Nomura Holdings, Inc.

Earnings & ROE performance (good, but moderated vs Q1) - 2Q FY2027: ROE 10.9% (within target 10–12%+ toward 2030), net revenue JPY 607.5bn (-12% QoQ), income before taxes JPY 148bn (-30% QoQ), net income JPY 103.7bn (-29% QoQ), EPS JPY 34.61. - 1H FY2027: ROE 13.3%, with total four-division income before taxes +50% (shows restructuring/earning-power improvement despite volatile markets).

Stable recurring revenue momentum (key positive; surprising strength vs market volatility) - Wealth Management recurring revenue assets: ~JPY 31tn (up 20% vs end-Sep), supporting stability. - Wealth Management recurring revenue assets net inflows (2Q): +JPY 755.4bn inflows to an all-time high recurring revenue assets net inflows; recurring revenue rose +13% QoQ to all-time high JPY 66.7bn. - Recurring revenue cost coverage ratio: 79% (implies improved earnings stability).

Business drivers & what softened (mix: positive inflows, weaker markets) - Wealth Management net revenue: JPY 141.5bn (-3% QoQ); profit resilience led by asset-management/recurring revenue (margin remained high). - Investment Management (IM): net revenue JPY 84.8bn (-14% QoQ); income before taxes JPY 27.4bn (-39% QoQ), reflecting lower gains (e.g., American Century-related gains down)—but stable revenue remained strong (business revenue JPY 82.3bn). - Wholesale (Global Markets + IBD): net revenue JPY 308.9bn (-16% QoQ) and income before taxes JPY 46.1bn (-51% QoQ) due to weaker trading volumes and more uncertain markets, especially in equities/derivatives; however Investment Banking net revenue +9% QoQ to JPY 54.7bn (advisory + financing solutions supported; strong Japan ECM/DCM standings).