6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2025

Commission File Number 001-33098

Mizuho Financial Group, Inc.

(Translation of registrant’s name into English)

5-5, Otemachi 1-chome

Chiyoda-ku, Tokyo 100-8176

Japan

(Address of principal executive office)

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

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NO. 333-282497) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.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:	November 14, 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 Second Quarter of Fiscal 2025<br><br><br>(Six months ended September 30, 2025)<br><br><br>(Under Japanese GAAP)
Company Name:		Mizuho Financial Group, Inc. (“MHFG”)		November 14, 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
Filing of Hanki Hokokusho (scheduled):			November 28, 2025	Trading Accounts:	Established
Commencement of Dividend Payment (scheduled):			December 5, 2025
Supplementary Materials on Quarterly Results:			Attached
IR Conference on Quarterly Results:			Scheduled

Amounts less than one million yen are rounded down.

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

(1) Consolidated Results of Operations

(%: Changes from the previous first half)
		Ordinary Income					Ordinary Profits						ProfitAttributable toOwners of Parent
		million		%			million		%				million		%
1H F2025			4,337,537			(5.4	)		849,626			13.7				689,947			21.8
1H F2024			4,585,215			8.0			747,079			30.1				566,141			36.1

All values are in Japanese Yen.

Note:		Comprehensive Income:<br> <br>1H F2025: ¥845,578<br>million, 42.8%; 1H F2024: ¥591,838 million, 6.1%
		Earningsper Share ofCommon Stock		Diluted Earningsper Share ofCommon Stock
---	---	---	---	---
1H F2025			276.20			276.20
1H F2024			223.35			223.35

All values are in Japanese Yen.

(2) Consolidated Financial Conditions

		Total Assets		Total Net Assets		Own Capital Ratio
		million		million		%
1H F2025			288,757,081			11,076,007			3.8
Fiscal 2024			283,320,404			10,523,753			3.6

All values are in Japanese Yen.

Reference:		Own Capital:<br><br><br>As of September 30, 2025: ¥10,995,640 million; As of March 31, 2025: ¥10,442,211 million
Note:	Own Capital Ratio is calculated as follows: (Total Net Assets - Stock Acquisition Rights -<br>Non-controlling Interests) / Total Assets × 100<br> <br>Own Capital Ratio stated above is not calculated based on the<br>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			—			65.00			—			75.00			140.00
Fiscal 2025			—			72.50
Fiscal 2025 (estimate)									—			72.50			145.00

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)

		(%: Changes from the previous fiscal year)
					ProfitAttributable toOwners ofParent						Earningsper Share ofCommon Stock
					million		%
Fiscal 2025						1,130,000			27.6				453.49

All values are in Japanese Yen.

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

Notes

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

(2) 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

(3) Issued Shares ofCommon Stock

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

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

This immediate release contains statements that constituteforward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, including estimates, forecasts, targets and plans. Such forward-looking statements do not represent any guarantee by management offuture performance.<br> <br>In many cases, but not all, we use such words as “aim,” “anticipate,” “believe,”“endeavor,” “estimate,” “expect,” “intend,” “may,” “plan,” “probability,” “project,” “risk,” “seek,” “should,”“strive,” “target” and similar expressions in relation to us or our management to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions. Thesestatements reflect our current views with respect to future events and are subject to risks, uncertainties and assumptions.<br> <br>We may not be successfulin implementing our business strategies, and management may fail to achieve its targets, for a wide range of possible reasons, including, without limitation: impact of geopolitical disruptions; intensification of competition in the market forfinancial 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 orother changes related to our pension plans; a decline in our deferred tax assets; impairment of the carrying value of our long-lived assets; problems related to our information technology systems, including as a result of cyber attacks; the effectof financial transactions entered into for hedging and other similar purposes; failure to maintain required capital adequacy ratio levels and meet other financial regulatory requirements; downgrades in our credit ratings; our ability to avoidreputational 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 ingeneral economic conditions in Japan and elsewhere; changes to applicable laws and regulations; and the effects of climate change.<br> <br>Furtherinformation regarding factors that could affect our financial condition and results of operations is included in “Item 3. D. Key Information-Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in our mostrecent 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 theSEC’s web site at www.sec.gov.<br> <br>We do not intend to update our forward-looking statements. We are under no obligation, and disclaim anyobligation, to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by the rules of the Tokyo Stock Exchange.<br><br><br>MHFG is a specified business company under “Cabinet Office Ordinance on Disclosure of Corporate Information, etc.” Article 18 clause 2 andprepares the interim consolidated financial statements in the second quarter.

Mizuho Financial Group, Inc.

m Contents of Attachment

1. Interim Consolidated Financial Statements and Others		p.1-2
(1) Consolidated Balance Sheets		p.1-2
(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income		p.1-4
(3) Consolidated Statements of Changes in Net Assets		p.1-6
(4) Note for Assumption of Going Concern		p.1-7
øSELECTED FINANCIAL INFORMATION For the Second Quarter (First Half)<br>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.

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

1-1

Mizuho Financial Group, Inc.

1. Interim Consolidated Financial Statements and Others

(1) Consolidated Balance Sheets

		Millions of yen
		As of<br>March 31, 2025			As ofSeptember 30, 2025
Assets
Cash and Due from Banks		¥	72,483,086		¥	67,287,879
Call Loans and Bills Bought			688,473			807,153
Receivables under Resale Agreements			28,107,374			29,283,179
Guarantee Deposits Paid under Securities Borrowing Transactions			2,078,999			1,947,582
Monetary Claims Bought			3,932,427			4,480,575
Trading Assets			22,240,796			25,710,230
Money Held in Trust			632,025			755,149
Securities			34,307,574			38,395,250
Loans and Bills Discounted			94,108,757			94,264,066
Foreign Exchanges			2,237,879			2,291,125
Derivatives other than for Trading Assets			3,497,747			4,079,390
Other Assets			7,008,874			6,711,452
Tangible Fixed Assets			1,122,592			1,119,842
Intangible Fixed Assets			808,897			861,951
Net Defined Benefit Asset			758,783			630,260
Deferred Tax Assets			237,630			152,571
Customers’ Liabilities for Acceptances and Guarantees			9,824,242			10,469,462
Allowance for Loan Losses			(755,751	)		(490,037	)
Allowance for Investment Losses			(5	)		(3	)
Total Assets		¥	283,320,404		¥	288,757,081

1-2

Mizuho Financial Group, Inc.

		Millions of yen
		As of<br>March 31, 2025			As ofSeptember 30, 2025
Liabilities
Deposits		¥	158,746,762		¥	160,362,897
Negotiable Certificates of Deposit			14,398,784			13,767,971
Call Money and Bills Sold			2,745,165			3,185,385
Payables under Repurchase Agreements			38,393,650			35,925,311
Guarantee Deposits Received under Securities Lending Transactions			1,604,389			2,031,700
Commercial Paper			2,138,133			2,245,275
Trading Liabilities			14,290,572			15,501,391
Borrowed Money			4,008,514			4,621,890
Foreign Exchanges			840,486			1,259,088
Short-term Bonds			724,118			722,727
Bonds and Notes			12,877,794			14,090,298
Due to Trust Accounts			950,946			975,398
Derivatives other than for Trading Liabilities			4,566,669			5,202,260
Other Liabilities			6,267,822			6,989,717
Reserve for Bonus Payments			224,246			147,240
Reserve for Variable Compensation			2,226			1,388
Net Defined Benefit Liability			68,259			68,475
Reserve for Director and Corporate Auditor Retirement Benefits			484			417
Reserve for Possible Losses on Sales of Loans			1,266			40
Reserve for Contingencies			22,542			18,232
Reserve for Reimbursement of Deposits			7,146			6,035
Reserve for Reimbursement of Debentures			19,965			16,039
Reserves under Special Laws			4,247			4,244
Deferred Tax Liabilities			21,155			22,900
Deferred Tax Liabilities for Revaluation Reserve for Land			47,059			45,281
Acceptances and Guarantees			9,824,242			10,469,462
Total Liabilities		¥	272,796,651		¥	277,681,073
Net Assets
Common Stock		¥	2,256,767		¥	2,256,767
Capital Surplus			1,129,730			1,129,730
Retained Earnings			6,046,578			6,451,923
Treasury Stock			(9,462	)		(11,319	)
Total Shareholders’ Equity			9,423,614			9,827,101
Net Unrealized Gains (Losses) on Other Securities			867,697			1,200,477
Deferred Gains (Losses) on Hedges			(465,204	)		(587,866	)
Revaluation Reserve for Land			98,680			94,820
Foreign Currency Translation Adjustments			398,783			364,091
Remeasurements of Defined Benefit Plans			119,654			98,241
Own Credit Risk Adjustments, Net of Tax			(1,014	)		(1,225	)
Total Accumulated Other Comprehensive Income			1,018,596			1,168,538
Stock Acquisition Rights			5			5
Non-controlling Interests			81,536			80,362
Total Net Assets			10,523,753			11,076,007
Total Liabilities and Net Assets		¥	283,320,404		¥	288,757,081

1-3

Mizuho Financial Group, Inc.

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

Consolidated Statements of Income

		Millions of yen
		For the six monthsended<br>September 30, 2024			For the six monthsended<br>September 30, 2025
Ordinary Income		¥	4,585,215		¥	4,337,537
Interest Income			3,045,939			2,891,300
Interest on Loans and Bills Discounted			1,373,557			1,324,754
Interest and Dividends on Securities			431,507			435,441
Trust Fees			30,291			31,570
Fee and Commission Income			512,874			584,789
Trading Income			558,460			424,618
Other Operating Income			228,699			156,662
Other Ordinary Income			208,950			248,595
Ordinary Expenses			3,838,136			3,487,910
Interest Expenses			2,563,082			2,238,619
Interest on Deposits			874,568			815,178
Fee and Commission Expenses			110,088			117,402
Trading Expenses			—			1,397
Other Operating Expenses			182,395			102,450
General and Administrative Expenses			877,168			966,147
Other Ordinary Expenses			105,401			61,891
Ordinary Profits			747,079			849,626
Extraordinary Gains			49,527			54,228
Extraordinary Losses			5,447			5,138
Profit before Income Taxes			791,158			898,716
Income Taxes:
Current			187,649			204,950
Deferred			35,483			1,187
Total Income Taxes			223,133			206,138
Profit			568,025			692,578
Profit Attributable to Non-controllingInterests			1,884			2,630
Profit Attributable to Owners of Parent		¥	566,141		¥	689,947

1-4

Mizuho Financial Group, Inc.

Consolidated Statements of Comprehensive Income

		Millions of yen
		For the six monthsended<br>September 30, 2024			For the six monthsended<br>September 30, 2025
Profit		¥	568,025		¥	692,578
Other Comprehensive Income			23,813			153,000
Net Unrealized Gains (Losses) on Other Securities			18,120			332,513
Deferred Gains (Losses) on Hedges			(6,897	)		(122,945	)
Foreign Currency Translation Adjustments			18,117			(13,314	)
Remeasurements of Defined Benefit Plans			(15,925	)		(21,295	)
Own Credit Risk Adjustments, Net of Tax			(75	)		(210	)
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method			10,474			(21,746	)
Comprehensive Income			591,838			845,578
(Breakdown)
Comprehensive Income Attributable to Owners of Parent			588,854			843,748
Comprehensive Income Attributable to Non-controlling<br>Interests			2,983			1,830

1-5

Mizuho Financial Group, Inc.

(3) Consolidated Statements of Changes in Net Assets

For the six months ended September 30, 2024

		Millions of yen
		Shareholders’ Equity
		CommonStock			CapitalSurplus			RetainedEarnings			TreasuryStock			Total Shareholders’Equity
Balance as of the beginning of the period			2,256,767			1,129,730			5,538,891			(9,402	)		8,915,987
Changes during the period
Cash Dividends									(139,610	)					(139,610	)
Profit Attributable to Owners of Parent									566,141						566,141
Repurchase of Treasury Stock												(2,772	)		(2,772	)
Disposition of Treasury Stock						1						2,636			2,637
Transfer from Revaluation Reserve for Land									25,315						25,315
Net Changes in Items other than Shareholders’ Equity
Total Changes during the period			—			1			451,846			(136	)		451,710
Balance as of the end of the period			2,256,767			1,129,731			5,990,738			(9,539	)		9,367,698
	Accumulated Other Comprehensive Income																			StockAcquisitionRights		Non-ControllingInterests		TotalNet<br>Assets
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	NetUnrealizedGains(Losses)on OtherSecurities		DeferredGains orLosses onHedges			RevaluationReserve forLand			ForeignCurrencyTranslationAdjustments		Remeasurementsof Defined<br>Benefit Plans			Own CreditRiskAdjustments,Net of Tax			TotalAccumulatedOtherComprehensiveIncome
Balance as of the beginning of the period		929,815		(298,280	)		126,879			344,250		214,337			(452	)		1,316,550			5		79,591		10,312,135
Changes during the period
Cash Dividends																									(139,610	)
Profit Attributable to Owners of Parent																									566,141
Repurchase of Treasury Stock																									(2,772	)
Disposition of Treasury Stock																									2,637
Transfer from Revaluation Reserve for Land																									25,315
Net Changes in Items other than Shareholders’ Equity		17,464		(6,770	)		(25,315	)		28,290		(16,195	)		(75	)		(2,601	)		—		75		(2,526	)
Total Changes during the period		17,464		(6,770	)		(25,315	)		28,290		(16,195	)		(75	)		(2,601	)		—		75		449,184
Balance as of the end of the period		947,280		(305,050	)		101,564			372,540		198,141			(527	)		1,313,948			5		79,667		10,761,319

1-6

Mizuho Financial Group, Inc.

