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August 5 , 2026 Financial Results for the First Quarter Ended June 30 , 2026 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 . MEDIPAL HOLDINGS CORPORATION
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Contents Copyright © 2026 MEDIPAL HOLDINGS CORPORATION, All rights reserved. 2 Revision of Full-Year Consolidated Earnings and Dividend Forecasts for the Fiscal Year Ending March 31, 2027 (Announced on July 14, 2026) 1 Financial Results for the First Quarter Ended June 30, 2026 2 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) Regarding the description of the business period Fiscal Year Ended March 31,2026 (April 1, 2025 to March 31, 2026) ⇒ FY2025 Fiscal Year Ending March 31,2027 (April 1, 2026 to March 31, 2027) ⇒ FY2026
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Revision of Full-Year Consolidated Financial Forecasts and Dividend Forecast for the Fiscal Year Ending March 31, 2027 (Announced on July 14, 2026) Copyright © 2026 MEDIPAL HOLDINGS CORPORATION, All rights reserved. 3 Completed the tender offer for shares of PALTAC CORPORATION on July 7, 2026 Scheduled to complete making PALTAC a wholly owned subsidiary via squeeze-out procedures in August 2026 1.Revision of Full-Year Consolidated Financial Forecasts (Ref: P. 4 ) Revisions were made to the full-year consolidated earnings forecasts for the fiscal year ending March 31, 2027 (FY3/2027), after carefully examining the series of impacts arising from making PALTAC a wholly owned subsidiary and factoring them into the financial outlook for the current fiscal year • Profit Driver: PALTAC's profit previously attributable to non-controlling interests will now accrue to the Company, serving as a key factor increasing profit attributable to owners of the parent. • Cost Factors: On the other hand, temporary expenses including consulting fees related to the tender offer are expected to be incurred as general and administrative expenses, while financial expenses such as interest associated with funding are expected to be recognized as non -operating expenses. 2.Revision of Dividend Forecast for FY3/2027 (Ref: P. 5 ) In light of the expected improvement in profitability resulting from making PALTAC a wholly owned subsidiary, the dividend forecasts have been revised to enhance shareholder returns while considering the future financial position. • Upward Revision: The interim and year-end dividend forecasts have been revised upward by 10.00 yen each from the previous ordinary dividend forecast of 34.00 yen, to 44.00 yen per share for each period. As a result, the annual dividend is projected to be 88.00 yen per share.
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Positive Impact on Net Profit from Incorporating PALTAC’s Non-Controlling Interests 4 Previous Forecast (Announced on May 14, 2026) Revised Forecast (Announced on July 14, 2026) Forecast (% of Net Sales) Forecast Change (% of Net Sales) YoY Change Net Sales 3,944.0 － 3,944.0 － － +3.3% Gross Profit 269.5 [6.83%] 269.5 － [6.83%] +3.3% SG&A Expenses 214.5 [5.44%] 216.0 +1.5 [5.48%] +3.9% Operating Profit 55.0 [1.39%] 53.5 (1.5) [1.36%] +0.6% Ordinary Profit 71.5 [1.81%] 67.5 (4.0) [1.71%] (10.9%) Profit Attributable to Owners of Parent 39.0 [0.99%] 43.0 +4.0 [1.09%] +1.1% *1 *2 *1 Temporary related expenses, including consulting fees (approx. 1.5 billion yen), are expected to be incurred for the full year as SG&A expenses *2 Financial expenses such as interest on funding (approx. 2.5 billion yen) are expected to be incurred for the full year as non-operating expenses *3 Increase in profit as the portion of PALTAC's profit previously attributable to non-controlling interests becomes attributable to MEDIPAL *3 (Note) Gain on sale of investment securities is not included in the financial forecasts Copyright © 2026 MEDIPAL HOLDINGS CORPORATION, All rights reserved. Revision of Full-Year Consolidated Financial Forecasts for FY2026 (Announced on July 14, 2026) ¥ : billion
