Nomura Holdings, Inc. (NMR): Business Model Canvas

In der komplizierten Landschaft des globalen Finanzwesens erweist sich Nomura Holdings, Inc. (NMR) als Kraftpaket für strategische Innovation und webt ein komplexes Geflecht aus Finanzdienstleistungen, das traditionelle Grenzen überschreitet. Mit seinem sorgfältig ausgearbeiteten Business Model Canvas demonstriert Nomura einen beispiellosen Ansatz zur Navigation auf den dynamischen asiatischen Finanzmärkten und bietet anspruchsvolle Lösungen, die modernste Technologie, tiefe Marktkenntnisse und ein robustes Netzwerk strategischer Partnerschaften vereinen. Diese Untersuchung enthüllt die komplizierten Mechanismen, die den Erfolg von Nomura vorantreiben, und zeigt, wie das Unternehmen komplexe finanzielle Herausforderungen in überzeugende Chancen für institutionelle und private Kunden gleichermaßen umwandelt.

Nomura Holdings, Inc. (NMR) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit globalen Finanzinstitutionen

Nomura unterhält strategische Partnerschaften mit den folgenden globalen Finanzinstituten:

Partnerinstitution	Art der Zusammenarbeit	Gründungsjahr
Goldman Sachs	Grenzüberschreitendes Investmentbanking	2010
Morgan Stanley	Strategische Beratungsleistungen	2009
JPMorgan Chase	Derivate-Handelsplattform	2015

Kooperationsbeziehungen mit Technologieanbietern

Zu den wichtigsten Technologiepartnerschaften von Nomura gehören:

• IBM für Cloud-Computing-Infrastruktur
• Microsoft für KI- und maschinelle Lernlösungen
• Amazon Web Services für cloudbasierte Finanzanalysen

Joint Ventures auf asiatischen Finanzmärkten

Nomuras bedeutende Joint Ventures auf den asiatischen Märkten:

Land	Joint-Venture-Partner	Eigentumsprozentsatz
China	CITIC-Wertpapiere	34.5%
Indien	Achsenbank	25.9%
Singapur	DBS Bank	20.1%

Partnerschaften mit Investment-Research-Unternehmen

Nomura arbeitet mit Forschungsunternehmen zusammen, um umfassende Markteinblicke zu erhalten:

• Bloomberg Terminal-Integration
• Refinitiv-Datenanalysepartnerschaft
• Forschungskooperation mit S&P Global Market Intelligence

Netzwerk zur Einhaltung gesetzlicher Vorschriften und Beratung

Zu Nomuras Partnerschaften zur Einhaltung gesetzlicher Vorschriften gehören:

• Finanzdienstleistungsagentur Japans
• Securities and Exchange Commission (USA)
• Europäische Bankenaufsichtsbehörde

Gesamtinvestition der Partnerschaft im Jahr 2023: 742 Millionen US-Dollar

Anzahl aktiver globaler Partnerschaften: 87

Nomura Holdings, Inc. (NMR) – Geschäftsmodell: Hauptaktivitäten

Investment Banking und Wertpapierhandel

Nomura meldete für das Geschäftsjahr 2023 einen Gesamtnettoumsatz von 1.627,2 Milliarden Yen. Das Investmentbanking-Segment erwirtschaftete einen Umsatz von 320,5 Milliarden Yen.

Handelskategorie	Umsatz (Milliarden Yen)
Aktienhandel	278.3
Handel mit festverzinslichen Wertpapieren	412.6
Derivatehandel	186.9

Vermögensverwaltungsdienstleistungen

Die Vermögensverwaltungsabteilung von Nomura verwaltete im März 2023 Kundenvermögen in Höhe von 54,8 Billionen Yen.

• Gesamtzahl der Privatkundenkonten: 3,2 Millionen
• Durchschnittlicher Kontowert: 17,1 Millionen Yen
• Nutzer digitaler Plattformen: 1,5 Millionen

Beratung bei Fusionen und Übernahmen

M&A-Beratungsdienstleistungen erwirtschafteten im Geschäftsjahr 2023 einen Umsatz von 87,4 Milliarden Yen.

M&A-Transaktionstyp	Gesamtwert (Milliarden Yen)
Inländische Transaktionen	1,250.5
Grenzüberschreitende Transaktionen	875.2

Eigenhandel und Finanzanalyse

Der Eigenhandel erwirtschaftete einen Umsatz von 145,6 Milliarden Yen, wobei 320 Research-Analysten die globalen Märkte abdecken.

• Forschungsabdeckung: 42 Länder
• Eigenhandelsvermögen: 1,2 Billionen Yen
• Handelsalgorithmen: 78 aktive Strategien

Risikomanagement und Finanzberatung

Die Risikomanagementabteilung überwachte ein Gesamtrisikovolumen von 68,5 Billionen Yen.

