Consolidated Financial Results
for the Six Months Ended September 30, 2021 [IFRS](Abridged)
Listed Company:
M3, Inc.
Securities Code:2413
Representative:(Title) CEO(Name) Itaru TanimuraContact:(Title) Director (Name) Eiji Tsuchiya
Submission of quarterly report: November 5, 2021
Preparation of explanatory materials for quarterly financial result: Yes
Assembly for briefing of quarterly financial results: Yes (for analysts)

October 27, 2021

Listed Stock Exchange: Tokyo
URL: https://corporate.m3.com/en/
TEL: 03-6229-8900
Dividend payment commencement date: ―(amounts rounded to the nearest million yen)

1.

Consolidated Financial Results for the Six Months Ended September 30, 2021
(From April 1, 2021 to September 30, 2021)(1) Consolidated Operating Results (Cumulative)
Net sales

Six months ended
Sep 30, 2021
Six months ended
Sep 30, 2020

Six months ended
Sep 30, 2021
Six months ended
Sep 30, 2020(% figures show year-on-year change)

Operating profit

Million Yen%

Million yen

2.

Net profit%

Million Yen%

Million Yen%

97,64730.2

61,941

158.8

62,232

159.9

42,747

157.775,022

21.9

23,931

44.6

23,943

44.3

16,587

46.6

Profit attributable toowners of the parent
Million Yen%

Total comprehensive
incomeMillion Yen%

Basic earnings pershare
Yen

Diluted earnings pershare
Yen

40,788177.3

42,959

158.7

60.09

60.04

14,71049.7

16,606

69.6

21.68

21.66

(2) Consolidated Financial Position

As of Sep 30, 2021
As of March 31, 2021

Pre-tax profit

Total assets

Total equity

Million Yen
308,397
273,123

Million Yen
237,651
207,260

Dividends

Equityattributable toowners of theparent
Million Yen
231,404199,813

Ratio of equity
attributable toowners of theparent%75.0
73.2

Equity per share
attributable toowners of theparentYen
340.01
293.64

Annual Dividends per share
SecondThird
Fiscal yearTotal
quarter-end
quarter-end
end
Yen
Yen
Yen
Yen
Fiscal year ended March 31, 2021
0.00
―12.00
12.00
Fiscal year ending March 31, 2022
0.00
Fiscal year ending March 31, 2022 (Forecast)―――(Note) 1 Amendments to forecasts of dividends recently announced: None2 Dividend forecast for the fiscal year ending March 31, 2022 is currently undetermined. It is to be
determined after consideration of capital needs and condition of cash flow hereafter.
Firstquarter-end
Yen――－1 －3.

Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2022
(From April 1, 2021 to March 31, 2022)

Consolidated financial results forecast for the fiscal year ending March 31, 2022 is undisclosed due to the inability
to reasonably gauge the COVID-19 global pandemic impact on M3 group’s business environment. Forecasts will
be provided promptly once the environment allows for proper estimates.
Notes※(1) Changes in significant subsidiaries during the period (changes in specific subsidiaries accompanying changes
in scope 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 stock)(i) Number of shares outstanding at the end of the period (including treasury shares)
As of September 30, 2021

678,815,600

shares

As of March 31, 2021

678,785,600

shares

As of September 30, 2021

45,067

shares

As of March 31, 2021

45,067

shares

As of September 30, 2021

678,750,113

shares

As of September 30, 2020

678,624,694

shares(ii) Number of treasury stock at the end of the period(iii) Average number of shares during the period (cumulative)※

This quarterly financial report is outside the scope of the review procedures for quarterly financial statements.

※

Explanation of proper use of financial results forecasts, and other special matters(1) Caution regarding statements concerning the future
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 theCompany’s commitment to achieve such forecasts, and actual results may differ significantly due to variousfactors.
(2) Explanatory materials for quarterly financial result
Explanatory materials for quarterly financial results will be posted on our website on Wednesday, October 27,
2021.

－2 －4. Qualitative Information on Quarterly Results(1) Explanation of consolidated operating results
In Japan, various services are provided for the 300,000+ physician members via the “m3.com” website designed
for medical professionals.
Medical Platform includes services which allow member physicians to proactively receive continuous andfrequent information via the “m3.com” platform such as the “MR-kun” family services, marketing researchcapabilities paneling the physician members, and “QOL-kun” which provides marketing support for non-healthcare related corporates desiring to advertise daily life services to doctors, offering a wide menu of services
catering towards various agendas and purposes of our clients. Additionally, provision of next generation sales
reps, or “Medical Marketers,” and healthcare advertisement agency services are also being expanded via groupcompanies.
Evidence Solution includes clinical trial related services centered around “Mr. Finder” which excavates

institutions and patient participants for clinical studies, large-scale clinical study services, assistance withclinical trial operations by CROs, and administrative and operations support across the entire clinical trial
process by SMOs, all provided through various group companies.

Career Solution provides job search and placement services for physicians and pharmacists through M3 Career,Inc.
Site Solution provides services supporting medical institution operations.
Furthermore, consumer facing services such as the “AskDoctors” (https://www.AskDoctors.jp/) website whichconnects public users with “m3.com” member physicians for answers to daily health questions, medical
professional education such as national examination preparatory services provided by M3 Education, Inc., andequity method affiliate LINE Healthcare Corporation established with LINE Corporation to operate an online
healthcare business, are all being expanded.

