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November 5, 2025 Financial Results for the Second Quarter Ended September 30, 2025 Expand, Support, and Connect “Pharmaceuticals, Health, and Beauty” an Orchestra in Support of People's Health The MEDIPAL Group aims to realize a society in which everyone can live with physical and mental well-being and to enhance its corporate value.
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Contents Copyright © 2025 MEDIPAL HOLDINGS CORPORATION, All rights reser ved. 1 Financial Results for the Second Quarter Ended September 30, 20251 Initiatives for the Second Quarter Ended September 30, 2025 2 Appendix3 Regarding the description of the business period Second Quarter Ended September 30,2024 (April 1, 2024 to September 30, 2024) ⇒ 2Q/FY2024 Second Quarter Ended September 30,2025 (April 1, 2025 to September 30, 2025) ⇒ 2Q/FY2025 The MEDIPAL Group has three business segments: ・ Prescription Pharmaceutical Wholesale Business (MEDICEO Business) ・ Cosmetics, Daily Necessities and OTC Pharmaceutical Wholesale Business (PALTAC Business) ・ Animal Health Products and Food Processing Raw Materials Wholesale and Related Business (AGRO＆FOOD Business)
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Copyright © 2025 MEDIPAL HOLDINGS CORPORATION, All rights reser ved. MEDICEO and PALTAC businesses performed well, and made strategic investments essential for future growth ￥１,897.5 billion YoY Change +￥72.8 billion +4.0% 2Q/FY2025 Actively promoting growth strategies Acquired commercialization rights for new ultra-orphan drug from JCR Pharmaceuticals Co., Ltd. Implementing shareholder return Acquired and cancelled treasury stock : ￥8.0 billion 2 (7.7%) (2.3%) ＋1.7% Strengthening and expanding core businesses MEDICEO Business︓ +4.1% increase in net sales PALTAC Business ︓ +4.1% increase in net sales Adjusted Operating Profit※ ￥ 29.6 billion YoY Change +￥1.0 billion +3.6% Overview of Financial Results for 2Q/FY2025 Net Sales Operating Profit Ordinary Profit Profit Attributable To Owners of Parent ￥ 25.0 billion ￥ 34.2 billion ￥ 22.0 billion ￥ (2.0) billion ￥ (0.8) billion +￥0.3 billion Performance progressed as expected in the full-year forecast. In line with the 2027 Medium-Term Vision, we will continue to promote our future-oriented growth strategy. ※Operating profit after deducting growth investments to realize the 2027 MEDIPAL mid-term vision and the associated amortization of goodwill and intangible assets from selling, general and administrative expenses
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Copyright © 2025 MEDIPAL HOLDINGS CORPORATION, All rights reser ved. 3 Net Sales increased in all business segments. Adjusted operating profit,excluding the impact of business investment expenses, etc., increased Profit Attributable to Owners of Parent increased ※ Operating profit after deductinggrowth investments to realize the 2027MEDIPAL mid-term vision and the associated amortization of goodwill and intangible assets from SG＆A expenses. Change factors from 2Q/2024Amount YoY Change • Gross Profit︓ +¥3.8 billion MEDICEO business [+￥1.4 billion] PALTAC business [+￥2.3 billion] 【Adjusted Operating Profit※】 Operating Profit ¥25.0 billion ¥29.6 billion ¥(2.0) billion [(7.7%)] +¥1.0 billion [+3.6%] • Extraordinary income︓+¥5.4 billion Gains on sales of investment securities increased from the same period last year [+¥5.0 billion] • Extraordinary losses︓+¥4.5 billion Business structuring expenses recorded[＋¥4.2 billion] ¥22.0 billion +¥0.3 billon [＋1.7%] Profit Attributable to Owners of Parent • Increased in all business segments¥1,897.5 billion ＋¥72.8 billion[+4.0%]Net Sales • Increased in equity method earnings [＋¥1.2billion]¥34.2 billion ¥(0.8) billion [(2.3%)]Ordinary Profit 2Q/FY2025 Consolidated Results • SG＆A expenses︓+¥5.9 billion MEDICEO business [+￥3.0 billion] Business investment expenses increased from the same period last year[+￥2.4 billion]
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2Q/FY2025 MEDICEO Business Copyright © 2025 MEDIPAL HOLDINGS CORPORATION, All rights reser ved. 4 Our initiatives, “the two Aʻs (ALC and AR*)”, enabled us to secu re sales exceed market growth Increased both gross profit and adjusted operating profit Net Sales ＋¥48.1billion [+4.1%] • Prescription Pharmaceutical sales outpaced market growth Sales expansion by focusing on growth products in the market Expanding sales through dispensing pharmacies ¥1,215.7 billion • Gross profit:+¥1.4billion gross profit margin:6.35% ⇒ 6.22%[(0.13pp）] Increased profits due to increased sales Gross profit margin declined due to changes in product mix, such as a decrease in sales of COVID-19 related products • SG&A Expense:+3.6billion Business investment costs increased ¥(２.1) billion [(18.4%)]¥9.6 billion ¥13.1 billion +¥0.９billion [+7.5%] 【Adjusted Operating Profit※】 Operating Profit *ALC︓Area Logistics Center、 AR︓Assist Representatives Change factors from 2Q/2024Amount YoY Change ※ Operating profit after deductinggrowth investments to realize the 2027MEDIPAL mid-term vision and the associated amortization of goodwill and intangible assets from SG＆A expenses. Growth rate of prescription Pharmaceutical（Ave. of 2Q/FY2025） Market ︓+2.9% MEDIPAL︓+4.4% Calculated in-house based on data from Encise Inc. (NHI drug price base)