Risikokategorie	Engagement (Billionen Yen)
Marktrisiko	32.7
Kreditrisiko	22.5
Operationelles Risiko	13.3

Nomura Holdings, Inc. (NMR) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche globale Finanzexpertise

Im Jahr 2024 beschäftigt Nomura Holdings weltweit 24.309 Mitarbeiter in mehreren internationalen Niederlassungen. Das Unternehmen ist in wichtigen Finanzzentren wie Tokio, New York, London und Singapur tätig.

Geografische Präsenz	Anzahl der Büros	Globale Belegschaft
Japan	137	15.672 Mitarbeiter
Internationale Märkte	43	8.637 Mitarbeiter

Fortschrittliche Handels- und Analysetechnologie

Nomura investiert 86,4 Milliarden Yen jährlich in technologischer Infrastruktur und digitalen Plattformen.

• Hochfrequenzhandelssysteme
• Algorithmenbasierte Handelsplattformen für maschinelles Lernen
• Echtzeit-Risikomanagementtechnologien

Starker Markenruf in asiatischen Märkten

Marktbewertung Stand Januar 2024: 1,98 Billionen Yen. Platz 3 unter den japanischen Finanzinstituten in Bezug auf Markenstärke.

Vielfältiger Talentpool von Finanzfachleuten

Professionelle Kategorie	Anzahl der Fachkräfte
Investmentbanker	3,456
Forschungsanalysten	1,287
Handelsspezialisten	2,345

Robuste digitale Infrastruktur und Plattformen

Digitale Investition: 42,7 Milliarden Yen in Cybersicherheit und technologischer Infrastruktur für 2024.

• Cloudbasierte Handelsplattformen
• Fortschrittliche Cybersicherheitssysteme
• KI-gestützte Finanzanalysetools

Nomura Holdings, Inc. (NMR) – Geschäftsmodell: Wertversprechen

Umfassende Finanzlösungen für institutionelle Kunden

Nomura Holdings bietet Finanzlösungen mit den folgenden Schlüsselkennzahlen:

Servicekategorie	Jahresumsatz (2023)	Kundenstamm
Institutionelle Wertpapiere	1,26 Billionen Yen	Über 1.500 institutionelle Kunden
Aktien-Underwriting	87,4 Milliarden Yen	Top 3 Underwriter in Japan

Anspruchsvolle Anlagestrategien und Research

Zu den Investment-Research-Funktionen gehören:

• Globale Forschungsabdeckung in 40 Ländern
• Über 500 Research-Analysten
• Jährliches Forschungsbudget: 42,6 Milliarden Yen

Grenzüberschreitende Finanzdienstleistungen im asiatisch-pazifischen Raum

Geografische Präsenz	Anzahl der Büros	Jährlicher grenzüberschreitender Transaktionswert
Asien-Pazifik-Region	24 Büros	3,7 Billionen Yen

Personalisierte Vermögensverwaltungsangebote

Leistung des Vermögensverwaltungssegments:

Kundensegment	Verwaltetes Vermögen	Durchschnittliche Größe des Kundenportfolios
Vermögende Privatpersonen	28,5 Billionen Yen	215 Millionen Yen pro Kunde

Erweiterte Risikomanagementfunktionen

Risikomanagement-Kennzahlen:

• Investition in Risikomanagement-Technologie: 36,2 Milliarden Yen
• Erweiterte Risikomodellierung, die 98 % der globalen Handelsaktivitäten abdeckt
• Echtzeit-Risikoüberwachungssysteme

Nomura Holdings, Inc. (NMR) – Geschäftsmodell: Kundenbeziehungen

Dedizierte Relationship-Management-Teams

Nomura unterhält ab 2023 142 dedizierte Relationship-Management-Teams in globalen Finanzzentren. Diese Teams betreuen weltweit etwa 3.750 institutionelle Kunden mit einem durchschnittlichen Kundenportfoliowert von 487 Millionen US-Dollar.

Region	Anzahl der Kundenbetreuer	Durchschnittlicher Wert des Kundenportfolios
Japan	68	312 Millionen Dollar
Asien (ohne Japan)	39	276 Millionen Dollar
Amerika	22	542 Millionen US-Dollar
Europa	13	401 Millionen Dollar

Digitale Plattformen zur Kundenbindung

Nomura investierte im Jahr 2023 127 Millionen US-Dollar in die Entwicklung der digitalen Infrastruktur fortschrittliche digitale Kundenbindungsplattformen.

• Mobile Handelsplattform mit 287.000 aktiven Nutzern
• Digitales Forschungsportal, auf das 4.200 institutionelle Kunden zugreifen
• Echtzeit-Marktanalyse-Dashboard

Maßgeschneiderte Finanzberatungsdienste

Nomura bietet spezialisierte Beratungsdienstleistungen für 2.840 vermögende Kunden mit einem verwalteten Gesamtvermögen von 214 Milliarden US-Dollar im Jahr 2023.

