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October 30, 2025 Financial Results Presentation Financial Results for 2nd Quarter FY March 2026 Nomura Research Institute, Ltd. Kaga Yanagisawa President & CEO, Member of the Board, Representative Director
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1Copyright（C） Nomura Research Institute, Ltd. All rights reserved.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 investment. Key Points 2nd Quarter FY March 2026 Results Domestic business remained robust, resulting in revenue and profit growth Revenue and profit increased across all domestic segments, Orders for new projects in Industrial IT expanded significantly Overseas business experienced a decline in orders and profitability FY March 2026 Outlook The forecast remains unchanged, with steady progress toward the plan Domestic business continues its expansion in project volume and profitability improvement Structural reforms for overseas business are planned for the 2nd half
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2Copyright（C） Nomura Research Institute, Ltd. All rights reserved.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 investment. Financial Results for 2nd Quarter FY March 20261 Recent Activities2 Financial Results Forecasts for FY March 20263 Reference Materials4
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3Copyright（C） Nomura Research Institute, Ltd. All rights reserved.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 investment. Highlights of Consolidated Financial Results YoY comparison<1H> Financial Results for 2nd Quarter FY March 2026 (JPY million) YoY ChangeDiff.1H FY Mar. 2026 1H FY Mar. 2025 5.4%20,286397,065376,778Revenue 20.1%13,16478,79965,635Operating Profit 2.4P19.8%17.4%Operating Margin 21.4%14,02079,45665,435Profit before tax 17.3%7,91253,56545,653Profit attributable to owners of parent 7.6%24,002341,640317,638RevenueJapan 22.4%14,36378,59264,228Operating Profit 2.8P 23.0%20.2%Operating Margin
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4Copyright（C） Nomura Research Institute, Ltd. All rights reserved.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 investment. Segment Performance Results Consulting<1H> Financial Results for 2nd Quarter FY March 2026 (JPY million) YoY ChangeDiff.1H FY Mar. 2026 1H FY Mar. 2025 6.8%2,01131,70629,694Revenue 6.8%1,87629,32127,445External Customers 6.0%1352,3842,248Intersegment 11.0%8258,3487,523Operating Profit 1.0P26.3%25.3%Operating Margin -Increased revenue and profit were driven by robust demand for AI consulting projects and legacy modernization projects.
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5Copyright（C） Nomura Research Institute, Ltd. All rights reserved.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 investment. Segment Performance Results Financial IT Solutions<1H> Financial Results for 2nd Quarter FY March 2026 (JPY million) YoY ChangeDiff.1H FY Mar. 2026 1H FY Mar. 2025 7.4%13,433196,016182,582Revenue 7.6%13,595193,547179,952External Customers 5.8%4,14375,51971,375Securities 3.8%1,51641,61140,095Insurance 4.6%1,74739,78438,037Banking 20.3%6,18836,63230,443Other financial (6.1%)(161)2,4682,630Intersegment 19.5%5,88736,07530,188Operating Profit 1.9P18.4%16.5%Operating Margin -Revenue and profit increased, driven by core system renewal projects for ”Other financial” and robust demand for system integration projects for banks.
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6Copyright（C） Nomura Research Institute, Ltd. All rights reserved.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 investment. Segment Performance Results Industrial IT Solutions<1H> Financial Results for 2nd Quarter FY March 2026 (JPY million) YoY ChangeDiff.1H FY Mar. 2026 1H FY Mar. 2025 (0.2%)(249)141,501141,750Revenue (0.5%)(738)137,036137,774External Customers (4.3%)(1,395)30,89132,287Distribution 0.6%656106,144105,487Manufacturing, service and other 12.3%4894,4643,975Intersegment 4.1%57814,71714,138Operating Profit 0.4P10.4%10.0%Operating Margin 5.2%4,65094,90390,253RevenueJapan 14.2%1,80914,53712,727 Operating Profit 1.2P15.3%14.1%Operating Margin -Domestic business—particularly in the manufacturing and service sectors—remained strong; however, order intake in overseas business stalled, leaving revenue flat year-on-year. -Profit grew, driven by the higher domestic revenue.
