Nomura Holdings, Inc. (RMN): Canvas du modèle d'entreprise [Jan-2025 Mis à jour]

Dans le paysage complexe de Global Finance, Nomura Holdings, Inc. (RMN) apparaît comme une puissance d'innovation stratégique, tissant une tapisserie complexe de services financiers qui transcendent les frontières traditionnelles. Avec sa toile de modèle commercial méticuleusement conçue, Nomura démontre une approche inégalée pour naviguer sur les marchés financiers dynamiques asiatiques, offrant des solutions sophistiquées qui mélangent une technologie de pointe, des informations sur le marché profond et un réseau robuste de partenariats stratégiques. Cette exploration dévoile les mécanismes complexes qui stimulent le succès de Nomura, révélant comment l'entreprise transforme les défis financiers complexes en possibilités convaincantes pour les clients institutionnels et individuels.

Nomura Holdings, Inc. (RMN) - Modèle commercial: partenariats clés

Alliances stratégiques avec des institutions financières mondiales

Nomura maintient des partenariats stratégiques avec les institutions financières mondiales suivantes:

Institution partenaire	Type de collaboration	Année établie
Goldman Sachs	Banque d'investissement transfrontalière	2010
Morgan Stanley	Services de conseil stratégique	2009
JPMorgan Chase	Plateforme de trading dérivé	2015

Relations collaboratives avec les fournisseurs de technologies

Les principaux partenariats technologiques de Nomura comprennent:

• IBM pour l'infrastructure de cloud computing
• Microsoft pour l'IA et les solutions d'apprentissage automatique
• Services Web Amazon pour l'analyse financière basée sur le cloud

Coentreprises sur les marchés financiers asiatiques

Les principales coentreprises de Nomura sur les marchés asiatiques:

Pays	Coentreprise	Pourcentage de propriété
Chine	CITIC SECURITIES	34.5%
Inde	Axe bancaire	25.9%
Singapour	DBS Bank	20.1%

Partenariats avec des sociétés de recherche en investissement

Nomura collabore avec des sociétés de recherche pour des informations complètes sur le marché:

• Intégration du terminal Bloomberg
• Refinitiv Data Analytics Partnership
• S&P Global Market Intelligence Research Collaboration

Réseau de conformité réglementaire et de conseil

Les partenariats de conformité réglementaire de Nomura comprennent:

• Agence de services financiers du Japon
• Commission des valeurs mobilières et des échanges (États-Unis)
• Autorité bancaire européenne

Investissement total de partenariat en 2023: 742 millions de dollars

Nombre de partenariats mondiaux actifs: 87

Nomura Holdings, Inc. (RMN) - Modèle d'entreprise: Activités clés

Banque d'investissement et négociation de titres

Nomura a déclaré un chiffre d'affaires net total de 1 627,2 milliards de yens pour l'exercice 2023. Le segment des banques d'investissement a généré 320,5 milliards de yens de revenus.

Catégorie de trading	Revenus (milliards de yen)
Trading des actions	278.3
Trading à revenu fixe	412.6
Trading dérivés	186.9

Services de gestion de la patrimoine

La division de gestion de patrimoine de Nomura a géré 54,8 billions de yens en actifs clients en mars 2023.

• Comptes de clients totaux de vente au détail: 3,2 millions
• Valeur du compte moyen: 17,1 millions de yens
• Utilisateurs de plate-forme numérique: 1,5 million

Advisory des fusions et acquisitions

Les services consultatifs de fusions et acquisitions ont généré 87,4 milliards de yens de revenus pour l'exercice 2023.

Type de transaction de fusions et acquisitions	Valeur totale (milliards de yens)
Transactions intérieures	1,250.5
Transactions transfrontalières	875.2

Commerce propriétaire et recherche financière

Les échanges propriétaires ont généré 145,6 milliards de yens de revenus, avec 320 analystes de recherche couvrant les marchés mondiaux.

