Consolidated Financial Results
for the Nine Months Ended December 31, 2023 [IFRS]January 31, 2024
(Abridged)
Listed company:
M3, Inc.
Listing: Tokyo Stock Exchange
Securities code:
2413
URL: https://corporate.m3.com/en/
Representative:
Itaru Tanimura, Representative Director
Contact:
Hirofumi Oba, Corporate Officer
Tel: +81-3-6229-8900
Scheduled date to file quarterly securities report:
February 9, 2024
Scheduled date to commence dividend payments:–Preparation of supplementary materials on quarterly financial results: Yes
Holding of quarterly financial results briefing: Yes (for analysts and institutional investors)(Amounts are rounded to the nearest million yen.)

1.

Consolidated Financial Results for the Nine Months Ended December 31, 2023 (from April 1, 2023 to December
31, 2023)(1) Consolidated Operating Results (cumulative)(Percentages indicate year-on-year changes.)
Net sales

Operating profit

Pre-tax profit

Net profit

Nine months ended

Million yen%

Million yen%

Million yen%

Million yen%

December 31, 2023

179,189

2.3

54,963(6.4)

57,325(4.9)

38,914(7.0)

December 31, 2022

175,15513.6

58,734(30.6)

60,249(29.3)

41,844(28.5)

Nine months ended
December 31, 2023
December 31, 2022

Net profit attributable toowners of the parent

Total comprehensive
incomeMillion yen
36,614
39,279Million yen
46,22450,272%(6.8)(30.1)

Basic earnings
per share%(8.1)(15.8)

Diluted earnings
per share

Yen
53.93
57.86

Yen
53.89
57.82

(2) Consolidated Financial Position
Total assets
As ofDecember 31, 2023
March 31, 2023

2.

Million yen
463,840
400,645

Ratio of equity
Equity per share
Equity attributable toattributable toattributable toowners of the parent owners of the parent
owners of the parent
to total assets

Total equity
Million yen
351,128
309,518

Million yen
337,102302,630

%
72.7
75.5

Yen
494.76444.22

Dividends
First
quarter-end
Yen––

Annual dividends per share
SecondThird
Fiscalquarter-end
quarter-end
year-end
Yen
Yen
Yen
0.00
–
19.00
0.00
–
–

TotalYen
Fiscal year ended March 31, 2023
19.00
Fiscal year ending March 31, 2024
Fiscal year ending March 31, 2024 (Forecast)–Notes:1 Revisions to the forecast of dividends most recently announced: None
2 Dividend forecast for the fiscal year ending March 31, 2024 is currently undetermined. It is to be determined after consideration ofcapital needs and condition of cash flows hereafter.

- 1 -3.

Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2024 (from April 1, 2023 to March31, 2024)(Percentages indicate year-on-year changes.)
Net sales
Million yen

Full year

250,000

Operating profit

Pre-tax profit

Net profit
Basicattributable toearnings
owners of the parent per share

Net profit% Million yen% Million yen% Million yen% Million yen%Yen

8.3

4.2

0.9

0.0

2.0

73.65

75,00075,00052,00050,000Note: Revisions to the forecast of the consolidated financial results most recently announced: NoneNotes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in changes inscope of consolidation): None
(2) Changes in accounting policies and accounting estimates(i) Changes in accounting policies required by IFRS: None(ii) Changes in accounting policies other than item (i) above: None(iii) Changes in accounting estimates: None
(3) Number of shares issued (common shares)(i) Total number of shares issued at the end of the period (including treasury shares)
As of December 31, 2023

679,047,800

shares

As of March 31, 2023

678,964,100

shares

As of December 31, 2023

45,151shares

As of March 31, 2023

45,151shares(ii) Number of treasury shares at the end of the period(iii) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year)
Nine Months Ended December 31, 2023

678,946,774

sharesNine Months Ended December 31, 2022

678,882,462

shares• This quarterly financial report is not subject to quarterly review procedures by certified public accountants or an auditfirm.
• Proper use of financial results forecasts and other special matters(1) Disclaimer about forward-looking statements
The forward-looking statements herein are based on information available to the Company and on certain assumptions
deemed to be reasonable at the date of publication of this document. They are not intended as the Company’scommitment to achieve such forecasts, and actual results may differ significantly due to various factors.
(2) Supplementary materials on quarterly financial results
Supplementary materials on quarterly financial results will be posted on our website on Wednesday, January 31,2024.