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7Copyright（C） Nomura Research Institute, Ltd. All rights reserved.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 investment. Segment Performance Results IT Infrastructure Services<1H> Financial Results for 2nd Quarter FY March 2026 (JPY million) YoY ChangeDiff.1H FY Mar. 2026 1H FY Mar. 2025 10.4%10,082106,61996,537Revenue 19.4%5,79235,68529,892External Customers 6.4%4,28970,93466,644Intersegment 40.4%5,54719,27913,732Operating Profit 3.9P18.1%14.2%Operating Margin -Digital workplace (DWP) business contributed to revenue and profit growth.
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8Copyright（C） Nomura Research Institute, Ltd. All rights reserved.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 investment. Financial Results for 2nd Quarter FY March 20261 Recent Activities2 Financial Results Forecasts for FY March 20263 Reference Materials4
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9Copyright（C） Nomura Research Institute, Ltd. All rights reserved.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 investment. STEP1・STEP2：The number of applicable cases is expanding, and our expertise in AI development is accumulating. STEP3：Full-scale implementation of the “AI-based development Platform” for modernization of in- house developed software assets will begin in the current second half, with significant reduction in overall system development workload expected. AI utilization is widely spreading in system development Recent Activities Testing support with AI （STEP1）Program generation by AI （STEP2） AI-based development platform（STEP3*） *New development methodology for maximizing the use of AI (Optimization of design information, process definition, quality management, etc.) Requirements analysis Design Coding Testing Release System Development Process Application to individual processes Application to the entire process
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10Copyright（C） Nomura Research Institute, Ltd. All rights reserved.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 investment. Progress from individual PoC support to AI implementation projects, including large-scale system development cases Order volume for AI-related projects increased by 80% YoY（1H FY Mar. 2026） Recent Activities CEO CSO CFO CIO ・・・ Company-wide AI promotion organization (AI CoE) AI talent development AI platform, AI security, AI governance Developing AI-driven services and transforming business models with AI NRI’s Capabilities for expanding AI business AI implementation capabilities (integration expertise) Business understanding and consulting proposal capabilities System understanding and development capability × Frontend Apply to individual business operations Tasks Backend Possible AI applications Mid- to long-term＜AI Orchestration＞ Operations/ Security (AI-related) Tasks Frontend Backend (core) Use in chat Previous ＜Generative AI／LLM＞ Short- to mid-term＜AI Agents＞ Tasks Frontend Backend Apply to multiple business operations linked with core systems AI-enabled Requests for comprehensive support are increasing among clients leading in AI utilization
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11Copyright（C） Nomura Research Institute, Ltd. All rights reserved.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 investment. Use cases of Social DX are expanding Recent Activities Creating new services combined with acquiring related system integration opportunities Broadening into integrated financial services Promoting operational rationalization Extending service provision and system integration beyond finance to encompass all aspects of daily life Account Opening Contract Management Account Opening Contract Management NISA System Deposit Account Numbering System NISA System Deposit Account Numbering System Electronic Forms Digital Distribution Electronic Forms Digital Distribution Tax Return Filing Year-End Tax Adjustment Tax Return Filing Year-End Tax Adjustment Enhanced Payment Services Enhanced Payment Services Advanced Customer Management Advanced Customer Management Digitalization of Employment and Workforce Services Digitalization of Employment and Workforce Services Broadening Customer Segments Broadening Customer Segments Expanding Service Domains Expanding Service Domains Social DX Services New services utilizing Seven Bank ATMs Platform that supports every aspect of academic and student life at university • Seven Bank ATMs linked with e-PO box • Allow receipt of grants from local governments, payment of taxes and social insurance premiums • Digital student ID* linked with e-PO box • Envisioning application as an infrastructure that connects students with universities throughout their lifetime, including for lifelong and recurrent education • Evolving into a platform that supports every aspect of academic and campus life, including scholarship procedures and health checkup information management *Provided by FeliCa Networks, Inc.
