Nomura 6K Current report

FORM 6-K

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

Commission File Number: 1-15270

For the month of November 2024

NOMURA HOLDINGS, INC.

(Translation of registrant’s name into English)

13-1, Nihonbashi 1-chome

Chuo-ku, Tokyo 103-8645

Japan

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F X Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Information furnished on this form:

EXHIBIT


Exhibit Number

1.		Financial Summary – Six months ended September 30, 2024.

The registrant hereby incorporates Exhibit 1 to this report on Form 6-K by reference (i) in the prospectus that is part of the Registration Statement on Form F-3 (Registration No. 333-261756) of the registrant, filed with the SEC on December 20, 2021 and (ii) in the prospectus that is part of the Registration Statement on Form F-3 (Registration No. 333-273353) of the registrant and of Nomura America Finance, LLC, filed with the SEC on July 20, 2023.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	NOMURA HOLDINGS, INC.

Date: November 1, 2024	By:	/s/ Yoshifumi Kishida
		Yoshifumi Kishida
		Senior Managing Director

Financial Summary for the Six Months Ended September 30, 2024 (U.S. GAAP)


Date:		November 1, 2024
Company name (code number):		Nomura Holdings, Inc. (8604)
Stock exchange listings:		(In Japan) Tokyo, Nagoya (Overseas) New York, Singapore
Representative:		Kentaro Okuda President and Group CEO, Nomura Holdings, Inc.
For inquiries:		Junko Tago Managing Director, Head of Investor Relations, Nomura Holdings, Inc. Tel: (Country Code 81) 3-5255-1000 URL: https://www.nomura.com

1. Consolidated Operating Results

(1) Operating Results


	(Rounded to nearest million)
	(Millions of yen, except per share data)
	For the six months ended September 30
	2023						2024
				% Change from September 30, 2022						% Change from September 30, 2023
Total revenue		1,906,053			102.0	%		2,459,451			29.0	%
Net revenue		716,673			16.2	%		937,769			30.9	%
Income before income taxes		103,045			138.4	%		235,941			129.0	%
Net income attributable to Nomura Holdings, Inc. (“NHI”) shareholders		58,563			217.1	%		167,325			185.7	%
Comprehensive income		186,810			(34.2	%)		81,168			(56.6	%)
Basic-Net income attributable to NHI shareholders per share (Yen)		19.34						56.63
Diluted-Net income attributable to NHI shareholders per share (Yen)		18.62						54.58
Return on shareholders’ equity - annualized		3.6	%					10.1	%

Note: Return on shareholders’ equity is a ratio of Net income attributable to NHI shareholders to Total NHI shareholders’ equity.

(2) Financial Position


	(Millions of yen, except per share data)
	At March 31			At September 30
	2024			2024
Total assets		55,147,203			57,458,630
Total equity		3,448,513			3,396,386
Total NHI shareholders’ equity		3,350,189			3,300,761
Total NHI shareholders’ equity as a percentage of total assets		6.1	%		5.7	%
Total NHI shareholders’ equity per share (Yen)		1,127.72			1,117.00

2. Cash Dividends


					(Yen amounts)
	For the year ended March 31
	2024		2025		2025 (Plan)
Dividends per share
Dividends record dates
At June 30		—		—		—
At September 30		8.00		23.00		—
At December 31		—		—		—
At March 31		15.00		—		Unconfirmed
For the year		23.00		—		Unconfirmed

Note: The dividends for the fourth quarter of the year ending March 31, 2025, are not presented for the reasons stated in “ 3. Earnings forecasts for the year ending March 31, 2025.”

3. Earnings Forecasts for the year ending March 31, 2025

Nomura provides investment, financing and related services in the capital markets on a global basis. In the global capital markets there exist uncertainties due to, but not limited to, economic and market conditions. Nomura, therefore, does not present earnings forecasts.

Notes

(1) Significant changes in the scope of consolidation during the period: None

(2) Adoption of the simplified and particular accounting treatments: None

(3) Changes in accounting policies

a) Changes in accounting policies due to amendments to the accounting standards: Yes

b) Changes in accounting policies due to other than a): Yes

Note) Please refer to P.12 “2. Semi-annual Consolidated Financial Statements (6) Changes in Accounting Policies” for further details.

