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    Kazuki Watanabe • Daiwa Securities Co. Ltd.

    Kazuki Watanabe's questions to Nomura Holdings Inc (NMR) leadership

    Kazuki Watanabe's questions to Nomura Holdings Inc (NMR) leadership • Q4 2025

    Question

    Kazuki Watanabe inquired about the rationale for the JPY 60 billion share buyback, including the portion allocated for RSUs, and asked if Nomura plans to revise its holdings in strategic assets like NRI stock as part of its portfolio reshuffling.

    Answer

    CFO Takumi Kitamura explained that the JPY 60 billion buyback amount was determined after reviewing various capital ratios and confirmed it includes the RSU portion, with the total payout still exceeding the 50% target. He also stated that while the company is dynamically managing its portfolio, there are no current plans to change its stake in NRI.

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    Kazuki Watanabe's questions to Nomura Holdings Inc (NMR) leadership • Q3 2025

    Question

    Kazuki Watanabe of Daiwa Securities Group Inc. asked about the business impact of tightened client visit rules on the Wealth Management division's sales activities. He also questioned the outlook for expenses, asking if the low cost-to-income ratio in Wealth Management is sustainable and if costs in the Wholesale division might rise now that its 80% cost-to-income target has been met.

    Answer

    CFO Takumi Kitamura responded that there has been minimal impact on business with existing clients due to strong relationships, although new client acquisition has slowed slightly. On expenses, he stated that cost controls in Wealth Management are stable and effective. While future IT investments may temporarily increase costs, they are aimed at long-term reductions. For the Wholesale division, Mr. Kitamura affirmed that disciplined cost control will continue despite reaching the 79% cost-to-income ratio, as the company aims to provide stability to stakeholders, though he noted that inflationary pressures abroad present a challenge.

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    Kazuki Watanabe's questions to Nomura Holdings Inc (NMR) leadership • Q1 2025

    Question

    Kazuki Watanabe inquired about the strength of the Investment Banking (IB) pipeline, especially for large offerings, and which schemes for reducing corporate cross-shareholdings are most profitable. He also asked about the outlook for the CET1 ratio after Basel III finalization and the timing for disclosing a new target.

    Answer

    CFO Takumi Kitamura confirmed the IB pipeline is robust, with significant activity expected in Japanese follow-on public offerings (FPOs), an area of strength for Nomura. Regarding capital, Kitamura stated the outlook for the CET1 ratio under the finalized Basel III framework has not significantly changed and that the company aims to disclose a new target level sometime within the current year.

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    Kazuki Watanabe's questions to ORIX Corp (IX) leadership

    Kazuki Watanabe's questions to ORIX Corp (IX) leadership • Q3 2025

    Question

    Kazuki Watanabe from Daiwa Securities Group Inc. asked if ORIX's view on the profitability of its domestic Finance business has changed due to the current macro environment, and whether there have been any shifts in how the company assesses the quality of its base profit.

    Answer

    Kazuki Yamamoto, Operating Officer in charge of IR, responded that the view on the domestic Finance business remains largely unchanged, noting that rising interest rates are a positive factor for asset management in the life insurance business. He clarified that the 'focus on asset management' is a strategy to leverage third-party capital for growth. Mr. Yamamoto reassured that growing base profit, combined with capital recycling, remains a core, unchanged policy and a key focus for the Board.

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    Kazuki Watanabe's questions to ORIX Corp (IX) leadership • Q1 2025

    Question

    Kazuki Watanabe of Daiwa Securities Group Inc. asked about the recent acquisition of Panasonic Connect's projector business, seeking details on its expected profit contribution and potential synergies with ORIX's existing businesses like Toshiba or its MICE IR project.

    Answer

    Kazuki Yamamoto, Operating Officer, described the deal as a carve-out investment where ORIX can leverage its PE expertise. While not disclosing the exact investment amount, he cautioned that achieving profitability may take time due to the business's scale, but the expected ROI is consistent with traditional PE deals. He stated that the business is evaluated on a standalone basis, and while synergies are a potential upside, they are not factored into the initial valuation.

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    Kazuki Watanabe's questions to ORIX Corp (IX) leadership • Q1 2025

    Question

    Kazuki Watanabe of Daiwa Securities Co. Ltd. inquired about the recent acquisition of Panasonic Connect's projector business, asking for details on its expected profit contribution, the timeline to profitability, and any potential synergies with ORIX's existing operations like MICE IR.

    Answer

    Kazuki Yamamoto, Operating Officer, stated that while the enterprise value of the acquisition is JPY 118.5 billion, the actual investment amount is undisclosed. He cautioned that profitability may take time due to the deal's carve-out nature but expects the ultimate ROI to align with traditional PE deals. Yamamoto clarified that synergies are viewed as a potential upside rather than being factored into the initial valuation, with the primary focus on applying ORIX's PE expertise to the standalone business.

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