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12Copyright（C） Nomura Research Institute, Ltd. All rights reserved.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 investment. Financial Results for 2nd Quarter FY March 20261 Recent Activities2 Financial Results Forecasts for FY March 20263 Reference Materials4
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13Copyright（C） Nomura Research Institute, Ltd. All rights reserved.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 investment. Order Backlog by Segment (Outstanding) Financial Results Forecasts for FY March 2026 (JPY million) YoY ChangeDiff.At the end of Sep. 2025 At the end of Sep. 2024 0.0%923,37123,362Consulting 9.0%14,094170,139156,045Financial IT Solutions 1.5%1,29187,80186,509Industrial IT Solutions 20.8%4,46525,95621,491IT Infrastructure Services 52.7%282817535Others 7.0%20,141308,087287,945Total 5.7%14,502268,506254,003 Order backlog in the current FY
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14Copyright（C） Nomura Research Institute, Ltd. All rights reserved.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 investment. Order Backlog by Segment (Japan/Overseas) Financial Results Forecasts for FY March 2026 (JPY million) YoY ChangeDiff.At the end of Sep. 2025 At the end of Sep. 2024 8.9%22,248273,034250,785Japan (0.2%)(36)21,60621,643Consulting 7.8%11,836163,413151,576Financial IT Solutions 10.3%5,70161,23955,538Industrial IT Solutions 20.8%4,46525,95621,491IT Infrastructure Services 52.7%282817535Others (5.7%)(2,106)35,05237,159Overseas -Domestically, Financial IT grew across all industries, and IT Infrastructure also expanded, driven in part by DWP projects. In Industrial IT, orders for large-scale legacy system modernization and platform renewal projects for manufacturing, transportation, and telecommunications clients are now fully underway. -Overseas business, on a local-currency basis, grew in North America and remained flat in Australia year-on-year.
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15Copyright（C） Nomura Research Institute, Ltd. All rights reserved.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 investment. Business Environment and Outlook in the Second Half Financial Results Forecasts for FY March 2026 Performance Outlook for the Second Half of FY Mar. 2026 Domestic : In addition to increasing revenue fueled by expanding demand, we will aim for further improvement in profitability. Overseas : Structural reforms are planned, including divestment of selected businesses. Business Environment Domestic Business Overseas Business • In consulting business, order intake from some clients stalled in the first quarter due to tariff effects, but generally normalized in the second quarter • In IT solutions business, modernization projects in financial IT remained active starting from the first quarter, while the second quarter saw a pickup in large-scale orders for industrial IT • Demand is expected to continue expanding across all segments for the foreseeable future • Amid inflation and a softer economic outlook, some clients have increased insourcing and postponed decision-making, resulting in stagnant orders and reduced profitability • While efforts to shift toward growth areas are underway, prospects for order recovery remain uncertain in the near term
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16Copyright（C） Nomura Research Institute, Ltd. All rights reserved.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 investment. Forecasts for FY March 2026 Financial Results Forecasts for FY March 2026 (JPY billion)There are no revisions to financial results forecasts. YoY ChangeDiff.FY Mar. 2026 (Forecasts) FY Mar. 2025 (Results) 5.9%45.1810.0764.8Revenue 11.2%15.0150.0134.9Operating Profit 0.9P18.5%17.6%Operating Margin 12.6%16.8151.0134.1 Profit before tax 10.9%10.2104.093.7 Profit attributable to owners of parent 11.0%¥18.02¥181.58¥163.57Basic Earnings Per Share(EPS) ¥11.00¥74.00¥63.00Annual Dividends per share ¥6.00¥35.00¥29.00Second quarter ¥5.00¥39.00¥34.00Fiscal year end 2.2P40.8%38.6%Dividend payout ratio
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17Copyright（C） Nomura Research Institute, Ltd. All rights reserved.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 investment. Financial Results for 2nd Quarter FY March 20261 Recent Activities2 Financial Results Forecasts for FY March 20263 Reference Materials4
