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FORM 6-K
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
Commission File Number: 1-15270
For the month of November 2018
NOMURA HOLDINGS, INC.
(Translation of registrant’s name into English)
9-1, Nihonbashi 1-chome
Chuo-ku, Tokyo 103-8645
Japan
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
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Information furnished on this form:
Exhibit Number
| 1. | Consolidated Results of Operations (US GAAP), Second quarter, year ending March 2019 |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| NOMURA HOLDINGS, INC. | ||||
| Date: November 7, 2018 | By: | /s/ Hajime Ikeda | ||
| Hajime Ikeda | ||||
| Senior Managing Director | ||||
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Connecting Markets East & West © Nomura (US GAAP) October 2018 Consolidated Results of Operations Second quarter, year ending March 2019 Nomura Holdings, Inc.
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Outline
Presentation
Financial Supplement
Executive summary (p. 2-3)
Overview of results (p. 4)
Business segment results (p. 5)
Retail (p. 6-7)
Asset Management (p. 8-9)
Wholesale (p. 10-12)
Non-interest expenses (p. 13)
Robust financial position (p. 14)
Funding and liquidity (p. 15)
Consolidated balance sheet (p. 17)
Value at risk (p. 18)
Consolidated financial highlights (p. 19)
Consolidated income (p. 20)
Main revenue items (p. 21)
Consolidated results: Income (loss) before income taxes by segment and region (p. 22)
Segment “Other” (p. 23)
Retail related data (p. 24-27)
Asset Management related data (p. 28-29)
Wholesale related data (p. 30)
Number of employees (p. 31)
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Executive summary
Highlights: FY2018/19 1H
ï® Net revenue: Y554.9bn (-22% YoY); Income before income taxes: Y14.1bn (-91% YoY); Net loss1: Y6bn; EPS2-Y1.78
ï¼ Wholesale and Retail both slowed due to concerns over US-China trade friction and turmoil in emerging markets  Segment Other reported a loss which impacted firmwide earnings
ï® Three segment income before income taxes totaled Y48.8bn (-61% YoY)
Retail
– Transactions for stocks, investment trusts, foreign bonds and other products slowed as US-China trade friction and the drop in emerging market currencies impacted retail investor sentiment
– Retail client assets around record high level at Y122.8trn and recurring revenue (annualized) topped Y90bn driven partly by efforts to boost client assets
Asset Management
– Continued business growth and record-high assets under management driven by ongoing inflows and market factors
– Overall results impacted as gain/loss related to American Century Investments negatively affected QoQ
Wholesale
– Fixed Income revenues were muted, particularly in Rates, Credit and EM FX, due to turmoil in emerging markets as a result of US rate hikes, lower volatility and slower client activity
ï® Shareholder returns
– Dividend per share: Y3
1. Net income (loss) attributable to Nomura Holdings shareholders. 2
2. Diluted net income (loss) attributable to Nomura Holdings shareholders per share
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Executive summary
Income before income taxes and net Highlights: FY2018/19 2Q income (loss)1
ï® Slower performance in Retail and Wholesale and loss* in segment Other led to lower firmwide Firm-wide (billions of yen) earnings QoQ Income before income taxes
- Net revenue: Y282.9bn (+4% QoQ); Income before income taxes: Y0.5bn (-97% QoQ) ; Net loss1: 120.8
Net income (loss)
Y11.2bn; EPS2: -Y3.32
83.0 88.0 77.4
*Main factors contributing to segment Other loss
56.9
46.9
 Expenses related to settlement with US DoJ over legacy transactions -Y19.8bn 51.9
22.7
 Recognition of FX translation adjustment due to progress in winding up 13.6
-Y7bn 5.2 0.5 subsidiary in Middle East & North Africa
-11.2
 Loss related to economic hedging -Y16bn
FY2017/18 FY2018/19
1Q 2Q 3Q 4Q 1Q 2Q
ï® Three segment income before income taxes of Y26bn (+14% QoQ)
Three segment income (loss) before income taxes
Retail
– Retail investor sentiment worsened on the back of a fall in emerging markets currencies and ongoing Wholesale market uncertainty; Sales of secondary stocks, investment trusts, and bonds were soft Asset Management
– Initiatives to increase client assets gained traction and contributed to net inflows of cash and 76.9 Retail securities 63.8 63.0 66.2 Asset Management
– Inflows and market factors combined to lift assets under management to record high 22.8 to last quarter 26.0
– Gain/loss related to American Century Investments negatively affected compared
Wholesale
– Fixed Income improved in Japan and AEJ driven by return of volatility and uptick in client activity; FY2017/18 FY2018/19 EMEA and the Americas remained slow
1Q 2Q 3Q 4Q 1Q 2Q
1. Net income (loss) attributable to Nomura Holdings shareholders. 3
2. Diluted net income (loss) attributable to Nomura Holdings shareholders per share
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Overview of results
Highlights
(billions of yen, except EPS and ROE)
FY2018/19 FY2018/19
QoQ YoY YoY
2Q 1H
Net revenue 282.9 +4% -20% 554.9 -22% Non-interest expenses 282.5 +9% +5% 540.8 -2% Income before income taxes 0.5 -97% -99% 14.1 -91% Net income (loss)1 -11.2 — -6—EPS 2 -Y3.32 — -Y1.78—
