Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.

25th April 2024

Consolidated Financial Results
for the Fiscal Year Ended 31st March 2024
(Under IFRS)

Company name: Nomura Research Institute, Ltd.
Listing:
Tokyo Stock Exchange
Securities code:
4307
URL:
https://www.nri.com/jp/
Representative:
Shingo Konomoto, Member of the Board, Representative Director
Inquiries:
Daishi Sakakihara, General Manager, Controller’s Department
Telephone:+81-3-5533-2111
Scheduled date of annual general meeting of shareholders:
21st June 2024
Scheduled date to commence dividend payments:
31st May 2024
Scheduled date to file annual securities report:
24th June 2024
Preparation of supplementary material on financial results:
Yes
Holding of financial results briefing:
Yes (for institutional investors and analysts)(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the fiscal year ended 31st March 2024
(from 1st April 2023 to 31st March 2024)(1) Consolidated operating results(Percentages indicate year-on-year changes.)

Revenue
Fiscal year ended

Millions of yen

31st March 2024
31st March 2023

Operating profit

Profit before tax

Profit%Millions of yen%

Millions of yen%

Millions of yen%

736,556

6.4

120,4117.7

117,224

8.0

80,162

4.8

692,165

13.2

111,832

5.3

108,499

3.7

76,496

6.6

Profit attributable toowners of parent

Total comprehensive
incomeBasic earnings
per share

Diluted earnings
per share

Fiscal year ended

Millions of yen%

Millions of yen

%

Yen

Yen

31st March 2024

79,643

4.4

88,89210.0

136.90136.8431st March 2023

76,307

6.8

80,782(3.3)

128.92128.88Return on equity
attributable to owners ofparentRatio of profit before tax
to total assets

Ratio of operating profit
to revenue

%

%

%

Fiscal year ended
31st March 2024

19.9

13.3

16.3

31st March 2023

20.7

13.3

16.2

Reference:

Share of profit of investments accounted for using equity method
For the fiscal year ended 31st March 2024:¥780 million
For the fiscal year ended 31st March 2023:¥450 million

(2) Consolidated financial position
Total assets
As ofTotal equity

Equity attributableto owners of parent

Ratio of equity
attributable toowners of parent tototal assets

Equity attributableto owners of parent
per share%

Yen

Millions of yen

Millions of yen

Millions of yen

31st March 2024

922,773

403,021399,53243.3

693.3331st March 2023

838,224

402,406

399,006

47.6

674.35(3) Consolidated cash flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash and cash
equivalents at end of
periodCash flows fromfinancing activities

Fiscal year ended

Millions of yen

Millions of yen

Millions of yen

Millions of yen

31st March 2024

142,277(53,422)(47,575)

173,935

31st March 2023

118,899(61,190)(44,921)

129,257

2. Cash dividends
Annual dividends per share
First
SecondThird
quarter-end quarter-end quarter-end
Yen
Fiscal year ended
31st March 2023
Fiscal year ended
31st March 2024
Fiscal year ending
31st March 2025
(Forecast)

Yen

Fiscalyear-end

Yen

Total cash
dividends(Total)

Total

Yen

Ratio ofdividends toequityPayout ratio
attributable to(Consolidated)owners ofparent(Consolidated)

Yen Millions of yen

%

%

–

22.00

–

23.00

45.00

26,640

34.9

7.2

–

24.00

–

29.00

53.00

30,866

38.8

7.8

–

29.00

–

29.00

58.00

38.2

Note: Total cash dividends include dividends for the trust exclusive for NRI Group Employee Stock Ownership Group (¥15 million
for the fiscal year ended 31st March 2023 and ¥212 million for the fiscal year ended 31st March 2024). The payout ratio is
calculated by dividing total cash dividends by profit attributable to owners of parent.

3. Forecasts of consolidated financial results for the fiscal year ending 31st March 2025
(from 1st April 2024 to 31st March 2025)(Percentages indicate year-on-year changes.)

RevenueSix months ending
30th September 2024
Fiscal year ending
31st March 2025

Operating profit

Profit before tax

Profit attributableto owners of parent

Basic earnings
per share

Millions ofyen%Millions ofyen%Millions ofyen%Millions of
yen

%

Yen

380,000

5.0

64,0008.7

62,0007.8

41,0008.9

71.15

780,000

5.9

132,000

9.6

129,000

10.0

88,00010.5

152.71

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change
in scope of consolidation): None
(2) Changes in accounting policies and changes in accounting estimates(i) Changes in accounting policies required by IFRS: None(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None
(3) Number of issued shares (ordinary shares)(i)

Total number of issued shares at the end of the period (including treasury shares)
As of 31st March 2024

580,796,911 shares

As of 31st March 2023

593,652,242 shares(ii) Number of treasury shares at the end of the period
As of 31st March 2024

4,545,600 shares

As of 31st March 2023

1,959,169 shares(iii) Average number of shares outstanding during the period
Fiscal year ended 31st March 2024

581,744,542 sharesFiscal year ended 31st March 2023

591,914,240 shares

Notes: 1. The NRI shares held by the trust exclusive for NRI Group Employee Stock Ownership Group are included intreasury shares.
2. The Company canceled 13,370,131 treasury shares on 29th March 2024.

(Reference) Summary of non-consolidated financial results
Non-consolidated financial results for the fiscal year ended 31st March 2024
(from 1st April 2023 to 31st March 2024)(1) Non-consolidated operating results(Percentages indicate year-on-year changes.)

Sales

Operating profit

Ordinary profit

ProfitFiscal year ended

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

31st March 2024

531,695

12.9

102,325

15.0

105,898

4.3

75,999(3.9)

31st March 2023

471,052

7.3

88,99815.2

101,543

13.5

79,077

15.9

Earnings per share– basic

Earnings per share– diluted

Fiscal year ended

Yen

Yen

31st March 2024

130.64130.5831st March 2023

133.59133.56(2) Non-consolidated financial position
Total assets
As of

Net assets

Equity ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

31st March 2024

783,503347,56744.4

603.0831st March 2023

694,089

363,100

52.3

613.40

Reference:

EquityAs of 31st March 2024:¥347,528 million

As of 31st March 2023:¥362,946 million

<Reasons for differences in non-consolidated financial results compared to those of the previous fiscal year>
Information system investment has been active amid substantial corporate appetite for investment centered on
digital transformation (DX) which involves transforming business models using IT. The Company’s robust
business results have given rise to differences relative to the actual result of sales for the previous year.
* Financial results reports are exempt from audit conducted by certified public accountants or an audit
corporation.
* Proper use of earnings forecasts, and other special matters(1) The forward-looking statements including business forecasts stated in this document are based on
information available to the Company at the present time and certain assumptions judged to be rational, andthese statements do not purport to be a promise by the Company to achieve such results. Actual businessresults, etc. may differ significantly from this forecast due to various factors. For assumptions for financial
forecasts and matters that require attention when using business forecasts, please refer to “1. (4) Future
Outlook” on pages 8 to 9 of the attached material.
(2) Supplementary materials on financial results are disclosed on the TDnet at the same time as this summary of
consolidated financial results, and will also be posted promptly on the Company’s website. In addition,
explanatory materials for the results briefing for analysts and institutional investors to be held today will also
be posted on the Company’s website.

