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Financial Results for the Second Quarter of Fiscal Year Ending March 31, 2026 (FY2025) Tokyo Stock Exchange Prime Market | 6523 PHC Holdings Corporation November 12, 2025
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2 ©PHC Holdings Corporation 2025 Disclaimer This document was prepared by PHC Holdings Corporation (referred to as the “Company,” herein) solely for informational purposes. This document does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in the United States, Japan, or any other jurisdiction. None of the Company’s securities have been or will be registered under the United States Securities Act of 1933, as amended, and no such securities may be offered or sold in the United States absent registration oran applicable exemption from registration requirements. This document contains forward-looking statements, that reflect the Company's assumptions, outlook, and estimates based on information available to the Company as well as its plans and expectations, as of the date of this document or other date indicated. Please note that significant differences may arise between the forecasts and other forward-looking statements contained herein and the actual results, due to various factors. Readers are therefore cautioned against placing undue reliance on such forward-looking statements. Additionally, this document includes information that has not been audited or reviewed by an independent certified public accountant or audit corporation. It also contains financial information based on past financial statements or accounting documents, as well as management figures thatare not based on financial statements or accounting documents. Except as required by applicable laws or stock exchange rules and regulations, the Company assumes no obligation to update or revise any information in this document based on any subsequent developments. This document includes information derived from or based on third-party sources, including information about the markets in which the Company operate. Such information is based on statistics and other data from third-party sources as cited herein. The Company has not independently verified and cannot warrant the accuracy or completeness of any information derived from or based on third-party sources. This document is an English translation of the original Japanese language document and has been prepared solely for reference purposes. The Company makes no warranties or assurances regarding the accuracy or completeness of this English translation. In the event of any discrepancy between this English translation and the original Japanese language document, the Japanese document shall prevail in all respects. The information contained in this document is subjectto change without notice. Furthermore, any information about products (including those currently in development) contained in this document is not intended to constitute advertising or medical advice.
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3 ©PHC Holdings Corporation 2025 Contents Executive Summary FY25Q2 Financial Results Summary FY25 Full Year Forecasts Appendix 01 02 03 04 • Corporate functions have been reviewed. Please refer to page 27 for details. • For the meanings of business-related and financial terms and abbreviations, please refer to page 31.
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01 Executive Summary
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5 ©PHC Holdings Corporation 2025 Financial Highlights for FY25Q2 YTD (JPY in 100 millions) 1,734 104 -6 -0.3％(-5)YoY Growth +12.7％(+12)YoY Growth -％(-47)YoY Growth Revenue Operating Profit Profit Attributable to Owners of Parent In DM, revenue increased due to solid performance particularly in Europe and the U.S., despite the continued decline of the BGM market. In HS, revenue increased due to growth in EMR/medical-receipt system sales, which offset the decline of e-prescription product sales. The growth in both helped offset the revenue decline in D&LS affected by FX and stagnant market, mainly in the U.S., resulting in revenue remaining on par YoY. Operating profit increased by 12.7% YoY, mainly driven by BGM revenue in developed countries with higher margins and the effects of profitability improvement efforts. These factors offset the declines in HS and D&LS. Despite reduced interest expenses, FX losses were recorded as in Q1, resulting in a loss of JPY 600 million in profit attributable to owners of parent. The interim dividend has been determined at JPY 21 per share, as forecast. JPY 21Interim Dividend
