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 August 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 – Three months ended June 30, 2025.

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: August 7, 2025		By:		/s/ Yoshifumi Kishida
				Yoshifumi Kishida
				Senior Managing Director

August 7, 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:		Akihiro Koseki
				Managing Director, Head of Investor Relations
				Tel: (Country Code 81) 3-5255-1000

Financial Summary–Three months ended June 30, 2025

(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 three months ended June 30, 2025, conducted by certified public accountants or an audit firm under US GAAP, which were disclosed on July 29, 2025, has been completed. Furthermore, there have been no changes to the quarterly consolidated financial statements announced on July 29, 2025.

Financial Summary For the Three Months Ended June 30, 2025 (U.S. GAAP)

 

Date:		August 7, 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:		Akihiro Koseki 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 three months ended June 30
		2024								2025
						% Change from June 30, 2023								% Change from June 30, 2024
Total revenue			1,217,885				36.3	%			1,156,588				(5.0	%)
Net revenue			454,442				30.2	%			523,315				15.2	%
Income before income taxes			102,931				122.3	%			160,282				55.7	%
Net income attributable to Nomura Holdings, Inc. (“NHI”) shareholders			68,938				195.5	%			104,565				51.7	%
Comprehensive income			189,295				49.9	%			61,629				(67.4	%)
Basic-Net income attributable to NHI shareholders per share (Yen)			23.33								35.19
Diluted-Net income attributable to NHI shareholders per share (Yen)			22.36								34.04
Return on shareholders’ equity - annualized			8.1	%							12.0	%

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 June 30
		2025				2025
Total assets			56,802,170				58,101,087
Total equity			3,580,999				3,588,951
Total NHI shareholders’ equity			3,470,879				3,476,014
Total NHI shareholders’ equity as a percentage of total assets			6.1	%			6.0	%
Total NHI shareholders’ equity per share (Yen)			1,174.10				1,177.31

2. Cash Dividends

 

										(Yen amounts)
		For the year ended March 31
		2025				2026				2026 (Plan)
Dividends per share
Dividends record dates
At June 30			—				—				—
At September 30			23.00				—				Unconfirmed
At December 31			—				—				—
At March 31			34.00				—				Unconfirmed
For the year			57.00				—				Unconfirmed

Note: Fiscal year 2026 Q2 and Q4 dividends are not presented per reasons stated in “3. Earnings forecasts for the year ending March 31, 2026”.

3. Earnings Forecasts for the year ending March 31, 2026

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) : None

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 June 30
		2025				2025
Number of shares outstanding (including treasury stock)			3,163,562,601				3,163,562,601
Number of treasury stock			207,351,636				211,064,772
		For the three months ended June 30
		2024				2025
Average number of shares outstanding (year-to-date)			2,954,604,002				2,971,653,091

*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. 10
(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
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 three months ended								(B-A)/(A)
		June 30, 2024 (A)				June 30, 2025 (B)
Net revenue			454.4				523.3				15.2
Non-interest expenses			351.5				363.0				3.3
Income (loss) before income taxes			102.9				160.3				55.7
Income tax expense			31.5				52.8				67.7
Net income (loss)			71.4				107.5				50.5
Less: Net income (loss) attributable to noncontrolling interests			2.5				2.9				16.6
Net income (loss) attributable to NHI shareholders			68.9				104.6				51.7
Return on shareholders’ equity - annualized			8.1	%			12.0	%			—

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 523.3 billion yen for the three months ended June 30, 2025, an increase of 15.2% from the same period in the prior year. Non-interest expenses increased by 3.3% from the same period in the prior year to 363.0 billion yen. Income before income taxes was 160.3 billion yen and net income attributable to NHI shareholders was 104.6 billion yen for the three months ended June 30, 2025.

