | **(8478** |  | (14267) |  | 5788 |
|  Ordinary Profits | 29 |  | **600839** |  | 83362 |  | 517476 |
|  Net Extraordinary Gains (Losses) | 30 |  | **38092** |  | (3816) |  | 41908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Gains (Losses) on Disposition of Fixed Assets* | 31 | **** | ***7287*** | | *(25671* | | *32959* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Losses on Impairment of Fixed Assets* | 32 | **** | ***(971*** | | *(117* | | *(854* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Gains on Cancellation of Employee Retirement Benefit Trust* | 33 | **** | ***31029*** | | *27595* | | *3434* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Accumulation (Amortization) of Unrecognized Prior Service Cost* | 34 | **** | *—* | | *(6368* | | *6368* |
|  Profit before Income Taxes | 35 |  | **638931** |  | 79546 |  | 559384 |
|  Income Taxes - Current | 36 |  | **(151239** |  | 33096 |  | (184336) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Deferred | 37 |  | **(1668** |  | (27316) |  | 25648 |
|  Profit | 38 |  | **486023** |  | 85326 |  | 400696 |
|  <br> \* Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas[19]<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; =Net Business Profits(before Reversal of (Provision for) General Allowance for Loan Losses)[18]-Net Gains (Losses) related to Bonds[23] | <br> \* Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas[19]<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; =Net Business Profits(before Reversal of (Provision for) General Allowance for Loan Losses)[18]-Net Gains (Losses) related to Bonds[23] | <br> \* Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas[19]<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; =Net Business Profits(before Reversal of (Provision for) General Allowance for Loan Losses)[18]-Net Gains (Losses) related to Bonds[23] | <br> \* Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas[19]<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; =Net Business Profits(before Reversal of (Provision for) General Allowance for Loan Losses)[18]-Net Gains (Losses) related to Bonds[23] | <br> \* Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas[19]<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; =Net Business Profits(before Reversal of (Provision for) General Allowance for Loan Losses)[18]-Net Gains (Losses) related to Bonds[23] | <br> \* Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas[19]<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; =Net Business Profits(before Reversal of (Provision for) General Allowance for Loan Losses)[18]-Net Gains (Losses) related to Bonds[23] | <br> \* Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas[19]<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; =Net Business Profits(before Reversal of (Provision for) General Allowance for Loan Losses)[18]-Net Gains (Losses) related to Bonds[23] | <br> \* Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas[19]<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; =Net Business Profits(before Reversal of (Provision for) General Allowance for Loan Losses)[18]-Net Gains (Losses) related to Bonds[23] |
|  Credit-related Costs | 39 |  | **30209** |  | 15882 |  | 14327 |
|  <br> Credit-related Costs [39] = Expenses related to Portfolio Problems [26] + Reversal of (Provision for) General Allowance for Loan Losses [21] + Gains on Reversal of Allowances for Loan Losses, and others [27] | <br> Credit-related Costs [39] = Expenses related to Portfolio Problems [26] + Reversal of (Provision for) General Allowance for Loan Losses [21] + Gains on Reversal of Allowances for Loan Losses, and others [27] | <br> Credit-related Costs [39] = Expenses related to Portfolio Problems [26] + Reversal of (Provision for) General Allowance for Loan Losses [21] + Gains on Reversal of Allowances for Loan Losses, and others [27] | <br> Credit-related Costs [39] = Expenses related to Portfolio Problems [26] + Reversal of (Provision for) General Allowance for Loan Losses [21] + Gains on Reversal of Allowances for Loan Losses, and others [27] | <br> Credit-related Costs [39] = Expenses related to Portfolio Problems [26] + Reversal of (Provision for) General Allowance for Loan Losses [21] + Gains on Reversal of Allowances for Loan Losses, and others [27] | <br> Credit-related Costs [39] = Expenses related to Portfolio Problems [26] + Reversal of (Provision for) General Allowance for Loan Losses [21] + Gains on Reversal of Allowances for Loan Losses, and others [27] | <br> Credit-related Costs [39] = Expenses related to Portfolio Problems [26] + Reversal of (Provision for) General Allowance for Loan Losses [21] + Gains on Reversal of Allowances for Loan Losses, and others [27] | <br> Credit-related Costs [39] = Expenses related to Portfolio Problems [26] + Reversal of (Provision for) General Allowance for Loan Losses [21] + Gains on Reversal of Allowances for Loan Losses, and others [27] |
|  Reference: Breakdown of Credit-related Costs |  |  |  |  |  |  |  |
|  Reversal of (Provision for) General Allowance for Loan Losses | 40 |  | **3589** |  | (32476) |  | 36065 |
|  Losses on Write-offs of Loans | 41 |  | **(11269** |  | (9578) |  | (1691) |
|  Reversal of (Provision for) Specific Allowance for Loan Losses | 42 |  | **17520** |  | 41128 |  | (23607) |
|  Reversal of (Provision for) Allowance for Loan Losses to Restructuring Countries | 43 |  | **23517** |  | 17586 |  | 5930 |
|  Reversal of (Provision for) Reserve for Contingencies | 44 |  | **(1646** |  | (2183) |  | 537 |
|  Other (including Losses on Sales of Loans) | 45 |  | **(1501** |  | 1405 |  | (2906) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 46 |  | **30209** |  | 15882 |  | 14327 |

---

2-3

------

*Mizuho Financial Group, Inc.* 

**Mizuho Trust & Banking** 

**Non-Consolidated**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** |
|  | | **First Half of Fiscal 2025** | **First Half of Fiscal 2025** | **First Half of Fiscal 2025** | **First Half of Fiscal 2025** | **First Half of Fiscal 2024** | **First Half of Fiscal 2024** |
|  | | | | **Change** | **Change** | | |
|  Gross Profits | 1 |  | **58902** |  | 4984 |  | 53917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic Gross Profits | 2 |  | **57227** |  | 3219 |  | 54008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Interest Income | 3 |  | **11222** |  | 277 |  | 10945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trust Fees | 4 |  | **31758** |  | 1242 |  | 30516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Trust Fees for Jointly Operated Designated Money Trust* | 5 | **** | ***1744*** | | *(112* | | *1857* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Credit Costs of Trust Accounts <sup>\*(1)</sup>* | 6 | **** | ***—*** | | *—* | | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Fee and Commission Income | 7 |  | **13857** |  | 1396 |  | 12460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Other Operating Income | 8 |  | **389** |  | 302 |  | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Gross Profits | 9 |  | **1674** |  | 1765 |  | (91) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Interest Income | 10 |  | **1544** |  | 1531 |  | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Fee and Commission Income | 11 |  | **132** |  | 242 |  | (110) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Other Operating Income | 12 |  | **(2** |  | (7) |  | 5 |
|  General and Administrative Expenses (excluding Non-Recurring Losses) | 13 |  | **(41262)** |  | 2703 |  | (43966) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Expense Ratio* | 14 | **** | ***70.0*** | | *(11.4* | | *81.5* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personnel Expenses | 15 |  | **(21596** |  | 257 |  | (21853) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Personnel Expenses | 16 |  | **(17523** |  | 2707 |  | (20231) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Premium for Deposit Insurance* | 17 | **** | ***(226*** | | *30* | | *(257* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous Taxes | 18 |  | **(2142** |  | (261) |  | (1881) |
|  Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) | 19 |  | **17639** |  | 7688 |  | 9950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas <sup>\*(2)</sup> | 20 |  | **17478** |  | 7525 |  | 9952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Excluding Net Gains (Losses) from redemption of Investment Trusts* | 21 | **** | ***17478*** | | *7525* | | *9952* |
|  Reversal of (Provision for) General Allowance for Loan Losses | 22 |  | **—** |  |  |  |  |
|  Net Business Profits | 23 |  | **17639** |  | 7688 |  | 9950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Gains (Losses) related to Bonds* | 24 | **** | ***161*** | | *162* | | *(1* |
|  Net Non-Recurring Gains (Losses) | 25 |  | **7552** |  | (6020) |  | 13573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Gains (Losses) related to Stocks | 26 |  | **5406** |  | (4176) |  | 9582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses related to Portfolio Problems | 27 |  | **(6** |  | (6) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains on Reversal of Allowances for Loan Losses, and others | 28 |  | **516** |  | 338 |  | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 29 |  | **1636** |  | (2175) |  | 3812 |
|  Ordinary Profits | 30 |  | **25191** |  | 1667 |  | 23523 |
|  Net Extraordinary Gains (Losses) | 31 |  | **11512** |  | 10504 |  | 1007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Gains (Losses) on Disposition of Fixed Assets* | 32 | **** | ***855*** | | *1144* | | *(288* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Losses on Impairment of Fixed Assets* | 33 | **** | ***(10*** | | *(10* | | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Gains on Cancellation of Employee Retirement Benefit Trust* | 34 | **** | ***7536*** | | *7182* | | *354* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Accumulation (Amortization) of Unrecognized Prior Service Cost* | 35 | **** | *—* | | *(941* | | *941* |
|  Profit before Income Taxes | 36 |  | **36703** |  | 12172 |  | 24531 |
|  Income Taxes - Current | 37 |  | **(10888** |  | (6066) |  | (4822) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Deferred | 38 |  | **1978** |  | 3731 |  | (1752) |
|  Profit | 39 |  | **27793** |  | 9837 |  | 17956 |
|  <br> \*(1) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) excludes the amounts of "Credit Costs of Trust Accounts" [6]. | <br> \*(1) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) excludes the amounts of "Credit Costs of Trust Accounts" [6]. | <br> \*(1) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) excludes the amounts of "Credit Costs of Trust Accounts" [6]. | <br> \*(1) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) excludes the amounts of "Credit Costs of Trust Accounts" [6]. | <br> \*(1) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) excludes the amounts of "Credit Costs of Trust Accounts" [6]. | <br> \*(1) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) excludes the amounts of "Credit Costs of Trust Accounts" [6]. | <br> \*(1) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) excludes the amounts of "Credit Costs of Trust Accounts" [6]. | <br> \*(1) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) excludes the amounts of "Credit Costs of Trust Accounts" [6]. |
|  \*(2) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas[20] | \*(2) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas[20] | \*(2) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas[20] | \*(2) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas[20] | \*(2) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas[20] | \*(2) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas[20] | \*(2) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas[20] | \*(2) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas[20] |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; =Net Business Profits(before Reversal of (Provision for) General Allowance for Loan Losses)[19]-Net Gains (Losses) related to Bonds[24] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; =Net Business Profits(before Reversal of (Provision for) General Allowance for Loan Losses)[19]-Net Gains (Losses) related to Bonds[24] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; =Net Business Profits(before Reversal of (Provision for) General Allowance for Loan Losses)[19]-Net Gains (Losses) related to Bonds[24] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; =Net Business Profits(before Reversal of (Provision for) General Allowance for Loan Losses)[19]-Net Gains (Losses) related to Bonds[24] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; =Net Business Profits(before Reversal of (Provision for) General Allowance for Loan Losses)[19]-Net Gains (Losses) related to Bonds[24] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; =Net Business Profits(before Reversal of (Provision for) General Allowance for Loan Losses)[19]-Net Gains (Losses) related to Bonds[24] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; =Net Business Profits(before Reversal of (Provision for) General Allowance for Loan Losses)[19]-Net Gains (Losses) related to Bonds[24] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; =Net Business Profits(before Reversal of (Provision for) General Allowance for Loan Losses)[19]-Net Gains (Losses) related to Bonds[24] |
|  Credit-related Costs | 40 |  | **509** |  | 331 |  | 178 |
|  <br> Credit-related Costs [40] = Expenses related to Portfolio Problems [27] + Reversal of (Provision for) General Allowance for Loan Losses [22] + Gains on Reversal of Allowances for Loan Losses, and others [28] + Credit Costs of Trust Accounts [6] | <br> Credit-related Costs [40] = Expenses related to Portfolio Problems [27] + Reversal of (Provision for) General Allowance for Loan Losses [22] + Gains on Reversal of Allowances for Loan Losses, and others [28] + Credit Costs of Trust Accounts [6] | <br> Credit-related Costs [40] = Expenses related to Portfolio Problems [27] + Reversal of (Provision for) General Allowance for Loan Losses [22] + Gains on Reversal of Allowances for Loan Losses, and others [28] + Credit Costs of Trust Accounts [6] | <br> Credit-related Costs [40] = Expenses related to Portfolio Problems [27] + Reversal of (Provision for) General Allowance for Loan Losses [22] + Gains on Reversal of Allowances for Loan Losses, and others [28] + Credit Costs of Trust Accounts [6] | <br> Credit-related Costs [40] = Expenses related to Portfolio Problems [27] + Reversal of (Provision for) General Allowance for Loan Losses [22] + Gains on Reversal of Allowances for Loan Losses, and others [28] + Credit Costs of Trust Accounts [6] | <br> Credit-related Costs [40] = Expenses related to Portfolio Problems [27] + Reversal of (Provision for) General Allowance for Loan Losses [22] + Gains on Reversal of Allowances for Loan Losses, and others [28] + Credit Costs of Trust Accounts [6] | <br> Credit-related Costs [40] = Expenses related to Portfolio Problems [27] + Reversal of (Provision for) General Allowance for Loan Losses [22] + Gains on Reversal of Allowances for Loan Losses, and others [28] + Credit Costs of Trust Accounts [6] | <br> Credit-related Costs [40] = Expenses related to Portfolio Problems [27] + Reversal of (Provision for) General Allowance for Loan Losses [22] + Gains on Reversal of Allowances for Loan Losses, and others [28] + Credit Costs of Trust Accounts [6] |
|  Reference: Breakdown of Credit-related Costs |  |  |  |  |  |  |  |
|  Credit Costs of Trust Accounts | 41 |  |  |  |  |  |  |
|  Reversal of (Provision for) General Allowance for Loan Losses | 42 |  | **494** |  | 497 |  | (2) |
|  Losses on Write-offs of Loans | 43 |  | **3** |  | 3 |  | 0 |
|  Reversal of (Provision for) Specific Allowance for Loan Losses | 44 |  | **11** |  | (169) |  | 180 |
|  Reversal of (Provision for) Allowance for Loan Losses to Restructuring Countries | 45 |  | **—** |  |  |  |  |
|  Reversal of (Provision for) Reserve for Contingencies | 46 |  | **—** |  |  |  |  |
|  Other (including Losses on Sales of Loans) | 47 |  | **—** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 48 |  | **509** |  | 331 |  | 178 |

---

2-4

------

*Mizuho Financial Group, Inc.* 

**<u>2. Interest Margins (Domestic Operations)</u>**

**Non-Consolidated** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | **(%)** | **(%)** | **(%)** |
|  |  |  | **First Half of Fiscal 2025** | **First Half of Fiscal 2025** | **First Half of Fiscal 2024** |
| **Mizuho Bank** |  |  | | **Change** | |
|  Return on Interest-Earning Assets |  | 1 | **0.89** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | 0.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return on Loans and Bills Discounted (1) |  | 2 | **1.24** | 0.36 | 0.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return on Securities |  | 3 | **1.16** | 0.50 | 0.65 |
|  Cost of Funding (including Expenses) |  | 4 | **0.83** | 0.27 | 0.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of Deposits (including Expenses) |  | 5 | **0.78** | 0.21 | 0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of Deposits (2) |  | 6 | **0.18** | 0.15 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of Other External Liabilities |  | 7 | **0.74** | 0.33 | 0.41 |
|  Net Interest Margin | (1)-(4) | 8 | **0.05** | 0.08 | (0.02) |
|  Loan and Deposit Rate Margin (including Expenses) | (2)-(5) | 9 | **0.45** | 0.15 | 0.30 |
|  Loan and Deposit Rate Margin | (2)-(6) | 10 | **1.05** | 0.20 | 0.84 |
| <br> (1) Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG). | <br> (1) Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG). | <br> (1) Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG). | <br> (1) Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG). | <br> (1) Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG). | <br> (1) Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG). |
| (2) Deposits include Negotiable Certificates of Deposit ("NCDs"). | (2) Deposits include Negotiable Certificates of Deposit ("NCDs"). | (2) Deposits include Negotiable Certificates of Deposit ("NCDs"). | (2) Deposits include Negotiable Certificates of Deposit ("NCDs"). | (2) Deposits include Negotiable Certificates of Deposit ("NCDs"). | (2) Deposits include Negotiable Certificates of Deposit ("NCDs"). |
| Reference: After excluding loans to the Japanese government and others | Reference: After excluding loans to the Japanese government and others | Reference: After excluding loans to the Japanese government and others | Reference: After excluding loans to the Japanese government and others | Reference: After excluding loans to the Japanese government and others | Reference: After excluding loans to the Japanese government and others |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return on Loans and Bills Discounted |  | 11 | **1.27** | 0.37 | 0.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan and Deposit Rate Margin (including Expenses) | (11)-(5) | 12 | **0.48** | 0.15 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan and Deposit Rate Margin | (11)-(6) | 13 | **1.08** | 0.21 | 0.87 |
|  |  |  | **(%)** | **(%)** | **(%)** |
|  |  |  | **First Half of Fiscal 2025** | **First Half of Fiscal 2025** | **First Half of Fiscal 2024** |
| **Mizuho Trust & Banking** |  |  |  | **Change** |  |
|  Return on Interest-Earning Assets |  | 14 | **1.03** | 0.40 | 0.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return on Loans and Bills Discounted (1) |  | 15 | **1.02** | 0.29 | 0.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return on Securities |  | 16 | **3.54** | 0.00 | 3.54 |
|  Cost of Funding |  | 17 | **0.50** | 0.33 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of Deposits (2) |  | 18 | **0.23** | 0.18 | 0.04 |
|  Net Interest Margin | (14)-(17) | 19 | **0.52** | 0.06 | 0.46 |
|  Loan and Deposit Rate Margin | (15)-(18) | 20 | **0.78** | 0.10 | 0.68 |
| <br> (1) Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG). | <br> (1) Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG). | <br> (1) Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG). | <br> (1) Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG). | <br> (1) Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG). | <br> (1) Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG). |
| (2) Deposits include NCDs. | (2) Deposits include NCDs. | (2) Deposits include NCDs. | (2) Deposits include NCDs. | (2) Deposits include NCDs. | (2) Deposits include NCDs. |
|  Reference: After excluding loans to the Japanese government and others | Reference: After excluding loans to the Japanese government and others | Reference: After excluding loans to the Japanese government and others | Reference: After excluding loans to the Japanese government and others | Reference: After excluding loans to the Japanese government and others | Reference: After excluding loans to the Japanese government and others |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return on Loans and Bills Discounted |  | 21 | **1.02** | 0.29 | 0.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan and Deposit Rate Margin | (21)-(18) | 22 | **0.78** | 0.10 | 0.68 |
| Reference |  |  | **(%)** | **(%)** | **(%)** |
|  |  |  | **First Half of Fiscal 2025** | **First Half of Fiscal 2025** | **First Half of Fiscal 2024** |
| **Aggregate Figures for the 2 Banks** | **Aggregate Figures for the 2 Banks** | **Aggregate Figures for the 2 Banks** |  | **Change** |  |
|  Return on Loans and Bills Discounted (1) |  | 23 | **1.23** | 0.36 | 0.87 |
|  Cost of Deposits (2) |  | 24 | **0.18** | 0.15 | 0.02 |
|  Loan and Deposit Rate Margin | (23)-(24) | 25 | **1.04** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| <br> (1) Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG). | <br> (1) Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG). | <br> (1) Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG). | <br> (1) Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG). | <br> (1) Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG). | <br> (1) Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG). |
| (2) Deposits include NCDs. | (2) Deposits include NCDs. | (2) Deposits include NCDs. | (2) Deposits include NCDs. | (2) Deposits include NCDs. | (2) Deposits include NCDs. |
|  Reference: After excluding loans to the Japanese government and others | Reference: After excluding loans to the Japanese government and others | Reference: After excluding loans to the Japanese government and others | Reference: After excluding loans to the Japanese government and others | Reference: After excluding loans to the Japanese government and others | Reference: After excluding loans to the Japanese government and others |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return on Loans and Bills Discounted |  | 26 | **1.26** | 0.37 | 0.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan and Deposit Rate Margin | (26)-(24) | 27 | **1.07** | 0.21 | 0.86 |

