Consolidated Financial Results
for the Six Months Ended September 30, 2022 [IFRS]

Nov. 2, 2022
(Abridged)
Listed Company:
M3, Inc.
Listed Stock Exchange: Tokyo
Securities Code:2413
URL: https://corporate.m3.com/en/
Representative:(Title) CEO(Name) Itaru Tanimura
TEL: 03-6229-8900
Contact:(Title) Director (Name) Eiji Tsuchiya
Dividend payment commencement date: ―Submission of quarterly report: November 11, 2022
Preparation of explanatory materials for quarterly financial result: Yes
Assembly for briefing of quarterly financial results: Yes (for analysts and institutional investors)(amounts rounded to the nearest million yen)
1.

Consolidated Financial Results for the Six Months Ended September 30, 2022
(From April 1, 2022 to September 30, 2022)(1) Consolidated Operating Results (Cumulative)
Net sales

Six months ended
Sep 30, 2022
Six months ended
Sep 30, 2021

Six months ended
Sep 30, 2022
Six months ended
Sep 30, 2021(% figures show year-on-year change)

Operating profit

Million Yen%

Million yen

2.

Net profit%

Million Yen%

Million Yen%

112,616

15.3

36,293-41.4

38,067-38.8

25,966-39.3

97,64730.2

61,941

158.8

62,232

159.9

42,747

157.7

Profit attributable toowners of the parent
Million Yen%

Total comprehensive
incomeMillion Yen%

Basic earnings per
share
Yen

Diluted earnings pershare
Yen

24,060-41.0

39,364

-8.4

35.44

35.42

40,788177.3

42,959

158.7

60.09

60.04

(2) Consolidated Financial Position

As of Sep 30, 2022
As of March 31, 2022

Pre-tax profit

Total assets

Total equity

Million Yen
377,747
345,981Million Yen
291,306
263,954

Dividends

Equityattributable toowners of theparent
Million Yen
284,479
257,840

Ratio of equity
attributable toowners of theparent%
75.3
74.5

Equity per share
attributable toowners of theparent
Yen
417.71378.75

Annual Dividends per share
SecondThird
Fiscal yearTotal
quarter-end
quarter-end
end
Yen
Yen
Yen
Yen
Fiscal year ended March 31, 2022
0.00
―
16.00
16.00
Fiscal year ending March 31, 2023
0.00
Fiscal year ending March 31, 2023 (Forecast)―――(Note) 1 Amendments to forecasts of dividends recently announced: None
2 Dividend forecast for the fiscal year ending March 31, 2023 is currently undetermined. It is to bedetermined 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, 2023
(From April 1, 2022 to March 31, 2023)
With regard to the impact of the new coronavirus infection (COVID-19), although the outlook is improving in someareas, the impact itself is prolonged and complicated in others, and remains highly uncertain, making it difficult
to reasonably calculate the impact on the Group's domestic and overseas business environment. Therefore, wehave not disclosed a consolidated earnings forecast for the fiscal year ending March 31, 2023. We will promptly
disclose the consolidated earnings forecast as soon as a reasonable calculation of the forecast becomes possible.
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, 2022

678,939,600

shares

As of March 31, 2022

678,904,600

shares

As of September 30, 2022

45,151shares

As of March 31, 2022

45,081shares

As of September 30, 2022

678,873,546

shares

As of September 30, 2021

678,750,113

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, November 2,2022.

－2 －4. Qualitative Information on Quarterly Results(1) Explanation of consolidated operating results
In Japan, various services are provided for the 310,000+ 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 nonhealthcare 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.

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, and offering iDoctus, a medical practice mobile app for healthcare
professionals through eDoctores Soluciones, S.L., in Spain and Latin America. Business expansion continues inAsia as well.

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, 2021
Sep 30, 2022
Second quarter(April 1, 2022 to(April 1, 2021 tocomparison
Sep 30, 2021,
Sep 30, 2022,(Unit: Million Yen)
(Reference)Previous consolidated
fiscal year
(April 1, 2021 toMarch 31, 2022)

cumulative)

cumulative)

Net sales

97,647

112,616＋14,969＋15.3％

208,159

Operating Profit

61,94136,29362,23238,067-41.4％

95,141

Pre-Tax Profit-25,647

Net Profit

42,74725,966-16,781-39.3％

66,108(Segment results)

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

Six months ended
Sep 30, 2021
(April 1, 2021 toSep 30, 2021,cumulative)

96,187-38.8％-24,165

Six months ended
Sep 30, 2022
(April 1, 2022 to
Sep 30, 2022,cumulative)(Unit: Million Yen)
Second quartercomparison

Segment Net Sales

38,401

42,537＋4,136＋10.8％

Segment Profit

16,72518,762＋2,037＋12.2％

Segment Net Sales

10,132

14,003＋3,871＋38.2％

Segment Profit

2,053

4,248＋2,196 ＋106.9％

Segment Net Sales

8,180

8,366＋187＋2.3％

Segment Profit

3,445

3,464＋20＋0.6％

Segment Net Sales

17,48018,779＋1,299＋7.4％

Segment Profit

2,560

2,312

Segment Net Sales

24,39830,189-247＋5,791-9.7％＋23.7％

Segment Profit

38,1088,118

Segment Net Sales

1,518

1,506

Segment Profit-78.7％-429

90-29,990＋519－

Segment Net Sales-2,461

Segment Profit-520-12-2,764-701-0.8％－－－－Net Sales

97,647

112,616＋14,969＋15.3％

Operating Profit

61,94136,293-25,647-41.4％

Medical Platform

In addition to the MR activity digitalization support service in pharmaceutical marketing support, businesses
other than pharmaceutical marketing support also performed well., resulting in Medical Platform segment sales

reaching 42,537 million yen, higher by 10.8% versus previous year. With Pharma marketing fortification etc.,
upfront investments aimed for future growth have raised SG&A mainly around personnel costs, however, Medical
Platform segment produced profits of 18,762 million yen, higher by 12.2% versus previous year.
2)

Evidence Solution

The impact of the temporary suspension of several clinical trial projects due to the spread of Covid-19
infection in the fiscal year ended March 31, 2021 has run its course in the previous fiscal year, and the recovery

trend is continuing in the current fiscal year. Due to clinical trial projects related to COVID infection, etc. theEvidence Solution segment produced total sales of 14,003 million yen, higher by 38.2% versus previous year.
Segment profit was 4,248 million yen, higher by 106.9% versus previous year.

－4 －3)Career Solution
Despite the impact of lower contributions from the vaccination support services for COVID compared to thesame period of the previous fiscal year, job search support services for physicians remained strong which resulted
in segment sales of 8,366 million yen, higher by 2.3% versus previous year. Segment profit was 3,464 million yen,higher by 0.6% versus previous year.
4)

Site Solution

Despite the impact of lower contributions from the vaccination support services for the COVID compared tothe same period of the previous year, an increase in the number of affiliated medical institutions and services

used, etc., produced segment sales of 18,779 million yen, higher by 7.4% versus previous year. Segment profit
decreased mainly due to a year-on-year decline in the vaccination support services for Covid-19, which resulted
to profit of 2,312 million yen, lower by 9.7% versus previous year.
5)

Overseas

In addition to solid performance in each region, affected by foreign exchange effects due to yen depreciation,
resulted in segment sales of 30,189 million yen, higher by 23.7% versus previous year. Despite the increase insales, due to the absence of a gain recorded in the same period of the previous year from the listing of Medlive(now an equity method affiliate), which is a subsidiary operating in China on the Hong Kong Stock Exchange, thesegment profit was 8,118 million yen, lower by 78.7% versus previous year.

6)

Other Emerging Businesses

In response to changes in market conditions and other factors associated with the continuation of COVID,
segment sales resulted to 1,506 million yen, lower by 0.8% versus previous year. Segment profit, mainly due tochanges in equity in earnings/losses of affiliates and stock valuation gains/losses, resulted to 90 million yen (a lossof 429 million yen in the same period of the previous year.)
Combining all of the above, results for the entire group for the six months ended September 30, 2022,

amounted to sales of 112,616 million yen, higher by 15.3% versus previous year, and operating profit of 36,293
million yen, lower by 41.4% versus previous year. Pre-tax profit was 38,067 million yen, lower by 38.8% versus
previous year, and net profit was 25,966 million yen, lower by 39.3% 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 －