Interim report
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Date: October 28, 2026 Company name (code number): Nomura Holdings, Inc. (8604) Stock exchange listings: (In Japan) Tokyo, Nagoya (Overseas) New York, Singapore Representative: Kentaro Okuda President and Group CEO, Nomura Holdings, Inc. For inquiries: Akihiro Koseki Managing Director, Head of Investor Relations, Nomura Holdings, Inc. Tel: (Country Code 81) 3-5255-1000 URL: https://www.nomura.com (Rounded to nearest million) (Millions of yen, except per share data) For the six months ended September 30 2025 2026 % Change from September 30, 2024 % Change from September 30, 2025 Total revenue 2,317,801 (5.8%) 2,694,536 16.3% Net revenue 1,038,777 10.8% 1,294,190 24.6% Income before income taxes 296,927 25.8% 359,537 21.1% Net income attributable to Nomura Holdings, Inc. (“NHI”) shareholders 196,643 17.5% 249,289 26.8% Comprehensive income 161,423 98.9% 210,605 30.5% Basic-Net income attributable to NHI shareholders per share (Yen) 66.54 85.39 Diluted-Net income attributable to NHI shareholders per share (Yen) 64.53 82.97 Return on shareholders’ equity - annualized 11.3% 13.3% (Millions of yen, except per share data) At March 31 At September 30 2026 2026 Total assets 62,645,925 67,482,102 Total equity 3,854,915 3,925,763 Total NHI shareholders’ equity 3,707,868 3,775,312 Total NHI shareholders’ equity as a percentage of total assets 5.9% 5.6% Total NHI shareholders’ equity per share (Yen) 1,277.99 1,291.77 Financial Summary for the Six Months Ended September 30, 2026 (U.S. GAAP) 1. Consolidated Operating Results (1) Operating Results Note: Return on shareholders’ equity is a ratio of Net income attributable to NHI shareholders to Total NHI shareholders’ equity. (2) Financial Position
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(Yen amounts) For the year ended March 31 2026 2027 2027 (Plan) Dividends per share Dividends record dates At June 30 － － － At September 30 27.00 35.00 － At December 31 － － － At March 31 24.00 － Unconfirmed For the year 51.00 － Unconfirmed At March 31 At September 30 2026 2026 Number of shares outstanding (including treasury stock) 3,088,562,601 3,088,562,601 Number of treasury stock 187,225,377 165,971,520 For the six months ended September 30 2025 2026 Average number of shares outstanding (year-to-date) 2,955,292,000 2,919,555,836 2. Cash Dividends Note: The dividends for the fourth quarter of the year ending March 31, 2027, are not presented for the reasons stated in “ 3. Earnings forecasts for the year ending March 31, 2027.” 3. Earnings Forecasts for the year ending March 31, 2027 Nomura provides investment, financing and related services in the capital markets on a global basis. In the global capital markets there exist uncertainties due to, but not limited to, economic and market conditions. Nomura, therefore, does not present earnings forecasts. Notes (1) Significant changes in the scope of consolidation during the period: None (2) Adoption of the simplified and particular accounting treatments: None (3) Changes in accounting policies a) Changes in accounting policies due to amendments to the accounting standards : None b) Changes in accounting policies due to other than a) : None (4) Number of shares issued (common stock) *Semi-annual financial results reports are exempt from review conducted by certified public accountants or an audit firm.
