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…for patient comfort. H1 FY3/2026 Results Unauthorized copying prohibited. Copyright © 2025 Japan Lifeline Co., Ltd. All rights reserved. Date of Release: October 29, 2025 Earnings Call: October 30, 2025 TSE Prime Market Ticker 7575 Japan Lifeline Co., Ltd.
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2 Today’s Agenda Appendix 1 Reference Materials Appendix 2 Investors Guide (Summary) A fact sheet is available in PDF or excel on our website at www.japanlifeline.com/investors/ 1. H1 FY3/2026 Results 2. Q&A Session Watch the H1 results (Eng.)presented by our AI CFO avatar here.The video will be released 10:00 AM, Oct. 30, 2025 (JST) (Concurrent with the live earnings presentation). Watch the H1 results (Eng.) presented by our AI CFO avatar here. The video will be released 10:00 AM, Oct. 30, 2025 (JST) (Concurrent with the live earnings presentation). スーツを着た男性と文字の加工写真AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。
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3 Today’s Agenda Appendix 1 Reference Materials Appendix 2 Investors Guide (Summary) A fact sheet is available in PDF or excel on our website at www.japanlifeline.com/investors/ 1. H1 FY3/2026 Results 2. Q&A Session
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4 H1 FY3/2026 Highlights (+) AF procedure volume +10% YoY (ー) PFA*2 impacts on select products (ー) Official price revisions (2-month impact)*3 H1 FY3/2026 Net Sales 29,285 + 4.6% YoY Operating Profit 6,620 + 5.7% YoY Net Profit*1 4,774 + 7.7% YoY Highlights (+) Strong core products*4 performance (+) New therapeutic areas +38.4% YoY (+) Partial recovery of bad debt (one-off factor) *1 Net profit attributable to owners of the parent *2 Pulsed Field Ablation. *3 Official prices were revised in June 2024. Sales prices in April and May declined YoY. *4 The core products: (1) Intracardiac defibrillation catheter (BeeAT), (2) Femoral vein hemostatic device, (3) S-ICD, and (4) Frozen Elephant Trunk External Factors Internal Factors (¥mn) Growth in sales & profit Net sales, OP , and NP reached record-highs for H1 Record-High Record-High Record-High
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5 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY3/25 FY3/26 Current FY. No revision FY3/27 Revision Month Old Price Current Price --> New Price --> (Ref.) Impact of Reimbursement Price Revisions In the H1 YoY comparison, a two-month period with price differences acts as a headwind to revenue and profit performance. Example: Previous revision (June 2024) • Pacemaker (type 4) ¥454,000 --> ¥391,000 (-13.9%) • S-ICD (Main body) ¥3,120,000 --> ¥3,120,000 (no change) *Core product • EP Cath (Coronary Sinus Type) ¥66,100 --> ¥64,000 (-3.2%) • Intracardiac Defibrillation Cath ¥214,000 --> ¥214,000 (no change) *Core product • Vascular Graft (Straight) ¥117,000 --> ¥110,000 (-6.0%) • FET (4-branch Type) ¥1,430,000 --> ¥1,430,000 (no change) *Core product ✓ Reimbursement prices are revised every two years; revision month changed to June since 2024
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6 (¥mn except for per share amount) H1 FY3/2025 H1 FY3/2026 Change Change% Comments Net sales 27,985 29,285 + 1,299 + 4.6 (+) Sales volume increased with more cases (+) New therapeutic areas expanded Gross profit 16,963 17,557 + 593 + 3.5 (+) Sales volume increased with more cases (ー) Price revision (2-mon. impact) (ー) Product mix% 60.6% 60.0% (60bps) SG&A 10,703 10,937 + 234 + 2.2 See next page Operating profit 6,260 6,620 + 359 + 5.7 See next page % 22.4% 22.6% + 20bps Net profit*1 4,435 4,774 + 339 + 7.7 % 15.8% 16.3% + 50bps Proprietary sales mix 57.6% 55.1% (250bps) Procured products expansion: neuro & hemostatic devices; Proprietary products decline including esophageal catheters*2International sales mix 2.0% 2.6% + 60 bps EPS (¥) 61.87 68.08 + 6.21 + 10.0 (+) Acquisition & cancellation of treasury stock (May 2024) H1 FY3/2026 Consolidated P&L *1 Net profit attributable to owners of the parent *2 Proprietary product sales increased 0.1% YoY, while procured product sales increased 10.7% YoY ✓ H1 net sales and each profit grew YoY, hitting record-highs Record High Record High Record High
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7 (563) (51) + 405 6,260 + 913 + 295 (639) 6,620 YoY ＋ 359 Up 5.7% *1 Highly competitive strategic focus products *2 Frozen Elephant Trunk *3 Main factors include changes in selling/cost prices, and impact from product disposal/valuation loss *4 Recorded ¥216mn provision for doubtful accounts for one client in H1 FY3/2025. Reversed ¥199mn of this provision in H1 FY3/2026 due to partial debt recovery. *5 Misc. income related to inventory transfer following termination of Baylis product sales agreement H1 FY3/2026 Operating Profit Analysis ✓ Core Products*1/New TAs offset PFA impact; profit rose on bad debt recovery • Reimbursement prices revised down --> Impact: approx. (90) in 2-month • Improvement in COGS, lower purchase prices • Personnel (198) • R&D (192) • Sales-related (150) New TAs Core Products Other products One-off factors (Positive) Increase in SG&A expenses (Excl. one-off) Sales/COGS-related factors +593 SG&A-related factors (234) Selling price Impact and other factors *³ • Bad Debt Related *⁴ +416 • Misc. Income *⁵ (10) H1 FY3/2025 Operating Profit H1 FY3/2026 Operating Profit (¥mn) New TAs • Neuro + 161 • Gastro + 134 • PFA impact (617) (Eso catheter & others) • Exports +38 Core Products • Hemostatic device + 436 • Defibrillation catheter(BeeAT) + 311 • FET *² + 93 • S-ICD + 72 Sales volume Unit price