---

2-5

------

*Mizuho Financial Group, Inc.* 

**<u>3. Use and Source of Funds</u>** 

Non-Consolidated

**Mizuho Bank** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | ***(Millions of yen, %)*** | ***(Millions of yen, %)*** | ***(Millions of yen, %)*** | ***(Millions of yen, %)*** | ***(Millions of yen, %)*** | ***(Millions of yen, %)*** | ***(Millions of yen, %)*** | ***(Millions of yen, %)*** | ***(Millions of yen, %)*** | ***(Millions of yen, %)*** | ***(Millions of yen, %)*** | ***(Millions of yen, %)*** |  |
|  | **First Half of Fiscal 2025** | **First Half of Fiscal 2025** | **First Half of Fiscal 2025** | **First Half of Fiscal 2025** | **First Half of Fiscal 2025** | **First Half of Fiscal 2025** | **First Half of Fiscal 2025** | **First Half of Fiscal 2025** | **First Half of Fiscal 2024** | **First Half of Fiscal 2024** | **First Half of Fiscal 2024** | **First Half of Fiscal 2024** |  |
|  | | | | | **Change** | **Change** | **Change** | **Change** | | | | |  |
|  | **Average<br>Balance** | **Average<br>Balance** | **Rate** | **Rate** | **Average Balance** | **Average Balance** | **Rate** | **Rate** | **Average Balance** | **Average Balance** | **Rate** | **Rate** |  |
|  **Total** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Use of Funds |  | **208976378** |  | **2.26** |  | 2319388 |  | (0.14) |  | 206656989 |  | 2.40 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Loans and Bills Discounted* | **** | ***92491614*** | **** | ***2.65*** | | *1197456* | | *(0.12* | | *91294158* | | *2.78* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Securities* | **** | ***35316025*** | **** | ***2.39*** | | *(3136149* | | *0.28* | | *38452174* | | *2.10* | |
|  Source of Funds |  | **209995172** |  | **1.64** |  | (908403) |  | (0.24) |  | 210903575 |  | 1.88 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Deposits* | **** | ***154265751*** | **** | ***0.99*** | | *(113131* | | *(0.08* | | *154378883* | | *1.08* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *NCDs* | **** | ***13930535*** | **** | ***3.46*** | | *2452776* | | *(0.38* | | *11477758* | | *3.85* | |
| **Domestic Operations** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Use of Funds |  | **131553431** |  | **0.89** |  | 2677569 |  | 0.35 |  | 128875861 |  | 0.53 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Loans and Bills Discounted* | **** | ***56320760*** | **** | ***1.22*** | | *289295* | | *0.36* | | *56031465* | | *0.86* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Securities* | **** | ***16367743*** | **** | ***1.16*** | | *(2440761* | | *0.50* | | *18808504* | | *0.65* | |
|  Source of Funds |  | **131469372** |  | **0.29** |  | (649236) |  | 0.22 |  | 132118608 |  | 0.06 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Deposits* | **** | ***115547261*** | **** | ***0.17*** | | *(930100* | | *0.15* | | *116477361* | | *0.02* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *NCDs* | **** | ***2803221*** | **** | ***0.39*** | | *(152533* | | *0.35* | | *2955755* | | *0.04* | |
| **International Operations** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Use of Funds |  | **78721796** |  | **4.54** |  | 53023 |  | (0.89) |  | 78668773 |  | 5.44 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Loans and Bills Discounted* | **** | ***36170853*** | **** | ***4.88*** | | *908160* | | *(0.95* | | *35262693* | | *5.84* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Securities* | **** | ***18948282*** | **** | ***3.46*** | | *(695387* | | *(0.03* | | *19643670* | | *3.49* | |
|  Source of Funds |  | **79824650** |  | **3.87** |  | 152037 |  | (1.02) |  | 79672613 |  | 4.89 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Deposits* | **** | ***38718490*** | **** | ***3.43*** | | *816968* | | *(0.90* | | *37901522* | | *4.34* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *NCDs* | **** | ***11127313*** | **** | ***4.23*** | | *2605310* | | *(0.93* | | *8522003* | | *5.16* | |

---

2-6

------

*Mizuho Financial Group, Inc.* 

**Mizuho Trust & Banking (Banking Account)** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | ***(Millions of yen, %)*** | ***(Millions of yen, %)*** | ***(Millions of yen, %)*** | ***(Millions of yen, %)*** | ***(Millions of yen, %)*** | ***(Millions of yen, %)*** | ***(Millions of yen, %)*** | ***(Millions of yen, %)*** | ***(Millions of yen, %)*** | ***(Millions of yen, %)*** | ***(Millions of yen, %)*** | ***(Millions of yen, %)*** |  |
|  | **First Half of Fiscal 2025** | **First Half of Fiscal 2025** | **First Half of Fiscal 2025** | **First Half of Fiscal 2025** | **First Half of Fiscal 2025** | **First Half of Fiscal 2025** | **First Half of Fiscal 2025** | **First Half of Fiscal 2025** | **First Half of Fiscal 2024** | **First Half of Fiscal 2024** | **First Half of Fiscal 2024** | **First Half of Fiscal 2024** |  |
|  | | | | | **Change** | **Change** | **Change** | **Change** | | | | |  |
|  | **Average<br>Balance** | **Average<br>Balance** | **Rate** | **Rate** | **Average Balance** | **Average Balance** | **Rate** | **Rate** | **Average Balance** | **Average Balance** | **Rate** | **Rate** |  |
|  **Total** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Use of Funds |  | **4025984** |  | **1.11** |  | (621795) |  | 0.47 |  | 4647779 |  | 0.64 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Loans and Bills Discounted* | **** | ***2502252*** | **** | ***1.04*** | | *(310458* | | *0.29* | | *2812710* | | *0.75* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Securities* | **** | ***264386*** | **** | ***4.57*** | | *88730* | | *1.20* | | *175656* | | *3.37* | |
|  Source of Funds |  | **3788781** |  | **0.51** |  | (654518) |  | 0.33 |  | 4443300 |  | 0.18 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Deposits* | **** | ***1776365*** | **** | ***0.23*** | | *(869680* | | *0.18* | | *2646045* | | *0.04* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *NCDs* | **** | ***224180*** | **** | ***0.27*** | | *(84018* | | *0.19* | | *308199* | | *0.08* | |
| **Domestic Operations** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Use of Funds |  | **4018026** |  | **1.03** |  | (617542) |  | 0.40 |  | 4635568 |  | 0.63 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Loans and Bills Discounted* | **** | ***2488748*** | **** | ***1.03*** | | *(305704* | | *0.29* | | *2794452* | | *0.73* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Securities* | **** | ***256298*** | **** | ***3.54*** | | *88958* | | *0.00* | | *167340* | | *3.54* | |
|  Source of Funds |  | **3780217** |  | **0.50** |  | (650533) |  | 0.33 |  | 4430750 |  | 0.16 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Deposits* | **** | ***1774515*** | **** | ***0.23*** | | *(868982* | | *0.18* | | *2643497* | | *0.04* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *NCDs* | **** | ***224180*** | **** | ***0.27*** | | *(84018* | | *0.19* | | *308199* | | *0.08* | |
| **International Operations** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Use of Funds |  | **30005** |  | **11.53** |  | (5009) |  | 9.78 |  | 35014 |  | 1.75 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Loans and Bills Discounted* | **** | ***13503*** | **** | ***3.34*** | | *(4753* | | *0.00* | | *18257* | | *3.33* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Securities* | **** | ***8088*** | **** | ***37.19*** | | *(228* | | *37.19* | | *8316* | | *—* | |
|  Source of Funds |  | **30612** |  | **1.24** |  | (4741) |  | (0.41) |  | 35353 |  | 1.65 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Deposits* | **** | ***1850*** | **** | ***0.08*** | | *(697* | | *0.05* | | *2548* | | *0.03* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *NCDs* | **** | ***—*** | **** | ***—*** | | *—* | | *—* | | *—* | | *—* | |

---

2-7

------

*Mizuho Financial Group, Inc.* 

**<u>4. Net Gains/Losses on Securities</u>** 

**Consolidated** 

---

| | | | |
|:---|:---|:---|:---|
|  | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** |
|  | **First Half of Fiscal 2025** | **First Half of Fiscal 2025** | **First Half of Fiscal 2024** |
|  | | **Change** | |
|  Net Gains (Losses) related to Bonds | **(17421)** | (84876) | 67454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains on Sales and Others | **49870** | (42479) | 92349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses on Sales and Others | **(65850)** | (36453) | (29397) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment (Devaluation) | **(222)** | 136 | (359) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of (Provision for) Allowance for Investment Losses | **—** | 0 | (0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains (Losses) on Derivatives other than for Trading | **(1219)** | (6081) | 4861 |
|  | **First Half of Fiscal 2025** | **First Half of Fiscal 2025** | **First Half of Fiscal 2024** |
|  |  | **Change** |  |
|  Net Gains (Losses) related to Stocks | **130448** | 50492 | 79955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains on Sales | **153428** | 1383 | 152045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses on Sales | **(13596)** | 51980 | (65576) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment (Devaluation) | **(5310)** | (1926) | (3383) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of (Provision for) Allowance for Investment Losses | **—** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains (Losses) on Derivatives other than for Trading | **(4073)** | (944) | (3128) |
| **Non-Consolidated**<br>**Aggregate Figures for the 2 Banks** | **Non-Consolidated**<br>**Aggregate Figures for the 2 Banks** | **Non-Consolidated**<br>**Aggregate Figures for the 2 Banks** | **Non-Consolidated**<br>**Aggregate Figures for the 2 Banks** |
|  | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** |
|  | **First Half of Fiscal 2025** | **First Half of Fiscal 2025** | **First Half of Fiscal 2024** |
|  |  | **Change** |  |
|  Net Gains (Losses) related to Bonds | **(21636)** | (89937) | 68300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains on Sales and Others | **48394** | (43986) | 92380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses on Sales and Others | **(68589)** | (40006) | (28582) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment (Devaluation) | **(222)** | 136 | (359) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of (Provision for) Allowance for Investment Losses | **—** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains (Losses) on Derivatives other than for Trading | **(1219)** | (6081) | 4861 |
|  | **First Half of Fiscal 2025** | **First Half of Fiscal 2025** | **First Half of Fiscal 2024** |
|  |  | **Change** |  |
|  Net Gains (Losses) related to Stocks | **129513** | 54207 | 75306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains on Sales | **145344** | 3079 | 142264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses on Sales | **(9487)** | 52752 | (62239) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment (Devaluation) | **(2269)** | (680) | (1589) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of (Provision for) Allowance for Investment Losses | **—** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains (Losses) on Derivatives other than for Trading | **(4073)** | (944) | (3128) |

---

2-8

------

*Mizuho Financial Group, Inc.* 

---

| | | | |
|:---|:---|:---|:---|
| **Mizuho Bank** | **Mizuho Bank** | **Mizuho Bank** | **Mizuho Bank** |
|  | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** |
|  | **First Half of Fiscal 2025** | **First Half of Fiscal 2025** | **First Half of Fiscal 2024** |
|  | | **Change** | |
|  Net Gains (Losses) related to Bonds | **(21797)** | (90099) | 68302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains on Sales and Others | **48226** | (44154) | 92380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses on Sales and Others | **(68581)** | (40000) | (28581) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment (Devaluation) | **(222)** | 136 | (359) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of (Provision for) Allowance for Investment Losses | **—** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains (Losses) on Derivatives other than for Trading | **(1219)** | (6081) | 4861 |
|  | **First Half of Fiscal 2025** | **First Half of Fiscal 2025** | **First Half of Fiscal 2024** |
|  |  | **Change** |  |
|  Net Gains (Losses) related to Stocks | **124107** | 58383 | 65724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains on Sales | **139807** | 7224 | 132582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses on Sales | **(9359)** | 52812 | (62172) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment (Devaluation) | **(2266)** | (709) | (1557) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of (Provision for) Allowance for Investment Losses | **—** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains (Losses) on Derivatives other than for Trading | **(4073)** | (944) | (3128) |
| **Mizuho Trust & Banking** | **Mizuho Trust & Banking** | **Mizuho Trust & Banking** | **Mizuho Trust & Banking** |
|  | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** |
|  | **First Half of Fiscal 2025** | **First Half of Fiscal 2025** | **First Half of Fiscal 2024** |
|  |  | **Change** |  |
|  Net Gains (Losses) related to Bonds | **161** | 162 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains on Sales and Others | **168** | 168 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses on Sales and Others | **(7)** | (5) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment (Devaluation) | **—** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of (Provision for) Allowance for Investment Losses | **—** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains (Losses) on Derivatives other than for Trading | **—** |  |  |
|  | **First Half of Fiscal 2025** | **First Half of Fiscal 2025** | **First Half of Fiscal 2024** |
|  |  | **Change** |  |
|  Net Gains (Losses) related to Stocks | **5406** | (4176) | 9582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains on Sales | **5536** | (4144) | 9681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses on Sales | **(127)** | (59) | (67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment (Devaluation) | **(3)** | 28 | (31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of (Provision for) Allowance for Investment Losses | **—** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains (Losses) on Derivatives other than for Trading | **—** |  |  |

