Slides
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0 February 2026 M3, Inc. Presentation Material
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1 The following presentation contains forecasts, plans, management targets, and other forward-looking projections relating to M3, Inc. and/or its group. These statements are drawn from assumptions of future events based on data currently available to us, and there exist possibilities that such assumptions are objectively incorrect and/or may produce differing actual results from those mentioned in the statements. Furthermore, information and data other than those concerning the Company and its subsidiaries/affiliates are quoted from public information, and the Company has not verified and will not warrant their accuracy or dependability. This presentation is provided for informational purposes only and does not constitute an offer or solicitation to buy or sell any securities. Any investment decisions should be made at your own discretion and responsibility. M3, Inc.
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2 FY2025 Q1-Q3 Consolidated Results Revenue growth excluding COVID- related items: +29%, comparable Solid performance continues in both revenue and profits. An approx. JPY 4bn gain on the sale of the associate shares also contributed Unit: JPY MM FY2024 Q1 - Q3 FY2025 Q1 - Q3 YoY Revenue 205,521 264,395 +29% Operating profit 50,101 62,346 +24% Profit before tax 52,513 64,331 +23% Profit 35,535 45,237 +27%
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3 Consolidated Revenue Trend and COVID Impact Unit: JPY MM Regular Businesses COVID-related (clinical trials, vaccination support, promotion of therapeutic drugs and vaccines, etc.) * FY2024 Actuals: Q1 ~1.1 Bn, Q2 ~0.9 Bn, Q3 ~0.8Bn, Q4 ~0.5 Bn FY2025 Actuals: Q1 ~1.1 Bn, Q2 ~0.5 Bn, Q3 ~0.5 Bn Growth in the regular business accelerated in addition to the subsiding impact of COVID-related sales decline ～20,800 ～ 8,400 ～ 2,700 ～ 2,200 175,155 179,189 205,521 264,395 FY2022 Q1-Q3 FY2023 Q1-Q3 FY2024 Q1-Q3 FY2025 Q1-Q3 +29%
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4 Growth Dynamics and COVID Effects: FY2024 Each segment and business was in a different phase, and the outlook for the growth rate also varied Before COVID Repercussion Normalized During COVID 20km/h Organic Growth Rate COVID-19 Impact In Total… 20km/h 20km/h 20km/h 20km/h 20km/h 40km/h 0km/h 20km/h 20km/h Status per Segment MP ES CS SS Overseas * Please refer to the slide titled “Abbreviations of Segment Names” for the definitions of the segment abbreviations used in this presentation
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5 20km/h COVID-19 Impact In Total… 20km/h 20km/h 20km/h 20km/h 20km/h 40km/h 0km/h 20km/h Status per Segment MP ES CS SS Overseas PS 20km/h Growth Dynamics and COVID Effects: FY2025 The negative impact on COVID-related sales concluded in FY2024, with a return to baseline growth reflected in performance from FY2025 Organic Growth Rate Before COVID Repercussion Normalized During COVID
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6 FY2025 Q1-Q3 Consolidated Results by Segment Each business performed generally solidly US clinical trials: vaccine-related projects were negatively affected by policy shifts Solid momentum in both businesses of pharma marketing and DX of the clinical scene Revenue: increased due to acquisition effects and steady topline growth in the existing businesses OP: Losses associated with the start-up phase of new facilities were recorded Unit: JPY MM FY2024 Q1 - Q3 FY2025 Q1 - Q3 YoY Domestic Medical Platform Revenue 68,397 81,833 +20% Profit 25,977 30,047 +16% Evidence Solution Revenue 18,119 18,481 +2% Profit 3,150 3,947 +25% Career Solution Revenue 16,058 17,872 +11% Profit 4,777 4,849 +1% Site Solution Revenue 34,562 40,170 +16% Profit 4,576 3,165 -31% Patient Solution Revenue 8,462 42,020 +397% Profit 145 1,626 ー Emerging Businesses Revenue 1,836 1,695 -8% Profit 716 4,770 +566% Overseas Revenue 60,942 65,568 +8% Profit 12,593 15,027 +19% Gain on the sale of the associate shares: approx. JPY 4 Bn The business for pharmacists primarily drove revenue growth OP growth decelerated due to changes in the service mix Order backlog: JPY 35.6 Bn Improved revenue mix led to OP growth exceeding that of revenue
