Mizuho Financial Group

Research evidence excerpt

Mizuho Financial Group

Global Markets Research

30 July 2026Mizuho Financial Group

8411.T 8411 JP ADR:MFG US / EQUITY: JAPAN BANKS

Rating27/3 Q1 results: Strong performance Remains Buy

Target price JPY 9,600 RemainsCompany announces additional ¥100bn share buyback, raises guidance

Closing price JPY 7,818We reiterate Buy rating, take positive view of share buyback 30 July 2026

Mizuho Financial Group reported 27/3 Q1 results after the close on 30 July, and we take a

Implied upside +22.8%broadly positive view. It announced an additional share buyback budget of ¥100bn and

upward revisions to guidance. It also reported strong earnings from client-facing

operations. We reiterate our Buy rating.

27/3 Q1 results overview Relative performance chart

We identify the following three takeaways from results.

(1) Overview: Management raised its full-year 27/3 guidance for consolidated profits

attributable to owners of the parent from ¥1.3trn to ¥1.4trn (EPS of ¥575). Q1 consolidated

profits attributable to owners of the parent were equivalent to 30% of revised full-year

guidance and up 46% y-y, driven by strong consolidated net business profits. The loan-

deposit spread in Japan (excluding government lending) improved by 19bp. While we see

no major extraordinary factors, we note that dividend income from subsidiaries at Mizuho

Bank (roughly ¥236.5bn) is eliminated at the consolidated level.

(2) Core earnings: Q1 consolidated net business profits (including ETF-related

gains/losses) were equivalent to 33% of revised full-year guidance and up 82%/¥259.3bn

y-y. We view this as well-balanced growth, with a ¥126.2bn rise from market operations

and an ¥86.7bn rise from client-facing operations. The growth in profits from client-facing Source: LSEG, Nomura