NW Variable Account (811-02716)

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KPMG LLP

Suite 500

191 West Nationwide Blvd.

Columbus, OH 43215-2568

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Nationwide Life Insurance Company and Contract Owners of Nationwide Variable Account:

Opinion on the Financial Statements

We have audited the accompanying statements of assets, liabilities and contract owners’ equity of the subaccounts listed in the Appendix that comprise the Nationwide Variable Account (the Subaccounts), as of December 31, 2025, the related statements of operations for the year or period listed in the Appendix, the statements of changes in contract owners’ equity for each of the years or periods listed in the Appendix, and the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Subaccounts as of December 31, 2025, the results of their operations for the year or period listed in the Appendix, and the changes in their contract owners’ equity for each of the years or periods listed in the Appendix, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Subaccounts’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Subaccounts in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Such procedures also included confirmation of securities owned as of December 31, 2025, by correspondence with the transfer agent of the underlying mutual funds or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have not been able to determine the specific year that we began serving as the auditor of one or more Nationwide Life Insurance Company separate account investment companies, however we are aware that we have served as the auditor of one or more Nationwide Life Insurance Company separate account investment companies since at least 1981.

Columbus, Ohio

April 1, 2026

KPMG LLP, a Delaware limited liability partnership, and its subsidiaries are part of

the KPMG global organization of independent member firms affiliated with KPMG

International Limited, a private English company limited by guarantee.

Appendix

Statements of assets, liabilities and contract owners’ equity as of December 31, 2025, the related statements of operations for the year then ended, and the statements of changes in contract owners’ equity for each of the years in the two-year period then ended.

ABERDEEN FUNDS

abrdn Infrastructure Debt Fund - Institutional Service Class (ADGFIS)

abrdn U.S. Sustainable Leaders Fund - Institutional Service Class (ADUES)

abrdn U.S. Small Cap Equity Fund - Class A (PRSCA)

ALLSPRING GLOBAL INVESTMENTS

Allspring Common Stock Fund - Class A (SACSA)

Allspring Growth Fund - Class A (SGRA)

Allspring Special Large Cap Value Fund - Administrative Class (WFAIVD)

Allspring Mid Cap Growth Fund - Class A (WFENAD)

Allspring Large Cap Core Fund - Class A (WFLCCA)

Allspring Large Cap Growth Fund - Class A (WFLGA)

AMERICAN CENTURY INVESTMENTS

American Century Disciplined Core Value Fund - Class A (ACIGA)

American Century Short-Term Government Fund: Investor Class (BSTG)

American Century Disciplined Core Value Fund - Investor Class (IGF)

American Century Growth Fund: Investor Class (TCG)

American Century International Growth Fund: Class A (TCIGA)

American Century International Growth Fund: Investor Class (TCIGR)

American Century Ultra(R) Fund: Investor Class (TCUL)

BNY MELLON INVESTMENT MANAGEMENT

BNY Mellon Appreciation Fund, Inc. - Investor Shares (DAF)

BNY Mellon Core Plus Fund - Class A (DMICPA)

BNY Mellon Balanced Opportunity Fund - Class Z (DPBOZ)

BNY Mellon Opportunistic Small Cap Fund - Investor Shares (DROSC)

BNY Mellon S&P 500 Index Fund (DSPI)

BNY Mellon Sustainable U.S. Equity Fund, Inc. - Class Z (DTC)

FEDERATED HERMES, INC.

Federated Hermes Corporate Bond Fund - Class F Shares (FBDF)

Federated Hermes Strategic Dividend Growth Fund, Inc - Class F Shares (FEQIF)¹

Federated Hermes Opportunistic High Yield Bond Fund - Service Shares (FHYT)

Federated Hermes Intermediate Corporate Bond Fund: Service Shares (FIIF)

FIDELITY INVESTMENTS

Fidelity Advisor Equity Growth Fund: Class A (FAEGA)

Fidelity Advisor Growth Opportunities Fund - Class M (FAGO)

Fidelity Advisor Growth Opportunities Fund: Class A (FAGOA)

Fidelity Advisor Capital & Income Fund - Class M (FAHY)

Fidelity Asset Manager 50% (FAM)

Fidelity Capital & Income Fund (FCI)

Fidelity Equity-Income Fund (FEI)

Fidelity Magellan(R) Fund (FMG)

Fidelity Variable Insurance Products Fund - VIP Overseas Portfolio: Service Class 2 (FO2)

Fidelity Puritan Fund (FPR)

FRANKLIN TEMPLETON DISTRIBUTORS, INC.

Franklin Mutual U.S. Mid Cap Value Fund - Class A (FRBSI)

Franklin Small-Mid Cap Growth Fund: Class A (FSCG)

Templeton Foreign Fund - Class A (TFF)

Franklin Templeton Variable Insurance Products Trust - Templeton Foreign VIP Fund: Class 2 (TIF2)

Franklin Mutual Series Fund, Inc. - Mutual Shares Fund - Class A (TMSF)

INVESCO INVESTMENTS

Invesco Real Estate Fund: Class A (AREA)

Invesco Small Cap Growth Fund: Investor Class (ASCGI)

Invesco Discovery Large Cap Fund - Class A (OCAF)

Invesco Discovery Mid Cap Growth Fund - Class A (ODMCGA)

Invesco Global Fund - Class A (OGF)

Invesco Global Strategic Income Fund - Class A (OSI)

Invesco - Invesco V.I. Global Fund: Series II (OVGSS)

Invesco Equity and Income Fund: Class A (VKEIA)

Invesco Growth and Income Fund: Class A (VKGIA)

JANUS HENDERSON INVESTORS

Janus Henderson Forty Fund - Class T (JAFRT)

Janus Henderson Balanced Fund: Class S (JBS)

Janus Henderson Research Fund - Class T (JMERC)

Janus Henderson Overseas Fund - Class S (JOS)

Janus Henderson Global Research Fund - Class T (JWF)

Janus Henderson Global Research Fund - Class S (JWS)

LAZARD FUNDS

Lazard US Small Cap Equity Select Portfolio - Open Shares (LSC)¹

MASSACHUSETTS FINANCIAL SERVICES CO.

MFS Income Fund - Class A (MSI)

NATIONWIDE FUNDS

Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderately Aggressive Fund: Class II (GVDMA)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderately Conservative Fund: Class II (GVDMC)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Aggressive Fund: Class II (GVIDA)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Conservative Fund: Class II (GVIDC)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderate Fund: Class II (GVIDM)

Nationwide Investor Destinations Aggressive Fund: Service Class (IDAS)

Nationwide Investor Destinations Conservative Fund: Service Class (IDCS)

Nationwide Investor Destinations Moderately Aggressive Fund: Service Class (IDMAS)

Nationwide Investor Destinations Moderately Conservative Fund: Service Class (IDMCS)

Nationwide Investor Destinations Moderate Fund: Service Class (IDMS)

Nationwide Government Money Market Fund - Investor Shares (MMF)

Nationwide Government Money Market Fund - Service Class (MMFR)

Nationwide Bond Index Fund: Class A (NBIXA)

Nationwide Fund - Institutional Service Class (NF)

Nationwide Fund - Class A (NFA)

Nationwide BNY Mellon Dynamic U.S. Core Fund - Class R6 (NGF)

Nationwide BNY Mellon Dynamic U.S. Core Fund - Class A (NGFA)

Nationwide International Index Fund: Class A (NIIXA)

Nationwide Inflation-Protected Securities Fund - Institutional Service Class (NIPSIS)

Nationwide S&P 500 Index Fund: Service Class (NIXR)

Nationwide Mid Cap Market Index Fund: Class A (NMCIXA)

Nationwide Small Cap Index Fund: Class A (NSCIXA)

Nationwide Variable Insurance Trust - NVIT Putnam International Value Fund: Class I (NVTIV3)¹

NEUBERGER & BERMAN MANAGEMENT, INC.

Neuberger Large Cap Growth Fund - Investor Class (NBGF)

Neuberger Genesis Fund - Trust Class (NBGST)

Neuberger Large Cap Growth Fund - Trust Class (NBGT)

Neuberger Large Cap Value Fund - Trust Class (NBPT)

Neuberger Quality Equity Fund: Trust Class (NBSRT)¹

Neuberger Large Cap Value Fund - Investor Class (PF)

NOMURA INVESTMENT MANAGEMENT

Nomura Small Cap Growth Fund - Class A (WRSCGA)¹

PIMCO FUNDS

PIMCO Total Return Fund: Class A (PMTRA)

PUTNAM INVESTMENTS

Putnam Large Cap Growth Fund - Class A (PUGOA)

Putnam International Equity Fund: Class A (PUIGA)

VIRTUS MUTUAL FUNDS

Virtus Tactical Allocation Fund - Class A (VRTAA)

Statements of assets, liabilities and contract owners’ equity as of December 31, 2025, the related statements of operations for the year then ended, and the statements of changes in contract owners’ equity for the year ended December 31, 2025 and the period from April 26, 2024 (inception) to December 31, 2024.

NOMURA INVESTMENT MANAGEMENT

Nomura High Income Fund - Institutional Class (IYHII)¹

LINCOLN FUNDS

Lincoln Variable Insurance Products Trust - LVIP American Century International Fund: Service Class (LACIS)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2025, the related statement of operations for the year then ended, and the statement of changes in contract owners’ equity for the year ended December 31, 2025 and the period from May 24, 2024 (inception) to December 31, 2024.

NATIONWIDE FUNDS

Nationwide Variable Insurance Trust - NVIT Loomis Short Term Bond Fund: Class Y (NVSTBY)

Statements of assets, liabilities and contract owners’ equity as of December 31, 2025, the related statements of operations for the year then ended, and the statements of changes in contract owners’ equity for the year ended December 31, 2025 and the period from October 25, 2024 (inception) to December 31, 2024.

FIDELITY INVESTMENTS

Fidelity Advisor Balanced Fund - Class M (FDB)

Fidelity Advisor Balanced Fund - Class A (FDBA)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2025, and the related statements of operations and changes in contract owners’ equity for the period February 14, 2025 (inception) to December 31, 2025.

NATIONWIDE FUNDS

Nationwide Loomis Core Bond Fund - Eagle Class (NHBDES)

Statements of assets, liabilities and contract owners’ equity as of December 31, 2025, and the related statements of operations and changes in contract owners’ equity for the period June 6, 2025 (inception) to December 31, 2025.

FIDELITY INVESTMENTS

Fidelity Advisor Equity Dividend Income Fund - Class A (FAEDIA)

Fidelity Advisor Equity Dividend Income Fund - Class M (FAEDIM)

NATIONWIDE VARIABLE ACCOUNT

STATEMENTS OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2025


Subaccount,*	Shares		Cost		Investments, at fair value		Accounts Receivable		Total Assets		Accounts Payable		Contract Owners’ Equity		Accumulation Units		Contracts in Payout		Contract Owners’ Equity
ADGFIS	25,559	$	232,355	$	218,527	$	-	$	218,527	$	2	$	218,525	$	218,525	$	-	$	218,525
ADUES	73,773		892,461		1,019,539		-		1,019,539		2		1,019,537		1,019,537		-		1,019,537
PRSCA	26,100		817,750		1,018,928		-		1,018,928		4		1,018,924		1,018,924		-		1,018,924
SACSA	67,635		1,252,176		1,132,882		-		1,132,882		12		1,132,870		1,132,870		-		1,132,870
SGRA	27,684		726,654		524,603		-		524,603		35		524,568		524,568		-		524,568
WFAIVD	47,970		659,575		751,217		-		751,217		5		751,212		751,212		-		751,212
WFENAD	2,468		147,559		119,823		-		119,823		8		119,815		119,815		-		119,815
WFLCCA	13,227		225,776		253,831		-		253,831		6		253,825		253,825		-		253,825
WFLGA	64,427		2,599,644		2,522,951		-		2,522,951		8		2,522,943		2,522,943		-		2,522,943
ACIGA	36,901		1,332,271		1,416,265		-		1,416,265		18		1,416,247		1,416,247		-		1,416,247
BSTG	58,694		549,277		539,401		-		539,401		7		539,394		539,394		-		539,394
IGF	80,108		2,877,796		3,083,341		-		3,083,341		6		3,083,335		3,083,335		-		3,083,335
TCG	128,192		5,392,804		7,303,089		-		7,303,089		279		7,302,810		7,299,711		3,099		7,302,810
TCIGA	3,039		36,545		42,002		-		42,002		4		41,998		41,998		-		41,998
TCIGR	16,291		201,558		224,002		-		224,002		2		224,000		224,000		-		224,000
TCUL	107,022		6,930,501		10,071,809		-		10,071,809		24		10,071,785		10,071,785		-		10,071,785
DAF	71,722		2,552,411		2,543,256		-		2,543,256		4		2,543,252		2,543,252		-		2,543,252
DMICPA	71,532		739,151		664,534		-		664,534		3		664,531		664,531		-		664,531
DPBOZ	24,365		552,498		590,374		-		590,374		11		590,363		590,363		-		590,363
DROSC	274		8,649		9,124		-		9,124		2		9,122		9,122		-		9,122
DSPI	306,359		16,035,015		18,776,753		-		18,776,753		7		18,776,746		18,776,746		-		18,776,746
DTC	20,536		287,187		408,453		-		408,453		11		408,442		408,442		-		408,442
FBDF	99,401		842,098		851,865		-		851,865		5		851,860		851,860		-		851,860
FEQIF	337		7,199		6,763		-		6,763		1		6,762		6,762		-		6,762
FHYT	211,199		1,374,422		1,377,019		-		1,377,019		7		1,377,012		1,377,012		-		1,377,012
FIIF	19,853		179,948		173,316		-		173,316		3		173,313		173,313		-		173,313
FAEDIA	47,805		1,380,213		1,419,819		-		1,419,819		14		1,419,805		1,419,805		-		1,419,805
FAEDIM	53,674		1,549,588		1,594,129		-		1,594,129		4		1,594,125		1,594,125		-		1,594,125
FAEGA	80,846		1,252,286		1,812,569		-		1,812,569		6		1,812,563		1,812,563		-		1,812,563
FAGO	31,694		3,638,808		6,466,291		-		6,466,291		3		6,466,288		6,466,288		-		6,466,288
FAGOA	8,592		994,449		1,795,495		-		1,795,495		12		1,795,483		1,795,483		-		1,795,483
FAHY	24,029		277,419		304,934		-		304,934		5		304,929		304,929		-		304,929
FAM	44,263		887,169		965,829		-		965,829		5		965,824		965,824		-		965,824

