Nomura Holdings Inc (NMR) 2025 Q3 法說會逐字稿

Good day, everyone, and welcome to today's Nomura Holdings third quarter operating results for fiscal year ending March 2025 conference call. Please be reminded that today's conference call is being recorded at the request of the hosting company. (Operator instructions)

大家好，歡迎參加今天的野村控股截至 2025 年 3 月的財年第三季經營業績電話會議。請注意，今天的電話會議是應主辦公司的要求進行錄音的。（操作員指令）

Please note that this telephone conference contains certain forward-looking statements and other projected results, which involve known and unknown risks, delays, uncertainties and other factors not under the company's control, which may cause actual results, performance or achievement of the company to be materially different from the results, performance or other expectations implied by those projections.

請注意，本次電話會議包含某些前瞻性陳述和其他預測結果，其中涉及已知和未知的風險、延遲、不確定性和其他不受公司控制的因素，可能導致公司的實際結果、業績或成就與這些預測暗示的結果、業績或其他預期存在重大差異。

Such factors include economic and market conditions, political events and investor sentiment, liquidity of secondary market, level and the volatility of interest rates, currency exchange rates, security valuations, competitive conditions and size, number and timing of transactions.

這些因素包括經濟和市場狀況、政治事件和投資者情緒、二級市場的流動性、利率水準和波動性、貨幣匯率、證券估值、競爭條件以及交易的規模、數量和時間。

With that, we would like to begin the conference. Mr. Takumi Kitamura, Chief Financial Officer. Please go ahead.

我們想以此開始會議。財務長北村拓美先生。請繼續。

Good evening. This is Takumi Kitamura, CFO. Let me explain our financial results for the third quarter of the fiscal year ending March 2025 using the document titled Consolidated Results of Operations. Please turn to Page 2. Group wide net revenue increased 4% quarter-on-quarter to JPY502 billion.

晚安.我是財務長北村拓美 (Takumi Kitamura)。讓我使用標題為「合併經營績效」的文件來解釋我們截至 2025 年 3 月的財政年度第三季的財務表現。請翻到第 2 頁。集團淨收入季增4%，達5020億日圓。

Income before income taxes grew 4% to JPY138.3 billion. Net income was JPY101.4 billion, representing a 3% increase over last quarter. EPS came to JPY33.08 and annualized return on equity came to 11.8%. This was the seventh straight quarter of profit growth, building on what was already a strong previous quarter, reflecting the positive outcomes of strategic initiatives undertaken to date. Improving profitability in our international operations has been a management priority and we have made steady progress.

稅前收入成長4%至1,383億日圓。淨收入為1014億日元，較上一季成長3%。每股盈餘達33.08日圓，年化股本報酬率達11.8%。這是該公司連續第七個季度實現利潤增長，這在上一季強勁增長的基礎上進一步體現了該公司迄今為止採取的戰略舉措所取得的積極成果。提高國際業務的獲利能力一直是管理的重點，我們已經取得了穩定的進展。

In Global Markets, we made progress with portfolio diversification. And in each region, we were able to increase revenue across a wide range of products. Profit contributions from Laser Digital, Nomura's digital asset subsidiary have also begun and income before income taxes in the three international regions came to JPY51.8 billion, increasing by 30% over last quarter.

在全球市場，我們在投資組合多元化方面取得了進展。在每個地區，我們都能夠增加多種產品的收入。野村旗下數位資產子公司Laser Digital也開始貢獻利潤，三個國際地區的稅前收入達518億日元，較上一季成長30%。

The international business came to account for nearly 40% of our group-wide income before income taxes and our effective tax rate fell to 25%, as some international entities made use of tax loss carry forwards. The three segment income before income taxes shown on the bottom right was JPY127.5 billion.

國際業務占我們集團稅前收入的近40％，由於一些國際實體利用了稅收虧損結轉，我們的有效稅率下降至25％。右下角顯示的三個分部的稅前收入為1275億日元。

This was, in fact, the highest level in 17.5 years since the quarter ended June 2007. In Wholesale, income before income taxes increased steeply led by the international operations, while in Wealth Management and Investment Management, stable revenues rose to record high levels amid net inflows.

事實上，這是自 2007 年 6 月季度以來 17.5 年來的最高水準。批發業務方面，受國際業務帶動，稅前收入大幅成長；財富管理及投資管理業務方面，在淨流入的帶動下，收入穩定上漲至歷史新高。

Before going into each business in detail, let's first take a brief look at the results for the first nine months of the fiscal year. Please turn to page 3. As shown at the bottom left, net revenue for the period came to JPY1,439.8 billion, up 29% from the same period in previous fiscal year.

在詳細介紹每項業務之前，我們先簡單看一下本財年前九個月的業績。請翻到第 3 頁。如左下角所示，本期淨營收為14,398億日元，較上年同期成長29%。

Income before income taxes grew 106% to JPY374.2 billion, while net income increased by 146% to JPY268.8 billion. EPS came to JPY87.66 and ROE was 10.4%. The table at the bottom right gives a breakdown of income before income taxes.

稅前收入成長106%至3742億日元，淨收入成長146%至2688億日元。每股盈餘達87.66日元，ROE為10.4%。右下角的表格顯示了稅前收入的明細。

All divisions reported strong gains with three segment income before income taxes totaling JPY336.5 billion. This means that nine months into the fiscal year, we have already gone nearly JPY50 billion over the target of JPY288 billion for the fiscal year ending March 2025, which we announced at our Investor Day in May of 2023.

所有部門均報告強勁增長，三個部門的稅前收入總計達3,365億日元。這意味著，在財政年度開始後的九個月內，我們已經超越了我們在 2023 年 5 月投資者日宣布的截至 2025 年 3 月的財政年度 2,880 億日圓的目標近 500 億日圓。

Net revenue in Wealth Management increased by 18%, led by the provision of comprehensive asset management services. Net inflows and improved performance lifted recurring revenue assets such as investment trusts and discretionary investments to a record high, resulting in an increase by 30% of recurring revenue.

財富管理業務淨收入成長18%，主要得益於提供綜合資產管理服務。淨流入和績效改善推動投資信託和全權投資等經常性收入資產升至歷史新高，導致經常性收入增加了 30%。

In Investment Management, the asset management business has shown strong performance with assets under management climbing to a record high, and business revenue also at the highest level since the division was established. Both divisions continued to build up stable revenues, meaning revenues linked to the amount of client assets.

投資管理方面，資產管理業務表現強勁，管理資產規模創歷史新高，業務收入亦創部門成立以來最高水準。兩個部門都繼續累積穩定的收入，即收入與客戶資產數量掛鉤。

In Wholesale, all business lines, fixed income, equities and investment banking and all regions reported stronger revenues compared with the same period last year, underscoring progress in diversifying our revenue sources.

在批發業務方面，所有業務線、固定收益、股票和投資銀行以及所有地區均報告了比去年同期更強勁的收入，凸顯了我們在收入來源多元化方面取得的進展。

Also worth highlighting is that we were able to realize greater operating leverage in all divisions, thanks to continued cost controls. Revenues across the three divisions rose by 27%, while costs increased only 12% with the result that income before income taxes came to 2.1times the previous year's level. The income before income taxes margin improved from 16% to 26%. Now let's take a look at third quarter performance by segment. Please turn to page 6.

同樣值得強調的是，由於持續的成本控制，我們能夠在所有部門實現更大的營運槓桿。三個部門的收入增加了27％，而成本僅增加了12％，稅前收入達到前一年的2.1倍。稅前收入利潤率從16%提高到26%。現在我們來看看第三季各部門的表現。請翻到第 6 頁。

The percentages I refer to here are all quarter-on-quarter comparisons. Wealth Management net revenue was flat quarter-on-quarter at JPY116.3 billion, and income before income taxes grew 2% to JPY46.2 billion. This was the seventh consecutive quarter of growth in income before income taxes, which reached its highest level in the 9.5 years since the quarter ended June 2015.

