NMR 6-K 2025 - Equibles

FORM 6-K

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

Commission File Number: 1-15270

For the month of October 2025

NOMURA HOLDINGS, INC.

(Translation of registrant’s name into English)

13-1, Nihonbashi 1-chome

Chuo-ku, Tokyo 103-8645

Japan

(Address ofprincipal executive offices)

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

Form 20-F X Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Information furnished on this form:

EXHIBIT

Exhibit Number
1.		Financial Summary – Six months ended September 30, 2025.

The registrant hereby incorporates Exhibit 1 to this report on Form 6-K by reference (i) in the prospectus that is part of the Registration Statement on Form F-3 (Registration No. 333-283915) of the registrant, originally filed with the SEC on December 19, 2024, as amended by Post-Effective Amendment No. 1 thereto, filed with the SEC on August 29, 2025 and (ii) in the prospectus that is part of the Registration Statement on Form F-3 (Registration No. 333-273353) of the registrant and of Nomura America Finance, LLC, filed with the SEC on July 20, 2023.

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.

	NOMURA HOLDINGS, INC.
Date: October 28, 2025	By:	/s/ Yoshifumi Kishida
		Yoshifumi Kishida
		Senior Managing Director

Financial Summary for the Six Months Ended September 30, 2025(U.S. GAAP)

Date:		October 28, 2025
Company name (code number):		Nomura Holdings, Inc. (8604)
Stock exchange listings:		(In Japan) Tokyo, Nagoya<br> <br>(Overseas) New York,<br>Singapore
Representative:		Kentaro Okuda<br> <br>President and Group CEO, Nomura<br>Holdings, Inc.
For inquiries:		Akihiro Koseki<br> <br>Managing Director, Head of<br>Investor Relations, Nomura Holdings, Inc.<br> <br>Tel: (Country Code 81) 3-5255-1000<br><br><br>URL: https://www.nomura.com

1. Consolidated Operating Results

(1) Operating Results

	(Rounded to nearest million)
	(Millions of yen, except per share data)
	For the six months ended September 30
	2024						2025
				% Change from<br>September 30, 2023						% Change from<br>September 30, 2024
Total revenue		2,459,451			29.0	%		2,317,801			(5.8	%)
Net revenue		937,769			30.9	%		1,038,777			10.8	%
Income before income taxes		235,941			129.0	%		296,927			25.8	%
Net income attributable to Nomura Holdings, Inc. (“NHI”) shareholders		167,325			185.7	%		196,643			17.5	%
Comprehensive income		81,168			(56.6	%)		161,423			98.9	%
Basic-Net income attributable to NHI shareholders per<br>share (Yen)		56.63						66.54
Diluted-Net income attributable to NHI shareholders per<br>share (Yen)		54.58						64.53
Return on shareholders’ equity - annualized		10.1	%					11.3	%

Note: Return on shareholders’ equity is a ratio of Net income attributable to NHI shareholders to Total NHI shareholders’ equity.

(2) Financial Position

	(Millions of yen, except per share data)
	At March 31			At September 30
	2025			2025
Total assets		56,802,170			60,367,700
Total equity		3,580,999			3,608,659
Total NHI shareholders’ equity		3,470,879			3,485,283
Total NHI shareholders’ equity as a percentage of total assets		6.1	%		5.8	%
Total NHI shareholders’ equity per share (Yen)		1,174.10			1,188.05

2. Cash Dividends

					(Yen amounts)
	For the year ended March 31
	2025		2026		2026 (Plan)
Dividends per share
Dividends record dates
At June 30		—		—		—
At September 30		23.00		27.00		—
At December 31		—		—		—
At March 31		34.00		—		Unconfirmed
For the year		57.00		—		Unconfirmed

Note: The dividends for the fourth quarter of the year ending March 31, 2026, are not presented for the reasons stated in “ 3. Earnings forecasts for the year ending March 31, 2026.”

3. Earnings Forecasts for the year ending March 31, 2026

Nomura provides investment, financing and related services in the capital markets on a global basis. In the global capital markets there exist uncertainties due to, but not limited to, economic and market conditions. Nomura, therefore, does not present earnings forecasts.

