6-K - NMR - Equibles

FORM6-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 August 2024

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 – Three months ended June 30, 2024.

The registrant hereby incorporates Exhibit 1 (except the English translation of Independent Auditor’s Interim Review Report) 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. 333-261756) of the registrant, filed with the SEC on December 20, 2021 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: August 8, 2024	By:	/s/ Yoshifumi Kishida
		Yoshifumi Kishida
		Senior Managing Director

August 8, 2024

Company name: Nomura Holdings, Inc.

Representative: Kentaro Okuda

President and Group CEO

Stock exchange listings: Tokyo stock exchange, Nagoya stock exchange

(Code number: 8604)

For Inquiries: Junko Tago

Managing Director, Head of Investor Relations

Tel: (Country Code 81) 3-5255-1000

Financial Summary–Three months ended June 30, 2024

(Completion of the interim review by certified public accountants or an audit firm)

We are pleased to announce that the interim review of the quarterly consolidated financial statements for the three months ended June 2024, conducted by certified public accountants or an audit firm under US GAAP, which were disclosed on July 30, 2024, has been completed. Furthermore, there have been no changes to the quarterly consolidated financial statements announced on July 30, 2024.

Financial Summary For the Three Months Ended June 30, 2024(U.S. GAAP)

Date:	August 8, 2024
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:	Junko Tago<br> <br>Managing Director, Head of Investor<br>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 three months ended June 30
	2023						2024
				% Change from<br>June 30, 2022						% Change from<br>June 30, 2023
Total revenue		893,353			117.9	%		1,217,885			36.3	%
Net revenue		348,913			16.7	%		454,442			30.2	%
Income before income taxes		46,310			294.7	%		102,931			122.3	%
Net income attributable to Nomura Holdings, Inc. (“NHI”) shareholders		23,331			—	%		68,938			195.5	%
Comprehensive income		126,258			(25.5	%)		189,295			49.9	%
Basic-Net income attributable to NHI shareholders per<br>share (Yen)		7.71						23.33
Diluted-Net income attributable to NHI shareholders per<br>share (Yen)		7.40						22.36
Return on shareholders’ equity - annualized		2.9	%					8.1	%

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 June 30
	2024			2024
Total assets		55,147,203			59,741,126
Total equity		3,448,513			3,563,197
Total NHI shareholders’ equity		3,350,189			3,462,951
Total NHI shareholders’ equity as a percentage of total assets		6.1	%		5.8	%
Total NHI shareholders’ equity per share (Yen)		1,127.72			1,172.07

2. Cash Dividends

					(Yen amounts)
	For the year ended March 31
	2024		2025		2025 (Plan)
Dividends per share
Dividends record dates
At June 30		—		—		—
At September 30		8.00		—		Unconfirmed
At December 31		—		—		—
At March 31		15.00		—		Unconfirmed
For the year		23.00		—		Unconfirmed

Note: Fiscal year 2025 Q2 and Q4 dividends are not presented per reasons stated in “3. Earnings forecasts for the year ending March 31, 2025”.

3. Earnings Forecasts for the year ending March 31, 2025

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) : Yes

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 June 30
	2024		2024
Number of shares outstanding (including treasury stock)		3,163,562,601		3,163,562,601
Number of treasury stock		192,807,441		209,008,426
	For the three months ended June 30
	2023		2024
Average number of shares outstanding (year-to-date)		3,025,892,670		2,954,604,002

*Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants or an audit firm: Yes (voluntary)

Table of Contents for the Accompanying Materials

1. Qualitative Information of the Quarterly Consolidated Results	P. 2
(1) Consolidated Operating Results	P. 2
(2) Consolidated Financial Position	P. 4
(3) Consolidated Earnings Forecasts	P. 4
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. 11
(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
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
Independent Auditor’s Interim Review Report	P. 17

– 1 –

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

U.S. GAAP

	Billions of yen						% Change
	For the three months ended						(B-A)/(A)
	June 30,<br>2023 (A)			June 30,<br>2024 (B)
Net revenue		348.9			454.4			30.2
Non-interest expenses		302.6			351.5			16.2
Income (loss) before income taxes		46.3			102.9			122.3
Income tax expense		20.4			31.5			54.2
Net income (loss)		25.9			71.4			176.0
Less: Net income (loss) attributable to noncontrolling interests		2.6			2.5			(2.2	)
Net income (loss) attributable to NHI shareholders		23.3			68.9			195.5
Return on shareholders’ equity - annualized		2.9	%		8.1	%		—

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 454.4 billion yen for the three months ended June 30, 2024, an increase of 30.2% from the same period in the prior year. Non-interest expenses increased by 16.2% from the same period in the prior year to 351.5 billion yen. Income before income taxes was 102.9 billion yen and net income attributable to NHI shareholders was 68.9 billion yen for the three months ended June 30, 2024.

