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

11/14/25 6:41:58 AM ET

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6-K 1 d36983d6k.htm FORM 6-K Form 6-K

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 November 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NO. 333-282497) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.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.


Date:		November 14, 2025

Mizuho Financial Group, Inc.

By:		/s/ Takefumi Yonezawa
Name:		Takefumi Yonezawa
Title:		Senior Managing Corporate Executive / Group CFO

For Immediate Release:

Consolidated Financial Statements for the Second Quarter of Fiscal 2025

(Six months ended September 30, 2025)

(Under Japanese GAAP)


Company Name:		Mizuho Financial Group, Inc. (“MHFG”)		November 14, 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
Filing of Hanki Hokokusho (scheduled):		November 28, 2025	Trading Accounts:	Established
Commencement of Dividend Payment (scheduled):		December 5, 2025
Supplementary Materials on Quarterly Results:		Attached
IR Conference on Quarterly Results:		Scheduled

Amounts less than one million yen are rounded down.

1. Financial Highlights for the Second Quarter (First Half) of Fiscal 2025 (for the six months ended September 30, 2025)

(1) Consolidated Results of Operations


(%: Changes from the previous first half)
	Ordinary Income					Ordinary Profits				Profit Attributable to Owners of Parent
	¥ million		%			¥ million		%		¥ million		%
1H F2025		4,337,537		(5.4	)		849,626		13.7		689,947		21.8
1H F2024		4,585,215		8.0			747,079		30.1		566,141		36.1

Note:

Comprehensive Income:

1H F2025: ¥845,578 million, 42.8%; 1H F2024: ¥591,838 million, 6.1%


	Earnings per Share of Common Stock		Diluted Earnings per Share of Common Stock
	¥		¥
1H F2025		276.20		276.20
1H F2024		223.35		223.35

(2) Consolidated Financial Conditions


	Total Assets		Total Net Assets		Own Capital Ratio
	¥ million		¥ million		%
1H F2025		288,757,081		11,076,007		3.8
Fiscal 2024		283,320,404		10,523,753		3.6

Reference:

Own Capital:

As of September 30, 2025: ¥10,995,640 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		—		72.50
Fiscal 2025 (estimate)						—		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 previous fiscal year)
		Profit Attributable to Owners of Parent				Earnings per Share of Common Stock
		¥ million		%		¥
Fiscal 2025			1,130,000		27.6		453.49


Notes:	1.	Revision of the latest announced earnings estimates for Fiscal 2025: Yes
		Following the result from 1H, 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: ¥1,020,000 million, Revised estimates: ¥1,130,000 million, Changes from the original estimates: ¥110,000 million, 10.7%
	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 2Q, and the number of outstanding shares during the remainder of the relevant period (which is substituted with the number of outstanding shares (excluding treasury stock and others) as of September 30, 2025).

Notes

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

(2) 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

(3) Issued Shares of Common Stock


i. Period-end issued shares (including treasury stock):	As of September 30, 2025	2,489,848,594 shares	As of March 31, 2025	2,513,757,794 shares
ii. Period-end treasury stock:	As of September 30, 2025	4,339,630 shares	As of March 31, 2025	4,233,302 shares
iii. Average outstanding shares:	1st Half Fiscal 2025	2,497,975,963 shares	1st Half Fiscal 2024	2,534,759,156 shares

This immediate release is outside the scope of semi-annual audit by certified public accountants or an audit firm.

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.

MHFG is a specified business company under “Cabinet Office Ordinance on Disclosure of Corporate Information, etc.” Article 18 clause 2 and prepares the interim consolidated financial statements in the second quarter.

Mizuho Financial Group, Inc.

m Contents of Attachment


1. Interim Consolidated Financial Statements and Others			p.1-2
(1) Consolidated Balance Sheets			p.1-2
(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income			p.1-4
(3) Consolidated Statements of Changes in Net Assets			p.1-6
(4) Note for Assumption of Going Concern			p.1-7
øSELECTED FINANCIAL INFORMATION For the Second Quarter (First Half) 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.

An MHFG IR conference for institutional investors and analysts is scheduled for Friday, November 21, 2025. The IR conference presentation materials and audio archive will be available for use by individual investors in the IR Information section of the Mizuho Financial Group website immediately after the conference.

1-1

Mizuho Financial Group, Inc.

1. Interim Consolidated Financial Statements and Others

(1) Consolidated Balance Sheets


	*Millions of yen*
	As of March 31, 2025			As of September 30, 2025
Assets
Cash and Due from Banks	¥	72,483,086		¥	67,287,879
Call Loans and Bills Bought		688,473			807,153
Receivables under Resale Agreements		28,107,374			29,283,179
Guarantee Deposits Paid under Securities Borrowing Transactions		2,078,999			1,947,582
Monetary Claims Bought		3,932,427			4,480,575
Trading Assets		22,240,796			25,710,230
Money Held in Trust		632,025			755,149
Securities		34,307,574			38,395,250
Loans and Bills Discounted		94,108,757			94,264,066
Foreign Exchanges		2,237,879			2,291,125
Derivatives other than for Trading Assets		3,497,747			4,079,390
Other Assets		7,008,874			6,711,452
Tangible Fixed Assets		1,122,592			1,119,842
Intangible Fixed Assets		808,897			861,951
Net Defined Benefit Asset		758,783			630,260
Deferred Tax Assets		237,630			152,571
Customers’ Liabilities for Acceptances and Guarantees		9,824,242			10,469,462
Allowance for Loan Losses		(755,751	)		(490,037	)
Allowance for Investment Losses		(5	)		(3	)

Total Assets	¥	283,320,404		¥	288,757,081

1-2

Mizuho Financial Group, Inc.


	*Millions of yen*
	As of March 31, 2025			As of September 30, 2025
Liabilities
Deposits	¥	158,746,762		¥	160,362,897
Negotiable Certificates of Deposit		14,398,784			13,767,971
Call Money and Bills Sold		2,745,165			3,185,385
Payables under Repurchase Agreements		38,393,650			35,925,311
Guarantee Deposits Received under Securities Lending Transactions		1,604,389			2,031,700
Commercial Paper		2,138,133			2,245,275
Trading Liabilities		14,290,572			15,501,391
Borrowed Money		4,008,514			4,621,890
Foreign Exchanges		840,486			1,259,088
Short-term Bonds		724,118			722,727
Bonds and Notes		12,877,794			14,090,298
Due to Trust Accounts		950,946			975,398
Derivatives other than for Trading Liabilities		4,566,669			5,202,260
Other Liabilities		6,267,822			6,989,717
Reserve for Bonus Payments		224,246			147,240
Reserve for Variable Compensation		2,226			1,388
Net Defined Benefit Liability		68,259			68,475
Reserve for Director and Corporate Auditor Retirement Benefits		484			417
Reserve for Possible Losses on Sales of Loans		1,266			40
Reserve for Contingencies		22,542			18,232
Reserve for Reimbursement of Deposits		7,146			6,035
Reserve for Reimbursement of Debentures		19,965			16,039
Reserves under Special Laws		4,247			4,244
Deferred Tax Liabilities		21,155			22,900
Deferred Tax Liabilities for Revaluation Reserve for Land		47,059			45,281
Acceptances and Guarantees		9,824,242			10,469,462

Total Liabilities	¥	272,796,651		¥	277,681,073

Net Assets
Common Stock	¥	2,256,767		¥	2,256,767
Capital Surplus		1,129,730			1,129,730
Retained Earnings		6,046,578			6,451,923
Treasury Stock		(9,462	)		(11,319	)

Total Shareholders’ Equity		9,423,614			9,827,101

Net Unrealized Gains (Losses) on Other Securities		867,697			1,200,477
Deferred Gains (Losses) on Hedges		(465,204	)		(587,866	)
Revaluation Reserve for Land		98,680			94,820
Foreign Currency Translation Adjustments		398,783			364,091
Remeasurements of Defined Benefit Plans		119,654			98,241
Own Credit Risk Adjustments, Net of Tax		(1,014	)		(1,225	)

Total Accumulated Other Comprehensive Income		1,018,596			1,168,538

Stock Acquisition Rights		5			5
Non-controlling Interests		81,536			80,362

Total Net Assets		10,523,753			11,076,007

Total Liabilities and Net Assets	¥	283,320,404		¥	288,757,081

1-3

Mizuho Financial Group, Inc.

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

Consolidated Statements of Income


	*Millions of yen*
	For the six months ended September 30, 2024		For the six months ended September 30, 2025
Ordinary Income	¥	4,585,215	¥	4,337,537
Interest Income		3,045,939		2,891,300
Interest on Loans and Bills Discounted		1,373,557		1,324,754
Interest and Dividends on Securities		431,507		435,441
Trust Fees		30,291		31,570
Fee and Commission Income		512,874		584,789
Trading Income		558,460		424,618
Other Operating Income		228,699		156,662
Other Ordinary Income		208,950		248,595
Ordinary Expenses		3,838,136		3,487,910
Interest Expenses		2,563,082		2,238,619
Interest on Deposits		874,568		815,178
Fee and Commission Expenses		110,088		117,402
Trading Expenses		—		1,397
Other Operating Expenses		182,395		102,450
General and Administrative Expenses		877,168		966,147
Other Ordinary Expenses		105,401		61,891

Ordinary Profits		747,079		849,626

Extraordinary Gains		49,527		54,228
Extraordinary Losses		5,447		5,138

Profit before Income Taxes		791,158		898,716

Income Taxes:
Current		187,649		204,950
Deferred		35,483		1,187

Total Income Taxes		223,133		206,138

Profit		568,025		692,578

Profit Attributable to Non-controlling Interests		1,884		2,630

Profit Attributable to Owners of Parent	¥	566,141	¥	689,947

1-4

Mizuho Financial Group, Inc.

Consolidated Statements of Comprehensive Income


	*Millions of yen*
	For the six months ended September 30, 2024			For the six months ended September 30, 2025
Profit	¥	568,025		¥	692,578
Other Comprehensive Income		23,813			153,000
Net Unrealized Gains (Losses) on Other Securities		18,120			332,513
Deferred Gains (Losses) on Hedges		(6,897	)		(122,945	)
Foreign Currency Translation Adjustments		18,117			(13,314	)
Remeasurements of Defined Benefit Plans		(15,925	)		(21,295	)
Own Credit Risk Adjustments, Net of Tax		(75	)		(210	)
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method		10,474			(21,746	)

Comprehensive Income		591,838			845,578

(Breakdown)
Comprehensive Income Attributable to Owners of Parent		588,854			843,748
Comprehensive Income Attributable to Non-controlling Interests		2,983			1,830

1-5

Mizuho Financial Group, Inc.

(3) Consolidated Statements of Changes in Net Assets

For the six months ended September 30, 2024


	*Millions of yen*
	Shareholders’ Equity
	Common Stock		Capital Surplus		Retained Earnings			Treasury Stock			Total Shareholders’ Equity
Balance as of the beginning of the period		2,256,767		1,129,730		5,538,891			(9,402	)		8,915,987
Changes during the period
Cash Dividends						(139,610	)					(139,610	)
Profit Attributable to Owners of Parent						566,141						566,141
Repurchase of Treasury Stock									(2,772	)		(2,772	)
Disposition of Treasury Stock				1					2,636			2,637
Transfer from Revaluation Reserve for Land						25,315						25,315
Net Changes in Items other than Shareholders’ Equity

Total Changes during the period		—		1		451,846			(136	)		451,710

Balance as of the end of the period		2,256,767		1,129,731		5,990,738			(9,539	)		9,367,698


	Accumulated Other Comprehensive Income																			Stock Acquisition Rights		Non- Controlling Interests		Total Net Assets
	Net Unrealized Gains (Losses) on Other Securities		Deferred Gains or Losses on Hedges			Revaluation Reserve for Land			Foreign Currency Translation Adjustments		Remeasurements of Defined Benefit Plans			Own Credit Risk Adjustments, Net of Tax			Total Accumulated Other Comprehensive Income			Stock Acquisition Rights		Non- Controlling Interests		Total Net Assets
Balance as of the beginning of the period		929,815		(298,280	)		126,879			344,250		214,337			(452	)		1,316,550			5		79,591		10,312,135
Changes during the period
Cash Dividends																									(139,610	)
Profit Attributable to Owners of Parent																									566,141
Repurchase of Treasury Stock																									(2,772	)
Disposition of Treasury Stock																									2,637
Transfer from Revaluation Reserve for Land																									25,315
Net Changes in Items other than Shareholders’ Equity		17,464		(6,770	)		(25,315	)		28,290		(16,195	)		(75	)		(2,601	)		—		75		(2,526	)

Total Changes during the period		17,464		(6,770	)		(25,315	)		28,290		(16,195	)		(75	)		(2,601	)		—		75		449,184

Balance as of the end of the period		947,280		(305,050	)		101,564			372,540		198,141			(527	)		1,313,948			5		79,667		10,761,319

1-6

Mizuho Financial Group, Inc.

