Nomura Holdings, Inc.

Strong profitability and ROE momentum (core “good”) - Q3 (ended Dec 2025): Group net revenue JPY 551.8bn (+7% QoQ); income before tax JPY 135.2bn (-1% QoQ); net income JPY 91.6bn (-1% QoQ); EPS JPY 30.19. - ROE 10.3% (target for FY2030: 8–10%+) reached for the 7th consecutive quarter, indicating strong capital efficiency. - Pretax income across the 4 main divisions: JPY 142.9bn (+8% QoQ); biggest drag came from “Other” tied to digital-asset conditions (see below).

9M FY ending Mar 2026 trend: ahead of internal target (good) - 9M (Apr–Dec 2025): income before tax JPY 432.1bn (+15% YoY); net income JPY 288.2bn (+7% YoY); EPS JPY 94.67; ROE 10.8%. - Management noted pre-tax income is “slightly ahead” of the 2030 vision target of >JPY 500bn for FY 9M run-rate.

Wealth Management powering growth and recurring revenue (good + notable metrics) - Wealth Management Q3: net revenue JPY 132.5bn (+14% QoQ); income before tax JPY 58.5bn (+29% QoQ); margin >40% and ahead of street. - Recurring revenue: JPY 52.7bn (all-time high); recurring revenue cost coverage ratio rose to 71% (+1pp QoQ) due to ongoing cost control. - Recurring revenue assets: net inflow JPY 503.9bn (largest net increase on record), despite “liquidity needs” at market highs. - Assets shift trend: total sales ~JPY 300bn to JPY 6.6trn, supported by equities activity, bonds stabilizing in yen terms, and steady growth in investment trusts/discretionary products.