Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

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 February 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:

EXHIBIT


Exhibit Number

1.		Financial Summary – Nine months ended December 31, 2024.

The registrant hereby incorporates Exhibit 1 (except the English translation of Independent Auditor’s Interim Review Report) 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, filed with the SEC on December 19, 2024 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: February 12, 2025	By:	/s/ Yoshifumi Kishida
		Yoshifumi Kishida
		Senior Managing Director

February 12, 2025


Company name:		Nomura Holdings, Inc.

Representative:		Kentaro Okuda

		President and Group CEO

Stock exchange listings:		Tokyo stock exchange, Nagoya stock exchange

		(Code number: 8604)

For Inquiries:		Junko Tago

		Managing Director, Head of Investor Relations

		Tel: (Country Code 81) 3-5255-1000

Financial Summary–Nine months ended December 31, 2024

(Completion of the interim review by certified public accountants or an audit firm)

We are pleased to announce that the interim review of the quarterly consolidated financial statements for the nine months ended December 31, 2024, conducted by certified public accountants or an audit firm under US GAAP, which were disclosed on February 5, 2025, has been completed. Furthermore, there have been no changes to the quarterly consolidated financial statements announced on February 5, 2025.

Financial Summary for the Nine Months Ended December 31, 2024 (U.S. GAAP)


Date:		February 12, 2025
Company name (code number):		Nomura Holdings, Inc. (8604)
Stock exchange listings:		(In Japan) Tokyo, Nagoya (Overseas) New York, Singapore
Representative:		Kentaro Okuda President and Group CEO, Nomura Holdings, Inc.
For inquiries:		Junko Tago Managing Director, Head of Investor Relations, Nomura Holdings, Inc. Tel: (Country Code 81) 3-5255-1000 URL: https://www.nomura.com

1. Consolidated Operating Results

(1) Operating Results


	(Rounded to nearest million)
	(Millions of yen, except per share data)
	For the nine months ended December 31
	2023						2024
				% Change from December 31, 2022						% Change from December 31, 2023
Total revenue		2,986,540			74.0	%		3,657,389			22.5	%
Net revenue		1,116,898			10.5	%		1,439,750			28.9	%
Income before income taxes		181,756			43.4	%		374,220			105.9	%
Net income attributable to Nomura Holdings, Inc. (“NHI”) shareholders		109,113			27.8	%		268,766			146.3	%
Comprehensive income		166,527			(32.3	%)		343,791			106.4	%

Basic-Net income attributable to NHI shareholders per share (Yen)		36.08						90.95
Diluted-Net income attributable to NHI shareholders per share (Yen)		34.69						87.66
Return on shareholders’ equity - annualized		4.5	%					10.4	%

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

(2) Financial Position


	(Millions of yen, except per share data)
	At March 31			At December 31
	2024			2024
Total assets		55,147,203			60,529,845
Total equity		3,448,513			3,675,106
Total NHI shareholders’ equity		3,350,189			3,569,930
Total NHI shareholders’ equity as a percentage of total assets		6.1	%		5.9	%
Total NHI shareholders’ equity per share (Yen)		1,127.72			1,207.81

2. Cash Dividends


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

Note: Breakdown of dividend for the year ending March 31, 2025 (Plan): Ordinary dividend —, Commemorative dividend 10.00 yen.

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

For details, please refer to “Nomura to Issue 100th Anniversary Commemorative Dividend” announced on February 5, 2025.

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

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

Notes

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

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

(3) Changes in accounting policies

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

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

Note) Please refer to P.10 “2. Quarterly Consolidated Financial Statements (4) Changes in Accounting Policies” for further details.

(4) Number of shares issued (common stock)


	At March 31		At December 31
	2024		2024
Number of shares outstanding (including treasury stock)		3,163,562,601		3,163,562,601
Number of treasury stock		192,807,441		207,850,845

	For the nine months ended December 31
	2023		2024
Average number of shares outstanding (year-to-date)		3,023,923,222		2,954,969,973

*Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants or an audit firm: Yes (voluntary)

Table of Contents for the Accompanying Materials


1. Qualitative Information of the Quarterly Consolidated Results			P. 2

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

2. Quarterly Consolidated Financial Statements			P. 5

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

3. Supplementary Information			P.14

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

Independent Auditor’s Interim Review Report			P.17

– 1 –

1.	Qualitative Information of the Quarterly Consolidated Results

(1)