- 2 -4. Qualitative Information on Quarterly Financial Results(1) Explanation of Operating Results
In Japan, we provide various services designed for healthcare professionals, centered on our website at m3.com witha membership of more than 320,000 physicians.
In Medical Platform segment, we offer a wide menu of services on the platform at m3.com, catering to various
agendas and purposes of our clients. The services include MR-kun family services, which allow its registeredphysicians to proactively receive continuous and frequent information, marketing research services using our panelof member healthcare professionals, and QOL-kun marketing support services for non-healthcare companies desiring
to advertise their daily life services to doctors. In addition, our group companies engage in the provision of nextgeneration medical representatives or medical marketers and healthcare advertising agency services.
In Evidence Solution segment, our group companies operate businesses serving as the following organizations:
CRO that supports clinical development operations and large-scale clinical research; SMO that supports the overallmanagement and operations of clinical trials at medical institutions conducting clinical trials; and PRO that provides
support for recruiting test subjects and carrying out peripheral operations necessary to conduct clinical development,clinical research, etc.
In Career Solution segment, M3 Career, Inc. provides job search and placement support services to physicians andpharmacists.
Site Solution segment provides services that assist medical institutions with their operations.
It also provides consumer-facing services, such as AskDoctors at <https://www.AskDoctors.jp/> (available inJapanese only). On this website, the member physicians of m3.com will answer questions from public users about
health and diseases. Furthermore, M3 Education, Inc. provides medical and welfare professional education such as
preparatory services for national examinations.
In Overseas segment, MDLinx, a U.S. portal website designed for healthcare professionals, continues to expand
its member network-based services catering toward pharmaceutical companies. The services include career support
services for physicians and clinical trial support services. In Europe, Doctors.net.uk, a U.K. portal website designed
for physicians, offers services to pharmaceutical companies. We also offer pharmaceutical database services in France,
Germany, and Spain through the Vidal Group and provide iDoctus, a medical practice mobile app for healthcare
professionals, in Spain and Latin America through eDoctores Soluciones, S.L. We steadily expand business in Asia
as well.
The M3 Group operates websites for healthcare professionals and has panels of physicians around the world,
including Japan, the U.S., Europe, China, and South Korea. The total number of healthcare professionals who havesigned up for the websites and participated in the panels is now approximately 6.5 million. Using the panels ofphysicians, we also provide global marketing research services.

- 3 -Consolidated financial results for the Nine Months Ended December 31, 2023 are as below.
Nine months ended
December 31, 2022
(April 1, 2022 toDecember 31, 2022)

Nine months ended
December 31, 2023
(April 1, 2023 toDecember 31, 2023)(Millions of yen, unless otherwise stated)
Reference:
Fiscal year ended
March 31, 2023
Year-on-year change(April 1, 2022 toMarch 31, 2023)

Net sales

175,155

179,189+4,035+2.3%

230,818

Operating profit

58,73454,963(3,771)(6.4%)

71,983Pre-tax profit

60,24957,325(2,924)(4.9%)

74,318Net profit

41,84438,914(2,930)(7.0%)

51,983

Consolidated financial results by segment
Nine months ended
December 31, 2022
(April 1, 2022 toDecember 31, 2022)
Medical Platform
Evidence Solution
Career Solution
Site Solution
Overseas
Other Emerging Businesses
Adjustment
Total(Millions of yen, unless otherwise stated)
Nine months ended
December 31, 2023
Year-on-year change(April 1, 2023 to
December 31, 2023)

