SEC Form 6-K filed by Mizuho Financial Group Inc. Sponosred ADR (Japan)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of July 2025

Commission File Number 001-33098

Mizuho Financial Group, Inc.

(Translation of registrant’s name into English)

5-5, Otemachi 1-chome

Chiyoda-ku, Tokyo 100-8176

Japan

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F ☒ Form 40-F ☐

 

THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE INTO THE PROSPECTUS FORMING A PART OF MIZUHO FINANCIAL GROUP, INC.’S REGISTRATION STATEMENT ON FORM F-3 (FILE NO. 333-282497) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

For Immediate Release:

 

		Consolidated Financial Statements for the First Quarter of Fiscal 2025 (Under Japanese GAAP)

 

Company Name:		Mizuho Financial Group, Inc. (“MHFG”)		July 31, 2025

 

Stock Code Number (Japan):		8411
Stock Exchange Listings:		Tokyo Stock Exchange (Prime Market), New York Stock Exchange
URL:		https://www.mizuhogroup.com
Representative:		Masahiro Kihara		President & Group CEO
For Inquiry:		Hikaru Osuga		General Manager of Accounting		Phone:		+81-3-6838-6101
Trading Accounts: Established
Commencement of Dividend Payment (scheduled): -
Supplementary Materials on Quarterly Results: Attached
IR Conference on Quarterly Results: Not Scheduled

Amounts less than one million yen are rounded down.

1. Financial Highlights for the First Quarter of Fiscal 2025 (for the three months ended June 30, 2025)

(1) Consolidated Results of Operations

(%: Changes from the corresponding period of the previous fiscal year)
		Ordinary Income								Ordinary Profits								Profit Attributable to Owners of Parent
		¥ million				%				¥ million				%				¥ million				%
1Q F2025			2,130,048				(10.5	)			368,583				4.0				290,521				0.4
1Q F2024			2,380,899				28.0				354,383				20.4				289,300				17.9

 

Note:		Comprehensive Income: 1Q F2025: ¥328,712 million, 41.6%; 1Q F2024: ¥232,053 million, (50.3)%

 

		Earnings per Share of Common Stock				Diluted Earnings per Share of Common Stock
		¥				¥
1Q F2025			115.90				115.90
1Q F2024			114.14				114.14

(2) Consolidated Financial Conditions

 

		Total Assets				Total Net Assets				Own Capital Ratio
		¥ million				¥ million				%
1Q F2025			278,650,460				10,619,730				3.7
Fiscal 2024			283,320,404				10,523,753				3.6

 

Reference:		Own Capital: As of June 30, 2025: ¥10,541,052 million; As of March 31, 2025: ¥10,442,211 million

Note:		Own Capital Ratio is calculated as follows: (Total Net Assets - Stock Acquisition Rights - Non-controlling Interests) / Total Assets × 100 Own Capital Ratio stated above is not calculated based on the public notice of Own Capital Ratio.

2. Cash Dividends for Shareholders of Common Stock

 

		Annual Cash Dividends per Share
		First quarter-end						Second quarter-end				Third quarter-end				Fiscal year-end				Total
				¥				¥				¥				¥				¥
Fiscal 2024					—				65.00				—				75.00				140.00
Fiscal 2025					—
Fiscal 2025 (estimate)									72.50				—				72.50				145.00

Note:		Revision of the latest announced estimates for cash dividends for shareholders of common stock : No

3. Consolidated Earnings Estimates for Fiscal 2025 (for the fiscal year ending March 31, 2026)

 

 

		(%: Changes from the corresponding period of the previous fiscal year)
										Profit Attributable to Owners of Parent								Earnings per Share of Common Stock
										¥ million				%				¥
Fiscal 2025 H1											—				—				—
Fiscal 2025											1,020,000				15.1				407.81

Notes:		1.		Revision of the latest announced earnings estimates for fiscal 2025: Yes
				Following the result from 1Q, MHFG revised Consolidated Earnings Estimates for Fiscal 2025 (for the fiscal year ending March 31, 2026).
				Profit Attributable to Owners of Parent: The latest announced estimates: ¥940,000 million, Revised estimates: ¥1,020,000 million, Changes from the original estimates: ¥80,000 million, 8.5%
		2.		The number of shares of common stock used in the above per share information is based on the weighted average of the average number of outstanding shares (excluding treasury stock and others) during the 1Q and the number of outstanding shares during the 2Q-4Q (which is substituted with the number of outstanding shares (excluding treasury stock and others) as of June 30, 2025

 

Notes

(1) Significant changes in the scope of consolidation during the period: No

(2) Adoption of Specified Accounting Methods for the Preparation of Quarterly Consolidated Financial Statements: No

(3) Changes in Accounting Policies and Accounting Estimates / Restatements

 

i

Changes in accounting policies due to revisions of accounting standards: No

 

ii

Changes in accounting policies other than i above: No

 

iii

Changes in accounting estimates: No

 

iv

Restatements: No

(4) Issued Shares of Common Stock

 

Review of the attached consolidated quarterly financial statements by certified public accountants or an audit firm: No

 

This immediate release contains statements that constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, including estimates, forecasts, targets and plans. Such forward-looking statements do not represent any guarantee by management of future performance.

