FORM 6-K

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

Commission File Number: 1-15270

For the month of November 2022

NOMURA HOLDINGS, INC.

(Translation of registrant’s name into English)

13-1, Nihonbashi 1-chome

Chuo-ku, Tokyo 103-8645

Japan

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F       X             Form 40-F              

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):             

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):             

Information furnished on this form:

EXHIBIT

Exhibit Number
1.	Financial Summary – Six months ended September 30, 2022.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	NOMURA HOLDINGS, INC.
Date: November 2, 2022	By:	/s/ Yoshifumi Kishida
		Yoshifumi Kishida
		Senior Managing Director

Financial Summary For the Six Months Ended September 30, 2022 (U.S. GAAP)

Date:	November 2, 2022
Company name (code number):	Nomura Holdings, Inc. (8604)
Stock exchange listings:	(In Japan) Tokyo, Nagoya (Overseas) New York, Singapore
Representative:	Kentaro Okuda President and Group CEO, Nomura Holdings, Inc.
For inquiries:	Junko Tago Managing Director, Head of Investor Relations, Nomura Holdings, Inc. Tel: (Country Code 81) 3-5255-1000 URL: https://www.nomura.com

1. Consolidated Operating Results

(1) Operating Results

	(Rounded to nearest million)
	For the six months ended September 30
	2021						2022
	(Millions of yen, except per share data)
				% Change from September 30, 2020						% Change from September 30, 2021
Total revenue		784,381			(16.0	%)		943,820			20.3	%
Net revenue		672,141			(19.0	%)		616,986			(8.2	%)
Income before income taxes		97,000			(63.5	%)		43,217			(55.4	%)
Net income attributable to Nomura Holdings, Inc. (“NHI”) shareholders		51,700			(75.4	%)		18,467			(64.3	%)
Comprehensive income		65,953			(56.3	%)		283,804			330.3	%
Basic-Net income attributable to NHI shareholders per share (Yen)		16.76						6.13
Diluted-Net income attributable to NHI shareholders per share (Yen)		16.25						5.91
Return on shareholders’ equity - annualized		3.8	%					1.2	%

Note: Return on shareholders’ equity is a ratio of Net income attributable to NHI shareholders to Total NHI shareholders’ equity.

(2) Financial Position

	At March 31			At September 30
	2022			2022
	(Millions of yen, except per share data)
Total assets		43,412,156			51,531,980
Total equity		2,972,803			3,227,301
Total NHI shareholders’ equity		2,914,605			3,162,974
Total NHI shareholders’ equity as a percentage of total assets		6.7	%		6.1	%
Total NHI shareholders’ equity per share (Yen)		965.80			1,053.91

2. Cash Dividends

	For the year ended March 31
	2022		2023		2023 (Plan)
	(Yen amounts)
Dividends per share
Dividends record dates
At June 30		—		—		—
At September 30		8.00		5.00		—
At December 31		—		—		—
At March 31		14.00		—		Unconfirmed
For the year		22.00		—		Unconfirmed

Note: Fiscal year 2023 Q4 dividend is not presented per reasons stated in “3. Earnings Forecasts for the year ending March 31, 2023”.

3. Earnings Forecasts for the year ending March 31, 2023

Nomura provides investment, financing and related services in the capital markets on a global basis. In the global capital markets there exist uncertainties due to, but not limited to, economic and market conditions. Nomura, therefore, does not present earnings forecasts.

Notes

(1) Changes in significant subsidiaries during the period: None

      (Changes in Specified Subsidiaries accompanying changes in scope of consolidation.)

(2) Adoption of the simplified and particular accounting treatments: None

(3) Changes in accounting policies

     a) Changes in accounting policies due to amendments to the accounting standards: None

     b) Changes in accounting policies due to other than a): None

(4) Number of shares issued (common stock)

	At March 31		At September 30
	2022		2022
Number of shares outstanding (including treasury stock)		3,233,562,601		3,233,562,601
Number of treasury stock		215,758,589		232,388,716
	For the six months ended September 30
	2021		2022
Average number of shares outstanding (year-to-date)		3,085,218,332		3,010,633,495

*This financial summary is not subject to certified public accountant’s or audit firm’s quarterly review.