Attached Material Index

1.

Overview of Consolidated Operating Results and Others .......................................................................... 2(1) Overview of Consolidated Operating Results for the Current Fiscal Year ............................................ 2(2) Overview of Consolidated Financial Position for the Current Fiscal Year ............................................ 6(3) Overview of Consolidated Cash Flow Position for the Current Fiscal Year.......................................... 7(4) Future Outlook ....................................................................................................................................... 8(5) Basic Policy Regarding Profit Distribution, and Dividend Payments for Current and Next Fiscal Year.............................................................................................................................................................. 10
2. Basic View on Choosing Accounting Standards ...................................................................................... 10
3. Consolidated Financial Statements, Etc. .................................................................................................. 11(1) Consolidated Statement of Financial Position...................................................................................... 11(2) Consolidated Statement of Comprehensive Income............................................................................. 13(3) Consolidated Statement of Changes in Equity ..................................................................................... 14(4) Consolidated Statement of Cash Flows ................................................................................................ 16(5) Notes to Consolidated Financial Statements ........................................................................................ 18(Notes on Premise of Going Concern) ........................................................................................................ 18(Change in Presentation) ............................................................................................................................. 18(Segment Information) ................................................................................................................................ 18(Per Share Information) ............................................................................................................................... 21(Subsequent Events) .................................................................................................................................... 21

－1－

1.

Overview of Consolidated Operating Results and Others(1) Overview of Consolidated Operating Results for the Current Fiscal Year
Fiscal year ended
31st March 2023
692,165
123,20717.8%
110,032
111,832
16.2%
22.5%
108,499

Fiscal year ended
31st March 2024
736,556
117,574
16.0%
119,704
120,41116.3%
23.0%
117,224(Millions of yen)
Year on year
AmountRate
44,390
6.4%(5,632)(4.6)%(1.8)P
–
9,671
8.8%
8,578
7.7%
0.2P
–
0.5P
–
8,725
8.0%

Revenue
Overseas revenue
Overseas revenue ratio
Business profit
Operating profit
Operating margin
EBITDA margin
Profit before tax
Profit attributable to owners
76,307
79,643
3,336
4.4%
of parent
Return on equity
attributable to owners of
20.7%
19.9%
(0.8)P–
parent (ROE)
Notes: 1. Business profit is operating profit excluding temporary factors (such as impairment of goodwill and impairment of
fixed assets), and a profit indicator to measure regular performance of businesses.
2. EBITDA margin: EBITDA (operating profit + depreciation and amortization + loss on retirement of fixed assets ±temporary factors) / revenue

During the current fiscal year ended 31st March 2024, there were concerns about the downside risks
posed to the global economy by the impact of global monetary tightening and other factors. Due toimprovements in the employment and income environment and the effects of various policies, theJapanese economy experienced a modest recovery in business conditions. Information system
investment continued to see strong activity centered on digital transformation (DX) which involves
transforming business processes and business models using digital technologies. However, amid theglobal monetary tightening and others, various uncertainties, such as rapid exchange-rate fluctuations,the situation in the Middle East region and rising prices, in addition to risks of a downswing in overseas
business conditions posed to the domestic economy, continue to cloud the outlook. Furthermore,
corporate investments may be limited depending on changes in future business performance.
Operating in such an environment, Nomura Research Institute (“the Company”) and its consolidated
subsidiaries (“the NRI Group”) carried out its business activities leveraging the combined strengths of
the NRI Group, allowing it to seamlessly provide services encompassing consulting through to IT
solutions.
In order to realize the goals of NRI Group Vision 2030, the NRI Group’s long-term management plan,in April 2023 the Group formulated the three-year first half plan as “the NRI Group Medium-termManagement Plan (2023-2025)” (“MTP2025”). The MTP2025 establishes four pillars for the growthstrategy in the areas of Core Business, Strengthen DX, Global, and Management. Through co-creation
with clients, we seek to achieve sustainable growth for the NRI Group and create a sustainable society.
MTP2025 Pillars of growth strategy(1) Core Business: We will deepen and expand core domains to further deepen value creation withclients via Con-solutions (a business model that generates ongoing value for clients by having
consulting and solutions run side-by-side from the planning and concept stages of business IT).
At the same time, we will strengthen these core domains by expanding business platforms anddriving radical innovations in productivity to achieve overwhelming competitiveness and highadded value(2) Strengthen DX: In addition to transforming existing client business processes and infrastructure(DX 1.0), and transforming business models themselves (DX 2.0), we will take on the challengeof DX 3.0 to go beyond companies and industries and make an impact on society as a whole(3) Global: In addition to Japan, Asia and Australia, we will expand into the vast and rapidly
growing market of North America to establish a framework for business operation based on
three regional pillars－2－(4) Management: We will make great investments in human capital, strengthen sustainability
management and expand environmental efforts, as well as further consolidating ourmanagement platform
In the current fiscal year, the NRI Group’s revenue totaled ¥736,556 million (up 6.4% year on year),amid a scenario where revenue of every business segment was higher year on year. Cost of sales was¥475,549 million (up 5.1%), gross profit was ¥261,006 million (up 8.8%), and selling, general andadministrative expenses were ¥142,353 million (up 8.2%). Despite such factors as the disappearance of¥2,238 million in gain on sale of fixed assets associated with trust beneficiary rights for Yokohama
Nomura Building that was recorded in the previous fiscal year, and declines in the profitability of theoverseas business in the current fiscal year, the continuing strong performance in core business and DX
projects in Japan resulted in operating profit of ¥120,411 million (up 7.7%). The operating margin was
16.3% (up 0.2 points) and the EBITDA margin was 23.0% (up 0.5 points).
Purchase of treasury shares
At a meeting held on 27th April 2023, the Board of Directors of the Company passed a resolution topurchase treasury shares as part of a nimble equity policy aimed at improving capital efficiency andresponding to changes in the business environment.
The Company is to purchase a maximum total of 20,000,000 shares (percentage of total number ofshares issued as of 31st March 2023 (excluding treasury shares): 3.38%) for a maximum total purchaseprice of ¥50,000 million. The purchase period is from 17th May 2023 to 30th November 2023, and thepurchase method will entail market purchases on the Tokyo Stock Exchange based on discretionary
trading contract pertaining to the purchase of treasury shares (excludes the period from 29th May 2023
to 27th July 2023 or during the ten business days from the business day following the date ofannouncement of the Company’s quarterly financial results). During the current fiscal year, theCompany purchased treasury shares (12,833,700 shares, ¥49,999 million).
At the meeting held on 27th April 2023, the Board of Directors also passed a resolution to reintroduce a
Trust-type Employee Stock Ownership Incentive Plan, and during the current fiscal year the trust
exclusive for NRI Group Employee Stock Ownership Group purchased treasury shares (4,657,400
shares, ¥17,917 million).
Cancellation of treasury shares
At the meeting of the Board of Directors held on 8th March 2024, the Board resolved to cancel
13,370,131 shares of common stock of the Company (2.25% of the total number of issued shares before
the cancellation), and the procedure was completed on 29th March 2024.