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7 FY2025 Q1-Q3 Forecasts vs. Actuals Revenue Operating profit Initial Forecasts MP ES CS SS PS Overseas Other / Adjustments FY2025 Q1-Q3 Act. ～268.0 Bn 264.4 Bn ～53.0 Bn 62.3 Bn In addition to MP and Overseas, the “Other / Adjustments”, which recorded a gain on the sale of the associate shares, drove the upside in profits * Please refer to the slide titled “Abbreviations of Segment Names” for the definitions of the segment abbreviations used in this presentation
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8 M3’s Triple Growth Engine + CSV
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9 Growth Engine 1 ： Ecosystem Expansion (Sagrada Familia)
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10 Business Scope Expansion and Growth Potential FY ： 2010 2015 2020 2024 Country ： 3 → 8 （ 2.5 x ） → 11 （ 3.5 x ） → 18 （ 6.0 x ） Business Types ： 6 → 15 （ 2.5 x ） → 35 （ 6.0 x ） → 41 （ 7.0 x ） Business Units (Type x Country) ： 10 → 24 （ 2.5 x ） → 56 （ 5.5 x ） → 80 （ 8.0x ） Sales (Bn) ： 14.6 → 64.7 （ 4.5 x ） → 169.2 （ 12.0 x ） → 284.9 （ 19.5 x ） Aggressive M&A to ensue in reaching growth potentials exceeding 10~20x current levels
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11 Trend in M&A Volume: Programmatic M&A Strategy Overseas Domestic * 2 out of 9 domestic deals, and 3 out of 6 overseas deals were conducted by listed subsidiaries ** 1 out of 2 overseas deals was conducted by a listed subsidiary Continuously conduct approximately 10 M&As annually. The pace of acquisition considerations remained at the same level as before. No changes were made to the fundamental strategy 11 11 10 15* 4** 6 6 7 6 2 5 5 3 9 2 FY2021 FY2022 FY2023 FY2024 FY2025 at Q3 Earnings Release
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12 Growth Engine 2 ： Individual Business Development
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13 Pharmaceutical Sales & Marketing DX
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14 Pharma Marketing Cost and TAM for M3 Ref: M3 survey and estimate; numbers are approximate M3’s Role (2) MR Activity DX Support (1) Internet Marketing Support (3) Data-driven Marketing Support 10 years ago Future MR Related Costs Internet Industry productivity improvement from DX TAM Present 20 ～ 30 % 70 ～ 80 % 700 ～ 800 Bn yen 99 % 1.5 Tn yen 95 % 1.15 Tn yen 1 % 5 % 15 Bn yen 70 Bn yen 200～ 300 Bn yen down by ~300 Bn yen M3 involvement is to go beyond the bounds of the internet to improve productivity across the entire industry
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15 -1,095 -522 -950 -752 -2,533 -2,742 -3,572 -1,738 -2,166 -2,963 -3,073 4 5 6 7 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Trend of Domestic Pharmaceutical Sales Reps (MRs) In addition to a decrease in the number of MRs, an increasing number of contract reps and online reps who work exclusively online or by phone.... The trend toward sales efficiency is expected to continue 43,646 MRs in FY2024 (Second largest decline ever) Historical Peak 65,752 MRs * Source: MR Certification Center “2025 MR White Paper” (10,000)
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16 As a Strategic Partner to Pharma Companies Overall Trend The proposal-capability program rolled out in FY2024 is now bearing fruit, and we will accelerate true digital transformation as a strategic partner to pharma clients Future ＣＯＶＩＤ - 19 Now Sales After COVID During COVID Shift the focus from channel- centric pitches back to problem-solving proposals that tackle client challenges, and reinforce this approach Key Initiatives: Approaches to core pharmaceutical challenges Further advancement of data-driven marketing Providing a holistic solution through a mix of services Initiatives for Regrowth
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17 DX of the Clinical Scene
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18 M3 DigiKar EHR Growth Number of Medical Institutions Using M3 DigiKar Incontestable #1 market share within cloud-based digital health records, approx. 430 million charts The cumulative number of installations is approx. 9,100. Steady progress Co-selling with DigiKarSmart further increases the added value of DigiKar 9,100 FY15 16 17 18 19 20 21 22 23 24 25
