Form 6-K

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 February 2023

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 – Nine months ended December 31, 2022.

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: February 1, 2023	By:	/s/ Yoshifumi Kishida
		Yoshifumi Kishida
		Senior Managing Director

Financial Summary For the Nine Months Ended December 31, 2022 (U.S. GAAP)


Date:		February 1, 2023
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:		Junko Tago 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)
	For the nine months ended December 31
	2021						2022

	(Millions of yen, except per share data)
				% Change from December 31, 2020						% Change from December 31, 2021
Total revenue		1,188,133			(14.5	%)		1,716,061			44.	4%
Net revenue		1,023,106			(16.9	%)		1,010,644			(1.	2%)
Income before income taxes		177,100			(55.4	%)		126,783			(28.	4%)
Net income attributable to Nomura Holdings, Inc. (“NHI”) shareholders		112,033			(63.7	%)		85,411			(23.	8%)
Comprehensive income		174,521			(15.6	%)		246,052			41.	0%
Basic-Net income attributable to NHI shareholders per share (Yen)		36.40						28.40
Diluted-Net income attributable to NHI shareholders per share (Yen)		35.33						27.44
Return on shareholders’ equity - annualized		5.4	%					3.8	%

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

(2) Financial Position


	At March 31			At December 31
	2022			2022

	(Millions of yen, except per share data)
Total assets		43,412,156			49,242,426
Total equity		2,972,803			3,199,908
Total NHI shareholders’ equity		2,914,605			3,138,826
Total NHI shareholders’ equity as a percentage of total assets		6.7	%		6.4	%
Total NHI shareholders’ equity per share (Yen)		965.80			1,045.65

2. Cash Dividends


	For the year ended March 31
	2022		2023		2023 (Plan)

	(Yen amounts)
Dividends per share
Dividends record dates
At June 30		—		—		—
At September 30		8.00		5.00		—
At December 31		—		—		—
At March 31		14.00		—		Unconfirmed
For the year		22.00		—		Unconfirmed

Note: Fiscal year 2023 Q4 dividend is not presented per reasons stated in “3. Earnings Forecasts for the year ending March 31, 2023”.

3. Earnings Forecasts for the year ending March 31, 2023

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) Changes in significant subsidiaries during the period: None

(Changes in Specified Subsidiaries accompanying changes in scope of consolidation.)

(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 December 31
	2022		2022
Number of shares outstanding (including treasury stock)		3,233,562,601		3,233,562,601
Number of treasury stock		215,758,589		231,754,893

	For the nine months ended December 31
	2021		2022
Average number of shares outstanding (year-to-date)		3,077,505,526		3,007,925,168

*This financial summary is not subject to certified public accountant’s or audit firm’s quarterly review.

Table of Contents for the Accompanying Materials


1. Qualitative Information of the Quarterly Consolidated Results			P. 2

(1) Consolidated Operating Results			P. 2
(2) Consolidated Financial Position			P. 4
(3) Consolidated Earnings Forecasts			P. 4
(4) Risks related to the COVID-19 pandemic			P. 4

2. Quarterly Consolidated Financial Statements			P. 5

(1) Consolidated Balance Sheets			P. 6
(2) Consolidated Statements of Income			P. 8
(3) Consolidated Statements of Comprehensive Income			P. 9
(4) Note with respect to the Assumption as a Going Concern			P. 9
(5) Segment Information – Operating Segment			P.10
(6) Significant Changes in Equity			P.11

3. Supplementary Information			P.12

(1) Consolidated Statements of Income – Quarterly Comparatives			P.12
(2) Business Segment Information – Quarterly Comparatives			P.13
(3) Other			P.14

– 1 –

1.	Qualitative Information of the Quarterly Consolidated Results

(1)

