Nomura Research Institute,ltd. · TSE:4307

Nomura Research Institute,ltd — Q3 2026 Earnings Presentation

42 slides from Nomura Research Institute,ltd's earnings presentation, Jan 30, 2026

  1. Slide 1: Financial Results Presentation

    Financial Results Presentation Financial Results for 3rd Quarter FY March 2026 Nomura Research Institute, Ltd. Masaaki Yamazaki Senior Corporate Managing Director, Member of the Board January 29, 2026

  2. Slide 2: Key Points

    Key Points Increased revenue and profit were driven by strong demand 3rd Quarter and improved profitability in domestic business FY March 2026 Domestic business posted an increase in both revenue and profit across all segments, led by the Financial IT and IT Infrastructure Results The performance of

  3. Slide 3: Agenda

    1 Financial Results for 3rd Quarter FY March 2026 2 Financial Results Forecasts for FY March 2026 3 Reference Materials These materials were prepared for the sole purpose of providing information to use as reference in making investment decisions, and are not intended as a solicitation for investmen

  4. Slide 4: Highlights of Consolidated Financial Results YoY comparison <3Q Total>

    Financial Results for 3rd Quarter FY March 2026 Highlights of Consolidated Financial Results YoY comparison<3Q Total> (JPY million) 3Q 3Q YoY Diff. FY Mar. 2025 FY Mar. 2026 Change Revenue 568,245 602,333 34,088 6.0% Operating Profit 102,353 118,780 16,427 16.0% Operating Margin 18.0% 19.7% 1.7P Pro

  5. Slide 5: Segment Performance Results Consulting

    Financial Results for 3rd Quarter FY March 2026 Segment Performance Results Consulting<3Q Total> (JPY million) 3Q 3Q YoY Diff. FY Mar. 2025 FY Mar. 2026 Change Revenue 47,098 50,140 3,042 6.5% External Customers 43,634 46,475 2,840 6.5% Intersegment 3,463 3,665 201 5.8% Operating Profit 12,856 13,85

  6. Slide 6: Segment Performance Results Financial IT Solutions

    Financial Results for 3rd Quarter FY March 2026 Segment Performance Results Financial IT Solutions<3Q Total> (JPY million) 3Q 3Q YoY Diff. FY Mar. 2025 FY Mar. 2026 Change Revenue 277,234 299,369 22,134 8.0% External Customers 273,018 295,450 22,431 8.2% Securities 108,134 114,831 6,696 6.2% Insuran

  7. Slide 7: Segment Performance Results Industrial IT Solutions

    Financial Results for 3rd Quarter FY March 2026 Segment Performance Results Industrial IT Solutions<3Q Total> (JPY million) 3Q 3Q YoY Diff. FY Mar. 2025 FY Mar. 2026 Change Revenue 208,517 209,863 1,345 0.6% External Customers 202,448 203,246 798 0.4% Distribution 47,262 46,441 (821) (1.7)% Manufact

  8. Slide 8: Segment Performance Results IT Infrastructure Services

    Financial Results for 3rd Quarter FY March 2026 Segment Performance Results IT Infrastructure Services<3Q Total> (JPY million) 3Q 3Q YoY Diff. FY Mar. 2025 FY Mar. 2026 Change Revenue 146,850 162,907 16,057 10.9% External Customers 46,617 54,901 8,283 17.8% Intersegment 100,232 108,006 7,773 7.8% Op

  9. Slide 9: Financial Results Forecasts for FY March 2026

    1 Financial Results for 3rd Quarter FY March 2026 2 Financial Results Forecasts for FY March 2026 3 Reference Materials These materials were prepared for the sole purpose of providing information to use as reference in making investment decisions, and are not intended as a solicitation for investmen

  10. Slide 10: Order Backlog by Segment (Outstanding)

    Financial Results Forecasts for FY March 2026 Order Backlog by Segment (Outstanding) (JPY million) At the end of At the end of YoY Diff. Dec. 2024 Dec. 2025 Change Consulting 19,700 18,732 (968) (4.9)% Financial IT Solutions 114,090 124,836 10,746 9.4% Industrial IT Solutions 58,797 59,825 1,028 1.7

  11. Slide 11: Order Backlog by Segment (Japan/Overseas)

    Financial Results Forecasts for FY March 2026 Order Backlog by Segment (Japan/Overseas) (JPY million) At the end of At the end of YoY Diff. Dec. 2024 Dec. 2025 Change Japan 186,605 202,893 16,287 8.7% Consulting 18,239 16,992 (1,246) (6.8)% Financial IT Solutions 111,379 121,048 9,669 8.7% Industria

