8601 Q3 2026 Earnings Presentation

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Daiwa Securities Group Inc. 3Q FY2025 Earnings Announcement The purpose of this material is to provide information on our business performance through the third quarter of FY2025 and our management vision for the future, and is not intended as a solicitation to invest in securities issued by the Company. This document was prepared based on information available to the public as of February 2, 2026. The opinions and forecasts contained in this material are based on information available as of February 2, 2026. The opinions, forecasts, and other statements contained in this material are based on our judgment at the time the material was prepared, and we do not guarantee or promise the accuracy or completeness of such information, The Company does not guarantee or promise the accuracy or completeness of the information, and may change its forecasts in the future without notice. February 2, 2026

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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツタイトルページタイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・注釈9.80 4.00 4.60 8.80 2 Financial Results for the Third Quarter of FY2025 ⚫Highlights 3-4 ⚫Financial Summary 5-8 ⚫B/S and Financial Management Summary 9-10 ⚫P/L Summary 11 ⚫Breakdown of SG&A 12-13 ⚫Overseas Operations 14 ⚫Segment Information 15-22 ⚫Reference 24-34 Definitions of the terms used in this document WM Wealth Management AM Asset Management GM&IB Global Markets & Investment Banking GM Global Markets GIB Global Investment Banking Base income The sum of ordinary income of Wealth Management Division, Securities Asset Management, and Real Estate Asset Management Asset-based revenues Agency fee for investment trust, Investment advisory and account managed fees, Bank agency fees and other, revenues from asset-based fee plan for investment trusts, etc. FICC Fixed Income, Currency and Commodities

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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツタイトルページタイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・注釈9.80 4.00 4.60 8.80 3 Highlights (3Q/FY2025, YoY) Steady income growth accelerated further. While consolidated ordinary income declined YoY due to the absence of the negative goodwill gain recorded in the previous fiscal year, net income reached its highest level in 12 years. ◼ Base income*1, which we regard as a key indicator of stable earnings, increased by 28.2% to ¥128.3 bn. ◼ Wealth Management Division accurately captured customers’ asset management needs through total asset consulting, and WM Division (Daiwa Securities) achieved ordinary income of ¥64.3 bn, marking its highest level in 12 years. ➢ WM Division's (domestic) asset-based revenues*2, a stable source of earnings, reached a record high of ¥89.8 bn. ➢ The net inflows into wrap account services and stock investment trusts reached all-time highs, and net asset inflows*3 reached a record high of ¥1.06 tn. ➢ Assets under custody*4 reached a record high of ¥106 tn. ➢ At Daiwa Next Bank, deposit balances continued to grow steadily, and ordinary income reached a record high of ¥14.8 bn. ◼ Both Securities Asset Management and Real Estate Asset Management achieved record highs in assets under management*5,6 and ordinary income. ◼ Global Investment Banking posted a significant increase in income, driven by robust M&A activity, with ordinary income reaching a record high of ¥12.4 bn. ¥173.6 bn ¥125.4 bn ¥522.5 bn ¥167.4 bn ¥124.4 bn ¥471.7 bn FY2025 1Q-3Q FY2024 1Q-3Q Profit attributable to owners of parent Net operating revenues Ordinary income Consolidated earnings results % Changes vs 1Q-3Q/FY2024 +10.8% -3.6% +0.8% *1 For the trend in base income, see p.8 *2 For the trend in asset-based revenues, see p.28 *3 For the trend in net asset inflow, see p.27 *4 Includes GM&IB division *5 Publicly offered securities investment trusts assets under management of Daiwa Asset Management *6 Assets under management of Daiwa Real Estate Asset Management and Samty Residential Investment Corp.

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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツタイトルページタイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・注釈9.80 4.00 4.60 8.80 147.8 164.5 149.1 161.0 161.5 174.2 155.2 172.6 194.6 0 50 100 150 200 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY2023 FY2024 FY2025 40.8 56.7 37.7 72.8 63.0 51.0 43.7 54.1 69.5 0 20 40 60 80 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY2023 FY2024 FY2025 28.4 39.5 23.9 53.7 46.6 29.9 31.2 47.7 46.4 0 20 40 60 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY2023 FY2024 FY2025 4 Summary (3Q/FY2025, QoQ) Net Operating Revenues Ordinary Income Profit Attributable to Owners of Parent (¥ Billions) (¥ Billions) (¥ Billions) ◼ Wealth Management Division deepened total asset consulting, leading to an increase in sales of a wide range of products. Asset-based revenues*1 reached a record high of ¥32.3 bn. ◼ Securities Asset Management recorded higher profits, driven by an increase in assets under management. Real Estate Asset Management also posted higher profits, reflecting gains on property sales at Samty Holdings. ◼ Global Markets & Investment Banking Division recorded higher revenue and income. In Global Markets, backed by increased customer flow, equities remained strong, while FICC posted a significant increase in revenue. In Global Investment Banking, M&A-related revenues reached a record high. ◼ Annualized ROE: 11.0% Profit attributable to owners of parent Net operating revenues Ordinary income +28.4% ¥46.4 bn ¥194.6 bn ¥69.5 bn -2.6% +12.8% FY2025 3Q % Changes vs 2Q/FY2025Consolidated earnings results Ordinary income increased significantly, up 28.4%, supported by the recovery in the Global Markets business. M&A-related revenues reached a record high. *1 For the trend in asset-based revenues, see p.28

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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツタイトルページタイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・注釈9.80 4.00 4.60 8.80 FY2024 FY2025 3Q 4Q 1Q 2Q 3Q 1Q-3Q 1Q-3Q Operating revenues 336,748 345,577 326,400 375,349 373,862 -0.4% 11.0% 1,026,437 1,075,613 4.8% 1,372,014 Net operating revenues 161,532 174,218 155,252 172,628 194,646 12.8% 20.5% 471,771 522,527 10.8% 645,990 SG&A 124,496 121,302 119,074 122,785 132,882 8.2% 6.7% 357,945 374,742 4.7% 479,247 Ordinary income 63,061 51,027 43,716 54,192 69,559 28.4% 10.3% 173,689 167,468 -3.6% 224,716 Profit (loss) attributable to owners of parent 46,628 29,954 31,237 47,726 46,462 -2.6% -0.4% 124,413 125,426 0.8% 154,368 Total assets 36,708,372 36,024,346 34,617,316 36,915,300 38,595,380 36,708,372 38,595,380 36,024,346 Net assets 1,916,791 1,923,287 1,893,724 1,944,434 1,989,781 1,916,791 1,989,781 1,923,287 Shareholders' equity* 1,632,234 1,639,738 1,614,409 1,667,999 1,706,702 1,632,234 1,706,702 1,639,738 EPS (¥) 33.04 21.19 22.20 34.31 33.66 88.37 90.05 109.53 BPS (¥) 1,156.39 1,158.82 1,154.60 1,201.74 1,235.69 1,156.39 1,235.69 1,158.82 ROE (Annualized) 11.7% 7.3% 7.7% 11.6% 11.0% 10.5% 10.0% 9.8% FY2024(¥ Millions) FY2024 FY2025 % Change vs 2Q/FY25 % Change vs 3Q/FY24 % Change vs 1Q-3Q/FY24 5 Financial Summary Consolidated * Shareholders' equity = Owners’ equity + Accumulated other comprehensive income 44 yen Full-year minimum dividend FY2024-FY2026