Table of Contents for the Accompanying Materials

1.      Qualitative Information of the Quarterly Consolidated Results	P. 2
(1)     Consolidated Operating Results	P. 2
(2)     Consolidated Financial Position	P. 4
(3)     Consolidated Earnings Forecasts	P. 4
(4)   Risks related to the COVID-19 pandemic	P. 4
2.      Quarterly Consolidated Financial Statements	P. 5
(1)     Consolidated Balance Sheets	P. 6
(2)     Consolidated Statements of Income	P. 8
(3)     Consolidated Statements of Comprehensive Income	P. 9
(4)     Note with respect to the Assumption as a Going Concern	P. 9
(5)     Segment Information – Operating Segment	P.10
(6)     Significant Changes in Equity	P.11
3.     Supplementary Information	P.12
(1)     Consolidated Statements of Income – Quarterly Comparatives	P.12
(2)     Business Segment Information – Quarterly Comparatives	P.13
(3)     Other	P.14

– 1 –

1. Qualitative Information of the Quarterly Consolidated Results

(1) Consolidated Operating Results

    U.S. GAAP

	Billions of yen						% Change
	For the six months ended						(B-A)/(A)
	September 30, 2021 (A)			September 30, 2022 (B)
Net revenue		672.1			617.0			(8.2	)
Non-interest expenses		575.1			573.8			(0.2	)
Income (loss) before income taxes		97.0			43.2			(55.4	)
Income tax expense		41.5			26.1			(37.2	)
Net income (loss)		55.5			17.1			(69.1	)
Less: Net income (loss) attributable to noncontrolling interests		3.8			(1.3	)		—
Net income (loss) attributable to NHI shareholders		51.7			18.5			(64.3	)
Return on shareholders’ equity - annualized		3.8	%		1.2	%		—

Note: Return on shareholders’ equity is a ratio of Net income (loss) attributable to NHI shareholders to Total NHI shareholders’ equity.

Nomura Holdings, Inc. and its consolidated entities (collectively, “Nomura”) reported net revenue of 617.0 billion yen for the six months ended September 30, 2022, a decrease of 8.2% from the same period in the prior year. Non-interest expenses decreased by 0.2% from the same period in the prior year to 573.8 billion yen. Income before income taxes was 43.2 billion yen and net income attributable to NHI shareholders was 18.5 billion yen for the six months ended September 30, 2022.

    Segment Information

	Billions of yen				% Change
	For the six months ended				(B-A)/(A)
	September 30, 2021 (A)		September 30, 2022 (B)
Net revenue		666.9		621.7		(6.8	)
Non-interest expenses		575.1		573.8		(0.2	)
Income (loss) before income taxes		91.8		47.9		(47.8	)

In the above segment information totals, which exclude a part of unrealized gain (loss) on investments in equity securities held for operating purposes, net revenue for the six months ended September 30, 2022 was 621.7 billion yen, a decrease of 6.8% from the same period in the prior year. Non-interest expenses decreased by 0.2% from the same period in the prior year to 573.8 billion yen. Income before income taxes decreased by 47.8% to 47.9 billion yen for the six months ended September 30, 2022. Please refer to page 10 for further details of the differences between U.S. GAAP and business segment amounts.

– 2 –

<Business Segment Results>

    Operating Results of Retail

	Billions of yen				% Change
	For the six months ended				(B-A)/(A)
	September 30, 2021 (A)		September 30, 2022 (B)
Net revenue		170.2		143.9		(15.5	)
Non-interest expenses		134.2		133.5		(0.5	)
Income (loss) before income taxes		36.0		10.4		(71.1	)

Net revenue decreased by 15.5% from the same period in the prior year to 143.9 billion yen. Non-interest expenses decreased by 0.5% to 133.5 billion yen. As a result, income before income taxes decreased by 71.1% to 10.4 billion yen.

    Operating Results of Investment Management

	Billions of yen					% Change
	For the six months ended					(B-A)/(A)
	September 30, 2021 (A)		September 30, 2022 (B)
Net revenue		97.8		33.8			(65.5	)
Non-interest expenses		37.9		39.9			5.4
Income (loss) before income taxes		59.9		(6.2	)		—

Net revenue decreased by 65.5% from the same period in the prior year to 33.8 billion yen. Non-interest expenses increased by 5.4% to 39.9 billion yen. As a result, loss before income taxes was 6.2 billion yen. Assets under management were 64.8 trillion yen as of September 30, 2022.