(4) Number of shares issued (common stock)


	At March 31		At September 30
	2024		2024
Number of shares outstanding (including treasury stock)		3,163,562,601		3,163,562,601
Number of treasury stock		192,807,441		208,538,063

	For the six months ended September 30
	2023		2024
Average number of shares outstanding (year-to-date)		3,028,036,425		2,954,723,390

*Semi-annual financial results reports are exempt from review conducted by certified public accountants or an audit firm.

Table of Contents for the Accompanying Materials


1. Qualitative Information of the Semi-annual Consolidated Results			P. 2

(1) Consolidated Operating Results			P. 2
(2) Consolidated Financial Position			P. 4
(3) Consolidated Earnings Forecasts			P. 4

2. Semi-annual Consolidated Financial Statements			P. 5

(1) Semi-annual Consolidated Balance Sheets			P. 6
(2) Semi-annual Consolidated Statements of Income			P. 8
(3) Semi-annual Consolidated Statements of Comprehensive Income			P. 9
(4) Note with respect to the Assumption as a Going Concern			P.10
(5) Significant Changes in Equity			P.11
(6) Changes in Accounting Policies			P.12
(7) Segment Information – Operating Segment			P.13

3. Supplementary Information			P.14

(1) Consolidated Statements of Income – Quarterly Comparatives			P.14
(2) Business Segment Information – Quarterly Comparatives			P.15
(3) Other			P.16

– 1 –

1.	Qualitative Information of the Semi-annual Consolidated Results

(1)

Consolidated Operating Results

U.S. GAAP


	Billions of yen						% Change
	For the six months ended						(B-A)/(A)
	September 30, 2023 (A)			September 30, 2024 (B)			(B-A)/(A)
Net revenue		716.7			937.8			30.9
Non-interest expenses		613.6			701.8			14.4

Income (loss) before income taxes		103.0			235.9			129.0
Income tax expense		41.6			66.8			60.7

Net income (loss)		61.5			169.1			175.2

Less: Net income (loss) attributable to noncontrolling interests		2.9			1.8			(37.5	)

Net income (loss) attributable to NHI shareholders		58.6			167.3			185.7

Return on shareholders’ equity - annualized		3.6	%		10.1	%		—

Note: Return on shareholders’ equity is a ratio of Net income (loss) attributable to NHI shareholders to Total NHI shareholders’ equity.

Nomura Holdings, Inc. and its consolidated entities (collectively, “Nomura”) reported net revenue of 937.8 billion yen for the six months ended September 30, 2024, an increase of 30.9% from the same period in the prior year. Non-interest expenses increased by 14.4% from the same period in the prior year to 701.8 billion yen. Income before income taxes was 235.9 billion yen and net income attributable to NHI shareholders was 167.3 billion yen for the six months ended September 30, 2024.

Segment Information


	Billions of yen				% Change
	For the six months ended				(B-A)/(A)
	September 30, 2023 (A)		September 30, 2024 (B)		(B-A)/(A)
Net revenue		718.3		939.8		30.8
Non-interest expenses		613.6		701.8		14.4

Income (loss) before income taxes		104.6		237.9		127.4

In the above segment information totals, which exclude a part of unrealized gain (loss) on investments in equity securities held for operating purposes, net revenue for the six months ended September 30, 2024 was 939.8 billion yen, an increase of 30.8% from the same period in the prior year. Non-interest expenses increased by 14.4% from the same period in the prior year to 701.8 billion yen. Income before income taxes increased by 127.4% to 237.9 billion yen for the six months ended September 30, 2024. Please refer to page 13 for further details of the differences between U.S. GAAP and business segment amounts.

– 2 –

<Business Segment Results>

The Retail Division has been renamed the “Wealth Management Division,” effective April 1, 2024.

Operating Results of Wealth Management


	Billions of yen				% Change
	For the six months ended				(B-A)/(A)
	September 30, 2023 (A)		September 30, 2024 (B)		(B-A)/(A)
Net revenue		191.0		230.7		20.8
Non-interest expenses		139.0		143.1		3.0

Income (loss) before income taxes		52.0		87.5		68.4

Net revenue increased by 20.8% from the same period in the prior year to 230.7 billion yen. Non-interest expenses increased by 3.0% to 143.1 billion yen. As a result, income before income taxes increased by 68.4% to 87.5 billion yen.

