Results Presentation
2Q FY Ending March 2024
WIN-Partners Co., Ltd. (3183)

2Q results to September 2023

Highlights⚫ Sales increased YoY⚫ Gross profit marked all-time-high due to sales volume
increase and trading margin expansion⚫ SGA expenses increased due to new consolidations
and one-off expenses, resulting in operating profit
down YoY⚫ OP came in below forecast due to the impact of theCOVID-19 pandemic and partial loss of customers

3Consolidated results summary（¥ mil.）2Q toSept. 2022

Sept. 2023

YoY (%)

Sales33,616+4.6

Operating profit

1,107

Recurring profit

1,108

Net profit

741

EPS (yen)

26.09

35,179
967
972
702
24.71

BPS (yen)755.28777.71

-12.7
-12.3
-5.2
－－4

Sales+4.6% +0.2%
vs. forecast

YoY(¥ mil.)

35,17933,616

2Q to Sept. 2022

2Q to Sept. 2023

⚫ Sales of major segments increased YoY due to anincrease in the number of cases⚫ The COVID-19 pandemic continued to impact

negatively for some medical institutions⚫ Sales related to ablation and Structural Heart

Disease (SHD) continued to grow5Sales breakdown by segment (YoY)
Segment

Sales（¥ mil.）YoY growth (%)
VolumeValue% of sales(%)

Percutaneous coronary intervention (PCI)

8,288+3.8+4.3

23.5

Cardiac rhythm segment (CRS)

9,205+1.5+2.7

26.2

Cardiac vascular segment (CVS)

6,157+6.6+22.9

17.5

Percutaneous peripheral intervention (PPI)

2,129+9.8+11.6

6.1

Neurovascular

1,815+22.5+18.8

5.2

Diabetes mellitus segment (DMS)

1,724-+6.6

4.9

Medical equipment

2,843--26.3

8.1

Others3,014-+8.3

8.6

35,179-+4.6100.0Total6

Segment review（YoY）

PCCPC IR SV SP I

- Sales at major customers increased- Drug Coated Balloon (DCB) sales increased- The number of pacemaker cases increased due to emergency cases, etc.
- Sales related to ablation continued to increase due to the market expansion- Sales related to SHD (inc. TAVI) related sales continued increasing- TRYTECH contributed- The number of cases of shunt PTA and occlusive arteriosclerosis increased- DCB sales increased

N e u r ovascular- Sales of embolic coil increased

D M S- Blood glucose measuring equipment and insulin pump sales increased

Medicalequipment- Large-scale medical equipment sales decreased
7

Sales breakdown by segment (vs. forecast)
Segment

Sales

Forecast

Difference

Rate ofchange (%)

Percutaneous coronary intervention (PCI)

8,288

8,560-271-3.2

Cardiac rhythm segment (CRS)

9,205

9,220-14-0.2

Cardiac vascular segment (CVS)

6,157

6,060

+97+1.6

Percutaneous peripheral intervention (PPI)

2,129

2,070

+59+2.9

Neurovascular

1,815

1,730+85+4.9Diabetes mellitus segment (DMS)

1,724

1,730-5-0.3

Medical equipment

2,843

2,640+203+7.7

Others

3,014

3,090-75-2.4

35,17935,100+79+0.2

Total

8

Operating profit
YoY-12.7%(¥ mil.)1,107

2Q to Sept. 2022

vs. forecast

-6.5%
967

2Q to Sept. 2023

⚫ Gross profit margin 12.3% (+0.4 pp YoY)
- Sales volume increase- Expansion in trading margins⚫ SGA +15.6% YoY- Increase in labor costs and other expenses (+12.4% and +24.2% respectively)- Consolidations of TO-SAY Medical and TRYTECH- 10th anniversary-related expenses- Number of employees: 605 (Sept. 2022) → 626 (Sept. 2023)