In many cases, but not all, we use such words as “aim,” “anticipate,” “believe,” “endeavor,” “estimate,” “expect,” “intend,” “may,” “plan,” “probability,” “project,” “risk,” “seek,” “should,” “strive,” “target” and similar expressions in relation to us or our management to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions. These statements reflect our current views with respect to future events and are subject to risks, uncertainties and assumptions.

We may not be successful in implementing our business strategies, and management may fail to achieve its targets, for a wide range of possible reasons, including, without limitation: impact of geopolitical disruptions; intensification of competition in the market for financial services; incurrence of significant credit-related costs; declines in the value of our securities portfolio; changes in interest rates; foreign currency fluctuations; decrease in the market liquidity of our assets; revised assumptions or other changes related to our pension plans; a decline in our deferred tax assets; impairment of the carrying value of our long-lived assets; problems related to our information technology systems, including as a result of cyber attacks; the effect of financial transactions entered into for hedging and other similar purposes; failure to maintain required capital adequacy ratio levels and meet other financial regulatory requirements; downgrades in our credit ratings; our ability to avoid reputational harm; our ability to implement our medium-term business plan, and implement other strategic initiatives and measures effectively; the effectiveness of our operational, legal and other risk management policies; the effect of changes in general economic conditions in Japan and elsewhere; changes to applicable laws and regulations; and the effects of climate change.

Further information regarding factors that could affect our financial condition and results of operations is included in “Item 3.D. Key Information-Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in our most recent Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”), which is available in the Financial Information section of our web page at www.mizuhogroup.com and also at the SEC’s web site at www.sec.gov.

We do not intend to update our forward-looking statements. We are under no obligation, and disclaim any obligation, to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by the rules of the Tokyo Stock Exchange.

 

Mizuho Financial Group, Inc.

 

m Contents of Attachment

 

1.		Overview of Consolidated Results of Operations and Financial Condition		p.1-2
2.		Quarterly Consolidated Financial Statements and Others		p.1-3
		(1) Consolidated Balance Sheets		p.1-3
		(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income		p.1-5
		(3) Notes regarding Consolidated Financial Statements		p.1-7
		(Matters Related to the Assumption of Going Concern)
		(Significant Changes in the Amount of Shareholders’ Equity)
		(Business Segments Information)
		(Consolidated Statement of Cash Flows)
		ø SELECTED FINANCIAL INFORMATION For the First Quarter of Fiscal 2025

Note to XBRL

Please note that the names of the English accounts contained in XBRL data, which are available through EDINET and TDNet, may be different from those of the English accounts in our financial statements.

 

1-1

Mizuho Financial Group, Inc.

 

1. Overview of Consolidated Results of Operations and Financial Condition

The subject matter is described in the “Summary of Financial Results for the First Quarter of FY2025” disclosed on July 31, 2025 (Thursday), which is available on our web page at https://www.mizuhogroup.com/investors/financial-information/financial-statements.

The information is posted under the Financial Statements (under Japanese GAAP) of Mizuho Financial Group, FY2025, First Quarter, on the above web page.

 

1-2

Mizuho Financial Group, Inc.

 

2. Quarterly Consolidated Financial Statements and Others

(1) Consolidated Balance Sheets

 

		Millions of yen
		As of March 31, 2025				As of June 30, 2025
Assets
Cash and Due from Banks		¥	72,483,086			¥	64,770,799
Call Loans and Bills Bought			688,473				689,333
Receivables under Resale Agreements			28,107,374				28,083,200
Guarantee Deposits Paid under Securities Borrowing Transactions			2,078,999				1,977,293
Monetary Claims Bought			3,932,427				4,294,378
Trading Assets			22,240,796				23,522,393
Money Held in Trust			632,025				654,683
Securities			34,307,574				35,627,012
Loans and Bills Discounted			94,108,757				94,011,242
Foreign Exchanges			2,237,879				2,283,652
Derivatives other than for Trading Assets			3,497,747				3,325,914
Other Assets			7,008,874				7,301,030
Tangible Fixed Assets			1,122,592				1,116,606
Intangible Fixed Assets			808,897				809,451
Net Defined Benefit Asset			758,783				762,713
Deferred Tax Assets			237,630				198,213
Customers’ Liabilities for Acceptances and Guarantees			9,824,242				9,731,545
Allowance for Loan Losses			(755,751	)			(509,000	)
Allowance for Investment Losses			(5	)			(3	)
Total Assets		¥	283,320,404			¥	278,650,460

 

1-3

Mizuho Financial Group, Inc.

