{"url_path":"/sec/nmr/10-k/2026/item-19","section_key":"item-19","section_title":"Item 19 Exhibits","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-06-22","source_url":"https://www.sec.gov/Archives/edgar/data/1163653/0001193125-26-277134-index.html","accession_number":"0001193125-26-277134","cik":"0001163653","ticker":"NMR","issuer_name":"NOMURA HOLDINGS INC","edgar_url":"https://www.sec.gov/Archives/edgar/data/1163653/0001193125-26-277134-index.html","primary_entity_key":"0001163653","primary_entity_name":"NOMURA HOLDINGS INC"},"word_count":68777,"has_tables":true,"body_markdown":"Item 19. Exhibits\n\n \n\nExhibit\n\nNumber\n\n  \n\nDescription\n\n  1.1\n  \n\n[Articles of Incorporation of Nomura Holdings, Inc. (English translation) (filed on June 24, 2022 as an exhibit to the Annual Report on Form 20-F (File No. 001-15270) and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1163653/000119312522180720/d245977dex11.htm)\n\n  1.2\n  \n\n[Share Handling Regulations of Nomura Holdings, Inc. (English translation) (filed on June 28, 2023 as an exhibit to the Annual Report on Form 20-F (File No. 001-15270) and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1163653/000119312523176640/d444472dex12.htm)\n\n  1.3\n  \n\n[Regulations of the Board of Directors of Nomura Holdings, Inc. (English translation) (filed on June 23, 2025 as an exhibit to the Annual Report on Form 20-F (File No. 001-15270) and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1163653/000119312525144222/d909297dex13.htm)\n\n  1.4\n  \n\n[Regulations of the Nomination Committee of Nomura Holdings, Inc. (English translation) (filed on June 23, 2016 as an exhibit to the Annual Report on Form 20-F (File No. 001-15270) and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1163653/000119312516629445/d193644dex14.htm)\n\n  1.5\n  \n\n[Regulations of the Audit Committee of Nomura Holdings, Inc. (English translation) (filed on June 23, 2025 as an exhibit to the Annual Report on Form 20-F (File No. 001-15270) and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1163653/000119312525144222/d909297dex15.htm)\n\n  1.6\n  \n\n[Regulations of the Compensation Committee of Nomura Holdings, Inc. (English translation) (filed on June 27, 2012 as an exhibit to the Annual Report on Form 20-F (File No. 001-15270) and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1163653/000119312512285775/d308396dex16.htm)\n\n  2.1\n  \n\n[Form of Deposit Agreement among Nomura Holdings, Inc., The Bank of New York Mellon as depositary and all owners and holders from time to time of American Depositary Receipts, including the form of American Depositary Receipt (filed on June 11, 2024 as an exhibit to the Registration Statement on Form F-6 (File No. 333-280111) and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1201935/000101915524000169/nomurada.htm)\n\n  2.2\n  \n\n[Description of rights of each class of securities registered under Section 12 of the Securities Exchange Act of 1934 (filed on June 24, 2022 as an exhibit to the Annual Report on Form 20-F (File No. 001-15270) and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1163653/000119312522180720/d245977dex22.htm)\n\n  4.1\n  \n\n[Form of Limitation of Liability Agreement (1)](d116282dex41.htm)\n\n  8.1\n  \n\n[Subsidiaries of Nomura Holdings, Inc.—See Item 4.C. “Organizational Structure” in this annual report.](#item4c)\n\n 11.1\n  \n\n[Nomura Group Code of Conduct (English translation)](d116282dex111.htm)\n\n \n\n173\n\n##### Table of Contents\n\nExhibit\n\nNumber\n\n  \n\nDescription\n\n 11.2\n  \n\n[Nomura Group Code of Ethics for Financial Professionals (English translation) (filed on June 30, 2020 as an exhibit to the Annual Report on Form 20-F (File No. 001-15270) and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1163653/000119312520183187/d894219dex112.htm)\n\n 11.3\n  \n\n[Rules on Trading, etc. of Nomura Holdings Stocks, etc. by Nomura Group’s Officers and Employees (English translation) (filed on June 26, 2024 as an exhibit to the Annual Report on Form 20-F (File No. 001-15270) and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1163653/000119312524168473/d767490dex113.htm)\n\n 11.4\n  \n\n[Nomura Group Personal Account Dealing Policy (English translation) (filed on June 26, 2024 as an exhibit to the Annual Report on Form 20-F (File No. 001-15270) and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1163653/000119312524168473/d767490dex114.htm)\n\n 12.1\n  \n\n[Certification of the principal executive officer required by 17 C.F.R. 240. 13a-14(a)](d116282dex121.htm)\n\n 12.2\n  \n\n[Certification of the principal financial officer required by 17 C.F.R. 240. 13a-14(a)](d116282dex122.htm)\n\n 13.1\n  \n\n[Certification of the chief executive officer required by 18 U.S.C. Section 1350](d116282dex131.htm)\n\n 13.2\n  \n\n[Certification of the chief financial officer required by 18 U.S.C. Section 1350](d116282dex132.htm)\n\n 15.1\n  \n\n[Consent of Ernst & Young ShinNihon LLC, an independent registered public accounting firm](d116282dex151.htm)\n\n 17.1\n  \n\n[Subsidiary Issuer of Registered Guaranteed Securities](d116282dex171.htm)\n\n 97.1\n  \n\n[Nomura Holdings, Inc. Compensation Recovery Policy (filed on June 26, 2024 as an exhibit to the Annual Report on Form 20-F (File No. 001-15270) and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1163653/000119312524168473/d767490dex971.htm)\n\n 101.INS\n  \n\nInline XBRL Instance Document - the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document\n\n 101.SCH\n  \n\nInline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents\n\n 104\n  \n\nCover page formatted as Inline XBRL and contained in Exhibit 101\n\n \n\n(1)\n\nThe Company has entered into Limitation of Liability Agreements substantially in the form of this exhibit with all of its outside directors and director Shoji Ogawa.\n\nThe Company has not included as exhibits certain instruments with respect to our long-term debt. The amount of debt authorized under each such debt instrument does not exceed 10% of our total assets. We will furnish a copy of any such instrument to the SEC upon request.\n\n \n\n174\n\n##### Table of Contents\n\n00000000000http://fasb.org/us-gaap/2025#Revenueshttp://fasb.org/us-gaap/2025#Revenueshttp://fasb.org/us-gaap/2025#Revenueshttp://fasb.org/us-gaap/2025#Revenues00000000http://fasb.org/us-gaap/2025#OtherComprehensiveIncomeLossNetOfTaxhttp://fasb.org/us-gaap/2025#OtherComprehensiveIncomeLossNetOfTaxhttp://fasb.org/us-gaap/2025#TradingLiabilitieshttp://fasb.org/us-gaap/2025#TradingLiabilitieshttp://www.nomura.com/20260331#TradingSecuritiesAndFinancialInstrumentsOwnedPrincipalInvestmentsAtFairValuehttp://www.nomura.com/20260331#TradingSecuritiesAndFinancialInstrumentsOwnedPrincipalInvestmentsAtFairValueP1YP1YP1DP1Dhttp://fasb.org/us-gaap/2025#LongTermDebthttp://fasb.org/us-gaap/2025#LongTermDebthttp://fasb.org/us-gaap/2025#PropertyPlantAndEquipmentNethttp://fasb.org/us-gaap/2025#PropertyPlantAndEquipmentNethttp://fasb.org/us-gaap/2025#OperatingLeaseLiabilityhttp://fasb.org/us-gaap/2025#LaborAndRelatedExpensehttp://fasb.org/us-gaap/2025#LaborAndRelatedExpensehttp://fasb.org/us-gaap/2025#LaborAndRelatedExpensehttp://fasb.org/us-gaap/2025#Revenueshttp://fasb.org/us-gaap/2025#Revenueshttp://fasb.org/us-gaap/2025#Revenueshttp://fasb.org/us-gaap/2025#Revenueshttp://fasb.org/us-gaap/2025#OperatingLeaseLiabilityhttp://fasb.org/us-gaap/2025#OperatingLeaseLiabilitytruetrue\n\nNOMURA HOLDINGS, INC.\n\nINDEX TO THE CONSOLIDATED FINANCIAL STATEMENTS\n\n \n\n \n\n  \n\nPage\n\n \n\nConsolidated Financial Statements of Nomura Holdings, Inc.:\n\n  \n\n[Reports of Independent Registered Public Accounting Firm (PCAOB ID: 789)](#fin116282_1)\n\n  \n\n \n\nF-2\n\n \n\n[Consolidated Balance Sheets as of March 31, 2025 and 2026](#fin116282_2)\n\n  \n\n \n\nF-6\n\n \n\n[Consolidated Statements of Income for the Years Ended March 31, 2024, 2025 and 2026](#fin116282_3)\n\n  \n\n \n\nF-9\n\n \n\n[Consolidated Statements of Comprehensive Income for the Years Ended March 31, 2024, 2025 and 2026](#fin116282_4)\n\n  \n\n \n\nF-10\n\n \n\n[Consolidated Statements of Changes in Equity for the Years Ended March 31, 2024, 2025 and 2026](#fin116282_5)\n\n  \n\n \n\nF-11\n\n \n\n[Consolidated Statements of Cash Flows for the Years Ended March 31, 2024, 2025 and 2026](#fin116282_6)\n\n  \n\n \n\nF-13\n\n \n\n[Notes to the Consolidated Financial Statements](#fin116282_7)\n\n  \n\n \n\nF-15\n\n \n\nFinancial Statement Schedules:\n\n  \n\n[Schedule I – Parent Company Only Condensed Financial Information as of March 31, 2025 and 2026 and for the Years Ended March 31, 2024, 2025 and 2026](#fin116282_8)\n\n  \n\n \n\nF-149\n\n \n\n \n\nF-1\n\n[Table of Contents](#toc)\n\nReport of Independent Registered Public Accounting Firm\n\nTo the Shareholders and the Board of Directors of\n\nNomura Holdings, Inc.\n\nOpinion on the Financial Statements\n\nWe have audited the accompanying consolidated balance sheets of Nomura Holdings, Inc. (the Company) as of March 31, 2026 and 2025, the related consolidated statements of income, comprehensive income, changes in equity and cash flows for each of the three years in the period ended March 31, 2026, and the related notes and financial statement schedule listed in the Table of Contents at Item 18 (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at March 31, 2026 and 2025, and the results of its operations and its cash flows for each of the three years in the period ended March 31, 2026, in conformity with U.S. generally accepted accounting principles.\n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of March 31, 2026, based on criteria established in Internal Control Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated June 22, 2026 expressed an unqualified opinion thereon.\n\nBasis for Opinion\n\nThese financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\nWe conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.\n\nCritical Audit Matter\n\nThe critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.\n\n \n\nF-2\n\n[Table of Contents](#toc)\n\n  \n\nFair value of certain level 3 financial instruments\n\nDescription of the Matter\n\n  \n\nThe Company holds financial instruments for trading, customer facilitation and investment purposes. As disclosed in Note 2 to the consolidated financial statements as of March 31, 2026, the Company had ¥1,654 billion and ¥939 billion of primarily financial instrument assets and liabilities recorded at fair value on a recurring basis, respectively, categorized within Level 3 of the fair value hierarchy. In determining the fair value of these financial instruments, the Company used valuation models and unobservable inputs which reflect its assumptions and specific data. These inputs are significant to the fair value of the financial instruments and are supported by little or no market activity as of March 31, 2026. The valuation techniques applied by management to determine the fair value of such instruments are described in Note 2 to the consolidated financial statements.\n\n \n\nAuditing the fair value of certain Level 3 financial instruments was complex and highly judgmental due to the subjectivity of the judgments used and estimations made by management in determining the fair value for these financial instruments. In particular, to value certain financial instruments, management used a variety of valuation techniques which involved certain underlying valuation assumptions and significant unobservable inputs, including weighted average cost of capital, growth rates, volatilities, correlations, credit spreads, recovery rates, loss severities, prepayment rates, default probabilities and yields.\n\nHow We Addressed the Matter in Our Audit\n\n  \n\nWe obtained an understanding, evaluated the design and tested the operating effectiveness of controls relating to the valuation models and significant unobservable inputs used in fair value measurement. This included the testing of model validation controls by various departments within the Company.\n\n \n\nOur audit procedures to evaluate the valuation techniques used by the Company included, among others, testing valuation models and significant unobservable inputs. For certain of these financial instruments, we independently developed fair value estimates for which we involved our valuation specialists to assist with the application of these procedures and compared them to the Company’s results, on a sample basis. We also agreed significant unobservable inputs and underlying data used in the Company’s valuation models to information available from third party sources and market data, where available. We evaluated subsequent transactions, where available, for certain level 3 financial instruments and considered whether they corroborate or contradict the Company’s year-end valuations.\n\n/s/ Ernst & Young ShinNihon LLC\n\nWe have served as the Company’s auditor for SEC reporting purposes since 2002, and as its Japanese statutory auditor since 1973, which includes the years we served as joint auditors between 1978 and 2002.\n\nTokyo, Japan\n\nJune 22, 2026\n\n \n\nF-3\n\n[Table of Contents](#toc)\n\nReport of Independent Registered Public Accounting Firm\n\nTo the Shareholders and the Board of Directors of\n\nNomura Holdings, Inc.\n\nOpinion on Internal Control Over Financial Reporting\n\nWe have audited Nomura Holdings, Inc.’s (the Company’s) internal control over financial reporting as of March 31, 2026, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission 2013 framework (the COSO criteria). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of March 31, 2026, based on the COSO criteria.\n\nAs indicated in the accompanying Management’s Annual Report on Internal Control over Financial Reporting, management’s assessment of and conclusion on the effectiveness of internal control over financial reporting did not include the internal controls of Macquarie Management Holdings, Inc., Macquarie Investment Management Holdings (Luxembourg) S.à r.l., and Macquarie Investment Management Holdings (Austria) GmbH (collectively, the “Acquired Companies”), which is included in the consolidated financial statements of the Company and constituted 0.2% of consolidated total assets as of March 31, 2026 and 1.7% of consolidated total net revenues for the year then ended. Our audit of internal control over financial reporting of the Company also did not include an evaluation of the internal control over financial reporting of the Acquired Companies.\n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements of the Company which comprise the consolidated balance sheets as of March 31, 2026 and 2025, the related consolidated statements of income, comprehensive income, changes in equity and cash flows for each of the three years in the period ended March 31, 2026, and the related notes and financial statement schedule listed in the Table of Contents at Item 18, and our report dated June 22, 2026 expressed an unqualified opinion thereon.\n\nBasis for Opinion\n\nThe Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\nWe conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.\n\nOur audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.\n\nDefinition and Limitations of Internal Control Over Financial Reporting\n\nA company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made\n\n \n\nF-4\n\n[Table of Contents](#toc)\n\nonly in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.\n\nBecause of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.\n\n/s/ Ernst & Young ShinNihon LLC\n\nTokyo, Japan\n\nJune 22, 2026\n\n \n\nF-5\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nCONSOLIDATED BALANCE SHEETS\n\n \n\n \n  \n\nMillions of yen\n\n \n\n \n  \n\nMarch 31\n\n \n\n \n  \n\n2025\n\n \n \n\n2026\n\n \n\nASSETS\n\n  \n\n \n\nCash and cash deposits:\n\n  \n\n \n\nCash and cash equivalents\n\n  \n¥\n4,424,462\n \n \n¥\n4,298,693\n \n\nTime deposits\n\n  \n \n642,388\n \n \n \n709,639\n \n\nDeposits with stock exchanges and other segregated cash\n\n  \n \n447,846\n \n \n \n640,642\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal cash and cash deposits\n\n  \n \n5,514,696\n \n \n \n5,648,974\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nLoans and receivables:\n\n  \n\n \n\nLoans receivable (includes ¥2,178,376 and ¥2,783,696 at fair value option)\n\n  \n \n6,025,008\n \n \n \n7,745,214\n \n\nReceivables from customers (includes ¥50,258 and ¥44,338 at fair value option)\n\n  \n \n410,722\n \n \n \n470,341\n \n\nReceivables from other than customers\n\n  \n \n1,030,023\n \n \n \n1,345,631\n \n\nAllowance for credit losses\n\n  \n \n(16,920\n) \n \n \n(18,381\n)\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal loans and receivables\n\n  \n \n7,448,833\n \n \n \n9,542,805\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nCollateralized agreements:\n\n  \n\n \n\nSecurities purchased under agreements to resell (includes ¥358,711 and ¥470,736 at fair value option)\n\n  \n \n14,004,757\n \n \n \n13,210,236\n \n\nSecurities borrowed\n\n  \n \n4,658,828\n \n \n \n4,339,659\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal collateralized agreements\n\n  \n \n18,663,585\n \n \n \n17,549,895\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTrading assets and private equity and debt investments:\n\n  \n\n \n\nTrading assets (includes assets pledged of ¥8,666,326 and ¥10,899,960; includes ¥745,801 and ¥1,043,919 at fair value option)\n\n  \n \n22,372,339\n \n \n \n26,128,073\n \n\nPrivate equity and debt investments (includes ¥28,212 and ¥34,863 at fair value option)\n\n  \n \n151,710\n \n \n \n214,014\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal trading assets and private equity and debt investments\n\n  \n \n22,524,049\n \n \n \n26,342,087\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nOther assets:\n\n  \n\n \n\nOffice buildings, land, equipment and facilities (net of accumulated depreciation and amortization of ¥546,117 and ¥600,417)\n\n  \n \n436,454\n \n \n \n543,847\n \n\nNon-trading\ndebt securities (includes ¥226,772 and ¥365,223 at fair value option)\n\n  \n \n485,290\n \n \n \n761,267\n \n\nInvestments in equity securities (includes assets pledged of ¥272 and ¥537)\n\n  \n \n98,401\n \n \n \n123,191\n \n\nInvestments in and advances to affiliated companies (includes assets pledged of ¥7,460 and ¥5,919; includes ¥11,478 and ¥15,554 at fair value option)\n\n  \n \n506,389\n \n \n \n535,402\n \n\nOther (includes ¥215,854 and ¥276,258 at fair value option)\n\n  \n \n1,124,473\n \n \n \n1,598,457\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal other assets\n\n  \n \n2,651,007\n \n \n \n3,562,164\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal assets\n\n  \n¥\n56,802,170\n \n \n¥\n62,645,925\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\nThe accompanying notes are an integral part of these consolidated financial statements.\n\n \n\nF-\n6\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nCONSOLIDATED BALANCE SHEETS—(Continued)\n\n \n\n \n  \n\nMillions of yen\n\n \n\n \n  \n\nMarch 31\n\n \n\n \n  \n\n2025\n\n \n \n\n2026\n\n \n\nLIABILITIES AND EQUITY\n\n  \n\n \n\nShort-term borrowings (includes ¥630,604 and ¥915,584 at fair value option)\n\n  \n¥\n1,117,292\n \n \n¥\n1,752,669\n \n\nPayables and deposits:\n\n  \n\n \n\nPayables to customers\n\n  \n \n1,377,222\n \n \n \n1,598,758\n \n\nPayables to other than customers\n\n  \n \n2,766,112\n \n \n \n3,432,040\n \n\nDeposits received at banks (includes ¥325,570 and ¥316,020 at fair value option)\n\n  \n \n3,105,581\n \n \n \n3,667,090\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal payables and deposits\n\n  \n \n7,248,915\n \n \n \n8,697,888\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nCollateralized financing:\n\n  \n\n \n\nSecurities sold under agreements to repurchase (includes ¥673,648 and ¥571,554 at fair value option)\n\n  \n \n16,287,758\n \n \n \n15,233,838\n \n\nSecurities loaned (includes ¥30,216 and ¥122,323 at fair value option)\n\n  \n \n1,964,682\n \n \n \n2,448,284\n \n\nOther secured borrowings\n\n  \n \n393,420\n \n \n \n384,156\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal collateralized financing\n\n  \n \n18,645,860\n \n \n \n18,066,278\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTrading liabilities (includes ¥ nil and ¥436 at fair value option)\n\n  \n \n11,378,828\n \n \n \n12,915,584\n \n\nOther liabilities (includes ¥54,588 and ¥92,076 at fair value option)\n\n  \n \n1,456,598\n \n \n \n1,813,635\n \n\nLong-term borrowings (includes ¥6,915,178 and ¥8,487,521 at fair value option)\n\n  \n \n13,373,678\n \n \n \n15,544,956\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal liabilities\n\n  \n \n53,221,171\n \n \n \n58,791,010\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nCommitments and contingencies (Note 22)\n\n  \n\n \n\nEquity:\n\n  \n\n \n\nNomura Holdings, Inc. (“NHI”) shareholders’ equity:\n\n  \n\n \n\nCommon stock\n\n  \n\n \n\nNo par value shares; Authorized\n\n—\n\n6,000,000,000 shares\nIssued\n\n—\n\n3,163,562,601 and 3,088,562,601 shares\nOutstanding\n\n—\n\n2,956,210,965 and 2,901,337,224 shares\n\n  \n \n594,493\n \n \n \n594,493\n \n\nAdditional\npaid-in\ncapital\n\n  \n \n704,877\n \n \n \n706,261\n \n\nRetained earnings\n\n  \n \n1,867,379\n \n \n \n2,013,986\n \n\nAccumulated other comprehensive income\n\n  \n \n447,808\n \n \n \n548,221\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal NHI shareholders’ equity before treasury stock\n\n  \n \n3,614,557\n \n \n \n3,862,961\n \n\nCommon stock held in treasury, at cost\n\n—\n\n207,351,636 and 187,225,377 shares\n\n  \n \n(143,678\n) \n \n \n(155,093\n) \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal NHI shareholders’ equity\n\n  \n \n3,470,879\n \n \n \n3,707,868\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nNoncontrolling interests\n\n  \n \n110,120\n \n \n \n147,047\n \n\nTotal equity\n\n  \n \n3,580,999\n \n \n \n3,854,915\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal liabilities and equity\n\n  \n¥\n56,802,170\n \n \n¥\n62,645,925\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\nThe accompanying notes are an integral part of these consolidated financial statements.\n\n \n\nF-\n7\n\n[Table of Contents](#toc)\n\nThe following table presents the classification of consolidated variable interest entities’ (“VIEs”) assets and liabilities included in the consolidated balance sheets above. The assets of a consolidated VIE may only be used to settle obligations of that VIE. Creditors do not typically have any recourse to Nomura beyond the assets held in the VIEs. See Note 7 “\n\nSecuritizations and Variable Interest Entities\n\n” for further information.\n\n \n\n \n  \n\nBillions of yen\n\n \n\n \n  \n\nMarch 31\n\n \n\n \n  \n\n2025\n\n \n  \n\n2026\n\n \n\nCash and cash deposits\n\n  \n¥\n14\n \n  \n¥\n41\n \n\nTrading assets and private equity and debt investments\n\n  \n \n1,318\n \n  \n \n1,393\n \n\nOther assets\n\n  \n \n239\n \n  \n \n238\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal assets\n\n  \n¥\n   1,571\n \n  \n¥\n  1,672\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTrading liabilities\n\n  \n¥\n0\n \n  \n¥\n1\n \n\nOther liabilities\n\n  \n \n156\n \n  \n \n119\n \n\nBorrowings\n\n  \n \n1,047\n \n  \n \n908\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal liabilities\n\n  \n¥\n1,203\n \n  \n¥\n1,028\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\nThe accompanying notes are an integral part of these consolidated financial statements.\n\n \n\nF-\n8\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nCONSOLIDATED STATEMENTS OF INCOME\n\n \n\n \n\n  \n\nMillions of yen\n\n \n\n  \n\nYear ended March 31\n\n \n\n  \n\n2024\n\n \n\n  \n\n2025\n\n \n\n  \n\n2026\n\n \n\nRevenue:\n\n  \n\n  \n\n  \n\nCommissions\n\n  \n¥\n364,095\n \n  \n¥\n407,011\n \n  \n¥\n455,289\n \n\nFees from investment banking\n\n  \n \n173,265\n \n  \n \n212,234\n \n  \n \n200,548\n \n\nAsset management and portfolio service fees\n\n  \n \n310,154\n \n  \n \n378,196\n \n  \n \n468,600\n \n\nNet gain on trading\n\n  \n \n491,611\n \n  \n \n580,099\n \n  \n \n696,894\n \n\nGain on private equity and debt investments\n\n  \n \n11,877\n \n  \n \n7,634\n \n  \n \n12,604\n \n\nInterest and dividends\n\n  \n \n2,620,856\n \n  \n \n2,927,861\n \n  \n \n2,669,640\n \n\nGain\n \non investments in equity securities\n\n  \n \n9,612\n \n  \n \n444\n \n  \n \n13,066\n \n\nOther\n\n  \n \n175,824\n \n  \n \n223,264\n \n  \n \n241,845\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal revenue\n\n  \n \n4,157,294\n \n  \n \n4,736,743\n \n  \n \n4,758,486\n \n\nInterest expense\n\n  \n \n2,595,294\n \n  \n \n2,844,258\n \n  \n \n2,590,773\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nNet revenue\n\n  \n \n1,562,000\n \n  \n \n1,892,485\n \n  \n \n2,167,713\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nNon-interest\nexpenses:\n\n  \n\n  \n\n  \n\nCompensation and benefits\n\n  \n \n673,523\n \n  \n \n732,390\n \n  \n \n829,502\n \n\nCommissions and floor brokerage\n\n  \n \n137,328\n \n  \n \n177,452\n \n  \n \n221,857\n \n\nInformation processing and communications\n\n  \n \n217,126\n \n  \n \n227,018\n \n  \n \n248,439\n \n\nOccupancy and related depreciation\n\n  \n \n68,698\n \n  \n \n70,166\n \n  \n \n71,523\n \n\nBusiness development expenses\n\n  \n \n24,236\n \n  \n \n27,055\n \n  \n \n33,679\n \n\nOther\n\n  \n \n167,239\n \n  \n \n186,440\n \n  \n \n222,892\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\nnon-interest\nexpenses\n\n  \n \n1,288,150\n \n  \n \n1,420,521\n \n  \n \n1,627,892\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nIncome before income taxes\n\n  \n \n273,850\n \n  \n \n471,964\n \n  \n \n539,821\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nIncome tax expense\n\n  \n \n96,630\n \n  \n \n124,709\n \n  \n \n165,439\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nNet income\n\n  \n¥\n177,220\n \n  \n¥\n347,255\n \n  \n¥\n374,382\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nLess: Net income\n \nattributable to noncontrolling interests\n\n  \n \n11,357\n \n  \n \n6,519\n \n  \n \n12,253\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nNet income attributable to NHI shareholders\n\n  \n¥\n165,863\n \n  \n¥\n340,736\n \n  \n¥\n362,129\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n  \n\nYen\n\n \n\nPer share of common stock:\n\n  \n\n  \n\n  \n\n \n\nBasic\n\n—\n\n  \n\n  \n\n  \n\nNet income attributable to NHI shareholders per share\n\n  \n¥\n54.97\n \n  \n¥\n115.30\n \n  \n¥\n123.08\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nDiluted\n\n—\n\n  \n\n  \n\n  \n\nNet income attributable to NHI shareholders per share\n\n  \n¥\n52.69\n \n  \n¥\n111.03\n \n  \n¥\n118.99\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nThe accompanying notes are an integral part of these consolidated financial statements.\n\n \n\nF-\n9\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME\n\n \n\n \n  \n\nMillions of yen\n\n \n\n \n  \n\nYear ended March 31\n\n \n\n \n  \n\n2024\n\n \n \n\n2025\n\n \n \n\n2026\n\n \n\nNet income\n\n  \n¥\n177,220\n \n \n¥\n347,255\n \n \n¥\n  374,382\n \n\nOther comprehensive income (loss):\n\n  \n\n \n\n \n\nChange in cumulative translation adjustments:\n\n  \n\n \n\n \n\nChange in cumulative translation adjustments\n\n  \n \n204,507\n \n \n \n(35,768\n) \n \n \n149,812\n \n\nDeferred income taxes\n\n  \n \n(1,161\n) \n \n \n(1,569\n) \n \n \n(2,074\n) \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n  \n \n203,346\n \n \n \n(37,337\n) \n \n \n147,738\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nDefined benefit pension plans:\n\n  \n\n \n\n \n\nPension liability adjustment\n\n  \n \n18,475\n \n \n \n17,734\n \n \n \n11,653\n \n\nDeferred income taxes\n\n  \n \n(5,813\n) \n \n \n(5,327\n) \n \n \n(4,670\n)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n  \n \n12,662\n \n \n \n12,407\n \n \n \n6,983\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nNon-trading\ndebt securities:\n\n  \n\n \n\n \n\nNet unrealized gain (loss) on\nnon-trading\ndebt securities\n\n  \n \n—\n \n \n \n(1,675\n) \n \n \n(3,233\n)\n\nDeferred income taxes\n\n  \n \n—\n \n \n \n528\n \n \n \n1,018\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n  \n \n—\n \n \n \n(1,147\n) \n \n \n(2,215\n)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nOwn credit adjustments:\n\n  \n\n \n\n \n\nOwn credit adjustments\n\n  \n \n(91,001\n) \n \n \n20,636\n \n \n \n(57,597\n)\n\nDeferred income taxes\n\n  \n \n18,565\n \n \n \n(7,978\n) \n \n \n10,718\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n  \n \n(72,436\n) \n \n \n12,658\n \n \n \n(46,879\n)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal other comprehensive income (loss)\n\n  \n \n143,572\n \n \n \n(13,419\n) \n \n \n105,627\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nComprehensive income\n\n  \n \n320,792\n \n \n \n333,836\n \n \n \n480,009\n \n\nLess: Comprehensive income\n \nattributable to noncontrolling interests\n\n  \n \n13,399\n \n \n \n5,276\n \n \n \n17,467\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nComprehensive income attributable to NHI shareholders\n\n  \n¥\n  307,393\n \n \n¥\n  328,560\n \n \n¥\n462,542\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\nThe accompanying notes are an integral part of these consolidated financial statements.\n\n \n\nF-\n10\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nCONSOLIDATED STATEMENTS OF CHANGES IN EQUITY\n\n \n\n \n  \n\nMillions of yen\n\n \n\n \n  \n\nYear ended March 31\n\n \n\n \n  \n\n2024\n\n \n \n\n2025\n\n \n \n\n2026\n\n \n\nCommon stock\n\n  \n\n \n\n \n\nBalance at beginning of year\n\n  \n¥\n594,493\n \n \n¥\n594,493\n \n \n¥\n594,493\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nBalance at end of year\n\n  \n \n594,493\n \n \n \n594,493\n \n \n \n594,493\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nAdditional\npaid-in\ncapital\n\n  \n\n \n\n \n\nBalance at beginning of year\n\n  \n \n707,189\n \n \n \n708,785\n \n \n \n704,877\n \n\nStock-based compensation awards\n\n  \n \n1,609\n \n \n \n(3,929\n) \n \n \n1,400\n \n\nChanges in ownership interests in subsidiaries\n\n  \n \n\n— \n\n \n \n \n36\n \n \n \n\n— \n\n \n\nChanges in an affiliated company’s interests\n\n  \n \n(13\n) \n \n \n(15\n) \n \n \n(16\n) \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nBalance at end of year\n\n  \n \n708,785\n \n \n \n704,877\n \n \n \n706,261\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nRetained earnings\n\n  \n\n \n\n \n\nBalance at beginning of year\n\n  \n \n1,647,005\n \n \n \n1,705,725\n \n \n \n1,867,379\n \n\nNet income attributable to NHI shareholders\n\n  \n \n165,863\n \n \n \n340,736\n \n \n \n362,129\n \n\nCash dividends\n\n  \n \n(68,674\n) \n \n \n(168,477\n) \n \n \n(148,840\n)\n\nLoss on disposal of treasury stock\n\n  \n \n(2,364\n) \n \n \n(10,605\n) \n \n \n(9,016\n)\n\nCancellation of treasury stock\n\n  \n \n(36,105\n) \n \n \n\n— \n\n \n \n \n\n(57,666\n\n)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nBalance at end of year\n\n  \n \n1,705,725\n \n \n \n1,867,379\n \n \n \n2,013,986\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nAccumulated other comprehensive income (loss)\n\n  \n\n \n\n \n\nCumulative translation adjustments\n\n  \n\n \n\n \n\nBalance at beginning of year\n\n  \n \n242,767\n \n \n \n444,071\n \n \n \n407,977\n \n\nNet change during the year\n\n  \n \n201,304\n \n \n \n(36,094\n) \n \n \n142,524\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nBalance at end of year\n\n  \n \n444,071\n \n \n \n407,977\n \n \n \n550,501\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nDefined benefit pension plans\n\n  \n\n \n\n \n\nBalance at beginning of year\n\n  \n \n(32,174\n) \n \n \n(19,512\n) \n \n \n(7,105\n)\n\nPension liability adjustment\n\n  \n \n12,662\n \n \n \n12,407\n \n \n \n6,983\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nBalance at end of year\n\n  \n \n(19,512\n) \n \n \n(7,105\n) \n \n \n(122\n)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nNon-trading\ndebt securities\n\n  \n\n \n\n \n\nBalance at beginning of year\n\n  \n \n\n— \n\n \n \n \n\n— \n\n \n \n \n\n(1,147\n\n)\n\nNet unrealized loss on\nnon-trading\ndebt securities\n\n  \n \n\n— \n\n \n \n \n(1,147\n)\n \n \n(2,215\n)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nBalance at end of year\n\n  \n \n\n— \n\n \n \n \n(1,147\n)\n \n \n(3,362\n)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nOwn credit adjustments\n\n  \n\n \n\n \n\nBalance at beginning of year\n\n  \n \n107,861\n \n \n \n35,425\n \n \n \n48,083\n \n\nOwn credit adjustments\n\n  \n \n(72,436\n) \n \n \n12,658\n \n \n \n(46,879\n)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nBalance at end of year\n\n  \n \n35,425\n \n \n \n48,083\n \n \n \n1,204\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nBalance at end of year\n\n  \n \n459,984\n \n \n \n447,808\n \n \n \n548,221\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\nF-1\n1\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nCONSOLIDATED STATEMENTS OF CHANGES IN EQUITY—(Continued)\n\n \n\n \n  \n\nMillions of yen\n\n \n\n \n  \n\nYear ended March 31\n\n \n\n \n  \n\n2024\n\n \n \n\n2025\n\n \n \n\n2026\n\n \n\nCommon stock held in treasury\n\n  \n\n \n\n \n\nBalance at beginning of year\n\n  \n \n(118,574\n) \n \n \n(118,798\n) \n \n \n(143,678\n) \n\nRepurchases of common stock\n\n  \n \n(61,199\n) \n \n \n(58,835\n) \n \n \n(101,499\n)\n\nSales of common stock\n\n  \n \n0\n \n \n \n0\n \n \n \n0\n \n\nCommon stock issued to employees\n\n  \n \n24,870\n \n \n \n33,955\n \n \n \n32,418\n \n\nCancellation of treasury stock\n\n  \n \n36,105\n \n \n \n— \n \n \n \n\n57,666\n\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nBalance at end of year\n\n  \n \n(118,798\n) \n \n \n(143,678\n) \n \n \n(155,093\n)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal NHI shareholders’ equity\n\n  \n\n \n\n \n\nBalance at end of year\n\n  \n \n3,350,189\n \n \n \n3,470,879\n \n \n \n3,707,868\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nNoncontrolling interests\n\n  \n\n \n\n \n\nBalance at beginning of year\n\n  \n \n75,575\n \n \n \n98,324\n \n \n \n110,120\n \n\nCash dividends\n\n  \n \n(3,548\n) \n \n \n(10,680\n) \n \n \n(21,056\n)\n\nNet income\n \nattributable to noncontrolling interests\n\n  \n \n11,357\n \n \n \n6,519\n \n \n \n12,253\n \n\nAccumulated other comprehensive income (loss) attributable to noncontrolling interests Cumulative translation adjustments\n\n  \n \n2,042\n \n \n \n(1,243\n) \n \n \n5,214\n \n\nTransaction between NHI group and noncontrolling interest holders, net\n\n  \n \n11,855\n \n \n \n(5,370\n) \n \n \n44,694\n \n\nOther net change in noncontrolling interests\n\n  \n \n1,043\n \n \n \n22,570\n \n \n \n(4,178\n)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nBalance at end of year\n\n  \n \n98,324\n \n \n \n110,120\n \n \n \n147,047\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal equity\n\n  \n\n \n\n \n\nBalance at end of year\n\n  \n¥\n3,448,513\n \n \n¥\n3,580,999\n \n \n¥\n3,854,915\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\nThe accompanying notes are an integral part of these consolidated financial statements.\n\n \n\nF-1\n2\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nCONSOLIDATED STATEMENTS OF CASH FLOWS\n\n \n\n \n  \n\nMillions of yen\n\n \n\n \n  \n\nYear ended March 31\n\n \n\n \n  \n\n2024\n\n \n \n\n2025\n\n \n \n\n2026\n\n \n\nCash flows from operating activities:\n\n  \n\n \n\n \n\nNet income\n\n  \n¥\n177,220\n \n \n¥\n347,255\n \n \n¥\n374,382\n \n\nAdjustments to reconcile net income to net cash provided by (used in) operating activities:\n\n  \n\n \n\n \n\nDepreciation and amortization\n\n  \n \n61,340\n \n \n \n61,653\n \n \n \n68,269\n \n\nProvision for credit losses\n\n  \n \n13,910\n \n \n \n(1,060\n) \n \n \n248\n \n\nStock-based compensation\n\n  \n \n35,577\n \n \n \n38,578\n \n \n \n40,836\n \n\nGain on investments in equity securities\n\n  \n \n(9,612\n) \n \n \n(444\n) \n \n \n(13,066\n) \n\n(Gain) loss on investments in subsidiaries and affiliates\n\n  \n \n(968\n) \n \n \n(205\n) \n \n \n11,995\n \n\nEquity in earnings of affiliates, net of dividends received\n\n  \n \n(31,070\n) \n \n \n(34,605\n) \n \n \n(18,662\n) \n\n(Gain) loss on disposal of office buildings, land, equipment and facilities\n\n  \n \n2,670\n \n \n \n2,344\n \n \n \n(58,744\n) \n\nDeferred income taxes\n\n  \n \n(312\n) \n \n \n11,559\n \n \n \n8,349\n \n\nChanges in operating assets and liabilities:\n\n  \n\n \n\n \n\nDeposits with stock exchanges and other segregated cash\n\n  \n \n16,465\n \n \n \n(144,542\n) \n \n \n(133,311\n) \n\nTrading assets and private equity and debt investments\n\n  \n \n(386,474\n) \n \n \n(3,026,277\n) \n \n \n(2,861,869\n) \n\nTrading liabilities\n\n  \n \n(411,843\n) \n \n \n574,231\n \n \n \n1,111,331\n \n\nSecurities purchased under agreements to resell, net of securities sold under agreements to repurchase\n\n  \n \n290,843\n \n \n \n1,108,828\n \n \n \n(441,013\n) \n\nSecurities borrowed, net of securities loaned\n\n  \n \n(324,095\n) \n \n \n526,233\n \n \n \n882,237\n \n\nMargin loans and receivables\n\n  \n \n(276,058\n) \n \n \n(179,668\n) \n \n \n(653,334\n) \n\nPayables\n\n  \n \n709,839\n \n \n \n(16,725\n) \n \n \n703,622\n \n\nBonus accrual\n\n  \n \n26,480\n \n \n \n26,496\n \n \n \n63,422\n \n\nAccrued income taxes, net\n\n  \n \n70,892\n \n \n \n19,235\n \n \n \n25,684\n \n\nOther, net\n\n  \n \n167,836\n \n \n \n8,503\n \n \n \n46,664\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nNet cash provided by (used in) operating activities\n\n  \n \n132,640\n \n \n \n(678,611\n) \n \n \n(842,960\n) \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nCash flows from investing activities:\n\n  \n\n \n\n \n\nPayments for placements of time deposits\n\n  \n \n(650,562\n) \n \n \n(679,945\n) \n \n \n(747,618\n) \n\nProceeds from redemption or maturity of time deposits\n\n  \n \n567,599\n \n \n \n572,947\n \n \n \n746,174\n \n\nPayments for purchases of office buildings, land, equipment and facilities\n\n  \n \n(145,784\n) \n \n \n(189,971\n) \n \n \n(353,818\n) \n\nProceeds from sales of office buildings, land, equipment and facilities\n\n  \n \n111,954\n \n \n \n131,078\n \n \n \n234,693\n \n\nPayments for purchases of equity investments\n\n  \n \n(14,716\n) \n \n \n(10,712\n) \n \n \n(33,900\n) \n\nProceeds from sales of equity investments\n\n  \n \n40,497\n \n \n \n8,112\n \n \n \n23,491\n \n\nNet cash outflows from loans receivable at banks\n\n  \n \n(112,224\n) \n \n \n(129,829\n) \n \n \n(131,647\n) \n\nPayments for purchases or origination of other\nnon-trading\nloans\n\n  \n \n(4,286,507\n) \n \n \n(5,939,225\n) \n \n \n(7,625,952\n) \n\nProceeds from sales or repayments of other\nnon-trading\nloans\n\n  \n \n3,606,974\n \n \n \n5,530,064\n \n \n \n6,952,187\n \n\nPayments for purchases of\n\navailable-for-sale\n\ndebt securities\n\n  \n\n \n\n— \n\n \n \n \n(113,702\n) \n \n \n(167,408\n) \n\nProceeds from sales of\n\navailable-for-sale\n\ndebt securities\n\n  \n\n \n\n— \n\n \n \n \n4,982\n \n \n \n— \n \n\nPayments for purchases of other\nnon-trading\ndebt securities\n\n  \n \n(112,438\n) \n \n \n(179,032\n) \n \n \n(316,858\n) \n\nProceeds from sales or maturity of other\nnon-trading\ndebt securities\n\n  \n \n135,690\n \n \n \n131,200\n \n \n \n226,985\n \n\nAcquisitions, net of cash acquired\n\n  \n \n(457\n) \n \n\n \n\n— \n\n \n \n \n(275,014\n) \n\nDivestures, net of cash disposed of\n\n  \n\n \n\n— \n\n \n \n \n8,141\n \n \n \n12\n \n\nPayments for purchases of investments in affiliated companies\n\n  \n \n(29,778\n) \n \n \n(19,007\n) \n \n \n(11,919\n) \n\nProceeds from sales of investments in affiliated companies\n\n  \n \n900\n \n \n \n10,098\n \n \n \n1,684\n \n\nOther, net\n\n  \n \n914\n \n \n \n16,154\n \n \n \n(20,015\n) \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nNet cash used in investing activities\n\n  \n \n(887,938\n) \n \n \n(848,647\n) \n \n \n(1,498,923\n) \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nCash flows from financing activities:\n\n  \n\n \n\n \n\nProceeds from issuances of long-term borrowings\n\n  \n \n3,064,698\n \n \n \n4,334,376\n \n \n \n4,611,984\n \n\nPayments for repurchases or maturity of long-term borrowings\n\n  \n \n(2,101,758\n) \n \n \n(3,313,452\n) \n \n \n(3,174,186\n) \n\nProceeds from issuances of short-term borrowings\n\n  \n \n1,964,955\n \n \n \n1,850,155\n \n \n \n2,468,863\n \n\nPayments for repurchases or maturity of short-term borrowings\n\n  \n \n(1,866,998\n) \n \n \n(1,876,894\n) \n \n \n(2,358,223\n) \n\nNet cash inflows (outflows) from interbank money market borrowings\n\n  \n \n(88,288\n) \n \n \n130,455\n \n \n \n443,081\n \n\nNet cash inflows (outflows) from other secured borrowings\n\n  \n \n57,311\n \n \n \n(23,560\n) \n \n \n(7,649\n) \n\nNet cash inflows from deposits received at banks\n\n  \n \n107,532\n \n \n \n785,385\n \n \n \n387,377\n \n\nPayments for withholding taxes on stock-based compensation\n\n  \n \n(12,669\n) \n \n \n(20,583\n) \n \n \n(18,214\n) \n\nProceeds from sales of common stock\n\n  \n \n953\n \n \n \n1,412\n \n \n \n422\n \n\nPayments for repurchases of common stock\n\n  \n \n(61,029\n) \n \n \n(59,006\n) \n \n \n(101,499\n) \n\nPayments for cash dividends\n\n  \n \n(60,164\n) \n \n \n(112,541\n) \n \n \n(179,742\n) \n\nContributions from noncontrolling interests\n\n  \n \n69,231\n \n \n \n64,549\n \n \n \n122,335\n \n\nDistributions to noncontrolling interests\n\n  \n \n(60,924\n) \n \n \n(80,599\n) \n \n \n(98,698\n) \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nNet cash provided by financing activities\n\n  \n \n1,012,850\n \n \n \n1,679,697\n \n \n \n2,095,851\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nEffect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents\n\n  \n \n220,618\n \n \n \n(26,020\n) \n \n \n139,313\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nNet increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents\n\n  \n \n478,170\n \n \n \n126,419\n \n \n \n(106,719\n) \n\nCash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year\n\n  \n \n3,820,852\n \n \n \n4,299,022\n \n \n \n4,425,441\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nCash, cash equivalents, restricted cash and restricted cash equivalents at end of year\n\n  \n¥\n4,299,022\n \n \n¥\n4,425,441\n \n \n¥\n4,318,722\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nSupplemental information:\n\n  \n\n \n\n \n\nCash paid during the year for\n\n—\n\n  \n\n \n\n \n\nInterest\n\n  \n¥\n2,514,801\n \n \n¥\n2,879,779\n \n \n¥\n2,570,408\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nIncome tax payments, net\n\n  \n¥\n26,050\n \n \n¥\n93,915\n \n \n¥\n118,852\n \n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nF-1\n3\n\n[Table of Contents](#toc)\n\nThe following table presents a reconciliation of\n\ncash and cash equivalents\n\n, and restricted cash and restricted cash equivalents reported in\n\nDeposits with stock exchanges and other segregated cash\n\nwithin the consolidated balance sheets to the total of the same such amounts shown in the statements of cash flows above. Restricted cash and restricted cash equivalents are amounts where access, withdrawal or usage by Nomura is substantively prohibited by a third party entity outside of the Nomura group.\n\n \n\n \n  \n\nMillions of yen\n\n \n\n \n  \n\nYear ended March 31\n\n \n\n \n  \n\n2024\n\n \n  \n\n2025\n\n \n  \n\n2026\n\n \n\nCash and cash equivalents reported in\n\nCash and cash equivalents\n\n  \n¥\n4,239,359\n \n  \n¥\n4,424,462\n \n  \n¥\n4,298,693\n \n\nRestricted cash and restricted cash equivalents reported in\n\nDeposits with stock exchanges and other segregated cash\n\n  \n \n59,663\n \n  \n \n979\n \n  \n \n20,029\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal cash, cash equivalent, restricted cash and restricted cash equivalents\n\n  \n¥\n4,299,022\n \n  \n¥\n4,425,441\n \n  \n¥\n4,318,722\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nNon-cash\n\n—\n\nTotal amount of\n\nright-of-use\n\nassets recognized for the years ended March 31, 2024, 2025 and 2026 were ¥29,374 million, ¥29,148 million and ¥27,167 million, respectively.\n\n \n\n \n\n \n\nThe accompanying notes are an integral part of these consolidated financial statements.\n\n \n\nF-1\n4\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS\n\n1. Summary of accounting policies:\n\nDescription of business—\n\nNomura Holdings, Inc. (“Company”) and its broker-dealer, banking and other financial services subsidiaries provide investment, financing and related services to individual, institutional and government clients on a global basis. The Company and other entities in which it has a controlling financial interest are collectively referred to as “Nomura” within these consolidated financial statements.\n\nNomura operates its business through various divisions based on the nature of specific products and services, its main client base and management structure. Nomura reports operating results through four\nbusiness segments: Wealth Management, Investment Management, Wholesale, and Banking.\n\nThe Banking Division was newly established on April\n\n \n1\n,\n2025\n. See Note\n23\n“\n\nSegment and geographic information”\n\nfor further details regarding Nomura’s business segments.\n\nVoluntary change in accounting policy\n\nEffective from April 1, 2024, Nomura changed its accounting policy in respect of how accounting guidance provided by Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) 940\n\n“Financial Services—Brokers and Dealers”\n\n(“ASC 940”) is applied to the Company and its consolidated subsidiaries. Prior to April 1, 2024, Nomura applied ASC 940 on a consolidated basis to all entities included within these consolidated financial statements. Effective from April 1, 2024, the Company and its consolidated subsidiaries that are not registered as a broker-dealer\n(“non-BD\nentities”) no longer apply ASC 940.\n\nThis accounting policy change was primarily due to the planned expansion of Nomura’s banking and investment management business and allows certain\nnon-BD\nentities to prospectively classify purchases of new\nnon-trading\ndebt securities as either held to maturity (“HTM”) or available for sale (“AFS”) as defined in ASC 320 “\n\nInvestments—Debt Securities\n\n” (“ASC 320”).\n\nAs retrospective application of this accounting policy change was impracticable, since it would require use of hindsight regarding historical accounting matters such as the initial classification of\nnon-trading\ndebt securities, Nomura applied this new accounting policy prospectively from April 1, 2024.\n\nAs part of this accounting policy change, existing loans held for trading purposes and\nnon-trading\ndebt securities held by\nnon-BD\nentities previously carried at fair value with changes in fair value recognized through earnings on a recurring basis (i.e.\nFV-NI)\nthrough consolidated application of ASC 940 were elected for the fair value option (“FVO”) permitted by ASC 825 “Financial Instruments” (“ASC 825”) on April 1, 2024 and therefore continue to be carried at fair value on a recurring basis from such date. A similar election has been made for subsequent new originations or purchases of loans held for trading purposes and for purchases of certain\nnon-trading\ndebt securities by\nnon-BD\nentities on or after April 1, 2024. Such loans continue to be reported in the consolidated balance sheets within\n\nTrading assets\n\nwith changes in fair value reported in the consolidated statements of income within\n\nRevenue—Net gain on trading\n\n. Similarly,\nnon-trading\ndebt securities elected for the FVO continue to be reported in the consolidated balance sheets within\n\nNon-trading\ndebt securities\n\nwith changes in fair value reported in the consolidated statements of income within\n\nRevenue—Other\n\n.\n\nFollowing this accounting policy change, fair value changes of\nnon-trading\ndebt securities purchased on or after April 1, 2024 and classified as HTM or AFS by\nnon-BD\nentities are not recognized through earnings, unless an impairment loss is recognized.\n\n \n\nF-1\n5\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nAs part of this accounting policy change, certain equity investments held for non-trading purposes by non-BD entities which do not have readily determinable fair values have been elected for the fair value measurement alternative permitted by ASC 321\n\n“Investments—Equity Securities”\n\n(“ASC 321”). Under the fair value measurement alternative which is applied on an instrument-by-instrument basis, eligible equity investments are carried at cost plus or minus changes resulting from subsequent observable price changes in qualifying orderly transactions for the identical or similar equity instruments of the same issuer. The equity investments are reported in the consolidated balance sheets within\n\nOther assets\n\n—\n\nInvestments in equity securities\n\nor\n\nOther assets\n\n—\n\nOther\n\n. Any such adjustments are recognized in the consolidated statements of income within\n\nRevenue—Gain (loss) on investments in equity securities and Revenue—Other.\n\nAn equity investment elected for the fair value measurement alternative is qualitatively assessed for impairment at each interim and annual balance sheet date. An equity investment is deemed impaired if its estimated fair value is less than its carrying value, namely either the initial cost of the equity investment or the current adjusted carrying value as a result of an observable price change and prior impairments. Where an equity investment elected for the fair value measurement alternative is deemed impaired, an impairment loss is calculated as the difference between the estimated fair value and the carrying value which is recognized in the consolidated statements of income within\n\nRevenue-Gain (loss) on investments in equity securities and Revenue-Other.\n\nAdoption of this accounting policy change has not had a material financial impact on these consolidated financial statements during the years ended March 31, 2025 and 2026.\n\nBasis of presentation—\n\nThe accounting and financial reporting policies of Nomura are based on accounting principles generally accepted in the United States (“U.S. GAAP”).\n\nThese consolidated financial statements include the financial statements of the Company and other entities in which it has a controlling financial interest. Nomura initially determines whether it has a controlling financial interest in an entity by evaluating whether the entity is a variable interest entity (“VIE”) under ASC 810 “\n\nConsolidation\n\n.\n\n” VIEs are entities in which equity investors do not have the characteristics of a controlling financial interest or which do not have sufficient equity at risk for the entities to finance their activities without additional subordinated financial support. Nomura consolidates VIEs where Nomura is the primary beneficiary, which is where (1) Nomura has power to direct the activities of the VIE that is most significantly impact the VIE’s economic performance; and (2) through Nomura’s interest in the VIE, the right to receive benefits or the obligation to absorb losses that could potentially be significant to the VIE, provided that Nomura is not acting as a fiduciary for other interest holders.\n\nFor entities other than VIEs, Nomura is generally determined to have a controlling financial interest in an entity when it owns a majority of the voting interests.\n\nEquity investments in entities in which Nomura has significant influence over operating and financial decisions (generally defined as a holding of 20 to 50 percent of the voting stock of a corporate entity, or at least 3 \npercent of a limited partnership) are accounted for under the equity method of accounting (“equity method investments”) and reported within\n\nOther assets\n\n—\n\nInvestments in and advances to affiliated companies\n\nor at\nFV-NI\nby electing the FVO permitted by ASC 825 and reported in the consolidated balance sheets within\n\nTrading assets, Private equity and debt investments or Other assets\n\n—\n\nOther\n\ndepending on the nature and purpose of the investments. These investments are tested in their entirety for other-than-temporary impairment when there is an indication of impairment. The underlying assets associated with the equity method investments, including\n\n \n\nF-1\n6\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\ngoodwill, are not tested separately for impairment. Where an other-than-temporary impairment is deemed to exist, the equity method investment is written down to its fair value, which establishes a new carrying value to be used prospectively.\n\nCertain consolidated entities are investment companies under ASC 946 “\n\nFinancial Services\n\n—\n\nInvestment Companies\n\n” (“ASC 946”). Nomura carries all of their investments at FV-NI.\n\nThe Company’s principal subsidiaries include Nomura Securities Co., Ltd. (“NSC”), Nomura Securities International, Inc. (“NSI”), Nomura International plc (“NIP”) and Nomura Financial Products & Services, Inc. (“NFPS”).\n\nAll material intercompany transactions and balances have been eliminated on consolidation.\n\nUse of estimates—\n\nNomura uses accounting estimates to prepare these consolidated financial statements and they require difficult, subjective and complex judgments by management. Such estimates determined by management to have a significant/material impact during the periods covered by these consolidated financial statements primarily relate to estimates regarding the fair value of financial instruments. Estimates, by their nature, are based on underlying assumptions which require management judgment and depend on the extent of available information. Actual results in future periods may differ from current estimates, which could have a material impact on these consolidated financial statements.\n\nVarious references are made throughout the notes to these consolidated financial statements where critical accounting estimates based on management judgment have been made, the nature of the estimates, the underlying assumptions made by management used to derive those estimates and how these estimates affect the amounts reported in these consolidated financial statements.\n\nFair value of financial instruments—\n\nA significant amount of Nomura’s financial assets and financial liabilities are carried at FV-NI or at fair value with changes in fair value recognized through the consolidated statements of comprehensive income (i.e. FV-OCI). Use of a fair value measurement is either specifically required under U.S. GAAP or Nomura makes an election to use a fair value measurement for certain eligible items under the FVO permitted by ASC 825.\n\nOther financial assets and financial liabilities are carried at fair value on a nonrecurring basis, where the primary measurement basis is not fair value. Fair value is only used in specific circumstances after initial recognition, such as to measure impairment.\n\nIn both cases, fair value is generally determined in accordance with ASC 820 “\n\nFair Value Measurements and Disclosures\n\n” (“ASC 820”) which defines fair value as the amount that would be exchanged to sell a financial asset or transfer a financial liability in an orderly transaction between market participants at the measurement date. It assumes that the transaction occurs in Nomura’s principal market, or in the absence of a principal market, the most advantageous market for the relevant financial asset or financial liability. See Note 2 “\n\nFair value measurements\n\n” for further information regarding how Nomura estimates fair value for specific types of financial instruments used in the ordinary course of business.\n\nThe fair values of financial assets and financial liabilities of consolidated VIEs which meet the definition of collateralized financing entities are both measured using the more observable fair value of the financial assets and financial liabilities.\n\n \n\nF-1\n7\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nAllowance for current expected credit losses—\n\nManagement recognizes allowance for current expected credit losses on financial assets not carried at fair value and certain\noff-balance\nsheet financial instruments including unfunded loan commitments in accordance with ASC 326,\n\n“Financial Instruments—Credit Losses”\n\n(“ASC 326”).\n\nCurrent expected credit losses are calculated over the expected life of the financial instruments in scope of the requirements on an individual or a portfolio basis, considering all relevant, reasonable and supportable information available about the collectability of cash flows, including information about past events, current conditions and future forecasts. Accrued interest receivables are excluded from the amortized cost basis of financing receivables when calculating current expected credit losses.\n\nThe methodology used by Nomura to determine allowances for current expected credit losses in accordance with the current expected credit losses impairment model (“CECL impairment model”) primarily depends on the nature of the financial instrument and whether certain practical expedients permitted by ASC 326 are applied by Nomura.\n\nAllowances for current expected credit losses against recognized financial instruments are reported in the consolidated balance sheets within\n\nAllowance for credit losses\n\nwhile allowances for current expected credit losses against\noff-balance\nsheet financial instruments are reported in the consolidated balance sheets within\n\nOther liabilities\n\n. All movements in the allowances are reported in the consolidated statements of income within\n\nOther expenses.\n\nSee Note 8\n\n“Financing receivables”\n\nfor further information including how allowances for current expected credit losses are calculated.\n\nTransfers of financial assets—\n\nNomura accounts for the transfer of a financial asset as a sale when Nomura relinquishes control over the asset by meeting the following conditions: (a) the asset has been isolated from the transferor (even in bankruptcy or other receivership), (b) the transferee has the right to pledge or exchange the asset received, or if the transferee is an entity whose sole purpose is to engage in securitization or asset-backed financing activities, the holders of its beneficial interests have the right to pledge or exchange the beneficial interests held, and (c) the transferor has not maintained effective control over the transferred asset.\n\nIn connection with its securitization activities, Nomura utilizes special purpose entities (“SPEs”) to securitize commercial and residential mortgage loans, government and corporate securities or other types of financial assets. Nomura’s involvement with SPEs includes structuring and underwriting, distributing and selling debt instruments and beneficial interests issued by SPEs to investors. Nomura derecognizes financial assets transferred in securitizations provided that Nomura has relinquished control over such assets and does not consolidate the SPE. Nomura may obtain or retain an interest in the financial assets, including residual interests in the SPEs dependent upon prevailing market conditions. Any such interests are carried at fair value and reported within\n\nTrading assets\n\nin the consolidated balance sheets with the change in fair value reported within\n\nRevenue\n\n—\n\nNet gain on trading\n\nin the consolidated statements of income.\n\nForeign currency translation—\n\nThe financial statements of the Company’s subsidiaries and operations are measured using their functional currency which is the currency of the primary economic environment in which the entity operates. All assets and\n\n \n\nF-1\n8\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nliabilities of subsidiaries and operations which have a functional currency other than Japanese Yen are translated into Japanese Yen at exchange rates at the balance sheet date, and all revenue and expenses are translated at the average exchange rates for the respective years and the resulting translation adjustments are reported in the consolidated statements of comprehensive income, net of applicable income taxes within\n\nOther comprehensive income (loss)\n\nand\n\nAccumulated other comprehensive income\n\n(loss)\n\nin NHI shareholders’ equity.\n\nForeign currency assets and liabilities are translated at exchange rates at the balance sheet date and the resulting translation gains or losses are credited or charged to the consolidated statements of income.\n\nRevenue from services provided to customers—\n\nNomura earns revenue through fees and commissions from providing financial services to customers primarily across all business divisions. These services primarily include trade execution and clearing, distribution of fund units, financial advisory, underwriting and distribution and asset management services.\n\nRevenue is recognized when or as the customer obtains control of the service provided by Nomura which depends on when each of the key distinct substantive promises made by Nomura within the contract with the customer (“performance obligations”) are satisfied. Such performance obligations are generally satisfied at a particularly point in time or, if certain criteria are met, over a period of time.\n\nRevenue from the distribution of fund units and clearing is reported in the consolidated statements of income within\n\nRevenue\n\n—\n\nCommissions,\n\nrevenue from asset management services is reported within\n\nRevenue\n\n—\n\nAsset management and portfolio service fees\n\nand revenue from financial advisory , underwriting and distribution is reported within\n\nRevenue\n\n—\n\nFees from investment banking\n\n.\n\nCosts to obtain or fulfill the underlying contract to provide such financial services to customers are deferred as assets if certain criteria are met. These deferred costs, which are reported in the consolidated balance sheets within\n\nOther assets,\n\nare released to the consolidated statements of income when the related revenue from providing the service is also recognized or earlier, if there is evidence that the costs are not recoverable and therefore impaired.\n\nTrading assets and trading liabilities—\n\nTrading assets\n\nprimarily comprise debt securities, equity securities and derivative assets which are recognized on the consolidated balance sheets on a trade date basis and loans which are recognized on the consolidated balance sheets on a settlement date basis. Financial assets are classified as being held for trading when any of the following criteria are met:\n\n \n\n \n\n•\n\n \n\nThe financial assets are originated or acquired with the intention to generate profit through sale in the short-term;\n\n \n\n \n\n•\n\n \n\nThe financial assets are part of a portfolio of identified financial instruments that are managed together for the purposes of short-term profit or arbitrage profit-taking; or\n\n \n\n \n\n•\n\n \n\nThe financial assets are derivative assets, other than those formally designated as accounting hedges or certain other\nnon-trading\nderivative assets entered for specific economic and risk management hedging purposes.\n\nTrading liabilities\n\nprimarily comprise short sales of securities and derivative liabilities other than those formally designated as accounting hedges or certain other\nnon-trading\nderivative liabilities entered into for\n\n \n\nF-1\n9\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nspecific economic and risk management hedging purposes, which are recognized on the consolidated balance sheets on a trade date basis. Trading assets and liabilities are carried at fair value and changes in fair value are generally reported within\n\nRevenue\n\n—Net gain on trading\n\nin the consolidated statements of income.\n\nCertain short sales of securities of trading liabilities are held to economically hedge the price risk of specific investments in equity securities held for operating purposes. Changes in fair value of these trading liabilities are reported in the consolidated statements of income within\n\nRevenue—Gain (loss) on investments in equity securities\n\n.\n\nCollateralized agreements and collateralized financing—\n\nCollateralized agreements\n\nconsist of reverse repurchase agreements reported as\n\nSecurities purchased under agreements to resell\n\nand securities borrowing transactions reported as\n\nSecurities borrowed\n\n.\n\nCollateralized financing\n\nconsists\n\nof repurchase agreements reported as\n\nSecurities sold under agreements to repurchase\n\n, securities lending transactions reported as\n\nSecurities loaned\n\nand certain other secured borrowings.\n\nReverse repurchase and repurchase agreements principally involve the buying or selling of securities under agreements with clients to resell or repurchase these securities to or from those clients, respectively. These transactions are generally accounted for as collateralized agreements or collateralized financing transactions and are recognized in the consolidated balance sheets at the amount for which the securities were originally acquired or sold. Certain reverse repurchase and repurchase agreements are carried at FV-NI through election of the FVO.\n\nNomura also enters into Japanese repo transactions (“Gensaki Repo”) which are the standard type of repurchase agreement used in Japanese financial markets. These transactions contain margin requirements, substitution rights, and certain restrictions on the client’s right to sell or repledge the transferred securities and are accounted for as collateralized agreements or collateralized financing transactions and are recognized on the consolidated balance sheets at the amount that the securities were originally acquired or sold.\n\nSecurities borrowing and lending transactions are generally accounted for as collateralized agreements and collateralized financing transactions, respectively. These transactions are generally cash collateralized and are recognized on the consolidated balance sheets at the amount of cash collateral advanced or received, unless they are carried at FV-NI through election of the FVO. Allowances for current expected credit losses recognized against securities borrowing transactions are not significant due to the ongoing monitoring of collateral and the short expected life of these transactions. Where Nomura receives securities rather than cash in a securities lending transaction and such securities can be sold or pledged as collateral, Nomura recognizes the securities received at fair value which are reported in the consolidated balance sheets within\n\nOther assets\n\n—Other\n\nand the obligation to return those securities as a liability within\n\nOther liabilities.\n\nSee Note 8\n\n“Financing receivables”\n\nfor further information including how allowances for current expected credit losses under ASC 326 are determined.\n\nOffsetting of collateralized agreements and collateralized financings\n\nReverse repurchase agreements and repurchase agreements accounted for as collateralized agreements and collateralized financing transactions respectively, entered into with the same counterparty and documented under a master netting agreement are offset in the consolidated balance sheets where the specific criteria defined by ASC\n210-20\n“\n\nBalance Sheet\n\n—\n\nOffsetting\n\n” (“ASC\n210-20”)\nare met. These criteria primarily relate to the maturity of the transactions, the underlying systems on which the collateral is settled, associated banking arrangements\n\n \n\nF-\n20\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nand the legal enforceability of\nclose-out\nand offsetting rights under the master netting agreement. Similarly, securities borrowing and lending transactions accounted for as collateralized agreements and collateralized financing transactions respectively, entered into with the same counterparty and documented under a master netting agreement are also offset in the consolidated balance sheets where the specific criteria defined by\nASC 210-20\nare met.\n\nOther secured borrowings\n\nprimarily consist of secured borrowings from financial institutions and central banks in the inter-bank money market, and are carried at contractual amounts due.\n\nTrading balances of secured borrowings\n\nconsist of liabilities related to transfers of financial assets that are accounted for as secured financing transactions rather than sales under ASC 860 “\n\nTransfers and Servicing\n\n” (“ASC 860”) and are reported in the consolidated balance sheets within\n\nLong-term borrowings\n\n. The fair value option is generally elected for these transactions, which are carried at FV-NI. See Note 7\n\n“Securitizations and Variable Interest Entities”\n\nand Note 13\n\n“Borrowings”\n\nfor further information regarding these transactions.\n\nAll Nomura-owned assets pledged to counterparties where the counterparty has the right to sell or repledge the securities, including collateral transferred under Gensaki Repo transactions, are reported parenthetically in the consolidated balance sheets as assets pledged within\n\nTrading assets\n\n.\n\nSee Note 5\n\n“Collateralized transactions”\n\nfor further information.\n\nDerivatives—\n\nNomura uses a variety of derivatives, including futures, forwards, swaps and options, for both trading and\nnon-trading\npurposes. Freestanding financial instruments which meet the accounting definition of derivatives are carried at fair value in the consolidated balance sheets Certain derivatives embedded in hybrid financial instruments such as structured notes and certificates of deposit are bifurcated from the host contract and are also carried at fair value in the consolidated balance sheets and reported within\n\nShort-term borrowings\n\nor\n\nLong-term borrowings\n\ndepending on the maturity of the underlying host contract. These derivatives are subsequently measured at FV-NI or FV-OCI depending on the purpose for which the derivatives are used.