Nomura Research Institute : Medium-Term Management Plan (2026-2028)

Medium-Term Management Plan (2026-2028)

Nomura Research Institute, Ltd.

Kaga Yanagisawa

President & CEO, Member of the Board, Representative Director

April 24, 2026

1

Perception of Environmental Changes

2

Overall Picture and Key Themes of MTP2028

3

Numerical Targets and Financial Policy

Note: "MTP2028" refers to the Medium-Term Management Plan (2026-2028).

Perception of Environmental Changes

The use of AI and digital technologies continues to expand, driving industrial and corporate development

Impact on Industries and Corporate Responses

Developing new growth areas through AI and digital technologies

• Creation of new business domains that transcend the boundaries of conventional industries and business models (competition in the digital economy)

  Accelerating depopulation and maturation of the domestic market

  • Concerns over economic stagnation stemming from labor shortages

  • Aging of social infrastructure, IT systems, and other assets

• Deeper personalization through data utilization and AI ("Economy of depth"※1) and expansion of customer LTV※2

  Improving productivity in existing business areas through AI and digital technologies

• Pursuit of radical productivity improvements using digital technologies such as AI

  Increasingly complex societal issues and fluid industrial structures

  • Rising uncertainty due to geopolitical risks and shifts in regulations and international rules

  • Emergence and rapid growth of business models that transcend traditional industry boundaries

• Promotion of collaboration and joint use of lT assets in areas such as logistics and procurement

  Enhancing risk management

• Strengthening of cybersecurity measures as a key management issue

• Reassessment of supply chains in light of geopolitical risks

• Urgent need to address the modernization of legacy IT assets

※1 Economy of depth: From "Society Expanded by AI" by NRI's Expanded Society Research Team ※2 LTV: Life Time Value

Perception of Environmental Changes Driven by AI

Entering an era of "AI-Driven Corporate Transformation" (AX: AI Transformation), moving on from "IT-Driven Business Process Reform" Increased efficiency and speed: Expanding the scope of AI application from individual tasks to entire companies and supply chains.

Moving toward high-speed operations without human intervention.

Value amplification: Enhancing the use of data, including tacit knowledge, across industries and business sectors. Redefining the customer experience and creating new businesses and services.

Benefits of AX

V a l u e a m p l i f i c a t i o n

Creation of new businesses and services pioneered by AI

Reduction of social costs and improvement of convenience

Industries

Society

Dramatic increase in the value of existing businesses through AI

Realization of collaborative organizations between AI and humans

Companies

Liberation from labor constraints through physical AI

Enhancement of the entire value chain through AI implementation

Realization of high-speed, AI-driven operations

I n c r e a s e d e f f i c i e n c y a n d s p e e d

These materials were prepared for the sole purpose of providing information to use as reference in making investment

Copyright（C） Nomura Research Institute, Ltd. All rights reserved. 3

NRI's Strengths in Achieving AX

NRI leads transformation with deep knowledge of clients' management, operations, and systems

To promote AX, it is crucial to drive transformation by organically linking management, operations, and systems, and to implement it on a flexible and robust AI platform.

Management

Toward AI-centric strategies and organizations

Capabilities to analyze management issues and formulate transformation concepts using AI (Strategic consulting capabilities)

To

Understanding of client-specific operations and organizational culture

Capabilities to redesign business

Business Operations

ward operations that co-

create with AI

AI Platform

Toward achieving both flexibility* and robustness

Optimal combination of technologies, leveraging our vendor-free position

Capabilities to implement advanced security functions

Systems

Toward systems that integrate with AI

Capabilities to implement and operate large-scale, complex systems with expertise in AI technologies

processes based on AI

*Flexibility: Enabling seamless updates and replacements of models to adapt to technological evolution and evolving customer needs.

1

Perception of Environmental Changes

2

Overall Picture and Key Themes of MTP2028

3

Numerical Targets and Financial Policy

Overall Picture of MTP2028

n

ransforming Client Business

Making a long spurt toward V2030 focusing on 3 key growth areas

To be ahead of the times through the convergence of business and technology, with insight into the prosperity that lies beyond DX, and to dynamically transform the world with "Digital Social Capital."