Consolidated Operating Results

U.S. GAAP


	Billions of yen						% Change
	For the nine months ended						(B-A)/(A)
	December 31, 2021 (A)			December 31, 2022 (B)			(B-A)/(A)
Net revenue		1,023.1			1,010.6			(1.2	)
Non-interest expenses		846.0			883.9			4.5

Income (loss) before income taxes		177.1			126.8			(28.4	)
Income tax expense		60.0			43.7			(27.2	)

Net income (loss)		117.1			83.1			(29.1	)

Less: Net income (loss) attributable to noncontrolling interests		5.1			(2.3	)		—

Net income (loss) attributable to NHI shareholders		112.0			85.4			(23.8	)

Return on shareholders’ equity - annualized		5.4	%		3.8	%		—

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 1,010.6 billion yen for the nine months ended December 31, 2022, a decrease of 1.2% from the same period in the prior year. Non-interest expenses increased by 4.5% from the same period in the prior year to 883.9 billion yen. Income before income taxes was 126.8 billion yen and net income attributable to NHI shareholders was 85.4 billion yen for the nine months ended December 31, 2022.

Segment Information


	Billions of yen				% Change
	For the nine months ended				(B-A)/(A)
	December 31, 2021 (A)		December 31, 2022 (B)		(B-A)/(A)
Net revenue		1,018.6		1,036.0		1.7
Non-interest expenses		846.0		883.9		4.5

Income (loss) before income taxes		172.6		152.1		(11.9	)

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 nine months ended December 31, 2022 was 1,036.0 billion yen, an increase of 1.7% from the same period in the prior year. Non-interest expenses increased by 4.5% from the same period in the prior year to 883.9 billion yen. Income before income taxes decreased by 11.9% to 152.1 billion yen for the nine months ended December 31, 2022. Please refer to page 10 for further details of the differences between U.S. GAAP and business segment amounts.

– 2 –

<Business Segment Results>

Operating Results of Retail


	Billions of yen				% Change
	For the nine months ended				(B-A)/(A)
	December 31, 2021 (A)		December 31, 2022 (B)		(B-A)/(A)
Net revenue		257.5		224.9		(12.7	)
Non-interest expenses		203.5		201.2		(1.1	)

Income (loss) before income taxes		54.0		23.7		(56.2	)

Net revenue decreased by 12.7% from the same period in the prior year to 224.9 billion yen. Non-interest expenses decreased by 1.1% to 201.2 billion yen. As a result, income before income taxes decreased by 56.2% to 23.7 billion yen.

Operating Results of Investment Management


	Billions of yen				% Change
	For the nine months ended				(B-A)/(A)
	December 31, 2021 (A)		December 31, 2022 (B)		(B-A)/(A)
Net revenue		137.9		90.7		(34.2	)
Non-interest expenses		57.6		63.6		10.3

Income (loss) before income taxes		80.3		27.1		(66.2	)

Net revenue decreased by 34.2% from the same period in the prior year to 90.7 billion yen. Non-interest expenses increased by 10.3% to 63.6 billion yen. As a result, income before income taxes decreased by 66.2% to 27.1 billion yen. Assets under management were 64.7 trillion yen as of December 31, 2022.

Operating Results of Wholesale


	Billions of yen				% Change
	For the nine months ended				(B-A)/(A)
	December 31, 2021 (A)		December 31, 2022 (B)		(B-A)/(A)
Net revenue		508.2		593.5		16.8
Non-interest expenses		470.7		549.9		16.8

Income (loss) before income taxes		37.4		43.6		16.5

Net revenue increased by 16.8% from the same period in the prior year to 593.5 billion yen. Non-interest expenses increased by 16.8% to 549.9 billion yen. As a result, income before income taxes increased by 16.5% to 43.6 billion yen.