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8 14,616 29,285 29,300 59,300 0.0% 25.0% 50.0% 75.0% 100.0% 0 14,825 29,650 44,475 59,300 3M 6M 9M 12M FY3/2026 Net sales Actual Guidance H1 FY3/2026 Progress on Initial Guidance (¥mn) 3,272 6,620 6,300 12,900 0 3,225 6,450 9,675 12,900 3M 6M 9M 12M FY3/2026 Operating profit Actual Guidance 2,302 4,774 4,500 9,350 0.0% 25.0% 50.0% 75.0% 100.0% 0 2,338 4,675 7,013 9,350 3M 6M 9M 12M FY3/2026 Net profit Actual Guidance ✓ Revenue and profit progressed mostly in line with the initial guidance (¥mn) (¥mn) Vs. Full-year Guidance 49.4% Vs. Full-year Guidance 51.3% Vs. Full-year Guidance 51.1%
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9 Our Product Categories CRM (Cardiac Rhythm Management) • Implantable electric devices to treat arrhythmias EP/Ablation • Medical tubes used in arrhythmia procedures Cardiovascular • Vascular grafts used in aortic surgeries Neurovascular • Medical devices used to treat neurovascular diseases Gastrointestinal • Medical devices used to treat digestive diseases Cardiac Business Composition: 94% *1 New Therapeutic Areas Composition: 6% *1 Stable Business Core Business High Growth Business [Core Product] S-ICD [Core Product] Intracardiac Defibrillation Catheter [Core Product] Hemostatic Device Aspiration Catheter Bile-Duct Tube Stent [Core Product] Frozen Elephant Trunk *1 Composition rates are actual results for FY3/2025 Embolic Coil 23% 49% 22% 3%3%
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10 Sales Volume Unit Price Official Prices Wholesale price rate Number of procedures Our market share Our Business Model ✓ Revenue tied to procedure volume Most of our products are single-use medical devices used in surgeries --> National health insurance reimbursement prices (NHI)
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11 (59) + 583 + 280 + 387 + 149 (42) 27,985 29,285 H1 FY3/2026 Sales Analysis ✓ Achieved sales growth in all categories except CRM YOY + 1,299 Up 4.6% EP/Ablation Cardiovascular Neurovascular Existing businesses + 805 New therapeutic areas + 536 Gastro- intestinal Discontinued operations (Coronary Intervention) Cardiac Rhythm Management (¥mn) H1 FY3/2025 Net Sales H1 FY3/2026 Net Sales
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12 S-ICD Pacemaker- related Lead Management Others 6,725 6,666 H1 H1 FY3/25 FY3/26 H1 FY3/2026 CRM (+) Core S-ICD: +9.3% YoY ➢ Procedure volume trending upward due to increased preventive implantation*¹ ➢ Facing impact from competitor's new product, but replacement procedures were stronger than expected (ー) Pacemakers: (19.0%) YoY ➢ Competitor leadless devices penetrating 30–35% of new implant ➢ Impact of reimbursement decline (approx. 14%) for 2-months (+) Lead management products launched Q1 Net Sales Sales Highlights Strong S-ICD performance, securing prior period level + 9.3% (19.0%) • T-ICD • CRT-D • AED (¥mn) Existing Businesses New TAs Products that are defined as core are underlined *1 ICD implantation before the onset of lethal arrhythmia to prevent sudden cardiac death S-ICD EMBLEM S-ICD (Boston Scientific) Eximer Laser Sheath for Transvenous Lead Extraction GlideLight (Philips) YoY (0.9%)
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13 Defibrillation Catheter Hemostatic Device EP Catheter Others 14,123 14,707 H1 H1 FY3/25 FY3/26 (+) AF procedure volume +10% YoY (+) Core defibrillation catheter: +6.5% YoY ➢ Progressing mostly in line with initial guidance ➢ Est. 96% market share (Sep.) (+) Core hemostasis device 2.1x YoY ➢ High-volume center adoption + mid-small facility penetration (ー) PFA impact ➢ PFA penetration: 60% of all AF cases (Sep.) ➢ Eso catheter (49.1%) YoY ; PFA eliminates need ➢ EP catheter*² (4.9%) YoY ; PFA reduces per-case usage YoY + 4.1% Core product growth more than offset the negative PFA*¹ impact *1 PFA = Pulsed Field Ablation, a new catheter ablation treatment method promoted by foreign competitors *2 Electrophysiologycatheters excluding intracardiac defibrillation and esophageal temp monitoring catheters H1 FY3/2026 EP/Ablation + 6.5% 2.1x (49.1%) (4.9%) • Ablation catheter • Steerable sheath • Export sales and others Hemostatic device for femoral vein VASCADE MVP (Haemonetics) Eso Catheter Net Sales Sales Highlights (¥mn) Existing Businesses New TAs Products that are defined as core are underlined Further PFA penetration is expected to be positive overall; an increase in AF procedure volume will boost sales of intracardiac defibrillation catheters and hemostatic devices.
