SCHEDULE: Nomura Holdings Discloses 6.4% Stake in Avis Budget Group

Nomura Holdings Inc. has reported a 6.4% beneficial ownership stake in Avis Budget Group, Inc., totaling 2,255,783 shares, as of September 30, 2025.

Summary

• Nomura Holdings Inc. reported beneficial ownership of 2,255,783 shares of Avis Budget Group, Inc. common stock.
• This represents a 6.4% stake in Avis Budget Group, Inc.'s outstanding common stock.
• The ownership includes direct shares and shares underlying call options exercisable within 60 days, held by its wholly-owned subsidiaries, Nomura Global Financial Products, Inc. (NGFP) and Nomura Securities International, Inc. (NSI).
• NGFP beneficially owns 982,913 shares of common stock and 600,000 shares underlying call options.
• NSI beneficially owns 507,170 shares of common stock and 165,700 shares underlying call options.
• The percentage of class is calculated based on 35,000,000 shares of common stock outstanding as of September 30, 2025, which is derived from 137,000,000 issued shares minus 102,000,000 shares held in treasury.
• The securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Avis Budget Group.

Sentiment

Score: 5

Explanation: This is a factual disclosure of beneficial ownership, which is neutral in sentiment, though a significant institutional stake can be perceived positively by the market.

Positives

• A significant institutional investor, Nomura Holdings Inc., has disclosed a substantial stake in Avis Budget Group, potentially signaling confidence in the company's value.
• The acquisition of shares was stated to be in the ordinary course of business, not for control purposes, suggesting a passive investment.

Future Outlook

This filing is a disclosure of beneficial ownership and does not contain forward-looking statements or guidance regarding Avis Budget Group's future performance or Nomura's investment strategy beyond the stated purpose.

Management Comments

• The securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities.
• The securities were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

Industry Context

The disclosure of a significant stake by a major financial institution like Nomura Holdings in a prominent car rental company such as Avis Budget Group highlights ongoing institutional interest in the travel and transportation sectors. Such investments can reflect a long-term view on the recovery or stability of these industries.

Stakeholder Impact

• Shareholders: May view Nomura's significant stake as a positive signal of institutional confidence in Avis Budget Group's value and future prospects.
• Management: The disclosure confirms a substantial passive investor, which typically does not seek to influence control, allowing management to continue executing its strategy.

Key Dates

Keywords

Avis Budget Group, Nomura Holdings, Schedule 13G, beneficial ownership, institutional investment, common stock, equity stake, car rental, vehicle rental, financial services