6-K - NMR - 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 January 2026

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 – Nine months ended December 31, 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: January 30, 2026	By:	/s/ Yoshifumi Kishida
		Yoshifumi Kishida
		Senior Managing Director

Financial Summary for the Nine Months Ended December 31, 2025(U.S. GAAP)

Date:	January 30, 2026
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 nine months ended December 31
	2024						2025
				% Change from<br>December 31, 2023						% Change from<br>December 31, 2024
Total revenue		3,657,389			22.5	%		3,545,729			(3.1	%)
Net revenue		1,439,750			28.9	%		1,590,532			10.5	%
Income before income taxes		374,220			105.9	%		432,148			15.5	%
Net income attributable to Nomura Holdings, Inc. (“NHI”) shareholders		268,766			146.3%			288,196			7.2%
Comprehensive income		343,791			106.4	%		322,552			(6.2	%)
Basic-Net income attributable to NHI shareholders per<br>share (Yen)		90.95						97.73
Diluted-Net income attributable to NHI shareholders per<br>share (Yen)		87.66						94.67
Return on shareholders’ equity - annualized		10.4	%					10.8	%

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 December 31
	2025			2025
Total assets		56,802,170			61,935,173
Total equity		3,580,999			3,814,592
Total NHI shareholders’ equity		3,470,879			3,651,817
Total NHI shareholders’ equity as a percentage of total assets		6.1	%		5.9	%
Total NHI shareholders’ equity per share (Yen)		1,174.10			1,244.72

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: Yes

Inclusion 1 ( Delaware Management Company )

For details, please refer to “Notice Regarding Change in Specified Subsidiary” announced on January 30, 2026.

Exclusion 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.10 “2. Quarterly Consolidated Financial Statements (4) Changes in Accounting Policies” for further details.

(4) Number of shares issued (common stock)

	At March 31		At December 31
	2025		2025
Number of shares outstanding (including treasury stock)		3,163,562,601		3,163,562,601
Number of treasury stock		207,351,636		229,707,701
	For the nine months endedDecember 31
	2024		2025
Average number of shares outstanding (year-to-date)		2,954,969,973		2,948,846,541

*Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants or an audit firm: None

*Proper use of earnings forecasts, and other special matters

We voluntarily have engaged our independent auditor to conduct a review of the quarterly consolidated financial statements. We plan

to release the quarterly financial statements with the accompanying review report on February 10, 2026.

Table of Contents for the Accompanying Materials

1. Qualitative Information of the Quarterly ConsolidatedResults	P. 2
(1) Consolidated Operating Results	P. 2
(2) Consolidated Financial Position	P. 4
(3) Consolidated Earnings Forecasts	P. 5
2. Quarterly Consolidated Financial Statements	P. 5
(1) Consolidated Balance Sheets	P. 6
(2) Consolidated Statements of Income	P. 8
(3) Consolidated Statements of Comprehensive Income	P. 9
(4) Changes in Accounting Policies	P.10
(5) Segment Information – Operating Segment	P.10
(6) Significant Changes in Equity	P.12
(7) Note with respect to the Assumption as a Going<br>Concern	P.13
(8) Note with respect to Consolidated Statements of Cash<br>Flows	P.13
(9) Significant Subsequent Events	P.13
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 Quarterly Consolidated Results
(1)	Consolidated Operating Results
---	---

U.S. GAAP

	Billions of yen						% Change
	For the nine months ended						(B-A)/(A)
	December 31,<br>2024 (A)			December 31,<br>2025 (B)
Net revenue		1,439.8			1,590.5			10.5
Non-interest expenses		1,065.5			1,158.4			8.7
Income (loss) before income taxes		374.2			432.1			15.5
Income tax expense		100.9			134.3			33.1
Net income (loss)		273.3			297.8			9.0
Less: Net income (loss) attributable to noncontrolling interests		4.5			9.6			113.0
Net income (loss) attributable to NHI shareholders		268.8			288.2			7.2
Return on shareholders’ equity - annualized		10.4	%		10.8	%		—

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 1,590.5 billion yen for the nine months ended December 31, 2025, an increase of 10.5% from the same period in the prior year. Non-interest expenses increased by 8.7% from the same period in the prior year to 1,158.4 billion yen. Income before income taxes was 432.1 billion yen and net income attributable to NHI shareholders was 288.2 billion yen for the nine months ended December 31, 2025.

