Slide 1: M3, Inc. Presentation Material
M3, Inc. Presentation Material November 2025 0
Slide 2: Forward-looking statements disclaimer
The following presentation contains forecasts, plans, management targets, and other forward-looking projections relating to M3, Inc. and/or its group. These statements are drawn from assumptions of future events based on data currently available to us, and there exist possibilities that such assumpt
Slide 3: FY2025 H1 Consolidated Results
FY2025 H1 Consolidated Results FY2024 FY2025 Unit: JPY MM YoY H1 H1 Revenue growth excluding COVID- Revenue 124,819 170,885 +37% related items: +38%, comparable Operating profit 28,982 35,992 +24% Profit before tax 29,074 36,681 +26% Profit 19,589 25,320 +29% Solid performance continues in both reve
Slide 4: Consolidated Revenue Trend and COVID Impact
Consolidated Revenue Trend and COVID Impact Unit: JPY MM COVID-related 170,885 (clinical trials, ～1,700 vaccination support, promotion of therapeutic drugs and 124,819 +38% vaccines, etc.) 112,616 115,795 ～1,900 ～5,700 ～14,600 Regular Businesses FY2022 FY2023 FY2024 FY2025 H1 H1 H1 H1 Growth in the
Slide 5: Growth Dynamics and COVID Effects: FY2024
Growth Dynamics and COVID Effects: FY2024 Before COVID During COVID Repercussion Normalized Organic Growth Rate 20km/h 20km/h 20km/h 20km/h COVID-19 Impact 20km/h 20km/h 20km/h 40km/h 0km/h 20km/h In Total… MP CS Status per Overseas Segment ES SS Each segment and business was in a different phase, a
Slide 6: Growth Dynamics and COVID Effects: FY2025
Growth Dynamics and COVID Effects: FY2025 Before COVID During COVID Repercussion Normalized Organic Growth Rate 20km/h 20km/h 20km/h 20km/h COVID-19 Impact 20km/h 20km/h 20km/h 40km/h 0km/h 20km/h In Total… MP CS Status per ES SS Segment Overseas PS The negative impact on COVID-related sales conclud
Slide 7: FY2025 H1 Consolidated Results by Segment
FY2025 H1 Consolidated Results by Segment FY2024 FY2025 Solid momentum in both Unit: JPY MM YoY H1 H1 businesses of pharma marketing and DX of the clinical scene Medical Revenue 42,474 51,977 +22% EWEL acquisition contributed approx. JPY 6 Bn in revenue and Platform Profit 14,590 17,870 +22% app
Slide 8: FY2025 H1 Forecasts vs. Actuals
FY2025 H1 Forecasts vs. Actuals Revenue Operating profit Initial Forecasts 172.0 Bn 31.0 Bn MP ES CS SS PS Overseas Other / Adjustments FY2025 H1 Act. 170.9 Bn 36.0 Bn MP and Overseas drove profit contribution in H1. We are currently monitoring H2 volatile factors, incl. potential impacts related to
Slide 9: M3's Triple Growth Engine + CSV
M3’s Triple Growth Engine + CSV 8
Slide 10: Growth Engine 1: Ecosystem Expansion (Sagrada Familia)
Growth Engine 1： Ecosystem Expansion (Sagrada Familia) Copyright © 2025 M3, Inc. All rights reserved. 9
Slide 11: Business Scope Expansion and Growth Potential
Business Scope Expansion and Growth Potential FY ： 2010 2015 2020 2024 Country ： 3 → 8 （2.5x） → 11 （3.5x） → 18 （6.0x） Business Types ： 6 → 15 （2.5x） → 35 （6.0x） → 41 （7.0x） Business Units (Type x Country) ： 10 → 24 （2.5x） → 56 （5.5x） → 80 （8.0x） Sales (Bn) ： 14.6 → 64.7 （4.5x） → 169.2 （12.0x） → 284.
