Financing receivables (Tables)

6 Months Ended

Sep. 30, 2025

Financing Receivables [Abstract]

Summary of loans receivable reported within loans receivable or investments in and advances to affiliated companies

The following tables present a summary of loans receivable reported within Loans and receivables or Investments in and advances to affiliated companies in the consolidated balance sheets as of March 31, 2025, and September 30, 2025 by portfolio segment.

	Millions of yen
	March 31, 2025
	Carried at amortized cost		Carried at fair value(1)		Total
Loans receivables
Loans at banks	¥	1,045,787	¥	—	¥	1,045,787
Short-term secured margin loans		796,936		—		796,936
Corporate loans		2,003,909		2,178,376		4,182,285
Total loans receivables	¥	3,846,632	¥	2,178,376	¥	6,025,008
Advances to affiliated companies		4,008		4,946		8,954
Total	¥	3,850,640	¥	2,183,322	¥	6,033,962
	Millions of yen
	September 30, 2025
	Carried at amortized cost		Carried at fair value(1)		Total
Loans receivables
Loans at banks	¥	1,093,678	¥	—	¥	1,093,678
Short-term secured margin loans		856,627		—		856,627
Corporate loans		1,951,178		2,531,009		4,482,187
Total loans receivables	¥	3,901,483	¥	2,531,009	¥	6,432,492
Advances to affiliated companies		4,000		9,409		13,409
Total	¥	3,905,483	¥	2,540,418	¥	6,445,901

(1) Includes loans receivable and loan commitments carried at fair value through election of the fair value option.

Changes in allowance for doubtful accounts

The following tables present changes in the allowances for current expected credit losses for the six months ended September 30, 2024 and 2025 as determined using the CECL impairment model defined by ASC 326.

	Millions of yen
	Six months ended September 30, 2024
	Allowances for current expected credit losses against loans											Allowances against receivables other than loans(1)			Total allowances for current expected credit losses
	Loans at banks			Short-term secured margin loans		Corporate loans			Subtotal
Opening balance	¥	785		¥	—	¥	1,631		¥	2,416		¥	15,631		¥	18,047
Provision for credit losses		49			—		(165	)		(116	)		13			(103	)
Write-offs		—			—		—			—			—			—
Other(2)		—			—		(89	)		(89	)		(1,231	)		(1,320	)
Ending balance	¥	834		¥	—	¥	1,377		¥	2,211		¥	14,413		¥	16,624
	Millions of yen
	Six months ended September 30, 2025
	Allowances for current expected credit losses against loans											Allowances against receivables other than loans(1)			Total allowances for current expected credit losses
	Loans at banks			Short-term secured margin loans		Corporate loans			Subtotal
Opening balance	¥	884		¥	—	¥	1,659		¥	2,543		¥	14,377		¥	16,920
Provision for credit losses		(627	)		—		217			(410	)		1			(409	)
Write-offs		—			—		—			—			—			—
Other(2)		—			—		(76	)		(76	)		(122	)		(198	)
Ending balance	¥	257		¥	—	¥	1,800		¥	2,057		¥	14,256		¥	16,313

(1) Includes amounts recognized against collateralized agreements, customer contract assets and receivables and other receivables.

(2) Primarily includes recoveries and foreign exchange movements.The amounts of recoveries for the six months ended September 30, 2024 and 2025 were not significant.

Analysis of each class of loans not carried at fair value using internal ratings or equivalent credit quality indicators

The following tables present an analysis of each portfolio segment not carried at fair value using Nomura’s internal ratings or equivalent credit quality indicators applied by subsidiaries by years of origination as of March 31, 2025 and September 30, 2025.

	Millions of yen
	March 31, 2025
	2025		2024		2023		2022		2021		2020 or earlier		Revolving		Total
Secured loans at banks:
AAA-BBB	¥	119,134	¥	231,869	¥	2,837	¥	7,517	¥	5,000	¥	23,453	¥	—	¥	389,810
BB-CCC		125,213		219,055		15,000		8,439		—		1,151		—		368,858
CC-D		—		—		—		—		—		—		—		—
Others(1)		—		243,034		—		—		—		—		—		243,034
Total secured loans at banks	¥	244,347	¥	693,958	¥	17,837	¥	15,956	¥	5,000	¥	24,604	¥	—	¥	1,001,702
Unsecured loans at banks:
AAA-BBB	¥	4,500	¥	1,377	¥	300	¥	1,735	¥	7,700	¥	23,875	¥	—	¥	39,487
BB-CCC		703		1,000		756		—		—		2,139		—		4,598
CC-D		—		—		—		—		—		—		—		—
Others		—		—		—		—		—		—		—		—
Total unsecured loans at banks	¥	5,203	¥	2,377	¥	1,056	¥	1,735	¥	7,700	¥	26,014	¥	—	¥	44,085
Short-term secured margin loans:
AAA-BBB	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—
BB-CCC		—		—		—		—		—		—		—		—
CC-D		—		—		—		—		—		—		—		—
Others(1)		—		—		—		—		—		474,019		322,917		796,936
Total short-term secured margin loans	¥	—	¥	—	¥	—	¥	—	¥	—	¥	474,019	¥	322,917	¥	796,936
Secured corporate loans:
AAA-BBB	¥	58,325	¥	289,986	¥	266,380	¥	89,955	¥	90,419	¥	159,346	¥	385,419	¥	1,339,830
BB-CCC		1		32,529		50,893		25,157		4,424		41,270		199,701		353,975
CC-D		—		—		—		—		—		—		—		—
Others(1)		131,132		34,567		—		1,640		—		115		84		167,538
Total secured corporate loans	¥	189,458	¥	357,082	¥	317,273	¥	116,752	¥	94,843	¥	200,731	¥	585,204	¥	1,861,343