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT

STATEMENTS OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2025


Subaccount,*	Shares	Cost	Investments, at fair value	Accounts Receivable	Total Assets	Accounts Payable	Contract Owners’ Equity	Accumulation Units	Contracts in Payout	Contract Owners’ Equity
FAOVSA	17	1,160	1,212	-	1,212	10	1,202	1,202	-	1,202
FCI	22,442	221,624	243,723	-	243,723	6	243,717	243,717	-	243,717
FDB	53,778	1,609,998	1,727,879	-	1,727,879	4	1,727,875	1,727,875	-	1,727,875
FDBA	5,925	177,232	190,369	-	190,369	5	190,364	190,364	-	190,364
FEI	62,503	4,003,685	5,225,899	-	5,225,899	6	5,225,893	5,225,893	-	5,225,893
FMG	582,665	7,308,644	8,710,845	-	8,710,845	4	8,710,841	8,710,841	-	8,710,841
FO2	72,141	1,768,270	1,956,474	-	1,956,474	19	1,956,455	1,956,455	-	1,956,455
FPR	239,601	5,722,359	6,241,602	-	6,241,602	5	6,241,597	6,241,597	-	6,241,597
FRBSI	27,340	915,429	965,108	-	965,108	13	965,095	965,095	-	965,095
FSCG	24,877	932,819	925,675	-	925,675	13	925,662	925,662	-	925,662
TFF	53,595	358,211	507,546	-	507,546	8	507,538	507,538	-	507,538
TIF2	67,710	930,665	1,098,258	-	1,098,258	9	1,098,249	1,098,249	-	1,098,249
TMSF	106,414	2,695,329	2,705,050	-	2,705,050	172	2,704,878	2,703,812	1,066	2,704,878
AREA	23,046	465,957	365,050	-	365,050	69	364,981	363,970	1,011	364,981
ASCGI	10,284	293,534	325,800	-	325,800	11	325,789	325,789	-	325,789
OCAF	16,020	952,782	1,361,366	-	1,361,366	19	1,361,347	1,361,347	-	1,361,347
ODMCGA	165,934	3,719,393	4,461,979	-	4,461,979	21	4,461,958	4,461,958	-	4,461,958
OGF	32,938	3,023,822	2,849,140	-	2,849,140	34	2,849,106	2,849,106	-	2,849,106
OSI	119,665	379,117	393,697	-	393,697	5	393,692	393,692	-	393,692
VKEIA	3,344	34,229	36,749	-	36,749	4	36,745	36,745	-	36,745
VKGIA	36,490	784,228	829,777	-	829,777	341	829,436	826,942	2,494	829,436
JAFRT	1	29	29	-	29	29	-	-	-	-
JBS	22,848	980,407	1,098,978	-	1,098,978	8	1,098,970	1,098,970	-	1,098,970
JMERC	69,015	4,070,265	6,176,876	-	6,176,876	25	6,176,851	6,176,851	-	6,176,851
JOS	741	29,422	42,555	-	42,555	2	42,553	42,553	-	42,553
JWF	14,808	1,111,116	1,796,520	-	1,796,520	7	1,796,513	1,796,513	-	1,796,513
JWS	1,955	183,412	242,982	-	242,982	8	242,974	242,974	-	242,974
LSC	151,640	1,752,547	1,523,979	-	1,523,979	4	1,523,975	1,523,975	-	1,523,975
LACIS	86,200	930,564	1,054,317	-	1,054,317	8	1,054,309	1,054,309	-	1,054,309
MSI	277,570	1,679,340	1,662,645	-	1,662,645	3	1,662,642	1,662,642	-	1,662,642
GVDMA	347,620	3,445,525	4,091,492	-	4,091,492	3	4,091,489	4,091,489	-	4,091,489
GVDMC	62,129	595,975	677,203	-	677,203	2	677,201	677,201	-	677,201
GVIDA	191,471	2,047,069	2,584,862	-	2,584,862	3	2,584,859	2,584,859	-	2,584,859

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT

STATEMENTS OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2025


Subaccount,*	Shares	Cost	Investments, at fair value	Accounts Receivable	Total Assets	Accounts Payable	Contract Owners’ Equity	Accumulation Units	Contracts in Payout	Contract Owners’ Equity
GVIDC	29,527	280,622	314,466	-	314,466	2	314,464	314,464	-	314,464
GVIDM	338,085	3,109,898	3,647,938	-	3,647,938	5	3,647,933	3,647,933	-	3,647,933
IDAS	70,137	627,080	675,419	-	675,419	10	675,409	675,409	-	675,409
IDCS	26,906	262,374	271,485	-	271,485	4	271,481	271,481	-	271,481
IDMAS	260,489	2,429,127	2,492,879	-	2,492,879	14	2,492,865	2,492,865	-	2,492,865
IDMCS	28,191	269,277	281,912	-	281,912	6	281,906	281,906	-	281,906
IDMS	122,808	1,136,114	1,143,344	-	1,143,344	10	1,143,334	1,143,334	-	1,143,334
MMF	4,914,178	4,914,178	4,914,178	-	4,914,178	4	4,914,174	4,914,174	-	4,914,174
MMFR	1,358,169	1,358,169	1,358,169	-	1,358,169	60	1,358,109	1,357,621	488	1,358,109
NBIXA	24,870	246,275	242,731	-	242,731	5	242,726	242,726	-	242,726
NF	113,293	2,946,126	3,140,494	-	3,140,494	29	3,140,465	3,140,465	-	3,140,465
NFA	26,658	708,055	771,749	-	771,749	413	771,336	766,788	4,548	771,336
NFDIW2	383,378	4,830,220	4,914,902	1,859	4,916,761	-	4,916,761	4,909,222	7,539	4,916,761
NGF	11,598	136,715	209,118	-	209,118	5	209,113	209,113	-	209,113
NGFA	58,073	668,478	941,371	-	941,371	8	941,363	941,363	-	941,363
NHBDES	53,731	505,113	513,672	-	513,672	5	513,667	513,667	-	513,667
NIIXA	620	4,809	6,444	-	6,444	3	6,441	6,441	-	6,441
NIPSIS	108,127	1,051,186	977,471	-	977,471	7	977,464	977,464	-	977,464
NIXR	223,982	4,211,826	6,835,924	-	6,835,924	17	6,835,907	6,835,907	-	6,835,907
NLCG1	1,090,656	20,327,198	20,362,554	-	20,362,554	7	20,362,547	20,362,547	-	20,362,547
NMCIXA	42,363	650,548	636,300	-	636,300	16	636,284	636,284	-	636,284
NSCIXA	35,934	359,691	461,389	-	461,389	146	461,243	459,965	1,278	461,243
NVIE6	19,010	275,340	289,525	-	289,525	45	289,480	289,480	-	289,480
NVMLG1	6,685	69,176	62,976	-	62,976	1	62,975	62,975	-	62,975
NVSTBY	40,517	397,946	399,495	-	399,495	1	399,494	399,494	-	399,494
NVTIV3	53,486	651,661	823,686	-	823,686	4	823,682	823,682	-	823,682
NBGF	57,667	1,283,751	1,712,699	-	1,712,699	6	1,712,693	1,712,693	-	1,712,693
NBGST	70,554	4,169,213	3,759,137	-	3,759,137	183	3,758,954	3,752,931	6,023	3,758,954
NBGT	7,549	157,146	223,990	-	223,990	8	223,982	223,982	-	223,982
NBPT	5,020	229,529	256,345	-	256,345	3	256,342	256,342	-	256,342
NBSRT	14,085	628,206	785,803	-	785,803	4	785,799	785,799	-	785,799
PF	48,157	1,728,510	2,450,709	-	2,450,709	4	2,450,705	2,450,705	-	2,450,705
IYHII	74,118	444,520	441,741	-	441,741	3	441,738	441,738	-	441,738

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2025

		$			$			$			$			$			$			$			$
*Investment Activity:**		ADGFIS			ADUES			PRSCA			SACSA			SGRA			WFAIVD			WFENAD			WFLCCA

Reinvested dividends	$		16,931			-			-			-			-			6,428			-			175

Mortality and expense risk charges (note 2)			(3,383	)		(13,705	)		(14,232	)		(14,530	)		(6,628	)		(9,346	)		(1,677	)		(3,415	)


Net investment income (loss)			13,548			(13,705	)		(14,232	)		(14,530	)		(6,628	)		(2,918	)		(1,677	)		(3,240	)


Realized gain (loss) on investments			(8,528	)		21,215			43,647			(19,807	)		(35,183	)		14,197			(3,222	)		16,567

Change in unrealized gain (loss) on investments			8,929			(8,403	)		53,685			(19,050	)		(55,333	)		48,280			6,655			7,159


Net gain (loss) on investments			401			12,812			97,332			(38,857	)		(90,516	)		62,477			3,433			23,726


Reinvested capital gains			-			22,888			-			47,878			168,752			40,503			12,929			18,169


Net increase (decrease) in contract owners’ equity resulting from operations	$		13,949			21,995			83,100			(5,509	)		71,608			100,062			14,685			38,655


*Investment Activity:**		WFLGA			ACIGA			BSTG			IGF			TCG			TCIGA			TCIGR			TCUL

Reinvested dividends	$		-			14,976			21,135			39,532			-			117			1,182			-

Mortality and expense risk charges (note 2)			(32,265	)		(15,554	)		(7,283	)		(37,378	)		(89,488	)		(538	)		(3,316	)		(128,282	)


Net investment income (loss)			(32,265	)		(578	)		13,852			2,154			(89,488	)		(421	)		(2,134	)		(128,282	)


Realized gain (loss) on investments			(2,024	)		5,657			(5,215	)		(12,454	)		343,427			142			13,823			1,151,533

Change in unrealized gain (loss) on investments			(14,513	)		59,686			11,115			157,656			(428,181	)		4,500			14,960			(1,060,510	)


Net gain (loss) on investments			(16,537	)		65,343			5,900			145,202			(84,754	)		4,642			28,783			91,023



Reinvested capital gains			344,696			101,299			-			219,335			1,072,070			1,121			5,991			1,046,034


Net increase (decrease) in contract owners’ equity resulting from operations	$		295,894			166,064			19,752			366,691			897,828			5,342			32,640			1,008,775

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2025

		$			$			$			$			$			$			$			$
*Investment Activity:**		DAF			DMICPA			DPBOZ			DROSC			DSPI			DTC			FBDF			FEQIF

Reinvested dividends	$		6,809			26,799			8,063			96			138,461			658			30,466			58

Mortality and expense risk charges (note 2)			(32,059	)		(8,131	)		(7,592	)		(625	)		(226,881	)		(4,897	)		(10,882	)		(90	)


Net investment income (loss)			(25,250	)		18,668			471			(529	)		(88,420	)		(4,239	)		19,584			(32	)


Realized gain (loss) on investments			26,430			(7,605	)		6,234			2,501			161,684			5,561			(187	)		(35	)

Change in unrealized gain (loss) on investments			(240,339	)		20,952			13,816			1,534			885,015			11,941			25,499			(328	)


