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F e b r u a r 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.
Revenue growth excluding COVID-related items:
+29%, comparable
Unit: JPY MM | FY2024 Q1 - Q3 | FY2025 Q1 - Q3 | YoY | |
Revenue | 205,521 | 264,395 | +29% | |
Operating profit | 50,101 | 62,346 | +24% | |
Profit before tax | 52,513 | 64,331 | +23% | |
Profit | 35,535 | 45,237 | +27% |
Solid performance continues in both revenue and profits.
An approx. JPY 4bn gain on the sale of the associate shares also contributed
FY2025 Q1-Q3 Consolidated ResultsUnit: JPY MM
175,155 179,189
～20,800 ～8,400
205,521
～2,700
264,395
～2,200
+29%
COVID-related
(clinical trials, vaccination support, promotion of therapeutic drugs and vaccines, etc.)
Regular Businesses
FY2022 Q1-Q3
FY2023 Q1-Q3
FY2024 Q1-Q3
FY2025 Q1-Q3
Growth in the regular business accelerated in addition to the subsiding impact of COVID-related sales decline* FY2024 Actuals: Q1 ~1.1 Bn, Q2 ~0.9 Bn, Q3 ~0.8 Bn, Q4 ~0.5 Bn
FY2025 Actuals: Q1 ~1.1 Bn, Q2 ~0.5 Bn, Q3 ~0.5 Bn
Consolidated Revenue Trend and COVID Impact
Before COVID
During COVID
Repercussion
Normalized
20km/h
20km/h
20km/h
20km/h
Organic Growth Rate
COVID-19
Impact
20km/h
20km/h
In Total…
20km/h 40km/h 0km/h 20km/h
Status per Segment
MP
ES
CS
SS
Overseas
Each segment and business was in a different phase, and the outlook for the growth rate also varied
* Please refer to the slide titled "Abbreviations of Segment Names" for the definitions of the segment abbreviations used in this presentation
Growth Dynamics and COVID Effects: FY2024
Before COVID
During COVID
Repercussion Normalized
Organic Growth Rate
20km/h
20km/h
20km/h
20km/h
COVID-19
Impact
20km/h
0km/hIn Total…
20km/h 40km/h
20km/h
20km/hStatus per Segment
MP
ES
CS
SS
Overseas
PS
The negative impact on COVID-related sales concluded in FY2024, with a return to baseline growth reflected in performance from FY2025
Growth Dynamics and COVID Effects: FY2025
⯀ Each business performed generally solidly
⯀ US clinical trials: vaccine-related projects were negatively affected by policy shifts
Unit: JPY MM | FY2024 Q1-Q3 | FY2025 Q1-Q3 | YoY | ||
Domestic | Medical Platform | Revenue | 68,397 | 81,833 | +20% |
Profit | 25,977 | 30,047 | +16% | ||
Evidence Solution | Revenue | 18,119 | 18,481 | +2% | |
Profit | 3,150 | 3,947 | +25% | ||
Career Solution | Revenue | 16,058 | 17,872 | +11% | |
Profit | 4,777 | 4,849 | +1% | ||
Site Solution | Revenue | 34,562 | 40,170 | +16% | |
Profit | 4,576 | 3,165 | -31% | ||
Patient Solution | Revenue | 8,462 | 42,020 | +397% | |
Profit | 145 | 1,626 | ー | ||
Emerging Businesses | Revenue | 1,836 | 1,695 | -8% | |
Profit | 716 | 4,770 | +566% | ||
Overseas | Revenue | 60,942 | 65,568 | +8% | |
Profit | 12,593 | 15,027 | +19% | ||
FY2025 Q1-Q3 Consolidated Results by Segment
⯀ Solid momentum in both businesses of pharma marketing and DX of the clinical scene
⯀ Order backlog: JPY 35.6 Bn
⯀ Improved revenue mix led to OP growth exceeding that of revenue
⯀ The business for pharmacists primarily drove revenue growth
⯀ OP growth decelerated due to changes in the service mix
⯀ Revenue: increased due to acquisition effects and steady topline growth in the existing businesses
⯀ OP: Losses associated with the start-up phase of new facilities were recorded
⯀ Gain on the sale of the associate shares: approx. JPY 4 Bn
Initial Forecasts MP
ES CS SS PS
Overseas
Other / Adjustments
FY2025 Q1-Q3 Act
Revenue Operating profit
～268.0 Bn
264.4 Bn
～53.0 Bn
62.3 Bn
In addition to MP and Overseas, the "Other / Adjustments", which recorded a gain on the sale of the associate shares, drove the upside in profits* Please refer to the slide titled "Abbreviations of Segment Names" for the definitions of the segment abbreviations used in this presentation
FY2025 Q1-Q3 Forecasts vs. ActualsM3's Triple Growth Engine + CSV
Growth Engine 1： Ecosystem Expansion (Sagrada Familia)
FY ： 2010 2015 2020 2024
Country ： 3 → 8 （2.5x） → 11 （3.5x） → 18 （6.0x）
Business Types ： 6 → 15 （2.5x） → 35 （6.0x） → 41 （7.0x）
Business Units
(Type x Country)
： 10 → 24 （2.5x） → 56 （5.5x） → 80 （8.0x）
Sales (Bn) ： 14.6 → 64.7 （4.5x） → 169.2 （12.0x） → 284.9 （19.5x）
Aggressive M&A to ensue in reaching growth potentials exceeding 10~20x current levelsBusiness Scope Expansion and Growth Potential
15*
4**
2
2
Domestic Overseas
6
7
6
6
9
10
3
5
5
11
11
FY2021 FY2022 FY2023 FY2024 FY2025 at Q3
Earnings Release
Continuously conduct approximately 10 M&As annually. The pace of acquisition considerations remained at the same level as before. No changes were made to the fundamental strategy* 2 out of 9 domestic deals, and 3 out of 6 overseas deals were conducted by listed subsidiaries
** 1 out of 2 overseas deals was conducted by a listed subsidiary
Trend in M&A Volume: Programmatic M&A Strategy