---

2-9

------

*Mizuho Financial Group, Inc.* 

**<u>5. Unrealized Gains/Losses on Securities</u>**

**•** **Stocks and others without a quoted market price and Investments in Partnerships are excluded.** 

**Consolidated** 

**(1) Other Securities** 

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** |  |
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** |  |
|  | **Book Value** | **Book Value** | **Unrealized Gains/Losses** | **Unrealized Gains/Losses** | **Unrealized Gains/Losses** | **Unrealized Gains/Losses** | **Unrealized Gains/Losses** | **Unrealized Gains/Losses** | **Book Value** | **Book Value** | **Unrealized Gains/Losses** | **Unrealized Gains/Losses** | **Unrealized Gains/Losses** | **Unrealized Gains/Losses** | **Unrealized Gains/Losses** | **Unrealized Gains/Losses** |  |
|  | **(= Fair Value)** | **(= Fair Value)** | | | **Gains** | **Gains** | **Losses** | **Losses** | **(= Fair Value)** | **(= Fair Value)** | | | **Gains** | **Gains** | **Losses** | **Losses** |  |
|  Other Securities |  | **32394328** |  | **1722284** |  | **2254464** |  | **532180** |  | 28315442 |  | 1244399 |  | 1851895 |  | 607496 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japanese Stocks |  | **2943420** |  | **2153059** |  | **2156179** |  | **3120** |  | 2602868 |  | 1785453 |  | 1791933 |  | 6480 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japanese Bonds |  | **13590063** |  | **(110303)** |  | **7401** |  | **117705** |  | 11250832 |  | (79654) |  | 7249 |  | 86903 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Japanese Government Bonds* | **** | ***10992499*** | **** | ***(46358*** ***)*** | **** | ***533*** | **** | ***46891*** | | *8370439* | | *(18664)* | | *64* | | *18728* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  | **15860844** |  | **(320470)** |  | **90884** |  | **411354** |  | 14461741 |  | (461398) |  | 52713 |  | 514112 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Foreign Bonds* | **** | ***13210043*** | **** | ***(318152*** ***)*** | **** | ***27875*** | **** | ***346028*** | | *12116540* | | *(384921)* | | *18368* | | *403290* | |
| • In addition to "Securities" on the consolidated balance sheets, NCDs in "Cash and Due from Banks," certain items in "Monetary Claims Bought" and certain items in "Other Assets" are also included.<br> • Other Securities mainly including Foreign Bonds are hedged by using derivative instruments, which apply the deferred method of hedge accounting. Deferred Hedge Gains/Losses before tax adjustment as of September 30, 2025 and March 31, 2025 are ¥(63848) million (Foreign Bonds ¥(13584) million and Japanese Government Bonds ¥858 million) and ¥33,528 million (Foreign Bonds ¥39,715 million and Japanese Government Bonds ¥975 million), respectively. Unrealized Gains/Losses applying deferred hedging accounting among hedging instruments as of September 30, 2025 and March 31, 2025 are ¥1,658,436 million (Foreign Bonds ¥(331737) million and Japanese Government Bonds ¥(45499) million) and ¥1,277,928 million (Foreign Bonds ¥(345206) million and Japanese Government Bonds ¥(17688) million), respectively.<br> • Unrealized Gains/Losses on Other Securities as of September 30, 2025 and March 31, 2025 include translation differences and others regarding stocks and others without a quoted market price and Investments in Partnerships, and are recorded directly to Net Assets after tax and consolidation adjustments, excluding the amount recognized in the consolidated balance sheet by applying the fair-value hedge accounting and others.<br>**(2) Bonds Held to Maturity** | • In addition to "Securities" on the consolidated balance sheets, NCDs in "Cash and Due from Banks," certain items in "Monetary Claims Bought" and certain items in "Other Assets" are also included.<br> • Other Securities mainly including Foreign Bonds are hedged by using derivative instruments, which apply the deferred method of hedge accounting. Deferred Hedge Gains/Losses before tax adjustment as of September 30, 2025 and March 31, 2025 are ¥(63848) million (Foreign Bonds ¥(13584) million and Japanese Government Bonds ¥858 million) and ¥33,528 million (Foreign Bonds ¥39,715 million and Japanese Government Bonds ¥975 million), respectively. Unrealized Gains/Losses applying deferred hedging accounting among hedging instruments as of September 30, 2025 and March 31, 2025 are ¥1,658,436 million (Foreign Bonds ¥(331737) million and Japanese Government Bonds ¥(45499) million) and ¥1,277,928 million (Foreign Bonds ¥(345206) million and Japanese Government Bonds ¥(17688) million), respectively.<br> • Unrealized Gains/Losses on Other Securities as of September 30, 2025 and March 31, 2025 include translation differences and others regarding stocks and others without a quoted market price and Investments in Partnerships, and are recorded directly to Net Assets after tax and consolidation adjustments, excluding the amount recognized in the consolidated balance sheet by applying the fair-value hedge accounting and others.<br>**(2) Bonds Held to Maturity** | • In addition to "Securities" on the consolidated balance sheets, NCDs in "Cash and Due from Banks," certain items in "Monetary Claims Bought" and certain items in "Other Assets" are also included.<br> • Other Securities mainly including Foreign Bonds are hedged by using derivative instruments, which apply the deferred method of hedge accounting. Deferred Hedge Gains/Losses before tax adjustment as of September 30, 2025 and March 31, 2025 are ¥(63848) million (Foreign Bonds ¥(13584) million and Japanese Government Bonds ¥858 million) and ¥33,528 million (Foreign Bonds ¥39,715 million and Japanese Government Bonds ¥975 million), respectively. Unrealized Gains/Losses applying deferred hedging accounting among hedging instruments as of September 30, 2025 and March 31, 2025 are ¥1,658,436 million (Foreign Bonds ¥(331737) million and Japanese Government Bonds ¥(45499) million) and ¥1,277,928 million (Foreign Bonds ¥(345206) million and Japanese Government Bonds ¥(17688) million), respectively.<br> • Unrealized Gains/Losses on Other Securities as of September 30, 2025 and March 31, 2025 include translation differences and others regarding stocks and others without a quoted market price and Investments in Partnerships, and are recorded directly to Net Assets after tax and consolidation adjustments, excluding the amount recognized in the consolidated balance sheet by applying the fair-value hedge accounting and others.<br>**(2) Bonds Held to Maturity** | • In addition to "Securities" on the consolidated balance sheets, NCDs in "Cash and Due from Banks," certain items in "Monetary Claims Bought" and certain items in "Other Assets" are also included.<br> • Other Securities mainly including Foreign Bonds are hedged by using derivative instruments, which apply the deferred method of hedge accounting. Deferred Hedge Gains/Losses before tax adjustment as of September 30, 2025 and March 31, 2025 are ¥(63848) million (Foreign Bonds ¥(13584) million and Japanese Government Bonds ¥858 million) and ¥33,528 million (Foreign Bonds ¥39,715 million and Japanese Government Bonds ¥975 million), respectively. Unrealized Gains/Losses applying deferred hedging accounting among hedging instruments as of September 30, 2025 and March 31, 2025 are ¥1,658,436 million (Foreign Bonds ¥(331737) million and Japanese Government Bonds ¥(45499) million) and ¥1,277,928 million (Foreign Bonds ¥(345206) million and Japanese Government Bonds ¥(17688) million), respectively.<br> • Unrealized Gains/Losses on Other Securities as of September 30, 2025 and March 31, 2025 include translation differences and others regarding stocks and others without a quoted market price and Investments in Partnerships, and are recorded directly to Net Assets after tax and consolidation adjustments, excluding the amount recognized in the consolidated balance sheet by applying the fair-value hedge accounting and others.<br>**(2) Bonds Held to Maturity** | • In addition to "Securities" on the consolidated balance sheets, NCDs in "Cash and Due from Banks," certain items in "Monetary Claims Bought" and certain items in "Other Assets" are also included.<br> • Other Securities mainly including Foreign Bonds are hedged by using derivative instruments, which apply the deferred method of hedge accounting. Deferred Hedge Gains/Losses before tax adjustment as of September 30, 2025 and March 31, 2025 are ¥(63848) million (Foreign Bonds ¥(13584) million and Japanese Government Bonds ¥858 million) and ¥33,528 million (Foreign Bonds ¥39,715 million and Japanese Government Bonds ¥975 million), respectively. Unrealized Gains/Losses applying deferred hedging accounting among hedging instruments as of September 30, 2025 and March 31, 2025 are ¥1,658,436 million (Foreign Bonds ¥(331737) million and Japanese Government Bonds ¥(45499) million) and ¥1,277,928 million (Foreign Bonds ¥(345206) million and Japanese Government Bonds ¥(17688) million), respectively.<br> • Unrealized Gains/Losses on Other Securities as of September 30, 2025 and March 31, 2025 include translation differences and others regarding stocks and others without a quoted market price and Investments in Partnerships, and are recorded directly to Net Assets after tax and consolidation adjustments, excluding the amount recognized in the consolidated balance sheet by applying the fair-value hedge accounting and others.<br>**(2) Bonds Held to Maturity** | • In addition to "Securities" on the consolidated balance sheets, NCDs in "Cash and Due from Banks," certain items in "Monetary Claims Bought" and certain items in "Other Assets" are also included.<br> • Other Securities mainly including Foreign Bonds are hedged by using derivative instruments, which apply the deferred method of hedge accounting. Deferred Hedge Gains/Losses before tax adjustment as of September 30, 2025 and March 31, 2025 are ¥(63848) million (Foreign Bonds ¥(13584) million and Japanese Government Bonds ¥858 million) and ¥33,528 million (Foreign Bonds ¥39,715 million and Japanese Government Bonds ¥975 million), respectively. Unrealized Gains/Losses applying deferred hedging accounting among hedging instruments as of September 30, 2025 and March 31, 2025 are ¥1,658,436 million (Foreign Bonds ¥(331737) million and Japanese Government Bonds ¥(45499) million) and ¥1,277,928 million (Foreign Bonds ¥(345206) million and Japanese Government Bonds ¥(17688) million), respectively.<br> • Unrealized Gains/Losses on Other Securities as of September 30, 2025 and March 31, 2025 include translation differences and others regarding stocks and others without a quoted market price and Investments in Partnerships, and are recorded directly to Net Assets after tax and consolidation adjustments, excluding the amount recognized in the consolidated balance sheet by applying the fair-value hedge accounting and others.<br>**(2) Bonds Held to Maturity** | • In addition to "Securities" on the consolidated balance sheets, NCDs in "Cash and Due from Banks," certain items in "Monetary Claims Bought" and certain items in "Other Assets" are also included.<br> • Other Securities mainly including Foreign Bonds are hedged by using derivative instruments, which apply the deferred method of hedge accounting. Deferred Hedge Gains/Losses before tax adjustment as of September 30, 2025 and March 31, 2025 are ¥(63848) million (Foreign Bonds ¥(13584) million and Japanese Government Bonds ¥858 million) and ¥33,528 million (Foreign Bonds ¥39,715 million and Japanese Government Bonds ¥975 million), respectively. Unrealized Gains/Losses applying deferred hedging accounting among hedging instruments as of September 30, 2025 and March 31, 2025 are ¥1,658,436 million (Foreign Bonds ¥(331737) million and Japanese Government Bonds ¥(45499) million) and ¥1,277,928 million (Foreign Bonds ¥(345206) million and Japanese Government Bonds ¥(17688) million), respectively.<br> • Unrealized Gains/Losses on Other Securities as of September 30, 2025 and March 31, 2025 include translation differences and others regarding stocks and others without a quoted market price and Investments in Partnerships, and are recorded directly to Net Assets after tax and consolidation adjustments, excluding the amount recognized in the consolidated balance sheet by applying the fair-value hedge accounting and others.<br>**(2) Bonds Held to Maturity** | • In addition to "Securities" on the consolidated balance sheets, NCDs in "Cash and Due from Banks," certain items in "Monetary Claims Bought" and certain items in "Other Assets" are also included.<br> • Other Securities mainly including Foreign Bonds are hedged by using derivative instruments, which apply the deferred method of hedge accounting. Deferred Hedge Gains/Losses before tax adjustment as of September 30, 2025 and March 31, 2025 are ¥(63848) million (Foreign Bonds ¥(13584) million and Japanese Government Bonds ¥858 million) and ¥33,528 million (Foreign Bonds ¥39,715 million and Japanese Government Bonds ¥975 million), respectively. Unrealized Gains/Losses applying deferred hedging accounting among hedging instruments as of September 30, 2025 and March 31, 2025 are ¥1,658,436 million (Foreign Bonds ¥(331737) million and Japanese Government Bonds ¥(45499) million) and ¥1,277,928 million (Foreign Bonds ¥(345206) million and Japanese Government Bonds ¥(17688) million), respectively.<br> • Unrealized Gains/Losses on Other Securities as of September 30, 2025 and March 31, 2025 include translation differences and others regarding stocks and others without a quoted market price and Investments in Partnerships, and are recorded directly to Net Assets after tax and consolidation adjustments, excluding the amount recognized in the consolidated balance sheet by applying the fair-value hedge accounting and others.<br>**(2) Bonds Held to Maturity** | • In addition to "Securities" on the consolidated balance sheets, NCDs in "Cash and Due from Banks," certain items in "Monetary Claims Bought" and certain items in "Other Assets" are also included.<br> • Other Securities mainly including Foreign Bonds are hedged by using derivative instruments, which apply the deferred method of hedge accounting. Deferred Hedge Gains/Losses before tax adjustment as of September 30, 2025 and March 31, 2025 are ¥(63848) million (Foreign Bonds ¥(13584) million and Japanese Government Bonds ¥858 million) and ¥33,528 million (Foreign Bonds ¥39,715 million and Japanese Government Bonds ¥975 million), respectively. Unrealized Gains/Losses applying deferred hedging accounting among hedging instruments as of September 30, 2025 and March 31, 2025 are ¥1,658,436 million (Foreign Bonds ¥(331737) million and Japanese Government Bonds ¥(45499) million) and ¥1,277,928 million (Foreign Bonds ¥(345206) million and Japanese Government Bonds ¥(17688) million), respectively.<br> • Unrealized Gains/Losses on Other Securities as of September 30, 2025 and March 31, 2025 include translation differences and others regarding stocks and others without a quoted market price and Investments in Partnerships, and are recorded directly to Net Assets after tax and consolidation adjustments, excluding the amount recognized in the consolidated balance sheet by applying the fair-value hedge accounting and others.<br>**(2) Bonds Held to Maturity** | • In addition to "Securities" on the consolidated balance sheets, NCDs in "Cash and Due from Banks," certain items in "Monetary Claims Bought" and certain items in "Other Assets" are also included.<br> • Other Securities mainly including Foreign Bonds are hedged by using derivative instruments, which apply the deferred method of hedge accounting. Deferred Hedge Gains/Losses before tax adjustment as of September 30, 2025 and March 31, 2025 are ¥(63848) million (Foreign Bonds ¥(13584) million and Japanese Government Bonds ¥858 million) and ¥33,528 million (Foreign Bonds ¥39,715 million and Japanese Government Bonds ¥975 million), respectively. Unrealized Gains/Losses applying deferred hedging accounting among hedging instruments as of September 30, 2025 and March 31, 2025 are ¥1,658,436 million (Foreign Bonds ¥(331737) million and Japanese Government Bonds ¥(45499) million) and ¥1,277,928 million (Foreign Bonds ¥(345206) million and Japanese Government Bonds ¥(17688) million), respectively.<br> • Unrealized Gains/Losses on Other Securities as of September 30, 2025 and March 31, 2025 include translation differences and others regarding stocks and others without a quoted market price and Investments in Partnerships, and are recorded directly to Net Assets after tax and consolidation adjustments, excluding the amount recognized in the consolidated balance sheet by applying the fair-value hedge accounting and others.<br>**(2) Bonds Held to Maturity** | • In addition to "Securities" on the consolidated balance sheets, NCDs in "Cash and Due from Banks," certain items in "Monetary Claims Bought" and certain items in "Other Assets" are also included.<br> • Other Securities mainly including Foreign Bonds are hedged by using derivative instruments, which apply the deferred method of hedge accounting. Deferred Hedge Gains/Losses before tax adjustment as of September 30, 2025 and March 31, 2025 are ¥(63848) million (Foreign Bonds ¥(13584) million and Japanese Government Bonds ¥858 million) and ¥33,528 million (Foreign Bonds ¥39,715 million and Japanese Government Bonds ¥975 million), respectively. Unrealized Gains/Losses applying deferred hedging accounting among hedging instruments as of September 30, 2025 and March 31, 2025 are ¥1,658,436 million (Foreign Bonds ¥(331737) million and Japanese Government Bonds ¥(45499) million) and ¥1,277,928 million (Foreign Bonds ¥(345206) million and Japanese Government Bonds ¥(17688) million), respectively.<br> • Unrealized Gains/Losses on Other Securities as of September 30, 2025 and March 31, 2025 include translation differences and others regarding stocks and others without a quoted market price and Investments in Partnerships, and are recorded directly to Net Assets after tax and consolidation adjustments, excluding the amount recognized in the consolidated balance sheet by applying the fair-value hedge accounting and others.<br>**(2) Bonds Held to Maturity** | • In addition to "Securities" on the consolidated balance sheets, NCDs in "Cash and Due from Banks," certain items in "Monetary Claims Bought" and certain items in "Other Assets" are also included.<br> • Other Securities mainly including Foreign Bonds are hedged by using derivative instruments, which apply the deferred method of hedge accounting. Deferred Hedge Gains/Losses before tax adjustment as of September 30, 2025 and March 31, 2025 are ¥(63848) million (Foreign Bonds ¥(13584) million and Japanese Government Bonds ¥858 million) and ¥33,528 million (Foreign Bonds ¥39,715 million and Japanese Government Bonds ¥975 million), respectively. Unrealized Gains/Losses applying deferred hedging accounting among hedging instruments as of September 30, 2025 and March 31, 2025 are ¥1,658,436 million (Foreign Bonds ¥(331737) million and Japanese Government Bonds ¥(45499) million) and ¥1,277,928 million (Foreign Bonds ¥(345206) million and Japanese Government Bonds ¥(17688) million), respectively.<br> • Unrealized Gains/Losses on Other Securities as of September 30, 2025 and March 31, 2025 include translation differences and others regarding stocks and others without a quoted market price and Investments in Partnerships, and are recorded directly to Net Assets after tax and consolidation adjustments, excluding the amount recognized in the consolidated balance sheet by applying the fair-value hedge accounting and others.<br>**(2) Bonds Held to Maturity** | • In addition to "Securities" on the consolidated balance sheets, NCDs in "Cash and Due from Banks," certain items in "Monetary Claims Bought" and certain items in "Other Assets" are also included.<br> • Other Securities mainly including Foreign Bonds are hedged by using derivative instruments, which apply the deferred method of hedge accounting. Deferred Hedge Gains/Losses before tax adjustment as of September 30, 2025 and March 31, 2025 are ¥(63848) million (Foreign Bonds ¥(13584) million and Japanese Government Bonds ¥858 million) and ¥33,528 million (Foreign Bonds ¥39,715 million and Japanese Government Bonds ¥975 million), respectively. Unrealized Gains/Losses applying deferred hedging accounting among hedging instruments as of September 30, 2025 and March 31, 2025 are ¥1,658,436 million (Foreign Bonds ¥(331737) million and Japanese Government Bonds ¥(45499) million) and ¥1,277,928 million (Foreign Bonds ¥(345206) million and Japanese Government Bonds ¥(17688) million), respectively.<br> • Unrealized Gains/Losses on Other Securities as of September 30, 2025 and March 31, 2025 include translation differences and others regarding stocks and others without a quoted market price and Investments in Partnerships, and are recorded directly to Net Assets after tax and consolidation adjustments, excluding the amount recognized in the consolidated balance sheet by applying the fair-value hedge accounting and others.<br>**(2) Bonds Held to Maturity** | • In addition to "Securities" on the consolidated balance sheets, NCDs in "Cash and Due from Banks," certain items in "Monetary Claims Bought" and certain items in "Other Assets" are also included.<br> • Other Securities mainly including Foreign Bonds are hedged by using derivative instruments, which apply the deferred method of hedge accounting. Deferred Hedge Gains/Losses before tax adjustment as of September 30, 2025 and March 31, 2025 are ¥(63848) million (Foreign Bonds ¥(13584) million and Japanese Government Bonds ¥858 million) and ¥33,528 million (Foreign Bonds ¥39,715 million and Japanese Government Bonds ¥975 million), respectively. Unrealized Gains/Losses applying deferred hedging accounting among hedging instruments as of September 30, 2025 and March 31, 2025 are ¥1,658,436 million (Foreign Bonds ¥(331737) million and Japanese Government Bonds ¥(45499) million) and ¥1,277,928 million (Foreign Bonds ¥(345206) million and Japanese Government Bonds ¥(17688) million), respectively.<br> • Unrealized Gains/Losses on Other Securities as of September 30, 2025 and March 31, 2025 include translation differences and others regarding stocks and others without a quoted market price and Investments in Partnerships, and are recorded directly to Net Assets after tax and consolidation adjustments, excluding the amount recognized in the consolidated balance sheet by applying the fair-value hedge accounting and others.<br>**(2) Bonds Held to Maturity** | • In addition to "Securities" on the consolidated balance sheets, NCDs in "Cash and Due from Banks," certain items in "Monetary Claims Bought" and certain items in "Other Assets" are also included.<br> • Other Securities mainly including Foreign Bonds are hedged by using derivative instruments, which apply the deferred method of hedge accounting. Deferred Hedge Gains/Losses before tax adjustment as of September 30, 2025 and March 31, 2025 are ¥(63848) million (Foreign Bonds ¥(13584) million and Japanese Government Bonds ¥858 million) and ¥33,528 million (Foreign Bonds ¥39,715 million and Japanese Government Bonds ¥975 million), respectively. Unrealized Gains/Losses applying deferred hedging accounting among hedging instruments as of September 30, 2025 and March 31, 2025 are ¥1,658,436 million (Foreign Bonds ¥(331737) million and Japanese Government Bonds ¥(45499) million) and ¥1,277,928 million (Foreign Bonds ¥(345206) million and Japanese Government Bonds ¥(17688) million), respectively.<br> • Unrealized Gains/Losses on Other Securities as of September 30, 2025 and March 31, 2025 include translation differences and others regarding stocks and others without a quoted market price and Investments in Partnerships, and are recorded directly to Net Assets after tax and consolidation adjustments, excluding the amount recognized in the consolidated balance sheet by applying the fair-value hedge accounting and others.<br>**(2) Bonds Held to Maturity** | • In addition to "Securities" on the consolidated balance sheets, NCDs in "Cash and Due from Banks," certain items in "Monetary Claims Bought" and certain items in "Other Assets" are also included.<br> • Other Securities mainly including Foreign Bonds are hedged by using derivative instruments, which apply the deferred method of hedge accounting. Deferred Hedge Gains/Losses before tax adjustment as of September 30, 2025 and March 31, 2025 are ¥(63848) million (Foreign Bonds ¥(13584) million and Japanese Government Bonds ¥858 million) and ¥33,528 million (Foreign Bonds ¥39,715 million and Japanese Government Bonds ¥975 million), respectively. Unrealized Gains/Losses applying deferred hedging accounting among hedging instruments as of September 30, 2025 and March 31, 2025 are ¥1,658,436 million (Foreign Bonds ¥(331737) million and Japanese Government Bonds ¥(45499) million) and ¥1,277,928 million (Foreign Bonds ¥(345206) million and Japanese Government Bonds ¥(17688) million), respectively.<br> • Unrealized Gains/Losses on Other Securities as of September 30, 2025 and March 31, 2025 include translation differences and others regarding stocks and others without a quoted market price and Investments in Partnerships, and are recorded directly to Net Assets after tax and consolidation adjustments, excluding the amount recognized in the consolidated balance sheet by applying the fair-value hedge accounting and others.<br>**(2) Bonds Held to Maturity** | • In addition to "Securities" on the consolidated balance sheets, NCDs in "Cash and Due from Banks," certain items in "Monetary Claims Bought" and certain items in "Other Assets" are also included.<br> • Other Securities mainly including Foreign Bonds are hedged by using derivative instruments, which apply the deferred method of hedge accounting. Deferred Hedge Gains/Losses before tax adjustment as of September 30, 2025 and March 31, 2025 are ¥(63848) million (Foreign Bonds ¥(13584) million and Japanese Government Bonds ¥858 million) and ¥33,528 million (Foreign Bonds ¥39,715 million and Japanese Government Bonds ¥975 million), respectively. Unrealized Gains/Losses applying deferred hedging accounting among hedging instruments as of September 30, 2025 and March 31, 2025 are ¥1,658,436 million (Foreign Bonds ¥(331737) million and Japanese Government Bonds ¥(45499) million) and ¥1,277,928 million (Foreign Bonds ¥(345206) million and Japanese Government Bonds ¥(17688) million), respectively.<br> • Unrealized Gains/Losses on Other Securities as of September 30, 2025 and March 31, 2025 include translation differences and others regarding stocks and others without a quoted market price and Investments in Partnerships, and are recorded directly to Net Assets after tax and consolidation adjustments, excluding the amount recognized in the consolidated balance sheet by applying the fair-value hedge accounting and others.<br>**(2) Bonds Held to Maturity** |  |
|  | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** |  |
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** |  |
|  | **Book Value** | **Book Value** | **Unrealized Gains/Losses** | **Unrealized Gains/Losses** | **Unrealized Gains/Losses** | **Unrealized Gains/Losses** | **Unrealized Gains/Losses** | **Unrealized Gains/Losses** | **Book Value** | **Book Value** | **Unrealized Gains/Losses** | **Unrealized Gains/Losses** | **Unrealized Gains/Losses** | **Unrealized Gains/Losses** | **Unrealized Gains/Losses** | **Unrealized Gains/Losses** |  |
|  | **Book Value** | **Book Value** |  |  | **Gains** | **Gains** | **Losses** | **Losses** | **Book Value** | **Book Value** |  |  | **Gains** | **Gains** | **Losses** | **Losses** |  |
|  Bonds Held to Maturity |  | **4168170** |  | **(125634)** |  | **35751** |  | **161386** |  | 4183129 |  | (155748) |  | 23297 |  | 179045 |  |