\n\nDerivatives used for trading purposes\n\nDerivatives used for trading purposes, including bifurcated embedded derivatives, are carried at FV-NI. These derivatives are reported in the consolidated balance sheets within\n\nTrading assets or Trading liabilities\n\ndepending on whether fair value at the balance sheet date is positive or negative, respectively with all changes in fair value reported in the consolidated statements of income within\n\nRevenue\n\n—\n\nNet gain on trading\n\n.\n\nDerivatives held for\nnon-trading\npurposes\n\nIn addition to its trading activities, Nomura uses derivatives for\nnon-trading\npurposes such as to manage certain risk exposures arising from recognized assets and liabilities, forecasted transactions and firm commitments. Derivatives held for\nnon-trading\npurposes include derivatives formally designated as fair value or net investment hedges under ASC 815 “\n\nDerivatives and Hedging\n\n” (“ASC 815”) as well as certain other derivatives designated as economic and risk management hedges as follows:\n\n \n\n \n\n•\n\n \n\nFair value hedges—\n\nNomura designates certain derivative as fair value hedges of interest rate risk and foreign exchange risk arising from specific financial liabilities and foreign currency denominated\nnon-trading\ndebt securities, respectively. These derivatives are highly effective in reducing the risk\n\n \n\nF-2\n1\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n \n\nassociated with the exposure being hedged and are highly correlated with changes in the fair value of the underlying hedged items, both at inception and throughout the life of the hedging relationship. Changes in fair value of the hedging derivatives are reported together with those of the hedged financial assets and liabilities through the consolidated statements of income within\n\nInterest expense\n\nand\n\nRevenue\n\n—\n\nOther\n\n, respectively.\n\n \n\n \n\n•\n\n \n\nNet investment hedges—\n\nNomura designates certain derivatives as hedges of the net investment in foreign operations related to specific subsidiaries or branches with functional currencies other than the Japanese Yen. When determining the effectiveness of net investment hedges, the effective portion of the change in fair value of the hedging derivative is determined by changes in spot exchange rates. Changes in fair value of the hedging derivatives attributable to changes in the difference between the forward rate and spot rate are excluded from the measurement of hedge effectiveness and are reported in the consolidated statements of income within\n\nRevenue\n\n—\n\nNet gain on trading\n\n. All other movements in fair value of highly effective net investment hedging derivatives are reported through\n\nShareholders’ equity\n\nwithin\n\nAccumulated other comprehensive income (loss)\n\n.\n\n \n\n \n\n•\n\n \n\nEconomic and risk management hedges—\n\nNomura designates certain derivatives as economic and risk management hedges to manage equity price risk, interest rate risk or foreign currency risk of certain specific financial assets and liabilities as well as certain expenses arising from forecasted transactions or firm commitments. Changes in fair value of these derivatives are reported in the same line item in the consolidated statements of income where gains, losses or expenses arising from the hedged transactions are reported.\n\nAlthough these are\nnon-trading\nderivatives, such recognized derivative assets and liabilities are currently reported in the consolidated balance sheets within\n\nTrading assets\n\nand\n\nTrading liabilities\n\nrespectively, as such amounts are not significant.\n\nOffsetting of derivatives\n\nTrading and non-trading derivative assets and liabilities entered into with the same counterparty documented under a legally enforceable master netting agreement and the related cash collateral receivables and payables are presented on a net basis in the consolidated balance sheets where the specific criteria defined by ASC\n210-20\nand ASC 815 are met.\n\nSettlement-to-market\n\nderivatives\n\nExchange traded and centrally cleared OTC derivatives typically involve daily variation margin payments and receipts which reflect changes in the fair value of the related derivatives. Such variation margin amounts are accounted for as either a partial settlement of the derivative or as a separate cash collateral receivable or payable depending on the legal arrangement with the relevant central clearing counterparty.\n\nSee N\note\n3 “\n\nDerivatives instruments and hedging activities\n\n” for further information.\n\nLoans receivable—\n\nLoans receivable are loans held for\nnon-trading\npurposes, namely those which management intends to hold for the foreseeable future. Loans receivable are either carried at FV-NI through election of the FVO or at amortized cost.\n\n \n\nF-2\n2\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nLoans receivable carried at fair value\n\nCertain loans which are risk managed on a fair value basis are carried at FV-NI through election of the FVO. Nomura makes this election to mitigate volatility in the consolidated statements of income caused by the difference in measurement basis that would otherwise exist between the loans and the derivatives used to risk manage those loans. Changes in the fair value of loans receivable carried at FV-NI are reported in the consolidated statements of income within\n\nRevenue\n\n—\n\nNet gain\n\non trading\n\n. Interest earned on loans receivable carried at\nFV-NI\nis recognized in the consolidated statements of income\n\nwithin Revenue\n\n—\n\nInterest and dividends\n\n.\n\nLoans receivable carried at amortized cost\n\nLoans receivable which are not carried at FV-NI through election of the FVO are carried at amortized cost. Amortized cost represents cost adjusted for deferred fees and direct costs, unamortized premiums or discounts on purchased loans and after deducting applicable allowances for current expected credit losses under ASC 326. Interest income, including net loan origination fees, is recognized using the interest method and reported in the consolidated statements of income\n\nwithin Revenue\n\n—\n\nInterest and dividends\n\n.\n\nModifications of loans from debtors experiencing financial difficulty\n\nSee Note 8 “\n\nFinancing receivables\n\n” for further information including how allowances for current expected credit losses under ASC 326 are determined and how modifications of loans are accounted for.\n\nOther receivables—\n\nReceivables from customers\n\ninclude amounts receivable on client securities transactions, amounts receivable from clients for failed to deliver securities and receivables for commissions receivable.\n\nReceivables from other than customers\n\ninclude amounts receivable from brokers and dealers for failed to deliver securities, margin deposits, cash collateral receivables for derivative transactions, and net receivables arising from unsettled securities transactions.\n\nThese amounts are carried at contractual amounts due less any applicable allowance for current expected credit losses recognized under ASC 326.\n\nSee Note 8 “\n\nFinancing receivables”\n\nfor further information including how allowances for current expected credit losses under ASC 326 are determined.\n\nLoan commitments—\n\nUnfunded loan commitments written by Nomura are accounted for as either\noff-balance\nsheet instruments, or are carried at FV-NI either as trading instruments or through election of the FVO.\n\nThese loan commitments are generally accounted for in a manner consistent with the accounting for the loan receivable upon funding. Where the loan receivable is carried at FV-NI through classification as a trading asset or through election for the FVO, the loan commitment is also generally carried at FV-NI, with changes in fair value reported in the consolidated statements of income within\n\nRevenue\n\n—\n\nNet gain on trading\n\n. Loan commitment fees integral to the loan commitment are recognized as part of the fair value of the commitment.\n\nFor loan commitments where the loan will be held for the foreseeable future and will not be elected for the fair value option, Nomura recognizes allowances for current expected credit losses in accordance with ASC 326.\n\n \n\nF-2\n3\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nLoan commitment fees are generally deferred and recognized over the term of the loan when funded as an adjustment to yield. If drawdown of the loan commitment is considered remote, loan commitment fees are recognized over the commitment period as service revenue.\n\nSee Note 8\n\n“Financing receivables”\n\nfor further information including how allowances for current expected credit losses under ASC 326 are determined.\n\nNon-trading\ninvestments\n\nPrior to April 1, 2024, all debt securities and equity investments which were not held for trading purposes were recognized on the consolidated balance sheets on a trade date basis and were generally carried at FV-NI with all changes in fair value reported in the consolidated statements of income within\n\nRevenue\n\n—\n\nGain (loss) on investments in equity securities\n\nor\n\nRevenue\n\n—\n\nOther\n\nthrough consolidated application of ASC 940.\n\nFollowing the voluntary change in accounting policy effective from April 1, 2024 described above,\nnon-BD\nentities within Nomura are permitted to classify\nnon-trading\ndebt securities purchased on or after April 1, 2024 as AFS debt securities or HTM debt securities in accordance with ASC 320.\n\nAFS debt securities\n\nAFS debt securities are\nnon-trading\ndebt securities held by\nnon-BD\nentities which have not been designated as HTM debt securities nor which have been elected to be carried at FV-NI through election of the FVO.\n\nAFS debt securities and accrued interest arising from these securities are reported in the consolidated balance sheets within\n\nNon-trading\ndebt securities\n\nand\n\nReceivables from other than customers\n\n, respectively. AFS debt securities are carried at FV-OCI, with any changes in fair value reported net of applicable income taxes within\n\nOther comprehensive income (loss)\n\n. Interest income, including amortization of premiums and accretion of discounts, is recognized using the interest method over the life of the AFS debt security and reported in the consolidated statements of income within\n\nInterest and dividends\n\n.\n\nNomura evaluates each AFS debt security for impairment at each interim and annual balance sheet date when its fair value declines below its amortized cost and therefore the AFS debt security is in an unrealized loss position. If Nomura has the intention to sell the AFS security in an unrealized loss position, or if it is more likely than not that Nomura will be required to sell the security before recovery of its amortized cost, the AFS debt security is written down to its fair value through\n\nNon-interest\nexpenses\n\n—\n\nOther\n\nin the consolidated statements of income.\n\nAFS debt securities which are in an unrealized loss position that Nomura neither has the intention to sell nor a more likely than not requirement to sell are evaluated to determine whether the decline in fair value below its amortized cost has resulted from a credit loss or is due to other factors. Nomura considers various qualitative factors in such determination, including the financial condition of the issuer and any adverse conditions related to industry or geographic area of the issuer, failure of interest and principal payments by the issuer, current status and any changes in rating and credit enhancement. If the AFS debt security fails any of these qualitative criteria, Nomura calculates an allowance for current expected credit losses using a discounted cash flow analysis to determine if all or portion of the unrealized loss is a result of such expected credit losses which is recognized in the consolidated statements of income within\n\nNon-interest\nexpenses\n\n—\n\nOther\n\n. Any residual amount of the unrealized loss which is not due to expected credit losses continues to be recognized within\n\nOther comprehensive income (loss)\n\n.\n\n \n\nF-2\n4\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nNomura does not recognize any allowances for current expected credit losses against accrued interest receivable amounts arising from AFS debt securities since Nomura policy is to write off the receivable by reversing accrued interest when it is determined that the accrued interest receivable is uncollectible.\n\nAny realized gains or losses arising on the sale of or transfer of an AFS debt security recognized in\n\nAccumulated other comprehensive income (loss)\n\nare reclassified to in the consolidated statements of income within\n\nRevenue—Other\n\nat the point of sale. Nomura uses the moving average method when determining the cost of the AFS debt security for this purpose.\n\nHTM debt securities\n\nHTM debt securities are\nnon-trading\ndebt securities held by\nnon-BD\nentities which are specifically designated as HTM debt securities on the basis that the\nnon-BD\nentity has both the ability and the intent to hold the securities until maturity.\n\nHTM debt securities and accrued interest arising from these securities are reported in\n\nNon-trading\ndebt securities\n\nand\n\nReceivables from other than customers\n\nin the consolidated balance sheets, respectively.\n\nHTM debt securities are carried at amortized cost less an appropriate allowance for current expected credit losses typically determined and calculated in the same way as for loans also carried at amortized cost. Interest on HTM debt securities, including amortization of premiums and accretion of discounts, is recognized using the interest method and reported in the consolidated statements of income within\n\nInterest and dividends\n\n. Realized gains and losses from permitted sales or other dispositions of HTM debt securities are determined using the specific identification method and reported within\n\nRevenue\n\n—\n\nOther\n\nin the consolidated statements of income.\n\nOther\nnon-trading\ndebt securities\n\nOther\nnon-trading\ndebt securities consist of all debt securities held by BD entities for\nnon-trading\npurposes which are mandatorily carried at FV-NI through application of ASC 940 and debt securities held by\nnon-BD\nentities for\nnon-trading\npurposes which are also carried at FV-NI through election of the FVO. Other\nnon-trading\ndebt securities and accrued interest arising from these securities are reported in the consolidated balance sheets within\n\nNon-trading\ndebt securities\n\nand\n\nReceivables from other than customers\n\n, respectively. Interest on other\nnon-trading\ndebt securities is recognized on an accrual basis and reported in the consolidated statements of income within\n\nRevenue—Interest and divide\n\nnds\n\n.\n\nEquity investments held for\nnon-trading\npurposes\n\nEquity investments held for\nnon-trading\npurposes are equity securities and similar instruments in which Nomura has neither control nor significant influence held by both BD and\nnon-BD\nentities which are not held for trading purposes. The investments include private equity investments, investments in exchanges and settlement systems and equity investments held for operating purposes, namely minority equity investments in unaffiliated Japanese financial institutions and corporations in order to promote existing and potential business relationships. These companies often have similar investments in Nomura. Such cross-holdings are a customary business practice in Japan and provide a way for companies to manage shareholder relationships. Equity investments held for\nnon-trading\npurposes and accrued dividends receivable arising from these equity investments are reported in the consolidated balance sheets within\n\nTrading assets and private equity and debt investments—Private equity and debt investments\n\n,\n\nOther assets—Investments in equity securities\n\n,\n\nOther assets—Other\n\ndepending on the nature of the underlying equity investment.\n\n \n\nF-2\n5\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nEquity investments held for\nnon-trading\npurposes by BD and\nnon-BD\nentities are mandatorily carried at\nFV-NI\nthrough application of ASC 940 and ASC 321, respectively. Unrealized and realized gains and losses are reported in the consolidated statements of income within\n\nRevenue—Gain on private equity and debt investments\n\n,\n\nRevenue—Gain (loss) on investments in equity securities\n\nor\n\nRevenue—Other\n\ndepending on the nature of the underlying equity investment. Dividend income is recognized when Nomura’s right to receive the dividend is established and is reported in the consolidated statements of income within\n\nRevenue—Interest and dividends\n\n.\n\nAs described above, since April 1, 2024, certain equity investments held for\nnon-trading\npurposes by\nnon-BD\nentities which do not have readily determinable fair values have been elected for the fair value measurement alternative permitted by ASC 321.\n\nPayables and deposits—\n\nPayables to customers\n\ninclude amounts payable on client securities transactions and are generally carried at contractual amounts due.\n\nPayables to other than customers\n\ninclude payables to brokers and dealers for\n\nfailed-to-receive\n\nsecurities, cash collateral payable for derivative transactions, certain collateralized agreements and financing transactions and net payables arising from unsettled securities transactions. Amounts are carried at contractual amounts due unless the FVO is elected.\n\nDeposits received at banks\n\nrepresent amounts held on deposit within banking subsidiaries and are carried at contractual amounts due or carried at FV-NI through election of the FVO.\n\nOffice buildings, land, equipment and facilities—\n\nOffice buildings, land, equipment and facilities, owned and held for use by Nomura are carried at cost, net of accumulated depreciation and amortization, except for land, which is carried at cost. Significant renewals and additions are capitalized at cost. Maintenance, repairs and minor renewals are expensed as incurred in the consolidated statements of income.\n\nLeases and subleases entered into by Nomura as either lessor or lessee are classified as either operating or finance leases on inception date in accordance with ASC 842\n\n“Leases.”\n\nOn lease commencement date, Nomura as lessee recognizes\n\nright-of-use\n\n(“ROU”) assets and lease liabilities which are reported in the consolidated balance sheets within\n\nOther assets—Office buildings, land, equipment and facilities\n\nand\n\nOther liabilities\n\n, respectively.\n\nLease liabilities are initially carried at the present value of the future minimum lease payments over the expected lease term. The future minimum lease payments are discounted using a relevant Nomura incremental borrowing rate as derived from information available at lease commencement date. The expected lease term is generally determined based on the contractual maturity of the lease, and adjusted for periods covered by options to extend or terminate the lease when Nomura is reasonably certain to exercise those options. ROU assets are initially carried at the amount of lease liabilities, and adjusted for any prepaid lease payments, initial direct costs incurred and any lease incentives received.\n\nAfter lease commencement date, for operating leases Nomura as lessee recognizes lease expense over the lease term generally on a straight-line basis\n\nin the consolidated statements of income within\n\nOccupancy and\n\n \n\nF-2\n6\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nrelated depreciation\n\nor\n\nInformation processing and communications\n\n. For finance leases, Nomura recognizes amortization charges of ROU assets over the lease term in the consolidated statements of income within\n\nOccupancy and related depreciation\n\nand interest expense arising on finance lease liabilities in the consolidated statements of income within\n\nInterest expense\n\n.\n\nDepreciation and amortization expenses of owned assets are generally computed using the straight-line method and recognized over the estimated useful lives of each asset. The estimated useful life of an asset considers technological change, normal deterioration and actual physical usage by Nomura. Leasehold improvements are depreciated over the shorter of their useful life or the term of corresponding lease.\n\nThe estimated useful lives for significant asset classes are as follows:\n\n \n\nOffice buildings\n\n  \n \n3 to 50 years\n \n\nEquipment and facilities\n\n  \n \n3 to 20 years\n \n\nSoftware\n\n  \n \n3 to 5 years\n \n\nLong-lived assets, including ROU assets and software assets but excluding goodwill and indefinite-lived intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the estimated future undiscounted cash flows generated by the asset is less than the carrying amount of the asset, a loss is recognized to the extent that the carrying value exceeds its fair value.\n\nSee Note 9 “\n\nLeases\n\n” for further information.\n\nShort-term and long-term borrowings—\n\nShort-term borrowings are defined as borrowings which are due on demand, which have a contractual maturity of one year or less at issuance date, or which have a longer contractual maturity but which contain substantive features outside of Nomura’s control that allows the investor to demand redemption within one year from original issuance date. Short-term and long-term borrowings primarily consist of commercial paper, bank borrowings, and certain structured notes issued by Nomura and SPEs consolidated by Nomura, and financial liabilities recognized in transfers of financial assets which are accounted for as financings rather than sales under ASC 860 (“secured financing transactions”). Of these financial liabilities, all structured notes and certain secured financing transactions are carried at FV-NI through election of the FVO. Other short and long-term borrowings are carried at amortized cost or at FV-NI through election of the FVO.\n\nStructured notes are debt securities which contain embedded features (often meeting the accounting definition of a derivative) that alter the return to the investor from simply receiving a fixed or floating rate of interest to a return that depends upon some other variable(s) such as an equity or equity index, commodity price, foreign exchange rate, credit rating of a third party or more complex interest rate calculation. Structured borrowings are borrowings that have similar characteristics as structured notes.\n\nAll structured notes and certain structured borrowings issued by Nomura are carried at FV-NI through election of the FVO. This blanket election for structured notes and certain structured borrowings are made primarily to mitigate the volatility in the consolidated statements of income caused by differences in the measurement basis for structured notes and the derivatives used to risk manage those positions and to generally simplify the accounting Nomura applies to these financial instruments.\n\nChanges in the fair value of structured notes elected for the FVO are reported in the consolidated statements of income within\n\nRevenue\n\n—\n\nNet gain on trading\n\n, except for those changes attributable to Nomura’s own\n\n \n\nF-2\n7\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\ncreditworthiness which are reported in the consolidated statements of comprehensive income, net of applicable income taxes within\n\nOther comprehensive income (loss)\n\n.\n\nSee Note 13 “\n\nBorrowings\n\n” for further information.\n\nIncome taxes—\n\nDeferred tax assets and liabilities are recognized in the consolidated balance sheets to reflect the expected future tax consequences of operating loss carryforwards, tax credit carryforwards and temporary differences between the carrying amounts for financial reporting purposes and the tax bases of assets and liabilities based upon enacted tax laws and tax rates. Nomura recognizes deferred tax assets to the extent it believes that it is more likely than not that a benefit will be realized. A valuation allowance is established against deferred tax assets for tax benefits available to Nomura that are not deemed more likely than not to be realized.\n\nDeferred tax assets and deferred tax liabilities that relate to the same\ntax-paying\ncomponent within a particular tax jurisdiction are offset in the consolidated balance sheets. Net deferred tax assets and net deferred tax liabilities are reported in the consolidated balance sheets within\n\nOther assets\n\n—\n\nOther\n\nand\n\nOther liabilities\n\nrespectively.\n\nNomura recognizes and measures unrecognized tax benefits based on Nomura’s estimate of the likelihood, technical merits that tax positions will be sustained upon examination based on the facts and circumstances and information available at the end of each reporting period. Nomura adjusts the level of unrecognized tax benefits when there is more information available, or when an event occurs requiring a change. The reassessment of unrecognized tax benefits could have a material impact on Nomura’s effective tax rate in the period in which it occurs.\n\nNomura reports income\ntax-related\ninterest and penalties in the consolidated statements of income within\n\nIncome tax expense\n\n.\n\nSee Note 1\n7\n “\n\nIn\nco\nme taxes\n\n” for further information.\n\nStock-based and other compensation awards—\n\nStock-based awards issued by Nomura to senior management and other employees are classified as either equity or liability awards depending on the terms of the award.\n\nStock-based awards such as Stock Acquisition Rights (“SARs”) and Restricted Stock Units (“RSUs”) which are expected to be settled by the delivery of the NHI Shares are classified as equity awards. For these awards, total compensation cost is generally fixed at the grant date and measured using the grant-date fair value of the award, net of any amount the employee is obligated to pay and estimated forfeitures.\n\nStock-based awards such as Notional Stock Units (“NSUs”) and Collared Notional Stock Units (“CSUs”) which are expected to be settled in cash are classified as liability awards. Liability awards are remeasured to fair value at each balance sheet date, net of estimated forfeitures with the final measurement of cumulative compensation cost equal to the settlement amount.\n\nFor both equity and liability awards, fair value is determined either by using option pricing models, the market price of NHI Shares or the price of the third party index, as appropriate.\n\n \n\nF-2\n8\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nOther compensation awards include Notional Fund Units (“NFUs”) which are linked to performance of specific Nomura managed funds and are settled in cash. NFUs are remeasured to fair value with reference to the underlying funds’ performance at each balance sheet date, net of estimated forfeitures with the final measurement of cumulative compensation cost equal to the settlement amount. Nomura also issues Deferred Cash Awards (“DCAs”) which are multi-year awards settled in cash if specific service conditions are met.\n\nCompensation cost is recognized in the consolidated statements of income over the requisite service period, which generally is equal to the contractual vesting period. Where an award has graded vesting, compensation expense is recognized using the accelerated recognition method.\n\nCertain compensation awards include “Full Career Retirement” (“FCR”) provisions which permit recipients of the awards to continue to vest in the awards upon voluntary termination or by claiming FCR during a\npre-defined\nelection window if certain criteria based on corporate title and length of service within Nomura are met. The requisite service period for these awards ends on the earlier of the contractual vesting date and the date that the recipients become eligible for or claim FCR.\n\nCompensation cost recognized for stock-based and other compensation awards is reported in the consolidated statements of income within\n\nCompensation and benefits\n\n.\n\nSee Note 16 “\n\nDeferred compensation awards\n\n” for further information.\n\nEarnings per share—\n\nThe computation of basic earnings per share is based on the weighted average number of shares outstanding during the year. Diluted earnings per share reflects the assumed conversion of all dilutive securities based on the most advantageous conversion rate or exercise price available to the investors, and assuming conversion of convertible debt under the\nif-converted\nmethod.\n\nSee Note 1\n4\n “\n\nEarnings per share\n\n” for further information.\n\nCash and cash equivalents—\n\nNomura defines cash and cash equivalents as cash on hand and demand deposits with banks.\n\nGoodwill and intangible assets—\n\nGoodwill is recognized upon completion of a business combination as the difference between the purchase price and the fair value of the net assets acquired. Subsequent to initial recognition, goodwill is not amortized but is tested for impairment at a reporting unit level during the fourth quarter of each fiscal year, or more frequently during earlier interim periods if events or circumstances indicate there may be impairment. Nomura’s reporting units are at the same level as or one level below its business segments.\n\nNomura tests goodwill of each separate reporting unit by initially qualitatively assessing whether events and circumstances indicate that it is more likely than not (i.e., greater than 50% likelihood) that a reporting unit’s fair value is less than its carrying amount. If such assessment indicates fair value is not less than the carrying value, the reporting unit is deemed not to be impaired and no further analysis is required. If it is more likely than not that fair value of the reporting unit is below its carrying value, a quantitative test is then performed. A goodwill impairment loss is recognized through the consolidated statements of income as the excess of the carrying amount of a reporting unit, including goodwill, over its fair value but limited to the total amount of goodwill\n\n \n\nF-2\n9\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nallocated to the reporting unit. Intangible assets not subject to amortization (“indefinite-lived intangible assets”) are generally tested for impairment on an individual asset basis during the fourth quarter of each fiscal year, or more frequently during earlier interim periods if events or circumstances indicate there may be impairment. Similar to goodwill, Nomura tests an indefinite-lived intangible asset by initially qualitatively assessing whether events or circumstances indicate that it is more likely than not that the fair value of the intangible asset is less than its carrying amount. If such assessment indicates fair value is not less than the carrying value, the intangible asset is deemed not to be impaired and no further analysis is required. If it is more likely than not that the fair value of the intangible asset is below its carrying value, the current estimated fair value of the intangible asset is compared with its carrying value. An impairment loss is recognized if the carrying value of the intangible asset exceeds its estimated fair value.\n\nIntangible assets with finite lives (“finite-lived intangible assets”) are amortized over their estimated useful lives and tested for impairment either individually or with other assets (“asset group”) when events and circumstances indicate that the carrying value of the intangible asset (or asset group) may not be recoverable.\n\nA finite-lived intangible asset is impaired when its carrying amount or the carrying amount of the asset group exceeds its fair value. An impairment loss is recognized only if the carrying amount of the intangible asset (or asset group) is not recoverable and exceeds its fair value.\n\nFor both goodwill and intangible assets, to the extent an impairment loss is recognized, the loss establishes a new cost basis for the asset which cannot be subsequently reversed.\n\nSee Note 11 “\n\nOther assets\n\n—\n\nOffice buildings, land, equipment and facilities and Other / Other liabilities”\n\nfor further information.\n\nEmployee benefit pl\nans\n—\n\nNomura provides certain eligible employees with various be\nne\nfit plans, including pensions and other post-retirement benefits. These benefit plans are classified as either defined benefit plans or defined contribution plans.\n\nDefined benefit plans\n\nPlan assets and benefit obligations, as well as the net periodic benefit cost of a defined benefit pension or post-retirement benefit plan, are recognized based on various actuarial assumptions such as discount rates, expected return on plan assets and future compensation levels at the balance sheet date. Actuarial gains and losses in excess of 10% of the greater of the projected benefit obligation or the fair value of plan assets and unrecognized prior service costs or credits are amortized to net periodic benefit cost on a straight-line basis over the average remaining service life of active employees expected to receive benefits. The overfunded or underfunded status of a plan is reported within\n\nOther assets\n\n—\n\nOther\n\nor\n\nOther liabilities\n\nin the consolidated balance sheets, and changes in funded status are reflected in net periodic benefit cost in the consolidated statements of income within\n\nCompensation and benefits\n\nor\n\nOther\n\nand in the consolidated statements of comprehensive income, net of applicable income taxes within\n\nOther comprehensive income (loss)\n\n.\n\nDefined contribution plans\n\nThe net periodic pension and other benefit cost of defined contribution plans is recognized in the consolidated statements of income within\n\nCompensation and benefits\n\nwhen the employee renders service to Nomura, which generally coincides with when contributions to the plan are made.\n\nSee Note 15 “\n\nEmployee benefit plans\n\n” for further information.\n\n \n\nF-\n30\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nNew accounting pronouncements adopted during the current year—\n\nThe following table presents a summary of new accounting pronouncements relevant to Nomura which have been adopted on or after April 1, 2025, the date of adoption by Nomura and whether the new accounting pronouncement has had a material financial impact on these consolidated financial statements on adoption or prospectively since adoption:\n\n \n\nPronouncement\n\n \n\nSummary of new guidance\n\n \n\nAdoption date and\n\nmethod of adoption\n\n \n\nEffect on these\nconsolidated financial\nstatements\n\nASU 2023-08\n\n“Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets”\n\n \n\n•\n\nRequires all in-scope crypto assets be subsequently measured at FV-NI.\n\n \n\n•\n\nIn-scope crypto assets to be presented separately on the face of the financial statements from other intangible assets.\n\n \n\n•\n\nIntroduces new disclosure requirements for in-scope crypto assets applicable to all entities.\n\n \nNomura has adopted the amendments based on a modified retrospective approach from April 1, 2025.\n \n\nNo material financial impact on initial adoption or since adoption.\n\nASU\n2023-09\n\n“Income Taxes\n\n(\n\nTopic 740\n\n):\n\nImprovements to\n\nIncome Tax Disclosures\n\n”\n \n\n•\n\nIntroduces incremental annual disclosures for disaggregated information about an entity’s effective tax rate reconciliation and information on income taxes paid.\n\n \n\n•\n\nRemoves certain existing disclosure requirements in relation to unrecognized tax benefits and temporary differences for which a deferred tax liability is not recognized.\n\n \nNomura has adopted the amendments prospectively for the year ended March 31, 2026.\n \n\nAs this ASU only introduces additional disclosure requirements around Nomura’s effective tax rate and other tax-related matters and does not change the accounting for income taxes, no material financial impact in the year of adoption.\n\n \n\nSee Note 17\n\n“Income taxes”\n\nwhere the enhanced disclosures have been made.\n\nFuture accounting developments—\n\nThe following table presents a summary of new authoritative accounting pronouncements relevant to Nomura which will be adopted on or after April 1, 2026, the expected date of adoption by Nomura and whether the new accounting pronouncement is expected to have a material financial impact on these consolidated financial statements on initial adoption or prospectively after adoption:\n\n \n\nPronouncement\n\n \n\nSummary of new guidance\n\n \n\nExpected adoption\ndate and method of\nadoption\n\n \n\nEffect on these\nconsolidated financial\nstatements\n\nASU\n2024-03\n\n“Income Statement— Reporting Comprehensive Income— Expense Disaggregation Disclosures (Subtopic\n220-40):\nDisaggregation of Income Statement Expenses”,\n\nas amended by ASU\n2025-01\n\n“Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic\n220-40):\nClarifying the Effective Date”\n\n \n\n \n\n•\n\nRequires additional annual and interim disclosures about specific types of expenses presented in the consolidated statements of income.\n\n \n\nNomura currently plans to initially adopt the amendments to the annual and interim disclosures prospectively in the consolidated financial statements for the year ending March 31, 2028 and March 31, 2029 respectively.\n\n \n\nAs this ASU only introduces new disclosures and does not affect the accounting for expense items in the consolidated statements of income, no material financial impact is expected.\n\n \n\nF-3\n1\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nPronouncement\n\n \n\nSummary of new guidance\n\n \n\nExpected adoption\ndate and method of\nadoption\n\n \n\nEffect on these\nconsolidated financial\nstatements\n\nASU 2025-08\n\n“\n\nFinancial Instruments—Credit Losses (Topic 326): Purchased Loans\n\n”\n\n \n\n \n\n•\n\nExpands the scope of acquired financial assets subject to the gross-up approach in ASC 326 to purchased seasoned held-for-investment loans, excluding credit cards. Under the current guidance, the gross-up approach only applies to purchased financial assets with credit deterioration (“PCD”).\n\n \n\n•\n\nClarifies all non-PCD loans that were acquired in a business combination are deemed seasoned. Other non-PCD loans are seasoned if they were purchased at least 90 days after origination and the acquirer was not involved in the origination of the loans.\n\n \n\nNomura currently plans to initially adopt the amendments prospectively for the year ending March 31, 2028.\n\n \n\nNomura is evaluating the potential impact of this ASU but does not expect a material financial impact at this stage.\n\n2. Fair value measurements:\n\nThe fair value of financial instruments\n\nA significant amount of Nomura’s financial instruments are carried at fair value. Financial assets carried at fair value on a recurring basis, namely at FV-NI or FV-OCI, are reported in the consolidated balance sheets within\n\nTrading assets and private equity and debt investments, Loans and receivables, Collateralized agreements\n\nand\n\nOther assets\n\n. Financial liabilities carried at fair value on a recurring basis are reported within\n\nTrading liabilities, Short-term borrowings, Payables and deposits, Collateralized financing, Long-term borrowings\n\nand\n\nOther liabilities.\n\nOther financial assets and financial liabilities are carried at fair value on a nonrecurring basis, where the primary measurement basis is not fair value but where fair value is used in specific circumstances after initial recognition, such as to measure impairment.\n\nIn all cases, fair value is determined in accordance with ASC 820 which defines fair value as the amount that would be exchanged to sell a financial asset or transfer a financial liability in an orderly transaction between market participants at the measurement date. It assumes that the transaction occurs in the principal market for the relevant financial assets or financial liabilities, or in the absence of a principal market, the most advantageous market.\n\nFair value is usually determined on an individual financial instrument basis consistent with the unit of account of the financial instrument. However, certain financial instruments managed on a portfolio basis are valued as a portfolio, namely based on the price that would be received to sell a net long position (i.e., a net financial asset) or transfer a net short position (i.e., a net financial liability) consistent with how market participants would price the net risk exposure at the measurement date.\n\nFinancial assets carried at fair value also include investments in certain funds where, as a practical expedient, fair value is determined on the basis of net asset value per share (“NAV per share”) if the NAV per share is calculated in accordance with certain industry standard principles.\n\nIncreases and decreases in the fair value of assets and liabilities may significantly impact Nomura’s position, performance, liquidity and capital resources. As explained below, valuation techniques applied contain inherent uncertainties and Nomura is unable to predict the accurate impact of future developments in the market.\n\n \n\nF-3\n2\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nThe valuation of financial instruments is more difficult during periods of market stress as a result of greater volatility and reduced price transparency and may therefore require the greater use of judgement in the determination of fair value. Where appropriate, Nomura uses economic hedging strategies to mitigate risk, although these hedges are also subject to unpredictable movements in the market.\n\nValuation methodology for financial instruments carried at fair value on a recurring basis\n\nThe fair value of financial instruments is based on quoted market prices including market indices, broker or dealer quotations or an estimation by management of the expected exit price under current market conditions. Various financial instruments, including cash instruments and OTC contracts, have bid and offer prices that are observable in the market. These are measured at the point within the\nbid-offer\nrange which best represents Nomura’s estimate of fair value. Where quoted market prices or broker or dealer quotations are not available, prices for similar instruments or valuation pricing models are considered in the determination of fair value.\n\nWhere quoted prices are available in active markets, no valuation adjustments are taken to modify the fair value of assets or liabilities marked using such prices. Other instruments may be measured using valuation techniques, such as valuation pricing models incorporating observable valuation inputs, unobservable parameters or a combination of both. Valuation pricing models use valuation inputs which would be considered by market participants in valuing similar financial instruments.\n\nValuation pricing models and their underlying assumptions impact the amount and timing of unrealized and realized gains and losses recognized, and the use of different valuation pricing models or underlying assumptions could produce different financial results. Valuation uncertainty results from a variety of factors, including the valuation technique or model selected, the quantitative assumptions used within the valuation model, the inputs into the model, as well as other factors. Valuation adjustments are used to reflect the assessment of this uncertainty. Common valuation adjustments include model reserves, credit adjustments,\nclose-out\nadjustments, and other appropriate instrument-specific adjustments, such as those to reflect transfer or sale restrictions. Changes in these valuation adjustments may have a significant impact on our consolidated financial statements.\n\nThe level of adjustments is largely judgmental and is based on an assessment of the factors that management believe other market participants would use in determining the fair value of similar financial instruments. The type of adjustments taken, the methodology for the calculation of these adjustments, and the valuation inputs for these calculations are reassessed periodically to reflect current market practice and the availability of new information.\n\nFor example, the fair value of certain financial instruments includes adjustments for credit risk, both with regard to counterparty credit risk on positions held and Nomura’s own creditworthiness on positions issued. Credit risk on financial assets is significantly mitigated by credit enhancements such as collateral and netting arrangements. Any net credit exposure is measured using available and applicable valuation inputs for the relevant counterparty. The same approach is used to measure the credit exposure on Nomura’s financial liabilities as is used to measure counterparty credit risk on Nomura’s financial assets.\n\nSuch valuation pricing models are calibrated to the market on a regular basis and inputs used are adjusted for current market conditions and risks. The Valuation Model Validation Group within Nomura’s Risk Management Department reviews pricing models and assesses model appropriateness and consistency independently of the front office. The model reviews consider a number of factors about a model’s suitability for valuation and sensitivity of a particular product. Valuation models are calibrated to the market on a periodic basis by comparison to observable market pricing, comparison with alternative models and analysis of risk profiles.\n\nAs explained above, any changes in fixed income, equity, foreign exchange and commodity markets can impact Nomura’s estimates of fair value in the future, potentially affecting trading gains and losses. Where\n\n \n\nF-33\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nfinancial contracts have longer maturity dates, Nomura’s estimates of fair value may involve greater subjectivity due to the lack of transparent market data.\n\nFair value hierarchy\n\nCertain financial instruments carried at fair value, including those carried at fair value using the FVO, have been categorized into a three-level hierarchy (“fair value hierarchy”) based on the transparency of valuation inputs used by Nomura to estimate fair value. A financial instrument is classified in the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement of the financial instrument. The three levels of the fair value hierarchy are defined as follows, with Level 1 representing the most transparent inputs and Level 3 representing the least transparent inputs:\n\nLevel 1:\n\nObservable valuation inputs that reflect quoted prices (unadjusted) for identical financial instruments traded in active markets at the measurement date.\n\nLevel 2:\n\nValuation inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the financial instrument.\n\nLevel 3:\n\nUnobservable valuation inputs which reflect Nomura assumptions and specific data.\n\nThe availability of valuation inputs observable in the market varies by type of financial instrument and can be affected by a variety of factors. Significant factors include, but are not restricted to, the prevalence of similar financial instruments in the market, especially for those which are customized, how established the financial instrument is in the market, for example, whether it is a new financial instrument or is relatively mature, and the reliability of information provided in the market which would depend, for example, on the frequency and volume of current market data. A period of significant change in the market may reduce the availability of observable data. Under such circumstances, financial instruments may be reclassified into a lower level in the fair value hierarchy.\n\nSignificant judgments used in determining the classification of financial instruments include the nature of the market in which the financial instrument would be traded, the underlying risks, the type and liquidity of market data inputs and the nature of observed transactions for similar financial instruments.\n\nWhere valuation models include the use of valuation inputs which are less observable or unobservable in the market, significant management judgment is used in determining fair value. The valuations for Level 3 financial instruments, therefore, involve a greater degree of judgment than those valuations for Level 1 or Level 2 financial instruments.\n\nCertain criteria used to determine whether a market is active or inactive include the number of transactions, the frequency that pricing is updated by other market participants, the variability of price quotes among market participants, and the amount of publicly available information.\n\n \n\nF-34\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nThe following tables present the amounts of Nomura’s financial instruments carried at fair value on a recurring basis as of March 31, 2025 and 2026 within the fair value hierarchy.\n\n \n\n \n\n \n\nBillions of yen\n\n \n\n \n\nMarch 31, 2025\n\n \n\n \n\nLevel 1\n\n \n\n \n\nLevel 2\n\n \n\n \n\nLevel 3\n\n \n\n \n\nCounterparty\n\nand\n\nCash Collateral\n\nNetting\n(1)\n\n \n\n \n\nBalance as of\n\nMarch 31, 2025\n\n \n\nAssets:\n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\nTrading assets and private equity and debt investments\n(2)\n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\nEquities\n(3)\n\n \n\n¥\n\n2,807\n\n \n\n \n\n¥\n\n1,661\n\n \n\n \n\n¥\n\n21\n\n \n\n \n\n¥\n\n    — \n\n \n\n \n\n¥\n\n4,489\n\n \n\nPrivate equity and debt investments\n(5)\n\n \n\n \n\n0\n\n \n\n \n\n \n\n2\n\n \n\n \n\n \n\n103\n\n \n\n \n\n \n\n   — \n\n \n\n \n\n \n\n105\n\n \n\nJapanese government securities\n\n \n\n \n\n2,674\n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n  — \n\n \n\n \n\n \n\n2,674\n\n \n\nJapanese agency and municipal securities\n\n \n\n \n\n — \n\n \n\n \n\n \n\n222\n\n \n\n \n\n \n\n0\n\n \n\n \n\n \n\n  — \n\n \n\n \n\n \n\n222\n\n \n\nForeign government, agency and municipal securities\n\n \n\n \n\n4,402\n\n \n\n \n\n \n\n2,346\n\n \n\n \n\n \n\n6\n\n \n\n \n\n \n\n  — \n\n \n\n \n\n \n\n6,754\n\n \n\nBank and corporate debt securities and loans for trading purposes\n\n \n\n \n\n — \n\n \n\n \n\n \n\n1,762\n\n \n\n \n\n \n\n181\n\n \n\n \n\n \n\n  — \n\n \n\n \n\n \n\n1,943\n\n \n\nCommercial mortgage-backed securities (“CMBS”)\n\n \n\n \n\n — \n\n \n\n \n\n \n\n2\n\n \n\n \n\n \n\n10\n\n \n\n \n\n \n\n  — \n\n \n\n \n\n \n\n12\n\n \n\nResidential mortgage-backed securities (“RMBS”)\n\n \n\n \n\n — \n\n \n\n \n\n \n\n3,335\n\n \n\n \n\n \n\n48\n\n \n\n \n\n \n\n  — \n\n \n\n \n\n \n\n3,383\n\n \n\nIssued/Guaranteed by government sponsored entity\n\n \n\n \n\n — \n\n \n\n \n\n \n\n3,204\n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n  — \n\n \n\n \n\n \n\n3,204\n\n \n\nOther\n\n \n\n \n\n — \n\n \n\n \n\n \n\n131\n\n \n\n \n\n \n\n48\n\n \n\n \n\n \n\n  — \n\n \n\n \n\n \n\n179\n\n \n\nReal estate-backed securities\n\n \n\n \n\n — \n\n \n\n \n\n \n\n137\n\n \n\n \n\n \n\n207\n\n \n\n \n\n \n\n  — \n\n \n\n \n\n \n\n344\n\n \n\nCollateralized debt obligations (“CDOs”) and other\n(6)\n\n \n\n \n\n  — \n\n \n\n \n\n \n\n35\n\n \n\n \n\n \n\n42\n\n \n\n \n\n \n\n   — \n\n \n\n \n\n \n\n77\n\n \n\nInvestment trust funds and other\n\n \n\n \n\n470\n\n \n\n \n\n \n\n7\n\n \n\n \n\n \n\n3\n\n \n\n \n\n \n\n  — \n\n \n\n \n\n \n\n480\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal trading assets and private equity and debt investments\n\n \n\n \n\n10,353\n\n \n\n \n\n \n\n9,509\n\n \n\n \n\n \n\n621\n\n \n\n \n\n \n\n  — \n\n \n\n \n\n \n\n20,483\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDerivative assets\n(7)\n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\nEquity contracts\n\n \n\n \n\n14\n\n \n\n \n\n \n\n2,541\n\n \n\n \n\n \n\n17\n\n \n\n \n\n \n\n    — \n\n \n\n \n\n \n\n2,572\n\n \n\nInterest rate contracts\n\n \n\n \n\n22\n\n \n\n \n\n \n\n12,306\n\n \n\n \n\n \n\n100\n\n \n\n \n\n \n\n    — \n\n \n\n \n\n \n\n12,428\n\n \n\nCredit contracts\n\n \n\n \n\n1\n\n \n\n \n\n \n\n240\n\n \n\n \n\n \n\n63\n\n \n\n \n\n \n\n    — \n\n \n\n \n\n \n\n304\n\n \n\nForeign exchange contracts\n\n \n\n \n\n0\n\n \n\n \n\n \n\n4,330\n\n \n\n \n\n \n\n33\n\n \n\n \n\n \n\n    — \n\n \n\n \n\n \n\n4,363\n\n \n\nOther contracts\n\n \n\n \n\n3\n\n \n\n \n\n \n\n5\n\n \n\n \n\n \n\n3\n\n \n\n \n\n \n\n    — \n\n \n\n \n\n \n\n11\n\n \n\nNetting\n\n \n\n \n\n — \n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n(17,711\n\n) \n\n \n\n \n\n(17,711\n\n) \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal derivative assets\n\n \n\n \n\n40\n\n \n\n \n\n \n\n19,422\n\n \n\n \n\n \n\n216\n\n \n\n \n\n \n\n(17,711\n\n) \n\n \n\n \n\n1,967\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nSubtotal\n\n \n\n¥\n\n10,393\n\n \n\n \n\n¥\n\n28,931\n\n \n\n \n\n¥\n\n837\n\n \n\n \n\n¥\n\n(17,711\n\n) \n\n \n\n¥\n\n22,450\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nLoans and receivables\n(8)\n\n \n\n \n\n — \n\n \n\n \n\n \n\n1,795\n\n \n\n \n\n \n\n448\n\n \n\n \n\n \n\n  — \n\n \n\n \n\n \n\n2,243\n\n \n\nCollateralized agreements\n(9)\n\n \n\n \n\n — \n\n \n\n \n\n \n\n344\n\n \n\n \n\n \n\n15\n\n \n\n \n\n \n\n  — \n\n \n\n \n\n \n\n359\n\n \n\nOther assets\n(2)\n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\nNon-trading\ndebt securities\n(10)\n\n \n\n \n\n116\n\n \n\n \n\n \n\n352\n\n \n\n \n\n \n\n17\n\n \n\n \n\n \n\n   — \n\n \n\n \n\n \n\n485\n\n \n\nOther\n(3)(4)(11)\n\n \n\n \n\n211\n\n \n\n \n\n \n\n259\n\n \n\n \n\n \n\n275\n\n \n\n \n\n \n\n       — \n\n \n\n \n\n \n\n745\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal\n\n \n\n¥\n\n10,720\n\n \n\n \n\n¥\n\n31,681\n\n \n\n \n\n¥\n\n1,592\n\n \n\n \n\n¥\n\n(17,711\n\n) \n\n \n\n¥\n\n26,282\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nLiabilities:\n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\nTrading liabilities\n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\nEquities\n\n \n\n¥\n\n2,757\n\n \n\n \n\n¥\n\n18\n\n \n\n \n\n¥\n\n1\n\n \n\n \n\n¥\n\n — \n\n \n\n \n\n¥\n\n2,776\n\n \n\nJapanese government securities\n\n \n\n \n\n2,569\n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n2,569\n\n \n\nJapanese agency and municipal securities\n\n \n\n \n\n— \n\n \n\n \n\n \n\n2\n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n2\n\n \n\nForeign government, agency and municipal securities\n\n \n\n \n\n2,828\n\n \n\n \n\n \n\n754\n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n3,582\n\n \n\nBank and corporate debt securities\n\n \n\n \n\n— \n\n \n\n \n\n \n\n217\n\n \n\n \n\n \n\n0\n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n217\n\n \n\nResidential mortgage-backed securities (“RMBS”)\n\n \n\n \n\n— \n\n \n\n \n\n \n\n0\n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n0\n\n \n\nCollateralized Debt Obligation (CDO) and Other Securitized Product\n(6)\n\n \n\n \n\n — \n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n  — \n\n \n\n \n\n \n\n — \n\n \n\nInvestment trust funds and other\n\n \n\n \n\n249\n\n \n\n \n\n \n\n2\n\n \n\n \n\n \n\n0\n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n251\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal trading liabilities\n\n \n\n \n\n8,403\n\n \n\n \n\n \n\n993\n\n \n\n \n\n \n\n1\n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n9,397\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDerivative liabilities\n(7)\n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\nEquity contracts\n\n \n\n \n\n5\n\n \n\n \n\n \n\n3,048\n\n \n\n \n\n \n\n16\n\n \n\n \n\n \n\n  — \n\n \n\n \n\n \n\n3,069\n\n \n\nInterest rate contracts\n\n \n\n \n\n31\n\n \n\n \n\n \n\n11,523\n\n \n\n \n\n \n\n94\n\n \n\n \n\n \n\n  — \n\n \n\n \n\n \n\n11,648\n\n \n\nCredit contracts\n\n \n\n \n\n1\n\n \n\n \n\n \n\n282\n\n \n\n \n\n \n\n99\n\n \n\n \n\n \n\n  — \n\n \n\n \n\n \n\n382\n\n \n\nForeign exchange contracts\n\n \n\n \n\n — \n\n \n\n \n\n \n\n4,148\n\n \n\n \n\n \n\n46\n\n \n\n \n\n \n\n  — \n\n \n\n \n\n \n\n4,194\n\n \n\nOther contracts\n\n \n\n \n\n1\n\n \n\n \n\n \n\n42\n\n \n\n \n\n \n\n7\n\n \n\n \n\n \n\n  — \n\n \n\n \n\n \n\n50\n\n \n\nNetting\n\n \n\n \n\n — \n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n(17,361\n\n) \n\n \n\n \n\n(17,361\n\n) \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal derivative liabilities\n\n \n\n \n\n38\n\n \n\n \n\n \n\n19,043\n\n \n\n \n\n \n\n262\n\n \n\n \n\n \n\n(17,361\n\n) \n\n \n\n \n\n1,982\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nSubtotal\n\n \n\n¥\n\n8,441\n\n \n\n \n\n¥\n\n20,036\n\n \n\n \n\n¥\n\n263\n\n \n\n \n\n¥\n\n(17,361\n\n) \n\n \n\n¥\n\n11,379\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nShort-term borrowings\n(12)\n\n \n\n¥\n\n — \n\n \n\n \n\n¥\n\n595\n\n \n\n \n\n¥\n\n36\n\n \n\n \n\n¥\n\n  — \n\n \n\n \n\n¥\n\n631\n\n \n\nPayables and deposits\n(13)(14)\n\n \n\n \n\n — \n\n \n\n \n\n \n\n311\n\n \n\n \n\n \n\n14\n\n \n\n \n\n \n\n   — \n\n \n\n \n\n \n\n325\n\n \n\nCollateralized financing\n(9)\n\n \n\n \n\n — \n\n \n\n \n\n \n\n704\n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n  — \n\n \n\n \n\n \n\n704\n\n \n\nLong-term borrowings\n(12)(15)(16)\n\n \n\n \n\n10\n\n \n\n \n\n \n\n6,428\n\n \n\n \n\n \n\n477\n\n \n\n \n\n \n\n    — \n\n \n\n \n\n \n\n6,915\n\n \n\nOther liabilities\n(17)\n\n \n\n \n\n132\n\n \n\n \n\n \n\n265\n\n \n\n \n\n \n\n65\n\n \n\n \n\n \n\n  — \n\n \n\n \n\n \n\n462\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal\n\n \n\n¥\n\n8,583\n\n \n\n \n\n¥\n\n28,339\n\n \n\n \n\n¥\n\n855\n\n \n\n \n\n¥\n\n(17,361\n\n) \n\n \n\n¥\n\n20,416\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nF-3\n5\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n \n\n \n\nBillions of yen\n\n \n\n \n\nMarch 31, 2026\n\n \n\n \n\nLevel 1\n\n \n\n \n\nLevel 2\n\n \n\n \n\nLevel 3\n\n \n\n \n\nCounterparty\n\nand\n\nCash Collateral\nNetting\n(1)\n\n \n\n \n\nBalance as of\n\nMarch 31, 2026\n\n \n\nAssets:\n\n \n\n \n\n \n\n \n\n \n\nTrading assets and private equity and debt investments\n(2)\n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\nEquities\n(3)\n\n \n\n¥\n\n3,992\n\n \n\n \n\n¥\n\n1,576\n\n \n\n \n\n¥\n\n14\n\n \n\n \n\n¥\n\n   — \n\n \n\n \n\n¥\n\n5,582\n\n \n\nPrivate equity and debt investments\n(5)\n\n \n\n \n\n  — \n\n \n\n \n\n \n\n2\n\n \n\n \n\n \n\n146\n\n \n\n \n\n \n\n   — \n\n \n\n \n\n \n\n148\n\n \n\nJapanese government securities\n\n \n\n \n\n3,983\n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n  — \n\n \n\n \n\n \n\n3,983\n\n \n\nJapanese agency and municipal securities\n\n \n\n \n\n — \n\n \n\n \n\n \n\n142\n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n  — \n\n \n\n \n\n \n\n142\n\n \n\nForeign government, agency and municipal securities\n\n \n\n \n\n4,591\n\n \n\n \n\n \n\n2,549\n\n \n\n \n\n \n\n4\n\n \n\n \n\n \n\n  — \n\n \n\n \n\n \n\n7,144\n\n \n\nBank and corporate debt securities and loans for trading purposes\n\n \n\n \n\n — \n\n \n\n \n\n \n\n2,028\n\n \n\n \n\n \n\n104\n\n \n\n \n\n \n\n  — \n\n \n\n \n\n \n\n2,132\n\n \n\nCommercial mortgage-backed securities (“CMBS”)\n\n \n\n \n\n — \n\n \n\n \n\n \n\n9\n\n \n\n \n\n \n\n0\n\n \n\n \n\n \n\n  — \n\n \n\n \n\n \n\n9\n\n \n\nResidential mortgage-backed securities (“RMBS”)\n\n \n\n \n\n — \n\n \n\n \n\n \n\n3,172\n\n \n\n \n\n \n\n10\n\n \n\n \n\n \n\n  — \n\n \n\n \n\n \n\n3,182\n\n \n\nIssued/Guaranteed by government sponsored entity\n\n \n\n \n\n — \n\n \n\n \n\n \n\n3,021\n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n  — \n\n \n\n \n\n \n\n3,021\n\n \n\nOther\n\n \n\n \n\n — \n\n \n\n \n\n \n\n151\n\n \n\n \n\n \n\n10\n\n \n\n \n\n \n\n  — \n\n \n\n \n\n \n\n161\n\n \n\nReal estate-backed securities\n\n \n\n \n\n — \n\n \n\n \n\n \n\n445\n\n \n\n \n\n \n\n82\n\n \n\n \n\n \n\n  — \n\n \n\n \n\n \n\n527\n\n \n\nCollateralized debt obligations (“CDOs”) and other\n(6)\n\n \n\n \n\n  — \n\n \n\n \n\n \n\n25\n\n \n\n \n\n \n\n34\n\n \n\n \n\n \n\n   — \n\n \n\n \n\n \n\n59\n\n \n\nInvestment trust funds and other\n\n \n\n \n\n372\n\n \n\n \n\n \n\n56\n\n \n\n \n\n \n\n9\n\n \n\n \n\n \n\n  — \n\n \n\n \n\n \n\n437\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal trading assets and private equity and debt investments\n\n \n\n \n\n12,938\n\n \n\n \n\n \n\n10,004\n\n \n\n \n\n \n\n403\n\n \n\n \n\n \n\n  — \n\n \n\n \n\n \n\n23,345\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDerivative assets\n(7)\n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\nEquity contracts\n\n \n\n \n\n0\n\n \n\n \n\n \n\n3,016\n\n \n\n \n\n \n\n37\n\n \n\n \n\n \n\n  — \n\n \n\n \n\n \n\n3,053\n\n \n\nInterest rate contracts\n\n \n\n \n\n1\n\n \n\n \n\n \n\n15,686\n\n \n\n \n\n \n\n119\n\n \n\n \n\n \n\n  — \n\n \n\n \n\n \n\n15,806\n\n \n\nCredit contracts\n\n \n\n \n\n0\n\n \n\n \n\n \n\n296\n\n \n\n \n\n \n\n98\n\n \n\n \n\n \n\n  — \n\n \n\n \n\n \n\n394\n\n \n\nForeign exchange contracts\n\n \n\n \n\n0\n\n \n\n \n\n \n\n5,709\n\n \n\n \n\n \n\n35\n\n \n\n \n\n \n\n  — \n\n \n\n \n\n \n\n5,744\n\n \n\nOther contracts\n\n \n\n \n\n0\n\n \n\n \n\n \n\n3\n\n \n\n \n\n \n\n6\n\n \n\n \n\n \n\n  — \n\n \n\n \n\n \n\n9\n\n \n\nNetting\n\n \n\n \n\n — \n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n(22,113\n\n) \n\n \n\n \n\n(22,113\n\n) \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal derivative assets\n\n \n\n \n\n1\n\n \n\n \n\n \n\n24,710\n\n \n\n \n\n \n\n295\n\n \n\n \n\n \n\n(22,113\n\n) \n\n \n\n \n\n2,893\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nSubtotal\n\n \n\n¥\n\n12,939\n\n \n\n \n\n¥\n\n34,714\n\n \n\n \n\n¥\n\n698\n\n \n\n \n\n¥\n\n(22,113\n\n) \n\n \n\n¥\n\n26,238\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nLoans and receivables\n(8)\n\n \n\n \n\n6\n\n \n\n \n\n \n\n2,244\n\n \n\n \n\n \n\n584\n\n \n\n \n\n \n\n  — \n\n \n\n \n\n \n\n2,834\n\n \n\nCollateralized agreements\n(9)\n\n \n\n \n\n — \n\n \n\n \n\n \n\n455\n\n \n\n \n\n \n\n16\n\n \n\n \n\n \n\n  — \n\n \n\n \n\n \n\n471\n\n \n\nOther assets\n(2)\n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\nNon-trading\ndebt securities\n(10)\n\n \n\n \n\n347\n\n \n\n \n\n \n\n366\n\n \n\n \n\n \n\n48\n\n \n\n \n\n \n\n   — \n\n \n\n \n\n \n\n761\n\n \n\nOther\n(3)(4)(11)\n\n \n\n \n\n368\n\n \n\n \n\n \n\n264\n\n \n\n \n\n \n\n308\n\n \n\n \n\n \n\n        — \n\n \n\n \n\n \n\n940\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal\n\n \n\n¥\n\n13,660\n\n \n\n \n\n¥\n\n38,043\n\n \n\n \n\n¥\n\n1,654\n\n \n\n \n\n¥\n\n(22,113\n\n) \n\n \n\n¥\n\n31,244\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nLiabilities:\n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\nTrading liabilities\n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\nEquities\n\n \n\n¥\n\n3,438\n\n \n\n \n\n¥\n\n34\n\n \n\n \n\n¥\n\n0\n\n \n\n \n\n¥\n\n — \n\n \n\n \n\n¥\n\n3,472\n\n \n\nJapanese government securities\n\n \n\n \n\n2,719\n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n2,719\n\n \n\nJapanese agency and municipal securities\n\n \n\n \n\n— \n\n \n\n \n\n \n\n2\n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n2\n\n \n\nForeign government, agency and municipal securities\n\n \n\n \n\n2,694\n\n \n\n \n\n \n\n1,255\n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n3,949\n\n \n\nBank and corporate debt securities\n\n \n\n \n\n— \n\n \n\n \n\n \n\n220\n\n \n\n \n\n \n\n0\n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n220\n\n \n\nResidential mortgage-backed securities (“RMBS”)\n\n \n\n \n\n— \n\n \n\n \n\n \n\n0\n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n0\n\n \n\nCollateralized Debt Obligation (CDO) and Other Securitized Product\n(6)\n\n \n\n \n\n — \n\n \n\n \n\n \n\n0\n\n \n\n \n\n \n\n1\n\n \n\n \n\n \n\n  — \n\n \n\n \n\n \n\n1\n\n \n\nInvestment trust funds and other\n\n \n\n \n\n120\n\n \n\n \n\n \n\n13\n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n133\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal trading liabilities\n\n \n\n \n\n8,971\n\n \n\n \n\n \n\n1,524\n\n \n\n \n\n \n\n1\n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n10,496\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDerivative liabilities\n(7)\n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\nEquity contracts\n\n \n\n \n\n0\n\n \n\n \n\n \n\n3,561\n\n \n\n \n\n \n\n10\n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n3,571\n\n \n\nInterest rate contracts\n\n \n\n \n\n24\n\n \n\n \n\n \n\n14,476\n\n \n\n \n\n \n\n135\n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n14,635\n\n \n\nCredit contracts\n\n \n\n \n\n3\n\n \n\n \n\n \n\n402\n\n \n\n \n\n \n\n154\n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n559\n\n \n\nForeign exchange contracts\n\n \n\n \n\n— \n\n \n\n \n\n \n\n5,292\n\n \n\n \n\n \n\n57\n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n5,349\n\n \n\nOther contracts\n\n \n\n \n\n2\n\n \n\n \n\n \n\n27\n\n \n\n \n\n \n\n8\n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n37\n\n \n\nNetting\n\n \n\n \n\n— \n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n(21,731\n\n) \n\n \n\n \n\n(21,731\n\n) \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal derivative liabilities\n\n \n\n \n\n29\n\n \n\n \n\n \n\n23,758\n\n \n\n \n\n \n\n364\n\n \n\n \n\n \n\n(21,731\n\n) \n\n \n\n \n\n2,420\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nSubtotal\n\n \n\n¥\n\n9,000\n\n \n\n \n\n¥\n\n25,282\n\n \n\n \n\n¥\n\n365\n\n \n\n \n\n¥\n\n(21,731\n\n) \n\n \n\n¥\n\n12,916\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nShort-term borrowings\n(12)\n\n \n\n¥\n\n — \n\n \n\n \n\n¥\n\n873\n\n \n\n \n\n¥\n\n43\n\n \n\n \n\n¥\n\n  — \n\n \n\n \n\n¥\n\n916\n\n \n\nPayables and deposits\n(13)(14)\n\n \n\n \n\n — \n\n \n\n \n\n \n\n303\n\n \n\n \n\n \n\n12\n\n \n\n \n\n \n\n   — \n\n \n\n \n\n \n\n315\n\n \n\nCollateralized financing\n(9)\n\n \n\n \n\n — \n\n \n\n \n\n \n\n694\n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n  — \n\n \n\n \n\n \n\n694\n\n \n\nLong-term borrowings\n(12)(15)(16)\n\n \n\n \n\n11\n\n \n\n \n\n \n\n8,024\n\n \n\n \n\n \n\n452\n\n \n\n \n\n \n\n    — \n\n \n\n \n\n \n\n8,487\n\n \n\nOther liabilities\n(17)\n\n \n\n \n\n255\n\n \n\n \n\n \n\n284\n\n \n\n \n\n \n\n67\n\n \n\n \n\n \n\n  — \n\n \n\n \n\n \n\n606\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal\n\n \n\n¥\n\n9,266\n\n \n\n \n\n¥\n\n35,460\n\n \n\n \n\n¥\n\n939\n\n \n\n \n\n¥\n\n(21,731\n\n) \n\n \n\n¥\n\n23,934\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n(1)\n\nRepresents the amount offset under counterparty netting of derivative assets and liabilities as well as cash collateral netting against net derivatives assets or liabilities.\n\n \n\nF-3\n6\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n(2)\n\nInvestments that are carried at fair value using NAV per share as a practical expedient have not been classified in the fair value hierarchy. As of March 31, 2025 and March 31, 2026, the fair values of these investments which are included in\n\nTrading assets and private equity and debt investments\n\nwere ¥73 billion and ¥104 billion, respectively. As of March 31, 2025 and March 31, 2026, the fair values of these investments which are included in\n\nOther assets\n\nwere ¥3 billion and ¥15 billion, respectively.\n\n(3)\n\nIncludes equity investments that would have been accounted for under the equity method had Nomura not chosen to elect the FVO.\n\n(4)\n\nIncludes equity investments which comprise listed and unlisted equity securities held for operating purposes in the amounts of ¥72,184 million and ¥26,217 million, respectively, as of March 31, 2025 and ¥97,173 million and ¥26,018 million, respectively, as of March 31, 2026.\n\n(5)\n\nPrivate equity and debt investments\n\ninclude minority private equity and venture capital equity investments and other junior debt investments such as mezzanine debt held for\nnon-trading\npurposes, and\npost-IPO\ninvestments. These investments also include equity investments that would have been accounted for under the equity method had Nomura not chosen to elect the FVO.\n\n(6)\n\nIncludes collateralized loan obligations (“CLOs”) and asset-backed securities (“ABS”) such as those secured on credit card loans, auto loans and student loans.\n\n(7)\n\nDerivatives which contain multiple types of risk are classified based on the primary risk type of the instrument.\n\n(8)\n\nIncludes loans and receivables for which the fair value option has been elected.\n\n(9)\n\nIncludes collateralized agreements or collateralized financing for which the FVO has been elected.\n\n(10)\n\nIncludes\nnon-trading\ndebt securities for which the FVO has been elected and AFS debt securities.\n\n(11)\n\nIncludes\nnon-financial\nassets carried at fair value on a recurring basis using similar valuation methodologies to those used for financial instruments.\n\n(12)\n\nIncludes structured notes for which the FVO has been elected.\n\n(13)\n\nIncludes deposits received at banks for which the FVO has been elected.\n\n(14)\n\nIncludes embedded derivatives bifurcated from deposits received at banks. Deposits are adjusted for fair value changes in corresponding embedded derivatives for presentation in the consolidated balance sheets.\n\n(15)\n\nIncludes embedded derivatives bifurcated from issued structured notes. Structured notes are adjusted for fair value changes in corresponding embedded derivatives for presentation in the consolidated balance sheets\n\n(16)\n\nIncludes liabilities recognized from secured financing transactions that are accounted for as financings rather than sales. Nomura elected the fair value option for these liabilities.\n\n(17)\n\nIncludes loan commitments for which the FVO has been elected.\n\nValuation techniques by major class of financial instrument\n\nThe valuation techniques used by Nomura to estimate fair value for major classes of financial instruments, together with the significant inputs which determine classification in the fair value hierarchy, are as follows.