Segment Information

	Billions of yen				% Change
	For the three months ended				(B-A)/(A)
	June 30,<br>2023 (A)		June 30,<br>2024 (B)
Net revenue		353.2		453.2		28.3
Non-interest expenses		302.6		351.5		16.2
Income (loss) before income taxes		50.6		101.7		101.1

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 three months ended June 30, 2024 was 453.2 billion yen, an increase of 28.3% from the same period in the prior year. Non-interest expenses increased by 16.2% from the same period in the prior year to 351.5 billion yen. Income before income taxes increased by 101.1% to 101.7 billion yen for the three months ended June 30, 2024. Please refer to page 11 for further details of the differences between U.S. GAAP and business segment amounts.

– 2 –

<Business Segment Results>

The Retail Division has been renamed the “Wealth Management Division”, effective April 1, 2024.

Operating Results of Wealth Management

	Billions of yen				% Change
	For the three months ended				(B-A)/(A)
	June 30,<br>2023 (A)		June 30,<br>2024 (B)
Net revenue		92.1		114.0		23.8
Non-interest expenses		69.1		71.7		3.8
Income (loss) before income taxes		22.9		42.3		84.2

Net revenue increased by 23.8% from the same period in the prior year to 114.0 billion yen. Non-interest expense increased by 3.8% to 71.7 billion yen. As a result, income before income taxes increased by 84.2% to 42.3 billion yen.

Operating Results of Investment Management

	Billions of yen				% Change
	For the three months ended				(B-A)/(A)
	June 30,<br>2023 (A)		June 30,<br>2024 (B)
Net revenue		26.5		47.7		79.7
Non-interest expenses		22.9		24.5		7.0
Income (loss) before income taxes		3.6		23.2		539.1

Net revenue increased by 79.7% from the same period in the prior year to 47.7 billion yen. Non-interest expense increased by 7.0% to 24.5 billion yen. As a result, income before income taxes increased by 539.1% to 23.2 billion yen. Assets under management were 92.5 trillion yen as of June 30, 2024.

Operating Results of Wholesale

	Billions of yen				% Change
	For the three months ended				(B-A)/(A)
	June 30,<br>2023 (A)		June 30,<br>2024 (B)
Net revenue		190.9		244.8		28.3
Non-interest expenses		188.7		223.7		18.5
Income (loss) before income taxes		2.1		21.1		905.3

Net revenue increased by 28.3% from the same period in the prior year to 244.8 billion yen. Non-interest expense increased by 18.5% to 223.7 billion yen. As a result, income before income taxes increased by 905.3% to 21.1 billion yen.

– 3 –

Other Operating Results

	Billions of yen				% Change
	For the three months ended				(B-A)/(A)
	June 30,<br>2023 (A)		June 30,<br>2024 (B)
Net revenue		43.8		46.7		6.8
Non-interest expenses		21.9		31.6		44.6
Income (loss) before income taxes		21.9		15.1		(30.9	)

Net revenue was 46.7 billion yen. Income before income taxes was 15.1 billion yen.

(2)	Consolidated Financial Position

Total assets as of June 30, 2024 were 59,741.1 billion yen, an increase of 4,593.9 billion yen compared to March 31, 2024, mainly due to the increase in Trading assets and Securities purchased under agreements to resell. Total liabilities as of June 30, 2024 were 56,177.9 billion yen, an increase of 4,479.2 billion yen compared to March 31, 2024, mainly due to the increase in Securities sold under agreements to repurchase and Trading liabilities. Total equity as of June 30, 2024 was 3,563.2 billion yen, an increase of 114.7 billion yen compared to March 31, 2024.