Notes

(1) Significant changes in the scope of consolidation during the period: None

(2) Adoption of the simplified and particular accounting treatments: None

(3) Changes in accounting policies

a) Changes in accounting policies due to amendments to the accounting standards: Yes

b) Changes in accounting policies due to other than a): None

Note) Please refer to P.12 “2. Semi-annual Consolidated Financial Statements (6) Changes in Accounting Policies” for further details.

(4) Number of shares issued (common stock)

	At March 31		At September 30
	2025		2025
Number of shares outstanding (including treasury stock)		3,163,562,601		3,163,562,601
Number of treasury stock		207,351,636		229,952,160
	For the six months endedSeptember 30
	2024		2025
Average number of shares outstanding (year-to-date)		2,954,723,390		2,955,292,000

*Semi-annual financial results reports are exempt from review conducted by certified public accountants or an audit firm.

Table of Contents for the Accompanying Materials

1. Qualitative Information of the Semi-annual ConsolidatedResults	P. 2
(1) Consolidated Operating Results	P. 2
(2) Consolidated Financial Position	P. 4
(3) Consolidated Earnings Forecasts	P. 4
2. Semi-annual Consolidated Financial Statements	P. 5
(1) Semi-annual Consolidated Balance Sheets	P. 6
(2) Semi-annual Consolidated Statements of Income	P. 8
(3) Semi-annual Consolidated Statements of Comprehensive<br>Income	P. 9
(4) Note with respect to the Assumption as a Going Concern	P.10
(5) Significant Changes in Equity	P.11
(6) Changes in Accounting Policies	P.12
(7) Segment Information – Operating Segment	P.12
3. Supplementary Information	P.14
(1) Consolidated Statements of Income – Quarterly<br>Comparatives	P.14
(2) Business Segment Information – Quarterly<br>Comparatives	P.15
(3) Other	P.16

– 1 –

1.	Qualitative Information of the Semi-annual Consolidated Results
(1)	Consolidated Operating Results
---	---

U.S. GAAP

	Billions of yen						% Change
	For the six months ended						(B-A)/(A)
	September 30,<br>2024 (A)			September 30,<br>2025 (B)
Net revenue		937.8			1,038.8			10.8
Non-interest expenses		701.8			741.9			5.7

Income (loss) before income taxes		235.9			296.9			25.8
Income tax expense		66.8			93.7			40.2

Net income (loss)		169.1			203.3			20.2

Less: Net income (loss) attributable to noncontrolling interests		1.8			6.6			265.2

Net income (loss) attributable to NHI shareholders		167.3			196.6			17.5

Return on shareholders’ equity - annualized		10.1	%		11.3	%		—

Note: Return on shareholders’ equity is a ratio of Net income (loss) attributable to NHI shareholders to Total NHI shareholders’ equity.

Nomura Holdings, Inc. and its consolidated entities (collectively, “Nomura”) reported net revenue of 1,038.8 billion yen for the six months ended September 30, 2025, an increase of 10.8% from the same period in the prior year. Non-interest expenses increased by 5.7% from the same period in the prior year to 741.9 billion yen. Income before income taxes was 296.9 billion yen and net income attributable to NHI shareholders was 196.6 billion yen for the six months ended September 30, 2025.

Segment Information

	Billions of yen				% Change
	For the six months ended				(B-A)/(A)
	September 30,<br>2024 (A)		September 30,<br>2025 (B)
Net revenue		939.8		1,037.1		10.4
Non-interest expenses		701.8		741.9		5.7

Income (loss) before income taxes		237.9		295.3		24.1

In the above segment information totals, which exclude a part of unrealized gain (loss) on investments in equity securities held for operating purposes, net revenue for the six months ended September 30, 2025 was 1,037.1 billion yen, an increase of 10.4% from the same period in the prior year. Non-interest expenses increased by 5.7% from the same period in the prior year to 741.9 billion yen. Income before income taxes increased by 24.1% to 295.3 billion yen for the six months ended September 30, 2025. Please refer to page 12 for further details of the differences between U.S. GAAP and business segment amounts.

– 2 –

<Business Segment Results>

On April 1, 2025, the Banking Division was newly established. As a result, the prior period amounts have been reclassified to conform to the current year presentation.

