Slide 1: M3, Inc. Presentation Material
M3, Inc. Presentation Material May 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: FY2024 Consolidated Results
FY2024 Consolidated Results Unit: JPY MM FY2023 FY2024 YoY YoY sales growth excluding COVID- Revenue 238,883 284,900 +19% related; +23% Operating profit 64,381 62,971 -2% Profit before tax 68,840 64,785 -6% Profit 48,549 44,340 -9% Revenue increased by 19% YoY, driven by both growth in segments that
Slide 4: Consolidated Revenue Trend and COVID Impact
Consolidated Revenue Trend and COVID Impact Unit: JPY MM COVID-related 284,900 ～3,200 (clinical trials, vaccination support, 230,818 238,883 promotion of therapeutic drugs and 208,159 ～10,400 vaccines, etc.) ～24,300 +23% ～24,800 169,198 Regular businesses FY2020 FY2021 FY2022 FY2023 FY2024 A negativ
Slide 5: FY2024 Consolidated Results by Segment: Domestic
FY2024 Consolidated Results by Segment Pharma marketing: The impact of Unit: JPY MM FY2023 FY2024 YoY a decline in COVID-related sales drove revenue decline, but the fundamental DX is currently Medical Revenue 93,414 91,566 -2% expanding Other businesses, such as DX of Platform Profit 38,626 34,
Slide 6: FY2024 Forecasts vs. Actuals
FY2024 Forecasts vs. Actuals Revenue Operating profit Initial Forecasts* 270.5 Bn 68.5 Bn MP ES CS SS PS Overseas Other / Adjustments FY2024 Act. 284.9 Bn 63.0 Bn Revenue targets were achieved, driven by SS and the contribution from the newly established PS. Meanwhile, profit targets fell short due
Slide 7: 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 Currently, each segment and business is in a differen
Slide 8: 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 9: Sales Outlook for FY2025
Sales Outlook for FY2025 Unit: JPY MM Growth rate Only regular 360,000 businesses Overall ～2,000 COVID-related +27% +26% (clinical trials, vaccination support, 284,900 promotion of ～3,200 therapeutic drugs and vaccines, etc.) Regular businesses FY2024 FY2025E COVID-related sales in FY2025 are expect
Slide 10: M3's Triple Growth Engine + CSV
M3’s Triple Growth Engine + CSV 9
Slide 11: Growth Engine 1: Ecosystem Expansion (Sagrada Familia)
Growth Engine 1： Ecosystem Expansion (Sagrada Familia) Copyright © 2025 M3, Inc. All rights reserved. 10
Slide 12: Leverage Major Resources to Solve Healthcare Issues
Leverage 3 Major Resources to Solve Healthcare Issues 6.5 mil. registered doctors worldwide Overwhelming Platform Healthcare Issues × Top-notch technical professionals State-of-the-art Technology Experts from varied fields unite Problem Solving Skills 11
Slide 13: 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 14: 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 6 6 7 6 1** 1 FY2021 FY2022 FY2023 FY2024 FY2025 As of April M&A is completed with approximately 10 companies annually; in FY2024, a total of 16 acquisitions were made including EWEL. In addition to ELAN and EWEL c
Slide 15: ELAN Update
ELAN Update Contributions in FY2024 – The acquisition contributed approx. JPY 0.8 Bn (0.1 Bn in Q3 and 0.7 Bn in Q4) in operating profit over a 5-month consolidation period, even after accounting for acquisition costs Progress of Synergy Creation – Short term Joint proposals to medical institu
Slide 16: EWEL Update
EWEL Update Consolidation starts from FY2025Q1 – To be included in the MP segment with acquisition costs already recorded in FY2024 – Profit contribution is expected even after accounting for the amortization of intangible assets Progress of Synergy Creation – Short term Engineering collaborat
Slide 17: Growth Image per Business Expansion Phases [FY2023 ver.]
Growth Image per Business Expansion Phases [FY2023 ver.] Sales Trend (JPY) Businesses added after FY2023 Assumption Businesses added between FY2015 and FY2023 Businesses added between FY2010 and FY2015 ～600 Bn Business as of FY2010 1/4 of existing ～120 business on top CAGR ～170 ～20% 239 Bn ～180 CAGR
Slide 18: Growth Image per Business Expansion Phases [FY2024 ver.]
