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 October 2026

NOMURA HOLDINGS, INC.

(Translation of registrant’s name into English)

13-1, 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):    

Information furnished on this form:

EXHIBIT

Exhibit Number
1.		Financial Summary – Six months ended September 30, 2026.

The registrant hereby incorporates Exhibit 1 to this report on Form 6-K by reference (i) in the prospectus that is part of the Registration Statement on Form F-3 (Registration No. 333-283915) of the registrant, originally filed with the SEC on December 19, 2024, as amended by Post-Effective Amendment No. 1 thereto, filed with the SEC on August 29, 2025 and (ii) in the prospectus that is part of the Registration Statement on Form F-3 (Registration No. 333-297506) of the registrant and of Nomura America Finance, LLC, filed with the SEC on July 16, 2026.

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: October 28, 2026		By:		/s/ Akito Bato
				Akito Bato
				Senior Managing Director

Financial Summary for the Six Months Ended September 30, 2026 (U.S. GAAP)

Date:		October 28, 2026
Company name (code number):		Nomura Holdings, Inc. (8604)
Stock exchange listings:		(In Japan) Tokyo, Nagoya (Overseas) New York, Singapore
Representative:		Kentaro Okuda President and Group CEO, Nomura Holdings, Inc.
For inquiries:		Akihiro Koseki Managing Director, Head of Investor Relations, Nomura Holdings, Inc. Tel: (Country Code 81) 3-5255-1000 URL: https://www.nomura.com

1. Consolidated Operating Results

(1) Operating Results

		(Rounded to nearest million)
		(Millions of yen, except per share data)
		For the six months ended September 30
		2025								2026
						% Change from September 30, 2024								% Change from September 30, 2025
Total revenue			2,317,801				(5.8	%)			2,694,536				16.3	%
Net revenue			1,038,777				10.8	%			1,294,190				24.6	%
Income before income taxes			296,927				25.8	%			359,537				21.1	%
Net income attributable to Nomura Holdings, Inc. (“NHI”) shareholders			196,643				17.5	%			249,289				26.8	%
Comprehensive income			161,423				98.9	%			210,605				30.5	%
Basic-Net income attributable to NHI shareholders per share (Yen)			66.54								85.39
Diluted-Net income attributable to NHI shareholders per share (Yen)			64.53								82.97
Return on shareholders’ equity - annualized			11.3	%							13.3	%

Note: Return on shareholders’ equity is a ratio of Net income attributable to NHI shareholders to Total NHI shareholders’ equity.

(2) Financial Position

		(Millions of yen, except per share data)
		At March 31				At September 30
		2026				2026
Total assets			62,645,925				67,482,102
Total equity			3,854,915				3,925,763
Total NHI shareholders’ equity			3,707,868				3,775,312
Total NHI shareholders’ equity as a percentage of total assets			5.9	%			5.6	%
Total NHI shareholders’ equity per share (Yen)			1,277.99				1,291.77

2. Cash Dividends

										(Yen amounts)
		For the year ended March 31
		2026				2027				2027 (Plan)
Dividends per share
Dividends record dates
At June 30			—				—				—
At September 30			27.00				35.00				—
At December 31			—				—				—
At March 31			24.00				—				Unconfirmed
For the year			51.00				—				Unconfirmed

Note: The dividends for the fourth quarter of the year ending March 31, 2027, are not presented for the reasons stated in “ 3. Earnings forecasts for the year ending March 31, 2027.”

3. Earnings Forecasts for the year ending March 31, 2027

Nomura provides investment, financing and related services in the capital markets on a global basis. In the global capital markets there exist uncertainties due to, but not limited to, economic and market conditions. Nomura, therefore, does not present earnings forecasts.

