Nomura Holdings, Inc.

Business Details

Nomura Holdings is a global financial services group comprising four business segments: Wealth Management, Investment Management, Wholesale, and Banking. It provides a wide range of services—including asset management, financing, trading, and advisory—to individual and institutional investors both domestically and internationally. The Banking segment was newly established in April 2025, and in December 2025 the company acquired three asset management companies of Macquarie Group for approximately ¥281,400 million in cash, strengthening the global platform of its Investment Management business.

Recent Overview

All four segments saw revenue growth; the Investment Management segment expanded significantly following the acquisition of Macquarie's asset management companies

In FY2026 (ending March 2026), total revenue (net of interest expenses) rose to ¥2,167,713 million (up 14.5% year on year), and net income attributable to Nomura Holdings shareholders increased to ¥362,129 million (up 6.3% year on year), reflecting both higher revenue and higher profit. In December 2025, the company acquired three asset management companies of Macquarie Group, expanding assets under management to ¥136.9 trillion. In April 2025, the company recorded gains related to the sale of real estate in Takanawa, Minato-ku, Tokyo. In the fourth quarter (January to March 2026), income before income taxes was ¥107,673 million, down 20.4% quarter on quarter. Total assets increased by ¥5,843,755 million from the end of the prior fiscal year to ¥62,645,925 million, driven by an increase in trading assets and other factors.

Key Products

Growth Drivers

• Strong performance in securitized products, equity products, and international wealth management within the Wholesale segment (income before income taxes up 20.6% year on year)
• Continued expansion of stock-type revenue (investment trust balance-based fees) in the Wealth Management segment (income before income taxes up 22.8% year on year)
• Expansion of assets under management in the Investment Management segment to ¥136.9 trillion following the acquisition of Macquarie Group's asset management companies
• Increase in ECM and M&A advisory deals in Investment Banking both in Japan and overseas
• Increase in asset management business fees (from ¥455,289 million to ¥468,600 million, up 23.9% year on year)
• Substantial improvement in comprehensive income driven by a swing to positive foreign currency translation adjustments (from ¥(37,337) million in the prior period to ¥147,738 million in the current period)

Risks

• Uncertainty in revenue due to market conditions and price fluctuations (both earnings and dividend forecasts are undisclosed)
• Capital constraints resulting from strengthened global financial regulations (such as Basel regulations)
• Market volatility risk from macroeconomic deterioration, including U.S. tariff policy and geopolitical risks
• Risks related to the provisional allocation of goodwill and intangible assets, as well as integration risk, associated with the acquisition of Macquarie's asset management companies
• Profitability pressure in the Investment Management segment due to increased expenses (up 65.5% year on year), leading to a 1.4% decline in income before income taxes
• Decline in income before income taxes in the Banking segment (down 14.3% year on year) due to increased expenses (up 29.5% year on year)
• Risk of quarter-to-quarter earnings volatility, as seen in the 20.4% quarter-on-quarter decline in income before income taxes in the fourth quarter
• Risk of rising financial leverage due to an increase in long-term borrowings (from ¥13,373,678 million to ¥15,544,956 million)