Nomura (NMR) 6-K Current report (foreign)

FORM6-K

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule13a-16 or15d-16 of

the Securities Exchange Act of 1934

Commission File Number:1-15270

For the month of May 2020

NOMURA HOLDINGS, INC.

(Translation of registrant’s name into English)

9-1, Nihonbashi1-chome

Chuo-ku, Tokyo103-8645

Japan

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form20-F or Form40-F.

Form20-F       X             Form40-F              

Indicate by check mark if the registrant is submitting the Form6-K in paper as permitted by RegulationS-T Rule 101(b)(1):        

Indicate by check mark if the registrant is submitting the Form6-K in paper as permitted by RegulationS-T Rule 101(b)(7):        

Information furnished on this form:

EXHIBIT

Exhibit Number

1. Consolidated Results of Operations (US GAAP), Fourth quarter and year ended March 2020

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: May 21, 2020	By:	/s/ Go Sugiyama
		Go Sugiyama
		Senior Managing Director

Connecting Markets East & West Consolidated Results of Operations Fourth quarter, year ended March 2020 (US GAAP) Nomura Holdings, Inc. May 2020 © Nomura

Outline Presentation Financial Supplement Executive summary (p. 3-6) Consolidated balance sheet (p. 20) Overview of results (p. 7) Value at risk (p. 21) Business segment results (p. 8) Consolidated financial highlights (p. 22) Retail (p. 9-10) Consolidated income (p. 23) Asset Management (p. 11-12) Main revenue items (p. 24) Wholesale (p. 13-15) Consolidated results: Income (loss) before income taxes by segment and region (p. 25) Non-interest expenses (p. 16) Segment Other (p. 26) Robust financial position (p. 17) Retail related data (p. 27-30) Funding and liquidity (p. 18) Asset Management related data (p. 31-32) Wholesale related data (p. 33) Number of employees (p. 34)

Response to spread of coronavirus Employees Clients Communities ï® Activated Business Continuity Plans ensuring ï® Focused on providing liquidity to financial andï® Donated a total of Y55m+ to charities globally safety of employees and their families capital markets amid market turmoil in March—Donated RMB1.5m to Chinese Embassy in—Over 70% of employees working from home Japan in February—Provided employees with technology to work ï® Supported fundraising needs of issuers—Donations from international offices, from home (laptops, monitors, IP phones,—Bookrunner on total US$83bn of bond including executives and employees (Y32m) software) issuance globally in March and April—In UK, donated funds to support National —Moved quickly to limit international business Health Service (NHS) Charities Together travel, ensuring continuation of market—In US, donated funds equivalent of 230,000+ functionsï® Continued to facilitate access to capital markets via broad range of solutions including Private meals so far to Virtual Food Drives —Started social distancing in international Equity, DCM solutions, Financial Restructuring benefitting the Food Bank for New York, etc. offices ahead of lockdowns Advice, etc.—Closed Retail branch offices in sevenï® Develop Nomura Group Employee Donation prefectures on April 8 and nationwide on Matching Program2 April 20, communicating with clients viaï® Set up Capital Advisory Group in EMEA to offer telephone, email, and online solutions to clients by conducting stress tests and identifying funding shortfallsï® Virtual induction ceremony and training for new ï® Donation of masks and hand sanitizer graduates held in April—Plan to donate 1,000,000 masks to medicalï® International intern program “2020 Summer ï® Provided research and market outlooks facilities and other organizations in Japan Analyst program” to be modified and held in—Retail enhanced delivery of information to each region clients via email (increased distribution of—Donated masks and hand sanitizer to market commentary videos and reports, and charities in AEJ ï® Wellness initiatives offered to employees including phone/video consultations with product and service videos) specialists, mental health andwell-being—One-on-one videoconferences between ï® Launched virtual volunteer opportunities for our counseling economists/strategists and regional financial employees to support our charity partnersï® Distributed masks to all employees in Japan and institutions AEJ—Held virtual client events for corporates 1. Source: Dealogic 2 2. When employees make donations to NGOs, the company matches or adds to the total amount of employee donations.