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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツタイトルページタイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・注釈9.80 4.00 4.60 8.80 FY2024 FY2025 3Q 4Q 1Q 2Q 3Q 1Q-3Q 1Q-3Q 66,068 66,455 62,905 74,689 77,100 3.2% 16.7% 189,385 214,695 13.4% 255,841 WM Division (Daiwa Securities) 59,655 59,837 55,500 65,759 68,988 4.9% 15.6% 169,851 190,248 12.0% 229,688 Daiwa Next Bank 5,629 5,842 6,599 7,922 7,080 -10.6% 25.8% 17,041 21,602 26.8% 22,884 19,562 30,062 28,213 24,996 32,605 30.4% 66.7% 72,455 85,815 18.4% 102,517 Global MarketsSecurities AM 15,143 14,963 15,192 17,158 18,637 8.6% 23.1% 42,997 50,988 18.6% 57,960 Real Estate AM 7,225 6,142 9,665 8,039 10,125 26.0% 40.1% 23,476 27,830 18.5% 29,619 Global Investment BankingAlternative AM -2,806 8,956 3,355 -201 3,841 - - 5,982 6,996 17.0% 14,938 65,714 61,837 49,827 60,745 71,339 17.4% 8.6% 172,359 181,912 5.5% 234,196 Securities Asset ManagementGM 40,321 36,031 32,554 39,281 45,289 15.3% 12.3% 113,012 117,125 3.6% 149,044 Real Estate Asset ManagementGIB 25,393 25,805 17,272 21,464 26,050 21.4% 2.6% 59,346 64,787 9.2% 85,151 10,186 15,863 14,304 12,197 13,601 - - 37,571 40,103 - 53,435 161,532 174,218 155,252 172,628 194,646 12.8% 20.5% 471,771 522,527 10.8% 645,990 FY2024 FY2025 3Q 4Q 1Q 2Q 3Q 1Q-3Q 1Q-3Q 21,057 23,179 19,734 29,565 29,573 0.0% 40.4% 57,484 78,873 37.2% 80,664 WM Division (Daiwa Securities) 18,283 20,038 15,610 23,933 24,804 3.6% 35.7% 48,585 64,348 32.4% 68,623 Daiwa Next Bank 3,316 3,679 4,355 5,702 4,818 -15.5% 45.3% 10,429 14,876 42.6% 14,108 29,217 12,216 14,772 12,072 22,232 84.2% -23.9% 65,201 49,076 -24.7% 77,418 Global MarketsSecurities AM 7,037 7,038 7,517 8,493 10,227 20.4% 45.3% 20,803 26,238 26.1% 27,841 Real Estate AM 8,883 7,163 6,935 5,905 10,394 76.0% 17.0% 21,865 23,235 6.3% 29,029 Global Investment BankingAlternative AM 13,296 -1,985 318 -2,326 1,609 - -87.9% 22,532 -397 - 20,547 15,229 13,319 5,001 14,861 18,731 26.0% 23.0% 29,419 38,594 31.2% 42,738 Securities Asset ManagementGM 9,072 6,323 2,639 8,414 11,968 42.2% 31.9% 22,681 23,022 1.5% 29,005 Real Estate Asset ManagementGIB 5,566 6,985 903 6,086 5,430 -10.8% -2.4% 4,619 12,420 168.8% 11,605 -2,443 2,311 4,207 -2,306 -978 - - 21,583 922 - 23,895 63,061 51,027 43,716 54,192 69,559 28.4% 10.3% 173,689 167,468 -3.6% 224,716 36,978 37,381 34,188 43,963 50,195 14.2% 35.7% 100,153 128,347 28.2% 137,535 GM&IB Other/Adjustments Base Income Consolidated total % Change vs 2Q/FY25 % Change vs 1Q-3Q/FY24 FY2024 WM AM FY2025FY2024 Other/Adjustments Consolidated total Ordinary income % Change vs 3Q/FY24 % Change vs 1Q-3Q/FY24 FY2024 WM AM GM&IB % Change vs 3Q/FY24 Net operating revenues % Change vs 2Q/FY25 FY2024 FY2025 6 Segment Summary ※ Results for each segment are calculated based on the management accounting of each group company. For equity-method affiliates, equity in earnings (losses) of affiliates are recorded in the relevant segment. Consolidated (¥ Millions)

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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツタイトルページタイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・注釈9.80 4.00 4.60 8.80 31.0 32.1 36.9 37.3 34.1 43.9 50.1 37.7 72.8 63.0 51.0 43.7 54.1 69.5 1 2 3 4 5 6 7 千 WM Division AM Division GM&IB Division Other/Adjustments Base Income 23.7 29.1 19.5 30.0 28.2 24.9 32.6 11.3 24.6 29.2 12.2 14.7 12.0 22.2 Securities AM Real Estate AM Alternative AM 6.0 8.1 15.2 13.3 5.0 14.8 18.7 51.1 55.4 65.7 61.8 49.8 60.7 71.3 1 4 7 GM GIB 20.4 15.9 21.0 23.1 19.7 29.5 29.5 62.6 60.6 66.0 66.4 62.9 74.6 77.1 WM Division (Daiwa Securities) Daiwa Next Bank 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY2024 FY2025 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY2024 FY2025 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY2024 FY2025 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY2024 FY2025 7 Segment Summary ※ Results for each segment are calculated based on the management accounting of each group company. For equity-method affiliates, equity in earnings (losses) of affiliates are recorded in the relevant segment. Consolidated WM Division AM Division GM&IB Division (¥ Billions) Net operating revenues Ordinary income Consolidated Ordinary Income / Base Income

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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツタイトルページタイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・注釈9.80 4.00 4.60 8.80 ▲ 20 0 20 40 60 80 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 WM Division Securities AM Real Estate AM Base income 0 50 100 150 200 250 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 WM Division Securities AM Real Estate AM Base income 8 Trends in Consolidated Ordinary Income and Base Income Consolidated Consolidated Ordinary Income / Base Income (annually) Consolidated Ordinary Income / Base Income (quarterly) ◼ Cumulative base income until the third quarter totaled ¥128.3 bn, +28.2% YoY. ◼ On track to surpass the Medium-term Management Plan’s final-fiscal year target of ¥150.0 bn. (¥ Billions) ※ Results for each segment are calculated based on the management accounting of each group company. For equity-method affiliates, equity in earnings (losses) of affiliates are recorded in the relevant segment. 1Q-3Q 50.1 29.5 10.2 10.3 69.5 53.3 128.3 87.8 73.1 114.2 137.5 115.1 167.4 135.8 86.9 174.5 224.7