– 3 –

Other Operating Results


	Billions of yen				% Change
	For the nine months ended				(B-A)/(A)
	December 31, 2021 (A)		December 31, 2022 (B)		(B-A)/(A)
Net revenue		115.0		126.9		10.3
Non-interest expenses		114.2		69.1		(39.5	)

Income (loss) before income taxes		0.9		57.7		—

Net revenue was 126.9 billion yen including income of 28.0 billion yen recognized in December 2022 from the sale of a part of our shares held in Nomura Research Institute, Ltd. Income before income taxes was 57.7 billion yen.

(2)

Consolidated Financial Position

Total assets as of December 31, 2022 were 49,242.4 billion yen, an increase of 5,830.3 billion yen compared to March 31, 2022, mainly due to the increase in Securities purchased under agreements to resell. Total liabilities as of December 31, 2022 were 46,042.5 billion yen, an increase of 5,603.2 billion yen compared to March 31, 2022, mainly due to the increase in Securities sold under agreements to repurchase. Total equity as of December 31, 2022 was 3,199.9 billion yen, an increase of 227.1 billion yen compared to March 31, 2022.

(3)

Consolidated Earnings Forecasts

(4)

Risks related to the COVID-19 pandemic

The COVID-19 pandemic has affected Nomura’s business, and this may continue in the future.

Various risks recognized related to the COVID-19 pandemic is disclosed in Risk Factors in Nomura Holdings, Inc.’s Annual Securities Report (the annual report filed in Japan on June 24, 2022) and Item 3. D. Risk Factors. in Form 20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 24, 2022) for the year ended March 31, 2022.

– 4 –

2.	Quarterly Consolidated Financial Statements

The quarterly consolidated financial information herein has 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 24, 2022) and Form 20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 24, 2022) for the year ended March 31, 2022.

– 5 –

(1) Consolidated Balance Sheets


	Millions of yen
	March 31, 2022			December 31, 2022			Increase/ (Decrease)
ASSETS
Cash and cash deposits:
Cash and cash equivalents		3,316,238			3,395,791			79,553
Time deposits		320,754			401,027			80,273
Deposits with stock exchanges and other segregated cash		426,519			312,834			(113,685	)

Total cash and cash deposits		4,063,511			4,109,652			46,141

Loans and receivables:
Loans receivable		3,579,727			3,799,803			220,076
Receivables from customers		417,661			337,637			(80,024	)
Receivables from other than customers		1,069,660			1,427,719			358,059
Allowance for credit losses		(66,346	)		(64,039	)		2,307

Total loans and receivables		5,000,702			5,501,120			500,418

Collateralized agreements:
Securities purchased under agreements to resell		11,879,312			15,851,006			3,971,694
Securities borrowed		4,997,129			4,273,703			(723,426	)

Total collateralized agreements		16,876,441			20,124,709			3,248,268

Trading assets and private equity and debt investments:
Trading assets*		15,230,817			17,289,782			2,058,965
Private equity and debt investments*		65,193			58,724			(6,469	)

Total trading assets and private equity and debt investments		15,296,010			17,348,506			2,052,496

Other assets:
Office buildings, land, equipment and facilities (net of accumulated depreciation and amortization of ¥426,081 million as of March 31, 2022 and ¥461,317 million as of December 31, 2022)		419,047			445,337			26,290
Non-trading debt securities*		484,681			359,610			(125,071	)
Investments in equity securities*		133,897			105,041			(28,856	)
Investments in and advances to affiliated companies*		364,281			378,699			14,418
Other		773,586			869,752			96,166

Total other assets		2,175,492			2,158,439			(17,053	)

Total assets		43,412,156			49,242,426			5,830,270

*	Including securities pledged as collateral

– 6 –


			Millions of yen
			March 31, 2022			December 31, 2022			Increase/ (Decrease)
LIABILITIES AND EQUITY
Short-term borrowings				1,050,141			1,079,047			28,906
Payables and deposits:
Payables to customers				1,522,961			1,439,851			(83,110	)
Payables to other than customers				1,636,725			1,893,830			257,105
Deposits received at banks				1,760,679			2,041,602			280,923