Notes

(1) Significant changes in the scope of consolidation during the period: None

(2) Adoption of the simplified and particular accounting treatments: None

(3) Changes in accounting policies

  a)  Changes in accounting policies due to amendments to the accounting standards : None

  b)  Changes in accounting policies due to other than a) : None

(4) Number of shares issued (common stock)

		At March 31				At September 30
		2026				2026
Number of shares outstanding (including treasury stock)			3,088,562,601				3,088,562,601
Number of treasury stock			187,225,377				165,971,520
		For the six months ended September 30
		2025				2026
Average number of shares outstanding (year-to-date)			2,955,292,000				2,919,555,836

*Semi-annual financial results reports are exempt from review conducted by certified public accountants or an audit firm.

Table of Contents for the Accompanying Materials

1. Qualitative Information of the Semi-annual Consolidated Results			P. 2
(1) Consolidated Operating Results			P. 2
(2) Consolidated Financial Position			P. 4
(3) Consolidated Earnings Forecasts			P. 4
2. Semi-annual Consolidated Financial Statements			P. 5
(1) Semi-annual Consolidated Balance Sheets			P. 6
(2) Semi-annual Consolidated Statements of Income			P. 8
(3) Semi-annual Consolidated Statements of Comprehensive Income			P. 9
(4) Note with respect to the Assumption as a Going Concern			P.10
(5) Significant Changes in Equity			P.11
(6) Segment Information – Operating Segment			P.12
3.  Supplementary Information			P.14
(1) Consolidated Statements of Income – Quarterly Comparatives			P.14
(2) Business Segment Information – Quarterly Comparatives			P.15
(3) Other			P.16

– 1 –

1.	Qualitative Information of the Semi-annual Consolidated Results

(1)	Consolidated Operating Results

 U.S. GAAP

		Billions of yen								% Change
		For the six months ended								(B-A)/(A)
		September 30, 2025 (A)				September 30, 2026 (B)
Net revenue			1,038.8				1,294.2				24.6
Non-interest expenses			741.9				934.7				26.0
Income (loss) before income taxes			296.9				359.5				21.1
Income tax expense			93.7				97.0				3.5
Net income (loss)			203.3				262.6				29.2
Less: Net income (loss) attributable to noncontrolling interests			6.6				13.3				100.7
Net income (loss) attributable to NHI shareholders			196.6				249.3				26.8
Return on shareholders’ equity - annualized			11.3	%			13.3	%			—

Note: Return on shareholders’ equity is a ratio of Net income (loss) attributable to NHI shareholders to Total NHI shareholders’ equity.

Nomura Holdings, Inc. and its consolidated entities (collectively, “Nomura”) reported net revenue of 1,294.2 billion yen for the six months ended September 30, 2026, an increase of 24.6% from the same period in the prior year. Non-interest expenses increased by 26.0% from the same period in the prior year to 934.7 billion yen. Income before income taxes was 359.5 billion yen and net income attributable to NHI shareholders was 249.3 billion yen for the six months ended September 30, 2026.

Segment Information

		Billions of yen								% Change
		For the six months ended								(B-A)/(A)
		September 30, 2025 (A)				September 30, 2026 (B)
Net revenue			1,037.1				1,282.8				23.7
Non-interest expenses			741.9				934.7				26.0
Income (loss) before income taxes			295.3				348.2				17.9

In the above segment information totals, which exclude a part of unrealized gain (loss) on investments in equity securities held for operating purposes, net revenue for the six months ended September 30, 2026 was 1,282.8 billion yen, an increase of 23.7% from the same period in the prior year. Non-interest expenses increased by 26.0% from the same period in the prior year to 934.7 billion yen. Income before income taxes increased by 17.9% to 348.2 billion yen for the six months ended September 30, 2026. Please refer to page 12 for further details of the differences between U.S. GAAP and business segment amounts.

