Medium-Term Management Plan 2029 ～Toward New Growth～ (Revised)

THE BEST QUALITY IN THE WORLD, TO THE WORLD

Medium-Term Management Plan 2029

～ Toward New Growth ～

October 8, 2025 MANI, INC.

1

Director, President and Representative Executive Officer Masaya Watanabe

MANI's Identity

MANI's mission to fulfill for society

What MANI wants to be

Values that MANI will continue to cherish

MISSION

VISION

VALUE

Contributing to the welfare of people worldwide through distribution of products beneficial to patients and doctors

The Best Quality in the World, to the World

• Ardent, tenacious and persistent efforts with a scientific mind

  • Commitment to "Trade-Off"

• Relentless challenge to creativity

and evolution

Introduction of the New Management Team

Chairperson of Board of

President and

Senior Managing Executive

Senior Managing Executive

Managing Executive Officer, Managing Executive Officer,

Executive Officers, Technical Fellow

Masahiko

Saito

Representative Executive Officer

Masaya

Watanabe

Officer, Division Head of Business Division

Shuichi

Kurita

Officer, Division Head of Monozukuri Division

Hideshi

Fukumoto

Department Head of Manufacturing Department

Tomomi Kosaka

CFO, Office Head of Corporate Planning Office

Takayuki Yamamoto

Administrative Officer, Department Head of Global Operations Department

Administrative Officer, Department Head of Research & Development Department

Administrative Officer, Department Head of Product Business Department

Administrative Officer, Department Head of Human Resources and General Affairs Department

Senior Medical Officer (Dentist)

Kaoru Ogane Norio Ozaki Noritomo Koike Hajime Terada Keiko Yamamura

Review of the FY25 Mid-Term Plan & Future Initiatives for Key Measures

Performance Trends

Note: FY25 refers to fiscal year ending August 31, 2025

(Unit: ¥100 million)

Development of New Products

JIZAI

NiTi Rotary File

Vitreous Forceps

• Excellent root canal centering ability, flexibility, and durability

• Achieved market share equivalent to hand files (20%)

  FY25 Mid-

  Term Plan Results

• Launched in February 2020 (Japan)

• Added new file to the lineup in September 2024

• Expanding to major markets (regulatory approval pending in China)

• Establishing the optimal treatment protocol with KOLs

  FY29 Mid-

  Term Plan

• Additional product lineup (JIZAI-2)

• Mass production at the Smart Factory (from 2027)

• Significant improvement in cutting and operability with new materials (JIZAI-3)

  New product development: Foster JIZAI and vitreous forceps as main products New product sales target as of FY29: ¥3 billion (including other new products)

  (Note) KOL: Key Opinion Leader

• Tip of the forceps have excellent gripping strength

• Global market share: Over 20%

• Launched in April 2023 (27G, Japan)

• Acquired MDR certification in Europe

• Added 25G to the lineup

• Product Improvements (Better user experience)

• Launch mainly in Japan, Europe, China

• Develop production technology at the Smart Factory

  
  
  Dental Restoration Material Business (MMG)

  Strengths

  / Business Goals

MMG's New Head Office Factory (Germany)

Global Production System

• Building completed in January 2025

• Mass production starts in 2026

Sequential launch: Ophthalmic knives, JIZAI,

vitreous forceps, etc.

Smart Factory (Hanaoka Factory)

Production technology development/ new product launch

Rolling out to Vietnam and China as the mother factory

Vietnam Factory

Main production base

High-quality and low-cost manufacturing

Begin production at our 2 main production bases from 2025

3,300 employees (as of August 2025)

Establish new factory in China (production will start in 2028)

Overview of FY29 Mid-Term Plan

Core Technology

Proprietary materials / Microfabrication technology

Global Customer Base

• Sales countries and regions: Over 120

• Sales partners: Around 500

• B-to-B customers: Around 250

• Dental clinics: Covered 50% in Asia

• Ophthalmic clinics: Around 10,000 globally

MANI's Growth Path and Strengths



2026 Marks Our 70th Anniversary, Aiming to Become a Century-Old Company

Become a trusted company that provides outstanding products and solve issues in medical practice

Commitment to being the Best in the World Global niche top strategy and trade-off management

Achieve high profitability

Product-out Solving issues in medical practice

100% in-house principle

Operations centered in Japan

Use of strategic alliances, M&A Improve business speed

Global management

From a "niche company specialized in R&D" to a "true global company"

Our Approach to Future Growth (1)

• Product-out approach

• Expansion of global niche top products

• Global expansion:

Japan/Asia → Europe/US

• Market-in approach

• Support for clinical protocols

• Building new organizational capabilities: Clinical understanding, expanding technical fields

＋

Our Approach to Future Growth (2)

＋

Strengthen Strengths

Unlock the full potential of MANI's success model

Ophthalmic

Surgical

Surgery

Eyeless Needle

Dental

Ophthalmic suture

Stapler

Vascular knive

Existing products

Vitreous forceps

Micro-needle

JIZAI

FY25→FY29

mid-term plan launch

Retinal/vitreous surgery devices

New business exploration (research stage)

