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 2025

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:

 

EXHIBITS

 

Exhibit Number
1.		(English Translation) Semi-annual Securities Report Pursuant to the Financial Instruments and Exchange Act for the Six Months Ended September 30, 2025
2.		(English Translation) Confirmation Letter
3.		Capitalization and Indebtedness as of September 30, 2025

The registrant hereby incorporates Exhibits 1 (except Part I, Item 4.2 — “Interim Review Certificate” and the English translation of Interim Review Report of Independent Auditor), 2 and 3 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. 333-283915) of the registrant, originally filed with the SEC on December 19, 2024, as amended by Post-Effective Amendment No. 1 thereto, filed with the SEC on August 29, 2025 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 19, 2025		By:		/s/ Yoshifumi Kishida
				Yoshifumi Kishida
				Senior Managing Director

 

Exhibit 1

Semi-annual Securities Report Pursuant to the Financial Instruments and Exchange Act for the Six Months Ended September 30, 2025

Items included in the Semi-annual Securities Report

 

		Page
Part I   Corporate Information			1
Item 1. Information on Company and Its Subsidiaries and Affiliates			1
1. Selected Financial Data			1
2. Business Overview			1
Item 2. Operating and Financial Review			2
1. Risk Factors			2
2. Operating, Financial and Cash Flow Analyses by Management			3
3. Significant Contracts			17
Item 3. Company Information			18
1. Share Capital Information			18
2. Directors and Executive Officers
Item 4. Financial Information			22
Preparation Method of Consolidated Financial Statements and Interim Review Certificate			22
1. Consolidated Financial Statements			23
(1) Consolidated Balance Sheets (UNAUDITED)			23
(2) Consolidated Statements of Income (UNAUDITED)			26
(3) Consolidated Statements of Comprehensive Income (UNAUDITED)			27
(4) Consolidated Statements of Changes in Equity (UNAUDITED)			28
(5) Consolidated Statements of Cash Flows (UNAUDITED)			29
Notes to the Consolidated Financial Statements (UNAUDITED)			31
2. Other			116
Part II  Information on Guarantor of the Company
Interim Review Report of Independent Auditors			117

Note: Translations for the underlined items are attached to this form as below.

Part I Corporate Information

Item 1. Information on Company and Its Subsidiaries and Affiliates

1. Selected Financial Data

 

				Six months ended September 30, 2024				Six months ended September 30, 2025				Year ended March 31, 2025
Total revenue		(Mil yen)			2,459,451				2,317,801				4,736,743
Net revenue		(Mil yen)			937,769				1,038,777				1,892,485
Income before income taxes		(Mil yen)			235,941				296,927				471,964
Net income attributable to Nomura Holdings, Inc. (“NHI”) shareholders		(Mil yen)			167,325				196,643				340,736
Comprehensive income attributable to NHI shareholders		(Mil yen)			80,070				153,240				328,560
Total equity		(Mil yen)			3,396,386				3,608,659				3,580,999
Total assets		(Mil yen)			57,458,630				60,367,700				56,802,170
Net income attributable to NHI shareholders per share—basic		(Yen)			56.63				66.54				115.30
Net income attributable to NHI shareholders per share—diluted		(Yen)			54.58				64.53				111.03
Total NHI shareholders’ equity as a percentage of total assets		(%)			5.7				5.8				6.1
Cash flows from operating activities		(Mil yen)			(369,067	)			942,815				(678,611	)
Cash flows from investing activities		(Mil yen)			(203,737	)			(342,204	)			(848,647	)
Cash flows from financing activities		(Mil yen)			1,211,458				835,384				1,679,697
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period		(Mil yen)			4,827,835				5,868,575				4,425,441

 

1

The selected financial data of Nomura Holdings, Inc. (the “Company”) and other entities in which it has a controlling financial interest (collectively referred to as “Nomura”, “we”, “our”, or “us”) are stated in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”).

2	As the consolidated financial statements have been prepared, selected financial data on the Company are not disclosed.

2. Business Overview

There were no significant changes to the businesses of the Company and its 1,575 consolidated subsidiaries for the six months ended September 30, 2025.

There were 16 affiliated companies which were accounted for by the equity method as of September 30, 2025.

On April 1, 2025, the Banking Division was newly established. Please refer to Item 4. Financial Information, 1. Consolidated Financial Statements, Note 17 “Segment and geographic information.”

 

1

Item 2. Operating and Financial Review

1. Risk Factors

There is no significant change in our Risk Factors for the six months ended September 30, 2025 and until the submission date of this report.

 

2

2. Operating, Financial and Cash Flow Analyses by Management

(1) Operating Results

Nomura reported net revenue of ¥1,038.8 billion, non-interest expenses of ¥741.9 billion, income before income taxes of ¥296.9 billion, and net income attributable to NHI shareholders of ¥196.6 billion for the six months ended September 30, 2025.

The breakdown of net revenue and non-interest expenses on the consolidated statements of income is as follows:

 

		Millions of yen
		Six months ended September 30
		2024				2025
Commissions		¥	204,113			¥	205,655
Brokerage commissions			140,368				139,230
Commissions for distribution of investment trust			34,762				28,609
Other			28,983				37,816
Fees from investment banking			94,586				82,911
Underwriting and distribution			48,291				34,737
M&A / financial advisory fees			31,912				35,289
Other			14,383				12,885
Asset management and portfolio service fees			184,181				195,342
Asset management fees			167,901				178,129
Other			16,280				17,213
Net gain on trading			279,705				314,183
Gain on private equity and debt investments			4,751				10,700
Net interest			29,826				23,367
Gain (loss) on investments in equity securities			(1,112	)			3,988
Other			141,719				202,631
Net revenue		¥	937,769			¥	1,038,777
		Millions of yen
		Six months ended September 30
		2024				2025
Compensation and benefits		¥	369,181			¥	381,389
Commissions and floor brokerage			88,954				91,969
Information processing and communications			112,510				116,366
Occupancy and related depreciation			34,445				33,248
Business development expenses			12,553				14,264
Other			84,185				104,614
Non-interest expenses		¥	701,828			¥	741,850

 

3

Business Segment Information

Results by business segment are noted below. Nomura established a new Banking Division on April 1, 2025. Accordingly, our operating management and management reporting are prepared based on the Wealth Management, the Investment Management, the Wholesale and the Banking segments. We disclose business segment information in accordance with this structure from the six months ended September 30, 2025. The prior period amounts have been reclassified to conform to the presentation for the six months ended September 30, 2025.

Reconciliations of Net revenue and Income before income taxes on segment results of operations and the consolidated statements of income are set forth in Item 4. Financial Information, 1. Consolidated Financial Statements, Note 17 “Segment and geographic information.”

Net revenue

 

		Millions of yen
		Six months ended September 30
		2024				2025
Wealth Management		¥	222,017			¥	222,271
Investment Management			103,757				111,399
Wholesale			508,227				540,255
Banking			23,477				25,696
Other (Incl. elimination)			82,284				137,526
Total		¥	939,762			¥	1,037,147
Non-interest expenses
		Millions of yen
		Six months ended September 30
		2024				2025
Wealth Management		¥	136,578			¥	137,993
Investment Management			48,643				59,161
Wholesale			441,812				445,207
Banking			14,832				18,902
Other (Incl. elimination)			59,963				80,587
Total		¥	701,828			¥	741,850
Income before income taxes
		Millions of yen
		Six months ended September 30
		2024				2025
Wealth Management		¥	85,439			¥	84,278
Investment Management			55,114				52,238
Wholesale			66,415				95,048
Banking			8,645				6,794
Other (Incl. elimination)			22,321				56,939
Total		¥	237,934			¥	295,297

Wealth Management

Net revenue was ¥222.3 billion primarily due to increase in commissions. Non-interest expenses were ¥138.0 billion and income before income taxes was ¥84.3 billion. Wealth Management client assets were ¥162.3 trillion as of September 30, 2025, a ¥18.5 trillion increase from March 31, 2025.