For the six months ended September 30, 2025

		Millions of yen
		Shareholders’ Equity
		CommonStock			CapitalSurplus			RetainedEarnings			TreasuryStock			Total Shareholders’Equity
Balance as of the beginning of the period			2,256,767			1,129,730			6,046,578			(9,462	)		9,423,614
Changes during the period
Cash Dividends									(188,463	)					(188,463	)
Profit Attributable to Owners of Parent									689,947						689,947
Repurchase of Treasury Stock												(103,830	)		(103,830	)
Disposition of Treasury Stock						1						1,973			1,975
Cancellation of Treasury Stock						(99,999	)					99,999			—
Transfer from Revaluation Reserve for Land									3,859						3,859
Transfer from Retained Earnings to Capital Surplus						99,998			(99,998	)					—
Net Changes in Items other than Shareholders’ Equity
Total Changes during the period			—			—			405,345			(1,857	)		403,487
Balance as of the end of the period			2,256,767			1,129,730			6,451,923			(11,319	)		9,827,101
	Accumulated Other Comprehensive Income																			StockAcquisitionRights		Non-ControllingInterests			TotalNetAssets
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	NetUnrealizedGains(Losses)on OtherSecurities		DeferredGains orLosses onHedges			RevaluationReserve forLand			ForeignCurrencyTranslationAdjustments			Remeasurementsof Defined<br>Benefit Plans			Own CreditRiskAdjustments,Net of Tax			TotalAccumulatedOtherComprehensiveIncome
Balance as of the beginning of the period		867,697		(465,204	)		98,680			398,783			119,654			(1,014	)		1,018,596		5		81,536			10,523,753
Changes during the period
Cash Dividends																										(188,463	)
Profit Attributable to Owners of Parent																										689,947
Repurchase of Treasury Stock																										(103,830	)
Disposition of Treasury Stock																										1,975
Cancellation of Treasury Stock																										—
Transfer from Revaluation Reserve for Land																										3,859
Transfer from Retained Earnings to Capital Surplus																										—
Net Changes in Items other than Shareholders’ Equity		332,779		(122,662	)		(3,859	)		(34,692	)		(21,413	)		(210	)		149,941		—		(1,174	)		148,767
Total Changes during the period		332,779		(122,662	)		(3,859	)		(34,692	)		(21,413	)		(210	)		149,941		—		(1,174	)		552,254
Balance as of the end of the period		1,200,477		(587,866	)		94,820			364,091			98,241			(1,225	)		1,168,538		5		80,362			11,076,007

(4) Note for Assumption of Going Concern

There is no applicable information.

1-7

SELECTED FINANCIAL INFORMATION

For the Second Quarter (First Half) of Fiscal 2025

(Six months ended September 30, 2025)

(Under Japanese GAAP)

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 Financial Group, Inc., Mizuho Bank, Ltd. (“MHBK”) and Mizuho Trust & Banking Co., Ltd. (“MHTB”)

I. FINANCIAL DATA FOR THE FIRST HALF OF FISCAL 2025		See above Notes								Page
1. Income Analysis			CON				NON				2-1
2. Interest Margins (Domestic Operations)			NON								2-5
3. Use and Source of Funds			NON								2-6
4. Net Gains/Losses on Securities			CON				NON				2-8
5. Unrealized Gains/Losses on Securities			CON				NON				2-10
6. Projected Redemption Amounts for Securities			NON								2-12
7. Employee Retirement Benefits			NON				CON				2-13
8. Capital Ratio			CON				NON				2-16
II. REVIEW OF CREDITS		See above Notes								Page
1. Status of Non Performing Loans based on the Banking Act (“BA”) and the Financial<br>Reconstruction Act (“FRA”)			CON				NON				2-17
2. Status of Allowances for Loan Losses			CON				NON				2-21
3. Allowance Coverage Ratios for Non Performing Loans based on the BA and the FRA			CON				NON				2-22
4. Coverage on Non Performing Loans based on the BA and the FRA			NON								2-23
5. Overview of Non-Performing<br>Loans(“NPLs”)			NON								2-26
6. Results of Removal of NPLs from the Balance Sheet			NON								2-27
7. Status of Loans by Industry
(1) Outstanding Balances by Industry			NON								2-28
(2) Non Performing Loans based on the BA and the FRA and Coverage Ratio by Industry			NON								2-30
8. Housing and Consumer Loans & Loans to Small and<br>Medium-Sized Enterprises
(“SMEs”) and Individual Customers
(1) Balance of Housing and Consumer Loans			NON								2-31
(2) Loans to SMEs and Individual Customers			NON								2-31
9. Status of Loans by Region
(1) Outstanding Balances by Region			NON								2-32
(2) Non Performing Loans based on the BA and the FRA by Region			NON								2-33
III. OTHERS		See above Notes								Page
1. Estimation for Calculating Deferred Tax Assets			NON								2-34
2. Breakdown of Deposits (Domestic Offices)			NON								2-36
Attachments				Page
---	---	---	---	---	---
Mizuho Bank, Ltd.
Comparison of Non-Consolidated Balance Sheets (selected<br>items)					2-37
Comparison of Non-Consolidated Statements of Income<br>(selected items)					2-38
This immediate release contains statements that constitute forward-looking statements within the meaning of the United States PrivateSecurities Litigation Reform Act of 1995, including estimates, forecasts, targets and plans. Such forward-looking statements do not represent any guarantee by management of future performance.<br><br><br><br> <br>In many cases, but not all, we use such words as “aim,”“anticipate,” “believe,” “endeavor,” “estimate,” “expect,” “intend,” “may,” “plan,” “probability,” “project,” “risk,”“seek,” “should,” “strive,” “target” and similar expressions in relation to us or our management to identify forward-looking statements. You can also identify forward-looking statements by discussionsof strategy, plans or intentions. These statements reflect our current views with respect to future events and are subject to risks, uncertainties and assumptions.<br> <br><br><br><br>We may not be successful in implementing our business strategies, and management may fail to achieve its targets, for a wide range of possible reasons,including, without limitation: impact of geopolitical disruptions; intensification of competition in the market for financial services; incurrence of significant credit-related costs; declines in the value of our securities portfolio; changes ininterest rates; foreign currency fluctuations; decrease in the market liquidity of our assets; revised assumptions or other changes related to our pension plans; a decline in our deferred tax assets; impairment of the carrying value of ourlong-lived assets; problems related to our information technology systems, including as a result of cyber attacks; the effect of financial transactions entered into for hedging and other similar purposes; failure to maintain required capitaladequacy 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 andmeasures effectively; the effectiveness of our operational, legal and other risk management policies; the effect of changes in general economic conditions in Japan and elsewhere; changes to applicable laws and regulations; and the effects of climatechange.<br> <br><br> <br>Further information regarding factors that could affect ourfinancial condition and results of operations is included in “Item 3.D. Key Information-Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in our most recent Form20-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 website at www.sec.gov.<br> <br><br> <br>We do not intend to update our forward-lookingstatements. We are under no obligation, and disclaim any obligation, to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by the rules of the Tokyo StockExchange.<br> <br><br> <br>MHFG is a specified businesscompany under “Cabinet Office Ordinance on Disclosure of Corporate Information, etc.” Article 18 clause 2 and prepares the interim consolidated financial statements in the second quarter.
---

Mizuho Financial Group, Inc.

I. FINANCIAL DATA FOR THE FIRST HALF OF FISCAL 2025

1. Income Analysis

Consolidated

				(Millions of yen)
				First Half of Fiscal 2025						First Half of Fiscal 2024
							Change
Consolidated Gross Profits		1		****	1,629,070	****		108,371			1,520,698
Net Interest Income		2		****	652,680	****		169,823			482,856
Trust Fees		3		****	31,570	****		1,279			30,291
Credit Costs of Trust Accounts		4		****	—	****		—			—
Net Fee and Commission Income		5		****	467,387	****		64,601			402,786
Net Trading Income		6		****	423,220	****		(135,240	)		558,460
Net Other Operating Income		7		****	54,212	****		7,908			46,303
General and Administrative Expenses		8		****	(966,147	)		(88,978	)		(877,168	)
Expenses related to Portfolio Problems (including Reversal of (Provision for) General Allowance<br>for Loan Losses)		9		****	(16,954	)		(5,987	)		(10,966	)
Losses on Write-offs of Loans		10		****	(14,221	)		(6,269	)		(7,952	)
Gains on Reversal of Allowances for Loan Losses, and others		11		****	49,348	****		23,694			25,653
Net Gains (Losses) related to Stocks		12		****	130,448	****		50,492			79,955
Equity in Income from Investments in Affiliates		13		****	26,680	****		(1,091	)		27,771
Other		14		****	(2,819	)		16,045			(18,865	)
Ordinary Profits		15		****	849,626	****		102,547			747,079
Net Extraordinary Gains (Losses)		16		****	49,089	****		5,009			44,079
Profit before Income Taxes		17		****	898,716	****		107,557			791,158
Income Taxes - Current		18		****	(204,950	)		(17,300	)		(187,649	)
- Deferred		19		****	(1,187	)		34,296			(35,483	)
Profit		20		****	692,578	****		124,552			568,025
Profit Attributable to Non-controlling Interests		21		****	(2,630	)		(746	)		(1,884	)
Profit Attributable to Owners of Parent		22		****	689,947	****		123,806			566,141
Credit-related Costs (including Credit Costs of Trust Accounts)		23		****	32,394	****		17,707			14,686
* Credit-related Costs [23] = Expenses related to Portfolio Problems (including Reversal of (Provision for)<br>General Allowance for Loan Losses) [9]<br>+ Gains on Reversal of Allowances for Loan Losses, and others [11] + Credit Costs of Trust Accounts [4]
(Reference)
Consolidated Net Business Profits		24		****	685,799	****		30,066			655,732
* Consolidated Net Business Profits [24] = Consolidated Gross Profits [1] - General and Administrative Expenses<br>(excluding Non-Recurring Losses)<br>+ Equity in Income from Investments in Affiliates and certain other consolidation adjustments
Number of consolidated subsidiaries		25		****	253	****		27			226
Number of affiliates under the equity method		26		****	27	****		1			26

2-1

Mizuho Financial Group, Inc.