In Overseas, the U.S. portal website, “MDLinx,” designed for healthcare professionals, continues to expand its

member network-based services catering towards pharmaceutical companies, as well as its career support
services for physicians and clinical trial support services. In Europe, the “Doctors.net.uk” U.K. portal website

is expanding services for pharmaceutical companies, along with pharmaceutical database services offered by theVidal Group in France, Germany, and Spain. Business expansion continues in Asia as well. Furthermore,Medlive Technology Co., Ltd., which operates the China business through its subsidiary, Jinye Tiancheng(Beijing) Technology Co., Ltd., has been deconsolidated from M3 as a result of M3’s loss of control, and has

become an equity-method affiliate of M3, as stated in the June 18th press release titled “Announcement
Regarding the Recognition of Gains Relating to Loss of Control Over Subsidiaries.” Additionally, the company
IPOs on the Stock Exchange of Hong Kong in July 2021.

Additionally, membership and panel participation at websites operated by M3 group starting with Japan, U.S.,
Europe, China, and Korea, now totals roughly 6 million physicians, enabling provision of marketing researchservices that span across a global scale.

－3 －Consolidated quarterly results for the second quarter (cumulative) is as below.
Six months ended
Six months ended
Sep 30, 2020
Sep 30, 2021
Second quarter(April 1, 2021 to(April 1, 2020 tocomparison
Sep 30, 2020,
Sep 30, 2021,cumulative)
cumulative)(Unit: Million Yen)
(Reference)Previous consolidated
fiscal year
(April 1, 2020 toMarch 31, 2021)

Net sales

75,022

97,647+22,626+30.2%

169,198

Operating Profit

23,931

61,941+38,010+158.8%

57,972

Pre-Tax Profit

23,94362,232+38,289+159.9%

58,264

Net Profit

16,58742,747+26,159+157.7%

41,198(Segment results)

Medical Platform
Evidence Solution
Career Solution
Site Solution
Overseas
Other Emerging
Businesses
Adjustment
Total1)

Six months ended
Sep 30, 2020
(April 1, 2020 toSep 30, 2020,cumulative)

Six months ended
Sep 30, 2021
(April 1, 2021 toSep 30, 2021,cumulative)(Unit: Million Yen)
Second quartercomparison

Segment Net Sales

30,91538,401+7,486+24.2%

Segment Profit

13,74816,725+2,978+21.7%

Segment Net Sales

9,603

10,132+529+5.5%

Segment Profit

1,631

2,053+422+25.9%

Segment Net Sales

8,1948,180-15

Segment Profit

2,824

3,445+621-0.2%+22.0%

Segment Net Sales

7,976

17,480+9,504+119.2%

Segment Profit829

2,560+1,731+208.8%

Segment Net Sales

18,314

24,398+6,084+33.2%

Segment Profit

5,083

38,108+33,025+649.7%

Segment Net Sales

1,430

1,518+88+6.2%

Segment Profit

340-429-769－Segment Net Sales-1,411-2,461－－-520－－

Segment Profit-524Net Sales

75,022

97,647+22,626+30.2%

Operating Profit

23,931

61,941+38,010+158.8%

Medical Platform
Due to a rapid increase in demand from pharmaceutical companies, Medical Platform segment sales reached

38,401 million yen, higher by 24.2% versus previous year. Upfront investments aimed for future growth haveraised SG&A mainly around personnel costs, however, Medical Platform segment produced profits of 16,725

million yen, higher by 21.7% versus previous year.
2)

Evidence Solution

Recovery from the temporary halt in projects due to the COVID-19 pandemic produced total sales of 10,132
million yen, higher by 5.5% versus previous year. Segment profit was 2,053 million yen, higher by 25.9% versus
previous year.

－4 －3)Career Solution
COVID vaccination support project expansion offset the dampened activity mainly from pharmacists, which

resulted in segment sales of 8,180 million yen, lower by 0.2% versus previous year. Sales mix improvement andincreased contribution from vaccination support projects produced segment profits of 3,445 million yen, higher by

22.0% versus previous year.
4)

Site Solution

In addition to an increase in affiliate medical institutions, COVID vaccination support project expansion
produced segment sales of 17,480 million yen, higher by 119.2% versus previous year, and profit of 2,560 million
yen, higher by 208.8% versus previous year.

5)

Overseas

All regions performed, resulting in segment sales of 24,398 million yen, higher by 33.2% versus previous year.
In addition to the increase in sales, appropriation of gains related to the IPO of Medlive which owns the subsidiarythat operates the China business, resulted in segment profit of 38,108 million yen, higher by 649.7% versus
previous year. Furthermore, Medlive Technology Co., Ltd., has been deconsolidated from M3 and has become an
equity-method affiliate of M3 as of June 18, 2021.

6)

Other Emerging Businesses

Recovery trend from negative impact of COVID-19 has brought segment sales to 1,518 million yen, higher by
6.2% versus previous year, and losses of 429 million yen (previous year, same period: profit of 340 million yen) due
to valuation changes in held assets.

Combining all of the above, results for the entire group for the six months ended September 30, 2021,amounted to sales of 97,647 million yen, higher by 30.2% versus previous year, and operating profit of 61,941
million yen, higher by 158.8% versus previous year. Pre-tax profit was 62,232 million yen, higher by 159.9%
versus previous year, and net profit was 42,747 million yen, higher by 157.7% versus previous year.

Disclaimer:This document is a translation of the original Japanese version. The original Japanese version was prepared and disclosed by theCompany in accordance with Japanese disclosure format. This document does not contain or constitute any guarantee and theCompany will not compensate for any losses or damages arising from interpretations 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 to be correct.

－5 －