Executive summary (1/2) FY2019/20 full year highlights ï® Net revenue: Y1,287.8bn (+15% YoY); Income before income taxes: Y248.3bn; Net income1: Y217.0bn; EPS2: Y66.20; ROE3: 8.2% – Three segment income before income taxes of Y170.4bn represents strong rebound from pretax loss last year; Wholesale profitability improved significantly (A) – Wholesale net revenue increased 17% YoY driven by substantial growth in Fixed Income underpinned by an uptick in client activity and heightened volatility – Wholesale expenses declined 17% as we continued to focus on cutting costs, and the goodwill impairment charge4 andone-off expenses related to the realignment of our business porfolio5 booked last year were no longer present – Segment Other income before income taxes improved significantly:One-off expenses6 booked last year no longer present; Contribution from gain on sale of Nomura Research Institute shares (Y73.3bn) (B) ï® Dividend per share: Year end Y5; Full year Y20 Income (loss) before income taxes: Business FY2018/19 FY2019/20 YoY FY2018/19 FY2019/20 YoY segment results Retail Y49.5bn Y49.4bn-0.1% Net revenue Y1,116.8bn Y1,287.8bn 15% Asset Management Y34.2bn Y28.8bn-16% Income (loss) before-Y37.7bn Y248.3bn -Income taxes Wholesale -Y111.4bn Y92.2bn-Net income (loss)1 -Y100.4bn Y217.0bn—Subtotal (A)-Y27.7bn Y170.4bn—2 Other (B)-Y2.8bn Y99.2bn-EPS-Y29.92 Y66.20 -Unrealized gain/loss on investments in equity-Y7.2bn-Y21.3bn-3 securities held for operating purposes ROE—8.2% -Income (loss) before income taxes-Y37.7bn Y248.3bn—1. Net income (loss) attributable to Nomura Holdings shareholders.    2.    Diluted net income (loss) attributable to Nomura Holdings shareholders per share. 3. Calculated using annualized net income attributable to Nomura Holdings shareholders for each period 4. Goodwill impairment charge (Y81.4bn) attributable to Wholesale is booked as Y81bn in Wholesale and Y0.4bn in segment Other in FY2018/19 3 5.One-off expenses related to revision of business portfolio(Y10.3bn) is booked as Y8.4bn in Wholesale and Y1.9bn in segment Other in FY2018/19 4Q 6. Legal expenses (Y31.8bn) related to legacy transactions and FX translation adjustment due to progress in winding up subsidiary in Middle East & North Africa(-Y7.0bn) are booked in FY2018/19

FY2019/20 Factors behind changes in income (loss) before income taxes Changes from same period last year 1. American Century Investments 4 2. Goodwill impairment charge (Y81.4bn) attributable to Wholesale is booked as Y81bn in Wholesale and Y0.4bn in segment Other in FY2018/19

Global spread of coronavirus led to financial market turmoil Increased demand for safe assets, 10 year US Treasury yield US Stocks Plunge and Volatility Spikes hits historically low levels Equity Trading Volumes Jump in March Credit spreads widen sharply 5 Source: Nomura, based on Bloomberg data.

