6-K

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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 August 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):

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Information furnished on this form:

EXHIBIT

Exhibit Number
1.	Financial Summary – Three months ended June 30, 2025.

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. 333-283915) of the registrant, filed with the SEC on December 19, 2024 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.

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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 7, 2025	By:	/s/ Yoshifumi Kishida
		Yoshifumi Kishida
		Senior Managing Director

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August 7, 2025

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:	Akihiro Koseki
	Managing Director, Head of Investor Relations
	Tel: (Country Code 81) 3-5255-1000

Financial Summary–Three months ended June 30, 2025

(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 30, 2025, conducted by certified public accountants or an audit firm under US GAAP, which were disclosed on July 29, 2025, has been completed. Furthermore, there have been no changes to the quarterly consolidated financial statements announced on July 29, 2025.

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Financial Summary For the Three Months Ended June 30, 2025(U.S. GAAP)

Date:	August 7, 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 three months ended June 30
	2024						2025
				% Change from<br>June 30, 2023						% Change from<br>June 30, 2024
Total revenue		1,217,885			36.3	%		1,156,588			(5.0	%)
Net revenue		454,442			30.2	%		523,315			15.2	%
Income before income taxes		102,931			122.3	%		160,282			55.7	%
Net income attributable to Nomura Holdings, Inc. (“NHI”) shareholders		68,938			195.5	%		104,565			51.7	%
Comprehensive income		189,295			49.9	%		61,629			(67.4	%)
Basic-Net income attributable to NHI shareholders per<br>share (Yen)		23.33						35.19
Diluted-Net income attributable to NHI shareholders per<br>share (Yen)		22.36						34.04
Return on shareholders’ equity - annualized		8.1	%					12.0	%

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
	2025			2025
Total assets		56,802,170			58,101,087
Total equity		3,580,999			3,588,951
Total NHI shareholders’ equity		3,470,879			3,476,014
Total NHI shareholders’ equity as a percentage of total assets		6.1	%		6.0	%
Total NHI shareholders’ equity per share (Yen)		1,174.10			1,177.31

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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		—		Unconfirmed
At December 31		—		—		—
At March 31		34.00		—		Unconfirmed
For the year		57.00		—		Unconfirmed

Note: Fiscal year 2026 Q2 and Q4 dividends are not presented per 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.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
	2025		2025
Number of shares outstanding (including treasury stock)		3,163,562,601		3,163,562,601
Number of treasury stock		207,351,636		211,064,772
	For the three months ended June 30
	2024		2025
Average number of shares outstanding (year-to-date)		2,954,604,002		2,971,653,091

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

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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. 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
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

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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>2024 (A)			June 30,<br>2025 (B)
Net revenue		454.4			523.3			15.2
Non-interest expenses		351.5			363.0			3.3
Income (loss) before income taxes		102.9			160.3			55.7
Income tax expense		31.5			52.8			67.7
Net income (loss)		71.4			107.5			50.5
Less: Net income (loss) attributable to noncontrolling interests		2.5			2.9			16.6
Net income (loss) attributable to NHI shareholders		68.9			104.6			51.7
Return on shareholders’ equity - annualized		8.1	%		12.0	%		—

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 523.3 billion yen for the three months ended June 30, 2025, an increase of 15.2% from the same period in the prior year. Non-interest expenses increased by 3.3% from the same period in the prior year to 363.0 billion yen. Income before income taxes was 160.3 billion yen and net income attributable to NHI shareholders was 104.6 billion yen for the three months ended June 30, 2025.

Segment Information

	Billions of yen				% Change
	For the three months ended				(B-A)/(A)
	June 30,<br>2024 (A)		June 30,<br>2025 (B)
Net revenue		453.2		523.4		15.5
Non-interest expenses		351.5		363.0		3.3
Income (loss) before income taxes		101.7		160.4		57.7

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, 2025 was 523.4 billion yen, an increase of 15.5% from the same period in the prior year. Non-interest expenses increased by 3.3% from the same period in the prior year to 363.0 billion yen. Income before income taxes increased by 57.7% to 160.4 billion yen for the three months ended June 30, 2025. Please refer to page 10 for further details of the differences between U.S. GAAP and business segment amounts.

