FORM 6-K

6-K 1 d308041d6k.htm FORM 6-K 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 May 2017

NOMURA HOLDINGS, INC.

(Translation of registrant’s name into English)

9-1, 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.	Consolidated Results of Operations (US GAAP), Fourth quarter and fiscal year ended March 2017

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: May 9, 2017	By:	/s/ Hajime Ikeda
		Hajime Ikeda
		Senior Managing Director

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Connecting Markets East & West

Consolidated Results of Operations

Fourth quarter, year ended March 2017

(US GAAP)

Nomura Holdings, Inc.

April 2017 © Nomura

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Outline

Presentation

Executive summary (p. 2 3) Overview of results (p. 4) Business segment results (p. 5) Retail (p. 6 7) Asset Management (p. 8 9) Wholesale (p. 10 12) Non interest expenses (p. 13) Robust financial position (p. 14) Funding and liquidity (p. 15)

Financial Supplement

Consolidated balance sheet (p.17) Value at risk (p.18) Consolidated financial highlights (p. 19) Consolidated income (p. 20) Main revenue items (p. 21)

Consolidated results: Income (loss) before income taxes by segment and region (p. 22)

Segment “Other” (p.23)

Retail related data (p. 24 27)

Asset Management related data (p. 28 29) Wholesale related data (p. 30) Number of employees (p. 31)

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Executive summary

FY2016/17 full year highlights

Strong YoY growth in income before income taxes and net income1

Net income1 at second highest level since reporting under US GAAP started in FY2001/02 (highest level FY2005/062)

Wholesale reported a significant gain in income before income taxes and non business segment performance improved

All international regions profitable; total income before income taxes from international operations of Y88.1bn; group effective tax rate of 25%

Net revenue: Y1,403.2bn(+1% YoY); Income before income taxes: Y322.8bn (+95% YoY); Net income1: Y239.6bn (+82% YoY); ROE: 8.7% (FY15/16: 4.9%)?EPS3: Y65.65 (FY15/16: Y35.52)

Three segment total income before income taxes of Y278.6bn (+55% YoY)

Retail

Retail investors remained in wait and see mode due to market uncertainty; Although investor sentiment improved in second half, income before income taxes declined YoY

Asset Management

Inflows and market factors drove AuM to record high and income before income taxes was at the highest level since FY2001/02

Wholesale

Significantly lowered cost base while achieving revenue growth; Income before income taxes strongest in seven years

Shareholder returns

Dividend per share: Year end Y11; Annual Y20

Launch of share buyback program to deliver shares upon the exercise of stock options and to raise capital efficiency and ensure a flexible capital management policy Total shares: Upper limit of 100 million shares Total value: Upper limit of Y80bn Period: From May 17, 2017, to March 30, 2018

(1) Net income attributable to Nomura Holdings shareholders.

(2) FY2005/06 net income attributable to Nomura Holdings shareholders: Y304.3bn. (3) Diluted net income attributable to Nomura Holdings shareholders per share.

Income before income taxes, net income1,

EPS 3

Income before income taxes

(billions of yen) (yen)

Net income

500.0 80

EPS (rhs)

400.0 65.65

60.03 60

55.81

300.0

35.52

200.0

28.37

100.0

0.0 0

FY12/13 FY13/14 FY14/15 FY15/16 FY16/17

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Executive summary

FY2016/17 4Q highlights

Quarterly results remained solid: Although income before income taxes declined from particularly strong 3Q, performance improved significantly YoY

Three segment total income before income taxes declined QoQ mainly in Wholesale, but all business segments improved YoY

International operations profitable for four straight quarters as initiatives to improve profitability delivered results

Net revenue: Y349.1bn ( 5% QoQ; +25% YoY)

Income before income taxes: Y82.3bn ( 14% QoQ)

Net income1: Y61.3bn ( 13% QoQ)

ROE2: 8.8% (FY16/17 3Q: 10.3%)

EPS3: Y17.00 (FY16/17 3Q: Y19.44)

Three segment income before income taxes of Y62.6bn ( 28% QoQ)

Retail

Sales of investment trusts and bonds offset a slowdown in sales of stocks, resulting in net revenue and income before income taxes roughly the same as last quarter

Asset Management

AuM growth contributed to revenues, but net revenue declined from 3Q which included dividend income and gains related to American Century Investments (ACI)

Wholesale

Net revenue declined QoQ due mainly to a slowdown in Fixed Income revenues in the Americas and AEJ

Equities revenues remained roughly unchanged QoQ, while Investment Banking reported stronger revenues both in Japan and overseas

1. Net income attributable to Nomura Holdings shareholders.

2. Calculated using annualized net income attributable to Nomura Holdings shareholders for each period.

3. Diluted net income attributable to Nomura Holdings shareholders per share.

Income (loss) before income taxes and net income (loss)1

Group (billions of yen)

106.0 Income (loss) before income taxes 95.9 Net income (loss) 82.3

81.8

68.7 70.3 62.8 61 46.6 51.6 61.2 46.8 19.9 35.4

12.3 19.2

FY2015/16 FY2016/17

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

Three segment income (loss) before income taxes

Wholesale

Asset Management 87.4 82.3

Retail

67.5 61.1 62.6 53.8 48.5

4.9

FY2015/16 FY2016/17

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

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Overview of results

Highlights

(billions of yen, except EPS and ROE)

