Nomura Holdings Inc (NMR) 2026 Q1 法說會逐字稿

Good day, everyone, and welcome to today's Nomura Holdings first quarter operating results for fiscal year ended March 2026 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 2026 年 3 月結束的財年第一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。（操作員指示）

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 these 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，這些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 sentiments, liquidity of secondary market, level and 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'd like to begin the conference. Mr. Hiroyuki Moriuchi, Chief Financial Officer. Please go ahead.

我們希望以此開始會議。財務長 Hiroyuki Moriuchi 先生。請繼續。

Moriuchi, CFO speaking. Thank you very much for joining us this evening. Let me brief you on the results of operations for the first quarter. First of all, please turn to page 2 of the document. This is a page on the executive summary.

財務長 Moriuchi 正在發言。非常感謝您今晚參加我們的活動。我先向大家簡單介紹一下第一季的經營業績。首先，請翻到文件的第2頁。這是執行摘要的一頁。

Group net revenue came in at JPY523.3 billion, up 16% over last quarter. Income before income taxes grew 64% to JPY160.3 billion, while net income was JPY104.6 billion, an increase of 45% compared with last quarter.

集團淨收入達5,233億日元，較上一季成長16%。稅前收入成長64%至1603億日元，淨收入為1,046億日元，較上一季成長45%。

The introduction of reciprocal tariffs by the United States and increase in geopolitical risk led to an uncertain market environment, but all four divisions, including the newly established Banking division achieved growth in both revenues and profits compared with last quarter.

儘管美國實施互惠關稅及地緣政治風險加劇導致市場環境不確定，但包括新成立的銀行部門在內的四個部門的收入和利潤均較上一季成長。

In addition, the sale of fixed assets by Nomura Properties announced last quarter contributed to income before income taxes of around JPY56 billion in the first quarter. As a result, EPS was JPY34.04 and annualized ROE was 12%.

此外，野村地產上季宣佈出售固定資產，為第一季貢獻了約560億日圓的稅前利潤。結果每股收益為34.04日元，年化淨資產收益率為12%。

Next, let's look at the performance of each business, starting with Wealth Management on page 5. Wealth Management first quarter net revenue increased 6% to JPY105.8 billion and income before income taxes rose 8% to JPY38.8 billion. Despite the stock market's sharp decline in April, the provision of consulting services tailored to clients' needs resulted in an increase in primary bond sales and secondary stock transactions that captured market fluctuation, and flow revenue et cetera, grew 16%.

接下來，我們來看看每個業務的表現，從第 5 頁的財富管理開始。財富管理第一季淨收入成長6%至1058億日元，稅前收入成長8%至388億日圓。儘管4月股市大幅下跌，但透過提供貼合客戶需求的諮詢服務，抓住市場波動的一級債券銷售和二級股票交易增加，流動收入等增加了16%。

Partly owing to the newly established Japan stock investment fund, recurring revenue assets saw a net inflow for the 13th consecutive quarter. Meanwhile, the recurring revenue cost coverage ratio over the last four quarters reached a high level of 69% owing to our efforts to keep costs down.

受新成立的日本股票投資基金影響，經常性收入資產連續13季實現淨流入。同時，由於我們努力降低成本，過去四個季度的經常性收入成本覆蓋率達到了69%的高水準。

Please turn to page 6 for an update on total sales by product. Total sales increased 24% to JPY6.7 trillion. Sales of stock rose sharply compared with the previous quarter partly owing to a tender offer worth more than JPY1 trillion. Sales of bonds increased 42%, owing to large primary transactions, including unsecured SoftBank Group corporate bonds.

請翻到第 6 頁查看按產品劃分的總銷售額的最新情況。總銷售額成長24%，達到6.7兆日圓。股票銷售額與上一季相比大幅成長，部分原因是價值超過 1 兆日圓的要約收購。債券銷售額成長了 42%，這得益於包括無擔保軟銀集團公司債券在內的大量一級交易。

We will now look at KPIs on page 7. As shown on the top left, recurring revenue assets saw a net inflow for the 13th consecutive quarter at JPY278.9 billion. Meanwhile, as shown on the top right, recurring revenue declined versus the previous quarter.

我們現在來看看第 7 頁的 KPI。如左上角所示，經常性收入資產連續13個季度淨流入，達2789億日圓。同時，如右上角所示，經常性收入較上一季下降。

This was because of a decline in recurring revenue assets during the quarter as a result of the decline in stock prices in April and because of the absence of investment advisory fees in the first quarter, which are collected on a half yearly basis. However, owing to the net inflows of recurring revenue assets and market recovery, recurring revenue assets recovered to JPY24.6 trillion at the end of June.

這是因為 4 月股價下跌導致本季經常性收入資產減少，以及第一季未按半年收取的投資諮詢費用。不過，受惠於經常性收入資產淨流入及市場復甦，6月底經常性收入資產回升至24.6兆日圓。

Next, please turn to page 8 for Investment Management. Net revenue was up 18% to JPY50.6 billion, while income before income taxes rose 39% to JPY21.5 billion. As you can see on the bottom left, investment gain and loss improved sharply quarter-on-quarter to JPY9.9 billion. This reflected an improvement in investment related to American Century Investments and driven by private equity investment firm Nomura Capital Partners.

接下來請翻到第8頁「投資管理」。淨收入成長 18% 至 506 億日元，稅前收入成長 39% 至 215 億日圓。如左下角所見，投資損益環比大幅改善，達到 99 億日圓。這反映了與美國世紀投資公司 (American Century Investments) 相關的投資有所改善，並受到私募股權投資公司野村資本合夥公司 (Nomura Capital Partners) 的推動。

Business revenue fell 6% owing to a decline in Nomura Babcock & Brown net revenues, and the lower performance fee compared to the previous quarter, but asset management fees which make up the lion's share of business revenue remained solid.

由於野村巴布科克與布朗淨收入下降以及績效費較上一季降低，業務收入下降了 6%，但佔業務收入最大份額的資產管理費仍然保持穩定。

Please turn to page 9 for an update on the Asset Management business, which is the key source of business revenue. As you can see on the top left of the page, assets under management at the end of June hit a record high level of JPY94.3 trillion, owing to market recovery.

