Sbc Medical Group Holdings Incorporated · NASDAQ:SBC
Sbc Medical — Q4 2025 Earnings Presentation
38 slides from Sbc Medical's earnings presentation, Mar 27, 2026
Slide 1: 4Q and Full Year 2025 Investor Presentation
4Q and Full Year 2025 Investor Presentation March 2026
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements. Forward-looking statements are not historical facts or statements of current conditions but instead represent only the Company’s beliefs regarding future events and performance, many of which, by their nature, are inherently uncertain
Slide 3: Table of Contents
Table of Contents Ⅰ. FY2025 Clinic Highlights P4 Ⅱ. FY2025 Performance Highlights P7 Ⅲ. Business Strategy Updates P12 Ⅳ. Capital Strategy P26 Appendix P28 3
Slide 4: FY2025 Clinic Highlights
Ⅰ. FY2025 Clinic Highlights 4
Slide 5: FY2025 Clinic Highlights
FY2025 Clinic Highlights • The average per visit, which had been declining, has shown a recovery trend since the 2H FY2025, with total revenue also returning to a level comparable to the previous year Clinics Key Figures Number of Locations 1 Total Revenue 2 3 4 Average Revenue per Visit 2 3 4 5 (as
Slide 6: Average Revenue per Visit and Clinic Total Revenue
Average Revenue per Visit and Clinic Total Revenue • The recovery of the average revenue per visit led to the recovery in total clinic revenue Average Revenue per Visit 1 2 3 4 Clinic Total Revenue 1 2 3 (US$) (MM US$) 350 350 316 313 250 250 ~ ~ ~ ~ 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2024 20
Slide 7: FY2025 Performance Highlights
Ⅱ. FY2025 Performance Highlights 7
Slide 8: FY2025 Business Highlights
FY2025 Business Highlights • In aesthetic healthcare in Japan, revenue per customer visit rebounded and dermatology clients expanded • Business base in Japan expanded through new clinic formats & M&A • Established a strong foothold for entry into the US & Thailand markets Business Growth Business Ba
Slide 9: FY2025 Financial Performance Highlights
FY2025 Financial Performance Highlights SBC Medical Group Holdings Key Financials 1 Total Revenues EBITDA 2 EBITDA 3 Net income ROE 4 Basic EPS 5 Margin attributable to SBC (Annualized) FY2025 $174MM $70MM 40.4% $51MM 23.0% $0.50 YoY (15)% (21)% (3.0)pt +9% (4.6)pt +4% 4Q2025 $40MM $14MM 34.2% $14MM
Slide 10: Consolidated Income Statement (Annual)
Consolidated Income Statement (Annual) • Revenue declined due to fee revisions and business restructuring, while profit increased due to lower listing-related costs (stock-based compensation) Total Revenues (MM US$) FY25 FY24 % YoY Total revenues 174 (15)% 205 • Fee revisions: USD (24.4) MM • Franch
Slide 11: Consolidated Income Statement (Quarterly)
Consolidated Income Statement (Quarterly) • YoY: Revenue declined due to fee revisions, while profit increased from lower listing-related costs • QoQ: Revenue and income from operations declined due to decreased point-related income Total Revenues (MM US$) 25Q4 25Q3 24Q4 % QoQ % YoY Total revenues 4
Slide 12: Business Strategy Updates
Ⅲ. Business Strategy Updates 12
Slide 13: Growth Strategy Overview
Growth Strategy Overview • Approaching both appearance and physical wellness is key to living a youthful, vital life • SBC will leverage all its capabilities to address the Longevity market Strategic Vision: Longevity Longevity Aesthetic Non-Aesthetic A Youthful, Vital Life Appearance-Based Approach
Slide 14: Expanding into the Longevity Market
Expanding into the Longevity Market • The longevity market represents a larger and integrated market that extends beyond aesthetic medicine. • Compared to the U.S. and other markets, the Japanese market is still in its early stages and is expected to see significant growth. Aesthetic Healthcare Mark
Slide 15: SBC Wellness 2.0 (1): Employees of Corporate Customers
