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Nomura Holdings Inc Earnings - Analysis & Highlights for Q3 2025
Overview
PositivesNegativesOutlook
- Global Markets net revenue increased by 8% to ¥239 billion.
- Profit contributions from Laser Digital, Nomura's digital asset subsidiary, have begun and income before income taxes in the three international regions came to ¥51.8 billion, increasing by 30% over last quarter.
- Net inflows of recurring revenue assets in the first three quarters of the fiscal year exceeded ¥1.1 trillion, already going well beyond the full-year target of ¥800 billion.
- Recurring revenue rose to a record high of ¥50.4 billion.
- Global Markets revenues increased for the seventh straight quarter, while Investment Banking revenues were at the highest level for the period over which comparisons are possible, stretching back to the fiscal year ended March 2017.
- Revenue related to Japanese stocks and bonds declined.
- Sales of insurance products and discretionary investments declined QoQ.
- The company faced a slight decline in revenue in January compared to Q3.
- The company expects to see the results in its P&L going forward.
- The company expects to book a pre-tax income of approximately ¥56 billion following the completion of the asset transfer.
- The company expects to achieve at least 8% in ROE steadily.
- The company expects to control its cost, which will be somewhat offset by inflation, but it will continue working on cost control.
Q&A Highlights from Nomura Holdings Inc Earnings Call Q3 2025
- Analyst asked about the sustainability of the current strong revenue environment and the upside and downside risks of the environment.
- Kitamura stated that the company's Securitized Products business consists of loans, sales, and secondary trading. The loan part has become stagnant, and the company is trying to improve the turnover of the funds. Kitamura also mentioned that the company is diversifying its portfolio within the securitization book, and that there is still room to generate earnings in this business.
- Kitamura stated that the company's Securitized Products business consists of loans, sales, and secondary trading. The loan part has become stagnant, and the company is trying to improve the turnover of the funds. Kitamura also mentioned that the company is diversifying its portfolio within the securitization book, and that there is still room to generate earnings in this business.
- Analyst asked about the target ROE for Wholesale and if it is within that range for Europe and the Americas.
- Kitamura explained that the disclosed numbers are categorized by legal entity, and that the company is seeing signs of improvement in the Wholesale business, especially for fixed income. He also mentioned that there is still room for improvement, but the company is encouraged by the signs of improvement.
- Kitamura explained that the disclosed numbers are categorized by legal entity, and that the company is seeing signs of improvement in the Wholesale business, especially for fixed income. He also mentioned that there is still room for improvement, but the company is encouraged by the signs of improvement.
- Analyst asked about the sales trajectory of investment trust sales and if it will involve different products.
- The company is strengthening private products and clients are becoming more familiar with private credit products. However, they do not sell just anything and product governance is essential. They want to offer products that they are confident about and the frequency of launch of such products may not be so frequent.
- The company is strengthening private products and clients are becoming more familiar with private credit products. However, they do not sell just anything and product governance is essential. They want to offer products that they are confident about and the frequency of launch of such products may not be so frequent.
- Analyst asked about the timeline and size of the investment.
- The investment has already started partially and will be made next year. It will not immediately show up in the P&L and there will be a time lag. The size of the investment is not disclosed and the company will be mindful of the bottom line when making these investments.
- The investment has already started partially and will be made next year. It will not immediately show up in the P&L and there will be a time lag. The size of the investment is not disclosed and the company will be mindful of the bottom line when making these investments.
- Analyst asked about the company's investment banking pipeline accumulation and revenue forecast for the fourth quarter and next fiscal year.
- The company's investment banking pipeline is centered around Japan, with strengths in M&A and ECM transactions, and the Advisory business has seen an increase in customer activities. The company is focused on accumulating its pipeline, especially in the overseas market, which is expected to benefit from the deregulatory moves of the Trump Administration and tax decrease. However, the company's performance will not be in completely parallel with industry trends.
- The company's investment banking pipeline is centered around Japan, with strengths in M&A and ECM transactions, and the Advisory business has seen an increase in customer activities. The company is focused on accumulating its pipeline, especially in the overseas market, which is expected to benefit from the deregulatory moves of the Trump Administration and tax decrease. However, the company's performance will not be in completely parallel with industry trends.
- Analyst asked about the profitability of Laser Digital, a subsidiary of Nomura Holdings Inc.
- The company did not disclose the exact profit numbers of Laser Digital, but it has turned profitable in its two years of operation and is expected to continue to benefit from positive signs in the market, including the Trump market and the increasing popularity of crypto assets. The company will refrain from disclosing the numbers due to volatility in the market and the potential for future changes.
- The company did not disclose the exact profit numbers of Laser Digital, but it has turned profitable in its two years of operation and is expected to continue to benefit from positive signs in the market, including the Trump market and the increasing popularity of crypto assets. The company will refrain from disclosing the numbers due to volatility in the market and the potential for future changes.
- Analyst asked about the contribution of the company's core businesses and the impact of market factors.
- The company's core businesses and market factors both contributed to the results, but the company cannot provide a specific breakdown.
- The company's core businesses and market factors both contributed to the results, but the company cannot provide a specific breakdown.
- Analyst asked about the negative numbers in the Wealth Management segment, specifically in Q2 and Q3.
- The negative numbers in the Wealth Management segment are due to actions by corporate clients, which are considered irregular numbers. The company advises focusing on the retail-only line, which has been positive for nine consecutive quarters and has achieved inflows. The company does not see any major issues in the Wealth Management segment.
- The negative numbers in the Wealth Management segment are due to actions by corporate clients, which are considered irregular numbers. The company advises focusing on the retail-only line, which has been positive for nine consecutive quarters and has achieved inflows. The company does not see any major issues in the Wealth Management segment.