Slide 12: Trend in M&A Volume: Programmatic M&A Strategy
Trend in M&A Volume: Programmatic M&A Strategy 15* 11 11 10 9 Domestic 5 5 3 Overseas 4** 6 6 7 6 2 2 FY2021 FY2022 FY2023 FY2024 FY2025 Q2 Earnings Release Continuously conduct approximately 10 M&As annually. Alongside ELAN and EWEL deals executed by M3, active acquisitions are also being driven by
Slide 13: Growth Engine 2: Individual Business Development
Growth Engine 2： Individual Business Development Copyright © 2025 M3, Inc. All rights reserved. 12
Slide 14: Pharmaceutical Sales & Marketing DX
Pharmaceutical Sales & Marketing DX 13
Slide 15: Pharma Marketing Cost and TAM for M3
Pharma Marketing Cost and TAM for M3 10 years ago Present Future M3’s Role down by ~300 Bn yen TAM Industry productivity improvement from DX MR Related 99% 1.5 Tn yen 95% 70～80% Costs 1.15 Tn yen 700～ (2) MR Activity 800 Bn yen DX Support (3) Data-driven Marketing (1) Internet Support 20～30% Marketi
Slide 16: Trend of Domestic Pharmaceutical Sales Reps (MRs)
Trend of Domestic Pharmaceutical Sales Reps (MRs) (10,000) Historical Peak 7 65,752 MRs -1,095 -522 -950 -752 -2,533 6 43,646 MRs -2,742 in FY2024 (Second largest -3,572 decline ever) -1,738 -2,166 5 -2,963 -3,073 4 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Slide 17: As a Strategic Partner to Pharma Companies
As a Strategic Partner to Pharma Companies Overall Trend Initiatives for Regrowth ＣＯＶＩＤ-19 Future Shift the focus from channel- During COVID After COVID centric pitches back to problem-solving proposals that tackle client challenges, Sales and reinforce this approach Now Key Initiatives: Approache
Slide 18: DX of the Clinical Scene
DX of the Clinical Scene Copyright © 2025 M3, Inc. All rights reserved. 17
Slide 19: M3 DigiKar EHR Growth
M3 DigiKar EHR Growth Number of Medical Institutions Using M3 DigiKar 8,700 A cumulative number of installations is approx. 8,700. Steady progress Co-selling with DigiKarSmart further increases the added value of DigiKar FY15 16 17 18 19 20 21 22 23 24 25 Incontestable #1 market share within clo
Slide 20: DX of Clinics: DigiKar Smart
DX of Clinics： DigiKar Smart Physical Medical Institutions： Online Managing System Appointment Next Auto- Appointment Reception Patients： M3 DigiKar Smart Mobile App Payment Consultation Linking to EHR 68,000 reviews with a rating of 4.6 from users, a new patient experience created, and a high ratin
Slide 21: No. of DigiKar Smart Users
No. of DigiKar Smart Users Unit: Index with FY2021Q3 as 1 13,201 11,400 10,042 Rapid market 9,437 penetration of DigiKar Smart as the clinics' infrastructure 7,089 # of Users: 1.9x YoY Txn Amount: 2.0x YoY 5,673 4,741 Video call has been 4,320 added and is expanding as an 2,973 infrastructure fo
Slide 22: Overseas
Overseas Copyright © 2025 M3, Inc. All rights reserved. 21
Slide 23: Number of Doctor Members and Panelists (Global)
Number of Doctor Members and Panelists (Global) Ratio of doctor members (As of June 2025) Including regions not shown above, more than 7 million doctor members and panelists, covering 50% of doctors worldwide *The no. of doctors in Japan is based on data from the Ministry of Health, Labour and Welfa
Slide 24: Overseas Segment: Sales by Region
Overseas Segment: Sales by Region Unit: JPY MM Growth Rate 41,058 +8% 37,956 * Down approx. 3%pts due to forex impact North America +3% at constant currency 14,464 North 14,660 -1% Monitor the future Trump risk America primarily in the clinical trial business Europe 17,681 Steady progress in F
Slide 25: Growth Engine 3: Ecosystem Synergy Creation
Growth Engine 3： Ecosystem Synergy Creation Copyright © 2025 M3, Inc. All rights reserved. 24
Slide 26: Business Scope Expansion and Growth Potential
Business Scope Expansion and Growth Potential FY ： 2010 2015 2020 2024 Country ： 3 → 8 （2.5x） → 11 （3.5x） → 18 （6.0x） Business Types ： 6 → 15 （2.5x） → 35 （6.0x） → 41 （7.0x） Business Units (Type x Country) ： 10 → 24 （2.5x） → 56 （5.5x） → 80 （8.0x） Sales (Bn) ： 14.6 → 64.7 （4.5x） → 169.2 （12.0x） → 284.