Consolidated Operating Results

U.S. GAAP


	Billions of yen						% Change
	For the nine months ended						(B-A)/(A)
	December 31, 2023 (A)			December 31, 2024 (B)			(B-A)/(A)
Net revenue		1,116.9			1,439.8			28.9
Non-interest expenses		935.1			1,065.5			13.9

Income (loss) before income taxes		181.8			374.2			105.9
Income tax expense		68.2			100.9			48.1

Net income (loss)		113.6			273.3			140.6

Less: Net income (loss) attributable to noncontrolling interests		4.5			4.5			0.5

Net income (loss) attributable to NHI shareholders		109.1			268.8			146.3

Return on shareholders’ equity - annualized		4.5	%		10.4	%		—

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

Nomura Holdings, Inc. and its consolidated entities (collectively, “Nomura”) reported net revenue of 1,439.8 billion yen for the nine months ended December 31, 2024, an increase of 28.9% from the same period in the prior year. Non-interest expenses increased by 13.9% from the same period in the prior year to 1,065.5 billion yen. Income before income taxes was 374.2 billion yen and net income attributable to NHI shareholders was 268.8 billion yen for the nine months ended December 31, 2024.

Segment Information


	Billions of yen				% Change
	For the nine months ended				(B-A)/(A)
	December 31, 2023 (A)		December 31, 2024 (B)		(B-A)/(A)
Net revenue		1,131.5		1,441.1		27.4
Non-interest expenses		935.1		1,065.5		13.9

Income (loss) before income taxes		196.3		375.6		91.3

In the above segment information totals, which exclude a part of unrealized gain (loss) on investments in equity securities held for operating purposes, net revenue for the nine months ended December 31, 2024 was 1,441.1 billion yen, an increase of 27.4% from the same period in the prior year. Non-interest expenses increased by 13.9% from the same period in the prior year to 1,065.5 billion yen. Income before income taxes increased by 91.3% to 375.6 billion yen for the nine months ended December 31, 2024. Please refer to page 11 for further details of the differences between U.S. GAAP and business segment amounts.

– 2 –

<Business Segment Results>

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

Operating Results of Wealth Management


	Billions of yen				% Change
	For the nine months ended				(B-A)/(A)
	December 31, 2023 (A)		December 31, 2024 (B)		(B-A)/(A)
Net revenue		293.6		346.9		18.2
Non-interest expenses		209.7		213.2		1.7

Income (loss) before income taxes		83.9		133.7		59.3

Net revenue increased by 18.2% from the same period in the prior year to 346.9 billion yen. Non-interest expenses increased by 1.7% to 213.2 billion yen. As a result, income before income taxes increased by 59.3% to 133.7 billion yen.

Operating Results of Investment Management


	Billions of yen				% Change
	For the nine months ended				(B-A)/(A)
	December 31, 2023 (A)		December 31, 2024 (B)		(B-A)/(A)
Net revenue		110.6		149.5		35.2
Non-interest expenses		68.1		75.4		10.7

Income (loss) before income taxes		42.4		74.1		74.5

Net revenue increased by 35.2% from the same period in the prior year to 149.5 billion yen. Non-interest expenses increased by 10.7% to 75.4 billion yen. As a result, income before income taxes increased by 74.5% to 74.1 billion yen. Assets under management were 93.5 trillion yen as of December 31, 2024.

Operating Results of Wholesale


	Billions of yen				% Change
	For the nine months ended				(B-A)/(A)
	December 31, 2023 (A)		December 31, 2024 (B)		(B-A)/(A)
Net revenue		611.9		798.8		30.5
Non-interest expenses		578.6		670.0		15.8

Income (loss) before income taxes		33.3		128.8		286.3

Net revenue increased by 30.5% from the same period in the prior year to 798.8 billion yen. Non-interest expenses increased by 15.8% to 670.0 billion yen. As a result, income before income taxes increased by 286.3% to 128.8 billion yen.

– 3 –

Other Operating Results


	Billions of yen				% Change
	For the nine months ended				(B-A)/(A)
	December 31, 2023 (A)		December 31, 2024 (B)		(B-A)/(A)
Net revenue		115.3		146.0		26.6
Non-interest expenses		78.7		106.9		35.8

Income (loss) before income taxes		36.6		39.0		6.6

Net revenue was 146.0 billion yen. Income before income taxes was 39.0 billion yen.