 

		Millions of yen
		As of March 31, 2025				As of June 30, 2025
Liabilities
Deposits		¥	158,746,762			¥	157,938,148
Negotiable Certificates of Deposit			14,398,784				12,949,466
Call Money and Bills Sold			2,745,165				2,894,483
Payables under Repurchase Agreements			38,393,650				35,267,234
Guarantee Deposits Received under Securities Lending Transactions			1,604,389				1,113,984
Commercial Paper			2,138,133				1,872,323
Trading Liabilities			14,290,572				14,434,633
Borrowed Money			4,008,514				3,963,446
Foreign Exchanges			840,486				1,414,384
Short-term Bonds			724,118				643,847
Bonds and Notes			12,877,794				12,813,841
Due to Trust Accounts			950,946				936,050
Derivatives other than for Trading Liabilities			4,566,669				4,342,668
Other Liabilities			6,267,822				7,443,673
Reserve for Bonus Payments			224,246				79,299
Reserve for Variable Compensation			2,226				2,955
Net Defined Benefit Liability			68,259				68,218
Reserve for Director and Corporate Auditor Retirement Benefits			484				406
Reserve for Possible Losses on Sales of Loans			1,266				933
Reserve for Contingencies			22,542				21,662
Reserve for Reimbursement of Deposits			7,146				6,476
Reserve for Reimbursement of Debentures			19,965				17,524
Reserves under Special Laws			4,247				4,244
Deferred Tax Liabilities			21,155				23,963
Deferred Tax Liabilities for Revaluation Reserve for Land			47,059				45,314
Acceptances and Guarantees			9,824,242				9,731,545
Total Liabilities		¥	272,796,651			¥	268,030,730
Net Assets
Common Stock		¥	2,256,767			¥	2,256,767
Capital Surplus			1,129,730				1,129,731
Retained Earnings			6,046,578				6,152,424
Treasury Stock			(9,462	)			(50,060	)
Total Shareholders’ Equity			9,423,614				9,488,862
Net Unrealized Gains (Losses) on Other Securities			867,697				977,063
Deferred Gains (Losses) on Hedges			(465,204	)			(438,156	)
Revaluation Reserve for Land			98,680				94,892
Foreign Currency Translation Adjustments			398,783				303,947
Remeasurements of Defined Benefit Plans			119,654				115,805
Own Credit Risk Adjustments, Net of Tax			(1,014	)			(1,362	)
Total Accumulated Other Comprehensive Income			1,018,596				1,052,189
Stock Acquisition Rights			5				5
Non-controlling Interests			81,536				78,672
Total Net Assets			10,523,753				10,619,730
Total Liabilities and Net Assets		¥	283,320,404			¥	278,650,460

 

1-4

Mizuho Financial Group, Inc.

 

(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income

Consolidated Statements of Income

 

		Millions of yen
		For the three months ended June 30, 2024				For the three months ended June 30, 2025
Ordinary Income		¥	2,380,899			¥	2,130,048
Interest Income			1,621,462				1,422,571
Interest on Loans and Bills Discounted			741,308				647,200
Interest and Dividends on Securities			205,024				203,868
Trust Fees			14,822				15,503
Fee and Commission Income			254,512				272,588
Trading Income			268,315				229,072
Other Operating Income			109,808				90,425
Other Ordinary Income			111,977				99,888
Ordinary Expenses			2,026,516				1,761,465
Interest Expenses			1,389,987				1,121,100
Interest on Deposits			472,961				389,471
Fee and Commission Expenses			53,624				52,822
Trading Expenses			—				43,894
Other Operating Expenses			80,166				47,627
General and Administrative Expenses			451,707				460,705
Other Ordinary Expenses			51,029				35,315
Ordinary Profits			354,383				368,583
Extraordinary Gains			45,567				12,406
Extraordinary Losses			2,565				2,394
Profit before Income Taxes			397,386				378,595
Income Taxes:
Current			119,545				102,338
Deferred			(12,463	)			(15,403	)
Total Income Taxes			107,081				86,934
Profit			290,304				291,660
Profit Attributable to Non-controlling Interests			1,003				1,139
Profit Attributable to Owners of Parent		¥	289,300			¥	290,521

 

1-5

Mizuho Financial Group, Inc.

 

Consolidated Statements of Comprehensive Income

 

		Millions of yen
		For the three months ended June 30, 2024				For the three months ended June 30, 2025
Profit		¥	290,304			¥	291,660
Other Comprehensive Income (Losses)			(58,250	)			37,052
Net Unrealized Gains (Losses) on Other Securities			(143,998	)			109,658
Deferred Gains (Losses) on Hedges			(35,059	)			26,750
Foreign Currency Translation Adjustments			119,705				(83,011	)
Remeasurements of Defined Benefit Plans			(7,092	)			(3,823	)
Own Credit Risk Adjustments, Net of Tax			(206	)			(347	)
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method			8,400				(12,176	)
Comprehensive Income			232,053				328,712
(Breakdown)
Comprehensive Income Attributable to Owners of Parent			229,176				327,902
Comprehensive Income Attributable to Non-controlling Interests			2,876				810

 

1-6

Mizuho Financial Group, Inc.

 

(3) Notes regarding Consolidated Financial Statements

(Matters Related to the Assumption of Going Concern)

There is no applicable information.

(Significant Changes in the Amount of Shareholders’ Equity)

There is no applicable information.

