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M3 H1 FY2026 Earnings Presentation

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M3 H1 FY2026 Earnings Presentation: M3, Inc.'s (エムスリー株式会社) 44-page Japanese-language company presentation (会社説明資料, November 2026), released on TDnet (the Tokyo Stock Exchange timely-disclosure system) together with its second-quarter results for the fiscal year ending March 2027 (FY2026 = April 2026 to March 2027). It covers H1 consolidated and segment results (revenue ¥181,853 million, +6%; operating profit ¥36,335 million, +1%), progress against the H1 forecast, the medical platform growth strategy (pharma marketing support and clinic DX), AI initiatives on m3.com and M3 DigiKar, the overseas segment and its '¥2 billion (20億円) club' businesses, the programmatic M&A strategy, the long-run revenue and profit history with the FY2026 forecast (revenue ¥400,000 million, operating profit ¥80,000 million) and a disclosure on the October 2026 unauthorized access to the 'MR-kun' system.

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Flýtileiðsögn

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M3 Inc
M3 earnings presentation
M3 H1 FY2026
エムスリー
決算説明資料

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Lýsing

Meginviðfangsefni

M3 H1 FY2026 Earnings Presentation: M3, Inc.'s (エムスリー株式会社) 44-page Japanese-language company presentation (会社説明資料, November 2026), released on TDnet (the Tokyo Stock Exchange timely-disclosure system) together with its second-quarter results for the fiscal year ending March 2027 (FY2026 = April 2026 to March 2027). It covers H1 consolidated and segment results (revenue ¥181,853 million, +6%; operating profit ¥36,335 million, +1%), progress against the H1 forecast, the medical platform growth strategy (pharma marketing support and clinic DX), AI initiatives on m3.com and M3 DigiKar, the overseas segment and its '¥2 billion (20億円) club' businesses, the programmatic M&A strategy, the long-run revenue and profit history with the FY2026 forecast (revenue ¥400,000 million, operating profit ¥80,000 million) and a disclosure on the October 2026 unauthorized access to the 'MR-kun' system.

Helstu kostir

  • •Full H1 FY2026 consolidated table: revenue ¥181,853 million (+6%), operating profit ¥36,335 million (+1%), profit before tax ¥36,620 million (-0%), interim profit ¥22,623 million (-11%, hit by a one-off tax charge on a dividend from an overseas subsidiary); the deck says Q2 alone returned to revenue and profit growth
  • •Segment-by-segment H1 table with management commentary for Medical Platform, Evidence Solutions, Career Solutions, Site Solutions, Patient Solutions, Emerging Businesses and Overseas
  • •Forecast-progress bridge: H1 revenue ¥181.9 billion (1,819億円) vs the initial ¥192.0 billion (1,920億円) plan, operating profit ¥36.3 billion (363億円) vs ¥37.0 billion (370億円), with Overseas named as the largest shortfall
  • •Repeated waterfall showing how operating profit grew from ¥34.3 billion (343億円) in FY2019 to ¥74.7 billion (747億円) in FY2025 (14% CAGR), with 75% of the increase coming from businesses other than pharma marketing
  • •Medium-term 'growth target' tables for pharma marketing (~500 drugs, ¥100–150 billion), medical-institution services (30,000+ facilities, ¥60–90 billion) and overseas (~20 '¥2 billion club' businesses, ¥200–250 billion total)
  • •Concrete AI evidence: 80%+ of m3.com home-page content AI-personalized, physician time on site index 100→113→124, the m3.com AI assistant launching to all physician members in November 2026, the DigiKar AI agent adopted by ~2,000 clinics in two months, and an FY2025 AI operating-profit impact of ~17x the AI spend
  • •26-year revenue and operating-profit history (FY2000–FY2025) plus the FY2026 forecast of ¥400,000 million revenue and ¥80,000 million operating profit

Markhópur

  • •Equity analysts and investors covering M3 (TSE Prime) or the Japanese healthcare-IT and internet sector
  • •Pharmaceutical commercial and marketing teams tracking the shift from MR-led promotion to digital channels in Japan
  • •Healthcare-IT, EHR and clinic-DX operators benchmarking cloud EHR adoption and patient-app usage
  • •Corporate development and M&A professionals studying serial-acquisition ('programmatic M&A') models
  • •IR and finance teams who want a reference for a Japanese quarterly results deck that mixes results with long-term strategy
  • •Business students and researchers studying platform businesses that monetize physician networks

Notkunartilvik

  • •Reviewing M3's H1 FY2026 (April–September 2026) results and segment trends in English
  • •Building a model of M3's segments using the deck's H1 segment table, overseas regional split and FY2026 forecast
  • •Benchmarking the pharma marketing TAM shift (MR costs ~¥1.5 trillion to ~¥1.15 trillion, internet share 1% to 5%) for a pharma-digital strategy
  • •Studying how a company frames AI investment returns (index of AI spend vs operating-profit impact) for an investor audience
  • •Using the 'current state → medium-term target' table format (count × value per unit = total) as a template for growth-potential slides
  • •Preparing questions for M3 management about the overseas shortfall, the MR-kun security incident or M&A pacing

Einstök virðistilboð

  • •English page-by-page breakdown of a Japanese-only deck, with key figures translated and the company's own units kept (百万円 = ¥ million, 億円 = ¥100 million)
  • •Combines quarterly results with a full strategy section, so one deck covers both the near-term numbers and M3's long-term growth logic
  • •Clear unit-economics framing: number of drugs / facilities / businesses multiplied by revenue per unit, shown for 2016 or 2021, March 2026 and the medium term
  • •Includes an incident disclosure page (MR-kun unauthorized access, 14 October 2026) with management Q&A, which few results decks contain

Glærusíður (44)

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Síða 1
Title slide

Cover: M3, Inc. Company Presentation, November 2026

Efni

Japanese cover reading エムスリー株式会社 (M3, Inc.), 会社説明資料 (Company Presentation) and 2026年11月 (November 2026), with M3's hand-drawn waveform logo; the file was released on TDnet as the Q2 results presentation for the fiscal year ending March 2027.

