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Overview

Real Estate

Nomura Real Estate Holdings,Inc.

Nomura Real Estate Holdings is a comprehensive real estate group operating across two core domains: Development (residential, urban, and overseas) and Services & Management (asset management, brokerage, and property management). The Development segment covers condominium and detached housing development and sales, office buildings, logistics facilities, commercial properties, hotels, and senior housing, with overseas operations primarily in Southeast Asia, China, the UK, and the USA. The Services & Management segment encompasses REIT and private fund asset management, real estate brokerage and CRE consulting, and property/building management and maintenance services.

Market Cap

¥762B

US$4.86B

¥2,162B

US$13.8B

Stock¥889.4▲+2.44%

US$1 = ¥156.80 (2026-10-23)

LTM EV/EBITDA

13.8

LTM EV/EBIT

17.0

LTM PER

10.2

LTM PBR

1.0

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-26.7%pt

Oct 24, 25 – Oct 23, 26StockTOPIX

1Jul 31, 26Q1 FY2027/03 earnings announced

MC → EV Bridge

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Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

32%

68%

EquityD/E 2.12xDebt

Liquidity vs Debt 5Y (¥B)▼ Net Debt

CashInv. Sec.Debt

Shareholders

Top 10 hold 65.9%

as of 2026-03-31 · Source: Annual Securities Report

Nomura Holdings, Inc.

37.08%

The Master Trust Bank of Japan, Ltd. (Trust Account)

11.07%

Custody Bank of Japan, Ltd. (Trust Account)

6.53%

JPMorgan Securities Japan Co., Ltd.

2.87%

Nomura Real Estate Holdings,Inc. Employee Stock Ownership Association

1.83%

Master Trust Bank of Japan, Ltd. (Board Benefit Trust Account / Account No. 76272)

1.80%

BNYM AS AGT/CLTS NON TREATY JASDEC (Standing Proxy: MUFG Bank, Ltd.)

1.33%

STATE STREET BANK AND TRUST COMPANY 505103 (Standing Proxy: Mizuho Bank, Ltd.)

1.31%

STATE STREET BANK AND TRUST COMPANY 505001 (Standing Proxy: Mizuho Bank, Ltd.)

1.02%

STICHTING PENSIOENFONDS ZORG EN WELZIJN (Standing Proxy: Citibank, N.A., Tokyo Branch)

1.02%

Management

12 officers

Eiji KUTSUKAKE

Director, Chairman of the Board

Apr 1984 Joined Nomura Securities Co., Ltd. (now Nomura Holdings, Inc.) Apr 2007 Executive Officer, Nomura Securities Co., Ltd. Oct 2008 Managing Executive Officer, Nomura Securities Co., Ltd. Apr 2009 Senior Managing Executive Officer, Nomura Securities Co., Ltd. Apr 2011 Managing Executive Officer, Nomura Holdings, Inc. Apr 2011 Senior Managing Executive Officer, Nomura Securities Co., Ltd. Apr 2012 Executive Officer, Nomura Holdings, Inc. Aug 2012 Representative Executive Vice President, Nomura Securities Co., Ltd. Apr 2013 Director and Representative Executive Vice President, Nomura Securities Co., Ltd. Apr 2014 Adviser to the Company Jun 2014 Representative Director and Executive Vice President, the Company Jun 2015 Representative Director and President, the Company Apr 2017 Representative Director and Chairman, Nomura Real Estate Development Co., Ltd. Apr 2023 Director and Chairman of the Board, the Company (current) Apr 2023 Director, Nomura Real Estate Development Co., Ltd. (current)

1960-09-12

Satoshi ARAI

Representative Director, President and Executive Officer, Group CEO

Apr 1988 Joined Nomura Securities Co., Ltd. (now Nomura Holdings, Inc.) Apr 2011 Executive Officer, Nomura Securities Co., Ltd. Apr 2014 Managing Executive Officer, Nomura Securities Co., Ltd. Apr 2017 Executive Officer, Nomura Holdings, Inc. Apr 2017 Executive Officer and Senior Managing Executive Officer, Nomura Securities Co., Ltd. Apr 2018 Executive Officer, Corporate Division General Manager, Nomura Holdings, Inc. Apr 2019 Representative Director and Executive Vice President and Executive Officer, Nomura Securities Co., Ltd. Apr 2022 Director, Nomura Real Estate Development Co., Ltd. Apr 2022 Adviser to the Company Jun 2022 Director and Executive Vice President and Executive Officer, the Company Apr 2023 Representative Director, President and Executive Officer, the Company (current) Apr 2023 Representative Director and Chairman, Nomura Real Estate Development Co., Ltd. (current)

1965-06-03

Daisaku MATSUO

Representative Director, Executive Vice President and Executive Officer, Group COO