請翻到第 9 頁了解資產管理業務的最新情況，該業務是業務收入的主要來源。正如您在頁面左上角看到的，由於市場復甦，6月底的管理資產達到了創紀錄的94.3兆日圓。

Net inflows came to around JPY108 billion, as shown on the bottom left, with net outflows from the Investment Trust business totaling around JPY207 billion and net inflows to the Investment Advisory and International businesses of around JPY315 billion.

淨流入達到約1080億日元，如左下角所示，其中投資信託業務的淨流出總額約為2070億日元，投資諮詢和國際業務的淨流入約為3150億日元。

In the Investment Trust business, investment trusts, excluding ETFs and MRFs saw net inflows of around JPY280 billion, driven by newly established Japanese equity investment funds, while ETF saw outflows of approximately JPY670 billion.

在投資信託業務中，不包括ETF和MRF的投資信託淨流入約2800億日元，受新成立的日本股票投資基金的推動，而ETF流出約6700億日元。

These ETFs outflows are presumed to be due to selling by certain investors, individuals waiting to reinvest and profit taking. Despite net outflows related to global equities, the investment advisory and international businesses saw net inflows owing to inflows into yen bonds and international high-yield bonds.

據推測，這些 ETF 資金流出是由於某些投資者拋售、個人等待再投資以及獲利了結所致。儘管全球股票相關業務出現淨流出，但由於流入日圓債券和國際高收益債券的資金，投資諮詢和國際業務出現淨流入。

As you can see in the bottom right, we continue to build out our private asset businesses steadily, while the yen strengthened during the quarter. Alternative assets under management reached a record high, driven by continued growth in net inflows.

正如您在右下角看到的，我們繼續穩步拓展私人資產業務，而日圓在本季走強。受淨流入持續成長的推動，另類資產管理規模創歷史新高。

Please turn to page 10 for Wholesale. Wholesale net revenue rose 1% to JPY261.1 billion and income before income taxes increased 12% to JPY41.9 billion. Global Markets revenues increased 8% and Investment Banking revenues fell 27% dropping back after a strong Q4 performance, but still reached the highest level for Q1 since fiscal year 2016 and '17, the first fiscal year for which a comparison is possible.

請翻到第 10 頁查看批發。批發淨收入成長 1% 至 2,611 億日元，所得稅前收入成長 12% 至 419 億日圓。全球市場營收成長 8%，投資銀行營收下降 27%，在第四季表現強勁後有所回落，但仍達到自 2016 財年和 2017 財年（第一個可以進行比較的財年）以來第一季的最高水準。

Please turn to page 11 for an update on business line performance. Firstly, Global Markets net revenue increased 8% to JPY223.1 billion. Fixed income net revenue was up 18% at JPY124.8 billion. Let's look at the product breakdown. In Macro Products, rates successfully monetized increased market volatility and client flows, resulting in substantial revenue growth in Europe.

請翻到第 11 頁了解業務線表現的最新情況。首先，全球市場淨收入成長8%，達到2,231億日圓。固定收益淨收入成長18%，達到1248億日圓。我們來看看產品細分。在宏觀產品方面，利率成功地將增加的市場波動和客戶流量貨幣化，導致歐洲收入大幅成長。

FX emerging revenues rose sharply in Asia. In Spread Products, credit revenues grew in Japan and Europe as the business successfully captured client flows and the Securitized Products maintained strong momentum driven mainly by originations in the US.

亞洲外匯新興收入大幅成長。在利差產品方面，由於業務成功吸引客戶流，日本和歐洲的信貸收入有所增長，而證券化產品則保持了強勁勢頭，主要受美國發行的推動。

Equities net revenue fell 3% to JPY98.3 billion. Equity Products net revenue was driven by strong performance in Derivatives business in the Americas. Execution Services revenue fell following a strong performance in the Americas in the previous quarter.

股票淨收入下降3%至983億日圓。股票產品淨收入受到美洲衍生性商品業務強勁表現的推動。執行服務收入繼上一季美洲地區表現強勁之後出現下降。

Please turn to page 12 for Investment Banking. Net revenue was JPY37.9 billion, down 27% from the previous quarter when performance was particularly favorable. That said, as seen on the bottom right, it was the highest amount on record for the first quarter of the fiscal year based on the comparable data going back to fiscal year 2016, '17. Net revenue was driven by business in Japan, reflecting ongoing efforts of companies in Japan to improve capital efficiency and achieve growth.

請翻到第 12 頁查看投資銀行業務。淨收入為379億日元，較業績表現尤為良好的上一季下降27%。話雖如此，但正如右下角所示，根據 2016、2017 財年的可比較數據，這是該財年第一季有史以來的最高金額。淨收入主要由日本業務推動，反映了日本企業為提高資本效率和實現成長所做的持續努力。

By product in advisory, many M&A deals, chiefly in Japan were announced and completed, including deals expected to be profitable after the second quarter. In the league tables from the period from January through the end of June this year, in Advisory, we ranked highest in the Japan-related M&A league table and 11th in the global M&A league table demonstrating its global presence. In Financing and Solutions et cetera, revenue rose in DCM in response to an increase in the value of domestic corporate bonds issued, and fell in ECM partly owing to seasonal factors.

按諮詢產品劃分，許多併購交易（主要在日本）已經宣布並完成，其中包括預計將在第二季後獲利的交易。在今年1月至6月底的排行榜中，在顧問領域，我們在日本相關併購排行榜上名列第一，在全球併購排行榜上名列第11，彰顯了其全球影響力。在融資和解決方案等領域，由於國內公司債發行價值增加，DCM 的收入增加，而 ECM 的收入則因季節性因素而下降。

Next, please turn to page 13 for Banking division, which became an independent division in April. In Banking, net revenue was JPY12.8 billion, a rise of 12% and income before income taxes was JPY3.6 billion, an increase of 19%. KPIs such as loan outstanding and Investment Trust balance stayed buoyant, as you can see, and the income from lending activities and trust and agent services held firm. In May, work to upgrade Nomura Trust and Banking's core banking system was completed and the preparations for the adoption of sweep accounts in next fiscal year have been going smoothly.

