6-K - MFG - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of July 2025

Commission File Number 001-33098

Mizuho Financial Group, Inc.

(Translation of registrant’s name into English)

5-5, Otemachi 1-chome

Chiyoda-ku, Tokyo 100-8176

Japan

(Address of principal executive office)

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

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NO. 333-282497) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: July 31, 2025
Mizuho Financial Group, Inc.
By:	/s/ Takefumi Yonezawa
Name:	Takefumi Yonezawa
Title:	Senior Managing Corporate Executive / Group CFO

For Immediate Release:

Consolidated Financial Statements for the First Quarter of Fiscal 2025<br><br><br>(Under Japanese GAAP)
Company Name:	Mizuho Financial Group, Inc. (“MHFG”)	July 31, 2025
---	---	---
Stock Code Number (Japan):	8411
---	---	---	---	---
Stock Exchange Listings:	Tokyo Stock Exchange (Prime Market), New York Stock Exchange
URL:	https://www.mizuhogroup.com
Representative:	Masahiro Kihara	President & Group CEO
For Inquiry:	Hikaru Osuga	General Manager of Accounting	Phone:	+81-3-6838-6101
Trading Accounts: Established
Commencement of Dividend Payment (scheduled): -
Supplementary Materials on Quarterly Results: Attached
IR Conference on Quarterly Results: Not Scheduled

Amounts less than one million yen are rounded down.

1. Financial Highlights for the First Quarter of Fiscal 2025 (for the three months ended June 30, 2025)

(1) Consolidated Results of Operations

(%: Changes from the corresponding period of the previous fiscal year)
	Ordinary Income				Ordinary Profits			ProfitAttributable toOwners of Parent
	million	%			million	%		million	%
1Q F2025			(10.5	)			4.0			0.4
1Q F2024			28.0				20.4			17.9

All values are in Japanese Yen.

Note:	Comprehensive Income:<br><br><br>1Q F2025: ¥328,712 million, 41.6%; 1Q F2024: ¥232,053 million, (50.3)%
	Earningsper Share ofCommon Stock	Diluted Earningsper Share ofCommon Stock
---	---	---

1Q F2025
1Q F2024

All values are in Japanese Yen.

(2) Consolidated Financial Conditions

	Total Assets	Total Net Assets	Own Capital Ratio
	million	million	%
1Q F2025				3.7
Fiscal 2024				3.6

All values are in Japanese Yen.

Reference:	Own Capital:<br> <br>As of June 30, 2025:<br>¥10,541,052 million; As of March 31, 2025: ¥10,442,211 million
Note:	Own Capital Ratio is calculated as follows: (Total Net Assets - Stock Acquisition Rights - Non-controlling Interests) / Total Assets<br>× 100<br> <br>Own Capital Ratio stated above is not calculated based on the public notice of Own Capital Ratio.
---	---

2. Cash Dividends for Shareholders of Common Stock

	Annual Cash Dividends per Share
	Firstquarter-end	Secondquarter-end	Thirdquarter-end	Fiscalyear-end	Total
	****
Fiscal 2024
Fiscal 2025
Fiscal 2025 (estimate)

All values are in Japanese Yen.

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

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


	ProfitAttributable toOwners ofParent			Earnings perShare ofCommon Stock
	million	%
Fiscal 2025 H1			—
Fiscal 2025			15.1

All values are in Japanese Yen.

Notes:	1.	Revision of the latest announced earnings estimates for fiscal 2025: Yes
		Following the result from 1Q, MHFG revised Consolidated Earnings Estimates for Fiscal 2025 (for the fiscal year ending March 31, 2026).
		Profit Attributable to Owners of Parent: The latest announced estimates: ¥940,000 million, Revised estimates: ¥1,020,000 million, Changes from the original estimates: ¥80,000 million, 8.5%
	2.	The number of shares of common stock used in the above per share information is based on the weighted average of the average number of outstanding shares (excluding treasury stock and others) during the 1Q and the number of<br>outstanding shares during the 2Q-4Q (which is substituted with the number of outstanding shares (excluding treasury stock and others) as of June 30, 2025

Notes

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

(2) Adoption of Specified Accounting Methods for the Preparation of Quarterly Consolidated Financial Statements: No

(3) Changes in Accounting Policies and Accounting Estimates / Restatements

i	Changes in accounting policies due to revisions of accounting standards: No
ii	Changes in accounting policies other than i above: No
---	---
iii	Changes in accounting estimates: No
---	---
iv	Restatements: No
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(4) Issued Shares of Common Stock

i Period-end issued shares (including<br>treasury stock):	As of June 30, 2025	2,513,757,794 shares	As of March 31, 2025	2,513,757,794 shares
ii Period-end treasury stock:	As of June 30, 2025	14,415,443 shares	As of March 31, 2025	4,233,302 shares
iii Average outstanding shares<br>(first quarter):	1Q Fiscal 2025	2,506,490,827 shares	1Q Fiscal 2024	2,534,589,882 shares

Review of the attached consolidated quarterly financial statements by certified public accountants or an audit firm: No

This immediate release contains statements that constitute forward-looking statements within the meaning of the United States Private Securities LitigationReform Act of 1995, including estimates, forecasts, targets and plans. Such forward-looking statements do not represent any guarantee by management of future performance.

In many cases, but not all, we use such words as “aim,” “anticipate,” “believe,” “endeavor,” “estimate,”“expect,” “intend,” “may,” “plan,” “probability,” “project,” “risk,” “seek,” “should,” “strive,” “target” and similar expressions inrelation to us or our management to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions. These statements reflect our current views with respect to future events andare subject to risks, uncertainties and assumptions.

We may not be successful in implementing our business strategies, and management may fail toachieve its targets, for a wide range of possible reasons, including, without limitation: impact of geopolitical disruptions; intensification of competition in the market for financial services; incurrence of significant credit-related costs;declines in the value of our securities portfolio; changes in interest rates; foreign currency fluctuations; decrease in the market liquidity of our assets; revised assumptions or other changes related to our pension plans; a decline in our deferredtax assets; impairment of the carrying value of our long-lived assets; problems related to our information technology systems, including as a result of cyber attacks; the effect of financial transactions entered into for hedging and other similarpurposes; failure to maintain required capital adequacy ratio levels and meet other financial regulatory requirements; downgrades in our credit ratings; our ability to avoid reputational harm; our ability to implement our medium-term business plan,and implement other strategic initiatives and measures effectively; the effectiveness of our operational, legal and other risk management policies; the effect of changes in general economic conditions in Japan and elsewhere; changes to applicablelaws and regulations; and the effects of climate change.

Further information regarding factors that could affect our financial condition andresults of operations is included in “Item 3.D. Key Information-Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in our most recent Form 20-F filed with the U.S.Securities and Exchange Commission (“SEC”), which is available in the Financial Information section of our web page at www.mizuhogroup.com and also at the SEC’s web site at www.sec.gov.

We do not intend to update our forward-looking statements. We are under no obligation, and disclaim any obligation, to update or alter our forward-lookingstatements, whether as a result of new information, future events or otherwise, except as may be required by the rules of the Tokyo Stock Exchange.

Mizuho Financial Group, Inc.

m Contents of Attachment

1.	Overview of Consolidated Results of Operations and Financial Condition	p.1-2
2.	Quarterly Consolidated Financial Statements and Others	p.1-3
	(1) Consolidated Balance Sheets	p.1-3
	(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income	p.1-5
	(3) Notes regarding Consolidated Financial Statements	p.1-7
	(Matters Related to the Assumption of Going Concern)
	(Significant Changes in the Amount of Shareholders’ Equity)
	(Business Segments Information)
	(Consolidated Statement of Cash Flows)
	ø SELECTED FINANCIAL INFORMATION For the First Quarter of Fiscal 2025

Note to XBRL

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

1-1

Mizuho Financial Group, Inc.

