AM BEST AFFIRMS TOP RATINGS FOR SAMSUNG FIRE & MARINE INSURANCE, SUBSIDIARIES

KUALA LUMPUR, Sept 19 (Bernama) -- AM Best has affirmed the financial strength rating (FSR) of A++ (Superior) and the long-term issuer credit ratings (Long-Term ICR) of “aa+” (Superior) of South Korea’s Samsung Fire & Marine Insurance Co Ltd (SFM) and its subsidiaries in the United Kingdom, Vietnam and Singapore.

In a statement, AM Best said the subsidiaries are Samsung Fire & Marine Insurance Company of Europe Ltd, Samsung Vina Insurance Co Ltd and Samsung Reinsurance Pte Ltd.

Concurrently, AM Best has affirmed the FSR of A- (Excellent), the Long-Term ICR of “a-” (Excellent), and the Indonesia National Scale Rating of aaa.ID (Exceptional) of PT Asuransi Samsung Tugu (AST). The outlook of these credit ratings (ratings) is stable.

SFM’s ratings reflect its strongest-level capitalisation, robust underwriting, market-leading position in South Korea, and superior enterprise risk management. The insurer holds a 22 per cent market share in the non-life sector and boasts the highest regulatory solvency ratio among peers—even under stricter capital rules.

Backed by a debt-free position, low underwriting leverage, and a conservative investment strategy, SFM remains well-insulated from market shocks despite exposure to affiliated equity holdings. Its long-term and auto insurance lines continue to outperform the market.

Meanwhile, the ratings of AST reflect its balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance, limited business profile and appropriate ERM. The ratings also recognise the wide range of support provided by AST’s parent, SFM.

AST’s ratings acknowledge its strong capital adequacy, exceptional underwriting profitability, and strategic integration with SFM. The firm posted an average combined ratio of just 28.6 per cent over the past five years, driven by low expenses and reinsurance commissions.

While both companies are on firm footing, AM Best notes that negative rating actions could arise from capital deterioration, reduced parental support, or declining performance. Conversely, improved operating metrics or market expansion could lead to upgrades.

SFM continues to expand internationally, with recent moves in the United States and China, while AST looks to grow its local Indonesian footprint in tandem with SFM’s global strategy.

-- BERNAMA

Bidgely’s EmPOWER AI 2025 To Spotlight Utility AI In Napa

KUALA LUMPUR, Sept 8 (Bernama) -- Bidgely, an artificial intelligence (AI)-powered Software as a Service (SaaS) company, announced its premier energy intelligence conference, EmPOWER AI, returns Sept 16 to 18 in Napa, California.

Bidgely in a statement said this annual gathering will feature attendees from over 40 global companies to spark critical dialogue between utility leaders, data experts, and AI executives on how AI is revolutionising the sector.

Its Chief Executive Officer (CEO), Abhay Gupta said the event has become the premier stage for showcasing the next wave of its AI advancements, as last year the company debuted its groundbreaking work in generative AI.

“This year, attendees will again get an exclusive look at our newest, powerful AI solution, giving leaders more flexibility than ever to operationalise AI across their utility. We cannot wait to share the incredible successes of our customers and reveal what is next for the energy industry.”

This year’s event will be hosted by PacifiCorp, the largest grid operator in the western United States and long-time Bidgely partner, and will feature sessions on AI-driven disaggregation insights; next-generation segmentation and customer engagement, and distribution grid planning and electrification.

These sessions feature vibrant discussions from leading utilities and Bidgely experts. Featured speaker this year is workplace AI visionary and Glean CEO Arvind Jain, who will discuss how utilities can navigate the future of AI.

Meanwhile, the new EmPOWER AI ‘Insights Tour’ events, which kicked off in 2025, will culminate in Napa, weaving global conversations and insights from over 100 attendees at stops in Canada and Europe.

Bidgely's EmPOWER AI conference gives attendees a deep dive into the latest solutions for the utility industry's biggest challenges. The sessions blend a forward-looking vision with practical, real-world applications that utilities are already using today.

-- BERNAMA

BROADCOM FOUNDATION EXPANDS AI EDUCATION PARTNERSHIP IN PENANG TO EMPOWER MALAYSIAN YOUTH

KUALA LUMPUR, Sept 4 (Bernama) -- Broadcom Foundation has expanded its partnership with the Raspberry Pi Foundation and Penang Science Cluster (PSC) to sponsor the Experience AI literacy programme in Malaysia, aimed at broadening access to artificial intelligence (AI) education nationwide.

The announcement was made by Broadcom Foundation President, Paula Golden during a meeting with Penang Chief Minister Chow Kon Yeow on July 1. The programme was originally piloted in 2024 with funding from Google DeepMind.

Golden said the foundation has partnered with PSC since 2020 through initiatives such as Coolest Projects Malaysia, which attracted participants nationwide.

“Now, with the expansion of our partnership to include Experience AI, we are doubling down on coding and AI as critical skills for the 21st century and beyond,” she said in a statement.

Meanwhile, Raspberry Pi Foundation Chief Executive Officer, Philip Colligan said the collaboration would help equip more teachers with the skills and confidence needed to teach AI responsibly, making lessons engaging and relevant for students.

PSC has trained more than 1,300 teachers to date, reaching an estimated 50,000 students in Malaysia. With support from the Broadcom Foundation, the initiative is expected to be extended nationwide.

Experience AI, co-developed by the Raspberry Pi Foundation and Google DeepMind, equips educators with teaching resources, including lesson plans, slide decks, videos, activities and assessments, while also introducing students to AI foundations and safety, including data protection.

