Nomura Holdings, Inc. (RMN): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário intrincado das finanças globais, a Nomura Holdings, Inc. (RMN) surge como uma potência de inovação estratégica, tecendo uma tapeçaria complexa de serviços financeiros que transcendem os limites tradicionais. Com sua tela de modelo de negócios meticulosamente criada, a Nomura demonstra uma abordagem incomparável para navegar nos mercados financeiros dinâmicos asiáticos, oferecendo soluções sofisticadas que combinam tecnologia de ponta, insights profundos do mercado e uma rede robusta de parcerias estratégicas. Essa exploração revela os intrincados mecanismos que impulsionam o sucesso da Nomura, revelando como a empresa transforma desafios financeiros complexos em oportunidades convincentes para clientes institucionais e individuais.

Nomura Holdings, Inc. (RMN) - Modelo de negócios: Parcerias -chave

Alianças estratégicas com instituições financeiras globais

A Nomura mantém parcerias estratégicas com as seguintes instituições financeiras globais:

Instituição parceira	Tipo de colaboração	Ano estabelecido
Goldman Sachs	Banco de investimento transfronteiriço	2010
Morgan Stanley	Serviços de consultoria estratégica	2009
JPMorgan Chase	Plataforma de negociação derivada	2015

Relações colaborativas com fornecedores de tecnologia

As principais parcerias tecnológicas da Nomura incluem:

• IBM para infraestrutura de computação em nuvem
• Microsoft para soluções de AI e aprendizado de máquina
• Amazon Web Services para análise financeira baseada em nuvem

Joint ventures nos mercados financeiros asiáticos

As joint ventures significativas da Nomura nos mercados asiáticos:

País	Parceiro de joint venture	Porcentagem de propriedade
China	Títulos citic	34.5%
Índia	Banco Axis	25.9%
Cingapura	DBS Bank	20.1%

Parcerias com empresas de pesquisa de investimento

Nomura colabora com empresas de pesquisa para obter informações abrangentes no mercado:

• Integração do terminal da Bloomberg
• Refinitiv Data Analytics Partnership
• S&P Global Market Intelligence Research Collaboration

Rede Regulatória de Conformidade e Consultoria

As parcerias de conformidade regulatória da Nomura incluem:

• Agência de Serviços Financeiros do Japão
• Securities and Exchange Commission (EUA)
• Autoridade bancária européia

Investimento total de parceria em 2023: US $ 742 milhões

Número de parcerias globais ativas: 87

Nomura Holdings, Inc. (RMN) - Modelo de negócios: Atividades -chave

Banco de investimento e negociação de valores mobiliários

A Nomura registrou receita líquida total de 1.627,2 bilhões de ienes para o ano fiscal de 2023. O segmento de banco de investimento gerou 320,5 bilhões de ienes em receita.

Categoria de negociação	Receita (bilhão de ienes)
Negociação de ações	278.3
Negociação de renda fixa	412.6
Negociação de derivativos	186.9

Serviços de gerenciamento de patrimônio

A divisão de gerenciamento de patrimônio da Nomura conseguiu 54,8 trilhões de ienes em ativos de clientes em março de 2023.

• Contas totais de clientes de varejo: 3,2 milhões
• Valor médio da conta: 17,1 milhões de ienes
• Usuários da plataforma digital: 1,5 milhão

Fusões e aquisições consultivas

Os serviços de fusões e aquisições geraram 87,4 bilhões de ienes em receita para o ano fiscal de 2023.

Tipo de transação de fusões e aquisições	Valor total (bilhão de ienes)
Transações domésticas	1,250.5
Transações transfronteiriças	875.2

Pesquisa de negociação e financeira proprietária

A negociação proprietária gerou 145,6 bilhões de ienes em receita, com 320 analistas de pesquisa cobrindo mercados globais.

• Cobertura de pesquisa: 42 países
• Ativos comerciais proprietários: 1,2 trilhão de ienes
• Algoritmos de negociação: 78 estratégias ativas

Gerenciamento de riscos e consultoria financeira

A divisão de gerenciamento de riscos monitorou 68,5 trilhões de ienes na exposição total ao risco.