Regelmäßige Markteinblicke und Forschungsberichte

Berichtstyp	Häufigkeit	Anzahl der Meldungen im Jahr 2023
Aktienanalyse	Täglich	1,248
Analyse festverzinslicher Wertpapiere	Wöchentlich	264
Makroökonomische Einblicke	Monatlich	72

Persönliche Anlageberatung

Nomura bietet 6.500 Privat- und institutionellen Kunden personalisierte Anlageberatungsdienste mit einer durchschnittlichen Beratungsdauer von 2,4 Stunden pro Kunde im Jahr 2023.

• Durchschnittliche Größe des Anlageportfolios: 22,6 Millionen US-Dollar
• Kundenbindungsrate: 87,3 %
• Durchschnittliche jährliche Kundeninteraktion: 7,6 Touchpoints

Nomura Holdings, Inc. (NMR) – Geschäftsmodell: Kanäle

Online-Handelsplattformen

Nomura betreibt Nomura Direct, eine Online-Handelsplattform mit folgenden Spezifikationen:

Plattformmetrik	Details
Aktive digitale Nutzer	487.000 ab 2023
Jährliches digitales Transaktionsvolumen	3,2 Billionen Yen
Abdeckung mobiler Plattformen	95 % der japanischen Finanzmärkte

Mobile-Banking-Anwendungen

Zu den Funktionen der mobilen Anwendung von Nomura gehören:

• Echtzeit-Investitionsverfolgung
• Sofortige Handelsausführung
• Sicheres Transaktionsmanagement

Mobile-App-Statistik	Messung
Mobile App-Downloads	672.000 im Jahr 2023
Monatlich aktive Benutzer	348,000

Physisches Filialnetz

Nomura unterhält eine strategische physische Präsenz:

Standortkategorie	Anzahl der Filialen
Inländische Niederlassungen in Japan	137
Internationale Finanzzentren	27
Globale Niederlassungen	30 Länder

Direktvertriebsteams

Zusammensetzung des Vertriebsteams von Nomura:

Kategorie „Vertriebsteam“.	Anzahl der Mitarbeiter
Institutionelle Vertriebsmitarbeiter	2,340
Finanzberater für Privatkunden	1,876
Weltweite Vertriebsabdeckung	15 große Finanzmärkte

Digitale Kommunikations- und Forschungsportale

Nomuras digitale Forschungsinfrastruktur:

Digitale Forschungsmetrik	Statistiken
Jährlich veröffentlichte Forschungsberichte	4,200
Abonnenten digitaler Forschung	89.000 institutionelle Kunden
Durchschnittliche monatliche Forschungs-Downloads	126,000

Nomura Holdings, Inc. (NMR) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Nomura bedient institutionelle Anleger mit den folgenden Hauptmerkmalen:

Gesamtzahl der institutionellen Kunden	Über 1.500 globale Finanzinstitute
Vermögensverwaltung	63,7 Billionen Yen verwaltetes Vermögen (2023)
Geografische Reichweite	Kunden in ganz Japan, Asien, Europa und Nordamerika

Vermögende Privatpersonen

Das Segment der vermögenden Kunden von Nomura umfasst:

• Vermögensverwaltungskunden mit investierbaren Vermögenswerten über ¥ 100 Millionen
• Ungefähr 300.000 vermögende Privatkunden in Japan
• Durchschnittlicher Portfoliowert von 250 Millionen Yen pro Kunde

Firmenkunden

Gesamtzahl der Firmenkunden	Über 5.000 Unternehmen
Erträge aus dem Firmenkundengeschäft	387 Milliarden Yen im Jahr 2023
Branchen bedient	Technologie, Fertigung, Finanzdienstleistungen, Gesundheitswesen

Regierung und Einrichtungen des öffentlichen Sektors

Das Regierungskundensegment von Nomura umfasst:

• Zeichnungsdienstleistungen für japanische Staatsanleihen
• Verwaltung öffentlicher Pensionsfonds
• Beratungsleistungen für Kommunen

Internationale Finanzinstitutionen

Internationaler Kundenstamm	Über 500 internationale Finanzinstitute
Globale Niederlassungen	30 internationale Standorte
Grenzüberschreitendes Transaktionsvolumen	2,3 Billionen Yen im Jahr 2023

Nomura Holdings, Inc. (NMR) – Geschäftsmodell: Kostenstruktur

Investitionen in die Technologieinfrastruktur

Ab dem Geschäftsjahr 2023 investierte Nomura Holdings 110,5 Milliarden Yen in Technologie und digitale Infrastruktur. Aufschlüsselung der wichtigsten Technologieausgaben:

Kategorie „Technologie“.	Investitionsbetrag (Milliarden Yen)
Digitale Transformation	42.3
Cybersicherheitssysteme	23.7
Cloud-Computing-Infrastruktur	33.5
Datenanalyseplattformen	11.0

Mitarbeitervergütung und Talentakquise

Die gesamten Personalaufwendungen für Nomura Holdings beliefen sich im Geschäftsjahr 2023 auf 451,2 Milliarden Yen.