接下來請翻到第 13 頁查看銀行部門，該部門於 4 月成為獨立部門。銀行業務淨收入為128億日元，成長12%，稅前收入為36億日元，成長19%。如您所見，貸款餘額和投資信託餘額等關鍵績效指標 (KPI) 保持強勁，貸款活動和信託及代理服務的收入也保持強勁。5月份，野村信託銀行核心銀行系統升級工作完成，下一財政年度採用清算帳戶的準備工作進展順利。

Next, page 14. Group-wide expenses were JPY363.0 billion, a 2% increase from the previous quarter. Compensation and benefits were JPY186.3 billion, rising 8%, reflecting an increase in performance-linked bonus provisions.

接下來是第 14 頁。集團整體支出為3,630億日元，較上一季增加2%。薪資和福利為1863億日元，成長8%，反映出與績效掛鉤的獎金撥備的增加。

Information processing and communications expenses were JPY57.2 billion, a decline of 5%, mainly attributable to yen appreciation and also owing to factors including the dropping out of onetime expenses recognized in the previous quarter.

資訊處理和通訊費用為572億日元，下降5％，主要由於日元升值以及上一季確認的一次性費用的取消等因素。

As an additional detail, other expenses came to JPY51.8 billion, nearly the same amount that was recognized in the previous quarter. This includes JPY6.6 billion related to compensation for losses arising from illegal trades in client accounts due to phishing scams and JPY2.7 billion related to the acquisition and the integration of the US Asset Management business of Macquarie Group. Other expenses look the same as the previous quarter because professional fees and other transaction-related expenses declined.

另外，其他支出達到 518 億日元，與上一季確認的金額幾乎相同。其中包括因網路釣魚詐騙導致客戶帳戶非法交易而造成的損失賠償66億日元，以及收購和整合麥格理集團美國資產管理業務而產生的損失賠償27億日元。其他費用與上一季相同，因為專業費用和其他交易相關費用下降。

Finally, financial position, page 15. In the table on the bottom left, you can see that Tier 1 capital was about JPY3.4 trillion, down about JPY100 billion from end of March and risk assets were about JPY22.9 trillion, an increase of about JPY1.4 trillion with the result that the common equity Tier 1 ratio was 13.2% at the end of June within the 11% to 14% target range we introduced at the Investor Day in May.

最後，財務狀況，第 15 頁。在左下角的表格中，您可以看到一級資本約為3.4萬億日元，比3月底減少了約1000億日元，風險資產約為22.9萬億日元，增加了約1.4萬億日元，因此6月底的普通股一級資本充足率為13.2%，處於我們在5月份投資者日推出的11%至14%的目標範圍內。

This ratio is down from 14.5% at the end of March, attributable to an increase in risk assets arising in the course of normal business activities in the agreement to acquire all equity of the US asset management business of Macquarie Group factors that had the effect of depressing the ratio by about 0.8%. After the closing of the acquisition, the method of calculating the regulatory capital ratio will change and the effect of the acquisition of the ratio will change.

該比率較3月底的14.5%有所下降，原因是收購麥格理集團美國資產管理業務全部股權的協議中，正常經營活動中產生的風險資產增加等因素導致該比率下降了約0.8%。收購完成後，監管資本充足率的計算方法將發生變化，收購對該資本充足率的影響也將發生變化。

This concludes our overview of our first quarter results. I would like to close with some final remarks. The first quarter got off to an uncertain start as the US introduced its tariff policy in early April and various events pointed to heightened geopolitical risk. Under such circumstances, we think our business got off to a steady start with revenue and profit rising quarter-on-quarter in every division.

這就是我們對第一季業績的概述。最後，我想說幾句最後的話。由於美國在 4 月初推出關稅政策，且各種事件顯示地緣政治風險加劇，第一季開局並不明朗。在這種情況下，我們認為我們的業務開局穩健，各部門的收入和利潤均較上季成長。

In the first quarter, EPS was JPY34.04 and ROE was 12.0%, which are the highest, respectively, since the first quarter and the third quarter of fiscal year 2020 and 2021. On this basis, we have attained the quantitative target announced last year for 2030 of consistently achieving ROE of 8% to 10% or more for five straight quarters.

第一季EPS為34.04日圓，ROE為12.0%，分別為2020財年第一季及2021財年第三季以來最高。在此基礎上，我們實現了去年宣布的2030年連續五個季度ROE持續維持在8%至10%以上的量化目標。

-- [in Japan] -- Nikkei Stock Average has been above the [JPY40,000] level recently, gradually making up for ground lost when it declined in April this year. Net revenue in Wealth Management thus far in July has been slightly above the first quarter. Since mid-June, client sentiment has gradually improved in tandem with an easing of market uncertainty, lifting the volume of business involving stocks and investment trusts.

-- [在日本] -- 日經平均指數近期一直位於 [40,000 日圓] 以上，逐漸彌補了今年 4 月下跌時的失地。截至目前，7 月財富管理業務的淨收入略高於第一季。自6月中旬以來，隨著市場不確定性的緩解，客戶情緒逐漸好轉，股票和投資信託的業務量有所提升。

In July, recurring revenue has been rising in response to a recovery in market prices with inflows of recurring revenue assets continuing to exceed outflows. We think wealth management will be able to shine precisely because of the changing conditions, and we look forward to continuing the conversation with our clients.

7月份，隨著市場價格回升，經常性收入持續上升，經常性收入資產的流入持續超過流出。我們認為，正是由於條件的變化，財富管理才能大放異彩，我們期待與客戶繼續對話。

In Wholesale, equity products have been doing well in Global Markets business. Corporate actions aimed at improving capital efficiency and growth, particularly in Japan remained at the high level in investment banking.