－3－

Segment information
The business results by segment (revenue includes intersegment revenue) are as follows.
Fiscal year
ended 31st
March 2023
47,821
12,329Fiscal year
ended 31st
March 2024
53,69013,929(Millions of yen)
Year on year
AmountRate

Revenue
5,869
12.3%
Operating profit
1,599
13.0%
Consulting
Operating
–
25.8%
25.9%
0.2P
margin
Revenue
334,141355,206
21,064
6.3%
Operating profit
49,71054,651
4,941
9.9%
Financial IT Solutions
Operating
–
14.9%
15.4%
0.5P
margin
Revenue
275,533
282,0626,529
2.4%
Operating profit
24,393
23,405(987)(4.0)%
Industrial IT Solutions
Operating
–
8.9%
8.3%
(0.6)P
margin
Revenue
167,518
185,549
18,031
10.8%
Operating profit
23,04628,1675,121
22.2%
IT Platform Services
Operating
–
13.8%
15.2%
1.4P
margin
Revenue(132,849)(139,953)(7,104)–
Adjustments
Operating profit
2,352
257
(2,095)–
Revenue
692,165
736,556
44,390
6.4%
Operating profit
111,832
120,411
8,578
7.7%
Total
Operating
16.2%
16.3%
0.2P
–
marginNote: The segment classifications are partially changed for the first quarter of the current fiscal year, and the figures for theprevious fiscal year are based on the classifications after these changes.

(Consulting)This segment provides policy recommendations and strategy consulting, as well as business consulting
to support operational reform and system consulting for overall IT management.
Amid rapidly changing business environments for its clients, corporate reforms using digital technology
are accelerating. In addition, companies that incorporate solutions for social issues including
decarbonization into their managerial strategy are increasing, and clients have come to expect solutions
for social issues using practical solutions-based consulting services that produce concrete results.
As such, in this segment the NRI Group is strengthening consulting to provide support for client DX,
and working to appropriately respond to clients’ needs. In addition to offering practical solutions-based
consulting services to provide ongoing support for client reengineering, we will further strengthen
cooperation between consulting and IT solutions with the aim of expanding our area of business. We arealso moving forward with initiatives aimed at resolving social issues such as decarbonization, and at
creating new consulting services related to generative AI.
During the current fiscal year, the Consulting segment posted revenue of ¥53,690 million (up 12.3%
year on year) due to strong performance in Japan centered on DX-related and public sector projects.
Operating profit was ¥13,929 million (up 13.0%) due to improvement in profitability amid a favorable
order environment.
(Financial IT Solutions)
In this segment, the main clients are in the financial sector, including the securities, insurance andbanking sectors. The segment provides system consulting, system development, system management
and operation services, and IT solutions such as shared online services and BPO services.
The environment surrounding the financial sector is undergoing major structural changes such that
include a society whose population accelerates to age, industry reorganizations and the entry of newparticipants, an expanding range of digital assets, and diminishing markets in Japan due to persistently
low-interest rates and the nation’s declining population. In addition, clients’ needs for digitalization andtransformation of business models are growing rapidly.
This segment is accordingly working to create and expand new financial business platforms, promoteSocial DX businesses such as the Social Security and Tax Number System, and stably operate global
business in financial services and expand the businesses to help its clients create new businesses andservices in a manner that addresses such changes in the business environment.
－4－During the current fiscal year, the Financial IT Solutions segment posted revenue of ¥355,206 million(up 6.3% year on year), amid increases in system development & system application sales for thebanking sector and system management & operation services for the securities sector. Operating profit
was ¥54,651 million (up 9.9%) due to improvement in profitability amid a favorable order environment
and an increase in operating fees for shared online services, in addition to the contribution from a gainon sale of overseas subsidiaries.
(Industrial IT Solutions)This segment provides IT solutions such as system consulting, system development, systemmanagement and operation services to the distribution, manufacturing, service and public sectors.
As well as upgrading and improving the efficiency of existing business models, clients in the industrial
sector are using DX to create new business models using digital technology.
This segment focuses on expansion and enhancement of digital intellectual property (IP) that can beutilized across clients and industries, and provides comprehensive assistance to the client in everythingfrom creating business models to system construction, and driving operational improvements in the areaof DX business. In terms of the global business, the aim is to achieve stable growth and enhance
profitability in Australia through greater cooperation within the NRI Group, and to use the know-how
developed in Australia in North America to expand services and scale up the business infrastructure. In
the third quarter of the current fiscal year, Core BTS, Inc., in North America, carried out structuralchanges and organizational restructuring, and it has been promoting such efforts as combining thedelivery structure with our existing subsidiary and working jointly to bolster sales in North America.
During the current fiscal year, the Industrial IT Solutions segment posted revenue of ¥282,062 million(up 2.4% year on year) due to brisk orders for projects in the domestic distribution sector and service
sector, etc. Despite improved profitability in Japan, operating profit came to ¥23,405 million (down
4.0%) due to such factors as declines in orders in the cloud business at Core BTS, Inc. in North
America, and expenses associated with changes in fair value of contingent consideration at a company
acquired in Australia.
(IT Platform Services)
This segment mainly provides services such as the management and administration of data centers andIT platform and network architecture mainly through the Financial IT Solutions and Industrial IT
Solutions segments. It also provides IT platform solutions and information security services to clients ofvarious sectors. In addition, the segment conducts explorative initiatives for the development of new
business operations and new products related to IT solutions, and investigation and research primarily
related to leading-edge information technologies.
System development in the DX era calls for use of AI and other new digital technologies, in conjunction
with new and more rapid development approaches. In the field of cloud computing, companies need tocomprehensively engage in high-quality operations of diverse and complex system platforms. In
addition, as cyberattacks have been diversifying and evolving in recent years, the importance of cybersecurity measures is increasing to safely and securely implement the introduction and utilization ofcloud services, which are central to DX of clients.
This segment is accordingly working on expanding its multi-cloud computing services*1 and its
managed services*2, and promoting its zero trust*3 business and managed security services*4, in
conjunction with efforts to address such changes in the business environment and promote radical
innovations in productivity through such initiatives as overhauling development frameworks andleveraging AI in development processes.
During the current fiscal year, revenue from external clients in the security business increased due torising demand for security arising from increased use of cloud services and other factors. Intersegment
revenue in the cloud business and other factors increased as a result of brisk business in Financial IT
Solutions and Industrial IT Solutions. As a result of the above, the IT Platform Services segment posted
revenue of ¥185,549 million (up 10.8% year on year) and operating profit of ¥28,167 million (up22.2%).
*1 Multi-cloud computing services refer to centrally managed services provided using multiple cloudcomputing platforms.
*2 Managed services refer to the services that lend comprehensive support to optimizing entire
information systems on behalf of a client’s IT unit.
*3 Zero trust refers to a new concept of security that anything that accesses information assets andsystems to protect is verified without distinction between inside and outside of the network.