Operating Results of Wealth Management

	Billions of yen				% Change
	For the six months ended				(B-A)/(A)
	September 30,<br>2024 (A)		September 30,<br>2025 (B)
Net revenue		222.0		222.3		0.1
Non-interest expenses		136.6		138.0		1.0

Income (loss) before income taxes		85.4		84.3		(1.4	)

Net revenue increased by 0.1% from the same period in the prior year to 222.3 billion yen. Non-interest expenses increased by 1.0% to 138.0 billion yen. As a result, income before income taxes decreased by 1.4% to 84.3 billion yen.

Operating Results of Investment Management

	Billions of yen				% Change
	For the six months ended				(B-A)/(A)
	September 30,<br>2024 (A)		September 30,<br>2025 (B)
Net revenue		103.8		111.4		7.4
Non-interest expenses		48.6		59.2		21.6

Income (loss) before income taxes		55.1		52.2		(5.2	)

Net revenue increased by 7.4% from the same period in the prior year to 111.4 billion yen. Non-interest expenses increased by 21.6% to 59.2 billion yen. As a result, income before income taxes decreased by 5.2% to 52.2 billion yen. Assets under management were 101.2 trillion yen as of September 30, 2025.

Operating Results of Wholesale

	Billions of yen				% Change
	For the six months ended				(B-A)/(A)
	September 30,<br>2024 (A)		September 30,<br>2025 (B)
Net revenue		508.2		540.3		6.3
Non-interest expenses		441.8		445.2		0.8

Income (loss) before income taxes		66.4		95.0		43.1

Net revenue increased by 6.3% from the same period in the prior year to 540.3 billion yen. Non-interest expenses increased by 0.8% to 445.2 billion yen. As a result, income before income taxes increased by 43.1% to 95.0 billion yen.

– 3 –

Operating Results of Banking

	Billions of yen				% Change
	For the six months ended				(B-A)/(A)
	September 30,<br>2024 (A)		September 30,<br>2025 (B)
Net revenue		23.5		25.7		9.5
Non-interest expenses		14.8		18.9		27.4

Income (loss) before income taxes		8.6		6.8		(21.4)

Net revenue increased by 9.5% from the same period in the prior year to 25.7 billion yen. Non-interest expenses increased by 27.4% to 18.9 billion yen. As a result, income before income taxes decreased by 21.4% to 6.8 billion yen.

Other Operating Results

	Billions of yen				% Change
	For the six months ended				(B-A)/(A)
	September 30,<br>2024 (A)		September 30,<br>2025 (B)
Net revenue		82.3		137.5		67.1
Non-interest expenses		60.0		80.6		34.4

Income (loss) before income taxes		22.3		56.9		155.1

Net revenue was 137.5 billion yen, primarily due to profits related to the sale of land and buildings located in Takanawa 2-chome, Minato-ku, Tokyo, recorded in April 2025. Income before income taxes was 56.9 billion yen.

(2)	Consolidated Financial Position

Total assets as of September 30, 2025 were 60,367.7 billion yen, an increase of 3,565.5 billion yen compared to March 31, 2025, mainly due to the increase in Trading assets. Total liabilities as of September 30, 2025 were 56,759.0 billion yen, an increase of 3,537.9 billion yen compared to March 31, 2025, mainly due to the increase in Trading liabilities. Total equity as of September 30, 2025 was 3,608.7 billion yen, an increase of 27.7 billion yen compared to March 31, 2025.

(3)	Consolidated Earnings Forecasts

– 4 –

2.	Semi-annual Consolidated Financial Statements

The Semi-annual consolidated financial statements herein have been prepared in accordance with Nomura’s accounting policies which are disclosed in the notes to the consolidated financial statements of Nomura Holdings, Inc.’s Annual Securities Report (the annual report filed in Japan on June 23, 2025) and Form 20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 23, 2025) for the year ended March 31, 2025, with the exception of matters described in (6) Changes in Accounting Policies.