Net gain (loss) on investments			(213,909	)		13,347			20,050			4,035			1,046,699			17,502			25,312			(363	)


Reinvested capital gains			451,755			2,280			38,898			39			1,624,677			38,782			-			1,305


Net increase (decrease) in contract owners’ equity resulting from operations	$		212,596			34,295			59,419			3,545			2,582,956			52,045			44,896			910


*Investment Activity:**		FHYT			FIIF			FAEDIA			FAEDIM			FAEGA			FAGO			FAGOA			FAHY

Reinvested dividends	$		74,936			6,687			31,902			33,578			-			-			-			14,716

Mortality and expense risk charges (note 2)			(18,487	)		(2,246	)		(9,904	)		(11,371	)		(20,045	)		(75,170	)		(19,835	)		(4,239	)


Net investment income (loss)			56,449			4,441			21,998			22,207			(20,045	)		(75,170	)		(19,835	)		10,477


Realized gain (loss) on investments			(13,632	)		(286	)		1,574			1,070			54,969			180,679			41,761			2,945

Change in unrealized gain (loss) on investments			51,487			5,187			39,607			44,541			164,834			716,082			218,924			17,035


Net gain (loss) on investments			37,855			4,901			41,181			45,611			219,803			896,761			260,685			19,980



Reinvested capital gains			-			-			63,882			71,769			11,174			261,164			70,913			143


Net increase (decrease) in contract owners’ equity resulting from operations	$		94,304			9,342			127,061			139,587			210,932			1,082,755			311,763			30,600

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2025

		$			$			$			$			$			$			$			$
*Investment Activity:**		FAM			FAOVSA			FCI			FDB			FDBA			FEI			FMG			FO2

Reinvested dividends	$		22,861			1			11,539			22,122			2,788			86,783			-			26,224

Mortality and expense risk charges (note 2)			(12,169	)		(1	)		(3,064	)		(22,479	)		(2,109	)		(64,312	)		(113,355	)		(24,030	)


Net investment income (loss)			10,692			-			8,475			(357	)		679			22,471			(113,355	)		2,194


Realized gain (loss) on investments			5,641			-			1,214			13,119			316			103,975			138,711			35,125

Change in unrealized gain (loss) on investments			54,449			53			14,741			133,756			14,702			518,158			(45,721	)		92,846


Net gain (loss) on investments			60,090			53			15,955			146,875			15,018			622,133			92,990			127,971


Reinvested capital gains			46,506			-			-			64,321			7,177			152,281			767,902			170,179


Net increase (decrease) in contract owners’ equity resulting from operations	$		117,288			53			24,430			210,839			22,874			796,885			747,537			300,344


*Investment Activity:**		FPR			FRBSI			FSCG			TFF			TIF2			TMSF			AREA			ASCGI

Reinvested dividends	$		106,645			9,980			-			18,170			24,035			41,888			6,527			-

Mortality and expense risk charges (note 2)			(78,884	)		(12,937	)		(13,060	)		(6,041	)		(13,182	)		(32,465	)		(4,774	)		(4,251	)


Net investment income (loss)			27,761			(2,957	)		(13,060	)		12,129			10,853			9,423			1,753			(4,251	)


Realized gain (loss) on investments			14,056			(11,817	)		24,266			14,467			7,147			(20,679	)		(6,828	)		4,397

Change in unrealized gain (loss) on investments			263,045			32,217			(75,153	)		85,959			162,208			114,077			(15,065	)		(14,023	)


Net gain (loss) on investments			277,101			20,400			(50,887	)		100,426			169,355			93,398			(21,893	)		(9,626	)



Reinvested capital gains			306,214			32,542			71,340			-			67,112			149,235			14,685			27,776


Net increase (decrease) in contract owners’ equity resulting from operations	$		611,076			49,985			7,393			112,555			247,320			252,056			(5,455	)		13,899

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2025

		$			$			$			$			$			$			$			$
*Investment Activity:**		OCAF			ODMCGA			OGF			OSI			OVGSS			VKEIA			VKGIA			JAFRT

Reinvested dividends	$		-			-			-			19,659			-			616			10,567			-

Mortality and expense risk charges (note 2)			(16,391	)		(58,138	)		(35,169	)		(4,470	)		(52,715	)		(450	)		(10,494	)		(220,943	)


Net investment income (loss)			(16,391	)		(58,138	)		(35,169	)		15,189			(52,715	)		166			73			(220,943	)


Realized gain (loss) on investments			49,688			150,897			53,418			(620	)		(134,093	)		8			(35,302	)		8,068,834

Change in unrealized gain (loss) on investments			(28,235	)		(298,923	)		(224,171	)		23,472			(217,277	)		1,771			80,802			(4,940,768	)


Net gain (loss) on investments			21,453			(148,026	)		(170,753	)		22,852			(351,370	)		1,779			45,500			3,128,066


Reinvested capital gains			133,985			373,365			569,656			-			911,123			1,768			55,345			25


Net increase (decrease) in contract owners’ equity resulting from operations	$		139,047			167,201			363,734			38,041			507,038			3,713			100,918			2,907,148


*Investment Activity:**		JBS			JMERC			JOS			JWF			JWS			LSC			LACIS			MSI

Reinvested dividends	$		16,207			-			403			8,173			633			6,361			11,176			75,371

Mortality and expense risk charges (note 2)			(13,137	)		(76,537	)		(456	)		(22,571	)		(2,977	)		(19,212	)		(15,350	)		(20,794	)


Net investment income (loss)			3,070			(76,537	)		(53	)		(14,398	)		(2,344	)		(12,851	)		(4,174	)		54,577


Realized gain (loss) on investments			57,777			501,804			850			114,907			11,296			(31,136	)		28,331			(5,449	)

Change in unrealized gain (loss) on investments			5,599			(190,181	)		8,301			74,957			13,854			(18,322	)		129,105			42,506


Net gain (loss) on investments			63,376			311,623			9,151			189,864			25,150			(49,458	)		157,436			37,057



Reinvested capital gains			73,208			694,392			-			125,490			16,622			74,765			-			-


Net increase (decrease) in contract owners’ equity resulting from operations	$		139,654			929,478			9,098			300,956			39,428			12,456			153,262			91,634

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2025

		$			$			$			$			$			$			$			$
*Investment Activity:**		GVDMA			GVDMC			GVIDA			GVIDC			GVIDM			IDAS			IDCS			IDMAS

Reinvested dividends	$		-			-			-			-			-			26,350			9,391			98,401

Mortality and expense risk charges (note 2)			(48,833	)		(8,439	)		(30,776	)		(3,912	)		(47,410	)		(8,991	)		(3,572	)		(33,107	)


Net investment income (loss)			(48,833	)		(8,439	)		(30,776	)		(3,912	)		(47,410	)		17,359			5,819			65,294


Realized gain (loss) on investments			(46,243	)		(692	)		(6,658	)		779			(78,668	)		19,618			697			(38,888	)

Change in unrealized gain (loss) on investments			614,862			72,640			386,290			24,593			565,988			25,774			11,332			197,477


Net gain (loss) on investments			568,619			71,948			379,632			25,372			487,320			45,392			12,029			158,589


Reinvested capital gains			35,737			-			38,883			-			-			38,219			-			114,901


Net increase (decrease) in contract owners’ equity resulting from operations	$		555,523			63,509			387,739			21,460			439,910			100,970			17,848			338,784


*Investment Activity:**		IDMCS			IDMS			MMF			MMFR			NBIXA			NF			NFA			NFDIW2

Reinvested dividends	$		10,472			42,899			177,504			48,785			7,549			14,119			1,468			3,331

Mortality and expense risk charges (note 2)			(3,560	)		(15,014	)		(61,991	)		(15,755	)		(3,015	)		(39,658	)		(9,263	)		(8,244	)


Net investment income (loss)			6,912			27,885			115,513			33,030			4,534			(25,539	)		(7,795	)		(4,913	)


Realized gain (loss) on investments			1,430			24,284			-			-			(288	)		166,948			11,004			1,016

Change in unrealized gain (loss) on investments			15,428			44,960			-			-			7,622			(428,659	)		(70,528	)		84,682


Net gain (loss) on investments			16,858			69,244			-			-			7,334			(261,711	)		(59,524	)		85,698



Reinvested capital gains			2,301			35,846			49			14			-			641,307			151,920			7,503


Net increase (decrease) in contract owners’ equity resulting from operations	$		26,071			132,975			115,562			33,044			11,868			354,057			84,601			88,288

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2025

		$			$			$			$			$			$			$			$
*Investment Activity:**		NGF			NGFA			NHBDES			NIIXA			NIPSIS			NIXR			NLCG1			NMCIXA

Reinvested dividends	$		1,948			6,809			20,699			232			43,433			44,352			-			4,621

Mortality and expense risk charges (note 2)			(2,381	)		(11,051	)		(6,220	)		(62	)		(13,229	)		(81,387	)		(34,470	)		(7,737	)


Net investment income (loss)			(433	)		(4,242	)		14,479			170			30,204			(37,035	)		(34,470	)		(3,116	)


Realized gain (loss) on investments			3,232			20,286			989			22			(19,808	)		217,603			3,929			1,961

Change in unrealized gain (loss) on investments			18,155			73,533			8,559			1,084			43,533			477,361			35,356			(34,229	)


Net gain (loss) on investments			21,387			93,819			9,548			1,106			23,725			694,964			39,285			(32,268	)


Reinvested capital gains			8,041			39,943			-			204			-			280,772			19,510			68,577


Net increase (decrease) in contract owners’ equity resulting from operations	$		28,995			129,520			24,027			1,480			53,929			938,701			24,325			33,193


*Investment Activity:**		NSCIXA			NVIE6			NVMLG1			NVSTBY			NVTIV3			NBGF			NBGST			NBGT

Reinvested dividends	$		1,555			293			2,121			17,450			11,534			-			3,589			-

Mortality and expense risk charges (note 2)			(5,416	)		(630	)		(339	)		(5,187	)		(7,932	)		(21,935	)		(51,817	)		(2,384	)


Net investment income (loss)			(3,861	)		(337	)		1,782			12,263			3,602			(21,935	)		(48,228	)		(2,384	)


Realized gain (loss) on investments			7,908			26			(8	)		1,585			22,033			130,086			57,116			4,999

Change in unrealized gain (loss) on investments			32,208			14,185			(6,201	)		3,897			130,977			(106,217	)		(819,590	)		(783	)


Net gain (loss) on investments			40,116			14,211			(6,209	)		5,482			153,010			23,869			(762,474	)		4,216



Reinvested capital gains			9,504			-			7,327			-			-			189,173			524,519			24,767


Net increase (decrease) in contract owners’ equity resulting from operations	$		45,759			13,874			2,900			17,745			156,612			191,107			(286,183	)		26,599

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2025

		$			$			$			$			$			$			$			$
*Investment Activity:**		NBPT			NBSRT			PF			IYHII			WRSCGA			PMTRA			PUGOA			PUIGA

Reinvested dividends	$		3,264			-			36,834			28,892			-			33,188			-			191

Mortality and expense risk charges (note 2)			(1,957	)		(9,482	)		(30,905	)		(5,724	)		(2,671	)		(10,152	)		(2,690	)		(112	)


Net investment income (loss)			1,307			(9,482	)		5,929			23,168			(2,671	)		23,036			(2,690	)		79


Realized gain (loss) on investments			1,276			11,109			160,379			(406	)		(13,970	)		(14,553	)		9,680			34

Change in unrealized gain (loss) on investments			26,948			92,986			133,333			(2,801	)		2,983			49,231			(24,243	)		1,525


Net gain (loss) on investments			28,224			104,095			293,712			(3,207	)		(10,987	)		34,678			(14,563	)		1,559



Reinvested capital gains			11,636			18,141			111,854			-			36,921			-			10,142			650


Net increase (decrease) in contract owners’ equity resulting from operations	$		41,167			112,754			411,495			19,961			23,263			57,714			(7,111	)		2,288

		$
*Investment Activity:**		VRTAA

Reinvested dividends	$		9,454

Mortality and expense risk charges (note 2)			(5,657	)


Net investment income (loss)			3,797


Realized gain (loss) on investments			2,675

Change in unrealized gain (loss) on investments			(35,993	)


Net gain (loss) on investments			(33,318	)


Reinvested capital gains			50,603


Net increase (decrease) in contract owners’ equity resulting from operations	$		21,082

*For	all subaccounts not included herein but listed as an investment option in note 1(b), there was no activity during the period. See note 1(b) for all investments available for which no contract owners were invested at December 31, 2025, if applicable.