－5－

*4 Managed security services (MSS) refer to the services, provided under contract, by an external
security specialist company to provide total operation and administration of the information
security system of a company or organization.

(2) Overview of Consolidated Financial Position for the Current Fiscal YearAs of
31st March 2023
349,102489,122838,224
198,247
237,570
402,406

As of
31st March 2024
405,178
517,595
922,773
214,642
305,109403,021(Millions of yen)
Year on year
AmountRate
56,07616.1%
28,473
5.8%
84,54910.1%
16,394
8.3%
67,539
28.4%
615
0.2%

Current assets
Non-current assets
Total assets
Current liabilities
Non-current liabilities
Total equity
Equity attributable to399,006
399,532526
0.1%
owners of parent
Ratio of equity attributableto owners of parent to total
47.6%
43.3%
(4.3)P–
assetsInterest-bearing liabilities
205,823
268,104
62,28030.3%
Gross D/E ratio (times)
0.52
0.67
0.16
–
Net D/E ratio (times)
0.19
0.23
0.04
–
Notes: 1. Gross D/E ratio (gross debt-to-equity ratio): Interest-bearing liabilities / equity attributable to owners of parent
2. Net D/E ratio (net debt-to-equity ratio): (Interest-bearing liabilities – cash and cash equivalents, etc.) / equity
attributable to owners of parent
3. Interest-bearing liabilities: Bonds and borrowings + other interest-bearing liabilities (borrowings on margintransactions and borrowings secured by securities)
Borrowings on margin transactions (¥1,284 million as of 31st March 2023; ¥745 million as of 31st March 2024) are
included in trade and other payables on the consolidated statement of financial position, and borrowings secured by
securities (¥1,578 million as of 31st March 2023; ¥278 million as of 31st March 2024) are included in other current
liabilities on the consolidated statement of financial position.
4. Cash and cash equivalents, etc.: Cash and cash equivalents + cash management purpose investment

As for the NRI Group’s financial position at the end of the current fiscal year (31st March 2024),
current assets were ¥405,178 million (up 16.1% from the end of the previous fiscal year), non-current
assets were ¥517,595 million (up 5.8%), current liabilities were ¥214,642 million (up 8.3%), noncurrent liabilities were ¥305,109 million (up 28.4%), total equity was ¥403,021 million (up 0.2%), andtotal assets were ¥922,773 million (up 10.1%). In addition, the gross D/E ratio (gross debt-to-equity
ratio) and net D/E ratio (net debt-to-equity ratio) at the end of the current fiscal year were 0.67 times and0.23 times, respectively.
The main changes from the end of the previous fiscal year are as follows.
Trade and other receivables increased ¥10,278 million to ¥141,870 million and contract assets increased¥85 million to ¥56,066 million.
Goodwill and intangible assets increased ¥28,051 million to ¥265,334 million as a result of an increasein goodwill, etc. due to the weaker yen, the acquisition of intangible assets related to the development ofshared online system in Japan, and other factors.
Bonds and borrowings increased ¥64,119 million to ¥267,080 million due largely to borrowings
associated with the reintroduction of the Trust-type Employee Stock Ownership Incentive Plan in May
2023 and the issuance of the 12th, 13th, and 14th series of unsecured bonds in December 2023.
In addition, cash and cash equivalents increased ¥44,678 million to ¥173,935 million, trade and otherpayables increased ¥909 million to ¥53,038 million, income taxes payable increased ¥10,780 million to¥23,874 million, and treasury shares increased ¥11,187 million to ¥17,464 million.

－6－(3) Overview of Consolidated Cash Flow Position for the Current Fiscal Year

Cash flows from operating
activities
Cash flows from investing
activities
Free cash flows
Cash flows from financing
activities
Net increase (decrease) incash and cash equivalents
Cash and cash equivalents
at end of period(Millions of yen)
Year on year
AmountRate

Fiscal year ended
31st March 2023

Fiscal year ended
31st March 2024

118,899

142,277

23,37819.7%(61,190)(53,422)