– 5 –

(1) Semi-annual Consolidated Balance Sheets

	Millions of yen
	March 31,<br>2025		September 30,<br>2025		Increase/<br>(Decrease)
ASSETS
Cash and cash deposits:
Cash and cash equivalents	4,424,462		5,867,361		1,442,899
Time deposits	642,388		567,028		(75,360	)
Deposits with stock exchanges and other segregated cash	447,846		397,446		(50,400	)

Total cash and cash deposits	5,514,696		6,831,835		1,317,139

Loans and receivables:
Loans receivable	6,025,008		6,432,492		407,484
Receivables from customers	410,722		443,129		32,407
Receivables from other than customers	1,030,023		1,116,072		86,049
Allowance for credit losses	(16,920	)	(16,313	)	607

Total loans and receivables	7,448,833		7,975,380		526,547

Collateralized agreements:
Securities purchased under agreements to resell	14,004,757		13,400,635		(604,122	)
Securities borrowed	4,658,828		4,426,880		(231,948	)

Total collateralized agreements	18,663,585		17,827,515		(836,070	)

Trading assets and private equity and debt investments:
Trading assets*	22,372,339		24,692,459		2,320,120
Private equity and debt investments*	151,710		182,695		30,985

Total trading assets and private equity and debt investments	22,524,049		24,875,154		2,351,105

Other assets:
Office buildings, land, equipment and facilities<br>(net of accumulated depreciation and amortization of<br> 546,117 million as of March 31, 2025 and<br> 557,108 million as of September 30, 2025)	436,454		442,280		5,826
Non-trading debt securities*	485,290		593,272		107,982
Investments in equity securities*	98,401		106,022		7,621
Investments in and advances to affiliated companies*	506,389		516,777		10,388
Other	1,124,473		1,199,465		74,992

Total other assets	2,651,007		2,857,816		206,809

Total assets	56,802,170		60,367,700		3,565,530

All values are in Japanese Yen.

^*^	Including securities pledged as collateral

– 6 –

			Millions of yen
			March 31,<br>2025			September 30,<br>2025			Increase/<br>(Decrease)
LIABILITIES AND EQUITY
Short-term borrowings				1,117,292			1,221,743			104,451
Payables and deposits:
Payables to customers				1,377,222			2,054,893			677,671
Payables to other than customers				2,766,112			2,763,954			(2,158	)
Deposits received at banks				3,105,581			3,288,093			182,512

Total payables and deposits				7,248,915			8,106,940			858,025

Collateralized financing:
Securities sold under agreements to repurchase				16,287,758			15,626,425			(661,333	)
Securities loaned				1,964,682			2,192,827			228,145
Other secured borrowings				393,420			368,724			(24,696	)

Total collateralized financing				18,645,860			18,187,976			(457,884	)

Trading liabilities				11,378,828			13,424,421			2,045,593
Other liabilities				1,456,598			1,410,255			(46,343	)
Long-term borrowings				13,373,678			14,407,706			1,034,028

Total liabilities				53,221,171			56,759,041			3,537,870

Equity
NHI shareholders’ equity:
Common stock
Authorized	-	6,000,000,000 shares
Issued	-	3,163,562,601 shares as of March 31, 2025 and
		3,163,562,601 shares as of September 30, 2025
Outstanding	-	2,956,210,965 shares as of March 31, 2025 and
		2,933,610,441 shares as of September 30, 2025		594,493			594,493			—
Additional paid-in capital				704,877			681,968			(22,909	)
Retained earnings				1,867,379			1,975,904			108,525
Accumulated other comprehensive income (loss)				447,808			404,405			(43,403	)

Total NHI shareholders’ equity before treasury stock				3,614,557			3,656,770			42,213
Common stock held in treasury, at cost -
207,351,636 shares as<br>of March 31, 2025 and
229,952,160 shares as<br>of September 30, 2025				(143,678	)		(171,487	)		(27,809	)

Total NHI shareholders’ equity				3,470,879			3,485,283			14,404

Noncontrolling interests				110,120			123,376			13,256

Total equity				3,580,999			3,608,659			27,660

Total liabilities and equity				56,802,170			60,367,700			3,565,530

– 7 –

(2) Semi-annual Consolidated Statements of Income

	Millions of yen					% Change
	For the six months ended					(B-A)/(A)
	September 30,<br>2024(A)			September 30,<br>2025(B)
Revenue:
Commissions		204,113			205,655		0.8
Fees from investment banking		94,586			82,911		(12.3	)
Asset management and portfolio service fees		184,181			195,342		6.1
Net gain on trading		279,705			314,183		12.3
Gain on private equity and debt investments		4,751			10,700		125.2
Interest and dividends		1,551,508			1,302,391		(16.1	)
Gain (loss) on investments in equity securities		(1,112	)		3,988		—
Other		141,719			202,631		43.0

