Slide 1: M3, Inc. Presentation Material
M3, Inc. Presentation Material August 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: FY2025Q1 Consolidated Results
FY2025Q1 Consolidated Results FY2024 FY2025 Unit: JPY MM YoY Q1 Q1 Revenue growth excluding COVID- Revenue 64,209 86,200 +34% related items at a comparable +35% Operating profit 16,899 19,777 +17% Profit before tax 18,784 19,683 +5% Profit 12,750 13,536 +6% Solid performance in both revenue and prof
Slide 4: 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 5: 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 6: FY2025Q1 Consolidated Results by Segment
FY2025Q1 Consolidated Results by Segment FY2024 FY2025 Unit: JPY MM YoY Solid momentum in both Q1 Q1 businesses of pharma marketing and DX of the clinical scenes Medical Revenue 20,969 25,274 +21% EWEL acquisition contributed Platform Profit 7,924 8,981 +13% approx. JPY 3 Bn in revenue and appro
Slide 7: FY2025Q1 Forecasts vs. Actuals
FY2025Q1 Forecasts vs. Actuals Revenue Operating profit Initial Forecasts ～86.0 Bn ～16.5 Bn MP ES CS SS PS Overseas Other / Adjustments FY2025Q1 Act. 86.2 Bn 19.8 Bn Both revenue and profits off to a good start 6
Slide 8: M3's Triple Growth Engine + CSV
M3’s Triple Growth Engine + CSV 7
Slide 9: Growth Engine 1: Ecosystem Expansion (Sagrada Familia)
Growth Engine 1： Ecosystem Expansion (Sagrada Familia) Copyright © 2025 M3, Inc. All rights reserved. 8
Slide 10: Leverage Major Resources to Solve Healthcare Issues
Leverage 3 Major Resources to Solve Healthcare Issues 7 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 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 7 3 6 6 6 2 1 FY2021 FY2022 FY2023 FY2024 FY2025Q1 Earnings Release Continuously conduct approximately 10 M&As annually. Alongside ELAN and EWEL deals executed by M3, active acquisitions are also being driven by gr
Slide 13: France: Consolidation of GPR by Vidal Group
France: Consolidation of GPR by Vidal Group Vidal’s prescription Ｖｉｄａｌ Ｇｒｏｕｐ ＧＰＲ support system for hospitals has provided Prescription Standard prescription direct access to GPR management software support tool for renal after their partnership in solutions failure 2023 Over 40,000 Physician
Slide 14: 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 13
Slide 15: Growth Engine 2: Individual Business Development
Growth Engine 2： Individual Business Development Copyright © 2025 M3, Inc. All rights reserved. 14
Slide 16: Pharmaceutical Sales & Marketing DX
Pharmaceutical Sales & Marketing DX 15
Slide 17: 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 18: 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 19: 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 20: DX of the Clinical Scene
DX of the Clinical Scene Copyright © 2025 M3, Inc. All rights reserved. 19
Slide 21: M3 DigiKar EHR Growth
M3 DigiKar EHR Growth Number of Medical Institutions Using M3 DigiKar 8,200 A cumulative number of installations is approx. 8,200. 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 22: 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 58,000 reviews with a rating of 4.6 from users, a new patient experience created, and a high ratin
Slide 23: No. of DigiKar Smart Users
No. of DigiKar Smart Users Unit: Index with FY2021Q3 as 1 11,400 10,042 9,437 Rapid market penetration of DigiKar Smart as the 7,089 clinics' infrastructure # of Users: 2.0x YoY 5,673 Txn Amount:2.1x YoY 4,741 Video call has been 4,320 added and is 2,973 expanding as an infrastructure for 2,067
Slide 24: Ecosystem Synergy: Medical Data Business
Ecosystem Synergy: Medical Data Business Unit: Index with FY2024Q1 as 100 Sales of Medical Data Business* 118 Approx. 100 1.2x FY2024 Q1 FY2025 Q1 Medical data business (actual medical practice, physician practice standards, etc.) also grew significantly along with the increase in the volume of data
Slide 25: Medical AI Platform
Medical Al Platform Copyright © 2025 M3, Inc. All rights reserved. 24
Slide 26: Medical AI Platform Business by M3 AI
Medical AI Platform Business by M3 AI Medical Institutions M3 AI’s Platform Multiple participating Send data vendors provide Currently providing the cloud-based AI solutions, following services: enabling continuous performance improvement Chest CT Hospital-based M3 Edge Receive Chest X-ray Serve
Slide 27: AI Platform Solutions (examples)
AI Platform Solutions (examples) Analyzed Image AI Findings Specific Services Images Pulmonary VUNO Med-LungCT Chest CT Nodule VUNO Med-LungCT (with time-series analysis) EIRL X-Ray Lung nodule (pulmonary nodule) Pulmonary Chest X-ray Nodule and EIRL Chest Screening (pulmonary nodule, infiltrative s
Slide 28: Overseas
Overseas Copyright © 2025 M3, Inc. All rights reserved. 27
Slide 29: 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 30: Overseas Segment: Sales by Region
Overseas Segment: Sales by Region Unit: JPY MM Growth Rate +4% North America * Down approx. 5%pts 19,873 20,724 due to forex impact +4% at constant currency Clinical trial business: The adverse effects have subsided. -3% Take actions to strengthen and North 7,487 streamline the management 7,746
Slide 31: Growth Engine 3: Ecosystem Synergy Creation
Growth Engine 3： Ecosystem Synergy Creation Copyright © 2025 M3, Inc. All rights reserved. 30
Slide 32: 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 33: 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 32
Slide 34: 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 35: Expand Coverage of Enterprise Services
Expand Coverage of Enterprise Services Number of Employees Covered by Enterprise Services Unit: 10,000 ppl Covers more than 7 million* employees as of FY2025Q1 ~705 with the following services EBHS Life Cancer prevention, PSP AskDoctors Booking & conducting Approx. medical check-ups 293 203
Slide 36: 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 100 240 202 Approx.2.4x Approx.2.0x 100 100 FY2022Q4 FY2025
Slide 37: Social Impact Creation
Social Impact Creation Copyright © 2025 M3, Inc. All rights reserved. 36
Slide 38: 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 39: FY2025 Outlook
FY2025 Outlook Copyright © 2025 M3, Inc. All rights reserved. 38
Slide 40: 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 41: Copyright All rights reserved.
Copyright © 2025 M3, Inc. All rights reserved. 40
Slide 42: 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 41