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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツタイトルページタイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・注釈9.80 4.00 4.60 8.80 Current assets 36,769 (2,494) Current liabilities 33,566 (2,871) Cash and deposits 4,758 (1,001) Trading products 7,280 (-156) Short-term investment securities 2,054 (467) Trading securities and other 3,457 (-1,353) Trading products 11,358 (3,030) Stocks, Convertible bonds 188 (32) Trading securities and other 7,561 (2,016) Bonds 3,106 (-1,178) Stocks, Convertible bonds 368 (142) Other 162 (-208) Bonds 4,493 (396) Derivatives transactions 3,823 (1,196) Beneficiary certificates 48 (17) Loans payable secured by securities 15,273 (-171) Other 2,651 (1,459) Deposits for banking business 4,942 (644) Derivatives transactions 3,797 (1,014) Short-term loans payable 1,973 (558) Operational investment securities 123 (16) Current portion of bonds 432 (33) (after allowance for possible investment losses) Loans secured by securities 13,775 (-1,601) Non-current assets 1,825 (76) Long-term liabilities 3,032 (-367) Property, plant and equipment 967 (25) Bonds payable 1,042 (-176) Intangible assets 149 (12) Long-term loans payable 1,826 (-210) Investments and other assets 708 (39) Total liabilities 36,605 (2,504) Listed stocks 162 (29) Net assets 1,989 (66) Unlisted stocks 38 (-0) Owners' equity 1,447 (5) Affliated company stocks, etc. 343 (9) Accumulated other comprehensive income 259 (61) Other 162 (0) Non-controlling interests 277 (-0) Total Assets 38,595 (2,571) Total liabilities and net assets 38,595 (2,571) 9 B/S Summary ※ Figures in parentheses indicate changes from March 31, 2025. (¥ Billions) Consolidated Balance Sheet (December 31, 2025) Total assets: ¥38.59 tn Net assets: ¥1.98 tn Shareholders‘ equity**: ¥1.70 tn ◼ 82.8% of total assets have high liquidity*. * Cash and deposits + Short-term investment securities + Trading products + Loans secured by securities ◼ Shareholders’ equity** increased by ¥66.9 bn from March 31, 2025. ** Shareholders‘ equity = Owners’ equity + Accumulated other comprehensive income Consolidated

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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツタイトルページタイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・注釈9.80 4.00 4.60 8.80 1,502 1,498 1,529 1,557 1,470 1,615 1,547 1,550 1,547 1,308 1,299 1,331 1,367 1,274 1,413 1,351 1,355 1,356 22.12% 22.40% 21.58% 20.96% 20.45% 21.50% 21.84% 21.83% 20.97% 19.26% 19.42% 18.78% 18.41% 17.72% 18.82% 19.07% 19.08% 18.37% 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY2023 FY2024 FY2025 Total qualifying capital (¥ billions) Common equity tier 1 (¥ billions) Consolidated total capital ratio Consolidated common equity tier 1 capital ratio 27,268 24,439 24,461 28,623 26,665 29,240 28,859 28,286 29,273 1,495 1,489 1,520 1,554 1,462 1,605 1,540 1,544 1,542 5.48% 6.09% 6.21% 5.43% 5.48% 5.48% 5.33% 5.45% 5.27% 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY2023 FY2024 FY2025 Total exposures (¥ billions) Tier 1 capital (¥ billions) Consolidated levarage ratio 2,933 2,930 2,886 2,635 2,632 2,799 2,815 2,642 2,800 3,007 2,242 2,229 2,134 2,009 1,926 1,957 1,970 1,908 1,970 2,242 130.7% 131.4% 135.2%131.1% 136.6% 142.9%142.9%138.4% 142.1% 134.1% 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY2023 FY2024 FY2025 High-quality liquid assets (¥ billions) Net cash outflows (¥ billions) Consolidated liquidity coverage ratio 10 Financial Management (Regulatory Capital & Regulatory Liquidity) Consolidated leverage ratio Consolidated Liquidity Coverage Ratio 【Regulatory Capital (Basel III)】 (As at September 30, 2025) ◼ Consolidated Total Capital Ratio: 20.97% ◼ Consolidated Tier 1 Capital Ratio: 20.90% ◼ Consolidated Common Equity Tier 1 Capital Ratio: 18.37% ◼ Consolidated Leverage Ratio: 5.27% ※ Figures are as at the end of each quarter 【Regulatory Liquidity (Basel III)】 (Daily average Oct. – Dec. 2025) ◼ Consolidated Liquidity Coverage Ratio: 134.1% Consolidated Consolidated Capital Adequacy Ratio

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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツタイトルページタイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・注釈9.80 4.00 4.60 8.80 FY2024 FY2025 3Q 4Q 1Q 2Q 3Q 1Q-3Q 1Q-3Q Operating revenues 336,748 345,577 326,400 375,349 373,862 -0.4% 11.0% 1,026,437 1,075,613 4.8% 1,372,014 Commission received 109,796 114,899 100,398 118,300 128,579 8.7% 17.1% 301,590 347,277 15.1% 416,489 Net trading income 28,021 23,133 22,310 23,375 28,249 20.9% 0.8% 84,239 73,935 -12.2% 107,373 Net gain (loss) on private equity -195 8,490 1,797 -1,164 3,921 - - 3,869 4,554 17.7% 12,360 Financial revenue 171,885 163,482 160,616 175,175 177,115 1.1% 3.0% 518,469 512,907 -1.1% 681,952 Other operating revenue 27,240 35,571 41,277 59,662 35,996 -39.7% 32.1% 118,267 136,936 15.8% 153,839 Financial expenses 153,661 142,541 140,821 155,261 152,824 -1.6% -0.5% 461,399 448,907 -2.7% 603,940 Other operating expenses 21,554 28,817 30,326 47,459 26,392 -44.4% 22.4% 93,266 104,178 11.7% 122,084 Net operating revenues 161,532 174,218 155,252 172,628 194,646 12.8% 20.5% 471,771 522,527 10.8% 645,990 SG&A 124,496 121,302 119,074 122,785 132,882 8.2% 6.7% 357,945 374,742 4.7% 479,247 Operating income 37,036 52,916 36,177 49,842 61,764 23.9% 66.8% 113,826 147,785 29.8% 166,742 Non-operating income 26,024 -1,888 7,538 4,349 7,795 79.2% -70.0% 59,862 19,683 -67.1% 57,973 Ordinary income/loss 63,061 51,027 43,716 54,192 69,559 28.4% 10.3% 173,689 167,468 -3.6% 224,716 Extraordinary income/loss 1,852 -4,027 1,078 21,438 201 -99.1% -89.1% -1,662 22,718 - -5,689 64,913 47,000 44,794 75,631 69,760 -7.8% 7.5% 172,026 190,186 10.6% 219,026 Total income taxes 15,229 14,076 10,754 23,205 18,963 -18.3% 24.5% 39,856 52,923 32.8% 53,932 46,628 29,954 31,237 47,726 46,462 -2.6% -0.4% 124,413 125,426 0.8% 154,368 FY2024 Income before income taxes Profit (loss) attributable to owners of parent FY2024 FY2025 (¥ Millions) % Change vs 2Q/FY25 % Change vs 3Q/FY24 % Change vs 1Q-3Q/FY24 11 P/L Summary ※ Comparisons of increase/decrease are quarter-on-quarter unless otherwise noted from this page onward. ◼ Commissions received increased (+8.7%). • Brokerage commission* was ¥29.5 bn (+9.7%). • Underwriting and secondary offering commissions* were ¥11.0 bn (+2.0%). • Distribution commission* was ¥7.7 bn (+23.4%). • M&A related commission* was ¥18.8 bn (+36.6%). * Breakdown of total commission received (See p.24). Consolidated