Globally, teachers in more than 160 countries have downloaded Experience AI resources, reaching an estimated 1.6 million students.

-- BERNAMA

MSP SPORTS CAPITAL EXITS MCLAREN RACING AFTER PIVOTAL ROLE IN F1 TEAM'S REVIVAL

KUALA LUMPUR, Sept 3 (Bernama) -- MSP Sports Capital, a New York-based private investment firm, has confirmed the sale of its equity interest in McLaren Racing, including its Formula 1 (F1) Team, to McLaren Group Limited.

The transaction will enable Bahrain Mumtalakat Holding Company and CYVN Holding, an advanced mobility operator and investment vehicle based in Abu Dhabi, to increase their share and assume full ownership of the iconic British motor racing business.

According to a statement, Mumtalakat will continue as the majority shareholder, with CYVN Holdings owning a non-controlling stake.

“With ownership now consolidated in Bahrain and Abu Dhabi, McLaren is poised for an even brighter future,” said MSP Sports Capital Partner and Chief Executive Officer, Jeff Moorad.

Meanwhile, its Partner and Chairman, Jahm Najafi highlighted Formula 1’s evolution into a “global media and entertainment platform”, praising McLaren’s leadership for driving innovation and maintaining competitive relevance.

With this transaction, MSP Sports Capital will no longer hold an equity interest in McLaren Racing. Moorad, along with partner Najafi, currently Vice Chairman of the McLaren Racing board of directors, will step down from the McLaren Racing board.

MSP’s investment came at a pivotal moment in the business, providing vital capital that contributed to the company’s efforts in stabilising business operations during the COVID-19 pandemic, funding infrastructure upgrades, and retaining and recruiting world-class talent.

Over the last five years, with the support received from its shareholders, McLaren has returned to the front of the Formula 1 grid, rebuilt its competitiveness across multiple racing series, and enhanced its long-term commercial strength.

-- BERNAMA

AM Best Affirms Credit Ratings of INPEX Insurance, Ltd.

 

HONG KONG, Sept 2 (Bernama-BUSINESS WIRE) -- AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of INPEX Insurance, Ltd. (IIL) (Bermuda). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect IIL’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

IIL’s risk-adjusted capitalisation is assessed at the strongest level, as measured by Best’s Capital Adequacy ratio (BCAR). AM Best expects it to remain at the strongest level over the intermediate term. The company’s balance sheet strength is supported by its low net underwriting leverage and a highly conservative and liquid investment portfolio. IIL plans to distribute gradually its accumulated surplus to the parent company, INPEX Corporation (INPEX). Despite this, the company is expected to maintain a sufficient capital buffer to support its book of business. Additionally, IIL's potential credit risks from its high reinsurance dependence for underwriting large risks are partially mitigated by the good credit quality of its reinsurance panel including Everen Limited (Everen), a dedicated energy sector- mutual insurance company of which INPEX became a member in 2023.

IIL’s operating performance assessment reflects its robust underwriting results over the last five years with an average combined ratio of less than 40% and an average return on equity of 6.4%. Despite a moderate decline in premium income in 2024, mainly from the parent’s large-scale LNG project, AM Best expects IIL’s top line to remain stable over the medium term supported by additional premiums from various new projects. The company delivered strong underwriting profits in 2024, despite incurring additional expenses from the accrual of theoretical withdrawal premium for the Everen membership. IIL’s investment income also remained strong in 2024, driven by expanded asset size and improved yields of U.S. dollar-denominated deposits.

IIL is a single-parent captive of INPEX, which is the largest oil and gas exploration and production company in Japan. IIL underwrites energy-related operational and construction risks of which the coverage mainly encompasses property damage, third-party liability and operator’s extra expenses for its parent group. Although there is some product/geographic concentration, AM Best expects that the company’s business will become increasingly diversified following INPEX’s expanding global footprint and IIL’s plan to underwrite new risks.

Negative rating actions could occur if IIL’s operating performance deteriorates to a level no longer supportive of the current assessment. In addition, any significant deterioration in INPEX’s credit profile, including its operating profitability, financial leverage and interest coverage levels, could lead to downward pressure on the ratings of IIL. Positive rating actions could occur if IIL demonstrates sustained improvement in its balance sheet strength metrics, while consistently delivering strong underwriting results.

AM Best remains the leading rating agency of alternative risk transfer entities, with more than 200 such vehicles rated throughout the world. For current Best’s Credit Ratings and independent data on the captive and alternative risk transfer insurance market, please visit www.ambest.com/captive.

Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250829274120/en/

Contact

Minji Cha
Financial Analyst
+852 2827 3424
minji.cha@ambest.com

Chanyoung Lee
Director, Analytics
+852 2827 3404
chanyoung.lee@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com 

Source : AM Best

Acoustic & Lighting System and CECOCECO Co-Exhibit at FIND – Design Fair Asia 2025 with a Custom ArtMorph Showcase

SINGAPORE, Aug 26 (Bernama-GLOBE NEWSWIRE) -- Acoustic & Lighting System (A&L) and CECOCECO are joining forces as co-exhibitors at FIND – Design Fair Asia 2025 to present an immersive installation powered by the ArtMorph system. Taking place at Marina Bay Sands, Singapore, this collaborative showcase offers a fresh perspective on how architectural finishes with programmable light can break away from conventional interior design.

Located at Booth #1A21, the installation features a large-scale ArtMorph wall and a complementary corner-form table display, demonstrating how modular surfaces can seamlessly integrate light, texture, and media to creative immersive spatial narratives.

