NRSCF · Nomura Holdings, Inc.

This 6-K reports the operational execution—not initiation—of a multi-year equity compensation program previously authorized by Nomura’s Executive Management Board between 2019 and 2025. The filing confirms the final disposition of 35.4 million treasury shares across seven RSU tranches (No.14 to No.50), all settled on the same date (April 27, 2026) using non-cash, in-kind contributions of internally held monetary compensation claims. Because no new board action, pricing discretion, or material policy change is disclosed—and because the underlying decisions were announced years earlier—the event represents administrative completion rather than strategic shift. The tiered allocation (to parent company directors/executives, parent employees, and subsidiary personnel) aligns with Nomura’s stated objective of broad-based retention and alignment, but the absence of performance conditions, vesting schedules, or forfeiture terms in the disclosed text limits insight into incentive design. Investors should note that while the total value exceeds ¥24 billion, it does not represent new expense recognition (as the liability was likely accrued over prior periods) nor does it impact cash flow. The event carries medium materiality due to scale and recurring nature, but lacks near-term financial or governance implications beyond routine equity accounting.