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18Copyright（C） Nomura Research Institute, Ltd. All rights reserved.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 investment. 300 400 500 600 700 800 900 at start of FY at end of 1Q at end of 2Q at end of 3Q at end of FY FY2026.3 FY2025.3 FY2024.3 Revenue + Consolidated Order Backlog in the current FY Reference Materials (JPY billion) (JPY billion) YoY Change FY Mar.2026 FY Mar.2025 +5.9%810.0764.8Revenue* +5.5%665.5630.7 Revenue**+ Consolidated Order Backlog*** (0.3P)82.2%82.5%Realization rate * FY Mar. 2026: Result, FY Mar. 2026: Forecast ** The figure at the end of 2Q *** The figure at the end of 2Q
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19Copyright（C） Nomura Research Institute, Ltd. All rights reserved.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 investment. Revenue Forecasts by Segment for FY March 2026 Reference Materials (JPY billion)There are no revisions to financial results forecasts. YoY ChangeDiff.FY Mar. 2026 (Forecasts) FY Mar. 2025 (Results) 12.7%7.668.060.3 Consulting 3.7%13.3380.0366.6 Financial IT Solutions 2.9%4.2150.0145.7 Securities 3.0%2.485.082.5 Insurance 4.1%3.180.076.8 Banking 5.7%3.565.061.4 Other financial 8.4%22.5290.0267.4 Industrial IT Solutions 4.9%3.065.061.9 Distribution 9.5%19.4225.0205.5Manufacturing, service and other 1.4%0.968.067.0 IT Infrastructure Services 19.5%0.64.03.3 Other 5.9%45.1810.0764.8 Total
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20Copyright（C） Nomura Research Institute, Ltd. All rights reserved.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 investment. Results through 2Q and Full-Year Earnings Forecast Reference Materials （JPY billion） FY4Q3Q2Q1Q 692.1176.1177.0171.5167.5Revenue FY March 2023 111.827.928.627.128.0Operating Profit 16.2%15.9%16.2%15.9%16.8%Operating Margin 736.5186.5187.9185.3176.7Revenue FY March 2024 120.429.132.331.827.0Operating Profit 16.3%15.6%17.2%17.2%15.3%Operating Margin 764.8196.5191.4188.6188.1Revenue FY March 2025 134.932.536.732.932.6Operating Profit 17.6%16.6%19.2%17.5%17.4%Operating Margin 810.0412.9201.2195.7RevenueFY March 2026 Figures for 2H and full-year are estimates 150.071.241.537.2Operating Profit 18.5%17.2%20.6%19.0%Operating Margin Note: Figures for the second half of FY March 2026 subtract actual first half figures from the forecast for the year.
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21Copyright（C） Nomura Research Institute, Ltd. All rights reserved.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 investment. Consolidated P/L Highlight <1H> Reference Materials (JPY million) YoY ChangeDiff.1H FY Mar. 2026 1H FY Mar. 2025 5.4%20,286397,065376,778Revenue 2.9% 6,989 249,047242,057 Cost of Sales 9.9% 13,296 148,017134,720 Gross Profit 1.5P 37.3% 35.8% Gross Profit Margin (2.4%)(1,700)69,845 71,546 SG&A (74.5%)(1,833)627 2,460 Other Income & Other Expenses, etc. 20.1%13,16478,79965,635Operating Profit 2.4P19.8%17.4%Operating Margin
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22Copyright（C） Nomura Research Institute, Ltd. All rights reserved.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 investment. Consolidated P/L Highlight <1H> (continued) Reference Materials (JPY million) YoY ChangeDiff.1H FY Mar. 2026 1H FY Mar. 2025 20.1% 13,164 78,79965,635Operating Profit －856 656 (199) Finance Income & Finance Costs 21.4%14,02079,45665,435 Profit before tax 31.5%6,13525,64019,505 Income tax expenses 17.3% 7,912 53,565 45,653 Profit attributable to owners of parent
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23Copyright（C） Nomura Research Institute, Ltd. All rights reserved.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 investment. Revenue by Service <1H> Reference Materials (JPY million) YoY ChangeDiff.1H FY Mar. 2026 1H FY Mar. 2025 2.0%1,66485,31883,653Consulting Services 7.1%8,472127,737119,264System Development & System Application Sales 5.5%8,576164,871156,294System Management & Operation Services 9.0%1,57219,13817,565Product Sales 5.4%20,286397,065376,778Total
