Nomura Holdings, Inc. · TSE:8604
Nomura — Q2 2027 Earnings Presentation
38 slides from Nomura's earnings presentation, Oct 28, 2026
Slide 1: Consolidated Results of Operations, Second quarter, year ending March 2027
Consolidated Results of Operations Second quarter, year ending March 2027 (US GAAP) October 2026 Nomura Holdings, Inc. © Nomura
Slide 2: Outline
Outline Presentation Financial Supplement Executive summary P2-3 Consolidated balance sheet P21 Trend in stable revenue P4 Value at risk P22 Rolling four-quarter average P5 Consolidated financial highlights P23 Overview of results P6 Consolidated income P24 Business segment results P7 Main revenue i
Slide 3: Executive summary (1/2)
Executive summary (1/2) FY2026/27 1H highlights ROE at 13.3% in 1H: Steady progress being made to meet 2030 Management Vision Half-year dividend All segments contributed to profit growth, four-segment aggregate income before income taxes rose about per share 50%. Sharp improvement in ability to ge
Slide 4: Executive summary (2/2)
Executive summary (2/2) Income before income taxes and FY2026/27 2Q highlights net income2 Solid earnings maintained, ROE1 comes to 10.9% Groupwide Net revenue and income before income taxes fell QoQ, but were solid (billions of yen) Income before income taxes ROE meets new 2030 Management Visio
Slide 5: Trend in stable revenues
Trend in stable revenues: Stable revenues up around 1.6x YoY, driven by the expansion of asset management-based business Recurring revenue assets and AuM increased with inflows Stable revenue1 steadily expanding2 Wealth Management (WM) (billions of yen) WM Recurring revenue IM Business revenue Banki
Slide 6: Rolling four-quarter average: Revenue and income before income taxes by Division
Rolling four-quarter average1 Revenue and income before income taxes by Division Wealth Management2 Investment Management (billions of yen) Avg. recurring revenue (billions of yen) Avg. business revenue Avg. flow revenue, etc. Avg. investment gain/loss Avg. income before income taxes Avg. income bef
Slide 7: Overview of results
Overview of results Highlights (billions of yen, excluding EPS, BPS and ROE) FY25/26 FY26/27 FY25/26 FY26/27 QoQ YoY YoY 2Q 3Q 4Q 1Q 2Q 1H 1H Net revenue 515.5 551.8 577.2 686.7 607.5 -12% 18% 1,038.8 1,294.2 25% Non-interest expenses 378.8 416.5 469.5 475.2 459.5 -3% 21% 741.9 934.7 26% Income befo
Slide 8: Business segment results
Business segment results Net revenue and income (loss) before income taxes (billions of yen) FY25/26 FY26/27 FY25/26 FY26/27 QoQ YoY YoY 2Q 3Q 4Q 1Q 2Q 1H 1H Wealth Management 116.5 132.5 133.1 145.4 141.5 -3% 22% 222.3 286.9 29% Investment Management 60.8 60.9 86.2 98.3 84.8 -14% 39% 111.4 183.1 64
Slide 9: Wealth Management
Wealth Management Net revenue and income (loss) before income taxes Key points (billions of yen) FY25/ FY26/ 26 27 QoQ YoY Net revenue: Y141.5bn (-3% QoQ, +22% YoY) 2Q 3Q 4Q 1Q 2Q Income before income taxes: Y65.6bn (-8% QoQ, +44% YoY) Net revenue 116.5 132.5 133.1 145.4 141.5 -3% 22% ◼ Earnings rem
Slide 10: Wealth Management: Asset purchases based on long-term, diversified investment
Wealth Management: Asset purchases based on long- term, diversified investment continued to progress Total sales1 (billions of yen) Total sales1 were Y7.3859trn, -13% QoQ 12,000 Discretionary Strong performance mainly in investment trusts and discretionary investments, investments Insurance 10,000 p
Slide 11: Wealth Management: KPI summary
Wealth Management: KPI summary Net inflows of recurring revenue assets1 Recurring revenue assets and recurring revenue2 ◼ Net inflows reached an all-time high as we continued to support clients’ medium ◼ Recurring revenue assets edged down owing to market factors, but recurring to long-term asset fo
Slide 12: Investment Management
Investment Management Net revenue and income (loss) before income taxes1 Key points (billions of yen) FY25/ FY26/ 26 27 QoQ YoY Net revenue: Y84.8bn (-14% QoQ, +39% YoY) 2Q 3Q 4Q 1Q 2Q Income before income taxes: Y27.4bn (-39% QoQ, -11% YoY) Net revenue 60.8 60.9 86.2 98.3 84.8 -14% 39% ◼ Net revenu