FY2016/17 FY2016/17

QoQYoYYoY

4Q Full year

Net revenue 349.1 5%+25%1,403.2+1%

Non interest expenses 266.8 2% 9%1,080.4 12%

Income before income taxes 82.3 14% 322.8+95%

Net income1 61.3 13% 239.6+82%

EPS2 Y17.00 13% Y65.65+85%

ROE3 8.8% 8.7%

1. Net income attributable to Nomura Holdings shareholders.

2. Diluted net income attributable to Nomura Holdings shareholders per share.

3. Calculated using annualized net income attributable to Nomura Holdings shareholders for each period.

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Business segment results

Net revenue and income (loss) before income taxes

(billions of yen) FY2016/17FY2016/17

QoQYoYYoY

4QFull year

Net revenue Retail 103.2+2%+21%374.4 14%

Asset Management 23.3 19%+15%99.4+4%

Wholesale 171.2 13%+26%739.3+3%

Subtotal 297.7 9%+23%1,213.1 3%

Other* 54.3+89% 13%183.5+11%

Unrealized gain (loss) on investments in

equity securities held for operating purposes 2.8 6.6

Net revenue 349.1 5%+25%1,403.2+1%

Income Retail 25.8 1%+112%74.8 41%

(loss) before

income taxes Asset Management 8.7 38%+50%42.3+15%

Wholesale 28.1 41% 161.410.5x

Subtotal 62.6 28% 278.6+55%

Other * 22.6 +40%37.66.1x

Unrealized gain (loss) on investments in

equity securities held for operating purposes 2.8 6.6

Income (loss) before income taxes 82.3 14% 322.8+95%

*Additional information on “Other” (4Q) Gain on changes to own and counterparty credit spread relating to Derivatives (Y2.2bn)1

1. Unrealized changes in the fair value of financial liabilities elected for the fair value option attributable to instrument specific credit risk (“own credit adjustments”) are presented separately in other comprehensive income rather than through earnings from the first quarter, year ending March 2017.

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Retail

Net revenue and income before income taxes

(billions of yen) Full yearQuarter

FY15/

FY15/ FY16/16FY2016/17QoQYoY

1617

4Q1Q2Q3Q4Q

Net revenue 435.6 374.485.083.886.2101.3103.2+2%+21%

Non interest expenses 308.0 299.672.975.171.875.477.4+3%+6%

Income before income 127.6 74.812.28.714.425.925.8 1%+112%

taxes

Total sales1

(billions of yen)

4,000 Stocks Bonds Investment trustsDiscretionary investments, Insurance products

3,000

2,000

1,000

FY2015/16 FY2016/17

4Q 1Q2Q3Q4Q

1. Retail channels only.

2. Retail channels, Net & Call, and Hotto Direct.

Key points

Full year

Net revenue: Y374.4bn ( 14% YoY)

Income before income taxes: Y74.8bn ( 41% YoY)

Retail clients in wait and see mode in H1 due to market uncertainty

Sentiment improved as market recovered following US election leading robust trading in stocks and bonds

Fourth quarter

Net revenue: Y103.2bn (+2% QoQ; +21% YoY)

Income before income taxes: Y25.8bn ( 1% QoQ; +112% YoY) Net revenue and income before income taxes both roughly unchanged

Net revenue up QoQ as increase in sales of investment trusts and bonds offset slower sales of stocks

Variable expenses such as business development expenses increased

Total sales1 increased 8% QoQ

Stocks: 9% QoQ

Decline in domestic secondary stock sales combined with lower contribution from primary deals (primary stock subscriptions2: Y102.1bn; 38% QoQ)

Investment trusts: +14% QoQ

Stronger sales of thematic investment trusts (AI related stocks) and inflows into high yield bonds and India equity funds

Bonds: Y1,010.2bn; +38% QoQ

Sales of JGBs for individual investors at record high (Y602.8bn; +117% QoQ); Contributions from primary deals

Discretionary investment and insurance sales increased 10% QoQ

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Retail: Growth in recurring revenue, record sales of JGBs for individual investors

Recurring revenue

(billions of yen) Recurring revenue (annualized, adjusted basis)

Recurring revenue cost coverage ratio (rhs)

100.0 30%

25% 24%25%25%25%

80.0

20%

60.0

71.9 71.371.074.078.610%

40.0

20.0 0%

FY2015/16 FY2016/17

4Q 1Q2Q3Q4Q

Discretionary investment assets under management

(billions of yen)

Quarterly discretionary investment net inflows1

2,500 2,399.72,430.7

2,193.8 2,201.02,269.142.648.2

51.7 107.2 63.9

2,000

1,500

1,000

FY2015/16 FY2016/17

4Q / Mar 1Q / Jun2Q / Sep3Q / Dec4Q / Mar

Continued net inflows into discretionary investments and investment trusts;

Annualized recurring revenue increased to Y78.6bn

Mar 2017/4QDec 2016/3Q

Recurring revenue Y19.4bnY18.7bn

Investment trust net inflows1 Y40.2bn Y104.5bn

Discretionary investment net inflows1 Y48.2bnY42.6bn

Sales of insurance products2 Y37.8bnY37.8bn

Client franchise

Retail client assets Y107.7trnY108.0trn

Accounts with balance 5.36m5.38m

NISA account applications3 1.75m1.73m

Net inflows of cash and securities4 Y43.1bn Y338.3bn

Sales of JGBs for individual investors

(billions of yen)

602.8

600.0

400.0

277.5

234.8

200.0 173.6

76.1

0.0

FY2015/16 FY2016/17

4Q 1Q2Q3Q4Q

1. Retail channels, Japan Wealth Management Group.

2. 2. Retail channels only.

3. Includes Junior NISA.

4. 4. Cash and securities inflows minus outflows, excluding regional financial institutions.

