Nomura Holdings (8604 JT) FY25/26 (JPY): Net 362.1bln (prev. 340.7bln Y/Y), Pretax 539.8bln (prev. 432.1bln Y/Y), Revenue 4.76tln (prev. 4.74tln Y/Y). Cuts dividend

Nomura's FY25/26 results show a year-on-year increase in net profit, pretax income, and revenue, which is a positive signal relative to previous performance. However, the decision to cut the dividend may indicate concerns about future cash flow or capital allocation, suggesting the company may prioritize strengthening its balance sheet over shareholder returns. This mixed message could impact investor sentiment in the short term, as they weigh strong earnings against reduced dividends.