---

**Non-Consolidated** 

**(1) Other Securities** 

**Aggregate Figures for the 2 Banks** 

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** |  |
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |  | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** |  |
|  | **Book Value** | **Book Value** | **Unrealized Gains/Losses** | **Unrealized Gains/Losses** | **Unrealized Gains/Losses** | **Unrealized Gains/Losses** | **Unrealized Gains/Losses** | **Unrealized Gains/Losses** |  | **Book Value** | **Book Value** | **Unrealized Gains/Losses** | **Unrealized Gains/Losses** | **Unrealized Gains/Losses** | **Unrealized Gains/Losses** | **Unrealized Gains/Losses** | **Unrealized Gains/Losses** |  |
|  | **(= Fair Value)** | **(= Fair Value)** | | | **Gains** | **Gains** | **Losses** | **Losses** |  | **(= Fair Value)** | **(= Fair Value)** | | | **Gains** | **Gains** | **Losses** | **Losses** |  |
|  Other Securities |  | **31467740** |  | **1643293** |  | **2173479** |  | **530185** |  |  | 27411717 |  | 1172231 |  | 1775925 |  | 603694 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japanese Stocks |  | **2850413** |  | **2075790** |  | **2078128** |  | **2337** |  |  | 2516624 |  | 1713916 |  | 1719812 |  | 5896 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japanese Bonds |  | **13533087** |  | **(109885** |  | **7401** |  | **117286** |  |  | 11193302 |  | (78786) |  | 7249 |  | 86035 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Japanese Government Bonds* | **** | ***10981344*** | **** | ***(46358*** | **** | ***533*** | **** | ***46891*** | **** | | *8359271* | | *(18664)* | | *64* | | *18728* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  | **15084239** |  | **(322611** |  | **87949** |  | **410561** |  |  | 13701790 |  | (462898) |  | 48863 |  | 511761 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Foreign Bonds* | **** | ***12598794*** | **** | ***(319218*** | **** | ***26036*** | **** | ***345254*** | **** | | *11465424* | | *(386209)* | | *15035* | | *401245* | |
|  **Mizuho Bank** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Other Securities |  | **31159664** |  | **1524032** |  | **2053479** |  | **529446** |  |  | 27108684 |  | 1074796 |  | 1677413 |  | 602617 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japanese Stocks |  | **2684216** |  | **1956168** |  | **1958242** |  | **2073** |  |  | 2370411 |  | 1616347 |  | 1621572 |  | 5225 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japanese Bonds |  | **13395198** |  | **(109566** |  | **7326** |  | **116893** |  |  | 11040790 |  | (78566) |  | 7101 |  | 85667 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Japanese Government Bonds* | **** | ***10881434*** | **** | ***(46352*** | **** | ***533*** | **** | ***46885*** | **** | | *8260550* | | *(18643)* | | *64* | | *18707* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  | **15080250** |  | **(322569** |  | **87910** |  | **410479** |  |  | 13697483 |  | (462984) |  | 48739 |  | 511724 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Foreign Bonds* | **** | ***12598794*** | **** | ***(319218*** | **** | ***26036*** | **** | ***345254*** | **** | | *11465424* | | *(386209)* | | *15035* | | *401245* | |
|  **Mizuho Trust & Banking** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Other Securities |  | **308075** |  | **119261** |  | **120000** |  | **739** |  |  | 303032 |  | 97434 |  | 98511 |  | 1077 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japanese Stocks |  | **166197** |  | **119621** |  | **119885** |  | **263** |  |  | 146213 |  | 97568 |  | 98239 |  | 671 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japanese Bonds |  | **137889** |  | **(318** |  | **74** |  | **393** |  |  | 152511 |  | (220) |  | 147 |  | 368 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Japanese Government Bonds* | **** | ***99910*** | **** | ***(5*** | **** | *—* | **** | ***5*** | **** | | *98720* | | *(21)* | | *—* | | *21* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  | **3989** |  | **(42** |  | **39** |  | **81** |  |  | 4307 |  | 86 |  | 123 |  | 37 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Foreign Bonds* | **** | *—* | **** | *—* | **** | *—* | **** | *—* | **** |  |  |  | *—* |  | *—* |  | *—* |  |

---

• In addition to "Securities" on the balance sheets, NCDs in "Cash and Due from Banks" and
certain items in "Monetary Claims Bought" are also included.

• Other Securities mainly including Foreign Bonds are hedged by using derivative instruments, which apply the
deferred method of hedge accounting. Deferred Hedge Gains/Losses before tax adjustment (aggregate figures for the 2 banks) as of September 30, 2025 and March 31, 2025 are ¥(63,848) million (Foreign Bonds ¥(13,584) million and
Japanese Government Bonds ¥858 million) and ¥33,528 million (Foreign Bonds ¥39,715 million and Japanese Government Bonds ¥975million), respectively. Unrealized Gains/Losses applying deferred hedging accounting among hedging
instruments (aggregate figures for the 2 banks) as of September 30, 2025 and March 31, 2025 are ¥1,579,445 million (Foreign Bonds ¥(332,802) million and Japanese Government Bonds ¥(45,494) million) and
¥1,205,759 million (Foreign Bonds ¥(346,494) million and Japanese Government Bonds ¥(17,667) million), respectively.

• Unrealized Gains/Losses on Other Securities as of September 30, 2025 and March 31, 2025 include
translation differences and others regarding stocks and others without a quoted market price and Investments in Partnerships, and are recorded directly to Net Assets after tax adjustment, excluding the amount recognized in the balance sheet by
applying the fair-value hedge accounting.

2-10

------

*Mizuho Financial Group, Inc.* 

**(2) Bonds Held to Maturity** 

**Aggregate Figures for the 2 Banks** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** |
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** |
|  | | **Unrealized Gains/Losses** | **Unrealized Gains/Losses** | **Unrealized Gains/Losses** | | **Unrealized Gains/Losses** | **Unrealized Gains/Losses** | **Unrealized Gains/Losses** |
|  |<br>**Book Value** | | **Gains** | **Losses** |<br>**Book Value** | | **Gains** | **Losses** |
|  Aggregate Figures | **4168170** | **(125634)** | **35751** | **161386** | 4183129 | (155748) | 23297 | 179045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mizuho Bank | **4168170** | **(125634)** | **35751** | **161386** | 4183129 | (155748) | 23297 | 179045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mizuho Trust & Banking | **—** | **—** | **—** | **—** |  |  | *—* |  |
| <br> **(3) Investment in Subsidiaries and Affiliates**<br>**Aggregate Figures for the 2 Banks** | <br> **(3) Investment in Subsidiaries and Affiliates**<br>**Aggregate Figures for the 2 Banks** | <br> **(3) Investment in Subsidiaries and Affiliates**<br>**Aggregate Figures for the 2 Banks** | <br> **(3) Investment in Subsidiaries and Affiliates**<br>**Aggregate Figures for the 2 Banks** | <br> **(3) Investment in Subsidiaries and Affiliates**<br>**Aggregate Figures for the 2 Banks** | <br> **(3) Investment in Subsidiaries and Affiliates**<br>**Aggregate Figures for the 2 Banks** | <br> **(3) Investment in Subsidiaries and Affiliates**<br>**Aggregate Figures for the 2 Banks** | <br> **(3) Investment in Subsidiaries and Affiliates**<br>**Aggregate Figures for the 2 Banks** |  |
|  | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** |
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** |
|  |  | **Unrealized Gains/Losses** | **Unrealized Gains/Losses** | **Unrealized Gains/Losses** |  | **Unrealized Gains/Losses** | **Unrealized Gains/Losses** | **Unrealized Gains/Losses** |
|  | **Book Value** |  | **Gains** | **Losses** | **Book Value** |  | **Gains** | **Losses** |
|  Aggregate Figures | **106131** | **413598** | **413598** | **—** | 106131 | 276514 | 276514 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mizuho Bank | **106131** | **413598** | **413598** | **—** | 106131 | 276514 | 276514 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mizuho Trust & Banking | **—** | **—** | **—** | **—** |  | *—*  |  |  |

---

**(Reference)** 

**Unrealized Gains/Losses on Other Securities** 

**(the base amount to be recorded directly to Net Assets after necessary adjustments)** 

For certain Other Securities, Unrealized Gains/Losses were recognized in the statement of income by applying the fair-value hedge accounting and others. Unrealized Gains/Losses on Other Securities after excluding such Income/Loss (the "base amount") are recorded directly to Net Assets after necessary adjustments.

The base amounts are as follows:

**Consolidated** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** |
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of**<br>**March 31,<br>2025** | **As of**<br>**March 31,<br>2025** |
|  | **Unrealized Gains/Losses** | **Unrealized Gains/Losses** | **Unrealized Gains/Losses** | **Unrealized Gains/Losses** | **Unrealized**<br>**Gains/Losses** | **Unrealized**<br>**Gains/Losses** |
|  | | | **Change** | **Change** | **Unrealized**<br>**Gains/Losses** | **Unrealized**<br>**Gains/Losses** |
|  Other Securities |  | **1688697** |  | 478346 |  | 1210350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japanese Stocks |  | **2118391** |  | 369833 |  | 1748558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japanese Bonds |  | **(110303)** |  | (30649) |  | (79654) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Japanese Government Bonds* | **** | ***(46358*** ***)*** | | *(27693* | | *(18664)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  | **(319390)** |  | 139162 |  | (458553) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Foreign Bonds* | **** | ***(317073*** ***)*** | | *65003* | | *(382076)* |

---

**Non-Consolidated** 

**Aggregate Figures for the 2 Banks** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** |
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of**<br>**March 31,<br>2025** | **As of**<br>**March 31,<br>2025** |
|  | **Unrealized Gains/Losses** | **Unrealized Gains/Losses** | **Unrealized Gains/Losses** | **Unrealized Gains/Losses** | **Unrealized**<br>**Gains/Losses** | **Unrealized**<br>**Gains/Losses** |
|  | | | **Change** | **Change** | **Unrealized**<br>**Gains/Losses** | **Unrealized**<br>**Gains/Losses** |
|  Other Securities |  | **1609400** |  | **473289** |  | 1136110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japanese Stocks |  | **2041897** |  | **364101** |  | 1677795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japanese Bonds |  | **(109885)** |  | **(31098** |  | (78786) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Japanese Government Bonds* | **** | ***(46358*** ***)*** | **** | ***(27693*** | | *(18664)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  | **(322611)** |  | **140286** |  | (462898) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Foreign Bonds* | **** | ***(319218*** ***)*** | **** | ***66991*** | | *(386209)* |

---

2-11

------

*Mizuho Financial Group, Inc.* 

**<u>6. Projected Redemption Amounts for Securities</u>**

**•** **The redemption schedule by term for Bonds Held to Maturity and Other Securities with maturities is as follows:** 

**Non-Consolidated** 

**Aggregate Figures for the 2 Banks** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** |
|  | **Maturity as of September 30, 2025** | **Maturity as of September 30, 2025** | **Maturity as of September 30, 2025** | **Maturity as of September 30, 2025** | **Change** | **Change** | **Change** | **Change** | **Maturity as of March 31, 2025** | **Maturity as of March 31, 2025** | **Maturity as of March 31, 2025** | **Maturity as of March 31, 2025** |
|  | **Within**<br> **1 year** | **1 - 5**<br> **years** | **5 - 10**<br> **years** | **Over**<br> **10 years** | **Within**<br>**1 year** | **1 - 5**<br>**years** | **5 - 10**<br>**years** | **Over**<br>**10 years** | **Within**<br> **1 year** | **1 - 5**<br> **years** | **5 - 10**<br> **years** | **Over**<br> **10 years** |
|  Japanese Bonds | **5741.3** | **6579.7** | **1312.8** | **409.9** | (1098.3) | 3130.6 | 326.5 | 13.6 | 6839.6 | 3449.0 | 986.3 | 396.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japanese Government Bonds | **5169.5** | **5280.6** | **957.4** | **20.0** | (982.6) | 3226.5 | 387.9 | 20.0 | 6152.2 | 2054.1 | 569.5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japanese Local Government Bonds | **55.9** | **289.8** | **194.7** | **5.0** | (5.8) | 38.3 | (56.9) | (2.5) | 61.8 | 251.4 | 251.6 | 7.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japanese Corporate Bonds | **515.7** | **1009.3** | **160.7** | **384.9** | (109.7) | (134.2) | (4.3) | (3.8) | 625.5 | 1143.5 | 165.1 | 388.8 |
|  Other | **5078.9** | **4106.5** | **1546.1** | **7215.0** | 2096.1 | (548.3) | 17.4 | (206.2) | 2982.8 | 4654.8 | 1528.7 | 7421.2 |
| **Mizuho Bank** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Japanese Bonds | **5638.4** | **6544.4** | **1312.7** | **409.9** | (1095.6) | 3142.4 | 326.5 | 13.6 | 6734.0 | 3402.0 | 986.2 | 396.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japanese Government Bonds | **5069.5** | **5280.6** | **957.4** | **20.0** | (983.8) | 3226.5 | 387.9 | 20.0 | 6053.4 | 2054.1 | 569.5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japanese Local Government Bonds | **55.9** | **289.8** | **194.7** | **5.0** | (5.8) | 38.3 | (56.9) | (2.5) | 61.8 | 251.4 | 251.6 | 7.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japanese Corporate Bonds | **512.8** | **974.0** | **160.6** | **384.9** | (105.8) | (122.4) | (4.3) | (3.8) | 618.7 | 1096.4 | 165.0 | 388.8 |
|  Other | **5077.6** | **4098.4** | **1540.3** | **7215.0** | 2096.2 | (548.6) | 13.7 | (206.2) | 2981.3 | 4647.1 | 1526.6 | 7421.2 |
| **Mizuho Trust & Banking** | **Mizuho Trust & Banking** | **Mizuho Trust & Banking** | **Mizuho Trust & Banking** | **Mizuho Trust & Banking** | **Mizuho Trust & Banking** |  |  |  |  |  |  |  |
|  Japanese Bonds | **102.9** | **35.2** | **0.1** | **—** | (2.7) | (11.7) |  |  | 105.6 | 47.0 | 0.1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japanese Government Bonds | **100.0** | **—** | **—** | **—** | 1.2 |  |  |  | 98.8 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japanese Local Government Bonds | **—** | **—** | **—** | **—** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japanese Corporate Bonds | **2.9** | **35.2** | **0.1** | **—** | (3.9) | (11.7) |  |  | 6.8 | 47.0 | 0.1 |  |
|  Other | **1.2** | **8.0** | **5.7** | **—** | (0.1) | 0.3 | 3.6 |  | 1.4 | 7.7 | 2.0 |  |

---

2-12

------

*Mizuho Financial Group, Inc.* 

**<u>7. Employee Retirement Benefits</u>**

**Non-Consolidated** 

**Retirement Benefit Obligations** 

**Aggregate Figures for the 2 Banks** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** |
|  |  | **First Half of** <br>**Fiscal 2025** | **Change** | **First Half of** <br>**Fiscal 2024** |
|  Retirement Benefit Obligations (at the beginning of the fiscal year) | (A) | **872630** | (79024) | 951654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discount Rate (%) |  | **0.79~2.88** |  | 0.14~2.08 |
|  Fair Value of Plan Assets (at the beginning of the fiscal year) | (B) | **1484297** | (166320) | 1650618 |
|  Unrecognized Actuarial Differences (at the beginning of the fiscal year) | (C) | **(162800)** | 122397 | (285198) |
|  Prepaid Pension Cost/Reserve for Employee Retirement Benefits (at the beginning of the fiscal year) | (B)+ (C) - (A) | **448866** | 35101 | 413764 |
|  **Mizuho Bank** |  |  |  |  |
|  Retirement Benefit Obligations (at the beginning of the fiscal year) | (A) | **763041** | (69990) | 833031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discount Rate (%) |  | **0.79~2.88** |  | 0.14~2.08 |
|  Fair Value of Plan Assets (at the beginning of the fiscal year) | (B) | **1274208** | (116401) | 1390609 |
|  Unrecognized Actuarial Differences (at the beginning of the fiscal year) | (C) | **(135521)** | 86054 | (221576) |
|  Prepaid Pension Cost (at the beginning of the fiscal year) | (B)+ (C) - (A) | **375645** | 39643 | 336001 |
|  **Mizuho Trust & Banking** |  |  |  |  |
|  Retirement Benefit Obligations (at the beginning of the fiscal year) | (A) | **109589** | (9034) | 118623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discount Rate (%) |  | **0.79~2.88** |  | 0.14~2.08 |
|  Fair Value of Plan Assets (at the beginning of the fiscal year) | (B) | **210089** | (49919) | 260008 |
|  Unrecognized Actuarial Differences (at the beginning of the fiscal year) | (C) | **(27279)** | 36342 | (63621) |
|  Prepaid Pension Cost/Reserve for Employee Retirement Benefits (at the beginning of the fiscal year) | (B)+ (C) - (A) | **73221** | (4542) | 77763 |