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24Copyright（C） Nomura Research Institute, Ltd. All rights reserved.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 investment. External revenue and operating profit by overseas region<1H> Reference Materials (JPY million) YoY ChangeDiff.1H FY Mar. 2026 1H FY Mar. 2025 7.8% 1,225 16,881 15,655 External RevenueNorth America －(347) (490) (143) Operating Profit (12.5%) (4,694) 32,873 37,567 External Revenue Oceania －(1,108) (315) 793 Operating Profit (4.2%) (247) 5,669 5,916 External RevenueAsia, Other 34.0% 256 1,012 756 Operating Profit (6.3%) (3,715) 55,424 59,140 External RevenueTotal (85.3%)(1,199) 206 1,406 Operating Profit ¥146.03¥152.77Average Rate : USD ¥94.50¥101.43AUD
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25Copyright（C） Nomura Research Institute, Ltd. All rights reserved.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 investment. Order Volume <1H> Reference Materials (JPY million) YoY ChangeDiff.1H FY Mar. 2026 1H FY Mar. 2025 (2.8%)(1,116) 38,185 39,302 Consulting 8.1%8,526 114,153 105,626 Financial IT Solutions 2.4%2,200 95,602 93,401 Industrial IT Solutions 18.9%4,711 29,667 24,956 IT Infrastructure Services 2.7%331,286 1,253Others 5.4%14,356 278,895 264,539 Total
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26Copyright（C） Nomura Research Institute, Ltd. All rights reserved.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 investment. Order Volume <1H> (Japan/Overseas) Reference Materials (JPY million) YoY ChangeDiff.1H FY Mar. 2026 1H FY Mar. 2025 7.3%16,010234,616218,605Japan (2.4%)(869)35,02635,896Consulting 5.6%5,664107,203101,539Financial IT Solutions 11.7%6,45661,43254,976Industrial IT Solutions 19.0%4,72629,66524,939IT Infrastructure Services 2.7%331,286 1,253Others (3.6%)(1,654)44,27945,934Overseas
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27Copyright（C） Nomura Research Institute, Ltd. All rights reserved.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 investment. Cash Flow Reference Materials (JPY million) YoY Change 1H FY Mar. 2026 1H FY Mar. 2025 25.6% 73,668 58,656 Operating activities －(54,739) (25,956) Investing activities －(29,891) (23,644) (Except Cash management purpose) (42.1%)18,928 32,700 Free Cash Flow 25.0% 43,776 35,012 (Except Cash management purpose) －(35,397) (58,202) Financing activities －(15,745) (26,673) Net increase in Cash and cash equivalents －9,102(24,360) (Except Cash management purpose) 3.8% 152,852 147,262 Cash and cash equivalents At the end of year 19.8% 181,355 151,410 Cash and cash equivalents + Cash Management purpose investment
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28Copyright（C） Nomura Research Institute, Ltd. All rights reserved.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 investment. Balance Sheet Reference Materials (JPY million) YoY ChangeDiff.1H FY Mar. 2026FY Mar. 2025 7.1% 66,012 994,514 928,501 Assets 5.4% 9,344 181,355 172,010 Cash and cash equivalents, etc. (a) 5.9% 15,870 284,103 268,232 Goodwill and intangible assets 5.0% 7,056 147,658 140,602 Of which, Goodwill from M&A, etc. 6.9% 8,822 136,380 127,558 Software 4.7% 22,832 513,374 490,542 Liabilities (5.6%)(13,884)232,392 246,277 Interest-bearing liabilities (b) 9.9% 43,180 481,139 437,959 Equity 10.0% 43,344 477,384 434,040 Total equity attributable to owners of parent (c) (31.3%)(23,229)51,037 74,267 Net interest-bearing liabilities (d=b-a) (0.06)0.11 0.17Net D/E ratio (e=d/c)
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29Copyright（C） Nomura Research Institute, Ltd. All rights reserved.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 investment. Highlights of Consolidated Financial Results <2Q> Reference Materials (JPY million) YoY ChangeDiff.2Q (Jul.-Sep.) FY Mar. 2026 2Q (Jul.-Sep.) FY Mar. 2025 6.7%12,627201,295188,667Revenue 26.0%8,56141,55332,991Operating Profit 3.2P20.6%17.5%Operating Margin 24.2% 8,092 41,477 33,385Profit before tax 17.4% 4,077 27,564 23,486Profit attributable to owners of parent 8.6% 13,781 173,391 159,609 Revenue Japan 31.2% 9,756 40,983 31,227 Operating Profit 4.1P 23.6% 19.6% Operating Margin
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30Copyright（C） Nomura Research Institute, Ltd. All rights reserved.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 investment. Segment Performance Results Consulting <2Q> Reference Materials (JPY million) YoY ChangeDiff.2Q (Jul.-Sep.) FY Mar. 2026 2Q (Jul.-Sep.) FY Mar. 2025 7.3%1,17717,28616,108Revenue 7.1%1,05115,91614,865External Customers 10.1%1251,3691,243Intersegment 8.9%4245,1724,747Operating Profit 0.4P29.9%29.5%Operating Margin -Increased revenue and profit were driven by robust demand for AI consulting projects and legacy modernization projects.