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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツタイトルページタイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・注釈9.80 4.00 4.60 8.80 3Q 4Q 1Q-4Q 1Q 2Q 3Q 4Q 1Q-4Q 1Q 2Q 3Q Total SG&A 109.8 117.5 437.2 114.0 119.4 124.4 121.3 479.2 119.0 122.7 132.8 44.0 50.3 174.6 45.2 50.1 54.9 52.1 202.5 47.4 50.0 58.4 Trading related expenses 20.4 21.2 80.6 21.9 22.5 23.0 24.1 91.7 23.4 24.7 25.9 Advertising and promotion expenses 2.5 2.4 9.7 2.2 2.5 2.4 2.6 9.8 2.0 2.2 2.1 16.9 22.2 68.5 16.5 20.5 24.2 20.2 81.6 16.1 17.8 24.6 Overtime, part-time 1.8 1.7 6.8 1.8 1.8 1.9 1.8 7.5 1.9 2.0 2.1 65.8 67.1 262.5 68.7 69.2 69.5 69.1 276.7 71.6 72.6 74.4 Personnel expenses 36.9 36.9 146.7 38.5 39.1 38.9 38.7 155.4 39.9 40.6 40.9 Real estate expenses 10.0 10.6 40.2 10.7 10.9 10.7 11.3 43.8 11.1 11.3 11.8 Depreciation 8.8 8.7 35.1 8.6 8.8 8.5 8.3 34.3 8.2 8.2 8.6 Office expenses 6.5 6.5 25.6 6.6 6.5 7.1 6.9 27.3 8.0 7.7 8.5 Taxes and dues 2.9 3.7 12.8 3.7 3.4 3.7 3.3 14.2 3.9 4.2 4.0 (¥ Billions) FY2023 FY2024 FY2025 Variable costs Bonus and others Fixed costs 13 Cost Structure Consolidated

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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツタイトルページタイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・注釈9.80 4.00 4.60 8.80 -5 0 5 10 Europe Asia / Oceania Americas Overseas Operations Total FY2024 FY2025 3Q 4Q 1Q 2Q 3Q 1Q-3Q 1Q-3Q Overseas Operations Total 7,969 5,944 3,813 7,619 8,393 10.2% 5.3% 14,853 19,825 33.5% 20,798 Europe 137 237 -1,958 324 160 -50.6% 16.7% -2,718 -1,473 - -2,481 Asia / Oceania 2,390 2,518 2,448 1,501 2,223 48.1% -7.0% 6,038 6,172 2.2% 8,556 Americas 5,441 3,189 3,323 5,793 6,010 3.7% 10.5% 11,533 15,126 31.2% 14,722 FY2024FY2025FY2024(¥ Millions) % Change vs 2Q/FY25 % Change vs 3Q/FY24 % Change vs 1Q-3Q/FY24 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q(¥ Billions) FY2023 FY2025FY2024 14 Ordinary Income of Overseas Operations Ordinary Income ◼ In Europe, despite an increase in M&A revenue, income declined due to the absence of gains from ESG-related funds that were recorded in the previous quarter. ◼ In Asia / Oceania, higher revenue from Japanese equities and increased equity-method investment income, including contributions from SSI Securities, led to higher profits. ◼ In the Americas, profits increased, supported by higher FICC revenue. Consolidated

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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツタイトルページタイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・注釈9.80 4.00 4.60 8.80 0 20 40 60 80Equity Fixed income Distribution commission for investment trust Agency fee for investment trust Wrap-related revenues Daiwa Next Bank Other Ordinary income Net operating revenues 77,100 3.2% 214,695 13.4% Ordinary income 29,573 0.0% 78,873 37.2% (¥ Millions) FY2025 3Q % Change vs 2Q/FY25 FY2025 1Q-3Q % Change vs 1Q-3Q/FY24 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Equity 16.1 21.6 16.6 15.0 18.4 19.7 14.6 19.7 21.9 Fixed income 5.7 5.9 6.5 5.6 5.2 4.8 5.9 5.8 6.3 Distribution commission for investment trust 4.0 6.3 6.4 4.7 6.6 6.4 4.6 5.9 7.7 Agency fee for investment trust 6.3 7.0 7.5 7.6 8.1 8.1 7.8 9.0 9.8 Wrap-related revenues 11.0 11.7 12.9 13.7 14.1 14.1 14.2 15.3 16.9 Daiwa Next Bank *1 4.2 4.5 4.9 6.4 5.6 5.8 6.5 7.9 7.0 Other 6.6 6.9 7.6 7.4 7.9 7.1 8.9 10.7 7.1 Net operating revenues 54.3 64.1 62.6 60.6 66.0 66.4 62.9 74.6 77.1 Ordinary income 14.0 22.4 20.4 15.9 21.0 23.1 19.7 29.5 29.5 (¥ Billions) FY2023 FY2024 FY2025 15 WM Division Net Operating Revenues and Ordinary Income 【Equity】 ◼ Supported by a strong equity market, trading in both domestic and foreign equities increased, resulting in a revenue increase of ¥2.2 bn (+11.2%). 【Fixed Income】 ◼ Revenue increased by ¥0.5 bn (+8.9%), driven by sales of SoftBank Group bonds and by capturing bond investment demand, primarily from corporate customers, amid a rising interest rate environment. 【Stock Investment Trust】 ◼ Demand for asset formation through stock investment trusts became more pronounced, resulting in an increase of ¥1.7 bn in distribution commission for investment trust (+29.2%). 【Wrap Account Service】 ◼ Amid rising demand for inflation-hedging solutions, sales of fund wrap increased substantially. As a result, wrap-related revenue rose by ¥1.6 bn (+10.5%) to ¥16.9 bn, marking a record high. 【Asset-Based Revenue】 ◼ Asset-based revenues reached a record high of ¥32.3 bn driven by an increase in agency fee for investment trust and wrap-related revenues. ◼ The fixed cost coverage ratio based on asset-based revenue rose to 114.6%, while the total cost coverage ratio improved to 74.3%. 【Net Asset Inflow】 ◼ Both individual and corporate customers continued to record net inflows, resulting in solid net asset inflows. *1 For Daiwa Next Bank, net interest income, etc. + net fees and commissions (-) Net interest income, etc. = Net interest income/expenses plus foreign exchange gains/losses, gains/losses related to securities transactions including derivatives, etc.; Net fees and commissions = fees paid to Daiwa Securities and Daiwa Connect Securities as banking agents, etc. *For details, see the quarterly trend of asset-based revenue (p.28) and the quarterly trend of net asset inflows (p.27).

