Nomura Holdings, Inc.

Q1 FY26Capital Markets

Nomura Holdings, Inc. Q1 FY26 Results — Earnings Call Analysis

Q1 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹8

Market cap₹23.6K Cr

P/E10.8

Published29 May 2026

What the Q1 FY26 call signalled

1 of 3 strong

RevenueRank 3

MarginRank 3

CapexYes

Not discussed on this call: fundraise, order book.

The short version

- Wealth Management sees steady net inflows and increasing recurring revenue assets, reaching an all-time high of JPY 28.1 trillion, indicating continued growth in sales and client activity. - Nomura targets medium to long-term growth in revenue power across its four main divisions.

From Nomura Holdings, Inc.'s Q1 FY26 earnings-call transcript · updated 29 May 2026.

Revenue & Sales Performance

Rank 3

Wealth Management sees steady net inflows and increasing recurring revenue assets, reaching an all-time high of JPY 28.1 trillion, indicating continued growth in sales and client activity.
Investment Management’s business revenue hit a record high due to acquisition contributions and strong domestic asset management, despite one-time costs. Future profit growth expected by maximizing synergies post-integration.
Wholesale businesses, especially Global Markets and Investment Banking, delivered strong revenue growth (e.g., Investment Banking net revenue rose 31%), showing positive medium- to long-term outlook.
Laser Digital (crypto/digital asset business) is expected to grow over the medium to long term, with tightened risk controls to manage volatility.
Overall, Nomura focuses on growing revenue power across four divisions, investing in AI and customer solutions, while controlling resources and risks for sustainable growth.

Profitability & Margins

Nomura targets medium to long-term growth in revenue power across its four main divisions.
Wealth Management shows strong momentum with recurring revenue assets at record highs, indicating sustainable growth potential.
Investment Management aims to grow profits by maximizing synergies from the Macquarie acquisition after the initial investment phase.
Wholesale divisions, including Equities and Investment Banking, delivered solid record revenues, supporting future earnings.
The Laser Digital business is considered promising medium to long term, with a plan to grow the business while controlling short-term volatility.
Share buyback program signifies confidence in capital efficiency and shareholder return enhancement.
Deferred compensation accounting changes impact short-term costs but will normalize and become negligible in two years.
Management cautiously balances resource efficiency and risk to avoid excessive risk-taking, aiming for sustainable profit growth rather than only chasing efficiency ratios.

See what Nomura Holdings, Inc. said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

Yes

The company has one-off acquisition-related costs and amortization of intangible assets tied to the recent Macquarie acquisition, with total future expenses expected around $100 million over the next 2 years, mostly recognized starting from Q4.
Investment in growth initiatives is ongoing, with more details planned to be shared at the Investor Day in May.
Strategic investments include marketing and advertising costs, provisions for performance-linked bonuses, commissions, and floor brokerage fees aimed at strengthening the future earnings base.
The company is continuing efforts to invest selectively in AI to enhance customer services.
The new deposit sweep service scheduled for introduction next fiscal year involves cost rises and operational preparations.
The firm emphasizes strict cost control even as it undertakes these investments.
No specific figures for capital expenditure were disclosed beyond acquisition-related and growth investment guidance.

Fundraising & Capital Structure

The transcript does not explicitly mention any current or future fundraising plans through debt or equity.
There is no direct discussion about issuing new shares or raising debt capital.
The focus is on optimizing resource efficiency, shareholder returns (e.g., share buybacks), and integrating acquisitions.
A buyback of JPY 60 billion was conducted in Q3 after clarifying CET1 capital adequacy post-acquisition, showing emphasis on using capital efficiently rather than raising new funds.
Management highlights strong capital ratios (CET1 ratio around 12.8%) and stable funding, implying no immediate need for fundraising.
Future capital actions will be considered after reviewing Q4 results, which might include additional measures if shortfalls appear.
Overall, no concrete plans for new debt or equity fundraising are shared at this time.

See what Nomura Holdings, Inc. said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

The transcript in the provided pages does not explicitly disclose current or expected orderbook/pending orders figures. However, some relevant points include: - Investment Banking pipeline described as solid despite a slightly slower start to Q4 (Page 4). This implies ongoing and upcoming deals are in place but no specific orderbook size mentioned. - Global Markets performance is strong and diversified with continued client activity and new products (Pages 3, 4, and 8), reflecting ongoing market engagement rather than specific pending order numbers. - Mention of multiple transactions in advisory and financing, including IPOs and cross-border deals in Investment Banking (Page 3), indicating active deal flow without quantitative backlog details. - No explicit numerical data on orderbook or pending orders is provided in these pages. In summary, qualitative commentary suggests a solid and active deal pipeline but no disclosed quantitative orderbook/pending order figures.

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Frequently Asked Questions

What were Nomura Holdings, Inc. Q1 FY26 results?

What is Nomura Holdings, Inc. share price analysis?

Nomura Holdings, Inc. currently shows a below-average growth signal. The stock trades at a P/E of 10.8 with a market cap of $23,620. Investors should review the full earnings analysis for detailed insights.

Is Nomura Holdings, Inc. planning capital expenditure?

- The company has one-off acquisition-related costs and amortization of intangible assets tied to the recent Macquarie acquisition, with total future expenses expected around $100 million over the next 2 years, mostly recognized starting from Q4.

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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.