Fair value measurements (Tables)

6 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair value of financial assets and financial liabilities carried on recurring basis

The following tables present the amounts of Nomura’s financial instruments carried at fair value on a recurring basis as of March 31, 2025 and September 30, 2025 within the fair value hierarchy.

	Billions of yen
	March 31, 2025
	Level 1		Level 2		Level 3		Counterparty and Cash Collateral Netting(1)			Balance as of  March 31, 2025
Assets:
Trading assets and private equity and debt investments(2)
Equities(3)	¥	2,807	¥	1,661	¥	21	¥	—		¥	4,489
Private equity and debt investments(5)		0		2		103		—			105
Japanese government securities		2,674		—		—		—			2,674
Japanese agency and municipal securities		—		222		0		—			222
Foreign government, agency and municipal securities		4,402		2,346		6		—			6,754
Bank and corporate debt securities and loans for trading purposes		—		1,762		181		—			1,943
Commercial mortgage-backed securities (“CMBS”)		—		2		10		—			12
Residential mortgage-backed securities (“RMBS”)		—		3,335		48		—			3,383
Issued/Guaranteed by government sponsored entity		—		3,204		—		—			3,204
Other		—		131		48		—			179
Real estate-backed securities		—		137		207		—			344
Collateralized debt obligations (“CDOs”) and other(6)		—		35		42		—			77
Investment trust funds and other		470		7		3		—			480
Total trading assets and private equity and debt investments		10,353		9,509		621		—			20,483
Derivative assets(7)
Equity contracts		14		2,541		17		—			2,572
Interest rate contracts		22		12,306		100		—			12,428
Credit contracts		1		240		63		—			304
Foreign exchange contracts		0		4,330		33		—			4,363
Other contracts		3		5		3		—			11
Netting		—		—		—		(17,711	)		(17,711	)
Total derivative assets		40		19,422		216		(17,711	)		1,967
Subtotal	¥	10,393	¥	28,931	¥	837	¥	(17,711	)	¥	22,450
Loans and receivables(8)		—		1,795		448		—			2,243
Collateralized agreements(9)		—		344		15		—			359
Other assets(2)
Non-trading debt securities(10)		116		352		17		—			485
Other(3)(4)(11)		211		259		275		—			745
Total	¥	10,720	¥	31,681	¥	1,592	¥	(17,711	)	¥	26,282
Liabilities:
Trading liabilities
Equities	¥	2,757	¥	18	¥	1	¥	—		¥	2,776
Japanese government securities		2,569		—		—		—			2,569
Japanese agency and municipal securities		—		2		—		—			2
Foreign government, agency and municipal securities		2,828		754		—		—			3,582
Bank and corporate debt securities		—		217		0		—			217
Residential mortgage-backed securities (“RMBS”)		—		0		—		—			0
Investment trust funds and other		249		2		0		—			251
Total trading liabilities		8,403		993		1		—			9,397
Derivative liabilities(7)
Equity contracts		5		3,048		16		—			3,069
Interest rate contracts		31		11,523		94		—			11,648
Credit contracts		1		282		99		—			382
Foreign exchange contracts		—		4,148		46		—			4,194
Other contracts		1		42		7		—			50
Netting		—		—		—		(17,361	)		(17,361	)
Total derivative liabilities		38		19,043		262		(17,361	)		1,982
Subtotal	¥	8,441	¥	20,036	¥	263	¥	(17,361	)	¥	11,379
Short-term borrowings(12)	¥	—	¥	595	¥	36	¥	—		¥	631
Payables and deposits(13)(14)		—		311		14		—			325
Collateralized financing(9)		—		704		—		—			704
Long-term borrowings(12)(15)(16)		10		6,428		477		—			6,915
Other liabilities(17)		132		265		65		—			462
Total	¥	8,583	¥	28,339	¥	855	¥	(17,361	)	¥	20,416