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		ADGFIS						ADUES						PRSCA						SACSA
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		13,548			14,755			(13,705	)		(15,472	)		(14,232	)		(14,464	)		(14,530	)		(16,896	)

Realized gain (loss) on investments			(8,528	)		(2,753	)		21,215			14,414			43,647			11,000			(19,807	)		(48,053	)

Change in unrealized gain (loss) on investments			8,929			(1,696	)		(8,403	)		99,410			53,685			155,535			(19,050	)		62,434

Reinvested capital gains			-			-			22,888			-			-			-			47,878			74,828


Net increase (decrease) in contract owners’ equity resulting from operations			13,949			10,306			21,995			98,352			83,100			152,071			(5,509	)		72,313


Equity transactions:

Purchase payments received from contract owners (note 4)			6,768			7,022			35,276			30,475			17,099			12,520			10,673			7,257

Transfers between subaccounts, net			135			5,275			(111,500	)		5,914			(143,095	)		(24,180	)		(43,504	)		9,140

Redemptions (notes 2, 3, and 4)			(85,443	)		(31,659	)		(70,161	)		(132,439	)		(71,182	)		(118,293	)		(80,497	)		(222,901	)

Adjustments to maintain reserves			14			(8	)		21			(10	)		51			(26	)		74			(34	)


Net equity transactions			(78,526	)		(19,370	)		(146,364	)		(96,060	)		(197,127	)		(129,979	)		(113,254	)		(206,538	)


Net change in contract owners’ equity			(64,577	)		(9,064	)		(124,369	)		2,292			(114,027	)		22,092			(118,763	)		(134,225	)

Contract owners’ equity at beginning of period			283,102			292,166			1,143,906			1,141,614			1,132,951			1,110,859			1,251,633			1,385,858


Contract owners’ equity at end of period	$		218,525			283,102			1,019,537			1,143,906			1,018,924			1,132,951			1,132,870			1,251,633


CHANGE IN UNITS:

Beginning units			26,985			28,814			32,540			35,289			14,795			16,571			65,989			76,896

Units purchased			863			1,269			1,435			1,214			484			360			1,501			919

Units redeemed			(8,111	)		(3,098	)		(5,668	)		(3,963	)		(2,809	)		(2,136	)		(7,858	)		(11,826	)


Ending units			19,737			26,985			28,307			32,540			12,470			14,795			59,632			65,989

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		SGRA						WFAIVD						WFENAD						WFLCCA
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(6,628	)		(7,464	)		(2,918	)		(3,345	)		(1,677	)		(2,098	)		(3,240	)		(2,939	)

Realized gain (loss) on investments			(35,183	)		(17,903	)		14,197			13,755			(3,222	)		3,630			16,567			(264	)

Change in unrealized gain (loss) on investments			(55,333	)		11,733			48,280			25,545			6,655			8,852			7,159			26,632

Reinvested capital gains			168,752			154,695			40,503			48,156			12,929			12,894			18,169			30,479


Net increase (decrease) in contract owners’ equity resulting from operations			71,608			141,061			100,062			84,111			14,685			23,278			38,655			53,908


Equity transactions:

Purchase payments received from contract owners (note 4)			391			(3,161	)		4,347			2,540			805			1,806			11,884			7,164

Transfers between subaccounts, net			(28,371	)		48,349			(6,180	)		108,369			(2,159	)		(40,753	)		19,642			62,933

Redemptions (notes 2, 3, and 4)			(54,526	)		(307,171	)		(31,279	)		(66,756	)		(23,863	)		(9,735	)		(85,363	)		(12,788	)

Adjustments to maintain reserves			37			(31	)		22			(12	)		30			(15	)		29			(16	)


Net equity transactions			(82,469	)		(262,014	)		(33,090	)		44,141			(25,187	)		(48,697	)		(53,808	)		57,293


Net change in contract owners’ equity			(10,861	)		(120,953	)		66,972			128,252			(10,502	)		(25,419	)		(15,153	)		111,201

Contract owners’ equity at beginning of period			535,429			656,382			684,240			555,988			130,317			155,736			268,978			157,777


Contract owners’ equity at end of period	$		524,568			535,429			751,212			684,240			119,815			130,317			253,825			268,978


CHANGE IN UNITS:

Beginning units			18,786			29,019			24,670			23,083			6,018			8,460			10,445			7,594

Units purchased			14			1,928			1,008			4,304			85			158			2,283			3,385

Units redeemed			(2,622	)		(12,161	)		(2,143	)		(2,717	)		(1,157	)		(2,600	)		(4,190	)		(534	)


Ending units			16,178			18,786			23,535			24,670			4,946			6,018			8,538			10,445

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		WFLGA						ACIGA						BSTG						IGF
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(32,265	)		(37,544	)		(578	)		(1,387	)		13,852			16,986			2,154			42

Realized gain (loss) on investments			(2,024	)		71,619			5,657			7,548			(5,215	)		(7,816	)		(12,454	)		(25,635	)

Change in unrealized gain (loss) on investments			(14,513	)		346,429			59,686			140,125			11,115			3,494			157,656			357,473

Reinvested capital gains			344,696			345,168			101,299			-			-			-			219,335			-


Net increase (decrease) in contract owners’ equity resulting from operations			295,894			725,672			166,064			146,286			19,752			12,664			366,691			331,880


Equity transactions:

Purchase payments received from contract owners (note 4)			57,840			64,686			3,804			4,480			7,778			8,167			48,232			53,720

Transfers between subaccounts, net			4,925			(433,599	)		2,396			(24,952	)		64,424			44,552			(20,699	)		(197,376	)

Redemptions (notes 2, 3, and 4)			(311,691	)		(468,561	)		(108,159	)		(42,212	)		(109,298	)		(146,429	)		(171,222	)		(239,738	)

Adjustments to maintain reserves			26			(15	)		77			(39	)		124			(30	)		25			(12	)


Net equity transactions			(248,900	)		(837,489	)		(101,882	)		(62,723	)		(36,972	)		(93,740	)		(143,664	)		(383,406	)


Net change in contract owners’ equity			46,994			(111,817	)		64,182			83,563			(17,220	)		(81,076	)		223,027			(51,526	)

Contract owners’ equity at beginning of period			2,475,949			2,587,766			1,352,065			1,268,502			556,614			637,690			2,860,308			2,911,834


Contract owners’ equity at end of period	$		2,522,943			2,475,949			1,416,247			1,352,065			539,394			556,614			3,083,335			2,860,308


CHANGE IN UNITS:

Beginning units			84,733			113,735			46,052			48,256			24,304			32,527			46,441			52,846

Units purchased			2,329			3,101			274			362			3,502			2,881			811			954

Units redeemed			(10,649	)		(32,103	)		(3,840	)		(2,566	)		(5,568	)		(11,104	)		(3,118	)		(7,359	)


Ending units			76,413			84,733			42,486			46,052			22,238			24,304			44,134			46,441

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		TCG						TCIGA						TCIGR						TCUL
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(89,488	)		(90,684	)		(421	)		(322	)		(2,134	)		(1,062	)		(128,282	)		(131,786	)

Realized gain (loss) on investments			343,427			553,146			142			(149	)		13,823			5,425			1,151,533			1,112,991

Change in unrealized gain (loss) on investments			(428,181	)		653,076			4,500			818			14,960			167			(1,060,510	)		1,137,026

Reinvested capital gains			1,072,070			394,146			1,121			-			5,991			-			1,046,034			375,935


Net increase (decrease) in contract owners’ equity resulting from operations			897,828			1,509,684			5,342			347			32,640			4,530			1,008,775			2,494,166


Equity transactions:

Purchase payments received from contract owners (note 4)			27,301			38,383			-			-			-			3			87,181			120,738

Transfers between subaccounts, net			(11,219	)		(79,508	)		-			-			(39,530	)		(9,996	)		(580,763	)		146,400

Redemptions (notes 2, 3, and 4)			(546,008	)		(945,934	)		(2,167	)		(2,203	)		(10,875	)		(31,128	)		(1,279,444	)		(1,458,439	)

Adjustments to maintain reserves			140			(218	)		19			(8	)		18			(8	)		89			(51	)


Net equity transactions			(529,786	)		(987,277	)		(2,148	)		(2,211	)		(50,387	)		(41,129	)		(1,772,937	)		(1,191,352	)


Net change in contract owners’ equity			368,042			522,407			3,194			(1,864	)		(17,747	)		(36,599	)		(764,162	)		1,302,814

Contract owners’ equity at beginning of period			6,934,768			6,412,361			38,804			40,668			241,747			278,346			10,835,947			9,533,133


Contract owners’ equity at end of period	$		7,302,810			6,934,768			41,998			38,804			224,000			241,747			10,071,785			10,835,947


CHANGE IN UNITS:

Beginning units			36,842			40,134			2,785			2,934			5,633			6,549			103,979			115,901

Units purchased			392			416			-			-			-			-			812			9,611

Units redeemed			(3,191	)		(3,708	)		(132	)		(149	)		(1,059	)		(916	)		(19,900	)		(21,533	)


Ending units			34,043			36,842			2,653			2,785			4,574			5,633			84,891			103,979

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		DAF						DMICPA						DPBOZ						DROSC
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(25,250	)		(24,834	)		18,668			16,923			471			732			(529	)		(473	)

Realized gain (loss) on investments			26,430			82,160			(7,605	)		(5,610	)		6,234			4,259			2,501			(617	)

Change in unrealized gain (loss) on investments			(240,339	)		(172,493	)		20,952			(7,469	)		13,816			25,308			1,534			2,200

Reinvested capital gains			451,755			388,633			2,280			1,128			38,898			27,579			39			-


Net increase (decrease) in contract owners’ equity resulting from operations			212,596			273,466			34,295			4,972			59,419			57,878			3,545			1,110


Equity transactions:

Purchase payments received from contract owners (note 4)			10,235			27,045			8,475			8,647			5,120			4,958			-			-

Transfers between subaccounts, net			(48,153	)		23,386			41,137			19,456			4,240			845			-			-

Redemptions (notes 2, 3, and 4)			(213,423	)		(338,175	)		(43,800	)		(82,317	)		(65,193	)		(13,905	)		(45,176	)		(1,267	)

Adjustments to maintain reserves			(39	)		(23	)		21			(8	)		48			(26	)		17			(6	)


Net equity transactions			(251,380	)		(287,767	)		5,833			(54,222	)		(55,785	)		(8,128	)		(45,159	)		(1,273	)


Net change in contract owners’ equity			(38,784	)		(14,301	)		40,128			(49,250	)		3,634			49,750			(41,614	)		(163	)

Contract owners’ equity at beginning of period			2,582,036			2,596,337			624,403			673,653			586,729			536,979			50,736			50,899


Contract owners’ equity at end of period	$		2,543,252			2,582,036			664,531			624,403			590,363			586,729			9,122			50,736


CHANGE IN UNITS:

Beginning units			56,457			63,113			59,099			64,239			22,946			23,265			1,794			1,839

Units purchased			286			1,311			5,093			3,820			363			828			-			-

Units redeemed			(5,449	)		(7,967	)		(4,676	)		(8,960	)		(2,623	)		(1,147	)		(1,504	)		(45	)


Ending units			51,294			56,457			59,516			59,099			20,686			22,946			290			1,794

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		DSPI						DTC						FBDF						FEQIF
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(88,420	)		(67,467	)		(4,239	)		(3,723	)		19,584			20,426			(32	)		(51	)

Realized gain (loss) on investments			161,684			320,592			5,561			20,585			(187	)		(6,001	)		(35	)		(76	)

Change in unrealized gain (loss) on investments			885,015			1,682,684			11,941			36,065			25,499			(3,769	)		(328	)		225

Reinvested capital gains			1,624,677			1,474,486			38,782			23,304			-			-			1,305			850


Net increase (decrease) in contract owners’ equity resulting from operations			2,582,956			3,410,295			52,045			76,231			44,896			10,656			910			948


Equity transactions:

Purchase payments received from contract owners (note 4)			360,530			465,551			878			1,329			32,542			35,228			-			-

Transfers between subaccounts, net			(56,125	)		(98,550	)		(14	)		(26	)		9,099			(54,665	)		-			-

Redemptions (notes 2, 3, and 4)			(1,397,486	)		(1,627,047	)		(9,786	)		(51,316	)		(30,828	)		(234,920	)		(1,348	)		(2,738	)

Adjustments to maintain reserves			31			(15	)		37			(22	)		54			(24	)		4			(3	)


Net equity transactions			(1,093,050	)		(1,260,061	)		(8,885	)		(50,035	)		10,867			(254,381	)		(1,344	)		(2,741	)


Net change in contract owners’ equity			1,489,906			2,150,234			43,160			26,196			55,763			(243,725	)		(434	)		(1,793	)

Contract owners’ equity at beginning of period			17,286,840			15,136,606			365,282			339,086			796,097			1,039,822			7,196			8,989


Contract owners’ equity at end of period	$		18,776,746			17,286,840			408,442			365,282			851,860			796,097			6,762			7,196


CHANGE IN UNITS:

