Full Year 2025 Nomura Holdings Inc Earnings Call Transcript
Key Points
- Nomura Holdings Inc (NMR) reported a 21% year-on-year increase in group net revenue, reaching JPY1,892.5 billion.
- Income before income taxes grew by 72% to JPY472 billion, with net income doubling to a record high of JPY340.7 billion.
- The company achieved an 11-year high in wealth management income before income taxes and a 15-year high in wholesale.
- Nomura Holdings Inc (NMR) announced a share buyback program with an upper limit of 100 million shares, valued at JPY60 billion.
- The company exceeded its KPI targets in wealth management, with net inflows of recurring revenue assets sharply surpassing the target.
- Group net revenue fell 10% quarter-on-quarter to JPY452.7 billion, with income before income taxes dropping 29% to JPY97.7 billion.
- Fixed income revenues in the wholesale segment slowed, with a 24% decline in net revenue to JPY105.8 billion.
- The company's cost to income ratio in the wholesale segment was high at 84%, indicating room for improvement in cost management.
- Investment management saw a decline in net revenue by 6% to JPY43 billion, with income before income taxes falling 18% to JPY15.5 billion.
- Market conditions were challenging, with rising yen rates and a decline in the stock market impacting performance.
Welcome to today's Nomura Holdings fourth quarter and the full year operating result 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. Should you have any objections, you may disconnect at this point in time.
During the presentation, all the telephone lines are placed for listen-only mode. The question-and-answer session will be held after the presentation. Please note that this telephone conference contains certain forward-looking statement 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 result, performance, or achievement of the company to be materially different from the result, performance, or other expectations implied by those productions.
Such factors include economic and market conditions, political events, and investor sentiment, liquidity of secondary market, labor and the volatility of interest rates, currency exchange rates, security valuations, competitive
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