在批發方面，股票產品在全球市場業務中表現良好。旨在提高資本效率和成長的企業行動，尤其是在日本，在投資銀行業務中仍處於高水準。

In July thus far, net revenue in wholesale has been tracking in line with the level in the first quarter and continues to be solid. We would like to provide some more context on the issue of illegal trading in clients' accounts, resulting from phishing scams. In response to instances of illegal trading, we raised the security level in stages and the number and scale of damages have come down from the peak.

7月份至今，批發淨收入一直與第一季水準持平，並持續保持穩健。我們希望提供更多有關因網路釣魚詐騙而導致的客戶帳戶非法交易問題的背景資訊。針對非法貿易事件，我們分階段提高了安全級別，事件數量和損失規模已從高峰會回落。

Our plan now is to accelerate the implementation of more sophisticated security measures and roll out passkey authentication system that uses more secure biometric authentication sometime this fall, but we should mention here that even our existing security protocols have been examined by external parties and have been judged be up to spec with industry standards.

我們現在的計劃是加速實施更複雜的安全措施，並在今年秋天某個時候推出使用更安全的生物識別認證的密碼認證系統，但我們應該在這裡提到，即使我們現有的安全協議也已經經過外部各方的審查，並被判定為符合行業標準。

We have been in direct contacts with almost all clients that have been affected by the attacks. We plan to deal with the situation thoroughly in consultation with them. We plan to monetize business opportunities while continuing to pay close attention to our risk thresholds and cost controls. We ask for your continued support.

我們與幾乎所有受到攻擊影響的客戶都進行了直接聯繫。我們計劃與他們協商，徹底處理這種情況。我們計劃將商業機會貨幣化，同時繼續密切關注我們的風險門檻和成本控制。我們懇請您繼續支持。

(Operator Instructions)

（操作員指示）

Watanabe-san, Daiwa Securities.

大和證券的渡邊先生。

Watanabe of Daiwa Securities. I have two questions. First of all, phishing scam and the compensation for losses, Q1, JPY6.6 billion. But up to end of June, all of the illegal transactions have been reflected. And I think your policy is to bring back the position of the clients back. Is it going to be expanded? Is it going to be reflected in your credit cost?

大和證券的渡邊。我有兩個問題。首先，網路釣魚詐騙及損失賠償，第一季度，66億日圓。但截至6月底，違規交易行為均已反映出來。我認為你的政策是恢復客戶的地位。會擴大嗎？這會反映在你的信用成本中嗎？

And then on page 11, if you look at the current growth, FIC was weak while equity was strong. Other than ForEx, what's the backdrop to FIC and equity trends? And also, if you have monthly trends for FIC and equity, we would also appreciate such information. Thank you.

然後在第 11 頁，如果您查看當前的成長，FIC 較弱，而股權較強。除了外匯之外，FIC 和股票趨勢的背景是什麼？此外，如果您有 FIC 和股權的月度趨勢，我們也會很感激這些資訊。謝謝。

Watanabe-san, thank you for the question. First of all, on the phishing scam and the compensation, whether the cost reflects the transactions up to end of June. Up to 28th of June, on the assumption of restoring their positions, we estimated the cost counting the trades up to 28th of June. So I think it's safe to say that all of the illegal trades up to the end of June had been reflected. And also, where will this expense appear on which line? Other expenses, it's included in the line of other expenses. I hope I answered your first question.

渡邊先生，感謝您的提問。首先，關於網路釣魚詐騙和賠償，費用是否反映了截至 6 月底的交易。截至6月28日，我們假設恢復其持股，並根據截至6月28日的交易情況估算了成本。因此我認為可以肯定地說，截至六月底的所有非法交易都已反映出來。還有，這筆費用會出現在哪一行的哪一列？其他費用，包含在其他費用項下。我希望我回答了你的第一個問題。

Yes. Thank you very much.

是的。非常感謝。

Then this is the CFO speaking. In comparison to peers, excluding ForEx, equity, strong fixed income rather weak, that was your impression. And regarding fixed income, as you rightly pointed out, if we exclude strong yen, then in comparison to the American peers, I think we've been able to catch up to a certain extent. However, we may appear to be slightly weak because of the confusion of the April market. The Japanese rates product was rather lagging and that had caused some impact.

以下是財務長的發言。與同業相比，不包括外匯、股票，強勁的固定收益相當疲軟，這是你的印象。至於固定收益，正如您正確指出的那樣，如果我們排除強勢日圓的影響，那麼與美國同行相比，我認為我們已經能夠在一定程度上趕上。然而，由於四月份市場的混亂，我們可能顯得稍微疲軟。日本利率產品相當落後，這造成了一些影響。

Japan's rates, after May, we have been able to capture customer flow. However, due to the lag in April, that had reflected -- been reflected in our performance. And Japan credit, SPPC securitization, slightly up. There was bouncing back from that strongness.

日本的利率，5月之後，我們已經能夠捕捉到客戶流量。然而，由於四月份的滯後，這已經反映在我們的業績中。而日本信貸、SPPC證券化則小幅上漲。那種強勢正在反彈。

And also the monthly trend at the global level, fixed income in April, there was a slight strength, 30% in the mid-30s, but May, June, more or less the same. So Japan was rather weak, but outside of Japan, there was some strength.

從全球層面來看，4 月固定收益略有成長，達到 30% 左右，但 5 月和 6 月的情況大致相同。所以日本相當弱，但日本以外也有一些實力。

And on the equity side, in April, there was confusion. And that increased volatility and trade, we have been successfully been able to do risk management. So as far as equity is concerned, slightly -- or close to 40% revenue was gained for equity. So April was strong. So that's where we are today. I hope I answered your question.

而在股票方面，四月出現了混亂。隨著波動性和貿易的增加，我們已經能夠成功地進行風險管理。因此就股權而言，股權收入略有增加，或接近 40%。因此，四月表現強勁。這就是我們今天的狀況。我希望我回答了你的問題。

Thank you very much. And can I also confirm the reasons behind the strength in equity?

非常感謝。我能否確認一下股權實力強勁的原因？

Equity. This is the CFO speaking. Equity. Yes, our performance was strong, especially the Americas customer flows led to US derivatives performance being significantly strong. Thank you.