Executive summary (2/2) Income (loss) before income taxes and net FY2019/20 4Q highlights income (loss)1 Firmwide (billions of yen) ï® Solid business performance through to mid February, but global spread of coronavirus led to financial market turmoil and serious impact on real economy in March; We focused on ensuring the functioning of the markets while placing the safety of our clients, communities, and employees first ï® Net revenue: Y237.5bn(-29% QoQ); Loss before income taxes: Y24.7bn; Net loss1 : Y34.5bn; EPS2:-Y11.31 ï® Amid historical market turmoil, three segment performance slowed QoQ but remained profitable Retail – Prior quarter momentum continued through mid February, but investor sentiment worsened on market downturn in March – Income before income taxes up QoQ on results of reformation of sales channels and robust equity Three segment income (loss) before income taxes trading Asset Management – Fifteenth straight quarter of inflows; AuM down approx. 10% due to market downturn – Gain/loss of American Century Investments(-Y16.4bn) combined to weigh down Asset Management performance Wholesale – Heightened volatility and increased client activity led to Rates reporting strongest revenues since April 2010, while FX/EM and Cash Equities also had a strong quarter – Booked unrealized loss of approx. Y35bn on loan-related positions3 ï® Performance other than three segment declined, impacted by unrealized losses on securities 1. Net income (loss) attributable to Nomura Holdings shareholders.    2.    Diluted net income (loss) attributable to Nomura Holdings shareholders per share. 6 3. This amount includes loss arising from valuation of changes to credit spread of counterparties for derivatives transactions and for uncollateralized derivatives (Y12bn)

Overview of results Highlights (billions of yen, except EPS and ROE) FY2019/20 FY2019/20 QoQ YoY YoY 4Q Full year Net revenue 237.5-29%-21% 1,287.8 15%Non-interest expenses 262.2-1%-5% 1,039.6-10% Income (loss) before income-24.7 — 248.3 -taxes Net income (loss)1-34.5 — 217.0—EPS2-Y11.31 — Y66.20—ROE3—8.2% 1. Net income (loss) attributable to Nomura Holdings shareholders. 2. Diluted net income (loss) attributable to Nomura Holdings shareholders per share. 7 3. Calculated using annualized net income attributable to Nomura Holdings shareholders for each period

Business segment results Net revenue and income (loss) before income taxes (billions of yen) FY2019/20 FY2019/20 QoQ YoY YoY 4Q Full Year Net revenue Retail 88.8-1% 20% 336.4-1% Asset Management (1) 7.0-72%-77% 92.6-5% Wholesale (2) 145.9-22% 3% 648.6 17% Subtotal 241.7-20%-2% 1,077.6 9% Other (3) 12.3-66%-76% 231.6 76% Unrealized gain (loss) on investments in equity-16.6 —-21.3 -securities held for operating purposes Net revenue 237.5-29%-21% 1,287.8 15% Income (loss) Retail 18.4 4% 5.6x 49.4-0.1% before income Asset Management (1)-8.7 — 28.8-16% taxes Wholesale (2) 10.1-77%—92.2 -Subtotal 19.8-72% 4.2x 170.4 -Other (3)-27.9 — 99.2 -Unrealized gain (loss) on investments in equity-16.6 —-21.3 -securities held for operating purposes Income (loss) before income taxes-24.7 — 248.3—Main impacts on 4Q results from (1) Gain/loss of American Century Investments(-Y16.4bn) March market downturn (2) Unrealized loss on loan-related positions (approx. Y23bn) Loss arising from valuation of changes to credit spread of counterparties for derivatives transactions and for uncollateralized derivatives (approx. Y12bn) Additional information related to 4Q (3) Loss related to economic hedging(-Y4.6bn) “Other” Gain on changes to own and counterparty credit spread relating to Derivatives (Y2.3bn) Unrealized loss on investments in Mebuki FG(-Y6.4bn) 8

Retail Net revenue and income before income taxes Key points Full year ï® Net revenue: Y336.4bn(-1% YoY) ï® Income before income taxes: Y49.4bn(-0.1% YoY)—Sales of stocks declined compared to last year which included large primary offerings, but sales of bonds and investment trusts increased, resulting in revenues roughly unchanged YoY Fourth quarter ï® Net revenue: Y88.8bn(-1% QoQ; +20% YoY) ï® Income before income taxes: Y18.4bn (+4% QoQ; 5.6x YoY)—3Q momentum continued until mid February, but investor sentiment dropped following the market downturn in March; Robust trading of stocks but sales of other products declined QoQ Total sales1 (billions of yen) Total sales1 up 15% QoQ ï® Stocks: +53% QoQ – Stronger sales of secondary stocks for both Japanese and foreign stocks – Subscriptions for primary stocks2 declined 44% QoQ to Y28.4bn ï® Investment trusts:-5% QoQ – Sales grew in January and February driven by US stock and tech-related products, but sales slowed in March on the market downturn ï® Bonds: Y493bn;-22% QoQ – Sales of foreign bonds declined compared to last quarter which included strong contribution from primary transactions; Sales of JGBs for individual investors declined QoQ ï® Sales of discretionary investments and insurance declined 30% QoQ 1. Retail channels only.                9 2. Retail channels, Net & Call, Hotto Direct.

