Mori's questions to Nomura Holdings Inc (NMR) leadership • Q3 2025
Question
Mori from JPMorgan Chase & Co. sought an explanation for the discrepancy between strong U.S. wholesale revenue growth and a decline in the Americas region's overall profit as shown on Page 22. Additionally, he asked for an update on the investment banking pipeline and the revenue outlook for the fourth quarter and the upcoming fiscal year.
Answer
CFO Takumi Kitamura explained that the regional profit figures are based on legal entities and include non-wholesale items. The decline in Americas' profit was primarily due to a lower year-over-year investment gain related to American Century Investments (ACI), which is part of the Investment Management division. Excluding this factor, the underlying pretax profit in the Americas grew significantly. Regarding the pipeline, Mr. Kitamura described it as strong and at an elevated level, particularly for M&A and ECM in Japan, driven by advisory activity and the unwinding of cross-shareholdings. He also noted a solid overseas pipeline.