Categoria de risco	Exposição (trilhão iene)
Risco de mercado	32.7
Risco de crédito	22.5
Risco operacional	13.3

Nomura Holdings, Inc. (RMN) - Modelo de negócios: Recursos -chave

Extensa experiência financeira global

A partir de 2024, a Nomura Holdings mantém uma força de trabalho global de 24.309 funcionários em vários escritórios internacionais. A empresa opera em centros financeiros importantes, incluindo Tóquio, Nova York, Londres e Cingapura.

Presença geográfica	Número de escritórios	Força de trabalho global
Japão	137	15.672 funcionários
Mercados internacionais	43	8.637 funcionários

Tecnologia avançada de negociação e análise

Nomura investe ¥ 86,4 bilhões Anualmente em infraestrutura tecnológica e plataformas digitais.

• Sistemas de negociação de alta frequência
• Plataformas de negociação algorítmica de aprendizado de máquina
• Tecnologias de gerenciamento de risco em tempo real

Forte reputação da marca nos mercados asiáticos

Avaliação de mercado em janeiro de 2024: ¥ 1,98 trilhão. Classificado em 3º entre instituições financeiras japonesas em força de marca.

Grupo de talentos diversos de profissionais financeiros

Categoria profissional	Número de profissionais
Banqueiros de investimento	3,456
Analistas de pesquisa	1,287
Especialistas em negociação	2,345

Infraestrutura e plataformas robustas

Investimento digital: ¥ 42,7 bilhões em segurança cibernética e infraestrutura tecnológica para 2024.

• Plataformas de negociação baseadas em nuvem
• Sistemas avançados de segurança cibernética
• Ferramentas de análise financeira movidas pela IA

Nomura Holdings, Inc. (RMN) - Modelo de negócios: proposições de valor

Soluções financeiras abrangentes para clientes institucionais

A Nomura Holdings fornece soluções financeiras com as seguintes métricas principais:

Categoria de serviço	Receita anual (2023)	Base de clientes
Valores mobiliários institucionais	¥ 1,26 trilhão	Mais de 1.500 clientes institucionais
Subscrição de ações	¥ 87,4 bilhões	3 principais subscritores do Japão

Estratégias e pesquisas sofisticadas de investimento

Os recursos de pesquisa de investimento incluem:

• Cobertura de pesquisa global em 40 países
• Mais de 500 analistas de pesquisa
• Orçamento de pesquisa anual: ¥ 42,6 bilhões

Serviços financeiros transfronteiriços na região da Ásia-Pacífico

Presença geográfica	Número de escritórios	Valor anual da transação transfronteiriça
Região da Ásia-Pacífico	24 escritórios	¥ 3,7 trilhões

Ofertas personalizadas de gerenciamento de patrimônio

Desempenho do segmento de gerenciamento de patrimônio:

Segmento de cliente	Ativos sob gestão	Tamanho médio do portfólio de clientes
Indivíduos de alto patrimônio líquido	¥ 28,5 trilhões	¥ 215 milhões por cliente

Capacidades avançadas de gerenciamento de riscos

Métricas de gerenciamento de riscos:

• Investimento em tecnologia de gerenciamento de riscos: ¥ 36,2 bilhões
• Modelagem avançada de risco, cobrindo 98% das atividades de negociação global
• Sistemas de monitoramento de risco em tempo real

Nomura Holdings, Inc. (RMN) - Modelo de Negócios: Relacionamentos do Cliente

Equipes de gerenciamento de relacionamento dedicadas

A Nomura mantém 142 equipes de gerenciamento de relacionamento dedicadas em centros financeiros globais a partir de 2023. Essas equipes atendem aproximadamente 3.750 clientes institucionais em todo o mundo, com um valor médio de portfólio de clientes de US $ 487 milhões.