Operating Results of Investment Management


	Billions of yen				% Change
	For the six months ended				(B-A)/(A)
	September 30, 2023 (A)		September 30, 2024 (B)		(B-A)/(A)
Net revenue		71.6		103.8		44.8
Non-interest expenses		44.8		48.6		8.6

Income (loss) before income taxes		26.8		55.1		105.3

Net revenue increased by 44.8% from the same period in the prior year to 103.8 billion yen. Non-interest expenses increased by 8.6% to 48.6 billion yen. As a result, income before income taxes increased by 105.3% to 55.1 billion yen. Assets under management were 88.8 trillion yen as of September 30, 2024.

Operating Results of Wholesale


	Billions of yen				% Change
	For the six months ended				(B-A)/(A)
	September 30, 2023 (A)		September 30, 2024 (B)		(B-A)/(A)
Net revenue		394.9		508.2		28.7
Non-interest expenses		384.6		441.8		14.9

Income (loss) before income taxes		10.4		66.4		540.8

Net revenue increased by 28.7% from the same period in the prior year to 508.2 billion yen. Non-interest expenses increased by 14.9% to 441.8 billion yen. As a result, income before income taxes increased by 540.8% to 66.4 billion yen.

– 3 –

Other Operating Results


	Billions of yen				% Change
	For the six months ended				(B-A)/(A)
	September 30, 2023 (A)		September 30, 2024 (B)		(B-A)/(A)
Net revenue		60.7		97.1		60.0
Non-interest expenses		45.3		68.3		50.8

Income (loss) before income taxes		15.4		28.9		87.0

Net revenue was 97.1 billion yen. Income before income taxes was 28.9 billion yen.

(2)

Consolidated Financial Position

Total assets as of September 30, 2024 were 57,458.6 billion yen, an increase of 2,311.4 billion yen compared to March 31, 2024, mainly due to the increase in Trading assets. Total liabilities as of September 30, 2024 were 54,062.2 billion yen, an increase of 2,363.6 billion yen compared to March 31, 2024, mainly due to the increase in Securities sold under agreements to repurchase. Total equity as of September 30, 2024 was 3,396.4 billion yen, a decrease of 52.1 billion yen compared to March 31, 2024.

(3)

Consolidated Earnings Forecasts

– 4 –

2.	Semi-annual Consolidated Financial Statements

The Semi-annual consolidated financial statements herein have been prepared in accordance with Nomura’s accounting policies which are disclosed in the notes to the consolidated financial statements of Nomura Holdings, Inc.’s Annual Securities Report (the annual report filed in Japan on June 26, 2024) and Form 20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 26, 2024) for the year ended March 31, 2024, with the exception of matters described in (6) Changes in Accounting Policies.

– 5 –

(1) Semi-annual Consolidated Balance Sheets


	Millions of yen
	March 31, 2024			September 30, 2024			Increase/ (Decrease)
ASSETS
Cash and cash deposits:
Cash and cash equivalents		4,239,359			4,827,144			587,785
Time deposits		545,842			564,398			18,556
Deposits with stock exchanges and other segregated cash		369,770			398,736			28,966

Total cash and cash deposits		5,154,971			5,790,278			635,307

Loans and receivables:
Loans receivable		5,469,195			5,354,101			(115,094	)
Receivables from customers		453,937			410,509			(43,428	)
Receivables from other than customers		928,632			1,069,071			140,439
Allowance for credit losses		(18,047	)		(16,624	)		1,423

Total loans and receivables		6,833,717			6,817,057			(16,660	)

Collateralized agreements:
Securities purchased under agreements to resell		15,621,132			15,256,239			(364,893	)
Securities borrowed		5,373,663			4,943,857			(429,806	)

Total collateralized agreements		20,994,795			20,200,096			(794,699	)

Trading assets and private equity and debt investments:
Trading assets*		19,539,742			22,000,384			2,460,642
Private equity and debt investments*		117,066			134,647			17,581

