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 April 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 – Year ended March 31, 2023.

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: April 26, 2023	By:	/s/ Yoshifumi Kishida
		Yoshifumi Kishida
		Senior Managing Director

Financial Summary For the Year Ended March 31, 2023 (U.S. GAAP)


Date:		April 26, 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 year ended March 31
	2022						2023

	(Millions of yen, except per share data)
				% Change from March 31, 2021						% Change from March 31, 2022
Total revenue		1,593,999			(1.4	%)		2,486,726			56.0	%
Net revenue		1,363,890			(2.7	%)		1,335,577			(2.1	%)
Income before income taxes		226,623			(1.8	%)		149,474			(34.0	%)
Net income attributable to Nomura Holdings, Inc. (“NHI”) shareholders		142,996			(6.6	%)		92,786			(35.1	%)
Comprehensive income		315,576			111.4	%		283,215			(10.3	%)
Basic-Net income attributable to NHI shareholders per share (Yen)		46.68						30.86
Diluted-Net income attributable to NHI shareholders per share (Yen)		45.23						29.74
Return on shareholders’ equity		5.1	%					3.1	%
Income before income taxes to total assets		0.5	%					0.3	%
Income before income taxes divided by total revenue		14.2	%					6.0	%
Equity in earnings of affiliates		32,083						41,910

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
	2022			2023

	(Millions of yen, except per share data)
Total assets		43,412,156			47,771,802
Total equity		2,972,803			3,224,142
Total NHI shareholders’ equity		2,914,605			3,148,567
Total NHI shareholders’ equity as a percentage of total assets		6.7	%		6.6	%
Total NHI shareholders’ equity per share (Yen)		965.80			1,048.24
(3) Cash Flows
	For the year ended March 31
	2022			2023

	(Millions of yen)
Net cash used in operating activities		(1,368,710	)		(974,750	)
Net cash provided by (used in) investing activities		(45,301	)		38,945
Net cash provided by financing activities		1,070,715			1,291,697
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year		3,316,408			3,820,852

2. Cash Dividends


	For the year ended March 31
	2022			2023

	(Yen amounts, except total annual dividends)
Dividends per share
Dividends record dates
At June 30		—			—
At September 30		8.00			5.00
At December 31		—			—
At March 31		14.00			12.00
For the year		22.00			17.00
Total annual dividends (Millions of yen)		67,015			51,056
Consolidated payout ratio		47.1	%		55.1	%
Consolidated dividends as a percentage of shareholders’ equity per share		2.4	%		1.7	%

3. Earnings Forecasts for the year ending March 31, 2024

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 dividends forecasts.

Notes

(1) Changes in significant subsidiaries during the period: None

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

(2) 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

(3) Number of shares issued (common stock)


	At March 31
	2022		2023

Number of shares outstanding (including treasury stock)		3,233,562,601		3,233,562,601
Number of treasury stock		215,758,589		229,883,277

	For the year ended March 31
	2022		2023

Average number of shares outstanding		3,063,524,091		3,006,744,201

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

Table of Contents for the Accompanying Materials


1. Overview of Consolidated Operating Results			P. 2

(1) Overview of Consolidated Operating Results			P. 2
(2) Overview of Consolidated Financial Position			P. 4
(3) Overview of Cash Flows			P. 4

2. Considerations in the selection of accounting standards			P. 5

3. 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) Consolidated Statements of Changes in Equity			P.10
(5) Consolidated Statements of Cash Flows			P.11
(6) Note with respect to the Assumption as a Going Concern			P.12
(7) Notes to the Consolidated Financial Statements			P.13
(8) Other Financial Information			P.15

4. Other Information			P.17

– 1 –

1.	Overview of Consolidated Operating Results

(1)