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Copyright © 2025 MEDIPAL HOLDINGS CORPORATION, All rights reser ved. 5 Both Sales and Gross profit increased. SG&A expenses also increased due to investment in personnel, etc. ・Increased sales due to successful acquisition of accounts and expansion of new merchandise. ・Gross profit increased, but SG＆A expenses increased, resulting in flat operating profit Net Sales Operating Profit Change factors from 2Q/2024Amount YoY Change ¥13.8 billion ＋¥24.7 billion [+4.1%] ¥(0.0) billion [(0.6%)] • Successful acquisition of accounts • Expanding our lineup of new, high-value-added products • Sales promotion measures that capture consumer purchasing behavior, such as increased demand for going out and health consciousness, have been successful • Gross Profit︓+¥2.3 billion gross profit margin improved [7.36% ⇒ 7.44% +0.09pp] (Positive factors) Increased due to Net Sales growth Gross profit margin improved due to strengthened sales of high-margin, high-value-added products (including new products) (Negative factors) Increase in logistics outsourcing costs and center fees due to rising logistics costs • SG＆A expenses︓+¥2.4 billion Increase in variable costs due to increased sales and increased investment in personnel, etc Increase in logistics costs due to rising labor costs and delivery costs ¥625.1 billion 2Q/FY2025 PALTAC Business
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2Q/FY2025 AGRO&FOOD Business Copyright © 2025 MEDIPAL HOLDINGS CORPORATION, All rights reser ved. 6 Gross profit increased due to steady sales and revised sales prices, and absorbed rising costs due to the weak yen Strengthening strategic investments in HR, systems, and R&D for future growth. Net Sales Change factors from 2Q/FY2024Amount YoY Change ¥58.６ billion +¥0.０ billion [+0.0%] Operating Profit ¥1.3 billion • Gross Profit︓+¥0.0 billion Although price negotiations intensified in the livestock and fisheries and food sectors, the sales ratio improved due to increased sales of highly profitable chemical products [13.93% ⇒ 14.01% +0.08pp] • SG＆A expenses︓¥(0.1) billion Labor costs decreased in Food processing raw materials wholesale and related business, etc. ＋¥0.1 billion [＋15.8%] Animal Health Products wholesale business: • In the companion animal field, actively expanding new trading manufacturers and introducing new products • In the livestock and fisheries field, performed well due to increased demand for fisheries vaccines and raw materials for cattle feed amid a tough market environment caused by intensified price negotiations Food processing raw materials wholesale and related business︓ • Declining sales of seasonings and food ingredients • Promoting the creation of new business opportunities and expanding sales of chemical products
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Forecast of Consolidated Results for the FY2025 Copyright © 2025 MEDIPAL HOLDINGS CORPORATION, All rights reser ved. 7 Progressing in line with the full-year forecast （¥ billion) Forecast of Consolidated Results for the FY2025 2Q/FY2025 Consolidated Results YoY [% of Net Sales] YoY [% of Net Sales] Progress rate (Against full-year forecast) Net Sales 3,785.0 +3.1% 1,897.5 +4.0% 50.1% Gross Profit 263.5 +3.0% [6.96%] 130.2 +3.0% [6.87%] 49.4% SG&A Expenses 211.5 +5.7% [5.59%] 105.1 +6.0% [5.54%] 49.7% Operating Profit 52.0 (6.5%) [1.37%] 25.0 (7.7%) [1.32%] 48.2% Adjusted Operating Profit※ 60.7 ＋2.9% [1.60%] 29.6 +3.6% [1.56%] 48.8% Ordinary Profit 69.0 +5.7% [1.82%] 34.2 (2.3%) [1.81%] 49.7% Profit Attributable to Owners of Parent 34.5 (14.3%) [0.91%] 22.0 +1.7% [1.16%] 64.0% ※ Operating profit after deductinggrowth investments to realize the 2027MEDIPAL mid-term vision and the associated amortization of goodwill and intangible assets from SG＆A expenses. We intend to continue reducing our strategic equity holdings, but the forecast does not include any gains from sales of investment securities.