Aggregate Figures for the 2 Banks

Non-Consolidated

				(Millions of yen)
				First Half of Fiscal 2025													First Half of Fiscal 2024
				MHBK			MHTB			AggregateFigures				Change
Gross Profits		1		****	922,041	****	****	58,902	****	****	980,943	****			53,081			927,861
Domestic Gross Profits		2		****	606,709	****	****	57,227	****	****	663,937	****			152,566			511,370
Net Interest Income		3		****	395,983	****	****	11,222	****	****	407,206	****			95,391			311,814
Trust Fees		4					****	31,758	****	****	31,758	****			1,242			30,516
Trust Fees for Jointly Operated Designated Money Trust		5					****	1,744	****	****	1,744	****			(112	)		1,857
Credit Costs of Trust Accounts^*(1)^		6					****	—	****	****	—	****			—			—
Net Fee and Commission Income		7		****	135,308	****	****	13,857	****	****	149,166	****			12,470			136,695
Net Trading Income		8		****	38,776	****				****	38,776	****			31,665			7,110
Net Other Operating Income		9		****	36,640	****	****	389	****	****	37,029	****			11,796			25,233
International Gross Profits		10		****	315,331	****	****	1,674	****	****	317,006	****			(99,484	)		416,491
Net Interest Income		11		****	245,397	****	****	1,544	****	****	246,941	****			55,260			191,680
Net Fee and Commission Income		12		****	62,283	****	****	132	****	****	62,415	****			4,122			58,293
Net Trading Income		13		****	66,180	****				****	66,180	****			(106,945	)		173,125
Net Other Operating Income		14		****	(58,528	)	****	(2	)	****	(58,531	)			(51,922	)		(6,608	)
General and Administrative Expenses (excluding<br>Non-Recurring Losses)		15		****	(467,040	)	****	(41,262	)	****	(508,303	)			(22,029	)		(486,274	)
Expense Ratio		16		****	50.6	%	****	70.0	%	****	51.8	%			(0.5	%)		52.4	%
Personnel Expenses		17		****	(166,354	)	****	(21,596	)	****	(187,950	)			(3,398	)		(184,551	)
Non-Personnel Expenses		18		****	(270,901	)	****	(17,523	)	****	(288,425	)			(20,777	)		(267,647	)
Premium for Deposit Insurance		19		****	(9,174	)	****	(226	)	****	(9,401	)			(604	)		(8,796	)
Miscellaneous Taxes		20		****	(29,784	)	****	(2,142	)	****	(31,927	)			2,146			(34,074	)
Net Business Profits (before Reversal of (Provision for) General Allowance for Loan<br>Losses)		21		****	455,000	****	****	17,639	****	****	472,639	****			31,052			441,586
Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from<br>core business areas ^*(2)^		22		****	476,797	****	****	17,478	****	****	494,275	****			120,989			373,286
Excluding Net Gains (Losses) from redemption of Investment Trusts		23		****	462,532	****	****	17,478	****	****	480,011	****			114,990			365,020
Reversal of (Provision for) General Allowance for Loan Losses		24		****	—	****	****	—	****	****	—	****			—			—
Net Business Profits		25		****	455,000	****	****	17,639	****	****	472,639	****			31,052			441,586
Net Gains (Losses) related to Bonds		26		****	(21,797	)	****	161	****	****	(21,636	)			(89,937	)		68,300
Net Non-Recurring Gains (Losses)		27		****	145,839	****	****	7,552	****	****	153,391	****			53,977			99,413
Net Gains (Losses) related to Stocks		28		****	124,107	****	****	5,406	****	****	129,513	****			54,207			75,306
Expenses related to Portfolio Problems		29		****	(16,259	)	****	(6	)	****	(16,266	)			(6,257	)		(10,009	)
Gains on Reversal of Allowances for Loan Losses, and others		30		****	46,469	****	****	516	****	****	46,985	****			22,471			24,514
Other		31		****	(8,478	)	****	1,636	****	****	(6,841	)			(16,443	)		9,601
Ordinary Profits		32		****	600,839	****	****	25,191	****	****	626,030	****			85,030			541,000
Net Extraordinary Gains (Losses)		33		****	38,092	****	****	11,512	****	****	49,604	****			6,688			42,915
Net Gains (Losses) on Disposition of Fixed Assets		34		****	7,287	****	****	855	****	****	8,143	****			(24,527	)		32,671
Losses on Impairment of Fixed Assets		35		****	(971	)	****	(10	)	****	(981	)			(127	)		(854	)
Gains on Cancellation of Employee Retirement Benefit Trust		36		****	31,029	****	****	7,536	****	****	38,566	****			34,777			3,788
Accumulation (Amortization) of Unrecognized Prior Service Cost		37		****	—	****	****	—	****	****	—	****			(7,310	)		7,310
Profit before Income Taxes		38		****	638,931	****	****	36,703	****	****	675,634	****			91,718			583,916
Income Taxes - Current		39		****	(151,239	)	****	(10,888	)	****	(162,127	)			27,030			(189,158	)
- Deferred		40		****	(1,668	)	****	1,978	****	****	310	****			(23,585	)		23,895
Profit		41		****	486,023	****	****	27,793	****	****	513,817	****			95,164			418,653
*(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” [6].
*(2)  Net Business Profits (before Reversal of (Provision for) General<br>Allowance for Loan Losses) from core business areas[22]
=Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses)[21]-Net Gains (Losses) related to Bonds[26]
Credit-related Costs		42		****	30,209	****	****	509	****	****	30,719	****			16,214			14,505
Credit-related Costs [42] = Expenses related to Portfolio Problems [29] + Reversal of<br>(Provision for) General Allowance for Loan Losses [24] + Gains on Reversal of Allowances for Loan Losses, and others [30] + Credit Costs of Trust Accounts [6]
(Reference) Breakdown of Credit-related Costs
Credit Costs of Trust Accounts		43					****	—	****	****	—	****			—			—
Reversal of (Provision for) General Allowance for Loan Losses		44		****	3,589	****	****	494	****	****	4,084	****			(31,978	)		36,062
Losses on Write-offs of Loans		45		****	(11,269	)	****	3	****	****	(11,266	)			(9,575	)		(1,691	)
Reversal of (Provision for) Specific Allowance for Loan Losses		46		****	17,520	****	****	11	****	****	17,532	****			40,958			(23,426	)
Reversal of (Provision for) Allowance for Loan Losses to Restructuring Countries		47		****	23,517	****	****	—	****	****	23,517	****			17,586			5,930
Reversal of (Provision for) Reserve for Contingencies		48		****	(1,646	)	****	—	****	****	(1,646	)			(2,183	)		537
Other (including Losses on Sales of Loans)		49		****	(1,501	)	****	—	****	****	(1,501	)			1,405			(2,906	)
Total		50		****	30,209	****	****	509	****	****	30,719	****			16,214			14,505

2-2

Mizuho Financial Group, Inc.

Mizuho Bank

Non-Consolidated

					(Millions of yen)
					First Half of Fiscal 2025						First Half of Fiscal 2024
								Change
Gross Profits			1		****	922,041	****		48,097			873,944
Domestic Gross Profits			2		****	606,709	****		149,347			457,361
Net Interest Income			3		****	395,983	****		95,114			300,869
Net Fee and Commission Income			4		****	135,308	****		11,073			124,235
Net Trading Income			5		****	38,776	****		31,665			7,110
Net Other Operating Income			6		****	36,640	****		11,494			25,146
International Gross Profits			7		****	315,331	****		(101,250	)		416,582
Net Interest Income			8		****	245,397	****		53,729			191,667
Net Fee and Commission Income			9		****	62,283	****		3,880			58,403
Net Trading Income			10		****	66,180	****		(106,945	)		173,125
Net Other Operating Income			11		****	(58,528	)		(51,914	)		(6,614	)
General and Administrative Expenses (excluding<br>Non-Recurring Losses)			12		****	(467,040)	****		(24,733)			(442,307)
Expense Ratio			13		****	50.6	%		0.0	%		50.6	%
Personnel Expenses			14		****	(166,354	)		(3,656	)		(162,698	)
Non-Personnel Expenses			15		****	(270,901	)		(23,485	)		(247,416	)
Premium for Deposit Insurance			16			(9,174	)		(635	)		(8,539	)
Miscellaneous Taxes			17		****	(29,784	)		2,408			(32,193	)
Net Business Profits (before Reversal of (Provision for) General Allowance for Loan<br>Losses)			18		****	455,000	****		23,363			431,636
Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from<br>core business areas *			19		****	476,797	****		113,463			363,334
Excluding Net Gains (Losses) from redemption of Investment Trusts			20		****	462,532	****		107,464			355,068
Reversal of (Provision for) General Allowance for Loan Losses			21		****	—	****		—			—
Net Business Profits			22		****	455,000	****		23,363			431,636
Net Gains (Losses) related to Bonds			23		****	(21,797	)		(90,099	)		68,302
Net Non-Recurring Gains (Losses)			24		****	145,839	****		59,998			85,840
Net Gains (Losses) related to Stocks			25		****	124,107	****		58,383			65,724
Expenses related to Portfolio Problems			26		****	(16,259	)		(6,250	)		(10,009	)
Gains on Reversal of Allowances for Loan Losses, and others			27		****	46,469	****		22,133			24,336
Other			28		****	(8,478	)		(14,267	)		5,788
Ordinary Profits			29		****	600,839	****		83,362			517,476
Net Extraordinary Gains (Losses)			30		****	38,092	****		(3,816	)		41,908
Net Gains (Losses) on Disposition of Fixed Assets			31		****	7,287	****		(25,671	)		32,959
Losses on Impairment of Fixed Assets			32		****	(971	)		(117	)		(854	)
Gains on Cancellation of Employee Retirement Benefit Trust			33		****	31,029	****		27,595			3,434
Accumulation (Amortization) of Unrecognized Prior Service Cost			34		****	—	****		(6,368	)		6,368
Profit before Income Taxes			35		****	638,931	****		79,546			559,384
Income Taxes - Current			36		****	(151,239	)		33,096			(184,336	)
- Deferred			37		****	(1,668	)		(27,316	)		25,648
Profit			38		****	486,023	****		85,326			400,696
*  Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core<br>business areas[19]<br> <br>=Net Business Profits(before Reversal of (Provision<br>for) General Allowance for Loan Losses)[18]-Net Gains (Losses) related to Bonds[23]
Credit-related Costs			39		****	30,209	****		15,882			14,327
Credit-related Costs [39] = Expenses related to Portfolio Problems [26] + Reversal of (Provision for) General<br>Allowance for Loan Losses [21] + Gains on Reversal of Allowances for Loan Losses, and others [27]
Reference: Breakdown of Credit-related Costs
Reversal of (Provision for) General Allowance for Loan Losses			40		****	3,589	****		(32,476	)		36,065
Losses on Write-offs of Loans			41		****	(11,269	)		(9,578	)		(1,691	)
Reversal of (Provision for) Specific Allowance for Loan Losses			42		****	17,520	****		41,128			(23,607	)
Reversal of (Provision for) Allowance for Loan Losses to Restructuring Countries			43		****	23,517	****		17,586			5,930
Reversal of (Provision for) Reserve for Contingencies			44		****	(1,646	)		(2,183	)		537
Other (including Losses on Sales of Loans)			45		****	(1,501	)		1,405			(2,906	)
Total			46		****	30,209	****		15,882			14,327

2-3

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

Non-Consolidated

					(Millions of yen)
					First Half of Fiscal 2025						First Half of Fiscal 2024
								Change
Gross Profits			1		****	58,902	****		4,984			53,917
Domestic Gross Profits			2		****	57,227	****		3,219			54,008
Net Interest Income			3		****	11,222	****		277			10,945
Trust Fees			4		****	31,758	****		1,242			30,516
Trust Fees for Jointly Operated Designated Money Trust			5		****	1,744	****		(112	)		1,857
Credit Costs of Trust Accounts^*(1)^			6		****	—	****		—			—
Net Fee and Commission Income			7		****	13,857	****		1,396			12,460
Net Other Operating Income			8		****	389	****		302			86
International Gross Profits			9		****	1,674	****		1,765			(91	)
Net Interest Income			10		****	1,544	****		1,531			13
Net Fee and Commission Income			11		****	132	****		242			(110	)
Net Other Operating Income			12		****	(2	)		(7	)		5
General and Administrative Expenses (excluding<br>Non-Recurring Losses)			13		****	(41,262)	****		2,703			(43,966)
Expense Ratio			14		****	70.0	%		(11.4	%)		81.5	%
Personnel Expenses			15		****	(21,596	)		257			(21,853	)
Non-Personnel Expenses			16		****	(17,523	)		2,707			(20,231	)
Premium for Deposit Insurance			17		****	(226	)		30			(257	)
Miscellaneous Taxes			18		****	(2,142	)		(261	)		(1,881	)
Net Business Profits (before Reversal of (Provision for) General Allowance for Loan<br>Losses)			19		****	17,639	****		7,688			9,950
Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from<br>core business areas^*(2)^			20		****	17,478	****		7,525			9,952
Excluding Net Gains (Losses) from redemption of Investment Trusts			21		****	17,478	****		7,525			9,952
Reversal of (Provision for) General Allowance for Loan Losses			22		****	—	****		—			—
Net Business Profits			23		****	17,639	****		7,688			9,950
Net Gains (Losses) related to Bonds			24		****	161	****		162			(1	)
Net Non-Recurring Gains (Losses)			25		****	7,552	****		(6,020	)		13,573
Net Gains (Losses) related to Stocks			26		****	5,406	****		(4,176	)		9,582
Expenses related to Portfolio Problems			27		****	(6	)		(6	)		—
Gains on Reversal of Allowances for Loan Losses, and others			28		****	516	****		338			178
Other			29		****	1,636	****		(2,175	)		3,812
Ordinary Profits			30		****	25,191	****		1,667			23,523
Net Extraordinary Gains (Losses)			31		****	11,512	****		10,504			1,007
Net Gains (Losses) on Disposition of Fixed Assets			32		****	855	****		1,144			(288	)
Losses on Impairment of Fixed Assets			33		****	(10	)		(10	)		—
Gains on Cancellation of Employee Retirement Benefit Trust			34		****	7,536	****		7,182			354
Accumulation (Amortization) of Unrecognized Prior Service Cost			35		****	—	****		(941	)		941
Profit before Income Taxes			36		****	36,703	****		12,172			24,531
Income Taxes - Current			37		****	(10,888	)		(6,066	)		(4,822	)
- Deferred			38		****	1,978	****		3,731			(1,752	)
Profit			39		****	27,793	****		9,837			17,956
*(1)  Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) excludes<br>the amounts of “Credit Costs of Trust Accounts” [6].
*(2)  Net Business Profits (before Reversal of (Provision for) General<br>Allowance for Loan Losses) from core business areas[20]
=Net Business Profits(before Reversal of<br>(Provision for) General Allowance for Loan Losses)[19]-Net Gains (Losses) related to Bonds[24]
Credit-related Costs			40		****	509	****		331			178
Credit-related Costs [40] = Expenses related to Portfolio Problems [27] + Reversal of (Provision for) General<br>Allowance for Loan Losses [22] + Gains on Reversal of Allowances for Loan Losses, and others [28] + Credit Costs of Trust Accounts [6]
Reference: Breakdown of Credit-related Costs
Credit Costs of Trust Accounts			41			—			—			—
Reversal of (Provision for) General Allowance for Loan Losses			42		****	494	****		497			(2	)
Losses on Write-offs of Loans			43		****	3	****		3			0
Reversal of (Provision for) Specific Allowance for Loan Losses			44		****	11	****		(169)			180
Reversal of (Provision for) Allowance for Loan Losses to Restructuring Countries			45		****	—	****		—			—
Reversal of (Provision for) Reserve for Contingencies			46		****	—	****		—			—
Other (including Losses on Sales of Loans)			47		****	—	****		—			—
Total			48		****	509	****		331			178

2-4

Mizuho Financial Group, Inc.

2. Interest Margins (Domestic Operations)

Non-Consolidated

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

2-5

Mizuho Financial Group, Inc.