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14 FET Vascular Graft EVAR Others 5,656 5,936 H1 H1 FY3/25 FY3/26 Solid performance of FET*1 leads growth H1 FY3/2026 Cardiovascular Frozen Elephant Trunk Integrated graft model Frozenix 4 Branched (Proprietary product) (+) Core FET: +5.6% YoY ➢ Temporary decrease in FET procedure volume in Q2 --> Slightly missed initial guidance ➢ Actively holding FET-related seminars in preparation for the high-demand in Q3 and beyond (+) Vascular graft: +7.1% YoY (ー) EVAR (Abdominal stent graft): (2.8%) YoY (+) Others ➢ Launched TAVI guidewire from Haemonetics ➢ Started collab with Heartseed, selling delivery catheter system + 5.6% + 7.1% (2.8%) • ASD closure devices • TAVI guidewire • Delivery catheter system for Heartseed Net Sales Sales Highlights (¥mn) Existing Businesses New TAs Products that are defined as core are underlined *1 FET=Frozen Elephant Trunk. A stented graft for open thoracic aortic procedures *2 EVAR=Endovascular Aneurysm Repair TAVI guidewire SavvyWire (Haemonetics) YoY + 5.0% *2
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15 Aspiration Catheter Embolic Coil Stent Retriever Others 800 1,187 H1 H1 FY3/25 FY3/26 (+) Aspiration catheter: 1.9x YoY ➢ New low-profile model driving growth ➢ Est. ~20% market share (Sep.); advanced to #3 industry position (+) Embolic coils: +16.0% YoY ➢ Developing non-neurovascular markets with new models for interventional radiology (+) Stent retriever: Solid growth Aspiration catheter drives continued growth H1 FY3/2026 Neurovascular 1.9x + 16.0% Stent Retriever pRESET (phenox) * Wallaby Medical Group Embolic Coil MEGAnir HELICAL (New radiology-focused model, Wallaby Medical) • Microcatheter and others Net Sales Sales Highlights (¥mn) Existing Businesses New TAs Aspiration Catheter Esperance 3+ (New peripheral vessels-focused model, Wallaby Medical) YoY + 48.4%
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16*1 CI: Coronary Intervention business for ischemic heart disease treatment; discontinued March 2024 (residual sales remain) *2 Including CI: H1 FY3/25 ¥680mn vs H1 FY3/26 ¥787mn (+15.7% YoY) Bile-Duct Tube Stent ERCP Guidewire GI Stent Ablation Needle for Liver Cancer Others 597 747 H1 H1 FY3/25 FY3/26 Growth of bile-duct tube stents accelerates GI excl. CI*1*2 Bile-Duct Tube Stent REGULUS (Proprietary product) (+) Bile-duct tube stents: +29.7% YoY ➢ New model launched in Q1 received better-than-expected reception (+) ERCP guidewire: 3.1x YoY ➢ Growing steadily, but sales lagging behind expectations (+) GI stents: +10.0% YoY ➢ Prior year period included impact from voluntary recall (ー) Liver cancer ablation needles: (23.1%) YoY ➢ Sales transferred to Terumo; selling price decreased Straight model Pigtail model (New) + 29.7% + 10.0% 3.1x (23.1%) H1 FY3/2026 Gastrointestinal • Biliary dilation balloon and others Net Sales Sales Highlights (¥mn) Existing Businesses New TAs YoY + 25.0%
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17 Electrodes (Yellow area) Myocardium Administering cells from side-holes Needle tip Upon electrode contact with the myocardium, the ECG demonstrates characteristic ST elevation (indicated in red circle). This confirms reliable myocardial positioning of the cell delivery port located distal to the electrodes. ✓ Co-developing a delivery catheter system with Heartseed (Joint press release: Sep. 11, 2025) • Developing a unique "cardiac remuscularization therapy" for severe heart failure • Planning a clinical trial (HS-005) to administer allogeneic iPS cell- derived cardiomyocyte spheroids via catheter • Oct. 2, 2025: Announced submission of clinical trial application Co-developing a delivery catheter system • Top market share in diagnostic catheters for arrhythmia • Experience in developing & clinical use of cardiac cell delivery catheters (Only company in Japan) • Unique structure and patents to ensure safety during cell administration Administering cells from inside of the heart Unique Structure to Ensure Administration Safety Administration Image 2. Mechanism to detect when the delivery needle's cell port reaches the myocardium (Patent No. 7368599) 1. Compatible with 3D mapping systems for visual catheter manipulation and administration site confirmation Topic (1) : Partnership with Heartseed Targeted areas are color- coded and displayed in 3D
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18 398 2.0 2.0 1.9 1.7 2.4 2.7 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 0 50 100 150 200 250 300 350 400 450 Q1 Q2 Q3 Q4 Q1 Q2 FY3/25 FY3/26 Int’l sales (¥mn) EP/ABL Vascular Graft Others (Incl. OEM) Intn'l sales mix% Distributor Agreements (No. of countries)*¹ Sales Launched (No. of countries)*1 23 10 (As of September 30, 2025) Oman *1 Includes OEM agreements (US and Canada) UAE Malaysia Thailand Hong Kong Taiwan South Korea Australia New Zealand USA Canada EgyptMorocco Saudi Arabia Qatar Kuwait Pakistan Jordan India Vietnam Brunei Armenia Distributor agreement signed Sales launched (post-agreement) Map Legend Topic (2): Progress on Global Expansion ✓ Advancing distribution channel development in the Middle East and Asia Kazakhstan
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19 Today’s Agenda Appendix 1 Reference Materials Appendix 2 Investors Guide (Summary) A fact sheet is available in PDF or excel on our website at www.japanlifeline.com/investors/ 1. H1 FY3/2026 Results 2. Q&A Session
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20 Today’s Agenda Appendix 1 Reference Materials Appendix 2 Investors Guide (Summary) A fact sheet is available in PDF or excel on our website at www.japanlifeline.com/investors/ 1. H1 FY3/2026 Results 2. Q&A Session