– 2 –

<Business Segment Results>

Operating Results of Wealth Management

		Billions of yen								% Change
		For the six months ended								(B-A)/(A)
		September 30, 2025 (A)				September 30, 2026 (B)
Net revenue			222.3				286.9				29.1
Non-interest expenses			138.0				150.3				8.9
Income (loss) before income taxes			84.3				136.7				62.1

Net revenue increased by 29.1% from the same period in the prior year to 286.9 billion yen. Non-interest expenses increased by 8.9% to 150.3 billion yen. As a result, income before income taxes increased by 62.1% to 136.7 billion yen.

Operating Results of Investment Management

		Billions of yen								% Change
		For the six months ended								(B-A)/(A)
		September 30, 2025 (A)				September 30, 2026 (B)
Net revenue			111.4				183.1				64.4
Non-interest expenses			59.2				110.7				87.2
Income (loss) before income taxes			52.2				72.4				38.5

Net revenue increased by 64.4% from the same period in the prior year to 183.1 billion yen. Non-interest expenses increased by 87.2% to 110.7 billion yen. As a result, income before income taxes increased by 38.5% to 72.4 billion yen. Assets under management were 152.8 trillion yen as of September 30, 2026.

Operating Results of Wholesale

		Billions of yen								% Change
		For the six months ended								(B-A)/(A)
		September 30, 2025 (A)				September 30, 2026 (B)
Net revenue			540.3				678.0				25.5
Non-interest expenses			445.2				538.6				21.0
Income (loss) before income taxes			95.0				139.4				46.6

Net revenue increased by 25.5% from the same period in the prior year to 678.0 billion yen. Non-interest expenses increased by 21.0% to 538.6 billion yen. As a result, income before income taxes increased by 46.6% to 139.4 billion yen.

– 3 –

Operating Results of Banking

		Billions of yen								% Change
		For the six months ended								(B-A)/(A)
		September 30, 2025 (A)				September 30, 2026 (B)
Net revenue			25.7				31.6				23.1
Non-interest expenses			18.9				23.6				25.0
Income (loss) before income taxes			6.8				8.0				17.7

Net revenue increased by 23.1% from the same period in the prior year to 31.6 billion yen. Non-interest expenses increased by 25.0% to 23.6 billion yen. As a result, income before income taxes increased by 17.7% to 8.0 billion yen.

Other Operating Results

		Billions of yen								% Change
		For the six months ended								(B-A)/(A)
		September 30, 2025 (A)				September 30, 2026 (B)
Net revenue			137.5				103.1				(25.0)
Non-interest expenses			80.6				111.4				38.2
Income (loss) before income taxes			56.9				(8.2	)			—

Net revenue was 103.1 billion yen. Loss before income taxes was 8.2 billion yen.

(2) Consolidated Financial Position

Total assets as of September 30, 2026 were 67,482.1 billion yen, an increase of 4,836.2 billion yen compared to March 31, 2026, mainly due to the increase in Trading assets. Total liabilities as of September 30, 2026 were 63,556.3 billion yen, an increase of 4,765.3 billion yen compared to March 31, 2026, mainly due to the increase in Trading liabilities. Total equity as of September 30, 2026 was 3,925.8 billion yen, an increase of 70.8 billion yen compared to March 31, 2026.

(3) Consolidated Earnings Forecasts

Nomura provides investment, financing and related services in the capital markets on a global basis. In the global capital markets there exist uncertainties due to, but not limited to, economic and market conditions. Nomura, therefore, does not present earnings and dividend forecasts.

– 4 –

2. Semi-annual Consolidated Financial Statements

The Semi-annual consolidated financial statements herein have been prepared in accordance with Nomura’s accounting policies which are disclosed in the notes to the consolidated financial statements of Nomura Holdings, Inc.’s Annual Securities Report (the annual report filed in Japan on June 22, 2026) and Form 20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 22, 2026) for the year ended March 31, 2026.