3. Use and Source of Funds

Non-Consolidated

Mizuho Bank

		(Millions of yen, %)
		First Half of Fiscal 2025															First Half of Fiscal 2024
										Change
		AverageBalance				Rate				Average Balance			Rate				Average Balance				Rate
Total
Use of Funds		****	208,976,378	****		****	2.26	****			2,319,388			(0.14	)			206,656,989				2.40
Loans and Bills Discounted		****	92,491,614	****		****	2.65	****			1,197,456			(0.12	)			91,294,158				2.78
Securities		****	35,316,025	****		****	2.39	****			(3,136,149	)		0.28				38,452,174				2.10
Source of Funds		****	209,995,172	****		****	1.64	****			(908,403	)		(0.24	)			210,903,575				1.88
Deposits		****	154,265,751	****		****	0.99	****			(113,131	)		(0.08	)			154,378,883				1.08
NCDs		****	13,930,535	****		****	3.46	****			2,452,776			(0.38	)			11,477,758				3.85
Domestic Operations
Use of Funds		****	131,553,431	****		****	0.89	****			2,677,569			0.35				128,875,861				0.53
Loans and Bills Discounted		****	56,320,760	****		****	1.22	****			289,295			0.36				56,031,465				0.86
Securities		****	16,367,743	****		****	1.16	****			(2,440,761	)		0.50				18,808,504				0.65
Source of Funds		****	131,469,372	****		****	0.29	****			(649,236	)		0.22				132,118,608				0.06
Deposits		****	115,547,261	****		****	0.17	****			(930,100	)		0.15				116,477,361				0.02
NCDs		****	2,803,221	****		****	0.39	****			(152,533	)		0.35				2,955,755				0.04
International Operations
Use of Funds		****	78,721,796	****		****	4.54	****			53,023			(0.89	)			78,668,773				5.44
Loans and Bills Discounted		****	36,170,853	****		****	4.88	****			908,160			(0.95	)			35,262,693				5.84
Securities		****	18,948,282	****		****	3.46	****			(695,387	)		(0.03	)			19,643,670				3.49
Source of Funds		****	79,824,650	****		****	3.87	****			152,037			(1.02	)			79,672,613				4.89
Deposits		****	38,718,490	****		****	3.43	****			816,968			(0.90	)			37,901,522				4.34
NCDs		****	11,127,313	****		****	4.23	****			2,605,310			(0.93	)			8,522,003				5.16

2-6

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (Banking Account)

		(Millions of yen, %)
		First Half of Fiscal 2025															First Half of Fiscal 2024
										Change
		AverageBalance				Rate				Average Balance			Rate				Average Balance				Rate
Total
Use of Funds		****	4,025,984	****		****	1.11	****			(621,795	)		0.47				4,647,779				0.64
Loans and Bills Discounted		****	2,502,252	****		****	1.04	****			(310,458	)		0.29				2,812,710				0.75
Securities		****	264,386	****		****	4.57	****			88,730			1.20				175,656				3.37
Source of Funds		****	3,788,781	****		****	0.51	****			(654,518	)		0.33				4,443,300				0.18
Deposits		****	1,776,365	****		****	0.23	****			(869,680	)		0.18				2,646,045				0.04
NCDs		****	224,180	****		****	0.27	****			(84,018	)		0.19				308,199				0.08
Domestic Operations
Use of Funds		****	4,018,026	****		****	1.03	****			(617,542	)		0.40				4,635,568				0.63
Loans and Bills Discounted		****	2,488,748	****		****	1.03	****			(305,704	)		0.29				2,794,452				0.73
Securities		****	256,298	****		****	3.54	****			88,958			0.00				167,340				3.54
Source of Funds		****	3,780,217	****		****	0.50	****			(650,533	)		0.33				4,430,750				0.16
Deposits		****	1,774,515	****		****	0.23	****			(868,982	)		0.18				2,643,497				0.04
NCDs		****	224,180	****		****	0.27	****			(84,018	)		0.19				308,199				0.08
International Operations
Use of Funds		****	30,005	****		****	11.53	****			(5,009	)		9.78				35,014				1.75
Loans and Bills Discounted		****	13,503	****		****	3.34	****			(4,753	)		0.00				18,257				3.33
Securities		****	8,088	****		****	37.19	****			(228	)		37.19				8,316				—
Source of Funds		****	30,612	****		****	1.24	****			(4,741	)		(0.41	)			35,353				1.65
Deposits		****	1,850	****		****	0.08	****			(697	)		0.05				2,548				0.03
NCDs		****	—	****		****	—	****			—			—				—				—

2-7

Mizuho Financial Group, Inc.

4. Net Gains/Losses on Securities

Consolidated

		(Millions of yen)
		First Half of Fiscal 2025						First Half of Fiscal 2024
					Change
Net Gains (Losses) related to Bonds		****	(17,421	)		(84,876	)		67,454
Gains on Sales and Others		****	49,870	****		(42,479	)		92,349
Losses on Sales and Others		****	(65,850	)		(36,453	)		(29,397	)
Impairment (Devaluation)		****	(222	)		136			(359	)
Reversal of (Provision for) Allowance for Investment Losses		****	—	****		0			(0	)
Gains (Losses) on Derivatives other than for Trading		****	(1,219	)		(6,081	)		4,861
		First Half of Fiscal 2025						First Half of Fiscal 2024
					Change
Net Gains (Losses) related to Stocks		****	130,448	****		50,492			79,955
Gains on Sales		****	153,428	****		1,383			152,045
Losses on Sales		****	(13,596	)		51,980			(65,576	)
Impairment (Devaluation)		****	(5,310	)		(1,926	)		(3,383	)
Reversal of (Provision for) Allowance for Investment Losses		****	—	****		—			—
Gains (Losses) on Derivatives other than for Trading		****	(4,073	)		(944	)		(3,128	)
Non-Consolidated<br><br><br><br> <br>Aggregate Figures for the 2 Banks										<br> <br><br><br><br>
		(Millions of yen)
		First Half of Fiscal 2025						First Half of Fiscal 2024
					Change
Net Gains (Losses) related to Bonds		****	(21,636	)		(89,937	)		68,300
Gains on Sales and Others		****	48,394	****		(43,986	)		92,380
Losses on Sales and Others		****	(68,589	)		(40,006	)		(28,582	)
Impairment (Devaluation)		****	(222	)		136			(359	)
Reversal of (Provision for) Allowance for Investment Losses		****	—	****		—			—
Gains (Losses) on Derivatives other than for Trading		****	(1,219	)		(6,081	)		4,861
		First Half of Fiscal 2025						First Half of Fiscal 2024
					Change
Net Gains (Losses) related to Stocks		****	129,513	****		54,207			75,306
Gains on Sales		****	145,344	****		3,079			142,264
Losses on Sales		****	(9,487	)		52,752			(62,239	)
Impairment (Devaluation)		****	(2,269	)		(680	)		(1,589	)
Reversal of (Provision for) Allowance for Investment Losses		****	—	****		—			—
Gains (Losses) on Derivatives other than for Trading		****	(4,073	)		(944	)		(3,128	)

2-8

Mizuho Financial Group, Inc.

Mizuho Bank										****
		(Millions of yen)
		First Half of Fiscal 2025						First Half of Fiscal 2024
					Change
Net Gains (Losses) related to Bonds		****	(21,797	)		(90,099	)		68,302
Gains on Sales and Others		****	48,226	****		(44,154	)		92,380
Losses on Sales and Others		****	(68,581	)		(40,000	)		(28,581	)
Impairment (Devaluation)		****	(222	)		136			(359	)
Reversal of (Provision for) Allowance for Investment Losses		****	—	****		—			—
Gains (Losses) on Derivatives other than for Trading		****	(1,219	)		(6,081	)		4,861
		First Half of Fiscal 2025						First Half of Fiscal 2024
					Change
Net Gains (Losses) related to Stocks		****	124,107	****		58,383			65,724
Gains on Sales		****	139,807	****		7,224			132,582
Losses on Sales		****	(9,359	)		52,812			(62,172	)
Impairment (Devaluation)		****	(2,266	)		(709	)		(1,557	)
Reversal of (Provision for) Allowance for Investment Losses		****	—	****		—			—
Gains (Losses) on Derivatives other than for Trading		****	(4,073	)		(944	)		(3,128	)
Mizuho Trust & Banking										****
		(Millions of yen)
		First Half of Fiscal 2025						First Half of Fiscal 2024
					Change
Net Gains (Losses) related to Bonds		****	161	****		162			(1	)
Gains on Sales and Others		****	168	****		168			—
Losses on Sales and Others		****	(7	)		(5	)		(1	)
Impairment (Devaluation)		****	—	****		—			—
Reversal of (Provision for) Allowance for Investment Losses		****	—	****		—			—
Gains (Losses) on Derivatives other than for Trading		****	—	****		—			—
		First Half of Fiscal 2025						First Half of Fiscal 2024
					Change
Net Gains (Losses) related to Stocks		****	5,406	****		(4,176	)		9,582
Gains on Sales		****	5,536	****		(4,144	)		9,681
Losses on Sales		****	(127	)		(59	)		(67	)
Impairment (Devaluation)		****	(3	)		28			(31	)
Reversal of (Provision for) Allowance for Investment Losses		****	—	****		—			—
Gains (Losses) on Derivatives other than for Trading		****	—	****		—			—

2-9

Mizuho Financial Group, Inc.

5. Unrealized Gains/Losses on Securities

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

Consolidated

(1) OtherSecurities

		(Millions of yen)
		As of September 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
Other Securities	****	32,394,328	****		****	1,722,284	****	****	2,254,464	****		****	532,180	****			28,315,442				1,244,399				1,851,895				607,496
Japanese Stocks	****	2,943,420	****		****	2,153,059	****	****	2,156,179	****		****	3,120	****			2,602,868				1,785,453				1,791,933				6,480
Japanese Bonds	****	13,590,063	****		****	(110,303	)	****	7,401	****		****	117,705	****			11,250,832				(79,654	)			7,249				86,903
Japanese Government Bonds	****	10,992,499	****		****	(46,358	)	****	533	****		****	46,891	****			8,370,439				(18,664	)			64				18,728
Other	****	15,860,844	****		****	(320,470	)	****	90,884	****		****	411,354	****			14,461,741				(461,398	)			52,713				514,112
Foreign Bonds	****	13,210,043	****		****	(318,152	)	****	27,875	****		****	346,028	****			12,116,540				(384,921	)			18,368				403,290
•  In addition to “Securities” on the consolidated balance<br>sheets, NCDs in “Cash and Due from Banks,” certain items in “Monetary Claims Bought” and certain items in “Other Assets” are also included.<br>•  Other Securities mainly including Foreign Bonds are hedged by using derivative instruments, which<br>apply the deferred method of hedge accounting. Deferred Hedge Gains/Losses before tax adjustment as of September 30, 2025 and March 31, 2025 are (63,848) million (Foreign Bonds (13,584) million and Japanese Government Bonds<br>858 million) and 33,528 million (Foreign Bonds 39,715 million and Japanese Government Bonds 975 million), respectively. Unrealized Gains/Losses applying deferred hedging accounting among hedging instruments as of<br>September 30, 2025 and March 31, 2025 are 1,658,436 million (Foreign Bonds (331,737) million and Japanese Government Bonds (45,499) million) and 1,277,928 million (Foreign Bonds (345,206) million and<br>Japanese Government Bonds (17,688) million), respectively. •  Unrealized Gains/Losses on<br>Other Securities as of September 30, 2025 and March 31, 2025 include translation differences and others regarding stocks and others without a quoted market price and Investments in Partnerships, and are recorded directly to Net Assets<br>after tax and consolidation adjustments, excluding the amount recognized in the consolidated balance sheet by applying the fair-value hedge accounting and others.  <br>(2) Bonds Held to Maturity																														****
		(Millions of yen)
		As of September 30, 2025															As of March 31, 2025
		Book Value				Unrealized Gains/Losses											Book Value				Unrealized Gains/Losses
									Gains				Losses												Gains				Losses
Bonds Held to Maturity	****	4,168,170	****		****	(125,634	)	****	35,751	****		****	161,386	****			4,183,129				(155,748	)			23,297				179,045

All values are in Japanese Yen.

