NOMURA HOLDINGS INC

Item 16B. Code of Ethics

In December 2019, we adopted a new code of ethics (as defined in Item 16B of Form 20-F) consisting of the “Nomura Group Code of Conduct” and the “Nomura Group Code of Ethics for Financial Professionals,” which replaced our prior code of ethics. The “Nomura Group Code of Conduct” applies to all Nomura Group directors, officers and employees, and is periodically reviewed to better respond to the changes in the social and economic circumstances surrounding the Nomura Group and to meet the expectations of our stakeholders. In March 2026, we revised the previous version of the “Nomura Group Code of Conduct” to streamline its wording and make it more practical, enabling Nomura Group directors, officers and employees to make concrete judgments and take appropriate actions in accordance with the “Nomura Group Code of Conduct.” A copy of the “Nomura Group Code of Conduct” is attached to this annual report as Exhibit 11.1 and a copy of the “Nomura Group Code of Ethics for Financial Professionals” is attached to this annual report as Exhibit 11.2.