Q2 2026 Nomura Holdings Inc Earnings Call Transcript
Key Points
- Nomura Holdings Inc (NMR) reported a 10% increase in net revenue and a 40% increase in net income when excluding gains from the sale of real estate recorded in the previous quarter.
- Return on equity reached 10.6%, surpassing the company's quantitative target for 2030 of 8% to 10% for the sixth consecutive quarter.
- Income before income taxes in the three international regions rose 63%, marking the ninth consecutive quarter of profitability.
- Wealth management and investment management divisions saw record highs in recurring revenue assets and assets under management, respectively, with net inflows for multiple consecutive quarters.
- The wholesale division experienced growth in both revenue and profits, with net revenue in equities reaching a record high in global markets.
- Group-wide net revenue decreased by 2% from the previous quarter, and income before income taxes fell by 15%.
- Net income was down 12% from the previous quarter.
- Total sales declined by approximately JPY300 billion due to a tender offer in the previous quarter.
- Banking division's income before income taxes fell 12% due to higher costs from an upgrade to the core banking system.
- The company faced a negative impact of JPY4.8 billion on profits due to phishing scams, although measures have been taken to mitigate future risks.
Thank you very much. This is Moriuchi, CFO. I will now give you an overview of our financial results for the second quarter of the fiscal year ending March 2026. Please turn to page 2.
Group-wide net revenue came in at JPY515.5 billion, down 2% from last quarter. Income before income taxes fell 15% to JPY136.6 billion, while net income was JPY92.1 billion, down 12%.
Excluding gains from the sale of real estate recorded in the previous quarter, net revenue was up 10% and net income was up 40%, reflecting steady growth.
Earnings per share for the quarter were JPY30.49 and return on equity was 10.6%, reaching the quantitative target for 2030 of 8% to 10% or more for the sixth consecutive quarter.
In addition, income before income taxes in the three international regions rose 63% to JPY44.9 billion, marking the ninth consecutive quarter of profitability. For all four divisions in total, income before income taxes rose 25% to JPY132.6 billion.
In wealth management, the balance of recurring revenue
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