(Business Segments Information)

1.  Summary of reportable segments

MHFG has introduced an in-house company system based on the group’s diverse customer segments. The aim of this system is to leverage MHFG’s strengths and competitive advantage, which is the seamless integration of MHFG’s banking, trust and securities functions under a holding company structure, to speedily provide high-quality financial services that closely match customer needs.

Specifically, the company system is classified into the following five in-house companies, each based on a customer segment: the Retail & Business Banking Company (RBC), the Corporate & Investment Banking Company (CIBC), the Global Corporate & Investment Banking Company (GCIBC), the Global Markets Company (GMC), and the Asset Management Company (AMC).

The services that each in-house company is in charge of are as follows:

RBC:

Services for individual customers, small and medium-sized enterprises and middle market firms in Japan

CIBC:

Services for large corporations, financial institutions and public corporations in Japan

GCIBC:

Services for Japanese overseas affiliated corporate customers and non-Japanese corporate customers, etc.

GMC:

Investment services with respect to interest rates, equities and credits, etc. and other services

AMC:

Development of products and provision of services that match the asset management needs of its wide range of customers from individuals to institutional investors

The reportable segments information, set forth below, is derived from the internal management reporting systems used by management to measure the performance of the Group’s operating segments. Management measures the performance of each of the operating segments in accordance with internal managerial accounting rules and practices.

 

1-7

Mizuho Financial Group, Inc.

 

2.  Gross Profits (excluding the amounts of credit costs of trust accounts) + Net Gains (Losses) related to ETFs and others, and Net Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general allowance for loan losses) + Net Gains (Losses) related to ETFs and others by reportable segment

For the three months ended June 30, 2024

 

																						(Millions of yen)
		MHFG (Consolidated)
		RBC				CIBC				GCIBC				GMC				AMC				Others (Note 2)
Gross Profits (excluding the amounts of credit costs of trust accounts) + Net Gains (Losses) related to ETFs and others			177,384				134,312				195,493				219,774				14,836				34,490				776,289
General and Administrative Expenses (excluding Non-Recurring Losses and others)			172,204				58,866				111,282				90,019				9,000				14,671				456,042
Equity in Income from Investments in Affiliates			2,062				2,176				7,056				—				191				719				12,204
Amortization of Goodwill and others			1				206				1,641				—				1,529				307				3,684
Net Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general allowance for loan losses) + Net Gains (Losses) related to ETFs and others			7,241				77,416				89,626				129,755				4,498				20,231				328,767

 

Notes:

1. Gross Profits (excluding the amounts of credit costs of trust accounts) + Net Gains (Losses) related to ETFs and others is reported instead of sales reported by general corporations. Net Gains (Losses) related to ETFs and others amounted to ¥31,146 million, of which ¥31,728 million is included in the GMC.

2. “Others” includes items which should be eliminated as internal transactions between each segment on a consolidated basis.

3. Following the change in allocation method for transactions between each segment and “Others” made in April 2025, reclassification was made on the above table to reflect the relevant change.

For the three months ended June 30, 2025

 

																						(Millions of yen)
		MHFG (Consolidated)
		RBC				CIBC				GCIBC				GMC				AMC				Others (Note 2)
Gross Profits (excluding the amounts of credit costs of trust accounts) + Net Gains (Losses) related to ETFs and others			214,140				154,106				206,720				174,110				17,174				2,852				769,102
General and Administrative Expenses (excluding Non-Recurring Losses and others)			177,660				58,950				119,652				92,335				11,930				(244	)			460,282
Equity in Income from Investments in Affiliates			(2,049	)			3,578				6,842				—				149				2,114				10,634
Amortization of Goodwill and others			1				206				1,256				—				1,431				97				2,991
Net Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general allowance for loan losses) + Net Gains (Losses) related to ETFs and others			34,430				98,528				92,654				81,775				3,962				5,113				316,462

 

Notes:

1. Gross Profits (excluding the amounts of credit costs of trust accounts) + Net Gains (Losses) related to ETFs and others is reported instead of sales reported by general corporations. Net Gains (Losses) related to ETFs and others amounted to ¥4,385 million, of which ¥3,210 million is included in the GMC.

2. “Others” includes items which should be eliminated as internal transactions between each segment on a consolidated basis.

 

1-8

Mizuho Financial Group, Inc.

 

3. The difference between the total amounts of Net Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general allowance for loan losses) + Net Gains (Losses) related to ETFs and others of reportable segments and the recorded amounts in the Quarterly Consolidated Statement of Income, and the contents of the difference (Matters relating to adjustment to difference)

The above total amounts of Net Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general allowance for loan losses) + Net Gains (Losses) related to ETFs and others derived from internal management reporting are different from Profit before Income Taxes recorded in the Quarterly Consolidated Statement of Income.