– 5 –

(1) Semi-annual Consolidated Balance Sheets

		Millions of yen
		March 31, 2026				September 30, 2026				Increase/ (Decrease)
ASSETS
Cash and cash deposits:
Cash and cash equivalents			4,298,693				5,369,061				1,070,368
Time deposits			709,639				704,170				(5,469	)
Deposits with stock exchanges and other segregated cash			640,642				594,061				(46,581	)
Total cash and cash deposits			5,648,974				6,667,292				1,018,318
Loans and receivables:
Loans receivable			7,745,214				8,771,750				1,026,536
Receivables from customers			470,341				610,743				140,402
Receivables from other than customers			1,345,631				1,637,954				292,323
Allowance for credit losses			(18,381	)			(18,714	)			(333	)
Total loans and receivables			9,542,805				11,001,733				1,458,928
Collateralized agreements:
Securities purchased under agreements to resell			13,210,236				13,590,672				380,436
Securities borrowed			4,339,659				4,065,915				(273,744	)
Total collateralized agreements			17,549,895				17,656,587				106,692
Trading assets and private equity and debt investments:
Trading assets*			26,128,073				27,982,436				1,854,363
Private equity and debt investments*			214,014				234,860				20,846
Total trading assets and private equity and debt investments			26,342,087				28,217,296				1,875,209
Other assets:
Office buildings, land, equipment and facilities (net of accumulated depreciation and amortization of ¥600,417 million as of March 31, 2026 and ¥618,261 million as of September 30, 2026)			543,847				695,208				151,361
Non-trading debt securities*			761,267				883,445				122,178
Investments in equity securities*			123,191				150,121				26,930
Investments in and advances to affiliated companies*			535,402				546,105				10,703
Other			1,598,457				1,664,315				65,858
Total other assets			3,562,164				3,939,194				377,030
Total assets			62,645,925				67,482,102				4,836,177

*	Including securities pledged as collateral

– 6 –

						Millions of yen
						March 31, 2026				September 30, 2026				Increase/ (Decrease)
LIABILITIES AND EQUITY
Short-term borrowings							1,752,669				2,001,260				248,591
Payables and deposits:
Payables to customers							1,598,758				1,765,269				166,511
Payables to other than customers							3,432,040				3,632,799				200,759
Deposits received at banks							3,667,090				4,352,723				685,633
Total payables and deposits							8,697,888				9,750,791				1,052,903
Collateralized financing:
Securities sold under agreements to repurchase							15,233,838				15,666,522				432,684
Securities loaned							2,448,284				3,433,209				984,925
Other secured borrowings							384,156				449,185				65,029
Total collateralized financing							18,066,278				19,548,916				1,482,638
Trading liabilities							12,915,584				14,946,195				2,030,611
Other liabilities							1,813,635				1,675,973				(137,662	)
Long-term borrowings							15,544,956				15,633,204				88,248
Total liabilities							58,791,010				63,556,339				4,765,329
Equity
NHI shareholders’ equity:
Common stock
Authorized		-		6,000,000,000 shares
Issued		-		3,088,562,601 shares as of March 31, 2026 and
				3,088,562,601 shares as of September 30, 2026
Outstanding		-		2,901,337,224 shares as of March 31, 2026 and
				2,922,591,081 shares as of September 30, 2026			594,493				594,493				—
Additional paid-in capital							706,261				673,226				(33,035	)
Retained earnings							2,013,986				2,153,428				139,442
Accumulated other comprehensive income (loss)							548,221				497,126				(51,095	)
Total NHI shareholders’ equity before treasury stock							3,862,961				3,918,273				55,312
Common stock held in treasury, at cost -
187,225,377 shares as of March 31, 2026 and
165,971,520 shares as of September 30, 2026							(155,093	)			(142,961	)			12,132
Total NHI shareholders’ equity							3,707,868				3,775,312				67,444
Noncontrolling interests							147,047				150,451				3,404
Total equity							3,854,915				3,925,763				70,848
Total liabilities and equity							62,645,925				67,482,102				4,836,177

