M3, Inc. · TSE:2413
M3 — H1 FY2026 Earnings Presentation
44 slides from M3's earnings presentation, Nov 4, 2026
Slide 1: M3, Inc. Presentation Material
M3, Inc. Presentation Material November 2026 0
Slide 2: Forward-looking statements disclaimer
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 assumpt
Slide 3: FY2026H1 Consolidated Results
FY2026H1 Consolidated Results FY2025 FY2026 Unit: JPY MM YoY H1 H1 Revenue 170,885 181,853 +6% Operating profit 35,992 36,335 +1% Profit before tax 36,681 36,620 -0% Profit* 25,320 22,623 -11% Q2 turned to revenue and profit growth. * FY2026 includes the impact of a one-time tax expense recorded in
Slide 4: FY2026H1 Consolidated Results by Segment
FY2026H1 Consolidated Results by Segment FY2025 FY2026 Order backlog: +14% YoY for Unit: JPY MM YoY pharma marketing as of Q2 end, H1 H1 driven by problem-solving proposals Medical Revenue 51,977 54,384 +5% DX of the clinical scene keeps Platform solid momentum Profit 17,870 18,487 +3% Order b
Slide 5: FY2026H1 Forecasts vs. Actuals
FY2026H1 Forecasts vs. Actuals Revenue Operating profit Initial Forecasts 192.0 Bn 37.0 Bn MP ES CS SS PS Overseas Other / Adjustments FY2026H1 Act. 181.9 Bn 36.3 Bn While Overseas fell shortest against forecasts in H1, its shortfall narrowed in Q2. * Please refer to the slide titled “Abbreviations
Slide 6: Current Status and Growth Potential of M3
Current Status and Growth Potential of M3 Current Status and Future Growth 1 Strategies for the Medical Platform New Value Creation Leveraging 2 Proprietary Data in the AI Era Current Status and Mid-Term 3 Growth Drivers for the Overseas Update on Sustainable Growth by 4 Programmatic M&A Strategy 5
Slide 7: Current Status and Growth Potential of M3
Current Status and Growth Potential of M3 Current Status and Future Growth 1 Strategies for the Medical Platform New Value Creation Leveraging 2 Proprietary Data in the AI Era Current Status and Mid-Term 3 Growth Drivers for the Overseas Update on Sustainable Growth by 4 Programmatic M&A Strategy 6
Slide 8: Operating Profit Growth by Segment and Business
Operating Profit Growth by Segment and Business JPY 74.7 Bn* 14.0 2.5 -0.0 3.5 0.0 1.5 1.5 2.5 JPY 5.0 34.3 Bn 10.0 Consolidated CAGR 14% FY2019 Pharma DX of the WJP** Other MP ES CS SS PS Other/ Overseas FY2025 Marketing Clinical Adjust- Scene ments MP In addition to the pharma marketing support bu
Slide 9: Pharmaceutical Sales & Marketing DX
Pharmaceutical Sales & Marketing DX 8
Slide 10: Operating Profit Growth by Segment and Business
Operating Profit Growth by Segment and Business JPY 74.7 Bn* 14.0 25 -0.0 3.5 0.0 1.5 1.5 2.5 JPY 5.0 34.3 Bn 10.0 Consolidated CAGR 14% FY2019 Pharma FY2025 Marketing MP In addition to the pharma marketing support business, other businesses contributed significantly to profit growth over the past s
Slide 11: Pharma Marketing Cost and TAM for M3
Pharma Marketing Cost and TAM for M3 10 years ago Present Future M3’s Role down by ~300 Bn yen TAM Industry productivity improvement from DX MR Related 99% 1.5 Tn yen 95% 70～80% Costs 1.15 Tn yen 700～ (2) MR Activity 800 Bn yen DX Support (3) Data-driven Marketing (1) Internet Support 20～30% Marketi
Slide 12: Growth Through Problem-solving Proposals
Reprinted from Growth Through Problem-solving Proposals FY2026Q1 Earnings Presentation Material Status of Problem-solving Proposals (FY2025) Number of Drugs M3 Revenue Mix M3 Revenue Growth (YoY) 680 28% 8% Other relevant proposals 15% 37% Propo- implemented (105) 33% sal Target Problem-solving 11%
