Suzuken : Reports Fiscal 2025 Third Quarter Results

February 12, 2026

Consolidated Financial Resultsfor the Nine Months Ended December 31, 2025 (Under Japanese GAAP)

Company name: SUZUKEN CO., LTD.

Listing: Tokyo Stock Exchange, Nagoya Stock Exchange, Sapporo Securities Exchange Securities code: 9987

URL: https://www.suzuken.co.jp/en/

Representative: Shigeru Asano President and CEO

Inquiries: Jun Naganawa General Manager of Business Administration Department Telephone: +81-52-961-2331

Scheduled date to commence dividend payments: -

Preparation of supplementary material on financial results: Yes Holding of financial results briefing: None

(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the nine months ended December 31, 2025 (from April 1, 2025 to December 31, 2025)
   1. Consolidated operating results (cumulative) (Percentages indicate year-on-year changes.)

      	Net sales		Operating profit		Ordinary profit		Profit attributable to owners of parent
      Nine months ended December 31, 2025 December 31, 2024	Millions of yen 1,885,630 1,838,670	% 2.6 1.3	Millions of yen 27,230 29,799	% (8.6) 12.4	Millions of yen 29,315 30,914	% (5.2) 6.4	Millions of yen 31,014 30,672	% 1.1 20.3

      Note: Comprehensive income	For the nine months ended December 31, 2025:	¥	25,116 million [	(8.6) %]
      	For the nine months ended December 31, 2024:	¥	27,483 million [	2.5%]

      	Basic earnings per share	Diluted earnings per share
      Nine months ended	Yen	Yen
      December 31, 2025	439.74	-
      December 31, 2024	398.44	-

   2. Consolidated financial position

   	Total assets	Net assets	Equity-to-asset ratio
   As of December 31, 2025 March 31, 2025	Millions of yen 1,307,463 1,113,831	Millions of yen 405,209 407,420	% 31.0 36.6

   Reference: Equity

   As of December 31, 2025:	¥	405,075 million
   As of March 31, 2025:	¥	407,291 million

2. Cash dividends

   	Annual dividends per share
   	First quarter-end	Second quarter-end	Third quarter-end	Fiscal year-end	Total
   	Yen	Yen	Yen	Yen	Yen
   Fiscal year ended March 31, 2025	-	50.00	-	50.00	100.00
   Fiscal year ending March 31, 2026	-	50.00	-
   Fiscal year ending March 31, 2026 (Forecast)				50.00	100.00

   Note: Revisions to the forecast of cash dividends most recently announced: None

3. Consolidated financial result forecasts for the fiscal year ending March 31, 2026 (from April 1, 2025 to March 31, 2026)

(Percentages indicate year-on-year changes.)

Note: Revisions to the financial result forecast most recently announced: None

*The average number of shares outstanding during the period used to calculate basic earnings per share does not reflect the impact of the share repurchase announced, on May 13, 2025, in the release titled “Suzuken Announces Share Repurchase Program.”

1. Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: None

2. Changes in accounting policies, changes in accounting estimates, and restatement

   1. Changes in accounting policies due to revisions to accounting standards and other regulations: None

   2. Changes in accounting policies due to other reasons: None

   3. Changes in accounting estimates: None

   4. Restatement: None

3. Number of issued shares (common shares)

   1. Total number of issued shares at the end of the period (including treasury shares)

      As of December 31, 2025	72,167,204 shares
      As of March 31, 2025	72,167,204 shares

   2. Number of treasury shares at the end of the period

      As of December 31, 2025	3,646,064 shares
      As of March 31, 2025	100,049 shares

   3. Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year)

• Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants or an audit firm: Yes (voluntary)

• Proper use of earnings forecasts, and other special matters

  Earnings forecasts and other statements about the future that are included in this material are based on information currently in the possession of the Company, and certain conditions judged reasonable by the Company. These statements do not guarantee that the Company will achieve its earnings forecasts. In addition, actual results, etc., may differ significantly due to various factors. For notes, etc., on the conditions for earnings forecasts and the use of earnings forecasts, please refer to “1. Overview of Operating Results (3) Explanation of Forecasts of Consolidated Financial Results and Other Forward-Looking Statements” on page 6 of the attached documentation.

