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M3 , Inc. Presentation Material August 2026 Ли Copyright © 2026 M3 , Inc. All rights reserved .
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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 FY2026Q1 Consolidated Results * FY2026 includes the impact of a one-time tax provision related to dividends from overseas operations Q1 off to a start mostly in line with expectations, except for Overseas. Unit: JPY MM FY2025 Q1 FY2026 Q1 YoY Revenue 86,200 90,105 +5% Operating profit 19,777 18,077 -9% Profit before tax 19,683 18,641 -5% Profit* 13,536 10,579 -22%
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3 FY2026Q1 Consolidated Results by Segment Unit: JPY MM FY2025 Q1 FY2026 Q1 YoY Domestic Medical Platform Revenue 25,274 25,585 +1% Profit 8,981 8,872 -1% Evidence Solution Revenue 6,219 5,691 -8% Profit 1,314 879 -33% Career Solution Revenue 8,280 7,999 -3% Profit 3,665 3,597 -2% Site Solution Revenue 12,996 14,159 +9% Profit 727 15 -98% Patient Solution Revenue 13,422 14,752 +10% Profit 451 750 +66% Emerging Businesses Revenue 493 480 -3% Profit 252 133 -47% Overseas Revenue 20,725 22,748 +10% Profit 4,852 4,615 -5% Lower profit due in part to active upfront investments, despite revenue growth Pharma marketing off to a slightly slow start DX of the clinical scene keeps solid momentum Sale of associate shares in the previous fiscal year resulted in lower equity-method profit Order backlog: JPY 37.1 Bn Affected due to the relatively high-margin and large-scale projects recognized in the previous fiscal year Slow start with businesses for both physicians and pharmacists Strengthening the sales function, including the use of AI
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4 FY2026Q1 Forecasts vs. Actuals Revenue Operating profit ～95.0 Bn 90.1 Bn ～19.0 Bn 18.1 Bn Most segments performed largely in line with plans, but off to a slower start than expected, mainly Overseas. * Please refer to the slide titled “Abbreviations of Segment Names” for the definitions of the segment abbreviations used in this presentation Initial Forecasts MP ES CS SS PS Overseas Other / Adjustments FY2026Q1 Act.
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5 Current Status and Growth Potential of M3 Current Status and Future Growth Strategies for the Medical Platform1 New Value Creation Leveraging Proprietary Data in the AI Era 2 Update of Sustainable Growth by Programmatic M&A Strategy 3 Current Status and Mid-Term Growth Driver for the Overseas4
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6 Current Status and Growth Potential of M3 Current Status and Future Growth Strategies for the Medical Platform1 New Value Creation Leveraging Proprietary Data in the AI Era 2 Update of Sustainable Growth by Programmatic M&A Strategy 3 Current Status and Mid-Term Growth Driver for the Overseas4
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7 Pharmaceutical Sales & Marketing DX
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8 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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9 11% (75) 37%15% (105) 28% Growth Through Problem-solving Proposals * Based on internal management accounting figures Status of Problem-solving Proposals (FY2025) Number of Drugs M3 Revenue Mix M3 Revenue Growth (YoY) Other relevant proposals implemented Problem-solving proposals implemented Propo- sal Target Starting in FY2025, M3 has accelerated problem-solving proposals. Revenue from drugs targeted for proposals achieved +8~33% YoY growth. 680 8% 33%
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10 Value Creation Based on the “Ultra-Otherish GIVER” Philosophy* 505025 7575 25 Selfless GIVER/ TAKER MATCHER Ultra-Otherish GIVER Size of the Pie： 100 M3 M3 120 80 Otherish GIVER Client 250 M3 150 Patient/ General Consumer 600 Size of the Pie： 100 Size of the Pie： 200 Size of the Pie： 1,000 ClientM3 Client M3 Low sustainability Balanced but limited growth potential Mutual benefit for both clients and M3 Higher-dimensional “Triple Win” Target Direction Client Client Problem-solving proposals represent a “Triple Win” approach that expands appropriate treatment for patients, consequently driving pharmaceutical sales and growing M3's business. * M3-original concept expanded and defined based on Give and Take: Why Helping Others Drives Our Success by Adam Grant
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11 Potential of Pharma Marketing Support Business ~100 ~250 ~JPY 100MM ~JPY 150MM End of March 2016 ** Mid - Term Growth Perspective Drugs Covered by M3 Services* Sales per Drug* JPY 15~20 Bn JPY 40~50 Bn Illustrative Revenue Total 2~3x * Limited to drugs with M3’s annual revenue contribution of over JPY 30MM ** Number of drugs covered by M3 services and sales per drug include estimates. Revenue data by drug has been tracked since FY2020 End of March 2026 ~ 2x ~2x 2~3x ~500 JPY 200~300MM JPY 100~150 Bn Promote high-value, multi-service proposals and pursue larger- scale engagements, driving revenue growth through both an increased number of drugs and higher sales per drug. Approx. 2x Approx. 2x
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12 DX of the Clinical Scene
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13 M3 DigiKar EHR Growth Number of Medical Institutions Using M3 DigiKar Incontestable #1 market share within cloud-based digital health records, approx. 500 million charts. The cumulative number of installations is approx. 10,100 as of FY26Q1. Steady progress Co-selling with DigiKarSmart further increases the added value of DigiKar 10,100 FY15 16 17 18 19 20 21 22 23 24 25 26
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14 M3 DigiKar Exceeded 10,000 Installations Gained broad physician support as the choice for new clinic openings and replacement of on-premise systems or paper charts, driven by high functionality and accessible pricing.
