v3.26.1
Employee benefit plans (Tables)
12 Months Ended
Mar. 31, 2026
Employee Benefit Plans [Abstract]  
Net periodic benefit cost for defined benefit plans
    
Millions of yen
 
    
Year ended March 31
 
    
2024
   
2025
   
2026
 
Service cost
   ¥ 6,028     ¥ 5,748     ¥ 5,404  
Interest cost
     3,484       4,039       5,056  
Expected return on plan assets
     (5,658     (5,664     (5,369
Amortization of net actuarial losses
     3,021       1,844       798  
Amortization of prior service cost
     (1,603     (441     (541 )
  
 
 
   
 
 
   
 
 
 
Net periodic benefit cost
   ¥ 5,272     ¥ 5,526     ¥ 5,348  
  
 
 
   
 
 
   
 
 
 
Reconciliation of changes in projected benefit obligation and fair value of plan assets
    
Millions of yen
 
    
As of or for the year
ended March 31
 
    
2025
   
2026
 
Change in projected benefit obligation:
    
Projected benefit obligation at beginning of year
   ¥ 245,439     ¥ 218,187  
Service cost
     5,748       5,404  
Interest cost
     4,039       5,056  
Actuarial gain
     (19,012     (13,512
Benefits paid
     (17,137     (16,842 )
Amendments of pension benefit plans
     (883      
Acquisition, divestitures and other
     (7     1  
  
 
 
   
 
 
 
Projected benefit obligation at end of year
   ¥ 218,187     ¥ 198,294  
  
 
 
   
 
 
 
Change in plan assets:
    
Fair value of plan assets at beginning of year
   ¥ 219,869     ¥ 208,523  
Actual return on plan assets
     (364     6,023  
Employer contributions
     748        
Benefits paid
     (11,730     (12,178 )
  
 
 
   
 
 
 
Fair value of plan assets at end of year
   ¥ 208,523     ¥ 202,368  
  
 
 
   
 
 
 
Funded status at end of year
     (9,664     4,074  
  
 
 
   
 
 
 
Amounts recognized in the consolidated balance sheets
   ¥ (9,664   ¥ 4,074  
  
 
 
   
 
 
 
Projected benefit obligation, accumulated benefit obligation and fair value of plan assets for pension plans with ABO and PBO in excess of plan assets
The following table presents the PBO, ABO and fair value of plan assets for Japanese entities’ plans with ABO and PBO in excess of plan assets as of March 31, 2025 and 2026.
 
    
Millions of yen
 
    
March 31
 
    
2025
    
2026
 
Plans with ABO in excess of plan assets:
     
PBO
   ¥ 45,064      ¥ 45,356  
ABO
     45,064        45,356  
Fair value of plan assets
    
      
 
Plans with PBO in excess of plan assets:
     
PBO
   ¥ 45,064      ¥ 45,356  
ABO
     45,064        45,356  
Fair value of plan assets
    
      
 —
 
Amounts in accumulated other comprehensive income, pre-tax, that have not yet been recognized as components of net periodic benefit cost
The following table presents
pre-tax
amounts of Japanese entities’ plans deferred in
Accumulated other comprehensive income (loss)
that have not yet been recognized as components of net periodic benefit cost during the year ended March 31, 2026.
 
    
Millions of yen
 
    
For the year ended

March 31, 2026
 
Net actuarial loss
   ¥   13,560  
Net prior service cost
     (4,693
  
 
 
 
Total
   ¥ 8,867  
  
 
 
 
Amounts in accumulated other comprehensive income, pre-tax, expected to be recognized as components of net periodic benefit cost over next fiscal year
Pre-tax
amounts of Japanese entities’ plans in
Accumulated other comprehensive income
which are expected to be recognized as components of net periodic benefit cost over the next fiscal year are as follows.
 
    
Millions of yen
 
    
For the year ending

March 31, 2027
 
Net actuarial loss
   ¥ (217
Net prior service cost
     (541 )
  
 
 
 
Total
   ¥   (758 )
  
 
 
 
Schedule of weighted-average assumptions used to determine PBO
The following table presents the weighted-average assumptions used to determine projected benefit obligations of Japanese entities’ plans as of March 31, 2025 and 2026.
 
    
March 31
 
    
2025
   
2026
 
Discount rate
     2.3     3.2
Rate of increase in compensation levels
     0.5     0.4
Interest crediting rate
     2.9     2.9
Weighted-average assumptions used to determine net periodic benefit costs
The following table presents the weighted-average assumptions used to determine the net periodic benefit cost of Japanese entities’ plans for the year ended March 31, 2024, 2025 and 2026.
 