1. Overview of Consolidated Results of Operations and Financial Condition

The subject matter is described in the “Summary of Financial Results for the First Quarter of FY2025” disclosed on July 31, 2025 (Thursday), which is available on our web page at https://www.mizuhogroup.com/investors/financial-information/financial-statements.

The information is posted under the Financial Statements (under Japanese GAAP) of Mizuho Financial Group, FY2025, First Quarter, on the above web page.

1-2

Mizuho Financial Group, Inc.

2. Quarterly Consolidated Financial Statements and Others

(1) Consolidated Balance Sheets

	Millions of yen
	As of<br>March 31,<br>2025			As of<br>June 30,<br>2025
Assets
Cash and Due from Banks	¥	72,483,086		¥	64,770,799
Call Loans and Bills Bought		688,473			689,333
Receivables under Resale Agreements		28,107,374			28,083,200
Guarantee Deposits Paid under Securities Borrowing Transactions		2,078,999			1,977,293
Monetary Claims Bought		3,932,427			4,294,378
Trading Assets		22,240,796			23,522,393
Money Held in Trust		632,025			654,683
Securities		34,307,574			35,627,012
Loans and Bills Discounted		94,108,757			94,011,242
Foreign Exchanges		2,237,879			2,283,652
Derivatives other than for Trading Assets		3,497,747			3,325,914
Other Assets		7,008,874			7,301,030
Tangible Fixed Assets		1,122,592			1,116,606
Intangible Fixed Assets		808,897			809,451
Net Defined Benefit Asset		758,783			762,713
Deferred Tax Assets		237,630			198,213
Customers’ Liabilities for Acceptances and Guarantees		9,824,242			9,731,545
Allowance for Loan Losses		(755,751	)		(509,000	)
Allowance for Investment Losses		(5	)		(3	)
Total Assets	¥	283,320,404		¥	278,650,460

1-3

Mizuho Financial Group, Inc.

	Millions of yen
	As of<br>March 31,<br>2025			As of<br>June 30,<br>2025
Liabilities
Deposits	¥	158,746,762		¥	157,938,148
Negotiable Certificates of Deposit		14,398,784			12,949,466
Call Money and Bills Sold		2,745,165			2,894,483
Payables under Repurchase Agreements		38,393,650			35,267,234
Guarantee Deposits Received under Securities Lending Transactions		1,604,389			1,113,984
Commercial Paper		2,138,133			1,872,323
Trading Liabilities		14,290,572			14,434,633
Borrowed Money		4,008,514			3,963,446
Foreign Exchanges		840,486			1,414,384
Short-term Bonds		724,118			643,847
Bonds and Notes		12,877,794			12,813,841
Due to Trust Accounts		950,946			936,050
Derivatives other than for Trading Liabilities		4,566,669			4,342,668
Other Liabilities		6,267,822			7,443,673
Reserve for Bonus Payments		224,246			79,299
Reserve for Variable Compensation		2,226			2,955
Net Defined Benefit Liability		68,259			68,218
Reserve for Director and Corporate Auditor Retirement Benefits		484			406
Reserve for Possible Losses on Sales of Loans		1,266			933
Reserve for Contingencies		22,542			21,662
Reserve for Reimbursement of Deposits		7,146			6,476
Reserve for Reimbursement of Debentures		19,965			17,524
Reserves under Special Laws		4,247			4,244
Deferred Tax Liabilities		21,155			23,963
Deferred Tax Liabilities for Revaluation Reserve for Land		47,059			45,314
Acceptances and Guarantees		9,824,242			9,731,545
Total Liabilities	¥	272,796,651		¥	268,030,730
Net Assets
Common Stock	¥	2,256,767		¥	2,256,767
Capital Surplus		1,129,730			1,129,731
Retained Earnings		6,046,578			6,152,424
Treasury Stock		(9,462	)		(50,060	)
Total Shareholders’ Equity		9,423,614			9,488,862
Net Unrealized Gains (Losses) on Other Securities		867,697			977,063
Deferred Gains (Losses) on Hedges		(465,204	)		(438,156	)
Revaluation Reserve for Land		98,680			94,892
Foreign Currency Translation Adjustments		398,783			303,947
Remeasurements of Defined Benefit Plans		119,654			115,805
Own Credit Risk Adjustments, Net of Tax		(1,014	)		(1,362	)
Total Accumulated Other Comprehensive Income		1,018,596			1,052,189
Stock Acquisition Rights		5			5
Non-controlling Interests		81,536			78,672
Total Net Assets		10,523,753			10,619,730
Total Liabilities and Net Assets	¥	283,320,404		¥	278,650,460

1-4

Mizuho Financial Group, Inc.

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

Consolidated Statements of Income

	Millions of yen
	For the threemonths ended<br>June 30, 2024			For the threemonths ended<br>June 30, 2025
Ordinary Income	¥	2,380,899		¥	2,130,048
Interest Income		1,621,462			1,422,571
Interest on Loans and Bills Discounted		741,308			647,200
Interest and Dividends on Securities		205,024			203,868
Trust Fees		14,822			15,503
Fee and Commission Income		254,512			272,588
Trading Income		268,315			229,072
Other Operating Income		109,808			90,425
Other Ordinary Income		111,977			99,888
Ordinary Expenses		2,026,516			1,761,465
Interest Expenses		1,389,987			1,121,100
Interest on Deposits		472,961			389,471
Fee and Commission Expenses		53,624			52,822
Trading Expenses		—			43,894
Other Operating Expenses		80,166			47,627
General and Administrative Expenses		451,707			460,705
Other Ordinary Expenses		51,029			35,315
Ordinary Profits		354,383			368,583
Extraordinary Gains		45,567			12,406
Extraordinary Losses		2,565			2,394
Profit before Income Taxes		397,386			378,595
Income Taxes:
Current		119,545			102,338
Deferred		(12,463	)		(15,403	)
Total Income Taxes		107,081			86,934
Profit		290,304			291,660
Profit Attributable to Non-controllingInterests		1,003			1,139
Profit Attributable to Owners of Parent	¥	289,300		¥	290,521

1-5

Mizuho Financial Group, Inc.

Consolidated Statements of Comprehensive Income

	Millions of yen
	For the threemonths ended<br>June 30, 2024			For the threemonths ended<br>June 30, 2025
Profit	¥	290,304		¥	291,660
Other Comprehensive Income (Losses)		(58,250	)		37,052
Net Unrealized Gains (Losses) on Other Securities		(143,998	)		109,658
Deferred Gains (Losses) on Hedges		(35,059	)		26,750
Foreign Currency Translation Adjustments		119,705			(83,011	)
Remeasurements of Defined Benefit Plans		(7,092	)		(3,823	)
Own Credit Risk Adjustments, Net of Tax		(206	)		(347	)
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method		8,400			(12,176	)
Comprehensive Income		232,053			328,712
(Breakdown)
Comprehensive Income Attributable to Owners of Parent		229,176			327,902
Comprehensive Income Attributable to Non-controlling<br>Interests		2,876			810

1-6

Mizuho Financial Group, Inc.

(3) Notes regarding Consolidated Financial Statements

(Matters Related to the Assumption of Going Concern)

There is no applicable information.