公平。我是財務長。公平。是的，我們的業績表現強勁，尤其是美洲的客戶流量導緻美國衍生性商品業績表現顯著強勁。謝謝。

Thank you very much for your responses.

非常感謝您的回覆。

Ms. Tsujino, BofA Securities.

美國銀行證券的 Tsujino 女士。

Thank you. Regarding global markets, in July, what is the situation that you could -- is there any particular situation you can talk about so compared to the other period? During that term for Japan and also for overseas, could you add some color of GM situation? And secondly, about technical details, for each region, EMEA is in the red ink. But looking at the GM geographies, FIC in Europe increased in profit. But why is this situation?

謝謝。關於全球市場，七月的情況如何？與其他時期相比，有什麼特殊情況可以談嗎？在日本和海外任期內，您能否介紹一下 GM 的情況？其次，關於技術細節，對於每個地區來說，EMEA 都是赤字。但從通用汽車的地理位置來看，歐洲的 FIC 利潤增加。但為什麼會出現這樣的情況呢？

Thank you, Tsujino-san, for your questions. Firstly, your first question. Situation after or in and after July, any comment from our end? Overall, in GM, the business is not so bad. And especially equity is strong and fixed income is relatively weak. But overall, performance is in line with the first quarter level.

謝謝 Tsujino 先生的提問。首先，您的第一個問題。7 月之後或 7 月及以後的情況，我們有何評論？整體而言，通用汽車的業務還不算太糟。尤其是股票市場表現強勁，而固定收益市場相對較弱。但整體而言，業績與第一季水準一致。

And also, could you give me a moment to address your second question. For Japan and overseas. Situation of Japan business in Japan is not weak, but overseas business is stronger than the business in Japan. That's our impression.

另外，您能否給我一點時間來回答您的第二個問題。面向日本國內及海外。日本國內業務狀況不弱，但海外業務強於日本國內業務。這就是我們的印象。

Are you talking about both equities and FIC? Thank you.

您說的是股票和 FIC 嗎？謝謝。

In Japan, fixed income is weaker than equities and equities are stronger, and for each region. In the USA., in Americas, recently, we see a solid performance. In EMEA, the business is in line with our assumptions. And in AEJ, there is some slowness but it's within the assumed level or assumed range.

在日本，固定收益弱於股票，而股票強於股票，各個地區都是如此。在美國，在美洲，最近我們看到了穩健的表現。在歐洲、中東和非洲地區，業務符合我們的假設。在 AEJ 中，存在一些緩慢現象，但在假設的水平或假設的範圍內。

And your second question. So the reason why the weakness -- the reason for the weakness in EMEA, why was loss incurred? That's because due to market factors, laser business was weak. So that was the reason. Also, in EMEA, when we look at the cost, personnel cost due to the compensation regulation in Europe, in the first quarter, the cost that had to be recognized in the first quarter was inflated because of the regulatory impact. So those are the two factors that explain the slowness in EMEA other than them, the remainder is accumulation of smaller items.

還有你的第二個問題。那麼，歐洲、中東和非洲地區疲軟的原因是什麼？為什麼會產生損失？這是因為受市場因素影響，雷射業務表現疲軟。原來如此。此外，在歐洲、中東和非洲地區，當我們查看第一季的成本、由於歐洲薪酬監管而產生的人員成本時，由於監管影響，第一季必須確認的成本被誇大了。因此，除了這兩個因素之外，解釋了 EMEA 地區發展緩慢的原因，其餘的都是小件物品的累積。

I couldn't catch what you said regarding -- what you said about the market, I couldn't catch what you said. Could you repeat?

我聽不懂你關於市場說了什麼，我聽不懂你說什麼。你能重複一遍嗎？

I said laser digital. We have a digital asset business, and that was affected by the market conditions and the performance there was not so strong.

我說的是雷射數碼。我們有數位資產業務，受到市場狀況的影響，表現較不強勁。

Okay. I understand. Was it so weak?

好的。我明白。有那麼弱嗎？

But the market was recovering if I recall, April through June. Market was weak in January through March, generally speaking, regarding crypto asset. And flow aside from Japan, flow overseas in the April through June quarter flow was -- there was a sufficient flow in my understanding. Thank you. Not only the Bitcoin but we hold various currencies, and we also conduct venture start-up type investing as well. So we received -- we were affected on multiple fronts.

但如果我沒記錯的話，從四月到六月，市場正在復甦。整體而言，1 月至 3 月加密資產市場表現疲軟。除了日本以外的流量，據我了解，4 月至 6 月季度的海外流量也足夠了。謝謝。我們不僅持有比特幣，還持有各種貨幣，也進行創投投資。因此，我們受到了多方面的影響。

Okay. Understood. Thank you.

好的。明白了。謝謝。

Muraki-san, SMBC Nikko Securities.

村木先生，SMBC 日興證券。

Muraki of SMBC Nikko. On capital policy and M&A, I have a few points I wish to ask. Page 15, capital policy. You're the new CFO, Moriuchi-san. I want to confirm with you your basic policy. Here, hierarchy of capital policy. What's the priority? What's at the helm of capital policy?

SMBC Nikko 的村木。關於資本政策和併購，我有幾點想問。第15頁，資本政策。您是新任財務官，森內先生。我想向您確認一下您的基本政策。這裡，資本政策有層次。優先考慮什麼？資本政策的主導因素是什麼？

And also Q2 share buyback, CET1 ratio, Macquarie closing on the debt assumption, 12.5% probably a pro forma basis, but target range, that would be the midpoint of the target range. What's the probability of risk taking? And what do you think about the level? Is it high, low?

此外，第二季股票回購、CET1 比率、麥格理按債務假設收盤，12.5% 可能是形式上的基礎，但目標範圍，這將是目標範圍的中點。承擔風險的機率是多少？您覺得這個水平怎麼樣？是高，還是低？

And regarding Macquarie, December end was the original target date for closure. Has there been an update? And also intangibles, amortization and contribution to profits, if you have any updates on those points, I would also appreciate. Thank you.