ROE 3 —
1. Net income (loss) attributable to Nomura Holdings shareholders.
2. Diluted net income (loss) attributable to Nomura Holdings shareholders per share. 4
3. Calculated using annualized net income attributable to Nomura Holdings shareholders for each period.
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Business segment results
Net revenue and income (loss) before income taxes
FY2018/19 FY2018/19
2Q QoQ YoY 1H YoY
Net revenue Retail 85.7 -8% -16% 178.5 -12% Asset Management 24.7 -5% -30% 50.8 -20% Wholesale 147.7 8% -7% 284.9 -16% Subtotal 258.1 1% -13% 514.3 -15% Other* 26.0 89% -51% 39.7 -62% Unrealized gain (loss) on investments in equity -1.1 — 0.9 -66% securities held for operating purposes Net revenue 282.9 4% -20% 554.9 -22%
Income (loss) Retail 12.2 -39% -52% 32.1 -36% before income Asset Management 8.9 -13% -56% 19.2 -44% taxes Wholesale 4.9—-71% -2.5 -Subtotal 26.0 14% -59% 48.8 -61% Other* -24.5 — -35.7 -Unrealized gain (loss) on investments in equity -1.1 — 0.9 -66% securities held for operating purposes
Income before income taxes 0.5 -97% -99% 14.1 -91%
*Additional information on “Other” (2Q) ï® Expenses related to settlement with US DoJ over legacy transactions (-Y19.8bn)
ï® Recognition of FX translation adjustment due to progress in winding up subsidiary in Middle East & North Africa (-Y7bn) ï® Loss related to economic hedging (-Y16bn) ï® Gain on changes to own and counterparty credit spread relating to Derivatives (Y1.2bn)
5
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Retail
Net revenue and income before income taxes Key points
(billions of yen) ï® Net revenue: Y85.7bn (-8% QoQ; -16% YoY)
ï® Income before income taxes: Y12.2bn (-39% QoQ; -52% YoY)
FY2017/18 FY2018/19
ï® Net revenue and income before income taxes both down QoQ
QoQ YoY
- Retail investor sentiment weakened as emerging markets currencies
2Q 3Q 4Q 1Q 2Q dropped and market conditions remained uncertain; Sales of secondary stocks, investment trusts and bonds were soft
Net revenue 101.8 111.3 98.2 92.8 85.7 -8% -16%
ï® Retail client assets around record high level driven by market factors and positive contribution from net inflows of cash and securities
Non-interest expenses 76.2 80.0 76.7 72.9 73.5 +1% -4% ï® Client franchise Sep / 2Q Jun / 1Q
Y122.8trn Y118.6trn
- Retail client assets
Income before income taxes 25.5 31.3 21.4 19.9 12.2 -39% -52% balance 5.32m 5.32m
- Accounts with
NISA accounts opened (accumulated)1 1.67m 1.65m
-
Net inflows of cash and securities2 Y681.6bn -Y36.5bn
Total sales3 -
(billions of yen) Total sales3 declined 13% QoQ
Stocks Bonds Investment trusts Discretionary investments, Insurance products
4,000
ï® Stocks: -7% QoQ
– Subscriptions for primary stocks4 increased (Y105.9bn; 2.3x QoQ), but sales 3,000 of secondary stocks were sluggish
ï® Investment trusts: -13% QoQ
2,000
– Retail clients continued to take wait-and-see approach and sales of investment trusts declined 1,000 – Inflows into products with US stocks driven by solid US economy
ï® Bonds: Y414.8bn; -33% QoQ
0
FY2017/18 FY2018/19 – Sales of EM bonds declined due to fall in EM currencies
2Q 3Q 4Q 1Q 2Q – Sales of JGBs for individual investors remained solid despite declining QoQ
1. Includes Junior NISA. 2. Cash and securities inflows minus outflows, excluding regional financial institutions. 6
ï® Sales of discretionary investments and insurance increased 12% QoQ
3. Retail channels only. 4. Retail channels, Net & Call, and Hotto Direct
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Retail: Continue to focus on increasing client assets
Recurring revenue
(billions of yen)
Recurring revenue (annualized, adjusted basis) Net inflows and market
Recurring revenue cost coverage ratio (rhs)ï® into discretionary investments factors helped lift 31% annualized recurring revenue to Y90.9bn
100.0 31% 31%
28% 28% 29% – Maintained recurring revenue cost coverage ratio of
30%
80.0 Sep / 2Q Jun / 1Q
20%ï® Recurring revenue Y22.9bn Y22.5bn
60.0
89.2 90.0 90.4 90.9 – Investment trust net inflows1 -Y60.2bn -Y23.9bn
84.4
40.0 10% – Discretionary investment net inflows1 Y83.8bn Y57.8bn ï® Sales of insurance products2 Y46.8bn Y51.7bn
20.0 0%
FY2017/18 FY2018/19 ï® Inflows of cash and securities2 Y1,039.7bn Y1,062.2bn
2Q 3Q 4Q 1Q 2Q
Discretionary investment AuM Net inflows of cash and securities3
(billions of yen) (billions of yen) Quarterly net inflows1
700 ï® JGBs for individual investors (higher cash ratio)
2,843.8 681.6
2,716.2 83.8 ï® Primary bond sales (higher cash ratio) 2,682.2 400ï® IPO subscriptions
2,662.8
57.8 ï® Large deposits of stocks, etc. 2,557.9 79.4 58.8 27.6 200 2,500
0
-14.0 -36.5 -77.8 -200 -196.1
2,000 FY2017/18 FY2018/19 FY2017/18 FY2018/19
2Q / Sep 3Q / Dec 4Q / Mar 1Q / Jun 2Q / Sep 2Q 3Q 4Q 1Q 2Q
1. Retail channels and Japan Wealth Management Group. 7
2. Retail channels only. 3. Cash and securities inflows minus outflows, excluding regional financial institutions
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Asset Management
Net revenue and income before income taxes1 Key points
(billions of yen) ï® Net revenue: Y24.7bn (-5% QoQ; -30% YoY)
ï® Income before income taxes: Y8.9bn (-13% QoQ; -56% YoY)
FY2017/18 FY2018/19
QoQ YoY—Market factors combined with ongoing inflows into ETFs and investment
2Q 3Q 4Q 1Q 2Q advisory to lift AuM to a record high
Net revenue 35.4 36.5 27.3 26.1 24.7 -5% -30%—Gain/loss related to American Century Investments negatively affected QoQ
Non-interest expenses 15.0 15.7 16.0 15.8 15.8 -0.2% +5%
Investment trust business
Income before income taxes 20.5 20.8 11.3 10.3 8.9 -13% -56% ï® Inflows into ETFs and privately placed funds for financial institutions
– ETFs: Expanded product offering to meet diverse client needs
Assets under management (net)2
(AuM: Y16.8trn; total of 57 funds)
(trillions of yen)
– Privately placed funds for financial institutions: Won mandates primarily
Investment trust business Investment advisory business
52.8 from regional financial institutions
50.7 50.0 50.8
48.0
ï® Publicly offered funds (excluding ETFs): Inflows into Nomura Japan Record 16.4 15.9 16.2 16.8 15.9 Profit Company Stock Fund, but overall outflows
Investment advisory business and international businesses
32.1 34.3 34.1 34.7 36.0
ï® AuM growth in Japan driven by mandate for Japan equities from public pension fund
