Mizuho Financial : Summary of Financial Results for the Second Quarter of FY2022

FY22 H1 Financial Results (Under Japanese GAAP)

November 14, 2022

This presentation contains statements that constitute forward-looking statements including estimates, forecasts, targets and plans. These statements reflect our current views with respect to future events and are subject to risks, uncertainties and assumptions. Such forward- looking statements do not represent any guarantee of future performance by management.

Further information regarding factors that could affect our financial condition and results of operations is included in our most recent Form 20-F and our report on Form 6-K.

Abbreviations

Foreign exchange rate

FG: Mizuho Financial Group, Inc.

RBC: Retail & Business Banking Company

Management accounting

Financial accounting

BK: Mizuho Bank, Ltd.

CIC : Corporate & Institutional Company

(Planned rate)

(TTM at the respective period end)

TB : Mizuho Trust & Banking Co., Ltd.

GCC: Global Corporate Company

Planned rate

Sep-21

Mar-22

Sep-22

SC : Mizuho Securities Co., Ltd.

GMC: Global Markets Company

USD/JPY

127.00

USD/JPY

111.95

122.41

144.81

AM-One: Asset Management One Co., Ltd.

AMC: Asset Management Company

EUR/JPY

129.90

136.77

142.32

EUR/JPY

140.97

Definitions

Consolidated Net Business Profits:

Consolidated Gross Profits - G&A Expenses (excl. Non-Recurring Losses) + Equity in Income from

Investments in Affiliates and certain other consolidation adjustments

Net Gains (Losses) related to ETFs and others:

Total of Net Gains (Losses) related to ETFs (2 Banks) and Net Gains (Losses) on Operating Investment Securities

(SC Consolidated)

Customer Groups:

Aggregate of RBC, CIC, GCC and AMC

Markets:

GMC

G&A Expenses (excl. Non-Recurring Losses and others):

G&A Expenses (excl. Non-Recurring Losses) - Amortization of Goodwill and other items

Net Income attributable to FG:

Profit Attributable to Owners of Parent

Group aggregate:

BK + TB + SC + other major subsidiaries on a non-consolidated basis (management accounting)

2 Banks:

BK + TB on a non-consolidated basis (financial accounting)

CET1 Capital Ratio

(excl. Net Unrealized Gains (Losses) on Other Securities) :

CET1 Capital Ratio

(Basel III finalization fully-effective basis):

Internal risk capital:

Includes the effect of partially fixing unrealized gains on Japanese stocks through hedging transactions

[Numerator]	Calculated by excluding Net Unrealized Gains (Losses) on Other Securities and its associated
	Deferred Gains or Losses on Hedges
[Denominator]	Calculated by excluding RWA associated with Net Unrealized Gains (Losses) on Other Securities (stocks)

Estimated figures reflecting the effect of Basel III finalization. The capital floor is calculated after deducting the associated reserves from RWA using the standardized approach

Risk capital calculated taking account of factors such as regulatory risk-weighted assets (RWA) and interest rate risk in the banking account. Internal risk capital of RBC, CIC, GCC are calculated from Basel III finalization fully-effective basis

2

Summary of Financial Results

(JPY B)

Consolidated Gross Profits +

Net Gains (Losses) related to ETFs and others1

G&A Expenses

(excl. Non-Recurring Losses and others)

Consolidated Net Business Profits +

1

Net Gains (Losses) related to ETFs and others o/w Customer Groups

o/w Markets

(Consolidated Net Business Profits)

Credit-related Costs

Net Gains (Losses) related to Stocks -

Net Gains (Losses) related to ETFs and others1

Ordinary Profits

Net Extraordinary Gains (Losses)

Net Income Attributable to FG

FY22 H1	YoY

1,162.4 +31.8

-721.9-40.9

449.4 -10.8

345.4	2
+11.0
	2

106.0 -40.9

440.7 +2.2

-50.4-0.8

1. +36.5

1. +39.9

3

1. -41.5

1. -51.6

• Consolidated Net Business Profits +

Net Gains (Losses) related to ETFs and others:

52% progress towards the FY22 Plan of JPY 860.0B due to steady performance in Customer Groups while Markets lagged by the external environment deterioration

• Net Income Attributable to FG:

Achieved 61% progress towards the FY22 Plan of JPY 540.0B while lack of special factors4resulted in YoY decrease

Net Income of core group companies

	FY22 H1	YoY
BK (Consolidated)5	306.6	+77.9
TB (Consolidated)	12.4	-8.2
SC (Consolidated)	13.1	-22.6
AM-One	8.2	-0.5

1. Net Gains (Losses) related to ETFs and others were JPY 8.7B (-JPY 13.0B YoY). 2. Figures of YoY were recalculated based on the FY22 rules. 3. O/w Gains on Cancellation of Employee Retirement Benefit Trust: JPY 12.0B (-JPY 39.0B YoY). 4. Tax effect and other factors related to right-sizing of SC capital implemented as a part of the revision of subsidiaries' capital policy in FY21 Q1 (+JPY 66.0B).