For the six months ended September 30, 2025


	*Millions of yen*
	Shareholders’ Equity
	Common Stock		Capital Surplus			Retained Earnings			Treasury Stock			Total Shareholders’ Equity
Balance as of the beginning of the period		2,256,767		1,129,730			6,046,578			(9,462	)		9,423,614
Changes during the period
Cash Dividends							(188,463	)					(188,463	)
Profit Attributable to Owners of Parent							689,947						689,947
Repurchase of Treasury Stock										(103,830	)		(103,830	)
Disposition of Treasury Stock				1						1,973			1,975
Cancellation of Treasury Stock				(99,999	)					99,999			—
Transfer from Revaluation Reserve for Land							3,859						3,859
Transfer from Retained Earnings to Capital Surplus				99,998			(99,998	)					—
Net Changes in Items other than Shareholders’ Equity

Total Changes during the period		—		—			405,345			(1,857	)		403,487

Balance as of the end of the period		2,256,767		1,129,730			6,451,923			(11,319	)		9,827,101


	Accumulated Other Comprehensive Income																			Stock Acquisition Rights		Non- Controlling Interests			Total Net Assets
	Net Unrealized Gains (Losses) on Other Securities		Deferred Gains or Losses on Hedges			Revaluation Reserve for Land			Foreign Currency Translation Adjustments			Remeasurements of Defined Benefit Plans			Own Credit Risk Adjustments, Net of Tax			Total Accumulated Other Comprehensive Income		Stock Acquisition Rights		Non- Controlling Interests			Total Net Assets
Balance as of the beginning of the period		867,697		(465,204	)		98,680			398,783			119,654			(1,014	)		1,018,596		5		81,536			10,523,753
Changes during the period
Cash Dividends																										(188,463	)
Profit Attributable to Owners of Parent																										689,947
Repurchase of Treasury Stock																										(103,830	)
Disposition of Treasury Stock																										1,975
Cancellation of Treasury Stock																										—
Transfer from Revaluation Reserve for Land																										3,859
Transfer from Retained Earnings to Capital Surplus																										—
Net Changes in Items other than Shareholders’ Equity		332,779		(122,662	)		(3,859	)		(34,692	)		(21,413	)		(210	)		149,941		—		(1,174	)		148,767

Total Changes during the period		332,779		(122,662	)		(3,859	)		(34,692	)		(21,413	)		(210	)		149,941		—		(1,174	)		552,254

Balance as of the end of the period		1,200,477		(587,866	)		94,820			364,091			98,241			(1,225	)		1,168,538		5		80,362			11,076,007

(4) Note for Assumption of Going Concern

There is no applicable information.

1-7

SELECTED FINANCIAL INFORMATION

For the Second Quarter (First Half) of Fiscal 2025

(Six months ended September 30, 2025)

(Under Japanese GAAP)

LOGO

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 Financial Group, Inc., Mizuho Bank, Ltd. (“MHBK”) and Mizuho Trust & Banking Co., Ltd. (“MHTB”)

I. FINANCIAL DATA FOR THE FIRST HALF OF FISCAL 2025

See above Notes

Page

1. Income Analysis

CON

NON

2-1

2. Interest Margins (Domestic Operations)

NON

2-5

3. Use and Source of Funds

NON

2-6

4. Net Gains/Losses on Securities

CON

NON

2-8

5. Unrealized Gains/Losses on Securities

CON

NON

2-10

6. Projected Redemption Amounts for Securities

NON

2-12

7. Employee Retirement Benefits

NON

CON

2-13

8. Capital Ratio

CON

NON

2-16

II. REVIEW OF CREDITS

See above Notes

Page

1. Status of Non Performing Loans based on the Banking Act (“BA”) and the Financial Reconstruction Act (“FRA”)

CON

NON

2-17

2. Status of Allowances for Loan Losses

CON

NON

2-21

3. Allowance Coverage Ratios for Non Performing Loans based on the BA and the FRA

CON

NON

2-22

4. Coverage on Non Performing Loans based on the BA and the FRA

NON

2-23

5. Overview of Non-Performing Loans(“NPLs”)

NON

2-26

6. Results of Removal of NPLs from the Balance Sheet

NON

2-27

7. Status of Loans by Industry

(1) Outstanding Balances by Industry

NON

2-28

(2) Non Performing Loans based on the BA and the FRA and Coverage Ratio by Industry

NON

2-30

8. Housing and Consumer Loans & Loans to Small and Medium-Sized Enterprises

(“SMEs”) and Individual Customers

(1) Balance of Housing and Consumer Loans

NON

2-31

(2) Loans to SMEs and Individual Customers

NON

2-31

9. Status of Loans by Region

(1) Outstanding Balances by Region

NON

2-32

(2) Non Performing Loans based on the BA and the FRA by Region

NON

2-33

III. OTHERS

See above Notes

Page

1. Estimation for Calculating Deferred Tax Assets

NON

2-34

2. Breakdown of Deposits (Domestic Offices)

NON

2-36

Attachments

Page

Mizuho Bank, Ltd.

Comparison of Non-Consolidated Balance Sheets (selected items)

2-37

Comparison of Non-Consolidated Statements of Income (selected items)

2-38

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.

Mizuho Financial Group, Inc.

I. FINANCIAL DATA FOR THE FIRST HALF OF FISCAL 2025

1. Income Analysis

Consolidated


		*(Millions of yen)*
		First Half of Fiscal 2025						First Half of Fiscal 2024
					Change
Consolidated Gross Profits	1		1,629,070			108,371			1,520,698
Net Interest Income	2		652,680			169,823			482,856
Trust Fees	3		31,570			1,279			30,291
Credit Costs of Trust Accounts	4		—			—			—
Net Fee and Commission Income	5		467,387			64,601			402,786
Net Trading Income	6		423,220			(135,240	)		558,460
Net Other Operating Income	7		54,212			7,908			46,303
General and Administrative Expenses	8		(966,147	)		(88,978	)		(877,168	)
Expenses related to Portfolio Problems (including Reversal of (Provision for) General Allowance for Loan Losses)	9		(16,954	)		(5,987	)		(10,966	)
Losses on Write-offs of Loans	10		*(14,221*	)		(6,269	)		(7,952	)
Gains on Reversal of Allowances for Loan Losses, and others	11		49,348			23,694			25,653
Net Gains (Losses) related to Stocks	12		130,448			50,492			79,955
Equity in Income from Investments in Affiliates	13		26,680			(1,091	)		27,771
Other	14		(2,819	)		16,045			(18,865	)

Ordinary Profits	15		849,626			102,547			747,079

Net Extraordinary Gains (Losses)	16		49,089			5,009			44,079
Profit before Income Taxes	17		898,716			107,557			791,158
Income Taxes - Current	18		(204,950	)		(17,300	)		(187,649	)
- Deferred	19		(1,187	)		34,296			(35,483	)
Profit	20		692,578			124,552			568,025
Profit Attributable to Non-controlling Interests	21		(2,630	)		(746	)		(1,884	)

Profit Attributable to Owners of Parent	22		689,947			123,806			566,141


Credit-related Costs (including Credit Costs of Trust Accounts)	23		32,394			17,707			14,686
* Credit-related Costs [23] = 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 [11] + Credit Costs of Trust Accounts [4]
(Reference)
Consolidated Net Business Profits	24		685,799			30,066			655,732
* Consolidated Net Business Profits [24] = 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	25		253			27			226
Number of affiliates under the equity method	26		27			1			26

2-1

Mizuho Financial Group, Inc.

Aggregate Figures for the 2 Banks

Non-Consolidated


		*(Millions of yen)*
		First Half of Fiscal 2025												First Half of Fiscal 2024
		MHBK			MHTB			Aggregate Figures			Change
Gross Profits	1		922,041			58,902			980,943			53,081			927,861
Domestic Gross Profits	2		606,709			57,227			663,937			152,566			511,370
Net Interest Income	3		395,983			11,222			407,206			95,391			311,814
Trust Fees	4					31,758			31,758			1,242			30,516
Trust Fees for Jointly Operated Designated Money Trust	5					*1,744*			*1,744*			(112	)		1,857
Credit Costs of Trust Accounts ^(1)*	6					—			—			—			—
Net Fee and Commission Income	7		135,308			13,857			149,166			12,470			136,695
Net Trading Income	8		38,776						38,776			31,665			7,110
Net Other Operating Income	9		36,640			389			37,029			11,796			25,233
International Gross Profits	10		315,331			1,674			317,006			(99,484	)		416,491
Net Interest Income	11		245,397			1,544			246,941			55,260			191,680
Net Fee and Commission Income	12		62,283			132			62,415			4,122			58,293
Net Trading Income	13		66,180						66,180			(106,945	)		173,125
Net Other Operating Income	14		(58,528	)		(2	)		(58,531	)		(51,922	)		(6,608	)
General and Administrative Expenses (excluding Non-Recurring Losses)	15		(467,040	)		(41,262	)		(508,303	)		(22,029	)		(486,274	)
Expense Ratio	16		*50.6*	%		*70.0*	%		*51.8*	%		(0.5	%)		52.4	%
Personnel Expenses	17		(166,354	)		(21,596	)		(187,950	)		(3,398	)		(184,551	)
Non-Personnel Expenses	18		(270,901	)		(17,523	)		(288,425	)		(20,777	)		(267,647	)
Premium for Deposit Insurance	19		*(9,174*	)		*(226*	)		*(9,401*	)		(604	)		(8,796	)
Miscellaneous Taxes	20		(29,784	)		(2,142	)		(31,927	)		2,146			(34,074	)

Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses)	21		455,000			17,639			472,639			31,052			441,586
Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas ^*(2)	22		476,797			17,478			494,275			120,989			373,286
Excluding Net Gains (Losses) from redemption of Investment Trusts	23		*462,532*			*17,478*			*480,011*			114,990			365,020

Reversal of (Provision for) General Allowance for Loan Losses	24		—			—			—			—			—

Net Business Profits	25		455,000			17,639			472,639			31,052			441,586
Net Gains (Losses) related to Bonds	26		*(21,797*	)		*161*			*(21,636*	)		(89,937	)		68,300

Net Non-Recurring Gains (Losses)	27		145,839			7,552			153,391			53,977			99,413
Net Gains (Losses) related to Stocks	28		124,107			5,406			129,513			54,207			75,306
Expenses related to Portfolio Problems	29		(16,259	)		(6	)		(16,266	)		(6,257	)		(10,009	)
Gains on Reversal of Allowances for Loan Losses, and others	30		46,469			516			46,985			22,471			24,514
Other	31		(8,478	)		1,636			(6,841	)		(16,443	)		9,601

Ordinary Profits	32		600,839			25,191			626,030			85,030			541,000

Net Extraordinary Gains (Losses)	33		38,092			11,512			49,604			6,688			42,915
Net Gains (Losses) on Disposition of Fixed Assets	34		*7,287*			*855*			*8,143*			(24,527	)		32,671
Losses on Impairment of Fixed Assets	35		*(971*	)		*(10*	)		*(981*	)		(127	)		(854	)
Gains on Cancellation of Employee Retirement Benefit Trust	36		*31,029*			*7,536*			*38,566*			34,777			3,788
Accumulation (Amortization) of Unrecognized Prior Service Cost	37		—			—			—			(7,310	)		7,310
Profit before Income Taxes	38		638,931			36,703			675,634			91,718			583,916
Income Taxes - Current	39		(151,239	)		(10,888	)		(162,127	)		27,030			(189,158	)
- Deferred	40		(1,668	)		1,978			310			(23,585	)		23,895

Profit	41		486,023			27,793			513,817			95,164			418,653

*(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” [6].
*(2) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas[22]
=Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses)[21]-Net Gains (Losses) related to Bonds[26]

Credit-related Costs	42		30,209			509			30,719			16,214			14,505
Credit-related Costs [42] = Expenses related to Portfolio Problems [29] + Reversal of (Provision for) General Allowance for Loan Losses [24] + Gains on Reversal of Allowances for Loan Losses, and others [30] + Credit Costs of Trust Accounts [6]

(Reference) Breakdown of Credit-related Costs
Credit Costs of Trust Accounts	43					—			—			—			—
Reversal of (Provision for) General Allowance for Loan Losses	44		3,589			494			4,084			(31,978	)		36,062
Losses on Write-offs of Loans	45		(11,269	)		3			(11,266	)		(9,575	)		(1,691	)
Reversal of (Provision for) Specific Allowance for Loan Losses	46		17,520			11			17,532			40,958			(23,426	)
Reversal of (Provision for) Allowance for Loan Losses to Restructuring Countries	47		23,517			—			23,517			17,586			5,930
Reversal of (Provision for) Reserve for Contingencies	48		(1,646	)		—			(1,646	)		(2,183	)		537
Other (including Losses on Sales of Loans)	49		(1,501	)		—			(1,501	)		1,405			(2,906	)
Total	50		30,209			509			30,719			16,214			14,505

2-2

Mizuho Financial Group, Inc.