Total payables and deposits				4,920,365			5,375,283			454,918

Collateralized financing:
Securities sold under agreements to repurchase				12,574,556			15,929,529			3,354,973
Securities loaned				1,567,351			1,285,684			(281,667	)
Other secured borrowings				396,291			333,137			(63,154	)

Total collateralized financing				14,538,198			17,548,350			3,010,152

Trading liabilities				9,652,118			11,229,727			1,577,609
Other liabilities				1,020,225			1,007,406			(12,819	)
Long-term borrowings				9,258,306			9,802,705			544,399

Total liabilities				40,439,353			46,042,518			5,603,165

Equity
NHI shareholders’ equity:
Common stock
Authorized	-	6,000,000,000 shares
Issued	-	3,233,562,601 shares as of March 31, 2022 and
		3,233,562,601 shares as of December 31, 2022
Outstanding	-	3,017,804,012 shares as of March 31, 2022 and
		3,001,807,708 shares as of December 31, 2022		594,493			594,493			—
Additional paid-in capital				697,507			698,248			741
Retained earnings				1,606,987			1,675,557			68,570
Accumulated other comprehensive income (loss)				127,973			290,071			162,098

Total NHI shareholders’ equity before treasury stock				3,026,960			3,258,369			231,409
Common stock held in treasury, at cost -
215,758,589 shares as of March 31, 2022 and
231,754,893 shares as of December 31, 2022				(112,355	)		(119,543	)		(7,188	)

Total NHI shareholders’ equity				2,914,605			3,138,826			224,221

Noncontrolling interests				58,198			61,082			2,884

Total equity				2,972,803			3,199,908			227,105

Total liabilities and equity				43,412,156			49,242,426			5,830,270

– 7 –

(2) Consolidated Statements of Income


	Millions of yen					% Change
	For the nine months ended					(B-A)/(A)
	December 31, 2021(A)		December 31, 2022(B)			(B-A)/(A)
Revenue:
Commissions		257,095		216,085			(16.0	)
Fees from investment banking		115,624		85,257			(26.3	)
Asset management and portfolio service fees		201,128		204,323			1.6
Net gain on trading		249,942		444,955			78.0
Gain on private equity and debt investments		31,082		9,253			(70.2	)
Interest and dividends		217,097		679,225			212.9
Gain (loss) on investments in equity securities		2,964		(2,621	)		—
Other		113,201		79,584			(29.7	)

Total revenue		1,188,133		1,716,061			44.4
Interest expense		165,027		705,417			327.5

Net revenue		1,023,106		1,010,644			(1.2	)

Non-interest expenses:
Compensation and benefits		403,883		450,230			11.5
Commissions and floor brokerage		78,343		88,946			13.5
Information processing and communications		135,831		155,863			14.7
Occupancy and related depreciation		52,069		50,182			(3.6	)
Business development expenses		11,596		16,363			41.1
Other		164,284		122,277			(25.6	)

Total non-interest expenses		846,006		883,861			4.5

Income before income taxes		177,100		126,783			(28.4	)
Income tax expense		60,006		43,710			(27.2	)

Net income		117,094		83,073			(29.1	)

Less: Net income (loss) attributable to noncontrolling interests		5,061		(2,338	)		—

Net income attributable to NHI shareholders		112,033		85,411			(23.8	)

Per share of common stock:

	Yen					% Change
Basic-
Net income attributable to NHI shareholders per share		36.40		28.40			(22.0	)

Diluted-
Net income attributable to NHI shareholders per share		35.33		27.44			(22.3	)

– 8 –

(3) Consolidated Statements of Comprehensive Income


	Millions of yen						% Change
	For the nine months ended						(B-A)/(A)
	December 31, 2021(A)			December 31, 2022(B)			(B-A)/(A)
Net income		117,094			83,073			(29.1	)
Other comprehensive income (loss):
Cumulative translation adjustments:
Cumulative translation adjustments		45,935			104,090			126.6
Deferred income taxes		(477	)		(278	)		—