(2)

Consolidated Financial Position

Total assets as of December 31, 2024 were 60,529.8 billion yen, an increase of 5,382.6 billion yen compared to March 31, 2024, mainly due to the increase in Trading assets. Total liabilities as of December 31, 2024 were 56,854.7 billion yen, an increase of 5,156.0 billion yen compared to March 31, 2024, mainly due to the increase in Trading liabilities. Total equity as of December 31, 2024 was 3,675.1 billion yen, an increase of 226.6 billion yen compared to March 31, 2024.

(3)

Consolidated Earnings Forecasts

– 4 –

2.	Quarterly Consolidated Financial Statements

Nomura’s quarterly consolidated financial statements, which comprise the consolidated balance sheet, consolidated statement of income, consolidated statement of comprehensive income and notes, have been prepared in accordance with Article 5, Paragraph 4 of the Tokyo Stock Exchange Inc. and Nagoya Stock Exchange Inc.’s Standards for the Preparation of Quarterly Financial Statements (the Standards) and accounting principles generally accepted in the United States, applying the provisions for reduced disclosures as set forth in Article 5, Paragraph 5 of the Standards.

The quarterly consolidated financial statements herein have been prepared in accordance with Nomura’s accounting policies which are disclosed in the notes to the consolidated financial statements of Nomura Holdings, Inc.’s Annual Securities Report (the annual report filed in Japan on June 26, 2024) and Form 20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 26, 2024) for the year ended March 31, 2024, with the exception of matters described in (4) Changes in Accounting Policies.

– 5 –

(1) Consolidated Balance Sheets


	Millions of yen
	March 31, 2024			December 31, 2024			Increase/ (Decrease)
ASSETS
Cash and cash deposits:
Cash and cash equivalents		4,239,359			4,593,764			354,405
Time deposits		545,842			598,380			52,538
Deposits with stock exchanges and other segregated cash		369,770			382,370			12,600

Total cash and cash deposits		5,154,971			5,574,514			419,543

Loans and receivables:
Loans receivable		5,469,195			6,166,550			697,355
Receivables from customers		453,937			452,997			(940	)
Receivables from other than customers		928,632			1,110,411			181,779
Allowance for credit losses		(18,047	)		(17,358	)		689

Total loans and receivables		6,833,717			7,712,600			878,883

Collateralized agreements:
Securities purchased under agreements to resell		15,621,132			16,274,358			653,226
Securities borrowed		5,373,663			4,514,749			(858,914	)

Total collateralized agreements		20,994,795			20,789,107			(205,688	)

Trading assets and private equity and debt investments:
Trading assets*		19,539,742			23,629,649			4,089,907
Private equity and debt investments*		117,066			150,319			33,253

Total trading assets and private equity and debt investments		19,656,808			23,779,968			4,123,160

Other assets:
Office buildings, land, equipment and facilities (net of accumulated depreciation and amortization of ¥ 529,605 million as of March 31, 2024 and ¥ 562,015 million as of December 31, 2024)		448,785			469,488			20,703
Non-trading debt securities*		335,401			513,308			177,907
Investments in equity securities*		105,088			100,325			(4,763	)
Investments in and advances to affiliated companies*		462,017			489,838			27,821
Other		1,155,621			1,100,697			(54,924	)

Total other assets		2,506,912			2,673,656			166,744

Total assets		55,147,203			60,529,845			5,382,642

^*	Including securities pledged as collateral

– 6 –


			Millions of yen
			March 31, 2024			December 31, 2024			Increase/ (Decrease)
LIABILITIES AND EQUITY
Short-term borrowings				1,054,717			992,255			(62,462	)
Payables and deposits:
Payables to customers				1,310,825			1,439,125			128,300
Payables to other than customers				2,823,100			3,226,450			403,350
Deposits received at banks				2,356,202			3,145,182			788,980

Total payables and deposits				6,490,127			7,810,757			1,320,630

Collateralized financing:
Securities sold under agreements to repurchase				16,870,303			16,805,751			(64,552	)
Securities loaned				2,133,066			1,685,801			(447,265	)
Other secured borrowings				393,206			436,677			43,471

Total collateralized financing				19,396,575			18,928,229			(468,346	)

Trading liabilities				10,890,610			13,641,814			2,751,204
Other liabilities				1,414,546			1,501,691			87,145
Long-term borrowings				12,452,115			13,979,993			1,527,878

Total liabilities				51,698,690			56,854,739			5,156,049

Equity
NHI shareholders’ equity:
Common stock
Authorized	-	6,000,000,000 shares
Issued	-	3,163,562,601 shares as of March 31, 2024 and
		3,163,562,601 shares as of December 31, 2024
Outstanding	-	2,970,755,160 shares as of March 31, 2024 and
		2,955,711,756 shares as of December 31, 2024		594,493			594,493			—
Additional paid-in capital				708,785			694,693			(14,092	)
Retained earnings				1,705,725			1,895,951			190,226
Accumulated other comprehensive income (loss)				459,984			528,816			68,832

Total NHI shareholders’ equity before treasury stock				3,468,987			3,713,953			244,966
Common stock held in treasury, at cost -
192,807,441 shares as of March 31, 2024 and
207,850,845 shares as of December 31, 2024				(118,798	)		(144,023	)		(25,225	)

Total NHI shareholders’ equity				3,350,189			3,569,930			219,741

Noncontrolling interests				98,324			105,176			6,852

Total equity				3,448,513			3,675,106			226,593

Total liabilities and equity				55,147,203			60,529,845			5,382,642

– 7 –

(2) Consolidated Statements of Income


	Millions of yen				% Change
	For the nine months ended				(B-A)/(A)
	December 31, 2023(A)		December 31, 2024(B)		(B-A)/(A)
Revenue:
Commissions		257,410		306,743		19.2
Fees from investment banking		124,979		158,961		27.2
Asset management and portfolio service fees		225,969		281,390		24.5
Net gain on trading		357,245		421,718		18.0
Gain on private equity and debt investments		9,892		6,392		(35.4	)
Interest and dividends		1,894,409		2,296,967		21.2
Gain on investments in equity securities		4,219		498		(88.2	)
Other		112,417		184,720		64.3

Total revenue		2,986,540		3,657,389		22.5
Interest expense		1,869,642		2,217,639		18.6

Net revenue		1,116,898		1,439,750		28.9

Non-interest expenses:
Compensation and benefits		496,440		560,069		12.8
Commissions and floor brokerage		100,016		132,599		32.6
Information processing and communications		160,794		166,941		3.8
Occupancy and related depreciation		50,884		52,330		2.8
Business development expenses		17,697		19,360		9.4
Other		109,311		134,231		22.8

Total non-interest expenses		935,142		1,065,530		13.9

Income before income taxes		181,756		374,220		105.9
Income tax expense		68,151		100,939		48.1

Net income		113,605		273,281		140.6

Less: Net income attributable to noncontrolling interests		4,492		4,515		0.5

Net income attributable to NHI shareholders		109,113		268,766		146.3

Per share of common stock:

	Yen				% Change
Basic-
Net income attributable to NHI shareholders per share		36.08		90.95		152.1

Diluted-
Net income attributable to NHI shareholders per share		34.69		87.66		152.7

– 8 –

(3) Consolidated Statements of Comprehensive Income


	Millions of yen						% Change
	For the nine months ended						(B-A)/(A)
	December 31, 2023(A)			December 31, 2024(B)			(B-A)/(A)
Net income		113,605			273,281			140.6
Other comprehensive income (loss):
Cumulative translation adjustments:
Cumulative translation adjustments		99,369			64,223			(35.4	)
Deferred income taxes		(1,030	)		860			—

Total		98,339			65,083			(33.8	)

Defined benefit pension plans:
Pension liability adjustment		1,227			771			(37.2	)
Deferred income taxes		(337	)		(209	)		—

Total		890			562			(36.9	)

Non-trading debt securities:
Net unrealized loss on non-trading debt securities		—			(575	)		—
Deferred income taxes		—			178			—

Total		—			(397	)		—

Own credit adjustments:
Own credit adjustments		(57,880	)		8,894			—
Deferred income taxes		11,573			(3,632	)		—

Total		(46,307	)		5,262			—

Total other comprehensive income		52,922			70,510			33.2

Comprehensive income		166,527			343,791			106.4
Less: Comprehensive income attributable to noncontrolling interests		5,361			6,193			15.5

Comprehensive income attributable to NHI shareholders		161,166			337,598			109.5

– 9 –

(4) Changes in Accounting Policies

Fair value measurement of equity securities subject to contractual sale restrictions

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

Voluntary change in accounting policy

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

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

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

As part of this accounting policy change, existing loans for trading purposes and non-trading debt securities held by non-BD entities have been elected for the fair value option on April 1, 2024 and therefore continue to be measured at fair value through earnings. A similar election has been made for subsequent originations or purchases of loans held for trading purposes and a part of non-trading debt securities through to December 31, 2024. Such loans continue to be reported in Trading assets in the consolidated balance sheets with changes in fair value reported in Revenue – Net gain on trading in the consolidated statements of income. Similarly, non-trading debt securities held by non-BD entities elected for the fair value option continue to be reported in Non-trading debt securities in the consolidated balance sheets which changed in fair value reported in Revenue – Other in the consolidated statements of income.