(3)	Consolidated Earnings Forecasts

– 4 –

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.’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 26, 2024) and Form 20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 26, 2024) for the year ended March 31, 2024, with the exception of matters described in (4) Changes in Accounting Policies.

– 5 –

(1) Consolidated Balance Sheets


			June 30,<br>2024			Increase/<br>(Decrease)
ASSETS
Cash and cash deposits:
Cash and cash equivalents	4,239,359			3,855,800			(383,559	)
Time deposits	545,842			581,478			35,636
Deposits with stock exchanges and other segregated cash	369,770			368,993			(777	)
Total cash and cash deposits	5,154,971			4,806,271			(348,700	)
Loans and receivables:
Loans receivable	5,469,195			5,923,302			454,107
Receivables from customers	453,937			353,777			(100,160	)
Receivables from other than customers	928,632			1,085,213			156,581
Allowance for credit losses	(18,047	)		(18,851	)		(804	)
Total loans and receivables	6,833,717			7,343,441			509,724
Collateralized agreements:
Securities purchased under agreements to resell	15,621,132			16,785,266			1,164,134
Securities borrowed	5,373,663			4,914,359			(459,304	)
Total collateralized agreements	20,994,795			21,699,625			704,830
Trading assets and private equity and debt investments:
Trading assets*	19,539,742			22,949,394			3,409,652
Private equity and debt investments*	117,066			130,171			13,105
Total trading assets and private equity and debt investments	19,656,808			23,079,565			3,422,757
Other assets:
Office buildings, land, equipment and facilities<br>(net of accumulated depreciation and amortization of<br> 529,605 million as of March 31, 2024 and<br> 560,343 million as of June 30, 2024)	448,785			451,329			2,544
Non-trading debt securities*	335,401			351,577			16,176
Investments in equity securities*	105,088			104,746			(342	)
Investments in and advances to affiliated companies*	462,017			478,341			16,324
Other	1,155,621			1,426,231			270,610
Total other assets	2,506,912			2,812,224			305,312
Total assets	55,147,203			59,741,126			4,593,923

All values are in Japanese Yen.

^*^	Including securities pledged as collateral

– 6 –

			Millions of yen
			March 31,<br>2024			June 30,<br>2024			Increase/<br>(Decrease)
LIABILITIES AND EQUITY
Short-term borrowings				1,054,717			1,186,187			131,470
Payables and deposits:
Payables to customers				1,310,825			1,425,684			114,859
Payables to other than customers				2,823,100			2,832,292			9,192
Deposits received at banks				2,356,202			2,587,324			231,122
Total payables and deposits				6,490,127			6,845,300			355,173
Collateralized financing:
Securities sold under agreements to repurchase				16,870,303			18,650,772			1,780,469
Securities loaned				2,133,066			1,757,574			(375,492	)
Other secured borrowings				393,206			353,200			(40,006	)
Total collateralized financing				19,396,575			20,761,546			1,364,971
Trading liabilities				10,890,610			12,558,102			1,667,492
Other liabilities				1,414,546			1,594,532			179,986
Long-term borrowings				12,452,115			13,232,262			780,147
Total liabilities				51,698,690			56,177,929			4,479,239
Equity
NHI shareholders’ equity:
Common stock
Authorized	-	6,000,000,000 shares
Issued	-	3,163,562,601 shares as of March 31, 2024 and
		3,163,562,601 shares as of June 30, 2024
Outstanding	-	2,970,755,160 shares as of March 31, 2024 and
		2,954,554,175 shares as of June 30, 2024		594,493			594,493			—
Additional paid-in capital				708,785			672,591			(36,194	)
Retained earnings				1,705,725			1,764,334			58,609
Accumulated other comprehensive income (loss)				459,984			576,358			116,374
Total NHI shareholders’ equity before treasury stock				3,468,987			3,607,776			138,789
Common stock held in treasury, at cost -
192,807,441 shares as<br>of March 31, 2024 and
209,008,426 shares as<br>of June 30, 2024				(118,798	)		(144,825	)		(26,027	)
Total NHI shareholders’ equity				3,350,189			3,462,951			112,762
Noncontrolling interests				98,324			100,246			1,922
Total equity				3,448,513			3,563,197			114,684
Total liabilities and equity				55,147,203			59,741,126			4,593,923