	Billions of yen
	September 30, 2025
	Level 1		Level 2		Level 3		Counterparty and Cash Collateral Netting(1)			Balance as of September 30, 2025
Assets:
Trading assets and private equity and debt investments(2)
Equities(3)	¥	3,686	¥	1,661	¥	26	¥	—		¥	5,373
Private equity and debt investments(5)		4		1		122		—			127
Japanese government securities		3,284		—		—		—			3,284
Japanese agency and municipal securities		—		106		2		—			108
Foreign government, agency and municipal securities		5,062		2,635		5		—			7,702
Bank and corporate debt securities and loans for trading purposes		—		1,820		169		—			1,989
Commercial mortgage-backed securities (“CMBS”)		—		0		0		—			0
Residential mortgage-backed securities (“RMBS”)		—		3,038		17		—			3,055
Issued/Guaranteed by government sponsored entity		—		2,889		—		—			2,889
Other		—		149		17		—			166
Real estate-backed securities		—		201		202		—			403
Collateralized debt obligations (“CDOs”) and other(6)		—		35		34		—			69
Investment trust funds and other		412		24		9		—			445
Total trading assets and private equity and debt investments		12,448		9,521		586		—			22,555
Derivative assets(7)
Equity contracts		0		2,908		13		—			2,921
Interest rate contracts		15		13,142		95		—			13,252
Credit contracts		1		286		65		—			352
Foreign exchange contracts		1		4,021		33		—			4,055
Other contracts		2		3		10		—			15
Netting		—		—		—		(18,359	)		(18,359	)
Total derivative assets		19		20,360		216		(18,359	)		2,236
Subtotal	¥	12,467	¥	29,881	¥	802	¥	(18,359	)	¥	24,791
Loans and receivables(8)		12		2,092		494		—			2,598
Collateralized agreements(9)		—		289		15		—			304
Other assets(2)
Non-trading debt securities(10)		184		385		24		—			593
Other(3)(4)(11)		281		144		392		—			817
Total	¥	12,944	¥	32,791	¥	1,727	¥	(18,359	)	¥	29,103
Liabilities:
Trading liabilities
Equities	¥	2,883	¥	39	¥	0	¥	—		¥	2,922
Japanese government securities		2,432		—		—		—			2,432
Japanese agency and municipal securities		—		0		—		—			0
Foreign government, agency and municipal securities		3,875		1,390		—		—			5,265
Bank and corporate debt securities		—		206		0		—			206
Residential mortgage-backed securities (“RMBS”)		—		0		—		—			0
Collateralized debt obligations (“CDOs”) and other(6)		—		0		0		—			0
Investment trust funds and other		182		0		—		—			182
Total trading liabilities		9,372		1,635		0		—			11,007
Derivative liabilities(7)
Equity contracts		0		4,181		31		—			4,212
Interest rate contracts		21		12,152		117		—			12,290
Credit contracts		2		334		111		—			447
Foreign exchange contracts		—		3,579		46		—			3,625
Other contracts		3		30		13		—			46
Netting		—		—		—		(18,203	)		(18,203	)
Total derivative liabilities		26		20,276		318		(18,203	)		2,417
Subtotal	¥	9,398	¥	21,911	¥	318	¥	(18,203	)	¥	13,424
Short-term borrowings(12)		—		661		50		—			711
Payables and deposits(13)(14)		—		306		13		—			319
Collateralized financing(9)		—		662		—		—			662
Long-term borrowings(12)(15)(16)		10		7,022		469		—			7,501
Other liabilities(17)		172		159		130		—			461
Total	¥	9,580	¥	30,721	¥	980	¥	(18,203	)	¥	23,078

———————

(1) Represents the amount offset under counterparty netting of derivative assets and liabilities as well as cash collateral netting against net derivatives assets or liabilities.

(2) Investments that are carried at fair value using NAV per share as a practical expedient have not been classified in the fair value hierarchy. As of March 31, 2025 and September 30, 2025, the fair values of these investments which are included in Trading assets and private equity and debt investments were ¥73 billion and ¥85 billion, respectively. As of March 31, 2025 and September 30, 2025, the fair values of these investments which are included in Other assets were ¥3 billion and ¥5 billion, respectively.

(3) Includes equity investments that would have been accounted for under the equity method had Nomura not chosen to elect the fair value option.

(4) Includes equity investments which comprise listed and unlisted equity securities held for operating purposes in the amounts of ¥72,184 million and ¥26,217 million, respectively, as of March 31, 2025 and ¥79,893 million and ¥26,129 million, respectively, as of September 30, 2025.

(5) Private equity and debt investments include minority private equity and venture capital equity investments and other junior debt investments such as mezzanine debt held for non-trading purposes, and post-IPO investments. These investments also include equity investments that would have been accounted for under the equity method had Nomura not chosen to elect the fair value option.

(6) Includes collateralized loan obligations (“CLOs”) and asset-backed securities (“ABS”) such as those secured on credit card loans, auto loans and student loans.

(7) Derivatives which contain multiple types of risk are classified based on the primary risk type of the instrument.

(8) Includes loans and receivables for which the fair value option has been elected.

(9) Includes collateralized agreements or collateralized financing for which the fair value option has been elected.

(10) Includes non-trading debt securities for which the fair value option has been elected.

(11) Includes non-financial assets carried at fair value on a recurring basis using similar valuation methodologies to those used for financial instruments.

(12) Includes structured notes for which the fair value option has been elected.

(13) Includes deposits received at banks for which the fair value option has been elected

(14) Includes embedded derivatives bifurcated from deposits received at banks. Deposits are adjusted for fair value changes in corresponding embedded derivatives for presentation in the consolidated balance sheets.

(15) Includes embedded derivatives bifurcated from issued structured notes. Structured notes are adjusted for fair value changes in corresponding embedded derivatives for presentation in the consolidated balance sheets.

(16) Includes liabilities recognized from secured financing transactions that are accounted for as financings rather than sales. Nomura elected the fair value option for these liabilities.

(17) Includes loan commitments for which the fair value option has been elected.

