Nomura Holdings, Inc. (NMR): Marketing Mix Analysis [Dec-2025 Updated]

You're trying to get a clear picture of Nomura Holdings, Inc.'s strategy right now, and to be fair, they are executing a major global pivot that demands a close look. After clocking in a full-year FY2025 Net Revenue of ¥1,892.5 billion and launching a brand-new Banking division in April 2025, their entire marketing mix-Product, Place, Promotion, and Price-is geared toward capturing growth outside their traditional base. We're cutting through the noise to show you exactly what they are selling (including services supporting ¥162.3 trillion in Wealth Management assets), where they are placing their bets (like expanding into India), how they are promoting their expertise, and the revenue structure that underpins it all. Dive in; this is the distilled, no-fluff analysis you need to see how this financial giant is positioning itself for the next decade.

Nomura Holdings, Inc. (NMR) - Marketing Mix: Product

The product element for Nomura Holdings, Inc. centers on its integrated service offerings structured across four distinct, yet synergistic, business divisions as of late 2025.

The core product architecture is defined by these four pillars:

• Wealth Management
• Investment Management
• Wholesale
• Banking (Established April 1, 2025)

The Wholesale division delivers its product suite through two primary functions, serving institutional clients globally. This includes Global Markets, which handles sales and trading across bonds, equities, foreign exchange, and derivatives, and Investment Banking, which provides underwriting, advisory, and risk solutions to corporates, financial institutions, and public sector organizations.

The Investment Management segment has significantly scaled its product offering, evidenced by its Assets Under Management (AUM) reaching a record high of ¥94.3 trillion in the first quarter of fiscal year 2026 (Q1 FY2026). This growth was amplified by the recent acquisition of Macquarie's U.S. and European public asset management business, which added approximately US$166 billion in client assets as of October 31, 2025.

Product development is actively expanding into less liquid and thematic areas. Nomura Alternative Connect (NAC) serves as a consolidated platform providing access to global alternative investment products, including private equity, private debt, infrastructure, and real estate. Furthermore, Nomura proactively develops and provides ESG-related funds, supporting companies solving environmental and social issues. The firm reported Alternative assets under management of ¥2.6 trillion as of the end of FY2024/25, marking a highest level.

The newly established Banking division, launched on April 1, 2025, focuses on expanding the Group's private markets and bespoke product capabilities. Its product focus includes lending and trust operations, aiming for a loan outstanding balance of ¥2.8 trillion and an investment trust balance of ¥70 trillion for the fiscal year 2025.

Here's a quick look at the divisional performance and scale in Q1 FY2026, which reflects the current product mix effectiveness:

The overall Group performance in Q1 FY2026, driven by these products, resulted in a Net Revenue of ¥523.3 billion and an Income before income taxes of ¥160.3 billion, yielding a Return on Equity (ROE) of 12.0%.

You can see the commitment to recurring revenue streams in Wealth Management, where the recurring revenue cost coverage over the last four quarters stood at 69%.

Nomura Holdings, Inc. (NMR) - Marketing Mix: Place

You're looking at how Nomura Holdings, Inc. gets its services to clients across the globe as of late 2025. The 'Place' strategy here is about the network, the digital reach, and the scale of assets under custody.

Nomura Holdings, Inc. maintains an integrated global network, connecting markets East & West to service individuals, institutions, corporates, and governments through its four business divisions: Wealth Management, Investment Management, Wholesale (Global Markets and Investment Banking), and Banking. As of February 2025, this network spanned approximately 30 countries and regions.

The firm has a history of strategic placement in high-growth areas, notably acquiring Lehman Brothers' Asia-Pacific franchise and certain operations in Europe and the Middle East in 2001, which included establishing a service platform in Powai, India.

Recent structural changes bolster distribution. Nomura Holdings, Inc. successfully completed the acquisition of Macquarie's U.S. and European public asset management business in late 2025. This deal closure immediately brought approximately USD 166 billion in retail and institutional client assets under the Nomura Asset Management International brand as of October 31, 2025.

The service structure is clearly evolving to combine physical presence with digital tools. This hybrid approach is designed to enhance client convenience and Sales Partner productivity.

Here's a look at the scale of the distribution and asset base as of late 2025:

The digital component shows a clear impact on asset gathering. For instance, in FY2024/25, net inflows of recurring revenue assets were about five times larger in accounts where the NOMURA app was used compared to accounts with no app usage records.

The firm's physical and digital access points include:

• Network spanning approximately 30 countries and regions.
• Network connecting markets East & West.
• Retail offices providing face-to-face consulting services.
• Digital channels supported by the NOMURA asset management app.
• Acquisition adding USD 166 billion in assets from U.S. and European public asset management business.

The KPI for workplace services was set at 3.66 million, which the firm surpassed with 3.79 million provided as of September 2025. Finance: draft next quarter's asset flow projection by end of month.

Nomura Holdings, Inc. (NMR) - Marketing Mix: Promotion

You're looking at how Nomura Holdings, Inc. communicates its value proposition to clients and the market as of late 2025. This is about making sure the right people hear the right message, especially as the firm marks a major milestone.

Global Marketing Tour, 'Japan's Transformation,' targeting sovereign funds and HNWIs.

Nomura Holdings, Inc. actively promoted investment into Japanese markets through a major outreach effort. This included the global marketing tour titled 'Japan's Transformation,' which ran for four weeks from March 31 through April 25, 2025. This was their largest tour to date. The promotion involved 20 members from the firm's research team traveling to approximately 25 cities across Japan, EMEA, North America, and Asia. The target audience for these meetings included overseas sovereign funds, pension funds, global funds, and large private wealth investors. This tour aimed to counter misconceptions about Japan's economy and share the current reality, focusing on themes like the transition from deflation to inflation and corporate balance sheet efficiency. This follows their proactive information sharing with overseas investors since the early 1980s.