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1. Qualitative Information of the Semi-annual Consolidated Results .................................................... P. 2 (1) Consolidated Operating Results ........................................................................................................... P. 2 (2) Consolidated Financial Position .......................................................................................................... P. 4 (3) Consolidated Earnings Forecasts ......................................................................................................... P. 4 2. Semi-annual Consolidated Financial Statements ................................................................................. P. 5 (1) Semi-annual Consolidated Balance Sheets .......................................................................................... P. 6 (2) Semi-annual Consolidated Statements of Income ............................................................................... P. 8 (3) Semi-annual Consolidated Statements of Comprehensive Income ..................................................... P. 9 (4) Note with respect to the Assumption as a Going Concern .................................................................. P. 10 (5) Significant Changes in Equity ............................................................................................................. P. 11 (6) Segment Information – Operating Segment ......................................................................................... P. 12 3. Supplementary Information ................................................................................................................... P. 14 (1) Consolidated Statements of Income – Quarterly Comparatives .......................................................... P. 14 (2) Business Segment Information – Quarterly Comparatives .................................................................. P. 15 (3) Other .................................................................................................................................................... P. 16 Table of Contents for the Accompanying Materials - 1 -
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Billions of yen % Change For the six months ended (B-A)/(A)September 30, 2025 (A) September 30, 2026 (B) Net revenue 1,038.8 1,294.2 24.6 Non-interest expenses 741.9 934.7 26.0 Income (loss) before income taxes 296.9 359.5 21.1 Income tax expense 93.7 97.0 3.5 Net income (loss) 203.3 262.6 29.2 Less: Net income (loss) attributable to noncontrolling interests 6.6 13.3 100.7 Net income (loss) attributable to NHI shareholders 196.6 249.3 26.8 Return on shareholders’ equity - annualized 11.3% 13.3% － Billions of yen % Change For the six months ended (B-A)/(A)September 30, 2025 (A) September 30, 2026 (B) Net revenue 1,037.1 1,282.8 23.7 Non-interest expenses 741.9 934.7 26.0 Income (loss) before income taxes 295.3 348.2 17.9 1. Qualitative Information of the Semi-annual Consolidated Results (1) Consolidated Operating Results U.S. GAAP Note: Return on shareholders’ equity is a ratio of Net income (loss) attributable to NHI shareholders to Total NHI shareholders’ equity. Nomura Holdings, Inc. and its consolidated entities (collectively, “Nomura”) reported net revenue of 1,294.2 billion yen for the six months ended September 30, 2026, an increase of 24.6% from the same period in the prior year. Non-interest expenses increased by 26.0% from the same period in the prior year to 934.7 billion yen. Income before income taxes was 359.5 billion yen and net income attributable to NHI shareholders was 249.3 billion yen for the six months ended September 30, 2026. Segment Information In the above segment information totals, which exclude a part of unrealized gain (loss) on investments in equity securities held for operating purposes, net revenue for the six months ended September 30, 2026 was 1,282.8 billion yen, an increase of 23.7% from the same period in the prior year. Non-interest expenses increased by 26.0% from the same period in the prior year to 934.7 billion yen. Income before income taxes increased by 17.9% to 348.2 billion yen for the six months ended September 30, 2026. Please refer to page 12 for further details of the differences between U.S. GAAP and business segment amounts. - 2 -