“This installation showcases dynamic, customisable visual elements that challenge conventional interior design,” said Malcolm Fooh, Product Sales Manager at A&L. “We’re excited to explore how programmable surfaces like ArtMorph can inspire new thinking in spatial design.” 

A Shared Vision for Transformative Design

As the lead exhibitor, A&L directed the overall exhibition concept and booth execution, with CECOCECO's ArtMorph system serving as the technological foundation of the installation.

The surface patterns were custom-designed by A&L, drawing inspiration from Singapore’s cultural landscape and material diversity. By featuring finishes that evoke concrete, woodgrain, and floral motifs, the design reflects the city’s intersection of modernity, nature, and multicultural heritage. Lighting animations were developed by CECOCECO, activating the surfaces through dynamic, programmable light. Together, the installation creates an immersive environment that demonstrates how ArtMorph adapts across spatial formats-from a large-format installation and a corner-form table featuring ArtMorph Mini and ArtMorph Edge.

“As a co-exhibitor at FIND, we’re proud to support this showcase of creative expression and technological potential,” said Jason Lu, Founder of CECOCECO. “This collaboration reflects what ArtMorph was built for—to empower inspiring environments through light and design.”

About Acoustic & Lighting System

Acoustic & Lighting System is a leading distributor of professional lighting, audio, and visual technologies in Southeast Asia. Known for supporting bold ideas and innovation, A&L connects designers and creators with the tools to shape immersive spatial experiences.

About CECOCECO

Founded by the original creators of ROE Visual, CECOCECO reimagines architectural surfaces through programmable light and texture. Its flagship product, ArtMorph, blends natural textures with animated LED displays to create ambient surfaces that engage the senses—even when powered off.

Visit the A&L × CECOCECO installation at Booth #1A21, FIND – Design Fair Asia 2025, and experience the next generation of surface storytelling. 

Press Contact: 

Eva Xia
Marketing Director, CECOCECO
eva.xia@cecoceco.com 

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8d541bf7-e172-4ee0-8155-e9ae165e5252 

SOURCE: CECOCECO CO., LTD

--BERNAMA 

TOSHIBA UNVEILS COMPACT HIGH-VOLTAGE PHOTORELAY FOR EV BATTERY SYSTEMS

KUALA LUMPUR, Aug 21 (Bernama) -- Toshiba Electronic Devices & Storage Corporation (Toshiba) has launched the "TLX9161T", an automotive photorelay engineered for electric vehicle (EV) battery systems, with volume shipments having begun.

According to Toshiba in a statement, with a minimum output withstand voltage of 1500 volts (V), the new product meets the stringent requirements for high-voltage EV batteries.

The photorelay, built in a compact SO12L-T package, offers a 25 per cent smaller mounting area than its predecessor, the TLX9160T SO16L-T package. The reduced footprint contributes to more compact and cost-efficient battery management systems (BMS), which are crucial for optimising EV battery performance and safety.

Photorelays like this are critical in BMS applications, where they manage isolation between the vehicle body and battery, a key safety feature in high-voltage environments.

By miniaturising the internal MOSFET chip, Toshiba has maintained compatibility with existing circuit board designs while enhancing performance.

The new photorelay uses a resin with a Comparative Tracking Index (CTI) exceeding 600, which is classified under Material Group I of the IEC 60664-1 international standard. It also ensures over five millimetres of creepage distance, aligning with global safety standards for 1000V operations.

Toshiba will continue to expand its lineup of automotive photorelay products and provide solutions that address the challenges in popularising EVs, aiming to contribute to the realisation of a carbon-neutral society.

-- BERNAMA

MELTWATER TAPS DOW JONES TO DELIVER PREMIUM NEWS TO PR, MARKETING PROFESSIONALS

 KUALA LUMPUR, Aug 21 (Bernama) -- Meltwater has announced a strategic partnership with Dow Jones, giving its global user base access to premium, subscriber-only content from top-tier publications, including The Wall Street Journal, Barron’s, MarketWatch, The Globe and Mail.

The agreement enhances Meltwater’s media, social and consumer intelligence platform, enabling public relations (PR), marketing, and communications professionals to track high-value news on their companies, competitors, and industries with more profound insight and broader reach.

Meltwater chief executive officer, John Box said the move underscores the company’s commitment to delivering unmatched data coverage across news, social, and broadcast platforms.

“With this new agreement with Dow Jones, Meltwater continues in our mission to unlock the world’s online data and provide more content than anyone else in the market,” he said in a statement.

Meanwhile, Dow Jones general manager of Corporate Partnerships, William Ashworth said the collaboration combines the strengths of both companies to deliver world-class news and analysis.

Meltwater users will now be able to integrate Dow Jones’ high-quality content with data from other top-tier sources like Bloomberg Media, Torstar, and The Washington Post, supporting more informed, data-driven strategies.

The partnership is expected to bolster decision-making across sectors by putting trusted journalism at the fingertips of the professionals who shape public narratives.

-- BERNAMA

Alcon Underscores Benefits of Its IOLs and Cataract Surgical Equipment at APACRS

 

 

• Data on Alcon’s products across cataract, refractive, diagnostics and ocular health will be featured in presentations during the meeting
• Prospective analyses and studies demonstrate sustained performance of Vivity including in patients with common mild comorbidities
• Alcon’s Symposia on new generation phaco and vitrectomy system will discuss new data on anterior chamber stability during cataract surgery performed at more physiologic IOP

AHMEDABAD, India, Aug 19 (Bernama-BUSINESS WIRE) -- Alcon, the global leader in eye care dedicated to helping people see brilliantly, today announced a strong presence at the 37th Asia-Pacific Association of Cataract and Refractive Surgeons (APACRS) Annual Meeting. APACRS will be held at Mahatma Mandir Convention and Exhibition Centre (MMCEC) in Ahmedabad, India from August 21-23, 2025. The company will showcase four symposia, lead 10 medical affairs scientific exchange presentations, and offer a hands-on experience zone at booth #A1). These comprehensive activities combined with new data underscore Alcon's commitment to generating meaningful scientific evidence on the safety and efficacy of its innovations.

