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- **Record ROE and Buyback**: ROE of 10.3% and JPY 60 billion buyback program to enhance capital efficiency.
- **Wealth Management Strength**: 14% QoQ revenue growth, 44% margin, and JPY 28.1 trillion AUM driven by recurring revenue.
- **Wholesale Dominance**: Global Markets revenue up 9%, Investment Banking at 7-year high, with 7.8% risk-weighted asset efficiency.
- **Laser Digital Risk**: Q3 loss of JPY 10.6 billion highlights crypto volatility, but long-term growth strategy continues.
- **Macquarie Integration**: JPY 11 billion one-time costs offset by deferred tax benefits; AUM expanded to JPY 134.7 trillion.

**【CFO Overview】**
- Group-wide net revenue reached JPY 551.8 billion (7% QoQ growth), with pretax income at JPY 142.9 billion (8% YoY growth), the highest in 18.5 years.
- Return on equity (ROE) was 10.3%, exceeding the 2030 target range of 8-10% for the 7th consecutive quarter.
- Share buyback program announced: JPY 60 billion (100 million shares) from Feb 17 to Sep 30, 2026, to enhance capital efficiency.

**【Wealth Management】**
- Net revenue: JPY 132.5 billion (14% QoQ growth), pretax income: JPY 58.5 billion (29% QoQ growth).
- Recurring revenue assets hit JPY 28.1 trillion (record high), with net inflows of JPY 503.9 billion.
- Margin on pretax income: 44%, driven by cost control and AI-driven efficiency.

**【Investment Management】**
- Net revenue: JPY 60.9 billion (flat QoQ), pretax income: JPY 17.9 billion (-42% QoQ) due to Macquarie acquisition costs.
- Assets under management (AUM): JPY 134.7 trillion (record high), with JPY 115 billion net inflows.
- One-time expenses: JPY 11 billion, offset by deferred tax asset reversal.

**【Wholesale】**
- Global Markets net revenue: JPY 256.8 billion (9% QoQ growth), driven by Equities (JPY 119.9 billion, new high).
- Investment Banking net revenue: JPY 57.1 billion (31% QoQ growth), highest since FY2017.
- Risk-weighted asset efficiency: 7.8%, up from 6.9% YoY.

**【Banking】**
- Net revenue: JPY 13.7 billion (7% QoQ growth), pretax income: JPY 4.2 billion (31% QoQ growth).
- Preparations for deposit sweep service in FY2027 underway.

**【Expenses】**
- Group-wide expenses: JPY 416.5 billion (10% QoQ growth), driven by FX impact (JPY 9 billion) and one-time costs (JPY 13 billion).
- Tight cost control to maintain profitability.

**【Q&A Highlights】**
- **Laser Digital**: Q3 loss of JPY 10.6 billion due to crypto market volatility; position size reduced to control short-term volatility, long-term growth strategy maintained.
- **Buyback Timing**: Announced in Q3 to meet investor expectations post-Macquarie acquisition; FY2025 total return ratio to be assessed post-Q4 results.
- **Wealth Management Margin**: 44% sustained by structural shift from savings to investment; AI investments to further enhance efficiency.


Nomura Holdings, Inc. (NMR) Q3 2026 Earnings Call Transcript

- **Record Q1 Performance**: Group net revenue up 16% QoQ to JPY523.3 billion, net income JPY104.6 billion (+45% QoQ), ROE 12% (highest since FY2020). 
- **Wealth Management Strength**: 13th straight quarter of recurring asset inflows (JPY278.9 billion), cost coverage ratio 69%, July 2025 revenue recovery underway.
- **Investment Management Growth**: AUM hits JPY94.3 trillion, private equity gains JPY9.9 billion QoQ. ETF outflows JPY670 billion offset by bond inflows.
- **Wholesale Resilience**: Global markets revenue up 8% QoQ, equity derivatives drive 40% revenue contribution. Investment banking at highest Q1 level since FY2016/17.
- **CET1 Ratio Management**: 13.2% (down 1.3pp QoQ) due to Macquarie acquisition. Target range 11%-14%.
- **Phishing Scam Impact**: JPY6.6 billion costs fully booked, compensation focused on position restoration, not monetary.

**【CFO Opening Remarks】**
- Q1 2026 Group net revenue: JPY523.3 billion (+16% QoQ), driven by growth across all four divisions (wealth management, investment management, wholesale, and new banking division). Net income: JPY104.6 billion (+45% QoQ). EPS: JPY34.04, annualized ROE: 12%.
- One-time gain from fixed asset sale: JPY56 billion boost to income before taxes.

**【Wealth Management Performance】**
- Net revenue: JPY105.8 billion (+6% QoQ). Income before taxes: JPY38.8 billion (+8% QoQ). 
- Recurring revenue assets: 13th consecutive quarter of net inflows (JPY278.9 billion). Cost coverage ratio: 69%.
- Stock market volatility boosted secondary transactions (+16% QoQ). July 2025 trends show improving client sentiment and recurring revenue recovery.

