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February 5, 2026 Business Results for the Third Quarter of the Fiscal Year Ending March 31, 2026 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. （The Prime Market of the Tokyo Stock Exchange 3034 ）
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Copyright © Qol Holdings Co., Ltd. All rights reserved. 2 Overview of Financial Results for the Nine Months Ended December 31, 2025 Record -high Sales and Profit attributable to owners of parent I n c r e a s e i n s a l e s b u t d e c r e a s e i n p r o f i t • The number of contract MRs increased due to growing demand for MR dispatches. Pharmacy Business BPO Contracting Businesses Pharmaceutical Manufacturing Business • In April 2025, the Company acquired an additional 29% of the shares of DAIICHI SANKYO ESPHA CO., LTD. increasing its share ownership ratio to 80%. • The pharmaceutical manufacturing business has enhanced its presence and made steady contributions to Consolidated Financial Results. Increase in sales but decrease in profit Higher sales and profit Increase in sales but decrease in profit Consolidated Financial Results • 3 in g r e d ie n t s 7 n e w p r o d u c t s l a u n c h e d in t h e p r e v io u s f is c a l y e a r m a d e a s ig n if ic a n t c o n t r ib u t io n . • O n t h e o t h e r h a n d , o p e r a t in g p r o f it d ec r ea s ed a f t er DA I I C H I S A N KYO E S P H A C O . , L T D . s h if t e d f r o m p o s t in g a p o r t io n o f e x p e n s e s in o n e l u m p s u m in M a r c h t o p o s t in g t h e s e e x p e n s e s p r o p o r t io n a l l y in t h e s e c o n d h a l f b e g in n in g in t h e t h ir d q u a r t e r o f t h e c o n s o l id a t e d f is c a l y e a r u n d e r r e v ie w . • The technical fee unit price increased due to progress in acquiring the Medical DX Premium and the rising proportion of generic drug usage. • The number of prescriptions has declined due to factors such as extended prescription periods.
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Copyright © Qol Holdings Co., Ltd. All rights reserved. 3 Highlights 3Q FY3/2024 ended Dec. 31, 2023 3Q FY3/2025 ended Dec. 31 , 2024 3Q FY3/2026 ended Dec. 31 , 2025 Variance Variance(%) Net sales 134,528 198,207 216,025 17,817 9.0 ％ Operating profit 5,729 11,034 9,415 (1,618) (14.7 ％) Ordinary profit 6,523 11,361 9,487 (1,873) (16.5 ％) Profit attributable to owners of parent 3,774 3,524 4,671 1,147 32.6 ％ Profit per share （yen ） 101.47 94.22 124.46 30.24 ３２.1 ％ EBITDA * 9,604 16,963 16,593 (３７０ ) （2.2 ％） (unit: Millions yen) Trend in Net Sales on a Quarterly basis Trend in Ordinary Profit on a Quarterly basis 43,403 45,136 45,987 45,524 61,036 63,735 73,435 65,765 71,730 70,499 73,794 0 20,000 40,000 60,000 80,000 1Q 2Q 3Q 4Q FY3/2024 FY3/2025 FY3/2026 （Millions Yen) ＊Operating profit + Depreciation + Am ortization of goodwill （Millions Yen) 1,940 1,735 2,847 2,7332,966 3,254 5,140 2,470 3,635 3,622 2,229 0 1,000 2,000 3,000 4,000 5,000 6,000 1Q 2Q 3Q 4Q FY3/2024 FY3/2025 FY3/2026
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Copyright © Qol Holdings Co., Ltd. All rights reserved. 4 Progress (unit: Millions yen) 3Q FY3/2026 ended Dec. 31, 2025 FY3/2026 ended Mar. 31, 2026 (Forecast) Progress (%) Net sales 216,025 280,000 77.2% Operating profit 9,415 15,500 60.7% Ordinary profit 9,487 15,600 60.8% Profit attributable to owners of parent 4,671 7,000 66.7% Profit per share (yen) 124.46 186.51 66.7%