Mizuho Bank

Non-Consolidated


		*(Millions of yen)*
		First Half of Fiscal 2025						First Half of Fiscal 2024
					Change
Gross Profits	1		922,041			48,097			873,944
Domestic Gross Profits	2		606,709			149,347			457,361
Net Interest Income	3		395,983			95,114			300,869
Net Fee and Commission Income	4		135,308			11,073			124,235
Net Trading Income	5		38,776			31,665			7,110
Net Other Operating Income	6		36,640			11,494			25,146
International Gross Profits	7		315,331			(101,250	)		416,582
Net Interest Income	8		245,397			53,729			191,667
Net Fee and Commission Income	9		62,283			3,880			58,403
Net Trading Income	10		66,180			(106,945	)		173,125
Net Other Operating Income	11		(58,528	)		(51,914	)		(6,614	)
General and Administrative Expenses (excluding Non-Recurring Losses)	12		(467,040)			(24,733)			(442,307)
Expense Ratio	13		*50.6*	%		0.0	%		50.6	%
Personnel Expenses	14		(166,354	)		(3,656	)		(162,698	)
Non-Personnel Expenses	15		(270,901	)		(23,485	)		(247,416	)
Premium for Deposit Insurance	16		(9,174	)		(635	)		(8,539	)
Miscellaneous Taxes	17		(29,784	)		2,408			(32,193	)

Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses)	18		455,000			23,363			431,636
Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas *	19		476,797			113,463			363,334
Excluding Net Gains (Losses) from redemption of Investment Trusts	20		*462,532*			107,464			355,068

Reversal of (Provision for) General Allowance for Loan Losses	21		—			—			—

Net Business Profits	22		455,000			23,363			431,636
Net Gains (Losses) related to Bonds	23		*(21,797*	)		(90,099	)		68,302

Net Non-Recurring Gains (Losses)	24		145,839			59,998			85,840
Net Gains (Losses) related to Stocks	25		124,107			58,383			65,724
Expenses related to Portfolio Problems	26		(16,259	)		(6,250	)		(10,009	)
Gains on Reversal of Allowances for Loan Losses, and others	27		46,469			22,133			24,336
Other	28		(8,478	)		(14,267	)		5,788

Ordinary Profits	29		600,839			83,362			517,476

Net Extraordinary Gains (Losses)	30		38,092			(3,816	)		41,908
Net Gains (Losses) on Disposition of Fixed Assets	31		*7,287*			(25,671	)		32,959
Losses on Impairment of Fixed Assets	32		*(971*	)		(117	)		(854	)
Gains on Cancellation of Employee Retirement Benefit Trust	33		*31,029*			27,595			3,434
Accumulation (Amortization) of Unrecognized Prior Service Cost	34		—			(6,368	)		6,368
Profit before Income Taxes	35		638,931			79,546			559,384
Income Taxes - Current	36		(151,239	)		33,096			(184,336	)
- Deferred	37		(1,668	)		(27,316	)		25,648

Profit	38		486,023			85,326			400,696

* Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas[19] =Net Business Profits(before Reversal of (Provision for) General Allowance for Loan Losses)[18]-Net Gains (Losses) related to Bonds[23]

Credit-related Costs	39		30,209			15,882			14,327
Credit-related Costs [39] = Expenses related to Portfolio Problems [26] + Reversal of (Provision for) General Allowance for Loan Losses [21] + Gains on Reversal of Allowances for Loan Losses, and others [27]

Reference: Breakdown of Credit-related Costs
Reversal of (Provision for) General Allowance for Loan Losses	40		3,589			(32,476	)		36,065
Losses on Write-offs of Loans	41		(11,269	)		(9,578	)		(1,691	)
Reversal of (Provision for) Specific Allowance for Loan Losses	42		17,520			41,128			(23,607	)
Reversal of (Provision for) Allowance for Loan Losses to Restructuring Countries	43		23,517			17,586			5,930
Reversal of (Provision for) Reserve for Contingencies	44		(1,646	)		(2,183	)		537
Other (including Losses on Sales of Loans)	45		(1,501	)		1,405			(2,906	)
Total	46		30,209			15,882			14,327

2-3

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

Non-Consolidated


		*(Millions of yen)*
		First Half of Fiscal 2025						First Half of Fiscal 2024
					Change
Gross Profits	1		58,902			4,984			53,917
Domestic Gross Profits	2		57,227			3,219			54,008
Net Interest Income	3		11,222			277			10,945
Trust Fees	4		31,758			1,242			30,516
Trust Fees for Jointly Operated Designated Money Trust	5		*1,744*			(112	)		1,857
Credit Costs of Trust Accounts^(1)*	6		—			—			—
Net Fee and Commission Income	7		13,857			1,396			12,460
Net Other Operating Income	8		389			302			86
International Gross Profits	9		1,674			1,765			(91	)
Net Interest Income	10		1,544			1,531			13
Net Fee and Commission Income	11		132			242			(110	)
Net Other Operating Income	12		(2	)		(7	)		5
General and Administrative Expenses (excluding Non-Recurring Losses)	13		(41,262)			2,703			(43,966)
Expense Ratio	14		*70.0*	%		(11.4	%)		81.5	%
Personnel Expenses	15		(21,596	)		257			(21,853	)
Non-Personnel Expenses	16		(17,523	)		2,707			(20,231	)
Premium for Deposit Insurance	17		*(226*	)		30			(257	)
Miscellaneous Taxes	18		(2,142	)		(261	)		(1,881	)

Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses)	19		17,639			7,688			9,950
Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas^*(2)	20		17,478			7,525			9,952
Excluding Net Gains (Losses) from redemption of Investment Trusts	21		*17,478*			7,525			9,952

Reversal of (Provision for) General Allowance for Loan Losses	22		—			—			—

Net Business Profits	23		17,639			7,688			9,950
Net Gains (Losses) related to Bonds	24		*161*			162			(1	)

Net Non-Recurring Gains (Losses)	25		7,552			(6,020	)		13,573
Net Gains (Losses) related to Stocks	26		5,406			(4,176	)		9,582
Expenses related to Portfolio Problems	27		(6	)		(6	)		—
Gains on Reversal of Allowances for Loan Losses, and others	28		516			338			178
Other	29		1,636			(2,175	)		3,812

Ordinary Profits	30		25,191			1,667			23,523

Net Extraordinary Gains (Losses)	31		11,512			10,504			1,007
Net Gains (Losses) on Disposition of Fixed Assets	32		*855*			1,144			(288	)
Losses on Impairment of Fixed Assets	33		*(10*	)		(10	)		—
Gains on Cancellation of Employee Retirement Benefit Trust	34		*7,536*			7,182			354
Accumulation (Amortization) of Unrecognized Prior Service Cost	35		—			(941	)		941
Profit before Income Taxes	36		36,703			12,172			24,531
Income Taxes - Current	37		(10,888	)		(6,066	)		(4,822	)
- Deferred	38		1,978			3,731			(1,752	)

Profit	39		27,793			9,837			17,956

*(1) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) excludes the amounts of “Credit Costs of Trust Accounts” [6].
*(2) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas[20]
=Net Business Profits(before Reversal of (Provision for) General Allowance for Loan Losses)[19]-Net Gains (Losses) related to Bonds[24]

Credit-related Costs	40		509			331			178
Credit-related Costs [40] = Expenses related to Portfolio Problems [27] + Reversal of (Provision for) General Allowance for Loan Losses [22] + Gains on Reversal of Allowances for Loan Losses, and others [28] + Credit Costs of Trust Accounts [6]

Reference: Breakdown of Credit-related Costs
Credit Costs of Trust Accounts	41		—			—			—
Reversal of (Provision for) General Allowance for Loan Losses	42		494			497			(2	)
Losses on Write-offs of Loans	43		3			3			0
Reversal of (Provision for) Specific Allowance for Loan Losses	44		11			(169)			180
Reversal of (Provision for) Allowance for Loan Losses to Restructuring Countries	45		—			—			—
Reversal of (Provision for) Reserve for Contingencies	46		—			—			—
Other (including Losses on Sales of Loans)	47		—			—			—
Total	48		509			331			178

2-4

Mizuho Financial Group, Inc.

2. Interest Margins (Domestic Operations)

Non-Consolidated


			(%)
			First Half of Fiscal 2025				First Half of Fiscal 2024
Mizuho Bank					Change

Return on Interest-Earning Assets		1		0.89		0.35		0.53
Return on Loans and Bills Discounted (1)		2		1.24		0.36		0.87
Return on Securities		3		1.16		0.50		0.65
Cost of Funding (including Expenses)		4		0.83		0.27		0.56
Cost of Deposits (including Expenses)		5		0.78		0.21		0.57
Cost of Deposits (2)		6		0.18		0.15		0.02
Cost of Other External Liabilities		7		0.74		0.33		0.41

Net Interest Margin	(1)-(4)	8		0.05		0.08		(0.02	)
Loan and Deposit Rate Margin (including Expenses)	(2)-(5)	9		0.45		0.15		0.30
Loan and Deposit Rate Margin	(2)-(6)	10		1.05		0.20		0.84

(1) Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG).
(2) Deposits include Negotiable Certificates of Deposit (“NCDs”).

Reference: After excluding loans to the Japanese government and others
Return on Loans and Bills Discounted		11		1.27		0.37		0.90
Loan and Deposit Rate Margin (including Expenses)	(11)-(5)	12		0.48		0.15		0.32
Loan and Deposit Rate Margin	(11)-(6)	13		1.08		0.21		0.87

			(%)
			First Half of Fiscal 2025				First Half of Fiscal 2024
Mizuho Trust & Banking					Change

Return on Interest-Earning Assets		14		1.03		0.40		0.63
Return on Loans and Bills Discounted (1)		15		1.02		0.29		0.73
Return on Securities		16		3.54		0.00		3.54
Cost of Funding		17		0.50		0.33		0.16
Cost of Deposits (2)		18		0.23		0.18		0.04

Net Interest Margin	(14)-(17)	19		0.52		0.06		0.46
Loan and Deposit Rate Margin	(15)-(18)	20		0.78		0.10		0.68

(1) Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG).
(2) Deposits include NCDs.

Reference: After excluding loans to the Japanese government and others
Return on Loans and Bills Discounted		21		1.02		0.29		0.73
Loan and Deposit Rate Margin	(21)-(18)	22		0.78		0.10		0.68


Reference			(%)
			First Half of Fiscal 2025				First Half of Fiscal 2024
Aggregate Figures for the 2 Banks					Change

Return on Loans and Bills Discounted (1)		23		1.23		0.36		0.87
Cost of Deposits (2)		24		0.18		0.15		0.02

Loan and Deposit Rate Margin	(23)-(24)	25		1.04		0.20		0.84

(1) Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG).
(2) Deposits include NCDs.

Reference: After excluding loans to the Japanese government and others
Return on Loans and Bills Discounted		26		1.26		0.37		0.89
Loan and Deposit Rate Margin	(26)-(24)	27		1.07		0.21		0.86

2-5

Mizuho Financial Group, Inc.

3. Use and Source of Funds

Non-Consolidated

Mizuho Bank

(Millions of yen, %)

First Half of Fiscal 2025

First Half of Fiscal 2024

Change

Average
Balance

Rate

Average Balance

Rate

Average Balance

Rate

Total

Use of Funds

208,976,378

2.26

2,319,388

(0.14

)

206,656,989

2.40

Loans and Bills Discounted

92,491,614

2.65

1,197,456

(0.12

)

91,294,158

2.78

Securities

35,316,025

2.39

(3,136,149

)

0.28

38,452,174

2.10

Source of Funds

209,995,172

1.64

(908,403

)

(0.24

)

210,903,575

1.88

Deposits

154,265,751

0.99

(113,131

)

(0.08

)

154,378,883

1.08

NCDs

13,930,535

3.46

2,452,776

(0.38

)

11,477,758

3.85

Domestic Operations

Use of Funds

131,553,431

0.89

2,677,569

0.35

128,875,861

0.53

Loans and Bills Discounted

56,320,760

1.22

289,295

0.36

56,031,465

0.86

Securities

16,367,743

1.16

(2,440,761

)

0.50

18,808,504

0.65

Source of Funds

131,469,372

0.29

(649,236

)

0.22

132,118,608

0.06

Deposits

115,547,261

0.17

(930,100

)

0.15

116,477,361

0.02

NCDs

2,803,221

0.39

(152,533

)

0.35

2,955,755

0.04

International Operations

Use of Funds

78,721,796

4.54

53,023

(0.89

)

78,668,773

5.44

Loans and Bills Discounted

36,170,853

4.88

908,160

(0.95

)

35,262,693

5.84

Securities

18,948,282

3.46

(695,387

)

(0.03

)

19,643,670

3.49

Source of Funds

79,824,650

3.87

152,037

(1.02

)

79,672,613

4.89

Deposits

38,718,490

3.43

816,968

(0.90

)

37,901,522

4.34

NCDs

11,127,313

4.23

2,605,310

(0.93

)

8,522,003

5.16

2-6

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (Banking Account)

(Millions of yen, %)

First Half of Fiscal 2025

First Half of Fiscal 2024

Change

Average
Balance

Rate

Average Balance

Rate

Average Balance

Rate

Total

Use of Funds

4,025,984

1.11

(621,795

)

0.47

4,647,779

0.64

Loans and Bills Discounted

2,502,252

1.04

(310,458

)

0.29

2,812,710

0.75

Securities

264,386

4.57

88,730

1.20

175,656

3.37

Source of Funds

3,788,781

0.51

(654,518

)

0.33

4,443,300

0.18

Deposits

1,776,365

0.23

(869,680

)

0.18

2,646,045

0.04

NCDs

224,180

0.27

(84,018

)

0.19

308,199

0.08

Domestic Operations

Use of Funds

4,018,026

1.03

(617,542

)

0.40

4,635,568

0.63

Loans and Bills Discounted

2,488,748

1.03

(305,704

)

0.29

2,794,452

0.73

Securities

256,298

3.54

88,958

0.00

167,340

3.54

Source of Funds

3,780,217

0.50

(650,533

)

0.33

4,430,750

0.16

Deposits

1,774,515

0.23

(868,982

)

0.18

2,643,497

0.04

NCDs

224,180

0.27

(84,018

)

0.19

308,199

0.08

International Operations

Use of Funds

30,005

11.53

(5,009

)

9.78

35,014

1.75

Loans and Bills Discounted

13,503

3.34

(4,753

)

0.00

18,257

3.33

Securities

8,088

37.19

(228

)

37.19

8,316

—

Source of Funds

30,612

1.24

(4,741

)

(0.41

)

35,353

1.65

Deposits

1,850

0.08

(697

)

0.05

2,548

0.03

NCDs

—

2-7

Mizuho Financial Group, Inc.