**【Investment Management Highlights】**
- Net revenue: JPY50.6 billion (+18% QoQ). Income before taxes: JPY21.5 billion (+39% QoQ). 
- Assets under management: JPY94.3 trillion (record high). Private equity gains: JPY9.9 billion QoQ improvement.
- ETF outflows: JPY670 billion (due to profit-taking), offset by inflows into yen bonds and international high-yield bonds.

**【Wholesale Division】**
- Net revenue: JPY261.1 billion (+1% QoQ). Global markets: JPY223.1 billion (+8% QoQ). 
- Fixed income: JPY124.8 billion (+18% QoQ) driven by rates and credit trading. Equity derivatives: strong performance in Americas (+40% QoQ revenue contribution). 
- Investment banking: JPY37.9 billion (-27% QoQ) but highest Q1 since FY2016/17. Advisory league table rank: #1 in Japan-related M&A.

**【Banking Division】**
- Net revenue: JPY12.8 billion (+12% QoQ). Income before taxes: JPY3.6 billion (+19% QoQ). 
- Core banking system upgrade completed in May. Preparing for sweep account adoption in FY2026.

**【Expenses and Capital】**
- Total expenses: JPY363 billion (+2% QoQ). Compensation: JPY186.3 billion (+8% QoQ) due to performance-linked bonuses. 
- CET1 ratio: 13.2% (down from 14.5% QoQ) due to Macquarie acquisition-related risk-weighted assets increase. Target range: 11%-14%.

**【Q&A Highlights】**
- **Phishing Scam Costs**: JPY6.6 billion (Q1) fully reflected in Q1 results. Compensation approach: restitution to pre-damage state, not monetary compensation.
- **Macquarie Acquisition**: Regulatory filings progressing smoothly. Expected close by end-2025. Intangibles amortization details pending post-closing.
- **Market Sentiment**: Japan corporate sector active in M&A (capital efficiency initiatives). Wealth management clients showing disciplined, long-term investing behavior despite volatility.
- **Regional Performance**: Americas equity derivatives strong; EMEA weakness due to digital assets underperformance and regulatory costs.


Nomura Holdings, Inc. (NMR) Q1 2026 Earnings Call Transcript

- **Record Financial Performance**: Full-year net income up 120% to ¥340.7 billion, driven by 30% growth in Wealth Management recurring revenue and 20% rise in Investment Management business revenue.
- **Resilient Q4 Despite Volatility**: Annualized ROE of 8.2% exceeded 8% target, with Equities and Investment Banking offsetting Fixed Income weakness.
- **Strategic Growth Initiatives**: ¥60 billion buyback program, Macquarie asset management acquisition, and new Banking Division launch to enhance global franchise.
- **Capital Strength**: CET1 ratio at 14.5% vs. 11% medium-term target, supporting dividend payout of ¥57 per share (49% ratio).
- **Risk Management**: Tightened trading positions amid market uncertainty; hedging strategies mitigate investment management volatility.


**【CFO Opening Remarks】**
- Full-year Group net revenue increased 21% YoY to ¥1,892.5 billion, with income before income taxes up 72% to ¥472 billion. Net income reached a record ¥340.7 billion, driven by strong performance across all segments.
- Wealth Management recurring revenue grew 30% on net inflows and asset growth; Investment Management saw 20% rise in business revenue with 8 consecutive quarters of net inflows; Wholesale diversified revenue with global expansion.

**【Q4 Financial Highlights】**
- Q4 net revenue fell 10% to ¥452.7 billion due to yen strength and market volatility, but annualized ROE of 8.2% exceeded the 8% target range.
- Wealth Management stable recurring revenue hit ¥51.6 billion (76% cost coverage), offsetting 20% decline in flow revenue. Investment Management business revenue reached a record ¥43.3 billion. Wholesale Equities and Investment Banking drove growth despite Fixed Income softness.

**【Capital Management】**
- Announced ¥60 billion share buyback program (May-Dec 2025) to enhance capital efficiency. Common Equity Tier 1 ratio at 14.5% comfortably exceeds medium-term target of 11%. 2025 dividend payout of ¥57 per share (49% ratio) reflects strong cash generation.

**【Strategic Initiatives】**
- Acquired Macquarie’s US/Europe public asset management business to expand global scale. Launched new Banking Division to integrate banking/trust services. FY25 KPIs achieved across all segments, with Wealth Management net inflows exceeding 1.37 trillion yen target.

**【Q&A Key Takeaways】**
- Fixed Income underperformance due to yen strength, Japan market share, and lack of commodities exposure. April trading activity similar to Q4 levels. Capital allocation focused on strategic M&A (e.g., Macquarie) while maintaining CET1 ratio above 11%.
- IT expenses elevated in Q4 due to one-time costs; expect normalization in FY26. Wholesale cost/income ratio at 84% vs. target 86%, with initiatives to improve efficiency through automation and process transformation.
- Risk management tightened amid market volatility; no material counterparty risks identified. Focus on hedging strategies to mitigate investment management volatility (e.g., American Century Investments).