Non-Consolidated

(1) Other Securities

Aggregate Figures for the 2Banks

		(Millions of yen)
		As of September 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
Other Securities		****	31,467,740	****		****	1,643,293	****	****	2,173,479	****		****	530,185	****			27,411,717				1,172,231				1,775,925				603,694
Japanese Stocks		****	2,850,413	****		****	2,075,790	****	****	2,078,128	****		****	2,337	****			2,516,624				1,713,916				1,719,812				5,896
Japanese Bonds		****	13,533,087	****		****	(109,885	)	****	7,401	****		****	117,286	****			11,193,302				(78,786	)			7,249				86,035
Japanese Government Bonds		****	10,981,344	****		****	(46,358	)	****	533	****		****	46,891	****			8,359,271				(18,664	)			64				18,728
Other		****	15,084,239	****		****	(322,611	)	****	87,949	****		****	410,561	****			13,701,790				(462,898	)			48,863				511,761
Foreign Bonds		****	12,598,794	****		****	(319,218	)	****	26,036	****		****	345,254	****			11,465,424				(386,209	)			15,035				401,245
Mizuho Bank
Other Securities		****	31,159,664	****		****	1,524,032	****	****	2,053,479	****		****	529,446	****			27,108,684				1,074,796				1,677,413				602,617
Japanese Stocks		****	2,684,216	****		****	1,956,168	****	****	1,958,242	****		****	2,073	****			2,370,411				1,616,347				1,621,572				5,225
Japanese Bonds		****	13,395,198	****		****	(109,566	)	****	7,326	****		****	116,893	****			11,040,790				(78,566	)			7,101				85,667
Japanese Government Bonds		****	10,881,434	****		****	(46,352	)	****	533	****		****	46,885	****			8,260,550				(18,643	)			64				18,707
Other		****	15,080,250	****		****	(322,569	)	****	87,910	****		****	410,479	****			13,697,483				(462,984	)			48,739				511,724
Foreign Bonds		****	12,598,794	****		****	(319,218	)	****	26,036	****		****	345,254	****			11,465,424				(386,209	)			15,035				401,245
Mizuho Trust & Banking
Other Securities		****	308,075	****		****	119,261	****	****	120,000	****		****	739	****			303,032				97,434				98,511				1,077
Japanese Stocks		****	166,197	****		****	119,621	****	****	119,885	****		****	263	****			146,213				97,568				98,239				671
Japanese Bonds		****	137,889	****		****	(318	)	****	74	****		****	393	****			152,511				(220	)			147				368
Japanese Government Bonds		****	99,910	****		****	(5	)	****	—	****		****	5	****			98,720				(21	)			—				21
Other		****	3,989	****		****	(42	)	****	39	****		****	81	****			4,307				86				123				37
Foreign Bonds		****	—	****		****	—	****	****	—	****		****	—	****			—				—				—				—
•	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 September 30, 2025 and March 31, 2025 are ¥(63,848) million (Foreign Bonds ¥(13,584) million and<br>Japanese Government Bonds ¥858 million) and ¥33,528 million (Foreign Bonds ¥39,715 million and Japanese Government Bonds ¥975million), respectively. Unrealized Gains/Losses applying deferred hedging accounting among hedging<br>instruments (aggregate figures for the 2 banks) as of September 30, 2025 and March 31, 2025 are ¥1,579,445 million (Foreign Bonds ¥(332,802) million and Japanese Government Bonds ¥(45,494) million) and<br>¥1,205,759 million (Foreign Bonds ¥(346,494) million and Japanese Government Bonds ¥(17,667) million), respectively.
---	---
•	Unrealized Gains/Losses on Other Securities as of September 30, 2025 and March 31, 2025 include<br>translation differences and others regarding stocks and others without a quoted market price and Investments in Partnerships, and are recorded directly to Net Assets after tax adjustment, excluding the amount recognized in the balance sheet by<br>applying the fair-value hedge accounting.
---	---

2-10

Mizuho Financial Group, Inc.

(2) Bonds Held to Maturity

Aggregate Figures for the 2 Banks

		(Millions of yen)
		As of September 30, 2025															As of March 31, 2025
						Unrealized Gains/Losses														Unrealized Gains/Losses
		Book Value							Gains				Losses				Book Value							Gains				Losses
Aggregate Figures		****	4,168,170	****		****	(125,634	)	****	35,751	****		****	161,386	****			4,183,129			(155,748	)			23,297				179,045
Mizuho Bank		****	4,168,170	****		****	(125,634	)	****	35,751	****		****	161,386	****			4,183,129			(155,748	)			23,297				179,045
Mizuho Trust & Banking		****	—	****		****	—	****	****	—	****		****	—	****			—			—				—				—
(3) Investment in Subsidiaries and Affiliates<br><br><br><br> <br>Aggregate Figures for the 2 Banks																										<br><br><br><br> <br>
		(Millions of yen)
		As of September 30, 2025															As of March 31, 2025
						Unrealized Gains/Losses														Unrealized Gains/Losses
		Book Value							Gains				Losses				Book Value							Gains				Losses
Aggregate Figures		****	106,131	****		****	413,598	****	****	413,598	****		****	—	****			106,131			276,514				276,514				—
Mizuho Bank		****	106,131	****		****	413,598	****	****	413,598	****		****	—	****			106,131			276,514				276,514				—
Mizuho Trust & Banking		****	—	****		****	—	****	****	—	****		****	—	****			—			—				—				—

(Reference)

Unrealized Gains/Losses on Other Securities

(the baseamount to be recorded directly to Net Assets after necessary adjustments)

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

The base amounts are as follows:

Consolidated

		(Millions of yen)
		As of September 30, 2025						As of<br>March 31,2025
		Unrealized Gains/Losses						Unrealized<br>Gains/Losses
					Change
Other Securities		****	1,688,697	****		478,346			1,210,350
Japanese Stocks		****	2,118,391	****		369,833			1,748,558
Japanese Bonds		****	(110,303	)		(30,649	)		(79,654	)
Japanese Government Bonds		****	(46,358	)		(27,693	)		(18,664	)
Other		****	(319,390	)		139,162			(458,553	)
Foreign Bonds		****	(317,073	)		65,003			(382,076	)

Non-Consolidated

Aggregate Figures for the 2 Banks

		(Millions of yen)
		As of September 30, 2025						As of<br>March 31,2025
		Unrealized Gains/Losses						Unrealized<br>Gains/Losses
					Change
Other Securities		****	1,609,400	****	****	473,289	****		1,136,110
Japanese Stocks		****	2,041,897	****	****	364,101	****		1,677,795
Japanese Bonds		****	(109,885	)	****	(31,098	)		(78,786	)
Japanese Government Bonds		****	(46,358	)	****	(27,693	)		(18,664	)
Other		****	(322,611	)	****	140,286	****		(462,898	)
Foreign Bonds		****	(319,218	)	****	66,991	****		(386,209	)

2-11

Mizuho Financial Group, Inc.

6. Projected Redemption Amounts for Securities

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

Non-Consolidated

Aggregate Figures for the 2 Banks

		(Billions of yen)
		Maturity as of September 30, 2025								Change												Maturity as of March 31,2025
		Within<br><br><br>1 year		1 - 5<br><br><br>years		5 - 10<br><br><br>years		Over<br><br><br>10 years		Within<br>1 year			1 - 5<br>years			5 - 10<br>years			Over<br>10 years			Within<br><br><br>1 year		1 - 5<br><br><br>years		5 - 10<br><br><br>years		Over<br><br><br>10 years
Japanese Bonds		5,741.3		6,579.7		1,312.8		409.9			(1,098.3	)		3,130.6			326.5			13.6		6,839.6		3,449.0		986.3		396.3
Japanese Government Bonds		5,169.5		5,280.6		957.4		20.0			(982.6	)		3,226.5			387.9			20.0		6,152.2		2,054.1		569.5		—
Japanese Local Government Bonds		55.9		289.8		194.7		5.0			(5.8	)		38.3			(56.9	)		(2.5	)	61.8		251.4		251.6		7.5
Japanese Corporate Bonds		515.7		1,009.3		160.7		384.9			(109.7	)		(134.2	)		(4.3	)		(3.8	)	625.5		1,143.5		165.1		388.8
Other		5,078.9		4,106.5		1,546.1		7,215.0			2,096.1			(548.3	)		17.4			(206.2	)	2,982.8		4,654.8		1,528.7		7,421.2
Mizuho Bank
Japanese Bonds		5,638.4		6,544.4		1,312.7		409.9			(1,095.6	)		3,142.4			326.5			13.6		6,734.0		3,402.0		986.2		396.3
Japanese Government Bonds		5,069.5		5,280.6		957.4		20.0			(983.8	)		3,226.5			387.9			20.0		6,053.4		2,054.1		569.5		—
Japanese Local Government Bonds		55.9		289.8		194.7		5.0			(5.8	)		38.3			(56.9	)		(2.5	)	61.8		251.4		251.6		7.5
Japanese Corporate Bonds		512.8		974.0		160.6		384.9			(105.8	)		(122.4	)		(4.3	)		(3.8	)	618.7		1,096.4		165.0		388.8
Other		5,077.6		4,098.4		1,540.3		7,215.0			2,096.2			(548.6	)		13.7			(206.2	)	2,981.3		4,647.1		1,526.6		7,421.2
Mizuho Trust & Banking												****
Japanese Bonds		102.9		35.2		0.1		—			(2.7	)		(11.7	)		—			—		105.6		47.0		0.1		—
Japanese Government Bonds		100.0		—		—		—			1.2			—			—			—		98.8		—		—		—
Japanese Local Government Bonds		—		—		—		—			—			—			—			—		—		—		—		—
Japanese Corporate Bonds		2.9		35.2		0.1		—			(3.9	)		(11.7	)		—			—		6.8		47.0		0.1		—
Other		1.2		8.0		5.7		—			(0.1	)		0.3			3.6			—		1.4		7.7		2.0		—

2-12

Mizuho Financial Group, Inc.

7. Employee Retirement Benefits

Non-Consolidated

Retirement Benefit Obligations

Aggregate Figures forthe 2 Banks

			(Millions of yen)
			First Half of<br>Fiscal 2025			Change			First Half of<br>Fiscal 2024
Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)		****	872,630	****		(79,024	)		951,654
Discount Rate (%)			****	0.79~2.88	****					0.14~2.08
Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		****	1,484,297	****		(166,320	)		1,650,618
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		****	(162,800	)		122,397			(285,198	)
Prepaid Pension Cost/Reserve for Employee Retirement Benefits (at the beginning of the fiscal<br>year)	(B)+ (C) - (A)		****	448,866	****		35,101			413,764
Mizuho Bank
Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)		****	763,041	****		(69,990	)		833,031
Discount Rate (%)			****	0.79~2.88	****					0.14~2.08
Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		****	1,274,208	****		(116,401	)		1,390,609
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		****	(135,521	)		86,054			(221,576	)
Prepaid Pension Cost (at the beginning of the fiscal year)	(B)+ (C) - (A)		****	375,645	****		39,643			336,001
Mizuho Trust & Banking
Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)		****	109,589	****		(9,034	)		118,623
Discount Rate (%)			****	0.79~2.88	****					0.14~2.08
Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		****	210,089	****		(49,919	)		260,008
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		****	(27,279	)		36,342			(63,621	)
Prepaid Pension Cost/Reserve for Employee Retirement Benefits (at the beginning of the fiscal<br>year)	(B)+ (C) - (A)		****	73,221	****		(4,542	)		77,763

2-13

Mizuho Financial Group, Inc.

Income (Expenses) related to Employee Retirement Benefits

Aggregate Figures for the 2 Banks

			(Millions of yen)
			First Half of<br>Fiscal 2025			Change			First Half of<br>Fiscal 2024
Service Cost			****	(5,148	)		1,406			(6,554	)
Interest Cost	****		****	(7,143	)		(2,089	)		(5,054	)
Expected Return on Plan Assets			****	13,201	****		457			12,743
Accumulation (Amortization) of Unrecognized Actuarial Differences			****	8,791	****		(10,100	)		18,891
Accumulation (Amortization) of Unrecognized Prior Service Cost			****	—	****		(7,310	)		7,310
Gains on Cancellation of Employee Retirement Benefit Trust			****	38,566	****		34,777			3,788
Other			****	(4,428	)		(1,740	)		(2,687	)
Total			****	43,838	****		15,400			28,438
Note:<br>Accumulation (Amortization) of Unrecognized Prior Service Cost and Gains on Cancellation of Employee Retirement Benefit Trust are recorded to Extraordinary Gains (Losses).
Mizuho Bank
			(Millions of yen)
			First Half of<br>Fiscal 2025			Change			First Half of<br>Fiscal 2024
Service Cost			****	(4,342	)		1,194			(5,536	)
Interest Cost			****	(6,266	)		(1,824	)		(4,441	)
Expected Return on Plan Assets			****	11,585	****		569			11,016
Accumulation (Amortization) of Unrecognized Actuarial Differences			****	6,983	****		(7,678	)		14,661
Accumulation (Amortization) of Unrecognized Prior Service Cost			****	—	****		(6,368	)		6,368
Gains on Cancellation of Employee Retirement Benefit Trust			****	31,029	****		27,595			3,434
Other			****	(3,774	)		(1,473	)		(2,300	)
Total			****	35,215	****		12,013			23,201
Note:<br>Accumulation (Amortization) of Unrecognized Prior Service Cost and Gains on Cancellation of Employee Retirement Benefit Trust are recorded to Extraordinary Gains (Losses).
Mizuho Trust & Banking											****
			(Millions of yen)
			First Half of<br>Fiscal 2025			Change			First Half of<br>Fiscal 2024
Service Cost			****	(805	)		212			(1,018	)
Interest Cost			****	(877	)		(264	)		(612	)
Expected Return on Plan Assets			****	1,615	****		(111	)		1,727
Accumulation (Amortization) of Unrecognized Actuarial Differences			****	1,808	****		(2,422	)		4,230
Accumulation (Amortization) of Unrecognized Prior Service Cost			****	—	****		(941	)		941
Gains on Cancellation of Employee Retirement Benefit Trust			****	7,536	****		7,182			354
Other			****	(653	)		(267	)		(386	)
Total			****	8,623	****		3,386			5,236

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

2-14

Mizuho Financial Group, Inc.

Consolidated

Retirement Benefit Obligations

			(Millions of yen)
			First Half of<br>Fiscal 2025			Change			First Half of<br>Fiscal 2024
Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)		****	1,068,287	****		(82,192	)		1,150,480
Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		****	1,758,811	****		(171,635	)		1,930,446
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		****	(173,478	)		131,111			(304,590	)
Net Defined Benefit Asset (at the beginning of the fiscal year)	(D)		****	758,783	****		(88,333	)		847,116
Net Defined Benefit Liability (at the beginning of the fiscal year)	(A)-(B)+(D)		****	68,259	****		1,108			67,151
Income (Expenses) related to Employee RetirementBenefits											****
			(Millions of yen)
			First Half of<br>Fiscal 2025			Change			First Half of<br>Fiscal 2024
Service Cost			****	(8,898	)		1,874			(10,773	)
Interest Cost			****	(8,378	)		(2,514	)		(5,864	)
Expected Return on Plan Assets			****	15,469	****		421			15,048
Accumulation (Amortization) of Unrecognized Actuarial Differences	****		****	8,962	****		(10,617	)		19,579
Accumulation (Amortization) of Unrecognized Prior Service Cost			****	11	****		(9,015	)		9,026
Gains on Cancellation of Employee Retirement Benefit Trust			****	38,566	****		34,777			3,788
Other			****	(12,917	)		(4,157	)		(8,759	)
Total			****	32,815	****		10,769			22,046

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

2-15

Mizuho Financial Group, Inc.

