Nomura Holdings, Inc. (NMR): Business Model Canvas [Dec-2025 Updated]

You're digging into the engine room of Nomura Holdings, Inc., trying to see past the headlines to their actual operating model, and frankly, the fiscal year 2025 figures tell a clear story of global ambition and a push for more predictable income. With Net Revenue hitting 1,892.5 billion yen and over 40% of that now flowing from international markets, their strategy is defintely about scale beyond Japan, supported by 101.2 trillion yen in Assets Under Management as of September 2025. This canvas breaks down precisely how they connect their global trading, investment banking, and wealth management activities to those revenue streams-so you can see the structure supporting their next move.

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

You're looking at the network Nomura Holdings, Inc. relies on to scale its global platform and integrate new technologies. These aren't just vendor relationships; they are strategic moves that directly impact the balance sheet and future capabilities. Honestly, the sheer scale of the recent acquisitions and tech integrations tells you a lot about where they see the next decade of growth.

Strategic Alliance with Macquarie for Product Distribution

The completion of the Macquarie acquisition is a massive partnership event that reshaped Nomura Asset Management International. Nomura Holdings, Inc. finalized the purchase of Macquarie's U.S. and European public asset management business for a cash price of US$1.8 billion. This deal, which closed in late 2025, brought approximately US$166 billion in retail and institutional client assets under the Nomura umbrella as of October 31, 2025. The strategic element here is the formalized partnership for product distribution and co-development of investment strategies.

Under this agreement, Nomura will distribute select Macquarie private funds specifically to U.S. high-net-worth and family office clients. This move, combined with Nomura's existing private markets and high-yield businesses, forms the new Nomura Asset Management International division. Nomura's total Assets Under Management (AUM) for its Investment Management franchise was expected to climb to around US$770 billion upon completion, with over 35% managed for clients outside Japan.

Here's a quick look at the scale shift:

Joint Ventures like Boostry for Digital Securities

Nomura Group started laying the groundwork for digital asset infrastructure early on. They established the subsidiary BOOSTRY back in 2019 specifically to build an issuance and management platform for security tokens (ST). This focus has paid off, as Nomura Group held the top share in terms of transaction value for public Security Token Offerings (STOs) in Japan as of the end of March 2025.

The firm is also tying partnerships to broader sustainability goals. In Fiscal Year 2024/25, Nomura Group was involved in sustainable financing deals totaling 21.5 billion dollars. This shows the partnership structure is being used to channel capital into new, mandated areas.

• BOOSTRY established: 2019
• Began handling real estate security tokens: Since 2021
• Sustainable financing deals in FY2024/25: $21.5 billion

Technology Partners for Gen-AI and Platform Efficiency

You can't run a global financial firm in late 2025 without a serious AI strategy, and Nomura Holdings, Inc. made a major move here. On November 28, 2025, Nomura announced a strategic collaboration with OpenAI Group PBC. This partnership involves adopting OpenAI Deep Research technology to develop new services and enhance market analysis. Internally, the firm established the International AI CoE in April 2025 to centralize global AI knowledge.

The focus is on turning proprietary data into value. They are combining Nomura's in-house data with external datasets to deliver high-value investment advice. This is already showing up in operational metrics, too. For FY2024/25, net inflows of recurring revenue assets in accounts using their apps were about five times larger than in accounts without app usage. That's a concrete benefit derived from digital/tech partnerships and platform development.

Global Institutional Partners for Co-investments and Syndication

Beyond the Macquarie distribution agreement, Nomura Asset Management Co., Ltd. (NAM) remains a significant global player, which necessitates deep institutional ties for co-investments and syndication across asset classes. NAM reported managing approximately $646 billion in assets as of June 30, 2025. The Investment Management division, which handles these institutional mandates, posted net revenue of ¥111.4 billion for the first half of FY2025.

These partnerships are crucial for their global platform, which includes offices in New York, London, Singapore, and Frankfurt. The co-development aspect with Macquarie suggests ongoing joint efforts in creating new investment solutions for U.S. and Japanese clients.

Real Estate Partners for Fund Management (e.g., Nomura Real Asset Investment)

For real estate fund management, the structure involves entities like NOMURA REAL ESTATE MASTER FUND, INC. (NMF), which is managed by Nomura Real Estate Asset Management Co., Ltd. You need to look at the underlying asset performance to gauge the health of these partnerships. As of September 30, 2025, NMF reported a total floor space of 2,178,045.29 $\text{m}2$.

The operational performance of this portfolio is strong, which is key for investor confidence in these managed funds. The overall Occupancy Rate for NMF stood at a very high 99.1% in September 2025. To be fair, the Logistics segment within that portfolio hit a perfect 100.0% occupancy rate.

Here's the asset footprint as of late 2025:

Finance: draft 13-week cash view by Friday.

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

You're looking at the core engine room of Nomura Holdings, Inc. as of late 2025. These aren't just business lines; they are the daily, high-stakes activities that generate the firm's revenue and manage client capital globally. We're grounding this in the latest numbers, specifically the semi-annual results for the six months ended September 30, 2025, and the full fiscal year 2025 data.