  12. Slide 12: Overseas Business: Current Status and Outlook

    Financial Results Forecasts for FY March 2026 Overseas Business : Current Status and Outlook Current Status In Australian business, a persistent challenging demand environment, particularly in consulting and managed services, led to lower revenue and profitability In North American business, profita

  13. Slide 13: Forecasts for FY March 2026

    Financial Results Forecasts for FY March 2026 Forecasts for FY March 2026 There are no revisions to financial results forecasts. (JPY billion) FY Mar. 2025 FY Mar. 2026 YoY Diff. (Results) (Forecasts) Change Revenue 764.8 810.0 45.1 5.9% Operating Profit 134.9 150.0 15.0 11.2% Operating Margin 17.6%

  14. Slide 14: Reference Materials

    1 Financial Results for 3rd Quarter FY March 2026 2 Financial Results Forecasts for FY March 2026 3 Reference Materials These materials were prepared for the sole purpose of providing information to use as reference in making investment decisions, and are not intended as a solicitation for investmen

  15. Slide 15: Revenue + Consolidated Order Backlog in the current FY

    Reference Materials Revenue + Consolidated Order Backlog in the current FY (JPY billion) 900 800 700 (JPY billion) FY FY YoY Mar.2025 Mar.2026 Change 600 Revenue* 764.8 810.0 +5.9% FY2026.3 500 Revenue**+ FY2025.3 Consolidated 723.7 766.1 +5.9% Order Backlog*** FY2024.3 400 Realization rate 94.6% 94

  16. Slide 16: Consolidated P/L Highlight <3Q Total>

    Reference Materials Consolidated P/L Highlight <3Q Total> (JPY million) 3Q 3Q YoY Diff. FY Mar. 2025 FY Mar. 2026 Change Revenue 568,245 602,333 34,088 6.0% Cost of Sales 362,659 378,264 15,605 4.3% Gross Profit 205,586 224,069 18,483 9.0% Gross Profit Margin 36.2% 37.2% 1.0P SG&A 106,500 106,485 (1

  17. Slide 17: Consolidated P/L Highlight <3Q Total> (continued)

    Reference Materials Consolidated P/L Highlight <3Q Total> (continued) (JPY million) 3Q 3Q YoY Diff. FY Mar. 2025 FY Mar. 2026 Change Operating Profit 102,353 118,780 16,427 16.0% Finance Income & (766) 750 1,516 － Finance Costs Profit before tax 101,587 119,531 17,944 17.7% Income tax expenses 29,38

  18. Slide 18: Revenue by Service <3Q Total>

    Reference Materials Revenue by Service <3Q Total> (JPY million) 3Q 3Q YoY Diff. FY Mar. 2025 FY Mar. 2026 Change Consulting Services 127,970 130,677 2,707 2.1% System Development & 180,329 195,250 14,921 8.3% System Application Sales System Management & 235,171 249,674 14,502 6.2% Operation Services

  19. Slide 19: External revenue and operating profit by overseas region <3Q Total>

    Reference Materials External revenue and operating profit by overseas region<3Q Total> (JPY million) 3Q 3Q YoY Diff. FY Mar. 2025 FY Mar. 2026 Change North External Revenue 22,556 23,753 1,196 5.3% America Operating Profit (292) (1,154) (862) － External Revenue 54,240 48,650 (5,589) (10.3)% Oceania

  20. Slide 20: Order Volume <3Q Total>

    Reference Materials Order Volume <3Q Total> (JPY million) 3Q 3Q YoY Diff. FY Mar. 2025 FY Mar. 2026 Change Consulting 51,828 50,680 (1,147) (2.2)% Financial IT Solutions 156,773 170,587 13,814 8.8% Industrial IT Solutions 130,586 133,001 2,415 1.8% IT Infrastructure Services 37,409 44,896 7,487 20.0

  21. Slide 21: Order Volume <3Q Total> (Japan/Overseas)

    Reference Materials Order Volume <3Q Total> (Japan/Overseas) (JPY million) 3Q 3Q YoY Diff. FY Mar. 2025 FY Mar. 2026 Change Japan 319,196 343,700 24,504 7.7% Consulting 46,735 45,627 (1,108) (2.4)% Financial IT Solutions 151,320 162,132 10,812 7.1% Industrial IT Solutions 81,707 89,211 7,503 9.2% IT

  22. Slide 22: Cash Flow <3Q Total>

    Reference Materials Cash Flow <3Q Total> (JPY million) 3Q 3Q YoY FY Mar. 2025 FY Mar. 2026 Change Operating activities 95,315 108,542 13.9% Investing activities (38,430) (83,335) － (Except Cash management purpose) (36,046) (40,500) － Free Cash Flow 56,884 25,207 (55.7)% (Except Cash management purpo

