Nomura Research Institute, The Current Fiscal Year Net Income Revised Upward by 5%, Raises Record High Profit Forecast, Dividend Revised Upward by 5 yen

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Thu Jan 30, 2025 3:30 pm JST Earnings

4307 Nomura Research Institute,Ltd. 【IFRS】

Earnings Report

Nomura Research Institute,Ltd. <4307> [TSE Prime] announced its financial results (based on IFRS) after the market closed on January 30th (15:30). The consolidated net income for the cumulative third quarter of the fiscal year ending March 2025 (April to December) increased 17.5% from the same period last year, reaching 71.7 billion yen.

In addition, the full-year consolidated net income has been revised upward 4.5%, from the previous forecast of 88 billion yen to 92 billion yen (compared to 79.6 billion yen in the previous period), increasing the growth rate from 10.5% to 15.5%, further surpassing the previous forecast of record-high profits for four consecutive terms.

Based on the full-year plan announced by the company after the upward revision, our estimate of the consolidated net income for the October to March period (2H) is expected to increase 9.4%, from the previous forecast of 42.3 billion yen to 46.3 billion yen (compared to 41.9 billion yen in the same period of the previous year), increasing the growth rate from 0.9% to 10.4%.

In light of the strong performance, the company has increased its planned annual dividend for the current fiscal year from the original plan of 58 yen to 63 yen (compared to 53 yen in the previous period).

In the most recent three-month period, from October to December (3Q), the consolidated net income grew 11.6% from the same period last year, reaching 26.1 billion yen. The operating profit margin rose from 17.2% in the same period last year to 19.2%.

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Actual Results

Accumulated Results 3rd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Apr - Dec, 2022	516,059	83,873	81,444	55,033	93.1	75.1	Jan 30, 2023	IFRS
Apr - Dec, 2023	550,019	91,239	89,274	61,093	104.7	76.2	Jan 31, 2024	IFRS
Apr - Dec, 2024	568,245	102,353	101,587	71,795	125.2	77.0	Jan 30, 2025	IFRS
YoY	+3.3%	+12.2%	+13.8%	+17.5%	+19.6%

Guidance Update

Second Half Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2024 Prev	403,222	66,365	63,565	42,347	74.1	29	Oct 30, 2024	IFRS
Oct - Mar, 2024 New	393,222	68,365	66,565	46,347	81.1	34	Jan 30, 2025	IFRS
Revision Rate	-2.5%	+3.0%	+4.7%	+9.4%	+9.5%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	780,000	132,000	129,000	88,000	153.9	58	Apr 25, 2024	IFRS
Mar, 2025 New	770,000	134,000	132,000	92,000	160.9	63	Jan 30, 2025	IFRS
Revision Rate	-1.3%	+1.5%	+2.3%	+4.5%	+4.5%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2023	374,491	61,546	59,685	41,981	72.2	29	Apr 25, 2024	IFRS
Oct - Mar, 2024 Guidance	393,222	68,365	66,565	46,347	81.1	34	Jan 30, 2025	IFRS
YoY	+5.0%	+11.1%	+11.5%	+10.4%	+12.3%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	692,165	111,832	108,499	76,307	128.9	45	Apr 27, 2023	IFRS
Mar, 2024	736,556	120,411	117,224	79,643	136.9	53	Apr 25, 2024	IFRS
Mar, 2025 Guidance	770,000	134,000	132,000	92,000	160.9	63	Jan 30, 2025	IFRS
YoY	+4.5%	+11.3%	+12.6%	+15.5%	+17.5%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Oct - Dec, 2023	187,954	32,374	31,735	23,431	40.2	17.2	Jan 31, 2024	IFRS
Jan - Mar, 2024	186,537	29,172	27,950	18,550	31.9	15.6	Apr 25, 2024	IFRS
Apr - Jun, 2024	188,110	32,643	32,050	22,166	38.5	17.4	Jul 25, 2024	IFRS
Jul - Sep, 2024	188,668	32,992	33,385	23,487	40.9	17.5	Oct 30, 2024	IFRS
Oct - Dec, 2024	191,467	36,718	36,152	26,142	45.6	19.2	Jan 30, 2025	IFRS
YoY	+1.9%	+13.4%	+13.9%	+11.6%	+13.5%