• Couverture de recherche: 42 pays
• Actifs commerciaux propriétaires: 1,2 billion de yens
• Algorithmes commerciaux: 78 stratégies actives

Gestion des risques et conseil financier

La division de gestion des risques a surveillé 68,5 billions de yens en exposition totale au risque.

Catégorie de risque	Exposition (milliards de yens)
Risque de marché	32.7
Risque de crédit	22.5
Risque opérationnel	13.3

Nomura Holdings, Inc. (RMN) - Modèle commercial: Ressources clés

Expertise financière mondiale étendue

En 2024, Nomura Holdings maintient une main-d'œuvre mondiale de 24 309 employés dans plusieurs bureaux internationaux. La société opère dans des centres financiers clés, notamment Tokyo, New York, Londres et Singapour.

Présence géographique	Nombre de bureaux	Main-d'œuvre mondiale
Japon	137	15 672 employés
Marchés internationaux	43	8 637 employés

Technologie avancée de trading et d'analyse

Nomura investit 86,4 milliards de ¥ Annuellement dans les infrastructures technologiques et les plateformes numériques.

• Systèmes de trading à haute fréquence
• Plateformes de trading algorithmique d'apprentissage automatique
• Technologies de gestion des risques en temps réel

Forte réputation de marque sur les marchés asiatiques

Évaluation du marché en janvier 2024: 1,98 billion de yens. Classé 3e parmi les institutions financières japonaises en force de marque.

Pisol de talents diversifiés de professionnels financiers

Catégorie professionnelle	Nombre de professionnels
Banquiers d'investissement	3,456
Analystes de recherche	1,287
Spécialistes du commerce	2,345

Infrastructure numérique robuste

Investissement numérique: 42,7 milliards de ¥ dans la cybersécurité et les infrastructures technologiques pour 2024.

• Plateformes de trading basées sur le cloud
• Systèmes de cybersécurité avancés
• Outils d'analyse financière alimentés par l'IA

Nomura Holdings, Inc. (RMN) - Modèle d'entreprise: propositions de valeur

Solutions financières complètes pour les clients institutionnels

Nomura Holdings fournit des solutions financières avec les mesures clés suivantes:

Catégorie de service	Revenus annuels (2023)	Clientèle
Titres institutionnels	1,26 billion de yens	Plus de 1 500 clients institutionnels
Souscription des actions	87,4 milliards de ¥	Top 3 souscripteurs au Japon

Stratégies d'investissement sophistiquées et recherche

Les capacités de recherche en investissement comprennent:

• Couverture de recherche mondiale dans 40 pays
• Plus de 500 analystes de recherche
• Budget de recherche annuel: 42,6 milliards de ¥

Services financiers transfrontaliers dans la région Asie-Pacifique

Présence géographique	Nombre de bureaux	Valeur de transaction transfrontalière annuelle
Région Asie-Pacifique	24 bureaux	3,7 billions de ¥

Offres de gestion de patrimoine personnalisées

Performance du segment de gestion de la patrimoine:

Segment client	Actifs sous gestion	Taille moyenne du portefeuille client
Individus de valeur nette élevée	28,5 billions de ¥	215 millions de yens par client

Capacités avancées de gestion des risques

Métriques de gestion des risques:

• Investissement technologique de gestion des risques: 36,2 milliards de ¥
• Modélisation des risques avancés couvrant 98% des activités commerciales mondiales
• Systèmes de surveillance des risques en temps réel

Nomura Holdings, Inc. (RMN) - Modèle d'entreprise: relations clients

Équipes de gestion des relations dédiées

Nomura maintient 142 équipes de gestion des relations dédiées dans les centres financiers mondiaux à partir de 2023. Ces équipes desservent environ 3 750 clients institutionnels dans le monde, avec une valeur de portefeuille de clients moyen de 487 millions de dollars.