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<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 three months ended				(B-A)/(A)
	June 30,<br>2024 (A)		June 30,<br>2025 (B)
Net revenue		109.7		105.8		(3.6	)
Non-interest expenses		68.5		67.0		(2.2	)
Income (loss) before income taxes		41.2		38.8		(5.9	)

Net revenue decreased by 3.6% from the same period in the prior year to 105.8 billion yen. Non-interest expenses decreased by 2.2% to 67.0 billion yen. As a result, income before income taxes decreased by 5.9% to 38.8 billion yen.

Operating Results of Investment Management

	Billions of yen				% Change
	For the three months ended				(B-A)/(A)
	June 30,<br>2024 (A)		June 30,<br>2025 (B)
Net revenue		47.7		50.6		6.1
Non-interest expenses		24.5		29.0		18.6
Income (loss) before income taxes		23.2		21.5		(7.1	)

Net revenue increased by 6.1% from the same period in the prior year to 50.6 billion yen. Non-interest expenses increased by 18.6% to 29.0 billion yen. As a result, income before income taxes decreased by 7.1% to 21.5 billion yen. Assets under management were 94.3 trillion yen as of June 30, 2025.

Operating Results of Wholesale

	Billions of yen				% Change
	For the three months ended				(B-A)/(A)
	June 30,<br>2024 (A)		June 30,<br>2025 (B)
Net revenue		244.8		261.1		6.6
Non-interest expenses		223.7		219.2		(2.0	)
Income (loss) before income taxes		21.1		41.9		98.4

Net revenue increased by 6.6% from the same period in the prior year to 261.1 billion yen. Non-interest expenses decreased by 2.0% to 219.2 billion yen. As a result, income before income taxes increased by 98.4% to 41.9 billion yen.

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Operating Results of Banking

	Billions of yen				% Change
	For the three months ended				(B-A)/(A)
	June 30,<br>2024 (A)		June 30,<br>2025 (B)
Net revenue		11.2		12.8		14.4
Non-interest expenses		7.2		9.2		28.2
Income (loss) before income taxes		4.0		3.6		(10.4	)

Net revenue increased by 14.4% from the same period in the prior year to 12.8 billion yen. Non-interest expenses increased by 28.2% to 9.2 billion yen. As a result, income before income taxes decreased by 10.4% to 3.6 billion yen.

Other Operating Results

	Billions of yen				% Change
	For the three months ended				(B-A)/(A)
	June 30,<br>2024 (A)		June 30,<br>2025 (B)
Net revenue		39.7		93.2		134.4
Non-interest expenses		27.6		38.6		39.8
Income (loss) before income taxes		12.2		54.6		349.1

Net revenue was 93.2 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 54.6 billion yen.

(2)	Consolidated Financial Position

Total assets as of June 30, 2025 were 58,101.1 billion yen, an increase of 1,298.9 billion yen compared to March 31, 2025, mainly due to the increase in Trading assets. Total liabilities as of June 30, 2025 were 54,512.1 billion yen, an increase of 1,291.0 billion yen compared to March 31, 2025, mainly due to the increase in Trading liabilities. Total equity as of June 30, 2025 was 3,589.0 billion yen, an increase of 8.0 billion yen compared to March 31, 2025.

(3)	Consolidated Earnings Forecasts

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 and dividend forecasts.

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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.