Slide 13: Investment Management: Continued steady net inflows
Investment Management: Continued steady net inflows, primarily into investment trusts Assets under management (net)1 (trillions of yen) Domestic Investment Advisory and international business, etc. Assets under management remained high, with solid net inflows Domestic Investment trust business 156.4
Slide 14: Wholesale
Wholesale Net revenue and income (loss) before income taxes Key points (billions of yen) FY25/ FY26/ 26 27 QoQ YoY Net revenue: Y308.9bn (-16% QoQ, +11% YoY) 2Q 3Q 4Q 1Q 2Q Income before income taxes: Y46.1bn (-51% QoQ, -13% YoY) Net revenue 279.2 313.9 308.1 369.1 308.9 -16% 11% ◼ Revenue normalize
Slide 15: Wholesale: Global Markets
Wholesale: Global Markets Net revenue Key points (billions of yen) Net Revenue: Y254.2bn (-20% QoQ, +8% YoY) 350 ◼ Fixed Income: Decline in Macro Products was partly offset by Spread Products, 300 and efforts to diversify revenue sources to date paid off. International Wealth Management revenue rema
Slide 16: Wholesale: Investment Banking
Wholesale: Investment Banking Net revenue Major Deals ~ Utilizing global franchise to participate in deals (billions of yen) ◼ Take-private of Dentsu Research Institute by Dentsu Group and ITOCHU Corporation (Y215.2bn) 60 ◼ Sale of broadband infrastructure in Poland by Macquarie Asset Financing, Man
Slide 17: Banking
Banking Net revenue and income (loss) before income taxes Key points (billions of yen) FY25/ FY26/ 26 27 Net Revenue: Y16.4bn (+7% QoQ, +27% YoY) QoQ YoY 2Q 3Q 4Q 1Q 2Q Income before income taxes: Y4.4bn (+20% QoQ, +37% YoY) Net revenue 12.9 13.7 14.5 15.2 16.4 7% 27% ◼ Growth in net revenue and inc
Slide 18: Banking: KPI summary
Banking: KPI summary Loans outstanding (Nomura Trust and Banking) KPI highlights (billions of yen) Loans outstanding 1,500 ◼ Nomura Web loans outstanding grew along with an increase in new loan 1,361 account openings, supported in part by improved recognition of the service as 1,300 1,247 client tou
Slide 19: Non-interest expenses
Non-interest expenses Full year Quarter Key points (billions of yen) (billions of yen) Second quarter 469.5 475.2 500 2,000 459.5 Other Non-interest expenses: Y459.5bn 416.5 (-3% QoQ) 1,627.9 378.8 400 Business development 1,420.5 expenses 1,500 ◼ Compensation and benefits (-5% QoQ) Occupancy and re
Slide 20: Robust financial position
Robust financial position Balance sheet related indicators and capital ratios RWA and CET 1 capital ratio3 (trillions of yen) RWA (lhs) Mar 2026 Jun 2026 Sep 2026 CET 1 capital ratio (rhs) 30 25% Total assets Y62.6trn Y68.2trn Y67.5trn 25 20% Shareholders’ equity Y3.7trn Y3.8trn Y3.8trn 20 13.2% 13.
Slide 21: Financial Supplement
NOMURA Financial Supplement
Slide 22: Consolidated balance sheet
Consolidated balance sheet Consolidated balance sheet (billions of yen) Mar 31, Sep 30, Increase Mar 31, Sep 30, Increase 2026 2026 (Decrease) 2026 2026 (Decrease) Assets Liabilities Total cash and cash deposits 5,649 6,667 1,018 Short-term borrowings 1,753 2,001 249 Total payables and deposits 8,69
Slide 23: Value at risk
Value at risk ◼ Definition ◼ From April 1, 2026, to September 30, 2026 (billions of yen) − 95% confidence level − Maximum: 7.8 − 1-day time horizon for outstanding portfolio − Minimum: 5.5 − Inter-product price fluctuations considered − Average: 6.4 (billions of yen) FY2024/25 FY2025/26 FY2025/26 FY
Slide 24: Consolidated financial highlights
Consolidated financial highlights (billions of yen) 400 362.1 12% 145.6 340.7 150 15.4% 16% 10.1% 10.0% 13.3% Net income (loss) 120 300 9% 11.3% 12% attributable to Nomura 10.8% 103.7 Holdings, Inc. ("NHI") 10.1% 92.1 91.6 shareholders 90 200 6% 73.9 8% 60 ROE 100 3% 4% 30 0 0% 0 0% FY2025/26 FY2026
Slide 25: Consolidated income
Consolidated income (billions of yen) FY2025/26 FY2026/27 FY2024/25 FY2025/26 2Q 3Q 4Q 1Q 2Q Revenue Commissions 407.0 455.3 105.0 119.2 130.4 128.2 125.6 Fees from investment banking 212.2 200.5 44.6 59.0 58.6 56.2 57.2 Asset management and portfolio service fees 378.2 468.6 102.5 122.7 150.6 162.1
Slide 26: Main revenue items
