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M3 Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary12 Nov, 2025
Executive summary
Revenue for H1 FY2025 rose 37% year-over-year to JPY 170,885 million, with operating profit up 24% to JPY 35,992 million and profit before tax up 26% to JPY 36,681 million, as COVID-related impacts subsided and core business growth accelerated.
Net profit increased 29% to JPY 25,320 million, and profit attributable to owners rose 31.3% to JPY 22,711 million.
Growth was driven by strong performance in core Medical Platform and Site Solution segments, new business consolidation, and recovery from COVID-related declines.
Financial highlights
Revenue excluding COVID-related items grew 38% year-over-year, indicating robust underlying business momentum.
Order backlog reached JPY 35.9 billion, and improved revenue mix led to operating profit growth outpacing revenue.
Overseas segment profit increased 34% year-over-year, with revenue up 8% despite a 3% negative forex impact.
Basic earnings per share rose to JPY 33.47 from JPY 25.47 year-over-year.
Total assets as of September 30, 2025, were JPY 612,393 million, with equity attributable to owners at JPY 387,297 million.
Outlook and guidance
FY2025 H1 actuals were in line with initial forecasts, with Medical Platform and Overseas segments driving profit.
Full-year revenue forecast for fiscal year ending March 31, 2026, is JPY 360,000 million, up 26.4% year-over-year.
Operating profit is projected at JPY 70,000 million (+11.2%), with profit attributable to owners at JPY 45,000 million (+11.2%).
Monitoring H2 for volatility, including potential impacts related to U.S. political developments.
Dividend forecast for the fiscal year ending March 31, 2026, remains undetermined, pending review of capital needs and cash flow.
Site Solution profit recovery plan and timeline?
Patient Solution segment's strategic importance?
Capital allocation priorities given undetermined dividend?
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Frequently asked questions
M3, Inc. is a Japan-based company specializing in healthcare-related information services. The company operates an online platform that connects medical professionals, providing information on pharmaceuticals, medical devices, and clinical developments. M3 also offers market research, clinical trial support, and digital marketing solutions to healthcare companies. Additionally, it provides recruitment services for medical professionals and operates healthcare-focused websites for consumers. The company is headquartered in Tokyo, Japan, and its shares are listed on the TSE.
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