Région	Nombre de gestionnaires de relations	Valeur moyenne du portefeuille client
Japon	68	312 millions de dollars
Asie (ex-Japan)	39	276 millions de dollars
Amériques	22	542 millions de dollars
Europe	13	401 millions de dollars

Plateformes de fiançailles du client numérique

Nomura a investi 127 millions de dollars dans les infrastructures numériques en 2023, développant Plate-formes d'engagement des clients numériques avancés.

• Plateforme de trading mobile avec 287 000 utilisateurs actifs
• Portail de recherche numérique accessible par 4 200 clients institutionnels
• Tableau de bord d'analyse du marché en temps réel

Services de conseil financier personnalisés

Nomura fournit des services de conseil spécialisés à 2 840 clients à haute teneur en nouant avec des actifs agrégés sous gestion de 214 milliards de dollars en 2023.

Informations et rapports de recherche réguliers du marché

Type de rapport	Fréquence	Nombre de rapports en 2023
Recherche sur les actions	Tous les jours	1,248
Analyse des titres à revenu fixe	Hebdomadaire	264
Aperçu macroéconomique	Mensuel	72

Consultation d'investissement personnalisée

Nomura offre des services de consultation d'investissement personnalisés à 6 500 clients individuels et institutionnels, avec une durée de consultation moyenne de 2,4 heures par client en 2023.

• Taille moyenne du portefeuille d'investissement: 22,6 millions de dollars
• Taux de rétention de la clientèle: 87,3%
• Interaction moyenne annuelle du client: 7,6 points de contact

Nomura Holdings, Inc. (RMN) - Modèle d'entreprise: canaux

Plateformes de trading en ligne

Nomura exploite Nomura Direct, une plateforme de trading en ligne avec les spécifications suivantes:

Métrique de la plate-forme	Détails
Utilisateurs numériques actifs	487 000 en 2023
Volume annuel de transaction numérique	3,2 billions de ¥
Couverture de la plate-forme mobile	95% des marchés financiers japonais

Applications bancaires mobiles

Les fonctionnalités d'application mobile de Nomura incluent:

• Suivi des investissements en temps réel
• Exécution du commerce instantané
• Gestion des transactions sécurisée

Statistique de l'application mobile	Mesures
Téléchargements d'applications mobiles	672 000 en 2023
Utilisateurs actifs mensuels	348,000

Réseau de succursale physique

Nomura maintient une présence physique stratégique:

Catégorie de localisation	Nombre de branches
Japon Daytic Branches	137
Centres financiers internationaux	27
Bureaux mondiaux	30 pays

Équipes de vente directes

Composition de la force de vente de Nomura:

Catégorie d'équipe de vente	Nombre de personnel
Représentants des ventes institutionnelles	2,340
Conseillers financiers au détail	1,876
Couverture des ventes mondiales	15 marchés financiers majeurs

Portails de communication numérique et de recherche

Infrastructure de recherche numérique de Nomura:

Métrique de recherche numérique	Statistiques
Rapports de recherche publiés chaque année	4,200
Abonnés de la recherche numérique	89 000 clients institutionnels
Téléchargements de recherche mensuels moyens	126,000

Nomura Holdings, Inc. (RMN) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Nomura sert des investisseurs institutionnels avec les caractéristiques clés suivantes:

Clients institutionnels totaux	Plus de 1 500 institutions financières mondiales
Gestion des actifs	¥ 63,7 billions d'actifs sous gestion (2023)
Portée géographique	Des clients du Japon, de l'Asie, de l'Europe et de l'Amérique du Nord

Individus à haute nette

Le segment client à forte valeur haute de Nomura comprend:

• Clients de gestion de patrimoine avec des actifs investissables supérieurs à 100 millions de yens
• Environ 300 000 clients individuels élevés au Japon
• Valeur de portefeuille moyen de 250 millions de yens par client

Clients des entreprises

Total des clients d'entreprise	Plus de 5 000 entités d'entreprise
Revenus de la banque d'entreprise	387 milliards de ¥ en 2023
Les industries servies	Technologie, fabrication, services financiers, soins de santé