Investment Management

Net revenue was ¥111.4 billion. Non-interest expenses were ¥59.2 billion and income before income taxes was ¥52.2 billion. Assets under management were ¥101.2 trillion as of September 30, 2025, a ¥11.9 trillion increase from March 31, 2025, primarily due to increases in the market value of assets under management and net inflows into MRFs, ETFs, and investment trusts (excluding ETFs, MRFs, etc.).

 

4

The breakdown of net revenue for Investment Management is as follows:

 

		Millions of yen
		Six months ended September 30
		2024				2025
Business revenue(1)		¥	78,475			¥	84,696
Investment gain/ loss(2)			25,282				26,703
Net revenue		¥	103,757			¥	111,399

(1)

Consists of division revenue, other than investment gain/loss, including revenue generated by our asset management business (excluding gains and losses related to our investment in American Century Investments), revenues generated by Nomura Babcock & Brown Co., Ltd.’s aircraft leasing-related businesses and management fee revenues generated from our private equity and other investment businesses.

(2)	Consists of division revenue attributable to investments (including fair value fluctuations, funding cost and dividends), including gains and losses related to our investment in American Century Investments and our investments held in our private equity and other investment businesses.

Acquisition of Asset Management Companies within the Macquarie Group on April 22, 2025, Nomura entered into a share purchase agreement to acquire all equity interests in Macquarie Management Holdings, Inc., Macquarie Investment Management Holdings (Luxembourg) S.à.r.l., and Macquarie Investment Management Holdings (Austria) GmbH (“the Macquarie acquisition”). The legal transfer of these interests and control of these companies are expected to be completed by the end of December 2025, subject to certain regulatory approvals and other customary closing conditions, at which point these companies will become consolidated subsidiaries of Nomura.

The Macquarie acquisition will be accounted for as a business combination in accordance with ASC 805 “Business Combinations,” and as a result of this acquisition, Nomura will recognize goodwill and certain intangible assets. The acquisition consideration is expected to be approximately $1.8 billion (approximately ¥278.9 billion based on an exchange rate of 1 U.S. dollar = ¥154.96) paid entirely in cash with the final purchase price, subject to certain adjustments based on measures such as assets under management, working capital and indebtedness of the acquired business as at the closing date.

Wholesale

Net revenue was ¥540.3 billion. Non-interest expenses were ¥445.2 billion and income before income taxes was ¥95.0 billion.

The breakdown of net revenue for Wholesale is as follows:

 

		Millions of yen
		Six months ended September 30
		2024				2025
Global Markets		¥	428,723			¥	458,823
Investment Banking			79,504				81,432
Net revenue		¥	508,227			¥	540,255

Global Markets net revenue was ¥458.8 billion. Fixed Income net revenue decreased from ¥253.5 billion as of September 30, 2024 to ¥246.7 billion mainly due to macro products slow down. Equities net revenue increased from ¥175.2 billion as of September 30, 2024 to ¥212.1 billion due to strong performances in equity products. Investment banking net revenue was ¥81.4 billion.

Banking

Net revenue was ¥25.7 billion due to increase in lending activities and trust and agency services. Non-interest expenses were ¥18.9 billion and income before income taxes was ¥6.8 billion. The Nomura Trust and Banking Co., Ltd.(“NTB”)’s loan outstanding(1) stood at ¥1.09 trillion as of September 30, 2025, a ¥49.0 billion increase from March 31, 2025.

(1)

The total balance of loans conducted by NTB, such as private banking loans and the “Nomura Web Loan” securities-backed loan product, corresponds to the figure for “Loans” disclosed on the asset side of NTB’s standalone balance sheet. Such figure is disclosed on the basis of regulatory standards based on accounting principles generally accepted in Japan and does not necessarily correspond to “Loans receivable” as disclosed by Nomura on its consolidated balance sheet, which is prepared on the basis of accounting principles generally accepted in the United States.

 

5

Other Operating Results

Other operating results include net gain (loss) related to economic hedging transactions, a part of realized gain (loss) on investments in equity securities held for operating purposes, equity in earnings of affiliates, corporate items, and other financial adjustments. Other operating results for the six months ended September 30, 2025 include gains from changes in the fair value of derivative liabilities of ¥0.2 billion attributable to the change in its own creditworthiness and gains from changes in counterparty credit spread of ¥0.5 billion. Net revenue was ¥137.5 billion mainly due to a gain of ¥56.1 billion from the sale of certain owned land and buildings located in Takanawa 2-chome, Minato-ku, Tokyo. Non-interest expenses were ¥80.6 billion and Income before income taxes was ¥56.9 billion for the six months ended September 30, 2025.

Geographic Information

Please refer to Item 4. Financial Information, 1. Consolidated Financial Statements, Note 17 “Segment and geographic information” for net revenue and income (loss) before income taxes by geographic allocation.

Cash Flow Information

Please refer to “(5) Liquidity and Capital Resources.”

 

6

(2) Assets and Liabilities Associated with Investment and Financial Services Business

Exposure to Certain Financial Instruments and Counterparties

Market conditions continue to impact numerous products to which we have certain exposures. We also have exposures to Special Purpose Entities (“SPEs”) and others in the normal course of business.

Leveraged Finance

We provide loans to clients in connection with leveraged buy-outs and leveraged buy-ins. As this type of financing is usually initially provided through a commitment, we have both funded and unfunded exposures on these transactions.

The following table sets forth our exposure to leveraged finance with unfunded commitments, presenting funded and unfunded portions by geographic location of the target company as of September 30, 2025.

 

		Millions of yen
		September 30, 2025
		Funded				Unfunded				Total
Europe		¥	30,001			¥	244,662			¥	274,663
Americas			26,774				229,842				256,616
Asia and Oceania			8,335				52,601				60,936
Total		¥	65,110			¥	527,105			¥	592,215

Special Purpose Entities

Our involvement with these entities includes structuring, underwriting, as well as, subject to prevailing market conditions, distributing and selling debt instruments and beneficial interests issued by these entities. In the normal course of securitization and equity derivative activities business, we also act as a transferor of financial assets to, and underwriter, distributor and seller of repackaged financial instruments issued by these entities. We retain, purchase and sell variable interests in SPEs in connection with our market-making, investing and structuring activities. Our other types of involvement with SPEs include guarantee agreements and derivative contracts.

For further discussion on Nomura’s involvement with variable interest entities (“VIEs”), see Item 4. Financial Information, 1. Consolidated Financial Statements, Note 7 “Securitizations and Variable Interest Entities.”

 

7

(3) Trading Activities

Assets and liabilities for trading purposes

Please refer to Item 4. Financial Information, 1. Consolidated Financial Statements, Note 2 “Fair value measurements” and Note 3 “Derivative instruments and hedging activities” regarding the balances of assets and liabilities for trading purposes.

Risk management of trading activity

We adopt Value at Risk (“VaR”) for measurement of market risk arising from trading activity.