– 7 –

(2) Semi-annual Consolidated Statements of Income

		Millions of yen								% Change
		For the six months ended								(B-A)/(A)
		September 30, 2025(A)				September 30, 2026(B)
Revenue:
Commissions			205,655				253,735				23.4
Fees from investment banking			82,911				113,401				36.8
Asset management and portfolio service fees			195,342				333,627				70.8
Net gain on trading			314,183				434,903				38.4
Gain on private equity and debt investments			10,700				5,936				(44.5	)
Interest and dividends			1,302,391				1,430,975				9.9
Gain on investments in equity securities			3,988				12,949				224.7
Other			202,631				109,010				(46.2	)
Total revenue			2,317,801				2,694,536				16.3
Interest expense			1,279,024				1,400,346				9.5
Net revenue			1,038,777				1,294,190				24.6
Non-interest expenses:
Compensation and benefits			381,389				460,761				20.8
Commissions and floor brokerage			91,969				144,677				57.3
Information processing and communications			116,366				140,860				21.0
Occupancy and related depreciation			33,248				38,491				15.8
Business development expenses			14,264				17,198				20.6
Other			104,614				132,666				26.8
Total non-interest expenses			741,850				934,653				26.0
Income before income taxes			296,927				359,537				21.1
Income tax expense			93,660				96,956				3.5
Net income			203,267				262,581				29.2
Less: Net income attributable to noncontrolling interests			6,624				13,292				100.7
Net income attributable to NHI shareholders			196,643				249,289				26.8
Per share of common stock:
		Yen								% Change
Basic-
Net income attributable to NHI shareholders per share			66.54				85.39				28.3
Diluted-
Net income attributable to NHI shareholders per share			64.53				82.97				28.6

– 8 –

(3) Semi-annual Consolidated Statements of Comprehensive Income

		Millions of yen								% Change
		For the six months ended								(B-A)/(A)
		September 30, 2025(A)				September 30, 2026(B)
Net income			203,267				262,581				29.2
Other comprehensive income (loss):
Cumulative translation adjustments:
Cumulative translation adjustments			3,618				(24,301	)			—
Deferred income taxes			1,689				(1,325	)			—
Total			5,307				(25,626	)			—
Defined benefit pension plans:
Pension liability adjustment			(4,525	)			(917	)			—
Deferred income taxes			(13	)			(15	)			—
Total			(4,538	)			(932	)			—
Non-trading debt securities:
Net unrealized gain (loss) on non-trading debt securities			(456	)			(3,498	)			—
Deferred income taxes			143				1,102				670.6
Total			(313	)			(2,396	)			—
Own credit adjustments:
Own credit adjustments			(50,030	)			(27,432	)			—
Deferred income taxes			7,730				4,410				(42.9	)
Total			(42,300	)			(23,022	)			—
Total other comprehensive income (loss)			(41,844	)			(51,976	)			—
Comprehensive income			161,423				210,605				30.5
Less: Comprehensive income attributable to noncontrolling interests			8,183				12,411				51.7
Comprehensive income attributable to NHI shareholders			153,240				198,194				29.3

– 9 –

(4) Note with respect to the Assumption as a Going Concern

Not applicable.

– 10 –

(5) Significant Changes in Equity

Not applicable. For further details of the changes, please refer below.