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Billions of yen % Change For the six months ended (B-A)/(A)September 30, 2025 (A) September 30, 2026 (B) Net revenue 222.3 286.9 29.1 Non-interest expenses 138.0 150.3 8.9 Income (loss) before income taxes 84.3 136.7 62.1 Billions of yen % Change For the six months ended (B-A)/(A)September 30, 2025 (A) September 30, 2026 (B) Net revenue 111.4 183.1 64.4 Non-interest expenses 59.2 110.7 87.2 Income (loss) before income taxes 52.2 72.4 38.5 Billions of yen % Change For the six months ended (B-A)/(A)September 30, 2025 (A) September 30, 2026 (B) Net revenue 540.3 678.0 25.5 Non-interest expenses 445.2 538.6 21.0 Income (loss) before income taxes 95.0 139.4 46.6 <Business Segment Results> Operating Results of Wealth Management Net revenue increased by 29.1% from the same period in the prior year to 286.9 billion yen. Non-interest expenses increased by 8.9% to 150.3 billion yen. As a result, income before income taxes increased by 62.1% to 136.7 billion yen. Operating Results of Investment Management Net revenue increased by 64.4% from the same period in the prior year to 183.1 billion yen. Non-interest expenses increased by 87.2% to 110.7 billion yen. As a result, income before income taxes increased by 38.5% to 72.4 billion yen. Assets under management were 152.8 trillion yen as of September 30, 2026. Operating Results of Wholesale Net revenue increased by 25.5% from the same period in the prior year to 678.0 billion yen. Non-interest expenses increased by 21.0% to 538.6 billion yen. As a result, income before income taxes increased by 46.6% to 139.4 billion yen. - 3 -
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Billions of yen % Change For the six months ended (B-A)/(A)September 30, 2025 (A) September 30, 2026 (B) Net revenue 25.7 31.6 23.1 Non-interest expenses 18.9 23.6 25.0 Income (loss) before income taxes 6.8 8.0 17.7 Billions of yen % Change For the six months ended (B-A)/(A)September 30, 2025 (A) September 30, 2026 (B) Net revenue 137.5 103.1 (25.0) Non-interest expenses 80.6 111.4 38.2 Income (loss) before income taxes 56.9 (8.2) － Operating Results of Banking Net revenue increased by 23.1% from the same period in the prior year to 31.6 billion yen. Non-interest expenses increased by 25.0% to 23.6 billion yen. As a result, income before income taxes increased by 17.7% to 8.0 billion yen. Other Operating Results Net revenue was 103.1 billion yen. Loss before income taxes was 8.2 billion yen. (2) Consolidated Financial Position Total assets as of September 30, 2026 were 67,482.1 billion yen, an increase of 4,836.2 billion yen compared to March 31, 2026, mainly due to the increase in Trading assets. Total liabilities as of September 30, 2026 were 63,556.3 billion yen, an increase of 4,765.3 billion yen compared to March 31, 2026, mainly due to the increase in Trading liabilities. Total equity as of September 30, 2026 was 3,925.8 billion yen, an increase of 70.8 billion yen compared to March 31, 2026. (3) Consolidated Earnings Forecasts Nomura provides investment, financing and related services in the capital markets on a global basis. In the global capital markets there exist uncertainties due to, but not limited to, economic and market conditions. Nomura, therefore, does not present earnings and dividend forecasts. - 4 -
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2. Semi-annual Consolidated Financial Statements The Semi-annual consolidated financial statements herein have been prepared in accordance with Nomura’s accounting policies which are disclosed in the notes to the consolidated financial statements of Nomura Holdings, Inc.’s Annual Securities Report (the annual report filed in Japan on June 22, 2026) and Form 20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 22, 2026) for the year ended March 31, 2026. - 5 -
