MIZUHO FINANCIAL GROUP INC

The following discussion relates to our geographical segment analysis for the fiscal years ended March 31, 2024 and 2025. For the discussion on our geographical segment analysis for the fiscal year ended March 31, 2023, including certain comparative discussion on our operating results for the fiscal years ended March 31, 2023 and 2024, please refer to “Item 5. Operating and Financial Review and Prospects—Geographical Segment Analysis” in our annual report on Form 20-F for the fiscal year ended March 31, 2024, filed with the SEC on June 26, 2024.

The following table presents consolidated income statement and total assets information by major geographic area. Foreign activities are defined as business transactions that involve customers residing outside of Japan. However, as our operations are highly integrated globally, we have made estimates and assumptions for the allocation of assets, liabilities, income and expenses among the geographic areas.

Notes:

In the fiscal year ended March 31, 2025, we recorded a net loss in Japan, the Americas excluding the United States, and Europe. Among the geographical regions in which we recorded net income, 75.2% of our net income was derived from the United States and 24.8% from Asia/Oceania excluding Japan, and others. At March 31, 2025, 62.0% of total assets were allocated to Japan, 21.2% to the United States, 1.4% to the Americas excluding the United States, 7.2% to Europe and 8.2% to Asia/Oceania excluding Japan, and others.

In Japan, total revenue decreased by ¥676 billion from the previous fiscal year due primarily to a change from investment gains related to equity securities to investment losses related to equity securities. The change from investment gains related to equity securities to investment losses related to equity securities was due mainly to a decrease in gains related to changes in the fair value of Japanese equity securities in the fiscal year ended March 31, 2025, which mostly reflected the relative weakness in market conditions. Total expenses increased by ¥509 billion from the previous fiscal year due mainly to an increase in expenses on payables under repurchase agreements and securities lending transactions. In addition, we recorded an income tax benefit of ¥8 billion in Japan in the fiscal year ended March 31, 2025 compared to an income tax expense of ¥206 billion in the previous fiscal year. As a result, we recorded net loss of ¥521 billion in Japan in the fiscal year ended March 31, 2025 compared to net income of ¥449 billion in the previous fiscal year. Total assets in Japan increased by ¥1,620 billion due primarily to increases in receivables under resale agreements and trading account assets, offset in part by a decrease in investments.

In the United States, total revenue increased by ¥140 billion from the previous fiscal year due primarily to increases in interest income from investments and trading account assets, offset in part by a decrease in interest income from interest-bearing deposits. The increase in interest income from investments was due mainly to an increase in the average yield. The increase in interest income from trading account assets was due mainly to an increase in the average balance of trading account assets. The decrease in interest income from interest-bearing deposits was due mainly to a decrease in the average balance of interest-bearing deposits. Total expenses decreased by ¥277 billion due mainly to a decrease in expenses on payables under repurchase agreements and securities lending transactions. As a result, net income in the United States increased by ¥435 billion. Total assets in the United States increased by ¥1,618 billion due primarily to an increase in receivables under resale agreements.

In the Americas excluding the United States, total revenue increased by ¥48 billion from the previous fiscal year due primarily to an increase in trading account gains—net, offset in part by a change from foreign exchange gains—net to foreign exchange losses—net. Total expenses increased by ¥105 billion due mainly to increases in expenses on other short-term borrowings and deposits. As a result, net loss in the Americas excluding the United States increased by ¥57 billion. Total assets in the Americas excluding the United States decreased by ¥493 billion due primarily to a decrease in trading account assets.

In Europe, total revenue increased by ¥37 billion from the previous fiscal year due primarily to an increase in interest income from receivables under resale agreements and securities borrowing transactions. Total expenses increased by ¥85 billion due mainly to an increase in expenses on payables under repurchase agreements and securities lending transactions, and an increase in other noninterest expenses. As a result, net loss in Europe increased by ¥41 billion. Total assets in Europe increased by ¥693 billion due primarily to an increase in receivables under resale agreements.

In Asia/Oceania excluding Japan, and others, total revenue increased by ¥109 billion from the previous fiscal year due primarily to increases in foreign exchange gains—net and interest income from trading account assets. Total expenses increased by ¥100 billion due mainly to increases in expenses on trading account liabilities, deposits and payables under repurchase agreements and securities lending transactions. In addition, income tax expense increased by ¥14 billion from the previous fiscal year to ¥73 billion in the fiscal year ended March 31, 2025. As a result, net income in Asia/Oceania excluding Japan, and others decreased by ¥4 billion. Total assets in Asia/Oceania excluding Japan, and others increased by ¥1,129 billion due primarily to an increase in receivables under resale agreements.