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(1) Consolidated Balance Sheets

			June 30,<br>2025			Increase/<br>(Decrease)
ASSETS
Cash and cash deposits:
Cash and cash equivalents	4,424,462			4,983,234			558,772
Time deposits	642,388			569,880			(72,508	)
Deposits with stock exchanges and other segregated cash	447,846			494,678			46,832
Total cash and cash deposits	5,514,696			6,047,792			533,096
Loans and receivables:
Loans receivable	6,025,008			6,146,160			121,152
Receivables from customers	410,722			379,901			(30,821	)
Receivables from other than customers	1,030,023			976,170			(53,853	)
Allowance for credit losses	(16,920	)		(16,702	)		218
Total loans and receivables	7,448,833			7,485,529			36,696
Collateralized agreements:
Securities purchased under agreements to resell	14,004,757			12,964,351			(1,040,406	)
Securities borrowed	4,658,828			4,346,746			(312,082	)
Total collateralized agreements	18,663,585			17,311,097			(1,352,488	)
Trading assets and private equity and debt investments:
Trading assets*	22,372,339			24,233,906			1,861,567
Private equity and debt investments*	151,710			153,785			2,075
Total trading assets and private equity and debt investments	22,524,049			24,387,691			1,863,642
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> 534,830 million as of June 30, 2025)	436,454			414,971			(21,483	)
Non-trading debt securities*	485,290			558,924			73,634
Investments in equity securities*	98,401			96,963			(1,438	)
Investments in and advances to affiliated companies*	506,389			508,806			2,417
Other	1,124,473			1,289,314			164,841
Total other assets	2,651,007			2,868,978			217,971
Total assets	56,802,170			58,101,087			1,298,917

All values are in Japanese Yen.

*	Including securities pledged as collateral

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			Millions of yen
			March 31,<br>2025			June 30,<br>2025			Increase/<br>(Decrease)
LIABILITIES AND EQUITY
Short-term borrowings				1,117,292			1,322,134			204,842
Payables and deposits:
Payables to customers				1,377,222			1,545,461			168,239
Payables to other than customers				2,766,112			2,501,203			(264,909	)
Deposits received at banks				3,105,581			3,085,645			(19,936	)
Total payables and deposits				7,248,915			7,132,309			(116,606	)
Collateralized financing:
Securities sold under agreements to repurchase				16,287,758			15,378,015			(909,743	)
Securities loaned				1,964,682			1,679,632			(285,050	)
Other secured borrowings				393,420			341,410			(52,010	)
Total collateralized financing				18,645,860			17,399,057			(1,246,803	)
Trading liabilities				11,378,828			13,281,663			1,902,835
Other liabilities				1,456,598			1,448,150			(8,448	)
Long-term borrowings				13,373,678			13,928,823			555,145
Total liabilities				53,221,171			54,512,136			1,290,965
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 June 30, 2025
Outstanding	-	2,956,210,965 shares as of March 31, 2025 and
		2,952,497,829 shares as of June 30, 2025		594,493			594,493			—
Additional paid-in capital				704,877			670,541			(34,336	)
Retained earnings				1,867,379			1,963,109			95,730
Accumulated other comprehensive income (loss)				447,808			401,525			(46,283	)
Total NHI shareholders’ equity before treasury stock				3,614,557			3,629,668			15,111
Common stock held in treasury, at cost -
207,351,636 shares as<br>of March 31, 2025 and
211,064,772 shares as<br>of June 30, 2025				(143,678	)		(153,654	)		(9,976	)
Total NHI shareholders’ equity				3,470,879			3,476,014			5,135
Noncontrolling interests				110,120			112,937			2,817
Total equity				3,580,999			3,588,951			7,952
Total liabilities and equity				56,802,170			58,101,087			1,298,917

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(2) Consolidated Statements of Income