  • Contents of Attached Documentation

1. Overview of Operating Results 2

   1. Overview of Operating Results for the Third Quarter of the Fiscal Year 2

   2. Overview of Financial Condition for the Third Quarter of the Fiscal Year 6

   3. Explanation of Forecasts of Consolidated Financial Results and Other Forward-Looking Statements 6

2. Quarterly Consolidated Financial Statements and Key Notes 7

   1. Quarterly Consolidated Balance Sheets 7

   2. Quarterly Consolidated Statements of Income and Consolidated Statements of Comprehensive Income 9

      Quarterly Consolidated Statements of Income 9

      Third quarter consolidated accounting period 9

      Quarterly Consolidated Statements of Comprehensive Income 10

      Third quarter consolidated accounting period 10

   3. Notes on Quarterly Consolidated Financial Statements 11

11 11 13 13 131. Overview of Operating Results(1) Overview of Operating Results for the Third Quarter of the Fiscal Year

During the nine months ended December 31, 2025, we saw continued currency market fluctuations and inflation reflecting rising prices of electrical power, energy, and raw materials for multiple reasons, including uncertainties about the policy trends of the US administration. Furthermore, alongside the policy-driven wage hikes, the increasing labor shortages, symbolized by the so-called “2024 Problem,” have led to rising costs across various areas. Meanwhile, with uncertainty surrounding the ability to pass on these costs through price increases, the outlook for the domestic economy and corporate earnings has continued to remain unclear.

Under these circumstances, the Suzuken Group has formulated a medium-term management plan that concludes with the current fiscal year. Through the implementation of this medium-term management plan, the Group will carry out its transformation into a health creation enterprise working as “One Team” and will create new value as an entity that continues to provide new solutions and hope for the changing healthcare ecosystem, thereby further enhancing corporate value and contributing to solving social issues. This medium-term management plan positions “Reform of existing businesses” and “Preparation for new growth businesses” as our main focuses in the lead-up to the 100th anniversary in 2032.

During the nine months ended December 31, 2025, we worked on several measures as part of “Reform of existing businesses.” Such measures included the reinforcement of our distribution model for specialty drugs including orphan drugs and regenerative medicine products through collaboration with various companies, and the creation of a new profit model through MS*1activities.

Specifically, in order to build a healthcare distribution platform, we are working on enhancing the quality of our pharmaceutical distribution by implementing the specialty drug traceability solution Cubixx® in regional core hospitals and other medical institutions nationwide. In the distribution of specialty drugs, we have strived to meet the requirements of pharmaceutical companies aiming for market entry and new product launches in Japan and strengthened our distribution base to ensure reliable delivery of new drugs to patients awaiting treatment.

Additionally, as a program aimed at allowing real-time visualization and optimization of pharmaceutical distribution, we have developed and introduced systems that help reduce the workloads of medical institutions and pharmacies through pharmaceutical shipping adjustments and improve productivity at our company. In May 2023, we introduced the Delivery Schedule Notification Service and the Delivery Schedule Notification app which allow the delivery dates of ordered pharmaceuticals, inventory of substitute products, and other information to be checked on the internet. They are already in use by over approximately 103,000 customers (number registered as of the end of December 2025). In addition, we have introduced the Order Proposal app in October 2023, to provide ordering support based on demand forecasts, which is in use by over approximately 19,000 customers (number registered as of the end of December 2025).

Taking the “2024 Problem” into account, we established the Greater Tokyo Distribution Center in Soka City, Saitama Prefecture, and commenced full operations in April 2024. It is the industry’s first complex distribution center that incorporates a contract manufacturing and manufacturer logistics area within a wholesale logistics hub, employing cutting-edge robotic technology for enhanced automation and labor efficiency. Additionally, in May 2025, we entered into a land sale agreement with Kasugai City in Aichi Prefecture and acquired land for the development of a new logistics hub, tentatively named the Chubu Distribution Center, to serve the Chubu region (central Japan) (with construction scheduled to start in October 2027). In the future, we aim to achieve a variety of benefits, including improved efficiency through automation, reduced transportation and delivery costs, quality assurance that complies with GDP*2standards, environmental benefits such as reduced CO2 emissions, and further strengthening our BCP response in the event of a disaster by maximizing the use of the Group’s distribution network, starting with both the Greater Tokyo Distribution Center and Chubu Distribution Center.

Moving forward, the Suzuken Group will continue to enhance its logistics infrastructure to ensure a stable supply.

For “Preparation for new growth businesses,” the Suzuken Group has been working with its partner companies to establish new distribution channels, accelerate the development of the digital health business through collaborations, and advance innovative services and information businesses, in order to provide new value to pharmaceutical companies, medical institutions, pharmacies, and patients.