Nomura Holdings, Inc. (NMR) Q4 2025 Earnings Conference Call Transcript

- **Record Q3 Performance**: Pre-tax income JPY138.3 billion (+4% QoQ), with international business driving 39% of profits.
- **Wealth Management Resilience**: Recurring revenue at 72% coverage ratio, net inflows surpassing full-year target.
- **Investment Management Growth**: AUM up to JPY93.5 trillion, alternative assets +160% YTD.
- **Wholesale Dominance**: 79% cost-to-income ratio, fixed income securitization at record levels.
- **2030 Vision**: Target 8%+ ROE through recurring revenue; 10%+ in favorable markets.

**【CFO Opening Remarks】**
- Q3 net revenue rose 4% QoQ to JPY502 billion, with group-wide pre-tax income up 4% to JPY138.3 billion.
- International operations contributed 39% of pre-tax income (JPY51.8 billion), up 30% QoQ, driven by portfolio diversification and product expansion.
- Three-segment pre-tax income hit JPY127.5 billion, the highest since Q2 2007, with wholesale leading growth.

**【Wealth Management Performance】**
- Q3 net revenue stable at JPY116.3 billion, with pre-tax income up 2% to JPY46.2 billion.
- Recurring revenue reached record JPY50.4 billion, accounting for 72% of non-interest expenses (up 2ppt QoQ).
- Net inflows of recurring assets exceeded JPY1.1 trillion YTD vs target of JPY800 billion.

**【Investment Management Highlights】**
- Assets under management climbed to JPY93.5 trillion, with Q3 net inflows of JPY260 billion.
- Alternative assets grew JPY400 billion to JPY2.5 trillion, driven by private credit and global equities.
- Business revenue (stable fee income) hit JPY42 billion, highest since division inception.

**【Wholesale Business Strength】**
- Net revenue up 10% to JPY290.5 billion, with global markets revenue rising for 7th straight quarter.
- Fixed income net revenue +9% to JPY139.9 billion, driven by securitized products and rates trading.
- Investment banking net revenue +22% to JPY51.5 billion, fueled by M&A and ECM deals across regions.
- Cost-to-income ratio improved to 79%, lowest in 4 years.

**【Cost & Capital Management】**
- Group-wide expenses up 4% to JPY363.7 billion, with compensation +3% to JPY190.9 billion.
- Tier 1 capital rose JPY0.2 trillion to JPY3.6 trillion, maintaining 18.1% capital ratio.
- Sold Takanawa training center for JPY56 billion pre-tax gain, to be booked in Q4.

**【Q&A Key Takeaways】**
- Fixed income securitization profitability: "Sufficient ROE achieved through diversification into CLOs and private credit."
- Shareholder returns: 50%+ payout ratio target remains; JPY10 commemorative dividend excludes buyback consideration.
- Wealth management IT investment: "Already started; will balance short-term cost with long-term efficiency gains."
- Policy shareholding: "Target 3% of Tier 1 capital; accelerating sales of unlisted shares."
- 2030 ROE target: "8%+ baseline through recurring revenue; 10%+ in favorable markets."


Actual										-0.105	0.4453	0.2111	0.296	-0.4665	0.1475	0.0056	0.1717	0.08	0.0042	0.0376	0.1734	0.0186	0.0538	0.078	0.1145		0.1551	0.2191	0.2262	0.1705	0.2363	0.2064	0.2041
Forecast										0.0636	0.335	0.1654	0.1847	-0.3634	0.1318	0.1878	0.13	0.1687	0.0409	0.0726	0.1515	0.1155	0.101	0.0775	0.1062	0.1226		0.1421	0.1422	0.179	0.2528	0.1731	0.2171	0.2178
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-265.09%	+32.93%	+27.63%	+60.26%	-28.37%	+11.91%	-97.02%	+32.08%	-52.58%	-89.73%	-48.21%	+14.46%	-83.90%	-46.73%	+0.65%	+7.82%	0.00%	0.00%	+54.19%	+59.07%	-4.75%	-6.53%	+19.24%	-5.99%	0.00%

NMR

NMR fundamentals

NMR Q4 2026 Earnings Preview

Earnings Call

You can ask Aime

NMR

NMR fundamentals

NMR Q4 2026 Earnings Preview

Earnings Call

NMR Earnings Call Summary for Q4/2026Upcoming5:30 AM on Apr 24, 2026

NMR Earnings Call Summary for Q3/20264:30 AM on Jan 30, 2026

NMR Earnings Call Summary for Q2/2026 Mar 28, 2026

NMR Earnings Call Summary for Q1/20265:30 AM on Jul 29, 2025

NMR Earnings Call Summary for Q4/20255:30 AM on Apr 25, 2025

You can ask Aime