4. Net Gains/Losses on Securities

Consolidated


	*(Millions of yen)*
	First Half of Fiscal 2025						First Half of Fiscal 2024
				Change
Net Gains (Losses) related to Bonds		(17,421	)		(84,876	)		67,454
Gains on Sales and Others		49,870			(42,479	)		92,349
Losses on Sales and Others		(65,850	)		(36,453	)		(29,397	)
Impairment (Devaluation)		(222	)		136			(359	)
Reversal of (Provision for) Allowance for Investment Losses		—			0			(0	)
Gains (Losses) on Derivatives other than for Trading		(1,219	)		(6,081	)		4,861

	First Half of Fiscal 2025						First Half of Fiscal 2024
				Change
Net Gains (Losses) related to Stocks		130,448			50,492			79,955
Gains on Sales		153,428			1,383			152,045
Losses on Sales		(13,596	)		51,980			(65,576	)
Impairment (Devaluation)		(5,310	)		(1,926	)		(3,383	)
Reversal of (Provision for) Allowance for Investment Losses		—			—			—
Gains (Losses) on Derivatives other than for Trading		(4,073	)		(944	)		(3,128	)

Non-Consolidated Aggregate Figures for the 2 Banks

	*(Millions of yen)*
	First Half of Fiscal 2025						First Half of Fiscal 2024
				Change
Net Gains (Losses) related to Bonds		(21,636	)		(89,937	)		68,300
Gains on Sales and Others		48,394			(43,986	)		92,380
Losses on Sales and Others		(68,589	)		(40,006	)		(28,582	)
Impairment (Devaluation)		(222	)		136			(359	)
Reversal of (Provision for) Allowance for Investment Losses		—			—			—
Gains (Losses) on Derivatives other than for Trading		(1,219	)		(6,081	)		4,861

	First Half of Fiscal 2025						First Half of Fiscal 2024
				Change
Net Gains (Losses) related to Stocks		129,513			54,207			75,306
Gains on Sales		145,344			3,079			142,264
Losses on Sales		(9,487	)		52,752			(62,239	)
Impairment (Devaluation)		(2,269	)		(680	)		(1,589	)
Reversal of (Provision for) Allowance for Investment Losses		—			—			—
Gains (Losses) on Derivatives other than for Trading		(4,073	)		(944	)		(3,128	)

2-8

Mizuho Financial Group, Inc.



Mizuho Bank

	*(Millions of yen)*
	First Half of Fiscal 2025						First Half of Fiscal 2024
				Change
Net Gains (Losses) related to Bonds		(21,797	)		(90,099	)		68,302
Gains on Sales and Others		48,226			(44,154	)		92,380
Losses on Sales and Others		(68,581	)		(40,000	)		(28,581	)
Impairment (Devaluation)		(222	)		136			(359	)
Reversal of (Provision for) Allowance for Investment Losses		—			—			—
Gains (Losses) on Derivatives other than for Trading		(1,219	)		(6,081	)		4,861

	First Half of Fiscal 2025						First Half of Fiscal 2024
				Change
Net Gains (Losses) related to Stocks		124,107			58,383			65,724
Gains on Sales		139,807			7,224			132,582
Losses on Sales		(9,359	)		52,812			(62,172	)
Impairment (Devaluation)		(2,266	)		(709	)		(1,557	)
Reversal of (Provision for) Allowance for Investment Losses		—			—			—
Gains (Losses) on Derivatives other than for Trading		(4,073	)		(944	)		(3,128	)

Mizuho Trust & Banking

	*(Millions of yen)*
	First Half of Fiscal 2025						First Half of Fiscal 2024
				Change
Net Gains (Losses) related to Bonds		161			162			(1	)
Gains on Sales and Others		168			168			—
Losses on Sales and Others		(7	)		(5	)		(1	)
Impairment (Devaluation)		—			—			—
Reversal of (Provision for) Allowance for Investment Losses		—			—			—
Gains (Losses) on Derivatives other than for Trading		—			—			—

	First Half of Fiscal 2025						First Half of Fiscal 2024
				Change
Net Gains (Losses) related to Stocks		5,406			(4,176	)		9,582
Gains on Sales		5,536			(4,144	)		9,681
Losses on Sales		(127	)		(59	)		(67	)
Impairment (Devaluation)		(3	)		28			(31	)
Reversal of (Provision for) Allowance for Investment Losses		—			—			—
Gains (Losses) on Derivatives other than for Trading		—			—			—

2-9

Mizuho Financial Group, Inc.

5. Unrealized Gains/Losses on Securities

•

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

Consolidated

(1) Other Securities

(Millions of yen)

As of September 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

Other Securities

32,394,328

1,722,284

2,254,464

532,180

28,315,442

1,244,399

1,851,895

607,496

Japanese Stocks

2,943,420

2,153,059

2,156,179

3,120

2,602,868

1,785,453

1,791,933

6,480

Japanese Bonds

13,590,063

(110,303

)

7,401

117,705

11,250,832

(79,654

)

7,249

86,903

Japanese Government Bonds

10,992,499

(46,358

)

533

46,891

8,370,439

(18,664

)

18,728

Other

15,860,844

(320,470

)

90,884

411,354

14,461,741

(461,398

)

52,713

514,112

Foreign Bonds

13,210,043

(318,152

)

27,875

346,028

12,116,540

(384,921

)

18,368

403,290

• 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 September 30, 2025 and March 31, 2025 are ¥(63,848) million (Foreign Bonds ¥(13,584) million and Japanese Government Bonds ¥858 million) and ¥33,528 million (Foreign Bonds ¥39,715 million and Japanese Government Bonds ¥975 million), respectively. Unrealized Gains/Losses applying deferred hedging accounting among hedging instruments as of September 30, 2025 and March 31, 2025 are ¥1,658,436 million (Foreign Bonds ¥(331,737) million and Japanese Government Bonds ¥(45,499) million) and ¥1,277,928 million (Foreign Bonds ¥(345,206) million and Japanese Government Bonds ¥(17,688) million), respectively.

• Unrealized Gains/Losses on Other Securities as of September 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

(Millions of yen)

As of September 30, 2025

As of March 31, 2025

Book Value

Unrealized Gains/Losses

Book Value

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Bonds Held to Maturity

4,168,170

(125,634

)

35,751

161,386

4,183,129

(155,748

)

23,297

179,045

Non-Consolidated

(1) Other Securities

Aggregate Figures for the 2 Banks


	*(Millions of yen)*
	As of September 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
Other Securities		31,467,740		1,643,293			2,173,479		530,185		27,411,717		1,172,231			1,775,925		603,694
Japanese Stocks		2,850,413		2,075,790			2,078,128		2,337		2,516,624		1,713,916			1,719,812		5,896
Japanese Bonds		13,533,087		(109,885	)		7,401		117,286		11,193,302		(78,786	)		7,249		86,035
Japanese Government Bonds		*10,981,344*		*(46,358*	)		*533*		*46,891*		8,359,271		(18,664	)		64		18,728
Other		15,084,239		(322,611	)		87,949		410,561		13,701,790		(462,898	)		48,863		511,761
Foreign Bonds		*12,598,794*		*(319,218*	)		*26,036*		*345,254*		11,465,424		(386,209	)		15,035		401,245

Mizuho Bank
Other Securities		31,159,664		1,524,032			2,053,479		529,446		27,108,684		1,074,796			1,677,413		602,617
Japanese Stocks		2,684,216		1,956,168			1,958,242		2,073		2,370,411		1,616,347			1,621,572		5,225
Japanese Bonds		13,395,198		(109,566	)		7,326		116,893		11,040,790		(78,566	)		7,101		85,667
Japanese Government Bonds		*10,881,434*		*(46,352*	)		*533*		*46,885*		8,260,550		(18,643	)		64		18,707
Other		15,080,250		(322,569	)		87,910		410,479		13,697,483		(462,984	)		48,739		511,724
Foreign Bonds		*12,598,794*		*(319,218*	)		*26,036*		*345,254*		11,465,424		(386,209	)		15,035		401,245

Mizuho Trust & Banking
Other Securities		308,075		119,261			120,000		739		303,032		97,434			98,511		1,077
Japanese Stocks		166,197		119,621			119,885		263		146,213		97,568			98,239		671
Japanese Bonds		137,889		(318	)		74		393		152,511		(220	)		147		368
Japanese Government Bonds		*99,910*		(5	)		—		5		98,720		(21	)		—		21
Other		3,989		(42	)		39		81		4,307		86			123		37
Foreign Bonds		—		—			—		—		—		—			—		—

•	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 September 30, 2025 and March 31, 2025 are ¥(63,848) million (Foreign Bonds ¥(13,584) million and Japanese Government Bonds ¥858 million) and ¥33,528 million (Foreign Bonds ¥39,715 million and Japanese Government Bonds ¥975million), respectively. Unrealized Gains/Losses applying deferred hedging accounting among hedging instruments (aggregate figures for the 2 banks) as of September 30, 2025 and March 31, 2025 are ¥1,579,445 million (Foreign Bonds ¥(332,802) million and Japanese Government Bonds ¥(45,494) million) and ¥1,205,759 million (Foreign Bonds ¥(346,494) million and Japanese Government Bonds ¥(17,667) million), respectively.

•

Unrealized Gains/Losses on Other Securities as of September 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.

2-10

Mizuho Financial Group, Inc.

(2) Bonds Held to Maturity

Aggregate Figures for the 2 Banks


	*(Millions of yen)*
	As of September 30, 2025									As of March 31, 2025
			Unrealized Gains/Losses									Unrealized Gains/Losses
	Book Value					Gains		Losses		Book Value					Gains		Losses
Aggregate Figures		4,168,170		(125,634	)		35,751		161,386		4,183,129		(155,748	)		23,297		179,045
Mizuho Bank		4,168,170		(125,634	)		35,751		161,386		4,183,129		(155,748	)		23,297		179,045
Mizuho Trust & Banking		—		—			—		—		—		—			—		—
(3) Investment in Subsidiaries and Affiliates Aggregate Figures for the 2 Banks
	*(Millions of yen)*
	As of September 30, 2025									As of March 31, 2025
			Unrealized Gains/Losses									Unrealized Gains/Losses
	Book Value					Gains		Losses		Book Value					Gains		Losses
Aggregate Figures		106,131		413,598			413,598		—		106,131		276,514			276,514		—
Mizuho Bank		106,131		413,598			413,598		—		106,131		276,514			276,514		—
Mizuho Trust & Banking		—		—			—		—		—		—			—		—

(Reference)

Unrealized Gains/Losses on Other Securities

(the base amount to be recorded directly to Net Assets after necessary adjustments)

For certain Other Securities, Unrealized Gains/Losses were recognized in the statement of income by applying the fair-value hedge accounting and others. Unrealized Gains/Losses on Other Securities after excluding such Income/Loss (the “base amount”) are recorded directly to Net Assets after necessary adjustments.

The base amounts are as follows:

Consolidated


	*(Millions of yen)*
	As of September 30, 2025						As of March 31, 2025
	Unrealized Gains/Losses						Unrealized Gains/Losses
				Change			Unrealized Gains/Losses
Other Securities		1,688,697			478,346			1,210,350
Japanese Stocks		2,118,391			369,833			1,748,558
Japanese Bonds		(110,303	)		(30,649	)		(79,654	)
Japanese Government Bonds		*(46,358*	)		(27,693	)		(18,664	)
Other		(319,390	)		139,162			(458,553	)
Foreign Bonds		*(317,073*	)		65,003			(382,076	)

Non-Consolidated

Aggregate Figures for the 2 Banks

(Millions of yen)

As of September 30, 2025

As of
March 31,
2025

Unrealized Gains/Losses

Unrealized
Gains/Losses

Change

Other Securities

1,609,400

473,289

1,136,110

Japanese Stocks

2,041,897

364,101

1,677,795

Japanese Bonds

(109,885

)

(31,098

)

(78,786

)

Japanese Government Bonds

(46,358

)

(27,693

)

(18,664

)

Other

(322,611

)

140,286

(462,898

)

Foreign Bonds

(319,218

)

66,991

(386,209

)

2-11

Mizuho Financial Group, Inc.

6. Projected Redemption Amounts for Securities

•

The redemption schedule by term for Bonds Held to Maturity and Other Securities with maturities is as follows:

Non-Consolidated

Aggregate Figures for the 2 Banks


	*(Billions of yen)*
	Maturity as of September 30, 2025				Change												Maturity as of March 31, 2025
	Within 1 year	1 - 5 years	5 - 10 years	Over 10 years	Within 1 year			1 - 5 years			5 - 10 years			Over 10 years			Within 1 year	1 - 5 years	5 - 10 years	Over 10 years
Japanese Bonds	5,741.3	6,579.7	1,312.8	409.9		(1,098.3	)		3,130.6			326.5			13.6		6,839.6	3,449.0	986.3	396.3
Japanese Government Bonds	5,169.5	5,280.6	957.4	20.0		(982.6	)		3,226.5			387.9			20.0		6,152.2	2,054.1	569.5	—
Japanese Local Government Bonds	55.9	289.8	194.7	5.0		(5.8	)		38.3			(56.9	)		(2.5	)	61.8	251.4	251.6	7.5
Japanese Corporate Bonds	515.7	1,009.3	160.7	384.9		(109.7	)		(134.2	)		(4.3	)		(3.8	)	625.5	1,143.5	165.1	388.8
Other	5,078.9	4,106.5	1,546.1	7,215.0		2,096.1			(548.3	)		17.4			(206.2	)	2,982.8	4,654.8	1,528.7	7,421.2

Mizuho Bank

Japanese Bonds	5,638.4	6,544.4	1,312.7	409.9		(1,095.6	)		3,142.4			326.5			13.6		6,734.0	3,402.0	986.2	396.3
Japanese Government Bonds	5,069.5	5,280.6	957.4	20.0		(983.8	)		3,226.5			387.9			20.0		6,053.4	2,054.1	569.5	—
Japanese Local Government Bonds	55.9	289.8	194.7	5.0		(5.8	)		38.3			(56.9	)		(2.5	)	61.8	251.4	251.6	7.5
Japanese Corporate Bonds	512.8	974.0	160.6	384.9		(105.8	)		(122.4	)		(4.3	)		(3.8	)	618.7	1,096.4	165.0	388.8
Other	5,077.6	4,098.4	1,540.3	7,215.0		2,096.2			(548.6	)		13.7			(206.2	)	2,981.3	4,647.1	1,526.6	7,421.2

Mizuho Trust & Banking

Japanese Bonds	102.9	35.2	0.1	—		(2.7	)		(11.7	)		—			—		105.6	47.0	0.1	—
Japanese Government Bonds	100.0	—	—	—		1.2			—			—			—		98.8	—	—	—
Japanese Local Government Bonds	—	—	—	—		—			—			—			—		—	—	—	—
Japanese Corporate Bonds	2.9	35.2	0.1	—		(3.9	)		(11.7	)		—			—		6.8	47.0	0.1	—
Other	1.2	8.0	5.7	—		(0.1	)		0.3			3.6			—		1.4	7.7	2.0	—

2-12

Mizuho Financial Group, Inc.

