SBC Medical Incorporated : 1Q2026 IR Material
SBC
Published on 05/14/2026 at 07:22 am EDT
SBC Medical Group HodllJ/S Il4C
1Q 2026
Investor Presentation
May 2026
Ⅰ. 1Q 2026 Clinic Highlights
P4
Ⅱ. 1Q 2026 Performance Highlights
P6
Appendix.
P10
Both total and same-clinic revenues increased, due to growth in the number of customers and average revenue per visit
Clinics Key Figures
Number of Locations 1
(as of Mar 31, 2026, YoY)
+33 locations / +13%
Total Revenue 1 2 3 4
(1Q - YoY)
Same-Clinic Revenue: $271MM +6%
Average Revenue per Visit 1 2 3 5 6 7
(1Q - YoY)
+11%
Number of Customers 1 7 8
Revenue Distribution 1 2 3 5
Repeat Rate 1 6 7 8 9
/ Unique Customers (LTM - YoY)
(1Q - YoY)
Medical
1% Overseas
(0)pt
/
+10%
+10%
+1pt
Aesthetic Surgery (4)pt
15%
23%
61%
Aesthetic Dermatology
+4pt
1 Brands: SBC brands, Rize, Gorilla, AHH, JUN CLINIC (number of clinics also includes OrangeTwist)
2 FX: JPY156.9/USD, JPY122.9/SGD
3 After point/ticket discounts
4 Reported Revenue: Recognized as services are delivered
5 Contracted Sales: Full course contract value booked upfront at signing
6 Excludes course-package effects
7 Excludes free consultations
8 AHH/JUN unique counts & repeat rates estimated from SBC brands, Rize, and Gorilla ratios
9 Share of customers with 2 or more visits
5
YoY: Point revenue increase offset by fee revision impact; revenue declined overall
QoQ: Revenue increased primarily from higher point-related fee income
(MM US$)
1Q26
4Q25
1Q25
% QoQ
% YoY
Total revenues
43
+9%
(9)%
40
47
Total Revenues YoY
Fee revision impact: USD (8.7) MM
9
(12)%
(42)%
10
16
12
(2)%
(14)%
13
14
12
+89%
+37%
6
9
3
(21)%
(39)%
4
6
6
+3%
+115%
6
3
Franchising revenue
Procurement revenue
Management services revenue
Rental services revenue
Other revenues
Franchising revenue: USD (6.2) MM
Mgmt. services revenue: USD (2.4) MM
Point revenue increase drove
mgmt. services revenue up USD +5.6 MM
QoQ
Cost of revenues
13
+20%
+32%
11
10
Gross profit
30
+5%
(20)%
29
38
Operating expenses
13
(21)%
(7)%
16
14
Income from operations
18
+38%
(27)%
13
24
Net income attributable to SBC Medical Group Holdings Incorporated
11
(21)%
(47)%
14
22
Point revenue increase drove
mgmt. services revenue up USD +5.8 MM
Net Income Attributable to
SBC Medical Group Holdings Incorporated
YoY
Absence of one-time life insurance surrender gain of USD (8.7) MM from prior year
1 Converted at JPY 156.9 / USD
Excluding fee structure revisions USD (8.7) MM, underlying revenue grew +11% YoY
(MM US$)
47.3
43.1
+1.3
+4.4
+5.6
+2.1
+1.2
(2.2)
(2.0)
(0.4)
39.9
(8.7)
44.3
c0 c2 c3 c4 c5 c6 c7 c8 c9 c10 c11 c12
1Q25 Difference in
Fee
1Q25
Franchising
Procurement
Mgmt.
Rental
Other
1Q26
FX
1Q26
AHH
Revision ¹
adjusted
Services
FX adjusted
consolidation period
(Based on 1Q25)
¹ Fee structure revisions took effect in April 2025; comparable adjustments were required through Mar 2026.
² FX Rate 1Q2025: JPY152.5/USD
Underlying EBITDA ¹ grew +17% excluding fee structure revision USD (8.7) MM
(MM US$)
+4.4
(2.9)
+2.8
24.8
18.4
16.1
(8.7)
18.9
+0.2 +0.7 +0.5 (0.2)
25年Q1 フィー改定 調整後 売上高 調整後売上原価 給与・手当 コンサル その他 26年Q1 FX 26年Q1
1Q25 Fee Structure Revision 3
1Q25
adjusted
Revenue Adjusted COGS
Salaries & Benefits
Consulting Others 1Q26 FX 1Q26
FX adjusted (Based on 1Q25)
¹ EBITDA = Operating Income + Depreciation and amortization
(Non-GAAP, see P16)
3 Fee structure revisions took effect in April 2025;
comparable adjustments were required through Mar 2026.
² FX Rate
1Q2025: JPY152.5/USD
1Q2026: JPY156.9/USD
No adjustment is needed from Q2 onward
9
Appendix.