8. Capital Ratio

Mizuho Financial Group

International Standard

	Consolidated					(%, Billions of yen)
	As of September 30, 2025<br>(Preliminary)			Change		As of March 31, 2025
(1)   Total Capital Ratio	****	18.41	****		0.66		17.75
(2)   Tier 1 Capital Ratio	****	16.55	****		0.90		15.65
(3)   Common Equity Tier 1 Capital Ratio	****	13.70	****		0.47		13.23
(4)   Total Capital	****	13,662.3	****		906.5		12,755.7
(5)   Tier 1 Capital	****	12,287.4	****		1,039.1		11,248.2
(6)   Common Equity Tier 1 Capital	****	10,166.2	****		659.9		9,506.2
(7)   Risk weighted Assets	****	74,205.0	****		2,360.6		71,844.4
(8)   Total Required Capital (7) X8%	****	5,936.4	****		188.8		5,747.5
Mizuho Bank<br> <br><br><br><br>International Standard
	Consolidated							Non-Consolidated
	As of September 30, 2025<br>(Preliminary)			Change		As of March 31, 2025		As of September 30, 2025<br>(Preliminary)
(1)   Total Capital Ratio	****	17.50	****		1.23		16.27	****	16.77	****
(2)   Tier 1 Capital Ratio	****	15.48	****		1.42		14.06	****	14.58	****
(3)   Common Equity Tier 1 Capital Ratio	****	12.34	****		0.92		11.42	****	11.15	****
(4)   Total Capital	****	11,836.9	****		1,118.1		10,718.8	****	10,347.5	****
(5)   Tier 1 Capital	****	10,473.0	****		1,205.6		9,267.3	****	8,993.6	****
(6)   Common Equity Tier 1 Capital	****	8,350.9	****		821.8		7,529.0	****	6,882.1	****
(7)   Risk weighted Assets	****	67,632.6	****		1,753.2		65,879.4	****	61,680.1	****
(8)   Total Required Capital (7) X8%	****	5,410.6	****		140.2		5,270.3	****	4,934.4	****
Mizuho Trust & Banking<br> <br><br><br><br>International Standard
	Consolidated							Non-Consolidated
	As of September 30, 2025<br>(Preliminary)			Change		As of March 31, 2025		As of September 30, 2025<br>(Preliminary)
(1)   Total Capital Ratio	****	34.58	****		2.98		31.60	****	34.44	****
(2)   Tier 1 Capital Ratio	****	34.58	****		2.98		31.60	****	34.44	****
(3)   Common Equity Tier 1 Capital Ratio	****	34.57	****		2.97		31.60	****	34.44	****
(4)   Total Capital	****	549.8	****		55.8		493.9	****	512.0	****
(5)   Tier 1 Capital	****	549.7	****		55.8		493.8	****	512.0	****
(6)   Common Equity Tier 1 Capital	****	549.7	****		55.8		493.8	****	512.0	****
(7)   Risk weighted Assets	****	1,589.6	****		27.0		1,562.5	****	1,486.3	****
(8)   Total Required Capital (7) X8%	****	127.1	****		2.1		125.0	****	118.9	****

2-16

Mizuho Financial Group, Inc.

II. REVIEW OF CREDITS

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

•	The figures below are presented net of partial direct write-offs.
•	Treatment of accrued interest is based on the results of the self-assessment of assets.
---	---

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

Consolidated

		(Millions of yen)
		As of<br>September 30,2025				Change			As of<br>March 31,2025
Claims against Bankrupt and Substantially Bankrupt Obligors		****	43,699	****			11,215			32,484
Claims with Collection Risk		****	318,516	****			(257,684	)		576,200
Claims for Special Attention		****	430,465	****			(8,160	)		438,626
Loans Past Due for 3 Months or More		****	584	****			313			271
Restructured Loans		****	429,881	****			(8,474	)		438,355
Sub-total[1]		****	792,681	****			(254,629	)		1,047,311
Normal Claims		****	107,911,422	****			1,481,261			106,430,161
Total[2]		****	108,704,104	****			1,226,631			107,477,473
Above 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		****	319,626	****			223,676			95,949
		(%)
NPL ratio[1]/[2]		****	0.72	****			(0.24	)		0.97
Trust Account
		(Millions of yen)
		As of<br>September 30,2025				Change			As of<br>March 31,2025
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		****	1,085	****			(306	)		1,392
Total[4]		****	1,085	****			(306	)		1,392
		(%)
NPL ratio[3]/[4]		****	—	****			—			—

2-17

Mizuho Financial Group, Inc.

Consolidated + Trust Account

		(Millions of yen)
		As of<br>September 30,2025				Change			As of<br>March 31,2025
Claims against Bankrupt and Substantially Bankrupt Obligors		****	43,699	****			11,215			32,484
Claims with Collection Risk		****	318,516	****			(257,684	)		576,200
Claims for Special Attention		****	430,465	****			(8,160	)		438,626
Loans Past Due for 3 Months or More		****	584	****			313			271
Restructured Loans		****	429,881	****			(8,474	)		438,355
Sub-total[5]		****	792,681	****			(254,629	)		1,047,311
Normal Claims		****	107,912,508	****			1,480,954			106,431,553
Total[6]		****	108,705,190	****			1,226,324			107,478,865
Above figures are presented net of partial direct write-offs, the amounts of which<br>are indicated in the table below.
Amount of Partial Direct Write-offs		****	319,626	****			223,676			95,949
		(%)
NPL ratio[5]/[6]		****	0.72	****			(0.24	)		0.97

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

2-18

Mizuho Financial Group, Inc.

Non-Consolidated

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

		(Millions of yen)
		As of<br>September 30,2025				Change			As of<br>March 31,2025
Claims against Bankrupt and Substantially Bankrupt Obligors		****	33,809	****			11,580			22,229
Claims with Collection Risk		****	307,702	****			(261,668	)		569,370
Claims for Special Attention		****	419,704	****			(7,254	)		426,959
Loans Past Due for 3 Months or More		****	584	****			313			271
Restructured Loans		****	419,119	****			(7,568	)		426,688
Sub-total[1]		****	761,216	****			(257,343	)		1,018,559
Normal Claims		****	109,110,837	****			1,052,050			108,058,786
Total[2]		****	109,872,053	****			794,707			109,077,346
Above figures are presented net of partial direct write-offs, the amounts of which<br>are indicated in the table below.
Amount of Partial Direct Write-offs		****	317,271	****			223,259			94,011
		(%)
NPL ratio[1]/[2]		****	0.69	****			(0.24	)		0.93
Mizuho Bank
		(Millions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors		****	33,769	****			11,617			22,151
Claims with Collection Risk		****	303,360	****			(258,434	)		561,794
Claims for Special Attention		****	413,527	****			(5,936	)		419,464
Loans Past Due for 3 Months or More		****	584	****			313			271
Restructured Loans		****	412,943	****			(6,249	)		419,192
Sub-total[3]		****	750,658	****			(252,752	)		1,003,410
Normal Claims		****	106,639,265	****			1,160,298			105,478,966
Total[4]		****	107,389,923	****			907,546			106,482,377
Above figures are presented net of partial direct write-offs, the amounts of which<br>are indicated in the table below.
Amount of Partial Direct Write-offs		****	317,058	****			223,281			93,777
		(%)
NPL ratio[3]/[4]		****	0.69	****			(0.24	)		0.94

2-19

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

(Banking Account)

		(Millions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors		****	40	****			(37	)		78
Claims with Collection Risk		****	4,341	****			(3,234	)		7,575
Claims for Special Attention		****	6,176	****			(1,318	)		7,495
Loans Past Due for 3 Months or More		****	—	****			—			—
Restructured Loans		****	6,176	****			(1,318	)		7,495
Sub-total[5]		****	10,558	****			(4,590	)		15,148
Normal Claims		****	2,470,486	****			(107,941	)		2,578,427
Total[6]		****	2,481,044	****			(112,531	)		2,593,576
Above figures are presented net of partial direct write-offs, the amounts of which<br>are indicated in the table below.
Amount of Partial Direct Write-offs		****	212	****			(21	)		233
		(%)
NPL ratio[5]/[6]		****	0.42	****			(0.15	)		0.58
(Trust Account)
		(Millions 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		****	1,085	****			(306	)		1,392
Total[8]		****	1,085	****			(306	)		1,392
		(%)
NPL ratio[7]/[8]		****	—	****			—			—

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

2-20

Mizuho Financial Group, Inc.

2. Status of Allowances for Loan Losses

Consolidated

		(Millions of yen)
		As of<br>September 30,2025				Change			As of<br>March 31,2025
Allowances for Loan Losses		****	490,037	****			(265,713	)		755,751
General Allowance for Loan Losses		****	329,537	****			(6,747	)		336,285
Specific Allowance for Loan Losses		****	157,937	****			(237,189	)		395,127
Allowance for Loan Losses to Restructuring Countries		****	2,562	****			(21,776	)		24,339
Above figures are presented net of partial direct write-offs, the amounts of which<br>are indicated in the table below.
Amount of Partial Direct Write-offs		****	322,250	****			226,032			96,218

Non-Consolidated

Aggregate Figures for the 2 Banks

		(Millions of yen)
		As of<br>September 30,2025				Change			As of<br>March 31,2025
Allowances for Loan Losses		****	463,957	****			(262,211	)		726,169
General Allowance for Loan Losses		****	316,632	****			(4,084	)		320,716
Specific Allowance for Loan Losses		****	144,763	****			(236,350	)		381,113
Allowance for Loan Losses to Restructuring Countries		****	2,562	****			(21,776	)		24,339
Above figures are presented net of partial direct write-offs, the amounts of which<br>are indicated in the table below.
Amount of Partial Direct Write-offs		****	319,577	****			225,566			94,011
Mizuho Bank
Allowances for Loan Losses		****	458,473	****			(260,796	)		719,269
General Allowance for Loan Losses		****	311,276	****			(3,589	)		314,866
Specific Allowance for Loan Losses		****	144,634	****			(235,430	)		380,064
Allowance for Loan Losses to Restructuring Countries		****	2,562	****			(21,776	)		24,339
Above figures are presented net of partial direct write-offs, the amounts of which<br>are indicated in the table below.
Amount of Partial Direct Write-offs		****	319,365	****			225,588			93,777
Mizuho Trust & Banking
Allowances for Loan Losses		****	5,484	****			(1,415	)		6,899
General Allowance for Loan Losses		****	5,355	****			(494	)		5,850
Specific Allowance for Loan Losses		****	128	****			(920	)		1,049
Allowance for Loan Losses to Restructuring Countries		****	—	****			—			—
Above figures are presented net of partial direct write-offs, the amounts of which<br>are indicated in the table below.
Amount of Partial Direct Write-offs		****	212	****			(21	)		233

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

2-21

Mizuho Financial Group, Inc.

3. Allowance Coverage Ratios for Non Performing Loans based on the BA and the FRA

Consolidated

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

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

2-22

Mizuho Financial Group, Inc.

4. Coverage on Non Performing Loans based on the BA and the FRA

Non-Consolidated

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

Aggregate Figures for the 2 Banks (Banking Account)

		(Billions of yen)
		As of<br>September 30, 2025				Change			As of<br>March 31, 2025
Claims against Bankrupt and Substantially Bankrupt Obligors		****	33.8	****			11.5			22.2
Collateral, Guarantees, and equivalent		****	21.9	****			0.5			21.4
Allowance for Losses		****	11.8	****			11.0			0.7
Claims with Collection Risk		****	307.7	****			(261.6	)		569.3
Collateral, Guarantees, and equivalent		****	116.3	****			(18.2	)		134.5
Allowance for Losses		****	132.9	****			(247.3	)		380.3
Claims for Special Attention		****	419.7	****			(7.2	)		426.9
Collateral, Guarantees, and equivalent		****	124.7	****			7.1			117.6
Allowance for Losses		****	97.5	****			(5.2	)		102.8
Total		****	761.2	****			(257.3	)		1,018.5
Collateral, Guarantees, and equivalent		****	263.1	****			(10.5	)		273.6
Allowance for Losses		****	242.3	****			(241.6	)		483.9
Mizuho Bank
Claims against Bankrupt and Substantially Bankrupt Obligors		****	33.7	****			11.6			22.1
Collateral, Guarantees, and equivalent		****	21.9	****			0.5			21.3
Allowance for Losses		****	11.8	****			11.0			0.7
Claims with Collection Risk		****	303.3	****			(258.4	)		561.7
Collateral, Guarantees, and equivalent		****	112.1	****			(17.4	)		129.6
Allowance for Losses		****	132.8	****			(246.4	)		379.2
Claims for Special Attention		****	413.5	****			(5.9	)		419.4
Collateral, Guarantees, and equivalent		****	124.1	****			8.7			115.3
Allowance for Losses		****	96.6	****			(5.3	)		101.9
Total		****	750.6	****			(252.7	)		1,003.4
Collateral, Guarantees, and equivalent		****	258.2	****			(8.1	)		266.3
Allowance for Losses		****	241.2	****			(240.7	)		482.0
Mizuho Trust & Banking (Banking Account)
Claims against Bankrupt and Substantially Bankrupt Obligors		****	0.0	****			(0.0	)		0.0
Collateral, Guarantees, and equivalent		****	0.0	****			(0.0	)		0.0
Allowance for Losses		****	—	****		****	—	****	****	—	****
Claims with Collection Risk		****	4.3	****			(3.2	)		7.5
Collateral, Guarantees, and equivalent		****	4.1	****			(0.7	)		4.9
Allowance for Losses		****	0.1	****			(0.9	)		1.0
Claims for Special Attention		****	6.1	****			(1.3	)		7.4
Collateral, Guarantees, and equivalent		****	0.6	****			(1.6	)		2.3
Allowance for Losses		****	0.9	****			0.0			0.9
Total		****	10.5	****			(4.5	)		15.1
Collateral, Guarantees, and equivalent		****	4.8	****			(2.4	)		7.3
Allowance for Losses		****	1.0	****			(0.8	)		1.9
Reference: Trust Account
Claims against Bankrupt and Substantially Bankrupt Obligors		****	—	****		****	—	****	****	—	****
Collateral, Guarantees, and equivalent		****	—	****		****	—	****	****	—	****
Claims with Collection Risk		****	—	****		****	—	****	****	—	****
Collateral, Guarantees, and equivalent		****	—	****		****	—	****	****	—	****
Claims for Special Attention		****	—	****		****	—	****	****	—	****
Collateral, Guarantees, and equivalent		****	—	****		****	—	****	****	—	****
Total		****	—	****		****	—	****	****	—	****
Collateral, Guarantees, and equivalent		****	—	****		****	—	****	****	—	****
*	Trust account represents trust accounts that guarantee principals in the agreement.
---	---

2-23

Mizuho Financial Group, Inc.