Total		45,458			103,812			128.4

Defined benefit pension plans:
Pension liability adjustment		1,493			1,881			26.0
Deferred income taxes		(421	)		(492	)		—

Total		1,072			1,389			29.6

Own credit adjustments:
Own credit adjustments		15,608			73,947			373.8
Deferred income taxes		(4,711	)		(16,169	)		—

Total		10,897			57,778			430.2

Total other comprehensive income		57,427			162,979			183.8

Comprehensive income		174,521			246,052			41.0
Less: Comprehensive income (loss) attributable to noncontrolling interests		6,605			(1,457	)		—

Comprehensive income attributable to NHI shareholders		167,916			247,509			47.4

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

Not applicable.

– 9 –

(5) Segment Information – Operating Segment

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


	Millions of yen					% Change
	For the nine months ended					(B-A)/(A)
	December 31, 2021 (A)		December 31, 2022 (B)			(B-A)/(A)
Net revenue

Business segment information:
Retail		257,528		224,885			(12.7	)
Investment Management		137,919		90,715			(34.2	)
Wholesale		508,155		593,543			16.8

Subtotal		903,602		909,143			0.6
Other		115,036		126,858			10.3

Net revenue		1,018,638		1,036,001			1.7

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		4,468		(25,357	)		—

Net revenue		1,023,106		1,010,644			(1.2	)


Non-interest expenses

Business segment information:
Retail		203,487		201,221			(1.1	)
Investment Management		57,626		63,574			10.3
Wholesale		470,709		549,936			16.8

Subtotal		731,822		814,731			11.3
Other		114,184		69,130			(39.5	)

Non-interest expenses		846,006		883,861			4.5

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		—		—			—

Non-interest expenses		846,006		883,861			4.5


Income (loss) before income taxes

Business segment information:
Retail		54,041		23,664			(56.2	)
Investment Management		80,293		27,141			(66.2)
Wholesale		37,446		43,607			16.5

Subtotal		171,780		94,412			(45.0	)
Other*		852		57,728			—

Income (loss) before income taxes		172,632		152,140			(11.9	)

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		4,468		(25,357	)		—

Income (loss) before income taxes		177,100		126,783			(28.4	)

*	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 nine months ended						(B-A)/(A)
	December 31, 2021 (A)			December 31, 2022 (B)			(B-A)/(A)
Net gain (loss) related to economic hedging transactions		(1,509	)		(11,164	)		—
Realized gain (loss) on investments in equity securities held for operating purposes		215			22,190			—
Equity in earnings of affiliates		20,554			35,000			70.3
Corporate items		(56,645	)		(4,798	)		—
Other		38,237			16,500			(56.8	)

Total		852			57,728			—

– 10 –

(6) Significant Changes in Equity

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


	Millions of yen
	For the nine months ended December 31, 2022
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		697,507
Stock-based compensation awards		758
Changes in an affiliated company’s interests		(17	)

Balance at end of period		698,248

Retained earnings
Balance at beginning of year		1,606,987
Net income attributable to NHI shareholders		85,411
Cash dividends		(15,006	)
Loss on sales of treasury stock		(1,835	)

Balance at end of period		1,675,557

Accumulated other comprehensive income (loss)
Cumulative translation adjustments
Balance at beginning of year		136,912
Net change during the period		102,931

Balance at end of period		239,843

Defined benefit pension plans
Balance at beginning of year		(43,803	)
Pension liability adjustment		1,389

Balance at end of period		(42,414	)

Own credit adjustments
Balance at beginning of year		34,864
Own credit adjustments		57,778

Balance at end of period		92,642

Balance at end of period		290,071

Common stock held in treasury
Balance at beginning of year		(112,355	)
Repurchases of common stock		(24,725	)
Sale of common stock		0
Common stock issued to employees		17,537