Schedule of quantitative and qualitative information regarding significant unobservable inputs and assumptions for certain level 3 financial instruments

	March 31, 2025
Financial Instrument	Fair value in billions of yen		Valuation technique	Significant unobservable valuation input	Range of valuation inputs(1)	Weighted Average(2)(3)	Impact of increases in significant unobservable valuation inputs(4)(5)	Interrelationships between valuation inputs(6)
Assets:
Trading assets and private equity and debt investments
Equities	¥	21	DCF/Option models	Credit spreads	2.5%	2.5%	Lower fair value	Not applicable
Private equity and debt investments		103	DCF	WACC Growth rates Credit spreads Liquidity discounts	5.8 - 17.3% 0.0 - 2.0% 7.9 - 11.0% 5.0 - 30.0%	11.6% 1.2% 9.4% 16.0%	Lower fair value Higher fair value Lower fair value Lower fair value	No predictable interrelationship
			Market multiples	EV/EBITDA ratios PE Ratios Liquidity discounts	7.8 - 16.2 x 10.6 - 28.4 x 5.0 - 20.0%	10.0 x 15.2 x 9.6%	Higher fair value Higher fair value Lower fair value	No predictable interrelationship
Foreign government, agency and municipal securities		6	DCF	Credit spreads Recovery rates	0.0 - 2.4% 3.4 - 18.0%	1.1% 14.4%	Lower fair value Higher fair value	No predictable interrelationship
Bank and corporate debt securities and loans for trading purposes		181	DCF	Credit spreads Recovery rates	0.0 - 227.0% 0.0 - 100.0%	14.3% 79.8%	Lower fair value Higher fair value	No predictable interrelationship
Commercial mortgage-backed securities (“CMBS”)		10	DCF	Yields Loss severities	21.1% 65.0%	21.1% 65.0%	Lower fair value Lower fair value	No predictable interrelationship
Residential mortgage-backed securities (“RMBS”)		48	DCF	Yields Prepayment rates Loss severities	21.5 - 62.2% 12.0 - 15.0% 0.0 - 100.0%	41.6% 13.5% 50.4%	Lower fair value Lower fair value Lower fair value	No predictable interrelationship
Real estate-backed securities		207	DCF	Loss severities	0.0 - 16.9%	2.3%	Lower fair value	Not applicable
Collateralized debt obligations (“CDOs”) and other		42	DCF	Yields Prepayment rates Default probabilities Loss severities Credit spreads	4.0 - 50.0% 20.0% 2.0% 62.9 - 100.0% 0.1 - 16.9%	13.6% 20.0% 2.0% 87.7% 4.7%	Lower fair value Lower fair value Lower fair value Lower fair value Lower fair value	Change in default probabilities typically accompanied by directionally similar change in loss severities and opposite change in prepayment rates
Investment trust funds and other		3	DCF	Liquidity discounts	1.5 - 2.9%	2.1%	Lower fair value	Not applicable

	March 31, 2025
Financial Instrument	Fair value in billions of yen			Valuation technique	Significant unobservable valuation input	Range of valuation inputs(1)	Weighted Average(2)(3)	Impact of increases in significant unobservable valuation inputs(4)(5)	Interrelationships between valuation inputs(6)
Derivatives, net:
Equity contracts	¥	1		Option models	Dividend yield Volatilities Correlations	0.0 - 16.6% 3.5 - 99.4% (0.85) - 0.99	—  —  —	Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Interest rate contracts		6		DCF/ Option models	Interest rates Volatilities Volatilities Correlations	0.9 - 4.5% 9.8 - 13.3% 41.0 - 261.7 bp (1.00) - 0.99	—  —  —  —	Higher fair value Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Credit contracts		(36	)	DCF/ Option models	Credit spreads Recovery rates Volatilities Correlations	0.0 - 132.2% 1.0 - 90.0% 45.9 - 51.9% 0.00 - 0.85	—  —  —  —	Higher fair value Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Foreign exchange contracts		(13	)	Option models	Volatilities Correlations	1.6 - 18.8% 0.29 - 0.70	—  —	Higher fair value Higher fair value	No predictable interrelationship
Loans and receivables		448		DCF	Credit spreads Recovery rates	0.0 - 193.2% 66.7 - 100.0%	9.9% 95.1%	Lower fair value Higher fair value	No predictable interrelationship
Collateralized agreements		15		DCF	Repo rate	6.4%	6.4%	Lower fair value	Not applicable
Other assets
Non-trading debt securities		17		DCF	Credit spreads	5.2 - 14.4%	7.3%	Lower fair value	Not applicable
Other(7)(8)		275		DCF	WACC Growth rates	10.6% 3.0%	10.6% 3.0%	Lower fair value Higher fair value	No predictable interrelationship
				Market multiples	Liquidity discounts	25.0%	25.0%	Lower fair value	Not applicable
Liabilities:
Short-term borrowings		36		DCF/ option models	Volatilities Correlations	5.0 - 51.5% (0.72) - 0.96	—  —	Higher fair value Higher fair value	No predictable interrelationship
Payable and deposits		14		DCF/ option models	Volatilities Correlations	9.8 - 10.6% 0.40 - 0.98	—  —	Higher fair value Higher fair value	No predictable interrelationship
Long-term borrowings		477		DCF	Loss severities	12.7 - 99.5%	79.8%	Lower fair value	Not applicable
				DCF/ option models	Volatilities Volatilities Correlations	5.0 - 51.5% 44.1 - 67.9 bp (1.00) - 0.99	—  —  —	Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Other liabilities		65		DCF	Credit spreads Recovery rates	0.8 - 7.1% 91.0 - 99.5%	1.0% 93.8%	Lower fair value Higher fair value	No predictable interrelationship