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

– 10 –

(5) 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 nine months ended						(B-A)/(A)
	December 31, 2023 (A)			December 31, 2024 (B)			(B-A)/(A)
Net revenue

Business segment information:
Wealth Management		293,607			346,949			18.2
Investment Management		110,582			149,468			35.2
Wholesale		611,933			798,750			30.5

Subtotal		1,016,122			1,295,167			27.5
Other		115,328			145,958			26.6

Net revenue		1,131,450			1,441,125			27.4

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		(14,552	)		(1,375	)		—

Net revenue		1,116,898			1,439,750			28.9


Non-interest expenses

Business segment information:
Wealth Management		209,688			213,228			1.7
Investment Management		68,144			75,416			10.7
Wholesale		578,598			669,974			15.8

Subtotal		856,430			958,618			11.9
Other		78,712			106,912			35.8

Non-interest expenses		935,142			1,065,530			13.9

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

Non-interest expenses		935,142			1,065,530			13.9


Income (loss) before income taxes

Business segment information:
Wealth Management		83,919			133,721			59.3
Investment Management		42,438			74,052			74.5
Wholesale		33,335			128,776			286.3

Subtotal		159,692			336,549			110.7
Other*		36,616			39,046			6.6

Income (loss) before income taxes		196,308			375,595			91.3

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		(14,552	)		(1,375	)		—

Income (loss) before income taxes		181,756			374,220			105.9

*	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 nine months ended						(B-A)/(A)
	December 31, 2023 (A)			December 31, 2024 (B)			(B-A)/(A)
Net gain (loss) related to economic hedging transactions		2,064			(8,041	)		—
Realized gain (loss) on investments in equity securities held for operating purposes		19,979			1,141			(94.3	)
Equity in earnings of affiliates		31,561			41,551			31.7
Corporate items		(3,137	)		(767	)		—
Other		(13,851	)		5,162			—

Total		36,616			39,046			6.6

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

– 11 –

(6) Significant Changes in Equity

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


	Millions of yen
	For the nine months ended December 31, 2024
Common stock
Balance at beginning of year		594,493

Balance at end of period		594,493

Additional paid-in capital
Balance at beginning of year		708,785
Stock-based compensation awards		(14,112	)
Changes in ownership interests in subsidiaries		35
Changes in an affiliated company’s interests		(15	)

Balance at end of period		694,693

Retained earnings
Balance at beginning of year		1,705,725
Net income attributable to NHI shareholders		268,766
Cash dividends		(67,966	)
Loss on disposal of treasury stock		(10,574	)

Balance at end of period		1,895,951

Accumulated other comprehensive income (loss)
Cumulative translation adjustments
Balance at beginning of year		444,071
Net change during the period		63,405

Balance at end of period		507,476

Defined benefit pension plans
Balance at beginning of year		(19,512	)
Pension liability adjustment		562

Balance at end of period		(18,950	)

Non-trading debt securities
Balance at beginning of year		—
Net unrealized loss on non-trading debt securities		(397	)

Balance at end of period		(397	)

Own credit adjustments
Balance at beginning of year		35,425
Own credit adjustments		5,262

Balance at end of period		40,687

Balance at end of period		528,816

Common stock held in treasury
Balance at beginning of year		(118,798	)
Repurchases of common stock		(58,830	)
Sale of common stock		0
Common stock issued to employees		33,605

Balance at end of period		(144,023	)

Total NHI shareholders’ equity

Balance at end of period		3,569,930

Noncontrolling interests
Balance at beginning of year		98,324
Net change during the period		6,852

Balance at end of period		105,176

Total equity

Balance at end of period		3,675,106

– 12 –

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

Not applicable.

(8) Note with respect to Consolidated Statements of Cash Flows

The following table shows depreciation and amortization for the nine months ended December 31, 2023 and 2024.