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Millions of yen March 31, 2026 September 30, 2026 Increase/ (Decrease) ASSETS Cash and cash deposits: Cash and cash equivalents 4,298,693 5,369,061 1,070,368 Time deposits 709,639 704,170 (5,469) Deposits with stock exchanges and other segregated cash 640,642 594,061 (46,581) Total cash and cash deposits 5,648,974 6,667,292 1,018,318 Loans and receivables: Loans receivable 7,745,214 8,771,750 1,026,536 Receivables from customers 470,341 610,743 140,402 Receivables from other than customers 1,345,631 1,637,954 292,323 Allowance for credit losses (18,381) (18,714) (333) Total loans and receivables 9,542,805 11,001,733 1,458,928 Collateralized agreements: Securities purchased under agreements to resell 13,210,236 13,590,672 380,436 Securities borrowed 4,339,659 4,065,915 (273,744) Total collateralized agreements 17,549,895 17,656,587 106,692 Trading assets and private equity and debt investments: Trading assets* 26,128,073 27,982,436 1,854,363 Private equity and debt investments* 214,014 234,860 20,846 Total trading assets and private equity and debt investments 26,342,087 28,217,296 1,875,209 Other assets: Office buildings, land, equipment and facilities (net of accumulated depreciation and amortization of ¥ 600,417 million as of March 31, 2026 and ¥ 618,261 million as of September 30, 2026) 543,847 695,208 151,361 Non-trading debt securities* 761,267 883,445 122,178 Investments in equity securities* 123,191 150,121 26,930 Investments in and advances to affiliated companies* 535,402 546,105 10,703 Other 1,598,457 1,664,315 65,858 Total other assets 3,562,164 3,939,194 377,030 Total assets 62,645,925 67,482,102 4,836,177 *Including securities pledged as collateral (1) Semi-annual Consolidated Balance Sheets - 6 -
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Millions of yen March 31, 2026 September 30, 2026 Increase/ (Decrease) LIABILITIES AND EQUITY Short-term borrowings 1,752,669 2,001,260 248,591 Payables and deposits: Payables to customers 1,598,758 1,765,269 166,511 Payables to other than customers 3,432,040 3,632,799 200,759 Deposits received at banks 3,667,090 4,352,723 685,633 Total payables and deposits 8,697,888 9,750,791 1,052,903 Collateralized financing: Securities sold under agreements to repurchase 15,233,838 15,666,522 432,684 Securities loaned 2,448,284 3,433,209 984,925 Other secured borrowings 384,156 449,185 65,029 Total collateralized financing 18,066,278 19,548,916 1,482,638 Trading liabilities 12,915,584 14,946,195 2,030,611 Other liabilities 1,813,635 1,675,973 (137,662) Long-term borrowings 15,544,956 15,633,204 88,248 Total liabilities 58,791,010 63,556,339 4,765,329 Equity NHI shareholders’ equity: Common stock Authorized - 6,000,000,000 shares Issued - 3,088,562,601 shares as of March 31, 2026 and 3,088,562,601 shares as of September 30, 2026 Outstanding - 2,901,337,224 shares as of March 31, 2026 and 2,922,591,081 shares as of September 30, 2026 594,493 594,493 － Additional paid-in capital 706,261 673,226 (33,035) Retained earnings 2,013,986 2,153,428 139,442 Accumulated other comprehensive income (loss) 548,221 497,126 (51,095) Total NHI shareholders’ equity before treasury stock 3,862,961 3,918,273 55,312 Common stock held in treasury, at cost - 187,225,377 shares as of March 31, 2026 and 165,971,520 shares as of September 30, 2026 (155,093) (142,961) 12,132 Total NHI shareholders’ equity 3,707,868 3,775,312 67,444 Noncontrolling interests 147,047 150,451 3,404 Total equity 3,854,915 3,925,763 70,848 Total liabilities and equity 62,645,925 67,482,102 4,836,177 - 7 -
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Millions of yen % Change For the six months ended (B-A)/(A)September 30, 2025(A) September 30, 2026(B) Revenue: Commissions 205,655 253,735 23.4 Fees from investment banking 82,911 113,401 36.8 Asset management and portfolio service fees 195,342 333,627 70.8 Net gain on trading 314,183 434,903 38.4 Gain on private equity and debt investments 10,700 5,936 (44.5) Interest and dividends 1,302,391 1,430,975 9.9 Gain on investments in equity securities 3,988 12,949 224.7 Other 202,631 109,010 (46.2) Total revenue 2,317,801 2,694,536 16.3 Interest expense 1,279,024 1,400,346 9.5 Net revenue 1,038,777 1,294,190 24.6 Non-interest expenses: Compensation and benefits 381,389 460,761 20.8 Commissions and floor brokerage 91,969 144,677 57.3 Information processing and communications 116,366 140,860 21.0 Occupancy and related depreciation 33,248 38,491 15.8 Business development expenses 14,264 17,198 20.6 Other 104,614 132,666 26.8 Total non-interest expenses 741,850 934,653 26.0 Income before income taxes 296,927 359,537 21.1 Income tax expense 93,660 96,956 3.5 Net income 203,267 262,581 29.2 Less: Net income attributable to noncontrolling interests 6,624 13,292 100.7 Net income attributable to NHI shareholders 196,643 249,289 26.8 Per share of common stock: Yen % Change Basic- Net income attributable to NHI shareholders per share 66.54 85.39 28.3 Diluted- Net income attributable to NHI shareholders per share 64.53 82.97 28.6 (2) Semi-annual Consolidated Statements of Income - 8 -