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30 40 50 60 70 80 90 100 2022 2023 2024 2025 2026 2027 5 Significantly revised dividend forecasts upward to enhance shareholder returns, in light of future financial conditions 8814 consecutive fiscal years of dividend growth since FY3/2013 66 6260 4644 Annual Dividend per Share Interim Year-End Full-Year Total FY ended March 2026 ¥34 ¥34 ¥66 ¥68 ¥32 ¥34 FY ending March 2027 (Previous Forecast) FY ending March 2027 (Revised Forecast) ¥44 ¥88¥44 (yen) Nearly All of the ¥4.0 Billion Net Profit Gain from PALTAC Integration Dedicated to Dividend Increases Dividends DOUBLED during the current Medium-Term Vision period 2027 MEDIPAL Medium-Term Vision Copyright © 2026 MEDIPAL HOLDINGS CORPORATION, All rights reserved. Revision of Dividend Forecast for FY2026 (Announced on July 14, 2026) (FY Ended/Ending March 31)
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Contents Copyright © 2026 MEDIPAL HOLDINGS CORPORATION, All rights reserved. 6 Revision of Full-Year Consolidated Earnings and Dividend Forecasts for the Fiscal Year Ending March 31, 2027 (Announced on July 14, 2026) 2 Financial Results for the First Quarter Ended June 30, 2026 1 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) Regarding the description of the business period Fiscal Year Ended March 31,2026 (April 1, 2025 to March 31, 2026) ⇒ FY2025 Fiscal Year Ended March 31,2027 (April 1, 2026 to March 31, 2027) ⇒ FY2026
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Copyright © 2026 MEDIPAL HOLDINGS CORPORATION, All rights reserved. Achieved revenue growth across all business segments. Although operating profit decreased slightly, net profit grew significantly 7 Net sales exceeded the same period of the previous year across all business segments, driving a +4.7% YoY increase in consolidated net sales Gross profit grew due to higher sales, but operating profit declined 4.7% YoY owing to increased in SG&A expenses Quarterly profit attributable to owners of the parent surged +42.3% YoY, driven by improved non-operating balance and gains on sale of investment securities *The impact of the tender offer for PALTAC on the financial results for the first quarter was immaterial ￥989.5 billion YoY Change +￥44.3 billion +4.7% 1Q/FY2026 (4.7%) ＋42.3% Net Sales Operating Profit Profit Attributable To Owners of Parent ￥ 13.3 billion ￥ 13.6 billion ￥ (0.6 billion) +￥4.0 billion Overview of Financial Results for 1Q/FY2026
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Copyright © 2026 MEDIPAL HOLDINGS CORPORATION, All rights reserved. 8 ※Operating profit after deducting growth investments to realize the 2027 MEDIPAL mid-term vision and the associated amortization of goodwill and intangible assets from SG＆A expenses. Amount Gross Profit ： +¥1.0 billion SG＆A expenses ： +¥1.7 billion • PALTAC Business : ＋¥1.3 billion • AGRO・FOOD Business : ＋¥0.4 billion Operating Profit ¥13.3 billion ¥14.0 billion ¥(0.6 billion) [(4.7%)] ¥13.6 billion +¥4.0 billion [+42.3%] Profit Attributable to Owners of Parent Net sales increased across all segments¥989.5 billion ＋¥44.3 billion [+4.7%]Net Sales ¥17.9 billion Ordinary Profit [(4.2%)] [(1.7%)] 1Q/FY2026 Consolidated Results 【Adjusted Operating Profit※】 Change factors from 1Q/FY2025YoY Change ¥(0.6 billion) ¥(0.3 billion) Improvement in non-operating Income/Expenses (net gain) ： +¥0.3 billion • Gain on Sale of Investment Securities : +¥5.1 billion Improvement in Extraordinary Income/Losses (net gain)： +¥5.3 billion
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1Q/FY2026 MEDICEO Business 9 Achieved sales growth outperforming market growth, driven by increased demand for products covered by the Innovative New Drug Price Maintenance System* and sales expansion in hospital and dispensing pharmacy channels Steadily secured gross profit growth, while SG&A expenses declined through productivity gains Net Sales ＋¥30.5 billion [+5.1%] Prescription Pharmaceutical sales outpaced market growth Gross Profit：+¥0.4 billion Sales ratio: 6.13% ⇒ 5.91% [(0.23pp)] Gross profit amount increased in line with revenue growth Sales ratio decreased due to changes in the product mix SG＆A expenses ：¥(0.3 billion) Sales ratio: 5.21% ⇒ 4.91% [(0.30pp)] Decreased due to productivity improvements and progress in logistics reforms, such