---

2-13

------

*Mizuho Financial Group, Inc.* 

**Income (Expenses) related to Employee Retirement Benefits** 

**Aggregate Figures for the 2 Banks** 

---

| | | | |
|:---|:---|:---|:---|
|  | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** |
|  | **First Half of** <br>**Fiscal 2025** | **Change** | **First Half of** <br>**Fiscal 2024** |
|  Service Cost | **(5148)** | 1406 | (6554) |
|  Interest Cost | **(7143)** | (2089) | (5054) |
|  Expected Return on Plan Assets | **13201** | 457 | 12743 |
|  Accumulation (Amortization) of Unrecognized Actuarial Differences | **8791** | (10100) | 18891 |
|  Accumulation (Amortization) of Unrecognized Prior Service Cost | **—** | (7310) | 7310 |
|  Gains on Cancellation of Employee Retirement Benefit Trust | **38566** | 34777 | 3788 |
|  Other | **(4428)** | (1740) | (2687) |
|  Total | **43838** | 15400 | 28438 |
| <br> Note: Accumulation (Amortization) of Unrecognized Prior Service Cost and Gains on Cancellation of Employee Retirement Benefit Trust are recorded to Extraordinary Gains (Losses). | <br> Note: Accumulation (Amortization) of Unrecognized Prior Service Cost and Gains on Cancellation of Employee Retirement Benefit Trust are recorded to Extraordinary Gains (Losses). | <br> Note: Accumulation (Amortization) of Unrecognized Prior Service Cost and Gains on Cancellation of Employee Retirement Benefit Trust are recorded to Extraordinary Gains (Losses). | <br> Note: Accumulation (Amortization) of Unrecognized Prior Service Cost and Gains on Cancellation of Employee Retirement Benefit Trust are recorded to Extraordinary Gains (Losses). |
| <br> **Mizuho Bank** |  |  |  |
|  | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** |
|  | **First Half of**<br>**Fiscal 2025** | **Change** | **First Half of**<br>**Fiscal 2024** |
|  Service Cost | **(4342)** | 1194 | (5536) |
|  Interest Cost | **(6266)** | (1824) | (4441) |
|  Expected Return on Plan Assets | **11585** | 569 | 11016 |
|  Accumulation (Amortization) of Unrecognized Actuarial Differences | **6983** | (7678) | 14661 |
|  Accumulation (Amortization) of Unrecognized Prior Service Cost | **—** | (6368) | 6368 |
|  Gains on Cancellation of Employee Retirement Benefit Trust | **31029** | 27595 | 3434 |
|  Other | **(3774)** | (1473) | (2300) |
|  Total | **35215** | 12013 | 23201 |
| <br> Note: Accumulation (Amortization) of Unrecognized Prior Service Cost and Gains on Cancellation of Employee Retirement Benefit Trust are recorded to Extraordinary Gains (Losses). | <br> Note: Accumulation (Amortization) of Unrecognized Prior Service Cost and Gains on Cancellation of Employee Retirement Benefit Trust are recorded to Extraordinary Gains (Losses). | <br> Note: Accumulation (Amortization) of Unrecognized Prior Service Cost and Gains on Cancellation of Employee Retirement Benefit Trust are recorded to Extraordinary Gains (Losses). | <br> Note: Accumulation (Amortization) of Unrecognized Prior Service Cost and Gains on Cancellation of Employee Retirement Benefit Trust are recorded to Extraordinary Gains (Losses). |
| <br> **Mizuho Trust & Banking** | <br> **Mizuho Trust & Banking** | <br> **Mizuho Trust & Banking** | <br> **Mizuho Trust & Banking** |
|  | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** |
|  | **First Half of**<br>**Fiscal 2025** | **Change** | **First Half of**<br>**Fiscal 2024** |
|  Service Cost | **(805)** | 212 | (1018) |
|  Interest Cost | **(877)** | (264) | (612) |
|  Expected Return on Plan Assets | **1615** | (111) | 1727 |
|  Accumulation (Amortization) of Unrecognized Actuarial Differences | **1808** | (2422) | 4230 |
|  Accumulation (Amortization) of Unrecognized Prior Service Cost | **—** | (941) | 941 |
|  Gains on Cancellation of Employee Retirement Benefit Trust | **7536** | 7182 | 354 |
|  Other | **(653)** | (267) | (386) |
|  Total | **8623** | 3386 | 5236 |

---

Note: Accumulation (Amortization) of Unrecognized Prior Service Cost and Gains on Cancellation of Employee Retirement Benefit Trust are recorded to Extraordinary Gains (Losses).

2-14

------

*Mizuho Financial Group, Inc.* 

**Consolidated** 

**Retirement Benefit Obligations** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** |
|  |  | **First Half of**<br>**Fiscal 2025** | **Change** | **First Half of** <br>**Fiscal 2024** |
|  Retirement Benefit Obligations (at the beginning of the fiscal year) | (A) | **1068287** | (82192) | 1150480 |
|  Fair Value of Plan Assets (at the beginning of the fiscal year) | (B) | **1758811** | (171635) | 1930446 |
|  Unrecognized Actuarial Differences (at the beginning of the fiscal year) | (C) | **(173478)** | 131111 | (304590) |
|  Net Defined Benefit Asset (at the beginning of the fiscal year) | (D) | **758783** | (88333) | 847116 |
|  Net Defined Benefit Liability (at the beginning of the fiscal year) | (A)-(B)+(D) | **68259** | 1108 | 67151 |
| <br> **Income (Expenses) related to Employee Retirement Benefits** | <br> **Income (Expenses) related to Employee Retirement Benefits** | <br> **Income (Expenses) related to Employee Retirement Benefits** | <br> **Income (Expenses) related to Employee Retirement Benefits** | <br> **Income (Expenses) related to Employee Retirement Benefits** |
|  |  | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** |
|  |  | **First Half of** <br>**Fiscal 2025** | **Change** | **First Half of**<br>**Fiscal 2024** |
|  Service Cost |  | **(8898)** | 1874 | (10773) |
|  Interest Cost |  | **(8378)** | (2514) | (5864) |
|  Expected Return on Plan Assets |  | **15469** | 421 | 15048 |
|  Accumulation (Amortization) of Unrecognized Actuarial Differences |  | **8962** | (10617) | 19579 |
|  Accumulation (Amortization) of Unrecognized Prior Service Cost |  | **11** | (9015) | 9026 |
|  Gains on Cancellation of Employee Retirement Benefit Trust |  | **38566** | 34777 | 3788 |
|  Other |  | **(12917)** | (4157) | (8759) |
|  Total |  | **32815** | 10769 | 22046 |

---

Note: Accumulation (Amortization) of Unrecognized Prior Service Cost and Gains on Cancellation of Employee Retirement Benefit Trust are recorded to Extraordinary Gains (Losses), except for a portion thereof.

2-15

------

*Mizuho Financial Group, Inc.* 

**<u>8. Capital Ratio</u>**

**Mizuho Financial Group** 

International Standard

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Consolidated** | | ***(%, Billions of yen)*** | |
|  | **As of September 30, 2025**<br>**(Preliminary)** |<br>**Change** | **As of March 31, 2025**  | |
| (1) Total Capital Ratio | **18.41** | 0.66 | 17.75 |  |
| (2) Tier 1 Capital Ratio | **16.55** | 0.90 | 15.65 |  |
| (3) Common Equity Tier 1 Capital Ratio | **13.70** | 0.47 | 13.23 |  |
| (4) Total Capital | **13662.3** | 906.5 | 12755.7 |  |
| (5) Tier 1 Capital | **12287.4** | 1039.1 | 11248.2 |  |
| (6) Common Equity Tier 1 Capital | **10166.2** | 659.9 | 9506.2 |  |
| (7) Risk weighted Assets | **74205.0** | 2360.6 | 71844.4 |  |
| (8) Total Required Capital (7) X8% | **5936.4** | 188.8 | 5747.5 |  |
| **Mizuho Bank**<br>International Standard |  |  |  |  |
|  | **Consolidated** |  |  | **Non-Consolidated** |
|  | **As of September 30, 2025**<br>**(Preliminary)** | **Change** | **As of March 31, 2025**  | **As of September 30, 2025**<br>**(Preliminary)** |
| (1) Total Capital Ratio | **17.50** | 1.23 | 16.27 | **16.77** |
| (2) Tier 1 Capital Ratio | **15.48** | 1.42 | 14.06 | **14.58** |
| (3) Common Equity Tier 1 Capital Ratio | **12.34** | 0.92 | 11.42 | **11.15** |
| (4) Total Capital | **11836.9** | 1118.1 | 10718.8 | **10347.5** |
| (5) Tier 1 Capital | **10473.0** | 1205.6 | 9267.3 | **8993.6** |
| (6) Common Equity Tier 1 Capital | **8350.9** | 821.8 | 7529.0 | **6882.1** |
| (7) Risk weighted Assets | **67632.6** | 1753.2 | 65879.4 | **61680.1** |
| (8) Total Required Capital (7) X8% | **5410.6** | 140.2 | 5270.3 | **4934.4** |
| **Mizuho Trust & Banking**<br>International Standard |  |  |  |  |
|  | **Consolidated** |  |  | **Non-Consolidated** |
|  | **As of September 30, 2025**<br>**(Preliminary)** | **Change** | **As of March 31, 2025**  | **As of September 30, 2025**<br>**(Preliminary)** |
| (1) Total Capital Ratio | **34.58** | 2.98 | 31.60 | **34.44** |
| (2) Tier 1 Capital Ratio | **34.58** | 2.98 | 31.60 | **34.44** |
| (3) Common Equity Tier 1 Capital Ratio | **34.57** | 2.97 | 31.60 | **34.44** |
| (4) Total Capital | **549.8** | 55.8 | 493.9 | **512.0** |
| (5) Tier 1 Capital | **549.7** | 55.8 | 493.8 | **512.0** |
| (6) Common Equity Tier 1 Capital | **549.7** | 55.8 | 493.8 | **512.0** |
| (7) Risk weighted Assets | **1589.6** | 27.0 | 1562.5 | **1486.3** |
| (8) Total Required Capital (7) X8% | **127.1** | 2.1 | 125.0 | **118.9** |

---

2-16

------

*Mizuho Financial Group, Inc.* 

**II. REVIEW OF CREDITS** 

**<u>1. Status of Non Performing Loans based on the Banking Act ("BA") and the Financial Reconstruction Act ("FRA")</u>**

**•** **The figures below are presented net of partial direct write-offs.** 

**•** **Treatment of accrued interest is based on the results of the self-assessment of assets.** 

**(All loans to obligors classified in the self-assessment of assets as Bankrupt Obligors, Substantially Bankrupt Obligors, and Intensive Control Obligors are categorized as non-accrual loans.)** 

**Consolidated** 

---

| | | | |
|:---|:---|:---|:---|
|  | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** |
|  | **As of**<br>**September 30,<br>2025** | **Change** | **As of**<br>**March 31,<br>2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims against Bankrupt and Substantially Bankrupt Obligors | **43699** | 11215 | 32484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims with Collection Risk | **318516** | (257684) | 576200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims for Special Attention | **430465** | (8160) | 438626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans Past Due for 3 Months or More | **584** | 313 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured Loans | **429881** | (8474) | 438355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total[1] | **792681** | (254629) | 1047311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Normal Claims | **107911422** | 1481261 | 106430161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total[2] | **108704104** | 1226631 | 107477473 |
| Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below. | Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below. | Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below. | Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount of Partial Direct Write-offs | **319626** | 223676 | 95949 |
|  | ***(%)*** | ***(%)*** | ***(%)*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NPL ratio[1]/[2] | **0.72** | (0.24) | 0.97 |
| **Trust Account** |  |  |  |
|  | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** |
|  | **As of**<br>**September 30,<br>2025** | **Change** | **As of**<br>**March 31,<br>2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims against Bankrupt and Substantially Bankrupt Obligors | **—** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims with Collection Risk | **—** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims for Special Attention | **—** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans Past Due for 3 Months or More | **—** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured Loans | **—** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total[3] | **—** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Normal Claims | **1085** | (306) | 1392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total[4] | **1085** | (306) | 1392 |
|  | ***(%)*** | ***(%)*** | ***(%)*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NPL ratio[3]/[4] | **—** |  |  |

---

2-17

------

*Mizuho Financial Group, Inc.* 

**Consolidated + Trust Account** 

---

| | | | |
|:---|:---|:---|:---|
|  | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** |
|  | **As of**<br>**September 30,<br>2025** | **Change** | **As of**<br>**March 31,<br>2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims against Bankrupt and Substantially Bankrupt Obligors | **43699** | 11215 | 32484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims with Collection Risk | **318516** | (257684) | 576200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims for Special Attention | **430465** | (8160) | 438626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans Past Due for 3 Months or More | **584** | 313 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured Loans | **429881** | (8474) | 438355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total[5] | **792681** | (254629) | 1047311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Normal Claims | **107912508** | 1480954 | 106431553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total[6] | **108705190** | 1226324 | 107478865 |
|  Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below. | Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below. | Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below. | Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount of Partial Direct Write-offs | **319626** | 223676 | 95949 |
|  | ***(%)*** | ***(%)*** | ***(%)*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NPL ratio[5]/[6] | **0.72** | (0.24) | 0.97 |

---

Trust account represents trust accounts that guarantee principals in the agreement.

2-18

------

*Mizuho Financial Group, Inc.* 

**Non-Consolidated** 

**Aggregate Figures for the 2 Banks (Banking Account + Trust Account)** 

---

| | | | |
|:---|:---|:---|:---|
|  | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** |
|  | **As of**<br>**September 30,<br>2025** | **Change** | **As of**<br>**March 31,<br>2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims against Bankrupt and Substantially Bankrupt Obligors | **33809** | 11580 | 22229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims with Collection Risk | **307702** | (261668) | 569370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims for Special Attention | **419704** | (7254) | 426959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans Past Due for 3 Months or More | **584** | 313 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured Loans | **419119** | (7568) | 426688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total[1] | **761216** | (257343) | 1018559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Normal Claims | **109110837** | 1052050 | 108058786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total[2] | **109872053** | 794707 | 109077346 |
|  Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below. | Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below. | Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below. | Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount of Partial Direct Write-offs | **317271** | 223259 | 94011 |
|  | ***(%)*** | ***(%)*** | ***(%)*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NPL ratio[1]/[2] | **0.69** | (0.24) | 0.93 |
|  **Mizuho Bank** |  |  |  |
|  | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims against Bankrupt and Substantially Bankrupt Obligors | **33769** | 11617 | 22151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims with Collection Risk | **303360** | (258434) | 561794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims for Special Attention | **413527** | (5936) | 419464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans Past Due for 3 Months or More | **584** | 313 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured Loans | **412943** | (6249) | 419192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total[3] | **750658** | (252752) | 1003410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Normal Claims | **106639265** | 1160298 | 105478966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total[4] | **107389923** | 907546 | 106482377 |
|  Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below. | Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below. | Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below. | Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount of Partial Direct Write-offs | **317058** | 223281 | 93777 |
|  | ***(%)*** | ***(%)*** | ***(%)*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NPL ratio[3]/[4] | **0.69** | (0.24) | 0.94 |

---

2-19

------

*Mizuho Financial Group, Inc.* 

**Mizuho Trust & Banking** 

**(Banking Account)** 

---

| | | | |
|:---|:---|:---|:---|
|  | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims against Bankrupt and Substantially Bankrupt Obligors | **40** | (37) | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims with Collection Risk | **4341** | (3234) | 7575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims for Special Attention | **6176** | (1318) | 7495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans Past Due for 3 Months or More | **—** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured Loans | **6176** | (1318) | 7495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total[5] | **10558** | (4590) | 15148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Normal Claims | **2470486** | (107941) | 2578427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total[6] | **2481044** | (112531) | 2593576 |
|  Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below. | Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below. | Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below. | Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount of Partial Direct Write-offs | **212** | (21) | 233 |
|  | ***(%)*** | ***(%)*** | ***(%)*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NPL ratio[5]/[6] | **0.42** | (0.15) | 0.58 |
| **(Trust Account)** |  |  |  |
|  | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims against Bankrupt and Substantially Bankrupt Obligors | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims with Collection Risk | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims for Special Attention | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans Past Due for 3 Months or More | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured Loans | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total[7] | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Normal Claims | **1085** | (306) | 1392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total[8] | **1085** | (306) | 1392 |
|  | ***(%)*** | ***(%)*** | ***(%)*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NPL ratio[7]/[8] | **—** |  |  |

---

Trust account represents trust accounts that guarantee principals in the agreement.

2-20

------

*Mizuho Financial Group, Inc.* 

**<u>2. Status of Allowances for Loan Losses</u>** 

**Consolidated** 

---

| | | | |
|:---|:---|:---|:---|
|  | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** |
|  | **As of**<br>**September 30,<br>2025** | **Change** | **As of**<br>**March 31,<br>2025** |
|  Allowances for Loan Losses | **490037** | (265713) | &nbsp;&nbsp;&nbsp;&nbsp;755751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Allowance for Loan Losses | **329537** | (6747) | 336285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specific Allowance for Loan Losses | **157937** | (237189) | 395127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance for Loan Losses to Restructuring Countries | **2562** | (21776) | 24339 |
|  Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below. | Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below. | Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below. | Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount of Partial Direct Write-offs | **322250** | 226032 | 96218 |

---

**Non-Consolidated** 

**Aggregate Figures for the 2 Banks** 

---

| | | | |
|:---|:---|:---|:---|
|  | ***(Millions of yen)*** | ***(Millions of yen)*** | ***(Millions of yen)*** |
|  | **As of**<br>**September 30,<br>2025** | **Change** | **As of**<br>**March 31,<br>2025** |
|  Allowances for Loan Losses | **463957** | (262211) | &nbsp;&nbsp;&nbsp;&nbsp;726169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Allowance for Loan Losses | **316632** | (4084) | 320716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specific Allowance for Loan Losses | **144763** | (236350) | 381113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance for Loan Losses to Restructuring Countries | **2562** | (21776) | 24339 |
|  Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below. | Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below. | Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below. | Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount of Partial Direct Write-offs | **319577** | 225566 | 94011 |
|  **Mizuho Bank** |  |  |  |
| Allowances for Loan Losses | **458473** | (260796) | 719269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Allowance for Loan Losses | **311276** | (3589) | 314866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specific Allowance for Loan Losses | **144634** | (235430) | 380064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance for Loan Losses to Restructuring Countries | **2562** | (21776) | 24339 |
|  Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below. | Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below. | Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below. | Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount of Partial Direct Write-offs | **319365** | 225588 | 93777 |
|  **Mizuho Trust & Banking** |  |  |  |
|  Allowances for Loan Losses | **5484** | (1415) | 6899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Allowance for Loan Losses | **5355** | (494) | 5850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specific Allowance for Loan Losses | **128** | (920) | 1049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance for Loan Losses to Restructuring Countries | **—** |  |  |
|  Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below. | Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below. | Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below. | Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount of Partial Direct Write-offs | **212** | (21) | 233 |

---

Allowance for Entrusted Loan Losses (¥3 million and ¥4 million for September 30, 2025 and March 31, 2025, respectively) is not included in the above figures for Trust Account.

