Nomura Holdings, Inc. (8604) Earnings Call Transcripts

Nomura Holdings, Inc.'s Latest Earnings Call - May 29, 2026

In the fiscal year ending March 2026, Nomura Holdings reported a net revenue of JPY 2,167.7 billion and net income of JPY 362.1 billion, marking a record high for the second consecutive year. The company raised its 2030 targets, aiming for a return on equity (ROE) of 10% to 12% and income before income taxes exceeding JPY 750 billion, which is 1.5 times its previous target. Management highlighted that revenue and profit growth are driven by ongoing transformations in its business model, particularly in Wealth Management and Wholesale divisions, which have shown strong performance despite market conditions.

Reported metrics

Guidance from management

Nomura aims to achieve an ROE of 10% to 12% and income before income taxes exceeding JPY 750 billion by 2030. Management expressed confidence in achieving these targets through organic growth and strategic investments.

What management said

Thank you very much. We will now take your questions. Those of you joining via the phone, the operator will explain how to ask questions. And you can also ask questions via the chat function on the website. There's a message function at the bottom of the screen, so please use that.

Thank you for the follow-up question. This is Moriuchi. At the moment, there are no specific entities or business categories that we have in mind and we won't be able to answer anyway. But towards 2030, we will consider the financial resources and growth opportunities. And we will continue to discuss our priorities. And for some of the low profitability and low priority businesses, if any, we will take bold action re...

What analysts pressed on

Analysts raised concerns regarding the sustainability of the raised ROE targets and the potential impact of market conditions on achieving these goals. Questions were also posed about the balance between growth investments and shareholder returns, particularly in light of the company's ongoing transformation efforts.

Main topics on the call

• 2030 Targets Raised — Nomura has significantly raised its 2030 targets, aiming for an ROE of 10% to 12% and income before income taxes of over JPY 750 billion. CEO Kentaro Okuda stated, "The JPY 750 billion figure is 1.5x our previous target ...
• Wealth Management Growth — The Wealth Management division reported net inflows of recurring revenue assets reaching JPY 27.9 trillion, with a recurring revenue cost coverage ratio rising from 22% to 72%. Akihito Tobari, Head of Wealth Management, ...
• Investment Management Expansion — Nomura's Investment Management division aims to increase assets under management from JPY 150 trillion to JPY 180 trillion by March 2031. The division's income before income taxes is targeted to rise from approximately J...
• Wholesale Division Performance — The Wholesale division achieved record revenues and profitability, with pretax income up approximately 7x since fiscal year 2022/2023. Christopher Willcox stated, "Wholesale revenues and pretax income are now at all-time...

Read the full Nomura Holdings, Inc. transcript (May 29, 2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 35 Nomura Holdings, Inc. earnings call transcripts on record, spanning January 30, 2020 to July 29, 2026. Based on this history, Nomura Holdings, Inc. reports quarterly. The most recent call on file is dated July 29, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

8604

Exchange

TSE

Country

JP

Sector

Financials

Industry

Capital Markets

Calls on record

35

First call

January 30, 2020

Most recent

July 29, 2026

Reporting cadence

quarterly