7,767–

57,70988,854

31,14554.0%(44,921)(47,575)(2,654)–

13,64644,67831,031227.4%

129,257

173,935

44,678

34.6%

Cash and cash equivalents as of the end of the current fiscal year (31st March 2024) stood at ¥173,935
million (up ¥44,678 million from the end of the previous fiscal year).
Net cash provided by operating activities was ¥142,277 million, an increase of ¥23,378 million from theprevious fiscal year, due largely to an increase in operating profit and a decrease in income taxes paid.
Net cash used in investing activities was ¥53,422 million, a decrease of ¥7,767 million from theprevious fiscal year. In the previous fiscal year, proceeds from sale of fixed assets were provided due tothe sale of trust beneficiary rights for Yokohama Nomura Building. In the current fiscal year, cash was
mainly invested in the acquisition of intangible assets related to the development of shared online
system.
Net cash used in financing activities was ¥47,575 million, an increase of ¥2,654 million from theprevious fiscal year. In the previous fiscal year, the NRI Group had ¥64,807 million in proceeds fromthe issuance of the 9th, 10th, and 11th series of unsecured bonds and ¥25,000 million in redemption of
the 5th series of unsecured bonds. The NRI Group had ¥22,722 million in proceeds from sale of treasury
shares relating to disposal of treasury shares. In the current fiscal year, there were proceeds from longterm borrowings of ¥18,000 million and purchase of treasury shares of ¥17,917 million associated withthe reintroduction of the Trust-type Employee Stock Ownership Incentive Plan in May 2023. The NRIGroup had ¥49,999 million in purchase of treasury shares in accordance with a resolution of the Boardof Directors. In addition, the NRI Group had ¥59,786 million in proceeds from the issuance of the 12th,
13th, and 14th series of unsecured bonds and ¥10,000 million in redemption of the 7th series of
unsecured bonds. Other expenditures mainly consist of payments of cash dividends in the respective
fiscal periods.

－7－(4) Future Outlook(I) Consolidated performance
In order to realize the goals of NRI Group Vision 2030, the NRI Group’s long-term management plan,in April 2023 the Company formulated “the NRI Group Medium-term Management Plan (2023-2025)”(“MTP2025”).
The main quantitative financial targets (consolidated) of the MTP2025 are as follows.
MTP2025 (fiscal year ending 31st March 2026)(from 1st April 2025 to 31st March 2026)
Current fiscal year (Actual result)(Millions of yen)
Fiscal year ending 31st March 2026
(Targets)
810,000
150,000
145,000
17.9%

Revenue
736,556
Overseas revenue
117,574
Operating profit
120,411
Operating margin16.3%
Return on equity
attributable to owners of
19.9%
20% or moreparent (ROE)
Notes: 1. For details of the MTP2025, refer to “Medium-Term Management Plan (2023-2025)” posted on the Company’s
website.
2. Quantitative financial targets for the fiscal year ending 31st March 2026 do not include new M&A.

For the fiscal year ending 31st March 2025, the Company forecasts revenue of ¥780,000 million,
operating profit of ¥132,000 million, profit before tax of ¥129,000 million, and profit attributable toowners of parent of ¥88,000 million.
Consolidated financial forecasts for the fiscal year ending 31st March 2025
(from 1st April 2024 to 31st March 2025)

736,556
120,411117,224

Fiscal year ending
31st March 2025
(Forecasts)
780,000
132,000
129,000

79,64388,000Current fiscal year
(Actual result)
Revenue
Operating profit
Profit before tax
Profit attributable to ownersof parent－8－(Millions of yen)
ChangeAmountRate

43,443
11,588
11,775

5.9%
9.6%
10.0%

8,356

10.5%

(II) Other forecastsa.

Consolidated revenue by segment for the fiscal year ending 31st March 2025
(from 1st April 2024 to 31st March 2025)
Current fiscal year
(Actual result)Fiscal year ending 31st
March 2025 (Forecasts)

Consulting
51,95961,000Financial IT Solutions
349,872
360,000
Securities sector
143,707
147,000
Insurance sector
79,52783,000Banking sector
67,72669,000
Other financial
58,91061,000sectors, etc.
Industrial IT Solutions
275,923
296,000
Distribution sector
71,52876,000
Manufacturing and204,395
220,000
service sectors
IT Platform Services
55,62859,000
Others
3,172
4,000
Total
736,556
780,000
Note: The breakdowns of the segments are comprised of revenue by customer sector.

b.

(Millions of yen)
ChangeAmountRate

9,040
10,127
3,292
3,472
1,273

17.4%
2.9%
2.3%
4.4%
1.9%

2,089

3.5%

20,076
4,471

7.3%
6.3%

15,604

7.6%

3,371
827
43,443

6.1%
26.1%
5.9%

Consolidated capital investment, depreciation and amortization, research and development expenses
for the fiscal year ending 31st March 2025 (from 1st April 2024 to 31st March 2025)
Current fiscal year
(Actual result)
Capital investment
Depreciation andamortization
Research anddevelopment expenses

Fiscal year ending 31st
March 2025 (Forecasts)(Millions of yen)
ChangeAmountRate

56,77757,000223

0.4%

48,15750,000

1,843

3.8%

5,301

6,000

698

13.2%

(Caution concerning forward-looking statements)
The forward-looking statements including business forecasts stated in this document are based on
information available to the Company at the present time and certain assumptions (suppositions) judged
to be rational, and these statements do not purport to be a promise by the Company to achieve such
results. Actual business results, etc. may differ significantly from these forecasts due to various factors.
Material factors that could possibly affect the actual business results, etc. include, but are not limited to,the domestic and overseas economic situation, demand in the IT services market, competition withcompetitors, and changes in taxation and other systems. Note that the Company will not always revise
business forecasts, etc. upon every occurrence of new information or event.

－9－(5) Basic Policy Regarding Profit Distribution, and Dividend Payments for Current and Next
Fiscal Yeara.

Policy for distribution of profits
The Company considers the ongoing growth of its corporate value to be the most important return to its
shareholders. The Company’s basic policy on the payment of dividends from surplus is to continue toprovide stable dividends while securing sufficient retained earnings for its medium and long-termbusiness development, taking into account factors such as operating revenue and the cash flow situation.
In addition, aiming for further shareholder returns through improved capital efficiency, the Company
plans to gradually increase the consolidated dividend payout ratio* from 35% (actual results for the
fiscal year ended 31st March 2023) to 40% for the fiscal year ending 31st March 2026.
Retained earnings will be utilized as a source of funds for business expansion, including capital
investment and R&D investment to enhance existing businesses and cultivate new businesses,
investment in human resource development, and strategic investment such as M&A. Retained earnings
may also be utilized to purchase treasury shares, as part of the Company’s flexible capital management
aimed at improving capital efficiency and responding to changes in the business environment.
In accordance with Article 459 of the Companies Act, the Company stipulates in its Articles ofIncorporation that it may pay dividends from surplus by a resolution of the Board of Directors based onrecord dates of 30th September and 31st March.
* Consolidated dividend payout ratio = Total annual cash dividends (including dividends for the trust
exclusive for NRI Group Employee Stock Ownership Group) / Profit attributable to owners of parentb.