 Segment Information

 

		Billions of yen								% Change
		For the three months ended								(B-A)/(A)
		June 30, 2024 (A)				June 30, 2025 (B)
Net revenue			453.2				523.4				15.5
Non-interest expenses			351.5				363.0				3.3
Income (loss) before income taxes			101.7				160.4				57.7

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 three months ended June 30, 2025 was 523.4 billion yen, an increase of 15.5% from the same period in the prior year. Non-interest expenses increased by 3.3% from the same period in the prior year to 363.0 billion yen. Income before income taxes increased by 57.7% to 160.4 billion yen for the three months ended June 30, 2025. Please refer to page 10 for further details of the differences between U.S. GAAP and business segment amounts.

 

– 2 –

<Business Segment Results>

On April 1, 2025, the Banking Division was newly established. As a result, the prior period amounts have been reclassified to conform to the current year presentation.

 Operating Results of Wealth Management

 

		Billions of yen								% Change
		For the three months ended								(B-A)/(A)
		June 30, 2024 (A)				June 30, 2025 (B)
Net revenue			109.7				105.8				(3.6	)
Non-interest expenses			68.5				67.0				(2.2	)
Income (loss) before income taxes			41.2				38.8				(5.9	)

Net revenue decreased by 3.6% from the same period in the prior year to 105.8 billion yen. Non-interest expenses decreased by 2.2% to 67.0 billion yen. As a result, income before income taxes decreased by 5.9% to 38.8 billion yen.

 Operating Results of Investment Management

 

		Billions of yen								% Change
		For the three months ended								(B-A)/(A)
		June 30, 2024 (A)				June 30, 2025 (B)
Net revenue			47.7				50.6				6.1
Non-interest expenses			24.5				29.0				18.6
Income (loss) before income taxes			23.2				21.5				(7.1	)

Net revenue increased by 6.1% from the same period in the prior year to 50.6 billion yen. Non-interest expenses increased by 18.6% to 29.0 billion yen. As a result, income before income taxes decreased by 7.1% to 21.5 billion yen. Assets under management were 94.3 trillion yen as of June 30, 2025.

 Operating Results of Wholesale

 

		Billions of yen								% Change
		For the three months ended								(B-A)/(A)
		June 30, 2024 (A)				June 30, 2025 (B)
Net revenue			244.8				261.1				6.6
Non-interest expenses			223.7				219.2				(2.0	)
Income (loss) before income taxes			21.1				41.9				98.4

Net revenue increased by 6.6% from the same period in the prior year to 261.1 billion yen. Non-interest expenses decreased by 2.0% to 219.2 billion yen. As a result, income before income taxes increased by 98.4% to 41.9 billion yen.

 

– 3 –

 Operating Results of Banking

 

		Billions of yen								% Change
		For the three months ended								(B-A)/(A)
		June 30, 2024 (A)				June 30, 2025 (B)
Net revenue			11.2				12.8				14.4
Non-interest expenses			7.2				9.2				28.2
Income (loss) before income taxes			4.0				3.6				(10.4	)

Net revenue increased by 14.4% from the same period in the prior year to 12.8 billion yen. Non-interest expenses increased by 28.2% to 9.2 billion yen. As a result, income before income taxes decreased by 10.4% to 3.6 billion yen.

 Other Operating Results

 

		Billions of yen								% Change
		For the three months ended								(B-A)/(A)
		June 30, 2024 (A)				June 30, 2025 (B)
Net revenue			39.7				93.2				134.4
Non-interest expenses			27.6				38.6				39.8
Income (loss) before income taxes			12.2				54.6				349.1

Net revenue was 93.2 billion yen, primarily due to profits related to the sale of land and buildings located in Takanawa 2-chome, Minato-ku, Tokyo, recorded in April 2025. Income before income taxes was 54.6 billion yen.

 

(2)	Consolidated Financial Position

Total assets as of June 30, 2025 were 58,101.1 billion yen, an increase of 1,298.9 billion yen compared to March 31, 2025, mainly due to the increase in Trading assets. Total liabilities as of June 30, 2025 were 54,512.1 billion yen, an increase of 1,291.0 billion yen compared to March 31, 2025, mainly due to the increase in Trading liabilities. Total equity as of June 30, 2025 was 3,589.0 billion yen, an increase of 8.0 billion yen compared to March 31, 2025.

