Nomura 9M FY2025/26 net income up 7% to ¥288bn on 11% revenue growth; ROE improves to 10.8%, launches up-to-¥60bn buyback
Summary:
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For the nine months to 31 December 2025, Nomura reported net revenue of ¥1,590.5bn, up 10.5% year on year, with income before tax rising 15.5% to ¥432.1bn and net income attributable to shareholders up 7.2% to ¥288.2bn (basic EPS ¥97.73).
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Annualised ROE improved to 10.8% from 10.4%, while NHI shareholders’ equity increased by about ¥181bn to ¥3,651.8bn and total assets expanded to ¥61.9tn, driven mainly by higher trading assets.
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By segment, Wealth Management PBT grew 9.6% to ¥142.8bn, Wholesale PBT rose 22.2% to ¥157.3bn and Investment Management PBT slipped 5.2% to ¥70.2bn despite 15.3% higher net revenue, reflecting a 35% rise in costs and the December acquisition of Macquarie’s US/EU asset management units (c. US$1.8bn consideration).
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Nomura declared an interim dividend of ¥27 per share (paid after the September quarter) and kept its practice of not providing full‑year earnings guidance given capital‑market uncertainty.
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The board approved a new share buyback of up to 100m shares (around 3.2% of issued shares) or ¥60bn between 17 February and 30 September 2026 and separately resolved to cancel 75m treasury shares (about 2.4% of issued shares) on 2 March 2026, underscoring a continued focus on capital efficiency.