Payment of dividends from surplus
Based on the policy above and business results for the current fiscal year, the Company plans to pay
cash dividends of ¥29 per share with the record date of the end of the current fiscal year (31st March
2024), an increase of ¥5 from the dividend paid in November 2023 (with a record date of 30th
September 2023). Consequently, combined with the dividend paid in November 2023, the annual
dividend payment will be ¥53 per share, resulting in a consolidated dividend payout ratio of 38.8%.
The payments of dividends from surplus with record dates falling in the current fiscal year are listed
below.
Date of Board resolution
26th October 2023
15th May 2024 (planned)

Total cash dividends(Millions of yen)
14,04916,816

Cash dividends per share
(Yen)
24
29

Record date
30th September 2023
31st March 2024

Note: The total cash dividends include dividends for the trust exclusive for NRI Group Employee Stock Ownership Group(portion decided by resolution in October 2023 is ¥107 million and portion to be decided by resolution in May 2024 is¥105 million).

Regarding dividends for the following fiscal year (ending 31st March 2025), the Company plans to pay
an annual dividend of ¥58 per share, comprising a second quarter dividend of ¥29 and a year-end
dividend of ¥29.

2.

Basic View on Choosing Accounting Standards
The NRI Group has voluntarily adopted IFRS from the Securities Report for the fiscal year ended 31st
March 2021, aiming to improve the international comparability of financial information in the capital
market.

－10－

3. Consolidated Financial Statements, Etc.
Consolidated Financial Statements(1)

Consolidated Statement of Financial Position

AssetsCurrent assets
Cash and cash equivalents
Trade and other receivables
Contract assets
Other financial assets
Other current assets
Total current assets
Non-current assets
Property, plant and equipment
Right-of-use assets
Goodwill and intangible assets
Investments accounted for using equity method
Retirement benefit asset
Other financial assets
Deferred tax assets
Other non-current assets
Total non-current assets
Total assets(Millions of yen)
31st March
31st March
2023
2024

¥

¥

－11－

129,257
131,592
55,98014,201
18,070349,10242,11431,877237,283
9,527
89,71070,8385,671
2,098
489,122838,224¥¥

173,935
141,870
56,066
13,982
19,323405,178
40,24528,851
265,334
9,796
82,55380,792
6,102
3,919
517,595
922,773

(Millions of yen)
31st March
31st March
2023
2024
Liabilities and equity
Liabilities
Current liabilities
Trade and other payables
Contract liabilities
Bonds and borrowings
Lease liabilities
Other financial liabilities
Income taxes payable
Provisions
Other current liabilities
Total current liabilities
Non-current liabilities
Bonds and borrowings
Lease liabilities
Other financial liabilities
Retirement benefit liability
Provisions
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities
Total liabilities
EquityShare capital
Capital surplus
Retained earnings
Treasury shares
Other components of equity
Total equity attributable to owners of parent
Non-controlling interests
Total equity
Total liabilities and equity

¥

¥
¥

¥

－12－

52,12917,122
20,235
9,364
31,294
13,093
1,027
53,979198,247
182,725
25,420
1,615
7,086
4,932
14,0501,739
237,570
435,817
23,64429,447
321,676(6,277)30,514
399,006
3,399
402,406
838,224¥¥¥¥

53,03818,885
13,215
11,02333,53023,874526
60,546214,642
253,864
20,436
1,253
6,146
4,492
15,7503,165
305,109519,752
24,701
31,395
320,320(17,464)
40,580399,532
3,489
403,021922,773(2)Consolidated Statement of Comprehensive Income

Revenue
Cost of sales
Gross profit(Millions of yen)
Year ended 31st Year ended 31st
March 2023
March 2024¥

692,165
452,336
239,829¥

736,556
475,549
261,006

Selling, general and administrative expenses
Share of profit of investments accounted for using equity method
Other income
Other expenses
Operating profit

131,580
450
3,779
647
111,832

142,353
780
2,748
1,771
120,411

Finance income
Finance costs
Profit before tax

2,218
5,551
108,499

3,472
6,658
117,224

Income tax expenses
Profit32,002
76,49637,06280,162

805

6,471

2,221

(1,435)

－

17

3,027

5,052

(0)

0

812
437

3,098
516

9

61

¥

1,259
4,286
80,782

¥

3,677
8,730
88,892¥76,307
189
76,496¥

79,643518
80,162¥80,508273
80,782¥

88,281
610
88,892Other comprehensive income
Items that will not be reclassified to profit or loss
Equity instruments measured at fair value through othercomprehensive income
Remeasurements of defined benefit plans
Share of other comprehensive income of investments accounted forusing equity method
Total of items that will not be reclassified to profit or loss
Items that may be reclassified to profit or loss
Debt instruments measured at fair value through other comprehensive
incomeExchange differences on translation of foreign operations
Cash flow hedges
Share of other comprehensive income of investments accounted forusing equity method
Total of items that may be reclassified to profit or loss
Total other comprehensive income, net of tax
Comprehensive income
Profit attributable to:
Owners of parent
Non-controlling interests
ProfitComprehensive income attributable to:
Owners of parent
Non-controlling interests
Comprehensive income
Earnings per share
Basic earnings per share (Yen)
Diluted earnings per share (Yen)¥－13－

128.92128.88¥136.90136.84(3)Consolidated Statement of Changes in Equity

Year ended 31st March 2023

(Millions of yen)
Equity attributable to owners of parent

Share capital Capital surplus
Balance at 1st April
2022¥

22,414¥Retainedearnings

28,277¥ 328,830¥

TreasurysharesOther
components ofequity(68,809)¥28,647

Noncontrollinginterests

Total¥

339,360

¥

3,126

Total
¥

342,486

Profit

－－76,307－－76,307

189

76,496

Other comprehensive
income

－

－

－

－

4,201

4,201

84

4,286

Total comprehensive
income－－76,307－4,201

80,508273

80,782

Dividends－－(25,396)－－(25,396)－(25,396)

－

(155)

－

(20,000)－(20,156)－(20,156)－(2,960)－25,819－22,858－22,858－(56,713)－56,713

－

－

－

－

1,229

838

－

－

－

2,068

－

2,068

－

60,162(60,162)

－

－

－

－

－

－

－

2,192

－

(2,192)

－

－

－

－

－

(95)

－

(142)

(237)

－

(237)

1,229

1,170

(83,461)

62,532(2,334)(20,863)－(20,863)