Retail: Market downturn led to lower client assets, but inflows of cash and securities increased Recurring revenue (billions of yen) Mar 2020 / 4Q Dec 2019 / 3Q ï® Recurring revenue Y21.3bn Y22.5bn – Investment trust net inflows1 Y0.6bn -Y110.5bn – Discretionary investment net inflows1-Y61.2bn-Y61.8bnï® Sales of insurance products2 Y46.6bn Y64.8bnï® Client franchise—Retail client assets Y104.0trn Y122.3trn—Accounts with balance 5.32m 5.33m—NISA accounts opened (accumulated)3 1.74m 1.73m—Net inflows of cash and securities4 -Y559.6bn Y256.4bn—Inflows of cash and securities2 Y1,180.6bn Y935.5bn Investment trust and discretionary investment AuM Inflows of cash and securities2 (monthly average) (trillions of yen) 1. Retail channels and Japan Wealth Management Group.                10 2. Retail channels only. 3. Includes Junior NISA.                4.                Cash and securities inflows minus outflows, excluding regional financial institutions.

Asset Management Net revenue and income (loss) before income taxes1 Key points Full year ï® Net revenue: Y92.6bn(-5% YoY) ï® Income before income taxes: Y28.8bn(-16% YoY) – Solid underlying business performance with Y2trn of inflows for full year – American Century Investments (ACI) related revenue weighed down overall division net revenue Fourth quarter ï® Net revenue: Y7.0bn(-72% QoQ;-77% YoY)ï® Loss before income taxes: Y8.7bn—15 straight quarters of inflows, but AuM dropped approx. 10% due to market downturn in March; Asset management fees also declined QoQ- ACImark-to-market loss also contributed to significant decline in net 2 revenue QoQ Assets under management (net) (trillions of yen) Investment trust business ï® Continued inflows into ETFs; AuM declined due to market factors (Mar: Y16.9trn, Market share3 45%)ï® Inflows through bank channel and into DC pension funds, but outflows from fund wrap products and emerging market funds Investment advisory business and international business ï® In Japan, won foreign bond mandate from public pension fund and booked inflows; Internationally, redemptions of US high yield products led to outflows 1. This table presents a reconciliation of net revenues (other thanACI-related revenue) andACI-related revenue, which arenon-GAAP measures prepared on a management accounting basis, to net revenue for the Asset Management segment.ACI-related revenue includes fair value adjustments of our investment, funding cost equivalent for our investment and dividends from ACI. 2. Net after deducting duplications from assets under management (gross) of Nomura Asset Management, Nomura Corporate Research and Asset Management, and Wealth Square. 11 3. Source: The Investment Trusts Association, Japan.

Asset Management: Continued inflows into DC funds Nomura Asset Management public investment trust market Flow of funds1 share2 (billions of yen) Flow of funds in investment trust business1 AuM in defined contribution pension funds  Defined contribution market continues to grow on shift from defined benefit pension plans to defined contribution  Products aimed at supporting long-term asset formation matched to client risk appetite have contributed to AuM growth  AuM topped Y1trn driven by ongoing inflows 1. Based on assets under management (net). 12 2. Source: The Investment Trusts Association, Japan.

