Nomura Holdings reported pre-tax profit of ¥359.5bn for the six months to September 2026, up 21.1% from a year earlier, and set an interim dividend of ¥35 a share, against ¥27 for the same period last year. Net income attributable to shareholders rose 26.8% to ¥249.3bn, and return on equity, annualized, was 13.3% against 11.3% a year before.
Two revenue lines appear in the results and should not be confused. Total revenues were ¥2.69tn, up 16.3%. Revenues after deducting financial expense, the narrower measure, were ¥1.29tn, up 24.6%.
Four businesses, four profit increases
Pre-tax profit rose in each of the four main businesses, according to Nomura's segment tables. Together they earned ¥356.4bn, up 49.5%. The "other" column swung the other way, to a pre-tax loss of ¥8.2bn from a profit of ¥56.9bn a year earlier.
| Business | Net revenue (¥bn) | Change | Pre-tax profit (¥bn) | Change |
|---|---|---|---|---|
| Wealth management | 286.9 | +29.1% | 136.7 | +62.1% |
| Investment management | 183.1 | +64.4% | 72.4 | +38.5% |
| Wholesale | 678.0 | +25.5% | 139.4 | +46.6% |
| Banking | 31.6 | +23.1% | 8.0 | +17.7% |
Investment management shows the cost side of growth. Its net revenue rose 64.4%, but its non-interest expenses rose 87.2%, so pre-tax profit grew 38.5%. Assets under management stood at ¥152.8tn at the end of September. Wealth management got the biggest profit lift, up 62.1%, on a 29.1% rise in net revenue while expenses rose 8.9%.
A softer second quarter
The July-September quarter was weaker than April-June. Pre-tax profit was ¥148.0bn, down 30% on the previous quarter and up 8% on a year earlier, and quarterly ROE was 10.9%. Pre-tax profit at the four main businesses fell 33% from the previous quarter, with wholesale down 51% to ¥46.1bn and investment management down 39% to ¥27.4bn. Banking pre-tax profit rose 20% to ¥4.4bn.
Group CEO Kentaro Okuda said the quarter was still robust. He cited record net inflows into stock-type wealth assets of about ¥750bn and a 79% ratio of recurring income to costs in wealth management. Nomura said ROE has met its new 10-12%+ target under its 2030 vision for two quarters in a row.
Dividend rises, guidance stays blank
The ¥35 interim dividend totals ¥102.3bn against ¥79.2bn a year earlier, with a record date of September 30 and payment from December 1. Last year's full-year dividend was ¥51, split ¥27 and ¥24. The year-end payout for the year to March 2027 is undecided.
Nomura again gave no forecast for full-year earnings. It said it operates across many capital markets and faces uncertainty from economic conditions and market prices, and gave the same reason for omitting a dividend forecast. The earnings summary is not subject to review by a certified public accountant or audit firm, and Nomura's half-year report is due on November 16, 2026.