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6 ©PHC Holdings Corporation 2025 Revenue In DM, despite the impact of excluding the CGM business in Q4 due to the business transfer, the forecast has been revised upward based on solid performance of the BGM business and the favorable impact of the weaker JPY to increase YoY . Additionally, HQ & Others revenue has been revised to increase YoY as the revenue decline risks have been resolved. Meanwhile, the forecast for HS reflects the weakness in order trends of the CRO business and for D&LS, slow demand for equipment is expected to continue. Overall, consolidated revenue is expected to remain unchanged. Operating Profit Despite the lower revenue forecast in D&LS, revenue increases in DM and HQ & Others, along with a review of restructuring costs, drive the upward revision of JPY 2.6 billion. For the CGM business, the forecast assumes it is excluded from consolidation in Q4, and the impact of the expected business transfer has been reasonably reflected. Profit Attributable to Owners of Parent While operating profit is revised upward, this forecast has been revised downward byJPY 3.0 billion to JPY 4.4 billion based on unrealized FX losses of JPY 6.8 billion recorded in Q2YTD. Since the FX losses are unrealized, the dividend forecast remains unchanged, with an interim dividend of JPY 21/share and a year-end dividend of JPY 21/share, for a total annual dividend of JPY 42/share as planned. FY25 Full Year Forecasts 3,631 200 44 (JPY in 100 millions) Revenue Operating Profit Profit Attributable to Owners of Parent -11.4% (-26) Change from Previous Forecast +14.9% (+26) YoY Growth+0.4% (+15)YoY Growth Change from Previous Forecast - -58.0% (-61)YoY Growth Change from Previous Forecast -40.5% (-30) JPY 42 (Interim: JPY 21, Year-end: JPY 21)Dividend Per Share
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7 ©PHC Holdings Corporation 2025 Wemex Integrates with its subsidiary, Wemex Healthcare Systems*1 Progress of Initiatives in the Value Creation Plan *1 Acquired the EMR and medical-receipt-related business of Fujifilm Healthcare Systems in October 2023. *2 Source: Digital Agency. "The Product Working Group members for the FY2025full-scale rollout of the standard electronic medical record alpha version have been finalized." https://www.digital.go.jp/news/f377a4d5-1054-4df3-8963-902a23078ddf Leading Japan’s Digital Transformation in Healthcare with a Strong, Synergistic, and Competitive Organization • Merged on October 1, 2025 • Accelerates synergy creation through product integration, office consolidation, further organizational enhancement, faster decision-making, and improved operational efficiency. • Expands the customer base to over 55,000 accounts and establishes a structure to maximize resources. • Participates in the working group*2 of the Digital Agency to closely monitor policy trends and ensure support to advance healthcare DX in Japan. URL https://www.phchd.com/jp/phc/news/2025/0926 (Japanese) Renewed and Launched the PATHFAST Immunoanalyzer URL https://www.phchd.com/jp/phc/news/2025/0827 (Japanese) Launched CO2 Incubator with Proprietary Humidity Control Function in Japan PHC and JCR Pharma’s Growjector® L Automated Injection Device Receives the 2025 Kids Design Award URL https://www.phchd.com/global/phc/news/2025/0901 LiCellMo Live-Cell Metabolic Analyzer Wins the Prestigious 2025 R&D 100 Award URL https://www.phchd.com/global/phc/news/2025/0829 E1000 Dx Digital Pathology Solution Wins 2025 International Scanner Benchmark Awards URL https://www.phchd.com/global/news/2025/0930 URL https://www.phchd.com/global/news/2025/1001_2 Strengthening the Profit Base / Portfolio Management Focus on Diagnostics & Life Science Signing of the Memorandum on Understanding on the CGM business Transfer • Singed on September 4, 2025 • Transfer to Senseonics, thereby establishing an integrated system from development and manufacturing to sales URL https://ssl4.eir-parts.net/doc/6523/tdnet/2684179/00.pdf
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8 ©PHC Holdings Corporation 2025 Publication of the 2025 Integrated Report https:// www.phchd.com /global/sustainability/ integratedreport2025 With our new vision, “Be a leader in precision technology that powers the future of healthcare,” the report showcases PHC Group's long-standing expertise in precision technologies and its contributions and value to healthcare, and medical and research practices. Identifies value contribution areas in three segments: “Monitoring,” “Examination/Diagnostics/Treatment,” and “Research & Development.” By featuring the experiences of employees working across our businesses, the report introduces our group's contributions in detail. Simple and interconnected line drawings symbolize our continuous journey of value creation.