    Operating Results of Wholesale

	Billions of yen					% Change
	For the six months ended					(B-A)/(A)
	September 30, 2021 (A)			September 30, 2022 (B)
Net revenue		305.4			404.5		32.4
Non-interest expenses		308.8			359.0		16.3
Income (loss) before income taxes		(3.4	)		45.5		—

Net revenue increased by 32.4% from the same period in the prior year to 404.5 billion yen. Non-interest expenses increased by 16.3% to 359.0 billion yen. As a result, income before income taxes was 45.5 billion yen.

– 3 –

    Other Operating Results

	Billions of yen						% Change
	For the six months ended						(B-A)/(A)
	September 30, 2021 (A)			September 30, 2022 (B)
Net revenue		93.5			39.5			(57.7	)
Non-interest expenses		94.3			41.4			(56.1	)
Income (loss) before income taxes		(0.8	)		(1.8	)		—

Net revenue was 39.5 billion yen. Loss before income taxes was 1.8 billion yen.

(2) Consolidated Financial Position

Total assets as of September 30, 2022 were 51,532.0 billion yen, an increase of 8,119.8 billion yen compared to March 31, 2022, mainly due to the increase in Securities purchased under agreements to resell. Total liabilities as of September 30, 2022 were 48,304.7 billion yen, an increase of 7,865.3 billion yen compared to March 31, 2022, mainly due to the increase in Securities sold under agreements to repurchase. Total equity as of September 30, 2022 was 3,227.3 billion yen, an increase of 254.5 billion yen compared to March 31, 2022.

(3) Consolidated Earnings Forecasts

Nomura provides investment, financing and related services in the capital markets on a global basis. In the global capital markets there exist uncertainties due to, but not limited to, economic and market conditions. Nomura, therefore, does not present earnings and dividend forecasts.

(4) Risks related to the COVID-19 pandemic

The COVID-19 pandemic has affected Nomura’s business, and this may continue in the future.

Various risks recognized related to the COVID-19 pandemic is disclosed in Risk Factors in Nomura Holdings, Inc.’s Annual Securities Report (the annual report filed in Japan on June 24, 2022) and Item 3. D. Risk Factors. in Form 20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 24, 2022) for the year ended March 31, 2022.

– 4 –

2. Quarterly Consolidated Financial Statements

The quarterly consolidated financial information herein has been prepared in accordance with Nomura’s accounting policies which are disclosed in the notes to the consolidated financial statements of Nomura Holdings, Inc.’s Annual Securities Report (the annual report filed in Japan on June 24, 2022) and Form 20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 24, 2022) for the year ended March 31, 2022.

– 5 –

(1) Consolidated Balance Sheets

	Millions of yen
	March 31, 2022			September 30, 2022			Increase/ (Decrease)
ASSETS
Cash and cash deposits:
Cash and cash equivalents		3,316,238			3,675,554			359,316
Time deposits		320,754			346,654			25,900
Deposits with stock exchanges and other segregated cash		426,519			383,874			(42,645	)
Total cash and cash deposits		4,063,511			4,406,082			342,571
Loans and receivables:
Loans receivable		3,579,727			4,203,403			623,676
Receivables from customers		417,661			531,383			113,722
Receivables from other than customers		1,069,660			1,302,565			232,905
Allowance for credit losses		(66,346	)		(72,156	)		(5,810	)
Total loans and receivables		5,000,702			5,965,195			964,493
Collateralized agreements:
Securities purchased under agreements to resell		11,879,312			15,828,901			3,949,589
Securities borrowed		4,997,129			5,011,799			14,670
Total collateralized agreements		16,876,441			20,840,700			3,964,259
Trading assets and private equity and debt investments:
Trading assets*		15,230,817			18,074,120			2,843,303
Private equity and debt investments*		65,193			63,733			(1,460	)
Total trading assets and private equity and debt investments		15,296,010			18,137,853			2,841,843
Other assets:
Office buildings, land, equipment and facilities (net of accumulated depreciation and amortization of ¥426,081 million as of March 31, 2022 and ¥483,378 million as of September 30, 2022)		419,047			430,675			11,628
Non-trading debt securities*		484,681			447,788			(36,893	)
Investments in equity securities*		133,897			127,256			(6,641	)
Investments in and advances to affiliated companies*		364,281			390,114			25,833
Other		773,586			786,317			12,731
Total other assets		2,175,492			2,182,150			6,658
Total assets		43,412,156			51,531,980			8,119,824