Total trading assets and private equity and debt investments		19,656,808			22,135,031			2,478,223

Other assets:
Office buildings, land, equipment and facilities (net of accumulated depreciation and amortization of ¥ 529,605 million as of March 31, 2024 and ¥ 520,067 million as of September 30, 2024)		448,785			444,335			(4,450	)
Non-trading debt securities*		335,401			331,717			(3,684	)
Investments in equity securities*		105,088			95,746			(9,342	)
Investments in and advances to affiliated companies*		462,017			479,406			17,389
Other		1,155,621			1,164,964			9,343

Total other assets		2,506,912			2,516,168			9,256

Total assets		55,147,203			57,458,630			2,311,427

^*	Including securities pledged as collateral

– 6 –


			Millions of yen
			March 31, 2024			September 30, 2024			Increase/ (Decrease)
LIABILITIES AND EQUITY
Short-term borrowings				1,054,717			897,073			(157,644	)
Payables and deposits:
Payables to customers				1,310,825			1,289,570			(21,255	)
Payables to other than customers				2,823,100			3,042,016			218,916
Deposits received at banks				2,356,202			2,847,133			490,931

Total payables and deposits				6,490,127			7,178,719			688,592

Collateralized financing:
Securities sold under agreements to repurchase				16,870,303			17,929,483			1,059,180
Securities loaned				2,133,066			1,903,124			(229,942	)
Other secured borrowings				393,206			406,326			13,120

Total collateralized financing				19,396,575			20,238,933			842,358

Trading liabilities				10,890,610			11,383,276			492,666
Other liabilities				1,414,546			1,315,745			(98,801	)
Long-term borrowings				12,452,115			13,048,498			596,383

Total liabilities				51,698,690			54,062,244			2,363,554

Equity
NHI shareholders’ equity:
Common stock
Authorized	-	6,000,000,000 shares
Issued	-	3,163,562,601 shares as of March 31, 2024 and
		3,163,562,601 shares as of September 30, 2024
Outstanding	-	2,970,755,160 shares as of March 31, 2024 and
		2,955,024,538 shares as of September 30, 2024		594,493			594,493			—
Additional paid-in capital				708,785			683,561			(25,224	)
Retained earnings				1,705,725			1,794,479			88,754
Accumulated other comprehensive income (loss)				459,984			372,729			(87,255	)

Total NHI shareholders’ equity before treasury stock				3,468,987			3,445,262			(23,725	)
Common stock held in treasury, at cost -
192,807,441 shares as of March 31, 2024 and
208,538,063 shares as of September 30, 2024				(118,798	)		(144,501	)		(25,703	)

Total NHI shareholders’ equity				3,350,189			3,300,761			(49,428	)

Noncontrolling interests				98,324			95,625			(2,699	)

Total equity				3,448,513			3,396,386			(52,127	)

Total liabilities and equity				55,147,203			57,458,630			2,311,427

– 7 –

(2) Semi-annual Consolidated Statements of Income


	Millions of yen					% Change
	For the six months ended					(B-A)/(A)
	September 30, 2023(A)		September 30, 2024(B)			(B-A)/(A)
Revenue:
Commissions		171,692		204,113			18.9
Fees from investment banking		69,750		94,586			35.6
Asset management and portfolio service fees		148,473		184,181			24.1
Net gain on trading		232,176		279,705			20.5
Gain on private equity and debt investments		8,010		4,751			(40.7	)
Interest and dividends		1,208,109		1,551,508			28.4
Gain (loss) on investments in equity securities		7,569		(1,112	)		—
Other		60,274		141,719			135.1

Total revenue		1,906,053		2,459,451			29.0
Interest expense		1,189,380		1,521,682			27.9

Net revenue		716,673		937,769			30.9

Non-interest expenses:
Compensation and benefits		325,811		369,181			13.3
Commissions and floor brokerage		65,701		88,954			35.4
Information processing and communications		106,452		112,510			5.7
Occupancy and related depreciation		34,078		34,445			1.1
Business development expenses		11,540		12,553			8.8
Other		70,046		84,185			20.2

Total non-interest expenses		613,628		701,828			14.4

Income before income taxes		103,045		235,941			129.0
Income tax expense		41,578		66,802			60.7

