Nomura Holdings Inc (NYSE: NMR)

Nomura Holdings Inc is a leading financial services group incorporated in Japan on December 25 1925. Originally established as The Nomura Securities Co Ltd it adopted a holding company structure on October 1 2001 and changed its name to Nomura Holdings Inc. The company operates as one of Japan's premier financial institutions providing wealth management investment management wholesale banking and related financial services through a global network spanning Japan the United States United Kingdom Singapore and Hong Kong Special Administrative Region. It has played a leading role in most major developments in the Japanese securities market including the introduction of public stock offerings and growth of corporate bond markets.

Nomura Holdings generates revenue through multiple channels across its business segments. Wealth Management earns fees from asset consultation services and distribution of financial products to individuals and corporations primarily in Japan through its branch network. Investment Management derives income from asset management fees calculated on assets under management and performance-linked fees tied to investment results. Wholesale produces revenue from Global Markets activities including trading sales and structuring of fixed income equity and derivative products plus Investment Banking fees from advisory underwriting and financing services. Banking established April 1 2025 contributes revenue through lending activities and specialized private banking services leveraging The Nomura Trust and Banking Co Ltd and Nomura Bank Luxembourg S A.

The company operates through the following segments: Wealth Management Investment Management Wholesale and Banking.

• Wealth Management conducts business through a nationwide network of branches and online services mainly serving individuals and corporations in Japan. As of March 31 2025 it operated 104 local branches including the head office. The division focuses on medium to long-term asset management offering products such as investment trusts and providing non-financial services to meet client needs including retirement planning and education funding.

• Investment Management provides investment strategies products and services to diverse investors including pension funds institutional investors and financial intermediaries globally. It manages assets across traditional classes like stocks and bonds and alternative classes such as private equity private debt and real assets. Revenue comes primarily from annual asset management fees calculated on assets under management with occasional success-based fees. The division emphasizes combining expertise to deliver added value and serves clients through entities like Nomura Asset Management Co Ltd which maintains operational independence while leveraging group capabilities.

• Wholesale consists of Global Markets and Investment Banking. Global Markets engages in trading sales and structuring of fixed income products including government securities corporate debt and currencies plus equity products such as listed securities ETFs and derivatives. It acts as a primary dealer in the Japanese government securities market as well as select markets in Asia Europe and the U. S. These activities are supported by global structuring and quantitative analysis functions. Investment Banking offers advisory services for mergers acquisitions and capital raising plus financing solutions for corporations financial institutions sovereigns and other clients across Asian European US and other markets. It provides services including debt restructuring risk management and corporate expansion planning.

• Banking was launched effective April 1 2025 to address evolving client needs in asset building and estate planning. It leverages the strengths of The Nomura Trust and Banking Co Ltd and Nomura Bank Luxembourg S A to deliver specialized private market products. The division focuses on serving clients through bespoke financial solutions particularly in areas requiring long-term wealth preservation and growth strategies including succession planning and philanthropic advisory services.

Nomura Holdings ranks among the top financial services groups in Japan with substantial international operations. It competes globally with major investment banks commercial banks and asset management firms. Key competitive strengths include its historical leadership in developing Japan's securities market extensive global network and integrated capabilities across asset classes. The company maintains a leading market share on the Tokyo Stock Exchange and has pioneered numerous market developments from postwar recovery to modern electronic trading systems. Its reputation for research capabilities and client relationship management further supports its competitive standing in both domestic and international markets.

Nomura serves a broad spectrum of clients including individual retail investors corporate entities financial institutions government bodies and public agencies. Specific client segments referenced in the filing include pension funds seeking investment management solutions corporations utilizing advisory and underwriting services and high-net-worth individuals accessing wealth management offerings. The company also works with sovereign entities and municipal authorities on financing and advisory projects. Additionally it serves family offices foundations and endowment funds through its investment management and private banking capabilities.