Overview of Consolidated Operating Results

Operating Results

U.S. GAAP


	Billions of yen						% Change
	For the year ended						(B-A)/(A)
	March 31, 2022 (A)			March 31, 2023 (B)			(B-A)/(A)
Net revenue		1,363.9			1,335.6			(2.1	)
Non-interest expenses		1,137.3			1,186.1			4.3

Income (loss) before income taxes		226.6			149.5			(34.0	)
Income tax expense		80.1			57.8			(27.8	)

Net income (loss)		146.5			91.7			(37.4	)

Less: Net income (loss) attributable to noncontrolling interests		3.5			(1.1	)		—

Net income (loss) attributable to NHI shareholders		143.0			92.8			(35.1	)

Return on shareholders’ equity*		5.1	%		3.1	%		—

*	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 (“Nomura”) reported net revenue of 1,335.6 billion yen for the fiscal year ended March 31, 2023, a decrease of 2.1% from the previous year. Non-interest expenses increased by 4.3% from the previous year to 1,186.1 billion yen. Income before income taxes was 149.5 billion yen and net income attributable to NHI shareholders was 92.8 billion yen for the fiscal year ended March 31, 2023.

Segment Information


	Billions of yen				% Change
	For the year ended				(B-A)/(A)
	March 31, 2022 (A)		March 31, 2023 (B)		(B-A)/(A)
Net revenue		1,358.3		1,365.8		0.6
Non-interest expenses		1,137.3		1,186.1		4.3

Income (loss) before income taxes		221.0		179.7		(18.7	)

In business segment totals, which exclude a part of unrealized gain (loss) on investments in equity securities held for operating purposes, net revenue for the fiscal year ended March 31, 2023 was 1,365.8 billion yen, an increase of 0.6% from the previous year. Non-interest expenses increased by 4.3% from the previous year to 1,186.1 billion yen. Income before income taxes decreased by 18.7% to 179.7 billion yen for the fiscal year ended March 31, 2023. Please refer to page 13 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 year ended				(B-A)/(A)
	March 31, 2022 (A)		March 31, 2023 (B)		(B-A)/(A)
Net revenue		328.0		300.2		(8.5	)
Non-interest expenses		268.7		266.7		(0.8	)

Income (loss) before income taxes		59.2		33.5		(43.5	)

Net revenue decreased by 8.5% from the previous year to 300.2 billion yen. Non-interest expenses decreased by 0.8% to 266.7 billion yen. As a result, income before income taxes decreased by 43.5% to 33.5 billion yen.

Operating Results of Investment Management


	Billions of yen				% Change
	For the year ended				(B-A)/(A)
	March 31, 2022 (A)		March 31, 2023 (B)		(B-A)/(A)
Net revenue		148.0		128.6		(13.1	)
Non-interest expenses		76.5		85.1		11.2

Income (loss) before income taxes		71.5		43.5		(39.2	)

Net revenue decreased by 13.1% from the previous year to 128.6 billion yen. Non-interest expenses increased by 11.2% to 85.1 billion yen. As a result, income before income taxes decreased by 39.2% to 43.5 billion yen. Assets under management were 67.3 trillion yen as of March 31, 2023.

Operating Results of Wholesale


	Billions of yen				% Change
	For the year ended				(B-A)/(A)
	March 31, 2022 (A)		March 31, 2023 (B)		(B-A)/(A)
Net revenue		703.1		772.4		9.9
Non-interest expenses		628.6		743.0		18.2

Income (loss) before income taxes		74.5		29.4		(60.6	)

Net revenue increased by 9.9% from the previous year to 772.4 billion yen. Non-interest expenses increased by 18.2% to 743.0 billion yen. As a result, income before income taxes decreased by 60.6% to 29.4 billion yen.

Other Operating Results


	Billions of yen				% Change
	For the year ended				(B-A)/(A)
	March 31, 2022 (A)		March 31, 2023 (B)		(B-A)/(A)
Net revenue		179.2		164.7		(8.1	)
Non-interest expenses		163.5		91.3		(44.1	)

Income (loss) before income taxes		15.8		73.4		365.8

Net revenue was 164.7 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 73.4 billion yen.