Uppbygging útlits

Centered title stack on white with navy double rules at top and bottom and a copyright footer.

Helstu sjónrænir þættir

  • •Large black Japanese company name
  • •Navy waveform logo
  • •Navy top and bottom rules
  • •Copyright © 2026 M3, Inc. footer
Síða 2
Disclaimer

Forward-Looking Statements Disclaimer

Efni

Standard Japanese disclaimer: statements about outlooks, plans and targets are based on information available when the document was prepared and on certain assumptions that may prove inaccurate; third-party information comes from public sources and is not verified; the document is for information only, not a solicitation to invest.

Uppbygging útlits

Single block of body text with the company name right-aligned at the bottom.

Helstu sjónrænir þættir

  • •Dense paragraph text
  • •Company name signature line
Síða 3
Financial results table

H1 FY2026 Consolidated Results

Efni

In ¥ million, H1 FY2025 vs H1 FY2026: revenue 170,885 → 181,853 (+6%); operating profit 35,992 → 36,335 (+1%); profit before tax 36,681 → 36,620 (-0%); interim profit 25,320 → 22,623 (-11%). The footnote says FY2026 includes a one-off tax expense in H1 tied to a dividend from an overseas subsidiary; the takeaway is that Q2 turned to revenue and profit growth.

Uppbygging útlits

Four-row results table with navy column headers for the two periods and a blue YoY column; FY2026 column shaded pale yellow; call-out line and footnote below.

Helstu sjónrænir þættir

  • •Gradient navy header cells
  • •Yellow-highlighted current-period column
  • •Orange pointing-hand icon before the takeaway
  • •Footnote on one-off tax expense
Síða 4
Segment results table with commentary

H1 FY2026 Consolidated Results by Segment

Efni

Japan segments, H1 FY2025 → H1 FY2026 (¥ million): Medical Platform revenue 51,977 → 54,384 (+5%), profit 17,870 → 18,487 (+3%); Evidence Solutions 12,180 → 11,713 (-4%), profit 2,331 → 1,973 (-15%); Career Solutions 13,175 → 12,686 (-4%), profit 4,343 → 4,438 (+2%); Site Solutions 26,291 → 28,735 (+9%), profit 1,694 → 930 (-45%); Patient Solutions 27,352 → 30,229 (+11%), profit 1,054 → 2,011 (+91%); Emerging Businesses 1,064 → 1,033 (-3%), profit 578 → 304 (-47%). Overseas revenue 41,063 → 45,447 (+11%), profit 8,925 → 9,854 (+10%). Call-outs: pharma-marketing order backlog at end-Q2 up 14% YoY helped by problem-solving proposals and clinic DX still solid; Evidence Solutions backlog ¥36.4 billion (364億円) with Q2 back to growth after high-margin and large projects rolled off in Q1; Career Solutions slow in pharmacist placement after the medical-fee revision but profit up on mix, with sales-force strengthening including AI; Emerging Businesses lower on equity-method income after last year's affiliate share sale; Overseas profit +29% in Q2 on investment timing and mix.

Uppbygging útlits

Dense segment table on the left (Japan block with vertical 国内 label, Overseas block below) and five yellow call-out boxes with orange pointer arrows on the right.

Helstu sjónrænir þættir

  • •Two-tier row structure (revenue / profit) per segment
  • •Vertical 'Japan' band label
  • •Yellow speech-box call-outs
  • •Orange wedge pointers linking notes to rows
Síða 5
Forecast vs actual bridge chart

Progress Against the H1 Forecast

Efni

Two waterfall bridges from the initial H1 forecast to actual: revenue ¥192.0 billion (1,920億円) forecast → ¥181.9 billion (1,819億円) actual, and operating profit ¥37.0 billion (370億円) → ¥36.3 billion (363億円), with bars for MP, ES, CS, SS, PS, Overseas and Other/adjustments. The takeaway: across H1, Overseas fell furthest short of plan, but its shortfall narrowed in Q2. Individual segment variances are shown only as bar lengths, not as numbers.

Uppbygging útlits

Side-by-side horizontal waterfall charts with broken-axis forecast and actual bars, segment labels on the left, takeaway and footnote below.

Helstu sjónrænir þættir

  • •Light-blue forecast bar and navy actual bar with axis breaks
  • •Small maroon and navy variance bars
  • •Dashed reference line at the forecast
  • •Arrow marking the actual figure
Síða 6
Agenda

M3's Current Position and Growth Potential: Agenda

Efni

Agenda of the strategy section in four parts: (1) the Medical Platform today and its growth strategy; (2) creating new value from proprietary data in the AI era; (3) the overseas business today and drivers for medium-term growth; (4) an update on sustained growth through the programmatic M&A strategy.