Segment Information

	Billions of yen				% Change
	For the nine months ended				(B-A)/(A)
	December 31,2024 (A)		December 31,2025 (B)
Net revenue		1,441.1		1,586.2		10.1
Non-interest expenses		1,065.5		1,158.4		8.7
Income (loss) before income taxes		375.6		427.9		13.9

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 nine months ended December 31, 2025 was 1,586.2 billion yen, an increase of 10.1% from the same period in the prior year. Non-interest expenses increased by 8.7% from the same period in the prior year to 1,158.4 billion yen. Income before income taxes increased by 13.9% to 427.9 billion yen for the nine months ended December 31, 2025. Please refer to page 10 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 nine months ended				(B-A)/(A)
	December 31,2024 (A)		December 31,2025 (B)
Net revenue		333.6		354.8		6.3
Non-interest expenses		203.4		212.0		4.2
Income (loss) before income taxes		130.3		142.8		9.6

Net revenue increased by 6.3% from the same period in the prior year to 354.8 billion yen. Non-interest expenses increased by 4.2% to 212.0 billion yen. As a result, income before income taxes increased by 9.6% to 142.8 billion yen.

Operating Results of Investment Management

	Billions of yen				% Change
	For the nine months ended				(B-A)/(A)
	December 31,<br>2024 (A)		December 31,<br>2025 (B)
Net revenue		149.5		172.3		15.3
Non-interest expenses		75.4		102.1		35.4
Income (loss) before income taxes		74.1		70.2		(5.2	)

Net revenue increased by 15.3% from the same period in the prior year to 172.3 billion yen. Non-interest expenses increased by 35.4% to 102.1 billion yen. As a result, income before income taxes decreased by 5.2% to 70.2 billion yen. Assets under management were 134.7 trillion yen as of December 31, 2025, reflecting an increase due to the acquisition of the following asset management companies within the Macquarie Group.

On December 1, 2025, Nomura completed the acquisition of all equity interests in Macquarie Management Holdings, Inc., Macquarie Investment Management Holdings (Luxembourg) S.à r.l., and Macquarie Investment Management Holdings (Austria) GmbH, pursuant to the share purchase agreement entered into on April 22, 2025. Upon completion, Nomura acquired 100% of the outstanding shares of these companies for a total cash consideration of approximately 1.8 billion U.S. dollar (equivalent to approximately 281.4 billion yen, based on an exchange rate of 1 U.S. dollar = 156.35 yen as of December 1, 2025). As a result, these companies have become consolidated subsidiaries of Nomura.

These companies are leading asset management firms providing a broad range of investment management services to clients worldwide. This acquisition is part of Nomura’s strategy to enhance its global investment management platform and strengthen its presence in key overseas markets.

– 3 –

Operating Results of Wholesale

	Billions of yen				% Change
	For the nine months ended				(B-A)/(A)
	December 31,2024 (A)		December 31,2025 (B)
Net revenue		798.8		854.2		6.9
Non-interest expenses		670.0		696.8		4.0
Income (loss) before income taxes		128.8		157.3		22.2

Net revenue increased by 6.9% from the same period in the prior year to 854.2 billion yen. Non-interest expenses increased by 4.0% to 696.8 billion yen. As a result, income before income taxes increased by 22.2% to 157.3 billion yen.

Operating Results of Banking

	Billions of yen				% Change
	For the nine months ended				(B-A)/(A)
	December 31,2024 (A)		December 31,2025 (B)
Net revenue		35.8		39.4		10.2
Non-interest expenses		22.4		28.4		26.6
Income (loss) before income taxes		13.3		11.0		(17.6	)

Net revenue increased by 10.2% from the same period in the prior year to 39.4 billion yen. Non-interest expenses increased by 26.6% to 28.4 billion yen. As a result, income before income taxes decreased by 17.6% to 11.0 billion yen.

Other Operating Results

	Billions of yen				% Change
	For the nine months ended				(B-A)/(A)
	December 31,2024 (A)		December 31,2025 (B)
Net revenue		123.5		165.6		34.1
Non-interest expenses		94.3		119.0		26.2
Income (loss) before income taxes		29.2		46.6		59.6

Net revenue was 165.6 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 46.6 billion yen.

