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

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 April 2024

NOMURA HOLDINGS, INC.

(Translation of registrant’s name into English)

13-1, Nihonbashi 1-chome

Chuo-ku, Tokyo 103-8645

Japan

(Address of principal executive offices)

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

Form 20-F   X    Form 40-F    

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

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

Information furnished on this form:

EXHIBIT

Exhibit Number
1.	Financial Summary – Year ended March 31, 2024.

The registrant hereby incorporates Exhibit 1 to this report on Form 6-K by reference in the prospectus that is part of Registration Statement on Form F-3 (Registration No. 333-273353) of the registrant and Nomura America Finance, LLC, filed with the Securities and Exchange Commission 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: April 26, 2024	By:	/s/ Yoshifumi Kishida
		Yoshifumi Kishida
		Senior Managing Director

Financial Summary For the Year Ended March 31, 2024 (U.S. GAAP)

Date:	April 26, 2024
Company name (code number):	Nomura Holdings, Inc. (8604)
Stock exchange listings:	(In Japan) Tokyo, Nagoya (Overseas) New York, Singapore
Representative:	Kentaro Okuda President and Group CEO, Nomura Holdings, Inc.
For inquiries:	Junko Tago Managing Director, Head of Investor Relations, Nomura Holdings, Inc. Tel: (Country Code 81) 3-5255-1000 URL: https://www.nomura.com

1. Consolidated Operating Results

(1) Operating Results

	(Rounded to nearest million)
	For the year ended March 31
	2023						2024
	(Millions of yen, except per share data)
				% Change from March 31, 2022						% Change from March 31, 2023
Total revenue		2,486,726			56.0	%		4,157,294			67.2	%
Net revenue		1,335,577			(2.1	%)		1,562,000			17.0	%
Income before income taxes		149,474			(34.0	%)		273,850			83.2	%
Net income attributable to Nomura Holdings, Inc. (“NHI”) shareholders		92,786			(35.1	%)		165,863			78.8	%
Comprehensive income		283,215			(10.3	%)		320,792			13.3	%
Basic-Net income attributable to NHI shareholders per share (Yen)		30.86						54.97
Diluted-Net income attributable to NHI shareholders per share (Yen)		29.74						52.69
Return on shareholders’ equity		3.1	%					5.1	%
Income before income taxes to total assets		0.3	%					0.5	%
Income before income taxes divided by total revenue		6.0	%					6.6	%
Equity in earnings of affiliates		41,910						45,687

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

(2) Financial Position

	At March 31
	2023			2024
	(Millions of yen, except per share data)
Total assets		47,771,802			55,147,203
Total equity		3,224,142			3,448,513
Total NHI shareholders’ equity		3,148,567			3,350,189
Total NHI shareholders’ equity as a percentage of total assets		6.6	%		6.1	%
Total NHI shareholders’ equity per share (Yen)		1,048.24			1,127.72

(3) Cash Flows
	For the year ended March 31
	2023			2024
	(Millions of yen)
Net cash provided by (used in) operating activities		(694,820	)		86,626
Net cash used in investing activities		(233,225	)		(890,676	)
Net cash provided by financing activities		1,283,937			1,061,602
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year		3,820,852			4,299,022

2. Cash Dividends

	For the year ended March 31
	2023			2024
	(Yen amounts, except total annual dividends)
Dividends per share
Dividends record dates
At June 30		—			—
At September 30		5.00			8.00
At December 31		—			—
At March 31		12.00			15.00
For the year		17.00			23.00
Total annual dividends (Millions of yen)		51,056			68,682
Consolidated payout ratio		55.1	%		41.8	%
Consolidated dividends as a percentage of shareholders’ equity per share		1.7	%		2.1	%

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

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

Notes

(1) Changes in significant subsidiaries during the period: None

   (Changes in Specified Subsidiaries accompanying changes in scope of consolidation.)