V2030

② Digital Security Services

Transforming Society by Creating Digital Social Capital

① AI-Driven Business Transformation

T

through Value Co-Creatio

③ Social Co-creation Services

Society

Clients

NRI's

Business Transformation

(production innovation, etc.)

Expanding Human Capital

Creating and Accumulating Intellectual Capital

ecurity ③Socia

①AI-Driven Business Transformation

②Digital S

Services

l Co-creation Services

NRI's Business

Transformation

MTP2028 Key Theme: ①AI-Driven Business Transformation

Comprehensively support clients' AX initiatives, starting from strategic consulting

Add high value to NRI's platform services by embedding AI

Expand co-creation models with AI tech companies (in addition to megacloud players and AI startups, we will also collaborate with Anthropic)

Promote company-wide initiatives centered on the AX Innovation Center (newly established)

• Growing demand for consulting on transformation to AI-native operations

• Highly complex system design optimized for AI (high speed, increased data volume)

• Increased demand for core system renewal for full-scale AI adoption

《MTP2028 Revenue Target》

More than 10 times

~¥30 billion

FY2025

（Result）

¥300

billion~

FY2028

(Target)

・In FY2028, all new projects will be AI-related

・In FY2030, all revenue will be AI-related

《MTP2028 Investment Details》

Development of various transformation tools such as AI Agents and AI HUB

Adaptation of existing systems to be AI-native Construction of an AI-driven development model

* Total investment over 3 years: ¥80 billion yen

(Avg. annual investment: 1.5x vs. FY2025)

Includes capital expenditures, software investments, R&D, and spending for strategic initiatives.

Leading clients' AI-native business transformation

ecurity ③Socia

①AI-Driven Business Transformation

②Digital S

Services

l Co-creation Services

NRI's Business

Transformation

MTP2028 Key Theme: ②Digital Security Services

《MTP2028 Revenue Target》

Approx.

+¥32 billion

¥128.0

¥96.2

billion

FY2025

（Result）

billion

FY2028

(Target)

Strengthening clients' risk response capabilities by developing a safe and secure IT environment

• Response to increasingly complex and difficult regulations and guidelines

• Predictive and proactive defense / Security measures that assume intrusion

• Growing need for global security support

《MTP2028 Investment Details》

Development of Digital Trust platform, response to various laws and regulations, PQC (Post-Quantum Cryptography), etc.

Acquisition of advanced security technologies and intelligence

* Total investment over 3 years: ¥20 billion

(Avg. annual investment: 1.6x vs. FY2025)

Includes capital expenditures, software investments, R&D, and spending for strategic initiatives

*1 GRC: Governance, Risk and Compliance

*2 SOC: Security Operation Center

tal ③Socia

①AI-Driven Business Transformation

②Digi l Co-creation

Security Services Services

NRI's Business Transformation

MTP2028 Key Theme: ③Social Co-creation Services

• Growing need for social IT infrastructure to improve the convenience of daily life and reduce social costs

• Acceleration of policy promotion and system development contributing to Japan's goal of becoming a leading asset management nation

• Acceleration of inter-company collaboration / A growing trend toward becoming platform providers

《MTP2028 Revenue Target》

Approx

+¥40 billion

¥235.0

¥193.3

billion

FY2025

（Result）

billion

FY2028

(Target)

《MTP2028 Investment Details》

Development of new functions for financial business platforms

Application development for the social DX business

Planning and development of new platforms related to digital social capital

* Total investment over 3 years: ¥105 billion

(Avg. annual investment: +8% vs. FY2025)

Includes capital expenditures, software investments, R&D, and spending for strategic initiatives.

Reducing social costs by leveraging NRI's unique IP

Strengthen the intelligence functions of the think tank division and create services related to Digital Social Capital

Expand the lineup of financial business platforms

Expand Social DX services

Social Co-creation Services: Services for shared use and product sales that leverage NRI's intellectual assets.