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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツタイトルページタイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・注釈9.80 4.00 4.60 8.80 40.6 106.7 101.1 94.2 108.4 174.6 88.9 130.8 117.3 104.8 124.9 173.2 156.3 125.7 94.2 100.3 146.6 224.1 0 100 200 300 400 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY2023 FY2024 FY2025 Wrap account service net inflow Stock investment trusts (excluding wrap account service) net increase 0 500 1,000 1,500Equity SMA + Fund Wrap Insurance Japanese bonds Foreign bonds Stock investment trusts 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Equity 113.3 50.0 25.5 91.2 168.0 389.0 62.7 105.5 99.0 Wrap *1 199.3 217.9 261.1 239.5 237.0 195.7 194.9 258.9 356.2 Insurance *2 27.0 21.6 21.9 25.1 26.0 27.5 64.6 83.1 38.8 Japanese bonds *3 173.4 187.3 204.7 128.3 122.0 54.0 263.4 97.5 127.2 Foreign bonds *4 180.3 175.1 218.1 238.5 204.4 185.0 160.9 200.9 167.6 365.7 470.0 460.6 390.1 490.1 458.0 357.8 481.8 568.5 Asset-based fee plan for investment trust 78.5 94.2 88.5 79.1 92.5 81.2 62.8 94.7 92.5 (¥ Billions) Stock investment trusts *5 FY2023 FY2024 FY2025 【Wrap Account Service】 ◼ Both the contract amount of ¥356.2 bn and the net inflow of ¥224.1 bn marked record highs. ◼ Contract AUM reached a record-high of ¥5.78 tn*. 【Stock Investment Trusts】 ◼ The sales amount was ¥568.5 bn, and the net increase amount was ¥117.3 bn, both at high levels. ◼ Sales expanded across a wide range of products, including the Invesco World Best Equity Open and Newton Power Innovation Fund. 16 WM Division Daiwa Securities *1 Total contract amount of fund wrap and SMA *2 Insurance include pension insurance, life insurance and business insurance *3 Solicitation of new bond issuance *4 Foreign bonds include yen-denominated foreign bonds *5 Stock investments include switching transactions between funds Sales and Distribution Amount by Product * Includes GM&IB Division Net Inflow Wrap Account Service and Stock Investment Trusts (¥ Billions)

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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツタイトルページタイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・注釈9.80 4.00 4.60 8.80 0 10 20 30 40 50 Net interest income, etc. (annually) Net interest income, etc. (quarterly) Ordinary income (annually) Ordinary income (quarterly) 1Q 2Q 3Q Net interest income, etc. 15.7 17.4 24.1 32.4 37.2 9.6 11.1 10.1 Ordinary income 3.6 4.2 6.0 10.5 14.1 4.3 5.7 4.8 FY2025 FY2024(¥ Billions) FY2020 FY2021 FY2022 FY2023 Net interest income, etc. 10,107 -9.3% 30,915 9.5% Ordinary income 4,818 -15.5% 14,876 42.6% (¥ Millions) FY2025 3Q % Change vs 2Q/FY25 FY2025 1Q-3Q % Change vs 1Q-3Q/FY24 0 500 1,000 1,500 2,000 2,500 0 1,000 2,000 3,000 4,000 5,000 Yen deposits Foreign currency deposits Number of accounts (thousands) 1Q 2Q 3Q 2,224 2,163 2,007 2,296 2,158 2,143 2,322 2,352 2,171 2,005 1,905 2,194 2,137 2,181 2,457 2,589 35 29 27 37 12 11 12 13 4,430 4,197 3,940 4,528 4,309 4,336 4,792 4,954 Foreign currency deposits 606 569 499 597 688 697 734 767 1,505 1,569 1,662 1,786 1,894 1,902 1,913 2,139 FY2021 Time deposits (¥ Billions) FY2025 Negotiable certificate of deposits / Other Deposit balance Number of accounts (thousands) FY2022 FY2023 FY2024 Ordinary deposits FY2020 17 WM Division Daiwa Next Bank Daiwa Next Bank Deposit Balance & Number of Accounts (¥ Billions) ※ All figures are as at the end of each quarter ※ Net interest income, etc. = Net interest income/expenses plus foreign exchange gains/losses, gains/losses related to securities transactions including derivatives, etc. ※ Net interest income, etc. are unaudited reference value. Net Interest Income, etc. / Ordinary Income (Thousands) ◼ The promotion of total asset consulting, together with effective initiatives such as higher deposit interest rates for individual customers, led to steady increases in deposit balances in both yen and foreign currencies (+¥161.8 billion), contributing to stable earnings growth. ◼ Deposit balances reached a record high of ¥4.95 tn.

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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツタイトルページタイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・注釈9.80 4.00 4.60 8.80 16.0 21.9 18.0 20.9 27.8 26.2 0 10 20 30 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 Net operating revenues 18,637 8.6% 50,988 18.6% Ordinary income 10,227 20.4% 26,238 26.1% (¥ Millions) FY2025 3Q % Change vs 2Q/FY25 FY2025 1Q-3Q % Change vs 1Q-3Q/FY24 0 10,000 20,000 30,000 40,000 Stock investment trusts Bond investment trusts 1Q 2Q 3Q 19,418 20,261 20,225 27,481 27,378 29,499 32,085 35,053 7,543 8,268 8,038 10,418 11,425 12,190 13,150 14,245 (Net inflow) (50) (347) (516) (663) (1,242) (135) (158) (326) 11,875 11,993 12,186 17,063 15,952 17,309 18,935 20,807 (Net inflow) (1,001) (275) (-80) (187) (-122) (-132) (104) (50) 1,561 1,434 1,365 1,544 1,359 1,377 1,488 1,529 20,980 21,696 21,590 29,026 28,737 30,877 33,574 36,582 13.9% 13.3% 13.0% 12.8% 12.2% 12.1% 12.1% 12.1% Stock investment trusts excl. ETF ETF Bond investment trusts Total Publicly Offered Securities Investment Trusts Share FY2025 FY2024(¥ Billions) FY2020 FY2021 FY2022 FY2023 18 AM Division Securities AM 【Securities AM】 ◼ Assets under management of Daiwa Asset Management’s publicly offered securities investment trusts reached ¥36 tn, an increase of ¥3 tn from the previous quarter, resulting in a 20% rise in ordinary income. Daiwa Asset Management Publicly Offered Securities Investment Trusts AUM ※ All figures are as at the end of each quarter (¥ Billions) 1Q-3Q Ordinary Income

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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツタイトルページタイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・注釈9.80 4.00 4.60 8.80 16.7 22.9 26.3 27.0 29.0 23.2 0 10 20 30 40 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 Other AUM-linked Net operating revenues *1 10,125 26.0% 27,830 18.5% Ordinary income *2 10,394 76.0% 23,235 6.3% (¥ Millions) FY2025 3Q % Change vs 2Q/FY25 FY2025 1Q-3Q % Change vs 1Q-3Q/FY24 0 500 1,000 1,500 2,000 Daiwa Office Investment Corp. Daiwa Residential Private Investment Corp. Daiwa Securities Living Investment Corp. Daiwa Hotel Private Investment Corp. Daiwa Securities Logistics Private Investment Corp. Other Samty Residential Investment Corp. 1Q 2Q 3Q Daiwa Office Investment Corp. 461 466 462 468 470 468 468 464 Daiwa Residential Private Investment Corp. 146 146 164 173 224 236 238 244 Daiwa Securities Living Investment Corp.*3 323 343 363 397 399 395 399 388 Daiwa Hotel Private Investment Corp. 54 54 54 54 58 58 58 70 Daiwa Securities Logistics Private Investment Corp. 33 35 51 58 58 58 58 58 Other 75 85 110 142 212 298 335 335 Total 1,094 1,131 1,206 1,295 1,424 1,516 1,558 1,562 Samty Residential Investment Corp. (Sub sponsor) 118 147 162 163 171 171 171 171 1,212 1,279 1,369 1,459 1,596 1,687 1,730 1,733 FY2025FY2024 Total (Including sub sponsor) (¥ Billions) FY2020 FY2021 FY2022 FY2023 19 AM Division Real Estate AM 【Real Estate AM】 ◼ Assets under management of Daiwa Real Estate Asset Management reached a record high. ◼ In addition to growth in stable AUM-linked income, equity-method investment gains from Samty Holdings and gains on property sales at Daiwa Securities Realty and Samty Residential Investment contributed to maintaining a high level of income. Real Estate Asset Management Business AUM of Two Companies* * Daiwa Real Estate Asset Management, Samty Residential Investment Corp. ※ All figures are as at the end of each quarter Ordinary Income 1Q-3Q *1 Includes Daiwa Real Estate Asset Management, Daiwa Office Investment, Samty Residential Investment, and Daiwa Securities Realty. *2 Equity earnings of affiliates is included in non-operating revenues. (¥ Billions) * AUM-linked: Stock income such as rental income from owned real estate and asset management fees linked to AUM and rental income. Other: Equity method investment income from Samty Holdings and gains on sales associated with property replacements. *3 Japan Rental Housing Investment Inc. merged with Nippon Healthcare Investment Corp. through absorption-type merger and changed its trade name to Daiwa Securities Living Investment Corp. on April 1, 2020.