FY2017/18 FY2018/19 ï® International business reported inflows into US high-yield products and Sep Dec Mar Jun Sep UCITS3 funds
1. Figures from FY2018/19 1Q onwards do not include Nomura Fund Research and Technologies. 2. Net after deducting duplications from assets under management (gross) of Nomura Asset
Management, Nomura Funds Research and Technologies, Nomura Corporate Research and Asset Management, and Wealth Square. Figures from June 2018 do not include Nomura Fund Research and Technologies. 8
3. Undertakings for Collective Investment in Transferable Securities
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Asset Management: Ongoing inflows and steady growth in AuM in DC funds
Nomura Asset Management share of public investment trust Flow of funds1 market2
(billions of yen) 28.0%
Investment trust business Investment advisory business 27.4% 27.3% 27.3% 1,404 26.9% 1,500 248 26.4% 982 1,000 96 718 26.0% 1,156 372 436 500 886 773 156 109 263 280 0 -55 -500 24.0%
FY2017/18 FY2018/19 FY2017/18 FY2018/19
2Q 3Q 4Q 1Q 2Q Sep Dec Mar Jun Sep
Flow of funds in investment trust business1 DC funds
(billions of yen) MRFs (billions of yen)
Investment trust business ETF ï® Increase in number of corporate AuM in DC funds (excl. ETFs) Other investment trusts (excl. ETFs)
2,000 DC fund participants and broader
1,740
1,500 scope of population qualifying for 957.4 individual DC (iDeCo) has 860.7
1,000 906 734.1
510 supported steady AuM growth 615.7 636.7
500 193
147
580 ï® Products that help investors build
0 116
-19 -230 their assets over the long term in
-500 -584 line with their risk appetite such as
-1,000 target year funds contributed to
FY2017/18 FY2018/19
AuM growth Mar.15 Mar.16 Mar.17 Mar.18 Sep.18
2Q 3Q 4Q 1Q 2Q
1. Based on assets under management (net) 9
2. Source: The Investment Trusts Association, Japan
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Wholesale
Net revenue and income (loss) before income taxes Key points
(billions of yen) Net revenue: Y147.7bn (+8% QoQ; -7% YoY)
ï®
FY2017/18 FY2018/19 QoQ YoY ï®Income before income taxes: Y4.9bn (-71% YoY)
2Q 3Q 4Q 1Q 2Q
ï®Stronger net revenue QoQ
Global Markets 133.3 137.6 180.0 112.2 123.8 +10% -7%—Fixed Income revenues improved in Japan and AEJ as volatility returned and client activity increased; Equities revenues remained roughly unchanged QoQ
Investment Banking 25.6 28.1 31.4 25.1 23.9 -5% -7%
- Investment Banking revenues declined on a contraction in revenue
Net revenue 159.0 165.6 211.4 137.3 147.7 +8% -7% opportunities
ï®Commissions and floor brokerage and expenses related to deferred Non-interest expenses 142.0 151.6 167.2 144.7 142.7 -1% +1% compensation mostly recognized last quarter were both down QoQ
Income (loss) before income
17.0 14.0 44.2 -7.4 4.9—-71% Net revenue by region (QoQ; YoY) taxes
ï®Japan: Y59.9bn (+44%; +8%)
Net revenue by region—Global Markets revenues increased QoQ driven by Rates and Equity Derivatives (billions of yen)—Investment Banking revenues also grew QoQ
200.0ï®Americas: Y42.9bn (-14%; -11%)
68.1—Fixed Income revenues were impacted by softer client activity and credit spread widening, Equities remained resilient, while declined from previous
150.0
48.3 53.2 quarter
42.9 Americas
48.1 49.9 100.0 30.8 27.6 EMEA
24.5 ï®EMEA: Y24.5bn (-16%; -20%)
18.5 32.1 29.2
24.3 20.3—Fixed Income had a slow quarter mainly in Rates and Credit, and Equities
AEJ
50.0 16.7 revenues also declined QoQ
55.6 66.4 63.0 59.9
41.5 Japan
0.0 FY2017/18 FY2018/19 ï®AEJ: Y20.3bn (+21%; -17%)
- Fixed income performance improved on a rebound in Credit and EM FX
2Q 3Q 4Q 1Q 2Q
1. FY2017/18 figures for Fixed Income, Equities and Investment Banking have been restated based on a reorganization in April 2018.
2. On April 1, 2018, Nomura adopted Accounting Standards Update 2014-09 “Revenue from Contracts with Customers” and revenues and expenses related to certain Execution Services transactions are now shown as net value 10 rather than gross value. As a result, revenues and expenses for FY2018/19 1Q and 2Q both declined by approx. 4.6 billion yen and approx. 4.1 billion yen respectively.
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Wholesale: Global Markets
Net revenue1 FY2018/19 2Q net revenue by region
(billions of yen) Equities changes in
Fixed Income 180.0 accounting policies2 YoY QoQ
Global Markets 137.6 Global
133.3 QoQ
123.8 Markets Fixed Income Equities
84.4 112.2 +10%
57.9 60.9 54.2 YoY
54.5 -7% Americas
95.7
75.5 76.7 69.6
57.7 EMEA
FY2017/18 FY2018/19
AEJ
2Q 3Q 4Q 1Q 2Q
Key points Japan
ï® Net revenue: Y123.8bn (+10% QoQ; -7% YoY) 0% ~ ±5% ±5% ~ ±15% ±15% ~
- Fixed Income performance improved driven by Japan and AEJ, while ï® Americas: In Fixed Income, Rates slowed on continued low volatility and Equities revenues remained steady Credit was weighed down by weakness in emerging markets; Equities slowed in both Cash and Derivatives due to low volumes and volatility Fixed Income ï® EMEA: Fixed Income performance improved in FX & EM, while Rates and Credit declined as client activity slowed on uncertainties surrounding Brexit ï® Net revenue: Y69.6bn (+21% QoQ; -8% YoY) renegotiations and Italian economy; Equities reported a slowdown in Cash—Increased volatility and client activity led to robust performance in Equities due to lower volumes Japan Rates products, while FX & EM also improved ï® AEJ: Equities revenues declined on weaker performance in Derivatives; Equities Fixed Income improved driven by Credit, leveraging opportunities from ï® Net revenue: Y54.2bn (-1% QoQ; -6% YoY) market recovery ï® Japan: Fixed Income saw improvement in Rates due to increased volatility—Lower market volumes impacted Cash Equities; Derivatives revenues from BoJ policy tweak and uptick in client activity, while Equities reported declined in Americas and AEJ, but improved in Japan growth in Derivatives
1. FY2017/18 figures for Fixed Income, Equities and Investment Banking have been restated based on a reorganization in April 2018.
2. On April 1, 2018, Nomura adopted Accounting Standards Update 2014-09 “Revenue from Contracts with Customers” and revenues and expenses related to certain Execution Services transactions are now shown as net value 11 rather than gross value. As a result, revenues and expenses for FY2018/19 1Q and 2Q both declined by approx. 4.6 billion yen and approx. 4.1 billion yen respectively.