(Supplementary) ③Social Co-creation Services

Strengthening the intelligence functions of the think tank division and creating services related to Digital Social Capital

Strengthening our ability to make policy proposals based on social dynamics and government targets, and to proactively plan services

Creating new Digital Social Capital, such as Social DX related services

Think Tank & Consulting Divisions

Policy Recommendations and Industry Strategy

Present implementation schemes to decision-makers, including policymakers, government officials, and businesses

Solution Divisions

tal ③Soci

①AI-Driven Business Transformation

②Digi al Co-creation Security Services Services

NRI's Business Transformation

NRI's Business Transformation

By accelerating our own transformation, NRI will become a leader in driving change for our clients and society

Deployment of NRI's unique AI-driven development model

Operational reforms in back-office departments using AI



Strengthen upskilling to advanced specialists in AI, cyber security, etc., and external recruitment

Enhance capabilities to partner with clients in their business transformation by shifting development personnel to upstream processes



Expanding recurring businesses, such as services utilizing our own IP

Diversifying approaches to clients, including joint ventures and investments

NRI's Business Transformation: Production Innovation

Improving Profitability by Deploying NRI's Proprietary AI-Driven Development Model Pursuing effects such as increased sales from more projects, in addition to speeding up system development and raising quality standards.

2025

2026

2027

2028

～ 2030

Acquisition and Utilization of AI × Production Innovation Technologies

(Code generation/Testing Support)

PoC and deployment of AI development tools

Establishing and Deploying Utilization Methods for Fully Autonomous AI Agents

ployment

AI ent

PoC and

de of

developm tools

Full-scale deployment and expansion of AI development tools

(100% adoption rate in FY2028)

R&D of proprietary methods

Full-Scale Deployment and Expansion

(100% adoption rate in FY2030)

Integration into and deployment of

※

Building a track record in financial ASPs

Developing a model for SI (including industrial IT)

the "NRI Enterprise AI-Driven Development Model"

※ In FY2025, productivity in certain cases has soared by 10x to 30x during the stages from detailed design through development and unit testing.

Pillars of Business Growth and Segment Initiatives

Expanding revenue by ¥135 billion over 3 years, driven by the 3 key growth areas (vs. FY2025).

For the overseas businesses, rebuilding the foundation for stable growth and targeting total

revenue of ¥120 billion in FY2028. ※Figures represent revenue growth from FY2025 to FY2028.

Social Co-creation Services

AI-Driven Business Transformation

Digital Security Services

Enhancing the consulting business by leveraging AI as an opportunity Strengthening think tank functions geared toward social implementation

Strengthening capabilities to meet E2E needs / Expanding IT implementation support

Providing platform-based AI solutions ("YUIAI") Expanding the lineup of financial business platforms

Australian business: Pursuing synergies between AUSIEX and NRI-AU and implementing business structure reforms

Contributing to client business transformation through an AI transformation approach (Legacy Modernization, AI Hub, AI CoE) Expanding the Social DX business into industrial and public sectors North American business: Restructuring the cloud consulting business and adding higher value to the network business

Business expansion through the fusion of GRC consulting and security operations (Digital Trust)

Cross-selling DWP × cyber security and cloud DX × cyber security

※

+¥20 billion

+¥55 billion

+¥45 billion

+¥15 billion

Promoting migration to multi-cloud services and improving profitability

Overseas Business Business strategy going forward

【Strategic Direction under MTP 2028】 (North American and Australian Businesses)

Rather than aiming for scale expansion, securing profits within business areas that offer stable growth potential in the AI era.

Rebuilding the business foundation while leveraging the expertise of the Financial IT and IT Infrastructure segments.

【Target Profile】 (North American and Australian Businesses)

Achieving a stable profitable structure and expanding recurring revenue through a focus on continuous service models like security-embedded managed services.

【Numerical Targets in MTP2028】 (Overall Overseas Business)

Revenue level of ¥120 billion and operating profit margin of 5%

Note: "MTP2028" refers to the Medium-Term Management Plan (2026-2028).

Overseas Business Strategy for North American and Australian Operations Focusing on business areas where stable growth can be expected

1

Perception of Environmental Changes

2

Overall Picture and Key Themes of MTP2028

3

Numerical Targets and Financial Policy

MTP2028 Numerical Targets

Revenue of ¥950 billion yen and operating profit of ¥200 billion in FY2028.※1

The "Operating profit margin of more than 20%" set in V2030 is expected to be achieved

in FY2026.