而對麥格理來說，12月底是最初的關閉目標日期。有更新嗎？還有無形資產、攤銷和利潤貢獻，如果您對這些方面有任何更新，我將不勝感激。謝謝。

This is Moriuchi speaking. Thank you for your questions. First question was on capital policy. And what is our apriority in capital policy? That is how I interpreted your question. First of all, it's about business strategy. Going forward in our business strategy, investment, what's the expected investment? And what are the specific opportunities? And what are the strategies to capture those opportunities? Those are the points we need to think first.

我是 Moriuchi。感謝您的提問。第一個問題是關於資本政策的。我們的資本政策的重點是什麼？這就是我對你的問題的理解。首先，這是關於商業策略的問題。展望我們的業務策略和投資，預期的投資是多少？具體有哪些機會？那麼，有哪些策略可以抓住這些機會呢？這些都是我們首先需要思考的要點。

And in such strategy, if we are not able to find many investment opportunities, then we will tilt towards returning benefits to the shareholders. But if we think that there are many opportunities, we've committed to more than 50% return of benefit to shareholders. So that's taken into consideration, we will try to strike the ideal balance.

而在這樣的策略下，如果我們找不到很多投資機會，那麼我們就會傾向向股東返還利益。但如果我們認為有很多機會，我們會承諾為股東帶來超過 50% 的利益回報。因此，考慮到這一點，我們將努力達到理想的平衡。

A related point. 12.5%, it's the midpoint of the range between 11% to 14%. What's our evaluation of the level? In terms of capital, capital will become slightly thin. So it's probably thinning the capital rather than being at the midpoint.

相關的觀點是，12.5% 是 11% 到 14% 範圍的中點。我們對這個程度的評價是怎樣的？資金方面，資金會稍微變得薄弱。因此，它可能會削弱資本，而不是處於中間點。

CET1, the lower bound, 11%. It's difficult from the capital soundness perspective. So especially regarding wholesale, this will be the limit as you try to capture business opportunities. We say that and that versus usage, there could be some buffer, but taking into consideration the possibility of that buffer becoming tight, then it may be on the lower side.

CET1，下限，11%。從資本穩健性角度來看，這很困難。因此，特別是對於批發而言，這將是您試圖抓住商機的極限。我們說，與使用情況相比，可能會有一些緩衝，但考慮到緩衝變得緊張的可能性，那麼它可能處於較低的水平。

So is it too low so much so that it would be difficult to reach and benefits to the shareholders?

那麼，這個比率是否太低，以致難以達到股東的利益？

No, not that level, but it may be slightly lower than the midpoint. Thank you. And again, this is the CFO speaking. Regarding Macquarie, do we have some updates? The original plan was to close by end of December.

不，不是那個水平，但可能比中點略低一些。謝謝。再次強調，我是財務長。關於麥格理，我們有什麼最新消息嗎？原計劃是12月底完成。

At the moment, each country's regulatory authorities are being approached and were in the filing process towards closing. And also by them coming into our group, there would have to be some linkage with the functions like IT and also they have to be booked into our accounting system.

目前，我們正與各國監管機構接洽，並正在進行交割前的備案程序。而且，他們加入我們集團後，必須與 IT 等職能部門建立某種聯繫，並且必須將他們記入我們的會計系統。

So consolidation system has to be worked out. And we are currently conducting discussions with our counterparties. And these consultations are proceeding extremely smoothly. So at this stage, are there any critical issues that would hinder closing? No. For the time being, there appears to be no such issues. And regarding profit contribution, intangibles, there's the NDA that we have signed. So until closing, it's difficult for us to comment further on the level. Thank you.

因此必須制定合併系統。目前我們正在與交易對手進行討論。這些磋商目前進展十分順利。那麼在這個階段，是否有任何會阻礙成交的關鍵問題？不。目前看來，還不存在這樣的問題。關於利潤貢獻、無形資產，我們已經簽署了保密協議。因此，直到結束之前，我們很難對該水平做出進一步評論。謝謝。

Thank you very much. This is Muraki speaking. On the first point is you want to increase CET1. In other words, you want to raise it to the higher level of the range, but risk asset, Macquarie Asset Management. Credit risk increased due to the agreement you reached. Market risk has increased, but considering your current market operations, RWA, market operations RWA is about to increase in June, do you think that there has been increase in this quarter? What do you think about the trend in risk-weighted assets? Thank you.

非常感謝。我是 Muraki。第一點是你想提高 CET1。換句話說，你想將其提升到範圍的更高水平，但風險資產，麥格理資產管理。由於您達成的協議，信用風險增加了。市場風險是增加了，但是考慮到你們現在的市場操作，RWA，6月份市場操作的RWA就要增加了，你認為這個季度有增加了嗎？您如何看待風險加權資產的走勢？謝謝。

Thank you for the question. This is the CFO speaking. Why is RWA increasing in the market? One, the current business -- in the current business, exposure is increasing in some areas, and that's being reflected in Global Markets and in investment banking, especially the global markets. But pipeline and activity and opportunities have become quite visible.

謝謝你的提問。我是財務長。為什麼市場上的風險加權資產 (RWA) 不斷增加？首先，目前的業務－在目前的業務中，某些領域的曝光率正在增加，這反映在全球市場和投資銀行業務中，尤其是全球市場。但管道、活動和機會已經變得相當明顯。

So within our company, we are struggling to do the management of financial resources. But there is high performance and RWA may increase, but it's increased to a certain level, so we may have to manage more stringently. Thank you.

因此，在我們公司內部，我們正在努力做好財務資源的管理。但有高效能，RWA可能會增加，但增加到一定程度，所以我們可能必須進行更嚴格的管理。謝謝。

Thank you very much for your response.

非常感謝您的回覆。

JPMorgan Securities, Sato-san.

摩根大通證券，佐藤先生。

I am Sato from JPMorgan Securities. It's a simple confirmation. Firstly, in the first quarter, you had the special factors related to the JPY2.7 billion related to acquisition of Macquarie business and the compensation for the damage, JPY6.6 billion. So what is -- how are you reflecting these factors into different segments? And second point is regarding investment management, especially ETF outflow, JPY670 billion. So has the situation already settled by the end of June? Thank you.

