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.

Consolidated Financial Results
for the Three Months Ended June 30, 2024 [IFRS]July 26, 2024Listing: Tokyo Stock Exchange
URL: https://corporate.m3.com/en/(Abridged)
Listed company:
M3, Inc.
Securities code:
2413
Representative:
Itaru Tanimura, Representative Director
Contact:
Hirofumi Oba, Corporate Officer
Scheduled date to commence dividend payments: Preparation of supplementary materials on financial results: Yes
Holding of financial results briefing: Yes (for analysts and institutional investors)

Tel: +81-3-6229-8900(Amounts are rounded to the nearest million yen.)

1.

Consolidated Financial Results for the Three Months Ended June 30, 2024 (from April 1, 2024 to June 30, 2024)(1) Consolidated Operating Results (Cumulative)(Percentages indicate year-on-year changes.)
RevenueThree Months ended Millions of yen
June 30, 2024
64,209June 30, 2023
57,396

Operating profit%

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

16,89918,004

(6.1)
(3.7)

18,784
19,831(5.3)
0.4

12,75013,554(5.9)
0.5

11,24812,414(9.4)
2.4

Basic earnings
per share

Diluted earnings
per share%

YenYen

0.1
(0.9)

16.56
18.29

16.55
18.27

(2) Consolidated Financial Position

As ofJune 30, 2024
March 31, 2024

2.

Profit attributable toowners of the parent

Profit11.9
0.7

Total comprehensive
incomeThree Months ended Millions of yen
June 30, 2024
23,061
June 30, 2023
23,049Profit before tax

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

Total assets

Total equity

Millions of yen

Millions of yen

Millions of yen%

Yen

506,505
490,780

373,851
366,701

358,980
351,91570.971.7

526.77516.49Dividends
Firstquarter-end
Yen

Annual dividends per share
Second quarterThird quarter-end
end
Yen
Yen

Fiscal Year–
0.00–
ended March 31, 2024
Fiscal Year ending March–
31, 2025 (Actual)
Fiscal Year ending March
0.00–
31, 2025 (Forecast)
Notes:
1. Amendments to forecasts of dividends recently announced: None
2. Dividend forecast for the fiscal year ending March 31, 2025 is currently undetermined.
of capital needs and condition of cash flow hereafter.

Fiscalyear-end–TotalYen

Yen

21.00

21.00

–

It is to be determined after consideration

3.

Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2025 (from April 1, 2024 to March31, 2025)(Percentages indicate year-on-year changes compared to the same period of the previous fiscal year.)
Revenue

Operating profit% Millions of yen

Millions of yen

Six Months
EndingSeptember30, 2024

127,000

9.7

28,000

Profit before tax% Millions of yen(19.0)

28,500

Profit attributable toowners of the parent

Profit% Millions of yen% Millions of yen

Basicearnings
per share%Yen(23.6)

19,500(22.4)

17,500(25.2)

25.77

Fiscal Year
268,000
12.2
67,0004.1
68,000(1.2)
Ending～～～～～～March 31,273,000
14.3
70,0008.7
71,0003.1
2025
Notes: Amendments to forecasts of financial results recently announced: None

47,000～49,000

(3.2)
～
0.9

44,000～46,000

(2.8)
～
1.6

64.80
～
67.75

Notes
(1) Significant changes in the scope of consolidation during the period: 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 June 30, 2024

679,063,600

shares

As of March 31, 2024

679,063,600

shares

As of June 30, 2024

45,201shares

As of March 30, 2024

45,151sharesThree Months Ended June 30, 2024

679,018,434

sharesThree Months Ended June 30, 2023

678,920,944

shares(ii) Number of treasury shares at the end of the period(iii) Average number of shares outstanding during the period• Review of this financial report by certified public accountants or an audit firm: None
• 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 financial results
Supplementary materials on financial results will be posted on our website on Friday, July 26, 2024.

- 2 -1. Overview of Financial Results, etc.
(1) Overview of Financial Results for the Three Month Ended June 30, 2024
In Japan, we provide various services designed for healthcare professionals, centered on our website at m3.com
with a membership of more than 330,000 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 physicians. 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 available in the U.S.
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 practicemobile 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.
Consolidated quarterly financial results for the three months ended June 30, 2024 are as below.
Three Months ended
June 30, 2023
(April 1, 2023 toJune 30, 2023)

Three Months ended
June 30, 2024
(April 1, 2024 toJune 30, 2024)(Millions of yen, unless otherwise stated)(Reference)
Fiscal Year ended
March 31, 2024
Year-on-year change(April 1, 2023 toMarch 31, 2024)

Revenue

57,39664,209+6,813+11.9%

238,883

Operating profit

18,004

16,899(1,105)(6.1%)

64,381

Profit before tax

19,831

18,784(1,047)(5.3%)

68,840

Profit13,554

12,750(804)(5.9%)

48,549- 3 -Consolidated financial results by segment
Three Months ended
June 30, 2023
(April 1, 2023 toJune 30, 2023)
Medical Platform
Evidence Solution
Career Solution
Site Solution
Overseas
Other Emerging Businesses

Adjustment
Total(Millions of yen, unless otherwise stated)
Three Months ended
June 30, 2024
Year-on-year change(April 1, 2024 toJune 30, 2024)

Segment revenue

21,947

20,969(978)(4.5%)

Segment profit (loss)

8,904

7,924(981)(11.0%)

Segment revenue

6,965

6,108(857)(12.3%)

Segment profit (loss)

1,885

1,013(872)(46.3%)

Segment revenue

5,588

7,212

+1,624+29.1%

Segment profit (loss)

2,663

3,314+651+24.4%

Segment revenue

7,663

10,597+2,934+38.3%

831

1,342+511+61.5%

Segment revenue

15,71519,879+4,164+26.5%

Segment profit (loss)

3,679

3,719

+40

+1.1%

Segment revenue

552

538

(14)

(2.5%)

Segment profit (loss)(126)

143+269－(1,033)(1,093)

－－

167

(556)

－－

Revenue

57,39664,209+6,813+11.9%

Operating profit (loss)

18,004

16,899(1,105)(6.1%)

Segment profit (loss)

Segment revenue
Segment profit (loss)

1) Medical Platform
Segment revenue amounted to 20,969 million yen, down 4.5% year on year, with segment profit 7,924 million yen,down 11.0% year on year. This is attributable to a decline in the pharmaceutical marketing support business as a resultof budget cuts by pharmaceutical companies, despite strong momentum in businesses such as digitalization support
for medical practices.
2) Evidence Solution
Segment revenue amounted to 6,108 million yen, down 12.3% year on year, with segment profit of 1,013 million yen,down 46.3% year on year. This is because COVID-related clinical trial projects made lower contributions to revenue
compared to the previous fiscal year, as well as slow momentum in the overall order trends.
3) Career Solution
Segment revenue amounted to 7,212 million yen, up 29.1% year on year, with segment profit of 3,314 million yen, up
24.4% year on year. This is attributable to a robust revenue growth in job search and placement support services forboth physicians and pharmacists, as well as new demand for physician services due to the April 2024 overtime-work
regulations.
4) Site Solution
Segment revenue amounted to 10,597 million yen, up 38.3% year on year, with segment profit of 1,342 million yen,
up 61.5% year on year. This is mainly attributable to the incremental contribution of the podiatry clinic operation
business in the U.S. acquired in January 2024, in addition to an increase in the occupancy rate of facilities opened in
the previous fiscal year or before in the hospice business.
5) Overseas
Segment revenue amounted to 19,879 million yen, up 26.5% year on year. This is attributable to solid performance
mainly in Europe and APAC regions as well as the impact of the acquisitions completed in the previous fiscal year.
- 4 -Segment profit amounted to 3,719 million yen, up 1.1% year on year. This was due to higher segment revenue, partiallyoffset by continued lower topline in the U.S. clinical trial business, which requires a certain level of fixed costs tooperate.
6) Other Emerging Businesses
Segment revenue amounted to 538 million yen, down 2.5% year on year, and segment profit was 143 million yen, withsegment loss of 126 million yen in the first quarter of the previous fiscal year.
Combining all of the above, revenue of the M3 Group for the three months ended June 30, 2024 amounted to 64,209
million yen, up 11.9% year on year, with operating profit of 16,899 million yen, down 6.1% year on year, profit before
tax of 18,784 million yen, down 5.3% year on year, and profit of 12,750 million yen, down 5.9% year on year.

- 5 -