Slides
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Summary of Financial Results for the First Quarter of FY2025 (Under Japanese GAAP) July 31 , 2025
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Mizuho and Art Based on the concepts of “Feeling Energized by Art,” “Making Art More Accessible,” and “Changing yourself through Art,” Mizuho, in collaboration with Tokyo University of the Arts, contributes to social innovation, and the overcoming of social challenges like improving gender equality and people’s well- being, aiming to co-create a sustainable and abundant society in terms of its art and culture as well as its economics. We asked students at the Tokyo University of the Arts, Department of DESIGN to give form to the ideas they took from Mizuho’s Purpose, “Proactively innovate together with our clients for a prosperous and sustainable future”. Beginning in November 2023, this marks our eighth featuring of their artwork for shareholder and investor presentations. Nayu Emmei Tokyo University of the Arts, Department of DESIGN First-year master's student “First steps in the sea” I recall my first steps in the sea, my parents either side of me. Their warm, large hands made the cold water less daunting. Even in a society riddled with contradictions and complexity, we can take on challenges if we are with someone. I too, hand in hand with someone cherished, want to share that first step, and continue to embrace new challenges. Artist: Title:
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3 YoY FY25 Q1 -7.1 769.1 Consolidated Gross Profits 1A -4.2 -460.2 G&A Expenses 2B -12.3 316.4 Consolidated Net Business Profits 1C +50.8 4229.6 o/w Customer Groups D -48.0 481.8 o/w Markets E +12.9 11.4 Credit-related Costs F +21.3 35.4 Net Gains (Losses) related to Stocks 3G +14.2 368.5 Ordinary Profits H -32.9 10.0 5Net Extraordinary Gains (Losses) I +1.2 290.5 Profit Attributable to Owners of Parent J (Ref.) +1.2% 8.4% TSE ROE 6 (past 12 months) K +1.1% 59.8% Expense ratio (B ÷A) L 1. Incl. Net Gains (Losses) related to ETFs and others of JP Y 4.3B (-JPY 26.7B YoY). 2. Excl. Non-Recurring Losses and others. 3. Excl. Net Gains (Losses) related to ETFs and ot hers. 4. Figures for YoY are recalculated using FY25 management accounting rules. 5. Of which JPY 0.6B is from the cance llation of the Employee Retirement Benefit Trust (JPY +0.2B YoY). 6. Incl. Net Unrealized Gains (Losses) on other securities. (JPY B) Consolidated Gross Profits: YoY -0.9% Overall largely flat YoY. Strong interest income and fee business in Customer Groups. Cautious operations maintained in banking. G&A Expenses: Overall largely flat YoY through prudent expense management. Deployment of resources to growth areas and governance- related costs continued. Consolidated Net Business Profits: YoY -3.7% Decrease YoY due to Yen appreciation. Growth in Customer Groups offset cautious Market operations. Progress at 24% vs FY25 Outlook of 1.28T presented in May. Credit-related Costs: Net reversal. Limited occurrence of costs despite uncertain business environment, with some reversals at specific companies inside and outside Japan. Profit Attributable to Owners of Parent: YoY +0.4% Increase YoY. Net Gains related to Stocks and reversals in Credit-related Costs offset decrease in Consolidated Net Business Profits. Progress at 30% vs FY25 Outlook of 0.94T presented in May. TSE ROE: Increase of 1.2ppt, from profit growth and other factors. Capital efficiency steadily improving. Summary of Financial Results 1 2 3 4 5 6 1 2 3 4 5 6
