Nomura Holdings, Inc.

Nomura said all divisions achieved higher revenue and income before income taxes in Q1, and ROE reached 15.4%. Wealth Management net revenue rose 9% to JPY 145.4 billion and income before income taxes rose 16% to JPY 71.1 billion; recurring revenue rose to JPY 59.2 billion, recurring revenue asset inflows were JPY 539.6 billion, and recurring revenue assets ended at JPY 31.7 trillion. Investment Management net revenue rose 14% to JPY 98.3 billion and income before income taxes rose 148% to JPY 45 billion. Wholesale net revenue rose 20% to JPY 369.1 billion and income before income taxes rose 116% to JPY 93.3 billion. Banking net revenue rose 5% to JPY 15.2 billion and pretax income rose 19% to JPY 3.6 billion. Group-wide expenses were JPY 475.2 billion, up about 1% or JPY 5.7 billion quarter on quarter, and CET1 capital ratio was 12.9% at June-end, up from 12.8% at March-end. Management did not give formal next-quarter or full-year financial guidance, but said July wholesale revenue slowed seasonally, year-on-year wholesale revenue was more or less flat, wealth management revenue was roughly on par with Q1, and the pipeline remained favorable.

No CEO spoke in the transcript; CFO Hiroyuki Moriuchi delivered the operating commentary. He framed the quarter as evidence that the firm’s multi-year structural reforms are being reflected in performance and said the company is making progress toward its 2030 management vision. He emphasized a more balanced profit mix, stronger stable revenue, and improved earnings quality across divisions, while noting that the market environment after July had become more uncertain and volatile.

Moriuchi highlighted the main financials: Wealth Management net revenue of JPY 145.4 billion, Investment Management net revenue of JPY 98.3 billion, Wholesale net revenue of JPY 369.1 billion, Banking net revenue of JPY 15.2 billion, and group expenses of JPY 475.2 billion. He pointed to record or best-ever results in several areas, including recurring revenue of JPY 59.2 billion, recurring revenue assets of JPY 31.7 trillion, AUM of JPY 156.4 trillion, and CET1 of 12.9%. He also said the firm raised its 2030 ROE target range to 10% to 12% or more and its 2030 pretax income target to at least JPY 750 billion, while stating that shareholder return and growth investment need to be balanced and that any capital allocation changes remain under consideration.

Analysts focused on the sustainability of the strong wholesale result, especially the 9.3% revenue-to-RWA ratio, the mix behind equity revenue strength, compensation trends, and capital policy including possible buybacks. Management said July wholesale revenue was slower due to seasonal summer patterns, but year-on-year it was roughly flat; for equities, it warned of some normalization after a very strong Q1 but said the segment remains strong. On compensation, Moriuchi said prior one-time items were fading but performance-linked compensation could still rise with earnings. On capital, he said it was too early to discuss payout ratios or buybacks and that Nomura will keep balancing growth investment with shareholder returns.