我這裡提到的百分比都是季度環比的。財富管理淨收入環比持平，為 1,163 億日元，稅前收入成長 2% 至 462 億日圓。這是稅前收入連續第七個季度成長，達到2015年6月當季以來9.5年來的最高水準。

As shown in the lower left, flow revenue fell slightly to JPY65.9 billion. There was a slight decline in revenue related to Japanese stocks and bonds, but we saw revenue growth in investment trusts and foreign stocks.

如左下角所示，流量收入略為下降至659億日圓。與日本股票和債券相關的收入略有下降，但我們看到投資信託和外國股票的收入成長。

Recurring revenue rose to a record high of JPY50.4 billion. Recurring revenue as a category includes investment advisory fees that are recognized every second quarter and fourth quarter, which means that these fees were absent in this quarter.

經常性收入升至504億日圓的歷史新高。經常性收入類別包括每年第二季和第四季確認的投資諮詢費，這意味著本季不存在這些費用。

However, we were able to completely absorb the impact through our efforts across a wide range of other recurring business, including investment trust, insurance and discretionary investments. Thanks to continuous cost reduction, the division's net noninterest expenses held at roughly JPY70 billion, with the result that the recurring revenue cost coverage ratio rose to 72%, up 2 percentage points from the last quarter. This added further to the stability of earnings in the division.

然而，我們透過在其他一系列經常性業務（包括投資信託、保險和全權投資）上的努力，能夠完全吸收影響。由於持續降低成本，該部門的淨非利息支出維持在700億日圓左右，經常性收入成本覆蓋率上升至72%，較上一季上升2個百分點。這進一步增強了該部門的獲利穩定性。

Please turn to page 7 for an update on total sales by product. Total sales declined by 11% quarter-on-quarter to JPY5.2 trillion. Within that, sales of stocks fell by 12%. Demand for Japanese stocks slowed as investors stayed largely on the sidelines in October, ahead of major political events in the US and Japan, and the market subsequently stayed range bound.

請參閱第 7 頁以了解各產品總銷售額的最新情況。總銷售額較上季下降11%至5.2兆日圓。其中股票銷售額下降了12%。由於 10 月美國和日本發生重大政治事件前，投資人大多保持觀望態度，導致對日本股票的需求放緩，市場隨後保持區間波動。

In bonds, we saw an increase in sales of Japanese government bonds to retail investors as rising yen interest rates made them more attractive. Sales of foreign bonds fell, however, in part due to the absence of major primary transactions, but also because demand for other products increased, including foreign stocks and a newly established publicly offered investment trust that invests in private credit. Sales of investment trust increased by 9%. We saw growth in demand for US growth stock investment trusts as well as the aforementioned trust that invests in private credit.

在債券方面，我們看到日本政府債券面向散戶投資者的銷售額增加，因為日圓利率上升使得這些債券變得更具吸引力。不過，外國債券銷售量下降，部分原因是缺乏重大一級交易，但也因為對其他產品的需求增加，包括外國股票和新成立的、投資私人信貸的公募投資信託。投資信託銷售額成長了9%。我們看到對美國成長型股票投資信託以及前面提到的投資私人信貸的信託的需求有所增長。

Sales of insurance products and discretionary investments declined quarter-on-quarter, but held up fairly well in absolute terms. Investment trust, discretionary investments and insurance products are all product categories in which clients tend to be responsive to the advice and suggestions of our sales partners and all have continued selling well.

保險產品和全權投資的銷售量較上月下降，但絕對值維持得相當好。投資信託、全權投資和保險產品都是客戶傾向於回應我們銷售合作夥伴的建議和推薦的產品類別，而這些產品一直銷售良好。

Page 8, you will see that we are ahead of target in all of our KPIs for the fiscal year. The bar chart at the top left shows net inflows of recurring revenue assets of JPY282.2 billion. Net inflows of recurring revenue assets in the first three quarters of the fiscal year exceeded JPY1.1 trillion, already going well beyond our full year target of JPY800 billion.

第 8 頁，您會看到，我們本財年的所有 KPI 均已超額完成目標。左上角的長條圖顯示經常性收入資產淨流入2,822億日圓。本財年前三個季度的經常性收入資產淨流入超過1.1兆日元，已遠遠超出我們全年8,000億日圓的目標。

At the top right, you can see that recurring revenue assets at the end of the quarter came to JPY24.9 trillion, which is higher than our target of JPY22.3 trillion. The figure at the bottom left shows the number of flow of business clients at 1.48 million, up 230,000 from a quarter ago. We have already reached our full year target of 1.46 million.

在右上角，您可以看到本季末的經常性收入資產達到 24.9 兆日圓，高於我們的目標 22.3 兆日圓。左下角數字顯示業務流量客戶數為148萬，較上一季增加23萬。我們已經實現了146萬的全年目標。

We saw contributions from effective approaches by our sales partners and client-facing channels from new client acquisitions in conjunction with the Tokyo Metro IPO and other primary transactions and from clients entering into transactions of their own accord through their NISA accounts.

我們看到了銷售合作夥伴和麵向客戶的管道採取的有效方法所帶來的貢獻，這些貢獻包括與東京地鐵 IPO 和其他主要交易相結合的新客戶獲取，以及客戶透過其 NISA 帳戶自願進行的交易。

Please turn to page 9 for Investment Management. Net revenue was down 18% at JPY45.7 billion, while income before income taxes fell 41% to JPY18.9 billion. A major factor was a decline in American Century Investments related to valuation gain, counted under investment gains and losses. As the lower left, the lower left, you will see that business revenue of stable revenue source came to JPY42 billion, the highest level since the division was established.

請翻到第 9 頁了解投資管理。淨收入下降 18% 至 457 億日元，稅前收入下降 41% 至 189 億日圓。一個主要因素是美國世紀投資 (American Century Investments) 的估值收益下降，計入投資損益。就像左下角，左下角，大家會看到穩定收入來源的業務收入達到了420億日元，這是該部門成立以來的最高水準。

The asset management business had another strong quarter with net inflow for the seventh straight, seventh quarter in a row and assets under management climbing to a record high of JPY93.5 trillion. Revenue also increased Q-on-Q for the aircraft leasing business of Nomura Babcock and Brown.

資產管理業務再創佳績，連續七季淨流入，資產管理規模攀升至93.5兆日圓的歷史新高。野村巴布科克和布朗的飛機租賃業務收入也較上季增加。

Please turn to page 9 for an update on the asset management business, which is the key source of business revenue for investment management. Asset under management at the end of December stood at JPY93.5 trillion. As shown in the chart at the lower left, net inflow came to JPY260 billion, which looks low in comparison to the previous three quarters, but Investment Trust business saw an inflow of JPY490 billion, and the product mix improved, thanks to inflows in the private assets, global equities and privately placed investment trusts were management fees are relatively high.

請參閱第 9 頁以了解資產管理業務的最新情況，這是投資管理業務收入的主要來源。12月底資產管理規模為93.5兆日圓。如左下圖所示，淨流入金額為2,600億日元，相較於前三個季度來看較低，但信託業務流入4,900億日元，且產品結構有所改善，這得益於管理費相對較高的私募資產、全球股票及私募信託的流入。

At the lower right, you will see that alternative assets under management rose past JPY2.5 trillion. This was an increase of JPY400 billion in the three months since the end of September, with JPY180 billion of that as inflows.

