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Nomura Holdings, Inc. Consolidated Results of Operations First

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Nomura Holdings, Inc. Consolidated Results of Operations First Connecting Markets East & West Consolidated Results of Operations First quarter, year ending March 2021 (US GAAP) Nomura Holdings, Inc. July 2020 © Nomura Outline Presentation Financial Supplement Executive summary (p. 2) Consolidated balance sheet (p. 16) Overview of results (p. 3) Value at risk (p. 17) Business segment results (p. 4) Consolidated financial highlights (p. 18) Retail (p. 5-6) Consolidated income (p. 19) Asset Management (p. 7-8) Main revenue items (p. 20) Wholesale (p. 9-11) Consolidated results: Income (loss) before income taxes by segment and region (p. 21) Non-interest expenses (p. 12) Segment “Other” (p. 22) Robust financial position (p. 13) Retail related data (p. 23-26) Funding and liquidity (p. 14) Asset Management related data (p. 27-28) Wholesale related data (p. 29) Number of employees (p. 30) Executive summary Income (loss) before income taxes, net FY2020/21 1Q highlights income (loss)1 Firmwide (billions of yen) 1 2 3 Income before income taxes: Y181.8bn; Net income : Y142.5bn; ROE : 21.0%; EPS : Y45.65 Income (loss) before income taxes – Income before income taxes and net income at second highest level since reporting under US GAAP Net income (loss) 181.8 started in year ended March 2002 138.6 Three segment income before income taxes increased significantly as the market normalized from 128.5 142.5 March downturn and client activity picked up due to portfolio rebalancing, underpinning a record 4 revenue quarter for Wholesale 74.8 69.7 Segment Other booked a gain of Y71.1bn related to approval to convert rights in Nihonbashi 55.8 57.1 redevelopment project – International income before income taxes hit a record5 Y64.2bn as efforts to realign our business portfolio and focus on areas of competitive strength delivered results; Effective tax rate dropped to 21% -24.7 -34.5 Three segment income before income taxes of Y122.1bn (6.2x QoQ) FY2019/20 FY2020/21 1Q 2Q 3Q 4Q 1Q Retail – Solid results despite restrictions on sales activities; Robust sales of secondary stocks throughout the Three segment income (loss) before income taxes quarter, but slower sales of discretionary investments and insurance products Wholesale 122.1 Asset Management Asset Management – Improvement in American Century Investments (ACI) related gain/loss led to marked improvement in Retail Asset Management performance QoQ 70.2 – Booked sixteenth straight quarter of inflows; Quarterly average AuM largely unchanged QoQ, while quarter-end AuM grew to Y54.5trn partly lifted by market factors 46.3 34.2 Wholesale – Normalization from March market downturn, uptick in client activity on portfolio rebalancing and 19.8 elevated volatility drove strong growth in Fixed Income and Americas and AEJ Equities revenues – Investment Banking performance improved from last quarter, but Japan ECM, cross-border M&A and FY2019/20 FY2020/21 ALF had a slow quarter 1Q 2Q 3Q 4Q 1Q 1. Net income (loss) attributable to Nomura Holdings shareholders. 2. Calculated using annualized net income attributable to Nomura Holdings shareholders for each period. 3. Diluted net income (loss) attributable to Nomura Holdings shareholders per share. 4. Since reporting under US GAAP started in year ended March 2002 2 5. Since reporting international income (loss) before income taxes in year ended March 2003 Overview of results Highlights (billions of yen, except EPS and ROE) FY2020/21 FY2019/20 FY2019/20 QoQ YoY 1Q 4Q 1Q Net revenue 460.7 237.5 94% 332.0 39% Non-interest expenses 278.9 262.2 6% 257.2 8% Income (loss) before income 181.8 -24.7 - 74.8 143% taxes Net income (loss)1 142.5 -34.5 - 55.8 155% EPS2 Y45.65 -Y11.31 - Y16.48 177% ROE3 21.0% - 8.4% 1. Net income (loss) attributable to Nomura Holdings shareholders. 2. Diluted net income (loss) attributable to Nomura Holdings shareholders per share. 3 3. Calculated using annualized net income attributable to Nomura Holdings shareholders for each period Business segment results Net revenue and income (loss) before income taxes (billions of yen) FY2020/21 FY2019/20 QoQ FY2019/20 YoY 1Q 4Q 1Q Net revenue Retail 81.1 88.8 -9% 80.6 1% Asset Management 34.0 7.0 4.8x 34.5 -1% Wholesale 248.7 145.9 70% 159.5 56% Subtotal 363.8 241.7 50% 274.6 32% Other* 94.7 12.3 7.7x 60.3 57% Unrealized gain (loss) on investments in equity 2.3 -16.6 - -2.9 - securities held for operating purposes Net revenue 460.7 237.5 94% 332.0 39% Income (loss) Retail 15.1 18.4 -18% 8.1 86% before income Asset Management 19.2 -8.7 - 18.1 6% taxes Wholesale 87.9 10.1 8.7x 20.0 4.4x Subtotal 122.1 19.8 6.2x 46.3 164% Other* 57.4 -27.9 - 31.5 83% Unrealized gain (loss) on investments in equity 2.3 -16.6 - -2.9 - securities held for operating purposes Income (loss) before income taxes 181.8 -24.7 - 74.8 143% *Additional information on “Other” (1Q) Gain related to approval