Net income		61,467		169,139			175.2

Less: Net income attributable to noncontrolling interests		2,904		1,814			(37.5	)

Net income attributable to NHI shareholders		58,563		167,325			185.7

Per share of common stock:

	Yen					% Change
Basic-
Net income attributable to NHI shareholders per share		19.34		56.63			192.8

Diluted-
Net income attributable to NHI shareholders per share		18.62		54.58			193.1

– 8 –

(3) Semi-annual Consolidated Statements of Comprehensive Income


	Millions of yen						% Change
	For the six months ended						(B-A)/(A)
	September 30, 2023(A)			September 30, 2024(B)			(B-A)/(A)
Net income		61,467			169,139			175.2
Other comprehensive income (loss):
Cumulative translation adjustments:
Cumulative translation adjustments		174,096			(94,867	)		—
Deferred income taxes		(1,293	)		(1,380	)		—

Total		172,803			(96,247	)		—

Defined benefit pension plans:
Pension liability adjustment		993			(1,443	)		—
Deferred income taxes		(224	)		488			—

Total		769			(955	)		—

Non-trading debt securities:
Net unrealized gain (loss) on non-trading debt securities		—			(39	)		—
Deferred income taxes		—			12			—

Total		—			(27	)		—

Own Credit Adjustments:
Own Credit Adjustments		(62,963	)		13,358			—
Deferred income taxes		14,734			(4,100	)		—

Total		(48,229	)		9,258			—

Total other comprehensive income (loss)		125,343			(87,971	)		—

Comprehensive income		186,810			81,168			(56.6	)
Less: Comprehensive income attributable to noncontrolling interests		4,139			1,098			(73.5	)

Comprehensive income attributable to NHI shareholders		182,671			80,070			(56.2	)

– 9 –

(4) Note with respect to the Assumption as a Going Concern

Not applicable.

– 10 –

(5) Significant Changes in Equity

Not applicable. For further details of the changes, please refer below.


	Millions of yen
	For the six months ended September 30, 2024
Common stock
Balance at beginning of year		594,493

Balance at end of period		594,493

Additional paid-in capital
Balance at beginning of year		708,785
Stock-based compensation awards		(25,245	)
Changes in ownership interests in subsidiaries		36
Changes in an affiliated company’s interests		(15	)

Balance at end of period		683,561

Retained earnings
Balance at beginning of year		1,705,725
Net income attributable to NHI shareholders		167,325
Cash dividends		(67,966	)
Loss on disposal of treasury stock		(10,605	)

Balance at end of period		1,794,479

Accumulated other comprehensive income (loss)
Cumulative translation adjustments
Balance at beginning of year		444,071
Net change during the period		(95,531	)

Balance at end of period		348,540

Defined benefit pension plans
Balance at beginning of year		(19,512	)
Pension liability adjustment		(955	)

Balance at end of period		(20,467	)

Non-trading debt securities
Balance at beginning of year		—
Net unrealized gain (loss) on non-trading debt securities		(27	)

Balance at end of period		(27	)

Own credit adjustments
Balance at beginning of year		35,425
Own credit adjustments		9,258

Balance at end of period		44,683

Balance at end of period		372,729

Common stock held in treasury
Balance at beginning of year		(118,798	)
Repurchases of common stock		(58,827	)
Sale of common stock		0
Common stock issued to employees		33,124

Balance at end of period		(144,501	)

Total NHI shareholders’ equity

Balance at end of period		3,300,761

Noncontrolling interests
Balance at beginning of year		98,324
Net change during the period		(2,699	)

Balance at end of period		95,625

Total equity

Balance at end of period		3,396,386

– 11 –

(6) Changes in Accounting Policies

Fair value measurement of equity securities subject to contractual sale restrictions

The Financial Accounting Standards Board issued Accounting Standards Updates (“ASU”) 2022-03 “Fair Value Measurement: Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” in June 2022 which clarifies that a contractual restriction on the sale of an equity security is an entity-specific characteristic and therefore should not be considered in the fair value measurement of the equity security. The ASU also requires specific disclosures for equity securities subject to contractual sale restrictions. Nomura has applied this new accounting policy prospectively from April 1, 2024.