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19 DX of Clinics： DigiKar Smart Medical Institutions： Managing System Patients： Mobile App Appointment Auto- Reception Consultation Next Appointment Payment Linking to EHR 81,000 reviews with a rating of 4.6 from users, a new patient experience created, and a high rating in the category M3 DigiKar Smart Physical Online * Taken from the following URL, as of January 26, 2026 https://apps.apple.com/jp/app/m3%E3%83%87%E3%82%B8%E3%82%AB%E3%83%AB%E3%82%B9%E3%83%9E%E3%83%BC%E3%83%88%E8%A8%BA%E5 %AF%9F%E5%88%B8/id1563102530
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20 1 44 173479 1,0701,368 2,067 2,973 4,3204,741 5,673 7,089 9,437 10,042 11,400 13,201 17,446 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 * Quarterly sum of monthly UUs No. of DigiKar Smart Users Unit: Index with FY2021Q3 as 1 Rapid market penetration of DigiKar Smart as the clinics' infrastructure # of Users: 1.8x YoY Txn Amount: 2.0x YoY Video call has been added and is expanding as an infrastructure for telemedicine FY21 FY22 FY23 FY24 FY25
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21 100 122 Ecosystem Synergy: Medical Data Business * Target: Real World Data, Estimation related services (part of Pharmaceutical Marketing business) Medical data business (actual medical practice, physician practice standards, etc.) also grew significantly along with the increase in the volume of data accumulated. Steady creation of ecosystem synergies Unit: Index with FY2024Q1 – Q3 as 100 Sales of Medical Data Business* Approx. 1.2x FY2024 Q1 – Q3 FY2025 Q1 – Q3
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22 Medical AI Platform
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23 Enabling easy access to a diverse range of high-quality AI, aim to improve diagnostic accuracy and productivity, thereby supporting the operational efficiency of medical institutions Analysis results accessible from viewers (e.g. PACS) Receive analysis results by AI Send data Hospital-based M3 Edge Server deployment * M3 AI is a joint venture between PSP Corporation and M3 Multiple participating vendors provide cloud-based AI solutions, enabling continuous performance improvement M3 AI’s Platform Medical Institutions Medical AI Platform Business by M3 AI Currently providing the following services: Chest CT Chest X-ray Head CT Head MRI Trunk CT Allows to choose the best-fit AI per anatomy and condition, with the business model of pay- per-use system for medical institutions
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24 AI Platform Solutions (examples) Analyzed Images Image AI Findings Specific Services Chest CT Pulmonary Nodule VUNO Med-LungCT VUNO Med-LungCT (with time-series analysis) Chest X-ray Pulmonary Nodule and Other Findings EIRL X-Ray Lung nodule (pulmonary nodule) EIRL Chest Screening (pulmonary nodule, infiltrative shadow, atelectasis, interstitial shadows, CTR, etc.) BMAX (Fibrotic ILD) Head MRA Cerebral Aneurysm EIRL Brain Aneurysm Head CT Stroke Stroke Basic Package (hemorrhagic, ischemic) Trunk CT Bone Temporal Subtraction Temporal Subtraction For Bone Cardiac Echo Automated Measurement Us2.ai (automated measurement of 65 items and cardiac function evaluation) ＭＲＩ MR Image Reconstruction SwiftMR (MR image reconstruction software) NEW
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25 Overseas
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26 Number of Doctor Members and Panelists (Global) *The no. of doctors in Japan is based on data from the Ministry of Health, Labour and Welfare (2022). The no. of doctors in other countries is based on the latest data from WHO and other sources. Including regions not shown above, more than 7 million doctor members and panelists, covering 50% of doctors worldwide Ratio of doctor members (As of June 2025)
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27 11,927 13,900 25,653 28,656 23,333 23,004 60,914 65,559 FY2024 Q1-Q3 FY2025 Q1-Q3 Overseas Segment: Sales by Region North America Europe APAC and others Growth RateUnit: JPY MM Segment profit increased +19%, driven by solid revenue and an improved sales mix +24% at constant currency Contribution from Limbic acquisition Remained solid, primarily in France, alongside the contribution from acquisitions North America Europe ＡＰＡＣ +8% -1% +12% +17% +1% at constant currency Clinical Trials: vaccine-related projects in Q3 were affected by policy shifts