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Contents Copyright © 2025 MEDIPAL HOLDINGS CORPORATION, All rights reser ved. 8 Financial Results for the Second Quarter Ended September 30, 20251 Initiatives for the Second Quarter Ended September 30, 2025 2 Appendix3
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Initiatives for the 2Q/FY2025 Copyright © 2025 MEDIPAL HOLDINGS CORPORATION, All rights reser ved. 9 Actively promoting initiatives in line with the growth strategi es of the "2027 MEDIPAL Medium-Term Vision" 1. Expansion of overseas business 2. Expansion of preventive and pre-disease business and AGRO&FOOD business 3. Enhancement of the business with and in digital 4. Building sustainable logistics business 5. Value co-creation in community healthcare Five growh strategies Sustainable growth of MEDIPAL group (Creating Social and Customer Value) Human Resources Strategy Financial Strategy Method for implementing the strategies Business portfolio prioritizations Collaboration with partners Growth StrategiesExpansion of overseas business Expansion of preventive and pre-disease business and AGRO & FOOD business Enhancement of the business with and in digital Building sustainable logistics business Value co-creation in community healthcare 1 2 3 4 5 〜Constant Innovation〜
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Copyright © 2025 MEDIPAL HOLDINGS CORPORATION, All rights reser ved. 10 Our initiatives, “the two Aʼs(ALC＆AR)" , enable us to meet the ex pectations of both manufacturers and customers Always working to innovate and create new value ALC: Area Logistics Center Maximizing and preserving product value Highly specialized personnel Neurological and psychiatric disorders Information collection and transmission etc. AR: Assist Representatives ALC Logistics AR Sales Quality Management Obtained ISO9001 certification※ Compliant with GDP guidelines Manufacturer logistics functions etc. A liaison for regional medical cooperation Information collection and transmission Disease awareness and patient identification etc. Improving efficiency of in-hospital operations High product availability and shipping accuracy Continuing distribution in times of emergency etc. Pharmaceutical companies, etc. Medical institutions, etc. Expectations trust ※MEDISKET Co., Ltd. has obtained ISO 9001 certification at nine ALCs. Initiatives for the Growth Strategies 【Building sustainable logistics business/Value co-creation in community healthcare】 Inspection by individual scans※ Adoption rate︓９３％ ※A system in which inspection is completed simply by scanning the barcode on the inspection box （September 2025. Based on the number of ordering lines） MEDICEO Business Expectations trust
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Our logistics structural reform enables us to accept outsourced logistics from other companies and improve efficiency within the Group Copyright © 2025 MEDIPAL HOLDINGS CORPORATION, All rights reser ved. 11 Changes in the external environment Business Structure Improvement Change in personnel deployment and employment type (completed by September 2025) Improvement of productivity and efficiency through the development of specialized logistics personnel A chronic labor shortage and intensifying competition for personnel due to the declining birthrate and aging population Frequent drug price revisions amid rising social security costs have made the profit structure even more difficult More sophisticated quantity and inventory management, and demands from medical institutions for a rapid and accurate supply system 2Q/FY2025 Relocation of employees engaged in logistics among group companies ￥4.2 billion was recorded as “Business restructuring expenses” for this cost What MEDIPAL Aims For Entry into new business fields unaffected by healthcare finance Establishment of an optimal logistics system for the Group Implemented and completed logistics structural reform MEDICEO Business Initiatives for the Growth Strategies 【Building sustainable logistics business】
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Growth Strategy 【Expansion of Overseas Business】 Copyright © 2025 MEDIPAL HOLDINGS CORPORATION, All rights reser ved. 12 Acquired commercialization rights for a new therapeutic drug candidate (JR-479) from JCR Pharmaceuticals Co., Ltd. Strengthening the development pipeline for ultra-orphan drugs Month/Year of contract signing Code Indication Country/region Status August 2025 JR-479 GM2 gangliosidosis Global (except Japan) （Co-development in Japan） Preclinical September 2023 JR-446 Mucopolysaccharidosis ⅢB Global (except Japan) （Co-development in Japan） Phase I/II (Japan) May 2025 Orphan Drug Designation by U.S. Food and Drug Administration (FDA) June 2025 Orphan Drug Designation by European Commission (EC) September 2025 Orphan Drug Designation by Minist ry of Health, Labour and Welfare of Japan October 2022 JR-471 Fucosidosis Global (except Japan) Preclinical About GM2 gangliosidosis • A type of lysosomal storage disorders in which GM2 gangliosides accumulates primarily in the lysosomes of neurons • An ultra-rare disease with an estimated global incidence of 1 in 300,000, and there is currently no approved treatment available anywhere in the world • JR-479 is a new drug candidate that utilizes JCR Pharmaceuticals' proprietary blood-brain barrier penetration technology, J-Brain Cargo® technology MEDICEO Business