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15 DX of Clinics： DigiKar Smart Medical Institutions： Managing System Patients： Mobile App Appointment Auto- Reception Consultation Next Appointment Payment Linking to EHR 110,000 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 July 14, 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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16 1 44 173 479 1,0701,368 2,067 2,973 4,3204,741 5,673 7,089 9,437 10,042 11,400 13,201 17,446 17,743 18,739 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 * 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: 1.6x YoY Txn Amount:1.9x YoY Video call has been added and is expanding as an infrastructure for telemedicine FY21 FY22 FY23 FY24 FY25 FY26
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17 Potential of Services for Medical Institutions Mid - Term Growth Perspective ~5,500 ~15,000 Broadly support DX of the clinical scenes by increasing the number of institutions and service offerings. End of March 2021 No. of Institutions with Healthcare Services Introduced * Sales per Institution Illustrative Revenue Total End of March 2026 ~JPY 0.6 MM Approx. JPY 3.0 Bn ~JPY 1.1 MM Approx. 3x Approx. 2x Approx. 5x Approx. JPY 16.0 Bn ~2x 2~3x 4~6x 30,000~ +α JPY 2.0~3.0 MM JPY 60.0~90.0Bn * Total number of healthcare institutions using M3's healthcare provider solutions, including M3 DigiKar, DigiKar Smart, on-premise EHRs, support services for home healthcare physicians, and real estate-related services
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18 Current Status and Growth Potential of M3 Current Status and Future Growth Strategies for the Medical Platform1 New Value Creation Leveraging Proprietary Data in the AI Era 2 Update of Sustainable Growth by Programmatic M&A Strategy 3 Current Status and Mid-Term Growth Driver for the Overseas4
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19 AI Impact on Operating Profit AI Positive Impact on Operating Profit (M3’s Estimate) Extensively incorporating AI into businesses, already generating approx. JPY 10 Bn in operating profit. Future Growth Drivers for AI Impact Creation FY2025 Actual* Approx. 15% * Excluding one-off factors such as impairment losses and gains on sale Operational Efficiency Creating Unique Added Value Internal Utilization External Provision
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20 Progress of AI Utilization Trend of AI Positive Impact on Operating Profit* With over 100 AI-related projects currently underway, the impact of AI on operating profit is expected to expand further. * Excluding one-off factors such as impairment losses and gains on sale ～5% Approx. 5% Approx. 10% 10～15% Approx. 15% ～50% FY2021 FY2022 FY2023 FY2024 FY2025 Mid-Term Perspective AI Impact Ratio to Operating Profit Amount of AI Positive Impact
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21 Improving Productivity in Caregiving Settings 123 27 11 Before Care-wing implementation After implementation After AI feature implementation (AI-enabled) LOGIC: Implementation Benefits of Care-wing Unit: Monthly Hours Invested Approx . 90% R eduction DX impact (123-11 hours) x hourly wage JPY 1,500 = JPY 168,000 cost savings ＞＞＞＞ system monthly fee of JPY 10,000-20,000*. Budget vs. Actuals reconciliation Shift scheduling Specific facility allowance instructions Payroll processing Monitoring Support progress Operational Efficiency Creating Unique Added Value Internal Utilization External Provision * Estimates are calculated based on the average facility size derived from the Ministry of Health, Labour and Welfare’s Survey of Nursing Care Service Providers. Baseline metrics prior to implementation assume conventional operations using paper records, with operational data calculated based on implementation cases and internal surveys. Calculations are based on an assumed hourly wage of JPY 1,500
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22 AI Utilization on m3.com AI personalized content Content is optimized based on each physician’s profile and preferences by fully utilizing AI AI-personalized content accounts for approx. 80% of the m3.com top page Operational Efficiency Creating Unique Added Value Internal Utilization External Provision
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23 FY2021Q4 Pre-ChatGPT Launch FY2024Q4 FY2025Q4 Trends in Physician Member Activity on m3.com Total Member Engagement Time Unit: Index with FY2021Q4 as 100 By fully leveraging AI, physician member activity on m3.com is accelerating exponentially…enjoying tailwinds from AI advancements. 3 Years 1 Year Operational Efficiency Creating Unique Added Value Internal Utilization External Provision 100 113 124