\n\nEquities\n\nand equity securities reported within\n\nOther assets\n\n—\n\nEquities and equity securities reported within\n\nOther assets\n\ninclude direct holdings of both listed and unlisted equity securities, and fund investments. The fair value of listed equity securities is determined using quoted prices for identical securities from active markets where available. These valuations should be in line with market practice and therefore can be based on bid prices or\nmid-market\nprices. Nomura determines whether the market is active depending on the sufficiency and frequency of trading activity. Where these securities are classified in Level 1 of the fair value hierarchy, no valuation adjustments are made to fair value. Listed equity securities traded in inactive markets are also generally valued using the exchange price and are classified in Level 2. While rare in practice, Nomura may apply a discount or liquidity adjustment to the exchange price of a listed equity security traded in an inactive market if the exchange price is not considered to be an appropriate representation of fair value. These adjustments are determined by individual security and are not determined or influenced by the size of holding. The amount of such adjustments made to listed equity securities traded in inactive markets was ¥nil as of March 31, 2025 and 2026, respectively. The fair value of unlisted equity securities is determined using the same valuation technique as private equity and debt investments described below and are usually classified in Level 3 because significant valuation inputs such as liquidity discounts and credit spreads are unobservable.\n\nPrivate equity and debt investments\n\n—\n\nThe determination of fair value of unlisted equity and debt investments requires significant management judgment because the investments, by their nature, have little or no price transparency. Private equity and debt investments are initially carried at cost as an approximation of fair value. Adjustments to carrying value are made if there is third party evidence of a change in value. Adjustments are also made, in the absence of third party transactions, if it is determined that the expected exit price of the investment is different from carrying value. In reaching that determination, Nomura primarily uses either a\n\n \n\nF-3\n7\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\ndiscounted cash flow (“DCF”) or market multiple valuation technique. A DCF valuation technique incorporates estimated future cash flows to be generated from the investee, as adjusted for an appropriate growth rate discounted at a weighted average cost of capital (“WACC”). Market multiple valuation techniques include comparables such as Enterprise Value/Earnings before interest, taxes, depreciation and amortization (“EV/EBITDA”) ratios, Price/Earnings (“PE”) ratios, Price/Book ratios, Price/Embedded Value ratios and other multiples based on relationships between numbers reported in the financial statements of the investee and the price of comparable companies. A liquidity discount may also be applied to either a DCF or market multiple valuation to reflect the specific characteristics of the investee. The liquidity discount includes considerations for various uncertainties in the model and inputs to valuation. Where possible these valuations are compared with the operating cash flows and financial performance of the investee or properties relative to budgets or projections, PE data for similar quoted companies, trends within sectors and/or regions and any specific rights or terms associated with the investment, such as conversion features and liquidation preferences. Private equity and debt investments are generally classified in Level 3 since the valuation inputs such as those mentioned above are usually unobservable.\n\nGovernment, agency and municipal securities\n\n—\n\nThe fair value of Japanese and other G7 government securities is primarily determined using quoted market prices, executable broker or dealer quotations, or alternative pricing sources. These securities are traded in active markets and therefore are classified within Level 1 of the fair value hierarchy.\nNon-G7\ngovernment securities, agency securities and municipal securities are valued using similar pricing sources but are generally classified in Level 2 as they are traded in inactive markets. Certain\nnon-G7\nsecurities may be classified in Level 1 because they are traded in active markets. Certain securities may be classified in Level 3 because they are traded infrequently and there is not sufficient information from comparable securities to classify them in Level 2. These are valued using DCF valuation techniques which include significant unobservable valuation inputs such as credit spreads of the issuer.\n\nBank and corporate debt securities\n\n—\n\nThe fair value of bank and corporate debt securities is primarily determined using broker or dealer quotations and recent market transactions of identical or similar debt securities if available, but also using DCF valuation techniques. Consideration is given to the nature of the broker and dealer quotations, namely whether these are indicative or executable, the number of available quotations and how these quotations compare to any available recent market activity or alternative pricing sources. The significant valuation inputs used for DCF valuations are yield curves, asset swap spreads, recovery rates and credit spreads of the issuer. Bank and corporate debt securities are generally classified in Level 2 because these valuation inputs are usually observable or market-corroborated. Certain bank and corporate debt securities will be classified in Level 3 because they are traded infrequently and there is insufficient information from comparable securities to classify them in Level 2, or credit spreads or recovery rates of the issuer used in DCF valuations are unobservable.\n\nCommercial mortgage-backed securities (“CMBS”)\n\nand\n\nResidential mortgage-backed securities (“RMBS”)\n\n—\n\nThe fair value of CMBS and RMBS are primarily determined using DCF valuation techniques but also using broker or dealer quotations and recent market transactions of identical or similar securities, if available. Consideration is given to the nature of the broker and dealer quotations, namely whether these are indicative or executable, the number of available quotations and how these quotations compare to any available recent market activity or alternative pricing sources. The significant valuation inputs include yields, prepayment rates, default probabilities and loss severities. CMBS and RMBS securities are generally classified in Level 2 because these valuation inputs are observable or market-corroborated. Certain CMBS and RMBS positions will be classified in Level 3 because they are traded infrequently and there is insufficient information from comparable securities to classify them in Level 2, or one or more of the significant valuation inputs used in DCF valuations are unobservable.\n\n \n\nF-3\n8\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nReal estate-backed securities\n\n—\n\nThe fair value of real estate-backed securities is determined using broker or dealer quotations, recent market transactions or by reference to a comparable market index. Consideration is given to the nature of the broker and dealer quotations, namely whether these are indicative or executable, the number of available quotations and how these quotations compare to any available recent market activity or alternative pricing sources. Where all significant inputs are observable, the securities will be classified in Level 2. For certain securities, no direct pricing sources or comparable securities or indices may be available. These securities are valued using DCF or valuation techniques and are classified in Level 3 as the valuation includes significant unobservable valuation inputs such as yields or loss severities.\n\nCollateralized debt obligations (“CDOs”) and other\n\n—\n\nThe fair value of CDOs is primarily determined using DCF valuation techniques but also using broker or dealer quotations and recent market transactions of identical or similar securities, if available. Consideration is given to the nature of the broker and dealer quotations, namely whether these are indicative or executable, the number of available quotations and how these quotations compare to any available recent market activity or alternative pricing sources. The significant valuation inputs used include market spread data for each credit rating, yields, prepayment rates, default probabilities and loss severities. CDOs are generally classified in Level 2 because these valuation inputs are observable or market-corroborated. CDOs will be classified in Level 3 where one or more of the significant valuation inputs used in the DCF valuations are unobservable.\n\nInvestment trust funds and other\n\n—\n\nPublicly traded funds which are valued based on quoted prices in active markets are classified in Level 1 of the fair value hierarchy. Investments in funds that are not publicly traded but Nomura has the ability to redeem its investment at NAV per share on the balance sheet date are valued at NAV and classified in Level 2. Investments in funds which are valued using significant unobservable valuation inputs such as credit spreads of issuer and correlation are classified in Level 3. Investment in funds that are carried at fair value using NAV per share as a practical expedient are not classified in the fair value hierarchy.\n\nDerivatives\n\n—\n\nEquity contracts\n\n—\n\nNomura enters into both exchange-traded and OTC equity derivative transactions such as index and equity options, equity basket options and index and equity swaps. Where these derivatives are traded in active markets and the exchange price is representative of fair value, the fair value of exchange-traded equity derivatives is determined using an unadjusted exchange price and classified in Level 1 of the fair value hierarchy. The fair value of exchange-traded equity derivatives which are traded in inactive markets or where the exchange price is not representative of fair value is determined using a model price and are classified in Level 2. The fair value of OTC equity derivatives is determined through option models such as Black-Scholes and Monte Carlo simulation. The significant valuation inputs used include equity prices, dividend yields, volatilities and correlations. Valuation adjustments are also made to model valuations in order to reflect counterparty credit risk on derivative assets and Nomura’s own creditworthiness on derivative liabilities. OTC equity derivatives are generally classified in Level 2 because all significant valuation inputs and adjustments are observable or market-corroborated. Certain less liquid vanilla or more complex equity derivatives are classified in Level 3 where dividend yield, volatility or correlation valuation inputs are significant and unobservable.\n\nDerivatives\n\n—\n\nInterest rate contracts\n\n—\n\nNomura enters into both exchange-traded and OTC interest rate derivative transactions such as interest rate swaps, currency swaps, interest rate options, forward rate agreements, swaptions, caps and floors. Where these derivatives are traded in active markets and the exchange price is representative of fair value, the fair value of exchange-traded interest rate derivatives is determined using an unadjusted exchange price and classified in Level 1 of the fair value hierarchy. The fair value of exchange-traded interest rate derivatives which are traded in inactive markets or where the exchange price is not representative of fair value is determined using a model price and are classified in Level 2. The fair value of OTC interest rate derivatives is determined through DCF valuation techniques as well as option models such as Black-Scholes or Monte Carlo simulation. The significant valuation inputs used include interest rates, forward foreign exchange\n\n \n\nF-39\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n(“FX”) rates, volatilities and correlations. Valuation adjustments are also made to model valuations in order to reflect counterparty credit risk on derivative assets and Nomura’s own creditworthiness on derivative liabilities. OTC interest rate derivatives are generally classified in Level 2 because all significant valuation inputs and adjustments are observable or market-corroborated. Certain less liquid vanilla or more complex OTC interest rate derivatives are classified in Level 3 where interest rate, volatility or correlation valuation inputs are significant and unobservable.\n\nDerivatives\n\n—\n\nCredit contracts\n\n—\n\nNomura enters into OTC credit derivative transactions such as credit default swaps and credit options on single names, indices or baskets of assets. The fair value of OTC credit derivatives is determined through DCF valuation techniques as well as option models such as Black-Scholes or Monte Carlo simulation. The significant valuation inputs used include interest rates, credit spreads, recovery rates, default probabilities, volatilities and correlations. Valuation adjustments are also made to model valuations in order to reflect counterparty credit risk on derivative assets and Nomura’s own creditworthiness on derivative liabilities. OTC credit derivatives are generally classified in Level 2 of the fair value hierarchy because all significant valuation inputs and adjustments are observable or market-corroborated. Certain less liquid vanilla or more complex OTC credit derivatives are classified in Level 3 where credit spread, recovery rate, volatility or correlation valuation inputs are significant and unobservable.\n\nDerivatives\n\n—\n\nForeign exchange contracts\n\n—\n\nNomura enters into both exchange-traded and OTC foreign exchange derivative transactions such as foreign exchange forwards and currency options. The fair value of exchange-traded foreign exchange derivatives which are traded in inactive markets or where the exchange price is not representative of fair value is determined using a model price and are classified in Level 2. The fair value of OTC foreign exchange derivatives is determined through DCF valuation techniques as well as option models such as Black-Scholes or Monte Carlo simulation. The significant valuation inputs used include interest rates, forward FX rates, spot FX rates and volatilities. Valuation adjustments are also made to model valuations in order to reflect counterparty credit risk on derivative assets and Nomura’s own creditworthiness on derivative liabilities. OTC foreign exchange derivatives are generally classified in Level 2 because all significant valuation inputs and adjustments are observable or market-corroborated. Certain foreign exchange derivatives are classified in Level 3 where interest rates, volatility or correlation valuation inputs are significant and unobservable.\n\nNomura includes valuation adjustments in its estimation of fair value of certain OTC derivatives relating to funding costs associated with these transactions to be consistent with how market participants in the principal market for these derivatives would determine fair value.\n\nLoans and receivables\n\n—\n\nThe fair value of loans and receivables carried at fair value either as trading assets or through election of the fair value option is primarily determined using DCF valuation techniques as quoted prices are typically not available. The significant valuation inputs used are similar to those used in the valuation of corporate debt securities described above. Loans and receivables are generally classified in Level 2 of the fair value hierarchy because all significant valuation inputs are observable. Certain loans and receivables, however, are classified in Level 3 because they are traded infrequently and there is not sufficient information from comparable securities to classify them in Level 2 or credit spreads of the issuer or recovery rates used in DCF valuations are significant and unobservable.\n\nCollateralized agreements\n \n\nand\n\n \nCollateralized financing\n\n—\n\nThe primary types of collateralized agreement and financing transactions carried at fair value are reverse repurchase and repurchase agreements elected for the fair value option. The fair value of these financial instruments is primarily determined using DCF valuation techniques. The significant valuation inputs used include interest rates and collateral funding spreads such as general collateral or special rates. Reverse repurchase and repurchase agreements are generally classified in Level 2 of the fair value hierarchy because these valuation inputs are usually observable.\n\n \n\nF-40\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nNon-trading\ndebt securities\n\n—\n\nThese are debt securities held by certain\nnon-trading\nsubsidiaries in the group and are valued and classified in the fair value hierarchy using the same valuation techniques used for other debt securities classified as\n\nGovernment, agency and municipal securities\n\nand\n\nBank and corporate debt securities\n\ndescribed above.\n\nShort-term\n\nand\n\nlong-term borrowings (“Structured notes”)\n\n—\n\nStructured notes are debt securities issued by Nomura or by consolidated VIEs which contain embedded features that alter the return to the investor from simply receiving a fixed or floating rate of interest to a return that depends upon some other variables, such as an equity or equity index, commodity price, foreign exchange rate, credit rating of a third party or a more complex interest rate (i.e., an embedded derivative).\n\nThe fair value of structured notes is determined using quoted prices in active markets for the identical instrument if available, and where not available, using a mixture of valuation techniques that use the quoted price of the identical liability when traded as an asset, quoted prices for similar liabilities, similar liabilities when traded as assets, or an internal model which combines DCF valuation techniques and option pricing models, depending on the nature of the embedded features within the structured note. Where an internal model is used, Nomura estimates the fair value of both the underlying debt instrument and the embedded derivative components. The significant valuation inputs used to estimate the fair value of the debt instrument component include yield curves, prepayment rates, default probabilities and loss severities. The significant valuation inputs used to estimate the fair value of the embedded derivative component are the same as those used for the relevant type of freestanding OTC derivative discussed above. A valuation adjustment is also made to the entire structured note in order to reflect Nomura’s own creditworthiness. This adjustment is determined based on recent observable secondary market transactions and executable broker quotes involving Nomura debt instruments and is therefore typically treated as a Level 2 valuation input. Structured notes are generally classified in Level 2 of the fair value hierarchy as all significant valuation inputs and adjustments are observable. Where any unobservable valuation inputs are significant, such as yields, prepayment rates, default probabilities, loss severities, volatilities and correlations used to estimate the fair value of the embedded derivative component, structured notes are classified in Level 3.\n\nLong-term borrowings (“Secured financing transactions”)\n\n—\n\nSecured financing transactions are liabilities recognized when a transfer of a financial asset does not meet the criteria for sales accounting under ASC 860 and therefore the transaction is accounted for as a secured borrowing. These liabilities are valued using the same valuation techniques that are applied to the transferred financial assets which remain on the consolidated balance sheets and are therefore classified in the same level in the fair value hierarchy as the transferred financial assets. These liabilities do not provide general recourse to Nomura and therefore, no adjustment is made to reflect Nomura’s own creditworthiness.\n\nLevel 3 financial instruments\n\nThe valuation of Level 3 financial instruments is dependent on certain significant valuation inputs which are unobservable. Common characteristics of an inactive market include a low number of transactions of the financial instrument, stale or\nnon-current\nprice quotes, price quotes that vary substantially either over time or among market makers,\nnon-executable\nbroker quotes or little publicly released information.\n\nIf corroborative evidence is not available to value Level 3 financial instruments, fair value may be measured using other equivalent products in the market. The level of correlation between the specific Level 3 financial instrument and the available benchmark instrument is considered as an unobservable valuation input. Other techniques for determining an appropriate value for unobservable valuation input may consider information such\n\n \n\nF-4\n1\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nas consensus pricing data among certain market participants, historical trends, extrapolation from observable market data and other information Nomura would expect market participants to use in valuing similar instruments.\n\nUse of reasonably possible alternative valuation input assumptions to value Level 3 financial instruments will significantly influence fair value determination. Ultimately, the uncertainties described above about input assumptions imply that the fair value of Level 3 financial instruments is a judgmental estimate. The specific valuation for each instrument is based on management’s judgment of prevailing market conditions, in accordance with Nomura’s established valuation policies and procedures.\n\nQuantitative and qualitative information regarding significant unobservable valuation inputs\n\nThe following tables present quantitative and qualitative information about the significant unobservable valuation inputs used by Nomura to measure the fair value of financial instruments classified in Level 3 as of March 31, 2025 and 2026. These financial instruments will also typically include observable valuation inputs (i.e., Level 1 or Level 2 valuation inputs) which are not included in the table and are also often hedged using financial instruments which are classified in Level 1 or Level 2 of the fair value hierarchy. Changes in each of these significant unobservable valuation inputs used by Nomura will impact upon the fair value measurement of the financial instrument. The following tables also illustrate qualitatively how an increase in those significant unobservable valuation inputs might result in a higher or lower fair valu\ne meas\nurement at the reporting date and the interrelationship between significant unobservable valuation inputs where more than one is used to determine fair value measurement of the financial instruments.\n\n \n\n \n \n\nMarch 31, 2025\n\nFinancial Instrument\n\n \n\nFair\nvalue in\nbillions of\nyen\n\n \n \n\nValuation\n\ntechnique\n\n \n\nSignificant\n\nunobservable\nvaluation input\n\n \n\nRange of\n\nvaluation\n\ninputs\n(1)\n\n \n\nWeighted\n\nAverage\n(2)(3)\n\n \n\nImpact of\nincreases in\nsignificant\nunobservable\nvaluation\n\ninputs\n(4)(5)\n\n \n\n  Interrelationships  \nbetween valuation\n\ninputs\n(6)\n\nAssets:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTrading assets and private equity and debt investments\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nEquities\n\n \n¥\n21  \n \n \nDCF/ Option models\n \nCredit spreads\n \n2.5%\n \n2.5%\n \nLower fair value\n \nNot applicable\n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nPrivate equity and debt investments\n\n \n\n \n\n103  \n\n \n\n \n\nDCF\n\n \n\nWACC\n\nGrowth rates\n\nCredit spreads\n\nLiquidity discounts\n\n \n\n5.8 – 17.3%\n\n0.0\n – 2.0%\n\n7.9 – 11.0%\n\n5.0 – 30.0%\n\n \n\n11.6%\n\n1.2%\n\n9.4%\n\n16.0%\n\n \n\nLower fair value\n\nHigher fair value\n\nLower fair value\n\nLower fair value\n\n \n\nNo predictable interrelationship\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \nMarket multiples\n \nEV/EBITDA ratios\n \n7.8 – 16.2 x\n \n10.0 x\n \nHigher fair value\n \nNo predictable interrelationship\n\n \n\n \nPE Ratios\n \n10.6 – 28.4 x\n \n15.2 x\n \nHigher fair value\n\n \n\n \n\n \nLiquidity discounts\n \n5.0 – 20.0%\n \n9.6%\n \nLower fair value\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nForeign government, agency and municipal securities\n\n \n\n \n\n6  \n\n \n\n \n\nDCF\n\n \n\nCredit spreads\n\nRecovery rates\n\n \n\n0.0\n – 2.4%\n\n3.4 – 18.0%\n\n \n\n1.1%\n\n14.4%\n\n \n\nLower fair value\n\nHigher fair value\n\n \n\nNo predictable interrelationship\n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBank and corporate debt securities and loans for trading purposes\n\n \n\n \n\n181  \n\n \n\n \n\nDCF\n\n \n\nCredit spreads\n\nRecovery rates\n\n \n\n0.0\n – 227.0%\n\n0.0\n – 100.0%\n\n \n\n14.3%\n\n79.8%\n\n \n\nLower fair value\n\nHigher fair value\n\n \n\nNo predictable interrelationship\n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nF-4\n2\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n \n \n\nMarch 31, 2025\n\nFinancial Instrument\n\n \n\nFair\nvalue in\nbillions of\nyen\n\n \n \n\nValuation\n\ntechnique\n\n \n\nSignificant\n\nunobservable\nvaluation input\n\n \n\nRange of\n\nvaluation\n\ninputs\n(1)\n\n \n\nWeighted\n\nAverage\n(2)(3)\n\n \n\nImpact of\nincreases in\nsignificant\nunobservable\nvaluation\n\ninputs\n(4)(5)\n\n \n\n  Interrelationships  \nbetween valuation\n\ninputs\n(6)\n\nCommercial mortgage- backed securities (“CMBS”)\n\n \n\n¥\n\n10  \n\n \n\n \n\nDCF\n\n \n\nYields\n\nLoss severities\n\n \n\n21.1%\n\n65.0%\n\n \n\n21.1%\n\n65.0%\n\n \n\nLower fair value\n\nLower fair value\n\n \n\nNo predictable interrelationship\n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nResidential mortgage-backed securities (“RMBS”)\n\n \n\n \n\n48  \n\n \n\n \n\nDCF\n\n \n\nYields\n\nPrepayment rates\n\nLoss severities\n\n \n\n21.5 – 62.2%\n\n12.0 – 15.0%\n\n0.\n0\n\n – 100.0%\n\n \n\n41.6%\n\n13.5%\n\n50.4%\n\n \n\nLower fair value\n\nLower fair value\n\nLower fair value\n\n \n\nNo predictable interrelationship\n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nReal estate-backed securities\n\n \n\n \n\n207  \n\n \n\n \n\nDCF\n\n \n\nLoss severities\n\n \n\n0.0\n – 16.9%\n\n \n\n2.3%\n\n \n\nLower fair value\n\n \n\nNot applicable\n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCollateralized debt obligations (“CDOs”) and other\n\n \n\n \n\n42  \n\n \n\n \n\nDCF\n\n \n\nYields\n\nPrepayment rates\n\nDefault probabilities\n\nLoss severities\n\nCredit spreads\n\n \n\n4.0 – 50.0%\n\n20.0%\n\n2.0%\n\n62.9 – 100.0%\n\n0.1 – 16.9%\n\n \n\n13.6%\n\n20.0%\n\n2.0%\n\n87.7%\n\n4.7%\n\n \n\nLower fair value\n\nLower fair value\n\nLower fair value\n\nLower fair value\n\nLower fair value\n\n \n\nChange in default probabilities typically accompanied by directionally similar change in loss severities and opposite change in prepayment rates\n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nInvestment trust funds and other\n\n \n\n \n\n3  \n\n \n\n \n\nDCF\n\n \n\nLiquidity discounts\n\n \n\n1.5 – 2.9%\n\n \n\n2.1%\n\n \n\nLower fair value\n\n \n\nNot applicable\n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDerivatives, net:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nEquity contracts\n\n \n \n1  \n \n \n\nOption models\n\n \n\nDividend yield\n\nVolatilities\n\nCorrelations\n\n \n\n0.0\n – 16.6%\n\n3.5 – 99.4%\n\n(0.85) – 0.99\n\n \n\n— \n\n— \n\n— \n\n \n\nHigher fair value\n\nHigher fair value\n\nHigher fair value\n\n \n\nNo predictable interrelationship\n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nInterest rate contracts\n\n \n\n \n\n6  \n\n \n\n \n\nDCF/ Option models\n\n \n\nInterest rates\n\nVolatilities\n\nVolatilities\n\nCorrelations\n\n \n\n0.9 – 4.5%\n\n9.8 – 13.3%\n\n41.0 – 261.7 bp\n\n(1.00) – 0.99\n\n \n\n— \n\n— \n\n— \n\n— \n\n \n\nHigher fair value\n\nHigher fair value\n\nHigher fair value\n\nHigher fair value\n\n \n\nNo predictable interrelationship\n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCredit contracts\n\n \n \n(36)  \n \n \n\nDCF/ Option models\n\n \n\nCredit spreads\n\nRecovery rates\n\nVolatilities\n\nCorrelations\n\n \n\n0.0\n – 132.2%\n\n1.0 – 90.0%\n\n45.9 – 51.9%\n\n0.00\n – 0.85\n\n \n\n— \n\n— \n\n— \n\n— \n\n \n\nHigher fair value\n\nHigher fair value\n\nHigher fair value\n\nHigher fair value\n\n \n\nNo predictable interrelationship\n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nForeign exchange contracts\n\n \n\n \n\n(13)  \n\n \n\n \n\nOption models\n\n \n\nVolatilities\n\nCorrelations\n\n \n\n1.6 – 18.8%\n\n0.29 – 0.70\n\n \n\n— \n\n— \n\n \n\nHigher fair value\n\nHigher fair value\n\n \n\nNo predictable interrelationship\n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nLoans and receivables\n\n \n\n \n\n448  \n\n \n\n \n\nDCF\n\n \n\nCredit spreads\n\nRecovery rates\n\n \n\n0.0\n – 193.2%\n\n66.7 – 100.0%\n\n \n\n9.9%\n\n95.1%\n\n \n\nLower fair value\n\nHigher fair value\n\n \n\nNo predictable interrelationship\n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCollateralized agreements\n\n \n\n \n\n15  \n\n \n\n \n\nDCF\n\n \n\nRepo rate\n\n \n\n6.4%\n\n \n\n6.4%\n\n \n\nLower fair value\n\n \n\nNot applicable\n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nOther assets\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNon-trading\ndebt securities\n\n \n\n \n\n17  \n\n \n\n \n\nDCF\n\n \n\nCredit spreads\n\n \n\n5.2 – 14.4%\n\n \n\n7.3%\n\n \n\nLower fair value\n\n \n\nNot applicable\n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nF-4\n3\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n \n \n\nMarch 31, 2025\n\nFinancial Instrument\n\n \n\nFair\nvalue in\nbillions of\nyen\n\n \n \n\nValuation\n\ntechnique\n\n \n\nSignificant\n\nunobservable\nvaluation input\n\n \n\nRange of\n\nvaluation\n\ninputs\n(1)\n\n \n\nWeighted\n\nAverage\n(2)(3)\n\n \n\nImpact of\nincreases in\nsignificant\nunobservable\nvaluation\n\ninputs\n(4)(5)\n\n \n\n  Interrelationships  \nbetween valuation\n\ninputs\n(6)\n\nOther\n(7)(8)\n\n \n\n¥\n\n275  \n \n \nDCF\n \n\nWACC\n\nGrowth rates\n\n \n\n10.6%\n\n3.0%\n\n \n\n10.6%\n\n3.0%\n\n \n\nLower fair value\n\nHigher fair value\n\n \nNo predictable interrelationship\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \nMarket multiples\n \nLiquidity discounts\n \n25.0%\n \n25.0%\n \nLower fair value\n \nNot applicable\n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nLiabilities:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nShort-term borrowings\n\n \n\n \n\n36  \n\n \n\n \n\nDCF/ Option models\n\n \n\nVolatilities\n\nCorrelations\n\n \n\n5.0 – 51.5%\n\n(0.72) – 0.96\n\n \n\n— \n\n— \n\n \n\nHigher fair value\n\nHigher fair value\n\n \n\nNo predictable interrelationship\n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nPayable and deposits\n\n \n \n14  \n \n \nDCF/ Option models\n \n\nVolatilities\n\nCorrelations\n\n \n\n9.8 – 10.6%\n\n0.40 – 0.98\n\n \n\n— \n\n— \n\n \n\nHigher fair value\n\nHigher fair value\n\n \nNo predictable interrelationship\n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nLong-term borrowings\n\n \n\n \n\n477  \n\n \n\n \n\nDCF\n\n \n\nLoss severities\n\n \n\n12.7 – 99.5%\n\n \n\n79.8%\n\n \n\nLower fair value\n\n \n\nNot applicable\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \nDCF/ Option models\n \n\nVolatilities\n\nVolatilities\n\nCorrelations\n\n \n\n5.0 – 51.5%\n\n44.1 – 67.9 bp\n\n(1.00) – 0.99\n\n \n\n— \n\n— \n\n— \n\n \n\nHigher fair value\n\nHigher fair value\n\nHigher fair value\n\n \n\nNo predictable interrelationship\n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nOther liabilities\n\n \n \n65  \n \n \n\nDCF\n\n \n\nCredit spreads\n\nRecovery rates\n\n \n\n0.8 – 7.1%\n\n91.0 – 99.5%\n\n \n\n1.0%\n\n93.8%\n\n \n\nLower fair value\n\nHigher fair value\n\n \nNo predictable interrelationship\n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n \n\nMarch 31, 2026\n\nFinancial Instrument\n\n \n\nFair\nvalue in\nbillions of\nyen\n\n \n \n\nValuation\n\ntechnique\n\n \n\nSignificant\n\nunobservable\nvaluation input\n\n \n\nRange of\n\nvaluation\n\ninputs\n(1)\n\n \n\nWeighted\n\nAverage\n(2)(3)\n\n \n\nImpact of\nincreases in\nsignificant\nunobservable\nvaluation\n\ninputs\n(4)(5)\n\n \n\nInterrelationships\nbetween valuation\n\ninputs\n(6)\n\nAssets:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTrading assets and private equity and debt investments\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nEquities\n\n \n¥\n14  \n \n \nDCF/\nOption models\n \n\nCredit spreads\n\n \n\n2.9%\n\n \n\n2.9%\n\n \n\nLower fair value\n\n \n\nNot applicable\n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nPrivate equity and debt investments\n\n \n\n \n\n146  \n\n \n\n \n\nDCF\n\n \n\nWACC\n\nGrowth rates\n\nCredit spreads\n\nLiquidity discounts\n\n \n\n7.5 – 16.2%\n\n0.0 – 2.0%\n\n0.0 – 49.9%\n\n0.0 – 30.0%\n\n \n\n12.2%\n\n1.7%\n\n8.5%\n\n11.0%\n\n \n\nLower fair value\n\nHigher fair value\n\nLower fair value\n\nLower fair value\n\n \n\nNo predictable interrelationship\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \nMarket multiples\n \nEV/EBITDA ratios\n \n5.9 – 11.4 x\n \n8.9 x\n \nHigher fair value\n \nNo predictable interrelationship\n\n \n\n \nPE Ratios\n \n12.1 – 20.8 x\n \n15.2 x\n \nHigher fair value\n\n \n\n \n\n \nLiquidity discounts\n \n10.0 – 20.0%\n \n12.6%\n \nLower fair value\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nForeign government, agency and municipal securities\n\n \n\n \n\n4  \n\n \n\n \n\nDCF\n\n \n\nCredit spreads\n\nRecovery rates\n\n \n\n0.0 – 2.3%\n\n12.5 – 18.0%\n\n \n\n1.1%\n\n17.2%\n\n \n\nLower fair value\n\nHigher fair value\n\n \n\nNo predictable interrelationship\n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBank and corporate debt securities and loans for trading purposes\n\n \n\n \n\n104  \n\n \n\n \n\nDCF\n\n \n\nCredit spreads\n\nRecovery rates\n\n \n\n0.5 – 12.6%\n\n0.0 – 99.5%\n\n \n\n4.8%\n\n38.2%\n\n \n\nLower fair value\n\nHigher fair value\n\n \n\nNo predictable interrelationship\n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nF-4\n4\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n \n \n\nMarch 31, 2026\n\nFinancial Instrument\n\n \n\nFair\nvalue in\nbillions of\nyen\n\n \n \n\nValuation\n\ntechnique\n\n \n\nSignificant\n\nunobservable\nvaluation input\n\n \n\nRange of\n\nvaluation\n\ninputs\n(1)\n\n \n\nWeighted\n\nAverage\n(2)(3)\n\n \n\nImpact of\nincreases in\nsignificant\nunobservable\nvaluation\n\ninputs\n(4)(5)\n\n \n\nInterrelationships\nbetween valuation\n\ninputs\n(6)\n\nResidential mortgage-backed securities (“RMBS”)\n\n \n\n¥\n\n10  \n\n \n\n \n\nDCF\n\n \n\nYields\n\nPrepayment rates\n\nLoss severities\n\n \n\n140.2%\n\n12.0%\n\n0.0 – 100.0%\n\n \n\n140.2%\n\n12.0%\n\n9.4%\n\n \n\nLower fair value\n\nLower fair value\n\nLower fair value\n\n \n\nNo predictable interrelationship\n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nReal estate-backed securities\n\n \n\n \n\n   82  \n\n \n\n \n\nDCF\n\n \n\nLoss severities\n\n \n\n0.0 – 17.5%\n\n \n\n0.5%\n\n \n\nLower fair value\n\n \n\nNot applicable\n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCollateralized debt obligations (“CDOs”) and other\n\n \n\n \n\n34  \n\n \n\n \n\nDCF\n\n \n\nYields\n\nPrepayment rates\n\nDefault probabilities\n\nLoss severities\n\nCredit spreads\n\n \n\n8.5 – 40.7%\n\n20.0%\n\n2.0%\n\n69.3 – 100.0%\n\n0.2%\n\n \n\n17.9%\n\n20.0%\n\n2.0%\n\n93.6%\n\n0.2%\n\n \n\nLower fair value\n\nLower fair value\n\nLower fair value\n\nLower fair value\n\nLower fair value\n\n \n\nChange in default probabilities typically accompanied by directionally similar change in loss severities and opposite change in prepayment rates\n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nInvestment trust funds and other\n\n \n\n \n\n9  \n\n \n\n \n\nDCF\n\n \n\nLiquidity discounts\n\n \n\n2.4 – 15.2%\n\n \n\n5.5%\n\n \n\nLower fair value\n\n \n\nNot applicable\n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDerivatives, net:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nEquity contracts\n\n \n \n27  \n \n \n\nOption models\n\n \n\nDividend yield\n\nVolatilities\n\nCorrelations\n\n \n\n0.0 – 12.6%\n\n3.7 – 100.9%\n\n(0.85) – 0.98\n\n \n\n— \n\n— \n\n— \n\n \n\nHigher fair value\n\nHigher fair value\n\nHigher fair value\n\n \n\nNo predictable interrelationship\n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nInterest rate contracts\n\n \n\n \n\n(16)  \n\n \n\n \n\nDCF/ Option models\n\n \n\nInterest rates\n\nVolatilities\n\nVolatilities\n\nCorrelations\n\n \n\n2.6 – 5.0%\n\n9.7 – 13.0%\n\n42.4 – 109.9 bp\n\n(1.00) – 1.00\n\n \n\n— \n\n— \n\n— \n\n— \n\n \n\nHigher fair value\n\nHigher fair value\n\nHigher fair value\n\nHigher fair value\n\n \n\nNo predictable interrelationship\n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCredit contracts\n\n \n \n(56)  \n \n \n\nDCF/ Option models\n\n \n\nCredit spreads\n\nRecovery rates\n\nVolatilities\n\nCorrelations\n\n \n\n0.0 – 156.3%\n\n1.0 – 90.0%\n\n25.0 – 81.6%\n\n0.30 – 0.85\n\n \n\n— \n\n— \n\n— \n\n— \n\n \n\nHigher fair value\n\nHigher fair value\n\nHigher fair value\n\nHigher fair value\n\n \n\nNo predictable interrelationship\n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nForeign exchange contracts\n\n \n\n \n\n(22)  \n\n \n\n \n\nOption models\n\n \n\nInterest rates\n\nVolatilities\n\nCorrelations\n\n \n\n3.1 – 3.1%\n\n1.4 – 16.1%\n\n0.24 – 0.70\n\n \n\n— \n\n— \n\n— \n\n \n\nHigher fair value\n\nHigher fair value\n\nHigher fair value\n\n \n\nNo predictable interrelationship\n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nLoans and receivables\n\n \n\n \n\n584  \n\n \n\n \n\nDCF\n\n \n\nCredit spreads\n\nRecovery rates\n\n \n\n0.0 – 20.0%\n\n64.5 – 100.0%\n\n \n\n5.9%\n\n97.4%\n\n \n\nLower fair value\n\nHigher fair value\n\n \n\nNo predictable interrelationship\n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCollateralized agreements\n\n \n\n \n\n16  \n\n \n\n \n\nDCF\n\n \n\nRepo rate\n\n \n\n5.2 – 5.6%\n\n \n\n5.4%\n\n \n\nLower fair value\n\n \n\nNot applicable\n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nOther assets\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNon-trading\ndebt securities\n\n \n\n \n\n48  \n\n \n\n \n\nDCF\n\n \n\nCredit spreads\n\n \n\n4.1 – 18.5%\n\n \n\n8.5%\n\n \n\nLower fair value\n\n \n\nNot applicable\n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nOther\n(7)(8)\n\n \n \n308  \n \n \n\nDCF\n\n \n\nWACC\n\nGrowth rates\n\nCredit spreads\n\n \n\n10.5%\n\n3.0%\n\n0.3 – 22.0%\n\n \n\n10.5%\n\n3.0%\n\n3.2%\n\n \n\nLower fair value\n\nHigher fair value\n\nLower fair value\n\n \nNo predictable interrelationship\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \nMarket multiples\n \nLiquidity discounts\n \n25.0%\n \n25.0%\n \n\nLower fair value\n\n \n\nNot applicable\n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nF-4\n5\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n \n\n \n\nMarch 31, 2026\n\nFinancial Instrument\n\n \n\nFair\nvalue in\nbillions of\nyen\n\n \n\n \n\nValuation\n\ntechnique\n\n \n\nSignificant\n\nunobservable\nvaluation input\n\n \n\nRange of\n\nvaluation\n\ninputs\n(1)\n\n \n\nWeighted\n\nAverage\n(2)(3)\n\n \n\nImpact of\nincreases in\nsignificant\nunobservable\nvaluation\n\ninputs\n(4)(5)\n\n \n\nInterrelationships\nbetween valuation\n\ninputs\n(6)\n\nLiabilities:\n\n \n\n \n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nShort-term borrowings\n\n \n\n ¥\n\n43\n  \n\n \n\n \n\nDCF/ Option models\n\n \n\nVolatilities\n\nCorrelations\n\n \n\n16.7\n \n– 60.2%\n\n(0.72) – 0.95\n\n \n\n— \n\n— \n\n \n\nHigher fair value\n\nHigher fair value\n\n \n\nNo predictable interrelationship\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nPayable and deposits\n\n \n\n \n\n12\n  \n\n \n\n \n\nDCF/ Option models\n\n \n\nVolatilities\n\nCorrelations\n\n \n\n9.7 – 10.8%\n\n0.40 – 0.97\n\n \n\n— \n\n— \n\n \n\nHigher fair value\n\nHigher fair value\n\n \n\nNo predictable interrelationship\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nLong-term borrowings\n\n \n\n \n\n452\n  \n\n \n\n \n\nDCF\n\n \n\nLoss severities\n\n \n\n9.5 – 99.3%\n\n \n\n54.4%\n\n \n\nLower fair value\n\n \n\nNot applicable\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n \n \n\n \n\nDCF/ Option models\n\n \n\nVolatilities\n\n \n\n9.7 – 60.2%\n\n \n\n— \n\n \n\nHigher fair value\n\n \n\nNo predictable interrelationship\n\n \n\n \n\n \n \n \n\n \n\nVolatilities\n\nCorrelations\n\n \n\n65.5 – 85.8 bp\n\n(1.00) – 0.97\n\n \n\n— \n\n— \n\n \n\nHigher fair value\n\nHigher fair value\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nOther liabilities\n\n \n\n \n\n67\n  \n\n \n\n \n\nDCF\n\n \n\nCredit spreads\n\nRecovery rates\n\n \n\n0.8 – 4.0%\n\n91.0 – 99.8%\n\n \n\n0.8%\n\n93.9%\n\n \n\nLower fair value\n\nHigher fair value\n\n \n\nNo predictable interrelationship\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n(1)\n\nRange information is provided in percentages, coefficients and multiples and represents the highest and lowest level significant unobservable valuation input used to value that type of financial instrument. A wide dispersion in the range does not necessarily reflect increased uncertainty or subjectivity in the valuation input and is typically just a consequence of the different characteristics of the financial instruments themselves.\n\n(2)\n\nWeighted average information for\nnon-derivatives\nis calculated by weighting each valuation input by the fair value of the financial instrument.\n\n(3)\n\nNomura has not provided weighted average information for derivatives as unlike cash products the risk on such products is distinct from the balance sheet value and is subject to netting. Discussion of the ranges of significant unobservable valuation inputs for derivatives and short-term and long-term borrowings which contain embedded derivatives classified in Level 3 is provided below as a substitute for weighted average information.\n\n(4)\n\nThe above table only considers the impact of an increase in each significant unobservable valuation input on the fair value measurement of the financial instrument. However, a decrease in the significant unobservable valuation input would have the opposite effect on the fair value measurement of the financial instrument. For example, if an increase in a significant unobservable valuation input would result in a lower fair value measurement, a decrease in the significant unobservable valuation input would result in a higher fair value measurement.\n\n(5)\n\nThe impact of an increase in the significant unobservable valuation input on the fair value measurement for a derivative assumes Nomura is long risk to the input (such as being long volatility). Where Nomura is short such risk, the impact of an increase would have a converse effect on the fair value measurement of the derivative.\n\n(6)\n\nConsideration of the interrelationships between significant unobservable valuation inputs is only relevant where more than one unobservable valuation input is used to determine the fair value measurement of the financial instrument.\n\n(7)\n\nValuation techniques and unobservable valuation inputs in respect of equity securities reported within\n\nOther assets\n\nin the consolidated balance sheets.\n\n(8)\n\nIncludes\nnon-financial\nassets carried at fair value on a recurring basis\n\nDiscussion of the ranges of significant unobservable valuation inputs\n\nThe following comments complement the above information regarding the significant unobservable valuation inputs used by Nomura for derivatives and short-term and long-term borrowings which contain embedded derivatives classified in Level 3.\n\nDerivatives\n\n—\n\nEquity contracts\n\n—\n\nThe significant unobservable valuation inputs are dividend yield, volatilities and correlations. The range of dividend yields varies as some companies do not pay any dividends, for example due to a lack of profits or as a policy during a growth period, and hence have a zero dividend yield while others may pay high dividends, for example to return money to investors. The range of volatilities is wide as the volatilities of shorter-dated equity derivatives or those based on single equity securities can be higher than those of longer-dated instruments or those based on indices. Correlations represent the relationships between one input and another (“pairs”) and can either be positive or negative amounts. The range of correlations moves from positive to negative because the movement of some pairs is very closely related and in the same direction causing\n\n \n\nF-4\n6\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nhighly positive correlations while others generally move in opposite directions causing highly negative correlations with pairs that have differing relationships throughout the range.\n\nDerivatives\n\n—\n\nInterest rate contracts\n\n—\n\nThe significant unobservable valuation inputs are interest rates, volatilities and correlations. The range of interest rates is due to interest rates in different countries/currencies being at different levels. The range of volatilities is wide as volatilities of shorter-dated interest rate derivatives are typically higher than those of longer-dated instruments. The range of correlations moves from positive to negative because the movement of some pairs is very closely related and in the same direction causing highly positive correlations while others generally move in opposite directions causing highly negative correlations with pairs that have differing relationships through the range. All significant unobservable valuation inputs are spread across the ranges.\n\nDerivatives\n\n—\n\nCredit contracts\n\n—\n\nThe significant unobservable valuation inputs are credit spreads, recovery rates, volatilities and correlations. The range of credit spreads reflects the different risk of default present within the portfolio. At the low end of the range, underlying reference names have a very limited risk of default whereas at the high end of the range, underlying reference names have a much greater risk of default. The range of recovery rates varies primarily due to the seniority of the underlying exposure with senior exposures having a higher recovery than subordinated exposures. The range of volatilities is wide as the volatilities of shorter-dated credit contracts are typically higher than those of longer-dated instruments. The correlation range is positive since credit spread moves are generally in the same direction. Highly positive correlations are those for which the movement is very closely related and in the same direction, with correlation falling as the relationship becomes less strong.\n\nDerivatives\n\n—\n\nForeign exchange contracts\n\n—\n\nThe significant unobservable valuation inputs are interest rates, volatilities and correlations. The range of interest rates is due to interest rates in different countries/currencies being at different levels with some countries having extremely low levels and others being at levels that while still relatively low are less so. The range of volatilities is mainly due to the lower end of the range arising from currencies that trade in narrow ranges (e.g., versus the U.S. Dollar) while the higher end comes from currencies with a greater range of movement such as emerging market currencies. The range of correlations moves from positive to negative because the movement of some pairs is very closely related and in the same direction causing highly positive correlations while others generally move in opposite directions causing highly negative correlations with pairs that have differing relationships through the range.\n\nShort-term borrowings and Long-term borrowings\n\n—\n\nThe significant unobservable valuation inputs are yields, prepayment rates, default probabilities, loss severities, volatilities and correlations. The range of volatilities is wide as the volatilities of shorter-dated instruments are typically higher than those in longer-dated instruments. The range of correlations moves from positive to negative because the movement of some pairs is very closely related and in the same direction causing highly positive correlations while others generally move in opposite directions causing highly negative correlations with pairs that have differing relationships through the range.\n\nMovements in Level 3 financial instruments\n\nThe following tables present gains and losses as well as increases and decreases of financial instruments carried at fair value on a recurring basis which Nomura classified in Level 3 of the fair value hierarchy for the years ended March 31, 2025 and 2026. Financial instruments classified in Level 3 are often hedged with instruments within Level 1 or Level 2 of the fair value hierarchy. The gains or losses presented below do not reflect the offsetting gains or losses for these hedging instruments. Level 3 financial instruments are also measured using both observable and unobservable valuation inputs. Fair value changes presented below, therefore, reflect realized and unrealized gains and losses resulting from movements in both observable and unobservable valuation inputs.\n\n \n\nF-4\n7\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\nFor the years ended March 31, 2025 and 2026, gains and losses related to Level 3 assets and liabilities did not have a material impact on Nomura’s liquidity and capital resources management.\n\n \n\n \n\n \n\n \n\n \n\n \n\nBillions of yen\n\n \n\n \n\n \n\n \n\n \n\n \n\nYear ended March 31, 2025\n\n \n\n \n\n \n\nBalance\n\nas of\n\nApril 1,\n\n2024\n\n \n\n \n\nTotal gains\n\n(losses)\n\nrecognized\n\nin net\n\nincome\n\n(1)\n\n \n\n \n\nTotal gains\n\n(losses)\n\nrecognized in\n\nother\n\ncomprehensive\n\nincome\n\n \n\n  \n\nPurchases /\nissues\n(2)\n\n \n\n \n\nSales /\n\nredemptions\n(2)\n\n \n\n \n\nSettlements\n\n \n\n \n\nForeign\n\nexchange\n\nmovements\n\n \n\n \n\nTransfers\n\ninto\n\nLevel 3\n(4)(5)\n\n \n\n \n\nTransfers\n\nout of\n\nLevel 3\n(5) (6)\n\n \n\n \n\nBalance\n\nas of\n\nMarch 31,\n\n2025\n\n \n\nAssets:\n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n  \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\nTrading assets and private equity and debt investments\n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n  \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\nEquities\n\n \n\n¥\n\n8\n\n \n\n \n\n¥\n\n0\n\n \n\n \n\n¥\n\n— \n\n \n\n  \n\n¥\n\n17\n\n \n\n \n\n¥\n\n(13\n\n) \n\n \n\n¥\n\n— \n\n \n\n \n\n¥\n\n1\n\n \n\n \n\n¥\n\n15\n\n \n\n \n\n¥\n\n(7\n\n) \n\n \n\n¥\n\n21\n\n \n\nPrivate equity and debt investments\n\n \n\n \n\n80\n\n \n\n \n\n \n\n3\n\n \n\n \n\n \n\n— \n\n \n\n  \n\n \n\n37\n\n \n\n \n\n \n\n(9\n\n) \n\n \n\n \n\n— \n\n \n\n \n\n \n\n0\n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n(8\n\n) \n\n \n\n \n\n103\n\n \n\nJapanese agency and municipal securities\n\n \n\n \n\n0\n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n— \n\n \n\n  \n\n \n\n — \n\n \n\n \n\n \n\n0\n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n0\n\n \n\nForeign government, agency and municipal securities\n\n \n\n \n\n3\n\n \n\n \n\n \n\n0\n\n \n\n \n\n \n\n— \n\n \n\n  \n\n \n\n5\n\n \n\n \n\n \n\n(5\n\n) \n\n \n\n \n\n— \n\n \n\n \n\n \n\n0\n\n \n\n \n\n \n\n7\n\n \n\n \n\n \n\n(4\n\n) \n\n \n\n \n\n6\n\n \n\nBank and corporate debt securities and loans for trading purposes\n\n \n\n \n\n173\n\n \n\n \n\n \n\n(5\n\n) \n\n \n\n \n\n— \n\n \n\n  \n\n \n\n205\n\n \n\n \n\n \n\n(240\n\n) \n\n \n\n \n\n— \n\n \n\n \n\n \n\n(5\n\n) \n\n \n\n \n\n69\n\n \n\n \n\n \n\n(16\n\n) \n\n \n\n \n\n181\n\n \n\nCommercial mortgage-backed securities (“CMBS”)\n\n \n\n \n\n0\n\n \n\n \n\n \n\n2\n\n \n\n \n\n \n\n— \n\n \n\n  \n\n \n\n7\n\n \n\n \n\n \n\n(6\n\n) \n\n \n\n \n\n— \n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n7\n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n10\n\n \n\nResidential mortgage-backed securities (“RMBS”)\n\n \n\n \n\n35\n\n \n\n \n\n \n\n2\n\n \n\n \n\n \n\n— \n\n \n\n  \n\n \n\n56\n\n \n\n \n\n \n\n(46\n\n) \n\n \n\n \n\n— \n\n \n\n \n\n \n\n(1\n\n) \n\n \n\n \n\n2\n\n \n\n \n\n \n\n0\n\n \n\n \n\n \n\n48\n\n \n\nReal estate-backed securities\n\n \n\n \n\n122\n\n \n\n \n\n \n\n11\n\n \n\n \n\n \n\n— \n\n \n\n  \n\n \n\n370\n\n \n\n \n\n \n\n(294\n\n) \n\n \n\n \n\n— \n\n \n\n \n\n \n\n(2\n\n) \n\n \n\n \n\n — \n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n207\n\n \n\nCollateralized debt obligations (“CDOs”) and other\n\n \n\n \n\n46\n\n \n\n \n\n \n\n(25\n\n) \n\n \n\n \n\n— \n\n \n\n  \n\n \n\n107\n\n \n\n \n\n \n\n(86\n\n) \n\n \n\n \n\n— \n\n \n\n \n\n \n\n0\n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n0\n\n \n\n \n\n \n\n42\n\n \n\nInvestment trust funds and other\n\n \n\n \n\n3\n\n \n\n \n\n \n\n0\n\n \n\n \n\n \n\n— \n\n \n\n  \n\n \n\n68\n\n \n\n \n\n \n\n(68\n\n) \n\n \n\n \n\n— \n\n \n\n \n\n \n\n0\n\n \n\n \n\n \n\n0\n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n3\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal trading assets and private equity and debt investments\n\n \n\n \n\n470\n\n \n\n \n\n \n\n(12\n\n) \n\n \n\n \n\n— \n\n \n\n  \n\n \n\n872\n\n \n\n \n\n \n\n(767\n\n) \n\n \n\n \n\n— \n\n \n\n \n\n \n\n(7\n\n) \n\n \n\n \n\n100\n\n \n\n \n\n \n\n(35\n\n) \n\n \n\n \n\n621\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDerivatives, net\n(3)\n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n  \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\nEquity contracts\n\n \n\n \n\n5\n\n \n\n \n\n \n\n0\n\n \n\n \n\n \n\n — \n\n \n\n  \n\n \n\n  — \n\n \n\n \n\n \n\n  — \n\n \n\n \n\n \n\n(5\n\n) \n\n \n\n \n\n0\n\n \n\n \n\n \n\n0\n\n \n\n \n\n \n\n1\n\n \n\n \n\n \n\n1\n\n \n\nInterest rate contracts\n\n \n\n \n\n32\n\n \n\n \n\n \n\n(20\n\n) \n\n \n\n \n\n — \n\n \n\n  \n\n \n\n  — \n\n \n\n \n\n \n\n  — \n\n \n\n \n\n \n\n12\n\n \n\n \n\n \n\n(4\n\n) \n\n \n\n \n\n(19\n\n) \n\n \n\n \n\n5\n\n \n\n \n\n \n\n6\n\n \n\nCredit contracts\n\n \n\n \n\n(46\n\n) \n\n \n\n \n\n(30\n\n) \n\n \n\n \n\n — \n\n \n\n  \n\n \n\n  — \n\n \n\n \n\n \n\n  — \n\n \n\n \n\n \n\n37\n\n \n\n \n\n \n\n1\n\n \n\n \n\n \n\n(1\n\n) \n\n \n\n \n\n3\n\n \n\n \n\n \n\n(36\n\n) \n\nForeign exchange contracts\n\n \n\n \n\n3\n\n \n\n \n\n \n\n(9\n\n) \n\n \n\n \n\n — \n\n \n\n  \n\n \n\n  — \n\n \n\n \n\n \n\n  — \n\n \n\n \n\n \n\n(5\n\n) \n\n \n\n \n\n0\n\n \n\n \n\n \n\n0\n\n \n\n \n\n \n\n(2\n\n) \n\n \n\n \n\n(13\n\n) \n\nOther contracts\n\n \n\n \n\n — \n\n \n\n \n\n \n\n2\n\n \n\n \n\n \n\n — \n\n \n\n  \n\n \n\n  — \n\n \n\n \n\n \n\n  — \n\n \n\n \n\n \n\n1\n\n \n\n \n\n \n\n(2\n\n) \n\n \n\n \n\n(5\n\n) \n\n \n\n \n\n  — \n\n \n\n \n\n \n\n(4\n\n) \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal derivatives, net\n\n \n\n \n\n(6\n\n) \n\n \n\n \n\n(57\n\n) \n\n \n\n \n\n — \n\n \n\n  \n\n \n\n  — \n\n \n\n \n\n \n\n  — \n\n \n\n \n\n \n\n40\n\n \n\n \n\n \n\n(5\n\n) \n\n \n\n \n\n(25\n\n) \n\n \n\n \n\n7\n\n \n\n \n\n \n\n(46\n\n) \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nSubtotal\n\n \n\n¥\n\n464\n\n \n\n \n\n¥\n\n(69\n\n) \n\n \n\n¥\n\n  — \n\n \n\n  \n\n¥\n\n872\n\n \n\n \n\n¥\n\n(767\n\n) \n\n \n\n¥\n\n40\n\n \n\n \n\n¥\n\n(12\n\n) \n\n \n\n¥\n\n75\n\n \n\n \n\n¥\n\n(28\n\n) \n\n \n\n¥\n\n575\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nLoans and receivables\n\n \n\n¥\n\n291\n\n \n\n \n\n¥\n\n24\n\n \n\n \n\n¥\n\n— \n\n \n\n  \n\n¥\n\n199\n\n \n\n \n\n¥\n\n(234\n\n) \n\n \n\n¥\n\n— \n\n \n\n \n\n¥\n\n(14\n\n) \n\n \n\n¥\n\n244\n\n \n\n \n\n¥\n\n(62\n\n) \n\n \n\n¥\n\n448\n\n \n\nCollateralized agreements\n\n \n\n \n\n12\n\n \n\n \n\n \n\n0\n\n \n\n \n\n \n\n— \n\n \n\n  \n\n \n\n2\n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n1\n\n \n\n \n\n \n\n0\n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n15\n\n \n\nOther assets\n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n  \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\nNon-trading\ndebt securities\n\n \n\n \n\n21\n\n \n\n \n\n \n\n0\n\n \n\n \n\n \n\n— \n\n \n\n  \n\n \n\n3\n\n \n\n \n\n \n\n(7\n\n) \n\n \n\n \n\n— \n\n \n\n \n\n \n\n0\n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n17\n\n \n\nOther\n(7)\n\n \n\n \n\n253\n\n \n\n \n\n \n\n20\n\n \n\n \n\n \n\n — \n\n \n\n  \n\n \n\n45\n\n \n\n \n\n \n\n(11\n\n) \n\n \n\n \n\n — \n\n \n\n \n\n \n\n(4\n\n) \n\n \n\n \n\n0\n\n \n\n \n\n \n\n(28\n\n) \n\n \n\n \n\n275\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal\n\n \n\n¥\n\n1,041\n\n \n\n \n\n¥\n\n(25\n\n) \n\n \n\n¥\n\n— \n\n \n\n  \n\n¥\n\n1,121\n\n \n\n \n\n¥\n\n(1,019\n\n) \n\n \n\n¥\n\n41\n\n \n\n \n\n¥\n\n(30\n\n) \n\n \n\n¥\n\n319\n\n \n\n \n\n¥\n\n(118\n\n) \n\n \n\n¥\n\n1,330\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nLiabilities:\n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n  \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\nTrading liabilities\n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n  \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\nEquities\n\n \n\n¥\n\n0\n\n \n\n \n\n¥\n\n0\n\n \n\n \n\n¥\n\n— \n\n \n\n  \n\n¥\n\n3\n\n \n\n \n\n¥\n\n(2\n\n) \n\n \n\n¥\n\n— \n\n \n\n \n\n¥\n\n0\n\n \n\n \n\n¥\n\n0\n\n \n\n \n\n¥\n\n0\n\n \n\n \n\n¥\n\n1\n\n \n\nBank and corporate debt securities\n\n \n\n \n\n1\n\n \n\n \n\n \n\n0\n\n \n\n \n\n \n\n— \n\n \n\n  \n\n \n\n2\n\n \n\n \n\n \n\n(3\n\n) \n\n \n\n \n\n— \n\n \n\n \n\n \n\n0\n\n \n\n \n\n \n\n0\n\n \n\n \n\n \n\n0\n\n \n\n \n\n \n\n0\n\n \n\nCollateralized debt obligations (“CDOs”) and other\n\n \n\n \n\n— \n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n— \n\n \n\n  \n\n \n\n0\n\n \n\n \n\n \n\n0\n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n0\n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n0\n\n \n\n \n\n \n\n0\n\n \n\nInvestment trust funds and other\n\n \n\n \n\n0\n\n \n\n \n\n \n\n0\n\n \n\n \n\n \n\n— \n\n \n\n  \n\n \n\n0\n\n \n\n \n\n \n\n0\n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n0\n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n0\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal trading liabilities\n\n \n\n¥\n\n1\n\n \n\n \n\n¥\n\n0\n\n \n\n \n\n¥\n\n— \n\n \n\n  \n\n¥\n\n5\n\n \n\n \n\n¥\n\n(5\n\n) \n\n \n\n¥\n\n— \n\n \n\n \n\n¥\n\n0\n\n \n\n \n\n¥\n\n0\n\n \n\n \n\n¥\n\n0\n\n \n\n \n\n¥\n\n1\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nShort-term borrowings\n\n \n\n \n\n23\n\n \n\n \n\n \n\n(1\n\n) \n\n \n\n \n\n0\n\n \n\n  \n\n \n\n70\n\n \n\n \n\n \n\n(41\n\n) \n\n \n\n \n\n— \n\n \n\n \n\n \n\n0\n\n \n\n \n\n \n\n1\n\n \n\n \n\n \n\n(18\n\n) \n\n \n\n \n\n36\n\n \n\nPayables and deposits\n\n \n\n \n\n15\n\n \n\n \n\n \n\n1\n\n \n\n \n\n \n\n0\n\n \n\n  \n\n \n\n1\n\n \n\n \n\n \n\n — \n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n1\n\n \n\n \n\n \n\n(2\n\n) \n\n \n\n \n\n14\n\n \n\nLong-term borrowings\n\n \n\n \n\n474\n\n \n\n \n\n \n\n0\n\n \n\n \n\n \n\n9\n\n \n\n  \n\n \n\n218\n\n \n\n \n\n \n\n(172\n\n) \n\n \n\n \n\n— \n\n \n\n \n\n \n\n0\n\n \n\n \n\n \n\n11\n\n \n\n \n\n \n\n(45\n\n) \n\n \n\n \n\n477\n\n \n\nOther liabilities\n\n \n\n \n\n44\n\n \n\n \n\n \n\n0\n\n \n\n \n\n \n\n— \n\n \n\n  \n\n \n\n47\n\n \n\n \n\n \n\n(25\n\n) \n\n \n\n \n\n— \n\n \n\n \n\n \n\n(1\n\n) \n\n \n\n \n\n0\n\n \n\n \n\n \n\n0\n\n \n\n \n\n \n\n65\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal\n\n \n\n¥\n\n557\n\n \n\n \n\n¥\n\n0\n\n \n\n \n\n¥\n\n9\n\n \n\n  \n\n¥\n\n341\n\n \n\n \n\n¥\n\n(243\n\n) \n\n \n\n¥\n\n— \n\n \n\n \n\n¥\n\n(1\n\n) \n\n \n\n¥\n\n13\n\n \n\n \n\n¥\n\n(65)\n\n \n\n \n\n¥\n\n593\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nF-4\n8\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n \n \n \n \n \n\nBillions of yen\n\n \n\n \n \n \n \n \n\nYear ended March 31, 2026\n\n \n\n \n \n\nBalance\n\nas of\n\nApril 1,\n\n2025\n\n \n \n\nTotal gains\n\n(losses)\n\nrecognized\n\nin net\n\nincome\n\n(1)\n\n \n \n\nTotal gains\n\n(losses)\n\nrecognized in\n\nother\n\ncomprehensive\n\nincome\n\n \n \n\nPurchases /\nissues\n(2)\n\n \n \n\nSales /\n\nredemptions\n(2)\n\n \n \n\nSettlements\n\n \n \n\nForeign\n\nexchange\n\nmovements\n\n \n \n\nTransfers\n\ninto\n\nLevel 3\n(4)(5)\n\n \n \n\nTransfers\n\nout of\n\nLevel 3\n(5)(6)\n\n \n \n\nBalance\n\nas of\n\nMarch 31,\n\n2026\n\n \n\nAssets:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTrading assets and private equity and debt investments\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nEquities\n\n \n¥\n21\n \n \n¥\n0\n \n \n¥\n— \n \n \n¥\n16\n \n \n¥\n(36\n) \n \n¥\n— \n \n \n¥\n2\n \n \n¥\n14\n \n \n¥\n(3\n) \n \n¥\n14\n \n\nPrivate equity and debt investments\n\n \n \n103\n \n \n \n5\n \n \n \n— \n \n \n \n101\n \n \n \n(44\n) \n \n \n— \n \n \n \n1\n \n \n \n1\n \n \n \n(21\n) \n \n \n146\n \n\nJapanese agency and municipal securities\n\n \n \n0\n \n \n \n0\n \n \n \n— \n \n \n \n2\n \n \n \n(2\n) \n \n \n— \n \n \n \n— \n \n \n \n — \n \n \n \n — \n \n \n \n— \n \n\nForeign government, agency and municipal securities\n\n \n \n6\n \n \n \n1\n \n \n \n— \n \n \n \n5\n \n \n \n(6\n) \n \n \n— \n \n \n \n0\n \n \n \n4\n \n \n \n(6\n) \n \n \n4\n \n\nBank and corporate debt securities and loans for trading purposes\n\n \n \n181\n \n \n \n8\n \n \n \n— \n \n \n \n103\n \n \n \n(182\n) \n \n \n— \n \n \n \n13\n \n \n \n39\n \n \n \n(58\n) \n \n \n104\n  \n\nCommercial mortgage-backed securities (“CMBS”)\n\n \n \n10\n \n \n \n0\n \n \n \n— \n \n \n \n0\n \n \n \n(10\n) \n \n \n— \n \n \n \n— \n \n \n \n — \n \n \n \n0\n \n \n \n0\n \n\nResidential mortgage-backed securities (“RMBS”)\n\n \n \n48\n \n \n \n(3\n) \n \n \n— \n \n \n \n3\n \n \n \n(20\n) \n \n \n— \n \n \n \n2\n \n \n \n1\n \n \n \n(21\n) \n \n \n10\n \n\nReal estate-backed securities\n\n \n \n207\n \n \n \n0\n \n \n \n— \n \n \n \n362\n \n \n \n(287\n) \n \n \n— \n \n \n \n8\n \n \n \n18\n \n \n \n(226\n) \n \n \n82\n \n\nCollateralized debt obligations (“CDOs”) and other\n\n \n \n42\n \n \n \n(9\n) \n \n \n— \n \n \n \n39\n \n \n \n(36\n) \n \n \n— \n \n \n \n1\n \n \n \n0\n \n \n \n(3\n) \n \n \n34\n \n\nInvestment trust funds and other\n\n \n \n3\n \n \n \n0\n \n \n \n— \n \n \n \n88\n \n \n \n(79\n) \n \n \n— \n \n \n \n0\n \n \n \n5\n \n \n \n(8\n) \n \n \n9\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal trading assets and private equity and debt investments\n\n \n \n621\n \n \n \n2\n \n \n \n— \n \n \n \n719\n \n \n \n(702\n) \n \n \n— \n \n \n \n27\n \n \n \n82\n \n \n \n(346\n) \n \n \n403\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nDerivatives, net\n(3)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nEquity contracts\n\n \n \n1\n \n \n \n2\n \n \n \n — \n \n \n \n   — \n \n \n \n  — \n \n \n \n32\n \n \n \n(1\n) \n \n \n(15\n) \n \n \n8\n \n \n \n27\n \n\nInterest rate contracts\n\n \n \n6\n \n \n \n16\n \n \n \n — \n \n \n \n   — \n \n \n \n  — \n \n \n \n(29\n) \n \n \n2\n \n \n \n8\n \n \n \n(19\n) \n \n \n(16\n) \n\nCredit contracts\n\n \n \n(36\n) \n \n \n2\n \n \n \n — \n \n \n \n   — \n \n \n \n  — \n \n \n \n(25\n) \n \n \n(2\n) \n \n \n12\n \n \n \n(7\n) \n \n \n(56\n) \n\nForeign exchange contracts\n\n \n \n(13\n) \n \n \n(12\n) \n \n \n — \n \n \n \n   — \n \n \n \n  — \n \n \n \n4\n \n \n \n1\n \n \n \n(1\n) \n \n \n(1\n) \n \n \n(22\n) \n\nOther contracts\n\n \n \n(4\n) \n \n \n(2\n) \n \n \n — \n \n \n \n   — \n \n \n \n  — \n \n \n \n2\n \n \n \n0\n \n \n \n2\n \n \n \n  — \n \n \n \n(2\n) \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal derivatives, net\n\n \n \n(46\n) \n \n \n6\n \n \n \n — \n \n \n \n     — \n \n \n \n     — \n \n \n \n(16\n) \n \n \n0\n \n \n \n6\n \n \n \n(19\n) \n \n \n(69\n) \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nSubtotal\n\n \n¥\n575\n \n \n¥\n8\n \n \n¥\n— \n \n \n¥\n719\n \n \n¥\n(702\n) \n \n¥\n(16\n) \n \n¥\n27\n \n \n¥\n88\n \n \n¥\n(365\n) \n \n¥\n334\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nLoans and receivables\n\n \n¥\n448\n \n \n¥\n32\n \n \n¥\n— \n \n \n¥\n237\n \n \n¥\n(285\n) \n \n¥\n— \n \n \n¥\n40\n \n \n¥\n178\n \n \n¥\n(66\n) \n \n¥\n584\n \n\nCollateralized agreements\n\n \n \n15\n \n \n \n0\n \n \n \n— \n \n \n \n — \n \n \n \n — \n \n \n \n— \n \n \n \n1\n \n \n \n — \n \n \n \n — \n \n \n \n16\n \n\nOther assets\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNon-trading\ndebt securities\n\n \n \n17\n \n \n \n2\n \n \n \n— \n \n \n \n10\n \n \n \n(8\n) \n \n \n— \n \n \n \n1\n \n \n \n26\n \n \n \n — \n \n \n \n48\n \n\nOther\n(7)\n\n \n \n275\n \n \n \n32\n \n \n \n — \n \n \n \n80\n \n \n \n(99\n) \n \n \n — \n \n \n \n21\n \n \n \n1\n \n \n \n(2\n) \n \n \n308\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n \n¥\n1,330\n \n \n¥\n74\n \n \n¥\n— \n \n \n¥\n1,046\n \n \n¥\n(1,094\n) \n \n¥\n(16\n) \n \n¥\n90\n \n \n¥\n293\n \n \n¥\n(433\n) \n \n¥\n1,290\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nLiabilities:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTrading liabilities\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nEquities\n\n \n¥\n1\n \n \n¥\n0\n \n \n¥\n— \n \n \n¥\n0\n \n \n¥\n0\n \n \n¥\n— \n \n \n¥\n0\n \n \n¥\n0\n \n \n¥\n(1\n) \n \n¥\n0\n \n\nBank and corporate debt securities\n\n \n \n0\n \n \n \n0\n \n \n \n— \n \n \n \n0\n \n \n \n0\n \n \n \n— \n \n \n \n0\n \n \n \n0\n \n \n \n0\n \n \n \n0\n \n\nCollateralized debt obligations (“CDOs”) and other\n\n \n \n0\n \n \n \n(1\n) \n \n \n— \n \n \n \n1\n \n \n \n(1\n) \n \n \n— \n \n \n \n0\n \n \n \n — \n \n \n \n — \n \n \n \n1\n \n\nInvestment trust funds and other\n\n \n \n0\n \n \n \n0\n \n \n \n— \n \n \n \n0\n \n \n \n0\n \n \n \n— \n \n \n \n0\n \n \n \n — \n \n \n \n — \n \n \n \n— \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal trading liabilities\n\n \n¥\n1\n \n \n¥\n(1\n) \n \n¥\n— \n \n \n¥\n1\n \n \n¥\n(1\n) \n \n¥\n— \n \n \n¥\n0\n \n \n¥\n0\n \n \n¥\n(1\n) \n \n¥\n1\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nShort-term borrowings\n\n \n \n36\n \n \n \n(2\n) \n \n \n0\n \n \n \n96\n \n \n \n(79\n) \n \n \n— \n \n \n \n2\n \n \n \n1\n \n \n \n(15\n) \n \n \n43\n \n\nPayables and deposits\n\n \n \n14\n \n \n \n1\n \n \n \n0\n \n \n \n — \n \n \n \n(1\n) \n \n \n— \n \n \n \n— \n \n \n \n — \n \n \n \n — \n \n \n \n12\n \n\nLong-term borrowings\n\n \n \n477\n \n \n \n(16\n) \n \n \n(3\n) \n \n \n194\n \n \n \n(178\n) \n \n \n— \n \n \n \n1\n \n \n \n21\n \n \n \n(82\n) \n \n \n452\n \n\nOther liabilities\n\n \n \n65\n \n \n \n(1\n) \n \n \n— \n \n \n \n100\n \n \n \n(104\n) \n \n \n— \n \n \n \n5\n \n \n \n2\n \n \n \n(2\n) \n \n \n67\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n \n¥\n593\n \n \n¥\n(19\n) \n \n¥\n(3\n) \n \n¥\n391\n \n \n¥\n(363\n) \n \n¥\n— \n \n \n¥\n8\n \n \n¥\n24\n \n \n¥\n(100)\n \n \n¥\n575\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n(1)\n\nIncludes gains and losses reported primarily within\n\nNet gain on trading, Gain on private equity and debt investments,\n\nand also within\n\nGain (loss) on investments in equity securities, Revenue\n\n—\n\nOther\n\nand\n\nNon-interest\nexpenses\n\n—\n\nOther, Interest and dividends\n\nand\n\nInterest expense\n\nin the consolidated statements of income.\n\n \n\nF-4\n9\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n(2)\n\nAmounts reported in\n\nPurchases / issues\n\ninclude increases in trading liabilities while\n\nSales / redemptions\n\ninclude decreases in trading liabilities.\n\n(3)\n\nDerivatives which contain multiple types of risk are classified based on the primary risk type of the instrument.\n\n(4)\n\nAmounts of gains and losses on these transfers which were recognized in the period when the\n\nTransfers into Level\n\n 3\n\noccurred were not significant for the years ended March 31, 2025 and March 31, 2026.\n\n(5)\n\nTransfers into Level\n\n 3\n\nindicate certain valuation inputs of a financial instrument become unobservable or significant.\n\nTransfers out of Level\n\n 3\n\nindicate certain valuation inputs of a financial instrument become observable or insignificant. See “\n\nQuantitative and qualitative information regarding significant unobservable valuation inputs”\n\nabove for the valuation inputs of each financial instruments.\n\n(6)\n\nTransfers out of Level\n\n 3\n\ninclude financial instruments that moved out of level 3 by application of measurement alternative. See Note 6 “\n\nNon-trading\ninvestments\n\n” for further information of financial instruments under the measurement alternative.\n\n(7)\n\nIncludes\nnon-financial\nassets carried at fair value on a recurring basis.\n\nUnrealized gains and losses recognized for Level 3 financial instruments\n\nThe following table presents the amounts of unrealized gains (losses) for the years ended March 31, 2025 and 2026, relating to those financial instruments which Nomura classified in Level 3 within the fair value hierarchy and that were still held by Nomura at the relevant consolidated balance sheet date.