to convert rights in Nihonbashi redevelopment project (Y71.1bn) Net gain related to economic hedging transactions (Y5.6bn) Loss on changes to own and counterparty credit spread relating to Derivatives (Y5.4bn) 4 Retail Net revenue and income before income taxes Key points (billions of yen) Net revenue: Y81.1bn (-9% QoQ; +1% YoY) Income before income taxes: Y15.1bn (-18% QoQ; +86% YoY) FY2019/20 FY20/21 Solid results despite restrictions on sales activities − QoQ YoY April and May revenues impacted by weak investor sentiment and restrictions on face-to-face services, but recovery seen in June; Sales of 1Q 2Q 3Q 4Q 1Q secondary stocks remained strong throughout the quarter, but discretionary investments and insurance sales were slow Net revenue 80.6 76.9 90.0 88.8 81.1 -9% 1% − Cost reductions had positive impact and advertising and travel expenses declined QoQ Non-interest expenses 72.5 71.6 72.4 70.4 66.0 -6% -9% Client franchise Jun / 1Q Mar / 4Q − Retail client assets Y112.2trn Y104.0trn Income before income taxes 8.1 5.3 17.6 18.4 15.1 -18% 86% − Accounts with balance 5.32m 5.32m − Net inflows of cash and securities1 Y423.7bn -Y559.6bn − Inflows of cash and securities2 Y723.1bn Y1,180.6bn Total sales2 (billions of yen) Stocks Bonds Investment trusts Discretionary investments, Insurance products Total sales2 declined 13% QoQ 3,000 Stocks: +7% QoQ – Stronger sales of both Japanese and foreign stocks lifted stock sales to highest level in six quarters 2,000 – Primary subscriptions3 declined significantly (Y1.7bn; -94% QoQ) Investment trusts: -22% QoQ – Sluggish sales in April and May 1,000 – Inflows in second half of quarter into US stock funds and technology related products Bonds: Y189.2bn; -62% QoQ 0 – Sales of JGBs for individuals dropped significantly FY2019/20 FY2020/21 Sales of discretionary investment and insurance declined 62% QoQ 1Q 2Q 3Q 4Q 1Q 1. Cash and securities inflows minus outflows, excluding regional financial institutions 2. Retail channels only 5 3. Retail channels, Net & Call, and Hotto Direct Retail: Continued to provide services matched to client needs Recurring revenue assets and recurring revenue (trillions of yen) (billions of yen) Jun / 1Q Mar / 4Q Recurring revenue assets Recurring revenue (rhs) Recurring revenue assets as of June-end increased QoQ on the back of 20.0 30.0 17.4 market recovery, but quarterly average declined QoQ impacting recurring 16.9 16.8 16.3 15.3 revenue 22.5 22.4 22.5 15.0 21.3 – Recurring revenue assets Y16.3trn Y15.3trn 19.7 20.0 – Investment trust net inflows1 Y22.3bn Y0.6bn 1 10.0 – Discretionary investment net inflows -Y70.2bn -Y61.2bn – Recurring revenue Y19.7bn Y21.3bn 10.0 5.0 Consulting-related businesses slowed due to restrictions on face-to-face activities in April and May 0.0 0.0 – Consulting-related revenue Y1.6bn Y4.6bn FY2019/20 FY2020/21 Diversified approach to clients helped maintain number of active clients at Jun Sep Dec Mar Jun around same level as last year Consulting-related revenue Number of active clients2 (billions of yen) (thousands of accounts) 5.0 4.6 FY2019/20 FY2020/21 1,200 1,071 4.0 3.5 3.6 1,000 3.2 863 3.0 800 695 2.0 1.6 600 473 1.0 400 465 0.0 200 FY2019/20 FY2020/21 Jun Sep Dec Mar 1Q 2Q 3Q 4Q 1Q 1. Retail channels and Japan Wealth Management Group 6 2. Number of clients who transacted at least once since April 1 (accumulated) Asset Management Net revenue and income before income taxes1 Key points (billions of yen) Net revenue: Y34.0bn (4.8x QoQ; -1% YoY) FY2019/20 FY20/21 Income before income taxes: Y19.2bn (+6% YoY) QoQ YoY − Improvement in American Century Investments (ACI) gain/loss led to 1Q 2Q 3Q 4Q 1Q significant QoQ improvement in divisional performance Revenue 25.8 25.0 26.0 23.4 23.7 1% -8% − Sixteenth straight quarter of inflows; Quarterly average AuM largely (excl. ACI-related) unchanged QoQ, while quarter-end AuM grew to Y54.5trn partly lifted by ACI-related gain/loss 8.7 0.7 -0.6 -16.4 10.3 - 19% market factors Net revenue 34.5 25.7 25.4 7.0 34.0 4.8x -1% Non-interest expenses 16.4 15.6 16.1 15.8 14.9 -6% -9% Investment trust business Income before income Continued inflows into ETFs boosted AuM to record high (Y20.3trn at end- 18.1 10.0 9.3 -8.7 19.2 - 6% 3 taxes June, market share of 45%) Inflows for bank channel and defined contribution plans 2 Assets under management (net) Fund Wrap redemptions led to outflows primarily in foreign bond funds (trillions of yen) Investment trust business Investment advisory business Investment advisory and international businesses 55.6 In Japan, we booked a inflows into alternative investments from public 51.6 52.4 54.5 49.3 pension plan, but redemptions centered on bonds increased due to portfolio 16.8 15.9 15.6 15.8 15.0 reallocations and to secure funds for benefit payments Internationally, market rally led to inflows into high yield products from American and European institutional investors 36.0 36.6 38.8 34.3 38.5 1 2 FY2019/20 3 4 FY2020/215 Jun Sep Dec Mar Jun 1.
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