The contents of the difference for the three months ended June 30, 2024 and 2025, are as follows:

 

		(Millions of yen)
		For the three months ended June 30, 2024				For the three months ended June 30, 2025
Net Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general allowance for loan losses) + Net Gains (Losses) related to ETFs and others			328,767				316,462
General and Administrative Expenses (Non-Recurring Losses)			8,019				2,567
Expenses related to Portfolio Problems (including reversal of (provision for) general allowance for loan losses)			(7,290	)			(17,504	)
Gains on Reversal of Allowances for Loan Losses, and others			5,841				28,967
Net Gains (Losses) related to Stocks - Net Gains (Losses) related to ETFs and others			14,097				35,442
Net Extraordinary Gains (Losses)			43,002				10,011
Others			4,949				2,647
Profit before Income Taxes recorded in Quarterly Consolidated Statement of Income			397,386				378,595

(Consolidated Statement of Cash Flows)

We have not prepared Quarterly Consolidated Statement of Cash Flows for the three months ended June 30, 2025. Depreciation (including Amortization of Intangible Fixed Assets excluding Goodwill) and Amortization of Goodwill for the three months ended June 30, 2024 and 2025 are as follows:

 

		(Millions of yen)
		For the three months ended June 30, 2024				For the three months ended June 30, 2025
Depreciation			47,322				50,817
Amortization of Goodwill			1,910				1,802

 

1-9

SELECTED FINANCIAL INFORMATION

For the First Quarter of Fiscal 2025

(Under Japanese GAAP)

 

 

Mizuho Financial Group, Inc.

C O N T E N T S

 

Notes:

“CON”: Consolidated figures for Mizuho Financial Group, Inc. (“MHFG”)

“NON”: Non-consolidated figures for Mizuho Bank, Ltd. (“MHBK”) and Mizuho Trust & Banking Co., Ltd. (“MHTB”)

 

 

FINANCIAL INFORMATION FOR THE FIRST QUARTER OF FISCAL 2025		See above Notes				Page
1. Income Analysis		CON		NON			2- 1
2. Net Gains/Losses on Stocks		CON		NON			2- 3
3. Unrealized Gains/Losses on Securities		CON		NON			2- 4
4. Status of Non Performing Loans based on the Banking Act (“BA”) and the Financial Reconstruction Act (“FRA”)		CON		NON			2- 7
5. Status of Deposits and Loans		NON					2- 11

 

Attachments		Page
Mizuho Bank, Ltd.
Comparison of Non-Consolidated Balance Sheets (selected items)			2- 13
Comparison of Non-Consolidated Statements of Income (selected items)			2- 14

 

This immediate release contains statements that constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, including estimates, forecasts, targets and plans. Such forward-looking statements do not represent any guarantee by management of future performance.

In many cases, but not all, we use such words as “aim,” “anticipate,” “believe,” “endeavor,” “estimate,” “expect,” “intend,” “may,” “plan,” “probability,” “project,” “risk,” “seek,” “should,” “strive,” “target” and similar expressions in relation to us or our management to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions. These statements reflect our current views with respect to future events and are subject to risks, uncertainties and assumptions.

We may not be successful in implementing our business strategies, and management may fail to achieve its targets, for a wide range of possible reasons, including, without limitation: impact of geopolitical disruptions; intensification of competition in the market for financial services; incurrence of significant credit-related costs; declines in the value of our securities portfolio; changes in interest rates; foreign currency fluctuations; decrease in the market liquidity of our assets; revised assumptions or other changes related to our pension plans; a decline in our deferred tax assets; impairment of the carrying value of our long-lived assets; problems related to our information technology systems, including as a result of cyber attacks; the effect of financial transactions entered into for hedging and other similar purposes; failure to maintain required capital adequacy ratio levels and meet other financial regulatory requirements; downgrades in our credit ratings; our ability to avoid reputational harm; our ability to implement our medium-term business plan, and implement other strategic initiatives and measures effectively; the effectiveness of our operational, legal and other risk management policies; the effect of changes in general economic conditions in Japan and elsewhere; changes to applicable laws and regulations; and the effects of climate change.

Further information regarding factors that could affect our financial condition and results of operations is included in “Item 3.D. Key Information-Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in our most recent Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”), which is available in the Financial Information section of our web page at www.mizuhogroup.com and also at the SEC’s web site at www.sec.gov.

We do not intend to update our forward-looking statements. We are under no obligation, and disclaim any obligation, to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by the rules of the Tokyo Stock Exchange.

Mizuho Financial Group, Inc.

 

FINANCIAL INFORMATION FOR THE FIRST QUARTER OF FISCAL 2025

1. Income Analysis

Consolidated

 

