Non-trading investments

6 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Non-trading investments

6. Non-trading investments:

Available-for-sale (“AFS”) debt securities

Amortized cost and fair value amounts of AFS debt securities

The following table presents the amortized cost and fair value of major types of AFS debt securities as well as cumulative unrealized gains and unrealized losses recognized through Accumulated other comprehensive income (loss) since acquisition as of March 31, 2025 and September 30, 2025.

	Millions of yen
	March 31, 2025
	Amortized cost(1)		Unrealized gains		Unrealized losses			Fair value
Japanese government securities	¥	25,001	¥	—	¥	(187	)	¥	24,814
Japanese agency and municipal securities		81,913		19		(1,495	)		80,437
Bank and corporate debt securities		1,790		—		(11	)		1,779
Total	¥	108,704	¥	19	¥	(1,693	)	¥	107,030
	Millions of yen
	September 30, 2025
	Amortized cost(1)		Unrealized gains		Unrealized losses			Fair value
Japanese government securities	¥	65,008	¥	—	¥	(248	)	¥	64,760
Japanese agency and municipal securities		120,963		—		(1,814	)		119,149
Bank and corporate debt securities		9,668		—		(69	)		9,599
Total	¥	195,639	¥	—	¥	(2,131	)	¥	193,508

(1) No allowances for credit losses have been recognized as of March 31, 2025 and September 30, 2025.

The following table presents the amortized cost and fair value of AFS debt securities, categorized by contractual maturity as of March 31, 2025 and September 30, 2025.

	Millions of yen
	March 31, 2025				September 30, 2025
	Amortized cost(1)		Fair value		Amortized cost(1)		Fair value
Japanese government securities
less than 1 year	¥	—	¥	—	¥	10,001	¥	9,977
1 year to 5 years		25,001		24,814		55,007		54,783
Subtotal	¥	25,001	¥	24,814	¥	65,008	¥	64,760
Japanese agency and municipal securities
1 year to 5 years	¥	81,913	¥	80,437	¥	120,963	¥	119,149
Subtotal	¥	81,913	¥	80,437	¥	120,963	¥	119,149
Bank and corporate debt securities
1 year to 5 years	¥	1,790	¥	1,779	¥	9,668	¥	9,599
Subtotal	¥	1,790	¥	1,779	¥	9,668	¥	9,599
Total	¥	108,704	¥	107,030	¥	195,639	¥	193,508

(1) No allowances for credit losses have been recognized as of March 31, 2025 and September 30, 2025 .

AFS debt securities in an Unrealized Loss Position

The following table presents the fair value of major types of AFS debt securities that are in an unrealized loss position as of March 31, 2025 and September 30, 2025, and the duration of the unrealized loss status. An unrealized loss exists where the fair value of an individual AFS debt security is less than its amortized cost basis.

	Millions of yen
	March 31, 2025							September 30, 2025
	Fair value		Unrealized losses			Number of debt securities		Fair value		Unrealized losses			Number of debt securities
Japanese government securities
Less than 12 months	¥	24,814	¥	(187	)		4	¥	59,864	¥	(138	)		7
12 months or longer		—		—			—		4,896		(110	)		1
Subtotal	¥	24,814	¥	(187	)		4	¥	64,760	¥	(248	)		8
Japanese agency and municipal securities
Less than 12 months	¥	68,063	¥	(1,495	)		72	¥	108,024	¥	(1,546	)		103
12 months or longer		—		—			—		11,125		(268	)		15
Subtotal	¥	68,063	¥	(1,495	)		72	¥	119,149	¥	(1,814	)		118
Bank and corporate debt securities
Less than 12 months	¥	1,779	¥	(11	)		3	¥	9,599	¥	(69	)		17
Subtotal	¥	1,779	¥	(11	)		3	¥	9,599	¥	(69	)		17
Total	¥	94,656	¥	(1,693	)		79	¥	193,508	¥	(2,131	)		143

Nomura does not intend to sell, nor is it likely to be required to sell, any AFS debt securities which were in an unrealized loss position as of March 31, 2025 and September 30, 2025, prior to when the fair value of each of these AFS debt securities is expected to recover above each individual amortized cost basis. No allowances for credit losses were recognized against the AFS debt securities as of March 31, 2025 and September 30, 2025.

The amount of accrued interest receivable from AFS debt securities was not significant as of March 31, 2025 and September 30, 2025. There was no write-off of accrued interest receivable during the six months ended September 30, 2024 and September 30, 2025, respectively.

Sales and transfers of AFS debt securities

The amount of sales of AFS debt securities was not significant during the six months ended September 30, 2024 and September 30, 2025, respectively. There were no transfers or reclassification of AFS debt securities into trading assets during the six months ended September 30, 2024 and September 30, 2025.

Held-to-maturity (“HTM”) debt securities

As of March 31, 2025 and September 30, 2025, there were no debt securities classified as HTM debt securities.

Non-trading equity investments

Unrealized gains and losses related to Equity Securities

The unrealized gain and losses on equity securities owned by non-BD entities that are not investment companies during the six months ended September 30, 2024 and September 30, 2025 are ¥3,475 million loss and ¥5,121 million gain, respectively. These equity securities do not include equity investments that would have been accounted for under the equity method had Nomura not chosen to elect the fair value option. Please refer to Note 2 “Fair Value Measurements” for the unrealized gains and losses on equity securities for which the fair value option has been elected.

Non-trading equity investments elected for the fair value measurement alternative

The carrying value of non-trading equity investments without readily determinable fair values held by non-BD entities carried at fair value where fair value is determined using the fair value measurement alternative as of March 31, 2025 and September 30, 2025 were ¥95,529 million and ¥99,209 million, respectively. The amounts of cumulative impairment losses and upward and downward fair value adjustments as a result of observable price changes from orderly transactions in identical or sufficiently similar equity investments were not significant as of March 31, 2025 and September 30, 2025.

During the six months ended September 30, 2024 and September 30, 2025 the amounts of impairment losses and upward and downward fair value adjustments recognized for these non-trading equity investments were not significant.