Growth Engine 2： Individual Business Development
Pharmaceutical Sales & Marketing DX
10 years ago
Present
Future
M3's Role
TAMdown 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 industryRef: 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)
Overall Trend
ＣＯＶＩＤ-19
Sales
During COVID After COVID
Future
Now
Initiatives for Regrowth
Shift the focus from channel-centric pitches back to problem-solving proposals that tackle client challenges, and reinforce this approach
Key Initiatives:
⯀ Approaches to core pharmaceutical challenges
⯀ Further advancement of data-driven marketing
⯀ Providing a holistic solution through a mix of services
The proposal-capability program rolled out in FY2024 is now bearing fruit, and we will accelerate true digital transformation as a strategic partner to pharma clientsAs a Strategic Partner to Pharma Companies
DX of the Clinical Scene
Number of Medical Institutions Using M3 DigiKar
9,100
⯀ The cumulative number of installations is approx. 9,100. 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. 430 million chartsM3 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
81,000 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 January 26, 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 SmartUnit: Index with FY2021Q3 as 1
17,446
13,201
11,400
10,042
9,437
7,089
5,673
4,3204,741
2,067
2,973
1
1,0701,368
44 173 479
⯀ Rapid market penetration of DigiKar Smart as the clinics' infrastructure # of Users: 1.8x YoY Txn Amount:2.0x 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
FY21
FY22
FY23
FY24
FY25
* Quarterly sum of monthly UUs
No. of DigiKar Smart UsersUnit: Index with FY2024Q1 - Q3 as 100
Sales of Medical Data Business*
122
100
Approx.
1.2x
FY2024 Q1 - Q3
FY2025 Q1 - Q3
Medical data business (actual medical practice, physician practice standards, etc.) also grew significantly along with the increase in the volume of data accumulated. Steady creation of ecosystem synergies* Target: Real World Data, Estimation related services (part of Pharmaceutical Marketing business)
Ecosystem Synergy: Medical Data BusinessMedical AI Platform
Analysis results accessible from viewers (e.g. PACS)
Medical Institutions
Send data
Hospital-based M3 Edge Server deployment
Receive analysis results by AI
M3 AI's Platform
Multiple participating vendors provide
cloud-based AI solutions, enabling continuous performance improvement
Currently providing the following services:
⯀ Chest CT
⯀ Chest X-ray
⯀ Head CT
⯀ Head MRI
⯀ Trunk CT
Allows to choose the best-fit AI per anatomy and condition, with the business model of pay-per-use system for medical institutions
Enabling easy access to a diverse range of high-quality AI, aim to improve diagnostic accuracy and productivity, thereby supporting the operational efficiency of medical institutions* M3 AI is a joint venture between PSP Corporation and M3
Medical AI Platform Business by M3 AIAnalyzed Images | Image | AI Findings | Specific Services |
Chest CT | Pulmonary Nodule | VUNO Med-LungCT VUNO Med-LungCT (with time-series analysis) | |
Chest X-ray | Pulmonary Nodule and Other Findings | EIRL X-Ray Lung nodule (pulmonary nodule) EIRL Chest Screening (pulmonary nodule, infiltrative shadow, atelectasis, interstitial shadows, CTR, etc.) BMAX (Fibrotic ILD) | |
Head MRA | Cerebral Aneurysm | EIRL Brain Aneurysm | |
Head CT | Stroke | Stroke Basic Package (hemorrhagic, ischemic) | |
Trunk CT | Bone Temporal Subtraction | Temporal Subtraction For Bone | |
Cardiac Echo | Automated Measurement | Us2.ai (automated measurement of 65 items and cardiac function evaluation) | |
ＭＲＩ NEW | MR Image Reconstruction | SwiftMR (MR image reconstruction software) |
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
65,559
60,914
23,004
23,333
28,656
25,653
Growth Rate
+8%
-1%
+12%
North America
⯀ +1% at constant currency
⯀ Clinical Trials: vaccine-related projects in Q3 were affected by policy shifts
Europe
⯀ Remained solid, primarily in France, alongside the contribution from acquisitions
APAC
and others
11,927
FY2024 Q1-Q3
13,900
FY2025 Q1-Q3
+17%
ＡＰＡＣ
⯀ +24% at constant currency
⯀ Contribution from Limbic acquisition
Segment profit increased +19%, driven by solid revenue and an improved sales mixOverseas Segment: Sales by Region
Growth Engine 3： Ecosystem Synergy Creation
FY ： 2010 2015 2020 2024
Country ： 3 → 8 （2.5x） → 11 （3.5x） → 18 （6.0x）
Business Types ： 6 → 15 （2.5x） → 35 （6.0x） → 41 （7.0x）
Business Units
(Type x Country)
： 10 → 24 （2.5x） → 56 （5.5x） → 80 （8.0x）
Sales (Bn) ： 14.6 → 64.7 （4.5x） → 169.2 （12.0x） → 284.9 （19.5x）
Business Scope Expansion and Growth Potential
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Disclaimer
M3 Inc. published this content on February 04, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on February 04, 2026 at 06:54 UTC.