Wholesale Net revenue and income (loss) before income taxes1, 2 Key points Full year ï®Net revenue: Y648.6bn (+17% YoY)ï®Income before income taxes: Y92.2bn -Global Markets net revenue increased 24% YoY driven by strong improvement in Fixed Income revenues mainly from Rates and AEJ FX/EM -Investment Banking revenues declined 16% YoY on lower fee pools and unrealized losses in loan-related positions due to downturn in credit market in March -Expenses declined 17%: Cost reductions progressing ahead of initial plan; Goodwill impairment charge2 and restructuring costs related to realignment of business portfolio booked last year no longer present Fourth quarter ï®Net revenue: Y145.9bn(-22% QoQ; +3% YoY) Net revenue by regionï®Income before income taxes: Y10.1bn(-77% QoQ) -Macro trading businesses such as Rates and FX/EM reported significantly (billions of yen) higher revenues QoQ, as did Cash Equities -Bookedmark-to-market losses on loan-related positions due to March market dislocation (approx. Y35bn)3 Net revenue by region (QoQ; YoY)ï®Japan: Y57.5bn (+7%; +33%)—Equities revenues increased on higher volatility and client activityï®Americas: Y54.8bn(-26%; +29%)—Rates and Cash Equities revenues increased, while Securitized Products and Equity Derivatives slowedï®AEJ: Y21.6bn(-4%;-14%)—FX/EM was robust, but Credit and Equity Derivatives revenues declinedï®EMEA: Y12.1bn(-67%;-62%)—Unrealized losses in Credit and Financing businesses 1. This table shows net revenue for Wholesale using adjusted figures for Global Markets and Investment Banking based on management accounting not applicable to US GAAP. 2. Goodwill impairment charge (Y81.4bn) attributable to Wholesale is booked as Y81bn in Wholesale and Y0.4bn in segment Other in FY2018/19. 13 3. This amount includes loss arising from valuation of changes to credit spread of counterparties for derivatives transactions and for uncollateralized derivatives (approx. Y12bn)

Wholesale: Global Markets

Net revenue FY2019/20 full year and 4Q net revenue by region

(billions of yen) (billions of yen)

YoY QoQ

Global Markets Global

QoQ

Markets Fixed

-16% Equities Income YoY

18%

Key points Fourth quarter +18% 0% ~ ±5% ±5% ~ ±15% ±15% ~ ï® Net revenue: Y134.3bn(-16% QoQ; YoY) Full year—Fixed Income and Equities successfully leveraged increased client Fixed Income performance improved substantially and Equities revenues activities primarily in flow businesses although booked markdowns on loan-ï® related positions amid March market dislocation (approx. Y25bn1) grew YoY as business portfolio realignment in April 2019 delivered results, Fixed Income and efficiently monetized client flows and market trend throughout the yearï® Net revenue: Y78bn(-22% QoQ; +15% YoY) Fourth quarter- Macro reported significantly higher revenues QoQ driven by Rates in ï® Americas: In Fixed Income, Rates had a strong quarter, butmark-to-market Americas and Japan, as well as FX/EM in AEJ, although significant losses were booked for Securitized Products inventory; Cash Equities spread widening in March led tomark-to-market losses in the portfolio reported stronger revenues, while Derivatives had a challenging quarter particularly for loansï® EMEA: In Fixed Income,mark-to-market losses booked in Credit and loans; Equities Cash Equities reported higher revenuesï® Net revenue: Y56.3bn(-7% QoQ; +23% YoY)ï® AEJ: In Fixed Income, FX/EM had a strong quarter; In Equities, Derivatives—Cash Equities had a strong quarter facilitating higher volumes on the performance declined back of the spike in volatility; Derivatives had a slower quarter inï® Japan: In Fixed Income, Rates and FX/EM had a solid quarter, but Credit Americas and AEJ, partially offset by strong performance in Japan slowed; In Equities, both Cash and Derivatives reported revenue gains QoQ 1. This amount includes loss arising from valuation of changes to credit spread of counterparties for derivatives transactions and for uncollateralized derivatives ( approx.Y12bn) 14