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Copyright © Qol Holdings Co., Ltd. All rights reserved. 5 Consolidated Statements of Income (unit: Millions yen) 3Q FY3/2025 ended Dec. 31, 2024 3Q FY3/2026 ended Dec. 31, 2025 Variance Variance(%) Net sales 198,207 216,025 17,817 9.0% Cost of sales 167,803 187,508 19,705 11.7% Gross profit 30,404 28,516 (1,887) (6.2%) Selling general and administrative expenses 19,369 19,100 (268) (1.4%) Operating profit 11,034 9,415 (1,618) (14.7%) % of Net Sales 5.6% 4.4% － － Ordinary profit 11,361 9,487 (1,873) (16.5%) % of Net Sales 5.7% 4.4% － － Profit attributable to owners of parent 3,524 4,671 1,147 32.6% % of Net Sales 1.8% 2.2% － －
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Copyright © Qol Holdings Co., Ltd. All rights reserved. 6 ( u n it : M il l io n s y e n ) Current assets ＋1,852 Notes and accounts receivable - trade, and contract assets ＋5,472 Cash and deposits (5,667) Raw materials and supplies ＋1,173 Non -current assets (4,904) Goodwill (2,557) Business Rights (2,443) Current liabilities ＋7,656 Accounts payable - trade ＋9,573 Income taxes payable (1,939) Non -current liabilities (5,225) Long -term borrowings (5,409) Net assets (5,482) Retained earnings ＋3,158 Capital surplus (5,569) Non-controlling interests (3,064) Consolidated Balance Sheets ( u n it : M il l io n s y e n ) FY3/2025 ended Mar. 31, 2025 3Q FY3/2026 ended Dec. 31, 2025 Variance Current assets 60,348 62,200 1,852 Cash and deposits 26,727 21,060 (5,667) Non -current assets 99,321 94,416 (4,904) Property, plant and equipment 18,141 17,867 (274) Intangible assets 70,338 66,177 (4,160) Investments and other assets 10,841 10,371 (469) Total assets 159,669 156,617 (3,051) Current liabilities 74,202 81,858 7,656 Non -current liabilities 23,328 18,103 (5,225) Total liabilities 97,531 99,961 2,430 Interest -bearing debt 41,285 36,938 (4,347) Net assets 62,138 56,655 (5,482) Shareholders' equity 57,123 54,705 (2,418) Total liabilities and net assets 159,669 156,617 (3,051)
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Copyright © Qol Holdings Co., Ltd. All rights reserved. 7 Segment Overview (unit: Millions yen) 3Q FY3/2025 ended Dec. 31, 2024 3Q FY3/2026 ended Dec. 31, 2025 YoY Variance(%) Net sales 128,781 132,418 2.8% Segment profit 7,026 6,866 (2.3%) % of Net Sales 5.5% 5.2% Net sales 10,057 10,536 4.8% Segment profit 1,225 1,346 9.9% % of Net Sales 12.2% 12.8% Net sales 59,367 73,069 23.1% Segment profit 5,440 4,024 (26.0%) % of Net Sales 9.2% 5.5% Pharmacy Business BPO Contracting Businesses Pharmaceutical Manufacturing Business
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Copyright © Qol Holdings Co., Ltd. All rights reserved. 8 薬局事業 Segment Information (unit: Millions yen) 3Q FY3/2025 ended Dec. 31, 2024 3Q FY3/2026 ended Dec. 31, 2025 Variance(%) Net sales 128,781 132,418 2.8% Expenses 121,833 125,650 3.1% Segment profit 7,026 6,866 (2.3%) I n c r e a s e i n s a l e s b u t d e c r e a s e i n p r o f i t ⚫ NHI drug price revision （April ） Main factors for change Pharmacy Business ⚫ NHI drug price revision （April ） ⚫ Revisions of medical fee was made in June. (previously April) ① [Revised] Basic Dispensing Fee ② [Newly established] Medical DX Premium ⚫ Patient -elective care scheme for long -listed products has started. (October) • Promotion of use of generic drug • The technical fee unit price increased due to progress in acquiring the Medical DX Premium and the rising proportion of generic drug usage. • The number of prescriptions has declined due to factors such as extended prescription periods.