Entités du gouvernement et du secteur public

Le segment des clients gouvernementaux de Nomura comprend:

• Services de souscription d'obligations du gouvernement japonais
• Gestion des fonds de retraite publique
• Services consultatifs pour les gouvernements municipaux

Institutions financières internationales

Clientèle internationale	Plus de 500 institutions financières internationales
Bureaux mondiaux	30 emplacements internationaux
Volume de transaction transfrontalière	¥ 2,3 billions en 2023

Nomura Holdings, Inc. (RMN) - Modèle d'entreprise: Structure des coûts

Investissements infrastructures technologiques

Depuis l'exercice 2023, Nomura Holdings a investi 110,5 milliards de ¥ en technologie et en infrastructure numérique. Répartition clé des dépenses technologiques:

Catégorie de technologie	Montant d'investissement (milliards ¥)
Transformation numérique	42.3
Systèmes de cybersécurité	23.7
Infrastructure de cloud computing	33.5
Plateformes d'analyse de données	11.0

Compensation des employés et acquisition de talents

Les dépenses totales du personnel pour Nomura Holdings au cours de l'exercice 2023 étaient de 451,2 milliards de yens.

• Compensation moyenne par employé: 15,3 millions de yens
• Nombre total d'employés: 29 500
• Coûts de recrutement et de formation: 8,7 milliards de ¥

Frais de conformité réglementaire

Les coûts de conformité réglementaire pour Nomura Holdings en 2023 ont totalisé 67,5 milliards de yens.

Zone de conformité	Dépenses (¥ milliards)
Avis juridique et réglementaire	24.6
Systèmes de gestion de la conformité	18.3
Audit et vérification externes	14.2
Formation réglementaire	10.4

Coûts de marketing et d'acquisition des clients

Les dépenses de marketing pour Nomura Holdings au cours de l'exercice 2023 étaient de 36,8 milliards de yens.

• Marketing numérique: 14,2 milliards de ¥
• Publicité traditionnelle: 9,6 milliards de ¥
• Gestion de la relation client: 13,0 milliards de ¥

Dépenses de recherche et développement

L'investissement en R&D pour Nomura Holdings en 2023 s'est élevé à 22,4 milliards de yens.

Zone de focus R&D	Investissement (¥ milliards)
Technologie financière	9.7
Systèmes de trading algorithmique	6.3
IA et apprentissage automatique	4.2
Blockchain Research	2.2

Nomura Holdings, Inc. (RMN) - Modèle d'entreprise: Strots de revenus

Frais de banque d'investissement

Pour l'exercice se terminant le 31 mars 2023, le segment de gros de Nomura a généré des frais de banque d'investissement de 228,9 milliards de yens (1,7 milliard de dollars).

Catégorie de revenus	Montant (¥ milliards)
Souscription	87.4
Fusion & Conseil des acquisitions	65.3
Marchés des capitaux de la dette	76.2

Commissions commerciales

Les revenus commerciaux contre Nomura au cours de l'exercice 2023 ont totalisé 343,5 milliards de yens.

• Commerce des actions: 124,6 milliards de ¥
• Trading à revenu fixe: 218,9 milliards de ¥

Revenus de gestion des actifs

Les revenus du segment de la gestion des actifs ont atteint 146,7 milliards de yens au cours de l'exercice 2023.

Service de gestion des actifs	Revenus (¥ milliards)
Gestion des actifs au détail	82.3
Gestion des actifs institutionnels	64.4

Frais de service consultatif

Les revenus des services consultatifs s'élevaient à 56,2 milliards de yens au cours de l'exercice 2023.

Revenu des intérêts des produits financiers

Les revenus des intérêts pour Nomura au cours de l'exercice 2023 étaient de 279,6 milliards de yens.

Source des revenus d'intérêt	Montant (¥ milliards)
Prêts	124.5
Investissements en valeurs mobilières	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.