	Millions of yen
	March 31, 2025
	2025		2024		2023		2022		2021		2020 or earlier		Revolving		Total
Unsecured corporate loans:
AAA-BBB	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—
BB-CCC		—		—		—		—		—		—		—		—
CC-D		—		—		—		—		—		—		—		—
Others		147		21		119		—		529		141,750		—		142,566
Total unsecured corporate loans	¥	147	¥	21	¥	119	¥	—	¥	529	¥	141,750	¥	—	¥	142,566
Advances to affiliated companies
AAA-BBB	¥	—	¥	—	¥	8	¥	3,000	¥	1,000	¥	—	¥	—	¥	4,008
BB-CCC		—		—		—		—		—		—		—		—
CC-D		—		—		—		—		—		—		—		—
Others		—		—		—		—		—		—		—		—
Total advances to affiliated companies	¥	—	¥	—	¥	8	¥	3,000	¥	1,000	¥	—	¥	—	¥	4,008
Total	¥	439,155	¥	1,053,438	¥	336,293	¥	137,443	¥	109,072	¥	867,118	¥	908,121	¥	3,850,640

(1) Relates to collateralized exposures where a specified ratio of LTV is maintained.

(2) The amounts of write offs for the year ended March 31, 2025 were not significant.

	Millions of yen
	September 30, 2025
	2025		2024		2023		2022		2021		2020 or earlier		Revolving		Total
Secured loans at banks:
AAA-BBB	¥	327,105	¥	90,443	¥	1,916	¥	7,398	¥	4,850	¥	27,219	¥	—	¥	458,931
BB-CCC		253,446		69,165		15,260		8,413		—		802		—		347,086
CC-D		—		—		—		—		—		—		—		—
Others(1)		256,379		—		—		—		—		—		—		256,379
Total secured loans at banks	¥	836,930	¥	159,608	¥	17,176	¥	15,811	¥	4,850	¥	28,021	¥	—	¥	1,062,396
Unsecured loans at banks:
AAA-BBB	¥	5,250	¥	1,377	¥	300	¥	835	¥	6,700	¥	12,761	¥	—	¥	27,223
BB-CCC		803		1,000		756		—		—		1,500		—		4,059
CC-D		—		—		—		—		—		—		—		—
Others		—		—		—		—		—		—		—		—
Total unsecured loans at banks	¥	6,053	¥	2,377	¥	1,056	¥	835	¥	6,700	¥	14,261	¥	—	¥	31,282
Short-term secured margin loans:
AAA-BBB	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—
BB-CCC		—		—		—		—		—		—		—		—
CC-D		—		—		—		—		—		—		—		—
Others(1)		538,366		19,680		—		—		—		—		298,581		856,627
Total short-term secured margin loans	¥	538,366	¥	19,680	¥	—	¥	—	¥	—	¥	—	¥	298,581	¥	856,627
Secured corporate loans:
AAA-BBB	¥	123,787	¥	281,796	¥	232,627	¥	135,846	¥	182,795	¥	153,535	¥	429,880	¥	1,540,266
BB-CCC		121		35,473		61,971		26,727		4,765		30,244		66,786		226,087
CC-D		—		—		—		1,808		—		—		—		1,808
Others(1)		40,966		106		—		—		—		—		85		41,157
Total secured corporate loans	¥	164,874	¥	317,375	¥	294,598	¥	164,381	¥	187,560	¥	183,779	¥	496,751	¥	1,809,318

	Millions of yen
	September 30, 2025
	2025		2024		2023		2022		2021		2020 or earlier		Revolving		Total
Unsecured corporate loans:
AAA-BBB	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—
BB-CCC		—		—		—		—		—		—		—		—
CC-D		—		—		—		—		—		—		—		—
Others		169		21		119		—		526		141,025		—		141,860
Total unsecured corporate loans	¥	169	¥	21	¥	119	¥	—	¥	526	¥	141,025	¥	—	¥	141,860
Advances to affiliated companies
AAA-BBB	¥	—	¥	—	¥	—	¥	3,000	¥	1,000	¥	—	¥	—	¥	4,000
BB-CCC		—		—		—		—		—		—		—		—
CC-D		—		—		—		—		—		—		—		—
Others		—		—		—		—		—		—		—		—
Total advances to affiliated companies	¥	—	¥	—	¥	—	¥	3,000	¥	1,000	¥	—	¥	—	¥	4,000
Total	¥	1,546,392	¥	499,061	¥	312,949	¥	184,027	¥	200,636	¥	367,086	¥	795,332	¥	3,905,483

(1) Relate to collateralized exposures where a specified ratio of LTV is maintained.

(2) The amounts of write-offs as of September 30, 2025 were not significant.