Região	Número de gerentes de relacionamento	Valor médio do portfólio de clientes
Japão	68	US $ 312 milhões
Ásia (ex-Japão)	39	US $ 276 milhões
Américas	22	US $ 542 milhões
Europa	13	US $ 401 milhões

Plataformas de engajamento de clientes digitais

Nomura investiu US $ 127 milhões em infraestrutura digital em 2023, desenvolvendo plataformas avançadas de engajamento de clientes digitais.

• Plataforma de negociação móvel com 287.000 usuários ativos
• Portal de pesquisa digital acessado por 4.200 clientes institucionais
• Painel de análise de mercado em tempo real

Serviços de consultoria financeira personalizada

A Nomura fornece serviços de consultoria especializados a 2.840 clientes de alta rede com ativos agregados sob gerenciamento de US $ 214 bilhões em 2023.

Insights regulares de mercado e relatórios de pesquisa

Tipo de relatório	Freqüência	Número de relatórios em 2023
Pesquisa de ações	Diário	1,248
Análise de renda fixa	Semanalmente	264
Macro Insights Econômicos	Mensal	72

Consulta de investimento personalizado

A Nomura oferece serviços de consulta de investimento personalizados para 6.500 clientes individuais e institucionais, com uma duração média de consulta de 2,4 horas por cliente em 2023.

• Tamanho médio do portfólio de investimentos: US $ 22,6 milhões
• Taxa de retenção de clientes: 87,3%
• Interação média anual do cliente: 7,6 pontos de contato

Nomura Holdings, Inc. (RMN) - Modelo de Negócios: Canais

Plataformas de negociação on -line

A Nomura opera a Nomura Direct, uma plataforma de negociação on -line com as seguintes especificações:

Métrica da plataforma	Detalhes
Usuários digitais ativos	487.000 a partir de 2023
Volume anual de transação digital	¥ 3,2 trilhões
Cobertura da plataforma móvel	95% dos mercados financeiros japoneses

Aplicativos bancários móveis

Os recursos de aplicativos móveis da Nomura incluem:

• Rastreamento de investimentos em tempo real
• Execução comercial instantânea
• Gerenciamento de transações seguras

Estatística de aplicativo móvel	Medição
Downloads de aplicativos móveis	672.000 em 2023
Usuários ativos mensais	348,000

Rede de ramificação física

Nomura mantém presença física estratégica:

Categoria de localização	Número de ramificações
Filiais domésticas do Japão	137
Centros financeiros internacionais	27
Escritórios globais	30 países

Equipes de vendas diretas

Composição da força de vendas da Nomura:

Categoria da equipe de vendas	Número de pessoal
Representantes de vendas institucionais	2,340
Consultores financeiros de varejo	1,876
Cobertura global de vendas	15 grandes mercados financeiros

Portais de comunicação e pesquisa digital

Infraestrutura de pesquisa digital da Nomura:

Métrica de pesquisa digital	Estatística
Relatórios de pesquisa publicados anualmente	4,200
Assinantes de pesquisa digital	89.000 clientes institucionais
Downloads médios de pesquisa mensal	126,000

Nomura Holdings, Inc. (RMN) - Modelo de negócios: segmentos de clientes

Investidores institucionais

A Nomura atende a investidores institucionais com as seguintes características importantes:

Total de clientes institucionais	Mais de 1.500 instituições financeiras globais
Gestão de ativos	¥ 63,7 trilhões em ativos sob gestão (2023)
Alcance geográfico	Clientes em todo o Japão, Ásia, Europa e América do Norte

Indivíduos de alta rede

O segmento de clientes de alta rede da Nomura inclui:

• Clientes de gerenciamento de patrimônio com ativos investíveis acima de ¥ 100 milhões
• Aproximadamente 300.000 clientes individuais de alta rede no Japão
• Valor médio da portfólio de ¥ 250 milhões por cliente

Clientes corporativos

Total de clientes corporativos	Mais de 5.000 entidades corporativas
Receita bancária corporativa	¥ 387 bilhões em 2023
Indústrias servidas	Tecnologia, fabricação, serviços financeiros, assistência médica

