Financials Nomura Holdings, Inc.

Equities

8604

JP3762600009

Investment Banking & Brokerage Services

Delayed Japan Exchange Other stock markets 11:27:30 17/03/2026 am IST			5-day change	1st Jan Change
1,188.00 ^JPY	+0.59%		-2.46%	-8.65%

13/03	Nomura Expands FX, EM Trading Teams Amid Forecast of Persistent Volatility	MT
12/03	Nomura hires FX traders in Asia on bet high volatility to drive demand	RE

Projected Income Statement: Nomura Holdings, Inc.

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	16,17,235	13,63,890	13,35,577	41,57,294	18,92,500	20,84,323	20,39,033	20,77,705
Change	-	-15.67%	-2.08%	211.27%	-54.48%	10.14%	-2.17%	1.9%
EBITDA	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
EBIT ¹	2,30,671	2,26,623	1,49,474	2,73,850	4,71,964	5,71,000	5,10,504	5,27,128
Change	-	-1.75%	-34.04%	83.21%	72.34%	20.98%	-10.59%	3.26%
Interest Paid ¹	-2,15,363	-2,30,109	-11,51,149	-	-28,44,258	-25,89,000	-26,50,000	-27,00,000
Earnings before Tax (EBT) ¹	2,30,671	2,26,623	1,49,474	2,73,850	4,72,000	5,53,531	5,08,722	5,29,901
Change	-	-1.75%	-34.04%	83.21%	72.36%	17.27%	-8.1%	4.16%
Net income ¹	1,53,116	1,42,996	92,786	1,65,863	3,40,700	3,71,967	3,59,999	3,82,009
Change	-	-6.61%	-35.11%	78.76%	105.41%	9.18%	-3.22%	6.11%
Announcement Date	27/04/21	26/04/22	26/04/23	26/04/24	25/04/25	-	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4	2028 Q1	2028 Q2
Net sales ¹	4,02,100	2,81,744	4,05,172	3,18,866	3,50,965	3,40,784	2,99,028	3,17,958	3,93,658	3,24,933	3,48,913	15,57,140	4,00,200	12,17,885	-	5,01,981	4,52,700	5,23,315	5,15,462	5,51,755	5,02,253	5,04,570	5,10,060	5,15,582	5,21,136	5,21,891	5,27,299
Change	-	-29.93%	43.81%	-21.3%	10.07%	-2.9%	-12.25%	6.33%	23.81%	-17.46%	7.38%	346.28%	-74.3%	204.32%	-	-	-9.82%	15.6%	-1.5%	7.04%	-8.97%	0.46%	1.09%	1.08%	1.08%	0.14%	1.04%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	1,31,333	-	78,533	-	80,100	-	11,733	-	83,566	-	46,310	-	78,711	-	1,33,010	1,38,279	97,744	1,60,282	1,36,645	1,35,221	1,16,351	1,21,956	1,28,238	1,29,858	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3.96%	-29.31%	63.98%	-14.75%	-1.04%	-13.95%	4.82%	5.15%	1.26%	-	-	-
Charge d'intérêts ¹	-	-	-	-	-52,787	-65,082	-1,10,900	-2,15,900	-3,78,617	-4,45,732	-5,44,440	-	-	-	-	-6,95,957	-	-6,33,273	-6,45,751	-6,50,000	-6,59,976	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	1,31,300	-1,66,067	78,533	18,467	80,100	49,523	11,733	31,484	83,566	22,691	46,310	56,735	78,700	1,02,931	-	1,38,279	97,700	1,60,282	1,36,645	1,35,221	1,20,825	1,20,643	1,22,569	1,24,503	1,26,445	1,29,577	1,31,460
Change	-	-226.48%	147.29%	-76.49%	333.75%	-38.17%	-76.31%	168.34%	165.42%	-72.85%	104.09%	22.51%	38.72%	30.79%	-	-	-29.35%	64.06%	-14.75%	-1.04%	-10.65%	-0.15%	1.6%	1.58%	1.56%	2.48%	1.45%
Net income ¹	98,400	-1,55,442	48,487	3,213	60,333	30,963	1,696	16,771	66,944	7,375	23,331	35,232	50,550	68,938	98,387	1,01,441	72,000	1,04,565	92,078	91,553	72,898	83,127	86,076	87,374	94,442	95,901	97,295
Change	-	-257.97%	131.19%	-93.37%	1,777.78%	-48.68%	-94.52%	888.86%	299.17%	-88.98%	216.35%	51.01%	43.48%	36.38%	42.72%	3.1%	-29.02%	45.23%	-11.94%	-0.57%	-20.38%	14.03%	3.55%	1.51%	8.09%	1.55%	1.45%
Announcement Date	03/02/21	27/04/21	30/07/21	29/10/21	01/02/22	26/04/22	03/08/22	02/11/22	01/02/23	26/04/23	01/08/23	27/10/23	31/01/24	30/07/24	01/11/24	05/02/25	25/04/25	29/07/25	28/10/25	30/01/26	-	-	-	-	-	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2022 S1	2023 S1	2024 S1	2025 S1	2026 S1
Net sales	-	-	19,06,053	-	-
Change	-	-	-	-	-
EBITDA	-	-	-	-	-
Change	-	-	-	-	-
EBIT ¹	97,000	43,217	1,03,045	2,35,941	2,96,927
Change	-	-55.45%	138.44%	128.97%	25.85%
Charge d'intérêts	-	-	-	-	-
Earnings before Tax (EBT) ¹	97,000	43,217	1,03,045	2,35,941	2,96,927
Change	-	-55.45%	138.44%	128.97%	25.85%
Net income ¹	51,700	18,467	58,563	1,67,325	1,96,643
Change	-	-64.28%	217.12%	185.72%	17.52%
Announcement Date	29/10/21	02/11/22	27/10/23	01/11/24	28/10/25