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31Copyright（C） Nomura Research Institute, Ltd. All rights reserved.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 investment. Segment Performance Results Financial IT Solutions <2Q> Reference Materials (JPY million) YoY ChangeDiff.2Q (Jul.-Sep.) FY Mar. 2026 2Q (Jul.-Sep.) FY Mar. 2025 8.4%7,69499,67391,978Revenue 8.6%7,79298,43190,639External Customers 6.4%2,32638,66736,340Securities 5.1%1,01721,09620,079Insurance 1.7%32019,35519,034Banking 27.2%4,12719,31215,184Other financial (7.3%)(97) 1,241 1,339 Intersegment 24.9%3,67718,44114,763Operating Profit 2.5P18.5%16.1%Operating Margin -Revenue and profit increased, driven by core system renewal projects for ”Other financial” and other projects
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32Copyright（C） Nomura Research Institute, Ltd. All rights reserved.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 investment. Segment Performance Results Industrial IT Solutions <2Q> Reference Materials (JPY million) YoY ChangeDiff.2Q (Jul.-Sep.) FY Mar. 2026 2Q (Jul.-Sep.) FY Mar. 2025 1.5%1,02570,41169,385Revenue 1.5%98268,15867,175External Customers 0.4%6715,84115,773Distribution 1.8%91552,31751,401Manufacturing, service and other 2.0% 43 2,253 2,209 Intersegment (1.1%)(80)7,3757,455Operating Profit (0.3P)10.5%10.7%Operating Margin 7.1% 3,155 47,515 44,360 RevenueJapan 17.5% 1,069 7,199 6,129 Operating Profit 1.3P 15.2% 13.8% Operating Margin -Domestic business remained strong, particularly in the manufacturing and service sectors; however, order intake in overseas business stalled, resulting in revenue remaining flat compared to the previous fiscal year -The increase in revenue from domestic business was offset by a decline in overseas business, keeping operating profit on par with the previous fiscal year.
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33Copyright（C） Nomura Research Institute, Ltd. All rights reserved.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 investment. Segment Performance Results IT Infrastructure Services <2Q> Reference Materials (JPY million) YoY ChangeDiff.2Q (Jul.-Sep.) FY Mar. 2026 2Q (Jul.-Sep.) FY Mar. 2025 11.1%5,41254,33048,918Revenue 19.1%2,88918,03615,147External Customers 7.5% 2,523 36,294 33,771 Intersegment 72.9%4,37810,3856,007Operating Profit 6.8P19.1%12.3%Operating Margin -Digital workplace (DWP) business significantly contributed to revenue and profit growth.