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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツタイトルページタイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・注釈9.80 4.00 4.60 8.80 0.1 6.4 12.1 18.4 20.5 0.3 -2.3 1.6 -10 0 10 20 30 FY2020FY2021FY2022FY2023FY2024FY2025 1Q FY2025 2Q FY2025 3Q Net operating revenues 3,841 - 6,996 17.0% Ordinary income 1,609 - -397 - (¥ Millions) FY2025 3Q % Change vs 2Q/FY25 FY2025 1Q-3Q % Change vs 1Q-3Q/FY24 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Daiwa PI Partners Private equity and PIPEs 50 46 45 45 45 42 50 32 30 Monetary claims 65 66 61 64 65 79 81 84 66 Real estate investment 32 19 19 19 20 21 21 16 15 Daiwa Energy & Infrastructure 185 173 172 169 166 140 161 154 163 334 305 298 299 298 284 315 288 277 (¥ Billions) Total FY2023 FY2024 FY2025 0 100 200 300 400 Energy and infrastructure* Private equity and PIPEs Monetary claims Real estate investment 20 AM Division Alternative AM 【Alternative AM】 ◼ Capital gains were recorded due to exits from private equity investments. Principal Investment Balance ※ All figures are as at the end of each quarter * Energy & Infrastructure investment is the investment balance of Daiwa Energy & Infrastructure. (¥ Billions) Ordinary Income

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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツタイトルページタイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・注釈9.80 4.00 4.60 8.80 Net operating revenues 45,289 15.3% 117,125 3.6% Ordinary income 11,968 42.2% 23,022 1.5% (¥ Millions) FY2025 3Q % Change vs 2Q/FY25 FY2025 1Q-3Q % Change vs 1Q-3Q/FY24 0 10 20 30 40 50 Equity FICC Others Ordinary income 21 GM&IB Division GM Net Operating Revenues and Ordinary Income 【Equity】 ◼ Domestic equities saw steady customer flows from both domestic and foreign investors while the market continued to trade at elevated levels. ◼ For overseas equities, flows from individual investors continued to expand. ◼ Supported by the increase in customer flows, proprietary position management remained strong. 【FICC] ◼ Amid rising domestic interest rates and continued yen depreciation, customer flows from both WM customers and institutional investors remained steady, with trading demand increasing particularly in domestic credit products. ◼ In derivatives, customer flows increased against the backdrop of market conditions, and proprietary position management also performed well. ◼ Overseas, trading revenue was generated mainly in the U.S. by capturing the U.S. rate-cutting environment. 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Equity 13.5 21.1 14.6 16.9 17.1 17.4 15.6 21.5 22.2 FICC 19.3 18.8 20.5 18.2 22.1 17.7 15.9 16.9 22.2 Others 0.8 1.9 1.1 1.2 1.0 0.9 0.9 0.7 0.7 Net operating revenues 33.7 41.8 36.2 36.3 40.3 36.0 32.5 39.2 45.2 Ordinary income 5.0 13.6 6.9 6.6 9.0 6.3 2.6 8.4 11.9 (¥ Billions) FY2023 FY2024 FY2025

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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツタイトルページタイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・注釈9.80 4.00 4.60 8.80 -10 0 10 20 30 Equity underwriting Debt underwriting M&A / others Ordinary income Net operating revenues 26,050 21.4% 64,787 9.2% Ordinary income 5,430 -10.8% 12,420 168.8% (¥ Millions) FY2025 3Q % Change vs 2Q/FY25 FY2025 1Q-3Q % Change vs 1Q-3Q/FY24 22 GM&IB Division GIB Net Operating Revenues and Ordinary Income 【Equity】 <Offering size> SBI Shinsei Bank, Limited Hitachi Construction Machinery Co., Ltd. NSGROUP CORPORATION JVCKENWOOD Corporation Northsand, Inc. Mitsui & Co. Group Digital Securities - Nagoya Prime Office - 【Debt】 <Offering size> SoftBank Group Corp. (7 years) KDDI CORPORATION (3/5/7/10* years) DAIICHI SANKYO COMPANY, LIMITED (3/5/7/10 years) Sony Financial Group Inc. (30 years) Central Nippon Expressway Company Limited(5 years) 【M&A】 Acquisition of a majority stake in Groupe Atlantic (France) by Paloma Rheem Holdings Co., Ltd. Privatization of Paramount Bed Holdings Co., Ltd. through an MBO KYOCERA Corporation’s acquisition of NEC’s stake in Japan Aviation Electronics Industry, Limited and the formation of a capital and business alliance with Japan Aviation Electronics Industry, Limited Tender offer for NIHON CHOUZAI Co., Ltd. by Advantage Partners Pte. Ltd. Privatization of Nissin Corporation by Bain Capital, LP. Fujitsu Limited’s conversion of BrainPad Inc. into a wholly owned subsidiary Sale of iPark (Spain) held by Elliott Investment Management (U.S.) Sale of Tecvia (Germany) by Unigestion (Switzerland) to Harris Computer (Canada) Sale by Chemco (Ireland) to Basalt Infrastructure Partners (U.K.) Sale by Profectus (India) to UGRO (India) ¥500.0 bn ¥300.0 bn ¥200.0 bn ¥100.0 bn ¥100.0 bn Straight Bond Straight Bond ◆ Straight Bond Subordinated Bond Straight Bond Global IPO Block Trade Global IPO Euro Yen CB IPO STO ¥370.2 bn ¥68.5 bn ¥39.4 bn ¥30.0 bn ¥22.2 bn ¥12.5 bn * Sustainability Bonds ◆ Sustainability-related *1 In addition to “M&A / others” revenues, includes revenues from equity-method affiliates such as Green Giraffe (50% ownership), a renewable energy M&A house in Europe ◼ Domestic M&A remained strong, with numerous transactions executed, including cross-border deals. ◼ In the overseas, signs of M&A market bottoming out have emerged, with Europe showing a recovery trend. 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Equity underwriting 4.5 3.7 1.9 3.9 6.1 7.1 2.3 4.0 4.8 Debt underwriting 2.1 2.8 3.8 3.4 3.2 2.2 3.1 3.2 2.7 M&A / others 11.4 13.6 9.0 11.7 15.9 16.3 11.7 14.1 18.3 Net operating revenues 18.0 20.1 14.8 19.0 25.3 25.8 17.2 21.4 26.0 Ordinary income 1.0 -0.6 -2.0 1.1 5.5 6.9 0.9 6.0 5.4 Group M&A related revenues *1 13.2 15.6 10.4 13.7 16.8 17.8 12.5 15.1 18.7 (¥ Billions) FY2023 FY2024 FY2025