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02 FY25Q2 Financial Results Summary
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10 ©PHC Holdings Corporation 2025 FY25Q2 Results FY24Q2 YTD Results FY25Q2 YTD Results YoY Variance FY24 Q2 Results FY25 Q2 Results YoY Variance Revenue 1,739 1,734 -5 887 895 +8 Operating Profit 92 104 +12 72 65 -7 Profit Before Tax 74 9 -65 102 29 -72 Profit Attributable to Owners of Parent 41 -6 -47 73 18 -55 EUR/USD Against JPY 166 / 153 168 / 146 +2 / -7 - - - EBITDA 236 237 +1 142 132 -10 Adjusted EBITDA 233 243 +10 138 133 -4 (JPY in 100 millions)
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11 ©PHC Holdings Corporation 2025 852 887 930 947 839 895 FY24 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY25 Q1 FY25 Q2 20 72 78 56 38 65 FY24 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY25 Q1 FY25 Q2 +1.0% +6.8% +70.0%-9.1% Quarterly Trends in Revenue and Operating Profit Revenue tends to increase in the latter half of the fiscal year due to seasonality. In FY25Q2, revenue increased from Q1, driven by the solid performance of BGM and Healthcare IT Solutions. Operating profit was up 70% from Q1 with the robust performance of high-margin businesses but decreased by 9.1% on a YoY basis, with stagnant market conditions in D&LS and a decline in e-prescription products. Operating ProfitRevenue (JPY in 100 millions) (JPY in 100 millions)
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12 ©PHC Holdings Corporation 2025 28% 36% 34% 2% Revenue by Segment and Business Unit Revenue Composition (JPY in 100 millions) FY24Q2 YTD FY25Q2 YTD Variance Results Results Excluding FX Impact Results Excluding FX Impact Diabetes Management 483 487 492 +0.9% +2.0% Healthcare Solutions 615 627 627 +1.9% +1.9% LSIM 330 336 336 +2.0% +2.0% Healthcare IT Solutions 243 258 258 +6.1% +6.1% CRO 42 33 33 -23.0% -23.0% Diagnostics & Life Sciences 626 591 602 -5.5% -3.8% Pathology 282 277 283 -1.8% +0.4% Biomedical 243 229 233 -6.0% -4.2% IVD 100 85 85 -14.7% -14.8% Consolidated 1,739 1,734 1,751 -0.3% +0.7% (JPY in 100 millions) Revenue 1,734 Diabetes Management Healthcare Solutions Diagnostics & Life Sciences Others
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13 ©PHC Holdings Corporation 2025 92 +28 -7 -21 +10 103 +1 104 1,739 +10 +7 +15 -10 +1 -10 -15 +15 1,751 -17 1,734 Analysis of Revenue Growth and Operating Profit Growth Operating Profit* Revenue (JPY in 100 millions) (JPY in 100 millions) FY24 Q2 YTD FY25 Q2 YTD Operating Profit Excluding FX Impact Diabetes Management Healthcare Solutions Diagnostics & Life Sciences HQ & Others FY25 Q2 YTD FX Impact FY24 Q2 YTD Diabetes Management LSIM Healthcare IT Solutions CRO Pathology Biomedical IVD HQ & Others FY25 Q2 YTD FX ImpactFY25 Q2 YTD Revenue Excluding FX Impact Revenue Growth Rate +0.7% Operating Profit Growth Rate +11.3% *Corporate functions have been reviewed. Please refer to page 27 for details. 1,800 1,750 1,700 160 80 0
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14 ©PHC Holdings Corporation 2025 483 487 492 FY24Q2 YTD Total FY25Q2 YTD Total FY25Q2 Excluding FX Impact [Diabetes Management Segment] Revenue and Operating Profit Despite the declining market and FX impact between JPY and USD, BGM revenue remained solid in Europe and the U.S., and 365-day CGM product contributed. As a result, total revenue increased YoY. Operating profit increased significantly driven by BGM revenue in developed countries with high margins, pricing initiatives in the U.S., the effects of executed restructuring efforts, and decreased amortization costs. Operating ProfitRevenue － Impact of JPY appreciation vs. USD － Market shifts to low-price channel － Market contraction in developed countries + Price increase in the U.S. + Share gains in developed markets + Shift in demand from the second half FY24Q2 YTD Total FY25Q2 YTD Total FY25Q2 Excluding FX Impact 98 117 116 • Margin: 19.2% *Please refer to page 27 for details. Increased sales of CGM+ (JPY in 100 millions) (JPY in 100 millions) 64 93 92 FY24Q2 YTD Total FY25Q2 YTD Total FY25Q2 Excluding FX Impact +0.9% +46.6 % ［Reference］Adjusted EBITDA － JPY 140M impact from corporate function transfer* + Revenue growth in BGM Strong performance in profitable markets in the EU + Improved profitability in the U.S. + Decreased amortization costs+ Cost reductions due to past restructuring +
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15 ©PHC Holdings Corporation 2025 42 33 33 243 258 258 330 336 336 FY24Q2 YTD Total FY25Q2 YTD Total FY25Q2 Excluding FX Impact 36 30 30 FY24Q2 YTD Total FY25Q2 YTD Total FY25Q2 Excluding FX Impact [Healthcare Solutions Segment] Revenue and Operating Profit Revenue increased slightly YoY, driven by higher sales in genetic testing and EMR/medical-receipt systems, which offset decreased e-prescription product sales and revenue decline in the CRO business. Despite the revenue growth and cost reduction initiatives, operating profit declined mainly due to lower sales of high- margin e-prescription products, increased procurement costs, and reduced CRO business revenue. Growth in EMR/medical-receipt system sales + Decline in demand for e-prescription products － Increased sales of genetic testing+ Healthcare IT Solutions LSIM CRO Decreased orders in clinical trials－ FY24Q2 YTD Total FY25Q2 YTD Total FY25Q2 Excluding FX Impact 86 83 83 ［Reference］Adjusted EBITDA • Margin: 4.7% 615 627627 *Please refer to page 27 for details. Operating ProfitRevenue Decreased large-scale testing－ +1.9% -18.3% Impact of increased revenue+ － Declined high-margin e-prescription product sales Increased procurement costs－ Decreased revenue in CRO business － Increased amortization costs－ JPY 40M impact from corporate function transfer* － Effect of cost reductions+ (JPY in 100 millions) (JPY in 100 millions)
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16 ©PHC Holdings Corporation 2025 35 13 14 FY24Q2 YTD Total FY25Q2 YTD Total FY25Q2 Excluding FX Impact 100 85 85 243 229 233 282 277 283 FY24Q2 YTD Total FY25Q2 YTD Total FY25Q2 Excluding FX Impact [Diagnostics & Life Sciences Segment] Revenue and Operating Profit Revenue decreased YoY, due to slow equipment demand in the U.S., JPY appreciation against USD, lower revenue in the IVD business, and the absence of one-time income recorded in FY24. Despite the price revisions, operating profit declined significantly YoY due to decreased revenue, as well as tariff impact and corporate function changes. Biomedical lVD Pathology (JPY in 100 millions) (JPY in 100 millions) FY24Q2 YTD Total FY25Q2 YTD Total FY25Q2 Excluding FX Impact 86 69 71 ［Reference］Adjusted EBITDA 626 591 602 *Please refer to page 27 for details. Operating ProfitRevenue • Margin: 2.2% Impact of JPY appreciation vs. USD－ Strong performance in Europe/Asia+ Recovery in Europe/Japan+ Stagnated equipment demand in the U.S. － Decreased sales in digital injectors－ Demand slowdown due to U.S. policy changes － Impact of JPY appreciation vs. USD－ Decline in reagent revenue－ Effect of pricing revision+ One-time income recorded in FY24－ Tariff impact of approx. JPY 800M－ － One-time income recorded in FY24 JPY 630M + Effect of pricing revision JPY 550M impact from corporate function transfer* － + Other income from re-classification of affiliate of approx. JPY 500M Impact of decreased revenue－ -5.5% -62.3%