7. Employee Retirement Benefits

Non-Consolidated

Retirement Benefit Obligations

Aggregate Figures for the 2 Banks


		*(Millions of yen)*
		First Half of Fiscal 2025			Change			First Half of Fiscal 2024
Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)		872,630			(79,024	)		951,654
Discount Rate (%)			0.79~2.88						0.14~2.08

Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		1,484,297			(166,320	)		1,650,618
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		(162,800	)		122,397			(285,198	)
Prepaid Pension Cost/Reserve for Employee Retirement Benefits (at the beginning of the fiscal year)	(B)+ (C) - (A)		448,866			35,101			413,764

Mizuho Bank

Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)		763,041			(69,990	)		833,031
Discount Rate (%)			0.79~2.88						0.14~2.08

Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		1,274,208			(116,401	)		1,390,609
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		(135,521	)		86,054			(221,576	)
Prepaid Pension Cost (at the beginning of the fiscal year)	(B)+ (C) - (A)		375,645			39,643			336,001

Mizuho Trust & Banking

Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)		109,589			(9,034	)		118,623
Discount Rate (%)			0.79~2.88						0.14~2.08

Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		210,089			(49,919	)		260,008
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		(27,279	)		36,342			(63,621	)
Prepaid Pension Cost/Reserve for Employee Retirement Benefits (at the beginning of the fiscal year)	(B)+ (C) - (A)		73,221			(4,542	)		77,763

2-13

Mizuho Financial Group, Inc.

Income (Expenses) related to Employee Retirement Benefits

Aggregate Figures for the 2 Banks


	*(Millions of yen)*
	First Half of Fiscal 2025			Change			First Half of Fiscal 2024
Service Cost		(5,148	)		1,406			(6,554	)
Interest Cost		(7,143	)		(2,089	)		(5,054	)
Expected Return on Plan Assets		13,201			457			12,743
Accumulation (Amortization) of Unrecognized Actuarial Differences		8,791			(10,100	)		18,891
Accumulation (Amortization) of Unrecognized Prior Service Cost		—			(7,310	)		7,310
Gains on Cancellation of Employee Retirement Benefit Trust		38,566			34,777			3,788
Other		(4,428	)		(1,740	)		(2,687	)

Total		43,838			15,400			28,438

Note: Accumulation (Amortization) of Unrecognized Prior Service Cost and Gains on Cancellation of Employee Retirement Benefit Trust are recorded to Extraordinary Gains (Losses).
Mizuho Bank

	*(Millions of yen)*
	First Half of Fiscal 2025			Change			First Half of Fiscal 2024
Service Cost		(4,342	)		1,194			(5,536	)
Interest Cost		(6,266	)		(1,824	)		(4,441	)
Expected Return on Plan Assets		11,585			569			11,016
Accumulation (Amortization) of Unrecognized Actuarial Differences		6,983			(7,678	)		14,661
Accumulation (Amortization) of Unrecognized Prior Service Cost		—			(6,368	)		6,368
Gains on Cancellation of Employee Retirement Benefit Trust		31,029			27,595			3,434
Other		(3,774	)		(1,473	)		(2,300	)

Total		35,215			12,013			23,201

Note: Accumulation (Amortization) of Unrecognized Prior Service Cost and Gains on Cancellation of Employee Retirement Benefit Trust are recorded to Extraordinary Gains (Losses).
Mizuho Trust & Banking

	*(Millions of yen)*
	First Half of Fiscal 2025			Change			First Half of Fiscal 2024
Service Cost		(805	)		212			(1,018	)
Interest Cost		(877	)		(264	)		(612	)
Expected Return on Plan Assets		1,615			(111	)		1,727
Accumulation (Amortization) of Unrecognized Actuarial Differences		1,808			(2,422	)		4,230
Accumulation (Amortization) of Unrecognized Prior Service Cost		—			(941	)		941
Gains on Cancellation of Employee Retirement Benefit Trust		7,536			7,182			354
Other		(653	)		(267	)		(386	)

Total		8,623			3,386			5,236

Note: Accumulation (Amortization) of Unrecognized Prior Service Cost and Gains on Cancellation of Employee Retirement Benefit Trust are recorded to Extraordinary Gains (Losses).

2-14

Mizuho Financial Group, Inc.

Consolidated

Retirement Benefit Obligations


		*(Millions of yen)*
		First Half of Fiscal 2025			Change			First Half of Fiscal 2024
Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)		1,068,287			(82,192	)		1,150,480
Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		1,758,811			(171,635	)		1,930,446
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		(173,478	)		131,111			(304,590	)
Net Defined Benefit Asset (at the beginning of the fiscal year)	(D)		758,783			(88,333	)		847,116
Net Defined Benefit Liability (at the beginning of the fiscal year)	(A)-(B)+(D)		68,259			1,108			67,151
Income (Expenses) related to Employee Retirement Benefits

		*(Millions of yen)*
		First Half of Fiscal 2025			Change			First Half of Fiscal 2024
Service Cost			(8,898	)		1,874			(10,773	)
Interest Cost			(8,378	)		(2,514	)		(5,864	)
Expected Return on Plan Assets			15,469			421			15,048
Accumulation (Amortization) of Unrecognized Actuarial Differences			8,962			(10,617	)		19,579
Accumulation (Amortization) of Unrecognized Prior Service Cost			11			(9,015	)		9,026
Gains on Cancellation of Employee Retirement Benefit Trust			38,566			34,777			3,788
Other			(12,917	)		(4,157	)		(8,759	)

Total			32,815			10,769			22,046

Note: Accumulation (Amortization) of Unrecognized Prior Service Cost and Gains on Cancellation of Employee Retirement Benefit Trust are recorded to Extraordinary Gains (Losses), except for a portion thereof.

2-15

Mizuho Financial Group, Inc.

8. Capital Ratio

Mizuho Financial Group

International Standard

Consolidated

(%, Billions of yen)

As of September 30, 2025
(Preliminary)

Change

As of March 31, 2025

(1) Total Capital Ratio

18.41

0.66

17.75

(2) Tier 1 Capital Ratio

16.55

0.90

15.65

(3) Common Equity Tier 1 Capital Ratio

13.70

0.47

13.23

(4) Total Capital

13,662.3

906.5

12,755.7

(5) Tier 1 Capital

12,287.4

1,039.1

11,248.2

(6) Common Equity Tier 1 Capital

10,166.2

659.9

9,506.2

(7) Risk weighted Assets

74,205.0

2,360.6

71,844.4

(8) Total Required Capital (7) X8%

5,936.4

188.8

5,747.5

Mizuho Bank

International Standard

Consolidated

Non-Consolidated

As of September 30, 2025
(Preliminary)

Change

As of March 31, 2025

As of September 30, 2025
(Preliminary)

(1) Total Capital Ratio

17.50

1.23

16.27

16.77

(2) Tier 1 Capital Ratio

15.48

1.42

14.06

14.58

(3) Common Equity Tier 1 Capital Ratio

12.34

0.92

11.42

11.15

(4) Total Capital

11,836.9

1,118.1

10,718.8

10,347.5

(5) Tier 1 Capital

10,473.0

1,205.6

9,267.3

8,993.6

(6) Common Equity Tier 1 Capital

8,350.9

821.8

7,529.0

6,882.1

(7) Risk weighted Assets

67,632.6

1,753.2

65,879.4

61,680.1

(8) Total Required Capital (7) X8%

5,410.6

140.2

5,270.3

4,934.4

Mizuho Trust & Banking

International Standard

Consolidated

Non-Consolidated

As of September 30, 2025
(Preliminary)

Change

As of March 31, 2025

As of September 30, 2025
(Preliminary)

(1) Total Capital Ratio

34.58

2.98

31.60

34.44

(2) Tier 1 Capital Ratio

34.58

2.98

31.60

34.44

(3) Common Equity Tier 1 Capital Ratio

34.57

2.97

31.60

34.44

(4) Total Capital

549.8

55.8

493.9

512.0

(5) Tier 1 Capital

549.7

55.8

493.8

512.0

(6) Common Equity Tier 1 Capital

549.7

55.8

493.8

512.0

(7) Risk weighted Assets

1,589.6

27.0

1,562.5

1,486.3

(8) Total Required Capital (7) X8%

127.1

2.1

125.0

118.9

2-16

Mizuho Financial Group, Inc.

II. REVIEW OF CREDITS

1. Status of Non Performing Loans based on the Banking Act (“BA”) and the Financial Reconstruction Act (“FRA”)

•

The figures below are presented net of partial direct write-offs.

•

Treatment of accrued interest is based on the results of the self-assessment of assets.

(All loans to obligors classified in the self-assessment of assets as Bankrupt Obligors, Substantially Bankrupt Obligors, and Intensive Control Obligors are categorized as non-accrual loans.)

Consolidated


	*(Millions of yen)*
	As of September 30, 2025		Change			As of March 31, 2025
Claims against Bankrupt and Substantially Bankrupt Obligors		43,699		11,215			32,484
Claims with Collection Risk		318,516		(257,684	)		576,200
Claims for Special Attention		430,465		(8,160	)		438,626
Loans Past Due for 3 Months or More		584		313			271
Restructured Loans		429,881		(8,474	)		438,355
Sub-total[1]		792,681		(254,629	)		1,047,311
Normal Claims		107,911,422		1,481,261			106,430,161

Total[2]		108,704,104		1,226,631			107,477,473


Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.

Amount of Partial Direct Write-offs		319,626		223,676			95,949

	*(%)*
NPL ratio[1]/[2]		0.72		(0.24	)		0.97

Trust Account

	*(Millions of yen)*
	As of September 30, 2025		Change			As of March 31, 2025
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			—
Claims with Collection Risk		—		—			—
Claims for Special Attention		—		—			—
Loans Past Due for 3 Months or More		—		—			—
Restructured Loans		—		—			—
Sub-total[3]		—		—			—
Normal Claims		1,085		(306	)		1,392

Total[4]		1,085		(306	)		1,392


	*(%)*
NPL ratio[3]/[4]		—		—			—

2-17

Mizuho Financial Group, Inc.

Consolidated + Trust Account


	*(Millions of yen)*
	As of September 30, 2025		Change			As of March 31, 2025
Claims against Bankrupt and Substantially Bankrupt Obligors		43,699		11,215			32,484
Claims with Collection Risk		318,516		(257,684	)		576,200
Claims for Special Attention		430,465		(8,160	)		438,626
Loans Past Due for 3 Months or More		584		313			271
Restructured Loans		429,881		(8,474	)		438,355
Sub-total[5]		792,681		(254,629	)		1,047,311
Normal Claims		107,912,508		1,480,954			106,431,553

Total[6]		108,705,190		1,226,324			107,478,865


Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.

Amount of Partial Direct Write-offs		319,626		223,676			95,949

	*(%)*
NPL ratio[5]/[6]		0.72		(0.24	)		0.97

Trust account represents trust accounts that guarantee principals in the agreement.

2-18

Mizuho Financial Group, Inc.

Non-Consolidated

Aggregate Figures for the 2 Banks (Banking Account + Trust Account)


	*(Millions of yen)*
	As of September 30, 2025		Change			As of March 31, 2025
Claims against Bankrupt and Substantially Bankrupt Obligors		33,809		11,580			22,229
Claims with Collection Risk		307,702		(261,668	)		569,370
Claims for Special Attention		419,704		(7,254	)		426,959
Loans Past Due for 3 Months or More		584		313			271
Restructured Loans		419,119		(7,568	)		426,688
Sub-total[1]		761,216		(257,343	)		1,018,559
Normal Claims		109,110,837		1,052,050			108,058,786

Total[2]		109,872,053		794,707			109,077,346


Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.

Amount of Partial Direct Write-offs		317,271		223,259			94,011

	*(%)*
NPL ratio[1]/[2]		0.69		(0.24	)		0.93

Mizuho Bank

	*(Millions of yen)*
Claims against Bankrupt and Substantially Bankrupt Obligors		33,769		11,617			22,151
Claims with Collection Risk		303,360		(258,434	)		561,794
Claims for Special Attention		413,527		(5,936	)		419,464
Loans Past Due for 3 Months or More		584		313			271
Restructured Loans		412,943		(6,249	)		419,192
Sub-total[3]		750,658		(252,752	)		1,003,410
Normal Claims		106,639,265		1,160,298			105,478,966

Total[4]		107,389,923		907,546			106,482,377


Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.

Amount of Partial Direct Write-offs		317,058		223,281			93,777

	*(%)*
NPL ratio[3]/[4]		0.69		(0.24	)		0.94

2-19

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

(Banking Account)


	*(Millions of yen)*
Claims against Bankrupt and Substantially Bankrupt Obligors		40	(37	)	78
Claims with Collection Risk		4,341	(3,234	)	7,575
Claims for Special Attention		6,176	(1,318	)	7,495
Loans Past Due for 3 Months or More		—	—		—
Restructured Loans		6,176	(1,318	)	7,495
Sub-total[5]		10,558	(4,590	)	15,148
Normal Claims		2,470,486	(107,941	)	2,578,427

Total[6]		2,481,044	(112,531	)	2,593,576


Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.