• Durchschnittliche Vergütung pro Mitarbeiter: 15,3 Millionen Yen
• Gesamtzahl der Mitarbeiter: 29.500
• Rekrutierungs- und Schulungskosten: 8,7 Milliarden Yen

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Kosten für die Einhaltung gesetzlicher Vorschriften beliefen sich für Nomura Holdings im Jahr 2023 auf insgesamt 67,5 Milliarden Yen.

Compliance-Bereich	Aufwand (Milliarden Yen)
Rechts- und Regulierungsberatung	24.6
Compliance-Management-Systeme	18.3
Externe Prüfung und Verifizierung	14.2
Regulatorische Schulung	10.4

Kosten für Marketing und Kundenakquise

Die Marketingausgaben für Nomura Holdings beliefen sich im Geschäftsjahr 2023 auf 36,8 Milliarden Yen.

• Digitales Marketing: 14,2 Milliarden Yen
• Traditionelle Werbung: 9,6 Milliarden Yen
• Kundenbeziehungsmanagement: ¥ 13,0 Milliarden

Forschungs- und Entwicklungsausgaben

Die F&E-Investitionen für Nomura Holdings beliefen sich im Jahr 2023 auf 22,4 Milliarden Yen.

F&E-Schwerpunktbereich	Investition (Milliarden Yen)
Finanztechnologie	9.7
Algorithmische Handelssysteme	6.3
KI und maschinelles Lernen	4.2
Blockchain-Forschung	2.2

Nomura Holdings, Inc. (NMR) – Geschäftsmodell: Einnahmequellen

Gebühren für das Investmentbanking

Im Geschäftsjahr, das am 31. März 2023 endete, erwirtschaftete das Großhandelssegment von Nomura Investmentbanking-Gebühren in Höhe von 228,9 Milliarden Yen (1,7 Milliarden US-Dollar).

Umsatzkategorie	Betrag (¥ Milliarde)
Underwriting	87.4
Fusionen & Akquisitionsberatung	65.3
Schuldenkapitalmärkte	76.2

Handelsprovisionen

Die Handelseinnahmen von Nomura beliefen sich im Geschäftsjahr 2023 auf insgesamt 343,5 Milliarden Yen.

• Aktienhandel: ¥ 124,6 Milliarden
• Handel mit festverzinslichen Wertpapieren: 218,9 Milliarden Yen

Erträge aus der Vermögensverwaltung

Der Umsatz des Segments Vermögensverwaltung erreichte im Geschäftsjahr 2023 146,7 Milliarden Yen.

Vermögensverwaltungsdienst	Umsatz (Milliarden Yen)
Einzelhandels-Asset-Management	82.3
Institutionelle Vermögensverwaltung	64.4

Gebühren für Beratungsleistungen

Die Einnahmen aus Beratungsdienstleistungen beliefen sich im Geschäftsjahr 2023 auf 56,2 Milliarden Yen.

Zinserträge aus Finanzprodukten

Die Zinserträge für Nomura beliefen sich im Geschäftsjahr 2023 auf 279,6 Milliarden Yen.

Zinsertragsquelle	Betrag (¥ Milliarde)
Kredite	124.5
Wertpapieranlagen	155.1

Nomura Holdings, Inc. (NMR) - Canvas Business Model: Value Propositions

You're looking at the core promises Nomura Holdings, Inc. makes to its clients and the market, grounded in their late 2025 financial structure. It's about stability through fees and leveraging market activity.

Comprehensive wealth management and asset formation services.

Nomura Holdings, Inc. focuses on growing assets under management to secure management fees, which is the foundation of their recurring revenue push. The Wealth Management division reported net revenue of ¥116.5 billion in the second quarter of fiscal year 2025/26, a 4% increase year-on-year (YoY). This is supported by a long track record of inflows; recurring revenue assets reached a record high in the second quarter of fiscal year 2025/26, following 14 consecutive quarters of net inflows into these assets.

• Recurring revenue assets reached ¥26.2 trillion in the first half of fiscal year 2025/26.
• The recurring revenue cost coverage ratio stood at 70% in the second quarter of fiscal year 2025/26.
• For the full fiscal year ended March 31, 2025, Wealth Management pretax income was the best in 11 years.

Global access to capital markets and liquidity for institutional clients.

The Wholesale division provides institutional clients access to global markets, capitalizing on market dynamics. For the first half of fiscal year 2025/26, Wholesale pretax income jumped 43% year-on-year to ¥95.0 billion. Volatility, such as that following U.S. tariff announcements, widened margins in equity and foreign exchange trading, boosting revenue trends in the markets unit.