* Including securities pledged as collateral

– 6 –

			Millions of yen
			March 31, 2022			September 30, 2022			Increase/ (Decrease)
LIABILITIES AND EQUITY
Short-term borrowings				1,050,141			1,273,660			223,519
Payables and deposits:
Payables to customers				1,522,961			1,665,336			142,375
Payables to other than customers				1,636,725			2,168,016			531,291
Deposits received at banks				1,760,679			2,039,013			278,334
Total payables and deposits				4,920,365			5,872,365			952,000
Collateralized financing:
Securities sold under agreements to repurchase				12,574,556			15,964,194			3,389,638
Securities loaned				1,567,351			1,585,934			18,583
Other secured borrowings				396,291			326,875			(69,416	)
Total collateralized financing				14,538,198			17,877,003			3,338,805
Trading liabilities				9,652,118			12,212,463			2,560,345
Other liabilities				1,020,225			974,538			(45,687	)
Long-term borrowings				9,258,306			10,094,650			836,344
Total liabilities				40,439,353			48,304,679			7,865,326
Equity
NHI shareholders’ equity:
Common stock
Authorized	-	6,000,000,000 shares
Issued	-	3,233,562,601 shares as of March 31, 2022 and
		3,233,562,601 shares as of September 30, 2022
Outstanding	-	3,017,804,012 shares as of March 31, 2022 and
		3,001,173,885 shares as of September 30, 2022		594,493			594,493			—
Additional paid-in capital				697,507			687,297			(10,210	)
Retained earnings				1,606,987			1,608,564			1,577
Accumulated other comprehensive income (loss)				127,973			392,490			264,517
Total NHI shareholders’ equity before treasury stock				3,026,960			3,282,844			255,884
Common stock held in treasury, at cost -
215,758,589 shares as of March 31, 2022 and
232,388,716 shares as of September 30, 2022				(112,355	)		(119,870	)		(7,515	)
Total NHI shareholders’ equity				2,914,605			3,162,974			248,369
Noncontrolling interests				58,198			64,327			6,129
Total equity				2,972,803			3,227,301			254,498
Total liabilities and equity				43,412,156			51,531,980			8,119,824

– 7 –

(2) Consolidated Statements of Income

	Millions of yen					% Change
	For the six months ended					(B-A)/(A)
	September 30, 2021(A)		September 30, 2022(B)
Revenue:
Commissions		174,522		138,583			(20.6	)
Fees from investment banking		69,604		51,474			(26.0	)
Asset management and portfolio service fees		131,237		137,288			4.6
Net gain on trading		143,136		302,823			111.6
Gain on private equity and debt investments		26,463		1,203			(95.5	)
Interest and dividends		134,461		305,942			127.5
Gain (loss) on investments in equity securities		5,550		(3,265	)		—
Other		99,408		9,772			(90.2	)
Total revenue		784,381		943,820			20.3
Interest expense		112,240		326,834			191.2
Net revenue		672,141		616,986			(8.2	)
Non-interest expenses:
Compensation and benefits		264,848		293,955			11.0
Commissions and floor brokerage		54,213		56,671			4.5
Information processing and communications		89,235		101,859			14.1
Occupancy and related depreciation		34,562		33,002			(4.5	)
Business development expenses		7,196		10,052			39.7
Other		125,087		78,230			(37.5	)
Total non-interest expenses		575,141		573,769			(0.2	)
Income before income taxes		97,000		43,217			(55.4	)
Income tax expense		41,524		26,081			(37.2	)
Net income		55,476		17,136			(69.1	)
Less: Net income (loss) attributable to noncontrolling interests		3,776		(1,331	)		—
Net income attributable to NHI shareholders		51,700		18,467			(64.3	)
Per share of common stock:
	Yen					% Change
Basic-
Net income attributable to NHI shareholders per share		16.76		6.13			(63.4	)
Diluted-
Net income attributable to NHI shareholders per share		16.25		5.91			(63.6	)