	September 30, 2025
Financial Instrument	Fair value in billions of yen		Valuation technique	Significant unobservable input	Range of valuation inputs(1)	Weighted Average(2)(3)	Impact of increases in significant unobservable valuation inputs(4)(5)	Interrelationships between valuation inputs(6)
Assets:
Trading assets and private equity and debt investments
Equities	¥	26	DCF/ Option models	Credit spreads	1.6%	1.6%	Lower fair value	Not applicable
Private equity and debt investments		122	DCF	WACC Growth rates Credit spreads Liquidity discounts	12.9 - 15.1% 0.0 - 2.0% 7.9 - 10.9% 20.0 - 30.0%	14.1% 1.3% 9.8% 22.8%	Lower fair value Higher fair value Lower fair value Lower fair value	No predictable interrelationship
			Market multiples	EV/EBITDA ratios PE Ratios Liquidity discounts	7.5 - 18.5 x 11.7 - 32.3 x 10.0 - 20.0%	10.9 x 19.1 x 12.8%	Higher fair value Higher fair value Lower fair value	No predictable interrelationship
Foreign government, agency and municipal securities		5	DCF	Credit spreads Recovery rates	0.0 - 2.9% 12.5 - 18.0%	1.1% 13.9%	Lower fair value Higher fair value	No predictable interrelationship
Bank and corporate debt securities and loans for trading purposes		169	DCF	Credit spreads Recovery rates	0.0 - 55.5% 0.0 - 100.0%	7.1% 79.0%	Lower fair value Higher fair value	No predictable interrelationship
Residential mortgage-backed securities (“RMBS”)		17	DCF	Yields Prepayment rates Loss severities	21.5% 15.0% 0.0 - 100.0%	21.5% 15.0% 8.9%	Lower fair value Lower fair value Lower fair value	No predictable interrelationship
Real estate-backed securities		202	DCF	Loss severities	0.0 - 27.3%	0.5%	Lower fair value	Not applicable
Collateralized debt obligations (“CDOs”) and other		34	DCF	Yields Prepayment rates Default probabilities Loss severities Credit spreads	8.0 - 28.0% 20.0% 2.0% 0.0 - 100.0% 0.2 - 20.7%	14.5% 20.0% 2.0% 43.8% 7.2%	Lower fair value Lower fair value Lower fair value Lower fair value Lower fair value	Change in default probabilities typically accompanied by directionally similar change in loss severities and opposite change in prepayment rates
Investment trust funds and other		9	DCF	Liquidity discounts	2.0 - 9.8%	3.4%	Lower fair value	Not applicable

	September 30, 2025
Financial Instrument	Fair value in billions of yen			Valuation technique	Significant unobservable input	Range of valuation inputs(1)	Weighted Average(2)(3)	Impact of increases in significant unobservable valuation inputs(4)(5)	Interrelationships between valuation inputs(6)
Derivatives, net:
Equity contracts	¥	(18)		Option models	Dividend yield Volatilities Correlations	0.0 - 13.2% 3.5 - 82.4% (0.85) - 0.99	—  —  —	Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Interest rate contracts		(22)		DCF/ Option models	Interest rates Volatilities Volatilities Correlations	0.6 - 4.7% 9.7 - 13.1% 40.4 - 193.4 bp (1.00) - 1.00	—  —  —  —	Higher fair value Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Credit contracts		(46	)	DCF/ Option models	Credit spreads Recovery rates Volatilities Correlations	0.0 - 90.7% 1.0 - 90.0% 36.9 - 60.0% 0.30 - 0.85	—  —  —  —	Higher fair value Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Foreign exchange contracts		(13	)	Option models	Volatilities Correlations	1.8 - 15.1% 0.30 - 0.70	—  —	Higher fair value Higher fair value	No predictable interrelationship
Loans and receivables		494		DCF	Credit spreads Recovery rates	0.0 - 55.5% 40.0 - 100.0%	6.5% 98.3%	Lower fair value Higher fair value	No predictable interrelationship
Collateralized agreements		15		DCF	Repo rate	6.3%	6.3%	Lower fair value	Not applicable
Other assets
Non-trading debt securities		24		DCF	Credit spreads	5.1 - 81.3%	8.0%	Lower fair value	Not applicable
Other(7)(8)		392		DCF	WACC Growth rates Credit spreads	9.9% 3.0% 0.7 - 21.8%	9.9% 3.0% 8.3%	Lower fair value Higher fair value Lower fair value	No predictable interrelationship
				Market multiples	Liquidity discounts	25.0%	25.0%	Lower fair value	Not applicable
				Option models	Dividend yield Volatilities	2.2% 23.0%	2.2% 23.0%	Higher fair value Higher fair value	No predictable interrelationship
Liabilities:
Trading liabilities
Short-term borrowings		50		DCF/ option models	Volatilities Correlations	11.7 - 63.7% (0.75) - 0.96	—  —	Higher fair value Higher fair value	No predictable interrelationship
Payable and deposits		13		DCF/ option models	Volatilities Correlations	9.7 - 10.8% 0.40 - 0.98	—  —	Higher fair value Higher fair value	No predictable interrelationship
Long-term borrowings		469		DCF	Loss severities	14.4 - 18.4%	15.3%	Lower fair value	Not applicable
				DCF/ option models	Volatilities Volatilities Correlations	9.7 - 63.7% 56.9 - 67.9 bp (1.00) - 0.98	—  —  —	Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Other liabilities		130		DCF	Credit spreads Recovery rates	0.7 - 7.2% 91.0 - 99.5%	1.0% 94.3%	Higher fair value Higher fair value	No predictable interrelationship

(1) Range information is provided in percentages, coefficients and multiples and represents the highest and lowest level significant unobservable valuation input used to value that type of financial instrument. A wide dispersion in the range does not necessarily reflect increased uncertainty or subjectivity in the valuation input and is typically just a consequence of the different characteristics of the financial instruments themselves.