– 7 –

(2) Consolidated Statements of Income

	Millions of yen				% Change
	For the three months ended				(B-A)/(A)
	June 30,<br>2023(A)		June 30,<br>2024(B)
Revenue:
Commissions		82,770		102,750		24.1
Fees from investment banking		31,146		41,251		32.4
Asset management and portfolio service fees		71,807		90,333		25.8
Net gain on trading		115,563		131,994		14.2
Gain on private equity and debt investments		6,887		3,153		(54.2	)
Interest and dividends		549,651		788,550		43.5
Gain on investments in equity securities		4,777		1,442		(69.8	)
Other		30,752		58,412		89.9
Total revenue		893,353		1,217,885		36.3
Interest expense		544,440		763,443		40.2
Net revenue		348,913		454,442		30.2
Non-interest expenses:
Compensation and benefits		158,673		184,510		16.3
Commissions and floor brokerage		31,365		43,629		39.1
Information processing and communications		52,836		55,769		5.6
Occupancy and related depreciation		16,601		17,635		6.2
Business development expenses		6,144		6,572		7.0
Other		36,984		43,396		17.3
Total non-interest expenses		302,603		351,511		16.2
Income before income taxes		46,310		102,931		122.3
Income tax expense		20,428		31,498		54.2
Net income		25,882		71,433		176.0
Less: Net income attributable to noncontrolling interests		2,551		2,495		(2.2	)
Net income attributable to NHI shareholders		23,331		68,938		195.5
Per share of common stock:
	Yen				% Change
Basic-
Net income attributable to NHI shareholders per share		7.71		23.33		202.6
Diluted-
Net income attributable to NHI shareholders per share		7.40		22.36		202.2

– 8 –

(3) Consolidated Statements of Comprehensive Income

	Millions of yen						% Change
	For the three months ended						(B-A)/(A)
	June 30,<br>2023(A)			June 30,<br>2024(B)
Net income		25,882			71,433			176.0
Other comprehensive income (loss):
Cumulative translation adjustments:
Cumulative translation adjustments		128,926			113,443			(12.0	)
Deferred income taxes		(345	)		(1,608	)		—
Total		128,581			111,835			(13.0	)
Defined benefit pension plans:
Pension liability adjustment		532			(1,797	)		—
Deferred income taxes		(125	)		578			—
Total		407			(1,219	)		—
Non-trading debt securities:
Net unrealized gain (loss) on non-trading debt<br>securities		—			(103	)		—
Deferred income taxes		—			32			—
Total		—			(71	)		—
Own Credit Adjustments:
Own Credit Adjustments		(37,693	)		9,856			—
Deferred income taxes		9,081			(2,539	)		—
Total		(28,612	)		7,317			—
Total other comprehensive income		100,376			117,862			17.4
Comprehensive income		126,258			189,295			49.9
Less: Comprehensive income attributable to noncontrolling interests		3,279			3,983			21.5
Comprehensive income attributable to NHI shareholders		122,979			185,312			50.7

– 9 –

(4) Changes in Accounting Policies

Fair value measurement of equity securities subject to contractual sale restrictions

The Financial Accounting Standards Board issued Accounting Standards Updates (“ASU”) 2022-03 “Fair Value Measurement: Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” in June 2022 which clarifies that a contractual restriction on the sale of an equity security is an entity-specific characteristic and therefore should not be considered in the fair value measurement of the equity security. The ASU also requires specific disclosures for equity securities subject to contractual sale restrictions. Nomura has applied this new accounting policy prospectively from April 1, 2024.

Voluntary change in accountingpolicy

Effective from April 1, 2024, Nomura has changed its accounting policy in respect of how accounting guidance provided by Financial Accounting Standards Board Accounting Standards Codification 940 “Financial Services — Brokers and Dealers” (“ASC 940”) is applied to the Company and its consolidated subsidiaries. For the year ended March 31, 2024 and prior, ASC 940 was applied on a consolidated basis to all entities included within the consolidated financial statements of Nomura. Effective from April 1, 2024, the Company and consolidated subsidiaries that are not registered as a broker-dealer (“non-BD entities”) no longer apply ASC 940.