2-21

------

*Mizuho Financial Group, Inc.* 

**<u>3. Allowance Coverage Ratios for Non Performing Loans based on the BA and the FRA</u>**

**Consolidated** 

---

| | | | |
|:---|:---|:---|:---|
|  | ***(%)*** | ***(%)*** | ***(%)*** |
|  | **As of**<br>**September 30,<br>2025** | **Change** | **As of**<br>**March 31,<br>2025** |
|  Mizuho Financial Group | **61.82** | (10.34) | 72.16 |
| <br> Above figures are presented net of partial direct write-offs. | <br> Above figures are presented net of partial direct write-offs. | <br> Above figures are presented net of partial direct write-offs. | <br> Above figures are presented net of partial direct write-offs. |
|  **Non-Consolidated** |  |  |  |
|  | ***(%)*** | ***(%)*** | ***(%)*** |
|  | **As of**<br>**September 30,<br>2025** | **Change** | **As of**<br>**March 31,<br>2025** |
|  Total | **60.94** | (10.34) | 71.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mizuho Bank | **61.07** | (10.60) | 71.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mizuho Trust & Banking (Banking Account) | **51.94** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.39 | &nbsp;&nbsp;&nbsp;&nbsp;45.54 |

---

Above figures are presented net of partial direct write-offs.

2-22

------

*Mizuho Financial Group, Inc.* 

**<u>4. Coverage on Non Performing Loans based on the BA and the FRA</u>** 

**Non-Consolidated** 

**(1) Non Performing Loans based on the BA and the FRA and Coverage Amount** 

**Aggregate Figures for the 2 Banks (Banking Account)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** |  |
|  | **As of**<br>**September 30, 2025** | **As of**<br>**September 30, 2025** | **Change** | **Change** | **As of**<br>**March 31, 2025** | **As of**<br>**March 31, 2025** |  |
|  Claims against Bankrupt and Substantially Bankrupt Obligors |  | **33.8** |  | 11.5 |  | 22.2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Collateral, Guarantees, and equivalent* | **** | ***21.9*** | | *0.5* | | *21.4* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Allowance for Losses* | **** | ***11.8*** | | *11.0* | | *0.7* | |
|  Claims with Collection Risk |  | **307.7** |  | (261.6) |  | 569.3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Collateral, Guarantees, and equivalent* | **** | ***116.3*** | | *(18.2* | | *134.5* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Allowance for Losses* | **** | ***132.9*** | | *(247.3* | | *380.3* | |
|  Claims for Special Attention |  | **419.7** |  | (7.2) |  | 426.9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Collateral, Guarantees, and equivalent* | **** | ***124.7*** | | *7.1* | | *117.6* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Allowance for Losses* | **** | ***97.5*** | | *(5.2* | | *102.8* | |
|  **Total** |  | **761.2** |  | (257.3) |  | 1018.5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Collateral, Guarantees, and equivalent* | **** | ***263.1*** | | *(10.5* | | *273.6* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Allowance for Losses* | **** | ***242.3*** | | *(241.6* | | *483.9* | |
| **Mizuho Bank** |  |  |  |  |  |  |  |
|  Claims against Bankrupt and Substantially Bankrupt Obligors |  | **33.7** |  | 11.6 |  | 22.1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Collateral, Guarantees, and equivalent* | **** | ***21.9*** | | *0.5* | | *21.3* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Allowance for Losses* | **** | ***11.8*** | | *11.0* | | *0.7* | |
|  Claims with Collection Risk |  | **303.3** |  | (258.4) |  | 561.7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Collateral, Guarantees, and equivalent* | **** | ***112.1*** | | *(17.4* | | *129.6* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Allowance for Losses* | **** | ***132.8*** | | *(246.4* | | *379.2* | |
|  Claims for Special Attention |  | **413.5** |  | (5.9) |  | 419.4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Collateral, Guarantees, and equivalent* | **** | ***124.1*** | | *8.7* | | *115.3* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Allowance for Losses* | **** | ***96.6*** | | *(5.3* | | *101.9* | |
|  **Total** |  | **750.6** |  | (252.7) |  | 1003.4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Collateral, Guarantees, and equivalent* | **** | ***258.2*** | | *(8.1* | | *266.3* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Allowance for Losses* | **** | ***241.2*** | | *(240.7* | | *482.0* | |
| **Mizuho Trust & Banking (Banking Account)** |  |  |  |  |  |  |  |
|  Claims against Bankrupt and Substantially Bankrupt Obligors |  | **0.0** |  | (0.0) |  | 0.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Collateral, Guarantees, and equivalent* | **** | ***0.0*** | | *(0.0* | | *0.0* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Allowance for Losses* | **** | ***—*** | **** | ***—*** | **** | ***—*** | **** |
|  Claims with Collection Risk |  | **4.3** |  | (3.2) |  | 7.5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Collateral, Guarantees, and equivalent* | **** | ***4.1*** | | *(0.7* | | *4.9* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Allowance for Losses* | **** | ***0.1*** | | *(0.9* | | *1.0* | |
|  Claims for Special Attention |  | **6.1** |  | (1.3) |  | 7.4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Collateral, Guarantees, and equivalent* | **** | ***0.6*** | | *(1.6* | | *2.3* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Allowance for Losses* | **** | ***0.9*** | | *0.0* | | *0.9* | |
|  **Total** |  | **10.5** |  | (4.5) |  | 15.1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Collateral, Guarantees, and equivalent* | **** | ***4.8*** | | *(2.4* | | *7.3* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Allowance for Losses* | **** | ***1.0*** | | *(0.8* | | *1.9* | |
| Reference: Trust Account |  |  |  |  |  |  |  |
|  Claims against Bankrupt and Substantially Bankrupt Obligors |  | **—** |  | **—** |  | **—** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Collateral, Guarantees, and equivalent* |  | **—** |  | **—** |  | **—** |  |
|  Claims with Collection Risk |  | **—** |  | **—** |  | **—** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Collateral, Guarantees, and equivalent* |  | **—** |  | **—** |  | **—** |  |
|  Claims for Special Attention |  | **—** |  | **—** |  | **—** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Collateral, Guarantees, and equivalent* |  | **—** |  | **—** |  | **—** |  |
|  **Total** |  | **—** |  | **—** |  | **—** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Collateral, Guarantees, and equivalent* |  | **—** |  | **—** |  | **—** |  |

---

\* Trust account represents trust accounts that guarantee principals in the agreement.

2-23

------

*Mizuho Financial Group, Inc.* 

**(2) Coverage Ratio** 

**Aggregate Figures for the 2 Banks (Banking Account)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** |  |
|  | **As of**<br>**September 30, 2025** | **As of**<br>**September 30, 2025** | **Change** | **Change** | **As of**<br>**March 31, 2025** | **As of**<br>**March 31, 2025** |  |
|  Coverage Amount |  | **505.4** |  | (252.2) |  | 757.6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowances for Loan Losses |  | **242.3** |  | (241.6) |  | 483.9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral, Guarantees, and equivalent |  | **263.1** |  | (10.5) |  | 273.6 |  |
|  | ***(%)*** | ***(%)*** | ***(%)*** | ***(%)*** | ***(%)*** | ***(%)*** |  |
|  Coverage Ratio |  | **66.3** |  | (7.9) |  | 74.3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims against Bankrupt and Substantially Bankrupt Obligors |  | **100.0** |  |  |  | 100.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims with Collection Risk |  | **81.0** |  | (9.4) |  | 90.4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims for Special Attention |  | **52.9** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 |  | 51.6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Claims against Special Attention Obligors* | **** | ***53.4*** | | *1.7* | | *51.7* | |
|  Allowance Coverage Ratio against Non-collateralized Claims |  |  |  |  |  |  |  |
|  | ***(%)*** | ***(%)*** | ***(%)*** | ***(%)*** | ***(%)*** | ***(%)*** |  |
|  Claims against Bankrupt and Substantially Bankrupt Obligors |  | **100.0** |  |  |  | 100.0 |  |
|  Claims with Collection Risk |  | **69.4** |  | (18.0) |  | 87.4 |  |
|  Claims for Special Attention |  | **33.0** |  | (0.1) |  | 33.2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Claims against Special Attention Obligors* | **** | ***32.5*** | | *0.2* | | *32.2* | |
|  Reference: Allowance Coverage Ratio |  |  |  |  |  |  |  |
|  | ***(%)*** | ***(%)*** | ***(%)*** | ***(%)*** | ***(%)*** | ***(%)*** |  |
|  Claims against Special Attention Obligors |  | **22.43** |  | (0.53) |  | 22.97 |  |
|  Claims against Watch Obligors excluding Special Attention Obligors |  | **3.04** |  | 0.01 |  | 3.03 |  |
|  Claims against Normal Obligors |  | **0.14** |  | 0.00 |  | 0.14 |  |
|  **Mizuho Bank** |  |  |  |  |  |  |  |
|  | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** |  |
|  Coverage Amount |  | **499.4** |  | (248.9) |  | 748.3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowances for Loan Losses |  | **241.2** |  | (240.7) |  | 482.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral, Guarantees, and equivalent |  | **258.2** |  | (8.1) |  | 266.3 |  |
|  | ***(%)*** | ***(%)*** | ***(%)*** | ***(%)*** | ***(%)*** | ***(%)*** |  |
|  Coverage Ratio |  | **66.5** |  | (8.0) |  | 74.5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims against Bankrupt and Substantially Bankrupt Obligors |  | **100.0** |  |  |  | 100.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims with Collection Risk |  | **80.7** |  | (9.8) |  | 90.5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims for Special Attention |  | **53.3** |  | 1.5 |  | 51.8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Claims against Special Attention Obligors* | **** | ***53.8*** | | *1.5* | | *52.3* | |
| Allowance Coverage Ratio against Non-collateralized Claims | Allowance Coverage Ratio against Non-collateralized Claims | Allowance Coverage Ratio against Non-collateralized Claims | Allowance Coverage Ratio against Non-collateralized Claims | Allowance Coverage Ratio against Non-collateralized Claims |  |  |  |
|  | ***(%)*** | ***(%)*** | ***(%)*** | ***(%)*** | ***(%)*** | ***(%)*** |  |
|  Claims against Bankrupt and Substantially Bankrupt Obligors |  | **100.0** |  |  |  | 100.0 |  |
|  Claims with Collection Risk |  | **69.4** |  | (18.2) |  | 87.7 |  |
|  Claims for Special Attention |  | **33.3** |  | (0.1) |  | 33.5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Claims against Special Attention Obligors* | **** | ***32.8*** | | *0.0* | | *32.7* | |
|  Reference: Allowance Coverage Ratio |  |  |  |  |  |  |  |
|  | ***(%)*** | ***(%)*** | ***(%)*** | ***(%)*** | ***(%)*** | ***(%)*** |  |
|  Claims against Special Attention Obligors |  | **22.53** |  | (0.68) |  | 23.22 |  |
|  Claims against Watch Obligors excluding Special Attention Obligors |  | **3.02** |  | (0.00) |  | 3.03 |  |
|  Claims against Normal Obligors |  | **0.14** |  | 0.00 |  | 0.14 |  |

---

2-24

------

*Mizuho Financial Group, Inc.* 

**Mizuho Trust & Banking (Banking Account)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** |  |
|  | **As of**<br>**September 30, 2025** | **As of**<br>**September 30, 2025** | **Change** | **Change** | **As of**<br>**March 31, 2025** | **As of**<br>**March 31, 2025** |  |
|  Coverage Amount |  | **5.9** |  | (3.3) |  | 9.2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowances for Loan Losses |  | **1.0** |  | (0.8) |  | 1.9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral, Guarantees, and equivalent |  | **4.8** |  | (2.4) |  | 7.3 |  |
|  | ***(%)*** | ***(%)*** | ***(%)*** | ***(%)*** | ***(%)*** | ***(%)*** |  |
|  Coverage Ratio |  | **56.5** |  | (4.7) |  | 61.2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims against Bankrupt and Substantially Bankrupt Obligors |  | **100.0** |  |  |  | 100.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims with Collection Risk |  | **98.6** |  | 19.7 |  | 78.9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims for Special Attention |  | **26.6** |  | (16.4) |  | 43.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Claims against Special Attention Obligors* | **** | ***25.4*** | | *(6.0)* | | *31.4* | |
|  Allowance Coverage Ratio against Non-collateralized Claims |  |  |  |  |  |  |  |
|  | ***(%)*** | ***(%)*** | ***(%)*** | ***(%)*** | ***(%)*** | ***(%)*** |  |
|  Claims against Bankrupt and Substantially Bankrupt Obligors |  | **—** |  |  |  |  |  |
|  Claims with Collection Risk |  | **66.8** |  | 27.3 |  | 39.4 |  |
|  Claims for Special Attention |  | **17.3** |  | (0.0) |  | 17.4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Claims against Special Attention Obligors* | **** | ***17.3*** | | *(0.0)* | | *17.3* | |
|  Reference: Allowance Coverage Ratio |  |  |  |  |  |  |  |
|  | ***(%)*** | ***(%)*** | ***(%)*** | ***(%)*** | ***(%)*** | ***(%)*** |  |
|  Claims against Special Attention Obligors |  | **15.69** |  | 1.26 |  | 14.43 |  |
|  Claims against Watch Obligors excluding Special Attention Obligors |  | **4.98** |  | 3.28 |  | 1.70 |  |
|  Claims against Normal Obligors |  | **0.14** |  | 0.00 |  | 0.14 |  |

---

2-25

------

*Mizuho Financial Group, Inc.* 

**<u>5. Overview of Non-Performing Loans ("NPLs")</u>**

**Non-Consolidated** 

**Aggregate Figures for the 2 Banks (Banking Account)** 

***(Billions of yen)***

![LOGO](g36983g1113170159112.jpg)

Notes: Claims for Special Attention is denoted on an individual loans basis. <br> Claims against Special Attention Obligors includes all claims, not limited to Claims for Special Attention.

2-26

------

*Mizuho Financial Group, Inc.* 

**<u>6. Results of Removal of NPLs from the Balance Sheet</u>**

**Non-Consolidated** 

**(1) Outstanding Balance of Claims against Bankrupt and Substantially Bankrupt Obligors and Claims with Collection Risk (under the BA and the FRA)** 

**Aggregate Figures for the 2 Banks (Banking Account + Trust Account)** 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** |
|  | **Fiscal 2022** | **Fiscal 2022** | **Fiscal 2023** | **Fiscal 2023** | **Fiscal 2024** | **Fiscal 2024** | **Fiscal 2025** | **Fiscal 2025** | **Fiscal 2025** | **Fiscal 2025** | **Fiscal 2025** | **Fiscal 2025** | **Fiscal 2025** | **Fiscal 2025** |
|  | **As of<br>March**<br>**31, 2023** | **As of<br>March**<br>**31, 2023** | **As of<br>March**<br>**31, 2024** | **As of<br>March**<br>**31, 2024** | **As of<br>March**<br>**31, 2025** | **As of<br>March**<br>**31, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
|  | | | | | | | **MHBK** | **MHBK** | **MHTB\*** | **MHTB\*** | **Aggregate**<br>**Figures for**<br>**the 2<br>Banks** | **Aggregate**<br>**Figures for**<br>**the 2<br>Banks** | **Change<br>from**<br>**March 31,**<br>**2025** | **Change<br>from**<br>**March 31,**<br>**2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims against Bankrupt and Substantially Bankrupt Obligors |  | 34.0 |  | 15.9 |  | 9.3 |  | 18.2 |  | 0.0 |  | 18.3 |  | 8.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims with Collection Risk |  | 658.4 |  | 499.8 |  | 398.6 |  | 125.6 |  | 4.2 |  | 129.8 |  | (268.7) |
|  Amount Categorized as above up to Fiscal 2022 |  | **692.5** |  | 515.7 |  | 408.0 |  | 143.9 |  | 4.2 |  | **148.2** |  | (259.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which the amount which was in the process of being removed from the balance sheet* | | *30.5* | | *15.3* | | *9.1* | | *18.0* | | *0.0* | | *18.1* | | *8.9* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims against Bankrupt and Substantially Bankrupt Obligors |  |  |  | 10.7 |  | 3.8 |  | 3.3 |  |  |  | 3.3 |  | (0.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims with Collection Risk |  |  |  | 208.7 |  | 64.7 |  | 57.8 |  | 0.0 |  | 57.9 |  | (6.8) |
|  Amount Newly Categorized as above during Fiscal 2023 |  |  |  | **219.5** |  | 68.5 |  | 61.1 |  | 0.0 |  | **61.2** |  | (7.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which the amount which was in the process of being removed from the balance sheet* |  |  | | *9.4* | | *2.9* | | *2.5* | | *—* | | *2.5* | | *(0.4* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims against Bankrupt and Substantially Bankrupt Obligors |  |  |  |  |  | 9.0 |  | 3.8 |  |  |  | 3.8 |  | (5.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims with Collection Risk |  |  |  |  |  | 105.9 |  | 67.9 |  | 0.0 |  | 67.9 |  | (37.9) |
|  Amount Newly Categorized as above during Fiscal 2024 |  |  |  |  |  | **115.0** |  | 71.8 |  | 0.0 |  | **71.8** |  | (43.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which the amount which was in the process of being removed from the balance sheet* |  |  |  |  | | *5.8* | | *3.4* | | *—* | | *3.4* | | *(2.3* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims against Bankrupt and Substantially Bankrupt Obligors |  |  |  |  |  |  |  | 8.3 |  |  |  | 8.3 |  | 8.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims with Collection Risk |  |  |  |  |  |  |  | 51.8 |  | 0.0 |  | 51.9 |  | 51.9 |
|  Amount Newly Categorized as above during the First Half of Fiscal 2025 |  |  |  |  |  |  |  | 60.1 |  | 0.0 |  | **60.2** |  | 60.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which the amount which was in the process of being removed from the balance sheet* |  |  |  |  |  |  | | *3.8* | | *—* | | *3.8* | | *3.8* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims against Bankrupt and Substantially Bankrupt Obligors |  | 34.0 |  | 26.6 |  | 22.2 |  | 33.7 |  | 0.0 |  | 33.8 |  | 11.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims with Collection Risk |  | 658.4 |  | 708.6 |  | 569.3 |  | 303.3 |  | 4.3 |  | 307.7 |  | (261.6) |
|  **Total** |  | 692.5 |  | 735.3 |  | 591.6 |  | 337.1 |  | 4.3 |  | 341.5 |  | (250.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which the amount which was in the process of being removed from the balance sheet* | | *30.5* | | *24.7* | | *17.9* | | *27.9* | | *0.0* | | *28.0* | | *10.0* |

---

---

| | | |
|:---|:---|:---|
| \* Trust account represents trust accounts that guarantee principals in the agreement. | \* Trust account represents trust accounts that guarantee principals in the agreement. | \* Trust account represents trust accounts that guarantee principals in the agreement. |
| \* | | denotes newly categorized amounts. |