Growth Image per Business Expansion Phases [FY2024 ver.] Sales Trend (JPY) Businesses added after FY2024 Assumption Businesses added between FY2015 and FY2024 ～700 Bn About 1/5 of the Businesses added between FY2010 and FY2015 ～120 existing businesses added on Business as of FY2010 CAGR ～240 ～20% 28
Slide 19: Business Expansion Creation Flow
Business Expansion Creation Flow Reinforcement Structural of Ecosystem Differentiation Investment Target Expansion Self-reinforcing expansion cycle = "superbly capable staff" base also expands, and continuity is further strengthened... "business snowball" to multiply rapidly 18
Slide 20: Growth Engine 2: Individual Business Development
Growth Engine 2： Individual Business Development Copyright © 2025 M3, Inc. All rights reserved. 19
Slide 21: Pharmaceutical Sales & Marketing DX
Pharmaceutical Sales & Marketing DX 20
Slide 22: 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 23: 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 46,719 MRs 6 in FY2023 -2,742 (Second largest decline ever) -3,572 -1,738 -2,166 5 -2,963 4 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 In addition
Slide 24: Current Status of Pharmaceutical Marketing
Current Status of Pharmaceutical Marketing Demand and Its Trend ＣＯＶＩＤ-19 Future During COVID After COVID • Advancement of structural digital transformation (DX) Structural changes • Further penetration of data- Sales driven marketing Now • Projects on a larger scale • Temporary decline in demand dur
Slide 25: As a Strategic Partner to Pharma Companies
As a Strategic Partner to Pharma Companies Overall Trend Efforts for Renewed Growth ＣＯＶＩＤ-19 Rejuvenate and strengthen Future leadership During COVID After COVID Our Products Continual development of services that dramatically improve the productivity of Sales pharmaceutical company sales and ma
Slide 26: DX of the Clinical Scene
DX of the Clinical Scene Copyright © 2025 M3, Inc. All rights reserved. 25
Slide 27: M3 DigiKar EHR Growth
M3 DigiKar EHR Growth Number of Medical Institutions Using M3 DigiKar 7,700 A cumulative number of installations is approx. 7,700. Steady progress Co-selling with DigiKarSmart further increases the added value of DigiKar FY15 16 17 18 19 20 21 22 23 24 Incontestable #1 market share within cloud-
Slide 28: 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 51,000 reviews with a rating of 4.6 from users, a new patient experience created, and a high ratin
Slide 29: No. of DigiKar Smart Users
No. of DigiKar Smart Users Unit: Index with FY2021Q3 as 1 10,042 9,437 Rapid market penetration of DigiKar 7,089 Smart as the clinics' infrastructure 5,673 # of Users: 2.1x YoY 4,741 Txn Amount: 2.5x YoY 4,320 Video call has been added and is 2,973 expanding as an 2,067 infrastructure for teleme
Slide 30: Overseas
Overseas Copyright © 2025 M3, Inc. All rights reserved. 29
Slide 31: Number of Doctor Members and Panelists (Global)
Number of Doctor Members and Panelists (Global) Ratio of doctor members (As of June 2024) Including regions not mentioned above, more than 6.5 million doctor members and panelists, covering over 50% of doctors worldwide *The no. of doctors in Japan is based on data from the Ministry of Health, Labou
Slide 32: Overseas Segment: Sales by Region
Overseas Segment: Sales by Region Unit: JPY MM Growth Rate North America +15% 80,506 * ~10% excl. currency Continued strong performance tailwinds Clinical trial business: Although 69,852 Q4 did not reach the level of Q3, the H2 showed improvement 30,482 +13% compared to the H1. Continue North to
Slide 33: Overseas Growth Trends by Business (Full Year)
Overseas Growth Trends by Business (Full Year) Unit: JPY Bn Service for Business Career for Clinical Trials Doctors Intelligence Doctors (Platform for doctors in North (M3 Global Research: (Operation of clinical trials sites (Human resources business America, Europe, and APAC Expanding in North Amer
Slide 34: Growth Engine 3: Ecosystem Synergy Creation
Growth Engine 3： Ecosystem Synergy Creation Copyright © 2025 M3, Inc. All rights reserved. 33
Slide 35: 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 36: 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 35
Slide 37: Ecosystem Synergy Value Creation
Ecosystem Synergy Value Creation Unit: Index with FY2023 as 100 117 Approx. 100 1.2x FY2023 FY2024 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 expansion *Su
Slide 38: 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 39: Expand Coverage of Enterprise Services
Expand Coverage of Enterprise Services Number of Employees Covered by Enterprise Services Covers approx. 3 million Unit: 10,000 ppl employees as of FY2024Q4, and ~690 ~6.9 million as of April 2025, with the following services EBHS Life Cancer prevention, PSP AskDoctors Booking & conducting A
Slide 40: 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 100 233 184 Approx.2.3x Approx.1.8x 100 100 End of FY2022 E
Slide 41: Social Impact Creation
Social Impact Creation Copyright © 2025 M3, Inc. All rights reserved. 40
Slide 42: SDGs and CSV: M3's CSV positioning
SDGs and CSV: M3's CSV positioning ＳＤＧｓ ＣＳＶ Sustainable Development Goals Creating Shared Value (Development goals which are possible to sustain) (Creation of shared values) International objectives that Initiatives by companies to solve governments, businesses and social problems through their core
Slide 43: M3's CSV Impact (1/2): Patients / End Users
M3’s CSV* Impact (1/2): Patients / End Users Providing a Seamless Healthcare Experience Number of medical consultations using Digikar Smart: over 13 million in a year, more than double compared to the previous fiscal year Reduction of 4.14 million hours spent in clinics Including the above, 36.7 mil
Slide 44: M3's CSV Impact (2/2): Medical Professionals
M3’s CSV* Impact (2/2): Medical Professionals Information Provision for all HCPs Approx. 9.8 million viewers in total for web conferences, etc.** FY2024 Medical Examination Support Supporting medical examinations through the management of information across over 400 million electronic health records
Slide 45: Shareholder Returns
Shareholder Returns Copyright © 2025 M3, Inc. All rights reserved. 44
Slide 46: Capital Allocation Policy and Shareholder Returns
Capital Allocation Policy and Shareholder Returns Basic Policy: To strengthen the management foundation and prepare for new business development, profits will be retained internally and reinvested Determine the level of shareholder returns by comprehensively assessing capital demands and cash fl
Slide 47: FY2025 Outlook
FY2025 Outlook Copyright © 2025 M3, Inc. All rights reserved. 46
Slide 48: FY2024 and FY2025 Outlook
FY2024 and FY2025 Outlook FY2025 FY2024 Outlook Driver 1: Annualized contribution from FY2024 acquisitions ＋＋ → ＋ Ecosystem Expansion New acquisitions in FY2025 not embedded Negative impact from COVID-related sales drop in pharma Medical marketing support to almost subside; aiming for renewed
Slide 49: 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 50: 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 49
Slide 51: Copyright All rights reserved.
Copyright © 2025 M3, Inc. All rights reserved. 50