This accounting policy change is primarily due to a planned expansion of Nomura’s banking and investment management business and is therefore intended to allow certain non-BD entities to prospectively classify purchases of new non-trading debt securities as either held to maturity (“HTM”) or available for sale (“AFS”) as defined in ASC 320 “Investments - Debt Securities”. Non-trading debt securities classified as HTM are securities that a non-BD entity has both the ability and the intent to hold until maturity and are carried at amortized cost, while non-trading debt securities classified as AFS are carried at fair value with changes in fair value reported in the consolidated statements of comprehensive income, net of applicable income taxes within Other comprehensive income (loss) and in the consolidated balance sheets, net of applicable income taxes within Accumulated other comprehensive income (loss), a component of NHI shareholders’ equity.

As retrospective application of this accounting policy change is impracticable since it would require use of hindsight regarding historical accounting matters such as the initial classification of non-trading debt securities, Nomura has applied this new accounting policy prospectively from April 1, 2024.

As part of this accounting policy change, existing loans for trading purposes and non-trading debt securities held by non-BD entities elect the fair value option on April 1, 2024 and therefore continue to be measured at fair value through earnings. A similar election is made for subsequent originations or purchases of loans held for trading purposes. Such loans continue to be reported in Trading assets in the consolidated balance sheet with changes in fair value reported in the consolidated statements of income within Revenue - Net gain on trading.

Following the accounting policy change, fair value changes of non-trading debt securities newly acquired on or after April 1, 2024 and classified as HTM or AFS by non-BD entities are not recognized through earnings, unless an impairment loss is recognized.

– 10 –

(5) Segment Information – Operating Segment

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

	Millions of yen					% Change
	For the three months ended					(B-A)/(A)
	June 30,<br>2023 (A)			June 30,<br>2024 (B)
Net revenue
Business segment information:
Wealth Management		92,050			113,963		23.8
Investment Management		26,525			47,670		79.7
Wholesale		190,850			244,846		28.3
Subtotal		309,425			406,479		31.4
Other		43,755			46,724		6.8
Net revenue		353,180			453,203		28.3
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		(4,267	)		1,239		—
Net revenue		348,913			454,442		30.2
Non-interest expenses
Business segment information:
Wealth Management		69,103			71,705		3.8
Investment Management		22,898			24,491		7.0
Wholesale		188,749			223,725		18.5
Subtotal		280,750			319,921		14.0
Other		21,853			31,590		44.6
Non-interest expenses		302,603			351,511		16.2
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		—			—		—
Non-interest expenses		302,603			351,511		16.2
Income (loss) before income taxes
Business segment information:
Wealth Management		22,947			42,258		84.2
Investment Management		3,627			23,179		539.1
Wholesale		2,101			21,121		905.3
Subtotal		28,675			86,558		201.9
Other*		21,902			15,134		(30.9	)
Income (loss) before income taxes		50,577			101,692		101.1
Reconciliation items:
Unrealized gain (loss) on investments in equity<br><br><br>securities held for operating purposes		(4,267	)		1,239		—
Income (loss) before income taxes		46,310			102,931		122.3
*	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 three months ended						(B-A)/(A)
	June 30,<br>2023 (A)			June 30,<br>2024 (B)
Net gain (loss) related to economic hedging transactions		3,394			(2,853	)		—
Realized gain (loss) on investments in equity securities held for operating purposes		8,191			—			—
Equity in earnings of affiliates		13,718			14,800			7.9
Corporate items		1,942			5,519			184.2
Other		(5,343	)		(2,332	)		—
Total		21,902			15,134			(30.9	)

Note) The Retail Division has been renamed the “Wealth Management Division”, effective April 1, 2024.

