🧾 What This Document Is

This is a Form 6-K, a monthly report that foreign companies listed in the U.S. (like Japan's Nomura) must file with the SEC. Think of it as a financial update newsletter. This one, filed on April 24, 2026, shares the company's audited financial results for the full fiscal year that just ended on March 31, 2026.

👉 It's a detailed look at how Nomura performed over the past year, including profits, losses, and major business moves.

🏢 What The Company Does

In simple terms, Nomura is a giant Japanese bank and financial services company. It's like the Wall Street of Japan. It makes money by:

• Wealth Management: Advising rich individuals on investments.
• Investment Management: Running mutual funds and pensions (like a money manager).
• Wholesale: Helping big companies and institutions buy/sell stocks and bonds (investment banking & trading).
• Banking: Providing loans and traditional banking services.

👉 It's a global financial powerhouse, and this report shows how all its different divisions performed.

💰 Financial Highlights (The Scorecard)

Here’s how the numbers stacked up compared to the previous year (all in Japanese Yen):

Metric	FY 2025 (Ended Mar '25)	FY 2026 (Ended Mar '26)	% Change
Net Revenue (Its "Sales")	¥1.89 trillion	¥2.17 trillion	+14.5% 🚀
Profit Before Tax	¥472.0 billion	¥539.8 billion	+14.4%
Net Profit (For Shareholders)	¥340.7 billion	¥362.1 billion	+6.3%
Earnings Per Share	¥115.30	¥123.08	+6.7%
Return on Equity*	10.0%	10.1%	Stable

*Return on Equity (ROE) measures how efficiently the company uses shareholder money to generate profit.

Why it matters: Nomura had a strong top-line year, with sales (Net Revenue) growing double digits. However, profit growth was more modest because costs and taxes also rose significantly.

🚀 Key Moves: The Big Acquisition

The most strategic move this year was spending about $1.8 billion (¥281.4 billion) to buy several asset management companies from the Macquarie Group in December 2025.

Why it matters: This is a major bet to supercharge its Investment Management division. By buying these established firms, Nomura instantly added a huge chunk of money it manages for clients (Assets Under Management jumped to ¥136.9 trillion). It's a classic move to grow faster by buying expertise and market share.

📦 Financial Position: A Bigger Balance Sheet

• Total Assets grew to ¥62.6 trillion (from ¥56.8 trillion), mainly because Nomura is holding more Trading Assets (stocks, bonds it trades).
• Total Shareholder Equity (the company's net worth) also grew to ¥3.71 trillion.
• Shareholders' Equity as a % of Assets dipped slightly to 5.9% (from 6.1%).

Why it matters: The company is expanding its asset base, which is good for growth, but the slightly lower equity ratio suggests it's using a bit more borrowed money (leverage) to finance that growth.

💸 Cash Flow & Dividend Story

Cash Flow was mixed:

• Operating Activities: Used ¥843.0 billion in cash, mainly because Nomura spent heavily to grow its trading and investment portfolios.
• Financing Activities: Provided ¥2.10 trillion in cash, mostly from issuing new long-term debt. This funded the spending above.

Dividend Cut: Despite higher profits, Nomura reduced its total annual dividend to ¥51.00 per share from ¥57.00.

Why it matters: The prior year's dividend was special, including a "100th Anniversary" bonus. The company is now resetting to a more sustainable level. The payout ratio fell from 49.4% to 41.4%, meaning it's keeping more of its profits to reinvest in the business (like that big Macquarie acquisition).

🔮 What's Next: No Guidance Given

Nomura explicitly states it does not provide earnings forecasts.

Why it matters: The company operates in the unpredictable global capital markets and avoids making promises about future profits. Investors must rely on their own analysis of the market and Nomura's strategy.

⚖️ Big Picture: Strengths & Risks

• 👍 Strengths: Strong revenue growth across most divisions, especially Wealth Management and Wholesale. The strategic acquisition positions it for future growth in asset management.
• ⚠️ Risks: Costs are rising as fast as revenue, squeezing profit margins. The Investment Management segment saw expenses soar 65.5% after the acquisition, barely changing its profit. The company is also more leveraged, and its future is highly dependent on volatile market conditions.

🧠 The Analogy

Imagine Nomura is a professional gardener (a financial services firm). This year, it sold a lot more plants and gardening services (revenue up 14.5%). To grow even bigger, it bought a whole new greenhouse and a team of expert growers (the Macquarie acquisition). While it made more total profit, a lot of that new money had to go into paying for the new greenhouse and its staff. So, it decided to take a slightly smaller share of the profits home for itself this year (lower dividend payout) to invest in making the garden even bigger for the future.

🧩 Final Takeaway

Nomura had a financially strong year with solid sales growth, highlighted by a major strategic purchase to expand its global asset management business. However, rising costs and a conservative dividend policy signal the company is in investment mode, prioritizing long-term growth over immediate shareholder payouts in a competitive and uncertain market.