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Copyright © Qol Holdings Co., Ltd. All rights reserved. 9 薬局事業 Net Sales Breakdown 3,720 9,001 12,870 3,780 8,670 12,566 Existing stores M&A Total 3Q FY3/2025 3Q FY3/2026 +1.6% (3.7%) (2.4%) Net sales of receiving prescriptions (millions yen) Net sales of receiving prescriptions ＝ Number of receiving prescriptions ✕ Average price of prescription Number of receiving prescriptions (thousand unit) Average price of prescription (yen) Pharmacy Business * Excluding new stores 37,962 80,710 119,557 40,601 81,348 122,415 Existing stores M&A Total 3Q FY3/2025 3Q FY3/2026 +7.0% +0.8% +2.4% 10,203 8,967 9,289 10,741 9,382 9,741 Existing stores M&A Total 3Q FY3/2025 3Q FY3/2026
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Copyright © Qol Holdings Co., Ltd. All rights reserved. 10 薬局事業 Review of store strategy underway in accordance with the characteristics of each region Review of the store portfolio × Expansion of scale through M&A and store openings Strategic expansion in consideration of area and investment efficiency • Expansion of scale, mainly in Tokyo, Nagoya and Osaka • Strategic initiatives for the Home and Facility Dispensing Business • Selection of projects with a focus on investment efficiency in view of the brisk M&A market (Takeover of operations in January 2026: Eight stores from Hikari Co., Ltd.) 805 811 834 892 920 948 942 FY3/2020 FY3/2021 FY3/2022 FY3/2023 FY3/2024 FY3/2025 3Q FY3/2025 Trend in Number of Stores FY 3 / 2 0 2 0FY 3 / 2 0 2 1FY 3 / 2 0 2 2FY 3 / 2 0 2 3FY 3 / 2 0 2 4FY 3 / 2 0 2 5 3Q FY 3 / 2 0 2 5 New stores 18 16 15 21 16 18 8 M&A 39 18 15 48 17 26 1 Retail store 3 0 1 1 2 1 2 Pharmacy Business Store Strategy for Medium - and Long -Term Growth
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Copyright © Qol Holdings Co., Ltd. All rights reserved. 11 薬局事業 Details of Technical Fees(transition) Consolidated base 0.4% 1.0%27.8% 34.0% 25.7% 27.7% 45.9% 37.3% Number of pharmaci es 2.3% 1.9% 47.5% 49.3% 0.6% 0.8% 47.2% 45.7% 2.4% 2.3% 70.7% 89.0% 20.5% 7.6%4.8% 1.1% 4.0% 2.3% 926 Dec. 2025Dec. 2024Dec. 2025Dec. 2024 Dec. 2025Dec. 2024 ■ 0pt ■ 10pt ■ 32pt ■ 40pt ■ 5pt ■ 19pt ■ 29pt ■ 35pt ■ 45pt ■ 0pt ■ 21pt ■ 28pt ■ 30pt 912 Basic Dispensing Fee (percentage of store type) Generic Drug Dispensing System Premium (percentage of store type) Medical DX Premium (percentage of store type) 90.0 ％ Dec. 2025 Generic Drug Switch Rate (Quantity base) Number of pharmaci es Community Support System Premium (percentage of store type) Number of pharmaci es 926 912 926 912 Pharmacy Business Dec. 2025Dec. 2024 32.2% 56.3% 8.7% 2.9% 94.8% 2.3% 1.5% 1.4% ■ 0pt ■ 4pt ■ 6pt ■ 7pt ■ 0pt ■ 6pt ■ 8pt ■ 10pt Number of pharmaci es 926 912
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Copyright © Qol Holdings Co., Ltd. All rights reserved. 12 薬局事業 • The timing of revisions to the medical fee and related medical schemes may have an impact on the quarterly trend of technical fees. For the third quarter of the fiscal year under review, two premiums fell under these factors. Changes in the external environment 2024 June October April ２０２５ October December Revised in stages Toughening of standards Expansion of premiums and toughening of standards Expansion of premiums and toughening of standards Expansion of premiums and toughening of standards Newly established Our use of generic drugs increased significantly. Implementation of medical fee revision* Start of patient-elective care scheme related to generic drugs • Promotion of use of generic drugs * It was originally scheduled in April (every other year). For FY3/2025 only, it was implemented exceptionally in June. Generic Drug Dispensing System Premium Medical DX Premium Pharmacy Business External Factors with Impacts on Technical Fee Trend
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Copyright © Qol Holdings Co., Ltd. All rights reserved. 13 BPO 事業 Segment Information (unit: Millions yen) 3Q FY3/2025 ended Dec. 31, 2024 3Q FY3/2026 ended Dec . 3 1, 2025 Variance(%) Net sales 10,057 10,536 4.8% Expenses 9,770 10,210 4.5% Segment profit 1,225 1,346 9.9% Higher s a l e s a n d profit The number of contract MRs increased due to growing demand for MR dispatches. BPO Contracting Businesses