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Asset Management

Net revenue and income before income taxes

(billions of yen) Full yearQuarter

FY15/

FY15/ FY16/16FY2016/17QoQYoY

1617

4Q1Q2Q3Q4Q

Net revenue 95.499.420.325.921.328.923.3 19%+15%

Non interest expenses 58.7 57.114.513.713.814.914.6 2%+1%

Income before income 36.7 42.35.812.27.414.08.7 38%+50%

taxes

Assets under management

(trillions of yen) AuM (net)1 AuM (gross)2

51.452.6

48.2 44.7 46.043.244.4

40.1 37.338.5

FY2015/16 FY2016/17

Mar JunSepDecMar

Key points

Full year

Net revenue: Y99.4bn (+4% YoY)

Income before income taxes: Y42.3bn (+15% YoY)

Strong inflows into ETFs, privately placed funds for regional financial institutions, and global investment advisory business; AuM driven up also by market factors Income before income taxes at highest level since year ended March 2002 on the back of revenue growth and cost containment

Fourth quarter

Net revenue: Y23.3bn ( 19% QoQ; +15% YoY)

Income before income taxes: Y8.7bn ( 38% QoQ; +50% YoY) AuM reached another record high, helping drive revenue growth

However, net revenue declined from 3Q which included dividend income and ACI related gains

Investment trust business

Ongoing solid inflows into ETFs and privately placed funds for regional financial institutions

Top 3 publicly offered stock funds (excl. ETFs) by inflows in 4Q

Nomura Global AI Stock Fund: Y181.3bn

Nomura India Investment Fund: Y28.1bn

Nomura Fund Wrap Bond Premier: Y20.6bn

Investment advisory and international businesses

Ongoing inflows both in Japan and overseas into strong performing high yield products

1. Net after deducting duplications from assets under management (gross) of Nomura Asset Management, Nomura Funds Research and Technologies, Nomura Corporate Research and Asset Management and Wealth Square.

2. Total assets under management of above companies.

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Asset management:

ETF AuM growth driven by increasing investor demand

Assets under management (net)1 by business

(trillions of yen) Investment trust business Investment advisory business

50.0 43.244.4

40.1 37.338.5

40.0

13.4 14.614.8

30.0 12.413.1

20.0

10.0 26.7 24.925.428.629.5

0.0

FY2015/16 FY2016/17

Mar JunSepDecMar

Inflows into investment trust business3

(billions of yen) MRFs, MMFs, etc.

Investment trust business ETFs

1,500 (excl. ETFs) Other investment trusts (excl. ETFs)

1,203

1,000 838

477 759

500 279

24 233

500 399 471

427

1,000

FY2015/16 FY2016/17

4Q 1Q2Q3Q4Q

Nomura Asset Management public investment trust market

share2

26.0% 25.4%25.7%

24.8%

24.0%24.2%

24.0%

22.0%

20.0%

FY2015/16 FY2016/17

Mar JunSepDecMar

ETF growth

ETF AuM topped Y10trn driven (trillions of yen)AuM

by increasing investor demand 1210.5

Launched ETF that tracks 109.3

7.57.8

Nikkei 225 High Dividend Yield 87.0

Stock 50 Index in Feb 2017, 6

further enhancing product 4

lineup; Industry leading lineup

of 48 ETFs listed in Japan 2

MarJunSepDecMar

FY15/16FY16/17

2. Source: The Investment Trusts Association, Japan 3. Based on assets under management (net)

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Wholesale

Net revenue and income (loss) before income taxes

(billions of yen) Full year Quarter

FY15/

FY15/ FY1616FY2016/17QoQYoY

16/174Q1Q2Q3Q4Q

Global Markets 600.3 643.1108.3170.5156.1173.0143.5 17%+33%

Investment Banking 120.0 96.127.920.423.824.227.7+14% 1%

Net revenue 720.3 739.3136.2190.9179.9197.3171.2 13%+26%

Non interest expenses 704.9 577.8159.0144.3140.6149.9143.1 5% 10%

Income (loss) before 15.4 161.4 22.846.639.347.428.1 41%

income taxes

Net revenue by region

(billions of yen)

200.0

150.0 61.155.964.8Americas

53.3

45.4 40.839.6EMEA

100.0 39.449.4

23.7 21.426.134.3AEJ

50.0 18.0 17.7

67.7Japan

49.0 58.558.650.8

0.0

FY2015/16 FY2016/17

4Q 1Q2Q3Q4Q

Key points

Full year

Net revenue: Y739.3bn (+3% YoY)

Income before income taxes: Y161.4bn (10.5x YoY)

Significantly lowered cost base while achieving revenue growth; Income before income taxes strongest in seven years

Global Markets revenue up on strong performance in Rates and Spread Products; Investment Banking revenues declined

Significant improvement in profitability following strategic review of EMEA and Americas businesses

Fourth quarter

Net revenue: Y171.2bn ( 13% QoQ; +26% YoY) Income before income taxes: Y28.1bn ( 41% QoQ) Revenues down QoQ

Fixed Income revenues slowed primarily in Americas and AEJ, while Equities revenues remained unchanged QoQ

Investment Banking reported stronger revenues both in Japan and internationally

Net revenue by region (QoQ; YoY) Americas: Y53.3bn ( 18%; +17%)

Fixed Income slowed QoQ, while Investment Banking and Equities revenues increased Japan: Y50.8bn ( 13%; +4%)

Global Markets performance slowed QoQ, mainly in Equity Derivatives, Rates, and G10 FX

EMEA: Y49.4bn (+25%; +108%)

Fixed Income continued to trend upwards as Rates and Credit were strong AEJ: Y17.7bn ( 48%; 2%)

Fixed Income revenues declined due to slowdown in Emerging Markets, while Equities revenues increased