\n\n \n\n \n  \n\nBillions of yen\n\n \n\n \n  \n\nMarch 31\n\n \n\n \n  \n \n \n \n \n \n\n \n  \n\n2025\n\n \n \n\n2026\n\n \n\n \n  \n\nUnrealized gains / (losses)\n(1)\n\n \n\nAssets:\n\n  \n\n \n\nTrading assets and private equity and debt investments\n\n  \n\n \n\nEquities\n\n  \n¥\n0\n \n \n¥\n(1\n) \n\nPrivate equity and debt investments\n\n  \n \n(1\n) \n \n \n1\n \n\nForeign government, agency and municipal securities\n\n  \n \n0\n \n \n \n1\n \n\nBank and corporate debt securities and loans for trading purposes\n\n  \n \n(6\n) \n \n \n5\n \n\nCommercial mortgage-backed securities (“CMBS”)\n\n  \n \n7\n \n \n \n0\n \n\nResidential mortgage-backed securities (“RMBS”)\n\n  \n \n2\n \n \n \n(2\n)\n\nReal estate-backed securities\n\n  \n \n5\n \n \n \n(3\n)\n\nCollateralized debt obligations (“CDOs”) and other\n\n  \n \n(24\n) \n \n \n(5\n)\n\nInvestment trust funds and other\n\n  \n \n0\n \n \n \n0\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal trading assets and private equity and debt investments\n\n  \n \n(17\n) \n \n \n(4\n)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nDerivatives, net\n(2)\n\n  \n\n \n\nEquity contracts\n\n  \n \n(3\n) \n \n \n19\n \n\nInterest rate contracts\n\n  \n \n(23\n) \n \n \n(2\n)\n\nCredit contracts\n\n  \n \n(26\n) \n \n \n(16\n)\n\nForeign exchange contracts\n\n  \n \n(7\n) \n \n \n(11\n)\n\nOther contracts\n\n  \n \n2\n \n \n \n(2\n)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal derivatives, net\n\n  \n \n(57\n) \n \n \n(12\n)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nSubtotal\n\n  \n¥\n(74\n) \n \n¥\n(16\n)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nLoans and receivables\n\n  \n \n14\n \n \n \n22\n \n\nCollateralized agreements\n\n  \n \n0\n \n \n \n0\n \n\nOther assets\n\n  \n\n \n\nNon-Trading\ndebt Securities\n\n  \n \n0\n \n \n \n1\n \n\nOther\n(3)\n\n  \n \n20\n \n \n \n49\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n(40\n) \n \n¥\n56\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\nF-\n50\n\n \n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n \n\n  \n\nBillions of yen\n\n \n\n \n\n  \n\nMarch 31\n\n \n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n  \n\n2025\n\n \n\n \n\n2026\n\n \n\n \n\n  \n\nUnrealized gains / (losses)\n(1)\n\n \n\nLiabilities:\n\n  \n\n \n\nTrading liabilities\n\n  \n\n \n\nEquities\n\n  \n¥\n0\n \n \n¥\n0\n \n\nBank and corporate debt securities\n\n  \n \n0\n \n \n \n0\n \n\nCollateralized debt obligation (“CDOs”) and other\n\n  \n \n1\n \n \n \n0\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal trading liabilities\n\n  \n¥\n1\n \n \n¥\n0\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nShort-term borrowings\n(4)\n\n  \n \n(7\n) \n \n \n1\n \n\nPayables and deposits\n(4)\n\n  \n \n1\n \n \n \n1\n \n\nLong-term borrowings\n(4)\n\n  \n \n24\n \n \n \n5\n \n\nOther liabilities\n\n  \n \n(1\n) \n \n \n(1\n) \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n  18\n \n \n¥\n  6\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n(1)\n\nIncludes gains and losses reported within\n\nNet gain on trading, Gain on private equity and debt investments\n\n, and also within\n\nGain(loss) on investments in equity securities, Revenue\n\n—\n\nOther\n\nand\n\nNon-interest\nexpenses\n\n—\n\nOther, Interest and dividends\n\nand\n\nInterest expense\n\nin the consolidated statements of income.\n\n(2)\n\nDerivatives which contain multiple types of risk are classified based on the primary risk type of the instrument.\n\n(3)\n\nIncludes\nnon-financial\nassets carried at fair value on a recurring basis.\n\n(4)\n\nIncludes unrealized gains and losses of ¥10 billion and ¥(1) billion for the years ended March 31, 2025 and 2026 recognized in\n\nOther comprehensive income (loss)\n\nfor recurring Level 3 fair value measurements held at the end of the reporting period.\n\nInvestments in investment funds that calculate NAV per share\n\nIn the normal course of business, Nomura invests in\nnon-consolidated\nfunds which meet the definition of investment companies or are similar in nature and which do not have readily determinable fair values. For certain of these investments, Nomura uses NAV per share as the basis for valuation as a practical expedient. Some of these investments are redeemable at different amounts from NAV per share.\n\nThe following tables present information on these investments where NAV per share is calculated or disclosed as of March 31, 2025 and 2026. Investments are presented by major category relevant to the nature of Nomura’s business and risks.\n\n \n\n \n  \n\nBillions of yen\n\n \n\n \n  \n\nMarch 31, 2025\n\n \n\n \n  \n\nFair\nvalue\n\n \n  \n\nUnfunded\n\ncommitments\n(1)\n\n \n  \n\nRedemption frequency\n\n(if currently eligible)\n(2)\n\n \n  \n\nRedemption notice\n(3)\n\n \n\nHedge funds\n\n  \n¥\n11\n \n  \n¥\n4\n \n  \n \nDaily-Monthly\n \n  \n \n\nSame\n day-30 days\n\n \n\nVenture capital funds\n\n  \n \n19\n \n  \n \n3\n \n  \n \n\n— \n\n \n  \n \n\n—\n\n \n\nPrivate equity funds and private credit funds\n\n  \n \n43\n \n  \n \n10\n \n  \n \n\n— \n\n \n  \n \n\n— \n\n \n\nReal estate funds\n\n  \n \n4\n \n  \n \n0\n \n  \n \n\n— \n\n \n  \n \n\n—\n\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n  \n\nTotal\n\n  \n¥\n 77\n \n  \n¥\n 17\n \n  \n\n  \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n  \n\n \n\nF-51\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n \n\n  \n\nBillions of yen\n\n \n\n \n\n  \n\nMarch 31, 2026\n\n \n\n \n\n  \n\nFair\nvalue\n\n \n\n  \n\nUnfunded\n\ncommitments\n(1)\n\n \n\n  \n\nRedemption frequency\n\n(if currently eligible)\n(2)\n\n \n\n  \n\nRedemption notice\n(3)\n\n \n\nHedge funds\n\n  \n¥\n33\n \n  \n¥\n2\n \n  \n \nDaily-Monthly\n \n  \n \n\nSame\n day-30 days\n\n \n\nVenture capital funds\n\n  \n \n20\n \n  \n \n3\n \n  \n \n\n— \n\n \n  \n \n\n—\n\n \n\nPrivate equity funds and private credit funds\n\n  \n \n63\n \n  \n \n8\n \n  \n \n\n— \n\n \n  \n \n\n— \n\n \n\nReal estate funds\n\n  \n \n3\n \n  \n \n0\n \n  \n \n\n— \n\n \n  \n \n\n—\n\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n  \n\nTotal\n\n  \n¥\n 119\n \n  \n¥\n 13\n \n  \n\n  \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n  \n\n \n\n(1)\n\nThe contractual amount of any unfunded commitments Nomura is required to make to the entities in which the\ninvest\nment is held.\n\n(2)\n\nThe frequency with which Nomura is permitted to redeem investments.\n\n(3)\n\nThe range in prior notice period for redemption.\n\nHedge funds:\n\nThese investments include funds of funds that invest in multiple asset classes. The fair values of these investments are determined using NAV per share. Although majority of these funds are redeemable monthly, certain funds cannot be redeemed within one month due to contractual, liquidity or gating issues. The redemption period is unknown for certain suspended or liquidating funds. Some of these investments contain restrictions against transfers of the investments to third parties.\n\nVenture capital funds:\n\nThese investments include primarily\nstart-up\nfunds. The fair values of these investments are determined using NAV per share. Most of these funds cannot be redeemed within six months. The redemption period is unknown for certain suspended or liquidating funds. Some of these investments contain restrictions against transfers of the investments to third parties.\n\nPrivate equity, private credit and other funds:\n\nThese investments ar\ne m\nade mainly in various sectors in Europe, U.S. and Japan. The fair values of these investments are determined using NAV per share. Redemption is restricted for most of these investments. The redemption period is unknown for certain suspended or liquidating funds. Some of these investments contain restrictions against transfers of the investments to third parties.\n\nReal estate funds:\n\nThese are investments in commercial and other types of real estate. The fair values of thes\ne inves\ntments are determined using NAV per share. Redemption is restricted for most of these investments. The redemption period is unknown for certain suspended or liquidating funds. Some of these investments contain restrictions against transfers of the investments to third parties.\n\n \n\nF-52\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nFair value option (“FVO”) for financial assets and financial liabilities\n\nNomura carries certain eligible financial assets and liabilities at FV-NI through the election of the FVO permitted by ASC 815 and ASC 825\n\n.\n\nElection of the FVO is generally irrevocable unless an event occurs that gives rise to a new basis of accounting for that instrument.\n\nThe financial assets and financial liabilities primarily elected for the FVO by Nomura, and the reasons for the election, are as follows:\n\n \n\n \n•\n \n\nEquity method investments reported within\n\nTrading assets and private equity and debt investments\n\nand\n\nOther assets\n\nheld for capital appreciation or current income purposes which Nomura generally has an intention to exit rather than hold indefinitely. Nomura elects the FVO to more appropriately represent the purpose of these investments in these consolidated financial statements.\n\n \n\n \n•\n \n\nCertain loans receivables and receivables from customers reported within\n\nLoans and\n\nReceivables\n\nwhich are risk managed on a fair value basis and undrawn loan commitments related to such loans receivables expected to be funded. Nomura elects the FVO to mitigate volatility through earnings caused by the difference in measurement basis that otherwise would arise between loans and the derivatives used to risk manage those instruments.\n\n \n\n \n•\n \n\nReverse repurchase and repurchase agreements reported within\n\nCollateralized agreements\n\nand\n\nCollateralized financing\n\nwhich are risk managed on a fair value basis. Nomura elects the FVO to mitigate volatility through earnings caused by the difference in measurement basis that otherwise would arise between the reverse repurchase and repurchase agreements and the derivatives used to risk manage those instruments.\n\n \n\n \n•\n \n\nAll structured notes issued on or after April 1, 2008 reported within\n\nShort-term borrowings\n\nor\n\nLong-term borrowings\n\n. Nomura elects the FVO for those structured notes primarily to mitigate the volatility through earnings caused by differences in the measurement basis for structured notes and the derivatives Nomura uses to risk manage those positions. Nomura also elects the FVO for certain notes issued by consolidated VIEs for the same purpose and for certain structured notes issued prior to April 1, 2008. Certain subsidiaries elect the FVO for structured loans and vanilla debt securities issued by those subsidiaries.\n\n \n\n \n•\n \n\nCertain structured deposit issuances reported within\n\nDeposits received at banks.\n\nNomura elects the FVO for those structured deposits primarily to mitigate the volatility through earnings caused by differences in the measurement basis for structured deposits and the derivatives Nomura uses to risk manage those positions.\n\n \n\n \n•\n \n\nFinancial liabilities reported within\n\nLong-term borrowings\n\nrecognized in transactions which are accounted for as secured financing transactions under ASC 860. Nomura elects the FVO for these financial liabilities to mitigate volatility through earnings that otherwise would arise had this election not been made. Even though Nomura usually has little or no continuing economic exposure to the transferred financial assets, they remain on the consolidated balance sheets and continue to be carried at fair value, with changes in fair value recognized through earnings.\n\n \n\n \n•\n \n\nFinancial reinsurance contracts reported within\n\nOther assets\n\n. Nomura elects the FVO to mitigate income volatility caused by the difference in measurement basis that would otherwise exist. Changes in the fair value of the reinsurance contracts carried at fair value are reported in the consolidated statements of income.\n\n \n\n \n•\n \n\nLoans for trading purposes and\nnon-trading\ndebt securities held by subsidiaries that are not registered as a broker-dealer\n(“non-BD\nentities”) before March 31, 2024. Moreover, originations or purchases of\n\n \n\nF-53\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n \n\nloans held for trading purposes by\nnon-BD\nentities and\nnon-trading\ndebt securities that are not classified as HTM or AFS held by\nnon-BD\nentities from April 1, 2024. Nomura elects the FVO to these loans and\nnon-trading\ndebt securities for its holding purpose or to mitigate volatility through earnings that otherwise would arise had this election not been made.\n\nInterest and dividends arising from financial instruments for which the FVO has been elected are recognized within\n\nInterest and dividends, Interest expense\n\nor\n\nRevenue\n\n—\n\nNet gain on trading\n\n.\n\nThe following table presents gains (losses) due to changes in fair value for financial instruments carried at FV-NI using the FVO for the years ended March 31, 2024, 2025 and 2026.\n\n \n\n \n\n  \n\nBillions of yen\n\n \n\n \n\n  \n\nYear ended March 31\n\n \n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n  \n\n2024\n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\n \n\n  \n\nGains/(Losses)\n(1)\n\n \n\nAssets:\n\n  \n\n \n\n \n\nTrading assets and private equity and debt investments\n(2)\n\n  \n\n \n\n \n\nTrading assets\n\n  \n¥\n0\n \n \n¥\n4\n \n \n¥\n16\n \n\nPrivate equity and debt investments\n\n  \n \n2\n \n \n \n2\n \n \n \n1\n \n\nLoans and receivables\n\n  \n \n54\n \n \n \n45\n \n \n \n52\n \n\nCollateralized agreements\n(3)\n\n  \n \n6\n \n \n \n20\n \n \n \n12\n \n\nOther assets\n(2)(4)\n\n  \n \n22\n \n \n \n15\n \n \n \n37\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n84\n \n \n¥\n86\n \n \n¥\n118\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nLiabilities:\n\n  \n\n \n\n \n\nShort-term borrowings\n(5)\n\n  \n¥\n13\n \n \n¥\n153\n \n \n¥\n83\n \n\nPayables and deposits\n\n  \n \n8\n \n \n \n6\n \n \n \n38\n \n\nCollateralized financing\n(3)\n\n  \n \n(17\n) \n \n \n(23\n) \n \n \n(17\n)\n \n\nLong-term borrowings\n(5)(6)\n\n  \n \n(110\n) \n \n \n(48\n) \n \n \n12\n \n\nOther liabilities\n(7)\n\n  \n \n(1\n) \n \n \n(1\n) \n \n \n(11\n)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n(107\n) \n \n¥\n87\n \n \n¥\n105\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n(1)\n\nIncludes gains and losses reported primarily within\n\nRevenue – Net gain on trading\n\nand\n\nRevenue\n\n—\n\nOther\n\nin the consolidated statements of income.\n\n(2)\n\nIncludes equity investments that would have been accounted for under the equity method had Nomura not chosen to elect the FVO.\n\n(3)\n\nIncludes reverse repurchase and repurchase agreements.\n\n(4)\n\nIncludes\nnon-trading\ndebt securities.\n\n(5)\n\nIncludes structured notes and other financial liabilities.\n\n(6)\n\nIncludes secured financing transactions arising from transfers of financial assets which did not meet the criteria for sales accounting.\n\n(7)\n\nIncludes unfunded written loan commitments.\n\nAs of March 31, 2025 and 2026, Nomura held an economic i\n\nnterest of\n\n39.74\n\n% and\n\n40.42\n\n%\n\n \n\nin\n\n \n\nAmerican Century Companies, Inc., respectively. The investment is carried at FV-NI through election of the FVO and is reported within\n\nOther assets – Other\n\nin the consolidated balance sheets\n\n.\n\nFor the year ended March 31, 2025 and 2026, there was no significant impact on financial assets for which the FVO was ele\ncted\nattributable to instrument-specific credit risks.\n\n \n\nF-54\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nNomura calculates the impact of changes in its own creditworthiness on certain financial liabilities for which the FVO is elected by revaluation techniques using a rate which incorporates observable changes in its credit spread.\n\nThe following table presents changes in the valuation adjustment for Nomura’s own creditworthiness recognized in the consolidated statements of comprehensive income during the years ended March 31, 2025 and 2026 in respect of financial liabilities elected for the FVO recognized in other comprehensive income during such years. The following table also presents amounts reclassified to the consolidated statements of income from accumulated other comprehensive income on early settlement of such financial liabilities during the years ended March 31, 2025 and 2026 and the cumulative amounts recognized in accumulated other comprehensive income as of March 31, 2025 and 2026.\n\n \n\n \n\n  \n\nBillions of yen\n\n \n\n \n\n  \n\n Year ended March 31 \n\n \n\n \n\n  \n\n 2025 \n\n \n\n  \n\n 2026 \n\n \n\nChanges recognized as a credit (debit) to other comprehensive income\n\n  \n¥\n26\n \n  \n¥\n(55\n)\n\nCredit (debit) amounts reclassified to earnings\n\n  \n \n0\n \n  \n \n(1\n)\n \n\nCumulative credit balance recognized in accumulated other comprehensive income\n\n  \n \n78\n \n  \n \n22\n \n\nAs of March 31, 2025, the fair value of the aggregate unpaid principal balance (which is contractually principally protected) of\n\nLoans and receivables\n\nfor which the FVO was elected was ¥105 billion less than the principal balance of such\n\nLoans and receivables\n\n. There were no\n\nLoans and receivables\n\nfor which the FVO was elected that were 90 days or more past due. The fair value of the aggregate unpaid principal balance (which is contractually principally protected) of\n\nShort-term borrowings and Long-term borrowings\n\nfor which the FVO was elected was ¥473 billion less than the principal balance of such\n\nShort-term borrowings and Long-term borrowings\n\n.\n\nAs of March 31, 2026, the fair value of the aggregate unpaid principal balance (which is contractually principally protected) of\n\nLoans and receivables\n\nfor which the FVO was elected was ¥108 billion less than the principal balance of such\n\nLoans and receivables\n\n. There were no\n\nLoans and receivables\n\nfor which the FVO was elected that were 90 days or more past due. The fair value of the aggregate unpaid principal balance (which is contractually principally protected) of\n\nShort-term borrowings and Long-term borrowings\n\nfor which the FVO was elected was ¥461 billion less than the principal balance of such\n\nShort-term borrowings and Long-term borrowings\n\n.\n\nInvestment by Investment companies\n\nNomura carries all of investments by investment companies under ASC 946 at FV-NI.\n\nConcentrations of credit risk\n\nConcentrations of credit risk may arise from trading, securities financing transactions and underwriting activities, and may be impacted by changes in political or economic factors. Nomura has credit risk concentrations on debt securities issued by the Japanese Government, U.S. Government, British Government (“U.K.”), Governments within the European Union (“EU”), their states and municipalities, and their agencies. These concentrations generally arise from taking trading positions and are reported within\n\nTrading assets\n\nin the consolidated balance sheets. Government, agency and municipal securities, including\n\nSecurities pledged as collateral\n\n, represented 17% o\nf tota\nl assets as of March 31, 2025 and 18% as of March 31, 2026.\n\n \n\nF-55\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nThe following tables present geographic allocations of Nomura’s trading assets related to government, agency and municipal securities as of March 31, 2025 and 2026. See Note 3 “\n\nDerivative instruments and hedging activities\n\n” for further information regarding the concentration of credit risk for derivatives.\n\n \n\n \n  \n\nBillions of yen\n\n \n\n \n  \n\nMarch 31, 2025\n\n \n\n \n  \n\nJapan\n\n \n  \n\nU.S.\n\n \n  \n\nEU & U.K.\n\n \n  \n\nOther\n\n \n  \n\nTotal\n(1)\n\n \n\nGovernment, agency and municipal securities\n\n  \n¥\n2,896\n \n  \n¥\n2,629\n \n  \n¥\n2,655\n \n  \n¥\n1,470\n \n  \n¥\n9,650\n \n\n \n\n \n\n  \n\nBillions of yen\n\n \n\n \n\n  \n\nMarch 31, 2026\n\n \n\n \n\n  \n\nJapan\n\n \n\n  \n\nU.S.\n\n \n\n  \n\nEU & U.K.\n\n \n\n  \n\nOther\n\n \n\n  \n\nTotal\n(1)\n\n \n\nGovernment, agency and municipal securities\n\n  \n¥\n4,125\n \n  \n¥\n3,141\n \n  \n¥\n2,587\n \n  \n¥\n1,416\n \n  \n¥\n11,269\n \n\n \n\n(1)\n\nOther than above, there were ¥313 billion and ¥653 billion of government, agency and municipal securities reported within\n\nOther assets\n\n—\n\nNon-trading\ndebt securities\n\nin the consolidated balance sheets as of March 31, 2025 and 2026, respectively. These securities are primarily Japanese government, agency and municipal securities.\n\nEstimated fair value of financial instruments not carried at fair value\n\nCertain financial instruments are not carried at fair value on a recurring basis in the consolidated balance sheets since they are neither held for trading purposes nor are elected for the FVO. These are typically carried at contractual amounts due or amortized cost.\n\nThe carrying value of the majority of the financial instruments detailed below approximates their fair value since they are short-term in nature and contain minimal credit risk. These financial instruments include financial assets reported within\n\nCash and cash equivalents, Time deposits, Deposits with stock exchanges and other segregated cash, Receivables from customers, Receivables from other than customers, Securities purchased under agreements to resell\n\nand\n\nSecurities borrowed\n\nand financial liabilities reported within\n\nShort-term borrowings, Payables to customers, Payables to other than customers, Deposits received at banks, Securities sold under agreements to repurchase, Securities loaned\n\nand\n\nOther secured borrowings\n\nin the consolidated balance sheets.\n\nThe fair values of other financial instruments which are longer-term in nature\nor may\ncontain more than minimal credit risk may be different to their carrying value. Financial assets of this type include certain loans which are reported within\n\nLoans receivable\n\nwhile financial liabilities include long-term borrowings which are reported within\n\nLong-term borrowings\n\n.\n\n \n\nF-56\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nThe following tables present carrying values, fair values and classification within the fair value hierarchy for certain classes of financial instrument as of March 31, 2025 and 2026.\n\n \n\n \n \n\nBillions of yen\n\n \n\n \n \n\nMarch 31, 2025\n(1)\n\n \n\n \n \n \n \n \n \n \n \n\nFair value by level\n\n \n\n \n \n\nCarrying\n\nvalue\n\n \n \n\nFair\nvalue\n\n \n \n\nLevel 1\n\n \n \n\nLevel 2\n\n \n \n\nLevel 3\n\n \n\nAssets:\n\n \n\n \n\n \n\n \n\n \n\nCash and cash equivalents\n\n \n¥\n4,424\n \n \n¥\n4,424\n \n \n¥\n4,424\n \n \n¥\n— \n \n \n¥\n— \n \n\nTime deposits\n\n \n \n642\n \n \n \n642\n \n \n \n— \n \n \n \n642\n \n \n \n— \n \n\nDeposits with stock exchanges and other segregated cash\n\n \n \n448\n \n \n \n448\n \n \n \n— \n \n \n \n448\n \n \n \n— \n \n\nLoans receivable\n(2)\n\n \n \n6,022\n \n \n \n6,020\n \n \n \n— \n \n \n \n3,436\n \n \n \n2,584\n \n\nSecurities purchased under agreements to resell\n\n \n \n14,005\n \n \n \n14,005\n \n \n \n— \n \n \n \n13,991\n \n \n \n14\n \n\nSecurities borrowed\n\n \n \n4,659\n \n \n \n4,659\n \n \n \n— \n \n \n \n4,659\n \n \n \n— \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n \n¥\n30,200\n \n \n¥\n30,198\n \n \n¥\n4,424\n \n \n¥\n23,176\n \n \n¥\n2,598\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nLiabilities:\n\n \n\n \n\n \n\n \n\n \n\nShort-term borrowings\n\n \n¥\n1,117\n \n \n¥\n1,117\n \n \n¥\n— \n \n \n¥\n1,081\n \n \n¥\n36\n \n\nDeposits received at banks\n\n \n \n3,106\n \n \n \n3,106\n \n \n \n— \n \n \n \n3,092\n \n \n \n14\n \n\nSecurities sold under agreements to repurchase\n\n \n \n16,288\n \n \n \n16,288\n \n \n \n— \n \n \n \n16,288\n \n \n \n— \n \n\nSecurities loaned\n\n \n \n1,965\n \n \n \n1,965\n \n \n \n— \n \n \n \n1,965\n \n \n \n— \n \n\nOther secured borrowings\n\n \n \n393\n \n \n \n393\n \n \n \n— \n \n \n \n393\n \n \n \n— \n \n\nLong-term borrowings\n\n \n \n13,374\n \n \n \n13,385\n \n \n \n10\n \n \n \n12,879\n \n \n \n496\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n \n¥\n36,243\n \n \n¥\n36,254\n \n \n¥\n10\n \n \n¥\n35,698\n \n \n¥\n546\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\nF-57\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n \n\n \n\nBillions of yen\n\n \n\n \n\n \n\nMarch 31, 2026\n(1)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nFair value by level\n\n \n\n \n\n \n\nCarrying\n\nvalue\n\n \n\n \n\nFair\nvalue\n\n \n\n \n\nLevel 1\n\n \n\n \n\nLevel 2\n\n \n\n \n\nLevel 3\n\n \n\nAssets:\n\n \n\n \n\n \n\n \n\n \n\nCash and cash equivalents\n\n \n¥\n4,299\n \n \n¥\n4,299\n \n \n¥\n4,299\n \n \n¥\n— \n \n \n¥\n— \n \n\nTime deposits\n\n \n \n710\n \n \n \n710\n \n \n \n— \n \n \n \n710\n \n \n \n— \n \n\nDeposits with stock exchanges and other segregated cash\n\n \n \n641\n \n \n \n641\n \n \n \n— \n \n \n \n641\n \n \n \n— \n \n\nLoans receivable\n(2)\n\n \n \n7,742\n \n \n \n7,740\n \n \n \n— \n \n \n \n4,449\n \n \n \n3,291\n \n\nSecurities purchased under agreements to resell\n\n \n \n13,210\n \n \n \n13,210\n \n \n \n— \n \n \n \n13,195\n \n \n \n15\n \n\nSecurities borrowed\n\n \n \n4,340\n \n \n \n4,340\n \n \n \n— \n \n \n \n4,340\n \n \n \n— \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n \n¥\n30,942\n \n \n¥\n30,940\n \n \n¥\n4,299\n \n \n¥\n23,335\n \n \n¥\n3,306\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nLiabilities:\n\n \n\n \n\n \n\n \n\n \n\nShort-term borrowings\n\n \n¥\n1,753\n \n \n¥\n1,753\n \n \n¥\n— \n \n \n¥\n1,710\n \n \n¥\n43\n \n\nDeposits received at banks\n\n \n \n3,667\n \n \n \n3,667\n \n \n \n— \n \n \n \n3,655\n \n \n \n12\n \n\nSecurities sold under agreements to repurchase\n\n \n \n15,234\n \n \n \n15,234\n \n \n \n— \n \n \n \n15,234\n \n \n \n— \n \n\nSecurities loaned\n\n \n \n2,448\n \n \n \n2,448\n \n \n \n— \n \n \n \n2,448\n \n \n \n— \n \n\nOther secured borrowings\n\n \n \n384\n \n \n \n384\n \n \n \n— \n \n \n \n384\n \n \n \n— \n \n\nLong-term borrowings\n\n \n \n15,545\n \n \n \n15,562\n \n \n \n11\n \n \n \n15,085\n \n \n \n466\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n \n¥\n39,031\n \n \n¥\n39,048\n \n \n¥\n11\n \n \n¥\n38,516\n \n \n¥\n521\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n(1)\n\nIncludes financial instruments which are carried at fair value on a recurring basis.\n\n(2)\n\nCarrying values are shown after deducting relevant allowances for current expected credit losses.\n\nAssets and liabilities measured at fair value on a nonrecurring basis\n\nIn addition to financial instruments carried at fair value on a recurring basis, Nomura also measures other financial and\nnon-financial\nassets and liabilities at fair value on a nonrecurring basis, where the primary measurement basis is not fair value. Fair value is only used in specific circumstances after initial recognition such as to measure impairment.\n\nAs of March 31, 2025, there were no significant amount of assets or liabilities which were carried at fair value on a nonrecurring basis.\n\nAs of March 31, 2026, certain investment in affiliated company under equity method accounting was measured at fair value on a nonrecurring basis. The relevant investment, which is reported within\n\nOther assets—Other\n\nin the consolidated balance sheets, was impaired by ¥12 billion. Nomura recognized this other-than-temporary impairment losses in\n\nNon-interest expenses—Other\n\nin the consolidated statements of income The carrying amount of the investment after fair value\n measurement\nis ¥14 billion. Th\ne\n \n\nf\nair value was determined using a DCF valuation technique and consequently, this nonrecurring fair value measurement was determined using valuation inputs wh\nich\nwould be classified in Level 3 of the fair value hierarchy.\n\n \n\nF-58\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nEquity securities subject to contractual sale restrictions\n\nThe following table presents a summary of equity securities primarily reported within\n\nOther assets—Other\n\nin consolidated balance sheet which are subject to contractual sale restrictions as of March 31, 2025 and 2026.\n\n \n\n \n\n  \n\nMillions of yen\n\n \n\n \n\n  \n\nMarch 31, 2025\n\n \n\n \n\n  \n\n \n\n \n\n  \n\nRemaining duration\n\n \n\n \n\n  \n\nFair value\n\n \n\n  \n\nLess than\n\n1 year\n\n \n\n  \n\n1 to 5\n\nyears\n\n \n\n  \n\nMore than\n\n5 years\n\n \n\nRestriction on transfer\n\n  \n¥\n200,658\n \n  \n¥\n9\n \n  \n¥\n200,621\n \n  \n¥\n28\n \n\nConsent from third parties\n\n  \n \n7,806\n \n  \n \n18\n \n  \n \n—\n \n  \n \n7,788\n \n\nOthers\n\n  \n \n2,148\n \n  \n \n—\n \n  \n \n—\n \n  \n \n2,148\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n210,612\n \n  \n¥\n27\n \n  \n¥\n200,621\n \n  \n¥\n9,964\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n  \n\nMillions of yen\n\n \n\n \n  \n\nMarch 31, 2026\n\n \n\n \n  \n \n \n  \n\nRemaining duration\n\n \n\n \n  \n\nFair value\n\n \n  \n\nLess than\n\n1 year\n\n \n  \n\n1 to 5\n\nyears\n\n \n  \n\nMore than\n\n5 years\n\n \n\nRestriction on transfer\n\n  \n¥\n250,291\n \n  \n¥\n250,291\n \n  \n¥\n—\n \n  \n¥\n—\n \n\nConsent from third parties\n\n  \n \n8,054\n \n  \n \n—\n \n  \n \n—\n \n  \n \n8,054\n \n\nOthers\n\n  \n \n3,745\n \n  \n \n—\n \n  \n \n—\n \n  \n \n3,745\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n262,090\n \n  \n¥\n \n\n250,291\n \n  \n¥\n—\n \n  \n¥\n11,799\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\n(1)\n\nNo specific conditions could cause a lapse in the sale restrictions as disclosed above.\n\n3. Derivative instruments and hedging activities:\n\nNomura uses a variety of derivatives, including futures, forwards, options and swaps, for both trading and\nnon-trading\npurposes.\n\nDerivatives used for trading purposes\n\nIn the normal course of business, Nomura enters into transactions involving derivatives to meet client needs, for trading purposes, and to reduce its own exposure to loss due to adverse fluctuations in interest rates, currency exchange rates and market prices of securities. These financial instruments include contractual agreements such as commitments to swap interest payment streams, exchange currencies or purchase or sell securities and other financial instruments on specific terms at specific future dates.\n\nNomura maintains active trading positions in a variety of derivatives. Most of Nomura’s trading activities are client oriented. Nomura utilizes a variety of derivatives to meet clients’ specific financial needs and investors’ demands in the securities markets. Nomura also offers a variety of derivatives to its clients in adjusting their risk profiles in interest rate, foreign exchange and other market and credit risk exposures. In performing certain of these activities, Nomura carries an inventory of capital markets instruments and maintains its access to market liquidity by quoting bid and offer prices to and trading with other market makers. These activities are essential to provide clients with securities and other capital market products at competitive prices.\n\nFutures and forward contracts are commitments to either purchase or sell securities, foreign exchange contracts or other capital market instruments at a specific future date for a specified price and may be settled in\n\n \n\nF-59\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\ncash or through delivery. Foreign exchange contracts include spot and forward contracts and involve the exchange of two currencies at a rate agreed by the contracting parties. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movements in market prices. Futures contracts are executed through exchanges which clear and guarantee performance of counterparties. Accordingly, credit risk associated with futures contracts is considered minimal. In contrast, forward contracts are generally negotiated between two counterparties and, therefore, are subject to counterparty risks.\n\nOptions are contracts that grant the purchaser, for a premium payment, the right to either purchase or sell a financial instrument at a specified price within a specified period of time or on a specified date from or to the writer of the option. The writer of options receives premiums and bears the risk of unfavorable changes in the market price of the financial instruments underlying the options.\n\nSwaps are contractual agreements in which two counterparties agree to exchange certain cash flows, at specified future dates, based on an agreed contract. Certain agreements may contain combined interest rate and foreign exchange exposures. Entering into swap agreements may involve the risk of credit losses in the event of counterparty default.\n\nTo the extent these derivatives are economically hedging underlying financial instruments held by Nomura, the overall risk of loss may be fully or partly mitigated by the hedged position.\n\nNomura seeks to minimize its exposure to market risk arising from its use of these derivatives through various control policies and procedures, including position limits, monitoring procedures and hedging strategies whereby Nomura enters into offsetting or other positions in a variety of financial instruments.\n\nDerivatives used for\nnon-trading\npurposes\n\nNomura’s principal objectives in using derivatives for\nnon-trading\npurposes are to manage interest rate risk, to modify the interest rate risk profile of certain financial liabilities, to manage foreign exchange risk of certain foreign currency denominated debt securities, and to manage net investment exposure to fluctuations in foreign exchange rates arising from certain foreign operations. Credit risk associated with derivatives utilized for\nnon-trading\npurposes is controlled and managed in the same way as that associated with derivatives used for trading purposes.\n\nFair value hedges\n\nNomura designates certain derivatives as fair value hedges of interest rate risk arising from specific financial liabilities and foreign currency risk arising from specific foreign currency denominated debt securities. These derivatives are effective in reducing the risk associated with the exposure being hedged and are highly correlated with changes in the fair value and foreign currency rates of the underlying hedged items, both at inception and throughout the life of the hedging relationship. Changes in fair value of the hedging derivatives are reported together with those of the hedged liabilities and assets through the consolidated statements of income within\n\nInterest expense\n\nand\n\nRevenue\n\n—\n\nOther\n\n, respectively.\n\nNet investment hedges\n\nNomura designates certain derivatives designated as hedges of its net investment in foreign operations relating to specific subsidiaries which have\nnon-Japanese\nYen functional currencies. When determining the effectiveness of net investment hedges, the effective portion of the change in fair value of the hedging derivative\n\n \n\nF-60\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nis determined by changes in spot exchange rates. Changes in fair value of the hedging derivatives attributable to changes in the difference between the forward rate and spot rate are excluded from the measurement of hedge effectiveness and are reported in the consolidated statements of income within\n\nRevenue\n\n—\n\nNet gain on trading\n\n. All other movements in the fair value of highly effective net investment hedging derivatives are reported through NHI shareholders’ equity within\n\nAccumulated other comprehensive income (loss)\n\n.\n\nConcentrations of credit risk for derivatives\n\nAlthough Nomura’s exposures to financial instruments are broadly diversified across different types of financial instrument, counterparty and geographical location generally, a significant portion of derivatives are entered into with other financial institutions. The following tables present Nomura’s significant concentration of credit risk in OTC derivatives with financial institutions including transactions cleared through central counterparties as of March 31, 2025 and 2026. The gross fair value of derivative assets represents the maximum amount of loss that Nomura would incur if the counterparties of Nomura failed to perform in accordance with the terms of the financial instruments and any collateral or other security Nomura held to offset or partially offset such credit risk exposures was of no value.\n\n \n\n \n  \n\nBillions of yen\n\n \n\n \n  \n\nMarch 31, 2025\n\n \n\n \n  \n\nGross fair value of\n\nderivative assets\n\n \n  \n\nImpact of\n\nmaster netting\n\nagreements\n\n \n  \n\nImpact of\n\ncollateral\n\n \n  \n\nNet exposure to\n\ncredit risk\n\n \n\nFinancial institutions\n\n  \n¥\n14,974\n \n  \n¥\n(12,745)\n \n  \n¥\n(1,759)\n \n  \n¥\n470\n \n\n \n\n \n  \n\nBillions of yen\n\n \n\n \n  \n\nMarch 31, 2026\n\n \n\n \n  \n\nGross fair value of\n\nderivative assets\n\n \n  \n\nImpact of\n\nmaster netting\n\nagreements\n\n \n  \n\nImpact of\n\ncollateral\n\n \n  \n\nNet exposure to\n\ncredit risk\n\n \n\nFinancial institutions\n\n  \n¥\n19,414\n \n  \n¥\n(16,606)\n \n  \n¥\n(2,104)\n \n  \n¥\n704\n \n\nDerivative activities\n\nThe following tables present the notional value and fair value of derivatives as of March 31, 2025 and 2026. All amounts are disclosed on a gross basis, prior to counterparty offsetting of derivative assets and liabilities and cash collateral offsetting against net derivatives. Derivatives which contain multiple types of risk are classified in the table based on the primary risk type of the financial instrument. Changes in the fair value of derivatives are recognized either through the consolidated statements of income or the consolidated statements of comprehensive income, depending on the purpose for which the derivatives are used.\n\n \n\nF-61\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n \n  \n \n \n  \n\nBillions of yen\n\n \n\n \n  \n \n \n  \n\nMarch 31, 2025\n\n \n\n \n  \n \n \n  \n\nDerivative\n\nassets\n\n \n  \n\nDerivative\n\nliabilities\n\n \n\n \n  \n\nTotal notional\n(1)\n\n \n  \n\nFair value\n\n \n  \n\nFair value\n(1)\n\n \n\nDerivatives used for trading and\nnon-trading\npurposes\n(2)\n:\n\n  \n\n  \n\n  \n\nEquity contracts\n\n  \n¥\n110,348\n \n  \n¥\n2,572\n \n  \n¥\n3,069\n \n\nInterest rate contracts\n\n  \n \n3,814,576\n \n  \n \n12,424\n \n  \n \n11,509\n \n\nCredit contracts\n\n  \n \n59,408\n \n  \n \n304\n \n  \n \n382\n \n\nForeign exchange contracts\n\n  \n \n484,797\n \n  \n \n4,363\n \n  \n \n4,186\n \n\nOther contracts\n\n  \n \n904\n \n  \n \n11\n \n  \n \n50\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n4,470,033\n \n  \n¥\n19,674\n \n  \n¥\n19,196\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nDerivatives designated as formal fair value or net investment accounting hedges:\n\n  \n\n  \n\n  \n\nInterest rate contracts\n\n  \n¥\n3,182\n \n  \n¥\n4\n \n  \n¥\n138\n \n\nForeign exchange contracts\n\n  \n \n183\n \n  \n \n\n— \n\n \n  \n \n8\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n3,365\n \n  \n¥\n4\n \n  \n¥\n146\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal derivatives\n\n  \n¥\n4,473,398\n \n  \n¥\n19,678\n \n  \n¥\n19,342\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\n \n\n  \n\n \n\n \n\n  \n\nBillions of yen\n\n \n\n \n\n  \n\n \n\n \n\n  \n\nMarch 31, 2026\n\n \n\n \n\n  \n\n \n\n \n\n  \n\nDerivative\n\nassets\n\n \n\n  \n\nDerivative\n\nliabilities\n\n \n\n \n\n  \n\nTotal notional\n(1)\n\n \n\n  \n\nFair value\n\n \n\n  \n\nFair value\n(1)\n\n \n\nDerivatives used for trading and\nnon-trading\npurposes\n(2)\n:\n\n  \n\n  \n\n  \n\nEquity contracts\n\n  \n¥\n127,843\n \n  \n¥\n3,053\n \n  \n¥\n3,571\n \n\nInterest rate contracts\n\n  \n \n4,646,591\n \n  \n \n15,803\n \n  \n \n14,515\n \n\nCredit contracts\n\n  \n \n90,918\n \n  \n \n394\n \n  \n \n559\n \n\nForeign exchange contracts\n\n  \n \n595,071\n \n  \n \n5,741\n \n  \n \n5,349\n \n\nOther contracts\n\n  \n \n820\n \n  \n \n9\n \n  \n \n37\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n5,461,243\n \n  \n¥\n25,000\n \n  \n¥\n24,031\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nDerivatives designated as formal fair value or net investment accounting hedges:\n\n  \n\n  \n\n  \n\nInterest rate contracts\n\n  \n¥\n3,874\n \n  \n¥\n3\n \n  \n¥\n119\n \n\nForeign exchange contracts\n\n  \n \n220\n \n  \n \n\n3\n\n \n  \n \n— \n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n4,094\n \n  \n¥\n6\n \n  \n¥\n119\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal derivatives\n\n  \n¥\n5,465,337\n \n  \n¥\n25,006\n \n  \n¥\n24,150\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n———————\n\n(1)\n\nIncludes the amount of embedded derivatives bifurcated in accordance with ASC 815.\n\n(2)\n\nThe amounts reported include derivatives used for\nnon-trading\npurposes other than those designated as formal fair value or net investment accounting hedges. These amounts have not been separately presented since such amounts were not significant as of March 31, 2025 and March 31, 2026.\n\nOffsetting of derivatives\n\nCounterparty credit risk associated with derivatives is controlled by Nomura through credit approvals, limits and monitoring procedures. To reduce the risk of loss, Nomura requires collateral, principally cash collateral and\n\n \n\nF-62\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\ngovernment securities, for certain derivative transactions. In certain cases, Nomura may agree for such collateral to be posted to a third-party custodian under a control agreement that enables Nomura to take control of such collateral in the event of counterparty default. From an economic standpoint, Nomura evaluates default risk exposure net of related collateral. Furthermore, OTC derivative transactions are typically documented under industry standard master netting agreements which mitigate Nomura’s credit exposure to counterparties. A master netting agreement is a single agreement with a counterparty that permits multiple transactions governed by that agreement to be terminated or accelerated and settled through a single payment in a single currency in the event of a default of the counterparty\n(“close-out\nand offsetting rights”).\n\nFor certain OTC centrally-cleared and exchange-traded derivatives, the clearing or membership agreements entered into by Nomura provide similar rights to Nomura in the event of default of the relevant central clearing party or exchange. Nomura generally seeks to obtain an external legal opinion in order to ascertain the enforceability of such\nclose-out\nand offsetting rights within these agreements.\n\nFor certain counterparties and/ or in certain jurisdictions, Nomura may enter into derivative transactions which are not documented under a master netting agreement. Even when derivatives are documented under such agreements, Nomura may not have obtained, or may not be able to obtain evidence to determine with sufficient certainty that\nclose-out\nand offsetting rights within such agreements are legally enforceable. This may be the case where the relevant local laws explicitly prohibit the enforceability of such\nclose-out\nand offsetting rights, or where the local laws are complex, ambiguous or silent on the enforceability of such rights. This may include derivative transactions executed with certain foreign governments, agencies, municipalities, central clearing counterparties, exchanges and pension funds.\n\nNomura considers the enforceability of a master netting agreement in determining how credit risk arising from transactions with a specific counterparty is hedged, how counterparty credit exposures are calculated and applied to credit limits and the extent and nature of collateral requirements from the counterparty.\n\nTrading and\nnon-trading\nderivative assets\nand\nliabilities with the same counterparty and the related cash collateral receivables and payables documented under an enforceable master netting agreement are presented on a net basis on the consolidated balance sheets where the specific criteria defined by ASC\n210-20\nand ASC 815 are met.\n\n \n\nF-63\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nThe following table presents information about offsetting of derivatives and related cash collateral amounts on the consolidated balance sheets as of March 31, 2025 and 2026 by type of derivative contract, and additional amounts permitted to be offset legally by Nomura under enforceable master netting agreements, central clearing counterparties or exchange rules in the event of counterparty default but not offset on the consolidated balance sheets due to one or more of the criteria defined by ASC\n210-20\nand ASC 815 are not met. Derivative transactions which are not documented under a master netting agreement or are documented under a master netting agreement for which Nomura does not have sufficient evidence of enforceability of\nclose-out\nand offsetting rights are not offset in the following table.\n\n \n\n \n\n  \n\nBillions of yen\n\n \n\n \n\nBillions of yen\n\n \n\n \n\n  \n\nMarch 31, 2025\n\n \n\n \n\nMarch 31, 2026\n\n \n\n \n\n  \n\nDerivative\n\nassets\n\n \n\n \n\nDerivative\n\nliabilities\n(1)\n\n \n\n \n\nDerivative\n\nassets\n\n \n\n \n\nDerivative\n\nliabilities\n(1)\n\n \n\nEquity contracts\n\n  \n\n \n\n \n\n \n\nOTC settled bilaterally\n\n  \n¥\n1,094\n \n \n¥\n1,185\n \n \n¥\n1,736\n \n \n¥\n2,041\n \n\nExchange-traded\n\n  \n \n1,478\n \n \n \n1,884\n \n \n \n1,317\n \n \n \n1,530\n \n\nInterest rate contracts\n\n  \n\n \n\n \n\n \n\nOTC settled bilaterally\n\n  \n \n10,243\n \n \n \n9,476\n \n \n \n11,509\n \n \n \n10,347\n \n\nOTC centrally-cleared\n\n  \n \n2,163\n \n \n \n2,140\n \n \n \n4,296\n \n \n \n4,263\n \n\nExchange-traded\n\n  \n \n22\n \n \n \n31\n \n \n \n1\n \n \n \n25\n \n\nCredit contracts\n\n  \n\n \n\n \n\n \n\nOTC settled bilaterally\n\n  \n \n265\n \n \n \n345\n \n \n \n373\n \n \n \n533\n \n\nOTC centrally-cleared\n\n  \n \n38\n \n \n \n36\n \n \n \n21\n \n \n \n23\n \n\nExchange-traded\n\n  \n \n1\n \n \n \n1\n \n \n \n0\n \n \n \n3\n \n\nForeign exchange contracts\n\n  \n\n \n\n \n\n \n\nOTC settled bilaterally\n\n  \n \n4,363\n \n \n \n4,194\n \n \n \n5,744\n \n \n \n5,349\n \n\nOther contracts\n\n  \n\n \n\n \n\n \n\nOTC settled bilaterally\n\n  \n \n8\n \n \n \n49\n \n \n \n9\n \n \n \n35\n \n\nExchange-traded\n\n  \n \n3\n \n \n \n1\n \n \n \n0\n \n \n \n2\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal gross derivative balances\n(2)\n\n  \n¥\n19,678\n \n \n¥\n19,342\n \n \n¥\n25,006\n \n \n¥\n24,151\n \n\nLess: Amounts offset in the consolidated balance sheets\n(3)\n\n  \n \n(17,711\n) \n \n \n(17,361\n) \n \n \n(22,113\n)\n \n\n \n \n(21,731\n)\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal net amounts reported on the face of the consolidated balance sheets\n\n(4)\n\n  \n¥\n1,967\n \n \n¥\n1,981\n \n \n¥\n2,893\n \n \n¥\n2,420\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nLess: Additional amounts not offset in the consolidated balance sheets\n(5)\n\n  \n\n \n\n \n\n \n\nFinancial instruments and\nnon-cash\ncollateral\n\n  \n¥\n(713\n) \n \n¥\n(554\n) \n \n¥\n(872\n)\n \n¥\n(449\n)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nNet amount\n\n  \n¥\n1,254\n \n \n¥\n1,427\n \n \n¥\n2,021\n \n \n¥\n1,971\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n(1)\n\nIncludes the amount of embedded derivatives bifurcated in accordance with ASC 815.\n\n(2)\n\nIncludes all gross derivative asset and liability balances irrespective of whether they are transacted under a master netting agreement or whether Nomura has obtained sufficient evidence of enforceability of the master netting agreement. As of March 31, 2025, the gross balance of derivative assets and derivative liabilities which are not documented under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability was ¥609 billion and ¥832 billion, respectively. As of March 31, 2026, the gross balance of such derivative assets and derivative liabilities was ¥1,027 billion and ¥1,206 billion, respectively.\n\n \n\nF-64\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n(3)\n\nRepresents amounts offset through counterparty offsetting of derivative assets and liabilities as well as cash collateral offsetting against net derivatives under master netting and similar agreements for which Nomura has obtained sufficient evidence of enforceability in accordance with ASC\n210-20\nand ASC 815. As of March 31, 2025, Nomura offset a total of ¥1,740 billion of cash collateral receivables against net derivative liabilities and ¥2,090 billion of cash collateral payables against net derivative assets. As of March 31, 2026, Nomura offset a total of ¥2,035 billion of cash collateral receivables against net derivative liabilities and ¥2,416 billion of cash collateral payables against net derivative assets.\n\n(4)\n\nNet derivative assets and net derivative liabilities are generally reported within\n\nTrading assets and private equity and debt investments\n\n—\n\nTrading assets\n\nand\n\nTrading liabilities\n\n, respectively in the consolidated balance sheet. Bifurcated embedded derivatives are reported within\n\nShort-term borrowings\n\nor\n\nLong-term borrowings\n\ndepending on the maturity of the underlying host contract.\n\n(5)\n\nRepresents amounts which are not permitted to be offset on the consolidated balance sheets in accordance with ASC\n210-20\nand ASC 815 but which provide Nomura with a legally enforceable right of offset in the event of counterparty default. Amounts relating to derivative and collateral agreements where Nomura has not yet obtained sufficient evidence of enforceability of such offsetting rights are excluded. As of March 31, 2025, a total of ¥343 billion of cash collateral receivables and ¥1,043 billion of cash collateral payables, including amounts reported in the table, have not been offset against net derivatives. As of March 31, 2026, a total of ¥399 billion of cash collateral receivables and ¥1,300 billion of cash collateral payables, including amounts reported in the table, have not been offset against net derivatives.\n\nFor information on offsetting of collateralized transactions, see Note 5 “\n\nCollateralized transactions\n\n”.\n\nDerivatives used for trading purposes\n\nDerivative financial instruments used for trading purposes, including bifurcated embedded derivatives, are carried at fair value with changes in fair value recognized through the consolidated statements of income within\n\nRevenue—Net gain on trading\n\n.\n\nThe following table presents amounts included in the consolidated statements of income for the years ended March 31, 2024, 2025 and 2026 related to derivatives used for trading and\nnon-trading\npurposes by types of underlying derivative contract. Derivatives which contain multiple types of risk are classified in the table based on the primary risk type of instrument.\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n\n  \n\nBillions of yen\n\n \n\n \n\n  \n\nYear ended March 31\n\n \n\n \n\n  \n\n2024\n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nDerivatives used for trading and\nnon-trading\npurposes\n(1)\n:\n\n  \n\n \n\n   \n\n \n\n \n\n \n\n   \n\n \n\n \n\n \n\n   \n\n \n\nEquity contracts\n\n  \n¥\n(194\n) \n \n¥\n(2\n) \n \n¥\n(272\n)\n \n\nInterest rate contracts\n\n  \n \n468\n \n \n \n(189\n) \n \n \n106\n \n\nCredit contracts\n\n  \n \n12\n \n \n \n27\n \n \n \n46\n \n\nForeign exchange contracts\n\n  \n \n142\n \n \n \n140\n \n \n \n(175\n)\n\nOther contracts\n\n  \n \n27\n \n \n \n11\n \n \n \n46\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n455\n \n \n¥\n(13\n) \n \n¥\n(249\n)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n(1)\n\nIncludes net gains (losses) on derivatives used for\nnon-trading\npurposes which are not designated as fair value or net investment hedges. For the year ended March 31, 2024, 2025 and 2026, net gains (losses) for these\nnon-trading\nderivatives were not significant.\n\n \n\nF-65\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nFair value hedges\n\nNomura issues Japanese Yen and foreign currency denominated debt with both fixed and floating interest rates. Nomura generally enters into swap agreements to convert fixed rate interest payments on its debt obligations to a floating rate and applies fair value hedge accounting to these instruments.\n\nThe following table presents the carrying value of the hedged items that are currently designated in a hedging relationship by line items in the consolidated balance sheets where the hedged item is reported, the cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged items and the cumulative amount of fair value hedging adjustment remaining for the liabilities which hedge accounting has been discontinued as of March 31, 2025 and 2026.\n\n \n\n \n\n \n\n  \n\nBillions of yen\n\n \n\nBalance sheet line\nitem in which the\nhedged item is\nincluded:   \n\n  \n\nCarrying amount of the hedged\nliabilities\n\n \n\n  \n\nCumulative gains of fair value\nhedging adjustment included in\nthe carrying amount of the\nhedged liabilities\n\n \n\n  \n\nCumulative amount of fair value\nhedging adjustment remaining\nfor the liabilities which hedge\naccounting has been discontinued\n\n \n\n  \n\nMarch 31, 2025\n\n \n\n  \n\nMarch 31, 2026\n\n \n\n  \n\nMarch 31, 2025\n\n \n\n  \n\nMarch 31, 2026\n\n \n\n  \n\nMarch 31, 2025\n\n \n\n  \n\nMarch 31, 2026\n\n \n\nLong-term borrowings\n\n  \n¥\n3,057\n \n  \n¥\n3,493\n \n  \n¥\n122\n \n  \n¥\n113\n \n  \n¥\n3\n \n  \n¥\n3\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n3,057\n \n  \n¥\n3,493\n \n  \n¥\n122\n \n  \n¥\n113\n \n  \n¥\n3\n \n  \n¥\n3\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nHedging derivatives designated as fair value hedges are carried at fair value attributable to the hedged risk, which is recognized in the consolidated statements of income within\n\nInterest expense\n\nand\n\nRevenue-Other\n\n, respectively together with the change in fair value of the hedged items. Similar to interest payables arising from hedged long-term borrowings, cash flows from interest rate contracts designated as fair value hedges are reported as cash flows from operating activities in the consolidated statements of cash flows.\n\nThe following tables present gains (losses) included in the consolidated statements of income for the years ended March 31, 2024, 2025 and 2026 related to derivatives designated as fair value hedges by type of underlying derivative contract and the nature of the hedged item.\n\n \n\n \n\n \n\n  \n\nBillions of yen\n\n \n\n \n\n  \n\nYear ended March 31\n\n \n\n \n\n  \n\n2024\n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nDerivatives designated as hedging instruments:\n\n  \n\n \n\n   \n\n \n\n \n\n \n\n   \n\n \n\n \n\n \n\n   \n\n \n\nInterest rate contracts\n\n  \n¥\n(39\n) \n \n¥\n85\n \n \n¥\n17\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n(39\n) \n \n¥\n85\n \n \n¥\n17\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n  \n\nBillions of yen\n\n \n\n \n  \n\nYear ended March 31\n\n \n\n \n  \n\n2024\n\n \n \n\n2025\n\n \n \n\n2026\n\n \n\nHedged items :\n\n  \n\n \n\n \n\nLong-term borrowings\n\n  \n¥\n39\n \n \n¥\n(85\n) \n \n¥\n(17\n)\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n39\n \n \n¥\n(85\n) \n \n¥\n(17\n)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\nF-66\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nNet investment hedges\n\nNomura designates certain foreign currency derivatives, as hedges of net investments in certain foreign operations with significant foreign exchange risks and applies hedge accounting to these instruments. Accordingly, foreign exchange gains and losses arising from the derivatives and\nnon-derivative\nfinancial instruments designated as hedges, except for the portion excluded from effectiveness assessment, are recognized through the consolidated statements of comprehensive income within\n\nOther comprehensive income (loss)-Change in cumulative translation adjustments\n\n. This is offset by the foreign exchange adjustments arising from consolidation of the relevant foreign subsidiaries.\n\nThe following table presents gains (losses) from derivatives designated as net investment hedges included in the consolidated statements of comprehensive income for the years ended March 31, 2024, 2025 and 2026.\n\n \n\n \n  \n\nBillions of yen\n\n \n\n \n  \n\nYear ended March 31\n\n \n\n \n  \n\n2024\n\n \n  \n\n2025\n\n \n \n\n2026\n\n \n\nHedging instruments:\n\n  \n \n   \n \n  \n \n   \n \n \n \n   \n \n\nForeign exchange contracts\n\n  \n¥\n  3\n \n  \n¥\n(2\n) \n \n¥\n(10\n)\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n3\n \n  \n¥\n(2\n) \n \n¥\n(10\n)\n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nThe portion of gains (losses) representing the amount excluded from the assessment of hedge effectiveness are recognized within\n\nRevenue\n\n—\n\nNet gain on trading\n\nin the consolidated statements of income. The amounts of gains (losses) were not significant during the years ended March 31, 2024, 2025 and 2026.\n\nDerivatives containing credit risk related contingent features\n\nNomura enters into certain OTC derivatives and other agreements containing credit-risk-related contingent features. These features would require Nomura to post additional collateral or settle the instrument upon occurrence of a credit event, the most common of which would be a downgrade in the Company’s long-term credit rating.\n\nThe aggregate fair value of all derivatives with credit-risk-related contingent features that are in a liability position as of March 31, 2025 was ¥770 billion with related collateral pledged of ¥\n628\n billion. In the event of a\none-notch\ndowngrade to Nomura’s long-term credit rating in effect as of March 31, 2025, the aggregate fair value of assets that would have been required to\nbe po\nsted as additional collateral or that would have been needed to settle the instruments immediately was ¥8 billion.\n\nThe aggregate fair value of all derivatives with credit-risk-related contingent features that are in a liability position as of March 31, 2026 was ¥859 billion with related collateral pledged of ¥653 billion. In the event of a\none-notch\ndowngrade to Nomura’s long-term credit rating in effect as of March 31, 2026, the aggregate fair value of assets that would have been required to be posted as additional collateral or that would have been needed to settle the instruments immediately was ¥\n9\n billion.\n\nCredit derivatives\n\nCredit derivatives are derivatives in which one or more of their underlying reference assets of the instrument are related to the credit risk of a specified entity (or group of entities) or an index based on the credit risk of a group of entities that expose the seller of credit protection to potential loss from credit events specified in the contract.\n\n \n\nF-67\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nWritten credit derivatives are instruments or embedded features where Nomura assumes third party credit risk, either as guarantor in a guarantee-type contract, or as the party that provides credit protection in an option-type contract, credit default swap, or any other credit derivative contract.\n\nNomura enters into credit derivatives as part of its normal trading activities as both purchaser and/ or seller of protection for credit risk mitigation, proprietary trading positions and for client transactions.\n\nThe most common type of credit derivatives used by Nomura are single-name credit default swaps where settlement of the derivative is based on the credit risk of a single reference entity or obligation. Nomura also writes credit derivatives linked to the performance of credit default indices and issues other credit risk related portfolio products.\n\nNomura would have to perform under a credit derivative contract if a credit event as defined in the respective contract occurs. Typical credit events include bankruptcy, failure to pay and restructuring of obligations of the underlying reference asset.\n\nCredit derivatives written by Nomura are either cash or physically settled. In cash-settled instruments, once payment is made upon an event of default, the contract usually terminates with no further payments due. Nomura generally has no right to assume the reference assets of the counterparty in exchange for payment, nor does Nomura usually have any direct recourse to the actual issuers of the reference assets to recover the amount paid. In physically settled contracts, upon a default event, Nomura takes delivery of the reference asset in return for payment of the full notional amount of the contract.\n\nNomura actively monitors and manages its credit derivative exposures. Where protection is sold, risks may be mitigated by purchasing credit protection from third parties either on identical underlying reference assets or on underlying reference assets with the same issuer which would be expected to behave in a correlated fashion. The most common form of recourse provision to enable Nomura to recover from third parties any amounts paid under a written credit derivative is therefore not through the derivative itself but rather through the purchase of separate credit derivative protection with identical or correlated underlying reference assets.\n\nThe extent of these purchased credit protection contracts is quantified in the following tables under the column titled “Purchased Credit Protection.” These amounts represent purchased credit protection with identical underlying reference assets to the written credit derivatives which act as a hedge against Nomura’s exposures. To the extent Nomura is required to pay out under the written credit derivative, a similar amount would generally become due to Nomura under the purchased credit protection.\n\nWritten credit derivatives have a stated notional amount which represents the maximum payment Nomura may be required to make under the written credit derivative. However, this is generally not a true representation of the amount Nomura will actually pay under these contracts as there are other factors that affect the likelihood and amount of any payment obligations under the contracts, including:\n\nProbability of default\n\n: Nomura values credit derivatives by taking into account of the probability that the underlying reference asset will default and that Nomura will be required to make payments under the contract. Based on historical experience and Nomura’s assessment of the market, Nomura believes that the probability that all reference assets on which Nomura provides protection will default in a single period is remote. The notional amounts are therefore, significantly higher than Nomura’s actual exposures to these contracts as a whole.\n\nRecovery value on the underlying asset\n\n: In the case of the occurrence of an event of default, Nomura’s liability on a written credit derivative is limited to the difference between the notional amount and the recovery\n\n \n\nF-68\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nvalue of the underlying reference asset under default. While the recovery value on a defaulted asset may be minimal in certain cases, this does reduce amounts paid on these contracts.\n\nThe following tables present information about Nomura’s written credit derivatives and purchased credit protection with identical underlying reference assets as of March 31, 2025 and 2026.\n\n \n\n \n  \n\nBillions of yen\n\n \n\n \n  \n\nMarch 31, 2025\n\n \n\n \n  \n\nCarrying value\n(1)\n\n(Asset) / Liability\n\n \n \n\nMaximum potential payout/Notional\n\n \n  \n\nNotional\n\n \n\n \n \n \n \n  \n\nYears to maturity\n\n \n  \n\nPurchased\n\ncredit\n\nprotection\n\n \n\n \n \n\nTotal\n\n \n  \n\n Less than \n\n1 year\n\n \n  \n\n1 to 3\n\nyears\n\n \n  \n\n3 to 5\n\nyears\n\n \n  \n\nMore than\n\n5 years\n\n \n\nSingle-name credit default swaps\n\n  \n¥\n(156\n) \n \n¥\n11,480\n \n  \n¥\n1,730\n \n  \n¥\n3,124\n \n  \n¥\n4,963\n \n  \n¥\n1,663\n \n  \n¥\n(6,711\n) \n\nCredit default swap indices\n\n  \n \n(221\n) \n \n \n15,488\n \n  \n \n1,465\n \n  \n \n3,168\n \n  \n \n7,877\n \n  \n \n2,978\n \n  \n \n(8,097\n) \n\nOther credit risk related portfolio products\n\n  \n \n28\n \n \n \n1,236\n \n  \n \n124\n \n  \n \n464\n \n  \n \n571\n \n  \n \n77\n \n  \n \n(785\n) \n\nCredit-risk related options and swaptions\n\n  \n \n0\n \n \n \n171\n \n  \n \n\n— \n\n \n  \n \n11\n \n  \n \n79\n \n  \n \n81\n \n  \n \n(42\n) \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n(349)\n \n \n¥\n28,375\n \n  \n¥\n3,319\n \n  \n¥\n6,767\n \n  \n¥\n13,490\n \n  \n¥\n4,799\n \n  \n¥\n(15,635\n) \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\nBillions of yen\n\n \n\n \n\n  \n\nMarch 31, 2026\n\n \n\n \n\n  \n\nCarrying value\n(1)\n\n(Asset) / Liability\n\n \n\n \n\nMaximum potential payout/Notional\n\n \n\n  \n\nNotional\n\n \n\n \n\n \n\n \n\n \n\n  \n\nYears to maturity\n\n \n\n  \n\nPurchased\n\ncredit\n\nprotection\n\n \n\n \n\n \n\nTotal\n\n \n\n  \n\n Less than \n\n1 year\n\n \n\n  \n\n1 to 3\n\nyears\n\n \n\n  \n\n3 to 5\n\nyears\n\n \n\n  \n\nMore than\n\n5 years\n\n \n\nSingle-name credit default swaps\n\n  \n¥\n(277\n)\n \n¥\n23,468\n \n  \n¥\n2,229\n \n  \n¥\n6,782\n \n  \n¥\n11,699\n \n  \n¥\n2,758\n \n  \n¥\n(17,962\n)\n\nCredit default swap indices\n\n  \n \n(617\n)\n \n \n42,499\n \n  \n \n2,859\n \n  \n \n9,014\n \n  \n \n25,640\n \n  \n \n4,986\n \n  \n \n(33,274\n)\n\nOther credit risk related portfolio products\n\n  \n \n(49\n)\n \n \n1,824\n \n  \n \n177\n \n  \n \n881\n \n  \n \n568\n \n  \n \n198\n \n  \n \n(1,029\n)\n\nCredit-risk related options and swaptions\n\n  \n \n(1\n)\n \n \n419\n \n  \n \n\n6\n\n \n  \n \n2\n \n  \n \n374\n \n  \n \n37\n \n  \n \n(219\n)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n(944\n)\n \n\n \n¥\n68,210\n \n  \n¥\n5,271\n \n  \n¥\n16,679\n \n  \n¥\n38,281\n \n  \n¥\n7,979\n \n  \n¥\n(52,484\n)\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\n(1)\n\nCarrying value amounts are shown on a gross basis prior to cash collateral or counterparty offsetting. Asset balances represent positive fair value amounts caused by tightening of credit spreads of the underlyings\nsince\ninception of the credit derivatives.\n\nThe following tables present information about Nomura’s written credit derivatives by external credit rating of the underlying asset. Credit ratings are based on S&P Global Ratings (“S&P”), or if not rated by S&P, based on Moody’s Investors Service. If credit ratings from either of these agencies are not available, the credit ratings are based on Fitch Ratings Ltd. or Japan Credit Rating Agency, Ltd. For credit default indices, the credit rating is\n\n \n\nF-69\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\ndetermined by taking the weighted average of the external credit ratings given for each of the underlying reference entities comprising the portfolio or index.\n\n \n\n \n\n  \n\nBillions of yen\n\n \n\n \n\n  \n\nMarch 31, 2025\n\n \n\n \n\n  \n\nMaximum potential payout/Notional\n\n \n\n \n\n  \n\nAAA\n\n \n\n  \n\nAA\n\n \n\n  \n\nA\n\n \n\n  \n\nBBB\n\n \n\n  \n\nBB\n\n \n\n  \n\nOther\n(1)\n\n \n\n  \n\nTotal\n\n \n\nSingle-name credit default swaps\n\n  \n¥\n571\n \n  \n¥\n1,855\n \n  \n¥\n3,488\n \n  \n¥\n4,213\n \n  \n¥\n655\n \n  \n¥\n698\n \n  \n¥\n11,480\n \n\nCredit default swap indices\n\n  \n \n32\n \n  \n \n38\n \n  \n \n3,958\n \n  \n \n10,256\n \n  \n \n277\n \n  \n \n927\n \n  \n \n15,488\n \n\nOther credit risk-related portfolio products\n\n  \n \n\n—\n\n \n  \n \n\n—\n\n \n  \n \n24\n \n  \n \n748\n \n  \n \n20\n \n  \n \n444\n \n  \n \n1,236\n \n\nCredit risk-related options and swaptions\n\n  \n \n\n—\n\n \n  \n \n\n—\n\n \n  \n \n\n—\n\n \n  \n \n127\n \n  \n \n\n—\n\n \n  \n \n44\n \n  \n \n171\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n603\n \n  \n¥\n1,893\n \n  \n¥\n7,470\n \n  \n¥\n15,344\n \n  \n¥\n952\n \n  \n¥\n2,113\n \n  \n¥\n28,375\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\n \n\n  \n\nBillions of yen\n\n \n\n \n\n  \n\nMarch 31, 2026\n\n \n\n \n\n  \n\nMaximum potential payout/Notional\n\n \n\n \n\n  \n\nAAA\n\n \n\n  \n\nAA\n\n \n\n  \n\nA\n\n \n\n  \n\nBBB\n\n \n\n  \n\nBB\n\n \n\n  \n\nOther\n(1)\n\n \n\n  \n\nTotal\n\n \n\nSingle-name credit default swaps\n\n  \n¥\n133\n \n  \n¥\n2,999\n \n  \n¥\n7,182\n \n  \n¥\n9,459\n \n  \n¥\n2,406\n \n  \n¥\n1,289\n \n  \n¥\n23,468\n \n\nCredit default swap indices\n\n  \n \n46\n \n  \n \n2,702\n \n  \n \n6,605\n \n  \n \n19,626\n \n  \n \n720\n \n  \n \n12,800\n \n  \n \n42,499\n \n\nOther credit risk-related portfolio products\n\n  \n \n\n—\n\n \n  \n \n\n13\n\n \n  \n \n3\n \n  \n \n959\n \n  \n \n27\n \n  \n \n822\n \n  \n \n1,824\n \n\nCredit risk-related options and swaptions\n\n  \n \n\n—\n\n \n  \n \n\n14\n\n \n  \n \n\n130\n\n \n  \n \n—\n \n  \n \n2\n \n  \n \n273\n \n  \n \n419\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n179\n \n  \n¥\n5,728\n \n  \n¥\n13,920\n \n  \n¥\n30,044\n \n  \n¥\n3,155\n \n  \n¥\n15,184\n \n  \n¥\n68,210\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\n(1)\n\nOther includes credit derivatives where the credit rating of the underlying reference asset is below investment grade or where a credit rating is unavailable.\n\nDerivatives entered into in contemplation of sales of financial assets\n\nNomura enters into transactions which involve both the transfer of financial assets to a counterparty and a separate agreement entered contemporaneously with the same counterparty through which Nomura retains substantially all of the exposure to the economic return on the transferred financial assets throughout the term of the transaction. These transactions primarily include sales of securities with bilateral OTC total return swaps or other derivative agreements which are\nin-substance\ntotal return swaps.\n\nThese transactions are accounted for as sales of the securities with the derivative accounted for separately if the criteria for derecognition of the securities under ASC 860 are met. Where the derecognition criteria are not met, the transfer and separate derivative are accounted for as a single collateralized financing transaction which is reported within\n\nLong-term borrowings\n\nin the consolidated balance sheets.\n\nNomura entered into certain contemporaneous transactions involving the transfer of securities that are accounted for as sales, where substantially all of the economic exposures to the transferred securities are retained through total return swaps but does not retain control over the assets transferred. The following table provides information about relevant transactions outstanding as of March 31, 2025 and March 31, 2026.