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Reference

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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツタイトルページタイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・注釈9.80 4.00 4.60 8.80 0 20 40 60 80 100 120 Equity Japanese bonds Foreign bonds Stock investment trusts Bond investment trusts Foreign investment trusts Others 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Equity 56.1 62.2 61.3 60.2 62.7 60.2 63.2 68.5 72.7 Japanese bonds 12.5 12.6 13.1 13.4 13.7 13.5 13.6 14.2 14.4 Foreign bonds 4.5 4.5 4.8 4.6 4.8 4.7 4.5 4.5 4.5 Stock investment trusts 8.2 9.0 9.5 9.3 9.8 8.9 9.4 10.1 10.9 Bond investment trusts 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 Foreign investment trusts 0.2 0.2 0.3 0.3 0.4 0.4 0.5 0.6 0.6 Others 1.3 1.4 1.5 1.4 1.5 1.4 1.5 1.6 1.7 Total 83.9 91.0 91.5 90.3 93.9 90.2 93.8 100.6 106.0 Daiwa Next Bank deposit balance 4.5 4.5 4.4 4.2 4.3 4.3 4.3 4.7 4.9 (¥ Trillions) FY2023 FY2024 FY2025 25 Assets under Custody ※ Data of Daiwa Securities. ※ All figures are as at the end of each quarter. ※ ETFs are recorded in "Equitiy”.

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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツタイトルページタイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・注釈9.80 4.00 4.60 8.80 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 3,106 3,120 3,132 3,171 3,183 3,209 3,210 3,235 3,246 Accounts holding equity (thousands) 1,467 1,465 1,467 1,488 1,493 1,507 1,501 1,494 1,491 3,641 3,667 3,688 3,708 3,733 3,756 3,770 3,776 3,802 43 48 44 39 44 38 44 42 51 695 683 692 698 700 701 702 701 702 Contract assets under management (¥ billions) 3,749 4,142 4,430 4,509 4,736 4,686 4,910 5,302 5,783 Number of customers (thousands) 174 179 187 193 199 203 208 213 221 Total number of contracts (thousands) 2,517 3,532 2,777 2,888 2,656 2,688 2,699 2,994 3,179 　Online out of total (thousands) 2,181 2,992 2,399 2,547 2,281 2,332 2,387 2,581 2,755 Total trading value (¥ billions) 2,984 4,512 3,247 2,994 2,903 2,997 2,744 3,536 4,096 　Online out of total (¥ billions) 2,087 3,107 2,376 2,305 2,051 2,118 2,066 2,595 3,007 Trading value (¥ billions) 242 399 375 267 430 306 474 573 759 NISA accounts (thousands) *1 Wrap account service (end of quarter) Foreign equity trading value (WM Division (Daiwa Securities)) Accounts with balance (thousands) Online trading accounts (thousands) Newly opened accounts (thousands) Contracts and trading value for individual investors at Daiwa Securities (Japanese Equity) FY2023 FY2024 FY2025 26 Number of Accounts and Equity Trading ※ Data from Daiwa Securities. *1 Includes Junior NISA until 3Q FY2023.

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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツタイトルページタイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・注釈9.80 4.00 4.60 8.80 -200 -100 0 100 200 300 400 500 600 Net inflow of cash Net inflow of securities -200 -100 0 100 200 300 400 500 600 Corporation Individual 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Corporation 252.8 205.6 180.9 248.2 137.7 308.8 179.1 281.1 228.4 Individual -138.6 62.2 228.4 172.7 71.8 224.4 83.1 180.2 111.1 Total 114.2 267.8 409.4 421.0 209.5 533.3 262.3 461.3 339.5 (¥ Billions) FY2023 FY2024 FY2025 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Net inflow of cash 42.2 -39.7 172.1 131.4 83.2 164.6 48.0 188.8 109.3 Net inflow of securities -180.9 102.0 56.3 41.3 -11.3 59.8 35.1 -8.6 1.7 Total -138.6 62.2 228.4 172.7 71.8 224.4 83.1 180.2 111.1 FY2023 FY2024 FY2025 (¥ Billions) 27 Net Asset Inflow WM Division (Daiwa Securities) Net Asset Inflow (Individuals) WM Division (Daiwa Securities) Net Asset Inflow ※ Net Asset Inflow = net inflow of cash and securities, totaled on a quarterly basis.

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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツタイトルページタイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・注釈9.80 4.00 4.60 8.80 0 2 4 6 8 10 12 AUC of stock investment trusts Contract AUM of Wrap Account Foreign currency deposits 0 10 20 30 40 50 60 70 Flow revenues Asset-based revenues 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 48.3 57.9 55.7 52.8 58.1 59.0 54.6 64.7 68.0 Asset-based revenues 23.2 24.9 27.2 27.8 28.6 27.9 27.5 29.9 32.3 Flow revenues 25.1 33.0 28.4 24.9 29.4 31.1 27.1 34.7 35.7 48.0% 43.0% 48.9% 52.7% 49.3% 47.3% 50.4% 46.3% 47.5% 94.3% 102.1% 106.4% 104.6% 108.3% 108.0% 103.7% 109.8% 114.6% 63.8% 66.4% 71.4% 68.5% 70.3% 71.2% 70.1% 72.7% 74.3% FY2023 FY2024 FY2025 Total cost coverage ratio (¥ Billions) Net operating revenues in WM Division (domestic) Fixed cost coverage ratio Asset-based revenue ratio 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q AUC of stock investment trusts 8.2 9.0 9.5 9.3 9.8 8.9 9.4 10.1 10.9 Contract AUM of Wrap Account 3.7 4.1 4.4 4.5 4.7 4.6 4.9 5.3 5.7 Foreign currency deposits 0.5 0.5 0.6 0.5 0.6 0.6 0.6 0.7 0.7 FY2023 FY2024 FY2025 (¥ Trillions) 28 Asset-Based Revenues Stock-Related AssetsComposition of Revenues ※ Stock investment trusts include portions from wrap account services.