– 3 –

(2)

Overview of Consolidated Financial Position

Total assets as of March 31, 2023, were 47,771.8 billion yen, an increase of 4,359.6 billion yen compared to March 31, 2022, mainly due to the increase in Trading assets. Total liabilities as of March 31, 2023 were 44,547.7 billion yen, an increase of 4,108.3 billion yen compared to March 31, 2022, mainly due to the increase in Securities sold under agreements to repurchase. Total equity as of March 31, 2023 was 3,224.1 billion yen, an increase of 251.3 billion yen compared to March 31, 2022.

(3)

Overview of Cash Flows

Cash, cash equivalents, restricted cash and restricted cash equivalents as of March 31, 2023, increased by 504.4 billion yen compared to March 31, 2022. Cash flows from operating activities for the year ended March 31, 2023 were outflows of 974.8 billion yen due mainly to the increase in Trading assets and private equity and debt investments. Cash flows from investing activities for the year ended March 31, 2023 were inflows of 38.9 billion yen due mainly to Decrease in non-trading debt securities, net. Cash flows from financing activities for the year ended March 31, 2023 were inflows of 1,291.7 billion yen due primarily to Increase in long-term borrowings.

– 4 –

2.	Considerations in the selection of accounting standards

Nomura currently adopts U.S. generally accepted accounting principles. Depending on factors such as trends by other companies and the impact of International Financial Reporting Standards (“IFRS”) on Nomura’s businesses, Nomura may consider in adopting IFRS in the future.

3.	Consolidated Financial Statements

The 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			March 31, 2023			Increase/ (Decrease)
ASSETS
Cash and cash deposits:
Cash and cash equivalents		3,316,238			3,820,685			504,447
Time deposits		320,754			409,082			88,328
Deposits with stock exchanges and other segregated cash		426,519			291,480			(135,039	)

Total cash and cash deposits		4,063,511			4,521,247			457,736

Loans and receivables:
Loans receivable		3,579,727			4,013,852			434,125
Receivables from customers		417,661			379,911			(37,750	)
Receivables from other than customers		1,069,660			819,263			(250,397	)
Allowance for credit losses		(66,346	)		(5,832	)		60,514

Total loans and receivables		5,000,702			5,207,194			206,492

Collateralized agreements:
Securities purchased under agreements to resell		11,879,312			13,834,460			1,955,148
Securities borrowed		4,997,129			4,283,039			(714,090	)

Total collateralized agreements		16,876,441			18,117,499			1,241,058

Trading assets and private equity and debt investments:
Trading assets^*		15,230,817			17,509,934			2,279,117
Private equity and debt investments^*		65,193			99,399			34,206

Total trading assets and private equity and debt investments		15,296,010			17,609,333			2,313,323

Other assets:
Office buildings, land, equipment and facilities (net of accumulated depreciation and amortization of ¥426,081 million as of March 31, 2022 and ¥459,954 million as of March 31, 2023)		419,047			464,316			45,269
Non-trading debt securities^*		484,681			337,361			(147,320	)
Investments in equity securities^*		133,897			97,660			(36,237	)
Investments in and advances to affiliated companies^*		364,281			402,485			38,204
Other		773,586			1,014,707			241,121

Total other assets		2,175,492			2,316,529			141,037

Total assets		43,412,156			47,771,802			4,359,646

^*	Including securities pledged as collateral

– 6 –


			Millions of yen
			March 31, 2022			March 31, 2023			Increase/ (Decrease)
LIABILITIES AND EQUITY
Short-term borrowings				1,050,141			1,008,541			(41,600	)
Payables and deposits:
Payables to customers				1,522,961			1,359,948			(163,013	)
Payables to other than customers				1,636,725			1,799,585			162,860
Deposits received at banks				1,760,679			2,137,936			377,257