\n\n \n\nF-70\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n \n\n  \n\nMillions of yen\n\n \n\n \n\n  \n\nMarch 31\n\n \n\n \n\n  \n\n2025\n\n \n\n  \n\n2026\n\n \n\nGross cash proceeds received at transfer dates\n\n  \n¥\n  60,715\n \n  \n¥\n  31,321\n \n\nFair value of transferred securities at transfer dates\n\n  \n¥\n60,591\n \n  \n¥\n31,278\n \n\nFair value of transferred securities at reporting dates\n\n  \n¥\n41,101\n \n  \n¥\n16,997\n \n\nGross derivative liabilities arising from the transactions at reporting dates\n(1)\n\n  \n¥\n19,401\n \n  \n¥\n14,221\n \n\n \n\n(1)\n\nAmounts are presented on a gross basis, before the application of counterparty offsetting and are reported within\nTrading liabilities\nin the consolidated balance sheets as of March 31, 2025 and March 31, 2026. Of these gross derivative liability amounts,\n¥19,401 \nmillion and \n\n¥\n14,221 million are included in interest rate contracts used for trading purposes as of March 31, 2025 and March 31, 2026 respectively as disclosed in Note 3 “\n\nDerivative in\nstrum\nents and hedging activities\n.\n\n”\n\n4. Revenue from services provided to customers\n\nRevenue by types of service\n\nThe following table presents revenue earned by Nomura from providing services to customers by relevant line item in the consolidated statements of income for the years ended March 31, 2024, 2025 and 2026.\n\n \n\n \n\n  \n\nMillions of yen\n\n \n\n \n\n  \n\nYear ended March 31\n\n \n\n \n\n  \n\n2024\n\n \n\n  \n\n2025\n\n \n\n  \n\n2026\n\n \n\nCommissions\n\n  \n¥\n364,095\n \n  \n¥\n407,011\n \n  \n¥\n455,289\n \n\nFees from investment banking\n\n  \n \n173,265\n \n  \n \n212,234\n \n  \n \n200,548\n \n\nAsset management and portfolio service fees\n\n  \n \n310,154\n \n  \n \n378,196\n \n  \n \n468,600\n \n\nOther revenue\n\n  \n \n48,971\n \n  \n \n71,221\n \n  \n \n79,735\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n896,485\n \n  \n¥\n1,068,662\n \n  \n¥\n1,204,172\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nCommissions\n\nrepresent revenue principally from trade execution, clearing services and distribution of fund units primarily provided by the Wealth Management Division, and to a lesser extent, the Wholesale Division. In addition, part of this revenue is included in the newly established Banking Division as of April 1, 2025. The following table shows a breakdown of\n\nCommissions\n\nfor the years ended March 31, 2024, 2025 and 2026.\n\n \n\n \n\n \n\nMillions of yen\n\n \n\n \n\n \n\nYear ended March 31\n\n \n\n \n\n \n\n2024\n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nBrokerage commissions\n\n \n¥\n242,687\n \n \n¥\n264,512\n \n \n¥\n295,192\n \n\nCommissions for distribution of investment trust\n\n \n \n56,241\n \n \n \n66,108\n \n \n \n66,345\n \n\nOther commissions\n\n \n \n65,167\n \n \n \n76,391\n \n \n \n93,752\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n \n¥\n364,095\n \n \n¥\n407,011\n \n \n¥\n455,289\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\nF-7\n1\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nFees from investment banking\n\nrepresent revenue from financial advisory, underwriting and distribution primarily from the Wholesale Division, and to a lesser extent, the Wealth Management Division. The following table shows the breakdown of\n\nFees from investment banking\n\nfor the years ended March 31, 2024, 2025 and 2026.\n \n\n \n\n \n\n  \n\nMillions of yen\n\n \n\n \n\n  \n\nYear ended March 31\n\n \n\n \n\n  \n\n2024\n\n \n\n  \n\n2025\n\n \n\n  \n\n2026\n\n \n\nEquity underwriting and distribution fees\n\n  \n¥\n45,478\n \n  \n¥\n52,930\n \n  \n¥\n40,997\n \n\nDebt underwriting and distribution fees\n\n  \n \n27,456\n \n  \n \n48,383\n \n  \n \n47,014\n \n\nFinancial advisory fees\n\n  \n \n61,560\n \n  \n \n78,674\n \n  \n \n83,031\n \n\nOther fees\n\n  \n \n38,771\n \n  \n \n32,247\n \n  \n \n29,506\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n173,265\n \n  \n¥\n212,234\n \n  \n¥\n200,548\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nAsset management and portfolio service fees\n\nrepresent revenue from asset management services primarily from the Investment Management Division, and to a lesser extent, the Wealth Management Division. In addition, part of this revenue is included in the newly established Banking Division as of April 1, 2025. The following table shows the breakdown of\n\nAsset management and portfolio service fees\n\nfor the years ended March 31, 2024, 2025 and 2026.\n\n \n\n \n\n  \n\nMillions of yen\n\n \n\n \n\n  \n\nYear ended March 31\n\n \n\n \n\n  \n\n2024\n\n \n\n  \n\n2025\n\n \n\n  \n\n2026\n\n \n\nAsset management fees\n\n  \n¥\n193,468\n \n  \n¥\n235,893\n \n  \n¥\n311,710\n \n\nAdministration fees\n\n  \n \n88,201\n \n  \n \n109,092\n \n  \n \n120,570\n \n\nCustodial fees\n\n  \n \n28,485\n \n  \n \n33,211\n \n  \n \n36,320\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n310,154\n \n  \n¥\n378,196\n \n  \n¥\n468,600\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nThe following table presents summary information regarding the key methodologies, assumptions and judgments used in recognizing revenue for each of the primary types of service provided to customers, including the nature of underlying performance obligations within each type of service and whether those performance obligations are satisfied at a point in time or over a period of time. For performance obligations recognized over time, information is also provided to explain the nature of the input or output method used to recognize revenue over time.\n\n \n\nType of service provided to\n\ncustomers\n\n  \n\nOverview of key services provided\n\n  \n\nKey revenue recognition policies,\nassumptions and\n\njudgments\n\nTrade execution, clearing services and distribution of fund units\n\n  \n\n•\n\nBuying and selling of securities on behalf of customers\n\n \n\n•\n\nDistribution of fund units\n\n \n\n•\n\nClearing of securities and derivatives on behalf of customers\n\n  \n\n•\n\nTrade execution and clearing commissions recognized at a point in time, namely trade date.\n\n \n\n•\n\nDistribution fees are recognized at a point in time when the fund units have been sold to third party investors.\n\n \n\n•\n\nCommissions recognized net of soft dollar credits provided\n\n \n\nF-7\n2\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nType of service provided to\n\ncustomers\n\n  \n\nOverview of key services provided\n\n  \n\nKey revenue recognition policies,\nassumptions and\n\njudgments\n\n  \n\n  \nto customers where Nomura is acting as agent in providing investment research and similar services to the customer.\n\nFinancial advisory services\n  \n\n•\n\nProvision of financial advice to customers in connection with a specific forecasted transaction or transactions such as mergers and acquisitions\n\n \n\n•\n\nProvision of financial advice not in connection with a specific forecasted transaction or transactions such as general corporate intelligence and similar research\n\n \n\n•\n\nIssuance of fairness opinions\n\n \n\n•\n\nStructuring complex financial instruments for customers\n\n  \n\n•\n\nFees contingent on the success of an underlying transaction are variable consideration recognized when the underlying transaction has been completed since only at such point is it probable that a significant reversal of revenue will not occur.\n\n \n\n•\n\nRetainer and milestone fees are recognized either over the period to which they relate or are deferred until consummation of the underlying transaction depending on whether the underlying performance obligation is satisfied at a point in time or over time.\n\n \n\n•\n\nJudgment is required to make this determination with factors influencing this determination including, but not limited to, whether the fee is in connection with an engagement designed to achieve a specific transaction or outcome for the customer (such as the purchase or sale of a business), the nature and extent of benefit to be provided to the customer prior to, and in addition to such specific transaction or outcome and the fee structure for the engagement.\n\n \n\n•\n\nRetainer and milestone fees recognized over time are\n\n \n\nF-73\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nType of service provided to\n\ncustomers\n\n  \n\nOverview of key services provided\n\n  \n\nKey revenue recognition policies,\nassumptions and\n\njudgments\n\n  \n\n  \nnormally recognized on a straight-line basis over the term of the contract based on time elapsed.\n\nUnderwriting and syndication services\n  \n\n•\n\nUnderwriting of debt, equity and other financial instruments on behalf of customers\n\n \n\n•\n\nDistributing securities on behalf of issuers\n\n \n\n•\n\nArranging loan financing for customers\n\n \n\n•\n\nSyndicating loan financing on behalf of customer\n\n  \n\n•\n\nUnderwriting and syndication fees are recognized at a point in time when the underlying transaction is complete.\n\n \n\n•\n\nCommitment fees where draw down of the facility is deemed remote are recognized on a straight-line basis over the life of the facility based on time elapsed.\n\n \n\n•\n\nUnderwriting and syndication costs are recognized either as a reduction of revenue or on a gross basis depending on whether Nomura is acting as principal or agent for such amounts.\n\nAsset management services\n  \n\n•\n\nManagement of funds, investment trusts and other investment vehicles\n\n \n\n•\n\nProvision of investment advisory services\n\n \n\n•\n\nProvision of custodial and administrative services to customers\n\n  \n\n•\n\nManagement fees earned by Nomura in connection with managing a fund, investment trust or other vehicle generally are recognized on a straight-line basis over the term of the contract based on time elapsed.\n\n \n\n•\n\nPerformance-based fees are variable consideration recognized when the performance metric has been determined since only at such point is it probable that a significant reversal of revenue will not occur.\n\n \n\n•\n\nCustodial and administrative fees are recognized on a straight-line basis over time based on time elapsed.\n\n \n\nF-74\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nWhere revenue is recognized at a point in time, payments of fees are typically received at the same time as when the performance obligation is satisfied, or within several days or months after satisfying a performance obligation. In relation to revenue recognized over time, payments of fees are typically settled monthly, quarterly or semi-annually.\n\nThe underlying contracts entered into by Nomura in connection with the services described above typically do not have significant financing components. If such components exist in a contract, Nomura has made an accounting policy permitted by ASC 606 “\n\nRevenue from Contracts with Customers\n\n” (“ASC 606”) not to adjust for the effects of a significant financing component where the financing is effectively for a period of one year or less. Such contracts also typically do not contain any rights of return or similar features for the customer.\n\nCustomer contract balances\n\nWhen Nomura or the customer performs in accordance with the terms of a customer contract, a contract asset, customer contract receivable or contract liability is recognized in Nomura’s consolidated balance sheet.\n\nA contract asset represents accrued revenue recognized by Nomura for completion or partially completion of a performance obligation, namely a right of Nomura to receive consideration for providing the service to the customer, which is conditional on factors or events other than the passage of time. A customer contract receivable is an unconditional right of Nomura to receive consideration in exchange for services provided. Both contract assets and customer contract receivables are reported in\n\nReceivables from Customers\n\nwithin Nomura’s consolidated balance sheet. A contract liability is any liability recognized in connection with a customer contract, including obligations to refund or obligations to provide a service in the future for which consideration has already been received or is due to be received. Contract liabilities are reported in\n\nPayables to Customers\n\nwithin Nomura’s consolidated balance sheet.\n\nThe following table presents the balances of customer contract receivables and contract liabilities in scope of ASC 606 as of March 31, 2025 and 2026. The balances of contract assets as of March 31, 2025 and 2026 were not significant.\n\n \n\n \n\n  \n\nMillions of yen\n\n \n\n \n\n  \n\nMarch 31\n\n \n\n \n\n  \n\n  2025 \n\n \n\n  \n\n  2026 \n\n \n\nCustomer contract receivables\n\n  \n\n¥\n\n    114,158\n\n \n\n  \n\n¥\n\n    143,413\n\n \n\nContract liabilities\n(1)\n\n  \n\n \n\n5,276\n\n \n\n  \n\n \n\n6,004\n\n \n\n \n\n(1)\n\nContract liabilities primarily rise from investment advisory services and are recognized over the term of the contract based on time elapsed.\n\nThe balance of contract liabilities as of March 31, 2024 and 2025 were recognized as revenue for the year ended March 31, 2025 and 2026, respectively. Nomura recognized ¥2,737 million of revenue from performance obligations satisfied in previous periods for the year ended March 31, 2025. Nomura recognized ¥1,808 million of revenue from performance obligations satisfied in previous periods for the year ended March 31, 2026.\n\nTransaction price allocated to the remaining performance obligations\n\nIn the ordinary course of business, Nomura may enter into customer contracts where the performance obligations are wholly or partially unsatisfied as of fiscal year ends. The total transaction prices allocated to the remaining unsatisfied performance obligations within these customer contracts were ¥\n550\n million as of March 31, 2025 and ¥\n293\nmillion as of March 31, 2026. As permitted by ASC 606, Nomura has elected not to\n\n \n\nF-7\n5\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\ndisclose information about remaining performance obligations that have an individual estimated contract period of one year or less. In addition, consideration arising from contracts with customers does not comprise any significant amount that is not included in transaction price.\n\nCustomer contract costs\n\nAs permitted by ASC 340 “\n\nOther Assets and Deferred Costs,\n\n” Nomura has elected to expense all costs to obtain customer contracts where such amounts would be otherwise expensed within one year or less. As a result, the amounts of deferred costs to obtain or fulfill customer contracts as of March 31, 2025 and 2026 were not significant.\n\n5. Collateralized transactions:\n\nNomura enters into collateralized transactions, including reverse repurchase agreements, repurchase agreements, securities borrowing transactions, securities lending transactions, other secured borrowings and similar transactions mainly to meet clients’ financing needs, finance trading inventory positions and obtain securities for settlement.\n\nReverse repurchase agreements, repurchase agreements, securities borrowing transactions and securities lending transactions are typically documented under industry standard master netting agreements which mitigate Nomura’s credit exposure to counterparties. For certain centrally-cleared reverse repurchase and repurchase agreements, the clearing or membership agreements entered into by Nomura provide similar rights to Nomura in the event of default of the relevant central clearing counterparty. Nomura generally seeks to obtain an external legal opinion in order to ascertain the enforceability of such\nclose-out\nand offsetting rights within these agreements.\n\nNomura may enter into reverse repurchase agreements, repurchase agreements, securities borrowing and securities lending transactions with certain types of counterparties and in certain jurisdictions which are not documented under a master netting agreement. Even when these transactions are documented under such master netting agreements, Nomura may not have obtained, or may not be able to obtain, evidence to determine with sufficient certainty that the\nclose-out\nand offsetting rights in the agreements are legally enforceable. This may be the case where relevant local laws explicitly prohibit such\nclose-out\nand offsetting rights, or where local laws are complex, ambiguous or silent on the enforceability of such rights. This may include reverse repurchase agreements, repurchase agreements, securities borrowing and securities lending transactions executed with certain foreign governments, agencies, municipalities, central clearing counterparties, agent banks and pension funds.\n\nNomura considers the enforceability of a master netting agreement in determining how credit risk arising from transactions with a specific counterparty is hedged, how counterparty credit exposures are calculated and applied to credit limits and the extent and nature of collateral requirements from the counterparty.\n\nIn all of these transactions, Nomura either receives or provides collateral, including Japanese and\nnon-Japanese\ngovernment, agency, mortgage-backed, bank and corporate debt securities and equities. In most cases, the party receiving the collateral is free to sell or repledge the securities received through repurchase agreements, securities lending transactions or to cover short positions. In repurchase and reverse repurchase agreements, the value of collateral typically exceeds the amount of cash transferred, where collateral is generally in the form of securities. Securities borrowing transactions generally require Nomura to provide the counterparty with collateral in the form of cash or other securities. For securities lending transactions, Nomura generally\n\n \n\nF-7\n6\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nreceives collateral in the form of cash or other securities. Nomura monitors the market value of the securities either received from or provided to the counterparty. Additional cash or securities are exchanged as necessary, to ensure that such transactions are adequately collateralized throughout the life of the transactions.\n\nOffsetting of certain collateralized transactions\n\nReverse repurchase agreements and repurchase agreements, securities borrowing and lending transactions with the same counterparty documented under a master netting agreement are offset in the consolidated balance sheets where specific criteria as defined by ASC\n210-20\nare met. These criteria include requirements around maturity of transactions, underlying systems on which collateral is settled, associated banking arrangements and legal enforceability of\nclose-out\nand offsetting rights under relevant master netting agreements.\n\nThe following tables present information about offsetting of these transactions in the consolidated balance sheets as of March 31, 2025 and 2026, together with the extent to which master netting agreements entered into with counterparties and central clearing parties permit additional offsetting in the event of counterparty default. Transactions which are not documented under a master netting agreement or are documented under a master netting agreement for which Nomura does not have sufficient evidence of enforceability are not offset in the following tables.\n\n \n\n \n  \n\nBillions of yen\n\n \n\n \n  \n\nMarch 31, 2025\n\n \n\n \n  \n\nAssets\n\n \n \n\nLiabilities\n\n \n\n \n  \n\nReverse\n\nrepurchase\n\nagreements\n\n \n \n\nSecurities\n\nborrowing\n\ntransactions\n\n \n \n\nRepurchase\n\nagreements\n\n \n \n\nSecurities\n\nlending\n\ntransactions\n\n \n\nTotal gross balance\n(1)\n\n  \n¥\n43,464\n \n \n¥\n4,656\n \n \n¥\n45,747\n \n \n¥\n2,347\n \n\nLess: Amounts offset in the consolidated balance sheets\n(2)\n\n  \n \n(29,459\n) \n \n \n\n— \n\n \n \n \n(29,459\n) \n \n \n\n— \n\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal net amounts as reported on the face of the consolidated balance sheets\n(3)\n\n  \n¥\n14,005\n \n \n¥\n4,656\n \n \n¥\n16,288\n \n \n¥\n2,347\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nLess: Additional amounts not offset in the consolidated balance sheets\n(4)\n\n  \n\n \n\n \n\n \n\nFinancial instruments and\nnon-cash\ncollateral\n\n  \n \n(13,422\n) \n \n \n(2,941\n) \n \n \n(13,800\n) \n \n \n(2,162\n) \n\nCash collateral\n\n  \n \n(3\n) \n \n \n—\n\n \n\n \n \n \n(4\n) \n \n \n\n— \n\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nNet amount\n\n  \n¥\n580\n \n \n¥\n1,715\n \n \n¥\n2,484\n \n \n¥\n185\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\nF-7\n7\n\n[Table of Contents](#toc)\n\nNOMUR\nA H\nOLDINGS, INC.\n\n \n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n \n\n  \n\nBillions of yen\n\n \n\n \n\n  \n\nMarch 31, 2026\n\n \n\n \n\n  \n\nAssets\n\n \n\n \n\nLiabilities\n\n \n\n \n\n  \n\nReverse\n\nrepurchase\n\nagreements\n\n \n\n \n\nSecurities\n\nborrowing\n\ntransactions\n\n \n\n \n\nRepurchase\n\nagreements\n\n \n\n \n\nSecurities\n\nlending\n\ntransactions\n\n \n\nTotal gross balance\n(1)\n\n  \n\n¥\n\n49,251\n\n \n\n \n\n¥\n\n4,336\n\n \n\n \n\n¥\n\n51,275\n\n \n\n \n\n¥\n\n2,953\n\n \n\nLess: Amounts offset in the consolidated balance sheets\n(2)\n\n  \n\n \n\n(36,041\n\n) \n\n \n\n \n\n — \n\n \n\n \n\n \n\n(36,041\n\n) \n\n \n\n \n\n — \n\n \n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal net amounts as reported on the face of the consolidated balance sheets\n(3)\n\n  \n\n¥\n\n13,210\n\n \n\n \n\n¥\n\n4,336\n\n \n\n \n\n¥\n\n15,234\n\n \n\n \n\n¥\n\n2,953\n\n \n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nLess: Additional amounts not offset in the consolidated balance sheets\n(4)\n\n  \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\nFinancial instruments and\nnon-cash\ncollateral\n\n  \n\n \n\n(12,493\n\n) \n\n \n\n \n\n(2,635\n\n) \n\n \n\n \n\n(13,670\n\n) \n\n \n\n \n\n(2,645\n\n) \n\nCash collateral\n\n  \n\n \n\n(5\n\n) \n\n \n\n \n\n — \n\n \n\n \n\n \n\n(27\n\n) \n\n \n\n \n\n — \n\n \n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNet amount\n\n  \n\n¥\n\n712\n\n \n\n \n\n¥\n\n1,701\n\n \n\n \n\n¥\n\n1,537\n\n \n\n \n\n¥\n\n308\n\n \n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n(1)\n\nInclude all recognized balances irrespective of whether they are transacted under a master netting agreement or whether Nomura has obtained sufficient evidence of enforceability of the master netting agreement. Amounts include transactions carried at fair value through election of the fair value option. As of March 31, 2025, the gross balance of reverse repurchase agreements and repurchase agreements which were not transacted under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability amounted to ¥441 billion and ¥1,973 billion, respectively. As of March 31, 2025, the gross balance of securities borrowing transactions and securities lending transactions which were not transacted under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability amounted to ¥1,528 billion and ¥\n111\n billion, respectively. As of March 31, 2026, the gross balance of reverse repurchase agreements and repurchase agreements which were not transacted under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability amounted to ¥\n458\n billion and ¥\n895\n billion, respectively. As of March 31, 2026, the gross balance of securities borrowing transactions and securities lending transactions which were not transacted under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability amounted to ¥\n1,532\n billion and ¥\n151\n billion, respectively.\n\n(2)\n\nRepresent amounts offset through counterparty netting under master netting or similar agreements for which Nomura has obtained sufficient evidence of enforceability in accordance with ASC\n210-20.\nAmounts offset include transactions carried at fair value through election of the fair value option.\n\n(3)\n\nReverse repurchase agreements and securities borrowing transactions are reported within\n\nCollateralized agreements\n\n—\n\nSecurities purchased under agreements to resell\n\nand\n\nCollateralized agreements\n\n—\n\nSecurities borrowed\n\nin the consolidated balance sheets, respectively. Repurchase agreements and securities lending transactions are reported within\n\nCollateralized financing\n\n—\n\nSecurities sold under agreements to repurchase\n\nand\n\nCollateralized financing\n\n—\n\nSecurities\nloaned\n\nin the consolidated balance sheets, respectively. Amounts reported under securities lending transactions also include transactions where Nomura lends securities and receives securities that can be sold or pledged as collateral. Nomura recognizes the securities received at fair value and a liability for the same amount, representing the obligation to return those securities. The securities received and the liability are reported within\n\nOther assets-Other\n\nand\n\nOther liabilities\n\nin the consolidated balance sheets, respectively.\n\n(4)\n\nRepresent amounts which are not permitted to be offset on the face of the consolidated balance sheets in accordance with ASC\n210-20\nbut which provide Nomura with the right of offset in the event of counterparty\n\n \n\nF-7\n8\n\n[Table of Contents](#toc)\n\nNOMURA\nHOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n \n\ndefault. Amounts relating to agreements where Nomura has not yet obtained sufficient evidence of enforceability of such offsetting rights are excluded.\n\nFor information on offsetting of derivatives, see Note 3 “\n\nD\neriva\ntive instruments and hedging activities\n\n.”\n\nMaturity analysis of repurchase agreements and securities lending transactions\n\nThe following tables present an analysis of the total carrying value of liabilities recognized in the consolidated balance sheets for repurchase agreements and securities lending transactions by remaining contractual maturity of the agreement as of March 31, 2025 and 2026. Amounts reported are shown prior to counterparty netting in accordance with ASC\n210-20.\n\n \n\n \n  \n\nBillions of yen\n\n \n\n \n  \n\nMarch 31, 2025\n\n \n\n \n  \n\nOvernight\n\nand open\n(1)\n\n \n  \n\nUp to\n\n30 days\n\n \n  \n\n30 - 90\n\ndays\n\n \n  \n\n90 days -\n1 year\n\n \n  \n\nGreater\n\nthan 1 year\n\n \n  \n\nTotal\n\n \n\nRepurchase agreements\n\n  \n¥\n19,523\n \n  \n¥\n20,673\n \n  \n¥\n2,466\n \n  \n¥\n1,848\n \n  \n¥\n1,237\n \n  \n¥\n45,747\n \n\nSecurities lending transactions\n\n  \n \n1,384\n \n  \n \n144\n \n  \n \n14\n \n  \n \n255\n \n  \n \n550\n \n  \n \n2,347\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal gross recognized liabilities\n(2)\n\n  \n¥\n20,907\n \n  \n¥\n20,817\n \n  \n¥\n2,480\n \n  \n¥\n2,103\n \n  \n¥\n1,787\n \n  \n¥\n48,094\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\n \n\n  \n\nBillions of yen\n\n \n\n \n\n  \n\nMarch 31, 2026\n\n \n\n \n\n  \n\nOvernight\n\nand open\n(1)\n\n \n\n  \n\nUp to\n\n30 days\n\n \n\n  \n\n30 - 90\n\ndays\n\n \n\n  \n\n90 days -\n\n1 year\n\n \n\n  \n\nGreater\n\nthan 1 year\n\n \n\n  \n\nTotal\n\n \n\nRepurchase agreements\n\n  \n¥\n22,834\n \n  \n¥\n23,656\n \n  \n¥\n1,783\n \n  \n¥\n1,411\n \n  \n¥\n1,591\n \n  \n¥\n51,275\n \n\nSecurities lending transactions\n\n  \n \n1,660\n \n  \n \n146\n \n  \n \n46\n \n  \n \n482\n \n  \n \n619\n \n  \n \n2,953\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal gross recognized liabilities\n(2)\n\n  \n¥\n24,494\n \n  \n¥\n23,802\n \n  \n¥\n1,829\n \n  \n¥\n1,893\n \n  \n¥\n2,210\n \n  \n¥\n54,228\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\n(1)\n\nOpen transactions do not have an explicit contractual maturity date and are terminable on demand by Nomura or the counterparty.\n\n(2)\n\nRepurchase agreements and securities lending transactions are reported within\n\nCollateralized financing\n\n—\n\nSecurities sold under agreements to repurchase\n\nand\n\nCollateralized financing\n\n—\n\nSecurities loaned\n\nin the consolidated balance sheets, respectively. Amounts reported for securities lending transactions also include transactions where Nomura lends securities and receives securities that can be sold or pledged as collateral. Nomura recognizes the securities received at fair value and a liability for the same amount, representing the obligation to return those securities. The securities received and the liability are reported within\n\nOther assets-Other\n\nand\n\nOther liabilities\n\nin the consolidated balance sheets, respectively. The total gross recognized liabilities reported for repurchase agreements and securities lending transactions are consistent with the total gross balances reported in the offsetting disclosures above.\n\n \n\nF-7\n9\n\n[Table of Contents](#toc)\n\nN\nOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nSecurities transferred in repurchase agreements and securities lending transactions\n\nThe following tables present an analysis of the total carrying value of liabilities recognized in the consolidated balance sheets for repurchase agreements and securities lending transactions by class of securities and other financial assets transferred by Nomura to counterparties as of March 31, 2025 and 2026. Amounts reported are shown prior to counterparty netting in accordance with ASC\n210-20.\n\n \n\n \n  \n\nBillions of yen\n\n \n\n \n  \n\nMarch 31, 2025\n\n \n\n \n  \n\nRepurchase\n\nagreements\n\n \n  \n\nSecurities\n\nlending\n\ntransactions\n\n \n  \n\nTotal\n\n \n\nEquities and convertible securities\n\n  \n¥\n401\n \n  \n¥\n1,734\n \n  \n¥\n2,135\n \n\nJapanese government, agency and municipal securities\n\n  \n \n2,202\n \n  \n \n1\n \n  \n \n2,203\n \n\nForeign government, agency and municipal securities\n\n  \n \n34,569\n \n  \n \n81\n \n  \n \n34,650\n \n\nBank and corporate debt securities\n\n  \n \n3,881\n \n  \n \n369\n \n  \n \n4,250\n \n\nCommercial mortgage-backed securities (“CMBS”)\n\n  \n \n29\n \n  \n \n\n— \n\n \n  \n \n29\n \n\nResidential mortgage-backed securities (“RMBS”)\n(1)\n\n  \n \n4,466\n \n  \n \n\n   — \n\n \n  \n \n4,466\n \n\nCollateralized debt obligations (“CDOs”) and other\n\n  \n \n177\n \n  \n \n\n— \n\n \n  \n \n177\n \n\nInvestment trust funds and other\n\n  \n \n22\n \n  \n \n162\n \n  \n \n184\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal gross recognized liabilities\n(2)\n\n  \n¥\n45,747\n \n  \n¥\n2,347\n \n  \n¥\n48,094\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\n \n  \n\nBillions of yen\n\n \n\n \n  \n\nMarch 31, 2026\n\n \n\n \n  \n\nRepurchase\n\nagreements\n\n \n  \n\nSecurities\n\nlending\n\ntransactions\n\n \n  \n\nTotal\n\n \n\nEquities and convertible securities\n\n  \n¥\n442\n \n  \n¥\n2,272\n \n  \n¥\n2,714\n \n\nJapanese government, agency and municipal securities\n\n  \n \n3,061\n \n  \n \n163\n \n  \n \n3,224\n \n\nForeign government, agency and municipal securities\n\n  \n \n38,182\n \n  \n \n182\n \n  \n \n38,364\n \n\nBank and corporate debt securities\n\n  \n \n5,598\n \n  \n \n267\n \n  \n \n5,865\n \n\nCommercial mortgage-backed securities (“CMBS”)\n\n  \n \n— \n \n  \n \n\n— \n\n \n  \n \n— \n \n\nResidential mortgage-backed securities (“RMBS”)\n(1)\n\n  \n \n3,635\n \n  \n \n\n— \n\n \n  \n \n3,635\n \n\nCollateralized debt obligations (“CDOs”) and other\n\n  \n \n346\n \n  \n \n\n— \n\n \n  \n \n346\n \n\nInvestment trust funds and other\n\n  \n \n11\n \n  \n \n69\n \n  \n \n80\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal gross recognized liabilities\n(2)\n\n  \n¥\n51,275\n \n  \n¥\n2,953\n \n  \n¥\n54,228\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\n(1)\n\nIncludes ¥3,586 billion of U.S. government sponsored agency mortgage pass through securities and collateralized mortgage obligations as of March 31, 2025. Includes ¥2,877 billion of U.S. government sponsored agency mortgage pass through securities and collateralized mortgage obligations as of March 31, 2026.\n\n(2)\n\nRepurchase agreements and securities lending transactions are reported within\n\nCollateralized financing\n\n—\n\nSecurities sold under agreements to repurchase\n\nand\n\nCollateralized\nfinancing\n\n—\n\nSecurities loaned\n\nin the consolidated balance sheets, respectively. Amounts reported for securities lending transactions also include transactions where Nomura lends securities and receives securities that can be sold or pledged as collateral. Nomura recognizes the securities received at fair value and a liability for the same amount, representing the obligation to return those securities. The securities received and the liability are reported within\n\nOther assets-Other\n\nand\n\nOther liabilities\n\nin the consolidated balance sheets, respectively. The total gross recognized liabilities reported for repurchase agreements and securities lending transactions are consistent with the total gross balances reported in the offsetting disclosures above.\n\n \n\nF-\n80\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nCollateral received by Nomura\n\nThe following table presents the fair value of securities received as collateral, securities borrowed with or without collateral, which Nomura is permitted to sell or repledge, and the portion that has been sold or repledged as of March 31, 2025 and 2026.\n\n \n\n \n  \n\nBillions of yen\n\n \n\n \n  \n\nMarch 31\n\n \n\n \n  \n\n2025\n\n \n  \n\n2026\n\n \n\nThe fair value of collateral received\n\n  \n¥\n   64,853\n \n  \n¥\n   69,667\n \n\nThe portion of the above received that has been sold (as reported as short sales within Trading liabilities in the consolidated balance sheets) or repledged\n\n  \n \n48,717\n \n  \n \n56,304\n \n\nCollateral is generally sourced from securities purchased under agreement to resell, securities borrowing transactions, secured loans and from derivative transactions. Collateral is used together with owned securities and other financial assets to cover short sales, collateralize repurchase transactions, other secured financings and derivative transactions.\n\nAssets pledged by Nomura\n\nNomura pledges owned securities and other financial assets to collateralize repurchase transactions, other secured financings and derivative transactions. Pledged securities that can be sold or repledged by the transferee, including Gensaki Repo transactions, are reported in parentheses as\n\nAssets pledged\n\nwithin\n\nTrading assets\n\n,\n\nInvestments in equity securities\n\nand\n\nInvestments in and advances to affiliated companies\n\nin the consolidated balance sheets.\n\nThe following table presents the carrying amounts of financial assets recognized in the consolidated balance sheets which have been pledged as collateral,\nprimarily\nto stock exchanges and clearing organizations, where the secured party does not have the right to sell or repledge them by type of asset as of March 31, 2025 and 2026.\n\n \n\n \n\n  \n\nMillions of yen\n\n \n\n \n\n  \n\nMarch 31\n\n \n\n \n\n  \n\n2025\n\n \n\n  \n\n2026\n\n \n\nTrading assets:\n\n  \n\n  \n\nEquities and convertible securities\n\n  \n¥\n326,398\n \n  \n¥\n417,915\n \n\nGovernment and government agency securities\n\n  \n \n1,134,816\n \n  \n \n1,396,517\n \n\nBank and corporate debt securities\n\n  \n \n86,034\n \n  \n \n123,674\n \n\nCommercial mortgage-backed securities (“CMBS”)\n\n  \n \n\n—\n\n \n \n  \n \n5,189\n \n\nResidential mortgage-backed securities (“RMBS”)\n\n  \n \n2,626,708\n \n  \n \n2,120,771\n \n\nCollateralized debt obligations (“CDOs”) and other\n(1)\n\n  \n \n12,391\n \n  \n \n7,864\n \n\nInvestment trust funds and other\n\n  \n \n21,042\n \n  \n \n10,715\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n  \n¥\n4,207,389\n \n  \n¥\n4,082,645\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nNon-trading\ndebt securities\n(2)\n\n  \n \n15,896\n \n  \n \n21,566\n \n\nInvestments in and advances to affiliated companies\n(3)\n\n  \n¥\n16,124\n \n  \n¥\n16,086\n \n\n \n\n(1)\n\nIncludes collateralized loan obligations (“CLOs”) and asset-backed securities (“ABSs”) such as those secured on credit card loans, auto loans and student loans.\n\n(2)\n\nNon-trading\ndebt securities are primarily Japanese municipal securities issued by prefectures or ordinance-designated city.\n\n(3)\n\nInvestments in and advances to affiliated companies comprise shares in Nomura Research Institute, Ltd.\n\n \n\nF-8\n1\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nThe following table presents the carrying amount of financial and\nnon-financial\nassets recognized in the consolidated balance sheets, other than those disclosed above, which are subject to lien as of March 31, 2025 and 2026.\n\n \n\n \n\n  \n\nMillions of yen\n\n \n\n \n\n  \n\nMarch 31\n\n \n\n \n\n  \n\n2025\n\n \n\n  \n\n2026\n\n \n\nLoans and receivables\n\n  \n¥\n627,090\n \n  \n¥\n934,055\n \n\nTrading assets and private equity and debt investments\n\n  \n \n1,766,083\n \n  \n \n1,713,792\n \n\nOffice buildings, land, equipment and facilities\n\n  \n \n2,933\n \n  \n \n13,617\n \n\nNon-trading\ndebt securities\n\n  \n \n117,655\n \n  \n \n212,469\n \n\nInvestments in and advances to affiliated companies\n\n  \n \n2\n \n  \n \n3\n \n\nOther\n\n  \n \n1,333\n \n  \n \n1,522\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n  \n¥\n2,515,096\n \n  \n¥\n2,875,458\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nAssets in the above table were primarily pledged for secured borrowings, including other secured borrowings, collateralized borrowings of consolidated VIEs and derivative transactions. The above table also includes financial assets which continue to be recognized on the consolidated balance sheets as they fail the criteria for derecognition under ASC 860. The associated liabilities with these transactions are reported as trading balances of secured borrowings reported in\n\nLong-term borrowings\n\n. See Note 1\n3\n “\n\nBorrowings\n\n” for further information regarding\n\ntrading balances of secured borrowings\n.\n\n6.\nNon-trading\ninvestments:\n\nAvailable-for-sale\n\n(“AFS”) debt securities\n\n \n\nAmortized cost and fair value amounts of AFS debt securities\n\nThe following table presents the amortized cost and fair value of major types of AFS debt securities as well as cumulative unrealized gains and unrealized losses recognized through\n\nAccumulated other comprehensive income (loss)\n\nsince acquisition as of March 31, 2025 and 2026.\n\n \n\n \n  \n\nMillions of yen\n\n \n\n \n  \n\nMarch 31, 2025\n\n \n\n \n  \n\nAmortized cost\n (1)\n\n \n  \n\nUnrealized gains\n\n \n  \n\nUnrealized losses\n\n \n \n\nFair value\n\n \n\nJapanese government securities\n\n  \n¥\n25,001\n \n  \n¥\n\n— \n\n \n  \n¥\n(187\n) \n \n¥\n24,814\n \n\nJapanese agency and municipal securities\n\n  \n \n81,913\n \n  \n \n19\n \n  \n \n(1,495\n) \n \n \n80,437\n \n\nBank and corporate debt securities\n\n  \n \n1,790\n \n  \n \n\n— \n\n \n  \n \n(11\n) \n \n \n1,779\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n108,704\n \n  \n¥\n19\n \n  \n¥\n(1,693\n) \n \n¥\n107,030\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n  \n\nMillions of yen\n\n \n\n \n\n  \n\nMarch 31, 2026\n\n \n\n \n\n  \n\nAmortized cost\n (1)\n\n \n\n  \n\nUnrealized gains\n\n \n\n  \n\nUnrealized losses\n\n \n\n \n\nFair value\n\n \n\nJapanese government securities\n\n  \n¥\n99,977\n \n  \n¥\n\n— \n\n \n  \n¥\n(493\n)\n \n¥\n99,484\n \n\nJapanese agency and municipal securities\n\n  \n \n160,639\n \n  \n \n\n—\n\n \n \n  \n \n(4,129\n)\n \n \n156,510\n \n\nBank and corporate debt securities\n\n  \n \n15,636\n \n  \n \n\n— \n\n \n  \n \n(286\n)\n \n\n \n \n15,350\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n276,252\n \n  \n¥\n\n—\n\n \n \n  \n¥\n(4,908\n)\n \n¥\n271,344\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n(1)\n\nNo allowances for credit losses have been recognized as of March 31, 2025 and 2026.\n\n \n\nF-8\n2\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nThe following table presents the amortized cost and fair value of major types of AFS debt securities, categorized by contractual maturity as of March 31, 2025 and 2026.\n\n \n\n \n\n  \n\nMillions of yen\n\n \n\n \n\n  \n\nMarch 31, 2025\n\n \n\n  \n\nMarch 31, 2026\n\n \n\n \n\n  \n\nAmortized cost\n (1)\n\n \n\n  \n\nFair value\n\n \n\n  \n\nAmortized cost\n (1)\n\n \n\n  \n\nFair value\n\n \n\nJapanese government securities\n\n  \n\n  \n\n  \n\n  \n\nless than 1 year\n\n  \n¥\n\n— \n\n \n  \n¥\n\n— \n\n \n  \n¥\n19,997\n \n  \n¥\n19,961\n \n\n1 year to 5 years\n\n  \n \n25,001\n \n  \n \n24,814\n \n  \n \n79,980\n \n  \n \n79,523\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nSubtotal\n\n  \n¥\n25,001\n \n  \n¥\n24,814\n \n  \n¥\n99,977\n \n  \n¥\n99,484\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nJapanese agency and municipal securities\n\n  \n\n  \n\n  \n\n  \n\nless than 1 year\n\n \n\n¥\n\n— \n\n \n\n \n\n¥\n\n— \n\n \n\n \n\n¥\n1,395\n\n \n\n \n\n¥\n1,387\n\n \n\n1 year to 5 years\n\n  \n\n81,913\n \n  \n\n80,437\n \n  \n\n159,244\n \n  \n\n155,123\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nSubtotal\n\n  \n¥\n81,913\n \n  \n¥\n80,437\n \n  \n¥\n160,639\n \n  \n¥\n156,510\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nBank and corporate debt securities\n\n  \n\n  \n\n  \n\n  \n\n1 year to 5 years\n\n  \n¥\n1,790\n \n  \n¥\n1,779\n \n  \n¥\n15,636\n \n  \n¥\n15,350\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nSubtotal\n\n  \n¥\n1,790\n \n  \n¥\n1,779\n \n  \n¥\n15,636\n \n  \n¥\n15,350\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n108,704\n \n  \n¥\n107,030\n \n  \n¥\n276,252\n \n  \n¥\n271,344\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\n(1)\n\nNo allowances for credit losses have been recognized as of March 31, 2025 and 2026\n.\n\nAFS debt securities in an unrealized loss position\n\nThe\nfollowing table presents the fair value of major types of AFS debt securities that are in an unrealized loss position as of March 31, 2025 and 2026, and the\nduration of the unrealized loss status. An unrealized loss exists where the fair value of an individual AFS debt securities is less than its amortized cost basis.\n\n \n\n \n\n \n\nMillions of yen\n\n \n\n \n\n \n\nMarch 31, 2025\n\n \n\n \n\nMarch 31, 2026\n\n \n\n \n\n \n\nFair value\n\n \n\n \n\nUnrealized losses\n\n \n\n \n\nNumber of debt\nsecurities\n\n \n\n \n\nFair value\n\n \n\n \n\nUnrealized losses\n\n \n\n \n\nNumber of debt\nsecurities\n\n \n\nJapanese government securities\n\n \n\n \n\n \n\n \n\n \n\n \n\nLess than 12 months\n\n \n¥\n 24,814\n \n \n¥\n(187\n) \n \n \n4\n \n \n¥\n  74,665\n \n \n¥\n(311\n)\n \n \n8\n \n\n12 months or longer\n\n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n24,819\n \n \n \n(182\n) \n \n \n4\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nSubtotal\n\n \n¥\n24,814\n \n \n¥\n(187\n) \n \n \n4\n \n \n¥\n99,484\n \n \n¥\n(493\n)\n \n \n12\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nJapanese agency and municipal securities\n\n \n\n \n\n \n\n \n\n \n\n \n\nLess than 12 months\n\n \n¥\n68,063\n \n \n¥\n(1,495\n) \n \n \n72\n \n \n¥\n89,242\n \n \n¥\n(1,828\n)\n \n \n80\n \n\n12 months or longer\n\n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n67,268\n \n \n \n(2,301\n) \n \n \n72\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nSubtotal\n\n \n¥\n68,063\n \n \n¥\n(1,495\n) \n \n \n72\n \n \n¥\n156,510\n \n \n¥\n(4,129\n)\n \n \n152\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nBank and corporate debt securities\n\n \n\n \n\n \n\n \n\n \n\n \n\nLess than 12 months\n\n \n¥\n1,779\n \n \n¥\n(11\n) \n \n \n3\n \n \n¥\n13,485\n \n \n¥\n(260\n)\n \n \n28\n \n\n12 months or longer\n\n \n\n \n\n— \n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n1,865\n\n \n\n \n\n \n\n(26\n) \n\n \n\n \n\n3\n\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nSubtotal\n\n \n¥\n1,779\n \n \n¥\n(11\n) \n \n \n3\n \n \n¥\n15,350\n \n \n¥\n(286\n)\n \n \n31\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n \n¥\n 94,656\n \n \n¥\n (1,693\n) \n \n \n 79\n \n \n¥\n 271,344\n \n \n¥\n(4,908\n)\n \n \n 195\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nF-8\n3\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nNomura does not intend to sell, nor is it likely to be required to sell, any AFS debt securities which were in an unrealized loss position as of March 31, 2025 and 2026, prior to when the fair value of each of these AFS debt securities is expected to recover above each individual amortized cost basis. No allowances for credit losses have been recognized against AFS debt securities as of March 31, 2025 and 2026.\n\nThe amount of accrued interest receivable from AFS debt securities was not significant as of March 31, 2025 and 2026. There was no\nwrite-off\nof accrued interest receivable during the years ended March 31, 2025 and 2026, respectively.\n\nSales and transfers of AFS debt securities\n\nThe amount of sales of AFS debt securities was not significant during the years ended March 31, 2025 and 2026. There were no transfers or reclassification of AFS debt securities into trading assets during the years ended March 31, 2025 and 2026.\n\nHeld-to-maturity\n\n(“HTM”) debt securities\n\nAs of March 31, 2025 and 2026, there were no debt securities classified as HTM debt securities.\n\nNon-trading\nequity investments\n\nUnrealized gains and losses of\nnon-trading\nequity investments\n\nThe unrealized gain and losses on equity investments owned by\n\nnon-BD\n\nentities that are not investment companies during the years ended March 31, 2025\n\n and 2026 were ¥\n\n2,630\n\n \n\nmillion loss and ¥\n\n12,452\n\nmillion\n\ngain, respectively. These equity securities do not include equity investments that would have been accounted for under the equity method had Nomura not chosen to elect the FVO. Please see Note 2 “\n\nFair Value Measurements\n\n” for the unrealized gains and losses on equity securities for which the FVO has been elected.\n\nNon-trading\nequity investments elected for the fair value measurement alternative \n\nThe carrying value of\nnon-trading\nequity investments without readily determinable fair values held by\nnon-BD\nentities carried at fair value where fair value is determined using the fair value measurement alternative as of March 31, 2025 and 2026, were ¥\n95,529\n \n\nmillion and ¥\n\n102,546\n \n\nmillion, respectively. The amounts of cumulative impairment losses, and upward and downward fair value adjustments as a result of observable price changes from orderly transactions in identical or sufficiently similar equity investments were not significant as of March 31, 2025 and 2026.\n\nDuring the years ended March 31, 2025 and 2026 the amounts of impairment losses, and upward and downward fair value adjustments recognized for these\nnon-trading\nequity investments were not significant.\n\n7. Securitizations and Variable Interest Entities:\n\nSecuritizations\n\nNomura utilizes special purpose entities (“SPEs”) to securitize commercial and residential mortgage loans, government agency and corporate securities and other types of financial assets. Those SPEs are incorporated as stock companies, silent partnerships (“\n\nTokumei kumiai\n\n”), Cayman special purpose companies (“SPCs”) or trust accounts. Nomura’s involvements with these SPEs includes structuring the SPEs, underwriting, distributing and selling debt instruments and beneficial interests issued by SPEs to investors. Nomura accounts for the transfer of financial assets in accordance with ASC 860. This statement requires that Nomura accounts for the transfer of financial assets as a sale when Nomura relinquishes control over the financial assets. ASC 860 deems control to\n\n \n\nF-8\n4\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nbe relinquished when the following conditions are met: (a) the financial assets have been isolated from the transferor (even in bankruptcy or other receivership), (b) the transferee has the right to pledge or exchange the financial assets received, or if the transferee is an entity whose sole purpose is to engage in securitization or asset-backed financing activities, the holders of its beneficial interests have the right to pledge or exchange the beneficial interests, and (c) the transferor has not maintained effective control over the transferred assets. Where Nomura retains an interest in the financial assets, including residual interests in the SPEs, any such interests are measured at fair value and reported within\n\nTrading assets\n\nin the consolidated balance sheets, with the change in fair value reported within\n\nRevenue-Net\ngain on trading\n\n. Fair value for retained interests in securitized financial assets is determined by using observable prices; or in cases where observable prices are not available for certain retained interests, Nomura estimates fair value generally based on the present value of expected future cash flows using its best estimates of the key assumptions, including forecasted credit losses, prepayment rates, forward yield curves and discount rates commensurate with the risks involved. Nomura may also enter into derivative transactions in relation to the assets transferred to an SPE.\n\nAs noted above, Nomura may have continuing involvement with SPEs to which Nomura transferred assets. For the years ended March 31, 2025 and 2026, Nomura received cash proceeds from SPEs in new securitizations of ¥635 billion and ¥512 billion, respectively, and the associated loss on sale of ¥0 \n\nbillion and gain on sale of ¥\n\n2 billion, respectively. For the years ended March 31, 2025 and 2026, Nomura received debt securities issued by these SPEs with an initial fair value of ¥708 billion and ¥824 billion, respectively, and cash inflows from third parties primarily on the sale of those debt securities of ¥743 billion and ¥1,106 billion, respectively. The cumulative balance of financial assets transferred to SPEs with which Nomura has continuing involvement was ¥7,123 billion and ¥7,919 \n\nbillion as of March 31, 2025 and 2026, respectively. Those transferred financial assets are primarily government, agency and municipal securities. Nomura’s retained interests were ¥\n\n250 billion and ¥208 \n\nbillion as of\n\nMarch 31, 2025 and 2026, respectively. For the years ended March 31, 2025 and 2026, Nomura received cash flows of ¥\n\n28 billion and ¥43 \nbillion, respectively, from the SPEs on such retained interests held in the SPEs.\n\nNomura does not provide any financial support to SPEs beyond its contractual obligations as of March 31, 2025 and 2026.\n\n \n\nF-8\n5\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nThe following tables present the fair value of retained interests which Nomura has continuing involvement in SPEs and their classification in the fair value hierarchy, categorized by the type of transferred assets as of March 31, 2025 and 2026.\n\n \n\n \n \n\nBillions of yen\n\n \n\n \n \n\nMarch 31, 2025\n\n \n\n \n \n\nLevel 1\n\n \n \n\nLevel 2\n\n \n \n\nLevel 3\n\n \n \n\nTotal\n\n \n \n\nInvestment\n\ngrade\n\n \n \n\nOther\n\n \n\nGovernment, agency and municipal securities\n\n \n¥\n  — \n \n \n¥\n241\n \n \n¥\n  — \n \n \n¥\n  241\n \n \n¥\n  241\n \n \n¥\n  — \n \n\nBank and corporate debt securities\n\n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n\nCMBS and RMBS\n\n \n \n— \n \n \n \n— \n \n \n \n9\n \n \n \n9\n \n \n \n2\n \n \n \n7\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n \n¥\n— \n \n \n¥\n  241\n \n \n¥\n9\n \n \n¥\n250\n \n \n¥\n243\n \n \n¥\n7\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\nBillions of yen\n\n \n\n \n \n\nMarch 31, 2026\n\n \n\n \n \n\nLevel 1\n\n \n \n\nLevel 2\n\n \n \n\nLevel 3\n\n \n \n\nTotal\n\n \n \n\nInvestment\n\ngrade\n\n \n \n\nOther\n\n \n\nGovernment, agency and municipal securities\n\n \n¥\n  — \n \n \n¥\n192\n \n \n¥\n  — \n \n \n¥\n  192\n \n \n¥\n  192\n \n \n¥\n  — \n \n\nBank and corporate debt securities\n\n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n\nCMBS and RMBS\n\n \n \n— \n \n \n \n— \n \n \n \n16\n \n \n \n16\n \n \n \n— \n \n \n \n16\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n \n¥\n— \n \n \n¥\n  192\n \n \n¥\n16\n \n \n¥\n208\n \n \n¥\n192\n \n \n¥\n16\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nAs of March 31, 2025 and 2026, predominantly all of the retained interests held by Nomura were valued using significant observable inputs. The initial fair value of these retained interests are primarily classified as level 2 financial instruments in the fair value hierarchy.\n\nThe following table presents the type and carrying value of financial assets included within\n\nTrading assets\n\nand\n\nLoans receivable\n\nwhich have been transferred to SPEs but which do not meet the criteria for derecognition under ASC 860 as of March 31, 2025 and 2026. These transfers are accounted for as secured financing transactions and generally reported within\n\nBorrowings.\n\nThe assets are pledged as collateral and cannot be removed unilaterally by Nomura and the liabilities are\nnon-recourse\nto Nomura.\n\n \n\n \n\n  \n\nBillions of yen\n\n \n\n  \n\nMarch 31\n\n \n\n \n\n  \n\n2025\n\n \n\n  \n\n2026\n\n \n\nAssets\n\n  \n\n  \n\nTrading assets\n\n  \n\n  \n\nJapanese government securities\n\n  \n¥\n1\n \n  \n¥\n2\n \n\nLoans for trading purposes\n\n  \n \n66\n \n  \n \n197\n \n\nLoans receivable\n\n  \n \n481\n \n  \n \n432\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n   548\n \n  \n¥\n  631\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nLiabilities\n\n  \n\n  \n\nBorrowings\n\n  \n¥\n548\n \n  \n¥\n631\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nVariable\n\n Interest Entities (“VIEs”)\n\nIn the normal course of business, Nomura acts as a transferor of financial assets to VIEs, and underwriter, distributor, and seller of repackaged financial instruments issued by VIEs in connection with its securitization and equity derivative activities. Nomura retains, purchases and sells variable interests in VIEs in connection with its market-making, investing and structuring activities.\n\n \n\nF-8\n6\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nIf Nomura has power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, and through Nomura’s interest in the VIE, Nomura has the right to receive benefits or the obligation to absorb losses that could be potentially significant to the VIE, Nomura is the primary beneficiary of the VIE and consolidates the entity, provided that Nomura does not act as a fiduciary for other interest holders. Nomura’s consolidated VIEs include those that were created to market structured securities to investors by repackaging corporate convertible securities, mortgages and mortgage-backed securities. Certain VIEs used in connection with Nomura’s aircraft leasing business as well as other purposes are consolidated. Nomura also consolidates certain investment funds for which Nomura is the primary beneficiary.\n\nThe power to direct the most significant activities may take a number of different forms in different types of VIEs. For transactions such as securitizations, investment funds, and CDOs, Nomura generally considers collateral management and servicing to represent the power to make the most significant decisions, unless such roles are deemed to be a fiduciary relationship. Accordingly, Nomura does not consolidate such types of VIEs for which it does not act as collateral manager or servicer unless Nomura has the unilateral right to replace the collateral manager or servicer or to require liquidation of the entity.\n\nFor many transactions, such as where VIEs are used for\nre-securitizations\nof residential mortgage-backed securities, there are no significant economic decisions made on an ongoing basis and no single investor has the unilateral ability to liquidate the VIE. In those cases, Nomura focuses its analysis on the party who has the sole discretion in the initial design of the VIE, and considers factors such as the nature of the underlying assets held by the VIE, the extent of third party investors’ involvement in the design of the VIE, the size of initial third party investment and the amount and level of any subordination of beneficial interests issued by the VIE which will be held by Nomura and any third party investors. Nomura has sponsored numerous\nre-securitization\ntransactions and in many cases has determined that it is not the primary beneficiary on the basis that power to direct the most significant activities relating to these entities are shared with third party investors. Nomura has consolidated certain VIEs where it was determined that third party investors were not involved in the design of the VIEs, including where the size of third party investment was insignificant at inception of the transaction.\n\n \n\nF-8\n7\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nThe following table presents the classification of consolidated VIEs’ assets and liabilities in these consolidated financial statements as of March 31, 2025 and 2026. Most of these assets and liabilities are related to consolidated VIEs which securitize corporate convertible securities, mortgages and mortgage-backed securities. The assets of a consolidated VIE may only be used to settle obligations of that VIE. Creditors do not typically have any recourse to Nomura.\n\n \n\n \n  \n\nBillions of yen\n\n \n\n \n  \n\nMarch 31\n\n \n\n \n  \n\n2025\n\n \n  \n\n2026\n\n \n\nConsolidated VIE assets\n\n  \n\n  \n\nCash and cash equivalents\n\n  \n¥\n14\n \n  \n¥\n    41\n \n\nTrading assets\n\n  \n\n  \n\nEquities\n\n  \n \n527\n \n  \n \n531\n \n\nDebt securities\n\n  \n \n643\n \n  \n \n647\n \n\nCMBS and RMBS\n\n  \n \n64\n \n  \n \n54\n \n\nDerivatives\n\n  \n \n1\n \n  \n \n1\n \n\nPrivate equity and debt investments\n\n  \n \n83\n \n  \n \n160\n \n\nOffice buildings, land, equipment and facilities\n\n  \n \n3\n \n  \n \n61\n \n\nOther\n\n  \n \n236\n \n  \n \n177\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n 1,571\n \n  \n¥\n 1,672\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nConsolidated VIE liabilities\n\n  \n\n  \n\nTrading liabilities\n\n  \n\n  \n\nDerivatives\n\n  \n \n0\n \n  \n \n1\n \n\nBorrowings\n\n  \n\n  \n\nShort-term borrowings\n\n  \n \n112\n \n  \n \n69\n \n\nLong-term borrowings\n\n  \n \n935\n \n  \n \n839\n \n\nOther\n\n  \n \n156\n \n  \n \n119\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n1,203\n \n  \n¥\n1,028\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nOn a quarterly basis, Nomura reassesses its involvement with VIEs and evaluates the impact of any changes in governing documents and/or variable interests held by Nomura and other parties.\n\nNomura also holds variable interests in VIEs where Nomura is not the primary beneficiary. Nomura’s variable interests in such VIEs include senior and subordinated debt, residual interests, and equity interests associated with commercial and residential mortgage-backed and other asset-backed securitizations and structured financings, equity interests in VIEs which were formed primarily to acquire high yield leveraged loans and other lower investment grade debt obligations, residual interests in operating leases for aircraft held by VIEs, and loans and investments in VIEs that acquire operating businesses.\n\n \n\nF-8\n8\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\nThe following tables present the carrying amount of variable interests in unconsolidated VIEs and the maximum exposure to loss associated with these variable interests as of March 31, 2025 and 2026. Maximum exposure to loss does not reflect Nomura’s estimate of the actual losses that could result from adverse changes, nor does it reflect the economic hedges Nomura enters into to reduce its exposure. The risks associated with VIEs in which Nomura is involved are limited to the amount recognized in the consolidated balance sheets and the amount of any undrawn commitments and financial guarantees\n\nissued.\n\n \n\n \n  \n\nBillions of yen\n\n \n\n \n  \n\nMarch 31, 2025\n\n \n\n \n  \n\nCarrying amount of variable interests\n\n \n  \n\nMaximum exposure\n\nto loss to\n\nunconsolidated VIEs\n\n \n\n \n  \n\nAssets\n\n \n  \n\nLiabilities\n\n \n\nTrading assets and liabilities\n\n  \n\n  \n\n  \n\nEquities\n\n  \n¥\n23\n \n  \n¥\n  —  \n \n  \n¥\n23\n \n\nDebt securities\n\n  \n \n80\n \n  \n \n—  \n \n  \n \n80\n \n\nCMBS and RMBS\n\n  \n \n3,288\n \n  \n \n—  \n \n  \n \n3,288\n \n\nInvestment trust funds and other\n\n  \n \n129\n \n  \n \n—  \n \n  \n \n129\n \n\nPrivate equity and debt investments\n\n  \n \n23\n \n  \n \n—  \n \n  \n \n23\n \n\nLoans\n\n  \n \n1,712\n \n  \n \n—  \n \n  \n \n1,712\n \n\nOther\n\n  \n \n23\n \n  \n \n—  \n \n  \n \n23\n \n\nCommitments to extend credit and other guarantees\n\n  \n \n— \n \n  \n \n—  \n \n  \n \n167\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n5,278\n \n  \n¥\n—  \n \n  \n¥\n5,445\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n  \n\nBillions of yen\n\n \n\n \n  \n\nMarch 31, 2026\n\n \n\n \n  \n\nCarrying amount of variable interests\n\n \n  \n\nMaximum exposure\n\nto loss to\n\nunconsolidated VIEs\n\n \n\n \n  \n\nAssets\n\n \n  \n\nLiabilities\n\n \n\nTrading assets and liabilities\n\n  \n\n  \n\n  \n\nEquities\n\n  \n¥\n23\n \n  \n¥\n  —  \n \n  \n¥\n23\n \n\nDebt securities\n\n  \n \n63\n \n  \n \n—  \n \n  \n \n63\n \n\nCMBS and RMBS\n\n  \n \n2,807\n \n  \n \n—  \n \n  \n \n2,807\n \n\nInvestment trust funds and other\n\n  \n \n187\n \n  \n \n—  \n \n  \n \n187\n \n\nPrivate equity and debt investments\n\n  \n \n20\n \n  \n \n—  \n \n  \n \n20\n \n\nLoans\n\n  \n \n2,205\n \n  \n \n—  \n \n  \n \n2,205\n \n\nOther\n\n  \n \n32\n \n  \n \n—  \n \n  \n \n32\n \n\nCommitments to extend credit and other guarantees\n\n  \n \n— \n \n  \n \n—  \n \n  \n \n188\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n  5,337\n \n  \n¥\n—  \n \n  \n¥\n   5,525\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nThe above does not include certain repurchase agreement financings provided to third parties or Nomura sponsored VIEs.\n\n8. Financing receivables:\n\nIn the normal course of business, Nomura extends financing to clients primarily in the form of loan receivables, loan commitments and collateralized agreements such as reverse repurchase agreements and securities borrowing transactions. These financing receivables are recognized as assets on Nomura’s consolidated balance sheets at fair value or on amortized cost basis and provide a contractual right to receive money either on demand or on future fixed or determinable dates.\n\n \n\nF-8\n9\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nThe carrying value of financing receivables measured on an amortized cost basis is adjusted for allowances for current expected credit losses defined by ASC 326 “\n\nFinancial Instruments\n\n—\n\nCredit Losses\n\n” (“ASC 326”) where appropriate. Allowances for current expected credit losses against recognized financial instruments are reported in the consolidated balance sheets within\n\nAllowance for credit losses\n\n.\n\nCollateralized agreements\n\nCollateralized agreements consist of reverse repurchase agreements reported as Securities purchased under agreements to resell and securities borrowing transactions reported as\n\nSecurities borrowed\n\nin the consolidated balance sheets, including those executed under Japanese Gensaki Repo agreements. Reverse repurchase agreements and securities borrowing transactions principally involve the buying of government and government agency securities from customers under agreements that also require Nomura to resell these securities to those customers, or borrowing these securities with cash and\nnon-cash\ncollateral. Nomura monitors the value of the underlying securities on a daily basis to the related receivables, including accrued interest, and requests or returns additional collateral when appropriate. Except for those transactions carried at fair value through election of the fair value option, reverse repurchase agreements are generally recognized in the consolidated balance sheets at the purchase price of the securities with applicable accrued interest. Securities borrowing transactions are generally recognized in the consolidated balance sheets at the amount of cash collateral advanced. Allowances for current expected credit losses against collateralized agreements are not typically significant either because of application of practical expedients permitted by ASC 326 based on the collateralization requirements and ongoing monitoring of the collateral levels or the short expected life of the financial instruments.\n\nSee Note 5 “\n\nCollateralized transactions\n\n” for\nmore\ninformation about these types of financial instruments.\n\nLoans receivable\n\nThe key types of loans receivable recognized by Nomura are loans at banks, short-term secured margin loans and corporate loans.\n\nLoans at banks include both retail and commercial secured loans and traditional unsecured loans mainly extended by The Nomura Trust & Banking Co., Ltd. Where retail and commercial loans are secured by real estate or securities, Nomura is exposed to the risk of a decline in the value of the underlying collateral. Loans at banks also include unsecured commercial loans provided to investment banking clients for relationship purposes. For unsecured commercial loans, Nomura is exposed to risk of default of the counterparty, although these counterparties usually have high or good credit ratings. Where loans are secured by guarantees, Nomura is also exposed to the risk of default by the guarantor.\n\nShort-term secured margin loans include margin loans provided to clients in connection with securities brokerage activities provided by Nomura’s Wealth Management Division. These loans provide funding for clients in order to purchase securities. Nomura requests initial margin in the form of acceptable securities or deposits against these loans and holds the purchased securities as collateral through the life of the loans. If the value of the securities declines by more than specified amounts, Nomura can make additional frequent margin calls in order to maintain a specified\n\nloan-to-value\n\n(“LTV”) ratio. These clients are required and reasonably expected to continue to replenish the amount of collateral as required by Nomura. Allowances for current expected credit losses against short-term secured margin loans are usually not significant.\n\n \n\nF-9\n0\n\n[Table of Contents](#toc)\n\nNOMUR\nA HOL\nDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nCorporate loans are primarily commercial loans provided to corporate clients excluding loans at banks. Corporate loans include loans secured by real estate or securities and, unsecured commercial loans provided to investment banking clients for relationship purposes. The risk to Nomura of making these loans is similar to those risks arising from commercial loans reported in loans at banks. Advances to affiliated companies include loans to affiliated companies.\n\nThe following tables present a summary of loans receivable reported within\n\nLoans and receivables or Investments in and advances to affiliated companies\n\nin the consolidated balance sheets as of March 31, 2025 and 2026 by portfolio segment.\n\n \n\n \n  \n\nMillions of yen\n\n \n\n \n  \n\nMarch 31, 2025\n\n \n\n \n  \n\nCarried at\n\namortized cost\n\n \n  \n\nCarried at\n\nfair value\n(1)\n\n \n  \n\nTotal\n\n \n\nLoans receivables\n\n  \n\n  \n\n  \n\nLoans at banks\n\n  \n¥\n1,045,787\n \n  \n¥\n— \n \n  \n¥\n1,045,787\n \n\nShort-term secured margin loans\n\n  \n \n796,936\n \n  \n \n— \n \n  \n \n796,936\n \n\nCorporate loans\n\n  \n \n2,003,909\n \n  \n \n2,178,376\n \n  \n \n4,182,285\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal loans receivables\n\n  \n¥\n3,846,632\n \n  \n¥\n2,178,376\n \n  \n¥\n6,025,008\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nAdvances to affiliated companies\n\n  \n \n4,008\n \n  \n \n4,946\n \n  \n \n8,954\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n3,850,640\n \n  \n¥\n2,183,322\n \n  \n¥\n6,033,962\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\n \n  \n\nMillions of yen\n\n \n\n \n  \n\nMarch 31, 2026\n\n \n\n \n  \n\nCarried at\n\namortized cost\n\n \n  \n\nCarried at\n\nfair value\n(1)\n\n \n  \n\nTotal\n\n \n\nLoans receivables\n\n  \n\n  \n\n  \n\nLoans at banks\n\n  \n¥\n1,177,435\n \n  \n¥\n — \n \n  \n¥\n1,177,435\n \n\nShort-term secured margin loans\n\n  \n \n1,134,393\n \n  \n \n — \n \n  \n \n1,134,393\n \n\nCorporate loans\n\n  \n \n2,649,690\n \n  \n \n2,783,696\n \n  \n \n5,433,386\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal loans receivables\n\n  \n¥\n4,961,518\n \n  \n¥\n2,783,696\n \n  \n¥\n7,745,214\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nAdvances to affiliated companies\n\n  \n \n4,000\n \n  \n \n15,554\n \n  \n \n19,554\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n4,965,518\n \n  \n¥\n2,799,250\n \n  \n¥\n7,764,768\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\n(1)\n\nIncludes loans receivable and loan commitments carried at fair value through election of the fair value option.\n\nThere were no significant purchases or sales of loans receivable during the years ended March 31, 2025 and 2026, respectively.\n\nThere were no significant reclassifications of loans receivable to or from trading assets during the year ended March 31, 2025.\n\nThere were no reclassifications of loans receivable to or from trading assets during the year ended March 31, 2026.\n\n \n\nF-9\n1\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nNet unamortized deferred fees and costs, unamortized premiums and discounts related to loans receivable carried at amortized cost were not significant as of March 31, 2025 and 2026.\n\nAllowances for current expected credit losses\n\nManagement has established allowances for current expected credit losses using the current expected credit losses impairment model (“CECL impairment model”) against the following types of financial instruments, including financing receivables, which are not measured at fair value on a recurring basis, to reflect the net amount Nomura expects to collect:\n\n \n\n \n•\n \n\nLoans receivable and HTM debt securities;\n\n \n\n \n•\n \n\nWritten unfunded loan commitments and other\noff-balance\nsheet financial instruments;\n\n \n\n \n•\n \n\nCash deposits;\n\n \n\n \n•\n \n\nCollateralized agreements such as reverse repos and securities borrowing transactions;\n\n \n\n \n•\n \n\nCustomer contract assets and receivables; and\n\n \n\n \n•\n \n\nOther receivables including margin receivables, security deposits, default fund contributions to central clearing counterparties, reinsurance benefits, and net investments in finance leases.