Uppbygging útlits

Four numbered chevron bars arranged along a curved arc, with the waveform logo on the left.

Helstu sjónrænir þættir

  • •Blue numbered tabs 1–4
  • •Light-blue gradient bars
  • •Curved arc connector
  • •Waveform logo
Síða 7
Section divider

Agenda Divider: 1. Medical Platform Today and Growth Strategy

Efni

The agenda repeated with item 1, the Medical Platform's current state and future growth strategy, highlighted and items 2–4 greyed out.

Uppbygging útlits

Same arc agenda as page 6 with one active item and three greyed items.

Helstu sjónrænir þættir

  • •Highlighted item 1 in blue
  • •Greyed items 2–4
  • •Waveform logo
Síða 8
Waterfall chart

Operating Profit Growth by Segment and Business, FY2019–FY2025

Efni

Waterfall from ¥34.3 billion (343億円) operating profit in FY2019 to ¥74.7 billion (747億円) in FY2025, excluding one-offs such as impairments and gains on sales, segment steps rounded to ¥0.5 billion: pharma marketing +100, clinic DX +50, WJP (White Jack Project) +15, other MP +25, ES 0, CS +15, SS +35, PS +25, other/adjustments 0, Overseas +140 (all ¥100 million). Consolidated CAGR 14%. Takeaway: besides pharma marketing, other businesses contributed heavily; 75% of the profit increase came from outside pharma marketing, so there are multiple profit engines.

Uppbygging útlits

Full-width waterfall chart with navy start and end columns, magenta MP steps, blue Japan-segment steps and a green Overseas step, a large orange trend arrow and a CAGR banner.

Helstu sjónrænir þættir

  • •Magenta bracket grouping MP sub-businesses
  • •Green 140 overseas block
  • •Orange diagonal growth arrow
  • •Hatched 'consolidated CAGR 14%' pill
Síða 9
Section divider

Section Divider: DX of Pharmaceutical Sales & Marketing

Efni

Divider titled 医薬品、営業&マーケティングのDX (digital transformation of pharmaceutical sales and marketing), opening the pharma-marketing sub-section.

Uppbygging útlits

Full-width navy band across the middle of a white slide with white bold title.

Helstu sjónrænir þættir

  • •Navy horizontal title band
  • •White drop-shadow title text
Síða 10
Waterfall chart (highlight variant)

Operating Profit Growth Waterfall, Pharma Marketing Highlighted

Efni

The FY2019–FY2025 operating profit waterfall (¥34.3 billion to ¥74.7 billion, 14% CAGR) repeated with the pharma-marketing step (+¥10 billion, 100億円) highlighted in pink and all other steps faded.

Uppbygging útlits

Same waterfall as page 8 with a pink vertical highlight band over the pharma-marketing column.

Helstu sjónrænir þættir

  • •Pink highlight column
  • •Faded non-focus bars
  • •Same orange trend arrow and CAGR pill
Síða 11
Market sizing / TAM chart

Pharma Companies' Sales-Cost Allocation and Where M3 Plays

Efni

M3 estimates of Japan pharma sales spend (TAM): ten years ago about ¥1.5 trillion in MR-related costs (~99%) and about ¥15 billion online (~1%); today about ¥1.15 trillion MR-related (~95%) and about ¥70 billion online (~5%), with total spend down about ¥300 billion; in future MR-related costs of about ¥700–800 billion (~70–80%) and online about ¥200–300 billion (~20–30%) as DX lifts industry sales productivity. M3's role spans (1) internet marketing support, (2) DX support for MR activity and (3) data-driven marketing support across both. Takeaway: M3's involvement goes beyond the internet, aiming to improve productivity across the whole industry.

Uppbygging útlits

Three stacked green-and-navy columns (10 years ago / current / future) with red TAM outlines, orange downward arrows showing shrinkage, and a right-hand panel listing M3's three roles with a brace.

Helstu sjónrænir þættir

  • •Green MR-cost and navy internet stacked bars
  • •Red dashed TAM boxes
  • •Orange 'down ~¥300 billion' arrow
  • •Blue circled-number role labels
Síða 12
Data visualization (mix and growth)

Growth Through Problem-Solving Proposals (Reprinted from the FY2026 Q1 Deck)

Efni

FY2025 status of 'problem-solving' (課題解決型) proposals, based on internal management accounting: of 680 target drugs, 75 (11%) received problem-solving proposal programs and 105 (15%) other related programs; these groups made up 37% and 28% of M3's related revenue respectively, and their revenue grew 33% and 8% YoY. Takeaway: M3 scaled up problem-solving proposals from FY2025, and targeted drugs grew 8–33% that year.

Uppbygging útlits

Three linked panels: stacked bar of drug counts, stacked bar of revenue mix connected by trapezoid lines, and a horizontal bar chart of growth rates; 'reprinted' badge at top right.

Helstu sjónrænir þættir

  • •Navy and steel-blue stacked bars
  • •Grey connector lines between panels
  • •Horizontal growth bars (33% vs 8%)
  • •Blue 'Reprinted from FY2026 Q1' tag
Síða 13
KPI decomposition chart

H1 Orders from Problem-Solving Proposals

Efni

Index with H1 FY2025 = 100: number of orders 152 (about 1.5x) × order value per project 127 (about 1.3x) = total order value 193 (about 1.9x). Takeaway: H1 orders from problem-solving proposals were about 1.9 times the prior-year period.

