Financials Nomura Holdings, Inc.

Equities

8604

JP3762600009

Investment Banking & Brokerage Services

Delayed Japan Exchange Other stock markets 06:12:58 16/01/2026 GMT			5-day change	1st Jan Change
1,474.50 ^JPY	-1.14%		+4.72%	+13.30%

01-15	Greenphard Energy announced that it expects to receive funding from Nomura Holdings, Inc., NOBUNAGA Capital Village Co., Ltd., Mitsubishi UFJ Trust and Banking Corporation and another investor	CI
01-09	Compass, Inc. completed the acquisition of Anywhere Real Estate Inc. from a group of shareholders.	CI

Projected Income Statement: Nomura Holdings, Inc.

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	1,617,235	1,363,890	1,335,577	4,157,294	1,892,500	1,995,468	1,966,033	2,005,913
Change	-	-15.67%	-2.08%	211.27%	-54.48%	5.44%	-1.48%	2.03%
EBITDA	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
EBIT ¹	230,671	226,623	149,474	273,850	471,964	572,992	497,850	527,128
Change	-	-1.75%	-34.04%	83.21%	72.34%	21.41%	-13.11%	5.88%
Interest Paid ¹	-215,363	-230,109	-1,151,149	-	-2,844,258	-2,589,000	-2,650,000	-2,700,000
Earnings before Tax (EBT) ¹	230,671	226,623	149,474	273,850	472,000	528,197	483,329	501,605
Change	-	-1.75%	-34.04%	83.21%	72.36%	11.91%	-8.49%	3.78%
Net income ¹	153,116	142,996	92,786	165,863	340,700	353,860	343,797	363,720
Change	-	-6.61%	-35.11%	78.76%	105.41%	3.86%	-2.84%	5.8%
Announcement Date	27/04/21	26/04/22	26/04/23	26/04/24	25/04/25	-	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2
Net sales ¹	402,100	281,744	405,172	318,866	350,965	340,784	299,028	317,958	393,658	324,933	348,913	1,557,140	400,200	1,217,885	-	501,981	452,700	523,315	515,462	523,000	504,223	-	-
Change	-	-29.93%	43.81%	-21.3%	10.07%	-2.9%	-12.25%	6.33%	23.81%	-17.46%	7.38%	346.28%	-74.3%	204.32%	-	-	-9.82%	15.6%	-1.5%	1.46%	-3.59%	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	131,333	-	78,533	-	80,100	-	11,733	-	83,566	-	46,310	-	78,711	-	133,010	138,279	97,744	160,282	136,645	157,761	117,155	121,116	122,017
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3.96%	-29.31%	63.98%	-14.75%	15.45%	-25.74%	3.38%	0.74%
Charge d'intérêts ¹	-	-	-	-	-52,787	-65,082	-110,900	-215,900	-378,617	-445,732	-544,440	-	-	-	-	-695,957	-	-633,273	-645,751	-650,000	-659,976	-	-
Earnings before Tax (EBT) ¹	131,300	-166,067	78,533	18,467	80,100	49,523	11,733	31,484	83,566	22,691	46,310	56,735	78,700	102,931	-	138,279	97,700	160,282	136,645	138,000	114,073	-	-
Change	-	-226.48%	147.29%	-76.49%	333.75%	-38.17%	-76.31%	168.34%	165.42%	-72.85%	104.09%	22.51%	38.72%	30.79%	-	-	-29.35%	64.06%	-14.75%	0.99%	-17.34%	-	-
Net income ¹	98,400	-155,442	48,487	3,213	60,333	30,963	1,696	16,771	66,944	7,375	23,331	35,232	50,550	68,938	98,387	101,441	72,000	104,565	92,078	95,560	74,822	76,000	76,640
Change	-	-257.97%	131.19%	-93.37%	1,777.78%	-48.68%	-94.52%	888.86%	299.17%	-88.98%	216.35%	51.01%	43.48%	36.38%	42.72%	3.1%	-29.02%	45.23%	-11.94%	3.78%	-21.7%	1.57%	0.84%
Announcement Date	03/02/21	27/04/21	30/07/21	29/10/21	01/02/22	26/04/22	03/08/22	02/11/22	01/02/23	26/04/23	01/08/23	27/10/23	31/01/24	30/07/24	01/11/24	05/02/25	25/04/25	29/07/25	28/10/25	-	-	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2022 S1	2023 S1	2024 S1	2025 S1	2026 S1
Net sales	-	-	1,906,053	-	-
Change	-	-	-	-	-
EBITDA	-	-	-	-	-
Change	-	-	-	-	-
EBIT ¹	97,000	43,217	103,045	235,941	296,927
Change	-	-55.45%	138.44%	128.97%	25.85%
Charge d'intérêts	-	-	-	-	-
Earnings before Tax (EBT) ¹	97,000	43,217	103,045	235,941	296,927
Change	-	-55.45%	138.44%	128.97%	25.85%
Net income ¹	51,700	18,467	58,563	167,325	196,643
Change	-	-64.28%	217.12%	185.72%	17.52%
Announcement Date	29/10/21	02/11/22	27/10/23	01/11/24	28/10/25