  23. Slide 23: Balance Sheet

    Reference Materials Balance Sheet (JPY million) 3Q YoY FY Mar. 2025 Diff. FY Mar. 2026 Change Assets 928,501 948,539 20,038 2.2% Cash and cash equivalents, etc. (a) 172,010 155,076 (16,933) (9.8)% Goodwill and intangible assets 268,232 294,246 26,014 9.7% Of which, Goodwill from M&A, etc. 140,602 15

  24. Slide 24: Highlights of Consolidated Financial Results <3Q>

    Reference Materials Highlights of Consolidated Financial Results <3Q> (JPY million) 3Q (Oct.-Dec.) 3Q (Oct.-Dec.) YoY Diff. FY Mar. 2025 FY Mar. 2026 Change Revenue 191,466 205,268 13,801 7.2% Operating Profit 36,718 39,981 3,263 8.9% Operating Margin 19.2% 19.5% 0.3P Profit before tax 36,151 40,074

  25. Slide 25: Segment Performance Results Consulting <3Q>

    Reference Materials Segment Performance Results Consulting <3Q> (JPY million) 3Q (Oct.-Dec.) 3Q (Oct.-Dec.) YoY Diff. FY Mar. 2025 FY Mar. 2026 Change Revenue 17,404 18,434 1,030 5.9% External Customers 16,189 17,153 964 6.0% Intersegment 1,214 1,280 65 5.4% Operating Profit 5,333 5,509 175 3.3% Ope

  26. Slide 26: Segment Performance Results Financial IT Solutions <3Q>

    Reference Materials Segment Performance Results Financial IT Solutions <3Q> (JPY million) 3Q (Oct.-Dec.) 3Q (Oct.-Dec.) YoY Diff. FY Mar. 2025 FY Mar. 2026 Change Revenue 94,651 103,352 8,701 9.2% External Customers 93,065 101,902 8,836 9.5% Securities 36,758 39,312 2,553 6.9% Insurance 20,862 22,15

  27. Slide 27: Segment Performance Results Industrial IT Solutions <3Q>

    Reference Materials Segment Performance Results Industrial IT Solutions <3Q> (JPY million) 3Q (Oct.-Dec.) 3Q (Oct.-Dec.) YoY Diff. FY Mar. 2025 FY Mar. 2026 Change Revenue 66,767 68,361 1,594 2.4% External Customers 64,674 66,210 1,536 2.4% Distribution 14,974 15,549 574 3.8% Manufacturing, service

  28. Slide 28: Segment Performance Results IT Infrastructure Services <3Q>

    Reference Materials Segment Performance Results IT Infrastructure Services <3Q> (JPY million) 3Q (Oct.-Dec.) 3Q (Oct.-Dec.) YoY Diff. FY Mar. 2025 FY Mar. 2026 Change Revenue 50,313 56,288 5,974 11.9% External Customers 16,725 19,216 2,490 14.9% Intersegment 33,587 37,071 3,484 10.4% Operating Profi

  29. Slide 29: Consolidated P/L Highlight <3Q>

    Reference Materials Consolidated P/L Highlight <3Q> (JPY million) 3Q (Oct.-Dec.) 3Q (Oct.-Dec.) YoY Diff. FY Mar. 2025 FY Mar. 2026 Change Revenue 191,466 205,268 13,801 7.2% Cost of Sales 120,601 129,216 8,615 7.1% Gross Profit 70,865 76,051 5,186 7.3% Gross Profit Margin 37.0% 37.0% 0.0P SG&A 34,9

  30. Slide 30: Consolidated P/L Highlight <3Q> (continued)

    Reference Materials Consolidated P/L Highlight <3Q> (continued) (JPY million) 3Q (Oct.-Dec.) 3Q (Oct.-Dec.) YoY Diff. FY Mar. 2025 FY Mar. 2026 Change Operating Profit 36,718 39,981 3,263 8.9% Finance Income & Finance Costs (566) 93 660 － Profit before tax 36,151 40,074 3,923 10.9% Income tax expens

  31. Slide 31: Revenue by Service <3Q>

    Reference Materials Revenue by Service <3Q> (JPY million) 3Q (Oct.-Dec.) 3Q (Oct.-Dec.) YoY Diff. FY Mar. 2025 FY Mar. 2026 Change Consulting Services 44,317 45,359 1,042 2.4% System Development & 61,065 67,513 6,448 10.6% System Application Sales System Management & 78,876 84,803 5,926 7.5% Operati