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"Challenge toward New Value Creation" in the Cosmetics, Daily Necessities and OTC Pharmaceutical Wholesale Business Copyright © 2025 MEDIPAL HOLDINGS CORPORATION, All rights reser ved. 13 Capital and business alliance with FEZ Inc. Promoting digital transformation through supply chain data integration and utilization －By combining the strengths of both companies, namely PALTAC's volume of distribution information and Fez's largest retail data platform and data utilization know-how, we will promote digital transformation in the supply chain and expand the value we provide to customers －This is one of the initiatives set out in PALTAC's long-term vision to "visualize the entire supply chain through data integration and aim to optimize the entire distribution system." Jointly established a new company aimed at unifying product information management Aiming for the development of the entire industry by improving efficiency in both commercial and logistics － In November 2025, ARATA CORPORATION, PLANET, INC., and PALTAC Co., Ltd. will jointly establish a new company that will centrally manage product information master data －By centralizing accurate master data management, we aim to improve the efficiency of operations associated with master data management across the entire distribution chain and to expand the use of AI and robotics. （References）PALTAC, ARATA, and PLANET to Jointly Establish a New Company for Centralized Product Information Management PALTAC Business Initiatives for the Growth Strategies 【Building sustainable logistics business】
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Copyright © 2025 MEDIPAL HOLDINGS CORPORATION, All rights reser ved. 14 MP AGRO plans to acquire Cygni Corporation, a company with strengths in the EC(e-commerce) business* Establishing a dominant position in the companion animal market and creates further growth opportunities Providing detailed face-to-face support and product information Face-to-face sales Mainly veterinary medicines • A strong sales system that is close to customers • 31 sales offices nationwide • Five logistics centers nationwide to support stable supply Providing a wide selection of products and convenience through the EC site EC platform Mainly medical supplies • Covering 11,000 veterinary clinics nationwide • Same-day delivery (part of the Kanto region) + installment sales • Wide range of products (approx. 16,000 items) * In December 2025, MP AGRO Co., Ltd. will acquire all shares of Cygni Holdings, Inc. **An animal that has a companion-like presence and a close relationship with humans in daily life. AGRO・FOOD Business Initiatives for the Growth Strategies 【Expansion of AGRO&FOOD business】 Achieving early sales expansion to veterinary clinics and companion animal owners throughout the country through EC sales channels
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15 MP Gokyo Food & Chemical Co., Ltd. will strengthen its profitability by focusing on the future growth drivers of "overseas expansion of polysaccharides" and "strengthening of the electronic pharmaceutical business." Continuing to invest proactively in research and manufacturing facilities and HRs in the Electronic Materials business to strengthen our competitiveness and aim to grow together with the expanding semiconductor market. Working to expand sales channels for our original product, Tamarind Seed Gum ※, in North America and Asian countries. Expanding into Europe and North America for use as a cosmetic ingredient ※A substance made from the seeds of the evergreen tree "tamarind." It was the first in the world to be successfully commercialized in 1964. Polysaccharides Seasonings Pharmaceutical Raw Materials Business Personal Care Products business Coatings and Industrial Materials business Electronic Materials business※ ※Development and sales of electronic agents required for manufacturing photoresists, which are essential for semiconductors FOOD CHEMICAL Functional Ingredients Other food materials, additives and ingredients AGRO・FOOD Business Initiatives for the Growth Strategies【Expansion of AGRO&FOOD business】 Copyright © 2025 MEDIPAL HOLDINGS CORPORATION, All rights reser ved.
