Nomura (8604) investor relations material

Wealth management division performance and strategy

• Revenue projected at ¥487.9 billion for FY2025/26, with 42% from recurring sources and a focus on tailored product solutions.

• Recurring revenue assets targeted to grow from ¥27.9 trillion in 2026 to ¥41 trillion by 2031, with cost coverage ratio improving to 100%.

• Initiatives include expanding digital services, leveraging AI, and developing high-quality sales partners for sustainable value.

• New business models like B2B2C and platform services aim to broaden the client base and support regional institutions.

• Strategic cost control and resource reallocation are prioritized for growth investments.

Investment management division growth and targets

• Revenue expected at ¥258.5 billion for FY2025/26, with 87% from business revenue and 13% from investment gains/losses.

• Assets under management targeted to rise from ¥136.9 trillion in 2026 to ~¥180 trillion by 2031.

• Focus on strengthening active management, expanding private business, and enhancing global presence, especially in the US.

• Product strategy includes growth in ETFs, index products, digital assets, and defined contribution plans.

• Strategic partnerships and cross-selling within the group are key to scaling operations.

Wholesale division achievements and future direction

• Revenue projected at ¥1,162.2 billion for FY2025/26, with 83% from global markets and 17% from investment banking.

• Achieved record revenues and pre-tax income, with cost-to-income ratio improved by 13 points since FY2022/23.

• 2030 targets include 10%+ pre-tax ROE, sub-80% cost-to-income ratio, and 7%+ revenue/RWA.

• Strategy centers on stability, growth, and diversification, including expanding international wealth management to $60 billion AuM.

• Focus on optimizing costs, deepening client relationships, and broadening product and client base.