(2) Weighted average information for non-derivatives is calculated by weighting each valuation input by the fair value of the financial instrument.

(3) Nomura has not provided weighted average information for derivatives as unlike cash products the risk on such products is distinct from the balance sheet value and is subject to netting.

(4) The above table only considers the impact of an increase in each significant unobservable valuation input on the fair value measurement of the financial instrument. However, a decrease in the significant unobservable valuation input would have the opposite effect on the fair value measurement of the financial instrument. For example, if an increase in a significant unobservable valuation input would result in a lower fair value measurement, a decrease in the significant unobservable valuation input would result in a higher fair value measurement.

(5) The impact of an increase in the significant unobservable valuation input on the fair value measurement for a derivative assumes Nomura is long risk to the input (such as being long volatility). Where Nomura is short such risk, the impact of an increase would have a converse effect on the fair value measurement of the derivative.

(6) Consideration of the interrelationships between significant unobservable valuation inputs is only relevant where more than one unobservable valuation input is used to determine the fair value measurement of the financial instrument.

(7) Valuation techniques and unobservable valuation inputs in respect of equity securities reported within Other assets in the consolidated balance sheets.

(8) Includes non-financial assets carried at fair value on a recurring basis.

Increases and decreases of Level 3 assets and liabilities measured at fair value on recurring basis unrealized and realized gain/losses included in revenue

For the six months ended September 30, 2024 and 2025, gains and losses related to Level 3 assets and liabilities did not have a material impact on Nomura’s liquidity and capital resources management.

	Billions of yen
	Six months ended September 30, 2024
	Beginning balance as of six months ended September 30, 2024			Total gains (losses) recognized in net revenue(1)			Total gains (losses) recognized in other comprehensive income		Purchases / issues(2)		Sales / redemptions(2)			Settlements			Foreign exchange movements			Transfers into Level 3(4)(5)			Transfers   out of Level 3(5)(6)			Balance as of six months ended September 30, 2024
Assets:
Trading assets and private equity and debt investments
Equities	¥	8		¥	0		¥	—	¥	1	¥	(4	)	¥	—		¥	0		¥	2		¥	(1	)	¥	6
Private equity and debt investments		80			2			—		18		(3	)		—			0			—			—			97
Japanese agency and municipal securities		0			—			—		—		0			—			—			—			—			0
Foreign government, agency and municipal securities		3			0			—		3		(3	)		—			0			3			(3	)		3
Bank and corporate debt securities and loans for trading purposes		173			(1	)		—		186		(199	)		—			(8	)		31			(5	)		177
Commercial mortgage-backed securities (“CMBS”)		0			2			—		4		(2	)		—			—			7			—			11
Residential mortgage-backed securities (“RMBS”)		35			3			—		10		(5	)		—			(2	)		2			(4	)		39
Real estate-backed securities		122			5			—		176		(127	)		—			(8	)		—			—			168
Collateralized debt obligations (“CDOs”) and other		46			(3	)		—		42		(35	)		—			0			—			(16	)		34
Investment trust funds and other		3			0			—		52		(51	)		—			0			0			—			4
Total trading assets and private equity and debt investments		470			8			—		492		(429	)		—			(18	)		45			(29	)		539
Derivatives, net(3)
Equity contracts		5			(1	)		—		—		—			(1	)		0			1			0			4
Interest rate contracts		32			(18	)		—		—		—			(8	)		(1	)		(3	)		2			4
Credit contracts		(46	)		(30	)		—		—		—			33			3			(3	)		3			(40	)
Foreign exchange contracts		3			(5	)		—		—		—			(3	)		0			2			(4	)		(7	)
Total derivatives, net		(6	)		(54	)		—		—		—			21			2			(3	)		1			(39	)
Subtotal	¥	464		¥	(46	)	¥	—	¥	492	¥	(429	)	¥	21		¥	(16	)	¥	42		¥	(28	)	¥	500
Loans and receivables		291			8			—		116		(89	)		—			(27	)		126			(17	)		408
Collateralized agreements		12			0			—		2		—			—			(1	)		—			1			14
Other assets
Non-Trading Debt Securities		21			0			—		—		(4	)		—			0			—			—			17
Other		253			43			—		33		(5	)		—			(17	)		0			(28	)		279
Total	¥	1,041		¥	5		¥	—	¥	643	¥	(527	)	¥	21		¥	(61	)	¥	168		¥	(72	)	¥	1,218
Liabilities:
Trading liabilities
Equities	¥	0		¥	0		¥	—	¥	0	¥	0		¥	—		¥	0		¥	0		¥	0		¥	0
Foreign government, agency and municipal securities		—			—			—		—		—			—			—			—			—			—
Bank and corporate debt securities		1			0			—		1		(2	)		—			0			0			0			0
Collateralized debt obligations (“CDOs”) and other		—			—			—		0		0			—			0			—			0			—
Investment trust funds and other		0			0			—		0		0			—			0			—			—			0
Total trading liabilities	¥	1		¥	0		¥	—	¥	1	¥	(2	)	¥	—		¥	0		¥	0		¥	0		¥	0
Short-term borrowings		23			0			0		46		(11	)		—			0			0			(8	)		50
Payables and deposits		15			0			0		0		—			—			—			2			(3	)		14
Long-term borrowings		474			2			4		150		(112	)		—			(2	)		8			(24	)		488
Other liabilities		44			0			—		44		(9	)		—			(3	)		0			0			76
Total	¥	557		¥	2		¥	4	¥	241	¥	(134	)	¥	—		¥	(5	)	¥	10		¥	(35	)	¥	628