    
Year ended March 31
 
    
2024
   
2025
   
2026
 
Discount rate
     1.3     1.6     2.3
Rate of increase in compensation levels
     0.4     0.5     0.5
Expected long-term rate of return on plan assets
     2.6     2.6     2.6
Interest crediting rate
     2.8     2.8     2.9
Information about plan assets at fair value
The following tables present information about the fair value of plan assets of Japanese entities’ plans as of March 31, 2025 and 2026 within the fair value hierarchy.
 
    
Millions of yen
 
    
March 31, 2025
 
    
Level 1
    
Level 2
    
Level 3
    
Balance as of

March 31,
2025
 
Pension plan assets:
           
Private equity and pooled investments
(1)
   ¥
— 
     ¥ 1,545      ¥ 9,418      ¥ 10,963  
Japanese government securities
     24,713       
— 
      
— 
       24,713  
Investment trust funds and other
(2)(3)
    
 — 
       10,535        20,296        30,831  
Life insurance company general accounts
    
— 
       75,067       
— 
       75,067  
Other assets
    
— 
       31,420       
— 
       31,420  
  
 
 
    
 
 
    
 
 
    
 
 
 
Total
   ¥ 24,713      ¥ 118,567      ¥ 29,714      ¥ 172,994  
  
 
 
    
 
 
    
 
 
    
 
 
 
 
 
    
Millions of yen
 
    
March 31, 2026
 
    
Level 1
    
Level 2
    
Level 3
    
Balance as of

March 31,
2026
 
Pension plan assets:
           
Private equity and pooled investments
(1)
   ¥
 — 
     ¥ 584      ¥ 9,139      ¥ 9,723  
Japanese government securities
     19,954       
 — 
      
 — 
       19,954  
Investment trust funds and other
(2)(3)
    
 — 
       10,026        20,739        30,765  
Life insurance company general accounts
    
 — 
       74,968       
 — 
       74,968  
Other assets
    
 — 
       28,866       
 — 
       28,866  
  
 
 
    
 
 
    
 
 
    
 
 
 
Total
   ¥ 19,954      ¥ 114,444      ¥ 29,878      ¥ 164,276  
  
 
 
    
 
 
    
 
 
    
 
 
 
 
(1)
Includes corporate type equity investments.
(2)
Includes primarily debt investment funds. Hedge funds and real estate funds are also included.
(3)
Certain plan assets that are carried at fair value using net asset value per share as a practical expedient have not been classified in the fair value hierarchy. As of March 31, 2025 and 2026, the fair value of these assets was ¥35,529 million and ¥38,092 million, respectively.
Information about plan assets for which Level 3 inputs are utilized to determine fair value
The following tables present information about plan assets of Japanese entities’ plans for which Nomura has utilized significant Level 3 valuation inputs to estimate fair value.
 
    
Millions of yen
 
    
Year ended March 31, 2025
 
    
Balance

as of

April 1,

2024
    
Unrealized

and realized

gains / (loss)
   
Purchases /

sales and

other

settlement
   
Balance

as of

March 31,

2025
 
Private equity and pooled investments
   ¥ 16,321      ¥ (3,608   ¥ (3,295   ¥ 9,418  
Investment trust funds and other
     27,022        (1,245     (5,481     20,296  
  
 
 
    
 
 
   
 
 
   
 
 
 
Total
   ¥ 43,343      ¥ (4,853   ¥ (8,776   ¥ 29,714  
  
 
 
    
 
 
   
 
 
   
 
 
 
    
Millions of yen
 
    
Year ended March 31, 2026
 
    
Balance

as of

April 1,

2025
    
Unrealized

and realized

gains / (loss)
   
Purchases /

sales and

other

settlement
   
Balance

as of

March 31,

2026
 
Private equity and pooled investments
   ¥ 9,418      ¥ 415     ¥ (694 )   ¥ 9,139  
Investment trust funds and other
     20,296        1,215       (772)       20,739  
  
 
 
    
 
 
   
 
 
   
 
 
 
Total
   ¥ 29,714      ¥ 1,630     ¥ (1,466 )   ¥ 29,878  
  
 
 
    
 
 
   
 
 
   
 
 
 
Expected benefit payments
The following table presents the expected benefit payments of Japanese entities’ plans during the next five fiscal years and in aggregate for the five fiscal years thereafter.
 
Year ending March 31
  
Millions of yen
 
2027
   ¥   16,926  
2028
     16,288  
2029
     14,758  
2030
     13,291  
2031
     12,450  
2032-2036
     57,471