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Wholesale: Global Markets

Net revenue FY2016/17 full year and 4Q net revenue by region

(billions of yen) Equities Full yearQuarter

Fixed Income

170.5 173.0

156.1+7%QoQ

143.5QoQYoYYoY

62.6 55.8 17%FIEQ

108.3 56.5

57.0YoYAmericas

+33%

80.7

107.9 99.6117.386.5EMEA

27.6 AEJ

FY2015/16 FY2016/17

4Q 1Q 2Q3Q4QJapan

Key points

FY2015/16 FY2016/17

Fourth quarter 0% ~ ±5%±5% ~ ±15%±15% ~

Net revenue: Y143.5bn ( 17% QoQ; +33% YoY)

Fixed Income slowed QoQ due to a decline in client activity and volatility Fixed Income Net revenue: Y86.5bn ( 26% QoQ; 3.1x YoY) Emerging Markets and G10 FX slowed from strong 3Q

Credit revenues increased significantly on improved market conditions, while Rates remained solid Equities Net revenue: Y57.0bn (+2% QoQ; 29% YoY) Improvement in Derivatives in both Americas and AEJ, while Cash Equities remained roughly unchanged QoQ

Full year

Revenues increased YoY as Fixed Income improved driven by international performance, offsetting a slowdown in Equites due to low market activity

Fourth quarter

Americas: Fixed Income slowed compared to strong 3Q, primarily in Rates and FX; Equities revenues increased as Derivatives offset a slowdown in Cash Equities EMEA: Fixed Income revenues increased strongly due to Rates and Credit AEJ: In Equities, both Cash Equities and Derivatives improved; In Fixed Income, Emerging Markets slowed compared to strong 3Q

Japan: Fixed Income reported a slowdown in Rates and FX, while Equities saw sluggish performance in Derivatives 11

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Wholesale: Investment Banking

Net revenue1

Investment Banking (gross) (billions of yen)

49.7 33.7 42.241.750.2

Investment Banking

QoQ

27.9 27.7+14%

23.824.2YoY

20.4 1%

FY2015/16 FY2016/17

4Q 1Q 2Q3Q4Q

Key points

Fourth quarter

Net revenue: Y27.7bn (+14% QoQ; 1% YoY)

Investment Banking (gross) revenue up 20% QoQ to Y50.2bn driven by growth in Japan and international businesses

Japan

ECM revenues increased as we acted as lead manager on Euroyen CB issuances and a global IPO

DCM business solid amid ongoing low rate environment

International

International revenue up QoQ and YoY driven by strong performance in Americas and EMEA

Completion of high profile M&A deals, financing associated with M&A deals, and refinancing mandates all contributed to revenues

Deals involving international

companies

Decline in full year gross revenue, but international revenues

up driven by Americas

Asia (incl. Japan)

Retained top spot on Japan ECM

league table2 amid decline in value of

equity issuance in Japan

AEJ revenues up with contributions in

M&A and DCM

Kyushu Electric

Power SoftBank Group

Euroyen CB Retail bond/Wholesale Mori Trust Hotel Reit

(Y153bn) bondIPO(Y45.2bn)Teijin/Continental

(Y400bn / Y50bn)Structural Plastics

(US)

Ezaki Glico First Origin($825m)

Euroyen CB International / HongBombay Stock

(Y30.9bn) Kong Life InsuranceExchange

(HKD7.1bn)IPO(INR12.4bn)

Sushiro Global

EMEA HoldingsAmericas

Global IPO

ECM revenues down (Y76.1bn) Highest revenues

following business since FY2008/09

review Asian Development Revenues up due to

M&A and M&A related BankM&A and M&A related

financing revenues up USD Global Benchmarkfinancing

($4.0bn)

Grifols (Spain)Bridgepoint(UK)etc. sale of

acquisition/financing ofshares of Nordic Cinema

Hologic’s (US) share of NATGroup to AMC Entertainment

blood screening businessHoldings (US)

(M&A: $1.9bn; ALF: $6.3bn )($949m)

1. Past figures for Investment Banking and Investment Banking (gross) have been reclassified from FY2016/17 2Q in line with revised disclosure method.

2. Source: Thomson Reuters (Apr 2016 Mar 2017).

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Non interest expenses

Full year Quarter

(billions of yen) (billions of yen)

1,500 400

1,230.5

Other 292.5

1,080.4275.7272.7300

265.2266.8

Business development 1,000

expenses

Occupancy and related 200

depreciation

Information processing

and communications 500

Commissions and floor 100

brokerage

Compensation and

benefits

0 0

FY2015/16FY2016/17

FY2015/16 FY2016/17QoQ

4Q1Q2Q3Q4Q

Compensation and benefits 574.2496.4126.8125.9128.0127.6114.9 10.0%

Commissions and floor brokerage 123.9 94.525.924.222.923.024.56.5%

Inf ormation processing and communications 189.9 175.346.944.241.642.247.312.2%

Occupancy and related depreciation 78.4 69.820.918.216.816.917.96.2%

Business development expenses 35.9 35.19.88.36.98.811.125.3%

Other 228.2209.362.254.849.154.251.1 5.8%

Total 1,230.51,080.4292.5275.7265.2272.7266.8 2.2%

Key points

Full year

Non interest expenses: Y1,080.4bn ( 12% YoY)

Compensation and benefits ( 14% YoY) Decline due to cost reductions mainly overseas Continued discipline on pay for performance

Non personnel expenses ( 11% YoY) Decline in commissions and floor brokerage due to lower trading volumes Controlled information processing and communications expenses

Fourth quarter

Non interest expenses: Y266.8bn ( 2% QoQ)

Compensation and benefits ( 10% QoQ) Decline due to focus on pay for performance

Non personnel expenses (+5% QoQ) Commissions and floor brokerage increased in line with trading volumes Information processing and communications expenses increased due to higher system usage charges Business development expenses increased due to marketing campaign in Retail for JGBs for individual investors