Voluntary change in accounting policy

Effective from April 1, 2024, Nomura has changed its accounting policy in respect of how accounting guidance provided by Financial Accounting Standards Board Accounting Standards Codification 940 “Financial Services — Brokers and Dealers” (“ASC 940”) is applied to the Company and its consolidated subsidiaries. For the year ended March 31, 2024 and in prior financial years, Nomura applied ASC 940 on a consolidated basis to all entities included within the consolidated financial statements of Nomura. Effective from April 1, 2024, the Company and consolidated subsidiaries that are not registered as a broker-dealer (“non-BD entities”) no longer apply ASC 940.

This accounting policy change is primarily due to a planned expansion of Nomura’s banking and investment management business and is therefore intended to allow certain non-BD entities to prospectively classify purchases of new non-trading debt securities as either held to maturity (“HTM”) or available for sale (“AFS”) as defined in ASC 320 “Investments—Debt Securities”. Non-trading debt securities classified as HTM are securities that a non-BD entity has both the ability and the intent to hold until maturity and are carried at amortized cost, while non-trading debt securities classified as AFS are carried at fair value with changes in fair value reported in the consolidated statements of comprehensive income, net of applicable income taxes within Other comprehensive income (loss) and in the consolidated balance sheets, net of applicable income taxes within Accumulated other comprehensive income (loss), a component of NHI shareholders’ equity.

As retrospective application of this accounting policy change is impracticable since it would require use of hindsight regarding historical accounting matters such as the initial classification of non-trading debt securities, Nomura has applied this new accounting policy prospectively from April 1, 2024.

As part of this accounting policy change, existing loans for trading purposes and non-trading debt securities held by non-BD entities have been elected for the fair value option on April 1, 2024 and therefore continue to be measured at fair value through earnings. A similar election has been made for subsequent originations or purchases of loans held for trading purposes through to September 30, 2024. Such loans continue to be reported in Trading assets in the consolidated balance sheets with changes in fair value reported in Revenue - Net gain on trading in the consolidated statements of income. Similarly, non-trading debt securities held by non-BD entities elected for the fair value option continue to be reported in Non-trading debt securities in the consolidated balance sheets which changed in fair value reported in Revenue – Other in the consolidated statements of income.

Following the accounting policy change, fair value changes of non-trading debt securities acquired on or after April 1, 2024 and classified as HTM or AFS by non-BD entities are not recognized through earnings, unless an impairment loss is recognized.

– 12 –

(7) Segment Information – Operating Segment

The following table shows business segment information and reconciliation items to the consolidated statements of income.


	Millions of yen						% Change
	For the six months ended						(B-A)/(A)
	September 30, 2023 (A)			September 30, 2024 (B)			(B-A)/(A)
Net revenue

Business segment information:
Wealth Management		190,982			230,667			20.8
Investment Management		71,636			103,757			44.8
Wholesale		394,937			508,227			28.7

Subtotal		657,555			842,651			28.1
Other		60,708			97,111			60.0

Net revenue		718,263			939,762			30.8

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		(1,590	)		(1,993	)		—

Net revenue		716,673			937,769			30.9


Non-interest expenses

Business segment information:
Wealth Management		138,990			143,120			3.0
Investment Management		44,794			48,643			8.6
Wholesale		384,572			441,812			14.9

Subtotal		568,356			633,575			11.5
Other		45,272			68,253			50.8

Non-interest expenses		613,628			701,828			14.4

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		—			—			—

Non-interest expenses		613,628			701,828			14.4


Income (loss) before income taxes

Business segment information:
Wealth Management		51,992			87,547			68.4
Investment Management		26,842			55,114			105.3
Wholesale		10,365			66,415			540.8

Subtotal		89,199			209,076			134.4
Other*		15,436			28,858			87.0

Income (loss) before income taxes		104,635			237,934			127.4

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		(1,590	)		(1,993	)		—

Income (loss) before income taxes		103,045			235,941			129.0

*	Major components

Transactions between operating segments are recorded within segment results on commercial terms and conditions, and are eliminated in “Other.”

The following table presents the major components of income (loss) before income taxes in “Other.”