9Net profit
YoY-5.2%

vs. forecast+0.4%(¥ mil.)741

2Q to Sept. 2022

702
2Q to Sept. 2023

⚫ Extraordinary profit: ¥75 mil.
- Investment profit from silent partnership investment⚫ Extraordinary loss: ¥4.9 mil.
- Loss of land sale

CapEx
Depreciation¥257 mil. vs. ¥849 mil. for 9/2022¥93 mil. vs. ¥75 mil. for 9/202210

Consolidated income statement
Sept. 2022(¥ mil.)Sales

Sept. 2023(%)(¥ mil.)(%)

33,616100.0

35,179100.0

Cost of sales

29,58988.0

30,835

87.7

Gross profit

4,027

12.0

4,343

12.3

SG&A expenses

2,920

8.7

3,376

9.6

Operating profit

1,107

3.3

967

2.7

Non-operating profit

40.0

7

0.0

Non-operating expenses

30.0

2

0.0

1,108

3.3

972

2.8

Extraordinary profit

280.1

740.2

Extraordinary loss

50

0.1

40.0

1,087

3.2

1,041

3.0

Taxes

345

1.0

338

1.0

Net profit

741

2.2

702

2.0

Recurring profit

Pretax profit

11Consolidated balance sheet
Mar. 2023(¥ mil.)Sept. 2023(%)(¥ mil.)Change(%)(¥ mil.)Current assets

38,67188.1

36,77887.0-1,893

Cash and deposits

16,771

38.2

16,50939.1-262

Accounts receivable

17,62540.2

16,30538.6-1,320Inventories

2,813

6.4

2,859

6.8

+46

Other current assets

1,461

3.3

1,103

2.6

-358

Fixed assets
Total assets
Current liabilities

5,211

11.9

5,498

13.0

+287

43,883100.0

42,277100.0-1,606

19,88445.3

18,76744.4-1,117

Accounts payable

18,56942.3

17,36441.1-1,205

Taxes payable

447

1.0

390

0.9-57

Other current liabilities

867

2.0

1,013

2.4+146

1,216

2.8

3.1

+77

21,10048.1

1,293
20,06147.5-1,03922,782

51.9

22,21552.5-567

43,883100.0

42,277100.0-1,606

Fixed liabilities
Total liabilities
Net assets
Total liabilities,
net assets

12Consolidated cashflow statement(\ mil.)Cash flows from operating activities
Net profit before taxes
Depreciation
Notes and accounts receivable
Inventories
Notes and accounts payable
Tax paidOther

Cash flows from investing activities
Purchase of shares of subsidiaries resulting in change in scope of consolidation
Proceeds from sale of shares of subsidiaries resulting in change in scope of consolidation

Purchase of tangible assets
Other

Cash flows from financing activities
Cash dividends paid
Other

Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning of FY

Cash and cash equivalents at the end of 2Q

Sept. 2022

Sept. 2023

1,055

1,171

1,087
75
2,582-608-662-665
-752

1,041
93
1,549
76
-1,332-527
270-6540-505-601
451

150-290141-1,162 -1,445-994-168-1,420
-24

-761
-272
10,572 11,771
9,811 11,499 13

Outlook for fiscal year ending March 2024

Business environment⚫ Cost increase in general⚫ Increasing demand for higher operational efficiency
from hospitals toward the commencement ofphysicians’ workstyle reforms⚫ Sporadic impact of the COVID-19 pandemic

15

WIN’s initiatives for sales expansion⚫ Support customers- Survey the medical treatment area
- Support hospital management through strategic
procurement- Plan workshops and seminars for medicalstaff⚫ Invest management resources in the growing
markets- Increase CRS and CVS sales- Increase Cardiac Device Representatives(CDR – 140 planned at the end of 3/2024)- Start the OJT projects for ablation specialists
16

WIN’s initiatives for profit expansion⚫ Improve profitability- Reinforce price negotiations with suppliers- Introduce new rebate programs and procure
devices without returns- Conduct price hike negotiations with customers⚫ Improve inventory efficiency- Reduce idle inventories⚫ Make internal operations more efficient17Consolidated earnings forecasts for FY ending March 2024(¥ mil.)YoY (%)