as reducing the number of deliveries Growth rate of prescription pharmaceuticals (April–June 2026, NHI drug price basis) (Calculated in-house based on data from Encise Inc.) ¥630.5 billion +¥0.7 billion [+13.9%] ¥6.3 billion ¥6.4 billion +¥0.8 billion [+15.5%] *Following the FY2026 NHI drug price system reform, the name was changed from the "Premium for Promoting the Development of New Drugs and Eliminating Off-Label Use" to the "Innovative New Drug Price Maintenance System" Change factors from 1Q/FY2025Amount YoY Change Operating Profit 【Adjusted Operating Profit※】 ※ Operating profit after deducting growth investments to realize the 2027 MEDIPAL mid-term vision and the associated amortization of goodwill and intangible assets from SG＆A expenses. Copyright © 2026 MEDIPAL HOLDINGS CORPORATION, All rights reserved. Market: +4.3% MEDIPAL: +4.9%
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Copyright © 2026 MEDIPAL HOLDINGS CORPORATION, All rights reserved. 10 Net sales grew. Operating profit declined due to an increase in SG&A expenses Net sales increased as the expansion of newly handled products and sales promotion measures capturing consumer purchasing behavior were successful Net Sales Operating Profit Change factors from 1Q/FY2025Amount YoY Change ¥6.1 billion ＋¥10.8 billion [+3.4%] ¥(1.4) billion [(19.5%)] Rise in unit prices due to expanded sales of high value- added products, including newly handled products Successful sales promotion measures capturing consumer purchasing behavior, such as demand for going out and growing health consciousness Gross profit：¥(0.1 billion) Sales ratio: 7.49% ⇒ 7.19% [(0.31pp)] Increase in center fees backed by rebates to customers and rising store operation costs SG & A expenses：+¥1.3 billion Sales ratio:5.08% ⇒ 5.31% [+0.23pp] Increase in variable costs associated with revenue growth Increase in logistics costs due to rising unit prices for in- warehouse personnel expenses and delivery costs Recording of renovation work costs for logistics centers Recording of operating costs for externally leased centers aimed at securing capacity ¥326.9 billion 1Q/FY2026 PALTAC Business
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11 New consolidation of Cygni Corporation drove growth in net sales and operating profit Promoting integration with Cygni Corporation, leveraging its strong e-commerce capabilities to expand sales in the companion animal market 1Q/FY2026 AGRO & FOOD Business Net Sales ＋¥2.9 billion [+9.9%] Revenue increased due to the new consolidation of Cygni The companion animal field performed steadily due to the expansion of supplier manufacturers and the proactive introduction of new products The electronic chemicals field performed well due to the strong semiconductor market Gross Profit：+¥0.7 billion Sales ratio: 14.02% ⇒ 15.13% [+1.11pp] Profit increased due to the new consolidation of Cygni SG＆A expenses ：¥(0.4 billion) Sales ratio: 11.47% ⇒ 11.89% [+0.42pp] Increased due to the new consolidation of Cygni ¥33.0 billion +¥0.3 billion [+39.9%]¥1.0 billion ¥1.5 billion +¥0.2 billion [+20.8%] Change factors from 1Q/FY2025Amount YoY Change Operating Profit 【Adjusted Operating Profit※】 Copyright © 2026 MEDIPAL HOLDINGS CORPORATION, All rights reserved. ※Operating profit after deducting growth investments to realize the 2027 MEDIPAL mid-term vision and the associated amortization of goodwill and intangible assets from SG＆A expenses.
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Copyright © 2026 MEDIPAL HOLDINGS CORPORATION, All rights reserved. 12 Appendix
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Copyright © 2026 MEDIPAL HOLDINGS CORPORATION, All rights reserved. 13 ¥:billion 1Q/FY2025 1Q/FY2026 Results Results YoY [% of Net Sales] [% of Net Sales] YoY Change % of Change Net Sales 945.1 989.5 +44.3 +4.7% Gross Profit 64.6 65.7 +1.0 +1.6% [6.84％] [6.64％] [(0.20pp)] SG&A Expenses 50.6 52.3 +1.7 +3.4% [5.36%] [5.29％] [(0.07pp)] SG&A Expenses （except ①② below） 50.0 51.6 +1.6 +3.3% [5.29%] [5.22%] [(0.07pp)] ①Business investment expenses, etc. 0.0 0.1 ＋0.0 ＋1,095.6% ②Goodwill / Intangible assets amortization ※ 0.5 0.5 (0.0) (6.8%) Operating Profit 14.0 13.3 (0.6) (4.7%) [1.49%] [1.35％] [(0.13pp)] Operating Profit except ①② above 14.6 14.0 (0.6) (4.2%) [1.55%] [1.42%] [(0.13pp)] Ordinary Profit 18.2 17.9 (0.3) (1.7%) [1.93%] [1.81％] [(0.12pp)] Extraordinary income & losses 0.4 5.7 ＋5.3 ＋1,238.3% Profit before income taxes 18.6 23.6 +5.0 +27.0% Profit Attributable to Owners of Parent 9.5 13.6 +4.0 +42.3% ※ Amortization of goodwill and intangible assets incurred due to growth investments listed in the 2027 MEDIPAL Medium-Term Vision 1Q/FY2026 Consolidated Statements