Wholesale: Investment Banking1-3Q announced deals 4Q announced deals 4Q completed deals Net revenue Mandated on high-profile and cross-border deals (billions of yen) Asia (incl. Japan) Tokai Carbon’s Quadrant Private QoQ Aisin Seiki Equity’s (Australia) acquisition of COBEX Subordinated Bond acquisition of QMS-56% (Germany) offering Media (Australia) &Add-on sale of stocks YoY (€822m) Acquisition Financing of Tetra (Y200bn) (M&A: AUD 574m /-59% Therapeutics’ (US) ALF: AUD 460m) to Shionogi Grifols’ (Spain) (Undisclosed) strategic alliance with Nippon Paint Shanghai RAAS Sansan Holdings’ acquisition (China) IPO of DuluxGroup Woori Bank (South (Y38.9bn) (Australia) Korea) ($5.4bn) (AUD 4.0bn) USD denominated Additional Tier1 Bond Banque Federative ($550m) du Credit Mutuel Key points (France) Samurai Bond Recruit Holdings Full year (Y130bn) Global PO ï® Net revenue: Y85.7bn(-16% YoY) (Y374.1bn)—Revenues remained roughly flat YoY through to 3Q, but operating EMEA Americas environment deteriorated from mid February due to market downturn Fourth quarter TDR Capital (UK) owned Stonegate Refinancing of ï® Net revenue: Y11.6bn(-56% QoQ;-59% YoY) Pub’s (UK) BJ’s Wholesale—IPOs and secondary offerings cancelled or postponed acquisition of Ei Club’s (US)Term—Mark-to-market loss of approx. Y10bn booked on loan-related positions Group (UK) & Financing for Loans due to abrupt widening of credit spreads Acquisition Financing Refinancing of (M&A: £3.3bn / ALF: Digital Colony’s ($1.3bn) £2.8bn) Informatica (US) Japan (US) acquisition of Term Loans—M&A revenues increased, but ECM and DCM declined QoQ STADA Arzneimittel’s Zayo Group(US) (Germany) acquisition of ($2.7bn)—Ranked #1 on Japan-related M&A and IPO league tables1 ($6.4bn) Everbridge (US) portfolio inRussia-CIS from Takeda CB International ($450m) Pharmaceutical & —EMEA and AEJ M&A revenues up QoQ on contributions from completed Acquisition Financing M&A transactions (M&A: $660m / ALF: —Unrealized losses booked in ALF in Americas and EMEA €860m) 15 1. Source: Refinitiv, Apr. 2019 – Mar. 2020

Non-interest expenses Full year Quarter Key points Full year ï®Non-interest expenses: Y1,039.6bn(-10% YoY) – Compensation and benefits(-4% YoY)One-off expenses related to business portfolio realignment booked last year (Y10.3bn) no longer present Bonus provisions increased in line with pay for performance; Cost reduction initiatives led to lower fixed costs –Non-personnel expenses(-15% YoY)One-off expenses1 booked last year no longer present Fourth quarter ï®Non-interest expenses: Y262.2bn(-1% QoQ) – Compensation and benefits(-19% QoQ) Bonus provisions contained in line with pay for performance – Commissions and floor brokerage (+28% QoQ)Commissions increased in line with trading volume – Occupancy and related depreciation (+18% QoQ) Accelerated depreciation of certain equipment attached to buildings – Other expenses (+26% QoQ) Increased provisions for loan related positions due to March market downturn 1. Goodwill impairment charge (Y81.4bn) attributable to Wholesale, legal expenses (Y31.8bn) related to legacy transactions and FX translation adjustment due to progress in winding up subsidiary in Middle East & 16 North Africa(-Y7.0bn) were booked in FY2018/19

