M3 : Presentation Material

M3, Inc. Presentation Material

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M a y 2 0 2 6

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 assumptions are objectively incorrect and/or may produce differing actual results from those mentioned in the statements.

Furthermore, information and data other than those concerning the Company and its subsidiaries/affiliates are quoted from public information, and the Company has not verified and will not warrant their accuracy or dependability.

This presentation is provided for informational purposes only and does not constitute an offer or solicitation to buy or sell any securities. Any investment decisions should be made at your own discretion and responsibility.

M3, Inc.

The Impact of AI Advancements on M3

1. How do you view the negative impact of AI on m3.com?
2. How do you perceive the risks and opportunities brought about by AI?

Three Frequently Asked AI Related Questions

1. How do you view the negative impact of AI on m3.com?

1. How do you perceive the risks and opportunities brought about by AI? Three Frequently Asked AI Related Questions Impact on m3.com

   Core Needs of Site Visit

   AI

   Proprietary AI

   Personalization

   Core Needs

   of Site Visit

   Traffic is almost

   entirely direct and the primary objective is the regular update of the healthcare knowledge and news

   
   
   

   Thorough Personalization by AI

   Content is already thoroughly personalized for each physician member utilizing AI

   Planned Implementation of proprietary AI for physicians

   The implementation of proprietary AI features is planned to answer clinical questions

   The negative impact of AI is limited. The advancement of AI is a tailwind for further value enhancement and platform strength for m3.com.
   
   
   
   

   Channel Mix* Content Usage Patterns on m3.com*

   Search engines

   ~2%

   Search

   ~1%

   Others (direct, etc.)

   ~98%

   Knowledge/infor mation updates

   ~99%

   Search use is limited, positioned as a daily information platform that supports physicians' proactive knowledge updates.
   
   

   * As of March 2026

   Core Needs of Physicians

   to Visit m3.com

   Core AI

   Needs of Persona-Site Visit lization

   Proprietary AI

   
   
   
   
   

   AI personalized content

   ⯀ Content is optimized based on each physician's profile and preferences by fully utilizing AI

   ⯀ AI-personalized content accounts for approx. 80% of the m3.com top page

   AI Utilization on m3.com

   Core AI

   Needs of Persona-Site Visit lization

   Proprietary AI

   
   
   

   Total Member Engagement Time

   Unit: Index with FY2021Q4 as 100

   100

   113

   
   
   

   124

   FY2021Q4

   3 Years

   
   
   

   Pre-ChatGPT Launch

   FY2024Q4 FY2025Q4

   1 Year

   
   
   By fully leveraging AI, physician member activity on m3.com is accelerating exponentially…enjoying tailwinds from AI advancements.
   
   

   Trends in Physician Member Activity

   on m3.com

   Core AI

   Needs of Persona-Site Visit lization

   Proprietary AI

   
   
   

   1. How do you view the negative impact of AI on m3.com?

   2. How do you perceive the risks and opportunities brought about by AI?

1. What is the financial impact of AI?

Three Frequently Asked AI Related Questions

Business segments facing competitive decline due to AI advancement

Business segments gaining competitive strength through AI advancement

When weighing AI risks and opportunities, businesses standing to gain far outnumber those at risk.

M3: AI Advancement - Risks vs. Opportunities

Group Revenue Split:

"AI-Positive" vs. "AI-Negative"

Negative

～1%

Businesses expected to be negatively impacted:

⯀ AskDoctors

⯀ Academic Editing Support, etc.

Positive

～99%

While some businesses will be negatively impacted by AI, the effect is minimal - the vast majority stand to benefit.

Group-Wide Impact of AI Advancement

1. Operational Efficiency

2. Quality Checks and Error Reduction

3. Creating Unique Added Value

3-1. Insight Extraction

3-2. Timing Optimization

3-3. Decision-Making Support

Streamlining tasks at an overwhelming speed through AI

Using AI to catch oversights that exceed the limits of human attention

Extracting insights unconstrained by conventional wisdom, based on vast amounts of data

Eliminating constraints tied to human working hours, enabling appropriate service delivery at any time

Supporting better decision-making beyond human capacity, based on vast amounts of data

Internal Utilization

External Provision

AI-Driven Business Growth Drivers

AI skills

/Business implementation know-how

Overwhelming platform capabilities

Massive data exclusively available within the group

M3's

competitiveness

continues to strengthen

Multiple monetization streams through ecosystem

As AI becomes commoditized and accessible, M3 differentiates through proprietary data. Multi-faceted monetization through the ecosystem further strengthens competitiveness.

Foundation for Enhancing M3's Competitiveness

...and the Expansion of Business Potential Accelerates Further

A virtuous cycle of growing competitiveness is driven not by a single business but across multiple layers, further accelerating the expansion of diverse business groups.