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Robust financial position

Balance sheet related indicators and capital ratios

Mar 2016Dec 2016Mar 2017

Total assets Y41.1trnY43.1trnY42.9trn

Shareholders’ equity Y2.7trnY2.8trnY2.8trn

Gross leverage 15.2x15.3x15.4x

Net leverage1 9.6x8.9x8.6x

Level 3 assets2 Y0.4trnY0.5trnY0.4trn

(net)

Liquidity portfolio Y5.9trnY5.4trnY5.0trn

(billions of yen) Mar DecMar

Basel 3 basis 2016 20162017 2

Tier 1 capital 2,5782,7172,691

Tier 2 capital 323129110

Total capital 2,901 2,8462,801

RWA 15,971 14,57813,987

Tier 1 capital ratio 16.1% 18.6%19.2%

CET 1 capital ratio3 15.4% 17.7%18.2%

Consolidated capital 18.1% 19.5%20.0%

adequacy ratio

Consolidated leverage ratio4 4.28% 4.47%4.63%

HQLA5 Y6.2trn Y4.8trnY4.5trn

LCR5 175.8% 178.6%180.0%

RWA and CET 1 capital ratio3

(trillions of yen) RWA (Basel 3) (lhs) CET1 capital ratio (Basel 3) (rhs)

20.0 18.0%17.7%18.2%17.9%20.0%

15.4% 16.3%

15.0 15.0%

10.0 10.0%

5.0 5.0%

0.0 Fully loaded0.0%

FY2015/16 FY2016/17Basel 3 2019

applied to

balance sheet

Mar JunSepDecMarat end Mar

(estimate)

Level 3 assets2 and net level 3 assets/Tier 1 capital

(billions of yen) Level 3 Assets

800 Net Level 3 Assets30%

Net Level 3 Assets / Tier 1 Capital

600 18%

17%16%17%20%

400 14%

10%

200

0 0%

FY2015/16 FY2016/17

Mar JunSepDecMar

1. Net leverage: Total assets minus securities purchased under agreements to resell and securities borrowed, divided by Nomura Holdings shareholders’ equity. 2. Mar 2017 is preliminary.

3. CET 1 capital ratio is defined as Tier 1 capital minus Additional Tier 1 capital divided by risk weighted assets.

4. Tier 1 capital divided by exposure (sum of on balance sheet exposures and off balance sheet items). 5. Monthly average for each quarter.

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Funding and liquidity

Balance sheet structure

Highly liquid, healthy balance sheet structure

79% of assets are highly liquid trading and related assets that are marked to market and matched to trading and related liabilities through repos etc. (regionally and by currency)

Other assets are funded by equity and long term debt, ensuring structural stability

Liquidity portfolio2

Liquidity portfolio:

Y5.0trn, or 12% of total assets

Maintain a high quality liquidity portfolio surplus without the need for additional unsecured funding over a certain period

Balance sheet

(As of Mar 2017)

Assets Liabilities and equity

Unsecured funding2

Approx. 80% of unsecured funding is

long term debt

Diversified sources of funding

Short term debt

Trading liabilities 14%

and related1 Long term debt due

Trading assets within 1yr, 6%

and related1 International

24%LoansBank

(incl.lending

Long termsubordinated)market

Other liabilities debt, 80%

AverageEuro MTN/Yen,

Short term borrowings maturityJapanretail bonds, etc. Retail

Cash and cash deposits Long term 5.1 years376%Euromarket

borrowings MTN/Other,

Other assets Wholesale

Total equity wholesalemarket

bonds, etc.

Breakdown ofLong termFunding of

short term/long debt bylong term

term debtregiondebt

1. Trading assets and related: Reverse repo, securities, derivatives, etc. Trading liabilities and related: Repo, securities loaned, derivatives, etc.

2. Definition differs from financial disclosures reflecting Liquidity Management’s view. Cash and cash deposits portion of liquidity portfolio excludes funds on deposit at exchanges and segregated client funds.

3. Excludes long term debt due within one year. Redemption schedule is individually estimated by considering the probability of redemption under certain stressed scenarios.

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Financial Supplement

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Consolidated balance sheet

(billions of yen) Mar 31, Mar 31,IncreaseMar 31,Mar 31,Increase

2016 2017(Decrease)20162017(Decrease)

Assets Liabilities

Total cash and cash deposits 3,899 2,972 927Short term borrowings663543 120

Total payables and deposits4,2493,708 541

Total loans and receivables 2,970 3,097128Total collateralized financing16,60619,0612,456

Trading liabilities7,4998,192692

Total collateralized agreements 15,078 18,7303,652Other liabilities1,2011,309108

Long term borrowings8,1307,195 934

Total trading assets1 and private 16,410 15,192 1,218Total liabilities38,34740,0081,661

equity investments

Total other assets 2,734 2,860126Equity

Total NHI shareholders’ equity2,7002,79090

Noncontrolling interest435411

Total assets 41,090 42,8521,762Total liabilities and equity41,09042,8521,762

1. Including securities pledged as collateral.

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Value at risk

Definition From April 1, 2016, to March 31, 2017 (billions of yen)

99% confidence level Maximum:6.7

1 day time horizon for outstanding portfolio Minimum:2.7

Inter product price fluctuations considered Average:4.3

(billions of yen) FY2015/16FY2016/17FY2015/16FY2016/17

MarMarMarJunSepDecMar

Equity 0.90.70.90.70.91.40.7

Interest rate 3.82.73.84.13.22.92.7

Foreign exchange 0.81.70.82.51.73.71.7

Sub total 5.55.05.57.35.88.05.0

Diversification benefit 2.0 1.7 2.0 2.9 1.9 3.1 1.7

VaR 3.53.33.54.43.94.93.3

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Consolidated financial highlights