Total payables and deposits				4,920,365			5,297,469			377,104

Collateralized financing:
Securities sold under agreements to repurchase				12,574,556			14,217,966			1,643,410
Securities loaned				1,567,351			1,556,663			(10,688	)
Other secured borrowings				396,291			334,319			(61,972	)

Total collateralized financing				14,538,198			16,108,948			1,570,750

Trading liabilities				9,652,118			10,557,971			905,853
Other liabilities				1,020,225			1,175,521			155,296
Long-term borrowings				9,258,306			10,399,210			1,140,904

Total liabilities				40,439,353			44,547,660			4,108,307

Equity
NHI shareholders’ equity:
Common stock
Authorized	-	6,000,000,000shares
Issued	-	3,233,562,601shares as of March 31, 2022 and
		3,233,562,601shares as of March 31, 2023
Outstanding	-	3,017,804,012shares as of March 31, 2022 and
		3,003,679,324shares as of March 31, 2023		594,493			594,493			—
Additional paid-in capital				697,507			707,189			9,682
Retained earnings				1,606,987			1,647,005			40,018
Accumulated other comprehensive income (loss)				127,973			318,454			190,481

Total NHI shareholders’ equity before treasury stock				3,026,960			3,267,141			240,181
Common stock held in treasury, at cost-
215,758,589shares as of March 31, 2022 and
229,883,277shares as of March 31, 2023				(112,355	)		(118,574	)		(6,219	)

Total NHI shareholders’ equity				2,914,605			3,148,567			233,962

Noncontrolling interests				58,198			75,575			17,377

Total equity				2,972,803			3,224,142			251,339

Total liabilities and equity				43,412,156			47,771,802			4,359,646

– 7 –

(2) Consolidated Statements of Income


	Millions of yen					% Change
	For the year ended					(B-A)/(A)
	March 31, 2022(A)		March 31, 2023(B)			(B-A)/(A)
Revenue:
Commissions		332,344		279,857			(15.8	)
Fees from investment banking		149,603		113,208			(24.3	)
Asset management and portfolio service fees		269,985		271,684			0.6
Net gain on trading		368,799		563,269			52.7
Gain on private equity and debt investments		30,768		14,504			(52.9	)
Interest and dividends		284,222		1,114,690			292.2
Gain (loss) on investments in equity securities		5,446		(1,426	)		—
Other		152,832		130,940			(14.3	)

Total revenue		1,593,999		2,486,726			56.0
Interest expense		230,109		1,151,149			400.3

Net revenue		1,363,890		1,335,577			(2.1	)

Non-interest expenses:
Compensation and benefits		529,506		605,787			14.4
Commissions and floor brokerage		105,204		119,237			13.3
Information processing and communications		184,319		209,537			13.7
Occupancy and related depreciation		69,742		66,857			(4.1	)
Business development expenses		15,641		22,636			44.7
Other		232,855		162,049			(30.4	)

Total non-interest expenses		1,137,267		1,186,103			4.3

Income before income taxes		226,623		149,474			(34.0	)
Income tax expense		80,090		57,798			(27.8	)

Net income		146,533		91,676			(37.4	)

Less: Net income (loss) attributable to noncontrolling interests		3,537		(1,110	)		—

Net income attributable to NHI shareholders		142,996		92,786			(35.1	)

Per share of common stock:

	Yen					% Change
Basic-
Net income attributable to NHI shareholders per share		46.68		30.86			(33.9	)

Diluted-
Net income attributable to NHI shareholders per share		45.23		29.74			(34.2	)

– 8 –

(3) Consolidated Statements of Comprehensive Income


	Millions of yen						% Change
	For the year ended						(B-A)/(A)
	March 31, 2022(A)			March 31, 2023(B)			(B-A)/(A)
Net income		146,533			91,676			(37.4	)
Other comprehensive income (loss):
Cumulative translation adjustments:
Cumulative translation adjustments		122,468			107,058			(12.6	)
Deferred income taxes		(946	)		(145	)		—