1) Assumptions on VaR

 

•

Confidence Level: 95%

 

•

Holding period: One day

 

•

Consideration of price movement among the products

2) Records of VaR

 

		Billions of yen
		March 31, 2025				September 30, 2025
Equity		¥	2.0			¥	3.6
Interest rate			2.1				2.2
Foreign exchange			1.5				1.5
Subtotal			5.6				7.3
Diversification benefit			(1.8	)			(2.4	)
VaR		¥	3.8			¥	4.9

 

		Billions of yen
		Six months ended September 30, 2025
		Maximum(1)				Minimum(1)				Average(1)
VaR		¥	5.2			¥	3.1			¥	4.4

 

(1)	Represents the maximum, average and minimum VaR based on all daily calculations over the six-month period.

 

8

(4) Deferred Tax Assets Information

Details of deferred tax assets and liabilities

The following table presents details of deferred tax assets and liabilities reported within Other assets—Other and Other liabilities, respectively, in the consolidated balance sheets as of September 30, 2025, before offsetting of amounts which relate to the same tax-paying component within a particular tax jurisdiction.

 

		Millions of yen
		September 30, 2025
Deferred tax assets
Depreciation, amortization and valuation of fixed assets		¥	39,916
Investments in subsidiaries and affiliates			492
Valuation of financial instruments			118,895
Accrued pension and severance costs			7,395
Other accrued expenses and provisions			91,558
Operating losses			461,783
Lease liabilities			45,299
Other			18,520
Gross deferred tax assets			783,858
Less—Valuation allowance			(585,105	)
Total deferred tax assets			198,753
Deferred tax liabilities
Investments in subsidiaries and affiliates			123,206
Valuation of financial instruments			95,325
Undistributed earnings of foreign subsidiaries			3,218
Valuation of fixed assets			23,106
Right-of-use assets			40,564
Other			6,243
Total deferred tax liabilities			291,662
Net deferred tax assets (liabilities)		¥	(92,909	)

Calculation method of deferred tax assets

In accordance with U.S. GAAP, we recognize deferred tax assets to the extent we believe that it is more likely than not that a benefit will be realized. A valuation allowance is provided for tax benefits available to us, which are not deemed more likely than not to be realized.

 

9

(5) Liquidity and Capital Resources

Funding and Liquidity Management

Overview

We define liquidity risk as the risk of loss arising from difficulty in securing the necessary funding or from a significantly higher cost of funding than normal levels due to deterioration of the Nomura Group’s creditworthiness or deterioration in market conditions. This risk could arise from Nomura-specific or market-wide events such as inability to access the secured or unsecured debt markets, a deterioration in our credit ratings, a failure to manage unplanned changes in funding requirements, a failure to liquidate assets quickly and with minimal loss in value, or changes in regulatory capital restrictions which may prevent the free flow of funds between different group entities. Our global liquidity risk management policy is based on liquidity risk appetite formulated by the Executive Management Board (“EMB”). Nomura’s liquidity risk management, under market-wide stress and in addition, under Nomura-specific stress, seeks to ensure enough continuous liquidity to meet all funding requirements and unsecured debt obligations across one year and 30-day periods, respectively, without raising funds through unsecured funding or through the liquidation of assets. We are required to meet regulatory notice on the liquidity coverage ratio and net stable funding ratio issued by the Financial Services Agency (“FSA”).

We have in place a number of liquidity risk management frameworks that enable us to achieve our primary liquidity objective. These frameworks include (1) Centralized Control of Residual Cash and Maintenance of Liquidity Portfolio; (2) Utilization of Unencumbered Assets as Part of Our Liquidity Portfolio; (3) Appropriate Funding and Diversification of Funding Sources and Maturities Commensurate with the Composition of Assets; (4) Management of Credit Lines to Nomura Group Entities; (5) Implementation of Liquidity Stress Tests; and (6) Contingency Funding Plan.

Our EMB has the authority to make decisions concerning group liquidity management. The Chief Financial Officer (“CFO”) has the operational authority and responsibility over group liquidity management based on decisions made by the EMB.

 

10

1) Centralized Control of Residual Cash and Maintenance of Liquidity Portfolio

We centrally control residual cash held at Nomura Group entities for effective liquidity utilization purposes. As for the usage of funds, the CFO decides the maximum amount of available funds, provided without posting any collateral, for allocation within Nomura and the EMB allocates the funds to each business division. Global Treasury monitors usage by businesses and reports to the EMB.

In order to enable us to transfer funds smoothly between group entities, we limit the issuance of securities by regulated broker-dealers or banking entities within the Nomura Group and seek to raise unsecured funding primarily through the Company or through unregulated subsidiaries. The primary benefits of this strategy include cost minimization, wider investor name recognition and greater flexibility in providing funding to various subsidiaries across the Nomura Group.

To meet any potential liquidity requirement, we maintain a liquidity portfolio, managed by Global Treasury apart from other assets, in the form of cash and highly liquid, unencumbered securities that may be sold or pledged to provide liquidity. As of September 30, 2025, our liquidity portfolio was ¥10,877.6 billion which sufficiently met liquidity requirements under the stress scenarios.

2) Utilization of Unencumbered Assets as Part of Our Liquidity Portfolio

In addition to our liquidity portfolio, we had unencumbered assets comprising mainly of unpledged trading assets that can be used as an additional source of secured funding. Global Treasury monitors other unencumbered assets and can, under a liquidity stress event when the contingency funding plan has been invoked, monetize and utilize the cash generated as a result. The aggregate of our liquidity portfolio and other unencumbered assets was sufficient against our total unsecured debt maturing within one year.

3) Appropriate Funding and Diversification of Funding Sources and Maturities Commensurate with the Composition of Assets

We seek to maintain a surplus of long-term debt and equity above the cash capital requirements of our assets. We also seek to achieve diversification of our funding by market, instrument type, investors, currency, and staggered maturities in order to reduce unsecured refinancing risk.

We diversify funding by issuing various types of debt instruments—these include both structured loans and structured notes with returns linked to interest rates, currencies, equities, commodities, or related indices. We issue structured loans and structured notes in order to increase the diversity of our debt instruments. We typically hedge the returns we are obliged to pay with derivatives and/or the underlying assets to obtain funding equivalent to our unsecured long-term debt.

3.1) Short-Term Unsecured Debt

Our short-term unsecured debt consists of short-term bank borrowings (including long-term bank borrowings maturing within one year), other loans, commercial paper, deposit at banking entities, certificates of deposit and debt securities maturing within one year. Deposits at banking entities and certificates of deposit comprise customer deposits and certificates of deposit of our banking subsidiaries. Short-term unsecured debt includes the current portion of long-term unsecured debt.

The following table presents an analysis of our short-term unsecured debt by type of financial liability as of March 31, 2025 and September 30, 2025.

 

 

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3.2) Long-Term Unsecured Debt

We meet our long-term capital requirements and also achieve both cost-effective funding and an appropriate maturity profile by routinely funding through long-term debt and diversifying across various maturities and currencies.

Our long-term unsecured debt includes senior and subordinated debt issued through U.S. registered shelf offerings and our U.S. registered medium-term note programs, our Euro medium-term note programs, registered shelf offerings in Japan and various other debt programs.

As a globally competitive financial services group in Japan, we have access to multiple global markets and major funding centers. The Company, Nomura Securities Co. Ltd., Nomura Europe Finance N.V., Nomura Bank International plc, Nomura International Funding Pte. Ltd., and Nomura Global Finance Co., Ltd. are the main group entities that borrow externally, issue debt instruments and engage in other funding activities. By raising funds to match the currencies and liquidities of our assets or by using foreign exchange swaps as necessary, we pursue optimization of our funding structures.

