Q3 2025 Nomura Holdings Inc Earnings Call Transcript
Key Points
- Nomura Holdings Inc (NMR) reported a 4% increase in group-wide net revenue quarter-on-quarter, reaching JPY502 billion.
- The company achieved a 3% increase in net income, amounting to JPY101.4 billion, marking the seventh consecutive quarter of profit growth.
- International operations contributed significantly, with income before income taxes in international regions increasing by 30% over the last quarter.
- The asset management business reached a record high in assets under management, climbing to JPY93.5 trillion.
- Nomura Holdings Inc (NMR) achieved an annualized ROE of 11.8%, the highest since December 2020, indicating strong profitability and strategic success.
- Investment Management net revenue decreased by 18%, and income before income taxes fell by 41%, largely due to a decline in American Century Investments related to valuation gains.
- Total sales by product declined by 11% quarter-on-quarter, with a notable 12% drop in stock sales.
- The company faced challenges in the US and Europe, with some regions experiencing slower growth and profitability.
- There was a slight decline in revenue related to Japanese stocks and bonds, impacting overall flow revenue.
- Nomura Holdings Inc (NMR) experienced increased expenses, with group-wide expenses rising by 4% to JPY363.7 billion, partly due to higher professional fees and transaction-related expenses.
Good day, everyone, and welcome to today's Nomura Holdings third quarter operating results for fiscal year ending March 2025 conference call. Please be reminded that today's conference call is being recorded at the request of the hosting company. (Operator instructions)
Please note that this telephone conference contains certain forward-looking statements and other projected results, which involve known and unknown risks, delays, uncertainties and other factors not under the company's control, which may cause actual results, performance or achievement of the company to be materially different from the results, performance or other expectations implied by those projections.
Such factors include economic and market conditions, political events and investor sentiment, liquidity of secondary market, level and the volatility of interest rates, currency exchange rates, security valuations, competitive conditions and size, number and timing of transactions.
With that, we would like to begin the conference. Mr. Takumi Kitamura, Chief Financial Officer. Please go ahead.
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