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    Natsumu Tsujino • BofA Securities

    Natsumu Tsujino's questions to Nomura Holdings Inc (NMR) leadership

    Natsumu Tsujino's questions to Nomura Holdings Inc (NMR) leadership • Q4 2025

    Question

    Natsumu Tsujino asked for clarification on several items: whether the Q4 increase in IT expenditure is temporary, the outlook for M&A fees, the reason for weak investment trust sales in March, and whether April's performance commentary applied to the entire Global Markets division.

    Answer

    CFO Takumi Kitamura clarified that the Q4 IT expense increase was a one-off due to year-end factors. He noted that while the M&A pipeline has potential, market uncertainty is causing a wait-and-see attitude. Weak March investment trust sales were attributed to a lack of new fund launches and investor caution. Finally, he confirmed the April performance trend of weak Fixed Income and strong Equities applied to the Global Markets division as a whole.

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    Natsumu Tsujino's questions to Nomura Holdings Inc (NMR) leadership • Q3 2025

    Question

    Natsumu Tsujino from Bank of America Securities asked for clarification on the shareholder return policy, specifically how the JPY 10 commemorative dividend impacts the 50%+ total payout ratio target and what to expect for future buybacks given the proceeds from a property sale. She also questioned if the recent success of private credit funds signals a new, more stable trajectory for Investment Trust sales in the Wealth Management division.

    Answer

    CFO Takumi Kitamura clarified that the JPY 10 commemorative dividend is a separate, one-time event and does not affect the standing policy of a 50% or greater total shareholder return ratio. He stated that proceeds from the property sale will be considered for shareholder returns, with the final decision on methods like buybacks to be made after assessing full Q4 results. Regarding investment trusts, Mr. Kitamura confirmed a focus on private products but stressed that launches would not be overly frequent due to a rigorous product governance and screening process to ensure quality and suitability for client risk appetites. He later specified that Laser Digital's profit is booked in the 'Others' segment as 'trading P&L'.

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    Natsumu Tsujino's questions to ORIX Corp (IX) leadership

    Natsumu Tsujino's questions to ORIX Corp (IX) leadership • Q3 2025

    Question

    Natsumu Tsujino of BofA Securities inquired about the history of the Greenko sale decision, asking why a previously hinted-at European asset sale (possibly Elawan) did not materialize. He also asked for the reason behind a lower-than-expected profit contribution from the Toshiba investment.

    Answer

    Kazuki Yamamoto, Operating Officer in charge of IR, explained that Greenko, as a minority stake in an emerging market, was always a candidate for capital recycling. In contrast, Elawan in Europe is viewed as a long-term developer, though its capital gains have been affected by volatile energy prices. Regarding Toshiba, Mr. Yamamoto stated that ORIX does not disclose specific profit figures and that accounting time lags and the complex financial structure of the LP investment can cause results to differ from external simulations.

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    Natsumu Tsujino's questions to Daiwa Securities Group Inc (DSEEY) leadership

    Natsumu Tsujino's questions to Daiwa Securities Group Inc (DSEEY) leadership • Q4 2024

    Question

    Natsumu Tsujino pressed for more specific details regarding the impairment losses in the Alternative Investment segment, questioning the nature of the investments and the accounting treatment for the provisions and losses.

    Answer

    Kotaro Yoshida, Executive Managing Director and CFO, declined to comment on individual investees but clarified that losses were booked across different accounting lines, including net operating revenues and equity method losses. He stated that the Q4 deficit was due to impairment losses exceeding gains from exits and that the firm employs a robust risk management process for this portfolio. He confirmed exit activities will continue for the remaining investment balance.

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    Natsumu Tsujino's questions to Daiwa Securities Group Inc (DSEEY) leadership • Q3 2024

    Question

    Natsumu Tsujino asked about the sustainability of strong Q3 trends in the Wealth Management and Global Markets divisions, particularly concerning investment trust sales and overseas FICC performance. Tsujino also requested more clarity on the Alternative Asset Management division's results, questioning the discrepancy between negative net operating revenue and high ordinary income.

    Answer

    Kotaro Yoshida, Executive, explained that the strength in Wealth Management is driven by a sustainable, consulting-based approach rather than specific product pushes, making the trend resilient. He confirmed the positive momentum in Global Markets was continuing from Q2 into Q3 and beyond. For Alternative Asset Management, Yoshida advised that ordinary income is the most accurate performance metric due to varied accounting treatments for returns and confirmed that provisions on certain projects caused the negative operating revenue, while declining to provide project-specific details.

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