NOMURA Co., Ltd.
9716・Prime Market・Services
Business
The Nomura Kogeisha Group is a spatial creation company founded in 1892. Comprising the Company and 7 consolidated subsidiaries, it provides integrated services across 8 market fields—specialty stores, department stores, complex commercial facilities, PR and sales promotion, museums and art galleries, leisure facilities, expositions and events, and others—spanning research and consulting for customer-attracting environment creation, planning and design, engineering, production and construction, and facility operation and management. Its main customers include domestic and overseas retail and commercial facility operators, corporations, local governments, and exposition organizers, and it has locations throughout Japan as well as in China, Singapore, and Malaysia. Listed on the Prime Market of the Tokyo Stock Exchange.
Business Model
A project-based business model in which the company receives orders from clients and provides an integrated service covering planning, design, engineering, production/construction, and operational management. The business does not require large capital investment, with labor costs and outsourcing expenses as the main cost items. Through a shift toward order-taking activities that emphasize profitability, cost ratio improvements have progressed, and the operating margin for FY2026 (ending March 2026) reached 7.9%. A cash management system centrally manages the funds of domestic subsidiaries, enhancing financial efficiency.
Company Strengths
Founded in 1892. Has consistently won orders for major expositions in Japan and overseas, including Expo '70 Osaka, Expo 2005 Aichi, and Expo 2025 Osaka-Kansai. Covers 8 market segments ranging from specialty stores to leisure facilities, with a presence across Japan as well as in China, Singapore, and Malaysia. Its long track record forms a competitive advantage in winning large-scale projects.
Through a shift toward profitability-focused order-taking activities, the operating margin improved significantly from 2.8% in FY2023 (ending March 2023) to 7.9% in FY2026 (ending March 2026). Operating profit over the same period expanded roughly fourfold, from ¥3,113 million to ¥12,818 million. The qualitative transformation of the earnings structure is clearly reflected in the numbers.
The order backlog at the end of FY2026 (ending March 2026) remained at a high level of ¥68,851 million (versus ¥67,032 million at the end of the previous fiscal year). The order backlog in the specialty store market increased substantially to ¥14,360 million from ¥8,610 million at the end of the previous fiscal year. Order intake also exceeded revenue at ¥152,076 million, providing a degree of visibility into revenue for the following period onward.
ENVALITH's Perspective
Performance Trend
Revenue over the past five fiscal years grew for four consecutive periods, from ¥111,081 million (FY2022) to ¥162,679 million (FY2026), while operating profit expanded sharply from ¥5,431 million to ¥12,818 million. However, in Q1 of FY2027 (ending February 2027), revenue fell 12.4% year on year to ¥35,734 million and operating profit dropped 45.0% to ¥2,492 million, marking a significant profit decline. The main cause was the falloff in Expo-related special demand in the exposition/event market (down from ¥8,744 million to ¥652 million year on year). Meanwhile, the leisure facility market expanded sharply, from ¥3,625 million to ¥8,066 million (up 122.5%). As an external factor, rising material prices and labor costs pushed up the cost-of-sales ratio (from 77.7% to 79.9% year on year). The full-year forecast maintains both revenue and profit growth, projecting revenue of ¥168,000 million and operating profit of ¥13,400 million, underpinned by an order backlog of ¥87,026 million.
Growth Strategy
Promoting transformation into a unique (Only One) corporate group for space creation under the medium-term management plan (FY2026-FY2028)
Centered on the pillar of "turning the space creation cycle and connecting it to the next creation," the company is building continuous relationships with customers extending through post-construction operations, renovation, and re-creation. The order backlog of ¥24,611 million (up 60.5% year on year) in the leisure facilities market demonstrates early results of this strategy.
Centered on the pillar of "evolving products and services to provide value suited to the times," the company is promoting the use of digital technology and development of new services. Orders received in the public relations and sales promotion market surged from ¥4,142 million to ¥7,448 million (up 79.8%), with new value provision contributing to order growth.
Centered on the pillar of "developing diverse business models related to spaces," the company is promoting the creation of new businesses beyond the scope of the display industry and pursuing an overseas strategy. The order backlog in other markets surged from ¥9,486 million to ¥15,919 million (up 68.0%), reflecting progress in business expansion into new areas.
Last updated: July 17, 2026