Metric	Period Ending March 31, 2025 (FY2024/25)	Period Ending September 30, 2025 (H1 FY2025/26)
Wholesale Net Revenue	¥1,057.9 billion (up 22.1% YoY)	¥1,038.8 billion (Total Group Net Revenue)
Wholesale Pretax Income	¥166.3 billion (Tripled YoY)	¥95.0 billion (up 43% YoY)
Global Markets Equity Net Revenue	Not specified	All-time high in Q2 FY2025/26

Specialized Investment Banking expertise in Japan and Asia.

Nomura Holdings, Inc. maintains a strong position in M&A activities, particularly in Japan. The Wholesale division's Investment Banking unit saw strong momentum in Japan. For the full fiscal year ended March 31, 2025, Wholesale pretax income reached its best performance in 15 years, supported by cross-border M&A activity. In the second quarter of fiscal year 2025/26, Investment Banking net revenue increased 15% quarter-on-quarter.

Diversified asset management products, including private markets via the Macquarie deal.

The Investment Management division is expanding its product shelf globally. Assets under management (AuM) reached an all-time high of over 100 trillion yen in the second quarter of fiscal year 2025/26. This diversification includes expansion into private markets through a significant acquisition. Nomura Holdings, Inc. announced the acquisition of Macquarie Group's U.S. and European public asset management operations for US$1.8 billion in cash.

• Investment Management pretax income for FY2024/25 was the highest since the division was established in April 2021.
• Investment Management AuM was ¥89.3 trillion as of March 31, 2025.

Alignment of interests through recurring revenue-based model.

The focus on recurring revenue ensures Nomura Holdings, Inc.'s interests are tied to client asset growth. For the fiscal year ended March 31, 2025, recurring revenue accounted for 44% of Group net revenue, amounting to ¥451.5 billion. The firm has a stated long-term goal to increase recurring revenue assets to over ¥37 trillion and raise the recurring revenue cost coverage ratio to over 80% by fiscal year 2030/31. The overall Return on Equity (ROE) for the fiscal year ended March 31, 2025, was 10%.

Finance: draft 13-week cash view by Friday.

Nomura Holdings, Inc. (NMR) - Canvas Business Model: Customer Relationships

You're looking at how Nomura Holdings, Inc. keeps its clients engaged and growing their assets in late 2025. It's a mix of high-touch personal service and serious digital scale, which is key for a firm navigating the shift toward recurring revenue.

Dedicated Sales Partners for face-to-face consulting.

Nomura Holdings, Inc. has been actively evolving its service structure by integrating digital tools with its human capital. The firm significantly increased the number of Sales Partners offering face-to-face consulting services back in fiscal year 2023/24 to meet shifting client needs. This isn't just about having more people; it's about making those interactions count. The strategy focuses on a client-centric service delivery framework where Sales Partners are paired with digital tools to boost their productivity and deepen client contact. This synergy is designed to enhance client convenience while driving growth in client assets, especially recurring revenue assets.

Long-term, trust-based relationship management for HNWI.

Building deep, lasting relationships is central to the Wealth Management division's strategy, particularly as they target a dominant brand position in the High-Net-Worth Individuals (HNWI) market. They are also focusing on 'emerging wealth' clients through their Workplace business. To be clear on who they mean, Nomura Holdings, Inc. classifies clients based on net financial assets:

• HNWI: those with net financial assets of 100 million yen or more but less than 500 million yen.
• Ultra-high-net-worth individuals: those with net financial assets of 500 million yen or more.

The firm is expanding its reach to these emerging clients by leveraging corporate relationships. The number of workplace service accounts, which include ESOP, corporate DC, and workplace NISA, reached 3.88 million as of the end of March 2025. That's a lot of future potential clients they are touching now.

Digital engagement via the NOMURA asset management app.

Digital tools are not replacing the human touch; they are augmenting it. The NOMURA asset management app is a prime example of this integrated approach. As of June 2025, the app had reached 1.78 million downloads, showing steady growth in digital client engagement. This app lets clients check their asset status and market information on their own timing, all while still receiving services from their partners. The impact on revenue quality is clear: in accounts where the app was used during fiscal year 2024/25, net inflows of recurring revenue assets were about five times larger than in accounts with no app usage records. That's a massive lift in the quality of inflows.

You can see the quantitative relationship focus points here:

Metric	Value/Target	Date/Period	Source of Relationship
NOMURA App Downloads	1.78 million	June 2025	Digital Engagement
Workplace Service Accounts	3.88 million	March 2025	Emerging Wealth/Corporate Link
Recurring Revenue Asset Inflows (App Users vs. Non-Users)	Five times larger	FY2024/25	Digital Augmentation
Assets Under Management (Asset Management Group)	$646 billion	June 30, 2025	Institutional & Individual Scale

Integrated global approach for corporate and sponsor clients.