---

**(2) Breakdown of Reasons for Removal of NPLs from the Balance Sheet in the First Half of Fiscal 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** |
|  | **Aggregate<br>Figures**<br>**for the 2<br>Banks**<br>**(Banking<br>Account**<br>**+ Trust<br>Account)** | **MHBK** | **MHTB<br>(Banking<br>Account<br>+ Trust<br>Account)** |
|  Liquidation | (1.0) | (1.0) |  |
|  Restructuring | (1.3) | (1.3) |  |
|  Improvement in Business Performance due to Restructuring |  |  |  |
|  Loan Sales | (12.1) | (9.6) | (2.4) |
|  Direct Write-off | (222.7) | (222.7) | 0.0 |
|  Other | (73.0) | (72.2) | (0.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt recovery | (27.9) | (27.2) | (0.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement in Business Performance | (45.1) | (44.9) | (0.1) |
|  Total | (310.3) | (307.0) | (3.3) |

---

2-27

------

*Mizuho Financial Group, Inc.* 

**<u>7. Status of Loans by Industry</u>**

**(1) Outstanding Balances by Industry** 

**Non-Consolidated** 

**Aggregate Figures for the 2 Banks (Banking Account + Trust Account)** 

---

| | | | |
|:---|:---|:---|:---|
|  | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** |
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of March 31, 2025** |
|  | **Outstanding<br>Balance** | **Change** | **Outstanding Balance** |
|  Domestic Total (excluding Loans Booked Offshore) | **63256.9** | (1082.3) | 64339.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manufacturing | **10062.8** | (246.8) | 10309.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agriculture & Forestry | **50.2** | 1.2 | 48.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fishery | **12.2** | (0.6) | 12.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mining, Quarrying Industry & Gravel Extraction Industry | **147.9** | (12.3) | 160.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction | **1051.5** | (3.6) | 1055.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | **3197.9** | 0.6 | 3197.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication | **1408.0** | 237.2 | 1170.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation & Postal Industry | **2275.3** | 8.4 | 2266.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wholesale & Retail | **4902.4** | 22.8 | 4879.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance & Insurance | **9122.0** | (198.1) | 9320.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | **12638.9** | 191.2 | 12447.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity Lease | **3627.8** | 384.3 | 3243.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Industries | **3006.2** | (14.4) | 3020.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Governments | **340.8** | (28.1) | 368.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Governments | **1275.5** | (1707.2) | 2982.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | **10136.9** | 283.0 | 9853.9 |
|  Overseas Total (including Loans Booked Offshore) | **31497.1** | 1162.1 | 30335.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Governments | **253.4** | (39.6) | 293.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Institutions | **13810.6** | 32.8 | 13777.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | **17433.1** | 1168.9 | 16264.2 |
|  Total | **94754.1** | 79.7 | 94674.3 |

---

\* Loans to Finance & Insurance sector includes loans to MHFG as follows:

As of September 30, 2025: ¥265.0 billion (from MHBK) <br> As of March 31, 2025: ¥530.0 billion (from MHBK)

\* Amounts of Outstanding Balances are the aggregate figures for banking and trust accounts. 

2-28

------

*Mizuho Financial Group, Inc.* 

**Mizuho Bank** 

---

| | | | |
|:---|:---|:---|:---|
|  | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** |
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of March 31, 2025** |
|  | **Outstanding<br>Balance** | **Change** | **Outstanding Balance** |
|  Domestic Total (excluding Loans Booked Offshore) | **60223.6** | (1056.5) | 61280.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manufacturing | **9784.0** | (206.6) | 9990.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agriculture & Forestry | **50.2** | 1.2 | 48.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fishery | **12.2** | (0.6) | 12.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mining, Quarrying Industry & Gravel Extraction Industry | **147.0** | (12.2) | 159.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction | **997.3** | (10.1) | 1007.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | **3002.1** | 19.5 | 2982.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication | **1355.6** | 222.6 | 1133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation & Postal Industry | **2158.9** | 18 | 2140.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wholesale & Retail | **4797.9** | 18.7 | 4779.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance & Insurance | **8607.3** | (253.8) | 8861.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | **11332.4** | 230.1 | 11102.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity Lease | **3435.1** | 370.6 | 3064.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Industries | **2989.7** | (7.1) | 2996.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Governments | **340.8** | (27.9) | 368.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Governments | **1275.5** | (1707.2) | 2982.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | **9936.9** | 288.4 | 9648.5 |
|  Overseas Total (including Loans Booked Offshore) | **31497.1** | 1162.1 | 30335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Governments | **253.4** | (39.6) | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Institutions | **13810.6** | 32.8 | 13777.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | **17433.1** | 1168.9 | 16264.2 |
|  Total | **91720.8** | 105.5 | 91615.2 |
| **Mizuho Trust & Banking (Banking Account + Trust Account)** |  |  |  |
|  Domestic Total (excluding Loans Booked Offshore) | **3033.3** | (25.8) | 3059.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manufacturing | **278.8** | (40.1) | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agriculture & Forestry | **0.0** | (0.0) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fishery | **—** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mining, Quarrying Industry & Gravel Extraction Industry | **0.9** | (0.1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction | **54.1** | 6.5 | 47.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | **195.7** | (18.8) | 214.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication | **52.4** | 14.6 | 37.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation & Postal Industry | **116.3** | (9.6) | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wholesale & Retail | **104.4** | 4 | 100.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance & Insurance | **514.6** | 55.7 | 458.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | **1306.4** | (38.8) | 1345.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity Lease | **192.6** | 13.7 | 178.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Industries | **16.5** | (7.2) | 23.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Governments | **—** | (0.2) | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Governments | **—** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | **200.0** | (5.3) | 205.4 |
|  Overseas Total (including Loans Booked Offshore) | **—** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Governments | **—** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Institutions | **—** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | **—** |  |  |
|  Total | **3033.3** | (25.8) | 3059.1 |

---

\* Amounts of Outstanding Balances are the aggregate figures for banking and trust accounts. 

2-29

------

*Mizuho Financial Group, Inc.* 

**(2) Non Performing Loans based on the BA and the FRA and Coverage Ratio by Industry** 

**Non-Consolidated** 

**Aggregate Figures for the 2 Banks (Banking Account + Trust Account)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | ***(Billions of yen, %)*** | ***(Billions of yen, %)*** | ***(Billions of yen, %)*** | ***(Billions of yen, %)*** | ***(Billions of yen, %)*** | ***(Billions of yen, %)*** |
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of March 31, 2025** | **As of March 31, 2025** |
| | **Non Performing**<br>**Loans based on**<br>**the BA and the**<br>**FRA** | **Coverage<br>Ratio** | **Change** | **Change** | **Non Performing**<br>**Loans based on**<br>**the BA and the**<br>**FRA** | **Coverage<br>Ratio** |
| | **Non Performing**<br>**Loans based on**<br>**the BA and the**<br>**FRA** | **Coverage<br>Ratio** | **Non Performing**<br>**Loans based on**<br>**the BA and the**<br>**FRA** | **Coverage<br>Ratio** | **Non Performing**<br>**Loans based on**<br>**the BA and the**<br>**FRA** | **Coverage<br>Ratio** |
|  Domestic Total (excluding Loans Booked Offshore) | **690.2** | **65.0** | (247.9) | (8.7) | 938.2 | 73.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manufacturing | **364.9** | **63.3** | (245.3) | (12.8) | 610.3 | 76.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agriculture & Forestry | **7.7** | **85.5** | 4.4 | 9.2 | 3.2 | 76.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fishery | **—** | **—** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mining, Quarrying Industry & Gravel Extraction Industry | **0.0** | **100.0** | 0 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction | **3.2** | **77.8** | 0.1 | (4.3) | 3 | 82.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | **3.8** | **63.9** | 2.7 | (4.8) | 1 | 68.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication | **12.8** | **55.7** | 1.1 | (3.6) | 11.7 | 59.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation & Postal Industry | **8.3** | **77.8** | (3.4) | 0.4 | 11.8 | 77.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wholesale & Retail | **119.3** | **54.2** | 8.1 | (1.7) | 111.2 | 55.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance & Insurance | **12.8** | **51.8** | (1.0) | (3.0) | 13.9 | 54.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | **22.2** | **84.8** | (4.0) | (2.0) | 26.3 | 86.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity Lease | **0.2** | **72.3** | (0.0) | 0.8 | 0.2 | 71.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Industries | **86.5** | **63.6** | (8.7) | (3.5) | 95.2 | 67.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Governments | **—** | **—** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | **47.8** | **97.4** | (1.9) | 0.3 | 49.8 | 97.1 |
|  Overseas Total (including Loans Booked Offshore) | **70.9** | **79.6** | (9.3) | (1.2) | 80.3 | 80.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Governments | **—** | **—** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Institutions | **—** | **—** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | **70.9** | **79.6** | (9.3) | (1.2) | 80.3 | 80.8 |
|  Total | **761.2** | **66.3** | (257.3) | (7.9) | 1018.5 | 74.3 |

---

\* Trust account represents trust accounts that guarantee principals in the agreement.

2-30

------

*Mizuho Financial Group, Inc.* 

**<u>8. Housing and Consumer Loans & Loans to Small and Medium-Sized Enterprises ("SMEs") and Individual Customers</u>**

**(1) Balance of Housing and Consumer Loans** 

**Non-Consolidated** 

**Aggregate Figures for the 2 Banks (Banking Account + Trust Account)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** |  |
|  | **As of**<br>**September 30,<br>2025** | **As of**<br>**September 30,<br>2025** | | | **As of**<br>**March 31,<br>2025** | **As of**<br>**March 31,<br>2025** | |
|  | **As of**<br>**September 30,<br>2025** | **As of**<br>**September 30,<br>2025** | **Change** | **Change** | **As of**<br>**March 31,<br>2025** | **As of**<br>**March 31,<br>2025** | |
|  Housing and Consumer Loans |  | **7257.3** |  | (82.1) |  | 7339.5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Housing Loans for owner's residential housing* | **** | ***6817.3*** | | *(73.4)* | | *6890.7* | |
|  **Mizuho Bank** |  |  |  |  |  |  |  |
|  Housing and Consumer Loans |  | **7227.7** |  | (79.3) |  | 7307.1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Housing Loans |  | **6858.4** |  | (77.0) |  | 6935.5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *for owner's residential housing* | **** | ***6789.0*** | | *(70.8)* | | *6859.8* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer loans |  | **369.2** |  | (2.2) |  | 371.5 |  |
|  **Mizuho Trust & Banking (Banking Account + Trust Account)** |  |  |  |  |  |  |  |
|  Housing and Consumer Loans |  | **29.6** |  | (2.8) |  | 32.4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Housing Loans for owner's residential housing* | **** | ***28.2*** | | *(2.6)* | | *30.9* | |
|  <br> \* Above figures are aggregate banking and trust account amounts. |  |  |  |  |  |  |  |
| **(2) Loans to SMEs and Individual Customers** | **(2) Loans to SMEs and Individual Customers** | **(2) Loans to SMEs and Individual Customers** | **(2) Loans to SMEs and Individual Customers** | **(2) Loans to SMEs and Individual Customers** | **(2) Loans to SMEs and Individual Customers** | **(2) Loans to SMEs and Individual Customers** |  |
|  **Non-Consolidated** | **Non-Consolidated** | **Non-Consolidated** | **Non-Consolidated** | **Non-Consolidated** | **Non-Consolidated** | **Non-Consolidated** |  |
|  **Aggregate Figures for the 2 Banks (Banking Account + Trust Account)** | **Aggregate Figures for the 2 Banks (Banking Account + Trust Account)** | **Aggregate Figures for the 2 Banks (Banking Account + Trust Account)** | **Aggregate Figures for the 2 Banks (Banking Account + Trust Account)** | **Aggregate Figures for the 2 Banks (Banking Account + Trust Account)** | **Aggregate Figures for the 2 Banks (Banking Account + Trust Account)** | **Aggregate Figures for the 2 Banks (Banking Account + Trust Account)** |  |
|  | ***(%, Billions of yen)*** | ***(%, Billions of yen)*** | ***(%, Billions of yen)*** | ***(%, Billions of yen)*** | ***(%, Billions of yen)*** | ***(%, Billions of yen)*** |  |
|  | **As of**<br>**September 30,<br>2025** | **As of**<br>**September 30,<br>2025** |  |  | **As of**<br>**March 31,<br>2025** | **As of**<br>**March 31,<br>2025** |  |
|  | **As of**<br>**September 30,<br>2025** | **As of**<br>**September 30,<br>2025** | **Change** | **Change** | **As of**<br>**March 31,<br>2025** | **As of**<br>**March 31,<br>2025** |  |
|  Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans |  | **57.7** |  | 1 |  | 56.7 |  |
|  Loans to SMEs and Individual Customers |  | **36527.1** |  | 22.1 |  | 36504.9 |  |
|  **Mizuho Bank** |  |  |  |  |  |  |  |
|  Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans |  | **58.2** |  | 1.2 |  | 57 |  |
|  Loans to SMEs and Individual Customers |  | **35086.0** |  | &nbsp;&nbsp;&nbsp;&nbsp;126.9 |  | 34959.1 |  |
|  **Mizuho Trust & Banking (Banking Account + Trust Account)** |  |  |  |  |  |  |  |
|  Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans |  | **47.5** |  | (3.0) |  | 50.5 |  |
|  Loans to SMEs and Individual Customers |  | **1441.0** |  | (104.7) |  | 1545.8 |  |

---

\* Above figures are aggregate banking and trust account amounts. 

\* Above figures do not include loans booked at overseas offices and offshore loans.

\* The definition of "Small and Medium-sized Enterprises" is as follows:

Enterprises of which the capital is ¥300 million or below (¥100 million or below for the wholesale industry, and ¥50 million or below for the retail, restaurant and commodity lease industries, etc.), or enterprises with full-time employees of 300 or below (100 or below for the wholesale and commodity lease industries etc., 50 or below for the retail and restaurant industries.) <br>

2-31

------

*Mizuho Financial Group, Inc.* 

**<u>9. Status of Loans by Region</u>**

**(1) Outstanding Balances by Region** 

**Non-Consolidated** 

**Aggregate Figures for the 2 Banks (Banking Account + Trust Account)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** |  |
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of March 31, 2025** | **As of March 31, 2025** |  |
|  | **Outstanding<br>Balance** | **Outstanding<br>Balance** | **Change** | **Change** | **Outstanding Balance** | **Outstanding Balance** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia |  | **7914.2** |  | 938.3 |  | 6975.9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Hong Kong* | **** | ***933.6*** | | *36.2* | | *897.3* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Singapore* | **** | ***1501.9*** | | *134.9* | | *1366.9* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Thailand* | **** | ***1186.0*** | | *157.0* | | *1029.0* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Taiwan* | **** | ***1120.2*** | | *413.9* | | *706.3* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *India* | **** | ***1010.5*** | | *83.3* | | *927.1* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *South Korea* | **** | ***752.2*** | | *19.9* | | *732.3* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Indonesia* | **** | ***490.6*** | | *60.6* | | *430.0* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Philippines* | **** | ***286.3*** | | *19.4* | | *266.8* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *China* | **** | ***151.3*** | | *9.8* | | *141.4* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Malaysia* | **** | ***103.1*** | | *14.3* | | *88.8* | |
| &nbsp;&nbsp;&nbsp;&nbsp; Central and South America |  | **4393.9** |  | (48.2) |  | 4442.1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Mexico* | **** | ***278.8*** | | *(75.1* | | *353.9* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Brazile* | **** | ***219.8*** | | *19.6* | | *200.1* | |
| &nbsp;&nbsp;&nbsp;&nbsp; North America |  | **14339.3** |  | 590.3 |  | 13748.9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *United States* | **** | ***12907.5*** | | *794.7* | | *12112.8* | |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastern Europe |  | **63.3** |  | (58.4) |  | 121.7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Russia* | **** | ***20.3*** | | *(80.6* | | *100.9* | |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Europe |  | **4602.6** |  | 45.2 |  | 4557.3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *United Kingdom* | **** | ***1378.8*** | | *(1.4* | | *1380.2* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Netherlands* | **** | ***934.3*** | | *(129.6* | | *1064.0* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Germany* | **** | ***15.7*** | | *(64.7* | | *80.4* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Ireland* | **** | ***528.1*** | | *(8.7* | | *536.9* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Switzerland* | **** | ***79.2*** | | *(6.5* | | *85.8* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *France* | **** | ***252.5*** | | *120.5* | | *132.0* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Turkey* | **** | ***128.9*** | | *30.2* | | *98.7* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Italy* | **** | ***13.6*** | | *0.9* | | *12.7* | |
| &nbsp;&nbsp;&nbsp;&nbsp; Other |  | **4406.7** |  | 34.5 |  | 4372.1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Australia* | **** | ***2308.0*** | | *148.1* | | *2159.9* | |
|  Total |  | **35720.1** |  | &nbsp;&nbsp;&nbsp;&nbsp;1501.8 |  | 34218.2 |  |
| <br> The above figures are based on obligor country of location.<br>The outstanding balance of loans in major banking subsidiaries outside Japan in the consolidated financial statement is as follows. | <br> The above figures are based on obligor country of location.<br>The outstanding balance of loans in major banking subsidiaries outside Japan in the consolidated financial statement is as follows. | <br> The above figures are based on obligor country of location.<br>The outstanding balance of loans in major banking subsidiaries outside Japan in the consolidated financial statement is as follows. | <br> The above figures are based on obligor country of location.<br>The outstanding balance of loans in major banking subsidiaries outside Japan in the consolidated financial statement is as follows. | <br> The above figures are based on obligor country of location.<br>The outstanding balance of loans in major banking subsidiaries outside Japan in the consolidated financial statement is as follows. | <br> The above figures are based on obligor country of location.<br>The outstanding balance of loans in major banking subsidiaries outside Japan in the consolidated financial statement is as follows. | <br> The above figures are based on obligor country of location.<br>The outstanding balance of loans in major banking subsidiaries outside Japan in the consolidated financial statement is as follows. |  |
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of March 31, 2025** | **As of March 31, 2025** |  |
|  | **Outstanding<br>Balance** | **Outstanding<br>Balance** | **Change** | **Change** | **Outstanding Balance** | **Outstanding Balance** |  |
|  Mizuho Bank Europe N.V. |  | **1763.3** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188.7 |  | 574.6 |  |
|  Mizuho Bank (China) ,Ltd |  | **932.1** |  | (231.3) |  | 1163.4 |  |
|  PT. Bank Mizuho Indonesia |  | **570.1** |  | (39.9) |  | 610.0 |  |

---

2-32

------

*Mizuho Financial Group, Inc.* 

**(2) Non Performing Loans based on the BA and the FRA by Region** 

**Non-Consolidated** 

**Aggregate Figures for the 2 Banks (Banking Account + Trust Account)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** |  |
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of March 31, 2025** | **As of March 31, 2025** |  |
|  | **Non Performing**<br>**Loans based on<br>the BA and the**<br>**FRA** | **Non Performing**<br>**Loans based on<br>the BA and the**<br>**FRA** | **Change** | **Change** | **Non Performing**<br>**Loans based on**<br>**the BA and the**<br>**FRA** | **Non Performing**<br>**Loans based on**<br>**the BA and the**<br>**FRA** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia |  | **35.9** |  | (22.3) |  | 58.2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Hong Kong* | **** | ***0.9*** | | *(0.0* | | *1.0* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Singapore* | **** | ***3.3*** | | *(10.3* | | *13.7* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Thailand* | **** | ***0.5*** | | *(0.4* | | *1.0* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Taiwan* | **** | ***15.3*** | | *(8.9* | | *24.2* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *India* | **** | ***—*** | | *—* | | *—* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *South Korea* | **** | ***—*** | | *(0.0* | | *0.0* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Indonesia* | **** | ***—*** | | *—* | | *—* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Philippines* | **** | ***0.0*** | | *(0.0* | | *0.0* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *China* | **** | ***0.1*** | | *(0.0* | | *0.1* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Malaysia* | **** | ***—*** | | *—* | | *—* | |
| &nbsp;&nbsp;&nbsp;&nbsp; Central and South America |  | **10.4** |  | (3.5) |  | 13.9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Mexico* | **** | ***—*** | | *—* | | *—* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Brazile* | **** | ***—*** | | *—* | | *—* | |
| &nbsp;&nbsp;&nbsp;&nbsp; North America |  | **14.2** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 |  | 8.2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *United States* | **** | ***14.2*** | | *5.9* | | *8.2* | |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastern Europe |  | **8.4** |  | (0.1) |  | 8.5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Russia* | **** | ***8.4*** | | *(0.1* | | *8.5* | |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Europe |  | **29.6** |  | (0.0) |  | 29.7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *United Kingdom* | **** | ***13.2*** | | *0.2* | | *13.0* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Netherlands* | **** | ***0.3*** | | *(0.6* | | *0.9* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Germany* | **** | ***—*** | | *(3.2* | | *3.2* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Ireland* | **** | ***—*** | | *—* | | *—* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Switzerland* | **** | ***1.1*** | | *0.0* | | *1.0* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *France* | **** | ***—*** | | *—* | | *—* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Turkey* | **** | ***—*** | | *—* | | *—* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Italy* | **** | ***10.4*** | | *0.7* | | *9.7* | |
| &nbsp;&nbsp;&nbsp;&nbsp; Other |  | **6.0** |  | 4.3 |  | 1.7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Australia* | **** | ***6.0*** | | *4.3* | | *1.6* | |
|  Total |  | **104.8** |  | (15.7) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120.5 |  |

---

The above figures are based on obligor country of location.