Massimo Cerrone, Vice President, Surgical for Alcon Asia Pacific, said, “APACRS brings together leading experts and their insights from across the region, creating an ideal environment to engage in critical topics such as the evolving needs of cataract care in the ageing population. Through a dynamic agenda, surgeons can explore Alcon’s latest innovations and their value through clinical evidence, real-world insights, and peer experience across Asia-Pacific.”

Key data being presented at this year’s event

• Alcon’s Vivity^® is an extensively studied Extended Depth of Focus (EDOF) intraocular lens (IOL) in special populations with different co-morbidities, supported by over 10 clinical studies involving more than 700 patients. Among these is a prospective study titled, ‘To Evaluate The Visual Outcomes and Patient Satisfaction After Bilateral Vivity^® IOL Implantation in Patients with Mild Irregular Astigmatism.’ Conducted by Dr. Ashvin Agarwal, analyses reinforce patient satisfaction outcomes with Vivity in this specific cohort. This will be shared as an e-poster.
• On the cataract equipment side, Dr. Shail Vasavada of Raghudeep Eye Hospital, will present a prospective, randomized, single masked, single-center study titled, ‘Retinal Perfusion During Cataract Surgery With Varying Intraocular Pressure in Comorbid Eyes.’ Data underlines the benefits of performing cataract surgery at more physiologic IOP in patients with diabetic retinopathy. (Friday, 22 August 2025, 15:20pm-15:25pm, at FP3-15, Seminar Hall 2, MMCEC)

Amar Vyas, Country Head, Alcon India said, “We are excited that India is hosting APACRS for the second time. The event is an ideal platform to showcase our breakthrough technologies like the Advanced Technology IOL portfolio and UNITY VCS/CS, and foster meaningful exchange amongst ECPs. As cataract procedures rise, it’s critical that advanced technologies are both clinically proven across diverse patient populations and accessible to those who need them. We remain committed to empowering surgeons with science-backed solutions that elevate surgical precision and patient outcomes.”

During the meeting, Alcon will host four symposia; interested participants can learn more and register at https://events.myalcon.com/professional/events/apacrs;

• Alcon UNITY^® VCS Launch Symposium - Ready to explore the future of Surgical Innovation? Experience Superior Efficiency - Unity^® VCS, held exclusively for India on Thursday, 21 August 2025, 12:45pm to 13:40pm IST at Seminar Hall 2, Ground Floor. This session will mark the official introduction of UNITY VCS (Vitreoretinal Cataract System) and UNITY CS (Cataract System), Alcon’s next-generation Phaco/Vit platform, to the Indian market.
• Alcon IOL Symposium - Stay Ahead with the Clareon^® Collection on Friday, 22 August 2025,12:30pm to 13:25pm IST at Convention Hall 2, Ground Floor. This session will cover the Clareon Collection as a comprehensive IOL portfolio, discuss optical differentiation and performance of newer EDOF IOLs, and highlight the role of digital image guidance in toric correction.
• Alcon Surgical Video Symposium - Experience Extraordinary Phaco & VR Surgery with the NEW UNITY^® VCS by Alcon on Saturday, 23 August 2025, 12:00pm to 12:55pm IST at Convention Hall 2, Ground Floor. Through live discussion and videos, leading surgeons will showcase their experience with UNITY VCS in cataract and vitreoretinal procedures.
• Alcon Global Medical Affairs symposium - Vivity IOL, A True EDOF IOL with Proven Real-World Performance on Saturday, 23 August 2025, 13:00pm to 14:00pm IST at Seminar Hall 2, Ground Floor. The session, moderated by Dr. Vaishali Vasavada, will review meaningful real-world evidence supporting the use of Vivity IOL in special populations. To reserve your seat, visit https://cvent.me/9vgqzy.

For information on Alcon’s presence at APACRS 2025, including the symposia and exhibition taking place at booth #A1, please visit the company’s event page. The site will be updated following the event with on-demand content, such as archives of the symposia. Join the conversation on social platforms with the hashtag #APACRS2025 #Alcon.

About the AcrySof IQ Vivity IOL

The Wavefront Shaping AcrySof^® IQ Vivity Extended Vision Posterior Chamber Intraocular Lens Model DFT015 (referred to as AcrySof IQ Vivity IOL) is a UV-absorbing and blue light-filtering foldable intraocular lens (IOL). This IOL, compared to a monofocal IOL, provides an extended range of vision from distance to near without increasing the incidence of visual disturbances.¹

About UNITY VCS and UNITY CS

The UNITY VCS (Vitreoretinal Cataract System) console, when used with compatible devices, is indicated for use during anterior segment (i.e. phacoemulsification and removal of cataracts) and posterior segment (i.e. vitreoretinal) ophthalmic surgery. In addition, with the optional laser this system is indicated for photocoagulation (i.e. vitreoretinal and macular pathologies), iridotomy and trabeculoplasty procedures. The UNITY CS (Cataract System) console, when used with compatible devices, is indicated for use during anterior segment (i.e. phacoemulsification and removal of cataracts) ophthalmic surgery.²

About Alcon

Alcon helps people see brilliantly. As the global leader in eye care with a heritage spanning over 75 years, we offer the broadest portfolio of products to enhance sight and improve people’s lives. Our Surgical and Vision Care products touch the lives of people in over 140 countries each year living with conditions like cataracts, glaucoma, retinal diseases and refractive errors. Our more than 25,000 associates are enhancing the quality of life through innovative products, partnerships with Eye Care Professionals and programs that advance access to quality eye care. Learn more at www.alcon.com.