(Significant Changes inthe Amount of Shareholders’ Equity)

There is no applicable information.

(Business Segments Information)

Summary of reportable segments

MHFG has introduced an in-house company system based on the group’s diverse customer segments. The aim of this system is to leverage MHFG’s strengths and competitive advantage, which is the seamless integration of MHFG’s banking, trust and securities functions under a holding company structure, to speedily provide high-quality financial services that closely match customer needs.

Specifically, the company system is classified into the following five in-house companies, each based on a customer segment: the Retail & Business Banking Company (RBC), the Corporate & Investment Banking Company (CIBC), the Global Corporate & Investment Banking Company (GCIBC), the Global Markets Company (GMC), and the Asset Management Company (AMC).

The services that each in-house company is in charge of are as follows:

RBC:

Services for individual customers, small and medium-sized enterprises and middle market firms in Japan

CIBC:

Services for large corporations, financial institutions and public corporations in Japan

GCIBC:

Services for Japanese overseas affiliated corporate customers and non-Japanese corporate customers, etc.

GMC:

Investment services with respect to interest rates, equities and credits, etc. and other services

AMC:

Development of products and provision of services that match the asset management needs of its wide range of customers from individuals to institutional investors

The reportable segments information, set forth below, is derived from the internal management reporting systems used by management to measure the performance of the Group’s operating segments. Management measures the performance of each of the operating segments in accordance with internal managerial accounting rules and practices.

1-7

Mizuho Financial Group, Inc.

Gross Profits (excluding the amounts of credit costs of trust accounts) + Net Gains (Losses) related to ETFs and others, and Net Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general allowance for loan losses) + Net Gains (Losses) related to ETFs and others by reportable segment

For the three months ended June 30, 2024

											(Millions of yen)
	MHFG (Consolidated)
	RBC		CIBC		GCIBC		GMC		AMC		Others<br>(Note 2)
Gross Profits (excluding the amounts of credit costs of trust accounts) + Net Gains (Losses)<br>related to ETFs and others		177,384		134,312		195,493		219,774		14,836		34,490	776,289
General and Administrative Expenses (excluding<br>Non-Recurring Losses and others)		172,204		58,866		111,282		90,019		9,000		14,671	456,042
Equity in Income from Investments in Affiliates		2,062		2,176		7,056		—		191		719	12,204
Amortization of Goodwill and others		1		206		1,641		—		1,529		307	3,684
Net Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of<br>(provision for) general allowance for loan losses) + Net Gains (Losses) related to ETFs and others		7,241		77,416		89,626		129,755		4,498		20,231	328,767
Notes:	1. Gross Profits (excluding the amounts of credit costs of trust accounts) + Net Gains (Losses)<br>related to ETFs and others is reported instead of sales reported by general corporations. Net Gains (Losses) related to ETFs and others amounted to ¥31,146 million, of which ¥31,728 million is included in the GMC.<br>
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2. “Others” includes items which should be eliminated as internal transactions between<br>each segment on a consolidated basis.
---
3. Following the change in allocation method for transactions between each segment and<br>“Others” made in April 2025, reclassification was made on the above table to reflect the relevant change.
---

For the three months ended June 30, 2025

												(Millions of yen)
	MHFG (Consolidated)
	RBC			CIBC		GCIBC		GMC		AMC		Others<br>(Note 2)
Gross Profits (excluding the amounts of credit costs of trust accounts) + Net Gains (Losses)<br>related to ETFs and others		214,140			154,106		206,720		174,110		17,174		2,852		769,102
General and Administrative Expenses (excluding<br>Non-Recurring Losses and others)		177,660			58,950		119,652		92,335		11,930		(244	)	460,282
Equity in Income from Investments in Affiliates		(2,049	)		3,578		6,842		—		149		2,114		10,634
Amortization of Goodwill and others		1			206		1,256		—		1,431		97		2,991
Net Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of<br>(provision for) general allowance for loan losses) + Net Gains (Losses) related to ETFs and others		34,430			98,528		92,654		81,775		3,962		5,113		316,462
Notes:	1. Gross Profits (excluding the amounts of credit costs of trust accounts) + Net Gains (Losses)<br>related to ETFs and others is reported instead of sales reported by general corporations. Net Gains (Losses) related to ETFs and others amounted to ¥4,385 million, of which ¥3,210 million is included in the GMC.<br>
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2. “Others” includes items which should be eliminated as internal transactions between<br>each segment on a consolidated basis.
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1-8

Mizuho Financial Group, Inc.

The difference between the total amounts of Net Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general allowance for loan losses) + Net Gains (Losses) related to ETFs and others of reportable segments and the recorded amounts in the Quarterly Consolidated Statement of Income, and the contents of the difference (Matters relating to adjustment to difference)

The above total amounts of Net Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general allowance for loan losses) + Net Gains (Losses) related to ETFs and others derived from internal management reporting are different from Profit before Income Taxes recorded in the Quarterly Consolidated Statement of Income.

The contents of the difference for the three months ended June 30, 2024 and 2025, are as follows:

	(Millions of yen)
	For the threemonths ended<br>June 30, 2024			For the threemonths ended<br>June 30, 2025
Net Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of<br>(provision for) general allowance for loan losses) + Net Gains (Losses) related to ETFs and others		328,767			316,462
General and Administrative Expenses (Non-Recurring<br>Losses)		8,019			2,567
Expenses related to Portfolio Problems (including reversal of (provision for) general allowance<br>for loan losses)		(7,290	)		(17,504	)
Gains on Reversal of Allowances for Loan Losses, and others		5,841			28,967
Net Gains (Losses) related to Stocks - Net Gains (Losses) related to ETFs and others		14,097			35,442
Net Extraordinary Gains (Losses)		43,002			10,011
Others		4,949			2,647
Profit before Income Taxes recorded in Quarterly Consolidated Statement of Income		397,386			378,595

(Consolidated Statement of Cash Flows)

We have not prepared Quarterly Consolidated Statement of Cash Flows for the three months ended June 30, 2025. Depreciation (including Amortization of Intangible Fixed Assets excluding Goodwill) and Amortization of Goodwill for the three months ended June 30, 2024 and 2025 are as follows:

	(Millions of yen)
	For the threemonths ended<br>June 30, 2024		For the threemonths ended<br>June 30, 2025
Depreciation		47,322		50,817
Amortization of Goodwill		1,910		1,802

1-9

SELECTED FINANCIAL INFORMATION

For the First Quarter of Fiscal 2025

(Under Japanese GAAP)

LOGO

Mizuho Financial Group, Inc.

C O N T E N T S

Notes:

“CON”: Consolidated figures for Mizuho Financial Group, Inc. (“MHFG”)

“NON”: Non-consolidated figures for Mizuho Bank, Ltd. (“MHBK”) and Mizuho Trust & Banking Co., Ltd. (“MHTB”)

FINANCIAL INFORMATION FOR THE FIRST QUARTER OF FISCAL 2025	See above Notes
1. Income Analysis	CON	NON	2- 1
2. Net Gains/Losses on Stocks	CON	NON	2- 3
3. Unrealized Gains/Losses on Securities	CON	NON	2- 4
4. Status of Non Performing Loans based on the Banking Act (“BA”) and the Financial<br>Reconstruction Act (“FRA”)	CON	NON	2- 7
5. Status of Deposits and Loans	NON		2- 11
Attachments	Page
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Mizuho Bank, Ltd.
Comparison of Non-Consolidated Balance Sheets (selected<br>items)		2- 13
Comparison of Non-Consolidated Statements of Income<br>(selected items)		2- 14

Mizuho Financial Group, Inc.