Uppbygging útlits

Three paired bar charts laid out as an equation with large brown × and = symbols between them; multiplier arrows beside each pair.

Helstu sjónrænir þættir

  • •Blue vs navy paired bars
  • •Orange-to-yellow up arrows with red multiplier labels
  • •Equation layout (× and =)
Síða 14
Concept illustration

Recent Change in the Business Environment

Efni

Balance-scale illustration: in FY2026 Q1, pharma companies' sales-budget cuts (minus) outweighed the start of problem-solving proposals (plus), so the pharma-marketing order backlog was down YoY; in Q2, strong data and AI products and orders from problem-solving proposals (two pluses) outweighed the budget cuts and the backlog turned positive YoY. Takeaway: despite budget pressure at pharma companies, orders are improving.

Uppbygging útlits

Two balance-scale graphics (Q1 tilted left, Q2 tilted right) joined by an arrow, with a yellow strip below showing minus turning into plus plus for the YoY backlog.

Helstu sjónrænir þættir

  • •Tilting balance scales
  • •Red minus and navy plus badges
  • •Pink and light-blue factor boxes
  • •Yellow summary strip
Síða 15
Growth target table

Growth Potential of the Pharma Marketing Support Business

Efni

March 2016 → March 2026 → medium-term target: drugs served (only drugs with ¥30 million+ annual M3 revenue) ~100 → ~250 (about 2x) → ~500 (~2x); revenue per drug ~¥100 million (1億円) → ~¥150 million (1.5億円) (about 2x) → ¥200–300 million (2–3億円) (~2x); illustrative total revenue ¥15–20 billion (150–200億円) → ¥40–50 billion (400–500億円) (2–3x) → ¥100–150 billion (1,000–1,500億円) (2–3x). The 2016 figures include estimates since per-drug tracking began in FY2020. Takeaway: grow both the number of drugs and revenue per drug through higher-value bundled proposals and larger projects.

Uppbygging útlits

Three-column timeline table with teal period headers and three rows (drugs, revenue per drug, total) linked by orange multiplier arrows.

Helstu sjónrænir þættir

  • •Teal gradient column headers
  • •Orange arrow multipliers
  • •Rounded row-label cards
  • •Hatched light-blue row bands
Síða 16
Section divider

Section Divider: DX of Healthcare Sites

Efni

Divider titled 医療現場のDX (digital transformation at the point of care), opening the clinic and hospital DX sub-section.

Uppbygging útlits

Full-width navy band across the middle of a white slide with white bold title.

Helstu sjónrænir þættir

  • •Navy horizontal title band
  • •White title text
Síða 17
Waterfall chart (highlight variant)

Operating Profit Growth Waterfall, Clinic DX Highlighted

Efni

The FY2019–FY2025 operating profit waterfall repeated with the clinic-DX (医療現場DX) step of +¥5 billion (50億円) highlighted in pink.

Uppbygging útlits

Same waterfall as page 8 with a pink highlight band over the clinic-DX column.

Helstu sjónrænir þættir

  • •Pink highlight column on the 50 step
  • •Faded other steps
  • •CAGR 14% pill
Síða 18
Growth chart

Growth of M3 DigiKar Electronic Health Records

Efni

Bar chart of M3 DigiKar (cloud EHR) installed facilities by fiscal year, FY15–FY26, rising steeply to about 10,700 facilities as of FY2026 Q2 (only the latest value is labeled). Call-outs: cumulative installations progressing steadily; cross-selling with Digisma further raises DigiKar's value. Takeaway: overwhelming No. 1 share of the cloud EHR market.

Uppbygging útlits

Navy column chart with a curved orange growth arrow on the left; yellow call-out box on the right.

Helstu sjónrænir þættir

  • •Navy bars FY15–FY26
  • •Curved orange arrow
  • •10,700 label on the last bar
  • •Yellow bullet box
Síða 19
Product overview

Clinic DX: Digisma Shinryo (M3 DigiKar Smart)

Efni

Digisma Shinryo covers the whole patient journey for in-person and online visits: booking, automatic check-in, pre-visit questionnaire, EHR integration, payment and next-visit booking, with a management system for clinics and a smartphone app for patients. App Store screenshot (cited 15 October 2026) shows the M3 Digital Smart patient-ticket app rated 4.6 from 130,000 ratings and ranked #1 in Medical. Takeaway: users give it 4.6 across 130,000 ratings, a new patient experience with top ratings in its category.

Uppbygging útlits

Circular workflow diagram on the left around the Digisma logo; centre column with clinic and patient illustrations; right panel with an App Store rating screenshot in a yellow frame; source URL at the bottom.

Helstu sjónrænir þættir

  • •Six-step circular flow with blue and orange dotted arrows
  • •Digisma logo
  • •People and device illustrations
  • •App Store card with red box around the #1 ranking
Síða 20
Growth chart

Digisma Shinryo User Numbers

Efni

Index of quarterly users (sum of monthly unique users per quarter, FY2021 Q3 = 1): 1, 44, 173, 479, 1,070, 1,368, 2,067, 2,973, 4,320, 4,741, 5,673, 7,089, 9,437, 10,042, 11,400, 13,201, 17,446, 17,743, 18,739 and 21,177 in FY2026 Q2. Call-outs: spreading fast as clinic infrastructure, with users 1.6x and payment value 1.7x year on year; a video-call function has been added, so it is also growing as online-consultation infrastructure.