Robotic surgery field

Endodontic treatment (irrigation/ obturation)

Full-scale start from FY29

• Provide our unique MANI value

• Expand portfolio with global niche top products

• Explore new businesses leveraging strong technologies, strengthen both own brand and OEM

• Establish win-win relationships with suture manufacturers

• Focus on minimally invasive/robotic surgery fields

• Become the leading player in endodontic treatment

13

(*) 'Monozukuri' is the Japanese term for 'manufacturing'

Key Policies

14

Sales Growth

(Note) <xx%> is in local currency

CAGR14.9%

<10.6%>

CAGR11%

<11%>

1.9

¥30 bn 27.3%

¥45 bn 32%

Aim for sales over

¥50 bn, including M&A investment

Inorganic growth

Net sales Operating income margin

¥17.2 bn 31.1%

Organic growth

Actual Actual Base Plan Stretch

USD/JPY

¥107.1 ¥148.9 ¥143 15

Performance Targets

Business Strategy

Recognition of the Business Environment Surrounding MANI

Business Opportunities

• Medical device market is growing worldwide (CAGR approx. 6%)

• Treatments will be more minimally invasive and and robotized

• Continuous progress in technological innovation

Evolve into a true global company

Current strength

Global niche top products Proprietary microfabrication technology

• Preferential policies for domestic production (China, India, Indonesia, etc.)

• Intensifying cost competition among competitors in emerging countries

• Retention by global major companies

• Stricter standards and regulations

  
  
  

  Aim for profitable growth in all business segments

  Business Portfolio

  Net Sales

Unit: ¥100 million

Dental

Eyeless

172

300

19

450

restoration material (MMG)

12

61

Dental (excluding MMG)

Eyeless Needle

Surgical

40％

30％

20％

10％

0％

-10％

-20％

FY21

FY25

Needle Surgical

Dental (excluding MMG)

Dental restoration material (MMG)

FY29

FY21 FY25 FY29 19

Expand product portfolio and accelerate growth through strategic alliances

• Achieving unrivaled product superiority

• Expand market share

Ophthalmic

sutures

Vitreous

forceps

Trocar

Trabeculotomy

hook

Strengthen Strategic Alliances

Surgical (1) Ophthalmic

• Focus regions: India, Asia, the

U.S., Europe

• Application to ICL (Implantable Collamer Lens) surgery

Double step knife

(joint development product)

Joint development with Santen

Pharmaceutical Co., Ltd. Providing advanced devices for DDS (Drug Delivery System)

⚫

⚫

• Sales partnership in the U.S.

• Discussions on other themes

20

Redefine and strengthen as a growth segment, utilizing microfabrication technology

Surgical (2) Surgery

Company A's

thoracic stent frame

Cardiovascular

surgical vessel knife

Skin stapler

Intiatives for FY29 Mid-Term Plan

Application of ophthalmic knives to other treatments

Biopsy needle

Eyeless Needle

Maintain and Strengthen the Global No.2 Position

• Establish win-win relationships with existing customers

  • Adding product numbers to meet the demands

  • Deepening relationships with major global customers

  • Providing production technology support services to customers

    Business Opportunities in the Minimally

    Invasive/Robotic Surgery Field

    4 Mechanism

    3 Suture

    Current

    1

    2

    Robotic surgical needle

    General-purpose needle

    Product

• New projects/customers

  • Responding to GPO (Group Purchasing Organization) in China

  • Expanding into the Middle East and Central and South America

    Value

• Strengthen high-value-added products

  • Micro-needles (for cardiovascular and microsurgery)

  • Minimally invasive/robotic surgery fields

• Competing with emerging market players

  • 20% reduction in manufacturing costs at the Vietnam factory

Silver needle, Black needle

Eyeless needle for robotic surgery

Dental (1) Product Portfolio

General Dental Treatment/ Esthetic Treatment

Endodontic Treatment MANI Endodontic Compass

Dental (2) Expanding the Endodontic Treatment Portfolio

Endodontic treatment Aims to preserve teeth without extraction

Reference:

Endodontics Principles and Practice, 6th edition. Mahmoud Torabinejad, DMD, MSD, PhD et. al.

Global Strategy for Sales Expansion

Key Policies of Global Strategy

(Note) KOL stands for Key Opinion Leader 26

Sales Strategy by Region

16％

25％

20％

14％

25％

(*) E: Eyeless needle, S: Surgical, D: Dental

means shares are over 20% means strengthening in FY29 mid-term plan



Regional Sales Plan

Unit: ¥100 million

300

32

450

Others Japan

China

172

FY21 FY25 FY29

Asia

合計

North America Europe

Improving Profitability and Strengthening Cash Generation

Revenue Structure Plan

Net sales ¥45 bn

Operating

income

SG&A

expenses

Cost of Sales

Net Sales ¥30 bn

107 [35.5%]

158 [35%]

82 [27.3%]

145 [32%]

(USD/JPY)

FY25 Actual FY29 Base Plan

148.9 143 30