Apr 1988 Joined Nomura Real Estate Development Co., Ltd. Apr 2011 General Manager, Corporate Company Building Business Division, Nomura Real Estate Development Co., Ltd. Apr 2012 Executive Officer, Nomura Real Estate Development Co., Ltd. Apr 2015 Managing Executive Officer, Nomura Real Estate Development Co., Ltd. Apr 2018 Executive Officer, the Company Apr 2018 Director and Senior Managing Executive Officer, Nomura Real Estate Development Co., Ltd. Apr 2021 Executive Vice President and Executive Officer, the Company Apr 2021 Representative Director, President and Executive Officer, Nomura Real Estate Development Co., Ltd. (current) Jun 2021 Representative Director, Executive Vice President and Executive Officer, the Company (current)

1964-10-18

Makoto HAGA

Representative Director, Executive Vice President and Executive Officer, Head of Corporate Management

Apr 1989 Joined Nomura Real Estate Development Co., Ltd. Oct 2011 Director, Nomura Real Estate Investment Advisors Co., Ltd. Apr 2012 Executive Officer, Nomura Real Estate Development Co., Ltd. May 2012 Executive Officer, the Company Apr 2015 Managing Executive Officer, Nomura Real Estate Development Co., Ltd. Apr 2017 Director and Managing Executive Officer, Nomura Real Estate Development Co., Ltd. Jun 2017 Director and Executive Officer, the Company Apr 2020 Director and Senior Managing Executive Officer, Nomura Real Estate Development Co., Ltd. Apr 2023 Representative Director, Executive Vice President and Executive Officer, the Company (current) Apr 2023 Representative Director, Executive Vice President and Executive Officer, Nomura Real Estate Development Co., Ltd. (current)

1966-06-22

Toshihide TSUKAZAKI

Director and Executive Officer, Group CFO, in charge of IR, Finance Department and Treasury Department

Apr 1991 Joined Nomura Real Estate Development Co., Ltd. Apr 2016 Executive Officer, Nomura Real Estate Development Co., Ltd. Oct 2017 Representative Director and President, Nomura Real Estate Hotels Co., Ltd. Apr 2019 Executive Officer, the Company Apr 2022 Managing Executive Officer, Nomura Real Estate Development Co., Ltd. Apr 2025 Director and Managing Executive Officer, Nomura Real Estate Development Co., Ltd. (current) Jun 2026 Director and Executive Officer, the Company (current)

1968-09-23

Yukio ICHIHARA

Director, Audit and Supervisory Committee Member

Apr 1988 Joined Nomura Real Estate Development Co., Ltd. Apr 2014 General Manager, Group General Affairs Department, the Company Apr 2015 Executive Officer, the Company Apr 2015 Executive Officer, Nomura Real Estate Development Co., Ltd. Apr 2020 Managing Executive Officer, Nomura Real Estate Development Co., Ltd. Apr 2025 Adviser to the Company Apr 2025 Audit & Supervisory Board Member, Nomura Real Estate Development Co., Ltd. (current) Apr 2025 Audit & Supervisory Board Member, UDS Co., Ltd. (current) Jun 2025 Audit & Supervisory Board Member, Nomura Real Estate Investment Advisors Co., Ltd. (current) Jun 2025 Audit & Supervisory Board Member, Nomura Real Estate Solutions Co., Ltd. (current) Jun 2025 Audit & Supervisory Board Member, Nomura Real Estate Partners Co., Ltd. (current) Jun 2025 Audit & Supervisory Board Member, Nomura Real Estate Commerce Co., Ltd. (current) Jun 2025 Audit & Supervisory Board Member, Nomura Real Estate Hotels Co., Ltd. (current) Jun 2025 Director (Full-time Audit and Supervisory Committee Member), the Company (current)

1966-02-02

Chiharu TAKAKURA

Outside Director

Apr 1983 Joined Economic Affairs Bureau, Ministry of Agriculture, Forestry and Fisheries Aug 1993 Joined Sanwa Research Institute Co., Ltd. (now Mitsubishi UFJ Research & Consulting Co., Ltd.) Jul 1999 Joined Pfizer Japan Inc. Oct 2006 Joined Novartis Pharma K.K. Oct 2013 Managing Executive Officer, Tetra Pak K.K. Jul 2014 General Manager, Global Human Resources Department, Ajinomoto Co., Inc. Apr 2020 Joined Rohto Pharmaceutical Co., Ltd. Jun 2020 Director, Rohto Pharmaceutical Co., Ltd. Jun 2021 Outside Audit & Supervisory Board Member, NGK Spark Plug Co., Ltd. Mar 2022 Director and Chief Human Resources Officer, Rohto Pharmaceutical Co., Ltd. Jun 2022 Outside Director, NGK Spark Plug Co., Ltd. (current) Jun 2023 Outside Director, the Company (current) Jun 2023 Outside Director, Mitsui Sumitomo Insurance Co., Ltd. (current)