Beginning units			123,062			132,300			6,120			6,718			31,087			40,706			311			431

Units purchased			2,994			4,583			9			16			1,638			1,864			-			-

Units redeemed			(10,579	)		(13,821	)		(126	)		(614	)		(1,196	)		(11,483	)		(52	)		(120	)


Ending units			115,477			123,062			6,003			6,120			31,529			31,087			259			311

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$		$			$
		FHYT						FIIF						FAEDIA					FAEDIM
		2025			2024			2025			2024			2025			2024		2025			2024

*Investment activity:**

Net investment income (loss)	$		56,449			53,073			4,441			4,111			21,998			-		22,207			-

Realized gain (loss) on investments			(13,632	)		(15,585	)		(286	)		(1,901	)		1,574			-		1,070			-

Change in unrealized gain (loss) on investments			51,487			31,083			5,187			1,732			39,607			-		44,541			-

Reinvested capital gains			-			-			-			-			63,882			-		71,769			-


Net increase (decrease) in contract owners’ equity resulting from operations			94,304			68,571			9,342			3,942			127,061			-		139,587			-


Equity transactions:

Purchase payments received from contract owners (note 4)			49,518			72,126			450			3,820			90			-		883			-

Transfers between subaccounts, net			(77,967	)		(8,519	)		690			1,733			1,311,207			-		1,468,252			-

Redemptions (notes 2, 3, and 4)			(113,574	)		(192,842	)		(1,560	)		(14,730	)		(18,538	)		-		(14,593	)		-

Adjustments to maintain reserves			57			(25	)		53			(14	)		(15	)		-		(4	)		-


Net equity transactions			(141,966	)		(129,260	)		(367	)		(9,191	)		1,292,744			-		1,454,538			-


Net change in contract owners’ equity			(47,662	)		(60,689	)		8,975			(5,249	)		1,419,805			-		1,594,125			-

Contract owners’ equity at beginning of period			1,424,674			1,485,363			164,338			169,587			-			-		-			-


Contract owners’ equity at end of period	$		1,377,012			1,424,674			173,313			164,338			1,419,805			-		1,594,125			-


CHANGE IN UNITS:

Beginning units			46,305			50,638			9,031			9,519			-			-		-			-

Units purchased			2,388			3,329			69			306			131,133			-		146,893			-

Units redeemed			(6,814	)		(7,662	)		(89	)		(794	)		(1,739	)		-		(1,390	)		-


Ending units			41,879			46,305			9,011			9,031			129,394			-		145,503			-

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		FAEGA						FAGO						FAGOA						FAHY
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(20,045	)		(19,893	)		(75,170	)		(67,246	)		(19,835	)		(16,960	)		10,477			12,663

Realized gain (loss) on investments			54,969			41,844			180,679			210,058			41,761			36,967			2,945			(3	)

Change in unrealized gain (loss) on investments			164,834			181,017			716,082			1,421,441			218,924			404,199			17,035			17,969

Reinvested capital gains			11,174			195,937			261,164			-			70,913			-			143			-


Net increase (decrease) in contract owners’ equity resulting from operations			210,932			398,905			1,082,755			1,564,253			311,763			424,206			30,600			30,629


Equity transactions:

Purchase payments received from contract owners (note 4)			11,434			8,249			177,664			181,919			13,398			10,130			-			-

Transfers between subaccounts, net			25			(65,016	)		2,262			(265,932	)		(8,658	)		(45,545	)		(31,906	)		(1	)

Redemptions (notes 2, 3, and 4)			(157,757	)		(113,671	)		(363,605	)		(513,716	)		(63,239	)		(40,537	)		(50,609	)		(58,970	)

Adjustments to maintain reserves			146			(52	)		29			(15	)		87			(47	)		87			(20	)


Net equity transactions			(146,152	)		(170,490	)		(183,650	)		(597,744	)		(58,412	)		(75,999	)		(82,428	)		(58,991	)


Net change in contract owners’ equity			64,780			228,415			899,105			966,509			253,351			348,207			(51,828	)		(28,362	)

Contract owners’ equity at beginning of period			1,747,783			1,519,368			5,567,183			4,600,674			1,542,132			1,193,925			356,757			385,119


Contract owners’ equity at end of period	$		1,812,563			1,747,783			6,466,288			5,567,183			1,795,483			1,542,132			304,929			356,757


CHANGE IN UNITS:

Beginning units			37,591			42,035			51,009			57,568			24,092			25,595			7,243			8,502

Units purchased			901			197			2,617			2,489			443			783			-			-

Units redeemed			(4,032	)		(4,641	)		(4,364	)		(9,048	)		(1,297	)		(2,286	)		(1,616	)		(1,259	)


Ending units			34,460			37,591			49,262			51,009			23,238			24,092			5,627			7,243

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$		$			$			$			$
		FAM						FAOVSA					FCI						FDB
		2025			2024			2025			2024		2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		10,692			10,221			-			-		8,475			8,248			(357	)		2,352

Realized gain (loss) on investments			5,641			2,427			-			-		1,214			363			13,119			1,056

Change in unrealized gain (loss) on investments			54,449			40,521			53			-		14,741			10,482			133,756			(15,877	)

Reinvested capital gains			46,506			13,575			-			-		-			-			64,321			16,804


Net increase (decrease) in contract owners’ equity resulting from operations			117,288			66,744			53			-		24,430			19,093			210,839			4,335


Equity transactions:

Purchase payments received from contract owners (note 4)			23,103			30,953			9			-		-			-			151,207			29,546

Transfers between subaccounts, net			6,606			(4,320	)		1,150			-		-			-			(108,871	)		1,740,995

Redemptions (notes 2, 3, and 4)			(127,516	)		(110,047	)		-			-		(5,046	)		(1,459	)		(259,881	)		(40,292	)

Adjustments to maintain reserves			21			(10	)		(10	)		-		(3	)		(2	)		18			(21	)


Net equity transactions			(97,786	)		(83,424	)		1,149			-		(5,049	)		(1,461	)		(217,527	)		1,730,228


Net change in contract owners’ equity			19,502			(16,680	)		1,202			-		19,381			17,632			(6,688	)		1,734,563

Contract owners’ equity at beginning of period			946,322			963,002			-			-		224,336			206,704			1,734,563			-


Contract owners’ equity at end of period	$		965,824			946,322			1,202			-		243,717			224,336			1,727,875			1,734,563


CHANGE IN UNITS:

Beginning units			19,878			21,653			-			-		1,005			1,012			173,093			-

Units purchased			606			676			115			-		-			-			16,178			178,763

Units redeemed			(2,604	)		(2,451	)		-			-		(20	)		(7	)		(36,807	)		(5,670	)


Ending units			17,880			19,878			115			-		985			1,005			152,464			173,093

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		FDBA						FEI						FMG						FO2
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		679			358			22,471			17,578			(113,355	)		(90,552	)		2,194			1,648

Realized gain (loss) on investments			316			47			103,975			283,780			138,711			97,950			35,125			40,723

Change in unrealized gain (loss) on investments			14,702			(1,565	)		518,158			163,152			(45,721	)		1,386,608			92,846			(60,457	)

Reinvested capital gains			7,177			1,682			152,281			170,026			767,902			495,715			170,179			79,667


Net increase (decrease) in contract owners’ equity resulting from operations			22,874			522			796,885			634,536			747,537			1,889,721			300,344			61,581


Equity transactions:

Purchase payments received from contract owners (note 4)			-			-			132,264			102,898			70,179			84,284			99,234			98,902

Transfers between subaccounts, net			13,639			172,782			(28,196	)		(226,748	)		(2,211	)		(9,157	)		48,728			31,259

Redemptions (notes 2, 3, and 4)			(18,116	)		(1,331	)		(283,487	)		(639,727	)		(704,749	)		(672,259	)		(141,079	)		(171,256	)

Adjustments to maintain reserves			34			(40	)		34			(18	)		32			(15	)		69			(28	)


Net equity transactions			(4,443	)		171,411			(179,385	)		(763,595	)		(636,749	)		(597,147	)		6,952			(41,123	)


Net change in contract owners’ equity			18,431			171,933			617,500			(129,059	)		110,788			1,292,574			307,296			20,458

Contract owners’ equity at beginning of period			171,933			-			4,608,393			4,737,452			8,600,053			7,307,479			1,649,159			1,628,701


Contract owners’ equity at end of period	$		190,364			171,933			5,225,893			4,608,393			8,710,841			8,600,053			1,956,455			1,649,159


CHANGE IN UNITS:

Beginning units			17,145			-			14,821			17,336			67,570			72,549			113,717			116,130

Units purchased			1,344			17,279			521			446			979			809			13,745			14,218

Units redeemed			(1,762	)		(134	)		(1,030	)		(2,961	)		(5,840	)		(5,788	)		(13,609	)		(16,631	)


Ending units			16,727			17,145			14,312			14,821			62,709			67,570			113,853			113,717

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		FPR						FRBSI						FSCG						TFF
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		27,761			23,347			(2,957	)		(721	)		(13,060	)		(14,294	)		12,129			4,160

Realized gain (loss) on investments			14,056			19,519			(11,817	)		(163	)		24,266			9,266			14,467			7,055

Change in unrealized gain (loss) on investments			263,045			380,294			32,217			21,608			(75,153	)		107,284			85,959			(28,246	)

Reinvested capital gains			306,214			557,789			32,542			55,150			71,340			-			-			-


Net increase (decrease) in contract owners’ equity resulting from operations			611,076			980,949			49,985			75,874			7,393			102,256			112,555			(17,031	)


Equity transactions:

Purchase payments received from contract owners (note 4)			75,884			90,212			17,864			14,402			5,502			6,572			-			1

Transfers between subaccounts, net			(105,622	)		(290,824	)		(22,216	)		19,078			2,926			(41,027	)		(16,872	)		-

Redemptions (notes 2, 3, and 4)			(653,395	)		(488,041	)		(105,333	)		(58,811	)		(152,310	)		(126,997	)		(38,570	)		(28,518	)

Adjustments to maintain reserves			30			(16	)		84			(38	)		71			(33	)		47			(18	)


Net equity transactions			(683,103	)		(688,669	)		(109,601	)		(25,369	)		(143,811	)		(161,485	)		(55,395	)		(28,535	)


Net change in contract owners’ equity			(72,027	)		292,280			(59,616	)		50,505			(136,418	)		(59,229	)		57,160			(45,566	)

Contract owners’ equity at beginning of period			6,313,624			6,021,344			1,024,711			974,206			1,062,080			1,121,309			450,378			495,944


Contract owners’ equity at end of period	$		6,241,597			6,313,624			965,095			1,024,711			925,662			1,062,080			507,538			450,378


CHANGE IN UNITS:

Beginning units			57,980			64,862			22,226			22,757			35,486			41,160			14,833			15,657

Units purchased			683			948			591			854			370			888			-			-

Units redeemed			(6,953	)		(7,830	)		(2,962	)		(1,385	)		(5,213	)		(6,562	)		(1,752	)		(824	)


Ending units			51,710			57,980			19,855			22,226			30,643			35,486			13,081			14,833

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		TIF2						TMSF						AREA						ASCGI
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		10,853			11,943			9,423			8,740			1,753			3,816			(4,251	)		(4,383	)

Realized gain (loss) on investments			7,147			32,902			(20,679	)		(17,086	)		(6,828	)		(14,215	)		4,397			2,185

Change in unrealized gain (loss) on investments			162,208			(59,033	)		114,077			78,853			(15,065	)		3,629			(14,023	)		47,059

Reinvested capital gains			67,112			-			149,235			182,152			14,685			7,733			27,776			-


Net increase (decrease) in contract owners’ equity resulting from operations			247,320			(14,188	)		252,056			252,659			(5,455	)		963			13,899			44,861


Equity transactions:

Purchase payments received from contract owners (note 4)			18,125			28,915			68,540			59,260			6,447			6,033			1,082			1,089

Transfers between subaccounts, net			(1,259	)		(40,266	)		(36,082	)		(38,022	)		1,837			(10,163	)		(13,934	)		(4,857	)

Redemptions (notes 2, 3, and 4)			(77,393	)		(138,852	)		(137,602	)		(532,957	)		(18,705	)		(32,924	)		(11,502	)		(9,525	)

Adjustments to maintain reserves			82			(30	)		40			(54	)		(311	)		85			50			(28	)


Net equity transactions			(60,445	)		(150,233	)		(105,104	)		(511,773	)		(10,732	)		(36,969	)		(24,304	)		(13,321	)


Net change in contract owners’ equity			186,875			(164,421	)		146,952			(259,114	)		(16,187	)		(36,006	)		(10,405	)		31,540

Contract owners’ equity at beginning of period			911,374			1,075,795			2,557,926			2,817,040			381,168			417,174			336,194			304,654


