Financials NOMURA Co., Ltd.

Equities

Market Closed - Japan Exchange Other stock markets 02:30:00 2025-06-20 am EDT			5-day change	1st Jan Change
905.00 ^JPY	-2.37%		+1.12%	+1.00%

05:21am	Uncertainty Drives Rotation Out of the US: Nomura's Nicholson	MT
Jun. 18	INDIA STOCKS-Indian stock benchmarks defy global gloom on dip-buying, ample local liquidity	RE

Fiscal Period: February	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	107,736	111,081	110,928	134,138	150,256	155,500	156,500	156,000
Change	-	3.1%	-0.14%	20.92%	12.02%	3.49%	0.64%	-0.32%
EBITDA ¹	5,760	6,518	4,231	6,464	10,143	11,400	12,100	12,500
Change	-	13.16%	-35.09%	52.78%	56.92%	12.39%	6.14%	3.31%
EBIT ¹	4,882	5,431	3,113	5,213	8,897	9,900	10,500	10,800
Change	-	11.25%	-42.68%	67.46%	70.67%	11.27%	6.06%	2.86%
Interest Paid	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	4,687	5,962	3,240	5,421	9,310	10,100	10,700	-
Change	-	27.2%	-45.66%	67.31%	71.74%	8.49%	5.94%	-
Net income ¹	3,071	3,984	2,229	3,862	6,757	7,200	7,600	7,800
Change	-	29.73%	-44.05%	73.26%	74.96%	6.56%	5.56%	2.63%
Announcement Date	4/8/21	4/7/22	4/6/23	4/11/24	4/10/25	-	-	-

¹JPY in Million

Estimates

Fiscal Period: February	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2025 Q1	2025 Q3
Net sales ¹	25,997	27,723	18,443	35,573	20,785	22,944	31,041	36,311	22,287	25,197	29,362	34,082	24,909	34,607	35,583	29,070	36,289
Change	-	6.64%	-33.47%	92.88%	-41.57%	10.39%	35.29%	16.98%	-38.62%	13.06%	16.53%	16.08%	-26.91%	38.93%	2.82%	-18.3%	24.83%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	1,392	1,022	-886	3,354	93	827	2,227	2,284	64	976	781	1,292	191	2,029	1,292	1,025	1,643
Change	-	-26.58%	-186.69%	478.56%	-97.23%	789.25%	169.29%	2.56%	-97.2%	1,425%	-19.98%	65.43%	-85.22%	962.3%	-36.32%	-20.67%	60.29%
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	1,385	1,020	-914	3,196	159	1,034	2,483	2,286	145	-	796	1,301	263	2,337	1,301	1,123	1,947
Change	-	-26.35%	-189.61%	449.67%	-95.03%	550.31%	140.14%	-7.93%	-93.66%	-	-	63.44%	-79.78%	788.59%	-44.33%	-13.68%	73.37%
Net income ¹	766	641	-668	2,332	14	709	1,680	1,581	137	693	536	863	4	1,678	829	606	1,384
Change	-	-16.32%	-204.21%	449.1%	-99.4%	4,964.29%	136.95%	-5.89%	-91.33%	405.84%	-22.66%	61.01%	-99.54%	41,850%	-50.6%	-26.9%	128.38%
Announcement Date	7/9/20	10/8/20	1/13/21	4/8/21	7/8/21	10/7/21	1/13/22	4/7/22	7/7/22	10/6/22	1/12/23	4/6/23	7/13/23	10/12/23	1/12/24	7/11/24	1/10/25

¹JPY in Million

Estimates

Fiscal Period: February	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2025 S1
Net sales ¹	54,016	43,729	67,352	47,484	63,444	59,516	57,945
Change	-	-19.04%	54.02%	-29.5%	33.61%	-6.19%	-2.64%
EBITDA	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-
EBIT ¹	2,468	920	4,511	1,040	2,073	2,220	1,442
Change	-	-62.72%	390.33%	-76.95%	99.33%	7.09%	-35.05%
Charge d'intérêts	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	2,282	1,193	4,769	1,143	2,097	2,600	1,514
Change	-	-47.72%	299.75%	-76.03%	83.46%	23.99%	-41.77%
Net income ¹	1,664	723	3,261	830	1,399	1,682	851
Change	-	-56.55%	351.04%	-74.55%	68.55%	20.23%	-49.41%
Announcement Date	4/8/21	10/7/21	4/7/22	10/6/22	4/6/23	10/12/23	10/10/24

¹JPY in Million

Estimates

Fiscal Period: February	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	-33,756	-37,077	-29,527	-32,613	-31,322	-34,238	-38,814	-43,215
Change	-	-9.84%	20.36%	-10.45%	3.96%	-9.31%	-13.37%	-11.34%
Announcement Date	4/8/21	4/7/22	4/6/23	4/11/24	4/10/25	-	-	-

¹JPY in Million

Estimates

Fiscal Period: February	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	1,352	816	584	361	622	-	-
Change	-	-39.64%	-28.43%	-38.18%	72.3%	-100%	-
Free Cash Flow (FCF) ¹	4,319	5,934	-2,686	5,883	1,720	8,400	8,800
Change	-	37.39%	-145.26%	319.02%	-70.76%	388.37%	4.76%
Announcement Date	4/8/21	4/7/22	4/6/23	4/11/24	4/10/25	-	-

¹JPY in Million

Estimates

Fiscal Period: February	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	5.35%	5.87%	3.81%	4.82%	6.75%	7.33%	7.73%	8.01%
EBIT Margin (%)	4.53%	4.89%	2.81%	3.89%	5.92%	6.37%	6.71%	6.92%
EBT Margin (%)	4.35%	5.37%	2.92%	4.04%	6.2%	6.5%	6.84%	-
Net margin (%)	2.85%	3.59%	2.01%	2.88%	4.5%	4.63%	4.86%	5%
FCF margin (%)	4.01%	5.34%	-2.42%	4.39%	1.14%	5.4%	5.62%	-
FCF / Net Income (%)	140.64%	148.95%	-120.5%	152.33%	25.46%	116.67%	115.79%	-
Profitability
ROA	3.56%	6.95%	4.11%	6.48%	7.14%	7%	7.2%	-
ROE	6.4%	8.3%	4.6%	7.8%	12.9%	13.04%	12.96%	12.75%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	1.25%	0.73%	0.53%	0.27%	0.41%	-	-	-
CAPEX / EBITDA (%)	23.47%	12.52%	13.8%	5.58%	6.13%	-	-	-
CAPEX / FCF (%)	31.3%	13.75%	-21.74%	6.14%	36.16%	-	-	-
Items per share
Cash flow per share ¹	35.49	45.56	30.06	45.9	71.77	-	-	-
Change	-	28.37%	-34.02%	52.69%	56.36%	-	-	-
Dividend per Share ¹	25	28	25	27	32	34.5	35.5	36
Change	-	12%	-10.71%	8%	18.52%	7.81%	2.9%	1.41%
Book Value Per Share ¹	426.9	437.2	440.1	451.5	486.6	516.8	549.5	582.4
Change	-	2.42%	0.66%	2.59%	7.78%	6.2%	6.33%	5.99%
EPS ¹	27.61	35.8	20.02	34.67	60.6	64.52	68.12	69.93
Change	-	29.66%	-44.08%	73.18%	74.79%	6.48%	5.57%	2.66%
Nbr of stocks (in thousands)	111,264	111,326	111,373	111,419	111,545	111,545	111,545	111,545
Announcement Date	4/8/21	4/7/22	4/6/23	4/11/24	4/10/25	-	-	-