\n\nCurrent expected credit losses for an individual or portfolio of financial instrument are measured at each Nomura reporting date based on expected credit losses over the remaining expected life of the financial instruments that consider forecast of future economic conditions in addition to information about past events and current conditions. Key macroeconomic inputs to our weighted average forecasts of three years include GDP and credit spreads.\n\nThe risk of loss is considered, even when that risk of loss is remote. While management has based its estimate of the allowances for current expected credit losses on the best information available, future adjustments to the allowances may be necessary as a result of changes in the economic environment or variances between actual results and original assumptions.\n\nNomura writes off uncollectible accrued interest receivable on a timely basis, and has elected to exclude accrued interest receivable from the amortized cost basis of financial instruments used to measure expected credit losses. The amount of accrued interest receivable as of March 31, 2025 was ¥11,448 million. The amount of accrued interest receivable as of March 31, 2026 was ¥14,409 million.\n\nThe methodology used by Nomura to determine allowances for current expected credit losses in accordance with the CECL impairment model primarily depends on the nature of the financial instrument and whether certain practical expedients permitted by ASC 326 are applied.\n\nFinancial instruments subject to the CECL impairment model are written off when Nomura has deemed the loan or receivable as uncollectible, namely management believes there is no reasonable expectation of collecting future contractual cash flows and all commercially reasonable means of recovering outstanding principal and interest balances have been exhausted.\n\n \n\nF-9\n2\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nThe following table summarizes the methodology used for each significant type of financial instrument subject to the CECL impairment model and the key assumptions used which have impacted the measurement of current expected credit losses during the year ended March 31, 2026.\n\n \n\nFinancial instrument\n\n  \n\nMethodology to determine current expected credit losses\n\nLoans, written loan commitments, HTM debt securities, other\noff-balance\nsheet financial instruments and certain deposits\n  \n\n•\n\nFull loss rate model developed by Nomura’s Risk department\n\n \n\n•\n\nMeasures expected credit losses based on probability of default (“PD”), Loss Given Default (“LGD”) and Exposure at Default (“EAD”) inputs.\n\n \n\n•\n\nPD inputs incorporate forward-looking scenarios used by Nomura for internal risk management and capital purposes.\n\n \n\n•\n\nImmediate reversion method used for periods beyond which reasonable and supportable forecast is not available.\n\n \n\n•\n\nFor financial instruments which have defaulted or are probable of defaulting, expected credit losses measured using discounted cash flow analyses or, where the financial instrument is collateral dependent, based on any shortfall of fair value of the underlying collateral.\n\nCollateralized agreements, short-term secured margin loans and cash prime brokerage loans\n  \n\n•\n\nFor reverse repos and short-term secured margin loans and cash prime brokerage loans where frequent margining is required and the counterparty has ability to replenish margin, as permitted by a practical expedient provided by ASC 326 expected credit losses are limited to difference between carrying value of the reverse repo or margin loan and fair value of underlying collateral.\n\n \n\n•\n\nSecurities borrowing transactions typically have very short expected lives and are collateralized and therefore expected credit losses are generally determined qualitatively to be insignificant based on historical experience and consistent monitoring of collateral.\n\nCustomer contract assets and receivables\n  \n\n•\n\nExpected credit losses typically based on aging analysis where loss rates are applied to the carrying value based on historical experience, the current economic climate and specific information about the ability of the client to pay.\n\nSee Note 6 “\n\nNon-trading\ninvestments\n\n” for further information with respect to impairment assessment with respect to AFS debt securities.\n\n \n\nF-9\n3\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nThe following table presents changes in the allowances for current expected credit losses for the years ended March 31, 2024 and 2025 and 2026 as determined using the CECL impairment model defined by ASC 326.\n\n \n\n \n  \n\nMillions of yen\n\n \n\n \n  \n\nYear ended March 31, 2024\n\n \n\n \n  \n\nAllowances for current expected credit losses\n\nagainst loans\n\n \n \n\nAllowances\nagainst\n\nreceivables\n\nother than\n\nloans\n(1)\n\n \n \n\nTotal\nallowances\nfor current\nexpected\ncredit losses\n\n \n\n \n  \n\nLoans\n\nat banks\n\n \n \n\nShort-term\n\nsecured\n\nmargin\n\nloans\n\n \n  \n\nCorporate\n\nloans\n\n \n \n\nSubtotal\n\n \n\nOpening balance\n\n  \n¥\n1,126\n \n \n¥\n— \n \n  \n¥\n2,930\n \n \n¥\n4,056\n \n \n¥\n  1,776\n \n \n¥\n 5,832\n \n\nProvision for credit losses\n(2)\n\n  \n \n(341\n) \n \n \n— \n \n  \n \n371\n \n \n \n30\n \n \n \n13,608\n \n \n \n13,638\n \n\nWrite-offs\n\n  \n \n—\n \n \n \n— \n \n  \n \n(1,908\n) \n \n \n(1,908\n) \n \n \n—\n \n \n \n(1,908\n) \n\nOther\n(3)\n\n  \n \n—\n \n \n \n— \n \n  \n \n238\n \n \n \n238\n \n \n \n247\n \n \n \n485\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nEnding balance\n\n  \n¥\n 785\n \n \n¥\n— \n \n  \n¥\n 1,631\n \n \n¥\n 2,416\n \n \n¥\n 15,631\n \n \n¥\n18,047\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n  \n\nMillions of yen\n\n \n\n \n  \n\nYear ended March 31, 2025\n\n \n\n \n  \n\nAllowances for current expected credit losses\n\nagainst loans\n\n \n \n\nAllowances\nagainst\n\nreceivables\n\nother than\n\nloans\n(1)\n\n \n \n\nTotal\nallowances\nfor current\nexpected\ncredit losses\n\n \n\n \n  \n\nLoans\n\nat banks\n\n \n \n\nShort-term\n\nsecured\n\nmargin\n\nloans\n\n \n  \n\nCorporate\n\nloans\n\n \n \n\nSubtotal\n\n \n\nOpening balance\n\n  \n¥\n  785\n \n \n¥\n— \n \n  \n¥\n  1,631\n \n \n¥\n  2,416\n \n \n¥\n15,631\n \n \n¥\n18,047\n \n\nProvision for credit losses\n\n  \n \n100\n \n \n \n— \n \n  \n \n64\n \n \n \n164\n \n \n \n(876\n) \n \n \n(712\n) \n\nWrite-offs\n\n  \n \n\n— \n\n \n \n \n— \n \n  \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n\nOther\n(3)\n\n  \n \n— \n \n \n \n— \n \n  \n \n(36\n) \n \n \n(36\n) \n \n \n(379\n) \n \n \n(415\n) \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nEnding balance\n\n  \n¥\n885\n \n \n¥\n  — \n \n  \n¥\n1,659\n \n \n¥\n2,544\n \n \n¥\n 14,376\n \n \n¥\n 16,920\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n  \n\nMillions of yen\n\n \n\n \n  \n\nYear ended March 31, 2026\n\n \n\n \n  \n\nAllowances for current expected credit losses\n\nagainst loans\n\n \n \n\nAllowances\nagainst\n\nreceivables\n\nother than\n\nloans\n(1)\n\n \n \n\nTotal\nallowances\nfor current\nexpected\ncredit losses\n\n \n\n \n  \n\nLoans\n\nat banks\n\n \n \n\nShort-term\n\nsecured\n\nmargin\n\nloans\n\n \n  \n\nCorporate\n\nloans\n\n \n \n\nSubtotal\n\n \n\nOpening balance\n\n  \n¥\n885\n \n \n¥\n— \n \n  \n¥\n1,659\n \n \n¥\n2,544\n \n \n¥\n14,376\n \n \n¥\n16,920\n \n\nProvision for credit losses\n\n  \n \n(549\n)\n \n \n— \n \n  \n \n653\n \n \n \n104\n \n \n \n192\n \n \n \n296\n \n\nWrite-offs\n\n  \n \n— \n \n \n \n— \n \n  \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n\nOther\n(3)\n\n  \n \n— \n \n \n \n— \n \n  \n \n139\n \n \n \n139\n \n \n \n1,026\n \n \n \n1,165\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nEnding balance\n\n  \n¥\n336\n \n \n¥\n— \n \n  \n¥\n2,451\n \n \n¥\n2,787\n \n \n¥\n15,594\n \n \n¥\n18,381\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n(1)\n\nIncludes amounts recognized against collateralized agreements, customer contract assets and receivables and other receivables.\n\n(2)\n\nA provision for credit losses in connection with settlement failures with a broker counterparty was recognized during the year ended March 31, 2024.\n\n(3)\n\nPrimarily includes recoveries and foreign exchange movements. The amounts of recoveries for the years ended March 31, 2024, 2025 and 2026 were not significant.\n\n \n\nF-9\n4\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nModifications of loans from borrowers experiencing financial difficulty\n\nIn the ordinary course of business, Nomura may modify loans classified as held for investment either because of financial difficulties of the borrower, or simply as a result of market conditions or for relationship reasons. These modifications occur when Nomura (as lender) for economic or legal reasons related to the borrower’s financial difficulties grants a concession to the borrower including, but not limited to, interest rate reductions, term extensions, other-than-insignificant payment delays and principal forgiveness that would not otherwise have been required under the terms of the original agreement.\n\nExpected credit losses for these types of modification which only involve modification of the loan’s terms (rather than receipt of assets in full or partial satisfaction) are now typically determined using a discounted cash flow analysis. Assets received in full or partial satisfaction of loans from borrowers experiencing financial difficulty are recognized at fair value.\n\nThere were no amounts of modifications of loans from borrowers experiencing financial difficulty which occurred during the years ended March 31, 2025 and 2026, respectively.\n\nNonaccrual and past due loans\n\nLoans are placed on a nonaccrual status if interest is deemed uncollectible. Nomura policy is to define interest as being uncollectible if the borrower is determined to be in financial difficulty or an interest or principal payment on the underlying loan is 90 days or more past due.\n\nWhere a loan is placed on a nonaccrual status, any accrued but unpaid interest receivable reversed against revenue and no further accrual of interest is permitted. Interest income is subsequently recognized when a cash payment is received from the borrower using the cash basis method.\n\nGenerally loans are only returned to an accrual status if the loan is brought contractually current, i.e., all overdue principal and interest amounts are paid. In limited circumstances, a loan which has not been brought contractually current will also be returned to an accrual status if all principal and interest amounts contractually due are reasonably assured of repayment within a reasonable period of time or there has been a sustained period of repayment performance by the borrower.\n\nAs of March 31, 2025 and 2026, the amount of loans which were placed on a nonaccrual status were not significant. The amount of loans which were 90 days past due but were not on a nonaccrual status was not significant.\n\nCredit quality indicators\n\nNomura is exposed to credit risks due to a decline in the value of loans or a default caused by deterioration of creditworthiness or bankruptcy of the borrower. Nomura’s risk management framework for such credit risks is based on a risk assessment through an internal rating process, in depth\npre-financing\ncredit analysis of each individual loan and continuous post-financing monitoring of the borrower’s creditworthiness.\n\n \n\nF-9\n5\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nThe following tables present an analysis of each portfolio segment not carried at fair value using Nomura’s internal ratings or equivalent credit quality indicators applied by subsidiaries by years of origination as of March 31, 2025 and 2026.\n(2)(4)\n\n \n\n \n\n \n\nMillions of yen\n\n \n\n \n\n \n\nAs of March 31, 2025\n\n \n\n \n\n \n\nYear of origination\n(3)\n\n \n\n \n\n \n\n202\n5\n\n \n\n \n\n202\n4\n\n \n\n \n\n202\n3\n\n \n\n \n\n202\n2\n\n \n\n \n\n202\n1\n\n \n\n \n\n2020 or\n\nearlier\n\n \n\n \n\nRevolving\n\n \n\n \n\nTotal\n\n \n\nSecured loans at banks:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAAA-BBB\n\n \n¥\n119,134\n \n \n¥\n231,869\n \n \n¥\n2,837\n \n \n¥\n7,517\n \n \n¥\n5,000\n \n \n¥\n23,453\n \n \n¥\n\n    — \n\n \n \n¥\n389,810\n \n\nBB-CCC\n\n \n \n125,213\n \n \n \n219,055\n \n \n \n15,000\n \n \n \n8,439\n \n \n \n\n—\n\n \n \n \n1,151\n \n \n \n\n    — \n\n \n \n \n368,858\n \n\nCC-D\n\n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n\nOthers\n(1)\n\n \n \n\n—\n\n \n \n \n243,034\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n243,034\n \n\nTotal secured loans at banks\n\n \n¥\n244,347\n \n \n¥\n693,958\n \n \n¥\n17,837\n \n \n¥\n15,956\n \n \n¥\n5,000\n \n \n¥\n24,604\n \n \n¥\n\n    — \n\n \n \n¥\n1,001,702\n \n\nUnsecured loans at banks:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAAA-BBB\n\n \n¥\n4,500\n \n \n¥\n1,377\n \n \n¥\n300\n \n \n¥\n1,735\n \n \n¥\n7,700\n \n \n¥\n23,875\n \n \n¥\n\n    — \n\n \n \n¥\n39,487\n \n\nBB-CCC\n\n \n \n703\n \n \n \n1,000\n \n \n \n756\n \n \n \n\n    — \n\n \n \n \n\n—\n\n \n \n \n2,139\n \n \n \n\n    — \n\n \n \n \n4,598\n \n\nCC-D\n\n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n\nOthers\n\n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n\nTotal unsecured loans at banks\n\n \n¥\n5,203\n \n \n¥\n2,377\n \n \n¥\n1,056\n \n \n¥\n1,735\n \n \n¥\n7,700\n \n \n¥\n26,014\n \n \n¥\n\n    — \n\n \n \n¥\n44,085\n \n\nShort-term secured margin loans:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAAA-BBB\n\n \n¥\n\n    — \n\n \n \n¥\n\n    — \n\n \n \n¥\n\n    — \n\n \n \n¥\n\n    — \n\n \n \n¥\n\n    — \n\n \n \n¥\n\n    — \n\n \n \n¥\n\n    — \n\n \n \n¥\n\n    — \n\n \n\nBB-CCC\n\n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n\nCC-D\n\n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n\nOthers\n(1)\n\n \n \n\n—\n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n474,019\n \n \n \n322,917\n \n \n \n796,936\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal short-term secured margin loans\n\n \n¥\n\n—\n\n \n \n¥\n\n    — \n\n \n \n¥\n\n    — \n\n \n \n¥\n\n    — \n\n \n \n¥\n\n    — \n\n \n \n¥\n474,019\n \n \n¥\n322,917\n \n \n¥\n796,936\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nSecured corporate loans:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAAA-BBB\n\n \n¥\n58,325\n \n \n¥\n289,986\n \n \n¥\n266,380\n \n \n¥\n89,955\n \n \n¥\n90,419\n \n \n¥\n159,346\n \n \n¥\n385,419\n \n \n¥\n1,339,830\n \n\nBB-CCC\n\n \n \n1\n \n \n \n32,529\n \n \n \n50,893\n \n \n \n25,157\n \n \n \n4,424\n \n \n \n41,270\n \n \n \n199,701\n \n \n \n353,975\n \n\nCC-D\n\n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n —\n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n—\n\n \n \n \n\n —\n\n \n\nO\nther\ns\n(1)\n\n \n \n131,132\n \n \n \n34,567\n \n \n \n\n —\n\n \n \n \n1,640\n \n \n \n\n—\n\n \n \n \n115\n \n \n \n84\n \n \n \n167,538\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal secured corporate loans\n\n \n¥\n189,458\n \n \n¥\n357,082\n \n \n¥\n317,273\n \n \n¥\n116,752\n \n \n¥\n94,843\n \n \n¥\n200,731\n \n \n¥\n585,204\n \n \n¥\n1,861,343\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nUnsecured corporate loans:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAAA-BBB\n\n \n¥\n\n     — \n\n \n \n¥\n\n     — \n\n \n \n¥\n\n     — \n\n \n \n¥\n\n     — \n\n \n \n¥\n\n     — \n\n \n \n¥\n\n     — \n\n \n \n¥\n\n     — \n\n \n \n¥\n\n     — \n\n \n\nBB-CCC\n\n \n \n\n     — \n\n \n \n \n\n     — \n\n \n \n \n\n     — \n\n \n \n \n\n     — \n\n \n \n \n\n     — \n\n \n \n \n\n     — \n\n \n \n \n\n     — \n\n \n \n \n\n     — \n\n \n\nCC-D\n\n \n \n\n     — \n\n \n \n \n\n     — \n\n \n \n \n\n     — \n\n \n \n \n\n     — \n\n \n \n \n\n     — \n\n \n \n \n\n     — \n\n \n \n \n\n     — \n\n \n \n \n\n     — \n\n \n\nOthers\n\n \n \n147\n \n \n \n21\n \n \n \n119\n \n \n \n\n—\n\n \n \n \n529\n \n \n \n141,750\n \n \n \n\n      — \n\n \n \n \n142,566\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal unsecured corporate loans\n\n \n¥\n147\n \n \n¥\n21\n \n \n¥\n119\n \n \n¥\n\n—\n\n \n \n¥\n529\n \n \n¥\n141,750\n \n \n¥\n\n      — \n\n \n \n¥\n142,566\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nAdvances to affiliated companies\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAAA-BBB\n\n \n¥\n\n    — \n\n \n \n¥\n\n—\n\n \n \n¥\n8\n \n \n¥\n3,000\n \n \n¥\n1,000\n \n \n¥\n\n    — \n\n \n \n¥\n\n    — \n\n \n \n¥\n4,008\n \n\nBB-CCC\n\n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n\nCC-D\n\n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n\nOthers\n\n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal advances to affiliated companies\n\n \n¥\n\n    — \n\n \n \n¥\n\n—\n\n \n \n¥\n8\n \n \n¥\n3,000\n \n \n¥\n1,000\n \n \n¥\n\n    — \n\n \n \n¥\n\n    — \n\n \n \n¥\n4,008\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n \n¥\n439,155\n \n \n¥\n1,053,438\n \n \n¥\n336,293\n \n \n¥\n137,443\n \n \n¥\n109,072\n \n \n¥\n867,118\n \n \n¥\n908,121\n \n \n¥\n3,850,640\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n(1)\n\nRelates to collateralized exposures where a specified ratio of LTV is maintained.\n\n(2)\n\nThe amounts of write offs for the year ended March 31, 2025 were not significant.\n\n(3)\n\nAmounts are presented by calendar year of origination.\n\n(4)\n\nThe amounts are aggregated by reference to the year in which the contract became effective, rather than the date of loan drawdown.\n\n \n\nF-9\n6\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n \n \n\nMillions of yen\n\n \n\n \n\nAs of March 31, 2026\n\n \n\n \n\nYear of origination\n(3)\n\n \n\n \n \n\n2026\n\n \n \n\n2025\n\n \n \n\n2024\n\n \n \n\n2023\n\n \n \n\n2022\n\n \n \n\n2021 or\n\nearlier\n\n \n \n\nRevolving\n\n \n \n\nTotal\n\n \n\nSecured loans at banks:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAAA-BBB\n\n \n¥\n461,911\n \n \n¥\n2,166\n \n \n¥\n1,248\n \n \n¥\n199\n \n \n¥\n10,700\n \n \n¥\n13,309\n \n \n¥\n\n   — \n\n \n \n¥\n489,533\n \n\nBB-CCC\n\n \n \n314,914\n \n \n \n1,006\n \n \n \n  — \n \n \n \n21,086\n \n \n \n  — \n \n \n \n778\n \n \n \n\n   — \n\n \n \n \n337,784\n \n\nCC-D\n\n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n\nOthers\n(1)\n\n \n \n304,342\n \n \n \n\n    — \n\n \n \n \n  — \n \n \n \n\n    — \n\n \n \n \n\n — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n304,342\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal secured loans at banks\n\n \n¥\n1,081,167\n \n \n¥\n3,172\n \n \n¥\n1,248\n \n \n¥\n21,285\n \n \n¥\n10,700\n \n \n¥\n14,087\n \n \n¥\n\n   — \n\n \n \n¥\n1,131,659\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nUnsecured loans at banks:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAAA-BBB\n\n \n¥\n10,564\n \n \n¥\n1,500\n \n \n¥\n300\n \n \n¥\n835\n \n \n¥\n3,988\n \n \n¥\n24,529\n \n \n¥\n\n   — \n\n \n \n¥\n41,716\n \n\nBB-CCC\n\n \n \n101\n \n \n \n803\n \n \n \n1,656\n \n \n \n  — \n \n \n \n\n   — \n\n \n \n \n1,500\n \n \n \n\n   — \n\n \n \n \n4,060\n \n\nCC-D\n\n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n\nOthers\n\n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal unsecured loans at banks\n\n \n¥\n10,665\n \n \n¥\n2,303\n \n \n¥\n1,956\n \n \n¥\n835\n \n \n¥\n3,988\n \n \n¥\n26,029\n \n \n¥\n\n   — \n\n \n \n¥\n45,776\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nShort-term secured margin loans:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAAA-BBB\n\n \n¥\n\n   — \n\n \n \n¥\n\n   — \n\n \n \n¥\n\n   — \n\n \n \n¥\n\n   — \n\n \n \n¥\n\n   — \n\n \n \n¥\n\n   — \n\n \n \n¥\n\n   — \n\n \n \n¥\n\n   — \n\n \n\nBB-CCC\n\n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n\nCC-D\n\n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n\nOthers\n(1)\n\n \n \n747,640\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n\n    — \n\n \n \n \n386,753\n \n \n \n1,134,393\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal short-term secured margin loans\n\n \n¥\n747,640\n \n \n¥\n\n   — \n\n \n \n¥\n\n   — \n\n \n \n¥\n\n   — \n\n \n \n¥\n\n   — \n\n \n \n¥\n\n   — \n\n \n \n¥\n386,753\n \n \n¥\n1,134,393\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nSecured corporate loans:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAAA-BBB\n\n \n¥\n728,870\n \n \n¥\n228,451\n \n \n¥\n114,889\n \n \n¥\n103,943\n \n \n¥\n215,395\n \n \n¥\n146,352\n \n \n¥\n433,637\n \n \n¥\n1,971,537\n \n\nBB-CCC\n\n \n \n47,531\n \n \n \n41,777\n \n \n \n57,374\n \n \n \n34,605\n \n \n \n3,698\n \n \n \n9,646\n \n \n \n280,651\n \n \n \n475,282\n \n\nCC-D\n\n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n1,944\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n1,944\n \n\nOthers\n(1)\n\n \n \n48,128\n \n \n \n  — \n \n \n \n  — \n \n \n \n\n    — \n\n \n \n \n  — \n \n \n \n\n    — \n\n \n \n \n101\n \n \n \n48,229\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal secured corporate loans\n\n \n¥\n824,529\n \n \n¥\n270,228\n \n \n¥\n172,263\n \n \n¥\n140,492\n \n \n¥\n219,093\n \n \n¥\n155,998\n \n \n¥\n714,389\n \n \n¥\n2,496,992\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nUnsecured corporate loans:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAAA-BBB\n\n \n¥\n\n   — \n\n \n \n¥\n\n   — \n\n \n \n¥\n\n   — \n\n \n \n¥\n\n   — \n\n \n \n¥\n\n   — \n\n \n \n¥\n\n   — \n\n \n \n¥\n\n   — \n\n \n \n¥\n\n   — \n\n \n\nBB-CCC\n\n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n\nCC-D\n\n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n\nOthers\n\n \n \n188\n \n \n \n22\n \n \n \n  — \n \n \n \n128\n \n \n \n567\n \n \n \n151,793\n \n \n \n\n   — \n\n \n \n \n152,698\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal unsecured corporate loans\n\n \n¥\n188\n \n \n¥\n22\n \n \n¥\n  — \n \n \n¥\n128\n \n \n¥\n567\n \n \n¥\n151,793\n \n \n¥\n\n   — \n\n \n \n¥\n152,698\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nAdvances to affiliated companies\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAAA-BBB\n\n \n¥\n1,000\n \n \n¥\n\n   — \n\n \n \n¥\n\n   — \n\n \n \n¥\n3,000\n \n \n¥\n  — \n \n \n¥\n  — \n \n \n¥\n\n   — \n\n \n \n¥\n4,000\n \n\nBB-CCC\n\n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n\nCC-D\n\n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n\nOthers\n\n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n \n \n\n   — \n\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal advances to affiliated companies\n\n \n¥\n1,000\n \n \n¥\n\n   — \n\n \n \n¥\n\n   — \n\n \n \n¥\n3,000\n \n \n¥\n  — \n \n \n¥\n  — \n \n \n¥\n\n   — \n\n \n \n¥\n4,000\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n \n¥\n2,665,189\n \n \n¥\n275,725\n \n \n¥\n175,467\n \n \n¥\n165,740\n \n \n¥\n234,348\n \n \n¥\n347,907\n \n \n¥\n1,101,142\n \n \n¥\n4,965,518\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n(1)\n\nRelates to collateralized exposures where a specified ratio of LTV is maintained.\n\n(2)\n\nThe amounts of write offs for the year ended March 31, 2026 were not significant.\n\n(3)\n\nAmounts are presented by fiscal year of origination.\n\n(4)\n\nThe amounts are aggregated by reference to the year in which the contract became effective, rather than the date of loan drawdown.\n\n \n\nF-9\n7\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nThe following table presents a definition of each of the internal ratings used in the Nomura.\n\n \n\nRating Range\n\n  \n\nDefinition\n\nAAA\n  \nHighest credit quality category. An obligor or facility has extremely strong capacity to meet its financial commitments. ‘AAA range’ is the highest credit rating assigned by Nomura. Extremely low probability of default.\n\nAA\n  \nVery high credit quality category. An obligor or facility has very strong capacity to meet its financial commitments. Very low probability of default but higher than that of ‘AAA range.’\n\nA\n  \nHigh credit quality category. An obligor or facility has strong capacity to meet its financial commitments but is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than those in higher-rated categories. Low probability of default but higher than that of ‘AA range.’\n\nBBB\n  \nGood credit quality category. An obligor or facility has adequate capacity to meet its financial commitments. However, adverse economic conditions or changes in circumstances are more likely to lead to a weakened capacity to meet its financial commitments. Medium probability of default but higher than that of ‘A range.’\n\nBB\n  \nSpeculative credit quality category. An obligor or facility is less vulnerable in the near term than other lower-ratings. However, it faces major ongoing uncertainties and exposure to adverse business, financial, or economic conditions which could lead to the inadequate capacity to meet its financial commitments. Medium to high probability of default but higher than that of ‘BBB range.’\n\nB\n  \nHighly speculative credit quality category. An obligor or facility is more vulnerable than those rated ‘BB range’, but the obligor currently has the capacity to meet its financial commitments. Adverse business, financial, or economic conditions will likely impair the issuer’s or obligor’s capacity or willingness to meet its financial commitments. High probability of default - higher than that of ‘BB range.’\n\nCCC\n  \nSubstantial credit risk. An obligor or facility is currently vulnerable, and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments. Strong probability of default – higher than that of ‘B range.’\n\nCC\n  \nAn obligor or facility is currently highly vulnerable to insolvency or is under distressed debt restructuring. Due to insolvency concern or payment failure, a termination notice and close out is initiated. It also includes a solvent obligor past due on financial obligations by more than 3 months. The obligor continues to be a going-concern.\n\nC\n  \nAn obligor or facility is imminent to file for bankruptcy (i.e. Chapter 11 or equivalent) in the near-term. The going-concern status is about to cease; unless for an extraordinary turnaround event.\n\nD\n  \nAn Obligor or facility has filed for bankruptcy, administration, receivership, liquidation or other winding up or cessation of business of an obligor or other similar situations. D range includes sale of assets (i.e. loans) at a material loss of more than 30%, or the obligor is externally rated ‘D’ by any Designated External Rating Agencies.\n\nNomura reviews internal ratings at least once a year by using available credit information of obligors including financial statements and other information. Internal ratings are also reviewed more frequently for high-risk obligors or problematic exposures and any significant credit event of obligors will trigger an immediate credit review process.\n\n \n\nF-9\n8\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n9. Leases:\n\nNomura as lessor\n\nNomura leases real estate and aircrafts in Japan and overseas either as head lessor or through subleases. These leases and subleases are primarily classified as operating leases. The related assets are stated at cost, net of accumulated depreciation, except for land, which is stated at cost in the consolidated balance sheets and reported within\n\nOther assets-Office buildings, land, equipment and facilities.\n\nThe following table presents the types of assets which Nomura leases under operating leases:\n\n \n\n \n  \n\nMillions of yen\n\n \n\n \n  \n\nMarch 31\n\n \n\n \n  \n\n2025\n\n \n  \n\n2026\n\n \n\n \n  \n\nCost\n\n \n  \n\nAccumulated\n\ndepreciation\n\n \n \n\nNet carrying\n\namount\n\n \n  \n\nCost\n\n \n  \n\nAccumulated\n\ndepreciation\n\n \n \n\nNet carrying\n\namount\n\n \n\nReal estate\n(1)\n\n  \n¥\n21\n \n  \n¥\n\n— \n\n \n \n¥\n21\n \n  \n¥\n10,690\n \n  \n¥\n(6\n) \n \n¥\n10,684\n \n\nAircraft\n\n  \n \n2,757\n \n  \n \n(127\n) \n \n \n2,630\n \n  \n \n50,756\n \n  \n \n(545\n)\n \n \n50,211\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n2,778\n \n  \n¥\n(127\n) \n \n¥\n2,651\n \n  \n¥\n61,446\n \n  \n¥\n(551)\n \n \n¥\n60,895\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n(1)\n\nCost, accumulated depreciation and net carrying amounts include amounts relating to real e\ns\ntate used by Nomura.\n\nNomura recognized lease income of ¥2,794 million, ¥1,879 million and ¥1,698 million for the years ended March 31, 2024, 2025 and 2026, respectively. These are reported in the consolidated statements of income within\n\nRevenue\n\n—\n\nOther\n\n.\n\nThe following table presents an analysis of future undiscounted lease payments receivable in connection with operating leases entered into by Nomura as lessor over the remaining lease term as of March 31, 2026. Amounts in connection with finance leases were not significant.\n\n \n\n \n  \n\nMillions of yen\n\n \n\n \n  \n\nMarch 31, 2026\n\n \n\n \n  \n\nMinimum lease payments\n\nto be received\n\n \n\nYears of receipt\n\n  \n\nLess than 1 year\n\n  \n¥\n 4,076\n \n\n1 to 2 years\n\n  \n \n4,142\n \n\n2 to 3 years\n\n  \n \n3,931\n \n\n3 to 4 years\n\n  \n \n3,715\n \n\n4 to 5 years\n\n  \n \n3,715\n \n\nMore than 5 years\n\n  \n \n15,000\n \n\n  \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n34,579\n \n\n  \n\n \n\n \n\n \n\n \n\nF-\n9\n9\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nNomura as lessee\n\nNomura enters into leases of office space, residential facilities for employees, equipment and technology assets in the ordinary course of business in both Japan and overseas as lessee. These arrangements predominantly consist of operating leases. Separately Nomura subleases certain real estate and equipment through operating lease arrangements. The total carrying values of ROU assets recognized in connection with operating leases as of March 31, 2025 and 2026 were ¥156,791 million and ¥138,708 million, respectively. The total carrying values of ROU assets recognized in connection with finance leases as of March 31, 2025 and 2026 were not significant. These lease assets are reported within\n\nOther assets-Office buildings, land, equipment and facilities\n\nin the consolidated balance sheets.\n\nThe following table presents income and expense amounts recognized through the consolidated statements of income for leases where Nomura is acting as lessee for the years ended March 31, 2024, 2025 and 2026. Amounts recognized in the consolidated statements of income in respect of finance lease cost, short-term lease cost, variable lease cost and net gains (losses) on qualifying sale and leaseback transactions were not significant during the years ended March 31, 2024, 2025 and 2026.\n\n \n\n \n  \n\nMillions of yen\n\n \n\n \n  \n\nYear ended March 31\n\n \n\n \n  \n\n2024\n\n \n  \n\n2025\n\n \n  \n\n 2026 \n\n \n\nLease expense:\n\n  \n\n  \n\n  \n\nOperating lease costs\n\n  \n¥\n48,125\n \n  \n¥\n48,586\n \n  \n¥\n49,831\n \n\nOther income and expenses:\n\n  \n\n  \n\n  \n\nGross sublease income\n\n  \n¥\n1,997\n \n  \n¥\n1,923\n \n  \n¥\n1,986\n \n\nLease cash flow information\n\nLease payments made in cash in connection with operating leases are classified as operating activity in the consolidated statements of cash flows. The initial recognition of ROU assets and lease liabilities on lease commencement date represents noncash transactions.\n\nThe following table presents cash payments made by Nomura as lessee which meet the definition of lease payments and therefore have been included in the measurement of operating lease liabilities recorded under operating cash flows and the total amount of ROU assets and lease liabilities recognized during the years ended March 31, 2024, 2025 and 2026.\n\n \n\n \n  \n\nMillions of yen\n\n \n\n  \n\nYear ended March 31\n\n \n\n  \n\n2024\n\n \n  \n\n2025\n\n \n  \n\n 2026 \n\n \n\nCash flows for operating leases\n\n  \n¥\n49,339\n \n  \n¥\n50,114\n \n  \n¥\n49,935\n \n\nROU assets recognized in connection with new operating leases\n\n  \n¥\n29,374\n \n  \n¥\n29,148\n \n  \n¥\n27,167\n \n\n \n\nF-\n100\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nMaturity analysis of lease liabilities\n\nThe following table presents an analysis of future undiscounted lease payments under operating leases entered into by Nomura as lessee over the remaining lease term as of March 31, 2026 and also represents a reconciliation between total of such lease payments and the discounted carrying value of operating lease liabilities recognized in the consolidated balance sheets as of March 31, 2026. Finance lease liabilities were not significant as of March 31, 2026. These lease liabilities are reported within\n\nOther liabilities\n\nin the consolidated balance sheets.\n\n \n\n \n  \n\nMillions of yen\n\n \n\n \n  \n\nMarch 31, 2026\n\n \n\n \n  \n\nOperating leases\n\n \n\nYears of payment\n\n  \n\nLess than 1 year\n\n  \n¥\n49,128\n \n\n1 to 2 years\n\n  \n \n38,999\n \n\n2 to 3 years\n\n  \n \n26,827\n \n\n3 to 4 years\n\n  \n \n17,255\n \n\n4 to 5 years\n\n  \n \n14,478\n \n\nMore than 5 years\n\n  \n \n26,475\n \n\n  \n\n \n\n \n\n \n\nTotal undiscounted lease payments\n\n  \n¥\n173,162\n \n\nLess: Impact of discounting\n\n  \n \n(16,883\n) \n\n  \n\n \n\n \n\n \n\nLease liabilities\nas reported in the consolidated balance sheets\n\n  \n¥\n156,279\n \n\n  \n\n \n\n \n\n \n\nThe following table presents the weighted-average discount rate used to measure lease liabilities and the weighted-average remaining lease term of operating leases as of March 31, 2025 and 2026.\n\n \n\n \n  \n\nYear ended March 31\n\n \n  \n\n2025\n\n  \n\n2026\n\n \n  \n\nOperating leases\n\n  \n\nOperating leases\n\nWeighted-average discount rate used to measure lease liabilities\n\n  \n2.1%\n  \n3.4%\n\nWeighted-average remaining lease term\n\n  \n5.3 years\n  \n4.8 years\n\n10. Business combinations:\n\nMacquarie Acquisition\n\nOn December 1, 2025, Nomura completed the acquisition of 100%\n \n\nequity interests in Macquarie Management Holdings, Inc., Macquarie Investment Management Holdings (Luxembourg) S.à r.l., and Macquarie Investment Management Holdings (Austria) GmbH for a purchase price of\n\n \n\n¥\n\n288.8 \nbillion.\n\nThe acquirees were rebranded as Nomura Management Holdings, Inc., Nomura Investment Management Holdings (Luxembourg) S.à r.l., and Nomura Investment Management Holdings (Austria) GmbH, respectively. The Macquarie Acquisition represents a significant step towards Nomura’s 2030 management vision, resulting in an increase of assets under management as of March 31, 2026, in retail and institutional client assets across equities, fixed income and multi-asset strategies, under Nomura’s global Nomura Asset Management brand.\n\n \n\nF-10\n1\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nThe following table summarizes the consideration paid for Macquarie and the fair values of key assets acquired and liabilities assumed recognized at acquisition date. The goodwill recognized in connection with the acquisition includes future benefits for Nomura as a result of scale and anticipated synergies from a combined global asset management franchise. Recognized goodwill is not expected to be deductible for tax purpose.\n\n \n\n \n\n  \n\nMillions of yen\n\n \n\n \n\n  \n\nDecember 1, 2025\n\n \n\n \n\n  \n\nFair values of assets acquired and\nliabilities assumed\n\n \n\nFinite-lived intangible assets\n\n  \n\nClient relationships\n\n  \n\n¥\n\n113,510\n\n \n\nSoftware\n\n  \n\n \n\n4,691\n\n \n\nGoodwill\n\n  \n\n \n\n150,976\n\n \n\nInvestments in equity securities for other than operating purposes\n\n  \n\n \n\n31,334\n\n \n\nOther assets\n\n  \n\n \n\n17,579\n\n \n\nDeferred tax assets\n\n  \n\n \n\n11,389\n\n \n\nOther liabilities\n\n  \n\n \n\n(9,694\n\n)\n\nEmployee Liabilities\n\n  \n\n \n\n(16,799\n\n)\n\nDeferred tax liabilities\n\n  \n\n \n\n(26,001\n\n)\n \n\n  \n\n \n\n \n\n \n\nTotal consideration, net of cash acquired\n\n  \n\n¥\n\n276,985\n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n  \n\nMillions of yen\n\n \n\n \n\n  \n\nDecember 1, 2025\n\n \n\n \n\n  \n\nSummary of consideration, net of\ncash acquired\n\n \n\nCash paid\n\n  \n\n¥\n\n285,021\n\n \n\nCash acquired\n\n  \n\n \n\n(11,864\n\n) \n\nReplacement of share-based payment awards\n\n  \n\n \n\n3,828\n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal cash (net of cash acquired) and other consideration\n\n  \n\n¥\n\n276,985\n\n \n\n \n\n \n\n \n\n \n\n \n\nSee\n\n Note 11 “\n\nOther assets\n\n—\n\nOffice buildings, land, equipment and facilities and Other / Other liabilities\n\n;\n\n” for further information about goodwill and identifiable intangible assets related to the Macquarie Acquisition.\n\nAcquisition-related transaction\n costs of ¥7,034 million incurred in connection with the acquisition have been reported in\n“Non-interest expenses—Other”\n\nin\nthe consolidated statements of income, ¥1,914 million and ¥5,120 million for the year ended March 31, 2025 and\n2026\n,\n\nrespectively.\n\nSubsequent to the closing of the Macquarie Acquisition on December 1, 2025, the acquirees contributed ¥39,891 million of revenue and ¥6,409 million of net income to Nomura’s consolidated group results.\n\n \n\nF-10\n2\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nThe following unaudited pro forma information presents combined results of operations of the Company as if the Macquarie Acquisition had occurred on April 1, 2024. Such pro forma information is not indicative of the actual results of operations that would have been achieved, nor are they indicative of future results of operations of the combined Company. Similarly, the pro forma combined provision for income taxes may not represent the amount that would have resulted had Nomura and Macquarie filed consolidated tax returns during the years presented.\n\n \n\n \n\n  \n\nMillions of yen\n\n \n\n \n\n  \n\n2025\n\n \n\n  \n\n2026\n\n \n\nTotal revenue\n\n  \n\n¥\n\n136,649\n\n \n\n  \n\n¥\n\n121,359\n\n \n\nNet income attributable to Nomura\n\n  \n\n¥\n\n16,317\n\n \n\n  \n\n¥\n\n21,327\n\n \n\nThe following unaudited adjustments and related tax effects have been made to the above pro forma information assuming the acquisition occurred on April 1, 2024:\n\n \n\n \n\n•\n\n \n\nEmployment related expenses of ¥10,739 million and acquisition-related transaction costs of ¥7,099 million have been adjusted to be recognized on April 1, 2024, rather than on or around closing date; and\n\n \n\n \n\n•\n\n \n\nAmortization of expenses related to amortization of intangible assets recognized as part of the transaction has been adjusted to begin on April 1, 2024, rather than from closing date. Amortization of expenses related to amortization of intangible assets included in the pro forma were ¥\n10,153\n million and ¥10,025 million for the year ended March 31, 2025 and 2026, respectively.\n\n11. Other assets—Office buildings, land, equipment and facilities and Other / Other liabilities:\n\nOffice buildings, land, equipment and facilities\n\nThe following table presents a breakdown of owned and leased office buildings, land, equipment and facilities as of March 31, 2025 and 2026.\n\n \n\n \n  \n\nMillions of yen\n\n \n\n \n  \n\nMarch 31\n\n \n\n \n  \n\n2025\n\n \n  \n\n 2026 \n\n \n\nLand\n\n  \n¥\n42,934\n \n  \n¥\n64,327\n \n\nOffice buildings\n\n  \n \n46,173\n \n  \n \n52,876\n \n\nEquipment and facilities\n\n  \n \n26,793\n \n  \n \n80,000\n \n\nSoftware\n\n  \n \n143,002\n \n  \n \n170,292\n \n\nConstruction in progress\n\n  \n \n20,761\n \n  \n \n37,644\n \n\nOperating lease\n\nROU\nassets\n\n  \n \n156,791\n \n  \n \n138,708\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n436,454\n \n  \n¥\n543,847\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\nD\nepreci\nation and amortization charges are reported within\n\nNon-interest\nexpenses—Information processing and communications\n\nin the amount of ¥47,244 million, ¥47,714 million, and ¥51,527 million, and in\n\nNon-interest\nexpenses—Occupancy and related depreciation\n\nin the amount of ¥14,096 million, ¥13,939 million, and ¥13,703 million for the years ended March 31, 2024, 2025 and 2026, respectively.\n\n \n\nF-10\n3\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nOther assets—Other / Other liabilities\n\nThe following table presents components of\n\nOther assets\n\n—\n\nOther\n\nand\n\nOther liabilities\n\nin the consolidated balance sheets as of March 31, 2025 and 2026.\n\n \n\n \n  \n\nMillions of yen\n\n \n\n \n  \n\nMarch 31\n\n \n\n \n  \n\n2025\n\n \n  \n\n2026\n\n \n\nOther assets\n\n—\n\nOther:\n\n  \n\n  \n\nSecurities received as collateral\n\n  \n¥\n382,780\n \n  \n¥\n504,843\n \n\nGoodwill and other intangible assets\n\n  \n \n73,345\n \n  \n \n315,379\n \n\nNet deferred tax assets\n(1)\n\n  \n \n25,224\n \n  \n \n41,778\n \n\nInvestments in equity securities for other than operating purposes\n(2)\n\n  \n \n302,973\n \n  \n \n386,473\n \n\nDeposit receivables\n(3)\n\n  \n \n214,587\n \n  \n \n206,563\n \n\nPrepaid expenses\n\n  \n \n28,003\n \n  \n \n34,097\n \n\nOther\n\n  \n \n97,561\n \n  \n \n109,324\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n1,124,473\n \n  \n¥\n1,598,457\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nOther liabilities:\n\n  \n\n  \n\nObligation to return securities received as collateral\n\n  \n¥\n382,780\n \n  \n¥\n504,843\n \n\nAccrued income taxes\n\n  \n \n88,424\n \n  \n \n105,154\n \n\nNet deferred tax liabilities\n(1)\n\n  \n \n113,820\n \n  \n \n146,706\n \n\nOther accrued expenses and provisions\n(4)\n\n  \n \n551,064\n \n  \n \n700,592\n \n\nOperating\nlease\nliabilities\n\n  \n \n174,132\n \n  \n \n156,279\n \n\nOther\n\n  \n \n146,378\n \n  \n \n200,061\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n1,456,598\n \n  \n¥\n1,813,635\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\n(1)\n\nNet deferred tax assets are deferred tax assets offset by deferred tax liabilities which relate to the same\ntax-paying\ncomponent within a particular tax jurisdiction. Net deferred tax liabilities are deferred tax liabilities offset by deferred tax assets which relate to the same\ntax-paying\ncomponent within a particular tax jurisdiction. See Note 1\n7\n “\n\nIncome taxes\n\n” for further information.\n\n(2)\n\nIncludes equity securities held for other than trading or operating purposes. These investments comprise listed equity securities and unlisted equity securities of ¥5,889 million and ¥297,085 million\n,\nrespectively, as of March 31, 2025, and ¥15,776 million and ¥370,642 million\n,\nrespectively, as of March 31, 2026. These securities are generally carried at fair value, with changes in fair value recognized and reported within\n\nRevenue\n\n—\n\nOther\n\nin the consolidated statements of income. Also includes equity securities without a readily determinable fair value. See Note 6 “\n\nNon-trading\ninvestments\n\n” for further information.\n\n(3)\n\nIncludes Japan Securities Clearing Corporation’s clearing fund.\n\n(4)\n\nIncludes a liability of ¥14,240 million and ¥13,077 \nmillion as of March 31, 2025 and 2026, respectively, in respect of all outstanding and unsettled investigations, lawsuits and other legal proceedings where loss is considered probable and the amount of such loss can be reasonably estimated. See Note 22 “\nCommitments, contingencies and guarantees\n” for further information. \n\nGoodwill\n\nGoodwill is recognized upon completion of a business combination as the difference between the purchase price and the fair value of the net assets acquired. Subsequent to initial recognition, goodwill is not amortized but is tested for impairment during the fourth quarter of each fiscal year, or more often if events or circumstances, such as adverse changes in the business climate, indicate there may be impairment.\n\n \n\nF-10\n4\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nImpairment testing of goodwill is inherently subjective and often requires management judgment to determine when to perform an impairment test, whether qualitatively the fair value of a reporting unit exceeds its carrying value and also to estimate the fair value of a reporting unit when a quantitative impairment test is required.\n\nAn annual goodwill impairment test was performed in the quarter ended March 31, 2025 and 2026.\n\nThe following tables present changes in goodwill, which are reported in the consolidated balance sheets within\n\nOther assets\n\n—\n\nOther\n\nfor the years ended March 31, 2025 and 2026.\n\n \n\n \n \n\nMillions of yen\n\n \n\n \n \n\nYear ended March 31, 2025\n\n \n\n \n \n\nBeginning of year\n\n \n \n\nChanges during year\n\n \n \n\nEnd of year\n\n \n\n \n \n\nGross\n\ncarrying\n\namount\n\n \n \n\nAccumulated\n\nImpairment\n\n \n \n\nNet\ncarrying\n\namount\n\n \n \n\nAcquisition\n\n \n \n\nImpairment\n\n \n \n\nOther\n(1)\n\n \n \n\nGross\n\ncarrying\n\namount\n\n \n \n\nAccumulated\n\nImpairment\n\n \n \n\nNet\ncarrying\n\namount\n\n \n\nInvestment Management\n(2)\n\n \n¥\n\n — \n\n \n \n¥\n\n — \n\n \n \n¥\n\n — \n\n \n \n¥\n\n — \n\n \n \n¥\n\n — \n\n \n \n¥\n\n — \n\n \n \n¥\n\n — \n\n \n \n¥\n\n — \n\n \n \n¥\n\n — \n\n \n\nWholesale\n\n \n \n112,379\n \n \n \n(93,537\n) \n \n \n18,842\n \n \n\n \n — \n\n \n \n\n \n\n — \n\n \n \n \n(2,061\n) \n \n \n110,318\n \n \n \n(93,537\n) \n \n \n16,781\n \n\nOther\n\n \n \n418\n \n \n\n \n\n— \n\n \n \n \n418\n \n \n\n \n\n— \n\n \n \n\n \n \n\n— \n\n \n \n\n \n\n— \n\n \n \n \n418\n \n \n\n \n\n— \n\n \n \n \n418\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n \n¥\n112,797\n \n \n¥\n(93,537\n) \n \n¥\n19,260\n \n \n¥\n\n— \n\n \n \n¥\n\n— \n\n \n \n¥\n(2,061\n) \n \n¥\n110,736\n \n \n¥\n(93,537\n) \n \n¥\n17,199\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n \n\nMillions of yen\n\n \n\n \n \n\nYear ended March 31, 2026\n\n \n\n \n \n\nBeginning of year\n\n \n \n\nChanges during year\n\n \n \n\nEnd of year\n\n \n\n \n \n\nGross\n\ncarrying\n\namount\n\n \n \n\nAccumulated\n\nImpairment\n\n \n \n\nNet\ncarrying\n\namount\n\n \n \n\nAcquisition\n\n \n \n\nImpairment\n(3)\n\n \n \n\nOther\n(1)\n\n \n \n\nGross\n\ncarrying\n\namount\n\n \n \n\nAccumulated\n\nImpairment\n\n \n \n\nNet\ncarrying\n\namount\n\n \n\nInvestment Management\n(2)\n\n \n¥\n\n — \n\n \n \n¥\n\n — \n\n \n \n¥\n\n — \n\n \n \n¥\n150,976\n \n \n¥\n\n — \n\n \n \n¥\n3,128\n \n \n¥\n154,104\n \n \n¥\n\n — \n\n \n \n¥\n154,104\n \n\nWholesale\n\n \n \n110,318\n \n \n \n(93,537\n) \n \n \n16,781\n \n \n\n \n\n — \n\n \n \n\n \n\n — \n\n \n \n \n1,189\n \n \n \n111,507\n \n \n \n(93,537\n) \n \n \n17,970\n \n\nOther\n\n \n \n418\n \n \n\n \n\n— \n\n \n \n \n418\n \n \n \n35\n \n \n \n(35\n) \n \n\n \n\n— \n\n \n \n \n453\n \n \n\n \n(35\n\n) \n \n \n418\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n \n¥\n110,736\n \n \n¥\n(93,537\n) \n \n¥\n17,199\n \n \n¥\n151,011\n \n \n¥\n(35\n) \n \n¥\n4,317\n \n \n¥\n266,064\n \n \n¥\n(93,572\n) \n \n¥\n172,492\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n(1)\n\nIncludes currency translation adjustments.\n\n(2)\n\nNomura recognized goodwill in December 2025 as a result of the Macquarie Acquisition. See Note 10 “\n\nBusiness Combination\n\ns\n\n” for further information.\n\n(3)\n\nThe impairment recognized during the current period was not a significant amount.\n\nFinite-lived and indefinite-lived intangible assets\n\nAs discussed in Note 10 “\n\nBusiness Combination\n\ns\n\n”\n\nto the Consolidated Financial Statements, the Company completed the Macquarie Acquisition on December 1, 2025, which resulted in the recognition of certain identifiable intangible assets.\n\n \n\nF-10\n5\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\nThe following table presents finite-lived intangible assets by type as of March 31, 2025 and 2026.\n\n \n\n \n  \n\nMillions of yen\n\n \n\n \n  \n\nMarch 31, 2025\n\n \n  \n\nMarch 31, 2026\n\n \n\n \n  \n\nGross\n\ncarrying\n\namount\n\n \n  \n\nAccumulated\n\namortization\n\n \n \n\nNet\ncarrying\n\namount\n\n \n  \n\nGross\n\ncarrying\n\namount\n\n \n  \n\nAccumulated\n\namortization\n\n \n \n\nNet\ncarrying\n\namount\n\n \n\nClient relationships\n(1)\n\n  \n¥\n77,736\n \n  \n¥\n(75,382\n)\n \n¥\n2,354\n \n  \n¥\n197,727\n \n  \n¥\n(84,144\n) \n \n¥\n113,583\n \n\nOther\n\n  \n \n3,218\n \n  \n \n(2,549\n) \n \n \n669\n \n  \n \n3,513\n \n  \n \n(2,965\n)\n \n \n548\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n80,954\n \n  \n¥\n(77,931\n) \n \n¥\n3,023\n \n  \n¥\n201,240\n \n  \n¥\n(87,109\n)\n \n¥\n114,131\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n(1)\n\nClient relationships as of March 31, 2026 include intangible assets with a net carrying value of ¥112,659 million as of March 31, 2026 related to the Macquarie Acquisition described in Note 10 “\n\nBusiness Combination\n\ns\n\n” to the consolidated financial statements, weighted average amortization period for the corresponding intangible assets is 12 years.\n\nAmortization\n \n\nexpenses for the years ended March 31, 2024, 2025 and 2026 were ¥\n2,479\n million, ¥\n2,552\n million and ¥\n4,854\n million, respectively.\n\nEstimated amortization expenses for the next five years are shown below.\n\n \n\n \n  \n\nMillions of yen\n\n \n\nYear ending March 31\n\n  \n\nEstimated\n\namortization expense\n\n \n\n2027\n\n  \n¥\n  10,300\n \n\n2028\n\n  \n \n9,752\n \n\n2029\n\n  \n \n9,752\n \n\n2030\n\n  \n \n9,752\n \n\n2031\n\n  \n \n9,752\n \n\nThe amounts of indefinite-lived intangibles, which primarily includes crypto assets and trademarks, were ¥\n53,123\n million and ¥\n28,756\n million as of March 31, 2025 and 2026, respectively.\n\nAn annual impairment test was performed during the years ended March 31, 2025 and 2026 against these intangibles. The estimated fair value of each intangible exceeded carrying value and therefore no impairment loss was recognized.\n\nAsset retirement obligations\n\nNomura recognizes a liability in the consolidated balances within\n\nOther liabilities – Other\n\nin respect of legal obligations incurred in connection with the restoration of leased property to its original condition at the end of the lease term. These asset retirement obligations (“AROs”) are recognized in the period when the legal obligation is incurred and are measured at the present value of the expected cost of the obligation.\n\n \n\nF-10\n6\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nThe following table presents changes in AROs during the years ended March 31, 2025 and 2026.\n\n \n\n \n  \n\nMillions of yen\n\n \n\n \n  \n\nMarch 31\n\n \n\n \n  \n\n2025\n\n \n \n\n2026\n\n \n\nBalance at beginning of year\n\n  \n¥\n15,512\n \n \n¥\n16,193\n \n\nProvision for the year\n\n  \n \n161\n \n \n \n757\n \n\nSettled during the year\n\n  \n \n(413\n) \n \n \n(233\n)\n \n\nRevisions in estimated cash flows\n\n  \n \n933\n \n \n \n5,219\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nBalance at end of year\n\n  \n¥\n16,193\n \n \n¥\n21,936\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n12. Deposits received at banks\n\nNoninterest-bearing deposits and interest-bearing deposits\n\nThe following table presents deposit liabilities both domestically in Japan and overseas as of March 31, 2025 and 2026 analyzed between those which are interest and\nnon-interesting\nbearing in nature.\n\n \n\n \n\n  \n\nMillions of yen\n\n \n\n \n\n  \n\nMarch 31\n\n \n\n \n\n  \n\n2025\n\n \n\n  \n\n2026\n\n \n\nDomestic\n\n  \n\n  \n\nNoninterest-bearing deposits\n\n  \n¥\n28,627\n \n  \n¥\n26,266\n \n\nInterest-bearing deposits\n\n  \n \n1,477,496\n \n  \n \n1,529,663\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nSubtotal\n\n  \n¥\n1,506,123\n \n  \n¥\n1,555,929\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nForeign\n\n  \n\n  \n\nNoninterest-bearing deposits\n\n  \n¥\n\n—\n\n \n  \n¥\n28,431\n \n\nInterest-bearing deposits\n\n  \n \n1,599,458\n \n  \n \n2,082,730\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nSubtotal\n\n  \n¥\n1,599,458\n \n  \n¥\n2,111,161\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n3,105,581\n \n  \n¥\n3,667,090\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\nF-10\n7\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nRemaining maturities of time deposits and certificates of deposits\n\nThe following table presents the total balance of time deposits and certificates of deposit issued both domestically in Japan and overseas as of March 31, 2026 by remaining maturity.\n\n \n\n \n  \n\nMillions of yen\n\n \n\n \n  \n\nTime\n\ndeposits\n\n \n  \n\nCertificates of\n\ndeposit\n\n \n  \n\nTotal\n\n \n\nDomestic\n\n  \n\n  \n\n  \n\nDue in one year or less\n\n  \n¥\n663,061\n \n  \n¥\n351,219\n \n  \n¥\n1,014,280\n \n\nDue after one year through two years\n\n  \n \n40,861\n \n  \n \n\n—\n\n \n  \n \n40,861\n \n\nDue after two years through three years\n\n  \n \n12,830\n \n  \n \n\n—\n\n \n  \n \n12,830\n \n\nDue after three years through four years\n\n  \n \n2,825\n \n  \n \n\n—\n\n \n  \n \n2,825\n \n\nDue after four years through five years\n\n  \n \n1,516\n \n  \n \n\n—\n\n \n  \n \n1,516\n \n\nDue after five years\n\n  \n \n197,301\n \n  \n \n\n—\n\n \n  \n \n197,301\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nSubtotal\n\n  \n¥\n918,394\n \n  \n¥\n351,219\n \n  \n¥\n1,269,613\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nForeign\n\n  \n\n  \n\n  \n\nDue in one year or less\n\n  \n¥\n1,339,326\n \n  \n¥\n\n—\n\n \n  \n¥\n1,339,326\n \n\nDue after one year through two years\n\n  \n \n15,610\n \n  \n \n\n—\n\n \n  \n \n15,610\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nSubtotal\n\n  \n¥\n1,354,936\n \n  \n¥\n\n—\n\n \n  \n¥\n1,354,936\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n2,273,330\n \n  \n¥\n351,219\n \n  \n¥\n2,624,549\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nUninsured time deposits and certificate of deposits\n\nThe total amounts of uninsured\ntime\ndeposit liabilities as of March 31, 2025 and 2026 were ¥1,918 billion and ¥2,530 billion, respectively. This amount is determined as the total portion of the outstanding\ntime\ndeposit balance which is not protected by a statutory deposit insurance regime in the jurisdiction in which the deposit is held. Such insurance regimes typically only protect certain types of deposit and also only up to a specific amount invested by each client.\n\n \n\nF-10\n8\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n13. Borrowings:\n\nThe following table presents short-term and long-term borrowings of Nomura as of March 31, 2025 and 2026.\n\n \n\n \n  \n\nMillions of yen\n\n \n\n \n  \n\nMarch 31\n\n \n\n \n  \n\n2025\n\n \n  \n\n2026\n\n \n\nShort-term borrowings\n(1)\n:\n\n  \n\n  \n\nCommercial paper\n\n  \n¥\n113,765\n \n  \n¥\n90,795\n \n\nBank borrowings\n\n  \n \n341,561\n \n  \n \n700,802\n \n\nOther\n\n  \n \n661,966\n \n  \n \n961,072\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n1,117,292\n \n  \n¥\n1,752,669\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nLong-term borrowings:\n\n  \n\n  \n\nLong-term borrowings from banks and other financial institutions\n(2)\n\n  \n¥\n4,213,264\n \n  \n¥\n5,165,056\n \n\nBonds and notes issued\n(3)\n:\n\n  \n\n  \n\nFixed-rate obligations:\n\n  \n\n  \n\nJapanese Yen denominated\n\n  \n \n1,170,404\n \n  \n \n1,116,741\n \n\nNon-Japanese\nYen denominated\n\n  \n \n4,778,830\n \n  \n \n5,724,325\n \n\nFloating-rate obligations:\n\n  \n\n  \n\nJapanese Yen denominated\n\n  \n \n603,794\n \n  \n \n522,891\n \n\nNon-Japanese\nYen denominated\n\n  \n \n708,559\n \n  \n \n841,213\n \n\nIndex / Equity-linked obligations:\n\n  \n\n  \n\nJapanese Yen denominated\n\n  \n \n926,572\n \n  \n \n941,444\n \n\nNon-Japanese\nYen denominated\n\n  \n \n510,126\n \n  \n \n687,917\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n  \n \n8,698,285\n \n  \n \n9,834,531\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nSubtotal\n\n  \n \n12,911,549\n \n  \n \n14,999,587\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTrading balances of secured borrowings\n\n  \n \n462,129\n \n  \n \n545,369\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n13,373,678\n \n  \n¥\n15,544,956\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\n(1\n\n)\n\nIncludes secured borrowings of ¥119,682 million and ¥113,315 million as of March 31, 2025 and March 31, 2026 respectively.\n\n(2)\n\nIncludes secured borrowings of ¥472,328 million and ¥670,182 million as of March 31, 2025 and March 31, 2026 respectively.\n\n(3)\n\nIncludes secured borrowings of ¥811,118 million and ¥720,958 million as of March 31, 2025 and March 31, 2026 respectively.\n\nTrading balances of secured borrowings\n\nThese are liabilities recognized when a transfer of a financial asset does not meet the criteria for sales accounting under ASC 860 and therefore the transaction is accounted for as a secured borrowing. These borrowings are part of Nomura’s trading activities intended to generate profits from the distribution of financial products secured by those financial assets.\n\n \n\nF-10\n9\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nLong-term borrowings consisted of the following:\n\n \n\n \n  \n\nMillions of yen\n\n \n\n \n  \n\nMarch 31\n\n \n\n \n  \n\n2025\n\n \n  \n\n2026\n\n \n\nDebt issued by the Company\n\n  \n¥\n3,465,010\n \n  \n¥\n3,872,736\n \n\nDebt issued by subsidiaries\n\n—\n\nguaranteed by the Company\n(1)\n\n  \n \n6,568,898\n \n  \n \n7,923,892\n \n\nDebt issued by subsidiaries\n\n—\n\nnot guaranteed by the Company\n(1)\n\n  \n \n3,339,770\n \n  \n \n3,748,328\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n13,373,678\n \n  \n¥\n15,544,956\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\n(1)\n\nIncludes trading balances of secured borrowings.\n\nAs of March 31, 2025, fixed-rate long-term borrowings mature between 2025 and 2067 with interest rates (including contractual interest rates) ranging from 0.00% to 44.00%. Floating-rate obligations, excluding perpetual subordinated debts, which are generally based on TIBOR, Tokyo Overnight Average rate and Secured Overnight Financing Rate, mature between 2025 and 2069 with interest rates (including contractual interest rates) ranging from 0.00% to 17.00%. Index / Equity-linked obligations mature between 2025 and 2055 with interest rates (including contractual interest rates) ranging from 0.00% to 36.80%.\n\nAs of March 31, 2026, fixed-rate long-term borrowings mature between 2026 and 2067 with interest rates (including contractual interest rates) ranging from 0.00% to 37.10%. Floating-rate obligations, excluding perpetual subordinated debts, which are generally based on TIBOR, Tokyo Overnight Average rate and Secured Overnight Financing Rate, mature between 2026 and 2070 with interest rates (including contractual interest rates) ranging from 0.00% to 12.89%. Index / Equity-linked obligations mature between 2026 and 2056 with interest rates (including contractual interest rates) ranging from 0.00% to 45.00%.\n\nCertain borrowing agreements contain provisions whereby the borrowings are redeemable at the option of the borrower at specified dates prior to maturity and include various equity-linked or other index-linked instruments.\n\nNomura enters into swap agreements to manage its exposure to interest rates and foreign exchange rates. Debt securities and notes issued are typically converted to Tokyo Overnight Average rate and Secured Overnight Financing Rate-based floating rate obligations through such swap agreements. The carrying value of the long-term borrowings includes adjustments to reflect fair value hedges.\n\nThe following table presents the effective weighted-average interest rates of borrowings, including the effect of fair value hedges, as of March 31, 2025 and 2026.\n\n \n\n \n  \n\nMarch 31\n\n \n\n \n  \n\n 2025 \n\n \n \n\n 2026 \n\n \n\nShort-term borrowings\n\n  \n \n2.77\n% \n \n \n2.75\n% \n\nLong-term borrowings\n\n  \n \n3.19\n% \n \n \n3.01\n% \n\nFixed-rate obligations\n\n  \n \n3.77\n% \n \n \n3.28\n% \n\nFloating-rate obligations\n\n  \n \n2.74\n% \n \n \n2.78\n% \n\nIndex / Equity-linked obligations\n\n  \n \n1.99\n% \n \n \n2.52\n% \n\n \n\nF-1\n10\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nMaturities of long-term borrowings\n\nThe following table presents the aggregate annual maturities of long-term borrowings, including adjustments related to fair value hedges and liabilities measured at fair value, as of March 31, 2026:\n\n \n\nYear ending March 31\n\n  \n\nMillions of yen\n\n \n\n2027\n\n  \n¥\n1,431,899\n \n\n2028\n\n  \n \n1,759,717\n \n\n2029\n\n  \n \n1,862,534\n \n\n2030\n\n  \n \n1,754,773\n \n\n2031\n\n  \n \n1,973,293\n \n\n2032 and thereafter\n\n  \n \n6,217,371\n \n\n  \n\n \n\n \n\n \n\nSubtotal\n\n  \n \n14,999,587\n \n\n  \n\n \n\n \n\n \n\nTrading balances of secured borrowings\n\n  \n \n545,369\n \n\n  \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n15,544,956\n \n\n  \n\n \n\n \n\n \n\nBorrowing facilities\n\nAs of March 31, 2025 and 2026, Nomura had unutilized borrowing facilities of ¥nil and ¥nil, respectively.\n\nSubordinated borrowings\n\nAs of March 31, 2025 and 2026, subordinated borrowings were ¥414,500 million and ¥874,309 million, respectively.\n\n14. Earnings per share:\n\nBasic and diluted earnings per share (“EPS”) are presented on the face of the consolidated statements of income. Basic EPS is calculated by dividing net income attributable to NHI shareholders by the weighted average number of NHI shares outstanding during the year. The calculation of diluted EPS is similar to basic EPS, except that the weighted average number of NHI shares is adjusted to reflect all dilutive instruments where NHI shares is potentially deliverable during the year. In addition, net income attributable to NHI shareholders is adjusted for any change in income or loss that would result from the assumed conversion of dilutive instruments issued by subsidiaries and affiliates.\n\n \n\nF-11\n1\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nThe following table presents a reconciliation of net income amounts and the numbers of NHI shares used in the calculation of net income attributable to NHI shareholders per share in order to calculate basic and diluted earnings per share amounts for the years ended March 31, 2024, 2025 and 2026.\n\n \n\n \n \n\nMillions of yen\n\nexcept per share data presented in yen\n\n \n\n \n \n\nYear ended March 31\n\n \n\n \n \n\n2024\n\n \n \n\n2025\n\n \n \n\n  2026  \n\n \n\nBasic\n\n—\n\n \n\n \n\n \n\nNet income attributable to NHI shareholders\n\n \n¥\n165,863\n \n \n¥\n340,736\n \n \n¥\n362,129\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nWeighted average number of NHI shares outstanding\n\n \n \n3,017,128,412\n \n \n \n2,955,204,882\n \n \n \n2,942,280,410\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nNet income attributable to NHI shareholders per share\n\n \n¥\n54.97\n \n \n¥\n115.30\n \n \n¥\n123.08\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nDiluted\n\n—\n\n \n\n \n\n \n\nNet income attributable to NHI shareholders\n\n \n¥\n165,701\n \n \n¥\n340,463\n \n \n¥\n361,871\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nWeighted average number of NHI shares outstanding\n\n \n \n3,144,540,974\n \n \n \n3,066,458,811\n \n \n \n3,041,190,068\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nNet income attributable to NHI shareholders per share\n\n \n¥\n52.69\n \n \n¥\n111.03\n \n \n¥\n118.99\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nNet income attributable to NHI shareholders was adjusted to reflect the decline in Nomura’s equity share of earnings of subsidiaries and affiliates for the years ended March 31, 2024, 2025 and 2026 arising from options to purchase common stock issued by subsidiaries and affiliates.\n\nThe weighted average number of shares used in the calculation of diluted EPS reflects the potential issuances of the above mentioned stock-based compensation plans which grant Stock Acquisition Rights and Restricted Stock Units (“RSUs”) by the Company and affiliates, which had minimal impact on EPS for the year ended March 31, 2024.\n\nFor the years ended March 31, 2025 and 2026, in addition to the potential issuances of the above mentioned stock-based compensation plans, the potential issuances from newly issued Performance-based stock units (“PSUs”) are reflected to the calculation of diluted EPS, which had minimal impact on EPS.\n\nAntidilutive stock options and other stock-based compensation plans to purchase\n\n1,805,200\n\n \n\nof NHI shares were not included in the computation of diluted EPS for the year ended March 31, 2024. There were no such shares outstanding for the years ended March 31, 2025 and 2026.\n\nSubsequent Events\n\nOn May 14, 2026, the Company adopted a resolution to grant RSUs and PSUs. See Note 16 “\n\nDeferred compensation awards\n\n” for further information.\n\n \n\nF-11\n2\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n15. Employee benefit plans:\n\nNomura provides various pension plans and other post-retirement benefits which cover certain eligible employees worldwide. In addition, Nomura provides health care benefits to certain active and retired employees through its Nomura Securities Health Insurance Society (“NSHIS”).\n\nDefined benefit pension plans—\n\nThe Company and certain subsidiaries in Japan (“Japanese entities”) have contributory funded benefit pension plans for eligible employees. The benefits are paid as annuity payments subsequent to retirement or as\nlump-sum\npayments at the time of retirement based on a combination of years of service, age at retirement and employee’s choice. The benefits under the plans are calculated based upon position, years of service and reason for retirement. In addition to the plans described above, certain Japanese entities also have unfunded\nlump-sum\npayment plans. Under these plans, employees with at least two years of service are generally entitled to\nlump-sum\npayments upon termination of employment. The benefits under the plans are calculated based upon position, years of service and the reason for retirement. In December 2008, certain contributory funded benefit pension plans and unfunded\nlump-sum\npayment plans were amended and “Cash balance pension plans” were introduced. Participants receive an annual benefit in their cash balance pension plan accounts, which is computed based on compensation of the participants, adjusted for the changes in market interest rate.\n\nIn April 2020, certain Japanese entities amended their pension plans. Certain defined benefit pension plans and unfunded\nlump-sum\npayment plans were either closed for additional funding or abolished. Defined contribution pension plans and cash balance pension plans have replaced them for future contributions.\n\nCertain overseas subsidiaries have various local defined benefit plans covering certain employees. Nomura recognized an asset for surplus pension benefits for these plans amounting to ¥5,798 million and ¥726 million as of March 31, 2025 and 2026, respectively.\n\nNet periodic benefit cost\n\nThe following table presents the components of net periodic benefit cost for defined benefit plans of Japanese entities for the years ended March 31, 2024, 2025 and 2026. Nomura’s measurement date is March 31 for defined benefit plans of Japanese entities.\n\n \n\n \n  \n\nMillions of yen\n\n \n\n \n  \n\nYear ended March 31\n\n \n\n \n  \n\n2024\n\n \n \n\n2025\n\n \n \n\n2026\n\n \n\nService cost\n\n  \n¥\n6,028\n \n \n¥\n5,748\n \n \n¥\n5,404\n \n\nInterest cost\n\n  \n \n3,484\n \n \n \n4,039\n \n \n \n5,056\n \n\nExpected return on plan assets\n\n  \n \n(5,658\n) \n \n \n(5,664\n) \n \n \n(5,369\n) \n\nAmortization of net actuarial losses\n\n  \n \n3,021\n \n \n \n1,844\n \n \n \n798\n \n\nAmortization of prior service cost\n\n  \n \n(1,603\n) \n \n \n(441\n) \n \n \n(541\n)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nNet periodic benefit cost\n\n  \n¥\n5,272\n \n \n¥\n5,526\n \n \n¥\n5,348\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nPrior service cost is amortized on a straight-line basis over the average remaining service period of active participants. Gains and losses in excess of 10% of the greater of the projected benefit obligation or the fair value of plan assets are amortized over the average remaining service period of active participants, which is 12 years.\n\n \n\nF-11\n3\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nBenefit obligations and funded status\n\nThe following table presents a reconciliation of changes in projected benefit obligation (“PBO”) and the fair value of plan assets, as well as a summary of the funded status of Japanese entities’ plans as of, and for the years ended March 31, 2025 and 2026.\n\n \n\n \n  \n\nMillions of yen\n\n \n\n \n  \n\nAs of or for the year\nended March 31\n\n \n\n \n  \n\n2025\n\n \n \n\n2026\n\n \n\nChange in projected benefit obligation:\n\n  \n\n \n\nProjected benefit obligation at beginning of year\n\n  \n¥\n245,439\n \n \n¥\n218,187\n \n\nService cost\n\n  \n \n5,748\n \n \n \n5,404\n \n\nInterest cost\n\n  \n \n4,039\n \n \n \n5,056\n \n\nActuarial gain\n\n  \n \n(19,012\n) \n \n \n(13,512\n) \n\nBenefits paid\n\n  \n \n(17,137\n) \n \n \n(16,842\n)\n\nAmendments of pension benefit plans\n\n  \n \n(883\n) \n \n \n—\n \n\nAcquisition, divestitures and other\n\n  \n \n(7\n) \n \n \n1\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nProjected benefit obligation at end of year\n\n  \n¥\n218,187\n \n \n¥\n198,294\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nChange in plan assets:\n\n  \n\n \n\nFair value of plan assets at beginning of year\n\n  \n¥\n219,869\n \n \n¥\n208,523\n \n\nActual return on plan assets\n\n  \n \n(364\n) \n \n \n6,023\n \n\nEmployer contributions\n\n  \n \n748\n \n \n \n—\n \n\nBenefits paid\n\n  \n \n(11,730\n) \n \n \n(12,178\n)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nFair value of plan assets at end of year\n\n  \n¥\n208,523\n \n \n¥\n202,368\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nFunded status at end of year\n\n  \n \n(9,664\n) \n \n \n4,074\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nAmounts recognized in the consolidated balance sheets\n\n  \n¥\n(9,664\n) \n \n¥\n4,074\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nThe accumulated benefit obligation (“ABO”) was ¥218,187 million and ¥198,294 million as of March 31, 2025 and 2026, respectively.