The content of this press release is intended for use by healthcare professionals only, including Registered Medical Practitioners, hospitals, or laboratories, and its use in any publication is subject to applicable local laws and regulations.

References

1. Acrysof IQ Vivity Extended Vision IOL Global Directions for Use [REF-22568]
2. UNITY VCS and CS User Manual 2024 [REF-27652]

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View source version on businesswire.com: https://www.businesswire.com/news/home/20250818783931/en/

Contact

Media Relations
MinSeo Kim
MinSeo.Kim@alcon.com
+821063849533

Pooja Behuria
Pooja.behuria@edelman.com
9884646793

Source : Alcon Inc. Corporate

INSERTING and REPLACING SBC Medical Group Holdings Announces Second Quarter 2025 Financial Results

 

IRVINE, Calif., Aug 15 (Bernama-BUSINESS WIRE) --

Insert after the second paragraph, 9th bullet: First Half 2025 Highlights.

The updated release reads: 

SBC MEDICAL GROUP HOLDINGS ANNOUNCES SECOND QUARTER 2025 FINANCIAL RESULTS

SBC Medical Group Holdings Incorporated (NASDAQ: SBC, “SBC Medical” or the “Company”), a global owner, operator and provider of management services and products to cosmetic treatment centers, today announced its financial results for the second quarter of fiscal year 2025 (three months ended June 30, 2025) and for the first half of fiscal year 2025 (six months ended June 30, 2025).

Second Quarter 2025 Highlights

• Total revenues were $43 million, representing an 18% year-over-year decrease.
• Income from operations was $15 million, representing a 47% year-over-year decrease.
• Net Income attributable to SBC Medical Group was $2.5 million, representing an 87% year-over-year decrease.
• Earnings per share, which is defined as net income attributable to the Company divided by the weighted average number of outstanding shares, was $0.02 for the three months ended June 30, 2025, compared to $0.20 in the same period of 2024.
• EBITDA¹, which is calculated by adding depreciation and amortization expense and impairment loss to income from operations was $15 million, representing a 46% year-over-year decrease. EBITDA margin¹ was 35% for the second quarter of 2025, compared to 53% for second quarter of 2024.
• Return on equity, which is defined as net income attributable to the Company divided by the average of shareholder’s equity as of June 30, 2025, was 4% representing a year-over-year decrease of 44 percentage points.
• Number of Franchise Locations² was 259 as of June 30, 2025, representing an increase of 36 locations from June 30, 2024.
• Number of customers³ in the last twelve months ended June 30, 2025, was 6.31 million, representing a 14% year-over-year increase.
• Repeat rate for customers⁴ who visited franchisee’s clinics twice or more was 72%.

First Half 2025 Highlights

• Total revenues were $91 million, representing a 16% year-over-year decrease.
• Income from operations was $39 million, representing a 25% year-over-year decrease.
• Net Income attributable to SBC Medical Group was $24 million, representing a 36% year-over-year decrease.
• Earnings per share, which is defined as net income attributable to the Company divided by the weighted average number of outstanding shares, was $0.23 for the six months ended June 30, 2025, compared to $0.40 in the same period of 2024.
• EBITDA¹, which is calculated by adding depreciation and amortization expense and impairment loss to income from operations was $40 million, representing a 25% year-over-year decrease. EBITDA margin¹ was 44% for the first half of 2025, compared to 50% for first half of 2024.

Yoshiyuki Aikawa, Chairman and Chief Executive Officer of SBC Medical, said, “ As anticipated and signaled in our prior guidance, Q2 2025 reflected strategic shifts aimed to position SBC Medical for long-term competitiveness and scalability. Total revenue declined 18% year-over-year to $43 million, primarily due to the completed discontinuation of our staffing business, targeted divestitures to streamline our operations, and revision of fee structure. We are executing our strategic plan with precision, as evidenced by our network of 259 Franchise Locations as of June 30, 2025 and 6.31 million visits over the last twelve months, demonstrating a scale that is unmatched in Japan. Our high repeat rate underscores the strength of our Shonan Beauty Clinic brand. Japan’s consumer discretionary market faces challenges, including restrained growth due to trade restrictions and cautious consumer spending. Despite these headwinds, we are successfully advancing key initiatives, including the acquisition of MB career lounge to enhance our management support services and the joining of JUN CLINIC to our network, which boasts a high average spend per customer. Looking ahead, we remain confident in our strategic roadmap, focused on optimizing our franchise model, capturing growth opportunities, transitioning to higher-margin models, and delivering lasting value to our shareholders.”

Second Quarter 2025 Financial Results

Total revenues were $43 million, a decrease of 18% year-over-year, primarily due to a revised fee structure for franchising services implemented starting from April 2025, the discontinuation staffing services business, and divestiture of SNA and Kijimadaira, partially offset by growth in procurement, rental services, and other revenue streams.

Net income attributable to SBC Medical Group for the three months ended June 30, 2025 was $2.5 million, compared to $18.5 million in the same period of 2024. The decrease was largely attributed to unfavorable changes in other income and expenses, primarily due to higher foreign exchange losses.