	Millions of yen					% Change
	For the three months ended					(B-A)/(A)
	June 30,<br>2024(A)		June 30,<br>2025(B)
Revenue:
Commissions		102,750		100,606			(2.1	)
Fees from investment banking		41,251		38,357			(7.0	)
Asset management and portfolio service fees		90,333		92,855			2.8
Net gain on trading		131,994		142,239			7.8
Gain on private equity and debt investments		3,153		6,330			100.8
Interest and dividends		788,550		649,561			(17.6	)
Gain (loss) on investments in equity securities		1,442		(377	)		—
Other		58,412		127,017			117.5
Total revenue		1,217,885		1,156,588			(5.0	)
Interest expense		763,443		633,273			(17.1	)
Net revenue		454,442		523,315			15.2
Non-interest expenses:
Compensation and benefits		184,510		186,310			1.0
Commissions and floor brokerage		43,629		44,778			2.6
Information processing and communications		55,769		57,164			2.5
Occupancy and related depreciation		17,635		15,965			(9.5	)
Business development expenses		6,572		6,992			6.4
Other		43,396		51,824			19.4
Total non-interest expenses		351,511		363,033			3.3
Income before income taxes		102,931		160,282			55.7
Income tax expense		31,498		52,808			67.7
Net income		71,433		107,474			50.5
Less: Net income attributable to noncontrolling interests		2,495		2,909			16.6
Net income attributable to NHI shareholders		68,938		104,565			51.7
Per share of common stock:
	Yen					% Change
Basic-
Net income attributable to NHI shareholders per share		23.33		35.19			50.8
Diluted-
Net income attributable to NHI shareholders per share		22.36		34.04			52.2

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(3) Consolidated Statements of Comprehensive Income

	Millions of yen						% Change
	For the three months ended						(B-A)/(A)
	June 30,<br>2024(A)			June 30,<br>2025(B)
Net income		71,433			107,474			50.5
Other comprehensive income (loss):
Cumulative translation adjustments:
Cumulative translation adjustments		113,443			(40,858	)		—
Deferred income taxes		(1,608	)		1,258			—
Total		111,835			(39,600	)		—
Defined benefit pension plans:
Pension liability adjustment		(1,797	)		(4,197	)		—
Deferred income taxes		578			(3	)		—
Total		(1,219	)		(4,200	)		—
Non-trading debt securities:
Net unrealized gain (loss) on non-trading debt<br>securities		(103	)		565			—
Deferred income taxes		32			(178	)		—
Total		(71	)		387			—
Own credit adjustments:
Own credit adjustments		9,856			(3,880	)		—
Deferred income taxes		(2,539	)		1,448			—
Total		7,317			(2,432	)		—
Total other comprehensive income (loss)		117,862			(45,845	)		—
Comprehensive income		189,295			61,629			(67.4	)
Less: Comprehensive income attributable to noncontrolling interests		3,983			3,347			(16.0	)
Comprehensive income attributable to NHI shareholders		185,312			58,282			(68.5	)

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(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.

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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>2024 (A)		June 30,<br>2025 (B)
Net revenue
Business segment information:
Wealth Management		109,716		105,796			(3.6	)
Investment Management		47,670		50,574			6.1
Wholesale		244,846		261,072			6.6
Banking		11,232		12,845			14.4
Subtotal		413,464		430,287			4.1
Other		39,739		93,160			134.4
Net revenue		453,203		523,447			15.5
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		1,239		(132	)		—
Net revenue		454,442		523,315			15.2
Non-interest expenses (*1)
Business segment information:
Wealth Management		68,517		67,041			(2.2	)
Investment Management		24,491		29,047			18.6
Wholesale		223,725		219,164			(2.0	)
Banking		7,200		9,231			28.2
Subtotal		323,933		324,483			0.2
Other		27,578		38,550			39.8
Non-interest expenses		351,511		363,033			3.3
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		—		—			—
Non-interest expenses		351,511		363,033			3.3
Income (loss) before income taxes
Business segment information:
Wealth Management		41,199		38,755			(5.9	)
Investment Management		23,179		21,527			(7.1)
Wholesale		21,121		41,908			98.4
Banking		4,032		3,614			(10.4	)
Subtotal		89,531		105,804			18.2
Other (*2)		12,161		54,610			349.1
Income (loss) before income taxes		101,692		160,414			57.7
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held <br>for operating purposes		1,239		(132	)		—
Income (loss) before income taxes		102,931		160,282			55.7
(*1)	Includes primarily personnel expenses, occupancy, technology, and professional fees.<br>
---	---
(*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 three months ended						(B-A)/(A)
	June 30,<br>2024 (A)			June 30,<br>2025 (B)
Net gain (loss) related to economic hedging transactions		(2,853	)		1,067			—
Realized gain (loss) on investments in equity securities held for operating purposes		—			5			—
Equity in earnings of affiliates		14,800			12,321			(16.8)
Corporate items		5,519			(11,637	)		—
Other		(5,305	)		52,854			—
Total		12,161			54,610			349.1