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21 (¥mn except for per share amount) Q2 FY3/2025 Q2 FY3/2026 Change Change% Comments Net sales 13,974 14,668 + 693 + 5.0 (+) Sales volume increased with more cases (+) New therapeutic areas expanded Gross profit 8,380 8,787 + 407 + 4.9 (+) Sales volume increased with more cases (ー) Product mix % 60.0% 59.9% (10bps) SG&A 5,314 5,439 + 125 + 2.4 See next page Operating profit 3,065 3,347 + 281 + 9.2 See next page % 21.9% 22.8% + 90bps Net profit*1 2,094 2,472 + 377 + 18.0 (+) Decrease in FX losses (+) Increase in Interest income % 15.0% 16.9% + 190bps Proprietary sales mix 57.0% 54.7% (230bps) Procured products expansion: neuro & hemostatic devices; Proprietary products decline including esophageal catheters*1International sales mix 2.0% 2.7% + 70bps EPS (¥) 29.88 35.24 + 5.36 + 17.9 Q2 (Jul–Sep) FY3/2026 Consolidated P&L *1 Net profit attributable to the owners of the parent *2 Proprietary product sales increased 0.6% YoY, while procured product sales increased 10.7% YoY ✓ Q2 net sales and each profit hit record-highs Record High Record High Record High
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22 + 459 + 138 (270) + 80 (302) + 177 3,065 3,347 Q2 (Jul–Sep) FY3/2026 Operating Profit Analysis ✓ Increase in sales volume in core areas offset other negative impacts. YoY + 281 Up 9.2% *1 Highly competitive strategic focus products *2 Frozen Elephant Trunk *3 Main factors include changes in selling/cost prices, and impact from product disposal/valuation loss • Improvement in COGS • Lower purchase prices • R&D (68) • Personnel (51) • Outsourcing costs (32) New TAs Core Products Other products One-off factors (Positive) Increase in SG&A expenses (Excl. one-off) Sales/COGS-related factors +407 SG&A-related factors (125) Selling price Impact and other factors *³ • Reversal of allowance for doubtful accounts +177 Q2 FY3/2025 Operating Profit Q2 FY3/2026 Operating Profit (¥mn) New TAs • Neuro + 73 • Gastro + 65 • PFA impact (322) (Eso catheters & others) • Exports +36 Core Products *¹ • Defibrillation catheter (BeeAT) + 279 • Hemostatic device+ 190 • FET *² (10) • S-ICD (0) Sales volume Unit price
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23 (¥mn) vs. prior year end Main Reasons Current Assets + 488 • Inventory +1,184 • Accounts receivables +604 • Cash & deposits (1,384) Fixed Assets (336) • PP&E*1 (345) • Deferred tax assets (219) • Allowance for doubtful Accounts +208 • Investment Securities +188 Current Liabilities (756) • Accrued expenses & accounts payable (388) • Allowance for bonus (208) • Interest-bearing debt (128) Fixed Liabilities (154) • Provision for share-based compensation for officers (85) • Long-term accounts payable (34) • Interest-bearing debt (32) Net Assets + 1,063 • Retained earnings +1,052 incl. dividends paid (3,722) and net profit +4,774 Fixed Assets 30,786 Fixed Assets 30,450 Current Assets 44,336 Current Assets 44,824 Current Liabilities 14,334 Current Liabilities 13,577 Balance Sheet (Q2-End vs Previous Year End) 3,812 Total Assets 75,274 ✓ Balance sheet largely unchanged vs. prior year-end. Net Assets 60,977 Fixed Liabilities 719 Change + 151Total Assets 75,123 Inventory 17,961 Cash & deposits 11,014 Interest- bearing debt 3,973 Retained Earnings 53,455 Net Assets 59,914 Fixed Liabilities 874 Capital-to- asset ratio 79.8％ Capital-to- asset ratio 81.0％ *1 Buildings, structures, machinery and equipment, vehicles and transport equipment, tools, furniture and fixtures, lump-sum depreciable assets, and right-of-use assets (¥mn) As of Mar 31, 2025 As of Sep 30, 2025 Inventory 19,146 Cash & deposits 9,630 Interest- bearing debt Retained Earnings 54,507
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24 + 3,495 (1,023) (3,880) + 24 11,014 9,630 FY3/26 Opening Balance Operating CF Investing CF Financing CF Others Q2 Ending Balance • Profit before income taxes ＋6,582 • Depreciation expenses ＋814 • Income taxes paid (1,543) • Increase in inventories (1,187) • Increase in accounts receivables (606) [Increase] [Decrease] Operating CF : ＋ ¥ 3,495mn [Decrease] [Decrease] • Acquisition of fixed assets (672) Investing CF : ( ¥ 1,023 )mn • Cash dividends paid (3,718) • Repayment of interest-bearing debt (161) Financing CF : ( ¥ 3,880)mn *¹ H1 FY3/2026 Consolidated Cashflow ✓ Cash balance at Q2-end decreased by ¥1,384mn from the opening balance (¥mn) VS Opening balance (1,384) *1 Effect of exchange rate changes on cash and cash equivalents (¥mn)
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25 Primary categories Sub-categories Q2 FY3/2026 Q3 FY3/2026 Est. Q4 FY3/2026 Est. Business days: 62 (+0 YoY) Business days: 62 (+0 YoY) Business days: 58 (+1 YoY) Cardiac Rhythm Management Pacemaker ↓ (ー) Impact of competitors’ leadless pacemakers and others ↓ Same as left → (+) Impact of leadless pacers to subside ICD → (+) Market expansion with preventive implants (a tailwind for S-ICD) (ー) Competitor’s new product → Same as left → Same as left EP/Ablation EP Catheter → (+) AF case +13％ YoY; Prior period: academic conf. (Current period: None) (ー) Impact of PFA expanding → (+) AF case +10％ YoY (ー) Impact of PFA expanding; major revenue headwinds expected thru Q3 ↑ (+) AF case +10％ YoY Others ↑ (+) Hemostasis device ↑ (+) Hemostasis device (+) Steerable sheath to grow ↑ (+) Hemostasis device (+) Steerable sheath to grow (ー) RF needle sales support to end Cardiovascular Vascular graft → (ー) FET&EVAR market softening (+) Vascular graft (+) FET to rebound (+) FET to grow (+) EVAR products to pick up (new size) Neurovascular Neurovascular ↑ (+) Aspiration cath (new model) (+) Embolic coil (new model) (+) Stent retriever (incremental) ↑ (+) Aspiration cath + coil to grow ↑ (+) Aspiration cath + coil to grow (+) Stent retriever (new mode) Gastrointestinal Biliary & pancreatic /GI tract ↑ (+) Bile-duct tube stent (new model) (+) Broad-based product growth ↑ (+) Bile-duct tube stent (+) Broad-based product growth ↑ Same as left Total ↑ Business Environment (Forward 6M) ✓ Arrows indicate YoY-based outlook (changed from previous QoQ basis) ✓ Changes from previous outlook commented in red (N/A for this first update) Legend: ↑or ↓ Increase/Decrease: HSD or higher or Increase/Decrease: MSD → Increase/Decrease: Below MSD