  32. Slide 32: External revenue and operating profit by overseas region <3Q>

    Reference Materials External revenue and operating profit by overseas region <3Q> (JPY million) 3Q (Oct.-Dec.) 3Q (Oct.-Dec.) YoY Diff. FY Mar. 2025 FY Mar. 2026 Change North External Revenue 6,901 6,872 (28) (0.4)% America Operating Profit (149) (664) (515) － External Revenue 16,672 15,777 (895) (5

  33. Slide 33: Order Volume by Segment <3Q>

    Reference Materials Order Volume by Segment <3Q> (JPY million) 3Q (Oct.-Dec.) 3Q (Oct.-Dec.) YoY Diff. FY Mar. 2025 FY Mar. 2026 Change Consulting 12,526 12,495 (31) (0.2)% Financial IT Solutions 51,146 56,434 5,287 10.3% Industrial IT Solutions 37,185 37,399 214 0.6% IT Infrastructure Services 12,4

  34. Slide 34: Order Volume by Segment <3Q> (Japan/Overseas)

    Reference Materials Order Volume by Segment <3Q> (Japan/Overseas) (JPY million) 3Q (Oct.-Dec.) 3Q (Oct.-Dec.) YoY Diff. FY Mar. 2025 FY Mar. 2026 Change Japan 100,590 109,084 8,493 8.4% Consulting 10,838 10,600 (238) (2.2)% Financial IT Solutions 49,780 54,928 5,148 10.3% Industrial IT Solutions 26,

  35. Slide 35: Revenue Forecasts by Segment for FY March 2026

    Reference Materials Revenue Forecasts by Segment for FY March 2026 There are no revisions to financial results forecasts. (JPY billion) FY Mar. 2025 FY Mar. 2026 Diff. YoY (Results) (Forecasts) Change Consulting 60.3 68.0 7.6 12.7% Financial IT Solutions 366.6 380.0 13.3 3.7% Securities 145.7 150.0

  36. Slide 36: Results through 3Q and Full-Year Earnings Forecast

    Reference Materials Results through 3Q and Full-Year Earnings Forecast （JPY billion） 1Q 2Q 3Q 4Q FY Revenue 167.5 171.5 177.0 176.1 692.1 FY March 2023 Operating Profit 28.0 27.1 28.6 27.9 111.8 Operating Margin 16.8% 15.9% 16.2% 15.9% 16.2% Revenue 176.7 185.3 187.9 186.5 736.5 FY March 2024 Operat

  37. Slide 37: CAPEX and Depreciation Forecasts for FY March 2026

    Reference Materials CAPEX and Depreciation Forecasts for FY March 2026 There are no revisions to financial results forecasts. (JPY billion) FY Mar. 2025 FY Mar. 2026 YoY Diff. (Results) (Forecasts) Change Capital Expenditure 48.9 58.0 9.0 18.5% Tangible 5.9 11.0 5.0 84.7% Intangible 42.9 47.0 4.0 9.

  38. Slide 38: Forecasts for FY March 2026 <Consolidated Earnings Model>

    Reference Materials Forecasts for FY March 2026 <Consolidated Earnings Model> FY March 2026 Consolidated Earnings Model - Revenue of JPY810 billion and Operating profit of JPY150 billion (JPY billion) FY Mar. 2024 FY Mar. 2025 FY Mar. 2026 YoY (Results) (Results) (Forecasts)* Diff. Change Revenue 73

  39. Slide 39: Capital allocation policy for FY March 2026

    Reference Materials Excerpt form the financial results presentation announced on April 25, 2025 Capital allocation policy for FY March 2026 Existing ¥80 billion, mainly software investments (including R&D) Business Investments Including ¥17 billion in AI-related investments (including R&D) External

  40. Slide 40: NRI + Subcontractors

    Reference Materials NRI + Subcontractors Number of Employees in the NRI Group Hire and Turnover at NRI* （Head count） 16,679 （Head count） 673 (FY March 2025) New graduates：486 Mid-career ：187 (As of the end of March 2025) （％） 18,000 800 10 700 15,000 600 12,000 Mid-career Overseas subsidiaries 500 9,

  41. Slide 41: Notes on this document

    Notes on this document • "IT Infrastructure Services" correspond to "IT Platform Services" in reportable segment. • The segment classifications are partially changed for 1Q FY Mar. 2026, and the past figures are based on the classifications after these changes. • Overseas performance of revenue, ope

  42. Slide 42: Envision the vahe)

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Nomura Research Institute — Q3 2026 Earnings Presentation on 6ix