SBC Medical Group Holdings (SBC) Q4 2025 earnings summary

Executive summary

• Operated 283 clinics as of December 2025, serving 6.63 million customers, with total clinic revenue up 2% year-over-year to $1,163 million, and annual customer count up 12%.

• Average revenue per customer rebounded 11% year-over-year in Q4 to $316, signaling improved unit economics and customer growth.

• Strategic focus on longevity, multi-brand dermatology, non-aesthetic healthcare, and AI-driven operational efficiency, with expansion in 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, with EPS up 4% to $0.50.

• Revenue declined 11% in Q4 and 15% for the full year, reflecting restructuring and franchise fee changes.

Financial highlights

• FY2025 total revenue was $1,163 million, up 2% year-over-year, but full year revenue for core operations was $174 million, down 15% due to restructuring and fee changes.

• EBITDA for FY2025 was $70 million, down 21% year-over-year, with a margin of 40.4%.

• Net income attributable to shareholders rose 9% to $51 million; EPS increased 4% to $0.50.

• Q4 revenue was $40 million, down 11% year-over-year; Q4 EBITDA was $14 million, down 35%.

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

Outlook and guidance

• Focus remains on aesthetic dermatology, non-aesthetic healthcare, longevity, and AI-driven healthcare, with global expansion in the US and Southeast Asia.

• SBC Wellness 2.0 launched to drive future growth, aiming to scale via corporate wellness programs and recurring revenue.

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