Contract owners’ equity at end of period	$		1,098,249			911,374			2,704,878			2,557,926			364,981			381,168			325,789			336,194


CHANGE IN UNITS:

Beginning units			94,611			109,195			67,163			81,484			20,547			22,604			9,344			9,707

Units purchased			3,003			10,054			1,837			1,990			447			481			77			44

Units redeemed			(8,294	)		(24,638	)		(4,483	)		(16,311	)		(1,001	)		(2,538	)		(731	)		(407	)


Ending units			89,320			94,611			64,517			67,163			19,993			20,547			8,690			9,344

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		OCAF						ODMCGA						OGF						OSI
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(16,391	)		(15,660	)		(58,138	)		(58,801	)		(35,169	)		(36,915	)		15,189			13,302

Realized gain (loss) on investments			49,688			26,659			150,897			188,400			53,418			68,971			(620	)		(933	)

Change in unrealized gain (loss) on investments			(28,235	)		290,900			(298,923	)		578,947			(224,171	)		56,355			23,472			(6,266	)

Reinvested capital gains			133,985			38,362			373,365			220,559			569,656			308,151			-			-


Net increase (decrease) in contract owners’ equity resulting from operations			139,047			340,261			167,201			929,105			363,734			396,562			38,041			6,103


Equity transactions:

Purchase payments received from contract owners (note 4)			4,072			6,642			112,513			116,256			-			21			7,567			3,647

Transfers between subaccounts, net			(26,352	)		(14,809	)		30,141			181,865			(22,803	)		(23,254	)		81,349			11,023

Redemptions (notes 2, 3, and 4)			(101,068	)		(71,017	)		(503,611	)		(734,868	)		(367,722	)		(225,432	)		(51,944	)		(26,099	)

Adjustments to maintain reserves			81			(49	)		99			(55	)		64			(39	)		51			(21	)


Net equity transactions			(123,267	)		(79,233	)		(360,858	)		(436,802	)		(390,461	)		(248,704	)		37,023			(11,450	)


Net change in contract owners’ equity			15,780			261,028			(193,657	)		492,303			(26,727	)		147,858			75,064			(5,347	)

Contract owners’ equity at beginning of period			1,345,567			1,084,539			4,655,615			4,163,312			2,875,833			2,727,975			318,628			323,975


Contract owners’ equity at end of period	$		1,361,347			1,345,567			4,461,958			4,655,615			2,849,106			2,875,833			393,692			318,628


CHANGE IN UNITS:

Beginning units			36,639			39,119			287,358			314,880			31,462			34,036			15,386			15,968

Units purchased			176			692			11,790			22,427			-			-			4,304			920

Units redeemed			(3,464	)		(3,172	)		(32,800	)		(49,949	)		(4,187	)		(2,574	)		(2,716	)		(1,502	)


Ending units			33,351			36,639			266,348			287,358			27,275			31,462			16,974			15,386

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		OVGSS						VKEIA						VKGIA						JAFRT
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(52,715	)		(60,661	)		166			205			73			(209	)		(220,943	)		(245,718	)

Realized gain (loss) on investments			(134,093	)		(10,214	)		8			13			(35,302	)		(3,688	)		8,068,834			1,076,529

Change in unrealized gain (loss) on investments			(217,277	)		415,178			1,771			942			80,802			42,733			(4,940,768	)		1,612,993

Reinvested capital gains			911,123			272,616			1,768			1,880			55,345			71,729			25			1,949,176


Net increase (decrease) in contract owners’ equity resulting from operations			507,038			616,919			3,713			3,040			100,918			110,565			2,907,148			4,392,980


Equity transactions:

Purchase payments received from contract owners (note 4)			83,641			139,757			920			-			6,731			10,143			91,837			102,144

Transfers between subaccounts, net			(4,943,054	)		(12,571	)		(20	)		(17	)		221			(4,985	)		(20,832,007	)		(295,662	)

Redemptions (notes 2, 3, and 4)			(250,515	)		(587,653	)		(36	)		(303	)		(111,843	)		(22,778	)		(1,663,491	)		(1,868,413	)

Adjustments to maintain reserves			747			(170	)		23			(10	)		(407	)		(55	)		125			(66	)


Net equity transactions			(5,109,181	)		(460,637	)		887			(330	)		(105,298	)		(17,675	)		(22,403,536	)		(2,061,997	)


Net change in contract owners’ equity			(4,602,143	)		156,282			4,600			2,710			(4,380	)		92,890			(19,496,388	)		2,330,983

Contract owners’ equity at beginning of period			4,602,143			4,445,861			32,145			29,435			833,816			740,926			19,496,388			17,165,405


Contract owners’ equity at end of period	$		-			4,602,143			36,745			32,145			829,436			833,816			-			19,496,388


CHANGE IN UNITS:

Beginning units			207,477			228,912			1,349			1,363			16,034			16,328			679,654			756,451

Units purchased			4,064			7,260			38			-			4,639			886			5,993			9,015

Units redeemed			(211,541	)		(28,695	)		(1	)		(14	)		(6,700	)		(1,180	)		(685,647	)		(85,812	)


Ending units			-			207,477			1,386			1,349			13,973			16,034			-			679,654

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		JBS						JMERC						JOS						JWF
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		3,070			5,899			(76,537	)		(72,146	)		(53	)		22			(14,398	)		(12,028	)

Realized gain (loss) on investments			57,777			118,470			501,804			382,747			850			228			114,907			185,943

Change in unrealized gain (loss) on investments			5,599			(13,115	)		(190,181	)		975,982			8,301			1,139			74,957			43,932

Reinvested capital gains			73,208			51,197			694,392			284,023			-			-			125,490			117,676


Net increase (decrease) in contract owners’ equity resulting from operations			139,654			162,451			929,478			1,570,606			9,098			1,389			300,956			335,523


Equity transactions:

Purchase payments received from contract owners (note 4)			1,953			7,211			11,753			16,755			1,758			1,314			-			2

Transfers between subaccounts, net			(3	)		(299,705	)		212,232			27,017			-			286			(23,411	)		(12,055	)

Redemptions (notes 2, 3, and 4)			(131,830	)		(108,409	)		(776,519	)		(733,280	)		(3,060	)		(799	)		(139,060	)		(250,876	)

Adjustments to maintain reserves			43			(21	)		95			(54	)		17			(8	)		32			(16	)


Net equity transactions			(129,837	)		(400,924	)		(552,439	)		(689,562	)		(1,285	)		793			(162,439	)		(262,945	)


Net change in contract owners’ equity			9,817			(238,473	)		377,039			881,044			7,813			2,182			138,517			72,578

Contract owners’ equity at beginning of period			1,089,153			1,327,626			5,799,812			4,918,768			34,740			32,558			1,657,996			1,585,418


Contract owners’ equity at end of period	$		1,098,970			1,089,153			6,176,851			5,799,812			42,553			34,740			1,796,513			1,657,996


CHANGE IN UNITS:

Beginning units			32,418			44,844			199,585			225,427			2,325			2,271			33,587			39,028

Units purchased			467			221			10,166			2,384			107			106			-			-

Units redeemed			(3,977	)		(12,647	)		(27,578	)		(28,226	)		(185	)		(52	)		(2,989	)		(5,441	)


Ending units			28,908			32,418			182,173			199,585			2,247			2,325			30,598			33,587

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		JWS						LSC						LACIS						MSI
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(2,344	)		(2,010	)		(12,851	)		(21,909	)		(4,174	)		(4,263	)		54,577			36,374

Realized gain (loss) on investments			11,296			7,746			(31,136	)		(26,650	)		28,331			5,225			(5,449	)		(825	)

Change in unrealized gain (loss) on investments			13,854			19,149			(18,322	)		(38,143	)		129,105			(5,353	)		42,506			(39,653	)

Reinvested capital gains			16,622			14,195			74,765			244,954			-			-			-			-


Net increase (decrease) in contract owners’ equity resulting from operations			39,428			39,080			12,456			158,252			153,262			(4,391	)		91,634			(4,104	)


Equity transactions:

Purchase payments received from contract owners (note 4)			3,846			2,553			67,097			80,117			42,212			20,431			20,005			22,265

Transfers between subaccounts, net			5,502			-			(26,585	)		(93,089	)		(189,224	)		1,181,704			132,625			667,585

Redemptions (notes 2, 3, and 4)			(12,395	)		(34,078	)		(86,619	)		(328,320	)		(48,924	)		(100,754	)		(78,415	)		(10,352	)

Adjustments to maintain reserves			33			(16	)		45			(17	)		66			(73	)		27			(9	)


Net equity transactions			(3,014	)		(31,541	)		(46,062	)		(341,309	)		(195,870	)		1,101,308			74,242			679,489


Net change in contract owners’ equity			36,414			7,539			(33,606	)		(183,057	)		(42,608	)		1,096,917			165,876			675,385

Contract owners’ equity at beginning of period			206,560			199,021			1,557,581			1,740,638			1,096,917			-			1,496,766			821,381


Contract owners’ equity at end of period	$		242,974			206,560			1,523,975			1,557,581			1,054,309			1,096,917			1,662,642			1,496,766


CHANGE IN UNITS:

Beginning units			4,861			5,707			28,063			34,311			110,515			-			72,615			40,368

Units purchased			695			65			1,519			2,240			6,048			121,911			7,891			32,767

Units redeemed			(705	)		(911	)		(2,387	)		(8,488	)		(23,657	)		(11,396	)		(4,379	)		(520	)


Ending units			4,851			4,861			27,195			28,063			92,906			110,515			76,127			72,615

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		GVDMA						GVDMC						GVIDA						GVIDC
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(48,833	)		(44,958	)		(8,439	)		(8,198	)		(30,776	)		(28,017	)		(3,912	)		(5,890	)

Realized gain (loss) on investments			(46,243	)		(278,802	)		(692	)		(16,446	)		(6,658	)		(81,641	)		779			5,495

Change in unrealized gain (loss) on investments			614,862			630,351			72,640			52,755			386,290			332,226			24,593			18,144

Reinvested capital gains			35,737			-			-			-			38,883			-			-			-


Net increase (decrease) in contract owners’ equity resulting from operations			555,523			306,591			63,509			28,111			387,739			222,568			21,460			17,749


Equity transactions:

Purchase payments received from contract owners (note 4)			236,891			271,107			37,002			28,096			180,736			185,186			22,253			26,766

Transfers between subaccounts, net			(67	)		8,653			-			(7,091	)		81			(100	)		200			(30,403	)

Redemptions (notes 2, 3, and 4)			(202,727	)		(542,826	)		(47,217	)		(124,905	)		(163,032	)		(324,133	)		(18,225	)		(251,964	)

Adjustments to maintain reserves			29			(13	)		17			(6	)		29			(14	)		18			(6	)


Net equity transactions			34,126			(263,079	)		(10,198	)		(103,906	)		17,814			(139,061	)		4,246			(255,607	)


Net change in contract owners’ equity			589,649			43,512			53,311			(75,795	)		405,553			83,507			25,706			(237,858	)

Contract owners’ equity at beginning of period			3,501,840			3,458,328			623,890			699,685			2,179,306			2,095,799			288,758			526,616


Contract owners’ equity at end of period	$		4,091,489			3,501,840			677,201			623,890			2,584,859			2,179,306			314,464			288,758


CHANGE IN UNITS:

Beginning units			119,410			129,430			32,166			37,769			67,395			72,048			19,114			35,718

Units purchased			7,750			10,764			1,837			1,472			5,251			5,961			1,412			1,787

Units redeemed			(6,733	)		(20,784	)		(2,328	)		(7,075	)		(4,734	)		(10,614	)		(1,159	)		(18,391	)


Ending units			120,427			119,410			31,675			32,166			67,912			67,395			19,367			19,114

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		GVIDM						IDAS						IDCS						IDMAS
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(47,410	)		(47,801	)		17,359			4,683			5,819			5,635			65,294			26,342

Realized gain (loss) on investments			(78,668	)		(309,421	)		19,618			51,385			697			2,963			(38,888	)		1,343

Change in unrealized gain (loss) on investments			565,988			628,314			25,774			(48,771	)		11,332			(2,534	)		197,477			(57,575	)

Reinvested capital gains			-			-			38,219			106,874			-			4,650			114,901			293,780


Net increase (decrease) in contract owners’ equity resulting from operations			439,910			271,092			100,970			114,171			17,848			10,714			338,784			263,890


Equity transactions:

Purchase payments received from contract owners (note 4)			212,048			273,617			2,368			60,553			2,815			1,693			62,743			84,548

Transfers between subaccounts, net			45			268,637			(447	)		(61,452	)		-			(66,492	)		(1,726	)		(15	)

Redemptions (notes 2, 3, and 4)			(559,911	)		(738,717	)		(216,984	)		(279,937	)		(20,368	)		(23,968	)		(440,731	)		(358,965	)