	Millions of yen
	For the nine months ended
	December 31, 2023		December 31, 2024
Depreciation and amortization		45,410		46,498

(9) Significant Subsequent Events

Nomura Properties, Inc., a wholly owned subsidiary of Nomura Holdings, Inc., entered into a real estate sales contract after the end of this third quarter, to sell land and buildings located in Takanawa 2-chome, Minato-ku, Tokyo, which it owns. As a result, income before income taxes of approximately 56 billion yen is expected to be booked in NHI’s consolidated financial statements for the period that includes the delivery date of the property (the fourth quarter of the fiscal year ending March 31, 2025 or the first quarter of the fiscal year ending March 31, 2026).

– 13 –

3. Supplementary Information

(1) Consolidated Statements of Income – Quarterly Comparatives


	Millions of yen																% Change			Millions of yen
	For the three months ended																			For the year ended March 31, 2024
	June 30, 2023		September 30, 2023		December 31, 2023			March 31, 2024		June 30, 2024		September 30, 2024(A)			December 31, 2024(B)		(B-A)/(A)			For the year ended March 31, 2024
Revenue:
Commissions		82,770		88,922		85,718			106,685		102,750		101,363			102,630		1.2			364,095
Fees from investment banking		31,146		38,604		55,229			48,286		41,251		53,335			64,375		20.7			173,265
Asset management and portfolio service fees		71,807		76,666		77,496			84,185		90,333		93,848			97,209		3.6			310,154
Net gain on trading		115,563		116,613		125,069			134,366		131,994		147,711			142,013		(3.9	)		491,611
Gain on private equity and debt investments		6,887		1,123		1,882			1,985		3,153		1,598			1,641		2.7			11,877
Interest and dividends		549,651		658,458		686,300			726,447		788,550		762,958			745,459		(2.3	)		2,620,856
Gain (loss) on investments in equity securities		4,777		2,792		(3,350	)		5,393		1,442		(2,554	)		1,610		—			9,612
Other		30,752		29,522		52,143			63,407		58,412		83,307			43,001		(48.4	)		175,824

Total revenue		893,353		1,012,700		1,080,487			1,170,754		1,217,885		1,241,566			1,197,938		(3.5	)		4,157,294
Interest expense		544,440		644,940		680,262			725,652		763,443		758,239			695,957		(8.2	)		2,595,294

Net revenue		348,913		367,760		400,225			445,102		454,442		483,327			501,981		3.9			1,562,000

Non-interest expenses:
Compensation and benefits		158,673		167,138		170,629			177,083		184,510		184,671			190,888		3.4			673,523
Commissions and floor brokerage		31,365		34,336		34,315			37,312		43,629		45,325			43,645		(3.7	)		137,328
Information processing and communications		52,836		53,616		54,342			56,332		55,769		56,741			54,431		(4.1	)		217,126
Occupancy and related depreciation		16,601		17,477		16,806			17,814		17,635		16,810			17,885		6.4			68,698
Business development expenses		6,144		5,396		6,157			6,539		6,572		5,981			6,807		13.8			24,236
Other		36,984		33,062		39,265			57,928		43,396		40,789			50,046		22.7			167,239

Total non-interest expenses		302,603		311,025		321,514			353,008		351,511		350,317			363,702		3.8			1,288,150

Income before income taxes		46,310		56,735		78,711			92,094		102,931		133,010			138,279		4.0			273,850
Income tax expense		20,428		21,150		26,573			28,479		31,498		35,304			34,137		(3.3	)		96,630

Net income		25,882		35,585		52,138			63,615		71,433		97,706			104,142		6.6			177,220

Less: Net income (loss) attributable to noncontrolling interests		2,551		353		1,588			6,865		2,495		(681	)		2,701		—			11,357

Net income attributable to NHI shareholders		23,331		35,232		50,550			56,750		68,938		98,387			101,441		3.1			165,863


	Yen																% Change			Yen
Per share of common stock:
Basic-
Net income attributable to NHI shareholders per share		7.71		11.61		16.77			18.92		23.33		33.30			34.32		3.1			54.97

Diluted-
Net income attributable to NHI shareholders per share		7.40		11.21		16.10			18.02		22.36		32.26			33.08		2.5			52.69

– 14 –

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

Business segment information:
Wealth Management		92,050			98,932			102,625			108,754		113,963		116,704			116,282		(0.4	)		402,361
Investment Management		26,525			45,111			38,946			43,561		47,670		56,087			45,711		(18.5	)		154,143
Wholesale		190,850			204,087			216,996			254,214		244,846		263,381			290,523		10.3			866,147