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4 5.1% 5.2% 5.7% 6.1% 7.0% 8.4% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 448.5 471.0 530.4 555.5 678.9 885.4 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Q1 672.5 799.7 853.1 807.1 1,005.8 1,144.2 316.4 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Q1 Expense ratio Consolidated Net Business Profits 1 Historical Performance Consolidated Net Business Profits & Expense ratio Profit Attributable to Owners of Parent & TSE ROE (JPY B) 1. Incl. Net Gains (Losses) related to ETFs and others. 2. Incl. Net Unrealized Gains (Losses) on Other Securities. TSE ROE 2 Profit Attributable to Owners of Parent (JPY B) FY25 Outlook as of May 2025 940.0 FY25 Outlook as of May 2025 1,280.0 30 % Progress 24 % Progress 59.8% 316.4 290.5 68.0% 64.0% 62.7% 64.6% 62.9% 62.5% 8.5%
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5 Financial Results by In-house Company Group aggregate (JPY B) 1. Figures for YoY are recalculated using FY25 management accounting rules. 2. Incl. Net Gains (Losses) related to ETFs of 2 Banks. Profit Attributable to Owners of Parent Net Business Profits G&A Expenses Gross Profits YoY 1FY25 Q1 YoY 1FY25 Q1 YoY 1FY25 Q1 YoY 1FY25 Q1 +16% +28.2 203.3 +28% +50.8 229.6 -16.8 -368.2 +70.1 592.1 Customer Groups -20% -6.3 25.4 +375% +27.2 34.4 -5.5 -177.7 +36.8 214.1 RBC +11% +9.4 92.6 +27% +21.1 98.5 -0.1 -58.9 +19.8 154.1 CIBC +43% +25.1 83.8 +3% +3.0 92.7 -8.4 -119.7 +11.2 206.7 GCIBC -6% -0.1 1.6 -12% -0.5 4.0 -2.9 -11.9 +2.3 17.2 AMC -35% -31.6 60.0 -37% -48.0 81.8 -2.3 -92.3 -45.7 174.1 Markets (GMC) 2 -51% -47.1 45.8 +1.6 -12.6 -48.7 58.3 Banking 2 -2% -0.9 36.0 -3.9 -79.8 +3.0 115.8 Sales & Trading
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6 Overview of Balance Sheet 1 (Jun-25) Total Assets JPY 278 T (-4.6) 1. Figures in ( ) represent change vs Mar-25. 2. 2 Banks. 3. Branches and other subsidiaries, etc. 4. BK+TB. FY25 management accounting rules. 5. In Japan and subsidiaries outside Japan. Breakdowns are approximate. 6. Corporate bonds, currency swaps, etc. 7. R epos, interbank, Central bank deposits and others. Of which Non-JPY 4 Loans covered by customer deposits and stable mid-long term funding, such as corporate bonds and currency swaps USD 508.4 B (-12.6) Customer deposits 5 203.6 (+15.1) Mid-long term funding 6 98.9 (+5.3) Market Operations 7 131.0 (-28.3) CD ・CP 74.9 (-4.7) Americas EMEA APAC 20% 10% 20% Loans 5 260.0 (+13.0) Securities 98.3 (-2.7) Others 150.1 (-22.9) 50% 50% JP Clients (inside + outside Japan) Non-JP Clients outside Japan JPY in Japan 2 o/w Individual o/w Corporate Non-JPY in Japan 2 Outside Japan 3 Cash and Due from Banks o/w Bank of Japan Current Account Balance 2 64.7 (-7.7) 51.1 (-4.2 ) Loans 94 (-0.0) 35 (+1.3) Securities Deposits/NCDs 170 (-2.2) Other Liabilities Net Assets 10 (+0.0) 149 (-5.8) 97 (-2.5) Other Assets JGBs Foreign Bonds 121.4 (-2.3) (+0.7) 49.1 (+0.4) (-0.1) 72.2 (-2.7) (+0.9) 3.4 (-0.1) 46.0 (+0.1) YoY 15.0 (-0.8) 10.5 (+1.7)
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7 0.61% 0.61% 0.61% FY22 FY23 FY24 CIBC (-0.7) RBC Corporate (+0.5) RBC Individual (-0.2) 31.2 <31.8> 32.0 <31.1> 31.2 <32.3> 16.3 <16.5> 17.0 <17.4> 17.5 <17.3> 8.2 <8.0> 7.8 <7.6> 7.6 <7.5> 55.8 <56.6> 56.9 <56.3> 56.4 <57.2> FY23 FY24 FY25 Q1 0.76% 0.92% 1.24% 0.76% 0.98% 1.07% 0.00% 0.06% 0.17% FY22 FY23 FY24 Loan Spread Loan and Deposit Rate Margin 2 (JPY T) 1. BK+TB. FY25 management accounting rules. Figures from FY23 to FY24 recalculated based on the new rules. Excl. loans between consolidated entities and loans to Japanese Government and others. 2. 2 Banks. Excl. loans to financial institutions (incl. FG), Japanese Government and others. Domestic operations. Returns on Loans and Bills Discounted (a) Cost of Deposits (b) Loans and Deposit Rate Margin (a-b) CIBC RBC Corporate Average bal. <Period-end bal.> (vs. FY24 avg bal.) Loans in Japan 1 FY23 FY24 FY25 Q1 FY23 FY24 FY25 Q1 FY23 FY24 FY25 Q1 0.55% 0.61% 0.61%