For institutional and corporate clients, Nomura Holdings, Inc. leverages its global footprint. Nomura Asset Management Group reported total Assets under management of $646 billion as of June 30, 2025. This scale allows them to serve a broad international client base, including leading public and corporate pension funds, central banks, and endowments across Europe, the Americas, and the Pacific Basin. Furthermore, Nomura Holding America Inc. strengthened its integrated offering by completing the acquisition of Macquarie Asset Management's US and European public investments business on December 1, 2025. This move bolsters their ability to provide integrated public and private market asset management services globally.

Proactive monitoring and compliance for client activities.

For asset management clients, Nomura Asset Management treats engagement as a core stewardship responsibility, which inherently involves monitoring and ensuring good governance. The firm restructured its Engagement Department into the Sustainable Investment Strategy Department in 2025. This team has generally set engagement goals for more than 350 key target companies over the past three years. They focus on constructive dialogue to promote sustainable growth and value creation, which is a form of proactive monitoring tied to investment performance and compliance with responsible investment policies. They are actively expanding this dialogue to include approximately 50 small- and medium-sized enterprises (SMEs) in addition to their focus on the 'Key 300 Companies.'

Finance: draft 13-week cash view by Friday.

Nomura Holdings, Inc. (NMR) - Canvas Business Model: Channels

You're looking at how Nomura Holdings, Inc. gets its services to clients, which is a mix of old-school presence and modern digital reach. It's not just one path; it's a multi-pronged approach to cover everyone from large institutions to emerging individual investors.

The Workplace Business is a significant channel for capturing emerging wealth clients. This channel supports companies' human capital management by assisting employees with asset building through services like ESOP, corporate DC, and workplace NISA. The number of these workplace service accounts expanded to 3.88 million as of the end of March 2025.

Digital platforms are increasingly important for client engagement. The asset management app, named NOMURA, is a key digital touchpoint. As of June 2025, this app had reached 1.78 million downloads. The effectiveness of this digital channel is clear when looking at asset growth; in the accounts where the NOMURA app was used during FY2024/25, the net inflows of recurring revenue assets were about five times larger than those in accounts with no app usage records.

The firm maintains a global footprint through its subsidiaries and joint ventures, providing connectivity across various markets. Nomura Group has global connectivity spanning approximately 30 countries and regions. The total number of Group employees supporting these channels and other functions was 27,242 as of March 31, 2025.

For institutional clients, the direct sales desks remain critical. The Investment Banking division provides advisory, underwriting, risk solutions, and capital-raising services to corporate, institutions, and governments globally. The Global Markets desks facilitate trading and hedging activities across asset classes. The firm noted seeing more deal flow than ever in the recent past.

The physical network, while perhaps less emphasized than digital growth, still underpins client trust and high-touch service delivery. Sales Partners deliver more personalized and direct guidance, particularly to retired generation clients.

Here's a quick look at the scale of the client-facing metrics we have for these channels as of mid-2025:

Channel Metric	Data Point	As of Date/Period
Workplace Business Accounts	3.88 million	March 2025
NOMURA Asset Management App Downloads	1.78 million	June 2025
Global Reach (Countries/Regions)	Approximately 30	N/A
Group Employees	27,242	March 31, 2025

The digital channel shows a strong correlation with revenue asset growth, which is a key indicator of channel effectiveness. If onboarding takes 14+ days, churn risk rises, so the digital convenience definitely helps keep clients engaged.

The firm also utilizes specialized digital portals for institutional clients, such as the Nomura Bond Station for real-time bond trading for regional financial services companies in Japan, and the Nomura ProMerit Client Portal for managing reports, collateral, and funding requests.

Nomura Holdings, Inc. (NMR) - Canvas Business Model: Customer Segments

You're looking at the client base Nomura Holdings, Inc. serves across its four main operating segments: Wealth Management, Investment Management, Wholesale, and the newly established Banking segment as of late 2025.

High-Net-Worth Individuals (HNWI) in Japan and globally

The Wealth Management division focuses heavily on individual clients in Japan, offering comprehensive asset management services, detailed consulting, and brokerage spanning real estate, inheritance planning, and asset succession. Nomura Holdings, Inc. strategically increased its Sales Partners to offer more personalized, face-to-face service to this segment. Nomura defines High-Net-Worth Individuals (HNWI) as those with net financial assets of ¥100 million or more but less than ¥500 million. Ultra-high-net-worth individuals (UHNWI) are those with net financial assets of ¥500 million or more. The acquisition of Macquarie's U.S. and European public asset management business in late 2025 brought in assets from retail and institutional clients, including a specific distribution agreement for select Macquarie private funds to U.S. high-net-worth clients and family offices. The Wealth Management segment's client assets reached ¥162.3 trillion as of September 30, 2025, marking an increase of ¥18.5 trillion since March 31, 2025. This segment also reported net revenue of ¥222.3 billion for the six months ended September 30, 2025. Recurring revenue assets within Wealth Management reached ¥26.2 trillion in the first half of FY2025/26. The Banking segment, established April 1, 2025, also targets this group through private markets and bespoke products for asset building and estate planning.