We use a wide range of products and currencies to ensure that our funding is efficient and well diversified across markets and investor types. Our unsecured senior debt is mostly issued without financial covenants, such as covenants related to adverse changes in our credit ratings, cash flows, results of operations or financial ratios, which could trigger an increase in our cost of financing or accelerate repayment of the debt.

The following table presents an analysis of our long-term unsecured debt by type of financial liability as of March 31, 2025 and September 30, 2025.

 

(1)

Excludes long-term debt securities issued by consolidated special purpose entities and similar entities that meet the definition of variable interest entities under ASC 810 “Consolidation” and secured financing transactions recognized within Long-term borrowings as a result of transfers of financial assets that are accounted for as financings rather than sales in accordance with ASC 860 “Transfer and Servicing.”

3.3) Maturity Profile

We also seek to maintain an average maturity for our plain vanilla debt securities and borrowings greater than or equal to three years. A significant amount of our structured loans and structured notes are linked to interest rates, currencies, equities, commodities, or related indices. These maturities are evaluated based on internal models and monitored by Global Treasury. Where there is a possibility that these may be called prior to their scheduled maturity date, maturities are based on our internal stress option adjusted model. The model values the embedded optionality under stress market conditions in order to determine when the debt securities or borrowings are likely to be called.

3.4) Secured Funding

We typically fund our trading activities through secured borrowings, repurchase agreements and Japanese “Gensaki Repo” transactions. We believe such funding activities in the secured markets are more cost-efficient and less credit-rating sensitive than financing in the unsecured market. Our secured funding capabilities depend on the quality of the underlying collateral and market conditions. While we have shorter term secured financing for highly liquid assets, we seek longer terms for less liquid assets. We also seek to lower the refinancing risks of secured funding by transacting with a diverse group of global counterparties and delivering various types of securities collateral. In addition, we reserve an appropriate level of liquidity portfolio for the refinancing risks of secured funding maturing in the short term for less liquid assets. For more detail of secured borrowings and repurchase agreements, see Note 5 “Collateralized transactions” in our consolidated financial statements.

 

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4) Management of Credit Lines to Nomura Group Entities

We maintain and expand credit lines to Nomura Group entities from other financial institutions to secure stable funding. We ensure that the maturity dates of borrowing agreements are distributed evenly throughout the year in order to prevent excessive maturities in any given period.

5) Implementation of Liquidity Stress Tests

We maintain our liquidity portfolio and monitor the sufficiency of our liquidity based on an internal model which simulates changes in cash outflow under specified stress scenarios to comply with our above mentioned liquidity management policy.

We assess the liquidity requirements of the Nomura Group under various stress scenarios with differing levels of severity over multiple time horizons. We evaluate these requirements under Nomura-specific and broad market-wide events, including potential credit rating downgrades at the Company and subsidiary levels. We call this risk analysis our Maximum Cumulative Outflow (“MCO”) framework.

The MCO framework is designed to incorporate the primary liquidity risks for Nomura and models the relevant future cash flows in the following two primary scenarios:

 

•

Stressed scenario—To maintain adequate liquidity during a severe market-wide liquidity event without raising funds through unsecured financing or through the liquidation of assets for a year; and

 

•

Acute stress scenario—To maintain adequate liquidity during a severe market-wide liquidity event coupled with credit concerns regarding Nomura’s liquidity position, without raising funds through unsecured financing or through the liquidation of assets for 30 days.

We assume that Nomura will not be able to liquidate assets or adjust its business model during the time horizons used in each of these scenarios. The MCO framework therefore defines the amount of liquidity required to be held in order to meet our expected liquidity needs in a stress event to a level we believe appropriate based on our liquidity risk appetite.

As of September 30, 2025, our liquidity portfolio exceeded net cash outflows under the stress scenarios described above.

We constantly evaluate and modify our liquidity risk assumptions based on regulatory and market changes. The model we use in order to simulate the impact of stress scenarios includes the following assumptions:

 

•

No liquidation of assets;

 

•

No ability to issue additional unsecured funding;

 

•

Upcoming maturities of unsecured debt (maturities less than one year);

 

•

Potential buybacks of our outstanding debt;

 

•

Loss of secured funding lines particularly for less liquid assets;

 

•

Fluctuation of funding needs under normal business circumstances;

 

•

Cash deposits and free collateral roll-off in a stress event;

 

•

Widening of haircuts on outstanding repo funding;

 

•

Additional collateralization requirements of clearing banks and depositories;

 

•

Drawdown on loan commitments;

 

•

Loss of liquidity from market losses;

 

•

Assuming a two-notch downgrade of our credit ratings, the aggregate fair value of assets that we would be required to post as additional collateral in connection with our derivative contracts; and

 

•

Legal and regulatory requirements that can restrict the flow of funds between entities in the Nomura Group.

 

13

6) Contingency Funding Plan

We have developed a detailed Contingency Funding Plan(“CFP”) to integrate liquidity risk control into our comprehensive risk management strategy and to enhance the quantitative aspects of our liquidity risk control procedures. As a part of our CFP, we have developed an approach for analyzing and quantifying the impact of any liquidity crisis. This allows us to estimate the likely impact of both Nomura-specific and market-wide events; and specifies the immediate action to be taken to mitigate any risk. The CFP lists details of key internal and external parties to be contacted and the processes by which information is to be disseminated. This has been developed at group and regional level in order to capture specific cash requirements at the local level—it assumes that our parent company does not have access to cash that may be trapped at a subsidiary level due to regulatory, legal or tax constraints. We periodically test the effectiveness of our CFP for different Nomura-specific and market-wide events. We also have access to central banks including, but not exclusively, the Bank of Japan, which provide financing against various types of securities. These operations are accessed in the normal course of business and are an important tool in mitigating contingent risk from market disruptions.

Liquidity Regulatory Framework

In 2008, the Basel Committee published “Principles for Sound Liquidity Risk Management and Supervision.” To complement these principles, the Committee has further strengthened its liquidity risk management framework by developing two minimum standards for funding liquidity. These standards have been developed to achieve two separate but complementary objectives.

The first objective is to promote short-term resilience of a financial institution’s liquidity risk profile by ensuring that it has sufficient high-quality liquid assets to survive a significant stress scenario lasting for 30 days. The Committee developed the Liquidity Coverage Ratio (“LCR”) to achieve this objective.

The second objective is to promote resilience over a longer time horizon by creating additional incentives for financial institutions to fund their activities with more stable sources of funding on an ongoing basis. The Net Stable Funding Ratio (“NSFR”) has a time horizon of one year and has been developed to provide a sustainable maturity structure of assets and liabilities.

These two standards are comprised mainly of specific parameters which are internationally “harmonized” with prescribed values. Certain parameters, however, contain elements of national discretion to reflect jurisdiction-specific conditions.

In Japan, the regulatory notice on the LCR, based on the international agreement issued by the Basel Committee with necessary national revisions, was published by FSA. The notices have been implemented since the end of March 2015 with phased-in minimum standards. Average of Nomura’s LCRs for the three months ended September 30, 2025 was 216.5%, and Nomura was compliant with requirements of the above notices. As for the NSFR, the revision of the liquidity regulatory notice was published by the FSA (on March 31, 2021) and it has been implemented from the end of September 2021. Nomura’s NSFR as of September 30, 2025 was compliant with the regulatory requirements.

