FY2025 Q2 Financial Briefing Material

November 6, 2025 JMDC Inc.

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FY2025 H1: Performance Highlights

The core Healthcare-Big Data segment drove growth, resulting in a solid increase in both Revenue and EBITDA.

Consolidated Revenue

(Million JPY)

Healthcare-Big Data Revenue

Y-o-Y

Transaction volume by data utilization area

For Industry

+36％

Y-o-Y

For Payers/ Individuals

For Medical Service Providers

+24％

+17％ +30％

Consolidated EBITDA

(Million JPY)

Y-o-Y

+23％

Healthcare-Big Data

EBITDA

Y-o-Y

Number of People in Contracted Payer

20.06 million people

Number of Pep Up IDs

7.73 million people

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Note: IFRS-based

EBITDA: Operating profit + Depreciation and amortization costs ± Other profits and/or losses

[Reference] FY2025: Business Segments of JMDC Group

The Healthcare-Big Data segment continues to expand its business scale in the Industry, Payer/Individuals, and Medical Service P roviders areas. The Tele-medicine segment maintains high profitability, supported by steady demand, and sustains stable growth.

Business Outline

For Industry

Data utilization service for pharmaceutical companies, insurance companies, etc.

For Payers and Individuals

Data analysis for health insurance unions, provision of "Pep Up," an ICT product for health insurance union members, and services for local governments

For Medical Service Providers

Medicine DB, data analysis for medical institutions, management consulting/finance, web-based medical inquiries, system for attracting patients/taking reservations

Provision of remote diagnostic imaging service

Summary of FY2025 H1

• In the pharmaceutical domain, the development of data utilization applications in the Sales & Marketing and R&D areas significantly expanded

• In the life and non-life insurance domain, growth was weak due to the impact of client consolidation/integration in H1. However, demand generation is progressing smoothly toward H2, and the business is beginning to regain its growth momentum

• Growth temporarily slowed due to M&A in the local government domain. However, business scale is expanding smoothly, and the aggregation of local government data is also accelerating

• In the health insurance unions domain, continued penetration of Pep Up into the expanded user base drove growth

• Sustained increase in the number of facilities introducing data infrastructure services, leading to an expansion in data volume

• High value-added services such as consulting and finance for medical institutions drove growth

• Smart clinics also continuing to expand

• Maintain high profitability due to solid demand and

strengthened operations

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FY2025 H1: Management Viewpoints

In order to further deepen the understanding of shareholders, investors and other stakeholders, we will provide management vi ewpoints.

Q. How do you evaluate your business performance and progress in this H1?

• The Healthcare-Big Data segment continued to perform well following Q1, with each business maintaining balanced growth. Business for Industry continued to grow mainly in the marketing area, which is focused on as a new business area. As for business for Payers/Individuals, although the growth rate has slowed somewhat due to a slower increase in the local government domain than in the health insurance unions domain, Pep Up is leading the health insurance domain in continuing strong growth. Sales for medical service providers also grew steadily, particularly in high-value-added businesses.

• On the profit side, EBITDA and operating income progressed as expected. On the other hand, profit before tax and profit attributable to owners of the parent were lower than expected. The reason is that a subsidiary that carried out an M&A several years ago recorded losses on financial instruments it held before joining the Group. We do not invest in these financial instruments and do not hold any other similar financial instruments. Therefore, the impact of this transaction is temporary and will not affect future profitability.

Q. The growth rate of the business for industry seems to have slowed down compared to Q1. What is the cause?

• Growth appears to have slowed slightly in Q2 compared with Q1, which was particularly strong, due to some sales being pulled forward into Q1 in the business for pharmaceutical companies and temporary weakness in the business for life insurance companies. On the other hand, the business environment remains favorable, with 24% growth in LTM (compared with 19% growth in the same period last year), so we do not feel that growth has slowed.