Slide 13: Order Intake of Problem-solving Proposals in H1
Order Intake of Problem-solving Proposals in H1 Unit: Index with FY2025H1 as 100 Number of Projects Order Intake per Won Project Order Intake 193 152 Approx. Approx. 127 1.9x Approx. 100 1.5x 100 100 × 1.3x ＝ FY2025 FY2026 FY2025 FY2026 FY2025 FY2026 H1 H1 H1 H1 H1 H1 H1 order intake from problem-so
Slide 14: Changes in the Recent Business Environment
Changes in the Recent Business Environment FY2026Q1 FY2026Q2 － ＋ ＋ － ＋ － ＋ ＋ Order Backlog of Pharma Marketing Support Business (YoY) Despite budget cuts at pharma companies, order intake is improving, driven by progress in problem-solving proposals and the solid performance of data- and AI-related
Slide 15: Potential of Pharma Marketing Support Business
Potential of Pharma Marketing Support Business End of End of Mid-Term Growth March 2016** March 2026 Perspective Drugs Covered by M3 Services* ~100 Approx. 2x ~250 ~2x ~500 Sales per JPY Drug* ~JPY 100MM Approx. 2x ~JPY 150MM ~2x 200~300MM Illustrative JPY JPY JPY 15~20 Bn 2~3x 2~3x Revenue Total 40
Slide 16: DX of the Clinical Scene
DX of the Clinical Scene Copyright © 2026 M3, Inc. All rights reserved. 15
Slide 17: Operating Profit Growth by Segment and Business
Operating Profit Growth by Segment and Business JPY 74.7 Bn* 14.0 2.5 -0.0 3.5 0.0 1.5 1.5 2.5 JPY 5.0 34.3 Bn 10.0 Consolidated CAGR 14% FY2019 DX of the FY2025 Clinical Scene MP In addition to the pharma marketing support business, other businesses contributed significantly to profit growth over t
Slide 18: M3 DigiKar EHR Growth
M3 DigiKar EHR Growth Number of Medical Institutions Using M3 DigiKar 10,700 The cumulative number of installations is approx. 10,700 as of FY2026Q2. Steady progress Cross-selling with DigiKar Smart further increases the added value of DigiKar FY15 16 17 18 19 20 21 22 23 24 25 26 Incontestable
Slide 19: DX of Clinics: DigiKar Smart
DX of Clinics： DigiKar Smart Physical Medical Institutions： Online Managing System Appointment Next Auto- Appointment Reception Patients： M3 DigiKar Smart Mobile App Payment Consultation Linking to EHR 130,000 reviews with a rating of 4.6 from users, a new patient experience created, and a high rati
Slide 20: No. of DigiKar Smart Users
No. of DigiKar Smart Users Unit: Index with FY2021Q3 as 1 21,177 18,739 17,743 17,446 Rapid market penetration of DigiKar Smart as the 13,201 clinics' infrastructure 11,400 – # of Users 1.6x YoY 10,042 – Txn Amt. 1.7x YoY 9,437 Video call has been 7,089 added and is expanding as an 5,673 infrast
Slide 21: Potential of Services for Medical Institutions
Potential of Services for Medical Institutions Mid-Term End of End of Growth March 2021 March 2026 Perspective No. of Institutions with Healthcare ~5,500 Approx. 3x ~15,000 ~2x 30,000~ Services +α Introduced* Sales per ~JPY ~JPY JPY Institution Approx. 2x 2~3x 0.6 MM 1.1 MM 2.0~3.0 MM Illustrative A
Slide 22: Current Status and Growth Potential of M3
Current Status and Growth Potential of M3 Current Status and Future Growth 1 Strategies for the Medical Platform New Value Creation Leveraging 2 Proprietary Data in the AI Era Current Status and Mid-Term 3 Growth Drivers for the Overseas Update on Sustainable Growth by 4 Programmatic M&A Strategy 21
Slide 23: Operating Profit Growth by Segment and Business