Total revenue		2,459,451			2,317,801		(5.8	)
Interest expense		1,521,682			1,279,024		(15.9	)

Net revenue		937,769			1,038,777		10.8

Non-interest expenses:
Compensation and benefits		369,181			381,389		3.3
Commissions and floor brokerage		88,954			91,969		3.4
Information processing and communications		112,510			116,366		3.4
Occupancy and related depreciation		34,445			33,248		(3.5	)
Business development expenses		12,553			14,264		13.6
Other		84,185			104,614		24.3

Total non-interest expenses		701,828			741,850		5.7

Income before income taxes		235,941			296,927		25.8
Income tax expense		66,802			93,660		40.2

Net income		169,139			203,267		20.2

Less: Net income attributable to noncontrolling interests		1,814			6,624		265.2

Net income attributable to NHI shareholders		167,325			196,643		17.5

Per share of common stock:
	Yen					% Change
Basic-
Net income attributable to NHI shareholders per share		56.63			66.54		17.5

Diluted-
Net income attributable to NHI shareholders per share		54.58			64.53		18.2

– 8 –

(3) Semi-annual Consolidated Statements of Comprehensive Income

	Millions of yen						% Change
	For the six months ended						(B-A)/(A)
	September 30,<br>2024(A)			September 30,<br>2025(B)
Net income		169,139			203,267			20.2
Other comprehensive income (loss):
Cumulative translation adjustments:
Cumulative translation adjustments		(94,867	)		3,618			—
Deferred income taxes		(1,380	)		1,689			—

Total		(96,247	)		5,307			—

Defined benefit pension plans:
Pension liability adjustment		(1,443	)		(4,525	)		—
Deferred income taxes		488			(13	)		—

Total		(955	)		(4,538	)		—

Non-trading debt securities:
Net unrealized gain (loss) on non-trading debt<br>securities		(39	)		(456	)		—
Deferred income taxes		12			143			—

Total		(27	)		(313	)		—

Own credit adjustments:
Own credit adjustments		13,358			(50,030	)		—
Deferred income taxes		(4,100	)		7,730			—

Total		9,258			(42,300	)		—

Total other comprehensive income (loss)		(87,971	)		(41,844	)		—

Comprehensive income		81,168			161,423			98.9
Less: Comprehensive income attributable to noncontrolling interests		1,098			8,183			645.3

Comprehensive income attributable to NHI shareholders		80,070			153,240			91.4

– 9 –

(4) Note with respect to the Assumption as a Going Concern

Not applicable.

– 10 –

(5) Significant Changes in Equity

Not applicable. For further details of the changes, please refer below.

	Millions of yen
	For the six months ended<br>September 30, 2025
Common stock
Balance at beginning of year		594,493

Balance at end of period		594,493

Additional paid-in capital
Balance at beginning of year		704,877
Stock-based compensation awards		(22,894	)
Changes in an affiliated company’s interests		(15	)

Balance at end of period		681,968

Retained earnings
Balance at beginning of year		1,867,379
Net income attributable to NHI shareholders		196,643
Cash dividends		(79,207	)
Loss on disposal of treasury stock		(8,911	)

Balance at end of period		1,975,904

Accumulated other comprehensive income (loss)
Cumulative translation adjustments
Balance at beginning of year		407,977
Net change during the period		3,748

Balance at end of period		411,725

Defined benefit pension plans
Balance at beginning of year		(7,105	)
Pension liability adjustment		(4,538	)

Balance at end of period		(11,643	)

Non-trading debt securities
Balance at beginning of year		(1,147	)
Net unrealized loss on non-trading debt<br>securities		(313	)

Balance at end of period		(1,460	)

Own credit adjustments
Balance at beginning of year		48,083
Own credit adjustments		(42,300	)