Total		121,522			106,913			(12.0	)

Defined benefit pension plans:
Pension liability adjustments		(404	)		16,422			—
Deferred income taxes		78			(4,793	)		—

Total		(326	)		11,629			—

Own credit adjustments:
Own credit adjustments		60,777			95,047			56.4
Deferred income taxes		(12,930	)		(22,050	)		—

Total		47,847			72,997			52.6

Total other comprehensive income		169,043			191,539			13.3

Comprehensive income		315,576			283,215			(10.3	)
Less: Comprehensive income (loss) attributable to noncontrolling interests		6,463			(52	)		—

Comprehensive income attributable to NHI shareholders		309,113			283,267			(8.4	)

– 9 –

(4) Consolidated Statements of Changes in Equity


	Millions of yen
	For the year ended
	March 31, 2022			March 31, 2023
Common stock
Balance at beginning of year		594,493			594,493

Balance at end of year		594,493			594,493

Additional paid-in capital
Balance at beginning of year		696,122			697,507
Stock-based compensation awards		1,421			9,411
Changes in ownership interests in subsidiaries		—			287
Changes in an affiliated company’s interests		(36	)		(16	)

Balance at end of year		697,507			707,189

Retained earnings
Balance at beginning of year		1,533,713			1,606,987
Net income attributable to NHI shareholders		142,996			92,786
Cash dividends		(67,007	)		(51,050	)
Loss on sales of treasury stock		(2,715	)		(1,718	)

Balance at end of year		1,606,987			1,647,005

Accumulated other comprehensive income (loss)
Cumulative translation adjustments
Balance at beginning of year		18,316			136,912
Net change during the year		118,596			105,855

Balance at end of year		136,912			242,767

Defined benefit pension plans
Balance at beginning of year		(43,477	)		(43,803	)
Pension liability adjustments		(326	)		11,629

Balance at end of year		(43,803	)		(32,174	)

Own credit adjustments
Balance at beginning of year		(12,983	)		34,864
Own credit adjustments		47,847			72,997

Balance at end of year		34,864			107,861

Balance at end of year		127,973			318,454

Common stock held in treasury
Balance at beginning of year		(91,246	)		(112,355	)
Repurchases of common stock		(39,650	)		(24,728	)
Sales of common stock		0			0
Common stock issued to employees		18,541			18,509

Balance at end of year		(112,355	)		(118,574	)

Total NHI shareholders’ equity

Balance at end of year		2,914,605			3,148,567

Noncontrolling interests
Balance at beginning of year		61,513			58,198
Net change during the year		(3,315	)		17,377

Balance at end of year		58,198			75,575

Total equity

Balance at end of year		2,972,803			3,224,142

– 10 –

(5) Consolidated Statements of Cash Flows


	Millions of yen
	For the year ended
	March 31, 2022			March 31, 2023
Cash flows from operating activities:
Net income		146,533			91,676
Adjustments to reconcile net income to Net cash used in operating activities:
Depreciation and amortization		59,524			61,424
(Gain) loss on investments in equity securities		(5,446	)		1,426
Gain on investments in subsidiaries and affiliates		(79,396	)		(23,889	)
(Gain) loss on disposal of office buildings, land, equipment and facilities		(3,490	)		344
Changes in operating assets and liabilities:
Time deposits		(23,064	)		(70,532	)
Deposits with stock exchanges and other segregated cash		(18,408	)		170,632
Trading assets and private equity and debt investments		1,254,261			(1,576,531	)
Trading liabilities		(284,747	)		467,257
Securities purchased under agreements to resell, net of securities sold under agreements to repurchase		(2,220,493	)		(590,424	)
Securities borrowed, net of securities loaned		595,116			834,438
Other secured borrowings		2,120			(62,416	)
Loans and receivables, net of allowance for doubtful accounts		(412,429	)		178,254
Payables		(247,980	)		(139,417	)
Bonus accrual		(1,865	)		(3,319	)
Other, net		(128,946	)		(313,673	)