Slide 27: Cross-Business Synergy Creation Potential
Cross-Business Synergy Creation Potential １ ２ ３ ４ ・・・ ｎ Number of businesses Synergy Links 0 1 3 6 nC2 Synergy potential between businesses: 80Ｃ2 = 3,160 possible linkages 26
Slide 28: Ecosystem Synergy Value Creation
Ecosystem Synergy Value Creation Unit: Index with FY2024 H1 as 100 114 100 Approx. 1.1x FY2024 H1 FY2025 H1 The next ten years will be based on ecosystem synergies, including internal and external collaborations, to further promote healthcare problem-solving/social impact creation, and business expa
Slide 29: The White Jack Project
“The White Jack Project” Pre-Onset/ After Onset/ Phase 1 Happiness-i Healthy Person Patient Phase 2 Rinkai Medical General Public (consumer) Phase 3 Cancer Prevention Future expanding priority areas Phase 4 EBHS Phase 5 M3 Health Design HCP (e.g. wholesaler) Phase 6 Medcare Traditional main business
Slide 30: Expand Coverage of Enterprise Services
Expand Coverage of Enterprise Services Number of Employees Covered by Enterprise Services Covers more than 7 million* Unit: 10,000 ppl employees as of FY2025Q2 ~710 with the following services EBHS Life Cancer prevention White Jack M3PSP AskDoctors Booking & conducting Approx. medical chec
Slide 31: KPI Trend of Main Services
KPI Trend of Main Services # of Accounts for Employee Health Data # of Client Worksites for the Occupational Management Service(1) Physician Dispatch Service(2) Unit: Index with the end of FY2022 as 100 Unit: Index with the end of FY2022 as 100 246 210 Approx.2.5x Approx.2.1x 100 100 FY2022Q4 FY2025
Slide 32: FY2025 Outlook
FY2025 Outlook Copyright © 2025 M3, Inc. All rights reserved. 31
Slide 33: Annual Results and Forecasts
Annual Results and Forecasts Revenue Operating Profit Unit: JPY MM Unit: JPY MM 360,000 Operating profit* 95,141 Medlive IPO Impact 284,900 71,983 70,000 238,883 64,381 230,818 64,210 62,971 208,159 57,972 169,198 130,973 34,337 113,059 30,800 27,486 94,471 25,050 78,143 20,022 64,660 16,061 51,346
Slide 34: Released M3 Report for Investors 2025
Released “M3 Report for Investors 2025” Issued a report for investors (available on the M3 corporate website) CEO Message Interviews with the leader of the pharmaceutical marketing support business and the independent director The “Sagrada Familia of Healthcare” Concept Growth strategies suc
Slide 35: Copyright All rights reserved.
Copyright © 2025 M3, Inc. All rights reserved. 34
Slide 36: Abbreviations of Segment Names
Abbreviations of Segment Names Segment name abbreviations are used following the definitions outlined below: Official Segment Name Abbreviation Medical Platform MP Evidence Solution ES Career Solution CS Site Solution SS Patient Solution PS 35