Adjustments to maintain reserves			49			(19	)		40			(21	)		28			(11	)		60			(25	)


Net equity transactions			(347,769	)		(196,482	)		(215,023	)		(280,857	)		(17,525	)		(88,778	)		(379,654	)		(274,457	)


Net change in contract owners’ equity			92,141			74,610			(114,053	)		(166,686	)		323			(78,064	)		(40,870	)		(10,567	)

Contract owners’ equity at beginning of period			3,555,792			3,481,182			789,462			956,148			271,158			349,222			2,533,735			2,544,302


Contract owners’ equity at end of period	$		3,647,933			3,555,792			675,409			789,462			271,481			271,158			2,492,865			2,533,735


CHANGE IN UNITS:

Beginning units			147,381			155,250			26,942			36,962			16,786			21,887			92,928			102,846

Units purchased			8,482			26,828			78			2,047			174			106			2,906			3,246

Units redeemed			(21,987	)		(34,697	)		(7,245	)		(12,067	)		(1,174	)		(5,207	)		(15,998	)		(13,164	)


Ending units			133,876			147,381			19,775			26,942			15,786			16,786			79,836			92,928

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		IDMCS						IDMS						MMF						MMFR
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		6,912			4,849			27,885			14,761			115,513			153,382			33,030			48,059

Realized gain (loss) on investments			1,430			3,812			24,284			(8,134	)		-			-			-			-

Change in unrealized gain (loss) on investments			15,428			(7,068	)		44,960			10,571			-			-			-			-

Reinvested capital gains			2,301			16,467			35,846			107,756			49			-			14			-


Net increase (decrease) in contract owners’ equity resulting from operations			26,071			18,060			132,975			124,954			115,562			153,382			33,044			48,059


Equity transactions:

Purchase payments received from contract owners (note 4)			1,009			1,028			8,272			8,719			166,297			146,658			23,239			347,456

Transfers between subaccounts, net			108			261			1,418			(347,692	)		1,316,194			760,596			407,862			903,507

Redemptions (notes 2, 3, and 4)			(36,016	)		(49,508	)		(200,987	)		(196,509	)		(1,061,059	)		(1,265,936	)		(458,255	)		(1,378,832	)

Adjustments to maintain reserves			39			(18	)		53			(25	)		37			(14	)		(135	)		6


Net equity transactions			(34,860	)		(48,237	)		(191,244	)		(535,507	)		421,469			(358,696	)		(27,289	)		(127,863	)


Net change in contract owners’ equity			(8,789	)		(30,177	)		(58,269	)		(410,553	)		537,031			(205,314	)		5,755			(79,804	)

Contract owners’ equity at beginning of period			290,695			320,872			1,201,603			1,612,156			4,377,143			4,582,457			1,352,354			1,432,158


Contract owners’ equity at end of period	$		281,906			290,695			1,143,334			1,201,603			4,914,174			4,377,143			1,358,109			1,352,354


CHANGE IN UNITS:

Beginning units			14,250			16,541			50,434			72,765			187,162			202,681			125,697			141,017

Units purchased			54			66			462			536			65,944			52,162			82,230			177,185

Units redeemed			(1,665	)		(2,357	)		(7,895	)		(22,867	)		(48,024	)		(67,681	)		(84,557	)		(192,505	)


Ending units			12,639			14,250			43,001			50,434			205,082			187,162			123,370			125,697

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		NBIXA						NF						NFA						NFDIW2
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		4,534			3,810			(25,539	)		(26,934	)		(7,795	)		(7,575	)		(4,913	)		-

Realized gain (loss) on investments			(288	)		(378	)		166,948			110,385			11,004			9,078			1,016			-

Change in unrealized gain (loss) on investments			7,622			(4,915	)		(428,659	)		184,769			(70,528	)		56,660			84,682			-

Reinvested capital gains			-			-			641,307			302,677			151,920			68,120			7,503			-


Net increase (decrease) in contract owners’ equity resulting from operations			11,868			(1,483	)		354,057			570,897			84,601			126,283			88,288			-


Equity transactions:

Purchase payments received from contract owners (note 4)			4,931			6,417			35,249			60,310			19			1			14,577			-

Transfers between subaccounts, net			10,276			4,255			(36,919	)		(41,840	)		(2,654	)		-			4,883,770			-

Redemptions (notes 2, 3, and 4)			(5,934	)		(5,823	)		(358,112	)		(268,790	)		(39,108	)		(28,825	)		(71,739	)		-

Adjustments to maintain reserves			36			(16	)		52			(35	)		(294	)		(187	)		1,865			-


Net equity transactions			9,309			4,833			(359,730	)		(250,355	)		(42,037	)		(29,011	)		4,828,473			-


Net change in contract owners’ equity			21,177			3,350			(5,673	)		320,542			42,564			97,272			4,916,761			-

Contract owners’ equity at beginning of period			221,549			218,199			3,146,138			2,825,596			728,772			631,500			-			-


Contract owners’ equity at end of period	$		242,726			221,549			3,140,465			3,146,138			771,336			728,772			4,916,761			-


CHANGE IN UNITS:

Beginning units			14,488			14,149			17,808			18,514			17,671			18,380			-			-

Units purchased			998			714			490			469			-			-			397,396			-

Units redeemed			(402	)		(375	)		(1,689	)		(1,175	)		(976	)		(709	)		(6,979	)		-


Ending units			15,084			14,488			16,609			17,808			16,695			17,671			390,417			-

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$		$			$
		NGF						NGFA						NHBDES					NIIXA
		2025			2024			2025			2024			2025			2024		2025			2024

*Investment activity:**

Net investment income (loss)	$		(433	)		56			(4,242	)		(1,744	)		14,479			-		170			133

Realized gain (loss) on investments			3,232			26,385			20,286			39,730			989			-		22			9

Change in unrealized gain (loss) on investments			18,155			7,548			73,533			93,320			8,559			-		1,084			(51	)

Reinvested capital gains			8,041			5,959			39,943			30,086			-			-		204			-


Net increase (decrease) in contract owners’ equity resulting from operations			28,995			39,948			129,520			161,392			24,027			-		1,480			91


Equity transactions:

Purchase payments received from contract owners (note 4)			-			-			25,660			31,883			18,760			-		-			-

Transfers between subaccounts, net			-			-			(13,617	)		(6,465	)		600,193			-		-			-

Redemptions (notes 2, 3, and 4)			(3,815	)		(51,810	)		(47,672	)		(135,928	)		(129,307	)		-		(26	)		-

Adjustments to maintain reserves			34			(17	)		51			(26	)		(6	)		-		14			(6	)


Net equity transactions			(3,781	)		(51,827	)		(35,578	)		(110,536	)		489,640			-		(12	)		(6	)


Net change in contract owners’ equity			25,214			(11,879	)		93,942			50,856			513,667			-		1,468			85

Contract owners’ equity at beginning of period			183,899			195,778			847,421			796,565			-			-		4,973			4,888


Contract owners’ equity at end of period	$		209,113			183,899			941,363			847,421			513,667			-		6,441			4,973


CHANGE IN UNITS:

Beginning units			1,437			1,610			13,798			15,690			-			-		284			284

Units purchased			-			-			408			562			62,023			-		-			-

Units redeemed			(43	)		(173	)		(930	)		(2,454	)		(12,862	)		-		-			-


Ending units			1,394			1,437			13,276			13,798			49,161			-		284			284

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$		$			$
		NIPSIS						NIXR						NLCG1					NMCIXA
		2025			2024			2025			2024			2025			2024		2025			2024

*Investment activity:**

Net investment income (loss)	$		30,204			22,465			(37,035	)		(27,298	)		(34,470	)		-		(3,116	)		(2,369	)

Realized gain (loss) on investments			(19,808	)		(13,370	)		217,603			327,587			3,929			-		1,961			19,268

Change in unrealized gain (loss) on investments			43,533			38			477,361			756,270			35,356			-		(34,229	)		3,659

Reinvested capital gains			-			-			280,772			101,900			19,510			-		68,577			60,870


Net increase (decrease) in contract owners’ equity resulting from operations			53,929			9,133			938,701			1,158,459			24,325			-		33,193			81,428


Equity transactions:

Purchase payments received from contract owners (note 4)			21,438			31,858			274,070			262,264			19,961			-		7,434			8,194

Transfers between subaccounts, net			(5,148	)		(31,824	)		(146,531	)		89,903			20,528,192			-		5,001			(10,939	)

Redemptions (notes 2, 3, and 4)			(139,057	)		(70,856	)		(285,973	)		(710,665	)		(209,925	)		-		(44,131	)		(236,968	)

Adjustments to maintain reserves			68			(27	)		109			(55	)		(6	)		-		52			(28	)


Net equity transactions			(122,699	)		(70,849	)		(158,325	)		(358,553	)		20,338,222			-		(31,644	)		(239,741	)


Net change in contract owners’ equity			(68,770	)		(61,716	)		780,376			799,906			20,362,547			-		1,549			(158,313	)

Contract owners’ equity at beginning of period			1,046,234			1,107,950			6,055,531			5,255,625			-			-		634,735			793,048


Contract owners’ equity at end of period	$		977,464			1,046,234			6,835,907			6,055,531			20,362,547			-		636,284			634,735


CHANGE IN UNITS:

Beginning units			99,358			105,995			134,778			143,395			-			-		12,247			16,899

Units purchased			6,154			4,808			8,251			10,365			1,716,667			-		528			202

Units redeemed			(17,274	)		(11,445	)		(11,632	)		(18,982	)		(18,549	)		-		(1,113	)		(4,854	)


Ending units			88,238			99,358			131,397			134,778			1,698,118			-		11,662			12,247

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$		$			$		$			$
		NSCIXA						NVIE6					NVMLG1					NVSTBY
		2025			2024			2025			2024		2025			2024		2025			2024

*Investment activity:**

Net investment income (loss)	$		(3,861	)		226			(337	)		-		1,782			-		12,263			13,894

Realized gain (loss) on investments			7,908			9,321			26			-		(8	)		-		1,585			53

Change in unrealized gain (loss) on investments			32,208			13,896			14,185			-		(6,201	)		-		3,897			(2,347	)

Reinvested capital gains			9,504			15,228			-			-		7,327			-		-			-


Net increase (decrease) in contract owners’ equity resulting from operations			45,759			38,671			13,874			-		2,900			-		17,745			11,600


Equity transactions:

Purchase payments received from contract owners (note 4)			7,421			6,161			1,974			-		18,860			-		10,031			3,341

Transfers between subaccounts, net			472			(34,430	)		273,872			-		41,226			-		31,763			366,229

Redemptions (notes 2, 3, and 4)			(36,026	)		(30,499	)		(195	)		-		(11	)		-		(40,861	)		(351	)

Adjustments to maintain reserves			(239	)		20			(45	)		-		-			-		2			(5	)


Net equity transactions			(28,372	)		(58,748	)		275,606			-		60,075			-		935			369,214


Net change in contract owners’ equity			17,387			(20,077	)		289,480			-		62,975			-		18,680			380,814

Contract owners’ equity at beginning of period			443,856			463,933			-			-		-			-		380,814			-


Contract owners’ equity at end of period	$		461,243			443,856			289,480			-		62,975			-		399,494			380,814


CHANGE IN UNITS:

Beginning units			11,457			13,104			-			-		-			-		36,756			-

Units purchased			289			613			27,698			-		5,165			-		5,641			36,792

Units redeemed			(1,012	)		(2,260	)		(53	)		-		(1	)		-		(5,524	)		(36	)


Ending units			10,734			11,457			27,645			-		5,164			-		36,873			36,756

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		NVTIV3						NBGF						NBGST						NBGT
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		3,602			17,366			(21,935	)		(22,086	)		(48,228	)		(63,282	)		(2,384	)		(2,619	)

Realized gain (loss) on investments			22,033			6,598			130,086			149,847			57,116			73,313			4,999			21,082

Change in unrealized gain (loss) on investments			130,977			(12,760	)		(106,217	)		126,265			(819,590	)		241,376			(783	)		14,942

Reinvested capital gains			-			-			189,173			98,360			524,519			101,411			24,767			11,560


Net increase (decrease) in contract owners’ equity resulting from operations			156,612			11,204			191,107			352,386			(286,183	)		352,818			26,599			44,965


Equity transactions:

Purchase payments received from contract owners (note 4)			14,361			17,858			11,935			5,720			39,273			57,609			-			1

Transfers between subaccounts, net			339,546			(905	)		(142	)		(99	)		(222,464	)		12,858			(1,732	)		(43,203	)

Redemptions (notes 2, 3, and 4)			(53,676	)		(23,810	)		(241,251	)		(227,110	)		(556,155	)		(711,908	)		(5,065	)		(2,863	)

Adjustments to maintain reserves			30			(14	)		21			(12	)		(1,190	)		416			27			(16	)