 

(3)	Consolidated Earnings Forecasts

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 dividend 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 23, 2025) and Form 20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 23, 2025) for the year ended March 31, 2025, with the exception of matters described in (4) Changes in Accounting Policies.

 

– 5 –

(1) Consolidated Balance Sheets

 

		Millions of yen
		March 31, 2025				June 30, 2025				Increase/ (Decrease)
ASSETS
Cash and cash deposits:
Cash and cash equivalents			4,424,462				4,983,234				558,772
Time deposits			642,388				569,880				(72,508	)
Deposits with stock exchanges and other segregated cash			447,846				494,678				46,832
Total cash and cash deposits			5,514,696				6,047,792				533,096
Loans and receivables:
Loans receivable			6,025,008				6,146,160				121,152
Receivables from customers			410,722				379,901				(30,821	)
Receivables from other than customers			1,030,023				976,170				(53,853	)
Allowance for credit losses			(16,920	)			(16,702	)			218
Total loans and receivables			7,448,833				7,485,529				36,696
Collateralized agreements:
Securities purchased under agreements to resell			14,004,757				12,964,351				(1,040,406	)
Securities borrowed			4,658,828				4,346,746				(312,082	)
Total collateralized agreements			18,663,585				17,311,097				(1,352,488	)
Trading assets and private equity and debt investments:
Trading assets*			22,372,339				24,233,906				1,861,567
Private equity and debt investments*			151,710				153,785				2,075
Total trading assets and private equity and debt investments			22,524,049				24,387,691				1,863,642
Other assets:
Office buildings, land, equipment and facilities (net of accumulated depreciation and amortization of ¥ 546,117 million as of March 31, 2025 and ¥ 534,830 million as of June 30, 2025)			436,454				414,971				(21,483	)
Non-trading debt securities*			485,290				558,924				73,634
Investments in equity securities*			98,401				96,963				(1,438	)
Investments in and advances to affiliated companies*			506,389				508,806				2,417
Other			1,124,473				1,289,314				164,841
Total other assets			2,651,007				2,868,978				217,971
Total assets			56,802,170				58,101,087				1,298,917

*	Including securities pledged as collateral

 

– 6 –

						Millions of yen
						March 31, 2025				June 30, 2025				Increase/ (Decrease)
LIABILITIES AND EQUITY
Short-term borrowings							1,117,292				1,322,134				204,842
Payables and deposits:
Payables to customers							1,377,222				1,545,461				168,239
Payables to other than customers							2,766,112				2,501,203				(264,909	)
Deposits received at banks							3,105,581				3,085,645				(19,936	)
Total payables and deposits							7,248,915				7,132,309				(116,606	)
Collateralized financing:
Securities sold under agreements to repurchase							16,287,758				15,378,015				(909,743	)
Securities loaned							1,964,682				1,679,632				(285,050	)
Other secured borrowings							393,420				341,410				(52,010	)
Total collateralized financing							18,645,860				17,399,057				(1,246,803	)
Trading liabilities							11,378,828				13,281,663				1,902,835
Other liabilities							1,456,598				1,448,150				(8,448	)
Long-term borrowings							13,373,678				13,928,823				555,145
Total liabilities							53,221,171				54,512,136				1,290,965
Equity
NHI shareholders’ equity:
Common stock
Authorized		-		6,000,000,000 shares
Issued		-		3,163,562,601 shares as of March 31, 2025 and
				3,163,562,601 shares as of June 30, 2025
Outstanding		-		2,956,210,965 shares as of March 31, 2025 and
				2,952,497,829 shares as of June 30, 2025			594,493				594,493				—
Additional paid-in capital							704,877				670,541				(34,336	)
Retained earnings							1,867,379				1,963,109				95,730
Accumulated other comprehensive income (loss)							447,808				401,525				(46,283	)
Total NHI shareholders’ equity before treasury stock							3,614,557				3,629,668				15,111
Common stock held in treasury, at cost -
207,351,636 shares as of March 31, 2025 and
211,064,772 shares as of June 30, 2025							(143,678	)			(153,654	)			(9,976	)
Total NHI shareholders’ equity							3,470,879				3,476,014				5,135
Noncontrolling interests							110,120				112,937				2,817
Total equity							3,580,999				3,588,951				7,952
Total liabilities and equity							56,802,170				58,101,087				1,298,917