在右下角，你會看到管理的另類資產規模已超過2.5兆日圓。自9月底以來的三個月內，這一數字增加了4,000億日元，其中1,800億日元為資金流入。

Next, please turn to page 11 for Wholesale. Net revenue increased 10% to JPY290.5 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.

接下來請翻到第 11 頁查看批發。淨收入成長10%至2905億日圓。全球市場收入連續第七個季度成長，而投資銀行收入則達到自2017年3月結束的財年以來的最高水準。

As shown on the bottom right, the three overseas regions of Americas, EMEA and AEJ all performed well with combined net revenue up 23%, with segment revenue growing and expenses only rising 5%. The cost to income ratio improved to 79%.

如右下角所示，美洲、EMEA、AEJ三大海外地區均表現良好，合計淨營收上漲23%，分部收入實現成長，而支出僅上漲5%。成本收入比改善至79%。

Income before income taxes of JPY62.4 billion represents the highest level in the full quarters, four years since the quarter ended December 2020.

稅前收入為 624 億日元，創下 2020 年 12 月結束季度以來的四年來全季度最高水準。

Please turn to page 12 for an update on each business line. First, Global Markets net revenue increased 8% to JPY239 billion. There was a slow start to the quarter in October, ahead of major political events in Japan and the US, but net revenue improved month-on-month. Fixed income net revenue increased 9% to JPY139.9 billion.

請翻到第 12 頁了解各業務線的最新情況。首先，全球市場淨收入成長8%至2,390億日圓。10 月份，由於日本和美國發生重大政治事件，本季開局緩慢，但淨收入較上季有所改善。固定收益淨收入成長9%至1399億日圓。

In macro products, revenues from FX, EM increased in EMEA and AEJ. In Spread Products, revenues from securitized products were at a record high, particularly in the Americas and with increased visibility over US rate cuts, there was strong demand for a wide range of sub-products, including in the origination and financing businesses. Credit revenues increased in EMEA and AEJ. Equities net revenue increased 6% to JPY99.1 billion. Equity products revenues were particularly strong in the Americas and revenues also grew in AEJ as we expanded our franchise.

在宏觀產品方面，歐洲、中東和非洲 (EMEA) 和亞太及日本 (AEJ) 地區的外匯和新興市場收入增加。在利差產品方面，來自證券化產品的收入創下歷史新高，尤其是在美洲，隨著美國降息的可見度增加，對包括發起和融資業務在內的各種子產品的需求強勁。歐洲、中東和非洲 (EMEA) 以及 AEJ 地區的信貸收入增加。股票淨收入成長6%至991億日圓。股票產品收入在美洲地區尤為強勁，隨著我們擴大特許經營權，AEJ 地區的收入也有所增長。

Please turn to page 13 for Investment Banking. Net revenue increased 22% to JPY51.5 billion with multiple M&A and ECM deals contributing to revenue increase in all regions. By product, advisory revenues grew sharply as we work to monetize transactions in Japan, EMEA and the Americas, including several financial sponsor and cross-border deals.

請翻到第 13 頁了解投資銀行業務。淨收入成長 22% 至 515 億日圓，多項併購和 ECM 交易推動各地區收入增加。按產品劃分，隨著我們致力於將日本、歐洲、中東和非洲地區以及美洲的交易貨幣化，包括多項金融贊助和跨境交易，諮詢收入急劇增長。

Revenues in Financing & Solutions also increased. ECM revenues were particularly strong, driven by deals related to the unwinding of cross shareholdings and several large IPOs, including Kansai Electric Power and major IPOs, including Tokyo Metro, Rigaku Holdings and Kioxia Holdings. These are shown on the right. ALF revenues rose on contributions from several refinance and acquisition finance deals.

融資和解決方案的收入也有所增加。ECM 收入尤其強勁，這得益於與交叉持股解除相關的交易以及關西電力等幾家大型 IPO 以及東京地鐵、理學控股和鎧俠控股等主要 IPO。這些顯示在右側。ALF 的收入因幾筆再融資和收購融資交易的貢獻而增加。

Please turn to page 14 for noninterest expenses. Group-wide expenses rose 4% to JPY363.7 billion. Compensation and benefits were up, sorry, 3% at JPY190.9 billion, mainly due to an increase in stock-based compensation following the rise in our share price.

請翻到第 14 頁查看非利息支出。集團整體支出上漲4%至3637億日圓。薪資和福利上漲了 3%，達到 1,909 億日元，這主要是由於我們股價上漲後股票薪酬增加所致。

Other expenses totaled JPY50 billion, up by around JPY9 billion from the previous quarter due to a rise in professional fees and transaction related expenses and an increase in expenses related to the disposal of software.

其他支出總計500億日元，較上一季增加約90億日元，原因是專業費用和交易相關費用增加以及軟體處置相關費用增加。

Please turn to page 15 for an update on our financial position. The table on the bottom left shows Tier 1 capital of roughly JPY3.6 trillion, up by JPY0.2 trillion from the end of September. Risk-weighted assets also rose by JPY0.8 trillion to JPY19.9 trillion, resulting in a Tier 1 capital ratio of 18.1% and the Common Equity Tier 1 ratio of 16.3% as of the end of December. This concludes our view of our third quarter results.

請參閱第 15 頁以了解我們財務狀況的最新情況。左下方的表格顯示一級資本約3.6兆日圓，比9月底增加了0.2兆日圓。風險加權資產也增加了0.8兆日圓，達到19.9兆日圓，截至12月底，一級資本適足率為18.1%，普通股一級資本適足率為16.3%。這就是我們對第三季業績的看法。

To wrap things up, we achieved annualized ROE this quarter of 11.8%, the highest since the quarter ended December 2020. At that time, wholesale accounted for about 60% of three segments, income before income taxes. And the profit structure was quite skewed with rates products accounting for nearly all of the wholesale earnings. Now earnings are well balanced across all three divisions. This did not happen overnight.

總而言之，本季我們實現了 11.8% 的年化 ROE，這是自 2020 年 12 月結束季度以來的最高水準。當時，批發業務約佔三個部門稅前收入的 60%。利潤結構相當不平衡，利率產品幾乎佔了批發收入的全部。現在三個部門的獲利十分均衡。這不是一夜之間發生的。

We think the path that we have strategically followed is finally leading to tangible results. Recurring revenue in wealth management and business revenue in investment management, both of which are sources of stable revenues increased to an annualized level of JPY370 billion, lifting baseline pre-tax ROE to around mid-4% range.

我們認為，我們所採取的戰略道路終於有了實際的成果。財富管理的經常性收入以及投資管理的業務收入均為穩定收入來源，年化收入增至3,700億日元，將基準稅前ROE提升至4%左右的中段。

Pre-tax ROE comes to around 6%, when we take into account recurring business such as financing in wholesale. We think further accumulation of such highly stable and recurring profits will increase the stability of earnings and boost our intrinsic earnings power. We aim to achieve consistent ROE of 8% to 10% or more by 2030.

當我們考慮批發融資等經常性業務時，稅前 ROE 約為 6%。我們認為，這種高度穩定和經常性的利潤進一步累積將增加獲利的穩定性並增強我們的內在獲利能力。我們的目標是到 2030 年實現 ROE 穩定在 8% 至 10% 或更高。

This means we want to achieve 8% even when market conditions are challenging, and we will aim to achieve more than 10% when market conditions are favorable. We will endeavor to build a franchise that can always aim higher while striving to lower our cost of capital by steadily achieving our minimum ROE target of 8%, backed by the accumulation of stable recurring ROE, as mentioned earlier.

