Pono Capital Two, Inc.

Second quarter revenue was $49 million, up 13% year over year. Adjusted EBITDA was $20 million, up 32%, and adjusted EBITDA margin was 41%. Clinic locations reached 287, up 34 year over year; trailing-12-month customer visits were 6.92 million, up 10%; year-to-date clinic revenue rose 11%; same-clinic revenue rose 6%; and average spend per visit in the quarter increased 9%. Management also said the weaker yen was a headwind, but the company still delivered stronger revenue and operating income. On guidance, management did not give formal quarterly or full-year revenue/EPS guidance, but said about half of the $15 million fee upside should show up in Q3 and Q4, with the full contribution starting next fiscal year.

CEO Yoshiyuki Aikawa said the quarter showed SBC had successfully worked through a more competitive Japanese aesthetic market and that the company is now back in a growth reacceleration phase. He emphasized that marketing, fees, and treatment offerings were renewed to strengthen the platform, and said AI will be a key driver of convenience, efficiency, and profitability. He also framed SBC as a longevity company, with a long-term goal of 1,000 clinics by 2035 and broader expansion into orthopedics, ophthalmology, fertility, and other non-aesthetic areas.

CFO Yuya Yoshida focused on the financial mechanics behind the quarter’s improvement, pointing to stronger service fees and the fee uplift tied to higher support functions. He said SG&A rose only slightly, with a notable one-time cost related to the secondary offering, and stressed that the increase was not a new run-rate trend. He also said the roughly $15 million annual fee upside is largely margin-accretive because the services are based on fixed costs, and that the company has ample cash to fund organic growth and M&A.

Analysts asked what structural changes drove the domestic aesthetic rebound, and management answered that SBC revamped marketing, reworked website and fee presentation, and appointed a new chief marketing officer. Questions about competition in Japanese aesthetics drew a response that the market has likely peaked in intensity and that SBC believes its scale, brand mix, pricing discipline, and AI tools put it in a stronger position than single-brand peers. On OrangeTwist, management said the U.S. business is being reshaped under new leadership, with procurement, marketing, and clinic operations being refined, and that SBC is considering expanding locations and possibly increasing its stake.