\n\nIn April 2020, defined contribution pension plans and cash balance pension plans were adopted for future contributions following the amendments of pension benefit plans. Certain contributory defined benefit pension plans were closed for additional funding and will be managed within the accumulated funds. Unfunded\nlump-sum\npayment plans were abolished and transferred to cash balance plans with the calculated amount of\nlump-sum\nretirement payment as of the amendment date.\n\n \n\nF-11\n4\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nThe following table presents the PBO, ABO and fair value of plan assets for Japanese entities’ plans with ABO and PBO in excess of plan assets as of March 31, 2025 and 2026.\n\n \n\n \n  \n\nMillions of yen\n\n \n\n \n  \n\nMarch 31\n\n \n\n \n  \n\n2025\n\n \n  \n\n2026\n\n \n\nPlans with ABO in excess of plan assets:\n\n  \n\n  \n\nPBO\n\n  \n¥\n45,064\n \n  \n¥\n45,356\n \n\nABO\n\n  \n \n45,064\n \n  \n \n45,356\n \n\nFair value of plan assets\n\n  \n \n\n—\n\n \n \n  \n \n\n—\n\n \n \n\nPlans with PBO in excess of plan assets:\n\n  \n\n  \n\nPBO\n\n  \n¥\n45,064\n \n  \n¥\n45,356\n \n\nABO\n\n  \n \n45,064\n \n  \n \n45,356\n \n\nFair value of plan assets\n\n  \n \n\n—\n\n \n \n  \n \n\n —\n\n \n \n\nThe following table presents\npre-tax\namounts of Japanese entities’ plans deferred in\n\nAccumulated other comprehensive income (loss)\n\nthat have not yet been recognized as components of net periodic benefit cost during the year ended March 31, 2026.\n\n \n\n \n  \n\nMillions of yen\n\n \n\n \n  \n\nFor the year ended\n\nMarch 31, 2026\n\n \n\nNet actuarial loss\n\n  \n¥\n  13,560\n \n\nNet prior service cost\n\n  \n \n(4,693\n) \n\n  \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n8,867\n \n\n  \n\n \n\n \n\n \n\nPre-tax\namounts of Japanese entities’ plans in\n\nAccumulated other comprehensive income\n\nwhich are expected to be recognized as components of net periodic benefit cost over the next fiscal year are as follows.\n\n \n\n \n  \n\nMillions of yen\n\n \n\n \n  \n\nFor the year ending\n\nMarch 31, 2027\n\n \n\nNet actuarial loss\n\n  \n¥\n(217\n) \n\nNet prior service cost\n\n  \n \n(541\n)\n\n  \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n  (758\n)\n\n  \n\n \n\n \n\n \n\nAssumptions\n\nThe following table presents the weighted-average assumptions used to determine projected benefit obligations of Japanese entities’ plans as of March 31, 2025 and 2026.\n\n \n\n \n  \n\nMarch 31\n\n \n\n \n  \n\n2025\n\n \n \n\n2026\n\n \n\nDiscount rate\n\n  \n \n2.3\n% \n \n \n3.2\n% \n\nRate of increase in compensation levels\n\n  \n \n0.5\n% \n \n \n0.4\n% \n\nInterest crediting rate\n\n  \n \n2.9\n% \n \n \n2.9\n% \n\n \n\nF-11\n5\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nThe following table presents the weighted-average assumptions used to determine the net periodic benefit cost of Japanese entities’ plans for the year ended March 31, 2024, 2025 and 2026.\n\n \n\n \n  \n\nYear ended March 31\n\n \n\n \n  \n\n2024\n\n \n \n\n2025\n\n \n \n\n2026\n\n \n\nDiscount rate\n\n  \n \n1.3\n% \n \n \n1.6\n% \n \n \n2.3\n% \n\nRate of increase in compensation levels\n\n  \n \n0.4\n% \n \n \n0.5\n% \n \n \n0.5\n% \n\nExpected long-term rate of return on plan assets\n\n  \n \n2.6\n% \n \n \n2.6\n% \n \n \n2.6\n% \n\nInterest crediting rate\n\n  \n \n2.8\n% \n \n \n2.8\n% \n \n \n2.9\n% \n\nNomura generally determines the discount rates for its defined benefit plans by referencing indices for long-term, high-quality debt securities and ensuring that the discount rate does not exceed the yield reported for those indices after adjustment for the duration of the plans’ liabilities.\n\nNomura uses the expected long-term rate of return on plan assets to compute the expected return on assets. Nomura’s approach in determining the long-term rate of return on plan assets is primarily based on historical financial market relationships that have existed over time with the presumption that this trend will generally remain constant in the future.\n\nPlan assets\n\nPlan assets are managed with an objective to generate sufficient long-term value in order to enable future pension payouts. While targeting a long-term rate of return on plan assets, Nomura aims to minimize short-term volatility by managing the portfolio through diversifying risk. Based on this portfolio policy, the plan assets are invested diversely.\n\nThe plan assets of domestic plans target to invest 8% in equities (including private equity investments), 50% in debt securities, 28% in life insurance company general accounts, and 14% in other investments. Investment allocations are generally reviewed and revised at the time of the actual revaluation that takes place every five years or when there is a significant change in portfolio assumptions.\n\nFor details of the levels of inputs used to measure the fair value of plan assets, see Note 2 “\n\nFair value measurements.\n\n”\n\nThe following tables present information about the fair value of plan assets of Japanese entities’ plans as of March 31, 2025 and 2026 within the fair value hierarchy.\n\n \n\n \n  \n\nMillions of yen\n\n \n\n \n  \n\nMarch 31, 2025\n\n \n\n \n  \n\nLevel 1\n\n \n  \n\nLevel 2\n\n \n  \n\nLevel 3\n\n \n  \n\nBalance as of\n\nMarch 31,\n2025\n\n \n\nPension plan assets:\n\n  \n\n  \n\n  \n\n  \n\nPrivate equity and pooled investments\n(1)\n\n  \n¥\n\n— \n\n \n  \n¥\n1,545\n \n  \n¥\n9,418\n \n  \n¥\n10,963\n \n\nJapanese government securities\n\n  \n \n24,713\n \n  \n \n\n— \n\n \n  \n \n\n— \n\n \n  \n \n24,713\n \n\nInvestment trust funds and other\n(2)(3)\n\n  \n \n\n — \n\n \n  \n \n10,535\n \n  \n \n20,296\n \n  \n \n30,831\n \n\nLife insurance company general accounts\n\n  \n \n\n— \n\n \n  \n \n75,067\n \n  \n \n\n— \n\n \n  \n \n75,067\n \n\nOther assets\n\n  \n \n\n— \n\n \n  \n \n31,420\n \n  \n \n\n— \n\n \n  \n \n31,420\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n24,713\n \n  \n¥\n118,567\n \n  \n¥\n29,714\n \n  \n¥\n172,994\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\nF-11\n6\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n \n  \n\nMillions of yen\n\n \n\n \n  \n\nMarch 31, 2026\n\n \n\n \n  \n\nLevel 1\n\n \n  \n\nLevel 2\n\n \n  \n\nLevel 3\n\n \n  \n\nBalance as of\n\nMarch 31,\n2026\n\n \n\nPension plan assets:\n\n  \n\n  \n\n  \n\n  \n\nPrivate equity and pooled investments\n(1)\n\n  \n¥\n\n — \n\n \n  \n¥\n584\n \n  \n¥\n9,139\n \n  \n¥\n9,723\n \n\nJapanese government securities\n\n  \n \n19,954\n \n  \n \n\n — \n\n \n  \n \n\n — \n\n \n  \n \n19,954\n \n\nInvestment trust funds and other\n(2)(3)\n\n  \n \n\n — \n\n \n  \n \n10,026\n \n  \n \n20,739\n \n  \n \n30,765\n \n\nLife insurance company general accounts\n\n  \n \n\n — \n\n \n  \n \n74,968\n \n  \n \n\n — \n\n \n  \n \n74,968\n \n\nOther assets\n\n  \n \n\n — \n\n \n  \n \n28,866\n \n  \n \n\n — \n\n \n  \n \n28,866\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n19,954\n \n  \n¥\n114,444\n \n  \n¥\n29,878\n \n  \n¥\n164,276\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\n(1)\n\nIncludes corporate type equity investments.\n\n(2)\n\nIncludes primarily debt investment funds. Hedge funds and real estate funds are also included.\n\n(3)\n\nCertain plan assets that are carried at fair value using net asset value per share as a practical expedient have not been classified in the fair value hierarchy. As of March 31, 2025 and 2026, the fair value of these assets was ¥35,529 million and ¥38,092 million, respectively.\n\nWithin the fair value measurement of plan assets of\nnon-Japanese\nentities’ plans as of March 31, 2025, ¥133 million, ¥3,102 million and ¥24,121 million were classified in Level 1, Level 2 and Level 3 of the fair value hierarchy, respectively. Within the fair value measurement of plan assets of\nnon-Japanese\nentities’ plans as of March 31, 2026, ¥242 million, ¥3,098 million and ¥24,148 million were classified in Level 1, Level 2 and Level 3 of the fair value hierarchy, respectively.\n\nSee Note 2 “\n\nFair value measurements\n\n” for further information regarding how Nomura estimates fair value for specific types of financial instruments.\n\nThe following tables present information about plan assets of Japanese entities’ plans for which Nomura has utilized significant Level 3 valuation inputs to estimate fair value.\n\n \n\n \n  \n\nMillions of yen\n\n \n\n \n  \n\nYear ended March 31, 2025\n\n \n\n \n  \n\nBalance\n\nas of\n\nApril 1,\n\n2024\n\n \n  \n\nUnrealized\n\nand realized\n\ngains / (loss)\n\n \n \n\nPurchases /\n\nsales and\n\nother\n\nsettlement\n\n \n \n\nBalance\n\nas of\n\nMarch 31,\n\n2025\n\n \n\nPrivate equity and pooled investments\n\n  \n¥\n16,321\n \n  \n¥\n(3,608\n) \n \n¥\n(3,295\n) \n \n¥\n9,418\n \n\nInvestment trust funds and other\n\n  \n \n27,022\n \n  \n \n(1,245\n) \n \n \n(5,481\n) \n \n \n20,296\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n43,343\n \n  \n¥\n(4,853\n) \n \n¥\n(8,776\n) \n \n¥\n29,714\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n  \n\nMillions of yen\n\n \n\n \n  \n\nYear ended March 31, 2026\n\n \n\n \n  \n\nBalance\n\nas of\n\nApril 1,\n\n2025\n\n \n  \n\nUnrealized\n\nand realized\n\ngains / (loss)\n\n \n \n\nPurchases /\n\nsales and\n\nother\n\nsettlement\n\n \n \n\nBalance\n\nas of\n\nMarch 31,\n\n2026\n\n \n\nPrivate equity and pooled investments\n\n  \n¥\n9,418\n \n  \n¥\n415\n \n \n¥\n(694\n)\n \n¥\n9,139\n \n\nInvestment trust funds and other\n\n  \n \n20,296\n \n  \n \n1,215\n \n \n \n(772)\n \n \n \n20,739\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n29,714\n \n  \n¥\n1,630\n \n \n¥\n(1,466\n)\n \n¥\n29,878\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\nF-11\n7\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nThe fair value measurement of plan assets of\nnon-Japanese\nentities’ plans classified as Level 3 mainly consists of annuities which amounted to ¥24,121 million and ¥24,148 million as of March 31, 2025 and 2026, respectively. The amount of unrealized gain (loss) of Level 3 assets amounted to ¥(4,836) million and ¥(796) million for the years ended March 31, 2025 and 2026, respectively. The amounts of gains and losses other than above, purchases and sales, and transfers between Level 1 or Level 2 and Level 3 relating to these assets during the years ended March 31, 2025 and 2026 were not significant.\n\nCash Flows\n\nFollowing the amendments of pension benefit plans in Japanese entities, certain contributory funded benefit pension plans were closed for additional funding and will be managed within the accumulated funds.\n\nThe following table presents the expected benefit payments of Japanese entities’ plans during the next five fiscal years and in aggregate for the five fiscal years thereafter.\n\n \n\nYear ending March 31\n\n  \n\nMillions of yen\n\n \n\n2027\n\n  \n¥\n  16,926\n \n\n2028\n\n  \n \n16,288\n \n\n2029\n\n  \n \n14,758\n \n\n2030\n\n  \n \n13,291\n \n\n2031\n\n  \n \n12,450\n \n\n2032-2036\n\n  \n \n57,471\n \n\nDefined contribution pension plans—\n\nIn addition to defined benefit pension plans, the Company, NSC and other Japanese and\nnon-Japanese\nsubsidiaries have defined contribution pension plans.\n\nNomura contributed ¥6,656 million, ¥6,681 million and ¥7,049 million to defined contribution pension plans for Japanese entities’ plans for the years ended March 31, 2024, 2025 and 2026, respectively.\n\nThe contributions to overseas defined contribution pension plans were ¥15,026 million, ¥15,179 million and ¥21,674 million for the years ended March 31, 2024, 2025 and 2026, respectively.\n\nHealth care benefits—\n\nThe Company and certain subsidiaries provide certain health care benefits to both active and retired employees through NSHIS. The Company and certain subsidiaries also sponsor certain health care benefits to retired employees (“Special Plan”) and who participate in the Special Plan on a\npay-all\nbasis, i.e., by requiring a retiree contribution based on the estimated per capita cost of coverage. The Special Plan is a multi-employer post-retirement plan because it is jointly administered by NSHIS and the Japanese government, and the funded status of it is not computed separately. Therefore, although the Company and certain subsidiaries contribute some portion of the cost of retiree health care benefits not covered through retiree contributions, the Company and certain subsidiaries do not reserve for future costs. The health care benefit costs, which are equivalent to the required contribution, were ¥9,453 million, ¥10,066 million and ¥10,146 million for the years ended March 31, 2024, 2025 and 2026, respectively.\n\n16. Deferred compensation awards:\n\nNomura issues deferred compensation awards to senior management and employees, which are linked to the price of the Company’s common stock, in order to retain and motivate key staff. These stock-based\n\n \n\nF-11\n8\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\ncompensation awards comprise Restricted Stock Units (“RSUs”), Performance Share Units (“PSUs”), Stock Acquisition Rights (“SARs”) Plan B, Notional Stock Units (“NSUs”), and Collared Notional Stock Units (“CSUs”). They are all analogous to awards of restricted common stock. As of March 31, 2026, the numbers of outstanding shares and the total unrecognized compensation cost of PSUs were not significant.\n\nNomura also issues other deferred compensation awards that are not linked to the Company’s common stock, namely Notional Fund Units, which are based on the performance of funds managed by the Company, and Deferred Cash Awards (“DCAs”), which vest annually in equal increments over a period of three to four years.\n\nCertain deferred compensation awards include Full Career Retirement (“FCR”) provisions which permit recipients of the awards to continue to vest in the awards upon voluntary termination of employment if certain criteria based on corporate title and length of service within Nomura are met. The requisite service period for these awards ends on the earlier of the contractual vesting date and the date that the recipients become eligible for or claim FCR.\n\nUnless indicated below, deferred compensation awards are generally reduced, forfeited or clawed back in the event of termination of employment, material restatements of financial statements, material conduct issues, material damage to Nomura’s business or reputation, material downturns in the performance of the Nomura group and/or a material failure of risk management.\n\nRSUs\n\nFor each of the RSUs, one NHI share is delivered. The awards generally have a graded vesting period from\none\nto three years with an extended vesting period of up to seven years for certain senior management and employees in order to meet local regulatory requirements based on the role they perform within Nomura.\n\nThe grant date fair value per award is determined using the price of NHI shares.\n\nThe following table presents activity relating to RSUs for the year ended March 31, 202\n6\n.\n\n \n\n \n  \n\nOutstanding\n\n(number of Nomura\n\nshares)\n\n \n \n\nWeighted-average\n\ngrant date fair\n\nvalue per share\n\n \n  \n\nWeighted-average\n\nremaining life\n\nuntil expiry\n\n(years)\n\n \n\nOutstanding as of March 31, 2025\n\n  \n \n136,203,210\n \n \n¥\n   598\n \n  \n \n0.9\n \n\nGranted\n\n  \n \n62,190,310\n \n \n \n811\n \n  \n\nForfeited\n\n  \n \n(6,206,885\n) \n \n \n680\n \n  \n\nDelivered\n\n  \n \n(66,303,810\n)\n \n \n598\n \n  \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\nOutstanding as of March 31, 2026\n\n  \n \n125,882,825\n \n \n¥\n699\n \n  \n \n1.0\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\nThe weighted-average grant date fair value per award for the year ended March 31, 2024, 2025 and 2026 was ¥466, ¥857 and ¥\n811\n, respectively.\n\nThe total fair value of RSUs vested during the years ended March 31, 2024, 2025 and 2026 was ¥36,607 million, ¥62,719 million and ¥56,751 million, respectively. The total value of units delivered during the years ended March 31, 2024 and 2025 was ¥34,362 million and ¥63,041 million, respectively. A total of 43,567,027 shares were delivered during the year ended March 31, 2026 with a total value of ¥56,928 million. The aggregate value of RSUs outstanding as of March 31, 2026 was ¥151,563 million.\n\nAs of March 31, 2026, total unrecognized compensation cost relating to nonvested RSUs was ¥16,425 million which is expected to be recognized over a weighted average period of 1.8 years.\n\n \n\nF-11\n9\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nNomura withholds vested RSUs to meet employer statutory tax withholding requirements of employees arising on either vesting of the awards or delivery of the Company’s common stock. The total cash paid to tax authorities to settle these requirements was ¥12,669 million, ¥20,583 \n\nmillion and ¥18,214 million during the year ended March 31, 2024, 2025 and 2026. These cash flows are classified as outflows from financing activities in the consolidated statements of cash flows.\n\nSARs Plan B\n\nIn prior years, the Company issued SARs Plan B linked to the price of the Company’s common stock pursuant to several stock unit plans. These awards vest and are exercisable into the Company’s common stock, have an exercise price of ¥1 per share and graded vesting generally over three years with certain longer vesting or holding periods where required under local regulations.\n\nThe grant date fair value of SARs Plan B is determined using the price of NHI shares.\n\nNo new SARs Plan B have been granted since April 1, 2018.\n\nThe numbers of outstanding shares of SARs Plan B as of March 31,2025 and 2026 were not significant.\n\nThe total unrecognized compensation cost relating to SARs Plan B during the years ended March 31, 2024, 2025 and 2026 were not significant.\n\nTotal compensation expense recognized within\n\nNon-interest\nexpenses\n\n—\n\nCompensation and benefits\n\nin the consolidated statements of income relating to RSUs and SARs for the years ended March 31, 2024, 2025 and 2026 were ¥35,577 million, ¥38,381 million and ¥40,639 million, respectively.\n\nTotal related tax benefits recognized in the consolidated statements of income relating to RSUs for the years ended March 31, 2024, 2025 and 2026 were not significant. The dilutive effect of outstanding deferred compensation plans is included in the weighted average number of shares outstanding used in diluted EPS computations. See Note 14\n\n“Earnings per share”\n\nfor further information.\n\nThere were no significant modifications of RSUs or SARs Plan B during the years ended March 31, 2024, 2025 and 2026.\n\nNSUs and CSUs\n\nNSUs and CSUs are cash-settled awards linked to the price of the Company’s common stock. NSUs replicate the key features of SARs Plan B described above but are settled in cash rather than exercisable into NHI shares. CSUs are similar to NSUs but exposure to movements in the price of the Company’s common stock is subject to a cap and floor. Both types of award have graded vesting periods generally over three years with certain longer vesting periods where required by local regulations.\n\nThe fair value of NSUs and CSUs are determined using the price of NHI shares.\n\n \n\nF-1\n20\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nThe following table presents activity related to NSUs and CSUs for the year ended March 31, 2026.\n\n \n\n \n\n  \n\nNSUs\n\n \n\n \n\nCSUs\n\n \n\n \n\n  \n\nOutstanding\n\n(number of units)\n\n \n\n \n\nStock\n\nprice\n\n \n\n \n\nOutstanding\n\n(number of units)\n\n \n\n \n\nStock\n\nprice\n\n \n\nOutstanding as of March 31, 2025\n\n  \n \n17,525,289\n \n \n¥\n    854\n \n \n \n3,152,678\n \n \n¥\n    478\n \n\nGranted\n\n  \n \n17,728,234\n \n \n \n929\n\n(1)\n \n \n \n\n —\n\n \n \n \n \n\n —\n\n \n \n\nVested\n\n  \n \n(13,722,254\n)\n \n\n \n \n1,062\n\n(2)\n \n \n \n(2,970,567\n)\n \n\n \n \n541\n\n(2)\n \n\nForfeited\n\n  \n \n(121,282\n)\n \n\n \n \n(163,856\n)\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nOutstanding as of March 31, 2026\n\n  \n \n21,409,987\n \n \n¥\n1,046\n\n(3)\n \n \n \n18,255\n \n \n¥\n1,113\n\n(3)\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n(1)\n\nWeighted-average price of NHI shares used to determine number of awards granted.\n\n(2)\n\nWeighted-average price of NHI shares used to determine the final cash settlement amount of the awards.\n\n(3)\n\nThe price of NHI shares used to remeasure the fair value of the remaining outstanding unvested awards as of March 31, 2026.\n\nTotal compensation expense recognized within\n\nNon-interest\nexpenses\n\n—\n\nCompensation and benefits\n\nin the consolidated statements of income relating to NSUs and CSUs for the years ended March 31, 2024, 2025 and 2026 were ¥15,936 million, ¥7,995 million and ¥15,583 million, respectively.\n\nTotal unrecognized compensation cost relating to nonvested NSUs, based on the fair value of these awards as of March 31, 2026, was ¥2,455 million, which is expected to be recognized through the consolidated statements of income over a remaining weighted-average period of 0.8 years. The total fair value of NSUs which vested during the years ended March 31, 2024, 2025 and 2026 was ¥7,479 million, ¥13,249 million and ¥14,570 million, respectively.\n\nTotal unrecognized compensation cost relating to nonvested CSUs, based on the fair value of these awards as of March 31, 2026, was ¥0 million. The total fair value of CSUs which vested during the years ended March 31, 2024, 2025 and 2026 was ¥3,179 million, ¥3,190 million and ¥1,607 million, respectively.\n\nTotal tax benefits recognized in the consolidated statements of income for compensation expense relating to NSUs and CSUs for the years ended March 31, 2024, 2025 and 2026 were ¥186 million, ¥174 million and ¥1,054 million, respectively.\n\nThere were no significant modifications of NSUs or CSUs during the years ended March 31, 2024, 2025 and 2026.\n\nSubsequent events\n\nOn May 14, 2026, the Company adopted a resolution to grant RSUs to\n \n\ncertain senior management and employees. A total of 29,736,800 RSUs have been granted which generally have a graded vesting period from\none\nto three years or with an\n\nextended\n\nvesting period of up to four years\nfor certain senior management and employees in order to meet local regulatory requirements based on the role they perform within Nomura. Approximately half of the amount previo\nusly\n\ngranted as RSUs is provided as DCAs. Until last year,\n\nthe Company granted RSUs to employees subject to compensation regulations, with an allotment date of about seven years from the date of the decision to dispose of treasury shares. However, following amendments to the regulations, this year the Company granted RSUs with an allotment date of about four years after the date of the disposal decision.\n\n \n\nF-12\n1\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nOn May 14, 2026, the Company adopted a resolution to grant PSUs to\n \n\nexecutive officers of the Company. The base number of shares has been calculated as 541,000\n\nshares, and the number of shares when applying a\n\npayout rate of\n\n \n150\n% is\n811,500\nshares. PSUs are to deliver NHI shares to grantees depending on the degree of achievement of the performance targets for the\n\nthree\n\nfiscal years. The settlement of the PSUs will be primarily in treasury stock.\n\nOn May 25, 2026, Nomura also granted NSUs to\n \n\nsenior management and employees in countries where RSUs are less favorably treated for tax or other reasons. These NSUs have a total grant date fair value of ¥\n6\n billion and vesting periods of up to\nfour years\n.\n\n17. Income taxes:\n\nThe following table presents a disaggregation of\n\nIncome tax expense\n\nas reported in the consolidated statements of income for the years ended March 31, 2024 and 2025 between current and deferred tax expenses and between domestic income tax benefits or expenses recognized by the Company and other subsidiaries in Japan and income tax benefits or expenses recognized by overseas foreign subsidiaries.\n\n \n\n \n\n  \n\nMillions of yen\n\n \n\n \n\n  \n\nYear ended March 31\n\n \n\n \n\n  \n\n2024\n\n \n\n \n\n2025\n\n \n\nCurrent:\n\n  \n\n \n\nDomestic\n\n  \n¥\n74,117\n \n \n¥\n89,845\n \n\nForeign\n\n  \n \n22,825\n \n \n \n23,305\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nSubtotal\n\n  \n \n96,942\n \n \n \n113,150\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nDeferred:\n\n  \n\n \n\nDomestic\n\n  \n \n2,566\n \n \n \n9,784\n \n\nForeign\n\n  \n \n(2,878\n) \n \n \n1,775\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nSubtotal\n\n  \n \n(312\n) \n \n \n11,559\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n 96,630\n \n \n¥\n124,709\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nNomura adopted ASU 2023-09 “\n\nIncome Taxes (Topic 740): Improvements to Income Tax Disclosures\n\n” prospectively for the year ended March 31, 2026. The ASU has introduced new disclosures, including a breakdown of income before income taxes between domestic and foreign operations and has also made certain changes to the disclosure of the reconciliation of the domestic Japanese national statutory tax rate to the effective tax rate and tax paid.\n\nThe following table presents a disaggregation of\n\nIncome before income taxes as\n\nreported in the consolidated statement of income for the year ended March 31, 2026 between domestic and foreign operations. See Note 23 “\n\nSegment and geographic information”\n\nfor details of\n\nIncome before income taxes\n\nby geographical locations.\n\n \n\n \n\n  \n\nMillions of yen\n\n \n\n \n\n  \n\nYear ended\n\nMarch 31\n\n \n\n \n\n  \n\n2026\n\n \n\nIncome before income taxes:\n\n  \n\nDomestic\n\n  \n\n¥\n\n448,291\n\n \n\nForeign\n\n  \n\n \n\n91,530\n\n \n\n  \n\n \n\n \n\n \n\nTotal\n\n  \n\n¥\n\n539,821\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nF-12\n2\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nThe following table presents a disaggregation of\n\nIncom\ne tax exp\nense\n\nas reported in the consolidated statement of income for the year ended March 31, 2026, by the nature of the tax expense and specifically whether such tax expense is incurred in\ncon\nnection with domestic Japanese national, domestic Japanese local taxes or foreign taxes. Foreign tax expense amounts represent income tax expenses imposed by jurisdictions outside Japan.\n\n \n\n \n\n  \n\nMillions of yen\n\n \n\n \n\n  \n\nYear ended\n\nMarch 31\n\n \n\n \n\n  \n\n2026\n\n \n\nCurrent:\n\n \n\n \n\n \n\n \n\nDomestic national tax\n\n \n\n¥\n 108,070\n\n \n\nDomestic local tax\n\n \n\n \n\n23,725\n\n \n\nForeign taxes\n\n \n\n \n\n25,295\n\n \n\n  \n\n \n\n \n\n \n\nSubtotal\n\n \n\n \n\n157,090\n\n \n\n  \n\n \n\n \n\n \n\nDeferred:\n\n  \n\nDomestic national tax\n\n  \n\n \n\n19,936\n\n \n\nDomestic local tax\n\n  \n\n \n\n6,163\n\n \n\nForeign taxes\n\n  \n\n \n\n(17,750\n\n)\n \n\n  \n\n \n\n \n\n \n\nSubtotal\n\n  \n\n \n\n8,349\n\n \n\n  \n\n \n\n \n\n \n\nTotal Income Tax expense (benefit)\n\n  \n\nDomestic national tax\n\n  \n\n \n\n128,006\n\n \n\nDomestic local tax\n\n  \n\n \n\n29,888\n\n \n\nForeign taxes\n\n  \n\n \n\n7,545\n\n \n\n  \n\n \n\n \n\n \n\nTotal\n\n  \n\n¥\n\n165,439\n\n \n\n  \n\n \n\n \n\n \n\nThe income tax benefit recognized from operating losses for the years ended March 31, 2024, 2025 and 2026 was ¥1,901 million, ¥6,086 million and ¥5,298 million, respectively, which is included within deferred income tax expense above.\n\nThe Company and its wholly-owned domestic subsidiaries have applied the Group Tax Sharing system in Japan. The Group Tax Sharing system is only available for a national tax.\n\nEffective statutory tax rate reconciliation\n\nForeign subsidiaries are subject to income taxes of the countries in which they operate. The relationship between income tax expense and accounting income (loss) before income taxes is affected by a number of items, including various tax credits, non-taxable income, non-deductible expenses, changes in deferred tax valuation allowance and different tax rates applicable to foreign subsidiaries.\n\n \n\nF-12\n3\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nThe following table presents a reconciliation of Nomura’s effective statutory tax rate to the effective tax rate for the years ended March 31, 2024 and 2025, and is based on applicable U.S. GAAP requirements prior to the adoption of ASU 2023-09. Nomura’s effective statutory tax rate represents the blended rate that combines the Japanese national tax rate and other Japanese local taxes. The effective tax rate represents total\n\nIncome\n\ntax\n\nexpense\n\nas a percentage of\n\nIncome (loss) before income taxes\n\nas reported in the consolidated statement of income for the years presented.\n\n \n \n \n \n \n \n \n \n \n\n \n\n  \n\nYear ended March 31\n\n \n\n \n\n  \n\n2024\n\n \n\n  \n\n2025\n\n \n\nNomura’s effective statutory tax rate\n\n  \n \n31.0\n% \n  \n \n31.0\n% \n\nImpact of:\n\n  \n\n  \n\nChanges in deferred tax valuation allowances\n\n  \n \n3.9\n \n  \n \n(5.3\n) \n\nAdditional taxable income\n\n  \n \n0.2\n \n  \n \n1.3\n \n\nNon-deductible\nexpenses\n\n  \n \n6.0\n \n  \n \n3.2\n \n\nNon-taxable\nincome\n\n  \n \n(2.5\n) \n  \n \n(1.6\n) \n\nDividends from foreign subsidiaries\n\n  \n \n0.0\n \n  \n \n0.0\n \n\nTax effect of undistributed earnings of foreign subsidiaries\n\n  \n \n(0.2\n) \n  \n \n0.0\n \n\nDifferent tax rate applicable to income (loss) of foreign subsidiaries\n\n  \n \n(0.2\n) \n  \n \n(2.5\n) \n\nEffect of changes in foreign tax laws\n\n  \n \n0.0\n \n  \n \n0.0\n \n\nEffect of changes in domestic tax laws\n\n  \n \n\n— \n\n \n  \n \n0.4\n \n\nTax benefit recognized on the outside basis differences for investment in subsidiaries and affiliates\n\n  \n \n(0.0\n) \n  \n \n(0.0\n) \n\nOther\n\n  \n \n(2.9\n) \n  \n \n(0.1\n) \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nEffective tax rate\n\n  \n \n35.3\n% \n  \n \n26.4\n% \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nThe following table presents a reconciliation of the expected Japanese national income tax expense, calculated by applying the Japanese national statutory tax rate, to Nomura’s actual income tax expense, and the effective tax rate for the year ended March 31, 2026. The effective tax rate represents total\nIncome tax expense\nas a percentage of\n\nIncome (loss) before income taxes\n\nas reported in the consolidated statement of income for the year ended March 31, 2026.\n\n \n \n \n \n \n \n \n \n \n\n \n\n  \n\nMillions of yen\n\n \n\n \n\n  \n\nYear ended\n\nMarch 31\n\n \n\n \n\n  \n\n2026\n\n \n\n \n\n  \n\nAmount\n\n \n\n  \n\nPercent\n\n \n\nJapan national statutory tax rate\n\n  \n\n¥\n\n138,194\n\n \n\n  \n\n \n\n25.6\n\n% \n\nJapan local tax, net of national tax effect\n(1)\n\n  \n\n \n\n29,213\n\n \n\n  \n\n \n\n5.4\n\n \n\nIncrease/(decrease) in taxes resulting from:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nForeign tax effects\n\n  \n\n \n \n \n\n  \n\n \n \n \n\nU.S.\n\n  \n\n \n \n \n\n  \n\n \n \n \n\nChanges in deferred tax valuation allowances\n(2)\n\n  \n\n \n\n(43,725\n\n)\n\n  \n\n \n\n(8.1\n\n)\n\nOther\n\n  \n\n \n\n2,159\n\n \n\n  \n\n \n\n0.4\n\n \n\nU.K.\n\n  \n\n \n\n \n \n \n \n \n \n\nChanges in deferred tax valuation allowances\n\n  \n\n \n\n9,717\n\n \n\n  \n\n \n\n1.8\n\n \n\nOther\n\n  \n\n \n\n(1,619\n\n)\n\n  \n\n \n\n(0.3\n\n)\n\nIndia\n\n  \n\n \n\n \n \n \n \n \n\n \n\nUndistributed earnings of foreign subsidiaries\n\n  \n\n \n\n7,557\n\n \n\n  \n\n \n\n1.4\n\n \n\nOther\n\n  \n\n \n\n540\n\n \n\n  \n\n \n\n0.1\n\n \n\n \n\nF-12\n4\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n \n \n \n \n \n \n \n \n\n \n\n  \n\nMillions of yen\n\n \n\n \n\n  \n\nYear ended\n\nMarch 31\n\n \n\n \n\n  \n\n2026\n\n \n\n \n\n  \n\nAmount\n\n \n\n  \n\nPercent\n\n \n\nOther jurisdictions\n\n  \n\n \n\n6,478\n\n \n\n  \n\n \n\n1.2\n\n \n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\nNon-deductible expenses\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nStock-based compensation awards\n\n  \n\n \n\n10,610\n\n \n\n  \n\n \n\n2.0\n\n \n\nOther\n\n \n\n \n\n3,426\n\n \n\n \n\n \n\n0.6\n\n \n\nChanges in deferred tax valuation allowances\n\n  \n\n \n\n4,319\n\n \n\n  \n\n \n\n0.8\n\n \n\nNon-taxable\nincome\n\n  \n\n \n\n(2,699\n\n) \n\n  \n\n \n\n(0.5\n\n)\n\nTax credits\n\n  \n\n \n\n(2,699\n\n)\n\n  \n\n \n\n(0.5\n\n) \n\nEffect of cross-border tax laws\n\n  \n\n \n3,239\n \n\n  \n\n \n0.6\n \n\nUnrecognized tax benefit\n\n  \n\n \n\n5,039\n\n \n\n  \n\n \n\n0.9\n\n \n\nOther\n\n  \n\n \n\n(4,310\n\n)\n\n  \n\n \n\n(0.8\n\n)\n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\nEffective tax rate\n\n  \n\n¥\n\n165,439\n\n \n\n  \n\n \n\n30.6\n\n% \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n(1)\n\nThe tax effects in this category primarily relate to local Japanese taxes arising in Tokyo\n\n(2)\n\nPrimarily due to improved profitability and increase in taxable temporary differences resulted in release of certain valuation allowance.\n\nThe following table presents a disaggregation of total income tax paid to taxing authorities (net of refunds received) for the year ended March 31, 2026 between domestic Japanese national taxes, domestic Japanese local taxes and foreign taxes.\n\n \n\n \n  \n\nMillions of yen\n\n \n\n \n  \n\nYear ended\nMarch 31\n\n \n\n \n  \n\n2026\n\n \n\nDomestic National Tax\n\n  \n¥\n74,617\n \n\n  \n\n \n\n \n\n \n\nDomestic Local Tax\n\n  \n\nTokyo\n\n  \n \n13,182\n \n\nOther\n\n  \n \n7,979\n \n\nSubtotal\n\n  \n \n21,161\n \n\n  \n\n \n\n \n\n \n\nForeign Tax\n\n  \n \n23,074\n \n\n  \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n118,852\n \n\n  \n\n \n\n \n\n \n\n \n\nF-12\n5\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nThe following table presents the significant components of deferred tax assets and liabilities as of March 31, 2025 and 2026, before offsetting of amounts which relate to the same\ntax-paying\ncomponent within a particular tax jurisdiction.\n\n \n\n \n\n  \n\nMillions of yen\n\n \n\n \n\n  \n\nMarch 31\n\n \n\n \n\n  \n\n2025\n\n \n\n  \n\n2026\n\n \n\nDeferred tax assets\n\n  \n\n \n \n \n\n  \n\n \n \n \n\nDepreciation, amortization and valuation of fixed assets\n\n  \n¥\n38,105\n \n \n¥\n43,007\n \n\nInvestments in subsidiaries and affiliates\n\n  \n \n310\n \n \n \n3,604\n \n\nValuation of financial instruments\n\n  \n \n123,754\n \n \n \n128,286\n \n\nAccrued pension and severance costs\n\n  \n \n6,571\n \n \n \n5,224\n \n\nOther accrued expenses and provisions\n\n  \n \n86,813\n \n \n \n118,047\n \n\nOperating losses\n\n  \n \n462,392\n \n \n \n477,481\n \n\nLease liabilities\n\n  \n \n45,937\n \n \n \n39,964\n \n\nOther\n\n  \n \n19,994\n \n \n \n20,477\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nGross deferred tax assets\n\n  \n \n783,876\n \n \n \n836,090\n \n\nLess\n\n—\n\nValuation allowances\n\n  \n \n(571,017\n) \n \n \n(588,426\n)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal deferred tax assets\n\n  \n \n212,859\n \n \n \n247,664\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nDeferred tax liabilities\n\n  \n\n \n\nInvestments in subsidiaries and affiliates\n\n  \n \n120,341\n \n \n \n129,826\n \n\nValuation of financial instruments\n\n  \n \n107,997\n \n \n \n98,372\n \n\nUndistributed earnings of foreign subsidiaries\n\n  \n \n3,014\n \n \n \n17,816\n \n\nValuation of fixed assets and intangible assets\n\n  \n \n22,930\n \n \n \n58,329\n \n\nRight-of-use\n\nassets\n\n  \n \n41,413\n \n \n \n35,219\n \n\nOther\n\n  \n \n5,760\n \n \n \n13,030\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal deferred tax liabilities\n\n  \n \n301,455\n \n \n \n352,592\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nNet deferred tax assets (liabilities)\n\n  \n¥\n(88,596\n) \n \n¥\n(104,928\n)\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nAfter offsetting deferred tax assets and liabilities which relate to the same\ntax-paying\ncomponent within a particular tax jurisdiction, net deferred tax assets reported within\n\nOther assets\n\n—\n\nOther\n\nin the consolidated balance sheets were ¥25,224 million and ¥41,778 million as of March 31, 2025 and 2026, respectively and net deferred tax liabilities reported within\n\nOther liabilities\n\nin the consolidated balance sheets were ¥113,820 million and ¥146,706 million as of March 31, 2025 and 2026, respectively.\n\nAs of March 31, 2026, no deferred tax liabilities have been recognized for undistributed earnings of foreign subsidiaries which are not expected to be remitted in the foreseeable future. It is not practicable to determine the amount of income taxes payable in the event all such foreign earnings are repatriated.\n\n \n\nF-12\n6\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nDeferred taxes\n\nThe following table presents changes in total valuation allowances recognized against deferred tax assets for the years ended March 31, 2024, 2025 and 2026.\n\n \n\n \n  \n\nMillions of yen\n\n \n\n \n  \n\nYear ended March 31\n\n \n\n \n  \n\n2024\n\n \n \n\n2025\n\n \n \n\n  2026  \n\n \n\nBalance at beginning of year\n\n  \n¥\n515,068\n \n \n¥\n595,668\n \n \n¥\n571,017\n \n\nNet change during the year\n\n  \n \n80,600\n\n(1)\n \n \n \n(24,651\n)\n(2)\n \n \n \n17,409\n\n(3)\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nBalance at end of year\n\n  \n¥\n595,668\n \n \n¥\n571,017\n \n \n¥\n588,426\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n(1)\n\nPrimarily includes an increase of ¥83,838 million of valuation allowances on deferred tax assets of certain foreign subsidiaries primarily due to an increase in operating loss carryforwards, and a reduction of ¥3,238 million of valuation allowances on deferred tax assets related to Japanese subsidiaries and the Company primarily due to a utilization of loss carryforwards. In total, ¥80,600 million of allowances increased.\n\n(2)\n\nPrimarily includes a decrease of ¥21,610 million of valuation allowances on deferred tax assets of certain foreign subsidiaries primarily due to a decrease in operating loss carryforwards, and a reduction of ¥3,041 million of valuation allowances on deferred tax assets related to Japanese subsidiaries and the Company primarily due to a utilization of loss carryforwards. In total, ¥24,651 million of allowances decreased.\n\n(3)\n\nPrimarily includes an increase of ¥12,691 million of valuation allowances on deferred tax assets primarily related to valuation of financial instruments of certain foreign subsidiaries. While valuation allowances on deferre\nd tax\nassets of foreign subsidiaries related to operating loss carryforwards had increases due to foreign exchange, valuation allowances of certain foreign subsidiaries had decreases in operating loss carryforwards due to utilization by improved profitability, resulting in an immaterial net change during the year. In addition, there was an increase of ¥4,718 million of valuation allowances on deferred tax assets related to Japanese subsidiaries and the Company primarily due to an increase of valuation allowances of Investments in subsidiaries and affiliates. In total, ¥17,409 million of allowances increased.\n\nAs of March 31, 2026, total operating loss carryforwards were ¥2,308,076 million, which included ¥307,780 million relating to the Company and domestic subsidiaries, ¥852,730 million relating to foreign subsidiaries in U.K., ¥665,526 million relating to foreign subsidiaries in U.S., ¥380,924 million relating to foreign subsidiaries in Hong Kong, and ¥101,116 million relating to foreign subsidiaries in other tax jurisdictions. Of this total amount, ¥1,539,348 million can be carried forward indefinitely, ¥729,875 million expires by March 31, 2036 and ¥38,853 million expires in later fiscal years.\n\nIn determining the amount of valuation allowances to be recognized as of March 31, 2026, Nomura considered all available positive and negative evidence around the likelihood that sufficient future taxable income will be generated to realize the deferred tax assets in the relevant tax jurisdiction of the Company, its domestic subsidiaries and foreign subsidiaries. In Japan and other tax jurisdictions where certain domestic and foreign subsidiaries have experienced cumulative operating losses in recent years, these losses provide the most verifiable negative evidence available and outweigh positive evidence. On the other hand, for certain foreign subsidiaries of the Company upon review and weighing in available positive evidences, we determined that it is more likely than not that a portion of the deferred tax assets related to operating loss carryforwards should be realized. Accordingly, we released a portion of the valuation allowances against those deferred tax assets.\n\n \n\nF-12\n7\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nWhile Nomura has considered certain future tax planning strategies as a potential source of future taxable income, such strategies are not relied upon as significant positive evidence resulting in a reduction of valuation allowances in any major tax jurisdiction in which Nomura operates as of March 31, 2025 and 2026. In addition, valuation allowances have not been significantly reduced in any of these periods as a result of changing the weighting applied to positive or negative evidence in any of the major tax jurisdictions in which Nomura operates by certain tax planning strategies.\n\nThe determination of whether deferred tax assets will be realized, and therefore whether a valuation allowance is required, is inherently subjective and often requires management judgment around the future profitability of Nomura entities, an interpretation of tax rules by courts and regulatory authorities and tax examinations by taxing authorities, and the appropriate weighting of positive and negative evidence around the likelihood that sufficient future taxable income will be generated to realize deferred tax assets in the relevant tax jurisdiction.\n\nAs a result\n \n\nof the Macquarie Acquisition, deferred tax assets and deferred tax liabilities of ¥\n10,479\n million and ¥\n11,820\n million, respectively, were assumed and additional deferred tax assets and deferred tax liabilities of ¥\n929\n million and ¥\n14,476\n million, respectively recognized as of March 31, 2026. These arose from recognition of additional employee liabilities and intangible assets as part of the acquisition. The expected reversal of the assumed and established net deferred tax liabilities led to a valuation allowance release of ¥\n12,769\n million.\n\nUnrecognized tax benefits\n\nThe following table presents changes in Nomura’s unrecognized tax benefits for the years ended March 31, 2024, 2025 and 2026.\n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n\n  \n\nMillions of yen\n\n \n\n \n\n  \n\nYear ended March 31\n\n \n\n \n\n  \n\n2024\n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nBalance at beginning of year\n\n  \n¥\n34,763\n \n \n¥\n41,437\n \n \n¥\n48,462\n \n\nIncreases based on tax positions related to the current period\n\n  \n \n5,076\n \n \n \n6,791\n \n \n \n8,551\n \n\nIncreases based on tax positions related to the prior periods\n\n  \n \n608\n \n \n \n866\n \n \n \n17\n \n\nDecreases related to lapse of the applicable statute of limitations\n\n  \n \n(3,812\n) \n \n \n\n—\n\n \n \n \n \n(1,957\n) \n\nExchange rate fluctuations\n\n  \n \n4,802\n \n \n \n(632\n) \n \n \n3,433\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nBalance at end of year\n\n  \n¥\n41,437\n \n \n¥\n48,462\n \n \n¥\n58,506\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nThe amounts of unrecognized tax benefits which would reduce Nomura’s effective tax rate in future periods if recognized for the years ended March 31, 2024, 2025, and 2026, were ¥10,057 million, ¥17,561 million, and ¥\n\n25,658\n\n million, respectively. The remaining balance would not impact the effective tax rate as it is expected to increase operating loss carryforwards and corresponding valuation allowance.\n\nThere were also no significant movements of the amount of interest and penalties recognized due to unrecognized tax benefits during the years ended March 31, 2024, and 2025. During the year ended March 31, 2026, the total amount of unrecognized tax benefits includes ¥1,493 million of interest, and there was no movement in the amount of penalties.\n\nExaminations by taxing authorities\n\nNomura operates in multiple tax jurisdictions and faces audits from various taxing authorities regarding many issues including, but not limited to, transfer pricing, the deductibility of certain expenses, foreign tax credits and other matters.\n\n \n\nF-128\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nThe table below presents information regarding the earliest year in which Nomura remains subject to examination in the major tax jurisdictions in which Nomura operates as of March 31, 2026.\n\n \n\nJurisdiction\n\n  \n\nYear ended March 31,\n\n \n\nJapan\n\n  \n \n2021\n\n(1)\n \n\nUnited Kingdom\n\n  \n \n2016\n\n(2)\n \n\nUnited States\n\n  \n \n2023\n \n\nIndia\n\n \n\n \n\n2020\n\n(3)\n \n\nSingapore\n\n \n\n \n\n2021\n\n \n\n \n\n(1)\n\nThe earliest year in which Nomura remains subject to examination for transfer pricing issues is the year ended March 31, 2019.\n\n(2)\n\nThe earliest year in which Nomura remains subject to examination for transfer pricing issues is the year ended March 31, 2016.\n\n(3)\n\nThe earliest year in which Nomura remains subject to examination for transfer pricing issues is the year ended March 31, 2008.\n\n18. Other comprehensive income (loss):\n\nThe following tables present changes in\n\nAccumulated other comprehensive income (loss)\n\nfor the years ended March 31, 2024, 2025 and 2026.\n\n \n\n \n  \n\nMillions of yen\n\n \n\n \n  \n\nFor the year ended March 31, 2024\n\n \n\n \n  \n\nBalance at\n\nbeginning\n\nof year\n\n \n \n\nOther\n\ncomprehensive\n\nincome (loss)\n\nbefore\n\nreclassifications\n\n \n \n\nReclassifications\nout of\n\naccumulated other\n\ncomprehensive\n\nincome (loss)\n\n \n \n\nNet change\n\nduring the\n\nyear\n\n \n \n\nBalance at\n\nend of year\n\n \n\nCumulative translation adjustments\n\n  \n¥\n242,767\n \n \n¥\n201,662\n \n \n¥\n(358\n) \n \n¥\n201,304\n \n \n¥\n444,071\n \n\nPension liability adjustment\n(1)\n\n  \n \n(32,174\n) \n \n \n11,220\n \n \n \n1,442\n \n \n \n12,662\n \n \n \n(19,512\n) \n\nOwn credit adjustments\n(3)\n\n  \n \n107,861\n \n \n \n(71,965\n) \n \n \n(471\n) \n \n \n(72,436\n) \n \n \n35,425\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n318,454\n \n \n¥\n140,917\n \n \n¥\n613\n \n \n¥\n141,530\n \n \n¥\n459,984\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n  \n\nMillions of yen\n\n \n\n \n  \n\nFor the year ended March 31, 2025\n\n \n\n \n  \n\nBalance at\n\nbeginning\n\nof year\n\n \n \n\nOther\n\ncomprehensive\n\nincome (loss)\n\nbefore\n\nreclassifications\n\n \n \n\nReclassifications\nout of\n\naccumulated other\n\ncomprehensive\n\nincome (loss)\n\n \n \n\nNet change\n\nduring the\n\nyear\n\n \n \n\nBalance at\n\nend of year\n\n \n\nCumulative translation adjustments\n\n  \n¥\n444,071\n \n \n¥\n(38,121\n) \n \n¥\n2,027\n \n \n¥\n(36,094\n) \n \n¥\n407,977\n \n\nPension liability adjustment\n(1)\n\n  \n \n(19,512\n) \n \n \n11,317\n \n \n \n 1,090\n \n \n \n12,407\n \n \n \n(7,105\n) \n\nNet unrealized gain (loss) on\nnon-trading\ndebt securities\n(2)\n\n  \n \n\n —\n\n \n \n \n \n(1,147\n) \n \n \n\n —\n\n \n \n \n \n(1,147\n) \n \n \n(1,147\n) \n\nOwn credit adjustments\n(3)\n\n  \n \n35,425\n \n \n \n12,870\n \n \n \n(212\n) \n \n \n12,658\n \n \n \n48,083\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n459,984\n \n \n¥\n(15,081\n) \n \n¥\n2,905\n \n \n¥\n(12,176\n) \n \n¥\n447,808\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nF-129\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n \n\n  \n\nMillions of yen\n\n \n\n \n\n  \n\nFor the year ended March 31, 2026\n\n \n\n \n\n  \n\nBalance at\n\nbeginning\n\nof year\n\n \n\n \n\nOther\n\ncomprehensive\n\nincome (loss)\n\nbefore\n\nreclassifications\n\n \n\n \n\nReclassifications\nout of\n\naccumulated other\n\ncomprehensive\n\nincome (loss)\n\n \n\n \n\nNet change\n\nduring the\n\nyear\n\n \n\n \n\nBalance at\n\nend of year\n\n \n\nCumulative translation adjustments\n\n  \n¥\n407,977\n \n \n¥\n142,536\n \n \n¥\n(12\n)\n \n¥\n142,524\n \n \n¥\n550,501\n \n\nPension liability adjustment\n(1)\n\n  \n \n(7,105\n)\n \n \n6,062\n \n \n \n921\n \n \n \n6,983\n \n \n \n(122\n)\n\nNet unrealized gain (loss) on\nnon-trading\ndebt securities\n(2)\n\n  \n \n\n(1,147\n\n)\n \n\n \n \n(2,215\n)\n \n\n \n \n\n—\n \n \n \n \n(2,215\n)\n \n \n(3,362\n)\n \n\nOwn credit adjustments\n(3)\n\n  \n \n48,083\n \n \n \n(45,886\n)\n \n \n(993\n)\n \n\n \n \n(46,879\n)\n \n\n \n \n1,204\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n447,808\n \n \n¥\n100,497\n \n \n¥\n(84\n)\n \n¥\n100,413\n \n \n¥\n548,221\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n(1)\n\nSee Note 15\n \n“\n\nEmployee benefit plans\n\n” for further information.\n\n(2)\n\nSee Note 6 “\n\nNon-trading\ninvestments\n\n” for further information.\n\n(3)\n\nSee Note 2 “\n\nFair value measurements\n\n” for further information.\n\n \n\nTh\ne following tables present significant reclassifications out of\n\nAccumulated other comprehensive income (loss)\n\nfor the years ended March 31, 2024, 2025 and 2026.\n\n \n\n \n\n  \n\nMillions of yen\n\n \n\n  \n\nFor the year ended March 31\n\n \n\n  \n\n2024\n\n \n\n  \n\n2025\n\n \n\n \n\n2026\n\n \n\n  \n\nAffected line items in consolidated\n\nstatements of income\n\n \n\n  \n\nReclassifications\nout of\n\naccumulated other\n\ncomprehensive\nincome (loss)\n\n \n\n  \n\nReclassifications\nout of\n\naccumulated other\n\ncomprehensive\nincome (loss)\n\n \n\n \n\nReclassifications\nout of\n\naccumulated other\n\ncomprehensive\nincome (loss)\n\n \n\nCumulative translation adjustments:\n\n  \n\n \n\n  \n\n \n\n  \n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n  \n\n  \n¥\n358\n \n  \n¥\n(2,027\n) \n \n¥\n12\n \n \n\nRevenue—Other /\nNon-interest\nexpenses—Other\n\n  \n \n\n—\n\n \n  \n \n\n—\n\n \n \n \n\n—\n\n \n \n\nIncome tax expense\n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n  \n \n   358 \n \n  \n \n(2,027\n)\n \n \n12\n \n \n\nNet income (loss)\n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n  \n \n\n—\n\n \n  \n \n\n—\n\n \n \n \n\n—\n\n \n \n\nNet income attributable to noncontrolling interests\n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n  \n¥\n358\n \n  \n¥\n(2,027\n)\n \n¥\n12\n \n \n\nNet income (loss) attributable to NHI shareholders\n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\nF-130\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n \n\n  \n\nMillions of yen\n\n \n\n  \n\nFor the year ended March 31\n\n \n\n  \n\n2024\n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\n \n\nAffected line items in consolidated\nstatements of income\n\n \n\n  \n\nReclassifications\nout of\n\naccumulated other\n\ncomprehensive\nincome (loss)\n\n \n\n \n\nReclassifications\nout of\n\naccumulated other\n\ncomprehensive\nincome (loss)\n\n \n\n \n\nReclassifications\nout of\n\naccumulated other\n\ncomprehensive\nincome (loss)\n\n \n\nPension liability adjustment:\n\n  \n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n  \n¥\n(1,737\n) \n \n¥\n(1,464\n) \n \n¥\n(882\n)\n \n\nNon-interest\nexpenses—Compensation and benefits /\n\nRevenue—Other\n\n  \n \n295\n \n \n \n374\n \n \n \n(39\n)\n \n\nIncome tax expense\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n  \n \n(1,442\n) \n \n \n(1,090\n) \n \n \n(921\n)\n \n\n \n\nNet income (loss)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n  \n \n\n—\n\n \n \n \n\n—\n\n \n \n \n\n—\n\n \n \n\nNet income attributable to noncontrolling interests\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n  \n¥\n(1,442\n) \n \n¥\n(1,090\n) \n \n¥\n(921\n)\n \n\nNet income (loss) attributable to NHI shareholders\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n  \n\nMillions of yen\n\n \n  \n\nFor the year ended March 31\n\n \n  \n\n2024\n\n \n \n\n2025\n\n \n \n\n2026\n\n \n \n\nAffected line items in consolidated\nstatements of income\n\n \n  \n\nReclassifications\nout of\n\naccumulated other\n\ncomprehensive\nincome (loss)\n\n \n \n\nReclassifications\nout of\n\naccumulated other\n\ncomprehensive\nincome (loss)\n\n \n \n\nReclassifications\nout of\n\naccumulated other\n\ncomprehensive\nincome (loss)\n\n \n\nOwn credit adjustments:\n\n  \n\n \n\n \n\n \n\n  \n¥\n597\n \n \n¥\n315\n \n \n¥\n1,403\n \n \n\nRevenue—Net gain on trading\n\n  \n \n(126\n) \n \n \n(103\n) \n \n \n(410\n)\n \n\nIncome tax expense\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n  \n \n 471\n \n \n \n 212\n \n \n \n 993\n \n \n\nNet income (loss)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n  \n \n\n—\n\n \n \n \n\n—\n\n \n \n \n\n—\n\n \n \n\nNet income attributable to noncontrolling interests\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n  \n¥\n471\n \n \n¥\n212\n \n \n¥\n993\n \n \n\nNet income (loss) attributable to NHI shareholders\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\nF-131\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n19. Shareholders’ equity:\n\nThe following table presents changes in shares of NHI shares outstanding for the years ended March 31, 2024, 2025 and 2026.\n\n \n\n \n\n  \n\nNumber of Shares\n\n \n\n \n\n  \n\nYear ended March 31\n\n \n\n \n\n  \n\n2024\n\n \n\n \n\n2025\n\n \n\n \n\n  2026  \n\n \n\nCommon stock outstanding at beginning of year\n\n  \n \n3,003,679,324\n \n \n \n2,970,755,160\n \n \n \n2,956,210,965\n \n\nDecrease of common stock by cancellation of treasury stock\n\n  \n \n(70,000,000\n) \n \n \n\n—\n\n \n \n \n \n(75,000,000\n) \n\nCommon stock held in treasury:\n\n  \n\n \n\n \n\nRepurchases of common stock\n\n  \n \n(80,617,143\n) \n \n \n(63,523,657\n) \n \n \n(99,361,149\n)\n\nSales of common stock\n\n  \n \n534\n \n \n \n115\n \n \n \n298\n \n\nCommon stock issued to employees\n\n  \n \n47,695,273\n \n \n \n48,981,222\n \n \n \n44,489,127\n \n\nCancellation of treasury stock\n\n  \n \n70,000,000\n \n \n \n\n—\n\n \n \n \n \n75,000,000\n \n\nOther net change in treasury stock\n\n  \n \n(2,828\n) \n \n \n(1,875\n) \n \n \n(2,017\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCommon stock outstanding at end of year\n\n  \n \n2,970,755,160\n \n \n \n2,956,210,965\n \n \n \n2,901,337,224\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nThe amount available for dividends and acquisition of treasury stock is subject to restrictions imposed by the Companies Act. Additional\npaid-in\ncapital and retained earnings include amounts which the Companies Act prohibits for the use of dividends and acquisition of treasury stock. As of March 31, 2024, 2025 and 2026, the amounts available for distributions were ¥1,418,959 million, ¥1,405,134 million and ¥1,282,317 \n\nmillion, respectively. These amounts are based on the amounts recorded in the Company’s unconsolidated financial statements maintained in accordance with accounting principles and practices prevailing in Japan. U.S. GAAP adjustments and undistributed earnings of equity-method investees and affiliates included in these consolidated financial statements, but not recorded in the Company’s unconsolidated financial statements, have no effect on the determination of the amounts available for distributions under the Companies Act.\n\n \n\nDividends on NHI shares per share for the years ended March 31, 2024, 2025 and 2026 were ¥23.0, ¥57.0 and ¥51.0, respectively. Dividend for the year ended March 31, 2025 includes a commemorative dividend of\n\n¥\n\n10.0 per share in celebration of the company’s 100th anniversary on December 25, 2025.\n\nOn April 26, 2023, the board of directors approved a repurchase program of Nomura Holdings common stock in accordance with Article\n459-1\nof the Companies Act of Japan as follows: (a) total number of shares authorized for repurchase is up to 35,000,000 shares, (b) total value of shares authorized for repurchase is up to ¥20,000 million and (c) the share buyback ran from May 16, 2023 to March 29, 2024. Under this repurchase program, the Company repurchased 34,368,500 shares of common stock at a cost of ¥20,000 million.\n\nDuring the year ended March 31, 2024, due to the cancellation of treasury stock on June 1, 2023, total number of issued shares and treasury stock decreased by 70,000,000 shares, respectively.\n\nOn January 31, 2024, the board of directors approved a repurchase program of Nomura Holdings common stock in accordance with Article\n459-1\nof the Companies Act of Japan as follows: (a) total number of shares authorized for repurchase is up to 125,000,000 shares, (b) total value of shares authorized for repurchase is up to ¥100,000 million and (c) the share buyback ran from February 16, 2024 to September 30, 2024. Under this repurchase program, the Company repurchased 109,726,600 shares of common stock at a cost of ¥100,000 \n\nmillion.\n\n \n\nF-132\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\nOn April 25, 2025, the board of directors approved a repurchase program of Nomura Holdings common stock in accordance with Article 459-1 of the Companies Act of Japan as follows: (a) total number of shares authorized for repurchase is up to 100,000,000 shares, (b) total value of shares authorized for repurchase is up to ¥60,000 million and (c) the share buyback ran from May 15, 2025 to December 30, 2025. Under this repurchase program, the Company repurchased 66,790,900 shares of common stock at a cost of ¥60,000 million.\n\nDuring the year ended March 31, 2026, due to the cancellation of treasury stock on March 2, 2026, total number of issued shares and treasury stock decreased by 75,000,000 shares, respectively.\n\nOn January 30, 2026, the board of directors approved a repurchase program of Nomura Holdings common stock in accordance with Article 459-1 of the Companies Act of Japan as follows: (a) total number of shares authorized for repurchase is up to 100,000,000 shares, (b) total value of shares authorized for repurchase is up to ¥60,000 million and (c) the share buyback ran from February 17, 2026 to September 30, 2026. Under this repurchase program, from February 17, 2026 to April 15, 2026, the Company repurchased 46,861,200 shares of common stock at a cost of ¥60,000 million. This completes the share repurchase\n\nprogram.\n\nIn\n\n addition to the above, the change in common stock held in treasury includes the change in common stock issued to employees under stock-based compensation plans, common stock held by affiliated companies, common stock sold to enable shareholders to hold round lots of the\n100\nshare minimum tradable quantity\n\n(adding-to-holdings\n\nrequests) or common stock acquired to create round lots or eliminate odd lots.\n\n20. Regulatory requirements:\n\nIn April 2011, the Company has been assigned as Final Designated Parent Company who must calculate a consolidated capital adequacy ratio and since then, our consolidated capital adequacy ratio has been calculated based on Capital Adequacy Notice on Final Designated Parent Company. The Capital Adequacy Notice on Final Designated Parent Company has been revised in line with Basel 2.5 and Basel III and Nomura has calculated a Basel III-based consolidated capital adequacy ratio since March 2013.\n\n \n\nIn accordance with Article 2 of the Capital Adequacy Notice on Final Designated Parent Company, Nomura’s consolidated capital adequacy ratio is calculated based on the amounts of common equity Tier 1 capital, Tier 1 capital, total capital, credit risk-weighted assets, market risk and operational risk. As of March 31, 2025 and 2026, the Company was in compliance with common equity Tier 1 capital ratio, Tier 1 capital ratio and consolidated capital adequacy ratio requirements set out in the Capital Adequacy Notice on Final Designated Parent Company, etc. The required level (including applicable minimum consolidated capital buffer) as of March 31, 2026 was 7.69% for the common equity Tier 1 capital ratio, 9.19% for the Tier 1 capital ratio and 11.19% for the consolidated capital adequacy ratio.\n\nUnder the Financial Instruments and Exchange Act (“FIEA”), NSC and NFPS are su\nbject\nto the capital adequacy rules of the FSA. These rules require the maintenance of a capital adequacy ratio, which is defined as the ratio of adjusted capital to a quantified total of business risk, of not less than 120%. Adjusted capital is defined as net worth (which includes shareholders’ equity, net unrealized gains and losses on securities held, reserves and subordinated debt) less illiquid assets. Business risks are divided into three categories: (1) market risks, (2) counterparty risks, and (3) basic risks. Under these rules, there are no restrictions on the operations of the companies provided that the resulting net capital adequacy ratio exceeds 120%. As of March 31, 2025 and 2026, the capital adequacy ratio of NSC exceeded 120%. Also, as of March 31, 2025 and 2026, the capital adequacy ratio of NFPS also exceeded 120%.\n\n \n\nF-133\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nIn connection with providing brokerage, clearing, asset management and wealth management services to clients, Nomura maintains segregated accounts to hold financial assets such as cash and securities on behalf of its clients. These accounts are typically governed by stringent statutory or regulatory rules in the relevant jurisdiction where the accounts are maintained in order to protect the clients from loss.\n\nAs of March 31, 2025 and 2026, the total amount of segregated client cash recognized as an asset in\n\nDeposits with stock exchanges and other segregated cash\n\nin the consolidated balance sheets was ¥110,223 million and ¥\n\n166,651\n\n million, respectively. As of March 31, 2025 and 2026, the total amount of segregated securities recognized as assets in\n\nTrading assets\n\nand\n\nCollateralized agreements\n\nin the consolidated balance sheets was ¥1,034,783 million and ¥\n\n960,952\n\n million, respectively.\n\nIn the U.S., Nomura Securities International, Inc. (“NSI”) is registered as a broker-dealer under the Securities Exchange Act of 1934 and is a futures commission merchant with the Commodity Futures Trading Commission (“CFTC”). NSI is also regulated by self-regulatory organizations, such as the Financial Industry Regulatory Authority (“FINRA”) and the Chicago Mercantile Exchange Group. NSI is subject to the SEC’s Uniform Net Capital Rule (“Rule 15c3-1”) and other related rules, which require net capital, as defined under the alternative method, of not less than the greater of $1,000,000 or 2% of aggregate debit items arising from client transactions. NSI is also subject to CFTC Regulation 1.17 which requires the maintenance of net capital of 8% of the total risk margin requirement, as defined, for all positions carried in client accounts and nonclient accounts or $1,000,000, whichever is greater. NSI is required to maintain net capital in accordance with the SEC, CFTC, or other various exchange requirements, whichever is greater. Another U.S. subsidiary, Nomura Global Financial Products Inc. (“NGFP”) is registered as an OTC Derivatives Dealer under the Securities Exchange Act of 1934. NGFP is registered with CFTC as a Swap Dealer on October 6, 2021 and registered with the Securities and Exchange Commission (“SEC”) as a Security Based Swap Dealer on November 1, 2021. NGFP calculates capital under SEC rule 18a-1 and CFTC rule 23.101 and requires the greater of $20,000,000, 2% of the SEC risk margin amount or 2% of the CFTC risk margin amount. Another U.S. subsidiary, Instinet, LLC (“ILLC”) is a broker-dealer registered with the SEC and is a member of FINRA. Further, ILLC is an introducing broker registered with the CFTC and a member of the National Futures Association and various other exchanges. ILLC is subject to Rule 15c3-1 which requires the maintenance of minimum net capital, as defined under the alternative method,\n \n\nequal to the greater of $\n1,000,000\n,\n2\n% of aggregate debit items arising from client transactions, or the CFTC minimum requirement. Under CFTC rules, ILLC is subject to the greater of the following when determining its minimum net capital requirement: $\n45,000\nminimum net capital required as a CFTC introducing broker; the amount of adjusted net capital required by a futures association of which it is a member; and the amount of net capital required by Rule\n15\nc\n3-1\n(a). As of March \n31\n,\n2025\nand\n2026\n, NSI, NGFP and ILLC were in compliance with relevant regulatory capital related requirements.\n\nIn Europe, Nomura Europe Holdings plc (“NEHS”) is subject to consolidated regulatory supervision by the Prudential Regulation Authority (“U.K. PRA”) as a U.K. Parent Financial Holding Company. The regulatory consolidation is produced in accordance with the requirements established under the Financial Services and Markets Act 2000, U.K. Capital Requirements Regulations and the PRA Rulebook. Nomura International plc (“NIP”), the most significant of NEHS’ subsidiaries, acts as a securities brokerage and dealing business. NIP is also regulated by the U.K. PRA and has minimum capital adequacy requirements imposed on it on a standalone basis. NIP is also registered with the CFTC as a non-U.S. Swap Dealer (SD) and with the SEC as a conditionally registered Security-based Swap Dealer (SBSD). NIP is a member of National Futures Association (NFA). Both the SEC and CFTC have granted substituted compliance in some cases to recognize the comparability of U.K. regulations as being equivalent to satisfy the relevant requirements under the U.S. Dodd Frank regime. NIP has elected to rely on certain aspects of the substituted compliance regime in areas including, but not limited to, capital and margin, reporting and record keeping. In addition, Nomura Bank International plc (“NBI”), another subsidiary of NEHS, is also regulated by the U.K. PRA on a standalone basis. NEHS also has a number of\n\n \n\nF-134\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nEuropean domiciled subsidiaries including Nomura Financial Products Europe GmbH (“NFPE”), Banque Nomura France (“BNF”) and Nomura Bank Luxembourg S.A. (“NBL”) which are subject to the EU Capital Requirements Regulation and local regulations as applied by the regulators in the country of domicile of the subsidiary. NFPE is domiciled in Germany and is regulated by the German regulator (“BaFin”), BNF is domiciled in France and is regulated by the French regulator (“ACPR”) and NBL is domiciled in Luxembourg and is regulated by the Luxembourg regulator (“CSSF”). As of March 31, 2025 and 2026, NEHS, NIP, NBI, NFPE, BNF and NBL were all in compliance with relevant regulatory capital related requirements.\n\nIn Asia, Nomura International (Hong Kong) Limited (“NIHK”) and Nomura Singapore Ltd (“NSL”) are regulated by their local respective regulatory authorities. NIHK is licensed by the Securities and Futures Commission in Hong Kong to carry out regulated activities including dealing in securities and futures contracts, advising on securities, futures contracts and corporate finance. Activities of NIHK, including its branch in Taiwan, are subject to the Securities and Futures (Financial Resources) Rules which require it, at all times, to maintain liquid capital at a level not less than its required liquid capital. Liquid capital is the amount by which liquid assets exceed ranking liabilities. Required liquid capital is calculated in accordance with provisions laid down in the Securities and Futures (Financial Resources) Rules. NSL holds a Merchant Bank license from the Monetary Authority of Singapore (“MAS”) and is authorized to conduct merchant banking activities including accepting deposits (subject to regulatory restrictions) and providing loans and advances. NSL also operates under exemptions as an Exempt Capital Markets Services Entity, Exempt Financial Adviser, and Exempt Trust Company, authorized to conduct regulated activities including fund management, dealing in capital markets products, product financing, providing custodial services, advising on corporate finance and investment products, and issuing or promulgating analyses/reports on investment products. NSL is regulated and has minimum capital adequacy requirements imposed on it, including its branch in the Dubai International Financial Centre, by the MAS in Singapore. NIHK and NSL have been compliant with relevant regulatory capital related requirements.\n\n21. Affiliated companies and other equity-method investees:\n\nNomura’s significant affiliated companies and other equity-method investees include Nomura Research Institute, Ltd. (“NRI”) and Nomura Real Estate Holdings, Inc. (“NREH”). Nomura also invests in American Century Companies, Inc., that is carried at fair value on a recurring basis through election of the FVO. See Note 2 “\n\nFair value measurements\n\n” for further information.\n\nNRI\n\nNRI develops and manages computer systems and provides research services and management consulting services. One of the major clients of NRI is Nomura.\n\nAs of March 31, 2025 and 2026, Nomura’s ownership of NRI was 23.0% and 23.1% respectively.\n\nNREH\n\nNREH is the holding company of the Nomura Real Estate Group which is primarily involved in the residential property development, leasing, investment management as well as other real estate-related activities.\n\nAs of March 31, 2025 and 2026, Nomura’s ownership of NREH was 37.2% and 37.6% respectively.\n\nAs of March 31, 2025 and 2026, the aggregated carrying value of the investments in equity method investees exceeded Nomura’s equity in the underlying net assets of these equity method investees by ¥31,576 million and ¥21,810 million, respectively. Such excess primarily represented equity method goodwill for each significant equity method investee, except for certain equity method investees including NREH for which Nomura’s carrying value was below Nomura’s equity in the underlying net assets of the investees.