(2) Changes in accounting policies

  a)  Changes in accounting policies due to amendments to the accounting standards : None

  b)  Changes in accounting policies due to other than a) : None

(3) Number of shares issued (common stock)

	At March 31
	2023		2024
Number of shares outstanding (including treasury stock)		3,233,562,601		3,163,562,601
Number of treasury stock		229,883,277		192,807,441
	For the year ended March 31
	2023		2024
Average number of shares outstanding		3,006,744,201		3,017,128,412

*This financial summary is not subject to certified public accountant’s or audit firm’s audits

Table of Contents for the Accompanying Materials

1.  Overview of Consolidated Operating Results	2
(1)  Overview of Consolidated Operating Results	2
(2)  Overview of Consolidated Financial Position	4
(3)  Overview of Cash Flows	4
2.  Considerations in the selection of accounting standards	5
3.  Consolidated Financial Statements	5
(1)  Consolidated Balance Sheets	6
(2)  Consolidated Statements of Income	8
(3)  Consolidated Statements of Comprehensive Income	9
(4)  Consolidated Statements of Changes in Equity	10
(5)  Consolidated Statements of Cash Flows	11
(6)  Note with respect to the Assumption as a Going Concern	12
(7)  Notes to the Consolidated Financial Statements	13
(8)  Other Financial Information	15
4.  Other Information	17

– 1 –

1. Overview of Consolidated Operating Results

(1) Overview of Consolidated Operating Results

Operating Results

 U.S. GAAP

	Billions of yen						% Change
	For the year ended						(B-A)/(A)
	March 31,  2023 (A)			March 31,  2024 (B)
Net revenue		1,335.6			1,562.0			17.0
Non-interest expenses		1,186.1			1,288.2			8.6
Income (loss) before income taxes		149.5			273.9			83.2
Income tax expense		57.8			96.6			67.2
Net income (loss)		91.7			177.2			93.3
Less: Net income (loss) attributable to noncontrolling interests		(1.1	)		11.4			—
Net income (loss) attributable to NHI shareholders		92.8			165.9			78.8
Return on shareholders’ equity*		3.1	%		5.1	%		—

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

Nomura Holdings, Inc. and its consolidated entities (“Nomura”) reported net revenue of 1,562.0 billion yen for the fiscal year ended March 31, 2024, an increase of 17.0% from the previous year. Non-interest expenses increased by 8.6% from the previous year to 1,288.2 billion yen. Income before income taxes was 273.9 billion yen and net income attributable to NHI shareholders was 165.9 billion yen for the fiscal year ended March 31, 2024.

 Segment Information

	Billions of yen						% Change
	For the year ended						(B-A)/(A)
	March 31,  2023 (A)			March 31,  2024 (B)
Net revenue		1,365.8			1,572.3			15.1
Non-interest expenses		1,186.1			1,288.2			8.6
Income (loss) before income taxes		179.7			284.2			58.1

In business segment totals, which exclude a part of unrealized gain (loss) on investments in equity securities held for operating purposes, net revenue for the fiscal year ended March 31, 2024 was 1,572.3 billion yen, an increase of 15.1% from the previous year. Non-interest expenses increased by 8.6% from the previous year to 1,288.2 billion yen. Income before income taxes increased by 58.1% to 284.2 billion yen for the fiscal year ended March 31, 2024. Please refer to page 13 for further details of the differences between U.S. GAAP and business segment amounts.

– 2 –

<Business Segment Results>

 Operating Results of Retail

	Billions of yen						% Change
	For the year ended						(B-A)/(A)
	March 31,  2023 (A)			March 31,  2024 (B)
Net revenue		300.2			402.4			34.0
Non-interest expenses		266.7			279.7			4.9
Income (loss) before income taxes		33.5			122.7			266.2

Net revenue increased by 34.0% from the previous year to 402.4 billion yen. Non-interest expenses increased by 4.9% to 279.7 billion yen. As a result, income before income taxes increased by 266.2% to 122.7 billion yen.

 Operating Results of Investment Management

	Billions of yen						% Change
	For the year ended						(B-A)/(A)
	March 31,  2023 (A)			March 31,  2024 (B)
Net revenue		128.6			154.1			19.9
Non-interest expenses		85.1			93.9			10.4
Income (loss) before income taxes		43.5			60.2			38.4

Net revenue increased by 19.9% from the previous year to 154.1 billion yen. Non-interest expenses increased by 10.4% to 93.9 billion yen. As a result, income before income taxes increased by 38.4% to 60.2 billion yen. Assets under management were 89.0 trillion yen as of March 31, 2024.