		Millions of yen
		For the six months ended September 30, 2026
Common stock
Balance at beginning of year			594,493
Balance at end of period			594,493
Additional paid-in capital
Balance at beginning of year			706,261
Stock-based compensation awards			(33,009	)
Changes in an affiliated company’s interests			(26	)
Balance at end of period			673,226
Retained earnings
Balance at beginning of year			2,013,986
Net income attributable to NHI shareholders			249,289
Cash dividends			(102,291	)
Loss on disposal of treasury stock			(7,556	)
Balance at end of period			2,153,428
Accumulated other comprehensive income (loss)
Cumulative translation adjustments
Balance at beginning of year			550,501
Net change during the period			(24,745	)
Balance at end of period			525,756
Defined benefit pension plans
Balance at beginning of year			(122	)
Pension liability adjustment			(932	)
Balance at end of period			(1,054	)
Non-trading debt securities
Balance at beginning of year			(3,362	)
Net unrealized loss on non-trading debt securities			(2,396	)
Balance at end of period			(5,758	)
Own credit adjustments
Balance at beginning of year			1,204
Own credit adjustments			(23,022	)
Balance at end of period			(21,818	)
Balance at end of period			497,126
Common stock held in treasury
Balance at beginning of year			(155,093	)
Repurchases of common stock			(18,532	)
Sale of common stock			0
Common stock issued to employees			30,664
Balance at end of period			(142,961	)
Total NHI shareholders’ equity
Balance at end of period			3,775,312
Noncontrolling interests
Balance at beginning of year			147,047
Net change during the period			3,404
Balance at end of period			150,451
Total equity
Balance at end of period			3,925,763

– 11 –

(6) Segment Information – Operating Segment

Nomura’s Chief Operating Decision Maker is the Executive Management Board (the “EMB”) which is the management function primarily responsible for assessing performance of and allocating resources to the business segments. The EMB reviews business segment results including Net revenue, Non-interest expenses, and Income before income taxes on a regular basis. The EMB uses these measures along with certain segment-specific Key Performance Indicators (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.

– 12 –

The following table shows business segment information and reconciliation items to the consolidated statements of income.

		Millions of yen								% Change
		For the six months ended								(B-A)/(A)
		September 30, 2025 (A)				September 30, 2026 (B)
Net revenue
Business segment information:
Wealth Management			222,271				286,938				29.1
Investment Management			111,399				183,113				64.4
Wholesale			540,255				678,022				25.5
Banking			25,696				31,624				23.1
Subtotal			899,621				1,179,697				31.1
Other			137,526				103,121				(25.0	)
Net revenue			1,037,147				1,282,818				23.7
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes			1,630				11,372				597.7
Net revenue			1,038,777				1,294,190				24.6
Non-interest expenses (*1)
Business segment information:
Wealth Management			137,993				150,287				8.9
Investment Management			59,161				110,744				87.2
Wholesale			445,207				538,635				21.0
Banking			18,902				23,627				25.0
Subtotal			661,263				823,293				24.5
Other			80,587				111,360				38.2
Non-interest expenses			741,850				934,653				26.0
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes			—				—				—
Non-interest expenses			741,850				934,653				26.0
Income (loss) before income taxes
Business segment information:
Wealth Management			84,278				136,651				62.1
Investment Management			52,238				72,369				38.5
Wholesale			95,048				139,387				46.6
Banking			6,794				7,997				17.7
Subtotal			238,358				356,404				49.5
Other (*2)			56,939				(8,239	)			—
Income (loss) before income taxes			295,297				348,165				17.9
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes			1,630				11,372				597.7
Income (loss) before income taxes			296,927				359,537				21.1

(*1)	Includes primarily personnel expenses, occupancy, technology, and professional fees.

(*2)	Major components

Transactions between operating segments are recorded within segment results on commercial terms and conditions, and are eliminated in “Other.”

The following table presents the major components of income (loss) before income taxes in “Other.”

		Millions of yen								% Change
		For the six months ended								(B-A)/(A)
		September 30, 2025 (A)				September 30, 2026 (B)
Net gain (loss) related to economic hedging transactions			901				(3,981	)			—
Realized gain (loss) on investments in equity securities held for operating purposes			2,214				1,178				(46.8	)
Equity in earnings of affiliates			24,769				21,897				(11.6	)
Corporate items			(26,818	)			(19,944	)			—
Other			55,873				(7,389	)			—
Total			56,939				(8,239	)			—