\n\n \n\nF-135\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nSummary financial information—\n\nThe following tables present summarized financial information for significant affiliated companies of Nomura (including those elected for the FVO) as of March 31, 2025 and 2026, and for the years ended March 31, 2024, 2025 and 2026.\n\n \n\n \n  \n\nMillions of yen\n\n \n\n \n  \n\nMarch 31\n\n \n\n \n  \n\n2025\n\n \n  \n\n2026\n\n \n\nTotal assets\n\n  \n¥\n 3,849,351\n \n  \n¥\n 4,070,274\n \n\nTotal liabilities\n\n  \n \n2,597,957\n \n  \n \n2,761,101\n \n\n \n\n \n  \n\nMillions of yen\n\n \n\n \n  \n\nYear ended March 31\n\n \n\n \n  \n\n2024\n\n \n  \n\n2025\n\n \n  \n\n2026\n\n \n\nNet revenues\n\n  \n¥\n 1,187,696\n \n  \n¥\n 1,254,864\n \n  \n¥\n 1,503,892\n \n\nNon-interest expenses\n\n  \n \n937,551\n \n  \n \n965,914\n \n  \n \n1,242,921\n \n\nNet income attributable to affiliated companies\n\n  \n \n176,705\n \n  \n \n209,174\n \n  \n \n171,418\n \n\nThe f\nollow\ning tables present a summary of balances and transactions with affiliated companies and other equity-method investees as of March 31, 2025 and 2026, and during the years ended March 31, 2024, 2025 and 2026. Investments in American Century Companies, Inc., for which FVO was elected, are not included in\n\nInvestments in affiliated companies\n\nin the following table and are reported within\n\nOther assets—Other\n\nin the consolidated balance sheets.\n\n \n\n \n  \n\nMillions of yen\n\n \n\n \n  \n\nMarch 31\n\n \n\n \n  \n\n2025\n\n \n  \n\n2026\n\n \n\nInvestments in affiliated companies\n\n  \n¥\n 497,435\n \n  \n¥\n 515,848\n \n\nAdvances to affiliated companies\n\n  \n \n8,954\n \n  \n \n19,554\n \n\nOther receivables from affiliated companies\n(1)\n\n  \n \n38,351\n \n  \n \n42,134\n \n\nOther payables to affiliated companies\n(2)\n\n  \n \n26,643\n \n  \n \n25,475\n \n\n \n\n(1)\n\nIncludes ROU assets of ¥20,664 million and ¥19,547 million as of March 31, 2025 and 2026, respectively.\n\n(2)\n\nIncludes operating lease liabilities of ¥20,664 million and ¥\n\n19,547\n\n million as of March 31, 2025 and 2026, respectively.\n\n \n\n \n  \n\nMillions of yen\n\n \n\n \n  \n\nYear ended March 31\n\n \n\n \n  \n\n2024\n\n \n  \n\n2025\n\n \n  \n\n2026\n\n \n\nRevenues\n(1)(2)\n\n  \n¥\n 2,172\n \n  \n¥\n 3,887\n \n  \n¥\n 3,664\n \n\nNon-interest expenses\n\n  \n \n53,177\n \n  \n \n52,721\n \n  \n \n53,699\n \n\nPurchase of software, securities and tangible assets\n\n  \n \n15,367\n \n  \n \n44,954\n \n  \n \n61,122\n \n\n \n\n(1)\n\nThe revenue amount does not include revenue of ¥ 56,144\nmillion from the sale in April 2025 by Nomura of its own land and buildings located in Takanawa 2-chome, Minato-ku, Tokyo. The transaction counterparties included Nomura Real Estate Development Co., Ltd., a subsidiary of Nomura Real Estate Holdings, Inc., an affiliated company, and a third-party financing company. Nomura considers the entire transaction to be with a related party. The revenue is included in\nRevenue—Other\nin the consolidated statements of income for the year ended March 31, 2026. \n\n \n\nF-136\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n(2)\n\nThe revenue amount does not include the dividends from and the movement in fair values of the affiliate investee for which FVO was elected. The revenue is included in\n\nRevenue—Interest and dividends\n\nand\n\nRevenue—Other\n\n, respectively in the consolidated statements of income.\n\nThe following table presents the aggregate carrying amount and fair value of investments in affiliated companies and other equity-method investees for which a quoted market price is available as of March 31, 2025 and 2026.\n\n \n\n \n  \n\nMillions of yen\n\n \n\n \n  \n\nMarch 31\n\n \n\n \n  \n\n2025\n\n \n  \n\n2026\n\n \n\nCarrying amount\n\n  \n¥\n 429,968\n \n  \n¥\n 457,152\n \n\nFair value\n\n  \n \n919,677\n \n  \n \n898,413\n \n\nThe f\nollowing table presents equity in earnings of from equity-method investees and dividends from equity-method investees and affiliate for which FVO was elected, for the years ended March 31, 2024, 2025 and 2026.\n\n \n\n \n  \n\nMillions of yen\n\n \n\n \n  \n\nYear ended March 31\n\n \n\n \n  \n\n2024\n\n \n  \n\n2025\n\n \n  \n\n2026\n\n \n\nEquity in earnings of equity-method investees\n(1)\n\n  \n¥\n 45,687\n \n  \n¥\n 52,454\n \n  \n¥\n 45,158\n \n\nDividends from equity-method investees and affiliates for which FVO was elected\n(2)\n\n  \n \n27,770\n \n  \n \n37,067\n \n  \n \n26,496\n \n\n \n\n(1)\n\nEquity in earnings of equity-method investees is reported within\n\nRevenue—Other\n\nin the consolidated statements of income.\n\n(2)\n\nDividends from affiliate for which FVO was elected are reported within\n\nInterest and Dividends\n\n.\n\n22. Commitments, contingencies and guarantees:\n\nCommitments—\n\nCredit and investment commitments\n\nIn connection with its banking and financing activities, Nomura provides commitments to extend credit which generally have fixed expiration dates. In connection with its investment banking activities, Nomura enters into agreements with clients under which Nomura commits to underwrite securities that may be issued by the clients. As a member of certain central clearing counterparties, Nomura is committed to provide liquidity facilities through entering into reverse repo transactions backed by government and government agency debt securities with those counterparties in a situation where a default of another clearing member occurs. The outstanding commitments under these agreements are included below as commitments to extend credit.\n\nNomura has commitments to invest in various partnerships and other entities and also has commitments to provide financing for investments related to these partnerships. The outstanding commitments under these agreements are included below as commitments to invest.\n\n \n\nF-137\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nThe following table presents a su\nmm\nary of the key types of outstanding commitments provided by Nomura as of March 31, 2025 and 2026.\n\n \n\n \n  \n\nMillions of yen\n\n \n\n \n  \n\nMarch 31\n\n \n\n \n  \n\n2025\n\n \n  \n\n2026\n\n \n\nCommitments to extend credit\n\n  \n\n  \n\nLiquidity facilities to central clearing counterparties\n\n  \n¥\n2,038,836\n \n  \n¥\n1,034,593\n \n\nOther commitments to extend credit\n\n  \n \n1,199,287\n \n  \n \n1,630,603\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n3,238,123\n \n  \n¥\n2,665,196\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nCommitments to invest\n\n  \n¥\n25,677\n \n  \n¥\n66,952\n \n\n \n\nMaturity profile of these commitments as of March 31, 2026:\n\n \n\n \n  \n\nMillions of yen\n\n \n\n \n  \n\nTotal\n\ncontractual\n\namount\n\n \n  \n\nYears to maturity\n\n \n\n \n  \n\nLess than\n\n1 year\n\n \n  \n\n1 to 3\n\nyears\n\n \n  \n\n3 to 5\n\nyears\n\n \n  \n\nMore than\n\n5 years\n\n \n\nCommitments to extend credit\n\n  \n\n  \n\n  \n\n  \n\n  \n\nLiquidity facilities to central clearing counterparties\n\n  \n¥\n1,034,593\n \n  \n¥\n1,034,593\n \n  \n¥\n— \n \n  \n¥\n— \n \n  \n¥\n— \n \n\nOther commitments to extend credit\n\n  \n \n1,630,603\n \n  \n \n378,031\n \n  \n \n591,051\n \n  \n \n395,454\n \n  \n \n266,067\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n2,665,196\n \n  \n¥\n1,412,624\n \n  \n¥\n591,051\n \n  \n¥\n395,454\n \n  \n¥\n266,067\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nCommitments to invest\n\n  \n¥\n66,952\n \n  \n¥\n2,991\n \n  \n¥\n382\n \n  \n¥\n4,554\n \n  \n¥\n59,025\n \n\nThe contractual amounts of these commitments to extend credit represent the maximum amounts at risk assuming the contracts are fully drawn upon, should all the counterparties default, and the value of all collateral or credit mitigations becomes worthless. The total contractual amount of these commitments may not represent actual future cash outflows since the commitments may expire without being drawn upon. The credit risk associated with these commitments varies depending on the clients’ creditworthiness and the value and quality of collateral held. Nomura evaluates each client’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by Nomura upon extension of credit, is based on credit evaluation of the counterparty.\n\nOther commitments\n\nPurchase obligations for goods or services that include payments for construction-related, advertising, and computer and telecommunications maintenance agreements\n \n\nwere ¥\n91,877\n million as of March 31, 2025 and ¥\n110,732\n million as of March 31, 2026.\n\nAs of March 31, 2026, these purchase obligations had the following maturities:\n\n \n\n \n\n  \n\nMillions of yen\n\n \n\n \n\n  \n\nTotal\n\n \n\n  \n\nYears of payment\n\n \n\n \n\n  \n\n Less than \n\n1 year\n\n \n\n  \n\n1 to 2\nyears\n\n \n\n  \n\n2 to 3\nyears\n\n \n\n  \n\n3 to 4\nyears\n\n \n\n  \n\n4 to 5\nyears\n\n \n\n  \n\nMore than\n\n5 years\n\n \n\nPurchase obligations\n\n  \n¥\n110,732\n \n  \n¥\n78,647\n \n  \n¥\n10,327\n \n  \n¥\n7,490\n \n  \n¥\n4,344\n \n  \n¥\n2,279\n \n  \n¥\n7,645\n \n\nF-138\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nAbove table includes the commitment to purchase parts of the redeveloped real estate in Tokyo Nihonbashi district from the redevelopment association.\n\nNomura has commitments under resale and repurchase agreements including amounts in connection with collateralized agreements and collateralized financing. These commitments amounted to ¥1,880 billion for resale agreements and ¥1,305 billion for repurchase agreements as of March 31, 2025 and ¥\n\n4,084\n\nbillion for resale agreements and ¥\n\n2,322\n\nbillion for repurchase agreements as of March 31, 2026.\n\nNomura has commitments to purchase notes held by our clients. These commitments amounted to ¥33 billion as of March 31, 2025 and ¥58 billion as of March 31, 2026.\n\n \n\nAs a member of various securities clearing houses and exc\nhan\nges, Nomura may be required to assume a certain share of the financial obligations of another member who may default on its obligations to the clearing house or the exchange. These guarantees are generally required under the membership agreements. To mitigate these risks, exchanges and clearing houses often require members to post collateral. The potential for Nomura to make payments under such guarantees is deemed remote.\n\nContingencies—\n\nInvestigations, lawsuits and other legal proceedings\n\nIn the normal course of business as a global financial services entity, Nomura is involved in investigations, lawsuits and other legal proceedings and, as a result, may suffer loss from any fines, penalties or damages awarded against Nomura, any settlements Nomura chooses to make to resolve a matter, and legal and other advisory costs incurred to support and formulate a defense.\n\nThe ability to predict the outcome of these actions and proceedings is inherently difficult, particularly where claimants are seeking substantial or indeterminate damages, where investigations and legal proceedings are at an early stage, where the matters present novel legal theories or involve a large number of parties, or which take place in foreign jurisdictions with complex or unclear laws.\n\nThe Company regularly evaluates each legal proceeding and claim on a case-by-case basis in consultation with external legal counsel to assess whether an estimate of possible loss or range of loss can be made, if recognition of a liability is not appropriate. In accordance with ASC 450 “\n\nContingencies\n\n” (“ASC 450”), the Company recognizes a liability for this risk of loss arising on each individual matter when a loss is probable and the amount of such loss or range of loss can be reasonably estimated. The amount recognized as a liability is reviewed at least quarterly and is revised when further information becomes available. If these criteria are not met for an individual matter, such as if an estimated loss is only reasonably possible rather than probable, no liability is recognized. However, where a material loss is reasonably possible, the Company will disclose details of the legal proceeding or claim below. Under ASC 450 an event is defined as reasonably possible if the chance of the loss to the Company is more than remote but less than probable. As of March 31, 2025 and 2026, a total liability of ¥14,240 million and ¥\n\n13,077\n\n million has been recognized, respectively, and reported within the consolidated balance sheets within\n\nOther liabilities\n\nin respect of outstanding and unsettled investigations, lawsuits and other legal proceedings where loss is considered probable and the amount of such loss can be reasonably estimated.\n\nThe most significant actions and proceedings against Nomura are summarized below. The Company believes that, based on current information available as of the date of these consolidated financial statements, the ultimate resolution of these actions and proceedings will not be material to the Company’s financial condition. However, an adverse outcome in certain of these matters could have a material adverse effect on the consolidated statements of income or cash flows in a particular quarter or annual period.\n\nF-139\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\nFor certain of the significant actions and proceedings, the Company is currently able to estimate the amount of reasonably possible loss, or range of reasonably possible losses, in excess of amounts recognized as a liability (if any) against such cases. These estimates are based on current information available as of the date of these consolidated financial statements and include, but are not limited to, the specific amount of damages or claims against Nomura in each case. As of June 22, 2026, for those cases where an estimate of the range of reasonably possible losses can be made, the Company estimates that the total aggregate reasonably possible maximum loss in excess of amounts recognized as a liability (if any) against these cases is approximately ¥\n\n62 billion.\n\n \n\nFor certain other significant actions and proceedings, the Company is unable to provide an estimate of the reasonably possible loss or range of reasonably possible losses because, among other reasons, (i) the proceedings are at such an early stage there is not enough information available to assess whether the stated grounds for the claim are viable; (ii) damages have not been identified by the claimant; (iii) damages are unsupported and/or exaggerated; (iv) there is uncertainty as to the outcome of pending appeals or motions; (v) there are significant legal issues to be resolved that may be dispositive, such as the applicability of statutes of limitations; (vi) there are novel or unsettled legal theories underlying the claims and/or (vii) a judgment has been made against Nomura but detailed reasons for the basis for the judgment and how the amount of the judgment has been determined have not yet been received.\n\nNomura will continue to cooperate with regulatory investigations and to vigorously defend its position in the ongoing actions and proceedings set out below, as appropriate.\n\nIn October 2010 and June 2012, two actions were brought against Nomura International plc (“NIP”), seeking recovery of payments allegedly made to NIP by Fairfield Sentry Ltd. and Fairfield Sigma Ltd. (collectively, “Fairfield Funds”), which are now in liquidation and were feeder funds to Bernard L. Madoff Investment Securities LLC (in liquidation pursuant to the Securities Investor Protection Act in the U.S. since December 2008) (“BLMIS”). The first suit was brought by the liquidators of the Fairfield Funds. It was filed on October 5, 2010 in the Supreme Court of the State of New York, but was subsequently removed to the United States Bankruptcy Court for the Southern District of New York. The second suit was brought by the trustee for the liquidation of BLMIS (“Madoff Trustee”). NIP was added as a defendant in June 2012 when the Madoff Trustee filed an amended complaint in the United States Bankruptcy Court for the Southern District of New York. Both actions seek to recover approximately $34 million plus interest.\n\nIn November 2011, NIP was served with a claim filed by the Madoff Trustee in the United States Bankruptcy Court for the Southern District of New York. This is a clawback action similar to claims filed by the Madoff Trustee against numerous other institutions. The Madoff Trustee alleges that NIP received redemptions from the BLMIS feeder fund, Harley International (Cayman) Limited in the six years prior to December 11, 2008 (the date proceedings were commenced against BLMIS) and that these are avoidable and recoverable under the U.S. Bankruptcy Code and New York law. The amount that the Madoff Trustee is currently seeking to recover from NIP is approximately $24.4 million plus interest.\n\nCertain of the Company’s subsidiaries in the U.S. securitized residential mortgage loans as residential mortgage-backed securities (“RMBS”) by purchasing loans from third-party originators rather than originating them. These subsidiaries received and provided loan level representations and warranties that detailed borrower characteristics and property conditions, including credit status and compliance with guidelines and laws. Regarding RMBS issued between 2005 and 2007, although the subsidiaries received repurchase claims totaling $\n\n3,203\n\n million, claims made after the expiration of the statute of limitations applicable to the breach of representation claims were rejected. Certain investors initiated breach of contract actions through the trustee from 2011 to 2014. Actions filed within the six-year statute of limitations were dismissed due to settlements.\n\nF-14\n0\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nNIP is involved in two Italian civil claims and has been involved in an Italian administrative matter, each described further below relating to certain structured financial transactions that Banca Monte dei Paschi di Siena SpA (“MPS”) entered into with NIP in 2009 (“Transactions”). The Transactions have also been subject to criminal proceedings, in relation to which NIP and two former employees of NIP were acquitted on appeal as well as other civil litigation which has been resolved.\n\nIn January 2018, a cla\nim\nbefore the Italian Courts brought by two claimants, Alken Fund Sicav (on behalf of two Luxembourg investment funds Alken Fund European Opportunities and Alken Fund Absolute Return Europe)\n\n and Virmont S.A. (formerly, Alken Luxembourg S.A, the funds’ management company) (collectively referred to as “Alken”) was served on NIP. The claim was made against NIP, MPS, four MPS former directors and a member of MPS’s internal audit board, and sought monetary damages of approximately EUR\n\n434 million plus interest, as well as non-monetary damages in an amount left to be quantified by the Judge. In July 2021, the court rejected all of Alken’s claims. In February 2022, Alken appealed the decision to the Milan Court of Appeal and, in November 2023, the court dismissed Alken’s appeal. In January 2024, Alken appealed the Court of Appeal’s decision to the Italian Supreme Court.\n\nIn May 2019, a claim before the Italian Courts brought by York Global Finance Offshore BDH (Luxembourg) Sàrl and a number of seemingly related funds was served on NIP. The claim is made against NIP, MPS, two MPS former directors and a member of MPS’s internal audit board, and seeks monetary damages of approximately EUR 186.7 million plus interest, as well as non-monetary damages in an amount left to be quantified by the Judge. In May 2024, the court rejected all of York’s claims. In June 2024, York appealed the decision to the Milan Court of Appeal.\n\nOn May 20, 2021, NIP and the Company were named as addressees in a decision issued by the European Commission in which NIP, the Company and various other third party banks were found to have infringed EU competition law in connection with their activity in the primary and secondary markets for European Government Bonds (“EGB”). The European Commission found that the infringement consisted of anticompetitive agreements and/or concerted practices in the EGB sector in breach of EU competition law and fined NIP and the Company approximately EUR 129.6 million. The fine was provisionally paid as required. In August 2021, NIP and the Company appealed the decision to the European Union’s General Court. In March 2025 the General Court upheld the European Commission’s decision but reduced the amount of NIP’s and the\n \n\nCompany’s fine to approximately EUR\n125.6\nmillion. In\nJune 2025\n, NIP and the Company appealed the decision to the Court of Justice of the European Union.\n\nNomura has responded to requests for information from the U.S. Commodity Futures Trading Commission (“CFTC”) in relation to swap trading related to bond issuances. On February 1, 2021, the CFTC filed a civil enforcement action against a Nomura employee and charged him with violating the anti-fraud, price manipulation and false statements provisions of the Commodity Exchange Act in relation to a 2015 interest rate swap transaction. On April 30, 2026, following notice from the parties that they had reached an agreement in principle on a settlement that would resolve all claims asserted in the action, the CFTC’s action against the Nomura employee was dismissed without prejudice to the right to reopen the action by June 29, 2026 if the settlement is not consummated.\n\nIn September 2017 and November 2017, Nomura International (Hong Kong) Limited (“NIHK”) and Nomura Special Investments Singapore Pte Limited (“NSIS”) were respectively served with a complaint filed in the Taipei District Court against NIHK, NSIS, China Firstextile (Holdings) Limited (“FT”) and certain individuals by First Commercial Bank, Ltd., Land Bank of Taiwan Co., Ltd., Chang Hwa Commercial Bank Ltd., Taishin International Bank, E.Sun Commercial Bank, Ltd., CTBC Bank Co., Ltd., Hwatai Bank, Ltd. and Bank of Taiwan (collectively, “FT Syndicate Banks”). The FT Syndicate Banks’ complaint relates to a $100\n\nmillion\n\n \n\nF-141\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\nsyndicated term loan facility to borrower FT that was arranged by NIHK, and made by the FT Syndicate Banks together with NSIS. The FT Syndicate Banks’ allegations in the complaint include tort claims under Taiwan law against the defendants. The FT Syndicate Banks sought to recover approximately $68 million in damages, plus interest. By judgment dated October 13, 2023, the Taipei District Court dismissed the FT Syndicate Banks’ claims in entirety. In November 2023, Statements of Appeal were filed by 7 of the 8 FT Syndicate Banks (First Commercial Bank, Ltd., Land Bank of Taiwan Co., Ltd., Chang Hwa Commercial Bank Ltd., Taishin International Bank, E.Sun\n\nCommercial Bank, Ltd., CTBC Bank Co., Ltd. and Bank of Taiwan, together the\n\n“Appellants”), indicating the Appellants’ intention to appeal the Taipei District Court decision to the Taiwan High Court. The case is transferred to the\n\n Taiwan High Court in February 2024 for appeal. The claim amount for the appeal is approximately $63 million in damages, plus interest.\n\nIn August 2017, the Cologne public prosecutor in Germany notified NIP that it is investigating possible tax fraud by individuals who worked for the Nomura Group in relation to the historic planning and execution of trading strategies around dividend record dates in certain German equities (known as “cum/ex” trading) and in relation to filings of tax reclaims in 2007 to 2013. During the year ended March 31, 2020, Nomura Group became aware that certain of those individuals would be the subject of investigative proceedings in Germany. NIP and another entity in the Nomura Group are cooperating with the investigation, including by disclosing to the public prosecutor certain documents and trading data, and Nomura Group premises in Frankfurt were raided by the public prosecutor in April 2023 for the purpose of obtaining additional data and documents. It appears that the investigation has expanded including to also now encompass cum/cum trading strategies in certain German equities. If the investigation involving Nomura Group entities and former individuals proceeds to trial, the individuals could face criminal sanctions and Nomura Group entities could face administrative sanctions such as administrative fines or profit confiscation orders.\n\nIn and after August 2022, Nomura Financial Advisory and Securities (India) Private Limited (“NFASI”) was served with seven commercial suits filed with the Bombay High Court, and one commercial suit filed with the City Civil Court of Mumbai, against NFASI and other parties. The lawsuits relate to the same equity disposal where the plaintiffs were eight of the sellers and NFASI acted as financial advisor to the sellers, and include allegations that NFASI failed to comply with its duties as financial advisor. The total claim amounts in the suits are approximately INR\n\n5.2 billion in damages, plus interest.\n\nIn October 2024, NIP received a statement of claim from a Prosecutor of the Court of Auditors in Italy in relation to an advisory relationship NIP entered into with an Italian Regional counterparty in 2005. The claim alleges that NIP caused harm to the Italian Regional counterparty and as such civil damages of approximately EUR 122.8 million are payable.\n\nThe Company’s consolidated subsidiary, Nomura Securities Co., Ltd. (“NSC”), is addressing damages that occurred due to transactions such as the purchase and sale of securities and other financial instruments, conducted by third parties using customers’ assets through unauthorized access to securities accounts due to fraudulent activities, such as phishing. In regard to customer accounts that suffered damages since January 2025, NSC will handle each case based on the individual circumstances of each customer, including, at a maximum, restoring the accounts to the state prior to the unauthorized transactions.\n\nIn November 2025, a counterparty issued a claim in the English courts against NIP and Nomura Singapore Limited (“NSL”) alleging that they were charged excess sums and suffered damages for breach of contract in relation to certain derivative transactions entered into by the counterparty and either NIP or NSL between 2017 and 2023. The counterparty is seeking approximately $50 million, to\ngethe\nr with interest.\n\n \n\nF-142\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nIn addition to the matters described above, Nomura is also involved in other matters which can include ongoing lawsuits by counterparties or other third parties or former and current employees or formal and informal reviews, requests for information, audits, assessments and investigations by regulators, taxing authorities and other governmental agencies regarding certain business activities, which may include trading, financing, prime brokerage, market-making, advisory services, investment management services, financial reporting matters, and labor management, certain of which may result in adverse judgments, settlements, fines, penalties, injunctions or limitations on the ability to conduct certain business. These are not separately disclosed above on the basis that these are not currently considered significant.\n\nGuarantees—\n\nIn the normal course of business, Nomura enters into various guarantee arrangements with counterparties in the form of standby letters of credit and other guarantees, which generally have a fixed expiration date.\n\nIn addition, Nomura enters into certain derivative contracts that meet the accounting definition of a guarantee, namely derivative contracts that contingently require a guarantor to make payment to a guaranteed party based on changes in an underlying that relate to an asset, liability or equity security held by a guaranteed party. Since Nomura does not track whether its clients enter into these derivative contracts for speculative or hedging purposes, Nomura includes relevant information about these derivative contracts that could meet the accounting definition of guarantees in the disclosure below.\n\nFor information about the maximum potential amount of future payments that Nomura could be required to make under these derivative contracts, the notional amount of contracts has been disclosed, except for certain derivative contracts, such as written interest rate caps and written currency options, the maximum potential payout amount cannot be estimated, as increases in interest or foreign exchange rates in the future could be theoretically unlimited.\n\nThe notional amounts do not represent anticipated losses from these derivatives contracts. As Nomura measures all derivative contracts at fair value, carrying value is considered the best indication of probability of payment and performance risks for these derivative contracts. Nomura may also reduce net exposures to certain of these contracts by entering into offsetting transactions or by entering into contracts that hedge the market risks related to these derivative contracts.\n\nThe following table presents information on Nomura’s derivative contracts that could meet the accounting definition of a guarantee and standby letters of credit and other guarantees.\n\n \n\n \n  \n\nMillions of yen\n\n \n\n \n  \n\nMarch 31\n\n \n\n \n  \n\n2025\n\n \n  \n\n2026\n\n \n\n \n  \n\nCarrying\n\nvalue\n\n \n  \n\nMaximum\n\npotential\n\npayout /\n\nNotional total\n\n \n  \n\nCarrying\n\nvalue\n\n \n  \n\nMaximum\n\npotential\n\npayout /\n\nNotional total\n\n \n\nDerivative contracts\n(1)(2)\n\n  \n¥9,399,725\n \n  \n¥609,318,612\n \n  \n¥9,868,845\n \n  \n¥649,090,164\n \n\nStandby letters of credit and other guarantees\n(3)\n\n  \n \n\n— \n\n \n  \n \n4,939,056\n \n  \n \n\n6\n\n \n  \n \n5,222,432\n \n\n \n\n(1)\n\nCredit derivatives are disclosed in Note 3 “\n\nDerivative instruments and hedging activities\n\n” and are excluded from above.\n\n(2)\n\nDerivative contracts primarily consist of equity, interest rate and foreign exchange contracts.\n\n \n\nF-14\n3\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n(3)\n\nPrimarily related to a certain sponsored repo program where Nomura guarantees to a third party clearing house in relation to its clients’ payment obligations. Our credit exposures under this guarantee is minimized by obtaining collateral from clients at amount approximately the maximum potential payout under the guarantee.\n\nThe following table presents maturity information on Nomura’s derivative contracts that could meet the accounting definition of a guarantee and standby letters of credit and other guarantees as of March 31, 2026.\n\n \n\n \n \n\nMillions of yen\n\n \n\n \n \n\nCarrying\n\nvalue\n\n \n \n\nMaximum potential payout/Notional\n\n \n\n \n \n\nTotal\n\n \n \n\nYears to Maturity\n\n \n\n \n \n\nLess than\n\n1 year\n\n \n \n\n1 to 3 years\n\n \n \n\n3 to 5 years\n\n \n \n\nMore than\n\n5 years\n\n \n\nDerivative contracts\n\n \n¥\n9,868,845\n \n \n¥\n649,090,164\n \n \n¥\n172,240,897\n \n \n¥\n215,694,397\n \n \n¥\n61,022,285\n \n \n¥\n200,132,585\n \n\nStandby letters of credit and other guarantees\n\n \n \n6\n \n \n \n5,222,432\n \n \n \n5,189,429\n \n \n \n18,628\n \n \n \n11,126\n \n \n \n3,249\n \n\n23. Segment and geographic information:\n\nOperating segments—\n\nNomura’s operating management and management reporting are prepared based on the Wealth Management, the Investment Management, the Wholesale, and the Banking segments. Nomura structures its business segments based upon the nature of its main products and services, its client base and its management structure. Please refer to Note 4 “\n\nRevenue from services provided to customers\n\n” for types of products and services offered by each reportable segment and corresponding revenue. Nomura established a new Banking Division on April 1, 2025.\n\nIn its Wealth Management, Nomura provides investment consultation services mainly to individual clients in Japan. In its Investment Management segment, Nomura mainly provides various investment management services and investment solutions such as establishing and managing investment trusts, discretionary investment services for Japanese and overseas investors, investment and management for investment vehicles and for funds for institutional investors, and management of silent partnerships (“\n\nTokumei kumiai\n\n”). In its Wholesale segment, Nomura engages in the sales and trading of debt and equity securities, foreign exchange contracts and derivatives globally, and provides investment banking services such as the underwriting and distribution of debt and equity securities as well as mergers and acquisitions and financial advisory. In its Banking segment, Nomura leverages the strengths of The Nomura Trust and Banking Co., Ltd. and Nomura Bank (Luxembourg) S.A. in private markets and bespoke products and meets the diverse needs of clients in areas such as asset building and estate planning. Nomura completed the Macquarie Acquisition on December 1, 2025. Results of the acquired business are reported under the Investment Management segment from December 1, 2025 onwards.\n\nNomura’s Chief Operating Decision Maker (“CODM”) is the Executive Management Board (“EMB”) which is the management function primarily responsible for assessing performance of and allocating resources to the business segments.\n\nRevenues and expenses directly associated with each business segment are included in the operating results of each respective segment. Revenues and expenses that are not directly attributable to a particular segment are allocated to each respective business segment or included in “\n\nOther\n\n,” based upon Nomura’s allocation methodologies as used by management to assess each segment’s performance.\n\n \n\nF-14\n4\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nBusiness segments’ results are shown in the following tables. The EMB reviews business segment results including\n\nNet revenue\n\n,\n\nNon-interest expenses\n\n, and\n\nIncome before income taxes\n\non a regular basis. The EMB uses these measures along with certain segment-specific 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.\n\nAmounts for prior periods have been reclassified to conform to the presentation for the year ended March 31, 2026, in accordance with the realignment in April 2025.\n\n \n\n \n\n  \n\nMillions of yen\n\n \n\n \n\n  \n\nWealth\nManagement\n\n \n\n  \n\nInvestment\nManagement\n\n \n\n  \n\nWholesale\n\n \n\n \n\nBanking\n\n \n\n  \n\nOther\n\n(Incl. elimination)\n\n \n\n  \n\nTotal\n\n \n\nYear ended March 31, 2024\n\n  \n\n  \n\n  \n\n \n\n  \n\n  \n\nNon-interest revenue\n\n  \n\n¥\n\n380,563\n\n \n\n  \n\n¥\n\n149,575\n\n \n\n  \n\n¥\n\n875,664\n\n \n\n \n\n¥\n\n35,244\n\n \n\n  \n\n¥\n\n105,733\n\n \n\n  \n\n¥\n\n1,546,779\n\n \n\nNet interest revenue\n\n  \n\n \n\n6,461\n\n \n\n  \n\n \n\n4,568\n\n \n\n  \n\n \n\n(9,517\n\n) \n\n \n\n \n\n7,617\n\n \n\n  \n\n \n\n16,433\n\n \n\n  \n\n \n\n25,562\n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\nNet revenue\n\n  \n\n \n\n387,024\n\n \n\n  \n\n \n\n154,143\n\n \n\n  \n\n \n\n866,147\n\n \n\n \n\n \n\n42,861\n\n \n\n  \n\n \n\n122,166\n\n \n\n  \n\n \n\n1,572,341\n\n \n\nNon-interest expenses\n(1)\n\n  \n\n \n\n268,035\n\n \n\n  \n\n \n\n93,945\n\n \n\n  \n\n \n\n812,236\n\n \n\n \n\n \n\n27,755\n\n \n\n  \n\n \n\n86,179\n\n \n\n  \n\n \n\n1,288,150\n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\nIncome before income taxes\n\n  \n\n¥\n\n118,989\n\n \n\n  \n\n¥\n\n60,198\n\n \n\n  \n\n¥\n\n53,911\n\n \n\n \n\n¥\n\n15,106\n\n \n\n  \n\n¥\n\n35,987\n\n \n\n  \n\n¥\n\n284,191\n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\nYear ended March 31, 2025\n\n  \n\n  \n\n  \n\n \n\n  \n\n  \n\nNon-interest revenue\n\n  \n\n¥\n\n422,617\n\n \n\n  \n\n¥\n\n181,010\n\n \n\n  \n\n¥\n\n1,015,803\n\n \n\n \n\n¥\n\n36,344\n\n \n\n  \n\n¥\n\n154,657\n\n \n\n  \n\n¥\n\n1,810,431\n\n \n\nNet interest revenue\n\n  \n\n \n\n10,934\n\n \n\n  \n\n \n\n11,463\n\n \n\n  \n\n \n\n42,135\n\n \n\n \n\n \n\n10,828\n\n \n\n  \n\n \n\n8,243\n\n \n\n  \n\n \n\n83,603\n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\nNet revenue\n\n  \n\n \n\n433,551\n\n \n\n  \n\n \n\n192,473\n\n \n\n  \n\n \n\n1,057,938\n\n \n\n \n\n \n\n47,172\n\n \n\n  \n\n \n\n162,900\n\n \n\n  \n\n \n\n1,894,034\n\n \n\nNon-interest expenses\n(1)\n\n  \n\n \n\n267,369\n\n \n\n  \n\n \n\n102,882\n\n \n\n  \n\n \n\n891,656\n\n \n\n \n\n \n\n30,815\n\n \n\n  \n\n \n\n127,799\n\n \n\n  \n\n \n\n1,420,521\n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\nIncome before income taxes\n\n  \n\n¥\n\n166,182\n\n \n\n  \n\n¥\n\n89,591\n\n \n\n  \n\n¥\n\n166,282\n\n \n\n \n\n¥\n\n16,357\n\n \n\n  \n\n¥\n\n35,101\n\n \n\n  \n\n¥\n\n473,513\n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\nYear ended March 31, 2026\n\n  \n\n  \n\n  \n\n \n\n  \n\n  \n\nNon-interest revenue\n\n  \n\n¥\n\n473,282\n\n \n\n  \n\n¥\n\n248,388\n\n \n\n  \n\n¥\n\n1,168,966\n\n \n\n \n\n¥\n\n42,081\n\n \n\n  \n\n¥\n\n147,858\n\n \n\n  \n\n¥\n\n2,080,575\n\n \n\nNet interest revenue\n\n  \n\n \n\n14,624\n\n \n\n  \n\n \n\n10,128\n\n \n\n  \n\n \n\n(6,737\n\n) \n\n \n\n \n\n11,837\n\n \n\n  \n\n \n\n49,015\n\n \n\n  \n\n \n\n78,867\n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\nNet revenue\n\n  \n\n \n\n487,906\n\n \n\n  \n\n \n\n258,516\n\n \n\n  \n\n \n\n1,162,229\n\n \n\n \n\n \n\n53,918\n\n \n\n  \n\n \n\n196,873\n\n \n\n  \n\n \n\n2,159,442\n\n \n\nNon-interest expenses\n(1)\n\n  \n\n \n\n283,882\n\n \n\n  \n\n \n\n170,219\n\n \n\n  \n\n \n\n961,662\n\n \n\n \n\n \n\n39,902\n\n \n\n  \n\n \n\n172,227\n\n \n\n  \n\n \n\n1,627,892\n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\nIncome before income taxes\n\n  \n\n¥\n\n204,024\n\n \n\n  \n\n¥\n\n88,297\n\n \n\n  \n\n¥\n\n200,567\n\n \n\n \n\n¥\n\n14,016\n\n \n\n  \n\n¥\n\n24,646\n\n \n\n  \n\n¥\n\n531,550\n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n(1)\n\nIncludes primarily personnel expenses, occupancy, technology, and professional fees.\n\nTransactions between operating segments are recorded within segment results based on commercial terms and conditions and are eliminated in “\n\nOther\n\n.”\n\n \n\nF-14\n5\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nThe following table presents the major components of\n\nIncome before income taxes\n\nin\n\n“Other”\n\nfor the years ended March 31, 2024, 2025 and 2026.\n\n \n\n \n\n  \n\nMillions of yen\n\n \n\n \n\n  \n\nYear ended March 31\n\n \n\n \n\n  \n\n2024\n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nNet gain (loss) related to economic hedging transactions\n\n  \n\n¥\n\n2,021\n\n \n\n \n\n¥\n\n(5,809\n\n) \n\n \n\n¥\n\n(2,940\n\n) \n\nRealized gain on investments in equity securities held for operating purposes\n\n  \n\n \n\n   21,027\n\n \n\n \n\n \n\n1,475\n\n \n\n \n\n \n\n3,349\n\n \n\nEquity in earnings of affiliates\n\n  \n\n \n\n46,420\n\n \n\n \n\n \n\n   51,221\n\n \n\n \n\n \n\n   36,452\n\n \n\nCorporate items\n\n  \n\n \n\n(11,997\n\n) \n\n \n\n \n\n(5,884\n\n) \n\n \n\n \n\n(41,982\n\n) \n\nOther\n(1)(2)\n\n  \n\n \n\n(21,484\n\n) \n\n \n\n \n\n(5,902\n\n) \n\n \n\n \n\n29,767\n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal\n\n  \n\n¥\n\n35,987\n\n \n\n \n\n¥\n\n35,101\n\n \n\n \n\n¥\n\n24,646\n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n(1)\n\nIncludes the impact of Nomura’s own creditworthiness.\n\n(2)\n\nOn April 10, 2025, Nomura sold certain owned land and buildings located in Takanawa 2-chome, Minato-ku, Tokyo, for the effective utilization of its assets. The transaction counterparties included Nomura Real Estate Development Co., Ltd., a subsidiary of Nomura Real Estate Holdings, Inc., an affiliated company, and a third party financing company. Nomura considers the entire transaction to be with a related party. As a result of the sale, a gain of ¥56,144 million is included in\n\nRevenue\n\n—\n\nOther\n\nin the consolidated statements of income for the year ended March 31, 2026.\n\nThe table below presents reconciliations of the combined business segments’ results included in the preceding table to Nomura’s reported\n\nNet revenue, Non-interest expenses\n\nand\n\nIncome before income taxes\n\nin the consolidated statements of income for the years ended March 31, 2024, 2025 and 2026.\n\n \n\n \n\n  \n\nMillions of yen\n\n \n\n \n\n  \n\nYear ended March 31\n\n \n\n \n\n  \n\n2024\n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nNet revenue\n\n  \n\n¥\n\n1,572,341\n\n \n\n \n\n¥\n\n1,894,034\n\n \n\n \n\n¥\n\n2,159,442\n\n \n\nUnrealized gain (loss) on investments in equity securities held for operating purposes\n(1)\n\n  \n\n \n\n(10,341\n\n) \n\n \n\n \n\n(1,549\n\n) \n\n \n\n \n\n8,271\n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nConsolidated net revenue\n\n  \n\n¥\n\n1,562,000\n\n \n\n \n\n¥\n\n1,892,485\n\n \n\n \n\n¥\n\n2,167,713\n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNon-interest expenses\n\n  \n\n¥\n\n1,288,150\n\n \n\n \n\n¥\n\n1,420,521\n\n \n\n \n\n¥\n\n1,627,892\n\n \n\nUnrealized gain (loss) on investments in equity securities held for operating purposes\n\n  \n\n \n\n— \n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n— \n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nConsolidated non-interest expenses\n\n  \n\n¥\n\n1,288,150\n\n \n\n \n\n¥\n\n1,420,521\n\n \n\n \n\n¥\n\n1,627,892\n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nIncome before income taxes\n\n  \n\n¥\n\n284,191\n\n \n\n \n\n¥\n\n473,513\n\n \n\n \n\n¥\n\n531,550\n\n \n\nUnrealized gain (loss) on investments in equity securities held for operating purposes\n(1)\n\n  \n\n \n\n(10,341\n\n) \n\n \n\n \n\n(1,549\n\n) \n\n \n\n \n\n8,271\n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nConsolidated income before income taxes\n\n  \n\n¥\n\n273,850\n\n \n\n \n\n¥\n\n471,964\n\n \n\n \n\n¥\n\n539,821\n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n(1)\n\nIncludes a reversal of unrealized gain (loss) on investments in equity securities held for operating purposes that were sold in the years ended March 31, 2024, 2025 and 2026.\n\n \n\nF-14\n6\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nGeographic information—\n\nNomura’s identifiable assets, revenues and expenses are generally allocated based on the country of domicile of the legal entity providing the service. However, because of the integration of the global capital markets and the corresponding global nature of Nomura’s activities and services, it is not always possible to make a precise separation by location. As a result, various assumptions, which are consistent among years, have been made in presenting the following geographic data.\n\nThe tables below present a geographic allocation of\n\nNet revenue\n\nand\n\nIncome (loss) before income taxes\n\nfrom operations by geographic areas for the years ended March 31, 2024, 2025 and 2026 and Long-lived assets associated with Nomura’s operations as of March 31, 2024, 2025 and 2026.\n\nNet revenue\n\nin Americas and Europe in the table substantially represents Nomura’s operations in the U.S. and the U.K., respectively.\n\nNet revenue\n\nand Long-lived assets have been allocated based on transactions with external customers while\n\nIncome (loss) before income taxes\n\nhas been allocated based on the inclusion of intersegment transactions.\n\n \n\n \n\n  \n\nMillions of yen\n\n \n\n \n\n  \n\nYear ended March 31\n\n \n\n \n\n  \n\n2024\n\n \n\n \n\n2025\n\n \n\n  \n\n2026\n\n \n\nNet revenue\n(1)\n:\n\n  \n\n \n\n  \n\nAmericas\n\n  \n¥\n453,069\n \n \n¥\n589,122\n \n  \n¥\n669,998\n \n\nEurope\n\n  \n \n269,292\n \n \n \n375,648\n \n  \n \n261,522\n \n\nAsia and Oceania\n\n  \n \n56,684\n \n \n \n61,730\n \n  \n \n148,415\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nSubtotal\n\n  \n \n779,045\n \n \n \n1,026,500\n \n  \n \n1,079,935\n \n\nJapan\n\n  \n \n782,955\n \n \n \n865,985\n \n  \n \n1,087,778\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nConsolidated\n\n  \n¥\n1,562,000\n \n \n¥\n1,892,485\n \n  \n¥\n2,167,713\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nIncome (loss) before income taxes:\n\n  \n\n \n\n  \n\nAmericas\n\n  \n¥\n14,650\n \n \n¥\n65,753\n \n  \n¥\n61,868\n \n\nEurope\n\n  \n \n(33,064\n) \n \n \n20,348\n \n  \n \n(31,128\n)\n \n\nAsia and Oceania\n\n  \n \n23,795\n \n \n \n50,878\n \n  \n \n60,790\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nSubtotal\n\n  \n \n5,381\n \n \n \n136,979\n \n  \n \n91,530\n \n\nJapan\n\n  \n \n268,469\n \n \n \n334,985\n \n  \n \n448,291\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nConsolidated\n\n  \n¥\n273,850\n \n \n¥\n471,964\n \n  \n¥\n539,821\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\n(1)\n\nThere is no revenue derived from transactions with a single major external customer.\n\n \n\n \n\n  \n\nMillions of yen\n\n \n\n \n\n  \n\nYear ended March 31\n\n \n\n \n\n  \n\n2024\n\n \n\n  \n\n2025\n\n \n\n  \n\n2026\n\n \n\nLong-lived assets:\n\n  \n\n  \n\n  \n\nAmericas\n\n  \n¥\n121,633\n \n  \n¥\n111,312\n \n  \n¥\n385,825\n \n\nEurope\n\n  \n \n62,063\n \n  \n \n55,515\n \n  \n \n58,555\n \n\nAsia and Oceania\n\n  \n \n33,820\n \n  \n \n31,656\n \n  \n \n41,112\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nSubtotal\n\n  \n \n217,516\n \n  \n \n198,483\n \n  \n \n485,492\n \n\nJapan\n\n  \n \n270,924\n \n  \n \n270,693\n \n  \n \n363,151\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nConsolidated\n\n  \n¥\n 488,440\n \n  \n¥\n 469,176\n \n  \n¥\n 848,643\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\nF-14\n7\n\n[Table of Contents](#toc)\n\nNOMURA HOLDINGS, INC.\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n24. Related party transactions\n\nApart from\ntransactions\ndisclosed elsewhere in these consolidated financial statements, Nomura also makes loans to certain of its directors and other related parties. Outstanding loans to its directors and other related parties were not considered significant.\n\n25. Supplementary subsidiary guarantee information required under SEC rules:\n\nThe Company provides several guarantees of debts of its subsidiaries.\n\nThe Company has fully and unconditionally guaranteed the securities issued by Nomura America Finance LLC (“NAFL”), which is an indirect, wholly owned finance subsidiary of the Company. NAFL operates as a special purpose entity. It was formed for the purpose of issuing debt securities to repay existing credit facilities, refinance indebtedness, and for acquisition purposes. The guarantee will remain in effect until the entire principal, if any, of, and interest and premium, if any, on, the securities has been paid in full or discharged in accordance with the provisions of the indenture, or otherwise fully defeased by the Company.\n\n \n\nF-14\n8\n\n[Table of Contents](#toc)\n\nSchedule I—Parent Company Only Condensed Financial Information\n\nThe following tables present the parent company only condensed financial information of Nomura Holdings, Inc.\n\nCondensed Balance Sheets\n\n \n\n \n\n  \n\nMillions of yen\n\n \n\n \n\n  \n\nMarch 31\n\n \n\n \n\n  \n\n2025\n\n \n\n \n\n2026\n\n \n\nASSETS\n\n  \n\n \n\nCash and cash equivalents\n\n  \n\n¥\n\n149,626\n\n \n\n \n\n¥\n\n181,147\n\n \n\nLoans receivable to subsidiaries\n\n  \n\n \n\n7,575,326\n\n \n\n \n\n \n\n8,425,447\n\n \n\nReceivables from other than customers\n\n  \n\n \n\n214,520\n\n \n\n \n\n \n\n175,106\n\n \n\nDividends receivable from subsidiaries and affiliates\n\n \n\n \n\n190,104\n\n \n\n \n\n \n\n254,764\n\n \n\nSecurities purchased under agreements to resell\n\n  \n\n \n\n212,836\n\n \n\n \n\n \n\n135,664\n\n \n\nTrading assets\n\n  \n\n \n\n18,876\n\n \n\n \n\n \n\n28,457\n\n \n\nPrivate equity and debt investments\n\n  \n\n \n\n30,704\n\n \n\n \n\n \n\n31,283\n\n \n\nInvestments in subsidiaries and affiliates\n\n  \n\n \n\n3,172,744\n\n \n\n \n\n \n\n3,492,266\n\n \n\nInvestments in equity securities\n\n  \n\n \n\n97,954\n\n \n\n \n\n \n\n122,744\n\n \n\nOther assets\n\n  \n\n \n\n294,532\n\n \n\n \n\n \n\n314,707\n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal assets\n\n  \n\n¥\n\n11,957,222\n\n \n\n \n\n¥\n\n13,161,585\n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nLIABILITIES AND EQUITY\n\n  \n\n \n\nLiabilities\n\n  \n\n \n\nShort-term borrowings from subsidiaries\n\n  \n\n¥\n\n2,835,900\n\n \n\n \n\n¥\n\n3,358,500\n\n \n\nPayables to other than customers\n\n  \n\n \n\n2,441\n\n \n\n \n\n \n\n2,122\n\n \n\nSecurities loaned\n\n  \n\n \n\n87,275\n\n \n\n \n\n \n\n73,049\n\n \n\nOther liabilities\n\n  \n\n \n\n431,978\n\n \n\n \n\n \n\n374,949\n\n \n\nLong-term borrowings\n\n  \n\n \n\n3,468,874\n\n \n\n \n\n \n\n3,882,293\n\n \n\nLong-term borrowings from subsidiaries\n\n  \n\n \n\n1,659,875\n\n \n\n \n\n \n\n1,762,804\n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal liabilities\n\n  \n\n \n\n8,486,343\n\n \n\n \n\n \n\n9,453,717\n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nEquity\n\n  \n\n \n\nCommon stock\n\n  \n\n \n\n594,493\n\n \n\n \n\n \n\n594,493\n\n \n\nAdditional\npaid-in\ncapital\n\n  \n\n \n\n704,877\n\n \n\n \n\n \n\n706,261\n\n \n\nRetained earnings\n\n  \n\n \n\n1,867,379\n\n \n\n \n\n \n\n2,013,986\n\n \n\nAccumulated other comprehensive income (loss)\n\n  \n\n \n\n447,808\n\n \n\n \n\n \n\n548,221\n\n \n\nTotal NHI shareholders’ equity before treasury stock\n\n \n\n \n\n3,614,557\n\n \n\n \n\n \n\n3,862,961\n\n \n\nCommon stock held in treasury, at cost\n\n  \n\n \n\n(143,678\n\n) \n\n \n\n \n\n(155,093\n\n) \n\nTotal equity\n\n  \n\n \n\n3,470,879\n\n \n\n \n\n \n\n3,707,868\n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal liabilities and equity\n\n  \n\n¥\n\n11,957,222\n\n \n\n \n\n¥\n\n13,161,585\n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nThis\n\n condensed financial information should be read together with the notes in this Schedule as\nwell as th\ne notes to the accompanying consolidated financial statements.\n\n \n\nF-14\n9\n\n[Table of Contents](#toc)\n\nCondensed Statements of Income\n\n \n\n \n\n  \n\nMillions of yen\n\n \n\n \n\n  \n\nYear ended March 31\n\n \n\n \n\n  \n\n2024\n\n \n\n  \n\n2025\n\n \n\n  \n\n2026\n\n \n\nRevenue:\n\n  \n\n  \n\n  \n\nNet gain on trading\n\n  \n\n¥\n\n977\n\n \n\n  \n\n¥\n\n13,202\n\n \n\n  \n\n¥\n\n8,532\n\n \n\nGain on private equity and debt investments\n\n  \n\n \n\n1,033\n\n \n\n  \n\n \n\n2,458\n\n \n\n  \n\n \n\n770\n\n \n\nDividends from subsidiaries and affiliates\n\n  \n\n \n\n156,742\n\n \n\n  \n\n \n\n215,342\n\n \n\n  \n\n \n\n264,304\n\n \n\nInterest income from loans to subsidiaries and affiliates\n\n  \n\n \n\n239,682\n\n \n\n  \n\n \n\n274,818\n\n \n\n  \n\n \n\n270,803\n\n \n\nInterest and dividends\n\n  \n\n \n\n20,368\n\n \n\n  \n\n \n\n20,427\n\n \n\n  \n\n \n\n18,435\n\n \n\nGain on investments in equity securities\n\n  \n\n \n\n9,335\n\n \n\n  \n\n \n\n444\n\n \n\n  \n\n \n\n13,066\n\n \n\nProperty and equipment fee revenue from subsidiaries\n\n  \n\n \n\n110,856\n\n \n\n  \n\n \n\n110,475\n\n \n\n  \n\n \n\n123,896\n\n \n\nRent revenue from subsidiaries\n\n  \n\n \n\n27,823\n\n \n\n  \n\n \n\n27,627\n\n \n\n  \n\n \n\n26,728\n\n \n\nRoyalty on trademark from subsidiaries\n\n  \n\n \n\n45,920\n\n \n\n  \n\n \n\n53,505\n\n \n\n  \n\n \n\n60,952\n\n \n\nOther\n\n  \n\n \n\n8,474\n\n \n\n  \n\n \n\n7,876\n\n \n\n  \n\n \n\n8,346\n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\nTotal revenue\n\n  \n\n \n\n621,210\n\n \n\n  \n\n \n\n726,174\n\n \n\n  \n\n \n\n795,832\n\n \n\nInterest expense\n\n  \n\n \n\n267,724\n\n \n\n  \n\n \n\n306,232\n\n \n\n  \n\n \n\n305,121\n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\nNet revenue\n\n  \n\n \n\n353,486\n\n \n\n  \n\n \n\n419,942\n\n \n\n  \n\n \n\n490,711\n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\nNon-interest\nexpenses:\n\n  \n\n  \n\n  \n\nCompensation and benefits\n\n  \n\n \n\n51,444\n\n \n\n  \n\n \n\n54,743\n\n \n\n  \n\n \n\n59,755\n\n \n\nCommissions and floor brokerage\n\n  \n\n \n\n690\n\n \n\n  \n\n \n\n790\n\n \n\n  \n\n \n\n537\n\n \n\nInformation processing and communications\n\n  \n\n \n\n110,320\n\n \n\n  \n\n \n\n111,961\n\n \n\n  \n\n \n\n124,343\n\n \n\nOccupancy and related depreciation\n\n  \n\n \n\n27,389\n\n \n\n  \n\n \n\n27,056\n\n \n\n  \n\n \n\n27,415\n\n \n\nBusiness development expenses\n\n  \n\n \n\n1,735\n\n \n\n  \n\n \n\n2,566\n\n \n\n  \n\n \n\n3,470\n\n \n\nOther\n\n  \n\n \n\n26,246\n\n \n\n  \n\n \n\n32,084\n\n \n\n  \n\n \n\n50,256\n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\nTotal\nnon-interest\nexpenses\n\n  \n\n \n\n217,824\n\n \n\n  \n\n \n\n229,200\n\n \n\n  \n\n \n\n265,776\n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\nIncome before income taxes\n\n  \n\n \n\n135,662\n\n \n\n  \n\n \n\n190,742\n\n \n\n  \n\n \n\n224,935\n\n \n\nIncome tax expense\n\n  \n\n \n\n5,965\n\n \n\n  \n\n \n\n6,133\n\n \n\n  \n\n \n\n9,931\n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\nNet income before undistributed earnings of subsidiaries\n\n  \n\n \n\n129,697\n\n \n\n  \n\n \n\n184,609\n\n \n\n  \n\n \n\n215,004\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nUndistributed earnings of subsidiaries\n\n \n\n \n\n36,166\n\n \n\n \n\n \n\n156,127\n\n \n\n \n\n \n\n147,125\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNet income\n\n \n\n \n\n165,863\n\n \n\n \n\n \n\n340,736\n\n \n\n \n\n \n\n362,129\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nOther comprehensive income (loss), net of tax:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nChange in cumulative translation adjustments\n\n \n\n \n\n201,304\n\n \n\n \n\n \n\n(36,094\n) \n\n \n\n \n\n142,524\n\n \n\nDefined benefit pension plans\n\n \n\n \n\n12,662\n\n \n\n \n\n \n\n12,407\n\n \n\n \n\n \n\n6,983\n\n \n\nNon-trading debt securities\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(1,147\n) \n\n \n\n \n\n(2,215\n) \n\nOwn credit adjustments\n\n \n\n \n\n(72,436\n) \n\n \n\n \n\n12,658\n\n \n\n \n\n \n\n(46,879\n) \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal Other comprehensive income (loss), net of tax\n\n \n\n \n\n141,530\n\n \n\n \n\n \n\n(12,176\n) \n\n \n\n \n\n100,413\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nComprehensive income attributable to NHI shareholders...\n\n \n\n¥\n307,393\n\n \n\n \n\n¥\n328,560\n\n \n\n \n\n¥\n462,542\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nThis\n\n condensed financial information should be read together with the notes in this Schedule as well as the notes to the accompanying consolidated financial statements.\n\n \n\nF-1\n50\n\n[Table of Contents](#toc)\n\nCondensed Statements of Cash Flows\n\n \n\n \n\n  \n\nMillions of yen\n\n \n\n \n\n  \n\nYear ended March 31\n\n \n\n \n\n  \n\n2024\n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nCash flows from operating activities\n\n  \n\n \n\n \n\nNet income\n\n  \n\n¥\n\n165,863\n\n \n\n \n\n¥\n\n340,736\n\n \n\n \n\n¥\n\n362,129\n\n \n\nTotal equity in undistributed earnings of subsidiaries\n\n \n\n \n\n(36,166\n) \n\n \n\n \n\n(156,127\n) \n\n \n\n \n\n(147,125\n) \n\nAdjustments and other\n\n  \n\n \n\n57,205\n\n \n\n \n\n \n\n24,323\n\n \n\n \n\n \n\n115,481\n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNet cash provided by operating activities\n\n  \n\n \n\n186,902\n\n \n\n \n\n \n\n208,932\n\n \n\n \n\n \n\n330,485\n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCash flows from investing activities\n\n  \n\n \n\n \n\nPayments for purchases of office buildings, land, equipment and facilities\n\n  \n\n \n\n(32,525\n\n) \n\n \n\n \n\n(29,375\n\n) \n\n \n\n \n\n(59,045\n\n) \n\nPayments for issuance of loans to subsidiaries\n\n  \n\n \n\n(1,368,396\n\n)\n\n \n\n \n\n(2,756,195\n\n)\n\n \n\n \n\n(1,793,469\n\n)\n\nProceeds from repayment of loans to subsidiaries\n\n  \n\n \n\n710,251\n\n \n\n \n\n \n\n2,144,444\n\n \n\n \n\n \n\n1,190,050\n\n \n\nIncrease in investments in subsidiaries\n\n \n\n \n\n(32,394\n) \n\n \n\n \n\n(10,342\n) \n\n \n\n \n\n(109,174\n) \n\nDecrease in investments in subsidiaries\n\n \n\n \n\n64,389\n\n \n\n \n\n \n\n11,203\n\n \n\n \n\n \n\n31,247\n\n \n\nNet change in other investing activities\n\n  \n\n \n\n23,773\n\n \n\n \n\n \n\n4,510\n\n \n\n \n\n \n\n5,477\n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNet cash used in investing activities\n\n  \n\n \n\n(634,902\n\n)\n\n \n\n \n\n(635,755\n\n)\n\n \n\n \n\n(734,914\n\n)\n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCash flows from financing activities\n\n  \n\n \n\n \n\nProceeds from issuances of long-term borrowings\n\n  \n\n \n\n308,506\n\n \n\n \n\n \n\n350,753\n\n \n\n \n\n \n\n965,501\n\n \n\nPayments for repurchases or maturity of long-term borrowings\n\n  \n\n \n\n(577,336\n\n) \n\n \n\n \n\n(1,153,652\n\n)\n\n \n\n \n\n(784,416\n\n)\n\nProceeds from issuances of long-term borrowings from subsidiaries\n\n \n\n \n\n371,450\n\n \n\n \n\n \n\n775,053\n\n \n\n \n\n \n\n272,036\n\n \n\nPayments for repurchases or maturity of long-term borrowings from subsidiaries\n\n \n\n \n\n(11,563\n) \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(240,738\n) \n\nProceeds from issuances of short-term borrowings from subsidiaries\n\n  \n\n \n\n539,863\n\n \n\n \n\n \n\n2,385,000\n\n \n\n \n\n \n\n3,322,600\n\n \n\nPayments for repurchases or maturity of short-term borrowings from subsidiaries\n\n  \n\n \n\n-\n\n \n\n \n\n \n\n(1,820,902\n\n)\n\n \n\n \n\n(2,800,000\n\n)\n\nPayments for repurchases of common stock\n\n  \n\n \n\n(61,029\n\n)\n\n \n\n \n\n(59,006\n\n)\n\n \n\n \n\n(101,499\n\n)\n\nPayments for cash dividends\n\n  \n\n \n\n(60,164\n\n)\n\n \n\n \n\n(112,541\n\n)\n\n \n\n \n\n(179,742\n\n)\n\nNet change in other financing activities\n\n  \n\n \n\n(11,718\n\n)\n\n \n\n \n\n(19,170\n\n)\n\n \n\n \n\n(17,792\n\n)\n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNet cash provided by financing activities\n\n  \n\n \n\n498,009\n\n \n\n \n\n \n\n345,535\n\n \n\n \n\n \n\n435,950\n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNet increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents\n\n  \n\n \n\n50,009\n\n \n\n \n\n \n\n(81,288\n\n)\n\n \n\n \n\n31,521\n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year\n\n  \n\n \n\n180,905\n\n \n\n \n\n \n\n230,914\n\n \n\n \n\n \n\n149,626\n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCash, cash equivalents, restricted cash and restricted cash equivalents at end of year\n\n  \n\n¥\n\n230,914\n\n \n\n \n\n¥\n\n149,626\n\n \n\n \n\n¥\n\n181,147\n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nThis\n\n condensed financial information should be read together wi\nth the n\notes in this Schedule as well as the notes to the acco\n\nm\n\npanying consolidated financial statements.\n\n \n\nF-15\n1\n\n[Table of Contents](#toc)\n\nNotes to Condensed Financial information\n\nNote A—Basis of Presentation\n\nThe presentation of parent company condensed financial information has been prepared using the same accounting policies as set out in the accompanying consolidated financial statements. For purposes of this Schedule, the Company’s wholly-owned and majority owned subsidiaries are accounted for using the equity method of accounting. Material contingencies are not presented in this Schedule because there are none other than those disclosed in the notes to the accompanying consolidated financial statements as of the date hereof.\n\nCertain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this Schedule. The note disclosures in this Schedule contain supplementary information only and, as such, this Schedule should be read in conjunction with the notes to the accompanying consolidated financial statements.\n\nNote B—Long-term borrowings\n\nLong-term borrowings primarily consist of borrowings from subsidiaries, borrowings from bank and other financial institutions, and bonds issued. The following table presents the aggregate annual maturities of long-term borrowings as of March 31, 2026.\n\n \n\n \n  \n\nMarch 31, 2026\n\n \n\nYear ending March 31\n\n  \n\nMillions of yen\n\n \n\n2027\n\n  \n¥\n604,160\n \n\n2028\n\n  \n \n723,219\n \n\n2029\n\n  \n \n850,192\n \n\n2030\n\n  \n \n821,267\n \n\n2031\n\n  \n \n890,021\n \n\n2032 and thereafter\n\n  \n \n1,756,238\n \n\n  \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n5,645,097\n \n\n  \n\n \n\n \n\n \n\nNote C—Guarantees\n\nThe parent company provided guarantees for borrowings, medium-term notes, repurchase transactions, and derivative transactions entered into by its subsidiaries. The following tables present the balances of guaranteed obligations as of March 31, 2025 and 2026.\n\n \n\n \n  \n\nMarch 31, 2026\n\n \n\n \n  \n\nTransactions\n(1)\n\n  \n\nMillions of yen\n\n \n\nNomura Global Finance Co., Ltd.\n\n  \nBorrowings/Medium term notes/Repurchase transactions\n  \n¥\n2,886,321\n \n\nNomura International Funding Pte. Ltd.\n\n  \nBorrowings/Medium term notes/Repurchase transactions\n  \n \n2,671,311\n\n (2)\n \n\nNomura International plc\n\n  \nBorrowings/Medium term notes/Repurchase transactions\n  \n \n1,120,427\n \n\nNomura Europe Finance N.V\n\n  \nBorrowings/Medium term notes/Repurchase transactions\n  \n \n879,724\n\n (3)\n \n\nNomura International plc\n\n  \nDerivative transactions\n  \n \n743,119\n\n (3)\n \n\nNomura Corporate Funding Americans, LLC\n\n  \nBorrowings/Medium term notes/Repurchase transactions\n  \n \n567,421\n \n\nNomura Bank International plc\n\n  \nBorrowings/Medium term notes/Repurchase transactions\n  \n \n421,515\n \n\nNomura Global Financial Products Inc\n\n  \nDerivative transactions\n  \n \n362,242\n\n (3)\n \n\nNomura America Finance, LLC .\n\n  \nBorrowings/Medium term notes/Repurchase transactions\n  \n \n342,059\n \n\nOthers\n\n  \n\n  \n \n320,558\n \n\n \n\nF-152\n\n[Table of Contents](#toc)\n\n \n  \n\nMarch 31, 2025\n\n \n\n \n  \n\nTransactions\n(1)\n\n  \n\nMillions of yen\n\n \n\nNomura Global Finance Co.,Ltd.\n\n  \nBorrowings/Medium term notes/Repurchase transactions\n  \n¥\n2,695,770\n \n\nNomura International Funding Pte. Ltd.\n\n  \nBorrowings/Medium term notes/Repurchase transactions\n  \n \n1,986,675\n\n (2)\n \n\nNomura Europe Finance N.V\n\n  \nBorrowings/Medium term notes/Repurchase transactions\n  \n \n821,199\n\n (3)\n \n\nNomura International plc\n\n  \nBorrowings/Medium term notes/Repurchase transactions\n  \n \n808,271\n \n\nNomura International plc\n\n  \nDerivative transactions\n  \n \n511,264\n\n (3)\n \n\nNomura Global Financial Products Inc\n\n  \nDerivative transactions\n  \n \n498,813\n\n (3)\n \n\nNomura Bank International plc\n\n  \nBorrowings/Medium term notes/Repurchase transactions\n  \n \n408,259\n \n\nNomura Corporate Funding Americans, LLC\n\n  \nBorrowings/Medium term notes/Repurchase transactions\n  \n \n212,617\n \n\nNomura America Finance, LLC .\n\n  \nBorrowings/Medium term notes/Repurchase transactions\n  \n \n179,734\n \n\nOthers\n\n  \n\n  \n \n280,572\n\n (3)\n \n\n \n\n \n\n(1)\n\nItems recognized as bearing substantially the same obligation of a guarantee of liabilities are included in this note.\n\n(2)\n\nIncludes joint guarantees with Nomura International (Hong Kong) Limited.\n\n(3)\n\nIncludes joint guarantees with Nomura Securities Co., Ltd.\n\nNote D—Dividends from subsidiaries and investees\n\nThe following table presents the cash dividends paid to the parent company from the consolidated subsidiaries and investees accounted for by the equity method for the years ended March 31, 2024, 2025 and 2026. There were no dividends from unconsolidated subsidiaries for the years ended March 31, 2024, 2025 and 2026.\n\n \n\n \n  \n\nMillions of yen\n\n \n\n \n  \n\nYear ended March 31\n\n \n\n \n  \n\n2024\n\n \n  \n\n2025\n\n \n  \n\n2026\n\n \n\nDividends from consolidated subsidiaries\n\n  \n¥\n96,695\n \n  \n¥\n159,452\n \n  \n¥\n181,149\n \n\nDividends from investees accounted for by the equity method\n\n  \n \n11,877\n \n  \n \n15,944\n \n  \n \n18,494\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n¥\n108,572\n \n  \n¥\n175,396\n \n  \n¥\n199,644\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\nF-15\n3\n\n##### Table of Contents\n\nINDEX OF EXHIBITS\n\n \n\nExhibit\n\nNumber\n\n  \n\nDescription\n\n  1.1\n  \n\n[Articles of Incorporation of Nomura Holdings, Inc. (English translation) (filed on June 24, 2022 as an exhibit to the Annual Report on Form 20-F (File No. 001-15270) and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1163653/000119312522180720/d245977dex11.htm)\n\n  1.2\n  \n\n[Share Handling Regulations of Nomura Holdings, Inc. (English translation) (filed on June 28, 2023 as an exhibit to the Annual Report on Form 20-F (File No. 001-15270) and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1163653/000119312523176640/d444472dex12.htm)\n\n  1.3\n  \n\n[Regulations of the Board of Directors of Nomura Holdings, Inc. (English translation) (filed on June 23, 2025 as an exhibit to the Annual Report on Form 20-F (File No. 001-15270) and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1163653/000119312525144222/d909297dex13.htm)\n\n  1.4\n  \n\n[Regulations of the Nomination Committee of Nomura Holdings, Inc. (English translation) (filed on June 23, 2016 as an exhibit to the Annual Report on Form 20-F (File No. 001-15270) and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1163653/000119312516629445/d193644dex14.htm)\n\n  1.5\n  \n\n[Regulations of the Audit Committee of Nomura Holdings, Inc. (English translation) (filed on June 23, 2025 as an exhibit to the Annual Report on Form 20-F (File No. 001-15270) and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1163653/000119312525144222/d909297dex15.htm)\n\n  1.6\n  \n\n[Regulations of the Compensation Committee of Nomura Holdings, Inc. (English translation) (filed on June 27, 2012 as an exhibit to the Annual Report on Form 20-F (File No. 001-15270) and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1163653/000119312512285775/d308396dex16.htm)\n\n  2.1\n  \n\n[Form of Deposit Agreement among Nomura Holdings, Inc., The Bank of New York Mellon as depositary and all owners and holders from time to time of American Depositary Receipts, including the form of American Depositary Receipt (filed on June 11, 2024 as an exhibit to the Registration Statement on Form F-6 (File No. 333-280111) and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1201935/000101915524000169/nomurada.htm)\n\n  2.2\n  \n\n[Description of rights of each class of securities registered under Section 12 of the Securities Exchange Act of 1934 (filed on June 24, 2022 as an exhibit to the Annual Report on Form 20-F (File No. 001-15270) and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1163653/000119312522180720/d245977dex22.htm)\n\n  4.1\n  \n\n[Form of Limitation of Liability Agreement (1)](d116282dex41.htm)\n\n  8.1\n  \n\n[Subsidiaries of Nomura Holdings, Inc.—See Item 4.C. “Organizational Structure” in this annual report.](#item4c)\n\n 11.1\n  \n\n[Nomura Group Code of Conduct (English translation)](d116282dex111.htm)\n\n 11.2\n  \n\n[Nomura Group Code of Ethics for Financial Professionals (English translation) (filed on June 30, 2020 as an exhibit to the Annual Report on Form 20-F (File No. 001-15270) and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1163653/000119312520183187/d894219dex112.htm)\n\n 11.3\n  \n\n[Rules on Trading, etc. of Nomura Holdings Stocks, etc. by Nomura Group’s Officers and Employees (English translation) (filed on June 26, 2024 as an exhibit to the Annual Report on Form 20-F (File No. 001-15270) and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1163653/000119312524168473/d767490dex113.htm)\n\n 11.4\n  \n\n[Nomura Group Personal Account Dealing Policy (English translation) (filed on June 26, 2024 as an exhibit to the Annual Report on Form 20-F (File No. 001-15270) and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1163653/000119312524168473/d767490dex114.htm)\n\n 12.1\n  \n\n[Certification of the principal executive officer required by 17 C.F.R. 240. 13a-14(a)](d116282dex121.htm)\n\n 12.2\n  \n\n[Certification of the principal financial officer required by 17 C.F.R. 240. 13a-14(a)](d116282dex122.htm)\n\n 13.1\n  \n\n[Certification of the chief executive officer required by 18 U.S.C. Section 1350](d116282dex131.htm)\n\n 13.2\n  \n\n[Certification of the chief financial officer required by 18 U.S.C. Section 1350](d116282dex132.htm)\n\n 15.1\n  \n\n[Consent of Ernst & Young ShinNihon LLC, an independent registered public accounting firm](d116282dex151.htm)\n\n 17.1\n  \n\n[Subsidiary Issuer of Registered Guaranteed Securities](d116282dex171.htm)\n\n 97.1\n  \n\n[Nomura Holdings, Inc. Compensation Recovery Policy (filed on June 26, 2024 as an exhibit to the Annual Report on Form 20-F (File No. 001-15270) and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1163653/000119312524168473/d767490dex971.htm)\n\n101.INS\n  \n\nInline XBRL Instance Document - the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document\n\n101.SCH\n  \n\nInline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents\n\n104\n  \n\nCover page formatted as Inline XBRL and contained in Exhibit 101\n\n \n\n(1)\n\nThe Company has entered into Limitation of Liability Agreements substantially in the form of this exhibit with all of its outside directors and director Shoji Ogawa.\n\nThe Company has not included as exhibits certain instruments with respect to our long-term debt. The amount of debt authorized under each such debt instrument does not exceed 10% of our total assets. We will furnish a copy of any such instrument to the SEC upon request.\n\n##### Table of Contents\n\nSIGNATURES\n\nThe registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.\n\n \n\nNOMURA HOLDINGS, INC.\n\nBy:\n \n/s/ KENTARO OKUDA\n\n \nName:\n \nKentaro Okuda\n\n \nTitle:\n \n\nRepresentative Executive Officer,\n\nPresident and Group Chief Executive Officer\n\nDate: June 22, 2026"}