 Operating Results of Wholesale

	Billions of yen						% Change
	For the year ended						(B-A)/(A)
	March 31,  2023 (A)			March 31,  2024 (B)
Net revenue		772.4			866.1			12.1
Non-interest expenses		743.0			812.2			9.3
Income (loss) before income taxes		29.4			53.9			83.6

Net revenue increased by 12.1% from the previous year to 866.1 billion yen. Non-interest expenses increased by 9.3% to 812.2 billion yen. As a result, income before income taxes increased by 83.6% to 53.9 billion yen.

– 3 –

 Other Operating Results

	Billions of yen						% Change
	For the year ended						(B-A)/(A)
	March 31,  2023 (A)			March 31,  2024 (B)
Net revenue		164.7			149.7			(9.1	)
Non-interest expenses		91.3			102.3			12.0
Income (loss) before income taxes		73.4			47.4			(35.4	)

Net revenue was 149.7 billion yen. Income before income taxes was 47.4 billion yen.

(2) Overview of Consolidated Financial Position

Total assets as of March 31, 2024, were 55,147.2 billion yen, an increase of 7,375.4 billion yen compared to March 31, 2023, mainly due to the increase in Trading assets. Total liabilities as of March 31, 2024 were 51,698.7 billion yen, an increase of 7,151.0 billion yen compared to March 31, 2023, mainly due to the increase in Securities sold under agreements to repurchase. Total equity as of March 31, 2024 was 3,448.5 billion yen, an increase of 224.4 billion yen compared to March 31, 2023.

(3) Overview of Cash Flows

Cash, cash equivalents, restricted cash and restricted cash equivalents as of March 31, 2024, increased by 478.2 billion yen compared to March 31, 2023. Cash flows from operating activities for the year ended March 31, 2024 were inflows of 86.6 billion yen due mainly to the increase in Payables. Cash flows from investing activities for the year ended March 31, 2024 were outflows of 890.7 billion yen due mainly to Payments for purchases or origination of other non-trading loans. Cash flows from financing activities for the year ended March 31, 2024 were inflows of 1,061.6 billion yen due primarily to Proceeds from issuances of long-term borrowings.

– 4 –

2. Considerations in the selection of accounting standards

Nomura currently adopts U.S. generally accepted accounting principles. Depending on factors such as trends by other companies and the impact of International Financial Reporting Standards (“IFRS”) on Nomura’s businesses, Nomura may consider in adopting IFRS in the future.

3. Consolidated Financial Statements

The consolidated financial information herein has been prepared in accordance with Nomura’s accounting policies which are disclosed in the notes to the consolidated financial statements of Nomura Holdings, Inc.’s Annual Securities Report (the annual report filed in Japan on June 28, 2023 and amended on April 12, 2024) and Form 20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 28, 2023 and amended on April 12, 2024) for the year ended March 31, 2023.

– 5 –

(1) Consolidated Balance Sheets

	Millions of yen
	March 31, 2023			March 31, 2024			Increase/ (Decrease)
ASSETS
Cash and cash deposits:
Cash and cash equivalents		3,820,685			4,239,359			418,674
Time deposits		409,082			545,842			136,760
Deposits with stock exchanges and other segregated cash		291,480			369,770			78,290
Total cash and cash deposits		4,521,247			5,154,971			633,724
Loans and receivables:
Loans receivable		4,013,852			5,469,195			1,455,343
Receivables from customers		379,911			453,937			74,026
Receivables from other than customers		819,263			928,632			109,369
Allowance for credit losses		(5,832	)		(18,047	)		(12,215	)
Total loans and receivables		5,207,194			6,833,717			1,626,523
Collateralized agreements:
Securities purchased under agreements to resell		13,834,460			15,621,132			1,786,672
Securities borrowed		4,283,039			5,373,663			1,090,624
Total collateralized agreements		18,117,499			20,994,795			2,877,296
Trading assets and private equity and debt investments:
Trading assets*		17,509,934			19,539,742			2,029,808
Private equity and debt investments*		99,399			117,066			17,667
Total trading assets and private equity and debt investments		17,609,333			19,656,808			2,047,475
Other assets:
Office buildings, land, equipment and facilities (net of accumulated depreciation and amortization of ¥459,954 million as of March 31, 2023 and ¥529,605 million as of March 31, 2024)		464,316			448,785			(15,531	)
Non-trading debt securities*		337,361			335,401			(1,960	)
Investments in equity securities*		97,660			105,088			7,428
Investments in and advances to affiliated companies*		402,485			462,017			59,532
Other		1,014,707			1,155,621			140,914
Total other assets		2,316,529			2,506,912			190,383
Total assets		47,771,802			55,147,203			7,375,401

