Affiliated companies and other equity-method investees

12 Months Ended

Mar. 31, 2026

Affiliated Companies and Other Equity-method Investees [Abstract]

Affiliated companies and other equity-method investees

21. Affiliated companies and other equity-method investees:

Nomura’s significant affiliated companies and other equity-method investees include Nomura Research Institute, Ltd. (“NRI”) and Nomura Real Estate Holdings, Inc. (“NREH”). Nomura also invests in American Century Companies, Inc., that is carried at fair value on a recurring basis through election of the FVO. See Note 2 “

Fair value measurements

” for further information.

NRI

NRI develops and manages computer systems and provides research services and management consulting services. One of the major clients of NRI is Nomura.

As of March 31, 2025 and 2026, Nomura’s ownership of NRI was 23.0% and 23.1% respectively.

NREH

NREH is the holding company of the Nomura Real Estate Group which is primarily involved in the residential property development, leasing, investment management as well as other real estate-related activities.

As of March 31, 2025 and 2026, Nomura’s ownership of NREH was 37.2% and 37.6% respectively.

As of March 31, 2025 and 2026, the aggregated carrying value of the investments in equity method investees exceeded Nomura’s equity in the underlying net assets of these equity method investees by ¥31,576 million and ¥21,810 million, respectively. Such excess primarily represented equity method goodwill for each significant equity method investee, except for certain equity method investees including NREH for which Nomura’s carrying value was below Nomura’s equity in the underlying net assets of the investees.

Summary financial information—

The following tables present summarized financial information for significant affiliated companies of Nomura (including those elected for the FVO) as of March 31, 2025 and 2026, and for the years ended March 31, 2024, 2025 and 2026.


	Millions of yen
	March 31
	2025		2026
Total assets	¥	3,849,351	¥	4,070,274
Total liabilities		2,597,957		2,761,101


	Millions of yen
	Year ended March 31
	2024		2025		2026
Net revenues	¥	1,187,696	¥	1,254,864	¥	1,503,892
Non-interest expenses		937,551		965,914		1,242,921
Net income attributable to affiliated companies		176,705		209,174		171,418

The f

ollow

ing tables present a summary of balances and transactions with affiliated companies and other equity-method investees as of March 31, 2025 and 2026, and during the years ended March 31, 2024, 2025 and 2026. Investments in American Century Companies, Inc., for which FVO was elected, are not included in

Investments in affiliated companies

in the following table and are reported within

Other assets—Other

in the consolidated balance sheets.


	Millions of yen
	March 31
	2025		2026
Investments in affiliated companies	¥	497,435	¥	515,848
Advances to affiliated companies		8,954		19,554
Other receivables from affiliated companies (1)		38,351		42,134
Other payables to affiliated companies (2)		26,643		25,475

(1)	Includes ROU assets of ¥20,664 million and ¥19,547 million as of March 31, 2025 and 2026, respectively.

(2)	Includes operating lease liabilities of ¥20,664 million and ¥ 19,547 million as of March 31, 2025 and 2026, respectively.


	Millions of yen
	Year ended March 31
	2024		2025		2026
Revenues (1)(2)	¥	2,172	¥	3,887	¥	3,664
Non-interest expenses		53,177		52,721		53,699
Purchase of software, securities and tangible assets		15,367		44,954		61,122

(1)

The revenue amount does not include revenue of ¥ 56,144

million from the sale in April 2025 by Nomura of its own land and buildings located in Takanawa 2-chome, Minato-ku, Tokyo. The transaction counterparties included Nomura Real Estate Development Co., Ltd., a subsidiary of Nomura Real Estate Holdings, Inc., an affiliated company, and a third-party financing company. Nomura considers the entire transaction to be with a related party. The revenue is included in

Revenue—Other

in the consolidated statements of income for the year ended March 31, 2026.

(2)	The revenue amount does not include the dividends from and the movement in fair values of the affiliate investee for which FVO was elected. The revenue is included in Revenue—Interest and dividends and Revenue—Other , respectively in the consolidated statements of income.

The following table presents the aggregate carrying amount and fair value of investments in affiliated companies and other equity-method investees for which a quoted market price is available as of March 31, 2025 and 2026.


	Millions of yen
	March 31
	2025		2026
Carrying amount	¥	429,968	¥	457,152
Fair value		919,677		898,413

The f

ollowing table presents equity in earnings of from equity-method investees and dividends from equity-method investees and affiliate for which FVO was elected, for the years ended March 31, 2024, 2025 and 2026.


	Millions of yen
	Year ended March 31
	2024		2025		2026
Equity in earnings of equity-method investees (1)	¥	45,687	¥	52,454	¥	45,158
Dividends from equity-method investees and affiliates for which FVO was elected (2)		27,770		37,067		26,496

(1)	Equity in earnings of equity-method investees is reported within Revenue—Other in the consolidated statements of income.

(2)	Dividends from affiliate for which FVO was elected are reported within Interest and Dividends .