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Wholesale: Investment Banking
Cross-border deals
Net revenue1 Winning Asia-related cross-border mandates
(billions of yen) AEJ-related cross-border ï® Global collaboration led to multiple 31.4 mandates 28.1 ï® Continued to provide client-centric services such as M&A-related
QoQ
25.6 25.1 financing
23.9 -5%
YoY SoftBank’s TOB of Yahoo Japan Unicharm’s acquisition of DSG -7% shares and Yahoo Japan’s share Cayman (Thailand) buyback M&A ($530m) (Y221.4bn/Y220.0bn)
etc.
TAL Dai-ichi Life Australia’s
AGC’s acquisition of Park Electro- acquisition of Suncorp Life & chemical’s (US) Electronics business
Superannuation (Australia)
($145m)
(AUD 640m)
FY2017/18 FY2018/19
Financing on Carlyle Group’s (US) Sale of X-Elio Energy’s (Spain)
2Q 3Q 4Q 1Q 2Q acquisition of AkzoNobel’s
(Netherlands) Specialty Chemicals Japanese portfolio of solar power Key points business energy plants to a consortium
(€7.3bn) ($700m)
ï® Net revenue: Y23.9bn (-5% QoQ; -7% YoY)
- EMEA and Americas revenues declined amid a contraction in global revenue opportunities, while Japan and AEJ delivered resilient performance ï® Continuing to support our clients’ global financing needs
- Slowdown in revenues from the M&A and Solutions businesses
Japan World Asahi Intecc Global IPO PO
 Cross-border M&A and DCM deals contributed to stronger revenues, (Y53.6bn) (Y22.5bn) increased both QoQ and YoY ECM /  Ranked 1st in the Japan ECM league table2 DCM JBIC Seven & i Holdings
International USD denominated bond USD denominated bond Revenues from ($3.5bn) ($600m)
 M&A-related financing declined in the Americas, but increased in EMEA and AEJ BNP Paribas Republic of the Philippines
 Revenues from the Solutions business increased in the Americas, but Euro-Yen (TLAC) bond Samurai bond
(Y102.0bn) (Y154.2bn) decreased in EMEA and AEJ compared to a strong prior quarter
1. FY2017/18 figures for Fixed Income, Equities and Investment Banking have been restated based on a reorganization in April 2018. 12
2. Source: Thomson Reuters; Jan 2018 – Sep 2018 period
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Non-interest expenses
Full year Quarter Key points
(billions of yen) (billions of yen) ï®
Non-interest expenses: Y282.5bn 1,500 (+9% QoQ)
400
Other 1,168.8 – Compensation and benefits (-1% QoQ)
1,080.4 331.1 Decline
 in expenses related to 285.9 282.5 300 deferred compensation which were
Business development 1,000 268.5 258.4 expenses mostly booked last quarter
Occupancy and related depreciation 200 – Commissions and floor brokerage (-6%
Information processing and QoQ) communications 500 Declined in line with trading volume
Commissions and floor 100 brokerage¹ QoQ)
– Other (+63%
Compensation and Expenses related to settlement with benefits 0 US DoJ over legacy transactions
0 (Y19.8bn)
FY2017/18 FY2018/19 Booked expenses related to FX
FY2016/17 FY2017/18 QoQ
2Q 3Q 4Q 1Q 2Q translation adjustment stemming from progress in winding up subsidiary in
Compensation and benefits 496.4 530.6 122.0 131.4 141.0 127.7 125.8 -1.5% Middle East & North Africa (Y7bn) Commissions and floor brokerage1 94.5 99.9 25.2 25.3 25.6 20.9 19.6 -6.5%
Inf ormation processing and communications 175.3 184.8 47.3 49.0 43.9 41.0 40.5 -1.1%
Occupancy and related depreciation 69.8 67.9 17.2 16.8 16.8 16.4 16.5 0.5% Business development expenses 35.1 36.8 7.8 9.8 10.7 8.9 9.3 5.0% Other 209.3 248.9 48.9 53.6 93.1 43.5 70.8 62.7% Total 1,080.4 1,168.8 268.5 285.9 331.1 258.4 282.5 9.3%
1. On April 1, 2018, Nomura adopted Accounting Standards Update 2014-09 “Revenue from Contracts with Customers” and revenues and expenses related to certain Execution Services transactions are now shown as net value 13 rather than gross value. As a result, revenues and expenses for FY2018/19 1Q and 2Q both declined by approx. 4.6 billion yen and approx. 4.1 billion yen respectively.
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Robust financial position
Balance sheet related indicators1 and capital ratios RWA and CET 1 capital ratio4
Mar 2018 Jun 2018 Sep 2018 (trillions of yen) RWA (Basel 3) (lhs) CET1 capital ratio (Basel 3) (rhs)
20.0 17.4% 17.3% 16.9% 20.0%
ï® Total assets Y40.3trn Y42.8trn Y45.4trn 16.5% 16.1%
ï® Shareholders’ equity Y2.7trn Y2.8trn Y2.8trn 15.0 15.0%ï® Gross leverage 14.7x 15.3x 16.2x
10.0 10.0%
Net leverage2 8.8x 9.1x 9.1x
3 5.0 5.0%
ï® Level 3 assets
Y0.5trn Y0.5trn Y0.6trn (net)
0.0 0.0%
ï® Liquidity portfolio Y4.6trn Y5.1trn Y5.0trn FY2017/18 FY2018/19 Sep Dec Mar Jun Sep (billions of yen) Mar June Sep3
Basel 3 basis 2018 2018 2018
Level 3 assets3 and Net Level 3 assets/Tier 1 capital
Tier 1 capital 2,666 2,711 2,712
Tier 2 capital 66 61 61 (billions of yen)
Total capital 2,733 2,772 2,773 Level 3 Assets Net Level 3 Assets Net Level 3 Assets / Tier 1 Capital
800 30%
RWA 15,122 15,801 15,029
Tier 1 capital ratio 17.6% 17.2% 18.0% 600 18% 20%
18% 18% 20%
4 16%
CET 1 capital ratio 16.5% 16.1% 16.9%
400
Consolidated capital adequacy
18.0% 17.5% 18.4% 10% ratio 200 Consolidated leverage ratio5 4.77% 4.59% 4.44%
6 0 0%
HQLA Y4.0trn Y4.1trn Y4.4trn FY2017/18 FY2018/19 LCR6 153.6% 184.8% 191.1% Sep Dec Mar Jun Sep
1. Balance sheet as of Mar 2018 was revised. Please refer to page 17 for further details.
2. Net leverage: Total assets minus securities purchased under agreements to resell and securities borrowed, divided by Nomura Holdings shareholders’ equity. 3. September 2018 is preliminary.