Segment net sales

69,763

71,480+1,717+2.5%

Segment profit (loss)

32,08730,369(1,718)(5.4%)

Segment net sales

20,601

20,321(280)(1.4%)

Segment profit (loss)

6,048

5,121(927)(15.3%)

Segment net sales

11,45912,530+1,070+9.3%

Segment profit (loss)

4,199

3,887(312)(7.4%)

Segment net sales

27,53023,368(4,162)(15.1%)

Segment profit (loss)

3,229

2,618(611)(18.9%)

Segment net sales

47,261

52,123+4,862+10.3%

Segment profit (loss)

13,924

12,894(1,030)(7.4%)

Segment net sales

2,435

1,934(501)(20.6%)

Segment profit (loss)

366

533

+167

+45.6%

Segment net sales(3,895)(2,567)－－

Segment profit (loss)(1,119)

(459)

－

－

Net sales

175,155

179,189+4,035+2.3%

Operating profit (loss)

58,73454,963(3,771)(6.4%)

1) Medical Platform
Segment net sales amounted to 71,480 million yen, up 2.5% year on year. This is attributable to strong businesses suchas digitalization support for medical practices. Despite the increased net sales, segment profit amounted to 30,369
million yen, down 5.4% year on year. This was due to a decline in sales in the pharmaceutical marketing support
business as a result of budget cuts by pharmaceutical companies, as well as an unfavorable comparison with a onetime gain from the reversal of an impairment loss in the same period of the previous fiscal year.
2) Evidence Solution
Segment net sales amounted to 20,321 million yen, down 1.4% year on year, with segment profit of 5,121 million yen,down 15.3% year on year. This is because COVID-related clinical trial projects, etc. made lower contributions to net
sales compared to the same period of the previous fiscal year, although ordinary businesses such as CRO remainedsolid.
3) Career Solution
Segment net sales amounted to 12,530 million yen, up 9.3% year on year. This is attributable to a recovery trend in net
sales from job search and placement support services for pharmacists that had been affected by the pandemic, despite- 4 -the impact of lower contributions from COVID vaccination support projects compared to the same period of theprevious fiscal year. Segment profit amounted to 3,887 million yen, down 7.4% year on year, due in part to changes inour sales composition, primarily resulting from the absence of profitable vaccination support projects.
4) Site Solution
Segment net sales amounted to 23,368 million yen, down 15.1% year on year, with segment profit of 2,618 million
yen, down 18.9% year on year. This is mainly attributable to the impact of lower contributions from COVID
vaccination support projects and clinical trial projects compared to the same period of the previous fiscal year, despiterobust ordinary businesses.
5) Overseas
Segment net sales amounted to 52,123 million yen, up 10.3% year on year. This is attributable to solid performance
mainly in Europe and APAC regions. Despite the increased net sales, segment profit amounted to 12,894 million yen,down 7.4% year on year. This is attributable to lower contributions from COVID-related clinical trial projects being
carried out mainly in North America region compared to the same period of the previous fiscal year and the impact ofpharmaceutical companies reducing their budgets.
6) Other Emerging Businesses
Segment net sales amounted to 1,934 million yen, down 20.6% year on year, with segment profit of 533 million yen,up 45.6% year on year.
Combining all of the above, net sales of the M3 Group for the Nine Months Ended December 31, 2023 amounted to179,189 million yen, up 2.3% year on year, with operating profit of 54,963 million yen, down 6.4% year on year, pretax profit of 57,325 million yen, down 4.9% year on year, and net profit of 38,914 million yen, down 7.0% year onyear.

------------------------------------------------------------------------------------------------------------------------------------------------------------------Disclaimer: This document is a translation of the original Japanese version. The original Japanese version was prepared and disclosed by the Company in accordance withJapanese accounting standards. This document does not contain or constitute any guarantee and the Company will not compensate for any losses or damages arising frominterpretations or actions taken based on this document. In the case of any discrepancies between the Japanese original and this document, the Japanese original is assumed tobe correct.

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