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    Masao Muraki • SMBC Nikko Securities Inc.

    Masao Muraki's questions to Nomura Holdings Inc (NMR) leadership

    Masao Muraki's questions to Nomura Holdings Inc (NMR) leadership • Q4 2025

    Question

    Masao Muraki asked about Nomura's Fixed Income performance, which appeared weak compared to U.S. peers, and questioned the firm's capital policy, specifically if the CET1 ratio target of around 12.8% drove the recent share buyback decision.

    Answer

    CFO Takumi Kitamura acknowledged the weakness in Fixed Income, attributing it to a different product mix (no commodities), challenges in structured rates and agency mortgages, and a difficult environment in Japan due to rising JGB yields. Regarding capital, Mr. Kitamura stated that the buyback decision was based on a holistic view of multiple capital ratios, not just a specific CET1 target, and that the official target range would be shared at the upcoming Investor Day.

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    Masao Muraki's questions to Nomura Holdings Inc (NMR) leadership • Q3 2025

    Question

    Masao Muraki of SMBC Nikko Securities Inc. inquired about the sustainability of the strong performance in the Wholesale fixed income business, particularly in U.S. securitized products, and its profitability under current regulations. He also asked about plans for further asset sales to improve efficiency, such as the company's holdings of NRI stock, following the announced sale of real estate.

    Answer

    CFO Takumi Kitamura confirmed the strength in securitized products was driven by active portfolio management and diversification into areas like CLOs and private credit, stating that the business has secured sufficient ROE. He noted there is still upside potential in rates products. Regarding asset sales, Mr. Kitamura explained the Takanawa property sale was timed with the development of a new headquarters and favorable market conditions, but clarified there are no current plans to alter the holding ratio of NRI stock. He also noted that Europe's profitability was boosted by contributions from Laser Digital and a recovery in the core fixed income business.

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    Masao Muraki's questions to Nomura Holdings Inc (NMR) leadership • Q1 2025

    Question

    Masao Muraki asked for details on the drivers of the strong performance in Spread Products, particularly in U.S. securitization and Japanese credit, and the related increase in risk-weighted assets (RWA) and Level 3 assets. He also inquired about the reasons for improved asset acquisition in Wealth Management.

    Answer

    Takumi Kitamura, CFO, explained that U.S. securitized products, where Nomura holds a top market share, accounted for 60% of the Spread Products' strength, with a strategic shift toward origination. The increase in RWA and Level 3 assets was attributed to yen depreciation and higher inventory from healthy client trading demand. For Wealth Management, Kitamura noted that strong client sentiment in a high-market environment is driving discretionary investments, as clients reinvest unrealized gains.

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    Masao Muraki's questions to ORIX Corp (IX) leadership

    Masao Muraki's questions to ORIX Corp (IX) leadership • Q3 2025

    Question

    Masao Muraki from SMBC Nikko Securities Inc. asked for an update on the discussion around the next mid-term plan's ROE and growth targets, and whether ORIX is considering a more aggressive stance on share buybacks to drive EPS growth.

    Answer

    Kazuki Yamamoto, Operating Officer in charge of IR, confirmed that the next mid-term plan is under active discussion, focusing on long-term strategies by back-casting from future goals. He highlighted ORIX's long-standing commitment to share buybacks and EPS growth. Mr. Yamamoto reiterated that achieving the 11% ROE target is a key focus and will require leveraging capital recycling and the asset management model, with the path to achieving this being a central part of ongoing discussions.

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    Masao Muraki's questions to ORIX Corp (IX) leadership • Q1 2025

    Question

    Masao Muraki of SMBC Nikko Securities Inc. inquired about the impact of market fluctuations, specifically foreign exchange movements and potential interest rate cuts by the Fed and ECB, on ORIX's earnings. He also asked about the conditions under which it would be difficult to generate gains on sales from domestic private equity and real estate exits.

    Answer

    Kazuki Yamamoto, Operating Officer, explained that interest rate cuts in the U.S. and Europe would be a positive tailwind for ORIX, benefiting the aircraft, private equity, and real estate businesses. He noted that for domestic real estate, the weak yen and low interest rates have been supportive of sales, and there is still potential for growth. For domestic PE, he believes the positive effects of economic recovery on portfolio companies' profits would offset negative impacts from higher interest rates.