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26 Today’s Agenda Appendix 1 Reference Materials Appendix 2 Investors Guide (Summary) A fact sheet is available in PDF or excel on our website at www.japanlifeline.com/investors/ 1. H1 FY3/2026 Results 2. Q&A Session
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27 Investors Guide (June 2025 Summary Version) Investors Guide • Designed for first-time investors • Clear overview of business model and strategy • Full version accessible here 1. Business Highlights 2. Strategy Highlights 3. Financial Highlights
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28 Investors Guide (June 2025 Summary Version) Investors Guide • Designed for first-time investors • Clear overview of business model and strategy • Full version accessible here 1. Business Highlights 2. Strategy Highlights 3. Financial Highlights
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29 Japan Lifeline (JLL) • Leads niche market in cardiovascular medical devices • Specializes in highly controlled medical devices critical to life support • Maintains high profitability and strong growth (20%+ operating margin) Cardiovascular Neurovascular Gastrointestinal
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30 Heart Disease in an Aging Society ✓ Cardiac medical needs projected to increase over next 20 years with growing elderly population Cancer 27% Heart Diseases 15% Senility 10% Neurovascular diseases 7% Pneumonia 6% Others 35% Top 5 Causes of Death in Japan*1 Number of deaths*1 (2020) 1.37million *1 Vital Statistics 2020, Ministry of Health, Labour and Welfare *2 White Paper on Aging Society 2023, Cabinet Office 100 101 103 105 109 110 108 105 2020 2030 2040 2045 2050 Projected Population Index for Ages 65+ in Japan (2020=100) Increase in elderly population Elderly population to decrease • Age (primary factor) • Smoking • Poor lifestyle Habits • Stress • Hypertension • Obesity
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31 21.6% 1.5% 25.2% 21.8% 0 0.05 0.1 0.15 0.2 0.25 0.3 0.35 0.4 0.45 0.5 0 Net Sales (Proprietary) Net Sales (Procured) Operating Margin Distributor 1981 – 2000 Distributor + Manufacturer 2001 – 2023 Distributor + Global Manufacturer 2024 – ✓ Achieved significant growth as a hybrid company combining medical device distribution and manufacturing, specialized in cardiovascular fields Our Sales Track Record Medium-Term Plan One-of-a-kind proprietary product Intracardiac defibrillation catheter One-of-a-kind proprietary product Frozen Elephant Trunk Importing and distribution of pacemakers (founding business) In-house manufacturing ✓ Turning Point: Launch of In-House Product • FY1999: Began handling innovative procured product (coronary stent), achieving significant sales growth • Following year: Lost distribution rights due to supplier acquisition by competitor (major sales decline) --> Expanded beyond distribution to in-house manufacturing to reduce business risk 56.6 70.0 *From FY1981 to FY1991, the fiscal year ended in December, and from FY1993 onwards, it has ended in March (¥bn)Proprietary Sales Mix FY2025 57.4%
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32 Cardiac Rhythm Management 23% EP/Ablation 49% Cardiovascular 22% Neurovascular 3% Gastrointestinal 3% Target disease Main products Proprietary Sales Mix Positioning Existing TAs*1 Cardiac Rhythm Management [CRM] Cardiac (Arrhythmia) Pacemakers, ICDs Stable business EP/Ablation [EP/ABL] Cardiac (Arrhythmia) Intracardiac defibrillation catheters Core business Cardiovascular [CV] Cardiac (Aortic Diseases) Vascular Grafts Core business New TAs Neurovascular [NV] Brain (Stroke) Embolic coils High growth business Gastrointestinal [GI] GI (Cancer, stones) Bile-duct tube stents High growth business Our Business Domains 0% 85% 60% 0% 95% Proprietary Sales Mix 57.4% FY2025 Consolidated net sales ¥56.6bn Primary focus on cardiac diseases (95% of business), with recent expansion into new areas including neurovascular and gastrointestinal fields Gross Margin 60.4% Operating Margin 21.8% Ref. FY2025 *1 Therapeutic Areas
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33 Our Strengths #1: Manufacturing + Distribution Synergy • Develops proprietary, user-friendly medical devices • Specializes in cardiac field, expanding into digestive applications • Provides comprehensive lineup of essential devices used in everyday procedures • Introduces innovative overseas medical devices rapidly to domestic market (full-service Japan subsidiary operations) • Maintains long-term exclusive distribution agreements • Fills product portfolio gaps strategically ✓ Sustains competitive edge by combining manufacturing stability with agile product sourcing, creating a comprehensive portfolio Manufacturer Distributor
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34 Manufacturer Distributor Intracardiac defibrillation catheter Frozen Elephant Trunk ICD Hemostatic Device Market share Market share Market share AF case share Broad Portfolio of Market -Leading Products ✓ Core products drive market leadership*1 (~45% of total revenue) 96% 91% 33% Approx. 30% *1 Market share data based on estimates as of June 2024
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35 Our Strengths#2: Unrivaled Sales Force ✓ Nationwide sales coverage with local representatives providing personalized service. Face-to-face availability crucial for urgent medical supplies, building trust and customer confidence. Sales offices 48 Customer coverage*1 96 % Sales reps in Japan 430 48 26 16 9 8 Japan Lifeline Foreign D Foreign C Foreign B Foreign A Comparison of Sales Locations: Japan Lifeline vs. Major Foreign Competitors Source: Company compilation based on corporate websites *1 Company estimate based on sales data to approximately 770 facilities performing catheter ablation procedures and 560 facilities performing cardiac surgery in Japan (2023)