(2) Coverage Ratio

Aggregate Figures for the 2 Banks (Banking Account)

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

2-24

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (Banking Account)

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

2-25

Mizuho Financial Group, Inc.

5. Overview of Non-Performing Loans(“NPLs”)

Non-Consolidated

Aggregate Figures for the 2 Banks (Banking Account)

(Billions of yen)

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

2-26

Mizuho Financial Group, Inc.

6. Results of Removal of NPLs from the Balance Sheet

Non-Consolidated

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

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

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

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

		(Billions of yen)
		AggregateFigures<br>for the 2Banks<br>(BankingAccount<br>+ TrustAccount)			MHBK			MHTB(BankingAccount+ TrustAccount)
Liquidation			(1.0	)		(1.0	)		—
Restructuring			(1.3	)		(1.3	)		—
Improvement in Business Performance due to Restructuring			—			—			—
Loan Sales			(12.1	)		(9.6	)		(2.4	)
Direct Write-off			(222.7	)		(222.7	)		0.0
Other			(73.0	)		(72.2	)		(0.8	)
Debt recovery			(27.9	)		(27.2	)		(0.6	)
Improvement in Business Performance			(45.1	)		(44.9	)		(0.1	)
Total			(310.3	)		(307.0	)		(3.3	)

2-27

Mizuho Financial Group, Inc.

7. Status of Loans by Industry

(1) Outstanding Balances by Industry

Non-Consolidated

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

		(Billions of yen)
		As of September 30, 2025							As of March 31, 2025
		OutstandingBalance				Change			Outstanding Balance
Domestic Total (excluding Loans Booked Offshore)		****	63,256.9	****			(1,082.3	)		64,339.3
Manufacturing		****	10,062.8	****			(246.8	)		10,309.7
Agriculture & Forestry		****	50.2	****			1.2			48.9
Fishery		****	12.2	****			(0.6	)		12.9
Mining, Quarrying Industry & Gravel Extraction Industry		****	147.9	****			(12.3	)		160.3
Construction		****	1,051.5	****			(3.6	)		1,055.1
Utilities		****	3,197.9	****			0.6			3,197.3
Communication		****	1,408.0	****			237.2			1,170.7
Transportation & Postal Industry		****	2,275.3	****			8.4			2,266.9
Wholesale & Retail		****	4,902.4	****			22.8			4,879.6
Finance & Insurance		****	9,122.0	****			(198.1	)		9,320.1
Real Estate		****	12,638.9	****			191.2			12,447.6
Commodity Lease		****	3,627.8	****			384.3			3,243.4
Service Industries		****	3,006.2	****			(14.4	)		3,020.7
Local Governments		****	340.8	****			(28.1	)		368.9
Governments		****	1,275.5	****			(1,707.2	)		2,982.7
Other		****	10,136.9	****			283.0			9,853.9
Overseas Total (including Loans Booked Offshore)		****	31,497.1	****			1,162.1			30,335.0
Governments		****	253.4	****			(39.6	)		293.0
Financial Institutions		****	13,810.6	****			32.8			13,777.7
Other		****	17,433.1	****			1,168.9			16,264.2
Total		****	94,754.1	****			79.7			94,674.3
*	Loans to Finance & Insurance sector includes loans to MHFG as follows:
---	---
As of September 30, 2025: ¥265.0 billion (from MHBK)
---
As of March 31, 2025: ¥530.0 billion (from MHBK)
*	Amounts of Outstanding Balances are the aggregate figures for banking and trust accounts.
---	---

2-28

Mizuho Financial Group, Inc.

Mizuho Bank

		(Billions of yen)
		As of September 30, 2025							As of March 31, 2025
		OutstandingBalance				Change			Outstanding Balance
Domestic Total (excluding Loans Booked Offshore)		****	60,223.6	****			(1,056.5	)		61,280.1
Manufacturing		****	9,784.0	****			(206.6	)		9,990.7
Agriculture & Forestry		****	50.2	****			1.2			48.9
Fishery		****	12.2	****			(0.6	)		12.9
Mining, Quarrying Industry & Gravel Extraction Industry		****	147.0	****			(12.2	)		159.2
Construction		****	997.3	****			(10.1	)		1,007.5
Utilities		****	3,002.1	****			19.5			2,982.6
Communication		****	1,355.6	****			222.6			1,133.0
Transportation & Postal Industry		****	2,158.9	****			18.0			2,140.8
Wholesale & Retail		****	4,797.9	****			18.7			4,779.1
Finance & Insurance		****	8,607.3	****			(253.8	)		8,861.2
Real Estate		****	11,332.4	****			230.1			11,102.3
Commodity Lease		****	3,435.1	****			370.6			3,064.5
Service Industries		****	2,989.7	****			(7.1	)		2,996.8
Local Governments		****	340.8	****			(27.9	)		368.7
Governments		****	1,275.5	****			(1,707.2	)		2,982.7
Other		****	9,936.9	****			288.4			9,648.5
Overseas Total (including Loans Booked Offshore)		****	31,497.1	****			1,162.1			30,335.0
Governments		****	253.4	****			(39.6	)		293.0
Financial Institutions		****	13,810.6	****			32.8			13,777.7
Other		****	17,433.1	****			1,168.9			16,264.2
Total		****	91,720.8	****			105.5			91,615.2
Mizuho Trust & Banking (Banking Account + Trust Account)
Domestic Total (excluding Loans Booked Offshore)		****	3,033.3	****			(25.8	)		3,059.1
Manufacturing		****	278.8	****			(40.1	)		319.0
Agriculture & Forestry		****	0.0	****			(0.0	)		0.0
Fishery		****	—	****			—			—
Mining, Quarrying Industry & Gravel Extraction Industry		****	0.9	****			(0.1	)		1.0
Construction		****	54.1	****			6.5			47.6
Utilities		****	195.7	****			(18.8	)		214.6
Communication		****	52.4	****			14.6			37.7
Transportation & Postal Industry		****	116.3	****			(9.6	)		126.0
Wholesale & Retail		****	104.4	****			4.0			100.4
Finance & Insurance		****	514.6	****			55.7			458.8
Real Estate		****	1,306.4	****			(38.8	)		1,345.2
Commodity Lease		****	192.6	****			13.7			178.8
Service Industries		****	16.5	****			(7.2	)		23.8
Local Governments		****	—	****			(0.2	)		0.2
Governments		****	—	****			—			—
Other		****	200.0	****			(5.3	)		205.4
Overseas Total (including Loans Booked Offshore)		****	—	****			—			—
Governments		****	—	****			—			—
Financial Institutions		****	—	****			—			—
Other		****	—	****			—			—
Total		****	3,033.3	****			(25.8	)		3,059.1
*	Amounts of Outstanding Balances are the aggregate figures for banking and trust accounts.<br>
---	---

2-29

Mizuho Financial Group, Inc.

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

Non-Consolidated

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

		(Billions of yen, %)
		As of September 30, 2025														As of March 31, 2025
		Non Performing<br>Loans based on<br>the BA and the<br>FRA				CoverageRatio				Change						Non Performing<br>Loans based on<br>the BA and the<br>FRA			CoverageRatio
										Non Performing<br>Loans based on<br>the BA and the<br>FRA			CoverageRatio
Domestic Total (excluding Loans Booked Offshore)		****	690.2	****		****	65.0	****			(247.9	)		(8.7	)		938.2			73.8
Manufacturing		****	364.9	****		****	63.3	****			(245.3	)		(12.8	)		610.3			76.2
Agriculture & Forestry		****	7.7	****		****	85.5	****			4.4			9.2			3.2			76.3
Fishery		****	—	****		****	—	****			—			—			—			—
Mining, Quarrying Industry & Gravel Extraction Industry		****	0.0	****		****	100.0	****			0.0			—			—			—
Construction		****	3.2	****		****	77.8	****			0.1			(4.3	)		3.0			82.1
Utilities		****	3.8	****		****	63.9	****			2.7			(4.8	)		1.0			68.7
Communication		****	12.8	****		****	55.7	****			1.1			(3.6	)		11.7			59.3
Transportation & Postal Industry		****	8.3	****		****	77.8	****			(3.4	)		0.4			11.8			77.4
Wholesale & Retail		****	119.3	****		****	54.2	****			8.1			(1.7	)		111.2			55.9
Finance & Insurance		****	12.8	****		****	51.8	****			(1.0	)		(3.0	)		13.9			54.8
Real Estate		****	22.2	****		****	84.8	****			(4.0	)		(2.0	)		26.3			86.8
Commodity Lease		****	0.2	****		****	72.3	****			(0.0	)		0.8			0.2			71.5
Service Industries		****	86.5	****		****	63.6	****			(8.7	)		(3.5	)		95.2			67.2
Local Governments		****	—	****		****	—	****			—			—			—			—
Other		****	47.8	****		****	97.4	****			(1.9	)		0.3			49.8			97.1
Overseas Total (including Loans Booked Offshore)		****	70.9	****		****	79.6	****			(9.3	)		(1.2	)		80.3			80.8
Governments		****	—	****		****	—	****			—			—			—			—
Financial Institutions		****	—	****		****	—	****			—			—			—			—
Other		****	70.9	****		****	79.6	****			(9.3	)		(1.2	)		80.3			80.8
Total		****	761.2	****		****	66.3	****			(257.3	)		(7.9	)		1,018.5			74.3
*	Trust account represents trust accounts that guarantee principals in the agreement.
---	---

2-30

Mizuho Financial Group, Inc.

8. Housing and Consumer Loans & Loans to Small and Medium-Sized Enterprises (“SMEs”) and Individual Customers

(1) Balance of Housing and ConsumerLoans

Non-Consolidated

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

		(Billions of yen)
		As of<br>September 30,2025							As of<br>March 31,2025
						Change
Housing and Consumer Loans		****	7,257.3	****			(82.1	)		7,339.5
Housing Loans for owner’s residential housing		****	6,817.3	****			(73.4	)		6,890.7
Mizuho Bank
Housing and Consumer Loans		****	7,227.7	****			(79.3	)		7,307.1
Housing Loans		****	6,858.4	****			(77.0	)		6,935.5
for owner’s residential housing		****	6,789.0	****			(70.8	)		6,859.8
Consumer loans		****	369.2	****			(2.2	)		371.5
Mizuho Trust & Banking (Banking Account + Trust Account)
Housing and Consumer Loans		****	29.6	****			(2.8	)		32.4
Housing Loans for owner’s residential housing		****	28.2	****			(2.6	)		30.9
* Above figures are aggregate banking and trust account amounts.
(2) Loans to SMEs and Individual Customers											****
Non-Consolidated											****
Aggregate Figures for the 2 Banks (Banking Account + Trust Account)											****
		(%, Billions of yen)
		As of<br>September 30,2025							As of<br>March 31,2025
						Change
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		****	57.7	****			1.0			56.7
Loans to SMEs and Individual Customers		****	36,527.1	****			22.1			36,504.9
Mizuho Bank
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		****	58.2	****			1.2			57.0
Loans to SMEs and Individual Customers		****	35,086.0	****			126.9			34,959.1
Mizuho Trust & Banking (Banking Account + Trust Account)
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		****	47.5	****			(3.0	)		50.5
Loans to SMEs and Individual Customers		****	1,441.0	****			(104.7	)		1,545.8
*	Above figures are aggregate banking and trust account amounts.
---	---
*	Above figures do not include loans booked at overseas offices and offshore loans.
---	---
*	The definition of “Small and Medium-sized Enterprises” is<br>as follows:
---	---
Enterprises of which the capital is ¥300 million or below (¥100 million or below for the<br>wholesale industry, and ¥50 million or below for the retail, restaurant and commodity lease industries, etc.), or enterprises with full-time employees of 300 or below (100 or below for the wholesale and commodity lease industries etc., 50<br>or below for the retail and restaurant industries.)
---

2-31

Mizuho Financial Group, Inc.