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    Masao Muraki's questions to ORIX Corp (IX) leadership • Q1 2025

    Question

    Masao Muraki of SMBC Nikko Securities Inc. asked about the impact of market fluctuations, specifically foreign exchange and interest rate changes, on ORIX's earnings and inquired about the conditions that would hinder the generation of gains from private equity and real estate exits.

    Answer

    Kazuki Yamamoto, Operating Officer, explained that interest rate cuts in the U.S. and Europe would be a positive tailwind for earnings, particularly in the aircraft, private equity, and real estate businesses. He noted that while yen depreciation and low rates have supported real estate sales, there is still room for growth. Yamamoto also mentioned that a positive economic turnaround could offset the negative impact of higher interest rates on PE investments.

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    Masao Muraki's questions to Daiwa Securities Group Inc (DSEEY) leadership

    Masao Muraki's questions to Daiwa Securities Group Inc (DSEEY) leadership • Q1 2025

    Question

    Masao Muraki inquired about the Investment Banking division's JPY 2 billion deficit, seeking a breakdown of the loss from Europe and the Americas and a timeline for profitability. He also asked about the full-year revenue pipeline for the Alternative Asset Management division and how the negative goodwill from the Aozora Bank investment might be treated.

    Answer

    CFO Kotaro Yoshida attributed a significant portion of the Investment Banking deficit (over JPY 3 billion) to upfront personnel costs in Europe and the Americas, but noted a strong pipeline with an expected 10-20% increase in deals that should lead to profitability later in the year. For Alternative Asset Management, he expects solid contributions to materialize towards the end of the year. He clarified that the negative goodwill from the Aozora investment is being finalized with auditors and is separate from the division's operational pipeline.

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    Masao Muraki's questions to Daiwa Securities Group Inc (DSEEY) leadership • Q4 2024

    Question

    Masao Muraki inquired about the performance of the Alternative Asset Management segment, seeking reasons for losses in equity method affiliates and changes in the energy investment portfolio. He also asked for a monthly revenue breakdown for the Global Markets division from January through April.

    Answer

    Kotaro Yoshida, Executive Managing Director and CFO, explained that the Alternative Asset Management portfolio is diversified, but revaluations of some energy investments were necessary due to policy and interest rate changes in the U.S. and Europe, leading to provisions. For Global Markets, he noted that domestic FICC revenue was weak in January but recovered in February and March, while April remained challenging due to high volatility.

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    Masao Muraki's questions to Daiwa Securities Group Inc (DSEEY) leadership • Q3 2024

    Question

    Masao Muraki of SMBC Nikko Securities inquired about the Investment Banking division's outlook, asking about the strength of the ECM and M&A pipelines for Q4, especially related to the unwinding of cross-shareholdings. He also asked for an assessment of the company's indirect exposure to U.S. commercial real estate (CRE).

    Answer

    Kotaro Yoshida, Executive, confirmed that the pipeline for both ECM, driven by the unwinding of cross-shareholdings, and M&A remains strong heading into the fourth quarter. Regarding U.S. CRE exposure, Yoshida declined to comment directly on Daiwa's position, citing the matter's connection to Aozora Bank, but stated that Aozora Bank is progressing in line with its plans.

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    Masao Muraki's questions to Daiwa Securities Group Inc (DSEEY) leadership • Q1 2024

    Question

    Masao Muraki of SMBC Nikko Securities Inc. questioned the performance of the Investment Banking division, focusing on the JPY 2 billion ordinary loss and the M&A deficit in Europe and the Americas. He asked for a timeline for profitability and inquired about the revenue pipeline for the Alternative Asset Management division and the accounting for negative goodwill from the Aozora Bank investment.

    Answer

    Kotaro Yoshida, CFO, attributed the Investment Banking loss primarily to Europe and the Americas (over JPY 3 billion) from upfront personnel costs, but noted the deal pipeline is expected to grow 10-20%, projecting a return to profitability as the year progresses. For Alternative Asset Management, he anticipates solid contributions later in the year. He clarified that the negative goodwill from the Aozora investment is still being finalized with auditors and is separate from other investment gains.

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