• In pharmaceutical companies, the need to utilize data is increasing. In addition to the massive increase in our company data and the expansion of consumer platforms in recent years, the shift in product portfolio from primary care to specialty care and rare diseases is causing structural changes in needs. In the sales and marketing area, services that utilize data and consumer platforms to identify unmet medical needs and support the provision of appropriate information are expanding. Efforts to utilize data to improve efficiency are also spreading in the clinical trial area. We believe that this trend is not temporary but irreversible, and as a leading healthcare data company, we are determined to meet these expectations. (Refer to "Business Progress" on page 32 and later)

• The business for life insurance companies temporarily weakened due to the impact of consolidation of transactions due to customer mergers. On the other hand, orders received this fiscal year were higher than last fiscal year, and there is no problem with the growth trend throughout the year.

Q. What is the progress of collecting and utilizing new data?

• The accumulation of data on the elderly continues to accelerate. In FY2024 Q4 financial results, we shared the progress of data on the elderly originating from local governments, and data from DPC hospitals are also being accumulated in various forms, and we have already achieved a relative share of about 0.9 compared to the largest data volume company. Achieving the No. 1 data volume within the fiscal year is in sight.

• Response to the use of such data by pharmaceutical companies and life insurance companies remained positive. Although full-scale contributions to earnings are yet to come, we feel that we are making good progress.

Q. What is your outlook for H2 of FY2025?

• We believe that the business has progressed smoothly so far in response to the guidance at the beginning of this fiscal year. In particular, the business environment in

Healthcare-Big Data continues to be favorable as the need for various initiatives utilizing data is structurally increasing. In our company business, revenues and profits will 5

be disproportionately focused in H2 of the year, so we will continue to be vigilant in achieving our guidance.

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FY2025 H1: Summary of Consolidated Performance

Both revenues and profits are growing steadily. As a result of a one-time loss on financial instruments at a subsidiary, income before income

taxes and below was slightly lower than expected for this H1.

(Unit: Million JPY)FY2024 H1 FY2025 H1 Y-o-Y

18,548 23,080 +24%

3,153

(17%)

Profit before taxes

(Rate)

3,071

(17%)

2,189

(11%)

4,025

(17%)

3,657

(16%)

2,376

(10%)

+28%

+19%

+12%

2,119 2,376 +12%

70 - -

4,480

(24%)

5,524

(24%)

+23%

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Note: IFRS-based

EBITDA: Operating profit + Depreciation and amortization costs ± Other profits and/or losses, EBITDA margin: EBITDA/Revenue

[Reference] FY2025: Progress Against Full-Year Forecasts

The progress rate against the full-year forecast was as expected. If there are major changes to the plan, we will disclose them appropriately.

(Unit: Million JPY)FY2025 H1 FY2025 Full-Year Forecasts Progress ratio

23,080 50,500 46%

4,025

(17%)

Profit before taxes

(Rate)

3,657

(16%)

2,376

(10%)

11,500

(23%)

11,000

(22%)

7,400

(15%)

35%

33%

32%

2,376 7,400 32%

- - -

5,524

(24%)

14,500

(29%)

38%

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Note: IFRS-based

EBITDA: Operating profit + Depreciation and amortization costs ± Other profits and/or losses, EBITDA margin: EBITDA/Revenue

FY2025 Q2: Quarterly Consolidated Revenue/EBITDA

Healthcare-Big Data drove growth, and both revenue and EBITDA grew in line with the plan announced at Q1.

Quarterly Trends of Consolidated Revenue

(Unit: Million JPY)

EBITDA

Margin

Quarterly Trends of Consolidated EBITDA/margin

(Unit: Million JPY and %)

23 27 26

+ 18%

12,099

12,355

11,075

10,725

9,803

10,451

8,233

8,096

6,756

5,779

3,215

3,138

+ 15%

3,312

3,256

EBITDA

2,831

2,831

2,267

1,603

1,563

1,649

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

FY2023

FY2024

FY2025

FY2023

FY2024

FY2025

Full-year EBITDA margin

29%

Full-year EBITDA margin

26%

Full-year EBITDA margin

29% (Plan)

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Note: IFRS-based

EBITDA: Operating profit + Depreciation and amortization costs ± Other profits and/or losses, EBITDA margin: EBITDA/Revenue

FY2025 H1: Performance by Segment

Both revenues and profits grew due to high growth in the healthcare-Big Data segment and high profitability in the Tele-medicine segment.

Note: IFRS-based

EBITDA: Operating profit + Depreciation and amortization costs ± Other profits and/or losses, EBITDA margin: EBITDA/Revenue