Balance at end of period		(119,543	)

Total NHI shareholders’ equity

Balance at end of period		3,138,826

Noncontrolling interests
Balance at beginning of year		58,198
Net change during the period		2,884

Balance at end of period		61,082

Total equity

Balance at end of period		3,199,908

– 11 –

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, 2022
	June 30, 2021		September 30, 2021		December 31, 2021			March 31, 2022			June 30, 2022			September 30, 2022(A)			December 31, 2022(B)			(B-A)/(A)			For the year ended March 31, 2022
Revenue:
Commissions		82,886		91,636		82,573			75,249			70,431			68,152			77,502			13.7			332,344
Fees from investment banking		35,703		33,901		46,020			33,979			27,285			24,189			33,783			39.7			149,603
Asset management and portfolio service fees		64,044		67,193		69,891			68,857			68,250			69,038			67,035			(2.9	)		269,985
Net gain on trading		51,994		91,142		106,806			118,857			141,918			160,905			142,132			(11.7	)		368,799
Gain (loss) on private equity and debt investments		25,988		475		4,619			(314	)		(4,535	)		5,738			8,050			40.3			30,768
Interest and dividends		64,536		69,925		82,636			67,125			109,049			196,893			373,283			89.6			284,222
Gain (loss) on investments in equity securities		3,468		2,082		(2,586	)		2,482			(1,742	)		(1,523	)		644			—			5,446
Other		76,553		22,855		13,793			39,631			(688	)		10,460			69,812			567.4			152,832

Total revenue		405,172		379,209		403,752			405,866			409,968			533,852			772,241			44.7			1,593,999
Interest expense		51,897		60,343		52,787			65,082			110,940			215,894			378,583			75.4			230,109

Net revenue		353,275		318,866		350,965			340,784			299,028			317,958			393,658			23.8			1,363,890

Non-interest expenses:
Compensation and benefits		135,603		129,245		139,035			125,623			143,061			150,894			156,275			3.6			529,506
Commissions and floor brokerage		26,816		27,397		24,130			26,861			28,488			28,183			32,275			14.5			105,204
Information processing and communications		44,099		45,136		46,596			48,488			49,732			52,127			54,004			3.6			184,319
Occupancy and related depreciation		16,716		17,846		17,507			17,673			16,359			16,643			17,180			3.2			69,742
Business development expenses		3,294		3,902		4,400			4,045			4,699			5,353			6,311			17.9			15,641
Other		48,214		76,873		39,197			68,571			44,956			33,274			44,047			32.4			232,855

Total non-interest expenses		274,742		300,399		270,865			291,261			287,295			286,474			310,092			8.2			1,137,267

Income before income taxes		78,533		18,467		80,100			49,523			11,733			31,484			83,566			165.4			226,623
Income tax expense		28,540		12,984		18,482			20,084			11,340			14,741			17,629			19.6			80,090

Net income		49,993		5,483		61,618			29,439			393			16,743			65,937			293.8			146,533

Less: Net income (loss) attributable to noncontrolling interests		1,506		2,270		1,285			(1,524	)		(1,303	)		(28	)		(1,007	)		—			3,537

Net income attributable to NHI shareholders		48,487		3,213		60,333			30,963			1,696			16,771			66,944			299.2			142,996


	Yen																			% Change			Yen
Per share of common stock:
Basic-
Net income attributable to NHI shareholders per share		16.12		1.04		19.66			10.26			0.56			5.59			22.30			298.9			46.68

Diluted-
Net income attributable to NHI shareholders per share		15.59		1.01		19.07			9.89			0.52			5.41			21.51			297.6			45.23

– 12 –

(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, 2021			September 30, 2021			December 31, 2021			March 31, 2022			June 30, 2022			September 30, 2022(A)			December 31, 2022(B)			(B-A)/(A)			March 31, 2022
Net revenue