我是摩根大通證券的佐藤。這是一個簡單的確認。首先，第一季度，有與收購麥格理業務相關的27億日圓特殊因素和66億日圓的損失賠償。那麼，您如何將這些因素反映到不同的部分？第二點是關於投資管理，特別是ETF流出，6700億日圓。那麼到六月底情況已經穩定下來了嗎？謝謝。

Thank you for your questions. Regarding special factors, where in the segment, we are booking them. As for sale of Takanawa facilities, it's in others -- in segment Others. And as for Macquarie and phishing compensation, they are in the headquarters or corporate account.

感謝您的提問。至於特殊因素，我們正在該細分市場中預訂它們。至於 Takanawa 設施的出售，則屬於其他部分——其他部分。至於麥格理和網路釣魚的賠償，都是在總部或公司帳戶裡。

And your second question regarding outflow of ETF funds, by the end of June, the situation has settled down. In the first quarter, we had ETF outflow and our speculation is that it's due to the activities of certain investors, which led to outflow. So excluding the activities of specific investors, the situation would have been stable.

第二個問題，關於ETF資金流出，到6月底，情況已經穩定下來。第一季度，我們出現了ETF流出，我們猜測這是由於某些投資者的活動導致了流出。因此，排除特定投資者的活動，情況應該是穩定的。

Thank you. Then page 8 of the material investment management cost. The cost -- on a Y-o-Y basis or a Q-on-Q basis, cost has slightly gone up. Is it -- if the increase is not due to special factors, what's the reason for the cost increase?

謝謝。然後是第8頁的材料投資管理費用。成本－以年比或環比計算，成本略有上升。如果不是因為特殊因素導致成本增加，那麼成本增加的原因是什麼？

Thank you. Regarding Y-o-Y, the personnel cost increased and the performance-linked bonus increased for one thing. Also Nomura Capital Partners investment performance linked compensation increased somewhat. That's another reason.

謝謝。從年比來看，一方面是人員成本增加，另一方面是績效獎金增加。野村資本合夥公司投資績效掛鉤的薪資也略有增加。這是另一個原因。

Understood. Thank you very much.

明白了。非常感謝。

The next question is by Morgan Stanley MUFG Securities, Nagasaka-san.

下一個問題是摩根士丹利三菱日聯證券長坂先生提出的。

Nagasaka, Morgan Stanley MUFG Securities. Thank you very much for the presentation. On client sentiment, I have two questions on Investment Banking division and Wealth Management division. Regarding Investment Banking, if we look at the results of American banks, in the April-June quarter, they are -- have drawn bright pictures regarding the guidance and engagement with clients is becoming more active. Those are some of the comments issued by American banks.

長坂，摩根士丹利三菱日聯證券。非常感謝您的演講。關於客戶情緒，我對投資銀行部門和財富管理部門有兩個問題。關於投資銀行業務，如果我們看一下美國銀行在 4 月至 6 月季度的業績，它們在指導方面描繪了光明的前景，並且與客戶的互動變得更加活躍。這是一些美國銀行發表的評論。

Regarding Nomura, are you seeing recovery of corporate sentiments and more engagement with corporate customers? You said that the pipeline is full, which we understand. But including the outlook, what do you think about the posture of the corporate sector? Have you seen change? Or any other uniqueness in Japan? Can we still expect a stable deal completion in the Japanese market?

關於野村，您是否看到企業情緒的復甦以及與企業客戶的更多互動？您說管道已滿，我們理解這一點。但包括前景在內，您如何看待企業部門的態勢？你看到變化了嗎？或者日本還有什麼其他獨特之處？我們還能期待日本市場出現穩定的交易完成嗎？

Next on Wealth Management, the recurring assets, net increase since July, but do you think that the customer behavior has changed when the market is down or even in the midst of uncertainties, do you think that the investment appetite has remained strong? Have you felt any changes in the client posture?

接下來是財富管理，經常性資產自 7 月以來淨增加，但您是否認為當市場低迷甚至處於不確定之中時，客戶行為是否發生了變化，您是否認為投資意願仍然強勁？您是否感覺到客戶態度有任何改變？

This is the CFO speaking. Thank you for your questions. The first question regarding the client sentiment and especially on Investment Banking. First, if we compare Japan and overseas, regarding Japan, there are slightly different behaviors in comparison to other markets, we feel so in the past couple of years. On continuous basis, the demand seems to have been quite high regarding activities.

我是財務長。感謝您的提問。第一個問題是關於客戶情緒，特別是投資銀行情緒。首先，如果我們比較日本和海外，就日本而言，與其他市場相比，行為略有不同，我們在過去幾年中感覺到了這一點。從持續來看，對於活動的需求似乎一直很高。

Corporate Governance Code, Stewardship Code was adopted a few years ago and close to 10 years have passed. And in the recent 1 year or 2 years, we have seen quite strong enthusiasm amongst the corporate sector. In other words, they think that they need to take action. So this may be unique to Japan, different from overseas markets.

公司治理準則、盡責準則幾年前就已通過，至今已近10年。近一、兩年來，我們看到企業界的熱情相當高漲。換句話說，他們認為他們需要採取行動。所以這可能是日本獨有的，與海外市場不同。

And on the other hand, regarding overseas market, after the Trump tariff news, there had been some delays to deals, and we were no exception. But that kind of delay has become stabilized. So we can't -- it may be correct to say that the sentiment is improving. But in terms of pipeline increasing, I think the signs are brighter.

另一方面，就海外市場而言，在川普關稅消息傳出後，一些交易出現了延遲，我們也不例外。但這種延遲已經穩定下來。所以我們不能——說情緒正在改善可能是正確的。但就管道增加而言，我認為跡象更為明朗。

And in the Wealth Management division. Regarding Wealth Management in April, there was a market shock. And there were some clients who took the wait-and-see attitude. But in April, May and June, flow revenues were sound. But because the shock was quite significant, to a certain extent, clients took the sidelines. But it didn't go as far as going into panic status. So in that sense, investors remain calm and literacy amongst the clients has improved. And we are expecting that they will become even mature as investors. Thank you.