^*  Including securities pledged as collateral

– 6 –

			Millions of yen
			March 31, 2023			March 31, 2024			Increase/ (Decrease)
LIABILITIES AND EQUITY
Short-term borrowings				1,008,541			1,054,717			46,176
Payables and deposits:
Payables to customers				1,359,948			1,310,825			(49,123	)
Payables to other than customers				1,799,585			2,823,100			1,023,515
Deposits received at banks				2,137,936			2,356,202			218,266
Total payables and deposits				5,297,469			6,490,127			1,192,658
Collateralized financing:
Securities sold under agreements to repurchase				14,217,966			16,870,303			2,652,337
Securities loaned				1,556,663			2,133,066			576,403
Other secured borrowings				334,319			393,206			58,887
Total collateralized financing				16,108,948			19,396,575			3,287,627
Trading liabilities				10,557,971			10,890,610			332,639
Other liabilities				1,175,521			1,414,546			239,025
Long-term borrowings				10,399,210			12,452,115			2,052,905
Total liabilities				44,547,660			51,698,690			7,151,030
Equity
NHI shareholders’ equity:
Common stock
Authorized	-	6,000,000,000 shares
Issued	-	3,233,562,601 shares as of March 31, 2023 and
		3,163,562,601 shares as of March 31, 2024
Outstanding	-	3,003,679,324 shares as of March 31, 2023 and
		2,970,755,160 shares as of March 31, 2024		594,493			594,493			—
Additional paid-in capital				707,189			708,785			1,596
Retained earnings				1,647,005			1,705,725			58,720
Accumulated other comprehensive income (loss)				318,454			459,984			141,530
Total NHI shareholders’ equity before treasury stock				3,267,141			3,468,987			201,846
Common stock held in treasury, at cost-
229,883,277 shares as of March 31, 2023 and
192,807,441 shares as of March 31, 2024				(118,574	)		(118,798	)		(224	)
Total NHI shareholders’ equity				3,148,567			3,350,189			201,622
Noncontrolling interests				75,575			98,324			22,749
Total equity				3,224,142			3,448,513			224,371
Total liabilities and equity				47,771,802			55,147,203			7,375,401

– 7 –

(2) Consolidated Statements of Income

	Millions of yen						% Change
	For the year ended						(B-A)/(A)
	March 31, 2023(A)			March 31, 2024(B)
Revenue:
Commissions		279,857			364,095			30.1
Fees from investment banking		113,208			173,265			53.1
Asset management and portfolio service fees		271,684			310,154			14.2
Net gain on trading		563,269			491,611			(12.7	)
Gain on private equity and debt investments		14,504			11,877			(18.1	)
Interest and dividends		1,114,690			2,620,856			135.1
Gain (loss) on investments in equity securities		(1,426	)		9,612			—
Other		130,940			175,824			34.3
Total revenue		2,486,726			4,157,294			67.2
Interest expense		1,151,149			2,595,294			125.5
Net revenue		1,335,577			1,562,000			17.0
Non-interest expenses:
Compensation and benefits		605,787			673,523			11.2
Commissions and floor brokerage		119,237			137,328			15.2
Information processing and communications		209,537			217,126			3.6
Occupancy and related depreciation		66,857			68,698			2.8
Business development expenses		22,636			24,236			7.1
Other		162,049			167,239			3.2
Total non-interest expenses		1,186,103			1,288,150			8.6
Income before income taxes		149,474			273,850			83.2
Income tax expense		57,798			96,630			67.2
Net income		91,676			177,220			93.3
Less: Net income (loss) attributable to noncontrolling interests		(1,110	)		11,357			—
Net income attributable to NHI shareholders		92,786			165,863			78.8
Per share of common stock:
	Yen						% Change
Basic-
Net income attributable to NHI shareholders per share		30.86			54.97			78.1
Diluted-
Net income attributable to NHI shareholders per share		29.74			52.69			77.2