(%)

Sales

75,500+6.6

100.0

Operating profit

2,830+14.6

3.7

Recurring profit

2,830+14.4

3.7

Net profit

1,930-5.7

2.6

EPS (yen)

67.91
50.00

DPS (yen)18

SalesYoY+6.6%(¥ mil.)70,8543/202375,5003/2024E⚫ Improve operational efficiency in the matured market⚫ Increase sales in the growing markets⚫ Gain medical equipment orders
19

Sales forecast by segment(¥ mil.)YoY (%)% of sales

Percutaneous coronary intervention (PCI)

17,710+6.923.5

Cardiac rhythm segment (CRS)

18,600+2.0

24.6

Cardiac vascular segment (CVS)

12,360

+11.5

16.4

Percutaneous peripheral intervension (PPI)

4,200+4.9

5.6

Neurovascular

3,510+7.3

4.6

Diabetes mellitus segment (DMS)

3,690

+12.7

4.9

Medical equipment

9,200+5.9

12.2

Other

6,230+8.4

8.3

75,500

+6.6

100.0

Total

20

Operating profit
YoY+14.6%(¥ mil.)

2,830
2,470

3/20233/2024E⚫ Forecast of gross profit margin: 13.1% (+0.9 pp YoY)
- Reinforce price negotiations with suppliers- Implement new rebate programs and procure medical devices without returns- Negotiate to raise prices with customers- Reduce idle inventories and improve the efficiency of internal operations⚫ SG&A ¥7.08 bn. (+14.4% YoY)

- Forecast of the number of group employees: 609 (Mar. 2023) → 673 (+64, Mar. 2024)
21

Net profit
YoY-5.7%(¥ mil.)2,047

3/20231,930

3/2024E¥420 mil. vs. ¥829 mil. for 3/2023⚫ Depreciation ¥210 mil.
vs. ¥160 mil. for 3/2023⚫ Capital expenditure22

WIN’s initiatives for sustainability⚫ Support for employee participation- Support female employees returning to work
following life events- Grant restricted shares⚫

Initiatives for TCFD
- Acquire of the third-party verification opinion
for the Group’s Scope 1, 2, and 3 GHG emissions
calculation in FY2022

23

Dividends & payout ratio

50

Prospective payout ratio

73.6

yen%

73.6

50.0
45.0

69.4

dividend per share (¥)
memorial dividend per share (¥)
payout ratio (%)

40.0

70.0

63.4
54.8
50.6

60.0

14.0

35.0

50.0

30.0
25.0

34.9

32.3

27.7

1.5
16.0

17.5

50.0

34.8

2.0

27.9

25.0

20.0
15.0

80.0

26.0

32.0

33.0

34.0

35.0

40.0
30.0

36.0

20.0

27.0

20.5

10.0

10.0

0.0
'14/3

'15/3

'16/3

'17/3

'18/3

'19/3

'20/3

'21/3

'22/3

'23/3

'24/3(E)24

Disclaimer
This material was prepared based on the information available and the views held at the time it was made. Statements in thismaterial that are not historical facts, including but not limited to plans, forecasts and strategies are “forward-looking statements.”
Forward-looking statements are by their nature subject to various risks and uncertainties, including but not limited to a decline ingeneral economic conditions, general market conditions, technological developments, changes in customer demand for products
and services, increased competition, and other important factors, each of which may cause actual results and future developments
to differ materially from those expressed or implied in any forward-looking statement.
With the passage of time, the information in this material (including but not limited to forward-looking statements) could besuperseded or cease to be accurate. WIN-Partners Co., Ltd. disclaims any obligation or responsibility to update, revise, orsupplement any forward-looking statement or other information in any material or generally to any extent. The utilization of orreliance on the information in this material is at your own risk.

Contact
WIN-Partners Co., Ltd.
Investor Relations
Phone: +81-3-3548-0790
https://www.win-partners.co.jp/en/

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