⸺In Tokyo’s Nihonbashi district, next to the iconic bridge that was once at the heart of Japan’s economy and transport network, stands a building like no other in the area. Completed in 1930 and designated by Tokyo’s Chuo Ward as a tangible cultural property, the Nihonbashi Nomura Building has a unique exterior that gave it the nickname “battleship building.”
The building is currently undergoing a major renovation, being dismantled from the roof down, while retaining the original exterior and interior of the first floor. This approach of preserving tradition while innovating to stay relevant symbolizes Nomura’s ongoing pursuit of taking on new challenges.⸺
This year, we celebrate our 100th Anniversary. In the lead up to this, in April 2024, we set out our Purpose: “We aspire to create a better world by harnessing the power of financial markets”.
This is an expression of our intent to be a respected company that has earned the trust of society. It acts as a guiding principle for us as we stand with our clients and other stakeholders who want to create change or make the world better.
To put our Purpose into action, we announced our 2030 management vision of “Reaching for Sustainable Growth.” This vision includes the specific targets of consistently achieving ROE of 8 to 10% or more and income before income taxes of over 500 billion yen.
To achieve these targets, we will step up our efforts to grow stable revenues and deepen our global strategy as we expand the scope of our business from public to private markets.
The longer-term initiatives that we have been working on over the past few years started to deliver tangible results in the fiscal year ended March 2025. Net revenue and income before income taxes rose in all three core divisions, while net income reached a record high of 340.7 billion yen. ROE came in ahead of target at 10%.
Underpinned by the division’s asset management capabilities, our Wealth Management business reported record recurring revenue mainly driven by assets under management in investment trusts.
Our international operations now account for 47% of revenues from our three core divisions, and 72% of revenues in Wholesale, where we have been working to expand globally.
Around 45% of our employees work outside Japan, and we have grown our business into a global platform where people from diverse backgrounds can thrive.
This progress points to qualitative improvements in our operations and greater earnings stability as we lay the foundations for sustainable growth. We will continue to build out our new platforms and move forward with initiatives to deliver growth beyond our existing organization.
In April 2025, we reached an agreement to acquire Macquarie’s US asset management business in a 100% stock purchase transaction. This acquisition will extend our access to the US market, which offers the world’s largest fee pools coupled with strong growth potential, giving us a robust platform to expand our Investment Management business globally.
We recently established the Banking division as a new pillar to complement our existing three core divisions. We will look to maximize our distinctive advantage as a trust bank built up over the years by Nomura Trust and Banking to tap into new business opportunities that go beyond our current organizational structure.
As we take on new challenges, we recognize that the key to achieving our strategy is the strength of our organization. Our people are the source of our strength. Our competitiveness is supported by a culture that allows our 27,000 colleagues from over 90 nationalities to make the most of their individual skills. We will continue to invest in the kind of value that only people can create and ensure that all our people can be their true selves in the workplace.
The transformation of the Nihonbashi Nomura Building—by renovating the interior while preserving the iconic battleship-like facade—resonates with how we continuously reinvent ourselves to stay ahead while retaining our foundational traditions.
Looking ahead, I am confident that the next decade will see us transform the company by boldly expanding into new areas. This is similar to tearing down the walls of the Nihonbashi building to pave the way for new opportunities.
Our journey toward the future has only just begun. We will keep up our relentless pace of change, continuously delivering new value that goes beyond your expectations.
We ask for your continued support as we take on these new challenges.
Kentaro Okuda
President and Group CEO
August 2025