Balance at end of period		5,783

Balance at end of period		404,405

Common stock held in treasury
Balance at beginning of year		(143,678	)
Repurchases of common stock		(60,008	)
Sale of common stock		0
Common stock issued to employees		32,199

Balance at end of period		(171,487	)

Total NHI shareholders’ equity

Balance at end of period		3,485,283

Noncontrolling interests
Balance at beginning of year		110,120
Net change during the period		13,256

Balance at end of period		123,376

Total equity

Balance at end of period		3,608,659

– 11 –

(6) Changes in Accounting Policies

Intangibles—Goodwill and Other—Crypto Asset: Accounting for and Disclosure of Crypto Assets

In December 2023, the Financial Accounting Standards Board issued Accounting Standards Updates (“ASU”) No. 2023-08 “Intangibles—Goodwill and Other—Crypto Asset: Accounting for and Disclosure of Crypto Assets” which requires all in-scope crypto assets be subsequently measured at fair value at each reporting period through earnings. The ASU requires presentation of in-scope crypto assets separately from other intangible assets in the balance sheet and any changes from the remeasurement of in-scope crypto assets separately from changes in the carrying amounts of other intangible assets in the income statement. The ASU also introduces new disclosure requirements for in-scope crypto assets applicable to all entities. Nomura has applied this new accounting policy based on a modified retrospective approach from April 1, 2025. These accounting changes have not had a material impact on Nomura’s consolidated financial statements.

(7) Segment Information – OperatingSegment

Nomura’s Chief Operating Decision Maker is the Executive Management Board (the “EMB”) which is the management function primarily responsible for assessing performance of and allocating resources to the business segments. The EMB reviews business segment results including Net revenue, Non-interest expenses, and Income before income taxes on a regular basis. The EMB uses these measures along with certain segment-specific Key Performance Indicators (KPIs) and budgets to evaluate segment performance and to make key operating decisions, including resource and capital allocations. Business segments’ information on total assets is not disclosed as EMB does not consider such information for its operating decisions and therefore, it is not reported.

– 12 –

The following table shows business segment information and reconciliation items to the consolidated statements of income.

		Millions of yen					% Change
		For the six months ended					(B-A)/(A)
		September 30,<br>2024 (A)			September 30,<br>2025 (B)
Net revenue
Business segment information:
Wealth Management			222,017			222,271		0.1
Investment Management			103,757			111,399		7.4
Wholesale			508,227			540,255		6.3
Banking			23,477			25,696		9.5

Subtotal			857,478			899,621		4.9
Other			82,284			137,526		67.1

Net revenue			939,762			1,037,147		10.4

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes			(1,993	)		1,630		—

Net revenue			937,769			1,038,777		10.8

*Non-interest expenses (1)**
Business segment information:
Wealth Management			136,578			137,993		1.0
Investment Management			48,643			59,161		21.6
Wholesale			441,812			445,207		0.8
Banking			14,832			18,902		27.4

Subtotal			641,865			661,263		3.0
Other			59,963			80,587		34.4

Non-interest expenses			701,828			741,850		5.7

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes			—			—		—

Non-interest expenses			701,828			741,850		5.7

Income (loss) before income taxes
Business segment information:
Wealth Management			85,439			84,278		(1.4	)
Investment Management			55,114			52,238		(5.2)
Wholesale			66,415			95,048		43.1
Banking			8,645			6,794		(21.4	)

Subtotal			215,613			238,358		10.5
Other (*2)			22,321			56,939		155.1

Income (loss) before income taxes			237,934			295,297		24.1

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes			(1,993	)		1,630		—

Income (loss) before income taxes			235,941			296,927		25.8

(*1)	Includes primarily personnel expenses, occupancy, technology, and professional fees.
---	---
(*2)	Major components
---	---

Transactions between operating segments are recorded within segment results on commercial terms and conditions, and are eliminated in “Other.”

The following table presents the major components of income (loss) before income taxes in “Other.”

	Millions of yen						% Change
	For the six months ended						(B-A)/(A)
	September 30,<br>2024 (A)			September 30,<br>2025 (B)
Net gain (loss) related to economic hedging transactions		(1,027	)		901			—
Realized gain (loss) on investments in equity securities held for operating purposes		496			2,214			346.4
Equity in earnings of affiliates		26,351			24,769			(6.0)
Corporate items		187			(26,818	)		—
Other		(3,686	)		55,873			—

Total		22,321			56,939			155.1

Note) Prior period amounts have been reclassified to conform to the current year presentation.