29,447¥ 321,676

Purchase of treasury
shares
Disposal of treasury
sharesCancellation oftreasury shares
Share-based paymenttransactions
Transfer from retained
earnings to capitalsurplusTransfer from othercomponents of equity
to retained earnings
Other
Total transactions
with owners, etc.
Balance at 31st March
2023¥

23,644¥¥－14－(6,277)¥30,514¥

399,006

¥

3,399

¥

402,406

Year ended 31st March 2024

(Millions of yen)
Equity attributable to owners of parent

Share capital Capital surplus
Balance at 1st April
2023¥

23,644¥Retainedearnings

29,447¥ 321,676

Treasuryshares¥(6,277)

Other
components ofequity¥30,514

Noncontrollinginterests

Total¥

399,006

¥

3,399

Total
¥

402,406

Profit－－79,643－－79,643518

80,162Other comprehensive
income

－

－

－

－

8,638

8,638

92

8,730

Total comprehensive
income－－79,643－

8,638

88,281

610

88,892

Dividends－－(27,550)－－(27,550)(133)(27,683)

－

（434）

－

(67,918)－(68,352)－(68,352)

－

(753)

－

5,817

－

5,064

－

5,064

－

(50,913)－50,913

－

－

－

－

1,056

1,750

－

－

－

2,807

－

2,807

－

51,909(51,909)

－

－

－

－

－

－

－

(1,540)

－

1,540

－

－

－

－

387

－

－

(112)

275

(387)

(112)

1,056

1,947

(81,000)(11,187)

1,427(87,755)(521)(88,277)

31,395¥ 320,320

Purchase of treasury
shares
Disposal of treasury
sharesCancellation oftreasury shares
Share-based paymenttransactions
Transfer from retained
earnings to capitalsurplusTransfer from othercomponents of equity
to retained earnings
Other
Total transactions
with owners, etc.
Balance at 31st March
2024¥

24,701¥¥－15－(17,464)¥

40,580¥399,532

¥

3,489

¥

403,021(4)Consolidated Statement of Cash Flows(Millions of yen)
Year ended 31st Year ended 31st
March 2023
March 2024

Cash flows from operating activities
Profit before tax
Depreciation and amortization
Impairment losses
Loss (gain) on sale and retirement of fixed assets
Finance income
Finance costs
Share of loss (profit) of investments accounted for using equity
methodDecrease (increase) in trade and other receivables
Decrease (increase) in contract assets
Decrease (increase) in inventories
Decrease (increase) in prepaid expenses
Increase (decrease) in trade and other payables
Increase (decrease) in contract liabilities
Increase (decrease) in liabilities relating to trust-type employee
stock ownership incentive plan
Increase (decrease) in provision for loss on orders received
Increase (decrease) in accounts payable bonuses
Decrease (increase) in retirement benefit asset
Increase (decrease) in retirement benefit liability
Other
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by operating activities

－16－

¥

¥

108,499
45,092－(1,939)(2,218)5,551¥

117,224
48,157751
1,330(3,472)
6,658

(450)

(780)

4,359
(5,263)(276)(2,623)
9,577(72)(8,136)
615
109
(568)
(574)
1,599

504

(1,820)378
3,152(1,765)63(351)
162,217
1,608(3,991)(40,935)
118,899

(720)
2,230
3,960
28
7,414
174,008
2,675(5,891)(28,514)142,277¥

(Millions of yen)
Year ended 31st Year ended 31st
March 2023
March 2024
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Proceeds from sale of intangible assets
Purchase of investments
Proceeds from sale and redemption of investments
Payments for acquisition of subsidiaries
Purchase of investments in associates or joint ventures
Other
Net cash used in investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Net increase (decrease) in commercial paper
Proceeds from issuance of bonds
Redemption of bonds
Repayments of lease liabilities
Proceeds from sale of treasury shares
Purchase of treasury shares
Dividends paid
Dividends paid to non-controlling interests
Payments for acquisition of interests in subsidiaries from noncontrolling interests
Net cash used in financing activities
Effect of exchange rate changes on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

－17－

¥

¥

(5,425)
4,918(12,061)
6,907(42,640)－(1,002)468(8,780)(2,991)(583)(61,190)¥(1,896)
2,068(7,484)44(42,313)0(103)
5(4,071)－
329(53,422)(65,048)
59,755(19,737)(20,000)
64,807(29,446)(12,445)
22,722(20,156)(25,372)－(3,085)18,000(8,889)(0)59,786(10,000)(11,722)
5,034(68,427)(27,583)
(133)

－

(555)

(44,921)859
13,646
115,610129,257(47,575)
3,399
44,678129,257
173,935¥

(5) Notes to Consolidated Financial Statements(Notes on Premise of Going Concern)
Not applicable.
(Change in Presentation)
Consolidated Statement of Financial Position
To reflect the actual situation of transactions more appropriately, certain accrued expenses, etc. which were
included in “trade and other payables” as of 31st March 2023 are currently included in “other financial
liabilities”. To reflect these changes in presentation, ¥3,552 million included in “trade and other payables” as of
31st March 2023 has been reclassified as “other financial liabilities”.
Consolidated Statement of Cash FlowsTo reflect the actual situation of transactions more appropriately, accrued expenses, etc. which were included
in “increase (decrease) in trade and other payables” as of 31st March 2023 are currently included in “other”.
To reflect these changes in presentation, ¥ (8,036) million included in “increase (decrease) in trade and otherpayables” as of 31st March 2023 has been reclassified as “other”.
(Segment Information)(1) Outline of reportable segments
The NRI Group’s operating segments, for which separate financial information is available, are evaluatedperiodically by management in deciding the allocation of management resources and in assessing businessperformances. The NRI Group has classified its segments, comprehensively considering services,
customers and markets totally, and four segments have been determined as reportable segments.
Meanwhile, the operating segments are not aggregated.
Accounting treatment of the reported operating segments is generally same with that of consolidated
financial statements for the year ended 31st March 2023. Profit figures for the reportable segments arepresented on the basis of operating profit. Intersegment revenue or transfers are based on prevailing market
prices.
(Consulting)This segment provides policy recommendations and strategy consulting, as well as business consulting tosupport operational reform and system consulting for overall IT management.
(Financial IT Solutions)
In this segment, the main clients are in the financial sector, including the securities, insurance and banking
sectors. The segment provides system consulting, system development, system management and operation
services, and IT solutions such as shared online services and BPO services.
(Industrial IT Solutions)This segment provides IT solutions such as system consulting, system development, and systemmanagement and operation services to the distribution, manufacturing, service and public sectors.
(IT Platform Services)
This segment mainly provides services such as the management and administration of data centers and IT
platform and network architecture mainly through the Financial IT Solutions and Industrial IT Solutions
segments. It also provides IT platform solutions and information security services to clients of various
industries. In addition, the segment conducts explorative initiatives for the development of new business
operations and new products related to IT solutions, and investigation and research primarily related toleading-edge information technologies.
－18－