4. CET 1 capital ratio is defined as Tier 1 capital minus Additional Tier 1 capital divided by risk-weighted assets. 14
5. Tier1 capital divided by exposure (sum of on-balance sheet exposures and off-balance sheet items). 6. Daily average for each quarter.
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Funding and liquidity
Balance sheet
Balance sheet structure (As of September 2018)
Assets Liabilities and equity
ï® Highly liquid, healthy balance sheet 2
Unsecured funding
structure
– 79% of assets are highly liquid unsecured funding ® Approx. 80% of is trading and related assets that are long-term debt marked-to-market and matched to Diversified sources of funding
®
trading and related liabilities through Short-term debt repos etc. (regionally and by Trading liabilities 18%
Long-term debt due currency) and related1 Trading assets within 1yr, 4%
– Other assets are funded by equity 1 and related International and long-term debt, ensuring structural stability 26% Loans
(incl. Bank subordinated) lending Long-term market Liquidity portfolio2 Other liabilities debt, 78% Euro MTN/Yen, Retail Average retail bonds, etc.
Short-term borrowings market maturity Japan 7.4 years3
Cash and cash deposits Long-term
® Liquidity portfolio: borrowings 74% Euro
– Y5.0trn, or 11% of total assets Other assets MTN/Other, Wholesale
Total equity wholesale market
– Maintain a high quality liquidity bonds, etc. portfolio surplus without the need for additional unsecured funding Breakdown of Long-term Funding of short-term/long- debt by long-term over a certain period term debt region debt
1. Trading assets and related: Reverse repo, securities, derivatives, etc. Trading liabilities and related: Repo, securities loaned, derivatives, etc.
2. Definition differs from financial disclosures reflecting Liquidity Management’s view. Cash and cash deposits portion of liquidity portfolio excludes funds on deposit at exchanges and segregated client funds. 15
3. Excludes long-term debt due within one year. Redemption schedule is individually estimated by considering the probability of redemption under certain stressed scenarios.
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Financial Supplement
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Consolidated balance sheet
Consolidated balance sheet1
(billions of yen) Mar 31, Sep 30, Increase Mar 31, Sep 30, Increase 2018 2018 (Decrease) 2018 2018 (Decrease)
Assets Liabilities
Total cash and cash deposits 2,959 3,464 505 Short-term borrowings 743 980 237 Total payables and deposits 3,568 3,924 357 Total loans and receivables 3,875 3,583 -292 Total collateralized financing 16,697 20,437 3,740 Trading liabilities 8,203 8,600 397 Total collateralized agreements 16,238 19,922 3,685 Other liabilities 951 878 -73 Long-term borrowings 7,383 7,694 312
Total trading assets2 and private
14,980 16,102 1,122 Total liabilities 37,544 42,514 4,970 equity investments
Total other assets 2,292 2,288 -4 Equity
Total NHI shareholders’ equity 2,749 2,801 51
Noncontrolling interest 51 45 -5
Total assets 40,344 45,360 5,016 Total liabilities and equity 40,344 45,360 5,016
1. Cash margin collected from clients and remitted to central clearing houses was reflected on Nomura’s consolidated balance sheets. However, with effect from April 1, 2018, revisiting nature of the transactions, Nomura has revised its accounting policy for when such balances are recognized on Nomura’s consolidated group balance sheet and as a result, certain cash margin amounts held on behalf of clients as well as an equivalent amount reflecting the obligation to return such amounts to clients are no longer recognized on the balance sheet if certain criteria are met. Nomura has restated previously reported amounts of Receivables from other than customers decreased by 237.0 billion yen and Payables to other than customers decreased by 237.0 billion yen, respectively, to conform to the current presentation. Also, daily variation margin for certain derivative transactions traded in Japan was reflected on Nomura’s consolidated balance sheets. However, from April 1, 2018, Nomura changed its accounting policy as a result of amendment of the rules of a specific central clearing house and daily variation margin is now off-balanced. Nomura has restated previously report amounts of Trading assets decreased by 4.9 billion yen, Receivables from other than customers decreased by 5.5 billion yen and Trading liabilities decreased by 10.4 billion yen respectively to 17 conform to the current presentation. 2. Including securities pledged as collateral.
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Value at risk
ï® Definition ï® From April 1, 2018, to September 30, 2018 (billions of yen)—99% confidence level—Maximum: 6.1—1-day time horizon for outstanding portfolio—Minimum: 3.1—Inter-product price fluctuations considered—Average: 4.4
(billions of yen) FY2016/17 FY2017/18 FY2017/18 FY2018/19 Mar Mar Sep Dec Mar Jun Sep Equity 0.7 1.2 0.8 1.2 1.2 2.2 2.1 Interest rate 2.7 3.1 3.0 2.7 3.1 2.9 2.9 Foreign exchange 1.7 3.2 2.1 2.6 3.2 2.3 2.2 Sub-total 5.0 7.5 5.9 6.5 7.5 7.4 7.2 Diversification benefit -1.7 -1.1 -1.7 -1.3 -1.1 -2.9 -2.7 VaR 3.3 6.4 4.3 5.2 6.4 4.5 4.5
18
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Consolidated financial highlights
Full year Quarter
(billions of yen) (billions 100 of yen) 9.3% 10%
300 10%
8.7% 7.9%
7.7%
7.9% 80 8%
Net income 8% attributable to
Nomura Holdings, 200 60 6% Inc. (‘‘NHI’’) 6% 239.6 88.0 shareholders
40 4%
ROE(%) 4% 51.9
100 219.3 20 0.8% 2% 22.7 5.2
2%
0 0%
0 0% -20 -11.2
FY2017/18 FY2018/19 FY2016/17 FY2017/18 2Q 3Q 4Q 1Q 2Q
Net revenue 1,403.2 1,497.0 351.5 406.6 378.0 272.0 282.9
Income before income taxes 322.8 328.2 83.0 120.8 46.9 13.6 0.5 Net income attributable to Nomura Holdings, Inc.
