NOMURA RESEARCH INS-UNSP ADR Business Summary

Nomura Research Institute (NRI) operates as a premier global provider of consulting and IT solutions, generating revenue through a high-margin "Con-solution" model that integrates management consulting with large-scale system development and recurring system management services. The company is organized into four primary business segments: Consulting, which provides operational and management strategy; Financial IT Solutions, the firm's largest revenue driver serving the securities, banking, and insurance sectors; Industrial IT Solutions, focusing on retail and manufacturing; and IT Platform Services, which manages data centers and cloud infrastructure. NRI’s competitive edge lies in its shared-use systems for the financial industry, which function as critical social infrastructure and provide a stable, recurring revenue base. In the global market, NRI competes directly with NTT Data, Accenture, and Tata Consultancy Services (TCS), positioning itself as a specialized, high-value leader that dominates the Japanese financial technology landscape while aggressively expanding its digital transformation (DX) footprint in North America and Australia. Founded in 1965 as Japan’s first private-sector think tank, NRI reached its current form through a 1988 merger with Nomura Computer Systems. The company is currently led by President and CEO Kaga Yanagisawa, who assumed the role in 2024 to spearhead the "MTP2028" medium-term plan focused on generative AI integration and domestic infrastructure modernization. He is supported by Chairman Shingo Konomoto, a veteran strategist who previously served as CEO and remains a key figure in the firm's global governance. Other core executives include Senior Executive Managing Director Masaaki Yamazaki, who oversees corporate strategy and sustainability initiatives. NRI maintains a deep institutional pedigree as a member of the Nomura Group, with Nomura Holdings remaining its largest shareholder. The board is structured to balance internal technical expertise with independent oversight, ensuring a focus on capital efficiency and sustainable growth as the firm transitions toward becoming a "digital social infrastructure" provider.