FINANCIAL INFORMATION FOR THE FIRST QUARTER OF FISCAL 2025

1. Income Analysis

Consolidated

		(Billions of yen)
		First Quarter of<br>Fiscal 2025						First Quarter of<br>Fiscal 2024
		****			Change
Consolidated Gross Profits	1	****	764.7	****		19.5			745.1
Net Interest Income	2	****	301.4	****		69.9			231.4
Trust Fees	3	****	15.5	****		0.6			14.8
Credit Costs of Trust Accounts	4	****	—	****		—			—
Net Fee and Commission Income	5	****	219.7	****		18.8			200.8
Net Trading Income	6	****	185.1	****		(83.1	)		268.3
Net Other Operating Income	7	****	42.7	****		13.1			29.6
General and Administrative Expenses	8	****	(460.7	)		(8.9	)		(451.7	)
Expenses related to Portfolio Problems (including Reversal of (Provision for) General Allowance<br>for Loan Losses)	9	****	(17.5	)		(10.2	)		(7.2	)
Gains on Reversal of Allowances for Loan Losses, and others	10	****	28.9	****		23.1			5.8
Net Gains (Losses) related to Stocks	11	****	39.8	****		(5.4	)		45.2
Equity in Income from Investments in Affiliates	12	****	10.6	****		(1.5	)		12.2
Other	13	****	2.6	****		(2.3	)		4.9
Ordinary Profits	14	****	368.5	****		14.2			354.3
Net Extraordinary Gains (Losses)	15	****	10.0	****		(32.9	)		43.0
Profit before Income Taxes	16	****	378.5	****		(18.7	)		397.3
Income Taxes	17	****	(86.9	)		20.1			(107.0	)
Profit	18	****	291.6	****		1.3			290.3
Profit Attributable to Non-controlling Interests	19	****	(1.1	)		(0.1	)		(1.0	)
Profit Attributable to Owners of Parent	20	****	290.5	****		1.2			289.3
Credit-related Costs (including Credit Costs of Trust Accounts)	21	****	11.4	****		12.9			(1.4	)
Credit-related Costs [21] = Expenses related to Portfolio<br>Problems (including Reversal of (Provision for) General Allowance for Loan Losses) [9] + Gains on Reversal of Allowances for Loan Losses, and others [10] + Credit Costs of Trust Accounts [4]
(Reference)
Consolidated Net Business Profits	22	****	312.0	****		14.4			297.6
Consolidated Net Business Profits [22] = Consolidated Gross<br>Profits [1] - General and Administrative Expenses (excluding Non-Recurring Losses) + Equity in Income from Investments in Affiliates and certain other consolidation adjustments
Number of consolidated subsidiaries	23	****	239	****		18			221
Number of affiliates under the equity method	24	****	27	****		1			26

2-1

Mizuho Financial Group, Inc.

Non-Consolidated

Aggregate Figures for the 2 Banks

		(Billions of yen)
		First Quarter of Fiscal 2025												First Quarter of<br>Fiscal 2024
		MHBK			MHTB			Aggregate<br>Figures			Change
Gross Profits	1	****	433.5	****	****	31.4	****	****	465.0	****		10.8			454.1
Net Interest Income	2	****	300.6	****	****	7.7	****	****	308.3	****		58.2			250.1
Trust Fees	3				****	15.5	****	****	15.5	****		0.6			14.9
Trust Fees for Jointly Operated Designated Money Trust	4				****	0.8	****	****	0.8	****		0.0			0.7
Credit Costs of Trust Accounts	5				****	—	****	****	—	****	****	—	****	****	—	****
Net Fee and Commission Income	6	****	92.6	****	****	7.8	****	****	100.5	****		7.7			92.8
Net Trading Income	7	****	37.7	****				****	37.7	****		(16.9	)		54.6
Net Other Operating Income	8	****	2.5	****	****	0.2	****	****	2.7	****		(38.7	)		41.5
General and Administrative Expenses<br>(excluding<br>Non-Recurring Losses)	9	****	(228.7	)	****	(20.2	)	****	(249.0	)		0.6			(249.7	)
Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) ^(1)^	10	****	204.8	****	****	11.1	****	****	216.0	****		11.5			204.4
Net Business Profits (before Reversal of (Provision for) General<br>Allowance for Loan Losses)<br>from core business areas ^(2)^	11	****	209.1	****	****	11.1	****	****	220.2	****		50.0			170.2
Excluding Net Gains (Losses) from redemption of Investment Trusts	12	****	199.0	****	****	11.1	****	****	210.1	****		43.5			166.5
Reversal of (Provision for) General Allowance for Loan Losses	13	****	—	****	****	—	****	****	—	****	****	—	****	****	—	****
Net Business Profits	14	****	204.8	****	****	11.1	****	****	216.0	****		11.5			204.4
Net Gains (Losses) related to Bonds	15	****	(4.2	)	****	0.0	****	****	(4.2	)		(38.4	)		34.2
Net Non-Recurring Gains (Losses)	16	****	40.9	****	****	4.2	****	****	45.1	****		(9.6	)		54.8
Net Gains (Losses) related to Stocks	17	****	38.5	****	****	2.6	****	****	41.1	****		(3.9	)		45.1
Expenses related to Portfolio Problems	18	****	(17.1	)	****	—	****	****	(17.1	)		(8.8	)		(8.2	)
Gains on Reversal of Allowances for Loan Losses, and others	19	****	24.3	****	****	0.5	****	****	24.9	****		18.2			6.7
Other	20	****	(4.7	)	****	1.0	****	****	(3.7	)		(14.9	)		11.2
Ordinary Profits	21	****	245.7	****	****	15.4	****	****	261.2	****		1.8			259.3
Net Extraordinary Gains (Losses)	22	****	9.4	****	****	0.9	****	****	10.3	****		(31.2	)		41.5
Profit before Income Taxes	23	****	255.2	****	****	16.3	****	****	271.5	****		(29.3	)		300.8
Income Taxes	24	****	(67.9	)	****	(3.3	)	****	(71.2	)		10.7			(82.0	)
Profit	25	****	187.2	****	****	12.9	****	****	200.2	****		(18.5	)		218.7
(1) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) for MHTB<br>excludes the amounts of “Credit Costs of Trust Accounts” [5].<br> <br>(2) Net Business Profits (before<br>Reversal of (Provision for) General Allowance for Loan Losses) from core business areas[11] =Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses)[10]-Net Gains (Losses)<br>related to Bonds[15]
Credit-related Costs	26	****	7.2	****	****	0.5	****	****	7.8	****		9.3			(1.4	)
Credit-related Costs [26] = Expenses related to Portfolio Problems [18] +<br>Reversal of (Provision for) General Allowance for Loan Losses [13] + Gains on Reversal of Allowances for Loan Losses, and others [19] + Credit Costs of Trust Accounts [5]
Reference: Breakdown of Credit-related Costs
Credit Costs of Trust Accounts	27				****	—	****	****	—	****		—			—
Reversal of (Provision for) General Allowance for Loan Losses	28	****	4.9	****	****	0.5	****	****	5.4	****		(3.5	)		9.0
Losses on Write-offs of Loans	29	****	(11.1	)	****	0.0	****	****	(11.1	)		(11.0	)		(0.0	)
Reversal of (Provision for) Specific Allowance for Loan Losses	30	****	(4.2	)	****	0.0	****	****	(4.2	)		4.0			(8.2	)
Reversal of (Provision for) Allowance for Loan Losses to Restructuring Countries	31	****	22.8	****	****	—	****	****	22.8	****		20.4			2.4
Reversal of (Provision for) Reserve for Contingencies	32	****	(4.8	)	****	—	****	****	(4.8	)		(0.3	)		(4.5	)
Other (including Losses on Sales of Loans)	33	****	(0.3	)	****	—	****	****	(0.3	)		(0.2	)		(0.1	)
Total	34	****	7.2	****	****	0.5	****	****	7.8	****		9.3			(1.4	)

2-2

Mizuho Financial Group, Inc.