	Billions of yen
	Six months ended September 30, 2025
	Beginning balance as of six months ended September 30, 2025			Total gains (losses) recognized in net revenue(1)			Total gains (losses) recognized in other comprehensive income			Purchases / issues(2)		Sales / redemptions(2)			Settlements			Foreign exchange movements			Transfers into Level 3(4)(5)			Transfers   out of Level 3(5)(6)			Balance as of six months ended September 30, 2025
Assets:
Trading assets and private equity and debt investments
Equities	¥	21		¥	(1	)	¥	—		¥	12	¥	(6	)	¥	—		¥	0		¥	3		¥	(3	)	¥	26
Private equity and debt investments		103			5			—			52		(26	)		—			0			1			(13	)		122
Japanese agency and municipal securities		0			0			—			2		0			—			—			—			—			2
Foreign government, agency and municipal securities		6			0			—			2		(4	)		—			0			4			(3	)		5
Bank and corporate debt securities and loans for trading purposes		181			(1	)		—			67		(98	)		—			1			29			(10	)		169
Commercial mortgage-backed securities (“CMBS”)		10			0			—			0		(10	)		—			—			—			0			0
Residential mortgage-backed securities (“RMBS”)		48			(2	)		—			0		(30	)		—			0			1			—			17
Real estate-backed securities		207			2			—			249		(255	)		—			(1	)		—			—			202
Collateralized debt obligations (“CDOs”) and other		42			(2	)		—			22		(28	)		—			0			—			—			34
Investment trust funds and other		3			0			—			35		(29	)		—			0			2			(2	)		9
Total trading assets and private equity and debt investments		621			1			—			441		(486	)		—			0			40			(31	)		586
Derivatives, net(3)
Equity contracts		1			(11	)		—			—		—			9			0			(14	)		(3	)		(18	)
Interest rate contracts		6			(3	)		—			—		—			(21	)		3			14			(21	)		(22	)
Credit contracts		(36	)		(4	)		—			—		—			(10	)		(1	)		13			(8	)		(46	)
Foreign exchange contracts		(13	)		(2	)		—			—		—			3			0			0			(1	)		(13	)
Other contracts		(4	)		1			—			—		—			0			(2	)		2			—			(3	)
Total derivatives, net		(46	)		(19	)		—			—		—			(19	)		0			15			(33	)		(102	)
Subtotal	¥	575		¥	(18	)	¥	—		¥	441	¥	(486	)	¥	(19	)	¥	0		¥	55		¥	(64	)	¥	484
Loans and receivables		448			14			—			95		(125	)		—			0			91			(29	)		494
Collateralized agreements		15			0			—			—		—			—			0			—			—			15
Other assets
Non-Trading Debt Securities		17			1			—			4		(2	)		—			0			4			—			24
Other(7)		275			56			—			64		(2	)		—			0			0			(1	)		392
Total	¥	1,330		¥	53		¥	—		¥	604	¥	(615	)	¥	(19	)	¥	0		¥	150		¥	(94	)	¥	1,409
Liabilities:
Trading liabilities
Equities	¥	1		¥	0		¥	—		¥	0	¥	0		¥	—		¥	0		¥	0		¥	(1	)	¥	0
Bank and corporate debt securities		0			0			—			0		0			—			0			0			—			0
Collateralized debt obligations (“CDOs”) and other		0			(1	)		—			0		(1	)		—			0			—			—			0
Investment trust funds and other		0			—			—			—		0			—			0			—			—			—
Total trading liabilities	¥	1		¥	(1	)	¥	—		¥	0	¥	(1	)	¥	—		¥	0		¥	0		¥	(1	)	¥	0
Short-term borrowings		36			(1	)		0			40		(23	)		—			0			1			(5	)		50
Payables and deposits		14			1			0			—		—			—			—			—			—			13
Long-term borrowings		477			(15	)		(1	)		63		(73	)		—			0			17			(31	)		469
Other liabilities		65			0			—			68		(3	)		—			0			1			(1	)		130
Total	¥	593		¥	(16	)	¥	(1	)	¥	171	¥	(100	)	¥	—		¥	0		¥	19		¥	(38	)	¥	662

(1) Includes gains and losses reported primarily within Net gain on trading, Gain on private equity and debt investments, and also within Gain (Loss) on investments in equity securities, Revenue—Other and Non-interest expenses—Other, Interest and dividends and Interest expense in the consolidated statements of income.

(2) Amounts reported in Purchases / issues include increases in trading liabilities while Sales / redemptions include decreases in trading liabilities.

(3) Derivatives which contain multiple types of risk are classified based on the primary risk type of the instrument.

(4) Amounts of gains and losses on these transfers which were recognized in the period when the Transfers into Level 3 occurred were not significant for the six months ended September 30, 2024 and 2025.