這意味著，即使在市場條件艱難時，我們也希望實現 8% 的成長率，而在市場條件有利時，我們將力爭實現 10% 以上的成長率。我們將努力建立一個能夠始終設定更高目標的特許經營權，同時努力降低資本成本，透過穩步實現 8% 的最低 ROE 目標，並以前面提到的穩定的經常性 ROE 積累為後盾。

Wealth Management and Wholesale have gotten off to a somewhat slow start in January compared with the third quarter, but the revenue levels remain acceptable. We continue to aim for bottom line growth while delivering operating leverage as we maintain cost controls. As we announced today, for an effective use of management resources, our subsidiary, Nomura Properties has signed a sale agreement for the transfer of the land and building of the training center it owns at Takanawa.

與第三季相比，財富管理和批發業務在 1 月起步略顯緩慢，但收入水平仍然可以接受。我們在保持成本控制的同時，繼續致力於實現獲利成長和實現經營槓桿。正如我們今天宣布的那樣，為了有效利用管理資源，我們的子公司野村地產已簽署了一份銷售協議，轉讓其在高輪所擁有的培訓中心的土地和建築物。

The execution of the sale is scheduled from mid-March to mid-April this year. And following the completion of the asset transfer, we expect to book pre-tax income of approximately JPY56 billion. In closing, Nomura will celebrate its 100th anniversary on December 25, 2025 to express our sincere gratitude to our shareholders for their support over the years. We will pay a commemorative dividend of JPY10 per share to shareholders of record as of March 31, 2025. We plan to steadfastly forge ahead in pursuit of our purpose.

此次出售預計將於今年3月中旬至4月中旬進行。資產轉讓完成後，我們預計將實現稅前收入約560億日元。最後，野村將於 2025 年 12 月 25 日慶祝公司成立 100 週年，以向股東多年來的支持表示誠摯的感謝。我們將向截至 2025 年 3 月 31 日登記在冊的股東支付每股 10 日圓的紀念股利。我們計劃堅定不移地追求我們的目標。

We aspire to create a better world by harnessing the power of financial markets. Thank you.

我們渴望利用金融市場的力量創造一個更美好的世界。謝謝。

(Operator instructions)

（操作員指令）

Mr. Muraki, SMBC Nikko Securities Inc

Muraki 先生，三井住友日興證券公司

Thank you. This is Muraki from SMBC Nikko. Two questions. First, about wholesale fixed income business. On page 12, at this time, the US, the Americas had securitization in Europe, rates and FX was strong. And other US players and if you look at the other brokers, US securitization seems to have been very strong according to their comments.

謝謝。我是三井住友日興電視台的村木。兩個問題。第一，關於批發固定收益業務。第 12 頁，此時，美國、美洲在歐洲進行了證券化，利率和外匯表現強勁。如果你看看其他美國參與者和其他經紀人的評論，你會發現美國證券化似乎非常強勁。

So the environment was, but also, the reason for the strong revenue environment. And how do you see the sustainability of this current strong revenue environment? What are the upside and downside risks of the environment? And (inaudible) you commented in the past about the securitization business. And there are some liquidity regulations that have effect on the securitization business. So when you think about the profitability of fixed income business, are you happy with the current profitability in line with the regulations.

因此，環境是強勁收入環境的原因。您如何看待當前強勁的收入環境的可持續性？環境的上行風險和下行風險有哪些？而且（聽不清楚）您過去曾對證券化業務發表過評論。有些流動性監理規定對證券化業務有影響。那麼當您考慮固定收益業務的盈利能力的時候，您是否對目前符合規定的盈利能力感到滿意。

My second question is the sale of the real estate, which you have announced. And from an asset efficiency perspective, there's real estate and also the stocks of NRI, which you have been selling in several phases. Are there any other targets to further improve asset efficiency? And what is the process? What kind of frequency do you plan to sell assets? Are you going to sell it one go? Or are you going to sell it step by step? Is that how we should assume it? Any hints there, please?

我的第二個問題是關於你們宣布的房地產出售事宜。從資產效率角度來看，您已分幾個階段出售房地產和非居民印度人的股票。有其他目標可以進一步提高資產效率嗎？那麼流程是怎麼樣的呢？您計劃以什麼樣的頻率出售資產？你要一次性賣掉它嗎？還是準備一步步賣？我們應該這樣假設嗎？請問有什麼提示嗎？

Thank you. This is Kitamura, thank you, Muraki-san. Your first question about Wholesale fixed income. Yes, as you pointed out, in the US, securitization business was very strong securitized products. And our securitized products business consists of loans, sales, secondary trading, it's all mixed together. And for the loan part, the funds become stagnant.

謝謝。我是北村，謝謝你，村木先生。您的第一個問題是關於批發固定收益。是的，正如您所指出的，在美國，證券化業務是非常強大的證券化產品。我們的證券化產品業務包括貸款、銷售、二級交易，這些都是混合在一起的。而對於貸款部分，資金則出現停滯。

So we are trying to improve the turnover of the funds as much as possible in our business. And after we originate the loans, we promptly sell those positions. And we control the amount that we hold on our book. And as we always say to the business side, please recycle resources. In terms of profitability, it depends on what we use as the denominator to calculate, but we have secured sufficient ROE, we believe.

所以我們在業務中正在盡可能的提高資金的周轉率。我們發放貸款後，就會立即出售這些部位。我們可以控制帳簿上的持有量。正如我們經常對商業方說的那樣，請回收資源。從獲利能力來說，要看我們用什麼作為分母來計算，但我們相信我們已經確保了足夠的ROE。

And in relation to securitized products, we are diversifying our portfolio within the securitization book. So it's not just mortgage. We also have CLO, private credit. We have various product lines in the Securitization business. So we are further diversifying this business.

就證券化產品而言，我們正在證券化帳簿內實現投資組合多樣化。所以這不僅僅是抵押貸款。我們還有 CLO，即私人信貸。我們在證券化業務中擁有各種產品線。因此，我們正在進一步實現業務多元化。

So whether we are satisfied with this current level of profitability? Yes, securitized products and FX rates have recovered quite nicely this year, this period. But for rates products, I think there is some more upside that we can take, frankly. In Q3, we are seeing signs of recovery. And compared to the bottom two years ago, we are definitely in a recovery trend. But there still is room to generate earnings in this business. We are not fully leveraging our capabilities, we think.

那麼我們是否對目前的獲利水準感到滿意？是的，今年這段時間，證券化產品和外匯匯率已經恢復得相當不錯。但對於利率產品，坦白說，我認為我們還可以獲得更多的上行空間。在第三季度，我們看到了復甦的跡象。而且與兩年前的最低谷相比，我們肯定處於復甦趨勢中。但該業務仍有獲利空間。我們認為，我們並未充分發揮我們的能力。

And your second question about the real estate and properties that we own and the sale of those properties. As you know, in December 25, 2025, we have the 100th anniversary coming up. And our new headquarters building will be completed in 2026.

您的第二個問題是關於我們所擁有的房地產和財產以及這些財產的出售。大家知道，2025年12月25日，我們即將迎來100週年紀念。我們的新總部大樓將於2026年完工。

So we have training facilities in this new headquarter building. So we decided to sell the Takanawa property, considering the usage of the properties. In the current, we also consider the state of the current real estate market and the future usage, and we chose to sign the disposal or sale and disposal contract at this time. And you asked about NRI stocks and other stocks and the disposal of such stocks, we currently do not expect to change the ratio of our holdings at this moment. Thank you.