Amount of Partial Direct Write-offs		212	(21	)	233

	*(%)*
NPL ratio[5]/[6]		0.42	(0.15	)	0.58

(Trust Account)

	*(Millions of yen)*
Claims against Bankrupt and Substantially Bankrupt Obligors		—	—		—
Claims with Collection Risk		—	—		—
Claims for Special Attention		—	—		—
Loans Past Due for 3 Months or More		—	—		—
Restructured Loans		—	—		—
Sub-total[7]		—	—		—
Normal Claims		1,085	(306	)	1,392

Total[8]		1,085	(306	)	1,392


	*(%)*
NPL ratio[7]/[8]		—	—		—

Trust account represents trust accounts that guarantee principals in the agreement.

2-20

Mizuho Financial Group, Inc.

2. Status of Allowances for Loan Losses

Consolidated


	*(Millions of yen)*
	As of September 30, 2025		Change			As of March 31, 2025
Allowances for Loan Losses		490,037		(265,713	)		755,751
General Allowance for Loan Losses		329,537		(6,747	)		336,285
Specific Allowance for Loan Losses		157,937		(237,189	)		395,127
Allowance for Loan Losses to Restructuring Countries		2,562		(21,776	)		24,339

Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.

Amount of Partial Direct Write-offs		322,250		226,032			96,218

Non-Consolidated

Aggregate Figures for the 2 Banks


	*(Millions of yen)*
	As of September 30, 2025		Change			As of March 31, 2025
Allowances for Loan Losses		463,957		(262,211	)		726,169
General Allowance for Loan Losses		316,632		(4,084	)		320,716
Specific Allowance for Loan Losses		144,763		(236,350	)		381,113
Allowance for Loan Losses to Restructuring Countries		2,562		(21,776	)		24,339

Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.

Amount of Partial Direct Write-offs		319,577		225,566			94,011

Mizuho Bank

Allowances for Loan Losses		458,473		(260,796	)		719,269
General Allowance for Loan Losses		311,276		(3,589	)		314,866
Specific Allowance for Loan Losses		144,634		(235,430	)		380,064
Allowance for Loan Losses to Restructuring Countries		2,562		(21,776	)		24,339

Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.

Amount of Partial Direct Write-offs		319,365		225,588			93,777

Mizuho Trust & Banking

Allowances for Loan Losses		5,484		(1,415	)		6,899
General Allowance for Loan Losses		5,355		(494	)		5,850
Specific Allowance for Loan Losses		128		(920	)		1,049
Allowance for Loan Losses to Restructuring Countries		—		—			—

Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.

Amount of Partial Direct Write-offs		212		(21	)		233

Allowance for Entrusted Loan Losses (¥3 million and ¥4 million for September 30, 2025 and March 31, 2025, respectively) is not included in the above figures for Trust Account.

2-21

Mizuho Financial Group, Inc.

3. Allowance Coverage Ratios for Non Performing Loans based on the BA and the FRA

Consolidated

(%)

As of
September 30,
2025

Change

As of
March 31,
2025

Mizuho Financial Group

61.82

(10.34

)

72.16

Above figures are presented net of partial direct write-offs.

Non-Consolidated

(%)

As of
September 30,
2025

Change

As of
March 31,
2025

Total

60.94

(10.34

)

71.29

Mizuho Bank

61.07

(10.60

)

71.68

Mizuho Trust & Banking (Banking Account)

51.94

6.39

45.54

Above figures are presented net of partial direct write-offs.

2-22

Mizuho Financial Group, Inc.

4. Coverage on Non Performing Loans based on the BA and the FRA

Non-Consolidated

(1) Non Performing Loans based on the BA and the FRA and Coverage Amount

Aggregate Figures for the 2 Banks (Banking Account)

(Billions of yen)

As of
September 30, 2025

Change

As of
March 31, 2025

Claims against Bankrupt and Substantially Bankrupt Obligors

33.8

11.5

22.2

Collateral, Guarantees, and equivalent

21.9

0.5

21.4

Allowance for Losses

11.8

11.0

0.7

Claims with Collection Risk

307.7

(261.6

)

569.3

Collateral, Guarantees, and equivalent

116.3

(18.2

)

134.5

Allowance for Losses

132.9

(247.3

)

380.3

Claims for Special Attention

419.7

(7.2

)

426.9

Collateral, Guarantees, and equivalent

124.7

7.1

117.6

Allowance for Losses

97.5

(5.2

)

102.8

Total

761.2

(257.3

)

1,018.5

Collateral, Guarantees, and equivalent

263.1

(10.5

)

273.6

Allowance for Losses

242.3

(241.6

)

483.9

Mizuho Bank

Claims against Bankrupt and Substantially Bankrupt Obligors

33.7

11.6

22.1

Collateral, Guarantees, and equivalent

21.9

0.5

21.3

Allowance for Losses

11.8

11.0

0.7

Claims with Collection Risk

303.3

(258.4

)

561.7

Collateral, Guarantees, and equivalent

112.1

(17.4

)

129.6

Allowance for Losses

132.8

(246.4

)

379.2

Claims for Special Attention

413.5

(5.9

)

419.4

Collateral, Guarantees, and equivalent

124.1

8.7

115.3

Allowance for Losses

96.6

(5.3

)

101.9

Total

750.6

(252.7

)

1,003.4

Collateral, Guarantees, and equivalent

258.2

(8.1

)

266.3

Allowance for Losses

241.2

(240.7

)

482.0

Mizuho Trust & Banking (Banking Account)

Claims against Bankrupt and Substantially Bankrupt Obligors

0.0

(0.0

)

0.0

Collateral, Guarantees, and equivalent

0.0

(0.0

)

0.0

Allowance for Losses

—

Claims with Collection Risk

4.3

(3.2

)

7.5

Collateral, Guarantees, and equivalent

4.1

(0.7

)

4.9

Allowance for Losses

0.1

(0.9

)

1.0

Claims for Special Attention

6.1

(1.3

)

7.4

Collateral, Guarantees, and equivalent

0.6

(1.6

)

2.3

Allowance for Losses

0.9

0.0

0.9

Total

10.5

(4.5

)

15.1

Collateral, Guarantees, and equivalent

4.8

(2.4

)

7.3

Allowance for Losses

1.0

(0.8

)

1.9

Reference: Trust Account

Claims against Bankrupt and Substantially Bankrupt Obligors

—

Collateral, Guarantees, and equivalent

—

Claims with Collection Risk

—

Collateral, Guarantees, and equivalent

—

Claims for Special Attention

—

Collateral, Guarantees, and equivalent

—

Total

—

Collateral, Guarantees, and equivalent

—

*	Trust account represents trust accounts that guarantee principals in the agreement.

2-23

Mizuho Financial Group, Inc.

(2) Coverage Ratio

Aggregate Figures for the 2 Banks (Banking Account)


	*(Billions of yen)*
	As of September 30, 2025		Change			As of March 31, 2025

Coverage Amount		505.4		(252.2	)		757.6
Allowances for Loan Losses		242.3		(241.6	)		483.9
Collateral, Guarantees, and equivalent		263.1		(10.5	)		273.6

	*(%)*
Coverage Ratio		66.3		(7.9	)		74.3
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		81.0		(9.4	)		90.4
Claims for Special Attention		52.9		1.3			51.6
Claims against Special Attention Obligors		*53.4*		1.7			51.7

Allowance Coverage Ratio against Non-collateralized Claims

	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		69.4		(18.0	)		87.4
Claims for Special Attention		33.0		(0.1	)		33.2
Claims against Special Attention Obligors		*32.5*		0.2			32.2

Reference: Allowance Coverage Ratio

	*(%)*
Claims against Special Attention Obligors		22.43		(0.53	)		22.97
Claims against Watch Obligors excluding Special Attention Obligors		3.04		0.01			3.03
Claims against Normal Obligors		0.14		0.00			0.14

Mizuho Bank

	*(Billions of yen)*
Coverage Amount		499.4		(248.9	)		748.3
Allowances for Loan Losses		241.2		(240.7	)		482.0
Collateral, Guarantees, and equivalent		258.2		(8.1	)		266.3

	*(%)*
Coverage Ratio		66.5		(8.0	)		74.5
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		80.7		(9.8	)		90.5
Claims for Special Attention		53.3		1.5			51.8
Claims against Special Attention Obligors		*53.8*		1.5			52.3

Allowance Coverage Ratio against Non-collateralized Claims

	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		69.4		(18.2	)		87.7
Claims for Special Attention		33.3		(0.1	)		33.5
Claims against Special Attention Obligors		*32.8*		0.0			32.7

Reference: Allowance Coverage Ratio

	*(%)*
Claims against Special Attention Obligors		22.53		(0.68	)		23.22
Claims against Watch Obligors excluding Special Attention Obligors		3.02		(0.00	)		3.03
Claims against Normal Obligors		0.14		0.00			0.14

2-24

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (Banking Account)


	*(Billions of yen)*
	As of September 30, 2025		Change			As of March 31, 2025

Coverage Amount		5.9		(3.3	)		9.2
Allowances for Loan Losses		1.0		(0.8	)		1.9
Collateral, Guarantees, and equivalent		4.8		(2.4	)		7.3

	*(%)*
Coverage Ratio		56.5		(4.7	)		61.2
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		98.6		19.7			78.9
Claims for Special Attention		26.6		(16.4	)		43.0
Claims against Special Attention Obligors		*25.4*		(6.0	)		31.4

Allowance Coverage Ratio against Non-collateralized Claims

	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			—
Claims with Collection Risk		66.8		27.3			39.4
Claims for Special Attention		17.3		(0.0	)		17.4
Claims against Special Attention Obligors		*17.3*		(0.0	)		17.3

Reference: Allowance Coverage Ratio

	*(%)*
Claims against Special Attention Obligors		15.69		1.26			14.43
Claims against Watch Obligors excluding Special Attention Obligors		4.98		3.28			1.70
Claims against Normal Obligors		0.14		0.00			0.14

2-25

Mizuho Financial Group, Inc.

5. Overview of Non-Performing Loans (“NPLs”)

Non-Consolidated

Aggregate Figures for the 2 Banks (Banking Account)

(Billions of yen)

LOGO


Notes:		Claims for Special Attention is denoted on an individual loans basis.
		Claims against Special Attention Obligors includes all claims, not limited to Claims for Special Attention.

2-26

Mizuho Financial Group, Inc.

6. Results of Removal of NPLs from the Balance Sheet

Non-Consolidated

(1) Outstanding Balance of Claims against Bankrupt and Substantially Bankrupt Obligors and Claims with Collection Risk (under the BA and the FRA)

Aggregate Figures for the 2 Banks (Banking Account + Trust Account)


	*(Billions of yen)*
	Fiscal 2022		Fiscal 2023		Fiscal 2024		Fiscal 2025
	As of March 31, 2023		As of March 31, 2024		As of March 31, 2025		As of September 30, 2025
							MHBK		MHTB*		Aggregate Figures for the 2 Banks		Change from March 31, 2025
Claims against Bankrupt and Substantially Bankrupt Obligors		34.0		15.9		9.3		18.2		0.0		18.3		8.9
Claims with Collection Risk		658.4		499.8		398.6		125.6		4.2		129.8		(268.7	)
Amount Categorized as above up to Fiscal 2022		692.5		515.7		408.0		143.9		4.2		148.2		(259.8	)
of which the amount which was in the process of being removed from the balance sheet		30.5		15.3		9.1		18.0		0.0		18.1		8.9
Claims against Bankrupt and Substantially Bankrupt Obligors				10.7		3.8		3.3		—		3.3		(0.5	)
Claims with Collection Risk				208.7		64.7		57.8		0.0		57.9		(6.8	)
Amount Newly Categorized as above during Fiscal 2023				219.5		68.5		61.1		0.0		61.2		(7.3	)
of which the amount which was in the process of being removed from the balance sheet				9.4		2.9		2.5		—		2.5		(0.4	)
Claims against Bankrupt and Substantially Bankrupt Obligors						9.0		3.8		—		3.8		(5.1	)
Claims with Collection Risk						105.9		67.9		0.0		67.9		(37.9	)
Amount Newly Categorized as above during Fiscal 2024						115.0		71.8		0.0		71.8		(43.1	)
of which the amount which was in the process of being removed from the balance sheet						5.8		3.4		—		3.4		(2.3	)
Claims against Bankrupt and Substantially Bankrupt Obligors								8.3		—		8.3		8.3
Claims with Collection Risk								51.8		0.0		51.9		51.9
Amount Newly Categorized as above during the First Half of Fiscal 2025								60.1		0.0		60.2		60.2
of which the amount which was in the process of being removed from the balance sheet								3.8		—		3.8		3.8
Claims against Bankrupt and Substantially Bankrupt Obligors		34.0		26.6		22.2		33.7		0.0		33.8		11.5
Claims with Collection Risk		658.4		708.6		569.3		303.3		4.3		307.7		(261.6	)
Total		692.5		735.3		591.6		337.1		4.3		341.5		(250.0	)
of which the amount which was in the process of being removed from the balance sheet		30.5		24.7		17.9		27.9		0.0		28.0		10.0


* Trust account represents trust accounts that guarantee principals in the agreement.
*				denotes newly categorized amounts.

(2) Breakdown of Reasons for Removal of NPLs from the Balance Sheet in the First Half of Fiscal 2025


	*(Billions of yen)*
	Aggregate Figures for the 2 Banks (Banking Account + Trust Account)			MHBK			MHTB (Banking Account + Trust Account)
Liquidation		(1.0	)		(1.0	)		—
Restructuring		(1.3	)		(1.3	)		—
Improvement in Business Performance due to Restructuring		—			—			—
Loan Sales		(12.1	)		(9.6	)		(2.4	)
Direct Write-off		(222.7	)		(222.7	)		0.0
Other		(73.0	)		(72.2	)		(0.8	)
Debt recovery		(27.9	)		(27.2	)		(0.6	)
Improvement in Business Performance		(45.1	)		(44.9	)		(0.1	)

Total		(310.3	)		(307.0	)		(3.3	)

2-27

Mizuho Financial Group, Inc.