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24 Investment Results of AI-related Projects Investment Results of AI-related Projects (FY2025) Unit: Index with AI-related investment as 100 Proprietary value creation group-wide by an elite team of AI engineers Medical AI Platform business Cost reduction through operational efficiency, including IT support for group companies (Engineer personnel costs, AI tool usage fees, Medical AI business-related costs, etc.) AI-related projects achieved productivity that far outpaces investment. M3's internal AI usage is currently growing at over 10x YoY. 100 1,654 AI-related Investment AI Impact on Operating Profit Approx. 17 x
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25 Current Status and Growth Potential of M3 Current Status and Future Growth Strategies for the Medical Platform1 New Value Creation Leveraging Proprietary Data in the AI Era 2 Update of Sustainable Growth by Programmatic M&A Strategy 3 Current Status and Mid-Term Growth Driver for the Overseas4
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26 Trend in M&A Volume: Programmatic M&A Strategy Overseas Domestic 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 10 15 5 3 6 7 6 3 5 3 9 2 3 FY2022 FY2023 FY2024 FY2025 FY2026 at Q1Earnings Release * The track record of acquisitions made by listed subsidiaries in each fiscal year is as follows: FY2022: 1 out of 5 domestic deals. FY2023: 2 out of 7 overseas deals. FY2024: 2 out of 9 domestic deals and 3 out of 6 overseas deals. FY2025: 2 out of 3 overseas deals. FY2026: 1 out of 3 domestic deals.
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27 Consolidation of WISEMAN Market Share in Nursing Care Sector Welfare Business – Providing systems for care facilities Medical Business – Providing EHR etc. for small-to- mid-sized hospitals and clinics Healthcare and Nursing Care Collaboration Solutions – Establishing information sharing networks between medical institutions and care facilities Business Overview ~40% ~25% ~15% ~15% ~10% ~15% Command a high market share primarily in facility services. Hold a solid footprint in home-based services, a segment expected to expand moving forward. Location Established Morioka, Iwate, Japan June 1983 Capital JPY 100 million Long-term care health facilities (Roken) Group homes (for dementia care) Special nursing homes for the elderly (T okuyou) In-home care support providers Home-visit care service providers Home-visit nursing service providers (Service Category) WISEMAN Co., Ltd. Facility In - Home Home - Based
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28 Expected Collaborations and Synergies with WISEMAN Enhancing the value of WISEMAN products via AI utilization Strengthening healthcare and nursing care data collaboration Establishing a foundation for new business development in nursing care sector Cross - selling / marketing support １ ２ ３ ４ Utilize M3’s AI technology to enhance the value proposition of WISEMAN products Scale the successful AI application from LOGIC’s product “Care-wing” to drive operational efficiency for customers Connect M3’s cloud-based EHR “M3 DigiKar” with WISEMAN’s healthcare and nursing care collaboration system “MeLL+”, to establish a seamless information-sharing system between healthcare providers and care facilities Reinforce healthcare and nursing care data sharing to promote regional healthcare cooperation Leverage M3 Group’s expertise to develop new services in the nursing care sector M3 Group: Nursing care services (ELAN, LOGIC), marketing expertise WISEMAN: Robust customer base in the nursing care market
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29 11 28 2020 2040 Post-DX Expanding Nursing Care Market and Potential for Digital Transformation Actual and Projected Nursing Care Expenditures* Target to reduce future nursing care expenditures by approx. 10% (JPY ~3 trillion) through DX improvements Estimate market size at JPY ~300 billion (equivalent to 10% of the total savings). Aim to capture a 30% market share through the collaboration with WISEMAN Unit: Trillion yen * Based on data from the Ministry of Health, Labour and Welfare WISEMAN is positioned as the platform to achieve our “One More Life, One Less Cost” mission in the nursing care sector as well. improvements Approx. 10% reduction Business Opportunities Creation of DX Support Market