因此，我們在這棟新總部大樓內設有訓練設施。因此，考慮到房產的用途，我們決定出售高輪房產。目前我們也考慮到現在房地產市場的狀況以及將來的用途，選擇在此時簽訂處置或買賣處置合約。而且您詢問了非居民印度人股票和其他股票以及這些股票的處置情況，我們目前預計暫時不會改變我們的持股比例。謝謝。

Thank you. This is Muraki again. On page 22, you saw the P&L by region. And the other day, in the US, wholesale was quite strong, and Europe was a challenge according to the CFO. But this time, there's laser digital profit contribution that's booked in Europe, I think. And for wholesale ROE, the target is 6% to 8% on a pre-tax level. And for Europe and the Americas, is it within that range that you're targeting?

謝謝。我又是 Muraki。在第 22 頁，您可以看到按地區劃分的損益表。前幾天，在美國，批發業務相當強勁，而歐洲則是一個挑戰，據財務長說。但這一次，我認為雷射數字利潤貢獻是來自歐洲的。對於批發 ROE，目標是稅前水準達到 6% 至 8%。對於歐洲和美洲，是否在你們的目標範圍內？

Yes. Thank you for the question. The disclosed numbers are categorized by legal entity. So it's a bit different from the business performance that we track. And as you point out, in Europe, this quarter, JPY16.2 billion of pre-tax income.

是的。感謝您的提問。揭露的數字是按法人實體分類的。所以它與我們追蹤的業務績效有點不同。正如您所指出的，本季歐洲的稅前收入為 162 億日圓。

And yes, Laser, the contribution from Laser is in that, and it makes up a certain portion. Meanwhile, the Wholesale business, as I said earlier, is showing signs of recovery, especially for fixed income. We replaced positions last year. And the trading environment has been improving. So our earnings capability is recovering significantly.

是的，Laser，Laser 的貢獻就在於此，而且它佔了一定比例。同時，正如我之前所說，批發業務正在顯示出復甦的跡象，尤其是固定收益。去年我們更換了職位。貿易環境不斷改善。因此我們的獲利能力正在顯著恢復。

I think there is still room for improvement, but we are seeing signs of improvement. And that is encouraging. In the US, we do have strong earnings capability.

我認為仍有改進的空間，但我們已經看到了改進的跡象。這是令人鼓舞的。在美國，我們確實有很強的獲利能力。

Understood. Thank you.

明白了。謝謝。

Ms. Tsujino, BofA SEcurities

美銀證券 Tsujino 女士

Thank you. I'd like to ask you about your ideas about shareholder return. This time, the full year dividend, well, 40% of dividend payout ratio. In addition to that, JPY10 will be added. On the other hand, total return ratio of 50% or more is your policy that I believe you will continue. And there JPY10 commemorative dividend will be excluded from there.

謝謝。我想問一下您對股東回報的想法。這次全年的分紅，嗯，分紅比例是40%。除此之外，還將增加10日圓。另一方面，總回報率達到 50% 或更高是您的政策，我相信您會繼續堅持下去。並且10日圓紀念股息將被排除在其中。

Then as far as I know, based on the information we have, the 40% return ratio is the number. So for the full year, what is the sense that I should have? Earlier, you mentioned the gain on sale of property. When that's included, then that proceed some of which might be used for dividend payout, whether it is paid out in the fourth quarter or in the first quarter, I do not have clarity, but many things are now moving. So this time, you announced only the commemorative dividend.

那麼據我所知根據我們掌握的資訊來看40%的回報率是一個數字。那麼對於全年來說我應該有什麼樣的感覺呢？之前，您提到了出售財產的收益。如果算上這些，那麼其中一部分收益可能會用於派發股息，無論是在第四季度還是第一季派發，我並不清楚，但現在很多事情都在進展中。所以這次，你們只宣布了紀念性股利。

But at the end of April, when you announce full year results, then remaining portion in order to achieve 50% or more of return, you may announce buyback or any other additional shareholder return. Can we expect such announcements?

但在四月底，當你宣布全年業績時，剩下的部分為了實現 50% 或更多的回報，你可以宣布回購或任何其他額外的股東回報。我們可以期待這樣的公告嗎？

And if profits or proceed is booked in March or sorry, if the proceed is booked in April, then in order to reach 50%, the number you have to secure is now you have conducted share buyback? So the amount of buyback could be smaller than in the past? So JPY56 billion could be received in April, given that possibility moving forward, Kitamura-san, you will think about the plan? Is it the right understanding? So that's my first question.

如果利潤或收益是在 3 月份入賬，或者抱歉，如果收益是在 4 月份入賬，那麼為了達到 50%，您必須確保的數字是，您現在已經進行了股票回購嗎？那麼回購的金額可能會比過去少嗎？因此，4 月可能會收到 560 億日元，考慮到這種可能性，北村先生，您會考慮這個計劃嗎？這是正確的理解嗎？這是我的第一個問題。

Okay. Ms. Tsujino. So thank you for analyzing the headache I've been having. Regarding the JPY10 payout of commemorative dividend per share. That has nothing to do with the regular dividend payout. It's for the pure purpose of commemoration.

好的。辻野女士。所以謝謝你分析我一直以來的頭痛問題。關於每股派發10日圓紀念股息。這與定期股息支付無關。純粹是為了紀念。

So the 50% or more of a return ratio based upon profit, that policy remains unchanged. And regarding the timing of recognition of proceeds from sale, that's not clear as of yet. But proceeds from sale will be used for shareholder return in the fourth quarter.

因此，基於利潤的回報率為50％或更高，該政策保持不變。關於確認銷售收益的時間，目前尚不清楚。但出售所得將用於第四季的股東回報。

So we still have two more months before we close the fourth quarter. So we will monitor what the final numbers will be looking like and we will determine the most appropriate ways of conducting shareholder return policies. We may use shareholder return, share buyback partially. So we would like to be open to various options, though I did not give you a straight answer, but that's how I am thinking right now.

因此，我們還有兩個月的時間才能結束第四季。因此，我們將監控最終數字，並確定實施股東回報政策的最合適方式。我們可能會使用股東回報，部分回購股票。因此，我們願意對各種選擇持開放態度，雖然我沒有給你直接的答案，但這就是我現在的想法。

Regarding my second question, Mr. Kitamura. Regarding investment trust in Wealth Management, Investment Trust sale in November grew greatly. Then in December, it settled down. So private credit fund was originated newly.

關於我的第二個問題，北村先生。財富管理類投資信託方面，11月份投資信託銷售大幅成長。到了 12 月，一切就平靜下來了。於是私募信貸基金就應運而生。

And moving forward, as for private credit products. Are you going to be conducting the marketing in a more stable manner? Then in that case, Investment Trust sales that will involve different profile of products. So the sales might be put on a quite different trajectory from here? Or is it not going to be the case? Could you give me some sense?

接下來是私人信貸產品。您是否將以更穩定的方式開展行銷？那麼在這種情況下，投資信託銷售將涉及不同類型的產品。那麼從現在起，銷售軌跡可能會截然不同嗎？或者說事實並非如此？你能給我一些道理嗎？

Thank you, Ms. Tsujino. As you say, private products are what we are strengthening right now. And our clients are becoming increasingly familiar with private products. But just because products are private, we do not sell just about anything.

謝謝你，辻野女士。正如您所說，私人產品正是我們現在正在加強的。我們的客戶對私人產品也越來越熟悉。但因為產品是私人的，所以我們不賣任何東西。

That's not the ideal approach of sale. Since we deal with private products, product governance is essential from our viewpoint. We would like to apply the screening so that we can only deliver, offer products that we are confident about.

這不是理想的銷售方式。由於我們處理的是私人產品，因此從我們的角度來看產品治理至關重要。我們希望進行篩選，以便我們能夠交付、提供我們有信心的產品。

So the frequency of launch of such products, even if you want to offer such products. Since we want to be careful in screening products, it may not be so frequent. And we would like to refer to the risk appetite of clients. So that's how we are going to recommend or offer products to customers.