– 8 –

(3) Consolidated Statements of Comprehensive Income

	Millions of yen						% Change
	For the year ended						(B-A)/(A)
	March 31, 2023(A)			March 31, 2024(B)
Net income		91,676			177,220			93.3
Other comprehensive income (loss):
Cumulative translation adjustments:
Cumulative translation adjustments		107,058			204,507			91.0
Deferred income taxes		(145	)		(1,161	)		—
Total		106,913			203,346			90.2
Defined benefit pension plans:
Pension liability adjustments		16,422			18,475			12.5
Deferred income taxes		(4,793	)		(5,813	)		—
Total		11,629			12,662			8.9
Own credit adjustments:
Own credit adjustments		95,047			(91,001	)		—
Deferred income taxes		(22,050	)		18,565			—
Total		72,997			(72,436	)		—
Total other comprehensive income		191,539			143,572			(25.0	)
Comprehensive income		283,215			320,792			13.3
Less: Comprehensive income (loss) attributable to noncontrolling interests		(52	)		13,399			—
Comprehensive income attributable to NHI shareholders		283,267			307,393			8.5

– 9 –

(4) Consolidated Statements of Changes in Equity

	Millions of yen
	For the year ended
	March 31, 2023			March 31, 2024
Common stock
Balance at beginning of year		594,493			594,493
Balance at end of year		594,493			594,493
Additional paid-in capital
Balance at beginning of year		697,507			707,189
Stock-based compensation awards		9,411			1,609
Changes in ownership interests in subsidiaries		287			—
Changes in an affiliated company’s interests		(16	)		(13	)
Balance at end of year		707,189			708,785
Retained earnings
Balance at beginning of year		1,606,987			1,647,005
Net income attributable to NHI shareholders		92,786			165,863
Cash dividends		(51,050	)		(68,674	)
Loss on sales of treasury stock		(1,718	)		(2,364	)
Cancellation of treasury stock		—			(36,105	)
Balance at end of year		1,647,005			1,705,725
Accumulated other comprehensive income (loss)
Cumulative translation adjustments
Balance at beginning of year		136,912			242,767
Net change during the year		105,855			201,304
Balance at end of year		242,767			444,071
Defined benefit pension plans
Balance at beginning of year		(43,803	)		(32,174	)
Pension liability adjustments		11,629			12,662
Balance at end of year		(32,174	)		(19,512	)
Own credit adjustments
Balance at beginning of year		34,864			107,861
Own credit adjustments		72,997			(72,436	)
Balance at end of year		107,861			35,425
Balance at end of year		318,454			459,984
Common stock held in treasury
Balance at beginning of year		(112,355	)		(118,574	)
Repurchases of common stock		(24,728	)		(61,199	)
Sales of common stock		0			0
Common stock issued to employees		18,509			24,870
Cancellation of treasury stock		—			36,105
Balance at end of year		(118,574	)		(118,798	)
Total NHI shareholders’ equity
Balance at end of year		3,148,567			3,350,189
Noncontrolling interests
Balance at beginning of year		58,198			75,575
Net change during the year		17,377			22,749
Balance at end of year		75,575			98,324
Total equity
Balance at end of year		3,224,142			3,448,513