– 11 –

(6) Significant Changes in Equity

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

	Millions of yen
	For the three months endedJune 30, 2024
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		708,785
Stock-based compensation awards		(36,184	)
Changes in an affiliated company’s interests		(10	)
Balance at end of period		672,591
Retained earnings
Balance at beginning of year		1,705,725
Net income attributable to NHI shareholders		68,938
Loss on disposal of treasury stock		(10,329	)
Balance at end of period		1,764,334
Accumulated other comprehensive income (loss)
Cumulative translation adjustments
Balance at beginning of year		444,071
Net change during the period		110,347
Balance at end of period		554,418
Defined benefit pension plans
Balance at beginning of year		(19,512	)
Pension liability adjustment		(1,219	)
Balance at end of period		(20,731	)
Non-trading debt securities
Balance at beginning of year		—
Net unrealized loss on non-trading debt<br>securities		(71	)
Balance at end of period		(71	)
Own credit adjustments
Balance at beginning of year		35,425
Own credit adjustments		7,317
Balance at end of period		42,742
Balance at end of period		576,358
Common stock held in treasury
Balance at beginning of year		(118,798	)
Repurchases of common stock		(58,822	)
Sale of common stock		0
Common stock issued to employees		32,795
Balance at end of period		(144,825	)
Total NHI shareholders’ equity
Balance at end of period		3,462,951
Noncontrolling interests
Balance at beginning of year		98,324
Net change during the period		1,922
Balance at end of period		100,246
Total equity
Balance at end of period		3,563,197

– 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 three months ended June 30, 2023 and 2024.

	Millions of yen
	For the three months ended
	June 30, 2023		June 30, 2024
Depreciation and amortization		14,993		16,112

– 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>2024
	June 30,<br>2023		September 30,<br>2023		December 31,<br>2023			March 31,<br>2024(A)		June 30,<br>2024(B)		(B-A)/(A)
Revenue:
Commissions		82,770		88,922		85,718			106,685		102,750		(3.7	)		364,095
Fees from investment banking		31,146		38,604		55,229			48,286		41,251		(14.6	)		173,265
Asset management and portfolio service fees		71,807		76,666		77,496			84,185		90,333		7.3			310,154
Net gain on trading		115,563		116,613		125,069			134,366		131,994		(1.8	)		491,611
Gain on private equity and debt investments		6,887		1,123		1,882			1,985		3,153		58.8			11,877
Interest and dividends		549,651		658,458		686,300			726,447		788,550		8.5			2,620,856
Gain (loss) on investments in equity securities		4,777		2,792		(3,350	)		5,393		1,442		(73.3	)		9,612
Other		30,752		29,522		52,143			63,407		58,412		(7.9	)		175,824
Total revenue		893,353		1,012,700		1,080,487			1,170,754		1,217,885		4.0			4,157,294
Interest expense		544,440		644,940		680,262			725,652		763,443		5.2			2,595,294
Net revenue		348,913		367,760		400,225			445,102		454,442		2.1			1,562,000
Non-interest expenses:
Compensation and benefits		158,673		167,138		170,629			177,083		184,510		4.2			673,523
Commissions and floor brokerage		31,365		34,336		34,315			37,312		43,629		16.9			137,328
Information processing and communications		52,836		53,616		54,342			56,332		55,769		(1.0	)		217,126
Occupancy and related depreciation		16,601		17,477		16,806			17,814		17,635		(1.0	)		68,698
Business development expenses		6,144		5,396		6,157			6,539		6,572		0.5			24,236
Other		36,984		33,062		39,265			57,928		43,396		(25.1	)		167,239
Total non-interest expenses		302,603		311,025		321,514			353,008		351,511		(0.4	)		1,288,150
Income before income taxes		46,310		56,735		78,711			92,094		102,931		11.8			273,850
Income tax expense		20,428		21,150		26,573			28,479		31,498		10.6			96,630
Net income		25,882		35,585		52,138			63,615		71,433		12.3			177,220
Less: Net income attributable to noncontrolling interests		2,551		353		1,588			6,865		2,495		(63.7	)		11,357
Net income attributable to NHI shareholders		23,331		35,232		50,550			56,750		68,938		21.5			165,863
	Yen											% Change			Yen
Per share of common stock:
Basic-
Net income attributable to NHI shareholders per share		7.71		11.61		16.77			18.92		23.33		23.3			54.97
Diluted-
Net income attributable to NHI shareholders per share		7.40		11.21		16.10			18.02		22.36		24.1			52.69

