Nomura (NMR) Q1 2027 Earnings Call Transcript
Nomura Holdings (NMR) reported Q1 FY ending March 2027 results in an earnings call. ROE rose to 15.4%, Wealth Management net revenue was JPY 145.4B (+9% QoQ) and pre-tax income JPY 71.1B (+16%). Wholesale net revenue was JPY 369.1B (+20%) and CET1 was 12.9%. Management cited record AUM of JPY 156.4T and targets for 2030 pre-tax profit of at least JPY 750B.
How this was made
The 30-second read
Why it matters
Traders can use the disclosed profitability metrics (ROE, pre-tax income by segment), capital ratio (CET1), and management’s 2030 targets to update expectations for earnings durability and balance-sheet capacity.
Market read
Record ROE and recurring revenue growth plus improved CET1 are the main positives, while management’s caution on H2 volatility and wholesale slowdown is the main offset.
What to watch
CET1 is only 0.1pp higher sequentially (12.8% to 12.9%), and management flags H2 volatility and a recent wholesale revenue slowdown, which may reduce the market’s willingness to extrapolate Q1 strength.
Background
The article is a transcript of Nomura Holdings’ Q1 operating results call for the fiscal year ending March 2027, led by CFO Hiroyuki Moriuchi.
Ticker impact
Nomura reported Q1 FY2027 results with ROE 15.4%, Wealth Management recurring revenue at JPY 59.2B, and CET1 at 12.9%.
Bias upward for the next few sessions as traders digest record recurring revenue, higher wholesale pre-tax income, and improved CET1, unless macro-volatility guidance dominates.
Multiple hard datapoints (ROE, recurring revenue, net inflows, wholesale pre-tax income, CET1) are presented together, and management reiterates 2030 targets; however, the transcript is not a full earnings release and includes some forward-looking caution about volatility and wholesale slowdown.
Market effects
Supports a positive read-through for global investment banking and wealth management peers via evidence of recurring-fee growth and capital strength.
Highlights Asia Oceania equity-driven flows and EMEA booking-center losses, which may influence regional sentiment on cross-border brokerage profitability.
If sustained, the recurring revenue and CET1 improvement narrative can affect how investors price large international broker-dealers’ earnings durability globally.
Counterpoint
Wholesale net outflows and ETF outflows (JPY 1.33T net outflows, including JPY 940B from Japanese equity ETFs) could cap sustainable fee growth despite headline AUM and recurring revenue records.
Key entities
- companyNomura Holdings, Inc.
International financial services firm reporting Q1 FY2027 results and outlining recurring revenue growth, segment profitability, and CET1 capital.
- personHiroyuki Moriuchi
Nomura CFO who presented the Q1 FY2027 results and management commentary on ROE, recurring revenue, and risks from market volatility.