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8 1.36% 1.36% 1.26% FY22 FY23 FY24 APAC (-2.5) Americas (+4.7) EMEA (-2.8) 89.0 <80.8> 85.8 <81.0> 83.3 <82.5> 105.1 <102.1> 104.3 <105.5> 109.0 <108.7> 48.9 <45.5> 45.6 <45.2> 42.8 <44.0> 242.9 <228.4> 235.6 <231.6> 235.0 <235.2> FY22 FY23 FY24 1.06% 1.12% 1.10% FY23 FY24 FY25 Q1 Loans outside Japan 1 Loan Spread (USD B) Loan and Deposit Rate Margin 2 Returns on Loans and Bills Discounted (a) Cost of Deposits (b) Loans and Deposit Rate Margin (a-b) 1. FY25 management accounting rules. Figures from FY23 to FY24 recalculated based on the new rules. Excl. loans be tween the consolidated entities. BK incl. the subsidiarie s in China, the U.S., the Netherlands, Indonesia, Malaysia, Russia, Brazil and Mexico. 2. BK, International Operations. FY23 FY24 FY25 Q1 FY23 FY24 FY25 Q1 FY23 FY24 FY25 Q1 5.84% 5.54% 4.94% 4.48% 4.18% 3.67% Average bal. <Period-end bal.> (vs. FY24 avg bal.)
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9 FY23 FY24 104.2 112.2 FY23 FY24 (+2.0) 9.9 Real estate: FY23 FY24 Non-interest Income 1 Regional breakdown of GCIBC Domestic Corporate Solutions Business (+2.0) 33.1 APAC: (+7.8) 65.2 Americas: (+2.2) 25.3 IB Business: (+4.2) 36.2 Credit-related fees: (+1.1) 3.4 FX & Derivatives, others: (+7.9) 112.2 GCIBC: (+2.0) 28.5 IB Business: (+3.6) 58.5 Credit-related fees: (-1.8) 14.0 EMEA: (+3.4) 16.4 IB Business: (+7.8) 105.2 RBC: (+5.3) 25.5 Solutions Business 2: (+0.1) 33.4 Individual Wealth Management 3: (+3T) 65.7T Total Assets in Custody 4: (+44k) 811k NISA Accounts 5: (+7.8) 73.2 CIBC: (+4.0) 39.5 Solutions Business 2: 1. FY25 management accounting rules. Past figures were recalculated (FY24 Q1 originally JPY 291.5B). 2. Incl. fees related to investment banking business and real estat e brokerage. 3. BK investment trusts, annuities+SC individual segment, PB segment. 4. Combination of SC’s Retail Banking Business Division and 2 Banks (Individual annuities, Investment trusts (excl. MMF), Foreign currency deposits). 5. BK+SC Figures in ( ) represent YoY (+2.5) 17.4 AMC: 47.8 55.9 Credit-related fees: 29.6 (+2.7) +23.2 (Ref.) 293.2 316.3 (JPY B) FY24 Q1 FY25 Q1 FY24 Q1 FY25 Q1 FY24 Q1 FY25 Q1
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10 -132.9 +26.6 -89.3 -420 -220 -20 180 380 580 780 980 1180 1380 FY23 FY24 FY25/1Q 1.25 0.79 1.17% 0.97% 0.73 ％ Mar-24 Mar-25 Mar-26 1.04 Claims against Bankrupt and Substantially Bankrupt Obligors Claims for Special Attention Claims with Collection Risk Asset Quality 112.2 107.4 15.3 (JPY T) 1. Banking Act. 2. Financial Reconstruction Act. Incl. Trust Account. Non-performing Loans based on BA 1 and FRA 2 (JPY B) -5.8 -8.5 +26.0 RBC ︓ CIBC ︓ GCIBC ︓ Cost Reversal Consolidated Consolidated NPL Ratio Reserves recorded from a forward-looking perspective Balance of reserves recorded from a forward-looking perspective (period-end balance) -106.3 -51.6 +40.8 +11.4 -4.7 -92.4 +40.8 Credit-related Costs Others FY23 FY24 FY25 Q1 Mar-24 Mar-25 Jun-25 +16.2