Uppbygging útlits

Twenty-bar quarterly column chart with value labels and fiscal-year pills on the x-axis; yellow call-out box on the right.

Helstu sjónrænir þættir

  • •Navy quarterly bars Q3 FY21–Q2 FY26
  • •Fiscal-year group pills
  • •Blue 1.6x and 1.7x highlights
  • •Yellow call-out box
Síða 21
Growth target table

Growth Potential of Services for Medical Institutions

Efni

March 2021 → March 2026 → medium-term target: facilities using M3's medical-institution services (DigiKar, Digisma, on-premise EHR, home-care physician support, real-estate-related services, etc.) ~5,500 → ~15,000 (about 3x) → 30,000+ (~2x); revenue per facility ~¥600,000 (60万円) → ~¥1.1 million (110万円) (about 2x) → ¥2–3 million (200–300万円) (2–3x); illustrative total revenue about ¥3 billion (30億円) → about ¥16 billion (160億円) (about 5x) → ¥60–90 billion (600–900億円) (4–6x). Takeaway: support DX across healthcare sites by adding facilities and services.

Uppbygging útlits

Three-column timeline table with blue period headers and three rows linked by orange multiplier arrows.

Helstu sjónrænir þættir

  • •Blue gradient headers
  • •Orange multiplier arrows
  • •Rounded row-label cards
  • •Footnote listing included services
Síða 22
Section divider

Agenda Divider: 2. New Value from Proprietary Data in the AI Era

Efni

The agenda repeated with item 2, creating new added value from proprietary data in the AI era, highlighted.

Uppbygging útlits

Arc agenda with item 2 active and others greyed.

Helstu sjónrænir þættir

  • •Highlighted item 2
  • •Greyed items 1, 3, 4
  • •Waveform logo
Síða 23
Waterfall chart (highlight variant)

Operating Profit Growth Waterfall, Medical Platform Highlighted

Efni

The FY2019–FY2025 operating profit waterfall repeated with the whole Medical Platform bracket (pharma marketing +100, clinic DX +50, WJP +15, other MP +25, in ¥100 million) highlighted in pink, introducing the AI section.

Uppbygging útlits

Same waterfall as page 8 with a wide pink band over all four MP steps.

Helstu sjónrænir þættir

  • •Wide pink MP highlight
  • •Magenta MP bracket
  • •Faded non-MP steps
Síða 24
Product screenshot

AI on m3.com

Efni

Annotated screenshot of the m3.com home page with orange boxes marking AI-personalized content blocks. Call-outs: M3 already uses AI fully to tailor content to each physician's characteristics; on the m3.com top page, for example, more than 80% of content is AI-personalized.

Uppbygging útlits

Large portal screenshot on the left with orange overlay boxes, legend at top right and a yellow call-out bubble pointing at the screenshot; m3.com badge in the header.

Helstu sjónrænir þættir

  • •m3.com portal screenshot
  • •Orange highlight boxes
  • •Legend for AI-personalized content
  • •Yellow call-out with pointer
Síða 25
KPI chart

Physician Member Activity on m3.com

Efni

Total member time on site, index FY2021 Q4 (before ChatGPT's release) = 100: FY2024 Q4 113 (after three years) and FY2025 Q4 124 (one more year). Takeaway: by using AI fully, physician activity on m3.com is rising at an accelerating pace, so AI progress is a tailwind.

Uppbygging útlits

Three-bar column chart with an orange connecting line and curved arrows labeled '3 years' and '1 year' under the axis.

Helstu sjónrænir þættir

  • •Light-to-dark blue bars
  • •Orange trend line
  • •Yellow-orange curved period arrows
  • •m3.com badge
Síða 26
Product launch

Rolling Out AI Built for Physicians' Needs

Efni

Example screen of 'm3.com AI' (beta) answering a clinical question about starting an SGLT2 inhibitor in an elderly patient with HFrEF and CKD stage G4, with cited m3.com articles alongside. Call-outs: an AI assistant fully built into m3.com from November; answers personalized to each physician's specialty and interests based on profile and behaviour logs; uses m3.com's proprietary content and medical books bought on m3.com. Takeaway: test-released to some members in spring, then launched to all physician members from November.

Uppbygging útlits

Chat-interface screenshot with a reference-list sidebar on the left (cut with a wave edge); yellow bullet box on the right; 'example' tag at top left.

Helstu sjónrænir þættir

  • •m3.com AI chat screenshot
  • •Reference-article list
  • •Wavy crop edge
  • •Yellow feature bullets
Síða 27
Product feature

M3 DigiKar Adds an 'AI Agent'

Efni

Screenshot of the DigiKar AI agent panel (prompts such as summarize the last three months of records, draft findings from the questionnaire, write a referral letter, SOAP entry by voice). Features: voice-input charting, where the agent transcribes, summarizes and organizes consultation conversations; document drafting from charts and test values; and reassurance on security and data handling compared with general-purpose AI. Takeaway: within about two months of launch it was adopted by about 20% of all installed facilities, about 2,000 sites (as of end-September 2026, monthly fee ¥8,800), reducing physicians' workload.