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Copyright © Qol Holdings Co., Ltd. All rights reserved. 14 BPO 事業 • For the third quarter of the fiscal year under review, the BPO Contracting Businesses was driven by the CSO*1 business. Number of MRs and CMR outsourcing percentage in Japan Demand for MR dispatch continued to expand amid a reduction in regular- employee MRs. Focus on the development of MRs in specialty areas to create high value- added and high-productivity CMRs*2 Source: Japan CSO Association, Overview of the survey on the actual situation of CSO business in Japan April June September December Pursuit of expertise Oncology area (ONC) Immunity- related area (IMM) Central nerves area (CNS) Number of active CMRs at APO PLUS STATION Co., LTD in FY3/2026 Record high … *1 Mainly for dispatch of contract MRs *2 Contract MRs BPO Contracting Businesses CSO Business
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Copyright © Qol Holdings Co., Ltd. All rights reserved. 15 製薬事業 Segment Information (unit: Millions yen) 3Q FY3/2025 ended Dec. 31, 2024 3Q FY3/2026 ended Dec . 3 1, 2025 Variance(%) Net sales 59,367 73,069 23.1% Expenses 53,927 69,044 28.0% Segment profit 5,440 4,024 (26.0%) I n c r e a s e i n s a l e s b u t d e c r e a s e i n p r o f i t • 3 ingredients 7 AG products launched in the previous fiscal year made a significant contribution. • On the other hand, operating profit decreased after DAIICHI SANKYO ESPHA CO., LTD. shifted from posting a portion of expenses in one lump sum in March to posting these expenses proportionally in the second half beginning in the third quarter of the consolidated fiscal year under review. ⚫ NHI drug price revision （April ） ⚫ In April 2024, the Company increased its shareholding in DAIICHI SANKYO ESPHA Co., Ltd. From 30% to 51%. ⚫ Number of new products launched: 4 ingredients （GE ：1 、launched in Jun. 2024 AG ：3 、launched in Dec. 2024 ） ⚫ NHI drug price revision （April ） ⚫ In April 2025, the Company increased its shareholding in DAIICHI SANKYO ESPHA Co., Ltd. from 51% to 80%. ⚫ Number of new products launched （1Q ～3Q ） : 1 ingredient （AG ：1 、launched in Dec. 2025 ） Main factors for change Pharmaceutical Manufacturing Business
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Copyright © Qol Holdings Co., Ltd. All rights reserved. 16 製薬事業 ＋１５ ％ Shipment Volume* Trends of Existing Products Year of launch Generic name Main purpose FY3/2015 Levofloxacin Antibacterial agent FY3/2018 Telmisartan Telmisartan/Amlodipine Telmisartan/Hydrochlorothiazide Olmesartan Rosuvastatin Hypertension treatment Hypertension treatment Hypertension treatment Hypertension treatment Hypercholesterolemia treatment FY3/2019 Levofloxacin（Injection） Silodosin Gefitinib Antibacterial agent Urinary disorder Anti-cancer agents FY3/2020 Bicalutamide Anastrozole Tamoxifen Anti-cancer agents Anti-cancer agents Anti-cancer agents FY3/2021 Memantine Hydrochloride Ezetimibe Dementia Hypercholesterolemia treatment FY3/2022 Bortezomib Carvedilol Pilsicainide hydrochloride hydrate Anti-cancer agents Chronic heart failure treatment Arrhythmia FY3/2023 Azocemide Febuxostat Diuretic Hyperuricemia treatment FY3/2024 Bisoprolol fumarate Hypertension treatment FY3/2025 Rivaroxaban Loxoprofen Sodium Tape Hydroxychloroquine Sulfate Selective direct effect Factor Xa inhibitor (Oral Anticoagulants) Transdermal analgesia Anti-Inflammatory agent Immune adjusters Shipment Volume* of existing products grew steadily up 15% year on year FY3/2019 launch FY3/2020 launch FY3/2021 launch FY3/2022 launch FY3/2023 launch FY3/2024 launch * Volume of pharmaceuticals shipped to medical institutions (hospitals and pharmacies) （3%） ＋3% ＋3% ＋7% ＋6% ＋16% ＋8% ＋25% 3Q FY3/2025 3Q FY3/2026 FY3/2025 launch FY3/2015 launch Pharmaceutical Manufacturing Business FY3/2018 launch Growth in existing products