	Millions of yen						% Change
	For the six months ended						(B-A)/(A)
	September 30, 2023 (A)			September 30, 2024 (B)			(B-A)/(A)
Net gain (loss) related to economic hedging transactions		(5,511	)		(1,027	)		—
Realized gain (loss) on investments in equity securities held for operating purposes		8,217			496			(94.0	)
Equity in earnings of affiliates		22,731			26,351			15.9
Corporate items		3,322			187			(94.4	)
Other		(13,323	)		2,851			—

Total		15,436			28,858			87.0

Note) The Retail Division has been renamed the “Wealth Management Division,” effective April 1, 2024.

– 13 –

3. Supplementary Information

(1) Consolidated Statements of Income – Quarterly Comparatives


	Millions of yen														% Change			Millions of yen
	For the three months ended																	For the year ended March 31, 2024
	June 30, 2023		September 30, 2023		December 31, 2023			March 31, 2024		June 30, 2024(A)		September 30, 2024(B)			(B-A)/(A)			For the year ended March 31, 2024
Revenue:
Commissions		82,770		88,922		85,718			106,685		102,750		101,363			(1.3	)		364,095
Fees from investment banking		31,146		38,604		55,229			48,286		41,251		53,335			29.3			173,265
Asset management and portfolio service fees		71,807		76,666		77,496			84,185		90,333		93,848			3.9			310,154
Net gain on trading		115,563		116,613		125,069			134,366		131,994		147,711			11.9			491,611
Gain on private equity and debt investments		6,887		1,123		1,882			1,985		3,153		1,598			(49.3	)		11,877
Interest and dividends		549,651		658,458		686,300			726,447		788,550		762,958			(3.2	)		2,620,856
Gain (loss) on investments in equity securities		4,777		2,792		(3,350	)		5,393		1,442		(2,554	)		—			9,612
Other		30,752		29,522		52,143			63,407		58,412		83,307			42.6			175,824

Total revenue		893,353		1,012,700		1,080,487			1,170,754		1,217,885		1,241,566			1.9			4,157,294
Interest expense		544,440		644,940		680,262			725,652		763,443		758,239			(0.7	)		2,595,294

Net revenue		348,913		367,760		400,225			445,102		454,442		483,327			6.4			1,562,000

Non-interest expenses:
Compensation and benefits		158,673		167,138		170,629			177,083		184,510		184,671			0.1			673,523
Commissions and floor brokerage		31,365		34,336		34,315			37,312		43,629		45,325			3.9			137,328
Information processing and communications		52,836		53,616		54,342			56,332		55,769		56,741			1.7			217,126
Occupancy and related depreciation		16,601		17,477		16,806			17,814		17,635		16,810			(4.7	)		68,698
Business development expenses		6,144		5,396		6,157			6,539		6,572		5,981			(9.0	)		24,236
Other		36,984		33,062		39,265			57,928		43,396		40,789			(6.0	)		167,239

Total non-interest expenses		302,603		311,025		321,514			353,008		351,511		350,317			(0.3	)		1,288,150

Income before income taxes		46,310		56,735		78,711			92,094		102,931		133,010			29.2			273,850
Income tax expense		20,428		21,150		26,573			28,479		31,498		35,304			12.1			96,630

Net income		25,882		35,585		52,138			63,615		71,433		97,706			36.8			177,220

Less: Net income (loss) attributable to noncontrolling interests		2,551		353		1,588			6,865		2,495		(681	)		—			11,357

Net income attributable to NHI shareholders		23,331		35,232		50,550			56,750		68,938		98,387			42.7			165,863


	Yen														% Change			Yen
Per share of common stock:
Basic-
Net income attributable to NHI shareholders per share		7.71		11.61		16.77			18.92		23.33		33.30			42.7			54.97

Diluted-
Net income attributable to NHI shareholders per share		7.40		11.21		16.10			18.02		22.36		32.26			44.3			52.69

– 14 –

(2) Business Segment Information – Quarterly Comparatives

The following table shows business segment information and reconciliation items to the consolidated statements of income.