Full year Quarter

(billions of yen) (billions of yen)

8.7%8.6%

300 9%1008.1%8.7%9%

7.0%

Net income 80

(loss)attributable to

Nomura Holdings, 200 6%606%

Inc. (‘‘NHI’’) 4.9% 4.9%

shareholders 70.3

239.661.261.3

ROE(%) 46.8

100 3%203%

131.6

19.2

0 0% 200%

FY2015/16FY2016/17

FY2015/16 FY2016/17

4Q1Q2Q3Q4Q

Net revenue 1,395.7 1,403.2280.1338.5347.0368.6349.1

Income (loss) before income taxes 165.2 322.8 12.362.881.895.982.3

Net income (loss) attributable to Nomura 131.6 239.6 19.246.861.270.361.3

Holdings, Inc. (“NHI”) shareholders

Total NHI shareholders’ equity 2,700.2 2,789.92,700.22,642.32,639.42,807.22,789.9

ROE (%)1 4.9% 8.7%4.9%7.0%8.1%8.6%8.7%

Basic Net income (loss) attributable to NHI 36.53 67.29 5.3113.0017.1019.8917.38

shareholders per share (yen)

Diluted Net income (loss) attributable to NHI 35.52 65.65 5.3312.7116.6819.4417.00

shareholders per share (yen)

Total NHI shareholders’ equity per share (yen) 748.32 790.70748.32736.47742.39796.79790.70

1. Quarterly ROE is calculated using annualized year to date net income (loss).

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Consolidated income

Full year Quarter

(billions of yen) FY2015/16FY2016/17

FY2015/16 FY2016/17

4Q1Q2Q3Q4Q

Revenue

Commissions 432.0 327.187.876.374.686.390.0

Fees from investment banking 118.3 92.629.017.323.423.728.2

Asset management and portfolio service fees 229.0 216.553.152.652.155.156.6

Net gain on trading 354.0 475.661.5140.1118.8108.4108.3

Gain on private equity investments 13.8 1.43.30.0 0.40.61.2

Interest and dividends 440.1 441.0106.9106.6108.9117.4108.2

Gain (loss) on investments in equity securities 20.5 7.7 23.5 10.07.712.9 2.8

Other 156.5 153.644.135.541.139.537.4

Total revenue 1,723.1 1,715.5362.2418.4426.1443.9427.1

Interest expense 327.4 312.382.179.979.175.278.0

Net revenue 1,395.7 1,403.2280.1338.5347.0368.6349.1

Non interest expenses 1,230.5 1,080.4292.5275.7265.2272.7266.8

Income (loss) before income taxes 165.2 322.8 12.362.881.895.982.3

Net income (loss) attributable to NHI shareholders 131.6 239.6 19.246.861.270.361.3

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Main revenue items

Full yearQuarter

(billions of yen) FY2015/16 FY2016/17FY2015/16FY2016/17

4Q1Q2Q3Q4Q

Stock brokerage commissions 275.0210.061.348.447.057.557.1

Other brokerage commissions 23.315.15.84.33.44.33.0

Commissions Commissions for distribution of investment trusts 89.575.112.415.817.619.122.6

Other 44.226.98.37.76.65.47.3

Total 432.0327.187.876.374.686.390.0

Equity underwriting and distribution 56.722.48.22.86.95.86.9

Fees from Bond underwriting and distribution 12.916.93.32.93.24.26.6

investment banking M&A / Financial advisory fees 33.134.411.39.49.69.65.7

Other 15.618.96.22.23.64.19.0

Total 118.392.629.017.323.423.728.2

Asset management Asset management fees 164.4148.736.936.235.538.039.0

and portfolio service Administration fees 45.750.211.711.912.312.813.1

fees Custodial fees 19.017.64.44.54.34.34.5

Total 229.0216.553.152.652.155.156.6

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Consolidated results: Income (loss) before income taxes by segment and region

Adjustment of consolidated results and segment results: Income (loss) before income taxes

Full year Quarter

(billions of yen) FY2015/16 FY2016/17 FY2015/16FY2016/17

4Q1Q2Q3Q4Q

Retail 127.6 74.812.28.714.425.925.8

Asset Management 36.7 42.35.812.27.414.08.7

Wholesale 15.4 161.4 22.846.639.347.428.1

Three business segments total 179.7 278.6 4.967.561.187.462.6

Other 6.1 37.616.15.813.1 3.822.6

Segments total 185.8 316.211.273.374.283.585.1

Unrealized gain (loss) on investments in equity

securities held for operating purposes 20.7 6.6 23.5 10.57.612.4 2.8

Income (loss) before income taxes 165.2 322.8 12.362.881.895.982.3

Geographic information: Income (loss) before income taxes1

Full year Quarter

(billions of yen) FY2015/16 FY2016/17 FY2015/16FY2016/17

4Q1Q2Q3Q4Q

Americas 32.0 50.02.415.26.917.410.4

Europe 67.4 14.4 16.8 4.47.92.18.8

Asia and Oceania 19.8 23.7 2.26.18.311.9 2.5

Subtotal 79.6 88.1 16.616.923.231.416.7

Japan 244.8 234.74.345.958.664.665.6

Income (loss) before income taxes 165.2 322.8 12.362.881.895.982.3

1. Geographic information is based on U.S. GAAP. (Figures are preliminary for the three months ended March 31, 2017). Nomura’s revenues and expenses are allocated based on the country of domicile of the legal entity providing the service. This information is not used for business management purposes.