Total Revenues
EBITDA 2
EBITDA 3
Margin
Net Income Attributable to
SBC Medical Group Holdings Incorporated
ROE 4
(Annualized)
Basic EPS 5
1Q 2026 (YoY)
$43MM
$19MM
43%
$11MM
18%
$0.11
(9)%
(26)%
(10)pt
(47)%
(23)pt
(48)%
1 Converted at JPY 156.9 / USD
2 EBITDA = Income from operations + Depreciation and amortization (Non-GAAP Financials: see p.16)
3 EBITDA margin (%) = EBITDA / Total revenues
4 ROE = Net income attributable to SBC Medical Group Holdings Incorporated / Average of SBC Medical Group Holdings Incorporated's stockholders' equity (beginning of the period and end of the period)
5 Basic EPS = Net income attributable to SBC Medical Group Holdings Incorporated / Weighted average shares outstanding
(MM US$)
1Q26
1Q25
% YoY
Total Revenues
43
(9)%
47
Franchising revenue
9
(42)%
16
Procurement revenue
12
(14)%
14
Management services revenue
12
+37%
9
Rental services revenue
3
(39)%
6
Other revenues
6
+115%
3
Cost of Revenues
13
+32%
10
Gross Profit
30
(20)%
38
Operating Expenses
13
(7)%
14
Salaries and welfare
6
(4)%
6
Depreciation and amortization
0
(33)%
0
Consulting and professional services
3
+5%
3
Office, utility, and other expenses
1
(25)%
2
Other
2
(17)%
2
Income from Operations
18
(27)%
24
Net Income Attributable to SBC Medical Group Holdings Incorporated
11
(47)%
22
(MM US$)
Mar.
2026
Dec.
2025
Change
TOTAL ASSETS
388
+8
380
Total Current Assets
239
+8
231
(MM US$)
Mar.
2026
Dec.
2025
Change
TOTAL LIABILITIES
118
+1
117
Total Current Liabilities
63
+2
61
Cash and cash equivalents
167
+3
164
Accounts payable
19
+2
17
Accounts receivable
- related parties
34
+6
28
Advances from customers
- related parties
4
(1)
5
Customer loans receivable
7
(2)
9
Income tax payable
8
(1)
9
Other assets - current
31
+0
31
Bank and other borrowings, current
9
+0
9
Total Non-Current Assets
149
+0
149
Other current liabilities
22
+1
21
Property and equipment, net
7
(1)
8
Total Non-Current Liabilities
55
(1)
56
Customer loans receivable, non-current
3
(2)
5
current
Other non-current liabilities
24
+2
22
Long-term investments in MCs -
related parties
18
+0
18
Other assets
74
+3
71
Intangible assets, net 47 (1) 48
Bank and other borrowings, non-
31 (3) 34
STOCKHOLDERS' EQUITY
270
+7
263
SBC Medical Group Holdings
Incorporated Stockholders' Equity
255
+7
248
(MM US$)
1Q26
1Q25
Change
Net cash provided by operating activities
9
+7
2
Net cash used in investing activities
(1)
0
(1)
Net cash used in financing activities
(2)
(2)
(0)
Effect of exchange rate changes
(3)
(9)
6
Net change in cash and cash equivalents
4
(3)
7
Cash and cash equivalents as of the beginning of the period
164
+39
125
Cash and cash equivalents as of the end of the period
167
+35
132
A sound financial foundation with ample cash reserves and borrowing capacity to support future growth investments
Balance Sheet Key Figures (as of March 31, 2026)
Cash and Cash Equivalents
Interest-bearing Liabilities ²
Net Interest-bearing Liabilities ⁴
Capital Ratio ¹
D/E ³
BPS ⁵
¹ Capital Ratio = SBC Medical Group Holdings Incorporated
Stockholders' Equity / Total Assets
2 Includes operating lease obligations
3 D/E = Interest-bearing Liabilities / Stockholders' Equity
4 Net Interest-bearing Liabilities =
Interest-bearing Liabilities − Cash and Cash Equivalents
5 BPS = Book value per share calculated by SBC Medical Group Holdings Incorporated
This presentation references certain non-GAAP financial measures.
Reconciliations of such measures to the most directly comparable GAAP measures are shown below.
Reconciliation Table on Non-GAAP Financials
(MM US$)
1Q26
4Q25
1Q25
(A)
Total Revenues
43
40
47
(B)
Income from operations
18
13
24
(C)
Depreciation and Amortization
1
1
1
(D)
=(B)+(C)
EBITDA
18
14
25
(E)
=(D)／(A)
EBITDA Margin
43%
34%
52%
(F)
Net Income Attributable to
11
14
22
SBC Medical Group Holdings
(G)
=(F) ／(A)
Net Income Margin
26%
36%
45%
(H)
Bank and other borrowings, current
9
9
0
(I)
Bank and other borrowings, non-current
31
34
7
(J)
Operating lease liabilities, current
6
4
4
(K)
Operating lease liabilities, non-current
6
4
1
(L)
Finance lease liabilities, current
0
0
0
(M)
Finance lease liabilities, non-current
0
0
0
(N)
=(H)+(I)+(J)+(K)+(L)+(M)
Interest-bearing Liabilities
52
52
13
(O)
Cash and Cash Equivalents
167
164
132
(P)
=(N)−(O)
Net Interest-bearing Liabilities
(115)
(112)
(119)
(Q)
Total Stockholders' Equity
270
263
226
(R)
=(N)／(Q)
D/E
0.19x
0.20x
0.06x
Thank you
IR Contact / [email protected]
SBC Uedical Group Holdings, Inc.
Disclaimer
SBC Medical Group Holdings Inc. published this content on May 14, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 14, 2026 at 11:21 UTC.