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Sustainability Activities Copyright © 2025 MEDIPAL HOLDINGS CORPORATION, All rights reser ved. 16 Promoting decarbonization and initiatives for diversity and inc lusion Greenhouse Gas Emissions （Company Emissions Only: Scope1＋２） Percentage of Female Employees in Management Positions Percentage of Male Employees Taking Childcare Leave Targets for FY2030 50% reduction* 20% or more 100% 7.0％* → 9.4% 3.0%*→58.9%13.1% reduction • Introduction of hybrid vehicles • Introduction of electric vehicles • Switching to environmentally friendly electricity • Carrier awareness survey conducted among female employees • Sharing interview articles about female managers • Holding of "Women's Empowerment Week 2025" • Sharing interviews with men taking childcare leave • Sharing educational materials about systems for childcare leave and how to take it ＊Compared to FY2020. Achieve carbon neutrality by FY2050 Results for FY2024 and major initiatives(Compared to FY2020） *【Target companies for FY2020】 :MEDIPAL HOLDINGS CORPORATION・MEDICEO CORPORATION・EVERLTH Co., Ltd.・ATOL CO., LTD・ MM CORPORATION・PALTAC CORPORATION・MP AGRO CO., LTD.・MEDIPAL FOODS CORPORATION Continuing to work towards achieving our goals to contribute to a sustainable society and improve our corporate value
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Financial Activities Copyright © 2025 MEDIPAL HOLDINGS CORPORATION, All rights reser ved. 17 Acquisition and cancellation of treasury stock Sales of strategic investment shares Dividends → The annual dividend per share is planed to be ¥64. Dividend increases will continue. Allocating cash toward growth investments outlined in the MEDIPAL Medium-Term Vision, capital investments to build a robust distribution system, and shareholder returns. 24 28 31 34 38 41 42 44 46 60 62 64 0 10 20 30 40 0 10 20 30 40 50 60 70 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Dividend amount Dividend payout ratio （円） （%） → Conducted share buybacks for three consecutive years Total number of shares acquired Total amount acquired3,251,000 Approx. ¥0.8 billion Annual dividend per share 2Q Year-end Full-Year FY2025 （Forecast） ¥32 ¥64¥32 → Steady progress FY2023 FY2024 FY2025 Approx. ￥10 billion Approx. ￥0.5 billion Approx. ￥0.8 billion * All acquired treasury shares will be cancelled 82 74 70 67 65 16.3% 14.1% 13.7% 12.6% 11.0% 10% 17% 60 100 Mar. 2022 Mar. 2023 Mar. 2024 Mar. 2025 Sep. 2025 Number of stocks % of net assets Our policy is to reduce strategic shareholdings to 10% or less of net assets and ¥50 billion or less by March 31, 2027 (Amount of strategic shareholdings as of Sep. 30, 2025: Approx. ¥84 billion) Dividend amount and dividend payout ratio for the past 10 years
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2027 MEDIPAL Medium-Term Vision Growing through business portfolio prioritizations and collaboration with partners Copyright © 2025 MEDIPAL HOLDINGS CORPORATION, All rights reser ved. 18 Examined and implemented strategic investments in accordance with the "Five Growth Strategies" set out in the Medium-term vision Implemented a future-oriented growth strategies that responded flexibly and swiftly to changes in the business environment Accelerating technological innovation in pharmaceuticals (biopharmaceuticals, gene therapy, digital health) Structural changes in the pharmaceutical market, including the spread of generic drugs Increased health awareness and self-management Changes in the competitive environment, such as the entry of companies