– 13 –

3. Supplementary Information

(1) Consolidated Statements of Income – Quarterly Comparatives

		Millions of yen																								% Change				Millions of yen
		For the three months ended																												For the year ended March 31, 2026
		June 30, 2025				September 30, 2025				December 31, 2025				March 31, 2026				June 30, 2026(A)				September 30, 2026(B)				(B-A)/(A)
Revenue:
Commissions			100,606				105,049				119,204				130,430				128,178				125,557				(2.0	)			455,289
Fees from investment banking			38,357				44,554				59,045				58,592				56,236				57,165				1.7				200,548
Asset management and portfolio service fees			92,855				102,487				122,664				150,594				162,054				171,573				5.9				468,600
Net gain on trading			142,239				171,944				190,742				191,969				230,292				204,611				(11.2	)			696,894
Gain on private equity and debt investments			6,330				4,370				1,564				340				564				5,372				852.5				12,604
Interest and dividends			649,561				652,830				712,469				654,780				698,543				732,432				4.9				2,669,640
Gain (loss) on investments in equity securities			(377	)			4,365				4,488				4,590				6,792				6,157				(9.3	)			13,066
Other			127,017				75,614				17,752				21,462				89,049				19,961				(77.6	)			241,845
Total revenue			1,156,588				1,161,213				1,227,928				1,212,757				1,371,708				1,322,828				(3.6	)			4,758,486
Interest expense			633,273				645,751				676,173				635,576				684,994				715,352				4.4				2,590,773
Net revenue			523,315				515,462				551,755				577,181				686,714				607,476				(11.5	)			2,167,713
Non-interest expenses:
Compensation and benefits			186,310				195,079				220,739				227,374				236,764				223,997				(5.4	)			829,502
Commissions and floor brokerage			44,778				47,191				53,997				75,891				74,335				70,342				(5.4	)			221,857
Information processing and communications			57,164				59,202				63,516				68,557				70,710				70,150				(0.8	)			248,439
Occupancy and related depreciation			15,965				17,283				17,853				20,422				18,742				19,749				5.4				71,523
Business development expenses			6,992				7,272				9,993				9,422				8,500				8,698				2.3				33,679
Other			51,824				52,790				50,436				67,842				66,124				66,542				0.6				222,892
Total non-interest expenses			363,033				378,817				416,534				469,508				475,175				459,478				(3.3	)			1,627,892
Income before income taxes			160,282				136,645				135,221				107,673				211,539				147,998				(30.0	)			539,821
Income tax expense			52,808				40,852				40,675				31,104				55,416				41,540				(25.0	)			165,439
Net income			107,474				95,793				94,546				76,569				156,123				106,458				(31.8	)			374,382
Less: Net income attributable to noncontrolling interests			2,909				3,715				2,993				2,636				10,562				2,730				(74.2	)			12,253
Net income attributable to NHI shareholders			104,565				92,078				91,553				73,933				145,561				103,728				(28.7	)			362,129
		Yen																								% Change				Yen
Per share of common stock:
Basic-
Net income attributable to NHI shareholders per share			35.19				31.34				31.21				25.29				49.90				35.49				(28.9	)			123.08
Diluted-
Net income attributable to NHI shareholders per share			34.04				30.49				30.19				24.34				48.34				34.61				(28.4	)			118.99

– 14 –

(2) Business Segment Information – Quarterly Comparatives

The following table shows quarterly business segment information and reconciliation items to the consolidated statements of income.