Net cash used in operating activities		(1,368,710	)		(974,750	)


Cash flows from investing activities:
Payments for purchases of office buildings, land, equipment and facilities		(111,331	)		(171,165	)
Proceeds from sales of office buildings, land, equipment and facilities		94,985			63,648
Proceeds from sales of investments in equity securities		2,502			35,499
Increase in loans receivable at banks, net		(112,782	)		(84,570	)
Decrease (increase) in non-trading debt securities, net		(51,065	)		159,558
Business combinations or disposals, net		—			16,950
Decrease in investments in affiliated companies, net		103,437			18,180
Other, net		28,953			845

Net cash provided by (used in) investing activities		(45,301	)		38,945


Cash flows from financing activities:
Increase in long-term borrowings		3,895,059			2,337,586
Decrease in long-term borrowings		(2,670,106	)		(1,230,365	)
Decrease in short-term borrowings, net		(475,509	)		(81,925	)
Increase in deposits received at banks, net		448,099			326,299
Proceeds from sales of common stock held in treasury		11			4
Payments for repurchases of common stock in treasury		(39,650	)		(24,728	)
Payments for cash dividends		(70,714	)		(57,262	)
Transactions with noncontrolling interests, net		(16,475	)		—
Contributions from noncontrolling interests		—			59,718
Distributions to noncontrolling interests		—			(37,630	)

Net cash provided by financing activities		1,070,715			1,291,697


Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents		149,693			148,552

Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents		(193,603	)		504,444
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of the year		3,510,011			3,316,408

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year		3,316,408			3,820,852

– 11 –

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

Not applicable.

– 12 –

(7) Notes to the Consolidated Financial Statements

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 year ended					(B-A)/(A)
	March 31, 2022 (A)		March 31, 2023 (B)			(B-A)/(A)
Net revenue

Business segment information:
Retail		327,985		300,191			(8.5	)
Investment Management		147,993		128,559			(13.1	)
Wholesale		703,055		772,380			9.9

Subtotal		1,179,033		1,201,130			1.9
Other		179,234		164,718			(8.1	)

Net revenue		1,358,267		1,365,848			0.6

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		5,623		(30,271	)		—

Net revenue		1,363,890		1,335,577			(2.1	)


Non-interest expenses

Business segment information:
Retail		268,745		266,695			(0.8	)
Investment Management		76,478		85,064			11.2
Wholesale		628,563		743,011			18.2

Subtotal		973,786		1,094,770			12.4
Other		163,481		91,333			(44.1	)

Non-interest expenses		1,137,267		1,186,103			4.3

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

Non-interest expenses		1,137,267		1,186,103			4.3


Income (loss) before income taxes

Business segment information:
Retail		59,240		33,496			(43.5	)
Investment Management		71,515		43,495			(39.2	)
Wholesale		74,492		29,369			(60.6	)

Subtotal		205,247		106,360			(48.2	)
Other*		15,753		73,385			365.8

Income (loss) before income taxes		221,000		179,745			(18.7	)

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		5,623		(30,271	)		—

Income (loss) before income taxes		226,623		149,474			(34.0	)

*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 year ended						(B-A)/(A)
	March 31, 2022 (A)			March 31, 2023 (B)			(B-A)/(A)
Net gain (loss) related to economic hedging transactions		(9,937	)		(4,846	)		—
Realized gain (loss) on investments in equity securities held for operating purposes		1,355			28,385			—
Equity in earnings of affiliates		36,790			47,744			29.8
Corporate items		(91,073	)		(12,590	)		—
Other		78,618			14,692			(81.3	)

Total		15,753			73,385			365.8

– 13 –

Per share data

Shareholders’ equity per share is calculated based on the following number of shares.