2. Net Gains/Losses on Stocks

Consolidated

	(Billions of yen)
	First Quarter of<br>Fiscal 2025			Change			First Quarter of<br>Fiscal 2024
Net Gains (Losses) related to Stocks	****	39.8	****		(5.4	)		45.2
Gains on Sales	****	53.4	****		(31.8	)		85.3
Losses on Sales	****	(4.3	)		34.0			(38.4	)
Impairment (Devaluation)	****	(3.2	)		(1.1	)		(2.1	)
Reversal of (Provision for) Allowance for Investment Losses	****	0.0	****		0.0			—
Gains (Losses) on Derivatives other than for Trading	****	(5.9	)		(6.4	)		0.5
Non-Consolidated
Aggregate Figures for the 2 Banks
	First Quarter of<br>Fiscal 2025			Change			First Quarter of<br>Fiscal 2024
Net Gains (Losses) related to Stocks	****	41.1	****		(3.9	)		45.1
Gains on Sales	****	49.7	****		(32.1	)		81.8
Losses on Sales	****	(2.3	)		34.4			(36.7	)
Impairment (Devaluation)	****	(0.2	)		0.2			(0.5	)
Reversal of (Provision for) Allowance for Investment Losses	****	0.0	****		0.0			—
Gains (Losses) on Derivatives other than for Trading	****	(5.9	)		(6.4	)		0.5
Mizuho Bank									****
	First Quarter of<br>Fiscal 2025			Change			First Quarter of<br>Fiscal 2024
Net Gains (Losses) related to Stocks	****	38.5	****		(5.0	)		43.5
Gains on Sales	****	46.9	****		(33.3	)		80.2
Losses on Sales	****	(2.2	)		34.4			(36.7	)
Impairment (Devaluation)	****	(0.1	)		0.3			(0.4	)
Reversal of (Provision for) Allowance for Investment Losses	****	0.0	****		0.0			—
Gains (Losses) on Derivatives other than for Trading	****	(5.9	)		(6.4	)		0.5
Mizuho Trust & Banking									****
	First Quarter of<br>Fiscal 2025			Change			First Quarter of<br>Fiscal 2024
Net Gains (Losses) related to Stocks	****	2.6	****		1.0			1.5
Gains on Sales	****	2.7	****		1.1			1.6
Losses on Sales	****	(0.1	)		(0.0	)		(0.0	)
Impairment (Devaluation)	****	(0.0	)		(0.0	)		(0.0	)
Reversal of (Provision for) Allowance for Investment Losses	****	—	****	****	—	****	****	—	****
Gains (Losses) on Derivatives other than for Trading	****	—	****	****	—	****	****	—	****

2-3

Mizuho Financial Group, Inc.

3. Unrealized Gains/Losses on Securities

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

Consolidated

(1) OtherSecurities

	(Billions of yen)
	As of June 30, 2025									As of March 31, 2025
	Book Value<br>(=Fair Value)		Unrealized Gains/Losses							Book Value<br>(=Fair Value)		Unrealized Gains/Losses
						Gains		Losses						Gains		Losses
MHFG (Consolidated)
Other Securities	****	29,764.0	****	1,406.7	****		1,952.0		545.3		28,315.4		1,244.3		1,851.8		607.4
Japanese Stocks	****	2,683.5	****	1,878.1	****		1,883.9		5.7		2,602.8		1,785.4		1,791.9		6.4
Japanese Bonds	****	12,934.3	****	(67.6	)		8.5		76.2		11,250.8		(79.6	)	7.2		86.9
Japanese Government Bonds	****	10,129.6	****	(14.3	)		1.4		15.8		8,370.4		(18.6	)	0.0		18.7
Other	****	14,146.2	****	(403.7	)		59.5		463.2		14,461.7		(461.3	)	52.7		514.1
Foreign Bonds	****	11,410.5	****	(349.2	)		19.0		368.3		12,116.5		(384.9	)	18.3		403.2
*	In addition to “Securities” on the consolidated balance sheets, NCDs in “Cash and Due from<br>Banks,” certain items in “Monetary Claims Bought” and certain items in “Other Assets” are also included.
---	---
*	Other Securities mainly including Foreign Bonds are hedged by using derivative instruments, which apply the<br>deferred method of hedge accounting. Deferred Hedge Gains/Losses before tax adjustment as of June 30, 2025 and March 31, 2025 are ¥(18.1) billion (Foreign Bonds ¥17.0 billion and Japanese Government Bonds ¥0.4 billion) and<br>¥33.5 billion (Foreign Bonds ¥39.7 billion and Japanese Government Bonds ¥0.9 billion), respectively. Unrealized Gains/Losses applying deferred hedging accounting among hedging instruments as of June 30, 2025 and<br>March 31, 2025 are ¥1,388.5 billion (Foreign Bonds ¥(332.2) billion and Japanese Government Bonds ¥(13.9) billion) and ¥1,277.9 billion (Foreign Bonds ¥(345.2) billion and Japanese Government Bonds ¥(17.6)<br>billion), respectively.
---	---
*	Unrealized Gains/Losses on Other Securities as of June 30, 2025 and March 31, 2025 include translation<br>differences and others regarding stocks and others without a quoted market price and Investments in Partnerships, and are recorded directly to Net Assets after tax and consolidation adjustments, excluding the amount recognized in the consolidated<br>balance sheet by applying the fair-value hedge accounting and others.
---	---

(2) Bonds Held to Maturity

	(Billions of yen)
	As of June 30, 2025								As of March 31, 2025
	Book Value		Unrealized Gains/Losses						Book Value		Unrealized Gains/Losses
					Gains		Losses			****			Gains		Losses
MHFG (Consolidated)	****	4,057.8	****	(148.9)		20.8		169.7		4,183.1		(155.7)		23.2		179.0

2-4

Mizuho Financial Group, Inc.