						(Billions of yen)
						First Quarter of Fiscal 2025								First Quarter of Fiscal 2024
										Change
Consolidated Gross Profits			1				764.7				19.5				745.1
Net Interest Income			2				301.4				69.9				231.4
Trust Fees			3				15.5				0.6				14.8
Credit Costs of Trust Accounts			4				—				—				—
Net Fee and Commission Income			5				219.7				18.8				200.8
Net Trading Income			6				185.1				(83.1	)			268.3
Net Other Operating Income			7				42.7				13.1				29.6
General and Administrative Expenses			8				(460.7	)			(8.9	)			(451.7	)
Expenses related to Portfolio Problems (including Reversal of (Provision for) General Allowance for Loan Losses)			9				(17.5	)			(10.2	)			(7.2	)
Gains on Reversal of Allowances for Loan Losses, and others			10				28.9				23.1				5.8
Net Gains (Losses) related to Stocks			11				39.8				(5.4	)			45.2
Equity in Income from Investments in Affiliates			12				10.6				(1.5	)			12.2
Other			13				2.6				(2.3	)			4.9
Ordinary Profits			14				368.5				14.2				354.3
Net Extraordinary Gains (Losses)			15				10.0				(32.9	)			43.0
Profit before Income Taxes			16				378.5				(18.7	)			397.3
Income Taxes			17				(86.9	)			20.1				(107.0	)
Profit			18				291.6				1.3				290.3
Profit Attributable to Non-controlling Interests			19				(1.1	)			(0.1	)			(1.0	)
Profit Attributable to Owners of Parent			20				290.5				1.2				289.3
Credit-related Costs (including Credit Costs of Trust Accounts)			21				11.4				12.9				(1.4	)
Credit-related Costs [21]  =    Expenses related to Portfolio Problems (including Reversal of (Provision for) General Allowance for Loan Losses) [9] + Gains on Reversal of Allowances for Loan Losses, and others [10] + Credit Costs of Trust Accounts [4]
(Reference)
Consolidated Net Business Profits			22				312.0				14.4				297.6
Consolidated Net Business Profits [22] =   Consolidated Gross Profits [1] - General and Administrative Expenses (excluding Non-Recurring Losses) + Equity in Income from Investments in Affiliates and certain other consolidation adjustments
Number of consolidated subsidiaries			23				239				18				221
Number of affiliates under the equity method			24				27				1				26

 

2-1

Mizuho Financial Group, Inc.

 

Non-Consolidated

Aggregate Figures for the 2 Banks

 

						(Billions of yen)
						First Quarter of Fiscal 2025																First Quarter of Fiscal 2024
						MHBK				MHTB				Aggregate Figures				Change
Gross Profits			1				433.5				31.4				465.0				10.8				454.1
Net Interest Income			2				300.6				7.7				308.3				58.2				250.1
Trust Fees			3								15.5				15.5				0.6				14.9
Trust Fees for Jointly Operated Designated Money Trust			4								0.8				0.8				0.0				0.7
Credit Costs of Trust Accounts			5								—				—				—				—
Net Fee and Commission Income			6				92.6				7.8				100.5				7.7				92.8
Net Trading Income			7				37.7								37.7				(16.9	)			54.6
Net Other Operating Income			8				2.5				0.2				2.7				(38.7	)			41.5
General and Administrative Expenses (excluding Non-Recurring Losses)			9				(228.7	)			(20.2	)			(249.0	)			0.6				(249.7	)
Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) (1)			10				204.8				11.1				216.0				11.5				204.4
Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas (2)			11				209.1				11.1				220.2				50.0				170.2
Excluding Net Gains (Losses) from redemption of Investment Trusts			12				199.0				11.1				210.1				43.5				166.5
Reversal of (Provision for) General Allowance for Loan Losses			13				—				—				—				—				—
Net Business Profits			14				204.8				11.1				216.0				11.5				204.4
Net Gains (Losses) related to Bonds			15				(4.2	)			0.0				(4.2	)			(38.4	)			34.2
Net Non-Recurring Gains (Losses)			16				40.9				4.2				45.1				(9.6	)			54.8
Net Gains (Losses) related to Stocks			17				38.5				2.6				41.1				(3.9	)			45.1
Expenses related to Portfolio Problems			18				(17.1	)			—				(17.1	)			(8.8	)			(8.2	)
Gains on Reversal of Allowances for Loan Losses, and others			19				24.3				0.5				24.9				18.2				6.7
Other			20				(4.7	)			1.0				(3.7	)			(14.9	)			11.2
Ordinary Profits			21				245.7				15.4				261.2				1.8				259.3
Net Extraordinary Gains (Losses)			22				9.4				0.9				10.3				(31.2	)			41.5
Profit before Income Taxes			23				255.2				16.3				271.5				(29.3	)			300.8
Income Taxes			24				(67.9	)			(3.3	)			(71.2	)			10.7				(82.0	)
Profit			25				187.2				12.9				200.2				(18.5	)			218.7
(1) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) for MHTB excludes the amounts of “Credit Costs of Trust Accounts” [5]. (2) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas[11] =Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses)[10]-Net Gains (Losses) related to Bonds[15]
Credit-related Costs			26				7.2				0.5				7.8				9.3				(1.4	)
Credit-related Costs [26] =   Expenses related to Portfolio Problems [18] + Reversal of (Provision for) General Allowance for Loan Losses [13] + Gains on Reversal of Allowances for Loan Losses, and others [19] + Credit Costs of Trust Accounts [5]
Reference: Breakdown of Credit-related Costs
Credit Costs of Trust Accounts			27								—				—				—				—
Reversal of (Provision for) General Allowance for Loan Losses			28				4.9				0.5				5.4				(3.5	)			9.0
Losses on Write-offs of Loans			29				(11.1	)			0.0				(11.1	)			(11.0	)			(0.0	)
Reversal of (Provision for) Specific Allowance for Loan Losses			30				(4.2	)			0.0				(4.2	)			4.0				(8.2	)
Reversal of (Provision for) Allowance for Loan Losses to Restructuring Countries			31				22.8				—				22.8				20.4				2.4
Reversal of (Provision for) Reserve for Contingencies			32				(4.8	)			—				(4.8	)			(0.3	)			(4.5	)
Other (including Losses on Sales of Loans)			33				(0.3	)			—				(0.3	)			(0.2	)			(0.1	)
Total			34				7.2				0.5				7.8				9.3				(1.4	)

 

2-2

Mizuho Financial Group, Inc.