Robust financial position Balance sheet related indicators and capital ratios RWA and CET 1 capital ratio3 Mar 2019 Dec 2019 Mar 2020 ï® Total assets Y41.0trn Y46.2trn Y44.0trnï® Shareholders’ equity Y2.6trn Y2.7trn Y2.7trnï® Gross leverage 15.6x 17.1x 16.6x Net leverage1 9.0x 9.9x 10.6xï® Level 3 assets2 Y0.6trn Y0.7trn Y0.7trn (net)ï® Liquidity portfolio Y4.9trn Y5.3trn Y5.4trn (billions of yen) Mar Dec Mar 2 Basel 3 basis 2019 2019 20202 Level 3 assets and Net Level 3 assets/Tier 1 capital Tier 1 capital 2,606 2,701 2,568 (billions of yen) Tier 2 capital 46 46 31 Total capital 2,652 2,747 2,599 RWA 14,252 14,028 15,608 Tier 1 capital ratio 18.2% 19.2% 16.4% CET 1 capital ratio3 17.1% 18.0% 15.3% Consolidated capital 18.6% 19.5% 16.6% adequacy ratio Consolidated leverage ratio4 5.03% 4.84% 4.70% HQLA5 Y4.3trn Y4.1trn Y4.2trn LCR5 198.4% 192.3% 201.1% 1. Net leverage: Total assets minus securities purchased under agreements to resell and securities borrowed, divided by Nomura Holdings shareholders’ equity. 2. March 2020 is preliminary. 3.                CET 1 capital ratio is defined as Tier 1 capital minus Additional Tier 1 capital divided by risk-weighted assets. 17 4.                Tier1 capital divided by exposure (sum ofon-balance sheet exposures andoff-balance sheet items). 5.                Daily average for each quarter.

Funding and liquidity 1. Trading assets and related: Reverse repo, securities, derivatives, etc. Trading liabilities and related: Repo, securities loaned, derivatives, etc. 2. Definition differs from financial disclosures reflecting Liquidity Management’s view. Cash and cash deposits portion of liquidity portfolio excludes funds on deposit at exchanges and segregated client funds. 18 3. Excludes long-term debt due within one year. Redemption schedule is individually estimated by considering the probability of redemption under certain stressed scenarios.

Financial Supplement

Consolidated balance sheet Consolidated balance sheet 20 1. Including securities pledged as collateral.

Value at risk

Definition From April 1, 2019, to March 31, 2020 (billions of yen)- 99% confidence level- Maximum:32.9-1-day time horizon for outstanding portfolio- Minimum:3.6- Inter-product price fluctuations considered- Average: 6.7

Consolidated financial highlights Full year Quarter 22 1. Quarterly ROE is calculated using annualizedyear-to-date net income.

Consolidated income Full year Quarter

Main revenue items Full year Quarter Commissions Fees from investment banking Asset management and portfolio service fees

Consolidated results: Income (loss) before income taxesby segment and regionAdjustment of consolidated results and segment results: Income (loss) before income taxes Full year Quarter Geographic information: Income (loss) before income taxes1 Full year Quarter 1. Geographic information is based on U.S. GAAP. (Figures are preliminary for the three months ended March 31, 2020). Nomura’s revenues and expenses are allocated based on the country of domicile of the 25 legal entity providing the service. This information is not used for business management purposes.

Segment “Other” Income (loss) before income taxes Full year Quarter

Retail related data (1) Full year Quarter 27 1. Excluding former Net & Call.

Retail related data (2) Retail client assets 28 1. Including CBs and warrants. 2.                Including annuity insurance.

Retail related data (3) Net inflows of cash and securities1 Full year Quarter 1. Cash and securities inflows minus outflows, excluding regional financial institutions. 29

Retail related data (4) Number of accounts New Individual accounts / IT share1 Full year Quarter 30 1. Ratio of cash stocks traded via Online Services.

Asset Management related data (1) Full year1 Quarter1 Assets under management by company 1. This table presents a reconciliation of net revenues (other thanACI-related revenue) andACI-related revenue, which arenon-GAAP measures prepared on a management accounting basis, to net revenue for the Asset Management segment.ACI-related revenue includes fair value adjustments of our investment, funding cost equivalent for our investment and dividends from ACI. 2. Total assets under management for Nomura Asset Management, Nomura Corporate Research and Asset Management, and Wealth Square. 31 3. Net after deducting duplications from assets under management (gross).