Cash Flows

Cash, cash equivalents, restricted cash and restricted cash equivalents’ balance as of September 30, 2024 and as of September 30, 2025 were ¥4,827.8 billion and ¥5,868.6 billion, respectively. Cash flows from operating activities for the six months ended September 30, 2024 were outflows of ¥369.1 billion primarily due to an increase in Trading assets and private equity and debt investments and the comparable period in 2025 were inflows of ¥942.8 billion primarily due to an increase in Trading liabilities. Cash flows from investing activities for the six months ended September 30, 2024 were outflows of ¥203.7 billion primarily due to Net cash outflows from loans receivable at banks and the comparable period in 2025 were outflows of ¥342.2 billion primarily due to Payments for purchases or origination of other non-trading loans, net. Cash flows from financing activities for the six months ended September 30, 2024 were inflows of ¥1,211.5 billion primarily due to Proceeds from issuances of long-term borrowings and the comparable period in 2025 were inflows of ¥835.4 billion primarily due to Proceeds from issuances of long-term borrowings as well.

Balance Sheet and Financial Leverage

Total assets as of September 30, 2025, were ¥60,367.7 billion, an increase of ¥3,565.5 billion compared with ¥56,802.2 billion as of March 31, 2025, primarily due to an increase in Trading assets. Total liabilities as of September 30, 2025, were ¥56,759.0 billion, an increase of ¥3,537.9 billion compared with ¥53,221.2 billion as of March 31, 2025, primarily due to an increase in Trading liabilities. NHI shareholders’ equity as of September 30, 2025, was ¥3,485.3 billion, an increase of ¥14.4 billion compared with ¥3,470.9 billion as of March 31, 2025, primarily due to an increase in Retained earnings.

We seek to maintain sufficient capital at all times to withstand losses due to extreme market movements. The EMB is responsible for implementing and enforcing capital policies. This includes the determination of our balance sheet size and required capital levels. We continuously review our equity capital base to ensure that it can support the economic risk inherent in our business. There are also regulatory requirements for minimum capital of entities that operate in regulated securities or banking businesses.

 

14

As leverage ratios are commonly used by other financial institutions similar to us, we voluntarily provide a Leverage ratio and Adjusted leverage ratio primarily for benchmarking purposes so that users of our annual report can compare our leverage against other financial institutions. Adjusted leverage ratio is a non-GAAP financial measure that Nomura considers to be a useful supplemental measure of leverage.

The following table sets forth NHI shareholders’ equity, total assets, adjusted assets and leverage ratios:

 

		Billions of yen, except ratios
		March 31, 2025				September 30, 2025
NHI shareholders’ equity		¥	3,470.9			¥	3,485.3
Total assets			56,802.2				60,367.7
Adjusted assets(1)			38,138.6				42,540.2
Leverage ratio(2)			16.4	x			17.3	x
Adjusted leverage ratio(3)			11.0	x			12.2	x
(1)   Represents total assets less Securities purchased under agreements to resell and Securities borrowed. Adjusted assets is a non-GAAP financial measure and is calculated as follows:
(2)   Equals total assets divided by NHI shareholders’ equity. (3)   Equals adjusted assets divided by NHI shareholders’ equity.
		Billions of yen
		March 31, 2025				September 30, 2025
Total assets		¥	56,802.2			¥	60,367.7
Less:
Securities purchased under agreements to resell			14,004.8				13,400.6
Securities borrowed			4,658.8				4,426.9
Adjusted assets		¥	38,138.6			¥	42,540.2

Total assets increased by 6.3% reflecting primarily an increase in Trading assets. NHI shareholders’ equity increased by 0.4% primarily due to an increase in Retained earnings. As a result, our leverage ratio rose from 16.4 times as of March 31, 2025 to 17.3 times as of September 30, 2025.

Adjusted assets increased primarily due to an increase in Trading assets. As a result, our adjusted leverage ratio rose from 11.0 times as of March 31, 2025 to 12.2 times as of September 30, 2025.

 

15

Consolidated Regulatory Capital Requirements

The FSA established the “Guideline for Financial Conglomerates Supervision” (“Financial Conglomerates Guideline”) in June 2005 and set out the rules on consolidated regulatory capital. We started monitoring our consolidated capital adequacy ratio in accordance with the Financial Conglomerates Guideline from April 2005.

The Company has been assigned by the FSA as a Final Designated Parent Company who must calculate a consolidated capital adequacy ratio according to the Capital Adequacy Notice on Final Designated Parent Company in April 2011. Since then, we have been calculating our consolidated capital adequacy ratio according to the Capital Adequacy Notice on Final Designated Parent Company. The Capital Adequacy Notice on Final Designated Parent Company has been revised to be in line with Basel 2.5 and Basel III since then. Since March 2025, we have been calculating our consolidated capital adequacy ratio in accordance with revisions to the Capital Adequacy Notice on Final Designated Parent Company, mainly reflecting the substantial additions to the scope of risk asset measurement introduced by the Basel III Rules Final and the Minimum Capital Requirements for Market Risk.

In accordance with Article 2 of the Capital Adequacy Notice on Final Designated Parent Company, our consolidated capital adequacy ratio is currently calculated based on the amounts of common equity Tier 1 capital, Tier 1 capital (sum of common equity Tier 1 capital and additional Tier 1 capital), total capital (sum of Tier 1 capital and Tier 2 capital), credit risk-weighted assets, market risk and operational risk. As of September 30, 2025, our common equity Tier 1 capital ratio is 13.00%, Tier 1 capital ratio is 15.24% and consolidated capital adequacy ratio is 15.82% and we were in compliance with the requirement for each ratio set out in the Capital Adequacy Notice on Final Designated Parent Company etc. (required level including applicable minimum consolidated capital buffers as of September 30, 2025 is 7.72% for the common equity Tier 1 capital ratio, 9.22% for the Tier 1 capital ratio and 11.22% for the consolidated capital adequacy ratio).

In accordance with Article 2 of the “Notice of the Establishment of Standards that Indicate Soundness pertaining to Loss-absorbing and Recapitalization Capacity, Established as Criteria by which the Highest Designated Parent Company is to Judge the Soundness in the Management of the Highest Designated Parent Company and its Subsidiary Corporations, etc., under Paragraph 1, Article 57-17 of the Financial Instruments and Exchange Act” (the “TLAC Notification”), we have started calculating our external TLAC ratio on a risk-weighted assets basis from March 2021. As of September 30, 2025, our external TLAC as a percentage of risk-weighted assets is 26.62% and we are in compliance with the requirement set out in the TLAC Notification.

The following table presents the Company’s consolidated capital adequacy ratios, consolidated leverage ratio and External TLAC ratios as of September 30, 2025.

 

		Billions of yen, except ratios
		September 30, 2025
Common equity Tier 1 capital		¥	3,047.2
Tier 1 capital			3,573.6
Total capital			3,708.7
Risk-Weighted Assets
Credit risk-weighted assets			12,966.5
Market risk equivalent assets			6,727.1
Operational risk equivalent assets			3,745.1
Total risk-weighted assets		¥	23,438.6
Consolidated Capital Adequacy Ratios
Common equity Tier 1 capital ratio			13.00	%
Tier 1 capital ratio			15.24	%
Consolidated capital adequacy ratio			15.82	%
Consolidated Leverage Ratio			4.94	%
External TLAC Ratios
Risk-weighted assets basis			26.62	%
Leverage ratio exposure measure basis			9.68	%

Since the end of March 2011, we have been calculating credit risk-weighted assets by using the foundation Internal Ratings-Based Approach with the approval of the FSA. In according with Basel III, we have been calculating market risk equivalent assets by using both of the Internal Model Approach and the Standardized Approach, and operational risk equivalent assets by the Standardized Approach since March 2025.