Number of shares outstanding as of March 31, 2023			3,003,679,324

Net income attributable to NHI shareholders per share calculated based on the following number of shares.


Average number of shares outstanding for the year ended March 31, 2023			3,006,744,201

Significant Subsequent Events

Not applicable.

– 14 –

(8) Other Financial Information

Consolidated Statements of Income – Quarterly Comparatives


	Millions of yen																					% Change
	For the three months ended																					(B-A)/(A)
	June 30, 2021		September 30, 2021		December 31, 2021			March 31, 2022			June 30, 2022			September 30, 2022			December 31, 2022(A)			March 31, 2023(B)		(B-A)/(A)
Revenue:
Commissions		82,886		91,636		82,573			75,249			70,431			68,152			77,502			63,772		(17.7	)
Fees from investment banking		35,703		33,901		46,020			33,979			27,285			24,189			33,783			27,951		(17.3	)
Asset management and portfolio service fees		64,044		67,193		69,891			68,857			68,250			69,038			67,035			67,361		0.5
Net gain on trading		51,994		91,142		106,806			118,857			141,918			160,905			142,132			118,314		(16.8	)
Gain (loss) on private equity and debt investments		25,988		475		4,619			(314	)		(4,535	)		5,738			8,050			5,251		(34.8	)
Interest and dividends		64,536		69,925		82,636			67,125			109,049			196,893			373,283			435,465		16.7
Gain (loss) on investments in equity securities		3,468		2,082		(2,586	)		2,482			(1,742	)		(1,523	)		644			1,195		85.6
Other		76,553		22,855		13,793			39,631			(688	)		10,460			69,812			51,356		(26.4	)

Total revenue		405,172		379,209		403,752			405,866			409,968			533,852			772,241			770,665		(0.2	)
Interest expense		51,897		60,343		52,787			65,082			110,940			215,894			378,583			445,732		17.7

Net revenue		353,275		318,866		350,965			340,784			299,028			317,958			393,658			324,933		(17.5	)

Non-interest expenses:
Compensation and benefits		135,603		129,245		139,035			125,623			143,061			150,894			156,275			155,557		(0.5	)
Commissions and floor brokerage		26,816		27,397		24,130			26,861			28,488			28,183			32,275			30,291		(6.1	)
Information processing and communications		44,099		45,136		46,596			48,488			49,732			52,127			54,004			53,674		(0.6	)
Occupancy and related depreciation		16,716		17,846		17,507			17,673			16,359			16,643			17,180			16,675		(2.9	)
Business development expenses		3,294		3,902		4,400			4,045			4,699			5,353			6,311			6,273		(0.6	)
Other		48,214		76,873		39,197			68,571			44,956			33,274			44,047			39,772		(9.7	)

Total non-interest expenses		274,742		300,399		270,865			291,261			287,295			286,474			310,092			302,242		(2.5	)

Income before income taxes		78,533		18,467		80,100			49,523			11,733			31,484			83,566			22,691		(72.8	)
Income tax expense		28,540		12,984		18,482			20,084			11,340			14,741			17,629			14,088		(20.1	)

Net income		49,993		5,483		61,618			29,439			393			16,743			65,937			8,603		(87.0	)

Less: Net income (loss) attributable to noncontrolling interests		1,506		2,270		1,285			(1,524	)		(1,303	)		(28	)		(1,007	)		1,228		—

Net income attributable to NHI shareholders		48,487		3,213		60,333			30,963			1,696			16,771			66,944			7,375		(89.0	)


	Yen																					% Change
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			2.46		(89.0	)

Diluted-
Net income attributable to NHI shareholders per share		15.59		1.01		19.07			9.89			0.52			5.41			21.51			2.34		(89.1	)

– 15 –

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
	For the three months ended																								(B-A)/(A)
	June 30, 2021			September 30, 2021			December 31, 2021			March 31, 2022			June 30, 2022			September 30, 2022			December 31, 2022(A)			March 31, 2023(B)			(B-A)/(A)
Net revenue