Global Markets trading (Fixed Income and Equities)

This activity centers on market-making, execution, and risk management across global financial instruments. The Wholesale division, which houses Global Markets, showed significant strength in the first half of fiscal year 2026 (H1 ended September 30, 2025). The segment's performance is a direct reflection of market volatility and client flow.

For the six months ended September 30, 2025, the Wholesale division delivered a net revenue of ¥540.3 billion. This uplift was notably supported by stronger equities trading within Global Markets. To give you a clearer picture of the Q1 2025 activity, which feeds into this half-year result, Global Markets net revenue was 207.7 billion yen, with Fixed Income up 3% to JPY 125.6 billion, and Equities at JPY 82 billion.

The firm's overall financial health reflects this activity; for the full fiscal year ended March 31, 2025, Income before income taxes for the Wholesale segment hit a 15-year high.

Investment Banking advisory (M&A, ECM/DCM)

Investment Banking advisory is tightly integrated with Global Markets within the Wholesale division, focusing on capital raising and strategic advice. Nomura Holdings, Inc. continues to emphasize its East-West connectivity, especially accessing Asia. The firm acts as a financial advisor for strategic merger and acquisition, sale of business, or alliance opportunities.

Looking at deal flow as of October 2025, Nomura has facilitated a total of 110 deals, which breaks down into 83 M&A deals and 27 funding rounds since its founding. In the last twelve months leading up to October 2025, they facilitated 5 deals. Furthermore, in the fiscal year ended March 31, 2025, the firm supported sustainable finance efforts, helping raise $21.5 billion in capital.

The table below summarizes the Wholesale segment's performance, which bundles Global Markets and Investment Banking:

Wealth Management client consulting and service delivery

This is a key focus area, having been renamed from the Retail Division in April 2024 to better reflect its business model. Client consulting and service delivery are measured by client assets and recurring revenue inflows. Nomura Holdings, Inc. reported that Wealth Management client assets reached 162.3 Trillion Yen as of September 2025.

The momentum here is strong; the division booked net inflows into recurring revenue assets for the 13th straight quarter as of the first quarter of fiscal year 2026. For the first half of fiscal year 2026 (H1 ended September 30, 2025), Wealth Management net revenue was ¥222.3 billion. This segment achieved its best performance in 11 years for the full fiscal year ended March 31, 2025.

Asset management and fund creation/distribution

The Investment Management Division is focused on growing its Assets under Management (AUM) and delivering high value-added services. Nomura Asset Management (NAM) Group's global AUM stood at USD $646 billion as of June 30, 2025. For the Investment Management segment specifically, AUM reached an all-time high of 94.3 trillion yen as of June 30, 2025, driven by nine consecutive quarters of net inflows.

By the end of September 2025, Nomura Holdings, Inc. announced that net assets under management in its Investment Management Division exceeded 100 trillion yen. This represents an increase of approximately 35 trillion yen from 64.7 trillion yen when the division was established over four and a half years prior. For H1 ended September 30, 2025, Investment Management net revenue was ¥111.4 billion.

The firm is actively looking to expand this activity, with Nomura Asset Management aiming to more than double its retail and wholesale AUM in the Asia region.

Core IT systems development and maintenance

This activity underpins all others, ensuring operational stability and enabling digital service delivery across the global platform. While specific IT expenditure figures for development and maintenance are embedded within the broader Non-interest expenses, the overall expense structure shows the scale of support required. For the six months ended September 30, 2025, total non-interest expenses for the entire group were ¥741.9 billion.

The firm's commitment to this area is evident in the continuous investment required to support its global network spanning over 30 countries. You can see the scale of the necessary support structure in the following breakdown of the firm's financial position as of September 30, 2025:

• Total assets: ¥60,367.7 billion
• NHI shareholders' equity: ¥3,485.3 billion
• Common Equity Tier 1 ratio: 13.00%

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

You're looking at the core assets Nomura Holdings, Inc. (NMR) relies on to execute its business model. These aren't just line items on a balance sheet; they represent the scale, reach, and human capital that drive their global operations. Honestly, for a firm this size, the sheer magnitude of the numbers tells a big part of the story.

The tangible and managed financial resources are substantial, reflecting their position as a major global financial services group. We can map out the key financial anchors as of the latest available data points in 2025.

That AUM figure, over 100 trillion yen, is a massive pool of client capital that generates fee-based revenue streams, which is always a focus for stability. Also, note the liquidity position; having a portfolio of over 10 trillion yen provides a solid buffer against unexpected market stress.

Beyond the balance sheet, the global footprint and human capital are critical for a firm operating across capital markets East and West. The network is designed to capture global flow and expertise.

• Global network contributing over 40% of net revenue from international regions.
• Global team size of 27,242 employees as of March 31, 2025.

The employee count is a direct measure of the intellectual capital deployed across their Wealth Management, Investment Management, Wholesale, and newly established Banking divisions. It's definitely a resource-intensive business model, relying on that global team to manage those massive asset bases and trading capital.

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.

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:

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:

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:

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:

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:

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.