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Millions of yen % Change For the six months ended (B-A)/(A)September 30, 2025(A) September 30, 2026(B) Net income 203,267 262,581 29.2 Other comprehensive income (loss): Cumulative translation adjustments: Cumulative translation adjustments 3,618 (24,301) － Deferred income taxes 1,689 (1,325) － Total 5,307 (25,626) － Defined benefit pension plans: Pension liability adjustment (4,525) (917) － Deferred income taxes (13) (15) － Total (4,538) (932) － Non-trading debt securities: Net unrealized gain (loss) on non-trading debt securities (456) (3,498) － Deferred income taxes 143 1,102 670.6 Total (313) (2,396) － Own credit adjustments: Own credit adjustments (50,030) (27,432) － Deferred income taxes 7,730 4,410 (42.9) Total (42,300) (23,022) － Total other comprehensive income (loss) (41,844) (51,976) － Comprehensive income 161,423 210,605 30.5 Less: Comprehensive income attributable to noncontrolling interests 8,183 12,411 51.7 Comprehensive income attributable to NHI shareholders 153,240 198,194 29.3 (3) Semi-annual Consolidated Statements of Comprehensive Income - 9 -
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(4) Note with respect to the Assumption as a Going Concern Not applicable. - 10 -
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Millions of yen For the six months ended September 30, 2026 Common stock Balance at beginning of year 594,493 Balance at end of period 594,493 Additional paid-in capital Balance at beginning of year 706,261 Stock-based compensation awards (33,009) Changes in an affiliated company's interests (26) Balance at end of period 673,226 Retained earnings Balance at beginning of year 2,013,986 Net income attributable to NHI shareholders 249,289 Cash dividends (102,291) Loss on disposal of treasury stock (7,556) Balance at end of period 2,153,428 Accumulated other comprehensive income (loss) Cumulative translation adjustments Balance at beginning of year 550,501 Net change during the period (24,745) Balance at end of period 525,756 Defined benefit pension plans Balance at beginning of year (122) Pension liability adjustment (932) Balance at end of period (1,054) Non-trading debt securities Balance at beginning of year (3,362) Net unrealized loss on non-trading debt securities (2,396) Balance at end of period (5,758) Own credit adjustments Balance at beginning of year 1,204 Own credit adjustments (23,022) Balance at end of period (21,818) Balance at end of period 497,126 Common stock held in treasury Balance at beginning of year (155,093) Repurchases of common stock (18,532) Sale of common stock 0 Common stock issued to employees 30,664 Balance at end of period (142,961) Total NHI shareholders’ equity Balance at end of period 3,775,312 Noncontrolling interests Balance at beginning of year 147,047 Net change during the period 3,404 Balance at end of period 150,451 Total equity Balance at end of period 3,925,763 (5) Significant Changes in Equity Not applicable. For further details of the changes, please refer below. - 11 -
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(6) Segment Information – Operating Segment Nomura’s Chief Operating Decision Maker is the Executive Management Board (the “EMB”) which is the management function primarily responsible for assessing performance of and allocating resources to the business segments. The EMB reviews business segment results including Net revenue, Non-interest expenses, and Income before income taxes on a regular basis. The EMB uses these measures along with certain segment- specific Key Performance Indicators (KPIs) and budgets to evaluate segment performance and to make key operating decisions, including resource and capital allocations. Business segments’ information on total assets is not disclosed as EMB does not consider such information for its operating decisions and therefore, it is not reported. - 12 -