(2) Revenue and profit or loss by reportable segment
Year ended 31st March 2023

Consulting
Revenue
Revenue from externalcustomers
Intersegment revenue ortransfers
Total
Operating profit
Finance income
Finance costs

Reportable segment
Financial IT Industrial IT IT Platform
Solutions
Solutions
Services(Millions of yen)
Total

Adjustments
Consolidated(Notes)46,100328,576

266,723

48,153

689,553

2,612

692,165

1,720

5,565

8,810

119,365

135,461(135,461)－

47,821
12,329334,141
49,710275,533
24,393

167,518
23,046825,015
109,479(132,849)
2,352

692,165
111,832
2,218
5,551

Profit before tax(Other items)
Depreciation andamortization
Impairment losses
Share of profit ofinvestments accounted
for using equity method
Investments in entities
accounted for using
equity method
Investments in noncurrent assets
Notes:

108,499309

17,304

12,073

6,383

36,0709,021

45,092

－

－

－

－

－

－

－

(36)

(135)

607

(71)

363

87

450

59

570

5,366

123

6,119

3,407

9,527

936

30,091

12,165

12,07355,266

3,299

58,565

1.

Individual items in adjustment to operating profit of ¥2,352 million include gain on sale of fixed assets in the amount of¥2,238 million recorded in “other income”.
2. The adjustment to depreciation and amortization comprises the corporate expenses that is not attributable to any
reportable segment.
3. The adjustment to share of profit of investments accounted for using equity method comprises the corporate profit that is
not attributable to any reportable segment.
4. The adjustment to investments in entities accounted for using equity method comprises the corporate assets that are not
attributable to any reportable segment.
5. The adjustment to investments in non-current assets comprises the increase in the corporate assets that is not attributable
to any reportable segment.

－19－

Year ended 31st March 2024

Consulting
Revenue
Revenue from externalcustomers
Intersegment revenue ortransfers
Total
Operating profit
Finance income
Finance costs

Reportable segment
Financial IT Industrial IT IT Platform
Solutions
Solutions
Services(Millions of yen)
Total

Adjustments
Consolidated(Notes)51,959349,872

275,923

55,628733,384

3,172

736,556

1,731

5,334

6,138

129,921143,126(143,126)－

53,69013,929355,206
54,651

282,062
23,405

185,549
28,167876,510120,153(139,953)
257

736,556
120,411
3,472
6,658

Profit before tax(Other items)
Depreciation andamortization
Impairment losses
Share of profit ofinvestments accounted
for using equity method
Investments in entities
accounted for using
equity method
Investments in noncurrent assets
Notes:

117,224368

18,734

12,6206,526

38,2499,907

48,157

79

400

101

170

751

－

751

13

(65)

624

(33)

538

241

780

71

504

5,593

89

6,259

3,536

9,796

677

31,947

10,6705,814

49,1107,666

56,777

1. Individual items in adjustment to operating profit are immaterial.
2. The adjustment to depreciation and amortization comprises the corporate expenses that is not attributable to any
reportable segment.
3. The adjustment to share of profit of investments accounted for using equity method comprises the corporate profit that is
not attributable to any reportable segment.
4. The adjustment to investments in entities accounted for using equity method comprises the corporate assets that are not
attributable to any reportable segment.
5. The adjustment to investments in non-current assets comprises the increase in the corporate assets that is not attributable
to any reportable segment.
6. The segment classifications are partially changed for the three months ended 30th June 2023, and the figures for the year
ended 31st March 2023 are based on the classifications after these changes.

－20－(Per Share Information)
Basic earnings per share and diluted earnings per share are calculated based on the following data.
Year ended 31st
March 2023
(Millions of yen)

Year ended 31st
March 2024
(Millions of yen)

76,307

79,643－－76,307

79,643(Shares)(Shares)

591,914,240

581,744,542

162,316

293,235

592,076,556

582,037,777

(Yen)

(Yen)

128.92136.90128.88136.84

Profit attributable to owners of parent
Adjustments of profit
Adjustments for potential shares issued by subsidiaries
Profit used for calculation of diluted earnings per share
Weighted-average number of shares of common stock outstanding
Increase in common stock
Increase from stock options
Diluted weighted-average number of shares of common stock
Basic earnings per share
Diluted earnings per share

Note: For the purpose of calculating basic earnings per share and diluted earnings per share, the Company’s shares owned by thetrust exclusive for ESOP Group are included in treasury shares to be deducted in the calculation of the weighted-average
number of shares (670,715 shares and 3,219,566 shares for the year ended 31st March 2023 and 2024, respectively).

(Subsequent Events)
Purchase of treasury shares
The Company’s Board of Directors passed a resolution at the meeting held on 25th April 2024 on the purchaseof shares of common stock held as treasury shares in accordance with the provisions of Article 459, paragraph
1 of Japan’s Companies Act and the Company’s Articles of Incorporation.
1. Reasons for purchase of treasury shares
The Company intends to purchase treasury shares, as part of the Company’s flexible capital management
aimed at improving capital efficiency and responding to changes in the business environment.
2. Details on the acquisition(1) Type of shares to be acquired:(2) Total number of shares to beacquired:
(3)
(4)
(5)

Total amount of shares to beacquired:
Acquisition period:
Acquisition method:

Common stock of the Company
Up to 10,000,000 shares(Percentage to the total number of issued shares (excluding
treasury shares): 1.72%)
Up to ¥30,000 million

15th May 2024 – 25th October 2024
Market purchase on the Tokyo Stock Exchange(Market purchase based on discretionary trading agreement
pertaining to acquisition of treasury shares (excludes theperiod during the ten business days from the business day
following the date of announcement of NRI’s quarterly
financial results))
Note: Treasury shares do not include the Company’s shares held by the NRI Group Employees’ Stock
Ownership Plan Trust (the same applies hereinafter).
(Reference)
Treasury shares as of 31st March 2024
Total number of issued shares (excluding treasury shares)
Number of treasury shares－21－579,879,411 shares
917,500 shares