SBC Medical Group Holdings (SBC) investor relations material

Executive summary

• Operated 283 clinics as of December 2025, serving 6.63 million customers, with a 12% increase in annual customer count and a 72% repeat rate.

• FY2025 saw a rebound in average revenue per customer to $316 in Q4 (up 11% year-over-year), and total clinic revenue reached $1,163 million, up 2% year-over-year, despite lower same-store sales.

• Strategic focus remains on aesthetic dermatology, non-aesthetic healthcare, longevity, multi-brand strategies, and AI-driven healthcare, with global expansion into the US and Southeast Asia.

• Q4 2025 net income rose 117% year-over-year to $14 million, with EPS up 133% to $0.14; full year net income increased 9% to $51 million, and EPS rose 4% to $0.50.

Financial highlights

• FY2025 total revenue was $1,163 million, up 2% year-over-year, with same-clinic revenue at $1,062 million.

• Full year revenue from other segments was $174 million, down 15% due to restructuring and fee changes.

• EBITDA for FY2025 was $70 million (margin 40.4%), down 21% year-over-year; Q4 EBITDA was $14 million (margin 34%).

• Net income margin for the year expanded to 29%; ROE for FY2025 was 23%.

• Gross profit for FY2025 was $127 million, down 18% year-over-year, while operating expenses fell 30% to $60 million.

Outlook and guidance

• Expect continued growth in aesthetic dermatology, aiming to outperform the market's 10% annual growth, with expansion in longevity and corporate wellness.

• Aggressive investment and M&A planned to achieve leadership in dentistry, orthopedics, fertility, and dermatology by 2035.

• Management expects structural headwinds from prior years to subside, positioning for sustainable top-line growth in 2026.