Below, we provide a condensed rundown of our earnings performance for the latest quarter.
Groupwide net revenue came to Y523.3bn (up 16% QoQ), income before income taxes came to Y160.3bn (up 64%), and net income came to Y104.6bn (up 45%).
The introduction of reciprocal tariffs by the US and the increase in geopolitical risk led to an uncertain market environment, but all four divisions, including the newly established Banking Division, achieved quarter-on-quarter growth in revenues and profits. In addition, Nomura Properties recognized a gain of around Y56.0bn on the sale of fixed asset holdings.
As a result, EPS1 came to Y34.04 and annualized ROE2 came to 12.0%, representing a solid start to the new fiscal year that builds on the strength of earnings in the previous fiscal year, when we reported all-time-high net income. This is the fifth consecutive quarter in which we have attained our management target for 2030 of achieving ROE of 8 to 10% or more.
1. EPS (Earnings Per Share): A financial metric used to indicate a company's profitability on a per-share basis
2. ROE (Return On Equity): A financial ratio that measures a company's ability to generate profit from its shareholders' equity
Income before income taxes, and net income
ROE by quarter
2030 ROE target achieved over 5 consecutive quarters
FY2025/26 1Q: Overview of results
Breakdown of FY2025/26 1Q net revenue
Wealth Management
Flow revenue, etc.1, grew with the provision of consulting services suited to clients’ needs in a time of market uncertainty.
Net inflows of recurring revenue assets2 were attained for the 13th consecutive quarter, and the cumulative recurring revenue cost coverage ratio3 for the most recent four quarters was 69%, a step closer to the target for 2030 of 80%.
1. Flow revenue, etc.: Revenue from transactions (brokerage revenue, consulting-related revenue), interest income, etc. other than from loans
2. Recurring revenue assets: Assets including investment trusts, discretionary investments, insurance, loans, and level fees that yield revenue
(recurring revenue: revenue arising from asset balances or revenue that arises regularly)
3. Recurring revenue divided by non-interest expenses
Investment Management
Asset Management continued to perform well, with net inflows for the ninth consecutive quarter. Assets under management rose to a record-high level of Y94.3trn, demonstrating that we have a steadily expanding asset base, which can support stable revenues. Alternative assets1 under management also grew to a record high driven by continued net inflows.
1. Alternative assets: Assets that fall outside of the traditional categories of stocks, bonds, and cash
Wholesale
Global Markets revenue rose as client activity picked up amid uncertainty created by the US tariff policy and an increase in market volatility1.
Driven by business in Japan, Investment Banking net revenue rose to a record high for the first quarter of a fiscal year, based on comparable data going back to fiscal year 2016/17.
1. Volatility: The degree of variation or fluctuation in the price of a financial asset, such as stocks, bonds, or markets, over a certain period of time
Banking
In the Banking Division, which was established in April, our lending business and trust/agent business performed well, accompanied by growth in balances.
See slides 5–13 of our financial results presentation materials for more detailed commentary on each business segment.
For more detailed information about our financial results and business strategies, see the links below. Please also see the Nomura Holdings website to learn more about our Corporate Philosophy, businesses, and performance.
Related Links
- Financial results: Financial Results｜Quarterly Earnings | Financials | Investor Relations | NOMURA
- Business Strategy: Presentations | Investor Relations | NOMURA
Make direct inquiries to:
Nomura Holdings IR Department +81(3)5255-1000