– 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													****			For the year ended
	June 30,<br>2023			September 30,<br>2023			December 31,<br>2023			March 31,<br>2024(A)		June 30,<br>2024(B)		(B-A)/(A)			March 31,<br>2024
Net revenue
Business segment information:
Wealth Management		92,050			98,932			102,625			108,754		113,963		4.8			402,361
Investment Management		26,525			45,111			38,946			43,561		47,670		9.4			154,143
Wholesale		190,850			204,087			216,996			254,214		244,846		(3.7	)		866,147
Subtotal		309,425			348,130			358,567			406,529		406,479		(0.0	)		1,422,651
Other		43,755			16,953			54,620			34,362		46,724		36.0			149,690
Net revenue		353,180			365,083			413,187			440,891		453,203		2.8			1,572,341
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		(4,267	)		2,677			(12,962	)		4,211		1,239		(70.6	)		(10,341	)
Net revenue		348,913			367,760			400,225			445,102		454,442		2.1			1,562,000
Non-interest expenses
Business segment information:
Wealth Management		69,103			69,887			70,698			69,994		71,705		2.4			279,682
Investment Management		22,898			21,896			23,350			25,801		24,491		(5.1	)		93,945
Wholesale		188,749			195,823			194,026			233,638		223,725		(4.2	)		812,236
Subtotal		280,750			287,606			288,074			329,433		319,921		(2.9	)		1,185,863
Other		21,853			23,419			33,440			23,575		31,590		34.0			102,287
Non-interest expenses		302,603			311,025			321,514			353,008		351,511		(0.4	)		1,288,150
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		—			—			—			—		—		—			—
Non-interest expenses		302,603			311,025			321,514			353,008		351,511		(0.4	)		1,288,150
Income (loss) before income taxes
Business segment information:
Wealth Management		22,947			29,045			31,927			38,760		42,258		9.0			122,679
Investment Management		3,627			23,215			15,596			17,760		23,179		30.5			60,198
Wholesale		2,101			8,264			22,970			20,576		21,121		2.6			53,911
Subtotal		28,675			60,524			70,493			77,096		86,558		12.3			236,788
Other*		21,902			(6,466	)		21,180			10,787		15,134		40.3			47,403
Income (loss) before income taxes		50,577			54,058			91,673			87,883		101,692		15.7			284,191
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		(4,267	)		2,677			(12,962	)		4,211		1,239		(70.6	)		(10,341	)
Income (loss) before income taxes		46,310			56,735			78,711			92,094		102,931		11.8			273,850
*	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>2024
	June 30,<br>2023			September 30,<br>2023			December 31,<br>2023			March 31,<br>2024(A)			June 30,<br>2024(B)			(B-A)/(A)
Net gain (loss) related to economic hedging transactions		3,394			(8,905	)		7,575			(43	)		(2,853	)		—			2,021
Realized gain (loss) on investments in equity securities<br>held for operating purposes		8,191			26			11,762			1,048			—			—			21,027
Equity in earnings of affiliates		13,718			9,013			8,830			14,859			14,800			(0.4	)		46,420
Corporate items		1,942			1,380			(6,459	)		(8,860	)		5,519			—			(11,997	)
Other		(5,343	)		(7,980	)		(528	)		3,783			(2,332	)		—			(10,068	)
Total		21,902			(6,466	)		21,180			10,787			15,134			40.3			47,403
Note)	The Retail Division has been renamed the “Wealth Management Division”, effective April 1, 2024.<br>
---	---

– 15 –

(3)	Other

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

https://www.nomuraholdings.com/company/group/nsc/pdf/2025_1q.pdf

– 16 –

[Translation]

Independent Auditor’s Interim Review Report

August 8, 2024

The Board of Directors

Nomura Holdings, Inc.

Ernst & Young ShinNihon LLC

Tokyo office, Japan

Toyohiro Fukata

Certified Public Accountant

Designated and Engagement Partner

Shinichi Hayashi

Certified Public Accountant

Designated and Engagement Partner

Mitsuhiro Nagao

Certified Public Accountant

Designated and Engagement Partner

Toshiro Kuwata

Certified Public Accountant

Designated and Engagement Partner

Auditor’s Conclusion

We have reviewed the accompanying quarterly consolidated financial statements of Nomura Holdings, Inc. and its subsidiaries (the Group), which comprise the consolidated balance sheets, consolidated statements of income, consolidated statements of comprehensive income for the three-month period ended June 30, 2024, and notes to the quarterly consolidated financial statements.