239.6 219.3 51.9 88.0 22.7 5.2 -11.2 (“NHI”) shareholders Total NHI shareholders’ equity 2,789.9 2,749.3 2,836.2 2,841.7 2,749.3 2,797.2 2,800.8
ROE (%)1 8.7% 7.9% 7.7% 9.3% 7.9% 0.8% -Basic-Net income attributable to NHI
67.29 63.13 14.70 25.55 6.68 1.54 -3.31 shareholders per share (yen) Diluted-Net income attributable to NHI
65.65 61.88 14.45 25.12 6.56 1.50 -3.32 shareholders per share (yen) Total NHI shareholders’ equity per share (yen) 790.70 810.31 813.57 835.72 810.31 822.88 828.02
19
1. Quarterly ROE is calculated using annualized year-to-date net income.
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Consolidated income
Full year Quarter
(billions of yen) FY2017/18 FY2018/19 FY2016/17 FY2017/18
2Q 3Q 4Q 1Q 2Q
Revenue
Commissions1 327.1 373.3 85.3 101.7 95.4 79.5 74.8 Fees from investment banking 92.6 101.7 27.1 29.3 22.6 24.0 19.1 Asset management and portfolio service fees 216.5 245.6 61.2 63.8 62.3 63.0 62.7 Net gain on trading 475.6 442.9 88.4 87.7 146.3 71.9 75.8 Gain (loss) on private equity investments 1.4 -0.9 -0.3 -2.4 1.5 0.6 0.3 Interest and dividends 441.0 585.7 141.6 161.4 148.2 169.6 188.7 Gain (loss) on investments in equity securities 7.7 2.7 3.1 4.5 -5.0 2.1 -1.1 Other 153.6 221.2 56.0 84.6 39.9 20.5 28.1 Total revenue 1,715.5 1,972.2 462.4 530.6 511.2 431.0 448.4 Interest expense 312.3 475.2 110.9 124.0 133.2 159.0 165.5 Net revenue 1,403.2 1,497.0 351.5 406.6 378.0 272.0 282.9 Non-interest expenses1 1,080.4 1,168.8 268.5 285.9 331.1 258.4 282.5 Income before income taxes 322.8 328.2 83.0 120.8 46.9 13.6 0.5 Net income attributable to NHI shareholders 239.6 219.3 51.9 88.0 22.7 5.2 -11.2
1. On April 1, 2018, Nomura adopted Accounting Standards Update 2014-09 “Revenue from Contracts with Customers” and revenues and expenses related to certain Execution Services transactions are now shown 20 as net value rather than gross value. As a result, revenues and expenses for FY2018/19 1Q and 2Q both declined by approx. 4.6 billion yen and approx. 4.1 billion yen respectively
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Main revenue items
Full year Quarter
FY2017/18 FY2018/19 (billions of yen) FY2016/17 FY2017/18
2Q 3Q 4Q 1Q 2Q
Stock brokerage commissions1 210.0 243.8 54.6 68.4 63.8 50.2 47.4 Other brokerage commissions 15.1 17.0 3.2 4.3 6.0 4.1 3.4
Commissions Commissions for distribution of investment trusts 75.1 85.7 20.9 22.1 19.5 17.8 15.6
Other 26.9 26.9 6.6 6.9 6.2 7.3 8.4 Total 327.1 373.3 85.3 101.7 95.4 79.5 74.8
Equity underwriting and distribution 22.4 23.2 10.5 5.2 4.1 5.8 5.9 Bond underwriting and distribution 16.9 16.3 4.4 4.9 3.4 6.2 4.6 Fees from M&A / Financial advisory fees 34.4 39.3 8.2 13.7 9.1 7.3 5.6
investment banking
Other 18.9 22.9 4.0 5.5 6.0 4.7 3.0 Total 92.6 101.7 27.1 29.3 22.6 24.0 19.1
Asset management Asset management fees 148.7 170.4 42.5 43.9 44.1 43.6 43.4 Administration fees 50.2 57.9 14.3 15.5 14.1 15.2 15.3
and portfolio service
Custodial fees 17.6 17.3 4.4 4.3 4.2 4.1 4.0
fees
Total 216.5 245.6 61.2 63.8 62.3 63.0 62.7
1. On April 1, 2018, Nomura adopted Accounting Standards Update 2014-09 “Revenue from Contracts with Customers” and revenues and expenses related to certain Execution Services transactions are now shown 21 as net value rather than gross value. As a result, revenues and expenses for FY2018/19 1Q and 2Q both declined by approx. 4.6 billion yen and approx. 4.1 billion yen respectively.
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Consolidated results: Income (loss) before income taxes by segment and region
Adjustment of consolidated results and segment results: Income (loss) before income taxes Full year Quarter
FY2017/18 FY2018/19 (billions of yen) FY2016/17 FY2017/18
2Q 3Q 4Q 1Q 2Q
Retail 74.8 103.1 25.5 31.3 21.4 19.9 12.2 Asset Management1 42.3 66.2 20.5 20.8 11.3 10.3 8.9 Wholesale 161.4 100.6 17.0 14.0 44.2 -7.4 4.9 Three business segments total 278.6 269.9 63.0 66.2 76.9 22.8 26.0 Other1 37.6 56.4 17.3 50.4 -25.0 -11.2 -24.5 Segments total 316.2 326.3 80.3 116.6 51.9 11.6 1.6 Unrealized gain (loss) on investments in equity 6.6 1.9 2.7 4.2 -5.0 2.0 -1.1 securities held for operating purposes Income (loss) before income taxes 322.8 328.2 83.0 120.8 46.9 13.6 0.5
Geographic information: Income (loss) before income taxes2
Full year Quarter
FY2017/18 FY2018/19 (billions of yen) FY2016/17 FY2017/18
2Q 3Q 4Q 1Q 2Q
Americas 50.0 -8.8 -1.5 10.8 -26.0 -1.7 -21.6 Europe 14.4 -14.7 -1.4 -16.5 0.9 -5.2 -11.6 Asia and Oceania 23.7 22.8 3.7 7.4 6.4 -0.8 1.0 Subtotal 88.1 -0.7 0.9 1.7 -18.7 -7.7 -32.2 Japan 234.7 328.8 82.2 119.1 65.6 21.3 32.6 Income (loss) before income taxes 322.8 328.2 83.0 120.8 46.9 13.6 0.5
1. From FY2018/19 1Q, Nomura Funds Research and Technologies has been moved from Asset Management to segment Other. 22
2. Geographic information is based on U.S. GAAP. (Figures are preliminary for the three months ended September 30, 2018). Nomura’s revenues and expenses are allocated based on the country of domicile of the legal entity providing the service. This information is not used for business management purposes.