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17 ©PHC Holdings Corporation 2025 Revenue by Region In Japan, revenue increased due to performance in HS. In Europe, revenue rose as solid performance in BGM and Pathology drove growth. In North America, despite growth in BGM, revenue decreased due to FX and slow demand in D&LS. In other regions, revenue increased slightly as growth in other sales offset the decline in BGM and D&LS. Revenue CompositionFY24Q2 YTD Results FY25Q2 YTD Results Variance Variance (%) Japan 738 742 +4 +0.5% Europe 409 428 +19 +4.7% North America 390 361 -29 -7.4% Others 201 202 +1 +0.4% Total 1,739 1,734 -5 -0.3% (JPY in 100 millions) (JPY in 100 millions) Japan 43% Europe 25% North America 21% Others 12% Revenue 1,734
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18 ©PHC Holdings Corporation 2025 FY24Q2 YTD Results FY25Q2 YTD Results DM HS D&LS HQ & Others Consolidated DM HS D&LS HQ & Others Consolidated Operating Profit* 6,361 3,635 3,494 -4,278 9,212 9,328 2,970 1,317 -3,237 10,378 + Depreciation 3,323 4,984 5,661 340 14,310 2,224 5,205 5,615 302 13,347 + Impairment loss (excluding marketable securities) 56 - - - 56 - - 1 - 1 EBITDA 9,741 8,620 9,156 -3,938 23,579 11,552 8,175 6,933 -2,935 23,727 + Transformational M&A pre-acquisition and integration costs - 25 - - 25 - 80 - - 80 + Restructuring 106 - 122 85 315 192 - 2 258 452 + Disposal / sale of asset - - - - - - - - - - + Special compensation to employees - - - - - - - - - - + Other one-time income / expense - - -631 4 -627 - - - - - Adjusted EBITDA 9,848 8,646 8,647 -3,848 23,293 11,744 8,256 6,935 -2,676 24,260 (JPY in millions) Reconciliation for Adjusted EBITDA *Corporate functions have been reviewed. Please refer to page 27 for details.
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19 ©PHC Holdings Corporation 2025 Key Consolidated Balance Sheet Information Cash and cash equivalents decreased by JPY 6.3 billion from FY24-end. Goodwill increased by JPY 5.6 billion due to FX impact. Despite a total repayment of JPY 11.9 billion, the debt balance decreased by only JPY 7.6 billion due to FX effects. Borrowings maturing in June 2026 were recorded as current liabilities. FY24 End of March FY25 End of September Variance Cash and cash equivalents 396 333 -63 Total current assets 1,728 1,691 -37 Property, plant and equipment 484 443 -41 Goodwill 2,065 2,121 +56 Intangible assets 806 767 -40 Total noncurrent assets 3,597 3,568 -29 Total Assets 5,325 5,258 -67 Borrowings (current portion) 343 2,450 +2,107 Total current liabilities 1,406 3,476 +2,071 Borrowings (noncurrent portion) 2,210 27 -2,183 Total noncurrent liabilities 2,508 321 -2,186 Total liabilities 3,913 3,798 -115 Equity attributable to owners of parent 1,416 1,467 +50 Non-controlling interests -5 -6 -1 Total Liabilities and Net Assets 5,325 5,258 -67 Gross debt 2,553 2,477 -76 Gross Debt / Adjusted EBITDA*1 5.1x 4.9x - Net debt*2 2,157 2,144 -13 Net Debt / Adjusted EBITDA*1 4.3x 4.2x - ROE on Profit Attributable to Owners of Parent*1,3 7.5% 4.2% - (JPY in 100 millions) *1 Adjusted EBITDA and ROE are on last 12 months basis. *2 Calculated as: current and non-current borrowings - cash and cash equivalents. *3 Calculated as: profit attributable to owners of parent divided by average equity attributable to owners of parent during the period. These are not measures in accordance with IFRS.