7. Status of Loans by Industry

(1) Outstanding Balances by Industry

Non-Consolidated

Aggregate Figures for the 2 Banks (Banking Account + Trust Account)


	*(Billions of yen)*
	As of September 30, 2025					As of March 31, 2025
	Outstanding Balance		Change			Outstanding Balance
Domestic Total (excluding Loans Booked Offshore)		63,256.9		(1,082.3	)		64,339.3
Manufacturing		10,062.8		(246.8	)		10,309.7
Agriculture & Forestry		50.2		1.2			48.9
Fishery		12.2		(0.6	)		12.9
Mining, Quarrying Industry & Gravel Extraction Industry		147.9		(12.3	)		160.3
Construction		1,051.5		(3.6	)		1,055.1
Utilities		3,197.9		0.6			3,197.3
Communication		1,408.0		237.2			1,170.7
Transportation & Postal Industry		2,275.3		8.4			2,266.9
Wholesale & Retail		4,902.4		22.8			4,879.6
Finance & Insurance		9,122.0		(198.1	)		9,320.1
Real Estate		12,638.9		191.2			12,447.6
Commodity Lease		3,627.8		384.3			3,243.4
Service Industries		3,006.2		(14.4	)		3,020.7
Local Governments		340.8		(28.1	)		368.9
Governments		1,275.5		(1,707.2	)		2,982.7
Other		10,136.9		283.0			9,853.9
Overseas Total (including Loans Booked Offshore)		31,497.1		1,162.1			30,335.0
Governments		253.4		(39.6	)		293.0
Financial Institutions		13,810.6		32.8			13,777.7
Other		17,433.1		1,168.9			16,264.2

Total		94,754.1		79.7			94,674.3

*	Loans to Finance & Insurance sector includes loans to MHFG as follows:


As of September 30, 2025: ¥265.0 billion (from MHBK)
As of March 31, 2025: ¥530.0 billion (from MHBK)

*	Amounts of Outstanding Balances are the aggregate figures for banking and trust accounts.

2-28

Mizuho Financial Group, Inc.

Mizuho Bank


	*(Billions of yen)*
	As of September 30, 2025					As of March 31, 2025
	Outstanding Balance		Change			Outstanding Balance
Domestic Total (excluding Loans Booked Offshore)		60,223.6		(1,056.5	)		61,280.1
Manufacturing		9,784.0		(206.6	)		9,990.7
Agriculture & Forestry		50.2		1.2			48.9
Fishery		12.2		(0.6	)		12.9
Mining, Quarrying Industry & Gravel Extraction Industry		147.0		(12.2	)		159.2
Construction		997.3		(10.1	)		1,007.5
Utilities		3,002.1		19.5			2,982.6
Communication		1,355.6		222.6			1,133.0
Transportation & Postal Industry		2,158.9		18.0			2,140.8
Wholesale & Retail		4,797.9		18.7			4,779.1
Finance & Insurance		8,607.3		(253.8	)		8,861.2
Real Estate		11,332.4		230.1			11,102.3
Commodity Lease		3,435.1		370.6			3,064.5
Service Industries		2,989.7		(7.1	)		2,996.8
Local Governments		340.8		(27.9	)		368.7
Governments		1,275.5		(1,707.2	)		2,982.7
Other		9,936.9		288.4			9,648.5
Overseas Total (including Loans Booked Offshore)		31,497.1		1,162.1			30,335.0
Governments		253.4		(39.6	)		293.0
Financial Institutions		13,810.6		32.8			13,777.7
Other		17,433.1		1,168.9			16,264.2

Total		91,720.8		105.5			91,615.2


Mizuho Trust & Banking (Banking Account + Trust Account)

Domestic Total (excluding Loans Booked Offshore)		3,033.3		(25.8	)		3,059.1
Manufacturing		278.8		(40.1	)		319.0
Agriculture & Forestry		0.0		(0.0	)		0.0
Fishery		—		—			—
Mining, Quarrying Industry & Gravel Extraction Industry		0.9		(0.1	)		1.0
Construction		54.1		6.5			47.6
Utilities		195.7		(18.8	)		214.6
Communication		52.4		14.6			37.7
Transportation & Postal Industry		116.3		(9.6	)		126.0
Wholesale & Retail		104.4		4.0			100.4
Finance & Insurance		514.6		55.7			458.8
Real Estate		1,306.4		(38.8	)		1,345.2
Commodity Lease		192.6		13.7			178.8
Service Industries		16.5		(7.2	)		23.8
Local Governments		—		(0.2	)		0.2
Governments		—		—			—
Other		200.0		(5.3	)		205.4
Overseas Total (including Loans Booked Offshore)		—		—			—
Governments		—		—			—
Financial Institutions		—		—			—
Other		—		—			—

Total		3,033.3		(25.8	)		3,059.1

*	Amounts of Outstanding Balances are the aggregate figures for banking and trust accounts.

2-29

Mizuho Financial Group, Inc.

(2) Non Performing Loans based on the BA and the FRA and Coverage Ratio by Industry

Non-Consolidated

Aggregate Figures for the 2 Banks (Banking Account + Trust Account)


	*(Billions of yen, %)*
	As of September 30, 2025										As of March 31, 2025
	Non Performing Loans based on the BA and the FRA		Coverage Ratio		Change						Non Performing Loans based on the BA and the FRA		Coverage Ratio
			Coverage Ratio		Non Performing Loans based on the BA and the FRA			Coverage Ratio					Coverage Ratio
Domestic Total (excluding Loans Booked Offshore)		690.2		65.0		(247.9	)		(8.7	)		938.2		73.8
Manufacturing		364.9		63.3		(245.3	)		(12.8	)		610.3		76.2
Agriculture & Forestry		7.7		85.5		4.4			9.2			3.2		76.3
Fishery		—		—		—			—			—		—
Mining, Quarrying Industry & Gravel Extraction Industry		0.0		100.0		0.0			—			—		—
Construction		3.2		77.8		0.1			(4.3	)		3.0		82.1
Utilities		3.8		63.9		2.7			(4.8	)		1.0		68.7
Communication		12.8		55.7		1.1			(3.6	)		11.7		59.3
Transportation & Postal Industry		8.3		77.8		(3.4	)		0.4			11.8		77.4
Wholesale & Retail		119.3		54.2		8.1			(1.7	)		111.2		55.9
Finance & Insurance		12.8		51.8		(1.0	)		(3.0	)		13.9		54.8
Real Estate		22.2		84.8		(4.0	)		(2.0	)		26.3		86.8
Commodity Lease		0.2		72.3		(0.0	)		0.8			0.2		71.5
Service Industries		86.5		63.6		(8.7	)		(3.5	)		95.2		67.2
Local Governments		—		—		—			—			—		—
Other		47.8		97.4		(1.9	)		0.3			49.8		97.1
Overseas Total (including Loans Booked Offshore)		70.9		79.6		(9.3	)		(1.2	)		80.3		80.8
Governments		—		—		—			—			—		—
Financial Institutions		—		—		—			—			—		—
Other		70.9		79.6		(9.3	)		(1.2	)		80.3		80.8

Total		761.2		66.3		(257.3	)		(7.9	)		1,018.5		74.3

*	Trust account represents trust accounts that guarantee principals in the agreement.

2-30

Mizuho Financial Group, Inc.

8. Housing and Consumer Loans & Loans to Small and Medium-Sized Enterprises (“SMEs”) and Individual Customers

(1) Balance of Housing and Consumer Loans

Non-Consolidated

Aggregate Figures for the 2 Banks (Banking Account + Trust Account)

(Billions of yen)

As of
September 30,
2025

As of
March 31,
2025

Change

Housing and Consumer Loans

7,257.3

(82.1

)

7,339.5

Housing Loans for owner’s residential housing

6,817.3

(73.4

)

6,890.7

Mizuho Bank

Housing and Consumer Loans

7,227.7

(79.3

)

7,307.1

Housing Loans

6,858.4

(77.0

)

6,935.5

for owner’s residential housing

6,789.0

(70.8

)

6,859.8

Consumer loans

369.2

(2.2

)

371.5

Mizuho Trust & Banking (Banking Account + Trust Account)

Housing and Consumer Loans

29.6

(2.8

)

32.4

Housing Loans for owner’s residential housing

28.2

(2.6

)

30.9

* Above figures are aggregate banking and trust account amounts.

(2) Loans to SMEs and Individual Customers

Non-Consolidated

Aggregate Figures for the 2 Banks (Banking Account + Trust Account)

(%, Billions of yen)

As of
September 30,
2025

As of
March 31,
2025

Change

Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans

57.7

1.0

56.7

Loans to SMEs and Individual Customers

36,527.1

22.1

36,504.9

Mizuho Bank

Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans

58.2

1.2

57.0

Loans to SMEs and Individual Customers

35,086.0

126.9

34,959.1

Mizuho Trust & Banking (Banking Account + Trust Account)

Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans

47.5

(3.0

)

50.5

Loans to SMEs and Individual Customers

1,441.0

(104.7

)

1,545.8

*	Above figures are aggregate banking and trust account amounts.

*	Above figures do not include loans booked at overseas offices and offshore loans.

*	The definition of “Small and Medium-sized Enterprises” is as follows:

Enterprises of which the capital is ¥300 million or below (¥100 million or below for the wholesale industry, and ¥50 million or below for the retail, restaurant and commodity lease industries, etc.), or enterprises with full-time employees of 300 or below (100 or below for the wholesale and commodity lease industries etc., 50 or below for the retail and restaurant industries.)

2-31

Mizuho Financial Group, Inc.

9. Status of Loans by Region

(1) Outstanding Balances by Region

Non-Consolidated

Aggregate Figures for the 2 Banks (Banking Account + Trust Account)

(Billions of yen)

As of September 30, 2025

As of March 31, 2025

Outstanding
Balance

Change

Outstanding Balance

Asia

7,914.2

938.3

6,975.9

Hong Kong

933.6

36.2

897.3

Singapore

1,501.9

134.9

1,366.9

Thailand

1,186.0

157.0

1,029.0

Taiwan

1,120.2

413.9

706.3

India

1,010.5

83.3

927.1

South Korea

752.2

19.9

732.3

Indonesia

490.6

60.6

430.0

Philippines

286.3

19.4

266.8

China

151.3

9.8

141.4

Malaysia

103.1

14.3

88.8

Central and South America

4,393.9

(48.2

)

4,442.1

Mexico

278.8

(75.1

)

353.9

Brazile

219.8

19.6

200.1

North America

14,339.3

590.3

13,748.9

United States

12,907.5

794.7

12,112.8

Eastern Europe

63.3

(58.4

)

121.7

Russia

20.3

(80.6

)

100.9

Western Europe

4,602.6

45.2

4,557.3

United Kingdom

1,378.8

(1.4

)

1,380.2

Netherlands

934.3

(129.6

)

1,064.0

Germany

15.7

(64.7

)

80.4

Ireland

528.1

(8.7

)

536.9

Switzerland

79.2

(6.5

)

85.8

France

252.5

120.5

132.0

Turkey

128.9

30.2

98.7

Italy

13.6

0.9

12.7

Other

4,406.7

34.5

4,372.1

Australia

2,308.0

148.1

2,159.9

Total

35,720.1

1,501.8

34,218.2

The above figures are based on obligor country of location.

The outstanding balance of loans in major banking subsidiaries outside Japan in the consolidated financial statement is as follows.

As of September 30, 2025

As of March 31, 2025

Outstanding
Balance

Change

Outstanding Balance

Mizuho Bank Europe N.V.

1,763.3

1,188.7

574.6

Mizuho Bank (China) ,Ltd

932.1

(231.3

)

1,163.4

PT. Bank Mizuho Indonesia

570.1

(39.9

)

610.0

2-32

Mizuho Financial Group, Inc.

(2) Non Performing Loans based on the BA and the FRA by Region

Non-Consolidated

Aggregate Figures for the 2 Banks (Banking Account + Trust Account)

(Billions of yen)

As of September 30, 2025

As of March 31, 2025

Non Performing
Loans based on
the BA and the
FRA

Change

Non Performing
Loans based on
the BA and the
FRA

Asia

35.9

(22.3

)

58.2

Hong Kong

0.9

(0.0

)

1.0

Singapore

3.3

(10.3

)

13.7

Thailand

0.5

(0.4

)

1.0

Taiwan

15.3

(8.9

)

24.2

India

—

South Korea

—

(0.0

)

0.0

Indonesia

—

Philippines

0.0

(0.0

)

0.0

China

0.1

(0.0

)

0.1

Malaysia

—

Central and South America

10.4

(3.5

)

13.9

Mexico

—

Brazile

—

North America

14.2

5.9

8.2

United States

14.2

5.9

8.2

Eastern Europe

8.4

(0.1

)

8.5

Russia

8.4

(0.1

)

8.5

Western Europe

29.6

(0.0

)

29.7

United Kingdom

13.2

0.2

13.0

Netherlands

0.3

(0.6

)

0.9

Germany

—

(3.2

)

3.2

Ireland

—

Switzerland

1.1

0.0

1.0

France

—

Turkey

—

Italy

10.4

0.7

9.7

Other

6.0

4.3

1.7

Australia

6.0

4.3

1.6

Total

104.8

(15.7

)

120.5

The above figures are based on obligor country of location.

The outstanding balance of Non Performing Loans based on the BA and the FRA in major banking subsidiaries outside Japan in the consolidated financial statement is as follows.