EBITDA¹ was $15 million, a decrease of 46% year-over-year, primarily due to lower revenue following the termination of the staffing services business, the deconsolidation of SNA and Kijimadaira, and revision of fee structure.

Conference Call

The Company will hold a conference call on Wednesday, August 13, 2025 at 8:30 am Eastern Time (or Wednesday, August 13, 2025 at 9:30 pm Japan Time) to discuss the financial results and take questions live.

Please register in advance of the conference using the link provided below.
https://edge.media-server.com/mmc/p/ukc9sp9j/lan/en/

It will automatically direct you to the registration page of “SBC Q2 2025 Financial Results Presentation.”. Please follow the steps to enter your registration details, then click “Submit.”. Upon registration, you will be able to access the dedicated Conference Call viewing site. In addition to viewing the conference call, this site provides access to information about the speakers as well as past investor relations materials.

Starting 10 minutes before the conference call begins, you will be able to view the earnings presentation materials on the site. The materials will also be available for download.

A replay of the conference call will be accessible until August 13, 2026.

Additionally, the earnings release, accompanying slides, and an archived webcast of this conference call will be available at the Company’s Investor Relations website at https://ir.sbc-holdings.com/

About SBC Medical

SBC Medical, headquartered in Irvine, California and Tokyo, Japan, owns and provides management services and products to cosmetic treatment centers. The Company is primarily focused on providing comprehensive management services to franchise clinics, including but not limited to advertising and marketing needs across various platforms (such as social media networks), staff management (such as recruitment and training), booking reservations for franchise clinic customers, assistance with franchise employee housing rentals and facility rentals, construction and design of franchise clinics, medical equipment and medical consumables procurement (resale), the provision of cosmetic products to franchise clinics for resale to clinic customers, licensure of the use of patent-pending and non-patented medical technologies, trademark and brand use, IT software solutions (including but not limited to remote medical consultations), management of the franchise clinic’s customer rewards program (customer loyalty point program), and payment tools for the franchise clinics.

For more information, visit https://sbc-holdings.com/

Use of Non-GAAP Financial Measures

The Company uses non-GAAP measures, such as EBITDA and EBITDA margin, in evaluating its operating results and for financial and operational decision-making purposes. The Company believes that the non-GAAP financial measures help identify underlying trends in its business. The Company believes that the non-GAAP financial measures provide useful information about the Company’s results of operations, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools, and when assessing the Company’s operating performance, cash flows or liquidity, investors should not consider them in isolation, or as a substitute for net loss, cash flows provided by operating activities or other consolidated statements of operations and cash flows data prepared in accordance with U.S. GAAP.

The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.

For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results.”

Forward Looking Statements

This press release 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 and outside of the Company’s control. These forward-looking statements reflect the Company’s current views with respect to, among other things, the Company’s financial performance; growth in revenue and earnings; business prospects and opportunities; and capital deployment plans and liquidity. In some cases, forward-looking statements can be identified by the use of words such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. The Company cautions readers not to place undue reliance upon any forward-looking statements, which are current only as of the date of this release and are subject to various risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. The forward-looking statements are based on management’s current expectations and are not guarantees of future performance. The Company does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based, except as required by law. Factors that may cause actual results to differ materially from current expectations may emerge from time to time, and it is not possible for the Company to predict all of them; such factors include, among other things, changes in global, regional, or local economic, business, competitive, market and regulatory conditions, and those listed under the heading “Risk Factors” and elsewhere in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at www.sec.gov.
 

1 EBITDA and EBITDA Margin are non-GAAP financial measures. For more information on non-GAAP financial measures, please see the section “Use of Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results.”

2 The figures take into accounts of the franchising of SBC brand clinics, Rize Clinic, Gorilla Clinic, AHH, JUN CLINIC

3 The number of customers takes into account customers of SBC brand clinics, Rize Clinic and Gorilla Clinic, AHH Clinic but does not take account of customers of JUN CLINIC, but excluding free counseling. The applicable periods are from July 1, 2024, to June 30, 2025

4 The figures include franchising of SBC brand clinics, Rize Clinic, and Gorilla Clinic, but does not take account of customers of AHH clinics and JUN CLINIC excluding free counseling. The percentage of customers who visited our franchisee’s clinics twice or more.

SBC MEDICAL GROUP HOLDINGS INCORPORATED
UNAUDITED CONSOLIDATED BALANCE SHEETS

		June 30, 2025				December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents		$	152,740,882			$	125,044,092
Accounts receivable			2,350,368				1,413,433
Accounts receivable – related parties			48,920,843				28,846,680
Inventories			1,705,237				1,494,891
Finance lease receivables, current – related parties			9,128,931				5,992,585
Customer loans receivable, current			10,552,623				10,382,537
Prepaid expenses and other current assets			14,051,746				11,276,802
Other receivables – related parties			1,891,408				—
Total current assets			241,342,038				184,451,020
Non-current assets:
Property and equipment, net			8,058,016				8,771,902
Intangible assets, net			1,584,543				1,590,052
Long-term investments, net			3,593,087				3,049,972
Goodwill, net			5,011,511				4,613,784
Cryptocurrencies			535,882				—
Finance lease receivables, non-current – related parties			13,197,979				8,397,582
Operating lease right-of-use assets			4,583,393				5,267,056
Finance lease right-of-use assets			516,932				—
Deferred tax assets			2,343,302				9,798,071
Customer loans receivable, non-current			5,934,636				5,023,551
Long-term prepayments			1,755,292				1,745,801
Long-term investments in MCs – related parties			19,381,422				17,820,910
Other assets			7,461,224				15,553,453
Total non-current assets			73,957,219				81,632,134
Total assets		$	315,299,257			$	266,083,154
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	16,290,206			$	13,875,179
Accounts payable – related parties			3,245,989				659,044
Current portion of long-term loans			69,420				96,824
Notes and other payables, current – related parties			3,272,048				26,255
Advances from customers			512,123				820,898
Advances from customers – related parties			10,333,007				11,739,533
Income tax payable			14,133,163				18,705,851
Operating lease liabilities, current			3,623,871				4,341,522
Finance lease liabilities, current			161,340				—
Accrued liabilities and other current liabilities			6,229,797				8,103,194
Due to related party			2,810,647				2,823,590
Total current liabilities			60,681,611				61,191,890