– 10 –

(5) Consolidated Statements of Cash Flows

	Millions of yen
	For the year ended
	March 31, 2023			March 31, 2024
Cash flows from operating activities:
Net income		91,676			177,220
Adjustments to reconcile net income to Net cash provided by (used in) operating activities:
Depreciation and amortization		61,424			61,340
Provision for credit losses		(4,047	)		13,910
(Gain) loss on investments in equity securities		1,426			(9,612	)
Gain on investments in subsidiaries and affiliates		(23,889	)		(968	)
Loss on disposal of office buildings, land, equipment and facilities		344			2,670
Changes in operating assets and liabilities:
Deposits with stock exchanges and other segregated cash		170,632			16,465
Trading assets and private equity and debt investments		(1,623,037	)		(386,474	)
Trading liabilities		467,257			(411,843	)
Securities purchased under agreements to resell, net of securities sold under agreements to repurchase		(590,424	)		290,843
Securities borrowed, net of securities loaned		834,438			(324,095	)
Margin loans and receivables		472,811			(276,058	)
Payables		(139,417	)		709,839
Bonus accrual		(3,319	)		26,480
Other, net		(410,695	)		196,909
Net cash provided by (used in) operating activities		(694,820	)		86,626
Cash flows from investing activities:
Payments for placements of time deposits		(344,117	)		(636,813	)
Proceeds from redemption or maturity of time deposits		284,705			551,669
Payments for purchases of office buildings, land, equipment and facilities		(171,165	)		(145,784	)
Proceeds from sales of office buildings, land, equipment and facilities		63,648			109,443
Payments for purchases of equity investments		(4,471	)		(12,762	)
Proceeds from sales of equity investments		52,299			40,497
Net cash outflows from loans receivable at banks		(84,362	)		(112,224	)
Payments for purchases or origination of other non-trading loans		(4,702,061	)		(4,302,524	)
Proceeds from sales or repayments of other non-trading loans		4,486,651			3,622,991
Net cash outflows from interbank money market loans		(62	)		—
Payments for purchases of non-trading debt securities		(45,910	)		(112,438	)
Proceeds from sales or maturity of non-trading debt securities		205,468			135,690
Acquisitions, net of cash acquired		—			(457	)
Divestures, net of cash disposed of		16,950			—
Payments for purchases of investments in affiliated companies		(25,119	)		(29,778	)
Proceeds from sales of investments in affiliated companies		43,299			900
Other, net		(8,978	)		914
Net cash used in investing activities		(233,225	)		(890,676	)
Cash flows from financing activities:
Proceeds from issuances of long-term borrowings		2,208,422			3,202,737
Payments for repurchases or maturity of long-term borrowings		(1,115,171	)		(2,170,655	)
Proceeds from issuances of short-term borrowings		2,630,083			1,894,565
Payments for repurchases or maturity of short-term borrowings		(2,694,588	)		(1,866,998	)
Net cash inflows (outflows) from interbank money market borrowings		48,197			(88,288	)
Net cash inflows (outflows) from other secured borrowings		(52,915	)		107,311
Net cash inflows from deposits received at banks		328,867			107,532
Payments for withholding taxes on stock-based compensation		(9,060	)		(12,669	)
Proceeds from sales of common stock		4			953
Payments for repurchases of common stock		(24,728	)		(61,029	)
Payments for cash dividends		(57,262	)		(60,164	)
Contributions from noncontrolling interests		59,718			69,231
Distributions to noncontrolling interests		(37,630	)		(60,924	)
Net cash provided by financing activities		1,283,937			1,061,602
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents		148,552			220,618
Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents		504,444			478,170
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of the year		3,316,408			3,820,852
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year		3,820,852			4,299,022

– 11 –

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

Not applicable.

– 12 –

(7) Notes to the Consolidated Financial Statements

Segment Information – Operating Segment

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

	Millions of yen						% Change
	For the year ended						(B-A)/(A)
	March 31, 2023 (A)			March 31, 2024 (B)
Net revenue
Business segment information:
Retail		300,191			402,361			34.0
Investment Management		128,559			154,143			19.9
Wholesale		772,380			866,147			12.1
Subtotal		1,201,130			1,422,651			18.4
Other		164,718			149,690			(9.1	)
Net revenue		1,365,848			1,572,341			15.1
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		(30,271	)		(10,341	)		—
Net revenue		1,335,577			1,562,000			17.0
Non-interest expenses
Business segment information:
Retail		266,695			279,682			4.9
Investment Management		85,064			93,945			10.4
Wholesale		743,011			812,236			9.3
Subtotal		1,094,770			1,185,863			8.3
Other		91,333			102,287			12.0
Non-interest expenses		1,186,103			1,288,150			8.6
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		—			—			—
Non-interest expenses		1,186,103			1,288,150			8.6
Income (loss) before income taxes
Business segment information:
Retail		33,496			122,679			266.2
Investment Management		43,495			60,198			38.4
Wholesale		29,369			53,911			83.6
Subtotal		106,360			236,788			122.6
Other*		73,385			47,403			(35.4	)
Income (loss) before income taxes		179,745			284,191			58.1
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		(30,271	)		(10,341	)		—
Income (loss) before income taxes		149,474			273,850			83.2

*Major components

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

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

	Millions of yen						% Change
	For the year ended						(B-A)/(A)
	March 31, 2023 (A)			March 31, 2024 (B)
Net gain (loss) related to economic hedging transactions		(4,846	)		2,021			—
Realized gain (loss) on investments in equity securities held for operating purposes		28,385			21,027			(25.9	)
Equity in earnings of affiliates		47,744			46,420			(2.8	)
Corporate items		(12,590	)		(11,997	)		—
Other		14,692			(10,068	)		—
Total		73,385			47,403			(35.4	)

– 13 –

Per share data

Shareholders’ equity per share is calculated based on the following number of shares.