1. How do you view the negative impact of AI on m3.com?
2. How do you perceive the risks and opportunities brought about by AI?

3. What is the financial impact of AI?

Three Frequently Asked AI Related Questions

AI Positive Impact on Operating Profit*

Future

AI Impact

⯀ Exploring opportunities across 5 x 2 = 10 domains in all businesses

⯀ The impact will be: AI-driven efficiency

<<<< New AI-driven value creation

FY2025

n= JPY 74.7Bn*

Approx.

15%

We have leveraged AI in dozens of areas beyond efficiency gains, already generating approx. JPY 10 Bn in operating profit. The AI impact on operating profit is expected to expand further in the future.

* Excluding one-off factors such as impairment losses and gains on sales

AI Impact on Operating Profit

Effective June 1, M3 will update its Group Mission as follows:

【New Mission】

"Using technology creatively to help as many people as possible live longer, healthier, and happier lives, while minimizing unnecessary healthcare costs."

"Two Key Pillars" of This Update:

１

From "Internet" to "Technology"

We define cutting-edge technologies, including AI, not simply as tools, but as core capabilities that enable us to fulfill our mission.

A Commitment to "Creative Use"

２

We will continually challenge ourselves by asking, "How would M3 use this?"-and pursue real-world impact through distinctive, non-imitative approaches.

Our fundamental philosophy

-"One More Life, One Less Cost" - remains unchanged.

What is evolving are the means we use and our commitment to achieving this mission.

I look forward to working together with all of you to address the healthcare challenges of the AI era.

We have shared the above message to all M3 Group staff of approx. 17,000 across 18 countries

Refreshing M3's Mission

FY2025 Actuals

Revenue growth excluding COVID-related items:

+24%, comparable

Unit: JPY MM	FY2024	FY2025		YoY
Revenue	284,900	351,363		+23%
Operating profit	62,971	73,547		+17%
Profit before tax	64,785	76,276		+18%
Profit	44,340	54,046		+22%

Recognized JPY 6.7 Bn impairment losses primarily in Overseas in Q4. With steady performance in existing businesses, both revenue and profit grew by double digits. Achieved record-high operating profit*, effectively exceeding the peak of the COVID-19 demand surge.

* Excluding the impact of gains related to Medlive IPO in FY2021

FY2025 Consolidated Results

Amount of Losses

Business Background

Ｍ Ｐ

JPY

2.1 Bn

Medical institutions support business

Overseas

JPY

4.6 Bn

U.K.

Career for Doctors

U.S.

Clinical Trials

Business outlook deteriorated due to the impact of FY2026 medical fee revisions in Japan

Continued deterioration of the business environment in the UK, driven by large-scale physician strikes and shifts in healthcare-related policies

Negative impacts materialized including project cancellations in the vaccine-related projects due to the shifts in US vaccine policies

Impacted primarily due to the external environment, such as changes in healthcare policies.

* Please refer to the slide titled "Abbreviations of Segment Names" for the definitions of the segment abbreviations used in this presentation

Details of Impairment Losses

Unit: JPY MM			FY2024	FY2025	YoY
Domestic	Medical Platform	Revenue	91,566	107,830	+18%
		Profit	34,105	35,918	+5%
	Evidence Solution	Revenue	24,244	24,521	+1%
		Profit	4,345	5,120	+18%
	Career Solution	Revenue	20,914	22,799	+9%
		Profit	5,656	5,925	+5%
	Site Solution	Revenue	47,043	54,353	+16%
		Profit	5,422	5,766	+6%
	Patient Solution	Revenue	21,919	56,877	+159%
		Profit	824	2,686	+226%
	Emerging Businesses	Revenue	2,453	2,230	-9%
		Profit	1,003	4,878	+386%
Overseas		Revenue	80,570	86,921	+8%
		Profit	14,745	14,898	+1%

Achieved revenue and profit growth across all major segments.