MTP2028

(billion yen)

Revenue

Operating profit

(Operating profit margin)

814.7 850.0

8,147

8,500

1,750

1,566

※2

156.6

（19.2%）

175.0

（20.6%）

FY2025 → FY2028

9,500

Revenue CAGR+5.3%

FY2025 → FY2028

Operating profit CAGR+8.5%

2,000

200.0

（21.1%）

950.0

2025

実績

FY2025

Result

FY2026

2026

Forecast

FY2027 FY2028

2027

2028

計画

Target

※1 Financial targets do not include future external growth.

※2 Excluding impairment losses, etc.

Our Approach to Operating Profit Growth

Approx.

1/4

billion

¥156.6

billion

Approx.

1/2

(of incremental profit)

Approx.

1/3

FY2025 Result

(exc ent

luding impairm

losses, etc.)

①Impact of ②Improvement in increased revenue profit margin

③Overseas

Business

④R&D and others

FY2028

Target

MTP2028 Image of Profit Growth

¥200.0

①増収効 果

②利益率 向上

③グローバル

④R&Dその他

25年度実 績

28年度目 標

Revenue growth in the 3 key areas (AI, Digital Security, Social Co-creation Services)

Improved turnover due to shorter system development periods (increase in the number of projects)

Production innovation through expanded application of NRI's unique AI-driven development model

Expansion of services leveraging NRI's unique IP

Rebuilding of business foundations in North America and Australia



Expansion of R&D for utilizing advanced technologies such as AI and security Enhancement of human and intellectual capital for future business expansion, etc.

Financial Policy

Balancing investment and shareholder returns. ROE target raised to 25%. Cash Allocation Plan

Cash In Cash Out

Operating CF

Approx.

¥600 billion

Debt financing

(Contingent on external growth investments)

Business investment

Approx. ¥240 billion※

Invest mainly in the 3 key growth areas

(AI, Digital Security, Social Co-creation Services)

Financial Discipline

Actively utilize promising opportunities to accelerate growth strategies

Investment for external growth

AI, Digital Security domains, etc.

Maintain dividend payout ratio of 40%

Shareholder returns

Implement share buybacks flexibly, considering stock price, etc.

Raise ROE target to 25%

Maintain a level of 25% (from FY2026 onward).

※Includes capital expenditures, software investments, R&D, and spending for strategic initiatives.

• Net D/E ratio: Less than 0.5 times

• Net interest-bearing debt: Less than 1.3 times EBITDA

(Reference) Positioning of Materiality in Business Strategy

Revenue

Operating Profit

¥950 billion

¥200 billion

Operating Profit Margin 21.1%

Vision Statement

Our Goal in 2030

Value Creation

Envision the value, Empower the change

To be ahead of the times through the convergence of business and technology, with insight into the prosperity that lies beyond DX, and to dynamically transform the world with "Digital Social Capital."

Co-create a safe and secure society

Co-create

an optimal society

Co-create a thriving future society

Key Growth Areas

(MTP2028)

Digital Security Services

AI-Driven Business Transformation

Social Co-creation Services

Numerical Targets(MTP2028)

Society

Clients

NRI's Business Transformation

Value Creation Capital

Expanding Human Capital

Creating and Accumulating Intellectual Capital

Management Basis (ESG)

Contribute to global environment

Fulfill our social responsibilities

Evolve governance

(Reference) MTP2028 Materiality Indicators

※1 FY2025 result is for non-consolidated. FY2028 target includes domestic group companies. ※2 Covers advanced specialists responsible for AI-driven business transformation and production innovation. ※3 FY2025 result is for NRI payroll. FY2028 target includes domestic group companies. ※4 Initiatives for Scope 3 are being promoted toward the FY2030 target (30% reduction in total volume). ※5 Set in consideration of increased emissions due to business growth, etc. ※6 Rate of consenters or holders of equivalent standards among NRI Group's procurement partner companies, such as system development contractors ※7 Based on the amount of procurement and orders from the NRI Group, etc.

Leveraging AI to augment human intelligence and potential, creating a society with sustainable growth

Closing Remarks

Envisionthe value,

Empower the change