野村控股美股招股说明书(2025-12-18版)

The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricingsupplement is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale isnot permitted. Subject to Completion. Dated December17, 2025Nomura America Finance, LLC$Callable Contingent Coupon Index-Linked Notes due 2027guaranteed byNomura Holdings,Inc. Payment at Maturity:The amount that you will be paid on your notes at maturity, if they have not been redeemed by us, in additionto the final coupon, if any, is based on the performance of the underlier with the lowest underlier return, and whether a trigger eventhas occurred with respect to any underlier during the measurement period.You could lose your entire investment in the notes. Coupon Payments:The notes will pay a contingent monthly coupon on a coupon payment date if the closing level of each underlier isgreater thanorequal toits coupon trigger level on the related coupon observation date. Company’s Redemption Right:Prior to the stated maturity date, we may redeem your notes at our option on any coupon paymentdate commencing on June18, 2026. The terms included in the “Key Terms” table below are expected to be as indicated, but such terms will be set on the trade date.Youshould read the disclosure herein to better understand the terms and risks of your investment, including the credit risk ofNomura America Finance, LLC and Nomura Holdings,Inc. See pagePS-10. Key TermsIssuer / Guarantor: * subject to adjustment as described in the accompanying product prospectus supplement Investing in the notes involves significant risks, including Nomura America Finance, LLC and Nomura Holdings,Inc.’s creditrisk. You should carefully consider the risk factors under “Selected Risk Factors” beginning on pagePS-9 of this pricingsupplement, under “Additional Risk Factors Specific to the Notes” beginning on pagePS-18 of the accompanying productprospectus supplement, under “Risk Factors” beginning on page6 in the accompanying prospectus and any risk factorsincorporated by reference into the accompanying prospectus before you invest in the notes. The estimated value of your notes at the time the terms of your notes are set on the trade date (as determined by reference to pricingmodels used by Nomura Securities International,Inc.) is expected to be between $954.30 and $984.30 per $1,000 face amount, which The expected delivery of the notes will be made against payment therefor on or about the original issue date. The notes will be unsecured obligations of Nomura America Finance, LLC. Nomura America Finance, LLC is not a bank, and thenotes will not constitute deposits insured by the U.S. Federal Deposit Insurance Corporation or any other governmental agency orinstrumentality. (1)See “Supplemental Plan of Distribution.” Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of thesesecurities or passed upon the accuracy or adequacy of this pricing supplement. Any representation to the contrary is a criminaloffense. Goldman Sachs& Co. LLCDecember, 2025 The issue price, underwriting discount and net proceeds listed above relate to the notes we sell initially. We may decide to selladditional notes after the date of this pricing supplement, at issue prices and with underwriting discounts and net proceeds that differfrom the amounts set forth above. The return (whether positive or negative) on your investment in notes will depend in part on theissue price you pay for such notes. Nomura America Finance, LLC may use this prospectus in the initial sale of the notes. In addition, Nomura SecuritiesInternational,Inc. or any other affiliate of Nomura America Finance, LLC may use this prospectus in a market-making transaction ina note after its initial sale.Unless Nomura America Finance, LLC or its agent informs the purchaser otherwise in the confirmationof sale, this prospectus is being used in a market-making transaction. ADDITIONAL INFORMATION You should read this pricing supplement together with the prospectus, dated July20, 2023 (the “prospectus”), and the productprospectus supplement, dated February29, 2024 (the “product prospectus supplement”), relating to our Senior Global Medium-TermNotes, SeriesA, of which these notes are a part.In the event of any conflict between the terms of this pricing supplement andthe terms of the prospectus or the product prospectus supplement, the terms of this pricing supplement will control. This pricing supplement, together with the prospectus and the product prospectus supplement, contains the terms of the notes. Youshould carefully consider, among other things, the matters set forth under “Risk Factors” in the accompanying prospectus, under“Additional Risk Factors Specific to the Notes” in the accompanying product prospectus supplement, and under “Selected RiskFactors” beginning on pagePS-9 of this pricing supplement