SBC Wellness 2.0 (1) • Focus on prevention, strengthening, and optimization established the performance medicine category • By approaching corporate customers, we can reduce marketing costs and enable direct access Service Overview Service Flow • Consistent services from quantification of physical 1
Slide 16: SBC Wellness 2.0 (2): Medical evidence
SBC Wellness 2.0 (2) • SBC’s competitive advantages established dominant positions in new domestic markets • Expanding SBC’s business area and moving to capture high-potential markets Background and Concept Business Significance 1. Growing Market 1. Approaching the Market in the Early Stage • Longev
Slide 17: Accelerating Multi-Brand Strategy in Dermatology (1)
Accelerating Multi-Brand Strategy in Dermatology (1) • Expand growth and maximize market share through targeted brand deployment by customer segment • Improve customer lifetime value (LTV) through cross-brand referrals Changes in the Market Environment Economic in Multi-brand Development 1. Expandin
Slide 18: Accelerating Multi-Brand Strategy in Dermatology (2)
Accelerating Multi-Brand Strategy in Dermatology (2) • Customer segmentation and optimal placement drove revenue growth and horizontal brand expansion • Continuing to explore new brands in untapped segments Brand Positioning Map Current Updates and Direction High Unit Price & Experience Value NEO Sk
Slide 19: Expansion of Non-Aesthetic Healthcare Business (1)
Expansion of Non-Aesthetic Healthcare Business (1) • Diversifying business areas to expand growth engines and sustain high growth • Applying expertise cultivated in aesthetic medicine to other medical fields Strategic Significance 1. Diversifying Revenue Streams • Expanding Healthcare Portfolios and
Slide 20: Expansion of Non-Aesthetic Healthcare Business (2)
Expansion of Non-Aesthetic Healthcare Business (2) • Leveraging M&A to accelerate deployment into areas where SBC's strengths are maximized Market and Strategic Approach Domain Status Background Winning Tactics Orthopedics • Demand increasing with • Hybrid model: • Yokohama clinic opened population
Slide 21: Global Business Development
Global Business Development • Expansion driven by (1) partnerships with trusted local partners, (2) identifying winning strategies in each market, and (3) scaling the business mode • Increasing demand in the longevity sector is incorporated into the business strategy Japan: Stable Earnings Base • Ad
Slide 22: U.S. Business Strategy
U.S. Business Strategy • New store development accelerates the global export of business models • Capturing longevity-focused customer needs and promoting market development Mutual Benefits of SBC and Orange Twist SBC OrangeTwist • High-quality, turnover model • Management familiar with the US marke
Slide 23: Southeast Asia Business Strategy
Southeast Asia Business Strategy • Leveraging Japan's geographic proximity and brand strength to expand in Southeast Asian markets • M&A and country-specific strategies enabled horizontal deployment of business models Strategies and Significance into Southeast Asia 1 Opportunities for B2B Business T
Slide 24: Competitiveness and Cost Structure Reform Using AI (1)
Competitiveness and Cost Structure Reform Using AI (1) • Breaking through growth constraints of labor-intensive operations to improve multi-dimensional scalability • Leveraging extensive data as AI resources to build proprietary competitive advantages Objectives and Strategies for AI Promotion SBC D
Slide 25: Competitiveness and Cost Structure Reform Using AI (2)
Competitiveness and Cost Structure Reform Using AI (2) • Fundamentally reforming the cost structure through AI-driven reduction of on-site workload and HQ functional model rollout. In parallel, we will also work to improve the clinic’s customer experience Usage Scenarios Reshaping the Value Chain Th