 

2. Net Gains/Losses on Stocks

Consolidated

 

		(Billions of yen)
		First Quarter of Fiscal 2025				Change				First Quarter of Fiscal 2024
Net Gains (Losses) related to Stocks			39.8				(5.4	)			45.2
Gains on Sales			53.4				(31.8	)			85.3
Losses on Sales			(4.3	)			34.0				(38.4	)
Impairment (Devaluation)			(3.2	)			(1.1	)			(2.1	)
Reversal of (Provision for) Allowance for Investment Losses			0.0				0.0				—
Gains (Losses) on Derivatives other than for Trading			(5.9	)			(6.4	)			0.5
Non-Consolidated
Aggregate Figures for the 2 Banks
		First Quarter of Fiscal 2025				Change				First Quarter of Fiscal 2024
Net Gains (Losses) related to Stocks			41.1				(3.9	)			45.1
Gains on Sales			49.7				(32.1	)			81.8
Losses on Sales			(2.3	)			34.4				(36.7	)
Impairment (Devaluation)			(0.2	)			0.2				(0.5	)
Reversal of (Provision for) Allowance for Investment Losses			0.0				0.0				—
Gains (Losses) on Derivatives other than for Trading			(5.9	)			(6.4	)			0.5
Mizuho Bank
		First Quarter of Fiscal 2025				Change				First Quarter of Fiscal 2024
Net Gains (Losses) related to Stocks			38.5				(5.0	)			43.5
Gains on Sales			46.9				(33.3	)			80.2
Losses on Sales			(2.2	)			34.4				(36.7	)
Impairment (Devaluation)			(0.1	)			0.3				(0.4	)
Reversal of (Provision for) Allowance for Investment Losses			0.0				0.0				—
Gains (Losses) on Derivatives other than for Trading			(5.9	)			(6.4	)			0.5
Mizuho Trust & Banking
		First Quarter of Fiscal 2025				Change				First Quarter of Fiscal 2024
Net Gains (Losses) related to Stocks			2.6				1.0				1.5
Gains on Sales			2.7				1.1				1.6
Losses on Sales			(0.1	)			(0.0	)			(0.0	)
Impairment (Devaluation)			(0.0	)			(0.0	)			(0.0	)
Reversal of (Provision for) Allowance for Investment Losses			—				—				—
Gains (Losses) on Derivatives other than for Trading			—				—				—

 

2-3

Mizuho Financial Group, Inc.

 

3. Unrealized Gains/Losses on Securities

 

•

Stocks and others without a quoted market price and Investments in Partnerships are excluded.

Consolidated

(1) Other Securities

 

		(Billions of yen)
		As of June 30, 2025																As of March 31, 2025
		Book Value  (=Fair Value)				Unrealized Gains/Losses												Book Value  (=Fair Value)				Unrealized Gains/Losses
										Gains				Losses												Gains				Losses
MHFG (Consolidated)
Other Securities			29,764.0				1,406.7				1,952.0				545.3				28,315.4				1,244.3				1,851.8				607.4
Japanese Stocks			2,683.5				1,878.1				1,883.9				5.7				2,602.8				1,785.4				1,791.9				6.4
Japanese Bonds			12,934.3				(67.6	)			8.5				76.2				11,250.8				(79.6	)			7.2				86.9
Japanese Government Bonds			10,129.6				(14.3	)			1.4				15.8				8,370.4				(18.6	)			0.0				18.7
Other			14,146.2				(403.7	)			59.5				463.2				14,461.7				(461.3	)			52.7				514.1
Foreign Bonds			11,410.5				(349.2	)			19.0				368.3				12,116.5				(384.9	)			18.3				403.2

*	In addition to “Securities” on the consolidated balance sheets, NCDs in “Cash and Due from Banks,” certain items in “Monetary Claims Bought” and certain items in “Other Assets” are also included.

*

Other Securities mainly including Foreign Bonds are hedged by using derivative instruments, which apply the deferred method of hedge accounting. Deferred Hedge Gains/Losses before tax adjustment as of June 30, 2025 and March 31, 2025 are ¥(18.1) billion (Foreign Bonds ¥17.0 billion and Japanese Government Bonds ¥0.4 billion) and ¥33.5 billion (Foreign Bonds ¥39.7 billion and Japanese Government Bonds ¥0.9 billion), respectively. Unrealized Gains/Losses applying deferred hedging accounting among hedging instruments as of June 30, 2025 and March 31, 2025 are ¥1,388.5 billion (Foreign Bonds ¥(332.2) billion and Japanese Government Bonds ¥(13.9) billion) and ¥1,277.9 billion (Foreign Bonds ¥(345.2) billion and Japanese Government Bonds ¥(17.6) billion), respectively.