Uppbygging útlits

Illustration of a doctor at a monitor with a zoomed-in AI panel joined by red dashed lines; yellow feature box on the right; DigiKar badge in the header.

Helstu sjónrænir þættir

  • •Zoom-callout from small monitor to large screenshot
  • •Red dashed zoom lines
  • •Green AI-agent UI
  • •Yellow three-point feature box
Síða 28
ROI chart

Returns on AI-Related Projects

Efni

FY2025 AI return, index with AI-related spend (engineer costs, AI tool fees, medical-AI business costs) = 100: AI impact on operating profit = 1,654, about 17 times. Sources of impact: group-wide value created by an elite AI engineering team, the medical AI platform business, and cost savings through efficiency, including IT support for group companies. Takeaway: dozens of AI projects are already running and the business impact is expected to accelerate.

Uppbygging útlits

Two-bar chart (small 100 vs tall 1,654) with an orange up arrow and red '~17x' label; yellow bullet box on the right.

Helstu sjónrænir þættir

  • •Contrast between short and tall navy bars
  • •Orange-to-yellow multiplier arrow
  • •Red 17x label
  • •Yellow bullet box
Síða 29
Section divider

Agenda Divider: 3. Overseas Today and Medium-Term Growth Drivers

Efni

The agenda repeated with item 3, the overseas business today and drivers for medium-term growth, highlighted.

Uppbygging útlits

Arc agenda with item 3 active and others greyed.

Helstu sjónrænir þættir

  • •Highlighted item 3
  • •Greyed items 1, 2, 4
  • •Waveform logo
Síða 30
Waterfall chart (highlight variant)

Operating Profit Growth Waterfall, Overseas Highlighted

Efni

The FY2019–FY2025 operating profit waterfall repeated with the Overseas step of +¥14 billion (140億円), the largest single contributor, highlighted in green.

Uppbygging útlits

Same waterfall as page 8 with a green highlight band over the Overseas column.

Helstu sjónrænir þættir

  • •Green highlight column
  • •Faded MP and Japan steps
  • •CAGR 14% pill
Síða 31
Map / geographic data

Physician Members as a Share of Each Country's Physicians (Global)

Efni

Dotted world map with donut charts of M3's physician-member share as of end-June 2026 for the UK, Germany, France and Spain in Europe; China, Korea, India and Japan in Asia; and the US in North America. Exact percentages are not printed; the donuts show high coverage in Japan, Korea, China, France, Spain and the UK, and lower shares in Germany and India. Takeaway: including other regions, more than 7 million physician members, covering 50% of physicians worldwide.

Uppbygging útlits

World map in green dots with regional labels and navy/grey donut charts placed on each country.

Helstu sjónrænir þættir

  • •Green dot-matrix world map
  • •Navy and grey donut charts
  • •Regional headings
  • •Footnote on data sources (MHLW, WHO)
Síða 32
Regional revenue chart

Overseas Segment: Revenue by Region

Efni

In ¥ million, H1 FY2025 → H1 FY2026: North America 14,464 → 16,342 (+13%); Europe 17,681 → 19,186 (+9%); APAC/other 8,913 → 9,908 (+11%); total 41,058 → 45,436 (+11%). Notes: in North America uncertainty remains in clinical trials, but other businesses mostly grew; Europe grew led by France; APAC grew led by India and Korea. Takeaway: business progress plus FX lifted revenue in every region, and M3 is speeding up initiatives for the future, including upfront investment.

Uppbygging útlits

Two stacked columns with regional segments and red growth-rate labels; right-hand commentary blocks with colored region headings.

Helstu sjónrænir þættir

  • •Navy, blue and teal stacked segments
  • •Red growth percentages
  • •Colored region headings with rules
Síða 33
Portfolio analysis chart

Growth Led by the '¥2 Billion Club'

Efni

FY2025 overseas businesses by annual revenue (excluding the US clinical-trial business and the UK physician-career business): 24 businesses in total, of which 46% have revenue of ¥2 billion (20億円) or more and generate 93% of about ¥90 billion (900億円) combined revenue; operating margin (excluding amortization and impairment) is about 25% for that group vs about 11% for the rest, about 2x. Takeaway: invest small (under ¥1 billion revenue), find the winning approach, then scale investment toward ¥2 billion revenue.

Uppbygging útlits

Two stacked 100% columns (business count and revenue) connected by grey lines, plus a horizontal margin bar chart with an orange '~2x' arrow.

Helstu sjónrænir þættir

  • •Navy vs light-blue stacked columns
  • •Grey connector lines
  • •Horizontal margin bars 25% vs 11%
  • •Orange '~2x' arrow
Síða 34
Growth target table

Growth Potential of the Overseas Business

Efni

March 2021 → March 2026 → medium-term target for '¥2 billion club' businesses: number 6 → 12 (about 2x) → ~20 (~2x); revenue per business ¥5.5 billion (55億円) → ¥7 billion (70億円) (about 1x) → ¥10–12 billion (100–120億円) (~2x); illustrative total overseas revenue including other businesses ¥42 billion (420億円) → ¥87 billion (870億円) (about 2x) → ¥200–250 billion (2,000–2,500億円) (~3x). FX from next year is fixed at USD = ¥150, GBP = ¥200, EUR = ¥180. Takeaway: grow both the number of overseas businesses and revenue per business.