Main revenue items (billions of yen) FY2025/26 FY2026/27 FY2024/25 FY2025/26 2Q 3Q 4Q 1Q 2Q Commissions Stock brokerage commissions 264.5 295.2 67.2 79.9 85.3 84.7 81.3 Other brokerage commissions 17.5 20.3 4.5 3.3 7.8 6.7 5.8 Commissions for distribution of 66.1 66.3 14.3 20.9 16.9 22.1 18.1 invest
Slide 27: Income before income taxes by segment and region
Consolidated results: Income (loss) before income taxes by segment and region Adjustment of consolidated results and segment results: Income (loss) before income taxes (billions of yen) FY2025/26 FY2026/27 FY2024/25 FY2025/26 2Q 3Q 4Q 1Q 2Q 1 Wealth Management 166.2 204.0 45.5 58.5 61.2 71.1 65.6 In
Slide 28: Segment “Other”
Segment “Other” Income (loss) before income taxes (billions of yen) 60 45 35.1 30 24.6 15 2.3 0 -1.2 -7.0 -15 -10.3 -22.0 -30 1 2 FY2025/26 FY2026/27 FY2024/25 FY2025/26 2Q 3Q 4Q 1Q 2Q Net gain (loss) related to economic -5.8 -2.9 -0.2 -1.0 -2.9 -2.0 -1.9 hedging transactions Realized gain (loss) on
Slide 29: Wealth Management related data (1)
Wealth Management related data (1) (billions of yen) FY2025/26 FY2026/27 FY2024/25 FY2025/26 QoQ YoY 2Q 3Q 4Q 1Q 2Q Commissions 183.6 217.5 52.1 58.7 60.6 66.9 55.4 -17.1% 6.5% Of which, stock brokerage commission 72.2 96.0 22.7 24.7 30.3 30.9 22.2 -28.1% -2.0% Of which, commissions for distribution
Slide 30: Wealth Management related data (2)
Wealth Management related data (2) Wealth Management client assets (trillions of yen) 200 Other 183.7 183.6 175.8 172.6 175.8 162.3 Foreign investment trusts 150 143.8 Bond investment trusts Stock investment 100 trusts Domestic bonds 50 Foreign currency bonds Equities 0 . FY2024/25 FY2025/26 FY2025/
Slide 31: Wealth Management related data (3)
Wealth Management related data (3) Net inflows of cash and securities1 (billions of yen) Wealth Management total 6,000 Retail only 4,000 5,263 3,000 2,720 5,000 2,000 4,000 744 803 773 1,000 398 477 3,000 296 309 0 2,000 1,521 1,288 1,276 -461 -1,000 1,000 -2,000 0 -3,000 -1,000 -4,000 -8,558 FY2025
Slide 32: Wealth Management related data (4)
Wealth Management related data (4) Number of accounts (thousands) FY2024/25 FY2025/26 FY2025/26 FY2026/27 Mar Mar Sep Dec Mar Jun Sep Accounts with balance 5,934 6,095 5,998 6,075 6,095 6,136 6,172 Equity holding accounts 3,285 3,310 3,292 3,301 3,310 3,336 3,356 NISA accounts opened 1,779 1,900 1,8
Slide 33: Investment Management related data (1)
Investment Management related data (1) Net revenue and income (loss) before income taxes (billions of yen) FY2025/26 FY2026/27 FY2024/25 FY2025/26 QoQ YoY 2Q 3Q 4Q 1Q 2Q Business revenue 163.7 223.7 44.1 57.8 81.2 86.2 82.3 -4.5% 86.9% Investment gain/loss 28.8 34.8 16.8 3.1 5.0 12.1 2.5 -79.8% -85.
Slide 34: Investment Management related data (2)
Investment Management related data (2) Investment Management asset inflows/outflows by business1 (billions of yen) FY2025/26 FY2026/27 FY2024/25 FY2025/26 2Q 3Q 4Q 1Q 2Q Domestic investment trusts business 2,113 1,204 525 71 816 -367 1,019 of which ETFs 987 -23 77 -105 673 -941 786 Domestic investme
Slide 35: Wholesale related data
Wholesale related data Net revenue and income (loss) before income taxes (billions of yen) FY2025/26 FY2026/27 FY2024/25 FY2025/26 QoQ YoY 2Q 3Q 4Q 1Q 2Q Net revenue 1,057.9 1,162.2 279.2 313.9 308.1 369.1 308.9 -16.3% 10.7% Non-interest expenses 891.7 961.7 226.0 251.6 264.8 275.8 262.9 -4.7% 16.3%
Slide 36: Number of employees
Number of employees FY2024/25 FY2025/26 FY2025/26 FY2026/27 Mar Mar Sep Dec Mar Jun Sep Japan 14,877 15,017 15,144 15,061 15,017 15,339 15,242 Europe 3,133 3,269 3,173 3,237 3,269 3,265 3,261 Americas 2,417 3,028 2,450 3,030 3,028 3,079 3,070 Asia and Oceania 1 6,815 7,363 7,109 7,273 7,363 7,529 7,
Slide 37: Disclaimer
Disclaimer ◼ This document is produced by Nomura Holdings, Inc. (“Nomura”). ◼ Nothing in this document shall be considered as an offer to sell or solicitation of an offer to buy any security, commodity or other instrument, including securities issued by Nomura or any affiliate thereof. Offers to sel
Slide 38: Nomura Holdings, Inc.
Nomura Holdings, Inc. www.nomura.com 37