Subtotal		309,425			348,130			358,567			406,529		406,479		436,172			452,516		3.7			1,422,651
Other		43,755			16,953			54,620			34,362		46,724		50,387			48,847		(3.1	)		149,690

Net revenue		353,180			365,083			413,187			440,891		453,203		486,559			501,363		3.0			1,572,341

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		(4,267	)		2,677			(12,962	)		4,211		1,239		(3,232	)		618		—			(10,341	)

Net revenue		348,913			367,760			400,225			445,102		454,442		483,327			501,981		3.9			1,562,000


Non-interest expenses

Business segment information:
Wealth Management		69,103			69,887			70,698			69,994		71,705		71,415			70,108		(1.8	)		279,682
Investment Management		22,898			21,896			23,350			25,801		24,491		24,152			26,773		10.9			93,945
Wholesale		188,749			195,823			194,026			233,638		223,725		218,087			228,162		4.6			812,236

Subtotal		280,750			287,606			288,074			329,433		319,921		313,654			325,043		3.6			1,185,863
Other		21,853			23,419			33,440			23,575		31,590		36,663			38,659		5.4			102,287

Non-interest expenses		302,603			311,025			321,514			353,008		351,511		350,317			363,702		3.8			1,288,150

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

Non-interest expenses		302,603			311,025			321,514			353,008		351,511		350,317			363,702		3.8			1,288,150


Income (loss) before income taxes

Business segment information:
Wealth Management		22,947			29,045			31,927			38,760		42,258		45,289			46,174		2.0			122,679
Investment Management		3,627			23,215			15,596			17,760		23,179		31,935			18,938		(40.7	)		60,198
Wholesale		2,101			8,264			22,970			20,576		21,121		45,294			62,361		37.7			53,911

Subtotal		28,675			60,524			70,493			77,096		86,558		122,518			127,473		4.0			236,788
Other*		21,902			(6,466	)		21,180			10,787		15,134		13,724			10,188		(25.8	)		47,403

Income (loss) before income taxes		50,577			54,058			91,673			87,883		101,692		136,242			137,661		1.0			284,191

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		(4,267	)		2,677			(12,962	)		4,211		1,239		(3,232	)		618		—			(10,341	)

Income (loss) before income taxes		46,310			56,735			78,711			92,094		102,931		133,010			138,279		4.0			273,850

*	Major components

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

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


	Millions of yen																					% Change			Millions of yen
	For the three months ended																								For the year ended March 31, 2024
	June 30, 2023			September 30, 2023			December 31, 2023			March 31, 2024			June 30, 2024			September 30, 2024(A)			December 31, 2024(B)			(B-A)/(A)			For the year ended March 31, 2024
Net gain (loss) related to economic hedging transactions		3,394			(8,905	)		7,575			(43	)		(2,853	)		1,826			(7,014	)		—			2,021
Realized gain (loss) on investments in equity securities held for operating purposes		8,191			26			11,762			1,048			—			496			645			30.0			21,027
Equity in earnings of affiliates		13,718			9,013			8,830			14,859			14,800			11,551			15,200			31.6			46,420
Corporate items		1,942			1,380			(6,459	)		(8,860	)		5,519			(5,332	)		(954	)		—			(11,997	)
Other		(5,343	)		(7,980	)		(528	)		3,783			(2,332	)		5,183			2,311			(55.4	)		(10,068	)

Total		21,902			(6,466	)		21,180			10,787			15,134			13,724			10,188			(25.8	)		47,403

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

– 15 –

(3)

Other

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

https://www.nomuraholdings.com/company/group/nsc/pdf/2025_3q.pdf

– 16 –

[Translation]

Independent Auditor’s Interim Review Report

February 12, 2025

The Board of Directors

Nomura Holdings, Inc.


		Ernst & Young ShinNihon LLC
		Tokyo office, Japan

		Toyohiro Fukata
		Certified Public Accountant
		Designated and Engagement Partner

		Shinichi Hayashi
		Certified Public Accountant
		Designated and Engagement Partner

		Mitsuhiro Nagao
		Certified Public Accountant
		Designated and Engagement Partner

		Toshiro Kuwata
		Certified Public Accountant
		Designated and Engagement Partner

Auditor’s Conclusion

We have reviewed the accompanying quarterly consolidated financial statements of Nomura Holdings, Inc. and its subsidiaries (the Group), which comprise the consolidated balance sheets, consolidated statements of income, consolidated statements of comprehensive income for the nine-month period ended December 31, 2024, and notes to the quarterly consolidated financial statements.

