August 6, 2024

Financial Results for the First Three Months of theFiscal Year Ending March 31, 2025 (the 16th term)This material is supplemental material for the financial results for the first three months of thefiscal year ending March 31, 2025 of Vital KSK Holdings, Inc.
Please also refer to the Consolidated Financial Statements disclosed today.

11.

Financial Highlights for the First Three Monthsof the Fiscal Year Ending March 31, 2025

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Let us start with the financial highlights for the first three months of the fiscal year endingmarch 31, 2025.

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▍ Summary of Income(Million yen, %)Apr.-Jun. 2023 Results
Ratio to netsales

Amount‒Apr.-Jun. 2024 Results

AmountRatio to net
sales

YoY

Apr.-Sep. 2024 Forecasts
Rate ofprogress

AmountRatio to netsales

‒

101.2

49.4

296,000

1,231

0.84

105.5

44.0

2,800

0.95

1.02

1,504

1.03

102.3

45.6

3,300

1.11

0.63

1,045

0.72

114.0

47.5

2,200

0.74

Net sales

144,542

Operating profit

1,1670.81

Ordinary profit

1,470

Profit attributable toowners of parent917

146,266‒3

Looking at the summary of consolidated income, the Group achieved growth in sales andprofit, driven by the pharmaceutical wholesale business, which is the Group's core business.
In particular, the Group achieved a double-digit increase in profit attributable to owners ofparent, due to the recording of a gain on sales of investment securities.

3▍ Pharmaceutical Wholesale Business(Million yen, %)Apr.-Jun. 2023 Results
AmountApr.-Jun. 2024 Results

Ratio to net sales‒Amount

Net sales

135,922

Gross profit

9,572

7.04

9,722

Selling, general andadministrative expense

8,517

６.27

Operating profit

1,054

0.78Ratio to net sales

137,403‒

ChangeYoY

1,480

101.1

7.08

150

101.6

8,554

6.23

37

100.4

1,167

0.85

113

110.7

1. The Pharmaceutical Wholesale Business, which is the Group's corebusiness, achieved gains in sales and profit.
2. Sales of COVID-19 related products decreased.
3. Growth was driven by sales of products eligible for price maintenancepremium such as anticancer drugs and increased sales of medical
equipment, etc. due to opening of multiple new medical institutions.

Growth rate by category
Prescription drugs
Reagents and medical devicesOTC drugs

101.0%
103.4%
97.2%

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Next up is performance by segment.
Firstly, the pharmaceutical wholesale business posted a slight increase in sales, reflecting
sales of products eligible for the price maintenance premium, such as anticancer drugs, andsales of medical equipment due to the opening of new medical institutions, which offset theimpact of NHI drug price revision and negative impacts in other areas such as year-on-year
decline in sales of COVID-19-related products (sales from the government-commissioneddelivery of new corona vaccines, treatments, test kits, etc.).
Profit grew year on year, mainly due to the effect of this sales growth.
As a result, net sales were ¥137,403 million (101.1% of that of the same period of theprevious year), and segment profit (operating profit) was ¥1,167 million (110.7% of that of thesame period of the previous year).

4▍ Pharmacy Business(Million yen, %)Apr.-Jun. 2023 Results
AmountApr.-Jun. 2024 Results

Ratio to net sales‒Amount

Ratio to net sales

Net sales

4,654

Gross profit

1,18425.44

1,157

Selling, general andadministrative expense

1,096

23.55

87

1.89

Operating profit

4,852

‒

Change

YoY

197

104.3

23.85

-26

97.8

1,123

23.16

27

102.5

33

0.70

-53

38.6

1. Net sales grew due to a new store opening in March 2024.
2. Profit fell under impact of NHI drug price revisions, despite efforts to expand income from dispensing
technical fees and income from pharmaceutical management.
5In the pharmacy business, net sales grew due to an new store opening in March 2024.
However, profit fell under the impact of NHI drug price revisions, despite efforts to expand
income from dispensing technical fees and income from pharmaceutical management fees.
As a result, net sales were ¥4,852 million (104.3% of that of the same period of the previousyear), and segment profit (operating profit) was ¥33 million (38.6% of that of the same periodof the previous year).

5▍ Veterinary Drug Wholesale Business(Million yen, %)Apr.-Jun. 2023 Results
AmountApr.-Jun. 2024 Results

Ratio to net sales‒Amount

Ratio to net sales

Net sales

2,783

2,707

Gross profit

428

15.40

403

Selling, general andadministrative expense

328

11.81

Operating profit993.59

Change‒YoY-75

97.3

14.90

-25

94.2

322

11.91

-6

98.1

80

2.99-18

81.0

1. Sales decreased after certain products started being sold directly by the manufacturer.
2. Profit was squeezed by higher purchase prices.

6The veterinary drug wholesale business recorded net sales of ¥2,707 million (97.3%compared with the same period of the previous year), reflecting decreased sales of certain
products after manufacturers started selling them directly. Segment profit (operating profit)
was ¥80 million (81.0% compared with the same period of the previous year), reflecting theimpact of higher purchase prices.

6▍ Other Businesses(Million yen, %)Apr.-Jun. 2023 Results
AmountRatio to net sales‒

Apr.-Jun. 2024 Results
AmountRatio to net sales

Net sales

1,182

Gross profit

961

81.33

1,001

Selling, general andadministrative expense

1,052

89.03

1,049

Operating profit-90‒

1,303-47‒‒

Change

YoY

121

110.3

76.85

40

104.2

80.49

-3

99.7

43

‒

1. Sales recovered in each business.
2. Segment loss was smaller.

7In the other businesses segment, the agricultural chemicals wholesale business, nursing
care business and sports facility management business all achieved higher sales, resulting ina smaller segment loss.
As a result, net sales were ¥1,303 million (110.3％ of that of the same period of the previousyear), and segment loss (operating loss) was ¥47 million (segment loss for the same periodof the previous year was ¥90 million).