Slide 26: Capital Strategy
IV. _Capital Strategy SBC Medical Group Hangs In 26
Slide 27: Capital Strategy
Capital Strategy • Effective capital deployment for domestic and global growth to maximize shareholder value • Recognizing the need to improve liquidity through an increase in free float Overview of Capital Strategy Positioning of Each Measure Aiming to Maximize Shareholder Value While Growth Invest
Slide 28: Appendix
Appendix SBC Medical Group Hangs In 28
Slide 29: Consolidated Income Statement
Consolidated Income Statement (MM US$) FY25 FY24 25Q4 24Q4 % YoY % YoY Total revenues 174 (15)% 205 40 (11)% 44 • Franchising revenue 46 (25)% 61 10 (34)% 16 • Procurement revenue 56 +2% 55 13 +19% 11 • Management services revenue 30 (44)% 53 6 (27)% 9 • Rental services revenue 23 +43% 16 4 (13)% 5
Slide 30: Consolidated Balance Sheet
Consolidated Balance Sheet Dec. Dec. Dec. Dec. (MM US$) (MM US$) 2025 Change 2024 2025 Change 2024 TOTAL ASSETS 380 +114 266 TOTAL LIABILITIES 117 +46 71 Total Current Assets 231 +47 184 Total Current Liabilities 61 +0 61 • Cash and cash equivalents 164 +39 125 • Accounts payable 17 +3 14 • Accounts
Slide 31: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement (MM US$) FY25 FY24 Change Net cash provided by operating activities 25 +4 21 Net cash Used in investing activities (21) (11) (10) Net cash provided by financing activities 38 +15 23 Effect of exchange rate changes (3) +8 (11) Net change in cash and cash equivalents 3
Slide 32: Revenue Bridge Analysis (vs. FY24Q4 / Quarterly)
Revenue Bridge Analysis (vs. FY24Q4 / Quarterly) • Revenue declined YoY primarily due to the revision of franchise fees (MM US$) ▲4.5 +0.6 +2.2 (0.8) +2.0 +0.0 (0.6) (0.5) (8.3) 44.4 43.6 39.6 39.1 c0 c2 c3 c4 c5 c6 c7 c8 c9 c10 c11 c12 FY24 Q4 Deconsolidation 4Q24 Revision Franchise Procurement Mgm
Slide 33: EBITDA Bridge Analysis (vs. FY24Q4 / Quarterly)
EBITDA Bridge Analysis (vs. FY24Q4 / Quarterly) • EBITDA ¹ declined primarily due to the impact of the fee structure revision (MM US$) ▲7.1 (0.2) +4.2 (0.6) +0.0 (1.1) (1.2) (0.2) 20.7 20.5 (8.3) 13.5 13.4 c0 c1 c2 c3 c4 c5 c6 c7 c8 c9 c10 c11 4Q24 Deconsolidation 4Q24 Revision Total Adjusted CGS Sa
Slide 34: Revenue Bridge Analysis (vs. FY24 / Annually)
Revenue Bridge Analysis (vs. FY24 / Annually) • Revenue declined YoY primarily due to business restructuring and the revision of franchise fees (MM US$) ▲16.8 +1.2 +1.2 +6.9 +3.8 (12.0) (5.1) (24.4) (3.4) (2.1) 205.4 188.3 173.6 171.5 c0 c1 c2 c3 c4 c5 c6 c7 c8 c9 c10 c11 c12 FY24 Termination Decons
Slide 35: EBITDA Bridge Analysis (vs. FY24 / Annually)
EBITDA Bridge Analysis (vs. FY24 / Annually) • EBITDA ¹ declined primarily due to the impact of the fee structure revision and higher cost of revenues (MM US$) ▲29.8 +13.0 +9.7 (3.1) +0.4 (24.4) (11.6) (2.5) (0.6) (0.8) 99.1 89.2 70.2 69.3 c0 c1 c2 c3 c4 c5 c6 c7 c8 c9 c10 c11 c12 FY24 Termination o
Slide 36: Strong Financial Foundation for Growth
Strong Financial Foundation for Growth • A sound financial foundation with ample cash reserves and borrowing capacity to support future growth investments Balance Sheet Key Figures (as of December 31, 2025) Cash and Cash Equivalents Interest-bearing Liabilities Net Interest-bearing Liabilities ⁴ $16
Slide 37: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation may reference certain non-GAAP financial measures. Reconciliations of such measures to the most directly comparable GAAP measures are shown below. Reconciliation Table on Non-GAAP Financials 25Q4 24Q4 25Q4 25Q3 24Q4 (MM US$) YTD YTD (A) Total Revenues 40
Slide 38: Thank you
Thank you SBC Medical Group Holdings Incorporated / ir@sbc-holdings.com ICR, LLC / US Investor Contact / +1 (646) 277 1200 /William.Zima@icrinc.com
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