Emerging Wealth clients (business professionals, corporate employees)

A key growth area is the Emerging Wealth segment, which includes employees of listed companies who have the potential to become HNWI. Nomura Holdings, Inc. expands this base by leveraging corporate relationships through its Workplace business, which supports human capital management and employee asset building. The number of workplace service accounts, covering ESOP, corporate DC, and workplace NISA, expanded to 3.88 million as of the end of March 2025. Digital engagement is also a focus; the asset management app, Nomura, reached 1.78 million downloads as of June 2025, allowing clients to manage assets digitally.

Institutional Investors (pension funds, endowments, sovereign wealth)

The Investment Management division primarily serves institutional investors by providing various investment management services and solutions. This includes establishing and managing investment trusts, discretionary investment services for overseas investors, and management for investment vehicles and funds for institutional investors. Assets under management (AuM) for the Investment Management division stood at ¥101.2 trillion as of September 30, 2025, an increase of ¥11.9 trillion from March 31, 2025. The net revenue for the Investment Management division for the six months ended September 30, 2025, was ¥111.4 billion. The acquisition of Macquarie's asset management entities in late 2025 added approximately USD 166 billion in institutional client assets across equities, fixed income, and multi-asset strategies to the global Nomura Asset Management brand. The Investment Management division reported its best pretax income since its establishment in April 2021 for the full year ended March 31, 2025. This division's AuM was ¥89.3 trillion as of March 31, 2025.

Here are key metrics related to client assets under management as of late 2025:

Metric	Value (as of Sep 30, 2025)	Value (as of Mar 31, 2025)	Segment
Wealth Management Client Assets	¥162.3 trillion	N/A	Wealth Management
Assets Under Management (AuM)	¥101.2 trillion	¥89.3 trillion	Investment Management
Acquired Assets from Macquarie (Retail & Institutional)	Approx. USD 166 billion (as of Oct 31, 2025)	N/A	Nomura Asset Management International
Recurring Revenue Assets	¥26.2 trillion (H1 FY2025/26)	¥18.2 trillion (FY2020/21)	Wealth Management

Corporate and Sovereign clients seeking financing and advisory

The Wholesale segment handles investment banking services, which include the underwriting and distribution of debt and equity securities, as well as mergers and acquisitions (M&A) and financial advisory for corporate and sovereign clients globally. The Wholesale segment booked net revenue of ¥540.3 billion for the six months ended September 30, 2025, with income before income taxes increasing by 43.1% to ¥95.0 billion over the same period last year. For the full year ended March 31, 2025, Wholesale pretax income was at a 15-year high. The firm services the needs of corporates and governments through this division.

Financial institutions and broker-dealers

The Wholesale segment also engages in the sales and trading of debt and equity securities, foreign exchange contracts, and derivatives globally, serving financial institutions and broker-dealers. For the six months ended September 30, 2025, Wholesale net revenue was ¥540.3 billion. The segment saw diversification in revenue sources, with Spread Products like Securitized Products and Credit performing strongly, alongside robust equities trading. Nomura Holdings, Inc. reported total net revenue of ¥1,038.8 billion for the six months ended September 30, 2025, with Wholesale contributing ¥540.3 billion of that total.

The Wealth Management division also offers services to regional financial institutions. The firm has over 104 Branches Nationwide as of April 1, 2025, supporting its client service network.

Nomura Holdings, Inc. (NMR) - Canvas Business Model: Cost Structure

You're looking at the expense side of Nomura Holdings, Inc.'s operations as of late 2025. The cost structure is dominated by the people who run the business and the technology that supports global trading and client service.

The total non-interest expenses for Nomura Holdings, Inc. for the full fiscal year 2025 (ended March 31, 2025) reached 1,420.5 billion yen. This represented a 10.3% increase from the prior fiscal year. For the first half of fiscal year 2025 (ended September 30, 2025), non-interest expenses were 741.9 billion yen, up 5.7% year-over-year, showing continued cost growth in the first half of the current period. That's a lot of yen going out the door before considering the cost of funding operations.

Significant personnel and compensation expenses are the largest driver of these costs. As of September 30, 2025, Nomura Holdings, Inc. had a global headcount of 27,876 employees. For the year ended March 31, 2025, compensation for the seven executive officers totaled ¥4.6 billion ($32 million), with cash bonuses for this group rising 88% to ¥2.3 billion, reflecting the record profit posted that year. Compensation and benefits generally increased year-on-year for the six months ended September 30, 2025, due to higher bonus provisions aligned with performance. It's clear that retaining top talent in global finance is a major, variable cost.

The overall non-interest expenses are composed of several key buckets, including personnel costs, occupancy, technology, and professional fees. While a precise breakdown of the 1,420.5 billion yen is not fully itemized in the latest public disclosures for the full year, segment-level data gives you a sense of scale for operational spending. For instance, the Wholesale Division's non-interest expenses for the six months ended September 30, 2025, were 445.2 billion yen. The Wealth Management Division reported non-interest expenses of 280.7 billion yen for the full FY2025.