 

– 7 –

(2) Consolidated Statements of Income

 

		Millions of yen								% Change
		For the three months ended								(B-A)/(A)
		June 30, 2024(A)				June 30, 2025(B)
Revenue:
Commissions			102,750				100,606				(2.1	)
Fees from investment banking			41,251				38,357				(7.0	)
Asset management and portfolio service fees			90,333				92,855				2.8
Net gain on trading			131,994				142,239				7.8
Gain on private equity and debt investments			3,153				6,330				100.8
Interest and dividends			788,550				649,561				(17.6	)
Gain (loss) on investments in equity securities			1,442				(377	)			—
Other			58,412				127,017				117.5
Total revenue			1,217,885				1,156,588				(5.0	)
Interest expense			763,443				633,273				(17.1	)
Net revenue			454,442				523,315				15.2
Non-interest expenses:
Compensation and benefits			184,510				186,310				1.0
Commissions and floor brokerage			43,629				44,778				2.6
Information processing and communications			55,769				57,164				2.5
Occupancy and related depreciation			17,635				15,965				(9.5	)
Business development expenses			6,572				6,992				6.4
Other			43,396				51,824				19.4
Total non-interest expenses			351,511				363,033				3.3
Income before income taxes			102,931				160,282				55.7
Income tax expense			31,498				52,808				67.7
Net income			71,433				107,474				50.5
Less: Net income attributable to noncontrolling interests			2,495				2,909				16.6
Net income attributable to NHI shareholders			68,938				104,565				51.7
Per share of common stock:
		Yen								% Change
Basic-
Net income attributable to NHI shareholders per share			23.33				35.19				50.8
Diluted-
Net income attributable to NHI shareholders per share			22.36				34.04				52.2

 

– 8 –

(3) Consolidated Statements of Comprehensive Income

 

		Millions of yen								% Change
		For the three months ended								(B-A)/(A)
		June 30, 2024(A)				June 30, 2025(B)
Net income			71,433				107,474				50.5
Other comprehensive income (loss):
Cumulative translation adjustments:
Cumulative translation adjustments			113,443				(40,858	)			—
Deferred income taxes			(1,608	)			1,258				—
Total			111,835				(39,600	)			—
Defined benefit pension plans:
Pension liability adjustment			(1,797	)			(4,197	)			—
Deferred income taxes			578				(3	)			—
Total			(1,219	)			(4,200	)			—
Non-trading debt securities:
Net unrealized gain (loss) on non-trading debt securities			(103	)			565				—
Deferred income taxes			32				(178	)			—
Total			(71	)			387				—
Own credit adjustments:
Own credit adjustments			9,856				(3,880	)			—
Deferred income taxes			(2,539	)			1,448				—
Total			7,317				(2,432	)			—
Total other comprehensive income (loss)			117,862				(45,845	)			—
Comprehensive income			189,295				61,629				(67.4	)
Less: Comprehensive income attributable to noncontrolling interests			3,983				3,347				(16.0	)
Comprehensive income attributable to NHI shareholders			185,312				58,282				(68.5	)

 

– 9 –

(4) Changes in Accounting Policies

Intangibles—Goodwill and Other—Crypto Asset: Accounting for and Disclosure of Crypto Assets