9. Status of Loans by Region

(1) Outstanding Balances by Region

Non-Consolidated

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

		(Billions of yen)
		As of September 30, 2025							As of March 31, 2025
		OutstandingBalance				Change			Outstanding Balance
Asia		****	7,914.2	****			938.3			6,975.9
Hong Kong		****	933.6	****			36.2			897.3
Singapore		****	1,501.9	****			134.9			1,366.9
Thailand		****	1,186.0	****			157.0			1,029.0
Taiwan		****	1,120.2	****			413.9			706.3
India		****	1,010.5	****			83.3			927.1
South Korea		****	752.2	****			19.9			732.3
Indonesia		****	490.6	****			60.6			430.0
Philippines		****	286.3	****			19.4			266.8
China		****	151.3	****			9.8			141.4
Malaysia		****	103.1	****			14.3			88.8
Central and South America		****	4,393.9	****			(48.2	)		4,442.1
Mexico		****	278.8	****			(75.1	)		353.9
Brazile		****	219.8	****			19.6			200.1
North America		****	14,339.3	****			590.3			13,748.9
United States		****	12,907.5	****			794.7			12,112.8
Eastern Europe		****	63.3	****			(58.4	)		121.7
Russia		****	20.3	****			(80.6	)		100.9
Western Europe		****	4,602.6	****			45.2			4,557.3
United Kingdom		****	1,378.8	****			(1.4	)		1,380.2
Netherlands		****	934.3	****			(129.6	)		1,064.0
Germany		****	15.7	****			(64.7	)		80.4
Ireland		****	528.1	****			(8.7	)		536.9
Switzerland		****	79.2	****			(6.5	)		85.8
France		****	252.5	****			120.5			132.0
Turkey		****	128.9	****			30.2			98.7
Italy		****	13.6	****			0.9			12.7
Other		****	4,406.7	****			34.5			4,372.1
Australia		****	2,308.0	****			148.1			2,159.9
Total		****	35,720.1	****			1,501.8			34,218.2
The above figures are based on obligor country of<br>location.<br> <br><br> <br>The outstanding balance of loans in major banking subsidiaries outside<br>Japan in the consolidated financial statement is as follows.
		As of September 30, 2025							As of March 31, 2025
		OutstandingBalance				Change			Outstanding Balance
Mizuho Bank Europe N.V.		****	1,763.3	****			1,188.7			574.6
Mizuho Bank (China) ,Ltd		****	932.1	****			(231.3	)		1,163.4
PT. Bank Mizuho Indonesia		****	570.1	****			(39.9	)		610.0

2-32

Mizuho Financial Group, Inc.

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

Non-Consolidated

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

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

The above figures are based on obligor country of location.

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

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

2-33

Mizuho Financial Group, Inc.

III. OTHERS

1. Estimation for Calculating Deferred Tax Assets

Non-Consolidated

Mizuho Bank

1. Estimate of future taxable income

				(Billions of yen)
				Total amount<br>for five years<br>(from October 1, 2025<br>to<br>September 30, 2030)
Net Business Profits (before Reversal of (Provision for) General Allowance for Loan<br>Losses)		1			4,644.4
Profit before Income Taxes		2			5,172.7
Tax Adjustments ^(1)^		3			931.2
Taxable Income before Current Deductible Temporary Differences ^(2)^		4			6,103.9
Effective Statutory Tax Rate		5			30.62% / 31.52%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary<br>Differences [ 4 x 5 ]		6			1,918.3
(1)	Tax Adjustments are estimated future book-tax differences under the<br>provisions of the corporation tax law and others.
---	---
(2)	Taxable Income before Current Deductible Temporary Differences is an estimate of taxable income before<br>adjusting deductible temporary differences as of September 30, 2025.
---	---
Reference: Past results of taxable income (tax loss)
---	---	---	---
		(Billions of yen)
Fiscal 2021			360.3
Fiscal 2022			157.7
Fiscal 2023			406.1
Fiscal 2024			796.7
First Half of Fiscal 2025 (estimate)			558.8
•	Figures are taxable income (tax loss) amounts per the final corporation tax returns before deducting tax losses<br>carried forward from prior years. Subsequent amendments have not been reflected.
---	---
•	Figure for the first half of fiscal 2025 is an estimate of taxable income.
---	---

2. Breakdown of Deferred Tax Assets

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

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

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

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

2-34

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

1. Estimate of future taxable income

			(Billions of yen)
			Total amount for<br>fiveyears<br>(from October 1, 2025<br>to<br>September 30, 2030)
Net Business Profits (before Reversal of (Provision for) General Allowance for Loan<br>Losses)		1		200.5
Profit before Income Taxes		2		312.1
Tax Adjustments ^(1)^		3		(20.5	)
Taxable Income before Current Deductible Temporary Differences ^(2)^		4		292.7
Effective Statutory Tax Rate		5		30.62%/31.52%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary<br>Differences [ 4 x 5 ]		6		91.7
(1)	Tax Adjustments are estimated future book-tax differences under the<br>provisions of the corporation tax law and others.
---	---
(2)	Taxable Income before Current Deductible Temporary Differences is an estimate of taxable income before<br>adjusting deductible temporary differences as of September 30, 2025.
---	---
Reference: Past results of taxable income (tax loss)
---	---	---	---
		(Billions of yen)
Fiscal 2021			33.2
Fiscal 2022			30.0
Fiscal 2023			29.4
Fiscal 2024			71.6
First Half of Fiscal 2025 (estimate)			34.3
•	Figures are taxable income (tax loss) amounts per the final corporation tax returns before deducting tax losses<br>carried forward from prior years. Subsequent amendments have not been reflected.
---	---
•	Figure for the first half of fiscal 2025 is an estimate of taxable income.
---	---

2. Breakdown of Deferred Tax Assets

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

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

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

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

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Mizuho Financial Group, Inc.

2. Breakdown of Deposits (Domestic Offices)

Non-Consolidated

Aggregate Figures for the 2 Banks

		(Billions of yen)
		As of<br>September 30,2025				Change			As of<br>March 31,2025
Deposits		****	122,353.9	****			(1,745.9	)		124,099.8
Individual Deposits		****	48,971.8	****			(58.1	)		49,030.0
Corporate Deposits		****	64,464.1	****			(344.0	)		64,808.2
Financial/Government Institutions		****	8,917.8	****			(1,343.7	)		10,261.5
Mizuho Bank
Deposits		****	120,600.3	****			(1,616.7	)		122,217.0
Individual Deposits		****	48,277.9	****			(56.2	)		48,334.1
Corporate Deposits		****	63,610.3	****			(281.5	)		63,891.8
Financial/Government Institutions		****	8,712.0	****			(1,278.9	)		9,991.0
Mizuho Trust & Banking
Deposits		****	1,753.5	****			(129.1	)		1,882.7
Individual Deposits		****	693.9	****			(1.8	)		695.8
Corporate Deposits		****	853.8	****			(62.5	)		916.3
Financial/Government Institutions		****	205.7	****			(64.7	)		270.5
*	Above figures do not include deposits booked at overseas offices and offshore deposits.
---	---

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Mizuho Financial Group, Inc.

Attachments

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO BANK

		Millions of yen
		As of<br>September 30,<br>2025 (A)			As of<br>March 31,<br>2025 (B)			Change<br>(A) - (B)
Assets
Cash and Due from Banks		¥	64,154,219	****	¥	69,747,184		¥	(5,592,965	)
Call Loans		****	259,519	****		249,360			10,159
Receivables under Resale Agreements		****	9,905,076	****		10,023,199			(118,123	)
Guarantee Deposits Paid under Securities Borrowing Transactions		****	128,778	****		127,638			1,139
Monetary Claims Bought		****	564,771	****		493,032			71,738
Trading Assets		****	8,646,390	****		7,782,207			864,182
Money Held in Trust		****	505	****		505			0
Securities		****	38,571,446	****		34,405,103			4,166,342
Loans and Bills Discounted		****	91,720,807	****		91,615,228			105,578
Foreign Exchanges		****	2,154,470	****		2,042,083			112,387
Derivatives other than for Trading Assets		****	6,180,588	****		6,066,571			114,017
Other Assets		****	5,329,732	****		5,558,146			(228,413	)
Tangible Fixed Assets		****	855,321	****		855,824			(502	)
Intangible Fixed Assets		****	531,992	****		505,728			26,264
Prepaid Pension Cost		****	297,317	****		375,645			(78,327	)
Deferred Tax Assets		****	188,528	****		276,640			(88,112	)
Customers’ Liabilities for Acceptances and Guarantees		****	12,370,944	****		11,573,662			797,282
Allowances for Loan Losses		****	(458,473	)		(719,269	)		260,796
Allowance for Investment Losses			—			(2	)		2
Total Assets		¥	241,401,937	****	¥	240,978,492		¥	423,445
Liabilities
Deposits		¥	154,828,114	****	¥	153,047,861		¥	1,780,253
Negotiable Certificates of Deposit		****	13,722,701	****		14,052,123			(329,422	)
Call Money		****	2,323,253	****		2,169,376			153,876
Payables under Repurchase Agreements		****	14,646,838	****		19,411,662			(4,764,824	)
Guarantee Deposits Received under Securities Lending Transactions		****	605,928	****		356,931			248,996
Commercial Paper		****	2,245,275	****		2,138,133			107,142
Trading Liabilities		****	5,522,776	****		5,646,893			(124,116	)
Borrowed Money		****	14,269,622	****		12,955,564			1,314,058
Foreign Exchanges		****	1,533,921	****		1,061,680			472,240
Bonds and Notes		****	693,778	****		407,973			285,805
Derivatives other than for Trading Liabilities		****	7,332,522	****		7,147,566			184,955
Other Liabilities		****	4,261,301	****		4,115,826			145,475
Reserve for Bonus Payments		****	38,341	****		54,510			(16,169	)
Reserve for Variable Compensation		****	375	****		587			(212	)
Reserve for Possible Losses on Sales of Loans		****	40	****		1,266			(1,225	)
Reserve for Contingencies		****	10,299	****		8,616			1,683
Reserve for Reimbursement of Deposits		****	5,851	****		6,814			(962	)
Reserve for Reimbursement of Debentures		****	16,039	****		19,965			(3,925	)
Deferred Tax Liabilities for Revaluation Reserve for Land		****	45,281	****		47,059			(1,777	)
Acceptances and Guarantees		****	12,370,944	****		11,573,662			797,282
Total Liabilities		****	234,473,209	****		234,224,077			249,131
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		****	2,705,543	****		2,715,665			(10,121	)
Appropriated Reserve		****	724,535	****		624,534			100,000
Other Retained Earnings		****	1,981,008	****		2,091,130			(110,122	)
Retained Earnings Brought Forward		****	1,981,008	****		2,091,130			(110,122	)
Total Shareholders’ Equity		****	6,369,001	****		6,379,123			(10,121	)
Net Unrealized Gains (Losses) on Other Securities, net of Taxes		****	1,067,229	****		752,993			314,236
Net Deferred Hedge Gains (Losses), net of Taxes		****	(602,326	)		(476,383	)		(125,942	)
Revaluation Reserve for Land, net of Taxes		****	94,823	****		98,682			(3,859	)
Total Valuation and Translation Adjustments		****	559,726	****		375,291			184,434
Total Net Assets		****	6,928,728	****		6,754,415			174,313
Total Liabilities and Net Assets		¥	241,401,937	****	¥	240,978,492		¥	423,445

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Mizuho Financial Group, Inc.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OFINCOME

(selected items) OF MIZUHO BANK

		Millions of yen
		For the six months<br>ended<br>September 30, 2025<br>(A)				For the six months<br>ended<br>September 30, 2024<br>(B)			Change<br>(A) - (B)
Ordinary Income		¥	3,109,884	****		¥	3,273,841		¥	(163,956	)
Interest Income		****	2,370,481	****			2,490,924			(120,442	)
Interest on Loans and Bills Discounted		****	1,233,123	****			1,276,139			(43,016	)
Interest and Dividends on Securities		****	424,095	****			406,426			17,668
Fee and Commission Income		****	341,193	****			312,172			29,021
Trading Income		****	106,354	****			180,267			(73,912	)
Other Operating Income		****	93,085	****			129,072			(35,986	)
Other Ordinary Income		****	198,768	****			161,405			37,363
Ordinary Expenses		****	2,509,045	****			2,756,364			(247,319	)
Interest Expenses		****	1,729,101	****			1,998,387			(269,285	)
Interest on Deposits		****	771,573	****			840,978			(69,405	)
Fee and Commission Expenses		****	143,601	****			129,533			14,067
Trading Expenses		****	1,397	****			31			1,366
Other Operating Expenses		****	114,974	****			110,539			4,434
General and Administrative Expenses		****	461,898	****			429,260			32,637
Other Ordinary Expenses		****	58,071	****			88,612			(30,540	)
Ordinary Profits		****	600,839	****			517,476			83,362
Extraordinary Gains		****	42,551	****			45,924			(3,372	)
Extraordinary Losses		****	4,459	****			4,015			443
Profit before Income Taxes		****	638,931	****			559,384			79,546
Income Taxes:
Current		****	151,239	****			184,336			(33,096	)
Deferred		****	1,668	****			(25,648	)		27,316
Profit		¥	486,023	****		¥	400,696		¥	85,326

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