Operating Profit Growth by Segment and Business JPY 74.7 Bn* 14.0 2.5 -0.0 3.5 0.0 1.5 1.5 2.5 JPY 5.0 34.3 Bn 10.0 Consolidated CAGR 14% FY2019 Pharma DX of the WJP** Other MP FY2025 Marketing Clinical Scene MP In addition to the pharma marketing support business, other businesses contributed signi
Slide 24: AI Utilization on m3.com
AI Utilization on m3.com m3.com AI personalized content Content is optimized based on each physician’s profile and preferences by fully utilizing AI AI-personalized content accounts for more than 80% of the m3.com top page 23
Slide 25: Trends in Physician Member Activity on m3.com
Trends in Physician Member Activity m3.com on m3.com Total Member Engagement Time Unit: Index with FY2021Q4 as 100 124 113 100 FY2021Q4 FY2024Q4 FY2025Q4 Pre-ChatGPT Launch 3 Years 1 Year By fully leveraging AI, physician member activity on m3.com is accelerating exponentially…enjoying tailwinds fro
Slide 26: Full-Scale Launch of AI m3.com Tailored to Physician Needs
Full-Scale Launch of AI m3.com Tailored to Physician Needs For Illustrative Purposes Full-scale launch of an AI assistant feature within m3.com starting in November Personalizing responses to match each physician's specialty and interests, based on their profile and behavioral data Answers dra
Slide 27: M3 DigiKar Adds AI Agent Feature
M3 DigiKar Adds “AI Agent” Feature M3 DigiKar (EHR) Health Record Creation via Voice Input The AI agent streamlines everything from automatic transcription of consultation conversations to summarization and organization. Document Creation Support Based on Health Records AI references health reco
Slide 28: Investment Results of AI-related Projects
Investment Results of AI-related Projects Investment Results of AI-related Projects (FY2025) Unit: Index with AI-related investment as 100 1,654 Proprietary value creation group-wide by an elite team of AI engineers Medical AI Platform Approx. 17x business Cost reduction through operational 10
Slide 29: Current Status and Growth Potential of M3
Current Status and Growth Potential of M3 Current Status and Future Growth 1 Strategies for the Medical Platform New Value Creation Leveraging 2 Proprietary Data in the AI Era Current Status and Mid-Term 3 Growth Drivers for the Overseas Update on Sustainable Growth by 4 Programmatic M&A Strategy 28
Slide 30: Operating Profit Growth by Segment and Business
Operating Profit Growth by Segment and Business JPY 74.7 Bn* 14.0 2.5 -0.0 3.5 0.0 1.5 1.5 2.5 JPY 5.0 34.3 Bn 10.0 Consolidated CAGR 14% FY2019 Overseas FY2025 In addition to the pharma marketing support business, other businesses contributed significantly to profit growth over the past six years:
Slide 31: Doctor Member Coverage by Country (Global)
Doctor Member Coverage by Country (Global) Ratio of doctor members (As of June 2026) Including regions not shown above, more than 7 million doctor members, covering 50% of doctors worldwide. *The no. of doctors in Japan is based on M3 survey and estimate referring to data from the Ministry of Health
Slide 32: Overseas Segment: Sales by Region
Overseas Segment: Sales by Region Unit: JPY MM Growth Rate 45,436 +11% 41,058 North America While uncertainty remains in the North 16,342 +13% business environment for the America 14,464 clinical trials, revenue for other businesses generally increased Europe Europe 17,681 19,186 +9% Revenue inc
Slide 33: Growth by JPY 2.0 Bn+ Annual Revenue CLUB