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Millions of yen % Change For the six months ended (B-A)/(A)September 30, 2025 (A) September 30, 2026 (B) Net revenue Business segment information: Wealth Management 222,271 286,938 29.1 Investment Management 111,399 183,113 64.4 Wholesale 540,255 678,022 25.5 Banking 25,696 31,624 23.1 Subtotal 899,621 1,179,697 31.1 Other 137,526 103,121 (25.0) Net revenue 1,037,147 1,282,818 23.7 Reconciliation items: Unrealized gain (loss) on investments in equity securities held for operating purposes 1,630 11,372 597.7 Net revenue 1,038,777 1,294,190 24.6 Non-interest expenses (*1) Business segment information: Wealth Management 137,993 150,287 8.9 Investment Management 59,161 110,744 87.2 Wholesale 445,207 538,635 21.0 Banking 18,902 23,627 25.0 Subtotal 661,263 823,293 24.5 Other 80,587 111,360 38.2 Non-interest expenses 741,850 934,653 26.0 Reconciliation items: Unrealized gain (loss) on investments in equity securities held for operating purposes － － － Non-interest expenses 741,850 934,653 26.0 Income (loss) before income taxes Business segment information: Wealth Management 84,278 136,651 62.1 Investment Management 52,238 72,369 38.5 Wholesale 95,048 139,387 46.6 Banking 6,794 7,997 17.7 Subtotal 238,358 356,404 49.5 Other (*2) 56,939 (8,239) － Income (loss) before income taxes 295,297 348,165 17.9 Reconciliation items: Unrealized gain (loss) on investments in equity securities held for operating purposes 1,630 11,372 597.7 Income (loss) before income taxes 296,927 359,537 21.1 (*1) Includes primarily personnel expenses, occupancy, technology, and professional fees. (*2) Major components Transactions between operating segments are recorded within segment results on commercial terms and conditions, and are eliminated in “Other.” The following table presents the major components of income (loss) before income taxes in “Other.” Millions of yen % Change For the six months ended (B-A)/(A)September 30, 2025 (A) September 30, 2026 (B) Net gain (loss) related to economic hedging transactions 901 (3,981) － Realized gain (loss) on investments in equity securities held for operating purposes 2,214 1,178 (46.8) Equity in earnings of affiliates 24,769 21,897 (11.6) Corporate items (26,818) (19,944) － Other 55,873 (7,389) － Total 56,939 (8,239) － The following table shows business segment information and reconciliation items to the consolidated statements of income. - 13 -
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Millions of yen % Change Millions of yen For the three months ended (B-A)/(A) For the year ended March 31, 2026 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026(A) September 30, 2026(B) Revenue: Commissions 100,606 105,049 119,204 130,430 128,178 125,557 (2.0) 455,289 Fees from investment banking 38,357 44,554 59,045 58,592 56,236 57,165 1.7 200,548 Asset management and portfolio service fees 92,855 102,487 122,664 150,594 162,054 171,573 5.9 468,600 Net gain on trading 142,239 171,944 190,742 191,969 230,292 204,611 (11.2) 696,894 Gain on private equity and debt investments 6,330 4,370 1,564 340 564 5,372 852.5 12,604 Interest and dividends 649,561 652,830 712,469 654,780 698,543 732,432 4.9 2,669,640 Gain (loss) on investments in equity securities (377) 4,365 4,488 4,590 6,792 6,157 (9.3) 13,066 Other 127,017 75,614 17,752 21,462 89,049 19,961 (77.6) 241,845 Total revenue 1,156,588 1,161,213 1,227,928 1,212,757 1,371,708 1,322,828 (3.6) 4,758,486 Interest expense 633,273 645,751 676,173 635,576 684,994 715,352 4.4 2,590,773 Net revenue 523,315 515,462 551,755 577,181 686,714 607,476 (11.5) 2,167,713 Non-interest expenses: Compensation and benefits 186,310 195,079 220,739 227,374 236,764 223,997 (5.4) 829,502 Commissions and floor brokerage 44,778 47,191 53,997 75,891 74,335 70,342 (5.4) 221,857 Information processing and communications 57,164 59,202 63,516 68,557 70,710 70,150 (0.8) 248,439 Occupancy and related depreciation 15,965 17,283 17,853 20,422 18,742 19,749 5.4 71,523 Business development expenses 6,992 7,272 9,993 9,422 8,500 8,698 2.3 33,679 Other 51,824 52,790 50,436 67,842 66,124 66,542 0.6 222,892 Total non-interest expenses 363,033 378,817 416,534 469,508 475,175 459,478 (3.3) 1,627,892 Income before income taxes 160,282 136,645 135,221 107,673 211,539 147,998 (30.0) 539,821 Income tax expense 52,808 40,852 40,675 31,104 55,416 41,540 (25.0) 165,439 Net income 107,474 95,793 94,546 76,569 156,123 106,458 (31.8) 374,382 Less: Net income attributable to noncontrolling interests 2,909 3,715 2,993 2,636 10,562 2,730 (74.2) 12,253 Net income attributable to NHI shareholders 104,565 92,078 91,553 73,933 145,561 103,728 (28.7) 362,129 Per share of common stock: Yen % Change Yen Basic- Net income attributable to NHI shareholders per share 35.19 31.34 31.21 25.29 49.90 35.49 (28.9) 123.08 Diluted- Net income attributable to NHI shareholders per share 34.04 30.49 30.19 24.34 48.34 34.61 (28.4) 118.99 3. Supplementary Information (1) Consolidated Statements of Income – Quarterly Comparatives - 14 -