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34Copyright（C） Nomura Research Institute, Ltd. All rights reserved.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 investment. Consolidated P/L Highlight <2Q> Reference Materials (JPY million) YoY ChangeDiff.2Q (Jul.-Sep.) FY Mar. 2026 2Q (Jul.-Sep.) FY Mar. 2025 6.7% 12,627 201,295 188,667Revenue 2.7% 3,242 124,849 121,607Cost of Sales 14.0% 9,385 76,445 67,060Gross Profit 2.4P 38.0% 35.5%Gross Profit Margin (0.3%)(94) 34,981 35,075SG&A (91.2%)(918) 88 1,006Other Income & Other Expenses, etc. 26.0%8,561 41,553 32,991Operating Profit 3.2P 20.6% 17.5%Operating Margin
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35Copyright（C） Nomura Research Institute, Ltd. All rights reserved.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 investment. Consolidated P/L Highlight <2Q> (continued) Reference Materials (JPY million) YoY ChangeDiff.2Q (Jul.-Sep.) FY Mar. 2026 2Q (Jul.-Sep.) FY Mar. 2025 26.0%8,561 41,553 32,991Operating Profit －(469)(75) 394Finance Income & Finance Costs 24.2% 8,092 41,477 33,385Profit before tax 40.8%3,99313,7819,787Income tax expenses 17.4% 4,077 27,564 23,486Profit attributable to owners of parent
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36Copyright（C） Nomura Research Institute, Ltd. All rights reserved.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 investment. Revenue by Service <2Q> Reference Materials (JPY million) YoY ChangeDiff.2Q (Jul.-Sep.) FY Mar. 2026 2Q (Jul.-Sep.) FY Mar. 2025 4.1%1,73744,48842,751Consulting Services 9.0%5,40165,68060,278System Development & System Application Sales 6.3%4,93383,06078,126System Management & Operation Services 7.4%5548,0657,511Product Sales 6.7%12,627201,295188,667Total
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37Copyright（C） Nomura Research Institute, Ltd. All rights reserved.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 investment. External revenue and operating profit by overseas region <2Q> Reference Materials (JPY million) YoY ChangeDiff.2Q (Jul.-Sep.) FY Mar. 2026 2Q (Jul.-Sep.) FY Mar. 2025 4.0% 309 8,023 7,714 External RevenueNorth America －(376) (165)210 Operating Profit (7.1%) (1,292) 16,849 18,141 External Revenue Oceania (88.2%) (760) 102 863 Operating Profit (5.3%) (171) 3,030 3,201 External RevenueAsia, Other (8.2%) (56) 633 689 Operating Profit (4.0%) (1,154) 27,904 29,058 External RevenueTotal (67.7%) (1,194) 569 1,763 Operating Profit ¥146.03¥152.77Average Rate : USD ¥94.50¥101.43AUD
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38Copyright（C） Nomura Research Institute, Ltd. All rights reserved.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 investment. Order Volume by Segment <2Q> Reference Materials (JPY million) YoY ChangeDiff.2Q (Jul.-Sep.) FY Mar. 2026 2Q (Jul.-Sep.) FY Mar. 2025 10.9%1,19612,22211,025Consulting (12.5%)(7,146)49,90957,055Financial IT Solutions 11.1%4,79347,86943,076Industrial IT Solutions 20.0%2,25613,55811,301IT Infrastructure Services 48.6%232712479Others 1.1%1,333 124,272122,938Total
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39Copyright（C） Nomura Research Institute, Ltd. All rights reserved.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 investment. Order Volume by Segment <2Q> (Japan/Overseas) Reference Materials (JPY million) YoY ChangeDiff.2Q (Jul.-Sep.) FY Mar. 2026 2Q (Jul.-Sep.) FY Mar. 2025 2.5%2,609105,727103,117Japan 13.2%1,25010,7339,483Consulting (13.4%)(7,529)48,46155,990Financial IT Solutions 24.7%6,38432,26225,878Industrial IT Solutions 20.1%2,27113,55611,285IT Infrastructure Services 48.6%232712479Others (6.4%)(1,276)18,54419,821Overseas
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40Copyright（C） Nomura Research Institute, Ltd. All rights reserved.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 investment. Launched “YUIAI,” an AI platform service for the financial business Reference Materials Ensures data sovereignty by performing all processing within our own data centers Provides LLMs optimized for financial business applications Offers libraries utilizing the latest technologies such as RAG* and AI agents *RAG・・・Retrieval-Augmented Generation：A technology that improves LLM accuracy by combining proprietary information with generated responses
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41Copyright（C） Nomura Research Institute, Ltd. All rights reserved.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 investment. CAPEX and Depreciation Forecasts for FY March 2026 Reference Materials There are no revisions to financial results forecasts. (JPY billion) YoY ChangeDiff.FY Mar. 2026 (Forecasts) FY Mar. 2025 (Results) 18.5%9.058.048.9Capital Expenditure 84.7%5.011.05.9Tangible 9.4%4.047.042.9Intangible (JPY billion) YoY ChangeDiff.FY Mar. 2026 (Forecasts) FY Mar. 2025 (Results) 4.7%1.840.038.1Depreciation and Amortization * Capital Expenditure, depreciation and amortization do not include right-of-use assets.