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Copyright © Qol Holdings Co., Ltd. All rights reserved. 17 製薬事業 Status of New Products Launched in FY3/2025 Sales of New Products in the Previous Fiscal Year ⚫The products launched in December 2024 were steadily adopted by medical institutions, contributing to full -year performance. Pharmaceutical Manufacturing Business ■Top row figures Net sales shipped to medical institutions (millions of yen) ■Bottom row figures Number of medical institutions that adopted products FY3/202 ５ （December to March ） 3Q FY3/2026 ended Dec. 31, 2025 Rivaroxaban ６,０２４ （16,767 ） 14,804 （38,558 ） Loxoprofen Sodium Tape １,２７９ （１０ ,340 ） 3,993 （15,687 ） Hydroxychloroquine Sulfate ２４７ （１,９８１） 776 （6,727 ）
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Copyright © Qol Holdings Co., Ltd. All rights reserved. 18 製薬事業 New Products Brand name Product name Effect One ingredient, one product released in December 2025 ZytigaⓇ 250㎎ Abiraterone acetate 250㎎ “DSEP” Prostate cancer treatment （CYP17 inhibitor） Brand name Product name Effect One ingredient, four product scheduled for release in March 2026 EfientⓇ 2.5㎎・3.75㎎・５㎎ EfientⓇ OD 20㎎ Prasugrel 2.5㎎・3.75㎎・5㎎ ”DSEP” Prasugrel OD 20㎎ “DSEP” Antiplatelet agent Pharmaceutical Manufacturing Business
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Copyright © Qol Holdings Co., Ltd. All rights reserved. 19 製薬事業 • The operating margin for the third quarter of the fiscal year under review decreased because of （１） the change in the method of posting expenses and （2） the cost increase attributable to new products in the previous fiscal year. It will be leveled on a full-year basis. Factors for Change in Operating Profit Pharmaceutical Manufacturing Business (1) Expenses (2) ■ Advertising, sales promotion and suchlike ■ Depreciation • From the third quarter of the fiscal year under review, the method of posting part of the expenses apportioned in the second half applies instead of the method of posting it in a lump sum in the fourth quarter. • Expenses increased after the December 202４ launch of seven new products with three ingredients, including large-size products. • Since expenses for the third quarter of the previous fiscal year were minor, the profit level looked higher than it really was.
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Copyright © Qol Holdings Co., Ltd. All rights reserved. 20 Promotion of Sustainability Certification obtained from SBTi, an international climate change initiative Inclusion in ESG ratings Qol's new greenhouse gas (GHG) emission reduction targets have been deemed to conform to the Paris Agreement and have received certification from the Science Based Targets initiative (SBTi). ＜GHG emission reduction targets＞ - Reduce GHG emissions (Scope 1 + 2) by 42% from the level in FY3/2024, which is the base year - Reduce GHG emissions (Scope 3) by 25% from the level in FY3/2024, which is the base year Qol has been internationally recognized for its continued commitment to ESG and has been selected as a constituent of ESG investment indexes which are composed of Japanese companies with excellent ESG initiatives. • FTSE JPX Blossom Japan Index • FTSE JPX Blossom Japan Sector Relative Index
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Disclaimer The information of this material and supplementary materials are intended to provide information to shareholders and investors. No information is intended as a solicitation for investment. The information may include forward-looking statements and these forward- looking statements do not guarantee our future financial results due to various matters that could cause actual results to differ materially from those discussed in the forward- looking statements. The statements regarding industry information are made based on reliable data and these statements do not guarantee its accuracy or completeness. We request that investment decision be made at your discretion and not by depending solely on the information. [IR inquiry] Public Relations Department, Qol Holdings Co., Ltd. TEL:+81-(0)3-6430-9060 FAX:+81-(0)3-5405-9012 E-mail: ir@qol-net.co.jp
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