Asset Management related data (2) Asset inflows/outflows by business1 Full year Quarter Domestic public investment trust market and Nomura Asset Management market share2 1. Based on assets under management (net).                32 2. Source Investment Trusts Association, Japan.    

Asset inflows/outflows by business1

Full year Quarter

FY2019120

(billionsor yen) 1Q 2Q 3Q 4Q

Investment trusts business 2,187 1,788 503 672 259 296 560

of which ETFs 2.531 2,.133 483 642 246 115 1.130

Investment advisory business 20 302 109 ·164 121 198 146

Total net asset inflow 2,207 2,090 612 508 381 494 707

-- -- --

Domestic public investment trust market and Nomura Asset Management market share2

yen) FY2018/19 1 FY2019120 FY2019120

(trillions of I

Mar Mar Jun Sep Dec Mar

Domestic public stock •nvestment trusts

Market 101.5 93.9 101.5 101 9 104.3 109.9 93.9

Nomuia Asset Management share {%) 26% 26% 26% 26% 26% 26% 26% Domestic public bond investment trusts Market 11.6 12.5 11.6 11.7 11.9 13.3 12.5 Nomura Asset Management share {%) 45% 44% 45% 44% 44% 44% 44%

ETF

Market 37.4 37.6 37.4 38.2 39.9 43.3 37.6 Nomura Asset Management share {%) 45% 45% 45% 45% 45% 45% 45°/o

Wholesale related data

Full year Quarter

(billions of yen)

Net revenue 555.4 648.6 142.2 159.5 156.7 186.5 145.9 -21.11% 2.6% Non-interest expenses 666.8 556.4 155.3 139.5 137.8 143.3 135.8 -5.2% -12.5% Income Qoss} before income taxes ·111.4 92.2 -13.0 20.0 18.9 43.2 10.1 -76.6%

Breakdown of Wholesale revenues1

Full year Quarter

(billions of yen)

FY2018/19 FY2019/20 1Q 4Q aoa YoY

40

FIXed Income 232.8 337.5 68 0 82.5 78.0 -21.8% 14.7% Equities 220.2 225.4 45.6 53.3 56.3 -6.8% 23.5% Global Markets 453.0 562.9 113.6 1357 132.8 160.1 134.3 -16.1% 18.2% Investment Banking 102.3 85.7 28.6 23.7 23.9 26.4 11.6 -56.0% -59.4% Net revenue 555.4 648.6 142.2 159.5 156.7 186.5 145.9 -21.8% 2.6%

1. This table presents a reconciliation of the Global Markets and Investment Banking financial data, which arenon-GAAP measures prepared on a management accounting basis, to net revenue for the Wholesale 33 segment.

Number of employees 34 1. Includes Powai office in India.

Full year Quarter

(billions of yen)

Net revenue 555.4 648.6 142.2 159.5 156.7 186.5 145.9 -21.11% 2.6% Non-interest expenses 666.8 556.4 155.3 139.5 137.8 143.3 135.8 -5.2% -12.5% Income Qoss} before income taxes ·111.4 92.2 -13.0 20.0 18.9 43.2 10.1 -76.6%

Breakdown of Wholesale revenues1

Full year Quarter

(billions of yen)

FY2018/19 FY2019/20 1Q 4Q aoa YoY

40

FIXed Income 232.8 337.5 68 0 82.5 78.0 -21.8% 14.7% Equities 220.2 225.4 45.6 53.3 56.3 -6.8% 23.5% Global Markets 453.0 562.9 113.6 1357 132.8 160.1 134.3 -16.1% 18.2% Investment Banking 102.3 85.7 28.6 23.7 23.9 26.4 11.6 -56.0% -59.4% Net revenue 555.4 648.6 142.2 159.5 156.7 186.5 145.9 -21.8% 2.6%

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