– 8 –

(3) Consolidated Statements of Comprehensive Income

	Millions of yen						% Change
	For the six months ended						(B-A)/(A)
	September 30, 2021(A)			September 30, 2022(B)
Net income		55,476			17,136			(69.1	)
Other comprehensive income (loss):
Cumulative translation adjustments:
Cumulative translation adjustments		6,370			213,044			—
Deferred income taxes		(202	)		(574	)		—
Total		6,168			212,470			—
Defined benefit pension plans:
Pension liability adjustment		680			1,713			151.9
Deferred income taxes		(196	)		(341	)		—
Total		484			1,372			183.5
Own credit adjustments:
Own credit adjustments		5,956			66,483			—
Deferred income taxes		(2,131	)		(13,657	)		—
Total		3,825			52,826			—
Total other comprehensive income		10,477			266,668			—
Comprehensive income		65,953			283,804			330.3
Less: Comprehensive income attributable to noncontrolling interests		4,615			820			(82.2	)
Comprehensive income attributable to NHI shareholders		61,338			282,984			361.4

(4) Note with respect to the Assumption as a Going Concern

Not applicable.

– 9 –

(5) Segment Information – Operating Segment

The following table shows business segment information and reconciliation items to the consolidated statements of income.

	Millions of yen						% Change
	For the six months ended						(B-A)/(A)
	September 30, 2021 (A)			September 30, 2022 (B)
Net revenue
Business segment information:
Retail		170,177			143,866			(15.5	)
Investment Management		97,811			33,750			(65.5	)
Wholesale		305,446			404,486			32.4
Subtotal		573,434			582,102			1.5
Other		93,468			39,548			(57.7	)
Net revenue		666,902			621,650			(6.8	)
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		5,239			(4,664	)		—
Net revenue		672,141			616,986			(8.2	)
Non-interest expenses
Business segment information:
Retail		134,171			133,465			(0.5	)
Investment Management		37,869			39,911			5.4
Wholesale		308,834			359,025			16.3
Subtotal		480,874			532,401			10.7
Other		94,267			41,368			(56.1	)
Non-interest expenses		575,141			573,769			(0.2	)
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		—			—			—
Non-interest expenses		575,141			573,769			(0.2	)
Income (loss) before income taxes
Business segment information:
Retail		36,006			10,401			(71.1	)
Investment Management		59,942			(6,161	)		—
Wholesale		(3,388	)		45,461			—
Subtotal		92,560			49,701			(46.3	)
Other*		(799	)		(1,820	)		—
Income (loss) before income taxes		91,761			47,881			(47.8	)
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		5,239			(4,664	)		—
Income (loss) before income taxes		97,000			43,217			(55.4	)

* Major components

Transactions between operating segments are recorded within segment results on commercial terms and conditions, and are eliminated in “Other.”

The following table presents the major components of income (loss) before income taxes in “Other.”

	Millions of yen						% Change
	For the six months ended						(B-A)/(A)
	September 30, 2021 (A)			September 30, 2022 (B)
Net gain (loss) related to economic hedging transactions		(381	)		(9,709	)		—
Realized gain (loss) on investments in equity securities held for operating purposes		196			295			50.5
Equity in earnings of affiliates		15,188			26,107			71.9
Corporate items		(54,838	)		(1,475	)		—
Other		39,036			(17,038	)		—
Total		(799	)		(1,820	)		—

– 10 –

(6) Significant Changes in Equity

Not applicable. For further details of the changes, please refer below.