Net equity transactions			300,261			(6,871	)		(229,437	)		(221,501	)		(740,536	)		(641,025	)		(6,770	)		(46,081	)


Net change in contract owners’ equity			456,873			4,333			(38,330	)		130,885			(1,026,719	)		(288,207	)		19,829			(1,116	)

Contract owners’ equity at beginning of period			366,809			362,476			1,751,023			1,620,138			4,785,673			5,073,880			204,153			205,269


Contract owners’ equity at end of period	$		823,682			366,809			1,712,693			1,751,023			3,758,954			4,785,673			223,982			204,153


CHANGE IN UNITS:

Beginning units			18,873			19,194			15,356			17,347			51,909			59,113			3,398			4,230

Units purchased			16,810			1,852			98			314			856			1,076			11			8

Units redeemed			(4,012	)		(2,173	)		(2,163	)		(2,305	)		(9,350	)		(8,280	)		(105	)		(840	)


Ending units			31,671			18,873			13,291			15,356			43,415			51,909			3,304			3,398

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		NBPT						NBSRT						PF						IYHII
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		1,307			27			(9,482	)		(10,667	)		5,929			19,361			23,168			16,103

Realized gain (loss) on investments			1,276			(118	)		11,109			19,305			160,379			85,618			(406	)		715

Change in unrealized gain (loss) on investments			26,948			718			92,986			143,773			133,333			114,057			(2,801	)		21

Reinvested capital gains			11,636			-			18,141			45,198			111,854			-			-			-


Net increase (decrease) in contract owners’ equity resulting from operations			41,167			627			112,754			197,609			411,495			219,036			19,961			16,839


Equity transactions:

Purchase payments received from contract owners (note 4)			-			-			17,304			20,773			44,337			41,757			39,119			25,332

Transfers between subaccounts, net			221,160			10			(53,262	)		(1,560	)		(77,213	)		(13,934	)		(27,632	)		449,869

Redemptions (notes 2, 3, and 4)			(11,388	)		(2,495	)		(102,017	)		(205,233	)		(313,933	)		(169,735	)		(37,201	)		(44,547	)

Adjustments to maintain reserves			15			(5	)		44			(19	)		22			(11	)		27			(29	)


Net equity transactions			209,787			(2,490	)		(137,931	)		(186,039	)		(346,787	)		(141,923	)		(25,687	)		430,625


Net change in contract owners’ equity			250,954			(1,863	)		(25,177	)		11,570			64,708			77,113			(5,726	)		447,464

Contract owners’ equity at beginning of period			5,388			7,251			810,976			799,406			2,385,997			2,308,884			447,464			-


Contract owners’ equity at end of period	$		256,342			5,388			785,799			810,976			2,450,705			2,385,997			441,738			447,464


CHANGE IN UNITS:

Beginning units			133			192			14,893			18,434			22,071			23,384			43,101			-

Units purchased			5,389			-			420			456			592			441			3,759			47,413

Units redeemed			(246	)		(59	)		(2,843	)		(3,997	)		(3,631	)		(1,754	)		(6,163	)		(4,312	)


Ending units			5,276			133			12,470			14,893			19,032			22,071			40,697			43,101

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		WRSCGA						PMTRA						PUGOA						PUIGA
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(2,671	)		(2,821	)		23,036			23,899			(2,690	)		(2,996	)		79			(26	)

Realized gain (loss) on investments			(13,970	)		(3,310	)		(14,553	)		(20,952	)		9,680			52,072			34			19

Change in unrealized gain (loss) on investments			2,983			20,175			49,231			5,191			(24,243	)		636			1,525			(124	)

Reinvested capital gains			36,921			13,111			-			-			10,142			18,591			650			259


Net increase (decrease) in contract owners’ equity resulting from operations			23,263			27,155			57,714			8,138			(7,111	)		68,303			2,288			128


Equity transactions:

Purchase payments received from contract owners (note 4)			2,124			2,320			10,931			12,462			494			461			-			-

Transfers between subaccounts, net			(11,938	)		2,817			(939	)		9,427			(221,525	)		73,117			-			-

Redemptions (notes 2, 3, and 4)			(24,482	)		(8,105	)		(49,748	)		(97,863	)		(6,954	)		(15,577	)		(5	)		(1	)

Adjustments to maintain reserves			21			(14	)		51			(24	)		20			(12	)		2			(1	)


Net equity transactions			(34,275	)		(2,982	)		(39,705	)		(75,998	)		(227,965	)		57,989			(3	)		(2	)


Net change in contract owners’ equity			(11,012	)		24,173			18,009			(67,860	)		(235,076	)		126,292			2,285			126

Contract owners’ equity at beginning of period			227,345			203,172			772,658			840,518			423,513			297,221			6,485			6,359


Contract owners’ equity at end of period	$		216,333			227,345			790,667			772,658			188,437			423,513			8,770			6,485


CHANGE IN UNITS:

Beginning units			16,227			16,362			39,286			42,926			10,886			10,063			259			259

Units purchased			179			739			1,395			1,338			202			8,926			-			-

Units redeemed			(2,634	)		(874	)		(3,274	)		(4,978	)		(6,798	)		(8,103	)		-			-


Ending units			13,772			16,227			37,407			39,286			4,290			10,886			259			259

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$
		VRTAA
		2025			2024

*Investment activity:**

Net investment income (loss)	$		3,797			1,057

Realized gain (loss) on investments			2,675			9,425

Change in unrealized gain (loss) on investments			(35,993	)		(853	)

Reinvested capital gains			50,603			44,738


Net increase (decrease) in contract owners’ equity resulting from operations			21,082			54,367


Equity transactions:

Purchase payments received from contract owners (note 4)			23,917			26,340

Transfers between subaccounts, net			10,236			(4,832	)

Redemptions (notes 2, 3, and 4)			(49,936	)		(97,043	)

Adjustments to maintain reserves			20			(9	)


Net equity transactions			(15,763	)		(75,544	)


Net change in contract owners’ equity			5,319			(21,177	)

Contract owners’ equity at beginning of period			429,195			450,372


Contract owners’ equity at end of period	$		434,514			429,195


CHANGE IN UNITS:

Beginning units			27,566			32,640

Units purchased			2,488			1,759

Units redeemed			(3,562	)		(6,833	)


Ending units			26,492			27,566

*For	all subaccounts not included herein but listed as an investment option in note 1(b), there was no activity during the two-year period. See note 1(b) for all investments available for which no contract owners were invested at December 31, 2025, if applicable.

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT

NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025

(1)

Background and Summary of Significant Accounting Policies

(a) Organization and Nature of Operations

The Nationwide Variable Account (the Separate Account) was established pursuant to a resolution of the Board of Directors of Nationwide Life Insurance Company (the Company) on March 3, 1976. The Separate Account is registered as a unit investment trust under the Investment Company Act of 1940. The Separate Account is an Investment Company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946, Financial Services – Investment Companies.

(b) The Contracts

The Separate Account offers variable annuity insurance benefits intended to serve the long-term saving needs of investors. The primary distribution for the contracts is through the brokerage community; however, other distributors are utilized. Contract features are described in the applicable prospectus.

A contract owner may choose from among a number of different underlying mutual fund options. The underlying mutual fund options are not available to the general public directly. The underlying mutual funds are available as investment options in variable life insurance policies or variable annuity contracts issued by life insurance companies or, in some cases, through participation in certain qualified pension or retirement plans.

Some of the underlying mutual funds have been established by investment advisers which manage publicly traded mutual funds having similar names and investment objectives. While some of the underlying mutual funds may be similar to, and may in fact be modeled after, publicly traded mutual funds, the underlying mutual funds are not otherwise directly related to any publicly traded mutual fund. Consequently, the investment performance of publicly traded mutual funds and any corresponding underlying mutual funds may differ substantially.

With certain exceptions, contract owners in either the accumulation or payout phase may invest in any of the following:

ABERDEEN FUNDS

abrdn Infrastructure Debt Fund - Institutional Service Class (ADGFIS)

abrdn U.S. Sustainable Leaders Fund - Institutional Service Class (ADUES)

abrdn U.S. Small Cap Equity Fund - Class A (PRSCA)

ALLSPRING GLOBAL INVESTMENTS

Allspring Common Stock Fund - Class A (SACSA)

Allspring Growth Fund - Class A (SGRA)

Allspring Special Large Cap Value Fund - Administrative Class (WFAIVD)

Allspring Mid Cap Growth Fund - Class A (WFENAD)

Allspring Large Cap Core Fund - Class A (WFLCCA)

Allspring Large Cap Growth Fund - Class A (WFLGA)

AMERICAN CENTURY INVESTMENTS

American Century Disciplined Core Value Fund - Class A (ACIGA)

American Century Short-Term Government Fund: Investor Class (BSTG)

American Century Disciplined Core Value Fund - Investor Class (IGF)

American Century Growth Fund: Investor Class (TCG)

American Century International Growth Fund: Class A (TCIGA)

American Century International Growth Fund: Investor Class (TCIGR)

American Century Ultra(R) Fund: Investor Class (TCUL)

BNY MELLON INVESTMENT MANAGEMENT

BNY Mellon Appreciation Fund, Inc. - Investor Shares (DAF)

BNY Mellon Core Plus Fund - Class A (DMICPA)

BNY Mellon Balanced Opportunity Fund - Class Z (DPBOZ)

BNY Mellon Opportunistic Small Cap Fund - Investor Shares (DROSC)

BNY Mellon S&P 500 Index Fund (DSPI)

BNY Mellon Sustainable U.S. Equity Fund, Inc. - Class Z (DTC)

FEDERATED HERMES, INC.

Federated Hermes Corporate Bond Fund - Class F Shares (FBDF)

Federated Hermes Strategic Dividend Growth Fund, Inc - Class F Shares (FEQIF)

Federated Hermes Opportunistic High Yield Bond Fund - Service Shares (FHYT)

NATIONWIDE VARIABLE ACCOUNT

NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025

Federated Hermes Intermediate Corporate Bond Fund: Service Shares (FIIF)

FIDELITY INVESTMENTS

Fidelity Advisor Equity Dividend Income Fund - Class A (FAEDIA)

Fidelity Advisor Equity Dividend Income Fund - Class M (FAEDIM)

Fidelity Advisor Equity Growth Fund: Class A (FAEGA)

Fidelity Advisor Growth Opportunities Fund - Class M (FAGO)

Fidelity Advisor Growth Opportunities Fund: Class A (FAGOA)

Fidelity Advisor Capital & Income Fund - Class M (FAHY)

Fidelity Asset Manager 50% (FAM)

Fidelity Advisor Overseas Fund - Class A (FAOVSA)

Fidelity Capital & Income Fund (FCI)

Fidelity Advisor Balanced Fund - Class M (FDB)

Fidelity Advisor Balanced Fund - Class A (FDBA)

Fidelity Equity-Income Fund (FEI)

Fidelity Variable Insurance Products Fund - VIP High Income Portfolio: Initial Class (FHIP)*

Fidelity Magellan(R) Fund (FMG)

Fidelity Variable Insurance Products Fund - VIP Overseas Portfolio: Service Class 2 (FO2)

Fidelity Puritan Fund (FPR)

FRANKLIN TEMPLETON DISTRIBUTORS, INC.

Franklin Mutual U.S. Mid Cap Value Fund - Class A (FRBSI)

Franklin Small-Mid Cap Growth Fund: Class A (FSCG)

Templeton Foreign Fund - Class A (TFF)

Franklin Templeton Variable Insurance Products Trust - Templeton Foreign VIP Fund: Class 2 (TIF2)

Franklin Mutual Series Fund, Inc. - Mutual Shares Fund - Class A (TMSF)

INVESCO INVESTMENTS

Invesco Real Estate Fund: Class A (AREA)

Invesco Small Cap Growth Fund: Investor Class (ASCGI)

Invesco Discovery Large Cap Fund - Class A (OCAF)

Invesco Discovery Mid Cap Growth Fund - Class A (ODMCGA)

Invesco Global Fund - Class A (OGF)

Invesco Global Strategic Income Fund - Class A (OSI)

Invesco - Invesco V.I. Global Fund: Series II (OVGSS)*

Invesco Equity and Income Fund: Class A (VKEIA) Invesco Growth and Income Fund: Class A (VKGIA)

JANUS HENDERSON INVESTORS

Janus Henderson Forty Fund - Class T (JAFRT)*

Janus Henderson Balanced Fund: Class S (JBS)

Janus Henderson Research Fund - Class T (JMERC)

Janus Henderson Overseas Fund - Class S (JOS)

Janus Henderson Global Research Fund - Class T (JWF)

Janus Henderson Global Research Fund - Class S (JWS)

LAZARD FUNDS

Lazard US Small Cap Equity Select Portfolio - Open Shares (LSC)