Non-Consolidated

Aggregate Figures for the 2 Banks

(1) OtherSecurities

	(Billions of yen)
	As of June 30, 2025									As of March 31, 2025
	Book Value		Unrealized Gains/Losses							Book Value		Unrealized Gains/Losses
	(=Fair Value)					Gains		Losses		(=Fair Value)					Gains		Losses
MHBK
Other Securities	****	28,574.5	****	1,229.5	****	****	1,771.4	****	541.9		27,108.6		1,074.7			1,677.4		602.6
Japanese Stocks	****	2,442.5	****	1,701.1	****	****	1,705.6	****	4.5		2,370.4		1,616.3			1,621.5		5.2
Japanese Bonds	****	12,729.8	****	(66.8	)	****	8.4	****	75.3		11,040.7		(78.5	)		7.1		85.6
Japanese Government Bonds	****	10,018.6	****	(14.3	)	****	1.4	****	15.7		8,260.5		(18.6	)		0.0		18.7
Other	****	13,402.2	****	(404.6	)	****	57.3	****	461.9		13,697.4		(462.9	)		48.7		511.7
Foreign Bonds	****	10,811.2	****	(349.4	)	****	17.5	****	367.0		11,465.4		(386.2	)		15.0		401.2
MHTB
Other Securities	****	304.6	****	102.7	****	****	103.4	****	0.7		303.0		97.4			98.5		1.0
Japanese Stocks	****	150.7	****	102.9	****	****	103.3	****	0.4		146.2		97.5			98.2		0.6
Japanese Bonds	****	149.7	****	(0.2	)	****	0.0	****	0.2		152.5		(0.2	)		0.1		0.3
Japanese Government Bonds	****	99.9	****	(0.0	)	****	— ****	****	0.0		98.7		(0.0	)		—		0.0
Other	****	4.1	****	0.0	****	****	0.0	****	0.0		4.3		0.0			0.1		0.0
Foreign Bonds	****	— ****	****	— ****	****	****	— ****	****	— ****		—		—			—		—
Total
Other Securities	****	28,879.2	****	1,332.2	****	****	1,874.9	****	542.6		27,411.7		1,172.2			1,775.9		603.6
Japanese Stocks	****	2,593.2	****	1,804.0	****	****	1,809.0	****	5.0		2,516.6		1,713.9			1,719.8		5.8
Japanese Bonds	****	12,879.5	****	(67.0	)	****	8.5	****	75.6		11,193.3		(78.7	)		7.2		86.0
Japanese Government Bonds	****	10,118.5	****	(14.3	)	****	1.4	****	15.8		8,359.2		(18.6	)		0.0		18.7
Other	****	13,406.3	****	(404.6	)	****	57.3	****	462.0		13,701.7		(462.8	)		48.8		511.7
Foreign Bonds	****	10,811.2	****	(349.4	)	****	17.5	****	367.0		11,465.4		(386.2	)		15.0		401.2
*	In addition to “Securities” on the balance sheets, NCDs in “Cash and Due from Banks” and<br>certain items in “Monetary Claims Bought” are also included.
---	---
*	Other Securities mainly including Foreign Bonds are hedged by using derivative instruments, which apply the<br>deferred method of hedge accounting. Deferred Hedge Gains/Losses before tax adjustment (aggregate figures for the 2 banks) as of June 30, 2025 and March 31, 2025 are ¥(18.1) billion (Foreign Bonds ¥17.0 billion and Japanese<br>Government Bonds ¥0.4 billion) and ¥33.5 billion (Foreign Bonds ¥39.7 billion and Japanese Government Bonds ¥0.9 billion), respectively. Unrealized Gains/Losses applying deferred hedging accounting among hedging instruments<br>(aggregate figures for the 2 banks) as of June 30, 2025 and March 31, 2025 are ¥1,314.1 billion (Foreign Bonds ¥(332.4) billion and Japanese Government Bonds ¥(13.9) billion) and ¥1,205.7 billion (Foreign Bonds<br>¥(346.4) billion and Japanese Government Bonds ¥(17.6) billion), respectively.
---	---
*	Unrealized Gains/Losses on Other Securities as of June 30, 2025 and March 31, 2025 include translation<br>differences and others regarding stocks and others without a quoted market price and Investments in Partnerships, and are recorded directly to Net Assets after tax adjustment, excluding the amount recognized in the balance sheet by applying the<br>fair-value hedge accounting.
---	---

2-5

Mizuho Financial Group, Inc.

(2) Bonds Held to Maturity

	(Billions of yen)
	As of June 30, 2025									As of March 31, 2025
	Book Value		Unrealized Gains/Losses							Book Value		Unrealized Gains/Losses
						Gains		Losses						Gains		Losses
MHBK	****	4,057.8	****	(148.9	)		20.8		169.7		4,183.1		(155.7	)	23.2		179.0
MHTB	****	—	****	—	****		—		—		—	****	—	****	—	****	—
Total	****	4,057.8	****	(148.9	)		20.8		169.7		4,183.1		(155.7	)	23.2		179.0
(3) Investments in Subsidiaries andAffiliates
	(Billions of yen)
	As of June 30, 2025									As of March 31, 2025
	Book Value		Unrealized Gains/Losses							Book Value		Unrealized Gains/Losses
						Gains		Losses						Gains		Losses
MHBK	****	106.1	****	374.9	****		374.9		—		106.1		276.5		276.5		—
MHTB	****	—	****	—	****		—		—		—	****	—	****	—	****	—
Total	****	106.1	****	374.9	****		374.9		—		106.1		276.5		276.5		—

(Reference)

Unrealized Gains/Losses on Other Securities

(thebase amount to be recorded directly to Net Assets after necessary adjustments)

For certain Other Securities, Unrealized Gains/Losses were recognized in the statement of income by applying the fair-value hedge accounting and others.

Unrealized Gains/Losses on Other Securities after excluding such Income/Loss (the “base amount”) are recorded directly to Net Assets after necessary adjustments.

The base amounts are as follows:

Consolidated

	(Billions of yen)
	As of June 30, 2025					As of<br>March 31,2025
	Unrealized Gains/Losses					UnrealizedGains/Losses
				Change
Other Securities	****	1,372.0	****		161.7		1,210.3
Japanese Stocks	****	1,841.8	****		93.2		1,748.5
Japanese Bonds	****	(67.6	)		12.0		(79.6	)
Japanese Government Bonds	****	(14.3	)		4.2		(18.6	)
Other	****	(402.1	)		56.4		(458.5	)
Foreign Bonds	****	(347.6	)		34.3		(382.0	)
Non-Consolidated
Aggregate Figures for the 2 Banks
	(Billions of yen)
	As of June 30, 2025					As of<br>March 31,2025
	Unrealized Gains/Losses					Unrealized<br>Gains/Losses
				Change
Other Securities	****	1,296.7	****		160.6		1,136.1
Japanese Stocks	****	1,768.4	****		90.6		1,677.7
Japanese Bonds	****	(67.0	)		11.7		(78.7	)
Japanese Government Bonds	****	(14.3	)		4.2		(18.6	)
Other	****	(404.6	)		58.2		(462.8	)
Foreign Bonds	****	(349.4	)		36.7		(386.2	)

2-6

Mizuho Financial Group, Inc.

4. Status of Non Performing Loans based on the Banking Act (“BA”) andthe Financial Reconstruction Act (“FRA”)

Consolidated

	(Billions of yen)
	As of June 30, 2025					As of<br>March 31, 2025
			Change
Claims against Bankrupt and Substantially Bankrupt Obligors	****	29.2		(3.2	)		32.4
Claims with Collection Risk	****	344.8		(231.3	)		576.2
Claims for Special Attention	****	419.2		(19.4	)		438.6
Loans Past Due for 3 Months or More	****	0.3		0.0			0.2
Restructured Loans	****	418.8		(19.4	)		438.3
Sub-total[1]	****	793.2		(254.0	)		1,047.3
Normal Claims	****	106,595.7		165.5			106,430.1
Total[2]	****	107,389.0		(88.4	)		107,477.4
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table<br>below.
Amount of Partial Direct Write-offs	****	319.6		223.6			95.9
	(%)
NPL ratio[1]/[2]	****	0.73		(0.23	)		0.97
Trust Account
	(Billions of yen)
	As of June 30, 2025					As of<br>March 31, 2025
			Change
Claims against Bankrupt and Substantially Bankrupt Obligors	****	—	****	—	****	****	—
Claims with Collection Risk	****	—	****	—	****	****	—
Claims for Special Attention	****	—	****	—	****	****	—
Loans Past Due for 3 Months or More	****	—	****	—	****	****	—
Restructured Loans	****	—	****	—	****	****	—
Sub-total[3]	****	—	****	—	****	****	—
Normal Claims	****	1.3		(0.0	)		1.3
Total[4]	****	1.3		(0.0	)		1.3
	(%)
NPL ratio[3]/[4]	****	—		—			—

2-7

Mizuho Financial Group, Inc.