We provide consolidated capital adequacy ratios not only to demonstrate that we are in compliance with the requirements set out in the Capital Adequacy Notice on Final Designated Parent Company but also for benchmarking purposes so that users of this semi-annual securities report can compare our capital position against those of other financial groups to which Basel III is applied. Our management receives and reviews these capital ratios on a regular basis.

 

16

Consolidated Leverage Ratio Requirements

In March 2019, the FSA set out requirements for the calculation and disclosure and minimum requirement of 3% of a consolidated leverage ratio, and the publication of “Notice of the Establishment of Standards for Determining Whether the Adequacy of Leverage, the Supplementary Measure to the Adequacy of Equity Capital of a Final Designated Parent Company and its Subsidiary Corporations, etc. is Appropriate Compared to the Assets Held by the Final Designated Parent Company and its Subsidiary Corporations, etc., under Paragraph 1, Article 57-17 of the Financial Instruments and Exchange Act” (2019 FSA Regulatory Notice No. 13; “Notice on Consolidated Leverage Ratio”), through amendments to revising “Specification of items which a final designated parent company should disclose on documents to show the status of its sound management” (2010 FSA Regulatory Notice No. 132; “Notice on Pillar 3 Disclosure”). We started calculating and disclosing a consolidated leverage ratio from March 31, 2015 in accordance with these Notices. We have also started calculating a consolidated leverage ratio from March 31, 2019 in accordance with the Notice on Pillar 3 Disclosure, Notice on Consolidated Leverage Ratio and other related Notices. In coordination with the monetary policy of the Bank of Japan in response to the impact of the COVID-19 pandemic, the FSA published amendments to the Notice on Consolidated Leverage Ratio on June 2020 and March 2021. Under these amendments, deposits with the Bank of Japan have been excluded from the total exposure measure used to calculate the leverage ratio during the period from June 30, 2020. In July 2022, the FSA published further amendments to the Notice on Consolidated Leverage Ratio to raise the required level of leverage ratio from 3.0% to 3.15% after April 2024, while excluding the outstanding deposits with the Bank of Japan from the exposure measure as set forth in the previous amendment. As of September 30, 2025, our consolidated leverage ratio is 4.94%.

In accordance with Article 2 of the TLAC Notification we have started calculating our external TLAC ratio on a total exposure basis from March 2021. As of September 30, 2025, our external TLAC as a percentage of leverage ratio exposure measure is 9.68% and we are in compliance with the requirement set out in the TLAC Notification.

It is likely that the FSA’s regulation and notice will be revised further to be in line with a series of rules and standards proposed by the Basel Committee, FSB or International Organization of Securities Commissions.

Credit Ratings

There were no significant rating actions for the six months ended September 30, 2025.

(6) Current Challenges

There is no significant change to our current challenges nor new challenges for the six months ended September  30, 2025 and until the submission date of this report.

3. Significant Contracts

Not applicable.

 

17

Item 3. Company Information

1. Share Capital Information

(1) Total Number of Shares

A. Number of Authorized Share Capital

 

Type		Authorized Share Capital (shares)
Common stock			6,000,000,000
Class 1 preferred stock			200,000,000
Class 2 preferred stock			200,000,000
Class 3 preferred stock			200,000,000
Class 4 preferred stock			200,000,000
Total			6,000,000,000

The “Authorized Share Capital” is stated by class and the “Total” is the number of authorized share capital designated in the Articles of Incorporation.

B. Issued Shares

 

Type

Number of Issued Shares as of September 30, 2025

Number of Issued Shares as of November 14, 2025

Trading Markets

Description

Common stock

3,163,562,601

3,163,562,601

Tokyo Stock Exchange(2)

1 unit is 100 shares

Nagoya Stock Exchange(3)

Singapore Exchange

New York Stock Exchange

Total

3,163,562,601

3,163,562,601

—

—

(1)	Shares that may have increased from exercise of stock options between November 1, 2025 and November 14, 2025 are not included in the number of issued shares as of November 14, 2025.

(2)	Listed on the Prime Market.

(3)	Listed on the Premier Market.

 

18

(2) Stock Acquisition Rights

A. Stock option

Not applicable.

B. Other stock acquisition rights

Not applicable.

(3) Exercises, etc., of moving strike convertible bonds, etc.

None

(4) Changes in Issued Shares, Common Stock, etc.

 

										Millions of yen
Date		Increase/(Decrease) of Issued Shares				Total Issued Shares				Increase/(Decrease) of Common stock				Common Stock				Increase/(Decrease) of Additional paid-in capital				Additional paid-in capital
September 30, 2025			—				3,163,562,601				—				594,493				—				559,676

(5) Major Shareholders

 

Name				As of September 30, 2025
		Address		Shares Held (thousand shares)				Percentage of Issued Shares (%)
The Master Trust Bank of Japan, Ltd. (Trust Account)		1-8-1, Akasaka, Minato-Ku, Tokyo, Japan			511,056				17.41
Custody Bank of Japan, Ltd. (Trust Account)		1-8-12, Harumi, Chuo-Ku, Tokyo, Japan			173,223				5.90
State Street Bank And Trust Company 505001		ONE CONGRESS STREET, SUITE 1, BOSTON, MASSACHUSETTS			75,149				2.56
The Bank of New York Mellon as Depositary Bank for DR Holders		240 Greenwich Street, 8TH FL West, New York, NY 10286, U.S.A.			70,939				2.41
State Street Bank West Client-Treaty 505234		1776 Heritage Drive, North Quincy, MA 02171 U.S.A.			66,467				2.26
SMBC Nikko Securities Inc.		3-3-1, Marunouchi, Chiyoda-Ku, Tokyo, Japan			47,287				1.61
JP Morgan Chase Bank 385781		25 Bank Street Canary Wharf London E14 5JP, UK			42,904				1.46
The Nomura Trust and Banking Co., Ltd. (Investment Trust Account)		2-2-2, Otemachi, Chiyoda-Ku, Tokyo, Japan			30,822				1.05
The Nomura Trust and Banking Co., Ltd. as The Trustee of Repurchase Agreement Mother Fund		2-2-2, Otemachi, Chiyoda-Ku, Tokyo, Japan			28,953				0.98
State Street Bank And Trust Company 505103		ONE CONGRESS STREET, SUITE 1, BOSTON, MASSACHUSETTS			28,342				0.96
Total					1,075,146				36.64

(1)	The Company has 229,574 thousand shares of treasury stock as of September 30, 2025 which is not included in the Major Shareholders list above.

(2)	For Shares Held in the above, amounts less than thousand shares are discarded.

(3)

According to a statement on Schedule 13G (Amendment No.9) filed by BlackRock, Inc. with the SEC on April 23, 2025, BlackRock, Inc. owned 227,858 thousand shares, representing 7.20% of the issued shares of the Company’s common stock. However, the Company has not confirmed the status of these shareholdings as of September 30, 2025 which is not included in the Major Shareholders list above.

