Japan · Delayed Price · Currency is JPY Nomura Holdings Earnings Call Transcripts
Fiscal Year 2026
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Ambitious 2030 targets were raised, with ROE set at 10%-12%+ and income before taxes over JPY 750 billion, driven by organic growth across all divisions. Strategic focus includes digital transformation, cost discipline, and global expansion, supported by management changes and enhanced governance.
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Full year net revenue and net income reached record highs, with ROE at 10.1%. Q4 saw a revenue increase but lower profits due to one-off costs and impairments. Wealth Management and Investment Management achieved record recurring revenue and AUM.
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Q3 saw strong revenue growth and record pre-tax income in core divisions, with robust Wealth and Wholesale performance offsetting digital asset losses. The Macquarie acquisition boosted assets under management but brought one-time costs, while a major share buyback was announced.
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Q2 saw adjusted net revenue up 10% and net income up 40% QoQ, with ROE at 10.6%. Wealth and Investment Management hit record highs, while Wholesale and Banking remained strong. Security measures were enhanced after phishing losses, and the CET1 ratio is expected to dip post-Macquarie acquisition.
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Net revenue and profits rose across all divisions, with strong gains in Wealth and Investment Management, and record-high assets under management. CET1 ratio remains within target despite increased risk assets, and July performance is tracking solidly.
Fiscal Year 2025
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Record financial results and progress on 2030 targets were highlighted, with strategic focus on expanding stable, recurring revenue businesses, global asset management scale, and digital transformation. The acquisition of Macquarie’s U.S. and European asset management business and the new Banking Division are key growth drivers.
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Full-year net revenue rose 21% and net income hit a record high, driven by strong segment performance and cost controls. The company announced a JPY 60 billion share buyback and expanded globally with the Macquarie acquisition, while maintaining robust capital ratios and focusing on sustainable growth.
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Q3 saw net revenue and net income rise sequentially, marking a seventh straight quarter of profit growth, with strong performance across all segments and record-high income before income taxes. Management reaffirmed its ROE targets and announced a property sale and commemorative dividend.
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Net revenue and net income reached multi-year highs, with strong performance across all segments and a record ROE of 11.6%. Wealth Management and Investment Management delivered robust recurring revenues, while Wholesale saw significant cost improvements. Basel III and market volatility remain key watchpoints.
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Net revenue and net income grew sequentially, with ROE reaching 8.1% and strong momentum in Wealth and Investment Management. Wholesale performance was mixed, but diversified revenue streams and capital strength support the 2030 ROE target.
Fiscal Year 2024
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A new purpose centers on sustainable growth and social impact, with major advances in decarbonization, human capital, and digital transformation. Sustainable finance targets are on track, board diversity is strong, and leadership in ESG bonds and impact investing is recognized.