Based on our review, nothing has come to our attention that causes us to believe that the accompanying quarterly consolidated financial statements are not prepared, in all material respects, in accordance with Article 5, Paragraph 4 of the Tokyo Stock Exchange, Inc’s Standards for the Preparation of Quarterly Financial Statements (the Standards), applying the provisions for reduced disclosures as set forth in Article 5, Paragraph 5 of the Standards, as disclosed in the quarterly consolidated financial statements.

Basis for Auditor’s Conclusion

We conducted our review in accordance with review standards for interim financial statements generally accepted in Japan. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Review of the Quarterly Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our review of the quarterly consolidated financial statements in Japan, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the evidence we have obtained provides a basis for our conclusion.

Responsibilities of Management and the Audit Committee for the Quarterly Consolidated Financial Statements

Management is responsible for the preparation of the quarterly consolidated financial statements in accordance with Article 5, Paragraph 4 of the Standards, applying the provisions for reduced disclosures as set forth in Article 5, Paragraph 5 of the Standards and for the internal controls as management determines are necessary to enable the preparation of quarterly consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the quarterly consolidated financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, including the disclosures related to matters of going concern, as required by Article 5, Paragraph 4 of the Standards, applying the provisions for reduced disclosures as set forth in Article 5, Paragraph 5 of the Standards.

The Audit Committee is responsible for overseeing the Group’s financial reporting process.

Auditor’s Responsibilities for the Review of the Quarterly Consolidated Financial Statements

Our responsibility is to independently express a conclusion on the quarterly consolidated financial statements in the interim review report based on our review. As part of a review in accordance with review standards for interim financial statements generally accepted in Japan, we exercise professional judgment and maintain professional skepticism throughout the review. We also:

•	Make inquiries, primarily of management and persons responsible for financial and accounting matters and apply<br>analytical and other interim review procedures. A review is substantially less in scope than an audit conducted in accordance with auditing standards generally accepted in Japan.

– 17 –

•	Conclude based on the evidence obtained whether anything has come to our attention that causes us to believe that<br>the quarterly consolidated financial statements are not prepared in accordance with Article 5, Paragraph 4 of the Standards, applying the provisions for reduced disclosures as set forth in Article 5, Paragraph 5 of the Standards, should we determine<br>that a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. Additionally, if we conclude that a material uncertainty exists, we are required to draw<br>attention in our auditor’s interim review report to the related disclosures in the quarterly consolidated financial statements or, if such disclosures are inadequate, to modify our conclusion. Our conclusions are based on the evidence obtained<br>up to the date of our auditor’s interim review report. However, future events or conditions may cause the Group to cease to continue as a going concern.
•	Evaluate whether anything has come to our attention that causes us to believe that the overall presentation and<br>disclosure of the quarterly consolidated financial statements are not prepared in accordance with Article 5, Paragraph 4 of the Standards, applying the provisions for reduced disclosures as set forth in Article 5, Paragraph 5 of the Standards.<br>
---	---
•	Obtain evidence regarding the financial information of the Group as a basis for expressing a conclusion on the<br>quarterly consolidated financial statements. We are responsible for the direction, supervision and review of the documentation of the interim review. We remain solely responsible for our conclusion.
---	---

We communicate with the Audit Committee regarding the planned scope and timing of the review and significant review findings.

We also provide the Audit Committee with a statement that we have complied with the ethical requirements regarding independence that are relevant to our review of the quarterly consolidated financial statements in Japan, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied to reduce threats to an acceptable level.

Interest Required to Be Disclosed by the Certified Public Accountants Act of Japan

Our firm and its designated engagement partners do not have any interest in the Group which is required to be disclosed pursuant to the provisions of the Certified Public Accountants Act of Japan.

*1.	The Company maintains the original of the Independent Auditor’s Interim Review Report above.<br>
*2.	XBRL data and HTML data are not included in the scope of the interim review.
---	---

(Note)

The original Independent Auditor’s Interim Review Report related to the quarterly consolidated financial statements is in Japanese. This English translation is prepared only for readers’ convenience. Ernst & Young ShinNihon LLC have not applied any such procedures, nor have they performed an audit on the English language version of the quarterly consolidated financial statements for the above-mentioned period.

– 18 –