 

19

Name				As of March 31, 2025
		Address		Shares Held (thousand shares)				Percentage of Issued Shares (%)
BlackRock, Inc.		50 Hudson Yards New York, NY 10001			227,858				7.20

(4)

According to a statement on Schedule 13G (Amendment No.4) filed by Sumitomo Mitsui Trust Group, Inc. with the SEC on February 5, 2023, Sumitomo Mitsui Trust Group, Inc. owned 171,021 thousand shares, representing 5.40% of the issued shares of the Company’s common stock. However, the Company has not confirmed the status of these shareholdings as of September 30, 2025 which is not included in the Major Shareholders list above.

 

Name				As of December 31, 2023
		Address		Shares Held (thousand shares)				Percentage of Issued Shares (%)
Sumitomo Mitsui Trust Group, Inc.		1-4-1, Marunouchi, Chiyoda-ku, Tokyo, Japan			171,021				5.40

 

20

(6) Voting Rights

A. Outstanding Shares

 

		As of September 30, 2025
		Number of Shares								Number of Votes				Description
Stock without voting right							—				—			—
Stock with limited voting right (Treasury stock, etc.)							—				—			—
Stock with limited voting right (Others)							—				—			—
Stock with full voting right (Treasury stock, etc.)			(Treasury stocks Common stock	)			229,574,400				—			—
			(Crossholding shares Common stock	)			1,225,000				—			—
Stock with full voting right (Others)			Common stock				2,931,249,700				29,312,497			—
Shares less than 1 unit			Common stock				1,513,501				—			Shares less than 1 unit (100 shares)
Total Shares Issued							3,163,562,601				—			—
Voting Rights of Total Shareholders							—				29,312,497			—

(1)	Stock with full voting right (Others) includes 2,000 shares held by Japan Securities Depository Center, Inc. Shares less than 1 unit includes 31 shares of treasury stock.

B. Treasury Stock

 

Name		Address		As of September 30, 2025
				Directly held shares				Indirectly held shares				Total				Percentage of Issued Shares (%)
(Treasury stock) Nomura Holdings, Inc.		1-13-1, Nihonbashi, Chuo-ku, Tokyo, Japan			229,574,400				—				229,574,400				7.25
Total		—			229,574,400				—				229,574,400				7.25

(1)	In addition to the above, 1,225,000 shares are directly held by a subsidiary of the Company for the purpose of securities related business.

 

21

Item 4. Financial Information

 

1	Preparation Method of Consolidated Financial Statements

 

(1)

The consolidated financial statements have been prepared in accordance with accounting principles, procedures, and presentations which are required in order to issue American Depositary Shares, i.e., U.S. generally accepted accounting principles, pursuant to Article 320 of “Regulation on Terminology, Forms and Preparation Methods of Consolidated Financial Statements” (Ministry of Finance Order No. 28 of 1976).

Nomura also qualifies as a company listed in the first row of item 1 in a table of Article 24-5, Section 1 of the Financial Instruments and Exchange Act, and Nomura has prepared type 1 interim consolidated financial statements in accordance with Part 1, 3 and 6 of “Regulation on Terminology, Forms and Preparation Methods of Consolidated Financial Statements.”

 

(2)

The consolidated financial statements have been prepared by making necessary adjustments to the financial statements of each consolidated company which were prepared in accordance with the accounting principles generally accepted in each country. Such adjustments have been made to comply with the principles noted in (1) above.

 

2	Interim Review Certificate

Under Article 193-2, Section 1 of the Financial Instruments and Exchange Act, Ernst & Young ShinNihon LLC performed an interim review of the consolidated financial statements for the six months ended September 30, 2025.

<Note>

Although Ernst & Young ShinNihon LLC reported that they applied limited procedures in accordance with professional standards in Japan on the interim consolidated financial statements, prepared in Japanese for the six months ended September 30, 2025, they have not performed any such limited procedures nor have they performed an audit on the English translated version of the consolidated financial statements for the above-mentioned periods which are included in this report on Form 6-K.

 

22

1. Consolidated Financial Statements

(1) Consolidated Balance Sheets (UNAUDITED)

 

						Millions of yen
		Notes				March 31, 2025				September 30, 2025
ASSETS
Cash and cash deposits:
Cash and cash equivalents						¥	4,424,462			¥	5,867,361
Time deposits							642,388				567,028
Deposits with stock exchanges and other segregated cash							447,846				397,446
Total cash and cash deposits							5,514,696				6,831,835
Loans and receivables:
Loans receivable (includes ¥2,178,376 and ¥2,531,009 at fair value option)			*2, 8				6,025,008				6,432,492
Receivables from customers (includes ¥50,258 and ¥55,876 at fair value option)			*2, 4				410,722				443,129
Receivables from other than customers							1,030,023				1,116,072
Allowance for credit losses			*8				(16,920	)			(16,313	)
Total loans and receivables							7,448,833				7,975,380
Collateralized agreements:
Securities purchased under agreements to resell (includes ¥358,711 and ¥304,199 at fair value option)			*2				14,004,757				13,400,635
Securities borrowed							4,658,828				4,426,880
Total collateralized agreements							18,663,585				17,827,515
Trading assets and private equity and debt investments:
Trading assets (includes assets pledged of ¥8,666,326 and ¥10,274,151; includes ¥745,801 and ¥800,182 at fair value option)			*2, 3				22,372,339				24,692,459
Private equity and debt investments (includes ¥28,212 and ¥29,960 at fair value option)			*2				151,710				182,695
Total trading assets and private equity and debt investments							22,524,049				24,875,154
Other assets:
Office buildings, land, equipment and facilities (net of accumulated depreciation and amortization of ¥546,117 and ¥557,108)							436,454				442,280
Non-trading debt securities (includes ¥226,772 and ¥289,807 at fair value option)			*2, 6				485,290				593,272
Investments in equity securities (includes assets pledged of ¥272 and ¥406)			*2				98,401				106,022
Investments in and advances to affiliated companies (includes assets pledged of ¥7,460 and ¥7,843; includes ¥11,478 and ¥9,409 at fair value option)			*8				506,389				516,777
Other (includes ¥215,854 and ¥269,394 at fair value option)			*2, 10				1,124,473				1,199,465
Total other assets							2,651,007				2,857,816
Total assets						¥	56,802,170			¥	60,367,700

 

23

(1) Consolidated Balance Sheets—(Continued) (UNAUDITED)

 

						Millions of yen
		Notes				March 31, 2025				September 30, 2025
LIABILITIES AND EQUITY
Short-term borrowings (includes ¥630,604 and ¥710,722 at fair value option)			*2			¥	1,117,292			¥	1,221,743
Payables and deposits:
Payables to customers			*4				1,377,222				2,054,893
Payables to other than customers							2,766,112				2,763,954
Deposits received at banks (includes ¥325,570 and ¥319,804 at fair value option)			*2, 11				3,105,581				3,288,093
Total payables and deposits							7,248,915				8,106,940
Collateralized financing:
Securities sold under agreements to repurchase (includes ¥673,648 and ¥567,910 at fair value option)			*2				16,287,758				15,626,425
Securities loaned (includes ¥30,216 and ¥93,927 at fair value option)			*2				1,964,682				2,192,827
Other secured borrowings							393,420				368,724
Total collateralized financing							18,645,860				18,187,976
Trading liabilities (includes ¥nil and ¥951 at fair value option)			*2, 3				11,378,828				13,424,421
Other liabilities (includes ¥54,588 and ¥67,236 at fair value option)			*2, 10				1,456,598				1,410,255
Long-term borrowings (includes ¥6,915,397 and ¥7,500,810 at fair value option)			*2				13,373,678				14,407,706
Total liabilities							53,221,171				56,759,041
Commitments and contingencies			*16
Equity:
Nomura Holdings, Inc. (“NHI”) shareholders’ equity:
Common stock
No par value share
Authorized—6,000,000,000 shares
Issued—3,163,562,601 and 3,163,562,601 shares
Outstanding—2,956,210,965 and 2,933,610,441 shares							594,493				594,493
Additional paid-in capital							704,877				681,968
Retained earnings							1,867,379				1,975,904
Accumulated other comprehensive income			*15				447,808				404,405
Total NHI shareholders’ equity before treasury stock							3,614,557				3,656,770
Common stock held in treasury, at cost—207,351,636 and 229,952,160 shares							(143,678	)			(171,487	)
Total NHI shareholders’ equity							3,470,879				3,485,283
Noncontrolling interests							110,120				123,376
Total equity							3,580,999				3,608,659
Total liabilities and equity						¥	56,802,170			¥	60,367,700