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

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(6) Significant Changes in Equity

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

	Millions of yen
	For the three months ended<br>June 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		(34,321	)
Changes in an affiliated company’s interests		(15	)
Balance at end of period		670,541
Retained earnings
Balance at beginning of year		1,867,379
Net income attributable to NHI shareholders		104,565
Loss on disposal of treasury stock		(8,835	)
Balance at end of period		1,963,109
Accumulated other comprehensive income (loss)
Cumulative translation adjustments
Balance at beginning of year		407,977
Net change during the period		(40,038	)
Balance at end of period		367,939
Defined benefit pension plans
Balance at beginning of year		(7,105	)
Pension liability adjustment		(4,200	)
Balance at end of period		(11,305	)
Non-trading debt securities
Balance at beginning of year		(1,147	)
Net unrealized gain on non-trading debt<br>securities		387
Balance at end of period		(760	)
Own credit adjustments
Balance at beginning of year		48,083
Own credit adjustments		(2,432	)
Balance at end of period		45,651
Balance at end of period		401,525
Common stock held in treasury
Balance at beginning of year		(143,678	)
Repurchases of common stock		(41,935	)
Sale of common stock		0
Common stock issued to employees		31,959
Balance at end of period		(153,654	)
Total NHI shareholders’ equity
Balance at end of period		3,476,014
Noncontrolling interests
Balance at beginning of year		110,120
Net change during the period		2,817
Balance at end of period		112,937
Total equity
Balance at end of period		3,588,951

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(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, 2024 and 2025.

	Millions of yen
	For the three months ended
	June 30, 2024		June 30, 2025
Depreciation and amortization		16,112		15,407

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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(A)			June 30,<br>2025(B)			(B-A)/(A)
Revenue:
Commissions		102,750		101,363			102,630		100,268			100,606			0.3			407,011
Fees from investment banking		41,251		53,335			64,375		53,273			38,357			(28.0	)		212,234
Asset management and portfolio service fees		90,333		93,848			97,209		96,806			92,855			(4.1	)		378,196
Net gain on trading		131,994		147,711			142,013		158,381			142,239			(10.2	)		580,099
Gain on private equity and debt investments		3,153		1,598			1,641		1,242			6,330			409.7			7,634
Interest and dividends		788,550		762,958			745,459		630,894			649,561			3.0			2,927,861
Gain (loss) on investments in equity securities		1,442		(2,554	)		1,610		(54	)		(377	)		—			444
Other		58,412		83,307			43,001		38,544			127,017			229.5			223,264
Total revenue		1,217,885		1,241,566			1,197,938		1,079,354			1,156,588			7.2			4,736,743
Interest expense		763,443		758,239			695,957		626,619			633,273			1.1			2,844,258
Net revenue		454,442		483,327			501,981		452,735			523,315			15.6			1,892,485
Non-interest expenses:
Compensation and benefits		184,510		184,671			190,888		172,321			186,310			8.1			732,390
Commissions and floor brokerage		43,629		45,325			43,645		44,853			44,778			(0.2	)		177,452
Information processing and communications		55,769		56,741			54,431		60,077			57,164			(4.8	)		227,018
Occupancy and related depreciation		17,635		16,810			17,885		17,836			15,965			(10.5	)		70,166
Business development expenses		6,572		5,981			6,807		7,695			6,992			(9.1	)		27,055
Other		43,396		40,789			50,046		52,209			51,824			(0.7	)		186,440
Total non-interest expenses		351,511		350,317			363,702		354,991			363,033			2.3			1,420,521
Income before income taxes		102,931		133,010			138,279		97,744			160,282			64.0			471,964
Income tax expense		31,498		35,304			34,137		23,770			52,808			122.2			124,709
Net income		71,433		97,706			104,142		73,974			107,474			45.3			347,255
Less: Net income (loss) attributable to noncontrolling interests		2,495		(681	)		2,701		2,004			2,909			45.2			6,519
Net income attributable to NHI shareholders		68,938		98,387			101,441		71,970			104,565			45.3			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			44.5			115.30
Diluted-
Net income attributable to NHI shareholders per share		22.36		32.26			33.08		23.39			34.04			45.5			111.03