		Millions of yen																								% Change				Millions of yen
		For the three months ended																												For the year ended
		June 30, 2025				September 30, 2025				December 31, 2025				March 31, 2026				June 30, 2026(A)				September 30, 2026(B)				(B-A)/(A)				March 31, 2026
Net revenue
Business segment information:
Wealth Management			105,796				116,475				132,488				133,147				145,417				141,521				(2.7	)			487,906
Investment Management			50,574				60,825				60,906				86,211				98,314				84,799				(13.7	)			258,516
Wholesale			261,072				279,183				313,899				308,075				369,097				308,925				(16.3	)			1,162,229
Banking			12,845				12,851				13,696				14,526				15,244				16,380				7.5				53,918
Subtotal			430,287				469,334				520,989				541,959				628,072				551,625				(12.2	)			1,962,569
Other			93,160				44,366				28,107				31,240				53,105				50,016				(5.8	)			196,873
Net revenue			523,447				513,700				549,096				573,199				681,177				601,641				(11.7	)			2,159,442
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes			(132	)			1,762				2,659				3,982				5,537				5,835				5.4				8,271
Net revenue			523,315				515,462				551,755				577,181				686,714				607,476				(11.5	)			2,167,713
Non-interest expenses (*1)
Business segment information:
Wealth Management			67,041				70,952				73,988				71,901				74,341				75,946				2.2				283,882
Investment Management			29,047				30,114				42,967				68,091				53,327				57,417				7.7				170,219
Wholesale			219,164				226,043				251,610				264,845				275,769				262,866				(4.7	)			961,662
Banking			9,231				9,671				9,521				11,479				11,608				12,019				3.5				39,902
Subtotal			324,483				336,780				378,086				416,316				415,045				408,248				(1.6	)			1,455,665
Other			38,550				42,037				38,448				53,192				60,130				51,230				(14.8	)			172,227
Non-interest expenses			363,033				378,817				416,534				469,508				475,175				459,478				(3.3	)			1,627,892
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes			—				—				—				—				—				—				—				—
Non-interest expenses			363,033				378,817				416,534				469,508				475,175				459,478				(3.3	)			1,627,892
Income (loss) before income taxes
Business segment information:
Wealth Management			38,755				45,523				58,500				61,246				71,076				65,575				(7.7	)			204,024
Investment Management			21,527				30,711				17,939				18,120				44,987				27,382				(39.1	)			88,297
Wholesale			41,908				53,140				62,289				43,230				93,328				46,059				(50.6	)			200,567
Banking			3,614				3,180				4,175				3,047				3,636				4,361				19.9				14,016
Subtotal			105,804				132,554				142,903				125,643				213,027				143,377				(32.7	)			506,904
Other (*2)			54,610				2,329				(10,341	)			(21,952	)			(7,025	)			(1,214	)			—				24,646
Income (loss) before income taxes			160,414				134,883				132,562				103,691				206,002				142,163				(31.0	)			531,550
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes			(132	)			1,762				2,659				3,982				5,537				5,835				5.4				8,271
Income (loss) before income taxes			160,282				136,645				135,221				107,673				211,539				147,998				(30.0	)			539,821

(*1)	Includes primarily personnel expenses, occupancy, technology, and professional fees.

(*2)	Major components

Transactions between operating segments are recorded within segment results on commercial terms and conditions, and are eliminated in “Other.”

The following table presents the major components of income (loss) before income taxes in “Other.”

		Millions of yen																								% Change				Millions of yen
		For the three months ended																												For the year ended March 31, 2026
		June 30, 2025				September 30, 2025				December 31, 2025				March 31, 2026				June 30, 2026(A)				September 30, 2026(B)				(B-A)/(A)
Net gain (loss) related to economic hedging transactions			1,067				(166	)			(975	)			(2,866	)			(2,045	)			(1,936	)			—				(2,940	)
Realized gain (loss) on investments in equity securities held for operating purposes			5				2,209				1,129				6				1,190				(12	)			—				3,349
Equity in earnings of affiliates			12,321				12,448				17,642				(5,959	)			10,492				11,405				8.7				36,452
Corporate items			(11,637	)			(15,181	)			(9,630	)			(5,534	)			(15,964	)			(3,980	)			—				(41,982	)
Other			52,854				3,019				(18,507	)			(7,599	)			(698	)			(6,691	)			—				29,767
Total			54,610				2,329				(10,341	)			(21,952	)			(7,025	)			(1,214	)			—				24,646

– 15 –