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28 Growth Engine 3 ： Ecosystem Synergy Creation
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29 Business Scope Expansion and Growth Potential FY ： 2010 2015 2020 2024 Country ： 3 → 8 （ 2.5 x ） → 11 （ 3.5 x ） → 18 （ 6.0 x ） Business Types ： 6 → 15 （ 2.5 x ） → 35 （ 6.0 x ） → 41 （ 7.0 x ） Business Units (Type x Country) ： 10 → 24 （ 2.5 x ） → 56 （ 5.5 x ） → 80 （ 8.0x ） Sales (Bn) ： 14.6 → 64.7 （ 4.5 x ） → 169.2 （ 12.0 x ） → 284.9 （ 19.5 x ）
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30 Cross-Business Synergy Creation Potential ・・・ nC20 1 3 6 Number of businesses ｎ４３２１ Synergy Links Synergy potential between businesses: 80Ｃ2 = 3,160 possible linkages
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31 100 117 Ecosystem Synergy Value Creation *Sum of value additive projects spanning across multiple business lines and data utilization. Definitions will be reviewed as necessary, including this time The next ten years will be based on ecosystem synergies, including internal and external collaborations, to further promote healthcare problem-solving/social impact creation, and business expansion Approx. 1.2x Unit: Index with FY2024Q1 – Q3 as 100 FY2024 Q1 – Q3 FY2025 Q1 – Q3
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32 M3 Health Design EBHS “The White Jack Project” Future expanding priority areas Traditional main business domain General Public (consumer) HCP (e.g. wholesaler) After O nset / Patient Pre - O nset / Healthy Person Happiness-i Phase 1 Rinkai Medical Phase 2 Cancer Prevention Phase 3 Phase 4 Medcare Phase 6 MinaCare Phase 7 EWEL Phase 8 Phase 5 Following the addition of EWEL, the expansion of the White Jack Project has gained momentum
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33 1 18 19 78 203 293 ~720 Expand Coverage of Enterprise Services Approx. 555 x Covers more than 7.2 million* employees as of FY2025Q3 with the following services EBHS Life Cancer prevention White Jack M3PSP AskDoctors Booking & conducting medical check-ups Employee health data management Dispatch of occupational physicians and stress checks Services for health insurance organizations Employee benefit platform Number of Employees Covered by Enterprise Services Unit: 10,000 ppl * Including approx. 4 million of service users of EWEL who are reachable via email and other means (to be refined) Expanding business foundation to create ecosystem synergies… the addition of EWEL in FY2025 marks the transition to a new phase, exceeding 7 million employee coverage FY19 20 21 22 23 24 25Q3*
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34 100 260 FY2022Q4 FY2025Q3 100 218 FY2022Q4 FY2025Q3 KPI Trend of Main Services # of Accounts for Employee Health Data Management Service* The development of individual services in “the White Jack Project” is progressing smoothly # of Client Worksites for the Occupational Physician Dispatch Service** * “Happiness Partners” provided by M3 Health Design ** Provided by M3 Career Unit: Index with the end of FY2022 as 100 Unit: Index with the end of FY2022 as 100 Approx. 2.6 x Approx. 2.2 x
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35 FY2025 Outlook
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36 Annual Results and Forecasts Revenue Operating Profit (6m) (6m) Unit: JPY MM Unit: JPY MM Medlive IPO Impact Operating profit* * FY2021 excludes gains related to Medlive IPO FY 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 E 25 FY 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 E 25 In line with tradition, we aim to expand our business foundation and achieve growth from a medium to long-term perspective 107 480 891 1,563 2,276 3,854 5,729 7,475 8,534 11,811 14,646 19,040 26,007 36,759 51,346 64,660 78,143 94,471 113,059 130,973 169,198 208,159 230,818 238,883 284,900 360,000 95,141 - 93 46 255 509 895 1,683 2,677 3,597 3,990 4,803 6,031 7,648 9,294 13,738 16,061 20,022 25,050 27,486 30,800 34,337 57,972 64,210 71,983 64,381 62,971 70,000
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38 Official Segment Name Abbreviation Medical Platform MP Evidence Solution ES Career Solution CS Site Solution SS Patient Solution PS Abbreviations of Segment Names Segment name abbreviations are used following the definitions outlined below: