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February 9, 2026 Financial Results for the Third Quarter Ended December 31, 2025 Expand, Support, and Connect “Pharmaceuticals, Health, and Beauty” an Orchestra in Support of People's Health The MEDIPAL Group aims to realize a society in which everyone can live with physical and mental well-being and to enhance its corporate value. Regarding the description of the business period Third Quarter Ended December 31,2024 (April 1, 2024 to December 31, 2024) ⇒ 3Q/FY2024 Third Quarter Ended December 31,2025 (April 1, 2025 to December 31, 2025) ⇒ 3Q/FY2025 The MEDIPAL Group has three business segments: ・ Prescription Pharmaceutical Wholesale Business (MEDICEO Business) ・ Cosmetics, Daily Necessities and OTC Pharmaceutical Wholesale Business (PALTAC Business) ・ Animal Health Products and Food Processing Raw Materials Wholesale and Related Business (AGRO＆FOOD Business)
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Copyright © 2025 MEDIPAL HOLDINGS CORPORATION, All rights reser ved. Our Core businesses remain strong, and we are strengthening and implementing future-oriented growth strategies to achieve sustainable growth ￥2,911.6 billion YoY Change +￥104.4 billion +3.7% 3Q/FY2025 1 (4.8%) +8.1% ＋3.2% Adjusted Operating Profit* ￥ 48.4 billion YoY Change +￥0.8 billion +1.9% Overview of Financial Results for 3Q/FY2025 Net Sales Operating Profit Ordinary Profit Profit Attributable To Owners of Parent ￥ 43.1 billion ￥ 61.3 billion ￥ 37.4 billion ￥ (2.1) billion +￥4.6 billion +￥1.1 billion Each business segment is progressing as planned in line with its respective full-year forecasts *Operating profit after deducting from SG＆A expenses the amortization of goodwill and intangible assets incurred in connection with business investment expenses and growth investments set out in the 2027 MEDIPAL Medium-Term Vision Net Sales︓Consolidated sales increased 3.7% due to the sales growth of the MEDICEO and PALTAC businesses Operating Profit︓Gross profit increased due to the sales growth, but SG&A expenses increased by business investments for future growth and human resource investments. As a result, operating profit decreased by 4.8% (Adjusted operating profit*increased 1.9%） Profit Attributable To Owners of Parent︓Increased 3.2% due to higher non-operating income and the recording of extraordinary income and losses
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3Q/FY2025 Consolidated Statements Copyright © 2025 MEDIPAL HOLDINGS CORPORATION, All rights reser ved. 2 （¥ billion) 3Q/FY2024 3Q/FY2025 Results Results YoY [% of Net Sales] [% of Net Sales] YoY Change % of Change Net Sales 2,807.1 2,911.6 +104.4 +3.7% Gross Profit 194.2 199.0 +4.7 +2.5% [6.92％] [6.84％] [(0.08pp)] SG&A Expenses 148.8 155.8 +6.9 +4.7% [5.30%] [5.35％] [+0.05pp] SG&A Expenses （except ①② below） 146.6 150.5 +3.9 +2.7% [5.22%] [5.17%] [(0.05pp)] ①Business investment expenses, etc. 0.5 3.5 ＋3.0 ＋592.1% ②Goodwill ･Intangible assets amortization※ 1.6 1.7 +0.0 +4.1% Operating Profit 45.3 43.1 (2.1) (4.8%) [1.62%] [1.48％] [(0.13pp)] Operating Profit except ①② above 47.5 48.4 ＋0.8 +1.9% [1.69%] [1.66%] [(0.03pp)] Ordinary Profit 56.7 61.3 4.6 +8.1% [2.02%] [2.11％] [+0.09pp] Extraordinary income & losses 9.2 5.2 (3.9) (43.0%) Profit before income taxes 65.9 66.5 +0.6 +1.0% Profit Attributable to Owners of Parent 36.2 37.4 +1.1 +3.2% ※ Amortization of goodwill and intangible assets incurred due to growth investments listed in the 2027 MEDIPAL Medium-Term Vision
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Copyright © 2025 MEDIPAL HOLDINGS CORPORATION, All rights reser ved. 3 Gross profit increased due to the sales growth, but operating profit decreased* due to the impact of business investment expenses, etc. Profit attributable to owners of parent rose due to an increase in non-operating income and the recording of extraordinary income and losses ※ Operating profit after deductinggrowth investments to realize the 2027MEDIPAL mid-term vision and the associated amortization of goodwill and intangible assets from SG＆A expenses. Change factors from 3Q/2024Amount YoY Change • Gross Profit︓ +¥4.7 billion MEDICEO business [+￥1.4 billion] PALTAC business [+￥3.4 billion] 【Adjusted Operating Profit※】 Operating Profit ¥43.1 billion ¥48.4 billion ¥(2.1) billion [(4.8%)] +¥0.8 billion [+1.9%] • Extraordinary income︓+¥0.6 billion Gains on sales of investment securities increased [+¥0.8 billion] • Extraordinary losses︓+¥4.6 billion Business restructuring expenses [＋¥4.5 billion] ¥37.4 billion +¥1.1 billon [＋3.2%] Profit Attributable to Owners of Parent • MEDICEO Business: +¥65.3 billion • PALTAC Business: +39.5 billion • AGRO＆FOOD Business: (0.4)billion ¥2,911.6 billion ＋¥104.4 billion [+3.7%]Net Sales • Increased in equity method earnings [＋¥2.6billion] • Gain on investments in investment partnerships [＋¥3.7billion] ¥61.3 billion +¥4.6 billion [+8.1%]Ordinary Profit 3Q/FY2025 Consolidated Results • SG＆A expenses︓+¥6.9 billion Increase in business investment expenses year on year [+￥3.0 billion] Increase due to rising logistics costs in the PALTAC business [+￥3.9 billion] *Adjusted operating profit※ increased
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Copyright © 2026 MEDIPAL HOLDINGS CORPORATION, All rights reser ved. 4 +4.7 (3.0) (0.3) (3.9) Others ＋0.3 (2.1) +2.6 +3.7 Others ＋4.6+0.3 ※Income allocated from the profits arising from the transfer of a portion of the shares of AND PHARMA Co., Ltd. by an investment vehicle managed and operated by J-Will Partners Co., Ltd., in which the Company has investmented Factors behind YoY changes in Gross Profit, Operating Profit, and Ordinary Profit +1.4 Profit from MEDICEO +3.4 Profit from PALTAC Gross Profit SG＆A expenses（Increase） (6.9) Business investment costs of MEDICEO Others of MEDICEO SG＆A expenses of PALTAC Operating Profit Ordinary Profit Non-Operating Income/Expenses +6.7 （¥ billion) Profit of entities accounted for using equity method Gain on investments in investment partnerships*
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Copyright © 2026 MEDIPAL HOLDINGS CORPORATION, All rights reser ved. 5 +0.8 (4.5) Others (0.0) +1.1 +0.6 +4.6 +0.5(0.3) *Expenses related to the transfer of logistics employees between group companies Factors behind YoY changes in Ordinary Profit ,Profit before Income Taxes, and Profit attributable to Owners of Parent Ordinary Profit Profit before Income Taxes Profit attributable to Owners of Parent Extraordinary Income/Expenses (3.9) Gain on sale of investment securities Business restructuring expenses related to logistics operations* Income taxes Profit attributable to noncontrolling interests （¥ billion)
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3Q/FY2025 MEDICEO Business Copyright © 2025 MEDIPAL HOLDINGS CORPORATION, All rights reser ved. 6 (¥ billion) 3Q/FY2024 3Q/FY2025 Results Results YoY （% of Net Sales） （% of Net Sales） YoY Change % of Change Net Sales 1,809.7 1,875.0 +65.3 +3.6% Gross Profit 113.7 115.2 +1.4 +1.3% [6.29%] [6.14%] [(0.14pp)] SG&A Expenses 92.9 96.3 +3.4 +3.7% [5.13%] [5.14%] [+0.01pp] SG&A Expenses （except ①② below） 92.2 92.6 +0.3 +0.4% [5.10%] [4.94%] [(0.16pp)] ①Business investment expenses, etc. 0.5 3.5 +3 .0 +592.1% ②Goodwill amortization※ 0.1 0.2 +0.0 +50.0% Operating Profit 20.8 18.8 (1.9) (9.6%) [1.15%] [1.01%] [(0.15pp)] Operating Profit except ①② above 21.5 22.5 +1.0 +5.0% [1.19%] [1.20%] [+0.02pp] ※ Amortization of goodwill incurred due to growth investments listed in the 2027MEDIPAL Medium-Term Vision [Note] Resarch fee income is recorded as non-operating income Research fee income 5.0 5.1 ＋０.1
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Copyright © 2025 MEDIPAL HOLDINGS CORPORATION, All rights reser ved. 7 Initiatives utilizing the two As (ALC and AR*) have been highly praised by medical institutions and dispensing pharmacies, resulting in sales exce eding market growth Net Sales ＋¥65.3billion [+3.6%] • Prescription pharmaceutical sales outpaced market growth Expansion of sales by focusing on growth products in the market Growth in sales through dispensing pharmacies ¥1,875.0 billion • Gross profit:+¥1.4billion Sales ratio:6.29% ⇒ 6.14% [(0.14pp）] Increased profits due to sales growth Sales ratio decreased due to changes in product mix resulting from rising purchasing costs and decline in demand for vaccine-related products • SG&A expenses:+3.4billion Business investment costs increased ¥(1.9) billion [(9.6%)]¥18.8 billion ¥22.5 billion +¥1.0billion [+5.0%] 【Adjusted Operating Profit※】 Operating Profit *ALC︓Area Logistics Center、 AR︓Assist Representatives Change factors from 3Q/2024Amount YoY Change ※ Operating profit after deductinggrowth investments to realize the 2027MEDIPAL mid-term vision and the associated amortization of goodwill and intangible assets from SG＆A expenses Growth rate of prescription Pharmaceutical (April to December 2025) Market ︓+2.9% MEDIPAL︓+4.0% Calculated in-house based on data from Encise Inc. (NHI drug price base) Gross profit and adjusted operating profit※ increased 3Q/FY2025 MEDICEO Business
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3Q/FY2025 PALTAC Business Copyright © 2025 MEDIPAL HOLDINGS CORPORATION, All rights reser ved. 8 (¥ billion) 3Q/FY2024 3Q/FY2025 Results Results YoY （% of Net Sales） （% of Net Sales） YoY Change % of Change Net Sales 911.0 950.6 +39.5 +4.3% Gross Profit 68.0 71.4 +3.4 +5.0% [7.47%] [7.52%] [+0.05pp] SG&A Expenses 45.5 49.4 +3.9 +8.6% [5.00%] [5.21%] [+0.20pp] Operating Profit 22.4 21.9 (0.4) (2.2%) [2.46%] [2.31%] [(0.15pp)]
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Copyright © 2025 MEDIPAL HOLDINGS CORPORATION, All rights reser ved. 9 Sales and gross profit showed growth, while SG&A expenses rose due to increased investment in human resources, etc. Net Sales Increased due to supported by higher transactions volumes and the expansion of new products. However, higher SG＆A expenses resulting from rising labor costs and logistics costs more than offset the increase in gross profit. Net Sales Operating Profit Change factors from 3Q/2024Amount YoY Change ¥21.9 billion ＋¥39.5 billion [+4.3%] ¥(0.4) billion [(2.2%)] • Expanding business • Expanding our lineup of new, high-value-added products • Sales promotion measures that capture consumer purchasing behavior, such as increased demand for going out and health consciousness, have been successful • Gross profit︓+¥3.4 billion Sales ratio: 7.47% ⇒ 7.52% [+0.05pp] (Positive factors) Increased due to net sales growth Gross profit margin improved due to strengthened sales of high-margin, high-value-added products (including new products) (Negative factors) Increase in center fees due to rising prices and driver shortages • SG＆A expenses︓+¥3.9 billion Sales ratio:5.00% ⇒ 5.21% [+0.20pp] Increased variable costs and personnel investment due to increased sales Increased logistics costs due to higher warehouse labor costs and delivery unit prices Recorded operating costs for externally rented centers to secure capacity ¥950.6 billion 3Q/FY2025 PALTAC Business
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Copyright © 2025 MEDIPAL HOLDINGS CORPORATION, All rights reser ved. 10 (¥ billion) 3Q/FY2024 3Q/FY2025 Results Results YoY （% of Net Sales） （% of Net Sales） YoY Change % of Change Net Sales 89.4 88.9 (0.4) (0.5％) Gross Profit 12.4 12.4 (0.0) (0.6%) [13.97%] [13.95%] [(0.02pp)] SG&A Expenses 10.5 10.2 (0.2) (2.3%) [11.76%] [11.55%] [(0.21pp)] SG&A Expenses （except below） 8.9 8.7 (0.2) (2.7%) [10.04%] [9.82%] [(0.22pp)] Goodwill ･Intangible assets amortization※ 1.5 1.5 ―― Operating Profit 1.9 2.1 +0.1 +8.2% [2.20%] [2.40%] [ +0.19pp] Operating Profit except Goodwill ･Intangible assets amortization 3.5 3.6 +0.１ +4.6% [3.93%] [4.13%] [+0.20pp] 3Q/FY2025 AGRO&FOOD Business ※ Amortization of goodwill and intangible assets incurred due to growth investments listed in the 2027 MEDIPAL Medium-Term Vision
