Script for Briefing on Financial Results for the First Quarter of the Fiscal Year Ending August 2025 and Medium-term Management Plan

MANI, INC.

Briefing on Financial Results for the First Quarter of the Fiscal Year Ending August 2025 and Medium-term Management Plan

January 9, 2025

Presentation

Moderator: We will be holding a financial results presentation of MANI, INC. This information session will be held in a hybrid format, with a live-streaming online session in addition to the on-site session.

First of all, I would like to introduce two individuals from the Company. Mr. Masaya Watanabe, President and Representative Executive Officer. Mr. Kazuo Takahashi, Executive Vice President.

Mr. Takahashi, Vice President, will give an overview of the financial results, followed by Mr. Watanabe, President, who will explain the progress of the medium-term management plan and future management policies. After the explanation, there will be time for questions and answers for the audience. Please note that we will not be accepting questions from those participating online at this time. If you have any questions, please send an e-mail to the contact person for IR after today's presentation.

Now, let us start the presentation.

Takahashi: Good morning, everyone. Thank you for taking the time off your busy schedules to attend today's presentation. I would like to begin explaining our financial results for the first quarter of fiscal year 2025, and later, President Watanabe will explain the policies for the future.

First is the consolidated financial results summary, which is already disclosed.

Net sales grew by 7.6% on a year-on-year basis, while operating income decreased by 5.2% and ordinary income was down 2.2%.

Allow me to explain the details.

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Usually, during dental root canal treatment, dentists insert a dental file into the dental cavity. The dental files MANI sells in China belong to a category of products known as "classic files," which are now old products. These files are inserted into the dental cavity and then rotated manually in the course of treatment.

The rotary file made of nickel-titanium is now becoming a mainstay in China. This file is attached to a hand motor and is rotated by the motor rather than by the dentists' hand. This file will grow significantly in the future since it will benefit dentists in many ways. MANI now offers "JIZAI," a new rotary file made of nickel- titanium.

Historically, MANI has captured significant market share in terms of classic dental files, but the overall market itself is undergoing a shift from hand files toward nickel-titanium rotary files with built-in motors.

These three factors therefore negatively impacted our results in China.

Next is the net sales status overview by region. The results here are in line with what I just said: while China had driven results in Asia up until now, the trend worked against us in the first quarter.

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President Watanabe will be going over the specifics during his presentation, but, briefly, we expect this trend to continue into the future as we will be executing initiatives to further grow sales in the United States and Europe.

The Eyeless Needle segment, too, continues posting strong results, as MANI's needle superiority remains strong.

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Last is the Dental segment. Going back to what I mentioned earlier, this segment was negatively impacted by the Chinese market. Sales in China alone were down around 470 million yen from the same period of the previous fiscal year, which is about 200 million yen lower than our estimate.

As an ongoing factor, the overall dental market conditions and changes in root canal treatment will have an impact on the base.

The rollout of "JIZAI" is to rapidly make up for these changes in procedures. However, the product has not yet been approved in China, so quickly making progress on this front is a vital challenge we are working to overcome. "JIZAI" will have an impact not just in the Chinese market, but also globally.

Additionally, our composite resin retains its superior advantage over our competitors' products, so we will be making further efforts to expand this product.

Liabilities and net assets remain more or less unchanged.

This concludes my presentation. In summary, results were significantly impacted by factors specific to the first quarter, although it should be noted that we consider results to be more or less in line with Company forecasts.

A number of challenges remain, and addressing these is of vital importance for us as MANI's executive team.

I would now like to yield the floor to President Watanabe, who will be going over the Company's future management policies.

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Watanabe: My name is Masaya Watanabe, and I have been serving as President since last November. Allow me to use this opportunity to give you a status update on progress of the medium-term management plan and future management policies. Some topics played a role in the results for the first quarter, so we will be exploring these as well.

First of all, we have received the opinions from stakeholders who attended the Annual General Meeting of Shareholders and from others that we should manage the Company by inheriting the good qualities that made MANI great over the years. I concur with these opinions and would therefore like to enact management policies along those lines going forward.

In other words, MANI's corporate identity remains the same, as we are committed to continuing our vision of delivering "The Best Quality in the World, to the World."

That said, these past two months, over the course of discussions and deliberations with the managers, we reached the conclusion that it would benefit the Company to be a little more proactive. In light of this, we have now added the word "challenge" to MANI's corporate value.

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