Business segment information:
Retail		84,986			85,191			87,351			70,457			71,386			72,480			81,019			75,306			(7.1	)
Investment Management		63,482			34,329			40,108			10,074			7,579			26,171			56,965			37,844			(33.6	)
Wholesale		132,777			172,669			202,709			194,900			198,987			205,499			189,057			178,837			(5.4	)

Subtotal		281,245			292,189			330,168			275,431			277,952			304,150			327,041			291,987			(10.7	)
Other		68,659			24,809			21,568			64,198			23,925			15,623			87,310			37,860			(56.6	)

Net revenue		349,904			316,998			351,736			339,629			301,877			319,773			414,351			329,847			(20.4	)

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	)		(4,914	)		—

Net revenue		353,275			318,866			350,965			340,784			299,028			317,958			393,658			324,933			(17.5	)


Non-interest expenses

Business segment information:
Retail		65,964			68,207			69,316			65,258			66,470			66,995			67,756			65,474			(3.4	)
Investment Management		18,569			19,300			19,757			18,852			19,293			20,618			23,663			21,490			(9.2	)
Wholesale		161,134			147,700			161,875			157,854			173,715			185,310			190,911			193,075			1.1

Subtotal		245,667			235,207			250,948			241,964			259,478			272,923			282,330			280,039			(0.8	)
Other		29,075			65,192			19,917			49,297			27,817			13,551			27,762			22,203			(20.0	)

Non-interest expenses		274,742			300,399			270,865			291,261			287,295			286,474			310,092			302,242			(2.5	)

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			302,242			(2.5	)


Income (loss) before income taxes

Business segment information:
Retail		19,022			16,984			18,035			5,199			4,916			5,485			13,263			9,832			(25.9	)
Investment Management		44,913			15,029			20,351			(8,778	)		(11,714	)		5,553			33,302			16,354			(50.9	)
Wholesale		(28,357	)		24,969			40,834			37,046			25,272			20,189			(1,854	)		(14,238	)		—

Subtotal		35,578			56,982			79,220			33,467			18,474			31,227			44,711			11,948			(73.3	)
Other*		39,584			(40,383	)		1,651			14,901			(3,892	)		2,072			59,548			15,657			(73.7	)

Income (loss) before income taxes		75,162			16,599			80,871			48,368			14,582			33,299			104,259			27,605			(73.5	)

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	)		(4,914	)		—

Income (loss) before income taxes		78,533			18,467			80,100			49,523			11,733			31,484			83,566			22,691			(72.8	)

*	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 three months ended																								(B-A)/(A)
	June 30, 2021			September 30, 2021			December 31, 2021			March 31, 2022			June 30, 2022			September 30, 2022			December 31, 2022(A)			March 31, 2023(B)			(B-A)/(A)
Net gain (loss) related to economic hedging transactions		3,444			(3,825	)		(1,128	)		(8,428	)		(9,807	)		98			(1,455	)		6,318			—
Realized gain (loss) on investments in equity securities held for operating purposes		173			23			19			1,140			240			55			21,895			6,195			(71.7	)
Equity in earnings of affiliates		9,617			5,571			5,366			16,236			16,993			9,114			8,893			12,744			43.3
Corporate items		(9,272	)		(45,566	)		(1,807	)		(34,428	)		(5,988	)		4,513			(3,323	)		(7,792	)		—
Other		35,622			3,414			(799	)		40,381			(5,330	)		(11,708	)		33,538			(1,808	)		—

Total		39,584			(40,383	)		1,651			14,901			(3,892	)		2,072			59,548			15,657			(73.7	)

– 16 –

4.	Other Information

Financial information for Nomura Securities Co., Ltd. can be found on the following URL.

https://www.nomuraholdings.com/company/group/nsc/pdf/2023_4q.pdf

– 17 –