以及財富管理部門。4月財富管理方面，市場呈現震盪趨勢。還有一些客戶採取觀望態度。但四月、五月和六月，流量收入表現良好。但由於衝擊較大，顧客在某種程度上採取了觀望態度。但還沒有陷入恐慌狀態。因此從這個意義上來說，投資人保持冷靜，客戶的素養也有所提升。我們期待他們作為投資者會變得更加成熟。謝謝。

Thank you very much for this responses.

非常感謝您的回覆。

(Operator Instructions)

（操作員指示）

SBI Securities, Otsuka-san.

SBI 證券，大塚先生。

I'm Otsuka from SBI Securities. Can you hear me?

我是 SBI 證券的大塚。你聽得到我嗎？

Yes.

是的。

Thank you. This is Otsuka. I have two questions. First, regarding phishing scam. JPY6.6 billion, that's the number you've talked about. But according to media report, the online securities and the face-to-face securities firms, their responses are different. Online security firms, they made compensation to cover 50% of loss mostly. But in your case, is it one -- some media reports said 100% of damage will be compensated for -- by Nomura, but what is your approach? Thank you.

謝謝。這是大塚。我有兩個問題。首先，關於網路釣魚詐騙。66億日元，這就是您說的數字。但據媒體報道，網路證券和線下證券公司的反應有所不同。網路安全公司，大多會做出賠償，以彌補50%的損失。但就您而言，有些媒體報道稱，野村證券將賠償 100% 的損失，但您的做法是什麼？謝謝。

Online security firms, well, they make financial compensation to cover 50% of loss or damage. In our case, our approach is restitution. That's different from 100% financial compensation. In other words, before the damage on our clients, our approach is to bring everything back to the situation before the damage. So the restitution is our approach. So that's different from online brokers approaches.

網路安全公司會提供財務補償來彌補 50% 的損失或損害。就我們的情況而言，我們的方法是賠償。這與 100% 的經濟補償不同。換句話說，在我們的客戶受到損害之前，我們的做法是讓一切恢復到損害之前的狀態。因此，賠償是我們的方法。這與在線經紀人的方法不同。

Okay. So it's not monetary compensation that you are making?

好的。那你給予的不是金錢補償？

Yes, exactly. So our basic approach is restitution bringing the situation back to the previous state. And of course, regarding the damage suffered by clients and depending on the specific situations, it is not that we apply the same restitution approach all the time. So it is possible that on a case-by-case basis, we consider the monetary compensation. But the basic stance or approach is to restore the situation back to the previous state.

是的，確實如此。因此，我們的基本方法是補償，讓情況恢復到以前的狀態。當然，對於客戶遭受的損失，根據具體情況，我們不會一直採用相同的賠償方式。因此，我們可能會根據具體情況考慮金錢補償。但基本立場或做法是讓事態恢復到以前的狀態。

Thank you very much. My second question is about the policy holding sale and your revenue. So there is -- I do not find carved out numbers, so it may be difficult for you to answer about global markets, equity, execution and investment banking, those are the areas where we see the numbers. But Nomura Securities stand-alone numbers such as trading securities and the underwriting of securities. In the first quarter, there seems to be a slowdown from last year. Is it the right understanding? That's my second question.

非常感謝。我的第二個問題是關於保單持有銷售和您的收入。所以——我沒有找到具體的數字，所以你可能很難回答有關全球市場、股票、執行和投資銀行的問題，這些是我們看到數字的領域。但野村證券有獨立的證券交易和證券承銷等業務。第一季度，似乎比去年放緩。這是正確的理解嗎？這是我的第二個問題。

Thank you for your question. Regarding the sale of policy holdings. As you say, global markets sale of securities through a block trade or that kind of opportunity or the offering by investment banking, such as EBB. So that kind of ECM on transactions will be another approach. But as you say, the last year or two, we have had a high level of activities related to policy holdings of shares. But pace of activity is slowing down even though our activities will not come down to zero, but we expect normalization of pace of our policy holding related activities.

感謝您的提問。關於保單持有量的出售。正如您所說，全球市場透過大宗交易或類似機會或投資銀行（例如 EBB）提供證券銷售。因此，交易中的這種 ECM 將是另一種方法。但正如您所說，過去一兩年，我們與政策性持股相關的活動水準很高。儘管我們的活動不會降至零，但活動的步伐正在放緩，但我們預計與政策持有相關的活動的步伐將正常化。

Okay. Thank you. Then in investment banking, you have mentioned pipelines and deals. If anything, you are referring to the advisory side of business?

好的。謝謝。然後在投資銀行業務中，您提到了管道和交易。如果有的話，您指的是業務的諮詢面嗎？

Yes. Moriuchi speaking. In IB, we foresee pipeline in IB in the area of M&A advisory. For DCM, we have a certain level of strength. On the other hand, for ECM this year, last year's activity was at quite high levels. So we see slowness with ECM this year.

是的。我是森內先生。在 IB 領域，我們預見 IB 在併購諮詢領域將會有廣闊的發展空間。對DCM來說，我們有一定的實力。另一方面，對於今年的 ECM 來說，去年的活動水準相當高。因此，我們發現今年 ECM 的發展速度較慢。

Okay. Understood. Thank you very much for your explanation.

好的。明白了。非常感謝您的解釋。

(Operator Instructions) As there is no more question, we'd like to conclude question-and-answer session. Now we'd like to make closing address by Nomura Holdings.

（操作員指示）由於沒有其他問題，我們想結束問答環節。現在我們請野村控股致閉幕詞。

Thank you very much for joining us. This was the first session for me to speak to the analysts. In future quarterly results announcements and in various other activities, we will be depending on your great support. We will be working hard. I will be working hard. So I solicit your continued support. Thank you very much.

非常感謝您加入我們。這是我第一次與分析師對話。在未來的季度業績發布以及其他各項活動中，我們都將依靠您的大力支持。我們會努力工作的。我會努力工作的。因此我懇請您繼續支持。非常感謝。

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人員宣讀的。翻譯由贊助此活動的公司提供。