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Millions of yen % Change Millions of yen For the three months ended (B-A)/(A) For the year ended March 31, 2026 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026(A) September 30, 2026(B) Net revenue Business segment information: Wealth Management 105,796 116,475 132,488 133,147 145,417 141,521 (2.7) 487,906 Investment Management 50,574 60,825 60,906 86,211 98,314 84,799 (13.7) 258,516 Wholesale 261,072 279,183 313,899 308,075 369,097 308,925 (16.3) 1,162,229 Banking 12,845 12,851 13,696 14,526 15,244 16,380 7.5 53,918 Subtotal 430,287 469,334 520,989 541,959 628,072 551,625 (12.2) 1,962,569 Other 93,160 44,366 28,107 31,240 53,105 50,016 (5.8) 196,873 Net revenue 523,447 513,700 549,096 573,199 681,177 601,641 (11.7) 2,159,442 Reconciliation items: Unrealized gain (loss) on investments in equity securities held for operating purposes (132) 1,762 2,659 3,982 5,537 5,835 5.4 8,271 Net revenue 523,315 515,462 551,755 577,181 686,714 607,476 (11.5) 2,167,713 Non-interest expenses (*1) Business segment information: Wealth Management 67,041 70,952 73,988 71,901 74,341 75,946 2.2 283,882 Investment Management 29,047 30,114 42,967 68,091 53,327 57,417 7.7 170,219 Wholesale 219,164 226,043 251,610 264,845 275,769 262,866 (4.7) 961,662 Banking 9,231 9,671 9,521 11,479 11,608 12,019 3.5 39,902 Subtotal 324,483 336,780 378,086 416,316 415,045 408,248 (1.6) 1,455,665 Other 38,550 42,037 38,448 53,192 60,130 51,230 (14.8) 172,227 Non-interest expenses 363,033 378,817 416,534 469,508 475,175 459,478 (3.3) 1,627,892 Reconciliation items: Unrealized gain (loss) on investments in equity securities held for operating purposes － － － － － － － － Non-interest expenses 363,033 378,817 416,534 469,508 475,175 459,478 (3.3) 1,627,892 Income (loss) before income taxes Business segment information: Wealth Management 38,755 45,523 58,500 61,246 71,076 65,575 (7.7) 204,024 Investment Management 21,527 30,711 17,939 18,120 44,987 27,382 (39.1) 88,297 Wholesale 41,908 53,140 62,289 43,230 93,328 46,059 (50.6) 200,567 Banking 3,614 3,180 4,175 3,047 3,636 4,361 19.9 14,016 Subtotal 105,804 132,554 142,903 125,643 213,027 143,377 (32.7) 506,904 Other (*2) 54,610 2,329 (10,341) (21,952) (7,025) (1,214) － 24,646 Income (loss) before income taxes 160,414 134,883 132,562 103,691 206,002 142,163 (31.0) 531,550 Reconciliation items: Unrealized gain (loss) on investments in equity securities held for operating purposes (132) 1,762 2,659 3,982 5,537 5,835 5.4 8,271 Income (loss) before income taxes 160,282 136,645 135,221 107,673 211,539 147,998 (30.0) 539,821 (*1) Includes primarily personnel expenses, occupancy, technology, and professional fees. (*2) Major components Transactions between operating segments are recorded within segment results on commercial terms and conditions, and are eliminated in “Other.” The following table presents the major components of income (loss) before income taxes in “Other.” Millions of yen % Change Millions of yen For the three months ended (B-A)/(A) For the year ended March 31, 2026 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026(A) September 30, 2026(B) Net gain (loss) related to economic hedging transactions 1,067 (166) (975) (2,866) (2,045) (1,936) － (2,940) Realized gain (loss) on investments in equity securities held for operating purposes 5 2,209 1,129 6 1,190 (12) － 3,349 Equity in earnings of affiliates 12,321 12,448 17,642 (5,959) 10,492 11,405 8.7 36,452 Corporate items (11,637) (15,181) (9,630) (5,534) (15,964) (3,980) － (41,982) Other 52,854 3,019 (18,507) (7,599) (698) (6,691) － 29,767 Total 54,610 2,329 (10,341) (21,952) (7,025) (1,214) － 24,646 (2) Business Segment Information – Quarterly Comparatives The following table shows quarterly business segment information and reconciliation items to the consolidated statements of income. - 15 -
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(3) Other Quarterly financial information for Nomura Securities Co., Ltd. can be found at the following URL. https://www.nomuraholdings.com/en/company/group/nsc/nsc/main/0112/teaserItems3/0/linkList/0/link/2027_2 q.pdf - 16 -