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30 Current Status and Growth Potential of M3 Current Status and Future Growth Strategies for the Medical Platform1 New Value Creation Leveraging Proprietary Data in the AI Era 2 Update of Sustainable Growth by Programmatic M&A Strategy 3 Current Status and Mid-Term Growth Driver for the Overseas4
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31 Number of Doctor Members and Panelists (Global) *The no. of doctors in Japan is based on M3 survey and estimate referring to data from the Ministry of Health, Labour and Welfare (2024) 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 2026)
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32 4,473 4,941 8,764 9,720 7,487 8,078 20,724 22,739 FY2025 Q1 FY2026 Q1 Overseas Segment: Sales by Region North America Europe APAC and others Growth RateUnit: JPY MM Revenue grew overall across regions and businesses, including positive forex impact. Accelerating initiatives for future growth, including upfront investments. Revenue increased primarily in India and South Korea Revenue increased primarily in France North America Europe ＡＰＡＣ While uncertainty remains in the business environment for the clinical trials, revenue for other businesses generally increased +8% +11% +10% +10%
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33 Growth by “JPY 2.0 Bn+ Annual Revenue CLUB” Start with a small investment (revenue below JPY 1.0 Bn), identify a winning formula, then scale up investment (toward revenue JPY 2.0 Bn or more) to drive growth. Breakdown by Annual Revenue per Business (FY2025)* Number of Businesses Revenue 54% 7% 46% 93% 24 JPY 2.0 Bn or More Approx. 25% Approx. 11% Approx. JPY 90.0 Bn Approx. 2 x * Excluding the U.S. clinical trials business and the U.K. career for doctors business. Also excludes the impact of consolidated adjustments, including internal transactions ** Excluding the impact of amortization of intangible assets, impairment losses, and other items Operating Profit Margin** Less than JPY 2.0 Bn
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34 End of March 2026 Potential of Overseas End of March 2021 Number of Businesses Sales per Business JPY 2.0 Bn+ Annual Revenue CLUB Business Illustrative Revenue Total (incl. non-JPY2.0 Bn+ Annual Revenue CLUB Business) Mid - Term Growth Perspective Approx. 2x Approx. 1x Approx. 2x 6 5.5 42.0 Unit: JPY Bn 12 7.0 87.0 ～20 10.0 ～12.0 200.0 ～250.0 ～ 2x ～ 2x ～ 3x Aim to further expand overseas businesses by driving both the number of businesses and sales per business. * Apply fixed exchange rate for fiscal year onwards (e.g., 150 USD/JPY, 200 GBP/JPY, 180 EUR/JPY)
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35 Current Status and Growth Potential of M3 Current Status and Future Growth Strategies for the Medical Platform1 New Value Creation Leveraging Proprietary Data in the AI Era 2 Update of Sustainable Growth by Programmatic M&A Strategy 3 Current Status and Mid-Term Growth Driver for the Overseas4
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36 Business Scope Expansion and Growth Potential FY ： 2010 2015 2020 2025 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 ） → 81 （ 8.0x ） Sales (Bn) ： 14.6 → 64.7 （ 4.5 x ） → 169.2 （ 12.0 x ） → 351.4 （ 24.0 x ） Aggressive M&A to ensue in reaching growth potentials exceeding 10~20x current levels.
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37 FY2010 FY2015 FY2025 5 years from now Sales Trend (JPY) Businesses added between FY2015 and FY2025 Businesses added between FY2010 and FY2015 Business as of FY2010 Businesses added after FY2025 Growth Image per Business Expansion Phases CAGR ～10% CAGR ～15% CAGR ～15% 15 Bn 65 Bn 351 Bn ～800 Bn Assumption About 1/5 of the existing businesses added on We aim to drive further growth by scaling both our existing and new businesses, while accelerating extensive AI utilization. ～84 ～117 ～150 ～130 ～240 ～300 ～130 ～ 29 * ～ 36 * * The number disclosed in the previous earnings is retroactively corrected
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38 FY2026 Outlook
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39 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 73,547 80,000 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 25 E 26 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 25 E 26 107 480 891 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 94,471 113,059 130,973 169,198 208,159 230,818 238,883 284,900 351,363 400,000 We aim to expand our business foundation and achieve growth from a medium to long-term perspective.
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41 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: