NRSCF · Nomura Holdings, Inc.

Nomura Holdings delivered solid FY2026 results under U.S. GAAP, with net revenue up 14.5% to 2,167.7 billion yen, reflecting broad-based segment growth amid volatile global markets. Wealth Management net revenue rose 12.5% to 487.9 billion yen, with income before taxes surging 22.8% due to controlled 6.2% expense growth. Investment Management saw revenue jump 34.3% to 258.5 billion yen post the December 1, 2025 acquisition of Macquarie Management Holdings entities for 281.4 billion yen, though 65.5% expense inflation limited pretax income to a 1.4% decline at 88.3 billion yen; AUM expanded to 136.9 trillion yen. Wholesale delivered 9.9% revenue growth to 1,162.2 billion yen and 20.6% pretax income increase to 200.6 billion yen on 7.9% expenses. New Banking division pretax income fell 14.3% to 14.0 billion yen despite 14.3% revenue gain, hit by 29.5% costs. 'Other' pretax income dropped 29.8% to 24.6 billion yen despite land sale gains. Overall, net income to NHI shareholders grew 6.3% to 362.1 billion yen, ROE edged to 10.1%, with total assets at 62,645.9 billion yen driven by trading assets, equity up 7.7%. Cash outflows intensified in operations (-843B yen) and investing (-1,499B yen) from trading/private investments and loans, offset by financing inflows (2,096B yen). Annual dividend cut to 51 yen per share (41.4% payout) from 57 yen. No FY2027 guidance due to market uncertainties; changes include Delaware Management inclusion and accounting policy updates.