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36 Business Model ✓ Sales correlate with procedure volumes. Significant untapped potential in related treatments, with procedure numbers expected to increase over medium-to-long term Nationwide sales offices DoctorJLL sales rep (1) Direct sales/ Consign inventory *Recognize sales here (2) Used in procedures Through sales agents Hospitals (3) Payment 17 39 82 110 183 2011 2015 2020 2024E 2030E Projection of A-fib cases (‘000 cases) CAGR 8–9% Potential Atrial fibrillation (A-fib) patients 1.0–1.7million Current Treatment Rate: 1 in 15 patients • Annual cases ~100K vs. potential patient pool >1M • Large undiagnosed patient pool creates expansion opportunity; wearable tech driving patient identification Business Model Sales Driver: Procedure Volume Growth Source: Company estimate
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37 Investors Guide (June 2025 Summary Version) Investors Guide • Designed for first-time investors • Clear overview of business model and strategy • Full version accessible here 1. Business Highlights 2. Strategy Highlights 3. Financial Highlights
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38 FYE2023 FYE2025(present) FYE2028(Final year of MTP) Long-term Aging demographics drive procedure volume growth Accele- ration FY2028 Existing TAs Stable Growth 3–4%/yr*1 Medium-Term Revenue & Operating Profit Growth Outlook ✓ Stable growth in core markets + strategic initiatives drive sales & operating profit expansion • CRM • EP/ABL • CV • NV • GI • Structural Heart Diseases (H2 FY2027~) *1 Medium-term average growth outlook. Annual results may fluctuate due to reimbursement revisions, product launches/discontinuations, and other factors *2 Key growth drivers include: leadless pacemakers (CRM), PFA catheter OEM exports (EP/ABL), flow diverters (NV), TAVI (Structural Heart) • New product momentum*2 • Global expansion acceleration
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39 Medium-Term Plan (FY3/2024–FY3/2028) New Targets ✓ Revised FY3/2028 targets upward in May 2025 FY3/2025 Actual FY3/2028 Change Key Factors for Revision Old Targets As of May 2023 New Targets As of May 2025 Net Sales ¥56.6bn ¥63.0bn ¥70.0bn 3-year CAGR 7.3% +¥7.0bn • Revised AF procedure volume forecast upward (5-year CAGR from 6% to 9%) • Expanding global sales revenue Net Sales from New TAs ¥3.2bn ¥8.0bn ¥11.0bn +¥3.0bn • Entering TAVI/TAVR market Operating Profit Margin 21.8% 20% level (Every Year) 20% level (Every Year) No Change ー EPS ¥131 ¥120 ¥145 +¥25 • Profit growth along with top-line growth ROIC 13.7% 12.0% 13.0% +100bps • Accelerate initiatives to improve gross margin and inventory management
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40 Strategic Roadmap FY2024 FY2025 FY2026 FY2027 FY2028 FY2029 & Beyond (1) Existing TAs (2) New TAs (3) Global Expansion (4) OEM Reinforcing Core Products for EP/ABL & CV Establish Robust Neurovascular Portfolio Entering Structural Heart TA Establish Robust GI Portfolio Expanding Global Sales Co - development of PFA Products w/ CardioFocus Existing Strategies FY2024~ New Strategies Added in May 2025 Domestic Sale ✓ Advancing four new strategies as growth drivers with accelerated implementation MENA/Asia EU/US Export OEM Business Advancing OEM Manufacturing Proprietary Brand Sale Multiple Projects in Consideration
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41 Name SVC BeeAT Lumen BeeAT IVC BeeAT Release 2012 Jan. 2024 Apr. 2024 Mix Approach Neck Neck Femoral Competition 2 companies excluding JLL Only JLL Only JLL Strategy Product mix optimization: transitioning from SVC to higher- value Lumen model and PFA-preferred IVC model, strengthening competitive moats Develop new markets #1 Existing TAs: Boosting Core Businesses – EP/ABL ✓ Market expanding 9% 5-year CAGR; targeting growth capture through core product expansion NEW Reinforce our “No.1” NEW Intracardiac defibrillation catheter BeeAT series Initiative–1 Initiative–2 Hemostatic device for femoral vein VASCADE MVP • Meeting the need for early hemostasis following ablation procedures • Targeting an untapped potential market estimated at ¥4–5bn Proprietary Procured • Manual compression • Requiring extended bed rest • Rapid hemostasis • Early ambulation • Reduced hospital stays Conventional method New method 55% 35%10%Switching
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42 ✓ Entering PFA segment via differentiated pulsed field ablation products *1 including Korea and Taiwan *2 Source: Japan – company estimate; Global – Clarivate CardioFocus PFA partnership – co-development + global salesInitiative–3 Added May 2025 PFA Catheter (Made by CardioFocus/JLL OEM) QuickShot Pre-approval (Japan) High-performance catheter development & manufacturing PFA catheter technology, generator systems, and clinical expertise Feb. 2025 Partnership Agreement Around 2027 OEM Launch – QuickShot PFA catheter production QuickShot Japan commercial launch Proprietary PFA catheter: domestic sales & export commercialization PFA Market Opportunity*2 • Japan: ¥60–80bn potential • Global: $7–12bn • Market allocation: domestic sales*1 JLL vs. global sales CardioFocus • International reach via catheter OEM export to CardioFocus Strategic Partnership R&D/Mfg Japan Regulatory Filing QuickShot Japan Regulatory Filing/ Export Readiness Preparation [Proprietary PFA catheter] #1 Existing TAs: Boosting Core Businesses – EP/ABL