1959-12-22

Yoshinori YAMASHITA

Outside Director

Mar 1980 Joined Ricoh Company, Ltd. Apr 2008 President, Ricoh Electronics, Inc. Apr 2010 Group Executive Officer, Ricoh Company, Ltd. Apr 2011 Managing Executive Officer, Ricoh Company, Ltd. Jun 2012 Director and Senior Managing Executive Officer, Ricoh Company, Ltd. Jun 2016 Executive Vice President and Executive Officer, Ricoh Company, Ltd. Apr 2017 Representative Director, President and Executive Officer, Ricoh Company, Ltd. Apr 2021 Deputy Chair, Japan Association of Corporate Executives Apr 2023 Representative Director and Chairman, Ricoh Company, Ltd. Jun 2024 Outside Director, the Company (current) Jun 2024 Outside Director, Asahi Kasei Corporation (current) Mar 2025 Outside Director, Kubota Corporation (current) Apr 2025 Director and Chairman of the Board, Ricoh Company, Ltd. (current)

1957-08-22

Takayuki IKEDA

Director, Audit and Supervisory Committee Member

Apr 1991 Joined Nomura Securities Co., Ltd. (now Nomura Holdings, Inc.) Apr 2021 Director, Nomura Babcock & Brown Co., Ltd. Apr 2023 Director and Executive Officer, Nomura Asset Management Co., Ltd. Apr 2025 Adviser to the Company Apr 2025 Audit & Supervisory Board Member, Nomura Real Estate Development Co., Ltd. (current) Jun 2025 Audit & Supervisory Board Member, Nomura Real Estate Solutions Co., Ltd. (current) Jun 2025 Audit & Supervisory Board Member, Nomura Real Estate Partners Co., Ltd. (current) Jun 2025 Audit & Supervisory Board Member, Nomura Real Estate Life & Sports Co., Ltd. (current) Jun 2025 Audit & Supervisory Board Member, Nomura Real Estate Wellness Co., Ltd. (current) Jun 2025 Director (Full-time Audit and Supervisory Committee Member), the Company (current)

1968-04-18

Saimon NOGAMI

Outside Director, Audit and Supervisory Committee Member

Apr 1984 Joined NSK Ltd. Jun 2011 Executive Officer, NSK Ltd. Jun 2013 Director and Managing Executive Officer, NSK Ltd. Jun 2015 Director and Representative Executive Officer, Senior Managing Executive Officer, NSK Ltd. Jun 2017 Director and Representative Executive Officer, Senior Managing Executive Officer, CFO, NSK Ltd. Apr 2019 Director and Representative Executive Vice President, CFO, NSK Ltd. Jun 2023 Director and Chairman of the Board, NSK Ltd. Jun 2024 Outside Director, Yasuda Logistics Corporation (current) Jun 2025 Outside Director, Yamaha Corporation (current) Jun 2025 Outside Director (Audit and Supervisory Committee Member), the Company (current)

1960-09-19

Masato KOBAYASHI

Outside Director, Audit and Supervisory Committee Member

Apr 1986 Registered with Daiichi Tokyo Bar Association Apr 1986 Joined Yuasa and Hara Law and Patent Office (now Yuasahara Law and Patent Office) Feb 1997 Outside Audit & Supervisory Board Member, Oracle Corporation Japan Jul 1997 Partner, Hirakawa, Sato & Kobayashi Law Office (now City-Yuwa Partners) Feb 2003 Partner, City-Yuwa Partners (current) Jan 2020 Outside Audit & Supervisory Board Member, Tsukishima Kikai Co., Ltd. (now Tsukishima Holdings Co., Ltd.) Jun 2020 Outside Director, eBookInitiative Japan Co., Ltd. (now LINE Digital Frontier Inc.) Mar 2021 Outside Director, Mitsui Ocean Development & Engineering Co., Ltd. (current) Jun 2026 Outside Director (Audit and Supervisory Committee Member), the Company (current)

1960-04-05

Satsuki MIYAHARA

Outside Director, Audit and Supervisory Committee Member

Oct 1990 Joined Asahi Shinwa Audit Corporation (now Azusa Audit LLC) Mar 1994 Registered as Certified Public Accountant May 2006 Partner, Azusa Audit LLC Mar 2016 Diversity Promotion Leader, KPMG Japan Jul 2019 Managing Director, Japanese Institute of Certified Public Accountants Aug 2019 Board Member, Confederation of Asian and Pacific Accountants Aug 2024 Head, Satsuki Miyahara Certified Public Accountant Office (current) Nov 2024 Outside Director (Audit and Supervisory Committee Member), BOOK OFF Group Holdings, Ltd. (current) Mar 2025 Outside Director, Canon Marketing Japan Inc. (current) Jun 2026 Outside Director (Audit and Supervisory Committee Member), the Company (current)

1966-05-08

Large Shareholding Reports

Nomura Holdings, Inc.

2025-12-05

35.32%→35.29%

Annual report (as of 2026-03-31): 37.08%

BlackRock Japan Co., Ltd.

2025-10-03

1.32%

Disclosures

No disclosures

Primary Source Filings

TDnet

2026-07-30

Q1 Earnings Flash

FY ending Mar 2027

Nomura Real Estate Holdings,Inc.

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Nomura Real Estate Holdings,Inc.

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