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20 ©PHC Holdings Corporation 2025 396 +9 +133 +27 +25 -26 -42 -44 +1 -119 -30 -26 -0 +34 333 250 300 350 400 450 500 550 600 650 FY25Q2 YTD Consolidated Cash Flow Operating cash flow totaled JPY +12.1 billion. CAPEX was JPY 4.4 billion. Financial cash flow was JPY -17.6 billion, primarily due to debt repayments of JPY 11.9 billion, lease liability repayments of JPY 3.0 billion, and dividend payments of JPY 2.6 billion. Consequently, the balance of cash and cash equivalents declined by JPY 6.3 billion. Cash and cash equivalents at FY24-end Cash and cash equivalents at FY25Q2-end Profit before tax Depreciation and amortization CAPEX Others Repayment of debt Others FX Impact Investing CF -42 Financing CF -176 (JPY in 100 millions) Dividend Repayment of lease liabilities Operating CF +121 Others Interest expenses Interest paid Income taxes paid -5 Working capital
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03 FY25 Full Year Forecasts
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22 ©PHC Holdings Corporation 2025 FY25 Full Year Consolidated Forecasts FY24 Results FY25 Forecast (As of May) FY25 Forecast (As of Nov) YoY Variance Change from Previous Forecast Comments on Change from Previous Forecast Revenue 3,616 3,631 3,631 +15 - See page 23 Operating Profit 226 174 200 -26 +26 See page 23 Profit Before Tax 188 122 80 -108 -42 Profit Attributable to Owners of Parent 105 74 44 -61 -30 Basic Earnings Per Share (JPY) 83 59 35 -48 -24 EBITDA 504 435 461 -43 +26 Adjusted EBITDA 501 452 478 -23 +26 EUR/USD Against JPY 164 / 152 155 / 140 171/146 +7/-6 +16/+6 Annual Dividend (JPY) 42 42 42 - - (JPY in 100 millions)
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23 ©PHC Holdings Corporation 2025 FY25 Full Year Forecasts for Revenue and Operating Profit Comparison to Previous Forecasts FY25 Revised Forecast 174 +42 0 -26 200 3,631 +28 -10 -56 +38 3,631 Diabetes Management Healthcare Solutions Diagnostics & Life Sciences Others FY25 Previous Forecast (As of May) FY25 Revised Forecast FY25 Previous Forecast (As of May) Diabetes Management Healthcare Solutions Diagnostics & Life Sciences Others +11 *Starting in FY25, following the review of our corporate functions and the transfer of some headquarters roles to each business. As a result, the breakdown of operating profit by segment was revised on August 7, 2025. The increase or decrease of each segment represents the amount after the change. (JPY in 100 millions) (JPY in 100 millions) Operating Profit*Revenue 160 200 240 120 3,540 3,580 3,620 3,500 3,660
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24 ©PHC Holdings Corporation 2025 FY24 Results FY25 Forecast (As of Aug) FY25 Forecast (As of Nov) YoY Variance* Change from Previous Forecast Revenue Diabetes Management 987 962 990 +3 +28 Healthcare Solutions 1,283 1,323 1,313 +30 -10 Diagnostics & Life Sciences 1,309 1,337 1,281 -28 -56 HQ & Others 37 10 48 +11 +38 Consolidated 3,616 3,631 3,631 +15 - Operating Profit Diabetes Management 139 140 182 +43 +42 Healthcare Solutions 93 81 81 -12 - Diagnostics & Life Sciences 72 56 30 -42 -26 HQ & Others -78 -104 -93 -15 +11 Consolidated 226 174 200 -26 +26 Adjusted EBITDA Diabetes Management 204 188 234 +30 +46 Healthcare Solutions 193 188 188 -5 - Diagnostics & Life Sciences 181 163 137 -44 -26 HQ & Others -77 -87 -81 -4 +6 Consolidated 501 452 478 -23 +26 FY25 Full Year Segment Forecasts (JPY in 100 millions) *Starting in FY25, Corporate functions have been reviewed, and the impact amounts are included. Please refer to page 27 for details.
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25 ©PHC Holdings Corporation 2025 Updates on Impacts of U.S. Tariff Actions As for the potential risk after mitigation, the estimated annual impact is JPY 1.0-1.5 billion Mitigation Efforts • Optimization of the supply chain • Price increase • Cost reduction Current StatusAssumptions as of May Q1 results • P&L impact is approx. JPY 200 million • Optimization of supply chain is progressing as planned. • Steel and aluminum tariffs have been in place since June 23. Q2 results • From July 1, additional price increases have been applied to some products. • Starting August 7, new tax rates and additional tariffs on steel and aluminum products have been enforced. • P&L impact YTD: approx. JPY 800 million. The progress of counter measures is on track and the impact Q2YTD was within our expectation. The full-year forecast of the impact with JPY 1.0-1.5 billion remains unchanged at this point.