	As of September 30, 2025					As of March 31, 2025
	Non Performing Loans based on the BA and the FRA		Change			Non Performing Loans based on the BA and the FRA
Mizuho Bank Europe N.V.		21.3		0.4			20.9
Mizuho Bank (China) ,Ltd		—		(0.1	)		0.1
PT. Bank Mizuho Indonesia		6.4		(0.5	)		6.9

2-33

Mizuho Financial Group, Inc.

III. OTHERS

1. Estimation for Calculating Deferred Tax Assets

Non-Consolidated

Mizuho Bank

1. Estimate of future taxable income


		*(Billions of yen)*
		Total amount for five years (from October 1, 2025 to September 30, 2030)
Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses)	1		4,644.4
Profit before Income Taxes	2		5,172.7
Tax Adjustments ⁽¹⁾	3		931.2
Taxable Income before Current Deductible Temporary Differences ⁽²⁾	4		6,103.9
Effective Statutory Tax Rate	5		30.62% / 31.52%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		1,918.3

(1)	Tax Adjustments are estimated future book-tax differences under the provisions of the corporation tax law and others.

(2)	Taxable Income before Current Deductible Temporary Differences is an estimate of taxable income before adjusting deductible temporary differences as of September 30, 2025.


Reference: Past results of taxable income (tax loss)
	*(Billions of yen)*
Fiscal 2021		360.3
Fiscal 2022		157.7
Fiscal 2023		406.1
Fiscal 2024		796.7
First Half of Fiscal 2025 (estimate)		558.8

•	Figures are taxable income (tax loss) amounts per the final corporation tax returns before deducting tax losses carried forward from prior years. Subsequent amendments have not been reflected.

•	Figure for the first half of fiscal 2025 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets


		*(Billions of yen)*
		As of September 30, 2025			Change			As of March 31, 2025
Allowances for Loan Losses	7		224.2			(2.2	)		226.4
Impairment of Securities	8		95.9			(10.6	)		106.6
Securities Contributed to Employee Retirement Benefit Trust	9		87.0			(4.5	)		91.5
Net Unrealized Losses on Other Securities	10		—			(50.2	)		50.2
Depreciation and Impairment	11		57.7			(5.1	)		62.9
Net Deferred Hedge Losses	12		278.5			57.5			220.9
Tax Losses Carried Forward	13		8.0			(4.4	)		12.4
Other	14		188.0			(20.6	)		208.6

Total Deferred Tax Assets	15		939.6			(39.9	)		979.5

Valuation Allowance	16		(152.4	)		29.8			(182.3	)

Sub-Total [ 15 + 16 ]	17		787.1			(10.0	)		797.2

Amount related to Retirement Benefits Accounting	18		(93.7	)		24.6			(118.4	)
Net Unrealized Gains on Other Securities	19		(423.2	)		(92.6	)		(330.5	)
Net Deferred Hedge Gains	20		—			—			—
Other	21		(81.7	)		(10.0	)		(71.6	)

Total Deferred Tax Liabilities	22		(598.6	)		(78.0	)		(520.5	)

Net Deferred Tax Assets (Liabilities) [17 + 22]	23		188.5			(88.1	)		276.6

Tax effects related to Net Unrealized Losses (Gains) on Other Securities *	24		(423.2	)		(125.2	)		(298.0	)
Tax effects related to Net Deferred Hedge Losses (Gains)	25		278.5			57.5			220.9
Tax effects related to others	26		333.1			(20.6	)		353.7

*	Tax effects related to Net Unrealized Losses (Gains) on Other Securities is the amount after deducting Valuation Allowance.

Assessment of Recoverability of Deferred Tax Assets is based on 19. Company Classification (Category 2) of “Revised Implementation Guidance on Recoverability of Deferred Tax Assets” (ASBJ Guidance No.26).

Future taxable income was estimated using assumptions used in the Business Plan, etc.

The above includes forward-looking information. See the disclaimer at the end of the table of contents located at the beginning of this document.

2-34

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

1. Estimate of future taxable income


		*(Billions of yen)*
		Total amount for five years (from October 1, 2025 to September 30, 2030)
Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses)	1		200.5
Profit before Income Taxes	2		312.1
Tax Adjustments ⁽¹⁾	3		(20.5	)
Taxable Income before Current Deductible Temporary Differences ⁽²⁾	4		292.7
Effective Statutory Tax Rate	5		30.62%/31.52%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		91.7

(1)	Tax Adjustments are estimated future book-tax differences under the provisions of the corporation tax law and others.

(2)	Taxable Income before Current Deductible Temporary Differences is an estimate of taxable income before adjusting deductible temporary differences as of September 30, 2025.



Reference: Past results of taxable income (tax loss)
	*(Billions of yen)*
Fiscal 2021		33.2
Fiscal 2022		30.0
Fiscal 2023		29.4
Fiscal 2024		71.6
First Half of Fiscal 2025 (estimate)		34.3

•	Figures are taxable income (tax loss) amounts per the final corporation tax returns before deducting tax losses carried forward from prior years. Subsequent amendments have not been reflected.

•	Figure for the first half of fiscal 2025 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets


		*(Billions of yen)*
		As of September 30, 2025			Change			As of March 31, 2025
Allowances for Loan Losses	7		1.7			(0.4	)		2.1
Impairment of Securities	8		2.9			(0.6	)		3.6
Securities Contributed to Employee Retirement Benefit Trust	9		11.4			(1.3	)		12.7
Net Unrealized Losses on Other Securities	10		0			0			0
Depreciation and Impairment	11		3.8			(1.7	)		5.5
Net Deferred Hedge Losses	12		—			—			—
Tax Losses Carried Forward	13		—			—			—
Other	14		4.6			(1.0	)		5.6

Total Deferred Tax Assets	15		24.7			(5.1	)		29.8

Valuation Allowance	16		(2.6	)		0.5			(3.1	)

Sub-Total [ 15 + 16 ]	17		22.1			(4.5	)		26.6

Amount related to Retirement Benefits Accounting	18		(16.6	)		6.4			(23.0	)
Net Unrealized Gains on Other Securities	19		(30.0	)		(7.1	)		(22.8	)
Net Deferred Hedge Gains	20		(4.2	)		(1.3	)		(2.9	)
Other	21		(0.3	)		0.1			(0.4	)

Total Deferred Tax Liabilities	22		(51.3	)		(1.9	)		(49.3	)

Net Deferred Tax Assets (Liabilities) [17 + 22]	23		(29.2	)		(6.5	)		(22.7	)

Tax effects related to Net Unrealized Losses (Gains) on Other Securities *	24		(30.0	)		(7.1	)		(22.9	)
Tax effects related to Net Deferred Hedge Losses (Gains)	25		(4.2	)		(1.3	)		(2.9	)
Tax effects related to others	26		5.1			1.9			3.1

*	Tax effects related to Net Unrealized Losses (Gains) on Other Securities is the amount after deducting Valuation Allowance.

Future taxable income was estimated using assumptions used in the Business Plan, etc.

The above includes forward-looking information. See the disclaimer at the end of the table of contents located at the beginning of this document.

2-35

Mizuho Financial Group, Inc.

2. Breakdown of Deposits (Domestic Offices)

Non-Consolidated

Aggregate Figures for the 2 Banks


	*(Billions of yen)*
	As of September 30, 2025		Change			As of March 31, 2025
Deposits		122,353.9		(1,745.9	)		124,099.8

Individual Deposits		48,971.8		(58.1	)		49,030.0
Corporate Deposits		64,464.1		(344.0	)		64,808.2
Financial/Government Institutions		8,917.8		(1,343.7	)		10,261.5

Mizuho Bank

Deposits		120,600.3		(1,616.7	)		122,217.0

Individual Deposits		48,277.9		(56.2	)		48,334.1
Corporate Deposits		63,610.3		(281.5	)		63,891.8
Financial/Government Institutions		8,712.0		(1,278.9	)		9,991.0

Mizuho Trust & Banking

Deposits		1,753.5		(129.1	)		1,882.7

Individual Deposits		693.9		(1.8	)		695.8
Corporate Deposits		853.8		(62.5	)		916.3
Financial/Government Institutions		205.7		(64.7	)		270.5

*	Above figures do not include deposits booked at overseas offices and offshore deposits.

2-36

Mizuho Financial Group, Inc.

Attachments

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO BANK


	*Millions of yen*
	As of September 30, 2025 (A)			As of March 31, 2025 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	64,154,219		¥	69,747,184		¥	(5,592,965	)
Call Loans		259,519			249,360			10,159
Receivables under Resale Agreements		9,905,076			10,023,199			(118,123	)
Guarantee Deposits Paid under Securities Borrowing Transactions		128,778			127,638			1,139
Monetary Claims Bought		564,771			493,032			71,738
Trading Assets		8,646,390			7,782,207			864,182
Money Held in Trust		505			505			0
Securities		38,571,446			34,405,103			4,166,342
Loans and Bills Discounted		91,720,807			91,615,228			105,578
Foreign Exchanges		2,154,470			2,042,083			112,387
Derivatives other than for Trading Assets		6,180,588			6,066,571			114,017
Other Assets		5,329,732			5,558,146			(228,413	)
Tangible Fixed Assets		855,321			855,824			(502	)
Intangible Fixed Assets		531,992			505,728			26,264
Prepaid Pension Cost		297,317			375,645			(78,327	)
Deferred Tax Assets		188,528			276,640			(88,112	)
Customers’ Liabilities for Acceptances and Guarantees		12,370,944			11,573,662			797,282
Allowances for Loan Losses		(458,473	)		(719,269	)		260,796
Allowance for Investment Losses		—			(2	)		2

Total Assets	¥	241,401,937		¥	240,978,492		¥	423,445

Liabilities
Deposits	¥	154,828,114		¥	153,047,861		¥	1,780,253
Negotiable Certificates of Deposit		13,722,701			14,052,123			(329,422	)
Call Money		2,323,253			2,169,376			153,876
Payables under Repurchase Agreements		14,646,838			19,411,662			(4,764,824	)
Guarantee Deposits Received under Securities Lending Transactions		605,928			356,931			248,996
Commercial Paper		2,245,275			2,138,133			107,142
Trading Liabilities		5,522,776			5,646,893			(124,116	)
Borrowed Money		14,269,622			12,955,564			1,314,058
Foreign Exchanges		1,533,921			1,061,680			472,240
Bonds and Notes		693,778			407,973			285,805
Derivatives other than for Trading Liabilities		7,332,522			7,147,566			184,955
Other Liabilities		4,261,301			4,115,826			145,475
Reserve for Bonus Payments		38,341			54,510			(16,169	)
Reserve for Variable Compensation		375			587			(212	)
Reserve for Possible Losses on Sales of Loans		40			1,266			(1,225	)
Reserve for Contingencies		10,299			8,616			1,683
Reserve for Reimbursement of Deposits		5,851			6,814			(962	)
Reserve for Reimbursement of Debentures		16,039			19,965			(3,925	)
Deferred Tax Liabilities for Revaluation Reserve for Land		45,281			47,059			(1,777	)
Acceptances and Guarantees		12,370,944			11,573,662			797,282

Total Liabilities		234,473,209			234,224,077			249,131

Net Assets
Common Stock and Preferred Stock		1,404,065			1,404,065			—
Capital Surplus		2,259,392			2,259,392			—
Capital Reserve		660,805			660,805			—
Other Capital Surplus		1,598,587			1,598,587			—
Retained Earnings		2,705,543			2,715,665			(10,121	)
Appropriated Reserve		724,535			624,534			100,000
Other Retained Earnings		1,981,008			2,091,130			(110,122	)
Retained Earnings Brought Forward		1,981,008			2,091,130			(110,122	)

Total Shareholders’ Equity		6,369,001			6,379,123			(10,121	)

Net Unrealized Gains (Losses) on Other Securities, net of Taxes		1,067,229			752,993			314,236
Net Deferred Hedge Gains (Losses), net of Taxes		(602,326	)		(476,383	)		(125,942	)
Revaluation Reserve for Land, net of Taxes		94,823			98,682			(3,859	)

Total Valuation and Translation Adjustments		559,726			375,291			184,434

Total Net Assets		6,928,728			6,754,415			174,313

Total Liabilities and Net Assets	¥	241,401,937		¥	240,978,492		¥	423,445

2-37

Mizuho Financial Group, Inc.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO BANK


	*Millions of yen*
	For the six months ended September 30, 2025 (A)		For the six months ended September 30, 2024 (B)			Change (A) - (B)
Ordinary Income	¥	3,109,884	¥	3,273,841		¥	(163,956	)
Interest Income		2,370,481		2,490,924			(120,442	)
Interest on Loans and Bills Discounted		*1,233,123*		1,276,139			(43,016	)
Interest and Dividends on Securities		*424,095*		406,426			17,668
Fee and Commission Income		341,193		312,172			29,021
Trading Income		106,354		180,267			(73,912	)
Other Operating Income		93,085		129,072			(35,986	)
Other Ordinary Income		198,768		161,405			37,363

Ordinary Expenses		2,509,045		2,756,364			(247,319	)
Interest Expenses		1,729,101		1,998,387			(269,285	)
Interest on Deposits		*771,573*		840,978			(69,405	)
Fee and Commission Expenses		143,601		129,533			14,067
Trading Expenses		1,397		31			1,366
Other Operating Expenses		114,974		110,539			4,434
General and Administrative Expenses		461,898		429,260			32,637
Other Ordinary Expenses		58,071		88,612			(30,540	)

Ordinary Profits		600,839		517,476			83,362

Extraordinary Gains		42,551		45,924			(3,372	)

Extraordinary Losses		4,459		4,015			443

Profit before Income Taxes		638,931		559,384			79,546
Income Taxes:
Current		151,239		184,336			(33,096	)
Deferred		1,668		(25,648	)		27,316

Profit	¥	486,023	¥	400,696		¥	85,326

2-38

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