¹JPY in Million

Estimates

Forecast Balance Sheet: Nomura Holdings, Inc.

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	-	-	-	-	1,53,38,690	1,15,26,842	1,20,98,923	1,26,54,673
Change	-	-	-	-	-	-24.85%	4.96%	4.59%
Announcement Date	27/04/21	26/04/22	26/04/23	26/04/24	25/04/25	-	-	-

¹JPY in Million

Estimates

Cash Flow Forecast: Nomura Holdings, Inc.

Fiscal Period: March	2020	2021	2022	2023	2024	2025
CAPEX ¹	2,06,745	1,19,875	1,11,331	1,71,165	1,45,784	1,89,971
Change	-	-42.02%	-7.13%	53.74%	-14.83%	30.31%
Free Cash Flow (FCF) ¹	-	-	-	-	-	-
Change	-	-	-	-	-	-
Announcement Date	30/06/20	25/06/21	24/06/22	28/06/23	26/06/24	23/06/25

¹JPY in Million

Estimates

Forecast Financial Ratios: Nomura Holdings, Inc.

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	-	-	-	-	-	-	-	-
EBIT Margin (%)	14.26%	16.62%	11.19%	6.59%	24.94%	27.4%	25.04%	25.37%
EBT Margin (%)	14.26%	16.62%	11.19%	6.59%	24.94%	26.56%	24.95%	25.5%
Net margin (%)	9.47%	10.48%	6.95%	3.99%	18%	17.85%	17.66%	18.39%
FCF margin (%)	40.63%	-63.91%	-52.78%	2.88%	-36.58%	-	-	-
FCF / Net Income (%)	429.16%	-609.53%	-759.68%	72.15%	-203.22%	-	-	-
Profitability
ROA	0.53%	0.53%	0.33%	0.53%	0.84%	0.62%	0.55%	0.52%
ROE	5.7%	5.1%	3.1%	5.1%	9.99%	10.45%	9.9%	9.87%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-22.15x	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	0.65%	0.64%	0.75%	0.31%	0.73%	-	-	-
CAPEX / EBITDA (%)	-	-	-	-	-	-	-	-
CAPEX / FCF (%)	1.6%	-1.01%	-1.43%	10.85%	-1.99%	-	-	-
Items per share
Cash flow per share ¹	71.01	66.11	51.29	75.3	136.2	-	-	-
Change	-	-6.9%	-22.42%	46.81%	80.82%	-	-	-
Dividend per Share ¹	35	22	17	23	57	52.21	52.08	56.03
Change	-	-37.14%	-22.73%	35.29%	147.83%	-8.4%	-0.25%	7.58%
Book Value Per Share ¹	879.8	965.8	1,048	1,128	1,174	1,249	1,320	1,397
Change	-	9.78%	8.54%	7.58%	4.11%	6.38%	5.69%	5.85%
EPS ¹	50.11	46.68	30.86	54.97	115.3	129.6	125.5	131.3
Change	-	-6.84%	-33.89%	78.13%	109.75%	12.4%	-3.18%	4.65%
Nbr of stocks (in thousands)	30,59,293	30,17,111	30,02,827	29,98,034	29,55,712	29,26,345	29,26,345	29,26,345
Announcement Date	27/04/21	26/04/22	26/04/23	26/04/24	25/04/25	-	-	-