 

24

(1) Consolidated Balance Sheets—(Continued) (UNAUDITED)

The following table presents the classification of consolidated variable interest entities’ (“VIEs”) assets and liabilities included in the consolidated balance sheets above. The assets of a consolidated VIE may only be used to settle obligations of that VIE. Creditors do not typically have any recourse to Nomura beyond the assets held in the VIEs. See Note 7 “Securitizations and Variable Interest Entities” for further information.

 

				Billions of yen
				March 31, 2025				September 30, 2025
Cash and cash deposits				¥	14			¥	21
Trading assets and private equity and debt investments					1,318				1,369
Other assets					239				317
Total assets				¥	1,571			¥	1,707
Trading liabilities				¥	0			¥	1
Other liabilities					156				191
Borrowings					1,047				989
Total liabilities				¥	1,203			¥	1,181

The accompanying notes are an integral part of these consolidated financial statements.

 

25

(2) Consolidated Statements of Income (UNAUDITED)

 

						Millions of yen
						Six months ended September 30
		Notes				2024				2025
Revenue:
Commissions			*4			¥	204,113			¥	205,655
Fees from investment banking			*4				94,586				82,911
Asset management and portfolio service fees			*4				184,181				195,342
Net gain on trading			*2, 3				279,705				314,183
Gain on private equity and debt investments							4,751				10,700
Interest and dividends							1,551,508				1,302,391
Gain (loss) on investments in equity securities							(1,112	)			3,988
Other			*4, 17				141,719				202,631
Total revenue							2,459,451				2,317,801
Interest expense							1,521,682				1,279,024
Net revenue							937,769				1,038,777
Non-interest expenses:
Compensation and benefits							369,181				381,389
Commissions and floor brokerage							88,954				91,969
Information processing and communications							112,510				116,366
Occupancy and related depreciation							34,445				33,248
Business development expenses							12,553				14,264
Other							84,185				104,614
Total non-interest expenses							701,828				741,850
Income before income taxes							235,941				296,927
Income tax expense			*14				66,802				93,660
Net income						¥	169,139			¥	203,267
Less: Net income attributable to noncontrolling interests							1,814				6,624
Net income attributable to NHI shareholders						¥	167,325			¥	196,643
						Yen
						Six months ended September 30
		Notes				2024				2025
Per share of common stock:			*12
Basic—
Net income attributable to NHI shareholders per share						¥	56.63			¥	66.54
Diluted—
Net income attributable to NHI shareholders per share						¥	54.58			¥	64.53

The accompanying notes are an integral part of these consolidated financial statements.

 

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(3) Consolidated Statements of Comprehensive Income (UNAUDITED)

 

						Millions of yen
						Six months ended September 30
						2024				2025
Net income						¥	169,139			¥	203,267
Other comprehensive income (loss):
Cumulative translation adjustments:
Cumulative translation adjustments							(94,867	)			3,618
Deferred income taxes							(1,380	)			1,689
Total							(96,247	)			5,307
Defined benefit pension plans:
Pension liability adjustment							(1,443	)			(4,525	)
Deferred income taxes							488				(13	)
Total							(955	)			(4,538	)
Non-trading debt securities:
Net unrealized gain (loss) on non-trading debt securities							(39	)			(456	)
Deferred income taxes							12				143
Total							(27	)			(313	)
Own credit adjustments:
Own credit adjustments							13,358				(50,030	)
Deferred income taxes							(4,100	)			7,730
Total							9,258				(42,300	)
Total other comprehensive income (loss)							(87,971	)			(41,844	)
Comprehensive income						¥	81,168			¥	161,423
Less: Comprehensive income attributable to noncontrolling interests							1,098				8,183
Comprehensive income attributable to NHI shareholders						¥	80,070			¥	153,240

The accompanying notes are an integral part of these consolidated financial statements.

 

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(4) Consolidated Statements of Changes in Equity (UNAUDITED)

 

						Millions of yen
						Six months ended September 30
						2024				2025
Common stock
Balance at beginning of year						¥	594,493			¥	594,493
Balance at end of period							594,493				594,493
Additional paid-in capital
Balance at beginning of year							708,785				704,877
Stock-based compensation awards							(25,245	)			(22,894	)
Changes in ownership interests in subsidiaries							36				—
Changes in an affiliated company’s interests							(15	)			(15	)
Balance at end of period							683,561				681,968
Retained earnings
Balance at beginning of year							1,705,725				1,867,379
Net income attributable to NHI shareholders							167,325				196,643
Cash dividends(1)							(67,966	)			(79,207	)
Gain (loss) on disposal of treasury stock							(10,605	)			(8,911	)
Balance at end of period							1,794,479				1,975,904
Accumulated other comprehensive income (loss)
Cumulative translation adjustments
Balance at beginning of year							444,071				407,977
Net change during the period							(95,531	)			3,748
Balance at end of period							348,540				411,725
Defined benefit pension plans
Balance at beginning of year							(19,512	)			(7,105	)
Pension liability adjustment							(955	)			(4,538	)
Balance at end of period							(20,467	)			(11,643	)
Non-trading debt securities
Balance at beginning of year							—				(1,147	)
Net unrealized gain (loss) on non-trading debt securities							(27	)			(313	)
Balance at end of period							(27	)			(1,460	)
Own credit adjustments
Balance at beginning of year							35,425				48,083
Own credit adjustments							9,258				(42,300	)
Balance at end of period							44,683				5,783
Balance at end of period							372,729				404,405
Common stock held in treasury
Balance at beginning of year							(118,798	)			(143,678	)
Repurchases of common stock							(58,827	)			(60,008	)
Sales of common stock							0				0
Common stock issued to employees							33,124				32,199
Balance at end of period							(144,501	)			(171,487	)
Total NHI shareholders’ equity
Balance at end of period							3,300,761				3,485,283
Noncontrolling interests
Balance at beginning of year							98,324				110,120
Cash dividends							(4,415	)			(11,802	)
Net income attributable to noncontrolling interests							1,814				6,624
Accumulated other comprehensive income (loss) attributable to noncontrolling interests							(716	)			1,559
Transaction between NHI group and noncontrolling interest holders, net							8,509				3,071
Other net change in noncontrolling interests							(7,891	)			13,804
Balance at end of period							95,625				123,376
Total equity
Balance at end of period						¥	3,396,386			¥	3,608,659

 

(1)	Dividends per share    Six months ended September 30, 2024 ¥ 23.00    Six months ended September 30, 2025 ¥ 27.00

The accompanying notes are an integral part of these consolidated financial statements.

 

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