You can see how these major components stack up against the total for the most recent reported half-year period:

Cost Component/Segment	Amount (Billions of Yen)	Period
Total Non-Interest Expenses	741.9	6 Months Ended Sep 30, 2025
Wholesale Division Non-Interest Expenses	445.2	6 Months Ended Sep 30, 2025
Investment Management Non-Interest Expenses	59.2	6 Months Ended Sep 30, 2025
Wealth Management Non-Interest Expenses	280.7	Full FY Ended Mar 31, 2025

Technology and data infrastructure costs are an embedded, non-trivial expense. Nomura Holdings, Inc. explicitly notes risks associated with system failure, information leakage, and the cost of maintaining sufficient cybersecurity in its 2025 filings. These technology investments are necessary to support global trading platforms and manage the massive data flows inherent in investment banking and asset management.

Regulatory compliance and legal costs represent another significant, non-discretionary expenditure. Nomura Holdings, Inc.'s business is subject to extensive regulation across multiple jurisdictions, which limits activities and can lead to significant penalties. The firm has faced administrative monetary penalties and must invest heavily in anti-money laundering and counter-terrorism financing measures. These compliance costs are ongoing and essential to maintaining operating licenses.

Finally, occupancy and administrative costs for global offices are a constant drain on the cost base. With operations spanning Japan, the Americas, Europe, and Asia and Oceania, maintaining physical footprints for thousands of employees across key financial centers is substantial. These costs are part of the general administrative overhead that underpins the global structure of Nomura Holdings, Inc.

• Total Non-Interest Expenses (FY2025): 1,420.5 billion yen.
• Executive Officer Compensation (FY2025): ¥4.6 billion.
• Global Headcount (Sep 30, 2025): 27,876.
• Non-interest expenses include personnel, occupancy, technology, and professional fees.
• Regulatory and compliance investment is a mandatory, ongoing cost.

Finance: review Q3 2025 segment expense ratios against H1 2025 run-rate by next Tuesday.

Nomura Holdings, Inc. (NMR) - Canvas Business Model: Revenue Streams

You're looking at the core ways Nomura Holdings, Inc. brings in money, which is key to understanding its stability. Honestly, for a financial giant like Nomura Holdings, Inc., the revenue mix shows a clear push toward more predictable, fee-based income, even as market activity still drives big swings.

For the fiscal year ended March 31, 2025, Nomura Holdings, Inc. reported a total Net Revenue of 1,892.5 billion yen. This was a solid jump, up 21.2 percent from the prior year, showing the strategy is gaining traction. Still, a significant portion of that revenue is tied directly to market performance, which you always have to watch.

The revenue streams are diverse, coming from its main operating segments. Here's a quick look at the major components contributing to that top-line number for FY2025, based on the U.S. GAAP consolidated operating results:

Revenue Component (Proxy)	Amount (Millions of Yen)	Amount (Billions of Yen)
Interest and dividends	2,927,861	2,927.86
Net gain on trading	580,099	580.10
Commissions	407,011	407.01
Asset management and portfolio service fees	378,196	378.20
Fees from investment banking	212,234	212.23

That table shows you where the money is coming from. Notice how Interest and dividends is the largest line item, but that's heavily offset by interest expense, which was 2,844,258 million yen for the same period. The real story for stability is in the fee-based revenue.

Recurring management fees from Wealth and Investment Management are central to Nomura Holdings, Inc.'s goal of stable earnings. You see this clearly in the Asset management and portfolio service fees line, which hit 378,196 million yen in FY2025. The Wealth Management division specifically saw its recurring revenue grow by 30 percent year-on-year for FY2025, which is defintely a positive sign for predictable cash flow.

Commissions and brokerage revenue from trading activities are still a major driver, especially when markets are active. Total Commissions for FY2025 reached 407,011 million yen. This revenue is generated across the business, including client transaction fees from the Wholesale segment and brokerage activities within Wealth Management.

Investment Banking fees, covering underwriting and M&A advisory, showed strong growth, reflecting successful capital markets activity. Fees from investment banking totaled 212,234 million yen in FY2025, a significant increase of 22.5 percent year-over-year.

The final major component involves net interest income and investment gains/losses, which are inherently volatile. This is captured by the Net gain on trading figure of 580,099 million yen for the full year. Furthermore, the introduction of the Banking segment starting April 2025 adds incremental lending and trust revenue to the mix, diversifying the non-trading income base slightly.

To summarize the fee-based revenue focus, you can look at the key recurring and advisory streams:

• Asset management and portfolio service fees: 378,196 million yen.
• Fees from investment banking: 212,234 million yen.
• Commissions: 407,011 million yen.
• Wealth Management recurring revenue growth (YoY FY2025): 30 percent.

Finance: draft 13-week cash view by Friday.