from different industries Changes in the labor market, including competition for talent, work style reforms, and an aging population Achieving sustainable growth and improving corporate value FY2026 ～FY2025FY2022 〜 FY2024 Major changes in the external environment Change the 卸 Forever 〜Constant Innovation〜 Oroshi 1. Expansion of overseas business 2. Expansion of preventive and pre-disease business and AGRO＆FOOD business 3. Enhancement of the business with and in digital 4. Building sustainable logistics business 5. Value co-creation in community healthcare Five Growth Strategies
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Contents Copyright © 2025 MEDIPAL HOLDINGS CORPORATION, All rights reser ved. 19 Financial Results for the Second Quarter Ended September 30, 20251 Initiatives for the Second Quarter Ended September 30, 2025 2 Appendix3
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2Q/FY2025 Consolidated Statements Copyright © 2025 MEDIPAL HOLDINGS CORPORATION, All rights reser ved. 20 （¥ billion) 2Q/FY2024 2Q/FY2025 Results Results YoY [% of Net Sales] [% of Net Sales] YoY Change % of Change Net Sales 1,824.6 1,897.5 +72.8 +4.0% Gross Profit 126.4 130.2 +3.8 +3.0% [6.93％] [6.87％] [(0.06pp)] SG&A Expenses 99.2 105.1 +5.9 +6.0% [5.44%] [5.54％] [+0.10pp] SG&A Expenses （except ①② below） 97.8 100.6 +2.8 +2.9% [5.36%] [5.30%] [(0.06pp)] ①Business investment expenses 0.3 3.3 ＋3.0 ＋899.0% ②Goodwill ･Intangible assets amortization※ 1.0 1.1 +0.0 +6.3% Operating Profit 27.1 25.0 (2.0) (7.7%) [1.49%] [1.32％] [(0.17pp)] Operating Profit except ①② above 28.5 29.6 ＋1.0 +3.6% [1.57%] [1.56%] [(0.01pp)] Ordinary Profit 35.0 34.2 (0.8) (2.3%) [1.92%] [1.81％] [(0.12pp)] Extraordinary income & losses 4.6 5.5 +0.8 +18.0% Profit before income taxes 39.7 39.8 +0.0 +0.1% Profit Attributable to Owners of Parent 21.7 22.0 +0.3 +1.7% ※ Amortization of goodwill and intangible assets incurred due to growth investments listed in the 2027 MEDIPAL Medium-Term Vision
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Factors behind YoY changes in Gross Profit, Operating Profit, and Ordinary Profit Copyright © 2025 MEDIPAL HOLDINGS CORPORATION, All rights reser ved. 21 Gross Profit （¥ billion) +1.4 Profit from MEDICEO +2.3 Profit from PALTAC +3.8 Business investment costs (3.0) SG＆A expenses of MEDICEO, etc. (0.5) (2.4) +0.1 (2.0) +0.0 +1.6 (0.4) (0.8) SG＆A expenses（Increase） (5.9) Non-Operating Income/Expenses +1.2 Ordinary Profit Operating Profit Others Profit of entities accounted for using equity method Research fee incomeOthers SG＆A expenses of PALTAC
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Copyright © 2025 MEDIPAL HOLDINGS CORPORATION, All rights reser ved. 22 +5.0 （4.2） （0.1） +0.3 +0.0 Extraordinary Income/Expenses +0.8 （0.8） +0.1 +0.4 Factors behind YoY changes in Ordinary Profit ,Profit before Income Taxes, and Profit attributable to Owners of Parent Ordinary Profit Profit before Income Taxes Profit attributable to Owners of Parent Gain on sale of investment securities Business restructuring expenses related to logistics operations Others Income taxes Profit attributable to noncontrolling interests （¥ billion)