Specifically, we have been offering services through the COLLABO Portal*3, a portal site for medical and nursing care professionals. In addition to distributing various services and information owned by the Suzuken Group, the COLLABO Portal is equipped with functions that connect customers with the Suzuken Group, pharmaceutical companies, and healthcare professionals and specialist staff, as well as functions that deliver digital health services

from cooperating companies in an integrated manner. Our focus is to create an environment in which medical and nursing care facilities can use digital health services safely and securely.

By linking COLLABO Portal with “Medical Care Station (MCS)*4”, a social healthcare collaboration platform specialized in medical and nursing care deployed by Embrace Co., Ltd., our wholly owned subsidiary, we have established a new connection between the Company and over 410,000 medical and nursing care professionals (on a registered accounts basis). Moving forward, we will accelerate our efforts to develop a new information-driven revenue business, including marketing support that leverages our existing connections with approximately 160,000 customers in our pharmaceutical wholesale business nationwide and the newly built connections with over 410,000 individual medical and nursing care professionals.

In November 2025, Collabo Square Co., Ltd., which builds and operates a healthcare platform that provides safe, reliable, and highly convenient digital services, including COLLABO Portal, together with the Healthcare AI Platform Collaborative Innovation Partnership (HAIP)*5, an organization authorized by the Ministry of Health, Labour and Welfare and the Ministry of Economy, Trade and Industry, and AIHOBS Inc.*6, signed a Memorandum of Understanding to promote the use of generative AI in the medical and nursing care sectors. Moving forward, the three parties will strive to reduce the operational burden on medical and nursing care professionals in utilizing digital transformation services and to develop a secure and trusted framework that enables the safe and confident use of AI technologies, such as generative AI, and services offered by SaaS providers.

Furthermore, starting September 2025, in order to further accelerate initiatives based on the concept of “Strategic recombination of capabilities”—aimed at combining the capabilities of the Group and its partner companies—we relocated the offices of Suzuken’s headquarters departments and Group companies in Tokyo (six companies including the Company; approximately 200 employees) to the MSH Nihonbashi Hakozaki Building. By consolidating these functions, we aim to strengthen collaboration among headquarters and business units, including partner companies, and promote group-wide integrated management with a “One Team” approach.

The Suzuken Group, in collaboration with health-tech companies and other external partners, will continue to accelerate its efforts towards transforming into a health creation enterprise.

As part of risk management measures, we established the Information Security Practices Committee on April 1, 2025 as a practices committee under the Risk Management and Compliance Committee, which works under the Board of Directors. Behind this was a growing need to address increasingly sophisticated and serious information security risks as witnessed in a large number of incidents such as ransomware. Through the Information Security Practices Committee, we will further promote the grasping, management, and enhancement of the security level of the Group centrally.

Regarding our shareholder return policy, we revised and strengthened the policy disclosed in May 2023 on November 10, 2023. Our policy is based on the continuation of stable dividends, with a commitment to achieve shareholder returns exceeding a total return ratio of 100% over the three-year average up to the fiscal year ending March 2026, the final year of our medium-term management plan, aiming to enhance shareholder returns. Additionally, through investment in strengthening our existing businesses and creating new ventures, we aim to improve our corporate value and capital efficiency. In line with the above policy, at the Board of Directors meeting held on May 13, 2025, we resolved to repurchase shares pursuant to the provisions of our Articles of Incorporation in accordance with the provisions of Article 459, Paragraph 1 of the Companies Act. As of the end of December 2025, we have repurchased approximately 3,570,000 shares (total amount of repurchase: ¥20,385 million).

Class of shares to be repurchased: Common shares

Total number of shares to be repurchased: Up to 5,200,000 shares Total amount of repurchase: Up to ¥26,000 million

Period of repurchase: May 15, 2025 to March 19, 2026

Method of repurchase: Market purchases on the Tokyo Stock Exchange including purchases through the Off-Auction Own Share Repurchase Trading System (ToSTNeT-3)

Our consolidated business results for the nine months ended December 31, 2025, showed an increase in net sales due to growth in the ethical drug market and contributions from new drugs, including specialty drugs, despite a year-on-year decrease in sales of COVID-19-related products (including therapeutic and diagnostic agents, etc.). In terms of profits, we continued efforts to ensure appropriate levels of profitability and to review and control selling, general,