Uppbygging útlits

Three-column timeline table with green period headers, a merged row label for the ¥2 billion club and orange multiplier arrows.

Helstu sjónrænir þættir

  • •Green gradient headers
  • •Merged row-label card
  • •Orange multiplier arrows
  • •FX assumption footnote
Síða 35
Section divider

Agenda Divider: 4. Programmatic M&A Update

Efni

The agenda repeated with item 4, an update on sustained growth through the programmatic M&A strategy, highlighted.

Uppbygging útlits

Arc agenda with item 4 active and others greyed.

Helstu sjónrænir þættir

  • •Highlighted item 4
  • •Greyed items 1–3
  • •Waveform logo
Síða 36
Data visualization (deal count)

M&A Deal Count: Programmatic M&A Strategy

Efni

Acquisitions per year (Japan / overseas): FY2022 11 (5 / 6); FY2023 10 (3 / 7); FY2024 15 (9 / 6); FY2025 5 (2 / 3); FY2026 to the Q2 announcement 4 (4 / 0). Footnote lists deals done by listed subsidiaries each year (e.g., FY2026: 1 of the 4 Japan deals). Takeaway: M3 keeps doing about 10 deals a year; the number of deals under review is at the usual pace and the basic strategy is unchanged.

Uppbygging útlits

Stacked column chart with navy (Japan) and teal (overseas) segments, grey connector lines between bars and a legend box.

Helstu sjónrænir þættir

  • •Navy and teal stacked bars
  • •Grey trend connector lines
  • •Legend box
  • •Footnote on listed-subsidiary deals
Síða 37
Section summary

Agenda Recap: M3's Current Position and Growth Potential

Efni

The four-part agenda shown with all items active as a recap before the long-term section: Medical Platform strategy, AI-era value creation, overseas growth drivers and programmatic M&A.

Uppbygging útlits

Arc agenda with all four items in active blue.

Helstu sjónrænir þættir

  • •Four active blue chevrons
  • •Curved arc
  • •Waveform logo
Síða 38
Historical growth table

Expanding Business Domains and Growth Potential

Efni

FY2010 → 2015 → 2020 → 2025: countries 3 → 8 (2.5x) → 11 (3.5x) → 18 (6.0x); business types 6 → 15 (2.5x) → 35 (6.0x) → 41 (7.0x); businesses deployed (type × country) 10 → 24 (2.5x) → 56 (5.5x) → 81 (8.0x); revenue (¥100 million) 146 → 647 (4.5x) → 1,692 (12.0x) → 3,514 (24.0x). Takeaway: to realize growth potential of 10–20 times or more from today, M3 will keep making aggressive upfront investments, including M&A.

Uppbygging útlits

Four-row data table overlaid on a faded sepia photo of a construction scene, with arrows between years and multiples in parentheses.

Helstu sjónrænir þættir

  • •Sepia background photo
  • •Translucent white table rows
  • •Arrow sequences
  • •Multiples in parentheses
Síða 39
Scenario / projection chart

Revenue Growth Image by Business Expansion Phase

Efni

Revenue build by business vintage: FY2010 ¥15 billion (150億円); FY2015 ¥65 billion (~360 from FY2010 businesses, ~290 from FY2011–15 additions); FY2025 ¥351 billion (3,510億円: ~840 / ~1,170 / ~1,500 from FY2016–25 additions); about five years later ~¥800 billion (~8,000億円: ~1,300 / ~2,400 / ~3,000 plus ~1,300 from businesses added from FY2026), all in ¥100 million. Assumptions: CAGR ~10% for FY2010 businesses, ~15% for FY2011–15 and FY2016–25 vintages, and new businesses adding about one-fifth of existing revenue. Takeaway: grow through both new and existing businesses while pushing AI use.

Uppbygging útlits

Stacked column chart by vintage with a large orange growth arrow, a legend box on the left and a yellow 'calculation assumptions' column on the right.

Helstu sjónrænir þættir

  • •Four shades of blue stacked by business vintage
  • •Curved orange growth arrow
  • •Legend box
  • •Yellow hatched assumption cards
Síða 40
Section divider

Section Divider: FY2026 Outlook

Efni

Divider titled FY2026 業績見通し (FY2026 earnings outlook), introducing the long-term results history and the full-year forecast.

Uppbygging útlits

Full-width navy band across the middle of a white slide with white bold title.

Helstu sjónrænir þættir

  • •Navy horizontal title band
  • •White title text
Síða 41
Long-term financial history chart

M3's Results History

Efni

Revenue (¥ million) FY2000 (6 months) to FY2025 with FY2026 estimate: 107, 480, 891, 1,563, 2,276, 3,854, 5,729, 7,475, 8,534, 11,811, 14,646, 19,040, 26,007, 36,759, 51,346, 64,660, 78,143, 94,471, 113,059, 130,973, 169,198, 208,159, 230,818, 238,883, 284,900, 351,363 and 400,000E. Operating profit: -93, 46, 255, 509, 895, 1,683, 2,677, 3,597, 3,990, 4,803, 6,031, 7,648, 9,294, 13,738, 16,061, 20,022, 25,050, 27,486, 30,800, 34,337, 57,972, 64,210 (FY2021 excluding China IPO-related gains; 95,141 including them), 71,983, 64,381, 62,971, 73,547 and 80,000E. Takeaway: aim to expand the business base and deliver growth with a medium- to long-term view.