SBC MEDICAL GROUP HOLDINGS INCORPORATED
UNAUDITED CONSOLIDATED BALANCE SHEETS — (Continued)

		June 30, 2025				December 31, 2024
Non-current liabilities:
Long-term loans			7,031,506				6,502,682
Notes and other payables, non-current – related parties			—				5,334
Deferred tax liabilities			353,517				926,023
Operating lease liabilities, non-current			1,208,516				1,241,526
Finance lease liabilities, non-current			164,721				—
Other liabilities			1,206,815				1,193,541
Total non-current liabilities			9,965,075				9,869,106
Total liabilities			70,646,686				71,060,996
Stockholders’ equity:
Preferred stock ($0.0001 par value, 20,000,000 shares authorized; no shares issued and outstanding as of June 30, 2025 and December 31, 2024)			—				—
Common stock ($0.0001 par value, 400,000,000 shares authorized, 103,881,251 and 103,020,816 shares issued, 103,098,442 and 102,750,816 shares outstanding as of June 30, 2025 and December 31, 2024, respectively)			10,388				10,302
Additional paid-in capital			72,196,114				62,513,923
Treasury stock (at cost, 782,809 and 270,000 shares as of June 30, 2025 and December 31, 2024, respectively)			(5,115,262	)			(2,700,000	)
Retained earnings			213,423,693				189,463,007
Accumulated other comprehensive loss			(35,922,942	)			(54,178,075	)
Total SBC Medical Group Holdings Incorporated stockholders’ equity			244,591,991				195,109,157
Non-controlling interests			60,580				(86,999	)
Total stockholders’ equity			244,652,571				195,022,158
Total liabilities and stockholders’ equity		$	315,299,257			$	266,083,154

The accompanying notes are an integral part of these unaudited consolidated financial statements.



SBC MEDICAL GROUP HOLDINGS INCORPORATED
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME

		For the Three Months Ended June 30,								For the Six Months Ended June 30,
		2025				2024				2025				2024
Revenues, net – related parties		$	38,944,898			$	51,039,038			$	84,202,043			$	101,509,245
Revenues, net			4,413,949				2,063,042				6,485,505				6,400,877
Total revenues, net			43,358,847				53,102,080				90,687,548				107,910,122
Cost of revenues (including cost of revenues from related parties of $4,669,602 and $3,616,103 for the three months ended June 30, 2025 and 2024, and $8,126,530 and $5,413,462 for the six months ended June 30, 2025 and 2024, respectively)			13,348,270				13,682,405				22,943,887				28,971,072
Gross profit			30,010,577				39,419,675				67,743,661				78,939,050
Operating expenses:
Selling, general and administrative expenses (including selling, general and administrative expenses from related parties of $415,767 and nil for the three months ended June 30, 2025 and 2024, and $415,767 and nil for the six months ended June 30, 2025 and 2024, respectively)			15,456,385				12,129,115				28,987,395				27,187,605
Total operating expenses			15,456,385				12,129,115				28,987,395				27,187,605
Income from operations			14,554,192				27,290,560				38,756,266				51,751,445
Other income (expenses):
Interest income			22,882				11,644				78,215				29,333
Interest expense			(49,651	)			(7,424	)			(55,858	)			(10,432	)
Other income			33,771				306,291				185,099				655,972
Other expenses			(1,132,465	)			(514,636	)			(2,829,724	)			(1,951,292	)
Gain on redemption of life insurance policies			—				—				8,746,138				—
Change in fair value of cryptocurrencies			111,632				—				111,632				—
Gain on disposal of subsidiary			—				—				—				3,813,609
Total other income (expenses)			(1,013,831	)			(204,125	)			6,235,502				2,537,190
Income before income taxes			13,540,361				27,086,435				44,991,768				54,288,635
Income tax expense			11,100,509				8,529,110				21,059,966				16,981,094
Net income			2,439,852				18,557,325				23,931,802				37,307,541
Less: net income (loss) attributable to non-controlling interests			(18,388	)			72,917				(28,884	)			65,381
Net income attributable to SBC Medical Group Holdings Incorporated		$	2,458,240			$	18,484,408			$	23,960,686			$	37,242,160
Other comprehensive income (loss):
Foreign currency translation adjustment		$	8,623,269			$	(9,046,549	)		$	18,431,596			$	(19,240,401	)
Total comprehensive income			11,063,121				9,510,776				42,363,398				18,067,140
Less: comprehensive income (loss) attributable to non-controlling interests			184,411				22,000				147,579				(70,000	)
Comprehensive income attributable to SBC Medical Group Holdings Incorporated		$	10,878,710			$	9,488,776			$	42,215,819			$	18,137,140
Net income per share attributable to SBC Medical Group Holdings Incorporated*
Basic and diluted		$	0.02			$	0.20			$	0.23			$	0.40
Weighted average shares outstanding*
Basic and diluted			103,507,249				94,192,433				103,392,580				94,192,433

*	Retrospectively restated for effect of reverse recapitalization on September 17, 2024.