– 13 –

3. Supplementary Information

(1) Consolidated Statements of Income – Quarterly Comparatives

	Millions of yen															% Change			Millions of yen
	For the three months ended																		For the year ended<br>March 31,<br>2025
	June 30,<br>2024		September 30,<br>2024			December 31,<br>2024		March 31,<br>2025			June 30,<br>2025(A)			September 30,<br>2025(B)		(B-A)/(A)
Revenue:
Commissions		102,750		101,363			102,630		100,268			100,606			105,049		4.4			407,011
Fees from investment banking		41,251		53,335			64,375		53,273			38,357			44,554		16.2			212,234
Asset management and portfolio service fees		90,333		93,848			97,209		96,806			92,855			102,487		10.4			378,196
Net gain on trading		131,994		147,711			142,013		158,381			142,239			171,944		20.9			580,099
Gain on private equity and debt investments		3,153		1,598			1,641		1,242			6,330			4,370		(31.0	)		7,634
Interest and dividends		788,550		762,958			745,459		630,894			649,561			652,830		0.5			2,927,861
Gain (loss) on investments in equity securities		1,442		(2,554	)		1,610		(54	)		(377	)		4,365		—			444
Other		58,412		83,307			43,001		38,544			127,017			75,614		(40.5	)		223,264

Total revenue		1,217,885		1,241,566			1,197,938		1,079,354			1,156,588			1,161,213		0.4			4,736,743
Interest expense		763,443		758,239			695,957		626,619			633,273			645,751		2.0			2,844,258

Net revenue		454,442		483,327			501,981		452,735			523,315			515,462		(1.5	)		1,892,485

Non-interest expenses:
Compensation and benefits		184,510		184,671			190,888		172,321			186,310			195,079		4.7			732,390
Commissions and floor brokerage		43,629		45,325			43,645		44,853			44,778			47,191		5.4			177,452
Information processing and communications		55,769		56,741			54,431		60,077			57,164			59,202		3.6			227,018
Occupancy and related depreciation		17,635		16,810			17,885		17,836			15,965			17,283		8.3			70,166
Business development expenses		6,572		5,981			6,807		7,695			6,992			7,272		4.0			27,055
Other		43,396		40,789			50,046		52,209			51,824			52,790		1.9			186,440

Total non-interest expenses		351,511		350,317			363,702		354,991			363,033			378,817		4.3			1,420,521

Income before income taxes		102,931		133,010			138,279		97,744			160,282			136,645		(14.7	)		471,964
Income tax expense		31,498		35,304			34,137		23,770			52,808			40,852		(22.6	)		124,709

Net income		71,433		97,706			104,142		73,974			107,474			95,793		(10.9	)		347,255

Less: Net income (loss) attributable to noncontrolling interests		2,495		(681	)		2,701		2,004			2,909			3,715		27.7			6,519

Net income attributable to NHI shareholders		68,938		98,387			101,441		71,970			104,565			92,078		(11.9	)		340,736

	Yen															% Change			Yen
Per share of common stock:
Basic-
Net income attributable to NHI shareholders per share		23.33		33.30			34.32		24.35			35.19			31.34		(10.9	)		115.30

Diluted-
Net income attributable to NHI shareholders per share		22.36		32.26			33.08		23.39			34.04			30.49		(10.4	)		111.03

– 14 –

(2) Business Segment Information – Quarterly Comparatives

The following table shows business segment information and reconciliation items to the consolidated statements of income.