(5) Transfers into Level 3 indicate certain valuation inputs of a financial instrument become unobservable or significant. Transfers out of Level 3 indicate certain valuation inputs of a financial instrument become observable or insignificant. See “Quantitative and qualitative information regarding significant unobservable valuation inputs” above for the valuation inputs of each financial instruments.

(6) Transfers out of Level 3 include financial instruments that moved out of level 3 by application of measurement alternative. See Note 6 “Non-trading investments” for further information of financial instruments under the measurement alternative.

(7) Includes non-financial assets carried at fair value on a recurring basis.

Fair value, level 3 assets and liabilities measured on recurring basis, unrealized gains (losses)

The following table presents the amounts of unrealized gains (losses) for the six months ended September 30, 2024 and 2025, relating to those financial instruments which Nomura classified in Level 3 within the fair value hierarchy and that were still held by Nomura at the relevant consolidated balance sheet date.

	Billions of yen
	Six months ended September 30
	2024			2025
	Unrealized gains / (losses)(1)
Assets:
Trading assets and private equity and debt investments
Equities	¥	0		¥	0
Private equity and debt investments		0			(1	)
Foreign government, agency and municipal securities		0			0
Bank and corporate debt securities and loans for trading purposes		(1	)		(1	)
Commercial mortgage-backed securities (“CMBS”)		7			0
Residential mortgage-backed securities (“RMBS”)		3			(2	)
Real estate-backed securities		5			2
Collateralized debt obligations (“CDOs”) and other		(3	)		(2	)
Investment trust funds and other		0			0
Total trading assets and private equity and debt investments		11			(4	)
Derivatives, net(2)
Equity contracts		(2	)		(7	)
Interest rate contracts		(31	)		(26	)
Credit contracts		(32	)		(15	)
Foreign exchange contracts		(5	)		(2	)
Other contracts		—			1
Total derivatives, net		(70	)		(49	)
Subtotal	¥	(59	)	¥	(53	)
Loans and receivables		5			12
Collateralized agreements		0			0
Other assets
Non-Trading debt Securities		0			1
Other(3)		42			56
Total	¥	(12	)	¥	16
Liabilities:
Trading liabilities
Equities	¥	0		¥	0
Bank and corporate debt securities		0			0
Total trading liabilities	¥	0		¥	0
Short-term borrowings(4)		1			0
Payables and deposits(4)		0			1
Long-term borrowings(4)		13			(7	)
Other liabilities		0			0
Total	¥	14		¥	(6	)

(1) Includes gains and losses reported within Net gain on trading, Gain on private equity and debt investments, Gain (loss) on investments in equity securities, Revenue—Other, Non-interest expenses—Other, Interest and dividends and Interest expense in the consolidated statements of income.

(2) Derivatives which contain multiple types of risk are classified based on the primary risk type of the instrument.

(3) Includes non-financial assets carried at fair value on a recurring basis.

(4) Includes unrealized gains and losses of ¥5 billion and ¥(1) billion for the six months ended September 30, 2024 and 2025, recognized in Other comprehensive income (loss) for recurring Level 3 fair value measurements held at the end of the reporting period.

Information on investments where net asset value per share is calculated

The following tables present information on these investments where NAV per share is calculated or disclosed as of March 31, 2025 and September 30, 2025. Investments are presented by major category relevant to the nature of Nomura’s business and risks

	Billions of yen
	March 31, 2025
	Fair value		Unfunded commitments(1)		Redemption frequency (if currently eligible)(2)		Redemption notice(3)
Hedge funds	¥	11	¥	4		Monthly		Same day-30 days
Venture capital funds		19		3		—		—
Private equity funds		43		10		—		—
Real estate funds		4		0		—		—
Total	¥	77	¥	17
	Billions of yen
	September 30, 2025
	Fair value		Unfunded commitments(1)		Redemption frequency (if currently eligible)(2)		Redemption notice(3)
Hedge funds	¥	14	¥	3		Monthly		Same day-30 days
Venture capital funds		20		3		—		—
Private equity funds		53		9		—		—
Real estate funds		4		0		—		—
Total	¥	91	¥	15

(1) The contractual amount of any unfunded commitments Nomura is required to make to the entities in which the investment is held.

(2) The frequency with which Nomura is permitted to redeem investments.

(3) The range in prior notice period for redemption.

Gains (losses) due to changes in fair value for financial instruments measured at fair value using fair value option

The following table presents gains (losses) due to changes in fair value for financial instruments carried at fair value using the fair value option for the six months ended September 30, 2024 and 2025.

	Billions of yen
	Six months ended September 30
	2024			2025
	Gains / (Losses)(1)
Assets:
Trading assets and private equity and debt investments(2)
Trading assets	¥	5		¥	6
Private equity and debt investments		2			1
Loans and receivables		23			(1	)
Collateralized agreements(3)		10			4
Other assets(2)(4)		47			55
Total	¥	87		¥	65
Liabilities:
Short-term borrowings(5)	¥	97		¥	17
Payables and deposits		(2	)		26
Collateralized financing(3)		(18	)		(15	)
Long-term borrowings(5)(6)		(112	)		(145	)
Other liabilities(7)		(3	)		(15	)
Total	¥	(38	)	¥	(132	)

(1) Includes gains and losses reported primarily within Revenue—Net gain on trading and Revenue—Other in the consolidated statements of income.