Business segment information:
Retail		84,986			85,191			87,351			70,457			71,386			72,480			81,019			11.8			327,985
Investment Management		63,482			34,329			40,108			10,074			7,579			26,171			56,965			117.7			147,993
Wholesale		132,777			172,669			202,709			194,900			198,987			205,499			189,057			(8.0	)		703,055

Subtotal		281,245			292,189			330,168			275,431			277,952			304,150			327,041			7.5			1,179,033
Other		68,659			24,809			21,568			64,198			23,925			15,623			87,310			458.9			179,234

Net revenue		349,904			316,998			351,736			339,629			301,877			319,773			414,351			29.6			1,358,267

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		3,371			1,868			(771	)		1,155			(2,849	)		(1,815	)		(20,693	)		—			5,623

Net revenue		353,275			318,866			350,965			340,784			299,028			317,958			393,658			23.8			1,363,890


Non-interest expenses

Business segment information:
Retail		65,964			68,207			69,316			65,258			66,470			66,995			67,756			1.1			268,745
Investment Management		18,569			19,300			19,757			18,852			19,293			20,618			23,663			14.8			76,478
Wholesale		161,134			147,700			161,875			157,854			173,715			185,310			190,911			3.0			628,563

Subtotal		245,667			235,207			250,948			241,964			259,478			272,923			282,330			3.4			973,786
Other		29,075			65,192			19,917			49,297			27,817			13,551			27,762			104.9			163,481

Non-interest expenses		274,742			300,399			270,865			291,261			287,295			286,474			310,092			8.2			1,137,267

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		—			—			—			—			—			—			—			—			—

Non-interest expenses		274,742			300,399			270,865			291,261			287,295			286,474			310,092			8.2			1,137,267


Income (loss) before income taxes

Business segment information:
Retail		19,022			16,984			18,035			5,199			4,916			5,485			13,263			141.8			59,240
Investment Management		44,913			15,029			20,351			(8,778	)		(11,714	)		5,553			33,302			499.7			71,515
Wholesale		(28,357	)		24,969			40,834			37,046			25,272			20,189			(1,854	)		—			74,492

Subtotal		35,578			56,982			79,220			33,467			18,474			31,227			44,711			43.2			205,247
Other*		39,584			(40,383	)		1,651			14,901			(3,892	)		2,072			59,548			—			15,753

Income (loss) before income taxes		75,162			16,599			80,871			48,368			14,582			33,299			104,259			213.1			221,000

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		3,371			1,868			(771	)		1,155			(2,849	)		(1,815	)		(20,693	)		—			5,623

Income (loss) before income taxes		78,533			18,467			80,100			49,523			11,733			31,484			83,566			165.4			226,623

*	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, 2022
	June 30, 2021			September 30, 2021			December 31, 2021			March 31, 2022			June 30, 2022			September 30, 2022(A)			December 31, 2022(B)			(B-A)/(A)			For the year ended March 31, 2022
Net gain (loss) related to economic hedging transactions		3,444			(3,825	)		(1,128	)		(8,428	)		(9,807	)		98			(1,455	)		—			(9,937	)
Realized gain (loss) on investments in equity securities held for operating purposes		173			23			19			1,140			240			55			21,895			—			1,355
Equity in earnings of affiliates		9,617			5,571			5,366			16,236			16,993			9,114			8,893			(2.4	)		36,790
Corporate items		(9,272	)		(45,566	)		(1,807	)		(34,428	)		(5,988	)		4,513			(3,323	)		—			(91,073	)
Other		35,622			3,414			(799	)		40,381			(5,330	)		(11,708	)		33,538			—			78,618

Total		39,584			(40,383	)		1,651			14,901			(3,892	)		2,072			59,548			—			15,753

– 13 –

(3)

Other

Quarterly financial information for Nomura Securities Co., Ltd. can be found at the following URL.

https://www.nomuraholdings.com/company/group/nsc/pdf/2023_3q.pdf

– 14 –