	Millions of yen															% Change			Millions of yen
	For the three months ended															****			For the year ended
	June 30,<br>2024		September 30,<br>2024			December 31,<br>2024		March 31,<br>2025			June 30,<br>2025(A)			September 30,<br>2025(B)		(B-A)/(A)			March 31,<br>2025
Net revenue
Business segment information:
Wealth Management		109,716		112,301			111,611		99,923			105,796			116,475		10.1			433,551
Investment Management		47,670		56,087			45,711		43,005			50,574			60,825		20.3			192,473
Wholesale		244,846		263,381			290,523		259,188			261,072			279,183		6.9			1,057,938
Banking		11,232		12,245			12,274		11,421			12,845			12,851		—			47,172

Subtotal		413,464		444,014			460,119		413,537			430,287			469,334		9.1			1,731,134
Other		39,739		42,545			41,244		39,372			93,160			44,366		(52.4	)		162,900

Net revenue		453,203		486,559			501,363		452,909			523,447			513,700		(1.9	)		1,894,034

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		1,239		(3,232	)		618		(174	)		(132	)		1,762		—			(1,549	)

Net revenue		454,442		483,327			501,981		452,735			523,315			515,462		(1.5	)		1,892,485

*Non-interest expenses (1)**
Business segment information:
Wealth Management		68,517		68,061			66,792		63,999			67,041			70,952		5.8			267,369
Investment Management		24,491		24,152			26,773		27,466			29,047			30,114		3.7			102,882
Wholesale		223,725		218,087			228,162		221,682			219,164			226,043		3.1			891,656
Banking		7,200		7,632			7,612		8,371			9,231			9,671		4.8			30,815

Subtotal		323,933		317,932			329,339		321,518			324,483			336,780		3.8			1,292,722
Other		27,578		32,385			34,363		33,473			38,550			42,037		9.0			127,799

Non-interest expenses		351,511		350,317			363,702		354,991			363,033			378,817		4.3			1,420,521

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		—		—			—		—			—			—		—			—

Non-interest expenses		351,511		350,317			363,702		354,991			363,033			378,817		4.3			1,420,521

Income (loss) before income taxes
Business segment information:
Wealth Management		41,199		44,240			44,819		35,924			38,755			45,523		17.5			166,182
Investment Management		23,179		31,935			18,938		15,539			21,527			30,711		42.7			89,591
Wholesale		21,121		45,294			62,361		37,506			41,908			53,140		26.8			166,282
Banking		4,032		4,613			4,662		3,050			3,614			3,180		(12.0	)		16,357

Subtotal		89,531		126,082			130,780		92,019			105,804			132,554		25.3			438,412
Other (*2)		12,161		10,160			6,881		5,899			54,610			2,329		(95.7	)		35,101

Income (loss) before income taxes		101,692		136,242			137,661		97,918			160,414			134,883		(15.9	)		473,513

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		1,239		(3,232	)		618		(174	)		(132	)		1,762		—			(1,549	)

Income (loss) before income taxes		102,931		133,010			138,279		97,744			160,282			136,645		(14.7	)		471,964

(*1)	Includes primarily personnel expenses, occupancy, technology, and professional fees.
---	---
(*2)	Major components
---	---

Transactions between operating segments are recorded within segment results on commercial terms and conditions, and are eliminated in “Other.”

The following table presents the major components of income (loss) before income taxes in “Other.”

	Millions of yen																		% Change			Millions of yen
	For the three months ended																		****			For the year ended<br>March 31,<br>2025
	June 30,<br>2024			September 30,<br>2024			December 31,<br>2024			March 31,<br>2025			June 30,<br>2025(A)			September 30,<br>2025(B)			(B-A)/(A)
Net gain (loss) related to economic hedging transactions		(2,853	)		1,826			(7,014	)		2,232			1,067			(166	)		—			(5,809	)
Realized gain (loss) on investments in equity securities held for operating purposes		—			496			645			334			5			2,209			—			1,475
Equity in earnings of affiliates		14,800			11,551			15,200			9,670			12,321			12,448			1.0			51,221
Corporate items		5,519			(5,332	)		(954	)		(5,117	)		(11,637	)		(15,181	)		—			(5,884	)
Other		(5,305	)		1,619			(996	)		(1,220	)		52,854			3,019			(94.3	)		(5,902	)

Total		12,161			10,160			6,881			5,899			54,610			2,329			(95.7	)		35,101

Note) Prior period amounts have been reclassified to conform to the current year presentation.

– 15 –

(3)	Other

Quarterly financial information for Nomura Securities Co., Ltd. can be found at the following URL.

https://www.nomuraholdings.com/en/company/group/nsc/nsc/main/019/teaserItems3/0/linkList/0/link/2026_2q.pdf

– 16 –