In December 2023, the Financial Accounting Standards Board issued Accounting Standards Updates (“ASU”) No. 2023-08 “Intangibles—Goodwill and Other—Crypto Asset: Accounting for and Disclosure of Crypto Assets” which requires all in-scope crypto assets be subsequently measured at fair value at each reporting period through earnings. The ASU requires presentation of in-scope crypto assets separately from other intangible assets in the balance sheet and any changes from the remeasurement of in-scope crypto assets separately from changes in the carrying amounts of other intangible assets in the income statement. The ASU also introduces new disclosure requirements for in-scope crypto assets applicable to all entities. Nomura has applied this new accounting policy based on a modified retrospective approach from April 1, 2025. These accounting changes have not had a material impact on Nomura’s consolidated financial statements.

(5) Segment Information – Operating Segment

Nomura’s Chief Operating Decision Maker is the Executive Management Board (the “EMB”) which is the management function primarily responsible for assessing performance of and allocating resources to the business segments. The EMB reviews business segment results including Net revenue, Non-interest expenses, and Income before income taxes on a regular basis. The EMB uses these measures along with certain segment-specific Key Performance Indicators (KPIs) and budgets to evaluate segment performance and to make key operating decisions, including resource and capital allocations. Business segments’ information on total assets is not disclosed as EMB does not consider such information for its operating decisions and therefore, it is not reported.

 

– 10 –

The following table shows 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, 2024 (A)				June 30, 2025 (B)
Net revenue
Business segment information:
Wealth Management			109,716				105,796				(3.6	)
Investment Management			47,670				50,574				6.1
Wholesale			244,846				261,072				6.6
Banking			11,232				12,845				14.4
Subtotal			413,464				430,287				4.1
Other			39,739				93,160				134.4
Net revenue			453,203				523,447				15.5
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes			1,239				(132	)			—
Net revenue			454,442				523,315				15.2
Non-interest expenses (*1)
Business segment information:
Wealth Management			68,517				67,041				(2.2	)
Investment Management			24,491				29,047				18.6
Wholesale			223,725				219,164				(2.0	)
Banking			7,200				9,231				28.2
Subtotal			323,933				324,483				0.2
Other			27,578				38,550				39.8
Non-interest expenses			351,511				363,033				3.3
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes			—				—				—
Non-interest expenses			351,511				363,033				3.3
Income (loss) before income taxes
Business segment information:
Wealth Management			41,199				38,755				(5.9	)
Investment Management			23,179				21,527				(7.1)
Wholesale			21,121				41,908				98.4
Banking			4,032				3,614				(10.4	)
Subtotal			89,531				105,804				18.2
Other (*2)			12,161				54,610				349.1
Income (loss) before income taxes			101,692				160,414				57.7
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held  for operating purposes			1,239				(132	)			—
Income (loss) before income taxes			102,931				160,282				55.7

(*1)	Includes primarily personnel expenses, occupancy, technology, and professional fees.

(*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 three months ended								(B-A)/(A)
		June 30, 2024 (A)				June 30, 2025 (B)
Net gain (loss) related to economic hedging transactions			(2,853	)			1,067				—
Realized gain (loss) on investments in equity securities held for operating purposes			—				5				—
Equity in earnings of affiliates			14,800				12,321				(16.8)
Corporate items			5,519				(11,637	)			—
Other			(5,305	)			52,854				—
Total			12,161				54,610				349.1

Note) Prior period amounts have been reclassified to conform to the current year presentation.