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43 What is Pulsed Field Ablation? ✓ PFA is a novel arrhythmia treatment with lower risks, driving rapid adoption*1 ✓ Current portfolio faces near-term pressure without PFA technology Conventional Therapy*2 New Therapy (PFA) Japan Approval 1994 2024 Energy Thermal Pulsed Field Complication Risk (Relative) High (collateral tissue injury) Low (selective cardiac tissue treatment) Procedure Time 2–3 hours 1–2 hours Players (As of Jun. 25) Many companies including JLL • Johnson & Johnson • Medtronic • Boston Scientific Impact on JLL’s EP/ABL segment Sub category Items Revenue*3 Impact EP Catheter Eso Temp. Monitoring Catheter ¥2.5bn Headwind (Not necessary in PFA cases) Defibrillation Catheter ¥15.0bn Modest Tailwind (Medium-term procedure upside) Diagnostic Catheter other than above ¥5.0bn Modest Headwind (Some products displaced) Ablation Catheter Radiofrequency Catheter ¥100s of millions Headwind (Replaced by PFA) Others Hemostatic Device ¥2.0bn+ Modest Tailwind (Medium-term procedure upside) *1 Penetration ~35% (procedure volume basis, March 2025) *2 Primarily radiofrequency ablation; includes hot balloon, laser balloon, cryoballoon *3 Based on FY3/2025 performance
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44 Surgical Operations Catheter-based Procedures Thoracic Abdominal #1 Existing TAs: Boosting Core Businesses – Cardiovascular ✓ Focusing on the high-growth FET market. Aiming to re-enter the thoracic stent graft market. Building a full- line portfolio to become a leading company capable of addressing all types of cases Vascular grafts Frozen Elephant Trunk franchise Image of aorta Vascular grafts Abdominal Stent Graft (EVAR) No products 5K cases/yr Market trend↑(5–9%/yr)Market trend 9K cases/yr Market trend (1) Focusing on FET market with a high growth potential 13K cases/yr Market trend --> 8K cases/yr Market trend --> Thoracic stent graft (TEVAR) NEW NEW (2) Re-entering TEVAR with an innovative product 10K cases/yr Procured *Procedure volumes are Company estimates A new product in develop- ment
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45 0.2 1.8 4.5 FY2023 FY2025E FY2028E Neurovascular TAM ¥50bn SAM ¥50bn Gastrointestinal TAM ¥60bn SAM ¥20bn Structural heart disease (TAVR) TAM ¥75bn SAM ¥65bn ✓ Accelerating portfolio establishment across key markets Full-spectrum portfolio for acute ischemic stroke interventions*2 Launch a key product for brain aneurysm (Flow diverter) Industry - leading full neurovascular portfolio Expansion of access device*3 portfolio Launch unique and proprietary device Expansion of diagnostic/treatm ent device portfolio*4 Regulatory approval and sales release in Japan FY2025 FY2026 to FY2027 FY2028Done H2 FY2027 FY2025 FY2026 to FY2027 Mid-to-long term Flow diverter (Before regulatory filing in Japan) Cholangioscope system DRES (Image of the product in development) Transcatheter heart valve Myval Octacor (Before regulatory filing in Japan) *1 Company estimate *2 Aspiration catheters and stent retrievers (both currently marketed) *3 Guidewires, dilators, balloons *4 Stone retrieval devices, stents, cholangioscopes Markets*1 MilestonesTarget (¥bn) Progressing #2 New TAs: Tapping into Three New Markets Progressing Proprietary Procured Procured １ 2 3 NEW NEW NEW Added May 2025 (¥bn) 0.7 1.3 3.5 FY2023 FY2025E FY2028E 3.0 FY2023 FY2025E FY2028E (¥bn) 3-year CAGR 35% 3-year CAGR 35% Done (Biliary & Pancreatic) (TAVR/TAVI)
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46 Potential Market Size ✓ ¥65bn today --> ¥100bn+ (Japan) Profitability ✓ Top-tier gross margins among procured products Product Edge ✓ Precise positioning performance ✓ Optimal size selection Product Launch ✓ H2 FY2027 (Scheduled) #2 New TAs: Entering Structural Heart TA Transcatheter Heart Valve Manufactured by Meril Life Sciences Myval Octacor (Before regulatory filing in Japan) ✓ Tapping into structural heart TA with Meril's TAVI/TAVR product Structural Heart Disease (SHD) Congenital heart defects ex. Atrial septal defect/ patent foramen ovale Heart disease from structural abnormalities in walls and valves --> Minimally invasive catheter therapy using devices gaining adoption Valvular Disease ex. aortic valve/mitral valve TAVI/TAVR*1 • ASD closure device market entry completed (2016) • PFO closure device introduction planned • Additional devices under consideration *1 TanscatheterAortic Valve Replacement/Implantation Added May 2025
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47 698 743 1,084 FYE23 FYE24 FYE25 FYE28E Long-Term ✓ Leverage Japanese approval to access 10+ MENA/Asian countries via local distributors ✓ Target broad product portfolio across EP/ABL, CV, and GI segments ✓ Implement QMSR compliance for FDA/CE certification ✓ Expand manufacturing capacity for global supply chain readiness ✓ Secure FDA/CE approvals for proprietary products ✓ Export defibrillation catheters and Frozen Elephant Trunk devices with dominant domestic share ✓ Pioneer global adoption of advanced Japanese techniques, creating new market opportunities Thru FY2028 MENA & Asia Market Expansion (ongoing) Mid - Long Term EU & US Market Entry ¥2–3bn (¥mn) Barriers to Global Adoption of Japan- Specific Techniques ✓ Mid-Long Term Strategy: Core Product Export to US Market (incl. Defibrillation Catheters) International Sales Mix 30% #3 Global Expansion Medium-Term Plan (FY2024–FY2028) Added May 2025
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48 Investors Guide (June 2025 Summary Version) Investors Guide • Designed for first-time investors • Clear overview of business model and strategy • Full version accessible here 1. Business Highlights 2. Strategy Highlights 3. Financial Highlights