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(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>2024		September 30,<br>2024			December 31,<br>2024		March 31,<br>2025(A)			June 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			5.9			433,551
Investment Management		47,670		56,087			45,711		43,005			50,574			17.6			192,473
Wholesale		244,846		263,381			290,523		259,188			261,072			0.7			1,057,938
Banking		11,232		12,245			12,274		11,421			12,845			12.5			47,172
Subtotal		413,464		444,014			460,119		413,537			430,287			4.1			1,731,134
Other		39,739		42,545			41,244		39,372			93,160			136.6			162,900
Net revenue		453,203		486,559			501,363		452,909			523,447			15.6			1,894,034
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		1,239		(3,232	)		618		(174	)		(132	)		—			(1,549	)
Net revenue		454,442		483,327			501,981		452,735			523,315			15.6			1,892,485
Non-interest expenses (*1)
Business segment information:
Wealth Management		68,517		68,061			66,792		63,999			67,041			4.8			267,369
Investment Management		24,491		24,152			26,773		27,466			29,047			5.8			102,882
Wholesale		223,725		218,087			228,162		221,682			219,164			(1.1	)		891,656
Banking		7,200		7,632			7,612		8,371			9,231			10.3			30,815
Subtotal		323,933		317,932			329,339		321,518			324,483			0.9			1,292,722
Other		27,578		32,385			34,363		33,473			38,550			15.2			127,799
Non-interest expenses		351,511		350,317			363,702		354,991			363,033			2.3			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			2.3			1,420,521
Income (loss) before income taxes
Business segment information:
Wealth Management		41,199		44,240			44,819		35,924			38,755			7.9			166,182
Investment Management		23,179		31,935			18,938		15,539			21,527			38.5			89,591
Wholesale		21,121		45,294			62,361		37,506			41,908			11.7			166,282
Banking		4,032		4,613			4,662		3,050			3,614			18.5			16,357
Subtotal		89,531		126,082			130,780		92,019			105,804			15.0			438,412
Other (*2)		12,161		10,160			6,881		5,899			54,610			825.8			35,101
Income (loss) before income taxes		101,692		136,242			137,661		97,918			160,414			63.8			473,513
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		1,239		(3,232	)		618		(174	)		(132	)		—			(1,549	)
Income (loss) before income taxes		102,931		133,010			138,279		97,744			160,282			64.0			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(A)			June 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			(52.2	)		(5,809	)
Realized gain (loss) on investments in equity securities held for operating<br>purposes		—			496			645			334			5			(98.5	)		1,475
Equity in earnings of affiliates		14,800			11,551			15,200			9,670			12,321			27.4			51,221
Corporate items		5,519			(5,332	)		(954	)		(5,117	)		(11,637	)		—			(5,884	)
Other		(5,305	)		1,619			(996	)		(1,220	)		52,854			—			(5,902	)
Total		12,161			10,160			6,881			5,899			54,610			825.8			35,101

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

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(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/teaserItems2/0/linkList/0/link/2026_1q.pdf

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[Translation]

Independent Auditor’s Interim Review Report

August 7, 2025

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, 2025, 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 and the Nagoya 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, including those applicable to audits of financial statements of public interest entities, 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 AuditCommittee 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 QuarterlyConsolidated 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.

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•	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.

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