(2)	Consolidated Financial Position

Total assets as of December 31, 2025 were 61,935.2 billion yen, an increase of 5,133.0 billion yen compared to March 31, 2025, mainly due to the increase in Trading assets. Total liabilities as of December 31, 2025 were 58,120.6 billion yen, an increase of 4,899.4 billion yen compared to March 31, 2025, mainly due to the increase in Trading liabilities. Total equity as of December 31, 2025 was 3,814.6 billion yen, an increase of 233.6 billion yen compared to March 31, 2025.

– 4 –

(3)	Consolidated Earnings Forecasts

2.	Quarterly Consolidated Financial Statements

Nomura’s quarterly consolidated financial statements, which comprise the consolidated balance sheet, consolidated statement of income, consolidated statement of comprehensive income and notes, have been prepared in accordance with Article 5, Paragraph 4 of the Tokyo Stock Exchange Inc. and Nagoya Stock Exchange Inc.’s Standards for the Preparation of Quarterly Financial Statements (the Standards) and accounting principles generally accepted in the United States, applying the provisions for reduced disclosures as set forth in Article 5, Paragraph 5 of the Standards.

The quarterly 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 (4) Changes in Accounting Policies.

– 5 –

(1) Consolidated Balance Sheets


			December 31,<br>2025			Increase/<br>(Decrease)
ASSETS
Cash and cash deposits:
Cash and cash equivalents	4,424,462			4,905,870			481,408
Time deposits	642,388			687,309			44,921
Deposits with stock exchanges and other segregated cash	447,846			403,638			(44,208	)
Total cash and cash deposits	5,514,696			5,996,817			482,121
Loans and receivables:
Loans receivable	6,025,008			6,898,281			873,273
Receivables from customers	410,722			398,100			(12,622	)
Receivables from other than customers	1,030,023			960,327			(69,696	)
Allowance for credit losses	(16,920	)		(17,683	)		(763	)
Total loans and receivables	7,448,833			8,239,025			790,192
Collateralized agreements:
Securities purchased under agreements to resell	14,004,757			13,946,580			(58,177	)
Securities borrowed	4,658,828			4,679,620			20,792
Total collateralized agreements	18,663,585			18,626,200			(37,385	)
Trading assets and private equity and debt investments:
Trading assets*	22,372,339			25,532,377			3,160,038
Private equity and debt investments*	151,710			195,440			43,730
Total trading assets and private equity and debt investments	22,524,049			25,727,817			3,203,768
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>585,807 million as of December 31, 2025)	436,454			516,252			79,798
Non-trading debt securities*	485,290			703,613			218,323
Investments in equity securities*	98,401			114,420			16,019
Investments in and advances to affiliated companies*	506,389			539,297			32,908
Other	1,124,473			1,471,732			347,259
Total other assets	2,651,007			3,345,314			694,307
Total assets	56,802,170			61,935,173			5,133,003

All values are in Japanese Yen.

^*^	Including securities pledged as collateral

– 6 –

			Millions of yen
			March 31,<br>2025			December 31,<br>2025			Increase/<br>(Decrease)
LIABILITIES AND EQUITY
Short-term borrowings				1,117,292			1,314,714			197,422
Payables and deposits:
Payables to customers				1,377,222			1,515,387			138,165
Payables to other than customers				2,766,112			3,556,722			790,610
Deposits received at banks				3,105,581			3,387,990			282,409
Total payables and deposits				7,248,915			8,460,099			1,211,184
Collateralized financing:
Securities sold under agreements to repurchase				16,287,758			15,414,988			(872,770	)
Securities loaned				1,964,682			2,142,323			177,641
Other secured borrowings				393,420			386,213			(7,207	)
Total collateralized financing				18,645,860			17,943,524			(702,336	)
Trading liabilities				11,378,828			13,875,188			2,496,360
Other liabilities				1,456,598			1,630,504			173,906
Long-term borrowings				13,373,678			14,896,552			1,522,874
Total liabilities				53,221,171			58,120,581			4,899,410
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 December 31, 2025
Outstanding	-	2,956,210,965 shares as of March 31, 2025 and
		2,933,854,900 shares as of December 31, 2025		594,493			594,493			—
Additional paid-in capital				704,877			694,527			(10,350	)
Retained earnings				1,867,379			2,067,359			199,980
Accumulated other comprehensive income (loss)				447,808			466,744			18,936
Total NHI shareholders’ equity before treasury stock				3,614,557			3,823,123			208,566
Common stock held in treasury, at cost -
207,351,636 shares as<br>of March 31, 2025 and
229,707,701 shares as<br>of December 31, 2025				(143,678	)		(171,306	)		(27,628	)
Total NHI shareholders’ equity				3,470,879			3,651,817			180,938
Noncontrolling interests				110,120			162,775			52,655
Total equity				3,580,999			3,814,592			233,593
Total liabilities and equity				56,802,170			61,935,173			5,133,003