Growth by “JPY 2.0 Bn+ Annual Revenue CLUB” Breakdown by Annual Revenue per Business (FY2025)* Number of Businesses Revenue Operating Profit Margin** Approx. 24 JPY 90.0 Bn Approx. 2x JPY 2.0 Bn 46% Approx. or More 25% 93% Less than Approx. JPY 2.0 Bn 54% 11% 7% Start with a small investment (revenu
Slide 34: Potential of Overseas
Potential of Overseas Unit: JPY Bn Mid-Term End of End of Growth March 2021 March 2026 Perspective Number of JPY 2.0 Businesses 6 Approx. 2x 12 ～2x ～20 Bn+ Annual Revenue CLUB Sales per Approx. 1x 10.0 Business Business 5.5 7.0 ～2x ～12.0 Illustrative Revenue Total 200.0 42.0 Approx. 2x 87.0 ～3x (inc
Slide 35: Current Status and Growth Potential of M3
Current Status and Growth Potential of M3 Current Status and Future Growth 1 Strategies for the Medical Platform New Value Creation Leveraging 2 Proprietary Data in the AI Era Current Status and Mid-Term 3 Growth Drivers for the Overseas Update on Sustainable Growth by 4 Programmatic M&A Strategy 34
Slide 36: Trend in M&A Volume: Programmatic M&A Strategy
Trend in M&A Volume: Programmatic M&A Strategy 15 11 10 9 Domestic 5 3 Overseas 5 4 7 2 6 6 3 4 FY2022 FY2023 FY2024 FY2025 FY2026 at Q2 Earnings Release Continuously conduct approximately 10 M&As annually. The pace of acquisition considerations remained at the same level as before. No changes were
Slide 37: Current Status and Growth Potential of M3
Current Status and Growth Potential of M3 Current Status and Future Growth 1 Strategies for the Medical Platform New Value Creation Leveraging 2 Proprietary Data in the AI Era Current Status and Mid-Term 3 Growth Drivers for the Overseas Update on Sustainable Growth by 4 Programmatic M&A Strategy 36
Slide 38: Business Scope Expansion and Growth Potential
Business Scope Expansion and Growth Potential FY ： 2010 2015 2020 2025 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） → 81 （8.0x） Sales (Bn) ： 14.6 → 64.7 （4.5x） → 169.2 （12.0x） → 351.
Slide 39: Growth Image per Business Expansion Phases
Growth Image per Business Expansion Phases Sales Trend (JPY) Businesses added after FY2026 Assumption Businesses added between FY2016 and FY2025 ～800 Bn About 1/5 of the Businesses added between FY2011 and FY2015 ～130 existing businesses Business as of FY2010 added on CAGR ～300 ～15% 351 Bn CAGR ～150
Slide 40: FY2026 Outlook
FY2026 Outlook Copyright © 2026 M3, Inc. All rights reserved. 39
Slide 41: Annual Results and Forecasts
Annual Results and Forecasts Revenue Operating Profit Unit: JPY MM Unit: JPY MM 400,000 95,141 Operating profit* 351,363 Medlive IPO Impact 80,000 71,983 73,547 284,900 64,381 64,210 62,971 238,883 57,972 230,818 208,159 169,198 34,337 130,973 30,800 113,059 27,486 25,050 94,471 78,143 20,022 64,660
Slide 42: Unauthorized Access to the MR-kun System
Unauthorized Access to the “MR-kun” System Overview On October 14, 2026, unauthorized access to the MR-kun system was confirmed. A breach of personal information involving m3.com members, etc., and of Impact pharmaceutical company personnel was confirmed. We have contained all unauthorized access pa
Slide 43: Copyright All rights reserved.
Copyright © 2026 M3, Inc. All rights reserved. 42
Slide 44: Abbreviations of Segment Names
Abbreviations of Segment Names Segment name abbreviations are used following the definitions outlined below: Official Segment Name Abbreviation Medical Platform MP Evidence Solution ES Career Solution CS Site Solution SS Patient Solution PS 43