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11 Debt Securities issued in US 3 Other Other Securities JGB Portfolio 5 Net Unrealized Gains (Losses) 2Acquisition cost basis vs Mar-25 Jun-25 vs Mar-25 Jun-25 +110.0 1,353.8 +1,286.2 28,357.3 Total 1 +93.2 1,841.8 -12.0 805.3 Japanese Stocks 2 +11.4 -67.2 +1,671.5 13,001.9 Japanese Bonds 3 +3.7 -13.9 +1,754.9 10,144.0 o/w JGBs 4 +11.7 -330.6 -741.6 11,759.8 Foreign Bonds 5 +9.0 -300.7 -1,352.7 6,548.8 o/w Debt Securities issued in US 36 -6.4 -90.0 +368.4 2,790.1 Other 7 Securities Portfolio 1 (JPY T) 1. Other Securities with readily determinable fair values, excl. Investments in Partnership. 2. Changes in valu e to be recorded directly to Net Assets. After applying Net deferred gains/losses of deferred hedging accounting among hedging instruments. 3. US Treasury/ GS E Bonds. 4. Partially incl. amount recorded as assets of B K and TB. Market value. 5. Acquisition value. 6. Management accounting basis. After taking into accounti ng hedging activities, excl. bonds held to maturity. (JPY B) Consolidated Foreign Bond Portfolio 5 Japanese Stock Reduction Reduction (Jun-25) Target （Mar-25 to Mar-28 ） vs Mar-15 vs Mar-25 -1,190.3 -14.8 (incl. sales accepted -73.4) Over 350B Acquisition value -927.0 -3.6 200B (outlook) Deemed holdings 4 9.8 5.7 5.3 1.0 2.6 4.8 10.9 8.3 10.1 Mar-24 Mar-25 Jun-25 0.3 1.0 Average remaining period 6 (yrs) 2 Banks 2.4 2.0 1.6 8.5 7.8 6.5 3.8 3.9 4.6 12.4 11.8 11.1 Mar-24 Mar-25 Jun-25 Medium to long term bonds Treasury Discount bills 1.7 2 Banks Average remaining period 6 (yrs) (JPY T)
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12 Financial Results by Group Company YoY FY25 Q1 FY24 Q1 Net Business Profits 1 -26.0 208.0 234.0 BK on a non-consolidated basis +9.0 11.1 2.1 TB on a non-consolidated basis +0.8 51.0 50.2 SC (U.S.-based entities aggregated basis) 2 -0.9 5.4 6.3 AM-One 3 -1.5 10.6 12.2 Equity in Income from Investments in Affiliates +6.3 30.0 23.7 Other -12.3 316.4 328.7 FG Consolidated 1. Incl. Net Gains (Losses) related to ETFs and others. Rounded figures before consolidation adjustment. 2. Net B usiness Profits are the sum of figures from SC consolidation and U.S.-based entities (such as MSUSA, etc.) which are not consolidated subsidiaries of SC. Profit is Management accounting basis, which includes the figures of such U.S. based entities. Figures of U.S.-b ased entities are: Net Business Profits JPY 28.9B, Profit Attributable to Owners of Parent JPY 25.6B. 3. Consolidated basis. Excl. Amorti zation of Goodwill and other. Profit Attributable to Owners of Parent 1 Profit Attributable to Owners of Parent 1 -27.0 187.2 214.3 BK on a non-consolidated basis +8.5 12.9 4.4 TB on a non-consolidated basis +5.5 43.9 38.3 SC (U.S.-based entities aggregated basis) 2 +0.5 4.2 3.6 AM-One 3 -1.5 10.6 12.2 Equity in Income from Investments in Affiliates +15.1 31.4 16.2 Other +1.2 290.5 289.3 FG Consolidated (JPY B) FG Consolidated 290.5 AM-One 3 Other Equity in Income from Investments in Affiliates o/w Vietcombank: 7.5 SC (U.S.-based entities aggregated basis) 2 TB on a non- consolidated basis BK on a non- consolidated basis 2 Banks 200.2 187.2 43.9 4.2 10.6 12.9 31.4 Other
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13 FY25 FY24 vs May Revised outlook Q1 Results Results +50.0 1,330.0 316.4 1,144.2 Consolidated Net Business Profits 1 +40.0 -100.0 11.4 -51.6 Credit-related Costs +30.0 220.0 35.4 95.9 Net Gains (Losses) related to Stocks 2 +120.0 1,410.0 368.5 1,168.1 Ordinary Profits +80.0 1,020.0 290.5 885.4 Profit Attributable to Owners of Parent 1. Incl. Net Gains (Losses) related to ETFs and others. 2. Excl. Net Gains (Losses) related to ETFs and others. FY25 Earnings Outlook [Assumed financial indicators] BOJ Policy Rate 0.5%. Nikkei 225 JPY 40,250. USD/JPY 140 （JPY B ） Consolidated Revised earnings outlook for FY25 upward, driven by robust performance in Q1 and anticipated upside for future business growth