⯀ Solid momentum in both businesses of pharma marketing and DX of the clinical scene

⯀ Order backlog: +12% for pharma marketing as of FY2025 end

⯀ Profit grew by 11%, excluding impairment losses recognized in FY2025

⯀ Order backlog: JPY 37.2 Bn

⯀ Improved revenue mix led to OP growth exceeding that of revenue

⯀ In addition to businesses for physicians and pharmacists, occupational physician dispatch services and others contributed

⯀ Revenue: steady growth driven by both acquisition effects and existing businesses

⯀ OP: recording gains on real estate sales

⯀ Gain on sale of associate shares: approx. JPY 4 Bn

⯀ Each business delivered generally solid performance

⯀ Profit grew by 16%, excluding impairment losses recognized in FY2024 and 2025

FY2025 Consolidated Results by Segment

Pharmaceutical Sales & Marketing DX

10 years ago

Present

Future

M3's Role

TAM

down by ~300 Bn yen

Industry productivity improvement from DX

MR

Related Costs

Internet

99%

1.5 Tn yen

1%

95%

1.15 Tn yen

5%

70～80%

700～

800 Bn yen

20～30%

(2) MR Activity DX Support

(1) Internet Marketing

Support

(3) Data-driven Marketing Support

15 Bn yen 70 Bn yen 200～ 300 Bn yen

M3 involvement is to go beyond the bounds of the internet to improve productivity across the entire industry.

Ref: M3 survey and estimate; numbers are approximate

Pharma Marketing Cost and TAM for M3

(10,000)

7

6

5

Historical Peak

65,752 MRs

-950

-1,095 -522

-752

-2,533

-2,742

-3,572

-1,738

-2,166

43,646 MRs in FY2024

(Second largest decline ever)

-2,963

-3,073

4

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

In addition to a decrease in the number of MRs, an increasing number of contract reps and online reps who work exclusively online or by phone.... The trend toward sales efficiency is expected to continue.

* Source: MR Certification Center "2025 MR White Paper"

Trend of Domestic Pharmaceutical Sales Reps (MRs)

Revenue Snapshot

(breakdown by service category)

JPY 40~50 Bn

③

②

①

JPY

100~150 Bn

2~3x

③

①

②

Currently providing the following services:

① Internet Marketing Support (MR-kun, Web Conferences, etc.)

② MR Activity DX Support (eCSO dispatch, my MR-kun, etc.)

③ Data-driven Marketing Support (data utilization support leveraging "m3.com" and "JAMDAS")

Our focus remains on boosting value-added, integrated service offerings and scaling up deal size

Drugs Covered by M3 Services*

~250

~2x

~500

Sales per Drug*

~JPY 150MM

~2x

JPY

200~300MM

End of March 2026

Perspective

Term Growth

Mid-to-long

Business expansion driven by increased drug coverage and higher revenue per drug.

* Limited to drugs with M3's annual revenue contribution of over JPY30MM

Potential of Pharma Marketing Support Business

DX of the Clinical Scene

Number of Medical Institutions Using M3 DigiKar

9,600

⯀ The cumulative number of installations is approx. 9,600. 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 cloud-based digital health records, approx. 470 million charts.

M3 DigiKar EHR Growth

Physical

Medical Institutions：

Online

Appointment

Next

Appointment

Auto-

Reception

M3 DigiKar Smart

Payment

Consultation

Linking to

EHR

Managing System

Patients：

Mobile App

95,000 reviews with a rating of 4.6 from users, a new patient experience created, and a high rating in the category.

* Taken from the following URL, as of April 24, 2026

https://apps.apple.com/jp/app/m3%E3%83%87%E3%82%B8%E3%82%AB%E3%83%AB%E3%82%B9%E3%83%9E%E3%83%BC%E3%83%88%E8%A8%BA%E5

%AF%9F%E5%88%B8/id1563102530

DX of Clinics： DigiKar Smart

Unit: Index with FY2021Q3 as 1

17,743

13,201

11,400

10,042

9,437

7,089

5,673

4,3204,741

2,067

2,973

1

44 173 479

1,0701,368

17,446

⯀ Rapid market penetration of DigiKar Smart as the clinics' infrastructure # of Users: 1.8x YoY Txn Amount:1.9x YoY

⯀ Video call has been added and is expanding as an infrastructure for telemedicine

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

FY21

FY22

FY23

FY24

FY25

* Quarterly sum of monthly UUs

No. of DigiKar Smart Users

No. of Institutions with Healthcare Services Introduced

~15,000

~2x

30,000~

＋α

Mid-Term Growth Perspective

End of March 2026

Sales per Institution

~JPY 1.1MM

2~3x

JPY 2~3MM

Currently providing the following services:

⯀ EHR (M3 DigiKar)

⯀ M3 DigiKar Smart

⯀ Support for home-visit physicians

⯀ Real estate-related business

Continuously promote the development of new services

Broadly support DX of the clinical scenes by increasing the number of institutions and service offerings.

Potential of Services for Medical Institutions

The White Jack Project

Phase 1 Happiness-i

General Public

(consumer)

Pre-Onset/ Healthy Person

After Onset/ Patient

Phase 4 EBHS

Phase 6 Medcare

Phase 5 M3 Health Design

Phase 3 Cancer Prevention

Phase 2 Rinkai Medical

Future expanding priority areas
	Traditional main business domain

HCP

(e.g. wholesaler)

Phase 7 MinaCare

Phase 8 EWEL

Following the addition of EWEL, the expansion of the White Jack Project has gained momentum.