The outstanding balance of Non Performing Loans based on the BA and the FRA in major banking subsidiaries outside Japan in the consolidated financial statement is as follows.

---

| | | | |
|:---|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of March 31, 2025** |
|  | **Non Performing**<br>**Loans based on**<br>**the BA and the**<br>**FRA** | **Change** | **Non Performing**<br>**Loans based on**<br>**the BA and the**<br>**FRA** |
|  Mizuho Bank Europe N.V. | **21.3** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.9 |
|  Mizuho Bank (China) ,Ltd | **—** | (0.1) | 0.1 |
|  PT. Bank Mizuho Indonesia | **6.4** | (0.5) | 6.9 |

---

2-33

------

*Mizuho Financial Group, Inc.* 

**III. OTHERS** 

**<u>1. Estimation for Calculating Deferred Tax Assets</u>**

**Non-Consolidated** 

**Mizuho Bank** 

**1. Estimate of future taxable income** 

---

| | | |
|:---|:---|:---|
|  | | ***(Billions of yen)*** |
|  | | **Total amount**<br>**for five years**<br>**(from October 1, 2025**<br>**to**<br>**September 30, 2030)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) | 1 | 4644.4 |
|  Profit before Income Taxes | 2 | 5172.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Adjustments <sup>(1)</sup> | 3 | 931.2 |
|  Taxable Income before Current Deductible Temporary Differences <sup>(2)</sup> | 4 | 6103.9 |
|  Effective Statutory Tax Rate | 5 | 30.62% / 31.52% |
|  Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ] | 6 | 1918.3 |

---

(1) Tax Adjustments are estimated future book-tax differences under the
provisions of the corporation tax law and others.

(2) Taxable Income before Current Deductible Temporary Differences is an estimate of taxable income before
adjusting deductible temporary differences as of September 30, 2025.

---

| | | |
|:---|:---|:---|
|  Reference: Past results of taxable income (tax loss)<br>|  |  |
|  | ***(Billions of yen)*** | ***(Billions of yen)*** |
|  Fiscal 2021 |  | 360.3 |
|  Fiscal 2022 |  | 157.7 |
|  Fiscal 2023 |  | 406.1 |
|  Fiscal 2024 |  | 796.7 |
|  First Half of Fiscal 2025 (estimate) |  | 558.8 |

---

• Figures are taxable income (tax loss) amounts per the final corporation tax returns before deducting tax losses
carried forward from prior years. Subsequent amendments have not been reflected.

• Figure for the first half of fiscal 2025 is an estimate of taxable income.

**2. Breakdown of Deferred Tax Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** |
|  | | **As of**<br>**September 30,<br>2025** | **Change** | **As of**<br>**March 31,<br>2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowances for Loan Losses | 7 | **224.2** | (2.2) | 226.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment of Securities | 8 | **95.9** | (10.6) | 106.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities Contributed to Employee Retirement Benefit Trust | 9 | **87.0** | (4.5) | 91.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Unrealized Losses on Other Securities | 10 | **—** | (50.2) | 50.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and Impairment | 11 | **57.7** | (5.1) | 62.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Deferred Hedge Losses | 12 | **278.5** | 57.5 | 220.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Losses Carried Forward | 13 | **8.0** | (4.4) | 12.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 14 | **188.0** | (20.6) | 208.6 |
|  Total Deferred Tax Assets | 15 | **939.6** | (39.9) | 979.5 |
|  Valuation Allowance | 16 | **(152.4)** | 29.8 | (182.3) |
|  Sub-Total [ 15 + 16 ] | 17 | **787.1** | (10.0) | 797.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount related to Retirement Benefits Accounting | 18 | **(93.7)** | 24.6 | (118.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Unrealized Gains on Other Securities | 19 | **(423.2)** | (92.6) | (330.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Deferred Hedge Gains | 20 | **—** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 21 | **(81.7)** | (10.0) | (71.6) |
|  Total Deferred Tax Liabilities | 22 | **(598.6)** | (78.0) | (520.5) |
|  Net Deferred Tax Assets (Liabilities) [17 + 22] | 23 | **188.5** | (88.1) | 276.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax effects related to Net Unrealized Losses (Gains) on Other Securities \* | 24 | **(423.2)** | (125.2) | (298.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax effects related to Net Deferred Hedge Losses (Gains) | 25 | **278.5** | 57.5 | 220.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax effects related to others | 26 | **333.1** | (20.6) | 353.7 |

---

\* Tax effects related to Net Unrealized Losses (Gains) on Other Securities is the amount after deducting Valuation Allowance. 

Assessment of Recoverability of Deferred Tax Assets is based on 19. Company Classification (Category 2) of "Revised Implementation Guidance on Recoverability of Deferred Tax Assets" (ASBJ Guidance No.26).

Future taxable income was estimated using assumptions used in the Business Plan, etc.

*The above includes forward-looking information. See the disclaimer at the end of the table of contents located at the beginning of this document.* 

2-34

------

*Mizuho Financial Group, Inc.* 

**Mizuho Trust & Banking** 

**1. Estimate of future taxable income** 

---

| | | |
|:---|:---|:---|
|  | | ***(Billions of yen)*** |
|  | | **Total amount for**<br>**five years**<br>**(from October 1, 2025**<br>**to**<br>**September 30, 2030)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) | 1 | 200.5 |
|  Profit before Income Taxes | 2 | 312.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Adjustments <sup>(1)</sup> | 3 | (20.5) |
|  Taxable Income before Current Deductible Temporary Differences <sup>(2)</sup> | 4 | 292.7 |
|  Effective Statutory Tax Rate | 5 | 30.62%/31.52% |
|  Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ] | 6 | 91.7 |

---

(1) Tax Adjustments are estimated future book-tax differences under the
provisions of the corporation tax law and others.

(2) Taxable Income before Current Deductible Temporary Differences is an estimate of taxable income before
adjusting deductible temporary differences as of September 30, 2025.

---

| | | |
|:---|:---|:---|
|  Reference: Past results of taxable income (tax loss)<br>|  |  |
|  | ***(Billions of yen)*** | ***(Billions of yen)*** |
|  Fiscal 2021 |  | 33.2 |
|  Fiscal 2022 |  | 30.0 |
|  Fiscal 2023 |  | 29.4 |
|  Fiscal 2024 |  | 71.6 |
|  First Half of Fiscal 2025 (estimate) |  | 34.3 |

---

• Figures are taxable income (tax loss) amounts per the final corporation tax returns before deducting tax losses
carried forward from prior years. Subsequent amendments have not been reflected.

• Figure for the first half of fiscal 2025 is an estimate of taxable income.

**2. Breakdown of Deferred Tax Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** |
|  | | **As of**<br>**September 30,<br>2025** | **Change** | **As of**<br>**March 31,<br>2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowances for Loan Losses | 7 | **1.7** | (0.4) | 2.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment of Securities | 8 | **2.9** | (0.6) | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities Contributed to Employee Retirement Benefit Trust | 9 | **11.4** | (1.3) | 12.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Unrealized Losses on Other Securities | 10 | **0** | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and Impairment | 11 | **3.8** | (1.7) | 5.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Deferred Hedge Losses | 12 | **—** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Losses Carried Forward | 13 | **—** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 14 | **4.6** | (1.0) | 5.6 |
|  Total Deferred Tax Assets | 15 | **24.7** | (5.1) | 29.8 |
|  Valuation Allowance | 16 | **(2.6)** | 0.5 | (3.1) |
|  Sub-Total [ 15 + 16 ] | 17 | **22.1** | (4.5) | 26.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount related to Retirement Benefits Accounting | 18 | **(16.6)** | 6.4 | (23.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Unrealized Gains on Other Securities | 19 | **(30.0)** | (7.1) | (22.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Deferred Hedge Gains | 20 | **(4.2)** | (1.3) | (2.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 21 | **(0.3)** | 0.1 | (0.4) |
|  Total Deferred Tax Liabilities | 22 | **(51.3)** | (1.9) | (49.3) |
|  Net Deferred Tax Assets (Liabilities) [17 + 22] | 23 | **(29.2)** | (6.5) | (22.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax effects related to Net Unrealized Losses (Gains) on Other Securities \* | 24 | **(30.0)** | (7.1) | (22.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax effects related to Net Deferred Hedge Losses (Gains) | 25 | **(4.2)** | (1.3) | (2.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax effects related to others | 26 | **5.1** | 1.9 | 3.1 |

---

\* Tax effects related to Net Unrealized Losses (Gains) on Other Securities is the amount after deducting Valuation Allowance. 

Assessment of Recoverability of Deferred Tax Assets is based on 19. Company Classification (Category 2) of "Revised Implementation Guidance on Recoverability of Deferred Tax Assets" (ASBJ Guidance No.26).

Future taxable income was estimated using assumptions used in the Business Plan, etc.

*The above includes forward-looking information. See the disclaimer at the end of the table of contents located at the beginning of this document.* 

2-35

------

*Mizuho Financial Group, Inc.* 

**<u>2. Breakdown of Deposits (Domestic Offices)</u>**

**Non-Consolidated** 

**Aggregate Figures for the 2 Banks** 

---

| | | | |
|:---|:---|:---|:---|
|  | ***(Billions of yen)*** | ***(Billions of yen)*** | ***(Billions of yen)*** |
|  | **As of**<br>**September 30,<br>2025** | **Change** | **As of**<br>**March 31,<br>2025** |
|  Deposits | **122353.9** | (1745.9) | 124099.8 |
|  Individual Deposits | **48971.8** | (58.1) | 49030.0 |
|  Corporate Deposits | **64464.1** | (344.0) | 64808.2 |
|  Financial/Government Institutions | **8917.8** | (1343.7) | 10261.5 |
| **Mizuho Bank** |  |  |  |
|  Deposits | **120600.3** | (1616.7) | 122217.0 |
|  Individual Deposits | **48277.9** | (56.2) | 48334.1 |
|  Corporate Deposits | **63610.3** | (281.5) | 63891.8 |
|  Financial/Government Institutions | **8712.0** | (1278.9) | 9991.0 |
| **Mizuho Trust & Banking** |  |  |  |
|  Deposits | **1753.5** | (129.1) | 1882.7 |
|  Individual Deposits | **693.9** | (1.8) | 695.8 |
|  Corporate Deposits | **853.8** | (62.5) | 916.3 |
|  Financial/Government Institutions | **205.7** | (64.7) | 270.5 |

---

\* Above figures do not include deposits booked at overseas offices and offshore deposits.

2-36

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*Mizuho Financial Group, Inc.*

**Attachments** 

**COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)** 

**OF MIZUHO BANK** 

---

| | | | |
|:---|:---|:---|:---|
|  | ***Millions of yen*** | ***Millions of yen*** | ***Millions of yen*** |
|  | **As of**<br>**September 30,**<br>**2025 (A)** | **As of**<br>**March 31,**<br>**2025 (B)** | **Change**<br>**(A) - (B)** |
|  **Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and Due from Banks | ¥**64154219** | ¥69747184 | ¥(5592965) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Call Loans | **259519** | 249360 | 10159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables under Resale Agreements | **9905076** | 10023199 | (118123) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guarantee Deposits Paid under Securities Borrowing Transactions | **128778** | 127638 | 1139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monetary Claims Bought | **564771** | 493032 | 71738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading Assets | **8646390** | 7782207 | 864182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Held in Trust | **505** | 505 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities | **38571446** | 34405103 | 4166342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans and Bills Discounted | **91720807** | 91615228 | 105578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Exchanges | **2154470** | 2042083 | 112387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivatives other than for Trading Assets | **6180588** | 6066571 | 114017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets | **5329732** | 5558146 | (228413) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tangible Fixed Assets | **855321** | 855824 | (502) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible Fixed Assets | **531992** | 505728 | 26264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid Pension Cost | **297317** | 375645 | (78327) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred Tax Assets | **188528** | 276640 | (88112) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customers' Liabilities for Acceptances and Guarantees | **12370944** | 11573662 | 797282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowances for Loan Losses | **(458473)** | (719269) | 260796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance for Investment Losses |  | (2) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | ¥**241401937** | ¥240978492 | ¥423445 |
|  **Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits | ¥**154828114** | ¥153047861 | ¥1780253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Negotiable Certificates of Deposit | **13722701** | 14052123 | (329422) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Call Money | **2323253** | 2169376 | 153876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables under Repurchase Agreements | **14646838** | 19411662 | (4764824) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guarantee Deposits Received under Securities Lending Transactions | **605928** | 356931 | 248996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Paper | **2245275** | 2138133 | 107142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading Liabilities | **5522776** | 5646893 | (124116) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowed Money | **14269622** | 12955564 | 1314058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Exchanges | **1533921** | 1061680 | 472240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds and Notes | **693778** | 407973 | 285805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivatives other than for Trading Liabilities | **7332522** | 7147566 | 184955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Liabilities | **4261301** | 4115826 | 145475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reserve for Bonus Payments | **38341** | 54510 | (16169) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reserve for Variable Compensation | **375** | 587 | (212) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reserve for Possible Losses on Sales of Loans | **40** | 1266 | (1225) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reserve for Contingencies | **10299** | 8616 | 1683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reserve for Reimbursement of Deposits | **5851** | 6814 | (962) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reserve for Reimbursement of Debentures | **16039** | 19965 | (3925) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred Tax Liabilities for Revaluation Reserve for Land | **45281** | 47059 | (1777) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acceptances and Guarantees | **12370944** | 11573662 | 797282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **234473209** | 234224077 | 249131 |
|  **Net Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stock and Preferred Stock | **1404065** | 1404065 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Surplus | **2259392** | 2259392 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Reserve | **660805** | 660805 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Capital Surplus | **1598587** | 1598587 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained Earnings | **2705543** | 2715665 | (10121) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appropriated Reserve | **724535** | 624534 | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Retained Earnings | **1981008** | 2091130 | (110122) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained Earnings Brought Forward | **1981008** | 2091130 | (110122) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Shareholders' Equity** | **6369001** | 6379123 | (10121) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Unrealized Gains (Losses) on Other Securities, net of Taxes | **1067229** | 752993 | 314236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Deferred Hedge Gains (Losses), net of Taxes | **(602326)** | (476383) | (125942) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revaluation Reserve for Land, net of Taxes | **94823** | 98682 | (3859) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Valuation and Translation Adjustments** | **559726** | 375291 | 184434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | **6928728** | 6754415 | 174313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities and Net Assets** | ¥**241401937** | ¥240978492 | ¥423445 |

---

2-37

------

*Mizuho Financial Group, Inc.*

**COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME** 

**(selected items) OF MIZUHO BANK** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Millions of yen*** | ***Millions of yen*** | ***Millions of yen*** | ***Millions of yen*** |
|  | **For the six months**<br>**ended**<br>**September 30, 2025**<br>**(A)** |  | **For the six months**<br>**ended**<br>**September 30, 2024**<br>**(B)** | **Change**<br>**(A) - (B)** |
|  **Ordinary Income** | ¥**3109884** |  | ¥3273841 | ¥(163956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Income | **2370481** |  | 2490924 | (120442) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Interest on Loans and Bills Discounted* | ***1233123*** | **** | *1276139* | *(43016* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Interest and Dividends on Securities* | ***424095*** | **** | *406426* | *17668* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fee and Commission Income | **341193** |  | 312172 | 29021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading Income | **106354** |  | 180267 | (73912) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Operating Income | **93085** |  | 129072 | (35986) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Ordinary Income | **198768** |  | 161405 | 37363 |
|  **Ordinary Expenses** | **2509045** |  | 2756364 | (247319) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Expenses | **1729101** |  | 1998387 | (269285) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Interest on Deposits* | ***771573*** | **** | *840978* | *(69405* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fee and Commission Expenses | **143601** |  | 129533 | 14067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading Expenses | **1397** |  | 31 | 1366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Operating Expenses | **114974** |  | 110539 | 4434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and Administrative Expenses | **461898** |  | 429260 | 32637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Ordinary Expenses | **58071** |  | 88612 | (30540) |
|  **Ordinary Profits** | **600839** |  | 517476 | 83362 |
|  **Extraordinary Gains** | **42551** |  | 45924 | (3372) |
|  **Extraordinary Losses** | **4459** |  | 4015 | 443 |
|  **Profit before Income Taxes** | **638931** |  | 559384 | 79546 |
|  Income Taxes: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current | **151239** |  | 184336 | (33096) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred | **1668** |  | (25648) | 27316 |
|  **Profit** | ¥**486023** |  | ¥400696 | ¥85326 |

---

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