Number of shares outstanding as of March 31, 2024 2,970,755,160

Net income attributable to NHI shareholders per share calculated based on the following number of shares.

Average number of shares outstanding for the year ended March 31, 2024 3,017,128,412

Significant Subsequent Events

Not applicable.

– 14 –

(8) Other Financial Information

Consolidated Statements of Income – Quarterly Comparatives

	Millions of yen																								% Change
	For the three months ended																								(B-A)/(A)
	June 30, 2022			September 30, 2022			December 31, 2022			March 31, 2023			June 30, 2023			September 30, 2023			December 31, 2023(A)			March 31, 2024(B)
Revenue:
Commissions		70,431			68,152			77,502			63,772			82,770			88,922			85,718			106,685			24.5
Fees from investment banking		27,285			24,189			33,783			27,951			31,146			38,604			55,229			48,286			(12.6	)
Asset management and portfolio service fees		68,250			69,038			67,035			67,361			71,807			76,666			77,496			84,185			8.6
Net gain on trading		141,918			160,905			142,132			118,314			115,563			116,613			125,069			134,366			7.4
Gain (loss) on private equity and debt investments		(4,535	)		5,738			8,050			5,251			6,887			1,123			1,882			1,985			5.5
Interest and dividends		109,049			196,893			373,283			435,465			549,651			658,458			686,300			726,447			5.8
Gain (loss) on investments in equity securities		(1,742	)		(1,523	)		644			1,195			4,777			2,792			(3,350	)		5,393			—
Other		(688	)		10,460			69,812			51,356			30,752			29,522			52,143			63,407			21.6
Total revenue		409,968			533,852			772,241			770,665			893,353			1,012,700			1,080,487			1,170,754			8.4
Interest expense		110,940			215,894			378,583			445,732			544,440			644,940			680,262			725,652			6.7
Net revenue		299,028			317,958			393,658			324,933			348,913			367,760			400,225			445,102			11.2
Non-interest expenses:
Compensation and benefits		143,061			150,894			156,275			155,557			158,673			167,138			170,629			177,083			3.8
Commissions and floor brokerage		28,488			28,183			32,275			30,291			31,365			34,336			34,315			37,312			8.7
Information processing and communications		49,732			52,127			54,004			53,674			52,836			53,616			54,342			56,332			3.7
Occupancy and related depreciation		16,359			16,643			17,180			16,675			16,601			17,477			16,806			17,814			6.0
Business development expenses		4,699			5,353			6,311			6,273			6,144			5,396			6,157			6,539			6.2
Other		44,956			33,274			44,047			39,772			36,984			33,062			39,265			57,928			47.5
Total non-interest expenses		287,295			286,474			310,092			302,242			302,603			311,025			321,514			353,008			9.8
Income before income taxes		11,733			31,484			83,566			22,691			46,310			56,735			78,711			92,094			17.0
Income tax expense		11,340			14,741			17,629			14,088			20,428			21,150			26,573			28,479			7.2
Net income		393			16,743			65,937			8,603			25,882			35,585			52,138			63,615			22.0
Less: Net income (loss) attributable to noncontrolling interests		(1,303	)		(28	)		(1,007	)		1,228			2,551			353			1,588			6,865			332.3
Net income attributable to NHI shareholders		1,696			16,771			66,944			7,375			23,331			35,232			50,550			56,750			12.3
	Yen																								% Change
Per share of common stock:
Basic-
Net income attributable to NHI shareholders per share		0.56			5.59			22.30			2.46			7.71			11.61			16.77			18.92			12.8
Diluted-
Net income attributable to NHI shareholders per share		0.52			5.41			21.51			2.34			7.40			11.21			16.10			18.02			11.9