¹JPY in Million

Estimates

Forecast Balance Sheet: Nomura Holdings, Inc.

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	-	-	-	-	15,338,690	10,410,322	11,766,782	13,104,397
Change	-	-	-	-	-	-32.13%	13.03%	11.37%
Announcement Date	27/04/21	26/04/22	26/04/23	26/04/24	25/04/25	-	-	-

¹JPY in Million

Estimates

Cash Flow Forecast: Nomura Holdings, Inc.

Fiscal Period: March	2020	2021	2022	2023	2024	2025
CAPEX ¹	206,745	119,875	111,331	171,165	145,784	189,971
Change	-	-42.02%	-7.13%	53.74%	-14.83%	30.31%
Free Cash Flow (FCF) ¹	-	-	-	-	-	-
Change	-	-	-	-	-	-
Announcement Date	30/06/20	25/06/21	24/06/22	28/06/23	26/06/24	23/06/25

¹JPY in Million

Estimates

Forecast Financial Ratios: Nomura Holdings, Inc.

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	-	-	-	-	-	-	-	-
EBIT Margin (%)	14.26%	16.62%	11.19%	6.59%	24.94%	28.71%	25.32%	26.28%
EBT Margin (%)	14.26%	16.62%	11.19%	6.59%	24.94%	26.47%	24.58%	25.01%
Net margin (%)	9.47%	10.48%	6.95%	3.99%	18%	17.73%	17.49%	18.13%
FCF margin (%)	40.63%	-63.91%	-52.78%	2.88%	-36.58%	-	-	-
FCF / Net Income (%)	429.16%	-609.53%	-759.68%	72.15%	-203.22%	-	-	-
Profitability
ROA	0.53%	0.53%	0.33%	0.53%	0.84%	0.62%	0.55%	0.47%
ROE	5.7%	5.1%	3.1%	5.1%	9.99%	10.03%	9.47%	9.41%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-22.15x	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	0.65%	0.64%	0.75%	0.31%	0.73%	-	-	-
CAPEX / EBITDA (%)	-	-	-	-	-	-	-	-
CAPEX / FCF (%)	1.6%	-1.01%	-1.43%	10.85%	-1.99%	-	-	-
Items per share
Cash flow per share ¹	71.01	66.11	51.29	75.3	136.2	-	-	-
Change	-	-6.9%	-22.42%	46.81%	80.82%	-	-	-
Dividend per Share ¹	35	22	17	23	57	50.83	49.57	52.33
Change	-	-37.14%	-22.73%	35.29%	147.83%	-10.82%	-2.48%	5.57%
Book Value Per Share ¹	879.8	965.8	1,048	1,128	1,174	1,246	1,326	1,406
Change	-	9.78%	8.54%	7.58%	4.11%	6.15%	6.36%	6.05%
EPS ¹	50.11	46.68	30.86	54.97	115.3	124.4	120.6	127.7
Change	-	-6.84%	-33.89%	78.13%	109.75%	7.89%	-3.07%	5.89%
Nbr of stocks (in thousands)	3,059,293	3,017,111	3,002,827	2,998,034	2,955,712	2,934,234	2,934,234	2,934,234
Announcement Date	27/04/21	26/04/22	26/04/23	26/04/24	25/04/25	-	-	-