– 7 –

(2) Consolidated Statements of Income

	Millions of yen				% Change
	For the nine months ended				(B-A)/(A)
	December 31,2024(A)		December 31,2025(B)
Revenue:
Commissions		306,743		324,859		5.9
Fees from investment banking		158,961		141,956		(10.7	)
Asset management and portfolio service fees		281,390		318,006		13.0
Net gain on trading		421,718		504,925		19.7
Gain on private equity and debt investments		6,392		12,264		91.9
Interest and dividends		2,296,967		2,014,860		(12.3	)
Gain on investments in equity securities		498		8,476		—
Other		184,720		220,383		19.3
Total revenue		3,657,389		3,545,729		(3.1	)
Interest expense		2,217,639		1,955,197		(11.8	)
Net revenue		1,439,750		1,590,532		10.5
Non-interest expenses:
Compensation and benefits		560,069		602,128		7.5
Commissions and floor brokerage		132,599		145,966		10.1
Information processing and communications		166,941		179,882		7.8
Occupancy and related depreciation		52,330		51,101		(2.3	)
Business development expenses		19,360		24,257		25.3
Other		134,231		155,050		15.5
Total non-interest expenses		1,065,530		1,158,384		8.7
Income before income taxes		374,220		432,148		15.5
Income tax expense		100,939		134,335		33.1
Net income		273,281		297,813		9.0
Less: Net income attributable to noncontrolling interests		4,515		9,617		113.0
Net income attributable to NHI shareholders		268,766		288,196		7.2
Per share of common stock:
	Yen				% Change
Basic-
Net income attributable to NHI shareholders per share		90.95		97.73		7.5
Diluted-
Net income attributable to NHI shareholders per share		87.66		94.67		8.0

– 8 –

(3) Consolidated Statements of Comprehensive Income

	Millions of yen						% Change
	For the nine months ended						(B-A)/(A)
	December 31,<br>2024(A)			December 31,<br>2025(B)
Net income		273,281			297,813			9.0
Other comprehensive income (loss):
Cumulative translation adjustments:
Cumulative translation adjustments		64,223			113,391			76.6
Deferred income taxes		860			38			(95.6	)
Total		65,083			113,429			74.3
Defined benefit pension plans:
Pension liability adjustment		771			(4,286	)		—
Deferred income taxes		(209	)		(113	)		—
Total		562			(4,399	)		—
Non-trading debt securities:
Net unrealized gain (loss) on non-trading debt<br>securities		(575	)		(1,981	)		—
Deferred income taxes		178			624			250.6
Total		(397	)		(1,357	)		—
Own credit adjustments:
Own credit adjustments		8,894			(101,730	)		—
Deferred income taxes		(3,632	)		18,796			—
Total		5,262			(82,934	)		—
Total other comprehensive income (loss)		70,510			24,739			(64.9	)
Comprehensive income		343,791			322,552			(6.2	)
Less: Comprehensive income attributable to noncontrolling interests		6,193			15,420			149.0
Comprehensive income attributable to NHI shareholders		337,598			307,132			(9.0	)

– 9 –

(4) 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.

(5) 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.