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Segment “Other”
Income (loss) before income taxes
Full year Quarter
(billions of yen)
80.0
56.4
60.0 50.4
37.6
40.0
20.0 17.3
0.0
-20.0 -11.2
-24.5
-40.0 -25.0
1 2 1 2 3 4 5
FY2017/18 FY2018/19 FY2016/17 FY2017/18 2Q 3Q 4Q 1Q 2Q
Net gain (loss) related to economic
-7.3 -6.5 0.6 -8.0 1.7 -13.8 -16.0 hedging transactions Realized gain (loss) on investments in equity
1.1 0.8 0.3 0.4 0.0 0.0 0.0 securities held for operating purposes Equity in earnings of affiliates 32.3 34.2 8.4 7.8 11.0 6.6 8.5 Corporate items -6.4 -41.9 1.6 -3.4 -40.2 -2.5 -23.7 Others 17.9 69.7 6.4 53.7 2.6 -1.6 6.7 Income (loss) before income taxes 37.6 56.4 17.3 50.4 -25.0 -11.2 -24.5
23
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Retail related data (1)
Full year Quarter
(billions of yen) FY2017/18 FY2018/19
FY2016/17 FY2017/18 2Q 3Q 4Q 1Q 2Q QoQ YoY Commissions 171.8 192.7 43.8 54.1 47.5 40.8 36.8 -9.7% -15.9% Of which, stock brokerage commission 62.8 82.2 17.2 25.4 21.7 16.8 15.3 -9.4% -11.2% Of which, commissions for distribution of investment trusts 82.3 87.1 21.3 22.6 19.5 18.5 15.6 -15.4% -26.6% Sales credit 85.3 91.5 25.7 23.8 17.5 18.9 15.5 -18.4% -39.9% Fees from investment banking and other 27.3 26.0 7.5 6.6 6.1 6.0 7.0 17.9% -6.0% Investment trust administration fees and other 81.8 93.6 23.0 24.2 24.0 24.4 24.0 -1.7% 4.1% Net interest revenue 8.3 9.2 1.8 2.6 3.0 2.8 2.4 -11.8% 34.4% Net revenue 374.4 412.9 101.8 111.3 98.2 92.8 85.7 -7.7% -15.8% Non-interest expenses 299.6 309.8 76.2 80.0 76.7 72.9 73.5 0.8% -3.6% Income before income taxes 74.8 103.1 25.5 31.3 21.4 19.9 12.2 -38.7% -52.2%
Domestic distribution volume of investment trusts1 3,376.3 3,610.5 886.0 905.3 875.3 747.6 648.8 -13.2% -26.8% Bond investment trusts 0.2 0.0 0.0 0.0 0.0 0.0 0.0 —Stock investment trusts 2,955.3 3,198.6 790.8 820.6 726.8 669.1 583.6 -12.8% -26.2% Foreign investment trusts 420.8 411.9 95.2 84.7 148.5 78.5 65.2 -16.9% -31.5%
Other
Accumulated value of annuity insurance policies 2,941.5 3,094.5 3,006.2 3,057.6 3,094.5 3,139.0 3,178.2 1.2% 5.7% Sales of JGBs for individual investors (transaction base) 1,129.9 628.1 120.2 194.6 224.1 312.2 206.5 -33.8% 71.8% Retail foreign currency bond sales 1,131.2 1,249.9 349.9 253.7 318.4 234.6 211.0 -10.1% -39.7%
24
1. Excluding former Net & Call. Former Net & Call included from FY2017/18 4Q.
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Retail related data (2)
Retail client assets
(trillions of yen)
140 122.8 122.8 Other 117.7 118.6 117.7 115.2 120
Foreign investment trusts 107.7
100
Bond investment trusts 80 Stock investment trusts
60
Domestic bonds
40
Foreign currency bonds 20 Equities 0
FY2016/17 FY2017/18 FY2017/18 FY2018/19 Mar Mar Sep Dec Mar Jun Sep Equities 66.3 75.7 72.4 79.2 75.7 76.4 79.8 Foreign currency bonds 6.0 6.1 6.4 6.2 6.1 6.1 6.1 Domestic bonds1 11.7 11.9 11.6 11.8 11.9 11.9 12.1 Stock investment trusts 8.8 9.1 9.3 9.5 9.1 9.1 9.2 Bond investment trusts 7.3 7.1 7.5 7.9 7.1 7.2 7.1 Foreign investment trusts 1.3 1.2 1.3 1.3 1.2 1.2 1.2 Other2 6.4 6.7 6.7 6.9 6.7 6.7 7.2 Total 107.7 117.7 115.2 122.8 117.7 118.6 122.8
25
1. Including CBs and warrants. 2. Including annuity insurance.
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Retail related data (3)
Net inflows of cash and securities1
Full year Quarter
(billions of yen) (billions of yen)
1,000 1,000
682
500 500
0 0
-37 -78 -14 -196
-306
-403
-500 -500
FY2017/18 FY2018/19 FY2016/17 FY2017/18
2Q 3Q 4Q 1Q 2Q
1. Cash and securities inflows minus outflows, excluding regional financial institutions. 26
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Retail related data (4)
Number of accounts
(thousands) FY2016/17 FY2017/18 FY2017/18 FY2018/19 Mar Mar Sep Dec Mar Jun Sep
Accounts with balance 5,363 5,318 5,328 5,326 5,318 5,318 5,318
Equity holding accounts 2,836 2,822 2,832 2,800 2,822 2,823 2,829
Online service accounts1, 2 4,456 4,387 4,301 4,342 4,387 4,427 4,470
New Individual accounts / IT share2
Full year Quarter
(thousands) FY2017/18 FY2018/19 FY2016/17 FY2017/18 2Q 3Q 4Q 1Q 2Q
New individual accounts 231 231 53 60 66 58 65
IT share3
No. of orders 57% 67% 60% 60% 78% 78% 78% Transaction value 34% 43% 38% 38% 56% 53% 54%
1. Number of accounts for previous years have been reclassified in line with definition introduced in FY2017/18 1Q.
2. Net & Call and Home Trade were merged in January 2018 to form Online Services which started providing new services. 27
3. Ratio of cash stocks traded via former Home trade. From FY2017/18 4Q, ratio of cash stocks traded via Online Services.