	Millions of yen																% Change			Millions of yen
	For the three months ended																			For the year ended
	June 30, 2023			September 30, 2023			December 31, 2023			March 31, 2024		June 30, 2024(A)		September 30, 2024(B)			(B-A)/(A)			March 31, 2024
Net revenue

Business segment information:
Wealth Management		92,050			98,932			102,625			108,754		113,963		116,704			2.4			402,361
Investment Management		26,525			45,111			38,946			43,561		47,670		56,087			17.7			154,143
Wholesale		190,850			204,087			216,996			254,214		244,846		263,381			7.6			866,147

Subtotal		309,425			348,130			358,567			406,529		406,479		436,172			7.3			1,422,651
Other		43,755			16,953			54,620			34,362		46,724		50,387			7.8			149,690

Net revenue		353,180			365,083			413,187			440,891		453,203		486,559			7.4			1,572,341

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		(4,267	)		2,677			(12,962	)		4,211		1,239		(3,232	)		—			(10,341	)

Net revenue		348,913			367,760			400,225			445,102		454,442		483,327			6.4			1,562,000


Non-interest expenses

Business segment information:
Wealth Management		69,103			69,887			70,698			69,994		71,705		71,415			(0.4	)		279,682
Investment Management		22,898			21,896			23,350			25,801		24,491		24,152			(1.4	)		93,945
Wholesale		188,749			195,823			194,026			233,638		223,725		218,087			(2.5	)		812,236

Subtotal		280,750			287,606			288,074			329,433		319,921		313,654			(2.0	)		1,185,863
Other		21,853			23,419			33,440			23,575		31,590		36,663			16.1			102,287

Non-interest expenses		302,603			311,025			321,514			353,008		351,511		350,317			(0.3	)		1,288,150

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		—			—			—			—		—		—			—			—

Non-interest expenses		302,603			311,025			321,514			353,008		351,511		350,317			(0.3	)		1,288,150


Income (loss) before income taxes

Business segment information:
Wealth Management		22,947			29,045			31,927			38,760		42,258		45,289			7.2			122,679
Investment Management		3,627			23,215			15,596			17,760		23,179		31,935			37.8			60,198
Wholesale		2,101			8,264			22,970			20,576		21,121		45,294			114.5			53,911

Subtotal		28,675			60,524			70,493			77,096		86,558		122,518			41.5			236,788
Other*		21,902			(6,466	)		21,180			10,787		15,134		13,724			(9.3	)		47,403

Income (loss) before income taxes		50,577			54,058			91,673			87,883		101,692		136,242			34.0			284,191

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		(4,267	)		2,677			(12,962	)		4,211		1,239		(3,232	)		—			(10,341	)

Income (loss) before income taxes		46,310			56,735			78,711			92,094		102,931		133,010			29.2			273,850

*	Major components

Transactions between operating segments are recorded within segment results on commercial terms and conditions, and are eliminated in “Other.”

The following table presents the major components of income (loss) before income taxes in “Other.”


	Millions of yen																		% Change			Millions of yen
	For the three months ended																					For the year ended March 31, 2024
	June 30, 2023			September 30, 2023			December 31, 2023			March 31, 2024			June 30, 2024(A)			September 30, 2024(B)			(B-A)/(A)			For the year ended March 31, 2024
Net gain (loss) related to economic hedging transactions		3,394			(8,905	)		7,575			(43	)		(2,853	)		1,826			—			2,021
Realized gain (loss) on investments in equity securities held for operating purposes		8,191			26			11,762			1,048			—			496			—			21,027
Equity in earnings of affiliates		13,718			9,013			8,830			14,859			14,800			11,551			(22.0	)		46,420
Corporate items		1,942			1,380			(6,459	)		(8,860	)		5,519			(5,332	)		—			(11,997	)
Other		(5,343	)		(7,980	)		(528	)		3,783			(2,332	)		5,183			—			(10,068	)

Total		21,902			(6,466	)		21,180			10,787			15,134			13,724			(9.3	)		47,403

Note)

The Retail Division has been renamed the “Wealth Management Division,” effective April 1, 2024.

– 15 –

(3)

Other

Quarterly financial information for Nomura Securities Co., Ltd. can be found at the following URL.

https://www.nomuraholdings.com/company/group/nsc/pdf/2025_2q.pdf

– 16 –

Nomura (NMR) 6-KCurrent report (foreign)