Consolidated + Trust Account

	(Billions of yen)
	As of June 30, 2025					As of<br>March 31, 2025
			Change
Claims against Bankrupt and Substantially Bankrupt Obligors	****	29.2		(3.2	)		32.4
Claims with Collection Risk	****	344.8		(231.3	)		576.2
Claims for Special Attention	****	419.2		(19.4	)		438.6
Loans Past Due for 3 Months or More	****	0.3		0.0			0.2
Restructured Loans	****	418.8		(19.4	)		438.3
Sub-total[5]	****	793.2		(254.0	)		1,047.3
Normal Claims	****	106,597.0		165.4			106,431.5
Total[6]	****	107,390.3		(88.5	)		107,478.8
Above<br>figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs	****	319.6		223.6			95.9
	(%)
NPL ratio[5]/[6]	****	0.73		(0.23	)		0.97

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

2-8

Mizuho Financial Group, Inc.

Non-Consolidated

Aggregate Figures for the 2 Banks

(Banking Account +Trust Account)

	(Billions of yen)
	As of June 30, 2025					As of<br>March 31, 2025
			Change
Claims against Bankrupt and Substantially Bankrupt Obligors	****	29.3		7.1			22.2
Claims with Collection Risk	****	331.8		(237.5	)		569.3
Claims for Special Attention	****	407.6		(19.2	)		426.9
Loans Past Due for 3 Months or More	****	0.3		0.0			0.2
Restructured Loans	****	407.3		(19.3	)		426.6
Sub-total[1]	****	768.8		(249.6	)		1,018.5
Normal Claims	****	108,297.6		238.8			108,058.7
Total[2]	****	109,066.4		(10.8	)		109,077.3
Above<br>figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs	****	317.3		223.3			94.0
	(%)
NPL ratio[1]/[2]	****	0.70		(0.22	)		0.93
Mizuho Bank
	(Billions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors	****	29.3		7.1			22.1
Claims with Collection Risk	****	327.4		(234.3	)		561.7
Claims for Special Attention	****	402.1		(17.3	)		419.4
Loans Past Due for 3 Months or More	****	0.3		0.0			0.2
Restructured Loans	****	401.8		(17.3	)		419.1
Sub-total[3]	****	758.8		(244.5	)		1,003.4
Normal Claims	****	105,750.4		271.4			105,478.9
Total[4]	****	106,509.3		26.9			106,482.3
Above<br>figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs	****	317.0		223.3			93.7
	(%)
NPL ratio[3]/[4]	****	0.71		(0.22	)		0.94

2-9

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

(Banking Account)

	(Billions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors	****	0.0	(0.0	)	0.0
Claims with Collection Risk	****	4.3	(3.1	)	7.5
Claims for Special Attention	****	5.5	(1.9	)	7.4
Loans Past Due for 3 Months or More	****	—	—		—
Restructured Loans	****	5.5	(1.9	)	7.4
Sub-total[5]	****	9.9	(5.1	)	15.1
Normal Claims	****	2,545.8	(32.5	)	2,578.4
Total[6]	****	2,555.8	(37.7	)	2,593.5
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table<br>below.
Amount of Partial Direct Write-offs	****	0.2	(0.0	)	0.2
	(%)
NPL ratio[5]/[6]	****	0.39	(0.19	)	0.58
(Trust Account)
	(Billions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors	****	—	—	****	—
Claims with Collection Risk	****	—	—	****	—
Claims for Special Attention	****	—	—	****	—
Loans Past Due for 3 Months or More	****	—	—	****	—
Restructured Loans	****	—	—		—
Sub-total[7]	****	—	—	****	—
Normal Claims	****	1.3	(0.0	)	1.3
Total[8]	****	1.3	(0.0	)	1.3
	(%)
NPL ratio[7]/[8]	****	—	—	****	—

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

2-10

Mizuho Financial Group, Inc.

5. Status of Deposits and Loans

Non-Consolidated

(1)-1 Deposits

Aggregate Figures for the 2 Banks

	(Billions of yen)
	As of<br>June 30, 2025					As of<br>March 31, 2025
			Change
MHBK	****	152,561.1		(486.7	)		153,047.8
MHTB	****	1,752.6		(130.0	)		1,882.7
Total	****	154,313.7		(616.8	)		154,930.5

(1)-2 Domestic Deposits

Aggregate Figures for the 2 Banks

	(Billions of yen)
	As of<br>June 30, 2025					As of<br>March 31, 2025
			Change
MHBK	****	120,507.2		(1,709.8	)		122,217.0
Individual deposits	****	48,726.4		392.2			48,334.1
MHTB	****	1,752.6		(130.0	)		1,882.7
Individual deposits	****	694.8		(0.9	)		695.8
Total	****	122,259.9		(1,839.8	)		124,099.8
Individual deposits	****	49,421.3		391.3			49,030.0

Note: Above figures do not include deposits booked at overseas offices and offshore deposits.

(2) Loans and Bills Discounted

Aggregate Figures for the 2 Banks

	(Billions of yen)
	As of<br>June 30, 2025					As of<br>March 31, 2025
			Change
MHBK	****	91,509.5		(105.7	)		91,615.2
MHTB	****	2,537.2		(38.0	)		2,575.2
Total	****	94,046.7		(143.7	)		94,190.4

Note: Loans to MHFG are included as follows:

As of June 30, 2025: ¥265.0 billion (from MHBK)

As of March 31, 2025: ¥530.0 billion (from MHBK)

2-11

Mizuho Financial Group, Inc.

(3) Interest Margins (Domestic Operations)

Mizuho Bank

				(%)
		First Quarter of<br><br><br>Fiscal 2025<br><br><br>(For the three months)	Change	First Quarter of<br><br><br>Fiscal 2024<br><br><br>(For the three months)
Return on Loans and Bills Discounted	1	1.21	0.36	0.85
Cost of Deposits	2	0.17	0.15	0.01
Loan and Deposit Rate Margin [1]-[2]	3	1.04	0.20	0.83
Notes: 1. Return on Loans and Bills Discounted excludes loans to financial<br>institutions (including MHFG).<br> <br>2. Deposits include<br>NCDs.
(Reference) After excluding Loans to the Japanese government and others
Return on Loans and Bills Discounted	4	1.25	0.38	0.87
Loan and Deposit Rate Margin [4]-[2]	5	1.08	0.22	0.86
Mizuho Trust & Banking
		(%)
		First Quarter of<br><br><br>Fiscal 2025<br> <br>(For the threemonths)	Change	First Quarter of<br><br><br>Fiscal 2024<br> <br>(For the threemonths)
Return on Loans and Bills Discounted	6	1.02	0.31	0.70
Cost of Deposits	7	0.21	0.19	0.02
Loan and Deposit Rate Margin [6]-[7]	8	0.80	0.12	0.68
Notes: 1. Return on Loans and Bills Discounted excludes loans to financial<br>institutions (including MHFG).<br> <br>2. Deposits include<br>NCDs.
(Reference) After excluding Loans to the Japanese government and others
Return on Loans and Bills Discounted	9	1.02	0.31	0.70
Loan and Deposit Rate Margin [9]-[7]	10	0.80	0.12	0.68
(Reference)
Aggregate Figures for the 2 Banks
		(%)
		First Quarter of<br><br><br>Fiscal 2025<br> <br>(For the threemonths)	Change	First Quarter of<br><br><br>Fiscal 2024<br> <br>(For the threemonths)
Return on Loans and Bills Discounted	11	1.20	0.36	0.84
Cost of Deposits	12	0.17	0.15	0.01
Loan and Deposit Rate Margin [11]-[12]	13	1.03	0.20	0.82
Notes: 1. Return on Loans and Bills Discounted excludes loans to financial<br>institutions (including MHFG).<br> <br>2. Deposits include<br>NCDs.
(Reference) After excluding Loans to the Japanese government and others
Return on Loans and Bills Discounted	14	1.24	0.37	0.86
Loan and Deposit Rate Margin [14]-[12]	15	1.07	0.22	0.85

2-12

Mizuho Financial Group, Inc.