– 15 –

Business Segment Information – Quarterly Comparatives

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

	Millions of yen																								% Change
��	For the three months ended																								(B-A)/(A)
	June 30, 2022			September 30, 2022			December 31, 2022			March 31, 2023			June 30, 2023			September 30, 2023			December 31, 2023(A)			March 31, 2024(B)
Net revenue
Business segment information:
Retail		71,386			72,480			81,019			75,306			92,050			98,932			102,625			108,754			6.0
Investment Management		7,579			26,171			56,965			37,844			26,525			45,111			38,946			43,561			11.8
Wholesale		198,987			205,499			189,057			178,837			190,850			204,087			216,996			254,214			17.2
Subtotal		277,952			304,150			327,041			291,987			309,425			348,130			358,567			406,529			13.4
Other		23,925			15,623			87,310			37,860			43,755			16,953			54,620			34,362			(37.1	)
Net revenue		301,877			319,773			414,351			329,847			353,180			365,083			413,187			440,891			6.7
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		(2,849	)		(1,815	)		(20,693	)		(4,914	)		(4,267	)		2,677			(12,962	)		4,211			—
Net revenue		299,028			317,958			393,658			324,933			348,913			367,760			400,225			445,102			11.2
Non-interest expenses
Business segment information:
Retail		66,470			66,995			67,756			65,474			69,103			69,887			70,698			69,994			(1.0	)
Investment Management		19,293			20,618			23,663			21,490			22,898			21,896			23,350			25,801			10.5
Wholesale		173,715			185,310			190,911			193,075			188,749			195,823			194,026			233,638			20.4
Subtotal		259,478			272,923			282,330			280,039			280,750			287,606			288,074			329,433			14.4
Other		27,817			13,551			27,762			22,203			21,853			23,419			33,440			23,575			(29.5	)
Non-interest expenses		287,295			286,474			310,092			302,242			302,603			311,025			321,514			353,008			9.8
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		—			—			—			—			—			—			—			—			—
Non-interest expenses		287,295			286,474			310,092			302,242			302,603			311,025			321,514			353,008			9.8
Income (loss) before income taxes
Business segment information:
Retail		4,916			5,485			13,263			9,832			22,947			29,045			31,927			38,760			21.4
Investment Management		(11,714	)		5,553			33,302			16,354			3,627			23,215			15,596			17,760			13.9
Wholesale		25,272			20,189			(1,854	)		(14,238	)		2,101			8,264			22,970			20,576			(10.4	)
Subtotal		18,474			31,227			44,711			11,948			28,675			60,524			70,493			77,096			9.4
Other*		(3,892	)		2,072			59,548			15,657			21,902			(6,466	)		21,180			10,787			(49.1	)
Income (loss) before income taxes		14,582			33,299			104,259			27,605			50,577			54,058			91,673			87,883			(4.1	)
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		(2,849	)		(1,815	)		(20,693	)		(4,914	)		(4,267	)		2,677			(12,962	)		4,211			—
Income (loss) before income taxes		11,733			31,484			83,566			22,691			46,310			56,735			78,711			92,094			17.0

* Major components

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

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

	Millions of yen																								% Change
	For the three months ended																								(B-A)/(A)
	June 30, 2022			September 30, 2022			December 31, 2022			March 31, 2023			June 30, 2023(A)			September 30, 2023(B)			December 31, 2023(A)			March 31, 2024(B)
Net gain (loss) related to economic hedging transactions		(9,807	)		98			(1,455	)		6,318			3,394			(8,905	)		7,575			(43	)		—
Realized gain (loss) on investments in equity securities held for operating purposes		240			55			21,895			6,195			8,191			26			11,762			1,048			(91.1	)
Equity in earnings of affiliates		16,993			9,114			8,893			12,744			13,718			9,013			8,830			14,859			68.3
Corporate items		(5,988	)		4,513			(3,323	)		(7,792	)		1,942			1,380			(6,459	)		(8,860	)		—
Other		(5,330	)		(11,708	)		33,538			(1,808	)		(5,343	)		(7,980	)		(528	)		3,783			—
Total		(3,892	)		2,072			59,548			15,657			21,902			(6,466	)		21,180			10,787			(49.1	)

– 16 –

4. Other Information

Financial information for Nomura Securities Co., Ltd. can be found on the following URL.

https://www.nomuraholdings.com/company/group/nsc/pdf/2024_4q.pdf

– 17 –