1. Including Net Income of Mizuho Securities USA LLC of JPY 8.3B (-JPY 6.8B YoY).

3

Financial Results by In-house Company

(JPY B)	Gross Profits1		G&A Expenses		Net Business Profits1
				(excl. Non-Recurring Losses and
						others)
			FY22 H1	YoY2		FY22 H1		YoY2		FY22 H1	YoY2
	Retail & Business Banking	325.8	-20.5		-302.2		+10.5		21.7	-16.3
	Corporate & Institutional	233.4	+1.9		-96.9		+3.7		140.1	+7.0
	Global Corporate	317.1	+30.5		-152.2		-10.1		176.3	+22.9
	Global Markets	232.5	-25.9		-126.1		-15.0		106.0	-40.9
	Asset Management	27.8	-1.2		-17.1		-0.9		7.4	-2.6
	In-house Company Total	1,136.5	-15.2		-694.5		-11.8		451.4	-29.9

FG Consolidated

1,162.4

+31.8

-721.9

-40.9

449.4

-10.8

Group aggregate

Net Income1	ROE1, 3
FY22 H1	YoY2	FY22 H1
-3.8	-38.6	ー
138.2	+23.2	8.2％
109.9	-0.7	8.0％
70.5	-26.7	8.5％
2.7	-2.0	5.2％
317.5	-44.8	6.5％
333.9	-51.6	7.9％4

1. Global Markets includes Net Gains (Losses) related to ETFs (2 Banks). FG Consolidated includes Net Gains (Losses) related to ETFs (2 Banks) and Net Gains (Losses) on Operating Investment Securities (SC Consolidated). 2. Figures for YoY are recalculated based on the FY22 rules. 3. ROE by In-house Company: Calculated dividing twice the amount of Net Income by each company's internal risk capital.

1. Calculated dividing twice the amount of Net Income by (Total Shareholders' Equity + Total Accumulated Other Comprehensive Income (excluding Net Unrealized Gains (Losses) on Other Securities)).

4

Overview of Balance Sheet

Consolidated Balance Sheet Figures in ( ) represent changes from Mar-22

Total Assets: JPY 256T (+JPY19.0T)

	Loans (Period-end Balance)1, 2	BK+TB, management accounting
	(JPY T)
86.8	85.9	85.5	88.5

Loans

JPY 92T

(+JPY 7.3T)

Securities

JPY 38T

(-JPY 6.2T)

JGBs:	JPY	17.9T	(-JPY 7.6T)
Foreign Bonds:	JPY	11.5T	(+JPY 1.5T)
Japanese Stocks: JPY	2.9T	(-JPY 0.3T)

Deposits/NCDs

JPY 164T

(+JPY 8.5T)

Other Liabilities

JPY 82T

(+JPY 10.6T)

33.6	30.5	31.4	34.0		GCC3
9.5	9.1	8.8	8.6		RBC Individuals
15.6	16.0	15.8	15.9		RBC Corporate
				In Japan
		30.4	29.6	30.0
28.0		CIC
		Mar-20	Mar-21	Mar-22	Sep-22	2, 3
		Non-JPY denominated Loans and Deposits (Period-endBalance)
	(USD B)				BK, management accounting
75%	74%	76%	77%
									Proportion of
									Deposit to Loan
									Non-JPY Loans4
									Non-JPY Customer
						4

Other Assets

JPY 125T

(+JPY 17.9T)

Net Assets

JPY 8T

(-JPY 0.2T)

			Deposits
311.8	277.0	281.9	295.8
233.8
205.3	213.0	226.9

Mar-20Mar-21Mar-22Sep-22

1. Excluding loans between the consolidated entities. For loans in Japan, excluding loans to the Japanese Government, etc. 2. Figures from Mar-20 to Mar-22 were recalculated based on the FY22 rules.

1. BK (including the subsidiaries in China, the USA, the Netherlands, Indonesia, Malaysia, Russia, Brazil and Mexico). 4. Including loans and deposits in Japan.

5