Entidades do governo e do setor público

O segmento de clientes do governo de Nomura inclui:

• Serviços de subscrição de títulos do governo japonês
• Gestão pública de fundos de pensão
• Serviços de consultoria para governos municipais

Instituições Financeiras Internacionais

Base Internacional de Clientes	Mais de 500 instituições financeiras internacionais
Escritórios globais	30 locais internacionais
Volume de transação transfronteiriça	¥ 2,3 trilhões em 2023

Nomura Holdings, Inc. (RMN) - Modelo de negócios: estrutura de custos

Investimentos de infraestrutura de tecnologia

No ano fiscal de 2023, a Nomura Holdings investiu 110,5 bilhões de ienes em tecnologia e infraestrutura digital. Principais despesas de tecnologia de tecnologia:

Categoria de tecnologia	Valor do investimento (¥ bilhão)
Transformação digital	42.3
Sistemas de segurança cibernética	23.7
Infraestrutura de computação em nuvem	33.5
Plataformas de análise de dados	11.0

Compensação de funcionários e aquisição de talentos

O total de despesas de pessoal para Nomura Holdings no ano fiscal de 2023 foi de ¥ 451,2 bilhões.

• Compensação média por funcionário: ¥ 15,3 milhões
• Número total de funcionários: 29.500
• Custos de recrutamento e treinamento: ¥ 8,7 bilhões

Despesas de conformidade regulatória

Os custos de conformidade regulatória para a Nomura Holdings em 2023 totalizaram 67,5 bilhões de ienes.

Área de conformidade	Despesa (¥ bilhão)
Consultoria legal e regulatória	24.6
Sistemas de gerenciamento de conformidade	18.3
Auditoria e verificação externa	14.2
Treinamento regulatório	10.4

Custos de marketing e aquisição de clientes

As despesas de marketing para Nomura Holdings no ano fiscal de 2023 foram de ¥ 36,8 bilhões.

• Marketing Digital: ¥ 14,2 bilhões
• Publicidade tradicional: ¥ 9,6 bilhões
• Gerenciamento de relacionamento com o cliente: ¥ 13,0 bilhões

Despesas de pesquisa e desenvolvimento

O investimento em P&D para a Nomura Holdings em 2023 totalizou ¥ 22,4 bilhões.

Área de foco em P&D	Investimento (¥ bilhão)
Tecnologia financeira	9.7
Sistemas de negociação algorítmica	6.3
AI e aprendizado de máquina	4.2
Pesquisa em blockchain	2.2

Nomura Holdings, Inc. (RMN) - Modelo de negócios: fluxos de receita

Taxas bancárias de investimento

Para o ano fiscal encerrado em 31 de março de 2023, o segmento atacadista de Nomura gerou taxas bancárias de investimento de ¥ 228,9 bilhões (US $ 1,7 bilhão).

Categoria de receita	Valor (¥ bilhão)
Subscrição	87.4
Fusões & Aquisições Advisory	65.3
Mercado de capital de dívida	76.2

Comissões de negociação

As receitas comerciais para Nomura no ano fiscal de 2023 totalizaram ¥ 343,5 bilhões.

• Negociação de ações: ¥ 124,6 bilhões
• Negociação de renda fixa: ¥ 218,9 bilhões

Receitas de gerenciamento de ativos

As receitas do segmento de gerenciamento de ativos atingiram 146,7 bilhões de ienes no ano fiscal de 2023.

Serviço de gerenciamento de ativos	Receita (¥ bilhão)
Gerenciamento de ativos de varejo	82.3
Gerenciamento institucional de ativos	64.4

Cobranças de serviço de consultoria

As receitas de serviços de consultoria totalizaram ¥ 56,2 bilhões no ano fiscal de 2023.

Receita de juros de produtos financeiros

A receita de juros da Nomura no ano fiscal de 2023 foi de ¥ 279,6 bilhões.

Fonte de renda de juros	Valor (¥ bilhão)
Empréstimos	124.5
Investimentos em valores mobiliários	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.