NRSCF · Nomura Holdings, Inc.

Nomura Holdings delivered strong FY2026 results with consolidated net revenue of 2,167.7 billion yen, up 14.5% from prior year, fueled by robust performances across segments. Wealth Management led with 12.5% revenue growth to 487.9 billion yen, driven by higher commissions and recurring revenue assets expanding 18.7% to 27.9 trillion yen on 8.8% net inflows. Investment Management saw 34.3% revenue jump to 258.5 billion yen, propelled by the Macquarie Acquisition completed December 1, 2025 for ¥281.4 billion, which consolidated AUM to 136.9 trillion yen despite net outflows. Wholesale grew 9.9% to 1,162.2 billion yen, with Equities up 22.3% to 459.1 billion yen on strong equity products and Fixed Income up 2.0% to 509.0 billion yen via spread products. Banking revenue rose 14.3% but pre-tax income fell 14.3% due to 29.5% expense growth. Overall non-interest expenses rose 14.6% to 1,627.9 billion yen, yielding pre-tax income of 539.8 billion yen and net income of 362.1 billion yen (ROE 10.1%). Balance sheet expanded with total assets at 62.6 trillion yen (+5.8 trillion yen, mainly trading assets), supported by solid capital position (Tier 1 ratio 15.7%, CET1 12.9%). Value at risk increased 52.6% to 5.8 billion yen. Employee count grew to 28,677 globally. Capital metrics remain preliminary and may revise in Form 20-F. The Macquarie deal enhances asset management scale, though integration costs pressured margins (pre-tax income flat at 88.3 billion yen). Reclassification for new Banking Division from April 1, 2025 affects comparatives. Results underscore diversified growth amid strategic M&A.