– 10 –

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

	Millions of yen					% Change
	For the nine months ended					(B-A)/(A)
	December 31,2024 (A)			December 31,2025 (B)
Net revenue
Business segment information:
Wealth Management		333,628			354,759		6.3
Investment Management		149,468			172,305		15.3
Wholesale		798,750			854,154		6.9
Banking		35,751			39,392		10.2
Subtotal		1,317,597			1,420,610		7.8
Other		123,528			165,633		34.1
Net revenue		1,441,125			1,586,243		10.1
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		(1,375	)		4,289		—
Net revenue		1,439,750			1,590,532		10.5
*Non-interest expenses (1)**
Business segment information:
Wealth Management		203,370			211,981		4.2
Investment Management		75,416			102,128		35.4
Wholesale		669,974			696,817		4.0
Banking		22,444			28,423		26.6
Subtotal		971,204			1,039,349		7.0
Other		94,326			119,035		26.2
Non-interest expenses		1,065,530			1,158,384		8.7
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		—			—		—
Non-interest expenses		1,065,530			1,158,384		8.7
Income (loss) before income taxes
Business segment information:
Wealth Management		130,258			142,778		9.6
Investment Management		74,052			70,177		(5.2)
Wholesale		128,776			157,337		22.2
Banking		13,307			10,969		(17.6	)
Subtotal		346,393			381,261		10.1
Other (*2)		29,202			46,598		59.6
Income (loss) before income taxes		375,595			427,859		13.9
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		(1,375	)		4,289		—
Income (loss) before income taxes		374,220			432,148		15.5
(*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 nine months ended						(B-A)/(A)
	December 31,2024 (A)			December 31,2025 (B)
Net gain (loss) related to economic hedging transactions		(8,041	)		(74	)		—
Realized gain (loss) on investments in equity securities held for operating purposes		1,141			3,343			193.0
Equity in earnings of affiliates		41,551			42,411			2.1
Corporate items		(767	)		(36,448	)		—
Other		(4,682	)		37,366			—
Total		29,202			46,598			59.6

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

– 11 –

(6) Significant Changes in Equity

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

	Millions of yen
	For the nine months ended<br>December 31, 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		(10,335	)
Changes in an affiliated company’s interests		(15	)
Balance at end of period		694,527
Retained earnings
Balance at beginning of year		1,867,379
Net income attributable to NHI shareholders		288,196
Cash dividends		(79,207	)
Loss on disposal of treasury stock		(9,009	)
Balance at end of period		2,067,359
Accumulated other comprehensive income (loss)
Cumulative translation adjustments
Balance at beginning of year		407,977
Net change during the period		107,626
Balance at end of period		515,603
Defined benefit pension plans
Balance at beginning of year		(7,105	)
Pension liability adjustment		(4,399	)
Balance at end of period		(11,504	)
Non-trading debt securities
Balance at beginning of year		(1,147	)
Net unrealized loss on non-trading debt<br>securities		(1,357	)
Balance at end of period		(2,504	)
Own credit adjustments
Balance at beginning of year		48,083
Own credit adjustments		(82,934	)
Balance at end of period		(34,851	)
Balance at end of period		466,744
Common stock held in treasury
Balance at beginning of year		(143,678	)
Repurchases of common stock		(60,015	)
Sale of common stock		0
Common stock issued to employees		32,387
Balance at end of period		(171,306	)
Total NHI shareholders’ equity
Balance at end of period		3,651,817
Noncontrolling interests
Balance at beginning of year		110,120
Net change during the period		52,655
Balance at end of period		162,775
Total equity
Balance at end of period		3,814,592

– 12 –

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

Not applicable.

(8)Note with respect to Consolidated Statements of Cash Flows

The following table shows depreciation and amortization for the nine months ended December 31, 2024 and 2025.

	Millions of yen
	For the nine months ended
	December 31,2024		December 31,2025
Depreciation and amortization		46,498		48,412

(9) Significant Subsequent Events

Share buyback Program

On January 30, 2026, the Board of Directors of the Company approved a resolution to set up a share buyback program, pursuant to the company’s articles of incorporation set out in accordance with Article 459-1 of the Companies Act of Japan.

(1) Reasons

To use the acquired treasury stock to raise capital efficiency and ensure a flexible capital management policy, and to deliver as stock-based compensation.

