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EarningsQ2 2027 Earnings Report
NMR Q2 2027 EPS Results
Actual EPS$0.23
Consensus EPS$0.20
Beat/MissBeat by +$0.02
One Year Ago EPS$0.21
NMR Q2 2027 Revenue Results
Actual Revenue$8.31B
Expected Revenue$4.12B
Beat/MissBeat by +$4.19B
YoY Revenue Growth+5.46%
Earnings Announcement Details
QuarterQ2 2027
Date10/28/2026
TimeBefore Open
Conference CallWednesday, October 28, 2026
NMR Upcoming Earnings
Nomura Holdings's next earnings date is estimated for February 3, 2027, based on past reporting schedules.
Q2 2027 Earnings Call Audio
NMR Q2 2027 Earnings Call
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Q2 2027 Earnings Slide Deck
Q2 2027 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was broadly positive: first-half profitability, ROE, stable-revenue growth, Wealth Management inflows, Investment Banking performance, Banking Division growth, and strategic growth opportunities were strong. These positives were partly offset by sequential second-quarter declines, lower Wholesale and Investment Management earnings, an 85% Wholesale expense ratio above target, a lower capital ratio, valuation losses on seed investments, and uncertain market conditions. Management remained constructive about the medium- to long-term outlook while emphasizing selective risk-taking and cost control.Company Guidance
First-Half Profit Growth Across All Divisions
Total income before income taxes across the four divisions increased 50% year-on-year in the first half, reflecting a stated sharp improvement in earning power.
Strong First-Half ROE and Interim Dividend
First-half ROE was 13.3%, described as solid despite changing market conditions. The interim dividend is JPY 35 per share, with a payout ratio of 41%.
Stable Revenue Base Expanded
Recurring revenue assets in Wealth Management increased 20% from the end of September last year to around JPY 31 trillion. Investment Management assets under management increased by JPY 50 trillion to around JPY 150 trillion, particularly reflecting the impact of acquisition. Stable revenue increased roughly 1.6 fold year-on-year.
Second-Quarter ROE Remained Above Target
Second-quarter ROE was 10.9%, and the company achieved its quantitative 2030 ROE target of 10%-12% or higher despite normalized market conditions.
Wealth Management Recurring Revenue Reached Records
Wealth Management recurring revenue rose 13% quarter-on-quarter to an all-time high of JPY 66.7 billion. Net inflows of recurring revenue assets rose 40% quarter-on-quarter to an all-time high of JPY 755.4 billion, while the recurring revenue cost coverage ratio was 79%.
Continued Wealth Management Product Momentum
Bond sales increased 66% quarter-on-quarter, supported by rising yen interest rates and a major primary deal. Discretionary investments rose 9%, with SMA contract value reaching an all-time high, and insurance sales increased 14% on demand for pension and estate planning.
Long-Term Investment Demand Remained Solid
Purchases of assets for long-term diversified investment continued to gain traction despite rising interest rates in Japan and the U.S. Sustained inflows went into long-term holdings including Japan equity funds and balanced funds.
Investment Management Assets and Inflows Remained Strong
Assets under management in the actively managed Japanese equity fund established in July exceeded JPY 150 billion, while flagship balanced-fund assets under management rose to almost JPY 2 trillion. Quarterly net inflows were JPY 478 billion, investment-trust inflows were roughly JPY 1 trillion, and alternative assets under management reached a new high owing to net inflows.
Wholesale Investment Banking Growth and Market Leadership
Investment Banking net revenue increased 9% quarter-on-quarter to JPY 54.7 billion. Nomura ranked first in both Japan-related ECM and DCM league tables for the April-through-September period and acted as bookrunner for nine of the 10 biggest deals in Japan in the first half.
Strong Investment Banking Pipeline
Advisory revenue benefited from growth in investment and portfolio realignment deals, including sponsor-related and infrastructure transactions. ECM benefited from major Japanese public offerings and CB deals, DCM addressed strong domestic funding demand, and the company stated that its corporate-bond pipeline remains robust, including large-sized deals.
Banking Division Revenue and Earnings Increased
Banking Division net revenue increased 7% quarter-on-quarter to JPY 16.4 billion and income before income taxes increased 20% to JPY 4.4 billion. Banking net revenue rose 11% to JPY 4.5 billion, while Trust and Agent Service net revenue rose 6% to JPY 11.9 billion.
Deposit Sweep and Loan Growth
The deposit sweep service grew steadily in contracts and balances, while funding costs were kept in check through deposit-balance growth. Loans outstanding totaled JPY 1,361 billion, and loan accounts and balances continued to grow steadily, particularly for Nomura Web Loan.
Cost Management Improved Group-Wide
Group-wide non-interest expenses declined around 3% quarter-on-quarter to JPY 459.5 billion. Performance-linked bonus provisions and other compensation and benefits fell around 5%, trading-related expenses normalized, and expenses were described as appropriately managed relative to revenue.
International Wealth Management Expansion
International Wealth Management revenue has grown about sixfold since 2020, AUM was about 44 billion, and more than 3,000 client accounts had been opened, mainly in Hong Kong and Singapore and also in Dubai. The company stated that the business is positioned for stable growth and has opened a hub to accelerate growth.
Organic Growth and Capital Allocation Discipline
Nomura stated that overseas asset management may pursue opportunities if attractive, but it is not expecting a large-size deal. Wealth Management is focused on organic sales, with organic growth described as healthy and with limited cost or capital use. The company reiterated commitments to a 40% or higher payout ratio and a 50% or higher total payout ratio.
Data-Center Finance Risk Controls and Selective Opportunity Capture
Nomura stated that its data-center-related positions had not been impacted and that it had not made excess investments in a particular company or area. It controls individual and total risk, creditworthiness, and off-taker credit, focuses on medium-sized rather than mega deals, and expects market opportunities to keep growing while remaining conservative and selective.
Ongoing Investment in Investment Management and AI Efficiency
Seed investment in Investment Management was described as necessary and continuing, including capital allocated to normalize under-investment at NAM International and increase active ETFs. The company also identified system-architecture work and AI for efficiency improvement as measures that may support medium- to long-term expense reduction.
Domestic Financing-Cycle Opportunity
Management stated that the domestic market is experiencing a major change in the financing cycle and that emerging trends could become a major theme. Wealth Management, Investment Banking, and Investment Management are expected to work together to monetize these opportunities.
NMR Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed