Summary of Consolidated Financial Results
for the Fiscal Year Ended March 31, 2023 [IFRS]

Apr 28, 2023

Listed Company:
M3, Inc.
Listed Stock Exchange: Tokyo
Securities Code:2413
URL: https://corporate.m3.com/
Representative: (Title) CEO(Name) Itaru TanimuraContact:(Title) Director(Name) Eiji Tsuchiya
TEL: 03-6229-8900
General Meeting of Shareholders:June 28 ,2023
Dividend payment commencement date: June 12, 2023
Submission of securities report:
June 29, 2023
Preparation of explanatory materials for quarterly financial result: Yes
Assembly for briefing of financial results: Yes (For Analysts and institutional investors)

1.

(Amounts of less than one million yen are rounded)

Consolidated Financial Results for the Fiscal Year Ended March 31, 2023
(From April 1, 2022 to March 31, 2023)(1) Consolidated Operating Results (Cumulative)
Operatingprofit

Net sales

Fiscal Year
ended
March 31,2023
Fiscal Year
ended
March 31,2022

Pre-tax profit(% figure show year-on-year change)
ProfitTotal
attributable tocomprehensive
Net profit
owners of theprofit
parent company
MillionMillionMillion%%%Yen
YenYenMillionYen%Million
Yen%

MillionYen%

230,818

10.9

71,983-24.3

74,318-22.7

51,983-21.4

49,028-23.2

62,857-11.3

208,159

23.0

95,14164.1

96,18765.1

66,10860.5

63,84568.8

70,845

61.9

Basicearnings per
share

Dilutedearnings per
share

Net profit margin on
equity attributable toowners of the parentcompany

Total asset topre-tax profit
ratio

OperatingprofitmarginYen
Yen%%
Fiscal Year
ended
72.22
72.17
17.5
19.9
March 31,2023
Fiscal Year
ended
94.06
93.98
27.9
31.1
March 31,2022(Ref)
Equity in earnings of affiliated companies for the fiscal year ended March 31, 2023: 1,471 million yen
Equity in earnings of affiliated companies for the fiscal year ended March 31, 2022: -2,430 million yen(2) Consolidated Financial Position

As of March 31, 2023
As of March 31, 2022

Equity attributable
Ratio of equity
to owners of the attributable to owners
parent company of the parent company

Total assets

Net equity

Million Yen
400,645
345,981Million Yen
309,518
263,954－Million Yen
302,630
257,840

1 －75.5
74.5

%%
31.2

45.7

Equity per share
attributable toowners of theparent company
Yen
444.22378.75

(3) Consolidated Cash Flow Position
Cash flow fromoperating activities

Cash flow frominvesting activities

Cash flow fromfinancing activities

Million Yen

Million Yen

Million Yen

57,113-21,933-22,837

Fiscal year ended
March 31, 2023
Fiscal year ended
March 31, 2022
2.

52,108Dividends-23,407

Cash and cash
equivalents at the endof the period
Million Yen
118,319
104,253-16,371

Annual dividends per shareFirstquarter-end

Secondquarter-end

YenYenThird
Fiscalquarteryear-end-end
Yen

Total

Yen

Dividend
payout(Total)

Dividend
payout ratio(Consolidated)

MillionYen

Dividend payout
ratio attributable
to the owners of
the parentcompany(Consolidated)

%

%

Yen

Fiscal year ended
－－
0.00
16.00
16.00
10,86217.0
4.8
March 31, 2022
Fiscal year ended
－－
0.00
19.00
19.00
12,89926.3
4.6
March 31, 2023
Fiscal year－－－－－
ending March 31,0.00
2024 (Forecast)(Note) Dividend forecast for the fiscal year ending March 31, 2024 is currently undetermined. It is to be determinedafter consideration of capital needs and condition of cash flow hereafter.
3.

Forecast for the Consolidated Fiscal Year Ending March 31, 2024 (from April 1, 2023 to March 31, 2024)(% figure show year-on-year change for the full year andchange in contrast to the corresponding quarter from one year prior for the quarter)
Profit attributable BasicOperatingNet sales
Pre-tax profit
Net profit
to owners of the earnings
profitparent company per share
MillionMillionMillionMillionMillion%%%%%Yen
YenYenYen
YenYen2nd Quarter(cumulative)

120,000

6.6

32,000-11.832,000-15.9

22,200-14.5

21,300

-11.5

31.37

Full Year

250,000

8.3

75,0004.2

75,0000.9

52,0000.0

50,000

2.0

73.65

Notes

※

(1) Changes in significant subsidiaries during the period (changes in specific subsidiaries accompanying 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－2 －(3) Number of shares issued (common stock)(i) Number of shares outstanding at the end of the period (including treasury stock)678,964,100

As of March 31, 2023

678,904,600

As of March 31, 2022(ii) Number of treasury stock at the end of the period

45,151

As of March 31, 2023

sharessharesshares45,081shares

As of March 31, 2023

678,889,214

shares

As of March 31, 2022

678,769,542

shares

As of March 31, 2022(iii) Average number of shares during the period (cumulative)

This summary of financial reports is outside the scope of the review procedures for quarterly financial statements※※

Explanation of proper use of financial results forecasts, and other special matters(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 various factors.
(Explanatory materials for financial results)
Explanatory materials for financial results will be posted on our website on Friday, April 28, 2023.

4. Qualitative Information on Quarterly Results(1) Explanation of consolidated operating results
In Japan, various services are provided for the 320,000+ physician members (as of April 28, 2023) 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 operates businesses such as CRO, which supports clinical development operations andlarge-scale clinical research, SMO, which supports the overall management and operation of clinical trials at
medical institutions conducting clinical trials, and PRO, which provides support for recruiting test subjects andperipheral operations necessary for conducting clinical development and clinical research, etc., through its groupcompanies.
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.

－3 －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 isexpanding 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.
Asia as well.

Business expansion continues inAdditionally, 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.

－4 －Consolidated results for the fiscal year (cumulative)
Fiscal year ended
March 31, 2022
(April 1, 2021 toMar 31, 2022, cumulative)

Fiscal year ended
March 31, 2023
(April 1, 2022 to
Mar 31, 2023, cumulative)(Unit: Million Yen)
Fiscal year comparison

Net sales

208,159

230,818+22,659+10.9%

Operating Profit
Pre-Tax Profit

95,141

71,983

Net Profit

96,18774,318

66,10851,983-23,158-24.3%(Segment results)

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

Fiscal year ended
March 31, 2022
(April 1, 2021 to
Mar 31, 2022,cumulative)-22.7%-14,126

Fiscal year ended
Mar 31, 2023
(April 1, 2022 to
Mar 31, 2023,cumulative)-21.4%(Unit: Million yen)
Fiscal year
comparison

Segment Net Sales

85,92893,098+7,170+8.3%

Segment Profit

39,553

41,147+1,594+4.0%

Segment Net Sales

22,75627,157+4,402+19.3%

Segment Profit

5,654

7,662+2,007+35.5%

Segment Net Sales

14,094

14,538+445+3.2%

Segment Profit

4,646

4,644

Segment Net Sales

35,18435,295-2+111-0.0%+0.3%

Segment Profit

3,399

3,745+346+10.2%

Segment Net Sales

51,83162,095+10,263+19.8%

Segment Profit

44,837

16,990

Segment Net Sales

3,360

3,284-27,847-62.1%

Segment Profit-601945+1,547-2.3%－-3,151

Segment Net Sales

Total1)-21,868-76－－－

Net Sales-2,348-4,649－

Segment Profit-4,994
208,159

230,818+22,659+10.9%

Operating Profit

95,141

71,983-23,158-24.3%

Medical Platform

In the area of pharmaceutical marketing support, some foreign-affiliated pharmaceutical companies had
reduced their budgets in the term, and although digitalization support-related services were affected by this trend

in the second half, businesses other than pharmaceutical marketing support, such as DX in the clinical scene,remained strong, resulting in segment revenue of 93,098 million yen, higher by 8.3% versus previous year. Upfront

investments aimed for future growth, such as strengthening pharma marketing team, have raised SG&A mainly
around personnel costs, however, Medical Platform segment produced profits of 41,147 million yen, higher by 4.0%
versus previous year.
2)

Evidence Solution

The impact of the temporary suspension of several clinical trial projects due to the spread of Covid-19 infectionin the fiscal year ended March 31, 2021 has run its course in the previous fiscal year, and the recovery trend iscontinuing in the current fiscal year. Due to clinical trial projects related to COVID infection, etc. the Evidence
Solution segment produced total sales of 27,157 million yen, higher by 19.3% versus previous year. Segment profit
was 7,662 million yen, higher by 35.5% versus previous year.

－5 －3)Career Solution
Despite the impact of lower contributions from the vaccination support services for COVID compared to theprevious year, job search support services for physicians remained strong. As a result, segment sales revenue was
14,538 million yen, higher by 3.2% versus previous year, and segment profit was 4,644 million yen, lower by 0.0%
versus previous year, partly due to a change in the sales composition.
4)

Site Solution

Despite the impact of lower contributions from the vaccination support services for COVID compared to theprevious year, an increase in the number of affiliated medical institutions and services used, etc., produced segment

sales of 35,295 million yen, higher by 0.3% versus previous year. Segment profit was 3,745 million yen, higher by
10.2% versus previous year, mainly due to the non-recurrence of impairment losses recorded in the fourth quarterof the previous year, despite a year-on-year decline in the vaccination support services for COVID.
5)

Overseas

In addition to solid performance in each region, affected by foreign exchange effects due to yen depreciation,
resulted in segment sales of 62,095 million yen, higher by 19.8% versus previous year. Despite the increase insales, due to the non-recurrence of a gain recorded in the previous year from the listing of Medlive (now an equity
method affiliate,) which was a subsidiary operating in China on the Hong Kong Stock Exchange, the segment profit
was 16,990 million yen, lower by 62.1% versus previous year.
6)

Other Emerging Businesses

In response to changes in the market environment after COVID, segment sales resulted to 3,284 million yen,lower by 2.3% versus previous year. Segment profit, in addition to the non-recurrence of impairment losses
recorded in the previous year, due to changes in equity in earnings of affiliates and valuation gains on equity
securities, it resulted to 945 million yen (loss in previous year was 601 million yen.)

Combining all of the above, results for the entire group for the twelve months ended March 31, 2023, amounted
to net sales of 230,818 million yen, higher by 10.9% versus previous year, and operating profit of 71,983 million yen,lower by 24.3% versus previous year. Pre-tax profit was 74,318 million yen, lower by 22.7% versus previous year,and net profit was 51,983 million yen, lower by 21.4% versus previous year.

------------------------------------------------------------------------------------------------------------------------------------------------------------------Disclaimer: This document is a translation of the original Japanese version. The original Japanese version was prepared and disclosed by the Company
in accordance with Japanese accounting standards. This document does not contain or constitute any guarantee and the Company 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 Japaneseoriginal and this document, the Japanese original is assumed to be correct.

－6 －