NRSCF · Nomura Holdings, Inc.

Nomura Holdings delivered a record second consecutive year of full-year net income at Y362.1bn, up 6% YoY, with ROE steady at 10.1%, fulfilling its 2030 Vision quantitative target. This performance was propelled by all-time high income before income taxes across four segments totaling Y506.9bn, led by Wealth Management (Y204.0bn, +23% YoY) and Wholesale (Y200.6bn, +21% YoY). Wealth Management's asset management-based model accelerated, with recurring revenue assets reaching Y30.0trn and recurring revenue hitting a record high for the second straight quarter, supported by 16 consecutive quarters of strong net inflows (Y422.8bn in Q4). Flow revenue remained elevated amid volatile markets due to effective client support. Investment Management achieved peak net revenue of Y258.5bn (+34% YoY) and AuM surpassing Y137trn (+50% YoY), bolstered by acquisitions like Macquarie Group's public asset management business and Nomura Babcock & Brown, though offset by acquisition-related expenses and a Q4 impairment loss on a forestry investee. Wholesale posted record revenues in Global Markets (Equities at all-time quarterly high) and Investment Banking, with growth across all regions. Banking expanded its base ahead of FY2026/27 deposit sweep launch. Q4 saw net revenue rise 5% QoQ to Y577.2bn, but income before taxes declined 20% to Y107.7bn due to lower affiliate profits, Investment Management impairment, and Banking investments. Non-interest expenses grew 13% QoQ to Y469.5bn, reflecting business expansion. Proactive capital returns included an annual dividend of Y51 per share (41% payout). Management highlights building stable revenue streams, with WM recurring coverage ratio at 72%, positioning for sustained growth.