Nomura Publishes FY2026/27 Second-Quarter Results Call Q&A Transcript

• Nomura CFO Hiroyuki Moriuchi reported no notable position losses during the FY2026/27 second-quarter earnings Q&A on October 28, 2026.
• October started slowly, but management expects Wholesale’s cost-to-income ratio to decline as it captures revenue from market events.
• Overseas asset management could pursue bolt-on acquisitions using the acquired Macquarie business as a platform; no large-scale investments are currently envisaged.
• Share buybacks will reflect growth investment opportunities; dividend payout guidance remains at least 40%, with a total payout ratio of at least 50%.
• Retail net inflows reached ¥773 billion, driven mainly by medium- to long-term investments in investment trusts and public and corporate bonds.

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