(2) Includes equity investments that would have been accounted for under the equity method had Nomura not chosen to elect the fair value option.

(3) Includes reverse repurchase and repurchase agreements.

(4) Include non-trading debt securities.

(5) Includes structured notes and other financial liabilities.

(6) Includes secured financing transactions arising from transfers of financial assets which did not meet the criteria for sales accounting.

(7) Includes unfunded written loan commitments.

Schedule of impact of changes in its own creditworthiness on certain financial liabilities

	Billions of yen
	Six months ended or as of September 30
	2024		2025
Changes recognized as a credit (debit) to other comprehensive income (loss)	¥	13	¥	(49	)
Credit (debit) Amounts reclassified to earnings		—		(1	)
Cumulative credit balance recognized in accumulated other comprehensive income		69		29

Geographic allocations of trading assets related to government, agency, municipal securities

	Billions of yen
	March 31, 2025
	Japan		U.S.		EU & U.K.		Other		Total(1)
Government, agency and municipal securities	¥	2,896	¥	2,629	¥	2,655	¥	1,470	¥	9,650
	Billions of yen
	September 30, 2025
	Japan		U.S.		EU & U.K.		Other		Total(1)
Government, agency and municipal securities	¥	3,392	¥	3,362	¥	2,939	¥	1,401	¥	11,094

(1) Other than above, there were ¥313 billion and ¥501 billion of government, agency and municipal securities reported within Other assets—Non-trading debt securities in the consolidated balance sheets as of March 31, 2025 and September 30, 2025, respectively. These securities are primarily Japanese government, agency and municipal securities.

Carrying values, fair values and classification within the fair value hierarchy for certain classes of financial instrument

The following tables present carrying values, fair values and classification within the fair value hierarchy for certain classes of financial instrument as of March 31, 2025 and September 30, 2025.

	Billions of yen
	March 31, 2025(1)
	Carrying value		Fair value		Fair value by level
					Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	¥	4,424	¥	4,424	¥	4,424	¥	—	¥	—
Time deposits		642		642		—		642		—
Deposits with stock exchanges and other segregated cash		448		448		—		448		—
Loans receivable(2)		6,022		6,020		—		3,436		2,584
Securities purchased under agreements to resell		14,005		14,005		—		13,991		14
Securities borrowed		4,659		4,659		—		4,659		—
Total	¥	30,200	¥	30,198	¥	4,424	¥	23,176	¥	2,598
Liabilities:
Short-term borrowings	¥	1,117	¥	1,117	¥	—	¥	1,081	¥	36
Deposits received at banks		3,106		3,106		—		3,092		14
Securities sold under agreements to repurchase		16,288		16,288		—		16,288		—
Securities loaned		1,965		1,965		—		1,965		—
Other secured borrowings		393		393		—		393		—
Long-term borrowings		13,374		13,385		10		12,879		496
Total	¥	36,243	¥	36,254	¥	10	¥	35,698	¥	546

	Billions of yen
	September 30, 2025(1)
	Carrying value		Fair value		Fair value by level
					Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	¥	5,867	¥	5,867	¥	5,867	¥	—	¥	—
Time deposits		567		567		—		567		—
Deposits with stock exchanges and other segregated cash		397		397		—		397		—
Loans receivable(2)		6,430		6,429		—		3,774		2,655
Securities purchased under agreements to resell		13,401		13,401		—		13,387		14
Securities borrowed		4,427		4,427		—		4,427		—
Total	¥	31,089	¥	31,088	¥	5,867	¥	22,552	¥	2,669
Liabilities:
Short-term borrowings	¥	1,222	¥	1,222	¥	—	¥	1,172	¥	50
Deposits received at banks		3,288		3,288		—		3,275		13
Securities sold under agreements to repurchase		15,626		15,626		—		15,626		—
Securities loaned		2,193		2,193		—		2,193		—
Other secured borrowings		369		369		—		369		—
Long-term borrowings		14,408		14,444		10		13,946		488
Total	¥	37,106	¥	37,142	¥	10	¥	36,581	¥	551

(1) Includes financial instruments which are carried at fair value on a recurring basis.

(2) Carrying values are shown after deducting relevant allowances for current expected credit losses.

Equity securities subject to contractual sale restrictions

The following table presents a summary of equity securities primarily reported within Other assets—Other in consolidated balance sheet which are subject to contractual sale restrictions as of March 31, 2025 and September 30, 2025.

	Millions of yen
	March 31, 2025
	Fair value		Remaining duration
			Less than 1 year		1 to 5 years		More than 5 years
Restriction on transfer	¥	200,658	¥	9	¥	200,621	¥	28
Consent from third parties		7,806		18		—		7,788
Others		2,148		—		—		2,148
Total	¥	210,612	¥	27	¥	200,621	¥	9,964
	Millions of yen
	September 30, 2025
	Fair value		Remaining duration
			Less than 1 year		1 to 5 years		More than 5 years
Restriction on transfer	¥	252,729	¥	252,729	¥	—	¥	—
Consent from third parties		10,195		1,688		—		8,507
Others		2,249		—		—		2,249
Total	¥	265,173	¥	254,417	¥	—	¥	10,756

(1) No specific conditions could cause a lapse in the sale restrictions as disclosed above.