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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツタイトルページタイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・注釈9.80 4.00 4.60 8.80 Primary and secondary equity offerings IPO Straight bonds (excl. family bonds) Agency bonds Municipal bonds Samurai bonds (excl. family bonds) M&A (Number of deals) Nomura Nomura Daiwa Nomura Daiwa Mizuho 24.0% 28.2% 22.5% 20.8% 22.0% 24.4% Mizuho SMBC Nikko Mizuho Daiwa SMBC Nikko SMBC Nikko 18.0% 17.2% 21.0% 20.6% 19.1% 23.8% SMBC Nikko SBI Nomura SMBC Nikko Nomura Nomura 16.4% 13.5% 20.2% 20.5% 18.3% 21.5% Mitsubishi UFJMS Daiwa SMBC Nikko Mitsubishi UFJMS Mizuho Mitsubishi UFJMS 15.3% 11.2% 18.3% 18.7% 13.4% 15.2% Daiwa Mizuho Mitsubishi UFJMS Mizuho Mitsubishi UFJMS Daiwa 12.5% 10.1% 12.6% 13.5% 13.3% 12.1% 4th Daiwa 5th Plutus（ 4th） 3rd Mizuho FY2025 2Q League Table 1st Nomura 2nd SMFG 29 League Table Source: Compiled by Daiwa Securities based on LSEG April 2025 – December 2025 Primary and secondary equity, IPO, Straight bonds, Agency bonds, Municipal bonds and Samurai bonds are based on settlement date. Joint lead manager allotment of Primary and secondary equity, IPO, Straight bonds, Municipal bonds and Agency bonds is based on underwritten amount. Joint bookrunner allotment of Samurai bonds is divided up evenly among the bookrunners. M&A is compiled by Daiwa Securities based on Mergermarket

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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツタイトルページタイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・注釈9.80 4.00 4.60 8.80 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q VaR （Quarter end） 0.97 1.05 1.14 1.13 1.30 1.41 1.09 1.13 0.94 High 1.54 1.47 1.40 1.51 1.75 1.48 1.58 1.32 1.40 Low 0.93 0.93 0.90 1.03 1.03 0.99 0.99 0.88 0.90 Average 1.22 1.21 1.15 1.23 1.29 1.22 1.28 1.10 1.15 By risk factors (Quarter end) Equity 0.17 0.33 0.20 0.24 0.18 0.45 0.63 0.46 0.26 Interest 0.84 0.98 0.89 0.81 0.83 0.80 0.82 0.70 0.60 Currency 0.25 0.25 0.36 0.38 0.58 0.18 0.22 0.28 0.25 Commodities 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (Ref) Confidence level：95% (one-side test), Holding period：1 day VaR （Quarter end） 0.60 0.71 0.67 0.82 0.79 0.91 0.76 0.70 0.65 (¥ Billions) FY2023 FY2024 FY2025 30 Value at Risk ◼ Confidence level: 99% (one-side test) ◼ Holding period: 1day ◼ Adjusted for price correlation between products Range and Assumptions of VaR Consolidated

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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツタイトルページタイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・注釈9.80 4.00 4.60 8.80 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 14,994 14,889 15,280 15,229 15,165 15,093 15,558 15,571 15,485 Overseas 1,981 1,954 1,910 1,973 1,952 1,949 1,876 1,892 1,858 Total FY2023 FY2024 FY2025 31 Number of Group Employees ※ Number of employees as at the end of each quarter. ※ Total figures are the sum of consolidated group companies. ※ Figures include temporary staff. Consolidated

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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツタイトルページタイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・注釈9.80 4.00 4.60 8.80 Current assets 18,329 (-442) Current liabilities 16,638 (-371) Trading products 7,035 (1,155) Trading products 5,897 (360) Trading securities and other 3,237 (143) Trading securities and other 2,148 (-757) Derivatives transactions 3,797 (1,011) Derivatives transactions 3,748 (1,118) Margin transaction assets 179 (27) Margin transaction liabilities 40 (1) Loans on margin transactions 131 (-16) Loans payables secured by securities 7,247 (-1,341) 48 (43) Short-term loans payable 1,496 (195) Loans secured by securities 7,714 (-2,001) Current portion of bonds 196 (-37) Short-term guarantee deposits 462 (-13) Long-term liabilities 1,320 (-54) Short-term loans receivable 379 (-101) Bonds payable 416 (-51) Long-term loans payable 857 (-3) Non-current assets 210 (5) Total liabilities 17,965 (-426) Property, plant and equipment 49 (-0) Net assets 574 (-10) Intangible assets 93 (9) Shareholders' equity 572 (-11) Capital stock 100 － Total assets 18,539 (-437) Total liabilities and net assets 18,539 (-437) Cash collateral pledged for securities borrowing on margin transactions 32 Balance Sheet (¥ Billions) Daiwa Securities Balance Sheet (December 31, 2025) ※ Figures in parentheses show changes from March 31, 2025. Daiwa Securities

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14.00 8.80 Contents Title Page Titlepage message 8.80 7.40 7.20 contents one line 5.80 Source. annotation 9.80 4.00 4.60 8.80 14.00 8.80 コンテンツタイトルページタイトルページメッセージ 8.80 7.40 7.20 コンテンツ 1行 5.80 出所・注釈9.80 4.00 4.60 8.80 FY2024 FY2025 3Q 4Q 1Q 2Q 3Q 1Q-3Q 1Q-3Q 121,075 123,875 118,567 134,068 142,928 6.6% 18.0% 346,983 395,563 14.0% 470,858 Commission received 73,139 74,849 67,451 79,588 83,426 4.8% 14.1% 202,253 230,466 13.9% 277,102 Brokerage commission 15,189 16,101 14,353 18,913 20,855 10.3% 37.3% 45,932 54,121 17.8% 62,034 Stock and others 14,791 15,704 13,870 18,538 20,277 9.4% 37.1% 44,664 52,686 18.0% 60,368 13,136 13,324 8,850 10,066 10,488 4.2% -20.2% 29,873 29,405 -1.6% 43,198 Equity 8,334 11,086 3,109 3,714 5,991 61.3% -28.1% 15,073 12,815 -15.0% 26,160 Bond and others 4,801 2,238 5,470 4,368 4,196 -4.0% -12.6% 14,799 14,035 -5.2% 17,038 Distribution commission 6,638 6,611 4,701 6,193 7,651 23.6% 15.3% 18,011 18,546 3.0% 24,623 Investment trust 6,582 6,542 4,650 6,105 7,620 24.8% 15.8% 17,827 18,377 3.1% 24,370 Other commissions 38,176 38,810 39,546 44,415 44,430 0.0% 16.4% 108,435 128,392 18.4% 147,245 Agency fee and others 10,610 10,541 10,138 11,609 12,629 8.8% 19.0% 30,547 34,377 12.5% 41,089 Investment advisory and account management fees 13,648 13,766 13,895 15,003 16,587 10.6% 21.5% 39,432 45,486 15.4% 53,198 Insurance sales commission 1,173 1,257 3,243 4,036 1,230 -69.5% 4.9% 3,353 8,510 153.8% 4,610 M&A related commission 5,353 5,814 5,149 6,702 7,534 12.4% 40.7% 13,178 19,385 47.1% 18,992 Net trading income/loss 21,565 21,412 20,449 21,296 26,379 23.9% 22.3% 66,997 68,126 1.7% 88,410 Financial revenues 26,369 27,613 30,666 33,183 33,121 -0.2% 25.6% 77,732 96,970 24.7% 105,346 Financial expenses 23,827 26,255 29,802 30,279 29,728 -1.8% 24.8% 70,744 89,810 26.9% 97,000 97,248 97,620 88,764 103,789 113,199 9.1% 16.4% 276,238 305,753 10.7% 373,858 FY2024 Operating revenues Underwriting and secondary offering commissions Net operating revenues (¥ Millions) FY2024 FY2025 % Change vs 2Q/FY25 % Change vs 3Q/FY24 % Change vs 1Q-3Q/FY24 33 Financial Summary I Daiwa Securities

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35 Daiwa Securities Group Inc. Investor Relations E-mail: ir-section@daiwa.co.jp URL: https://www.daiwa-grp.jp/english/ir/ Contact

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