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14 Masahiro Kihara, Group CEO Suneel Bakhshi, Deputy President Takefumi Yonezawa, Group CFO “Achieving further growth through our Purpose-driven business strategies that leverage our strengths and corporate culture transformation” “Aiming to be the first financial group that truly harnesses globality, while remaining deeply rooted in its Japanese identity and heritage” “We will maintain a strong balance sheet and achieve stable profit growth through flexible and disciplined financial management that responds quickly to changes in the economic and financial environment” Takashi Tsukioka, Chairperson of the Board of Directors “As chairperson, I will lead the Board of Directors in ensuring that Mizuho continues to refine its business focus areas and, as a financial institution, is able to uphold its role as a provider of social infrastructure in any business environment” Coming soon… Visit our website for the full version of the report to be released late August https://www.mizuhogroup.com/investors/financial-information/annual (Ref.) Messages from management - excerpts from Integrated Report 2025
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15 Financial accounting (TTM at the respective period-end) Management accounting Foreign exchange rates Abbreviations FG BK TB SC MSUSA AM-One : Mizuho Financial Group, Inc. : Mizuho Bank, Ltd. : Mizuho Trust & Banking Co., Ltd. : Mizuho Securities Co., Ltd. : Mizuho Securities USA LLC : Asset Management One Co., Ltd. RBC CIBC GCIBC GMC AMC : Retail & Business Banking Company : Corporate & Investment Banking Company : Global Corporate & Investment Banking Company : Global Markets Company : Asset Management Company 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 and actual results may materially differ. 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. : Consolidated Gross Profits - G&A Expenses (excl. Non-Recurring Losses) + Equity in Income from Investments in Affiliates and other certain consolidation adjustments Financial accounting Management accounting : G&A Expenses (excl. Non-Recurring Losses) - Amortization of Goodwill and other items : G&A Expenses (excl. Non-Recurring Losses and others) ÷ (Consolidated Gross Profits + Net Gains (Losses) related to ETFs and others) : Net Income for the period Attributable to Shareholders of the Parent Company : BK + TB (on a non-consolidated basis) : Net Gains (Losses) related to ETFs (2 Banks) + Net Gains (Losses) on Operating Investment Securities (SC Consolidated) Consolidated Net Business Profits Net Gains (Losses) related to ETFs and others Expense ratio Profit Attributable to Owners of Parent G&A Expenses (excl. Non-Recurring Losses and others) 2 Banks : Aggregate of RBC, CIBC, GCIBC and AMC Customer Groups : GMC Markets : BK + TB + SC + other major subsidiaries Group aggregate : Gross Profits + Net Gains (Losses) related to ETFs and others - G&A Expenses (excl. Non-Recurring Losses and others) + Equity in Income from Investments in Affiliates and certain other consolidation adjustments - Amortization of Goodwill and other items Net Business Profits by In-house Company Definitions Jun-25 Mar-25 Jun-24 144.82 149.53 161.14 USD/JPY 169.64 162.03 172.44 EUR/JPY FY25 Planned rate 140.00 USD/JPY 145.36 EUR/JPY