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Asset Management related data (1)
Full year Quarter
FY2017/18 FY2018/19
FY2016/17 FY2017/18 QoQ YoY
(billions of yen) 2Q 3Q 4Q 1Q 2Q
Net revenue1 99.4 127.3 35.4 36.5 27.3 26.1 24.7 -5.4% -30.3% Non-interest expenses1 57.1 61.2 15.0 15.7 16.0 15.8 15.8 -0.2% 5.5% Income before income taxes1 42.3 66.2 20.5 20.8 11.3 10.3 8.9 -13.3% -56.5%
Assets under management by company
(trillions of yen)
FY2016/17 FY2017/18 FY2017/18 FY2018/19 Mar Mar Sep Dec Mar Jun Sep Nomura Asset Management 47.4 52.4 50.7 53.3 52.4 53.1 55.1 Nomura Funds Research and Technologies 2.8 2.8 2.9 2.9 2.8 —Nomura Corporate Research and Asset Management 2.4 2.7 2.8 2.8 2.7 2.8 2.9 Assets under management (gross) 2 52.6 57.8 56.4 59.1 57.8 55.9 58.0 Group company overlap 8.3 7.8 8.4 8.3 7.8 5.1 5.2 Assets under management (net) 3 44.4 50.0 48.0 50.7 50.0 50.8 52.8
1. Figures from FY2018/19 1Q onwards do not include Nomura Fund Research and Technologies.
2. Total assets under management for Nomura Asset Management, Nomura Funds Research and Technologies, Nomura Corporate Research and Asset Management, and Wealth Square. Figures from June 2018 do not include
Nomura Fund Research and Technologies. 28
3. Net after deducting duplications from assets under management (gross).
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Asset Management related data (2)
Asset inflows/outflows by business1
Full year Quarter
FY2017/18 FY2018/19 FY2016/17 FY2017/18
(billions of yen) 2Q 3Q 4Q 1Q 2Q Investment trusts business 1,590 3,131 886 773 1,156 263 280
of which ETFs 1,934 3,022 906 193 1,740 147 510 Investment advisory business 584 203 96 -55 248 109 156 Total net asset inflow 2,174 3,334 982 718 1,404 372 436
Domestic public investment trust market and Nomura Asset Management market share2
(trillions of yen) FY2016/17 FY2017/18 FY2017/18 FY2018/19 Mar Mar Sep Dec Mar Jun Sep Domestic public stock investment trusts Market 85.9 96.9 92.1 97.4 96.9 99.1 103.8
Nomura Asset Management share (%) 23% 25% 24% 25% 25% 25% 25%
Domestic public bond investment trusts
Market 12.8 12.3 13.1 13.8 12.3 12.6 12.5
Nomura Asset Management share (%) 44% 44% 42% 44% 44% 44% 44%
ETF
Market 23.3 32.5 27.5 30.8 32.5 34.2 37.4
Nomura Asset Management share (%) 45% 46% 45% 45% 46% 45% 45% 29
1. Based on assets under management (net).
2. Source Investment Trusts Association, Japan.
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Wholesale related data
Full year Quarter
(billions of yen)
FY2017/18 FY2018/19
FY2016/17 FY2017/18 QoQ YoY
2Q 3Q 4Q 1Q 2Q
Net revenue 739.3 715.3 159.0 165.6 211.4 137.3 147.7 7.6% -7.1% Non-interest expenses 577.8 614.7 142.0 151.6 167.2 144.7 142.7 -1.4% 0.5% Income before income taxes 161.4 100.6 17.0 14.0 44.2 -7.4 4.9 71.1%
Breakdown of Wholesale revenues1
Full year Quarter
(billions of yen)
FY2017/18 FY2018/19
FY2016/17 FY2017/18 QoQ YoY
2Q 3Q 4Q 1Q 2Q
Fixed Income 401.7 341.6 75.5 76.7 95.7 57.7 69.6 20.6% -7.8% Equities 232.3 261.6 57.9 60.9 84.4 54.5 54.2 -0.5% -6.3% Global Markets 634.1 603.2 133.3 137.6 180.0 112.2 123.8 10.3% -7.2% Investment Banking 105.2 112.1 25.6 28.1 31.4 25.1 23.9 -4.9% -6.8% Net revenue 739.3 715.3 159.0 165.6 211.4 137.3 147.7 7.6% -7.1%
30
1. FY2016/17 and FY2017/18 figures for Fixed Income, Equities and Investment Banking have been restated based on a reorganization in April 2018.
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Number of employees
FY2016/17 FY2017/18 FY2017/18 FY2018/19 Mar Mar Sep Dec Mar Jun Sep Japan 16,227 15,819 16,706 16,583 15,819 16,474 16,296
Europe 3,026 3,057 3,047 3,054 3,057 3,030 3,020 Americas 2,314 2,362 2,348 2,349 2,362 2,364 2,390 Asia and Oceania1 6,619 6,810 6,756 6,786 6,810 6,873 6,843 Total 28,186 28,048 28,857 28,772 28,048 28,741 28,549
31
1. Includes Powai office in India.
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Disclaimer
® This document is produced by Nomura Holdings, Inc. (“Nomura”).
® Nothing in this document shall be considered as an offer to sell or solicitation of an offer to buy any security, commodity or other instrument, including securities issued by Nomura or any affiliate thereof. Offers to sell, sales, solicitations to buy, or purchases of any securities issued by Nomura or any affiliate thereof may only be made or entered into pursuant to appropriate offering materials or a prospectus prepared and distributed according to the laws, regulations, rules and market practices of the jurisdictions in which such offers or sales may be made.
® The information and opinions contained in this document have been obtained from sources believed to be reliable, but no representations or warranty, express or implied, are made that such information is accurate or complete and no responsibility or liability can be accepted by Nomura for errors or omissions or for any losses arising from the use of this information.
® All rights regarding this document are reserved by Nomura unless otherwise indicated. No part of this document shall be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of Nomura.
® This document contains statements that may constitute, and from time to time our management may make “forward-looking statements” within the meaning of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. Any such statements must be read in the context of the offering materials pursuant to which any securities may be offered or sold in the United States. These forward-looking statements are not historical facts but instead represent only our belief regarding future events, many of which, by their nature, are inherently uncertain and outside our control. Actual results and financial condition may differ, possibly materially, from what is indicated in those forward-looking statements. You should not place undue reliance on any forward-looking statement and should consider all of the following uncertainties and risk factors, as well as those more fully discussed under Nomura’s most recent Annual Report on Form 20-F and other reports filed with the U.S. Securities and Exchange Commission (“SEC”) that are available on Nomura’s website (https://www.nomura.com/) and on the SEC‘s website (http://www.sec.gov); Important risk factors that could cause actual results to differ from those in specific forward-looking statements include, without limitation, economic and market conditions, political events and investor sentiments, liquidity of secondary markets, level and volatility of interest rates, currency exchange rates, security valuations, competitive conditions and size, and the number and timing of transactions.
® Forward-looking statements speak only as of the date they are made, and Nomura undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.
® The consolidated financial information in this document is unaudited.
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Nomura Holdings, Inc.
www.nomura.com