The accompanying notes are an integral part of these unaudited consolidated financial statements.



SBC MEDICAL GROUP HOLDINGS INCORPORATED
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

		For the Six Months Ended June 30,
		2025				2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income		$	23,931,802			$	37,307,541
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization expense			1,264,405				1,849,422
Non-cash lease expense			2,185,744				1,923,890
Provision for credit losses			283,752				62,804
Fair value change of long-term investments			384,523				1,045,557
Gain on disposal of subsidiary			—				(3,813,609	)
Gain on redemption of life insurance policies			(8,746,138	)			—
Gain on disposal of property and equipment			(10,804	)			(902	)
Change in fair value of cryptocurrencies			(111,632	)			—
Deferred income taxes			7,452,983				(3,322,728	)
Changes in operating assets and liabilities:
Accounts receivable			(789,577	)			(1,423,412	)
Accounts receivable – related parties			(17,039,113	)			5,843,499
Inventories			(717,972	)			561,921
Finance lease receivables – related parties			(6,482,967	)			(1,759,556	)
Customer loans receivable			8,081,703				7,521,267
Prepaid expenses and other current assets			(1,349,225	)			(1,488,347	)
Long-term prepayments			211,988				(41,412	)
Other assets			85,907				(1,007,431	)
Accounts payable			1,165,217				(8,960,556	)
Accounts payable – related parties			2,455,865				—
Notes and other payables – related parties			(5,031,570	)			(5,101,368	)
Advances from customers			(369,616	)			(755,977	)
Advances from customers – related parties			(2,363,891	)			(4,663,233	)
Income tax payable			(6,030,526	)			5,462,133
Operating lease liabilities			(2,275,398	)			(1,998,196	)
Accrued liabilities and other current liabilities			(2,508,035	)			(4,444,172	)
Other liabilities			(88,593	)			77,625
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES			(6,411,168	)			22,874,760
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment			(560,431	)			(1,565,333	)
Purchase of convertible note			—				(1,700,000	)
Prepayments for property and equipment			(705,351	)			—
Advances to related parties			—				(617,804	)
Payments made on behalf of related parties			(1,836,541	)			(5,245,990	)
Purchase of long-term investments			(652,555	)			—
Purchase of cryptocurrencies			(424,250	)			—
Long-term loans to others			(13,134	)			(62,489	)
Repayments from related parties			70,000				555,000
Repayments from others			56,307				44,748
Proceeds from redemption of life insurance policies			17,735,717				—
Disposal of subsidiary, net of cash disposed of			—				(815,819	)
Proceeds from disposal of property and equipment			1,728,236				1,971
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES			15,397,998				(9,405,716	)

SBC MEDICAL GROUP HOLDINGS INCORPORATED
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS — (Continued)

		For the Six Months Ended June 30,
		2025				2024
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings from related parties			15,000				—
Repayments of long-term loans			(74,256	)			(59,217	)
Repayments of finance lease liabilities			(278,097	)			—
Repayments to related parties			(27,943	)			(50,124	)
Repurchase of common stock			(2,415,262	)			—
Deemed contribution in connection with price modification on disposal of property and equipment			9,682,277				—
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES			6,901,719				(109,341	)
Effect of exchange rate changes			11,808,241				(12,679,865	)
NET CHANGE IN CASH AND CASH EQUIVALENTS			27,696,790				679,838
CASH AND CASH EQUIVALENTS AS OF THE BEGINNING OF THE PERIOD			125,044,092				103,022,932
CASH AND CASH EQUIVALENTS AS OF THE END OF THE PERIOD		$	152,740,882			$	103,702,770
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest expense		$	55,858			$	10,432
Cash paid for income taxes, net		$	19,637,454			$	16,191,178
NON-CASH INVESTING AND FINANCING ACTIVITIES
Property and equipment transferred from long-term prepayments		$	246,188			$	—
Operating lease right-of-use assets obtained in exchange for operating lease liabilities		$	104,437			$	—
Finance lease right-of-use assets obtained in exchange for finance lease liabilities		$	612,466			$	—
Remeasurement of operating lease liabilities and right-of-use assets due to lease modifications		$	1,160,680			$	1,376,034
Payables to related parties in connection with loan services provided		$	8,175,342			$	16,085,387
Issuance of common stock as incentive shares		$	86			$	—

The accompanying notes are an integral part of these unaudited consolidated financial statements.



RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
SBC MEDICAL GROUP HOLDINGS INCORPORATED
Unaudited Reconciliations of GAAP and Non-GAAP Results

		For the Three Months Ended June 30,								For the Six Months Ended June 30,
		2025				2024				2025				2024
Total revenues, net		$	43,358,847			$	53,102,080			$	90,687,548				107,910,122
Income from operations			14,554,192				27,290,560				38,756,266				51,751,445
Depreciation and amortization expense			636,101				830,945				1,264,405				1,849,422
EBITDA			15,190,293				28,121,505				40,020,671				53,600,867
EBITDA margin			35	%			53	%			44	%			50	%

The accompanying notes are an integral part of these unaudited consolidated financial statements.


View source version on businesswire.com: https://www.businesswire.com/news/home/20250813939975/en/

Contact

In Asia:
SBC Medical Group Holdings Incorporated
Hikaru Fukui / Head of Investor Relations
E-mail: ir@sbc-holdings.com

In the US:
ICR LLC
Bill Zima / Managing Partner
Email: bill.zima@icrinc.com

Source : SBC Medical Group Holdings Incorporated