(Attachments)

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO BANK

	Millions of yen
	As of<br>June 30,<br>2025 (A)			As of<br>March 31,<br>2025 (B)			Change<br>(A) - (B)
Assets
Cash and Due from Banks	¥	62,434,816	****	¥	69,747,184		¥	(7,312,368	)
Call Loans	****	200,681	****		249,360			(48,679	)
Receivables under Resale Agreements	****	10,950,675	****		10,023,199			927,476
Guarantee Deposits Paid under Securities Borrowing Transactions	****	123,492	****		127,638			(4,146	)
Monetary Claims Bought	****	502,251	****		493,032			9,219
Trading Assets	****	8,369,728	****		7,782,207			587,520
Money Held in Trust	****	505	****		505			(0	)
Securities	****	35,796,706	****		34,405,103			1,391,603
Loans and Bills Discounted	****	91,509,506	****		91,615,228			(105,721	)
Foreign Exchanges	****	2,140,301	****		2,042,083			98,217
Derivatives other than for Trading Assets	****	5,439,700	****		6,066,571			(626,870	)
Other Assets	****	5,844,507	****		5,558,146			286,360
Tangible Fixed Assets	****	854,088	****		855,824			(1,736	)
Intangible Fixed Assets	****	513,884	****		505,728			8,155
Prepaid Pension Cost	****	382,705	****		375,645			7,060
Deferred Tax Assets	****	242,721	****		276,640			(33,919	)
Customers’ Liabilities for Acceptances and Guarantees	****	11,588,959	****		11,573,662			15,297
Allowance for Loan Losses	****	(478,904	)		(719,269	)		240,365
Allowance for Investment Losses	****	—	****		(2	)		2
Total Assets	¥	236,416,329	****	¥	240,978,492		¥	(4,562,163	)
Liabilities
Deposits	¥	152,561,114	****	¥	153,047,861		¥	(486,746	)
Negotiable Certificates of Deposit	****	12,813,127	****		14,052,123			(1,238,996	)
Call Money	****	2,210,768	****		2,169,376			41,391
Payables under Repurchase Agreements	****	16,620,878	****		19,411,662			(2,790,783	)
Guarantee Deposits Received under Securities Lending Transactions	****	503,288	****		356,931			146,356
Commercial Paper	****	1,872,323	****		2,138,133			(265,809	)
Trading Liabilities	****	5,275,694	****		5,646,893			(371,198	)
Borrowed Money	****	12,665,961	****		12,955,564			(289,602	)
Foreign Exchanges	****	1,643,980	****		1,061,680			582,300
Bonds and Notes	****	510,806	****		407,973			102,833
Derivatives other than for Trading Liabilities	****	6,467,828	****		7,147,566			(679,737	)
Other Liabilities	****	5,004,707	****		4,115,826			888,881
Reserve for Bonus Payments	****	18,024	****		54,510			(36,485	)
Reserve for Variable Compensation	****	790	****		587			202
Reserve for Possible Losses on Sales of Loans	****	933	****		1,266			(333	)
Reserve for Contingencies	****	13,336	****		8,616			4,720
Reserve for Reimbursement of Deposits	****	6,209	****		6,814			(605	)
Reserve for Reimbursement of Debentures	****	17,524	****		19,965			(2,441	)
Deferred Tax Liabilities for Revaluation Reserve for Land	****	45,314	****		47,059			(1,744	)
Acceptances and Guarantees	****	11,588,959	****		11,573,662			15,297
Total Liabilities	****	229,841,573	****		234,224,077			(4,382,503	)
Net Assets
Common Stock and Preferred Stock	****	1,404,065	****		1,404,065			—
Capital Surplus	****	2,259,392	****		2,259,392		****	—	****
Capital Reserve	****	660,805	****		660,805		****	—	****
Other Capital Surplus	****	1,598,587	****		1,598,587		****	—	****
Retained Earnings	****	2,406,739	****		2,715,665			(308,926	)
Appropriated Reserve	****	724,535	****		624,534			100,000
Other Retained Earnings	****	1,682,203	****		2,091,130			(408,927	)
Retained Earnings Brought Forward	****	1,682,203	****		2,091,130			(408,927	)
Total Shareholders’ Equity	****	6,070,196	****		6,379,123			(308,926	)
Net Unrealized Gains (Losses) on Other Securities, net of Taxes	****	858,777	****		752,993			105,784
Net Deferred Hedge Gains (Losses), net of Taxes	****	(449,113	)		(476,383	)		27,270
Revaluation Reserve for Land, net of Taxes	****	94,894	****		98,682			(3,787	)
Total Valuation and Translation Adjustments	****	504,558	****		375,291			129,266
Total Net Assets	****	6,574,755	****		6,754,415			(179,659	)
Total Liabilities and Net Assets	¥	236,416,329	****	¥	240,978,492		¥	(4,562,163	)

2-13

Mizuho Financial Group, Inc.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OFINCOME (selected items)

OF MIZUHO BANK

	Millions of yen
	For the three months<br>ended June 30, 2025<br>(A)			For the three months<br>ended June 30, 2024<br>(B)			Change<br>(A) - (B)
Ordinary Income	¥	1,484,954	****	¥	1,697,297		¥	(212,343	)
Interest Income	****	1,164,027	****		1,325,095			(161,068	)
Interest on Loans and Bills Discounted	****	605,096	****		688,819			(83,723	)
Interest and Dividends on Securities	****	192,893	****		192,853			39
Fee and Commission Income	****	162,276	****		155,703			6,573
Trading Income	****	38,591	****		54,685			(16,093	)
Other Operating Income	****	43,190	****		66,467			(23,277	)
Other Ordinary Income	****	76,868	****		95,345			(18,476	)
Ordinary Expenses	****	1,239,160	****		1,443,651			(204,491	)
Interest Expenses	****	863,372	****		1,080,202			(216,829	)
Interest on Deposits	****	368,471	****		457,167			(88,696	)
Fee and Commission Expenses	****	69,607	****		67,171			2,436
Trading Expenses	****	834	****		—			834
Other Operating Expenses	****	40,677	****		24,892			15,785
General and Administrative Expenses	****	225,512	****		220,476			5,036
Other Ordinary Expenses	****	39,155	****		50,909			(11,754	)
Ordinary Profits	****	245,793	****		253,645			(7,851	)
Extraordinary Gains	****	11,395	****		42,911			(31,515	)
Extraordinary Losses	****	1,969	****		2,042			(73	)
Profit before Income Taxes	****	255,220	****		294,514			(39,294	)
Income Taxes:
Current	****	90,026	****		95,118			(5,092	)
Deferred	****	(22,096	)		(14,974	)		(7,121	)
Profit	¥	187,290	****	¥	214,369		¥	(27,079	)

2-14