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2Q/FY2025 MEDICEO Business Copyright © 2025 MEDIPAL HOLDINGS CORPORATION, All rights reser ved. 23 (¥ billion) 2Q/FY2024 2Q/FY2025 Results Results YoY （% of Net Sales） （% of Net Sales） YoY Change % of Change Net Sales 1,167.6 1,215.7 +48.1 +4.1% Gross Profit 74.1 75.5 +1.4 +1.9% [6.35%] [6.22%] [(0.13pp)] SG&A Expenses 62.2 65.8 +3.6 +5.8% [5.33%] [5.42%] [+0.09pp] SG&A Expenses （except ①② below） 61.8 62.3 +0.5 +0.8% [5.30%] [5.13%] [(0.17pp)] ①Business investment expenses 0.3 3.3 +3 .0 +899.0% ②Goodwill ･Intangible assets amortization※ 0.0 0.1 +0.0 +100.0% Operating Profit 11.8 9.6 (2.1) (18.4%) [1.02%] [0.80%] [(0.22pp)] Operating Profit except ①② above 12.2 13.1 +0.9 +7.5% [1.05%] [1.08%] [+0.03pp] ※ Amortization of goodwill and intangible assets incurred due to growth investments listed in the 2027MEDIPAL Medium-Term Vision [Note] Resarch fee income is recorded as non-operating income Research fee income 3.3 3.3 ＋０.0
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2Q/FY2025 PALTAC Business Copyright © 2025 MEDIPAL HOLDINGS CORPORATION, All rights reser ved. 24 (¥ billion) 2Q/FY2024 2Q/FY2025 Results Results YoY （% of Net Sales） （% of Net Sales） YoY Change % of Change Net Sales 600.4 625.1 +24.7 +4.1% Gross Profit 44.1 46.5 +2.3 +5.3% [7.36%] [7.44%] [+0.09pp] SG&A Expenses 30.2 32.6 +2.4 +8.1% [5.03%] [5.22%] [+0.19pp] Operating Profit 13.9 13.8 (0.0) (0.6%) [2.33%] [2.22%] [(0.11pp)]
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Copyright © 2025 MEDIPAL HOLDINGS CORPORATION, All rights reser ved. 25 (¥ billion) 2Q/FY2024 2Q/FY2025 Results Results YoY （% of Net Sales） （% of Net Sales） YoY Change % of Change Net Sales 58.6 58.6 +0.0 +0.0％ Gross Profit 8.1 8.2 +0.0 +0.6% [13.93%] [14.01%] [ +0.08pp] SG&A Expenses 6.9 6.8 (0.1) (1.9%) [11.94%] [11.70%] [(0.23pp)] SG&A Expenses （except below） 5.9 5.8 (0.1) (2.3%) [10.18%] [9.95%] [(0.23pp)] Goodwill ･Intangible assets amortization※ 1.0 1.0 ―― Operating Profit 1.1 1.3 +0.1 +15.8% [1.99%] [2.31%] [ +0.32pp] Operating Profit except Goodwill ･Intangible assets amortization 2.1 2.3 +0.１ +8.4% [3.75%] [4.06%] [+0.32pp] 2Q/FY2025 AGRO&FOOD Business ※ Amortization of goodwill and intangible assets incurred due to growth investments listed in the 2027 MEDIPAL Medium-Term Vision
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Consolidated Statements of Cash Flows 259.3 ＋２５.5 • income before income taxes and minority interests︓+39.8 • Increase in notes and accounts payable-trade︓＋69.7 • Depreciation and amortization︓+8.5 • Inventories︓(12.4) • Income taxes etc︓(12.8) • Increase in notes and accounts receivable-trade︓(52.7) (１5.9) • Proceeds from sale and redemption of investment securities︓+12.7 • Purchase of property, plant and equipment︓(4.7) • Purchase of treasury shares︓(6.4) • Dividends paid︓(6.6) 274.1 26Copyright © 2025 MEDIPAL HOLDINGS CORPORATION, All rights reser ved. ＋５.2 FY2024 Cash and cash equivalents at end of period 2Q/FY2025 Cash and cash equivalents at end of period （¥ billion) Cash Flows from Operating Activities Cash Flows from Investing Activities Cash Flows from Financing Activities
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27Copyright © 2025 MEDIPAL HOLDINGS CORPORATION, All rights reser ved. Management Philosophy Contributing to peopleʼs health and the advancement of society through creation of value in distribution
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28Copyright © 2025 MEDIPAL HOLDINGS CORPORATION, All rights reser ved. 【Forward-Looking Statements】 These materials reflect analysis of available information and various trends as of the date on the cover. Risks and uncertainties affecting the Companyʼs business could cause actual results to differ materially from any projections presented in these materials. In the event of any conflict between the Japanese and English versions of these materials, the Japanese version shall prevail.