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42Copyright（C） Nomura Research Institute, Ltd. All rights reserved.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 investment. Forecasts for FY March 2026 <Consolidated Earnings Model> Reference Materials FY March 2026 Consolidated Earnings Model - Revenue of JPY810 billion and Operating profit of JPY150 billion (JPY billion) YoYFY Mar. 2026 (Forecasts)* FY Mar. 2025 (Results) FY Mar. 2024 (Results) ChangeDiff. 5.9%45.1810.0764.8736.5Revenue 3.6%17.4507.0489.5475.5Cost of Sales 9.4%15.6182.0166.3167.4Personnel 4.0%9.0234.0224.9221.9Subcontracting Costs 10.1%27.7303.0275.2261.0Gross Profit 1.4P37.4%36.0%35.4%Gross Profit Margin 6.2%8.9153.0144.0142.3SG&A 11.2%15.0150.0134.9120.4Operating Profit 0.9P18.5%17.6%16.3%Operating Margin * Figures are consolidated estimates for preparing this earnings model.
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43Copyright（C） Nomura Research Institute, Ltd. All rights reserved.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 investment. Capital allocation policy for FY March 2026 Reference Materials ¥80 billion, mainly software investments (including R&D) Including ¥17 billion in AI-related investments (including R&D) Existing Business Investments Explore opportunities for external growth investments aimed at domestic business creation No large-scale overseas M&A (policy remains unchanged) External Growth Investments Aim to achieve MTP 2025 targets (40% dividend payout ratio, ROE of more than 20%) & continue improving capital efficiency Shareholder Return Excerpt form the financial results presentation announced on April 25, 2025
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44Copyright（C） Nomura Research Institute, Ltd. All rights reserved.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 investment. 0 5 10 0 100 200 300 400 500 600 700 800 16.3 17.3 18.3 19.3 20.3 21.3 22.3 23.3 24.3 25.3 NRI + Subcontractors Reference Materials 0 5,000 10,000 15,000 21.3 22.3 23.3 24.3 25.3 0 3,000 6,000 9,000 12,000 15,000 18,000 16.3 17.3 18.3 19.3 20.3 21.3 22.3 23.3 24.3 25.3 （FY） 29 companies in 4 countries Approx. 7,000Offshore： Approx. 9,500Japan： NRI Payroll* Japanese subsidiaries Overseas subsidiaries New graduates Mid-career Number of Employees in the NRI Group 16,679 Subcontractors*** （FY） Hire and Turnover at NRI* 673 New graduates：486 Mid-career ：187 （FY） Japan Offshore （Head count） （Head count） （Head count） * Including group company employees hired by the main body of NRI *** Average number for each period. Only subcontractors contracted with the main body of NRI** Not including mandatory retires 3.3% (FY March 2025) Turnover rate** (FY March 2025)(As of the end of March 2025) （％） (FY March 2025)
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45Copyright（C） Nomura Research Institute, Ltd. All rights reserved.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 investment. Notes on this document • "IT Infrastructure Services" correspond to "IT Infrastructure 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, operating profit, order backlog and order volume, include group companies classified as having their headquarters located overseas. Global-related expenses incurred by the head office are not included. • The domestic figures on highlights of consolidated financial results and segment performance results are calculated by deducting the overseas figures from the total. • FY Mar.2026 Forecast Rate: USD ¥158.15, AUD ¥98.46 Disclaimer • This document contains statements that constitute forward-looking statements. These statements include descriptions regarding the intent, belief or current expectations of the Company or its officers with respect to the consolidated results of operations and financial condition of the Company. • Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ from those in the forward-looking statements as a result of various factors. • The Company does not undertake to revise forward-looking statements to reflect future events or circumstances. • Figures given in the reference data related to the financial results forecasts are figures which are only intended to convey the Company’s current circumstances and outlook. The Company does not undertake to revise the forecasts to reflect new information or circumstances. • This material is made in Japanese and translated into English. The Japanese text is the original and the English text is for reference purposes. If there is any conflict or inconsistency between these two texts, the Japanese text shall prevail.