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49 24.4 25.7 30.5 37.2 42.3 45.5 51.8 51.3 51.5 51.8 51.4 56.6 59.3 70.0 1.2 1.8 3.7 7.7 10.7 10.5 10.4 10.4 10.0 10.8 10.9 12.3 12.9 FYE2014 FYE2015 FYE2016 FYE2017 FYE2018 FYE2019 FYE2020 FYE2021 FYE2022 FYE2023 FYE2024 FYE2025 FYE2026E FYE2028E Net Sales Operating Profit Sales & OP Trends for the Past 10 years ✓ Leveraging rising procedure volumes to drive growth through proprietary portfolio. Following portfolio restructuring, we are implementing expansion strategies to enter new growth phase Growth acceleration phase Portfolio restructuring phrase Return to growth path (+) Sustained growth in A-fib procedures (annual growth of several % to 10%) (+) Change of CRM device supplier (FY2020) (+) New entry into GI and NV segments (-) Impact of COVID-19 pandemic (FY2020 to FY2023) (-) Underperformance of intervention business (ended in FY2024) (-) Expiration of exclusive distribution rights for certain sourced products (thoracic stent grafts/prosthetic heart valves: FY2019, RF needle: FY2023) Growth reacceleration phase OPM 20%+ Rapid growth of proprietary portfolio driven by increasing atrial fibrillation procedures (20%+ annually) Widespread of COVID-19 Sales and Operating Profit Track Record ( ¥bn)
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50 Long -Term Sales Mix Trends 6.6 4.2 5.6 6.6 7.2 5.9 11.9 13.2 13.0 12.4 13.5 13.3 13.2 9.0 11.4 14.4 17.5 20.4 23.1 24.7 23.9 25.1 26.3 24.2 27.8 29.1 4.6 6.2 7.2 9.1 11.5 11.7 10.2 10.0 10.1 10.8 11.4 12.2 12.7 2.8 2.6 2.3 2.8 3.2 4.8 4.9 4.0 2.8 1.4 24.4 25.7 30.5 37.2 42.3 45.5 51.8 51.3 51.5 51.8 51.4 56.6 59.3 Net Sales by Product Category (¥bn) CRM EP/ABL CV TVI NV GI Others ✓ Strengthening our core EP/ablation franchise while driving portfolio renewal through growth strategies Changes in Sales Composition Over the Past Decade • Growing EP/ablation into core business, now representing half of sales • Exiting from the coronary intervention business (TVI) due to intensifying competition and price erosion, reallocating human capital from intervention to GI segment • Expanding GI and neurovascular segments as growth drivers CRM 27% EP/ABL 37%CV 19% TVI 12% Others 5% FY2014 Sales Composition CRM 22% EP/ABL 49% CV 22% NV 4% GI 3% FY2026 Sales Composition Est. 12 yrs later *TVI=Transvascular Intervention
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51 52.3 54.3 56.5 59.2 62.8 61.1 56.4 55.9 56.0 57.8 60.3 60.4 59.7 42.2 50.7 54.5 52.9 55.3 54.9 50.7 49.9 52.4 54.9 58.8 57.4 58.1 FYE2014 FYE2015 FYE2016 FYE2017 FYE2018 FYE2019 FYE2020 FYE2021 FYE2022 FYE2023 FYE2024 FYE2025 FYE2026E GPM Proprietary Sales Mix Growth of sourced products • Growing intervention business through drug-eluting coronary stent • Expanding CRM product portfolio Portfolio optimization • Streamlining coronary intervention operations • Concluding RF needle exclusive distribution ✓ Near-term margins reflect sourced product mix, while long-term margins trend upward driven by proprietary product procedure growth Underlying Gross Margin Trends Fundamental trend: Rising procedures --> Proprietary product growth --> Margin improvement Terminated exclusive sales of RF needlesPhasing out from intervention business Strengthening CRM portfolio through strategic supplier realignment*1 Expansion of intervention business *1 Exclusive distribution agreement with MicroPort terminated; switched to Boston Scientific products from October 2019 Gross margin Proprietary products approx. 70％ Procured products approx. 40％ Gross Profit Margin and Proprietary Sales Mix Track Record (%) *Above gross margins are company’s overall average
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52 3,036 2,960 3,147 3,715 3,792 539 1,948 3,319 5,225 3,575 4,909 6,466 8,940 3,792 47.8% 71.2% 86.0% 96.0% 40.5% -10.0% 10.0% 30.0% 50.0% 70.0% 90.0% 110.0% 0 2,000 4,000 6,000 8,000 10,000 12,000 FYE2022 FYE2023 FYE2024 FYE2025 FYE2026E FYE2027E FYE2028E Shareholder Return Track Record (¥mn) Dividend Share Repurchase Total Return Ratio Targeting total shareholder returns of ¥27–30bn over the five- year plan period (Revised upward in May 2025) Shareholder Return Policy Ref. Dividend history FY2022 FY2023 FY2024 FY2025 FY2026E Earnings per share (¥) 93.13 88.22 98.73 131.43 133.30 Dividend per share (¥) 38.00 38.00 42.00 53.00 54.00 Payout ratio (%) 40.8 43.1 42.5 40.3 40.5 ✓ Enhanced shareholder returns with 40% base dividend payout ratio, plus potential for additional dividends and share buybacks (1) Dividend (base) (2)’ Dividend (extra) (2)’’ Share buyback Higher of • 40% dividend payout ratio or • 5% DOE (Dividend on Equity) • Considering additional shareholder returns based on business performance, stock price trends, and KPI achievements • Following share buybacks, cancelling shares exceeding 1% of total shares outstanding, excluding those earmarked for specific purposes Shareholder Return Policy
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53 Basic Company Information Company Name Japan Lifeline Co., Ltd. Chief Representative President and CEO Keisuke Suzuki Headquarters Tennoz Ocean Square, 2-2-20, Higashishinagawa, Shinagawa-ku, Tokyo Japan Foundation February 6, 1981 Stock Exchange Tokyo Stock Exchange, Prime Market Security Code 7575 Business Description Manufacture, marketing and export of medical devices; import and distribution of medical devices Paid - in Capital ¥2,115 million Fiscal Year March 31 Number of Employees 1,250 (consolidated), 1,004 (non-consolidated) as of Mar. 31, 2025 Locations 48 sales offices , Haneda Logistics Center, Kansai Logistics Center, Research & Developmet Department , Toda Factory, Oyama Factory, Ichihara Factory, Tennoz Accademia (Education Center) as of Mar. 31, 2025 Consolidated Subsidiaries JLL Malaysia Sdn. Bhd.
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This document contains our future predictions, except for historical facts. Specifically, our predictions about clinical trials, regulatory approvals, and product launch timings are based on our past experiences and available information. Please note that actual performance may vary from our predictions due to various factors, so don't overly rely on these forecasts. Also, this document may include information about unapproved products. Precautions Contact: Japan Lifeline Co., Ltd. Corporate Strategy Department TEL:03-6711-5214 E-Mail:ir@jll.co.jp URL:https://www.jll.co.jp