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04 Appendix
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27 ©PHC Holdings Corporation 2025 Impact of Corporate Function Review Starting in FY25, following the review of our corporate functions and the transfer of some headquarters roles to each business, the year-on-year variances include the impact of this change. The impact amounts for each segment are as follows. FY24 Results FY25 Forecast YoY Variance Impact of this change FY25Q2 YTD Impact Operating Profit Diabetes Management 139 182 +43 -4 -1 Healthcare Solutions 93 81 -12 -1 -0 Diagnostics & Life Sciences 72 30 -42 -16 -6 HQ & Others -78 -93 -15 +20 +7 Consolidated 226 200 -26 - - Adjusted EBITDA Diabetes Management 204 234 +30 -3 -1 Healthcare Solutions 193 188 -5 -1 -0 Diagnostics & Life Sciences 181 137 -44 -15 -6 HQ & Others -77 -81 -4 +20 +7 Consolidated 501 478 -23 - - (JPY in 100 millions)
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28 ©PHC Holdings Corporation 2025 FX Gains and Losses Recognized in Financial Income and Expenses FX gains and losses accrue from the settlement and FX valuation of receivables and payables denominated in foreign currencies of the Company and its subsidiaries. Due to the weaker JPY against the EUR at FY25Q2-end compared to FY24Q4-end, FX valuation losses were primarily incurred on the Company’s foreign currency- denominated borrowings from our subsidiaries outside Japan. FX valuation losses included in financial expenses in FY25Q2 YTD: JPY 6.8 billion (Q1: JPY 4.4 billion, Q2: JPY 2.4 billion)
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29 ©PHC Holdings Corporation 2025 CAPEX・Depreciation / R&D Expenses Depreciation expenses decreased due to the completion of amortization for some intangible assets. CAPEX was focused on maintenance and renewal in line with the Capital Allocation in the VCP. CAPEX Depreciation R&D ExpensesCAPEX ・ Depreciation 54 62 53 FY23 Q2 YTD FY24 Q2 YTD FY25 Q2 YTD 69 59 44 134 143 133 FY23 Q2 YTD FY24 Q2 YTD FY25 Q2 YTD (JPY in 100 millions) (JPY in 100 millions)
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30 ©PHC Holdings Corporation 2025 FX Sensitivity (JPY in millions) Currencies Pair Revenue Operating Profit JPY/EUR +400 0 JPY/USD +550 +35 PHC Group is exposed to the following impacts on its full year results depending on the respective change in exchange rates (depreciation of JPY 1 throughout the year). The Group is primarily affected by EUR and USD, besides JPY. The three currencies account for approx. 85% of revenue and nearly 100% of operating profit. The above figures are calculated based on the assumptions used in the original forecast and are not based on actual results.
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31 ©PHC Holdings Corporation 2025 Glossary *These are not measures in accordance with IFRS EBITDA EBITDA = Operating profit + depreciation + impairment loss (excluding marketable securities) Adjusted EBITDA Adjusted EBITDA = EBITDA + one-time income and expense Excluding FX Impact Excluding FX Impact is calculated as follows; - Revenue : IFRS Revenue – FX impact on Revenue - Operating Profit : IFRS Operating Profit – FX impact on Operating Profit - Adjusted EBITDA： Adjusted EBITDA – FX impact on Adjusted EBITDA DM Diabetes Management HS Healthcare Solutions D&LS Diagnostics & Life Sciences BGM Blood Glucose Monitoring CGM Continuous Glucose Monitoring IVD In Vitro Diagnostics Business Finance*
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32 ©PHC Holdings Corporation 2025 Historical Financial Data The following data are available on our website. Consolidated Balance Sheet Profit & Loss including adjustment items Cash Flow Statement Segment Revenue, Operating Profit, Adjusted EBITDA including adjustment items Revenues in each of the Business Units and Revenue Matrix of Segments and Regions Quarterly Data From FY23 to FY25Q2 Include: https:// www.phchd.com /global/ ir/historical