所以推出此類產品的頻率，即使你想提供這類產品。由於我們要小心篩選產品，所以這種情況可能不會那麼頻繁。我們想參考客戶的風險偏好。這就是我們向客戶推薦或提供產品的方式。

Thank you (inaudible).Your answer gave me reassurance.

謝謝（聽不清楚）你的回答讓我放心了。

Mr. Watanabe, Daiwa Securities Watson.

大和證券屈臣氏渡邊先生。

Thank you. This is Watanabe from Daiwa. Two questions, please. First is about Wealth Management. With the tightening of rules when visiting clients, has that had an impact on your sales prebills activities? And if you look at the flows, there seems to be almost no impact, I think. But any thoughts there, please?

謝謝。我是 Daiwa 的渡邊。請問兩個問題。首先是關於財富管理。隨著拜訪客戶規則的收緊，這對您的銷售預付款活動有影響嗎？如果你看一下流程，我認為似乎幾乎沒有影響。但請問您有什麼想法嗎？

Second question is about your expenses costs. And in Wealth Management, you achieved revenue growth, but the absolute amount of cost has declined. And going forward, do you think you can maintain the cost-to-income ratio? And in wholesale, cost to income ratio is 79% and this recovered to 79%. And you've achieved the target of 80%, but will you increase cost going forward? So any thoughts on the direction of costs, please?

第二個問題是關於您的費用成本。在財富管理方面，你們實現了收入成長，但絕對成本卻下降了。展望未來，您認為您能維持成本收入比嗎？在批發業務中，成本收入比為 79%，目前已恢復至 79%。而且你們已經達成了80%的目標，但以後會增加成本嗎？那麼，請問您對成本走向有什麼看法嗎？

Thank you. This is Kitamura. First, about wealth management, client visits and the rules. Realistically, there has been not that much impact on our business, I think. And we already have a relationship of trust with clients and we do communicate with such clients. And, of course, some customers have given us a very harsh criticism, but they still continue business with us in a lot of cases.

謝謝。我是北村。第一，關於財富管理、客戶拜訪和規則。實際上，我認為，這對我們的業務沒有太大的影響。我們已經與客戶建立了信任關係，並且我們確實與這樣的客戶進行溝通。當然，也有一些客戶對我們提出了非常嚴厲的批評，但在許多情況下，他們仍然繼續與我們做生意。

And that's why we were able to achieve the numbers that we are showing this time. Meanwhile, with the tightening of rules when visiting clients, the acquisition of new customers has slowed down slightly, I've heard. So in that sense, there has been some impact. We want our customers to feel comfortable in dealing with Nomura, and we will work, we will do our utmost to regain our trust.

這就是我們能夠實現這次所展示的數字的原因。同時，我聽說，隨著拜訪客戶規則的收緊，新客戶的獲取速度略有放緩。從這個意義上來說，還是有一定影響的。我們希望我們的客戶在與野村證券打交道時感到舒適，我們將盡最大努力重新獲得他們的信任。

Your second question is about costs. In Wealth Management, we have a very stable cost control and we worked on cost reduction quite early, and those results are showing up in the numbers, and they are sticking. And going forward, on the IT architecture side, I think there still is room for change for improvement.

您的第二個問題是關於成本的。在財富管理方面，我們的成本控制非常穩定，而且我們很早就開始致力於降低成本，這些結果已在數字中反映出來，而且正在持續下去。展望未來，在 IT 架構方面，我認為仍有改進的空間。

And in doing so, we will need some improved investments. So in the short term, there's a chance that costs may go up a little, but that cost increase will be offset by the cost reductions in the future. And that's why we will be making these investments.

為了實現這一目標，我們需要改善投資。因此，短期內，成本可能會略有上升，但未來的成本降低將會抵消此成本上升。這就是我們進行這些投資的原因。

We will try to control the total amount as much as possible and make some investments to achieve future cost reductions. And in wholesale, we are finally at 79% cost-income ratio. And we finally have a decent number. And this was thanks to top line growth as well as thorough cost control. And we will continue to control our costs.

我們會盡量控制總量，並做一些投資，實現未來的成本降低。在批發方面，我們的成本收入比最終達到了 79%。我們最終得到了一個比較準確的數字。這要歸功於營業收入的成長以及徹底的成本控制。我們將繼續控製成本。

This isn't just about one fiscal period, and we want to give comfort to our stakeholders. So we will continue our cost reduction efforts. And compared to Wealth Management, we started a little later, two quarters late. So we expect to see the results in our P&L going forward.

這不僅涉及一個財政時期，我們希望為我們的利害關係人帶來安慰。因此我們將繼續努力降低成本。與財富管理相比，我們起步稍晚，晚了兩個季度。因此，我們期望在未來的損益表中看到結果。

Meanwhile, there's very strong inflationary pressure outside of Japan, even more than in Japan. So while we control our costs, that will be somewhat offset by inflation, which is unfortunate. But we will continue working on cost control. Thank you.

同時，日本以外地區的通膨壓力非常大，甚至比日本還要大。因此，雖然我們控制了成本，但通貨膨脹會在一定程度上抵消這一點，這是令人遺憾的。但我們將繼續致力於控製成本。謝謝。

Thank you. This is Watanabe. About Wealth Management, the IT architecture investment that you mentioned. When will this take place, from when to when? And how much will be the size, if you have any ideas, please?

謝謝。這是渡邊。關於財富管理，也就是您提到的IT架構投資。這將在什麼時候發生，從什麼時候到什麼時候？如果您有任何想法，尺寸是多少？

Yes, this is Kitamura. It's already started partly actually. And this year, we have not started a full-fledged investment, but next year, we will make some investments. And this is an investment. So it will not immediately show up in our P&L. There will be a time lag. And as for size, I don't think we disclosed that. So apologies, we will refrain from commenting. But we will, of course, be mindful of the bottom line when making these investments.

是的，我是北村。事實上，它已經部分開始了。而且今年我們還沒有開始全面的投資，但明年我們會做一些投資。這是一種投資。所以它不會立即出現在我們的損益表中。會有一個時間差。至於尺寸，我認為我們並未透露。因此抱歉，我們將不再發表評論。但我們在進行這些投資時當然會注意底線。

Understood. Thank you very much.

明白了。非常感謝。

Now we move to next question as we couldn't confirm your affiliation, please state your company name and your name after hearing a muted announcement. Now I'm muted.

現在我們進入下一個問題，因為我們無法確認您的隸屬關係，請在聽到靜音通知後說明您的公司名稱和您的姓名。現在我沉默了。

I'm Murray from JPMorgan Securities. I have two questions. First question is about the US business, revenue and profit. Looking at the geographical profit or revenues of wholesale. US top line seems to be growing significantly. On the other hand, looking at profit in page 22, the profit amount is coming down. So how should I interpret these numbers?

我是摩根大通證券的 Murray。我有兩個問題。第一個問題是關於美國的業務、收入和利潤。查看批發的地理利潤或收入。美國營收似乎正在大幅成長。另一方面，看第 22 頁的利潤，利潤金額正在下降。那我該如何解釋這些數字呢？

My second question is regarding the investment banking pipeline accumulation. And given the situation in January, what is the revenue forecast for the fourth quarter and next fiscal year? So those are my two questions. Thank you.

我的第二個問題是關於投資銀行管道的累積。並且考慮到1月份的情況，第四季和下一財年的營收預測如何？這就是我的兩個問題。謝謝。

Thank you very much for your questions. Regarding your first question, page 22. The numbers on page 22. So these numbers are based upon legal entities, and they do not necessarily show wholesale numbers. American Century Investments related investment gain loss numbers are included here.