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Segment “Other”

Income (loss) before income taxes

Full year Quarter

(billions of yen)

50.0

40.0 37.6

30.0 22.6

20.0 16.113.1

10.0 6.1 5.8

0.0

10.0 3.8

20.0

30.0

FY2015/16FY2016/17

FY2015/16 FY2016/17

4Q1Q2Q3Q4Q

Net gain (loss) related to economic 6.4 7.38.512.0 4.1 15.90.8

hedging transactions

Realized gain on investments in equity 0.2 1.10.00.60.10.40.0

securities held for operating purposes

Equity in earnings of affiliates 32.7 32.35.11.110.911.09.4

Corporate items 52.3 6.4 5.2 4.3 5.3 0.83.9

Others 19.2 17.97.7 3.511.51.58.5

Income (loss) before income taxes 6.1 37.616.15.813.1 3.822.6

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Retail related data (1)

Full year Quarter

(billions of yen) FY2015/16 FY2016/17 FY2015/16FY2016/17QoQYoY

4Q1Q2Q3Q4Q

Commissions 220.3 171.838.938.438.947.147.50.8%22.1%

Of which, brokerage commission 78.9 62.814.413.112.419.817.6 11.2%21.8%

Of which, commissions for distribution of investment trusts 93.6 82.314.317.620.021.123.612.0%65.5%

Sales credit 86.4 85.317.518.619.923.023.83.4%36.1%

Fees from investment banking and other 35.9 27.37.04.35.98.48.74.1%25.0%

Investment trust administration fees and other 85.3 81.820.019.920.020.621.33.7%6.7%

Net interest revenue 7.8 8.31.72.61.52.31.9 18.3%12.6%

Net revenue 435.6 374.485.083.886.2101.3103.21.8%21.4%

Non interest expenses 308.0 299.672.975.171.875.477.42.7%6.3%

Income before income taxes 127.6 74.812.28.714.425.925.8 0.7%112.0%

Domestic distribution volume of investment trusts1 5,644.9 3,376.3776.4761.8794.2908.2912.20.4%17.5%

Bond investment trusts 1,094.0 0.2146.20.20.00.00.0 69.0% 100.0%

Stock investment trusts 3,656.3 2,955.3513.2640.5686.9801.6826.23.1%61.0%

Foreign investment trusts 894.6 420.8117.0121.0107.3106.586.0 19.2% 26.5%

Other

Accumulated value of annuity insurance policies 2,806.4 2,941.52,806.42,850.02,881.72,912.72,941.51.0%4.8%

Sales of JGBs for individual investors (transaction base) 425.9 1,129.9234.8173.676.1277.5602.8117.2%156.7%

Retail foreign currency bond sales 1,205.0 1,131.2295.4185.2244.7407.7293.6 28.0% 0.6%

1. Excluding Net & Call and Hotto Direct.

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Retail related data (2)

Retail client assets

(trillions of yen)

120 107.7108.0107.7

Other 100.6100.695.399.1

100

Foreign investment trusts

Bond investment trusts

Stock investment trusts

Domestic bonds 40

Foreign currency bonds 20

Equities 0

FY2015/16FY2016/17FY2015/16FY2016/17

MarMarMarJunSepDecMar

Equities 60.266.360.255.859.666.766.3

Foreign currency bonds 5.6 6.05.65.55.56.06.0

Domestic bonds1 11.711.711.711.811.711.511.7

Stock investment trusts 8.6 8.88.68.08.18.78.8

Bond investment trusts 7.3 7.37.36.56.77.67.3

Foreign investment trusts 1.4 1.31.41.31.31.31.3

Other2 5.86.45.86.56.26.26.4

Total 100.6107.7100.695.399.1108.0107.7

1. Including CBs and warrants.

2. Including annuity insurance.

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Retail related data (3)

Net inflows of cash and securities1

Full year Quarter

(billions of yen) (billions of yen)

1,000 1,000

500 500

319

0 0

43 43

306 243 338

500 500

FY2015/16 FY2016/17

4Q 1Q2Q3Q4Q

1. Cash and securities inflows minus outflows, excluding regional financial institutions.

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Retail related data (4)

Number of accounts

FY2015/16 FY2016/17FY2015/16FY2016/17

(thousands)

Mar MarMarJunSepDecMar

Accounts with balance 5,389 5,3635,3895,3905,3845,3835,363

Equity holding accounts 2,827 2,8362,8272,8422,8562,8392,836

Nomura Home Trade /

Net & Call accounts 4,412 4,5284,4124,4434,4704,4974,528

New Individual accounts / IT share1

Full year Quarter

(thousands) FY2015/16FY2016/17

FY2015/16 FY2016/17

4Q1Q2Q3Q4Q

New individual accounts 336 2315754575565

IT share1

No. of orders 58% 57%59%58%58%56%57%

Transaction value 36% 34%36%35%35%33%35%

1. Percentage of cash stock transactions conducted via Nomura Home Trade.

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Asset Management related data (1)

Full year Quarter

FY2015/16FY2016/17

(billions of yen) FY2015/16 FY2016/17QoQYoY

4Q1Q2Q3Q4Q

Net revenue 95.4 99.420.325.921.328.923.3 19.4%14.8%

Non interest expenses 58.7 57.114.513.713.814.914.6 1.9%0.7%

Income before income taxes 36.7 42.35.812.27.414.08.7 38.0%50.1%

Assets under management by company

(trillions of yen)

FY2015/16 FY2016/17FY2015/16FY2016/17

MarMarMarJunSepDecMar

Nomura Asset Management 43.547.443.540.341.546.347.4

Nomura Funds Research and Technologies 3.12.83.12.82.82.92.8

Nomura Corporate Research and Asset Management 1.6 2.41.61.61.82.12.4

Assets under management (gross) 1 48.252.648.244.746.051.452.6

Group company overlap 8.18.38.17.47.58.28.3

Assets under management (net) 2 40.144.440.137.338.543.244.4

1. Total assets under management for Nomura Asset Management, Nomura Funds Research and Technologies, Nomura Corporate Research and Asset Management and Wealth Square.