Uppbygging útlits

Two side-by-side column charts (revenue and operating profit) with value labels and a light-blue estimate bar for FY2026; dashed outline marking China IPO-related profit.

Helstu sjónrænir þættir

  • •Dark navy revenue bars
  • •Bright blue operating-profit bars
  • •Light-blue FY2026 estimate bars
  • •Dashed China IPO outline
Síða 42
Risk / incident disclosure

Unauthorized Access to the 'MR-kun' System

Efni

Overview: unauthorized access to the MR-kun system was confirmed on 14 October 2026. Impact: leakage of personal information of m3.com members and pharma-company staff was confirmed. Response: the illegitimate access routes identified so far have been contained, and no new data theft from this incident has been found, including in other services. Q&A: m3.com usage has not changed significantly; MR-kun and DigiKar/Digisma run on different systems. Takeaway: M3 will further strengthen information-security and personal-data management to prevent recurrence.

Uppbygging útlits

Three labeled rows (overview / impact / response) with dark grey tag cells, then two light-blue Q&A panels and a takeaway line.

Helstu sjónrænir þættir

  • •Grey gradient label tags
  • •Light grey content bars
  • •Blue answer text in Q&A panels
  • •Orange pointing-hand takeaway
Síða 43
Closing slide

Closing Slide: M3, Inc.

Efni

Closing logo slide with the waveform mark and the wordmark 'M3, Inc.'.

Uppbygging útlits

Centered logo lockup on white with navy top rule and copyright footer.

Helstu sjónrænir þættir

  • •Waveform logo
  • •Serif M3, Inc. wordmark
Síða 44
Appendix / glossary

Appendix: Segment Name Abbreviations

Efni

Defines the abbreviations used in the deck: Medical Platform = MP, Evidence Solutions = ES, Career Solutions = CS, Site Solutions = SS, Patient Solutions = PS.

Uppbygging útlits

Two-column definition list (full segment name / abbreviation) separated by dotted rules.

Helstu sjónrænir þættir

  • •Square bullets
  • •Dotted row separators
  • •Bold abbreviations

Algengar spurningar

Algengar spurningar um þessa glæru og undirliggjandi kynningarefni.

What language is the M3 H1 FY2026 earnings presentation in, and where was it published?

The original deck is in Japanese. M3, Inc. (エムスリー株式会社) released it on TDnet, the Tokyo Stock Exchange's timely-disclosure system, with its Q2 results for the fiscal year ending March 2027. On TDnet it is called the results presentation (決算説明資料), but the cover says 会社説明資料 (company presentation), November 2026. The page-by-page summary on this page is in English, with key figures translated and the company's own units kept (百万円 = ¥ million, 億円 = ¥100 million).

What period does FY2026 cover for M3, and what does H1 mean here?

M3's fiscal year runs from April to March, so FY2026 is April 2026 to March 2027 (the fiscal year ending March 2027). H1, or Q1–Q2, is April to September 2026.

What were M3's headline H1 FY2026 results?

Revenue was ¥181,853 million (+6% YoY) and operating profit ¥36,335 million (+1%). Profit before tax was ¥36,620 million (roughly flat) and interim profit ¥22,623 million (-11%). The drop in interim profit reflects a one-off tax expense linked to a dividend from an overseas subsidiary. The deck says Q2 alone returned to revenue and profit growth.

What is M3's full-year FY2026 forecast?

The results-history slide shows a FY2026 estimate of ¥400,000 million revenue and ¥80,000 million operating profit, up from ¥351,363 million and ¥73,547 million in FY2025. Against the H1 plan, revenue came in at ¥181.9 billion vs ¥192.0 billion forecast and operating profit at ¥36.3 billion vs ¥37.0 billion. Overseas was the biggest shortfall.

Which segments drove the H1 results?

Patient Solutions (+11% revenue, +91% profit), Overseas (+11% revenue, +10% profit) and Site Solutions (+9% revenue) grew fastest. Medical Platform grew revenue 5% and profit 3%. Evidence Solutions and Career Solutions revenue fell 4% each. Site Solutions profit fell 45% and Emerging Businesses profit fell 47%.

What does the deck say about AI at M3?

More than 80% of m3.com home-page content is AI-personalized, and physician time on site rose to an index of 124 in FY2025 Q4 (FY2021 Q4 = 100). The 'm3.com AI' clinical assistant launched to all physician members in November 2026. The DigiKar EHR AI agent reached about 2,000 clinics within two months. M3 puts the FY2025 operating-profit impact of AI at about 17 times its AI spend.

What are the medium-term growth targets shown in the deck?

Pharma marketing aims for about 500 drugs at ¥200–300 million each (¥100–150 billion in total). Medical-institution services aim for 30,000+ facilities at ¥2–3 million each (¥60–90 billion). Overseas aims for about 20 businesses with ¥2 billion+ revenue, and total overseas revenue of ¥200–250 billion. A five-year scenario slide shows group revenue reaching about ¥800 billion.

Is this slide deck useful as a template for my own investor presentation?

Yes. It is a good reference for a results deck that also tells a long-term growth story. Formats worth reusing include the operating-profit waterfall that is reused to highlight each business, the 'count × revenue per unit = total' growth-target tables, the forecast-vs-actual bridge and the incident-disclosure Q&A page. You can download the PDF free from this page.

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