The scope of this promotional effort can be summarized:

Proactive thought leadership and research are central to enticing investment into Japanese markets. Nomura Holdings, Inc. maintains a broad research scope, covering global political and economic affairs, financial markets (equities, credit, FX, rates), agritech, and emerging industries.

The firm's commitment to stewardship and corporate engagement is a key part of its thought leadership, particularly in driving corporate governance improvements in Japan. The Engagement Department, restructured as the Sustainable Investment Strategy Department in 2025, has been active.

• Engagement goals set for over 350 key target companies in the last three years.
• Over 100 new engagement goals reached 'completed' status in 2025.
• Added "Digital Risk Management in a Digital Society" as a new focus theme for 2024.

This research output is delivered to clients via reports and proposals. For instance, their IWM Outlook 2025 report provided thematic clarity, positioning Japan Equities as an overweight asset class with an 8% allocation in one model portfolio example.

Strengthening reach to emerging wealth clients through digital engagement.

Nomura Holdings, Inc. is using digital channels to connect with the 'emerging wealth' segment-employees of listed companies who have the potential to become High Net Worth Individuals (HNWIs) later. The firm is enhancing channels 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 amplified through their proprietary application. The asset management app named "NOMURA" reached 1.78 million downloads as of June 2025. The impact of this digital usage on revenue generation is concrete: in accounts where the 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. Furthermore, Nomura established a new banking Division in April 2025 to cater to shifting client needs in a rising interest rate environment.

Focus on developing new High Net Worth Individual (HNWI) accounts.

The strategy involves strengthening brand presence in the HNWI market and actively developing new client accounts. Nomura launched the NOMURA WEALTH MANAGEMENT brand in April 2024 to drive this growth. The focus is on expanding active accounts for HNWIs by developing new clients, alongside efforts to control costs, having already achieved a target reduction of ¥20 billion by FY2024/25.

Leveraging strong brand heritage, founded in 1925, for credibility.

The firm's heritage is a significant promotional asset, culminating in the 100th Anniversary celebration on December 25, 2025. This centennial is being promoted through several initiatives. In January 2025, Nomura released a new TV commercial and newspaper ad centered on its Group Purpose and the concept of "aspire." These ads feature imma, a virtual human and influencer, who is also a special supporter of the World Expo 2025 Osaka-Kansai. This use of a futuristic muse conveys aspirations for the future. The internal groundwork for this milestone included the 'Nomura Purpose Journey,' a groupwide initiative that saw more than 10,000 employees globally discuss the Group Purpose. Nomura Holdings, Inc. began with 89 people in 1925 and has grown into a global team of around 27,000 people.

Key heritage and anniversary promotion facts:

• Anniversary Date: December 25, 2025
• Commemorative Ads Released: January 2025
• Employee Engagement Initiative Participants: Over 10,000
• Founding Headcount (1925): 89
• Current Global Team Size: Around 27,000

The firm is using this anniversary to showcase its commitment to connecting Markets East and West, as highlighted by events like the Nomura Networking Night 2025 in Tokyo.

Nomura Holdings, Inc. (NMR) - Marketing Mix: Price

You're looking at how Nomura Holdings, Inc. structures the money customers pay for its services. For the full-year FY2025, the total top-line figure, or Net Revenue, came in at ¥1,892.5 billion, which translated to about US$12.6 billion. This revenue isn't one single price; it's a mix derived from various client transactions and asset holdings.

The pricing model reflects a deliberate diversification across revenue streams. You see stable, recurring revenue components, which are essentially fees and commissions based on assets under custody or advice, alongside transaction-based revenue from trading margins, which naturally fluctuates with market volatility and client activity. This balance is central to their pricing strategy.

For the Wealth Management business, the pricing strategy heavily favors stable, recurring revenue derived from fees and commissions. This is the foundation for predictable income. For instance, recurring revenue in this segment was up 30% year-over-year for the full year ended March 31, 2025. This focus on recurring fees helps anchor the overall pricing structure against market swings.

Conversely, Wholesale revenue, which includes Global Markets and Investment Banking, is inherently tied to market volatility and the volume of client activity. When markets are active, trading margins and deal-making fees drive higher revenue. The pricing here is competitive, often structured as commissions, spreads, or success fees on transactions.

Strategic cost discipline directly impacts the effective price realization. While the outline mentions a target of ¥20 billion in cost reduction by FY2024, the ongoing focus is evident in the latest efficiency metrics. The Wholesale cost-to-income ratio improved to 84% for FY2024/25. Also, the Wealth Management recurring revenue cost coverage ratio reached 76% for the fourth quarter of FY2025. The firm is clearly managing its expense base to ensure that the revenue generated, whether through fees or trading, translates more effectively to profit.

Key pricing-related metrics that reflect this strategy include:

• Wealth Management recurring revenue growth YoY for FY2025: 30%.
• Wealth Management recurring revenue cost coverage ratio target by FY2030/31: Over 80%.
• FY2025 Total Net Revenue: ¥1,892.5 billion.
• Commissions revenue for the six months ended September 30, 2025: Approximately ¥205.7 billion.
• FY2025 Total Non-interest Expenses: ¥1,420.5 billion.

The pricing power in Wealth Management is demonstrated by the consistent net inflows into recurring revenue assets, which booked their 13th straight quarter of inflows as of Q1 FY2026. This suggests clients are willing to pay the ongoing management and advisory fees.