	Millions of yen
	For the six months ended September 30, 2022
Common stock
Balance at beginning of year		594,493
Balance at end of period		594,493
Additional paid-in capital
Balance at beginning of year		697,507
Stock-based compensation awards		(10,210	)
Balance at end of period		687,297
Retained earnings
Balance at beginning of year		1,606,987
Net income attributable to NHI shareholders		18,467
Cash dividends		(15,006	)
Loss on sales of treasury stock		(1,884	)
Balance at end of period		1,608,564
Accumulated other comprehensive income (loss)
Cumulative translation adjustments
Balance at beginning of year		136,912
Net change during the period		210,319
Balance at end of period		347,231
Defined benefit pension plans
Balance at beginning of year		(43,803	)
Pension liability adjustment		1,372
Balance at end of period		(42,431	)
Own credit adjustments
Balance at beginning of year		34,864
Own credit adjustments		52,826
Balance at end of period		87,690
Balance at end of period		392,490
Common stock held in treasury
Balance at beginning of year		(112,355	)
Repurchases of common stock		(24,723	)
Sale of common stock		0
Common stock issued to employees		17,208
Balance at end of period		(119,870	)
Total NHI shareholders’ equity
Balance at end of period		3,162,974
Noncontrolling interests
Balance at beginning of year		58,198
Net change during the period		6,129
Balance at end of period		64,327
Total equity
Balance at end of period		3,227,301

– 11 –

3. Supplementary Information

(1) Consolidated Statements of Income – Quarterly Comparatives

	Millions of yen																% Change			Millions of yen
	For the three months ended																			For the year ended March 31, 2022
	June 30, 2021		September 30, 2021		December 31, 2021			March 31, 2022			June 30, 2022(A)			September 30, 2022(B)			(B-A)/(A)
Revenue:
Commissions		82,886		91,636		82,573			75,249			70,431			68,152			(3.2	)		332,344
Fees from investment banking		35,703		33,901		46,020			33,979			27,285			24,189			(11.3	)		149,603
Asset management and portfolio service fees		64,044		67,193		69,891			68,857			68,250			69,038			1.2			269,985
Net gain on trading		51,994		91,142		106,806			118,857			141,918			160,905			13.4			368,799
Gain (loss) on private equity and debt investments		25,988		475		4,619			(314	)		(4,535	)		5,738			—			30,768
Interest and dividends		64,536		69,925		82,636			67,125			109,049			196,893			80.6			284,222
Gain (loss) on investments in equity securities		3,468		2,082		(2,586	)		2,482			(1,742	)		(1,523	)		—			5,446
Other		76,553		22,855		13,793			39,631			(688	)		10,460			—			152,832
Total revenue		405,172		379,209		403,752			405,866			409,968			533,852			30.2			1,593,999
Interest expense		51,897		60,343		52,787			65,082			110,940			215,894			94.6			230,109
Net revenue		353,275		318,866		350,965			340,784			299,028			317,958			6.3			1,363,890
Non-interest expenses:
Compensation and benefits		135,603		129,245		139,035			125,623			143,061			150,894			5.5			529,506
Commissions and floor brokerage		26,816		27,397		24,130			26,861			28,488			28,183			(1.1	)		105,204
Information processing and communications		44,099		45,136		46,596			48,488			49,732			52,127			4.8			184,319
Occupancy and related depreciation		16,716		17,846		17,507			17,673			16,359			16,643			1.7			69,742
Business development expenses		3,294		3,902		4,400			4,045			4,699			5,353			13.9			15,641
Other		48,214		76,873		39,197			68,571			44,956			33,274			(26.0	)		232,855
Total non-interest expenses		274,742		300,399		270,865			291,261			287,295			286,474			(0.3	)		1,137,267
Income before income taxes		78,533		18,467		80,100			49,523			11,733			31,484			168.3			226,623
Income tax expense		28,540		12,984		18,482			20,084			11,340			14,741			30.0			80,090
Net income		49,993		5,483		61,618			29,439			393			16,743			—			146,533
Less: Net income (loss) attributable to noncontrolling interests		1,506		2,270		1,285			(1,524	)		(1,303	)		(28	)		—			3,537
Net income attributable to NHI shareholders		48,487		3,213		60,333			30,963			1,696			16,771			888.9			142,996
	Yen																% Change			Yen
Per share of common stock:
Basic-
Net income attributable to NHI shareholders per share		16.12		1.04		19.66			10.26			0.56			5.59			898.2			46.68
Diluted-
Net income attributable to NHI shareholders per share		15.59		1.01		19.07			9.89			0.52			5.41			940.4			45.23

– 12 –

(2) Business Segment Information – Quarterly Comparatives

The following table shows quarterly business segment information and reconciliation items to the consolidated statements of income.