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Copyright © 2026 MEDIPAL HOLDINGS CORPORATION, All rights reserved. 14 （¥ billion） MEDICEO business +0.4 +1.0 Decrease in MEDICEO business +0.3 (1.3) Increase in non-operating income +0.5 Increase in non-operating expenses (0.3) (0.4) Others (0.2) (0.6) (0.3) Factors behind YoY changes in Gross Profit, Operating Profit, and Ordinary Profit Gross Profit Operating Profit Ordinary Profit SG＆A expenses（Increase） (1.7) Non-Operating Income/Expenses +0.3 PALTAC business (0.1) AGRO＆FOOD business +0.7 Increase in PALTAC business Increase in AGRO＆FOOD business
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Copyright © 2026 MEDIPAL HOLDINGS CORPORATION, All rights reserved. 15 Gain on sale of investment securities +5.1 Loss on valuation of investment securities Others Total income taxes (1.7) Profit attributable to non-controlling interests (Decrease) +0.7 Insurance claim income (0.4) (0.3) (0.4) +0.9* Business restructuring expenses +0.1 +5.0 +4.0 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 +5.3 （¥ billion） *Decrease in extraordinary losses due to the impact of having recorded business restructuring costs in the same period of the previous year
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Copyright © 2026 MEDIPAL HOLDINGS CORPORATION, All rights reserved. 16 ¥:billion 1Q/FY2025 1Q/FY2026 Results Results YoY （% of Net Sales） （% of Net Sales） YoY Change % of Change Net Sales 600.0 630.5 +30.5 +5.1% Gross Profit 36.7 37.2 +0.4 +1.2% [6.13%] [5.91%] [(0.23pp)] SG&A Expenses 31.2 30.9 (0.3) (1.0%) [5.21%] [4.91%] [(0.30pp)] SG&A Expenses （except ①② below） 31.1 30.7 (0.4) (1.3%) [5.20%] [4.88%] [(0.32pp)] ①Business investment expenses, etc. 0.0 0.1 ＋0.0 ＋1,095.6% ②Goodwill amortization※ 0.0 0.0 ー ー Operating Profit 5.5 6.3 ＋0.7 ＋13.9% [0.92%] [1.00%] [+0.08pp] Operating Profit except ①② above 5.6 6.4 +0.8 +15.5% [0.94%] [1.03%] [＋0.09pp] ※ Amortization of goodwill incurred due to growth investments listed in the 2027 MEDIPAL Medium-Term Vision [Note] Research fee income is recorded as non-operating income Research fee income 1.6 1.7 ＋0.0 1Q/FY2026 MEDICEO Business
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Copyright © 2026 MEDIPAL HOLDINGS CORPORATION, All rights reserved. 17 ¥:billion 1Q/FY2025 1Q/FY2026 Results Results YoY （% of Net Sales） （% of Net Sales） YoY Change % of Change Net Sales ３１６.０ 326.9 +10.8 +3.4% Gross Profit ２３.６ 23.5 (0.1) (0.８%) [7.49%] [7.19%] [(0.31pp)] SG&A Expenses １６.０ 17.3 +1.3 +８.１% [5.０８%] [5.３1%] [＋0.23pp] Operating Profit 7.6 6.1 (１.4) (19.5%) [2.４１%] [1.88%] [(0.54pp)] 1Q/FY2026 PALTAC Business
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Copyright © 2026 MEDIPAL HOLDINGS CORPORATION, All rights reserved. 18 ¥:billion 1Q/FY2025 1Q/FY2026 Results Results YoY （% of Net Sales） （% of Net Sales） YoY Change % of Change Net Sales ３０.１ 33.0 +2.9 +9.9％ Gross Profit ４.２ 5.0 +0.7 +18.7% (14.０２%) (15.13%) (+1.11pp) SG&A Expenses ３.４ 3.9 +0.4 +14.0% (11.４７%) (11.89%) (+0.42pp) SG&A Expenses (except below） ２.９ 3.4 +0.5 +17.8% (9.76%) (10.46%) (+0.69pp) Goodwill･Intangible assets amortization※ 0.５ 0.4 (0.0) (7.7%) Operating Profit 0.７ 1.0 ＋0.３ +39.9% (2.５４%) (3.24%) (+0.69pp) Operating Profit except Goodwill･Intangible assets amortization １.２ 1.5 +0.2 +20.8% (4.25%) (4.67%) (+0.42pp) 1Q/FY2026 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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19Copyright © 2026 MEDIPAL HOLDINGS CORPORATION, All rights reserved. 【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 Company’s 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.