非常感謝您的提問。關於你的第一個問題，第22頁。第 22 頁的數字。因此，這些數字是基於法人實體的，並且不一定顯示批發數字。這裡包括了美國世紀投資相關的投資損益數字。

And as I mentioned, as I touched upon Investment Management division, investment gain is positive. But compared to last year, the gain amount is down. And majority of that comes from ACI related loss. So aside from that factor, Americas pre-tax profit has greatly increased. That's our analysis.

正如我所提到的，當我談到投資管理部門時，投資收益是正面的。但與去年同期相比，獲利額度下降。其中大部分來自於 ACI 相關的損失。因此，除了這個因素之外，美國的稅前利潤大幅增加。這就是我們的分析。

As for IB pipeline, all in all, continuously centering around Japan, we see strength, especially M&A and ECM transactions, especially Advisory business recently has enjoyed increasing customer activities amid the changing environment and M&A pipeline is staying at an elevated level.

至於 IB 管道，總體而言，我們繼續以日本為中心，看到了實力，尤其是 M&A 和 ECM 交易，尤其是諮詢業務最近在不斷變化的環境中享受了越來越多的客戶活動，而 M&A 管道仍然保持在較高水平。

As for overseas, we have solid pipeline and the deregulatory move of Trump administration as well as a tax decrease, those moves will be beneficial to M&A industry. However, our overseas IB business is not full line. So our performance will not be in completely parallel with industry trend, but we are focused on accumulating our pipeline.

至於海外，我們有堅實的管道，川普政府的放鬆管制舉措以及減稅措施將有利於併購行業。但是我們的海外IB業務並不是全線的。因此，我們的表現不會與產業趨勢完全同步，但我們專注於累積我們的產品線。

As for ECM, we continue to see high-level performance, whether it is PO or IPO in terms of pipeline. Indeed, due to market changes, our pipeline is affected. But under the current environment, our pipeline remains at a high level.

至於 ECM，我們繼續看到高水準的表現，無論是在管道方面是 PO 還是 IPO。確實，由於市場的變化，我們的管道受到了影響。但在當前環境下，我們的管道仍然處於高水準。

And this fiscal year, we see the sale of strategically held shares even though we see the peak to be reached at some point in the future, but the current trend is expected to continue for some time. Thank you. That's my answer.

本財年，我們看到策略性持有的股份被出售，儘管我們認為未來某個時候將達到峰值，但目前的趨勢預計將持續一段時間。謝謝。這就是我的答案。

Mr Otsuka, SBI Securities.

SBI 證券的大塚先生。

Hello, this is Otsuka from SBI Securities. Hope you can hear me. Two questions. First, is about the Laser Digital that you mentioned. How much was the profit, please? If you could give me some color or hint? That's my first question.

您好，我是 SBI 證券的大塚。希望你能聽到我的聲音。兩個問題。首先，是關於您提到的雷射數碼。請問利潤是多少？您能給我一些說明或提示嗎？這是我的第一個問題。

Apologies, we cannot disclose the numbers. But Laser Digital started business in 2022, and it's only been two years since then, and it turns profitable. And going forward, I think there's signs of positive signs, especially with the Trump market, which is a tailwind. And in the mid to long term, crypto assets will become a more regular asset class, and that trend is going to continue. So the environment is positive for Laser Digital.

抱歉，我們不能透露具體數字。但鐳射數碼在2022年就開始營業，到現在才兩年時間就獲利。展望未來，我認為出現了一些正面的跡象，尤其是川普市場，這是一個順風。並且從中長期來看，加密資產將成為更常規的資產類別，而這種趨勢將會持續下去。因此，環境對 Laser Digital 來說是有利的。

When it comes to crypto and digital assets, there is a lot of volatility. And in this quarter, we achieved strong numbers, but there will be volatility going forward. And we will, that's why we will also, another reason why we'll refrain from disclosing the numbers.

當談到加密和數位資產時，存在著很大的波動。本季度，我們取得了強勁的業績，但未來仍將出現波動。我們會的，這也是我們不會透露數字的另一個原因。

On page 22, Europe, Q-on-Q improvement in profit. And I think is it included here?

第22頁，歐洲，利潤季減。我認為它包括在這裡嗎？

No, not all of it, no. Not all of it, no, not all of it, this is Laser.

不，不是全部，不是。不是全部，不，不是全部，這是雷射。

I see. So you have your core businesses and the market factors was a bigger factor, I believe.

我懂了。所以，我相信，你有核心業務，而市場因素是更大的因素。

This Laser contribution. And there's also the Wholesale business like rates, et cetera. And we cannot give you the exact breakdown.

這是 Laser 的貢獻。還有批發業務，例如價格等等。我們無法向您提供準確的細目。

Okay. I understand. My second question, page 26. You talked about the Hiroshima mandate, where the deal, Hiroshima case, which didn't have much impact, negative impact from the incident. But for net inflows of cash and securities, was there no impact from the Hiroshima incident? And you have achieved strong numbers, but Q2, Q3, there wasn't much change. And for Wealth Management overall, it is negative. But, are there any other factors aside from the incident?

好的。我明白。我的第二個問題，第26頁。您談到了《廣島授權》，這項協議、廣島案件並沒有產生太大的影響，也沒有受到事件的負面影響。但對於現金和證券的淨流入來說，廣島事件沒有影響嗎？你們取得了強勁的業績，但第二季、第三季並沒有太大的變動。對於財富管理整體而言，這是負面的。但除了這次事件之外，還有其他因素嗎？

Yes, thank you. On page 26. Otsuka, you mentioned the negative number or is Wealth Management negative overall. This includes the actions by the corporate clients. So this is kind of an irregular number. I think you should focus more on the retail-only line.

是的，謝謝。在第26頁。大塚，您提到了負數，或者財富管理總體上是負數。這包括企業客戶的行動。所以這是一個不規則的數字。我認為你應該多關注零售專線。

And since a few years ago, we have started adding this retail-only disclosure, and that's the reason for that. And if you look at the retail-only line, you can see how it was positive in this quarter as well. And we achieved inflows for nine consecutive quarters. So I don't see any major issues here. Thank you,

從幾年前開始，我們就已經開始添加僅限零售的披露，這就是原因。如果你看一下零售專線，你會發現本季的表現也十分正面。我們已連續九個季度實現資金流入。所以我認為這裡沒有什麼重大問題。謝謝你，

Yes, this JPY467 billion, JPY168 billion, if we look at the retail only. Is there any reason for this?

是的，如果我們只看零售的話，這個數字是4,670億日圓、1,680億日圓。這有什麼原因嗎？

Well, October is, October was somewhat slow. There was the Prime Minister election in Japan and the US presidential elections in early November and customers were waiting and seeing. And if we look at within the quarter, October was relatively slow.

嗯，十月，十月有點慢。11月初，日本將舉行首相選舉，美國總統將舉行大選，消費者都在觀望。如果我們看一下本季的情況，十月的成長相對較慢。

Okay, I understand. Thank you very much.

好的，我明白了。非常感謝。

Mr Niwa, Citi Group Securities

花旗集團證券 Niwa 先生

Thank you. I am Niwa from Citi. I have two questions. So I'm deviating from the earnings release, but regarding the policy holding and 2030 management ambition of yours and regarding the policy holding of shares. The policy holdings held by Nomura, what is your policy in the securities report? I do understand you have provided explanation, but environment is changing now.