"The White Jack Project"

Number of Employees Covered by Enterprise Services

Covers more than 7.3 million*

Unit: 10,000 ppl

~730

employees as of FY2025Q4 with the following services

1 18 19

203

78

293

Approx.

561x

⯀ EBHS Life

⯀ Cancer prevention

⯀ White Jack M3PSP

⯀ AskDoctors

⯀ Booking & conducting medical check-ups

⯀ Employee health data management

⯀ Dispatch of occupational physicians and stress checks

⯀ Services for health insurance organizations

⯀ Employee benefit platform

FY19 20 21 22 23 24 25*

Expanding business foundation to create ecosystem synergies… the addition of EWEL in FY2025 marks the transition to a new phase, exceeding 7 million employee coverage.

* Including approx. 4 million of service users of EWEL who are reachable via email and other means (to be refined)

Expand Coverage of Enterprise Services

Number of Employees Covered by

Enterprise Services

~7.3M

～2x

~15M

Mid-Term Growth Perspective

End of March 2026

Sales per Employee

(# of Products)

~JPY 2,500

(~10)

Approx. 2～4x

Approx.

With the addition of EWEL, employee coverage is 7.3 million* as of FY2025Q4

Various services of the White Jack Project are being deployed across these areas of coverage:

⯀ EBHS Life

⯀ Cancer prevention

⯀ White Jack M3PSP

⯀ AskDoctors

⯀ Booking & conducting medical check-ups

⯀ Employee health data management

⯀ Dispatch of occupational physicians and stress checks

⯀ Services for health insurance organizations

⯀ Employee benefit platform

JPY 5,000

~10,000

(~15)

Combining further expansion of employee coverage with increased revenue per employee to drive further business growth.

* Including approx. 4 million service users of EWEL who are reachable via email and other means (to be refined)

Potential of "the White Jack Project"

Overseas

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 Welfare (2022). The no. of doctors in other countries is based on the latest data from WHO and other sources.

Number of Doctor Members and Panelists (Global)

Unit: JPY MM

North America

Europe

APAC

and others

86,905

80,506

30,522

30,482

33,692 38,201

16,333 18,182

Growth Rate

+8%

+0%

+13%

+11%

North America

⯀ While clinical trials were negatively impacted by vaccine-related headwinds, other businesses performed generally solidly

Europe

⯀ Remained solid, primarily in France, alongside the contribution from acquisitions

ＡＰＡＣ

⯀ +16% at constant currency

⯀ Contribution from Limbic

FY2024 Q1-Q4

FY2025 Q1-Q4

acquisition

Segment profit increased +16% driven by solid revenue and an improved sales mix, excluding impairment losses recognized in FY2024 and 2025.

Overseas Segment: Sales by Region

Unit: JPY Bn

Service for Doctors

(Platform for doctors in North America, Europe, and APAC and EHR)

390

Business Intelligence

(M3 Global Research: Expanding in North America, Europe, and APAC)

340

290

250

190

140

110

Approx.

3.6x

300

250

160

130

180

Approx.

3.3x

98

330

Clinical Trials

(Operation of clinical trials sites in North America)

Career for Doctors

(Human resources business centered on doctors in North America and Europe)

68 77 93

29

46 39 28

47

75

52

99

Approx.

2.7x

Approx.

19 20 21 22 23 24 25

1.0x

19 20 21 22 23 24 25

120130125

19 20 21 22 23 24 25 19 20 21 22 23 24 25

Despite negative impacts in some areas due to environmental changes, achieved growth trends across many other businesses.

• Based on each subsidiary's principal business, aggregated by fiscal year

  Overseas Growth Trends by Business (Full Year)

  Unit: JPY Bn

  JPY 2.0

  Bn+ Annual Revenue

  Number of Businesses

  6

  Approx. 2x

  12

  ～2x

  ～20

  CLUB

  ss

  Busine

  Sales per Business

  5.5

  Approx. 1x

  7.0

  ～2x

  10.0

  ～12.0

  Mid-Term

  Growth Perspective

Illustrative Revenue Total

(incl. non-JPY2.0 Bn+ Annual Revenue CLUB Business)

42.0

Approx. 2x

87.0

～3x

200.0

～250.0

End of March 2026

End of March 2021

Aim to further expand overseas businesses by driving both the number of businesses and sales per business.

• Apply fixed exchange rate for fiscal year onwards (e.g., 150 JPY/USD, 200 JPY/GBP, 180 JPY/EUR)

Potential of Overseas