(2) Contents of Buyback

1) Type of stock to be purchased

Common Stock

2) Total number of stocks to be purchased

Upper limit of 100 million shares (Approximately 3.2% of issued shares)

3) Total amount of stocks

Maximum of 60,000 million yen

4) Term

February 17, 2026 to September 30, 2026

(Excluding the ten business days following the announcement of quarterly operating results)

5) Method

Purchase on the stock exchange via a trust bank

(The details of the trust agreement, including the timing to start the buyback, will be decided separately by a Representative Executive Officer or the CFO.)

Cancellation of Own Shares

On January 30, 2026, the Board of Directors of the Company approved a resolution to cancel a part of its own shares in accordance with Article 178 of the Companies Act of Japan.

(1) Type of stock to be cancelled

Common Stock

(2) Number of stocks to be cancelled

75 million shares (Approximately 2.4% of issued shares)

(3) Scheduled cancellation date

March 2, 2026

– 13 –

3. Supplementary Information

(1) Consolidated Statements of Income – Quarterly Comparatives

	Millions of yen																	% Change			Millions of yen
	For the three months ended																	(B-A)/(A)			For the year ended<br>March 31,<br>2025
	June 30,2024		September 30,2024			December 31,2024		March 31,2025			June 30,2025			September 30,2025(A)		December 31,2025(B)
Revenue:
Commissions		102,750		101,363			102,630		100,268			100,606			105,049		119,204		13.5			407,011
Fees from investment banking		41,251		53,335			64,375		53,273			38,357			44,554		59,045		32.5			212,234
Asset management and portfolio service fees		90,333		93,848			97,209		96,806			92,855			102,487		122,664		19.7			378,196
Net gain on trading		131,994		147,711			142,013		158,381			142,239			171,944		190,742		10.9			580,099
Gain on private equity and debt investments		3,153		1,598			1,641		1,242			6,330			4,370		1,564		(64.2	)		7,634
Interest and dividends		788,550		762,958			745,459		630,894			649,561			652,830		712,469		9.1			2,927,861
Gain (loss) on investments in equity securities		1,442		(2,554	)		1,610		(54	)		(377	)		4,365		4,488		2.8			444
Other		58,412		83,307			43,001		38,544			127,017			75,614		17,752		(76.5	)		223,264
Total revenue		1,217,885		1,241,566			1,197,938		1,079,354			1,156,588			1,161,213		1,227,928		5.7			4,736,743
Interest expense		763,443		758,239			695,957		626,619			633,273			645,751		676,173		4.7			2,844,258
Net revenue		454,442		483,327			501,981		452,735			523,315			515,462		551,755		7.0			1,892,485
Non-interest expenses:
Compensation and benefits		184,510		184,671			190,888		172,321			186,310			195,079		220,739		13.2			732,390
Commissions and floor brokerage		43,629		45,325			43,645		44,853			44,778			47,191		53,997		14.4			177,452
Information processing and communications		55,769		56,741			54,431		60,077			57,164			59,202		63,516		7.3			227,018
Occupancy and related depreciation		17,635		16,810			17,885		17,836			15,965			17,283		17,853		3.3			70,166
Business development expenses		6,572		5,981			6,807		7,695			6,992			7,272		9,993		37.4			27,055
Other		43,396		40,789			50,046		52,209			51,824			52,790		50,436		(4.5	)		186,440
Total non-interest expenses		351,511		350,317			363,702		354,991			363,033			378,817		416,534		10.0			1,420,521
Income before income taxes		102,931		133,010			138,279		97,744			160,282			136,645		135,221		(1.0	)		471,964
Income tax expense		31,498		35,304			34,137		23,770			52,808			40,852		40,675		(0.4	)		124,709
Net income		71,433		97,706			104,142		73,974			107,474			95,793		94,546		(1.3	)		347,255
Less: Net income (loss) attributable to noncontrolling interests		2,495		(681	)		2,701		2,004			2,909			3,715		2,993		(19.4	)		6,519
Net income attributable to NHI shareholders		68,938		98,387			101,441		71,970			104,565			92,078		91,553		(0.6	)		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		31.21		(0.4	)		115.30
Diluted-
Net income attributable to NHI shareholders per share		22.36		32.26			33.08		23.39			34.04			30.49		30.19		(1.0	)		111.03

