MIZUHO FINANCIAL GROUP INC

The following discussion relates to our geographical segment analysis for the fiscal years ended March 31, 2025 and 2026. For the discussion on our geographical segment analysis for the fiscal year ended March 31, 2024, including certain comparative discussion on our operating results for the fiscal years ended March 31, 2024 and 2025, 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, 2025, filed with the SEC on June 25, 2025.

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, 2026, we recorded a net loss in Europe. Among the geographical regions in which we recorded net income, 4.6% of our net income was derived from Japan, 82.3% from the United States, 0.4% from the Americas excluding the United States, and 12.7% from Asia/Oceania excluding Japan, and others. At March 31, 2026, 59.6% of total assets were allocated to Japan, 21.7% to the United States, 1.7% to the Americas excluding the United States, 7.9% to Europe and 9.0% to Asia/Oceania excluding Japan, and others.

In Japan, total revenue increased by ¥1,317 billion from the previous fiscal year due primarily to a change from investment losses related to equity securities to investment gains related to equity securities. The change from investment losses related to equity securities to investment gains related to equity securities was due mainly to an increase in gains related to changes in the fair value of Japanese equity securities in the fiscal year ended March 31, 2026, which mostly reflected the relative strength in market conditions. Total expenses increased by ¥545 billion from the previous fiscal year due mainly to increases in expenses on deposits and payables under repurchase agreements and securities lending transactions. In addition, we recorded an income tax expense of ¥180 billion in Japan in the fiscal year ended March 31, 2026 compared to an income tax benefit of ¥8 billion in the previous fiscal year. As a result, we recorded net income of ¥62 billion in Japan in the fiscal year ended March 31, 2026 compared to net loss of ¥521 billion in the previous fiscal year. Total assets in Japan increased by ¥4,118 billion due primarily to increases in trading account assets and investments, offset in part by a decrease in interest-bearing deposits in other banks.

In the United States, total revenue decreased by ¥425 billion from the previous fiscal year due primarily to decreases in interest income from interest-bearing deposits in other banks and trading account gains—net. The decrease in interest income from interest-bearing deposits in other banks was due mainly to decreases in the average balance and the average yield of interest-bearing deposits in other banks. The decrease in trading account gains—net was due mainly to a decrease in gains on derivative instruments based on foreign exchange contracts held for trading purposes in foreign subsidiaries. Total expenses decreased by ¥592 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 ¥186 billion. Total assets in the United States increased by ¥5,406 billion due primarily to an increase in receivables under resale agreements.

In the Americas excluding the United States, total revenue decreased by ¥21 billion from the previous fiscal year due primarily to a change from trading account gains—net to trading account losses—net, offset in part by an increase in other noninterest income and a change from foreign exchange losses—net to foreign exchange gains—net. Total expenses decreased by ¥85 billion due mainly to a decrease in expenses on deposits. As a result, we recorded net income of ¥6 billion in the Americas excluding the United States in the fiscal year ended March 31, 2026 compared to net loss of ¥59 billion in the previous fiscal year. Total assets in the Americas excluding the United States increased by ¥1,046 billion due primarily to increases in investments and trading account assets.

In Europe, total revenue decreased by ¥45 billion from the previous fiscal year due primarily to a decrease in interest income from loans, including fees. Total expenses decreased by ¥109 billion due mainly to a decrease in expenses on deposits. As a result, net loss in Europe decreased by ¥65 billion. Total assets in Europe increased by ¥3,506 billion due primarily to increases in trading account assets and loans.

In Asia/Oceania excluding Japan, and others, total revenue decreased by ¥201 billion from the previous fiscal year due primarily to decreases in interest income from loans, including fees and trading account assets. Total expenses decreased by ¥61 billion due mainly to a decrease in expenses on trading account liabilities. As a result, net income in Asia/Oceania excluding Japan, and others decreased by ¥133 billion. Total assets in Asia/Oceania excluding Japan, and others increased by ¥4,080 billion due primarily to increases in loans and trading account assets.