72.

Forecasts for First Six Months of theFiscal Year Ending March 31, 2025

8

Moving on to the forecasts for the first six months of the fiscal year ending March 31, 2025.

8▍ Forecasts for First Six Months of the Fiscal Year Ending March 31, 2025
Apr.-Jun. 2024 Results
AmountJul.-Sep. 2024 Forecasts

Ratio to net
sales

Net sales

146,266‒

Operating profit

1,231

0.84

Ordinary profit

1,504

Profit attributable toowners of parent

1,045

AmountApr.-Sep. 2024 Forecasts

Ratio to net
sales

149,734

‒

1,569

1.05

1.03

1,796

0.72

1,155

+(Million yen, %)AmountRatio to net
sales

296,000

‒

2,800

0.95

1.20

3,300

1.11

0.77

2,2000.74

Key sales measures in Jul.-Sep. 2024
1. Increase sales of COVID-19 related products on back of rise in number of COVID-19
patients
2. Focus on sales of vaccines such as cervical cancer vaccine and influenza vaccine=Initial forecasts areunchanged
9As explained earlier, the Group's results for the first three months (April to June) was driven
by gains in sales and profit in the pharmaceutical wholesale business, which offset lower
profit in the pharmacy business and veterinary drug wholesale business and also resulted inhigher operating profit, ordinary profit and profit attributable to owners of parent on aconsolidated basis.

Turning to forecasts for the second quarter (July to September), the pharmacy business andveterinary drug wholesale business are likely to continue having a negative impact, which, asin the first quarter (April to June) will be offset by the core pharmaceutical wholesale
business. Consequently, the initial forecasts for the first six months remain unchanged.
In the pharmaceutical wholesale business, the Group plans to strongly implement thefollowing sales measures.
1. The number of COVID-19 patients has trended up this summer (see the slide on page 10),with Japan said to be experiencing its 11th wave, and the Group will fully focus on sales of
COVID-19 related products (test kits, COVID-19 treatments, etc.) that were not factored into
the initial plan.
2. The Group will collaborate with local governments and medical associations over activities
to raise awareness of the cervical cancer vaccine (see the slide on page 11), increasing
demand for the vaccine, which will lead to increased sales. Efforts will also be focused onsales of influenza vaccine in preparation for vaccinations this autumn.

9▍ Trend in Number of COVID-19 Patients* Based on press release data of Ministry of Health, Labour and Welfare

Number of COVID-19 patients has risen sharply since July 2024.

11th wave

Jun.

Sep.
2023

Dec.

Mar.

Jun.
2024
10

As you can see, the number of COVID-19 patients has surged again this summer and, withJapan in the middle of its 11th wave, increased demand for COVID-19 related products isexpected.

10▍ Cervical Cancer Awareness-Raising Eventsin Collaboration with Local Governments

Photo of the event day

11This is a photo of a cervical cancer awareness raising event held in collaboration withMorioka city in Iwate Prefecture and Morioka Medical Association. This event was alsomentioned in the financial results presentation in May this year. The event was attended bywell over 100 local residents. This fiscal year, the Group has also signed agreements for thefirst time with Ninohe City in Iwate Prefecture and Yamagata City in Yamagata Prefecture.

Going forward, as a group rooted in the community, we will continue helping to maintain andimprove the health of local residents through initiatives in collaboration with local
governments. Through such activities, we will also create demand for health related products
including vaccines and other pharmaceuticals and we will work to expand sales channels
beyond medical institutions.

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3.

Treasury Share Acquisition

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Finally, we come to treasury share acquisition.

12▍ Treasury Share Acquisition(as of July 31, 2024)

Period:From May 14, 2024 to March 24, 2025
Number of shares:
2 million shares (upper limit)
Total acquisition value: 3.0 billion yen (upper limit)

Total number of shares repurchased

822,200 shares

Total value of shares repurchased

1,062,420,000 yen

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In the period from May 14, 2024 to March 24, 2025, we implemented a share repurchase(total number of shares able to be repurchased 2,000,000 shares (maximum), total value ofshares to be repurchased ¥3,000,000,000 (maximum)).
As of July 31, 2024, we have repurchased 822,200 treasury shares, with a total value of¥1,062,420,000.
We could, therefore, still purchase up to 11,778,000 shares, with a value of up to¥1,937,570,000.

13▍ Note on Forward Looking Statements

The Company’s current plans, strategies, earnings forecasts and other forward-looking statements inthese materials are based on information currently available to the Company, and include potential
risks and uncertainties.
Please be aware that there is a possibility that actual business activities and performance will differ
greatly from these outlooks due to changes in the economic situation, market conditions and various
other factors.
For this reason, please do not rely entirely on these forward-looking statements alone when
considering aspects of the Company such as its performance and corporate value.
Furthermore, none of the information contained in these materials is intended to induce you to buy orsell the Company’s stock or recommend investment in the Company’s stock.
Final decisions on investment should be made at your own discretion.

14Please refer to the note on forward-looking statements shown here.

14▍ Contact for Inquiries

Corporate Communications Department
TEL: +81-(0)3-5787-8550

Mail: ir@vitalksk.co.jp
Contacts: Sato, Nanjo

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If you have any inquiries about this material, please feel free to contact our Corporatecommunications Department.

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