謝謝。我是花旗銀行的 Niwa。我有兩個問題。因此，我偏離了收益報告，而是關於您的保單持有和 2030 年的管理目標以及關於股票的保單持有。野村持有的政策持股，你在證券報告的政策是什麼？我確實明白您已經給出了解釋，但是環境正在改變。

So could you comment on the policy which may not be necessarily needed. So how, what is your view? And how should I think about your policy holdings? And regarding the ROE target for 2030. For you to conduct upward revision, what criteria needs to be met? So the vision seems to be where it's not appropriate because the target seems to be too low right now. Then why are you not raising the target making up for the revision? Could you comment on those? Thank you.

那麼您能否對可能不一定需要的政策發表評論。那麼怎麼樣，您的看法是什麼？我該如何看待您的保單持有量？以及2030年的ROE目標。要進行向上修訂，需要滿足什麼條件？因此，目前的願景似乎不太合適，因為目標似乎太低了。那為什麼不提高彌補修改的目標呢？您能對此發表評論嗎？謝謝。

Thank you for the question, Mr. Niwa. Regarding your first question, I didn't understand the intention of your first question. So are you saying that we should increase the policy holding of shares? What was your intention, Mr. Niwa?

謝謝丹羽先生的提問。關於你的第一個問題，我不明白你第一個問題的意思。那你的意思是我們應該增加政策性持股嗎？丹羽先生，您的意圖是什麼？

Niwa Speaking. So my intention, my message was you could completely eliminate policy holding of shares.

丹羽說。所以我的意圖、我的訊息是，你可以完全消除保單持有的股份。

Kitamura speaking. So we have disclosed our position. But quite quickly, we are selling down our position. And the ratio against Tier 1 capital right now is 2.8% or only around 3%. And 3% is affected by the stock price increase.

我是北村。因此我們公開了我們的立場。但很快，我們就拋售了我們的部位。目前與一級資本之比為2.8%，僅3%左右。其中3%是受股價上漲的影響。

So we have been quite aggressive in selling down our position in policy holdings. And that's our stance. And we have a target number of shares to hold, and we are quite proactive in selling those positions. But in the sense of the number of names, when it comes to the sale of unlisted, non-listed stocks, it's difficult because we do not have market. So we have been quite aggressive in selling the shares held.

因此，我們非常積極地減持我們的保單持股。這就是我們的立場。我們持有的股票有目標數量，我們非常積極地出售這些頭寸。但從名稱數量來看，當涉及出售未上市、非上市股票時，這很困難，因為我們沒有市場。因此，我們非常積極地出售所持有的股票。

But even though we have made progress and we have no intention of slowing down our initiatives, but it will be quite a challenge for us to completely eliminate the holdings. However, in terms of direction, shares, which do not have to hold, we do not intend to hold.

但儘管我們已經取得了進展，我們無意放慢我們的步伐，但徹底消除持股對我們來說仍然是一個相當大的挑戰。不過從方向來說，不一定要持有的股票，我們也不打算持有。

Regarding your second question, why we are not raising the target? Well, our target was set May 2 years ago, ROE of 8% to 10% plus. So rather than focusing on that range from 8% to 10% plus, but what's more important is for us to achieve profit no matter what the market environment is, no matter poor the market environment is, we would like to achieve at least 8% in ROE steadily.

關於你的第二個問題，為什麼我們沒有提升目標？嗯，我們的目標是兩年前 5 月就設定的，ROE 是 8% 到 10% 以上。所以，我們並不是只關注8%到10%以上的獲利，更重要的是，無論市場環境如何，無論市場環境多差，我們都要獲利，我們希望ROE能穩定達到至少8%。

So that's the background of our target. So in the past, as we held 8% to 10% target many people told us, many people asked us, how are we going to achieve the target. They didn't see the pathway towards achieving the target, we received such quite harsh comment. So we have made efforts to achieve our ambition. And the last two quarters, we could achieve level above 11%.

這就是我們目標的背景。所以在過去，當我們設定 8％到 10％的目標時，很多人告訴我們，很多人問我們，我們要如何實現這個目標。他們沒有看到實現目標的途徑，我們收到瞭如此嚴厲的批評。因此我們做出了努力來實現我們的目標。過去兩個季度，我們的成長率都超過了11%。

So when situations change, people's comments also change. That's how I felt. But baseline ROE and recurring business expansion are our focus so that we can increase our underlying ROE. That is our first step, and on top of that, if market environment is favorable, then 10% plus, just like 11% this time, or we could aim even higher. That's our thinking.

所以當情況改變時，人們的評論也會改變。我就是這麼覺得。但基準 ROE 和經常性業務擴張是我們的重點，以便我們可以提高基礎 ROE。這是我們踏出的第一步，在此基礎上，如果市場環境有利，那麼成長率將會達到10%以上，就像這次的11%，或者我們可以設定更高的目標。這是我們的想法。

Did that answer your question?

這回答了你的問題嗎？

Thank you very much.

非常感謝。

Tsujino, Bank of America Securities.

Tsujino，美國銀行證券。

Thank you. It's Tsujino again, about Laser Digital profit. This is in Europe. And in terms of segments, where is it booked? And from an accounting perspective, which line, which item is it?

謝謝。又是 Tsujino，關於 Laser Digital 的利潤。這是在歐洲。從細分來看，它的預訂情況如何？從會計角度來看，它是哪一行、哪一項？

Yes. This is Kitamura. In terms of segment, it is in others of others. Sorry for complication. And in terms of the accounting item, it is trading P&L. Does that answer your question? So it's basically trading and P&L.

是的。我是北村。從細分方面來看，它處於其他人的範疇。抱歉造成麻煩。從會計科目上來說，就是交易損益。這回答了你的問題嗎？所以它基本上是交易和損益。

Okay. That's another difficulty for me. Okay, I understand.

好的。這對我來說又是另一個困難。好的，我明白了。

It's time to finish, and we would like to conclude question and answer session. If you have some more questions, please ask our Nomura Holdings IR Department. In the end, we would like to make closing address by Nomura Holdings.

現在是時候結束了，我們想結束問答環節。如果您還有其他問題，請諮詢我們的野村控股 IR 部門。最後，我們請野村控股致閉幕詞。

This is Kitamura. Thank you, everyone. In the second and third quarters, we could achieve ROE exceeding 11%. And our medium to long-term initiatives that we have worked on seem to be delivering results that gives us confident as management members, but we are not overly optimistic. We will stay focused on stabilizing top line, and we will stay focused on diversifying revenue streams while controlling cost and controlling or managing risks.

我是北村。謝謝大家。第二季和第三季度，我們的ROE都可以達到11%以上。我們所致力於的中長期舉措似乎正在取得成果，這讓我們身為管理階層成員充滿信心，但我們並不是過於樂觀。我們將繼續專注於穩定營收，並將繼續專注於實現收入來源多元化，同時控製成本、控製或管理風險。

So we will stay attentive to all those things. JPY268.8 billion of net profit has been achieved recently and highest level, record high of net profit, maybe just around the corner, but by working on the themes that I have worked on, we would like to keep up our efforts so that we can deliver a good performance. Thank you very much for your continued support. Thank you.

因此，我們會密切關注所有這些事情。最近實現了2688億日元的淨利潤，這是最高水平，淨利潤的歷史新高也許就在眼前，但是通過致力於我所從事的主題，我們希望繼續努力，以便能夠取得良好的業績。非常感謝您一直以來的支持。謝謝。

Thank you for taking your time, and that concludes today's conference call. You may now disconnect your lines.

感謝您抽出時間，今天的電話會議到此結束。現在您可以斷開線路了。

Statements in English on this transcript were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中的英文陳述是由現場翻譯說出的。翻譯由贊助此活動的公司提供。