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3Q/FY2025 AGRO&FOOD Business Copyright © 2025 MEDIPAL HOLDINGS CORPORATION, All rights reser ved. 11 Despite higher costs arising from exchange rates, operating profit increased, supported by lower SG＆A expenses On January 30, MP AGRO CO., LTD. completed the acquisition of Cygni Corporation , a company with strengths in the EC business in the companion animal market. Aiming to quickly expand sales nationwide through EC sales channels Net Sales Change factors from 3Q/FY2024Amount YoY Change ¥88.9 billion ¥(0.4) billion [(0.5%)] Operating Profit ¥2.1 billion • Gross Profit︓¥(0.07) billion Profits decreased due to intensified price negotiations in the livestock and fisheries sector and rising costs in the food sector due to the impact of exchange rates Sales ratio: 13.97% ⇒ 13.95% (0.02)pp • SG＆A expenses︓¥(0.24) billion Transportation and delivery costs decreased in the Animal Health Products wholesale business Labor costs decreased in the food processing raw materials wholesale and related business Sales ratio: 11.76% ⇒ 11.55% (0.21)pp ＋¥0.1 billion [＋8.2%] Animal Health Products wholesale business: increased • In the companion animal field, sales decreased due to the impact of changes in distribution channels, with some products now sold directly by manufacturers • In the livestock and fisheries sector, sales increased due to strong sales of fish vaccines and ingredients for cattle breeding Food processing raw materials wholesale and related business︓decreased • Sales in the chemicals sector expanded as new business opportunities were created • Sales decreased due to a decrease in sales in the food sector
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Forecast of Consolidated Results for the FY2025 Copyright © 2025 MEDIPAL HOLDINGS CORPORATION, All rights reser ved. 12 Due to the impact of non-operating income and extraordinary income & losses not included in the forecast of consolidated results for the FY2025, ordinary income and net income attributable to owners of the parent exceeded expectations as of the third quarter （¥ billion) Forecast of Consolidated Results for the FY2025 3Q/FY2025 Consolidated Results YoY [% of Net Sales] YoY [% of Net Sales] Progress rate (Against full-year forecast) Net Sales 3,785.0 +3.1% 2,911.6 +3.7% 76.9% Gross Profit 263.5 +3.0% [6.96%] 199.0 +2.5% [6.84%] 75.5% SG&A Expenses 211.5 +5.7% [5.59%] 155.8 +4.7% [5.35%] 73.7% Operating Profit 52.0 (6.5%) [1.37%] 43.1 (4.8%) [1.48%] 83.0% Adjusted Operating Profit※ 60.7 ＋2.9% [1.60%] 48.4 +1.9% [1.66%] 79.8% Ordinary Profit 69.0 +5.7% [1.82%] 61.3 +8.1% [2.11%] 88.9% Profit Attributable to Owners of Parent 34.5 (14.3%) [0.91%] 37.4 +3.2% [1.28%] 108.4% ※ Operating profit after deductinggrowth investments to realize the 2027MEDIPAL mid-term vision and the associated amortization of goodwill and intangible assets from SG＆A expenses We intend to continue reducing our strategic equity holdings, but the forecast does not include any gains from sales of investment securities. If it becomes necessary to revise the full-year earnings forecast, we will disclose this information in a timely and appropriate manner
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13 Copyright © 2025 MEDIPAL HOLDINGS CORPORATION, All rights reser ved. Management Philosophy Contributing to peopleʼs health and the advancement of society through creation of value in distribution
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14Copyright © 2025 MEDIPAL HOLDINGS CORPORATION, All rights reser ved. 【Forward-Looking Statements】 These materials reflect analysis of available information and various trends as of the date on the cover. Risks and uncertainties affecting the Companyʼs business could cause actual results to differ materially from any projections presented in these materials. In the event of any conflict between the Japanese and English versions of these materials, the Japanese version shall prevail.