 

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(6) Significant Changes in Equity

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

 

		Millions of yen
		For the three months ended June 30, 2025
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			704,877
Stock-based compensation awards			(34,321	)
Changes in an affiliated company’s interests			(15	)
Balance at end of period			670,541
Retained earnings
Balance at beginning of year			1,867,379
Net income attributable to NHI shareholders			104,565
Loss on disposal of treasury stock			(8,835	)
Balance at end of period			1,963,109
Accumulated other comprehensive income (loss)
Cumulative translation adjustments
Balance at beginning of year			407,977
Net change during the period			(40,038	)
Balance at end of period			367,939
Defined benefit pension plans
Balance at beginning of year			(7,105	)
Pension liability adjustment			(4,200	)
Balance at end of period			(11,305	)
Non-trading debt securities
Balance at beginning of year			(1,147	)
Net unrealized gain on non-trading debt securities			387
Balance at end of period			(760	)
Own credit adjustments
Balance at beginning of year			48,083
Own credit adjustments			(2,432	)
Balance at end of period			45,651
Balance at end of period			401,525
Common stock held in treasury
Balance at beginning of year			(143,678	)
Repurchases of common stock			(41,935	)
Sale of common stock			0
Common stock issued to employees			31,959
Balance at end of period			(153,654	)
Total NHI shareholders’ equity
Balance at end of period			3,476,014
Noncontrolling interests
Balance at beginning of year			110,120
Net change during the period			2,817
Balance at end of period			112,937
Total equity
Balance at end of period			3,588,951

 

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(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 three months ended June 30, 2024 and 2025.

 

		Millions of yen
		For the three months ended
		June 30, 2024				June 30, 2025
Depreciation and amortization			16,112				15,407

 

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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, 2025
		June 30, 2024				September 30, 2024				December 31, 2024				March 31, 2025(A)				June 30, 2025(B)				(B-A)/(A)
Revenue:
Commissions			102,750				101,363				102,630				100,268				100,606				0.3				407,011
Fees from investment banking			41,251				53,335				64,375				53,273				38,357				(28.0	)			212,234
Asset management and portfolio service fees			90,333				93,848				97,209				96,806				92,855				(4.1	)			378,196
Net gain on trading			131,994				147,711				142,013				158,381				142,239				(10.2	)			580,099
Gain on private equity and debt investments			3,153				1,598				1,641				1,242				6,330				409.7				7,634
Interest and dividends			788,550				762,958				745,459				630,894				649,561				3.0				2,927,861
Gain (loss) on investments in equity securities			1,442				(2,554	)			1,610				(54	)			(377	)			—				444
Other			58,412				83,307				43,001				38,544				127,017				229.5				223,264
Total revenue			1,217,885				1,241,566				1,197,938				1,079,354				1,156,588				7.2				4,736,743
Interest expense			763,443				758,239				695,957				626,619				633,273				1.1				2,844,258
Net revenue			454,442				483,327				501,981				452,735				523,315				15.6				1,892,485
Non-interest expenses:
Compensation and benefits			184,510				184,671				190,888				172,321				186,310				8.1				732,390
Commissions and floor brokerage			43,629				45,325				43,645				44,853				44,778				(0.2	)			177,452
Information processing and communications			55,769				56,741				54,431				60,077				57,164				(4.8	)			227,018
Occupancy and related depreciation			17,635				16,810				17,885				17,836				15,965				(10.5	)			70,166
Business development expenses			6,572				5,981				6,807				7,695				6,992				(9.1	)			27,055
Other			43,396				40,789				50,046				52,209				51,824				(0.7	)			186,440
Total non-interest expenses			351,511				350,317				363,702				354,991				363,033				2.3				1,420,521
Income before income taxes			102,931				133,010				138,279				97,744				160,282				64.0				471,964
Income tax expense			31,498				35,304				34,137				23,770				52,808				122.2				124,709
Net income			71,433				97,706				104,142				73,974				107,474				45.3				347,255
Less: Net income (loss) attributable to noncontrolling interests			2,495				(681	)			2,701				2,004				2,909				45.2				6,519
Net income attributable to NHI shareholders			68,938				98,387				101,441				71,970				104,565				45.3				340,736
		Yen																				% Change				Yen
Per share of common stock:
Basic-
Net income attributable to NHI shareholders per share			23.33				33.30				34.32				24.35				35.19				44.5				115.30
Diluted-
Net income attributable to NHI shareholders per share			22.36				32.26				33.08				23.39				34.04				45.5				111.03

 

– 14 –