	Millions of yen																		% Change			Millions of yen
	For the three months ended																					For the year ended
	June 30, 2021			September 30, 2021			December 31, 2021			March 31, 2022			June 30, 2022(A)			September 30, 2022(B)			(B-A)/(A)			March 31, 2022
Net revenue
Business segment information:
Retail		84,986			85,191			87,351			70,457			71,386			72,480			1.5			327,985
Investment Management		63,482			34,329			40,108			10,074			7,579			26,171			245.3			147,993
Wholesale		132,777			172,669			202,709			194,900			198,987			205,499			3.3			703,055
Subtotal		281,245			292,189			330,168			275,431			277,952			304,150			9.4			1,179,033
Other		68,659			24,809			21,568			64,198			23,925			15,623			(34.7	)		179,234
Net revenue		349,904			316,998			351,736			339,629			301,877			319,773			5.9			1,358,267
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		3,371			1,868			(771	)		1,155			(2,849	)		(1,815	)		—			5,623
Net revenue		353,275			318,866			350,965			340,784			299,028			317,958			6.3			1,363,890
Non-interest expenses
Business segment information:
Retail		65,964			68,207			69,316			65,258			66,470			66,995			0.8			268,745
Investment Management		18,569			19,300			19,757			18,852			19,293			20,618			6.9			76,478
Wholesale		161,134			147,700			161,875			157,854			173,715			185,310			6.7			628,563
Subtotal		245,667			235,207			250,948			241,964			259,478			272,923			5.2			973,786
Other		29,075			65,192			19,917			49,297			27,817			13,551			(51.3	)		163,481
Non-interest expenses		274,742			300,399			270,865			291,261			287,295			286,474			(0.3	)		1,137,267
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		—			—			—			—			—			—			—			—
Non-interest expenses		274,742			300,399			270,865			291,261			287,295			286,474			(0.3	)		1,137,267
Income (loss) before income taxes
Business segment information:
Retail		19,022			16,984			18,035			5,199			4,916			5,485			11.6			59,240
Investment Management		44,913			15,029			20,351			(8,778	)		(11,714	)		5,553			—			71,515
Wholesale		(28,357	)		24,969			40,834			37,046			25,272			20,189			(20.1	)		74,492
Subtotal		35,578			56,982			79,220			33,467			18,474			31,227			69.0			205,247
Other*		39,584			(40,383	)		1,651			14,901			(3,892	)		2,072			—			15,753
Income (loss) before income taxes		75,162			16,599			80,871			48,368			14,582			33,299			128.4			221,000
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		3,371			1,868			(771	)		1,155			(2,849	)		(1,815	)		—			5,623
Income (loss) before income taxes		78,533			18,467			80,100			49,523			11,733			31,484			168.3			226,623

* Major components

Transactions between operating segments are recorded within segment results on commercial terms and conditions, and are eliminated in “Other.”

The following table presents the major components of income (loss) before income taxes in “Other.”

	Millions of yen																		% Change			Millions of yen
	For the three months ended																					For the year ended March 31, 2022
	June 30, 2021			September 30, 2021			December 31, 2021			March 31, 2022			June 30, 2022(A)			September 30, 2022(B)			(B-A)/(A)
Net gain (loss) related to economic hedging transactions		3,444			(3,825	)		(1,128	)		(8,428	)		(9,807	)		98			—			(9,937	)
Realized gain (loss) on investments in equity securities held for operating purposes		173			23			19			1,140			240			55			(77.1	)		1,355
Equity in earnings of affiliates		9,617			5,571			5,366			16,236			16,993			9,114			(46.4	)		36,790
Corporate items		(9,272	)		(45,566	)		(1,807	)		(34,428	)		(5,988	)		4,513			—			(91,073	)
Other		35,622			3,414			(799	)		40,381			(5,330	)		(11,708	)		—			78,618
Total		39,584			(40,383	)		1,651			14,901			(3,892	)		2,072			—			15,753

– 13 –

(3) Other

Quarterly financial information for Nomura Securities Co., Ltd. can be found at the following URL.

https://www.nomuraholdings.com/company/group/nsc/pdf/2023_2q.pdf

– 14 –