2. Net after deducting duplications from assets under management (gross).

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Asset Management related data (2)

Asset inflows/outflows by business1

Full year Quarter

FY2015/16FY2016/17

(billions of yen) FY2015/16 FY2016/17

4Q1Q2Q3Q4Q

Investment trusts business 2,717 1,590412 42361,038969

of which ETFs 2,339 1,934838 244772791,203

Investment advisory business 2,038 584 92 16934495315

Net asset inflow 4,755 2,174320 5923491,1321,284

Domestic public investment trust market and Nomura Asset Management market share2

FY2015/16 FY2016/17FY2015/16FY2016/17

(trillions of yen)

Mar MarMarJunSepDecMar

Domestic public stock investment trusts

Market 78.6 85.978.674.177.183.085.9

Nomura Asset Management share (%) 21% 23%21%21%21%22%23%

Domestic public bond investment trusts

Market 13.9 12.813.911.911.713.612.8

Nomura Asset Management share (%) 46% 44%46%44%44%44%44%

ETF

Market 15.8 23.315.815.017.320.323.3

Nomura Asset Management share (%) 48% 45%48%47%45%46%45%

1. Based on assets under management (net).

2. Source:Investment Trusts Association, Japan.

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Wholesale related data

Full year Quarter

(billions of yen) FY2015/16FY2016/17

FY2015/16 FY2016/17 QoQYoY

4Q1Q2Q3Q4Q

Net revenue 720.3 739.3136.2190.9179.9197.3171.2 13.2%25.7%

Non interest expenses 704.9 577.8159.0144.3140.6149.9143.1 4.5% 10.1%

Income (loss) before income taxes 15.4 161.4 22.846.639.347.428.1 40.7%

Breakdown of Wholesale revenues

Full year Quarter

(billions of yen) FY2015/16 FY2016/17 FY2015/16FY2016/17QoQYoY

4Q1Q2Q3Q4Q

Fixed Income 275.2 411.327.6107.999.6117.386.5 26.3%213.2%

Equities 325.1 231.980.762.656.555.857.02.3% 29.3%

Global Markets 600.3 643.1108.3170.5156.1173.0143.5 17.1%32.5%

Investment Banking1 120.0 96.127.920.423.824.227.714.1% 1.0%

Net revenue 720.3 739.3136.2190.9179.9197.3171.2 13.2%25.7%

Investment Banking (gross)1 205.7 167.849.733.742.241.750.220.5%1.0%

1. Past figures for Investment Banking and Investment Banking (gross) have been reclassified from FY2016/17 2Q in line with revised disclosure method.

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Number of employees

FY2015/16 FY2016/17FY2015/16FY2016/17

Mar MarMarJunSepDecMar

Japan 16,083 16,22716,08316,79216,54316,45016,227

Europe 3,424 3,0263,4243,1703,1473,0633,026

Americas 2,503 2,3142,5032,4812,2972,2792,314

Asia and Oceania1 6,855 6,6196,8556,7696,6676,6066,619

Total 28,865 28,18628,86529,21228,65428,39828,186

1. Includes Powai office in India.

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Disclaimer

This document is produced by Nomura Holdings, Inc. (“Nomura”).

Nothing in this document shall be considered as an offer to sell or solicitation of an offer to buy any security, commodity or other instrument, including securities issued by Nomura or any affiliate thereof. Offers to sell, sales, solicitations to buy, or purchases of any securities issued by Nomura or any affiliate thereof may only be made or entered into pursuant to appropriate offering materials or a prospectus prepared and distributed according to the laws, regulations, rules and market practices of the jurisdictions in which such offers or sales may be made.

The information and opinions contained in this document have been obtained from sources believed to be reliable, but no representations or warranty, express or implied, are made that such information is accurate or complete and no responsibility or liability can be accepted by Nomura for errors or omissions or for any losses arising from the use of this information.

All rights regarding this document are reserved by Nomura unless otherwise indicated. No part of this document shall be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of Nomura.

This document contains statements that may constitute, and from time to time our management may make “forward looking statements” within the meaning of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. Any such statements must be read in the context of the offering materials pursuant to which any securities may be offered or sold in the United States. These forward looking statements are not historical facts but instead represent only our belief regarding future events, many of which, by their nature, are inherently uncertain and outside our control. Actual results and financial condition may differ, possibly materially, from what is indicated in those forward looking statements. You should not place undue reliance on any forward looking statement and should consider all of the following uncertainties and risk factors, as well as those more fully discussed under Nomura’s most recent Annual Report on Form 20 F and other reports filed with the U.S. Securities and Exchange Commission (“SEC”) that are available on Nomura’s website (http://www.nomura.com) and on the SEC‘s website (http://www.sec.gov); Important risk factors that could cause actual results todiffer from those in specific forward looking statements include, without limitation, economic and market conditions, political events and investor sentiments, liquidity of secondary markets, level and volatility of interest rates, currency exchange rates, security valuations, competitive conditions and size, and the number and timing of transactions.

Forward looking statements speak only as of the date they are made, and Nomura undertakes no obligation to update any forward looking statement to reflect the impact of circumstances or events that arise after the date the forward looking statement was made.

The consolidated financial information in this document is unaudited.

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Nomura Holdings, Inc.

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