*

Unrealized Gains/Losses on Other Securities as of June 30, 2025 and March 31, 2025 include translation differences and others regarding stocks and others without a quoted market price and Investments in Partnerships, and are recorded directly to Net Assets after tax and consolidation adjustments, excluding the amount recognized in the consolidated balance sheet by applying the fair-value hedge accounting and others.

(2) Bonds Held to Maturity

 

		(Billions of yen)
		As of June 30, 2025																As of March 31, 2025
		Book Value				Unrealized Gains/Losses												Book Value				Unrealized Gains/Losses
										Gains				Losses												Gains				Losses
MHFG (Consolidated)			4,057.8				(148.9)				20.8				169.7				4,183.1				(155.7)				23.2				179.0

 

2-4

Mizuho Financial Group, Inc.

 

Non-Consolidated

Aggregate Figures for the 2 Banks

(1) Other Securities

 

		(Billions of yen)
		As of June 30, 2025																As of March 31, 2025
		Book Value				Unrealized Gains/Losses												Book Value				Unrealized Gains/Losses
		(=Fair Value)								Gains				Losses				(=Fair Value)								Gains				Losses
MHBK
Other Securities			28,574.5				1,229.5				1,771.4				541.9				27,108.6				1,074.7				1,677.4				602.6
Japanese Stocks			2,442.5				1,701.1				1,705.6				4.5				2,370.4				1,616.3				1,621.5				5.2
Japanese Bonds			12,729.8				(66.8	)			8.4				75.3				11,040.7				(78.5	)			7.1				85.6
Japanese Government Bonds			10,018.6				(14.3	)			1.4				15.7				8,260.5				(18.6	)			0.0				18.7
Other			13,402.2				(404.6	)			57.3				461.9				13,697.4				(462.9	)			48.7				511.7
Foreign Bonds			10,811.2				(349.4	)			17.5				367.0				11,465.4				(386.2	)			15.0				401.2
MHTB
Other Securities			304.6				102.7				103.4				0.7				303.0				97.4				98.5				1.0
Japanese Stocks			150.7				102.9				103.3				0.4				146.2				97.5				98.2				0.6
Japanese Bonds			149.7				(0.2	)			0.0				0.2				152.5				(0.2	)			0.1				0.3
Japanese Government Bonds			99.9				(0.0	)			—				0.0				98.7				(0.0	)			—				0.0
Other			4.1				0.0				0.0				0.0				4.3				0.0				0.1				0.0
Foreign Bonds			—				—				—				—				—				—				—				—
Total
Other Securities			28,879.2				1,332.2				1,874.9				542.6				27,411.7				1,172.2				1,775.9				603.6
Japanese Stocks			2,593.2				1,804.0				1,809.0				5.0				2,516.6				1,713.9				1,719.8				5.8
Japanese Bonds			12,879.5				(67.0	)			8.5				75.6				11,193.3				(78.7	)			7.2				86.0
Japanese Government Bonds			10,118.5				(14.3	)			1.4				15.8				8,359.2				(18.6	)			0.0				18.7
Other			13,406.3				(404.6	)			57.3				462.0				13,701.7				(462.8	)			48.8				511.7
Foreign Bonds			10,811.2				(349.4	)			17.5				367.0				11,465.4				(386.2	)			15.0				401.2

*	In addition to “Securities” on the balance sheets, NCDs in “Cash and Due from Banks” and certain items in “Monetary Claims Bought” are also included.

*

Other Securities mainly including Foreign Bonds are hedged by using derivative instruments, which apply the deferred method of hedge accounting. Deferred Hedge Gains/Losses before tax adjustment (aggregate figures for the 2 banks) as of June 30, 2025 and March 31, 2025 are ¥(18.1) billion (Foreign Bonds ¥17.0 billion and Japanese Government Bonds ¥0.4 billion) and ¥33.5 billion (Foreign Bonds ¥39.7 billion and Japanese Government Bonds ¥0.9 billion), respectively. Unrealized Gains/Losses applying deferred hedging accounting among hedging instruments (aggregate figures for the 2 banks) as of June 30, 2025 and March 31, 2025 are ¥1,314.1 billion (Foreign Bonds ¥(332.4) billion and Japanese Government Bonds ¥(13.9) billion) and ¥1,205.7 billion (Foreign Bonds ¥(346.4) billion and Japanese Government Bonds ¥(17.6) billion), respectively.

*

Unrealized Gains/Losses on Other Securities as of June 30, 2025 and March 31, 2025 include translation differences and others regarding stocks and others without a quoted market price and Investments in Partnerships, and are recorded directly to Net Assets after tax adjustment, excluding the amount recognized in the balance sheet by applying the fair-value hedge accounting.

 

2-5