Based on our review, nothing has come to our attention that causes us to believe that the accompanying quarterly consolidated financial statements are not prepared, in all material respects, in accordance with Article 5, Paragraph 4 of the Tokyo Stock Exchange, Inc’s and the Nagoya Stock Exchange, Inc’s Standards for the Preparation of Quarterly Financial Statements (the Standards), applying the provisions for reduced disclosures as set forth in Article 5, Paragraph 5 of the Standards, as disclosed in the quarterly consolidated financial statements.

Basis for Auditor’s Conclusion

We conducted our review in accordance with review standards for interim financial statements generally accepted in Japan. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Review of the Quarterly Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our review of the quarterly consolidated financial statements in Japan, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the evidence we have obtained provides a basis for our conclusion.

Responsibilities of Management and the Audit Committee for the Quarterly Consolidated Financial Statements

Management is responsible for the preparation of the quarterly consolidated financial statements in accordance with Article 5, Paragraph 4 of the Standards, applying the provisions for reduced disclosures as set forth in Article 5, Paragraph 5 of the Standards and for the internal controls as management determines are necessary to enable the preparation of quarterly consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the quarterly consolidated financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, including the disclosures related to matters of going concern, as required by Article 5, Paragraph 4 of the Standards, applying the provisions for reduced disclosures as set forth in Article 5, Paragraph 5 of the Standards.

The Audit Committee is responsible for overseeing the Group’s financial reporting process.

Auditor’s Responsibilities for the Review of the Quarterly Consolidated Financial Statements

Our responsibility is to independently express a conclusion on the quarterly consolidated financial statements in the interim review report based on our review. As part of a review in accordance with review standards for interim financial statements generally accepted in Japan, we exercise professional judgment and maintain professional skepticism throughout the review. We also:

•

Make inquiries, primarily of management and persons responsible for financial and accounting matters and apply analytical and other interim review procedures. A review is substantially less in scope than an audit conducted in accordance with auditing standards generally accepted in Japan.

– 17 –

•

Conclude based on the evidence obtained whether anything has come to our attention that causes us to believe that the quarterly consolidated financial statements are not prepared in accordance with Article 5, Paragraph 4 of the Standards, applying the provisions for reduced disclosures as set forth in Article 5, Paragraph 5 of the Standards, should we determine that a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. Additionally, if we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s interim review report to the related disclosures in the quarterly consolidated financial statements or, if such disclosures are inadequate, to modify our conclusion. Our conclusions are based on the evidence obtained up to the date of our auditor’s interim review report. However, future events or conditions may cause the Group to cease to continue as a going concern.

•

Evaluate whether anything has come to our attention that causes us to believe that the overall presentation and disclosure of the quarterly consolidated financial statements are not prepared in accordance with Article 5, Paragraph 4 of the Standards, applying the provisions for reduced disclosures as set forth in Article 5, Paragraph 5 of the Standards.

•

Obtain evidence regarding the financial information of the Group as a basis for expressing a conclusion on the quarterly consolidated financial statements. We are responsible for the direction, supervision and review of the documentation of the interim review. We remain solely responsible for our conclusion.

We communicate with the Audit Committee regarding the planned scope and timing of the review and significant review findings.

We also provide the Audit Committee with a statement that we have complied with the ethical requirements regarding independence that are relevant to our review of the quarterly consolidated financial statements in Japan, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied to reduce threats to an acceptable level.

Interest Required to Be Disclosed by the Certified Public Accountants Act of Japan

Our firm and its designated engagement partners do not have any interest in the Group which is required to be disclosed pursuant to the provisions of the Certified Public Accountants Act of Japan.

*1.	The Company maintains the original of the Independent Auditor’s Interim Review Report above.

*2.	XBRL data and HTML data are not included in the scope of the interim review.

(Note)

The original Independent Auditor’s Interim Review Report related to the quarterly consolidated financial statements is in Japanese. This English translation is prepared only for readers’ convenience. Ernst & Young ShinNihon LLC have not applied any such procedures, nor have they performed an audit on the English language version of the quarterly consolidated financial statements for the above-mentioned period.

– 18 –

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