Nomura Holdings, Inc.

Strong overall profitability + ROE target achieved; Q3 muted by one-offs - Q3 FY ending Mar-2026: Net revenue JPY 551.8bn (+7% QoQ); pretax income JPY 135.2bn (-1% QoQ); net income JPY 91.6bn (-1% QoQ); EPS JPY 30.19. - ROE 10.3% in Q3, hitting Nomura’s 2030 target (8–10%+) for the 7th consecutive quarter. - 9M FY: Net income JPY 288.2bn (+7% YoY); pretax JPY 432.1bn (+15% YoY); ROE 10.8%. Company says this is slightly ahead of the “over JPY 500bn” 2030 run-rate target. - Main positive: Four divisions solid; pretax income across 4 divisions +8% QoQ to JPY 142.9bn (18.5-year high since FY Mar-2008 Q1). - Main negative: Q3 consolidated results slightly down due to segment “Other” losses linked to digital-asset (Laser Digital) volatility and market downturn; and Investment Management profits down due to acquisition-related one-offs and weaker investment gains.

Wealth Management is the standout driver (high margin + recurring growth) - Q3: Wealth Management net revenue JPY 132.5bn (+14% QoQ); pretax income JPY 58.5bn (+29% QoQ); income tax margin >40% and “ahead of street.” - Recurring revenue: JPY 52.7bn (record high); recurring revenue assets had net inflow JPY 503.9bn (largest on record) despite liquidity needs around market highs. - Recurring revenue assets: JPY 28.1tn (all-time high) at end of December. - Floor revenue: JPY 79.8bn (+sharp increase); recurring revenue cost coverage 71% (+1pp) from cost-control initiatives. - KPIs/clients: Flow clients +270k to 1.53m. - Outlook nuance: Management sees household financial assets continuing shifting into investment (supported by inflation/long-term needs), but declined to guarantee sustainability of exact inflow/margin (cites cyclical/market impacts).

Investment Management: record operating business revenue but profits dragged by Macquarie acquisition one-offs - Q3: Net revenue flat at JPY 60.9bn; pretax income -42% QoQ to JPY 17.9bn. - Cause: One-time expenses related to the Macquarie public asset management acquisition (closed Dec-1, 2025) plus weaker investment gains (American Century Investments). - However: Business revenue hit an all-time high JPY 57.8bn (stable revenue), aided by acquisition revenue contribution and Japan asset management performance. - AUM: JPY 134.7tn (all-time high); net inflows JPY 115bn (11th consecutive quarter). - Alternatives AUM: JPY 3.3tn (new high), about +JPY 400bn vs end-Sep, more than half from net inflows. - Forecast/transition: Company reiterated integration “J-curve”—near-term profit depressed by costs; long-run aim is synergy-led profit growth.