– 14 –

(2) Business Segment Information – Quarterly Comparatives

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

	Millions of yen																		% Change			Millions of yen
	For the three months ended																		(B-A)/(A)			For the year ended<br>March 31,<br>2025
	June 30,2024		September 30,2024			December 31,2024		March 31,2025			June 30,2025			September 30,2025(A)		December 31,2025(B)
Net revenue
Business segment information:
Wealth Management		109,716		112,301			111,611		99,923			105,796			116,475		132,488			13.7			433,551
Investment Management		47,670		56,087			45,711		43,005			50,574			60,825		60,906			0.1			192,473
Wholesale		244,846		263,381			290,523		259,188			261,072			279,183		313,899			12.4			1,057,938
Banking		11,232		12,245			12,274		11,421			12,845			12,851		13,696			6.6			47,172
Subtotal		413,464		444,014			460,119		413,537			430,287			469,334		520,989			11.0			1,731,134
Other		39,739		42,545			41,244		39,372			93,160			44,366		28,107			(36.6	)		162,900
Net revenue		453,203		486,559			501,363		452,909			523,447			513,700		549,096			6.9			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		2,659			50.9			(1,549	)
Net revenue		454,442		483,327			501,981		452,735			523,315			515,462		551,755			7.0			1,892,485
*Non-interest expenses (1)**
Business segment information:
Wealth Management		68,517		68,061			66,792		63,999			67,041			70,952		73,988			4.3			267,369
Investment Management		24,491		24,152			26,773		27,466			29,047			30,114		42,967			42.7			102,882
Wholesale		223,725		218,087			228,162		221,682			219,164			226,043		251,610			11.3			891,656
Banking		7,200		7,632			7,612		8,371			9,231			9,671		9,521			(1.6	)		30,815
Subtotal		323,933		317,932			329,339		321,518			324,483			336,780		378,086			12.3			1,292,722
Other		27,578		32,385			34,363		33,473			38,550			42,037		38,448			(8.5	)		127,799
Non-interest expenses		351,511		350,317			363,702		354,991			363,033			378,817		416,534			10.0			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		416,534			10.0			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		58,500			28.5			166,182
Investment Management		23,179		31,935			18,938		15,539			21,527			30,711		17,939			(41.6	)		89,591
Wholesale		21,121		45,294			62,361		37,506			41,908			53,140		62,289			17.2			166,282
Banking		4,032		4,613			4,662		3,050			3,614			3,180		4,175			31.3			16,357
Subtotal		89,531		126,082			130,780		92,019			105,804			132,554		142,903			7.8			438,412
Other (*2)		12,161		10,160			6,881		5,899			54,610			2,329		(10,341	)		—			35,101
Income (loss) before income taxes		101,692		136,242			137,661		97,918			160,414			134,883		132,562			(1.7	)		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		2,659			50.9			(1,549	)
Income (loss) before income taxes		102,931		133,010			138,279		97,744			160,282			136,645		135,221			(1.0	)		471,964
(*1)	Includes primarily personnel expenses, occupancy, technology, and professional fees.
---	---
(*2)	Major components
---	---

	Millions of yen																					% Change			Millions of yen
	For the three months ended																					(B-A)/(A)			For the year ended<br>March 31,<br>2025
	June 30,2024			September 30,2024			December 31,2024			March 31,2025			June 30,2025			September 30,2025(A)			December 31,2025(B)
Net gain (loss) related to economic hedging transactions		(2,853	)		1,826			(7,014	)		2,232			1,067			(166	)		(975	)		—			(5,809	)
Realized gain (loss) on investments in equity securities held for operating purposes		—			496			645			334			5			2,209			1,129			(48.9	)		1,475
Equity in earnings of affiliates		14,800			11,551			15,200			9,670			12,321			12,448			17,642			41.7			51,221
Corporate items		5,519			(5,332	)		(954	)		(5,117	)		(11,637	)		(15,181	)		(9,630	)		—			(5,884	)
Other		(5,305	)		1,619			(996	)		(1,220	)		52,854			3,019			(18,507	)		—			(5,902	)
Total		12,161			10,160			6,881			5,899			54,610			2,329			(10,341	)		—			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/teaserItems4/0/linkList/0/link/2026_3q.pdf

– 16 –